NPORT-EX 2 NPORT_0BIG_58755568_1123.htm

 

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

 

Security  Shares   Value 
         
Common Stocks          
           
Banks — 17.6%          
Absa Group Ltd.   1,318,629   $12,161,524 
Capitec Bank Holdings Ltd.   135,136    14,078,780 
Nedbank Group Ltd.   681,765    7,732,185 
Standard Bank Group Ltd.   2,080,606    22,098,213 
         56,070,702 
Broadline Retail — 18.4%          
Naspers Ltd., Class N   289,248    53,342,692 
Woolworths Holdings Ltd   1,457,689    5,219,495 
         58,562,187 
Capital Markets — 1.6%          
Reinet Investments SCA   212,864    4,996,496 
           
Chemicals — 3.1%          
Sasol Ltd.   892,020    9,854,400 
           
Consumer Staples Distribution & Retail — 8.7% 
Bid Corp. Ltd.   520,531    11,411,436 
Clicks Group Ltd.   372,022    5,824,472 
Shoprite Holdings Ltd.   780,070    10,640,939 
         27,876,847 
Financial Services — 10.7%          
FirstRand Ltd.   7,835,092    28,026,778 
Remgro Ltd.   780,254    6,010,248 
         34,037,026 
Industrial Conglomerates — 1.7%          
Bidvest Group Ltd. (The)   448,876    5,614,031 
           
Insurance — 7.3%          
Discovery Ltd.   835,753    5,898,207 
Old Mutual Ltd.   7,451,095    4,545,459 
OUTsurance Group Ltd., NVS   1,308,024    2,879,544 
Sanlam Ltd.   2,735,057    9,852,807 
         23,176,017 
Metals & Mining — 19.1%          
Anglo American Platinum Ltd.   102,930    4,358,531 
Anglogold Ashanti PLC, NVS   651,332    12,610,835 
Gold Fields Ltd.   1,386,733    21,249,456 
Harmony Gold Mining Co. Ltd.   864,906    5,421,644 
Impala Platinum Holdings Ltd.   1,403,375    5,706,423 
Security  Shares   Value 
         
Metals & Mining (continued)          
Kumba Iron Ore Ltd.   99,972   $3,140,928 
Northam Platinum Holdings Ltd.   553,976    3,575,186 
Sibanye Stillwater Ltd.   4,392,906    4,834,198 
         60,897,201 
Oil, Gas & Consumable Fuels — 1.2%          
Exxaro Resources Ltd.   379,473    3,785,300 
           
Pharmaceuticals — 1.8%          
Aspen Pharmacare Holdings Ltd.   588,678    5,781,153 
           
Real Estate Management & Development — 1.5% 
NEPI Rockcastle NV   769,178    4,733,089 
           
Specialty Retail — 1.0%          
Pepkor Holdings Ltd.(a)   3,130,419    3,092,018 
           
Wireless Telecommunication Services — 6.1% 
MTN Group Ltd.   2,631,867    14,378,161 
Vodacom Group Ltd.   967,413    4,977,869 
         19,356,030 
Total Long-Term Investments — 99.8%          
(Cost: $430,376,397)        317,832,497 

 

Short-Term Securities

 

Money Market Funds — 0.1%        
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(b)(c)   160,000    160,000 
           
Total Short-Term Securities — 0.1%          
(Cost: $160,000)        160,000 
           
Total Investments — 99.9%          
(Cost: $430,536,397)        317,992,497 
           
Other Assets Less Liabilities — 0.1%        464,983 
           
Net Assets — 100.0%       $318,457,480 

 

(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) Affiliate of the Fund.

(c) Annualized 7-day yield as of period end.

 

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: Treasury, SL Agency Shares  $150,000   $10,000(a)   $—   $—   $—   $160,000    160,000   $2,042   $— 

 

(a) Represents net amount purchased (sold).

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Schedule of Investments (unaudited) (continued) iShares® MSCI South Africa 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                  
FTSE/JSE Top 40 Index   12   12/21/23  $446   $3,174 

 

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  $128,023,775   $189,808,722   $—   $317,832,497 
Short-Term Securities                    
Money Market Funds   160,000    —    —    160,000 
   $128,183,775   $189,808,722   $—   $317,992,497 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $—   $3,174   $—   $3,174 

 

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

 

Portfolio Abbreviation

 

NVSNon-Voting Shares

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