NPORT-EX 2 NPORT_0BHX_31146099_1123.htm

 

Schedule of Investments (unaudited) iShares® MSCI Canada ETF
November 30, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 0.4%          
CAE Inc.(a)   524,087   $10,420,330 
           
Automobile Components — 0.8%          
Magna International Inc.   447,395    24,121,315 
           
Banks — 22.6%          
Bank of Montreal   1,188,303    97,537,262 
Bank of Nova Scotia (The)   1,986,902    88,879,437 
Canadian Imperial Bank of Commerce   1,523,611    62,990,219 
National Bank of Canada   557,708    36,957,223 
Royal Bank of Canada   2,300,029    207,840,787 
Toronto-Dominion Bank (The)   2,999,058    182,867,503 
         677,072,431 
Broadline Retail — 1.4%          
Canadian Tire Corp. Ltd., Class A, NVS   86,329    8,979,947 
Dollarama Inc.   467,217    33,932,153 
         42,912,100 
Capital Markets — 4.1%          
Brookfield Asset Management Ltd.   577,473    20,218,683 
Brookfield Corp., Class A   2,296,226    80,988,523 
IGM Financial Inc.   137,375    3,410,710 
Onex Corp.   111,096    7,515,017 
TMX Group Ltd.   460,927    9,952,586 
         122,085,519 
Chemicals — 1.5%          
Nutrien Ltd.   817,104    43,704,933 
           
Commercial Services & Supplies — 1.4%          
Element Fleet Management Corp.   643,238    10,362,344 
GFL Environmental Inc.   384,238    11,026,366 
RB Global Inc.   300,271    19,085,725 
         40,474,435 
Construction & Engineering — 1.4%          
Stantec Inc.   182,535    13,602,520 
WSP Global Inc.   205,719    28,475,772 
         42,078,292 
Consumer Staples Distribution & Retail — 4.4%          
Alimentation Couche-Tard Inc.   1,274,118    72,675,289 
Empire Co. Ltd., Class A, NVS   238,758    6,489,108 
George Weston Ltd.   103,064    12,087,870 
Loblaw Companies Ltd.   259,057    22,336,614 
Metro Inc.   379,201    19,005,461 
         132,594,342 
Containers & Packaging — 0.3%          
CCL Industries Inc., Class B, NVS   245,205    10,106,721 
           
Diversified Telecommunication Services — 0.8%          
BCE Inc.   120,325    4,737,805 
Quebecor Inc., Class B   251,599    5,582,848 
TELUS Corp.   790,937    14,152,291 
         24,472,944 
Electric Utilities — 2.1%          
Emera Inc.   450,275    15,824,912 
Fortis Inc.   798,571    31,991,097 
Hydro One Ltd.(b)   543,360    15,104,123 
         62,920,132 
Food Products — 0.3%          
Saputo Inc.   419,671    8,158,680 
Security  Shares   Value 
           
Gas Utilities — 0.3%          
AltaGas Ltd.   465,760   $9,473,434 
           
Ground Transportation — 7.8%          
Canadian National Railway Co.   918,672    106,602,375 
Canadian Pacific Kansas City Ltd.   1,535,195    110,522,274 
TFI International Inc.   134,342    15,895,908 
         233,020,557 
Hotels, Restaurants & Leisure — 1.1%          
Restaurant Brands International Inc.   473,948    33,708,480 
           
Independent Power and Renewable Electricity Producers — 0.4%
Brookfield Renewable Corp., Class A   222,388    5,899,973 
Northland Power Inc.   416,190    6,766,020 
         12,665,993 
Insurance — 7.9%          
Fairfax Financial Holdings Ltd.   35,116    32,277,632 
Great-West Lifeco Inc.   460,995    14,734,038 
iA Financial Corp. Inc.   167,456    11,181,833 
Intact Financial Corp.   293,287    45,453,595 
Manulife Financial Corp.   2,996,418    58,693,976 
Power Corp. of Canada   949,111    26,264,135 
Sun Life Financial Inc.   967,734    48,866,306 
         237,471,515 
IT Services — 6.0%          
CGI Inc.(a)   344,427    35,020,150 
Shopify Inc., Class A(a)   1,983,421    144,486,655 
         179,506,805 
Leisure Products — 0.1%          
BRP Inc.   56,745    3,504,352 
           
Metals & Mining — 8.0%          
Agnico Eagle Mines Ltd.   815,767    43,795,737 
Barrick Gold Corp.   2,891,043    50,792,192 
First Quantum Minerals Ltd.   968,320    7,928,100 
Franco-Nevada Corp.   316,485    35,446,693 
Ivanhoe Mines Ltd., Class A(a)   1,003,005    8,951,244 
Kinross Gold Corp.   2,017,366    11,893,532 
Lundin Mining Corp.   1,082,800    7,500,881 
Pan American Silver Corp.   601,294    9,420,767 
Teck Resources Ltd., Class B   759,596    28,616,049 
Wheaton Precious Metals Corp.   747,498    36,549,978 
         240,895,173 
Multi-Utilities — 0.4%          
Algonquin Power & Utilities Corp.   1,075,157    6,631,832 
Canadian Utilities Ltd., Class A, NVS   218,531    4,895,790 
         11,527,622 
Oil, Gas & Consumable Fuels — 18.9%          
ARC Resources Ltd.   999,043    15,932,268 
Cameco Corp.   712,763    32,729,476 
Canadian Natural Resources Ltd.   1,797,905    120,054,661 
Cenovus Energy Inc.   2,344,862    41,593,889 
Enbridge Inc.   3,504,000    122,347,559 
Imperial Oil Ltd.   327,460    18,448,961 
Keyera Corp.   378,467    9,530,357 
MEG Energy Corp.(a)   468,834    8,865,677 
Parkland Corp.   233,536    7,643,121 
Pembina Pipeline Corp.   908,493    30,389,106 
Suncor Energy Inc.   2,143,836    70,684,419 
TC Energy Corp.   1,696,230    63,614,094 
Tourmaline Oil Corp.   531,608    25,731,245 
         567,564,833 

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Schedule of Investments (unaudited) (continued) iShares® MSCI Canada ETF
November 30, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
           
Paper & Forest Products — 0.2%          
West Fraser Timber Co. Ltd.   94,041   $6,820,823 
           
Passenger Airlines — 0.1%          
Air Canada(a)(c)   287,936    3,740,972 
           
Professional Services — 1.2%          
Thomson Reuters Corp.   262,004    36,604,678 
           
Real Estate Management & Development — 0.3%          
FirstService Corp.   65,918    10,344,212 
           
Residential REITs — 0.2%          
Canadian Apartment Properties REIT   134,724    4,589,919 
           
Retail REITs — 0.1%          
RioCan REIT   240,824    3,100,479 
           
Software — 3.6%          
Constellation Software Inc./Canada   33,185    77,947,272 
Descartes Systems Group Inc. (The)(a)   140,054    11,376,065 
Open Text Corp.   445,631    17,829,181 
         107,152,518 
Textiles, Apparel & Luxury Goods — 0.4%          
Gildan Activewear Inc.   292,939    10,604,049 
           
Trading Companies & Distributors — 0.4%          
Toromont Industries Ltd.   135,784    10,957,182 
           
Wireless Telecommunication Services — 0.8%          
Rogers Communications Inc., Class B, NVS   583,858    25,140,811 
           
Total Common Stocks — 99.7%          
(Cost: $3,425,240,126)        2,989,516,581 
         
Warrants        
         
Software — 0.0%          
Constellation Software Inc., (Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD)(a)(d)   34,014     
           
Total Warrants — 0.0%          
(Cost: $—)         
           
Total Long-Term Investments — 99.7%          
(Cost: $3,425,240,126)        2,989,516,581 
Security  Shares   Value 
         
Short-Term Securities          
           
Money Market Funds — 0.0%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)   23,498   $23,510 
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(e)(f)   1,140,000    1,140,000 
           
Total Short-Term Securities — 0.0%          
(Cost: $1,163,491)        1,163,510 
           
Total Investments — 99.7%          
(Cost: $3,426,403,617)        2,990,680,091 
           
Other Assets Less Liabilities — 0.3%        9,413,150 
           
Net Assets — 100.0%       $3,000,093,241 

 

(a) Non-income producing security.

(b) 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.

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

(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) Affiliate of the Fund.

(f) Annualized 7-day yield as of period end.

(g) 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 November 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
08/31/23
   Purchases
at Cost
   Proceeds
from Sale
   Net Realized
Gain (Loss)
   Change in
Unrealized
Appreciation
(Depreciation)
   Value at
11/30/23
   Shares
Held at
11/30/23
   Income   Capital
Gain
Distributions
from
Underlying
Funds
 
BlackRock Cash Funds: Institutional, SL Agency Shares  $34,223   $   $(10,718)(a)  $4   $1   $23,510    23,498   $7(b)   $ 
BlackRock Cash Funds: Treasury, SL Agency Shares   1,330,000        (190,000)(a)           1,140,000    1,140,000    12,359     
                  $4   $1   $1,163,510        $12,366   $ 

  

(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 Canada ETF
November 30, 2023  

 

Derivative Financial Instruments Outstanding as of Period End

 

Futures Contracts     

 

                  Value/ 
             Notional   Unrealized 
   Number of   Expiration   Amount   Appreciation 
Description  Contracts   Date   (000)   (Depreciation) 
                     
Long Contracts                    
S&P/TSE 60 Index   57    12/14/23   $10,249   $442,654 

 

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  $2,989,516,581   $   $   $2,989,516,581 
Warrants                
Short-Term Securities                    
Money Market Funds   1,163,510            1,163,510 
   $2,990,680,091   $   $   $2,990,680,091 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $442,654   $   $   $442,654 

 

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

 

Portfolio Abbreviation

 

NVSNon-Voting Shares

REITReal Estate Investment Trust

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