iShares

®

MSCI

Australia

ETF

Schedule

of

Investments

(unaudited)

November

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

1

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Banks

 — 

31

.5

%

ANZ

Group

Holdings

Ltd.

...................

3,088,168

$

70,063,643

Commonwealth

Bank

of

Australia

..............

1,732,161

173,114,607

National

Australia

Bank

Ltd.

..................

3,170,465

83,360,636

Westpac

Banking

Corp.

....................

3,540,282

87,203,753

413,742,639

Biotechnology

 — 

4

.7

%

CSL

Ltd.

...............................

502,193

61,286,246

a

Broadline

Retail

 — 

4

.8

%

Wesfarmers

Ltd.

.........................

1,174,584

63,032,765

a

Capital

Markets

 — 

4

.3

%

ASX

Ltd.

..............................

201,424

7,678,553

Macquarie

Group

Ltd.

......................

374,782

48,408,953

56,087,506

a

Commercial

Services

&

Supplies

 — 

1

.7

%

Brambles

Ltd.

...........................

1,408,831

22,202,323

a

Consumer

Staples

Distribution

&

Retail

 — 

3

.4

%

Coles

Group

Ltd.

.........................

1,389,207

20,307,578

Woolworths

Group

Ltd.

.....................

1,264,422

24,290,660

44,598,238

a

Diversified

REITs

 — 

0

.8

%

Stockland

..............................

2,507,987

9,889,273

a

Diversified

Telecommunication

Services

 — 

1

.0

%

Telstra

Group

Ltd.

........................

4,104,031

13,233,137

a

Electric

Utilities

 — 

1

.0

%

Origin

Energy

Ltd.

........................

1,783,216

13,649,916

a

Financial

Services

 — 

0

.7

%

Washington

H

Soul

Pattinson

&

Co.

Ltd.

.........

353,760

8,766,682

a

Gas

Utilities

 — 

0

.6

%

APA

Group

.............................

1,361,639

8,260,194

a

Health

Care

Equipment

&

Supplies

 — 

0

.9

%

Cochlear

Ltd.

...........................

67,694

12,371,432

a

Health

Care

Providers

&

Services

 — 

1

.3

%

Sigma

Healthcare

Ltd.

(a)

....................

5,391,027

10,169,135

Sonic

Healthcare

Ltd.

......................

487,317

7,450,570

17,619,705

a

Health

Care

Technology

 — 

0

.8

%

Pro

Medicus

Ltd.

(a)

........................

59,503

10,404,775

a

Hotels,

Restaurants

&

Leisure

 — 

2

.3

%

Aristocrat

Leisure

Ltd.

......................

574,502

21,957,795

Lottery

Corp.

Ltd.

(The)

.....................

2,303,935

8,253,349

30,211,144

a

Industrial

REITs

 — 

3

.1

%

Goodman

Group

.........................

2,116,844

41,198,352

a

Insurance

 — 

4

.1

%

Insurance

Australia

Group

Ltd.

................

2,448,345

12,436,581

Medibank

Pvt

Ltd.

........................

2,850,711

8,865,034

QBE

Insurance

Group

Ltd.

..................

1,563,145

19,713,010

Security

Shares

Value

a

Insurance

(continued)

Suncorp

Group

Ltd.

.......................

1,121,722

$

12,888,555

53,903,180

a

Interactive

Media

&

Services

 — 

1

.2

%

CAR

Group

Ltd.

..........................

390,399

8,898,207

REA

Group

Ltd.

..........................

54,792

7,037,120

15,935,327

a

Metals

&

Mining

 — 

19

.9

%

BHP

Group

Ltd.

..........................

5,257,123

143,850,513

Evolution

Mining

Ltd.

......................

2,102,455

16,370,286

Fortescue

Ltd.

...........................

1,752,799

24,634,848

Lynas

Rare

Earths

Ltd.

(b)

....................

937,084

8,932,835

Northern

Star

Resources

Ltd.

.................

1,406,903

25,296,514

Rio

Tinto

Ltd.

...........................

384,238

33,331,378

South32

Ltd.

............................

4,666,529

9,888,130

262,304,504

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.5

%

Santos

Ltd.

.............................

3,361,722

14,188,613

Woodside

Energy

Group

Ltd.

.................

1,967,837

32,185,429

46,374,042

a

Passenger

Airlines

 — 

0

.4

%

Qantas

Airways

Ltd.

.......................

764,775

5,005,528

a

Professional

Services

 — 

1

.0

%

Computershare

Ltd.

.......................

538,804

12,667,108

a

Retail

REITs

 — 

1

.6

%

Scentre

Group

...........................

5,399,658

14,435,978

Vicinity

Ltd.

.............................

4,047,841

6,525,528

20,961,506

a

Software

 — 

1

.8

%

WiseTech

Global

Ltd.

......................

208,718

9,995,805

Xero

Ltd.

(b)

.............................

171,283

13,744,835

23,740,640

a

Trading

Companies

&

Distributors

 — 

0

.5

%

SGH

Ltd.

..............................

211,145

6,543,548

a

Transportation

Infrastructure

 — 

2

.4

%

Transurban

Group

........................

3,223,549

31,525,649

a

Total

Long-Term

Investments — 99.3%

(Cost:

$

1,406,817,162

)

...............................

1,305,515,359

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.11

%

(c)

(d)

(e)

......................

868,030

868,464

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.94

%

(c)

(d)

............................

469,245

469,245

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

1,337,626

)

..................................

1,337,709

Total

Investments

—

99.4%

(Cost:

$

1,408,154,788

)

...............................

1,306,853,068

Other

Assets

Less

Liabilities

—

0

.6

%

.....................

7,930,260

Net

Assets

—

100.0%

.................................

$

1,314,783,328

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

iShares

®

MSCI

Australia

ETF

2

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

–

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that may

not have

a

secondary

market

and/or may

have a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund’s

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above. 

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

November

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

11/30/25

  Shares

Held

at

11/30/25

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

948,230

‌

$

—

‌

$

(

78,953

)

(a)

$

(

808

)

$

(

5

)

$

868,464

‌

868,030

‌

$

7,818

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

480,885

‌

—

‌

(

11,640

)

(a)

—

‌

—

‌

469,245

‌

469,245

‌

4,136

‌

—

‌

$

(

808

)

$

(

5

)

$

1,337,709

‌

$

11,954

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

SPI

200

Index

.......................................................................

63

12/18/25

$

8,899

$

(

175,473

)

iShares

®

MSCI

Australia

ETF

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

3

Schedule

of

Investments

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

—

‌

$

1,305,515,359

‌

$

—

‌

$

1,305,515,359

‌

Short-Term

Securities

Money

Market

Funds

......................................

1,337,709

‌

—

‌

—

‌

1,337,709

‌

$

1,337,709

‌

$

1,305,515,359

‌

$

—

‌

$

1,306,853,068

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

175,473

)

$

—

‌

$

—

‌

$

(

175,473

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust

Fair

Value

Hierarchy

as

of

Period

End

(continued)