NPORT-EX 2 NPORT_0BHX_67345970_0523.htm

 

Schedule of Investments (unaudited) iShares® MSCI Canada ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
           
Common Stocks          
           
Aerospace & Defense — 0.4%          
CAE Inc.(a)   574,807   $11,754,433 
           
Passenger Airlines — 0.2%          
Air Canada(a)(b)   322,035    5,083,764 
           
Automobile Components — 0.8%          
Magna International Inc.   492,943    23,850,089 
           
Banks — 23.5%          
Bank of Montreal   1,285,515    107,216,212 
Bank of Nova Scotia (The)   2,159,673    104,316,581 
Canadian Imperial Bank of Commerce   1,643,126    67,746,418 
National Bank of Canada   610,151    43,742,096 
Royal Bank of Canada   2,511,020    224,613,745 
Toronto-Dominion Bank (The)   3,300,457    186,819,238 
         734,454,290 
Capital Markets — 3.7%          
Brookfield Asset Management Ltd.   639,877    19,561,617 
Brookfield Corp.   2,553,879    76,701,029 
IGM Financial Inc.   150,655    4,425,872 
Onex Corp.   124,566    5,640,569 
TMX Group Ltd.   100,927    10,985,616 
         117,314,703 
Chemicals — 1.5%          
Nutrien Ltd.   905,856    47,725,098 
           
Commercial Services & Supplies — 1.0%          
GFL Environmental Inc.   420,690    15,185,127 
RB Global Inc.   327,641    17,114,566 
         32,299,693 
Construction & Engineering — 0.9%          
WSP Global Inc.   225,859    27,989,878 
           
Containers & Packaging — 0.4%          
CCL Industries Inc., Class B, NVS   268,911    12,529,371 
           
Financial Services — 0.5%          
Element Fleet Management Corp.   715,710    10,855,594 
Nuvei Corp.(a)(c)   117,504    3,686,553 
         14,542,147 
Diversified Telecommunication Services — 0.7%
BCE Inc.   131,945    5,952,348 
TELUS Corp.   847,563    16,058,431 
         22,010,779 
Electric Utilities — 2.4%          
Emera Inc.   491,672    20,271,736 
Fortis Inc.   877,523    36,910,912 
Hydro One Ltd.(c)   595,496    16,972,185 
         74,154,833 
Consumer Staples Distribution & Retail — 4.4%
Alimentation Couche-Tard Inc.   1,424,169    68,958,106 
Empire Co. Ltd., Class A, NVS   283,380    7,226,973 
George Weston Ltd.   113,989    13,408,297 
Loblaw Companies Ltd.   290,899    25,434,108 
Metro Inc.   422,652    22,233,208 
         137,260,692 
Food Products — 0.4%          
Saputo Inc.   454,588    11,760,686 

 

Security  Shares   Value 
           
Gas Utilities — 0.3%          
AltaGas Ltd.   510,892   $8,663,524 
           
Hotels, Restaurants & Leisure — 1.2%          
Restaurant Brands International Inc.   535,502    38,879,615 
           
Independent Power and Renewable Electricity Producers — 0.6%
Brookfield Renewable Corp., Class A   233,590    7,839,676 
Northland Power Inc.   454,185    9,963,631 
         17,803,307 
Insurance — 7.8%          
Fairfax Financial Holdings Ltd.   41,092    29,494,824 
Great-West Lifeco Inc.   505,554    14,311,926 
iA Financial Corp. Inc.   187,665    11,960,792 
Intact Financial Corp.   317,595    46,805,198 
Manulife Financial Corp.   3,352,648    62,113,515 
Power Corp. of Canada   1,052,110    27,234,730 
Sun Life Financial Inc.   1,062,299    51,452,051 
         243,373,036 
Retail REITs — 0.1%          
RioCan REIT   270,729    3,992,630 
           
IT Services — 5.2%          
CGI Inc.(a)   383,185    39,687,522 
Shopify Inc., Class A(a)   2,168,990    124,099,781 
         163,787,303 
Leisure Products — 0.1%          
BRP Inc.   65,637    4,666,392 
           
Media — 0.2%          
Quebecor Inc., Class B   280,074    6,678,450 
           
Metals & Mining — 8.9%          
Agnico Eagle Mines Ltd.   891,553    45,369,047 
Barrick Gold Corp.   3,190,440    53,914,323 
First Quantum Minerals Ltd.   1,068,656    22,388,638 
Franco-Nevada Corp.   347,253    50,464,878 
Ivanhoe Mines Ltd., Class A(a)   1,100,012    8,054,600 
Kinross Gold Corp.   2,271,217    10,707,763 
Lundin Mining Corp.   1,189,106    8,312,793 
Pan American Silver Corp.   658,876    10,042,095 
Teck Resources Ltd., Class B   823,218    32,134,307 
Wheaton Precious Metals Corp.   819,420    37,134,968 
         278,523,412 
Residential REITs — 0.2%          
Canadian Apartment Properties REIT   150,714    5,445,688 
           
Multi-Utilities — 0.5%          
Algonquin Power & Utilities Corp.   1,238,140    10,434,123 
Canadian Utilities Ltd., Class A, NVS   234,348    6,292,438 
         16,726,561 
Broadline Retail — 1.4%          
Canadian Tire Corp. Ltd., Class A, NVS   97,254    11,681,943 
Dollarama Inc.   516,890    31,443,665 
         43,125,608 
Oil, Gas & Consumable Fuels — 17.3%          
ARC Resources Ltd.   1,109,534    13,371,622 
Cameco Corp.   785,818    21,875,552 
Canadian Natural Resources Ltd.   2,006,775    108,107,150 
Cenovus Energy Inc.   2,592,419    41,421,413 
Enbridge Inc.   3,670,505    129,217,999 
Imperial Oil Ltd.   370,526    16,819,014 


1

 

Schedule of Investments (unaudited) (continued) iShares® MSCI Canada ETF
May 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
           
Oil, Gas & Consumable Fuels (continued)          
Keyera Corp.   415,078   $9,264,724 
Parkland Corp.   256,515    6,398,231 
Pembina Pipeline Corp.   997,191    30,191,197 
Suncor Energy Inc.   2,412,812    67,594,284 
TC Energy Corp.   1,844,370    71,791,168 
Tourmaline Oil Corp.   582,491    24,350,913 
         540,403,267 
Paper & Forest Products — 0.2%          
West Fraser Timber Co. Ltd.   103,088    6,956,826 
           
Professional Services — 1.2%          
Thomson Reuters Corp.   304,129    38,673,111 
           
Real Estate Management & Development — 0.3%          
FirstService Corp.   72,226    10,492,057 
           
Ground Transportation — 8.3%          
Canadian National Railway Co.   1,029,619    116,090,964 
Canadian Pacific Kansas City Ltd.   1,686,095    128,478,576 
TFI International Inc.   141,655    14,922,037 
         259,491,577 
Software — 3.4%          
Constellation Software Inc./Canada   36,510    74,445,705 
Descartes Systems Group Inc. (The)(a)   153,493    11,867,864 
Open Text Corp.   488,736    20,319,897 
         106,633,466 
Textiles, Apparel & Luxury Goods — 0.3%          
Gildan Activewear Inc.   325,050    8,864,347 
           
Trading Companies & Distributors — 0.4%          
Toromont Industries Ltd.   148,854    11,513,569 

 

Security  Shares   Value 
           
Wireless Telecommunication Services — 0.9%
Rogers Communications Inc., Class B, NVS   642,978   $28,347,870 
           
Total Long-Term Investments — 99.6%
(Cost: $3,712,702,336)       3,115,772,072 
           
Short-Term Securities          
           
Money Market Funds — 0.1%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(d)(e)(f)   32,000    32,006 
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e)   1,350,000    1,350,000 
           
Total Short-Term Securities — 0.1%          
(Cost: $1,381,992)        1,382,006 
           
Total Investments — 99.7%          
(Cost: $3,714,084,328)        3,117,154,078 
           
Other Assets Less Liabilities — 0.3%        9,793,829 
           
Net Assets — 100.0%       $3,126,947,907 

 

(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

Affiliated Issuer  Value at
08/31/22		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
05/31/23		   Shares
Held at
05/31/23		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $9,240,164   $—   $(9,198,721)(a)   $(3,819)  $(5,618)  $32,006    32,000   $28,156(b)   $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   1,160,000    190,000(a)    —    —    —    1,350,000    1,350,000    68,385    2 
                  $(3,819)  $(5,618)  $1,382,006        $96,541   $2 

 

(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.

 

2

 

Schedule of Investments (unaudited) (continued) iShares® MSCI Canada ETF
May 31, 2023  

 

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                  
S&P/TSX 60 Index   63   06/15/23  $10,921   $(80,043)

 

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  $3,115,772,072   $—   $—   $3,115,772,072 
Short-Term Securities                    
Money Market Funds   1,382,006    —    —    1,382,006 
   $3,117,154,078   $—   $—   $3,117,154,078 
Derivative Financial Instruments(a)                    
Liabilities                    
Equity Contracts  $(80,043)  $—   $—   $(80,043)

 

(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
REIT Real Estate Investment Trust

 

3