NPORT-EX 2 NPORT_0BHZ_95572109_1122.htm

 

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

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 7.4%          
Airbus SE   328,945   $37,761,419 
Dassault Aviation SA   13,864    2,203,784 
Safran SA   190,311    23,519,716 
Thales SA   59,478    7,608,728 
         71,093,647 
Auto Components — 1.3%          
Cie. Generale des Etablissements Michelin SCA   377,836    10,644,547 
Valeo   115,747    2,163,843 
         12,808,390 
Automobiles — 0.4%          
Renault SA(a)   107,589    3,914,570 
           
Banks — 5.5%          
BNP Paribas SA   618,298    34,743,404 
Credit Agricole SA   674,485    6,821,962 
Societe Generale SA   448,501    11,288,332 
         52,853,698 
Beverages — 2.6%          
Pernod Ricard SA   114,765    22,767,730 
Remy Cointreau SA   12,879    2,228,975 
         24,996,705 
Building Products — 1.3%          
Cie. de Saint-Gobain   274,768    12,669,978 
           
Capital Markets — 0.6%          
Amundi SA(b)   34,242    1,926,804 
Euronext NV(b)   47,494    3,633,225 
         5,560,029 
Chemicals — 4.7%          
Air Liquide SA   291,046    42,373,704 
Arkema SA   32,951    2,929,729 
         45,303,433 
Construction & Engineering — 4.0%          
Bouygues SA   127,252    3,935,414 
Eiffage SA   46,181    4,547,160 
Vinci SA   298,748    30,163,319 
         38,645,893 
Diversified Financial Services — 0.3%          
Eurazeo SE   24,476    1,544,811 
Wendel SE   14,841    1,381,902 
         2,926,713 
Diversified Telecommunication Services — 1.2%          
Orange SA   1,110,331    11,282,246 
           
Electric Utilities — 0.4%          
Electricite de France SA   323,846    4,053,110 
           
Electrical Equipment — 5.9%          
Legrand SA   148,843    12,127,860 
Schneider Electric SE   301,924    44,586,364 
         56,714,224 
Entertainment — 0.4%          
Bollore SE   488,338    2,747,303 
Ubisoft Entertainment SA(a)   52,038    1,447,603 
         4,194,906 
Equity Real Estate Investment Trusts (REITs) — 1.1%          
Covivio   26,509    1,535,021 
Security  Shares   Value 
         
Equity Real Estate Investment Trusts (REITs) (continued)          
Gecina SA   25,375   $2,482,419 
Klepierre SA   120,733    2,797,655 
Unibail-Rodamco-Westfield(a)(c)   65,325    3,521,078 
         10,336,173 
Food & Staples Retailing — 0.6%          
Carrefour SA   330,198    5,652,478 
           
Food Products — 2.0%          
Danone SA   356,770    18,750,870 
           
Health Care Equipment & Supplies — 3.4%          
BioMerieux   23,328    2,353,843 
EssilorLuxottica SA   161,549    30,167,042 
         32,520,885 
Hotels, Restaurants & Leisure — 1.0%          
Accor SA(a)   94,113    2,478,952 
La Francaise des Jeux SAEM(b)   59,034    2,367,039 
Sodexo SA   49,043    4,697,020 
         9,543,011 
Household Durables — 0.1%          
SEB SA   13,959    1,102,291 
           
Insurance — 3.1%          
AXASA   1,040,103    29,402,217 
           
IT Services — 3.2%          
Capgemini SE   91,059    16,463,225 
Edenred   139,054    7,639,481 
Worldline SA/France(a)(b)   133,155    6,307,714 
         30,410,420 
Life Sciences Tools & Services — 1.1%          
Eurofins Scientific SE   74,606    5,178,834 
Sartorius Stedim Biotech   15,417    5,261,871 
         10,440,705 
Machinery — 0.5%          
Alstom SA   175,942    4,619,526 
           
Media — 1.2%          
Publicis Groupe SA   126,465    8,323,472 
Vivendi SE   399,525    3,595,899 
         11,919,371 
Metals & Mining — 0.8%          
ArcelorMittal SA   293,098    8,036,486 
           
Multi-Utilities — 2.6%          
Engie SA   1,016,509    15,452,752 
Veolia Environnement SA   370,379    9,586,100 
         25,038,852 
Oil, Gas & Consumable Fuels — 9.0%          
TotalEnergies SE   1,383,541    86,471,432 
           
Personal Products — 5.2%          
L’Oreal SA   134,301    50,437,541 
           
Pharmaceuticals — 6.2%          
Ipsen SA   21,165    2,365,935 
Sanofi   633,756    57,246,722 
         59,612,657 
Professional Services — 1.2%          
Bureau Veritas SA   163,036    4,275,728 

1

 

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

 

Security  Shares   Value 
         
Professional Services (continued)          
Teleperformance   32,696   $7,463,896 
         11,739,624 
Semiconductors & Semiconductor Equipment — 1.5%          
STMicroelectronics NV   380,368    14,722,868 
           
Software — 1.4%          
Dassault Systemes SE   370,971    13,832,502 
           
Textiles, Apparel & Luxury Goods — 18.0%          
Hermes International   17,621    28,639,022 
Kering SA   41,636    25,016,450 
LVMH Moet Hennessy Louis Vuitton SE   153,895    119,426,900 
         173,082,372 
Transportation Infrastructure — 0.7%          
Aeroports de Paris(a)   16,630    2,563,308 
Getlink SE   243,971    4,031,716 
         6,595,024 
           
Total Long-Term Investments — 99.9%          
(Cost: $1,006,061,320)        961,284,847 

         
Short-Term Securities          
           
Money Market Funds — 1.0%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.06%(d)(e)(f)   1,378,753    1,378,891 
Security  Shares   Value 
         
Money Market Funds (continued)          
BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%(d)(e)   8,030,000   $8,030,000 
           
Total Short-Term Securities — 1.0%          
(Cost: $9,408,474)        9,408,891 
           
Total Investments — 100.9%          
(Cost: $1,015,469,794)        970,693,738 
           
Liabilities in Excess of Other Assets — (0.9)%        (9,002,564)
           
Net Assets — 100.0%       $961,691,174 

 

(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  $2,434,800   $   $(1,055,525)(a)  $342   $(726)  $1,378,891    1,378,753   $2,253(b)  $ 
BlackRock Cash Funds: Treasury, SL Agency Shares   7,730,000    300,000(a)               8,030,000    8,030,000    57,759     
                  $342   $(726)  $9,408,891        $60,012   $ 

 

(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   9   12/16/22  $637   $15,205 

 

2

 

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

 

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 
Investments                    
Assets                    
Common Stocks  $   $961,284,847   $   $961,284,847 
Money Market Funds   9,408,891            9,408,891 
   $9,408,891   $961,284,847   $   $970,693,738 
                     
Derivative financial instruments(a)                    
Assets                    
Futures Contracts  $   $15,205   $   $15,205 

 

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

 

3