NPORT-EX 2 NPORT_0BHZ_92021948_1123.htm

 

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

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 9.0%          
Airbus SE   279,986   $41,609,516 
Dassault Aviation SA   9,699    1,926,295 
Safran SA   161,441    28,385,717 
Thales SA   49,643    7,418,035 
         79,339,563 
Automobile Components — 1.2%          
Cie. Generale des Etablissements Michelin SCA   320,423    10,774,654 
           
Automobiles — 0.4%          
Renault SA   90,895    3,572,065 
           
Banks — 5.3%          
BNP Paribas SA   496,148    31,191,345 
Credit Agricole SA   504,648    6,613,713 
Societe Generale SA   348,890    8,780,368 
         46,585,426 
Beverages — 2.0%          
Pernod Ricard SA   96,591    16,687,098 
Remy Cointreau SA   10,956    1,302,197 
         17,989,295 
Building Products — 1.6%          
Cie. de Saint-Gobain   215,270    14,034,726 
           
Capital Markets — 0.6%          
Amundi SA(a)   28,997    1,787,423 
Euronext NV(a)   40,419    3,355,259 
         5,142,682 
Chemicals — 5.7%          
Air Liquide SA   247,371    46,896,641 
Arkema SA   28,206    2,870,169 
         49,766,810 
Construction & Engineering — 4.1%          
Bouygues SA   90,091    3,428,125 
Eiffage SA   34,754    3,523,384 
Vinci SA   239,787    29,336,291 
         36,287,800 
Consumer Staples Distribution & Retail — 0.6%
Carrefour SA   272,047    5,157,946 
           
Diversified Telecommunication Services — 1.2%
Orange SA   879,468    10,835,846 
           
Electrical Equipment — 6.8%          
Legrand SA   125,358    12,090,650 
Schneider Electric SE   257,031    47,307,239 
         59,397,889 
Entertainment — 0.2%          
Bollore SE   346,630    1,983,040 
           
Financial Services — 1.1%          
Edenred   117,902    6,421,780 
Eurazeo SE   20,364    1,530,262 
Wendel SE   356    30,146 
Worldline SA/France(a)(b)   112,870    1,754,189 
         9,736,377 
Food Products — 2.2%          
Danone SA   304,116    19,555,533 
           
Health Care Equipment & Supplies — 3.3%
BioMerieux   19,620    2,113,303 

Security  Shares   Value 
         
Health Care Equipment & Supplies (continued)
EssilorLuxottica SA   139,256   $26,590,546 
         28,703,849 
Hotels, Restaurants & Leisure — 1.1%          
Accor SA   93,835    3,262,598 
La Francaise des Jeux SAEM(a)   49,662    1,797,074 
Sodexo SA   41,644    4,462,641 
         9,522,313 
Household Durables — 0.1%          
SEB SA   11,666    1,330,012 
           
Insurance — 3.0%          
AXA SA   852,062    26,567,627 
           
IT Services — 1.7%          
Capgemini SE   73,787    15,123,338 
           
Life Sciences Tools & Services — 0.8%
Eurofins Scientific SE   63,748    3,708,497 
Sartorius Stedim Biotech   12,993    2,929,837 
         6,638,334 
Machinery — 0.2%          
Alstom SA   137,171    1,699,696 
           
Media — 1.4%          
Publicis Groupe SA   108,104    9,135,527 
Vivendi SE   318,136    3,011,137 
         12,146,664 
Metals & Mining — 0.7%          
ArcelorMittal SA   241,847    6,080,292 
           
Multi-Utilities — 2.9%          
Engie SA   862,665    14,969,916 
Veolia Environnement SA   320,992    10,119,426 
         25,089,342 
Office REITs — 0.4%          
Covivio   23,733    1,159,913 
Gecina SA   21,871    2,421,694 
         3,581,607 
Oil, Gas & Consumable Fuels — 8.4%          
TotalEnergies SE   1,082,374    73,773,796 
           
Personal Care Products — 6.1%          
L’Oreal SA   113,922    53,530,941 
           
Pharmaceuticals — 5.9%          
Ipsen SA   17,748    2,001,012 
Sanofi   536,666    50,052,117 
         52,053,129 
Professional Services — 0.8%          
Bureau Veritas SA   138,846    3,361,586 
Teleperformance   28,119    3,946,077 
         7,307,663 
Retail REITs — 0.7%          
Klepierre SA   101,086    2,544,653 
Unibail-Rodamco-Westfield, New(b)   55,687    3,548,218 
         6,092,871 
Semiconductors & Semiconductor Equipment — 1.7%
STMicroelectronics NV   322,809    15,323,525 
           
Software — 1.7%          
Dassault Systemes SE   315,612    14,802,383 

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

  

Security  Shares   Value 
           
Textiles, Apparel & Luxury Goods — 16.6%          
Hermes International   14,959   $31,002,728 
Kering SA   35,160    15,124,756 
LVMH Moet Hennessy Louis Vuitton SE   130,419    99,806,977 
         145,934,461 
Transportation Infrastructure — 0.6%          
Aeroports de Paris   16,359    2,017,107 
Getlink SE   169,578    3,098,722 
         5,115,829 
Total Long-Term Investments — 100.1%          
(Cost: $894,249,504)       880,577,324 
         
Short-Term Securities        
         
Money Market Funds — 0.9%        
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(c)(d)   7,970,000    7,970,000 
           
Total Short-Term Securities — 0.9%          
(Cost: $7,970,000)        7,970,000 
           
Total Investments — 101.0%          
(Cost: $902,219,504)        888,547,324 
           
Liabilities in Excess of Other Assets — (1.0)%        (8,737,033)
           
Net Assets — 100.0%       $879,810,291 

 

(a) 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.

(b) Non-income producing security.

(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)   $42,535   $   $(42,539)(b)  $8   $(4)  $       $73(c)   $ 
BlackRock Cash Funds: Treasury, SL Agency Shares   7,570,000    400,000(b)                7,970,000    7,970,000    102,742     
                  $8   $(4)  $7,970,000        $102,815   $ 

 

(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.

 

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

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

 

Fair Value Hierarchy as of Period End (continued)

 

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  $   $880,577,324   $   $880,577,324 
Short-Term Securities                    
Money Market Funds   7,970,000            7,970,000 
   $7,970,000   $880,577,324   $   $888,547,324 

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