NPORT-EX 2 NPORT_0BHW_15295938_1122.htm

 

Schedule of Investments (unaudited) iShares® MSCI Brazil ETF
November 30, 2022 (Percentages shown are based on Net Assets)

 

Security   Shares     Value  
                 
Common Stocks                
                 
Banks — 3.1%                
Banco Bradesco SA     12,060,942     $ 31,980,607  
Banco do Brasil SA     14,398,992       97,892,113  
Banco Santander Brasil SA     7,337,358       39,109,199  
              168,981,919  
Beverages — 3.9%                
Ambev SA     69,998,943       214,744,269  
                 
Capital Markets — 5.5%                
B3 SA - Brasil, Bolsa, Balcao     91,151,551       223,603,967  
Banco BTG Pactual SA     16,583,307       80,434,320  
XP Inc.(a)     1       17  
              304,038,304  
Containers & Packaging — 0.9%                
Klabin SA     12,971,204       49,241,758  
                 
Diversified Telecommunication Services — 1.1%                
Telefonica Brasil SA     8,179,214       59,972,654  
                 
Electric Utilities — 5.1%                
Centrais Eletricas Brasileiras SA     15,994,414       146,402,664  
CPFL Energia SA     2,730,050       18,360,439  
Energisa SA     2,601,550       21,712,378  
Equatorial Energia SA     17,543,976       93,140,093  
              279,615,574  
Electrical Equipment — 3.7%                
WEG SA     27,342,161       205,487,061  
                 
Food & Staples Retailing — 2.5%                
Atacadao SA     8,639,292       26,587,047  
Raia Drogasil SA     18,606,484       82,646,084  
Sendas Distribuidora SA     6,571,787       25,391,298  
              134,624,429  
Food Products — 1.4%                
BRF SA(a)     11,665,584       21,176,024  
JBS SA     13,418,160       57,014,930  
              78,190,954  
Health Care Providers & Services — 1.8%                
Hapvida Participacoes e Investimentos SA(b)     65,562,348       65,696,900  
Rede D’Or Sao Luiz SA(b)     5,232,598       31,318,854  
              97,015,754  
Independent Power and Renewable Electricity Producers — 0.6%                
Engie Brasil Energia SA     4,261,801       32,439,735  
                 
Insurance — 1.4%                
BB Seguridade Participacoes SA     12,435,559       75,054,045  
                 
Internet & Direct Marketing Retail — 0.4%                
Americanas SA     10,310,693       20,981,610  
                 
Metals & Mining — 18.4%                
Cia. Siderurgica Nacional SA     12,113,842       33,894,994  
Vale SA     59,065,477       975,556,097  
              1,009,451,091  
Multiline Retail — 0.6%                
Magazine Luiza SA(a)     47,813,269       31,418,819  
                 
Oil, Gas & Consumable Fuels — 9.0%                
Cosan SA     18,326,395       63,673,659  
Petro Rio SA(a)     9,316,841       64,723,350  
Petroleo Brasileiro SA     56,261,730       329,481,337  

 

Security     Shares       Value  
                 
Oil, Gas & Consumable Fuels (continued)                
Ultrapar Participacoes SA     14,087,576     $ 38,548,870  
              496,427,216  
Paper & Forest Products — 2.3%                
Suzano SA     12,483,613       127,858,794  
                 
Personal Products — 0.6%                
Natura & Co. Holding SA     14,773,774       33,337,681  
                 
Pharmaceuticals — 1.1%                
Hypera SA     7,205,760       61,707,916  
                 
Road & Rail — 4.1%                
Localiza Rent a Car SA     12,152,031       140,737,677  
Localiza Rent a Car SA, NVS(a)     35,964       395,931  
Rumo SA     22,436,821       84,137,808  
              225,271,416  
Software — 0.7%                
TOTVS SA     6,632,765       39,443,693  
                 
Specialty Retail — 2.3%                
Lojas Renner SA     16,729,447       74,631,061  
Vibra Energia SA     15,967,944       50,863,811  
              125,494,872  
Transportation Infrastructure — 0.9%                
CCR SA     22,021,501       50,116,860  
                 
Water Utilities — 1.3%                
Cia. de Saneamento Basico do Estado de Sao Paulo     6,273,563       72,886,414  
                 
Wireless Telecommunication Services — 0.8%                
Tim SA     16,871,450       42,265,187  
                 
Total Common Stocks — 73.5%                
(Cost: $2,931,997,483)             4,036,068,025  
                 
Preferred Stocks                
                 
Banks — 12.9%                
Banco Bradesco SA, Preference Shares, NVS     71,659,780       215,144,358  
Itau Unibanco Holding SA, Preference Shares, NVS     73,062,334       366,061,392  
Itausa SA, Preference Shares, NVS     73,952,472       126,547,246  
              707,752,996  
Chemicals — 0.3%                
Braskem SA, Class A, Preference Shares, NVS     2,928,413       15,879,742  
                 
Electric Utilities — 1.8%                
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS     4,818,475       45,572,327  
Cia. Energetica de Minas Gerais, Preference Shares, NVS     25,116,150       55,562,527  
              101,134,854  
Metals & Mining — 2.2%                
Gerdau SA, Preference Shares, NVS     19,604,905       119,268,666  
                 
Oil, Gas & Consumable Fuels — 6.7%                
Petroleo Brasileiro SA, Preference Shares, NVS     72,193,852       370,891,941  
                 
Total Preferred Stocks — 23.9%                
(Cost: $1,007,553,505)             1,314,928,199  
                 
Total Long-Term Investments — 97.4%                
(Cost: $3,939,550,988)             5,350,996,224  

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Schedule of Investments (unaudited) (continued) iShares® MSCI Brazil ETF
November 30, 2022 (Percentages shown are based on Net Assets)

 

Security   Shares     Value  
                 
Short-Term Securities                
                 
Money Market Funds — 0.0%                
BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%(c)(d)     1,340,000     $ 1,340,000  
                 
Total Short-Term Securities — 0.0%                
(Cost: $1,340,000)             1,340,000  
                 
Total Investments — 97.4%                
(Cost: $3,940,890,988)             5,352,336,224  
                 
Other Assets Less Liabilities — 2.6%.             141,073,017  
                 
Net Assets — 100.0%           $ 5,493,409,241  

 

 

(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, 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: Treasury, SL Agency Shares   $ 6,880,000   $ —   $  (5,540,000 (a) $ —   $ —   $ 1,340,000     1,340,000   $ 32,236   $ —  

 

(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   2,625   12/16/22  $128,346   $4,458,616 

 

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 Brazil 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  $4,036,068,025   $—   $—   $4,036,068,025 
Preferred Stocks   1,314,928,199    —    —    1,314,928,199 
Money Market Funds   1,340,000    —    —    1,340,000 
   $5,352,336,224   $—   $—   $5,352,336,224 
Derivative financial instruments(a)                    
Assets                    
Futures Contracts  $4,458,616   $—   $—   $4,458,616 

 

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

 

Portfolio Abbreviation

 

NVS Non-Voting Shares

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