NPORT-EX 2 NPORT_0BIA_29891995_1122.htm
Schedule of Investments (unaudited) iShares® MSCI Spain ETF
November 30, 2022 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Banks — 30.3%          
Banco Bilbao Vizcaya Argentaria SA   9,252,482   $54,525,264 
Banco Santander SA   25,268,933    75,398,309 
CaixaBank SA   6,156,371    22,888,269 
         152,811,842 
Biotechnology — 1.5%          
Grifols SA(a)   686,936    7,359,810 
           
Construction & Engineering — 7.1%          
ACS Actividades de Construccion y Servicios SA   484,639    13,755,224 
Ferrovial SA   808,589    21,744,820 
         35,500,044 
Diversified Telecommunication Services — 8.7%          
Cellnex Telecom SA(b)   627,459    21,577,385 
Telefonica SA   5,906,013    22,045,239 
         43,622,624 
Electric Utilities — 26.9%          
Acciona SA   52,079    10,186,930 
Endesa SA   702,460    12,998,857 
Iberdrola SA   8,768,743    99,064,128 
Red Electrica Corp. SA   747,742    13,091,796 
         135,341,711 
Electrical Equipment — 2.2%          
Siemens Gamesa Renewable Energy SA(a)   596,913    11,247,987 
           
Gas Utilities — 4.0%          
Enagas SA   530,048    9,574,051 
Naturgy Energy Group SA(c)   380,323    10,693,240 
         20,267,291 
Independent Power and Renewable Electricity Producers — 1.0% 
Corp. ACCIONA Energias Renovables SA   133,475    5,258,530 
           
IT Services — 4.5%          
Amadeus IT Group SA(a)   420,873    22,755,553 
Security  Shares   Value 
         
Oil, Gas & Consumable Fuels — 4.7%          
Repsol SA   1,515,998   $23,407,497 
           
Specialty Retail — 4.5%          
Industria de Diseno Textil SA   867,048    22,633,245 
           
Transportation Infrastructure — 3.6%          
Aena SME SA(a)(b)   140,688    18,153,462 
           
Total Long-Term Investments — 99.0%          
(Cost: $657,083,472)        498,359,596 
           
Short-Term Securities          
           
Money Market Funds — 0.6%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.06%(d)(e)(f)   28,834    28,837 
BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%(d)(e)   3,020,000    3,020,000 
           
Total Short-Term Securities — 0.6%          
(Cost: $3,048,829)        3,048,837 
           
Total Investments — 99.6%          
(Cost: $660,132,301)        501,408,433 
           
Other Assets Less Liabilities — 0.4%        2,261,723 
           
Net Assets — 100.0%       $503,670,156 
           

 

(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 November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
08/31/22		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
11/30/22		   Shares
Held at
11/30/22		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $786,458   $—   $(757,587)(a)  $134   $(168)  $28,837    28,834   $193(b)  $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   2,900,000    120,000(a)   —    —    —    3,020,000    3,020,000    22,679    — 
                  $134   $(168)  $3,048,837        $22,872   $— 

 

(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.

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Spain ETF
November 30, 2022  

 

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                  
IBEX 35 Index   24   12/16/22  $2,101   $59,898 

 

OTC Total Return Swaps

 

Reference Entity  Payment
Frequency		  Counterparty(a)  Termination
Date		  Net Notional   Accrued
Unrealized
Appreciation
(Depreciation)		   Net Value of
Reference
Entity		   Gross
Notional
Amount
Net Asset
Percentage		 
Equity Securities Long  Monthly  Goldman Sachs Bank USA(b)  02/27/23  $886,376   $(21,073)(c)  $865,619    0.2%
   Monthly  HSBC Bank PLC(d)  02/10/23   346    32(e)   354    0.0 
   Monthly  JPMorgan Chase Bank NA(f)  02/08/23   2,115,431    73,363(g)   2,164,421    0.4 
                 $52,322   $3,030,394      

 

(a)The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

(c)Amount includes $(316) of net dividends and financing fees.

(e)Amount includes $24 of net dividends, payable for referenced securities purchased and financing fees.
(g)Amount includes $24,373 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

 

  (b) (d) (f)
Range: 45 basis points 45 basis points 40 basis points
Benchmarks: EUR - 1D Euro Short Term Rate (ESTR) EUR - 1D Euro Short Term Rate (ESTR) EUR - 1D Euro Short Term Rate (ESTR)

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Spain ETF
November 30, 2022  

 

The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

 

   Shares   Value   % of
Basket
Value		 
             
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   28,154   $492,933    56.9%
                
Gas Utilities               
Enagas SA   20,633    372,686    43.1 
                
Total Reference Entity — Long        865,619      
                
Net Value of Reference Entity — Goldman Sachs Bank USA       $865,619      

 

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

 

   Shares   Value   % of
Basket
Value		 
             
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   10   $175    49.4%
   Shares   Value   % of
Basket
Value		 
Gas Utilities               
Enagas SA   10   $179    50.6 
                
Total Reference Entity — Long        354      
                
Net Value of Reference Entity — HSBC Bank PLC       $354      

 

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

 

   Shares   Value   % of
Basket
Value		 
             
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   71,806   $1,254,945    58.0%
                
Gas Utilities               
Enagas SA   50,725    909,476    42.0 
                
Total Reference Entity — Long        2,164,421      
                
Net Value of Reference Entity — JPMorgan Chase Bank NA       $2,164,421      


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.

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Spain ETF
November 30, 2022  

 

Fair Value Hierarchy as of Period End (continued)

 

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  $—   $498,359,596   $—   $498,359,596 
Money Market Funds   3,048,837    —    —    3,048,837 
   $3,048,837   $498,359,596   $—   $501,408,433 
Derivative financial instruments(a)                    
Assets                    
Futures Contracts  $—   $59,898   $—   $59,898 
Swaps   —    73,395    —    73,395 
Liabilities                    
Swaps   —    (21,073)   —    (21,073)
   $—   $112,220   $—   $112,220 

 

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

 

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