NPORT-EX 2 NPORT_0BI0_99939413_0524.htm

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

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 2.6%          
MTU Aero Engines AG   34,841   $8,703,212 
Rheinmetall AG   28,196    16,252,727 
         24,955,939 
Air Freight & Logistics — 2.8%          
DHL Group, Registered   641,644    27,013,420 
           
Automobile Components — 0.5%          
Continental AG   71,346    4,862,552 
           
Automobiles — 6.4%          
Bayerische Motoren Werke AG   206,419    21,055,236 
Mercedes-Benz Group AG   519,387    37,695,686 
Volkswagen AG   19,236    2,758,192 
         61,509,114 
Banks — 1.2%          
Commerzbank AG   682,388    11,586,524 
           
Capital Markets — 4.7%          
Deutsche Bank AG, Registered   1,226,631    20,411,701 
Deutsche Boerse AG   122,989    24,508,824 
         44,920,525 
Chemicals — 5.4%          
BASF SE   577,738    30,577,712 
Covestro AG(a)(b)   122,147    6,581,167 
Evonik Industries AG   165,903    3,654,596 
Symrise AG, Class A   85,952    10,267,016 
         51,080,491 
Construction Materials — 1.0%          
Heidelberg Materials AG   88,391    9,269,862 
           
Diversified Telecommunication Services — 5.3%          
Deutsche Telekom AG, Registered   2,098,060    51,012,858 
           
Electrical Equipment — 1.1%          
Siemens Energy AG(b)   388,051    10,567,107 
           
Entertainment — 0.4%          
CTS Eventim AG & Co. KGaA   40,392    3,479,889 
           
Health Care Equipment & Supplies — 1.4%          
Carl Zeiss Meditec AG, Bearer   26,143    2,418,374 
Siemens Healthineers AG(a)   182,541    10,652,038 
         13,070,412 
Health Care Providers & Services — 1.5%          
Fresenius Medical Care AG & Co. KGaA   132,812    5,665,005 
Fresenius SE & Co. KGaA(b)   273,748    8,734,282 
         14,399,287 
Hotels, Restaurants & Leisure — 0.4%          
Delivery Hero SE, Class A(a)(b)(c)   124,221    3,805,126 
           
Household Products — 0.6%          
Henkel AG & Co. KGaA   67,291    5,392,025 
           
Independent Power and Renewable Electricity Producers — 1.6%          
RWE AG   409,271    15,554,000 
           
Industrial Conglomerates — 9.9%          
Siemens AG, Registered   491,956    94,820,110 
           
Insurance — 13.8%          
Allianz SE, Registered   253,564    74,227,735 
Hannover Rueck SE   39,032    9,703,691 
Security  Shares   Value 
           
Insurance (continued)          
Muenchener Rueckversicherungs-Gesellschaft AG in          
Muenchen, Registered   88,337   $44,053,473 
Talanx AG(b)   42,003    3,350,435 
         131,335,334 
Interactive Media & Services — 0.4%          
Scout24 SE(a)   48,232    3,628,176 
           
IT Services — 0.3%          
Bechtle AG   53,355    2,604,263 
           
Life Sciences Tools & Services — 0.6%          
Qiagen NV, NVS   143,787    6,156,121 
           
Machinery — 2.7%          
Daimler Truck Holding AG   346,258    14,815,060 
GEA Group AG   100,396    4,202,939 
Knorr-Bremse AG   46,664    3,593,732 
Rational AG   3,311    2,825,496 
         25,437,227 
Multi-Utilities — 2.0%          
E.ON SE   1,453,289    19,462,622 
           
Passenger Airlines — 0.3%          
Deutsche Lufthansa AG, Registered   386,572    2,707,546 
           
Personal Care Products — 1.1%          
Beiersdorf AG   65,249    10,229,538 
           
Pharmaceuticals — 3.6%          
Bayer AG, Registered   635,933    19,564,580 
Merck KGaA   83,660    15,205,200 
         34,769,780 
Real Estate Management & Development — 2.0%          
LEG Immobilien SE   48,204    4,286,980 
Vonovia SE(c)   474,595    14,919,182 
         19,206,162 
Semiconductors & Semiconductor Equipment — 3.6%      
Infineon Technologies AG   845,336    34,200,980 
           
Software — 13.3%          
Nemetschek SE   37,146    3,413,527 
SAP SE   675,940    123,263,290 
         126,676,817 
Specialty Retail — 0.4%          
Zalando SE(a)(b)   145,898    3,874,943 
           
Textiles, Apparel & Luxury Goods — 3.2%          
adidas AG   104,864    26,558,937 
Puma SE   68,288    3,546,328 
         30,105,265 
Trading Companies & Distributors — 0.6%          
Brenntag SE   84,116    6,059,368 
           
Total Common Stocks — 94.7%          
(Cost: $1,135,519,771)        903,753,383 
           
Preferred Stocks          
           
Automobiles — 3.3%        
Bayerische Motoren Werke AG, Preference          
Shares, NVS   38,023    3,675,883 
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)   73,648    6,117,940 
Porsche Automobil Holding SE, Preference          
Shares, NVS   98,783    5,450,702 

 

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

 

Security  Shares   Value 
         
Automobiles (continued)          
Volkswagen AG, Preference Shares, NVS   133,479   $16,773,123 
         32,017,648 
Household Products — 1.0%          
Henkel AG & Co. KGaA, Preference Shares, NVS   109,560    9,918,511 
           
Life Sciences Tools & Services — 0.5%          
Sartorius AG, Preference Shares, NVS   16,975    4,499,522 
           
Total Preferred Stocks — 4.8%          
(Cost: $78,652,459)        46,435,681 
           
Total Long-Term Investments — 99.5%          
(Cost: $1,214,172,230)        950,189,064 
         
Short-Term Securities          
           
Money Market Funds — 2.0%          
BlackRock Cash Funds: Institutional, SL Agency          
Shares, 5.49%(d)(e)(f)   18,161,862    18,167,310 
BlackRock Cash Funds: Treasury, SL Agency Shares,          
5.28%(d)(e)   380,000    380,000 
           
Total Short-Term Securities — 2.0%          
(Cost: $18,548,761)        18,547,310 
           
Total Investments — 101.5%          
(Cost: $1,232,720,991)        968,736,374 
           
Liabilities in Excess of Other Assets — (1.5)%        (14,173,414)
           
Net Assets — 100.0%       $954,562,960 

 

(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 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  $33,273,035   $—   $(15,109,120)(a) $7,495   $(4,100)  $18,167,310    18,161,862   $31,333(b)  $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   680,000    —    (300,000)(a)  —    —    380,000    380,000    12,559    — 
                  $7,495   $(4,100)  $18,547,310        $43,892   $— 

 

(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   8   06/21/24  $4,051   $113,702 

 

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

 

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  $—   $903,753,383   $—   $903,753,383 
Preferred Stocks   —    46,435,681    —    46,435,681 
Short-Term Securities                    
Money Market Funds   18,547,310    —    —    18,547,310 
   $18,547,310   $950,189,064   $—   $968,736,374 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $—   $113,702   $—   $113,702 

 

(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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