0001752724-24-015112.txt : 20240126 0001752724-24-015112.hdr.sgml : 20240126 20240126113843 ACCESSION NUMBER: 0001752724-24-015112 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231130 FILED AS OF DATE: 20240126 DATE AS OF CHANGE: 20240126 PERIOD START: 20240831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iShares, Inc. CENTRAL INDEX KEY: 0000930667 ORGANIZATION NAME: IRS NUMBER: 510396525 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-09102 FILM NUMBER: 24565637 BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: (415) 670-2000 MAIL ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: iSHARES INC DATE OF NAME CHANGE: 20070126 FORMER COMPANY: FORMER CONFORMED NAME: ISHARES INC DATE OF NAME CHANGE: 20000516 FORMER COMPANY: FORMER CONFORMED NAME: WEBS INDEX FUND INC DATE OF NAME CHANGE: 19970211 0000930667 S000004256 iShares MSCI Spain ETF C000011960 iShares MSCI Spain ETF EWP NPORT-P 1 primary_doc.xml NPORT-P false 0000930667 XXXXXXXX S000004256 C000011960 iShares, Inc. 811-09102 0000930667 549300MGJZCNMJLBAJ67 400 HOWARD STREET SAN FRANCISCO 94105 800-474-2737 iShares MSCI Spain ETF S000004256 549300KJYAHQCJB4CU67 2024-08-31 2023-11-30 N 831432703.55 10246491.12 821186212.43 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 14419163.43000000 N Enagas SA 213800OU3FQKGM4M2U23 Enagas SA 000000000 547161.00000000 NS 10014163.32000000 1.219475335608 Long EC CORP ES N 2 N N N Amadeus IT Group SA 9598004A3FTY3TEHHN09 Amadeus IT Group SA 000000000 506324.00000000 NS 34762558.12000000 4.233212588547 Long EC CORP ES N 2 N N N Acciona SA 54930002KP75TLLLNO21 Acciona SA 000000000 115561.00000000 NS 16311108.07000000 1.986286158133 Long EC CORP ES N 2 N N N Endesa SA 549300LHK07F2CHV4X31 Endesa SA 000000000 1062084.00000000 NS 22215749.39000000 2.705324207071 Long EC CORP ES N 2 N N N Iberdrola SA 5QK37QC7NWOJ8D7WVQ45 Iberdrola SA 000000000 11540573.00000000 NS 142629847.42000000 17.36875817702 Long EC CORP ES N 2 N N N ACS Actividades de Construccion y Servicios SA 95980020140005558665 ACS Actividades de Construccion y Servicios SA 000000000 713328.00000000 NS 28513384.77000000 3.472219131106 Long EC CORP ES N 2 N N N Industria de Diseno Textil SA 549300TTCXZOGZM2EY83 Industria de Diseno Textil SA 000000000 912307.00000000 NS 37646371.03000000 4.584389077673 Long EC CORP ES N 2 N N N Ferrovial SE 72450022R2ZFL41Y6I04 Ferrovial SE 000000000 1080890.00000000 NS 37381817.57000000 4.552173064301 Long EC CORP NL N 2 N N N BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES 5493008LW2651I1QB503 BlackRock Cash Funds: Treasury, SL Agency Shares 066922477 3550000.00000000 NS USD 3550000.00000000 0.432301461747 Long STIV RF US N 1 N N N Cellnex Telecom SA 5493008T4YG3AQUI7P67 Cellnex Telecom SA 000000000 915297.00000000 NS 34944713.28000000 4.255394544021 Long EC CORP ES N 2 N N N Repsol SA BSYCX13Y0NOTV14V9N85 Repsol SA 000000000 2222098.00000000 NS 34121065.27000000 4.155094758475 Long EC CORP ES N 2 N N N J.P. MORGAN SECURITIES LLC ZBUT11V806EZRVTWT807 TRS:iShares MSCI Spain ETF - JPM CFD 000000000 213924.00000000 OU Notional Amount USD 3784287.17000000 0.460831795848 N/A DE US N 2 J.P. MORGAN SECURITIES LLC ZBUT11V806EZRVTWT807 iShares MSCI Spain ETF - JPM CFD EWP-JMC ENAGAS SA 128880.00000000 USD 2358767.11000000 USD REDEIA CORP SA 85044.00000000 USD 1425520.06000000 USD Y Multi - See Part E Multi - See Part E 2023-02-08 0.00000000 USD 0.00000000 USD 213924.00000000 USD 259122.25000000 N N N CaixaBank SA 7CUNS533WID6K7DGFI87 CaixaBank SA 000000000 8217316.00000000 NS 37012273.55000000 4.507171819224 Long EC CORP ES N 2 N N N HSBC BANK PLC MP6I5ZYZBEU3UXPYFY54 TRS:iShares MSCI Spain ETF - HSBC CFD 000000000 319854.00000000 OU Notional Amount USD 5677172.08000000 0.691337968668 N/A DE US N 2 HSBC BANK PLC MP6I5ZYZBEU3UXPYFY54 iShares MSCI Spain ETF - HSBC CFD EWP-HSC ENAGAS SA 205035.00000000 USD 3752559.08000000 USD REDEIA CORP SA 114819.00000000 USD 1924613.00000000 USD Y Multi - See Part E Multi - See Part E 2023-02-13 0.00000000 USD 0.00000000 USD 319854.00000000 USD 393020.16000000 N N N Telefonica SA 549300EEJH4FEPDBBR25 Telefonica SA 000000000 8615241.00000000 NS 37151077.56000000 4.524074685821 Long EC CORP ES N 2 N N N Aena SME SA 959800R7QMXKF0NFMT29 Aena SME SA 000000000 204859.00000000 NS 35230959.98000000 4.290252252987 Long EC CORP ES N 2 N N N Redeia Corp SA 5493009HMD0C90GUV498 Redeia Corp SA 000000000 1094334.00000000 NS 18343387.81000000 2.233767144691 Long EC CORP ES N 2 N N N Banco Santander SA 5493006QMFDDMYWIAM13 Banco Santander SA 000000000 30631651.00000000 NS 126975236.18000000 15.46241695951 Long EC CORP ES N 2 N N N Corp ACCIONA Energias Renovables SA 254900UPX0OEHTKB9Y44 Corp ACCIONA Energias Renovables SA 000000000 461100.00000000 NS 13690707.19000000 1.667186684672 Long EC CORP ES N 2 N N N Meff Financial Derivatives N/A IBEX 35 INDX FUTR DEC23 000000000 22.00000000 NC 140916.04000000 0.017160059176 N/A DE ES N 2 Meff Financial Derivatives N/A Long MEFF Madrid IBEX 35 Index Futures IBZ3 Index 2023-12-15 2090843.96000000 EUR 140916.04000000 N N N Grifols SA 959800HSSNXWRKBK4N60 Grifols SA 000000000 1200282.00000000 NS 16991719.28000000 2.069167628827 Long EC CORP ES N 2 N N N Naturgy Energy Group SA TL2N6M87CW970S5SV098 Naturgy Energy Group SA 000000000 571352.00000000 NS 17048102.71000000 2.076033724379 Long EC CORP ES N 2 N N N Goldman Sachs & Co. FOR8UP27PHTHYVLBNG30 TRS:iShares MSCI Spain ETF - GS CFD 000000000 211161.00000000 OU Notional Amount USD 3766121.08000000 0.458619619155 N/A DE US N 2 Goldman Sachs & Co. FOR8UP27PHTHYVLBNG30 iShares MSCI Spain ETF - GS CFD EWP-GSC ENAGAS SA 147159.00000000 USD 2693310.12000000 USD REDEIA CORP SA 64002.00000000 USD 1072810.96000000 USD Y Multi - See Part E Multi - See Part E 2023-02-28 0.00000000 USD 0.00000000 USD 211161.00000000 USD 142245.23000000 N N N Banco Bilbao Vizcaya Argentaria SA K8MS7FD7N5Z2WQ51AZ71 Banco Bilbao Vizcaya Argentaria SA 000000000 11233109.00000000 NS 104571973.67000000 12.73425833107 Long EC CORP ES N 2 N N N 2023-12-29 iShares, Inc. Chuck Pulsfort Chuck Pulsfort Assistant Treasurer XXXX NPORT-EX 2 NPORT_0BIA_15459304_1123.htm

Schedule of Investments (unaudited) iShares® MSCI Spain ETF
November 30, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Banks — 32.3%          
Banco Bilbao Vizcaya Argentaria SA   11,084,487   $103,188,412 
Banco Santander SA   30,293,414    125,573,166 
CaixaBank SA   8,070,873    36,352,668 
         265,114,246 
           
Biotechnology — 2.1%          
Grifols SA(a)   1,200,282    16,991,719 
           
Construction & Engineering — 8.0%          
ACS Actividades de Construccion y Servicios SA   694,992    27,780,452 
Ferrovial SE   1,094,816    37,863,439 
         65,643,891 
Diversified Telecommunication Services — 9.1%          
Cellnex Telecom SA(b)   980,927    37,450,372 
Telefonica SA   8,697,867    37,507,381 
         74,957,753 
Electric Utilities — 24.0%          
Acciona SA   115,561    16,311,108 
Endesa SA   1,063,919    22,254,132 
Iberdrola SA   11,331,982    140,051,873 
Redeia Corp. SA   1,094,334    18,343,388 
         196,960,501 
Gas Utilities — 3.3%          
Enagas SA   547,161    10,014,163 
Naturgy Energy Group SA   572,666    17,087,310 
         27,101,473 
Hotels, Restaurants & Leisure — 4.4%          
Amadeus IT Group SA   525,107    36,052,138 
           
Independent Power and Renewable Electricity Producers — 1.6%
Corp. ACCIONA Energias Renovables SA   461,100    13,690,707 
Security  Shares   Value 
         
Oil, Gas & Consumable Fuels — 4.4%          
Repsol SA   2,369,780   $36,388,772 
           
Specialty Retail — 4.6%          
Industria de Diseno Textil SA   910,803    37,584,309 
           
Transportation Infrastructure — 4.3%          
Aena SME SA(b)   204,859    35,230,960 
           
Total Long-Term Investments — 98.1%          
(Cost: $829,422,256)   .    805,716,469 

 

Short-Term Securities

 

Money Market Funds — 0.4%        
BlackRock Cash Funds: Treasury, SL Agency Shares,        
5.34%(c)(d)   3,550,000    3,550,000 
           
Total Short-Term Securities — 0.4%          
(Cost: $3,550,000)        3,550,000 
           
Total Investments — 98.5%          
(Cost: $832,972,256)        809,266,469 
Other Assets Less Liabilities — 1.5%        11,907,595 
           
Net Assets — 100.0%       $821,174,064 

 

(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
08/31/23		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
11/30/23		   Shares
Held at
11/30/23		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares(a)   $—   $— $(11)(b)  $11   $—   $—    —   $19(c)  $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   3,440,000    110,000(b)   —  —    —    3,550,000    3,550,000    42,950    — 
                  $11   $—   $3,550,000        $42,969   $— 

  

(a) As of period end, the entity is no longer held.

(b) Represents net amount purchased (sold).

(c) 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.

1

 

Schedule of Investments (unaudited) (continued) iShares® MSCI Spain ETF
November 30, 2023  

 

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   22   12/15/23  $2,417   $140,916 

 

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)   08/19/26  $3,624,031   $123,121(c)  $3,765,037    0.4%
   Monthly  HSBC Bank PLC(d)   02/10/28   5,284,424    273,974(e)   5,593,700    0.6 
   Monthly  JPMorgan Chase Bank NA(f)   02/08/24   3,525,283    182,244(g)   3,723,523    0.4 
                 $579,339    $13,082,260      

 

(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 $(17,885) of net dividends and financing fees.

(e) Amount includes $(35,302) of net dividends, payable for referenced securities purchased and financing fees.

(g) Amount includes $(15,996) 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)

2

 

Schedule of Investments (unaudited) (continued) iShares® MSCI Spain ETF
November 30, 2023  

 

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 August 19, 2026.

 

           % of 
           Basket 
   Shares   Value   Value 
             
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   64,002   $1,076,546    28.6%
                
Gas Utilities               
Enagas SA   147,159    2,688,491    71.4 
                
Total Reference Entity — Long       3,765,037      
                
Net Value of Reference Entity — Goldman Sachs Bank USA       $3,765,037      

 

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, 2028.

 

           % of 
           Basket 
   Shares   Value   Value 
                
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   114,819   $1,895,210    33.9%
           % of 
           Basket 
   Shares   Value   Value 
Gas Utilities               
Enagas SA   205,035   $3,698,490    66.1 
                
Total Reference Entity — Long       5,593,700      
Net Value of Reference Entity — HSBC Bank PLC      $5,593,700      

 

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, 2024.

 

           % of 
           Basket 
   Shares   Value   Value 
             
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   85,044   $1,401,533    37.6%
                
Gas Utilities               
Enagas SA   128,880    2,321,990    62.4 
                
Total Reference Entity — Long       3,723,523      
Net Value of Reference Entity — JPMorgan Chase Bank NA       $3,723,523      

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 
Assets                    
Investments                    
Long-Term Investments                    
Common Stocks  $—   $805,716,469   $—   $805,716,469 
Short-Term Securities                    
Money Market Funds   3,550,000    —    —    3,550,000 
   $3,550,000   $805,716,469   $—   $809,266,469 

3

 

Schedule of Investments (unaudited) (continued) iShares® MSCI Spain ETF
November 30, 2023  

  

Fair Value Hierarchy as of Period End (continued)

 

   Level 1   Level 2   Level 3   Total 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $—   $720,255   $—   $720,255 

 

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

4