NPORT-EX 2 NPORT_0BHZ_34855688_0524.htm

Schedule of Investments (unaudited) iShares® MSCI France ETF
May 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 10.0%          
Airbus SE   190,557   $32,414,049 
Dassault Aviation SA   6,445    1,398,783 
Safran SA   109,614    25,672,167 
Thales SA   30,277    5,498,641 
         64,983,640 
Automobile Components — 1.4%          
Cie. Generale des Etablissements Michelin SCA   217,815    8,833,494 
           
Automobiles — 0.6%          
Renault SA   61,644    3,620,980 
           
Banks — 5.7%          
BNP Paribas SA   331,184    24,446,882 
Credit Agricole SA   339,630    5,526,079 
Societe Generale SA   231,994    6,948,877 
         36,921,838 
Beverages — 1.6%          
Pernod Ricard SA   65,582    9,821,092 
Remy Cointreau SA   7,329    686,242 
         10,507,334 
Building Products — 2.0%          
Cie. de Saint-Gobain SA   146,172    12,905,711 
           
Capital Markets — 0.6%          
Amundi SA(a)   19,691    1,519,432 
Euronext NV(a)   25,761    2,536,586 
         4,056,018 
Chemicals — 5.4%          
Air Liquide SA   168,287    33,131,301 
Arkema SA   19,311    1,978,913 
         35,110,214 
Construction & Engineering — 3.8%          
Bouygues SA   61,398    2,406,105 
Eiffage SA   23,408    2,589,862 
Vinci SA   160,710    20,055,328 
         25,051,295 
Consumer Staples Distribution & Retail — 0.5%          
Carrefour SA   181,285    2,956,306 
           
Diversified REITs — 0.1%          
Covivio SA/France   16,333    850,075 
           
Diversified Telecommunication Services — 1.1%          
Orange SA   597,214    6,973,467 
           
Electrical Equipment — 8.1%          
Legrand SA   84,672    9,193,924 
Schneider Electric SE   174,516    43,538,271 
         52,732,195 
Entertainment — 0.2%          
Bollore SE   228,113    1,536,385 
           
Financial Services — 0.8%          
Edenred SE   80,205    3,742,485 
Eurazeo SE   14,639    1,235,685 
         4,978,170 
Food Products — 2.0%          
Danone SA   206,486    13,316,249 
           
Health Care Equipment & Supplies — 3.5%          
BioMerieux   13,356    1,418,272 
Security  Shares   Value 
         
Health Care Equipment & Supplies (continued)          
EssilorLuxottica SA   94,603   $21,215,083 
         22,633,355 
Hotels, Restaurants & Leisure — 1.0%          
Accor SA   62,179    2,712,652 
La Francaise des Jeux SAEM(a)   33,838    1,218,186 
Sodexo SA   28,313    2,637,018 
         6,567,856 
Household Durables — 0.1%          
SEB SA   8,012    993,138 
           
Insurance — 3.2%          
AXA SA   582,418    21,029,031 
           
IT Services — 1.5%          
Capgemini SE   49,818    10,093,224 
           
Life Sciences Tools & Services — 0.7%          
Eurofins Scientific SE   43,386    2,618,903 
Sartorius Stedim Biotech   9,274    1,847,428 
         4,466,331 
Machinery — 0.3%          
Alstom SA(b)   92,870    1,828,030 
           
Media — 1.7%          
Publicis Groupe SA   73,399    8,244,526 
Vivendi SE   231,198    2,545,954 
         10,790,480 
Metals & Mining — 0.6%          
ArcelorMittal SA   150,417    3,968,387 
           
Multi-Utilities — 2.7%          
Engie SA   585,725    9,923,120 
Veolia Environnement SA   220,999    7,398,348 
         17,321,468 
Office REITs — 0.2%          
Gecina SA   14,642    1,580,418 
           
Oil, Gas & Consumable Fuels — 7.7%          
TotalEnergies SE   688,889    50,471,068 
           
Personal Care Products — 5.8%          
L'Oreal SA   77,166    38,089,146 
           
Pharmaceuticals — 5.7%          
Ipsen SA   12,060    1,582,095 
Sanofi SA   365,045    35,738,616 
         37,320,711 
Professional Services — 0.8%          
Bureau Veritas SA   101,581    3,059,335 
Teleperformance SE   17,294    1,978,293 
         5,037,628 
Retail REITs — 0.8%          
Klepierre SA   69,276    2,010,799 
Unibail-Rodamco-Westfield, New   37,738    3,325,087 
         5,335,886 
Semiconductors & Semiconductor Equipment — 1.4%          
STMicroelectronics NV   217,131    9,169,133 
           
Software — 1.3%          
Dassault Systemes SE   214,610    8,722,159 
           
Textiles, Apparel & Luxury Goods — 15.8%          
Hermes International SCA   10,156    24,106,474 

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI France ETF
May 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Textiles, Apparel & Luxury Goods (continued)          
Kering SA   23,873   $8,253,257 
LVMH Moet Hennessy Louis Vuitton SE   88,436    70,726,090 
         103,085,821 
Trading Companies & Distributors — 0.3%          
Rexel SA   71,869    2,184,089 
Transportation Infrastructure — 0.5%          
Aeroports de Paris SA   11,120    1,593,446 
Getlink SE   97,008    1,709,527 
         3,302,973 
Total Common Stocks — 99.5%          
(Cost: $637,365,416)        649,323,703 
           
Rights        
         
Industrial Conglomerates — 0.0%          
Alstom SA (Expires 06/17/24, Strike Price EUR 13.00)(c)   91,572    98,207 
           
Total Rights — 0.0%          
(Cost: $—)        98,207 
           
Total Long-Term Investments — 99.5%          
(Cost: $637,365,416)        649,421,910 
Security  Shares   Value 
         
Short-Term Securities          
           
Money Market Funds — 1.6%          
BlackRock Cash Funds: Institutional, SL Agency Shares,          
5.49%(d)(e)(f)   1,979,231   $1,979,825 
BlackRock Cash Funds: Treasury, SL Agency Shares,          
5.28%(d)(e)   8,260,000    8,260,000 
           
Total Short-Term Securities — 1.6%          
(Cost: $10,239,865)        10,239,825 
Total Investments — 101.1%          
(Cost: $647,605,281)        659,661,735 
           
Liabilities in Excess of Other Assets — (1.1)%        (7,330,155)
           
Net Assets—100.0%       $652,331,580 

 

(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)All or a portion of this security is on loan.

(c)Non-income producing security.

(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, 2024 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 Sales		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
05/31/24		   Shares
Held at
05/31/24		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $42,535   $1,937,491(a)  $—   $(157)  $(44)  $ 1,979,825    1,979,231   $1,738(b)  $       — 
BlackRock Cash Funds: Treasury, SL Agency Shares   7,570,000    690,000(a)   —    —    —    8,260,000    8,260,000    322,352    — 
                  $(157)  $(44)  $10,239,825        $324,090   $— 

 

(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                  
CAC 40 Index   38   06/21/24  $3,317   $(17,826)

 

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;

 

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Schedule of Investments (unaudited) (continued) iShares® MSCI France ETF
May 31, 2024  

 

Fair Value Hierarchy as of Period End (continued)

 

•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  $—   $649,323,703   $—   $649,323,703 
Rights   98,207    —    —    98,207 
Short-Term Securities                    
Money Market Funds   10,239,825    —    —    10,239,825 
   $10,338,032   $649,323,703   $—   $659,661,735 
Derivative Financial Instruments(a)                    
Liabilities                    
Equity Contracts  $—   $(17,826)  $—   $(17,826)

 

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

 

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