NPORT-EX 2 NPORT_0BHW_17071029_1121.htm

Schedule of Investments (unaudited)

 iShares® MSCI Brazil ETF
November 30, 2021 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Banks — 4.4%          
Banco Bradesco SA   18,215,537   $55,147,049 
Banco do Brasil SA   14,222,750    80,552,195 
Banco Inter SA   3,494,727    22,521,761 
Banco Santander Brasil SA   7,289,401    42,736,583 
         200,957,588 
Beverages — 4.1%          
Ambev SA   64,516,264    184,304,312 
           
Capital Markets — 4.7%          
B3 SA - Brasil, Bolsa, Balcao   82,975,638    163,977,932 
Banco BTG Pactual SA   13,299,252    49,536,423 
XP Inc.(a)   1    37 
         213,514,392 
Containers & Packaging — 1.1%          
Klabin SA   12,227,905    51,918,869 
           
Diversified Telecommunication Services — 1.5%      
Telefonica Brasil SA   7,710,510    68,974,012 
           
Electric Utilities — 2.5%          
Centrais Eletricas Brasileiras SA   5,434,351    31,541,730 
Energisa SA   2,452,462    19,844,445 
Equatorial Energia SA   15,338,783    61,580,500 
         112,966,675 
Electrical Equipment — 3.3%          
WEG SA   25,775,496    147,770,616 
           
Food & Staples Retailing — 2.0%          
Atacadao SA   8,146,352    22,213,965 
Raia Drogasil SA   17,553,607    69,879,083 
         92,093,048 
Food Products — 2.8%          
BRF SA(a)   10,159,073    35,689,620 
JBS SA   14,401,277    91,323,235 
         127,012,855 
Health Care Providers & Services — 3.1%          
Hapvida Participacoes e Investimentos SA(b)   12,421,574    24,105,832 
Notre Dame Intermedica Participacoes SA   6,961,984    76,110,806 
Rede D'Or Sao Luiz SA(b)   4,398,057    39,248,739 
         139,465,377 
Independent Power and Renewable Electricity Producers — 0.6% 
Engie Brasil Energia SA   4,121,816    28,249,343 
           
Insurance — 1.0%          
BB Seguridade Participacoes SA   12,047,876    44,746,774 
           
Internet & Direct Marketing Retail — 0.8%          
Americanas SA(a)   6,805,554    36,704,003 
           
IT Services — 0.0%          
Getnet Adquirencia e Servicos para Meios de Pagamento SA(a)   0    — 
           
Metals & Mining — 16.5%          
Cia. Siderurgica Nacional SA   11,419,700    44,201,228 
Vale SA   56,571,926    703,897,511 
         748,098,739 
Multiline Retail — 3.1%          
Lojas Renner SA   15,770,872    79,810,258 
Security  Shares   Value 
         
Multiline Retail (continued)          
Magazine Luiza SA   45,073,366   $62,536,755 
         142,347,013 
Oil, Gas & Consumable Fuels — 8.4%          
Cosan SA   17,276,175    65,302,119 
Petroleo Brasileiro SA   52,217,008    279,947,103 
Ultrapar Participacoes SA   13,280,496    34,087,988 
         379,337,210 
Paper & Forest Products — 2.6%          
Suzano SA(a)   11,777,328    117,650,727 
           
Personal Products — 1.5%          
Natura & Co. Holding SA(a)   13,927,166    66,119,882 
           
Pharmaceuticals — 0.7%          
Hypera SA   6,792,856    32,768,974 
           
Road & Rail — 3.4%          
Localiza Rent a Car SA   9,686,432    88,062,388 
Rumo SA(a)   21,681,953    67,762,732 
         155,825,120 
Software — 0.7%          
TOTVS SA   5,546,019    31,262,546 
           
Specialty Retail — 1.5%          
Via S/A(a)   18,661,563    18,821,395 
Vibra Energia SA   13,378,183    51,781,756 
         70,603,151 
Transportation Infrastructure — 1.0%          
CCR SA   21,732,341    47,586,669 
           
Water Utilities — 0.8%          
Cia. de Saneamento Basico do Estado de Sao Paulo   6,047,087    36,227,557 
           
Wireless Telecommunication Services — 0.9%      
TIM SA   15,967,848    39,196,404 
           
Total Common Stocks — 73.0%          
(Cost: $2,772,883,902)   .    3,315,701,856 
           
Preferred Stocks          
           
Banks — 13.7%          
Banco Bradesco SA, Preference Shares, NVS   68,986,290    244,317,624 
Itau Unibanco Holding SA, Preference Shares, NVS   68,784,823    273,825,224 
Itausa SA, Preference Shares, NVS   58,974,178    101,439,971 
         619,582,819 
Chemicals — 0.4%          
Braskem SA, Class A, Preference Shares, NVS(a)   2,235,062    19,898,228 
           
Electric Utilities — 1.7%          
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS   5,042,918    28,749,526 
Cia. Energetica de Minas Gerais, Preference Shares, NVS   19,867,054    46,435,442 
         75,184,968 
Metals & Mining — 2.3%          
Bradespar SA, Preference Shares, NVS   2,470,916    21,866,124 
Gerdau SA, Preference Shares, NVS   18,482,768    84,821,796 
         106,687,920 
Oil, Gas & Consumable Fuels — 7.8%          
Petroleo Brasileiro SA, Preference Shares, NVS   67,410,324    352,888,433 


 

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Schedule of Investments (unaudited) (continued)

 iShares® MSCI Brazil ETF
November 30, 2021 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Textiles, Apparel & Luxury Goods — 0.4%          
Alpargatas SA, Preference Shares, NVS   2,611,287   $18,156,872 
           
Total Preferred Stocks — 26.3%          
(Cost: $1,012,490,783)        1,192,399,240 
           
Short-Term Investments          
           
Money Market Funds — 0.2%          
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)    7,700,000    7,700,000 
           
Total Short-Term Investments — 0.2%          
(Cost: $7,700,000)        7,700,000 
           
Total Investments in Securities — 99.5%          
(Cost: $3,793,074,685)        4,515,801,096 
           
Other Assets, Less Liabilities — 0.5%        22,613,773 
           
Net Assets — 100.0%       $4,538,414,869 

 

 

(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.


 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
08/31/21		   Purchases
at Cost		   Proceeds
from Sales		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
11/30/21		   Shares
Held at
11/30/21		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Treasury, SL Agency Shares  $—   $7,700,000(a)  $—   $—   $—   $7,700,000    7,700,000   $75   $— 

 

(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 Brazil Index   715   12/17/21  $28,316   $(2,928,501)

 

Fair Value Measurements

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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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

 

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Schedule of Investments (unaudited) (continued)

 iShares® MSCI Brazil ETF
November 30, 2021  

 

Fair Value Measurements (continued) 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 Global 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 
Investments                
Assets                
Common Stocks.  $3,315,701,856   $—   $—   $3,315,701,856 
Preferred Stocks   1,192,399,240    —    —    1,192,399,240 
Money Market Funds   7,700,000    —    —    7,700,000 
   $4,515,801,096   $—   $—   $4,515,801,096 
Derivative financial instruments(a)                    
Liabilities                    
Futures Contracts  $(2,928,501)  $—   $—   $(2,928,501)

 

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

 

Portfolio Abbreviations - Equity

 

NVSNon-Voting Shares

 

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