UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22649
iShares U.S. ETF Trust
(Exact name of Registrant as specified in charter)
c/o: State Street Bank and Trust Company
1 Iron Street, Boston, MA 02210
(Address of principal executive offices) (Zip code)
The Corporation Trust Company
1209 Orange Street, Wilmington, DE 19801
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 670-2000
Date of fiscal year end: July 31, 2015
Date of reporting period: January 31, 2015
Item 1. Reports to Stockholders.
JANUARY 31, 2015
| | | | |
2015 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares U.S. ETF Trust
Ø | | iShares Enhanced International Large-Cap ETF | IEIL | NYSE Arca |
Ø | | iShares Enhanced International Small-Cap ETF | IEIS | NYSE Arca |
Ø | | iShares Enhanced U.S. Large-Cap ETF | IELG | NYSE Arca |
Ø | | iShares Enhanced U.S. Small-Cap ETF | IESM | NYSE Arca |
Table of Contents
Fund Performance Overview
iSHARES® ENHANCED INTERNATIONAL LARGE-CAP ETF
Performance as of January 31, 2015
The iShares Enhanced International Large-Cap ETF (the “Fund”) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in equity securities of international large-capitalization issuers. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -8.59%, net of fees.
| | | | |
| | Cumulative Total Returns | |
| | Since Inception | |
Fund NAV | | | (5.11)% | |
Fund Market | | | (5.45)% | |
MSCI World ex USA Index | | | (5.78)% | |
The inception date of the Fund was 2/25/14. The first day of secondary market trading was 2/27/14.
The MSCI World ex USA Index is an unmanaged broad-based index that measures the performance of the large- and mid-capitalization sectors of developed equity markets, excluding the United States.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Expenses | |
Actual | | | Hypothetical 5% Return | | | | |
Beginning Account Value (8/1/14) | | | Ending Account Value (1/31/15) | | | Expenses Paid During Period a | | | Beginning Account Value (8/1/14) | | | Ending Account Value (1/31/15) | | | Expenses Paid During Period a | | | Annualized Expense Ratio | |
$ | 1,000.00 | | | $ | 914.10 | | | $ | 1.69 | | | $ | 1,000.00 | | | $ | 1,023.40 | | | $ | 1.79 | | | | 0.35% | |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. | |
PORTFOLIO ALLOCATION
As of 1/31/15
| | |
Sector | | Percentage of Total Investments* |
| | | | |
Financials | | | 23.67 | % |
Industrials | | | 15.62 | |
Telecommunication Services | | | 10.31 | |
Consumer Staples | | | 10.02 | |
Energy | | | 9.34 | |
Materials | | | 8.00 | |
Consumer Discretionary | | | 7.42 | |
Health Care | | | 6.64 | |
Utilities | | | 5.53 | |
Information Technology | | | 3.45 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST COUNTRY ALLOCATIONS
As of 1/31/15
| | |
Country | | Percentage of Total Investments* |
| | | | |
Japan | | | 23.71 | % |
United Kingdom | | | 14.03 | |
Canada | | | 13.59 | |
Switzerland | | | 13.42 | |
Germany | | | 10.42 | |
Finland | | | 4.29 | |
France | | | 3.76 | |
Denmark | | | 3.50 | |
Sweden | | | 2.84 | |
Belgium | | | 2.37 | |
| | | | |
TOTAL | | | 91.93 | % |
| | | | |
| * | Excludes money market funds. |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® ENHANCED INTERNATIONAL SMALL-CAP ETF
Performance as of January 31, 2015
The iShares Enhanced International Small-Cap ETF (the “Fund”) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in equity securities of international small-capitalization issuers. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was -10.43%, net of fees.
| | | | |
| | Cumulative Total Returns | |
| | Since Inception | |
Fund NAV | | | (10.26)% | |
Fund Market | | | (10.41)% | |
MSCI World ex USA Small Cap Index | | | (9.17)% | |
The inception date of the Fund was 2/25/14. The first day of secondary market trading was 2/27/14.
The MSCI World ex USA Small Cap Index is an unmanaged broad-based index that measures the performance of the small-capitalization sector of developed equity markets, excluding the United States.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Expenses | |
Actual | | | Hypothetical 5% Return | | | | |
Beginning Account Value (8/1/14) | | | Ending Account Value (1/31/15) | | | Expenses Paid During Period a | | | Beginning Account Value (8/1/14) | | | Ending Account Value (1/31/15) | | | Expenses Paid During Period a | | | Annualized Expense Ratio | |
$ | 1,000.00 | | | $ | 895.70 | | | $ | 2.34 | | | $ | 1,000.00 | | | $ | 1,022.70 | | | $ | 2.50 | | | | 0.49% | |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. | |
PORTFOLIO ALLOCATION
As of 1/31/15
| | |
Sector | | Percentage of Total Investments* |
| | | | |
Consumer Discretionary | | | 23.14 | % |
Industrials | | | 17.87 | |
Information Technology | | | 14.81 | |
Financials | | | 14.46 | |
Consumer Staples | | | 11.03 | |
Energy | | | 5.74 | |
Health Care | | | 4.24 | |
Telecommunication Services | | | 4.04 | |
Materials | | | 3.91 | |
Utilities | | | 0.76 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST COUNTRY ALLOCATIONS
As of 1/31/15
| | |
Country | | Percentage of Total Investments* |
| | | | |
Japan | | | 32.39 | % |
United Kingdom | | | 15.73 | |
Switzerland | | | 8.52 | |
Canada | | | 6.11 | |
Australia | | | 5.84 | |
Denmark | | | 5.18 | |
Belgium | | | 4.89 | |
Netherlands | | | 4.06 | |
Germany | | | 3.04 | |
France | | | 2.92 | |
| | | | |
TOTAL | | | 88.68 | % |
| | | | |
| * | Excludes money market funds. |
| | |
6 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® ENHANCED U.S. LARGE-CAP ETF
Performance as of January 31, 2015
The iShares Enhanced U.S. Large-Cap ETF (the “Fund”) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in equity securities of U.S. large-capitalization issuers. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 5.83%, net of fees.
| | | | | | | | | | | | | | | | | | |
| | Average Annual Total Returns | | | | | Cumulative Total Returns | |
| | 1 Year | | | Since Inception | | | | | 1 Year | | | Since Inception | |
Fund NAV | | | 14.86% | | | | 15.98% | | | | | | 14.86% | | | | 30.53% | |
Fund Market | | | 14.89% | | | | 16.00% | | | | | | 14.89% | | | | 30.57% | |
Russell 1000 Index | | | 13.76% | | | | 16.71% | | | | | | 13.76% | | | | 31.84% | |
The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.
The Russell 1000® Index is an unmanaged broad-based index that measures the performance of the large- and mid-capitalization sectors of the U.S. equity market.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Expenses | |
Actual | | | Hypothetical 5% Return | | | | |
Beginning Account Value (8/1/14) | | | Ending Account Value (1/31/15) | | | Expenses Paid During Period a | | | Beginning Account Value (8/1/14) | | | Ending Account Value (1/31/15) | | | Expenses Paid During Period a | | | Annualized Expense Ratio | |
$ | 1,000.00 | | | $ | 1,058.30 | | | $ | 0.93 | | | $ | 1,000.00 | | | $ | 1,024.30 | | | $ | 0.92 | | | | 0.18% | |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. | |
PORTFOLIO ALLOCATION
As of 1/31/15
| | |
Sector | | Percentage of Total Investments* |
| | | | |
Health Care | | | 16.16 | % |
Information Technology | | | 15.60 | |
Financials | | | 14.83 | |
Consumer Discretionary | | | 12.79 | |
Consumer Staples | | | 10.98 | |
Utilities | | | 10.00 | |
Energy | | | 9.40 | |
Industrials | | | 8.44 | |
Telecommunication Services | | | 1.75 | |
Materials | | | 0.05 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 1/31/15
| | |
Security | | Percentage of Total Investments* |
| | | | |
Anthem Inc. | | | 2.66 | % |
O’Reilly Automotive Inc. | | | 2.32 | |
DTE Energy Co. | | | 2.29 | |
Western Digital Corp. | | | 2.27 | |
Reinsurance Group of America Inc. | | | 2.22 | |
Archer-Daniels-Midland Co. | | | 2.20 | |
Wal-Mart Stores Inc. | | | 2.18 | |
General Dynamics Corp. | | | 2.11 | |
TJX Companies Inc. (The) | | | 2.11 | |
Merck & Co. Inc. | | | 2.09 | |
| | | | |
TOTAL | | | 22.45 | % |
| | | | |
| * | Excludes money market funds. |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® ENHANCED U.S. SMALL-CAP ETF
Performance as of January 31, 2015
The iShares Enhanced U.S. Small-Cap ETF (the “Fund”) seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets in equity securities of U.S. small-capitalization issuers. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the six-month reporting period ended January 31, 2015, the total return for the Fund was 6.52%, net of fees.
| | | | | | | | | | | | | | | | | | |
| | Average Annual Total Returns | | | | | Cumulative Total Returns | |
| | 1 Year | | | Since Inception | | | | | 1 Year | | | Since Inception | |
Fund NAV | | | 6.99% | | | | 15.02% | | | | | | 6.99% | | | | 28.60% | |
Fund Market | | | 7.24% | | | | 15.10% | | | | | | 7.24% | | | | 28.76% | |
Russell 2000 Index | | | 4.41% | | | | 15.39% | | | | | | 4.41% | | | | 29.19% | |
The inception date of the Fund was 4/16/13. The first day of secondary market trading was 4/18/13.
The Russell 2000® Index is an unmanaged broad-based index that measures the performance of the small-capitalization sector of the U.S. equity market.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholder Expenses | |
Actual | | | Hypothetical 5% Return | | | | |
Beginning Account Value (8/1/14) | | | Ending Account Value (1/31/15) | | | Expenses Paid During Period a | | | Beginning Account Value (8/1/14) | | | Ending Account Value (1/31/15) | | | Expenses Paid During Period a | | | Annualized Expense Ratio | |
$ | 1,000.00 | | | $ | 1,065.20 | | | $ | 1.82 | | | $ | 1,000.00 | | | $ | 1,023.40 | | | $ | 1.79 | | | | 0.35% | |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 9 for more information. | |
PORTFOLIO ALLOCATION
As of 1/31/15
| | | | |
Sector | | Percentage of Total Investments* | |
Financials | | | 24.96 | % |
Consumer Discretionary | | | 18.51 | |
Information Technology | | | 16.67 | |
Industrials | | | 10.80 | |
Health Care | | | 8.72 | |
Utilities | | | 8.24 | |
Consumer Staples | | | 6.60 | |
Energy | | | 3.70 | |
Materials | | | 1.06 | |
Telecommunication Services | | | 0.74 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 1/31/15
| | | | |
Security | | Percentage of Total Investments* | |
Cirrus Logic Inc. | | | 2.56 | % |
Buffalo Wild Wings Inc. | | | 2.44 | |
Children’s Place Inc. (The) | | | 2.35 | |
Allegiant Travel Co. | | | 2.17 | |
Fresh Market Inc. (The) | | | 2.15 | |
Bob Evans Farms Inc. | | | 2.10 | |
Symetra Financial Corp. | | | 2.05 | |
ManTech International Corp. Class A | | | 1.95 | |
Aspen Insurance Holdings Ltd. | | | 1.89 | |
Hyatt Hotels Corp. Class A | | | 1.85 | |
| | | | |
TOTAL | | | 21.51 | % |
| | | | |
| * | Excludes money market funds. |
| | |
8 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
About Fund Performance
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholder Expenses
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | |
ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES | | | 9 | |
Schedule of Investments (Unaudited)
iSHARES® ENHANCED INTERNATIONAL LARGE-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
COMMON STOCKS — 99.44% | |
| |
AUSTRALIA — 1.89% | | | | | |
ASX Ltd. | | | 15,236 | | | $ | 452,532 | |
Brambles Ltd. | | | 12,870 | | | | 106,239 | |
Dexus Property Group | | | 20,089 | | | | 120,618 | |
GPT Group (The) | | | 10,062 | | | | 35,418 | |
Novion Property Group | | | 20,176 | | | | 36,452 | |
Scentre Groupa | | | 18,180 | | | | 53,799 | |
Tatts Group Ltd. | | | 10,348 | | | | 31,106 | |
Telstra Corp. Ltd. | | | 58,734 | | | | 297,304 | |
| | | | | | | | |
| | | | | | | 1,133,468 | |
AUSTRIA — 0.43% | | | | | |
OMV AG | | | 10,296 | | | | 256,479 | |
| | | | | | | | |
| | | | | | | 256,479 | |
BELGIUM — 2.36% | | | | | |
Ageas | | | 1,222 | | | | 41,824 | |
Belgacom SA | | | 6,448 | | | | 240,080 | |
Colruyt SA | | | 1,950 | | | | 89,922 | |
Delhaize Brothers and Co. “The Lion” (Delhaize Group) SA | | | 6,058 | | | | 503,346 | |
Telenet Group Holding NVa | | | 4,446 | | | | 246,866 | |
Umicore SA | | | 7,098 | | | | 297,041 | |
| | | | | | | | |
| | | | | | | 1,419,079 | |
CANADA — 13.54% | | | | | |
Agrium Inc. | | | 12,246 | | | | 1,309,350 | |
Alimentation Couche-Tard Inc. Class B | | | 1,560 | | | | 61,258 | |
Bank of Montreal | | | 9,776 | | | | 562,297 | |
Bank of Nova Scotia (The) | | | 3,224 | | | | 155,257 | |
Canadian Imperial Bank of Commerce/Canada | | | 12,844 | | | | 893,240 | |
Canadian Natural Resources Ltd. | | | 25,818 | | | | 750,136 | |
Canfor Corp.a | | | 1,170 | | | | 29,297 | |
Constellation Software Inc./Canada | | | 4,420 | | | | 1,227,365 | |
Crescent Point Energy Corp. | | | 36,166 | | | | 861,401 | |
Empire Co. Ltd. Class A | | | 2,704 | | | | 197,263 | |
Fairfax Financial Holdings Ltd. | | | 130 | | | | 69,206 | |
Husky Energy Inc. | | | 4,550 | | | | 98,145 | |
Intact Financial Corp. | | | 624 | | | | 41,792 | |
Magna International Inc. Class A | | | 728 | | | | 70,099 | |
Methanex Corp. | | | 936 | | | | 41,457 | |
National Bank of Canada | | | 18,720 | | | | 652,716 | |
Open Text Corp. | | | 1,066 | | | | 60,583 | |
Peyto Exploration & Development Corp. | | | 1,820 | | | | 46,076 | |
Progressive Waste Solutions Ltd. | | | 988 | | | | 28,254 | |
| | | | | | | | |
Security | | Shares | | | Value | |
Rogers Communications Inc. Class B | | | 4,498 | | | $ | 160,274 | |
Shaw Communications Inc. Class B | | | 4,576 | | | | 105,887 | |
Suncor Energy Inc. | | | 18,824 | | | | 562,664 | |
Thomson Reuters Corp. | | | 4,004 | | | | 153,977 | |
| | | | | | | | |
| | | | | | | 8,137,994 | |
DENMARK — 3.49% | | | | | |
A.P. Moeller-Maersk A/S Class B | | | 494 | | | | 1,001,943 | |
Coloplast A/S Class B | | | 884 | | | | 69,748 | |
Danske Bank A/S | | | 24,700 | | | | 640,630 | |
Jyske Bank A/S Registereda | | | 2,132 | | | | 96,599 | |
TDC A/S | | | 39,026 | | | | 288,869 | |
| | | | | | | | |
| | | | | | | 2,097,789 | |
FINLAND — 4.28% | | | | | |
Elisa OYJ | | | 4,498 | | | | 119,636 | |
Neste Oil OYJ | | | 19,162 | | | | 529,772 | |
Nokian Renkaat OYJ | | | 22,568 | | | | 557,470 | |
Stora Enso OYJ Class R | | | 40,872 | | | | 397,110 | |
UPM-Kymmene OYJ | | | 55,042 | | | | 968,329 | |
| | | | | | | | |
| | | | | | | 2,572,317 | |
FRANCE — 3.74% | | | | | |
Casino Guichard-Perrachon SA | | | 806 | | | | 73,417 | |
Danone SA | | �� | 1,378 | | | | 92,632 | |
Eutelsat Communications SA | | | 1,586 | | | | 54,488 | |
SCOR SE | | | 1,924 | | | | 60,065 | |
SES SA Class A FDR | | | 23,348 | | | | 850,878 | |
STMicroelectronics NV | | | 4,550 | | | | 37,995 | |
Total SA | | | 21,034 | | | | 1,079,980 | |
| | | | | | | | |
| | | | | | | 2,249,455 | |
GERMANY — 10.19% | | | | | |
Deutsche Lufthansa AG Registered | | | 70,174 | | | | 1,192,173 | |
Hannover Rueck SE Registered | | | 5,408 | | | | 484,795 | |
Kabel Deutschland Holding AGa | | | 1,534 | | | | 208,591 | |
Merck KgaA | | | 5,694 | | | | 569,997 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 3,328 | | | | 668,476 | |
ProSiebenSat.1 Media AG Registered | | | 24,336 | | | | 1,080,354 | |
RWE AG | | | 20,106 | | | | 558,367 | |
Telefonica Deutschland Holding AG | | | 233,454 | | | | 1,298,765 | |
Volkswagen AG | | | 286 | | | | 63,628 | |
| | | | | | | | |
| | | | | | | 6,125,146 | |
ISRAEL — 0.20% | | | | | |
Bezeq The Israel Telecommunication Corp. Ltd. | | | 74,490 | | | | 119,155 | |
| | | | | | | | |
| | | | | | | 119,155 | |
| | |
10 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED INTERNATIONAL LARGE-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
JAPAN — 23.62% | | | | | |
Aeon Co. Ltd. | | | 13,000 | | | $ | 138,284 | |
Aisin Seiki Co. Ltd. | | | 2,600 | | | | 91,747 | |
ANA Holdings Inc. | | | 26,000 | | | | 72,202 | |
Aozora Bank Ltd. | | | 104,000 | | | | 380,709 | |
Asahi Kasei Corp. | | | 52,000 | | | | 518,827 | |
Canon Inc. | | | 7,800 | | | | 248,380 | |
Chubu Electric Power Co. Inc.a | | | 5,200 | | | | 69,147 | |
Daihatsu Motor Co. Ltd. | | | 5,200 | | | | 73,043 | |
Eisai Co. Ltd. | | | 15,600 | | | | 781,959 | |
GungHo Online Entertainment Inc.b | | | 54,600 | | | | 189,181 | |
Hoya Corp. | | | 2,600 | | | | 101,795 | |
ITOCHU Corp. | | | 10,400 | | | | 106,244 | |
Japan Airlines Co. Ltd. | | | 39,000 | | | | 1,331,375 | |
JFE Holdings Inc. | | | 5,200 | | | | 115,607 | |
JX Holdings Inc. | | | 44,200 | | | | 163,984 | |
Kawasaki Heavy Industries Ltd. | | | 234,000 | | | | 1,133,495 | |
Kuraray Co. Ltd. | | | 5,200 | | | | 65,872 | |
Lawson Inc. | | | 2,600 | | | | 170,876 | |
Marubeni Corp. | | | 78,000 | | | | 433,942 | |
Mitsubishi Corp. | | | 5,200 | | | | 91,547 | |
Mitsubishi UFJ Financial Group Inc. | | | 62,400 | | | | 335,892 | |
Mitsui & Co. Ltd. | | | 36,400 | | | | 466,989 | |
Mitsui O.S.K. Lines Ltd. | | | 26,000 | | | | 88,537 | |
Mizuho Financial Group Inc. | | | 707,200 | | | | 1,167,980 | |
Nexon Co. Ltd. | | | 10,400 | | | | 103,057 | |
Nippon Telegraph and Telephone Corp. | | | 10,400 | | | | 621,530 | |
NTT Data Corp. | | | 2,600 | | | | 99,936 | |
NTT DOCOMO Inc. | | | 78,000 | | | | 1,331,375 | |
Rakuten Inc. | | | 15,600 | | | | 218,067 | |
Resona Holdings Inc. | | | 137,800 | | | | 690,261 | |
Sekisui House Ltd. | | | 5,200 | | | | 67,554 | |
Sharp Corp./Japana | | | 78,000 | | | | 154,054 | |
Showa Shell Sekiyu K.K. | | | 10,400 | | | | 102,260 | |
Sumitomo Corp. | | | 31,200 | | | | 310,234 | |
Sumitomo Mitsui Financial Group Inc. | | | 15,600 | | | | 529,960 | |
Sumitomo Rubber Industries Inc. | | | 2,600 | | | | 40,816 | |
Suntory Beverage & Food Ltd. | | | 5,200 | | | | 183,493 | |
Tokyo Electric Power Co. Inc.a | | | 57,200 | | | | 244,451 | |
Tokyo Gas Co. Ltd. | | | 104,000 | | | | 625,337 | |
West Japan Railway Co. | | | 10,400 | | | | 538,128 | |
| | | | | | | | |
| | | | | | | 14,198,127 | |
NETHERLANDS — 2.34% | | | | | |
AEGON NV | | | 80,418 | | | | 575,431 | |
Delta Lloyd NV | | | 3,588 | | | | 67,940 | |
| | | | | | | | |
Security | | Shares | | | Value | |
Heineken Holding NV | | | 1,586 | | | $ | 104,073 | |
Koninklijke Ahold NV | | | 5,203 | | | | 94,147 | |
TNT Express NV | | | 85,930 | | | | 564,740 | |
| | | | | | | | |
| | | | | | | 1,406,331 | |
NEW ZEALAND — 0.20% | | | | | |
Spark New Zealand Ltd. | | | 51,376 | | | | 123,053 | |
| | | | | | | | |
| | | | | | | 123,053 | |
NORWAY — 2.17% | | | | | |
Orkla ASA | | | 177,372 | | | | 1,306,747 | |
| | | | | | | | |
| | | | | | | 1,306,747 | |
PORTUGAL — 0.14% | | | | | |
Energias de Portugal SA | | | 21,736 | | | | 82,831 | |
| | | | | | | | |
| | | | | | | 82,831 | |
SINGAPORE — 0.27% | | | | | |
Noble Group Ltd. | | | 104,000 | | | | 81,857 | |
StarHub Ltd. | | | 26,000 | | | | 80,319 | |
| | | | | | | | |
| | | | | | | 162,176 | |
SPAIN — 0.41% | | | | | |
Acerinox SA | | | 7,358 | | | | 109,602 | |
Gas Natural SDG SA | | | 1,872 | | | | 43,939 | |
Repsol SA | | | 5,078 | | | | 89,879 | |
| | | | | | | | |
| | | | | | | 243,420 | |
SWEDEN — 2.82% | | | | | |
Boliden AB | | | 35,594 | | | | 558,493 | |
ICA Gruppen AB | | | 29,614 | | | | 1,139,461 | |
| | | | | | | | |
| | | | | | | 1,697,954 | |
SWITZERLAND — 13.37% | | | | | |
Actelion Ltd. Registereda | | | 9,958 | | | | 1,103,979 | |
Baloise Holding AG Registered | | | 2,938 | | | | 383,197 | |
Banque Cantonale Vaudoise Registered | | | 156 | | | | 90,967 | |
Clariant AG Registereda | | | 23,686 | | | | 381,015 | |
Credit Suisse Group AG Registereda | | | 17,134 | | | | 362,215 | |
Helvetia Holding AG Registered | | | 260 | | | | 132,678 | |
OC Oerlikon Corp. AG Registered | | | 31,460 | | | | 359,035 | |
PSP Swiss Property AG Registereda | | | 546 | | | | 56,348 | |
Swiss Life Holding AG Registereda | | | 4,394 | | | | 981,910 | |
Swiss Prime Site AG Registereda | | | 416 | | | | 36,081 | |
Swiss Re AGa | | | 15,158 | | | | 1,369,088 | |
Swisscom AG Registered | | | 2,236 | | | | 1,311,148 | |
Transocean Ltd.b | | | 14,404 | | | | 226,694 | |
Zurich Insurance Group AGa | | | 3,744 | | | | 1,242,778 | |
| | | | | | | | |
| | | | | | | 8,037,133 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 11 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED INTERNATIONAL LARGE-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
UNITED KINGDOM — 13.98% | | | | | |
3i Group PLC | | | 33,306 | | | $ | 229,752 | |
Amlin PLC | | | 10,036 | | | | 73,466 | |
AstraZeneca PLC | | | 16,458 | | | | 1,172,388 | |
BP PLC | | | 86,502 | | | | 551,435 | |
BT Group PLC | | | 29,458 | | | | 184,892 | |
Centrica PLC | | | 235,404 | | | | 1,038,740 | |
GlaxoSmithKline PLC | | | 12,584 | | | | 277,262 | |
Imperial Tobacco Group PLC | | | 8,658 | | | | 406,228 | |
Investec PLC | | | 6,110 | | | | 51,389 | |
J Sainsbury PLC | | | 335,842 | | | | 1,288,241 | |
Marks & Spencer Group PLC | | | 22,126 | | | | 160,971 | |
Old Mutual PLC | | | 37,284 | | | | 116,586 | |
Rentokil Initial PLC | | | 178,984 | | | | 324,999 | |
Rolls-Royce Holdings PLCa | | | 78,286 | | | | 1,048,206 | |
Royal Dutch Shell PLC Class A | | | 9,126 | | | | 276,594 | |
RSA Insurance Group PLCa | | | 34,086 | | | | 232,573 | |
Sky PLC | | | 6,734 | | | | 93,856 | |
SSE PLC | | | 26,936 | | | | 650,924 | |
Stagecoach Group PLC | | | 14,196 | | | | 72,960 | |
Tesco PLC | | | 44,928 | | | | 151,655 | |
| | | | | | | | |
| | | | | | | 8,403,117 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $62,949,039) | | | | 59,771,771 | |
|
PREFERRED STOCKS — 0.19% | |
| |
GERMANY — 0.19% | | | | | |
Bayerische Motoren Werke AG | | | 936 | | | | 79,375 | |
Porsche Automobil Holding SE | | | 442 | | | | 37,139 | |
| | | | | | | | |
| | | | | | | 116,514 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $120,838) | | | | 116,514 | |
|
SHORT-TERM INVESTMENTS — 0.80% | |
| |
MONEY MARKET FUNDS — 0.80% | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.15%c,d,e | | | 424,934 | | | | 424,934 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.14%c,d,e | | | 25,562 | | | | 25,562 | |
| | | | | | | | |
Security | | Shares | | | Value | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.00%c,d | | | 30,943 | | | $ | 30,943 | |
| | | | | | | | |
| | | | | | | 481,439 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $481,439) | | | | 481,439 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES — 100.43% | | | | | |
(Cost: $63,551,316) | | | | 60,369,724 | |
Other Assets, Less Liabilities — (0.43)% | | | | (257,756 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 60,111,968 | |
| | | | | | | | |
FDR — Fiduciary Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
| | |
12 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® ENHANCED INTERNATIONAL SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
COMMON STOCKS — 99.42% | |
| |
AUSTRALIA — 5.81% | | | | | |
Acrux Ltd. | | | 7,610 | | | $ | 9,067 | |
Astro Japan Property Trust | | | 2,040 | | | | 7,943 | |
Atlas Iron Ltd.a | | | 41,032 | | | | 5,432 | |
BC Iron Ltd.a | | | 37,452 | | | | 13,562 | |
Cabcharge Australia Ltd. | | | 4,752 | | | | 16,098 | |
Drillsearch Energy Ltd.b | | | 9,116 | | | | 5,537 | |
Evolution Mining Ltd. | | | 29,764 | | | | 20,861 | |
Goodman Fielder Ltd. | | | 17,184 | | | | 8,565 | |
Hills Ltd. | | | 33,084 | | | | 27,825 | |
iiNET Ltd. | | | 2,484 | | | | 14,508 | |
IMF Bentham Ltd. | | | 4,132 | | | | 6,918 | |
M2 Group Ltd. | | | 2,300 | | | | 16,120 | |
MACA Ltd. | | | 26,252 | | | | 16,764 | |
McMillan Shakespeare Ltd. | | | 4,164 | | | | 37,291 | |
Mineral Resources Ltd. | | | 28,092 | | | | 147,449 | |
Myer Holdings Ltd. | | | 16,344 | | | | 19,792 | |
OZ Minerals Ltd. | | | 2,844 | | | | 8,571 | |
RCR Tomlinson Ltd. | | | 3,724 | | | | 5,945 | |
Reject Shop Ltd. (The) | | | 1,040 | | | | 4,714 | |
Sandfire Resources NL | | | 2,996 | | | | 9,963 | |
SMS Management & Technology Ltd. | | | 2,620 | | | | 7,345 | |
Sundance Energy Australia Ltd.a,b | | | 82,144 | | | | 29,746 | |
Tassal Group Ltd. | | | 3,076 | | | | 9,031 | |
Thorn Group Ltd. | | | 23,479 | | | | 52,293 | |
Vocation Ltd. | | | 29,172 | | | | 5,679 | |
| | | | | | | | |
| | | | | | | 507,019 | |
AUSTRIA — 0.34% | | | | | |
Austria Technologie & Systemtechnik AG | | | 1,480 | | | | 19,173 | |
S IMMO AG | | | 1,360 | | | | 10,512 | |
| | | | | | | | |
| | | | | | | 29,685 | |
BELGIUM — 4.87% | | | | | |
Ablynx NVb | | | 1,352 | | | | 15,958 | |
Agfa-Gevaert NVb | | | 22,504 | | | | 52,542 | |
Barco NV | | | 188 | | | | 12,090 | |
Compagnie d’Entreprises CFE SA | | | 420 | | | | 40,001 | |
Econocom Group SA/NV | | | 880 | | | | 7,198 | |
Fagron | | | 1,016 | | | | 41,469 | |
Galapagos NVb | | | 1,580 | | | | 32,414 | |
GIMV NV | | | 340 | | | | 15,366 | |
Intervest Offices & Warehouses NV | | | 208 | | | | 5,422 | |
Mobistar SAb | | | 7,348 | | | | 163,018 | |
NV Bekaert SA | | | 304 | | | | 9,178 | |
| | | | | | | | |
Security | | Shares | | | Value | |
Tessenderlo Chemie NVa,b | | | 1,166 | | | $ | 30,151 | |
| | | | | | | | |
| | | | | | | 424,807 | |
CANADA — 6.08% | | | | | |
AG Growth International Inc. | | | 480 | | | | 20,480 | |
AGT Food & Ingredients Inc. | | | 568 | | | | 12,566 | |
Artis Real Estate Investment Trust | | | 824 | | | | 10,105 | |
Capstone Infrastructure Corp. | | | 2,940 | | | | 7,814 | |
Cogeco Cable Inc. | | | 1,460 | | | | 84,057 | |
DirectCash Payments Inc. | | | 868 | | | | 12,411 | |
Granite Real Estate Investment Trust | | | 344 | | | | 12,100 | |
Ithaca Energy Inc.b | | | 5,060 | | | | 4,829 | |
Laurentian Bank of Canada | | | 3,980 | | | | 146,933 | |
Liquor Stores N.A. Ltd. | | | 472 | | | | 5,703 | |
Mainstreet Equity Corp.b | | | 564 | | | | 15,057 | |
Manitoba Telecom Services Inc. | | | 6,028 | | | | 121,943 | |
Morguard Real Estate Investment Trust | | | 284 | | | | 4,135 | |
NorthWest Healthcare Properties Real Estate Investment Trust | | | 1,072 | | | | 7,812 | |
Premium Brands Holdings Corp. | | | 872 | | | | 16,842 | |
Total Energy Services Inc. | | | 536 | | | | 5,517 | |
Transcontinental Inc. Class A | | | 856 | | | | 10,214 | |
Valener Inc. | | | 528 | | | | 7,050 | |
Wajax Corp. | | | 270 | | | | 5,164 | |
Yellow Pages Ltd/Canadab | | | 1,416 | | | | 19,622 | |
| | | | | | | | |
| | | | | | | 530,354 | |
DENMARK — 5.15% | | | | | |
Alm. Brand A/Sb | | | 2,780 | | | | 14,412 | |
Auriga Industries A/S Class Bb | | | 752 | | | | 35,566 | |
DFDS A/S | | | 1,040 | | | | 100,265 | |
IC Group A/S | | | 896 | | | | 19,219 | |
Matas A/S | | | 3,220 | | | | 69,799 | |
Royal Unibrew A/Sb | | | 708 | | | | 120,739 | |
Schouw & Co. A/S | | | 1,936 | | | | 89,802 | |
| | | | | | | | |
| | | | | | | 449,802 | |
FINLAND — 2.84% | | | | | |
Atria OYJ | | | 2,208 | | | | 19,285 | |
Cramo OYJ | | | 1,380 | | | | 21,272 | |
Elektrobit OYJ | | | 1,780 | | | | 8,235 | |
HKScan OYJ Class A | | | 5,988 | | | | 26,083 | |
PKC Group OYJ | | | 328 | | | | 7,144 | |
Sanoma OYJ | | | 10,252 | | | | 64,496 | |
Tieto OYJ | | | 4,142 | | | | 101,754 | |
| | | | | | | | |
| | | | | | | 248,269 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 13 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED INTERNATIONAL SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
FRANCE — 2.84% | | | | | |
Assystem | | | 328 | | | $ | 6,403 | |
Cegedim SAb | | | 360 | | | | 13,040 | |
Cegid Group | | | 540 | | | | 19,427 | |
Compagnie des Alpesb | | | 880 | | | | 15,720 | |
Euro Disney SCA Registeredb | | | 2,236 | | | | 3,129 | |
Interparfums SA | | | 564 | | | | 16,675 | |
Jacquet Metal Service SA | | | 472 | | | | 8,229 | |
MPI | | | 20,112 | | | | 68,994 | |
Seche Environnement SA | | | 192 | | | | 4,528 | |
Solocal Groupb | | | 10,260 | | | | 8,649 | |
Ubisoft Entertainment SAb | | | 4,128 | | | | 83,336 | |
| | | | | | | | |
| | | | | | | 248,130 | |
GERMANY — 3.02% | | | | | |
Alstria Office REIT AG | | | 2,948 | | | | 37,741 | |
Amadeus Fire AG | | | 112 | | | | 8,342 | |
Balda AGb | | | 3,816 | | | | 12,875 | |
Bauer AGb | | | 536 | | | | 9,811 | |
Borussia Dortmund GmbH & Co. KgaA | | | 20,396 | | | | 91,764 | |
CENTROTEC Sustainable AG | | | 616 | | | | 9,210 | |
CropEnergies AG | | | 1,344 | | | | 4,095 | |
Deutsche Beteiligungs AG | | | 768 | | | | 23,833 | |
DIC Asset AG | | | 1,408 | | | | 14,724 | |
Draegerwerk AG & Co. KgaA | | | 92 | | | | 7,371 | |
Gesco AG | | | 120 | | | | 9,405 | |
Init Innovation in Traffic Systems AG | | | 296 | | | | 7,462 | |
OHB AG | | | 332 | | | | 7,943 | |
VTG AG | | | 596 | | | | 14,312 | |
Wacker Neuson SE | | | 236 | | | | 4,780 | |
| | | | | | | | |
| | | | | | | 263,668 | |
HONG KONG — 0.26% | | | | | |
SmarTone Telecommunications Holding Ltd.a | | | 8,000 | | | | 14,032 | |
United Photovoltaics Group Ltd.b | | | 64,000 | | | | 8,750 | |
| | | | | | | | |
| | | | | | | 22,782 | |
ISRAEL — 0.85% | | | | | |
Africa Israel Investments Ltd.b | | | 4,692 | | | | 4,177 | |
Ituran Location and Control Ltd. | | | 2,632 | | | | 55,229 | |
Tower Semiconductor Ltd.b | | | 984 | | | | 15,013 | |
| | | | | | | | |
| | | | | | | 74,419 | |
ITALY — 0.28% | | | | | |
Banca IFIS SpA | | | 416 | | | | 7,159 | |
Banca Profilo SpA | | | 21,308 | | | | 9,010 | |
Juventus Football Club SpAb | | | 32,132 | | | | 8,412 | |
| | | | | | | | |
| | | | | | | 24,581 | |
| | | | | | | | |
Security | | Shares | | | Value | |
JAPAN — 32.22% | | | | | |
Accordia Golf Co. Ltd. | | | 800 | | | $ | 8,179 | |
Achilles Corp. | | | 8,000 | | | | 10,352 | |
Aderans Co. Ltd. | | | 800 | | | | 7,137 | |
Aeon Fantasy Co. Ltd. | | | 2,000 | | | | 26,902 | |
Aichi Corp. | | | 2,400 | | | | 11,809 | |
Aoki Holdings Inc. | | | 800 | | | | 9,324 | |
Arc Land Sakamoto Co. Ltd. | | | 800 | | | | 15,004 | |
Asahi Co. Ltd. | | | 800 | | | | 7,866 | |
Asahi Diamond Industrial Co. Ltd. | | | 800 | | | | 8,234 | |
Asahi Holdings Inc. | | | 1,200 | | | | 17,949 | |
Avex Group Holdings Inc. | | | 800 | | | | 13,580 | |
Axell Corp. | | | 800 | | | | 11,340 | |
Capcom Co. Ltd. | | | 3,200 | | | | 54,021 | |
Cawachi Ltd. | | | 1,200 | | | | 19,196 | |
CKD Corp. | | | 800 | | | | 7,710 | |
Comforia Residential REIT Inc. | | | 32 | | | | 70,040 | |
Dai-ichi Seiko Co. Ltd. | | | 800 | | | | 14,806 | |
Daikoku Denki Co. Ltd. | | | 1,200 | | | | 19,339 | |
Dip Corp. | | | 800 | | | | 38,275 | |
Doshisha Co. Ltd. | | | 800 | | | | 12,572 | |
Duskin Co. Ltd. | | | 400 | | | | 6,341 | |
Dydo Drinco Inc. | | | 800 | | | | 32,963 | |
EDION Corp. | | | 2,000 | | | | 14,932 | |
Endo Lighting Corp. | | | 1,200 | | | | 13,567 | |
Enplas Corp. | | | 800 | | | | 28,775 | |
Foster Electric Co. Ltd. | | | 3,200 | | | | 60,832 | |
France Bed Holdings Co. Ltd. | | | 8,000 | | | | 12,259 | |
Fuji Oil Co. Ltd. | | | 3,200 | | | | 9,589 | |
Fuji Soft Inc. | | | 800 | | | | 16,141 | |
Fujibo Holdings Inc. | | | 8,000 | | | | 21,249 | |
G-Tekt Corp. | | | 1,600 | | | | 15,351 | |
GCA Savvian Group Corp. | | | 2,000 | | | | 20,295 | |
Geo Holdings Corp. | | | 16,800 | | | | 164,904 | |
Godo Steel Ltd. | | | 8,000 | | | | 13,008 | |
Gulliver International Co. Ltd. | | | 3,600 | | | | 28,901 | |
Hakuto Co. Ltd. | | | 800 | | | | 8,329 | |
Heiwa Corp. | | | 800 | | | | 16,168 | |
Heiwado Co. Ltd. | | | 800 | | | | 17,047 | |
Hitachi Maxell Ltd. | | | 3,600 | | | | 61,080 | |
Hokuetsu Bank Ltd. (The) | | | 4,000 | | | | 7,321 | |
Hokuetsu Kishu Paper Co. Ltd. | | | 4,000 | | | | 19,001 | |
Hokuto Corp. | | | 800 | | | | 14,758 | |
Honeys Co. Ltd. | | | 880 | | | | 7,881 | |
Hoosiers Holdings Co. Ltd. | | | 1,600 | | | | 6,756 | |
| | |
14 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED INTERNATIONAL SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
Hosiden Corp. | | | 2,400 | | | $ | 12,974 | |
Ines Corp. | | | 3,200 | | | | 24,109 | |
IT Holdings Corp. | | | 800 | | | | 13,390 | |
IwaiCosmo Holdings Inc. | | | 1,600 | | | | 18,443 | |
J-Oil Mills Inc. | | | 8,000 | | | | 28,741 | |
Japan Petroleum Exploration Co. Ltd. | | | 800 | | | | 24,450 | |
Japan Rental Housing Investments Inc. | | | 8 | | | | 6,375 | |
Juki Corp. | | | 8,000 | | | | 26,561 | |
JVC Kenwood Corp.b | | | 4,800 | | | | 11,442 | |
Kamei Corp. | | | 4,000 | | | | 26,595 | |
Kanamoto Co. Ltd. | | | 400 | | | | 10,505 | |
Kanematsu Corp. | | | 8,000 | | | | 11,510 | |
Kasumi Co. Ltd. | | | 1,600 | | | | 13,471 | |
Keiyo Co. Ltd. | | | 2,400 | | | | 11,421 | |
Kenedix Residential Investment Corp. | | | 16 | | | | 46,448 | |
KEY Coffee Inc. | | | 800 | | | | 11,551 | |
Kinugawa Rubber Industrial Co. Ltd. | | | 8,000 | | | | 36,164 | |
Kohnan Shoji Co. Ltd. | | | 15,600 | | | | 177,295 | |
Kura Corp. | | | 400 | | | | 12,106 | |
Maruha Nichiro Corp. | | | 800 | | | | 11,980 | |
Megachips Corp. | | | 3,200 | | | | 38,520 | |
MID REIT Inc. | | | 4 | | | | 10,250 | |
Mimasu Semiconductor Industry Co. Ltd. | | | 800 | | | | 9,099 | |
Ministop Co. Ltd. | | | 800 | | | | 10,829 | |
Mitsubishi Steel Manufacturing Co. Ltd. | | | 8,000 | | | | 16,345 | |
Mitsui Matsushima Co. Ltd. | | | 8,000 | | | | 8,513 | |
Morinaga & Co. Ltd. | | | 8,000 | | | | 24,995 | |
Morinaga Milk Industry Co. Ltd. | | | 8,000 | | | | 34,734 | |
Musashi Seimitsu Industry Co. Ltd. | | | 800 | | | | 15,201 | |
NEC Capital Solutions Ltd. | | | 400 | | | | 6,061 | |
Nichiha Corp. | | | 800 | | | | 8,602 | |
Nichii Gakkan Co. | | | 800 | | | | 8,384 | |
Nippon Chemi-Con Corp.b | | | 8,000 | | | | 22,883 | |
Nippon Coke & Engineering Co. Ltd. | | | 15,600 | | | | 14,609 | |
Nippon Denko Co. Ltd. | | | 13,600 | | | | 34,502 | |
Nippon Koei Co. Ltd. | | | 4,000 | | | | 16,175 | |
Nippon Konpo Unyu Soko Co. Ltd. | | | 800 | | | | 12,565 | |
Nippon Signal Co. Ltd. (The) | | | 800 | | | | 8,765 | |
Nissha Printing Co. Ltd. | | | 800 | | | | 12,933 | |
Nisshin OilliO Group Ltd. (The) | | | 8,000 | | | | 29,217 | |
Odelic Co. Ltd. | | | 1,200 | | | | 29,585 | |
Okinawa Electric Power Co. Inc. (The) | | | 800 | | | | 27,821 | |
Pacific Industrial Co. Ltd. | | | 2,400 | | | | 19,635 | |
Press Kogyo Co. Ltd. | | | 4,000 | | | | 13,621 | |
Prima Meat Packers Ltd. | | | 8,000 | | | | 20,908 | |
| | | | | | | | |
Security | | Shares | | | Value | |
Riso Kagaku Corp. | | | 800 | | | $ | 14,002 | |
Ryoyo Electro Corp. | | | 800 | | | | 8,384 | |
Saizeriya Co. Ltd. | | | 1,600 | | | | 25,948 | |
Sanshin Electronics Co. Ltd. | | | 1,600 | | | | 10,979 | |
Sanyo Shokai Ltd. | | | 12,000 | | | | 28,502 | |
Senshu Ikeda Holdings Inc. | | | 6,400 | | | | 28,604 | |
Shinko Electric Industries Co. Ltd. | | | 8,000 | | | | 56,732 | |
Showa Corp. | | | 800 | | | | 8,214 | |
Stella Chemifa Corp. | | | 1,200 | | | | 13,270 | |
Systena Corp. | | | 800 | | | | 5,816 | |
Tachi-S Co. Ltd. | | | 800 | | | | 11,741 | |
Taiho Kogyo Co. Ltd. | | | 1,200 | | | | 13,464 | |
Taikisha Ltd. | | | 800 | | | | 19,158 | |
Tama Home Co. Ltd.a | | | 5,200 | | | | 23,595 | |
Tamron Co. Ltd. | | | 800 | | | | 15,698 | |
Tatsuta Electric Wire and Cable Co. Ltd. | | | 1,600 | | | | 6,729 | |
TOKAI Holdings Corp. | | | 3,200 | | | | 14,493 | |
TOKO Inc. | | | 8,000 | | | | 21,521 | |
Tokyo Seimitsu Co. Ltd. | | | 400 | | | | 8,207 | |
Tokyo TY Financial Group Inc.b | | | 1,000 | | | | 28,817 | |
Tomy Co. Ltd. | | | 2,400 | | | | 13,362 | |
TOPY Industries Ltd. | | | 8,000 | | | | 18,184 | |
Toridoll Corp. | | | 800 | | | | 11,673 | |
Towa Bank Ltd. (The) | | | 100,000 | | | | 82,578 | |
Toyo Tire & Rubber Co. Ltd. | | | 1,600 | | | | 36,491 | |
TPR Co. Ltd. | | | 800 | | | | 20,500 | |
Tsukuba Bank Ltd. (The) | | | 1,600 | | | | 4,713 | |
UKC Holdings Corp. | | | 3,600 | | | | 55,564 | |
Unipres Corp. | | | 3,200 | | | | 56,092 | |
ValueCommerce Co. Ltd. | | | 1,200 | | | | 5,394 | |
Warabeya Nichiyo Co. Ltd. | | | 1,200 | | | | 20,156 | |
Watami Co. Ltd.a | | | 800 | | | | 7,941 | |
West Holdings Corp. | | | 800 | | | | 6,395 | |
Yahagi Construction Co. Ltd. | | | 800 | | | | 6,014 | |
Yellow Hat Ltd. | | | 800 | | | | 15,746 | |
Yokohama Reito Co. Ltd. | | | 1,600 | | | | 11,142 | |
Yorozu Corp. | | | 4,400 | | | | 85,704 | |
| | | | | | | | |
| | | | | | | 2,812,889 | |
NETHERLANDS — 4.04% | | | | | |
Amsterdam Commodities NV | | | 584 | | | | 13,935 | |
BE Semiconductor Industries NV | | | 1,140 | | | | 23,285 | |
Corbion NV | | | 6,894 | | | | 114,670 | |
Fugro NV CVA | | | 5,704 | | | | 123,777 | |
Kendrion NV | | | 2,028 | | | | 55,691 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 15 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED INTERNATIONAL SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
Wessanen | | | 3,308 | | | $ | 21,158 | |
| | | | | | | | |
| | | | | | | 352,516 | |
NORWAY — 1.22% | | | | | |
BW Offshore Ltd. | | | 20,032 | | | | 19,152 | |
Deep Sea Supply PLC | | | 9,025 | | | | 4,762 | |
Electromagnetic GeoServices ASb | | | 26,196 | | | | 13,655 | |
Fred Olsen Energy ASA | | | 8,308 | | | | 69,354 | |
| | | | | | | | |
| | | | | | | 106,923 | |
PORTUGAL — 0.08% | | | | | |
BANIF — Banco Internacional do Funchal SAb | | | 1,075,916 | | | | 7,285 | |
| | | | | | | | |
| | | | | | | 7,285 | |
SINGAPORE — 2.54% | | | | | |
AIMS AMP Capital Industrial REIT | | | 24,000 | | | | 26,074 | |
Cambridge Industrial Trust | | | 100,000 | | | | 50,255 | |
CSE Global Ltd. | | | 32,000 | | | | 13,835 | |
Far East Hospitality Trust | | | 20,000 | | | | 12,490 | |
First REIT | | | 12,000 | | | | 11,662 | |
Ho Bee Land Ltd. | | | 8,000 | | | | 12,239 | |
Hong Fok Corp. Ltd. | | | 8,000 | | | | 5,380 | |
k1 Ventures Ltd. | | | 56,000 | | | | 7,739 | |
Perennial Real Estate Holdings Ltd.b | | | 64,000 | | | | 49,427 | |
Rotary Engineering Ltd. | | | 16,000 | | | | 6,563 | |
STATS ChipPAC Ltd.b | | | 28,000 | | | | 9,829 | |
Wing Tai Holdings Ltd. | | | 12,000 | | | | 16,229 | |
| | | | | | | | |
| | | | | | | 221,722 | |
SPAIN — 0.15% | | | | | |
Duro Felguera SA | | | 3,200 | | | | 12,855 | |
| | | | | | | | |
| | | | | | | 12,855 | |
SWEDEN — 2.69% | | | | | |
Bure Equity AB | | | 2,040 | | | | 9,568 | |
Gunnebo AB | | | 4,952 | | | | 24,124 | |
Haldex AB | | | 960 | | | | 12,997 | |
HIQ International AB | | | 1,632 | | | | 8,463 | |
Industrial & Financial Systems Class B | | | 368 | | | | 11,344 | |
Klovern AB Class A | | | 5,695 | | | | 5,955 | |
Klovern AB Class Bb | | | 32,660 | | | | 32,571 | |
Medivir ABa,b | | | 4,644 | | | | 55,156 | |
Nolato AB | | | 424 | | | | 10,200 | |
Oriflame Cosmetics SA SDR | | | 3,556 | | | | 47,757 | |
Tethys Oil ABb | | | 2,460 | | | | 16,579 | |
| | | | | | | | |
| | | | | | | 234,714 | |
| | | | | | | | |
Security | | Shares | | | Value | |
SWITZERLAND — 8.48% | | | | | |
Autoneum Holding AG | | | 448 | | | $ | 74,987 | |
BKW AG | | | 776 | | | | 23,194 | |
Bossard Holding AG | | | 96 | | | | 9,933 | |
EFG International AG | | | 952 | | | | 10,285 | |
Emmi AG | | | 112 | | | | 36,642 | |
Forbo Holding AG Registered | | | 100 | | | | 97,114 | |
Gategroup Holding AG | | | 312 | | | | 8,647 | |
Huber & Suhner AG Registered | | | 116 | | | | 5,163 | |
Implenia AG Registered | | | 716 | | | | 39,106 | |
Intershop Holdings AG Bearer | | | 108 | | | | 43,432 | |
Komax Holding AG Registered | | | 380 | | | | 57,203 | |
Kudelski SA Bearer | | | 2,092 | | | | 23,988 | |
LEM Holding SA Registered | | | 8 | | | | 6,143 | |
Micronas Semiconductor Holding AG Registered | | | 1,420 | | | | 8,489 | |
Mobilezone Holding AG Bearerb | | | 4,152 | | | | 49,641 | |
Rieter Holding AG Registered | | | 104 | | | | 15,068 | |
Siegfried Holding AG Registered | | | 452 | | | | 75,264 | |
St Galler Kantonalbank AG Registered | | | 80 | | | | 30,324 | |
Swisslog Holding AG Registeredb | | | 17,088 | | | | 24,702 | |
Swissquote Group Holding SA Registered | | | 240 | | | | 6,261 | |
U-Blox AG | | | 168 | | | | 24,067 | |
Vetropack Holding AG Bearer | | | 12 | | | | 17,425 | |
Vontobel Holding AG Registered | | | 542 | | | | 18,115 | |
Walter Meier AGb | | | 356 | | | | 16,329 | |
Zehnder Group AG Bearer | | | 432 | | | | 18,782 | |
| | | | | | | | |
| | | | | | | 740,304 | |
UNITED KINGDOM — 15.66% | | | | | |
Awilco Drilling PLCa | | | 1,240 | | | | 13,119 | |
Bank of Georgia Holdings PLC | | | 280 | | | | 8,541 | |
Beazley PLC | | | 9,032 | | | | 39,217 | |
Berendsen PLC | | | 3,468 | | | | 58,024 | |
Big Yellow Group PLC | | | 1,096 | | | | 10,058 | |
Cape PLC | | | 3,612 | | | | 11,392 | |
Carillion PLC | | | 1,640 | | | | 8,436 | |
Centamin PLC | | | 46,192 | | | | 46,412 | |
Chesnara PLC | | | 1,712 | | | | 9,031 | |
COLT Group SAb | | | 6,788 | | | | 13,488 | |
CSR PLC | | | 636 | | | | 8,167 | |
Dairy Crest Group PLC | | | 4,720 | | | | 34,637 | |
Dart Group PLC | | | 10,448 | | | | 45,232 | |
De La Rue PLC | | | 1,216 | | | | 9,469 | |
Debenhams PLC | | | 119,308 | | | | 134,840 | |
| | |
16 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED INTERNATIONAL SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
Devro PLC | | | 1,948 | | | $ | 8,236 | |
EnQuest PLCb | | | 43,892 | | | | 22,413 | |
Fenner PLC | | | 2,292 | | | | 6,403 | |
FirstGroup PLCb | | | 11,616 | | | | 17,376 | |
Globo PLCa,b | | | 38,752 | | | | 24,445 | |
Go-Ahead Group PLC | | | 288 | | | | 10,714 | |
Greencore Group PLC | | | 2,436 | | | | 11,276 | |
Greggs PLC | | | 2,844 | | | | 35,068 | |
Halfords Group PLC | | | 1,328 | | | | 8,856 | |
Hargreaves Services PLC | | | 3,752 | | | | 32,684 | |
Innovation Group PLC | | | 41,680 | | | | 18,310 | |
Intermediate Capital Group PLC | | | 1,488 | | | | 11,018 | |
Interserve PLC | | | 1,056 | | | | 8,493 | |
IQE PLCb | | | 65,184 | | | | 19,825 | |
Kcom Group PLC | | | 6,044 | | | | 7,534 | |
Laird PLC | | | 1,848 | | | | 8,848 | |
Lancashire Holdings Ltd. | | | 12,328 | | | | 113,037 | |
LondonMetric Property PLC | | | 6,284 | | | | 15,053 | |
Mitie Group PLC | | | 13,780 | | | | 55,859 | |
Moneysupermarket.com Group PLC | | | 3,388 | | | | 13,383 | |
Morgan Advanced Materials PLC | | | 1,808 | | | | 8,268 | |
Northgate PLC | | | 17,884 | | | | 165,458 | |
Optimal Payments PLCb | | | 6,756 | | | | 34,956 | |
Pace PLC | | | 13,348 | | | | 67,038 | |
Paragon Group of Companies PLC (The) | | | 2,812 | | | | 17,409 | |
Premier Farnell PLC | | | 4,576 | | | | 11,615 | |
QinetiQ Group PLC | | | 4,088 | | | | 11,487 | |
Restaurant Group PLC (The) | | | 944 | | | | 10,201 | |
Salamander Energy PLCb | | | 8,512 | | | | 8,885 | |
Shanks Group PLC | | | 7,532 | | | | 11,143 | |
SOCO International PLC | | | 1,792 | | | | 7,084 | |
Speedy Hire PLC | | | 9,524 | | | | 10,406 | |
Spirent Communications PLC | | | 5,756 | | | | 7,716 | |
Synergy Health PLC | | | 1,384 | | | | 45,002 | |
Trinity Mirror PLCb | | | 6,100 | | | | 15,781 | |
TT electronics PLC | | | 9,080 | | | | 15,069 | |
Vesuvius PLC | | | 1,384 | | | | 9,146 | |
Xchanging PLC | | | 4,696 | | | | 11,073 | |
| | | | | | | | |
| | | | | | | 1,366,631 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $9,551,977) | | | | 8,679,355 | |
| | | | | | | | |
Security | | Shares | | | Value | |
RIGHTS — 0.06% | |
| |
FRANCE — 0.06% | | | | | |
Euro Disney SCAb | | | 2,236 | | | $ | 5,415 | |
Euro Disney SCA Newb | | | 2,236 | | | | — | |
| | | | | | | | |
| | | | | | | 5,415 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $6,310) | | | | 5,415 | |
|
SHORT-TERM INVESTMENTS — 1.83% | |
| |
MONEY MARKET FUNDS — 1.83% | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.15%c,d,e | | | 139,812 | | | | 139,812 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.14%c,d,e | | | 8,410 | | | | 8,410 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.00%c,d | | | 11,070 | | | | 11,070 | |
| | | | | | | | |
| | | | | | | 159,292 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $159,292) | | | | 159,292 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES — 101.31% | | | | | |
(Cost: $9,717,579) | | | | 8,844,062 | |
Other Assets, Less Liabilities — (1.31)% | | | | (114,280 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 8,729,782 | |
| | | | | | | | |
SDR — Swedish Depositary Receipts
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 17 | |
Schedule of Investments (Unaudited)
iSHARES® ENHANCED U.S. LARGE-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
COMMON STOCKS — 99.66% | |
| |
AEROSPACE & DEFENSE — 2.45% | | | | | |
General Dynamics Corp. | | | 11,196 | | | $ | 1,491,419 | |
L-3 Communications Holdings Inc. | | | 1,988 | | | | 244,763 | |
| | | | | | | | |
| | | | | | | 1,736,182 | |
AIR FREIGHT & LOGISTICS — 3.72% | | | | | |
FedEx Corp. | | | 8,048 | | | | 1,360,997 | |
United Parcel Service Inc. | | | 12,843 | | | | 1,269,402 | |
| | | | | | | | |
| | | | | | | 2,630,399 | |
AIRLINES — 2.01% | | | | | |
Allegiant Travel Co. | | | 7,832 | | | | 1,419,707 | |
| | | | | | | | |
| | | | | | | 1,419,707 | |
BEVERAGES — 0.33% | | | | | |
Molson Coors Brewing Co. Class B NVS | | | 678 | | | | 51,480 | |
PepsiCo Inc. | | | 1,942 | | | | 182,121 | |
| | | | | | | | |
| | | | | | | 233,601 | |
CHEMICALS — 0.05% | | | | | |
Sigma-Aldrich Corp. | | | 233 | | | | 32,042 | |
| | | | | | | | |
| | | | | | | 32,042 | |
COMMERCIAL BANKS — 0.41% | | | | | |
BOK Financial Corp. | | | 585 | | | | 31,654 | |
Cullen/Frost Bankers Inc. | | | 2,160 | | | | 134,568 | |
First Citizens BancShares Inc. Class A | | | 315 | | | | 76,876 | |
Prosperity Bancshares Inc. | | | 341 | | | | 15,615 | |
Trustmark Corp. | | | 1,567 | | | | 33,471 | |
| | | | | | | | |
| | | | | | | 292,184 | |
COMMERCIAL SERVICES & SUPPLIES — 0.03% | |
UniFirst Corp. | | | 206 | | | | 23,923 | |
| | | | | | | | |
| | | | | | | 23,923 | |
COMMUNICATIONS EQUIPMENT — 0.03% | | | | | |
Brocade Communications Systems Inc. | | | 1,665 | | | | 18,515 | |
| | | | | | | | |
| | | | | | | 18,515 | |
COMPUTERS & PERIPHERALS — 2.78% | | | | | |
EMC Corp. | | | 14,310 | | | | 371,058 | |
Western Digital Corp. | | | 16,427 | | | | 1,597,197 | |
| | | | | | | | |
| | | | | | | 1,968,255 | |
CONSUMER FINANCE — 0.65% | | | | | |
Cash America International Inc. | | | 22,195 | | | | 461,656 | |
| | | | | | | | |
| | | | | | | 461,656 | |
DIVERSIFIED FINANCIAL SERVICES — 0.56% | | | | | |
CBOE Holdings Inc. | | | 5,127 | | | | 330,538 | |
CME Group Inc./IL | | | 775 | | | | 66,107 | |
| | | | | | | | |
| | | | | | | 396,645 | |
| | | | | | | | |
Security | | Shares | | | Value | |
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.75% | |
AT&T Inc.a | | | 37,569 | | | $ | 1,236,771 | |
| | | | | | | | |
| | | | | | | 1,236,771 | |
ELECTRIC UTILITIES — 2.42% | | | | | |
ALLETE Inc. | | | 767 | | | | 43,451 | |
Great Plains Energy Inc. | | | 3,285 | | | | 97,137 | |
IDACORP Inc. | | | 589 | | | | 39,999 | |
Northeast Utilities | | | 1,177 | | | | 65,418 | |
Pinnacle West Capital Corp. | | | 20,156 | | | | 1,414,548 | |
Portland General Electric Co. | | | 1,294 | | | | 51,372 | |
| | | | | | | | |
| | | | | | | 1,711,925 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.52% | |
AVX Corp. | | | 5,580 | | | | 72,150 | |
Corning Inc. | | | 2,373 | | | | 56,406 | |
Dolby Laboratories Inc. Class A | | | 2,025 | | | | 78,570 | |
Tech Data Corp.a,b | | | 2,841 | | | | 162,221 | |
| | | | | | | | |
| | | | | | | 369,347 | |
ENERGY EQUIPMENT & SERVICES — 0.30% | | | | | |
Helmerich & Payne Inc. | | | 406 | | | | 24,182 | |
National Oilwell Varco Inc. | | | 1,567 | | | | 85,292 | |
RPC Inc. | | | 8,505 | | | | 106,057 | |
| | | | | | | | |
| | | | | | | 215,531 | |
FOOD & STAPLES RETAILING — 2.61% | | | | | |
Costco Wholesale Corp. | | | 806 | | | | 115,250 | |
CVS Health Corp. | | | 1,755 | | | | 172,271 | |
Fresh Market Inc. (The)a,b | | | 581 | | | | 22,142 | |
Wal-Mart Stores Inc. | | | 18,116 | | | | 1,539,497 | |
| | | | | | | | |
| | | | | | | 1,849,160 | |
FOOD PRODUCTS — 5.97% | | | | | |
Archer-Daniels-Midland Co. | | | 33,296 | | | | 1,552,593 | |
Bunge Ltd. | | | 8,289 | | | | 742,114 | |
Fresh Del Monte Produce Inc. | | | 3,645 | | | | 122,581 | |
Hershey Co. (The) | | | 12,007 | | | | 1,227,235 | |
Hormel Foods Corp. | | | 2,929 | | | | 150,023 | |
Ingredion Inc. | | | 362 | | | | 29,192 | |
J.M. Smucker Co. (The) | | | 3,380 | | | | 348,647 | |
Lancaster Colony Corp. | | | 588 | | | | 52,879 | |
| | | | | | | | |
| | | | | | | 4,225,264 | |
GAS UTILITIES — 0.63% | | | | | |
AGL Resources Inc. | | | 854 | | | | 48,149 | |
Atmos Energy Corp. | | | 5,223 | | | | 297,241 | |
New Jersey Resources Corp. | | | 1,239 | | | | 79,147 | |
Piedmont Natural Gas Co. | | | 572 | | | | 22,817 | |
| | | | | | | | |
| | | | | | | 447,354 | |
| | |
18 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED U.S. LARGE-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
HEALTH CARE EQUIPMENT & SUPPLIES — 6.31% | |
Abbott Laboratories | | | 30,375 | | | $ | 1,359,585 | |
Becton, Dickinson and Co. | | | 4,339 | | | | 599,129 | |
C.R. Bard Inc. | | | 7,785 | | | | 1,331,469 | |
Edwards Lifesciences Corp.b | | | 377 | | | | 47,257 | |
Medtronic PLC | | | 2,926 | | | | 208,916 | |
Stryker Corp. | | | 9,705 | | | | 883,640 | |
Zimmer Holdings Inc. | | | 299 | | | | 33,518 | |
| | | | | | | | |
| | | | | | | 4,463,514 | |
HEALTH CARE PROVIDERS & SERVICES — 3.68% | |
Aetna Inc. | | | 1,060 | | | | 97,329 | |
AmerisourceBergen Corp. | | | 815 | | | | 77,466 | |
Anthem Inc. | | | 13,917 | | | | 1,878,239 | |
Cardinal Health Inc. | | | 1,127 | | | | 93,755 | |
Centene Corp.b | | | 889 | | | | 97,043 | |
Chemed Corp. | | | 1,301 | | | | 131,583 | |
Cigna Corp. | | | 311 | | | | 33,224 | |
Henry Schein Inc.b | | | 658 | | | | 90,850 | |
Humana Inc. | | | 374 | | | | 54,769 | |
McKesson Corp. | | | 231 | | | | 49,122 | |
| | | | | | | | |
| | | | | | | 2,603,380 | |
HOTELS, RESTAURANTS & LEISURE — 3.25% | |
Buffalo Wild Wings Inc.a,b | | | 6,744 | | | | 1,202,590 | |
Carnival Corp. | | | 9,765 | | | | 429,270 | |
Cheesecake Factory Inc. (The) | | | 3,719 | | | | 195,285 | |
Chipotle Mexican Grill Inc.b | | | 187 | | | | 132,740 | |
McDonald’s Corp. | | | 1,763 | | | | 162,972 | |
Panera Bread Co. Class Ab | | | 933 | | | | 160,345 | |
Yum! Brands Inc. | | | 269 | | | | 19,443 | |
| | | | | | | | |
| | | | | | | 2,302,645 | |
HOUSEHOLD PRODUCTS — 2.03% | | | | | |
Kimberly-Clark Corp. | | | 10,720 | | | | 1,157,331 | |
Procter & Gamble Co. (The) | | | 3,271 | | | | 275,713 | |
| | | | | | | | |
| | | | | | | 1,433,044 | |
INSURANCE — 12.83% | | | | | |
ACE Ltd. | | | 12,727 | | | | 1,374,007 | |
Aflac Inc. | | | 18,386 | | | | 1,049,473 | |
Allied World Assurance Co. Holdings Ltd. | | | 23,412 | | | | 905,342 | |
American Financial Group Inc. | | | 3,526 | | | | 204,649 | |
Aspen Insurance Holdings Ltd. | | | 2,565 | | | | 111,116 | |
Assurant Inc. | | | 2,710 | | | | 172,112 | |
Axis Capital Holdings Ltd. | | | 19,284 | | | | 981,556 | |
Chubb Corp. (The) | | | 862 | | | | 84,390 | |
| | | | | | | | |
Security | | Shares | | | Value | |
Endurance Specialty Holdings Ltd. | | | 2,295 | | | $ | 140,270 | |
Everest Re Group Ltd. | | | 2,170 | | | | 371,895 | |
Hanover Insurance Group Inc. (The) | | | 206 | | | | 14,214 | |
HCC Insurance Holdings Inc. | | | 4,854 | | | | 258,912 | |
Loews Corp. | | | 1,663 | | | | 63,626 | |
PartnerRe Ltd. | | | 4,885 | | | | 558,844 | |
Reinsurance Group of America Inc. | | | 18,900 | | | | 1,565,109 | |
RenaissanceRe Holdings Ltd. | | | 957 | | | | 91,518 | |
Symetra Financial Corp. | | | 13,307 | | | | 270,265 | |
Torchmark Corp. | | | 7,630 | | | | 382,034 | |
Travelers Companies Inc. (The) | | | 1,041 | | | | 107,036 | |
Validus Holdings Ltd. | | | 9,317 | | | | 369,419 | |
| | | | | | | | |
| | | | | | | 9,075,787 | |
INTERNET & CATALOG RETAIL — 1.27% | | | | | |
Amazon.com Inc.b | | | 2,439 | | | | 864,699 | |
Expedia Inc. | | | 358 | | | | 30,763 | |
| | | | | | | | |
| | | | | | | 895,462 | |
INTERNET SOFTWARE & SERVICES — 4.21% | | | | | |
Akamai Technologies Inc.b | | | 1,530 | | | | 88,977 | |
eBay Inc.b | | | 27,302 | | | | 1,447,006 | |
Google Inc. Class Ab | | | 1,340 | | | | 720,317 | |
Google Inc. Class Cb | | | 1,351 | | | | 722,137 | |
| | | | | | | | |
| | | | | | | 2,978,437 | |
IT SERVICES — 1.91% | | | | | |
Amdocs Ltd. | | | 14,677 | | | | 707,138 | |
Automatic Data Processing Inc. | | | 2,044 | | | | 168,692 | |
Jack Henry & Associates Inc. | | | 363 | | | | 22,277 | |
Total System Services Inc. | | | 12,825 | | | | 453,620 | |
| | | | | | | | |
| | | | | | | 1,351,727 | |
LIFE SCIENCES TOOLS & SERVICES — 0.03% | |
Bio-Rad Laboratories Inc. Class Ab | | | 176 | | | | 20,147 | |
| | | | | | | | |
| | | | | | | 20,147 | |
MEDIA — 0.07% | | | | | |
Madison Square Garden Inc. Class Ab | | | 634 | | | | 48,025 | |
| | | | | | | | |
| | | | | | | 48,025 | |
MULTI-UTILITIES — 6.92% | | | | | |
Alliant Energy Corp. | | | 3,555 | | | | 243,908 | |
Avista Corp. | | | 1,344 | | | | 49,903 | |
Consolidated Edison Inc. | | | 18,162 | | | | 1,258,263 | |
DTE Energy Co. | | | 18,009 | | | | 1,614,687 | |
NorthWestern Corp. | | | 847 | | | | 48,923 | |
PG&E Corp. | | | 23,443 | | | | 1,378,683 | |
Public Service Enterprise Group Inc. | | | 7,068 | | | | 301,662 | |
| | | | | | | | |
| | | | | | | 4,896,029 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED U.S. LARGE-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
MULTILINE RETAIL — 0.95% | | | | | |
Kohl’s Corp. | | | 1,753 | | | $ | 104,689 | |
Target Corp. | | | 7,731 | | | | 569,079 | |
| | | | | | | | |
| | | | | | | 673,768 | |
OIL, GAS & CONSUMABLE FUELS — 9.07% | | | | | |
Apache Corp. | | | 13,586 | | | | 850,076 | |
Chevron Corp. | | | 10,994 | | | | 1,127,215 | |
EOG Resources Inc. | | | 12,815 | | | | 1,140,919 | |
Exxon Mobil Corp. | | | 14,157 | | | | 1,237,605 | |
Murphy Oil Corp. | | | 20,920 | | | | 939,517 | |
Occidental Petroleum Corp. | | | 13,994 | | | | 1,119,520 | |
| | | | | | | | |
| | | | | | | 6,414,852 | |
PHARMACEUTICALS — 6.09% | | | | | |
Eli Lilly and Co. | | | 3,186 | | | | 229,392 | |
Johnson & Johnson | | | 14,119 | | | | 1,413,877 | |
Merck & Co. Inc. | | | 24,435 | | | | 1,472,942 | |
Pfizer Inc. | | | 38,250 | | | | 1,195,312 | |
| | | | | | | | |
| | | | | | | 4,311,523 | |
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.32% | |
Invesco Mortgage Capital Inc. | | | 14,900 | | | | 228,566 | |
| | | | | | | | |
| | | | | | | 228,566 | |
ROAD & RAIL — 0.20% | | | | | |
Werner Enterprises Inc. | | | 5,085 | | | | 145,075 | |
| | | | | | | | |
| | | | | | | 145,075 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.37% | |
Broadcom Corp. Class A | | | 14,269 | | | | 605,505 | |
Intel Corp. | | | 44,398 | | | | 1,466,910 | |
Maxim Integrated Products Inc. | | | 1,710 | | | | 56,584 | |
Skyworks Solutions Inc. | | | 3,061 | | | | 254,216 | |
| | | | | | | | |
| | | | | | | 2,383,215 | |
SOFTWARE — 2.73% | | | | | |
Citrix Systems Inc.b | | | 2,326 | | | | 137,839 | |
FactSet Research Systems Inc. | | | 307 | | | | 44,082 | |
Intuit Inc. | | | 2,425 | | | | 210,538 | |
Microsoft Corp. | | | 33,170 | | | | 1,340,068 | |
Red Hat Inc.b | | | 234 | | | | 14,927 | |
SolarWinds Inc.b | | | 277 | | | | 13,338 | |
Synopsys Inc.b | | | 445 | | | | 19,130 | |
VMware Inc. Class Ab | | | 1,938 | | | | 149,420 | |
| | | | | | | | |
| | | | | | | 1,929,342 | |
SPECIALTY RETAIL — 7.16% | | | | | |
Bed Bath & Beyond Inc.a,b | | | 6,355 | | | | 475,163 | |
GameStop Corp. Class Aa | | | 25,113 | | | | 885,233 | |
| | | | | | | | |
Security | | Shares | | | Value | |
O’Reilly Automotive Inc.a,b | | | 8,731 | | | $ | 1,635,840 | |
Outerwall Inc.a,b | | | 766 | | | | 47,553 | |
PetSmart Inc. | | | 4,185 | | | | 341,936 | |
Ross Stores Inc. | | | 2,118 | | | | 194,242 | |
TJX Companies Inc. (The) | | | 22,547 | | | | 1,486,749 | |
| | | | | | | | |
| | | | | | | 5,066,716 | |
TEXTILES, APPAREL & LUXURY GOODS — 0.04% | |
Deckers Outdoor Corp.a,b | | | 470 | | | | 31,043 | |
| | | | | | | | |
| | | | | | | 31,043 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $64,282,665) | | | | 70,520,758 | |
|
SHORT-TERM INVESTMENTS — 8.51% | |
| |
MONEY MARKET FUNDS — 8.51% | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.15%c,d,e | | | 5,498,383 | | | | 5,498,383 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.14%c,d,e | | | 330,755 | | | | 330,755 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.00%c,d | | | 193,138 | | | | 193,138 | |
| | | | | | | | |
| | | | | | | 6,022,276 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $6,022,276) | | | | 6,022,276 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES — 108.17% | | | | | |
(Cost: $70,304,941) | | | | 76,543,034 | |
Other Assets, Less Liabilities — (8.17)% | | | | (5,781,787 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 70,761,247 | |
| | | | | | | | |
NVS — Non-Voting Shares
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
| | |
20 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® ENHANCED U.S. SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
COMMON STOCKS — 99.10% | |
| |
AEROSPACE & DEFENSE — 1.76% | | | | | |
CPI Aerostructures Inc.a | | | 921 | | | $ | 10,822 | |
Engility Holdings Inc.a,b | | | 7,915 | | | | 315,808 | |
| | | | | | | | |
| | | | | | | 326,630 | |
AIRLINES — 2.15% | | | | | |
Allegiant Travel Co. | | | 2,207 | | | | 400,063 | |
| | | | | | | | |
| | | | | | | 400,063 | |
BIOTECHNOLOGY — 0.13% | | | | | |
Anacor Pharmaceuticals Inc.a | | | 381 | | | | 14,326 | |
Intercept Pharmaceuticals Inc.a | | | 50 | | | | 10,051 | |
| | | | | | | | |
| | | | | | | 24,377 | |
BUILDING PRODUCTS — 0.09% | | | | | |
AAON Inc. | | | 790 | | | | 17,230 | |
| | | | | | | | |
| | | | | | | 17,230 | |
CAPITAL MARKETS — 1.61% | | | | | |
Diamond Hill Investment Group Inc. | | | 886 | | | | 115,233 | |
FBR & Co.a | | | 401 | | | | 8,990 | |
GAMCO Investors Inc. Class A | | | 251 | | | | 20,494 | |
Manning & Napier Inc. | | | 13,611 | | | | 145,774 | |
Solar Senior Capital Ltd. | | | 527 | | | | 8,000 | |
| | | | | | | | |
| | | | | | | 298,491 | |
CHEMICALS — 0.20% | | | | | |
Core Molding Technologies Inc.a | | | 360 | | | | 5,220 | |
Hawkins Inc. | | | 851 | | | | 32,772 | |
| | | | | | | | |
| | | | | | | 37,992 | |
COMMERCIAL BANKS — 4.28% | | | | | |
1st Source Corp. | | | 264 | | | | 7,849 | |
American National Bankshares Inc. | | | 708 | | | | 15,236 | |
Arrow Financial Corp. | | | 1,137 | | | | 29,073 | |
BancFirst Corp. | | | 312 | | | | 17,990 | |
Bank of Marin Bancorp | | | 360 | | | | 17,643 | |
BSB Bancorp Inc.a | | | 444 | | | | 8,312 | |
Camden National Corp. | | | 408 | | | | 15,161 | |
Century Bancorp Inc. Class A | | | 156 | | | | 6,050 | |
City Holding Co. | | | 600 | | | | 25,398 | |
CNB Financial Corp. | | | 372 | | | | 6,324 | |
Community Trust Bancorp Inc. | | | 1,067 | | | | 33,696 | |
First Financial Corp. | | | 864 | | | | 28,002 | |
First Interstate BancSystem Inc. | | | 7,369 | | | | 176,119 | |
First of Long Island Corp. (The) | | | 504 | | | | 11,748 | |
Great Southern Bancorp Inc. | | | 396 | | | | 14,303 | |
Heritage Financial Corp. | | | 1,957 | | | | 30,373 | |
| | | | | | | | |
Security | | Shares | | | Value | |
Horizon Bancorp | | | 360 | | | $ | 8,057 | |
Lakeland Financial Corp. | | | 864 | | | | 32,607 | |
Merchants Bancshares Inc. | | | 396 | | | | 10,601 | |
Northrim BanCorp Inc. | | | 444 | | | | 9,204 | |
Premier Financial Bancorp Inc. | | | 396 | | | | 5,873 | |
Renasant Corp. | | | 743 | | | | 19,437 | |
S&T Bancorp Inc. | | | 432 | | | | 11,876 | |
Simmons First National Corp. Class A | | | 1,416 | | | | 52,987 | |
State Bank Financial Corp. | | | 2,268 | | | | 41,414 | |
Stock Yards Bancorp Inc. | | | 659 | | | | 20,297 | |
Suffolk Bancorp | | | 1,068 | | | | 24,564 | |
Tompkins Financial Corp. | | | 456 | | | | 23,379 | |
Trustmark Corp. | | | 1,667 | | | | 35,607 | |
Univest Corp. of Pennsylvania | | | 588 | | | | 10,890 | |
WesBanco Inc. | | | 1,488 | | | | 44,908 | |
| | | | | | | | |
| | | | | | | 794,978 | |
COMMERCIAL SERVICES & SUPPLIES — 0.88% | |
Brady Corp. Class A | | | 240 | | | | 6,281 | |
Courier Corp. | | | 2,327 | | | | 54,615 | |
Intersections Inc.b | | | 11,242 | | | | 38,448 | |
Kimball International Inc. Class B | | | 3,552 | | | | 30,796 | |
McGrath RentCorp | | | 144 | | | | 4,375 | |
Swisher Hygiene Inc.a | | | 1,996 | | | | 4,291 | |
UniFirst Corp. | | | 212 | | | | 24,619 | |
| | | | | | | | |
| | | | | | | 163,425 | |
COMMUNICATIONS EQUIPMENT — 0.87% | | | | | |
Aruba Networks Inc.a | | | 9,218 | | | | 152,835 | |
ClearOne Inc. | | | 923 | | | | 9,802 | |
| | | | | | | | |
| | | | | | | 162,637 | |
COMPUTERS & PERIPHERALS — 1.03% | | | | | |
Lexmark International Inc. Class A | | | 4,812 | | | | 192,047 | |
| | | | | | | | |
| | | | | | | 192,047 | |
CONSTRUCTION & ENGINEERING — 1.60% | | | | | |
Argan Inc. | | | 9,597 | | | | 291,845 | |
Northwest Pipe Co.a | | | 243 | | | | 5,815 | |
| | | | | | | | |
| | | | | | | 297,660 | |
CONSUMER FINANCE — 2.74% | | | | | |
Cash America International Inc. | | | 12,223 | | | | 254,239 | |
QC Holdings Inc. | | | 1,399 | | | | 2,371 | |
World Acceptance Corp.a,b | | | 3,443 | | | | 252,888 | |
| | | | | | | | |
| | | | | | | 509,498 | |
CONTAINERS & PACKAGING — 0.03% | | | | | |
UFP Technologies Inc.a | | | 252 | | | | 5,615 | |
| | | | | | | | |
| | | | | | | 5,615 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED U.S. SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
DISTRIBUTORS — 0.58% | | | | | |
Core-Mark Holding Co. Inc. | | | 1,606 | | | $ | 107,088 | |
| | | | | | | | |
| | | | | | | 107,088 | |
DIVERSIFIED CONSUMER SERVICES — 0.99% | |
Capella Education Co. | | | 1,524 | | | | 103,617 | |
K12 Inc.a | | | 357 | | | | 5,077 | |
Steiner Leisure Ltd.a | | | 204 | | | | 8,898 | |
Strayer Education Inc.a | | | 1,000 | | | | 67,000 | |
| | | | | | | | |
| | | | | | | 184,592 | |
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.13% | |
Inteliquent Inc. | | | 1,420 | | | | 23,884 | |
| | | | | | | | |
| | | | | | | 23,884 | |
ELECTRIC UTILITIES — 4.59% | | | | | |
ALLETE Inc. | | | 262 | | | | 14,842 | |
El Paso Electric Co. | | | 6,626 | | | | 265,438 | |
Empire District Electric Co. (The) | | | 5,016 | | | | 152,837 | |
MGE Energy Inc. | | | 3,628 | | | | 166,525 | |
Otter Tail Corp. | | | 5,518 | | | | 170,617 | |
Unitil Corp. | | | 2,232 | | | | 83,388 | |
| | | | | | | | |
| | | | | | | 853,647 | |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.87% | |
AVX Corp. | | | 1,322 | | | | 17,093 | |
Dolby Laboratories Inc. Class A | | | 2,340 | | | | 90,792 | |
Electro Rent Corp. | | | 2,028 | | | | 26,141 | |
Mesa Laboratories Inc. | | | 71 | | | | 5,408 | |
Multi-Fineline Electronix Inc.a | | | 539 | | | | 7,012 | |
OSI Systems Inc.a | | | 153 | | | | 10,707 | |
PC Connection Inc. | | | 888 | | | | 21,090 | |
PCM Inc.a | | | 844 | | | | 8,018 | |
RadiSys Corp.a | | | 2,412 | | | | 5,596 | |
ScanSource Inc.a | | | 2,017 | | | | 69,546 | |
Tech Data Corp.a | | | 1,346 | | | | 76,857 | |
TTM Technologies Inc.a | | | 1,224 | | | | 8,507 | |
| | | | | | | | |
| | | | | | | 346,767 | |
ENERGY EQUIPMENT & SERVICES — 1.27% | |
Dawson Geophysical Co. | | | 3,807 | | | | 41,078 | |
Mitcham Industries Inc.a | | | 825 | | | | 4,628 | |
Natural Gas Services Group Inc.a | | | 792 | | | | 15,990 | |
Unit Corp.a | | | 5,860 | | | | 174,511 | |
| | | | | | | | |
| | | | | | | 236,207 | |
FOOD & STAPLES RETAILING — 3.58% | |
Andersons Inc. (The) | | | 3,747 | | | | 168,540 | |
Fresh Market Inc. (The)a,b | | | 10,401 | | | | 396,382 | |
| | | | | | | | |
Security | | Shares | | | Value | |
SpartanNash Co. | | | 2,040 | | | $ | 52,551 | |
Village Super Market Inc. Class A | | | 324 | | | | 9,386 | |
Weis Markets Inc. | | | 852 | | | | 39,047 | |
| | | | | | | | |
| | | | | | | 665,906 | |
FOOD PRODUCTS — 0.83% | |
Fresh Del Monte Produce Inc. | | | 2,812 | | | | 94,567 | |
J&J Snack Foods Corp. | | | 59 | | | | 5,789 | |
John B. Sanfilippo & Son Inc. | | | 744 | | | | 27,134 | |
Lancaster Colony Corp. | | | 119 | | | | 10,702 | |
Omega Protein Corp.a | | | 749 | | | | 7,894 | |
Rocky Mountain Chocolate Factory Inc. | | | 612 | | | | 8,293 | |
| | | | | | | | |
| | | | | | | 154,379 | |
GAS UTILITIES — 2.08% | |
Chesapeake Utilities Corp. | | | 2,467 | | | | 120,291 | |
Delta Natural Gas Co. Inc. | | | 300 | | | | 6,369 | |
Gas Natural Inc. | | | 1,008 | | | | 9,828 | |
New Jersey Resources Corp. | | | 706 | | | | 45,099 | |
Northwest Natural Gas Co. | | | 4,090 | | | | 204,132 | |
| | | | | | | | |
| | | | | | | 385,719 | |
HEALTH CARE EQUIPMENT & SUPPLIES — 3.59% | |
Align Technology Inc.a | | | 87 | | | | 4,615 | |
CryoLife Inc. | | | 1,164 | | | | 13,107 | |
Cyberonics Inc.a,b | | | 656 | | | | 36,454 | |
DexCom Inc.a,b | | | 5,120 | | | | 306,074 | |
Exactech Inc.a | | | 312 | | | | 6,486 | |
ICU Medical Inc.a | | | 2,004 | | | | 167,494 | |
Natus Medical Inc.a | | | 1,896 | | | | 71,290 | |
Vascular Solutions Inc.a | | | 2,268 | | | | 61,826 | |
| | | | | | | | |
| | | | | | | 667,346 | |
HEALTH CARE PROVIDERS & SERVICES — 4.09% | |
Addus HomeCare Corp.a | | | 1,848 | | | | 40,989 | |
Almost Family Inc.a | | | 936 | | | | 28,417 | |
BioTelemetry Inc.a | | | 1,695 | | | | 16,747 | |
Centene Corp.a | | | 260 | | | | 28,382 | |
Chemed Corp. | | | 864 | | | | 87,385 | |
CorVel Corp.a | | | 1,966 | | | | 64,760 | |
LHC Group Inc.a | | | 1,416 | | | | 42,083 | |
Magellan Health Inc.a | | | 2,362 | | | | 142,003 | |
Molina Healthcare Inc.a | | | 1,103 | | | | 56,154 | |
Owens & Minor Inc. | | | 336 | | | | 11,501 | |
Triple-S Management Corp. Class Ba | | | 9,349 | | | | 225,124 | |
U.S. Physical Therapy Inc. | | | 408 | | | | 15,826 | |
| | | | | | | | |
| | | | | | | 759,371 | |
| | |
22 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED U.S. SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
HOTELS, RESTAURANTS & LEISURE — 8.13% | |
Ark Restaurants Corp. | | | 484 | | | $ | 11,921 | |
Bob Evans Farms Inc. | | | 6,875 | | | | 387,544 | |
Buffalo Wild Wings Inc.a | | | 2,524 | | | | 450,080 | |
Cheesecake Factory Inc. (The) | | | 2,589 | | | | 135,948 | |
Frisch’s Restaurants Inc. | | | 528 | | | | 14,626 | |
Hyatt Hotels Corp. Class Aa | | | 6,067 | | | | 341,329 | |
RCI Hospitality Holdings Inc.a | | | 432 | | | | 4,212 | |
Red Robin Gourmet Burgers Inc.a | | | 98 | | | | 7,595 | |
Texas Roadhouse Inc. | | | 4,716 | | | | 158,410 | |
| | | | | | | | |
| | | | | | | 1,511,665 | |
HOUSEHOLD DURABLES — 0.31% | |
CSS Industries Inc. | | | 1,763 | | | | 47,953 | |
Zagg Inc.a | | | 1,555 | | | | 9,377 | |
| | | | | | | | |
| | | | | | | 57,330 | |
HOUSEHOLD PRODUCTS — 0.14% | |
Oil-Dri Corp. of America | | | 396 | | | | 12,125 | |
Orchids Paper Products Co. | | | 528 | | | | 14,399 | |
| | | | | | | | |
| | | | | | | 26,524 | |
INSURANCE — 12.50% | |
American National Insurance Co. | | | 136 | | | | 14,149 | |
Amerisafe Inc. | | | 120 | | | | 4,884 | |
Argo Group International Holdings Ltd. | | | 119 | | | | 6,365 | |
Aspen Insurance Holdings Ltd. | | | 8,041 | | | | 348,336 | |
EMC Insurance Group Inc. | | | 968 | | | | 31,228 | |
Endurance Specialty Holdings Ltd. | | | 4,441 | | | | 271,434 | |
FBL Financial Group Inc. Class A | �� | | 1,417 | | | | 73,953 | |
Federated National Holding Co. | | | 3,994 | | | | 116,265 | |
HCI Group Inc. | | | 844 | | | | 39,001 | |
Horace Mann Educators Corp. | | | 6,470 | | | | 197,141 | |
Infinity Property and Casualty Corp. | | | 543 | | | | 38,157 | |
Kansas City Life Insurance Co. | | | 791 | | | | 35,967 | |
Maiden Holdings Ltd. | | | 8,484 | | | | 106,050 | |
National Western Life Insurance Co. Class A | | | 945 | | | | 225,279 | |
Navigators Group Inc. (The)a | | | 1,128 | | | | 83,720 | |
OneBeacon Insurance Group Ltd. Class A | | | 288 | | | | 4,553 | |
Protective Life Corp. | | | 1,690 | | | | 118,216 | |
Safety Insurance Group Inc. | | | 963 | | | | 59,658 | |
StanCorp Financial Group Inc. | | | 84 | | | | 5,211 | |
Symetra Financial Corp. | | | 18,561 | | | | 376,974 | |
United Fire Group Inc. | | | 1,524 | | | | 42,581 | |
Universal Insurance Holdings Inc. | | | 5,331 | | | | 123,839 | |
| | | | | | | | |
| | | | | | | 2,322,961 | |
| | | | | | | | |
Security | | Shares | | | Value | |
INTERNET & CATALOG RETAIL — 1.29% | |
1-800-FLOWERS.COM Inc. Class Aa | | | 2,148 | | | $ | 16,948 | |
NutriSystem Inc. | | | 6,458 | | | | 115,081 | |
PetMed Express Inc. | | | 1,448 | | | | 22,734 | |
Shutterfly Inc.a | | | 1,953 | | | | 85,678 | |
| | | | | | | | |
| | | | | | | 240,441 | |
INTERNET SOFTWARE & SERVICES — 2.31% | |
Carbonite Inc.a | | | 1,224 | | | | 18,397 | |
Envestnet Inc.a | | | 3,156 | | | | 162,439 | |
LogMeIn Inc.a | | | 974 | | | | 46,314 | |
Shutterstock Inc.a | | | 454 | | | | 25,556 | |
United Online Inc.a | | | 3,932 | | | | 51,902 | |
Zillow Inc. Class Aa,b | | | 1,284 | | | | 124,445 | |
| | | | | | | | |
| | | | | | | 429,053 | |
IT SERVICES — 2.81% | |
CACI International Inc. Class Aa | | | 432 | | | | 36,543 | |
CSG Systems International Inc. | | | 1,284 | | | | 31,484 | |
Global Cash Access Inc.a | | | 9,780 | | | | 64,646 | |
Innodata Inc.a | | | 1,548 | | | | 4,427 | |
ManTech International Corp. Class A | | | 11,044 | | | | 359,261 | |
PRGX Global Inc.a,b | | | 2,929 | | | | 15,202 | |
Sykes Enterprises Inc.a | | | 443 | | | | 9,976 | |
| | | | | | | | |
| | | | | | | 521,539 | |
LEISURE EQUIPMENT & PRODUCTS — 0.03% | |
Johnson Outdoors Inc. Class A | | | 191 | | | | 5,730 | |
| | | | | | | | |
| | | | | | | 5,730 | |
MACHINERY — 0.12% | |
Briggs & Stratton Corp. | | | 711 | | | | 13,090 | |
L.B. Foster Co. Class A | | | 176 | | | | 8,344 | |
| | | | | | | | |
| | | | | | | 21,434 | |
MEDIA — 2.43% | |
Harte-Hanks Inc. | | | 3,312 | | | | 24,078 | |
Martha Stewart Living Omnimedia Inc. Class Aa | | | 14,699 | | | | 68,203 | |
Rentrak Corp.a | | | 4,260 | | | | 327,722 | |
Scholastic Corp. | | | 879 | | | | 32,330 | |
| | | | | | | | |
| | | | | | | 452,333 | |
METALS & MINING — 0.50% | |
Golden Minerals Co.a,b | | | 16,128 | | | | 9,032 | |
Golden Star Resources Ltd.a,b | | | 17,663 | | | | 5,599 | |
Schnitzer Steel Industries Inc. Class A | | | 4,642 | | | | 78,357 | |
| | | | | | | | |
| | | | | | | 92,988 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED U.S. SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
MULTI-UTILITIES — 0.03% | |
Vectren Corp. | | | 106 | | | $ | 5,079 | |
| | | | | | | | |
| | | | | | | 5,079 | |
MULTILINE RETAIL — 0.15% | |
Fred’s Inc. Class A | | | 1,680 | | | | 27,888 | |
| | | | | | | | |
| | | | | | | 27,888 | |
OIL, GAS & CONSUMABLE FUELS — 2.39% | |
Contango Oil & Gas Co.a | | | 8,608 | | | | 258,842 | |
Matador Resources Co.a,b | | | 403 | | | | 8,689 | |
VAALCO Energy Inc.a,b | | | 31,982 | | | | 177,180 | |
| | | | | | | | |
| | | | | | | 444,711 | |
PAPER & FOREST PRODUCTS — 0.32% | |
Schweitzer-Mauduit International Inc. | | | 1,528 | | | | 59,378 | |
| | | | | | | | |
| | | | | | | 59,378 | |
PERSONAL PRODUCTS — 1.99% | |
Medifast Inc.a | | | 5,016 | | | | 158,957 | |
Nutraceutical International Corp.a | | | 636 | | | | 12,427 | |
USANA Health Sciences Inc.a,b | | | 2,018 | | | | 197,845 | |
| | | | | | | | |
| | | | | | | 369,229 | |
PHARMACEUTICALS — 0.84% | |
SciClone Pharmaceuticals Inc.a | | | 21,060 | | | | 155,423 | |
| | | | | | | | |
| | | | | | | 155,423 | |
PROFESSIONAL SERVICES — 2.59% | |
Barrett Business Services Inc. | | | 1,176 | | | | 36,044 | |
CRA International Inc.a | | | 1,524 | | | | 45,004 | |
ICF International Inc.a | | | 1,032 | | | | 38,556 | |
Navigant Consulting Inc.a | | | 1,850 | | | | 26,696 | |
RPX Corp.a | | | 24,549 | | | | 303,180 | |
VSE Corp. | | | 444 | | | | 32,132 | |
| | | | | | | | |
| | | | | | | 481,612 | |
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.94% | |
Agree Realty Corp. | | | 616 | | | | 21,338 | |
Chesapeake Lodging Trust | | | 247 | | | | 9,070 | |
DuPont Fabros Technology Inc. | | | 514 | | | | 19,152 | |
Dynex Capital Inc. | | | 5,050 | | | | 42,268 | |
Invesco Mortgage Capital Inc. | | | 8,159 | | | | 125,159 | |
LTC Properties Inc. | | | 1,130 | | | | 53,020 | |
National Health Investors Inc. | | | 134 | | | | 10,018 | |
Pebblebrook Hotel Trust | | | 295 | | | | 13,700 | |
Select Income REITb | | | 10,134 | | | | 252,032 | |
| | | | | | | | |
| | | | | | | 545,757 | |
| | | | | | | | |
Security | | Shares | | | Value | |
ROAD & RAIL — 1.49% | |
Knight Transportation Inc. | | | 792 | | | $ | 22,564 | |
Marten Transport Ltd. | | | 4,883 | | | | 99,857 | |
Werner Enterprises Inc. | | | 5,424 | | | | 154,747 | |
| | | | | | | | |
| | | | | | | 277,168 | |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.83% | |
Cirrus Logic Inc.a | | | 17,763 | | | | 470,719 | |
Integrated Silicon Solution Inc. | | | 696 | | | | 11,192 | |
Pericom Semiconductor Corp.a | | | 1,188 | | | | 17,357 | |
PMC-Sierra Inc.a | | | 31,209 | | | | 275,888 | |
Power Integrations Inc. | | | 985 | | | | 50,806 | |
Semtech Corp.a | | | 2,844 | | | | 72,408 | |
| | | | | | | | |
| | | | | | | 898,370 | |
SOFTWARE — 2.80% | |
AVG Technologiesa | | | 9,916 | | | | 196,138 | |
Digimarc Corp. | | | 204 | | | | 5,512 | |
Imperva Inc.a | | | 409 | | | | 17,080 | |
Pegasystems Inc. | | | 13,115 | | | | 256,660 | |
Qualys Inc.a | | | 393 | | | | 14,942 | |
TeleCommunication Systems Inc.a | | | 10,379 | | | | 29,373 | |
| | | | | | | | |
| | | | | | | 519,705 | |
SPECIALTY RETAIL — 3.67% | |
Children’s Place Inc. (The) | | | 7,210 | | | | 432,240 | |
Guess? Inc. | | | 537 | | | | 10,085 | |
Kirkland’s Inc.a | | | 1,272 | | | | 29,599 | |
Men’s Wearhouse Inc. (The) | | | 223 | | | | 10,363 | |
Outerwall Inc.a | | | 611 | | | | 37,931 | |
Select Comfort Corp.a | | | 550 | | | | 16,412 | |
Tilly’s Inc. Class Aa | | | 9,560 | | | | 131,354 | |
Winmark Corp. | | | 181 | | | | 14,753 | |
| | | | | | | | |
| | | | | | | 682,737 | |
TEXTILES, APPAREL & LUXURY GOODS — 0.75% | |
Columbia Sportswear Co. | | | 363 | | | | 15,427 | |
Deckers Outdoor Corp.a,b | | | 1,742 | | | | 115,059 | |
Perry Ellis International Inc.a | | | 360 | | | | 8,608 | |
| | | | | | | | |
| | | | | | | 139,094 | |
THRIFTS & MORTGAGE FINANCE — 0.68% | |
First Defiance Financial Corp. | | | 1,188 | | | | 36,187 | |
Meta Financial Group Inc. | | | 828 | | | | 27,713 | |
Territorial Bancorp Inc. | | | 1,899 | | | | 41,284 | |
United Financial Bancorp Inc. | | | 1,744 | | | | 21,695 | |
| | | | | | | | |
| | | | | | | 126,879 | |
| | |
24 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® ENHANCED U.S. SMALL-CAP ETF
January 31, 2015
| | | | | | | | |
Security | | Shares | | | Value | |
TRADING COMPANIES & DISTRIBUTORS — 0.02% | |
Rush Enterprises Inc. Class Aa | | | 132 | | | $ | 3,696 | |
| | | | | | | | |
| | | | | | | 3,696 | |
WATER UTILITIES — 1.47% | |
American States Water Co. | | | 2,880 | | | | 114,163 | |
Artesian Resources Corp. Class A | | | 936 | | | | 20,732 | |
California Water Service Group | | | 2,544 | | | | 62,430 | |
Connecticut Water Service Inc. | | | 576 | | | | 20,713 | |
Consolidated Water Co. Ltd.b | | | 745 | | | | 8,083 | |
Middlesex Water Co. | | | 1,008 | | | | 22,045 | |
York Water Co. (The) | | | 1,080 | | | | 25,564 | |
| | | | | | | | |
| | | | | | | 273,730 | |
WIRELESS TELECOMMUNICATION SERVICES — 0.60% | |
United States Cellular Corp.a | | | 3,219 | | | | 111,989 | |
| | | | | | | | |
| | | | | | | 111,989 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $17,320,550) | | | | 18,419,992 | |
|
SHORT-TERM INVESTMENTS — 10.81% | |
| |
MONEY MARKET FUNDS — 10.81% | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.15%c,d,e | | | 1,755,855 | | | | 1,755,855 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.14%c,d,e | | | 105,623 | | | | 105,623 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.00%c,d | | | 146,906 | | | | 146,906 | |
| | | | | | | | |
| | | | | | | 2,008,384 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost: $2,008,384) | | | | 2,008,384 | |
| | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES — 109.91% (Cost: $19,328,934) | | | | 20,428,376 | |
Other Assets, Less Liabilities — (9.91)% | | | | (1,841,887 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 18,586,489 | |
| | | | | | | | |
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Statements of Assets and Liabilities (Unaudited)
iSHARES® U.S. ETF TRUST
January 31, 2015
| | | | | | | | | | | | |
| | iShares Enhanced International Large-Cap ETF | | | iShares Enhanced International Small-Cap ETF | | | iShares Enhanced U.S. Large-Cap ETF | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 63,069,877 | | | $ | 9,558,287 | | | $ | 64,282,665 | |
Affiliated (Note 2) | | | 481,439 | | | | 159,292 | | | | 6,022,276 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 63,551,316 | | | $ | 9,717,579 | | | $ | 70,304,941 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 59,888,285 | | | $ | 8,684,770 | | | $ | 70,520,758 | |
Affiliated (Note 2) | | | 481,439 | | | | 159,292 | | | | 6,022,276 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 60,369,724 | | | | 8,844,062 | | | | 76,543,034 | |
Foreign currency, at valueb | | | 134,855 | | | | 22,659 | | | | — | |
Receivables: | | | | | | | | | | | | |
Dividends and interest | | | 75,500 | | | | 14,897 | | | | 58,350 | |
| | | | | | | | | | | | |
Total Assets | | | 60,580,079 | | | | 8,881,618 | | | | 76,601,384 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Collateral for securities on loan (Note 1) | | | 450,496 | | | | 148,222 | | | | 5,829,138 | |
Investment advisory fees (Note 2) | | | 17,615 | | | | 3,614 | | | | 10,999 | |
| | | | | | | | | | | | |
Total Liabilities | | | 468,111 | | | | 151,836 | | | | 5,840,137 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 60,111,968 | | | $ | 8,729,782 | | | $ | 70,761,247 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 64,628,950 | | | $ | 9,951,067 | | | $ | 64,036,100 | |
Undistributed (distributions in excess of) net investment income | | | 6,944 | | | | (17,530 | ) | | | 50,017 | |
Undistributed net realized gain (accumulated net realized loss) | | | (1,338,527 | ) | | | (329,205 | ) | | | 437,037 | |
Net unrealized appreciation (depreciation) | | | (3,185,399 | ) | | | (874,550 | ) | | | 6,238,093 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 60,111,968 | | | $ | 8,729,782 | | | $ | 70,761,247 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 2,600,000 | | | | 400,000 | | | | 2,250,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 23.12 | | | $ | 21.82 | | | $ | 31.45 | |
| | | | | | | | | | | | |
a | Securities on loan with values of $417,315, $138,243 and $5,697,571, respectively. See Note 1. |
b | Cost of foreign currency: $135,804, $23,179 and $ —, respectively. |
c | No par value, unlimited number of shares authorized. |
See notes to financial statements.
| | |
26 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
January 31, 2015
| | | | |
| | iShares Enhanced U.S. Small-Cap ETF | |
| |
ASSETS | | | | |
Investments, at cost: | | | | |
Unaffiliated | | $ | 17,320,550 | |
Affiliated (Note 2) | | | 2,008,384 | |
| | | | |
Total cost of investments | | $ | 19,328,934 | |
| | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | |
Unaffiliated | | $ | 18,419,992 | |
Affiliated (Note 2) | | | 2,008,384 | |
| | | | |
Total fair value of investments | | | 20,428,376 | |
Cash | | | 9,411 | |
Receivables: | | | | |
Dividends and interest | | | 15,772 | |
| | | | |
Total Assets | | | 20,453,559 | |
| | | | |
| |
LIABILITIES | | | | |
Payables: | | | | |
Collateral for securities on loan (Note 1) | | | 1,861,478 | |
Investment advisory fees (Note 2) | | | 5,592 | |
| | | | |
Total Liabilities | | | 1,867,070 | |
| | | | |
| |
NET ASSETS | | $ | 18,586,489 | |
| | | | |
| |
Net assets consist of: | | | | |
Paid-in capital | | $ | 17,573,830 | |
Undistributed net investment income | | | 9,821 | |
Accumulated net realized loss | | | (96,604 | ) |
Net unrealized appreciation | | | 1,099,442 | |
| | | | |
NET ASSETS | | $ | 18,586,489 | |
| | | | |
| |
Shares outstandingb | | | 600,000 | |
| | | | |
| |
Net asset value per share | | $ | 30.98 | |
| | | | |
a | Securities on loan with a value of $1,811,100. See Note 1. |
b | No par value, unlimited number of shares authorized. |
See notes to financial statements.
Statements of Operations (Unaudited)
iSHARES® U.S. ETF TRUST
Six months ended January 31, 2015
| | | | | | | | | | | | |
| | iShares Enhanced International Large-Cap ETF | | | iShares Enhanced International Small-Cap ETF | | | iShares Enhanced U.S. Large-Cap ETF | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 478,192 | | | $ | 104,326 | | | $ | 712,966 | |
Interest — affiliated (Note 2) | | | 1 | | | | — | | | | 4 | |
Securities lending income — affiliated (Note 2) | | | 13,250 | | | | 2,731 | | | | 7,461 | |
| | | | | | | | | | | | |
Total investment income | | | 491,443 | | | | 107,057 | | | | 720,431 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 92,424 | | | | 22,533 | | | | 61,048 | |
| | | | | | | | | | | | |
Total expenses | | | 92,424 | | | | 22,533 | | | | 61,048 | |
| | | | | | | | | | | | |
Net investment income | | | 399,019 | | | | 84,524 | | | | 659,383 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (1,225,686 | ) | | | (273,319 | ) | | | (277,116 | ) |
In-kind redemptions — unaffiliated | | | — | | | | — | | | | 1,011,309 | |
Foreign currency transactions | | | (32,419 | ) | | | (5,659 | ) | | | — | |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (1,258,105 | ) | | | (278,978 | ) | | | 734,193 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | (3,789,725 | ) | | | (837,046 | ) | | | 2,355,265 | |
Translation of assets and liabilities in foreign currencies | | | (2,557 | ) | | | (741 | ) | | | — | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | (3,792,282 | ) | | | (837,787 | ) | | | 2,355,265 | |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | (5,050,387 | ) | | | (1,116,765 | ) | | | 3,089,458 | |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (4,651,368 | ) | | $ | (1,032,241 | ) | | $ | 3,748,841 | |
| | | | | | | | | | | | |
a | Net of foreign withholding tax of $49,831, $6,416 and $ —, respectively. |
See notes to financial statements.
| | |
28 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
Six months ended January 31, 2015
| | | | |
| | iShares Enhanced U.S. Small-Cap ETF | |
| |
NET INVESTMENT INCOME | | | | |
Dividends — unaffiliated | | $ | 160,671 | |
Interest — affiliated (Note 2) | | | 2 | |
Securities lending income — affiliated (Note 2) | | | 2,742 | |
| | | | |
Total investment income | | | 163,415 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory fees (Note 2) | | | 30,406 | |
| | | | |
Total expenses | | | 30,406 | |
| | | | |
Net investment income | | | 133,009 | |
| | | | |
| |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | (46,521 | ) |
| | | | |
Net realized loss | | | (46,521 | ) |
| | | | |
Net change in unrealized appreciation/depreciation | | | 1,054,762 | |
| | | | |
Net realized and unrealized gain | | | 1,008,241 | |
| | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,141,250 | |
| | | | |
See notes to financial statements.
Statements of Changes in Net Assets
iSHARES® U.S. ETF TRUST
| | | | | | | | | | | | | | | | |
| | iShares Enhanced International Large-Cap ETF | | | iShares Enhanced International Small-Cap ETF | |
| | Six months ended January 31, 2015 (Unaudited) | | | Period from February 25, 2014a to July 31, 2014 | | | Six months ended
January 31, 2015
(Unaudited) | | | Period from February 25, 2014a to July 31, 2014 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 399,019 | | | $ | 460,520 | | | $ | 84,524 | | | $ | 83,059 | |
Net realized loss | | | (1,258,105 | ) | | | (82,583 | ) | | | (278,978 | ) | | | (51,028 | ) |
Net change in unrealized appreciation/depreciation | | | (3,792,282 | ) | | | 606,883 | | | | (837,787 | ) | | | (36,763 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (4,651,368 | ) | | | 984,820 | | | | (1,032,241 | ) | | | (4,732 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (436,927 | ) | | | (413,507 | ) | | | (115,692 | ) | | | (68,620 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (436,927 | ) | | | (413,507 | ) | | | (115,692 | ) | | | (68,620 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 34,624,768 | | | | 30,004,182 | | | | — | | | | 9,951,067 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets from capital share transactions | | | 34,624,768 | | | | 30,004,182 | | | | — | | | | 9,951,067 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 29,536,473 | | | | 30,575,495 | | | | (1,147,933 | ) | | | 9,877,715 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 30,575,495 | | | | — | | | | 9,877,715 | | | | — | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 60,111,968 | | | $ | 30,575,495 | | | $ | 8,729,782 | | | $ | 9,877,715 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 6,944 | | | $ | 44,852 | | | $ | (17,530 | ) | | $ | 13,638 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED | | | | | | | | | | | | | | | | |
Shares sold | | | 1,400,000 | | | | 1,200,000 | | | | — | | | | 400,000 | |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | 1,400,000 | | | | 1,200,000 | | | | — | | | | 400,000 | |
| | | | | | | | | | | | | | | | |
a | Commencement of operations. |
See notes to financial statements.
| | |
30 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES® U.S. ETF TRUST
| | | | | | | | | | | | | | | | |
| | iShares Enhanced U.S. Large-Cap ETF | | | iShares Enhanced U.S. Small-Cap ETF | |
| | Six months ended January 31, 2015 (Unaudited) | | | Year ended July 31, 2014 | | | Six months ended
January 31, 2015
(Unaudited) | | | Year ended July 31, 2014 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 659,383 | | | $ | 674,455 | | | $ | 133,009 | | | $ | 84,408 | |
Net realized gain (loss) | | | 734,193 | | | | 248,938 | | | | (46,521 | ) | | | 275,035 | |
Net change in unrealized appreciation/depreciation | | | 2,355,265 | | | | 3,481,645 | | | | 1,054,762 | | | | (269,800 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 3,748,841 | | | | 4,405,038 | | | | 1,141,250 | | | | 89,643 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (688,843 | ) | | | (617,533 | ) | | | (132,659 | ) | | | (77,481 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (688,843 | ) | | | (617,533 | ) | | | (132,659 | ) | | | (77,481 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 15,427,991 | | | | 44,156,247 | | | | 4,390,587 | | | | 11,924,754 | |
Cost of shares redeemed | | | (4,753,975 | ) | | | (2,959,531 | ) | | | — | | | | (1,507,846 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets from capital share transactions | | | 10,674,016 | | | | 41,196,716 | | | | 4,390,587 | | | | 10,416,908 | |
| | | | | | | | | | | | | | | | |
INCREASE IN NET ASSETS | | | 13,734,014 | | | | 44,984,221 | | | | 5,399,178 | | | | 10,429,070 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 57,027,233 | | | | 12,043,012 | | | | 13,187,311 | | | | 2,758,241 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 70,761,247 | | | $ | 57,027,233 | | | $ | 18,586,489 | | | $ | 13,187,311 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 50,017 | | | $ | 79,477 | | | $ | 9,821 | | | $ | 9,471 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 500,000 | | | | 1,550,000 | | | | 150,000 | | | | 400,000 | |
Shares redeemed | | | (150,000 | ) | | | (100,000 | ) | | | — | | | | (50,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | 350,000 | | | | 1,450,000 | | | | 150,000 | | | | 350,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Financial Highlights
iSHARES® U.S. ETF TRUST
(For a share outstanding throughout each period)
iShares Enhanced International Large-Cap ETF
| | | | | | | | |
| | Six months ended Jan. 31, 2015 (Unaudited) | | | Period from Feb. 25, 2014a to Jul. 31, 2014 | |
Net asset value, beginning of period | | $ | 25.48 | | | $ | 24.90 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.18 | | | | 0.56 | |
Net realized and unrealized gain (loss)c | | | (2.37 | ) | | | 0.40 | |
| | | | | | | | |
Total from investment operations | | | (2.19 | ) | | | 0.96 | |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.17 | ) | | | (0.38 | ) |
| | | | | | | | |
Total distributions | | | (0.17 | ) | | | (0.38 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 23.12 | | | $ | 25.48 | |
| | | | | | | | |
| | |
Total return | | | (8.59 | )%d | | | 3.80 | %d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 60,112 | | | $ | 30,575 | |
Ratio of expenses to average net assetse | | | 0.35 | % | | | 0.35 | % |
Ratio of net investment income to average net assetse | | | 1.51 | % | | | 5.04 | % |
Portfolio turnover ratef | | | 19 | % | | | 20 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
| | |
32 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES® U.S. ETF TRUST
(For a share outstanding throughout each period)
iShares Enhanced International Small-Cap ETF
| | | | | | | | |
| | Six months ended Jan. 31, 2015 (Unaudited) | | | Period from Feb. 25, 2014a to Jul. 31, 2014 | |
Net asset value, beginning of period | | $ | 24.69 | | | $ | 24.87 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.21 | | | | 0.34 | |
Net realized and unrealized lossc | | | (2.79 | ) | | | (0.29 | ) |
| | | | | | | | |
Total from investment operations | | | (2.58 | ) | | | 0.05 | |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.29 | ) | | | (0.23 | ) |
| | | | | | | | |
Total distributions | | | (0.29 | ) | | | (0.23 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 21.82 | | | $ | 24.69 | |
| | | | | | | | |
| | |
Total return | | | (10.43 | )%d | | | 0.18 | %d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 8,730 | | | $ | 9,878 | |
Ratio of expenses to average net assetse | | | 0.49 | % | | | 0.49 | % |
Ratio of net investment income to average net assetse | | | 1.84 | % | | | 3.20 | % |
Portfolio turnover ratef | | | 31 | % | | | 17 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES® U.S. ETF TRUST
(For a share outstanding throughout each period)
iShares Enhanced U.S. Large-Cap ETF
| | | | | | | | | | | | |
| | Six months ended Jan. 31, 2015 (Unaudited) | | | Year ended Jul. 31, 2014 | | | Period from Apr. 16, 2013a to
Jul. 31, 2013 | |
Net asset value, beginning of period | | $ | 30.01 | | | $ | 26.76 | | | $ | 24.79 | |
| | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | |
Net investment incomeb | | | 0.31 | | | | 0.54 | | | | 0.14 | |
Net realized and unrealized gainc | | | 1.44 | | | | 3.19 | | | | 1.89 | |
| | | | | | | | | | | | |
Total from investment operations | | | 1.75 | | | | 3.73 | | | | 2.03 | |
| | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | |
Net investment income | | | (0.31 | ) | | | (0.48 | ) | | | (0.06 | ) |
| | | | | | | | | | | | |
Total distributions | | | (0.31 | ) | | | (0.48 | ) | | | (0.06 | ) |
| | | | | | | | | | | | |
Net asset value, end of period | | $ | 31.45 | | | $ | 30.01 | | | $ | 26.76 | |
| | | | | | | | | | | | |
| | | |
Total return | | | 5.83 | %d | | | 14.00 | % | | | 8.19 | %d |
| | | | | | | | | | | | |
| | | |
Ratios/Supplemental data: | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 70,761 | | | $ | 57,027 | | | $ | 12,043 | |
Ratio of expenses to average net assetse | | | 0.18 | % | | | 0.18 | % | | | 0.18 | % |
Ratio of net investment income to average net assetse | | | 1.94 | % | | | 1.87 | % | | | 1.90 | % |
Portfolio turnover ratef | | | 6 | % | | | 20 | % | | | 5 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
| | |
34 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES® U.S. ETF TRUST
(For a share outstanding throughout each period)
iShares Enhanced U.S. Small-Cap ETF
| | | | | | | | | | | | |
| | Six months ended Jan. 31, 2015 (Unaudited) | | | Year ended Jul. 31, 2014 | | | Period from Apr. 16, 2013a to Jul. 31, 2013 | |
Net asset value, beginning of period | | $ | 29.31 | | | $ | 27.58 | | | $ | 24.67 | |
| | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | |
Net investment incomeb | | | 0.24 | | | | 0.33 | | | | 0.16 | |
Net realized and unrealized gainc | | | 1.66 | | | | 1.73 | | | | 2.88 | |
| | | | | | | | | | | | |
Total from investment operations | | | 1.90 | | | | 2.06 | | | | 3.04 | |
| | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | |
Net investment income | | | (0.23 | ) | | | (0.33 | ) | | | (0.13 | ) |
| | | | | | | | | | | | |
Total distributions | | | (0.23 | ) | | | (0.33 | ) | | | (0.13 | ) |
| | | | | | | | | | | | |
Net asset value, end of period | | $ | 30.98 | | | $ | 29.31 | | | $ | 27.58 | |
| | | | | | | | | | | | |
| | | |
Total return | | | 6.52 | %d | | | 7.43 | % | | | 12.37 | %d |
| | | | | | | | | | | | |
| | | |
Ratios/Supplemental data: | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 18,586 | | | $ | 13,187 | | | $ | 2,758 | |
Ratio of expenses to average net assetse | | | 0.35 | % | | | 0.35 | % | | | 0.35 | % |
Ratio of net investment income to average net assetse | | | 1.53 | % | | | 1.13 | % | | | 2.09 | % |
Portfolio turnover ratef | | | 9 | % | | | 39 | % | | | 9 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
Notes to Financial Statements (Unaudited)
iSHARES® U.S. ETF TRUST
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
| | |
iShares ETF | | Diversification
Classification |
Enhanced International Large-Cap | | Non-diversified |
Enhanced International Small-Cap | | Non-diversified |
Enhanced U.S. Large-Cap | | Diversified |
Enhanced U.S. Small-Cap | | Diversified |
Pursuant to the Trust’s organizational documents, the Funds’ officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.
1. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Trustees of the Trust (the “Board”).
| • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These
| | |
36 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.
Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
| • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| • | | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
| | | | | | | | | | | | | | | | |
iShares ETF and Investment Type | | Investments | |
| Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Enhanced International Large-Cap | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 59,771,771 | | | $ | — | | | $ | — | | | $ | 59,771,771 | |
Preferred Stocks | | | 116,514 | | | | — | | | | — | | | | 116,514 | |
Money Market Funds | | | 481,439 | | | | — | | | | — | | | | 481,439 | |
| | | | | | | | | | | | | | | | |
| | $ | 60,369,724 | | | $ | — | | | $ | — | | | $ | 60,369,724 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 37 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
| | | | | | | | | | | | | | | | |
iShares ETF and Investment Type | | Investments | |
| Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Enhanced International Small-Cap | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 8,673,676 | | | $ | 5,679 | | | $ | — | | | $ | 8,679,355 | |
Rights | | | 5,415 | | | | — | | | | 0 | a | | | 5,415 | |
Money Market Funds | | | 159,292 | | | | — | | | | — | | | | 159,292 | |
| | | | | | | | | | | | | | | | |
| | $ | 8,838,383 | | | $ | 5,679 | | | $ | 0 | a | | $ | 8,844,062 | |
| | | | | | | | | | | | | | | | |
| | | | |
Enhanced U.S. Large-Cap | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 70,520,758 | | | $ | — | | | $ | — | | | $ | 70,520,758 | |
Money Market Funds | | | 6,022,276 | | | | — | | | | — | | | | 6,022,276 | |
| | | | | | | | | | | | | | | | |
| | $ | 76,543,034 | | | $ | — | | | $ | — | | | $ | 76,543,034 | |
| | | | | | | | | | | | | | | | |
| | | | |
Enhanced U.S. Small-Cap | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 18,419,992 | | | $ | — | | | $ | — | | | $ | 18,419,992 | |
Money Market Funds | | | 2,008,384 | | | | — | | | | — | | | | 2,008,384 | |
| | | | | | | | | | | | | | | | |
| | $ | 20,428,376 | | | $ | — | | | $ | — | | | $ | 20,428,376 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| a | | Rounds to less than $1. |
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
| | |
38 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
FOREIGN TAXES
Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of January 31, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of January 31, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount
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NOTESTO FINANCIAL STATEMENTS | | | 39 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of January 31, 2015:
| | | | | | | | | | | | |
iShares ETF | | Market Value of Securities on Loan | | | Cash Collateral Received a | | | Net Amount | |
Enhanced International Large-Cap | | $ | 417,315 | | | $ | 417,315 | | | $ | — | |
Enhanced International Small-Cap | | | 138,243 | | | | 138,243 | | | | — | |
Enhanced U.S. Large-Cap | | | 5,697,571 | | | | 5,697,571 | | | | — | |
Enhanced U.S. Small-Cap | | | 1,811,100 | | | | 1,811,100 | | | | — | |
| a | | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:
| | | | |
iShares ETF | | Investment Advisory Fee | |
Enhanced International Large-Cap | | | 0.35 | % |
Enhanced International Small-Cap | | | 0.49 | |
Enhanced U.S. Large-Cap | | | 0.18 | |
Enhanced U.S. Small-Cap | | | 0.35 | |
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral
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40 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, the iShares Enhanced U.S. Large-Cap ETF and iShares Enhanced U.S. Small-Cap ETF (the “Group 1 Funds”), retain 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.
Pursuant to a securities lending agreement, the iShares Enhanced International Large-Cap ETF and iShares Enhanced International Small-Cap ETF (the “Group 2 Funds”), retain 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015 each Group 1 Fund retained 70% of securities lending income and each Group 2 Fund retained 75% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Group 1 Fund retained for the remainder of calendar year 2014, 75% of securities lending income and each Group 2 Fund retained 80% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
For the six months ended January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
| | | | |
iShares ETF | | Fees Paid to BTC | |
Enhanced International Large-Cap | | $ | 4,148 | |
Enhanced International Small-Cap | | | 907 | |
Enhanced U.S. Large-Cap | | | 3,368 | |
Enhanced U.S. Small-Cap | | | 1,396 | |
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statements of operations.
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NOTESTO FINANCIAL STATEMENTS | | | 41 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.
Certain trustees and officers of the Trust are also officers of BTC and/or BFA.
3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended January 31, 2015 were as follows:
| | | | | | | | |
iShares ETF | | Purchases | | | Sales | |
Enhanced International Large-Cap | | $ | 9,919,236 | | | $ | 9,986,571 | |
Enhanced International Small-Cap | | | 2,846,471 | | | | 2,841,202 | |
Enhanced U.S. Large-Cap | | | 3,755,975 | | | | 3,753,581 | |
Enhanced U.S. Small-Cap | | | 1,616,077 | | | | 1,625,986 | |
In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:
| | | | | | | | |
iShares ETF | | In-kind Purchases | | | In-kind Sales | |
Enhanced International Large-Cap | | $ | 34,295,161 | | | $ | — | |
Enhanced International Small-Cap | | | — | | | | — | |
Enhanced U.S. Large-Cap | | | 15,294,724 | | | | 4,737,564 | |
Enhanced U.S. Small-Cap | | | 4,280,460 | | | | — | |
4. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the statements of changes in net assets.
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
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42 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
The iShares Enhanced International Large-Cap ETF and iShares Enhanced International Small-Cap ETF each invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 43 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® U.S. ETF TRUST
gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
As of July 31, 2014, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| | | | |
iShares ETF | | Non- Expiring | |
Enhanced International Large-Cap | | $ | 56,185 | |
Enhanced International Small-Cap | | | 45,155 | |
Enhanced U.S. Large-Cap | | | 50,413 | |
The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of January 31, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
iShares ETF | | Tax Cost | | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation (Depreciation) | |
Enhanced International Large-Cap | | $ | 63,585,739 | | | $ | 2,856,931 | | | $ | (6,072,946 | ) | | $ | (3,216,015 | ) |
Enhanced International Small-Cap | | | 9,750,523 | | | | 417,772 | | | | (1,324,233 | ) | | | (906,461 | ) |
Enhanced U.S. Large-Cap | | | 70,377,669 | | | | 7,917,178 | | | | (1,751,813 | ) | | | 6,165,365 | |
Enhanced U.S. Small-Cap | | | 19,349,740 | | | | 2,217,822 | | | | (1,139,186 | ) | | | 1,078,636 | |
Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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44 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Supplemental Information (Unaudited)
iSHARES® U.S. ETF TRUST
Section 19(a) Notices
The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Total Cumulative Distributions for the Fiscal Year-to-Date | | | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |
iShares ETF | | Net Investment Income | | | Net Realized Capital Gains | | | Return of Capital | | | Total Per Share | | | Net Investment Income | | | Net Realized Capital Gains | | | Return of Capital | | | Total Per Share | |
Enhanced International Large-Cap | | $ | 0.145533 | | | $ | — | | | $ | 0.022516 | | | $ | 0.168049 | | | | 87 | % | | | — | % | | | 13 | % | | | 100 | % |
Enhanced International Small-Cap | | | 0.284643 | | | | — | | | | 0.004587 | | | | 0.289230 | | | | 98 | | | | — | | | | 2 | | | | 100 | |
Enhanced U.S. Large-Cap | | | 0.292585 | | | | — | | | | 0.018579 | | | | 0.311164 | | | | 94 | | | | — | | | | 6 | | | | 100 | |
Enhanced U.S. Small-Cap | | | 0.212972 | | | | — | | | | 0.020049 | | | | 0.233021 | | | | 91 | | | | — | | | | 9 | | | | 100 | |
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SUPPLEMENTAL INFORMATION | | | 45 | |
Notes:
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46 | | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
A description of the policies that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Funds’ website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-712-0115
Item 2. Code of Ethics.
Not applicable to this semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this semi-annual filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this semi-annual filing.
Item 6. Investments.
| (a) | Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
| (a) | The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a) (1) Not applicable to this semi-annual filing.
(a) (2) Section 302 Certifications are attached.
(a) (3) Not applicable to the Registrant.
(b) Section 906 Certifications are attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares U.S. ETF Trust
|
By: /s/ Manish Mehta: |
Manish Mehta, President (Principal Executive Officer) |
|
Date: March 27, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
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By: /s/ Manish Mehta |
Manish Mehta, President (Principal Executive Officer) |
|
Date: March 27, 2015 |
|
By: /s/ Jack Gee |
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer) |
|
Date: March 27, 2015 |