NPORT-EX 2 primary-document.htm
iShares
®
MSCI
Emerging
Markets
ex
China
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
Brazil
 — 4.8%
Ambev
SA
.............................
8,712,819
$
22,688,570
Axia
Energia
............................
2,233,483
26,318,851
B3
SA
-
Brasil
Bolsa
Balcao
..................
9,722,542
27,449,012
Banco
Bradesco
SA
.......................
2,912,649
9,177,994
Banco
BTG
Pactual
SA
.....................
2,192,606
22,132,059
Banco
do
Brasil
SA
.......................
3,185,161
13,443,929
BB
Seguridade
Participacoes
SA
..............
1,299,987
8,302,323
Caixa
Seguridade
Participacoes
SA
............
1,145,973
3,456,479
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............................
883,409
23,340,328
CPFL
Energia
SA
.........................
405,988
3,701,759
Embraer
SA
............................
1,292,519
20,250,356
Energisa
SA
............................
534,343
4,958,174
Eneva
SA
(a)
.............................
1,607,207
5,988,806
Engie
Brasil
Energia
SA
....................
508,283
2,942,371
Equatorial
Energia
SA
.....................
2,221,791
16,620,196
JBS
N.V.,
Class
A
(a)
.......................
736,759
10,822,990
Klabin
SA
..............................
1,517,193
5,033,766
Localiza
Rent
a
Car
SA
.....................
1,704,922
14,488,092
MBRF
Global
Foods
Company
SA
.............
1,163,039
4,235,690
Motiva
Infraestrutura
de
Mobilidade
SA
..........
1,787,131
5,403,729
NU
Holdings
Ltd.,
Class
A
(a)
..................
6,262,271
108,900,893
Petroleo
Brasileiro
SA
-
Petrobras
..............
6,874,373
43,065,847
Porto
Seguro
SA
.........................
351,462
3,075,544
PRIO
SA
(a)
.............................
1,572,298
11,090,049
Raia
Drogasil
SA
.........................
2,391,143
10,683,845
Rede
D'Or
Sao
Luiz
SA
(b)
...................
1,497,031
13,290,800
Rumo
SA
..............................
2,388,743
7,558,449
StoneCo
Ltd.,
Class
A
(a)
....................
406,528
6,849,997
Suzano
SA
.............................
1,284,273
11,488,527
Telefonica
Brasil
SA
.......................
1,505,546
9,950,760
TIM
SA
...............................
1,570,424
7,378,670
TOTVS
SA
.............................
976,442
7,882,366
Ultrapar
Participacoes
SA
...................
1,376,907
5,687,833
Vale
SA
...............................
6,682,831
84,270,138
Vibra
Energia
SA
.........................
1,983,708
9,264,749
WEG
SA
..............................
3,099,317
25,495,473
XP,
Inc.,
Class
A
.........................
734,035
14,467,830
631,157,244
a
Chile
 — 0.6%
Banco
de
Chile
..........................
84,799,986
16,056,797
Banco
de
Credito
e
Inversiones
SA
.............
161,158
9,227,979
Banco
Santander
Chile
.....................
124,305,635
9,287,634
Cencosud
SA
...........................
2,396,751
7,527,127
Empresas
CMPC
SA
......................
2,073,045
2,903,487
Empresas
Copec
SA
......................
735,129
5,231,709
Enel
Americas
SA
........................
31,621,456
3,065,801
Enel
Chile
SA
...........................
50,870,369
3,946,074
Falabella
SA
............................
1,166,291
7,567,107
Latam
Airlines
Group
SA
....................
581,140,140
14,037,322
Plaza
SA
..............................
1,213,127
4,174,413
83,025,450
a
Colombia
 — 0.1%
Grupo
Cibest
SA
.........................
474,862
8,078,421
Interconexion
Electrica
SA
ESP
...............
841,914
5,603,585
13,682,006
a
Czech
Republic
 — 0.2%
CEZ
A.S.
..............................
253,655
15,519,167
Komercni
Banka
A.S.
......................
136,232
7,628,579
Security
Shares
Value
a
Czech
Republic
(continued)
Moneta
Money
Bank
A.S.
(b)
..................
459,746
$
4,186,243
27,333,989
a
Egypt
 — 0.1%
Commercial
International
Bank
-
Egypt
(CIB)
......
4,293,179
9,687,988
Eastern
Co.
SAE
.........................
3,144,873
3,042,574
Talaat
Moustafa
Group
.....................
1,372,050
2,073,038
14,803,600
a
Greece
 — 0.8%
Alpha
Bank
SA
..........................
4,039,418
16,491,868
Eurobank
Ergasias
Services
and
Holdings
SA
.....
4,763,362
18,866,666
Hellenic
Telecommunications
Organization
SA
.....
308,581
6,133,142
JUMBO
SA
.............................
215,085
6,828,341
National
Bank
of
Greece
SA
.................
1,602,386
25,109,042
OPAP
SA
..............................
340,759
6,964,483
Piraeus
Financial
Holdings
SA
(a)
...............
2,083,172
17,100,806
Public
Power
Corp.
SA
.....................
345,040
6,974,880
104,469,228
a
Hungary
 — 0.4%
MOL
Hungarian
Oil
&
Gas
PLC
...............
757,966
6,714,569
OTP
Bank
Nyrt
..........................
412,362
42,923,680
Richter
Gedeon
Nyrt
.......................
253,023
7,494,820
57,133,069
a
India
 — 22.2%
ABB
India
Ltd.
...........................
98,759
5,724,523
Adani
Enterprises
Ltd.
.....................
293,099
7,487,982
Adani
Ports
&
Special
Economic
Zone
Ltd.
........
993,706
16,906,212
Adani
Power
Ltd.
(a)
........................
5,348,531
8,842,706
Alkem
Laboratories
Ltd.
....................
80,211
5,102,398
Ambuja
Cements
Ltd.
......................
1,107,381
6,828,143
APL
Apollo
Tubes
Ltd.
.....................
339,505
6,539,950
Apollo
Hospitals
Enterprise
Ltd.
...............
193,859
15,931,235
Ashok
Leyland
Ltd.
.......................
5,465,272
9,693,946
Asian
Paints
Ltd.
.........................
690,814
22,257,017
Astral
Ltd.
..............................
214,842
3,467,887
AU
Small
Finance
Bank
Ltd.
(b)
................
674,849
7,223,873
Aurobindo
Pharma
Ltd.
.....................
477,560
6,565,250
Avenue
Supermarts
Ltd.
(a)(b)
..................
301,315
13,496,013
Axis
Bank
Ltd.
...........................
4,242,412
60,885,567
Bajaj
Auto
Ltd.
...........................
123,399
12,546,047
Bajaj
Finance
Ltd.
........................
5,168,497
60,170,580
Bajaj
Finserv
Ltd.
.........................
709,232
16,654,596
Bajaj
Holdings
&
Investment
Ltd.
..............
48,351
6,230,878
Balkrishna
Industries
Ltd.
...................
140,113
3,626,869
Bank
of
Baroda
..........................
1,932,171
6,279,057
Bharat
Electronics
Ltd.
.....................
6,766,947
31,281,275
Bharat
Forge
Ltd.
.........................
439,823
7,077,116
Bharat
Heavy
Electricals
Ltd.
.................
1,933,781
6,309,441
Bharat
Petroleum
Corp.
Ltd.
.................
2,789,051
11,233,621
Bharti
Airtel
Ltd.
..........................
4,736,938
111,754,761
Bosch
Ltd.
.............................
13,760
5,563,962
Britannia
Industries
Ltd.
....................
201,761
13,186,448
BSE
Ltd.
..............................
358,713
11,692,544
Canara
Bank
............................
3,410,627
5,798,640
CG
Power
&
Industrial
Solutions
Ltd.
............
1,319,556
9,948,758
Cholamandalam
Investment
and
Finance
Co.
Ltd.
...
776,566
15,129,448
Cipla
Ltd.
..............................
1,049,080
17,987,191
Coal
India
Ltd.
...........................
3,385,924
14,275,156
Colgate-Palmolive
India
Ltd.
.................
230,270
5,591,174
Coromandel
International
Ltd.
................
220,757
5,894,817
Cummins
India
Ltd.
.......................
256,324
12,868,520
Dabur
India
Ltd.
..........................
994,607
5,760,498
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
India
(continued)
Divi's
Laboratories
Ltd.
.....................
221,229
$
16,037,637
Dixon
Technologies
India
Ltd.
................
66,736
10,939,149
DLF
Ltd.
...............................
1,387,806
11,264,513
Dr
Reddy's
Laboratories
Ltd.
.................
1,014,740
14,319,911
Eicher
Motors
Ltd.
........................
254,355
20,098,214
Eternal
Ltd.
(a)
............................
4,475,707
15,081,079
Fortis
Healthcare
Ltd.
......................
879,101
9,055,601
FSN
E-Commerce
Ventures
Ltd.
(a)
.............
2,145,783
6,428,426
GAIL
India
Ltd.
..........................
4,255,580
8,410,080
GE
Vernova
T&D
India
Ltd.
..................
236,408
7,615,484
GMR
Airports
Ltd.
(a)
.......................
4,760,413
5,785,091
Godrej
Consumer
Products
Ltd.
...............
754,084
9,677,227
Godrej
Properties
Ltd.
(a)
....................
283,872
6,731,846
Grasim
Industries
Ltd.
......................
506,974
15,560,511
Havells
India
Ltd.
.........................
409,329
6,604,377
HCL
Technologies
Ltd.
.....................
1,744,689
31,791,025
HDFC
Asset
Management
Co.
Ltd.
(b)
............
349,084
10,450,581
HDFC
Bank
Ltd.
.........................
20,956,347
236,807,916
HDFC
Life
Insurance
Co.
Ltd.
(b)
...............
1,776,876
15,228,213
Hero
MotoCorp
Ltd.
.......................
222,011
15,361,834
Hindalco
Industries
Ltd.
....................
2,473,690
22,455,941
Hindustan
Aeronautics
Ltd.
..................
371,566
18,920,584
Hindustan
Petroleum
Corp.
Ltd.
...............
1,783,851
9,149,467
Hindustan
Unilever
Ltd.
.....................
1,513,888
41,808,104
Hitachi
Energy
India
Ltd.
....................
24,928
6,167,723
Hyundai
Motor
India
Ltd.
....................
300,523
7,814,824
ICICI
Bank
Ltd.
..........................
9,745,152
151,754,798
ICICI
Lombard
General
Insurance
Co.
Ltd.
(b)
.......
444,787
9,823,865
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(b)
.........
652,810
4,531,696
IDFC
First
Bank
Ltd.
.......................
6,648,613
5,971,275
Indian
Hotels
Co.
Ltd.
(The)
..................
1,580,080
13,187,143
Indian
Oil
Corp.
Ltd.
.......................
5,266,947
9,552,526
Indian
Railway
Catering
&
Tourism
Corp.
Ltd.
......
458,720
3,531,999
Indus
Towers
Ltd.
(a)
.......................
2,417,492
10,876,267
IndusInd
Bank
Ltd.
(a)
.......................
1,050,981
10,115,978
Info
Edge
India
Ltd.
.......................
657,939
9,818,962
Infosys
Ltd.
.............................
6,126,000
107,485,670
InterGlobe
Aviation
Ltd.
(b)
...................
351,378
23,280,021
ITC
Ltd.
...............................
5,530,989
25,063,103
Jindal
Stainless
Ltd.
.......................
597,468
5,169,098
Jindal
Steel
Ltd.
..........................
667,387
7,816,579
Jio
Financial
Services
Ltd.
...................
5,272,338
18,106,417
JSW
Energy
Ltd.
.........................
792,092
4,340,901
JSW
Steel
Ltd.
..........................
1,137,610
14,808,384
Jubilant
Foodworks
Ltd.
....................
676,826
4,564,043
Kalyan
Jewellers
India
Ltd.
..................
751,658
4,264,087
Kotak
Mahindra
Bank
Ltd.
...................
2,014,494
47,977,638
Larsen
&
Toubro
Ltd.
......................
1,247,637
56,879,411
Lodha
Developers
Ltd.
(b)
....................
548,925
7,073,237
LTIMindtree
Ltd.
(b)
........................
137,826
9,434,843
Lupin
Ltd.
..............................
440,498
10,283,339
Mahindra
&
Mahindra
Ltd.
...................
1,719,648
72,396,298
Mankind
Pharma
Ltd.
......................
231,691
5,850,549
Marico
Ltd.
.............................
975,646
7,833,338
Maruti
Suzuki
India
Ltd.
....................
232,304
41,408,256
Max
Healthcare
Institute
Ltd.
.................
1,442,598
18,797,037
Mphasis
Ltd.
............................
196,162
6,188,203
MRF
Ltd.
..............................
4,302
7,343,551
Muthoot
Finance
Ltd.
......................
222,735
9,340,634
Nestle
India
Ltd.
.........................
1,252,319
17,673,305
NHPC
Ltd.
.............................
5,865,804
5,049,127
NMDC
Ltd.
.............................
5,608,211
4,650,712
NTPC
Ltd.
.............................
8,103,113
29,670,665
Oberoi
Realty
Ltd.
........................
232,134
4,286,092
Security
Shares
Value
a
India
(continued)
Oil
&
Natural
Gas
Corp.
Ltd.
.................
5,780,733
$
15,771,368
Oil
India
Ltd.
............................
927,335
4,297,136
One
97
Communications
Ltd.
(a)
................
708,107
10,486,397
Oracle
Financial
Services
Software
Ltd.
..........
39,276
3,577,141
Page
Industries
Ltd.
.......................
11,076
4,756,740
PB
Fintech
Ltd.
(a)
.........................
634,723
12,963,080
Persistent
Systems
Ltd.
....................
202,471
14,446,259
Petronet
LNG
Ltd.
........................
1,409,748
4,292,511
Phoenix
Mills
Ltd.
(The)
....................
368,653
7,176,774
PI
Industries
Ltd.
.........................
139,648
5,311,709
Pidilite
Industries
Ltd.
......................
571,762
9,407,755
Polycab
India
Ltd.
........................
98,304
8,232,650
Power
Finance
Corp.
Ltd.
...................
2,746,251
11,176,788
Power
Grid
Corp.
of
India
Ltd.
................
8,602,413
26,036,425
Prestige
Estates
Projects
Ltd.
................
325,024
6,109,821
Punjab
National
Bank
......................
4,274,594
5,969,460
Rail
Vikas
Nigam
Ltd.
......................
975,699
3,548,974
REC
Ltd.
..............................
2,185,977
8,859,143
Reliance
Industries
Ltd.
....................
11,234,866
197,653,155
Samvardhana
Motherson
International
Ltd.
.......
7,814,437
10,202,430
SBI
Cards
&
Payment
Services
Ltd.
............
517,399
5,091,129
SBI
Life
Insurance
Co.
Ltd.
(b)
.................
830,602
18,313,764
Shree
Cement
Ltd.
........................
16,583
4,904,079
Shriram
Finance
Ltd.
......................
2,610,233
24,946,814
Siemens
Energy
India
Ltd.
(a)
.................
164,403
5,815,027
Siemens
Ltd.
............................
164,645
6,087,121
Solar
Industries
India
Ltd.
...................
50,731
7,544,789
SRF
Ltd.
..............................
260,675
8,556,486
State
Bank
of
India
........................
3,357,576
36,852,192
Sun
Pharmaceutical
Industries
Ltd.
.............
1,775,879
36,428,931
Sundaram
Finance
Ltd.
.....................
120,011
6,357,141
Supreme
Industries
Ltd.
....................
115,292
4,386,778
Suzlon
Energy
Ltd.
(a)
......................
18,673,805
11,327,141
Swiggy
Ltd.
(a)
...........................
1,619,662
6,877,267
Tata
Communications
Ltd.
...................
206,737
4,205,102
Tata
Consultancy
Services
Ltd.
...............
1,667,871
58,748,634
Tata
Consumer
Products
Ltd.
.................
1,102,350
14,471,329
Tata
Motors
Ltd.
(a)
........................
3,733,419
14,692,009
Tata
Motors
Passenger
Vehicles
Ltd.
............
3,709,525
14,849,972
Tata
Power
Co.
Ltd.
(The)
...................
2,954,273
12,926,294
Tata
Steel
Ltd.
...........................
13,850,770
26,085,729
Tech
Mahindra
Ltd.
.......................
997,786
16,996,198
Titan
Co.
Ltd.
...........................
656,172
28,750,001
Torrent
Pharmaceuticals
Ltd.
.................
220,099
9,156,779
Torrent
Power
Ltd.
........................
330,139
4,870,627
Trent
Ltd.
..............................
334,075
15,937,820
Tube
Investments
of
India
Ltd.
................
193,018
6,019,410
TVS
Motor
Co.
Ltd.
.......................
440,759
17,459,320
UltraTech
Cement
Ltd.
.....................
217,143
28,232,789
Union
Bank
of
India
Ltd.
....................
2,774,027
4,772,095
United
Spirits
Ltd.
........................
531,166
8,620,035
UPL
Ltd.
...............................
895,515
7,620,909
Varun
Beverages
Ltd.
......................
2,500,658
13,511,626
Vedanta
Ltd.
............................
2,516,542
14,851,779
Vishal
Mega
Mart
Ltd.
(a)
.....................
3,892,486
5,926,739
Vodafone
Idea
Ltd.
(a)
.......................
49,691,678
5,555,927
Voltas
Ltd.
.............................
397,656
6,130,653
WAAREE
Energies
Ltd.
....................
160,086
5,702,529
Wipro
Ltd.
..............................
4,846,733
13,580,101
Yes
Bank
Ltd.
(a)
..........................
27,477,966
7,065,741
Zydus
Lifesciences
Ltd.
....................
383,457
4,053,320
2,904,136,346
a
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Indonesia
 — 1.7%
Amman
Mineral
Internasional
PT
(a)
.............
26,771,100
$
10,618,871
Astra
International
Tbk
PT
...................
37,897,500
14,927,833
Bank
Central
Asia
Tbk
PT
...................
102,469,227
51,025,600
Bank
Mandiri
Persero
Tbk
PT
................
69,352,000
20,144,106
Bank
Negara
Indonesia
Persero
Tbk
PT
.........
27,296,900
6,992,329
Bank
Rakyat
Indonesia
Persero
Tbk
PT
..........
126,318,171
27,980,226
Barito
Pacific
Tbk
PT
(a)
.....................
42,563,305
9,164,116
Barito
Renewables
Energy
Tbk
PT
.............
14,408,000
8,302,527
Bumi
Resources
Minerals
Tbk
PT
(a)
.............
104,727,500
6,150,071
Chandra
Asri
Pacific
Tbk
PT
.................
15,945,000
7,085,148
Charoen
Pokphand
Indonesia
Tbk
PT
...........
13,700,900
3,810,582
Dian
Swastatika
Sentosa
Tbk
PT
(a)
.............
1,835,500
12,117,276
GoTo
Gojek
Tokopedia
Tbk
PT
(a)
...............
1,633,780,439
6,276,486
Indofood
Sukses
Makmur
Tbk
PT
..............
7,955,300
3,512,946
Petrindo
Jaya
Kreasi
Tbk
PT
.................
40,368,400
6,503,139
Sumber
Alfaria
Trijaya
Tbk
PT
................
33,135,000
3,585,320
Telkom
Indonesia
Persero
Tbk
PT
.............
91,154,700
19,377,087
United
Tractors
Tbk
PT
.....................
2,800,100
4,713,960
222,287,623
a
Kuwait
 — 1.0%
Boubyan
Bank
KSCP
......................
2,836,902
6,534,255
Gulf
Bank
KSCP
.........................
3,681,342
4,272,461
Kuwait
Finance
House
KSCP
.................
20,458,077
53,053,036
Mabanee
Co.
KPSC
.......................
1,277,252
4,477,352
Mobile
Telecommunications
Co.
KSCP
..........
3,573,244
6,053,386
National
Bank
of
Kuwait
SAKP
................
15,343,152
50,197,070
Warba
Bank
KSCP
(a)
......................
4,119,286
3,905,314
128,492,874
a
Malaysia
 — 1.6%
AMMB
Holdings
Bhd
......................
4,625,500
6,665,492
Axiata
Group
Bhd
........................
5,122,500
2,992,551
CELCOMDIGI
BHD
.......................
6,101,200
4,842,574
CIMB
Group
Holdings
Bhd
..................
14,897,600
27,602,100
Gamuda
Bhd
...........................
8,545,600
11,072,120
Hong
Leong
Bank
Bhd
.....................
1,185,400
6,066,493
IHH
Healthcare
Bhd
.......................
3,990,800
7,982,148
IOI
Corp.
Bhd
...........................
4,602,700
4,448,710
Kuala
Lumpur
Kepong
Bhd
..................
920,200
4,498,013
Malayan
Banking
Bhd
......................
11,133,600
26,711,929
Maxis
Bhd
.............................
4,285,000
4,141,701
MISC
Bhd
..............................
2,305,600
4,194,111
MR
DIY
Group
M
Bhd
(b)
.....................
5,967,650
2,182,201
Nestle
Malaysia
Bhd
.......................
137,100
3,548,650
Petronas
Chemicals
Group
Bhd
...............
4,610,300
3,349,692
Petronas
Dagangan
Bhd
....................
557,700
2,677,831
Petronas
Gas
Bhd
........................
1,474,700
6,252,086
Press
Metal
Aluminium
Holdings
Bhd
...........
6,764,000
10,991,799
Public
Bank
Bhd
(c)
........................
27,371,300
28,827,309
QL
Resources
Bhd
........................
2,851,650
2,794,720
RHB
Bank
Bhd
..........................
3,175,100
5,342,278
SD
Guthrie
Bhd
..........................
3,581,600
4,515,459
Sunway
Bhd
............................
4,668,400
6,166,222
Telekom
Malaysia
Bhd
.....................
2,017,500
3,624,392
Tenaga
Nasional
Bhd
......................
4,744,200
15,141,988
YTL
Corp.
Bhd
..........................
5,688,060
2,938,089
YTL
Power
International
Bhd
.................
5,498,720
4,345,763
213,916,421
a
Mexico
 — 2.7%
Alfa
SAB
de
CV,
Class
A
....................
6,613,053
5,199,816
America
Movil
SAB
de
CV,
Series
B
............
33,383,395
38,470,892
Arca
Continental
SAB
de
CV
.................
943,708
9,435,533
Cemex
SAB
de
CV,
CPO,
NVS
...............
27,977,544
30,146,832
Security
Shares
Value
a
Mexico
(continued)
Coca-Cola
Femsa
SAB
de
CV
................
969,200
$
8,485,597
Fibra
Uno
Administracion
SA
de
CV
............
5,245,900
7,699,299
Fomento
Economico
Mexicano
SAB
de
CV
.......
3,170,822
30,415,704
Gruma
SAB
de
CV,
Class
B
..................
290,064
5,058,091
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
...
523,404
7,021,524
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
713,461
17,053,125
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
329,752
9,972,921
Grupo
Bimbo
SAB
de
CV,
Series
A
(c
)
............
2,383,953
7,555,285
Grupo
Carso
SAB
de
CV,
Series
A1
............
1,046,933
7,192,552
Grupo
Comercial
Chedraui
SA
de
CV
...........
628,366
4,566,564
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
....
4,646,542
44,726,236
Grupo
Financiero
Inbursa
SAB
de
CV,
Series
O
....
3,001,102
7,167,814
Grupo
Mexico
SAB
de
CV,
Series
B
............
5,739,963
49,831,448
Industrias
Penoles
SAB
de
CV
(a)
...............
369,357
15,792,681
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
.....
2,747,922
5,636,686
Prologis
Property
Mexico
SA
de
CV
............
1,975,799
8,458,765
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
346,884
4,740,868
Wal-Mart
de
Mexico
SAB
de
CV
...............
9,531,979
31,932,989
356,561,222
a
Peru
 — 0.5%
Cia
de
Minas
Buenaventura
SAA,
ADR
..........
305,031
7,558,668
Credicorp
Ltd.
...........................
124,172
31,938,280
Southern
Copper
Corp.
.....................
166,397
22,426,988
61,923,936
a
Philippines
 — 0.5%
Ayala
Corp.
.............................
458,030
3,709,852
Ayala
Land,
Inc.
..........................
12,019,300
4,175,340
Bank
of
the
Philippine
Islands
................
3,707,268
7,364,596
BDO
Unibank,
Inc.
........................
4,395,684
9,826,284
International
Container
Terminal
Services,
Inc.
.....
1,855,660
17,177,767
Jollibee
Foods
Corp.
......................
924,940
2,980,837
Manila
Electric
Co.
........................
520,360
5,248,409
Metropolitan
Bank
&
Trust
Co.
................
3,258,907
3,667,625
PLDT,
Inc.
.............................
139,050
3,069,328
SM
Investments
Corp.
.....................
405,905
5,121,830
SM
Prime
Holdings,
Inc.
....................
18,465,200
7,248,745
69,590,613
a
Poland
 — 1.5%
Allegro.eu
SA
(a)(b)
.........................
1,268,610
11,148,576
Bank
Millennium
SA
(a)
......................
1,106,138
4,730,914
Bank
Polska
Kasa
Opieki
SA
.................
337,429
18,514,035
Budimex
SA
(c)
...........................
23,195
3,973,233
CCC
SA
(a)(c)
.............................
98,852
3,658,549
CD
Projekt
SA
...........................
119,960
8,431,323
Dino
Polska
SA
(a)(b)
........................
909,790
10,177,054
KGHM
Polska
Miedz
SA
(a)
...................
256,869
14,900,042
LPP
SA
...............................
2,074
9,668,242
mBank
SA
(a)
............................
27,191
7,614,398
ORLEN
SA
.............................
1,075,887
27,704,525
PGE
Polska
Grupa
Energetyczna
SA
(a)
..........
1,638,667
4,432,033
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
...
1,617,776
34,302,185
Powszechny
Zaklad
Ubezpieczen
SA
...........
1,097,525
18,924,664
Santander
Bank
Polska
SA
..................
73,438
10,364,381
Zabka
Group
SA
(a)
........................
655,910
4,185,386
192,729,540
a
Qatar
 — 0.9%
Al
Rayan
Bank
..........................
11,647,804
6,971,213
Barwa
Real
Estate
Co.
.....................
4,011,467
2,825,333
Commercial
Bank
PSQC
(The)
................
5,945,159
6,571,661
Dukhan
Bank
...........................
3,689,126
3,519,189
Industries
Qatar
QSC
......................
2,850,085
9,500,544
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
Security
Shares
Value
a
Qatar
(continued)
Mesaieed
Petrochemical
Holding
Co.
...........
10,512,754
$
3,387,276
Ooredoo
QPSC
..........................
1,528,226
5,350,818
Qatar
Electricity
&
Water
Co.
QSC
.............
861,027
3,500,897
Qatar
Fuel
QSC
..........................
522,982
2,146,509
Qatar
Gas
Transport
Co.
Ltd.
.................
5,232,820
6,479,112
Qatar
International
Islamic
Bank
QSC
...........
1,884,487
5,713,073
Qatar
Islamic
Bank
QPSC
...................
3,299,076
21,048,654
Qatar
National
Bank
QPSC
..................
8,592,678
42,669,887
119,684,166
a
Russia
 — 0.0%
Alrosa
PJSC
(a)(d)
..........................
1,271,273
164
Mobile
TeleSystems
PJSC
(a)(d)
................
418,880
54
Moscow
Exchange
MICEX-RTS
PJSC
(a)(d)
........
631,870
81
Ozon
Holdings
PLC,
ADR
(a)(d)
.................
534
—
PhosAgro
PJSC,
GDR
(a)(d)(e)
..................
1
—
PhosAgro
PJSC
(a)(d)
.......................
433
4
Polyus
PJSC
(a)(d)
.........................
133,970
2
Rosneft
Oil
Co.
PJSC
(a)(d)
....................
532,936
69
Sberbank
of
Russia
PJSC
(a)(d)
.................
4,933,827
636
Severstal
PAO
(a)(d)
........................
109,143
14
T-Tekhnologii
MKPAO,
GDR
(a)(d)(e)
..............
58,085
7
United
Co.
RUSAL
International
PJSC
(a)(d)
........
1,500,930
193
VK
IPJSC,
GDR
(a)(d)
.......................
873
—
VTB
Bank
PJSC
(a)(d)
.......................
232,194
—
X5
Retail
Group
N.V.,
GDR
(a)(d)(e)
...............
67,732
9
1,233
a
Saudi
Arabia
 — 4.1%
ACWA
Power
Co.
(a)
.......................
284,035
14,470,079
Ades
Holding
Co.
.........................
631,787
2,867,004
Al
Rajhi
Bank
...........................
3,630,546
92,862,183
Alinma
Bank
............................
2,270,961
14,668,455
Almarai
Co.
JSC
.........................
905,524
10,789,782
Arab
National
Bank
.......................
1,599,584
9,460,016
Arabian
Internet
&
Communications
Services
Co.
...
42,043
2,519,364
Bank
AlBilad
............................
1,322,945
9,247,353
Bank
Al-Jazira
(a)
..........................
1,126,915
3,476,467
Banque
Saudi
Fransi
......................
2,177,044
9,544,059
Bupa
Arabia
for
Cooperative
Insurance
Co.
.......
148,394
5,815,983
Co.
for
Cooperative
Insurance
(The)
............
135,808
4,362,277
Dallah
Healthcare
Co.
......................
62,355
2,164,387
Dar
Al
Arkan
Real
Estate
Development
Co.
(a)
......
946,692
3,955,053
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..
160,155
10,322,803
Elm
Co.
...............................
44,003
8,991,656
Etihad
Etisalat
Co.
........................
684,439
11,474,828
Jabal
Omar
Development
Co.
(a)
...............
1,062,059
4,304,227
Jarir
Marketing
Co.
........................
1,146,351
3,881,355
Makkah
Construction
&
Development
Co.
........
175,669
3,924,099
Mouwasat
Medical
Services
Co.
...............
181,211
3,352,758
Riyad
Bank
.............................
2,671,753
18,377,679
SABIC
Agri-Nutrients
Co.
...................
425,270
13,220,997
Sahara
International
Petrochemical
Co.
..........
704,363
3,156,266
SAL
Saudi
Logistics
Services
.................
64,161
2,907,686
Saudi
Arabian
Mining
Co.
(a)
..................
2,527,314
41,111,399
Saudi
Arabian
Oil
Co.
(b)
.....................
11,204,826
73,590,306
Saudi
Awwal
Bank
........................
1,837,436
15,013,361
Saudi
Basic
Industries
Corp.
.................
1,677,705
24,663,912
Saudi
Electricity
Co.
.......................
1,594,163
5,999,037
Saudi
Investment
Bank
(The)
.................
1,122,916
3,880,931
Saudi
National
Bank
(The)
...................
5,444,346
53,585,235
Saudi
Research
&
Media
Group
(a)
..............
65,651
2,495,215
Saudi
Tadawul
Group
Holding
Co.
.............
84,219
3,780,533
Saudi
Telecom
Co.
........................
3,732,954
42,483,843
Security
Shares
Value
a
Saudi
Arabia
(continued)
Yanbu
National
Petrochemical
Co.
.............
494,468
$
4,016,264
540,736,852
a
South
Africa
 — 5.1%
Absa
Group
Ltd.
.........................
1,560,295
19,008,224
Anglogold
Ashanti
PLC
.....................
928,972
79,206,785
Bid
Corp.
Ltd.
...........................
623,563
14,886,069
Bidvest
Group
Ltd.
........................
606,131
8,137,335
Capitec
Bank
Holdings
Ltd.
..................
161,299
36,588,851
Clicks
Group
Ltd.
.........................
437,864
8,904,355
Discovery
Ltd.
...........................
1,035,080
13,279,028
FirstRand
Ltd.
...........................
9,344,088
44,591,351
Gold
Fields
Ltd.
..........................
1,654,022
69,934,475
Harmony
Gold
Mining
Co.
Ltd.
................
1,060,212
20,723,758
Impala
Platinum
Holdings
Ltd.
................
1,666,600
20,974,369
MTN
Group
Ltd.
..........................
3,220,573
29,766,569
Naspers
Ltd.,
Class
N
......................
1,448,923
90,645,229
Nedbank
Group
Ltd.
.......................
844,264
12,614,189
NEPI
Rockcastle
N.V.
(a)
.....................
1,121,516
9,607,891
Northam
Platinum
Holdings
Ltd.
...............
639,326
11,403,455
OUTsurance
Group
Ltd.
....................
1,533,156
6,495,949
Pepkor
Holdings
Ltd.
(b)
.....................
6,405,370
9,805,428
Reinet
Investments
SCA
....................
246,073
8,326,467
Remgro
Ltd.
............................
910,458
9,253,498
Sanlam
Ltd.
............................
3,322,355
17,814,366
Sasol
Ltd.
(a)
.............................
1,063,730
6,943,047
Shoprite
Holdings
Ltd.
.....................
895,869
14,374,971
Sibanye
Stillwater
Ltd.
(a)(c)
...................
5,216,818
17,215,280
Standard
Bank
Group
Ltd.
...................
2,438,218
37,691,936
Valterra
Platinum
Ltd.
......................
491,143
34,107,755
Vodacom
Group
Ltd.
......................
1,126,359
8,832,484
661,133,114
a
South
Korea
 — 16.4%
Alteogen,
Inc.
(a)
..........................
73,862
26,858,132
Amorepacific
Corp.
.......................
53,374
4,521,151
APR
Corp.
(a)
............................
43,768
7,603,933
Celltrion,
Inc.
............................
280,387
35,487,436
Coway
Co.
Ltd.
..........................
97,557
5,720,890
DB
Insurance
Co.
Ltd.
.....................
82,961
7,045,889
Doosan
Bobcat,
Inc.
(a)
......................
97,508
3,672,065
Doosan
Co.
Ltd.
(c)
........................
13,822
8,270,736
Doosan
Enerbility
Co.
Ltd.
(a)(c)
.................
828,754
43,209,947
Ecopro
BM
Co.
Ltd.
(a)(c)
.....................
89,669
9,172,468
Ecopro
Co.
Ltd.
(c)
.........................
188,904
10,893,585
Hana
Financial
Group,
Inc.
..................
516,941
32,890,337
Hanjin
Kal
Corp.
(c)
........................
41,914
2,934,099
Hankook
Tire
&
Technology
Co.
Ltd.
............
134,363
5,623,005
Hanmi
Semiconductor
Co.
Ltd.
(c)
...............
78,897
6,660,616
Hanwha
Aerospace
Co.
Ltd.
.................
61,810
35,879,890
Hanwha
Ocean
Co.
Ltd.
(a)
...................
253,658
18,619,452
Hanwha
Systems
Co.
Ltd.
...................
139,548
4,392,593
HD
Hyundai
Co.
Ltd.
......................
80,946
10,843,465
HD
Hyundai
Electric
Co.
Ltd.
.................
43,227
22,900,222
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(c)
..........
67,701
24,701,909
HD
Hyundai
Marine
Solution
Co.
Ltd.
...........
27,278
3,462,056
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
78,269
21,863,336
HLB,
Inc.
(a)(c)
............................
218,391
6,985,973
HMM
Co.
Ltd.
...........................
440,380
5,745,234
HYBE
Co.
Ltd.
(a)
.........................
42,173
8,617,184
Hyosung
Heavy
Industries
Corp.
..............
10,423
13,547,166
Hyundai
Glovis
Co.
Ltd.
....................
68,136
7,632,994
Hyundai
Mobis
Co.
Ltd.
.....................
110,207
23,238,673
Hyundai
Motor
Co.
........................
246,205
43,848,248
Hyundai
Rotem
Co.
Ltd.
....................
140,774
16,858,537
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
South
Korea
(continued)
Industrial
Bank
of
Korea
....................
506,064
$
7,083,915
Kakao
Corp.
............................
570,845
22,861,449
KakaoBank
Corp.
........................
302,452
4,465,624
KB
Financial
Group,
Inc.
....................
670,858
57,227,384
Kia
Corp.
..............................
435,654
33,850,093
Korea
Aerospace
Industries
Ltd.
...............
135,670
10,083,665
Korea
Electric
Power
Corp.
..................
471,831
16,967,275
Korea
Investment
Holdings
Co.
Ltd.
............
76,200
8,331,332
Korea
Zinc
Co.
Ltd.
.......................
7,223
6,618,735
Korean
Air
Lines
Co.
Ltd.
...................
338,371
5,045,373
Krafton,
Inc.
(a)
...........................
51,766
9,091,210
KT&G
Corp.
............................
178,261
17,636,403
LG
Chem
Ltd.
...........................
91,519
23,321,754
LG
Corp.
..............................
162,667
8,739,594
LG
Display
Co.
Ltd.
(a)(c)
.....................
547,376
4,687,295
LG
Electronics,
Inc.
.......................
198,164
11,564,535
LG
Energy
Solution
Ltd.
(a)
...................
86,403
24,043,440
LG
H&H
Co.
Ltd.
.........................
17,221
3,244,271
LG
Uplus
Corp.
..........................
387,898
3,972,219
LIG
Nex1
Co.
Ltd.
........................
24,598
6,427,526
LS
Electric
Co.
Ltd.
.......................
27,737
8,706,802
Meritz
Financial
Group,
Inc.
..................
145,968
10,811,060
Mirae
Asset
Securities
Co.
Ltd.
................
370,047
5,515,647
NAVER
Corp.
...........................
260,507
43,376,844
NH
Investment
&
Securities
Co.
Ltd.
............
267,395
3,766,347
POSCO
Future
M
Co.
Ltd.
(a)
..................
65,151
9,172,682
POSCO
Holdings,
Inc.
.....................
134,709
28,427,173
Posco
International
Corp.
...................
96,063
3,503,366
Samsung
Biologics
Co.
Ltd.
(a)(b)
...............
21,411
23,468,957
Samsung
C&T
Corp.
......................
156,665
24,057,327
Samsung
Electro-Mechanics
Co.
Ltd.
...........
101,924
17,473,869
Samsung
Electronics
Co.
Ltd.
................
8,731,156
599,680,655
Samsung
Episholdings
Co.
Ltd.
(a)
..............
11,509
3,357,265
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.......
55,588
18,199,859
Samsung
Heavy
Industries
Co.
Ltd.
(a)
...........
1,298,967
21,779,269
Samsung
Life
Insurance
Co.
Ltd.
..............
148,309
15,466,874
Samsung
SDI
Co.
Ltd.
(c)
....................
111,215
22,726,352
Samsung
SDS
Co.
Ltd.
.....................
77,369
8,881,880
Samyang
Foods
Co.
Ltd.
....................
7,729
7,606,742
Shinhan
Financial
Group
Co.
Ltd.
..............
808,005
43,189,438
SK
Biopharmaceuticals
Co.
Ltd.
(a)
..............
57,263
5,461,243
SK
hynix,
Inc.
...........................
1,006,930
364,729,402
SK
Innovation
Co.
Ltd.
.....................
123,587
9,688,055
SK
Square
Co.
Ltd.
(a)
......................
171,639
35,046,816
SK
Telecom
Co.
Ltd.
.......................
176,344
6,432,157
SK,
Inc.
...............................
66,656
12,064,122
S-Oil
Corp.
(a)
............................
83,185
4,345,400
Woori
Financial
Group,
Inc.
..................
1,228,081
22,247,532
Yuhan
Corp.
............................
102,639
8,544,213
2,152,691,661
a
Taiwan
 — 28.2%
Accton
Technology
Corp.
...................
937,000
30,697,766
Advantech
Co.
Ltd.
.......................
878,280
8,077,707
Airtac
International
Group
...................
259,439
7,483,418
Alchip
Technologies
Ltd.
....................
142,976
15,116,715
ASE
Technology
Holding
Co.
Ltd.
..............
6,147,000
45,089,404
Asia
Cement
Corp.
........................
4,341,000
5,371,126
Asia
Vital
Components
Co.
Ltd.
...............
611,000
26,898,589
ASPEED
Technology,
Inc.
...................
53,000
12,425,103
Asustek
Computer,
Inc.
.....................
1,298,000
24,909,671
Bizlink
Holding,
Inc.
.......................
316,000
16,276,916
Caliway
Biopharmaceuticals
Co.
Ltd.
(a)
..........
1,864,000
9,352,707
Catcher
Technology
Co.
Ltd.
.................
978,000
6,264,979
Cathay
Financial
Holding
Co.
Ltd.
..............
17,675,379
36,186,367
Security
Shares
Value
a
Taiwan
(continued)
Chailease
Holding
Co.
Ltd.
..................
2,893,671
$
9,508,461
Chang
Hwa
Commercial
Bank
Ltd.
.............
12,013,671
7,737,043
Cheng
Shin
Rubber
Industry
Co.
Ltd.
...........
3,426,000
3,474,506
China
Airlines
Ltd.
........................
5,547,000
3,399,027
China
Steel
Corp.
........................
21,213,000
12,349,894
Chroma
ATE,
Inc.
.........................
681,000
17,821,667
Chunghwa
Telecom
Co.
Ltd.
.................
7,037,000
29,298,234
Compal
Electronics,
Inc.
....................
7,559,000
7,085,049
CTBC
Financial
Holding
Co.
Ltd.
..............
30,873,000
42,775,370
Delta
Electronics,
Inc.
......................
3,595,000
107,168,599
E
Ink
Holdings,
Inc.
.......................
1,594,000
9,776,286
E.Sun
Financial
Holding
Co.
Ltd.
..............
26,628,995
25,765,077
Eclat
Textile
Co.
Ltd.
.......................
368,000
5,150,279
Elite
Material
Co.
Ltd.
......................
552,000
26,967,426
eMemory
Technology,
Inc.
...................
117,000
7,661,473
Eva
Airways
Corp.
........................
5,079,000
5,525,214
Evergreen
Marine
Corp.
Taiwan
Ltd.
............
2,010,400
11,515,635
Far
Eastern
New
Century
Corp.
...............
5,581,000
5,019,215
Far
EasTone
Telecommunications
Co.
Ltd.
........
3,368,000
9,459,234
Feng
TAY
Enterprise
Co.
Ltd.
.................
939,760
3,874,837
First
Financial
Holding
Co.
Ltd.
................
21,129,111
18,595,863
Formosa
Chemicals
&
Fibre
Corp.
.............
6,637,000
7,074,527
Formosa
Plastics
Corp.
.....................
7,186,000
9,542,865
Fortune
Electric
Co.
Ltd.
....................
294,310
6,587,050
Fubon
Financial
Holding
Co.
Ltd.
..............
15,589,504
46,044,917
Gigabyte
Technology
Co.
Ltd.
................
990,000
7,706,653
Global
Unichip
Corp.
......................
162,000
11,736,325
Globalwafers
Co.
Ltd.
......................
492,000
5,906,087
Gold
Circuit
Electronics
Ltd.
..................
581,000
11,779,528
Hon
Hai
Precision
Industry
Co.
Ltd.
.............
23,188,200
167,092,636
Hotai
Motor
Co.
Ltd.
.......................
566,591
11,034,143
Hua
Nan
Financial
Holdings
Co.
Ltd.
............
16,621,090
15,604,605
Innolux
Corp.
...........................
13,908,636
6,013,353
International
Games
System
Co.
Ltd.
...........
421,000
9,980,284
Inventec
Corp.
...........................
5,133,000
7,148,134
Jentech
Precision
Industrial
Co.
Ltd.
............
159,000
14,791,339
KGI
Financial
Holding
Co.
Ltd.
................
29,059,785
14,595,062
King
Slide
Works
Co.
Ltd.
...................
105,000
12,807,487
King
Yuan
Electronics
Co.
Ltd.
................
1,999,000
14,641,758
Largan
Precision
Co.
Ltd.
...................
185,000
13,033,623
Lite-On
Technology
Corp.
...................
3,635,000
18,469,191
Lotes
Co.
Ltd.
...........................
155,000
6,494,326
MediaTek,
Inc.
...........................
2,809,000
125,177,262
Mega
Financial
Holding
Co.
Ltd.
...............
21,883,666
27,981,498
Nan
Ya
Plastics
Corp.
......................
9,564,000
18,013,844
Nien
Made
Enterprise
Co.
Ltd.
................
331,000
3,936,241
Novatek
Microelectronics
Corp.
...............
1,073,000
13,337,345
Pegatron
Corp.
..........................
3,655,000
8,407,626
PharmaEssentia
Corp.
.....................
567,693
9,346,288
President
Chain
Store
Corp.
.................
1,070,000
8,175,756
Quanta
Computer,
Inc.
.....................
4,999,000
45,059,501
Realtek
Semiconductor
Corp.
................
905,000
15,060,247
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
...
7,298,678
9,100,126
SinoPac
Financial
Holdings
Co.
Ltd.
............
22,681,721
19,494,398
Taiwan
Business
Bank
.....................
13,418,122
6,781,188
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
.....
19,861,230
15,102,413
Taiwan
High
Speed
Rail
Corp.
................
3,714,000
3,309,193
Taiwan
Mobile
Co.
Ltd.
.....................
3,306,000
11,384,115
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.....
45,416,000
2,093,967,446
TCC
Group
Holdings
Co.
Ltd.
................
12,439,671
9,067,476
Teco
Electric
and
Machinery
Co.
Ltd.
............
2,138,000
5,990,297
TS
Financial
Holding
Co.
Ltd.
.................
39,085,067
22,494,635
Unimicron
Technology
Corp.
.................
2,424,000
14,459,619
Uni-President
Enterprises
Corp.
...............
8,981,000
21,914,430
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
Security
Shares
Value
a
Taiwan
(continued)
United
Microelectronics
Corp.
................
20,784,000
$
30,516,170
Vanguard
International
Semiconductor
Corp.
......
2,011,718
5,821,353
Wan
Hai
Lines
Ltd.
........................
1,257,015
3,233,290
Wistron
Corp.
...........................
5,550,000
25,655,687
Wiwynn
Corp.
...........................
206,000
30,098,564
Yageo
Corp.
............................
3,070,840
23,070,022
Yang
Ming
Marine
Transport
Corp.
.............
3,182,000
5,281,837
Yuanta
Financial
Holding
Co.
Ltd.
..............
19,539,771
22,503,097
Zhen
Ding
Technology
Holding
Ltd.
.............
1,322,000
6,145,132
3,692,048,846
a
Thailand
 — 1.4%
Advanced
Info
Service
PCL,
NVDR
.............
1,918,000
18,332,598
Airports
of
Thailand
PCL,
NVDR
(c)
..............
7,927,400
10,741,201
Bangkok
Dusit
Medical
Services
PCL,
NVDR
(c)
.....
20,709,100
12,243,821
Bumrungrad
Hospital
PCL,
NVDR
.............
1,108,100
5,846,186
Central
Pattana
PCL,
NVDR
.................
3,623,200
6,042,234
Charoen
Pokphand
Foods
PCL,
NVDR
..........
6,904,700
4,361,158
CP
ALL
PCL,
NVDR
(c)
......................
9,923,500
13,366,975
CP
AXTRA
PCL,
NVDR
(c)
...................
3,859,087
1,948,818
Delta
Electronics
Thailand
PCL,
NVDR
(c)
.........
5,766,600
36,309,814
Gulf
Development
PCL,
NVDR
(a)
...............
8,191,665
10,394,768
Kasikornbank
PCL,
NVDR
...................
1,078,400
6,253,529
Krung
Thai
Bank
PCL,
NVDR
................
6,465,600
5,530,850
Minor
International
PCL,
NVDR
(c)
..............
5,979,300
4,096,898
PTT
Exploration
&
Production
PCL,
NVDR
(c)
.......
2,525,500
8,362,074
PTT
PCL,
NVDR
.........................
18,553,400
17,736,745
SCB
X
PCL,
NVDR
.......................
1,512,600
6,114,590
Siam
Cement
PCL
(The),
NVDR
(c)
..............
1,448,500
8,412,212
TMBThanachart
Bank
PCL,
NVDR
.............
44,665,800
2,681,689
True
Corp.
PCL,
NVDR
(c)
....................
19,209,782
6,457,282
185,233,442
a
Turkey
 — 0.6%
Akbank
TAS
............................
5,794,881
8,840,931
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A.S.
(c)
.......
2,528,956
10,925,450
BIM
Birlesik
Magazalar
A.S.
..................
831,322
10,512,292
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(c)
..........
6,409,842
3,602,564
Ford
Otomotiv
Sanayi
A.S.
..................
1,270,049
2,829,104
Haci
Omer
Sabanci
Holding
A.S.
..............
2,120,059
4,089,983
KOC
Holding
A.S.
........................
1,387,427
5,506,104
Turk
Hava
Yollari
AO
......................
1,015,317
6,520,811
Turkcell
Iletisim
Hizmetleri
A.S.
................
2,201,472
4,854,694
Turkiye
Is
Bankasi
A.S.,
Class
C
...............
16,206,496
5,182,957
Turkiye
Petrol
Rafinerileri
A.S.
................
1,787,904
8,201,889
Yapi
ve
Kredi
Bankasi
A.S.
(a)(c)
................
6,074,403
5,052,051
76,118,830
a
United
Arab
Emirates
 — 2.0%
Abu
Dhabi
Commercial
Bank
PJSC
............
5,842,390
22,436,470
Abu
Dhabi
Islamic
Bank
PJSC
................
2,697,570
14,621,252
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
...
6,148,161
6,444,701
ADNOC
Drilling
Co.
PJSC
...................
5,919,344
8,428,923
Adnoc
Gas
PLC
..........................
11,395,191
10,115,640
ADNOC
Logistics
&
Services
.................
2,977,758
4,573,436
Aldar
Properties
PJSC
.....................
7,118,966
15,804,937
Americana
Restaurants
International
PLC
........
5,590,782
2,633,392
Dubai
Electricity
&
Water
Authority
PJSC
.........
11,231,105
8,350,562
Dubai
Islamic
Bank
PJSC
...................
5,308,896
13,259,764
Emaar
Development
PJSC
..................
1,834,726
7,345,682
Emaar
Properties
PJSC
....................
12,225,631
44,295,124
Emirates
NBD
Bank
PJSC
...................
3,506,332
23,293,764
Emirates
Telecommunications
Group
Co.
PJSC
....
6,477,246
31,743,858
First
Abu
Dhabi
Bank
PJSC
..................
8,177,169
35,269,143
Salik
Co.
PJSC
..........................
3,415,256
5,337,427
Security
Shares
Value
a
United
Arab
Emirates
(continued)
Two
Point
Zero
Group
PJSC
(a)
................
6,095,660
$
4,248,591
258,202,666
a
Total
Common
Stocks — 97.4%
(Cost:
$8,840,322,061)
...............................
12,767,093,971
a
Preferred
Stocks
Brazil
 — 1.6%
Axia
Energia,
Class
B,
Preference
Shares,
NVS
....
450,101
5,674,063
Banco
Bradesco
SA,
Preference
Shares,
NVS
.....
9,803,679
36,255,163
Cia
Energetica
de
Minas
Gerais,
Preference
Shares,
NVS
................................
3,176,645
6,825,991
Cia
Paranaense
de
Energia
-
Copel,
Preference
Shares,
NVS
..........................
1,991,861
5,339,890
Gerdau
SA,
Preference
Shares,
NVS
...........
2,421,324
8,695,782
Itau
Unibanco
Holding
SA,
Preference
Shares,
NVS
.
9,824,350
76,601,899
Itausa
SA,
Preference
Shares,
NVS
............
10,766,319
24,788,644
Petroleo
Brasileiro
SA
-
Petrobras,
Preference
Shares,
NVS
................................
8,526,595
50,637,066
214,818,498
a
Chile
 — 0.1%
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B,
Preference
Shares
(a)
.....................
262,830
16,891,765
a
Colombia
 — 0.1%
Grupo
Cibest
SA,
Preference
Shares
...........
830,475
13,035,937
a
India
 — 0.0%
TVS
Motor
Co.
Ltd.,
Preference
Shares,
NVS
(a)
.....
1,926,488
215,376
a
South
Korea
 — 0.7%
Hyundai
Motor
Co.,
Series
1,
Preference
Shares,
NVS
40,954
5,363,543
Hyundai
Motor
Co.,
Series
2,
Preference
Shares,
NVS
64,005
8,480,056
Samsung
Electronics
Co.
Ltd.,
Preference
Shares,
NVS
................................
1,506,539
77,048,998
90,892,597
a
Total
Preferred
Stocks — 2.5%
(Cost:
$255,949,922)
................................
335,854,173
a
Rights
Taiwan
 — 0.0%
Unimicron
Technology
Corp.
(Expires
01/05/26)
(a)
...
2,451,000
124,180
a
Total
Rights — 0.0%
(Cost:
$–)
........................................
124,180
a
Total
Long-Term
Investments — 99.9%
(Cost:
$9,096,271,983)
...............................
13,103,072,324
a
Short-Term
Securities
Money
Market
Funds
 — 
1.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.11%
(f)(g)(h)
......................
108,005,549
108,059,552
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
3.94%
(f)(g)
.............................
58,506,117
58,506,117
a
Total
Short-Term
Securities — 1.3%
(Cost:
$166,560,914)
................................
166,565,669
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
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. 
Security
Value
Total
Investments
—  101.2%
(Cost:
$9,262,832,897)
...............................
13,269,637,993
Liabilities
in
Excess
of
Other
Assets
—
(1.2)%
...............
(156,716,117)
Net
Assets
—
100.0%
.................................
$
13,112,921,876
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
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
..
$
147,844,844
‌
$
—
‌
$
(39,786,946
)
(a)
$
3,484
‌
$
(1,830
)
$
108,059,552
‌
108,005,549
‌
$
823,248
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
87,860,000
‌
—
‌
(29,353,883
)
(a)
—
‌
—
‌
58,506,117
‌
58,506,117
‌
1,051,774
‌
—
‌
$
3,484
‌
$
(1,830
)
$
166,565,669
‌
$
1,875,022
‌
$
—
‌
(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
MSCI
Emerging
Markets
Index
.............................................................
220
12/19/25
$
15,154
$
159,482
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
8
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,716,687,205
$
11,050,405,533
$
1,233
$
12,767,093,971
Preferred
Stocks
.........................................
244,746,200
91,107,973
—
335,854,173
Rights
................................................
124,180
—
—
124,180
Short-Term
Securities
Money
Market
Funds
......................................
166,565,669
—
—
166,565,669
$
2,128,123,254
$
11,141,513,506
$
1,233
$
13,269,637,993
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
159,482
$
—
$
—
$
159,482
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
ADR
American
Depositary
Receipt
CPO
Certificate
of  Participation
(Ordinary)
GDR
Global
Depositary
Receipt
IPJSC
International
Public
Joint
Stock
Company
JSC
Joint
Stock
Company
NVDR
Non-Voting
Depository
Receipt
NVS
Non-Voting
Shares
PCL
Public
Company
Limited
PJSC
Public
Joint
Stock
Company
Fair
Value
Hierarchy
as
of
Period
End
(continued)