NPORT-EX 2 NPORT_0BG4_53025205_1123.htm

Schedule of Investments (unaudited) iShares® MSCI Turkey ETF
November 30, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 3.9%          
Aselsan Elektronik Sanayi Ve Ticaret AS   4,276,174   $7,232,780 
SDT Uzay VE Savunma Teknolojileri A/S, NVS   34,943    377,563 
         7,610,343 
Air Freight & Logistics — 0.3%          
Reysas Tasimacilik ve Lojistik Ticaret AS(a)   517,798    528,642 
           
Automobile Components — 0.7%          
Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS   389    156,845 
EGE Endustri VE Ticaret AS   2,014    801,931 
Kordsa Teknik Tekstil AS(b)   126,624    367,700 
         1,326,476 
Automobiles — 4.5%          
Ford Otomotiv Sanayi AS   217,216    6,326,479 
Tofas Turk Otomobil Fabrikasi AS   300,104    2,477,860 
         8,804,339 
Banks — 14.3%          
Akbank TAS   8,191,412    9,555,200 
Haci Omer Sabanci Holding AS   2,652,603    5,599,126 
Turkiye Is Bankasi AS, Class C   9,138,092    6,798,019 
Yapi ve Kredi Bankasi AS   8,644,676    5,758,307 
         27,710,652 
Beverages — 1.4%          
Anadolu Efes Biracilik Ve Malt Sanayii AS   719,527    2,758,180 
           
Building Products — 0.6%          
Bien Yapi Urunleri Sanayi Turizm ve Ticaret AS, NVS   222,614    375,453 
Kaleseramik Canakkale Kalebodur Seramik Sanayi A/S, NVS   134,434    348,012 
Qua Granite Hayal(a)   1,953,594    393,084 
         1,116,549 
Capital Markets — 1.1%          
Is Yatirim Menkul Degerler AS   1,232,196    1,320,548 
Oyak Yatirim Menkul Degerler AS, NVS(a)   279,350    414,644 
Verusa Holding AS   43,298    401,862 
         2,137,054 
Chemicals — 6.1%          
Hektas Ticaret TAS(a)   3,331,658    2,572,998 
Kimteks Poliuretan Sanayi VE Ticaret AS, NVS   198,399    468,939 
Petkim Petrokimya Holding AS(a)   3,682,497    2,758,405 
Politeknik Metal Sanayi ve Ticaret A/S, NVS   1,231    713,228 
Sasa Polyester Sanayi AS(a)   3,116,888    5,384,208 
         11,897,778 
Construction & Engineering — 2.0%          
Enka Insaat ve Sanayi AS   1    1 
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a)   255,638    727,732 
Kontrolmatik Enerji Ve Muhendislik AS, NVS   205,148    1,809,905 
Tekfen Holding AS   805,147    1,257,552 
         3,795,190 
Construction Materials — 2.6%          
Akcansa Cimento AS   68,687    349,676 
Baticim Bati Anadolu Cimento Sanayii AS(a)   151,457    912,143 
Cimsa Cimento Sanayi VE Ticaret AS   595,329    710,471 
Konya Cimento Sanayii AS(a)   1,298    418,391 
Nuh Cimento Sanayi AS   238,321    2,676,188 
         5,066,869 
Consumer Staples Distribution & Retail — 9.6%          
BIM Birlesik Magazalar AS   1,202,508    12,837,595 
Migros Ticaret AS   304,285    3,791,016 
Security  Shares   Value 
         
Consumer Staples Distribution & Retail (continued)          
Sok Marketler Ticaret AS   1,015,866   $2,062,228 
         18,690,839 
Diversified REITs — 1.1%          
Is Gayrimenkul Yatirim Ortakligi AS(a)   695,219    500,794 
Peker Gayrimenkul Yatirim Ortakligi AS(a)   811,013    878,555 
Torunlar Gayrimenkul Yatirim Ortakligi AS   314,471    367,451 
Ziraat Gayrimenkul Yatirim Ortakligi AS   2,250,294    396,672 
         2,143,472 
Electric Utilities — 1.9%          
Can2 Termik AS(a)   1,185,998    781,848 
Enerjisa Enerji AS(c)   940,505    1,548,153 
Izdemir Enerji Elektrik Uretim A/S, NVS   302,626    363,672 
ODAS Elektrik Uretim ve Sanayi Ticaret AS(a)   2,454,848    929,041 
         3,622,714 
Electrical Equipment — 1.1%          
CW Enerji Muhendislik Ticaret VE Sanayi AS, NVS   50,889    528,712 
Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS, NVS   112,830    664,104 
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS   683,537    710,636 
YEO Teknoloji Enerji VE Endustri A/S, NVS   39,923    297,951 
         2,201,403 
Financial Services — 0.3%          
Turkiye Sinai Kalkinma Bankasi AS(a)   2,763,136    682,151 
           
Food Products — 1.2%          
Kayseri Seker Fabrikasi A/S, NVS   281,426    394,334 
Ulker Biskuvi Sanayi AS(a)   663,196    1,967,177 
         2,361,511 
Gas Utilities — 0.7%          
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS   1,216,850    517,921 
Aygaz AS   112,961    525,386 
Enerya Enerji A/S, NVS   80,572    390,649 
         1,433,956 
Health Care Providers & Services — 1.1%          
MLP Saglik Hizmetleri AS(a)(c)   329,600    1,712,193 
Selcuk Ecza Deposu Ticaret ve Sanayi AS   229,652    443,448 
         2,155,641 
Household Durables — 1.0%          
Vestel Beyaz Esya Sanayi ve Ticaret AS   1,612,600    924,270 
Vestel Elektronik Sanayi ve Ticaret AS(a)   466,250    964,787 
         1,889,057 
Independent Power and Renewable Electricity Producers — 1.0%
Akfen Yenilenebilir Enerji AS, NVS   655,537    401,832 
Aksa Enerji Uretim AS, Class B   325,228    387,680 
Margun Enerji Uretim Sanayi VE Ticaret AS   677,176    358,812 
Zorlu Enerji Elektrik Uretim AS(a)   3,998,280    704,799 
         1,853,123 
Industrial Conglomerates — 9.9%          
Alarko Holding AS   563,694    1,967,788 
Eczacibasi Yatirim Holding Ortakligi AS   38,479    444,420 
Kiler Holding AS(a)   683,290    817,811 
KOC Holding AS   2,002,046    9,797,613 
Turkiye Sise ve Cam Fabrikalari AS   3,593,298    6,131,602 
         19,159,234 
Insurance — 0.4%          
Anadolu Anonim Turk Sigorta Sirketi(a)   190,308    433,668 
Turkiye Sigorta AS   266,527    351,858 
         785,526 
Machinery — 0.6%          
Otokar Otomotiv Ve Savunma Sanayi AS(a)   76,317    1,167,541 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Turkey ETF
November 30, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Metals & Mining — 6.1%          
Eregli Demir ve Celik Fabrikalari TAS(a)   3,633,245   $5,157,749 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A   533,130    427,977 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D   2,697,427    2,309,844 
Koza Altin Isletmeleri AS   3,184,731    2,563,204 
Koza Anadolu Metal Madencilik Isletmeleri AS(a)   751,426    1,436,480 
         11,895,254 
Oil, Gas & Consumable Fuels — 6.9%          
Turkiye Petrol Rafinerileri AS   2,545,922    13,465,832 
           
Passenger Airlines — 8.3%          
Pegasus Hava Tasimaciligi AS(a)   137,491    3,361,074 
Turk Hava Yollari AO(a)   1,457,852    12,683,410 
         16,044,484 
Personal Care Products — 0.3%          
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS   344,768    575,265 
           
Pharmaceuticals — 0.2%          
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS   200,509    385,391 
           
Residential REITs — 1.0%          
Emlak Konut Gayrimenkul Yatirim Ortakligi AS   7,260,640    1,853,176 
           
Semiconductors & Semiconductor Equipment — 0.6%
Alfa Solar Enerji Sanayi VE Ticaret AS, NVS   109,456    391,574 
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a)   322,048    732,758 
         1,124,332 
Software — 0.2%          
MIA Teknoloji A/S, NVS   243,881    330,915 
           
Specialty Retail — 1.4%          
Dogan Sirketler Grubu Holding AS   3,886,528    1,776,683 
Dogus Otomotiv Servis ve Ticaret AS   112,502    955,333 
         2,732,016 
Security  Shares   Value 
         
Textiles, Apparel & Luxury Goods — 1.8%          
Aksa Akrilik Kimya Sanayii AS   496,640   $1,484,317 
Mavi Giyim Sanayi Ve Ticaret AS, Class B(c)   558,209    1,960,239 
         3,444,556 
Transportation Infrastructure — 1.3%          
TAV Havalimanlari Holding AS(a)   634,522    2,548,102 
           
Wireless Telecommunication Services — 3.8%          
Turkcell Iletisim Hizmetleri AS(a)   3,716,178    7,445,161 
           
Total Long-Term Investments — 99.3%          
(Cost: $194,404,807)        192,742,724 
           
Short-Term Securities          
           
Money Market Funds — 0.1%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)   47,378    47,402 
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(d)(e)   140,000    140,000 
           
Total Short-Term Securities — 0.1%          
(Cost: $187,349)        187,402 
           
Total Investments — 99.4%          
(Cost: $194,592,156)        192,930,126 
Other Assets Less Liabilities — 0.6%        1,166,012 
Net Assets — 100.0%       $194,096,138 

 

(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(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.
(f) 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
08/31/23		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
11/30/23		   Shares
Held at
11/30/23		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $6,180,028   $—   $(6,132,805)(a)  $340   $(161)  $47,402    47,378   $3,703(b)   $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   120,000    20,000(a)   —    —    —    140,000    140,000    2,214    — 
                  $340   $(161)  $187,402        $5,917   $— 

 

(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

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Schedule of Investments (unaudited) (continued) iShares® MSCI Turkey ETF
November 30, 2023  

 

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   25   12/15/23  $1,234   $3,540 

 

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.

 

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  $85,912,410   $106,830,314   $—   $192,742,724 
Short-Term Securities                    
Money Market Funds   187,402    —    —    187,402 
   $86,099,812   $106,830,314   $—   $192,930,126 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $3,540   $—   $—   $3,540 

 

(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

Portfolio Abbreviation
 
NVS Non-Voting Shares

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