NPORT-EX 2 NPORT_0BHZ_65859388_0522.htm

 

Schedule of Investments (unaudited) iShares® MSCI France ETF
May 31, 2022 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 7.1%          
Airbus SE   261,144   $30,604,981 
Dassault Aviation SA   11,175    1,894,166 
Safran SA   151,395    15,686,198 
Thales SA   47,266    5,771,861 
         53,957,206 
Auto Components — 1.6%          
Cie. Generale des Etablissements Michelin SCA   75,126    9,794,115 
Valeo.   91,230    2,027,530 
         11,821,645 
Automobiles — 0.3%          
Renault SA(a)   85,018    2,344,993 
           
Banks — 5.7%          
BNP Paribas SA   492,499    28,188,466 
Credit Agricole SA   551,696    6,125,425 
Societe Generale SA   352,203    9,490,998 
         43,804,889 
Beverages — 2.6%          
Pernod Ricard SA   92,797    18,224,162 
Remy Cointreau SA   10,191    1,876,880 
         20,101,042 
Building Products — 1.7%          
Cie. de Saint-Gobain   220,471    13,068,156 
           
Capital Markets — 0.6%          
Amundi SA(b)   27,030    1,574,331 
Euronext NV(b)   37,955    3,288,257 
         4,862,588 
Chemicals — 5.3%          
Air Liquide SA   210,548    36,881,217 
Arkema SA   26,317    3,186,172 
         40,067,389 
Construction & Engineering — 3.9%          
Bouygues SA   102,097    3,525,677 
Eiffage SA   37,061    3,671,704 
Vinci SA   236,333    22,806,156 
         30,003,537 
Diversified Financial Services — 0.4%          
Eurazeo SE   19,316    1,492,021 
Wendel SE   12,085    1,243,581 
         2,735,602 
Diversified Telecommunication Services — 1.5%          
Orange SA   883,703    11,062,616 
           
Electric Utilities — 0.3%          
Electricite de France SA(c)   248,356    2,205,013 
           
Electrical Equipment — 5.7%          
Legrand SA   118,466    10,266,721 
Schneider Electric SE   239,448    33,257,355 
         43,524,076 
Entertainment — 1.1%          
Bollore SE   392,375    2,093,385 
Ubisoft Entertainment SA(a)   41,872    2,201,339 
Vivendi SE   318,942    3,807,719 
         8,102,443 
Security  Shares   Value 
         
Equity Real Estate Investment Trusts (REITs) — 1.3%          
Covivio   20,929   $1,528,248 
Gecina SA   20,355    2,394,795 
Klepierre SA   95,337    2,176,294 
Unibail-Rodamco-Westfield(a)   52,156    3,654,629 
         9,753,966 
Food & Staples Retailing — 0.7%          
Carrefour SA   274,944    5,639,412 
           
Food Products — 2.2%          
Danone SA   289,373    17,025,976 
           
Health Care Equipment & Supplies — 0.3%          
BioMerieux   18,446    1,940,718 
           
Health Care Providers & Services — 0.7%          
Eurofins Scientific SE   59,611    5,564,408 
           
Hotels, Restaurants & Leisure — 0.9%          
Accor SA(a)   75,406    2,481,214 
La Francaise des Jeux SAEM(b)   46,570    1,698,903 
Sodexo SA   39,221    2,930,314 
         7,110,431 
Household Durables — 0.2%          
SEB SA   11,019    1,175,681 
           
Insurance — 2.9%          
AXA SA   858,055    21,710,382 
           
IT Services — 3.1%          
Capgemini SE   72,555    14,098,360 
Edenred   110,447    5,455,619 
Worldline SA/France(a)(b)   105,606    4,321,222 
         23,875,201 
Life Sciences Tools & Services — 0.6%          
Sartorius Stedim Biotech   12,262    4,235,660 
           
Machinery — 0.5%          
Alstom SA   140,551    3,849,394 
           
Media — 0.7%          
Publicis Groupe SA   101,044    5,534,834 
           
Metals & Mining — 1.1%          
ArcelorMittal SA   269,897    8,641,322 
           
Multi-Utilities — 2.5%          
Engie SA   809,031    10,875,063 
Veolia Environnement SA   294,482    8,241,445 
         19,116,508 
Oil, Gas & Consumable Fuels — 8.5%          
TotalEnergies SE   1,098,199    64,994,790 
           
Personal Products — 4.9%          
L’Oreal SA   106,682    37,681,306 
           
Pharmaceuticals — 7.3%          
Ipsen SA   16,723    1,674,399 
Sanofi   503,719    53,901,894 
         55,576,293 
Professional Services — 1.6%          
Bureau Veritas SA   130,847    3,780,957 
Teleperformance   26,018    8,638,539 
         12,419,496 

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI France ETF
May 31, 2022 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Semiconductors & Semiconductor Equipment — 1.6%          
STMicroelectronics NV   302,731   $12,121,666 
           
Software — 1.6%          
Dassault Systemes SE   295,431    12,456,447 
           
Textiles, Apparel & Luxury Goods — 17.7%          
EssilorLuxottica SA   127,370    20,572,061 
Hermes International   14,028    16,772,733 
Kering SA   33,138    18,226,948 
LVMH Moet Hennessy Louis Vuitton SE   122,970    79,392,632 
         134,964,374 
Transportation Infrastructure — 0.8%          
Aeroports de Paris(a)   13,126    1,965,915 
Getlink SE   194,898    3,756,464 
         5,722,379 
Total Common Stocks — 99.5%          
(Cost: $840,991,025)        758,771,839 
           
Short-Term Securities          
           
Money Market Funds — 1.1%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(d)(e)(f)   162,128    162,128 
Security  Shares   Value 
         
Money Market Funds (continued)          
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(d)(e)   8,340,000   $8,340,000 
         8,502,128 
Total Short-Term Securities — 1.1%          
(Cost: $8,502,112)        8,502,128 
           
Total Investments in Securities — 100.6%          
(Cost: $849,493,137)        767,273,967 
           
Liabilities in Excess of Other Assets — (0.6)%        (4,603,092)
           
Net Assets — 100.0%       $762,670,875 

 

(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)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.

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2022 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 Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
05/31/22		   Shares
Held at
05/31/22		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $21,424   $140,732(a)  $—   $(44)  $16   $162,128    162,128   $10,630(b) $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   350,000    7,990,000(a)   —    —    —    8,340,000    8,340,000    7,173    — 
                  $(44)  $16   $8,502,128        $17,803   $— 

(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                  
CAC 40 10 Euro Index   61   06/17/22  $4,236   $55,703 

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI France ETF
May 31, 2022

 

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 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  $—   $758,771,839   $—   $758,771,839 
Money Market Funds   8,502,128    —    —    8,502,128 
   $8,502,128   $758,771,839   $—   $767,273,967 
Derivative financial instruments(a)                    
Assets                    
Futures Contracts  $—   $55,703   $—   $55,703 

 

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

 

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