NPORT-EX 2 NPORT_2Q23_72312308_0524.htm

Schedule of Investments (unaudited) iShares® Frontier and Select EM ETF
May 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Bahrain — 0.9%          
Aluminium Bahrain BSC   1,152,509   $3,667,977 
           
Bangladesh — 0.6%          
Bangladesh Export Import Co. Ltd.   2,820,442    2,494,546 
           
Colombia — 2.2%          
Bancolombia SA   409,989    3,809,833 
Interconexion Electrica SA ESP   1,157,709    5,735,624 
         9,545,457 
Egypt — 0.9%          
Commercial International Bank - Egypt (CIB)   720,000    1,191,115 
Eastern Co. SAE   4,269,671    2,495,911 
         3,687,026 
Estonia — 0.8%          
Enefit Green AS, NVS   284,648    944,485 
LHV Group AS, NVS   258,540    987,461 
Tallink Grupp AS(a)   1,076,944    872,583 
TKM Grupp A/S   47,041    494,085 
         3,298,614 
Jordan — 1.9%          
Arab Bank PLC   310,464    1,923,287 
Capital Bank of Jordan   94,597    262,396 
Jordan Ahli Bank, NVS   121,276    177,340 
Jordan Islamic Bank   64,075    364,386 
Jordan Petroleum Refinery Co.   447,464    3,055,191 
Jordan Phosphate Mines Co.   113,570    1,778,913 
Jordanian Electric Power Co.   221,877    660,637 
         8,222,150 
Kazakhstan — 12.6%          
Halyk Savings Bank of Kazakhstan JSC, GDR(b)   260,701    4,666,548 
Kaspi.KZ JSC   288,813    36,505,963 
NAC Kazatomprom JSC, GDR(b)   305,502    12,660,153 
         53,832,664 
Lithuania — 0.6%          
Ignitis Grupe AB   76,892    1,516,787 
Siauliu Bankas AB   1,157,987    871,992 
         2,388,779 
Morocco — 5.5%          
Akdital Holding, NVS   23,208    1,571,164 
Attijariwafa Bank   124,665    6,448,751 
Banque Centrale Populaire   56,473    1,662,548 
Douja Promotion Groupe Addoha SA(a)   551,199    1,660,938 
Hightech Payment Systems SA, NVS   14,020    774,523 
Itissalat Al-Maghrib   852,095    7,874,078 
Societe d'Exploitation des Ports   123,470    3,571,723 
         23,563,725 
Nigeria — 1.1%          
Afriland Properties PLC(a)   8,020    9 
Dangote Cement PLC   11,938,113    4,611,623 
         4,611,632 
Oman — 2.9%          
Abraj Energy Services SAOG, NVS   860,706    661,824 
Bank Muscat SAOG   5,341,310    3,593,712 
Bank Nizwa SAOG   3,090,772    899,250 
National Bank of Oman SAOG   673,597    491,599 
Oman Telecommunications Co. SAOG   1,913,428    5,253,912 
Omani Qatari Telecommunications Co. SAOG   1,295,602    1,009,691 
Renaissance Services SAOG   523,300    543,759 
         12,453,747 
Security  Shares   Value 
         
Pakistan — 3.9%          
Engro Corp. Ltd./Pakistan   827,742   $998,817 
Engro Fertilizers Ltd.   2,387,726    1,374,651 
Fauji Fertilizer Co. Ltd.   1,182,988    602,121 
Habib Bank Ltd.   902,872    369,381 
Hub Power Co. Ltd. (The)   4,677,593    2,405,066 
Lucky Cement Ltd.   1,140,207    3,678,992 
Mari Petroleum Co. Ltd.   91,020    906,920 
MCB Bank Ltd.   691,127    516,401 
Millat Tractors Ltd.   745,999    1,693,993 
Oil & Gas Development Co. Ltd.   2,369,390    1,135,314 
Pakistan Oilfields Ltd.   548,052    963,938 
Pakistan Petroleum Ltd.   2,204,003    948,930 
Systems Ltd.   635,677    1,045,059 
United Bank Ltd./Pakistan   194,022    155,592 
         16,795,175 
Peru — 6.4%          
Cia. de Minas Buenaventura SAA, ADR   274,110    4,906,569 
Credicorp Ltd.   47,318    7,822,612 
Southern Copper Corp.   121,266    14,385,785 
         27,114,966 
Philippines — 3.5%          
Alliance Global Group Inc.   1,470,500    232,938 
AREIT Inc.   900,100    510,651 
Ayala Corp.   123,520    1,257,659 
Ayala Land Inc.   2,742,400    1,233,261 
Bank of the Philippine Islands   273,628    562,032 
BDO Unibank Inc.   407,038    904,220 
Bloomberry Resorts Corp.(a)   2,049,300    371,199 
Century Pacific Food Inc.   630,900    403,991 
Converge Information and Communications Technology          
Solutions Inc.(a)   2,090,200    385,375 
GT Capital Holdings Inc.   74,670    768,080 
International Container Terminal Services Inc.   279,400    1,630,947 
JG Summit Holdings Inc.   378,910    200,721 
Jollibee Foods Corp.   127,580    472,481 
LT Group Inc.   920,800    164,901 
Manila Electric Co.   102,600    643,792 
Megaworld Corp.   18,959,000    583,154 
Metropolitan Bank & Trust Co.   351,040    372,633 
PLDT Inc.   58,345    1,475,734 
Puregold Price Club Inc.   837,800    360,775 
Robinsons Land Corp.   404,400    112,417 
Security Bank Corp.   38,710    48,751 
SM Prime Holdings Inc.   3,579,800    1,650,811 
Universal Robina Corp.   134,010    245,029 
Wilcon Depot Inc.   1,575,400    538,414 
         15,129,966 
Romania — 9.6%          
Banca Transilvania SA   1,585,982    10,788,758 
BRD-Groupe Societe Generale SA   504,900    2,091,595 
MAS P.L.C.(a)(c)   2,320,466    2,120,969 
MED Life SA(a)   549,998    611,575 
OMV Petrom SA   49,552,118    7,589,744 
One United Properties SA   2,201,399    427,847 
Societatea De Producere A Energiei Electrice in          
Hidrocentrale Hidroelectrica SA(a)   336,020    9,780,589 
Societatea Energetica Electrica SA   520,872    1,569,487 
Societatea Nationala de Gaze Naturale ROMGAZ SA   2,248,250    2,661,724 
Societatea Nationala Nuclearelectrica SA   204,248    2,057,481 
Teraplast SA(a)   1,550,108    190,616 

 

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Schedule of Investments (unaudited) (continued) iShares® Frontier and Select EM ETF
May 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Romania (continued)          
TTS Transport Trade Services SA, NVS   155,369   $877,370 
         40,767,755 
Sri Lanka — 0.7%          
Commercial Bank of Ceylon PLC   1,201,260    420,968 
John Keells Holdings PLC   3,166,905    2,169,760 
Sampath Bank PLC   2,131,353    553,736 
         3,144,464 
Vietnam — 27.7%          
Bank for Foreign Trade of Vietnam JSC(a)   1,461,510    5,015,983 
Bank for Investment and Development of          
Vietnam JSC(a)   788,103    1,462,316 
Binh Dinh Pharmaceutical & Medical Equipment          
JSC, NVS(a)   257,100    529,447 
CEO Group JSC(a)   713,700    527,306 
DABACO Vietnam Group JSC, NVS(a)   984,900    1,380,966 
Dat Xanh Group JSC(a)   1,601,310    1,063,774 
Development Investment Construction JSC(a)   1,585,154    1,741,795 
Digiworld Corp., NVS   356,600    918,063 
Duc Giang Chemicals JSC   664,294    3,304,911 
EVN Finance JSC, NVS(a)   1,540,400    961,988 
FPT Digital Retail JSC   193,045    1,299,044 
FPT Securities JSC, NVS   523,040    940,663 
Gelex Group JSC(a)   1,835,784    1,697,933 
Ha Do Group JSC(a)   377,985    504,556 
HAGL JSC(a)   2,027,100    1,159,054 
Hoa Phat Group JSC(a)   12,055,233    13,597,168 
Hoa Sen Group   1,161,740    1,000,375 
Hoang Huy Investment Financial Services JSC   1,237,500    963,683 
IDICO Corp. JSC   344,850    864,649 
Khang Dien House Trading and Investment JSC(a)   1,366,396    1,950,079 
KIDO Group Corp.   505,072    1,290,196 
Kinh Bac City Development Share Holding Corp.(a)   1,188,160    1,475,544 
Kosy JSC, NVS(a)   574,000    882,018 
Masan Group Corp.(a)   2,483,956    7,510,746 
Nam Kim Steel JSC(a)   1,157,500    1,115,888 
Novaland Investment Group Corp.(a)   3,449,633    1,971,937 
PC1 Group JSC, NVS(a)   832,315    929,587 
PetroVietNam Ca Mau Fertilizer JSC   311,500    461,228 
PetroVietnam Drilling & Well Services JSC(a)   1,085,234    1,354,890 
PetroVietnam Fertilizer & Chemicals JSC   573,000    813,601 
PetroVietnam Gas JSC   214,040    675,642 
PetroVietnam Power Corp.(a)   3,445,740    1,707,800 
PetroVietnam Technical Services Corp.   932,298    1,590,133 
Petrovietnam Transportation Corp.   785,460    935,192 
Phat Dat Real Estate Development Corp.(a)   1,188,036    1,184,501 
Sai Gon-Ha Noi Securities JSC(a)   2,213,350    1,583,108 
Saigon - Hanoi Commercial Joint Stock Bank(a)   3,667,903    1,647,269 
Saigon Beer Alcohol Beverage Corp.   327,660    752,763 
Song da Urban & Industrial Zone Investment &          
Development JSC, NVS(a)   231,200    569,698 
SSI Securities Corp.   3,910,541    5,362,632 
Tasco JSC(a)   594,300    448,431 
Thanh Thanh Cong - Bien Hoa JSC(a)   1,694,797    783,625 
Van Phu - Invest Investment JSC(a)   470,480    1,100,138 
Viet Capital Securities JSC   1,129,170    2,121,020 
Vietjet Aviation JSC(a)   636,590    2,685,254 
Vietnam Construction and Import-Export JSC(a)   1,068,488    969,806 
Vietnam Dairy Products JSC   3,029,474    7,799,082 
Vietnam Export Import Commercial JSB, NVS(a)   1,829,234    1,438,754 
Security  Shares   Value 
         
Vietnam (continued)          
Viettel Construction Joint Stock Corp., NVS   174,700   $906,541 
Vincom Retail JSC(a)   3,602,280    3,091,864 
Vingroup JSC(a)   4,514,734    7,747,255 
Vinh Hoan Corp.   415,480    1,213,285 
Vinhomes JSC(a)(d)   5,854,188    8,964,194 
VIX Securities JSC(a)   2,181,700    1,554,715 
Vndirect Securities Corp.(a)   3,396,687    2,390,914 
         117,913,004 
Total Common Stocks — 81.8%          
(Cost: $274,280,220)        348,631,647 
         
Preferred Stocks          
           
Colombia — 1.6%          
Bancolombia SA, Preference Shares, NVS   747,952    6,598,005 
           
Total Preferred Stocks — 1.6%          
(Cost: $4,792,292)        6,598,005 
         
Rights        
         
Vietnam — 0.1%          
Phat Dat Real Estate Development Corp.,          
(Expires 06/12/24, Strike Price VND 10,000.00)   1,188,036    129,033 
VNDirect Securities Corp.,          
(Expires 07/10/24, Strike Price VND 10,000.00)   646,988    198,326 
         327,359 
Total Rights — 0.1%          
(Cost: $—)        327,359 
           
Total Long-Term Investments — 83.5%          
(Cost: $279,072,512)        355,557,011 
         
Short-Term Securities          
           
Money Market Funds — 12.3%          
BlackRock Cash Funds: Institutional, SL Agency          
Shares, 5.49%(e)(f)(g)   833,818    834,068 
BlackRock Cash Funds: Treasury, SL Agency Shares,          
5.28%(e)(f)   51,700,000    51,700,000 
           
Total Short-Term Securities — 12.3%          
(Cost: $52,534,257)        52,534,068 
           
Total Investments — 95.8%          
(Cost: $331,606,769)        408,091,079 
           
Other Assets Less Liabilities — 4.2%        17,921,921 
           
Net Assets—100.0%       $426,013,000 

 

(a)Non-income producing security.

(b)This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

(d)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.

(e)Affiliate of the Fund.

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

(g)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® Frontier and Select EM ETF
May 31, 2024  

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2024 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 Sales		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
05/31/24		   Shares
Held at
05/31/24		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $—   $835,674(a)  $—   $(1,417)  $(189)  $834,068    833,818   $3,325(b)  $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   —    51,700,000(a)   —    —    —    51,700,000    51,700,000    493,196    — 
                  $(1,417)  $(189)  $52,534,068        $496,521   $— 

 

(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 Emerging Markets Index   357   06/21/24  $18,859   $145,608 

 

Forward Foreign Currency Exchange Contracts

 

Currency Purchased  Currency Sold  Counterparty  Settlement Date  Unrealized
Appreciation
(Depreciation)		 
EGP   284,000,000   USD   5,163,636   Bank of America N.A.  01/27/25  $409,362 
USD   4,939,130   EGP   284,000,000   Citibank N.A.  01/27/25   (633,868)
                      $(224,506)

 

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

 

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Schedule of Investments (unaudited) (continued) iShares® Frontier and Select EM ETF
May 31, 2024  

 

Fair Value Hierarchy as of Period End (continued)

 

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  $196,489,725   $152,141,922   $—   $348,631,647 
Preferred Stocks   6,598,005    —    —    6,598,005 
Rights   —    327,359    —    327,359 
Short-Term Securities                    
Money Market Funds   52,534,068    —    —    52,534,068 
   $255,621,798   $152,469,281   $—   $408,091,079 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $145,608   $—   $—   $145,608 
Foreign Currency Exchange Contracts   —    409,362    —    409,362 
Liabilities                    
Foreign Currency Exchange Contracts   —    (633,868)   —    (633,868)
   $145,608   $(224,506)  $—   $(78,898)

 

(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

 

Currency Abbreviation

 

EGP Egyptian Pound
USD United States Dollar
VND Vietnamese Dong

 

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