NPORT-EX 2 NPORT_2Q2D_54781518_0524.htm

 

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

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 4.3%          
Kongsberg Gruppen ASA   15,088   $1,297,230 
           
Banks — 12.6%          
DNB Bank ASA   145,534    2,845,153 
SpareBank 1 Nord Norge   16,292    155,527 
SpareBank 1 Oestlandet   5,893    76,636 
SpareBank 1 SMN   22,264    325,119 
SpareBank 1 SR-Bank ASA   31,731    410,632 
         3,813,067 
Biotechnology — 0.1%          
Nykode Therapeutics ASA(a)(b)   28,007    42,105 
           
Broadline Retail — 0.6%          
Europris ASA(c)   27,208    182,147 
           
Chemicals — 4.3%          
Borregaard ASA   16,296    298,710 
Elkem ASA(a)(c)   49,358    103,152 
Yara International ASA   28,401    883,142 
         1,285,004 
Commercial Services & Supplies — 0.1%          
Aker Carbon Capture ASA(a)   61,454    43,429 
           
Construction & Engineering — 0.9%          
Cadeler AS(a)   33,108    206,604 
Norconsult Norge A/S, NVS   18,641    57,541 
         264,145 
Diversified Telecommunication Services — 4.2%          
Telenor ASA   108,023    1,259,683 
           
Electrical Equipment — 0.7%          
NEL ASA(a)(b)   286,685    219,861 
           
Electronic Equipment, Instruments & Components — 0.3% 
Kitron ASA   30,500    97,866 
           
Energy Equipment & Services — 7.4%          
Aker Solutions ASA   46,432    203,091 
Borr Drilling Ltd.   36,239    243,049 
BW Offshore Ltd.   14,222    41,055 
DOF Group ASA(a)   24,241    222,722 
Odfjell Drilling Ltd.   16,246    89,468 
PGS ASA(a)   163,866    147,359 
Seadrill Ltd.(a)   5,064    258,764 
Subsea 7 SA   39,147    726,922 
TGS ASA(b)   22,477    295,568 
         2,227,998 
Food Products — 13.1%          
Austevoll Seafood ASA   15,648    127,693 
Bakkafrost P/F   8,635    475,761 
Grieg Seafood ASA   8,757    60,528 
Leroy Seafood Group ASA   45,987    201,625 
Mowi ASA   79,831    1,435,567 
Orkla ASA   120,244    962,735 
Salmar ASA   11,324    691,487 
         3,955,396 
Independent Power and Renewable Electricity Producers — 0.6%      
Scatec ASA(a)(c)   20,445    169,693 
           
Industrial Conglomerates — 0.8%          
Aker ASA, Class A   3,825    228,015 
Security  Shares   Value 
         
Insurance — 5.4%          
Gjensidige Forsikring ASA   34,306   $602,029 
Protector Forsikring ASA   9,198    212,505 
Storebrand ASA   75,855    822,072 
         1,636,606 
IT Services — 0.6%          
Atea ASA   13,494    187,697 
           
Machinery — 1.8%          
TOMRA Systems ASA   40,624    534,982 
           
Marine Transportation — 4.1%          
Belships ASA   19,539    44,490 
Golden Ocean Group Ltd.   22,258    318,826 
Gram Car Carriers ASA   2,014    49,600 
Hoegh Autoliners ASA   21,270    253,920 
MPC Container Ships ASA   64,744    139,366 
Odfjell SE, Class A   2,593    44,467 
Stolt-Nielsen Ltd.   4,015    185,444 
Wallenius Wilhelmsen ASA   18,144    193,828 
         1,229,941 
Media — 2.7%          
Schibsted ASA, Class A   12,543    363,278 
Schibsted ASA, Class B   16,699    451,191 
         814,469 
Metals & Mining — 5.1%          
Norsk Hydro ASA   227,586    1,541,130 
           
Oil, Gas & Consumable Fuels — 26.3%          
Aker BP ASA   54,206    1,399,454 
Avance Gas Holding Ltd.(c)   3,320    58,453 
BlueNord ASA(a)(b)   4,045    211,956 
BW Energy Ltd.(a)   10,831    34,671 
BW LPG Ltd.(c)   14,409    298,440 
Cool Co. Ltd.   4,160    52,155 
DNO ASA   82,874    92,763 
Equinor ASA   154,538    4,485,887 
Flex LNG Ltd.   5,530    159,320 
Frontline PLC, NVS   24,821    714,439 
Hafnia Ltd.   48,138    423,028 
         7,930,566 
Passenger Airlines — 0.5%          
Norwegian Air Shuttle ASA(a)(b)   124,002    166,656 
           
Real Estate Management & Development — 0.4%          
Entra ASA(a)(c)   12,497    134,407 
           
Semiconductors & Semiconductor Equipment — 1.5%          
Nordic Semiconductor ASA(a)   31,415    406,025 
REC Silicon ASA(a)(b)   46,770    42,752 
         448,777 
Software — 0.5%          
Crayon Group Holding ASA(a)(b)(c)   13,060    140,340 
           
Total Long-Term Investments — 98.9%          
(Cost: $33,942,787)        29,851,210 
           
Short-Term Securities          
           
Money Market Funds — 2.3%          
BlackRock Cash Funds: Institutional, SL Agency Shares,          
5.49%(d)(e)(f)   693,664    693,872 

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

 

Security  Shares   Value 
         
Money Market Funds (continued)          
BlackRock Cash Funds: Treasury, SL Agency Shares,          
5.28%(d)(e)   10,000   $10,000 
           
Total Short-Term Securities — 2.3%          
(Cost: $703,836)        703,872 
           
Total Investments — 101.2%          
(Cost: $34,646,623)        30,555,082 
           
Liabilities in Excess of Other Assets — (1.2)%        (366,399)
           
Net Assets — 100.0%       $30,188,683 

 

(a)Non-income producing security.

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

(c)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.

(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  $552,887   $141,029(a)   $  —   $(26)  $(18)  $693,872    693,664   $8,848(b)   $      — 
BlackRock Cash Funds: Treasury, SL Agency Shares   10,000    0(a)    —    —    —    10,000    10,000    708    — 
                  $(26)  $(18)  $703,872        $9,556   $— 

 

(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                  
Euro STOXX 50 Index   6   06/21/24  $327   $1,277 

 

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).

 

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

 

Fair Value Hierarchy as of Period End (continued)

 

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  $7,680,061   $22,171,149   $—   $29,851,210 
Short-Term Securities                    
Money Market Funds   703,872    —    —    703,872 
   $8,383,933   $22,171,149   $—   $30,555,082 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $—   $1,277   $—   $1,277 

 

(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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