NPORT-EX 2 NPORT_0BI0_47208846_0523.htm

 

Schedule of Investments (unaudited) iShares® MSCI Germany ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 1.8%          
MTU Aero Engines AG   67,296   $15,567,817 
Rheinmetall AG   54,681    13,852,329 
         29,420,146 
Air Freight & Logistics — 3.5%          
Deutsche Post AG, Registered   1,264,476    57,020,063 
Passenger Airlines — 0.5%          
Deutsche Lufthansa AG, Registered(a)   750,917    7,388,981 
Automobile Components — 0.6%          
Continental AG   138,195    9,224,183 
Automobiles — 8.1%          
Bayerische Motoren Werke AG   415,951    45,361,655 
Mercedes-Benz Group AG   1,075,546    80,400,876 
Volkswagen AG   37,137    5,620,065 
         131,382,596 
Banks — 0.8%          
Commerzbank AG(a)   1,342,077    13,575,919 
Capital Markets — 4.1%          
Deutsche Bank AG, Registered   2,434,127    24,783,354 
Deutsche Boerse AG   238,695    41,285,562 
         66,068,916 
Chemicals — 5.5%          
BASF SE   1,122,776    53,397,142 
Covestro AG(a)(b)   242,630    9,369,831 
Evonik Industries AG   262,383    5,270,142 
Symrise AG   166,820    17,865,195 
Wacker Chemie AG   23,051    3,060,191 
         88,962,501 
Construction Materials — 0.8%          
HeidelbergCement AG   181,938    13,051,499 
Diversified Telecommunication Services — 5.7%          
Deutsche Telekom AG, Registered   4,071,841    90,336,051 
Telefonica Deutschland Holding AG   1,120,144    3,158,219 
         93,494,270 
Electrical Equipment — 1.0%          
Siemens Energy AG(a)   652,437    16,596,387 
Consumer Staples Distribution & Retail — 0.3%          
HelloFresh SE(a)   206,479    4,933,958 
Health Care Equipment & Supplies — 1.6%          
Carl Zeiss Meditec AG, Bearer   50,559    5,688,934 
Siemens Healthineers AG(b)   354,274    20,118,439 
         25,807,373 
Health Care Providers & Services — 1.6%          
Fresenius Medical Care AG & Co. KGaA   257,517    11,023,644 
Fresenius SE & Co. KGaA   530,685    14,552,505 
         25,576,149 
Hotels, Restaurants & Leisure — 0.5%          
Delivery Hero SE(a)(b)(c)   217,591    8,171,683 
Household Products — 0.6%          
Henkel AG & Co. KGaA   130,901    9,404,642 
Independent Power and Renewable Electricity Producers — 2.0%
RWE AG   794,240    33,260,532 
Security  Shares   Value 
         
Industrial Conglomerates — 9.6%          
Siemens AG, Registered   954,740   $157,114,796 
Insurance — 11.8%          
Allianz SE, Registered   506,678    108,504,367 
Hannover Rueck SE   75,705    16,227,652 
Muenchener Rueckversicherungs-Gesellschaft AG in  Muenchen, Registered   176,005    62,955,594 
Talanx AG(a)   79,971    4,457,835 
         192,145,448 
Interactive Media & Services — 0.4%          
Scout24 SE(b)   94,192    6,050,903 
IT Services — 0.2%          
Bechtle AG   103,051    4,055,107 
Life Sciences Tools & Services — 0.8%          
QIAGEN NV(a)   285,575    12,934,284 
Machinery — 2.3%          
Daimler Truck Holding AG(a)   620,571    18,835,346 
GEA Group AG   190,860    8,043,964 
Knorr-Bremse AG   90,660    6,220,060 
Rational AG   6,435    4,324,872 
         37,424,242 
Multi-Utilities — 2.1%          
E.ON SE   2,820,487    34,193,621 
Personal Care Products — 1.0%          
Beiersdorf AG   126,594    16,154,609 
Pharmaceuticals — 6.0%          
Bayer AG, Registered   1,234,201    68,881,148 
Merck KGaA   162,369    28,359,691 
         97,240,839 
Real Estate Management & Development — 1.3%
LEG Immobilien SE(a)   93,257    4,857,011 
Vonovia SE   899,828    16,556,287 
         21,413,298 
Semiconductors & Semiconductor Equipment — 3.8%
Infineon Technologies AG   1,640,600    61,077,901 
Software — 10.9%          
Nemetschek SE   72,559    5,694,886 
SAP SE   1,311,839    172,015,830 
         177,710,716 
Specialty Retail — 0.5%          
Zalando SE(a)(b)   282,407    8,212,340 
Textiles, Apparel & Luxury Goods — 2.4%          
adidas AG   203,517    33,088,351 
Puma SE   133,284    6,370,222 
         39,458,573 
Trading Companies & Distributors — 0.9%          
Brenntag SE   193,967    15,254,095 
Total Common Stocks — 93.0%          
(Cost: $2,031,603,979)        1,513,780,570 
         
Preferred Stocks          
           
Automobiles — 4.2%          
Bayerische Motoren Werke AG, Preference Shares, NVS   74,761    7,696,721 

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Germany ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Automobiles (continued)          
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)(b)   143,040   $17,809,282 
Porsche Automobil Holding SE, Preference Shares, NVS   192,332    10,713,018 
Volkswagen AG, Preference Shares, NVS   259,187    32,471,384 
         68,690,405 
Household Products — 1.0%          
Henkel AG & Co. KGaA, Preference Shares, NVS   212,577    16,966,498 
Life Sciences Tools & Services — 0.7%          
Sartorius AG, Preference Shares, NVS   32,942    11,056,004 
Total Preferred Stocks — 5.9%          
(Cost: $136,066,830)        96,712,907 
Total Long-Term Investments — 98.9%          
(Cost: $2,167,670,809)        1,610,493,477 
         
Short-Term Securities          
           
Money Market Funds — 0.7%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(d)(e)(f)   11,311,784    11,314,046 
Security  Shares   Value 
         
Money Market Funds (continued)          
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e)   680,000   $680,000 
Total Short-Term Securities — 0.7%          
(Cost: $11,995,804)        11,994,046 
Total Investments — 99.6%          
(Cost: $2,179,666,613)        1,622,487,523 
Other Assets Less Liabilities — 0.4%        6,322,205 
           
Net Assets — 100.0%       $1,628,809,728 

 

(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, 2023 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
05/31/23		   Shares
Held at
05/31/23		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $8,462,684   $2,853,095(a)  $—   $2,856   $(4,589)  $11,314,046    11,311,784   $50,178(b)  $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   920,000    —    (240,000)(a)   —    —    680,000    680,000    21,778    — 
                  $2,856   $(4,589)  $11,994,046        $71,956   $— 

 

(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                  
DAX Index   42   06/16/23  $17,631   $511,274 

 

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

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Germany ETF
May 31, 2023  

 

Fair Value Hierarchy as of Period End (continued)

 

●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 
Assets                    
Investments                    
Long-Term Investments                    
Common Stocks  $4,457,835   $1,509,322,735   $—   $1,513,780,570 
Preferred Stocks   —    96,712,907    —    96,712,907 
Short-Term Securities                    
Money Market Funds   11,994,046    —    —    11,994,046 
   $16,451,881   $1,606,035,642   $—   $1,622,487,523 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $—   $511,274   $—   $511,274 

 

(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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