Schedule of Investments (unaudited) | iShares® MSCI Saudi Arabia ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.1% | ||||||||
SAL Saudi Logistics Services | 4,976 | $ | 341,778 | |||||
Banks — 35.8% | ||||||||
Al Rajhi Bank | 4,319,760 | 87,992,171 | ||||||
Alinma Bank | 2,841,990 | 23,225,680 | ||||||
Arab National Bank | 2,116,398 | 11,157,265 | ||||||
Bank AlBilad | 1,485,457 | 12,892,496 | ||||||
Bank Al-Jazira(a) | 1,416,040 | 5,681,938 | ||||||
Banque Saudi Fransi | 1,433,556 | 12,838,205 | ||||||
Riyad Bank | 3,374,884 | 22,013,810 | ||||||
Saudi Awwal Bank | 2,244,958 | 22,955,837 | ||||||
Saudi Investment Bank (The) | 649,117 | 2,165,913 | ||||||
Saudi National Bank (The) | 6,497,900 | 59,010,010 | ||||||
259,933,325 | ||||||||
Building Products — 0.3% | ||||||||
Bawan Co. | 42,637 | 486,539 | ||||||
Saudi Ceramic Co.(a) | 171,265 | 1,559,082 | ||||||
2,045,621 | ||||||||
Capital Markets — 0.4% | ||||||||
Saudi Tadawul Group Holding Co. | 46,970 | 2,969,150 | ||||||
Chemicals — 11.1% | ||||||||
Advanced Petrochemical Co. | 386,150 | 4,139,883 | ||||||
Alujain Corp.(a) | 79,487 | 871,559 | ||||||
National Industrialization Co.(a) | 1,055,017 | 3,308,829 | ||||||
SABIC Agri-Nutrients Co. | 448,431 | 12,702,369 | ||||||
Sahara International Petrochemical Co. | 936,621 | 7,454,112 | ||||||
Saudi Aramco Base Oil Co. | 25,514 | 887,642 | ||||||
Saudi Basic Industries Corp. | 1,996,347 | 40,538,760 | ||||||
Saudi Industrial Investment Group | 796,062 | 4,554,754 | ||||||
Saudi Kayan Petrochemical Co.(a) | 1,106,702 | 2,351,672 | ||||||
Yanbu National Petrochemical Co. | 408,620 | 3,946,987 | ||||||
80,756,567 | ||||||||
Commercial Services & Supplies — 0.5% | ||||||||
Catrion Catering Holding Co. | 130,199 | 3,864,245 | ||||||
Construction & Engineering — 0.0% | ||||||||
Al Babtain Power & Telecommunication Co. | 35,118 | 327,312 | ||||||
Construction Materials — 2.6% | ||||||||
Arabian Cement Co./Saudi Arabia | 195,944 | 1,550,209 | ||||||
City Cement Co. | 266,283 | 1,304,968 | ||||||
Eastern Province Cement Co. | 168,664 | 1,468,227 | ||||||
Najran Cement Co.(a) | 375,424 | 965,881 | ||||||
Northern Region Cement Co. | 423,995 | 1,062,616 | ||||||
Qassim Cement Co. (The) | 152,062 | 2,338,152 | ||||||
Saudi Cement Co. | 247,518 | 2,959,763 | ||||||
Southern Province Cement Co | 214,036 | 2,139,032 | ||||||
Yamama Cement Co. | 346,552 | 2,980,913 | ||||||
Yanbu Cement Co. | 264,148 | 2,017,714 | ||||||
18,787,475 | ||||||||
Consumer Finance — 0.0% | ||||||||
Nayifat Finance Co.(a) | 89,532 | 312,716 | ||||||
Consumer Staples Distribution & Retail — 0.9% | ||||||||
Abdullah Al Othaim Markets Co. | 1,298,517 | 3,889,124 | ||||||
Al-Dawaa Medical Services Co. | 16,965 | 406,797 | ||||||
Almunajem Foods Co. | 24,223 | 691,404 | ||||||
BinDawood Holding Co. | 243,116 | 497,161 | ||||||
Nahdi Medical Co. | 26,912 | 943,714 | ||||||
6,428,200 |
Security | Shares | Value | ||||||
Diversified Consumer Services — 0.3% | ||||||||
Ataa Educational Co. | 32,780 | $ | 520,012 | |||||
National Co. for Learning & Education | 33,753 | 1,429,061 | ||||||
1,949,073 | ||||||||
Diversified REITs — 0.2% | ||||||||
Al Rajhi REIT | 148,734 | 333,895 | ||||||
Jadwa REIT Saudi Fund | 366,607 | 1,095,581 | ||||||
1,429,476 | ||||||||
Diversified Telecommunication Services — 5.6% | ||||||||
Etihad Atheeb Telecommunication Co.(a) | 12,341 | 351,406 | ||||||
Saudi Telecom Co. | 4,209,962 | 40,408,092 | ||||||
40,759,498 | ||||||||
Electric Utilities — 1.3% | ||||||||
Saudi Electricity Co. | 2,104,289 | 9,398,001 | ||||||
Electrical Equipment — 0.1% | ||||||||
Electrical Industries Co. | 673,370 | 977,620 | ||||||
Energy Equipment & Services — 0.1% | ||||||||
Ades Holding Co.(a) | 76,358 | 367,672 | ||||||
Financial Services — 0.1% | ||||||||
Saudi Advanced Industries Co. | 33,020 | 394,231 | ||||||
SHL Finance Co. | 78,322 | 322,835 | ||||||
717,066 | ||||||||
Food Products — 3.8% | ||||||||
Al Jouf Agricultural Development Co. | 36,852 | 620,690 | ||||||
Almarai Co. JSC | 633,695 | 8,836,284 | ||||||
First Milling Co., NVS | 15,925 | 301,726 | ||||||
Halwani Brothers Co.(a) | 31,401 | 404,369 | ||||||
National Agriculture Development Co. (The)(a) | 479,542 | 3,797,264 | ||||||
Saudia Dairy & Foodstuff Co. | 49,278 | 4,427,623 | ||||||
Savola Group (The)(a) | 684,256 | 7,888,843 | ||||||
Sinad Holding Co.(a) | 318,789 | 1,087,930 | ||||||
Tanmiah Food Co. | 12,405 | 382,892 | ||||||
27,747,621 | ||||||||
Gas Utilities — 0.4% | ||||||||
National Gas & Industrialization Co. | 138,231 | 3,109,699 | ||||||
Ground Transportation — 0.7% | ||||||||
Lumi Rental Co.(a) | 13,726 | 305,871 | ||||||
Saudi Public Transport Co.(a) | 283,782 | 1,338,541 | ||||||
Theeb Rent A Car Co. | 27,798 | 464,696 | ||||||
United International Transportation Co. | 141,092 | 2,871,548 | ||||||
4,980,656 | ||||||||
Health Care Providers & Services — 5.0% | ||||||||
Al Hammadi Holding | 251,243 | 3,239,148 | ||||||
Dallah Healthcare Co. | 104,336 | 4,613,051 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 157,692 | 11,226,965 | ||||||
Middle East Healthcare Co.(a) | 143,815 | 2,806,745 | ||||||
Mouwasat Medical Services Co. | 255,866 | 7,299,347 | ||||||
National Medical Care Co. | 78,493 | 3,877,419 | ||||||
Saudi Chemical Co. Holding | 1,425,332 | 3,503,762 | ||||||
36,566,437 | ||||||||
Hotels, Restaurants & Leisure — 1.2% | ||||||||
Alamar Foods, NVS | 17,452 | 365,260 | ||||||
Herfy Food Services Co.(a) | 100,758 | 770,186 | ||||||
Jahez International Co., NVS(a) | 46,262 | 383,925 | ||||||
Leejam Sports Co. JSC | 79,857 | 4,219,030 | ||||||
Seera Group Holding(a) | 500,697 | 3,201,734 | ||||||
8,940,135 |
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Schedule of Investments (unaudited) (continued) | iShares® MSCI Saudi Arabia ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Independent Power and Renewable Electricity Producers — 4.0% | ||||||||
ACWA Power Co. | 272,918 | $ | 29,335,327 | |||||
Industrial Conglomerates — 0.3% | ||||||||
Astra Industrial Group | 48,355 | 1,972,516 | ||||||
Insurance — 3.4% | ||||||||
Al Rajhi Co. for Co-operative Insurance(a) | 119,863 | 4,836,146 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 191,663 | 11,804,237 | ||||||
Co. for Cooperative Insurance (The) | 195,299 | 6,866,597 | ||||||
Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (The)(a) | 44,922 | 352,001 | ||||||
Saudi Reinsurance Co.(a) | 54,721 | 376,620 | ||||||
Walaa Cooperative Insurance Co.(a) | 53,975 | 361,205 | ||||||
24,596,806 | ||||||||
IT Services — 1.6% | ||||||||
Al Moammar Information Systems Co. | 20,942 | 811,050 | ||||||
Arabian Internet & Communications Services Co. | 15,525 | 1,095,446 | ||||||
Elm Co. | 41,072 | 8,770,102 | ||||||
Perfect Presentation For Commercial Services Co., NVS(a) | 68,894 | 561,152 | ||||||
11,237,750 | ||||||||
Media — 0.9% | ||||||||
Arabian Contracting Services Co. | 16,649 | 900,530 | ||||||
Saudi Research & Media Group(a) | 101,315 | 5,523,444 | ||||||
6,423,974 | ||||||||
Metals & Mining — 4.8% | ||||||||
Al Masane Al Kobra Mining Co. | 22,619 | 379,307 | ||||||
East Pipes Integrated Co. for Industry, NVS | 19,502 | 781,984 | ||||||
Saudi Arabian Mining Co.(a) | 2,682,964 | 33,109,582 | ||||||
Saudi Steel Pipe Co.(a) | 36,497 | 710,910 | ||||||
34,981,783 | ||||||||
Multi-Utilities — 0.1% | ||||||||
Power & Water Utility Co. for Jubail & Yanbu | 22,018 | 345,090 | ||||||
Oil, Gas & Consumable Fuels — 6.9% | ||||||||
Aldrees Petroleum and Transport Services Co. | 152,243 | 4,537,103 | ||||||
Saudi Arabian Oil Co.(b) | 5,896,947 | 45,587,935 | ||||||
50,125,038 | ||||||||
Paper & Forest Products — 0.1% | ||||||||
Middle East Paper Co. | 53,235 | 572,369 | ||||||
Saudi Paper Manufacturing Co. | 16,795 | 360,017 | ||||||
932,386 | ||||||||
Pharmaceuticals — 0.4% | ||||||||
Jamjoom Pharmaceuticals Factory Co., NVS | 9,217 | 326,940 | ||||||
Middle East Pharmaceutical Co.(a) | 10,367 | 353,794 | ||||||
Saudi Pharmaceutical Industries & Medical Appliances Corp.(a) | 220,874 | 1,840,322 | ||||||
2,521,056 | ||||||||
Professional Services — 0.2% | ||||||||
Maharah Human Resources Co. | 891,592 | 1,390,050 | ||||||
Real Estate Management & Development — 1.8% | ||||||||
Alandalus Property Co. | 53,818 | 322,561 |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
Arriyadh Development Co. | 350,939 | $ | 2,036,324 | |||||
Dar Al Arkan Real Estate Development Co.(a) | 1,431,715 | 4,557,730 | ||||||
Emaar Economic City(a) | 1,339,448 | 2,403,566 | ||||||
Retal Urban Development Co., NVS | 139,695 | 359,313 | ||||||
Saudi Real Estate Co.(a) | 578,911 | 2,981,209 | ||||||
Sumou Real Estate Co., NVS | 24,247 | 346,506 | ||||||
13,007,209 | ||||||||
Specialty Retail — 1.4% | ||||||||
AlSaif Stores For Development & Investment Co. | 157,057 | 405,942 | ||||||
Jarir Marketing Co. | 1,624,303 | 5,523,475 | ||||||
Saudi Automotive Services Co. | 53,899 | 970,784 | ||||||
United Electronics Co. | 139,217 | 3,316,189 | ||||||
10,216,390 | ||||||||
Textiles, Apparel & Luxury Goods — 0.0% | ||||||||
Alaseel Co. | 281,435 | 337,901 | ||||||
Transportation Infrastructure — 0.7% | ||||||||
Saudi Ground Services Co.(a) | 299,082 | 4,076,385 | ||||||
Sustained Infrastructure Holding Co. | 90,480 | 870,098 | ||||||
4,946,483 | ||||||||
Water Utilities — 0.2% | ||||||||
AlKhorayef Water & Power Technologies Co.(a) | 27,405 | 1,176,368 | ||||||
Wireless Telecommunication Services — 2.1% | ||||||||
Etihad Etisalat Co. | 921,287 | 11,536,000 | ||||||
Mobile Telecommunications Co. Saudi Arabia | 1,303,793 | 3,928,029 | ||||||
15,464,029 | ||||||||
Total Long-Term Investments — 99.4% | ||||||||
(Cost: $514,573,680) | 721,719,499 | |||||||
Short-Term Securities | ||||||||
Money Market Funds — 3.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(c)(d) | 21,670,000 | 21,670,000 | ||||||
Total Short-Term Securities — 3.0% | ||||||||
(Cost: $21,670,000) | 21,670,000 | |||||||
Total Investments — 102.4% | ||||||||
(Cost: $536,243,680) | 743,389,499 | |||||||
Liabilities in Excess of Other Assets — (2.4)% | (17,131,387 | ) | ||||||
Net Assets — 100.0% | $ | 726,258,112 |
(a) | Non-income producing security. |
(b) | 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. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
2
Schedule of Investments (unaudited) (continued) | iShares® MSCI Saudi Arabia 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: Treasury, SL Agency Shares | $ | — | $ | 21,670,000 | (a) | $ | — | $ | — | $ | — | $ | 21,670,000 | 21,670,000 | $ | 66,514 | $ | — |
(a) | Represents net amount purchased (sold). |
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 | 78 | 06/21/24 | $ | 4,120 | $ | (97,725 | ) |
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 | $ | 120,408,155 | $ | 601,311,344 | $ | — | $ | 721,719,499 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 21,670,000 | — | — | 21,670,000 | ||||||||||||
$ | 142,078,155 | $ | 601,311,344 | $ | — | $ | 743,389,499 |
3
Schedule of Investments (unaudited) (continued) | iShares® MSCI Saudi Arabia ETF |
May 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (97,725 | ) | $ | — | $ | — | $ | (97,725 | ) |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
JSC | Joint Stock Company |
NVS | Non-Voting Shares |
REIT | Real Estate Investment Trust |
4