NPORT-EX 2 NPORT_2Q23_11796233_0523.htm

 

Schedule of Investments (unaudited) iShares® MSCI Frontier and Select EM ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Bahrain — 0.6%          
Aluminium Bahrain BSC   1,335,405   $3,933,646 
Ithmaar Holding BSC(a)   2,793,010    97,756 
         4,031,402 
Bangladesh — 3.5%          
Bangladesh Export Import Co. Ltd.   2,820,442    3,040,029 
Beacon Pharmaceuticals Ltd./Bangladesh   686,541    1,564,930 
Beximco Pharmaceuticals Ltd.   1,561,396    2,129,943 
BRAC Bank Ltd.   2,581,004    861,538 
British American Tobacco Bangladesh Co. Ltd.   314,507    1,521,399 
City Bank Ltd. (The)   3,231,479    644,233 
GrameenPhone Ltd.   321,524    859,196 
International Finance Investment & Commerce Bank Ltd.   6,894,741    720,148 
LafargeHolcim Bangladesh Ltd.   2,655,963    1,757,233 
National Bank Ltd.(a)   6,888,003    533,031 
Olympic Industries Ltd.   600,255    869,180 
Renata Ltd.   85,181    967,291 
Robi Axiata Ltd., NVS   5,148,805    1,440,225 
Square Pharmaceuticals Ltd.   2,870,284    5,617,586 
Summit Power Ltd.   1,314,517    416,723 
         22,942,685 
Colombia — 3.5%          
Bancolombia SA   938,883    5,865,382 
Cementos Argos SA   3,694,858    2,640,370 
Grupo Argos SA(b)   1,862,198    3,912,708 
Interconexion Electrica SA ESP   2,768,973    10,951,444 
         23,369,904 
Egypt — 4.9%          
Abou Kir Fertilizers & Chemical Industries   2,419,215    3,708,738 
Commercial International Bank Egypt SAE   12,255,325    20,720,180 
Eastern Co. SAE   7,548,289    4,656,584 
Egyptian Financial Group-Hermes Holding Co.(a)   5,550,173    3,402,372 
         32,487,874 
Estonia — 1.1%          
Enefit Green AS, NVS   682,633    3,533,065 
LHV Group AS, NVS   587,089    2,199,068 
Tallink Grupp AS(a)   1,896,498    1,165,301 
Tallinna Sadam AS(c)   460,911    690,721 
         7,588,155 
Jordan — 2.5%          
Arab Bank PLC   526,212    3,255,044 
Capital Bank of Jordan.   193,827    597,263 
Jordan Islamic Bank   146,367    814,238 
Jordan Petroleum Refinery Co.   732,966    5,591,091 
Jordan Phosphate Mines Co.   103,838    5,269,188 
Jordanian Electric Power Co.   335,281    930,182 
         16,457,006 
Kazakhstan — 7.8%          
Halyk Savings Bank of Kazakhstan JSC, GDR   515,114    6,614,064 
Kaspi.KZ JSC   371,186    29,764,455 
NAC Kazatomprom JSC, GDR   592,664    15,201,831 
         51,580,350 
Kenya — 1.2%          
Equity Group Holdings PLC/Kenya   8,677,066    2,226,395 
KCB Group PLC   7,276,516    1,566,537 
Safaricom PLC   36,957,905    4,153,417 
         7,946,349 
Security  Shares   Value 
         
Lithuania — 0.7%          
AB Ignitis Grupe   168,006   $3,754,660 
Siauliu Bankas AB   1,217,359    808,908 
         4,563,568 
Malta — 0.7%          
MAS P.L.C.   4,226,342    4,805,304 
           
Morocco — 5.4%          
Attijariwafa Bank   275,939    11,572,238 
Banque Centrale Populaire   61,779    1,415,612 
Itissalat Al-Maghrib   1,590,293    13,681,852 
Label Vie.   9,691    4,316,111 
Managem SA   6,396    1,317,010 
Societe d’Exploitation des Ports   153,378    3,755,225 
         36,058,048 
Nigeria — 3.3%          
Access Bank PLC   87,072,126    1,563,485 
Afriland Properties PLC(a)   8,020    23 
Dangote Cement PLC   11,938,113    5,054,092 
FBN Holdings PLC   84,216,832    1,770,398 
Guaranty Trust Holding Co. PLC   63,861,123    2,675,641 
MTN Nigeria Communications PLC   11,008,838    4,033,895 
Nestle Nigeria PLC   1,310,924    2,392,197 
United Bank for Africa PLC   79,997,106    1,156,163 
Zenith Bank PLC   69,373,073    2,936,962 
         21,582,856 
Oman — 3.5%          
Bank Muscat SAOG   12,099,681    8,233,000 
National Bank of Oman SAOG   1,476,217    1,046,636 
Oman Telecommunications Co. SAOG   4,095,615    10,242,239 
Omani Qatari Telecommunications Co. SAOG   3,079,361    2,799,056 
Renaissance Services SAOG   867,942    847,542 
         23,168,473 
Pakistan — 2.4%          
Engro Corp. Ltd./Pakistan.   2,647,766    2,627,241 
Engro Fertilizers Ltd.   3,469,267    1,046,693 
Fauji Fertilizer Co. Ltd.   3,298,230    1,168,739 
Hub Power Co. Ltd. (The)   7,928,493    1,891,248 
Lucky Cement Ltd.(a)   1,167,966    2,113,277 
Mari Petroleum Co. Ltd.   204,308    1,103,500 
MCB Bank Ltd.   997,327    402,709 
Millat Tractors Ltd.   430,688    760,011 
Oil & Gas Development Co. Ltd.   2,802,420    735,451 
Pakistan Oilfields Ltd.   981,110    1,481,920 
Pakistan Petroleum Ltd.   3,795,248    766,770 
Pakistan State Oil Co. Ltd.   363,894    126,543 
Systems Ltd.   708,263    1,001,058 
TRG Pakistan(a)   1,226,396    402,160 
United Bank Ltd./Pakistan  729,599    297,256 
         15,924,576 
Peru — 5.8%          
Cia. de Minas Buenaventura SAA, ADR   427,071    2,908,353 
Credicorp Ltd.   124,421    16,106,298 
Southern Copper Corp.   292,728    19,545,449 
         38,560,100 
Philippines — 7.3%          
Aboitiz Equity Ventures Inc.   1,197,420    1,160,269 
ACEN Corp.(a)   229,927    23,983 
Alliance Global Group Inc.   2,524,700    595,984 
Ayala Corp.   254,270    2,986,719 

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Frontier and Select EM ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
Philippines (continued)          
Ayala Land Inc.   5,821,200   $2,724,441 
Bank of the Philippine Islands   626,199    1,114,430 
BDO Unibank Inc.   740,418    1,794,037 
Bloomberry Resorts Corp.(a)   6,200,300    1,134,472 
Century Pacific Food Inc.   1,203,100    500,221 
Converge Information and Communications Technology Solutions Inc.(a)   3,554,000    688,413 
DMCI Holdings Inc.   4,440,500    748,209 
GT Capital Holdings Inc.   130,810    1,201,632 
International Container Terminal Services Inc.   1,023,100    3,552,722 
JG Summit Holdings Inc.   2,454,710    2,097,866 
Jollibee Foods Corp.   426,600    1,789,489 
LT Group Inc.   8,806,100    1,502,258 
Manila Electric Co.   157,120    914,030 
Megaworld Corp.   290,000    10,531 
Metro Pacific Investments Corp.   14,496,000    1,122,982 
Metropolitan Bank & Trust Co.   98,310    100,875 
PLDT Inc.   346,485    7,392,509 
Puregold Price Club Inc.   1,431,700    771,922 
RL Commercial REIT Inc.   8,906,500    926,175 
Robinsons Land Corp.   541,500    133,983 
SM Prime Holdings Inc.   19,262,800    11,211,006 
Universal Robina Corp.   592,240    1,480,595 
Wilcon Depot Inc.   1,397,800    706,882 
         48,386,635 
Romania — 7.2%          
Banca Transilvania SA   3,499,259    14,238,081 
BRD-Groupe Societe Generale SA   1,097,823    2,860,158 
MED Life SA(a)   549,165    2,238,051 
OMV Petrom SA   140,413,571    15,033,374 
One United Properties SA   4,590,905    957,591 
Societatea Energetica Electrica SA   969,210    1,773,352 
Societatea Nationala de Gaze Naturale ROMGAZ SA   912,457    7,977,357 
Societatea Nationala Nuclearelectrica SA   130,128    1,439,767 
Teraplast SA   7,019,623    834,407 
         47,352,138 
Sri Lanka — 0.4%          
Commercial Bank of Ceylon PLC   1,570,083    306,629 
Expolanka Holdings PLC   992,043    454,454 
John Keells Holdings PLC   2,732,474    1,279,980 
Sampath Bank PLC   2,963,328    497,069 
         2,538,132 
Vietnam — 31.6%          
Bank for Foreign Trade of Vietnam JSC(a)   3,228,095    12,913,532 
Bank for Investment and Development of Vietnam JSC(a)   850,824    1,593,122 
Bao Viet Holdings   905,210    1,675,327 
Dat Xanh Group JSC(a)   2,003,380    1,269,370 
Development Investment Construction(a)   2,406,354    2,181,536 
Digiworld Corp., NVS   751,300    1,131,573 
Duc Giang Chemicals JSC   1,549,394    3,533,587 
FPT Digital Retail JSC   556,000    1,506,432 
Gelex Group JSC   4,147,584    2,725,558 
Ha Do Group JSC(a)   799,348    1,248,297 
Hoa Phat Group JSC   25,630,903    23,119,712 
Hoa Sen Group(a)   1,935,690    1,268,546 
IDICO Corp. JSC   1,590,050    2,832,007 
Khang Dien House Trading and Investment JSC(a)   3,416,897    4,320,637 
KIDO Group Corp.   1,132,072    3,085,256 
Kinh Bac City Development Share Holding Corp.(a)   2,642,060    3,151,077 
Masan Group Corp.   4,520,356    13,848,966 
Security  Shares   Value 
         
Vietnam (continued)          
No Va Land Investment Group Corp.(a)   4,609,933   $2,650,120 
PC1 Group JSC, NVS   1,061,100    1,358,532 
PetroVietnam Drilling & Well Services JSC(a)   1,914,734    1,970,411 
PetroVietnam Fertilizer & Chemicals JSC   1,165,200    1,583,084 
PetroVietnam Gas JSC   586,500    2,315,901 
PetroVietnam Power Corp.(a)   5,141,440    2,985,294 
PetroVietnam Technical Services Corp.   1,967,198    2,596,850 
Phat Dat Real Estate Development Corp.(a)   1,793,636    1,115,127 
Saigon - Hanoi Commercial Joint Stock Bank(a)   4,445,605    2,220,650 
Saigon Beer Alcohol Beverage Corp.   711,080    4,782,348 
Saigon-Hanoi Securities(a)   2,632,550    1,300,384 
SSI Securities Corp.   10,025,241    9,869,239 
Thaiholdings JSC(a)   1,028,200    1,738,870 
Thanh Thanh Cong - Bien Hoa JSC(a)   2,649,452    1,866,059 
Van Phu - Invest Investment JSC   752,180    1,729,069 
Viet Capital Securities JSC   2,181,870    3,210,103 
Vietjet Aviation JSC(a)   1,414,790    5,873,998 
Vietnam Construction and Import-Export JSC   2,144,171    1,906,690 
Vietnam Dairy Products JSC   6,130,974    17,242,150 
Vincom Retail JSC(a)   7,168,080    8,263,291 
Vingroup JSC(a)   9,405,434    20,822,149 
Vinh Hoan Corp.   907,400    2,264,171 
Vinhomes JSC(c)   9,869,888    22,467,747 
Vndirect Securities Corp.   7,516,940    5,591,975 
         209,128,747 
Total Common Stocks — 93.4%          
(Cost: $623,912,401)        618,472,302 
         
Preferred Stocks          
           
Colombia — 1.6%          
Bancolombia SA, Preference Shares, NVS   1,786,205    10,420,198 
Total Preferred Stocks — 1.6%          
(Cost: $12,090,641)        10,420,198 
Total Long-Term Investments — 95.0%          
(Cost: $636,003,042)        628,892,500 
         
Short-Term Securities          
           
Money Market Funds — 1.9%          
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e)   12,470,000    12,470,000 
Total Short-Term Securities — 1.9%          
(Cost: $12,470,000)        12,470,000 
Total Investments — 96.9%          
(Cost: $648,473,042)        641,362,500 
           
Other Assets Less Liabilities — 3.1%        20,779,523 
           
Net Assets — 100.0%       $662,142,023 

 

(a)Non-income producing security.
(b)Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(c)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.
(d)Affiliate of the Fund.
(e)Annualized 7-day yield as of period end.

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Frontier and Select EM ETF
May 31, 2023  

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
08/31/22		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
05/31/23		   Shares
Held at
05/31/23		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares(a)  $—   $0(b)  $—   $—   $—   $—    —   $38(c)  $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   —    12,470,000(b)   —    —    —    12,470,000    12,470,000    44,949    2 
                  $—   $—   $12,470,000        $44,987   $2 

 

(a)As of period end, the entity is no longer held.
(b)Represents net amount purchased (sold).
(c)All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

 

Futures Contracts

 

Description 

Number of

Contracts

  

Expiration

Date

 

Notional

Amount

(000)

  

Value/

Unrealized

Appreciation

(Depreciation)

 
Long Contracts                  
MSCI Emerging Markets Index   717   06/16/23  $34,301   $(833,803)

 

Forward Foreign Currency Exchange Contracts

 

Currency Purchased   Currency Sold   Counterparty  Settlement Date  Unrealized
Appreciation
(Depreciation)		 
USD 781,570   NGN 458,000,000   Citibank N.A.  10/27/23  $14,472 
USD 11,480,375   NGN 6,673,541,718   JPMorgan Chase Bank N.A.  10/27/23   302,953 
                   317,425 
                  $317,425 

 

Fair Value Hierarchy as of Period End

 

Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that each Fund has the ability to access;

 

●Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

●Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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. There may not be a secondary market, and/or there are 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.

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Frontier and Select EM ETF
May 31, 2023  

 

Fair Value Hierarchy as of Period End (continued)

 

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.

 

   Level 1   Level 2   Level 3   Total 
Assets                    
Investments                    
Long-Term Investments                    
Common Stocks  $182,606,256   $431,953,338   $3,912,708   $618,472,302 
Preferred Stocks   10,420,198    —    —    10,420,198 
Short-Term Securities                    
Money Market Funds   12,470,000    —    —    12,470,000 
   $205,496,454   $431,953,338   $3,912,708   $641,362,500 
Derivative Financial Instruments(a)                    
Assets                    
Foreign Currency Exchange Contracts  $—   $317,425   $—   $317,425 
Liabilities                    
Equity Contracts   (833,803)   —    —    (833,803)
   $(833,803)  $317,425   $—    (516,378)

 

(a)Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

Portfolio Abbreviation

 

ADR American Depositary Receipt
GDR Global Depositary Receipt
JSC Joint Stock Company
NVS Non-Voting Shares
REIT Real Estate Investment Trust

 

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