NPORT-EX 2 NPORT_0BI1_47585773_1123.htm

 

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

 

Security  Shares   Value 
         
Common Stocks          
           
Banks — 5.9%          
BOC Hong Kong Holdings Ltd.   6,917,500   $18,495,453 
Hang Seng Bank Ltd.   1,445,300    15,976,043 
         34,471,496 
Beverages — 1.1%          
Budweiser Brewing Co. APAC Ltd.(a)   3,684,200    6,504,796 
           
Building Products — 0.8%          
Xinyi Glass Holdings Ltd.   4,101,000    4,716,425 
           
Capital Markets — 13.8%          
Futu Holdings Ltd., ADR(b)(c)   127,096    6,853,016 
Hong Kong Exchanges & Clearing Ltd.   2,067,626    73,199,172 
         80,052,188 
Diversified Telecommunication Services — 1.5%          
HKT Trust & HKT Ltd., Class SS   7,910,500    8,438,402 
Electric Utilities — 7.7%          
CK Infrastructure Holdings Ltd.   1,380,500    6,836,185 
CLP Holdings Ltd.   3,075,700    23,907,209 
Power Assets Holdings Ltd.   2,710,000    14,137,333 
         44,880,727 
Food Products — 1.9%          
WH Group Ltd.(a)   17,306,000    11,115,223 
Gas Utilities — 2.5%          
Hong Kong & China Gas Co. Ltd.   21,363,495    14,667,589 
Ground Transportation — 1.9%          
MTR Corp. Ltd.   3,062,083    10,976,016 
Hotels, Restaurants & Leisure — 5.6%          
Galaxy Entertainment Group Ltd.   4,035,000    20,873,421 
Sands China Ltd.(b)   4,711,200    11,554,189 
         32,427,610 
Industrial Conglomerates — 6.3%          
CK Hutchison Holdings Ltd.   4,910,267    24,634,917 
Jardine Matheson Holdings Ltd.   311,900    12,079,742 
         36,714,659 
Insurance — 21.7%          
AIA Group Ltd.   14,651,200    125,958,214 
           
Machinery — 4.4%          
Techtronic Industries Co. Ltd.   2,538,647    25,792,420 
           
Marine Transportation — 0.9%          
SITC International Holdings Co. Ltd.   3,226,000    4,871,457 
Security  Shares   Value 
           
Real Estate Management & Development — 19.3%          
CK Asset Holdings Ltd.   3,694,267   $17,493,751 
ESR Group Ltd.(a)   4,880,200    6,273,854 
Hang Lung Properties Ltd.   4,323,000    5,779,688 
Henderson Land Development Co. Ltd.   3,021,762    8,202,148 
Hongkong Land Holdings Ltd.   2,347,900    7,562,339 
New World Development Co. Ltd.   3,421,266    5,090,922 
Sino Land Co. Ltd.   7,744,000    7,792,683 
Sun Hung Kai Properties Ltd.   2,643,500    25,918,647 
Swire Pacific Ltd., Class A   964,000    6,247,425 
Swire Properties Ltd.   2,740,200    5,321,376 
Wharf Holdings Ltd. (The)   2,388,570    6,208,537 
Wharf Real Estate Investment Co. Ltd.   3,301,150    10,404,502 
         112,295,872 
Retail REITs — 4.0%          
Link REIT   4,717,200    23,297,454 
           
Total Long-Term Investments — 99.3%          
(Cost: $856,759,467)        577,180,548 
           
Short-Term Securities          
           
Money Market Funds — 0.1%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)   172,458    172,545 
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(d)(e)   590,000    590,000 
           
Total Short-Term Securities — 0.1%          
(Cost: $762,545)        762,545 
           
Total Investments — 99.4%          
(Cost: $857,522,012)        577,943,093 
           
Other Assets Less Liabilities — 0.6%        3,604,113 
           
Net Assets — 100.0%       $581,547,206 

 

(a) 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.

(b) Non-income producing security.

(c) All or a portion of this security is on loan.

(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.

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

 

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  $7,695,583   $—   $(7,522,988)(a)  $(50)  $—   $172,545    172,458   $360(b)  $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   690,000    —    (100,000)(a)   —    —    590,000    590,000    9,232    — 
                  $(50)  $—   $762,545        $9,592   $— 

 

(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.

 

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 Hong Kong Index   46   12/15/23  $2,463   $(125,345)

 

OTC Total Return Swaps

 

Reference Entity  Payment
Frequency		  Counterparty(a)  Termination
Date		  Net Notional   Accrued
Unrealized
Appreciation
(Depreciation)		   Net Value of
Reference
Entity		   Gross
Notional
Amount
Net Asset
Percentage		 
Equity Securities Long  Monthly  Goldman Sachs Bank USA(b)  08/19/26  $487,432   $(33,336)(c) $456,945    0.1%
   Monthly  HSBC Bank PLC(d)  02/10/28   897,275    (40,983)(e)  863,351    0.1 
   Monthly  JPMorgan Chase Bank NA(f)  02/08/24   709,220    (33,281)(g)  679,809    0.1 
                 $(107,600)  $2,000,105      

 

(a)The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

(c)Amount includes $(2,849) of net dividends and financing fees.

(e)Amount includes $(7,059) of net dividends, payable for referenced securities purchased and financing fees.

(g)Amount includes $(3,870) of net dividends, payable for referenced securities purchased and financing fees.

 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
       
  (b) (d) (f)
Range: 55 basis points 55 basis points 55 basis points
Benchmarks: HKD - Overnight Index Average (HONIA) HKD - Overnight Index Average (HONIA) HKD - Overnight Index Average (HONIA)

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

 

The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

 

   Shares   Value   % of
Basket
Value		 
             
Reference Entity — Long               
                
Common Stocks               
Capital Markets               
Hong Kong Exchanges & Clearing Ltd.   12,900   $456,945    100.0%
                
Net Value of Reference Entity — Goldman Sachs Bank USA       $456,945      

 

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.

 

   Shares   Value   % of
Basket
Value		 
             
Reference Entity — Long               
                
Common Stocks               
Capital Markets               
Hong Kong Exchanges & Clearing Ltd.   24,400   $863,351    100.0%
                
Net Value of Reference Entity — HSBC Bank PLC       $863,351      

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.

 

   Shares   Value   % of
Basket
Value		 
             
Reference Entity — Long               
                
Common Stocks               
Capital Markets               
Hong Kong Exchanges & Clearing Ltd.   19,200   $679,809    100.0%
                
Net Value of Reference Entity — JPMorgan Chase Bank NA       $679,809      

 

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  $6,853,016   $570,327,532   $—   $577,180,548 
Short-Term Securities                    
Money Market Funds   762,545    —    —    762,545 
   $7,615,561   $570,327,532   $—   $577,943,093 

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

 

Fair Value Hierarchy as of Period End (continued)

 

   Level 1   Level 2   Level 3   Total 
Derivative Financial Instruments(a)                    
Liabilities                    
Equity Contracts  $—   $(232,945)  $—   $(232,945)

 

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

 

Portfolio Abbreviation

 

ADR American Depositary Receipt
REIT Real Estate Investment Trust

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