NPORT-EX 2 NPORT_0BIA_41444623_0524.htm
Schedule of Investments (unaudited) iShares® MSCI Spain ETF
May 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Banks — 37.8%          
Banco Bilbao Vizcaya Argentaria SA   12,118,236   $131,499,278 
Banco de Sabadell SA   18,802,669    39,548,938 
Banco Santander SA   33,556,299    176,967,399 
CaixaBank SA   8,584,555    49,164,328 
         397,179,943 
Biotechnology — 2.1%          
Grifols SA(a)(b)   2,149,826    21,851,641 
           
Construction & Engineering — 8.4%          
ACS Actividades de Construccion y Servicios SA   924,154    41,376,850 
Ferrovial SE   1,187,011    46,911,510 
         88,288,360 
Diversified Telecommunication Services — 8.9%          
Cellnex Telecom SA(c)   1,256,517    45,900,610 
Telefonica SA   10,215,934    47,742,138 
         93,642,748 
Electric Utilities — 23.9%          
Acciona SA   206,725    26,540,691 
Endesa SA   1,698,579    33,830,372 
Iberdrola SA   12,196,307    160,976,134 
Redeia Corp. SA   1,644,029    29,628,136 
         250,975,333 
Hotels, Restaurants & Leisure — 4.5%          
Amadeus IT Group SA   656,484    46,861,417 
           
Oil, Gas & Consumable Fuels — 4.5%          
Repsol SA   2,913,522    47,562,347 
           
Specialty Retail — 4.5%          
Industria de Diseno Textil SA   1,001,028    47,600,439 
Security  Shares   Value 
           
Transportation Infrastructure — 4.5%          
Aena SME SA(c)   239,013   $46,742,001 
           
Total Long-Term Investments — 99.1%          
(Cost: $957,282,490)        1,040,704,229 
           
Short-Term Securities          
           
Money Market Funds — 2.5%          
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.49%(d)(e)(f)		   22,151,869    22,158,514 
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.28%(d)(e)		   3,430,000    3,430,000 
           
Total Short-Term Securities — 2.5%          
(Cost: $25,591,239)        25,588,514 
           
Total Investments — 101.6%          
(Cost: $982,873,729)        1,066,292,743 
           
Liabilities in Excess of Other Assets — (1.6)%        (16,409,755)
           
Net Assets — 100.0%       $1,049,882,988 

 

(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		  $—   $22,162,274(a)  $—   $(1,035)  $(2,725)  $22,158,514    22,151,869   $16,723(b)  $— 
BlackRock Cash Funds: Treasury, SL Agency
Shares		   3,440,000    —    (10,000)(a)  —    —    3,430,000    3,430,000    138,199    — 
                  $(1,035)  $(2,725)  $25,588,514        $154,922   $— 

 

(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.

 

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

 

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                  
IBEX 35 Index   19   06/21/24  $2,345   $40,441 

 

OTC Total Return Swaps

 

Reference Entity  Payment
Frequency		  Counterparty(a)  Termination
Date		  Net Notional   Accrued
Unrealized
Appreciation
(Depreciation)		   Net Value of
Reference
Entity		   Gross
Notional
Amount
Net Asset
Percentage		 
Equity Securities Long  Monthly  Goldman Sachs Bank USA(b)  08/19/26  $2,275,792   $(33,956)(c) $2,256,067    0.2%
   Monthly  HSBC Bank PLC(d)  02/08/28   2,270,596    26,210(e)   2,314,068    0.2 
   Monthly  JPMorgan Chase Bank NA(f)  02/10/25   1,958,566    30,141(g)   1,996,065    0.2 
                 $22,395   $6,566,200      

 

(a)The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

(c)Amount includes $(14,231) of net dividends and financing fees.

(e)Amount includes $(17,262) of net dividends, payable for referenced securities purchased and financing fees.

(g)Amount includes $(7,358) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

 

  (b) (d) (f)
Range: 45 basis points 45 basis points 40 basis points
Benchmarks: EUR - 1D Euro Short Term Rate (ESTR) EUR - 1D Euro Short Term Rate (ESTR) EUR - 1D Euro Short Term Rate (ESTR)

 

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

 

The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

 

   Shares   Value  

% of

 Basket

 Value

 
                
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   124,824   $2,256,067    100.0%
                
Net Value of Reference Entity — Goldman Sachs Bank USA   $2,256,067      

 

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 08, 2028.

 

   Shares   Value  

% of

 Basket

 Value

 
             
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   129,630   $2,314,068    100.0%
                
Net Value of Reference Entity — HSBC Bank PLC   $2,314,068      

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.

 

   Shares   Value   % of
Basket
Value		 
             
Reference Entity — Long               
                
Common Stocks               
Electric Utilities               
Red Electrica Corp. SA   111,816   $1,996,065    100.0%
                
Net Value of Reference Entity — JPMorgan Chase Bank NA   $1,996,065      

 

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.  $—   $1,040,704,229   $—   $1,040,704,229 
Short-Term Securities                    
Money Market Funds   25,588,514    —    —    25,588,514 
   $25,588,514   $1,040,704,229   $—   $1,066,292,743 

 

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

 

Fair Value Hierarchy as of Period End (continued)

 

   Level 1   Level 2   Level 3   Total 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $—   $96,792   $—   $96,792 
Liabilities                    
Equity Contracts   —    (33,956)   —    (33,956)
   $—   $62,836   $—   $62,836 

 

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

 

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