NPORT-EX 2 NPORT_0BI0_91862647_1123.htm

 

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

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 1.8%          
MTU Aero Engines AG   40,960   $8,393,967 
Rheinmetall AG   33,186    10,004,947 
         18,398,914 
Air Freight & Logistics — 3.5%          
Deutsche Post AG, Registered   754,181    35,438,247 
           
Automobile Components — 0.6%          
Continental AG   83,584    6,486,700 
           
Automobiles — 6.6%          
Bayerische Motoren Werke AG   242,514    25,304,482 
Mercedes-Benz Group AG   610,199    39,674,735 
Volkswagen AG   22,367    2,902,485 
         67,881,702 
Banks — 1.0%          
Commerzbank AG   801,712    9,814,234 
           
Capital Markets — 4.5%          
Deutsche Bank AG, Registered   1,475,029    18,376,371 
Deutsche Boerse AG   144,411    27,453,760 
         45,830,131 
Chemicals — 5.4%          
BASF SE   678,764    31,574,353 
Covestro AG(a)(b)    147,137    7,737,374 
Evonik Industries AG   177,197    3,313,684 
Symrise AG, Class A   100,801    11,346,313 
Wacker Chemie AG   13,839    1,693,644 
         55,665,368 
Construction Materials — 0.8%          
HeidelbergCement AG   106,196    8,668,743 
           
Consumer Staples Distribution & Retail — 0.2%
HelloFresh SE(b)(c)    118,651    1,819,374 
           
Diversified Telecommunication Services — 5.8%
Deutsche Telekom AG, Registered   2,465,681    59,098,084 
           
Electrical Equipment — 0.5%
Siemens Energy AG(b)    397,201    4,692,886 
           
Health Care Equipment & Supplies — 1.5%
Carl Zeiss Meditec AG, Bearer   30,480    2,737,024 
Siemens Healthineers AG(a)(c)    214,173    12,362,377 
         15,099,401 
Health Care Providers & Services — 1.6%
Fresenius Medical Care AG & Co. KGaA   155,966    6,405,001 
Fresenius SE & Co. KGaA   321,786    10,218,266 
         16,623,267 
Hotels, Restaurants & Leisure — 0.4%
Delivery Hero SE(a)(b)    133,929    4,245,368 
           
Household Products — 0.5%          
Henkel AG & Co. KGaA   78,882    5,511,687 
           
Independent Power and Renewable Electricity Producers — 2.0%
RWE AG   480,411    20,592,437 
           
Industrial Conglomerates — 9.5%
Siemens AG, Registered   577,914    97,079,503 
           
Insurance — 13.3%          
Allianz SE, Registered   306,816    77,146,341 
Hannover Rueck SE   45,790    10,928,407 
Security  Shares   Value 
         
Insurance (continued)          
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered   103,800   $44,212,514 
Talanx AG(b)    49,096    3,563,144 
         135,850,406 
Interactive Media & Services — 0.4%
Scout24 SE(a)    56,853    3,961,528 
           
IT Services — 0.3%          
Bechtle AG   62,056    3,077,480 
           
Life Sciences Tools & Services — 0.7%
QIAGEN NV(b)    173,401    7,116,056 
           
Machinery — 2.3%          
Daimler Truck Holding AG   406,806    13,211,409 
GEA Group AG   124,505    4,581,030 
Knorr-Bremse AG   54,927    3,446,264 
Rational AG   3,896    2,498,592 
         23,737,295 
Multi-Utilities — 2.2%          
E.ON SE   1,707,065    22,188,556 
           
Passenger Airlines — 0.4%          
Deutsche Lufthansa AG, Registered(b)    457,147    3,976,735 
           
Personal Care Products — 1.1%          
Beiersdorf AG   76,801    10,765,563 
           
Pharmaceuticals — 4.2%          
Bayer AG, Registered   747,007    25,569,361 
Merck KGaA   98,369    17,230,685 
         42,800,046 
Real Estate Management & Development — 1.9%
LEG Immobilien SE(b)    56,234    4,309,129 
Vonovia SE   557,464    15,504,921 
         19,814,050 
Semiconductors & Semiconductor Equipment — 3.7%
Infineon Technologies AG   992,712    38,303,351 
           
Software — 12.7%          
Nemetschek SE   43,713    3,816,252 
SAP SE   794,119    126,321,037 
         130,137,289 
Specialty Retail — 0.4%          
Zalando SE(a)(b)    171,343    4,085,188 
           
Textiles, Apparel & Luxury Goods — 3.0%
adidas AG   123,227    25,795,547 
Puma SE   80,111    5,174,011 
         30,969,558 
Trading Companies & Distributors — 0.9%
Brenntag SE   105,748    9,148,578 
           
Total Common Stocks — 93.7%          
(Cost: $1,321,685,846)        958,877,725 
         
Preferred Stocks          
           
Automobiles — 3.5%          
Bayerische Motoren Werke AG, Preference Shares, NVS   44,809    4,258,155 
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)    86,689    7,941,760 
Porsche Automobil Holding SE, Preference Shares, NVS   116,339    5,688,836 

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

 

Security  Shares   Value 
         
Automobiles (continued)          
Volkswagen AG, Preference Shares, NVS   156,976   $18,220,898 
         36,109,649 
Household Products — 1.0%
Henkel AG & Co. KGaA, Preference Shares, NVS   128,891    10,139,913 
           
Life Sciences Tools & Services — 0.7%
Sartorius AG, Preference Shares, NVS   19,992    6,451,512 
           
Total Preferred Stocks — 5.2%
(Cost: $91,880,894)        52,701,074 
           
Total Long-Term Investments — 98.9%
(Cost: $1,413,566,740)        1,011,578,799 
         
Short-Term Securities          
           
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)    13,260,004    13,266,634 
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(d)(e)    400,000    400,000 
           
Total Short-Term Securities — 1.3%
(Cost: $13,662,758)        13,666,634 
           
Total Investments — 100.2%          
(Cost: $1,427,229,498)        1,025,245,433 
           
Liabilities in Excess of Other Assets — (0.2)%    (1,780,177)
           
Net Assets — 100.0%       $1,023,465,256 

 

(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) 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, 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  $33,273,035   $—   $(20,013,120)(a)   $5,492   $1,227   $13,266,634   13,260,004   $13,884(b)   $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   680,000    —    (280,000)(a)    —    —    400,000   400,000    5,664     — 
                  $5,492   $1,227   $13,666,634       $19,548    $— 

  

(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   26   12/15/23  $11,527   $435,853 

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

 

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  $—   $958,877,725   $—   $958,877,725 
Preferred Stocks   —    52,701,074    —    52,701,074 
Short-Term Securities                    
Money Market Funds   13,666,634    —    —    13,666,634 
   $13,666,634   $1,011,578,799   $—   $1,025,245,433 
Derivative Financial Instruments(a)                     
Assets                    
Equity Contracts  $—   $435,853   $—   $435,853 

 

(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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