NPORT-EX 2 NPORT_0BHX_70274955_0524.htm

 

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

 

Security  Shares   Value 
         
Common Stocks          
           
Aerospace & Defense — 0.3%          
CAE Inc.(a)   411,685   $7,729,571 
           
Automobile Components — 0.6%          
Magna International Inc.   349,663    15,818,791 
           
Banks — 22.7%          
Bank of Montreal   937,852    83,639,099 
Bank of Nova Scotia (The)   1,571,425    74,388,892 
Canadian Imperial Bank of Commerce   1,205,472    59,771,670 
National Bank of Canada   436,244    37,285,347 
Royal Bank of Canada   1,811,337    197,991,846 
Toronto-Dominion Bank (The)   2,272,777    127,066,736 
         580,143,590 
Broadline Retail — 1.6%          
Canadian Tire Corp. Ltd., Class A, NVS   66,933    6,680,777 
Dollarama Inc.   358,219    33,904,583 
         40,585,360 
Capital Markets — 4.4%          
Brookfield Asset Management Ltd.   453,990    17,820,511 
Brookfield Corp., Class A   1,742,338    75,870,546 
IGM Financial Inc.   106,532    2,845,908 
Onex Corp.   84,174    5,967,124 
TMX Group Ltd.   356,418    9,565,846 
         112,069,935 
Chemicals — 1.5%          
Nutrien Ltd.   635,946    37,266,963 
           
Commercial Services & Supplies — 1.4%          
Element Fleet Management Corp.   498,978    8,866,978 
GFL Environmental Inc.   281,385    8,858,894 
RB Global Inc.   234,624    17,052,609 
         34,778,481 
Construction & Engineering — 1.4%          
Stantec Inc.   146,054    11,787,623 
WSP Global Inc.(b)   160,019    24,068,304 
         35,855,927 
Consumer Staples Distribution & Retail — 4.4%          
Alimentation Couche-Tard Inc.   987,424    57,632,033 
Empire Co. Ltd., NVS   180,111    4,267,056 
George Weston Ltd.   78,179    11,107,217 
Loblaw Companies Ltd.   199,221    23,138,548 
Metro Inc./CN   292,356    15,579,307 
         111,724,161 
Containers & Packaging — 0.4%          
CCL Industries Inc., Class B, NVS   191,809    9,886,336 
           
Diversified Telecommunication Services — 0.7%          
BCE Inc.   93,362    3,193,467 
Quebecor Inc., Class B   199,084    4,199,468 
TELUS Corp.   626,653    10,303,602 
         17,696,537 
Electric Utilities — 2.0%          
Emera Inc.   366,483    12,761,498 
Fortis Inc./Canada   633,995    25,356,079 
Hydro One Ltd.(c)   423,454    12,197,662 
         50,315,239 
Food Products — 0.3%          
Saputo Inc.   325,510    6,586,864 
Security  Shares   Value 
         
Gas Utilities — 0.3%          
AltaGas Ltd.   376,868   $8,502,653 
           
Ground Transportation — 7.8%          
Canadian National Railway Co.   700,008    89,109,203 
Canadian Pacific Kansas City Ltd.   1,197,665    95,333,414 
TFI International Inc.   103,295    13,667,574 
         198,110,191 
Hotels, Restaurants & Leisure — 1.0%          
Restaurant Brands International Inc.   385,724    26,449,807 
           
Independent Power and Renewable Electricity Producers — 0.4%          
Brookfield Renewable Corp., Class A   172,345    5,433,555 
Northland Power Inc.   328,123    5,609,352 
         11,042,907 
Insurance — 8.1%          
Fairfax Financial Holdings Ltd.   27,053    30,454,300 
Great-West Lifeco Inc.   360,161    10,802,584 
iA Financial Corp. Inc.   126,356    8,226,884 
Intact Financial Corp.   228,810    38,283,013 
Manulife Financial Corp.   2,315,009    60,127,898 
Power Corp. of Canada   728,883    21,161,378 
Sun Life Financial Inc.   750,572    37,618,088 
         206,674,145 
IT Services — 4.6%          
CGI Inc.(a)   265,363    26,204,341 
Shopify Inc., Class A(a)   1,552,894    91,900,972 
         118,105,313 
Leisure Products — 0.1%          
BRP Inc.   46,810    2,924,788 
           
Metals & Mining — 9.1%          
Agnico Eagle Mines Ltd.   641,532    43,750,981 
Barrick Gold Corp.   2,257,424    38,508,462 
First Quantum Minerals Ltd.   913,007    11,729,522 
Franco-Nevada Corp.   247,309    30,427,562 
Ivanhoe Mines Ltd., Class A(a)(b)   818,668    11,820,967 
Kinross Gold Corp.   1,579,414    12,828,140 
Lundin Mining Corp.   846,632    9,733,830 
Pan American Silver Corp.   467,970    10,303,958 
Teck Resources Ltd., Class B   591,405    30,760,263 
Wheaton Precious Metals Corp.   581,387    31,843,090 
         231,706,775 
Multi-Utilities — 0.1%          
Canadian Utilities Ltd., Class A, NVS   170,140    3,879,784 
           
Oil, Gas & Consumable Fuels — 19.3%          
ARC Resources Ltd.   768,202    14,536,065 
Cameco Corp.   557,110    30,913,995 
Canadian Natural Resources Ltd.   1,378,334    105,881,778 
Cenovus Energy Inc.   1,796,125    37,439,313 
Enbridge Inc.   2,732,050    99,884,847 
Imperial Oil Ltd.   240,932    17,023,186 
Keyera Corp.   293,598    7,774,278 
MEG Energy Corp.(a)   354,880    7,704,537 
Parkland Corp.   181,023    5,223,695 
Pembina Pipeline Corp.   745,211    27,682,624 
Suncor Energy Inc.   1,654,625    67,498,551 
TC Energy Corp.   1,334,104    51,447,600 
Tourmaline Oil Corp.   428,572    21,259,586 
         494,270,055 
Paper & Forest Products — 0.2%          
West Fraser Timber Co. Ltd.   71,988    5,758,723 

 

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

 

Security  Shares   Value 
         
Passenger Airlines — 0.1%          
Air Canada(a)(b)   223,143   $2,979,715 
           
Professional Services — 1.4%          
Thomson Reuters Corp.   203,772    35,065,619 
           
Real Estate Management & Development — 0.3%          
FirstService Corp.   51,697    7,589,838 
           
Residential REITs — 0.1%          
Canadian Apartment Properties REIT   104,463    3,418,357 
           
Retail REITs — 0.1%          
RioCan REIT   186,701    2,368,436 
           
Software — 3.6%          
Constellation Software Inc./Canada   25,907    72,060,788 
Descartes Systems Group Inc. (The)(a)   109,561    10,117,280 
Open Text Corp.   347,666    10,172,728 
         92,350,796 
Textiles, Apparel & Luxury Goods — 0.3%          
Gildan Activewear Inc.   197,827    7,567,922 
           
Trading Companies & Distributors — 0.4%          
Toromont Industries Ltd.   105,416    9,207,029 
           
Wireless Telecommunication Services — 0.7%          
Rogers Communications Inc., Class B, NVS   459,170    18,552,766 
           
Total Common Stocks — 99.7%          
(Cost: $2,761,701,591)       2,546,983,374 
           
Warrants          
           
Software — 0.0%          
Constellation Software Inc., ((Issued 08/29/23,          
1 Share for 1 Warrant, Expires 03/31/40, Strike          
Price CAD 11.50)(a)(d)   34,014    0 
           
Total Warrants — 0.0%          
(Cost: $—)       0 
Total Long-Term Investments — 99.7%          
(Cost: $2,761,701,591)       2,546,983,374 
           
Security  Shares   Value 
         

Short-Term Securities

          
           
Money Market Funds — 0.6%          
BlackRock Cash Funds: Institutional, SL Agency          
Shares, 5.49%(e)(f)(g)   14,027,292   $14,031,500 
BlackRock Cash Funds: Treasury, SL Agency Shares,          
5.28%(e)(f)   620,000    620,000 
           
Total Short-Term Securities — 0.6%          
(Cost: $14,652,801)       14,651,500 
           
Total Investments — 100.3%          
(Cost: $2,776,354,392)        2,561,634,874 
           
Liabilities in Excess of Other Assets — (0.3)%        (6,612,575)
           
Net Assets — 100.0%       $2,555,022,299 

 

(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)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 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  $34,223   $13,999,484(a)   $—   $(888)  $(1,319)  $14,031,500    14,027,292   $20,856(b)   $    — 
BlackRock Cash Funds: Treasury, SL Agency Shares   1,330,000    —    (710,000)(a)   —    —    620,000    620,000    67,568    — 
                  $(888)  $(1,319)  $14,651,500        $88,424   $— 

 

(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
May 31, 2024  

 

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   38    06/20/24   $7,441   $90,708 

 

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  $2,546,983,374   $—   $—   $2,546,983,374 
Warrants   —    —    —    — 
Short-Term Securities                    
Money Market Funds   14,651,500    —    —    14,651,500 
   $2,561,634,874   $—   $—   $2,561,634,874 
Derivative Financial Instruments(a)                    
Assets                    
Equity Contracts  $90,708   $—   $—   $90,708 

 

(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

 

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