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.

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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)

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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 

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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.

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