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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 811-09102
iShares, Inc.
(Exact name of registrant as specified in charter)
c/o: State Street Bank and Trust Company
200 Clarendon Street, Boston, MA 02116
(Address of principal executive offices) (Zip code)
The Corporation Trust Incorporated
351 West Camden Street, Baltimore, MD 21201
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-474-2737
Date of fiscal year end: August 31, 2011
Date of reporting period: February 28, 2011
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Item 1. Reports to Stockholders. |
2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS
iSHARES® MSCI SERIES
FEBRUARY 28, 2011
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iShares MSCI Austria Investable Market Index Fund | EWO | NYSE Arca
iShares MSCI Belgium Investable Market Index Fund | EWK | NYSE Arca
iShares MSCI Emerging Markets Eastern Europe Index Fund | ESR | NYSE Arca
iShares MSCI EMU Index Fund | EZU | NYSE Arca
iShares MSCI France Index Fund | EWQ | NYSE Arca
iShares MSCI Germany Index Fund | EWG | NYSE Arca
iShares MSCI Italy Index Fund | EWI | NYSE Arca
iShares MSCI Netherlands Investable Market Index Fund | EWN | NYSE Arca
iShares MSCI Spain Index Fund | EWP | NYSE Arca
iShares MSCI Sweden Index Fund | EWD | NYSE Arca
iShares MSCI Switzerland Index Fund | EWL | NYSE Arca
iShares MSCI United Kingdom Index Fund | EWU | NYSE Arca
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Table of Contents
iSHARES® MSCI AUSTRIA INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
24.93% | 25.25% | 24.88% | (2.61)% | (2.67)% | (3.73)% | 12.62% | 12.49% | 12.34% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
24.93% | 25.25% | 24.88% | (12.37)% | (12.65)% | (17.31)% | 228.16% | 224.41% | 220.24% |
Index performance reflects the performance of the MSCI Austria IndexSM through January 31, 2008 and the MSCI Austria Investable Market IndexSM thereafter.
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Austria Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Austria Investable Market IndexSM (the “Index”). The Index consists of stocks traded primarily on the Vienna Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 32.00%, while the total return for the Index was 32.20%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 40.68 | % | ||
Industrial | 21.06 | |||
Energy | 16.84 | |||
Basic Materials | 9.80 | |||
Communications | 7.29 | |||
Consumer Cyclical | 2.33 | |||
Consumer Non-Cyclical | 1.63 | |||
Short-Term and Other Net Assets | 0.37 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Erste Group Bank AG | 16.62 | % | ||
OMV AG | 10.25 | |||
voestalpine AG | 8.32 | |||
Telekom Austria AG | 7.29 | |||
IMMOFINANZ AG | 7.20 | |||
Andritz AG | 4.85 | |||
Raiffeisen International Bank Holding AG | 4.83 | |||
Verbund AG | 4.76 | |||
Wienerberger AG | 4.41 | |||
Vienna Insurance Group AG | 4.31 | |||
TOTAL | 72.84 | % | ||
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI BELGIUM INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
12.14% | 11.79% | 12.00% | (4.80)% | (4.86)% | (5.74)% | 4.07% | 4.09% | 2.87% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
12.14% | 11.79% | 12.00% | (21.80)% | (22.06)% | (25.60)% | 49.04% | 49.31% | 32.70% |
Index performance reflects the performance of the MSCI Belgium IndexSM through November 30, 2007 and the MSCI Belgium Investable Market IndexSM thereafter.
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Belgium Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Belgium Investable Market IndexSM (the “Index”). The Index consists of stocks traded primarily on the Brussels Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 17.81%, while the total return for the Index was 16.38%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Consumer Non-Cyclical | 39.65 | % | ||
Financial | 17.47 | |||
Basic Materials | 12.36 | |||
Diversified | 9.73 | |||
Communications | 8.86 | |||
Industrial | 7.00 | |||
Consumer Cyclical | 1.93 | |||
Technology | 0.57 | |||
Short-Term and Other Net Assets | 2.43 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Anheuser-Busch InBev NV | 22.55 | % | ||
Delhaize Group SA | 6.38 | |||
Groupe Bruxelles Lambert SA | 6.06 | |||
Solvay SA | 5.35 | |||
KBC Groep NV | 5.10 | |||
Ageas | 4.93 | |||
Umicore | 4.85 | |||
Belgacom SA | 4.50 | |||
Colruyt SA | 3.76 | |||
Bekaert NV | 3.62 | |||
TOTAL | 67.10 | % | ||
6 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||
Year Ended 2/28/11 | Inception to 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
31.68% | 31.54% | 31.03% | 26.11% | 26.08% | 25.68% | 38.90% | 38.85% | 38.23% |
Total returns for the period since inception are calculated from the inception date of the Fund (9/30/09). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/2/09), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Emerging Markets Eastern Europe Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Eastern Europe IndexSM (the “Index”). The Index is a free float-adjusted market capitalization index designed to measure equity market performance of the following four emerging market countries: the Czech Republic, Hungary, Poland and Russia. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 32.68%, while the total return for the Index was 32.52%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Energy | 47.44 | % | ||
Financial | 21.93 | |||
Basic Materials | 13.03 | |||
Utilities | 6.99 | |||
Communications | 6.18 | |||
Consumer Non-Cyclical | 3.69 | |||
Industrial | 0.54 | |||
Technology | 0.18 | |||
Short-Term and Other Net Assets | 0.02 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Gazprom OAO SP ADR (Russia) | 21.15 | % | ||
LUKOIL OAO SP ADR (Russia) | 9.03 | |||
Sberbank of Russia GDR (Russia) | 8.16 | |||
MMC Norilsk Nickel OJSC SP ADR (Russia) | 4.32 | |||
Rosneft Oil Co. OJSC SP GDR (Russia) | 4.12 | |||
NovaTek OAO SP GDR (Russia) | 3.21 | |||
Mobile TeleSystems OJSC SP ADR (Russia) | 2.65 | |||
Powszechna Kasa Oszczednosci Bank Polski SA (Poland) | 2.59 | |||
Tatneft OAO SP ADR (Russia) | 2.45 | |||
Surgutneftegas OJSC SP ADR (Russia) | 2.35 | |||
TOTAL | 60.03 | % | ||
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMU INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
17.87% | 18.46% | 18.05% | 1.60% | 1.62% | 1.74% | 3.86% | 3.79% | 4.06% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
17.87% | 18.46% | 18.05% | 8.26% | 8.35% | 9.03% | 46.05% | 45.08% | 48.84% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI EMU Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EMU IndexSM (the “Index”). The Index consists of stocks from Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 26.31%, while the total return for the Index was 26.63%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 23.32 | % | ||
Consumer Non-Cyclical | 13.73 | |||
Industrial | 13.08 | |||
Communications | 11.33 | |||
Basic Materials | 9.66 | |||
Utilities | 8.35 | |||
Energy | 7.90 | |||
Consumer Cyclical | 7.63 | |||
Technology | 3.25 | |||
Diversified | 1.57 | |||
Short-Term and Other Net Assets | 0.18 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Total SA (France) | 3.64 | % | ||
Siemens AG Registered (Germany) | 3.12 | |||
Telefonica SA (Spain) | 2.94 | |||
Banco Santander SA (Spain) | 2.89 | |||
BASF SE (Germany) | 2.15 | |||
BNP Paribas (France) | 2.10 | |||
Sanofi-Aventis (France) | 2.04 | |||
Allianz SE Registered (Germany) | 1.84 | |||
Bayer AG (Germany) | 1.81 | |||
Daimler AG Registered (Germany) | 1.79 | |||
TOTAL | 24.32 | % | ||
8 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI FRANCE INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
17.04% | 17.37% | 17.29% | 2.28% | 2.27% | 2.48% | 4.03% | 4.00% | 4.27% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
17.04% | 17.37% | 17.29% | 11.93% | 11.88% | 13.03% | 48.44% | 48.07% | 51.87% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI France Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI France IndexSM (the “Index”). The Index consists of stocks traded primarily on the Paris Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 28.56%, while the total return for the Index was 28.91%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Consumer Non-Cyclical | 19.36 | % | ||
Financial | 18.77 | |||
Industrial | 15.32 | |||
Energy | 12.44 | |||
Communications | 10.41 | |||
Utilities | 6.80 | |||
Basic Materials | 6.03 | |||
Consumer Cyclical | 5.11 | |||
Diversified | 3.32 | |||
Technology | 2.33 | |||
Short-Term and Other Net Assets | 0.11 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Total SA | 11.15 | % | ||
BNP Paribas | 6.44 | |||
Sanofi-Aventis | 6.23 | |||
GDF Suez | 4.32 | |||
Societe Generale | 3.84 | |||
France Telecom SA | 3.53 | |||
Schneider Electric SA | 3.46 | |||
LVMH Moet Hennessy Louis Vuitton SA | 3.32 | |||
Danone SA | 3.15 | |||
L’Air Liquide SA | 3.15 | |||
TOTAL | 48.59 | % | ||
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI GERMANY INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
30.90% | 31.53% | 31.09% | 5.85% | 5.82% | 5.99% | 5.22% | 5.25% | 5.32% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
30.90% | 31.53% | 31.09% | 32.86% | 32.71% | 33.75% | 66.32% | 66.84% | 67.95% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
10 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview (Continued)
iSHARES® MSCI GERMANY INDEX FUND
The iShares MSCI Germany Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Germany IndexSM (the “Index”). The Index consists of stocks traded primarily on the Frankfurt Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 33.47%, while the total return for the Index was 33.83%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Basic Materials | 21.01 | % | ||
Financial | 18.47 | |||
Consumer Cyclical | 16.28 | |||
Industrial | 15.86 | |||
Utilities | 9.10 | |||
Consumer Non-Cyclical | 7.45 | |||
Technology | 6.05 | |||
Communications | 5.02 | |||
Diversified | 0.56 | |||
Short-Term and Other Net Assets | 0.20 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Siemens AG Registered | 11.07 | % | ||
BASF SE | 7.62 | |||
Allianz SE Registered | 6.43 | |||
Bayer AG | 6.39 | |||
Daimler AG Registered | 6.35 | |||
Deutsche Bank AG Registered | 5.95 | |||
E.ON AG | 5.82 | |||
SAP AG | 4.83 | |||
Deutsche Telekom AG Registered | 3.95 | |||
Muenchener Rueckversicherungs- | 3.31 | |||
TOTAL | 61.72 | % | ||
FUND PERFORMANCE OVERVIEWS | 11 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI ITALY INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
11.49% | 11.50% | 12.35% | (3.99)% | (4.06)% | (4.04)% | 1.90% | 1.88% | 1.83% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
11.49% | 11.50% | 12.35% | (18.41)% | (18.73)% | (18.63)% | 20.66% | 20.42% | 19.94% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Italy Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Italy IndexSM (the “Index”). The Index consists of stocks traded primarily on the Milan Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 24.46%, while the total return for the Index was 24.58%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 31.84 | % | ||
Energy | 23.79 | |||
Utilities | 16.05 | |||
Consumer Cyclical | 7.57 | |||
Industrial | 7.08 | |||
Communications | 6.85 | |||
Consumer Non-Cyclical | 5.85 | |||
Diversified | 0.84 | |||
Short-Term and Other Net Assets | 0.13 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Eni SpA | 18.40 | % | ||
Enel SpA | 10.88 | |||
UniCredit SpA | 10.21 | |||
Intesa Sanpaolo SpA | 7.34 | |||
Assicurazioni Generali SpA | 4.92 | |||
Saipem SpA | 4.31 | |||
Fiat Industrial SpA | 3.90 | |||
Telecom Italia SpA | 3.62 | |||
Tenaris SA | 3.55 | |||
Unione di Banche Italiane ScpA | 2.52 | |||
TOTAL | 69.65 | % | ||
12 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
19.90% | 19.99% | 20.32% | 3.70% | 3.72% | 4.21% | 2.90% | 2.90% | 3.63% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
19.90% | 19.99% | 20.32% | 19.90% | 20.04% | 22.93% | 33.05% | 33.12% | 42.85% |
Index performance reflects the performance of the MSCI Netherlands IndexSM through January 31, 2008 and the MSCI Netherlands Investable Market IndexSM thereafter.
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
FUND PERFORMANCE OVERVIEWS | 13 |
Table of Contents
Fund Performance Overview (Continued)
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
The iShares MSCI Netherlands Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Netherlands Investable Market IndexSM (the “Index”). The Index consists of stocks traded primarily on the Amsterdam Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 25.77%, while the total return for the Index was 26.06%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Consumer Non-Cyclical | 28.72 | % | ||
Financial | 22.36 | |||
Industrial | 16.95 | |||
Communications | 12.97 | |||
Basic Materials | 7.58 | |||
Technology | 6.28 | |||
Energy | 2.97 | |||
Diversified | 0.89 | |||
Consumer Cyclical | 0.41 | |||
Short-Term and Other Net Assets | 0.87 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Unilever NV CVA | 15.04 | % | ||
ING Groep NV CVA | 14.26 | |||
Koninklijke Philips Electronics NV | 9.57 | |||
Koninklijke KPN NV | 8.00 | |||
ASML Holding NV | 4.84 | |||
Akzo Nobel NV | 4.77 | |||
Koninklijke Ahold NV | 4.24 | |||
AEGON NV | 3.57 | |||
Heineken NV | 3.55 | |||
TNT NV | 2.98 | |||
TOTAL | 70.82 | % | ||
14 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SPAIN INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
10.17% | 10.03% | 9.25% | 5.12% | 5.06% | 5.00% | 8.31% | 8.27% | 8.10% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
10.17% | 10.03% | 9.25% | 28.38% | 28.02% | 27.61% | 122.12% | 121.33% | 117.82% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Spain Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Spain IndexSM (the “Index”). The Index consists of stocks traded primarily on the Madrid Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 17.26%, while the total return for the Index was 15.62%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 44.46 | % | ||
Communications | 19.60 | |||
Utilities | 11.16 | |||
Industrial | 6.97 | |||
Energy | 6.17 | |||
Consumer Cyclical | 4.79 | |||
Consumer Non-Cyclical | 3.60 | |||
Technology | 2.14 | |||
Basic Materials | 0.99 | |||
Short-Term and Other Net Assets | 0.12 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Banco Santander SA | 22.00 | % | ||
Telefonica SA | 18.68 | |||
Banco Bilbao Vizcaya Argentaria SA | 9.09 | |||
Iberdrola SA | 4.97 | |||
Repsol YPF SA | 4.92 | |||
Industria de Diseno Textil SA | 3.87 | |||
Criteria CaixaCorp SA | 3.82 | |||
Abertis Infraestructuras SA | 2.79 | |||
Actividades de Construcciones y Servicios SA | 2.63 | |||
Mapfre SA | 2.62 | |||
TOTAL | 75.39 | % | ||
FUND PERFORMANCE OVERVIEWS | 15 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SWEDEN INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
37.52% | 37.49% | 37.65% | 9.29% | 9.21% | 9.29% | 8.80% | 8.81% | 8.57% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
37.52% | 37.49% | 37.65% | 55.95% | 55.38% | 55.89% | 132.33% | 132.59% | 127.58% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Sweden Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Sweden IndexSM (the “Index”). The Index consists of stocks traded primarily on the Stockholm Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 31.11%, while the total return for the Index was 31.45%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Industrial | 29.90 | % | ||
Financial | 25.10 | |||
Communications | 20.66 | |||
Consumer Cyclical | 12.85 | |||
Basic Materials | 5.57 | |||
Consumer Non-Cyclical | 5.28 | |||
Diversified | 0.58 | |||
Short-Term and Other Net Assets | 0.06 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Telefonaktiebolaget LM Ericsson Class B | 10.67 | % | ||
Hennes & Mauritz AB Class B | 9.20 | |||
Nordea Bank AB | 8.24 | |||
Volvo AB Class B | 6.60 | |||
TeliaSonera AB | 5.18 | |||
Sandvik AB | 4.97 | |||
Atlas Copco AB Class A | 4.68 | |||
Svenska Handelsbanken AB Class A | 4.55 | |||
Skandinaviska Enskilda Banken AB Class A | 3.55 | |||
Swedbank AB Class A | 3.48 | |||
TOTAL | 61.12 | % | ||
16 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SWITZERLAND INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
19.16% | 19.38% | 17.17% | 6.31% | 6.33% | 5.20% | 6.17% | 6.17% | 6.38% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
19.16% | 19.38% | 17.17% | 35.77% | 35.94% | 28.84% | 81.96% | 82.03% | 85.59% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Switzerland Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Switzerland IndexSM (the “Index”). The Index consists of stocks traded primarily on the Zurich Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 18.44%, while the total return for the Index was 17.04%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Consumer Non-Cyclical | 49.97 | % | ||
Financial | 23.30 | |||
Industrial | 10.07 | |||
Consumer Cyclical | 6.09 | |||
Basic Materials | 5.97 | |||
Energy | 2.29 | |||
Communications | 1.13 | |||
Technology | 0.37 | |||
Short-Term and Other Net Assets | 0.81 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Nestle SA Registered | 20.00 | % | ||
Novartis AG Registered | 11.63 | |||
Roche Holding AG Genusschein | 10.42 | |||
UBS AG Registered | 6.58 | |||
ABB Ltd. Registered | 4.89 | |||
Zurich Financial Services AG Registered | 4.87 | |||
Credit Suisse Group AG Registered | 4.27 | |||
Syngenta AG Registered | 3.99 | |||
Compagnie Financiere Richemont SA | 3.81 | |||
Swiss Reinsurance Co. Registered | 2.83 | |||
TOTAL | 73.29 | % | ||
FUND PERFORMANCE OVERVIEWS | 17 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI UNITED KINGDOM INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
22.57% | 23.09% | 23.32% | 2.24% | 2.23% | 2.86% | 4.17% | 4.21% | 4.92% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
22.57% | 23.09% | 23.32% | 11.71% | 11.67% | 15.14% | 50.44% | 51.00% | 61.59% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI United Kingdom Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI United Kingdom IndexSM (the “Index”). The Index consists of stocks traded primarily on the London Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 22.47%, while the total return for the Index was 22.91%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Consumer Non-Cyclical | 23.20 | % | ||
Financial | 21.20 | |||
Energy | 20.09 | |||
Basic Materials | 13.84 | |||
Communications | 9.60 | |||
Utilities | 4.00 | |||
Consumer Cyclical | 3.48 | |||
Industrial | 3.13 | |||
Technology | 1.00 | |||
Short-Term and Other Net Assets | 0.46 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
HSBC Holdings PLC | 7.77 | % | ||
BP PLC | 6.02 | |||
Vodafone Group PLC | 5.90 | |||
Royal Dutch Shell PLC Class A | 5.14 | |||
Rio Tinto PLC | 4.05 | |||
GlaxoSmithKline PLC | 3.98 | |||
Royal Dutch Shell PLC Class B | 3.84 | |||
BHP Billiton PLC | 3.48 | |||
BG Group PLC | 3.28 | |||
British American Tobacco PLC | 3.19 | |||
TOTAL | 46.65 | % | ||
18 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Shareholder Expenses (Unaudited)
iSHARES® , INC.
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 following Example 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.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2010 to February 28, 2011.
ACTUAL EXPENSES
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid 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 in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line under each Fund in the table below 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, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. 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 second line under each Fund in the table is 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.
iShares MSCI Index Fund | Beginning Account Value (9/1/10) | Ending Account Value (2/28/11) | Annualized Expense Ratio | Expenses Paid During Perioda (9/1/10 to 2/28/11) | ||||||||||||
Austria Investable Market | ||||||||||||||||
Actual | $1,000.00 | $1,320.00 | 0.52 | % | $2.99 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.52 | 2.61 | ||||||||||||
Belgium Investable Market | ||||||||||||||||
Actual | 1,000.00 | 1,178.10 | 0.53 | 2.86 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Emerging Markets Eastern Europe | ||||||||||||||||
Actual | 1,000.00 | 1,326.80 | 0.67 | 3.87 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.50 | 0.67 | 3.36 | ||||||||||||
EMU | ||||||||||||||||
Actual | 1,000.00 | 1,263.10 | 0.53 | 2.97 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 |
SHAREHOLDER EXPENSES | 19 |
Table of Contents
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
iShares MSCI Index Fund | Beginning Account Value (9/1/10) | Ending Account Value (2/28/11) | Annualized Expense Ratio | Expenses Paid During Perioda (9/1/10 to 2/28/11) | ||||||||||||
France | ||||||||||||||||
Actual | $1,000.00 | $1,285.60 | 0.53 | % | $3.00 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Germany | ||||||||||||||||
Actual | 1,000.00 | 1,334.70 | 0.53 | 3.07 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Italy | ||||||||||||||||
Actual | 1,000.00 | 1,244.60 | 0.52 | 2.89 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.52 | 2.61 | ||||||||||||
Netherlands Investable Market | ||||||||||||||||
Actual | 1,000.00 | 1,257.70 | 0.53 | 2.97 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Spain | ||||||||||||||||
Actual | 1,000.00 | 1,172.60 | 0.53 | 2.86 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Sweden | ||||||||||||||||
Actual | 1,000.00 | 1,311.10 | 0.52 | 2.98 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.52 | 2.61 | ||||||||||||
Switzerland | ||||||||||||||||
Actual | 1,000.00 | 1,184.40 | 0.53 | 2.87 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
United Kingdom | ||||||||||||||||
Actual | 1,000.00 | 1,224.70 | 0.53 | 2.92 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 |
a | Expenses are calculated using each 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 (181 days) and divided by the number of days in the year (365 days). |
20 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI AUSTRIA INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.63% |
| |||||||
AUTO MANUFACTURERS – 0.41% |
| |||||||
Rosenbauer International AG | 17,108 | $ | 850,665 | |||||
850,665 | ||||||||
BANKS – 21.44% | ||||||||
Erste Group Bank AG | 649,922 | 34,335,969 | ||||||
Raiffeisen International Bank | 166,030 | 9,975,449 | ||||||
44,311,418 | ||||||||
BIOTECHNOLOGY – 0.87% |
| |||||||
Intercell AGa | 149,513 | 1,791,452 | ||||||
1,791,452 | ||||||||
BUILDING MATERIALS – 4.41% |
| |||||||
Wienerberger AGa | 440,349 | 9,117,070 | ||||||
9,117,070 | ||||||||
COMMERCIAL SERVICES – 0.76% |
| |||||||
Kapsch TrafficCom AG | 17,340 | 1,568,726 | ||||||
1,568,726 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 1.57% |
| |||||||
Zumtobel AG | 112,203 | 3,237,424 | ||||||
3,237,424 | ||||||||
ELECTRONICS – 0.62% | ||||||||
Austria Technologie & | 58,513 | 1,285,009 | ||||||
1,285,009 | ||||||||
ENERGY – ALTERNATE SOURCES – 4.76% |
| |||||||
Verbund AG | 256,984 | 9,839,113 | ||||||
9,839,113 | ||||||||
ENGINEERING & CONSTRUCTION – 1.44% |
| |||||||
Flughafen Wien AG | 44,135 | 2,966,888 | ||||||
2,966,888 | ||||||||
ENTERTAINMENT – 1.91% |
| |||||||
bwin Interactive Entertainment AG | 115,570 | 3,958,708 | ||||||
3,958,708 | ||||||||
ENVIRONMENTAL CONTROL – 0.55% |
| |||||||
BWT AG | 40,950 | 1,131,203 | ||||||
1,131,203 | ||||||||
FOREST PRODUCTS & PAPER – 1.49% |
| |||||||
Mayr-Melnhof Karton AG | 26,936 | 3,071,191 | ||||||
3,071,191 |
Security | Shares | Value | ||||||
INSURANCE – 4.31% |
| |||||||
Vienna Insurance Group AG | 155,064 | $ | 8,912,869 | |||||
8,912,869 | ||||||||
IRON & STEEL – 8.32% |
| |||||||
voestalpine AG | 371,735 | 17,187,419 | ||||||
17,187,419 | ||||||||
MACHINERY – 4.85% | ||||||||
Andritz AG | 118,667 | 10,029,217 | ||||||
10,029,217 | ||||||||
MACHINERY - CONSTRUCTION & MINING – 1.00% |
| |||||||
Palfinger AGa,b | 55,601 | 2,073,495 | ||||||
2,073,495 | ||||||||
MANUFACTURING – 4.68% |
| |||||||
RHI AGa | 106,197 | 3,953,741 | ||||||
Semperit AG Holding | 40,040 | 2,116,456 | ||||||
Strabag SE | 122,668 | 3,610,533 | ||||||
9,680,730 | ||||||||
OIL & GAS – 10.25% | ||||||||
OMV AG | 497,952 | 21,183,359 | ||||||
21,183,359 | ||||||||
OIL & GAS SERVICES – 1.83% |
| |||||||
Schoeller-Bleckmann Oilfield | 44,226 | 3,775,050 | ||||||
3,775,050 | ||||||||
REAL ESTATE – 14.93% |
| |||||||
Atrium European Real Estate Ltd. | 784,875 | 5,036,587 | ||||||
CA Immobilien Anlagen AGa,b | 264,264 | 4,549,744 | ||||||
conwert Immobilien Invest SE | 296,933 | 4,962,499 | ||||||
IMMOEAST AG Escrowa,c | 998,769 | 138 | ||||||
IMMOFINANZ AGa | 3,368,125 | 14,886,576 | ||||||
IMMOFINANZ AG Escrowa,c | 897,599 | 124 | ||||||
Sparkassen Immobilien AGa | 202,384 | 1,411,361 | ||||||
30,847,029 | ||||||||
TELECOMMUNICATIONS – 7.29% |
| |||||||
Telekom Austria AG | 1,053,507 | 15,060,327 | ||||||
15,060,327 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRIA INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
TRANSPORTATION – 1.94% |
| |||||||
Oesterreichische Post AG | 129,129 | $ | 4,004,025 | |||||
4,004,025 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $243,968,096) | 205,882,387 | |||||||
RIGHTS – 0.00% | ||||||||
REAL ESTATE – 0.00% | ||||||||
IMMOFINANZ AGa,b,c | 3,368,125 | 465 | ||||||
465 | ||||||||
TOTAL RIGHTS | ||||||||
(Cost: $0) | 465 | |||||||
SHORT-TERM INVESTMENTS – 0.88% |
| |||||||
MONEY MARKET FUNDS – 0.88% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.23%d,e,f | 1,591,096 | 1,591,096 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.22%d,e,f | 228,654 | 228,654 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.07%d,e | 2,680 | 2,680 | ||||||
1,822,430 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,822,430) | 1,822,430 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $245,790,526) | 207,705,282 | |||||||
Other Assets, Less Liabilities –(0.51)% | (1,049,105) | |||||||
NET ASSETS – 100.00% | $ | 206,656,177 | ||||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
c | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
d | Affiliated issuer. See Note 2. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
22 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI BELGIUM INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 97.35% |
| |||||||
AGRICULTURE – 0.74% |
| |||||||
SIPEF NV | 3,344 | $ | 310,933 | |||||
310,933 | ||||||||
BANKS – 6.78% |
| |||||||
Dexia SAa | 160,817 | 702,567 | ||||||
KBC Groep NVa | 50,996 | 2,134,201 | ||||||
2,836,768 | ||||||||
BEVERAGES – 22.55% |
| |||||||
Anheuser-Busch InBev NV | 169,176 | 9,443,608 | ||||||
9,443,608 | ||||||||
BIOTECHNOLOGY – 0.20% |
| |||||||
Ablynx NVa | 7,652 | 83,178 | ||||||
Devgen NVa | 24 | 181 | ||||||
83,359 | ||||||||
BUILDING MATERIALS – 0.13% |
| |||||||
Deceuninck NVa | 21,356 | 55,159 | ||||||
55,159 | ||||||||
CHEMICALS – 6.17% |
| |||||||
Recticel SA | 7,372 | 71,275 | ||||||
Solvay SA | �� | 19,076 | 2,239,561 | |||||
Tessenderlo Chemie NV | 8,056 | 272,722 | ||||||
2,583,558 | ||||||||
COMPUTERS – 0.21% |
| |||||||
Econocom Group SA | 4,630 | 89,593 | ||||||
89,593 | ||||||||
DISTRIBUTION & WHOLESALE – 1.55% |
| |||||||
SA D’Ieteren NV | 9,578 | 649,286 | ||||||
649,286 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.31% |
| |||||||
KBC Ancora SCAa | 6,612 | 130,960 | ||||||
130,960 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 3.63% |
| |||||||
Bekaert NV | 13,985 | 1,517,665 | ||||||
1,517,665 | ||||||||
ELECTRONICS – 1.17% |
| |||||||
Barco NVa | 3,572 | 276,334 | ||||||
EVS Broadcast Equipment SA | 3,496 | 213,041 | ||||||
489,375 |
Security | Shares | Value | ||||||
ENGINEERING & CONSTRUCTION – 0.64% |
| |||||||
Compagnie d’Entreprises CFE SA | 2,915 | $ | 218,421 | |||||
Hamon & Cie (International) SA | 1,292 | 51,109 | ||||||
269,530 | ||||||||
ENTERTAINMENT – 0.38% |
| |||||||
Kinepolis Group NV | 2,280 | 157,457 | ||||||
157,457 | ||||||||
FOOD – 10.13% | ||||||||
Colruyt SA | 31,258 | 1,572,597 | ||||||
Delhaize Group SA | 34,504 | 2,671,171 | ||||||
4,243,768 | ||||||||
HEALTH CARE – PRODUCTS – 0.18% |
| |||||||
Ion Beam Applications SAa | 6,159 | 74,009 | ||||||
74,009 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 9.73% |
| |||||||
Ackermans & van Haaren NV | 9,044 | 785,345 | ||||||
Compagnie Nationale a Portefeuille SA | 13,420 | 752,921 | ||||||
Groupe Bruxelles Lambert SA | 27,588 | 2,537,763 | ||||||
4,076,029 | ||||||||
INSURANCE – 4.93% | ||||||||
Ageas | 649,420 | 2,063,052 | ||||||
2,063,052 | ||||||||
INVESTMENT COMPANIES – 0.58% |
| |||||||
RHJ International SAa | 28,730 | 243,647 | ||||||
243,647 | ||||||||
MANUFACTURING – 0.54% |
| |||||||
Agfa-Gevaert NVa | 49,558 | 227,252 | ||||||
227,252 | ||||||||
MEDIA – 0.11% | ||||||||
Roularta Media Group NVa | 1,292 | 46,040 | ||||||
46,040 | ||||||||
MINING – 5.97% | ||||||||
Nyrstar NVb | 34,512 | 468,099 | ||||||
Umicore | 40,283 | 2,031,098 | ||||||
2,499,197 | ||||||||
PHARMACEUTICALS – 5.85% |
| |||||||
Arseus NV | 10,564 | 168,672 | ||||||
Galapagos NVa | 10,412 | 164,375 | ||||||
Omega Pharma SA | 6,916 | 334,238 | ||||||
ThromboGenics NVa | 10,514 | 301,766 |
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BELGIUM INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
UCB SA | 39,779 | $ | 1,480,158 | |||||
2,449,209 | ||||||||
REAL ESTATE – 0.19% | ||||||||
Atenor Group SA | 1,734 | 79,155 | ||||||
79,155 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 3.86% |
| |||||||
Befimmo SCA | 6,190 | 517,509 | ||||||
Cofinimmo SA | 4,408 | 614,617 | ||||||
Intervest Offices NV | 2,888 | 95,734 | ||||||
Leasinvest Real Estate SCA | 684 | 63,865 | ||||||
Warehouses De Pauw SCA | 4,118 | 220,060 | ||||||
Wereldhave Belgium NV | 1,064 | 105,091 | ||||||
1,616,876 | ||||||||
SEMICONDUCTORS – 0.35% |
| |||||||
Melexis NV | 8,515 | 147,247 | ||||||
147,247 | ||||||||
TELECOMMUNICATIONS – 8.75% |
| |||||||
Belgacom SA | 50,236 | 1,885,564 | ||||||
Mobistar SA | 12,510 | 800,009 | ||||||
Telenet Group Holding NVa | 21,827 | 979,792 | ||||||
3,665,365 | ||||||||
TRANSPORTATION – 0.89% |
| |||||||
Compagnie Maritime Belge SA | 5,928 | 178,657 | ||||||
Euronav SA | 7,676 | 129,770 | ||||||
Exmar NV | 7,600 | 62,038 | ||||||
370,465 | ||||||||
VENTURE CAPITAL – 0.83% |
| |||||||
GIMV NV | 6,262 | 347,606 | ||||||
347,606 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $57,616,103) | 40,766,168 | |||||||
RIGHTS – 0.22% |
| |||||||
MANUFACTURING – 0.00% |
| |||||||
Agfa-Gevaert NVa | 24,882 | 69 | ||||||
69 |
Security | Shares | Value | ||||||
MINING – 0.22% | ||||||||
Nyrstar NVa | 34,512 | $ | 93,429 | |||||
93,429 | ||||||||
TOTAL RIGHTS |
| |||||||
(Cost: $113,358) | 93,498 | |||||||
SHORT-TERM INVESTMENTS – 0.75% |
| |||||||
MONEY MARKET FUNDS – 0.75% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
SL Agency Shares | ||||||||
0.23%c,d,e | 271,261 | 271,261 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
SL Agency Shares | ||||||||
0.22%c,d,e | 38,982 | 38,982 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
SL Agency Shares | ||||||||
0.07%c,d | 3,361 | 3,361 | ||||||
313,604 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $313,604) | 313,604 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $58,043,065) | 41,173,270 | |||||||
Other Assets, Less Liabilities – 1.68% |
| 703,081 | ||||||
NET ASSETS – 100.00% | $ | 41,876,351 | ||||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
24 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 98.15% | ||||||||
CZECH REPUBLIC – 3.86% | ||||||||
CEZ AS | 15,200 | $ | 697,439 | |||||
Komercni Banka AS | 1,273 | 306,475 | ||||||
Telefonica O2 Czech Republic AS | 10,583 | 239,799 | ||||||
1,243,713 | ||||||||
HUNGARY – 4.33% | ||||||||
Magyar Telekom | 16,378 | 46,036 | ||||||
MOL Hungarian Oil and Gas Nyrta | 3,933 | 477,517 | ||||||
OTP Bank Nyrta | 19,456 | 583,605 | ||||||
Richter Gedeon Nyrt | 1,501 | 290,743 | ||||||
1,397,901 | ||||||||
POLAND – 17.04% | ||||||||
Asseco Poland SA | 3,287 | 58,693 | ||||||
Bank Handlowy w Warszawie SA | 3,078 | 100,271 | ||||||
Bank Millennium SAa | 31,085 | 60,650 | ||||||
Bank Pekao SA | 10,621 | 608,363 | ||||||
Bank Zachodni WBK SA | 2,071 | 162,641 | ||||||
BRE Bank SAa | 1,292 | 139,907 | ||||||
Cyfrowy Polsat SA | 10,488 | 57,334 | ||||||
ENEA SA | 5,377 | 41,028 | ||||||
Getin Holding SAa | 30,647 | 139,666 | ||||||
Globe Trade Centre SAa | 10,013 | 73,750 | ||||||
Grupa Lotos SAa | 5,111 | 71,711 | ||||||
ING Bank Slaski SAa | 342 | 101,582 | ||||||
Kernel Holding SAa | 4,161 | 120,184 | ||||||
KGHM Polska Miedz SA | 11,457 | 700,557 | ||||||
PBG SA | 988 | 68,158 | ||||||
Polska Grupa Energetyczna SA | 49,343 | 389,222 | ||||||
Polski Koncern Naftowy Orlen SAa | 30,115 | 478,457 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 140,923 | 191,488 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 57,190 | 836,684 | ||||||
Powszechny Zaklad Ubezpieczen SA | 3,534 | 427,752 | ||||||
Tauron Polska Energia SAa | 106,400 | 228,730 | ||||||
Telekomunikacja Polska SA | 59,565 | 358,824 | ||||||
TVN SA | 13,642 | 82,228 | ||||||
5,497,880 |
Security | Shares | Value | ||||||
RUSSIA – 72.92% | ||||||||
Comstar United Telesystems OJSC | 17,670 | $ | 120,244 | |||||
Federal Grid Co. of Unified Energy System OJSCa | 23,995,100 | 350,098 | ||||||
Gazprom OAO SP ADR | 231,918 | 6,823,028 | ||||||
LUKOIL OAO SP ADR | 41,191 | 2,914,263 | ||||||
Magnit OJSC SP GDRb | 20,539 | 583,308 | ||||||
Mechel OAO SP ADR | 13,072 | 397,781 | ||||||
MMC Norilsk Nickel OJSC SP ADR | 57,744 | 1,394,518 | ||||||
Mobile TeleSystems OJSC SP ADR | 45,372 | 854,355 | ||||||
NovaTek OAO SP GDRb | 7,961 | 1,034,134 | ||||||
Novolipetsk Steel OJSC SP GDRb | 8,493 | 389,829 | ||||||
OGK-4 OJSCa | 988,000 | 90,053 | ||||||
Polymetal OJSC SP GDRa | 6,023 | 114,805 | ||||||
Polyus Gold OJSC SP ADR | 8,547 | 287,350 | ||||||
Raspadskaya OAOa | 5,700 | 44,346 | ||||||
Rosneft Oil Co. OJSC SP GDRb | 140,644 | 1,327,679 | ||||||
RusHydro OJSCa | 8,949,000 | 458,389 | ||||||
Sberbank of Russia | 3,674 | 13,000 | ||||||
Sberbank of Russia GDRb | 6,808 | 2,632,899 | ||||||
Severstal OAO SP GDRb | 19,120 | 364,618 | ||||||
Sistema JSFC SP GDRb | 9,272 | 236,343 | ||||||
Surgutneftegas OJSC SP ADR | 65,376 | 759,669 | ||||||
Tatneft OAO SP ADR | 18,910 | 789,492 | ||||||
TMK OAO SP GDRa,b | 5,320 | 106,400 | ||||||
Uralkali OJSC SP GDRb | 13,533 | 553,094 | ||||||
VTB Bank OJSC | 23,997,999 | 84,167 | ||||||
VTB Bank OJSC SP GDRb | 87,400 | 605,682 | ||||||
Wimm-Bill-Dann Foods OJSC SP ADR | 6,023 | 195,025 | ||||||
23,524,569 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $26,766,380) | 31,664,063 | |||||||
PREFERRED STOCKS – 1.83% |
| |||||||
RUSSIA – 1.83% | ||||||||
Sberbank of Russia | 80,465 | 197,156 | ||||||
Surgutneftegas OJSC | 435,100 | 257,837 | ||||||
Transneft OAO SP ADR | 95 | 134,658 | ||||||
589,651 | ||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $554,495) | 589,651 |
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS – 0.02% |
| |||||||
MONEY MARKET FUNDS – 0.02% |
| |||||||
BlackRock Cash Funds: Treasury, | ||||||||
SL Agency Shares | ||||||||
0.07%c,d | 8,366 | $ | 8,366 | |||||
8,366 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $8,366) | 8,366 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $27,329,241) | 32,262,080 | |||||||
Other Assets, Less Liabilities – (0.00)% |
| (643) | ||||||
NET ASSETS – 100.00% | $ | 32,261,437 | ||||||
GDR – Global Depositary Receipts
SP ADR – Sponsored American Depositary Receipts
SP GDR – Sponsored Global Depositary Receipts
a | Non-income earning security. |
b | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
26 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 97.98% |
| |||||||
AUSTRIA – 1.07% | ||||||||
Erste Group Bank AG | 43,632 | $ | 2,305,118 | |||||
IMMOEAST AG Escrowa,b | 105,078 | 15 | ||||||
IMMOFINANZ AGa | 226,140 | 999,503 | ||||||
IMMOFINANZ AG Escrowa,b | 68,575 | 9 | ||||||
OMV AG | 35,404 | 1,506,120 | ||||||
Raiffeisen International Bank | 11,248 | 675,805 | ||||||
Telekom Austria AG | 74,600 | 1,066,438 | ||||||
Verbund AG | 15,476 | 592,528 | ||||||
Vienna Insurance Group AG | 8,692 | 499,604 | ||||||
voestalpine AG | 23,744 | 1,097,820 | ||||||
8,742,960 | ||||||||
BELGIUM – 2.97% | ||||||||
Ageas | 509,012 | 1,617,009 | ||||||
Anheuser-Busch InBev NV | 166,632 | 9,301,599 | ||||||
Bekaert NV | 8,904 | 966,270 | ||||||
Belgacom SA | 33,496 | 1,257,243 | ||||||
Colruyt SA | 17,828 | 896,930 | ||||||
Compagnie Nationale a | 5,936 | 333,035 | ||||||
Delhaize Group SA | 23,532 | 1,821,760 | ||||||
Dexia SAa | 125,897 | 550,011 | ||||||
Groupe Bruxelles Lambert SA | 18,020 | 1,657,623 | ||||||
KBC Groep NVa | 37,312 | 1,561,521 | ||||||
Mobistar SA | 5,936 | 379,605 | ||||||
Solvay SA | 13,780 | 1,617,800 | ||||||
UCB SA | 24,099 | 896,712 | ||||||
Umicore | 26,924 | 1,357,527 | ||||||
24,214,645 | ||||||||
FINLAND – 3.39% | ||||||||
Elisa OYJ | 30,952 | 707,528 | ||||||
Fortum OYJ | 99,450 | 3,083,740 | ||||||
Kesko OYJ Class B | 15,861 | 683,724 | ||||||
Kone OYJ Class B | 35,616 | 1,945,576 | ||||||
Metso OYJ | 30,316 | 1,568,543 | ||||||
Neste Oil OYJ | 29,256 | 519,248 | ||||||
Nokia OYJ | 857,540 | 7,438,248 | ||||||
Nokian Renkaat OYJ | 24,168 | 982,732 | ||||||
Orion OYJ Class B | 22,472 | 514,616 | ||||||
Outokumpu OYJ | 31,164 | 559,999 |
Security | Shares | Value | ||||||
Pohjola Bank PLC | 32,436 | $ | 444,422 | |||||
Rautaruukki OYJ | 20,352 | 472,813 | ||||||
Sampo OYJ Class A | 95,612 | 2,962,090 | ||||||
Sanoma OYJ | 20,462 | 450,216 | ||||||
Stora Enso OYJ Class R | 137,164 | 1,546,867 | ||||||
UPM-Kymmene OYJ | 120,808 | 2,401,116 | ||||||
Wartsila OYJ | 18,656 | 1,435,259 | ||||||
27,716,737 | ||||||||
FRANCE – 32.66% | ||||||||
Accor SA | 34,132 | 1,606,402 | ||||||
Aeroports de Paris | 6,997 | 620,735 | ||||||
Air France-KLMa | 30,104 | 492,719 | ||||||
Alcatel-Lucenta | 534,028 | 2,645,770 | ||||||
ALSTOM | 47,064 | 2,809,183 | ||||||
ArcelorMittal | 198,660 | 7,305,613 | ||||||
Atos Origin SAa | �� | 9,752 | 564,977 | |||||
AXA | 393,260 | 8,267,059 | ||||||
BioMerieux SA | 2,756 | 293,678 | ||||||
BNP Paribas | 220,056 | 17,197,004 | ||||||
Bouygues SA | 53,424 | 2,472,308 | ||||||
Bureau Veritas SA | 11,236 | 868,297 | ||||||
Cap Gemini SA | 34,344 | 2,008,438 | ||||||
Carrefour SA | 137,164 | 6,740,665 | ||||||
Casino Guichard-Perrachon SA | 12,932 | 1,267,822 | ||||||
Christian Dior SA | 14,628 | 2,110,328 | ||||||
CNP Assurances SA | 34,768 | 771,707 | ||||||
Compagnie de Saint-Gobain | 90,736 | 5,429,688 | ||||||
Compagnie Generale de Geophysique- Veritasa | 33,072 | 1,227,853 | ||||||
Compagnie Generale des | 40,857 | 3,329,470 | ||||||
Credit Agricole SA | 222,388 | 3,907,105 | ||||||
Danone SA | 133,984 | 8,407,218 | ||||||
Dassault Systemes SA | 13,356 | 1,023,641 | ||||||
Edenred SAa | 34,465 | 908,981 | ||||||
Eiffage SA | 9,964 | 593,774 | ||||||
Electricite de France | 59,572 | 2,658,906 | ||||||
Eramet | 1,272 | 459,865 | ||||||
Essilor International SA | 46,640 | 3,333,692 | ||||||
Eurazeo | 6,784 | 504,672 | ||||||
European Aeronautic Defence and Space Co. NVa | 94,920 | 2,747,930 |
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Eutelsat Communications | 23,108 | $ | 922,874 | |||||
Fonciere des Regions | 5,936 | 645,000 | ||||||
France Telecom SA | 426,332 | 9,439,263 | ||||||
GDF Suez | 284,080 | 11,525,909 | ||||||
Gecina SA | 4,452 | 577,216 | ||||||
Groupe Eurotunnel SA | 121,010 | 1,219,948 | ||||||
Icade | 5,088 | 570,918 | ||||||
Iliad SA | 3,392 | 380,237 | ||||||
Imerys SA | 8,692 | 610,474 | ||||||
JCDecaux SAa | 14,636 | 472,936 | ||||||
Klepierre | 21,200 | 827,640 | ||||||
L’Air Liquide SA | 64,873 | 8,405,620 | ||||||
L’Oreal SA | 55,120 | 6,413,339 | ||||||
Lafarge SA | 45,792 | 2,779,430 | ||||||
Lagardere SCA | 26,712 | 1,203,134 | ||||||
Legrand SA | 34,556 | 1,450,715 | ||||||
LVMH Moet Hennessy Louis | 56,392 | 8,898,777 | ||||||
M6-Metropole Television | 15,688 | 396,963 | ||||||
Natixisa | 200,976 | 1,198,903 | ||||||
Neopost SA | 7,632 | 724,610 | ||||||
PagesJaunes Groupe SAc | 26,935 | 262,911 | ||||||
Pernod Ricard SA | 46,004 | 4,245,156 | ||||||
PPR SA | 17,384 | 2,641,186 | ||||||
PSA Peugeot Citroen SAa | 34,556 | 1,384,850 | ||||||
Publicis Groupe SA | 27,984 | 1,597,660 | ||||||
Renault SAa | 44,520 | 2,731,124 | ||||||
Safran SA | 39,220 | 1,396,520 | ||||||
Sanofi-Aventis | 240,832 | 16,631,860 | ||||||
Schneider Electric SA | 55,756 | 9,233,523 | ||||||
SCOR SE | 38,584 | 1,134,858 | ||||||
SES SA FDR | 68,499 | 1,764,965 | ||||||
Societe BIC SA | 5,936 | 507,506 | ||||||
Societe Generale | 145,008 | 10,204,525 | ||||||
Societe Television Francaise 1 | 28,412 | 552,537 | ||||||
Sodexo | 22,260 | 1,533,125 | ||||||
STMicroelectronics NV | 146,280 | 1,880,203 | ||||||
Suez Environnement SA | 60,632 | 1,314,795 | ||||||
Technip SA | 23,108 | 2,283,326 | ||||||
Thales SA | 20,564 | 779,662 | ||||||
Total SA | 485,480 | 29,778,907 | ||||||
Unibail-Rodamco SE | 21,200 | 4,266,306 | ||||||
Vallourec SA | 25,228 | 2,615,808 |
Security | Shares | Value | ||||||
Veolia Environnement | 81,408 | $ | 2,679,463 | |||||
Vinci SA | 100,276 | 6,041,424 | ||||||
Vivendi SA | 284,716 | 8,124,541 | ||||||
266,826,147 | ||||||||
GERMANY – 26.14% | ||||||||
Adidas AG | 47,912 | 3,077,187 | ||||||
Allianz SE Registered | 104,516 | 15,070,925 | ||||||
Axel Springer AG | 3,392 | 553,302 | ||||||
BASF SE | 210,516 | 17,521,483 | ||||||
Bayer AG | 190,376 | 14,772,383 | ||||||
Bayerische Motoren Werke AG | 76,532 | 6,213,400 | ||||||
Beiersdorf AG | 23,532 | 1,413,855 | ||||||
Brenntag AGa | 7,208 | 754,144 | ||||||
Celesio AG | 16,960 | 469,674 | ||||||
Commerzbank AGa | 194,344 | 1,676,601 | ||||||
Continental AGa | 11,660 | 986,419 | ||||||
Daimler AG Registereda | 207,548 | 14,634,266 | ||||||
Deutsche Bank AG Registered | 213,908 | 13,762,050 | ||||||
Deutsche Boerse AG | 44,520 | 3,421,361 | ||||||
Deutsche Lufthansa AG Registereda | 52,364 | 1,071,497 | ||||||
Deutsche Post AG Registered | 196,313 | 3,603,551 | ||||||
Deutsche Telekom AG Registered | 653,384 | 8,794,415 | ||||||
E.ON AG | 414,460 | 13,610,052 | ||||||
Fraport AG | 7,844 | 559,258 | ||||||
Fresenius Medical Care AG & Co. KGaA | 44,308 | 2,935,985 | ||||||
Fresenius SE | 25,016 | 2,284,240 | ||||||
GEA Group AG | 38,290 | 1,184,385 | ||||||
Hannover Rueckversicherung AG Registered | 14,840 | 864,769 | ||||||
HeidelbergCement AG | 32,012 | 2,243,026 | ||||||
Henkel AG & Co. KGaA | 29,468 | 1,505,945 | ||||||
Hochtief AG | 9,964 | 982,489 | ||||||
Infineon Technologies AG | 252,916 | 2,769,469 | ||||||
K+S AG | 32,860 | 2,539,360 | ||||||
Kabel Deutschland Holding AGa | 12,084 | 658,938 | ||||||
LANXESS AG | 18,868 | 1,404,660 | ||||||
Linde AG | 38,584 | 5,894,121 | ||||||
MAN SE | 24,592 | 3,125,255 | ||||||
Merck KGaA | 14,840 | 1,342,759 | ||||||
METRO AG | 29,683 | 2,172,903 |
28 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG Registered | 43,460 | $ | 7,260,261 | |||||
Puma AG | 1,272 | 378,609 | ||||||
QIAGEN NVa | 52,788 | 1,094,391 | ||||||
RWE AG | 96,292 | 6,504,958 | ||||||
Salzgitter AG | 9,540 | 792,707 | ||||||
SAP AG | 197,584 | 11,931,322 | ||||||
Siemens AG Registered | 188,892 | 25,461,004 | ||||||
Suedzucker AG | 16,324 | 448,680 | ||||||
ThyssenKrupp AG | 75,142 | 3,127,077 | ||||||
TUI AGa | 33,690 | 441,920 | ||||||
United Internet AG Registered | 29,470 | 510,835 | ||||||
Volkswagen AG | 6,572 | 998,497 | ||||||
Wacker Chemie AG | 3,740 | 690,653 | ||||||
213,515,041 | ||||||||
GREECE – 0.87% | ||||||||
Alpha Bank AEa | 105,346 | 698,419 | ||||||
Bank of Cyprus Public Co. Ltd. | 179,939 | 695,889 | ||||||
Coca-Cola Hellenic Bottling Co. SA SP ADR | 41,767 | 1,136,898 | ||||||
EFG Eurobank Ergasias SAa | 71,926 | 460,957 | ||||||
Hellenic Telecommunications Organization SA SP ADR | 113,931 | 566,237 | ||||||
National Bank of Greece SA SP ADRc | 1,073,992 | 2,019,105 | ||||||
OPAP SA | 53,110 | 1,109,869 | ||||||
Public Power Corp. SA | 27,000 | 418,048 | ||||||
7,105,422 | ||||||||
IRELAND – 0.80% | ||||||||
Anglo Irish Bank Corp. Ltd.a,b | 446,666 | 62 | ||||||
Bank of Irelanda | 806,024 | 392,988 | ||||||
CRH PLC | 163,452 | 3,789,380 | ||||||
Elan Corp. PLCa | 116,816 | 764,297 | ||||||
Kerry Group PLC Class A | 32,224 | 1,170,555 | ||||||
Ryanair Holdings PLC | 43,520 | 202,570 | ||||||
Ryanair Holdings PLC SP ADR | 7,878 | 224,681 | ||||||
6,544,533 | ||||||||
ITALY – 9.08% | ||||||||
A2A SpA | 224,744 | 360,083 | ||||||
Assicurazioni Generali SpA | 270,300 | 6,119,017 | ||||||
Atlantia SpA | 65,705 | 1,506,479 | ||||||
Autogrill SpAa | 27,772 | 393,177 | ||||||
Banca Carige SpAc | 139,284 | 336,279 |
Security | Shares | Value | ||||||
Banca Monte dei Paschi di Siena SpAa | 517,927 | $ | 691,039 | |||||
Banco Popolare SpA | 353,552 | 1,235,465 | ||||||
Enel Green Power SpAa | 379,451 | 897,255 | ||||||
Enel SpA | 1,511,560 | 9,014,978 | ||||||
Eni SpA | 597,628 | 14,585,594 | ||||||
Exor SpA | 24,415 | 745,594 | ||||||
Fiat Industrial SpAa | 175,004 | 2,446,161 | ||||||
Fiat SpA | 175,004 | 1,625,537 | ||||||
Finmeccanica SpA | 94,552 | 1,184,499 | ||||||
Intesa Sanpaolo SpA | 1,775,076 | 5,992,041 | ||||||
Luxottica Group SpA | 25,598 | 795,863 | ||||||
Mediaset SpA | 164,724 | 1,060,228 | ||||||
Mediobanca SpA | 106,586 | 1,129,151 | ||||||
Parmalat SpA | 376,259 | 1,153,710 | ||||||
Pirelli & C. SpA | 52,369 | 422,419 | ||||||
Prysmian SpA | 46,852 | 990,093 | ||||||
Saipem SpA | 60,922 | 3,079,725 | ||||||
Snam Rete Gas SpA | 333,264 | 1,824,646 | ||||||
Telecom Italia SpA | 2,176,816 | 3,403,492 | ||||||
Tenaris SA | 108,434 | 2,450,222 | ||||||
Terna SpA | 301,252 | 1,390,571 | ||||||
UniCredit SpA | 3,082,692 | 7,932,309 | ||||||
Unione di Banche Italiane ScpA | 141,404 | 1,429,649 | ||||||
74,195,276 | ||||||||
NETHERLANDS – 8.42% | ||||||||
AEGON NVa | 356,160 | 2,739,549 | ||||||
Akzo Nobel NV | 53,639 | 3,650,227 | ||||||
ASML Holding NV | 99,004 | 4,301,293 | ||||||
Corio NV | 13,568 | 900,557 | ||||||
Delta Lloyd NV | 14,416 | 348,847 | ||||||
Fugro NV CVA | 15,219 | 1,281,409 | ||||||
Heineken Holding NV | 26,712 | 1,227,853 | ||||||
Heineken NV | 60,208 | 3,106,832 | ||||||
ING Groep NV CVAa | 878,121 | 11,021,267 | ||||||
Koninklijke Ahold NV | 274,540 | 3,688,806 | ||||||
Koninklijke DSM NV | 35,054 | 2,060,368 | ||||||
Koninklijke KPN NV | 362,308 | 5,874,929 | ||||||
Koninklijke Philips Electronics NV | 225,992 | 7,385,237 | ||||||
Randstad Holding NVa | 24,592 | 1,326,900 | ||||||
Reed Elsevier NV | 160,484 | 2,119,518 | ||||||
Royal Boskalis Westminster NV CVA | 16,823 | 875,646 |
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Royal Vopak NV | 15,688 | $ | 759,039 | |||||
SBM Offshore NV | 37,948 | 954,193 | ||||||
TNT NV | 86,852 | 2,283,439 | ||||||
Unilever NV CVA | 374,392 | 11,301,446 | ||||||
Wolters Kluwer NV | 67,416 | 1,594,129 | ||||||
68,801,484 | ||||||||
PORTUGAL – 0.89% | ||||||||
Banco Comercial Portugues SA Registeredc | 630,280 | 562,371 | ||||||
Banco Espirito Santo SA Registered | 122,234 | 553,761 | ||||||
BRISA – Auto-estradas de Portugal SA | 42,439 | 305,686 | ||||||
CIMPOR – Cimentos de Portugal SGPS SA | 50,032 | 346,558 | ||||||
EDP Renovaveis SAa | 44,096 | 264,939 | ||||||
Energias de Portugal SA | 441,808 | 1,676,899 | ||||||
Galp Energia SGPS SA Class B | 54,272 | 1,130,029 | ||||||
Jeronimo Martins SGPS SA | 51,543 | 827,242 | ||||||
Portugal Telecom SGPS SA Registered | 135,841 | 1,589,547 | ||||||
7,257,032 | ||||||||
SPAIN – 11.69% | ||||||||
Abertis Infraestructuras SA | 68,843 | 1,384,452 | ||||||
Acciona SA | 6,161 | 599,840 | ||||||
Acerinox SA | 23,108 | 438,856 | ||||||
Actividades de Construcciones y | 31,305 | 1,437,463 | ||||||
Amadeus IT Holding SA Class Aa | 45,368 | 882,598 | ||||||
Banco Bilbao Vizcaya | 981,383 | 12,126,181 | ||||||
Banco de Sabadell SA | 261,184 | 1,134,911 | ||||||
Banco de Valencia SAc | 47,849 | 241,225 | ||||||
Banco Popular Espanol SAc | 207,221 | 1,253,902 | ||||||
Banco Santander SA | 1,914,415 | 23,625,841 | ||||||
Bankinter SAc | 72,080 | 475,982 | ||||||
Criteria CaixaCorp SA | 192,284 | 1,392,981 | ||||||
Enagas SA | 41,128 | 881,345 | ||||||
Ferrovial SA | 95,985 | 1,155,652 | ||||||
Fomento de Construcciones y | 11,980 | 382,727 | ||||||
Gas Natural SDG SA | 71,444 | 1,221,639 | ||||||
Gestevision Telecinco SA | 35,192 | 442,034 | ||||||
Grifols SA | 31,512 | 513,588 | ||||||
Iberdrola Renovables SA | 199,376 | 749,579 | ||||||
Iberdrola SA | 923,048 | 8,061,282 |
Security | Shares | Value | ||||||
Indra Sistemas SAc | 22,260 | $ | 433,512 | |||||
Industria de Diseno Textil SA | 50,668 | 3,671,290 | ||||||
International Consolidated Airlines Group SAa | 218,128 | 794,773 | ||||||
Mapfre SA | 175,168 | 651,308 | ||||||
Red Electrica Corporacion SA | 25,866 | 1,393,319 | ||||||
Repsol YPF SA | 169,176 | 5,685,092 | ||||||
Telefonica SA | 943,400 | 23,975,647 | ||||||
Zardoya Otis SA | 32,359 | 505,045 | ||||||
95,512,064 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,024,963,657) | 800,431,341 | |||||||
PREFERRED STOCKS – 1.84% |
| |||||||
GERMANY – 1.54% | ||||||||
Bayerische Motoren Werke AG | 12,932 | 697,677 | ||||||
Henkel AG & Co. KGaA | 40,916 | 2,467,366 | ||||||
Porsche Automobil Holding SE | 19,942 | 1,581,570 | ||||||
ProSiebenSat.1 Media AG | 16,536 | 535,473 | ||||||
RWE AG NVS | 9,540 | 614,032 | ||||||
Volkswagen AG | 39,220 | 6,657,576 | ||||||
12,553,694 | ||||||||
ITALY – 0.30% | ||||||||
Intesa Sanpaolo SpA RNC | 213,908 | 626,945 | ||||||
Telecom Italia SpA RNC | 1,385,208 | 1,834,806 | ||||||
2,461,751 | ||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $16,205,451) | 15,015,445 | |||||||
RIGHTS – 0.00% | ||||||||
AUSTRIA – 0.00% | ||||||||
IMMOFINANZ AGa,b | 212,282 | 29 | ||||||
29 | ||||||||
TOTAL RIGHTS | ||||||||
(Cost: $0) | 29 | |||||||
SHORT-TERM INVESTMENTS – 0.51% |
| |||||||
MONEY MARKET FUNDS – 0.51% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.23%d,e,f | 3,492,699 | 3,492,699 |
30 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.22%d,e,f | 501,930 | $ | 501,930 | |||||
BlackRock Cash Funds: Treasury, | ||||||||
0.07%d,e | 184,165 | 184,165 | ||||||
4,178,794 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $4,178,794) | 4,178,794 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $1,045,347,902) | 819,625,609 | |||||||
Other Assets, Less Liabilities – (0.33)% |
| (2,703,234) | ||||||
NET ASSETS – 100.00% | $ | 816,922,375 | ||||||
FDR – Fiduciary Depositary Receipts
NVS – Non-Voting Shares
SP ADR – Sponsored American Depositary Receipts
a | Non-income earning security. |
b | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
c | All or a portion of this security represents a security on loan. See Note 5. |
d | Affiliated issuer. See Note 2. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI FRANCE INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.89% |
| |||||||
ADVERTISING – 0.90% | ||||||||
JCDecaux SAa | 18,113 | $ | 585,289 | |||||
PagesJaunes Groupe SAb | 34,508 | 336,830 | ||||||
Publicis Groupe SA | 33,925 | 1,936,843 | ||||||
2,858,962 | ||||||||
AEROSPACE & DEFENSE – 1.82% |
| |||||||
European Aeronautic Defence and Space Co. NVa | 111,156 | 3,217,961 | ||||||
Safran SA | 45,371 | 1,615,541 | ||||||
Thales SA | 24,367 | 923,849 | ||||||
5,757,351 | ||||||||
AIRLINES – 0.19% | ||||||||
Air France-KLMa | 36,934 | 604,507 | ||||||
604,507 | ||||||||
AUTO MANUFACTURERS – 1.54% |
| |||||||
PSA Peugeot Citroen SAa | 41,364 | 1,657,684 | ||||||
Renault SAa | 52,392 | 3,214,040 | ||||||
4,871,724 | ||||||||
AUTO PARTS & EQUIPMENT – 1.24% |
| |||||||
Compagnie Generale des | ||||||||
Etablissements Michelin Class B | 48,062 | 3,916,611 | ||||||
3,916,611 | ||||||||
BANKS – 12.18% |
| |||||||
BNP Paribas | 261,016 | 20,397,959 | ||||||
Credit Agricole SA | 261,488 | 4,594,048 | ||||||
Natixisa | 237,928 | 1,419,336 | ||||||
Societe Generale | 172,752 | 12,156,930 | ||||||
38,568,273 | ||||||||
BEVERAGES – 1.57% | ||||||||
Pernod Ricard SA | 53,985 | 4,981,627 | ||||||
4,981,627 | ||||||||
BUILDING MATERIALS – 3.32% |
| |||||||
Compagnie de Saint-Gobain | 108,442 | 6,489,223 | ||||||
Imerys SA | 10,266 | 721,023 | ||||||
Lafarge SA | 54,634 | 3,316,111 | ||||||
10,526,357 | ||||||||
CHEMICALS – 3.15% | ||||||||
L’Air Liquide SA | 77,113 | 9,991,562 | ||||||
9,991,562 |
Security | Shares | Value | ||||||
COMMERCIAL SERVICES – 0.68% |
| |||||||
Bureau Veritas SA | 13,334 | $ | 1,030,427 | |||||
Edenred SAa | 42,952 | 1,132,817 | ||||||
2,163,244 | ||||||||
COMPUTERS – 0.97% | ||||||||
Atos Origin SAa | 12,390 | 717,808 | ||||||
Cap Gemini SA | 40,297 | 2,356,569 | ||||||
3,074,377 | ||||||||
COSMETICS & PERSONAL CARE – 3.19% |
| |||||||
Christian Dior SA | 17,346 | 2,502,444 | ||||||
L’Oreal SA | 65,254 | 7,592,454 | ||||||
10,094,898 | ||||||||
ELECTRIC – 0.99% | ||||||||
Electricite de France | 70,446 | 3,144,250 | ||||||
3,144,250 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 0.57% |
| |||||||
Legrand SA | 43,070 | 1,808,147 | ||||||
1,808,147 | ||||||||
ENGINEERING & CONSTRUCTION – 3.64% |
| |||||||
Aeroports de Paris | 8,142 | 722,313 | ||||||
Bouygues SA | 62,953 | 2,913,283 | ||||||
Eiffage SA | 10,974 | 653,961 | ||||||
Vinci SA | 120,242 | 7,244,335 | ||||||
11,533,892 | ||||||||
FOOD – 6.14% | ||||||||
Carrefour SA | 163,194 | 8,019,860 | ||||||
Casino Guichard-Perrachon SA | 15,045 | 1,474,976 | ||||||
Danone SA | 158,828 | 9,966,127 | ||||||
19,460,963 | ||||||||
FOOD SERVICE – 0.56% | ||||||||
Sodexo | 25,724 | 1,771,703 | ||||||
1,771,703 | ||||||||
GAS – 4.32% | ||||||||
GDF Suez | 336,975 | 13,672,004 | ||||||
13,672,004 | ||||||||
HAND & MACHINE TOOLS – 3.46% |
| |||||||
Schneider Electric SA | 66,200 | 10,963,111 | ||||||
10,963,111 |
32 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRANCE INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
HEALTH CARE – PRODUCTS – 1.24% |
| |||||||
Essilor International SA | 55,106 | $ | 3,938,818 | |||||
3,938,818 | ||||||||
HEALTH CARE – SERVICES – 0.11% |
| |||||||
BioMerieux SA | 3,245 | 345,786 | ||||||
345,786 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 3.32% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SA | 66,729 | 10,529,978 | ||||||
10,529,978 | ||||||||
HOUSEHOLD PRODUCTS & WARES – 0.20% |
| |||||||
Societe BIC SA | 7,316 | 625,491 | ||||||
625,491 | ||||||||
INSURANCE – 3.82% | ||||||||
AXA | 467,752 | 9,833,020 | ||||||
CNP Assurances SA | 40,541 | 899,844 | ||||||
SCOR SE | 45,936 | 1,351,100 | ||||||
12,083,964 | ||||||||
INTERNET – 0.16% | ||||||||
Iliad SA | 4,484 | 502,648 | ||||||
502,648 | ||||||||
INVESTMENT COMPANIES – 0.18% |
| |||||||
Eurazeo | 7,871 | 585,535 | ||||||
585,535 | ||||||||
IRON & STEEL – 2.71% | ||||||||
ArcelorMittal | 233,763 | 8,596,507 | ||||||
8,596,507 | ||||||||
LODGING – 0.59% | ||||||||
Accor SA | 39,999 | 1,882,529 | ||||||
1,882,529 | ||||||||
MACHINERY – 1.06% | ||||||||
ALSTOM | 56,109 | 3,349,066 | ||||||
3,349,066 | ||||||||
MEDIA – 3.83% | ||||||||
Lagardere SCA | 32,096 | 1,445,634 | ||||||
M6-Metropole Television | 17,582 | 444,888 | ||||||
Societe Television Francaise 1 | 31,919 | 620,738 | ||||||
Vivendi SA | 336,713 | 9,608,306 | ||||||
12,119,566 |
Security | Shares | Value | ||||||
METAL FABRICATE & HARDWARE – 0.99% |
| |||||||
Vallourec SA | 30,149 | $ | 3,126,050 | |||||
3,126,050 | ||||||||
MINING – 0.16% | ||||||||
Eramet | 1,441 | 520,963 | ||||||
520,963 | ||||||||
OFFICE & BUSINESS EQUIPMENT – 0.26% |
| |||||||
Neopost SA | 8,673 | 823,447 | ||||||
823,447 | ||||||||
OIL & GAS – 11.61% | ||||||||
Compagnie Generale de | 39,235 | 1,456,665 | ||||||
Total SA | 575,604 | 35,307,032 | ||||||
36,763,697 | ||||||||
OIL & GAS SERVICES – 0.84% |
| |||||||
Technip SA | 26,786 | 2,646,753 | ||||||
2,646,753 | ||||||||
PHARMACEUTICALS – 6.23% |
| |||||||
Sanofi-Aventis | 285,619 | 19,724,851 | ||||||
19,724,851 | ||||||||
REAL ESTATE – 2.12% | ||||||||
Gecina SA | 5,133 | 665,510 | ||||||
Klepierre | 25,901 | 1,011,165 | ||||||
Unibail-Rodamco SE | 24,957 | 5,022,369 | ||||||
6,699,044 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 0.48% |
| |||||||
Fonciere des Regions | 7,316 | 794,950 | ||||||
Icade | 6,321 | 709,271 | ||||||
1,504,221 | ||||||||
RETAIL – 0.99% | ||||||||
PPR SA | 20,709 | 3,146,360 | ||||||
3,146,360 | ||||||||
SEMICONDUCTORS – 0.70% |
| |||||||
STMicroelectronics NV | 173,653 | 2,232,040 | ||||||
2,232,040 | ||||||||
SOFTWARE – 0.39% | ||||||||
Dassault Systemes SA | 16,107 | 1,234,485 | ||||||
1,234,485 | ||||||||
TELECOMMUNICATIONS – 5.52% |
| |||||||
Alcatel-Lucenta | 631,300 | 3,127,691 |
SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRANCE INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Eutelsat Communications | 26,904 | $ | 1,074,476 | |||||
France Telecom SA | 504,922 | 11,179,296 | ||||||
SES SA FDR | 81,715 | 2,105,492 | ||||||
17,486,955 | ||||||||
TRANSPORTATION – 0.46% |
| |||||||
Groupe Eurotunnel SA | 145,440 | 1,466,236 | ||||||
1,466,236 | ||||||||
WATER – 1.49% | ||||||||
Suez Environnement SA | 73,219 | 1,587,743 | ||||||
Veolia Environnement | 94,813 | 3,120,675 | ||||||
4,708,418 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $378,669,681) | 316,406,971 | |||||||
SHORT-TERM INVESTMENTS – 0.12% |
| |||||||
MONEY MARKET FUNDS – 0.12% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.23%c,d,e | 287,252 | 287,252 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.22%c,d,e | 41,280 | 41,280 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.07%c,d | 37,890 | 37,890 | ||||||
366,422 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $366,422) | 366,422 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $379,036,103) | 316,773,393 | |||||||
Other Assets, Less Liabilities – (0.01)% |
| (23,801) | ||||||
NET ASSETS – 100.00% | $ | 316,749,592 | ||||||
FDR – Fiduciary Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
34 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI GERMANY INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 94.10% |
| |||||||
AIRLINES – 0.50% |
| |||||||
Deutsche Lufthansa AG Registereda | 641,920 | $ | 13,135,276 | |||||
13,135,276 | ||||||||
APPAREL – 1.57% |
| |||||||
Adidas AG | 573,580 | 36,838,640 | ||||||
Puma AG | 15,640 | 4,655,225 | ||||||
41,493,865 | ||||||||
AUTO MANUFACTURERS – 9.58% |
| |||||||
Bayerische Motoren Werke AG | 901,340 | 73,177,044 | ||||||
Daimler AG Registereda | 2,383,740 | 168,078,152 | ||||||
Volkswagen AG | 82,960 | 12,604,281 | ||||||
253,859,477 | ||||||||
AUTO PARTS & EQUIPMENT – 0.45% |
| |||||||
Continental AGa | 140,080 | 11,850,560 | ||||||
11,850,560 | ||||||||
BANKS – 6.72% |
| |||||||
Commerzbank AGa | 2,356,200 | 20,326,882 | ||||||
Deutsche Bank AG Registered | 2,450,080 | 157,629,096 | ||||||
177,955,978 | ||||||||
BIOTECHNOLOGY – 0.52% |
| |||||||
QIAGEN NVa | 666,740 | 13,822,730 | ||||||
13,822,730 | ||||||||
BUILDING MATERIALS – 1.02% |
| |||||||
HeidelbergCement AG | 386,580 | 27,086,998 | ||||||
27,086,998 | ||||||||
CHEMICALS – 19.20% |
| |||||||
BASF SE | 2,425,560 | 201,882,086 | ||||||
Bayer AG | 2,180,080 | 169,165,112 | ||||||
Brenntag AGa | 95,200 | 9,960,387 | ||||||
K+S AG | 394,740 | 30,504,778 | ||||||
LANXESS AG | 230,520 | 17,161,451 | ||||||
Linde AG | 465,460 | 71,104,016 | ||||||
Wacker Chemie AG | 46,580 | 8,601,764 | ||||||
508,379,594 | ||||||||
COSMETICS & PERSONAL CARE – 0.65% |
| |||||||
Beiersdorf AG | 286,620 | 17,220,763 | ||||||
17,220,763 |
Security | Shares | Value | ||||||
DIVERSIFIED FINANCIAL SERVICES – 1.58% |
| |||||||
Deutsche Boerse AG | 545,360 | $ | 41,910,905 | |||||
41,910,905 | ||||||||
ELECTRIC – 8.77% |
| |||||||
E.ON AG | 4,690,980 | 154,042,565 | ||||||
RWE AG | 1,158,380 | 78,253,784 | ||||||
232,296,349 | ||||||||
ENGINEERING & CONSTRUCTION – 0.75% |
| |||||||
Fraport AG | 110,160 | 7,854,138 | ||||||
Hochtief AG | 120,700 | 11,901,489 | ||||||
19,755,627 | ||||||||
FOOD – 1.21% |
| |||||||
METRO AG | 360,060 | 26,357,692 | ||||||
Suedzucker AG | 209,100 | 5,747,299 | ||||||
32,104,991 | ||||||||
HEALTH CARE – PRODUCTS – 2.38% |
| |||||||
Fresenius Medical Care AG & Co. KGaA | 537,200 | 35,596,527 | ||||||
Fresenius SE | 300,224 | 27,413,797 | ||||||
63,010,324 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 0.56% |
| |||||||
GEA Group AG | 477,020 | 14,755,172 | ||||||
14,755,172 | ||||||||
HOUSEHOLD PRODUCTS & WARES – 0.70% |
| |||||||
Henkel AG & Co. KGaA | 363,800 | 18,591,783 | ||||||
18,591,783 | ||||||||
INSURANCE – 10.17% |
| |||||||
Allianz SE Registered | 1,181,500 | 170,369,112 | ||||||
Hannover Rueckversicherung AG Registered | 194,140 | 11,313,089 | ||||||
Muenchener Rueckversicherungs- Gesellschaft AG Registered | 524,620 | 87,641,005 | ||||||
269,323,206 | ||||||||
INTERNET – 0.23% |
| |||||||
United Internet AG Registered | 351,220 | 6,088,069 | ||||||
6,088,069 | ||||||||
IRON & STEEL – 1.81% |
| |||||||
Salzgitter AG | 117,980 | 9,803,312 | ||||||
ThyssenKrupp AG | 918,680 | 38,231,385 | ||||||
48,034,697 |
SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GERMANY INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
LEISURE TIME – 0.19% |
| |||||||
TUI AGa | 386,580 | $ | 5,070,870 | |||||
5,070,870 | ||||||||
MACHINERY – 1.40% |
| |||||||
MAN SE | 291,040 | 36,986,595 | ||||||
36,986,595 | ||||||||
MANUFACTURING – 11.07% |
| |||||||
Siemens AG Registered | 2,174,300 | 293,076,785 | ||||||
293,076,785 | ||||||||
MEDIA – 0.58% |
| |||||||
Axel Springer AG | 43,860 | 7,154,432 | ||||||
Kabel Deutschland Holding AGa | 150,960 | 8,231,816 | ||||||
15,386,248 | ||||||||
PHARMACEUTICALS – 0.87% |
| |||||||
Celesio AG | 221,680 | 6,138,998 | ||||||
Merck KGaA | 186,320 | 16,858,686 | ||||||
22,997,684 | ||||||||
SEMICONDUCTORS – 1.22% |
| |||||||
Infineon Technologies AG | 2,961,740 | 32,431,513 | ||||||
32,431,513 | ||||||||
SOFTWARE – 4.83% |
| |||||||
SAP AG | 2,118,200 | 127,909,780 | ||||||
127,909,780 | ||||||||
TELECOMMUNICATIONS – 3.95% |
| |||||||
Deutsche Telekom AG Registered | 7,771,380 | 104,601,190 | ||||||
104,601,190 | ||||||||
TRANSPORTATION – 1.62% |
| |||||||
Deutsche Post AG Registered | 2,340,560 | 42,963,672 | ||||||
42,963,672 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,295,408,047) | 2,492,100,701 | |||||||
PREFERRED STOCKS – 5.70% |
| |||||||
AUTO MANUFACTURERS – 3.99% |
| |||||||
Bayerische Motoren Werke AG | 152,660 | 8,235,958 | ||||||
Porsche Automobil Holding SE | 240,040 | 19,037,216 | ||||||
Volkswagen AG | 461,380 | 78,319,027 | ||||||
105,592,201 |
Security | Shares | Value | ||||||
ELECTRIC – 0.33% |
| |||||||
RWE AG NVS | 135,832 | $ | 8,742,681 | |||||
8,742,681 | ||||||||
HOUSEHOLD PRODUCTS & WARES – 1.12% |
| |||||||
Henkel AG & Co. KGaA | 491,300 | 29,626,963 | ||||||
29,626,963 | ||||||||
MEDIA – 0.26% |
| |||||||
ProSiebenSat.1 Media AG | 212,500 | 6,881,226 | ||||||
6,881,226 | ||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $124,541,356) | 150,843,071 | |||||||
SHORT-TERM INVESTMENTS – 0.04% |
| |||||||
MONEY MARKET FUNDS – 0.04% |
| |||||||
BlackRock Cash Funds: Treasury, | 1,023,327 | 1,023,327 | ||||||
1,023,327 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,023,327) | 1,023,327 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,420,972,730) | 2,643,967,099 | |||||||
Other Assets, Less Liabilities – 0.16% |
| 4,255,622 | ||||||
NET ASSETS – 100.00% | $ | 2,648,222,721 | ||||||
NVS – Non-Voting Shares
a | Non-income earning security. |
b | Affiliated issuer. See Note 2. |
c | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
36 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI ITALY INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 98.06% |
| |||||||
AEROSPACE & DEFENSE – 2.14% |
| |||||||
Finmeccanica SpAa | 251,721 | $ | 3,153,431 | |||||
3,153,431 | ||||||||
AUTO MANUFACTURERS – 6.16% |
| |||||||
Fiat Industrial SpAb | 412,183 | 5,761,390 | ||||||
Fiat SpA | 359,340 | 3,337,755 | ||||||
9,099,145 | ||||||||
AUTO PARTS & EQUIPMENT – 0.63% |
| |||||||
Pirelli & C. SpA | 114,916 | 926,936 | ||||||
926,936 | ||||||||
BANKS – 24.35% |
| |||||||
Banca Carige SpA | 507,279 | 1,224,743 | ||||||
Banca Monte dei Paschi di Siena SpAb | 1,493,467 | 1,992,643 | ||||||
Banco Popolare SpA | 887,224 | 3,100,348 | ||||||
Intesa Sanpaolo SpA | 3,210,263 | 10,836,735 | ||||||
UniCredit SpA | 5,853,983 | 15,063,328 | ||||||
Unione di Banche Italiane ScpA | 367,767 | 3,718,266 | ||||||
35,936,063 | ||||||||
COMMERCIAL SERVICES – 2.45% |
| |||||||
Atlantia SpA | 157,469 | 3,610,437 | ||||||
3,610,437 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 2.15% |
| |||||||
Mediobanca SpA | 299,466 | 3,172,485 | ||||||
3,172,485 | ||||||||
ELECTRIC – 14.55% |
| |||||||
A2A SpA | 1,168,862 | 1,872,742 | ||||||
Enel SpA | 2,692,771 | 16,059,747 | ||||||
Terna SpAa | 766,910 | 3,540,034 | ||||||
21,472,523 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 1.39% |
| |||||||
Prysmian SpA | 97,378 | 2,057,827 | ||||||
2,057,827 | ||||||||
ENERGY – ALTERNATE SOURCES – 1.08% |
| |||||||
Enel Green Power SpAb | 672,749 | 1,590,792 | ||||||
1,590,792 | ||||||||
FOOD – 1.95% |
| |||||||
Parmalat SpA | 938,365 | 2,877,275 | ||||||
2,877,275 |
Security | Shares | Value | ||||||
GAS – 1.50% |
| |||||||
Snam Rete Gas SpA | 404,655 | $ | 2,215,518 | |||||
2,215,518 | ||||||||
HEALTH CARE – PRODUCTS – 1.46% |
| |||||||
Luxottica Group SpAa | 69,139 | 2,149,588 | ||||||
2,149,588 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 0.84% |
| |||||||
Exor SpA | 40,470 | 1,235,886 | ||||||
1,235,886 | ||||||||
INSURANCE – 4.92% |
| |||||||
Assicurazioni Generali SpA | 320,756 | 7,261,233 | ||||||
7,261,233 | ||||||||
MEDIA – 1.83% |
| |||||||
Mediaset SpA | 418,779 | 2,695,426 | ||||||
2,695,426 | ||||||||
METAL FABRICATE & HARDWARE – 3.55% |
| |||||||
Tenaris SA | 231,669 | 5,234,894 | ||||||
5,234,894 | ||||||||
OIL & GAS – 18.40% |
| |||||||
Eni SpA | 1,112,264 | 27,145,701 | ||||||
27,145,701 | ||||||||
OIL & GAS SERVICES – 4.31% |
| |||||||
Saipem SpA | 125,880 | 6,363,477 | ||||||
6,363,477 | ||||||||
RETAIL – 0.78% |
| |||||||
Autogrill SpAb | 81,223 | 1,149,899 | ||||||
1,149,899 | ||||||||
TELECOMMUNICATIONS – 3.62% |
| |||||||
Telecom Italia SpA | 3,414,770 | 5,339,057 | ||||||
5,339,057 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $182,263,291) | 144,687,593 | |||||||
PREFERRED STOCKS – 1.81% |
| |||||||
BANKS – 0.41% |
| |||||||
Intesa Sanpaolo SpA RNC | 205,534 | 602,401 | ||||||
602,401 |
SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ITALY INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
TELECOMMUNICATIONS – 1.40% |
| |||||||
Telecom Italia SpA RNC | 1,565,597 | $ | 2,073,744 | |||||
2,073,744 | ||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $2,818,154) | 2,676,145 | |||||||
SHORT-TERM INVESTMENTS – 3.46% |
| |||||||
MONEY MARKET FUNDS – 3.46% |
| |||||||
BlackRock Cash Funds: Institutional, | 4,361,689 | 4,361,689 | ||||||
BlackRock Cash Funds: Prime, | 626,811 | 626,811 | ||||||
BlackRock Cash Funds: Treasury, | 120,187 | 120,187 | ||||||
5,108,687 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $5,108,687) | 5,108,687 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $190,190,132) | 152,472,425 | �� | ||||||
Other Assets, Less Liabilities – (3.33)% |
| (4,919,792) | ||||||
NET ASSETS – 100.00% | $ | 147,552,633 | ||||||
a | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
38 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI NETHERLANDS INVESTABLE MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.13% |
| |||||||
BANKS – 0.23% |
| |||||||
SNS REAAL NVa | 85,400 | $ | 443,391 | |||||
443,391 | ||||||||
BEVERAGES – 4.73% |
| |||||||
Heineken Holding NV | 50,400 | 2,316,704 | ||||||
Heineken NV | 134,925 | 6,962,351 | ||||||
9,279,055 | ||||||||
BUILDING MATERIALS – 0.19% |
| |||||||
Wavin NVa | 26,539 | 377,553 | ||||||
377,553 | ||||||||
CHEMICALS – 7.58% |
| |||||||
Akzo Nobel NV | 137,550 | 9,360,516 | ||||||
Koninklijke DSM NV | 93,975 | 5,523,566 | ||||||
14,884,082 | ||||||||
COMMERCIAL SERVICES – 2.30% |
| |||||||
Brunel International NV | 6,125 | 242,671 | ||||||
Randstad Holding NVa | 64,400 | 3,474,804 | ||||||
USG People NVa | 38,675 | 791,119 | ||||||
4,508,594 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.32% |
| |||||||
BinckBank NV | 27,825 | 462,336 | ||||||
KAS Bank NV CVA | 9,975 | 163,263 | ||||||
625,599 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 0.24% |
| |||||||
TKH Group NV | 19,775 | 474,158 | ||||||
474,158 | ||||||||
ELECTRONICS – 9.57% |
| |||||||
Koninklijke Philips Electronics NV | 575,050 | 18,792,172 | ||||||
18,792,172 | ||||||||
ENGINEERING & CONSTRUCTION – 1.88% |
| |||||||
Arcadis NV | 30,625 | 732,835 | ||||||
Koninklijke BAM Groep NV | 125,300 | 806,307 | ||||||
Royal Boskalis Westminster NV CVA | 41,300 | 2,149,687 | ||||||
3,688,829 | ||||||||
FOOD – 21.34% |
| |||||||
Amsterdam Commodities NV | 3,150 | 45,988 | ||||||
CSM NV CVA | 41,650 | 1,481,608 | ||||||
Koninklijke Ahold NV | 618,975 | 8,316,743 | ||||||
Koninklijke Wessanen NVa | 50,480 | 181,907 |
Security | Shares | Value | ||||||
Nutreco NV | 22,050 | $ | 1,632,413 | |||||
Sligro Food Group NV | 21,700 | 722,326 | ||||||
Unilever NV CVA | 978,075 | 29,524,300 | ||||||
41,905,285 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 0.89% |
| |||||||
Imtech NV | 44,800 | 1,618,413 | ||||||
Ordina NVa | 28,000 | 133,037 | ||||||
1,751,450 | ||||||||
HOUSEWARES – 0.11% |
| |||||||
Hunter Douglas NV | 4,550 | 214,520 | ||||||
214,520 | ||||||||
INSURANCE – 18.53% |
| |||||||
AEGON NVa | 911,400 | 7,010,401 | ||||||
Delta Lloyd NV | 57,050 | 1,380,532 | ||||||
ING Groep NV CVAa | 2,230,377 | 27,993,387 | ||||||
36,384,320 | ||||||||
INVESTMENT COMPANIES – 0.10% |
| |||||||
Kardan NVa | 35,000 | 196,075 | ||||||
196,075 | ||||||||
LEISURE TIME – 0.13% |
| |||||||
Accell Group NV | 4,747 | 251,772 | ||||||
251,772 | ||||||||
MANUFACTURING – 0.91% |
| |||||||
Aalberts Industries NV | 56,175 | 1,198,749 | ||||||
Koninklijke Ten Cate NV | 16,275 | 592,322 | ||||||
1,791,071 | ||||||||
MEDIA – 4.97% |
| |||||||
Reed Elsevier NV | 422,625 | 5,581,624 | ||||||
Wolters Kluwer NV | 176,400 | 4,171,180 | ||||||
9,752,804 | ||||||||
METAL FABRICATE & HARDWARE – 0.14% |
| |||||||
Advanced Metallurgical Group NVa | 14,875 | 274,589 | ||||||
274,589 | ||||||||
OIL & GAS SERVICES – 2.97% |
| |||||||
Fugro NV CVA | 39,900 | 3,359,499 | ||||||
SBM Offshore NV | 98,000 | 2,464,185 | ||||||
5,823,684 | ||||||||
PHARMACEUTICALS – 0.36% |
| |||||||
Mediq NV | 37,895 | 701,364 | ||||||
701,364 |
SCHEDULESOF INVESTMENTS | 39 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI NETHERLANDS INVESTABLE MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
REAL ESTATE INVESTMENT TRUSTS – 3.18% |
| |||||||
Corio NV | 35,525 | $ | 2,357,921 | |||||
Eurocommercial Properties NV | 22,225 | 1,066,880 | ||||||
Nieuwe Steen Investments NV | 20,650 | 424,689 | ||||||
VastNed Offices/Industrial NV | 9,450 | 159,239 | ||||||
VastNed Retail NV | 11,375 | 812,267 | ||||||
Wereldhave NV | 14,000 | 1,422,995 | ||||||
6,243,991 | ||||||||
RETAIL – 0.17% |
| |||||||
Beter Bed Holding NV | 11,900 | 328,726 | ||||||
328,726 | ||||||||
SEMICONDUCTORS – 5.50% |
| |||||||
ASM International NVa | 31,850 | 1,294,002 | ||||||
ASML Holding NV | 218,750 | 9,503,736 | ||||||
10,797,738 | ||||||||
SOFTWARE – 0.77% |
| |||||||
Exact Holding NV | 9,735 | 302,535 | ||||||
TomTom NVa,b | 79,894 | 704,251 | ||||||
Unit 4 NV | 15,312 | 515,188 | ||||||
1,521,974 | ||||||||
TELECOMMUNICATIONS – 8.00% |
| |||||||
Koninklijke KPN NV | 968,975 | 15,712,211 | ||||||
15,712,211 | ||||||||
TRANSPORTATION – 4.02% |
| |||||||
Royal Vopak NV | 42,000 | 2,032,105 | ||||||
TNT NV | 222,775 | 5,857,010 | ||||||
7,889,115 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $208,196,937) | 194,614,122 | |||||||
SHORT-TERM INVESTMENTS – 0.39% |
| |||||||
MONEY MARKET FUNDS – 0.39% |
| |||||||
BlackRock Cash Funds: Institutional, | 599,710 | 599,710 | ||||||
BlackRock Cash Funds: Prime, | 86,183 | 86,183 |
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, | 80,932 | $ | 80,932 | |||||
766,825 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $766,825) | 766,825 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $208,963,762) | 195,380,947 | |||||||
Other Assets, Less Liabilities – 0.48% |
| 950,118 | ||||||
NET ASSETS – 100.00% | $ | 196,331,065 | ||||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
40 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SPAIN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.88% |
| |||||||
AIRLINES – 0.92% |
| |||||||
International Consolidated Airlines Group SAa | 761,805 | $ | 2,775,717 | |||||
2,775,717 | ||||||||
BANKS – 38.01% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 2,209,890 | 27,305,880 | ||||||
Banco de Sabadell SA | 1,478,058 | 6,422,540 | ||||||
Banco de Valencia SAb | 542,925 | 2,737,092 | ||||||
Banco Popular Espanol SAb | 1,263,169 | 7,643,484 | ||||||
Banco Santander SA | 5,354,827 | 66,084,048 | ||||||
Bankinter SAb | 600,780 | 3,967,262 | ||||||
114,160,306 | ||||||||
COMMERCIAL SERVICES – 2.79% |
| |||||||
Abertis Infraestructuras SA | 416,974 | 8,385,462 | ||||||
8,385,462 | ||||||||
COMPUTERS – 0.98% |
| |||||||
Indra Sistemas SAb | 150,511 | 2,931,190 | ||||||
2,931,190 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 3.82% |
| |||||||
Criteria CaixaCorp SA | 1,585,773 | 11,487,966 | ||||||
11,487,966 | ||||||||
ELECTRIC – 7.45% |
| |||||||
Iberdrola SA | 1,709,525 | 14,929,844 | ||||||
Red Electrica Corporacion SA | 138,454 | 7,458,075 | ||||||
22,387,919 | ||||||||
ENERGY – ALTERNATE SOURCES – 1.25% |
| |||||||
Iberdrola Renovables SA | 997,025 | 3,748,442 | ||||||
3,748,442 | ||||||||
ENGINEERING & CONSTRUCTION – 6.42% |
| |||||||
Acciona SA | 40,090 | 3,903,195 | ||||||
Actividades de Construcciones y Servicios SA | 171,964 | 7,896,243 | ||||||
Ferrovial SA | 460,275 | 5,541,675 | ||||||
Fomento de Construcciones y Contratas SA | 61,180 | 1,954,527 | ||||||
19,295,640 | ||||||||
GAS – 3.70% |
| |||||||
Enagas SA | 257,939 | 5,527,458 |
Security | Shares | Value | ||||||
Gas Natural SDG SA | 327,560 | $ | 5,601,033 | |||||
11,128,491 | ||||||||
INSURANCE – 2.62% | ||||||||
Mapfre SA | 2,116,145 | 7,868,231 | ||||||
7,868,231 | ||||||||
IRON & STEEL – 0.99% |
| |||||||
Acerinox SA | 155,918 | 2,961,117 | ||||||
2,961,117 | ||||||||
MACHINERY – 0.55% |
| |||||||
Zardoya Otis SA | 105,640 | 1,648,783 | ||||||
1,648,783 | ||||||||
MEDIA – 0.93% |
| |||||||
Gestevision Telecinco SA | 221,635 | 2,783,876 | ||||||
2,783,876 | ||||||||
OIL & GAS – 4.92% |
| |||||||
Repsol YPF SA | 439,850 | 14,780,984 | ||||||
14,780,984 | ||||||||
PHARMACEUTICALS – 0.81% |
| |||||||
Grifols SA | 149,055 | 2,429,323 | ||||||
2,429,323 | ||||||||
RETAIL – 3.87% |
| |||||||
Industria de Diseno Textil SA | 160,265 | 11,612,443 | ||||||
11,612,443 | ||||||||
SOFTWARE – 1.17% |
| |||||||
Amadeus IT Holding SA Class Aa | 180,215 | 3,505,940 | ||||||
3,505,940 | ||||||||
TELECOMMUNICATIONS – 18.68% |
| |||||||
Telefonica SA | 2,207,230 | 56,094,728 | ||||||
56,094,728 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $374,665,904) | 299,986,558 | |||||||
SHORT-TERM INVESTMENTS – 3.65% |
| |||||||
MONEY MARKET FUNDS – 3.65% |
| |||||||
BlackRock Cash Funds: Institutional, | 9,353,655 | 9,353,655 | ||||||
BlackRock Cash Funds: Prime, | 1,344,197 | 1,344,197 |
SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SPAIN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, | 259,257 | $ | 259,257 | |||||
10,957,109 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $10,957,109) | 10,957,109 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $385,623,013) | 310,943,667 | |||||||
Other Assets, Less Liabilities – (3.53)% |
| (10,610,744) | ||||||
NET ASSETS – 100.00% | $ | 300,332,923 | ||||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
42 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SWEDEN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS — 99.91% |
| |||||||
AGRICULTURE – 1.99% |
| |||||||
Swedish Match AB | 426,948 | $ | 13,490,094 | |||||
13,490,094 | ||||||||
AUTO MANUFACTURERS – 1.99% |
| |||||||
Scania AB Class B | 603,762 | 13,468,229 | ||||||
13,468,229 | ||||||||
BANKS – 19.82% |
| |||||||
Nordea Bank AB | 4,911,594 | 55,868,237 | ||||||
Skandinaviska Enskilda Banken AB Class A | 2,645,724 | 24,075,595 | ||||||
Svenska Handelsbanken AB Class A | 914,808 | 30,899,231 | ||||||
Swedbank AB Class Aa | 1,341,756 | 23,635,154 | ||||||
134,478,217 | ||||||||
COMMERCIAL SERVICES – 1.00% |
| |||||||
Securitas AB Class B | 582,330 | 6,807,864 | ||||||
6,807,864 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 1.34% |
| |||||||
Kinnevik Investment AB Class B | 404,670 | 9,078,192 | ||||||
9,078,192 | ||||||||
ENGINEERING & CONSTRUCTION – 2.27% |
| |||||||
Skanska AB Class B | 749,556 | 15,406,053 | ||||||
15,406,053 | ||||||||
FOREST PRODUCTS & PAPER – 3.13% |
| |||||||
Holmen AB Class B | 100,110 | 3,523,730 | ||||||
Svenska Cellulosa AB Class B | 1,072,728 | 17,743,787 | ||||||
21,267,517 | ||||||||
HAND & MACHINE TOOLS – 4.97% |
| |||||||
Sandvik AB | 1,755,450 | 33,695,721 | ||||||
33,695,721 | ||||||||
HEALTH CARE — PRODUCTS – 1.35% |
| |||||||
Getinge AB Class B | 373,650 | 9,131,988 | ||||||
9,131,988 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 0.58% |
| |||||||
Industrivarden AB Class Ab | 224,472 | 3,911,539 | ||||||
3,911,539 | ||||||||
HOME FURNISHINGS – 1.67% |
| |||||||
Electrolux AB Class B | 451,200 | 11,319,561 | ||||||
11,319,561 |
Security | Shares | Value | ||||||
HOUSEHOLD PRODUCTS & WARES – 0.94% |
| |||||||
Husqvarna AB Class B | 792,420 | $ | 6,384,628 | |||||
6,384,628 | ||||||||
INVESTMENT COMPANIES – 3.94% |
| |||||||
Investor AB Class B | 850,794 | 19,583,666 | ||||||
Ratos AB Class B | 190,914 | 7,130,094 | ||||||
26,713,760 | ||||||||
IRON & STEEL – 0.80% |
| |||||||
SSAB AB Class A | 345,732 | 5,429,202 | ||||||
5,429,202 | ||||||||
MACHINERY – 15.31% |
| |||||||
Atlas Copco AB Class A | 1,261,668 | 31,712,120 | ||||||
Atlas Copco AB Class B | 736,584 | 16,745,306 | ||||||
Hexagon AB Class B | 480,664 | 10,608,354 | ||||||
Volvo AB Class Ba | 2,586,222 | 44,780,235 | ||||||
103,846,015 | ||||||||
MANUFACTURING – 1.92% |
| |||||||
Alfa Laval AB | 636,474 | 13,001,373 | ||||||
13,001,373 | ||||||||
MEDIA – 0.94% |
| |||||||
Modern Times Group MTG AB Class B | 95,765 | 6,408,742 | ||||||
6,408,742 | ||||||||
METAL FABRICATE & HARDWARE – 5.43% |
| |||||||
Assa Abloy AB Class B | 586,560 | 16,429,759 | ||||||
SKF AB Class B | 732,918 | 20,436,669 | ||||||
36,866,428 | ||||||||
MINING – 1.64% |
| |||||||
Boliden AB | 520,290 | 11,113,022 | ||||||
11,113,022 | ||||||||
RETAIL – 9.20% |
| |||||||
Hennes & Mauritz AB Class B | 1,908,294 | 62,405,899 | ||||||
62,405,899 | ||||||||
TELECOMMUNICATIONS – 19.68% |
| |||||||
Millicom International Cellular SA SDR | 141,846 | 12,448,332 | ||||||
Tele2 AB Class B | 592,200 | 13,519,053 | ||||||
Telefonaktiebolaget LM Ericsson | 5,621,388 | 72,378,767 |
SCHEDULESOF INVESTMENTS | 43 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SWEDEN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
TeliaSonera AB | 4,178,676 | $ | 35,153,480 | |||||
133,499,632 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $635,447,265) | 677,723,676 | |||||||
RIGHTS – 0.03% | ||||||||
TELECOMMUNICATIONS – 0.03% |
| |||||||
TeliaSonera ABa,c | 4,117,482 | 203,279 | ||||||
203,279 | ||||||||
TOTAL RIGHTS | ||||||||
(Cost: $193,196) | 203,279 | |||||||
SHORT-TERM INVESTMENTS – 0.43% |
| |||||||
MONEY MARKET FUNDS – 0.43% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
SL Agency Shares | ||||||||
0.23%d,e,f | 2,195,423 | 2,195,423 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
SL Agency Shares | ||||||||
0.22%d,e,f | 315,500 | 315,500 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
SL Agency Shares | ||||||||
0.07%d,e | 418,978 | 418,978 | ||||||
2,929,901 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $2,929,901) | 2,929,901 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $638,570,362) | 680,856,856 | |||||||
Other Assets, Less Liabilities – (0.37)% |
| (2,505,309) | ||||||
NET ASSETS – 100.00% | $ | 678,351,547 | ||||||
SDR – Swedish Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
c | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
d | Affiliated issuer. See Note 2. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
44 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SWITZERLAND INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.19% |
| |||||||
BANKS – 5.65% |
| |||||||
Credit Suisse Group AG Registered | 464,406 | $ | 21,475,249 | |||||
Julius Baer Group Ltd. | 155,008 | 6,946,133 | ||||||
28,421,382 | ||||||||
BUILDING MATERIALS – 3.19% |
| |||||||
Geberit AG Registered | 20,577 | 4,438,849 | ||||||
Holcim Ltd. Registered | 153,546 | 11,266,703 | ||||||
Sika AG Bearer | 157 | 336,145 | ||||||
16,041,697 | ||||||||
CHEMICALS – 5.97% | ||||||||
Givaudan SA Registered | 6,028 | 6,005,625 | ||||||
Lonza Group AG Registered | 46,943 | 3,969,788 | ||||||
Syngenta AG Registered | 59,886 | 20,064,017 | ||||||
30,039,430 | ||||||||
COMMERCIAL SERVICES – 2.52% |
| |||||||
Adecco SA Registered | 82,584 | 5,557,727 | ||||||
SGS SA Registered | 4,082 | 7,101,613 | ||||||
12,659,340 | ||||||||
COMPUTERS – 0.36% | ||||||||
Logitech International | 96,555 | 1,835,631 | ||||||
1,835,631 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 7.31% |
| |||||||
GAM Holding AGa | 201,745 | 3,646,582 | ||||||
UBS AG Registereda | 1,667,160 | 33,093,875 | ||||||
36,740,457 | ||||||||
ENGINEERING & CONSTRUCTION – 4.89% |
| |||||||
ABB Ltd. Registereda | 1,006,370 | 24,600,276 | ||||||
24,600,276 | ||||||||
FOOD – 22.08% | ||||||||
Aryzta AG | 65,783 | 3,071,690 | ||||||
Lindt & Spruengli AG Participation Certificates | 880 | 2,444,629 | ||||||
Lindt & Spruengli AG Registered | 157 | 4,913,798 | ||||||
Nestle SA Registered | 1,777,654 | 100,602,077 | ||||||
111,032,194 | ||||||||
HAND & MACHINE TOOLS – 1.12% |
| |||||||
Schindler Holding AG | 33,207 | 3,740,678 |
Security | Shares | Value | ||||||
Schindler Holding | 16,642 | $ | 1,887,209 | |||||
5,627,887 | ||||||||
HEALTH CARE – PRODUCTS – 2.45% |
| |||||||
Sonova Holding AG Registered | 29,202 | 3,883,337 | ||||||
Straumann Holding AG Registered | 8,177 | 2,008,509 | ||||||
Synthes Inc. | 46,943 | 6,439,542 | ||||||
12,331,388 | ||||||||
INSURANCE – 9.42% | ||||||||
Baloise Holding AG Registered | 41,448 | 4,477,249 | ||||||
Swiss Life Holding AG Registereda | 25,120 | 4,151,307 | ||||||
Swiss Reinsurance Co. Registered | 232,203 | 14,215,235 | ||||||
Zurich Financial Services | 84,466 | 24,509,635 | ||||||
47,353,426 | ||||||||
INVESTMENT COMPANIES – 0.93% |
| |||||||
Pargesa Holding SA Bearer | 50,623 | 4,667,697 | ||||||
4,667,697 | ||||||||
OIL & GAS – 2.29% |
| |||||||
Transocean Ltd.a | 140,358 | 11,522,207 | ||||||
11,522,207 | ||||||||
PHARMACEUTICALS – 22.92% |
| |||||||
Actelion Ltd. Registereda | 78,666 | 4,363,045 | ||||||
Novartis AG Registered | 1,043,579 | 58,497,462 | ||||||
Roche Holding AG Genusschein | 347,732 | 52,415,141 | ||||||
115,275,648 | ||||||||
RETAIL – 6.09% |
| |||||||
Compagnie Financiere Richemont SA Class A Bearer Units | 335,088 | 19,161,792 | ||||||
Swatch Group AG (The) Bearer | 19,373 | 8,243,608 | ||||||
Swatch Group AG (The) Registered | 41,683 | 3,237,950 | ||||||
30,643,350 | ||||||||
TELECOMMUNICATIONS – 1.13% |
| |||||||
Swisscom AG Registered | 12,874 | 5,681,763 | ||||||
5,681,763 | ||||||||
TRANSPORTATION – 0.87% |
| |||||||
Kuehne & Nagel International | 32,661 | 4,389,003 | ||||||
4,389,003 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $449,937,303) | 498,862,776 |
SCHEDULESOF INVESTMENTS | 45 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SWITZERLAND INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS – 0.19% |
| |||||||
MONEY MARKET FUNDS – 0.19% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
SL Agency Shares | ||||||||
0.23%c,d,e | 734,453 | $ | 734,453 | |||||
BlackRock Cash Funds: Prime, | ||||||||
SL Agency Shares | ||||||||
0.22%c,d,e | 105,547 | 105,547 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
SL Agency Shares | ||||||||
0.07%c,d | 109,387 | 109,387 | ||||||
949,387 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $949,387) | 949,387 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $450,886,690) | 499,812,163 | |||||||
Other Assets, Less Liabilities – 0.62% |
| 3,108,360 | ||||||
NET ASSETS – 100.00% | $ | 502,920,523 | ||||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
46 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.54% |
| |||||||
AEROSPACE & DEFENSE – 1.64% |
| |||||||
BAE Systems PLC | 1,845,750 | $ | 9,873,949 | |||||
Cobham PLC | 625,500 | 2,294,183 | ||||||
Rolls-Royce Group PLCa | 1,014,375 | 10,179,767 | ||||||
22,347,899 | ||||||||
AGRICULTURE – 4.49% |
| |||||||
British American Tobacco PLC | 1,086,000 | 43,488,257 | ||||||
Imperial Tobacco Group PLC | 552,375 | 17,735,168 | ||||||
61,223,425 | ||||||||
APPAREL – 0.34% |
| |||||||
Burberry Group PLC | 235,125 | 4,585,346 | ||||||
4,585,346 | ||||||||
BANKS – 14.79% |
| |||||||
Barclays PLC | 6,292,875 | 32,737,808 | ||||||
HSBC Holdings PLC | 9,616,500 | 106,047,604 | ||||||
Lloyds Banking Group PLCa | 22,246,125 | 22,419,190 | ||||||
Royal Bank of Scotland Group PLCa | 9,409,875 | 6,911,812 | ||||||
Standard Chartered PLC | 1,275,375 | 33,750,451 | ||||||
201,866,865 | ||||||||
BEVERAGES – 3.22% |
| |||||||
Diageo PLC | 1,358,250 | 26,554,511 | ||||||
SABMiller PLC | 517,875 | 17,457,161 | ||||||
44,011,672 | ||||||||
COMMERCIAL SERVICES – 1.93% |
| |||||||
Aggreko PLC | 141,375 | 3,327,325 | ||||||
Babcock International Group PLC | 196,125 | 1,789,575 | ||||||
Bunzl PLC | 178,125 | 2,201,875 | ||||||
Capita Group PLC | 331,125 | 3,907,361 | ||||||
Experian PLC | 551,250 | 6,993,544 | ||||||
G4S PLC | 759,750 | 3,262,336 | ||||||
Intertek Group PLC | 87,000 | 2,552,760 | ||||||
Serco Group PLC | 267,750 | 2,371,273 | ||||||
26,406,049 | ||||||||
DISTRIBUTION & WHOLESALE – 0.39% |
| |||||||
Wolseley PLCa | 154,500 | 5,380,211 | ||||||
5,380,211 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.55% |
| |||||||
ICAP PLC | 303,375 | 2,568,353 | ||||||
Investec PLC | 263,625 | 2,026,443 |
Security | Shares | Value | ||||||
London Stock Exchange | ||||||||
Group PLC | 79,500 | $ | 1,163,761 | |||||
Schroders PLC | 61,875 | 1,802,457 | ||||||
7,561,014 | ||||||||
ELECTRIC – 2.38% | ||||||||
International Power PLC | 841,197 | 4,573,916 | ||||||
National Grid PLC | 1,904,625 | 17,688,855 | ||||||
Scottish & Southern Energy PLC | 505,125 | 10,179,450 | ||||||
32,442,221 | ||||||||
ENGINEERING & CONSTRUCTION – 0.15% |
| |||||||
Balfour Beatty PLC | 371,625 | 2,112,546 | ||||||
2,112,546 | ||||||||
FOOD – 4.53% | ||||||||
Associated British Foods PLC | 192,375 | 3,024,159 | ||||||
J Sainsbury PLC | 655,875 | 4,053,767 | ||||||
Tesco PLC | 4,365,000 | 28,696,881 | ||||||
Unilever PLC | 699,750 | 20,759,738 | ||||||
Wm Morrison | 1,170,000 | 5,267,519 | ||||||
61,802,064 | ||||||||
FOOD SERVICE – 0.68% | ||||||||
Compass Group PLC | 1,031,250 | 9,284,013 | ||||||
9,284,013 | ||||||||
GAS – 1.13% | ||||||||
Centrica PLC | 2,794,500 | 15,458,412 | ||||||
15,458,412 | ||||||||
HEALTH CARE – PRODUCTS – 0.41% |
| |||||||
Smith & Nephew PLC | 481,125 | 5,567,843 | ||||||
5,567,843 | ||||||||
HOUSEHOLD PRODUCTS & WARES – 1.26% |
| |||||||
Reckitt Benckiser Group PLC | 334,125 | 17,227,504 | ||||||
17,227,504 | ||||||||
INSURANCE – 3.83% | ||||||||
Admiral Group PLC | 108,750 | 2,987,535 | ||||||
Aviva PLC | 1,535,625 | 11,649,247 | ||||||
Legal & General Group PLC | 3,176,625 | 6,138,136 | ||||||
Old Mutual PLC | 2,944,125 | 6,297,036 | ||||||
Prudential PLC | 1,384,875 | 16,026,534 | ||||||
RSA Insurance Group PLC | 1,868,250 | 4,260,270 | ||||||
Standard Life PLC | 1,248,000 | 4,849,365 | ||||||
52,208,123 |
SCHEDULESOF INVESTMENTS | 47 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
INVESTMENT COMPANIES – 0.60% |
| |||||||
Man Group PLC | 968,706 | $ | 4,526,700 | |||||
Resolution Ltd. | 791,250 | 3,721,913 | ||||||
8,248,613 | ||||||||
LEISURE TIME – 0.52% | ||||||||
Carnival PLC | 100,125 | 4,484,981 | ||||||
Thomas Cook Group PLC | 459,750 | 1,414,058 | ||||||
TUI Travel PLC | 298,875 | 1,178,842 | ||||||
7,077,881 | ||||||||
LODGING – 0.26% | ||||||||
InterContinental Hotels | 157,125 | 3,496,113 | ||||||
3,496,113 | ||||||||
MACHINERY – 0.24% | ||||||||
Weir Group PLC (The) | 117,375 | 3,272,205 | ||||||
3,272,205 | ||||||||
MANUFACTURING – 0.52% |
| |||||||
Invensys PLC | 438,000 | 2,531,895 | ||||||
Smiths Group PLC | 212,250 | 4,615,654 | ||||||
7,147,549 | ||||||||
MEDIA – 2.47% | ||||||||
British Sky Broadcasting Group PLC | 623,625 | 7,982,747 | ||||||
ITV PLCa | 2,004,750 | 2,843,354 | ||||||
Pearson PLC | 439,875 | 7,512,296 | ||||||
Reed Elsevier PLC | 658,500 | 5,885,422 | ||||||
WPP PLC | 687,750 | 9,469,165 | ||||||
33,692,984 | ||||||||
METAL FABRICATE & HARDWARE – 0.26% |
| |||||||
Johnson Matthey PLC | 115,875 | 3,496,132 | ||||||
3,496,132 | ||||||||
MINING – 13.84% | ||||||||
Anglo American PLC | 717,000 | 38,875,299 | ||||||
Antofagasta PLC | 213,375 | 4,883,057 | ||||||
BHP Billiton PLC | 1,198,500 | 47,437,689 | ||||||
Eurasian Natural | 140,625 | 2,206,068 | ||||||
Fresnillo PLC | 96,750 | 2,508,380 | ||||||
Kazakhmys PLC | 117,000 | 2,747,940 | ||||||
Lonmin PLC | 88,125 | 2,631,637 | ||||||
Randgold Resources Ltd.a | 49,125 | 3,983,106 | ||||||
Rio Tinto PLC | 788,625 | 55,277,903 | ||||||
Vedanta Resources PLC | 64,875 | 2,541,957 |
Security | Shares | Value | ||||||
Xstrata PLC | 1,127,625 | $ | 25,768,857 | |||||
188,861,893 | ||||||||
OIL & GAS – 19.61% | ||||||||
BG Group PLC | 1,842,000 | 44,835,341 | ||||||
BP PLC | 10,209,375 | 82,147,660 | ||||||
Cairn Energy PLCa | 757,125 | 5,259,583 | ||||||
Essar Energy PLCa | 177,375 | 1,491,548 | ||||||
Royal Dutch Shell PLC Class A | 1,948,649 | 70,093,008 | ||||||
Royal Dutch Shell PLC Class B | 1,466,625 | 52,444,468 | ||||||
Tullow Oil PLC | 484,500 | 11,316,245 | ||||||
267,587,853 | ||||||||
OIL & GAS SERVICES – 0.48% |
| |||||||
AMEC PLC | 178,875 | 3,386,544 | ||||||
Petrofac Ltd. | 141,375 | 3,203,155 | ||||||
6,589,699 | ||||||||
PACKAGING & CONTAINERS – 0.21% |
| |||||||
Rexam PLC | 478,875 | 2,842,950 | ||||||
2,842,950 | ||||||||
PHARMACEUTICALS – 7.36% |
| |||||||
AstraZeneca PLC | 769,125 | 37,479,421 | ||||||
GlaxoSmithKline PLC | 2,825,250 | 54,270,136 | ||||||
Shire PLC | 307,875 | 8,718,210 | ||||||
100,467,767 | ||||||||
REAL ESTATE – 0.86% |
| |||||||
British Land Co. PLC | 480,375 | 4,559,061 | ||||||
Capital Shopping Centres Group PLC | 307,500 | 1,977,088 | ||||||
Land Securities Group PLC | 414,750 | 5,170,740 | ||||||
11,706,889 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 0.37% |
| |||||||
Hammerson PLC | 387,000 | 2,933,892 | ||||||
SEGRO PLC | 400,500 | 2,097,551 | ||||||
5,031,443 | ||||||||
RETAIL – 1.30% |
| |||||||
Home Retail Group PLC | 451,875 | 1,620,620 | ||||||
Kingfisher PLC | 1,279,125 | 5,292,785 | ||||||
Marks & Spencer Group PLC | 857,250 | 4,829,915 | ||||||
Next PLC | 100,125 | 3,217,982 | ||||||
Whitbread PLC | 95,250 | 2,760,748 | ||||||
17,722,050 |
48 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
SEMICONDUCTORS – 0.52% |
| |||||||
ARM Holdings PLC | 714,000 | $ | 7,165,352 | |||||
7,165,352 | ||||||||
SOFTWARE – 0.47% |
| |||||||
Autonomy Corp. PLCa | 117,750 | 3,146,680 | ||||||
Sage Group PLC (The) | 709,500 | 3,280,828 | ||||||
6,427,508 | ||||||||
TELECOMMUNICATIONS – 7.13% |
| |||||||
BT Group PLC | 4,237,500 | 12,557,761 | ||||||
Cable & Wireless Worldwide PLC | 1,412,250 | 1,650,412 | ||||||
Inmarsat PLC | 238,125 | 2,594,980 | ||||||
Vodafone Group PLC | 28,383,375 | 80,466,582 | ||||||
97,269,735 | ||||||||
TRANSPORTATION – 0.11% |
| |||||||
FirstGroup PLC | 261,375 | 1,550,861 | ||||||
1,550,861 | ||||||||
VENTURE CAPITAL – 0.20% |
| |||||||
3i Group PLC | 527,625 | 2,680,103 | ||||||
2,680,103 | ||||||||
WATER – 0.49% |
| |||||||
Severn Trent PLC | 128,250 | 3,101,862 | ||||||
United Utilities Group PLC | 367,875 | 3,542,225 | ||||||
6,644,087 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,367,718,534) |
| 1,358,464,874 | ||||||
SHORT-TERM INVESTMENTS – 0.06% |
| |||||||
MONEY MARKET FUNDS – 0.06% |
| |||||||
BlackRock Cash Funds: Treasury, | ||||||||
SL Agency Shares | ||||||||
0.07%b,c | 868,196 | 868,196 | ||||||
868,196 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $868,196) | 868,196 | |||||||
Value | ||||
TOTAL INVESTMENTS | ||||
(Cost: $1,368,586,730) | $ | 1,359,333,070 | ||
Other Assets, Less Liabilities – 0.40% | 5,429,015 | |||
NET ASSETS – 100.00% | $ | 1,364,762,085 | ||
a | Non-income earning security. |
b | Affiliated issuer. See Note 2. |
c | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 49 |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2011
iShares MSCI Austria | iShares MSCI Belgium Index Fund | iShares MSCI Emerging Markets Eastern Europe Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 243,968,096 | $ | 57,729,461 | $ | 27,320,875 | ||||||
Affiliated issuers (Note 2) | 1,822,430 | 313,604 | 8,366 | |||||||||
Total cost of investments | $ | 245,790,526 | $ | 58,043,065 | $ | 27,329,241 | ||||||
Investments in securities, at fair value (including securities on loana) | ||||||||||||
Unaffiliated issuers | $ | 205,882,852 | $ | 40,859,666 | $ | 32,253,714 | ||||||
Affiliated issuers (Note 2) | 1,822,430 | 313,604 | 8,366 | |||||||||
Total fair value of investments | 207,705,282 | 41,173,270 | 32,262,080 | |||||||||
Foreign currencies, at valueb | 240,456 | 21,708 | 15,532 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 2,458,652 | 278,198 | 332,427 | |||||||||
Dividends and interest | 636,845 | 729,978 | 827 | |||||||||
Total Assets | 211,041,235 | 42,203,154 | 32,610,866 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 2,480,663 | – | 333,123 | |||||||||
Collateral for securities on loan (Note 5) | 1,819,750 | 310,243 | – | |||||||||
Investment advisory fees (Note 2) | 84,645 | 16,560 | 16,306 | |||||||||
Total Liabilities | 4,385,058 | 326,803 | 349,429 | |||||||||
NET ASSETS | $ | 206,656,177 | $ | 41,876,351 | $ | 32,261,437 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 295,714,091 | $ | 96,180,654 | $ | 27,569,517 | ||||||
Distributions in excess of net investment income or accumulated net investment loss | (619,593 | ) | (210,499 | ) | (2,725 | ) | ||||||
Accumulated net realized loss | (50,385,348 | ) | (37,141,446 | ) | (238,609 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | (38,052,973 | ) | (16,952,358 | ) | 4,933,254 | |||||||
NET ASSETS | $ | 206,656,177 | $ | 41,876,351 | $ | 32,261,437 | ||||||
Shares outstandingc | 9,100,000 | 3,040,000 | 950,000 | |||||||||
Net asset value per share | $ | 22.71 | $ | 13.78 | $ | 33.96 | ||||||
a | Securities on loan with values of $1,698,504, $244,955 and $–, respectively. See Note 5. |
b | Cost of foreign currencies: $238,410, $21,239 and $15,220, respectively. |
c | $0.001 par value, number of shares authorized: 100 million, 136.2 million and 200 million, respectively. |
See notes to financial statements.
50 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2011
iShares MSCI EMU | iShares MSCI France | iShares MSCI Germany | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 1,041,169,108 | $ | 378,669,681 | $ | 2,419,949,403 | ||||||
Affiliated issuers (Note 2) | 4,178,794 | 366,422 | 1,023,327 | |||||||||
Total cost of investments | $ | 1,045,347,902 | $ | 379,036,103 | $ | 2,420,972,730 | ||||||
Investments in securities, at fair value (including securities on loana) | ||||||||||||
Unaffiliated issuers | $ | 815,446,815 | $ | 316,406,971 | $ | 2,642,943,772 | ||||||
Affiliated issuers (Note 2) | 4,178,794 | 366,422 | 1,023,327 | |||||||||
Total fair value of investments | 819,625,609 | 316,773,393 | 2,643,967,099 | |||||||||
Foreign currencies, at valueb | 575,465 | 243,863 | 3,187,234 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 1,192,171 | 638,994 | 23,260,408 | |||||||||
Dividends and interest | 516,435 | 38,236 | 2,320,748 | |||||||||
Capital shares sold | 321,164 | – | – | |||||||||
Total Assets | 822,230,844 | 317,694,486 | 2,672,735,489 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 1,013,237 | 495,452 | 23,545,910 | |||||||||
Collateral for securities on loan (Note 5) | 3,994,629 | 328,532 | – | |||||||||
Investment advisory fees (Note 2) | 300,603 | 120,910 | 966,858 | |||||||||
Total Liabilities | 5,308,469 | 944,894 | 24,512,768 | |||||||||
NET ASSETS | $ | 816,922,375 | $ | 316,749,592 | $ | 2,648,222,721 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 1,187,279,675 | $ | 396,692,651 | $ | 2,545,920,544 | ||||||
Undistributed (distributions in excess of) net investment income | (942,750 | ) | (335,514 | ) | 1,479,531 | |||||||
Accumulated net realized loss | (143,681,437 | ) | (17,349,638 | ) | (122,331,323 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | (225,733,113 | ) | (62,257,907 | ) | 223,153,969 | |||||||
NET ASSETS | $ | 816,922,375 | $ | 316,749,592 | $ | 2,648,222,721 | ||||||
Shares outstandingc | 21,200,000 | 11,800,000 | 102,000,000 | |||||||||
Net asset value per share | $ | 38.53 | $ | 26.84 | $ | 25.96 | ||||||
a | Securities on loan with values of $3,805,595, $313,978 and $–, respectively. See Note 5. |
b | Cost of foreign currencies: $565,567, $239,541 and $3,158,404, respectively. |
c | $0.001 par value, number of shares authorized: 1 billion, 340.2 million and 382.2 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 51 |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2011
iShares MSCI Italy | iShares MSCI Netherlands | iShares MSCI Spain | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 185,081,445 | $ | 208,196,937 | $ | 374,665,904 | ||||||
Affiliated issuers (Note 2) | 5,108,687 | 766,825 | 10,957,109 | |||||||||
Total cost of investments | $ | 190,190,132 | $ | 208,963,762 | $ | 385,623,013 | ||||||
Investments in securities, at fair value (including securities on loana) | ||||||||||||
Unaffiliated issuers | $ | 147,363,738 | $ | 194,614,122 | $ | 299,986,558 | ||||||
Affiliated issuers (Note 2) | 5,108,687 | 766,825 | 10,957,109 | |||||||||
Total fair value of investments | 152,472,425 | 195,380,947 | 310,943,667 | |||||||||
Foreign currencies, at valueb | 92,859 | 1,430,918 | 109,674 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | – | 802,904 | 4,070,929 | |||||||||
Due from custodian (Note 4) | – | 1,852,621 | – | |||||||||
Dividends and interest | 29,395 | 291,278 | 45,461 | |||||||||
Capital shares sold | – | 20,242 | – | |||||||||
Total Assets | 152,594,679 | 199,778,910 | 315,169,731 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | – | 2,690,071 | 4,032,095 | |||||||||
Collateral for securities on loan (Note 5) | 4,988,500 | 685,893 | 10,697,852 | |||||||||
Investment advisory fees (Note 2) | 53,546 | 71,881 | 106,861 | |||||||||
Total Liabilities | 5,042,046 | 3,447,845 | 14,836,808 | |||||||||
NET ASSETS | $ | 147,552,633 | $ | 196,331,065 | $ | 300,332,923 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 223,638,481 | $ | 244,832,110 | $ | 404,087,961 | ||||||
Undistributed (distributions in excess of) net investment income | (93,110 | ) | 122,952 | 563,386 | ||||||||
Accumulated net realized loss | (38,276,597 | ) | (35,044,966 | ) | (29,642,159 | ) | ||||||
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | (37,716,141 | ) | (13,579,031 | ) | (74,676,265 | ) | ||||||
NET ASSETS | $ | 147,552,633 | $ | 196,331,065 | $ | 300,332,923 | ||||||
Shares outstandingc | 7,950,000 | 8,750,000 | 7,125,000 | |||||||||
Net asset value per share | $ | 18.56 | $ | 22.44 | $ | 42.15 | ||||||
a | Securities on loan with values of $4,744,592, $651,396 and $10,175,562, respectively. See Note 5. |
b | Cost of foreign currencies: $91,292, $1,429,238 and $106,953, respectively. |
c | $0.001 par value, number of shares authorized: 63.6 million, 255 million and 127.8 million, respectively. |
See notes to financial statements.
52 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2011
iShares MSCI Sweden | iShares MSCI Switzerland | iShares MSCI United Kingdom Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 635,640,461 | $ | 449,937,303 | $ | 1,367,718,534 | ||||||
Affiliated issuers (Note 2) | 2,929,901 | 949,387 | 868,196 | |||||||||
Total cost of investments | $ | 638,570,362 | $ | 450,886,690 | $ | 1,368,586,730 | ||||||
Investments in securities, at fair value (including securities on loana) | ||||||||||||
Unaffiliated issuers | $ | 677,926,955 | $ | 498,862,776 | $ | 1,358,464,874 | ||||||
Affiliated issuers (Note 2) | 2,929,901 | 949,387 | 868,196 | |||||||||
Total fair value of investments | 680,856,856 | 499,812,163 | 1,359,333,070 | |||||||||
Foreign currencies, at valueb | 53,061 | 536,367 | 2,918,441 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 11,628,413 | 4,368,444 | 1,589,675 | |||||||||
Dividends and interest | 376 | 3,746,395 | 5,008,080 | |||||||||
Capital shares sold | – | 1,089,102 | 111,846 | |||||||||
Total Assets | 692,538,706 | 509,552,471 | 1,368,961,112 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 11,436,508 | 5,603,453 | 3,691,007 | |||||||||
Collateral for securities on loan (Note 5) | 2,510,923 | 840,000 | – | |||||||||
Investment advisory fees (Note 2) | 239,728 | 188,495 | 508,020 | |||||||||
Total Liabilities | 14,187,159 | 6,631,948 | 4,199,027 | |||||||||
NET ASSETS | $ | 678,351,547 | $ | 502,920,523 | $ | 1,364,762,085 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 674,152,894 | $ | 494,770,161 | $ | 1,499,271,667 | ||||||
Undistributed net investment income (accumulated net investment loss) | (836,702 | ) | 894,994 | 5,416,464 | ||||||||
Accumulated net realized loss | (37,251,670 | ) | (41,951,852 | ) | (130,718,624 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | 42,287,025 | 49,207,220 | (9,207,422 | ) | ||||||||
NET ASSETS | $ | 678,351,547 | $ | 502,920,523 | $ | 1,364,762,085 | ||||||
Shares outstandingc | 21,150,000 | 19,625,000 | 75,000,000 | |||||||||
Net asset value per share | $ | 32.07 | $ | 25.63 | $ | 18.20 | ||||||
a | Securities on loan with values of $2,388,921, $798,687 and $–, respectively. See Note 5. |
b | Cost of foreign currencies: $52,530, $514,109 and $2,892,843, respectively. |
c | $0.001 par value, number of shares authorized: 63.6 million, 318.625 million and 934.2 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 53 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI Austria Investable Market Index Fund | iShares MSCI Belgium Investable Market Index Fund | iShares MSCI Emerging Markets Eastern Europe Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 560 | $ | 206,059 | $ | 71,858 | ||||||
Interest from unaffiliated issuers | 15,319 | – | – | |||||||||
Interest from affiliated issuers (Note 2) | 42 | 19 | 24 | |||||||||
Securities lending income from affiliated issuers (Note 2) | 10,557 | 6,273 | – | |||||||||
Total investment income | 26,478 | 212,351 | 71,882 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 398,537 | 145,432 | 67,726 | |||||||||
Total expenses | 398,537 | 145,432 | 67,726 | |||||||||
Less investment advisory fees waived (Note 2) | – | – | (462 | ) | ||||||||
Net expenses | 398,537 | 145,432 | 67,264 | |||||||||
Net investment income (loss) | (372,059 | ) | 66,919 | 4,618 | ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | (3,819,445 | ) | (5,626,726 | ) | (27,635 | ) | ||||||
In-kind redemptions | 5,904,383 | 3,720,808 | – | |||||||||
Foreign currency transactions | (69,346 | ) | 9,560 | (2,128 | ) | |||||||
Net realized gain (loss) | 2,015,592 | (1,896,358 | ) | (29,763 | ) | |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 35,926,464 | 11,351,862 | 5,192,845 | |||||||||
Translation of assets and liabilities in foreign currencies | 198,232 | 62,889 | 417 | |||||||||
Net change in unrealized appreciation/depreciation | 36,124,696 | 11,414,751 | 5,193,262 | |||||||||
Net realized and unrealized gain | 38,140,288 | 9,518,393 | 5,163,499 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 37,768,229 | $ | 9,585,312 | $ | 5,168,117 | ||||||
a | Net of foreign withholding tax of $49,997, $43,665 and $15,339, respectively. |
See notes to financial statements.
54 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI EMU | iShares MSCI France | iShares MSCI Germany | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 6,489,673 | $ | 2,181,136 | $ | 6,346,612 | ||||||
Interest from affiliated issuers (Note 2) | 275 | 75 | 248 | |||||||||
Securities lending income from affiliated issuers (Note 2) | 77,891 | 5,871 | 37,872 | |||||||||
Total investment income | 6,567,839 | 2,187,082 | 6,384,732 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 2,113,389 | 750,466 | 4,905,201 | |||||||||
Total expenses | 2,113,389 | 750,466 | 4,905,201 | |||||||||
Net investment income | 4,454,450 | 1,436,616 | 1,479,531 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | (17,720,858 | ) | (1,458,070 | ) | (58,960,769 | ) | ||||||
In-kind redemptions | 13,906,763 | 5,187,606 | 59,624,479 | |||||||||
Foreign currency transactions | 46,868 | 44,681 | 555,852 | |||||||||
Net realized gain (loss) | (3,767,227 | ) | 3,774,217 | 1,219,562 | ||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 182,885,094 | 63,803,470 | 499,334,115 | |||||||||
Translation of assets and liabilities in foreign currencies | 66,562 | 4,215 | 139,629 | |||||||||
Net change in unrealized appreciation/depreciation | 182,951,656 | 63,807,685 | 499,473,744 | |||||||||
Net realized and unrealized gain | 179,184,429 | 67,581,902 | 500,693,306 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 183,638,879 | $ | 69,018,518 | $ | 502,172,837 | ||||||
a | Net of foreign withholding tax of $847,384, $262,055 and $1,049,763, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 55 |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI Italy Index Fund | iShares MSCI Netherlands Investable Market Index Fund | iShares MSCI Spain Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 746,162 | $ | 615,280 | $ | 3,671,099 | ||||||
Interest from affiliated issuers (Note 2) | 31 | 31 | 135 | |||||||||
Securities lending income from affiliated issuers (Note 2) | 33,421 | 11,313 | 107,953 | |||||||||
779,614 | 626,624 | 3,779,187 | ||||||||||
Less: Other foreign taxes (Note 1) | (914 | ) | – | – | ||||||||
Total investment income | 778,700 | 626,624 | 3,779,187 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 248,352 | 444,060 | 481,971 | |||||||||
Total expenses | 248,352 | 444,060 | 481,971 | |||||||||
Net investment income | 530,348 | 182,564 | 3,297,216 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | (5,739,277 | ) | 275,595 | (7,068,528 | ) | |||||||
In-kind redemptions | 5,136,078 | 4,402,079 | 10,033,358 | |||||||||
Foreign currency transactions | 42,593 | 4,730 | (341 | ) | ||||||||
Net realized gain (loss) | (560,606 | ) | 4,682,404 | 2,964,489 | ||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 21,624,689 | 32,818,093 | 25,885,174 | |||||||||
Translation of assets and liabilities in foreign currencies | 3,273 | 13,692 | 6,080 | |||||||||
Net change in unrealized appreciation/depreciation | 21,627,962 | 32,831,785 | 25,891,254 | |||||||||
Net realized and unrealized gain | 21,067,356 | 37,514,189 | 28,855,743 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 21,597,704 | $ | 37,696,753 | $ | 32,152,959 | ||||||
a | Net of foreign withholding tax of $126,892, $108,579 and $393,080, respectively. |
See notes to financial statements.
56 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI Sweden | iShares MSCI Switzerland | iShares MSCI United Kingdom Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 193,195 | $ | 2,071,600 | $ | 14,186,640 | ||||||
Interest from affiliated issuers (Note 2) | 60 | 79 | 429 | |||||||||
Securities lending income from affiliated issuers (Note 2) | 4,866 | 1,716 | 5,047 | |||||||||
Total investment income | 198,121 | 2,073,395 | 14,192,116 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 1,031,995 | 1,178,401 | 2,841,961 | |||||||||
Total expenses | 1,031,995 | 1,178,401 | 2,841,961 | |||||||||
Net investment income (loss) | (833,874 | ) | 894,994 | 11,350,155 | ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | (3,798,147 | ) | (1,877,720 | ) | (8,608,321 | ) | ||||||
In-kind redemptions | 1,549,504 | 3,481,975 | 13,729,893 | |||||||||
Foreign currency transactions | 77,163 | 280,561 | 121,710 | |||||||||
Net realized gain (loss) | (2,171,480 | ) | 1,884,816 | 5,243,282 | ||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 93,764,775 | 72,470,295 | 194,020,897 | |||||||||
Translation of assets and liabilities in foreign currencies | (3,806 | ) | 61,345 | 206,589 | ||||||||
Net change in unrealized appreciation/depreciation | 93,760,969 | 72,531,640 | 194,227,486 | |||||||||
Net realized and unrealized gain | 91,589,489 | 74,416,456 | 199,470,768 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 90,755,615 | $ | 75,311,450 | $ | 210,820,923 | ||||||
a | Net of foreign withholding tax of $–, $522,112 and $243,855, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 57 |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI Austria Investable Market Index Fund | iShares MSCI Belgium Investable Market Index Fund | |||||||||||||||
Six months ended | Year ended August 31, 2010 | Six months ended | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (372,059 | ) | $ | 3,373,743 | $ | 66,919 | $ | 1,126,180 | |||||||
Net realized gain (loss) | 2,015,592 | (8,201,889 | ) | (1,896,358 | ) | (10,076,096 | ) | |||||||||
Net change in unrealized appreciation/depreciation | 36,124,696 | (14,419,288 | ) | 11,414,751 | 14,374,647 | |||||||||||
Net increase (decrease) in net assets resulting | 37,768,229 | (19,247,434 | ) | 9,585,312 | 5,424,731 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (444,755 | ) | (5,965,890 | ) | (353,203 | ) | (1,145,981 | ) | ||||||||
Total distributions to shareholders | (444,755 | ) | (5,965,890 | ) | (353,203 | ) | (1,145,981 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 123,107,555 | 154,605,120 | 13,428,990 | 122,747,250 | ||||||||||||
Cost of shares redeemed | (64,294,513 | ) | (178,538,062 | ) | (39,680,925 | ) | (121,172,070 | ) | ||||||||
Net increase (decrease) in net assets from capital | 58,813,042 | (23,932,942 | ) | (26,251,935 | ) | 1,575,180 | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | 96,136,516 | (49,146,266 | ) | (17,019,826 | ) | 5,853,930 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 110,519,661 | 159,665,927 | 58,896,177 | 53,042,247 | ||||||||||||
End of period | $ | 206,656,177 | $ | 110,519,661 | $ | 41,876,351 | $ | 58,896,177 | ||||||||
Undistributed (distributions in excess of) net investment income (accumulated net investment loss) included in net assets at end of period | $ | (619,593 | ) | $ | 197,221 | $ | (210,499 | ) | $ | 75,785 | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 5,700,000 | 7,600,000 | 1,000,000 | 10,160,000 | ||||||||||||
Shares redeemed | (3,000,000 | ) | (9,100,000 | ) | (2,960,000 | ) | (9,560,000 | ) | ||||||||
Net increase (decrease) in shares outstanding | 2,700,000 | (1,500,000 | ) | (1,960,000 | ) | 600,000 | ||||||||||
See notes to financial statements.
58 | 2011 iShares SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Emerging Markets Eastern Europe Index Fund | iShares MSCI EMU Index Fund | |||||||||||||||
Six months ended | Period from August 31, 2010 | Six months ended | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 4,618 | $ | 103,151 | $ | 4,454,450 | $ | 19,143,111 | ||||||||
Net realized loss | (29,763 | ) | (203,443 | ) | (3,767,227 | ) | (15,434,929 | ) | ||||||||
Net change in unrealized appreciation/depreciation | 5,193,262 | (260,008 | ) | 182,951,656 | (93,999,959 | ) | ||||||||||
Net increase (decrease) in net assets resulting | 5,168,117 | (360,300 | ) | 183,638,879 | (90,291,777 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (46,705 | ) | (64,350 | ) | (5,993,392 | ) | (21,378,328 | ) | ||||||||
From net realized gain | – | (4,842 | ) | – | – | |||||||||||
Total distributions to shareholders | (46,705 | ) | (69,192 | ) | (5,993,392 | ) | (21,378,328 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 14,308,425 | 13,261,092 | 61,290,656 | 616,111,927 | ||||||||||||
Cost of shares redeemed | – | – | (245,985,805 | ) | (421,739,675 | ) | ||||||||||
Net increase (decrease) in net assets from capital | 14,308,425 | 13,261,092 | (184,695,149 | ) | 194,372,252 | |||||||||||
INCREASE (DECREASE) IN NET ASSETS | 19,429,837 | 12,831,600 | (7,049,662 | ) | 82,702,147 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 12,831,600 | – | 823,972,037 | 741,269,890 | ||||||||||||
End of period | $ | 32,261,437 | $ | 12,831,600 | $ | 816,922,375 | $ | 823,972,037 | ||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (2,725 | ) | $ | 39,362 | $ | (942,750 | ) | $ | 596,192 | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 450,000 | 500,000 | 1,600,000 | 18,100,000 | ||||||||||||
Shares redeemed | – | – | (7,200,000 | ) | (12,100,000 | ) | ||||||||||
Net increase (decrease) in shares outstanding | 450,000 | 500,000 | (5,600,000 | ) | 6,000,000 | |||||||||||
a | Commencement of operations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 59 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI France Index Fund | iShares MSCI Germany Index Fund | |||||||||||||||
Six months ended | Year ended August 31, 2010 | Six months ended | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,436,616 | $ | 7,946,760 | $ | 1,479,531 | $ | 18,436,764 | ||||||||
Net realized gain (loss) | 3,774,217 | (8,608,895 | ) | 1,219,562 | 2,496,753 | |||||||||||
Net change in unrealized appreciation/depreciation | 63,807,685 | (40,527,838 | ) | 499,473,744 | (95,695,088 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 69,018,518 | (41,189,973 | ) | 502,172,837 | (74,761,571 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (2,118,525 | ) | (8,068,942 | ) | – | (20,484,235 | ) | |||||||||
Total distributions to shareholders | (2,118,525 | ) | (8,068,942 | ) | – | (20,484,235 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 55,559,334 | 358,661,968 | 961,655,313 | 1,389,774,707 | ||||||||||||
Cost of shares redeemed | (45,416,169 | ) | (254,208,011 | ) | (303,486,431 | ) | (426,285,646 | ) | ||||||||
Net increase in net assets from capital share transactions | 10,143,165 | 104,453,957 | 658,168,882 | 963,489,061 | ||||||||||||
INCREASE IN NET ASSETS | 77,043,158 | 55,195,042 | 1,160,341,719 | 868,243,255 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 239,706,434 | 184,511,392 | 1,487,881,002 | 619,637,747 | ||||||||||||
End of period | $ | 316,749,592 | $ | 239,706,434 | $ | 2,648,222,721 | $ | 1,487,881,002 | ||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (335,514 | ) | $ | 346,395 | $ | 1,479,531 | $ | – | |||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 2,200,000 | 15,000,000 | 38,700,000 | 67,200,000 | ||||||||||||
Shares redeemed | (1,800,000 | ) | (11,200,000 | ) | (13,200,000 | ) | (20,400,000 | ) | ||||||||
Net increase in shares outstanding | 400,000 | 3,800,000 | 25,500,000 | 46,800,000 | ||||||||||||
See notes to financial statements.
60 | 2011 iShares SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Italy Index Fund | iShares MSCI Netherlands Investable Market Index Fund | |||||||||||||||
Six months ended | Year ended August 31, 2010 | Six months ended | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 530,348 | $ | 2,526,028 | $ | 182,564 | $ | 2,594,922 | ||||||||
Net realized gain (loss) | (560,606 | ) | (7,791,468 | ) | 4,682,404 | (4,073,218 | ) | |||||||||
Net change in unrealized appreciation/depreciation | 21,627,962 | (14,934,273 | ) | 32,831,785 | (4,949,050 | ) | ||||||||||
Net increase (decrease) in net assets resulting | 21,597,704 | (20,199,713 | ) | 37,696,753 | (6,427,346 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (623,006 | ) | (3,028,440 | ) | (455,768 | ) | (2,418,715 | ) | ||||||||
Return of capital | – | (96,798 | ) | – | – | |||||||||||
Total distributions to shareholders | (623,006 | ) | (3,125,238 | ) | (455,768 | ) | (2,418,715 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 130,713,951 | 87,900,548 | 39,995,889 | 94,430,557 | ||||||||||||
Cost of shares redeemed | (80,636,068 | ) | (113,791,470 | ) | (28,516,316 | ) | (21,325,132 | ) | ||||||||
Net increase (decrease) in net assets from capital | 50,077,883 | (25,890,922 | ) | 11,479,573 | 73,105,425 | |||||||||||
INCREASE (DECREASE) IN NET ASSETS | 71,052,581 | (49,215,873 | ) | 48,720,558 | 64,259,364 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 76,500,052 | 125,715,925 | 147,610,507 | 83,351,143 | ||||||||||||
End of period | $ | 147,552,633 | $ | 76,500,052 | $ | 196,331,065 | $ | 147,610,507 | ||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (93,110 | ) | $ | (452 | ) | $ | 122,952 | $ | 396,156 | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 7,650,000 | 5,250,000 | 1,850,000 | 4,850,000 | ||||||||||||
Shares redeemed | (4,800,000 | ) | (6,750,000 | ) | (1,350,000 | ) | (1,100,000 | ) | ||||||||
Net increase (decrease) in shares outstanding | 2,850,000 | (1,500,000 | ) | 500,000 | 3,750,000 | |||||||||||
See notes to financial statements.
FINANCIAL STATEMENTS | 61 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Spain Index Fund | iShares MSCI Sweden Index Fund | |||||||||||||||
Six months ended | Year ended August 31, 2010 | Six months ended | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 3,297,216 | $ | 9,022,079 | $ | (833,874 | ) | $ | 4,069,874 | |||||||
Net realized gain (loss) | 2,964,489 | (34,736,468 | ) | (2,171,480 | ) | (2,661,078 | ) | |||||||||
Net change in unrealized appreciation/depreciation | 25,891,254 | (22,172,420 | ) | 93,760,969 | 9,087,749 | |||||||||||
Net increase (decrease) in net assets resulting | 32,152,959 | (47,886,809 | ) | 90,755,615 | 10,496,545 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (3,998,596 | ) | (11,300,415 | ) | – | (4,773,557 | ) | |||||||||
Total distributions to shareholders | (3,998,596 | ) | (11,300,415 | ) | – | (4,773,557 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 288,878,311 | 185,418,132 | 344,762,664 | 136,592,737 | ||||||||||||
Cost of shares redeemed | (211,061,273 | ) | (210,603,819 | ) | (6,657,920 | ) | (83,157,268 | ) | ||||||||
Net increase (decrease) in net assets from capital | 77,817,038 | (25,185,687 | ) | 338,104,744 | 53,435,469 | |||||||||||
INCREASE (DECREASE) IN NET ASSETS | 105,971,401 | (84,372,911 | ) | 428,860,359 | 59,158,457 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 194,361,522 | 278,734,433 | 249,491,188 | 190,332,731 | ||||||||||||
End of period | $ | 300,332,923 | $ | 194,361,522 | $ | 678,351,547 | $ | 249,491,188 | ||||||||
Undistributed (distributions in excess of) net investment income (accumulated net investment loss) included in net assets at end of period | $ | 563,386 | $ | 1,264,766 | $ | (836,702 | ) | $ | (2,828 | ) | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 7,050,000 | 4,800,000 | 11,175,000 | 5,400,000 | ||||||||||||
Shares redeemed | (5,175,000 | ) | (5,400,000 | ) | (225,000 | ) | (3,525,000 | ) | ||||||||
Net increase (decrease) in shares outstanding | 1,875,000 | (600,000 | ) | 10,950,000 | 1,875,000 | |||||||||||
See notes to financial statements.
62 | 2011 iShares SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Switzerland Index Fund | iShares MSCI United Kingdom Index Fund | |||||||||||||||
Six months ended | Year ended August 31, 2010 | Six months ended | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 894,994 | $ | 6,014,037 | $ | 11,350,155 | $ | 27,740,950 | ||||||||
Net realized gain (loss) | 1,884,816 | (3,149,216 | ) | 5,243,282 | 3,681,580 | |||||||||||
Net change in unrealized appreciation/depreciation | 72,531,640 | 13,666,076 | 194,227,486 | (20,637,671 | ) | |||||||||||
Net increase in net assets resulting from operations | 75,311,450 | 16,530,897 | 210,820,923 | 10,784,859 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | – | (6,459,032 | ) | (11,118,254 | ) | (27,007,036 | ) | |||||||||
Total distributions to shareholders | – | (6,459,032 | ) | (11,118,254 | ) | (27,007,036 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 36,692,540 | 150,874,722 | 292,537,039 | 352,106,687 | ||||||||||||
Cost of shares redeemed | (14,838,077 | ) | (27,046,917 | ) | (57,889,272 | ) | (144,597,222 | ) | ||||||||
Net increase in net assets from capital share transactions | 21,854,463 | 123,827,805 | 234,647,767 | 207,509,465 | ||||||||||||
INCREASE IN NET ASSETS | 97,165,913 | 133,899,670 | 434,350,436 | 191,287,288 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 405,754,610 | 271,854,940 | 930,411,649 | 739,124,361 | ||||||||||||
End of period | $ | 502,920,523 | $ | 405,754,610 | $ | 1,364,762,085 | $ | 930,411,649 | ||||||||
Undistributed net investment income included in net assets at end of period | $ | 894,994 | $ | – | $ | 5,416,464 | $ | 5,184,563 | ||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 1,500,000 | 6,875,000 | 16,600,000 | 22,200,000 | ||||||||||||
Shares redeemed | (625,000 | ) | (1,250,000 | ) | (3,600,000 | ) | (9,400,000 | ) | ||||||||
Net increase in shares outstanding | 875,000 | 5,625,000 | 13,000,000 | 12,800,000 | ||||||||||||
See notes to financial statements.
FINANCIAL STATEMENTS | 63 |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Austria Investable Market Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 17.27 | $ | 20.21 | $ | 29.78 | $ | 37.28 | $ | 31.08 | $ | 26.62 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | (0.05 | ) | 0.43 | 0.51 | 0.56 | 0.51 | 0.44 | |||||||||||||||||
Net realized and unrealized gain (loss)b | 5.57 | (2.62 | ) | (9.36 | ) | (6.98 | ) | 6.42 | 4.31 | |||||||||||||||
Total from investment operations | 5.52 | (2.19 | ) | (8.85 | ) | (6.42 | ) | 6.93 | 4.75 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.75 | ) | (0.72 | ) | (1.08 | ) | (0.73 | ) | (0.29 | ) | ||||||||||||
Total distributions | (0.08 | ) | (0.75 | ) | (0.72 | ) | (1.08 | ) | (0.73 | ) | (0.29 | ) | ||||||||||||
Net asset value, end of period | $ | 22.71 | $ | 17.27 | $ | 20.21 | $ | 29.78 | $ | 37.28 | $ | 31.08 | ||||||||||||
Total return | 32.00 | %c | (11.07 | )% | (28.52 | )% | (17.64 | )% | 22.35 | % | 18.00 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 206,656 | $ | 110,520 | $ | 159,666 | $ | 193,602 | $ | 473,514 | $ | 391,637 | ||||||||||||
Ratio of expenses to average net assetsd | 0.52 | % | 0.54 | % | 0.55 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income (loss) to average net assetsd | (0.49 | )% | 2.20 | % | 3.25 | % | 1.57 | % | 1.36 | % | 1.48 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 11 | % | 26 | % | 26 | % | 21 | % | 32 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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.
64 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Belgium Investable Market Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 11.78 | $ | 12.06 | $ | 17.64 | $ | 25.89 | $ | 22.83 | $ | 18.94 | ||||||||||||
Income from investment operations: |
| |||||||||||||||||||||||
Net investment incomea | 0.02 | 0.19 | 0.22 | 0.78 | 0.76 | 0.75 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 2.07 | (0.27 | ) | (5.46 | ) | (7.27 | ) | 2.74 | 3.95 | |||||||||||||||
Total from investment operations | 2.09 | (0.08 | ) | (5.24 | ) | (6.49 | ) | 3.50 | 4.70 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.20 | ) | (0.34 | ) | (1.76 | ) | (0.44 | ) | (0.81 | ) | ||||||||||||
Total distributions | (0.09 | ) | (0.20 | ) | (0.34 | ) | (1.76 | ) | (0.44 | ) | (0.81 | ) | ||||||||||||
Net asset value, end of period | $ | 13.78 | $ | 11.78 | $ | 12.06 | $ | 17.64 | $ | 25.89 | $ | 22.83 | ||||||||||||
Total return | 17.81 | %c | (0.60 | )% | (29.15 | )% | (26.21 | )% | 15.36 | % | 25.66 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 41,876 | $ | 58,896 | $ | 53,042 | $ | 119,955 | $ | 303,483 | $ | 152,484 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.54 | % | 0.56 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.24 | % | 1.55 | % | 2.23 | % | 3.32 | % | 2.90 | % | 3.60 | % | ||||||||||||
Portfolio turnover ratee | 1 | % | 17 | % | 33 | % | 31 | % | 12 | % | 10 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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 | 65 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Eastern Europe Index Fund | ||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Period from Sep 30, 2009a to Aug. 31, 2010 | |||||||
Net asset value, beginning of period | $ | 25.66 | $ | 24.65 | ||||
Income from investment operations: | ||||||||
Net investment incomeb | 0.01 | 0.26 | ||||||
Net realized and unrealized gainc | 8.37 | 0.89 | ||||||
Total from investment operations | 8.38 | 1.15 | ||||||
Less distributions from: | ||||||||
Net investment income | (0.08 | ) | (0.13 | ) | ||||
Net realized gain | – | (0.01 | ) | |||||
Total distributions | (0.08 | ) | (0.14 | ) | ||||
Net asset value, end of period | $ | 33.96 | $ | 25.66 | ||||
Total return | 32.68 | %d | 4.68 | %d | ||||
Ratios/Supplemental data: | ||||||||
Net assets, end of period (000s) | $ | 32,261 | $ | 12,832 | ||||
Ratio of expenses to average net assets prior to waived feese | 0.67 | % | 0.69 | % | ||||
Ratio of expenses to average net assets after waived feese | 0.67 | % | n/a | |||||
Ratio of net investment income to average net assetse | 0.05 | % | 1.05 | % | ||||
Portfolio turnover ratef | 7 | % | 13 | % |
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. |
d | Not annualized. |
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.
66 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI EMU Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008a | Year ended Aug. 31, 2007a | Year ended Aug. 31, 2006a | |||||||||||||||||||
Net asset value, beginning of period | $ | 30.75 | $ | 35.64 | $ | 45.97 | $ | 57.15 | $ | 46.14 | $ | 37.49 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 0.20 | 0.80 | 0.93 | 1.71 | 1.40 | 1.37 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 7.86 | (4.76 | ) | (9.97 | ) | (9.59 | ) | 10.54 | 7.94 | |||||||||||||||
Total from investment operations | 8.06 | (3.96 | ) | (9.04 | ) | (7.88 | ) | 11.94 | 9.31 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.93 | ) | (1.29 | ) | (3.30 | ) | (0.93 | ) | (0.66 | ) | ||||||||||||
Total distributions | (0.28 | ) | (0.93 | ) | (1.29 | ) | (3.30 | ) | (0.93 | ) | (0.66 | ) | ||||||||||||
Net asset value, end of period | $ | 38.53 | $ | 30.75 | $ | 35.64 | $ | 45.97 | $ | 57.15 | $ | 46.14 | ||||||||||||
Total return | 26.31 | %d | (11.19 | )% | (19.05 | )% | (14.52 | )% | 26.10 | % | 25.18 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 816,922 | $ | 823,972 | $ | 741,270 | $ | 1,291,808 | $ | 2,971,565 | $ | 1,794,921 | ||||||||||||
Ratio of expenses to average net assetse,f | 0.53 | % | 0.54 | % | 0.56 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetse | 1.11 | % | 2.29 | % | 3.07 | % | 3.06 | % | 2.60 | % | 3.23 | % | ||||||||||||
Portfolio turnover rateg | 2 | % | 5 | % | 8 | % | 27 | % | 5 | % | 8 | % |
a | Per share amounts were adjusted to reflect a two-for-one stock split effective July 24, 2008. |
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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Amounts have been adjusted as necessary to be consistent with current period presentation of foreign taxes. |
g | 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 | 67 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI France Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 21.03 | $ | 24.28 | $ | 30.70 | $ | 36.53 | $ | 31.16 | $ | 25.41 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.12 | 0.65 | 0.66 | 0.93 | 0.77 | 0.55 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 5.87 | (3.30 | ) | (6.13 | ) | (5.17 | ) | 5.06 | 5.52 | |||||||||||||||
Total from investment operations | 5.99 | (2.65 | ) | (5.47 | ) | (4.24 | ) | 5.83 | 6.07 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.60 | ) | (0.95 | ) | (1.59 | ) | (0.46 | ) | (0.32 | ) | ||||||||||||
Total distributions | (0.18 | ) | (0.60 | ) | (0.95 | ) | (1.59 | ) | (0.46 | ) | (0.32 | ) | ||||||||||||
Net asset value, end of period | $ | 26.84 | $ | 21.03 | $ | 24.28 | $ | 30.70 | $ | 36.53 | $ | 31.16 | ||||||||||||
Total return | 28.56 | %c | (10.98 | )% | (17.11 | )% | (11.96 | )% | 18.83 | % | 24.13 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 316,750 | $ | 239,706 | $ | 184,511 | $ | 227,203 | $ | 445,696 | $ | 211,886 | ||||||||||||
Ratio of expenses to average net assetsd,e | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.01 | % | 2.71 | % | 3.18 | % | 2.60 | % | 2.17 | % | 1.95 | % | ||||||||||||
Portfolio turnover ratef | 2 | % | 6 | % | 6 | % | 10 | % | 6 | % | 10 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Amounts have been adjusted as necessary to be consistent with current period presentation of foreign taxes. |
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.
68 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Germany Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 19.45 | $ | 20.86 | $ | 27.55 | $ | 32.18 | $ | 23.68 | $ | 19.08 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.02 | 0.38 | 0.58 | 0.88 | 0.68 | 0.57 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 6.49 | (1.49 | ) | (6.65 | ) | (3.84 | ) | 8.33 | 4.15 | |||||||||||||||
Total from investment operations | 6.51 | (1.11 | ) | (6.07 | ) | (2.96 | ) | 9.01 | 4.72 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | – | (0.30 | ) | (0.62 | ) | (1.67 | ) | (0.51 | ) | (0.12 | ) | |||||||||||||
Total distributions | – | (0.30 | ) | (0.62 | ) | (1.67 | ) | (0.51 | ) | (0.12 | ) | |||||||||||||
Net asset value, end of period | $ | 25.96 | $ | 19.45 | $ | 20.86 | $ | 27.55 | $ | 32.18 | $ | 23.68 | ||||||||||||
Total return | 33.47 | %c | (5.35 | )% | (21.62 | )% | (9.81 | )% | 38.47 | % | 24.82 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 2,648,223 | $ | 1,487,881 | $ | 619,638 | $ | 669,452 | $ | 1,641,245 | $ | 802,795 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.16 | % | 1.80 | % | 3.18 | % | 2.72 | % | 2.32 | % | 2.62 | % | ||||||||||||
Portfolio turnover ratee | 6 | % | 5 | % | 15 | % | 11 | % | 4 | % | 12 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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 | 69 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Italy Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 15.00 | $ | 19.05 | $ | 25.04 | $ | 33.82 | $ | 30.48 | $ | 25.77 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.10 | 0.39 | 0.47 | 1.53 | 1.35 | 1.07 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 3.56 | (3.99 | ) | (5.82 | ) | (7.71 | ) | 2.66 | 4.15 | |||||||||||||||
Total from investment operations | 3.66 | (3.60 | ) | (5.35 | ) | (6.18 | ) | 4.01 | 5.22 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.44 | ) | (0.64 | ) | (2.60 | ) | (0.67 | ) | (0.51 | ) | ||||||||||||
Return of capital | – | (0.01 | ) | – | – | – | – | |||||||||||||||||
Total distributions | (0.10 | ) | (0.45 | ) | (0.64 | ) | (2.60 | ) | (0.67 | ) | (0.51 | ) | ||||||||||||
Net asset value, end of period | $ | 18.56 | $ | 15.00 | $ | 19.05 | $ | 25.04 | $ | 33.82 | $ | 30.48 | ||||||||||||
Total return | 24.46 | %c | (19.11 | )% | (20.78 | )% | (19.43 | )% | 13.20 | % | 20.61 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 147,553 | $ | 76,500 | $ | 125,716 | $ | 244,154 | $ | 172,495 | $ | 146,324 | ||||||||||||
Ratio of expenses to average net assetsd,e | 0.52 | % | 0.54 | % | 0.55 | % | 0.52 | % | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.12 | % | 2.17 | % | 2.85 | % | 5.06 | % | 4.02 | % | 3.87 | % | ||||||||||||
Portfolio turnover ratef | 6 | % | 12 | % | 18 | % | 29 | % | 16 | % | 15 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Amounts have been adjusted as necessary to be consistent with current period presentation of foreign taxes. |
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.
70 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Netherlands Investable Markets Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 17.89 | $ | 18.52 | $ | 24.38 | $ | 29.75 | $ | 24.17 | $ | 19.10 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.02 | 0.45 | 0.35 | 1.10 | 0.98 | 0.60 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 4.58 | (0.70 | ) | (5.55 | ) | (4.68 | ) | 5.05 | 4.95 | |||||||||||||||
Total from investment operations | 4.60 | (0.25 | ) | (5.20 | ) | (3.58 | ) | 6.03 | 5.55 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.05 | ) | (0.38 | ) | (0.66 | ) | (1.79 | ) | (0.45 | ) | (0.48 | ) | ||||||||||||
Total distributions | (0.05 | ) | (0.38 | ) | (0.66 | ) | (1.79 | ) | (0.45 | ) | (0.48 | ) | ||||||||||||
Net asset value, end of period | $ | 22.44 | $ | 17.89 | $ | 18.52 | $ | 24.38 | $ | 29.75 | $ | 24.17 | ||||||||||||
Total return | 25.77 | %c | (1.44 | )% | (20.59 | )% | (12.67 | )% | 25.22 | % | 29.53 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 196,331 | $ | 147,611 | $ | 83,351 | $ | 209,653 | $ | 251,354 | $ | 109,991 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.22 | % | 2.31 | % | 2.24 | % | 3.86 | % | 3.50 | % | 2.78 | % | ||||||||||||
Portfolio turnover ratee | 1 | % | 9 | % | 15 | % | 26 | % | 8 | % | 17 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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 | 71 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Spain Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 37.02 | $ | 47.65 | $ | 50.41 | $ | 58.06 | $ | 44.81 | $ | 35.70 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.71 | 1.64 | 1.75 | 1.98 | 1.30 | 1.07 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 5.53 | (10.01 | ) | (2.14 | ) | (7.33 | ) | 12.33 | 8.78 | |||||||||||||||
Total from investment operations | 6.24 | (8.37 | ) | (0.39 | ) | (5.35 | ) | 13.63 | 9.85 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.11 | ) | (2.26 | ) | (2.37 | ) | (2.30 | ) | (0.38 | ) | (0.74 | ) | ||||||||||||
Total distributions | (1.11 | ) | (2.26 | ) | (2.37 | ) | (2.30 | ) | (0.38 | ) | (0.74 | ) | ||||||||||||
Net asset value, end of period | $ | 42.15 | $ | 37.02 | $ | 47.65 | $ | 50.41 | $ | 58.06 | $ | 44.81 | ||||||||||||
Total return | 17.26 | %c | (17.91 | )% | 0.64 | % | (9.76 | )% | 30.47 | % | 28.09 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 300,333 | $ | 194,362 | $ | 278,734 | $ | 321,349 | $ | 522,556 | $ | 178,130 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.54 | % | 0.56 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 3.59 | % | 3.72 | % | 4.70 | % | 3.28 | % | 2.36 | % | 2.67 | % | ||||||||||||
Portfolio turnover ratee | 7 | % | 9 | % | 19 | % | 22 | % | 12 | % | 6 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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.
72 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Sweden Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 24.46 | $ | 22.86 | $ | 24.48 | $ | 34.57 | $ | 25.88 | $ | 21.58 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | (0.06 | ) | 0.48 | 0.40 | 0.91 | 1.15 | 0.76 | |||||||||||||||||
Net realized and unrealized gain (loss)b | 7.67 | 1.73 | (1.56 | ) | (8.63 | ) | 7.88 | 3.96 | ||||||||||||||||
Total from investment operations | 7.61 | 2.21 | (1.16 | ) | (7.72 | ) | 9.03 | 4.72 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | – | (0.61 | ) | (0.46 | ) | (2.37 | ) | (0.34 | ) | (0.42 | ) | |||||||||||||
Total distributions | – | (0.61 | ) | (0.46 | ) | (2.37 | ) | (0.34 | ) | (0.42 | ) | |||||||||||||
Net asset value, end of period | $ | 32.07 | $ | 24.46 | $ | 22.86 | $ | 24.48 | $ | 34.57 | $ | 25.88 | ||||||||||||
Total return | 31.11 | %c | 9.70 | % | (4.04 | )% | (23.16 | )% | 35.01 | % | 22.16 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 678,352 | $ | 249,491 | $ | 190,333 | $ | 227,654 | $ | 573,026 | $ | 151,427 | ||||||||||||
Ratio of expenses to average net assetsd | 0.52 | % | 0.53 | % | 0.55 | % | 0.51 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income (loss) to average net assetsd | (0.42 | )% | 1.97 | % | 2.34 | % | 2.91 | % | 3.42 | % | 3.13 | % | ||||||||||||
Portfolio turnover ratee | 5 | % | 10 | % | 9 | % | 17 | % | 7 | % | 14 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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 | 73 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Switzerland Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 21.64 | $ | 20.71 | $ | 23.09 | $ | 25.78 | $ | 22.49 | $ | 17.63 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.05 | 0.39 | 0.25 | 0.49 | 0.36 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 3.94 | 0.90 | (2.30 | ) | (2.51 | ) | 3.12 | 4.71 | ||||||||||||||||
Total from investment operations | 3.99 | 1.29 | (2.05 | ) | (2.02 | ) | 3.48 | 4.98 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | – | (0.36 | ) | (0.33 | ) | (0.67 | ) | (0.19 | ) | (0.12 | ) | |||||||||||||
Total distributions | – | (0.36 | ) | (0.33 | ) | (0.67 | ) | (0.19 | ) | (0.12 | ) | |||||||||||||
Net asset value, end of period | $ | 25.63 | $ | 21.64 | $ | 20.71 | $ | 23.09 | $ | 25.78 | $ | 22.49 | ||||||||||||
Total return | 18.44 | %c | 6.35 | % | (8.63 | )% | (7.97 | )% | 15.53 | % | 28.36 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 502,921 | $ | 405,755 | $ | 271,855 | $ | 366,525 | $ | 318,998 | $ | 188,319 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.56 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.40 | % | 1.80 | % | 1.42 | % | 1.93 | % | 1.42 | % | 1.34 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 7 | % | 16 | % | 11 | % | 5 | % | 11 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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.
74 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI United Kingdom Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 15.01 | $ | 15.02 | $ | 19.35 | $ | 24.73 | $ | 21.92 | $ | 18.74 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.18 | 0.46 | 0.50 | 0.83 | 0.84 | 0.97 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 3.18 | (0.03 | ) | (4.26 | ) | (4.89 | ) | 2.78 | 2.79 | |||||||||||||||
Total from investment operations | 3.36 | 0.43 | (3.76 | ) | (4.06 | ) | 3.62 | 3.76 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.44 | ) | (0.57 | ) | (1.32 | ) | (0.81 | ) | (0.58 | ) | ||||||||||||
Total distributions | (0.17 | ) | (0.44 | ) | (0.57 | ) | (1.32 | ) | (0.81 | ) | (0.58 | ) | ||||||||||||
Net asset value, end of period | $ | 18.20 | $ | 15.01 | $ | 15.02 | $ | 19.35 | $ | 24.73 | $ | 21.92 | ||||||||||||
Total return | 22.47 | %c | 2.87 | % | (18.68 | )% | (17.16 | )% | 16.77 | % | 20.61 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,364,762 | $ | 930,412 | $ | 739,124 | $ | 882,502 | $ | 1,127,738 | $ | 872,409 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 2.10 | % | 2.98 | % | 3.90 | % | 3.64 | % | 3.51 | % | 4.81 | % | ||||||||||||
Portfolio turnover ratee | 2 | % | 7 | % | 11 | % | 14 | % | 8 | % | 10 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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 | 75 |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES® , INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the iShares MSCI Austria Investable Market, iShares MSCI Belgium Investable Market, iShares MSCI Emerging Markets Eastern Europe, iShares MSCI EMU, iShares MSCI France, iShares MSCI Germany, iShares MSCI Italy, iShares MSCI Netherlands Investable Market, iShares MSCI Spain, iShares MSCI Sweden, iShares MSCI Switzerland and iShares MSCI United Kingdom Index Funds (each, a “Fund,” collectively, the “Funds”).
The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to achieve each Fund’s investment objective. Each of the Funds is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Each Fund invests in the securities of non-U.S. issuers that may trade in non-U.S. markets. This may involve 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.
Pursuant to the Company’s organizational documents, the Funds’ officers and directors 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 Company in the preparation of its 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.
SECURITY VALUATION
The securities and other assets of each Fund are valued pursuant to the pricing policy and procedures approved by the Board of Directors of the Company (the “Board”) using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The
76 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• | Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date (a “Level 1 Price”); |
• | 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, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (a “Level 2 Price”); and |
• | Level 3 – Inputs that are unobservable for the asset or liability (a “Level 3 Price”). |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy.
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 does not necessarily correspond to the Funds’ perceived risk of that instrument.
Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 Prices, include active listed equities. The Funds do not adjust the quoted price for such instruments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.
Investments that trade in markets that are not considered to be active, but whose values are based on inputs such as quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified within Level 2. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Investments whose values are classified as Level 3 Prices have significant unobservable inputs, as they may trade infrequently or not at all. Investments whose values are classified as Level 3 Prices may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange, less liquid corporate debt securities (including distressed debt instruments), collateralized debt obligations, and less liquid mortgage securities (backed by either commercial or residential real estate). When observable prices are not available for these securities, the Funds use one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
The inputs used by the Funds in estimating the value of Level 3 Prices may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in
NOTESTO FINANCIAL STATEMENTS | 77 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
financial ratios or cash flows. Level 3 Prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. The fair value measurement of Level 3 Prices does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2011. The breakdown of each Fund’s investments into major categories is disclosed in its respective Schedule of Investments.
Investments in Securities | ||||||||||||||||
iShares MSCI Index Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Austria Investable Market | ||||||||||||||||
Common Stocks | $ | 205,882,125 | $ | – | $ | 262 | $ | 205,882,387 | ||||||||
Rights | – | 465 | 465 | |||||||||||||
Short-Term Investments | 1,822,430 | – | – | 1,822,430 | ||||||||||||
$ | 207,704,555 | $ | – | $ | 727 | $ | 207,705,282 | |||||||||
Belgium Investable Market | ||||||||||||||||
Common Stocks | $ | 40,766,168 | $ | – | $ | – | $ | 40,766,168 | ||||||||
Rights | 93,498 | 93,498 | ||||||||||||||
Short-Term Investments | 313,604 | – | – | 313,604 | ||||||||||||
$ | 41,173,270 | $ | – | $ | – | $ | 41,173,270 | |||||||||
Emerging Markets Eastern Europe | ||||||||||||||||
Common Stocks | $ | 31,664,063 | $ | – | $ | – | $ | 31,664,063 | ||||||||
Preferred Stocks | 589,651 | 589,651 | ||||||||||||||
Short-Term Investments | 8,366 | – | – | 8,366 | ||||||||||||
$ | 32,262,080 | $ | – | $ | – | $ | 32,262,080 | |||||||||
EMU | ||||||||||||||||
Common Stocks | $ | 800,431,255 | $ | – | $ | 86 | $ | 800,431,341 | ||||||||
Preferred Stocks | 15,015,445 | – | – | 15,015,445 | ||||||||||||
Rights | – | – | 29 | 29 | ||||||||||||
Short-Term Investments | 4,178,794 | – | – | 4,178,794 | ||||||||||||
$ | 819,625,494 | $ | – | $ | 115 | $ | 819,625,609 | |||||||||
France | ||||||||||||||||
Common Stocks | $ | 316,406,971 | $ | – | $ | – | $ | 316,406,971 | ||||||||
Short-Term Investments | 366,422 | – | – | 366,422 | ||||||||||||
$ | 316,773,393 | $ | – | $ | – | $ | 316,773,393 | |||||||||
78 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Investments in Securities | ||||||||||||||||
iShares MSCI Index Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Germany | ||||||||||||||||
Common Stocks | $ | 2,492,100,701 | $ | – | $ | – | $ | 2,492,100,701 | ||||||||
Preferred Stocks | 150,843,071 | 150,843,071 | ||||||||||||||
Short-Term Investments | 1,023,327 | – | – | 1,023,327 | ||||||||||||
$ | 2,643,967,099 | $ | – | $ | – | $ | 2,643,967,099 | |||||||||
Italy | ||||||||||||||||
Common Stocks | $ | 144,687,593 | $ | – | $ | – | $ | 144,687,593 | ||||||||
Preferred Stocks | 2,676,145 | – | – | 2,676,145 | ||||||||||||
Short-Term Investments | 5,108,687 | – | – | 5,108,687 | ||||||||||||
$ | 152,472,425 | $ | – | $ | – | $ | 152,472,425 | |||||||||
Netherlands Investable Market | ||||||||||||||||
Common Stocks | $ | 194,614,122 | $ | – | $ | – | $ | 194,614,122 | ||||||||
Short-Term Investments | 766,825 | – | – | 766,825 | ||||||||||||
$ | 195,380,947 | $ | – | $ | – | $ | 195,380,947 | |||||||||
Spain | ||||||||||||||||
Common Stocks | $ | 299,986,558 | $ | – | $ | – | $ | 299,986,558 | ||||||||
Short-Term Investments | 10,957,109 | – | – | 10,957,109 | ||||||||||||
$ | 310,943,667 | $ | – | $ | – | $ | 310,943,667 | |||||||||
Sweden | ||||||||||||||||
Common Stocks | $ | 677,723,676 | $ | – | $ | – | $ | 677,723,676 | ||||||||
Rights | – | – | 203,279 | 203,279 | ||||||||||||
Short-Term Investments | 2,929,901 | – | – | 2,929,901 | ||||||||||||
$ | 680,653,577 | $ | – | $ | 203,279 | $ | 680,856,856 | |||||||||
Switzerland | ||||||||||||||||
Common Stocks | $ | 498,862,776 | $ | – | $ | – | $ | 498,862,776 | ||||||||
Short-Term Investments | 949,387 | – | – | 949,387 | ||||||||||||
$ | 499,812,163 | $ | – | $ | – | $ | 499,812,163 | |||||||||
United Kingdom | ||||||||||||||||
Common Stocks | $ | 1,358,464,874 | $ | – | $ | – | $ | 1,358,464,874 | ||||||||
Short-Term Investments | 868,196 | – | – | 868,196 | ||||||||||||
$ | 1,359,333,070 | $ | – | $ | – | $ | 1,359,333,070 | |||||||||
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source, and interest income is accrued daily. 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
NOTESTO FINANCIAL STATEMENTS | 79 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. 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.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are disclosed in their Statements of Operations. Foreign taxes payable as of February 28, 2011, if any, are reflected in the Funds’ Statements of Assets and Liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income, if any, generally are declared and paid semi-annually by each of the Funds. Distributions of net realized capital gains, if any, generally are declared and paid once a year. 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.
The tax character of current year distributions will be determined at the end of the current fiscal year.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity 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 was required for the six months ended February 28, 2011.
80 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Certain Funds had tax basis net capital loss carryforwards as of August 31, 2010, the tax year-end of the Funds, as follows:
iShares MSCI Index Fund | Expiring 2011 | Expiring 2012 | Expiring 2013 | Expiring 2014 | Expiring 2015 | Expiring 2016 | Expiring 2017 | Expiring 2018 | Total | |||||||||||||||||||||||||||
Austria Investable Market | $ | 370,948 | $ | 855,364 | $ | – | $ | – | $ | 9,795,917 | $ | 2,587,916 | $ | 7,102,366 | $ | 16,657,011 | $ | 37,369,522 | ||||||||||||||||||
Belgium Investable Market | 117,767 | 175,781 | 33,969 | – | – | 1,698,444 | 5,953,120 | 10,826,174 | 18,805,255 | |||||||||||||||||||||||||||
EMU | – | 659,648 | 1,873,963 | – | – | – | 26,644,200 | 68,035,542 | 97,213,353 | |||||||||||||||||||||||||||
France | 236,944 | 2,400,550 | – | – | 158,472 | 335,795 | 3,408,374 | 7,008,530 | 13,548,665 | |||||||||||||||||||||||||||
Germany | 5,469,732 | 8,656,712 | 2,241,687 | – | 4,227,713 | 3,394,735 | 27,790,050 | 28,490,949 | 80,271,578 | |||||||||||||||||||||||||||
Italy | 848,408 | 541,980 | 527,327 | – | – | 472,268 | 2,743,650 | 18,169,627 | 23,303,260 | |||||||||||||||||||||||||||
Netherlands Investable Market | 1,497,810 | 2,481,175 | 129,137 | 403,525 | 260,715 | 1,195,162 | 5,819,153 | 22,256,170 | 34,042,847 | |||||||||||||||||||||||||||
Spain | – | 995,671 | – | – | – | – | 5,946,927 | 15,120,672 | 22,063,270 | |||||||||||||||||||||||||||
Sweden | 1,577,551 | 1,149,514 | – | 107,613 | – | 100,015 | 13,686,746 | 8,483,510 | 25,104,949 | |||||||||||||||||||||||||||
Switzerland | 1,018,305 | 2,149,171 | 354,252 | – | – | – | 2,837,786 | 22,569,380 | 28,928,894 | |||||||||||||||||||||||||||
United Kingdom | 6,448,554 | 4,272,059 | 1,517,783 | 7,063,063 | – | 261,754 | 16,140,312 | 23,559,917 | 59,263,442 |
Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year or until their respective expiration dates, whichever occurs first.
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.
Each Fund reclassifies, at the end of its tax year, certain amounts between paid-in capital, accumulated net realized gain (loss) on investments and foreign currency transactions and accumulated net investment income (loss) as a result of permanent book and tax differences primarily attributed to net investment loss, return of capital, passive foreign investment companies, and realized gains (losses) from foreign currency transactions and in-kind redemptions. These reclassifications have no effect on net assets or net asset values per share.
As of February 28, 2011, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares MSCI Index Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Austria Investable Market | $ | 250,394,246 | $ | 3,011,096 | $ | (45,700,060 | ) | $ | (42,688,964 | ) | ||||||
Belgium Investable Market | 59,392,792 | 2,267,755 | (20,487,277 | ) | (18,219,522 | ) | ||||||||||
Emerging Markets Eastern Europe | 27,360,802 | 5,084,414 | (183,136 | ) | 4,901,278 | |||||||||||
EMU | 1,060,741,563 | 32,368,002 | (273,483,956 | ) | (241,115,954 | ) | ||||||||||
France | 385,200,877 | 8,531,820 | (76,959,304 | ) | (68,427,484 | ) | ||||||||||
Germany | 2,481,044,076 | 221,116,770 | (58,193,747 | ) | 162,923,023 | |||||||||||
Italy | 198,837,324 | 1,202,993 | (47,567,892 | ) | (46,364,899 | ) | ||||||||||
Netherlands Investable Market | 212,380,396 | 7,698,821 | (24,698,270 | ) | (16,999,449 | ) | ||||||||||
Spain | 391,149,356 | 1,457,301 | (81,662,990 | ) | (80,205,689 | ) | ||||||||||
Sweden | 645,366,850 | 44,106,483 | (8,616,477 | ) | 35,490,006 | |||||||||||
Switzerland | 459,011,763 | 51,719,479 | (10,919,079 | ) | 40,800,400 | |||||||||||
United Kingdom | 1,427,711,840 | 112,555,151 | (180,933,921 | ) | (68,378,770 | ) |
NOTESTO FINANCIAL STATEMENTS | 81 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Management has reviewed the tax positions as of February 28, 2011, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for all expenses of the Company, including the cost of transfer agency, custody, fund administration, legal, audit and other services, 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 the Funds except for the iShares MSCI Emerging Markets Eastern Europe Index Fund, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Funds and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.59% | First $7 billion | |
0.54 | Over $7 billion, up to and including $11 billion | |
0.49 | Over $11 billion, up to and including $24 billion | |
0.44 | Over $24 billion, up to and including $48 billion | |
0.40 | Over $48 billion |
Effective January 1, 2011, for its investment advisory services to the iShares MSCI Emerging Markets Eastern Europe Index Fund, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.75% | First $14 billion | |
0.68 | Over $14 billion, up to and including $28 billion | |
0.61 | Over $28 billion, up to and including $42 billion | |
0.56 | Over $42 billion, up to and including $56 billion | |
0.50 | Over $56 billion, up to and including $70 billion | |
0.45 | Over $70 billion, up to and including $84 billion | |
0.40 | Over $84 billion |
Prior to January 1, 2011, for its investment advisory services to the iShares MSCI Emerging Markets Eastern Europe Index Fund, BFA was entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.75% | First $14 billion | |
0.68 | Over $14 billion, up to and including $28 billion | |
0.61 | Over $28 billion |
82 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
BFA has voluntarily waived a portion of its investment advisory fees for the iShares MSCI Emerging Markets Eastern Europe Index Fund in the amount of $462.
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”) to serve as securities lending agent for the Funds, subject to applicable conditions. BTC is an affiliate of BFA, the Funds’ investment adviser. As securities lending agent, BTC receives, as fees, a share of the combined income earned from the investment of cash collateral received for the loan of securities and any fees paid by borrowers. For the six months ended February 28, 2011, BTC earned securities lending agent fees from the Funds as follows:
iShares MSCI Index Fund | Securities Lending Agent Fees | |||
Austria Investable Market | $ | 5,054 | ||
Belgium Investable Market | 3,199 | |||
EMU | 41,561 | |||
France | 3,154 | |||
Germany | 19,100 | |||
Italy | 17,975 |
iShares MSCI Index Fund | Securities Lending Agent Fees | |||
Netherlands Investable Market | $ | 6,037 | ||
Spain | 56,947 | |||
Sweden | 2,620 | |||
Switzerland | 924 | |||
United Kingdom | 2,679 |
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 from affiliated issuers in the Statements of Operations.
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.
Certain directors and officers of the Company 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 February 28, 2011 were as follows:
iShares MSCI Index Fund | Purchases | Sales | ||||||
Austria Investable Market | $ | 5,309,929 | $ | 5,144,579 | ||||
Belgium Investable Market | 497,997 | 2,126,945 | ||||||
Emerging Markets Eastern Europe | 1,571,188 | 1,454,439 | ||||||
EMU | 19,838,532 | 23,302,376 | ||||||
France | 7,030,942 | 5,903,364 | ||||||
Germany | 104,108,954 | 103,767,789 | ||||||
Italy | 5,993,124 | 5,563,832 | ||||||
Netherlands Investable Market | 2,063,083 | 3,379,152 | ||||||
Spain | 13,337,829 | 13,343,756 | ||||||
Sweden | 20,038,170 | 21,405,117 | ||||||
Switzerland | 18,197,850 | 15,333,967 | ||||||
United Kingdom | 23,008,320 | 20,885,165 |
NOTESTO FINANCIAL STATEMENTS | 83 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
In-kind transactions (see Note 4) for the six months ended February 28, 2011 were as follows:
iShares MSCI Index Fund | In-kind Purchases | In-kind Sales | ||||||
Austria Investable Market | $ | 122,437,111 | $ | 63,976,279 | ||||
Belgium Investable Market | 13,178,844 | 38,391,446 | ||||||
Emerging Markets Eastern Europe | 14,258,371 | – | ||||||
EMU | 60,804,349 | 242,954,210 | ||||||
France | 53,735,208 | 45,219,534 | ||||||
Germany | 958,491,549 | 299,979,146 | ||||||
Italy | 129,001,568 | 79,469,216 | ||||||
Netherlands Investable Market | 39,876,036 | 28,492,712 | ||||||
Spain | 287,313,016 | 210,284,966 | ||||||
Sweden | 343,361,253 | 4,653,278 | ||||||
Switzerland | 35,278,621 | 14,676,861 | ||||||
United Kingdom | 290,466,161 | 57,510,376 |
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 generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of that Fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the Statements of Assets and Liabilities.
5. 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 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. Any securities lending cash collateral 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 BFA or its affiliates; such reinvestments are subject to investment risk.
As of February 28, 2011, certain Funds had loaned securities which were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of the securities on loan as of February 28, 2011 and the value of the related collateral are
84 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of the cash collateral, plus any fees paid by borrowers and less the fees paid to BTC as securities lending agent which are subject to adjustments pursuant to the securities lending agreement.
6. SUBSEQUENT EVENTS
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.
NOTESTO FINANCIAL STATEMENTS | 85 |
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Notes:
86 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Dear iShares Shareholder:
Electronic delivery is the easiest, most convenient way to receive reporting on your iShares holdings. In addition, it’s a way we can all care for our environment. To that end, we are pleased to offer shareholder reports and prospectuses online.
Once you have enrolled, you will no longer receive shareholder reports and prospectuses in the mail. Instead, you will receive e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com and is available to be viewed or downloaded.
To sign up for electronic delivery, please follow these simple steps:
1. Go to www.icsdelivery.com.
2. From the main page, select the first letter of your brokerage firm’s name.
3. Select your brokerage institution from the list that follows. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.
4. Fill out the appropriate information and provide the e-mail address where you would like your notifications sent.
Your information and e-mail address will be kept confidential and only used to deliver documents to you. If at any time you are not satisfied, you can cancel electronic delivery at www.icsdelivery.com and once again receive physical delivery of your materials. If you have any questions, please contact your brokerage firm or financial adviser. |
Table of Contents
For more information:
WWW.iSHARES.COM
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 SEI Investments Distribution Co. (“SEI”). BlackRock Fund Advisors (“BFA”) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A., neither of which is affiliated with SEI.
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. Neither SEI, nor BlackRock Institutional Trust Company, N.A., nor any of their affiliates, are affiliated with the company listed above.
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 monthly basis on the Funds’ website.
©2011 BlackRock Institutional Trust Company, N.A. All rights reserved. iShares® is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners.
iS-SAR-82-0211
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Table of Contents
2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS
iSHARES® MSCI SERIES
FEBRUARY 28, 2011
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iShares MSCI Brazil Index Fund | EWZ | NYSE Arca
iShares MSCI BRIC Index Fund | BKF | NYSE Arca
iShares MSCI Canada Index Fund | EWC | NYSE Arca
iShares MSCI Chile Investable Market Index Fund | ECH | NYSE Arca
iShares MSCI Israel Capped Investable Market Index Fund | EIS | NYSE Arca
iShares MSCI Mexico Investable Market Index Fund | EWW | NYSE Arca
iShares MSCI South Africa Index Fund | EZA | NYSE Arca
iShares MSCI Turkey Investable Market Index Fund | TUR | NYSE Arca
iShares MSCI USA Index Fund | EUSA | NYSE Arca
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iSHARES® MSCI BRAZIL INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
11.92% | 12.77% | 12.92% | 15.70% | 16.27% | 16.54% | 19.53% | 19.60% | 21.60% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
11.92% | 12.77% | 12.92% | 107.32% | 112.46% | 114.93% | 495.53% | 498.77% | 606.96% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Brazil Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Brazil IndexSM (the “Index”). The Index consists of stocks traded primarily on the BM&FBOVESPA (the Brazilian exchange). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 12.32%, while the total return for the Index was 12.87%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Basic Materials | 24.30 | % | ||
Energy | 24.02 | |||
Financial | 23.63 | |||
Consumer Non-Cyclical | 11.56 | |||
Utilities | 5.37 | |||
Communications | 2.80 | |||
Diversified | 2.77 | |||
Consumer Cyclical | 2.74 | |||
Industrial | 2.00 | |||
Technology | 0.26 | |||
Short-Term and Other Net Assets | 0.55 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Petroleo Brasileiro SA Preferred | 11.58 | % | ||
Vale SA Class A Preferred | 9.60 | |||
Petroleo Brasileiro SA | 9.39 | |||
Itau Unibanco Holding SA Preferred | 8.19 | |||
Vale SA SP ADR | 7.04 | |||
Banco Bradesco SA Preferred | 4.75 | |||
Companhia de Bebidas das | 3.26 | |||
Itausa – Investimentos Itau SA Preferred | 2.77 | |||
OGX Petroleo e Gas Participacoes SA | 2.37 | |||
BM&F Bovespa SA | 2.17 | |||
TOTAL | 61.12 | % | ||
FUND PERFORMANCE OVERVIEWS | 5 |
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Fund Performance Overview
iSHARES® MSCI BRIC INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||
Year Ended 2/28/11 | Inception to 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
13.35% | 14.40% | 13.67% | (3.60)% | (3.35)% | (3.89)% | (11.40)% | (10.62)% | (12.27)% |
Total returns for the period since inception are calculated from the inception date of the Fund (11/12/07). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/16/07), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI BRIC Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI BRIC IndexSM (the “Index”). The Index is a free float-adjusted market capitalization index that is designed to measure the combined equity market performance in Brazil, Russia, India and China (“BRIC”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 12.20%, while the total return for the Index was 11.83%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 27.84 | % | ||
Energy | 26.58 | |||
Basic Materials | 11.97 | |||
Communications | 7.92 | |||
Consumer Non-Cyclical | 7.84 | |||
Industrial | 4.37 | |||
Technology | 4.28 | |||
Consumer Cyclical | 4.19 | |||
Utilities | 2.60 | |||
Diversified | 2.19 | |||
Short-Term and Other Net Assets | 0.22 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Gazprom OAO SP ADR (Russia) | 4.34 | % | ||
Petroleo Brasileiro SA Preferred (Brazil) | 4.03 | |||
Vale SA Class A Preferred (Brazil) | 3.37 | |||
China Mobile Ltd. (China) | 3.14 | |||
Petroleo Brasileiro SA (Brazil) | 3.12 | |||
Infosys Technologies Ltd. SP ADR (India) | 2.83 | |||
Itau Unibanco Holding SA Preferred (Brazil) | 2.79 | |||
Vale SA (Brazil) | 2.55 | |||
Reliance Industries Ltd. SP GDR (India) | 2.54 | |||
CNOOC Ltd. (China) | 2.28 | |||
TOTAL | 30.99 | % | ||
6 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI CANADA INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
32.10% | 32.13% | 32.50% | 9.28% | 9.33% | 9.55% | 12.21% | 12.39% | 12.56% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
32.10% | 32.13% | 32.50% | 55.88% | 56.18% | 57.81% | 216.53% | 221.51% | 226.33% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Canada Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Canada IndexSM (the “Index”). The Index consists of stocks traded primarily on the Toronto Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 29.90%, while the total return for the Index was 30.16%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 30.88 | % | ||
Energy | 27.35 | |||
Basic Materials | 22.65 | |||
Industrial | 5.34 | |||
Communications | 4.17 | |||
Consumer Cyclical | 2.77 | |||
Technology | 2.75 | |||
Consumer Non-Cyclical | 2.42 | |||
Utilities | 1.05 | |||
Diversified | 0.43 | |||
Short-Term and Other Net Assets | 0.19 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Royal Bank of Canada | 5.85 | % | ||
Suncor Energy Inc. | 5.16 | |||
Toronto-Dominion Bank (The) | 5.14 | |||
Bank of Nova Scotia | 4.67 | |||
Potash Corp. of Saskatchewan Inc. | 3.86 | |||
Canadian Natural Resources Ltd. | 3.85 | |||
Barrick Gold Corp. | 3.66 | |||
Goldcorp Inc. | 2.66 | |||
Bank of Montreal | 2.54 | |||
Canadian National Railway Co. | 2.37 | |||
TOTAL | 39.76 | % | ||
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI CHILE INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||
Year Ended 2/28/11 | Inception to 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
24.65% | 24.29% | 26.32% | 12.60% | 12.63% | 13.02% | 47.93% | 48.04% | 49.76% |
Total returns for the period since inception are calculated from the inception date of the Fund (11/12/07). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/16/07), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Chile Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Chile Investable Market IndexSM (the “Index”). The Index is a free float-adjusted market capitalization index that is designed to measure broad based equity market performance in Chile. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 3.29%, while the total return for the Index was 3.61%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Utilities | 22.75 | % | ||
Basic Materials | 18.69 | |||
Consumer Non-Cyclical | 13.96 | |||
Financial | 12.38 | |||
Consumer Cyclical | 12.35 | |||
Diversified | 11.95 | |||
Industrial | 4.18 | |||
Communications | 2.80 | |||
Technology | 1.02 | |||
Short-Term and Other Net Assets | (0.08 | ) | ||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Empresas Copec SA | 11.95 | % | ||
Cencosud SA | 9.59 | |||
Empresa Nacional de Electricidad SA | 8.69 | |||
Enersis SA | 8.08 | |||
Empresas CMPC SA | 7.79 | |||
Sociedad Quimica y Minera | 5.20 | |||
CAP SA | 5.07 | |||
Banco Santander (Chile) SA | 4.82 | |||
LAN Airlines SA | 4.69 | |||
S.A.C.I. Falabella SA | 4.61 | |||
TOTAL | 70.49 | % | ||
8 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||
Year Ended 2/28/11 | Inception to 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
6.75% | 5.31% | 7.56% | 6.85% | 6.96% | 7.80% | 21.43% | 21.79% | 24.63% |
Total returns for the period since inception are calculated from the inception date of the Fund (3/26/08). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/28/08), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Israel Capped Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Israel Capped Investable Market IndexSM (the “Index”). The Index is a custom, free float-adjusted market capitalization index designed to measure broad based equity market performance in Israel. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 16.52%, while the total return for the Index was 16.82%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 30.39 | % | ||
Consumer Non-Cyclical | 28.14 | |||
Communications | 17.26 | |||
Basic Materials | 13.24 | |||
Industrial | 4.33 | |||
Technology | 2.34 | |||
Energy | 2.23 | |||
Diversified | 1.03 | |||
Consumer Cyclical | 0.86 | |||
Short-Term and Other Net Assets | 0.18 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Teva Pharmaceutical Industries Ltd. | 23.68 | % | ||
Israel Chemicals Ltd. | 10.65 | |||
Bank Leumi le-Israel | 8.12 | |||
Bezeq The Israel Telecommunication Corp. Ltd. | 6.63 | |||
Bank Hapoalim Ltd. | 4.80 | |||
Israel Corp. Ltd. (The) | 3.93 | |||
NICE Systems Ltd. | 3.22 | |||
Partner Communications Co. Ltd. | 2.56 | |||
Israel Discount Bank Ltd. Class A | 2.38 | |||
Cellcom Israel Ltd. | 2.22 | |||
TOTAL | 68.19 | % | ||
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI MEXICO INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
26.14% | 26.84% | 26.95% | 11.39% | 11.48% | 10.56% | 17.56% | 17.63% | 17.37% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
26.14% | 26.84% | 26.95% | 71.47% | 72.20% | 65.18% | 404.29% | 407.09% | 396.04% |
Index performance reflects the performance of the MSCI Mexico IndexSM through November 30, 2007 and the MSCI Mexico Investable Market IndexSM thereafter.
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
10 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview (Continued)
iSHARES® MSCI MEXICO INVESTABLE MARKET INDEX FUNDS
The iShares MSCI Mexico Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Mexico Investable Market IndexSM (the “Index”). The Index consists of stocks traded primarily on the Mexican Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 27.14%, while the total return for the Index was 26.44%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Communications | 33.51 | % | ||
Basic Materials | 16.05 | |||
Consumer Cyclical | 15.31 | |||
Consumer Non-Cyclical | 13.37 | |||
Financial | 8.90 | |||
Industrial | 8.73 | |||
Diversified | 4.07 | |||
Short-Term and Other Net Assets | 0.06 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
America Movil SAB de CV | 23.98 | % | ||
Wal-Mart de Mexico SAB de CV | 10.38 | |||
Grupo Mexico SAB de CV | 7.39 | |||
Fomento Economico Mexicano | 6.27 | |||
Grupo Televisa SA CPO | 4.77 | |||
Cemex SAB de CV CPO | 4.36 | |||
Grupo Financiero Banorte SAB de | 3.95 | |||
Telefonos de Mexico SAB de | 3.60 | |||
Grupo Modelo SAB de CV | 2.83 | |||
Alfa SAB de CV Series A | 2.53 | |||
TOTAL | 70.06 | % | ||
FUND PERFORMANCE OVERVIEWS | 11 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SOUTH AFRICA INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
31.97% | 32.78% | 32.83% | 8.79% | 8.74% | 9.82% | 20.41% | 20.38% | 21.72% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
31.97% | 32.78% | 32.83% | 52.36% | 52.03% | 59.76% | 347.88% | 346.77% | 388.82% |
Total returns for the period since inception are calculated from the inception date of the Fund (2/3/03). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/7/03), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI South Africa Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI South Africa IndexSM (the “Index”). The Index consists of stocks traded primarily on the Johannesburg Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 20.75%, while the total return for the Index was 21.18%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Basic Materials | 25.14 | % | ||
Financial | 21.98 | |||
Communications | 20.06 | |||
Energy | 11.99 | |||
Consumer Cyclical | 6.59 | |||
Consumer Non-Cyclical | 6.12 | |||
Diversified | 5.71 | |||
Industrial | 2.34 | |||
Short-Term and Other Net Assets | 0.07 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Sasol Ltd. | 11.03 | % | ||
MTN Group Ltd. | 10.46 | |||
Naspers Ltd. Class N | 7.74 | |||
AngloGold Ashanti Ltd. | 6.49 | |||
Standard Bank Group Ltd. | 5.96 | |||
Impala Platinum Holdings Ltd. | 5.21 | |||
Gold Fields Ltd. | 4.51 | |||
FirstRand Ltd. | 2.77 | |||
Sanlam Ltd. | 2.57 | |||
Remgro Ltd. | 2.43 | |||
TOTAL | 59.17 | % | ||
12 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||
Year Ended 2/28/11 | Inception to 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
20.27% | 20.74% | 20.59% | 7.44% | 7.54% | 7.78% | 23.40% | 23.76% | 24.55% |
Total returns for the period since inception are calculated from the inception date of the Fund (3/26/08). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/28/08), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Turkey Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Turkey Investable Market IndexSM (the “Index”). The Index is a free float-adjusted market capitalization index designed to measure broad-based equity market performance in Turkey. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was (3.22)%, while the total return for the Index was (2.90)%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 44.63 | % | ||
Consumer Non-Cyclical | 11.62 | |||
Communications | 11.14 | |||
Diversified | 9.86 | |||
Consumer Cyclical | 6.12 | |||
Basic Materials | 6.10 | |||
Industrial | 5.32 | |||
Energy | 4.66 | |||
Utilities | 0.53 | |||
Short-Term and Other Net Assets | 0.02 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Turkiye Garanti Bankasi AS | 13.89 | % | ||
Akbank TAS | 8.39 | |||
Turkiye Is Bankasi AS | 7.33 | |||
Turkcell Iletisim Hizmetleri AS | 6.45 | |||
Turkiye Petrol Rafinerileri AS | 4.66 | |||
Anadolu Efes Biracilik ve Malt Sanayii AS | 4.09 | |||
BIM Birlesik Magazalar AS | 3.93 | |||
KOC Holding AS | 3.78 | |||
Haci Omer Sabanci Holding AS | 3.67 | |||
Yapi ve Kredi Bankasi AS | 3.62 | |||
TOTAL | 59.81 | % | ||
FUND PERFORMANCE OVERVIEWS | 13 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI USA INDEX FUND
Performance as of February 28, 2011
Cumulative Total Returns | ||||
Inception to 2/28/11 | ||||
NAV | MARKET | INDEX | ||
15.94% | 15.98% | 16.17% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 5/5/10.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (5/7/10), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI USA Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA IndexSM (the “Index”). The Index is market capitalization weighted index designed to measure the performance of equity securities in the top 85% by market capitalization of equity securities listed on stock exchanges in the United States. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 27.92%, while the total return for the Index was 28.17%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Consumer Non-Cyclical | 19.93 | % | ||
Financial | 15.28 | |||
Technology | 13.53 | |||
Energy | 13.26 | |||
Communications | 11.47 | |||
Industrial | 11.27 | |||
Consumer Cyclical | 8.53 | |||
Basic Materials | 3.47 | |||
Utilities | 3.06 | |||
Diversified | 0.05 | |||
Short-Term and Other Net Assets | 0.15 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Exxon Mobil Corp. | 3.43 | % | ||
Apple Inc. | 2.54 | |||
General Electric Co. | 1.78 | |||
Chevron Corp. | 1.65 | |||
International Business Machines Corp. | 1.62 | |||
Microsoft Corp. | 1.61 | |||
JPMorgan Chase & Co. | 1.48 | |||
Procter & Gamble Co. (The) | 1.40 | |||
AT&T Inc. | 1.34 | |||
Johnson & Johnson | 1.30 | |||
TOTAL | 18.15 | % | ||
14 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Shareholder Expenses (Unaudited)
iSHARES®, INC.
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 following Example 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.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2010 to February 28, 2011.
ACTUAL EXPENSES
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid 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 in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line under each Fund in the table below 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, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. 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 second line under each Fund in the table is 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.
iShares MSCI Index Fund | Beginning Account Value (9/1/10) | Ending Account Value (2/28/11) | Annualized Expense Ratio | Expenses Paid During Perioda (9/1/10 to 2/28/11) | ||||||||||||
Brazil | ||||||||||||||||
Actual | $1,000.00 | $1,123.20 | 0.59 | % | $3.11 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.90 | 0.59 | 2.96 | ||||||||||||
BRIC | ||||||||||||||||
Actual | 1,000.00 | 1,122.00 | 0.66 | 3.47 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.50 | 0.66 | 3.31 | ||||||||||||
Canada | ||||||||||||||||
Actual | 1,000.00 | 1,299.00 | 0.53 | 3.02 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Chile Investable Market | ||||||||||||||||
Actual | 1,000.00 | 1,032.90 | 0.59 | 2.97 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.90 | 0.59 | 2.96 |
SHAREHOLDER EXPENSES | 15 |
Table of Contents
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
iShares MSCI Index Fund | Beginning Account Value (9/1/10) | Ending Account Value (2/28/11) | Annualized Expense Ratio | Expenses Paid During Perioda (9/1/10 to 2/28/11) | ||||||||||||
Israel Capped Investable Market | ||||||||||||||||
Actual | $1,000.00 | $1,165.20 | 0.59 | % | $3.17 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.90 | 0.59 | 2.96 | ||||||||||||
Mexico Investable Market | ||||||||||||||||
Actual | 1,000.00 | 1,271.40 | 0.53 | 2.98 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
South Africa | ||||||||||||||||
Actual | 1,000.00 | 1,207.50 | 0.59 | 3.23 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.90 | 0.59 | 2.96 | ||||||||||||
Turkey Investable Market | ||||||||||||||||
Actual | 1,000.00 | 967.80 | 0.59 | 2.88 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.90 | 0.59 | 2.96 | ||||||||||||
USA | ||||||||||||||||
Actual | 1,000.00 | 1,279.20 | 0.15 | 0.85 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.10 | 0.15 | 0.75 |
a | Expenses are calculated using each 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 (181 days) and divided by the number of days in the year (365 days). |
16 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI BRAZIL INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 45.98% |
| |||||||
AEROSPACE & DEFENSE – 0.78% |
| |||||||
Empresa Brasileira de | 11,679,032 | $ | 98,331,273 | |||||
98,331,273 | ||||||||
AGRICULTURE – 0.65% |
| |||||||
Souza Cruz SA | 1,717,500 | 82,365,685 | ||||||
82,365,685 | ||||||||
BANKS – 3.08% |
| |||||||
Banco do Brasil SA | 12,366,097 | 221,088,573 | ||||||
Banco Santander (Brasil) SA | 14,083,541 | 170,035,059 | ||||||
391,123,632 | ||||||||
BUILDING MATERIALS – 0.41% |
| |||||||
Duratex SA | 5,152,500 | 51,710,787 | ||||||
51,710,787 | ||||||||
COMMERCIAL SERVICES – 2.59% |
| |||||||
Anhanguera Educacional | 2,404,500 | 53,754,447 | ||||||
Cielo SA | 12,709,500 | 100,285,898 | ||||||
Companhia de | 4,122,000 | 114,940,385 | ||||||
EcoRodovias Infraestrutura | 3,383,600 | 26,027,692 | ||||||
Localiza Rent A Car SA | 2,404,500 | 33,957,783 | ||||||
328,966,205 | ||||||||
COSMETICS & PERSONAL CARE – 0.69% |
| |||||||
Natura Cosmeticos SA | 3,435,000 | 87,134,225 | ||||||
87,134,225 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 3.31% |
| |||||||
BM&F Bovespa SA | 40,533,000 | 275,497,734 | ||||||
CETIP Balcao Organizado de Ativos e Derivativos SA | 3,778,500 | 55,519,426 | ||||||
Redecard SA | 6,870,000 | 88,765,024 | ||||||
419,782,184 | ||||||||
ELECTRIC – 1.61% |
| |||||||
Centrais Eletricas Brasileiras SA | 5,496,099 | 77,619,186 | ||||||
CPFL Energia SA | 2,061,050 | 53,594,732 | ||||||
EDP Energias do Brasil SA | 1,374,000 | 30,758,113 | ||||||
Tractebel Energia SA | 2,748,000 | 42,937,500 | ||||||
204,909,531 |
Security | Shares | Value | ||||||
ENGINEERING & CONSTRUCTION – 0.21% |
| |||||||
Multiplan Empreendimentos Imobiliarios SA | 1,374,000 | $ | 26,802,909 | |||||
26,802,909 | ||||||||
FOOD – 2.66% |
| |||||||
BRF – Brasil Foods SA | 13,740,050 | 238,634,282 | ||||||
Cosan SA Industria e Comercio | 2,404,590 | 37,557,268 | ||||||
JBS SA | 9,961,522 | 37,355,707 | ||||||
Marfrig Alimentos SA | 2,748,000 | 23,962,428 | ||||||
337,509,685 | ||||||||
FOREST PRODUCTS & PAPER – 0.39% |
| |||||||
Fibria Celulose SAa | 3,435,026 | 49,543,644 | ||||||
49,543,644 | ||||||||
HEALTH CARE – SERVICES – 0.61% |
| |||||||
Amil Participacoes SA | 2,357,900 | 24,089,123 | ||||||
Diagnosticos da America SA | 4,465,500 | 53,940,234 | ||||||
78,029,357 | ||||||||
HOME BUILDERS – 0.93% |
| |||||||
Brookfield Incorporacoes SA | 4,465,500 | 20,771,015 | ||||||
Gafisa SA | 8,244,000 | 50,732,308 | ||||||
MRV Engenharia e | 5,839,547 | 46,358,423 | ||||||
117,861,746 | ||||||||
INSURANCE – 0.74% |
| |||||||
Odontoprev SA | 1,674,100 | 22,535,962 | ||||||
Porto Seguro SA | 2,748,000 | 43,763,221 | ||||||
SulAmerica SA | 2,404,500 | 27,527,479 | ||||||
93,826,662 | ||||||||
INTERNET – 0.12% |
| |||||||
B2W Companhia Global do Varejo | 1,030,530 | 15,848,115 | ||||||
15,848,115 | ||||||||
IRON & STEEL – 2.56% |
| |||||||
Companhia Siderurgica Nacional SA | 15,114,054 | 242,061,021 | ||||||
MMX Mineracao e Metalicos SAa | 3,778,500 | 22,139,648 | ||||||
Usinas Siderurgicas de Minas | 3,778,500 | 60,901,064 | ||||||
325,101,733 | ||||||||
MINING – 7.04% |
| |||||||
Vale SA SP ADR | 26,095,695 | 893,255,640 | ||||||
893,255,640 |
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
OIL & GAS – 12.45% |
| |||||||
HRT Participacoes em | 77,000 | $ | 86,763,359 | |||||
OGX Petroleo e Gas | 25,762,500 | 301,130,183 | ||||||
Petroleo Brasileiro SA | 60,799,544 | 1,191,144,913 | ||||||
1,579,038,455 | ||||||||
PHARMACEUTICALS – 0.49% |
| |||||||
Hypermarcas SAa | 5,496,000 | 62,754,808 | ||||||
62,754,808 | ||||||||
REAL ESTATE – 2.12% |
| |||||||
BR Malls Participacoes SA | 6,526,500 | 62,166,482 | ||||||
Cyrela Brazil Realty SA | 6,183,000 | 61,495,583 | ||||||
PDG Realty SA Empreendimentos | 21,640,500 | 118,216,433 | ||||||
Rossi Residencial SA | 3,435,000 | 26,629,507 | ||||||
268,508,005 | ||||||||
RETAIL – 0.58% |
| |||||||
Lojas Renner SA | 2,404,500 | 73,695,613 | ||||||
73,695,613 | ||||||||
SOFTWARE – 0.26% |
| |||||||
Totvs SA | 343,500 | 32,399,234 | ||||||
32,399,234 | ||||||||
TELECOMMUNICATIONS – 0.24% |
| |||||||
Tele Norte Leste Participacoes SA | 1,374,038 | 29,933,220 | ||||||
29,933,220 | ||||||||
TEXTILES – 0.32% |
| |||||||
Companhia Hering SA | 2,709,400 | 40,429,328 | ||||||
40,429,328 | ||||||||
TRANSPORTATION – 0.61% |
| |||||||
ALL – America Latina Logistica SA | 9,278,200 | 76,890,852 | ||||||
76,890,852 | ||||||||
WATER – 0.53% |
| |||||||
Companhia de Saneamento Basico | 2,748,000 | 67,329,303 | ||||||
67,329,303 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $3,906,984,783) | 5,833,081,831 |
Security | Shares | Value | ||||||
PREFERRED STOCKS – 53.47% |
| |||||||
AIRLINES – 0.50% |
| |||||||
GOL Linhas Aereas | 2,061,000 | $ | 27,273,570 | |||||
TAM SA | 1,717,500 | 36,176,908 | ||||||
63,450,478 | ||||||||
BANKS – 13.40% |
| |||||||
Banco Bradesco SA | 31,821,015 | 612,028,753 | ||||||
Banco do Estado do Rio Grande do Sul SA | 4,465,510 | 48,841,516 | ||||||
Itau Unibanco Holding SA | 46,716,049 | 1,038,758,301 | ||||||
1,699,628,570 | ||||||||
BEVERAGES – 3.26% |
| |||||||
Companhia de Bebidas das Americas | 15,556,270 | 413,213,422 | ||||||
413,213,422 | ||||||||
CHEMICALS – 1.31% |
| |||||||
Braskem SA Class A | 3,091,536 | 37,678,095 | ||||||
Ultrapar Participacoes SA | 6,526,500 | 102,721,776 | ||||||
Vale Fertilizantes SA | 2,404,580 | 25,620,915 | ||||||
166,020,786 | ||||||||
ELECTRIC – 3.23% |
| |||||||
AES Tiete SA | 2,061,000 | 28,487,380 | ||||||
Centrais Eletricas Brasileiras SA Class B | 4,815,551 | 87,671,289 | ||||||
Companhia de Transmissao de Energia Electrica Paulista | 697,276 | 21,362,458 | ||||||
Companhia Energetica de | 7,900,535 | 131,279,924 | ||||||
Companhia Energetica de Sao Paulo Class B | 3,435,070 | 56,356,617 | ||||||
Companhia Paranaense de Energia Class B | 2,061,000 | 51,772,716 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 1,682,620 | 32,459,196 | ||||||
409,389,580 | ||||||||
FOOD – 0.60% |
| |||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | 2,061,028 | 76,545,391 | ||||||
76,545,391 | ||||||||
FOREST PRODUCTS & PAPER – 0.52% |
| |||||||
Klabin SA | 9,274,500 | 34,333,486 |
18 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Suzano Bahia Sul Papel | 3,778,507 | $ | 32,267,178 | |||||
66,600,664 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 2.77% |
| |||||||
Itausa – Investimentos Itau SA | 48,090,084 | 350,849,531 | ||||||
350,849,531 | ||||||||
INVESTMENT COMPANIES – 0.98% |
| |||||||
Bradespar SA | 4,809,000 | 124,791,238 | ||||||
124,791,238 | ||||||||
IRON & STEEL – 2.87% |
| |||||||
Gerdau SA | 13,053,046 | 172,497,886 | ||||||
Metalurgica Gerdau SA | 5,496,090 | 85,347,936 | ||||||
Usinas Siderurgicas de Minas Gerais | 9,274,500 | 105,898,738 | ||||||
363,744,560 | ||||||||
MINING – 9.60% |
| |||||||
Vale SA Class A | 40,876,500 | 1,218,434,135 | ||||||
1,218,434,135 | ||||||||
OIL & GAS – 11.58% |
| |||||||
Petroleo Brasileiro SA | 85,531,578 | 1,469,045,973 | ||||||
1,469,045,973 | ||||||||
RETAIL – 0.41% |
| |||||||
Lojas Americanas SA | 6,526,500 | 52,557,151 | ||||||
52,557,151 | ||||||||
TELECOMMUNICATIONS – 2.44% |
| |||||||
Brasil Telecom SA | 5,496,015 | 41,451,315 | ||||||
Tele Norte Leste Participacoes SA | 5,152,539 | 80,353,598 | ||||||
Telemar Norte Leste SA Class A | 687,000 | 19,937,037 | ||||||
TIM Participacoes SA | 11,679,019 | 44,287,626 | ||||||
Vivo Participacoes SA | 3,435,080 | 123,241,753 | ||||||
309,271,329 | ||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $3,909,554,183) |
| 6,783,542,808 |
Security | Shares | Value | ||||||
RIGHTS – 0.00% |
| |||||||
TELECOMMUNICATIONS – 0.00% |
| |||||||
Tele Norte Leste Participacoes SAa | 1,327,823 | $ | 31,919 | |||||
Tele Norte Leste Participacoes | 5,311,185 | 95,754 | ||||||
Telemar Norte Leste SAa,b | 1,292 | – | ||||||
Telemar Norte Leste SA | 610,617 | 29,357 | ||||||
157,030 | ||||||||
TOTAL RIGHTS | ||||||||
(Cost: $0) | 157,030 | |||||||
SHORT-TERM INVESTMENTS – 0.06% |
| |||||||
MONEY MARKET FUNDS – 0.06% |
| |||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.07%c,d | 8,169,947 | 8,169,947 | ||||||
8,169,947 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $8,169,947) | 8,169,947 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $7,824,708,913) | 12,624,951,616 | |||||||
Other Assets, Less Liabilities – 0.49% |
| 62,085,015 | ||||||
NET ASSETS – 100.00% | $ | 12,687,036,631 | ||||||
SP ADR – Sponsored American Depositary Receipts
a | Non-income earning security. |
b | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. 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. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 80.45% |
| |||||||
BRAZIL – 14.74% |
| |||||||
ALL – America Latina Logistica SA | 292,200 | $ | 2,421,537 | |||||
Anhanguera Educacional | 48,700 | 1,088,726 | ||||||
B2W Companhia Global do Varejo | 48,700 | 748,938 | ||||||
Banco do Brasil SA | 347,189 | 6,207,255 | ||||||
Banco Santander (Brasil) SA | 340,937 | 4,116,241 | ||||||
BM&F Bovespa SA | 1,121,169 | 7,620,446 | ||||||
BR Malls Participacoes SA | 194,800 | 1,855,517 | ||||||
BRF – Brasil Foods SA | 340,900 | 5,920,679 | ||||||
Centrais Eletricas Brasileiras SA | 194,800 | 2,751,082 | ||||||
CETIP Balcao Organizado | 48,700 | 715,574 | ||||||
Cielo SA | 370,400 | 2,922,687 | ||||||
Companhia de | 146,100 | 4,073,942 | ||||||
Companhia Hering SA | 97,400 | 1,453,391 | ||||||
Companhia Siderurgica Nacional SA | 535,700 | 8,579,570 | ||||||
Cosan SA Industria e Comercio | 97,400 | 1,521,290 | ||||||
CPFL Energia SA | 97,400 | 2,532,751 | ||||||
Cyrela Brazil Realty SA | 194,800 | 1,937,464 | ||||||
Diagnosticos da America SA | 146,100 | 1,764,790 | ||||||
Duratex SA | 194,800 | 1,955,024 | ||||||
Empresa Brasileira de | 389,600 | 3,280,226 | ||||||
Fibria Celulose SAa | 97,441 | 1,405,399 | ||||||
Gafisa SA | 194,800 | 1,198,769 | ||||||
Hypermarcas SAa | 146,100 | 1,668,209 | ||||||
JBS SA | 292,252 | 1,095,945 | ||||||
Lojas Renner SA | 48,700 | 1,492,608 | ||||||
Marfrig Alimentos SA | 146,100 | 1,273,985 | ||||||
MMX Mineracao e Metalicos SAa | 97,400 | 570,703 | ||||||
MRV Engenharia e Participacoes SA | 243,500 | 1,933,074 | ||||||
Multiplan Empreendimentos | 48,700 | 950,001 | ||||||
Natura Cosmeticos SA | 97,400 | 2,470,706 | ||||||
Odontoprev SA | 48,700 | 655,577 | ||||||
OGX Petroleo e Gas | 779,200 | 9,107,837 | ||||||
PDG Realty SA Empreendimentos | 535,700 | 2,926,390 |
Security | Shares | Value | ||||||
Petroleo Brasileiro SA | 1,850,600 | $ | 36,255,745 | |||||
Redecard SA | 243,500 | 3,146,184 | ||||||
Rossi Residencial SA | 146,100 | 1,132,626 | ||||||
Souza Cruz SA | 97,400 | 4,670,986 | ||||||
SulAmerica SA | 48,700 | 557,533 | ||||||
Tele Norte Leste Participacoes SA | 48,700 | 1,060,922 | ||||||
Tractebel Energia SA | 146,100 | 2,282,812 | ||||||
Usinas Siderurgicas de Minas Gerais SA | 146,100 | 2,354,809 | ||||||
Vale SA | 876,600 | 29,659,002 | ||||||
171,336,952 | ||||||||
CHINA – 36.59% |
| |||||||
Agile Property Holdings Ltd. | 1,948,000 | 2,455,898 | ||||||
Agricultural Bank of China Ltd. | 8,279,000 | 4,102,751 | ||||||
Air China Ltd. Class Ha | 1,948,000 | 1,818,165 | ||||||
Alibaba.com Ltd.b | 974,000 | 1,815,664 | ||||||
Aluminum Corp. of China Ltd. | 1,948,000 | 1,923,203 | ||||||
Angang New Steel Co. Ltd. Class H | 974,000 | 1,340,490 | ||||||
Anhui Conch Cement Co. Ltd. | 76,000 | 363,454 | ||||||
Anta Sports Products Ltd. | 487,040 | 779,099 | ||||||
Bank of China Ltd. Class H | 40,421,000 | 21,328,426 | ||||||
Bank of Communications Co. Ltd. Class H | 3,896,000 | 3,756,374 | ||||||
BBMG Corp. Class H | 1,217,500 | 1,622,468 | ||||||
Beijing Capital International Airport Co. Ltd. Class H | 974,000 | 485,177 | ||||||
Belle International Holdings Ltd. | 3,409,000 | 5,917,164 | ||||||
Bosideng International | 974,000 | 258,845 | ||||||
Brilliance China Automotive | 974,000 | 796,541 | ||||||
BYD Co. Ltd. Class Hb | 487,000 | 1,919,452 | ||||||
Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd.a | 97,400 | 223,582 | ||||||
Chaoda Modern Agriculture (Holdings) Ltd. | 1,178,556 | 755,024 | ||||||
China Agri-Industries Holdings Ltd.b | 1,461,000 | 1,483,668 | ||||||
China CITIC Bank Class H | 3,896,000 | 2,555,935 | ||||||
China Coal Energy Co. Class H | 1,948,000 | 2,776,015 |
20 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
China Communications Construction Co. Ltd. Class H | 3,409,000 | $ | 2,551,558 | |||||
China Construction Bank Corp. Class H | 29,639,370 | 25,913,496 | ||||||
China COSCO Holdings Co. Ltd. Class Ha | 1,704,500 | 1,818,478 | ||||||
China Dongxiang (Group) Co. Ltd. | 2,922,000 | 1,106,655 | ||||||
China Everbright Ltd.b | 974,000 | 2,028,242 | ||||||
China Gas Holdings Ltd. | 1,920,000 | 719,770 | ||||||
China High Speed Transmission Equipment Group Co. Ltd. | 974,000 | 1,355,496 | ||||||
China Life Insurance Co. Ltd. Class H | 5,357,000 | 20,391,834 | ||||||
China Longyuan Power Group Corp. Ltd. Class Ha,b | 974,000 | 876,571 | ||||||
China Mengniu Dairy Co. Ltd. | 974,000 | 2,582,194 | ||||||
China Merchants Bank Co. Ltd. Class H | 2,435,297 | 5,827,842 | ||||||
China Merchants Holdings (International) Co. Ltd. | 974,000 | 4,114,005 | ||||||
China Minsheng Banking Corp. Ltd. Class H | 2,034,000 | 1,773,090 | ||||||
China Mobile Ltd. | 3,896,000 | 36,538,364 | ||||||
China National Building Material Co. Ltd. Class H | 974,000 | 2,390,875 | ||||||
China Oilfield Services Ltd. Class Hb | 974,000 | 1,940,710 | ||||||
China Overseas Land & Investment Ltd. | 2,922,800 | 4,848,100 | ||||||
China Pacific Insurance (Group) Co. Ltd. Class H | 194,800 | 787,788 | ||||||
China Petroleum & Chemical Corp. Class H | 11,688,000 | 11,914,358 | ||||||
China Railway Construction Corp. Ltd. Class H | 1,948,000 | 2,178,297 | ||||||
China Railway Group Ltd. Class H | 2,922,000 | 1,856,929 | ||||||
China Resources Enterprise Ltd.b | 974,000 | 3,551,299 | ||||||
China Resources Land Ltd. | 1,948,000 | 3,161,156 | ||||||
China Resources Power | 1,008,200 | 1,690,440 | ||||||
China Shenhua Energy Co. Ltd. Class H | 2,191,500 | 9,087,699 | ||||||
China Shipping Container Lines Co. Ltd. Class Ha | 2,435,000 | 1,056,636 |
Security | Shares | Value | ||||||
China Shipping Development Co. Ltd. Class H | 974,000 | $ | 1,064,139 | |||||
China Southern Airlines Co. Ltd. Class Ha | 974,000 | 460,168 | ||||||
China Taiping Insurance Holdings Co. Ltd.a | 487,000 | 1,328,611 | ||||||
China Telecom Corp. Ltd. Class H | 8,766,000 | 5,154,385 | ||||||
China Unicom (Hong Kong) Ltd. | 3,923,900 | 6,548,943 | ||||||
China Yurun Food Group Ltd. | 974,000 | 3,082,377 | ||||||
China Zhongwang Holdings Ltd.b | 904,400 | 366,908 | ||||||
CITIC Pacific Ltd. | 974,000 | 2,538,428 | ||||||
CNOOC Ltd. | 11,688,000 | 26,529,704 | ||||||
CNPC (Hong Kong) Ltd. | 2,922,000 | 4,336,586 | ||||||
COSCO Pacific Ltd.b | 974,000 | 1,875,686 | ||||||
Country Garden Holdings Co. Ltd. | 1,461,000 | 579,587 | ||||||
CSR Corp Ltd. Class H | 1,461,000 | 1,620,593 | ||||||
Datang International Power Generation Co. Ltd. Class Hb | 1,948,000 | 662,742 | ||||||
Dongfeng Motor Group Co. Ltd. Class H | 1,948,000 | 3,376,235 | ||||||
Evergrande Real Estate Group Ltd. | 1,948,000 | 915,335 | ||||||
Fosun International Ltd. | 2,191,500 | 1,589,644 | ||||||
Franshion Properties (China) Ltd.b | 2,922,000 | 814,048 | ||||||
Fushan International Energy Group Ltd.b | 1,948,000 | 1,433,024 | ||||||
GCL Poly Energy Holdings Ltd.a | 2,922,000 | 1,470,538 | ||||||
Geely Automobile Holdings Ltd. | 2,435,000 | 1,044,132 | ||||||
Golden Eagle Retail Group Ltd. | 487,000 | 1,102,903 | ||||||
GOME Electrical Appliances Holdings Ltd.a,b | 5,844,400 | 1,973,357 | ||||||
Great Wall Motor Co. Ltd. Class H | 243,500 | 378,263 | ||||||
Greentown China Holdings Ltd. | 487,000 | 487,053 | ||||||
Guangdong Investment Ltd. | 2,922,000 | 1,478,041 | ||||||
Guangzhou Automobile Group Co. Ltd. Class H | 2,274,454 | 2,920,029 | ||||||
Guangzhou R&F Properties Co. Ltd. Class H | 779,200 | 1,044,382 | ||||||
Hengan International Group Co. Ltd. | 730,500 | 5,387,908 | ||||||
Hidili Industry International Development Ltd. | 487,000 | 402,022 | ||||||
Hopson Development Holdings Ltd.a | 974,000 | 1,077,894 | ||||||
Huabao International Holdings Ltd.b | 974,000 | �� | 1,229,200 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Huaneng Power International Inc. Class H | 2,922,000 | $ | 1,631,847 | |||||
Industrial and Commercial Bank of China Ltd. Class H | 34,060,050 | 26,149,079 | ||||||
Jiangsu Expressway Co. Ltd. Class H | 1,948,000 | 2,108,271 | ||||||
Jiangxi Copper Co. Ltd. Class H | 1,461,000 | 4,586,052 | ||||||
Kingboard Chemical Holdings Co. Ltd. | 243,500 | 1,292,660 | ||||||
Lee & Man Paper Manufacturing Ltd. | 487,000 | 316,991 | ||||||
Lenovo Group Ltd.b | 2,922,000 | 1,766,896 | ||||||
Li Ning Co. Ltd.b | 730,500 | 1,369,251 | ||||||
Longfor Properties Co. Ltd. | 1,704,500 | 2,407,130 | ||||||
Maanshan Iron & Steel Co. Ltd. Class Hb | 1,948,000 | 995,364 | ||||||
Metallurgical Corp. of China Ltd. Class Ha | 2,922,000 | 1,181,682 | ||||||
Nine Dragons Paper (Holdings) Ltd. | 974,000 | 1,081,646 | ||||||
Parkson Retail Group Ltd. | 730,500 | 1,033,503 | ||||||
PetroChina Co. Ltd. Class H | 14,610,000 | 19,882,272 | ||||||
PICC Property and Casualty Co. Ltd. Class Ha | 1,948,000 | 2,463,401 | ||||||
Ping An Insurance (Group) Co. of China Ltd. Class H | 1,167,000 | 11,970,921 | ||||||
Poly (Hong Kong) Investments Ltd.b | 1,469,984 | 1,171,964 | ||||||
Renhe Commercial Holdings Co. Ltd. | 2,922,000 | 438,911 | ||||||
Semiconductor Manufacturing International Corp.a | 6,331,000 | 503,934 | ||||||
Shanghai Electric Group Co. Ltd. | 2,922,000 | 1,710,626 | ||||||
Shanghai Industrial Holdings Ltd.b | 487,000 | 1,744,388 | ||||||
Shimao Property Holdings Ltd. | 1,461,000 | 1,995,730 | ||||||
Shui On Land Ltd. | 3,165,500 | 1,487,419 | ||||||
Sino-Ocean Land Holdings Ltd.b | 3,165,500 | 1,934,458 | ||||||
Sinofert Holdings Ltd.a,b | 1,948,000 | 1,040,381 | ||||||
Sinopharm Group Co. Ltd. Class H | 389,600 | 1,415,518 | ||||||
Soho China Ltd. | 2,922,000 | 2,097,017 | ||||||
Tencent Holdings Ltd. | 584,400 | 15,455,653 | ||||||
Tingyi (Cayman Islands) Holding Corp. | 1,948,000 | 4,376,601 | ||||||
Want Want China Holdings Ltd. | 3,409,000 | 2,547,182 | ||||||
Weichai Power Co. Ltd. Class H | 487,000 | 3,238,685 | ||||||
Yanzhou Coal Mining Co. Ltd. Class H | 974,000 | 2,907,313 |
Security | Shares | Value | ||||||
Zhaojin Mining Industry Co. Ltd. Class H | 243,500 | $ | 1,034,753 | |||||
Zhejiang Expressway Co. Ltd. Class H | 1,948,000 | 1,745,639 | ||||||
Zijin Mining Group Co. Ltd. Class H | 2,438,000 | 2,000,067 | ||||||
ZTE Corp. Class H | 292,200 | 1,346,743 | ||||||
425,242,090 | ||||||||
INDIA – 13.78% |
| |||||||
Dr. Reddy’s Laboratories Ltd. SP ADRb | 393,496 | 13,398,539 | ||||||
HDFC Bank Ltd. SP ADR | 159,736 | 23,498,763 | ||||||
ICICI Bank Ltd. SP ADR | 505,019 | 21,897,624 | ||||||
Infosys Technologies Ltd. SP ADR | 493,818 | 32,937,660 | ||||||
Mahanagar Telephone Nigam Ltd. SP ADRa,b | 285,241 | 524,843 | ||||||
Reliance Industries Ltd. SP GDRc | 691,540 | 29,452,689 | ||||||
Sterlite Industries (India) Ltd. SP ADR | 764,103 | 11,262,878 | ||||||
Tata Communications Ltd. SP ADRa | 181,724 | 1,635,516 | ||||||
Tata Motors Ltd. SP ADR | 445,605 | 10,970,795 | ||||||
Wipro Ltd. SP ADRb | 1,104,029 | 14,529,022 | ||||||
160,108,329 | ||||||||
RUSSIA – 15.34% |
| |||||||
Comstar United Telesystems OJSC SP GDRa | 136,277 | 927,365 | ||||||
Federal Grid Co. of Unified Energy System OJSCa | 143,908,500 | 2,099,682 | ||||||
Gazprom OAO SP ADR | 1,716,188 | 50,490,251 | ||||||
LUKOIL OAO SP ADR | 308,271 | 21,945,813 | ||||||
Magnit OJSC SP GDRd | 163,632 | 4,647,149 | ||||||
Mechel OAO SP ADR | 90,095 | 2,741,591 | ||||||
MMC Norilsk Nickel OJSC SP ADR | 423,203 | 10,220,352 | ||||||
Mobile TeleSystems OJSC SP ADR | 365,250 | 6,877,658 | ||||||
NovaTek OAO SP GDRd | 64,284 | 8,350,492 | ||||||
Novolipetsk Steel OJSC SP GDRd | 76,459 | 3,509,468 | ||||||
OGK-4 OJSCa | 1,558,400 | 142,043 | ||||||
Polymetal OJSC SP GDRa | 36,525 | 696,206 | ||||||
Polyus Gold OJSC SP ADR | 60,388 | 2,062,250 | ||||||
Rosneft Oil Co. OJSC SP GDRd | 1,021,726 | 9,645,093 | ||||||
RusHydro OJSCa | 28,538,200 | 1,461,793 | ||||||
Sberbank of Russia OJSC GDRd | 51,622 | 19,964,089 | ||||||
Severstal OAO SP GDRd | 199,183 | 3,798,420 | ||||||
Sistema JSFC OJSC SP GDRd | 92,043 | 2,346,176 | ||||||
Surgutneftegaz OJSC SP ADR | 521,090 | 6,122,808 |
22 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Tatneft OAO SP ADRb | 155,353 | $ | 6,485,988 | |||||
TMK OAO SP GDRa,d | 47,239 | 944,780 | ||||||
Uralkali OJSC SP GDRd | 117,367 | 4,796,789 | ||||||
VTB Bank OJSC | 690,002,001 | 2,420,002 | ||||||
VTB Bank OJSC SP GDRd | 481,643 | 3,337,786 | ||||||
Wimm-Bill-Dann Foods OJSC SP ADR | 68,667 | 2,223,437 | ||||||
178,257,481 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $809,588,218) |
| 934,944,852 | ||||||
PREFERRED STOCKS – 19.33% |
| |||||||
BRAZIL – 19.21% |
| |||||||
AES Tiete SA | 97,400 | 1,346,274 | ||||||
Banco Bradesco SA | 1,287,762 | 24,768,656 | ||||||
Banco do Estado do Rio Grande do Sul SA | 48,700 | 532,656 | ||||||
Bradespar SA | 194,800 | 5,054,966 | ||||||
Brasil Telecom SA | 176,898 | 1,334,177 | ||||||
Braskem SA Class A | 146,100 | 1,780,594 | ||||||
Centrais Eletricas Brasileiras SA Class B | 170,682 | 3,107,414 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | 48,700 | 1,808,690 | ||||||
Companhia de Bebidas das Americas | 497,315 | 13,209,930 | ||||||
Companhia de Transmissao de Energia Electrica Paulista | 48,871 | 1,497,262 | ||||||
Companhia Energetica de Minas Gerais | 243,593 | 4,047,684 | ||||||
Companhia Energetica de Sao Paulo Class B | 97,400 | 1,597,969 | ||||||
Companhia Paranaense de Energia Class B | 97,400 | 2,446,707 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 48,200 | 929,820 | ||||||
Gerdau SA | 438,300 | 5,792,198 | ||||||
GOL Linhas Aereas Inteligentes SA | 48,700 | 644,455 | ||||||
Itau Unibanco Holding SA | 1,461,067 | 32,487,668 | ||||||
Itausa – Investimentos Itau SA | 1,655,817 | 12,080,299 | ||||||
Klabin SA | 389,600 | 1,442,269 | ||||||
Lojas Americanas SA | 292,200 | 2,353,053 | ||||||
Metalurgica Gerdau SA | 194,800 | 3,025,019 | ||||||
Petroleo Brasileiro SA | 2,727,214 | 46,841,212 |
Security | Shares | Value | ||||||
Suzano Bahia Sul Papel e | 97,400 | $ | 831,763 | |||||
TAM SA | 48,700 | 1,025,802 | ||||||
Tele Norte Leste Participacoes SA | 194,800 | 3,037,897 | ||||||
Telemar Norte Leste SA Class A | 48,700 | 1,413,295 | ||||||
TIM Participacoes SA | 438,457 | 1,662,658 | ||||||
Usinas Siderurgicas de Minas Gerais | 292,200 | 3,336,418 | ||||||
Vale Fertilizantes SA | 97,420 | 1,038,015 | ||||||
Vale SA Class A | 1,314,900 | 39,194,135 | ||||||
Vivo Participacoes SA | 99,719 | 3,577,659 | ||||||
223,246,614 | ||||||||
RUSSIA – 0.12% |
| |||||||
Sberbank of Russia | 579,530 | 1,419,974 | ||||||
1,419,974 | ||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $188,217,211) | 224,666,588 | |||||||
RIGHTS – 0.00% |
| |||||||
BRAZIL – 0.00% |
| |||||||
Tele Norte Leste Participacoes SAa | 47,062 | 1,131 | ||||||
Tele Norte Leste Participacoes SA Preferreda | 188,248 | 3,394 | ||||||
Telemar Norte Leste SAa,e | 91 | – | ||||||
Telemar Norte Leste SA | 43,285 | 2,081 | ||||||
6,606 | ||||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) | 6,606 | |||||||
SHORT-TERM INVESTMENTS – 2.31% |
| |||||||
MONEY MARKET FUNDS – 2.31% |
| |||||||
BlackRock Cash Funds: Institutional, | 23,403,164 | 23,403,164 | ||||||
BlackRock Cash Funds: Prime, | 3,363,227 | 3,363,227 |
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.07%f,g | 104,525 | $ | 104,525 | |||||
26,870,916 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $26,870,916) | 26,870,916 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $1,024,676,345) | 1,186,488,962 | |||||||
Other Assets, Less Liabilities – (2.09)% |
| (24,252,226 | ) | |||||
NET ASSETS – 100.00% | $ | 1,162,236,736 | ||||||
GDR – Global Depositary Receipts
SP ADR – Sponsored American Depositary Receipts
SP GDR – Sponsored Global Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
c | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
d | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
e | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
f | Affiliated issuer. See Note 2. |
g | The rate quoted is the annualized seven-day yield of the fund at period end. |
h | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
24 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI CANADA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.81% |
| |||||||
AEROSPACE & DEFENSE – 0.23% |
| |||||||
CAE Inc. | 1,046,566 | $ | 13,327,058 | |||||
13,327,058 | ||||||||
APPAREL – 0.26% |
| |||||||
Gildan Activewear Inc. | 469,907 | 14,995,750 | ||||||
14,995,750 | ||||||||
AUTO PARTS & EQUIPMENT – 0.75% |
| |||||||
Magna International Inc. Class A | 888,400 | 43,620,071 | ||||||
43,620,071 | ||||||||
BANKS – 21.41% |
| |||||||
Bank of Montreal | 2,309,125 | 146,809,692 | ||||||
Bank of Nova Scotia | 4,386,188 | 270,043,897 | ||||||
Canadian Imperial Bank | 1,600,972 | 135,020,152 | ||||||
National Bank of Canada | 662,563 | 50,894,737 | ||||||
Royal Bank of Canada | 5,808,859 | 338,499,926 | ||||||
Toronto-Dominion Bank (The) | 3,568,811 | 297,721,342 | ||||||
1,238,989,746 | ||||||||
CHEMICALS – 4.91% |
| |||||||
Agrium Inc. | 642,127 | 60,697,490 | ||||||
Potash Corp. of Saskatchewan Inc. | 3,640,557 | 223,614,737 | ||||||
284,312,227 | ||||||||
COMMERCIAL SERVICES – 0.17% |
| |||||||
Ritchie Bros. Auctioneers Inc.a | 387,188 | 9,817,265 | ||||||
9,817,265 | ||||||||
COMPUTERS – 2.51% |
| |||||||
CGI Group Inc. Class Ab | 970,699 | 19,293,458 | ||||||
Research In Motion Ltd.b | 1,914,818 | 126,043,379 | ||||||
145,336,837 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.88% |
| |||||||
CI Financial Corp. | 645,562 | 15,248,922 | ||||||
IGM Financial Inc. | 479,145 | 23,206,243 | ||||||
TMX Group Inc. | 303,002 | 12,592,049 | ||||||
51,047,214 | ||||||||
ELECTRIC – 0.74% |
| |||||||
Fortis Inc. | 708,010 | 23,967,215 | ||||||
TransAlta Corp. | 898,129 | 18,938,537 | ||||||
42,905,752 |
Security | Shares | Value | ||||||
ENGINEERING & CONSTRUCTION – 0.61% |
| |||||||
SNC-Lavalin Group Inc. | 616,204 | $ | 35,560,323 | |||||
35,560,323 | ||||||||
FOOD – 1.44% |
| |||||||
Empire Co. Ltd. Class A | 116,718 | 6,258,974 | ||||||
George Weston Ltd. | 210,447 | 14,703,541 | ||||||
Loblaw Companies Ltd. | 455,731 | 18,485,502 | ||||||
Metro Inc. Class A | 426,337 | 19,248,708 | ||||||
Saputo Inc. | 588,776 | 24,866,882 | ||||||
83,563,607 | ||||||||
FOREST PRODUCTS & PAPER – 0.39% |
| |||||||
Sino-Forest Corp. Class Ab | 1,000,531 | 22,288,777 | ||||||
22,288,777 | ||||||||
GAS – 0.31% |
| |||||||
Canadian Utilities Ltd. Class A | 349,952 | 18,058,680 | ||||||
18,058,680 | ||||||||
HAND & MACHINE TOOLS – 0.34% |
| |||||||
Finning International Inc. | 697,834 | 19,798,995 | ||||||
19,798,995 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 0.43% |
| |||||||
Onex Corp. | 385,686 | 13,740,719 | ||||||
Sherritt International Corp. | 1,199,541 | 11,188,577 | ||||||
24,929,296 | ||||||||
INSURANCE – 6.74% |
| |||||||
Fairfax Financial Holdings Ltd. | 81,221 | 31,376,617 | ||||||
Great-West Lifeco Inc. | 1,159,446 | 32,634,143 | ||||||
Industrial Alliance Insurance and Financial Services Inc. | 341,084 | 13,810,656 | ||||||
Intact Financial Corp. | 460,319 | 23,380,832 | ||||||
Manulife Financial Corp. | 7,224,304 | 136,102,018 | ||||||
Power Corp. of Canada | 1,418,391 | 42,731,476 | ||||||
Power Financial Corp. | 1,010,078 | 32,783,097 | ||||||
Sun Life Financial Inc. | 2,331,268 | 77,194,621 | ||||||
390,013,460 | ||||||||
MANUFACTURING – 0.65% |
| |||||||
Bombardier Inc. Class B | 5,856,381 | 37,558,238 | ||||||
37,558,238 | ||||||||
MEDIA – 1.77% |
| |||||||
Shaw Communications Inc. Class B | 1,425,838 | 30,270,985 | ||||||
Thomson Reuters Corp. | 1,526,892 | 60,038,480 |
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CANADA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Yellow Media Inc. | 2,070,373 | $ | 11,833,131 | |||||
102,142,596 | ||||||||
MINING – 17.35% |
| |||||||
Agnico-Eagle Mines Ltd. | 684,318 | 47,959,488 | ||||||
Barrick Gold Corp. | 4,019,552 | 211,505,440 | ||||||
Cameco Corp. | 1,604,079 | 65,065,151 | ||||||
Centerra Gold Inc. | 672,669 | 12,893,599 | ||||||
Eldorado Gold Corp. | 2,232,701 | 37,916,168 | ||||||
First Quantum Minerals Ltd. | 351,180 | 45,584,393 | ||||||
Franco-Nevada Corp. | 466,389 | 15,821,477 | ||||||
Goldcorp Inc. | 3,226,549 | 153,654,650 | ||||||
IAMGOLD Corp. | 1,443,599 | 30,499,927 | ||||||
Inmet Mining Corp. | 205,838 | 14,111,166 | ||||||
Ivanhoe Mines Ltd.b | 1,245,188 | 35,162,458 | ||||||
Kinross Gold Corp. | 4,611,290 | 72,868,366 | ||||||
Osisko Mining Corp.b | 1,397,404 | 19,214,215 | ||||||
Pan American Silver Corp. | 414,751 | 16,159,351 | ||||||
Silver Wheaton Corp.b | 1,341,273 | 56,841,183 | ||||||
Teck Resources Ltd. Class B | 2,365,592 | 130,471,059 | ||||||
Yamana Gold Inc. | 3,021,190 | 38,286,077 | ||||||
1,004,014,168 | ||||||||
OIL & GAS – 23.86% |
| |||||||
ARC Resources Ltd. | 1,153,021 | 33,600,940 | ||||||
Athabasca Oil Sands Corp.b | 810,947 | 13,730,055 | ||||||
Baytex Energy Corp. | 458,795 | 26,292,854 | ||||||
Bonavista Energy Corp. | 542,379 | 17,069,174 | ||||||
Canadian Natural Resources Ltd. | 4,435,944 | 222,718,937 | ||||||
Canadian Oil Sands Ltd. | 1,964,891 | 60,586,912 | ||||||
Cenovus Energy Inc. | 3,065,605 | 118,748,744 | ||||||
Crescent Point Energy Corp. | 974,058 | 46,956,282 | ||||||
EnCana Corp. | 2,997,525 | 97,133,897 | ||||||
Enerplus Corp. | 726,227 | 23,637,495 | ||||||
Husky Energy Inc. | 1,039,358 | 31,963,018 | ||||||
Imperial Oil Ltd. | 1,209,351 | 62,778,787 | ||||||
MEG Energy Corp.b | 191,835 | 9,645,390 | ||||||
Nexen Inc. | 2,140,305 | 58,221,216 | ||||||
Niko Resources Ltd. | 187,436 | 15,961,535 | ||||||
Pacific Rubiales Energy Corp. | 1,035,407 | 34,593,250 | ||||||
Pengrowth Energy Corp. | 1,330,399 | 17,064,273 | ||||||
Penn West Petroleum Ltd. | 1,860,121 | 53,615,309 | ||||||
PetroBakken Energy Ltd. Class A | 305,919 | 7,000,148 | ||||||
Progress Energy Resources Corp. | 744,463 | 9,869,644 |
Security | Shares | Value | ||||||
Suncor Energy Inc. | 6,372,665 | $ | 298,574,608 | |||||
Talisman Energy Inc. | 4,157,836 | 102,863,297 | ||||||
Vermilion Energy Inc. | 343,731 | 18,005,713 | ||||||
1,380,631,478 | ||||||||
PHARMACEUTICALS – 0.80% |
| |||||||
Valeant Pharmaceuticals | 1,161,125 | 46,454,532 | ||||||
46,454,532 | ||||||||
PIPELINES – 3.49% |
| |||||||
Enbridge Inc. | 1,480,779 | 88,204,013 | ||||||
TransCanada Corp. | 2,836,736 | 113,638,267 | ||||||
201,842,280 | ||||||||
REAL ESTATE – 1.64% |
| |||||||
Brookfield Asset Management Inc. Class A | 2,273,253 | 76,883,094 | ||||||
Brookfield Properties Corp. | 1,023,232 | 17,891,204 | ||||||
94,774,298 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 0.22% |
| |||||||
RioCan Real Estate | 501,993 | 12,475,779 | ||||||
12,475,779 | ||||||||
RETAIL – 1.76% |
| |||||||
Alimentation Couche-Tard Inc. Class B | 510,287 | 13,451,617 | ||||||
Canadian Tire Corp. Ltd. Class A | 317,989 | 20,151,866 | ||||||
Shoppers Drug Mart Corp. | 886,429 | 37,474,603 | ||||||
Tim Hortons Inc. | 705,156 | 30,961,598 | ||||||
102,039,684 | ||||||||
SOFTWARE – 0.24% |
| |||||||
Open Text Corp.b | 231,852 | 13,591,611 | ||||||
13,591,611 | ||||||||
TELECOMMUNICATIONS – 2.41% |
| |||||||
BCE Inc. | 1,016,591 | 37,573,863 | ||||||
Rogers Communications Inc. Class B | 1,755,401 | 61,782,622 | ||||||
TELUS Corp. | 231,158 | 11,420,920 | ||||||
TELUS Corp. NVS | 599,753 | 28,370,646 | ||||||
139,148,051 | ||||||||
TRANSPORTATION – 3.50% |
| |||||||
Canadian National Railway Co. | 1,885,694 | 137,496,707 | ||||||
Canadian Pacific Railway Ltd. | 689,369 | 46,644,084 |
26 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CANADA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Viterra Inc. | 1,514,774 | $ | 18,496,547 | |||||
202,637,338 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $4,937,503,862) |
| 5,775,875,111 | ||||||
SHORT-TERM INVESTMENTS – 0.23% |
| |||||||
MONEY MARKET FUNDS – 0.23% |
| |||||||
BlackRock Cash Funds: Institutional, | 8,759,275 | 8,759,275 | ||||||
BlackRock Cash Funds: Prime, | 1,258,780 | 1,258,780 | ||||||
BlackRock Cash Funds: Treasury, | 3,427,017 | 3,427,017 | ||||||
13,445,072 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $13,445,072) |
| 13,445,072 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $4,950,948,934) |
| 5,789,320,183 | ||||||
Other Assets, Less Liabilities – (0.04)% |
| (2,519,975 | ) | |||||
NET ASSETS – 100.00% |
| $ | 5,786,800,208 | |||||
NVS - Non-Voting Shares
a | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI CHILE INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 100.08% |
| |||||||
AIRLINES – 4.69% |
| |||||||
LAN Airlines SA | 1,501,888 | $ | 40,904,502 | |||||
40,904,502 | ||||||||
APPAREL – 0.41% |
| |||||||
Forus SA | 1,217,852 | 3,591,349 | ||||||
3,591,349 | ||||||||
BANKS – 10.36% |
| |||||||
Banco de Credito e Inversiones | 491,458 | 31,371,532 | ||||||
Banco Santander (Chile) SA | 524,719,516 | 42,065,981 | ||||||
CorpBanca SA | 1,132,230,880 | 16,956,633 | ||||||
90,394,146 | ||||||||
BEVERAGES – 3.58% |
| |||||||
Compania Cervecerias | 1,674,936 | 17,992,993 | ||||||
Vina Concha y Toro SA | 6,324,485 | 13,255,108 | ||||||
31,248,101 | ||||||||
BUILDING MATERIALS – 0.93% |
| |||||||
SalfaCorp SA | 2,458,323 | 8,129,683 | ||||||
8,129,683 | ||||||||
CHEMICALS – 5.20% |
| |||||||
Sociedad Quimica y Minera de Chile SA Series B | 862,586 | 45,423,170 | ||||||
45,423,170 | ||||||||
COMPUTERS – 1.02% |
| |||||||
Sonda SA | 3,846,895 | 8,913,290 | ||||||
8,913,290 | ||||||||
ELECTRIC – 21.56% |
| |||||||
AES Gener SA | 32,315,550 | 16,949,072 | ||||||
Colbun SA | 94,139,558 | 23,596,856 | ||||||
Empresa Electrica | 332,575 | 1,294,573 | ||||||
Empresa Nacional de | 43,365,286 | 75,824,168 | ||||||
Enersis SA | 174,291,915 | 70,524,438 | ||||||
188,189,107 | ||||||||
ENGINEERING & CONSTRUCTION – 1.49% |
| |||||||
Besalco SA | 4,137,664 | 7,748,043 | ||||||
Socovesa SA | 7,460,179 | 5,264,160 | ||||||
13,012,203 | ||||||||
FOOD – 10.38% |
| |||||||
Cencosud SA | 12,272,736 | 83,757,061 | ||||||
Empresas Iansa SAa | 34,099,196 | 4,438,821 |
Security | Shares | Value | ||||||
Multiexport Foods SAa | 5,816,800 | $ | 2,450,469 | |||||
90,646,351 | ||||||||
FOREST PRODUCTS & PAPER – 8.42% |
| |||||||
Empresas CMPC SA | 1,518,221 | 67,952,982 | ||||||
Masisa SAa | 36,060,919 | 5,506,933 | ||||||
73,459,915 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 11.95% |
| |||||||
Empresas Copec SA | 6,204,720 | 104,294,188 | ||||||
104,294,188 | ||||||||
INVESTMENT COMPANIES – 0.63% |
| |||||||
Norte Grande SA | 307,024,722 | 5,477,619 | ||||||
5,477,619 | ||||||||
IRON & STEEL – 5.07% |
| |||||||
CAP SA | 921,615 | 44,260,815 | ||||||
44,260,815 | ||||||||
LODGING – 0.31% |
| |||||||
Enjoy SAa | 9,197,486 | 2,712,265 | ||||||
2,712,265 | ||||||||
METAL FABRICATE & HARDWARE – 0.38% |
| |||||||
Madeco SA | 56,611,042 | 3,338,829 | ||||||
3,338,829 | ||||||||
REAL ESTATE – 1.39% |
| |||||||
Parque Arauco SA | 5,814,628 | 12,174,282 | ||||||
12,174,282 | ||||||||
RETAIL – 6.94% |
| |||||||
Empresas Hites SA | 1,823,374 | 2,527,183 | ||||||
La Polar SA | 3,066,728 | 17,860,986 | ||||||
S.A.C.I. Falabella SA | 4,134,991 | 40,230,697 | ||||||
60,618,866 | ||||||||
TELECOMMUNICATIONS – 2.80% |
| |||||||
Empresa Nacional de Telecomunicaciones SA | 1,427,079 | 24,438,446 | ||||||
24,438,446 | ||||||||
TRANSPORTATION – 1.38% |
| |||||||
Compania SudAmericana de Vapores SAa | 15,199,772 | 12,006,139 | ||||||
12,006,139 |
28 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CHILE INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
WATER – 1.19% | ||||||||
Inversiones Aguas | 6,827,677 | $ | 10,426,679 | |||||
10,426,679 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $677,378,704) |
| 873,659,945 | ||||||
SHORT-TERM INVESTMENTS – 0.15% |
| |||||||
MONEY MARKET FUNDS – 0.15% |
| |||||||
BlackRock Cash Funds: Treasury, | 1,254,477 | 1,254,477 | ||||||
1,254,477 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,254,477) |
| 1,254,477 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $678,633,181) |
| 874,914,422 | ||||||
Other Assets, Less Liabilities – (0.23)% |
| (1,976,509 | ) | |||||
NET ASSETS – 100.00% |
| $ | 872,937,913 | |||||
a | Non-income earning security. |
b | Affiliated issuer. See Note 2. |
c | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.82% |
| |||||||
AEROSPACE & DEFENSE – 1.80% |
| |||||||
Elbit Systems Ltd. | 42,871 | $ | 2,189,409 | |||||
2,189,409 | ||||||||
BANKS – 17.91% |
| |||||||
Bank Hapoalim Ltd.a | 1,283,117 | 5,844,425 | ||||||
Bank Leumi le-Israel | 2,138,046 | 9,886,065 | ||||||
First International Bank of Israel Ltd. | 29,670 | 421,072 | ||||||
Israel Discount Bank Ltd. Class Aa | 1,428,266 | 2,894,382 | ||||||
Mizrahi Tefahot Bank Ltd. | 234,866 | 2,389,182 | ||||||
Union Bank of Israel | 77,271 | 379,904 | ||||||
21,815,030 | ||||||||
BIOTECHNOLOGY – 0.18% |
| |||||||
Clal Biotechnology Industries Ltd.a,b | 33,368 | 214,163 | ||||||
214,163 | ||||||||
CHEMICALS – 12.94% |
| |||||||
Frutarom | 79,722 | 752,875 | ||||||
Israel Chemicals Ltd. | 780,622 | 12,972,656 | ||||||
Makhteshim-Agan Industries Ltd.a | 407,640 | 2,032,292 | ||||||
15,757,823 | ||||||||
COMMERCIAL SERVICES – 0.69% |
| |||||||
AL-ROV (Israel) Ltd.a | 8,170 | 265,906 | ||||||
Nitsba Holdings (1995) Ltd.a | 59,899 | 574,435 | ||||||
840,341 | ||||||||
COMPUTERS – 0.33% |
| |||||||
MATRIX IT Ltd. | 67,381 | 398,055 | ||||||
398,055 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.69% |
| |||||||
FIBI Holdings Ltd.a | 17,630 | 379,854 | ||||||
Mivtach Shamir Holdings Ltd.c | 14,910 | 464,690 | ||||||
844,544 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 0.24% |
| |||||||
Electra (Israel) Ltd. | 2,580 | 292,079 | ||||||
292,079 | ||||||||
ELECTRONICS – 0.54% |
| |||||||
Elron Electronic Industries Ltd.a | 31,347 | 173,328 | ||||||
Ituran Location and Control Ltd. | 30,745 | 484,451 | ||||||
657,779 |
Security | Shares | Value | ||||||
ENGINEERING & CONSTRUCTION – 0.78% |
| |||||||
Shikun & Binui Ltd. | 359,609 | $ | 954,093 | |||||
954,093 | ||||||||
FOOD – 3.09% |
| |||||||
Blue Square-Israel Ltd.b | 29,885 | 278,432 | ||||||
Osem Investment Ltd. | 68,886 | 1,109,782 | ||||||
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | 15,093 | 512,474 | ||||||
Shufersal Ltd. | 148,221 | 860,480 | ||||||
Strauss Group Ltd. | 68,600 | 1,001,778 | ||||||
3,762,946 | ||||||||
FOREST PRODUCTS & PAPER – 0.30% |
| |||||||
Hadera Paper Ltd.a | 4,816 | 370,789 | ||||||
370,789 | ||||||||
HEALTH CARE – PRODUCTS – 0.51% |
| |||||||
Given Imaging Ltd.a | 32,981 | 621,381 | ||||||
621,381 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 1.03% |
| |||||||
Clal Industries and Investments Ltd. | 91,117 | 675,360 | ||||||
Elco Holdings Ltd. | 15,523 | 211,772 | ||||||
Granite Hacarmel Investments Ltd.b | 94,901 | 196,928 | ||||||
Israel Land Development Co. Ltd. (The) | 4,343 | 34,792 | ||||||
Scailex Corp. Ltd. | 7,095 | 139,197 | ||||||
1,258,049 | ||||||||
HOME BUILDERS – 0.20% |
| |||||||
Bayside Land Corp. Ltd. | 344 | 85,058 | ||||||
Property & Building Corp. Ltd. | 1,763 | 158,609 | ||||||
243,667 | ||||||||
INSURANCE – 2.33% |
| |||||||
Clal Insurance Enterprises Holdings Ltd. | 31,820 | 846,074 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 17,372 | 982,615 | ||||||
Menorah Mivtachim Holdings Ltd.a | 47,214 | 615,053 | ||||||
Phoenix Holdings Ltd.a,b | 116,445 | 392,167 | ||||||
2,835,909 | ||||||||
INTERNET – 0.45% |
| |||||||
Internet Gold-Golden Lines Ltd.a | 8,686 | 254,166 | ||||||
NetVision Ltd. | 22,833 | 288,808 | ||||||
542,974 | ||||||||
INVESTMENT COMPANIES – 6.06% |
| |||||||
Delek Group Ltd. (The) | 7,525 | 1,797,068 |
30 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Elbit Imaging Ltd.a | 24,338 | $ | 292,929 | |||||
Israel Corp. Ltd. (The)a | 4,042 | 4,792,378 | ||||||
Koor Industries Ltd. | 19,995 | 488,160 | ||||||
Otzar Hityashvuth Hayehudim Ltd. | 5 | 12,690 | ||||||
7,383,225 | ||||||||
MACHINERY – 0.67% |
| |||||||
Ormat Industries Ltd. | 113,520 | 813,207 | ||||||
813,207 | ||||||||
MANUFACTURING – 0.30% |
| |||||||
FMS Enterprises Migun Ltd. | 6,450 | 180,546 | ||||||
Plasson Industries Ltd. | 8,643 | 190,874 | ||||||
371,420 | ||||||||
MEDIA – 0.44% |
| |||||||
Hot Telecommunication Systems Ltd.a | 34,056 | 537,281 | ||||||
537,281 | ||||||||
OIL & GAS – 2.23% |
| |||||||
Delek Israeli Fuel Corp. Ltd.b | 3,765 | 123,785 | ||||||
Jerusalem Oil Exploration Ltd.a | 12,513 | 249,293 | ||||||
Naphtha Israel Petroleum Corp. Ltd.a,b | 53,235 | 207,502 | ||||||
Oil Refineries Ltd.b | 1,583,690 | 1,083,336 | ||||||
Paz Oil Co. Ltd.b | 6,106 | 1,046,911 | ||||||
2,710,827 | ||||||||
PHARMACEUTICALS – 23.68% |
| |||||||
Teva Pharmaceutical Industries Ltd. | 570,825 | 28,836,708 | ||||||
28,836,708 | ||||||||
REAL ESTATE – 3.39% |
| |||||||
Africa Israel Investments Ltd.a | 104,791 | 838,905 | ||||||
Africa Israel Properties Ltd.a | 19,179 | 271,756 | ||||||
Airport City Ltd.a | 61,490 | 283,134 | ||||||
Alony Hetz Properties & Investments Ltd. | 121,346 | 658,903 | ||||||
Amot Investments Ltd. | 143,405 | 404,582 | ||||||
British Israel Investments Ltd. | 93,525 | 323,239 | ||||||
Delek Real Estate Ltd.a | 247,261 | 62,114 | ||||||
Electra Real Estate Ltd.a | 15,781 | 108,172 | ||||||
Gazit Inc.b | 10,578 | 265,406 | ||||||
Jerusalem Economy Ltd.a | 32,121 | 428,280 | ||||||
Melisron Ltd. | 20,124 | 491,198 | ||||||
4,135,689 | ||||||||
RETAIL – 0.66% |
| |||||||
Delek Automotive Systems Ltd. | 58,222 | 760,221 |
Security | Shares | Value | ||||||
Golf & Co. Ltd. | 7,224 | $ | 40,343 | |||||
800,564 | ||||||||
SEMICONDUCTORS – 1.64% |
| |||||||
Mellanox Technologies Ltd.a | 56,287 | 1,494,927 | ||||||
Tower Semiconductor Ltd.a | 374,659 | 506,992 | ||||||
2,001,919 | ||||||||
SOFTWARE – 0.37% |
| |||||||
Retalix Ltd.a | 31,046 | 452,942 | ||||||
452,942 | ||||||||
TELECOMMUNICATIONS – 16.37% |
| |||||||
012 Smile.Communications Ltd.a | 17,673 | 566,902 | ||||||
Alvarion Ltd.a | 96,492 | 190,054 | ||||||
AudioCodes Ltd.a | 61,748 | 422,563 | ||||||
Bezeq The Israel Telecommunication Corp. Ltd. | 2,969,831 | 8,075,317 | ||||||
Cellcom Israel Ltd. | 88,279 | 2,702,592 | ||||||
Ceragon Networks Ltd.a | 50,181 | 628,769 | ||||||
Gilat Satellite Networks Ltd.a | 47,470 | 244,524 | ||||||
NICE Systems Ltd.a | 113,993 | 3,917,772 | ||||||
Partner Communications Co. Ltd. | 167,786 | 3,114,868 | ||||||
Suny Electronic Inc. Ltd.a,b | 6,396 | 77,494 | ||||||
19,940,855 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $131,137,628) |
| 121,583,668 | ||||||
SHORT-TERM INVESTMENTS – 1.13% |
| |||||||
MONEY MARKET FUNDS – 1.13% |
| |||||||
BlackRock Cash Funds: Institutional, | 1,181,517 | 1,181,517 | ||||||
BlackRock Cash Funds: Prime, | 169,794 | 169,794 | ||||||
BlackRock Cash Funds: Treasury, | 17,665 | 17,665 | ||||||
1,368,976 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,368,976) |
| 1,368,976 | ||||||
SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2011
Value | ||||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $132,506,604) |
| $ | 122,952,644 | |||||
Other Assets, Less Liabilities – (0.95)% |
| (1,153,778 | ) | |||||
NET ASSETS – 100.00% | $ | 121,798,866 | ||||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
c | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
d | Affiliated issuer. See Note 2. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
32 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI MEXICO INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.94% |
| |||||||
BANKS – 1.49% | ||||||||
Compartamos SAB de CVa,b | 11,469,600 | $ | 22,115,440 | |||||
22,115,440 | ||||||||
BEVERAGES – 9.83% |
| |||||||
Embotelladoras Arca SAB de CVb | 1,968,300 | 10,713,851 | ||||||
Fomento Economico Mexicano SAB | 16,524,008 | 92,907,001 | ||||||
Grupo Modelo SAB de CV | 6,925,556 | 41,909,931 | ||||||
145,530,783 | ||||||||
BUILDING MATERIALS – 4.36% |
| |||||||
Cemex SAB de CV CPOa | 71,782,280 | 64,547,395 | ||||||
64,547,395 | ||||||||
CHEMICALS – 1.92% | ||||||||
Mexichem SAB de CV | 7,915,031 | 28,456,039 | ||||||
28,456,039 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 6.90% |
| |||||||
Bolsa Mexicana de Valores SAB de CVb | 3,645,000 | 7,184,863 | ||||||
Financiera Independencia SAB de CVb | 1,094,568 | 1,108,183 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 12,879,000 | 58,500,751 | ||||||
Grupo Financiero Inbursa SAB de CV Series O | 8,432,100 | 35,423,253 | ||||||
102,217,050 | ||||||||
ENGINEERING & CONSTRUCTION – 3.83% |
| |||||||
Carso Infraestructura y Construccion SAB de CV Series B1a,b | 8,602,200 | 5,332,162 | ||||||
Empresas ICA SAB de CVa,b | 4,908,674 | 11,302,588 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CVb | 1,944,000 | 3,452,751 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Series B | 5,516,100 | 20,975,723 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Series B SP ADRb | 287,712 | 15,732,092 | ||||||
56,795,316 | ||||||||
FOOD – 2.74% |
| |||||||
Alsea SAB de CV | 3,936,645 | 4,197,092 |
Security | Shares | Value | ||||||
Gruma SAB de CV Series Ba,b | 1,482,369 | $ | 3,018,767 | |||||
Grupo Bimbo SAB de CV | 4,276,800 | 33,300,329 | ||||||
40,516,188 | ||||||||
FOREST PRODUCTS & PAPER – 2.45% |
| |||||||
Bio Pappel SAB de CVa,b | 413,100 | 375,561 | ||||||
Kimberly-Clark de Mexico SAB de CV Series A | 6,172,200 | 35,937,972 | ||||||
36,313,533 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 4.07% |
| |||||||
Alfa SAB de CV Series A | 3,013,200 | 37,534,568 | ||||||
Grupo Carso SAB de CV Series A1 | 7,107,530 | 22,768,533 | ||||||
60,303,101 | ||||||||
HOME BUILDERS – 2.31% |
| |||||||
Consorcio ARA SAB de CV | 8,699,400 | 5,068,868 | ||||||
Corporacion Geo SAB de CV Series Ba,b | 4,009,960 | 11,288,007 | ||||||
Desarrolladora Homex SAB de CVa | 1,652,430 | 7,525,013 | ||||||
Urbi Desarrollos Urbanos SAB de CVa | 4,738,500 | 10,374,219 | ||||||
34,256,107 | ||||||||
IRON & STEEL – 0.22% |
| |||||||
Compania Minera Autlan SAB de CV Series Ba,b | 388,800 | 1,136,243 | ||||||
Grupo Simec SAB de CV Series Ba,b | 801,900 | 2,105,571 | ||||||
3,241,814 | ||||||||
MACHINERY – 0.53% |
| |||||||
Industrias CH SAB de CV Series Ba,b | 2,016,900 | 7,914,576 | ||||||
7,914,576 | ||||||||
MEDIA – 5.43% |
| |||||||
Grupo Televisa SA CPOa | 14,968,899 | 70,703,135 | ||||||
TV Azteca SAB de CV CPOb | 13,972,500 | 9,758,058 | ||||||
80,461,193 | ||||||||
MINING – 11.46% |
| |||||||
Grupo Mexico SAB de CV Series B | 28,819,810 | 109,448,347 | ||||||
Industrias Penoles SAB de CV | 899,100 | 31,278,083 | ||||||
Minera Frisco SAB de CVa | 6,852,630 | 29,065,414 | ||||||
169,791,844 | ||||||||
PHARMACEUTICALS – 0.81% |
| |||||||
Genomma Lab Internacional SAB de CV Series Ba,b | 5,443,200 | 12,034,018 | ||||||
12,034,018 |
SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MEXICO INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
REAL ESTATE – 0.51% |
| |||||||
Inmuebles Carso SAB de CV Series B-1a,b | 7,107,530 | $ | 7,524,894 | |||||
7,524,894 | ||||||||
RETAIL – 13.00% |
| |||||||
Controladora Comercial Mexicana SA de CV BC Unitsa,b | 6,513,000 | 8,984,005 | ||||||
Grupo Elektra SA de CVb | 631,820 | 26,363,648 | ||||||
Grupo Famsa SAB de CV Series Aa,b | 1,895,415 | 3,429,120 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 53,727,300 | 153,728,594 | ||||||
192,505,367 | ||||||||
TELECOMMUNICATIONS – 28.08% |
| |||||||
America Movil SAB de CV Series L | 123,905,785 | 355,142,991 | ||||||
Axtel SAB de CV CPOa,b | 11,299,500 | 6,481,138 | ||||||
Maxcom Telecomunicaciones SAB de CVa,b | 1,823,000 | 920,578 | ||||||
Telefonos de Mexico SAB de CV Series L | 58,684,500 | 53,303,249 | ||||||
415,847,956 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,385,623,088) |
| 1,480,372,614 | ||||||
SHORT-TERM INVESTMENTS – 4.28% |
| |||||||
MONEY MARKET FUNDS – 4.28% |
| |||||||
BlackRock Cash Funds: Institutional, | 54,912,513 | 54,912,513 | ||||||
BlackRock Cash Funds: Prime, | 7,891,379 | 7,891,379 | ||||||
BlackRock Cash Funds: Treasury, | 568,291 | 568,291 | ||||||
63,372,183 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $63,372,183) |
| 63,372,183 | ||||||
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $1,448,995,271) | $ | 1,543,744,797 | ||||
Other Assets, Less Liabilities – (4.22)% | (62,510,481 | ) | ||||
NET ASSETS – 100.00% | $ | 1,481,234,316 | ||||
CPO – Certificates of Participation (Ordinary)
SP ADR – Sponsored American Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
34 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH AFRICA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.93% |
| |||||||
BANKS – 11.99% |
| |||||||
Absa Group Ltd. | 687,808 | $ | 12,860,995 | |||||
FirstRand Ltd. | 5,999,576 | 16,937,721 | ||||||
Nedbank Group Ltd. | 382,624 | 7,046,980 | ||||||
Standard Bank Group Ltd. | 2,529,032 | 36,391,703 | ||||||
73,237,399 | ||||||||
BUILDING MATERIALS – 0.74% |
| |||||||
Pretoria Portland Cement Co. Ltd. | 1,122,792 | 4,501,491 | ||||||
4,501,491 | ||||||||
COAL – 0.96% |
| |||||||
Exxaro Resources Ltd. | 266,640 | 5,858,045 | ||||||
5,858,045 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 3.37% |
| |||||||
African Bank Investments Ltd. | 1,540,352 | 7,946,996 | ||||||
Investec Ltd. | 493,592 | 3,862,495 | ||||||
RMB Holdings Ltd. | 1,581,712 | 8,762,152 | ||||||
20,571,643 | ||||||||
ELECTRONICS – 0.52% |
| |||||||
Reunert Ltd. | 379,984 | 3,165,142 | ||||||
3,165,142 | ||||||||
ENGINEERING & CONSTRUCTION – 1.08% |
| |||||||
Aveng Ltd. | 798,776 | 4,210,839 | ||||||
Murray & Roberts Holdings Ltd. | 671,000 | 2,417,478 | ||||||
6,628,317 | ||||||||
FOOD – 4.27% |
| |||||||
Shoprite Holdings Ltd. | 867,504 | 12,051,705 | ||||||
SPAR Group Ltd. (The) | 364,320 | 4,987,247 | ||||||
Tiger Brands Ltd. | 344,080 | 9,044,494 | ||||||
26,083,446 | ||||||||
FOREST PRODUCTS & PAPER – 1.00% |
| |||||||
Sappi Ltd.a | 1,143,120 | 6,088,689 | ||||||
6,088,689 | ||||||||
HEALTH CARE – PRODUCTS – 1.06% |
| |||||||
Aspen Pharmacare Holdings Ltd.a | 553,168 | 6,497,027 | ||||||
6,497,027 | ||||||||
HEALTH CARE – SERVICES – 0.79% |
| |||||||
Netcare Ltd. | 2,297,240 | 4,830,161 | ||||||
4,830,161 |
Security | Shares | Value | ||||||
HOLDING COMPANIES – DIVERSIFIED – 5.71% |
| |||||||
Bidvest Group Ltd. | 633,424 | $ | 14,241,211 | |||||
Imperial Holdings Ltd. | 358,072 | 5,799,600 | ||||||
Remgro Ltd. | 921,536 | 14,867,447 | ||||||
34,908,258 | ||||||||
HOME FURNISHINGS – 1.53% |
| |||||||
Steinhoff International Holdings Ltd.a | 2,613,952 | 9,327,134 | ||||||
9,327,134 | ||||||||
INSURANCE – 4.34% |
| |||||||
Discovery Holdings Ltd. | 566,896 | 3,227,011 | ||||||
Liberty Holdings Ltd. | 213,840 | 2,355,335 | ||||||
MMI Holdings Ltd. | 2,241,360 | 5,248,860 | ||||||
Sanlam Ltd. | 4,022,480 | 15,680,545 | ||||||
26,511,751 | ||||||||
IRON & STEEL – 2.71% |
| |||||||
ArcelorMittal South Africa Ltd. | 379,456 | 4,930,869 | ||||||
Kumba Iron Ore Ltd. | 171,248 | 11,623,507 | ||||||
16,554,376 | ||||||||
MEDIA – 7.74% |
| |||||||
Naspers Ltd. Class N | 821,040 | 47,322,753 | ||||||
47,322,753 | ||||||||
MINING – 21.43% |
| |||||||
African Rainbow Minerals Ltd. | 226,512 | 6,894,220 | ||||||
Anglo Platinum Ltd.a | 140,184 | 13,676,882 | ||||||
AngloGold Ashanti Ltd. | 811,272 | 39,691,129 | ||||||
Gold Fields Ltd. | 1,531,816 | 27,547,765 | ||||||
Harmony Gold Mining Co. Ltd. | 822,712 | 9,630,842 | ||||||
Impala Platinum Holdings Ltd. | 1,075,536 | 31,852,004 | ||||||
Northam Platinum Ltd.b | 231,088 | 1,648,476 | ||||||
130,941,318 | ||||||||
OIL & GAS – 11.03% |
| |||||||
Sasol Ltd. | 1,227,864 | 67,412,592 | ||||||
67,412,592 | ||||||||
REAL ESTATE – 2.28% |
| |||||||
Growthpoint Properties Ltd. | 3,344,616 | 8,179,525 | ||||||
Redefine Properties Ltd. | 5,439,192 | 5,761,316 | ||||||
13,940,841 | ||||||||
RETAIL – 5.06% |
| |||||||
Foschini Group Ltd. (The) | 435,072 | 4,924,385 | ||||||
Massmart Holdings Ltd. | 410,696 | 8,522,813 | ||||||
Pick’n Pay Stores Ltd. | 460,064 | 3,079,006 |
SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH AFRICA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Truworths International Ltd. | 922,152 | $ | 8,473,265 | |||||
Woolworths Holdings Ltd. | 1,535,248 | 5,907,310 | ||||||
30,906,779 | ||||||||
TELECOMMUNICATIONS – 12.32% |
| |||||||
MTN Group Ltd. | 3,606,944 | 63,883,877 | ||||||
Telkom South Africa Ltd. | 554,224 | 2,831,402 | ||||||
Vodacom Group Ltd. | 791,736 | 8,545,987 | ||||||
75,261,266 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $582,870,102) |
| 610,548,428 | ||||||
SHORT-TERM INVESTMENTS – 0.31% |
| |||||||
MONEY MARKET FUNDS – 0.31% |
| |||||||
BlackRock Cash Funds: Institutional, | 1,546,153 | 1,546,153 | ||||||
BlackRock Cash Funds: Prime, | 222,195 | 222,195 | ||||||
BlackRock Cash Funds: Treasury, | 130,504 | 130,504 | ||||||
1,898,852 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,898,852) |
| 1,898,852 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $584,768,954) |
| 612,447,280 | ||||||
Other Assets, Less Liabilities – (0.24)% |
| (1,464,923 | ) | |||||
NET ASSETS – 100.00% |
| $ | 610,982,357 | |||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
36 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.97% |
| |||||||
AEROSPACE & DEFENSE – 0.33% |
| |||||||
Aselsan Elektronik Sanayi ve TAS | 357,072 | $ | 1,678,029 | |||||
1,678,029 | ||||||||
AIRLINES – 1.67% |
| |||||||
Turk Hava Yollari Anonim Ortakligia | 3,029,230 | 8,480,784 | ||||||
8,480,784 | ||||||||
AUTO MANUFACTURERS – 0.18% |
| |||||||
Otokar Otomotiv Ve Savunma Sanayi ASb | 63,491 | 902,650 | ||||||
902,650 | ||||||||
BANKS – 41.31% |
| |||||||
Akbank TAS | 9,086,998 | 42,476,406 | ||||||
Albaraka Turk Katilim Bankasi ASb | 1,421,195 | 1,953,899 | ||||||
Asya Katilim Bankasi AS | 3,400,142 | 5,482,044 | ||||||
Sekerbank TASb | 1,976,871 | 1,939,562 | ||||||
Tekstil Bankasi ASa | 784,036 | 445,865 | ||||||
Turkiye Garanti Bankasi AS | 15,904,928 | 70,370,510 | ||||||
Turkiye Halk Bankasi AS | 2,365,602 | 17,148,471 | ||||||
Turkiye Is Bankasi ASb | 11,924,717 | 37,111,043 | ||||||
Turkiye Vakiflar Bankasi TAO | 5,771,793 | 13,958,779 | ||||||
Yapi ve Kredi Bankasi ASa | 6,580,575 | 18,341,060 | ||||||
209,227,639 | ||||||||
BEVERAGES – 5.14% |
| |||||||
Anadolu Efes Biracilik ve Malt Sanayii AS | 1,533,818 | 20,703,955 | ||||||
Coca-Cola Icecek AS | 481,632 | 5,327,388 | ||||||
26,031,343 | ||||||||
BUILDING MATERIALS – 2.53% |
| |||||||
Adana Cimento Sanayii TAS Class A | 434,922 | 1,440,500 | ||||||
Afyon Cimento Sanayi TAS | 5,363 | 658,561 | ||||||
Akcansa Cimento Sanayi ve TASb | 361,916 | 1,546,998 | ||||||
Baticim Bati Anodolu Cimento Sanayii AS | 241,681 | 1,214,295 | ||||||
Bolu Cimento Sanayii AS | 540,452 | 530,252 | ||||||
Bursa Cimento Fabrikasi AS | 361,051 | 1,060,455 | ||||||
Cimsa Cimento Sanayi ve TASb | 306,383 | 1,723,189 | ||||||
Goltas Goller Bolgesi Cimento Sanayi ve TAS | 21,798 | 1,382,638 | ||||||
Konya Cimento Sanayii AS | 7,439 | 1,459,721 |
Security | Shares | Value | ||||||
Mardin Cimento Sanayii ve TASb | 372,988 | $ | 1,794,780 | |||||
12,811,389 | ||||||||
CHEMICALS – 1.73% |
| |||||||
Aksa Akrilik Kimya Sanayii AS | 630,066 | 1,445,034 | ||||||
Bagfas Bandirma Gubre Fabrikalari ASa | 13,667 | 1,503,182 | ||||||
Gubre Fabrikalari TASa,b | 157,949 | 1,436,172 | ||||||
Petkim Petrokimya Holding ASa,b | 3,029,230 | 4,372,904 | ||||||
8,757,292 | ||||||||
COMMERCIAL SERVICES – 0.82% |
| |||||||
Ihlas Holding ASa,b | 2,247,097 | 2,134,475 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri ASa,b | 735,769 | 2,004,720 | ||||||
4,139,195 | ||||||||
DISTRIBUTION & WHOLESALE – 0.71% |
| |||||||
Aygaz AS | 681,793 | 3,604,529 | ||||||
3,604,529 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 1.02% |
| |||||||
Is Finansal Fabrikasi ASa | 1,000,978 | 944,555 | ||||||
Is Yatirim Menkul Degerler AS | 452,914 | 761,366 | ||||||
Turkiye Sinai Kalkinma Bankasi ASb | 2,115,964 | 3,477,681 | ||||||
5,183,602 | ||||||||
ELECTRIC – 0.53% |
| |||||||
Akenerji Elektrik Uretim ASa,b | 853,236 | 1,519,637 | ||||||
Zorlu Enerji Elektrik Uretim ASa,b | 748,571 | 1,160,140 | ||||||
2,679,777 | ||||||||
ENGINEERING & CONSTRUCTION – 1.41% |
| |||||||
Enka Insaat ve Sanayi AS | 2,164,750 | 7,142,782 | ||||||
7,142,782 | ||||||||
ENTERTAINMENT – 0.61% |
| |||||||
Besiktas Futbol Yatirimlar Sanayi ve Ticaret ASa | 90,825 | 577,802 | ||||||
Fenerbahce Sportif Hizmetler Sanayi ve TAS | 28,372 | 1,671,079 | ||||||
Galatasaray Sportif Sinai ve Ticari Yatirimlar AS | 4,152 | 869,216 | ||||||
3,118,097 | ||||||||
FOOD – 4.86% |
| |||||||
Banvit Bandirma Vitaminli Yem Sanayii ASa,b | 188,743 | 524,876 | ||||||
BIM Birlesik Magazalar AS | 632,488 | 19,881,356 | ||||||
Pinar Sut Mamulleri Sanayii AS | 136,497 | 1,104,635 |
SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Tat Konserve Sanayii ASa | 363,127 | $ | 814,664 | |||||
Ulker Biskuvi Sanayi AS | 711,549 | 2,294,459 | ||||||
24,619,990 | ||||||||
FOREST PRODUCTS & PAPER – 0.64% |
| |||||||
Ipek Matbaacilik Sanayi ve TASa | 395,997 | 772,098 | ||||||
Kartonsan Karton Sanayi ve TAS | 14,013 | 1,887,140 | ||||||
Tire Kutu Ve Kagit Sanayii ASa,b | 604,289 | 566,450 | ||||||
3,225,688 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 9.86% |
| |||||||
Alarko Holding ASb | 506,371 | 1,034,766 | ||||||
Dogan Sirketler Grubu Holdings ASa,b | 6,489,750 | 4,785,593 | ||||||
Eczacibasi Yatirim Holding Ortakligi ASb | 240,470 | 739,353 | ||||||
Haci Omer Sabanci Holding AS | 4,633,805 | 18,590,819 | ||||||
KOC Holding AS | 4,573,255 | 19,148,113 | ||||||
Tekfen Holding ASb | 980,737 | 3,285,058 | ||||||
Yazicilar Holding AS | 302,577 | 2,354,133 | ||||||
49,937,835 | ||||||||
HOME FURNISHINGS – 1.78% |
| |||||||
Arcelik AS | 1,535,202 | 7,118,609 | ||||||
Vestel Beyaz Esya Sanayi ve TASb | 502,392 | 960,705 | ||||||
Vestel Elektronik Sanayi ve TASa | 632,142 | 924,393 | ||||||
9,003,707 | ||||||||
HOUSEWARES – 0.24% |
| |||||||
Anadolu Cam Sanayii ASa | 657,054 | 1,219,504 | ||||||
1,219,504 | ||||||||
INSURANCE – 1.14% |
| |||||||
Aksigorta ASb | 923,474 | 1,102,259 | ||||||
Anadolu Anonim Turk Sigorta Sirketib | 1,698,342 | 1,284,211 | ||||||
Anadolu Hayat Emeklilik ASb | 377,313 | 1,061,060 | ||||||
Gunes Sigorta ASa | 281,990 | 341,870 | ||||||
Yapi Kredi Sigorta ASa,b | 211,752 | 1,965,078 | ||||||
5,754,478 | ||||||||
IRON & STEEL – 2.71% |
| |||||||
Eregli Demir ve Celik Fabrikalari TASa | 3,029,057 | 9,351,046 | ||||||
Izmir Demir Celik Sanayi ASa | 283,893 | 867,539 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Aa | 1,414,275 | 910,326 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Ba | 697,882 | 501,540 |
Security | Shares | Value | ||||||
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da,b | 4,327,768 | $ | 2,082,478 | |||||
13,712,929 | ||||||||
LODGING – 0.17% |
| |||||||
Net Holding ASa | 1,025,890 | 865,486 | ||||||
865,486 | ||||||||
MACHINERY – 0.31% |
| |||||||
Turk Traktor ve Ziraat Makineleri AS | 101,205 | 1,577,968 | ||||||
1,577,968 | ||||||||
MANUFACTURING – 0.49% |
| |||||||
Trakya Cam Sanayii ASa | 1,371,024 | 2,476,103 | ||||||
2,476,103 | ||||||||
MEDIA – 0.88% |
| |||||||
Dogan Gazetecilik ASa | 239,951 | 449,853 | ||||||
Dogan Yayin Holding ASa,b | 1,893,312 | 2,271,690 | ||||||
Hurriyet Gazetecilik ve Matbaacilik AS | 1,462,196 | 1,745,278 | ||||||
4,466,821 | ||||||||
METAL FABRICATE & HARDWARE – 0.12% |
| |||||||
Borusan Mannesmann Boru Sanayi ve TAS | 64,529 | 625,047 | ||||||
625,047 | ||||||||
MINING – 1.02% |
| |||||||
Koza Altin Isletmeleri ASb | 346,865 | 4,064,316 | ||||||
Park Elektrik Uretim Madencilik Sanayi ve TASa,b | 507,928 | 1,120,476 | ||||||
5,184,792 | ||||||||
OIL & GAS – 4.66% |
| |||||||
Turkiye Petrol Rafinerileri AS | 948,386 | 23,588,153 | ||||||
23,588,153 | ||||||||
PHARMACEUTICALS – 0.80% |
| |||||||
Deva Holding ASa | 612,247 | 1,033,038 | ||||||
EIS Eczacibasi Ilac Sanayi ve TASb | 1,244,216 | 1,679,482 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 939,390 | 1,361,945 | ||||||
4,074,465 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 1.16% |
| |||||||
Akmerkez Gayrimenkul Yatirim Ortakligi ASb | 57,090 | 2,443,860 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS | 1,699,725 | 1,848,220 |
38 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Sinpas Gayrimenkul Yatirim | ||||||||
Ortakligi ASa,b | 1,348,362 | $ | 1,592,554 | |||||
5,884,634 | ||||||||
RETAIL – 0.75% |
| |||||||
Boyner Buyuk Magazacilik ASa | 278,011 | 672,355 | ||||||
Dogus Otomotiv Servis ve TASa | 583,183 | 1,960,708 | ||||||
Turcas Petrolculuk ASb | 512,771 | 1,172,818 | ||||||
3,805,881 | ||||||||
TELECOMMUNICATIONS – 10.26% |
| |||||||
Nortel Networks Netas | 17,127 | 1,642,916 | ||||||
Turk Telekomunikasyon AS | 3,976,405 | 17,692,791 | ||||||
Turkcell Iletisim Hizmetleri ASb | 5,832,003 | 32,655,135 | ||||||
51,990,842 | ||||||||
TRANSPORTATION – 0.13% |
| |||||||
Celebi Hava Servisi AS | 45,672 | 645,036 | ||||||
645,036 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $557,268,543) |
| 506,416,467 | ||||||
SHORT-TERM INVESTMENTS – 9.05% |
| |||||||
MONEY MARKET FUNDS – 9.05% |
| |||||||
BlackRock Cash Funds: Institutional, | 38,912,274 | 38,912,274 | ||||||
BlackRock Cash Funds: Prime, | 5,592,013 | 5,592,013 | ||||||
BlackRock Cash Funds: Treasury, | 1,320,182 | 1,320,182 | ||||||
45,824,469 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $45,824,469) |
| 45,824,469 | ||||||
TOTAL INVESTMENTS IN |
| |||||||
(Cost: $603,093,012) |
| 552,240,936 | ||||||
Other Assets, Less Liabilities – (9.02)% |
| (45,706,569) | ||||||
NET ASSETS – 100.00% |
| $ | 506,534,367 | |||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 39 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.85% |
| |||||||
ADVERTISING – 0.18% | ||||||||
Interpublic Group of Companies Inc. (The)a | 54 | $ | 713 | |||||
Omnicom Group Inc. | 37 | 1,883 | ||||||
2,596 | ||||||||
AEROSPACE & DEFENSE – 1.95% |
| |||||||
Boeing Co. (The) | 78 | 5,617 | ||||||
General Dynamics Corp. | 38 | 2,893 | ||||||
Goodrich Corp. | 14 | 1,207 | ||||||
L-3 Communications Holdings Inc. | 13 | 1,031 | ||||||
Lockheed Martin Corp. | 36 | 2,850 | ||||||
Northrop Grumman Corp. | 33 | 2,200 | ||||||
Raytheon Co. | 44 | 2,253 | ||||||
Rockwell Collins Inc. | 17 | 1,095 | ||||||
United Technologies Corp. | 101 | 8,438 | ||||||
27,584 | ||||||||
AGRICULTURE – 2.12% |
| |||||||
Altria Group Inc. | 235 | 5,962 | ||||||
Archer-Daniels-Midland Co. | 73 | 2,714 | ||||||
Bunge Ltd. | 15 | 1,083 | ||||||
Lorillard Inc. | 18 | 1,382 | ||||||
Monsanto Co. | 62 | 4,457 | ||||||
Philip Morris International Inc. | 206 | 12,933 | ||||||
Reynolds American Inc. | 42 | 1,441 | ||||||
29,972 | ||||||||
AIRLINES – 0.05% | ||||||||
Delta Air Lines Inc.a | 22 | 247 | ||||||
Southwest Airlines Co. | 20 | 237 | ||||||
United Continental Holdings Inc.a | 9 | 216 | ||||||
700 | ||||||||
APPAREL – 0.53% | ||||||||
Coach Inc. | 35 | 1,922 | ||||||
Nike Inc. Class B | 43 | 3,828 | ||||||
Polo Ralph Lauren Corp. | 6 | 760 | ||||||
VF Corp. | 10 | 957 | ||||||
7,467 | ||||||||
AUTO MANUFACTURERS – 0.63% |
| |||||||
Ford Motor Co.a | 335 | 5,042 | ||||||
General Motors Co.a | 59 | 1,978 | ||||||
PACCAR Inc. | 38 | 1,905 | ||||||
8,925 |
Security | Shares | Value | ||||||
AUTO PARTS & EQUIPMENT – 0.42% |
| |||||||
Autoliv Inc. | 10 | $ | 749 | |||||
BorgWarner Inc.a | 13 | 1,009 | ||||||
Goodyear Tire & Rubber Co. (The)a | 25 | 354 | ||||||
Johnson Controls Inc. | 78 | 3,182 | ||||||
TRW Automotive Holdings Corp.a | 12 | 682 | ||||||
5,976 | ||||||||
BANKS – 4.30% | ||||||||
Bank of America Corp. | 1,133 | 16,191 | ||||||
Bank of New York Mellon Corp. (The) | 137 | 4,163 | ||||||
BB&T Corp. | 80 | 2,208 | ||||||
Comerica Inc. | 19 | 739 | ||||||
Fifth Third Bancorp | 91 | 1,329 | ||||||
KeyCorp | 97 | 887 | ||||||
M&T Bank Corp. | 10 | 880 | ||||||
Marshall & Ilsley Corp. | 55 | 427 | ||||||
Northern Trust Corp. | 24 | 1,238 | ||||||
PNC Financial Services Group Inc. (The)b | 59 | 3,640 | ||||||
Regions Financial Corp. | 131 | 1,001 | ||||||
State Street Corp. | 58 | 2,594 | ||||||
SunTrust Banks Inc. | 56 | 1,689 | ||||||
U.S. Bancorp | 217 | 6,017 | ||||||
Wells Fargo & Co. | 556 | 17,937 | ||||||
60,940 | ||||||||
BEVERAGES – 2.15% | ||||||||
Brown-Forman Corp. Class B NVS | 9 | 622 | ||||||
Coca-Cola Co. (The) | 234 | 14,957 | ||||||
Coca-Cola Enterprises Inc. | 32 | 842 | ||||||
Constellation Brands Inc. Class Aa | 22 | 447 | ||||||
Dr Pepper Snapple Group Inc. | 28 | 1,010 | ||||||
Hansen Natural Corp.a | 8 | 460 | ||||||
Molson Coors Brewing Co. Class B NVS | 17 | 778 | ||||||
PepsiCo Inc. | 179 | 11,352 | ||||||
30,468 | ||||||||
BIOTECHNOLOGY – 1.18% |
| |||||||
Alexion Pharmaceuticals Inc.a | 10 | 963 | ||||||
Amgen Inc.a | 104 | 5,338 | ||||||
Biogen Idec Inc.a | 30 | 2,052 | ||||||
Celgene Corp.a | 53 | 2,814 | ||||||
Genzyme Corp.a | 25 | 1,886 | ||||||
Human Genome Sciences Inc.a | 22 | 551 | ||||||
Illumina Inc.a | 14 | 972 |
40 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Life Technologies Corp.a | 20 | $ | 1,067 | |||||
Vertex Pharmaceuticals Inc.a | 24 | 1,120 | ||||||
16,763 | ||||||||
BUILDING MATERIALS – 0.07% |
| |||||||
Martin Marietta Materials Inc. | 5 | 444 | ||||||
Masco Corp. | 40 | 544 | ||||||
988 | ||||||||
CHEMICALS – 2.01% | ||||||||
Air Products and Chemicals Inc. | 25 | 2,300 | ||||||
Airgas Inc. | 8 | 501 | ||||||
Celanese Corp. | 16 | 663 | ||||||
CF Industries Holdings Inc. | 8 | 1,130 | ||||||
Dow Chemical Co. (The) | 130 | 4,831 | ||||||
E.I. du Pont de Nemours and Co. | 103 | 5,652 | ||||||
Eastman Chemical Co. | 8 | 747 | ||||||
Ecolab Inc. | 26 | 1,265 | ||||||
FMC Corp. | 8 | 619 | ||||||
International Flavors & Fragrances Inc. | 9 | 513 | ||||||
Lubrizol Corp. | 8 | 871 | ||||||
LyondellBasell Industries NV Class Aa | 32 | 1,219 | ||||||
Mosaic Co. (The) | 17 | 1,459 | ||||||
PPG Industries Inc. | 20 | 1,768 | ||||||
Praxair Inc. | 35 | 3,478 | ||||||
Sherwin-Williams Co. (The) | 11 | 903 | ||||||
Sigma-Aldrich Corp. | 9 | 575 | ||||||
28,494 | ||||||||
COAL – 0.32% | ||||||||
Alpha Natural Resources Inc.a | 13 | 705 | ||||||
Arch Coal Inc. | 18 | 603 | ||||||
CONSOL Energy Inc. | 24 | 1,217 | ||||||
Peabody Energy Corp. | 30 | 1,965 | ||||||
4,490 | ||||||||
COMMERCIAL SERVICES – 1.29% |
| |||||||
Alliance Data Systems Corp.a | 6 | 472 | ||||||
Apollo Group Inc. Class Aa | 16 | 724 | ||||||
DeVry Inc. | 7 | 380 | ||||||
Equifax Inc. | 14 | 501 | ||||||
H&R Block Inc. | 37 | 562 | ||||||
Iron Mountain Inc. | 20 | 520 | ||||||
Lender Processing Services Inc. | 11 | 375 | ||||||
Manpower Inc. | 9 | 572 |
Security | Shares | Value | ||||||
MasterCard Inc. Class A | 11 | $ | 2,646 | |||||
McKesson Corp. | 30 | 2,378 | ||||||
Moody’s Corp. | 22 | 702 | ||||||
Pharmaceutical Product Development Inc. | 12 | 330 | ||||||
Quanta Services Inc.a | 23 | 525 | ||||||
R.R. Donnelley & Sons Co. | 23 | 428 | ||||||
Robert Half International Inc. | 16 | 510 | ||||||
SAIC Inc.a | 44 | 719 | ||||||
Verisk Analytics Inc. Class Aa | 12 | 388 | ||||||
Visa Inc. Class A | 54 | 3,945 | ||||||
Western Union Co. | 76 | 1,671 | ||||||
18,348 | ||||||||
COMPUTERS – 6.60% |
| |||||||
Accenture PLC Class A | 72 | 3,707 | ||||||
Apple Inc.a | 102 | 36,027 | ||||||
Cognizant Technology Solutions Corp. Class Aa | 33 | 2,537 | ||||||
Computer Sciences Corp. | 17 | 818 | ||||||
Dell Inc.a | 199 | 3,150 | ||||||
EMC Corp.a | 231 | 6,286 | ||||||
Hewlett-Packard Co. | 266 | 11,606 | ||||||
IHS Inc. Class Aa | 5 | 418 | ||||||
International Business Machines Corp. | 142 | 22,987 | ||||||
NetApp Inc.a | 37 | 1,911 | ||||||
SanDisk Corp.a | 25 | 1,240 | ||||||
Seagate Technology PLCa | 55 | 698 | ||||||
Synopsys Inc.a | 16 | 444 | ||||||
Teradata Corp.a | 19 | 909 | ||||||
Western Digital Corp.a | 25 | 764 | ||||||
93,502 | ||||||||
COSMETICS & PERSONAL CARE – 1.86% |
| |||||||
Avon Products Inc. | 48 | 1,335 | ||||||
Colgate-Palmolive Co. | 52 | 4,083 | ||||||
Estee Lauder Companies Inc. (The) Class A | 12 | 1,133 | ||||||
Procter & Gamble Co. (The) | 314 | 19,798 | ||||||
26,349 | ||||||||
DISTRIBUTION & WHOLESALE – 0.20% |
| |||||||
Fastenal Co.c | 15 | 932 | ||||||
Genuine Parts Co. | 18 | 948 | ||||||
W.W. Grainger Inc. | 7 | 933 | ||||||
2,813 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 5.56% |
| |||||||
American Express Co. | 121 | 5,272 |
SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Ameriprise Financial Inc. | 28 | $ | 1,773 | |||||
BlackRock Inc.b | 10 | 2,040 | ||||||
Capital One Financial Corp. | 53 | 2,638 | ||||||
Charles Schwab Corp. (The) | 115 | 2,182 | ||||||
CIT Group Inc.a | 22 | 953 | ||||||
Citigroup Inc.a | 3,272 | 15,313 | ||||||
CME Group Inc. | 8 | 2,490 | ||||||
Discover Financial Services | 60 | 1,305 | ||||||
Eaton Vance Corp. | 12 | 376 | ||||||
Franklin Resources Inc. | 18 | 2,261 | ||||||
Goldman Sachs Group Inc. (The) | 55 | 9,008 | ||||||
IntercontinentalExchange Inc.a | 7 | 897 | ||||||
Invesco Ltd. | 47 | 1,261 | ||||||
Jefferies Group Inc. | 11 | 265 | ||||||
JPMorgan Chase & Co. | 449 | 20,964 | ||||||
Legg Mason Inc. | 18 | 652 | ||||||
Morgan Stanley | 143 | 4,244 | ||||||
NASDAQ OMX Group Inc. (The)a | 16 | 458 | ||||||
NYSE Euronext Inc. | 29 | 1,073 | ||||||
SLM Corp.a | 52 | 771 | ||||||
T. Rowe Price Group Inc. | 30 | 2,009 | ||||||
TD Ameritrade Holding Corp. | 29 | 632 | ||||||
78,837 | ||||||||
ELECTRIC – 2.85% | ||||||||
AES Corp. (The)a | 74 | 915 | ||||||
Alliant Energy Corp. | 12 | 473 | ||||||
Ameren Corp. | 26 | 727 | ||||||
American Electric Power Co. Inc. | 53 | 1,896 | ||||||
Calpine Corp.a | 39 | 590 | ||||||
CenterPoint Energy Inc. | 41 | 650 | ||||||
Consolidated Edison Inc. | 33 | 1,649 | ||||||
Constellation Energy Group Inc. | 20 | 621 | ||||||
Dominion Resources Inc. | 69 | 3,149 | ||||||
DTE Energy Co. | 18 | 847 | ||||||
Duke Energy Corp. | 150 | 2,699 | ||||||
Edison International | 34 | 1,262 | ||||||
Entergy Corp. | 21 | 1,495 | ||||||
Exelon Corp. | 76 | 3,174 | ||||||
FirstEnergy Corp. | 46 | 1,762 | ||||||
Integrys Energy Group Inc. | 8 | 392 | ||||||
MDU Resources Group Inc. | 20 | 429 | ||||||
NextEra Energy Inc. | 45 | 2,496 | ||||||
Northeast Utilities | 19 | 647 |
Security | Shares | Value | ||||||
NRG Energy Inc.a | 28 | $ | 560 | |||||
NSTAR | 12 | 542 | ||||||
Pepco Holdings Inc. | 24 | 450 | ||||||
PG&E Corp. | 41 | 1,888 | ||||||
Pinnacle West Capital Corp. | 12 | 507 | ||||||
PPL Corp. | 52 | 1,322 | ||||||
Progress Energy Inc. | 31 | 1,417 | ||||||
Public Service Enterprise Group Inc. | 56 | 1,831 | ||||||
SCANA Corp. | 13 | 526 | ||||||
Southern Co. | 91 | 3,468 | ||||||
Wisconsin Energy Corp. | 13 | 770 | ||||||
Xcel Energy Inc. | 50 | 1,197 | ||||||
40,351 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 0.45% |
| |||||||
AMETEK Inc. | 18 | 755 | ||||||
Emerson Electric Co. | 86 | 5,131 | ||||||
Energizer Holdings Inc.a | 7 | 468 | ||||||
6,354 | ||||||||
ELECTRONICS – 0.79% |
| |||||||
Agilent Technologies Inc.a | 38 | 1,599 | ||||||
Amphenol Corp. Class A | 19 | 1,092 | ||||||
Arrow Electronics Inc.a | 13 | 510 | ||||||
Avnet Inc.a | 17 | 582 | ||||||
Dolby Laboratories Inc. Class Aa | 6 | 303 | ||||||
Flextronics International Ltd.a | 90 | 728 | ||||||
FLIR Systems Inc. | 17 | 549 | ||||||
Garmin Ltd. | 13 | 441 | ||||||
Thermo Fisher Scientific Inc.a | 47 | 2,624 | ||||||
Tyco Electronics Ltd. | 51 | 1,838 | ||||||
Waters Corp.a | 12 | 997 | ||||||
11,263 | ||||||||
ENERGY – ALTERNATE SOURCES – 0.06% |
| |||||||
First Solar Inc.a | 6 | 884 | ||||||
884 | ||||||||
ENGINEERING & CONSTRUCTION – 0.26% |
| |||||||
Fluor Corp. | 20 | 1,415 | ||||||
Foster Wheeler AGa | 14 | 506 | ||||||
Jacobs Engineering Group Inc.a | 14 | 701 | ||||||
KBR Inc. | 18 | 590 | ||||||
URS Corp.a | 9 | 419 | ||||||
3,631 |
42 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
ENTERTAINMENT – 0.04% | ||||||||
International Game Technology | 33 | $ | 543 | |||||
543 | ||||||||
ENVIRONMENTAL CONTROL – 0.25% |
| |||||||
Republic Services Inc. | 42 | 1,244 | ||||||
Stericycle Inc.a | 3 | 259 | ||||||
Waste Management Inc. | 54 | 2,001 | ||||||
3,504 | ||||||||
FOOD – 1.77% | ||||||||
Campbell Soup Co. | 23 | 774 | ||||||
ConAgra Foods Inc. | 49 | 1,135 | ||||||
General Mills Inc. | 76 | 2,823 | ||||||
H.J. Heinz Co. | 35 | 1,758 | ||||||
Hershey Co. (The) | 18 | 942 | ||||||
Hormel Foods Corp. | 16 | 438 | ||||||
J.M. Smucker Co. (The) | 13 | 895 | ||||||
Kellogg Co. | 31 | 1,660 | ||||||
Kraft Foods Inc. Class A | 198 | 6,304 | ||||||
Kroger Co. (The) | 70 | 1,603 | ||||||
McCormick & Co. Inc. NVS | 13 | 619 | ||||||
Ralcorp Holdings Inc.a | 6 | 389 | ||||||
Safeway Inc. | 45 | 982 | ||||||
Sara Lee Corp. | 73 | 1,250 | ||||||
Sysco Corp. | 69 | 1,918 | ||||||
Tyson Foods Inc. Class A | 32 | 596 | ||||||
Whole Foods Market Inc. | 16 | 937 | ||||||
25,023 | ||||||||
FOREST PRODUCTS & PAPER – 0.32% |
| |||||||
International Paper Co. | 45 | 1,250 | ||||||
MeadWestvaco Corp. | 19 | 558 | ||||||
Plum Creek Timber Co. Inc. | 18 | 755 | ||||||
Rayonier Inc. | 9 | 552 | ||||||
Weyerhaeuser Co. | 60 | 1,465 | ||||||
4,580 | ||||||||
GAS – 0.17% | ||||||||
Energen Corp. | 8 | 489 | ||||||
NiSource Inc. | 30 | 575 | ||||||
Sempra Energy | 26 | 1,384 | ||||||
2,448 | ||||||||
HAND & MACHINE TOOLS – 0.09% |
| |||||||
Stanley Black & Decker Inc. | 17 | 1,289 | ||||||
1,289 |
Security | Shares | Value | ||||||
HEALTH CARE – PRODUCTS – 3.25% |
| |||||||
Baxter International Inc. | 68 | $ | 3,614 | |||||
Beckman Coulter Inc. | 8 | 665 | ||||||
Becton, Dickinson and Co. | 26 | 2,080 | ||||||
Boston Scientific Corp.a | 167 | 1,196 | ||||||
C.R. Bard Inc. | 11 | 1,075 | ||||||
CareFusion Corp.a | 21 | 574 | ||||||
Covidien PLC | 58 | 2,984 | ||||||
DENTSPLY International Inc. | 8 | 299 | ||||||
Edwards Lifesciences Corp.a | 14 | 1,190 | ||||||
Henry Schein Inc.a | 6 | 414 | ||||||
Hologic Inc.a | 28 | 565 | ||||||
Intuitive Surgical Inc.a | 4 | 1,312 | ||||||
Johnson & Johnson | 300 | 18,432 | ||||||
Medtronic Inc. | 126 | 5,030 | ||||||
Patterson Companies Inc. | 10 | 334 | ||||||
St. Jude Medical Inc.a | 37 | 1,771 | ||||||
Stryker Corp. | 33 | 2,088 | ||||||
Varian Medical Systems Inc.a | 14 | 970 | ||||||
Zimmer Holdings Inc.a | 24 | 1,496 | ||||||
46,089 | ||||||||
HEALTH CARE – SERVICES – 1.09% |
| |||||||
Aetna Inc. | 48 | 1,793 | ||||||
Covance Inc.a | 7 | 395 | ||||||
Coventry Health Care Inc.a | 16 | 483 | ||||||
DaVita Inc.a | 11 | 873 | ||||||
Humana Inc.a | 19 | 1,235 | ||||||
Laboratory Corp. of America Holdingsa | 12 | 1,082 | ||||||
Quest Diagnostics Inc. | 17 | 965 | ||||||
UnitedHealth Group Inc. | 132 | 5,621 | ||||||
WellPoint Inc.a | 45 | 2,991 | ||||||
15,438 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 0.05% |
| |||||||
Leucadia National Corp. | 21 | 696 | ||||||
696 | ||||||||
HOME BUILDERS – 0.05% |
| |||||||
D.R. Horton Inc. | 32 | 379 | ||||||
Toll Brothers Inc.a | 15 | 319 | ||||||
698 | ||||||||
HOME FURNISHINGS – 0.05% |
| |||||||
Whirlpool Corp. | 9 | 743 | ||||||
743 |
SCHEDULESOF INVESTMENTS | 43 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
HOUSEHOLD PRODUCTS & WARES – 0.41% |
| |||||||
Avery Dennison Corp. | 11 | $ | 439 | |||||
Church & Dwight Co. Inc. | 8 | 604 | ||||||
Clorox Co. (The) | 15 | 1,016 | ||||||
Fortune Brands Inc. | 17 | 1,052 | ||||||
Kimberly-Clark Corp. | 41 | 2,702 | ||||||
5,813 | ||||||||
HOUSEWARES – 0.04% |
| |||||||
Newell Rubbermaid Inc. | 31 | 600 | ||||||
600 | ||||||||
INSURANCE – 3.56% | ||||||||
ACE Ltd. | 39 | 2,467 | ||||||
Aflac Inc. | 53 | 3,120 | ||||||
Allstate Corp. (The) | 57 | 1,811 | ||||||
American International Group Inc.a,c | 13 | 482 | ||||||
Aon Corp. | 27 | 1,421 | ||||||
Arch Capital Group Ltd.a | 1 | 91 | ||||||
Assurant Inc. | 13 | 528 | ||||||
Axis Capital Holdings Ltd. | 15 | 545 | ||||||
Berkshire Hathaway Inc. Class Ba | 93 | 8,117 | ||||||
Chubb Corp. (The) | 38 | 2,306 | ||||||
CIGNA Corp. | 30 | 1,262 | ||||||
Cincinnati Financial Corp. | 17 | 579 | ||||||
Everest Re Group Ltd. | 7 | 621 | ||||||
Fidelity National Financial Inc. Class A | 24 | 332 | ||||||
Genworth Financial Inc. Class Aa | 54 | 714 | ||||||
Hartford Financial Services Group Inc. (The) | 46 | 1,362 | ||||||
Lincoln National Corp. | 33 | 1,047 | ||||||
Loews Corp. | 38 | 1,643 | ||||||
Marsh & McLennan Companies Inc. | 58 | 1,766 | ||||||
MetLife Inc. | 101 | 4,783 | ||||||
Old Republic International Corp. | 27 | 337 | ||||||
PartnerRe Ltd. | 7 | 555 | ||||||
Principal Financial Group Inc. | 35 | 1,199 | ||||||
Progressive Corp. (The) | 71 | 1,479 | ||||||
Prudential Financial Inc. | 53 | 3,489 | ||||||
RenaissanceRe Holdings Ltd. | 7 | 469 | ||||||
Torchmark Corp. | 9 | 587 | ||||||
Transatlantic Holdings Inc. | 7 | 357 | ||||||
Travelers Companies Inc. (The) | 53 | 3,176 | ||||||
Unum Group | 37 | 982 | ||||||
Validus Holdings Ltd. | 10 | 309 | ||||||
W.R. Berkley Corp. | 16 | 479 |
Security | Shares | Value | ||||||
White Mountains Insurance Group Ltd. | 1 | $ | 380 | |||||
Willis Group Holdings PLCc | 19 | 739 | ||||||
XL Group PLC | 38 | 887 | ||||||
50,421 | ||||||||
INTERNET – 2.83% | ||||||||
Akamai Technologies Inc.a | 19 | 713 | ||||||
Amazon.com Inc.a | 40 | 6,931 | ||||||
eBay Inc.a | 134 | 4,490 | ||||||
Expedia Inc. | 22 | 437 | ||||||
F5 Networks Inc.a | 9 | 1,062 | ||||||
Google Inc. Class Aa | 27 | 16,562 | ||||||
Liberty Media Corp. – Liberty Interactive Group Series Aa | 63 | 1,012 | ||||||
McAfee Inc.a | 17 | 815 | ||||||
Netflix Inc.a | 5 | 1,033 | ||||||
Priceline.com Inc.a | 5 | 2,269 | ||||||
Symantec Corp.a | 90 | 1,623 | ||||||
VeriSign Inc. | 21 | 741 | ||||||
Yahoo! Inc.a | 144 | 2,362 | ||||||
40,050 | ||||||||
IRON & STEEL – 0.33% |
| |||||||
Allegheny Technologies Inc. | 10 | 671 | ||||||
Cliffs Natural Resources Inc. | 15 | 1,456 | ||||||
Nucor Corp. | 35 | 1,678 | ||||||
United States Steel Corp. | 16 | 920 | ||||||
4,725 | ||||||||
LEISURE TIME – 0.28% |
| |||||||
Carnival Corp. | 54 | 2,304 | ||||||
Harley-Davidson Inc. | 26 | 1,061 | ||||||
Royal Caribbean Cruises Ltd.a | 15 | 657 | ||||||
4,022 | ||||||||
LODGING – 0.42% | ||||||||
Las Vegas Sands Corp.a | 36 | 1,679 | ||||||
Marriott International Inc. Class A | 33 | 1,294 | ||||||
MGM Resorts Internationala | 29 | 404 | ||||||
Starwood Hotels & Resorts Worldwide Inc. | 21 | 1,283 | ||||||
Wynn Resorts Ltd. | 10 | 1,230 | ||||||
5,890 | ||||||||
MACHINERY – 1.30% | ||||||||
AGCO Corp.a | 10 | 548 | ||||||
Bucyrus International Inc. | 9 | 819 | ||||||
Caterpillar Inc. | 71 | 7,308 |
44 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Cummins Inc. | 23 | $ | 2,326 | |||||
Deere & Co. | 47 | 4,237 | ||||||
Flowserve Corp. | 6 | 750 | ||||||
Joy Global Inc. | 11 | 1,071 | ||||||
Rockwell Automation Inc. | 16 | 1,404 | ||||||
18,463 | ||||||||
MANUFACTURING – 4.11% |
| |||||||
3M Co. | 76 | 7,009 | ||||||
Cooper Industries PLC | 19 | 1,223 | ||||||
Danaher Corp. | 64 | 3,238 | ||||||
Dover Corp. | 21 | 1,349 | ||||||
Eaton Corp. | 19 | 2,105 | ||||||
General Electric Co. | 1,206 | 25,229 | ||||||
Honeywell International Inc. | 83 | 4,807 | ||||||
Illinois Tool Works Inc. | 50 | 2,705 | ||||||
Ingersoll-Rand PLC | 38 | 1,721 | ||||||
ITT Corp. | 19 | 1,101 | ||||||
Leggett & Platt Inc. | 16 | 369 | ||||||
Pall Corp. | 13 | 707 | ||||||
Parker Hannifin Corp. | 18 | 1,605 | ||||||
Pentair Inc. | 10 | 371 | ||||||
Roper Industries Inc. | 10 | 841 | ||||||
SPX Corp. | 5 | 399 | ||||||
Textron Inc. | 30 | 813 | ||||||
Tyco International Ltd. | 59 | 2,675 | ||||||
58,267 | ||||||||
MEDIA – 3.13% | ||||||||
Cablevision NY Group Class A | 27 | 995 | ||||||
CBS Corp. Class B NVS | 71 | 1,694 | ||||||
Comcast Corp. Class A | 222 | 5,719 | ||||||
Comcast Corp. Class A Special | 87 | 2,116 | ||||||
DIRECTV Class Aa | 103 | 4,735 | ||||||
Discovery Communications Inc. Series Aa | 15 | 647 | ||||||
Discovery Communications Inc. Series Ca | 16 | 609 | ||||||
DISH Network Corp. Class Aa | 2 | 46 | ||||||
Liberty Global Inc. Series Aa | 14 | 589 | ||||||
Liberty Global Inc. Series Ca | 13 | 519 | ||||||
McGraw-Hill Companies Inc. (The) | 35 | 1,354 | ||||||
News Corp. Class A NVS | 208 | 3,613 | ||||||
News Corp. Class B | 49 | 902 | ||||||
Scripps Networks Interactive Inc. Class A | 10 | 519 | ||||||
Time Warner Cable Inc. | 41 | 2,959 | ||||||
Time Warner Inc. | 129 | 4,928 |
Security | Shares | Value | ||||||
Viacom Inc. Class B NVS | 64 | $ | 2,858 | |||||
Walt Disney Co. (The) | 207 | 9,054 | ||||||
Washington Post Co. (The) Class B | 1 | 433 | ||||||
44,289 | ||||||||
METAL FABRICATE & HARDWARE – 0.16% |
| |||||||
Precision Castparts Corp. | 16 | 2,268 | ||||||
2,268 | ||||||||
MINING – 0.80% | ||||||||
Alcoa Inc. | 117 | 1,971 | ||||||
Freeport-McMoRan Copper & Gold Inc. | 108 | 5,719 | ||||||
Newmont Mining Corp. | 55 | 3,040 | ||||||
Vulcan Materials Co.c | 14 | 642 | ||||||
11,372 | ||||||||
OFFICE & BUSINESS EQUIPMENT – 0.15% |
| |||||||
Pitney Bowes Inc. | 23 | 579 | ||||||
Xerox Corp. | 148 | 1,591 | ||||||
2,170 | ||||||||
OIL & GAS – 10.16% | ||||||||
Anadarko Petroleum Corp. | 56 | 4,582 | ||||||
Apache Corp. | 43 | 5,359 | ||||||
Cabot Oil & Gas Corp. | 11 | 502 | ||||||
Chesapeake Energy Corp. | 74 | 2,635 | ||||||
Chevron Corp. | 226 | 23,447 | ||||||
Cimarex Energy Co. | 9 | 1,045 | ||||||
Concho Resources Inc.a | 10 | 1,065 | ||||||
ConocoPhillips | 160 | 12,459 | ||||||
Denbury Resources Inc.a | 42 | 1,018 | ||||||
Devon Energy Corp. | 49 | 4,481 | ||||||
Diamond Offshore Drilling Inc. | 8 | 626 | ||||||
EOG Resources Inc. | 29 | 3,257 | ||||||
EQT Corp. | 15 | 739 | ||||||
Exxon Mobil Corp. | 568 | 48,581 | ||||||
Helmerich & Payne Inc. | 12 | 780 | ||||||
Hess Corp. | 33 | 2,872 | ||||||
Marathon Oil Corp. | 82 | 4,067 | ||||||
Murphy Oil Corp. | 20 | 1,471 | ||||||
Nabors Industries Ltd.a | 31 | 883 | ||||||
Newfield Exploration Co.a | 15 | 1,092 | ||||||
Noble Corp. | 29 | 1,297 | ||||||
Noble Energy Inc. | 21 | 1,946 | ||||||
Occidental Petroleum Corp. | 92 | 9,381 | ||||||
Petrohawk Energy Corp.a | 33 | 713 |
SCHEDULESOF INVESTMENTS | 45 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Pioneer Natural Resources Co. | 13 | $ | 1,330 | |||||
Plains Exploration & Production Co.a | 15 | 588 | ||||||
Pride International Inc.a | 19 | 789 | ||||||
QEP Resources Inc. | 19 | 751 | ||||||
Range Resources Corp. | 20 | 1,086 | ||||||
Rowan Companies Inc.a | 13 | 555 | ||||||
Southwestern Energy Co.a | 38 | 1,500 | ||||||
Sunoco Inc. | 13 | 544 | ||||||
Ultra Petroleum Corp.a | 17 | 771 | ||||||
Valero Energy Corp. | 62 | 1,747 | ||||||
143,959 | ||||||||
OIL & GAS SERVICES – 2.24% |
| |||||||
Baker Hughes Inc. | 50 | 3,552 | ||||||
Cameron International Corp.a | 27 | 1,596 | ||||||
FMC Technologies Inc.a | 13 | 1,223 | ||||||
Halliburton Co. | 104 | 4,882 | ||||||
National Oilwell Varco Inc. | 49 | 3,899 | ||||||
Schlumberger Ltd. | 156 | 14,574 | ||||||
Weatherford International Ltd.a | 83 | 2,007 | ||||||
31,733 | ||||||||
PACKAGING & CONTAINERS – 0.18% |
| |||||||
Ball Corp. | 20 | 722 | ||||||
Crown Holdings Inc.a | 18 | 693 | ||||||
Owens-Illinois Inc.a | 19 | 579 | ||||||
Sealed Air Corp. | 18 | 495 | ||||||
2,489 | ||||||||
PHARMACEUTICALS – 4.81% |
| |||||||
Abbott Laboratories | 175 | 8,418 | ||||||
Allergan Inc. | 34 | 2,522 | ||||||
AmerisourceBergen Corp. | 32 | 1,213 | ||||||
Bristol-Myers Squibb Co. | 194 | 5,007 | ||||||
Cardinal Health Inc. | 40 | 1,666 | ||||||
Cephalon Inc.a | 8 | 450 | ||||||
Eli Lilly and Co. | 117 | 4,044 | ||||||
Express Scripts Inc.a | 52 | 2,923 | ||||||
Forest Laboratories Inc.a | 33 | 1,069 | ||||||
Gilead Sciences Inc.a | 94 | 3,664 | ||||||
Hospira Inc.a | 18 | 951 | ||||||
Mead Johnson Nutrition Co. Class A | 23 | 1,377 | ||||||
Medco Health Solutions Inc.a | 53 | 3,267 | ||||||
Merck & Co. Inc. | 346 | 11,269 | ||||||
Mylan Inc.a | 34 | 778 |
Security | Shares | Value | ||||||
Omnicare Inc. | 13 | $ | 372 | |||||
Perrigo Co. | 9 | 688 | ||||||
Pfizer Inc. | 914 | 17,585 | ||||||
Warner Chilcott PLC Class A | 12 | 284 | ||||||
Watson Pharmaceuticals Inc.a | 11 | 616 | ||||||
68,163 | ||||||||
PIPELINES – 0.48% | ||||||||
El Paso Corp. | 77 | 1,432 | ||||||
Kinder Morgan Management LLCa | 9 | 591 | ||||||
ONEOK Inc. | 11 | 710 | ||||||
Spectra Energy Corp. | 73 | 1,953 | ||||||
Williams Companies Inc. (The) | 69 | 2,095 | ||||||
6,781 | ||||||||
REAL ESTATE – 0.06% |
| |||||||
CB Richard Ellis Group Inc. Class Aa | 33 | 826 | ||||||
826 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 1.69% |
| |||||||
AMB Property Corp. | 18 | 655 | ||||||
Annaly Capital Management Inc. | 75 | 1,345 | ||||||
AvalonBay Communities Inc. | 9 | 1,089 | ||||||
Boston Properties Inc. | 17 | 1,631 | ||||||
Duke Realty Corp. | 25 | 352 | ||||||
Equity Residential | 31 | 1,708 | ||||||
Federal Realty Investment Trust | 7 | 589 | ||||||
General Growth Properties Inc.a | 49 | 780 | ||||||
HCP Inc. | 32 | 1,216 | ||||||
Health Care REIT Inc. | 14 | 731 | ||||||
Host Hotels & Resorts Inc. | 70 | 1,288 | ||||||
Kimco Realty Corp. | 44 | 853 | ||||||
Liberty Property Trust | 12 | 405 | ||||||
Macerich Co. (The) | 15 | 760 | ||||||
ProLogis | 52 | 846 | ||||||
Public Storage | 17 | 1,908 | ||||||
Regency Centers Corp. | 10 | 452 | ||||||
Simon Property Group Inc. | 38 | 4,182 | ||||||
Ventas Inc. | 17 | 942 | ||||||
Vornado Realty Trust | 24 | 2,240 | ||||||
23,972 | ||||||||
RETAIL – 5.65% | ||||||||
Abercrombie & Fitch Co. Class A | 10 | 574 | ||||||
Advance Auto Parts Inc. | 10 | 627 | ||||||
American Eagle Outfitters Inc. | 21 | 322 |
46 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
AutoZone Inc.a | 3 | $ | 774 | |||||
Bed Bath & Beyond Inc.a | 29 | 1,396 | ||||||
Best Buy Co. Inc. | 40 | 1,290 | ||||||
CarMax Inc.a | 25 | 884 | ||||||
Chipotle Mexican Grill Inc.a | 3 | 735 | ||||||
Costco Wholesale Corp. | 44 | 3,291 | ||||||
CVS Caremark Corp. | 157 | 5,190 | ||||||
Darden Restaurants Inc. | 15 | 707 | ||||||
Dollar General Corp.a | 10 | 282 | ||||||
Dollar Tree Inc.a | 15 | 755 | ||||||
Family Dollar Stores Inc. | 15 | 751 | ||||||
GameStop Corp. Class Aa | 17 | 339 | ||||||
Gap Inc. (The) | 54 | 1,217 | ||||||
Home Depot Inc. (The) | 193 | 7,232 | ||||||
J.C. Penney Co. Inc. | 23 | 804 | ||||||
Kohl’s Corp.a | 34 | 1,832 | ||||||
Limited Brands Inc. | 30 | 961 | ||||||
Lowe’s Companies Inc. | 165 | 4,318 | ||||||
Macy’s Inc. | 47 | 1,123 | ||||||
McDonald’s Corp. | 122 | 9,233 | ||||||
Nordstrom Inc. | 22 | 996 | ||||||
O’Reilly Automotive Inc.a | 15 | 834 | ||||||
PetSmart Inc. | 14 | 572 | ||||||
Ross Stores Inc. | 14 | 1,009 | ||||||
Sears Holdings Corp.a,c | 5 | 417 | ||||||
Staples Inc. | 82 | 1,747 | ||||||
Starbucks Corp. | 86 | 2,836 | ||||||
Target Corp. | 81 | 4,256 | ||||||
Tiffany & Co. | 14 | 862 | ||||||
TJX Companies Inc. (The) | 47 | 2,344 | ||||||
Urban Outfitters Inc.a | 14 | 537 | ||||||
Wal-Mart Stores Inc. | 223 | 11,591 | ||||||
Walgreen Co. | 112 | 4,854 | ||||||
Yum! Brands Inc. | 52 | 2,617 | ||||||
80,109 | ||||||||
SAVINGS & LOANS – 0.11% |
| |||||||
Hudson City Bancorp Inc. | 20 | 230 | ||||||
New York Community Bancorp Inc. | 44 | 821 | ||||||
People’s United Financial Inc. | 41 | 540 | ||||||
1,591 | ||||||||
SEMICONDUCTORS – 2.64% |
| |||||||
Advanced Micro Devices Inc.a | 63 | 580 | ||||||
Altera Corp. | 33 | 1,381 |
Security | Shares | Value | ||||||
Analog Devices Inc. | 32 | $ | 1,276 | |||||
Applied Materials Inc. | 151 | 2,481 | ||||||
Avago Technologies Ltd. | 18 | 612 | ||||||
Broadcom Corp. Class A | 51 | 2,102 | ||||||
Cree Inc.a | 11 | 579 | ||||||
Intel Corp. | 625 | 13,419 | ||||||
KLA-Tencor Corp. | 19 | 928 | ||||||
Lam Research Corp.a | 14 | 769 | ||||||
Linear Technology Corp. | 25 | 864 | ||||||
LSI Corp.a | 72 | 453 | ||||||
Marvell Technology Group Ltd.a | 58 | 1,060 | ||||||
Maxim Integrated Products Inc. | 34 | 938 | ||||||
MEMC Electronic Materials Inc.a | 25 | 339 | ||||||
Microchip Technology Inc. | 20 | 738 | ||||||
Micron Technology Inc.a | 94 | 1,046 | ||||||
National Semiconductor Corp. | 26 | 403 | ||||||
NVIDIA Corp.a | 61 | 1,382 | ||||||
Texas Instruments Inc. | 142 | 5,057 | ||||||
Xilinx Inc. | 31 | 1,031 | ||||||
37,438 | ||||||||
SOFTWARE – 4.14% | ||||||||
Activision Blizzard Inc.a | 63 | 700 | ||||||
Adobe Systems Inc.a | 58 | 2,001 | ||||||
Autodesk Inc.a | 25 | 1,051 | ||||||
Automatic Data Processing Inc. | 50 | 2,500 | ||||||
BMC Software Inc.a | 20 | 990 | ||||||
CA Inc. | 46 | 1,140 | ||||||
Cerner Corp.a | 8 | 804 | ||||||
Citrix Systems Inc.a | 20 | 1,403 | ||||||
Dun & Bradstreet Corp. (The) | 6 | 485 | ||||||
Electronic Arts Inc.a | 36 | 677 | ||||||
Fidelity National Information Services Inc. | 35 | 1,134 | ||||||
Fiserv Inc.a | 17 | 1,076 | ||||||
Intuit Inc.a | 33 | 1,735 | ||||||
Microsoft Corp. | 859 | 22,832 | ||||||
Nuance Communications Inc.a | 23 | 429 | ||||||
Oracle Corp. | 454 | 14,937 | ||||||
Paychex Inc. | 22 | 740 | ||||||
Red Hat Inc.a | 21 | 867 | ||||||
Salesforce.com Inc.a | 14 | 1,852 | ||||||
SEI Investments Co. | 15 | 345 |
SCHEDULESOF INVESTMENTS | 47 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Total System Services Inc. | 19 | $ | 337 | |||||
VMware Inc. Class Aa | 8 | 669 | ||||||
58,704 | ||||||||
TELECOMMUNICATIONS – 5.34% |
| |||||||
American Tower Corp. Class Aa | 47 | 2,536 | ||||||
AT&T Inc. | 668 | 18,958 | ||||||
CenturyLink Inc. | 33 | 1,359 | ||||||
Cisco Systems Inc.a | 647 | 12,008 | ||||||
Corning Inc. | 176 | 4,059 | ||||||
Crown Castle International Corp.a | 32 | 1,349 | ||||||
Frontier Communications Corp. | 110 | 934 | ||||||
Harris Corp. | 15 | 700 | ||||||
Juniper Networks Inc.a | 58 | 2,552 | ||||||
MetroPCS Communications Inc.a | 27 | 389 | ||||||
Motorola Mobility Holdings Inc.a | 32 | 966 | ||||||
Motorola Solutions Inc.a | 37 | 1,430 | ||||||
NII Holdings Inc.a | 18 | 737 | ||||||
QUALCOMM Inc. | 180 | 10,724 | ||||||
Qwest Communications International Inc. | 172 | 1,173 | ||||||
SBA Communications Corp. Class Aa | 12 | 505 | ||||||
Sprint Nextel Corp.a | 333 | 1,455 | ||||||
Telephone and Data Systems Inc. | 6 | 202 | ||||||
Verizon Communications Inc. | 322 | 11,888 | ||||||
Virgin Media Inc. | 36 | 981 | ||||||
Windstream Corp. | 61 | 765 | ||||||
75,670 | ||||||||
TEXTILES – 0.05% | ||||||||
Cintas Corp. | 15 | 422 | ||||||
Mohawk Industries Inc.a | 6 | 348 | ||||||
770 | ||||||||
TOYS, GAMES & HOBBIES – 0.12% |
| |||||||
Hasbro Inc. | 14 | 629 | ||||||
Mattel Inc. | 40 | 1,002 | ||||||
1,631 | ||||||||
TRANSPORTATION – 1.66% |
| |||||||
C.H. Robinson Worldwide Inc. | 19 | 1,375 | ||||||
CSX Corp. | 45 | 3,360 | ||||||
Expeditors International of Washington Inc. | 26 | 1,243 | ||||||
FedEx Corp. | 34 | 3,060 | ||||||
J.B. Hunt Transport Services Inc. | 10 | 416 | ||||||
Norfolk Southern Corp. | 41 | 2,689 | ||||||
Union Pacific Corp. | 58 | 5,534 |
Security | Shares | Value | ||||||
United Parcel Service Inc. Class B | 80 | $ | 5,904 | |||||
23,581 | ||||||||
WATER – 0.04% | ||||||||
American Water Works Co. Inc. | 19 | 527 | ||||||
527 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,239,192) | 1,415,040 | |||||||
SHORT-TERM INVESTMENTS – 0.35% |
| |||||||
MONEY MARKET FUNDS – 0.35% |
| |||||||
BlackRock Cash Funds: Institutional, | 2,540 | 2,540 | ||||||
BlackRock Cash Funds: Prime, | 365 | 365 | ||||||
BlackRock Cash Funds: Treasury, | 2,056 | 2,056 | ||||||
4,961 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $4,961) | 4,961 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $1,244,153) |
| 1,420,001 | ||||||
Other Assets, Less Liabilities – (0.20)% |
| (2,883) | ||||||
NET ASSETS – 100.00% | $ | 1,417,118 | ||||||
NVS – Non-Voting Shares
a | Non-income earning security. |
b | Affiliated issuer. See Note 2. |
c | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
48 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2011
iShares MSCI Index Fund | iShares MSCI Index Fund | iShares MSCI Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 7,816,538,966 | $ | 997,805,429 | $ | 4,937,503,862 | ||||||
Affiliated issuers (Note 2) | 8,169,947 | 26,870,916 | 13,445,072 | |||||||||
Total cost of investments | $ | 7,824,708,913 | $ | 1,024,676,345 | $ | 4,950,948,934 | ||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated issuers | $ | 12,616,781,669 | $ | 1,159,618,046 | $ | 5,775,875,111 | ||||||
Affiliated issuers (Note 2) | 8,169,947 | 26,870,916 | 13,445,072 | |||||||||
Total fair value of investments | 12,624,951,616 | 1,186,488,962 | 5,789,320,183 | |||||||||
Foreign currencies, at valueb | 36,066,829 | 2,038,309 | 5,265,061 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 135,129,246 | 13,127,123 | 64,197,221 | |||||||||
Dividends and interest | 38,634,387 | 1,229,397 | 4,780,703 | |||||||||
Capital shares sold | – | – | 285,185 | |||||||||
Total Assets | 12,834,782,078 | 1,202,883,791 | 5,863,848,353 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 142,156,433 | 13,279,885 | 64,907,492 | |||||||||
Collateral for securities on loan (Note 5) | – | 26,766,391 | 10,018,055 | |||||||||
Investment advisory fees (Note 2) | 5,589,014 | 600,779 | 2,122,598 | |||||||||
Total Liabilities | 147,745,447 | 40,647,055 | 77,048,145 | |||||||||
NET ASSETS | $ | 12,687,036,631 | $ | 1,162,236,736 | $ | 5,786,800,208 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 8,895,783,509 | $ | 1,048,275,022 | $ | 5,163,111,511 | ||||||
Undistributed (distributions in excess of) net investment income | (337,681,853 | ) | (6,107,749 | ) | 3,756,701 | |||||||
Accumulated net realized loss | (673,766,715 | ) | (41,830,577 | ) | (218,539,828 | ) | ||||||
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | 4,802,701,690 | 161,900,040 | 838,471,824 | |||||||||
NET ASSETS | $ | 12,687,036,631 | $ | 1,162,236,736 | $ | 5,786,800,208 | ||||||
Shares outstandingc | 171,750,000 | 24,350,000 | 172,500,000 | |||||||||
Net asset value per share | $ | 73.87 | $ | 47.73 | $ | 33.55 | ||||||
a | Securities on loan with values of $ –, $25,136,695 and $9,529,731, respectively. See Note 5. |
b | Cost of foreign currencies: $35,889,187, $2,027,241 and $5,197,593, respectively. |
c | $0.001 par value, number of shares authorized: 500 million, 500 million and 340.2 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 49 |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2011
iShares MSCI Chile Investable Market Index Fund | iShares MSCI Israel Capped Investable Market Index Fund | iShares MSCI Mexico Investable Market Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 677,378,704 | $ | 131,137,628 | $ | 1,385,623,088 | ||||||
Affiliated issuers (Note 2) | 1,254,477 | 1,368,976 | 63,372,183 | |||||||||
Total cost of investments | $ | 678,633,181 | $ | 132,506,604 | $ | 1,448,995,271 | ||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated issuers | $ | 873,659,945 | $ | 121,583,668 | $ | 1,480,372,614 | ||||||
Affiliated issuers (Note 2) | 1,254,477 | 1,368,976 | 63,372,183 | |||||||||
Total fair value of investments | 874,914,422 | 122,952,644 | 1,543,744,797 | |||||||||
Foreign currencies, at valueb | – | 272,407 | 1,360,689 | |||||||||
Cash | 813,205 | – | – | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 3,153,447 | 3,616,742 | 6,500,337 | |||||||||
Due from custodian (Note 4) | – | 316,960 | – | |||||||||
Dividends and interest | 16,562 | 7,621 | 62,307 | |||||||||
Total Assets | 878,897,636 | 127,166,374 | 1,551,668,130 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 5,560,549 | 3,871,065 | 7,024,895 | |||||||||
Collateral for securities on loan (Note 5) | – | 1,351,311 | 62,803,892 | |||||||||
Capital shares redeemed | – | 83,854 | – | |||||||||
Investment advisory fees (Note 2) | 399,174 | 61,278 | 605,027 | |||||||||
Total Liabilities | 5,959,723 | 5,367,508 | 70,433,814 | |||||||||
NET ASSETS | $ | 872,937,913 | $ | 121,798,866 | $ | 1,481,234,316 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 702,872,122 | $ | 147,756,018 | $ | 1,378,471,760 | ||||||
Undistributed (distributions in excess of) net investment income | 1,785,804 | (330,690 | ) | (2,105,707 | ) | |||||||
Undistributed net realized gain (accumulated net realized loss) | (28,006,146 | ) | (16,073,821 | ) | 10,123,302 | |||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | 196,286,133 | (9,552,641 | ) | 94,744,961 | ||||||||
NET ASSETS | $ | 872,937,913 | $ | 121,798,866 | $ | 1,481,234,316 | ||||||
Shares outstandingc | 12,550,000 | 2,150,000 | 24,300,000 | |||||||||
Net asset value per share | $ | 69.56 | $ | 56.65 | $ | 60.96 | ||||||
a | Securities on loan with values of $ –, $1,277,307 and $59,570,946, respectively. See Note 5. |
b | Cost of foreign currencies: $ –, $271,000 and $1,365,666, respectively. |
c | $0.001 par value, number of shares authorized: 200 million, 500 million and 255 million, respectively. |
See notes to financial statements.
50 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2011
iShares MSCI South Africa Index Fund | iShares MSCI Turkey Investable Market Index Fund | iShares MSCI Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 582,870,102 | $ | 557,268,543 | $ | 1,233,498 | ||||||
Affiliated issuers (Note 2) | 1,898,852 | 45,824,469 | 10,655 | |||||||||
Total cost of investments | $ | 584,768,954 | $ | 603,093,012 | $ | 1,244,153 | ||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated issuers | $ | 610,548,428 | $ | 506,416,467 | $ | 1,409,360 | ||||||
Affiliated issuers (Note 2) | 1,898,852 | 45,824,469 | 10,641 | |||||||||
Total fair value of investments | 612,447,280 | 552,240,936 | 1,420,001 | |||||||||
Foreign currencies, at valueb | 662,640 | 353,604 | – | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 2,014,135 | 4,911,557 | – | |||||||||
Dividends and interest | 7,340 | 49,527 | 2,843 | |||||||||
Capital shares sold | – | 202,617 | – | |||||||||
Total Assets | 615,131,395 | 557,758,241 | 1,422,844 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 2,097,184 | 6,457,164 | 2,659 | |||||||||
Collateral for securities on loan (Note 5) | 1,768,348 | 44,504,287 | 2,905 | |||||||||
Capital shares redeemed | 3,750 | – | – | |||||||||
Investment advisory fees (Note 2) | 279,756 | 262,423 | 162 | |||||||||
Total Liabilities | 4,149,038 | 51,223,874 | 5,726 | |||||||||
NET ASSETS | $ | 610,982,357 | $ | 506,534,367 | $ | 1,417,118 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 607,443,314 | $ | 500,077,019 | $ | 1,220,478 | ||||||
Undistributed (distributions in excess of) net investment income (accumulated net investment loss) | (6,639,512 | ) | (6,108,359 | ) | 4,228 | |||||||
Undistributed net realized gain (accumulated net realized loss) | (17,505,910 | ) | 63,418,291 | 16,564 | ||||||||
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | 27,684,465 | (50,852,584 | ) | 175,848 | ||||||||
NET ASSETS | $ | 610,982,357 | $ | 506,534,367 | $ | 1,417,118 | ||||||
Shares outstandingc | 8,800,000 | 8,650,000 | 50,000 | |||||||||
Net asset value per share | $ | 69.43 | $ | 58.56 | $ | 28.34 | ||||||
a | Securities on loan with values of $1,682,718, $42,009,584 and $2,844, respectively. See Note 5. |
b | Cost of foreign currencies: $648,422, $354,268 and $ –, respectively. |
c | $0.001 par value, number of shares authorized: 400 million, 200 million and 500 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 51 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI Index Fund | iShares MSCI Index Fund | iShares MSCI Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 131,213,835 | $ | 7,551,150 | $ | 50,852,347 | ||||||
Interest from affiliated issuers (Note 2) | 10,271 | 614 | 1,970 | |||||||||
Securities lending income from affiliated issuers (Note 2) | 1,392 | 299,759 | 68,000 | |||||||||
Total investment income | 131,225,498 | 7,851,523 | 50,922,317 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 33,799,907 | 3,730,035 | 11,302,817 | |||||||||
Total expenses | 33,799,907 | 3,730,035 | 11,302,817 | |||||||||
Less investment advisory fees waived (Note 2) | – | (31,041 | ) | – | ||||||||
Net expenses | – | 3,698,994 | – | |||||||||
Net investment income | 97,425,591 | 4,152,529 | 39,619,500 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | 10,855,355 | (10,265,698 | ) | (50,638,624 | ) | |||||||
In-kind redemptions | – | – | 25,133,226 | |||||||||
Foreign currency transactions | 3,811,433 | (155,805 | ) | 379,522 | ||||||||
Net realized gain (loss) | 14,666,788 | (10,421,503 | ) | (25,125,876 | ) | |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 971,766,931 | 120,515,141 | 1,123,051,528 | |||||||||
Translation of assets and liabilities in foreign currencies | 1,204,803 | 124,579 | 296,137 | |||||||||
Net change in unrealized appreciation/depreciation | 972,971,734 | 120,639,720 | 1,123,347,665 | |||||||||
Net realized and unrealized gain | 987,638,522 | 110,218,217 | 1,098,221,789 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,085,064,113 | $ | 114,370,746 | $ | 1,137,841,289 | ||||||
a | Net of foreign withholding tax of $16,153,788, $785,343 and $7,754,602, respectively. |
See notes to financial statements.
52 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI Chile Investable Market Index Fund | iShares MSCI Israel Capped Investable Market Index Fund | iShares MSCI Mexico Investable Market Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 4,865,665 | $ | 1,978,171 | $ | 8,215,512 | ||||||
Interest from affiliated issuers (Note 2) | 678 | 57 | 317 | |||||||||
Securities lending income from affiliated issuers (Note 2) | – | 31,933 | 305,787 | |||||||||
Total investment income | 4,866,343 | 2,010,161 | 8,521,616 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 2,665,552 | 404,822 | 4,179,996 | |||||||||
Total expenses | 2,665,552 | 404,822 | 4,179,996 | |||||||||
Net investment income | 2,200,791 | 1,605,339 | 4,341,620 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | (1,499,905 | ) | (808,000 | ) | (13,959,574 | ) | ||||||
In-kind redemptions | – | 4,492,387 | 84,395,945 | |||||||||
Foreign currency transactions | (23,177 | ) | 23,299 | 106,048 | ||||||||
Net realized gain (loss) | (1,523,082 | ) | 3,707,686 | 70,542,419 | ||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 12,542,279 | 14,359,849 | 304,465,829 | |||||||||
Translation of assets and liabilities in foreign currencies | 5,369 | 1,475 | 61,920 | |||||||||
Net change in unrealized appreciation/depreciation | 12,547,648 | 14,361,324 | 304,527,749 | |||||||||
Net realized and unrealized gain | 11,024,566 | 18,069,010 | 375,070,168 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 13,225,357 | $ | 19,674,349 | $ | 379,411,788 | ||||||
a | Net of foreign withholding tax of $2,348,188, $411,753 and $ –, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 53 |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI South Africa Index Fund | iShares MSCI Turkey Investable Market Index Fund | iShares MSCI Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 8,225,230 | $ | 247,868 | $ | 18,624 | ||||||
Dividends from affiliated issuers (Note 2) | – | – | 28 | |||||||||
Interest from affiliated issuers (Note 2) | 196 | 313 | – | |||||||||
Securities lending income from affiliated issuers (Note 2) | 49,649 | 333,114 | 30 | |||||||||
Total investment income | 8,275,075 | 581,295 | 18,682 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 1,905,266 | 2,323,147 | 1,371 | |||||||||
Total expenses | 1,905,266 | 2,323,147 | 1,371 | |||||||||
Net investment income (loss) | 6,369,809 | (1,741,852 | ) | 17,311 | ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | (3,181,749 | ) | (3,010,882 | ) | (1,613 | ) | ||||||
Investments in affiliated issuers (Note 2) | – | – | (662 | ) | ||||||||
In-kind redemptions | 34,998,876 | 81,076,863 | 21,273 | |||||||||
Foreign currency transactions | 49,772 | 40,595 | – | |||||||||
Net realized gain | 31,866,899 | 78,106,576 | 18,998 | |||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 63,834,398 | (103,417,727 | ) | 422,452 | ||||||||
Translation of assets and liabilities in foreign currencies | 5,470 | (7,165 | ) | – | ||||||||
Net change in unrealized appreciation/depreciation | 63,839,868 | (103,424,892 | ) | 422,452 | ||||||||
Net realized and unrealized gain (loss) | 95,706,767 | (25,318,316 | ) | 441,450 | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 102,076,576 | $ | (27,060,168 | ) | $ | 458,761 | |||||
a | Net of foreign withholding tax of $ –, $43,741 and $ –, respectively. |
See notes to financial statements.
54 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI Brazil Index Fund | iShares MSCI BRIC Index Fund | |||||||||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 97,425,591 | $ | 228,419,252 | $ | 4,152,529 | $ | 12,434,508 | ||||||||
Net realized gain (loss) | 14,666,788 | 372,816,382 | (10,421,503 | ) | (12,482,457 | ) | ||||||||||
Net change in unrealized appreciation/depreciation | 972,971,734 | 1,246,032,535 | 120,639,720 | 63,820,880 | ||||||||||||
Net increase in net assets resulting from operations | 1,085,064,113 | 1,847,268,169 | 114,370,746 | 63,772,931 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (391,280,802 | ) | (384,786,885 | ) | (10,878,230 | ) | (12,829,123 | ) | ||||||||
Total distributions to shareholders | (391,280,802 | ) | (384,786,885 | ) | (10,878,230 | ) | (12,829,123 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 2,752,800,804 | 6,659,059 | 111,929,766 | 398,031,773 | ||||||||||||
Cost of shares redeemed | – | (1,006,054,310 | ) | – | – | |||||||||||
Net increase (decrease) in net assets from capital share | 2,752,800,804 | (999,395,251 | ) | 111,929,766 | 398,031,773 | |||||||||||
INCREASE IN NET ASSETS | 3,446,584,115 | 463,086,033 | 215,422,282 | 448,975,581 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 9,240,452,516 | 8,777,366,483 | 946,814,454 | 497,838,873 | ||||||||||||
End of period | $ | 12,687,036,631 | $ | 9,240,452,516 | $ | 1,162,236,736 | $ | 946,814,454 | ||||||||
Undistributed (distributions in excess of) net investment | $ | (337,681,853 | ) | $ | (43,826,642 | ) | $ | (6,107,749 | ) | $ | 617,952 | |||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 36,000,000 | 100,000 | 2,300,000 | 8,800,000 | ||||||||||||
Shares redeemed | – | (15,000,000 | ) | – | – | |||||||||||
Net increase (decrease) in shares outstanding | 36,000,000 | (14,900,000 | ) | 2,300,000 | 8,800,000 | |||||||||||
See notes to financial statements.
FINANCIAL STATEMENTS | 55 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Canada Index Fund | iShares MSCI Chile Investable Market Index Fund | |||||||||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 39,619,500 | $ | 51,900,908 | $ | 2,200,791 | $ | 3,713,462 | ||||||||
Net realized gain (loss) | (25,125,876 | ) | 109,004,495 | (1,523,082 | ) | (2,840,935 | ) | |||||||||
Net change in unrealized appreciation/depreciation | 1,123,347,665 | 93,342,915 | 12,547,648 | 149,610,800 | ||||||||||||
Net increase in net assets resulting from operations | 1,137,841,289 | 254,248,318 | 13,225,357 | 150,483,327 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (47,100,095 | ) | (50,623,009 | ) | (414,987 | ) | (4,266,725 | ) | ||||||||
Return of capital | – | – | – | (214,415 | ) | |||||||||||
Total distributions to shareholders | (47,100,095 | ) | (50,623,009 | ) | (414,987 | ) | (4,481,140 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 1,359,661,556 | 1,858,101,617 | 251,058,874 | 378,631,231 | ||||||||||||
Cost of shares redeemed | (110,845,039 | ) | (1,008,121,985 | ) | (61,281,737 | ) | (117,487,891 | ) | ||||||||
Net increase in net assets from capital share transactions | 1,248,816,517 | 849,979,632 | 189,777,137 | 261,143,340 | ||||||||||||
INCREASE IN NET ASSETS | 2,339,557,711 | 1,053,604,941 | 202,587,507 | 407,145,527 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 3,447,242,497 | 2,393,637,556 | 670,350,406 | 263,204,879 | ||||||||||||
End of period | $ | 5,786,800,208 | $ | 3,447,242,497 | $ | 872,937,913 | $ | 670,350,406 | ||||||||
Undistributed net investment income included in net assets at end of period | $ | 3,756,701 | $ | 11,237,296 | $ | 1,785,804 | $ | – | ||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 44,200,000 | 69,800,000 | 3,450,000 | 6,350,000 | ||||||||||||
Shares redeemed | (3,800,000 | ) | (38,700,000 | ) | (850,000 | ) | (2,300,000 | ) | ||||||||
Net increase in shares outstanding | 40,400,000 | 31,100,000 | 2,600,000 | 4,050,000 | ||||||||||||
See notes to financial statements.
56 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Israel Capped Investable Market Index Fund | iShares MSCI Mexico Investable Market Index Fund | |||||||||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,605,339 | $ | 4,797,060 | $ | 4,341,620 | $ | 17,453,662 | ||||||||
Net realized gain | 3,707,686 | 70,349 | 70,542,419 | 29,433,811 | ||||||||||||
Net change in unrealized appreciation/depreciation | 14,361,324 | (1,531,719 | ) | 304,527,749 | (1,696,792 | ) | ||||||||||
Net increase in net assets resulting from operations | 19,674,349 | 3,335,690 | 379,411,788 | 45,190,681 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (2,172,730 | ) | (5,130,542 | ) | (8,422,387 | ) | (18,506,573 | ) | ||||||||
Total distributions to shareholders | (2,172,730 | ) | (5,130,542 | ) | (8,422,387 | ) | (18,506,573 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 26,222,053 | 136,885,872 | 145,174,024 | 1,412,598,195 | ||||||||||||
Cost of shares redeemed | (50,397,510 | ) | (114,410,341 | ) | (484,967,680 | ) | (683,521,351 | ) | ||||||||
Net increase (decrease) in net assets from capital share transactions | (24,175,457 | ) | 22,475,531 | (339,793,656 | ) | 729,076,844 | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | (6,673,838 | ) | 20,680,679 | 31,195,745 | 755,760,952 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 128,472,704 | 107,792,025 | 1,450,038,571 | 694,277,619 | ||||||||||||
End of period | $ | 121,798,866 | $ | 128,472,704 | $ | 1,481,234,316 | $ | 1,450,038,571 | ||||||||
Undistributed (distributions in excess of) net investment | $ | (330,690 | ) | $ | 236,701 | $ | (2,105,707 | ) | $ | 1,975,060 | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 450,000 | 2,550,000 | 2,600,000 | 28,100,000 | ||||||||||||
Shares redeemed | (900,000 | ) | (2,250,000 | ) | (8,400,000 | ) | (14,300,000 | ) | ||||||||
Net increase (decrease) in shares outstanding | (450,000 | ) | 300,000 | (5,800,000 | ) | 13,800,000 | ||||||||||
See notes to financial statements.
FINANCIAL STATEMENTS | 57 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI South Africa Index Fund | iShares MSCI Turkey Investable Market Index Fund | |||||||||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 6,369,809 | $ | 10,783,825 | $ | (1,741,852 | ) | $ | 7,418,467 | |||||||
Net realized gain | 31,866,899 | 30,902,311 | 78,106,576 | 25,274,469 | ||||||||||||
Net change in unrealized appreciation/depreciation | 63,839,868 | 23,527,386 | (103,424,892 | ) | 46,433,957 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 102,076,576 | 65,213,522 | (27,060,168 | ) | 79,126,893 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (14,254,057 | ) | (12,009,132 | ) | (3,808,549 | ) | (8,702,771 | ) | ||||||||
Total distributions to shareholders | (14,254,057 | ) | (12,009,132 | ) | (3,808,549 | ) | (8,702,771 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 174,104,575 | 215,358,696 | 290,112,506 | 471,556,198 | ||||||||||||
Cost of shares redeemed | (156,135,475 | ) | (252,100,617 | ) | (354,697,561 | ) | (182,426,990 | ) | ||||||||
Net increase (decrease) in net assets from capital share transactions | 17,969,100 | (36,741,921 | ) | (64,585,055 | ) | 289,129,208 | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | 105,791,619 | 16,462,469 | (95,453,772 | ) | 359,553,330 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 505,190,738 | 488,728,269 | 601,988,139 | 242,434,809 | ||||||||||||
End of period | $ | 610,982,357 | $ | 505,190,738 | $ | 506,534,367 | $ | 601,988,139 | ||||||||
Undistributed (distributions in excess of) net investment income (accumulated net investment loss) included in net assets at end of period | $ | (6,639,512 | ) | $ | 1,244,736 | $ | (6,108,359 | ) | $ | (557,958 | ) | |||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 2,500,000 | 3,800,000 | 4,200,000 | 8,350,000 | ||||||||||||
Shares redeemed | (2,300,000 | ) | (4,600,000 | ) | (5,450,000 | ) | (3,500,000 | ) | ||||||||
Net increase (decrease) in shares outstanding | 200,000 | (800,000 | ) | (1,250,000 | ) | 4,850,000 | ||||||||||
See notes to financial statements.
58 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI USA Index Fund | ||||||||
Six months ended February 28, 2011 (Unaudited) | Period from May 5, 2010a to August 31, 2010 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 17,311 | $ | 16,601 | ||||
Net realized gain (loss) | 18,998 | (2,434 | ) | |||||
Net change in unrealized appreciation/depreciation | 422,452 | (246,604 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 458,761 | (232,437 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (23,058 | ) | (6,626 | ) | ||||
Total distributions to shareholders | (23,058 | ) | (6,626 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | – | 2,482,623 | ||||||
Cost of shares redeemed | (1,262,145 | ) | – | |||||
Net increase (decrease) in net assets from capital share transactions | (1,262,145 | ) | 2,482,623 | |||||
INCREASE (DECREASE) IN NET ASSETS | (826,442 | ) | 2,243,560 | |||||
NET ASSETS | ||||||||
Beginning of period | 2,243,560 | – | ||||||
End of period | $ | 1,417,118 | $ | 2,243,560 | ||||
Undistributed net investment income included in net assets at end of period | $ | 4,228 | $ | 9,975 | ||||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | – | 100,000 | ||||||
Shares redeemed | (50,000 | ) | – | |||||
Net increase (decrease) in shares outstanding | (50,000 | ) | 100,000 | |||||
a | Commencement of operations. |
See notes to financial statements.
FINANCIAL STATEMENTS | 59 |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Brazil Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 68.07 | $ | 58.26 | $ | 73.27 | $ | 61.59 | $ | 39.09 | $ | 28.18 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.63 | 1.56 | 1.56 | 1.93 | 1.09 | 1.00 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 7.70 | 10.83 | (14.63 | ) | 11.59 | 22.35 | 10.49 | |||||||||||||||||
Total from investment operations | 8.33 | 12.39 | (13.07 | ) | 13.52 | 23.44 | 11.49 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (2.53 | ) | (2.58 | ) | (1.94 | ) | (1.41 | ) | (0.94 | ) | (0.58 | ) | ||||||||||||
Net realized gain | – | – | – | (0.43 | ) | – | – | |||||||||||||||||
Total distributions | (2.53 | ) | (2.58 | ) | (1.94 | ) | (1.84 | ) | (0.94 | ) | (0.58 | ) | ||||||||||||
Net asset value, end of period | $ | 73.87 | $ | 68.07 | $ | 58.26 | $ | 73.27 | $ | 61.59 | $ | 39.09 | ||||||||||||
Total return | 12.32 | %c | 21.12 | % | (16.05 | )% | 21.58 | % | 60.82 | % | 41.13 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 12,687,037 | $ | 9,240,453 | $ | 8,777,366 | $ | 7,242,260 | $ | 4,434,334 | $ | 2,468,295 | ||||||||||||
Ratio of expenses to average net assetsd,e | 0.59 | % | 0.61 | % | 0.65 | % | 0.63 | % | 0.68 | % | 0.70 | % | ||||||||||||
Ratio of net investment income to averagenet assetsd | 1.70 | % | 2.24 | % | 3.38 | % | 2.37 | % | 2.17 | % | 2.65 | % | ||||||||||||
Portfolio turnover ratef | 11 | % | 13 | % | 30 | % | 30 | % | 22 | % | 15 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Amounts have been adjusted as necessary to be consistent with current period presentation of foreign taxes. |
f | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rate for the six months ended February 28, 2011 and the years ended August 31, 2010, August 31, 2009, August 31, 2008, August 31, 2007 and August 31, 2006 would have been 0%, 13%, 14%, 19%, 6% and 13%, respectively. See Note 4. |
See notes to financial statements.
60 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI BRIC Index Fund | ||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Period from Aug. 31, 2008 | |||||||||||||
Net asset value, beginning of period | $ | 42.94 | $ | 37.57 | $ | 44.13 | $ | 56.50 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.18 | 0.66 | 0.58 | 0.72 | ||||||||||||
Net realized and unrealized gain (loss)c | 5.06 | 5.35 | (6.60 | ) | (12.93 | ) | ||||||||||
Total from investment operations | 5.24 | 6.01 | (6.02 | ) | (12.21 | ) | ||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.45 | ) | (0.64 | ) | (0.54 | ) | (0.16 | ) | ||||||||
Total distributions | (0.45 | ) | (0.64 | ) | (0.54 | ) | (0.16 | ) | ||||||||
Net asset value, end of period | $ | 47.73 | $ | 42.94 | $ | 37.57 | $ | 44.13 | ||||||||
Total return | 12.20 | %d | 15.95 | % | (13.08 | )% | (21.65 | )%d | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 1,162,237 | $ | 946,814 | $ | 497,839 | $ | 161,092 | ||||||||
Ratio of expenses to average net assets prior to waived feese | 0.67 | % | n/a | n/a | n/a | |||||||||||
Ratio of expenses to average net assets after waived feese | 0.66 | % | 0.69 | % | 0.72 | % | 0.72 | % | ||||||||
Ratio of net investment income to average net assetse | 0.75 | % | 1.52 | % | 1.87 | % | 1.74 | % | ||||||||
Portfolio turnover ratef | 7 | % | 9 | % | 7 | % | 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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rate for the six months ended February 28, 2011, the years ended August 31, 2010, August 31, 2009 and the period ended August 31, 2008 would have been 0%, 8%, 6% and 2%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 61 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Canada Index Fund | ||||||||||||||||||||||||
Six months ended (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 26.10 | $ | 23.70 | $ | 30.55 | $ | 29.87 | $ | 24.69 | $ | 20.30 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.27 | 0.43 | 0.41 | 0.47 | 0.35 | 0.25 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 7.50 | 2.39 | (6.84 | ) | 0.72 | 5.11 | 4.29 | |||||||||||||||||
Total from investment operations | 7.77 | 2.82 | (6.43 | ) | 1.19 | 5.46 | 4.54 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.42 | ) | (0.42 | ) | (0.51 | ) | (0.28 | ) | (0.15 | ) | ||||||||||||
Total distributions | (0.32 | ) | (0.42 | ) | (0.42 | ) | (0.51 | ) | (0.28 | ) | (0.15 | ) | ||||||||||||
Net asset value, end of period | $ | 33.55 | $ | 26.10 | $ | 23.70 | $ | 30.55 | $ | 29.87 | $ | 24.69 | ||||||||||||
Total return | 29.90 | %c | 11.91 | % | (20.51 | )% | 3.88 | % | 22.33 | % | 22.46 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,786,800 | $ | 3,447,242 | $ | 2,393,638 | $ | 2,071,061 | $ | 1,323,122 | $ | 1,101,161 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to averagenet assetsd | 1.84 | % | 1.63 | % | 2.00 | % | 1.46 | % | 1.32 | % | 1.09 | % | ||||||||||||
Portfolio turnover ratee | 5 | % | 6 | % | 6 | % | 11 | % | 8 | % | 20 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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.
62 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Chile Investable Market Index Fund | ||||||||||||||||
Six months ended (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Period from Aug. 31, 2008 | |||||||||||||
Net asset value, beginning of period | $ | 67.37 | $ | 44.61 | $ | 44.80 | $ | 48.84 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.18 | 0.59 | 0.76 | 0.92 | ||||||||||||
Net realized and unrealized gain (loss)c | 2.04 | 22.86 | (0.42 | ) | (4.38 | ) | ||||||||||
Total from investment operations | 2.22 | 23.45 | 0.34 | (3.46 | ) | |||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.03 | ) | (0.66 | ) | (0.53 | ) | (0.58 | ) | ||||||||
Return of capital | – | (0.03 | ) | – | – | |||||||||||
Total distributions | (0.03 | ) | (0.69 | ) | (0.53 | ) | (0.58 | ) | ||||||||
Net asset value, end of period | $ | 69.56 | $ | 67.37 | $ | 44.61 | $ | 44.80 | ||||||||
Total return | 3.29 | %d | 52.88 | % | 0.89 | % | (7.15 | )%d | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 872,938 | $ | 670,350 | $ | 263,205 | $ | 76,158 | ||||||||
Ratio of expenses to average net assetse | 0.59 | % | 0.61 | % | 0.65 | % | 0.63 | % | ||||||||
Ratio of net investment income to average net assetse | 0.49 | % | 1.05 | % | 1.98 | % | 2.38 | % | ||||||||
Portfolio turnover ratef | 10 | % | 42 | % | 53 | % | 16 | % |
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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rate for the six months ended February 28, 2011, the years ended August 31, 2010, August 31, 2009 and the period ended August 31, 2008 would have been 7%, 9%, 14% and 16%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 63 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Israel Capped Investable Market Index Fund | ||||||||||||||||
Six months ended (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Period from Aug. 31, 2008 | |||||||||||||
Net asset value, beginning of period | $ | 49.41 | $ | 46.87 | $ | 48.62 | $ | 50.33 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.66 | 1.40 | 0.98 | 0.21 | ||||||||||||
Net realized and unrealized gain (loss)c | 7.52 | 2.63 | (1.75 | ) | (1.92 | ) | ||||||||||
Total from investment operations | 8.18 | 4.03 | (0.77 | ) | (1.71 | ) | ||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.94 | ) | (1.49 | ) | (0.98 | ) | – | |||||||||
Total distributions | (0.94 | ) | (1.49 | ) | (0.98 | ) | – | |||||||||
Net asset value, end of period | $ | 56.65 | $ | 49.41 | $ | 46.87 | $ | 48.62 | ||||||||
Total return | 16.52 | %d | 8.57 | % | (0.63 | )% | (3.40 | )%d | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 121,799 | $ | 128,473 | $ | 107,792 | $ | 204,201 | ||||||||
Ratio of expenses to average net assetse | 0.59 | % | 0.61 | % | 0.66 | % | 0.63 | % | ||||||||
Ratio of net investment income to average net assetse | 2.34 | % | 2.64 | % | 2.66 | % | 0.93 | % | ||||||||
Portfolio turnover ratef | 9 | % | 21 | % | 27 | % | 8 | % |
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. |
d | Not annualized. |
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.
64 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Mexico Investable Market Index Fund | ||||||||||||||||||||||||
Six months ended (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 48.17 | $ | 42.59 | $ | 51.94 | $ | 58.35 | $ | 41.30 | $ | 29.04 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.16 | 0.72 | 0.43 | 1.40 | 0.64 | 0.76 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 12.93 | 5.61 | (9.17 | ) | (6.21 | ) | 16.87 | 11.98 | ||||||||||||||||
Total from investment operations | 13.09 | 6.33 | (8.74 | ) | (4.81 | ) | 17.51 | 12.74 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.75 | ) | (0.61 | ) | (1.60 | ) | (0.46 | ) | (0.48 | ) | ||||||||||||
Total distributions | (0.30 | ) | (0.75 | ) | (0.61 | ) | (1.60 | ) | (0.46 | ) | (0.48 | ) | ||||||||||||
Net asset value, end of period | $ | 60.96 | $ | 48.17 | $ | 42.59 | $ | 51.94 | $ | 58.35 | $ | 41.30 | ||||||||||||
Total return | 27.14 | %c | 14.83 | % | (16.50 | )% | (8.44 | )% | 42.58 | % | 44.11 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,481,234 | $ | 1,450,039 | $ | 694,278 | $ | 955,684 | $ | 1,382,810 | $ | 764,107 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to averagenet assetsd | 0.55 | % | 1.46 | % | 1.25 | % | 2.42 | % | 1.19 | % | 2.06 | % | ||||||||||||
Portfolio turnover ratee | 2 | % | 11 | % | 13 | % | 13 | % | 14 | % | 12 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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 | 65 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI South Africa Index Fund | ||||||||||||||||||||||||
Six months ended (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008a | Year ended Aug. 31, 2007a | Year ended Aug. 31, 2006a | |||||||||||||||||||
Net asset value, beginning of period | $ | 58.74 | $ | 51.99 | $ | 55.80 | $ | 62.26 | $ | 48.84 | $ | 41.50 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 0.67 | 1.18 | 1.94 | 2.28 | 1.50 | 1.44 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 11.57 | 6.92 | (3.84 | ) | (6.02 | ) | 13.18 | 6.89 | ||||||||||||||||
Total from investment operations | 12.24 | 8.10 | (1.90 | ) | (3.74 | ) | 14.68 | 8.33 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.55 | ) | (1.35 | ) | (1.91 | ) | (2.72 | ) | (1.26 | ) | (0.99 | ) | ||||||||||||
Total distributions | (1.55 | ) | (1.35 | ) | (1.91 | ) | (2.72 | ) | (1.26 | ) | (0.99 | ) | ||||||||||||
Net asset value, end of period | $ | 69.43 | $ | 58.74 | $ | 51.99 | $ | 55.80 | $ | 62.26 | $ | 48.84 | ||||||||||||
Total return | 20.75 | %d | 15.80 | % | (2.23 | )% | (6.18 | )% | 30.34 | % | 20.06 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 610,982 | $ | 505,191 | $ | 488,728 | $ | 429,655 | $ | 466,940 | $ | 297,898 | ||||||||||||
Ratio of expenses to average net assetse | 0.59 | % | 0.61 | % | 0.66 | % | 0.63 | % | 0.68 | % | 0.70 | % | ||||||||||||
Ratio of net investment income to averagenet assetse | 1.97 | % | 2.09 | % | 4.81 | % | 3.61 | % | 2.58 | % | 2.79 | % | ||||||||||||
Portfolio turnover ratef | 3 | % | 5 | % | 16 | % | 21 | % | 8 | % | 7 | % |
a | Per share amounts were adjusted to reflect a two-for-one stock split effective July 24, 2008. |
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. |
d | Not annualized. |
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.
66 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Turkey Investable Market Index Fund | ||||||||||||||||
Six months ended (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Period from Aug. 31, 2008 | |||||||||||||
Net asset value, beginning of period | $ | 60.81 | $ | 48.01 | $ | 52.42 | $ | 50.30 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment income (loss)b | (0.15 | ) | 1.00 | 0.78 | 0.83 | |||||||||||
Net realized and unrealized gain (loss)c | (1.78 | ) | 13.02 | (4.22 | ) | 1.29 | ||||||||||
Total from investment operations | (1.93 | ) | 14.02 | (3.44 | ) | 2.12 | ||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.32 | ) | (1.22 | ) | (0.97 | ) | – | |||||||||
Total distributions | (0.32 | ) | (1.22 | ) | (0.97 | ) | – | |||||||||
Net asset value, end of period | $ | 58.56 | $ | 60.81 | $ | 48.01 | $ | 52.42 | ||||||||
Total return | (3.22 | )%d | 29.55 | % | (5.56 | )% | 4.22 | %d | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 506,534 | $ | 601,988 | $ | 242,435 | $ | 152,021 | ||||||||
Ratio of expenses to average net assetse | 0.59 | % | 0.61 | % | 0.65 | % | 0.63 | % | ||||||||
Ratio of net investment income (loss) to average net assetse | (0.44 | )% | 1.81 | % | 2.39 | % | 3.78 | % | ||||||||
Portfolio turnover ratef | 3 | % | 13 | % | 16 | % | 27 | % |
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. |
d | Not annualized. |
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 | 67 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI USA Index Fund | ||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Period from Aug. 31, 2010 | |||||||
Net asset value, beginning of period | $ | 22.44 | $ | 24.83 | ||||
Income from investment operations: | ||||||||
Net investment incomeb | 0.24 | 0.17 | ||||||
Net realized and unrealized gain (loss)c | 5.99 | (2.49 | ) | |||||
Total from investment operations | 6.23 | (2.32 | ) | |||||
Less distributions from: | ||||||||
Net investment income | (0.33 | ) | (0.07 | ) | ||||
Total distributions | (0.33 | ) | (0.07 | ) | ||||
Net asset value, end of period | $ | 28.34 | $ | 22.44 | ||||
Total return | 27.92 | %d | (9.37 | )%d | ||||
Ratios/Supplemental data: | ||||||||
Net assets, end of period (000s) | $ | 1,417 | $ | 2,244 | ||||
Ratio of expenses to average net assetse | 0.15 | % | 0.15 | % | ||||
Ratio of net investment income to average net assetse | 1.89 | % | 2.21 | % | ||||
Portfolio turnover ratef | 1 | % | 1 | % |
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. |
d | Not annualized. |
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.
68 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the iShares MSCI Brazil, iShares MSCI BRIC, iShares MSCI Canada, iShares MSCI Chile Investable Market, iShares MSCI Israel Capped Investable Market, iShares MSCI Mexico Investable Market, iShares MSCI South Africa, iShares MSCI Turkey Investable Market and iShares MSCI USA Index Funds (each, a “Fund,” collectively, the “Funds”).
The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to achieve each Fund’s investment objective. Each of the Funds is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Each Fund, except for the iShares MSCI USA Index Fund, invests in the securities of non-U.S. issuers that may trade in non-U.S. markets. This may involve 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.
Pursuant to the Company’s organizational documents, the Funds’ officers and directors 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 Company in the preparation of its 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.
SECURITY VALUATION
The securities and other assets of each Fund are valued pursuant to the pricing policy and procedures approved by the Board of Directors of the Company (the “Board”) using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• | Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date (a “Level 1 Price”); |
NOTESTO FINANCIAL STATEMENTS | 69 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
• | 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, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (a “Level 2 Price”); and |
• | Level 3 – Inputs that are unobservable for the asset or liability (a “Level 3 Price”). |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy.
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 does not necessarily correspond to the Funds’ perceived risk of that instrument.
Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 Prices, include active listed equities. The Funds do not adjust the quoted price for such instruments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.
Investments that trade in markets that are not considered to be active, but whose values are based on inputs such as quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified within Level 2. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Investments whose values are classified as Level 3 Prices have significant unobservable inputs, as they may trade infrequently or not at all. Investments whose values are classified as Level 3 Prices may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange, less liquid corporate debt securities (including distressed debt instruments), collateralized debt obligations, and less liquid mortgage securities (backed by either commercial or residential real estate). When observable prices are not available for these securities, the Funds use one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
The inputs used by the Funds in estimating the value of Level 3 Prices may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 Prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. The fair value measurement of Level 3 Prices does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.
70 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2011. The breakdown of each Fund’s investments into major categories is disclosed in its respective Schedule of Investments.
Investments in Securities | ||||||||||||||||
iShares MSCI Index Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Brazil | ||||||||||||||||
Common Stocks | $ | 5,833,081,831 | $ | – | $ | – | $ | 5,833,081,831 | ||||||||
Preferred Stocks | 6,783,542,808 | – | – | 6,783,542,808 | ||||||||||||
Rights | 157,030 | – | 0 | a | 157,030 | |||||||||||
Short-Term Investments | 8,169,947 | – | – | 8,169,947 | ||||||||||||
$ | 12,624,951,616 | $ | – | $ | 0 | a | $ | 12,624,951,616 | ||||||||
BRIC | ||||||||||||||||
Common Stocks | $ | 934,944,852 | $ | – | $ | – | $ | 934,944,852 | ||||||||
Preferred Stocks | 224,666,588 | – | – | 224,666,588 | ||||||||||||
Rights | 6,606 | – | 0 | a | 6,606 | |||||||||||
Short-Term Investments | 26,870,916 | – | – | 26,870,916 | ||||||||||||
$ | 1,186,488,962 | $ | – | $ | 0 | a | $ | 1,186,488,962 | ||||||||
Canada | ||||||||||||||||
Common Stocks | $ | 5,775,875,111 | $ | – | $ | – | $ | 5,775,875,111 | ||||||||
Short-Term Investments | 13,445,072 | – | – | 13,445,072 | ||||||||||||
$ | 5,789,320,183 | $ | – | $ | – | $ | 5,789,320,183 | |||||||||
Chile Investable Market | ||||||||||||||||
Common Stocks | $ | 873,659,945 | $ | – | $ | – | $ | 873,659,945 | ||||||||
Short-Term Investments | 1,254,477 | – | – | 1,254,477 | ||||||||||||
$ | 874,914,422 | $ | – | $ | – | $ | 874,914,422 | |||||||||
Israel Capped Investable Market | ||||||||||||||||
Common Stocks | $ | 121,118,978 | $ | – | $ | 464,690 | $ | 121,583,668 | ||||||||
Short-Term Investments | 1,368,976 | – | – | 1,368,976 | ||||||||||||
$ | 122,487,954 | $ | – | $ | 464,690 | $ | 122,952,644 | |||||||||
Mexico Investable Market | ||||||||||||||||
Common Stocks | $ | 1,480,372,614 | $ | – | $ | – | $ | 1,480,372,614 | ||||||||
Short-Term Investments | 63,372,183 | – | – | 63,372,183 | ||||||||||||
$ | 1,543,744,797 | $ | – | $ | – | $ | 1,543,744,797 | |||||||||
a | Rounds to less than $1. |
NOTESTO FINANCIAL STATEMENTS | 71 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Investments in Securities | ||||||||||||||||
iShares MSCI Index Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
South Africa | ||||||||||||||||
Common Stocks | $ | 610,548,428 | $ | – | $ | – | $ | 610,548,428 | ||||||||
Short-Term Investments | 1,898,852 | – | – | 1,898,852 | ||||||||||||
$ | 612,447,280 | $ | – | $ | – | $ | 612,447,280 | |||||||||
Turkey Investable Market | ||||||||||||||||
Common Stocks | $ | 506,416,467 | $ | – | $ | – | $ | 506,416,467 | ||||||||
Short-Term Investments | 45,824,469 | – | – | 45,824,469 | ||||||||||||
$ | 552,240,936 | $ | – | $ | – | $ | 552,240,936 | |||||||||
USA | ||||||||||||||||
Common Stocks | $ | 1,415,040 | $ | – | $ | – | $ | 1,415,040 | ||||||||
Short-Term Investments | 4,961 | – | – | 4,961 | ||||||||||||
$ | 1,420,001 | $ | – | $ | – | $ | 1,420,001 | |||||||||
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source, and interest income is accrued daily. 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. 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.
FOREIGN TAXES
The Funds (except for the iShares MSCI USA Index Fund) may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are disclosed in their Statements of Operations. Foreign taxes payable as of February 28, 2011, if any, are reflected in the Funds’ Statements of Assets and Liabilities.
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders from net investment income, if any, are generally declared and paid quarterly by the iShares MSCI USA Index Fund and semi-annually by each of the other Funds. Distributions of net realized capital gains, if any, generally are declared and paid once a year. 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.
The tax character of current year distributions will be determined at the end of the current fiscal year.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity 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 was required for the six months ended February 28, 2011.
Certain Funds had tax basis net capital loss carryforwards as of August 31, 2010, the tax year-end of the Funds, as follows:
iShares MSCI Index Fund | Expiring 2011 | Expiring 2012 | Expiring 2013 | Expiring 2014 | Expiring 2015 | Expiring 2016 | Expiring 2017 | Expiring 2018 | Total | |||||||||||||||||||||||||||
Brazil | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 29,287,453 | $ | 215,311,884 | $ | 244,599,337 | ||||||||||||||||||
BRIC | – | – | – | – | – | – | 1,540,740 | 11,268,086 | 12,808,826 | |||||||||||||||||||||||||||
Canada | – | – | 2,931,648 | – | 5,363,291 | 5,107,471 | 27,886,883 | 68,928,677 | 110,217,970 | |||||||||||||||||||||||||||
Chile Investable Market | – | – | – | – | – | – | 1,886,881 | 11,712,090 | 13,598,971 | |||||||||||||||||||||||||||
Israel Capped Investable Market | – | – | – | – | – | – | 784,479 | 10,801,191 | 11,585,670 | |||||||||||||||||||||||||||
Mexico Investable Market | 2,329,290 | 3,136,171 | 12,912 | 632,766 | – | 853,150 | 8,973,988 | 2,789,471 | 18,727,748 | |||||||||||||||||||||||||||
South Africa | – | 527,613 | – | 260,738 | 1,607,845 | 972,024 | 15,339,464 | 14,856,365 | 33,564,049 | |||||||||||||||||||||||||||
Turkey Investable Market | – | – | – | – | – | – | 720,636 | 5,982,737 | 6,703,373 |
Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year or until their respective expiration dates, whichever occurs first.
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.
Each Fund reclassifies, at the end of its tax year, certain amounts between paid-in capital, accumulated net realized gain (loss) on investments and foreign currency transactions and accumulated net investment income (loss) as a result of permanent book and tax differences primarily attributed to net investment loss, return of capital, passive foreign investment companies, and realized gains (losses) from foreign currency transactions and in-kind redemptions. These reclassifications have no effect on net assets or net asset values per share.
NOTESTO FINANCIAL STATEMENTS | 73 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 28, 2011, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares MSCI Index Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Brazil | $ | 8,626,266,009 | $ | 4,072,990,356 | $ | (74,304,749 | ) | $ | 3,998,685,607 | |||||||
BRIC | 1,048,938,092 | 179,427,879 | (41,877,009 | ) | 137,550,870 | |||||||||||
Canada | 5,065,137,582 | 808,326,431 | (84,143,830 | ) | 724,182,601 | |||||||||||
Chile Investable Market | 695,000,757 | 183,293,960 | (3,380,295 | ) | 179,913,665 | |||||||||||
Israel Capped Investable Market | 134,050,892 | 3,786,790 | (14,885,038 | ) | (11,098,248 | ) | ||||||||||
Mexico Investable Market | 1,470,028,301 | 156,914,961 | (83,198,465 | ) | 73,716,496 | |||||||||||
South Africa | 599,816,910 | 50,677,714 | (38,047,344 | ) | 12,630,370 | |||||||||||
Turkey Investable Market | 613,025,405 | 12,914,384 | (73,698,853 | ) | (60,784,469 | ) | ||||||||||
USA | 1,244,222 | 204,405 | (28,626 | ) | 175,779 |
Management has reviewed the tax positions as of February 28, 2011, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for all expenses of the Company, including the cost of transfer agency, custody, fund administration, legal, audit and other services, 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 the iShares MSCI Canada and iShares MSCI Mexico Investable Market Index Funds, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these Funds and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.59% | First $7 billion | |
0.54 | Over $7 billion, up to and including $11 billion | |
0.49 | Over $11 billion, up to and including $24 billion | |
0.44 | Over $24 billion, up to and including $48 billion | |
0.40 | Over $48 billion |
Effective January 1, 2011, for its investment advisory services to the iShares MSCI Brazil, iShares MSCI Chile Investable Market, iShares MSCI Israel Capped Investable Market, iShares MSCI South Africa and iShares MSCI Turkey Investable Market Index Funds, BFA is entitled to an
74 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these Funds and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.74% | First $2 billion | |
0.69 | Over $2 billion, up to and including $4 billion | |
0.64 | Over $4 billion, up to and including $8 billion | |
0.57 | Over $8 billion, up to and including $16 billion | |
0.51 | Over $16 billion, up to and including $32 billion | |
0.45 | Over $32 billion |
Prior to January 1, 2011, for its investment advisory services to the iShares MSCI Brazil, iShares MSCI Chile Investable Market, iShares MSCI Israel Capped Investable Market, iShares MSCI South Africa and iShares MSCI Turkey Investable Market Index Funds, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these Funds and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.74% | First $2 billion | |
0.69 | Over $2 billion, up to and including $4 billion | |
0.64 | Over $4 billion, up to and including $8 billion | |
0.57 | Over $8 billion, up to and including $16 billion | |
0.51 | Over $16 billion |
Effective January 1, 2011, for its investment advisory services to the iShares MSCI BRIC Index Fund, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.75% | First $14 billion | |
0.68 | Over $14 billion, up to and including $28 billion | |
0.61 | Over $28 billion, up to and including $42 billion | |
0.56 | Over $42 billion, up to and including $56 billion | |
0.50 | Over $56 billion, up to and including $70 billion | |
0.45 | Over $70 billion, up to and including $84 billion | |
0.40 | Over $84 billion |
NOTESTO FINANCIAL STATEMENTS | 75 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Prior to January 1, 2011, for its investment advisory services to the iShares MSCI BRIC Index Fund, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.75% | First $14 billion | |
0.68 | Over $14 billion, up to and including $28 billion | |
0.61 | Over $28 billion |
BFA has voluntarily waived a portion of its investment advisory fee for the iShares MSCI BRIC Index Fund in the amount of $31,041.
For its investment advisory services to the iShares MSCI USA Index Fund, BFA is entitled to an annual investment advisory fee of 0.15% of the average daily net assets of the Fund.
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”) to serve as securities lending agent for the Funds, subject to applicable conditions. BTC is an affiliate of BFA, the Funds’ investment adviser. As securities lending agent, BTC receives, as fees, a share of the combined income earned from the investment of cash collateral received for the loan of securities and any fees paid by borrowers. For the six months ended February 28, 2011, BTC earned securities lending agent fees from certain Funds as follows:
iShares MSCI Index Fund | Securities Lending Agent Fees | |||
Brazil | $ | 749 | ||
BRIC | 159,871 | |||
Canada | 36,185 | |||
Israel Capped Investable Market | 16,489 |
iShares MSCI Index Fund | Securities Lending Agent Fees | |||
Mexico Investable Market | $ | 161,289 | ||
South Africa | 26,640 | |||
Turkey Investable Market | 176,545 | |||
USA | 16 |
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 from affiliated issuers in the Statements of Operations.
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.
76 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Investments in issuers considered to be affiliates of the Funds (excluding short-term investments) during the six months ended February 28, 2011, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
iShares Index Fund and Name of Affiliated Issuer | Number of Shares Held Beginning of Period | Gross Additions | Gross Reductions | Number of Shares Held End of Period | Value at End of Period | Dividend Income | Net Realized Gain (Loss) | |||||||||||||||||||||
MSCI USA | ||||||||||||||||||||||||||||
Blackrock Inc. | 8 | 12 | (10 | ) | 10 | $ | 2,040 | $ | 10 | $ | 45 | |||||||||||||||||
PNC Financial Services Group (The) | 118 | – | (59 | ) | 59 | 3,640 | 18 | (707 | ) | |||||||||||||||||||
$ | 5,680 | $ | 28 | $ | (662 | ) | ||||||||||||||||||||||
Certain directors and officers of the Company 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 February 28, 2011 were as follows:
iShares MSCI Index Fund | Purchases | Sales | ||||||
Brazil | $ | 3,718,810,152 | $ | 1,229,263,638 | ||||
BRIC | 109,099,005 | 75,515,210 | ||||||
Canada | 258,711,504 | 237,319,572 | ||||||
Chile Investable Market | 280,607,322 | 88,505,003 | ||||||
Israel Capped Investable Market | 11,475,951 | 12,283,604 | ||||||
Mexico Investable Market | 34,436,040 | 39,666,946 | ||||||
South Africa | 20,152,755 | 25,831,583 | ||||||
Turkey Investable Market | 26,645,550 | 22,754,172 | ||||||
USA | 22,643 | 31,987 |
In-kind transactions (see Note 4) for the six months ended February 28, 2011 were as follows:
iShares MSCI Index Fund | In-kind Purchases | In-kind Sales | ||||||
BRIC | $ | 73,505,568 | $ | – | ||||
Canada | 1,320,678,210 | 109,056,647 | ||||||
Israel Capped Investable Market | 26,063,086 | 50,039,140 | ||||||
Mexico Investable Market | 144,943,643 | 482,897,593 | ||||||
South Africa | 172,453,674 | 155,951,807 | ||||||
Turkey Investable Market | 278,607,484 | 352,270,192 | ||||||
USA | – | 1,252,897 |
NOTESTO FINANCIAL STATEMENTS | 77 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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 generally consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities of that Fund’s underlying index and an amount of cash (except for the iShares MSCI Brazil, iShares MSCI BRIC and iShares MSCI Chile Investable Market Index Funds which are offered in Creation Units solely or partially for cash in U.S. dollars). Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the 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 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.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the Statements of Assets and Liabilities.
5. 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 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. Any securities lending cash collateral 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 BFA or its affiliates; such reinvestments are subject to investment risk.
As of February 28, 2011, certain Funds had loaned securities which were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of the securities on loan as of February 28, 2011 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of the cash collateral, plus any fees paid by borrowers and less the fees paid to BTC as securities lending agent which are subject to adjustments pursuant to the securities lending agreement.
6. SUBSEQUENT EVENTS
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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Supplemental Information (Unaudited)
iSHARES® INC.
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 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
iShares MSCI USA Index Fund | $ | 0.33182 | $ | – | $ | 0.00078 | $ | 0.33260 | 100 | % | – | % | 0 | %a | 100 | % | ||||||||||||||||
a | Rounds to less than 1%. |
SUPPLEMENTAL INFORMATION | 79 |
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Notes:
80 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes:
NOTES | 81 |
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Notes:
82 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Dear iShares Shareholder:
Electronic delivery is the easiest, most convenient way to receive reporting on your iShares holdings. In addition, it’s a way we can all care for our environment. To that end, we are pleased to offer shareholder reports and prospectuses online.
Once you have enrolled, you will no longer receive shareholder reports and prospectuses in the mail. Instead, you will receive e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com and is available to be viewed or downloaded.
To sign up for electronic delivery, please follow these simple steps:
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Table of Contents
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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 SEI Investments Distribution Co. (“SEI”). BlackRock Fund Advisors (“BFA”) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A., neither of which is affiliated with SEI.
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. Neither SEI, nor BlackRock Institutional Trust Company, N.A., nor any of their affiliates, are affiliated with the company listed above.
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 monthly basis on the Funds’ website.
©2011 BlackRock Institutional Trust Company, N.A. All rights reserved. iShares® is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners.
iS-SAR-84-0211
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Table of Contents
2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS
iSHARES® MSCI SERIES
FEBRUARY 28, 2011
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iShares MSCI Australia Index Fund | EWA | NYSE Arca
iShares MSCI Hong Kong Index Fund | EWH | NYSE Arca
iShares MSCI Japan Small Cap Index Fund | SCJ | NYSE Arca
iShares MSCI Malaysia Index Fund | EWM | NYSE Arca
iShares MSCI Pacific ex-Japan Index Fund | EPP | NYSE Arca
iShares MSCI Singapore Index Fund | EWS | NYSE Arca
iShares MSCI South Korea Index Fund | EWY | NYSE Arca
iShares MSCI Taiwan Index Fund | EWT | NYSE Arca
iShares MSCI Thailand Investable Market Index Fund | THD | NYSE Arca
Table of Contents
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Table of Contents
iSHARES® MSCI AUSTRALIA INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
21.07% | 22.01% | 21.73% | 10.33% | 10.48% | 10.16% | 15.06% | 15.04% | 14.72% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
21.07% | 22.01% | 21.73% | 63.51% | 64.57% | 62.22% | 306.56% | 305.95% | 294.77% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Australia Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Australia IndexSM (the “Index”). The Index consists of stocks traded primarily on the Australian Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 27.17%, while the total return for the Index was 27.58%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 42.20 | % | ||
Basic Materials | 27.34 | |||
Consumer Non-Cyclical | 10.55 | |||
Energy | 5.86 | |||
Consumer Cyclical | 5.76 | |||
Industrial | 4.69 | |||
Communications | 1.52 | |||
Utilities | 0.79 | |||
Technology | 0.44 | |||
Short-Term and Other Net Assets | 0.85 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
BHP Billiton Ltd. | 15.84 | % | ||
Commonwealth Bank of Australia | 8.42 | |||
Westpac Banking Corp. | 7.20 | |||
Australia and New Zealand Banking Group Ltd. | 6.32 | |||
National Australia Bank Ltd. | 5.63 | |||
Rio Tinto Ltd. | 3.79 | |||
Wesfarmers Ltd. | 3.39 | |||
Woolworths Ltd. | 3.39 | |||
Newcrest Mining Ltd. | 2.97 | |||
Woodside Petroleum Ltd. | 2.71 | |||
TOTAL | 59.66 | % | ||
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI HONG KONG INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
24.04% | 24.14% | 24.85% | 9.94% | 10.05% | 10.53% | 7.15% | 7.27% | 7.93% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
24.04% | 24.14% | 24.85% | 60.58% | 61.41% | 64.99% | 99.41% | 101.69% | 114.48% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Hong Kong Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Hong Kong IndexSM (the “Index”). The Index consists of stocks traded primarily on the Stock Exchange of Hong Kong Limited. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 17.22%, while the total return for the Index was 17.49%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 54.80 | % | ||
Diversified | 15.09 | |||
Consumer Cyclical | 14.07 | |||
Utilities | 10.82 | |||
Industrial | 3.00 | |||
Communications | 0.98 | |||
Technology | 0.85 | |||
Short-Term and Other Net Assets | 0.39 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Hutchison Whampoa Ltd. | 8.02 | % | ||
Sun Hung Kai Properties Ltd. | 7.39 | |||
AIA Group Ltd. (Hong Kong) | 7.22 | |||
Hong Kong Exchanges and Clearing Ltd. | 7.13 | |||
Cheung Kong (Holdings) Ltd. | 6.79 | |||
Li & Fung Ltd. | 5.43 | |||
CLP Holdings Ltd. | 4.96 | |||
Hang Seng Bank Ltd. | 3.88 | |||
BOC Hong Kong (Holdings) Ltd. | 3.67 | |||
Swire Pacific Ltd. Class A | 3.50 | |||
TOTAL | 57.99 | % | ||
6 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||
Year Ended 2/28/11 | Inception to 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
20.97% | 22.36% | 21.28% | 1.88% | 2.20% | 2.15% | 6.13% | 7.21% | 7.02% |
Total returns for the period since inception are calculated from the inception date of the Fund (12/20/07). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/21/07), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Japan Small Cap Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Japan Small Cap IndexSM (the “Index”). The Index targets 40% of the eligible small-cap universe within each industry group in the MSCI Japan Index, which consists of stocks traded primarily on the Tokyo Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 21.82%, while the total return for the Index was 21.96%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Industrial | 26.48 | % | ||
Consumer Cyclical | 25.16 | |||
Financial | 18.56 | |||
Consumer Non-Cyclical | 11.83 | |||
Basic Materials | 10.89 | |||
Communications | 3.90 | |||
Technology | 2.44 | |||
Utilities | 0.26 | |||
Energy | 0.10 | |||
Short-Term and Other Net Assets | 0.38 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Dainippon Screen Manufacturing Co. Ltd. | 0.59 | % | ||
Ebara Corp. | 0.59 | |||
Alps Electric Co. Ltd. | 0.54 | |||
Misumi Group Inc. | 0.50 | |||
Advance Residence Investment Corp. | 0.46 | |||
Nippon Paint Co. Ltd. | 0.45 | |||
DIC Corp. | 0.43 | |||
DISCO Corp. | 0.43 | |||
Don Quijote Co. Ltd. | 0.43 | |||
MORI TRUST Sogo REIT Inc. | 0.43 | |||
TOTAL | 4.85 | % | ||
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI MALAYSIA INDEX FUND
Performance as of February 28, 2011
��
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
34.95% | 35.30% | 35.65% | 17.33% | 17.28% | 17.90% | 13.12% | 13.46% | 14.02% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
34.95% | 35.30% | 35.65% | 122.36% | 121.91% | 127.80% | 243.19% | 253.69% | 271.42% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. As the Fund has a NAV which is determined prior to the opening of the regular trading day on the primary stock exchange on which it is listed, the market return is calculated using the midpoint of the bid/ask spreads as of the opening regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Malaysia Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Malaysia IndexSM (the “Index”). The Index consists of stocks traded primarily on the Kuala Lumpur Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 10.02%, while the total return for the Index was 10.40%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 30.97 | % | ||
Consumer Non-Cyclical | 14.69 | |||
Consumer Cyclical | 13.67 | |||
Diversified | 11.68 | |||
Communications | 11.31 | |||
Utilities | 7.70 | |||
Industrial | 5.00 | |||
Basic Materials | 3.75 | |||
Energy | 1.01 | |||
Short-Term and Other Net Assets | 0.22 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
CIMB Group Holdings Bhd | 9.79 | % | ||
Malayan Banking Bhd | 8.16 | |||
Sime Darby Bhd | 7.20 | |||
Genting Bhd | 6.59 | |||
IOI Corp. Bhd | 5.45 | |||
Tenaga Nasional Bhd | 4.58 | |||
Public Bank Bhd Foreign | 4.11 | |||
Petronas Chemicals Group Bhd | 3.75 | |||
Axiata Group Bhd | 3.68 | |||
Maxis Communications Bhd | 3.64 | |||
TOTAL | 56.95 | % | ||
8 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
21.55% | 22.25% | 22.14% | 10.40% | 10.56% | 10.42% | 15.43% | 15.46% | 15.41% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
21.55% | 22.25% | 22.14% | 63.97% | 65.21% | 64.17% | 282.30% | 283.25% | 281.89% |
Total returns for the period since inception are calculated from the inception date of the Fund (10/25/01). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/26/01), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Pacific ex-Japan Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Pacific ex-Japan IndexSM (the “Index”). The Index consists of stocks from Australia, Hong Kong, New Zealand and Singapore. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 22.47%, while the total return for the Index was 22.83%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 45.07 | % | ||
Basic Materials | 18.16 | |||
Consumer Cyclical | 8.37 | |||
Consumer Non-Cyclical | 7.92 | |||
Industrial | 5.41 | |||
Communications | 3.05 | |||
Diversified | 4.24 | |||
Energy | 3.90 | |||
Utilities | 2.91 | |||
Technology | 0.47 | |||
Short-Term and Other Net Assets | 0.50 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
BHP Billiton Ltd. (Australia) | 10.52 | % | ||
Commonwealth Bank of Australia (Australia) | 5.59 | |||
Westpac Banking Corp. (Australia) | 4.78 | |||
Australia and New Zealand Banking Group Ltd. (Australia) | 4.19 | |||
National Australia Bank Ltd. (Australia) | 3.74 | |||
Rio Tinto Ltd. (Australia) | 2.51 | |||
Wesfarmers Ltd. (Australia) | 2.25 | |||
Woolworths Ltd. (Australia) | 2.25 | |||
Newcrest Mining Ltd. (Australia) | 1.97 | |||
Woodside Petroleum Ltd. (Australia) | 1.81 | |||
TOTAL | 39.61 | % | ||
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SINGAPORE INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
22.33% | 22.80% | 22.20% | 12.77% | 12.91% | 12.97% | 10.48% | 10.67% | 10.31% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
22.33% | 22.80% | 22.20% | 82.34% | 83.52% | 83.99% | 170.91% | 175.65% | 166.85% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Singapore Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Singapore IndexSM (the “Index”). The Index consists of stocks traded primarily on the Singapore Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 9.55%, while the total return for the Index was 9.41%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 46.52 | % | ||
Communications | 13.62 | |||
Consumer Cyclical | 12.75 | |||
Industrial | 10.67 | |||
Diversified | 8.85 | |||
Consumer Non-Cyclical | 7.39 | |||
Short-Term and Other Net Assets | 0.20 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
DBS Group Holdings Ltd. | 10.28 | % | ||
Singapore Telecommunications Ltd. | 10.23 | |||
Oversea-Chinese Banking Corp. Ltd. | 10.01 | |||
United Overseas Bank Ltd. | 9.82 | |||
Keppel Corp. Ltd. | 6.12 | |||
Genting Singapore PLC | 4.73 | |||
Wilmar International Ltd. | 4.00 | |||
CapitaLand Ltd. | 3.54 | |||
Singapore Airlines Ltd. | 3.29 | |||
Singapore Exchange Ltd. | 2.86 | |||
TOTAL | 64.88 | % | ||
10 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SOUTH KOREA INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
27.70% | 28.55% | 28.35% | 5.26% | 5.09% | 5.60% | 15.97% | 16.34% | 17.15% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
27.70% | 28.55% | 28.35% | 29.22% | 28.15% | 31.31% | 339.83% | 354.24% | 386.91% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. As the Fund has a NAV which is determined prior to the opening of the regular trading day on the primary stock exchange on which it is listed, the market return is calculated using the midpoint of the bid/ask spreads as of the opening regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI South Korea Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Korea IndexSM (the “Index”). The Index consists of stocks traded primarily on the Stock Market Division of the Korean Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 20.99%, while the total return for the Index was 21.28%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Technology | 22.53 | % | ||
Industrial | 17.72 | |||
Consumer Cyclical | 17.09 | |||
Financial | 15.49 | |||
Basic Materials | 12.58 | |||
Communications | 4.15 | |||
Consumer Non-Cyclical | 3.25 | |||
Energy | 3.17 | |||
Diversified | 1.86 | |||
Utilities | 1.37 | |||
Short-Term and Other Net Assets | 0.79 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Samsung Electronics Co. Ltd. | 17.31 | % | ||
POSCO | 5.09 | |||
Hyundai Motor Co. Ltd. | 4.67 | |||
Hyundai Mobis Co. Ltd. | 3.05 | |||
Shinhan Financial Group Co. Ltd. | 3.04 | |||
LG Chem Ltd. | 2.94 | |||
KB Financial Group Inc. | 2.91 | |||
Hyundai Heavy Industries Co. Ltd. | 2.82 | |||
Hynix Semiconductor Inc. | 2.43 | |||
Kia Motors Corp. | 2.33 | |||
TOTAL | 46.59 | % | ||
FUND PERFORMANCE OVERVIEWS | 11 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI TAIWAN INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
26.65% | 27.83% | 27.32% | 6.22% | 6.40% | 6.90% | 3.70% | 3.94% | 4.67% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
26.65% | 27.83% | 27.32% | 35.24% | 36.38% | 39.63% | 43.82% | 47.16% | 57.85% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. As the Fund has a NAV which is determined prior to the opening of the regular trading day on the primary stock exchange on which it is listed, the market return is calculated using the midpoint of the bid/ask spreads as of the opening regular trading on the exchange. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Taiwan Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Taiwan IndexSM (the “Index”). The Index consists of stocks traded primarily on the Taiwan Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 22.19%, while the total return for the Index was 22.38%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Technology | 38.16 | % | ||
Industrial | 22.24 | |||
Financial | 14.96 | |||
Basic Materials | 13.23 | |||
Consumer Cyclical | 5.13 | |||
Communications | 4.02 | |||
Consumer Non-Cyclical | 1.13 | |||
Energy | 1.12 | |||
Short-Term and Other Net Assets | 0.01 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 13.47 | % | ||
Hon Hai Precision Industry Co. Ltd. | 7.40 | |||
HTC Corp. | 6.13 | |||
Nan Ya Plastics Corp. | 3.26 | |||
Formosa Plastics Corp. | 3.21 | |||
China Steel Corp. | 2.62 | |||
Chunghwa Telecom Co. Ltd. | 2.53 | |||
MediaTek Inc. | 2.44 | |||
Cathay Financial Holding Co. Ltd. | 2.40 | |||
Formosa Chemicals & Fibre Corp. | 2.32 | |||
TOTAL | 45.78 | % | ||
12 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI THAILAND INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||
Year Ended 2/28/11 | Inception to 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
50.57% | 51.26% | 52.00% | 10.28% | 10.51% | 10.67% | 33.21% | 34.03% | 34.58% |
Total returns for the period since inception are calculated from the inception date of the Fund (3/26/08). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/28/08), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Thailand Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Thailand Investable Market IndexSM (the “Index”). The Index is a free float-adjusted market capitalization index designed to measure broad based equity market performance in Thailand. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 12.41%, while the total return for the Index was 12.53%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Financial | 32.64 | % | ||
Energy | 30.57 | |||
Basic Materials | 8.76 | |||
Industrial | 7.42 | |||
Consumer Cyclical | 7.35 | |||
Communications | 5.75 | |||
Consumer Non-Cyclical | 5.09 | |||
Utilities | 1.62 | |||
Technology | 0.27 | |||
Short-Term and Other Net Assets | 0.53 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
PTT PCL NVDR | 12.13 | % | ||
PTT Exploration & Production PCL NVDR | 8.92 | |||
Kasikornbank PCL NVDR | 8.33 | |||
Bangkok Bank PCL NVDR | 8.23 | |||
Siam Commercial Bank PCL NVDR | 6.58 | |||
Banpu PCL NVDR | 4.72 | |||
Siam Cement PCL NVDR | 3.95 | |||
CP All PCL NVDR | 3.62 | |||
Charoen Pokphand Foods PCL NVDR | 3.02 | |||
Advanced Information Service PCL NVDR | 2.99 | |||
TOTAL | 62.49 | % | ||
FUND PERFORMANCE OVERVIEWS | 13 |
Table of Contents
Shareholder Expenses (Unaudited)
iSHARES®, INC.
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 following Example 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.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2010 to February 28, 2011.
ACTUAL EXPENSES
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid 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 in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line under each Fund in the table below 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, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. 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 second line under each Fund in the table is 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.
iShares MSCI Index Fund | Beginning Account Value (9/1/10) | Ending Account Value (2/28/11) | Annualized Expense Ratio | Expenses Paid During Perioda (9/1/10 to 2/28/11) | ||||||||||||
Australia | ||||||||||||||||
Actual | $1,000.00 | $1,271.70 | 0.53 | % | $2.99 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Hong Kong | ||||||||||||||||
Actual | 1,000.00 | 1,172.20 | 0.53 | 2.85 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Japan Small Cap | ||||||||||||||||
Actual | 1,000.00 | 1,218.20 | 0.53 | 2.91 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
Malaysia | �� | |||||||||||||||
Actual | 1,000.00 | 1,100.20 | 0.53 | 2.76 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 |
14 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
iShares MSCI Index Fund | Beginning Account Value (9/1/10) | Ending Account Value (2/28/11) | Annualized Expense Ratio | Expenses Paid During Perioda (9/1/10 to 2/28/11) | ||||||||||||
Pacific ex-Japan | ||||||||||||||||
Actual | $1,000.00 | $1,224.70 | 0.50 | % | $2.76 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.30 | 0.50 | 2.51 | ||||||||||||
Singapore | ||||||||||||||||
Actual | 1,000.00 | 1,095.50 | 0.53 | 2.75 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 | ||||||||||||
South Korea | ||||||||||||||||
Actual | 1,000.00 | 1,209.90 | 0.59 | 3.23 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.90 | 0.59 | 2.96 | ||||||||||||
Taiwan | ||||||||||||||||
Actual | 1,000.00 | 1,221.90 | 0.59 | 3.25 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.90 | 0.59 | 2.96 | ||||||||||||
Thailand Investable Market | ||||||||||||||||
Actual | 1,000.00 | 1,124.10 | 0.59 | 3.11 | ||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.90 | 0.59 | 2.96 |
a | Expenses are calculated using each 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 (181 days) and divided by the number of days in the year (365 days). |
SHAREHOLDER EXPENSES | 15 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI AUSTRALIA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.15% |
| |||||||
AIRLINES – 0.26% |
| |||||||
Qantas Airways Ltd.a | 3,497,764 | $ | 8,298,930 | |||||
8,298,930 | ||||||||
APPAREL – 0.18% |
| |||||||
Billabong International Ltd. | 636,616 | 5,484,330 | ||||||
5,484,330 | ||||||||
BANKS – 29.02% |
| |||||||
Australia and New Zealand Banking Group Ltd. | 8,062,192 | 198,100,762 | ||||||
Bendigo and Adelaide Bank Ltd. | 1,150,016 | 10,961,132 | ||||||
Commonwealth Bank of Australia | 4,878,508 | 263,839,011 | ||||||
National Australia Bank Ltd. | 6,719,500 | 176,535,622 | ||||||
Suncorp-Metway Ltd. | 4,036,532 | 34,609,568 | ||||||
Westpac Banking Corp. | 9,415,756 | 225,607,124 | ||||||
909,653,219 | ||||||||
BEVERAGES – 1.82% |
| |||||||
Coca-Cola Amatil Ltd. | 1,783,008 | 21,515,296 | ||||||
Foster’s Group Ltd. | 6,080,468 | 35,416,752 | ||||||
56,932,048 | ||||||||
BIOTECHNOLOGY – 2.00% |
| |||||||
CSL Ltd. | 1,732,272 | 62,797,415 | ||||||
62,797,415 | ||||||||
BUILDING MATERIALS – 0.70% |
| |||||||
Boral Ltd. | 2,264,396 | 12,682,088 | ||||||
James Hardie Industries SEa | 1,372,288 | 9,222,844 | ||||||
21,904,932 | ||||||||
CHEMICALS – 0.73% |
| |||||||
Incitec Pivot Ltd. | 5,130,376 | 22,934,507 | ||||||
22,934,507 | ||||||||
COAL – 0.21% |
| |||||||
Macarthur Coal Ltd. | 553,868 | 6,660,884 | ||||||
6,660,884 | ||||||||
COMMERCIAL SERVICES – 1.74% |
| |||||||
Brambles Ltd. | 4,480,472 | 32,302,245 | ||||||
Transurban Group | 4,086,060 | 22,218,856 | ||||||
54,521,101 | ||||||||
COMPUTERS – 0.44% |
| |||||||
Computershare Ltd. | 1,400,072 | 13,643,883 | ||||||
13,643,883 |
Security | Shares | Value | ||||||
DIVERSIFIED FINANCIAL SERVICES – 1.99% |
| |||||||
ASX Ltd.b | 546,620 | $ | 20,272,212 | |||||
Macquarie Group Ltd. | 1,088,408 | 41,972,295 | ||||||
62,244,507 | ||||||||
ELECTRIC – 0.79% |
| |||||||
AGL Energy Ltd. | 1,417,588 | 20,974,486 | ||||||
SP AusNet | 4,317,996 | 3,825,403 | ||||||
24,799,889 | ||||||||
ENGINEERING & CONSTRUCTION – 1.14% |
| |||||||
Leighton Holdings Ltd.b | 426,424 | 13,434,999 | ||||||
MAp Group | 1,169,948 | 3,681,296 | ||||||
WorleyParsons Ltd. | 604,000 | 18,543,851 | ||||||
35,660,146 | ||||||||
ENTERTAINMENT – 0.85% |
| |||||||
Tabcorp Holdings Ltd. | 2,144,200 | 16,615,968 | ||||||
Tatts Group Ltd. | 4,038,948 | 9,994,250 | ||||||
26,610,218 | ||||||||
FOOD – 3.88% |
| |||||||
Goodman Fielder Ltd. | 4,356,652 | 5,523,291 | ||||||
Metcash Ltd. | 2,416,604 | 9,990,960 | ||||||
Woolworths Ltd. | 3,878,284 | 106,156,003 | ||||||
121,670,254 | ||||||||
HEALTH CARE – PRODUCTS – 0.45% |
| |||||||
Cochlear Ltd. | 178,180 | 14,032,621 | ||||||
14,032,621 | ||||||||
HEALTH CARE – SERVICES – 0.66% |
| |||||||
Ramsay Health Care Ltd. | 413,136 | 7,463,153 | ||||||
Sonic Healthcare Ltd. | 1,162,096 | 13,348,326 | ||||||
20,811,479 | ||||||||
INSURANCE – 4.49% |
| |||||||
AMP Ltd. | 6,526,220 | 35,288,396 | ||||||
AXA Asia Pacific Holdings Ltd. | 3,255,560 | 21,017,964 | ||||||
Insurance Australia Group Ltd. | 6,548,568 | 24,339,682 | ||||||
QBE Insurance Group Ltd. | 3,260,392 | 60,225,829 | ||||||
140,871,871 | ||||||||
IRON & STEEL – 1.60% |
| |||||||
BlueScope Steel Ltd. | 5,743,436 | 12,164,963 | ||||||
Fortescue Metals Group Ltd.a | 3,915,732 | 26,476,266 | ||||||
OneSteel Ltd. | 4,194,176 | 11,531,508 | ||||||
50,172,737 |
16 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRALIA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
LODGING – 0.39% |
| |||||||
Crown Ltd. | 1,424,232 | $ | 12,109,965 | |||||
12,109,965 | ||||||||
MANUFACTURING – 0.18% |
| |||||||
CSR Ltd. | 1,591,942 | 5,641,339 | ||||||
5,641,339 | ||||||||
MEDIA – 0.28% |
| |||||||
Fairfax Media Ltd.b | 6,670,576 | 8,864,404 | ||||||
8,864,404 | ||||||||
METAL FABRICATE & HARDWARE – 0.31% |
| |||||||
Sims Metal Management Ltd. | 514,004 | 9,850,580 | ||||||
9,850,580 | ||||||||
MINING – 25.01% |
| |||||||
Alumina Ltd. | 7,686,504 | 18,628,655 | ||||||
BHP Billiton Ltd. | 10,578,456 | 496,698,780 | ||||||
Newcrest Mining Ltd. | 2,408,148 | 93,012,583 | ||||||
Orica Ltd. | 1,140,352 | 29,924,647 | ||||||
OZ Minerals Ltd. | 9,831,912 | 16,219,172 | ||||||
Paladin Energy Ltd.a | 2,150,240 | 10,816,570 | ||||||
Rio Tinto Ltd. | 1,372,288 | 118,681,240 | ||||||
783,981,647 | ||||||||
OIL & GAS – 5.65% |
| |||||||
Caltex Australia Ltd. | 426,424 | 6,839,083 | ||||||
Origin Energy Ltd. | 2,776,588 | 47,076,197 | ||||||
Santos Ltd. | 2,622,568 | 38,189,017 | ||||||
Woodside Petroleum Ltd. | 1,966,020 | 85,144,971 | ||||||
177,249,268 | ||||||||
PACKAGING & CONTAINERS – 0.87% |
| |||||||
Amcor Ltd. | 3,848,688 | 27,120,300 | ||||||
27,120,300 | ||||||||
REAL ESTATE – 0.50% |
| |||||||
BGP Holdings PLCa,c | 18,888,372 | 2,609 | ||||||
Lend Lease Group | 1,692,408 | 15,717,215 | ||||||
15,719,824 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 6.20% |
| |||||||
CFS Retail Property Trust | 6,662,724 | 12,755,144 | ||||||
Dexus Property Group | 15,242,544 | 13,270,866 | ||||||
Goodman Group | 20,064,276 | 14,302,015 | ||||||
GPT Group | 5,552,572 | 17,527,968 | ||||||
Mirvac Group | 10,759,656 | 14,243,523 | ||||||
Stockland Corp. Ltd. | 7,506,512 | 29,046,745 |
Security | Shares | Value | ||||||
Westfield Group | 6,905,532 | $ | 68,561,047 | |||||
Westfield Retail Trust | 9,093,220 | 24,723,198 | ||||||
194,430,506 | ||||||||
RETAIL – 4.08% |
| |||||||
Harvey Norman Holdings Ltd. | 1,668,852 | 5,166,151 | ||||||
Wesfarmers Ltd. | 3,166,168 | 106,363,338 | ||||||
Wesfarmers Ltd. Partially Protected | 478,368 | 16,221,165 | ||||||
127,750,654 | ||||||||
TELECOMMUNICATIONS – 1.24% |
| |||||||
Telstra Corp. Ltd. | 13,718,048 | 38,903,906 | ||||||
38,903,906 | ||||||||
TRANSPORTATION – 1.49% |
| |||||||
Asciano Groupa | 9,217,040 | 16,471,922 | ||||||
QR National Ltd.a | 5,379,828 | 17,530,490 | ||||||
Toll Holdings Ltd. | 2,103,128 | 12,849,690 | ||||||
46,852,102 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,749,236,007) |
| 3,108,179,466 | ||||||
SHORT-TERM INVESTMENTS – 1.00% |
| |||||||
MONEY MARKET FUNDS – 1.00% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
SL Agency Shares | ||||||||
0.23%d,e,f | 27,316,218 | 27,316,218 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
SL Agency Shares | ||||||||
0.22%d,e,f | 3,925,565 | 3,925,565 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
SL Agency Shares | ||||||||
0.07%d,e | 116,873 | 116,873 | ||||||
31,358,656 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $31,358,656) | 31,358,656 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,780,594,663) |
| 3,139,538,122 | ||||||
Other Assets, Less Liabilities – (0.15)% |
| (4,669,519) | ||||||
NET ASSETS – 100.00% | $ | 3,134,868,603 | ||||||
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRALIA INDEX FUND
February 28, 2011
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
c | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
d | Affiliated issuer. See Note 2. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
18 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI HONG KONG INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.53% |
| |||||||
AIRLINES – 0.83% |
| |||||||
Cathay Pacific Airways Ltd. | 7,155,000 | $ | 16,626,397 | |||||
16,626,397 | ||||||||
APPAREL – 0.68% | ||||||||
Yue Yuen Industrial (Holdings) Ltd.a | 4,293,000 | 13,503,206 | ||||||
13,503,206 | ||||||||
BANKS – 10.23% | ||||||||
Bank of East Asia Ltd. (The)a | 9,730,910 | 42,163,550 | ||||||
BOC Hong Kong (Holdings) Ltd. | 23,611,500 | 73,206,669 | ||||||
Hang Seng Bank Ltd. | 4,865,400 | 77,580,054 | ||||||
Wing Hang Bank Ltd. | 892,500 | 11,395,226 | ||||||
204,345,499 | ||||||||
DISTRIBUTION & WHOLESALE – 7.22% |
| |||||||
Esprit Holdings Ltd.a | 7,298,132 | 35,791,921 | ||||||
Li & Fung Ltd.a | 17,811,000 | 108,386,846 | ||||||
144,178,767 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 7.13% |
| |||||||
Hong Kong Exchanges and Clearing Ltd.a | 6,582,600 | 142,399,119 | ||||||
142,399,119 | ||||||||
ELECTRIC – 7.77% | ||||||||
CLP Holdings Ltd. | 12,163,700 | 99,084,851 | ||||||
Hongkong Electric Holdings Ltd. | 8,586,000 | 56,052,085 | ||||||
155,136,936 | ||||||||
ENGINEERING & CONSTRUCTION – 0.71% |
| |||||||
Cheung Kong Infrastructure Holdings Ltd.a | 2,862,000 | 14,109,473 | ||||||
14,109,473 | ||||||||
GAS – 3.05% | ||||||||
Hong Kong and China Gas Co. Ltd. (The) | 27,189,883 | 60,878,473 | ||||||
60,878,473 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 15.01% |
| |||||||
Hutchison Whampoa Ltd. | 13,610,800 | 160,237,042 | ||||||
NWS Holdings Ltd. | 8,586,000 | 13,359,907 | ||||||
Swire Pacific Ltd. Class A | 5,008,500 | 69,959,469 | ||||||
Wharf (Holdings) Ltd. (The) | 8,586,500 | 56,275,823 | ||||||
299,832,241 |
Security | Shares | Value | ||||||
INSURANCE – 7.22% | ||||||||
AIA Group Ltd.b | 49,512,600 | $ | 144,295,080 | |||||
144,295,080 | ||||||||
LODGING – 4.90% | ||||||||
Sands China Ltd.b | 15,454,800 | 36,706,675 | ||||||
Shangri-La Asia Ltd.a | 8,586,000 | 20,128,045 | ||||||
SJM Holdings Ltd. | 10,017,000 | 14,737,785 | ||||||
Wynn Macau Ltd. | 9,730,800 | 26,359,729 | ||||||
97,932,234 | ||||||||
REAL ESTATE – 28.13% |
| |||||||
Cheung Kong (Holdings) Ltd. | 8,720,000 | 135,684,125 | ||||||
Hang Lung Group Ltd. | 5,724,000 | 34,685,787 | ||||||
Hang Lung Properties Ltd. | 15,741,000 | 67,093,483 | ||||||
Henderson Land Development Co. Ltd. | 7,155,332 | 45,334,296 | ||||||
Hopewell Holdings Ltd. | 3,577,742 | 11,138,602 | ||||||
Hysan Development Co. Ltd.a | 4,293,000 | 19,290,295 | ||||||
Kerry Properties Ltd. | 4,293,000 | 20,778,403 | ||||||
New World Development Co. Ltd. | 15,741,800 | 28,293,870 | ||||||
Sino Land Co. Ltd.a | 17,172,000 | 31,129,025 | ||||||
Sun Hung Kai Properties Ltd. | 9,140,000 | 147,617,134 | ||||||
Wheelock and Co. Ltd. | 5,724,357 | 20,798,072 | ||||||
561,843,092 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 2.09% |
| |||||||
Link REIT (The)a | 13,594,500 | 41,800,232 | ||||||
41,800,232 | ||||||||
RETAIL – 0.44% | ||||||||
Lifestyle International Holdings Ltd. | 3,577,500 | 8,864,350 | ||||||
8,864,350 | ||||||||
SEMICONDUCTORS – 0.85% |
| |||||||
ASM Pacific Technology Ltd. | 1,287,900 | 17,063,644 | ||||||
17,063,644 | ||||||||
TELECOMMUNICATIONS – 0.98% |
| |||||||
Foxconn International Holdings Ltd.a,b | 12,879,000 | 9,110,531 | ||||||
PCCW Ltd. | 24,327,000 | 10,493,920 | ||||||
19,604,451 | ||||||||
TRANSPORTATION – 2.29% |
| |||||||
MTR Corp. Ltd.a | 9,301,583 | 34,213,021 | ||||||
Orient Overseas International Ltd.a | 1,431,200 | 11,520,672 | ||||||
45,733,693 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,969,378,882) |
| 1,988,146,887 |
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI HONG KONG INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
RIGHTS – 0.08% | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 0.08% |
| |||||||
Wharf (Holdings) Ltd. (The)b,c | 855,650 | $ | 1,598,340 | |||||
1,598,340 | ||||||||
TOTAL RIGHTS | ||||||||
(Cost: $0) | 1,598,340 | |||||||
SHORT-TERM INVESTMENTS – 2.09% |
| |||||||
MONEY MARKET FUNDS – 2.09% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
SL Agency Shares | ||||||||
0.23%d,e,f | 35,640,865 | 35,640,865 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
SL Agency Shares | ||||||||
0.22%d,e,f | 5,121,885 | 5,121,885 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
SL Agency Shares | ||||||||
0.07%d,e | 944,996 | 944,996 | ||||||
41,707,746 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $41,707,746) |
| 41,707,746 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,011,086,628) |
| 2,031,452,973 | ||||||
Other Assets, Less Liabilities – (1.70)% |
| (34,016,716) | ||||||
NET ASSETS – 100.00% | $ | 1,997,436,257 | ||||||
a | All or a portion of this security represents a security on loan. See Note 5. |
b | Non-income earning security. |
c | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
d | Affiliated issuer. See Note 2. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
20 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.62% | ||||||||
ADVERTISING – 0.37% | ||||||||
Asatsu-DK Inc. | 3,600 | $ | 102,644 | |||||
Moshi Moshi Hotline Inc. | 2,700 | 59,516 | ||||||
162,160 | ||||||||
AEROSPACE & DEFENSE – 0.17% |
| |||||||
Japan Aviation Electronics Industry Ltd. | 9,000 | 75,577 | ||||||
75,577 | ||||||||
AGRICULTURE – 0.30% | ||||||||
Hokuto Corp. | 2,700 | 62,351 | ||||||
Sakata Seed Corp. | 4,500 | 67,997 | ||||||
130,348 | ||||||||
AIRLINES – 0.06% | ||||||||
Skymark Airlines Inc. | 1,800 | 26,188 | ||||||
26,188 | ||||||||
APPAREL – 1.26% | ||||||||
Descente Ltd. | 9,000 | 46,027 | ||||||
Gunze Ltd. | 18,000 | 77,115 | ||||||
Japan Wool Textile Co. Ltd. (The) | 9,000 | 79,421 | ||||||
Katakura Industries Co. Ltd. | 3,600 | 37,657 | ||||||
Onward Holdings Co. Ltd. | 9,000 | 80,630 | ||||||
Sanyo Shokai Ltd. | 9,000 | 33,504 | ||||||
Shikibo Ltd. | 9,000 | 12,303 | ||||||
Tokyo Style Co. Ltd. | 9,000 | 67,118 | ||||||
Wacoal Holdings Corp. | 9,000 | 121,714 | ||||||
555,489 | ||||||||
AUTO MANUFACTURERS – 0.57% |
| |||||||
Kanto Auto Works Ltd. | 5,400 | 44,819 | ||||||
Nissan Shatai Co. Ltd. | 9,000 | 75,906 | ||||||
ShinMaywa Industries Ltd. | 18,000 | 78,652 | ||||||
Toyota Auto Body Co. Ltd. | 2,700 | 50,586 | ||||||
249,963 | ||||||||
AUTO PARTS & EQUIPMENT – 4.47% |
| |||||||
Aisan Industry Co. Ltd. | 2,700 | 31,175 | ||||||
Akebono Brake Industry Co. Ltd. | 7,200 | 43,940 | ||||||
Calsonic Kansei Corp.a | 18,000 | 89,198 | ||||||
Exedy Corp. | 3,600 | 118,506 | ||||||
FCC Co. Ltd. | 4,500 | 111,278 | ||||||
Futaba Industrial Co. Ltd.a | 6,300 | 43,523 | ||||||
Kayaba Industry Co. Ltd. | 18,000 | 156,646 | ||||||
Keihin Corp. | 4,500 | 99,249 |
Security | Shares | Value | ||||||
Musashi Seimitsu Industry Co. Ltd. | 2,700 | $ | 71,084 | |||||
Nifco Inc. | 4,500 | 121,000 | ||||||
Nissin Kogyo Co. Ltd. | 4,500 | 82,552 | ||||||
Press Kogyo Co. Ltd.a | 9,000 | 44,050 | ||||||
Riken Corp. | 9,000 | 44,379 | ||||||
Sanden Corp. | 18,000 | 82,168 | ||||||
Sanoh Industrial Co. Ltd. | 900 | 9,019 | ||||||
Showa Corp.a | 6,300 | 53,827 | ||||||
T.RAD Co. Ltd. | 9,000 | 45,258 | ||||||
Tachi-S Co. Ltd. | 1,800 | 36,470 | ||||||
Takata Corp. | 3,600 | 114,024 | ||||||
Teikoku Piston Ring Co. Ltd. | 1,800 | 19,487 | ||||||
Tokai Rika Co. Ltd. | 5,400 | 104,533 | ||||||
Topre Corp. | 6,300 | 55,749 | ||||||
Toyo Tire & Rubber Co. Ltd. | 18,000 | 49,652 | ||||||
TS Tech Co. Ltd. | 5,400 | 114,024 | ||||||
Unipres Corp. | 3,600 | 90,429 | ||||||
Yokohama Rubber Co. Ltd. (The) | 27,000 | 141,047 | ||||||
1,972,267 | ||||||||
BANKS – 8.55% | ||||||||
Aichi Bank Ltd. (The) | 900 | 61,516 | ||||||
Akita Bank Ltd. (The) | 27,000 | 91,944 | ||||||
Aomori Bank Ltd. (The) | 18,000 | 57,122 | ||||||
Awa Bank Ltd. (The) | 27,000 | 166,752 | ||||||
Bank of Iwate Ltd. (The) | 1,800 | 85,683 | ||||||
Bank of Nagoya Ltd. (The) | 18,000 | 64,811 | ||||||
Bank of Okinawa Ltd. (The) | 2,700 | 114,354 | ||||||
Bank of Saga Ltd. (The) | 18,000 | 51,410 | ||||||
Bank of the Ryukyus Ltd. | 4,500 | 53,991 | ||||||
Chiba Kogyo Bank Ltd. (The)a | 4,500 | 32,351 | ||||||
Daishi Bank Ltd. (The) | 36,000 | 132,259 | ||||||
Ehime Bank Ltd. (The) | 18,000 | 55,584 | ||||||
Eighteenth Bank Ltd. (The) | 18,000 | 57,781 | ||||||
FIDEA Holdings Co. Ltd. | 12,600 | 41,370 | ||||||
Fukui Bank Ltd. (The) | 27,000 | 88,978 | ||||||
Higashi-Nippon Bank Ltd. (The) | 18,000 | 47,016 | ||||||
Higo Bank Ltd. (The) | 18,000 | 109,411 | ||||||
Hokkoku Bank Ltd. (The) | 27,000 | 105,126 | ||||||
Hokuetsu Bank Ltd. (The) | 27,000 | 64,262 | ||||||
Hyakugo Bank Ltd. (The) | 27,000 | 127,865 | ||||||
Hyakujushi Bank Ltd. (The) | 27,000 | 111,058 | ||||||
Juroku Bank Ltd. (The) | 36,000 | 124,350 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Kagoshima Bank Ltd. (The) | 18,000 | $ | 126,547 | |||||
Kansai Urban Banking Corp. | 27,000 | 47,785 | ||||||
Keiyo Bank Ltd. (The) | 27,000 | 155,877 | ||||||
Kiyo Holdings Inc. | 72,000 | 105,456 | ||||||
Mie Bank Ltd. (The) | 18,000 | 52,508 | ||||||
Minato Bank Ltd. (The) | 18,000 | 36,250 | ||||||
Miyazaki Bank Ltd. (The) | 18,000 | 47,895 | ||||||
Musashino Bank Ltd. (The) | 3,600 | 123,296 | ||||||
Nanto Bank Ltd. (The) | 27,000 | 139,070 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 27,000 | 95,899 | ||||||
Oita Bank Ltd. (The) | 18,000 | 70,963 | ||||||
San-in Godo Bank Ltd. (The) | 18,000 | 140,608 | ||||||
Shiga Bank Ltd. (The) | 27,000 | 150,934 | ||||||
Shikoku Bank Ltd. (The) | 18,000 | 59,978 | ||||||
Shimizu Bank Ltd. (The) | 900 | 42,841 | ||||||
Tochigi Bank Ltd. (The) | 9,000 | 46,247 | ||||||
Toho Bank Ltd. (The) | 27,000 | 91,615 | ||||||
Tokyo Tomin Bank Ltd. (The) | 3,600 | 51,102 | ||||||
TOMONY Holdings Inc.a | 9,000 | 37,129 | ||||||
Towa Bank Ltd. (The) | 18,000 | 26,584 | ||||||
Tsukuba Bank Ltd.a | 6,300 | 23,530 | ||||||
Yachiyo Bank Ltd. (The) | 1,800 | 65,624 | ||||||
Yamagata Bank Ltd. (The) | 18,000 | 91,615 | ||||||
Yamanashi Chuo Bank Ltd. (The) | 18,000 | 98,645 | ||||||
3,772,992 | ||||||||
BEVERAGES – 0.58% | ||||||||
Kagome Co. Ltd. | 8,100 | 151,066 | ||||||
Takara Holdings Inc. | 18,000 | 107,213 | ||||||
258,279 | ||||||||
BIOTECHNOLOGY – 0.10% | ||||||||
OncoTherapy Science Inc.a | 9 | 21,201 | ||||||
Takara Bio Inc.a | 9 | 24,464 | ||||||
45,665 | ||||||||
BUILDING MATERIALS – 1.48% |
| |||||||
Central Glass Co. Ltd. | 18,000 | 80,190 | ||||||
Chofu Seisakusho Co. Ltd. | 2,700 | 64,460 | ||||||
Nichias Corp. | 9,000 | 55,584 | ||||||
Nichiha Corp. | 900 | 8,909 | ||||||
Sanwa Holdings Corp. | 27,000 | 95,899 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 45,000 | 116,441 | ||||||
Taiheiyo Cement Corp.a | 72,000 | 106,334 |
Security | Shares | Value | ||||||
Takara Standard Co. Ltd. | 18,000 | $ | 125,229 | |||||
653,046 | ||||||||
CHEMICALS – 6.76% | ||||||||
Adeka Corp. | 10,800 | 120,615 | ||||||
Aica Kogyo Co. Ltd. | 8,100 | 109,938 | ||||||
Arisawa Manufacturing Co. Ltd. | 2,700 | 15,983 | ||||||
C. Uyemura & Co. Ltd. | 900 | 39,491 | ||||||
Chugoku Marine Paints Ltd. | 9,000 | 78,982 | ||||||
Dai Nippon Toryo Co. Ltd.a | 9,000 | 12,962 | ||||||
Dainichiseika Color & Chemicals | ||||||||
Manufacturing Co. Ltd. | 9,000 | 51,080 | ||||||
Daiso Co. Ltd. | 9,000 | 31,197 | ||||||
DIC Corp. | 72,000 | 190,700 | ||||||
Earth Chemical Co. Ltd. | 1,800 | 60,242 | ||||||
Fujimi Inc. | 2,700 | 41,622 | ||||||
Ishihara Sangyo Kaisha Ltd.a | 45,000 | 59,868 | ||||||
Lintec Corp. | 5,400 | 152,713 | ||||||
Nihon Nohyaku Co. Ltd. | 9,000 | 49,542 | ||||||
Nihon Parkerizing Co. Ltd. | 9,000 | 138,741 | ||||||
Nippon Carbon Co. Ltd. | 18,000 | 55,364 | ||||||
Nippon Kayaku Co. Ltd. | 18,000 | 187,184 | ||||||
Nippon Paint Co. Ltd. | 27,000 | 197,071 | ||||||
Nippon Shokubai Co. Ltd. | 9,000 | 106,005 | ||||||
Nippon Soda Co. Ltd. | 18,000 | 95,130 | ||||||
Nippon Synthetic Chemical Industry Co. Ltd. (The) | 9,000 | 63,933 | ||||||
NOF Corp. | 18,000 | 90,956 | ||||||
Sakai Chemical Industry Co. Ltd. | 9,000 | 51,190 | ||||||
Stella Chemifa Corp. | 900 | 40,645 | ||||||
Sumitomo Bakelite Co. Ltd. | 18,000 | 118,638 | ||||||
T. Hasegawa Co. Ltd. | 900 | 14,544 | ||||||
Taiyo Ink Manufacturing Co. Ltd. | 1,800 | 59,934 | ||||||
Takasago International Corp. | 9,000 | 53,167 | ||||||
Tanaka Chemical Corp. | 900 | 13,116 | ||||||
Toagosei Co. Ltd. | 27,000 | 137,752 | ||||||
Tokai Carbon Co. Ltd. | 18,000 | 106,115 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 5,400 | 117,649 | ||||||
Toyo Ink Manufacturing Co. Ltd. | 27,000 | 137,093 | ||||||
Zeon Corp. | 18,000 | 183,449 | ||||||
2,982,611 | ||||||||
COMMERCIAL SERVICES – 1.80% |
| |||||||
Aeon Delight Co. Ltd. | 1,800 | 33,109 |
22 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Daiseki Co. Ltd. | 3,660 | $ | 72,548 | |||||
Future Architect Inc. | 18 | 8,788 | ||||||
Kyodo Printing Co. Ltd. | 9,000 | 20,872 | ||||||
Kyoritsu Maintenance Co. Ltd. | 900 | 15,137 | ||||||
Meitec Corp.a | 4,500 | 99,414 | ||||||
Nichii Gakkan Co. | 5,400 | 49,498 | ||||||
Nishio Rent All Co. Ltd. | 2,700 | 18,883 | ||||||
PARK24 Co. Ltd. | 11,700 | 135,236 | ||||||
Pasona Group Inc. | 36 | 31,373 | ||||||
Pronexus Inc. | 1,800 | 9,623 | ||||||
So-net M3 Inc. | 9 | 47,565 | ||||||
Sohgo Security Services Co. Ltd. | 7,200 | 86,825 | ||||||
Temp Holdings Co. Ltd. | 900 | 8,415 | ||||||
TKC Corp. | 2,700 | 55,200 | ||||||
Toppan Forms Co. Ltd. | 7,200 | 70,128 | ||||||
Zenrin Co. Ltd. | 2,700 | 32,230 | ||||||
794,844 | ||||||||
COMPUTERS – 0.75% | ||||||||
CSK Holdings Corp.a | 8,100 | 29,264 | ||||||
DTS Corp. | 3,600 | 40,908 | ||||||
Ferrotec Corp. | 1,800 | 30,956 | ||||||
Ines Corp. | 2,700 | 22,706 | ||||||
Japan Digital Laboratory Co. Ltd. | 900 | 10,699 | ||||||
Melco Holdings Inc. | 900 | 34,328 | ||||||
Net One Systems Co. Ltd. | 54 | 86,408 | ||||||
NS Solutions Corp. | 2,700 | 60,341 | ||||||
Roland DG Corp. | 900 | 13,863 | ||||||
329,473 | ||||||||
COSMETICS & PERSONAL CARE – 1.04% |
| |||||||
Aderans Holdings Co. Ltd.a | 3,600 | 38,096 | ||||||
Dr. Ci:Labo Co. Ltd. | 9 | 34,987 | ||||||
Fancl Corp. | 4,500 | 66,514 | ||||||
Kose Corp. | 3,600 | 97,503 | ||||||
Lion Corp. | 18,000 | 96,009 | ||||||
Mandom Corp. | 2,700 | 72,171 | ||||||
Pigeon Corp. | 1,800 | 53,431 | ||||||
458,711 | ||||||||
DISTRIBUTION & WHOLESALE – 2.34% |
| |||||||
Doshisha Co. Ltd. | 2,700 | 61,790 | ||||||
Hakuto Co. Ltd. | 900 | 10,040 | ||||||
Hanwa Co. Ltd. | 27,000 | 125,229 | ||||||
Inaba Denki Sangyo Co. Ltd. | 2,700 | 78,598 |
Security | Shares | Value | ||||||
Inabata & Co. Ltd. | 1,800 | $ | 12,764 | |||||
Itochu Enex Co. Ltd. | 9,900 | 57,880 | ||||||
Iwatani Corp. | 27,000 | 87,331 | ||||||
Japan Pulp & Paper Co. Ltd. | 18,000 | 70,524 | ||||||
JFE Shoji Holdings Inc. | 18,000 | 85,463 | ||||||
Kanematsu Corp.a | 54,000 | 63,933 | ||||||
Matsuda Sangyo Co. Ltd. | 1,860 | 32,941 | ||||||
Nagase & Co. Ltd. | 9,000 | 116,441 | ||||||
Nippon Gas Co. Ltd. | 5,400 | 73,094 | ||||||
Paltac Corp. | 900 | 16,730 | ||||||
Ryoyo Electro Corp. | 900 | 10,381 | ||||||
Ship Healthcare Holdings Inc. | 3,600 | 46,928 | ||||||
Sumikin Bussan Corp. | 9,000 | 24,167 | ||||||
Trusco Nakayama Corp. | 2,700 | 48,872 | ||||||
Yuasa Trading Co. Ltd.a | 9,000 | 10,326 | ||||||
1,033,432 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 2.96% |
| |||||||
Acom Co. Ltd. | 2,970 | 53,143 | ||||||
AIFUL Corp.a | 13,050 | 27,397 | ||||||
Cedyna Financial Corp.a | 16,200 | 35,789 | ||||||
Century Tokyo Leasing Corp. | 6,380 | 121,090 | ||||||
Fuyo General Lease Co. Ltd. | 1,800 | 66,569 | ||||||
GCA Savvian Group Corp. | 9 | 19,114 | ||||||
Hitachi Capital Corp. | 4,500 | 70,743 | ||||||
IBJ Leasing Co. Ltd. | 2,700 | 69,930 | ||||||
Ichiyoshi Securities Co. Ltd. | 5,400 | 40,996 | ||||||
Iwai Cosmo Holdings Inc. | 900 | 6,240 | ||||||
Jaccs Co. Ltd. | 18,000 | 66,349 | ||||||
Japan Securities Finance Co. Ltd. | 9,900 | 73,951 | ||||||
Kenedix Inc.a | 234 | 63,177 | ||||||
Marusan Securities Co. Ltd. | 8,100 | 46,467 | ||||||
Mizuho Investors Securities Co. Ltd.a | 36,000 | 40,425 | ||||||
Okasan Securities Group Inc. | 18,000 | 79,531 | ||||||
Orient Corp.a | 27,000 | 38,557 | ||||||
Osaka Securities Exchange Co. Ltd. | 27 | 146,650 | ||||||
Promise Co. Ltd. | 7,650 | 74,698 | ||||||
Ricoh Leasing Co. Ltd. | 2,700 | 73,061 | ||||||
SPARX Group Co. Ltd.a | 81 | 11,656 | ||||||
Tokai Tokyo Financial Holdings Inc. | 18,000 | 66,349 | ||||||
Toyo Securities Co. Ltd. | 9,000 | 16,038 | ||||||
1,307,920 |
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
ELECTRIC – 0.20% | ||||||||
Okinawa Electric Power Co. Inc. (The) | 1,800 | $ | 89,637 | |||||
89,637 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 1.46% |
| |||||||
Fujikura Ltd. | 36,000 | 178,396 | ||||||
Funai Electric Co. Ltd. | 1,800 | 58,264 | ||||||
Hitachi Cable Ltd. | 18,000 | 51,630 | ||||||
Icom Inc. | 900 | 25,002 | ||||||
Nippon Signal Co. Ltd. (The) | 4,500 | 35,536 | ||||||
NPC Inc. | 900 | 17,917 | ||||||
Sinfonia Technology Co. Ltd. | 18,000 | 59,539 | ||||||
SWCC Showa Holdings Co. Ltd.a | 18,000 | 20,212 | ||||||
Takaoka Electric Manufacturing Co. Ltd. | 9,000 | 51,080 | ||||||
Tokyo Rope Manufacturing Co. Ltd. | 18,000 | 61,516 | ||||||
Toshiba Tec Corp. | 18,000 | 84,584 | ||||||
643,676 | ||||||||
ELECTRONICS – 6.80% |
| |||||||
Alps Electric Co. Ltd. | 18,000 | 240,132 | ||||||
Anritsu Corp.b | 18,000 | 168,070 | ||||||
Chiyoda Integre Co. Ltd. | 2,700 | 42,116 | ||||||
CMK Corp. | 5,400 | 28,144 | ||||||
Cosel Co. Ltd. | 3,600 | 58,484 | ||||||
Dai-ichi Seiko Co. Ltd. | 900 | 53,277 | ||||||
Dainippon Screen Manufacturing Co. Ltd.a | 27,000 | 260,344 | ||||||
Eizo Nanao Corp. | 2,700 | 67,953 | ||||||
Enplas Corp. | 900 | 13,402 | ||||||
FDK Corp.a | 9,000 | 16,038 | ||||||
Fujitsu General Ltd. | 9,000 | 52,618 | ||||||
Furuno Electric Co. Ltd. | 3,600 | 19,773 | ||||||
Futaba Corp. | 4,500 | 89,033 | ||||||
HORIBA Ltd. | 3,600 | 112,091 | ||||||
Hosiden Corp. | 7,200 | 82,256 | ||||||
IDEC Corp. | 900 | 8,821 | ||||||
JEOL Ltd. | 9,000 | 29,220 | ||||||
Kaga Electronics Co. Ltd. | 3,600 | 47,148 | ||||||
Koa Corp. | 5,400 | 66,437 | ||||||
Kuroda Electric Co. Ltd. | 3,600 | 49,872 | ||||||
Macnica Inc. | 2,700 | 70,853 | ||||||
Meiko Electronics Co. Ltd. | 900 | 16,489 | ||||||
Micronics Japan Co. Ltd. | 1,800 | 24,167 | ||||||
Nichicon Corp. | 8,100 | 114,584 | ||||||
Nihon Dempa Kogyo Co. Ltd. | 1,800 | 33,680 |
Security | Shares | Value | ||||||
Nippon Ceramic Co. Ltd. | 900 | $ | 18,532 | |||||
Nippon Chemi-Con Corp.a | 18,000 | 126,547 | ||||||
Nissha Printing Co. Ltd. | 2,700 | 68,678 | ||||||
Nitto Kogyo Corp. | 3,600 | 42,842 | ||||||
Ryosan Co. Ltd. | 4,500 | 117,814 | ||||||
Sanshin Electronics Co. Ltd. | 3,600 | 31,900 | ||||||
Sanyo Denki Co. Ltd. | 9,000 | 70,963 | ||||||
SATO Corp. | 900 | 12,149 | ||||||
Shinko Shoji Co. Ltd. | 1,800 | 16,236 | ||||||
Star Micronics Co. Ltd. | 5,400 | 61,230 | ||||||
Taiyo Yuden Co. Ltd. | 9,000 | 146,759 | ||||||
Tamura Corp. | 9,000 | 28,231 | ||||||
TOKO Inc.a | 9,000 | 22,080 | ||||||
Tokyo Seimitsu Co. Ltd. | 4,500 | 89,198 | ||||||
Toyo Corp. | 4,500 | 46,247 | ||||||
ULVAC Inc. | 3,600 | 86,298 | ||||||
Wacom Co. Ltd. | 45 | 67,723 | ||||||
Yamatake Corp. | 7,200 | 181,911 | ||||||
3,000,340 | ||||||||
ENERGY - ALTERNATE SOURCES – 0.01% |
| |||||||
Japan Wind Development Co. Ltd.a | 9 | 5,438 | ||||||
5,438 | ||||||||
ENGINEERING & CONSTRUCTION – 3.49% |
| |||||||
Chudenko Corp. | 3,600 | 45,258 | ||||||
COMSYS Holdings Corp. | 12,600 | 127,646 | ||||||
Hibiya Engineering Ltd. | 900 | 8,546 | ||||||
Japan Airport Terminal Co. Ltd. | 4,500 | 68,107 | ||||||
Kandenko Co. Ltd. | 9,000 | 56,902 | ||||||
Kyowa Exeo Corp. | 9,000 | 85,683 | ||||||
Maeda Corp. | 18,000 | 58,001 | ||||||
Maeda Road Construction Co. Ltd. | 9,000 | 76,236 | ||||||
MIRAIT Holdings Corp.a | 3,600 | 27,243 | ||||||
Nippo Corp. | 9,000 | 63,273 | ||||||
Nippon Road Co. Ltd. (The) | 9,000 | 22,629 | ||||||
Nishimatsu Construction Co. Ltd. | 36,000 | 50,092 | ||||||
Okumura Corp. | 18,000 | 70,743 | ||||||
Penta-Ocean Construction Co. Ltd. | 31,500 | 52,673 | ||||||
Shinko Plantech Co. Ltd. | 4,500 | 48,059 | ||||||
SHO-BOND Holdings Co. Ltd. | 3,600 | 76,280 | ||||||
Taihei Kogyo Co. Ltd. | 9,000 | 42,402 | ||||||
Taikisha Ltd. | 4,500 | 81,399 | ||||||
Takasago Thermal Engineering Co. Ltd. | 8,100 | 72,567 |
24 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Takuma Co. Ltd.a | 9,000 | $ | 28,451 | |||||
Toa Corp. | 18,000 | 22,409 | ||||||
Toda Corp. | 27,000 | 103,149 | ||||||
Tokyu Construction Co. Ltd. | 11,340 | 33,911 | ||||||
Toshiba Plant Systems & Services Corp. | 9,000 | 122,153 | ||||||
Toyo Construction Co. Ltd. | 45,000 | 26,913 | ||||||
Toyo Engineering Corp. | 18,000 | 69,425 | ||||||
1,540,150 | ||||||||
ENTERTAINMENT – 0.72% | ||||||||
Avex Group Holdings Inc. | 4,500 | 66,185 | ||||||
Resorttrust Inc. | 4,500 | 73,819 | ||||||
Shochiku Co. Ltd. | 9,000 | 68,436 | ||||||
Toei Co. Ltd. | 9,000 | 47,565 | ||||||
Tokyotokeiba Co. Ltd. | 18,000 | 26,803 | ||||||
Yomiuri Land Co. Ltd. | 9,000 | 35,262 | ||||||
318,070 | ||||||||
ENVIRONMENTAL CONTROL – 0.13% |
| |||||||
Asahi Holdings Inc. | 2,700 | 59,582 | ||||||
59,582 | ||||||||
FOOD – 3.63% | ||||||||
Ariake Japan Co. Ltd. | 2,700 | 47,257 | ||||||
Ezaki Glico Co. Ltd. | 9,000 | 104,687 | ||||||
Fuji Oil Co. Ltd. | 7,200 | 102,380 | ||||||
House Foods Corp. | 7,200 | 121,099 | ||||||
Itoham Foods Inc. | 18,000 | 68,546 | ||||||
J-Oil Mills Inc. | 9,000 | 28,122 | ||||||
Kato Sangyo Co. Ltd. | 2,700 | 47,356 | ||||||
Kewpie Corp. | 10,800 | 136,961 | ||||||
Marudai Food Co. Ltd. | 9,000 | 29,769 | ||||||
Maruha Nichiro Holdings Inc. | 45,000 | 84,035 | ||||||
MEGMILK SNOW BRAND Co. Ltd. | 4,500 | 80,300 | ||||||
Mitsui Sugar Co. Ltd. | 9,000 | 37,569 | ||||||
Morinaga & Co. Ltd. | 36,000 | 87,880 | ||||||
Morinaga Milk Industry Co. Ltd. | 27,000 | 113,365 | ||||||
Nichirei Corp. | 36,000 | 168,729 | ||||||
Nippon Beet Sugar Manufacturing Co. Ltd. | 18,000 | 45,698 | ||||||
Nippon Flour Mills Co. Ltd. | 18,000 | 89,418 | ||||||
Nippon Suisan Kaisha Ltd. | 26,100 | 88,561 | ||||||
Nisshin OilliO Group Ltd. (The) | 18,000 | 93,372 | ||||||
Prima Meat Packers Ltd. | 18,000 | 25,046 | ||||||
1,600,150 |
Security | Shares | Value | ||||||
FOREST PRODUCTS & PAPER – 1.21% |
| |||||||
Daio Paper Corp. | 9,000 | $ | 66,349 | |||||
Hokuetsu Kishu Paper Co. Ltd. | 13,500 | 77,939 | ||||||
Mitsubishi Paper Mills Ltd.a | 45,000 | 56,573 | ||||||
Rengo Co. Ltd. | 27,000 | 176,309 | ||||||
Sumitomo Forestry Co. Ltd. | 17,100 | 155,075 | ||||||
532,245 | ||||||||
GAS – 0.06% | ||||||||
Shizuoka Gas Co. Ltd. | 4,500 | 26,584 | ||||||
26,584 | ||||||||
HAND & MACHINE TOOLS – 1.48% |
| |||||||
DISCO Corp. | 2,700 | 189,491 | ||||||
Hitachi Koki Co. Ltd. | 6,300 | 65,284 | ||||||
Meidensha Corp. | 18,000 | 82,607 | ||||||
Mori Seiki Co. Ltd. | 10,800 | 138,015 | ||||||
OSG Corp. | 9,000 | 131,271 | ||||||
Union Tool Co. | 1,800 | 44,687 | ||||||
651,355 | ||||||||
HEALTH CARE – PRODUCTS – 1.20% |
| |||||||
AS ONE Corp. | 900 | 20,542 | ||||||
Hogy Medical Co. Ltd. | 1,800 | 85,243 | ||||||
Nakanishi Inc. | 900 | 99,744 | ||||||
Nihon Kohden Corp. | 4,500 | 98,316 | ||||||
Nipro Corp. | 5,400 | 113,629 | ||||||
Paramount Bed Co. Ltd. | 2,700 | 72,072 | ||||||
Topcon Corp. | 7,200 | 38,667 | ||||||
528,213 | ||||||||
HEALTH CARE – SERVICES – 0.13% |
| |||||||
Ain Pharmaciez Inc. | 900 | 31,384 | ||||||
Message Co. Ltd. | 9 | 25,540 | ||||||
56,924 | ||||||||
HOME BUILDERS – 0.50% | ||||||||
Haseko Corp.a | 126,000 | 116,880 | ||||||
PanaHome Corp. | 9,000 | 62,615 | ||||||
Token Corp. | 1,080 | 43,171 | ||||||
222,666 | ||||||||
HOME FURNISHINGS – 1.61% |
| |||||||
Alpine Electronics Inc. | 5,400 | 78,235 | ||||||
Canon Electronics Inc. | 2,700 | 82,453 | ||||||
Clarion Co. Ltd.a | 9,000 | 19,553 | ||||||
Daiwa Industries Ltd. | 9,000 | 45,148 |
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Foster Electric Co. Ltd. | 2,700 | $ | 72,369 | |||||
France Bed Holdings Co. Ltd. | 18,000 | 25,046 | ||||||
Hoshizaki Electric Co. Ltd. | 1,800 | 33,131 | ||||||
Juki Corp.a | 18,000 | 42,622 | ||||||
JVC KENWOOD Holdings Inc.a | 7,740 | 42,134 | ||||||
Nidec Sankyo Corp. | 9,000 | 73,819 | ||||||
Noritz Corp. | 3,600 | 60,857 | ||||||
Pioneer Corp.a | 25,200 | 135,028 | ||||||
710,395 | ||||||||
HOUSEHOLD PRODUCTS & WARES – 0.11% |
| |||||||
Pilot Corp. | 27 | 49,037 | ||||||
49,037 | ||||||||
HOUSEWARES – 0.38% |
| |||||||
Noritake Co. Ltd. | 18,000 | 77,993 | ||||||
Sangetsu Co. Ltd. | 3,600 | 89,198 | ||||||
167,191 | ||||||||
INSURANCE – 0.04% | ||||||||
Fuji Fire & Marine Insurance Co. Ltd. (The)a | 9,000 | 15,928 | ||||||
15,928 | ||||||||
INTERNET – 1.86% |
| |||||||
Access Co. Ltd.a | 27 | 38,096 | ||||||
CyberAgent Inc. | 54 | 172,223 | ||||||
Digital Garage Inc.a | 9 | 39,271 | ||||||
Dwango Co. Ltd. | 9 | 25,628 | ||||||
En-Japan Inc. | 18 | 30,099 | ||||||
GMO Internet Inc. | 6,300 | 38,063 | ||||||
Gourmet Navigator Inc.b | 18 | 26,122 | ||||||
Internet Initiative Japan Inc. | 18 | 60,308 | ||||||
kabu.com Securities Co. Ltd. | 9,000 | 39,326 | ||||||
Kakaku.com Inc. | 18 | 104,797 | ||||||
Macromill Inc. | 1,800 | 25,968 | ||||||
Mixi Inc.b | 9 | 45,148 | ||||||
Monex Group Inc. | 126 | 34,849 | ||||||
So-net Entertainment Corp. | 18 | 64,218 | ||||||
Start Today Co. Ltd. | 2,700 | 44,720 | ||||||
VeriSign Japan K.K. | 36 | 16,961 | ||||||
Zappallas Inc. | 9 | 14,478 | ||||||
820,275 | ||||||||
IRON & STEEL – 1.23% | ||||||||
Aichi Steel Corp. | 18,000 | 129,403 | ||||||
Godo Steel Ltd. | 18,000 | 37,569 |
Security | Shares | Value | ||||||
Kyoei Steel Ltd. | 1,800 | $ | 29,967 | |||||
Mitsubishi Steel Manufacturing Co. Ltd. | 18,000 | 68,766 | ||||||
Nakayama Steel Works Ltd.a | 18,000 | 24,606 | ||||||
Nippon Metal Industry Co. Ltd.a | 18,000 | 23,069 | ||||||
Nippon Yakin Kogyo Co. Ltd.a | 13,500 | 38,063 | ||||||
Sanyo Special Steel Co. Ltd. | 9,000 | 59,099 | ||||||
TOPY Industries Ltd. | 18,000 | 53,387 | ||||||
Yodogawa Steel Works Ltd. | 18,000 | 80,190 | ||||||
544,119 | ||||||||
LEISURE TIME – 1.51% |
| |||||||
Accordia Golf Co. Ltd. | 63 | 52,673 | ||||||
Daiichikosho Co. Ltd. | 5,400 | 104,797 | ||||||
Fields Corp. | 18 | 32,384 | ||||||
GLOBERIDE Inc. | 9,000 | 11,314 | ||||||
H.I.S. Co. Ltd. | 2,700 | 70,128 | ||||||
Heiwa Corp. | 5,400 | 95,701 | ||||||
Mars Engineering Corp. | 900 | 17,499 | ||||||
Mizuno Corp. | 9,000 | 43,061 | ||||||
PGM Holdings K.K. | 63 | 41,293 | ||||||
Roland Corp. | 2,700 | 31,736 | ||||||
Round One Corp. | 5,400 | 35,262 | ||||||
Tokyo Dome Corp.a | 18,000 | 45,038 | ||||||
Universal Entertainment Corp.a | 2,700 | 85,683 | ||||||
666,569 | ||||||||
LODGING – 0.09% | ||||||||
Fujita Kanko Inc. | 9,000 | 40,425 | ||||||
40,425 | ||||||||
MACHINERY – 4.74% | ||||||||
Aida Engineering Ltd. | 9,900 | 53,167 | ||||||
Chugai Ro Co. Ltd. | 9,000 | 43,171 | ||||||
CKD Corp. | 8,100 | 89,572 | ||||||
Daifuku Co. Ltd. | 9,000 | 72,281 | ||||||
Daihen Corp. | 18,000 | 81,728 | ||||||
Ebara Corp.a | 45,000 | 261,443 | ||||||
Fuji Machine Manufacturing Co. Ltd. | 4,500 | 109,685 | ||||||
Furukawa Co. Ltd.a | 36,000 | 42,622 | ||||||
Harmonic Drive Systems Inc. | 9 | 58,660 | ||||||
Iseki & Co. Ltd.a | 18,000 | 48,554 | ||||||
Komori Corp. | 7,200 | 76,631 | ||||||
Makino Milling Machine Co. Ltd.a | 9,000 | 84,035 | ||||||
Max Co. Ltd. | 9,000 | 120,395 | ||||||
Miura Co. Ltd. | 3,600 | 100,491 |
26 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Modec Inc. | 2,700 | $ | 49,564 | |||||
Nippon Sharyo Ltd. | 9,000 | 47,785 | ||||||
Nippon Thompson Co. Ltd. | 9,000 | 74,918 | ||||||
Obara Corp. | 1,800 | 23,288 | ||||||
Okuma Corp.a | 18,000 | 168,290 | ||||||
Shima Seiki Manufacturing Ltd. | 2,700 | 66,240 | ||||||
Sintokogio Ltd. | 6,300 | 69,436 | ||||||
Tadano Ltd. | 18,000 | 100,183 | ||||||
Toshiba Machine Co. Ltd. | 18,000 | 107,653 | ||||||
Toyo Kanetsu K.K. | 18,000 | 32,735 | ||||||
Tsubakimoto Chain Co. | 18,000 | 110,948 | ||||||
2,093,475 | ||||||||
MACHINERY – DIVERSIFIED – 0.07% |
| |||||||
Torishima Pump Manufacturing Co. Ltd. | 1,800 | 33,131 | ||||||
33,131 | ||||||||
MANUFACTURING – 1.65% | ||||||||
Achilles Corp. | 9,000 | 13,731 | ||||||
Amano Corp. | 8,100 | 78,103 | ||||||
Glory Ltd. | 7,200 | 174,090 | ||||||
Japan Cash Machine Co. Ltd. | 900 | 8,052 | ||||||
JSP Corp. | 900 | 17,005 | ||||||
Kureha Corp. | 18,000 | 96,668 | ||||||
Nikkiso Co. Ltd. | 9,000 | 77,664 | ||||||
Nippon Valqua Industries Ltd. | 9,000 | 29,110 | ||||||
Nitta Corp. | 2,700 | 51,476 | ||||||
Shin-Etsu Polymer Co. Ltd. | 900 | 5,712 | ||||||
Tamron Co. Ltd. | 1,800 | 38,316 | ||||||
Tenma Corp. | 3,600 | 38,799 | ||||||
Tokai Rubber Industries Ltd. | 3,600 | 49,432 | ||||||
Toyo Tanso Co. Ltd. | 900 | 49,872 | ||||||
728,030 | ||||||||
MEDIA – 0.40% | ||||||||
Gakken Holdings Co. Ltd. | 9,000 | 20,762 | ||||||
Kadokawa Group Holdings Inc. | 2,700 | 70,161 | ||||||
SKY Perfect JSAT Holdings Inc. | 180 | 70,853 | ||||||
Tohokushinsha Film Corp. | 900 | 5,866 | ||||||
USEN Corp.a | 11,880 | 9,570 | ||||||
177,212 | ||||||||
METAL FABRICATE & HARDWARE – 1.77% |
| |||||||
Kitz Corp. | 9,000 | 40,425 | ||||||
Misumi Group Inc. | 9,000 | 221,238 | ||||||
Mitsui High-Tech Inc. | 900 | 5,284 |
Security | Shares | Value | ||||||
Nachi-Fujikoshi Corp. | 18,000 | $ | 100,622 | |||||
Neturen Co. Ltd. | 4,500 | 43,171 | ||||||
Oiles Corp. | 4,580 | 92,517 | ||||||
Onoken Co. Ltd. | 1,800 | 16,192 | ||||||
Ryobi Ltd.a | 18,000 | 77,993 | ||||||
Tocalo Co. Ltd. | 1,800 | 33,218 | ||||||
Toho Zinc Co. Ltd. | 18,000 | 102,380 | ||||||
Yamazen Corp. | 8,100 | 47,554 | ||||||
780,594 | ||||||||
MINING – 1.69% | ||||||||
Nippon Coke & Engineering Co. Ltd. | 18,000 | 35,372 | ||||||
Nippon Denko Co. Ltd. | 9,000 | 65,471 | ||||||
Nippon Light Metal Co. Ltd.a | 63,000 | 134,566 | ||||||
Nittetsu Mining Co. Ltd. | 9,000 | 46,466 | ||||||
OSAKA Titanium technologies Co. Ltd. | 1,800 | 134,456 | ||||||
Pacific Metals Co. Ltd. | 18,000 | 169,169 | ||||||
Sumitomo Light Metal Industries Ltd.a | 36,000 | 47,455 | ||||||
Toho Titanium Co. Ltd. | 3,600 | 112,530 | ||||||
745,485 | ||||||||
OFFICE & BUSINESS EQUIPMENT – 0.07% |
| |||||||
Riso Kagaku Corp. | 1,800 | 32,911 | ||||||
32,911 | ||||||||
OFFICE FURNISHINGS – 0.33% |
| |||||||
Kokuyo Co. Ltd. | 10,800 | 88,583 | ||||||
Okamura Corp. | 9,000 | 55,254 | ||||||
143,837 | ||||||||
OIL & GAS – 0.09% | ||||||||
AOC Holdings Inc.a | 5,400 | 39,612 | ||||||
39,612 | ||||||||
PACKAGING & CONTAINERS – 0.37% |
| |||||||
FP Corp. | 1,800 | 101,611 | ||||||
Fuji Seal International Inc. | 2,700 | 59,846 | ||||||
161,457 | ||||||||
PHARMACEUTICALS – 2.94% |
| |||||||
EPS Co. Ltd. | 18 | 41,897 | ||||||
Fuso Pharmaceutical Industries Ltd. | 9,000 | 27,902 | ||||||
Kaken Pharmaceutical Co. Ltd. | 9,000 | 114,573 | ||||||
Kissei Pharmaceutical Co. Ltd. | 900 | 17,917 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 3,600 | 174,002 | ||||||
KYORIN Holdings Inc. | 9,000 | 163,566 | ||||||
Mochida Pharmaceutical Co. Ltd. | 9,000 | 106,554 |
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Nichi-Iko Pharmaceutical Co. Ltd. | 2,700 | $ | 75,467 | |||||
Nippon Shinyaku Co. Ltd. | 9,000 | 118,198 | ||||||
Rohto Pharmaceutical Co. Ltd. | 9,000 | 105,456 | ||||||
Sawai Pharmaceutical Co. Ltd. | 1,800 | 168,510 | ||||||
Seikagaku Corp. | 4,500 | 51,190 | ||||||
Taiko Pharmaceutical Co. Ltd. | 900 | 11,117 | ||||||
Toho Holdings Co. Ltd. | 4,500 | 55,969 | ||||||
Towa Pharmaceutical Co. Ltd. | 900 | 49,707 | ||||||
Vital KSK Holdings Inc. | 1,800 | 14,632 | ||||||
1,296,657 | ||||||||
REAL ESTATE – 1.33% |
| |||||||
Airport Facilities Co. Ltd. | 1,800 | 8,239 | ||||||
Arnest One Corp. | 4,500 | 56,518 | ||||||
Daibiru Corp. | 6,300 | 53,673 | ||||||
Daikyo Inc.a | 27,000 | 52,069 | ||||||
Goldcrest Co. Ltd. | 2,160 | 58,660 | ||||||
Heiwa Real Estate Co. Ltd. | 22,500 | 65,361 | ||||||
Hulic Co. Ltd. | 6,300 | 57,671 | ||||||
Iida Home Max Co. Ltd. | 900 | 10,721 | ||||||
Leopalace21 Corp.a | 14,400 | 24,255 | ||||||
Sankei Building Co. Ltd. (The) | 3,600 | 23,200 | ||||||
Shoei Co. Ltd. | 3,600 | 32,559 | ||||||
Sumitomo Real Estate Sales Co. Ltd. | 900 | 46,796 | ||||||
TOC Co. Ltd. | 9,000 | 39,216 | ||||||
Toho Real Estate Co. Ltd. | 1,800 | 12,567 | ||||||
Tokyu Livable Inc. | 2,700 | 32,527 | ||||||
Touei Housing Corp. | 900 | 14,258 | ||||||
588,290 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 5.48% |
| |||||||
Advance Residence Investment Corp. | 99 | 205,057 | ||||||
BLife Investment Corp. | 9 | 63,383 | ||||||
DA Office Investment Corp. | 27 | 96,690 | ||||||
Frontier Real Estate Investment Corp. | 18 | 170,267 | ||||||
Fukuoka REIT Corp. | 9 | 66,349 | ||||||
Global One Real Estate Investment Corp. Ltd. | 9 | 83,596 | ||||||
Hankyu REIT Inc. | 9 | 46,467 | ||||||
Heiwa Real Estate REIT Inc. | 36 | 24,079 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 9 | 46,467 | ||||||
Japan Excellent Inc. | 18 | 106,005 | ||||||
Japan Logistics Fund Inc. | 18 | 166,093 |
Security | Shares | Value | ||||||
Japan Rental Housing Investments Inc. | 72 | $ | 31,637 | |||||
Kenedix Realty Investment Corp. | 27 | 127,206 | ||||||
MID REIT Inc. | 18 | 50,333 | ||||||
Mori Hills REIT Investment Corp. | 18 | 62,175 | ||||||
MORI TRUST Sogo REIT Inc. | 18 | 188,283 | ||||||
Nippon Accommodations Fund Inc. | 18 | 131,380 | ||||||
Nomura Real Estate Residential Fund Inc. | 9 | 51,739 | ||||||
ORIX JREIT Inc. | 27 | 155,218 | ||||||
Premier Investment Corp. | 18 | 87,440 | ||||||
Sekisui House SI Investment Corp. | 9 | 41,413 | ||||||
TOKYU REIT Inc. | 18 | 123,032 | ||||||
Top REIT Inc. | 18 | 116,221 | ||||||
United Urban Investment Corp. | 135 | 176,639 | ||||||
2,417,169 | ||||||||
RETAIL – 9.32% | ||||||||
Alpen Co. Ltd. | 1,800 | 36,492 | ||||||
Aoki Holdings Inc. | 3,600 | 64,020 | ||||||
Aoyama Trading Co. Ltd. | 6,300 | 109,421 | ||||||
Arc Land Sakamoto Co. Ltd. | 900 | 11,139 | ||||||
Arcs Co. Ltd. | 3,600 | 57,342 | ||||||
Askul Corp. | 2,700 | 54,376 | ||||||
Autobacs Seven Co. Ltd. | 3,600 | 145,661 | ||||||
Belluna Co. Ltd. | 3,150 | 23,145 | ||||||
Best Denki Co. Ltd.a | 9,000 | 26,693 | ||||||
BIC Camera Inc. | 72 | 30,011 | ||||||
Cawachi Ltd. | 1,800 | 38,557 | ||||||
Chiyoda Co. Ltd. | 3,600 | 50,751 | ||||||
Circle K Sunkus Co. Ltd. | 5,400 | 90,824 | ||||||
cocokara fine HOLDINGS Inc. | 900 | 20,915 | ||||||
Colowide Co. Ltd. | 4,500 | 27,902 | ||||||
Culture Convenience Club Co. Ltd. | 10,800 | 78,696 | ||||||
Daiei Inc. (The)a | 8,100 | 32,823 | ||||||
DCM Holdings Co. Ltd. | 9,000 | 54,815 | ||||||
Don Quijote Co. Ltd. | 5,400 | 187,777 | ||||||
Doutor Nichires Holdings Co. Ltd. | 4,500 | 60,253 | ||||||
Duskin Co. Ltd. | 6,300 | 126,877 | ||||||
EDION Corp. | 8,100 | 83,640 | ||||||
Fuji Co. Ltd. | 1,800 | 36,997 | ||||||
GEO Corp. | 45 | 59,484 | ||||||
Gulliver International Co. Ltd. | 450 | 19,938 | ||||||
H2O Retailing Corp. | 9,000 | 67,997 | ||||||
Heiwado Co. Ltd. | 4,500 | 57,287 |
28 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Honeys Co. Ltd. | 2,340 | $ | 31,903 | |||||
Izumi Co. Ltd. | 6,300 | 92,197 | ||||||
Izumiya Co. Ltd. | 9,000 | 41,963 | ||||||
Jipangu Holdings Inc.a | 72 | 1,424 | ||||||
Joshin Denki Co. Ltd. | 9,000 | 93,482 | ||||||
K’s Holdings Corp. | 5,400 | 181,648 | ||||||
Kappa Create Co. Ltd. | 450 | 9,991 | ||||||
Kasumi Co. Ltd. | 900 | 5,009 | ||||||
Keiyo Co. Ltd.b | 4,500 | 23,618 | ||||||
Kisoji Co. Ltd. | 2,700 | 60,077 | ||||||
Kohnan Shoji Co. Ltd. | 2,700 | 36,909 | ||||||
Kojima Co. Ltd. | 1,800 | 12,655 | ||||||
Komeri Co. Ltd. | 3,600 | 90,297 | ||||||
Kura Corp. | 900 | 14,500 | ||||||
Maruetsu Inc. (The) | 9,000 | 36,141 | ||||||
Matsumotokiyoshi Co. Ltd. | 4,500 | 100,622 | ||||||
Matsuya Co. Ltd.a,b | 3,600 | 28,121 | ||||||
Megane Top Co. Ltd. | 1,800 | 17,905 | ||||||
MOS Food Services Inc. | 3,600 | 68,942 | ||||||
Nishimatsuya Chain Co. Ltd. | 6,300 | 57,287 | ||||||
Nissen Holdings Co. Ltd. | 6,300 | 41,677 | ||||||
Pal Co. Ltd. | 450 | 17,741 | ||||||
Parco Co. Ltd. | 5,400 | 53,651 | ||||||
Paris Miki Holdings Inc. | 4,500 | 44,764 | ||||||
Plenus Co. Ltd. | 2,700 | 45,741 | ||||||
Point Inc. | 1,620 | 77,510 | ||||||
Ringer Hut Co. Ltd. | 1,800 | 22,541 | ||||||
Ryohin Keikaku Co. Ltd. | 2,700 | 128,195 | ||||||
Saint Marc Holdings Co. Ltd. | 900 | 40,809 | ||||||
Saizeriya Co. Ltd. | 3,600 | 68,458 | ||||||
San-A & Co. Ltd. | 900 | 34,987 | ||||||
Sankyo-Tateyama Holdings Inc.a | 36,000 | 49,213 | ||||||
Seiko Holdings Corp.a | 9,000 | 35,262 | ||||||
Senshukai Co. Ltd. | 5,400 | 34,669 | ||||||
Shimachu Co. Ltd. | 5,400 | 123,779 | ||||||
Sugi Holdings Co. Ltd. | 3,600 | 86,254 | ||||||
Sundrug Co. Ltd. | 3,600 | 107,389 | ||||||
Toridoll Corp. | 9 | 12,600 | ||||||
Tsuruha Holdings Inc. | 1,800 | 88,319 | ||||||
United Arrows Ltd. | 900 | 15,478 | ||||||
Valor Co. Ltd. | 4,500 | 46,027 | ||||||
Watami Co. Ltd. | 2,700 | 56,353 | ||||||
Xebio Co. Ltd. | 2,700 | 61,692 |
Security | Shares | Value | ||||||
Yoshinoya Holdings Co. Ltd. | 54 | $ | 70,985 | |||||
Zensho Co. Ltd. | 8,100 | 88,583 | ||||||
4,111,201 | ||||||||
SEMICONDUCTORS – 0.46% |
| |||||||
Megachips Corp. | 1,800 | 38,865 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 2,700 | 33,054 | ||||||
Sanken Electric Co. Ltd. | 9,000 | 60,088 | ||||||
Shindengen Electric Manufacturing Co. Ltd.a | 9,000 | 48,114 | ||||||
Shinkawa Ltd. | 900 | 9,908 | ||||||
THine Electronics Inc. | 9 | 11,985 | ||||||
202,014 | ||||||||
SHIPBUILDING – 0.48% |
| |||||||
Hitachi Zosen Corp. | 90,000 | 137,312 | ||||||
Namura Shipbuilding Co. Ltd. | 5,400 | 29,857 | ||||||
Sasebo Heavy Industries Co. Ltd. | 18,000 | 42,622 | ||||||
209,791 | ||||||||
SOFTWARE – 1.16% | ||||||||
Capcom Co. Ltd. | 5,400 | 103,940 | ||||||
Fuji Soft Inc. | 2,700 | 46,269 | ||||||
NEC Mobiling Ltd. | 900 | 30,396 | ||||||
Nihon Unisys Ltd. | 7,200 | 56,770 | ||||||
NSD Co. Ltd. | 4,500 | 49,432 | ||||||
Obic Business Consultants Co. Ltd. | 900 | 59,099 | ||||||
Simplex Technology Inc. | 27 | 12,836 | ||||||
Sumisho Computer Systems Corp. | 2,700 | 42,018 | ||||||
Tecmo Koei Holdings Co. Ltd. | 5,400 | 45,082 | ||||||
Trans Cosmos Inc. | 3,600 | 37,613 | ||||||
Works Applications Co. Ltd. | 45 | 30,044 | ||||||
513,499 | ||||||||
STORAGE & WAREHOUSING – 0.47% |
| |||||||
Mitsui-Soko Co. Ltd. | 18,000 | 76,895 | ||||||
Shibusawa Warehouse Co. Ltd. (The) | 9,000 | 30,758 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 18,000 | 98,865 | ||||||
206,518 | ||||||||
TELECOMMUNICATIONS – 1.27% |
| |||||||
AIPHONE Co. Ltd. | 900 | 14,555 | ||||||
Denki Kogyo Co. Ltd. | 9,000 | 42,402 | ||||||
Hikari Tsushin Inc. | 2,700 | 65,745 | ||||||
Hitachi Kokusai Electric Inc. | 9,000 | 86,452 | ||||||
IT Holdings Corp. | 9,048 | 103,037 | ||||||
Japan Radio Co. Ltd. | 9,000 | 26,364 |
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
MTI Ltd. | 9 | $ | 17,653 | |||||
Oki Electric Industry Co. Ltd.a | 90,000 | 76,895 | ||||||
Okinawa Cellular Telephone Co. | 18 | 39,985 | ||||||
Telepark Corp. | 27 | 53,091 | ||||||
Uniden Corp.a | 9,000 | 32,625 | ||||||
558,804 | ||||||||
TEXTILES – 0.99% | ||||||||
Daiwabo Holdings Co. Ltd. | 18,000 | 43,720 | ||||||
Kurabo Industries Ltd. | 27,000 | 53,717 | ||||||
Nitto Boseki Co. Ltd. | 36,000 | 108,532 | ||||||
Seiren Co. Ltd. | 7,200 | 53,870 | ||||||
Toyobo Co. Ltd. | 72,000 | 118,638 | ||||||
Unitika Ltd.a | 63,000 | 59,978 | ||||||
438,455 | ||||||||
TOYS, GAMES & HOBBIES – 0.54% |
| |||||||
Sanrio Co. Ltd. | 5,400 | 177,825 | ||||||
Tomy Co. Ltd. | 7,200 | 62,395 | ||||||
240,220 | ||||||||
TRANSPORTATION – 2.39% |
| |||||||
Daiichi Chuo Kisen Kaishaa | 9,000 | 21,750 | ||||||
Fukuyama Transporting Co. Ltd. | 18,000 | 92,713 | ||||||
Hitachi Transport System Ltd. | 5,400 | 86,606 | ||||||
Iino Kaiun Kaisha Ltd. | 10,800 | 58,528 | ||||||
Inui Steamship Co. Ltd. | 2,700 | 19,345 | ||||||
Kintetsu World Express Inc. | 1,800 | 56,002 | ||||||
Nippon Konpo Unyu Soko Co. Ltd. | 9,000 | 103,808 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 36,000 | 154,229 | ||||||
Sankyu Inc. | 27,000 | 127,206 | ||||||
Seino Holdings Co. Ltd. | 18,000 | 136,653 | ||||||
Shinwa Kaiun Kaisha Ltd. | 9,000 | 21,860 | ||||||
Sotetsu Holdings Inc. | 45,000 | 147,748 | ||||||
Yusen Air & Sea Service Co. Ltd. | 1,800 | 28,891 | ||||||
1,055,339 | ||||||||
VENTURE CAPITAL – 0.20% |
| |||||||
JAFCO Co. Ltd. | 2,700 | 87,199 | ||||||
87,199 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $41,911,130) | 43,958,834 |
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS – 0.59% |
| |||||||
MONEY MARKET FUNDS – 0.59% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
SL Agency Shares | ||||||||
0.23%c,d,e | 208,035 | $ | 208,035 | |||||
BlackRock Cash Funds: Prime, |
| |||||||
SL Agency Shares | ||||||||
0.22%c,d,e | 29,896 | 29,896 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
SL Agency Shares | ||||||||
0.07%c,d | 23,340 | 23,340 | ||||||
261,271 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $261,271) |
| 261,271 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $42,172,401) | 44,220,105 | |||||||
Other Assets, Less Liabilities – (0.21)% |
| (94,025) | ||||||
NET ASSETS – 100.00% | $ | 44,126,080 | ||||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
30 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI MALAYSIA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.78% |
| |||||||
AGRICULTURE – 10.68% |
| |||||||
British American Tobacco (Malaysia) Bhd | 1,051,200 | $ | 16,540,764 | |||||
Genting Plantations Bhd | 1,927,200 | 5,003,581 | ||||||
IOI Corp. Bhd | 27,944,430 | 50,291,731 | ||||||
Kuala Lumpur Kepong Bhd | 4,029,600 | 26,683,468 | ||||||
98,519,544 | ||||||||
AIRLINES – 1.40% | ||||||||
AirAsia Bhda | 10,424,400 | 8,611,535 | ||||||
Malaysian Airline System Bhda | 7,008,000 | 4,341,951 | ||||||
12,953,486 | ||||||||
AUTO MANUFACTURERS – 1.25% |
| |||||||
UMW Holdings Bhd | 4,818,000 | 11,513,922 | ||||||
11,513,922 | ||||||||
BANKS – 28.57% | ||||||||
Alliance Financial Group Bhd | 7,796,400 | 7,999,584 | ||||||
AMMB Holdings Bhd | 15,154,837 | 30,851,184 | ||||||
CIMB Group Holdings Bhd | 34,164,064 | 90,267,942 | ||||||
Hong Leong Bank Bhd | 3,942,000 | 12,017,899 | ||||||
Malayan Banking Bhd | 26,630,420 | 75,251,342 | ||||||
Public Bank Bhd Foreign | 8,847,600 | 37,936,931 | ||||||
RHB Capital Bhd | 3,591,600 | 9,254,213 | ||||||
263,579,095 | ||||||||
BUILDING MATERIALS – 0.73% |
| |||||||
Lafarge Malayan Cement Bhd | 2,803,260 | 6,754,290 | ||||||
6,754,290 | ||||||||
CHEMICALS – 3.75% | ||||||||
Petronas Chemicals Group Bhda | 16,731,600 | 34,554,689 | ||||||
34,554,689 | ||||||||
COMMERCIAL SERVICES – 1.96% |
| |||||||
PLUS Expressways Bhd | 12,526,800 | 18,109,552 | ||||||
18,109,552 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 1.33% |
| |||||||
Bursa Malaysia Bhd | 2,715,600 | 7,228,543 | ||||||
Hong Leong Financial Group Bhd | 1,752,000 | 4,990,946 | ||||||
12,219,489 | ||||||||
ELECTRIC – 6.05% | ||||||||
Tenaga Nasional Bhd | 20,479,412 | 42,294,803 | ||||||
YTL Power International Bhd | 18,220,875 | 13,558,887 | ||||||
55,853,690 |
Security | Shares | Value | ||||||
ENGINEERING & CONSTRUCTION – 1.76% |
| |||||||
Gamuda Bhd | 13,665,600 | $ | 16,261,638 | |||||
16,261,638 | ||||||||
ENTERTAINMENT – 0.83% |
| |||||||
Berjaya Sports Toto Bhd | 5,694,050 | 7,653,042 | ||||||
7,653,042 | ||||||||
FOOD – 2.05% | ||||||||
PPB Group Bhd | 3,504,066 | 18,953,316 | ||||||
18,953,316 | ||||||||
GAS – 1.65% | ||||||||
Petronas Gas Bhd | 4,117,200 | 15,224,395 | ||||||
15,224,395 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 11.68% |
| |||||||
Berjaya Corp. Bhd | 14,016,000 | 4,778,443 | ||||||
IJM Corp. Bhd | 9,022,840 | 17,894,831 | ||||||
MMC Corp. Bhd | 6,394,800 | 5,681,006 | ||||||
Sime Darby Bhd | 22,600,825 | 66,383,672 | ||||||
YTL Corp. Bhd | 5,606,421 | 13,048,873 | ||||||
107,786,825 | ||||||||
LODGING – 9.50% | ||||||||
Genting Bhd | 18,571,200 | 60,818,321 | ||||||
Genting Malaysia Bhd | 24,703,200 | 26,804,652 | ||||||
87,622,973 | ||||||||
OIL & GAS – 1.01% | ||||||||
Petronas Dagangan Bhd | 2,102,400 | 9,304,180 | ||||||
9,304,180 | ||||||||
REAL ESTATE – 1.07% | ||||||||
SP Setia Bhd | 5,080,800 | 9,843,477 | ||||||
9,843,477 | ||||||||
RETAIL – 0.69% | ||||||||
Parkson Holdings Bhd | 3,679,271 | 6,368,317 | ||||||
6,368,317 | ||||||||
TELECOMMUNICATIONS – 11.31% |
| |||||||
Axiata Group Bhda | 21,199,200 | 33,913,161 | ||||||
DiGi.Com Bhd | 2,890,800 | 25,207,435 | ||||||
Maxis Communications Bhd | 18,834,000 | 33,525,199 | ||||||
Telekom Malaysia Bhd | 9,022,800 | 11,653,772 | ||||||
104,299,567 |
SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MALAYSIA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
TRANSPORTATION – 2.51% |
| |||||||
MISC Bhd | 9,285,620 | $ | 23,134,146 | |||||
23,134,146 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $503,252,835) |
| 920,509,633 | ||||||
SHORT-TERM INVESTMENTS – 0.02% |
| |||||||
MONEY MARKET FUNDS – 0.02% |
| |||||||
BlackRock Cash Funds: Treasury, | 184,303 | 184,303 | ||||||
184,303 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $184,303) |
| 184,303 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $503,437,138) |
| �� | 920,693,936 | |||||
Other Assets, Less Liabilities – 0.20% |
| 1,824,646 | ||||||
NET ASSETS – 100.00% |
| $ | 922,518,582 | |||||
a | Non-income earning security. |
b | Affiliated issuer. See Note 2. |
c | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
32 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.48% |
| |||||||
AUSTRALIA – 65.84% |
| |||||||
AGL Energy Ltd. | 1,190,604 | $ | 17,616,054 | |||||
Alumina Ltd. | 6,457,518 | 15,650,142 | ||||||
Amcor Ltd. | 3,252,024 | 22,915,826 | ||||||
AMP Ltd. | 5,491,950 | 29,695,920 | ||||||
Asciano Groupa | 7,741,182 | 13,834,392 | ||||||
ASX Ltd. | 463,044 | 17,172,673 | ||||||
Australia and New Zealand Banking Group Ltd. | 6,794,226 | 166,944,839 | ||||||
AXA Asia Pacific Holdings Ltd. | 2,758,242 | 17,807,269 | ||||||
Bendigo and Adelaide Bank Ltd. | 965,568 | 9,203,105 | ||||||
BGP Holdings PLCa,b | 27,004,595 | 3,730 | ||||||
BHP Billiton Ltd. | 8,919,942 | 418,825,235 | ||||||
Billabong International Ltd. | 546,234 | 4,705,706 | ||||||
BlueScope Steel Ltd. | 4,865,910 | 10,306,307 | ||||||
Boral Ltd. | 1,899,552 | 10,638,724 | ||||||
Brambles Ltd. | 3,769,494 | 27,176,405 | ||||||
Caltex Australia Ltd. | 357,576 | 5,734,884 | ||||||
CFS Retail Property Trust | 5,578,524 | 10,679,547 | ||||||
Coca-Cola Amatil Ltd. | 1,495,728 | 18,048,731 | ||||||
Cochlear Ltd. | 152,562 | 12,015,068 | ||||||
Commonwealth Bank of Australia | 4,112,970 | 222,437,257 | ||||||
Computershare Ltd. | 1,181,862 | 11,517,398 | ||||||
Crown Ltd. | 1,191,450 | 10,130,666 | ||||||
CSL Ltd. | 1,465,554 | 53,128,495 | ||||||
CSR Ltd. | 1,325,776 | 4,698,131 | ||||||
Dexus Property Group | 12,798,006 | 11,142,538 | ||||||
Fairfax Media Ltd.c | 5,568,936 | 7,400,455 | ||||||
Fortescue Metals Group Ltd.a | 3,352,980 | 22,671,212 | ||||||
Foster’s Group Ltd. | 5,104,764 | 29,733,592 | ||||||
Goodman Fielder Ltd. | 3,703,506 | 4,695,243 | ||||||
Goodman Group | 16,886,442 | 12,036,823 | ||||||
GPT Group | 4,696,428 | 14,825,353 | ||||||
Harvey Norman Holdings Ltd. | 1,370,802 | 4,243,498 | ||||||
Incitec Pivot Ltd. | 4,309,806 | 19,266,283 | ||||||
Insurance Australia Group Ltd. | 5,505,486 | 20,462,760 | ||||||
James Hardie Industries SEa | 1,146,612 | 7,706,126 | ||||||
Leighton Holdings Ltd.c | 359,268 | 11,319,169 | ||||||
Lend Lease Group | 1,428,048 | 13,262,132 | ||||||
Macarthur Coal Ltd. | 473,478 | 5,694,104 | ||||||
Macquarie Group Ltd. | 919,884 | 35,473,501 |
Security | Shares | Value | ||||||
MAp Group | 1,007,022 | $ | 3,168,642 | |||||
Metcash Ltd. | 2,017,146 | 8,339,482 | ||||||
Mirvac Group | 9,063,762 | 11,998,516 | ||||||
National Australia Bank Ltd. | 5,663,406 | 148,789,776 | ||||||
Newcrest Mining Ltd. | 2,032,092 | 78,487,753 | ||||||
OneSteel Ltd. | 3,536,280 | 9,722,682 | ||||||
Orica Ltd. | 957,390 | 25,123,433 | ||||||
Origin Energy Ltd. | 2,337,780 | 39,636,342 | ||||||
OZ Minerals Ltd. | 8,241,450 | 13,595,473 | ||||||
Paladin Energy Ltd.a | 1,841,178 | 9,261,864 | ||||||
Qantas Airways Ltd.a | 2,996,532 | 7,109,688 | ||||||
QBE Insurance Group Ltd. | 2,751,756 | 50,830,326 | ||||||
QR National Ltd.a | 4,538,335 | 14,788,435 | ||||||
Ramsay Health Care Ltd. | 354,192 | 6,398,351 | ||||||
Rio Tinto Ltd. | 1,157,328 | 100,090,595 | ||||||
Santos Ltd. | 2,208,342 | 32,157,187 | ||||||
Sims Metal Management Ltd. | 430,896 | 8,257,865 | ||||||
Sonic Healthcare Ltd. | 968,388 | 11,123,314 | ||||||
SP AusNet | 3,719,016 | 3,294,754 | ||||||
Stockland Corp. Ltd. | 6,297,906 | 24,369,996 | ||||||
Suncorp-Metway Ltd. | 3,405,996 | 29,203,299 | ||||||
Tabcorp Holdings Ltd. | 1,794,648 | 13,907,198 | ||||||
Tatts Group Ltd. | 3,377,232 | 8,356,855 | ||||||
Telstra Corp. Ltd. | 11,543,670 | 32,737,446 | ||||||
Toll Holdings Ltd. | 1,754,322 | 10,718,555 | ||||||
Transurban Group | 3,420,378 | 18,599,062 | ||||||
Wesfarmers Ltd. | 2,669,694 | 89,684,933 | ||||||
Wesfarmers Ltd. Partially Protected | 402,978 | 13,664,736 | ||||||
Westfield Group | 5,914,104 | 58,717,730 | ||||||
Westfield Retail Trust | 7,775,868 | 21,141,501 | ||||||
Westpac Banking Corp. | 7,937,454 | 190,186,127 | ||||||
Woodside Petroleum Ltd. | 1,659,570 | 71,873,144 | ||||||
Woolworths Ltd. | 3,269,226 | 89,484,928 | ||||||
WorleyParsons Ltd. | 508,728 | 15,618,835 | ||||||
2,621,258,116 | ||||||||
HONG KONG – 20.81% | ||||||||
AIA Group Ltd.a | 20,755,200 | 60,487,093 | ||||||
ASM Pacific Technology Ltd. | 535,800 | 7,098,921 | ||||||
Bank of East Asia Ltd. (The) | 4,060,920 | 17,595,765 | ||||||
BOC Hong Kong (Holdings) Ltd. | 9,870,000 | 30,601,606 | ||||||
Cathay Pacific Airways Ltd. | 3,102,000 | 7,208,258 | ||||||
Cheung Kong (Holdings) Ltd. | 3,666,000 | 57,043,349 |
SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Cheung Kong Infrastructure Holdings Ltd.c | 1,128,000 | $ | 5,560,966 | |||||
CLP Holdings Ltd. | 5,076,000 | 41,348,825 | ||||||
Esprit Holdings Ltd. | 3,102,011 | 15,213,062 | ||||||
Foxconn International Holdings Ltd.a | 5,640,000 | 3,989,704 | ||||||
Hang Lung Group Ltd. | 2,256,000 | 13,670,709 | ||||||
Hang Lung Properties Ltd. | 6,486,736 | 27,648,670 | ||||||
Hang Seng Bank Ltd.c | �� | 2,030,400 | 32,375,250 | |||||
Henderson Land Development Co. Ltd. | 2,820,056 | 17,867,131 | ||||||
Hong Kong and China Gas Co. Ltd. (The) | 11,562,627 | 25,888,860 | ||||||
Hong Kong Exchanges and Clearing Ltd.c | 2,707,200 | 58,563,925 | ||||||
Hongkong Electric Holdings Ltd. | 3,666,000 | 23,932,791 | ||||||
Hopewell Holdings Ltd.c | 1,551,000 | 4,828,736 | ||||||
Hutchison Whampoa Ltd. | 5,640,000 | 66,398,516 | ||||||
Hysan Development Co. Ltd. | 1,692,000 | 7,602,883 | ||||||
Kerry Properties Ltd. | 1,833,000 | 8,871,841 | ||||||
Li & Fung Ltd. | 7,333,600 | 44,627,801 | ||||||
Lifestyle International Holdings Ltd. | 1,551,000 | 3,843,077 | ||||||
Link REIT (The)c | 5,922,000 | 18,208,906 | ||||||
MTR Corp. Ltd. | 3,807,000 | 14,002,882 | ||||||
New World Development Co. Ltd.c | 6,768,941 | 12,166,305 | ||||||
NWS Holdings Ltd.c | 3,384,000 | 5,265,540 | ||||||
Orient Overseas International Ltd.c | 564,000 | 4,540,008 | ||||||
PCCW Ltd. | 10,716,000 | 4,622,553 | ||||||
Sands China Ltd.a | 6,429,600 | 15,270,934 | ||||||
Shangri-La Asia Ltd.c | 3,691,000 | 8,652,762 | ||||||
Sino Land Co. Ltd.c | 6,768,000 | 12,268,882 | ||||||
SJM Holdings Ltd. | 4,230,000 | 6,223,503 | ||||||
Sun Hung Kai Properties Ltd. | 3,666,000 | 59,208,360 | ||||||
Swire Pacific Ltd. Class A | 2,115,000 | 29,542,633 | ||||||
Wharf (Holdings) Ltd. (The) | 3,666,000 | 24,026,922 | ||||||
Wheelock and Co. Ltd. | 2,538,000 | 9,221,211 | ||||||
Wing Hang Bank Ltd. | 423,000 | 5,400,763 | ||||||
Wynn Macau Ltd. | 4,173,600 | 11,305,850 | ||||||
Yue Yuen Industrial (Holdings) Ltd.c | 1,974,000 | 6,209,021 | ||||||
828,404,774 | ||||||||
NEW ZEALAND – 0.76% |
| |||||||
Auckland International Airport Ltd. | 2,474,268 | 4,127,347 | ||||||
Contact Energy Ltd.a | 819,210 | 3,785,660 | ||||||
Fletcher Building Ltd. | 1,594,710 | 10,508,786 |
Security | Shares | Value | ||||||
Sky City Entertainment Group Ltd. | 1,551,282 | $ | 3,788,308 | |||||
Telecom Corp. of New Zealand Ltd. | 5,110,122 | 7,986,671 | ||||||
30,196,772 | ||||||||
SINGAPORE – 12.07% |
| |||||||
Ascendas Real Estate Investment Trust | 3,948,813 | 6,214,444 | ||||||
CapitaLand Ltd. | 6,768,000 | 17,361,357 | ||||||
CapitaMall Trust Management Ltd. | 5,922,781 | 8,435,483 | ||||||
CapitaMalls Asia Ltd. | 3,666,000 | 4,961,656 | ||||||
City Developments Ltd. | 1,410,000 | 12,381,949 | ||||||
ComfortDelGro Corp. Ltd. | 4,794,000 | 5,847,031 | ||||||
COSCO Corp. (Singapore) Ltd.c | 2,820,104 | 4,349,375 | ||||||
DBS Group Holdings Ltd. | 4,512,000 | 50,344,384 | ||||||
Fraser and Neave Ltd. | 2,538,150 | 11,204,329 | ||||||
Genting Singapore PLCa,c | 16,074,400 | 24,158,716 | ||||||
Global Logistic Properties Ltd.a | 4,230,000 | 6,324,114 | ||||||
Golden Agri-Resources Ltd. | 17,484,987 | 8,943,024 | ||||||
Jardine Cycle & Carriage Ltd. | 282,000 | 7,473,549 | ||||||
Keppel Corp. Ltd. | 3,384,000 | 29,982,956 | ||||||
Keppel Land Ltd.c | 1,974,000 | 6,554,888 | ||||||
Neptune Orient Lines Ltd.a | 2,538,750 | 4,095,241 | ||||||
Noble Group Ltd. | 7,896,708 | 12,738,129 | ||||||
Olam International Ltd. | 3,384,600 | 7,403,854 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 6,486,600 | 47,009,156 | ||||||
SembCorp Industries Ltd. | 2,820,240 | 10,563,278 | ||||||
SembCorp Marine Ltd. | 2,256,200 | 9,498,108 | ||||||
Singapore Airlines Ltd. | 1,410,800 | 15,119,877 | ||||||
Singapore Exchange Ltd.c | 2,256,000 | 14,024,000 | ||||||
Singapore Press Holdings Ltd.c | 3,883,517 | 11,856,668 | ||||||
Singapore Technologies Engineering Ltd. | 4,512,000 | 11,325,711 | ||||||
Singapore Telecommunications Ltd.c | 21,150,328 | 49,428,708 | ||||||
StarHub Ltd. | 1,692,000 | 3,488,248 | ||||||
United Overseas Bank Ltd. | 3,384,000 | 48,089,893 | ||||||
UOL Group Ltd. | 1,128,000 | 3,958,673 | ||||||
Wilmar International Ltd.c | 5,076,000 | 20,330,362 | ||||||
Yangzijiang Shipbuilding (Holdings) Ltd. | 5,076,000 | 7,149,577 | ||||||
480,616,738 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $3,081,596,054) |
| 3,960,476,400 |
34 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
RIGHTS – 0.02% | ||||||||
HONG KONG – 0.02% | ||||||||
Wharf (Holdings) Ltd. (The)a,b | 366,600 | $ | 684,802 | |||||
684,802 | ||||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 684,802 | ||||||
SHORT-TERM INVESTMENTS – 2.18% |
| |||||||
MONEY MARKET FUNDS – 2.18% |
| |||||||
BlackRock Cash Funds: Institutional, | 75,741,833 | 75,741,833 | ||||||
BlackRock Cash Funds: Prime, | 10,884,723 | 10,884,723 | ||||||
BlackRock Cash Funds: Treasury, | 255,529 | 255,529 | ||||||
86,882,085 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $86,882,085) | 86,882,085 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $3,168,478,139) | 4,048,043,287 | |||||||
Other Assets, Less Liabilities – (1.68)% |
| (66,818,767 | ) | |||||
NET ASSETS – 100.00% | $ | 3,981,224,520 | ||||||
a | Non-income earning security. |
b | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
c | All or a portion of this security represents a security on loan. See Note 5. |
d | Affiliated issuer. See Note 2. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SINGAPORE INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.80% |
| |||||||
AGRICULTURE – 5.88% |
| |||||||
Golden Agri-Resources Ltd. | 69,648,628 | $ | 35,623,094 | |||||
Wilmar International Ltd.a | 18,863,000 | 75,549,963 | ||||||
111,173,057 | ||||||||
AIRLINES – 3.29% | ||||||||
Singapore Airlines Ltd. | 5,804,467 | 62,207,846 | ||||||
62,207,846 | ||||||||
BANKS – 30.11% | ||||||||
DBS Group Holdings Ltd. | 17,412,500 | 194,286,698 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 26,118,000 | 189,280,229 | ||||||
United Overseas Bank Ltd. | 13,059,000 | 185,580,942 | ||||||
569,147,869 | ||||||||
DISTRIBUTION & WHOLESALE – 2.03% |
| |||||||
Jardine Cycle & Carriage Ltd. | 1,451,000 | 38,454,326 | ||||||
38,454,326 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 2.86% |
| |||||||
Singapore Exchange Ltd.a | 8,706,000 | 54,119,212 | ||||||
54,119,212 | ||||||||
ENGINEERING & CONSTRUCTION – 4.32% |
| |||||||
SembCorp Industries Ltd. | 10,157,000 | 38,043,294 | ||||||
Singapore Technologies Engineering Ltd.a | 17,412,000 | 43,706,401 | ||||||
81,749,695 | ||||||||
FOOD – 1.51% | ||||||||
Olam International Ltd.a | 13,059,000 | 28,566,723 | ||||||
28,566,723 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 8.85% |
| |||||||
Keppel Corp. Ltd. | 13,059,000 | 115,705,504 | ||||||
Noble Group Ltd.a | 31,922,999 | 51,494,785 | ||||||
167,200,289 | ||||||||
LODGING – 7.43% | ||||||||
City Developments Ltd.a | 5,804,000 | 50,967,966 | ||||||
Genting Singapore PLCa,b | 59,491,400 | 89,411,476 | ||||||
140,379,442 | ||||||||
MEDIA – 2.60% | ||||||||
Singapore Press Holdings Ltd.a | 16,115,000 | 49,200,299 | ||||||
49,200,299 | ||||||||
REAL ESTATE – 10.47% |
| |||||||
CapitaLand Ltd. | 26,118,000 | 66,998,214 |
Security | Shares | Value | ||||||
CapitaMalls Asia Ltd. | 13,059,000 | $ | 17,674,375 | |||||
Fraser and Neave Ltd. | 10,157,000 | 44,836,739 | ||||||
Global Logistic Properties Ltd.b | 15,961,000 | 23,862,690 | ||||||
Keppel Land Ltd.a | 7,255,000 | 24,091,042 | ||||||
UOL Group Ltd. | 5,804,000 | 20,368,919 | ||||||
197,831,979 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 3.08% |
| |||||||
Ascendas Real Estate Investment Trusta | 15,961,335 | 25,119,149 | ||||||
CapitaMall Trust Management Ltd. | 23,216,800 | 33,066,379 | ||||||
58,185,528 | ||||||||
SHIPBUILDING – 3.34% |
| |||||||
SembCorp Marine Ltd.a | 8,706,000 | 36,650,352 | ||||||
Yangzijiang Shipbuilding (Holdings) Ltd.a | 18,863,000 | 26,568,651 | ||||||
63,219,003 | ||||||||
TELECOMMUNICATIONS – 11.02% |
| |||||||
Singapore Telecommunications Ltd.a | 82,707,568 | 193,289,119 | ||||||
StarHub Ltd.a | 7,255,000 | 14,956,997 | ||||||
208,246,116 | ||||||||
TRANSPORTATION – 3.01% |
| |||||||
ComfortDelGro Corp. Ltd. | 20,314,000 | 24,776,095 | ||||||
COSCO Corp. (Singapore) Ltd.a | 10,157,000 | 15,664,886 | ||||||
Neptune Orient Lines Ltd.b | 10,157,499 | 16,384,996 | ||||||
56,825,977 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,671,638,154) |
| 1,886,507,361 | ||||||
SHORT-TERM INVESTMENTS – 7.59% |
| |||||||
MONEY MARKET FUNDS – 7.59% |
| |||||||
BlackRock Cash Funds: Institutional, | 125,079,280 | 125,079,280 | ||||||
BlackRock Cash Funds: Prime, | 17,974,919 | 17,974,919 |
36 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SINGAPORE INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, | 521,440 | $ | 521,440 | |||||
143,575,639 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $143,575,639) |
| 143,575,639 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $1,815,213,793) | 2,030,083,000 | |||||||
Other Assets, Less Liabilities – (7.39)% |
| (139,754,725) | ||||||
NET ASSETS – 100.00% | $ | 1,890,328,275 | ||||||
a | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH KOREA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 96.22% |
| |||||||
AGRICULTURE – 1.08% |
| |||||||
KT&G Corp. | 904,665 | $ | 45,928,591 | |||||
45,928,591 | ||||||||
AIRLINES – 0.38% |
| |||||||
Korean Air Lines Co. Ltd. | 297,142 | 16,191,231 | ||||||
16,191,231 | ||||||||
AUTO MANUFACTURERS – 7.00% |
| |||||||
Hyundai Motor Co. Ltd. | 1,256,234 | 198,121,341 | ||||||
Kia Motors Corp. | 1,941,720 | 98,750,479 | ||||||
296,871,820 | ||||||||
AUTO PARTS & EQUIPMENT – 3.67% |
| |||||||
Hankook Tire Co. Ltd.a | 617,820 | 16,230,331 | ||||||
Hyundai Mobis Co. Ltd. | 556,038 | 129,322,620 | ||||||
Mando Corp. | 75,327 | 9,810,897 | ||||||
155,363,848 | ||||||||
BANKS – 1.60% |
| |||||||
Busan Bank | 1,265,062 | 15,187,693 | ||||||
Daegu Bank | 1,059,120 | 14,310,530 | ||||||
Industrial Bank of Koreab | 1,382,740 | 20,704,653 | ||||||
Korea Exchange Bank | 2,191,790 | 17,730,069 | ||||||
67,932,945 | ||||||||
BIOTECHNOLOGY – 0.29% |
| |||||||
Celltrion Inc.a | 429,532 | 12,197,316 | ||||||
12,197,316 | ||||||||
CHEMICALS – 5.37% |
| |||||||
Hanwha Chemical Corp. | 691,370 | 20,582,140 | ||||||
Honam Petrochemical Corp. | 117,680 | 32,426,775 | ||||||
KCC Corp. | 39,717 | 11,032,011 | ||||||
LG Chem Ltd. | 378,047 | 124,603,273 | ||||||
OCI Co. Ltd. | 117,680 | 38,787,011 | ||||||
227,431,210 | ||||||||
COMMERCIAL SERVICES – 0.15% |
| |||||||
S1 Corp.a | 147,108 | 6,530,023 | ||||||
6,530,023 | ||||||||
COMPUTERS – 0.23% |
| |||||||
SK C&C Co. Ltd.a | 117,680 | 9,894,858 | ||||||
9,894,858 | ||||||||
COSMETICS & PERSONAL CARE – 1.10% |
| |||||||
AmorePacific Corp. | 26,478 | 24,069,843 |
Security | Shares | Value | ||||||
LG Household & Health Care Ltd.a | 70,608 | $ | 22,396,371 | |||||
46,466,214 | ||||||||
DISTRIBUTION & WHOLESALE – 2.46% |
| |||||||
Daewoo International Corp.a | 294,203 | 8,797,547 | ||||||
Hanwha Corp. | 367,750 | 14,499,513 | ||||||
Hyosung Corp. | 186,817 | 12,910,757 | ||||||
Samsung C&T Corp. | 1,014,990 | 60,522,595 | ||||||
SK Networks Co. Ltd. | 720,790 | 7,376,179 | ||||||
104,106,591 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 10.99% |
| |||||||
Daewoo Securities Co. Ltd. | 1,029,700 | 21,029,181 | ||||||
Hana Financial Group Inc. | 1,779,911 | 70,966,194 | ||||||
Hyundai Securities Co. Ltd. | 1,000,287 | 11,521,491 | ||||||
KB Financial Group Inc. | 2,519,910 | 123,243,727 | ||||||
Korea Investment Holdings Co. Ltd. | 323,625 | 11,985,580 | ||||||
Mirae Asset Securities Co. Ltd. | 201,522 | 8,400,842 | ||||||
Samsung Card Co. Ltd. | 353,045 | 16,422,152 | ||||||
Samsung Securities Co. Ltd. | 411,880 | 27,625,319 | ||||||
Shinhan Financial Group Co. Ltd. | 3,084,487 | 128,719,566 | ||||||
Tong Yang Securities Inc. | 632,530 | 4,315,316 | ||||||
Woori Finance Holdings Co. Ltd.b | 2,353,600 | 28,464,661 | ||||||
Woori Investment & Securities Co. Ltd. | 720,790 | 13,028,056 | ||||||
465,722,085 | ||||||||
ELECTRIC – 1.22% |
| |||||||
Korea Electric Power Corp.b | 2,118,240 | 51,799,428 | ||||||
51,799,428 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 2.47% |
| |||||||
LG Electronics Inc.a | 769,333 | 75,662,041 | ||||||
LG Innotek Co. Ltd.a | 82,376 | 9,305,755 | ||||||
LS Corp. | 145,629 | 11,870,702 | ||||||
LS Industrial Systems Co. Ltd. | 123,564 | 7,740,198 | ||||||
104,578,696 | ||||||||
ELECTRONICS – 3.95% |
| |||||||
LG Display Co. Ltd.a | 1,897,592 | 60,190,310 | ||||||
Samsung Electro-Mechanics Co. Ltd.a | 488,372 | 55,818,888 | ||||||
Samsung SDI Co. Ltd.a | 279,490 | 41,230,749 | ||||||
Seoul Semiconductor Co. Ltd.a | 270,664 | 10,108,083 | ||||||
167,348,030 | ||||||||
ENGINEERING & CONSTRUCTION – 3.04% |
| |||||||
Daelim Industrial Co. Ltd.a | 228,005 | 19,817,738 |
38 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Daewoo Engineering & Construction Co. Ltd.a,b | 867,894 | $ | 8,266,390 | |||||
GS Engineering & Construction Corp. | 291,258 | 25,625,233 | ||||||
Hyundai Engineering & Construction Co. Ltd.b | 547,212 | 36,120,404 | ||||||
Samsung Engineering Co. Ltd.a | 245,657 | 38,960,354 | ||||||
128,790,119 | ||||||||
ENVIRONMENTAL CONTROL – 0.28% |
| |||||||
Woongjin Coway Co. Ltd.a | 411,880 | 11,933,262 | ||||||
11,933,262 | ||||||||
FOOD – 0.41% |
| |||||||
CJ CheilJedang Corp.a | 67,666 | 11,960,632 | ||||||
Lotte Confectionery Co. Ltd.a,b | 4,524 | 5,571,576 | ||||||
17,532,208 | ||||||||
GAS – 0.15% |
| |||||||
Korea Gas Corp.b | 191,230 | 6,243,588 | ||||||
6,243,588 | ||||||||
HOLDING COMPANIES – DIVERSIFIED – 1.86% |
| |||||||
GS Holdings Corp. | 411,880 | 25,362,743 | ||||||
LG Corp. | 776,688 | 53,400,956 | ||||||
78,763,699 | ||||||||
HOME BUILDERS – 0.29% |
| |||||||
Hyundai Development Co.b | 456,017 | 12,363,550 | ||||||
12,363,550 | ||||||||
INSURANCE – 2.90% |
| |||||||
Dongbu Insurance Co. Ltd. | 353,040 | 14,326,170 | ||||||
Korea Life Insurance Co. Ltd. | 1,500,420 | 10,090,097 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 294,205 | 58,259,706 | ||||||
Samsung Life Insurance Co. Ltd. | 426,590 | 40,253,254 | ||||||
122,929,227 | ||||||||
INTERNET – 2.00% |
| |||||||
NCsoft Corp. | 116,209 | 23,269,600 | ||||||
NHN Corp.a,b | 333,917 | 56,064,565 | ||||||
SK Broadband Co. Ltd.b | 1,265,063 | 5,301,686 | ||||||
84,635,851 | ||||||||
IRON & STEEL – 6.55% |
| |||||||
Dongkuk Steel Mill Co. Ltd. | 308,911 | 9,771,074 | ||||||
Hyundai Steel Co. | 451,597 | 51,815,719 | ||||||
POSCOa | 529,560 | 215,830,949 | ||||||
277,417,742 |
Security | Shares | Value | ||||||
LODGING – 0.42% | ||||||||
Kangwon Land Inc.a,b | 794,342 | $ | 17,630,149 | |||||
17,630,149 | ||||||||
MACHINERY – 0.87% |
| |||||||
Doosan Heavy Industries & | ||||||||
Construction Co. Ltd.a | 347,156 | 21,192,618 | ||||||
Doosan Infracore Co. Ltd.a,b | 691,370 | 15,712,259 | ||||||
36,904,877 | ||||||||
MANUFACTURING – 1.14% |
| |||||||
Cheil Industries Inc. | 369,221 | 39,256,209 | ||||||
Doosan Corp. | 82,376 | 9,123,289 | ||||||
48,379,498 | ||||||||
MINING – 0.48% | ||||||||
Korea Zinc Co. Ltd. | 69,137 | 20,459,627 | ||||||
20,459,627 | ||||||||
OIL & GAS – 3.17% | ||||||||
S-Oil Corp.a | 367,750 | 35,026,913 | ||||||
SK Energy Co. Ltd. | 485,432 | 75,267,443 | ||||||
SK Holdings Co. Ltd. | 205,994 | 24,183,055 | ||||||
134,477,411 | ||||||||
PHARMACEUTICALS – 0.22% |
| |||||||
Yuhan Corp. | 70,608 | 9,509,074 | ||||||
9,509,074 | ||||||||
RETAIL – 2.23% |
| |||||||
Hyundai Department Store Co. Ltd. | 122,093 | 13,143,401 | ||||||
Lotte Shopping Co. Ltd. | 83,847 | 29,121,538 | ||||||
Shinsegae Co. Ltd.a | 235,360 | 52,028,813 | ||||||
94,293,752 | ||||||||
SEMICONDUCTORS – 20.25% |
| |||||||
Hynix Semiconductor Inc.a,b | 4,104,090 | 103,088,603 | ||||||
Samsung Electronics Co. Ltd.a | 897,310 | 733,812,191 | ||||||
Samsung Techwin Co. Ltd. | 304,497 | 21,367,264 | ||||||
858,268,058 | ||||||||
SHIPBUILDING – 4.88% |
| |||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b | 779,630 | 23,831,334 | ||||||
Hanjin Heavy Industries & Construction Co. Ltd.a,b | 252,465 | 6,822,471 | ||||||
Hyundai Heavy Industries Co. Ltd. | 310,381 | 119,625,867 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 89,731 | 13,754,010 |
SCHEDULEOF INVESTMENTS | 39 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Samsung Heavy Industries Co. Ltd. | 1,323,900 | $ | 42,696,992 | |||||
206,730,674 | ||||||||
TELECOMMUNICATIONS – 2.15% |
| |||||||
KT Corp. | 763,282 | 26,442,499 | ||||||
KT Corp. SP ADRb | 503,082 | 9,955,993 | ||||||
LG Uplus Corp. | 1,985,855 | 9,976,341 | ||||||
SK Telecom Co. Ltd. | 175,560 | 25,354,432 | ||||||
SK Telecom Co. Ltd. SP ADR | 1,112,106 | 19,561,945 | ||||||
91,291,210 | ||||||||
TRANSPORTATION – 0.97% |
| |||||||
GLOVIS Co. Ltd.a | 94,144 | 11,802,929 | ||||||
Hanjin Shipping Co. Ltd.a | 413,560 | 12,897,986 | ||||||
Hyundai Merchant Marine Co. Ltd.a,b | 353,040 | 8,836,557 | ||||||
STX Pan Ocean Co. Ltd.a | 882,630 | 7,437,037 | ||||||
40,974,509 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,272,970,947) |
| 4,077,890,971 | ||||||
PREFERRED STOCKS – 3.00% |
| |||||||
AUTO MANUFACTURERS – 0.64% |
| |||||||
Hyundai Motor Co. Ltd.a | 191,230 | 10,047,348 | ||||||
Hyundai Motor Co. Ltd. | 308,910 | 17,188,276 | ||||||
27,235,624 | ||||||||
CHEMICALS – 0.18% |
| |||||||
LG Chem Ltd. | 59,080 | 7,380,747 | ||||||
7,380,747 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 0.13% |
| |||||||
LG Electronics Inc. | 147,106 | 5,395,994 | ||||||
5,395,994 | ||||||||
SEMICONDUCTORS – 2.05% |
| |||||||
Samsung Electronics Co. Ltd. | 161,810 | 87,023,142 | ||||||
87,023,142 | ||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $80,207,312) |
| 127,035,507 |
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS – 5.43% |
| |||||||
MONEY MARKET FUNDS – 5.43% |
| |||||||
BlackRock Cash Funds: Institutional, | 196,344,260 | $ | 196,344,260 | |||||
BlackRock Cash Funds: Prime, | 28,216,282 | 28,216,282 | ||||||
BlackRock Cash Funds: Treasury, | 5,790,172 | 5,790,172 | ||||||
230,350,714 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $230,350,714) |
| 230,350,714 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,583,528,973) |
| 4,435,277,192 | ||||||
Other Assets, Less Liabilities – (4.65)% |
| (196,980,522) | ||||||
NET ASSETS – 100.00% |
| $ | 4,238,296,670 | |||||
SP ADR – Sponsored American Depositary Receipts
a | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
40 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI TAIWAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.99% |
| |||||||
AIRLINES – 0.59% |
| |||||||
China Airlines Ltd.a | 16,240,752 | $ | 10,537,080 | |||||
EVA Airways Corp.a | 10,440,193 | 9,405,895 | ||||||
19,942,975 | ||||||||
APPAREL – 0.70% |
| |||||||
Pou Chen Corp. | 17,400,103 | 15,179,100 | ||||||
Ruentex Industries Ltd. | 3,480,000 | 8,563,418 | ||||||
23,742,518 | ||||||||
AUTO MANUFACTURERS – 0.42% |
| |||||||
China Motor Co. Ltd. | 3,480,000 | 2,901,268 | ||||||
Yulon Motor Co. Ltd. | 5,800,362 | 11,387,405 | ||||||
14,288,673 | ||||||||
AUTO PARTS & EQUIPMENT – 0.71% |
| |||||||
Cheng Shin Rubber Industry Co. Ltd. | 9,280,615 | 18,625,499 | ||||||
Nan Kang Rubber Tire Co. Ltd.a | 3,480,000 | 5,586,109 | ||||||
24,211,608 | ||||||||
BANKS – 1.45% |
| |||||||
Chang Hwa Commercial Bank Ltd. | 27,840,446 | 20,449,583 | ||||||
Taiwan Business Bank Ltd.a | 17,400,000 | 6,785,222 | ||||||
Taiwan Cooperative Bank Co. Ltd. | 29,000,915 | 21,838,185 | ||||||
49,072,990 | ||||||||
BUILDING MATERIALS – 1.47% |
| |||||||
Asia Cement Corp. | 15,080,353 | 15,132,569 | ||||||
Taiwan Cement Corp. | 26,723,504 | 26,411,773 | ||||||
Taiwan Glass Industrial Corp. | 6,960,414 | 8,435,235 | ||||||
49,979,577 | ||||||||
CHEMICALS – 10.29% |
| |||||||
China Petrochemical | 11,600,000 | 13,180,489 | ||||||
Eternal Chemical Co. Ltd. | 4,873,561 | 5,193,528 | ||||||
Formosa Chemicals & Fibre Corp. | 23,200,204 | 78,771,661 | ||||||
Formosa Plastics Corp. | 32,480,768 | 108,644,113 | ||||||
LCY Chemical Corp. | 2,416,903 | 6,564,889 | ||||||
Nan Ya Plastics Corp. | 38,280,860 | 110,285,733 | ||||||
Taiwan Fertilizer Co. Ltd. | 5,800,000 | 17,976,939 | ||||||
TSRC Corp. | 3,480,000 | 8,013,581 | ||||||
348,630,933 | ||||||||
COMPUTERS – 14.43% |
| |||||||
Acer Inc. | 19,720,841 | 47,599,973 | ||||||
Advantech Co. Ltd. | 2,320,883 | 6,382,097 |
Security | Shares | Value | ||||||
Chicony Electronics Co. Ltd. | 3,480,515 | $ | 6,540,518 | |||||
Chimei Innolux Corp.a | 37,120,008 | 39,432,287 | ||||||
Clevo Co. | 3,685,300 | 6,330,683 | ||||||
CMC Magnetics Corp.a | 18,560,400 | 4,342,636 | ||||||
Compal Electronics Inc. | 33,640,554 | 39,298,391 | ||||||
Foxconn Technology Co. Ltd. | 5,800,742 | 20,670,274 | ||||||
HTC Corp. | 5,800,080 | 207,654,056 | ||||||
Inotera Memories Inc.a | 13,920,024 | 7,299,976 | ||||||
Inventec Co. Ltd. | 13,920,752 | 7,159,966 | ||||||
Lite-On Technology Corp. | 16,322,178 | 20,301,899 | ||||||
MiTAC International Corp. | 8,120,585 | 3,617,096 | ||||||
Qisda Corp.a | 11,600,211 | 6,941,330 | ||||||
Quanta Computer Inc. | 19,720,240 | 38,516,353 | ||||||
Wistron Corp. | 15,080,443 | 26,818,013 | ||||||
488,905,548 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 9.09% |
| |||||||
Capital Securities Corp. | 8,120,200 | 3,698,817 | ||||||
Chinatrust Financial Holding Co. Ltd. | 70,760,596 | 55,186,938 | ||||||
E.Sun Financial Holding Co. Ltd. | 26,680,369 | 16,323,754 | ||||||
First Financial Holding Co. Ltd. | 37,120,386 | 30,136,058 | ||||||
Fubon Financial Holding Co. Ltd. | 39,440,979 | 49,786,828 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 32,480,506 | 22,929,728 | ||||||
KGI Securities Co. Ltd. | 20,880,000 | 10,002,353 | ||||||
Mega Financial Holding Co. Ltd. | 60,320,136 | 43,495,711 | ||||||
Polaris Securities Co. Ltd. | 15,080,991 | 9,252,297 | ||||||
SinoPac Financial Holdings Co. Ltd. | 44,080,193 | 18,152,498 | ||||||
Taishin Financial Holdings Co. Ltd.a | 32,480,117 | 16,760,339 | ||||||
Yuanta Financial Holding Co. Ltd. | 47,560,076 | 32,376,090 | ||||||
308,101,411 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 2.75% |
| |||||||
Delta Electronics Inc. | 13,920,180 | 57,792,121 | ||||||
Pacific Electric Wire & Cable Co. Ltd.a,b | 197 | – | ||||||
Simplo Technology Co. Ltd. | 1,427,930 | 9,360,485 | ||||||
Tatung Co. Ltd.a | 37,120,120 | 8,622,719 | ||||||
Walsin Lihwa Corp.a | 22,040,069 | 11,669,449 | ||||||
Young Fast Optoelectronics Co. Ltd. | 653,475 | 5,733,586 | ||||||
93,178,360 | ||||||||
ELECTRONICS – 15.51% |
| |||||||
ASUSTeK Computer Inc. | 4,640,670 | 41,965,248 | ||||||
AU Optronics Corp.a | 59,160,830 | 53,498,717 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 2,344,239 | 4,476,175 |
SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TAIWAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Chunghwa Picture Tubes Ltd.a | 33,640,621 | $ | 4,512,256 | |||||
Coretronic Corp. | 4,640,000 | 7,432,548 | ||||||
E Ink Holdings Inc.a | 5,800,000 | 10,138,837 | ||||||
HannStar Display Corp.a | 35,960,675 | 6,491,707 | ||||||
Hon Hai Precision Industry Co. Ltd. | 68,440,926 | 250,783,640 | ||||||
Kinsus Interconnect | 2,320,043 | 7,214,307 | ||||||
Nan Ya Printed Circuit Board Corp. | 1,188,453 | 4,234,915 | ||||||
Pegatron Corp.a | 11,600,037 | 13,648,479 | ||||||
Phison Electronics Corp. | 1,160,698 | 7,296,552 | ||||||
Pixart Imaging Inc. | 1,160,682 | 4,194,484 | ||||||
Synnex Technology | 9,280,538 | 21,901,159 | ||||||
TPK Holding Co. Ltd.a | 695,000 | 19,111,507 | ||||||
Tripod Technology Corp. | 3,480,488 | 15,444,395 | ||||||
Unimicron Technology Corp. | 10,440,794 | 19,304,255 | ||||||
Wintek Corp.a | 10,440,000 | 20,039,802 | ||||||
WPG Holdings Co. Ltd. | 8,120,243 | 13,921,820 | ||||||
Ya Hsin Industrial Co. Ltd.a,b | 6,845,461 | 23 | ||||||
525,610,826 | ||||||||
ENERGY – ALTERNATE SOURCES – 0.30% |
| |||||||
Motech Industries Inc. | 2,343,803 | 10,242,861 | ||||||
10,242,861 | ||||||||
FOOD – 1.13% |
| |||||||
Uni-President Enterprises Co. | 30,160,823 | 38,275,156 | ||||||
38,275,156 | ||||||||
HOME FURNISHINGS – 0.24% |
| |||||||
Teco Electric and Machinery Co. Ltd. | 13,920,092 | 8,142,320 | ||||||
8,142,320 | ||||||||
INSURANCE – 3.18% |
| |||||||
Cathay Financial Holding Co. Ltd. | 51,040,960 | 81,330,605 | ||||||
China Life Insurance Co. Ltd. | 9,360,152 | 8,889,108 | ||||||
Shin Kong Financial Holding Co. Ltd.a | 41,760,411 | 17,477,968 | ||||||
107,697,681 | ||||||||
INVESTMENT COMPANIES – 0.79% |
| |||||||
China Development Financial | 69,600,820 | 26,673,256 | ||||||
26,673,256 | ||||||||
IRON & STEEL – 2.94% |
| |||||||
China Steel Corp. | 78,880,467 | 88,832,341 | ||||||
Feng Hsin Iron & Steel Co. Ltd. | 3,480,050 | 5,843,564 |
Security | Shares | Value | ||||||
Tung Ho Steel Enterprise Corp. | 4,640,882 | $ | 4,867,567 | |||||
99,543,472 | ||||||||
LEISURE TIME – 0.27% |
| |||||||
Giant Manufacturing Co. Ltd. | 2,405,590 | 9,016,818 | ||||||
9,016,818 | ||||||||
MANUFACTURING – 1.15% |
| |||||||
Hiwin Technologies Corp. | 1,160,000 | 7,214,173 | ||||||
Largan Precision Co. Ltd. | 1,160,794 | 31,647,021 | ||||||
38,861,194 | ||||||||
METAL FABRICATE & HARDWARE – 0.43% |
| |||||||
Catcher Technology Co. Ltd. | 3,480,743 | 14,509,434 | ||||||
14,509,434 | ||||||||
OIL & GAS – 0.82% |
| |||||||
Formosa Petrochemical Corp. | 9,280,950 | 27,986,056 | ||||||
27,986,056 | ||||||||
REAL ESTATE – 0.45% |
| |||||||
Farglory Land Development Co. Ltd. | 2,320,000 | 5,038,222 | ||||||
Highwealth Construction Corp. | 2,320,000 | 4,952,432 | ||||||
Ruentex Development Co. Ltd. | 3,525,000 | 5,290,996 | ||||||
15,281,650 | ||||||||
RETAIL – 0.88% |
| |||||||
Far Eastern Department Stores | 6,960,203 | 10,470,605 | ||||||
President Chain Store Corp. | 4,640,215 | 19,264,684 | ||||||
29,735,289 | ||||||||
SEMICONDUCTORS – 23.73% |
| |||||||
Advanced Semiconductor | 37,120,755 | 41,554,481 | ||||||
Epistar Corp. | 4,640,047 | 15,832,345 | ||||||
Everlight Electronics Co. Ltd. | 2,320,784 | 6,491,049 | ||||||
Macronix International Co. Ltd. | 25,520,527 | 18,445,266 | ||||||
MediaTek Inc. | 7,370,632 | 82,757,626 | ||||||
MStar Semiconductor Inc.a | 2,320,000 | 20,862,608 | ||||||
Nanya Technology Corp.a | 10,290,920 | 5,483,278 | ||||||
Novatek Microelectronics Corp. Ltd. | 3,480,544 | 10,624,043 | ||||||
Powerchip Technology Corp.a | 39,440,018 | 8,392,622 | ||||||
Powertech Technology Inc. | 4,640,760 | 16,146,793 | ||||||
Realtek Semiconductor Corp. | 3,514,621 | 6,876,355 | ||||||
Richtek Technology Corp. | 1,160,416 | 9,128,226 | ||||||
Siliconware Precision Industries | 23,200,214 | 31,898,637 |
42 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TAIWAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Sino-American Silicon Products Inc. | 2,320,000 | $ | 10,645,779 | |||||
Taiwan Semiconductor Manufacturing | 192,560,882 | 456,366,766 | ||||||
Transcend Information Inc. | 1,160,905 | 3,044,024 | ||||||
United Microelectronics Corp. | 96,280,501 | 49,844,345 | ||||||
Vanguard International | 4,640,416 | 2,542,736 | ||||||
Winbond Electronics Corp.a | 22,040,000 | 7,275,786 | ||||||
804,212,765 | ||||||||
TELECOMMUNICATIONS – 4.02% |
| |||||||
Chunghwa Telecom Co. Ltd. | 29,000,648 | 85,889,572 | ||||||
Far EasTone Telecommunications | 11,600,259 | 16,573,470 | ||||||
Taiwan Mobile Co. Ltd. | 15,080,677 | 33,713,148 | ||||||
136,176,190 | ||||||||
TEXTILES – 1.32% |
| |||||||
Far Eastern New Century Corp. | 23,200,201 | 35,915,193 | ||||||
Formosa Taffeta Co. Ltd. | 5,800,515 | 5,362,361 | ||||||
Tainan Spinning Co. Ltd. | 5,800,000 | 3,431,607 | ||||||
44,709,161 | ||||||||
TRANSPORTATION – 0.93% |
| |||||||
Evergreen International Storage & | 2,320,000 | 1,914,680 | ||||||
Evergreen Marine Corp. Ltd.a | 10,440,467 | 9,195,557 | ||||||
U-Ming Marine Transport Corp. | 3,480,800 | 6,927,198 | ||||||
Wan Hai Lines Ltd.a | 8,120,433 | 5,541,560 | ||||||
Yang Ming Marine Transport Corp.a | 9,280,305 | 7,830,560 | ||||||
31,409,555 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,170,568,439) |
| 3,388,138,277 | ||||||
SHORT-TERM INVESTMENTS – 0.06% |
| |||||||
MONEY MARKET FUNDS – 0.06% |
| |||||||
BlackRock Cash Funds: Treasury, | 2,044,565 | 2,044,565 | ||||||
2,044,565 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $2,044,565) |
| 2,044,565 | ||||||
Value | ||||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,172,613,004) | $ | 3,390,182,842 | ||||||
Other Assets, Less Liabilities – (0.05)% |
| (1,556,235) | ||||||
NET ASSETS – 100.00% | $ | 3,388,626,607 | ||||||
a | Non-income earning security. |
b | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. 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. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 43 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI THAILAND INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.46% |
| |||||||
AGRICULTURE – 3.02% |
| |||||||
Charoen Pokphand Foods PCL NVDR | 22,152,600 | $ | 17,243,888 | |||||
17,243,888 | ||||||||
AIRLINES – 1.06% |
| |||||||
Thai Airways International PCL NVDR | 4,817,466 | 6,066,147 | ||||||
6,066,147 | ||||||||
AUTO PARTS & EQUIPMENT – 0.13% |
| |||||||
Somboon Advance Technology | 1,004,400 | 771,984 | ||||||
771,984 | ||||||||
BANKS – 28.62% |
| |||||||
Bangkok Bank PCL Foreign | 860,200 | 4,599,925 | ||||||
Bangkok Bank PCL NVDR | 8,983,800 | 47,012,527 | ||||||
Bank of Ayudhya PCL NVDR | 13,429,200 | 10,848,773 | ||||||
Kasikornbank PCL Foreign | 729,300 | 2,886,191 | ||||||
Kasikornbank PCL NVDR | 12,369,000 | 47,534,178 | ||||||
Kiatnakin Bank PCL NVDR | 1,813,900 | 1,942,935 | ||||||
Krung Thai Bank PCL NVDR | 20,590,200 | 11,044,294 | ||||||
Siam Commercial Bank PCL NVDR | 11,253,000 | 37,540,670 | ||||||
163,409,493 | ||||||||
BUILDING MATERIALS – 4.47% |
| |||||||
Dynasty Ceramic PCL NVDR | 1,060,200 | 1,733,769 | ||||||
Siam Cement PCL NVDR | 2,213,400 | 22,514,061 | ||||||
TPI Polene PCL NVDR | 3,515,600 | 1,264,811 | ||||||
25,512,641 | ||||||||
CHEMICALS – 7.70% |
| |||||||
Indorama Ventures PCL NVDR | 9,746,710 | 13,309,081 | ||||||
IRPC PCL NVDR | 72,819,000 | 13,218,167 | ||||||
PTT Chemical PCL NVDR | 2,674,100 | 12,594,289 | ||||||
Siam Gas and Petrochemicals | 2,101,800 | 1,161,747 | ||||||
Sri Trang Agro-Industry PCL NVDR | 2,585,400 | 2,346,520 | ||||||
Thai Plastic & Chemical PCL NVDR | 1,618,200 | 1,317,847 | ||||||
43,947,651 | ||||||||
COAL – 4.72% |
| |||||||
Banpu PCL NVDR | 1,134,600 | 26,940,952 | ||||||
26,940,952 | ||||||||
COMMERCIAL SERVICES – 0.30% |
| |||||||
Bangkok Expressway PCL NVDR | 2,748,900 | 1,690,248 | ||||||
1,690,248 |
Security | Shares | Value | ||||||
COMPUTERS – 0.27% |
| |||||||
Cal-Comp Electronics (Thailand) | 14,563,800 | $ | 1,562,364 | |||||
1,562,364 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 1.61% |
| |||||||
Kim Eng Securities (Thailand) | 1,897,200 | 862,505 | ||||||
Phatra Capital PCL NVDRa | 669,600 | 635,107 | ||||||
Thanachart Capital PCL NVDR | 4,817,400 | 4,687,413 | ||||||
TISCO Financial Group PCL NVDR | 2,618,000 | 3,018,299 | ||||||
9,203,324 | ||||||||
ELECTRIC – 1.31% |
| |||||||
Electricity Generating PCL NVDR | 967,200 | 3,147,552 | ||||||
Glow Energy PCL NVDR | 3,236,400 | 4,313,436 | ||||||
7,460,988 | ||||||||
ELECTRONICS – 1.09% |
| |||||||
Delta Electronics (Thailand) PCL NVDR | 3,217,800 | 2,894,178 | ||||||
Hana Microelectronics PCL NVDR | 3,980,400 | 3,319,712 | ||||||
6,213,890 | ||||||||
ENGINEERING & CONSTRUCTION – 0.65% |
| |||||||
CH. Karnchang PCL NVDR | 3,050,400 | 813,108 | ||||||
Italian-Thai Development PCL NVDRa | 9,742,700 | 1,172,629 | ||||||
Sino-Thai Engineering & Construction PCL NVDR | 4,278,000 | 1,748,978 | ||||||
3,734,715 | ||||||||
ENTERTAINMENT – 0.23% |
| |||||||
Major Cineplex Group PCL NVDR | 3,180,600 | 1,341,938 | ||||||
1,341,938 | ||||||||
FOOD – 1.30% |
| |||||||
GFPT PCL NVDR | 2,771,400 | 747,802 | ||||||
Khon Kaen Sugar Industry PCL NVDR | 3,366,000 | 1,398,142 | ||||||
Thai Union Frozen Products PCL NVDR | 2,473,860 | 3,378,043 | ||||||
Thai Vegetable Oil PCL NVDR | 2,213,480 | 1,900,371 | ||||||
7,424,358 | ||||||||
HEALTH CARE – SERVICES – 0.47% |
| |||||||
Bangkok Chain Hospital PCL NVDR | 3,069,000 | 657,463 | ||||||
Bumrungrad Hospital PCL NVDR | 1,851,300 | 2,013,270 | ||||||
2,670,733 |
44 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI THAILAND INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
HOME BUILDERS – 0.18% |
| |||||||
Asian Property Development | 5,030,300 | $ | 1,020,044 | |||||
1,020,044 | ||||||||
IRON & STEEL – 1.06% |
| |||||||
G J Steel PCL NVDRa | 115,135,900 | 1,016,736 | ||||||
G Steel PCL NVDRa | 59,501,400 | 1,362,256 | ||||||
Sahaviriya Steel Industries PCL NVDRa | 52,117,240 | 2,215,942 | ||||||
Tata Steel (Thailand) PCL NVDRa | 14,586,000 | 644,026 | ||||||
Thainox Stainless PCL NVDRa | 19,306,800 | 820,894 | ||||||
6,059,854 | ||||||||
LODGING – 0.67% |
| |||||||
Central Plaza Hotel PCL NVDR | 3,440,800 | 519,918 | ||||||
Minor International PCL NVDR | 9,374,400 | 3,280,657 | ||||||
3,800,575 | ||||||||
MEDIA – 1.51% |
| |||||||
BEC World PCL NVDR | 7,218,200 | 7,908,739 | ||||||
MCOT PCL NVDR | 748,000 | 721,701 | ||||||
8,630,440 | ||||||||
METAL FABRICATE & HARDWARE – 0.12% |
| |||||||
STP & I PCL NVDR | 799,800 | 660,505 | ||||||
660,505 | ||||||||
OIL & GAS – 25.85% |
| |||||||
Bangchak Petroleum PCL NVDR | 1,664,300 | 990,687 | ||||||
Esso (Thailand) PCL NVDR | 7,592,200 | 2,085,837 | ||||||
PTT Aromatics & Refining PCL NVDR | 8,091,000 | 9,791,235 | ||||||
PTT Exploration & Production | 8,556,000 | 50,930,237 | ||||||
PTT PCL NVDR | 6,283,200 | 69,253,913 | ||||||
Thai Oil PCL NVDR | 6,007,800 | 14,491,423 | ||||||
147,543,332 | ||||||||
PACKAGING & CONTAINERS – 0.24% |
| |||||||
Polyplex PCL NVDR | 1,767,000 | 1,358,119 | ||||||
1,358,119 | ||||||||
REAL ESTATE – 2.40% |
| |||||||
Amata Corp. PCL NVDR | 3,814,800 | 1,746,760 | ||||||
Bangkok Land PCL NVDRa | 58,100,900 | 1,178,170 | ||||||
Hemaraj Land and Development PCL NVDR | 32,014,400 | 1,863,798 | ||||||
LPN Development PCL NVDR | 3,255,000 | 984,751 | ||||||
Pruksa Real Estate PCL NVDR | 4,057,900 | 2,322,592 |
Security | Shares | Value | ||||||
Quality Houses PCL NVDR | 24,871,000 | $ | 1,691,960 | |||||
Rojana Industrial Park PCL NVDR | 2,083,200 | 763,102 | ||||||
Sansiri PCL NVDR | 3,645,600 | 727,332 | ||||||
Supalai PCL NVDR | 4,426,800 | 1,505,764 | ||||||
Ticon Industrial Connection PCL NVDR | 2,225,383 | 917,083 | ||||||
13,701,312 | ||||||||
RETAIL – 5.08% |
| |||||||
CP All PCL NVDR | 16,219,200 | 20,688,432 | ||||||
Home Product Center PCL NVDR | 9,574,433 | 2,661,739 | ||||||
Robinson Department Store PCL NVDR | 3,272,500 | 2,322,592 | ||||||
Siam Makro PCL NVDR | 725,400 | 3,309,675 | ||||||
28,982,438 | ||||||||
TELECOMMUNICATIONS – 4.24% |
| |||||||
Advanced Information Service PCL NVDR | 6,565,800 | 17,072,154 | ||||||
Jasmine International PCL NVDR | 26,709,600 | 1,651,059 | ||||||
Samart Corp. PCL NVDR | 2,157,600 | 592,767 | ||||||
Thaicom PCL NVDRa | 3,236,400 | 603,352 | ||||||
True Corp. PCL NVDRa | 20,850,600 | 4,262,183 | ||||||
24,181,515 | ||||||||
TRANSPORTATION – 0.85% |
| |||||||
Bangkok Metro PCL NVDRa | 19,623,000 | 417,169 | ||||||
Precious Shipping PCL NVDR | 1,990,200 | 1,152,135 | ||||||
Regional Container Lines PCL NVDRa | 1,477,300 | 502,499 | ||||||
Tanayong PCL NVDRa | 60,905,900 | 1,414,332 | ||||||
Thoresen Thai Agencies PCL NVDRa | 2,343,630 | 1,395,064 | ||||||
4,881,199 | ||||||||
WATER – 0.31% |
| |||||||
Thai Tap Water Supply PCL NVDR | 8,732,900 | 1,770,858 | ||||||
1,770,858 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $485,519,796) | 567,785,505 | |||||||
WARRANTS – 0.01% |
| |||||||
REAL ESTATE – 0.01% |
| |||||||
Bangkok Land PCL NVDR | 6,189,157 | 32,388 | ||||||
32,388 | ||||||||
TOTAL WARRANTS |
| |||||||
(Cost: $0) | 32,388 |
SCHEDULESOF INVESTMENTS | 45 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI THAILAND INVESTABLE MARKET INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS – 0.09% |
| |||||||
MONEY MARKET FUNDS – 0.09% |
| |||||||
BlackRock Cash Funds: Treasury, | 507,235 | $ | 507,235 | |||||
507,235 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $507,235) | 507,235 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $486,027,031) |
| 568,325,128 | ||||||
Other Assets, Less Liabilities – 0.44% |
| 2,538,530 | ||||||
NET ASSETS – 100.00% | $ | 570,863,658 | ||||||
NVDR – Non-Voting Depositary Receipts
a | Non-income earning security. |
b | Affiliated issuer. See Note 2. |
c | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
46 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2011
iShares MSCI Australia Index Fund | iShares MSCI Hong Kong Index Fund | iShares MSCI Japan Small Cap Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 2,749,236,007 | $ | 1,969,378,882 | $ | 41,911,130 | ||||||
Affiliated issuers (Note 2) | 31,358,656 | 41,707,746 | 261,271 | |||||||||
Total cost of investments | $ | 2,780,594,663 | $ | 2,011,086,628 | $ | 42,172,401 | ||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated issuers | $ | 3,108,179,466 | $ | 1,989,745,227 | $ | 43,958,834 | ||||||
Affiliated issuers (Note 2) | 31,358,656 | 41,707,746 | 261,271 | |||||||||
Total fair value of investments | 3,139,538,122 | 2,031,452,973 | 44,220,105 | |||||||||
Foreign currencies, at valueb | 5,635,327 | 5,011,057 | 19,473 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | – | 26,626,768 | – | |||||||||
Due from custodian (Note 4) | – | 853,808 | – | |||||||||
Dividends and interest | 22,171,534 | 316,486 | 116,485 | |||||||||
Capital shares sold | – | – | 22,585 | |||||||||
Total Assets | 3,167,344,983 | 2,064,261,092 | 44,378,648 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | – | 25,271,539 | – | |||||||||
Collateral for securities on loan (Note 5) | 31,241,783 | 40,762,750 | 237,931 | |||||||||
Investment advisory fees (Note 2) | 1,234,597 | 790,546 | 14,637 | |||||||||
Total Liabilities | 32,476,380 | 66,824,835 | 252,568 | |||||||||
NET ASSETS | $ | 3,134,868,603 | $ | 1,997,436,257 | $ | 44,126,080 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 2,912,764,855 | $ | 2,146,405,640 | $ | 41,248,714 | ||||||
Distributions in excess of net investment income | (4,348,522 | ) | (2,392,451 | ) | (290,726 | ) | ||||||
Undistributed net realized gain (accumulated net realized loss) | (132,760,280 | ) | (166,946,119 | ) | 1,119,905 | |||||||
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | 359,212,550 | 20,369,187 | 2,048,187 | |||||||||
NET ASSETS | $ | 3,134,868,603 | $ | 1,997,436,257 | $ | 44,126,080 | ||||||
Shares outstandingc | 120,800,000 | 107,325,000 | 900,000 | |||||||||
Net asset value per share | $ | 25.95 | $ | 18.61 | $ | 49.03 | ||||||
a | Securities on loan with values of $29,678,276, $38,671,569 and $225,911, respectively. See Note 5. |
b | Cost of foreign currencies: $5,600,729, $5,008,381 and $19,302, respectively. |
c | $0.001 par value, number of shares authorized: 627.8 million, 250 million and 500 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 47 |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2011
iShares MSCI Malaysia Index Fund | iShares MSCI Pacific ex-Japan Index Fund | iShares MSCI Singapore Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 503,252,835 | $ | 3,081,596,054 | $ | 1,671,638,154 | ||||||
Affiliated issuers (Note 2) | 184,303 | 86,882,085 | 143,575,639 | |||||||||
Total cost of investments | $ | 503,437,138 | $ | 3,168,478,139 | $ | 1,815,213,793 | ||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated issuers | $ | 920,509,633 | $ | 3,961,161,202 | $ | 1,886,507,361 | ||||||
Affiliated issuers (Note 2) | 184,303 | 86,882,085 | 143,575,639 | |||||||||
Total fair value of investments | 920,693,936 | 4,048,043,287 | 2,030,083,000 | |||||||||
Foreign currencies, at valueb | 1,999,443 | 7,406,678 | 3,030,903 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 458,868 | 4,426,152 | 18,913,591 | |||||||||
Dividends and interest | 1,015,369 | 19,479,532 | 63,394 | |||||||||
Total Assets | 924,167,616 | 4,079,355,649 | 2,052,090,888 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 1,262,389 | 9,936,039 | 17,042,418 | |||||||||
Collateral for securities on loan (Note 5) | – | 86,626,556 | 143,054,199 | |||||||||
Capital shares redeemed | – | – | 850,996 | |||||||||
Investment advisory fees (Note 2) | 386,645 | 1,568,534 | 815,000 | |||||||||
Total Liabilities | 1,649,034 | 98,131,129 | 161,762,613 | |||||||||
NET ASSETS | $ | 922,518,582 | $ | 3,981,224,520 | $ | 1,890,328,275 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 581,582,384 | $ | 3,309,874,702 | $ | 1,869,670,287 | ||||||
Undistributed (distributions in excess of) net investment income | 775,079 | (19,885,050 | ) | (28,139,976 | ) | |||||||
Accumulated net realized loss | (77,106,685 | ) | (188,564,106 | ) | (166,087,550 | ) | ||||||
Net unrealized appreciation on investments and translation of assets and | 417,267,804 | 879,798,974 | 214,885,514 | |||||||||
NET ASSETS | $ | 922,518,582 | $ | 3,981,224,520 | $ | 1,890,328,275 | ||||||
Shares outstandingc | 65,700,000 | 84,600,000 | 145,100,000 | |||||||||
Net asset value per share | $ | 14.04 | $ | 47.06 | $ | 13.03 | ||||||
a | Securities on loan with values of $–, $81,853,621 and $135,200,233, respectively. See Note 5. |
b | Cost of foreign currencies: $1,989,984, $7,378,374 and $3,012,965, respectively. |
c | $0.001 par value, number of shares authorized: 300 million, 1 billion and 300 million, respectively. |
See notes to financial statements.
48 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2011
iShares MSCI South Korea Index Fund | iShares MSCI Taiwan Index Fund | iShares MSCI Thailand Investable Market Index Fund | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated issuers | $ | 2,353,178,259 | $ | 2,170,568,439 | $ | 485,519,796 | ||||||
Affiliated issuers (Note 2) | 230,350,714 | 2,044,565 | 507,235 | |||||||||
Total cost of investments | $ | 2,583,528,973 | $ | 2,172,613,004 | $ | 486,027,031 | ||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated issuers | $ | 4,204,926,478 | $ | 3,388,138,277 | $ | 567,817,893 | ||||||
Affiliated issuers (Note 2) | 230,350,714 | 2,044,565 | 507,235 | |||||||||
Total fair value of investments | 4,435,277,192 | 3,390,182,842 | 568,325,128 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 8,877,854 | 47,338,148 | 3,330,925 | |||||||||
Dividends and interest | 28,770,915 | 172 | 969,419 | |||||||||
Capital shares sold | – | – | 3,045,211 | |||||||||
Total Assets | 4,472,925,961 | 3,437,521,162 | 575,670,683 | |||||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 8,087,883 | 47,089,730 | 4,318,440 | |||||||||
Collateral for securities on loan (Note 5) | 224,560,542 | – | – | |||||||||
Capital shares redeemed | – | – | 234,188 | |||||||||
Foreign taxes (Note 1) | – | 200,637 | – | |||||||||
Investment advisory fees (Note 2) | 1,980,866 | 1,604,188 | 254,397 | |||||||||
Total Liabilities | 234,629,291 | 48,894,555 | 4,807,025 | |||||||||
NET ASSETS | $ | 4,238,296,670 | $ | 3,388,626,607 | $ | 570,863,658 | ||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 3,487,258,753 | $ | 3,223,279,147 | $ | 450,141,384 | ||||||
Undistributed net investment income (accumulated net investment loss) | 1,895,065 | (8,268,524 | ) | 532,316 | ||||||||
Undistributed net realized gain (accumulated net realized loss) | (1,103,050,285 | ) | (1,043,953,787 | ) | 37,882,364 | |||||||
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | 1,852,193,137 | 1,217,569,771 | 82,307,594 | |||||||||
NET ASSETS | $ | 4,238,296,670 | $ | 3,388,626,607 | $ | 570,863,658 | ||||||
Shares outstandingb | 73,550,000 | 232,000,000 | 9,300,000 | |||||||||
Net asset value per share | $ | 57.62 | $ | 14.61 | $ | 61.38 | ||||||
a | Securities on loan with values of $214,507,625, $– and $–, respectively. See Note 5. |
b | $0.001 par value, number of shares authorized: 200 million, 900 million and 200 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 49 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI Australia Index Fund | iShares MSCI Hong Kong Index Fund | iShares MSCI Japan Small Cap Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 61,386,241 | $ | 19,060,409 | $ | 374,894 | ||||||
Interest from affiliated issuers (Note 2) | 749 | 836 | 12 | |||||||||
Securities lending income from affiliated issuers (Note 2) | 80,102 | 100,558 | 7,382 | |||||||||
Total investment income | 61,467,092 | 19,161,803 | 382,288 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 7,374,965 | 5,432,592 | 100,062 | |||||||||
Total expenses | 7,374,965 | 5,432,592 | 100,062 | |||||||||
Net investment income | 54,092,127 | 13,729,211 | 282,226 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | (29,798,962 | ) | (54,186,210 | ) | (65,540 | ) | ||||||
In-kind redemptions | 46,983,259 | 105,236,978 | 2,064,217 | |||||||||
Foreign currency transactions | 2,743,634 | (193 | ) | 5,840 | ||||||||
Net realized gain | 19,927,931 | 51,050,575 | 2,004,517 | |||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 559,826,754 | 267,613,257 | 5,416,836 | |||||||||
Translation of assets and liabilities in foreign currencies | 380,577 | 4,794 | (3,242 | ) | ||||||||
Net change in unrealized appreciation/depreciation | 560,207,331 | 267,618,051 | 5,413,594 | |||||||||
Net realized and unrealized gain | 580,135,262 | 318,668,626 | 7,418,111 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 634,227,389 | $ | 332,397,837 | $ | 7,700,337 | ||||||
a | Net of foreign withholding tax of $283,372, $– and $28,299, respectively. |
See notes to financial statements.
50 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI Malaysia Index Fund | iShares MSCI Pacific ex-Japan Index Fund | iShares MSCI Singapore Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 17,109,326 | $ | 70,534,917 | $ | 16,581,543 | ||||||
Interest from affiliated issuers (Note 2) | 472 | 2,183 | 1,424 | |||||||||
Securities lending income from affiliated issuers (Note 2) | – | 371,677 | 912,330 | |||||||||
Total investment income | 17,109,798 | 70,908,777 | 17,495,297 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 2,586,310 | 10,232,658 | 5,508,338 | |||||||||
Total expenses | 2,586,310 | 10,232,658 | 5,508,338 | |||||||||
Net investment income | 14,523,488 | 60,676,119 | 11,986,959 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | 8,822,111 | (50,021,149 | ) | (10,680,553 | ) | |||||||
In-kind redemptions | – | 231,248,782 | 73,679,060 | |||||||||
Foreign currency transactions | 71,554 | 2,877,010 | 642,095 | |||||||||
Net realized gain | 8,893,665 | 184,104,643 | 63,640,602 | |||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 64,456,901 | 538,603,195 | 95,469,207 | |||||||||
Translation of assets and liabilities in foreign currencies | 4,521 | 380,182 | 1,383 | |||||||||
Net change in unrealized appreciation/depreciation | 64,461,422 | 538,983,377 | 95,470,590 | |||||||||
Net realized and unrealized gain | 73,355,087 | 723,088,020 | 159,111,192 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 87,878,575 | $ | 783,764,139 | $ | 171,098,151 | ||||||
a | Net of foreign withholding tax of $1,969,913, $287,571 and $188,171, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 51 |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2011
iShares MSCI South Korea Index Fund | iShares MSCI Taiwan Index Fund | iShares MSCI Thailand Investable Market Index Fund | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends from unaffiliated issuersa | $ | 28,290,561 | $ | 3,021,442 | $ | 6,308,718 | ||||||
Interest from unaffiliated issuers | 189 | 160 | – | |||||||||
Interest from affiliated issuers (Note 2) | 3,293 | 4,269 | 987 | |||||||||
Securities lending income from affiliated issuers (Note 2) | 2,109,949 | – | – | |||||||||
30,403,922 | 3,025,871 | 6,309,705 | ||||||||||
Less: Other foreign taxes (Note 1) | – | – | (25,049 | ) | ||||||||
Total investment income | 30,403,992 | 3,025,871 | 6,284,656 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 11,727,879 | 9,293,530 | 1,931,117 | |||||||||
Total expenses | 11,727,879 | 9,293,530 | 1,931,117 | |||||||||
Net investment income (loss) | 18,676,113 | (6,267,659 | ) | 4,353,539 | ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments in unaffiliated issuers | (1,818,968 | ) | 24,521,836 | (235,885 | ) | |||||||
In-kind redemptions | – | – | 44,072,682 | |||||||||
Foreign currency transactions | 16,559 | 87,609 | 64,777 | |||||||||
Net realized gain (loss) | (1,802,409 | ) | 24,609,445 | 43,901,574 | ||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 654,017,242 | 547,273,447 | 19,450,818 | |||||||||
Translation of assets and liabilities in foreign currencies | 391,801 | 96,234 | (9,849 | ) | ||||||||
Net change in unrealized appreciation/depreciation | 654,409,043 | 547,369,681 | 19,440,969 | |||||||||
Net realized and unrealized gain | 652,606,634 | 571,979,126 | 63,342,543 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 671,282,747 | $ | 565,711,467 | $ | 67,696,082 | ||||||
a | Net of foreign withholding tax of $5,475,185, $25,776 and $715,919, respectively. |
See notes to financial statements.
52 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI Australia Index Fund | iShares MSCI Hong Kong Index Fund | |||||||||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 54,092,127 | $ | 74,772,713 | $ | 13,729,211 | $ | 48,983,169 | ||||||||
Net realized gain | 19,927,931 | 146,569,966 | 51,050,575 | 54,878,193 | ||||||||||||
Net change in unrealized appreciation/depreciation | 560,207,331 | (209,874,740 | ) | 267,618,051 | 112,823,832 | |||||||||||
Net increase in net assets resulting from operations | 634,227,389 | 11,467,939 | 332,397,837 | 216,685,194 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||
From net investment income | (73,011,318 | ) | (86,675,542 | ) | (18,864,231 | ) | (51,090,437 | ) | ||||||||
Total distributions to shareholders | (73,011,318 | ) | (86,675,542 | ) | (18,864,231 | ) | (51,090,437 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: |
| |||||||||||||||
Proceeds from shares sold | 520,260,598 | 1,343,260,266 | 304,280,458 | 906,802,573 | ||||||||||||
Cost of shares redeemed | (143,425,210 | ) | (664,911,916 | ) | (596,694,631 | ) | (1,047,857,371 | ) | ||||||||
Net increase (decrease) in net assets from capital share | 376,835,388 | 678,348,350 | (292,414,173 | ) | (141,054,798 | ) | ||||||||||
INCREASE IN NET ASSETS | 938,051,459 | 603,140,747 | 21,119,433 | 24,539,959 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 2,196,817,144 | 1,593,676,397 | 1,976,316,824 | 1,951,776,865 | ||||||||||||
End of period | $ | 3,134,868,603 | $ | 2,196,817,144 | $ | 1,997,436,257 | $ | 1,976,316,824 | ||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (4,348,522 | ) | $ | 14,570,669 | $ | (2,392,451 | ) | $ | 2,742,569 | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 21,600,000 | 58,000,000 | 15,900,000 | 56,325,000 | ||||||||||||
Shares redeemed | (5,800,000 | ) | (31,400,000 | ) | (31,950,000 | ) | (68,625,000 | ) | ||||||||
Net increase (decrease) in shares outstanding | 15,800,000 | 26,600,000 | (16,050,000 | ) | (12,300,000 | ) | ||||||||||
See notes to financial statements.
FINANCIAL STATEMENTS | 53 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Japan Small Cap Index Fund | iShares MSCI Malaysia Index Fund | |||||||||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 282,226 | $ | 485,039 | $ | 14,523,488 | $ | 12,702,745 | ||||||||
Net realized gain | 2,004,517 | 731,166 | 8,893,665 | 9,173,736 | ||||||||||||
Net change in unrealized appreciation/depreciation | 5,413,594 | (3,559,226 | ) | 64,461,422 | 157,413,356 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 7,700,337 | (2,343,021 | ) | 87,878,575 | 179,289,837 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (497,558 | ) | (721,861 | ) | (16,278,362 | ) | (12,611,955 | ) | ||||||||
Total distributions to shareholders | (497,558 | ) | (721,861 | ) | (16,278,362 | ) | (12,611,955 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 9,742,416 | 8,487,461 | 224,250,223 | 215,972,540 | ||||||||||||
Cost of shares redeemed | (9,483,428 | ) | (4,314,452 | ) | (167,474,044 | ) | (101,507,881 | ) | ||||||||
Net increase in net assets from capital share transactions | 258,988 | 4,173,009 | 56,776,179 | 114,464,659 | ||||||||||||
INCREASE IN NET ASSETS | 7,461,767 | 1,108,127 | 128,376,392 | 281,142,541 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 36,664,313 | 35,556,186 | 794,142,190 | 512,999,649 | ||||||||||||
End of period | $ | 44,126,080 | $ | 36,664,313 | $ | 922,518,582 | $ | 794,142,190 | ||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (290,726 | ) | $ | (75,394 | ) | $ | 775,079 | $ | 2,529,953 | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 200,000 | 200,000 | 16,350,000 | 18,150,000 | ||||||||||||
Shares redeemed | (200,000 | ) | (100,000 | ) | (11,850,000 | ) | (9,375,000 | ) | ||||||||
Net increase in shares outstanding | – | 100,000 | 4,500,000 | 8,775,000 | ||||||||||||
See notes to financial statements.
54 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Pacific ex-Japan Index Fund | iShares MSCI Singapore Index Fund | |||||||||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 60,676,119 | $ | 116,593,834 | $ | 11,986,959 | $ | 41,418,493 | ||||||||
Net realized gain | 184,104,643 | 157,973,599 | 63,640,602 | 10,055,486 | ||||||||||||
Net change in unrealized appreciation/depreciation | 538,983,377 | 44,872,924 | 95,470,590 | 241,937,285 | ||||||||||||
Net increase in net assets resulting from operations | 783,764,139 | 319,440,357 | 171,098,151 | 293,411,264 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (90,820,271 | ) | (128,810,457 | ) | (49,054,490 | ) | (48,264,119 | ) | ||||||||
Total distributions to shareholders | (90,820,271 | ) | (128,810,457 | ) | (49,054,490 | ) | (48,264,119 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 329,583,703 | 357,007,662 | 265,806,674 | 360,350,218 | ||||||||||||
Cost of shares redeemed | (479,451,721 | ) | (492,042,511 | ) | (227,522,843 | ) | (169,535,152 | ) | ||||||||
Net increase (decrease) in net assets from capital share transactions | (149,868,018 | ) | (135,034,849 | ) | 38,283,831 | 190,815,066 | ||||||||||
INCREASE IN NET ASSETS | 543,075,850 | 55,595,051 | 160,327,492 | 435,962,211 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 3,438,148,670 | 3,382,553,619 | 1,730,000,783 | 1,294,038,572 | ||||||||||||
End of period | $ | 3,981,224,520 | $ | 3,438,148,670 | $ | 1,890,328,275 | $ | 1,730,000,783 | ||||||||
Undistributed (distributions in excess of) net investment | $ | (19,885,050 | ) | $ | 10,259,102 | $ | (28,139,976 | ) | $ | 8,927,555 | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 7,200,000 | 8,700,000 | 20,000,000 | 30,800,000 | ||||||||||||
Shares redeemed | (10,200,000 | ) | (12,900,000 | ) | (17,000,000 | ) | (15,000,000 | ) | ||||||||
Net increase (decrease) in shares outstanding | (3,000,000 | ) | (4,200,000 | ) | 3,000,000 | 15,800,000 | ||||||||||
See notes to financial statements.
FINANCIAL STATEMENTS | 55 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI South Korea Index Fund | iShares MSCI Taiwan Index Fund | |||||||||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 18,676,113 | $ | 20,724,754 | $ | (6,267,659 | ) | $ | 61,190,834 | |||||||
Net realized gain (loss) | (1,802,409 | ) | (73,908,563 | ) | 24,609,445 | (21,282,233 | ) | |||||||||
Net change in unrealized appreciation/depreciation | 654,409,043 | 389,247,673 | 547,369,681 | 349,112,650 | ||||||||||||
Net increase in net assets resulting from operations | 671,282,747 | 336,063,864 | 565,711,467 | 389,021,151 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (11,642,397 | ) | (25,921,316 | ) | (61,236,384 | ) | (57,723,897 | ) | ||||||||
Total distributions to shareholders | (11,642,397 | ) | (25,921,316 | ) | (61,236,384 | ) | (57,723,897 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 418,091,748 | 828,063,901 | 411,981,447 | 147,898,696 | ||||||||||||
Cost of shares redeemed | (94,603,047 | ) | (281,588,841 | ) | (249,268,456 | ) | (793,088,733 | ) | ||||||||
Net increase (decrease) in net assets from capital share transactions | 323,488,701 | 546,475,060 | 162,712,991 | (645,190,037 | ) | |||||||||||
INCREASE (DECREASE) IN NET ASSETS | 983,129,051 | 856,617,608 | 667,188,074 | (313,892,783 | ) | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 3,255,167,619 | 2,398,550,011 | 2,721,438,533 | 3,035,331,316 | ||||||||||||
End of period | $ | 4,238,296,670 | $ | 3,255,167,619 | $ | 3,388,626,607 | $ | 2,721,438,533 | ||||||||
Undistributed (distributions in excess of) net investment income (accumulated net investment loss) included in net assets at end of period | $ | 1,895,065 | $ | (5,138,651 | ) | $ | (8,268,524 | ) | $ | 59,235,519 | ||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 7,050,000 | 17,150,000 | 27,000,000 | 12,000,000 | ||||||||||||
Shares redeemed | (1,650,000 | ) | (6,100,000 | ) | (18,200,000 | ) | (66,200,000 | ) | ||||||||
Net increase (decrease) in shares outstanding | 5,400,000 | 11,050,000 | 8,800,000 | (54,200,000 | ) | |||||||||||
See notes to financial statements.
56 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Thailand Investable Market Index Fund | ||||||||
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 4,353,539 | $ | 8,070,335 | ||||
Net realized gain | 43,901,574 | 23,735,613 | ||||||
Net change in unrealized appreciation/depreciation | 19,440,969 | 63,106,858 | ||||||
Net increase in net assets resulting from operations | 67,696,082 | 94,912,806 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (5,745,191 | ) | (6,685,017 | ) | ||||
Total distributions to shareholders | (5,745,191 | ) | (6,685,017 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 135,807,707 | 553,374,038 | ||||||
Cost of shares redeemed | (147,198,745 | ) | (215,318,898 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | (11,391,038 | ) | 338,055,140 | |||||
INCREASE IN NET ASSETS | 50,559,853 | 426,282,929 | ||||||
NET ASSETS | ||||||||
Beginning of period | 520,303,805 | 94,020,876 | ||||||
End of period | $ | 570,863,658 | $ | 520,303,805 | ||||
Undistributed net investment income included in net assets at end of period | $ | 532,316 | $ | 1,923,968 | ||||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | 2,250,000 | 11,950,000 | ||||||
Shares redeemed | (2,400,000 | ) | (5,050,000 | ) | ||||
Net increase (decrease) in shares outstanding | (150,000 | ) | 6,900,000 | |||||
See notes to financial statements.
FINANCIAL STATEMENTS | 57 |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Australia Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 20.92 | $ | 20.33 | $ | 23.96 | $ | 27.62 | $ | 21.59 | $ | 18.28 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.47 | 0.72 | 0.78 | 0.96 | 0.89 | 0.75 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 5.19 | 0.69 | (3.47 | ) | (3.34 | ) | 6.24 | 3.23 | ||||||||||||||||
Total from investment operations | 5.66 | 1.41 | (2.69 | ) | (2.38 | ) | 7.13 | 3.98 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.63 | ) | (0.82 | ) | (0.94 | ) | (1.28 | ) | (1.10 | ) | (0.67 | ) | ||||||||||||
Total distributions | (0.63 | ) | (0.82 | ) | (0.94 | ) | (1.28 | ) | (1.10 | ) | (0.67 | ) | ||||||||||||
Net asset value, end of period | $ | 25.95 | $ | 20.92 | $ | 20.33 | $ | 23.96 | $ | 27.62 | $ | 21.59 | ||||||||||||
Total return | 27.17 | %c | 6.86 | % | (8.91 | )% | (9.25 | )% | 33.97 | % | 22.35 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 3,134,869 | $ | 2,196,817 | $ | 1,593,676 | $ | 1,059,092 | $ | 1,464,112 | $ | 686,407 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 3.85 | % | 3.24 | % | 4.92 | % | 3.38 | % | 3.46 | % | 3.75 | % | ||||||||||||
Portfolio turnover ratee | 4 | % | 8 | % | 14 | % | 10 | % | 10 | % | 7 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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.
58 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Hong Kong Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 16.02 | $ | 14.39 | $ | 15.87 | $ | 18.30 | $ | 14.20 | $ | 13.01 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.12 | 0.42 | 0.52 | 0.45 | 0.47 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 2.64 | 1.69 | (1.46 | ) | (2.25 | ) | 3.94 | 1.17 | ||||||||||||||||
Total from investment operations | 2.76 | 2.11 | (0.94 | ) | (1.80 | ) | 4.41 | 1.55 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.48 | ) | (0.54 | ) | (0.63 | ) | (0.31 | ) | (0.36 | ) | ||||||||||||
Total distributions | (0.17 | ) | (0.48 | ) | (0.54 | ) | (0.63 | ) | (0.31 | ) | (0.36 | ) | ||||||||||||
Net asset value, end of period | $ | 18.61 | $ | 16.02 | $ | 14.39 | $ | 15.87 | $ | 18.30 | $ | 14.20 | ||||||||||||
Total return | 17.22 | %c | 14.85 | % | (4.77 | )% | (10.54 | )% | 31.44 | % | 12.20 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,997,436 | $ | 1,976,317 | $ | 1,951,777 | $ | 1,675,184 | $ | 1,445,309 | $ | 882,712 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.33 | % | 2.67 | % | 4.29 | % | 2.34 | % | 2.92 | % | 2.87 | % | ||||||||||||
Portfolio turnover ratee | 12 | % | 5 | % | 9 | % | 17 | % | 9 | % | 10 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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 | 59 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Japan Small Cap Index Fund | ||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Period from Dec. 20, 2007a to Aug. 31, 2008 | |||||||||||||
Net asset value, beginning of period | $ | 40.74 | $ | 44.45 | $ | 43.24 | $ | 48.85 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.33 | 0.61 | 0.60 | 0.29 | ||||||||||||
Net realized and unrealized gain (loss)c | 8.51 | (3.39 | ) | 1.29 | (5.74 | ) | ||||||||||
Total from investment operations | 8.84 | (2.78 | ) | 1.89 | (5.45 | ) | ||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.55 | ) | (0.93 | ) | (0.68 | ) | (0.16 | ) | ||||||||
Total distributions | (0.55 | ) | (0.93 | ) | (0.68 | ) | (0.16 | ) | ||||||||
Net asset value, end of period | $ | 49.03 | $ | 40.74 | $ | 44.45 | $ | 43.24 | ||||||||
Total return | 21.82 | %d | (6.25 | )% | 4.62 | % | (11.19 | )%d | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 44,126 | $ | 36,664 | $ | 35,556 | $ | 34,594 | ||||||||
Ratio of expenses to average net assetse | 0.53 | % | 0.53 | % | 0.56 | % | 0.53 | % | ||||||||
Ratio of net investment income to average net assetse | 1.48 | % | 1.46 | % | 1.59 | % | 0.93 | % | ||||||||
Portfolio turnover ratef | 2 | % | 7 | % | 7 | % | 7 | % |
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. |
d | Not annualized. |
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.
60 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Malaysia Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.98 | $ | 9.79 | $ | 9.39 | $ | 10.97 | $ | 7.75 | $ | 7.19 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.21 | 0.24 | 0.28 | 0.34 | 0.34 | 0.26 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 1.09 | 3.20 | 0.40 | (1.31 | ) | 3.08 | 0.59 | |||||||||||||||||
Total from investment operations | 1.30 | 3.44 | 0.68 | (0.97 | ) | 3.42 | 0.85 | |||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.25 | ) | (0.28 | ) | (0.61 | ) | (0.20 | ) | (0.29 | ) | ||||||||||||
Total distributions | (0.24 | ) | (0.25 | ) | (0.28 | ) | (0.61 | ) | (0.20 | ) | (0.29 | ) | ||||||||||||
Net asset value, end of period | $ | 14.04 | $ | 12.98 | $ | 9.79 | $ | 9.39 | $ | 10.97 | $ | 7.75 | ||||||||||||
Total return | 10.02 | %c | 35.76 | % | 8.00 | % | (9.86 | )% | 44.64 | % | 12.35 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 922,519 | $ | 794,142 | $ | 513,000 | $ | 473,091 | $ | 741,440 | $ | 374,334 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.56 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average netassetsd | 2.95 | % | 2.17 | % | 3.45 | % | 2.84 | % | 3.21 | % | 3.46 | % | ||||||||||||
Portfolio turnover ratee | 28 | % | 29 | % | 52 | % | 92 | % | 87 | % | 60 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rate for the six months ended February 28, 2011 and the years ended August 31, 2010, August 31, 2009, August 31, 2008, August 31, 2007 and August 31, 2006 would have been 20%, 10%, 12%, 16%, 3% and 9%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 61 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Pacific ex-Japan Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008a | Year ended Aug. 31, 2007a | Year ended Aug. 31, 2006a | |||||||||||||||||||
Net asset value, beginning of period | $ | 39.25 | $ | 36.85 | $ | 41.37 | $ | 48.31 | $ | 37.34 | $ | 32.52 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 0.67 | 1.25 | 1.38 | 1.64 | 1.52 | 1.28 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 8.13 | 2.52 | (4.79 | ) | (6.01 | ) | 11.18 | 4.77 | ||||||||||||||||
Total from investment operations | 8.80 | 3.77 | (3.41 | ) | (4.37 | ) | 12.70 | 6.05 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.99 | ) | (1.37 | ) | (1.11 | ) | (2.51 | ) | (1.73 | ) | (1.23 | ) | ||||||||||||
Net realized gain | – | – | – | (0.06 | ) | – | – | |||||||||||||||||
Total distributions | (0.99 | ) | (1.37 | ) | (1.11 | ) | (2.57 | ) | (1.73 | ) | (1.23 | ) | ||||||||||||
Net asset value, end of period | $ | 47.06 | $ | 39.25 | $ | 36.85 | $ | 41.37 | $ | 48.31 | $ | 37.34 | ||||||||||||
Total return | 22.47 | %d | 10.27 | % | (7.23 | )% | (9.87 | )% | 34.86 | % | 19.17 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 3,981,225 | $ | 3,438,149 | $ | 3,382,554 | $ | 3,263,971 | $ | 3,536,295 | $ | 2,094,931 | ||||||||||||
Ratio of expenses to average net assetse | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Ratio of net investment income to averagenet assetse | 2.96 | % | 3.09 | % | 4.83 | % | 3.35 | % | 3.43 | % | 3.67 | % | ||||||||||||
Portfolio turnover ratef | 5 | % | 7 | % | 10 | % | 14 | % | 11 | % | 8 | % |
a | Per share amounts were adjusted to reflect a three-for-one stock split effective July 24, 2008. |
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. |
d | Not annualized. |
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.
62 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Singapore Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.17 | $ | 10.25 | $ | 11.44 | $ | 13.28 | $ | 9.11 | $ | 7.77 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.08 | 0.32 | 0.32 | 0.47 | 0.47 | 0.40 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 1.09 | 1.97 | (1.16 | ) | (1.67 | ) | 4.01 | 1.23 | ||||||||||||||||
Total from investment operations | 1.17 | 2.29 | (0.84 | ) | (1.20 | ) | 4.48 | 1.63 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.31 | ) | (0.37 | ) | (0.35 | ) | (0.64 | ) | (0.31 | ) | (0.29 | ) | ||||||||||||
Total distributions | (0.31 | ) | (0.37 | ) | (0.35 | ) | (0.64 | ) | (0.31 | ) | (0.29 | ) | ||||||||||||
Net asset value, end of period | $ | 13.03 | $ | 12.17 | $ | 10.25 | $ | 11.44 | $ | 13.28 | $ | 9.11 | ||||||||||||
Total return | 9.55 | %c | 22.68 | % | (5.87 | )% | (9.55 | )% | 49.92 | % | 21.61 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,890,328 | $ | 1,730,001 | $ | 1,294,039 | $ | 1,476,968 | $ | 1,669,210 | $ | 574,620 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.53 | % | 0.55 | % | 0.52 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to averagenet assetsd | 1.14 | % | 2.80 | % | 3.97 | % | 3.56 | % | 3.80 | % | 4.74 | % | ||||||||||||
Portfolio turnover ratee | 4 | % | 9 | % | 15 | % | 16 | % | 8 | % | 6 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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 | 63 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI South Korea Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 47.76 | $ | 42.01 | $ | 43.55 | $ | 63.60 | $ | 46.00 | $ | 34.75 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.27 | 0.32 | 0.30 | 0.80 | 0.51 | 0.31 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 9.76 | 5.82 | (1.45 | ) | (19.87 | ) | 17.42 | 11.20 | ||||||||||||||||
Total from investment operations | 10.03 | 6.14 | (1.15 | ) | (19.07 | ) | 17.93 | 11.51 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.39 | ) | (0.39 | ) | (0.98 | ) | (0.33 | ) | (0.26 | ) | ||||||||||||
Total distributions | (0.17 | ) | (0.39 | ) | (0.39 | ) | (0.98 | ) | (0.33 | ) | (0.26 | ) | ||||||||||||
Net asset value, end of period | $ | 57.62 | $ | 47.76 | $ | 42.01 | $ | 43.55 | $ | 63.60 | $ | 46.00 | ||||||||||||
Total return | 20.99 | %c | 14.65 | % | (2.31 | )% | (30.35 | )% | 39.18 | % | 33.16 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 4,238,297 | $ | 3,255,168 | $ | 2,398,550 | $ | 1,985,763 | $ | 2,429,453 | $ | 1,621,334 | ||||||||||||
Ratio of expenses to average net assetsd,e | 0.59 | % | 0.61 | % | 0.65 | % | 0.63 | % | 0.68 | % | 0.70 | % | ||||||||||||
Ratio of net investment income to averagenet assetsd | 0.94 | % | 0.67 | % | 0.91 | % | 1.35 | % | 0.96 | % | 0.71 | % | ||||||||||||
Portfolio turnover ratef | 4 | % | 14 | % | 62 | % | 42 | % | 20 | % | 47 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Amounts have been adjusted as necessary to be consistent with current period presentation of foreign taxes. |
f | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rate for the six months ended February 28, 2011 and the years ended August 31, 2010, August 31, 2009, August 31, 2008, August 31, 2007 and August 31, 2006 would have been 2%, 6%, 8%, 15%, 6% and 14%, respectively. See Note 4. |
See notes to financial statements.
64 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Taiwan Index Fund | ||||||||||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 12.19 | $ | 10.94 | $ | 13.13 | $ | 15.99 | $ | 12.57 | $ | 11.57 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | (0.03 | ) | 0.23 | 0.30 | 0.54 | 0.38 | 0.34 | |||||||||||||||||
Net realized and unrealized gain (loss)b | 2.74 | 1.23 | (1.89 | ) | (3.01 | ) | 3.34 | 0.80 | ||||||||||||||||
Total from investment operations | 2.71 | 1.46 | (1.59 | ) | (2.47 | ) | 3.72 | 1.14 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.21 | ) | (0.60 | ) | (0.39 | ) | (0.30 | ) | (0.14 | ) | ||||||||||||
Total distributions | (0.29 | ) | (0.21 | ) | (0.60 | ) | (0.39 | ) | (0.30 | ) | (0.14 | ) | ||||||||||||
Net asset value, end of period | $ | 14.61 | $ | 12.19 | $ | 10.94 | $ | 13.13 | $ | 15.99 | $ | 12.57 | ||||||||||||
Total return | 22.19 | %c | 13.30 | % | (9.67 | )% | (15.69 | )% | 29.91 | % | 9.84 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 3,388,627 | $ | 2,721,439 | $ | 3,035,331 | $ | 2,918,008 | $ | 2,769,764 | $ | 1,893,751 | ||||||||||||
Ratio of expenses to average net assetsd,e | 0.59 | % | 0.61 | % | 0.65 | % | 0.63 | % | 0.68 | % | 0.70 | % | ||||||||||||
Ratio of net investment income (loss) toaverage net assetsd | (0.40 | )% | 1.90 | % | 3.18 | % | 3.54 | % | 2.61 | % | 2.74 | % | ||||||||||||
Portfolio turnover ratef | 13 | % | 9 | % | 52 | % | 33 | % | 35 | % | 29 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Amounts have been adjusted as necessary to be consistent with current period presentation of foreign taxes. |
f | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rate for the six months ended February 28, 2011 and the years ended August 31, 2010, August 31, 2009, August 31, 2008, August 31, 2007 and August 31, 2006 would have been 8%, 4%, 14%, 11%, 12% and 10%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 65 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Thailand Investable Market Index Fund | ||||||||||||||||
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Period from Aug. 31, 2008 | |||||||||||||
Net asset value, beginning of period | $ | 55.06 | $ | 36.87 | $ | 38.83 | $ | 50.03 | ||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.41 | 1.44 | 1.17 | 0.32 | ||||||||||||
Net realized and unrealized gain (loss)c | 6.43 | 17.95 | (1.88 | ) | (11.52 | ) | ||||||||||
Total from investment operations | 6.84 | 19.39 | (0.71 | ) | (11.20 | ) | ||||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.52 | ) | (1.20 | ) | (1.25 | ) | – | |||||||||
Total distributions | (0.52 | ) | (1.20 | ) | (1.25 | ) | – | |||||||||
Net asset value, end of period | $ | 61.38 | $ | 55.06 | $ | 36.87 | $ | 38.83 | ||||||||
Total return | 12.41 | %d | 53.19 | % | (0.33 | )% | (22.39 | )%d | ||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 570,864 | $ | 520,304 | $ | 94,021 | $ | 58,248 | ||||||||
Ratio of expenses to average net assetse,f | 0.59 | % | 0.61 | % | 0.65 | % | 0.63 | % | ||||||||
Ratio of net investment income to average net assetse | 1.33 | % | 3.22 | % | 4.00 | % | 1.68 | % | ||||||||
Portfolio turnover rateg | 9 | % | 14 | % | 15 | % | 19 | % |
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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Amounts have been adjusted as necessary to be consistent with current period presentation of foreign taxes. |
g | 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.
66 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the iShares MSCI Australia, iShares MSCI Hong Kong, iShares MSCI Japan Small Cap, iShares MSCI Malaysia, iShares MSCI Pacific ex-Japan, iShares MSCI Singapore, iShares MSCI South Korea, iShares MSCI Taiwan and iShares MSCI Thailand Investable Market Index Funds (each, a “Fund”, collectively, the “Funds”).
The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to achieve each Fund’s investment objective. Each of the Funds is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
Each Fund invests in the securities of non-U.S. issuers that may trade in non-U.S. markets. This may involve 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.
Pursuant to the Company’s organizational documents, the Funds’ officers and directors 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 Company in the preparation of its 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.
SECURITY VALUATION
The securities and other assets of each Fund are valued pursuant to the pricing policy and procedures approved by the Board of Directors of the Company (the “Board”) using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• | Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date (a “Level 1 Price”); |
NOTESTO FINANCIAL STATEMENTS | 67 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
• | 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, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (a “Level 2 Price”); and |
• | Level 3 – Inputs that are unobservable for the asset or liability (a “Level 3 Price”). |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy.
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 does not necessarily correspond to the Funds’ perceived risk of that instrument.
Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 Prices, include active listed equities. The Funds do not adjust the quoted price for such instruments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price.
Investments that trade in markets that are not considered to be active, but whose values are based on inputs such as quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified within Level 2. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Investments whose values are classified as Level 3 Prices have significant unobservable inputs, as they may trade infrequently or not at all. Investments whose values are classified as Level 3 Prices may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange, less liquid corporate debt securities (including distressed debt instruments), collateralized debt obligations, and less liquid mortgage securities (backed by either commercial or residential real estate). When observable prices are not available for these securities, the Funds use one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
The inputs used by the Funds in estimating the value of Level 3 Prices may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 Prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Funds in the absence of market information. The fair value measurement of Level 3 Prices does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Funds’ results of operations.
68 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2011. The breakdown of each Fund’s investments into major categories is disclosed in its respective Schedule of Investments.
Investments in Securities | ||||||||||||||||
iShares MSCI Index Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Australia | ||||||||||||||||
Common Stocks | $ | 3,108,176,857 | $ | – | $ | 2,609 | $ | 3,108,179,466 | ||||||||
Short-Term Investments | 31,358,656 | – | – | 31,358,656 | ||||||||||||
$ | 3,139,535,513 | $ | – | $ | 2,609 | $ | 3,139,538,122 | |||||||||
Hong Kong | ||||||||||||||||
Common Stocks | $ | 1,988,146,887 | $ | – | $ | – | $ | 1,988,146,887 | ||||||||
Rights | – | – | 1,598,340 | 1,598,340 | ||||||||||||
Short-Term Investments | 41,707,746 | – | – | 41,707,746 | ||||||||||||
$ | 2,029,854,633 | $ | – | $ | 1,598,340 | $ | 2,031,452,973 | |||||||||
Japan Small Cap | ||||||||||||||||
Common Stocks | $ | 43,958,834 | $ | – | $ | – | $ | 43,958,834 | ||||||||
Short-Term Investments | 261,271 | – | – | 261,271 | ||||||||||||
$ | 44,220,105 | $ | – | $ | – | $ | 44,220,105 | |||||||||
Malaysia | ||||||||||||||||
Common Stocks | $ | 920,509,633 | $ | – | $ | – | $ | 920,509,633 | ||||||||
Short-Term Investments | 184,303 | – | – | 184,303 | ||||||||||||
$ | 920,693,936 | $ | – | $ | – | $ | 920,693,936 | |||||||||
Pacific ex-Japan | ||||||||||||||||
Common Stocks | $ | 3,960,472,670 | $ | – | $ | 3,730 | $ | 3,960,476,400 | ||||||||
Rights | – | – | 684,802 | 684,802 | ||||||||||||
Short-Term Investments | 86,882,085 | – | – | 86,882,085 | ||||||||||||
$ | 4,047,354,755 | $ | – | $ | 688,532 | $ | 4,048,043,287 | |||||||||
Singapore | ||||||||||||||||
Common Stocks | $ | 1,886,507,361 | $ | – | $ | – | $ | 1,886,507,361 | ||||||||
Short-Term Investments | 143,575,639 | – | – | 143,575,639 | ||||||||||||
$ | 2,030,083,000 | $ | – | $ | – | $ | 2,030,083,000 | |||||||||
NOTESTO FINANCIAL STATEMENTS | 69 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Investments in Securities | ||||||||||||||||
iShares MSCI Index Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
South Korea | ||||||||||||||||
Common Stocks | $ | 4,077,890,971 | $ | – | $ | – | $ | 4,077,890,971 | ||||||||
Preferred Stocks | 127,035,507 | – | – | 127,035,507 | ||||||||||||
Short-Term Investments | 230,350,714 | – | – | 230,350,714 | ||||||||||||
$ | 4,435,277,192 | $ | – | $ | – | $ | 4,435,277,192 | |||||||||
Taiwan | ||||||||||||||||
Common Stocks | $ | 3,388,138,254 | $ | – | $ | 23 | $ | 3,388,138,277 | ||||||||
Short-Term Investments | 2,044,565 | – | – | 2,044,565 | ||||||||||||
$ | 3,390,182,819 | $ | – | $ | 23 | $ | 3,390,182,842 | |||||||||
Thailand Investable Market | ||||||||||||||||
Common Stocks | $ | 567,785,505 | $ | – | $ | – | $ | 567,785,505 | ||||||||
Warrants | 32,388 | – | – | 32,388 | ||||||||||||
Short-Term Investments | 507,235 | – | – | 507,235 | ||||||||||||
$ | 568,325,128 | $ | – | $ | – | $ | 568,325,128 | |||||||||
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source, and interest income is accrued daily. 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. 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.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign
70 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
markets in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are disclosed in their Statements of Operations. Foreign taxes payable as of February 28, 2011, if any, are reflected in the Funds’ Statements of Assets and Liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income, if any, generally are declared and paid semi-annually by each of the Funds. Distributions of net realized capital gains, if any, generally are declared and paid once a year. 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.
The tax character of current year distributions will be determined at the end of the current fiscal year.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity 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 was required for the six months ended February 28, 2011.
Certain Funds had tax basis net capital loss carryforwards as of August 31, 2010, the tax year-end of the Funds, as follows:
iShares MSCI Index Fund | Expiring 2011 | Expiring 2012 | Expiring 2013 | Expiring 2014 | Expiring 2015 | Expiring 2016 | Expiring 2017 | Expiring 2018 | Total | |||||||||||||||||||||||||||
Australia | $ | 650,082 | $ | 596,240 | $ | 384,424 | $ | – | $ | 7,066 | $ | 529,868 $ | 24,006,125 | $ | 23,348,244 | $ | 49,522,049 | |||||||||||||||||||
Hong Kong | 2,870,602 | 2,330,414 | 468,716 | 425,440 | 2,899,247 | 3,185,408 | 29,235,556 | 114,836,904 | 156,252,287 | |||||||||||||||||||||||||||
Japan Small Cap | – | – | – | – | – | – | 131,718 | 541,322 | 673,040 | |||||||||||||||||||||||||||
Malaysia | 2,898,105 | 775,477 | 6,820,474 | 1,543,708 | 3,357,786 | 1,127,892 | 40,223,530 | – | 56,746,972 | |||||||||||||||||||||||||||
Pacific ex-Japan | – | – | – | – | – | – | 66,207,828 | 104,799,503 | 171,007,331 | |||||||||||||||||||||||||||
Singapore | 4,428,316 | 4,256,421 | 2,558,348 | – | – | 807,115 | 15,680,510 | 132,420,824 | 160,151,534 | |||||||||||||||||||||||||||
South Korea | 504,041 | 3,363,449 | 11,590,303 | 3,172,573 | 38,097,223 | – | 178,889,302 | 226,591,665 | 462,208,556 | |||||||||||||||||||||||||||
Taiwan | 8,689,663 | 9,129,874 | 12,022,719 | 14,435,986 | 64,999,586 | 16,734,578 | 343,375,145 | 363,052,013 | 832,439,564 | |||||||||||||||||||||||||||
Thailand Investable | ||||||||||||||||||||||||||||||||||||
Market | – | – | – | – | – | – | 555,444 | 2,321,428 | 2,876,872 |
Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year or until their respective expiration dates, whichever occurs first.
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.
Each Fund reclassifies, at the end of its tax year, certain amounts between paid-in capital, accumulated net realized gain (loss) on investments and foreign currency transactions and accumulated net investment income (loss) as a result of permanent book and tax differences primarily
NOTESTO FINANCIAL STATEMENTS | 71 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
attributed to net investment loss, return of capital, passive foreign investment companies, and realized gains (losses) from foreign currency transactions and in-kind redemptions. These reclassifications have no effect on net assets or net asset values per share.
As of February 28, 2011, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares MSCI Index Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Australia | $ | 2,900,747,666 | $ | 279,254,623 | $ | (40,464,167 | ) | $ | 238,790,456 | |||||||
Hong Kong | 2,046,380,045 | 107,690,510 | (122,617,582 | ) | (14,927,072 | ) | ||||||||||
Japan Small Cap | 42,580,239 | 4,373,566 | (2,733,700 | ) | 1,639,866 | |||||||||||
Malaysia | 533,633,646 | 387,754,146 | (693,856 | ) | 387,060,290 | |||||||||||
Pacific ex-Japan | 3,358,083,906 | 785,521,964 | (95,562,583 | ) | 689,959,381 | |||||||||||
Singapore | 1,890,883,066 | 167,214,084 | (28,014,150 | ) | 139,199,934 | |||||||||||
South Korea | 3,165,250,313 | 1,292,424,127 | (22,397,248 | ) | 1,270,026,879 | |||||||||||
Taiwan | 2,381,731,138 | 1,053,241,115 | (44,789,411 | ) | 1,008,451,704 | |||||||||||
Thailand Investable Market | 488,146,906 | 92,164,255 | (11,986,033 | ) | 80,178,222 |
Management has reviewed the tax positions as of February 28, 2011, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for all expenses of the Company, including the cost of transfer agency, custody, fund administration, legal, audit and other services, 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 the iShares MSCI Australia, iShares MSCI Hong Kong, iShares MSCI Japan Small Cap, iShares MSCI Malaysia and iShares MSCI Singapore Index Funds, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these Funds and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.59% | First $7 billion | |
0.54 | Over $7 billion, up to and including $11 billion | |
0.49 | Over $11 billion, up to and including $24 billion | |
0.44 | Over $24 billion, up to and including $48 billion | |
0.40 | Over $48 billion |
72 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Effective January 1, 2011, for its investment advisory services to the iShares MSCI South Korea, iShares MSCI Taiwan and iShares MSCI Thailand Investable Market Index Funds, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these Funds and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.74% | First $2 billion | |
0.69 | Over $2 billion, up to and including $4 billion | |
0.64 | Over $4 billion, up to and including $8 billion | |
0.57 | Over $8 billion, up to and including $16 billion | |
0.51 | Over $16 billion, up to and including $32 billion | |
0.45 | Over $32 billion |
Prior to January 1, 2011, for its investment advisory services to the iShares MSCI South Korea, iShares MSCI Taiwan and iShares MSCI Thailand Investable Market Index Funds, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of these Funds and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.74% | First $2 billion | |
0.69 | Over $2 billion, up to and including $4 billion | |
0.64 | Over $4 billion, up to and including $8 billion | |
0.57 | Over $8 billion, up to and including $16 billion | |
0.51 | Over $16 billion |
For its investment advisory services to the iShares MSCI Pacific ex-Japan Index Fund, BFA is entitled to an annual investment advisory fee of 0.50% of the average daily net assets of the Fund.
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”) to serve as securities lending agent for the Funds, subject to applicable conditions. BTC is an affiliate of BFA, the Funds’ investment adviser. As securities lending agent, BTC receives, as fees, a share of the combined income earned from the investment of cash collateral received for the loan of securities and any fees paid by borrowers. For the six months ended February 28, 2011, BTC earned securities lending agent fees from certain Funds as follows:
iShares MSCI Index Fund | Securities Lending Agent Fees | |||
Australia | $ | 43,046 | ||
Hong Kong | 53,342 | |||
Japan Small Cap | 3,831 | |||
Pacific ex-Japan | 190,884 | |||
Singapore | 443,568 | |||
South Korea | 1,119,806 |
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 from affiliated issuers in the Statements of Operations.
NOTESTO FINANCIAL STATEMENTS | 73 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.
Certain directors and officers of the Company 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 February 28, 2011 were as follows:
iShares MSCI Index Fund | Purchases | Sales | ||||||
Australia | $ | 97,958,097 | $ | 115,640,093 | ||||
Hong Kong | 245,842,213 | 276,125,645 | ||||||
Japan Small Cap | 931,443 | 1,195,775 | ||||||
Malaysia | 285,868,162 | 230,889,803 | ||||||
Pacific ex-Japan | 212,992,443 | 230,354,981 | ||||||
Singapore | 73,261,723 | 98,190,828 | ||||||
South Korea | 462,620,174 | 157,333,819 | ||||||
Taiwan | 536,355,864 | 408,157,994 | ||||||
Thailand Investable Market | 55,489,451 | 54,374,520 |
In-kind transactions (see Note 4) for the six months ended February 28, 2011 were as follows:
iShares MSCI Index Fund | In-kind Purchases | In-kind Sales | ||||||
Australia | $ | 516,556,218 | $ | 142,610,211 | ||||
Hong Kong | 299,040,631 | 565,131,806 | ||||||
Japan Small Cap | 9,699,722 | 9,443,797 | ||||||
Pacific ex-Japan | 327,341,094 | 477,886,051 | ||||||
Singapore | 262,078,520 | 224,957,473 | ||||||
Thailand Investable Market | 132,202,189 | 146,332,084 |
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 generally consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes an optimized representation of the securities of that Fund’s underlying index, and an amount of cash (except for the iShares MSCI Malaysia, iShares MSCI South Korea and iShares MSCI Taiwan Index Funds which are offered in Creation Units solely for cash in U.S.dollars). Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the 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 pay an additional variable
74 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the Statements of Assets and Liabilities.
5. 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 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. Any securities lending cash collateral 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 BFA or its affiliates; such reinvestments are subject to investment risk.
As of February 28, 2011, certain Funds had loaned securities which were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of the securities on loan as of February 28, 2011 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the investment of the cash collateral, plus any fees paid by borrowers and less the fees paid to BTC as securities lending agent which are subject to adjustments pursuant to the securities lending agreement.
6. SUBSEQUENT EVENTS
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.
NOTESTO FINANCIAL STATEMENTS | 75 |
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Notes:
76 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes:
NOTES | 77 |
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Notes:
78 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Dear iShares Shareholder:
Electronic delivery is the easiest, most convenient way to receive reporting on your iShares holdings. In addition, it’s a way we can all care for our environment. To that end, we are pleased to offer shareholder reports and prospectuses online.
Once you have enrolled, you will no longer receive shareholder reports and prospectuses in the mail. Instead, you will receive e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com and is available to be viewed or downloaded.
To sign up for electronic delivery, please follow these simple steps:
1. Go to www.icsdelivery.com.
2. From the main page, select the first letter of your brokerage firm’s name.
3. Select your brokerage institution from the list that follows. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.
4. Fill out the appropriate information and provide the e-mail address where you would like your notifications sent.
Your information and e-mail address will be kept confidential and only used to deliver documents to you. If at any time you are not satisfied, you can cancel electronic delivery at www.icsdelivery.com and once again receive physical delivery of your materials. If you have any questions, please contact your brokerage firm or financial adviser. |
Table of Contents
For more information:
WWW.iSHARES.COM
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 SEI Investments Distribution Co. (“SEI”). BlackRock Fund Advisors (“BFA”) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A., neither of which is affiliated with SEI.
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. Neither SEI, nor BlackRock Institutional Trust Company, N.A., nor any of their affiliates, are affiliated with the company listed above.
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 monthly basis on the Funds’ website.
©2011 BlackRock Institutional Trust Company, N.A. All rights reserved. iShares® is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners.
iS-SAR-83-0211
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Table of Contents
2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS
iSHARES® MSCI SERIES
FEBRUARY 28, 2011
» Would you prefer to receive materials like this electronically?
See inside back cover for details.
iShares MSCI Japan Index Fund | EWJ | NYSE Arca
Table of Contents
5 | ||||
6 | ||||
7 | ||||
13 | ||||
16 | ||||
17 |
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iSHARES® MSCI JAPAN INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
16.68% | 17.61% | 17.29% | (2.80)% | (2.37)% | (2.35)% | 1.57% | 1.60% | 2.05% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Ten Years Ended 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
16.68% | 17.61% | 17.29% | (13.25)% | (11.31)% | (11.20)% | 16.85% | 17.21% | 22.50% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI Japan Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Japan IndexSM (the “Index”). The Index consists of stocks traded primarily on the Tokyo Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 22.36%, while the total return for the Index was 22.76%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector | Percentage of Net Assets | |||
Consumer Cyclical | 26.35 | % | ||
Industrial | 21.82 | |||
Financial | 17.90 | |||
Consumer Non-Cyclical | 9.85 | |||
Basic Materials | 6.76 | |||
Communications | 5.46 | |||
Utilities | 5.33 | |||
Technology | 4.61 | |||
Energy | 1.72 | |||
Short-Term and Other Net Assets | 0.20 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Toyota Motor Corp. | 5.02 | % | ||
Honda Motor Co. Ltd. | 2.77 | |||
Mitsubishi UFJ Financial Group Inc. | 2.74 | |||
Canon Inc. | 2.10 | |||
Sumitomo Mitsui Financial Group Inc. | 1.97 | |||
Mizuho Financial Group Inc. | 1.63 | |||
Mitsubishi Corp. | 1.44 | |||
Takeda Pharmaceutical Co. Ltd. | 1.44 | |||
Sony Corp. | 1.43 | |||
Tokyo Electric Power Co. Inc. (The) | 1.43 | |||
TOTAL | 21.97 | % | ||
FUND PERFORMANCE OVERVIEW | 5 |
Table of Contents
Shareholder Expenses (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
As a shareholder of the 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 following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2010 to February 28, 2011.
ACTUAL EXPENSES
The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid 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 in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. 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 second line in the table is 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.
Beginning Account Value (9/1/10) | Ending Account Value (2/28/11) | Annualized Expense Ratio | Expenses Paid During Perioda (9/1/10 to 2/28/11) | |||||||||||||
Actual | $1,000.00 | $1,223.60 | 0.53 | % | $2.92 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,022.20 | 0.53 | 2.66 |
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 (181 days) and divided by the number of days in the year (365 days). |
6 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 99.80% |
| |||||||
ADVERTISING – 0.25% |
| |||||||
Dentsu Inc. | 359,600 | $ | 11,394,136 | |||||
Hakuhodo DY Holdings Inc. | 62,930 | 3,978,731 | ||||||
15,372,867 | ||||||||
AGRICULTURE – 0.72% |
| |||||||
Japan Tobacco Inc. | 10,788 | 44,373,929 | ||||||
44,373,929 | ||||||||
AIRLINES – 0.16% |
| |||||||
All Nippon Airways Co. Ltd.a,b | 2,697,000 | 9,710,912 | ||||||
9,710,912 | ||||||||
APPAREL – 0.19% |
| |||||||
ASICS Corp. | 899,000 | 12,004,223 | ||||||
12,004,223 | ||||||||
AUTO MANUFACTURERS – 9.95% |
| |||||||
Fuji Heavy Industries Ltd. | 1,798,000 | 15,383,840 | ||||||
Hino Motors Ltd. | 899,000 | 4,948,724 | ||||||
Honda Motor Co. Ltd. | 3,955,600 | 171,153,448 | ||||||
Isuzu Motors Ltd. | 2,697,000 | 12,081,033 | ||||||
Mazda Motor Corp. | 3,596,000 | 9,217,137 | ||||||
Mitsubishi Motors Corp.a | 8,990,000 | 12,728,427 | ||||||
Nissan Motor Co. Ltd. | 5,933,400 | 60,471,000 | ||||||
Suzuki Motor Corp. | 809,100 | 19,069,597 | ||||||
Toyota Motor Corp. | 6,652,600 | 310,178,591 | ||||||
615,231,797 | ||||||||
AUTO PARTS & EQUIPMENT – 2.49% |
| |||||||
Aisin Seiki Co. Ltd. | 449,700 | 17,097,712 | ||||||
Bridgestone Corp. | 1,528,300 | 31,226,342 | ||||||
Denso Corp. | 1,168,700 | 43,578,402 | ||||||
JTEKT Corp. | 449,500 | 6,589,155 | ||||||
NGK Spark Plug Co. Ltd. | 428,000 | 6,373,246 | ||||||
NHK Spring Co. Ltd. | 899,000 | 10,489,979 | ||||||
NOK Corp. | 269,700 | 5,332,772 | ||||||
Stanley Electric Co. Ltd. | 360,800 | 6,601,235 | ||||||
Sumitomo Rubber Industries Inc. | 359,600 | 3,871,197 | ||||||
Toyoda Gosei Co. Ltd. | 179,800 | 4,204,770 | ||||||
Toyota Boshoku Corp. | 179,800 | 2,982,402 | ||||||
Toyota Industries Corp. | 449,500 | 15,471,622 | ||||||
153,818,834 | ||||||||
BANKS – 9.59% |
| |||||||
77 Bank Ltd. (The) | 899,000 | 5,650,982 |
Security | Shares | Value | ||||||
Aozora Bank Ltd. | 1,798,000 | $ | 4,037,984 | |||||
Bank of Kyoto Ltd. (The) | 899,000 | 8,624,606 | ||||||
Bank of Yokohama Ltd. (The) | 2,697,000 | 14,484,072 | ||||||
Chiba Bank Ltd. (The) | 1,798,000 | 12,267,570 | ||||||
Chuo Mitsui Trust Holdings Inc. | 2,697,000 | 11,455,584 | ||||||
Fukuoka Financial Group Inc. | 1,804,000 | 8,146,955 | ||||||
Gunma Bank Ltd. (The) | 899,000 | 5,541,255 | ||||||
Hachijuni Bank Ltd. (The) | 899,000 | 5,683,901 | ||||||
Hiroshima Bank Ltd. (The) | 899,000 | 4,092,848 | ||||||
Hokuhoku Financial Group Inc. | 3,601,000 | 8,263,005 | ||||||
Iyo Bank Ltd. (The) | 899,000 | 8,427,096 | ||||||
Joyo Bank Ltd. (The) | 1,798,000 | 8,427,096 | ||||||
Mitsubishi UFJ Financial Group Inc. | 30,655,980 | 169,500,292 | ||||||
Mizuho Financial Group Inc. | 49,175,300 | 100,835,474 | ||||||
Mizuho Trust & Banking Co. Ltd.a | 3,596,000 | 3,906,310 | ||||||
Nishi-Nippon City Bank Ltd. (The) | 1,798,000 | 5,991,139 | ||||||
Resona Holdings Inc. | 4,405,100 | 23,979,917 | ||||||
Sapporo Hokuyo Holdings Inc. | 809,100 | 4,206,964 | ||||||
Senshu Ikeda Holdings Inc. | 1,528,300 | 2,406,331 | ||||||
Seven Bank Ltd. | 1,798 | 3,833,890 | ||||||
Shinsei Bank Ltd.a,b | 1,798,000 | 2,282,339 | ||||||
Shizuoka Bank Ltd. (The) | 1,798,000 | 16,876,138 | ||||||
Sumitomo Mitsui Financial Group Inc. | 3,236,400 | 121,863,713 | ||||||
Sumitomo Trust and Banking Co. Ltd. (The) | 3,596,000 | 22,779,495 | ||||||
Suruga Bank Ltd. | 899,000 | 8,931,844 | ||||||
592,496,800 | ||||||||
BEVERAGES – 0.84% |
| |||||||
Asahi Breweries Ltd. | 899,000 | 17,293,104 | ||||||
Coca-Cola West Co. Ltd. | 89,900 | 1,652,501 | ||||||
ITO EN Ltd. | 179,800 | 3,179,912 | ||||||
Kirin Holdings Co. Ltd. | 1,798,000 | 25,588,527 | ||||||
Sapporo Holdings Ltd. | 899,000 | 4,059,929 | ||||||
51,773,973 | ||||||||
BUILDING MATERIALS – 1.32% |
| |||||||
Asahi Glass Co. Ltd. | 2,697,000 | 37,461,076 | ||||||
Daikin Industries Ltd. | 539,400 | 18,184,094 | ||||||
JS Group Corp. | 629,300 | 15,269,723 | ||||||
Nippon Sheet Glass Co. Ltd. | 1,798,000 | 5,135,262 | ||||||
Rinnai Corp. | 89,900 | 5,497,364 | ||||||
81,547,519 |
SCHEDULEOF INVESTMENTS | 7 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
CHEMICALS – 3.59% |
| |||||||
Asahi Kasei Corp. | 2,697,000 | $ | 18,565,946 | |||||
Daicel Chemical Industries Ltd. | 899,000 | 6,144,758 | ||||||
Denki Kagaku Kogyo K.K. | 899,000 | 4,806,078 | ||||||
Hitachi Chemical Co. Ltd. | 269,700 | 6,234,734 | ||||||
JSR Corp. | 449,500 | 9,595,698 | ||||||
Kaneka Corp. | 899,000 | 6,583,669 | ||||||
Mitsubishi Chemical Holdings Corp. | 3,146,500 | 22,927,627 | ||||||
Mitsubishi Gas Chemical Co. Inc. | 899,000 | 6,923,825 | ||||||
Mitsui Chemicals Inc. | 1,798,000 | 6,693,397 | ||||||
Nissan Chemical Industries Ltd. | 269,700 | 3,120,659 | ||||||
Nitto Denko Corp. | 359,600 | 21,616,380 | ||||||
Shin-Etsu Chemical Co. Ltd. | 988,900 | 56,668,931 | ||||||
Showa Denko K.K. | 3,596,000 | 7,856,512 | ||||||
Sumitomo Chemical Co. Ltd. | 3,596,000 | 19,312,096 | ||||||
Taiyo Nippon Sanso Corp. | 899,000 | 7,988,185 | ||||||
Tokuyama Corp. | 899,000 | 4,718,296 | ||||||
Tosoh Corp. | 899,000 | 3,204,052 | ||||||
Ube Industries Ltd. | 2,697,000 | 8,690,443 | ||||||
221,651,286 | ||||||||
COMMERCIAL SERVICES – 0.92% |
| |||||||
Benesse Holdings Inc. | 179,800 | 8,152,777 | ||||||
Dai Nippon Printing Co. Ltd. | 1,798,000 | 24,162,065 | ||||||
Kamigumi Co. Ltd. | 899,000 | 7,889,430 | ||||||
Toppan Printing Co. Ltd. | 1,800,000 | 16,455,511 | ||||||
56,659,783 | ||||||||
COMPUTERS – 0.86% |
| |||||||
Fujitsu Ltd. | 4,495,000 | 30,284,877 | ||||||
Itochu Techno-Solutions Corp. | 89,900 | 3,170,037 | ||||||
OBIC Co. Ltd. | 8,990 | 1,800,634 | ||||||
TDK Corp. | 269,700 | 18,072,171 | ||||||
53,327,719 | ||||||||
COSMETICS & PERSONAL CARE – 0.98% |
| |||||||
Kao Corp. | 1,258,600 | 33,796,167 | ||||||
Shiseido Co. Ltd. | 809,100 | 16,413,087 | ||||||
Unicharm Corp. | 269,700 | 10,385,738 | ||||||
60,594,992 | ||||||||
DISTRIBUTION & WHOLESALE – 4.67% |
| |||||||
Canon Marketing Japan Inc. | 89,900 | 1,256,384 | ||||||
Hitachi High-Technologies Corp. | 179,800 | 4,169,657 | ||||||
ITOCHU Corp. | 3,596,000 | 37,131,893 | ||||||
Marubeni Corp. | 3,596,000 | 27,431,954 |
Security | Shares | Value | ||||||
Mitsubishi Corp. | 3,236,400 | $ | 89,314,053 | |||||
Mitsui & Co. Ltd. | 4,135,400 | 75,005,546 | ||||||
Sojitz Corp. | 2,786,900 | 6,258,875 | ||||||
Sumitomo Corp. | 2,697,000 | 39,765,361 | ||||||
Toyota Tsusho Corp. | 449,500 | 8,481,960 | ||||||
288,815,683 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 1.98% |
| |||||||
AEON Credit Service Co. Ltd. | 179,870 | 2,733,286 | ||||||
Credit Saison Co. Ltd. | 359,600 | 7,000,635 | ||||||
Daiwa Securities Group Inc. | 3,596,000 | 19,312,096 | ||||||
Matsui Securities Co. Ltd. | 269,700 | 1,915,848 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 143,840 | 6,355,435 | ||||||
Mizuho Securities Co. Ltd. | 899,000 | 2,754,168 | ||||||
Nomura Holdings Inc. | 8,540,500 | 53,997,058 | ||||||
ORIX Corp. | 251,720 | 28,112,267 | ||||||
122,180,793 | ||||||||
ELECTRIC – 4.53% |
| |||||||
Chubu Electric Power Co. Inc. | 1,528,300 | 40,236,093 | ||||||
Chugoku Electric Power Co. Inc. (The) | 719,200 | 15,379,451 | ||||||
Electric Power Development Co. Ltd. | 269,700 | 8,496,225 | ||||||
Hokkaido Electric Power Co. Inc. | 449,500 | 9,623,130 | ||||||
Hokuriku Electric Power Co. | 449,500 | 11,301,965 | ||||||
Kansai Electric Power Co. Inc. (The) | 1,798,000 | 47,095,179 | ||||||
Kyushu Electric Power Co. Inc. | 899,000 | 20,826,340 | ||||||
Shikoku Electric Power Co. Inc. | 449,500 | 13,567,844 | ||||||
Tohoku Electric Power Co. Inc. | 1,078,800 | 25,057,444 | ||||||
Tokyo Electric Power Co. Inc. (The) | 3,416,200 | 88,146,549 | ||||||
279,730,220 | ||||||||
ELECTRICAL COMPONENTS & EQUIPMENT – 4.79% |
| |||||||
Brother Industries Ltd. | 539,400 | 8,479,766 | ||||||
Casio Computer Co. Ltd.b | 539,400 | 4,753,409 | ||||||
Furukawa Electric Co. Ltd. | 1,798,000 | 7,615,111 | ||||||
GS Yuasa Corp. | 899,000 | 6,462,968 | ||||||
Hitachi Ltd. | 10,788,000 | 65,178,323 | ||||||
Mitsubishi Electric Corp. | 4,495,000 | 53,053,399 | ||||||
Nidec Corp. | 269,700 | 25,017,942 | ||||||
Sharp Corp. | 2,697,000 | 29,132,735 | ||||||
Sumitomo Electric Industries Ltd. | 1,798,000 | 26,224,948 | ||||||
Toshiba Corp. | 9,889,000 | 64,574,820 | ||||||
Ushio Inc. | 269,700 | 5,523,698 | ||||||
296,017,119 |
8 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
ELECTRONICS – 5.30% |
| |||||||
Advantest Corp. | 359,600 | $ | 7,435,157 | |||||
Fanuc Ltd. | 449,500 | 69,567,436 | ||||||
Hamamatsu Photonics K.K. | 89,900 | 3,445,453 | ||||||
Hirose Electric Co. Ltd. | 89,900 | 10,248,578 | ||||||
Hoya Corp. | 1,078,800 | 25,689,476 | ||||||
IBIDEN Co. Ltd. | 269,700 | 9,266,514 | ||||||
Keyence Corp. | 89,951 | 24,417,310 | ||||||
Kyocera Corp. | 359,600 | 37,219,675 | ||||||
Mabuchi Motor Co. Ltd. | 89,900 | 4,476,895 | ||||||
Minebea Co. Ltd. | 899,000 | 5,299,854 | ||||||
Mitsumi Electric Co. Ltd. | 179,800 | 2,964,846 | ||||||
Murata Manufacturing Co. Ltd. | 449,500 | 33,357,256 | ||||||
NEC Corp. | 4,817,000 | 13,228,671 | ||||||
NGK Insulators Ltd. | 899,000 | 16,316,526 | ||||||
Nippon Electric Glass Co. Ltd. | 899,500 | 14,953,241 | ||||||
Omron Corp. | 449,500 | 12,426,675 | ||||||
Secom Co. Ltd. | 449,500 | 22,576,498 | ||||||
Yaskawa Electric Corp. | 899,000 | 10,468,034 | ||||||
Yokogawa Electric Corp. | 539,400 | 4,154,295 | ||||||
327,512,390 | ||||||||
ENGINEERING & CONSTRUCTION – 0.76% |
| |||||||
JGC Corp. | 899,000 | 20,244,782 | ||||||
Kajima Corp. | 1,798,000 | 4,784,133 | ||||||
Obayashi Corp. | 1,798,000 | 8,032,076 | ||||||
Shimizu Corp. | 1,798,000 | 7,680,947 | ||||||
Taisei Corp. | 2,697,000 | 6,353,241 | ||||||
47,095,179 | ||||||||
ENTERTAINMENT – 0.36% |
| |||||||
Oriental Land Co. Ltd. | 89,900 | 8,975,736 | ||||||
Sankyo Co. Ltd. | 179,800 | 10,149,823 | ||||||
Toho Co. Ltd. | 179,800 | 2,912,176 | ||||||
22,037,735 | ||||||||
ENVIRONMENTAL CONTROL – 0.12% |
| |||||||
Kurita Water Industries Ltd. | 269,700 | 7,630,472 | ||||||
7,630,472 | ||||||||
FOOD – 1.15% |
| |||||||
Ajinomoto Co. Inc. | 1,798,000 | 20,606,884 | ||||||
Kikkoman Corp. | 899,000 | 9,831,613 | ||||||
Meiji Holdings Co. Ltd. | 179,828 | 8,439,383 | ||||||
Nippon Meat Packers Inc. | 899,000 | 12,552,862 | ||||||
Nisshin Seifun Group Inc. | 451,500 | 5,918,601 |
Security | Shares | Value | ||||||
Nissin Foods Holdings Co. Ltd. | 179,800 | $ | 6,438,828 | |||||
Yakult Honsha Co. Ltd. | 269,700 | 7,594,262 | ||||||
71,382,433 | ||||||||
FOREST PRODUCTS & PAPER – 0.26% |
| |||||||
Nippon Paper Group Inc. | 270,600 | 7,411,527 | ||||||
Oji Paper Co. Ltd. | 1,798,000 | 8,909,899 | ||||||
16,321,426 | ||||||||
GAS – 0.81% |
| |||||||
Osaka Gas Co. Ltd. | 4,495,000 | 17,062,676 | ||||||
Toho Gas Co. Ltd. | 899,000 | 4,817,051 | ||||||
Tokyo Gas Co. Ltd. | 6,293,000 | 28,035,457 | ||||||
49,915,184 | ||||||||
HAND & MACHINE TOOLS – 0.84% |
| |||||||
Fuji Electric Holdings Co. Ltd. | 899,000 | 3,028,488 | ||||||
Makita Corp. | 269,700 | 11,340,370 | ||||||
SMC Corp. | 179,800 | 30,614,061 | ||||||
THK Co. Ltd. | 270,300 | 7,093,189 | ||||||
52,076,108 | ||||||||
HEALTH CARE – PRODUCTS – 0.49% |
| |||||||
Sysmex Corp. | 89,900 | 5,815,574 | ||||||
Terumo Corp. | 449,500 | 24,524,167 | ||||||
30,339,741 | ||||||||
HOME BUILDERS – 0.24% |
| |||||||
Sekisui Chemical Co. Ltd. | 710,000 | 5,572,196 | ||||||
Sekisui House Ltd. | 899,000 | 9,272,000 | ||||||
14,844,196 | ||||||||
HOME FURNISHINGS – 2.47% |
| |||||||
Panasonic Corp. | 4,764,715 | 64,029,674 | ||||||
Sony Corp. | 2,427,300 | 88,672,146 | ||||||
152,701,820 | ||||||||
HOUSEWARES – 0.12% |
| |||||||
TOTO Ltd. | 899,000 | 7,483,437 | ||||||
7,483,437 | ||||||||
INSURANCE – 2.84% |
| |||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 18,984 | 34,107,712 | ||||||
MS&AD Insurance Group Holdings Inc. | 1,259,540 | 32,975,873 | ||||||
NKSJ Holdings Inc.a | 3,608,800 | 27,177,220 | ||||||
Sony Financial Holdings Inc. | 1,798 | 7,626,083 | ||||||
T&D Holdings Inc. | 629,300 | 18,127,035 | ||||||
Tokio Marine Holdings Inc. | 1,708,100 | 55,852,556 | ||||||
175,866,479 |
SCHEDULEOF INVESTMENTS | 9 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
INTERNET – 2.06% |
| |||||||
Dena Co. Ltd. | 179,800 | $ | 6,923,825 | |||||
Gree Inc. | 179,800 | 2,916,565 | ||||||
Rakuten Inc. | 17,081 | 15,156,703 | ||||||
SoftBank Corp. | 1,977,800 | 80,990,101 | ||||||
Trend Micro Inc. | 269,700 | 8,338,217 | ||||||
Yahoo! Japan Corp. | 35,061 | 13,159,109 | ||||||
127,484,520 | ||||||||
IRON & STEEL – 2.13% |
| |||||||
Daido Steel Co. Ltd. | 899,000 | 5,991,139 | ||||||
JFE Holdings Inc. | 1,078,850 | 33,907,467 | ||||||
Kobe Steel Ltd. | 6,293,000 | 17,128,512 | ||||||
Nippon Steel Corp. | 12,586,000 | 45,471,207 | ||||||
Nisshin Steel Co. Ltd. | 1,798,000 | �� | 4,016,038 | |||||
Sumitomo Metal Industries Ltd. | 8,091,000 | 20,442,292 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 179,800 | 1,997,046 | ||||||
Yamato Kogyo Co. Ltd. | 89,900 | 2,948,387 | ||||||
131,902,088 | ||||||||
LEISURE TIME – 0.56% |
| |||||||
Sega Sammy Holdings Inc. | 449,500 | 10,188,228 | ||||||
Shimano Inc. | 179,800 | 8,909,899 | ||||||
Yamaha Corp. | 359,600 | 4,604,179 | ||||||
Yamaha Motor Co. Ltd.a | 629,300 | 11,106,649 | ||||||
34,808,955 | ||||||||
MACHINERY – 0.41% |
| |||||||
Hitachi Construction Machinery Co. Ltd. | 179,800 | 4,479,089 | ||||||
IHI Corp. | 2,697,000 | 7,044,526 | ||||||
Japan Steel Works Ltd. (The) | 899,000 | 9,348,810 | ||||||
Nabtesco Corp. | 179,800 | 4,253,050 | ||||||
25,125,475 | ||||||||
MACHINERY – CONSTRUCTION & MINING – 1.11% |
| |||||||
Komatsu Ltd. | 2,247,500 | 68,442,725 | ||||||
68,442,725 | ||||||||
MACHINERY – DIVERSIFIED – 0.68% |
| |||||||
Amada Co. Ltd. | 899,000 | 8,032,076 | ||||||
Kubota Corp. | 2,697,000 | 27,585,573 | ||||||
Sumitomo Heavy Industries Ltd. | 899,000 | 6,287,404 | ||||||
41,905,053 | ||||||||
MANUFACTURING – 2.11% |
| |||||||
FUJIFILM Holdings Corp. | 1,168,700 | 40,796,802 |
Security | Shares | Value | ||||||
Kawasaki Heavy Industries Ltd. | 3,596,000 | $ | 14,440,181 | |||||
Konica Minolta Holdings Inc. | 1,348,500 | 12,344,379 | ||||||
Mitsubishi Heavy Industries Ltd. | 7,192,000 | 30,460,442 | ||||||
Nikon Corp. | 719,200 | 16,792,745 | ||||||
Olympus Corp. | 539,400 | 15,721,802 | ||||||
130,556,351 | ||||||||
MEDIA – 0.13% |
| |||||||
Fuji Media Holdings Inc. | 853 | 1,435,722 | ||||||
Jupiter Telecommunications Co. Ltd. | 6,293 | 6,759,233 | ||||||
8,194,955 | ||||||||
METAL FABRICATE & HARDWARE – 0.25% |
| |||||||
Maruichi Steel Tube Ltd. | 89,900 | 2,076,050 | ||||||
NSK Ltd. | 899,000 | 8,547,797 | ||||||
NTN Corp. | 899,000 | 4,806,079 | ||||||
15,429,926 | ||||||||
MINING – 0.78% |
| |||||||
Dowa Holdings Co. Ltd. | 931,200 | 6,523,969 | ||||||
Mitsubishi Materials Corp.a | 1,798,000 | 6,912,852 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 1,798,000 | 7,088,417 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,473,000 | 27,633,358 | ||||||
48,158,596 | ||||||||
OFFICE & BUSINESS EQUIPMENT – 2.55% |
| |||||||
Canon Inc. | 2,697,050 | 129,700,683 | ||||||
Ricoh Co. Ltd. | 1,798,000 | 23,657,317 | ||||||
Seiko Epson Corp. | 269,700 | 4,499,938 | ||||||
157,857,938 | ||||||||
OIL & GAS – 1.72% |
| |||||||
Cosmo Oil Co. Ltd. | 1,798,000 | 6,495,887 | ||||||
Idemitsu Kosan Co. Ltd. | 89,900 | 10,566,788 | ||||||
INPEX Corp. | 5,394 | 37,592,750 | ||||||
JX Holdings Inc. | 5,304,195 | 37,096,347 | ||||||
Showa Shell Sekiyu K.K. | 449,500 | 4,054,443 | ||||||
TonenGeneral Sekiyu K.K. | 899,000 | 10,566,789 | ||||||
106,373,004 | ||||||||
PACKAGING & CONTAINERS – 0.08% |
| |||||||
Toyo Seikan Kaisha Ltd. | 269,700 | 4,931,168 | ||||||
4,931,168 | ||||||||
PHARMACEUTICALS – 4.75% |
| |||||||
Alfresa Holdings Corp. | 89,900 | 3,472,885 | ||||||
Astellas Pharma Inc. | 1,078,830 | 42,202,492 | ||||||
Chugai Pharmaceutical Co. Ltd. | 539,400 | 10,336,360 |
10 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Daiichi Sankyo Co. Ltd. | 1,618,269 | $ | 34,605,240 | |||||
Dainippon Sumitomo Pharma Co. Ltd. | 359,600 | 3,480,566 | ||||||
Eisai Co. Ltd.b | 629,300 | 23,465,294 | ||||||
Hisamitsu Pharmaceutical Co. Inc. | 89,900 | 3,621,018 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 899,000 | 9,140,327 | ||||||
Medipal Holdings Corp. | 269,700 | 2,554,464 | ||||||
Miraca Holdings Inc. | 179,800 | 6,934,798 | ||||||
Mitsubishi Tanabe Pharma Corp. | 629,300 | 10,638,112 | ||||||
Ono Pharmaceutical Co. Ltd. | 179,800 | 9,381,728 | ||||||
Otsuka Holdings Co. Ltd.a | 629,300 | 15,722,899 | ||||||
Santen Pharmaceutical Co. Ltd. | 179,800 | 7,011,607 | ||||||
Shionogi & Co. Ltd. | 719,200 | 13,597,471 | ||||||
Suzuken Co. Ltd. | 179,800 | 5,113,316 | ||||||
Takeda Pharmaceutical Co. Ltd. | 1,798,000 | 89,208,715 | ||||||
Tsumura & Co. | 90,700 | 2,932,556 | ||||||
293,419,848 | ||||||||
REAL ESTATE – 2.77% |
| |||||||
AEON Mall Co. Ltd. | 269,700 | 7,153,156 | ||||||
Daito Trust Construction Co. Ltd. | 179,800 | 14,637,691 | ||||||
Daiwa House Industry Co. Ltd. | 899,000 | 11,477,530 | ||||||
Mitsubishi Estate Co. Ltd. | 2,697,000 | 54,907,799 | ||||||
Mitsui Fudosan Co. Ltd. | 1,904,000 | 40,297,034 | ||||||
Nomura Real Estate Holdings Inc. | 269,700 | 5,447,986 | ||||||
NTT Urban Development Corp. | 3,596 | 3,726,357 | ||||||
Sumitomo Realty & Development Co. Ltd. | 899,000 | 24,019,419 | ||||||
Tokyo Tatemono Co. Ltd. | 899,000 | 4,213,548 | ||||||
Tokyu Land Corp. | 899,000 | 5,135,262 | ||||||
171,015,782 | ||||||||
REAL ESTATE INVESTMENT TRUSTS – 0.61% |
| |||||||
Japan Prime Realty Investment Corp. | 1,798 | 4,992,615 | ||||||
Japan Real Estate Investment Corp. | 899 | 9,239,082 | ||||||
Japan Retail Fund Investment Corp. | 4,495 | 7,702,893 | ||||||
Nippon Building Fund Inc. | 899 | 9,403,674 | ||||||
Nomura Real Estate Office Fund Inc. | 899 | 6,089,894 | ||||||
37,428,158 | ||||||||
RETAIL – 2.87% |
| |||||||
ABC-Mart Inc. | 89,900 | 3,571,640 | ||||||
AEON Co. Ltd. | 1,438,400 | 18,083,144 | ||||||
Citizen Holdings Co. Ltd. | 539,400 | 3,469,594 | ||||||
FamilyMart Co. Ltd. | 179,800 | 6,781,179 | ||||||
Fast Retailing Co. Ltd. | 89,900 | 14,001,269 |
Security | Shares | Value | ||||||
Isetan Mitsukoshi Holdings Ltd. | 899,060 | $ | 10,830,858 | |||||
J. Front Retailing Co. Ltd. | 899,000 | 4,674,405 | ||||||
Lawson Inc. | 179,800 | 8,833,089 | ||||||
Marui Group Co. Ltd. | 539,400 | 4,819,246 | ||||||
McDonald’s Holdings Co. (Japan) Ltd. | 179,800 | 4,402,280 | ||||||
Nitori Holdings Co. Ltd. | 89,900 | 7,944,294 | ||||||
Seven & I Holdings Co. Ltd. | 1,798,080 | 49,972,271 | ||||||
Shimamura Co. Ltd. | 89,900 | 8,668,498 | ||||||
Takashimaya Co. Ltd. | 899,000 | 7,351,764 | ||||||
UNY Co. Ltd. | 449,500 | 4,449,463 | ||||||
USS Co. Ltd. | 53,940 | 4,351,805 | ||||||
Yamada Denki Co. Ltd. | 197,780 | 15,039,295 | ||||||
177,244,094 | ||||||||
SEMICONDUCTORS – 0.96% |
| |||||||
Elpida Memory Inc.a,b | 359,600 | 5,381,052 | ||||||
Rohm Co. Ltd. | 270,100 | 18,989,088 | ||||||
Shinko Electric Industries Co. Ltd. | 89,900 | 1,040,220 | ||||||
Sumco Corp.a | 269,700 | 4,937,752 | ||||||
Tokyo Electron Ltd. | 449,552 | 29,300,716 | ||||||
59,648,828 | ||||||||
SHIPBUILDING – 0.08% |
| |||||||
Mitsui Engineering & Shipbuilding Co. Ltd. | 1,798,000 | 4,937,752 | ||||||
4,937,752 | ||||||||
SOFTWARE – 0.22% |
| |||||||
Konami Corp. | 179,800 | 3,776,832 | ||||||
Nomura Research Institute Ltd. | 179,800 | 4,198,186 | ||||||
Oracle Corp. Japan | 89,900 | 4,230,007 | ||||||
Square Enix Holdings Co. Ltd. | 89,900 | 1,670,057 | ||||||
13,875,082 | ||||||||
STORAGE & WAREHOUSING – 0.07% |
| |||||||
Mitsubishi Logistics Corp. | 319,000 | 4,224,521 | ||||||
4,224,521 | ||||||||
TELECOMMUNICATIONS – 3.02% |
| |||||||
KDDI Corp. | 7,192 | 46,524,594 | ||||||
Nippon Telegraph and Telephone Corp. | 1,258,600 | 61,293,958 | ||||||
NTT Data Corp. | 2,697 | 9,566,071 | ||||||
NTT DoCoMo Inc. | 36,859 | 69,057,202 | ||||||
186,441,825 | ||||||||
TEXTILES – 0.83% |
| |||||||
Kuraray Co. Ltd. | 809,100 | 11,386,456 |
SCHEDULEOF INVESTMENTS | 11 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Teijin Ltd. | 2,697,000 | $ | 13,002,746 | |||||
Toray Industries Inc. | 3,596,000 | 27,168,607 | ||||||
51,557,809 | ||||||||
TOYS, GAMES & HOBBIES – 1.36% |
| |||||||
Namco Bandai Holdings Inc. | 449,598 | 5,295,521 | ||||||
Nintendo Co. Ltd. | 269,700 | 78,905,273 | ||||||
84,200,794 | ||||||||
TRANSPORTATION – 3.98% |
| |||||||
Central Japan Railway Co. | 3,596 | 32,084,413 | ||||||
East Japan Railway Co. | 809,100 | 56,191,615 | ||||||
Hankyu Hanshin Holdings Inc. | 2,702,800 | 12,997,720 | ||||||
Kawasaki Kisen Kaisha Ltd. | 1,798,000 | 7,812,620 | ||||||
Keihin Electric Express Railway Co. Ltd. | 903,000 | 7,439,583 | ||||||
Keio Corp. | 1,798,000 | 11,982,277 | ||||||
Kintetsu Corp.b | 4,286,000 | 13,496,741 | ||||||
Mitsui O.S.K. Lines Ltd. | 2,697,000 | 17,808,825 | ||||||
Nippon Express Co. Ltd. | 1,798,000 | 7,724,838 | ||||||
Nippon Yusen K.K. | 3,596,000 | 15,800,806 | ||||||
Odakyu Electric Railway Co. Ltd. | 899,000 | 8,350,287 | ||||||
Tobu Railway Co. Ltd.b | 1,798,000 | 8,712,389 | ||||||
Tokyu Corp. | 2,697,000 | 12,476,053 | ||||||
West Japan Railway Co. | 4,495 | 18,598,865 | ||||||
Yamato Holdings Co. Ltd. | 899,000 | 14,374,344 | ||||||
245,851,376 | ||||||||
VENTURE CAPITAL – 0.12% |
| |||||||
SBI Holdings Inc. | 46,748 | 7,366,248 | ||||||
7,366,248 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $6,801,111,059) |
| 6,168,897,920 | ||||||
SHORT-TERM INVESTMENTS – 0.92% |
| |||||||
MONEY MARKET FUNDS – 0.92% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 44,862,675 | 44,862,675 | ||||||
BlackRock Cash Funds: Prime, SL Agency Shares | 6,447,135 | 6,447,135 |
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 5,617,428 | $ | 5,617,428 | |||||
56,927,238 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $56,927,238) | 56,927,238 | |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $6,858,038,297) |
| 6,225,825,158 | ||||||
Other Assets, Less Liabilities – (0.72)% |
| (44,566,050) | ||||||
NET ASSETS – 100.00% |
| $ | 6,181,259,108 | |||||
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 5. |
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 5. |
See notes to financial statements.
12 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statement of Assets and Liabilities (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2011
ASSETS | ||||
Investments, at cost: | ||||
Unaffiliated issuers | $ | 6,801,111,059 | ||
Affiliated issuers (Note 2) | 56,927,238 | |||
Total cost of investments | $ | 6,858,038,297 | ||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||
Unaffiliated issuers | $ | 6,168,897,920 | ||
Affiliated issuers (Note 2) | 56,927,238 | |||
Total fair value of investments | 6,225,825,158 | |||
Foreign currency, at valueb | 3,278,170 | |||
Receivables: | ||||
Due from custodian (Note 4) | 17,716 | |||
Dividends and interest | 5,708,320 | |||
Total Assets | 6,234,829,364 | |||
LIABILITIES | ||||
Payables: | ||||
Investment securities purchased | 17,716 | |||
Collateral for securities on loan (Note 5) | 51,309,810 | |||
Investment advisory fees (Note 2) | 2,242,730 | |||
Total Liabilities | 53,570,256 | |||
NET ASSETS | $ | 6,181,259,108 | ||
Net assets consist of: | ||||
Paid-in capital | $ | 7,498,667,876 | ||
Distributions in excess of net investment income | (2,751,759 | ) | ||
Accumulated net realized loss | (682,498,256 | ) | ||
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | (632,158,753 | ) | ||
NET ASSETS | $ | 6,181,259,108 | ||
Shares outstandingc | 539,400,000 | |||
Net asset value per share | $ | 11.46 | ||
a | Securities on loan with value of $47,483,129. See Note 5. |
b | Cost of foreign currency: $3,234,242. |
c | $0.001 par value, number of shares authorized: 2,124,600,000. |
See notes to financial statements.
FINANCIAL STATEMENTS | 13 |
Table of Contents
Statement of Operations (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
Six months ended February 28, 2011
NET INVESTMENT INCOME | ||||
Dividends from unaffiliated issuersa | $ | 37,404,230 | ||
Interest from affiliated issuers (Note 2) | 1,636 | |||
Securities lending income from affiliated issuers (Note 2) | 319,679 | |||
Total investment income | 37,725,545 | |||
EXPENSES | ||||
Investment advisory fees (Note 2) | 11,813,653 | |||
Total expenses | 11,813,653 | |||
Net investment income | 25,911,892 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments in unaffiliated issuers | (43,566,711 | ) | ||
In-kind redemptions | (8,685,886 | ) | ||
Foreign currency transactions | 590,863 | |||
Net realized loss | (51,661,734 | ) | ||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | 926,716,461 | |||
Translation of assets and liabilities in foreign currencies | (110,091 | ) | ||
Net change in unrealized appreciation/depreciation | 926,606,370 | |||
Net realized and unrealized gain | 874,944,636 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 900,856,528 | ||
a | Net of foreign withholding tax of $2,818,649. |
See notes to financial statements.
14 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES® MSCI JAPAN INDEX FUND
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||
INCREASE (DECREASE) IN NET ASSETS |
| |||||||
OPERATIONS: | ||||||||
Net investment income | $ | 25,911,892 | $ | 61,244,311 | ||||
Net realized loss | (51,661,734 | ) | (48,426,200 | ) | ||||
Net change in unrealized appreciation/depreciation | 926,606,370 | (368,908,167 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 900,856,528 | (356,090,056 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (31,933,699 | ) | (77,025,449 | ) | ||||
Total distributions to shareholders | (31,933,699 | ) | (77,025,449 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 1,809,209,193 | 1,380,264,536 | ||||||
Cost of shares redeemed | (439,641,585 | ) | (3,168,550,601 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | 1,369,567,608 | (1,788,286,065 | ) | |||||
INCREASE (DECREASE) IN NET ASSETS | 2,238,490,437 | (2,221,401,570 | ) | |||||
NET ASSETS | ||||||||
Beginning of period | 3,942,768,671 | 6,164,170,241 | ||||||
End of period | $ | 6,181,259,108 | $ | 3,942,768,671 | ||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (2,751,759 | ) | $ | 3,270,048 | |||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | 164,400,000 | 137,400,000 | ||||||
Shares redeemed | (43,200,000 | ) | (321,000,000 | ) | ||||
Net increase (decrease) in shares outstanding | 121,200,000 | (183,600,000 | ) | |||||
See notes to financial statements.
FINANCIAL STATEMENTS | 15 |
Table of Contents
iSHARES® MSCI JAPAN INDEX FUND
(For a share outstanding throughout each period)
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008 | Year ended Aug. 31, 2007 | Year ended Aug. 31, 2006 | |||||||||||||||||||
Net asset value, beginning of period | $ | 9.43 | $ | 10.24 | $ | 11.62 | $ | 14.07 | $ | 13.80 | $ | 10.99 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.06 | 0.12 | 0.13 | 0.14 | 0.10 | 0.06 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 2.04 | (0.77 | ) | (1.39 | ) | (2.39 | ) | 0.27 | 2.81 | |||||||||||||||
Total from investment operations | 2.10 | (0.65 | ) | (1.26 | ) | (2.25 | ) | 0.37 | 2.87 | |||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.16 | ) | (0.12 | ) | (0.20 | ) | (0.10 | ) | (0.06 | ) | ||||||||||||
Total distributions | (0.07 | ) | (0.16 | ) | (0.12 | ) | (0.20 | ) | (0.10 | ) | (0.06 | ) | ||||||||||||
Net asset value, end of period | $ | 11.46 | $ | 9.43 | $ | 10.24 | $ | 11.62 | $ | 14.07 | $ | 13.80 | ||||||||||||
Total return | 22.36 | %c | (6.41 | )% | (10.68 | )% | (16.13 | )% | 2.68 | % | 26.10 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 6,181,259 | $ | 3,942,769 | $ | 6,164,170 | $ | 7,499,536 | $ | 11,780,006 | $ | 13,724,590 | ||||||||||||
Ratio of expenses to average net assetsd | 0.53 | % | 0.54 | % | 0.56 | % | 0.52 | % | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.15 | % | 1.20 | % | 1.46 | % | 1.11 | % | 0.68 | % | 0.48 | % | ||||||||||||
Portfolio turnover ratee | 2 | % | 5 | % | 4 | % | 4 | % | 3 | % | 8 | % |
a | Based on average shares outstanding throughout each period. |
b | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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.
16 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the iShares MSCI Japan Index Fund (the “Fund”).
The Fund’s objective is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. The Fund is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
The Fund invests in the securities of non-U.S. issuers of a single country. This may involve 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.
Pursuant to the Company’s organizational documents, the Fund’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
1. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Company in the preparation of its 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.
SECURITY VALUATION
The securities and other assets of the Fund are valued pursuant to the pricing policy and procedures approved by the Board of Directors of the Company (the “Board”) using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• | Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date (a “Level 1 Price”); |
NOTESTO FINANCIAL STATEMENTS | 17 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
• | 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, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (a “Level 2 Price”); and |
• | Level 3 – Inputs that are unobservable for the asset or liability (a “Level 3 Price”). |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy.
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 does not necessarily correspond to the Fund’s perceived risk of that instrument.
Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 Prices, include active listed equities. The Fund does not adjust the quoted price for such instruments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.
Investments that trade in markets that are not considered to be active, but whose values are based on inputs such as quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified within Level 2. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Investments whose values are classified as Level 3 Prices have significant unobservable inputs, as they may trade infrequently or not at all. Investments whose values are classified as Level 3 Prices may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange, less liquid corporate debt securities (including distressed debt instruments), collateralized debt obligations, and less liquid mortgage securities (backed by either commercial or residential real estate). When observable prices are not available for these securities, the Fund uses one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
The inputs used by the Fund in estimating the value of Level 3 Prices may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 Prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Fund in the absence of market information. The fair value measurement of Level 3 Prices does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations.
18 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
Fair value pricing could result in a difference between the prices used to calculate the Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
As of February 28, 2011, the value of each of the Fund’s investments was classified as a Level 1 Price. The breakdown of the Fund’s investments into major categories is disclosed in its Schedule of Investments.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source, and interest income is accrued daily. 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 Fund 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. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund 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.
The 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 Fund as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
FOREIGN TAXES
The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are disclosed in the Statement of Operations. Foreign taxes payable as of February 28, 2011, if any, are reflected in the Fund’s Statement of Assets and Liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income, if any, generally are declared and paid semi-annually by the Fund. Distributions of net realized capital gains, if any, generally are declared and paid once a year. 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 Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
FEDERAL INCOME TAXES
The Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under
NOTESTO FINANCIAL STATEMENTS | 19 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
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 was required for the six months ended February 28, 2011.
As of August 31, 2010, the tax year-end of the Fund, the Fund had tax basis net capital loss carryforwards of $3,621,148, $5,594,562, $8,733,802, $68,122,871, $27,817,841, $44,443,527, $116,295,478 and $173,577,101 expiring in 2011, 2012, 2013, 2014, 2015, 2016, 2017 and 2018, respectively. Such losses may be applied against any net realized taxable gains in each succeeding year or until their respective expiration dates, whichever occurs first.
The Fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Fund 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.
The Fund reclassifies, at the end of its tax year, certain amounts between paid-in capital, accumulated net realized gain (loss) on investments and foreign currency transactions and accumulated net investment income (loss) as a result of permanent book and tax differences primarily attributed to net investment loss, return of capital, passive foreign investment companies, and realized gains (losses) from foreign currency transactions and in-kind redemptions. These reclassifications have no effect on net assets or net asset values per share.
As of February 28, 2011, the cost of investments for federal income tax purposes was $6,942,688,717. Net unrealized depreciation was $716,863,559, of which $312,167,415 represented gross unrealized appreciation on securities and $1,029,030,974 represented gross unrealized depreciation on securities.
Management has reviewed the tax positions as of February 28, 2011, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Fund’s financial statements.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for all expenses of the Company, including the cost of transfer agency, custody, fund administration, legal, audit and other services, 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 the Fund, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.59% | First $7 billion | |
0.54 | Over $7 billion, up to and including $11 billion | |
0.49 | Over $11 billion, up to and including $24 billion | |
0.44 | Over $24 billion, up to and including $48 billion | |
0.40 | Over $48 billion |
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”) to serve as securities lending agent for the Fund, subject to applicable conditions. BTC is an affiliate of BFA, the Fund’s investment
20 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
adviser. As securities lending agent, BTC receives, as fees, a share of the income earned on investment of the cash collateral received for the loan of securities and any fees paid by borrowers. For the six months ended February 28, 2011, BTC earned securities lending agent fees of $168,263.
The 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 from affiliated issuers in the Statement of Operations.
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.
Certain directors and officers of the Company 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 February 28, 2011, aggregated $75,703,299 and $76,939,469, respectively.
In-kind transactions (see Note 4) for the six months ended February 28, 2011, aggregated $1,788,975,106 and $433,260,064, respectively.
4. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by the 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 the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of the Fund generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of the Fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the Statement of Assets and Liabilities.
5. LOANS OF PORTFOLIO SECURITIES
The 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 the 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 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. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds, including those managed by BFA or its affiliates; such reinvestments are subject to investment risk.
NOTESTO FINANCIAL STATEMENTS | 21 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
As of February 28, 2011, the Fund had loaned securities which were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of the securities on loan as of February 28, 2011 and the value of the related collateral are disclosed in the Statement of Assets and Liabilities. Securities lending income, as disclosed in the Fund’s Statement of Operations, represents the income earned from the investment of the cash collateral, plus any fees paid by borrowers and less the fees paid to BTC as securities lending agent which are subject to adjustments pursuant to the securities lending agreement.
6. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund 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.
22 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Dear iShares Shareholder:
Electronic delivery is the easiest, most convenient way to receive reporting on your iShares holdings. In addition, it’s a way we can all care for our environment. To that end, we are pleased to offer shareholder reports and prospectuses online.
Once you have enrolled, you will no longer receive shareholder reports and prospectuses in the mail. Instead, you will receive e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com and is available to be viewed or downloaded.
To sign up for electronic delivery, please follow these simple steps:
1. Go to www.icsdelivery.com.
2. From the main page, select the first letter of your brokerage firm’s name.
3. Select your brokerage institution from the list that follows. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.
4. Fill out the appropriate information and provide the e-mail address where you would like your notifications sent.
Your information and e-mail address will be kept confidential and only used to deliver documents to you. If at any time you are not satisfied, you can cancel electronic delivery at www.icsdelivery.com and once again receive physical delivery of your materials. If you have any questions, please contact your brokerage firm or financial adviser. |
Table of Contents
For more information:
WWW.iSHARES.COM
1-800-iShares (1-800-474-2737)
This report is intended for the Fund’s 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 SEI Investments Distribution Co. (“SEI”). BlackRock Fund Advisors (“BFA”) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A., neither of which is affiliated with SEI.
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. Neither SEI, nor BlackRock Institutional Trust Company, N.A., nor any of their affiliates, are affiliated with the company listed above.
A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund 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 Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is 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 Fund also discloses its complete schedule of portfolio holdings on a monthly basis on the Fund’s website.
©2011 BlackRock Institutional Trust Company, N.A. All rights reserved. iShares® is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners.
iS-SAR-81-0211
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Table of Contents
2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS
iSHARES® MSCI SERIES
FEBRUARY 28, 2011
» Would you prefer to receive materials like this electronically?
See inside back cover for details.
iShares MSCI Emerging Markets Index Fund | EEM | NYSE Arca
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iSHARES® MSCI EMERGING MARKETS INDEX FUND
Performance as of February 28, 2011
Average Annual Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
19.25% | 19.34% | 20.91% | 8.87% | 9.03% | 9.63% | 21.15% | 21.14% | 21.45% | ||||||||
Cumulative Total Returns | ||||||||||||||||
Year Ended 2/28/11 | Five Years Ended 2/28/11 | Inception to 2/28/11 | ||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | NAV | MARKET | INDEX | ||||||||
19.25% | 19.34% | 20.91% | 52.96% | 54.06% | 58.36% | 355.17% | 354.98% | 364.07% |
Total returns for the period since inception are calculated from the inception date of the Fund (4/7/03). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. 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 the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/11/03), 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 in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. 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. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
FUND PERFORMANCE OVERVIEW | 5 |
Table of Contents
Fund Performance Overview (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
The iShares MSCI Emerging Markets Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets IndexSM (the “Index”). The Index is designed to measure equity market performance in the global emerging markets. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 14.90%, while the total return for the Index was 14.95%.
PORTFOLIO ALLOCATION As of 2/28/11 | ||||
Sector/Investment Type | Percentage of Net Assets | |||
Financial | 23.87 | % | ||
Energy | 15.87 | |||
Basic Materials | 13.16 | |||
Communications | 9.48 | |||
Industrial | 8.39 | |||
Technology | 8.90 | |||
Consumer Cyclical | 7.61 | |||
Consumer Non-Cyclical | 6.63 | |||
Utilities | 3.18 | |||
Diversified | 2.70 | |||
Exchange-Traded Funds | 0.01 | |||
Short-Term and Other Net Assets | 0.20 | |||
TOTAL | 100.00 | % | ||
TEN LARGEST FUND HOLDINGS As of 2/28/11 | ||||
Security | Percentage of Net Assets | |||
Samsung Electronics Co. Ltd. SP GDR (South Korea) | 2.22 | % | ||
Petroleo Brasileiro SA Preferred (Brazil) | 1.94 | |||
Gazprom OAO SP ADR (Russia) | 1.87 | |||
Petroleo Brasileiro SA (Brazil) | 1.69 | |||
Vale SA Class A Preferred SP ADR (Brazil) | 1.60 | |||
America Movil SAB de CV Series L (Mexico) | 1.46 | |||
China Mobile Ltd. (China) | 1.42 | |||
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR (Taiwan) | 1.37 | |||
Itau Unibanco Holding SA SP ADR (Brazil) | 1.26 | |||
Industrial and Commercial Bank of China Ltd. Class H (China) | 1.21 | |||
TOTAL | 16.04 | % | ||
6 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Shareholder Expenses (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
As a shareholder of the 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 following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2010 to February 28, 2011.
ACTUAL EXPENSES
The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid 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 in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. 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 second line in the table is 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.
Beginning Account Value (9/1/10) | Ending Account Value (2/28/11) | Annualized Expense Ratio | Expenses Paid During Perioda (9/1/10 to 2/28/11) | |||||||||||||
Actual | $1,000.00 | $1,149.00 | 0.66 | % | $3.52 | |||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,021.50 | 0.66 | 3.31 |
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 (181 days) and divided by the number of days in the year (365 days). |
SHAREHOLDER EXPENSES | 7 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
COMMON STOCKS – 91.95% |
| |||||||
BRAZIL – 9.11% |
| |||||||
ALL – America Latina Logistica SA | 4,219,700 | $ | 35,092,066 | |||||
Amil Participacoes SA | 1,255,200 | 12,868,412 | ||||||
Anhanguera Educacional Participacoes SA | 1,067,300 | 23,943,770 | ||||||
B2W Companhia Global do Varejo | 462,800 | 7,142,113 | ||||||
Banco do Brasil SA | 5,402,374 | 96,924,754 | ||||||
Banco Santander (Brasil) SA | 848,100 | 10,275,195 | ||||||
Banco Santander (Brasil) SA SP ADR | 4,780,996 | 58,232,531 | ||||||
BM&F Bovespa SA | 19,885,000 | 135,628,603 | ||||||
BR Malls Participacoes SA | 3,335,400 | 31,881,613 | ||||||
BRF – Brasil Foods SA | 4,287,600 | 74,726,595 | ||||||
BRF – Brasil Foods SA SP ADRa | 1,751,275 | 31,190,208 | ||||||
Brookfield Incorporacoes SA | 1,559,700 | 7,280,230 | ||||||
Centrais Eletricas Brasileiras SA | 1,285,400 | 18,216,681 | ||||||
Centrais Eletricas Brasileiras SA SP ADR | 1,060,846 | 15,148,881 | ||||||
CETIP Balcao Organizado de Ativos e Derivativos SA | 1,795,800 | 26,478,899 | ||||||
Cielo SA | 5,406,900 | 42,813,049 | ||||||
Companhia de Concessoes Rodoviarias | 1,623,800 | 45,437,414 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo | 62,200 | 1,529,305 | ||||||
Companhia de Saneamento Basico do Estado de Sao Paulo SP ADR | 624,234 | 31,174,246 | ||||||
Companhia Hering SA | 1,265,000 | 18,942,196 | ||||||
Companhia Siderurgica Nacional SA SP ADR | 8,123,480 | 132,169,020 | ||||||
Cosan SA Industria e Comercio | 1,163,300 | 18,233,125 | ||||||
CPFL Energia SA | 392,700 | 10,247,334 | ||||||
CPFL Energia SA SP ADRa | 260,154 | 20,612,001 | ||||||
Cyrela Brazil Realty SA | 3,035,600 | 30,297,419 | ||||||
Diagnosticos da America SA | 2,657,300 | 32,210,668 | ||||||
Duratex SA | 2,259,700 | 22,757,804 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 1,738,900 | 13,422,941 | ||||||
EDP Energias do Brasil SA | 828,700 | 18,616,014 | ||||||
Embraer SA SP ADR | 2,241,398 | 76,342,016 |
Security | Shares | Value | ||||||
Fibria Celulose SA SP ADRa,b | 2,521,510 | $ | 36,334,959 | |||||
Gafisa SA SP ADRa | 1,964,565 | 24,812,456 | ||||||
Gol Linhas Aereas Inteligentes SA SP ADRa | 953,603 | 12,835,496 | ||||||
HRT Participacoes em Petroleo SAb | 37,600 | 42,515,754 | ||||||
Hypermarcas SAb | 2,677,900 | 30,683,934 | ||||||
Itau Unibanco Holding SA SP ADR | 20,718,798 | 460,371,692 | ||||||
JBS SA | 6,039,465 | 22,727,211 | ||||||
Localiza Rent A Car SA | 731,600 | 10,368,231 | ||||||
Lojas Renner SA | 952,100 | 29,283,018 | ||||||
Marfrig Alimentos SA | 1,549,300 | 13,557,076 | ||||||
MMX Mineracao e Metalicos SAb | 1,888,300 | 11,102,958 | ||||||
MRV Engenharia e Participacoes SA | 2,705,700 | 21,554,877 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 570,500 | 11,167,790 | ||||||
Natura Cosmeticos SA | 1,663,500 | 42,344,913 | ||||||
Odontoprev SA | 1,019,600 | 13,773,393 | ||||||
OGX Petroleo e Gas Participacoes SAb | 12,126,400 | 142,237,655 | ||||||
PDG Realty SA Empreendimentose Participacoes | 10,522,600 | 57,683,292 | ||||||
Petroleo Brasileiro SA | 31,435,674 | 618,021,332 | ||||||
Petroleo Brasileiro SA SP ADR | 82 | 3,266 | ||||||
Porto Seguro SA | 806,800 | 12,893,620 | ||||||
Redecard SA | 3,056,700 | 39,632,764 | ||||||
Rossi Residencial SA | 1,421,900 | 11,061,699 | ||||||
Souza Cruz SA | 710,200 | 34,178,000 | ||||||
SulAmerica SA | 561,000 | 6,444,970 | ||||||
TAM SA SP ADRa | 696,435 | 14,924,602 | ||||||
Tele Norte Leste Participacoes SA | 256,200 | 5,600,802 | ||||||
TIM Participacoes SA SP ADR | 13,910 | 538,595 | ||||||
Totvs SA | 256,400 | 24,268,472 | ||||||
Tractebel Energia SA | 1,248,600 | 19,577,614 | ||||||
Usinas Siderurgicas de Minas Gerais SA | 1,226,700 | 19,840,848 | ||||||
Vale SA SP ADR | 12,571,463 | 430,321,179 | ||||||
Vivo Participacoes SA SP ADR | 456,940 | 16,819,961 | ||||||
3,337,317,532 | ||||||||
CHILE – 1.45% | ||||||||
AES Gener SA | 3,075,585 | 1,607,685 |
8 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Banco de Credito e Inversiones | 17,140 | $ | 1,090,433 | |||||
Banco Santander (Chile) SA SP ADR | 1,519,773 | 126,369,125 | ||||||
CAP SA | 200,862 | 9,614,052 | ||||||
Cencosud SA | 4,395,042 | 29,893,851 | ||||||
Colbun SA | 8,664,502 | 2,164,534 | ||||||
Compania Cervecerias Unidas SA | 123,487 | 1,322,103 | ||||||
CorpBanca SA | 764,580,018 | 11,412,121 | ||||||
Empresa Nacional de Electricidad SA | 9,341,890 | 16,279,422 | ||||||
Empresa Nacional de Electricidad SA SP ADR | 44,127 | 2,302,988 | ||||||
Empresa Nacional de Telecomunicaciones SA | 132,232 | 2,256,841 | ||||||
Empresas CMPC SA | 127,862 | 5,703,662 | ||||||
Empresas Copec SA | 775,182 | 12,986,150 | ||||||
Enersis SA SP ADR | 5,194,720 | 105,504,763 | ||||||
LAN Airlines SA SP ADRa | 2,923,221 | 79,248,521 | ||||||
S.A.C.I. Falabella SA | 654,973 | 6,351,045 | ||||||
Sociedad Quimica y Minera de Chile SA Series B SP ADRa | 2,177,013 | 115,359,919 | ||||||
Vina Concha y Toro SA | 542,279 | 1,132,713 | ||||||
530,599,928 | ||||||||
CHINA – 17.35% |
| |||||||
Agile Property Holdings Ltd.a | 28,704,000 | 36,187,938 | ||||||
Agricultural Bank of China Ltd. Class Hb | 153,251,000 | 75,945,239 | ||||||
Air China Ltd. Class Hb | 25,654,000 | 23,944,151 | ||||||
Alibaba.com Ltd.a | 12,255,000 | 22,844,932 | ||||||
Aluminum Corp. of China Ltd. Class Ha,b | 31,492,000 | 31,091,131 | ||||||
Angang New Steel Co. Ltd. Class Ha | 19,519,320 | 26,863,921 | ||||||
Anhui Conch Cement Co. Ltd. Class H | 7,112,000 | 34,011,670 | ||||||
Anta Sports Products Ltd. | 8,323,402 | 13,314,622 | ||||||
Bank of China Ltd. Class H | 591,791,000 | 312,262,700 | ||||||
Bank of Communications Co. Ltd. Class H | 63,935,000 | 61,643,677 | ||||||
BBMG Corp. Class H | 8,390,500 | 11,181,373 | ||||||
Beijing Capital International Airport Co. Ltd. Class H | 25,108,000 | 12,507,018 |
Security | Shares | Value | ||||||
Beijing Enterprises Holdings Ltd. | 5,703,000 | $ | 31,629,844 | |||||
Belle International Holdings Ltd. | 34,312,000 | 59,556,979 | ||||||
Bosideng International Holdings Ltd. | 19,094,000 | 5,074,312 | ||||||
Brilliance China Automotive Holdings Ltd.b | 19,756,000 | 16,156,541 | ||||||
BYD Co. Ltd. Class Ha | 3,005,500 | 11,845,818 | ||||||
Changsha Zoomlion Heavy Industry Science and Technology Development Co. Ltd.b | 3,871,600 | 8,887,261 | ||||||
Chaoda Modern Agriculture (Holdings) Ltd.a | 18,145,942 | 11,624,921 | ||||||
China Agri-Industries Holdings Ltd.a | 22,044,000 | 22,386,016 | ||||||
China BlueChemical Ltd. Class H | 4,980,000 | 3,855,286 | ||||||
China CITIC Bank Class H | 30,526,000 | 20,026,301 | ||||||
China Coal Energy Co. Class H | 33,885,000 | 48,288,132 | ||||||
China Communications Construction Co. Ltd. Class H | 42,622,000 | 31,901,589 | ||||||
China Communications Services Corp. Ltd. Class H | 230,000 | 145,574 | ||||||
China Construction Bank Corp. Class H | 455,446,760 | 398,193,954 | ||||||
China COSCO Holdings Co. Ltd. Class Ha,b | 23,764,500 | 25,353,600 | ||||||
China Dongxiang (Group) Co. Ltd.a | 27,770,000 | 10,517,386 | ||||||
China Everbright Ltd.a | 23,084,000 | 48,069,748 | ||||||
China Gas Holdings Ltd.a | 31,102,000 | 11,659,532 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.a | 10,199,000 | 14,193,739 | ||||||
China Life Insurance Co. Ltd. Class H | 71,616,000 | 272,611,825 | ||||||
China Longyuan Power Group Corp. Ltd. Class Ha,b | 10,196,000 | 9,176,092 | ||||||
China Mengniu Dairy Co. Ltd. | 13,029,000 | 34,541,490 | ||||||
China Merchants Bank Co. Ltd. Class H | 36,025,042 | 86,210,534 | ||||||
China Merchants Holdings (International) Co. Ltd. | 10,678,000 | 45,101,994 | ||||||
China Minsheng Banking Corp. Ltd. Class H | 21,226,200 | 18,503,418 | ||||||
China Mobile Ltd. | 55,556,500 | 521,032,760 |
SCHEDULEOF INVESTMENTS | 9 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
China National Building Material Co. Ltd. Class H | 15,782,000 | $ | 38,740,022 | |||||
China National Materials Co. Ltd. Class H | 11,020,000 | 9,394,196 | ||||||
China Oilfield Services Ltd. Class H | 9,074,000 | 18,080,083 | ||||||
China Overseas Land & Investment Ltd. | 45,230,960 | 75,025,388 | ||||||
China Pacific Insurance (Group) Co. Ltd. Class H | 7,319,000 | 29,598,673 | ||||||
China Petroleum & Chemical Corp. Class H | 156,156,000 | 159,180,224 | ||||||
China Railway Construction Corp. Ltd. Class H | 17,565,000 | 19,641,572 | ||||||
China Railway Group Ltd. Class H | 33,385,000 | 21,216,147 | ||||||
China Resources Cement Holdings Ltd.b | 19,702,000 | 15,024,731 | ||||||
China Resources Enterprise Ltd.a | 17,878,000 | 65,184,930 | ||||||
China Resources Land Ltd. | 32,932,000 | 53,441,066 | ||||||
China Resources Power Holdings Co. Ltd. | 19,248,999 | 32,274,629 | ||||||
China Rongsheng Heavy Industry Group Co. Ltd.a,b | 13,751,000 | 12,181,291 | ||||||
China Shanshui Cement Group | 16,654,000 | 12,593,423 | ||||||
China Shenhua Energy Co. Ltd. Class H | 31,043,500 | 128,730,998 | ||||||
China Shineway Pharmaceutical Group Ltd. | 3,148,000 | 9,032,796 | ||||||
China Shipping Container Lines Co. Ltd. Class Hb | 53,635,000 | 23,274,208 | ||||||
China Shipping Development Co. Ltd. Class H | 20,248,000 | 22,121,859 | ||||||
China Southern Airlines Co. Ltd. Class Ha,b | 11,156,000 | 5,270,675 | ||||||
China Taiping Insurance Holdings Co. Ltd.b | 5,169,600 | 14,103,464 | ||||||
China Telecom Corp. Ltd. Class H | 97,844,000 | 57,532,018 | ||||||
China Travel International Investment Hong Kong Ltd.b | 130,644,951 | 26,668,567 | ||||||
China Unicom (Hong Kong) Ltd. | 49,884,000 | 83,255,811 | ||||||
China Yurun Food Group Ltd. | 13,860,000 | 43,862,167 | ||||||
China Zhongwang Holdings Ltd. | 579,600 | 235,139 | ||||||
CITIC Pacific Ltd. | 16,079,000 | 41,904,919 |
Security | Shares | Value | ||||||
CNOOC Ltd. | 174,601,000 | $ | 396,313,549 | |||||
CNPC (Hong Kong) Ltd. | 24,732,000 | 36,705,150 | ||||||
COSCO Pacific Ltd. | 11,456,000 | 22,061,457 | ||||||
Country Garden Holdings Co. Ltd. | 25,773,000 | 10,224,295 | ||||||
CSR Corp Ltd. Class H | 13,403,000 | 14,867,081 | ||||||
Datang International Power Generation Co. Ltd. Class Ha | 25,120,000 | 8,546,247 | ||||||
Dongfang Electric Corp. Ltd. Class H | 8,246,600 | 31,656,001 | ||||||
Dongfeng Motor Group Co. Ltd. Class H | 24,380,000 | 42,254,932 | ||||||
Evergrande Real Estate Group Ltd.a | 60,216,388 | 28,294,741 | ||||||
Fosun International Ltd. | 11,545,500 | 8,374,736 | ||||||
Franshion Properties (China) Ltd.a | 21,514,000 | 5,993,642 | ||||||
Fushan International Energy Group Ltd. | 10,714,000 | 7,881,633 | ||||||
GCL Poly Energy Holdings Ltd.b | 76,154,000 | 38,325,579 | ||||||
Geely Automobile Holdings Ltd.a | 29,325,000 | 12,574,607 | ||||||
Golden Eagle Retail Group Ltd. | 5,805,000 | 13,146,518 | ||||||
GOME Electrical Appliances Holdings Ltd.a,b | 85,882,200 | 28,998,053 | ||||||
Great Wall Motor Co. Ltd. Class Ha | 9,271,000 | 14,401,969 | ||||||
Greentown China Holdings Ltd. | 8,029,000 | 8,029,876 | ||||||
Guangdong Investment Ltd.a | 27,166,110 | 13,741,483 | ||||||
Guangzhou Automobile Group Co. Ltd. Class H | 25,424,742 | 32,641,228 | ||||||
Guangzhou R&F Properties Co. Ltd. Class Ha | 15,948,400 | 21,376,055 | ||||||
Hengan International Group Co. Ltd. | 6,709,000 | 49,483,198 | ||||||
Hengdeli Holdings Ltd.a | 18,507,329 | 10,074,408 | ||||||
Hidili Industry International Development Ltd. | 1,222,000 | 1,008,770 | ||||||
Hopson Development Holdings Ltd.a,b | 1,638,000 | 1,812,722 | ||||||
Huabao International Holdings Ltd.a | 13,280,000 | 16,759,518 | ||||||
Huaneng Power International Inc. Class H | 37,184,000 | 20,766,117 | ||||||
Industrial and Commercial Bankof China Ltd. Class H | 575,680,085 | 441,969,523 |
10 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Jiangsu Expressway Co. Ltd. Class H | 9,524,000 | $ | 10,307,584 | |||||
Jiangxi Copper Co. Ltd. Class Ha | 17,641,000 | 55,374,778 | ||||||
Kingboard Chemical Holdings Co. Ltd. | 3,896,500 | 20,685,219 | ||||||
KWG Property Holdings Ltd. | 10,098,500 | 6,521,309 | ||||||
Lee & Man Paper Manufacturing Ltd.a | 6,903,000 | 4,493,200 | ||||||
Lenovo Group Ltd.a | 58,416,000 | 35,323,413 | ||||||
Li Ning Co. Ltd.a | 6,225,000 | 11,668,154 | ||||||
Longfor Properties Co. Ltd. | 16,850,500 | 23,796,627 | ||||||
Lonking Holdings Ltd. | 16,013,000 | 8,963,325 | ||||||
Maanshan Iron & Steel Co. Ltd. Class Ha | 41,872,000 | 21,395,218 | ||||||
Metallurgical Corp. of China Ltd. Class Ha,b | 3,153,000 | 1,275,101 | ||||||
Nine Dragons Paper (Holdings) Ltd.a | 16,785,000 | 18,640,063 | ||||||
Parkson Retail Group Ltd.a | 7,729,000 | 10,934,900 | ||||||
PetroChina Co. Ltd. Class H | 196,508,000 | 267,421,323 | ||||||
PICC Property and Casualty Co. Ltd. Class Hb | 25,498,000 | 32,244,250 | ||||||
Ping An Insurance (Group) Co. of China Ltd. Class H | 16,975,500 | 174,132,280 | ||||||
Poly (Hong Kong) Investments Ltd.a | 25,074,458 | 19,990,934 | ||||||
Renhe Commercial Holdings Co. Ltd.a | 127,180,000 | 19,103,574 | ||||||
Semiconductor Manufacturing International Corp.b | 42,671,000 | 3,396,522 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 5,152,000 | 12,699,512 | ||||||
Shanghai Electric Group Co. Ltd. Class H | 3,118,000 | 1,825,370 | ||||||
Shanghai Industrial Holdings Ltd.a | 6,374,000 | 22,831,066 | ||||||
Shimao Property Holdings Ltd. | 23,286,000 | 31,808,739 | ||||||
Shui On Land Ltd.a | 49,781,450 | 23,391,526 | ||||||
Sino-Ocean Land Holdings Ltd.a | 50,454,000 | 30,832,766 | ||||||
Sinofert Holdings Ltd.a,b | 40,070,000 | 21,400,435 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 30,276,000 | 16,091,954 | ||||||
Sinopharm Group Co. Ltd. Class H | 8,910,000 | 32,372,338 | ||||||
Sinotruk (Hong Kong) Ltd. | 3,037,000 | 2,908,664 |
Security | Shares | Value | ||||||
Skyworth Digital Holdings Ltd.a | 7,668,000 | $ | 4,843,476 | |||||
Soho China Ltd.a | 26,845,500 | 19,266,075 | ||||||
Tencent Holdings Ltd. | 9,984,200 | 264,052,586 | ||||||
Tingyi (Cayman Islands) Holding Corp. | 17,784,000 | 39,955,579 | ||||||
Tsingtao Brewery Co. Ltd. Class Ha | 3,922,000 | 18,000,873 | ||||||
Want Want China Holdings Ltd. | 63,287,000 | 47,287,617 | ||||||
Weichai Power Co. Ltd. Class H | 2,162,000 | 14,377,897 | ||||||
Wumart Stores Inc. Class H | 1,610,000 | 3,360,906 | ||||||
XinAo Gas Holdings Ltd. | 7,664,000 | 22,778,044 | ||||||
Yanzhou Coal Mining Co. Ltd. Class H | 22,368,800 | 66,769,108 | ||||||
Yuexiu Property Co. Ltd.a,b | 48,364,000 | 10,120,914 | ||||||
Zhaojin Mining Industry Co. Ltd. Class Ha | 4,546,500 | 19,320,356 | ||||||
Zhejiang Expressway Co. Ltd. Class H | 28,706,000 | 25,723,972 | ||||||
Zhuzhou CSR Times Electric Co. Ltd. | 4,506,000 | 15,069,847 | ||||||
Zijin Mining Group Co. Ltd. Class H | 47,570,000 | 39,025,093 | ||||||
ZTE Corp. Class H | 4,835,000 | 22,284,396 | ||||||
6,358,261,985 | ||||||||
COLOMBIA – 0.48% | ||||||||
Almacenes Exito SA | 134,430 | 1,797,758 | ||||||
Bancolombia SA | 107,981 | 1,523,332 | ||||||
Bancolombia SA SP ADR | 2,385,144 | 135,786,248 | ||||||
Cementos Argos SA | 351,326 | 2,026,739 | ||||||
Corporacian Financiera Colombiana SA | 852,244 | 15,321,441 | ||||||
Ecopetrol SA | 6,263,901 | 13,025,156 | ||||||
Grupo de Inversiones Suramericana SA | 171,382 | 3,181,730 | ||||||
Interconexion Electrica SA | 228,228 | 1,529,659 | ||||||
Inversiones Argos SA | 126,993 | 1,236,097 | ||||||
175,428,160 | ||||||||
CZECH REPUBLIC – 0.44% |
| |||||||
CEZ AS | 2,413,308 | 110,732,616 | ||||||
Komercni Banka AS | 212,345 | 51,122,109 | ||||||
Telefonica O2 Czech Republic AS | 31 | 702 | ||||||
161,855,427 |
SCHEDULEOF INVESTMENTS | 11 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
EGYPT – 0.29% | ||||||||
Orascom Construction Industries Co. SP GDRa | 2,113,488 | $ | 72,281,290 | |||||
Orascom Telecom Holding SAE SP GDRa,b,c | 10,716,927 | 32,954,550 | ||||||
105,235,840 | ||||||||
HUNGARY – 0.63% | ||||||||
Magyar Telekom Telecommunications PLC | 3,545,775 | 9,966,688 | ||||||
MOL Hungarian Oil and Gas Nyrta,b | 664,444 | 80,672,114 | ||||||
OTP Bank Nyrta,b | 2,315,084 | 69,443,592 | ||||||
Richter Gedeon Nyrta | 362,012 | 70,121,574 | ||||||
230,203,968 | ||||||||
INDIA – 5.52% | ||||||||
Axis Bank Ltd. SP GDRc | 1,364,903 | 38,080,794 | ||||||
Dr. Reddy’s Laboratories Ltd. SP ADRa | 2,226,260 | 75,804,153 | ||||||
HDFC Bank Ltd. SP ADR | 2,351,625 | 345,947,554 | ||||||
ICICI Bank Ltd. SP ADR | 6,473,530 | 280,692,261 | ||||||
Infosys Technologies Ltd. SP ADR | 6,307,551 | 420,713,652 | ||||||
Larsen & Toubro Ltd. SP GDRc | 2,288,524 | 77,626,734 | ||||||
Mahanagar Telephone Nigam Ltd. SP ADRa,b | 1,374,047 | 2,528,246 | ||||||
Reliance Industries Ltd. SP GDRa,d | 8,204,249 | 349,418,965 | ||||||
Sterlite Industries (India) Ltd. SP ADRa | 7,191,489 | 106,002,548 | ||||||
Tata Communications Ltd. SP ADRa,b | 5,732,356 | 51,591,204 | ||||||
Tata Motors Ltd. SP ADRa | 4,425,714 | 108,961,078 | ||||||
Wipro Ltd. SP ADRa | 12,699,117 | 167,120,380 | ||||||
2,024,487,569 | ||||||||
INDONESIA – 2.32% | ||||||||
PT Adaro Energy Tbk | 85,217,000 | 23,667,364 | ||||||
PT Aneka Tambang Tbk | 148,410,099 | 37,012,097 | ||||||
PT Astra Agro Lestari Tbk | 3,840,000 | 9,511,308 | ||||||
PT Astra International Tbk | 20,797,500 | 122,712,676 | ||||||
PT Bank Central Asia Tbk | 129,049,500 | 92,162,540 | ||||||
PT Bank Danamon Indonesia Tbk | 30,518,487 | 22,141,168 | ||||||
PT Bank Mandiri Tbk | 88,875,400 | 58,434,203 | ||||||
PT Bank Negara Indonesia (Persero) Tbk | 65,765,276 | 26,465,650 |
Security | Shares | Value | ||||||
PT Bank Rakyat Indonesia Tbk | 110,984,122 | $ | 59,131,142 | |||||
PT Bumi Resources Tbk | 174,971,000 | 59,503,826 | ||||||
PT Charoen Pokphand Indonesia Tbk | 77,880,445 | 13,419,291 | ||||||
PT Gudang Garam Tbk | 5,879,000 | 24,358,380 | ||||||
PT Indo Tambangraya Megah Tbk | 3,453,500 | 17,890,943 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 3,659,500 | 5,973,678 | ||||||
PT Indofood Sukses Makmur Tbk | 45,044,000 | 24,254,265 | ||||||
PT Indosat Tbk | 1,884,560 | 1,078,845 | ||||||
PT International Nickel Indonesia Tbk | 14,418,500 | 8,254,087 | ||||||
PT Kalbe Farma Tbk | 27,399,903 | 9,085,157 | ||||||
PT Perusahaan Gas Negara Tbk | 129,434,500 | 52,087,794 | ||||||
PT Semen Gresik (Persero) Tbk | 19,471,000 | 19,092,462 | ||||||
PT Tambang Batubara Bukit Asam Tbk | 4,151,000 | 9,434,626 | ||||||
PT Telekomunikasi Indonesia Tbk | 90,014,500 | 76,019,727 | ||||||
PT Unilever Indonesia Tbk | 3,050,500 | 5,602,006 | ||||||
PT United Tractors Tbk | 27,125,650 | 71,338,784 | ||||||
848,632,019 | ||||||||
MALAYSIA – 3.28% | ||||||||
AirAsia Bhdb | 20,269,100 | 16,744,184 | ||||||
Alliance Financial Group Bhd | 6,930,300 | 7,110,913 | ||||||
AMMB Holdings Bhd | 25,411,075 | 51,730,135 | ||||||
Axiata Group Bhdb | 26,032,300 | 41,644,853 | ||||||
Berjaya Corp. Bhd | 10,334,700 | 3,523,386 | ||||||
Berjaya Sports Toto Bhd | 14,269,800 | 19,179,210 | ||||||
British American Tobacco (Malaysia) Bhd | 1,488,600 | 23,423,308 | ||||||
Bursa Malaysia Bhd | 6,116,500 | 16,281,259 | ||||||
CIMB Group Holdings Bhd | 34,647,800 | 91,546,064 | ||||||
DiGi.Com Bhd | 1,964,800 | 17,132,824 | ||||||
Gamuda Bhd | 33,563,900 | 39,939,996 | ||||||
Genting Bhd | 25,818,300 | 84,551,653 | ||||||
Genting Malaysia Bhd | 49,321,000 | 53,516,640 | ||||||
Genting Plantations Bhd | 3,886,800 | 10,091,282 | ||||||
Hong Leong Bank Bhd | 1,144,900 | 3,490,434 | ||||||
Hong Leong Financial Group Bhd | 589,700 | 1,679,886 | ||||||
IJM Corp. Bhd | 19,099,820 | 37,880,318 | ||||||
IOI Corp. Bhd | 38,604,920 | 69,477,466 | ||||||
Kuala Lumpur Kepong Bhd | 5,746,300 | 38,051,224 |
12 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Lafarge Malayan Cement Bhd | 3,201,300 | $ | 7,713,344 | |||||
Malayan Banking Bhd | 26,987,700 | 76,260,932 | ||||||
Malaysian Airline System Bhdb | 9,764,800 | 6,049,983 | ||||||
Maxis Communications Bhd | 16,473,700 | 29,323,780 | ||||||
MISC Bhd | 7,021,900 | 17,494,325 | ||||||
MMC Corp. Bhd | 12,302,700 | 10,929,460 | ||||||
Parkson Holdings Bhd | 7,280,810 | 12,602,090 | ||||||
Petronas Chemicals Group Bhdb | 20,447,200 | 42,228,277 | ||||||
Petronas Dagangan Bhd | 1,081,800 | 4,787,510 | ||||||
Petronas Gas Bhd | 3,174,400 | 11,738,152 | ||||||
PLUS Expressways Bhd | 26,135,020 | 37,782,474 | ||||||
PPB Group Bhd | 4,810,100 | 26,017,587 | ||||||
Public Bank Bhd Foreign | 4,564,900 | 19,573,477 | ||||||
RHB Capital Bhd | 2,903,600 | 7,481,493 | ||||||
Sime Darby Bhd | 29,080,573 | 85,416,140 | ||||||
SP Setia Bhd | 12,372,800 | 23,970,906 | ||||||
Telekom Malaysia Bhd | 13,540,700 | 17,489,054 | ||||||
Tenaga Nasional Bhd | 36,707,250 | 75,809,105 | ||||||
UMW Holdings Bhd | 8,880,700 | 21,222,850 | ||||||
YTL Corp. Bhd | 7,522,108 | 17,507,611 | ||||||
YTL Power International Bhd | 34,202,760 | 25,451,652 | ||||||
1,203,845,237 | ||||||||
MEXICO – 4.52% | ||||||||
Alfa SAB de CV Series A | 5,487,600 | 68,357,459 | ||||||
America Movil SAB de CV Series L | 186,906,200 | 535,716,932 | ||||||
Cemex SAB de CV CPOb | 68,468,269 | 61,567,401 | ||||||
Coca-Cola FEMSA SAB de CV Class L | 3,100 | 22,669 | ||||||
Compartamos SAB de CVb | 9,283,300 | 17,899,863 | ||||||
Desarrolladora Homex SAB de CVb | 1,245,800 | 5,673,258 | ||||||
Embotelladoras Arca SAB de CVa | 3,812,400 | 20,751,656 | ||||||
Fomento Economico Mexicano SAB de CV BD Units | 25,616,400 | 144,029,397 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Series B | 20,500 | 77,954 | ||||||
Grupo Bimbo SAB de CV Series A | 537,100 | 4,182,007 | ||||||
Grupo Carso SAB de CV Series A1 | 1,211,941 | 3,882,378 | ||||||
Grupo Elektra SA de CV | 25,785 | 1,075,918 |
Security | Shares | Value | ||||||
Grupo Financiero Banorte SAB de CV Series Oa | 13,460,056 | $ | 61,140,103 | |||||
Grupo Financiero Inbursa SAB de CV Series O | 273,000 | 1,146,873 | ||||||
Grupo Mexico SAB de CV Series B | 38,730,363 | 147,085,432 | ||||||
Grupo Modelo SAB de CV Series Ca | 12,525,298 | 75,796,712 | ||||||
Grupo Televisa SA CPOb | 26,707,700 | 126,149,432 | ||||||
Industrias Penoles SAB de CV | 1,296,488 | 45,102,502 | ||||||
Kimberly-Clark de Mexico SABde CV Series A | 9,478,300 | 55,187,920 | ||||||
Mexichem SAB de CV | 2,100 | 7,550 | ||||||
Minera Frisco SAB de CVb | 1,578,441 | 6,694,954 | ||||||
Telefonos de Mexico SAB de CV Series L | 62,409,900 | 56,687,037 | ||||||
Urbi Desarrollos Urbanos SAB de CVa,b | 4,741,000 | 10,379,692 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 72,054,100 | 206,166,614 | ||||||
1,654,781,713 | ||||||||
PERU – 0.61% | ||||||||
Compania de Minas Buenaventura SA SP ADR | 2,160,278 | 100,820,174 | ||||||
Credicorp Ltd. | 456,703 | 45,875,816 | ||||||
Southern Copper Corp. | 1,778,455 | 75,264,216 | ||||||
221,960,206 | ||||||||
PHILIPPINE ISLANDS – 0.85% |
| |||||||
Aboitiz Equity Ventures Inc. | 14,574,800 | 15,714,971 | ||||||
Aboitiz Power Corp. | 3,535,564 | 2,335,954 | ||||||
Alliance Global Group Inc. | 5,021,680 | 1,313,309 | ||||||
Ayala Corp. | 4,503,323 | 34,195,915 | ||||||
Ayala Land Inc. | 47,473,900 | 15,574,140 | ||||||
Banco de Oro Unibank Inc. | 340 | 366 | ||||||
Bank of the Philippine Islands | 34,612,354 | 44,188,518 | ||||||
Energy Development Corp. | 7,000 | 899 | ||||||
Globe Telecom Inc. | 603,460 | 9,829,241 | ||||||
Jollibee Foods Corp. | 36,559,849 | 57,074,965 | ||||||
Manila Electric Co. | 7,661,195 | 40,599,588 | ||||||
Metropolitan Bank & Trust Co. | 237,755 | 313,080 | ||||||
Philippine Long Distance Telephone Co. | 607,295 | 30,093,076 |
SCHEDULEOF INVESTMENTS | 13 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
SM Investments Corp. | 2,418,641 | $ | 25,579,112 | |||||
SM Prime Holdings Inc. | 151,464,620 | 35,095,037 | ||||||
311,908,171 | ||||||||
POLAND – 1.58% | ||||||||
Asseco Poland SA | 514,094 | 9,179,770 | ||||||
Bank Handlowy w Warszawie SA | 275,484 | 8,974,358 | ||||||
Bank Millennium SAb | 3,513,037 | 6,854,348 | ||||||
Bank Pekao SA | 1,176,400 | 67,383,294 | ||||||
Bank Zachodni WBK SA | 199,097 | 15,635,581 | ||||||
BRE Bank SAb | 122,539 | 13,269,384 | ||||||
Cyfrowy Polsat SAa | 2,201,501 | 12,034,755 | ||||||
ENEA SA | 1,075,697 | 8,207,851 | ||||||
Getin Holding SAa,b | 2,753,538 | 12,548,570 | ||||||
Globe Trade Centre SAb | 962,324 | 7,087,967 | ||||||
Grupa Lotos SAb | 549,206 | 7,705,704 | ||||||
ING Bank Slaski SAb | 26,671 | 7,921,895 | ||||||
Kernel Holding SAa,b | 367,379 | 10,611,194 | ||||||
KGHM Polska Miedz SA | 1,270,430 | 77,682,513 | ||||||
PBG SA | 94,212 | 6,499,304 | ||||||
Polska Grupa Energetyczna SA | 2,773,632 | 21,878,657 | ||||||
Polski Koncern Naftowy Orlen SAb | 3,239,735 | 51,471,845 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 16,090,592 | 21,864,122 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 6,240,437 | 91,296,953 | ||||||
Powszechny Zaklad Ubezpieczen SA | 414,966 | 50,227,057 | ||||||
Tauron Polska Energia SAb | 10,361,390 | 22,274,019 | ||||||
Telekomunikacja Polska SA | 6,721,736 | 40,492,244 | ||||||
TVN SA | 1,179,614 | 7,110,194 | ||||||
578,211,579 | ||||||||
RUSSIA – 7.24% | ||||||||
Comstar United Telesystems OJSC SP GDRb | 788,507 | 5,365,790 | ||||||
Federal Grid Co. of Unified Energy System OJSCb | 1,342,178,500 | 19,582,914 | ||||||
Gazprom OAO | 9,262,235 | 67,637,241 | ||||||
Gazprom OAO SP ADR | 23,235,188 | 683,579,231 | ||||||
Inter RAO UES OJSCb | 7,886,141,700 | 11,806,829 | ||||||
LUKOIL OAO | 327,607 | 23,139,218 | ||||||
LUKOIL OAO SP ADR | 4,103,872 | 292,154,648 | ||||||
Magnit OJSC SP GDRc | 2,161,075 | 61,374,530 |
Security | Shares | Value | ||||||
Mechel OAO SP ADRa | 1,579,727 | $ | 48,071,093 | |||||
MMC Norilsk Nickel OJSC | 137,936 | 33,429,209 | ||||||
MMC Norilsk Nickel OJSC SP ADR | 5,462,826 | 131,927,248 | ||||||
Mobile TeleSystems OJSC SP ADR | 4,402,512 | 82,899,301 | ||||||
NovaTek OAO SP GDRc | 963,972 | 125,219,963 | ||||||
Novolipetsk Steel OJSC SP GDRc | 1,080,463 | 49,593,252 | ||||||
OGK-4 OJSCb | 78,952,100 | 7,196,219 | ||||||
Polymetal OJSC SP GDRa,b,c | 956,170 | 18,171,741 | ||||||
Polyus Gold OJSC SP ADR | 874,224 | 29,854,750 | ||||||
Raspadskaya OAOb | 886,500 | 6,897,007 | ||||||
Rosneft Oil Co. OJSC | 3,697,340 | 34,812,242 | ||||||
Rosneft Oil Co. OJSC SP GDRc | 11,831,668 | 111,690,946 | ||||||
RusHydro OJSCb | 130,565,100 | 6,687,849 | ||||||
RusHydro OJSC SP ADRb | 11,050,490 | 56,578,509 | ||||||
Sberbank of Russia | 25,480,083 | 90,159,506 | ||||||
Sberbank of Russia GDRa,c | 515,567 | 199,388,349 | ||||||
Severstal OAO | 2,607,733 | 49,614,943 | ||||||
Sistema JSFC SP GDRc | 955,969 | 24,367,650 | ||||||
Surgutneftegas OJSC | 18,993,900 | 21,874,062 | ||||||
Surgutneftegas OJSC SP ADR | 5,632,584 | 66,182,862 | ||||||
Tatneft OAO SP ADR | 2,652,507 | 110,742,167 | ||||||
TMK OAO SP GDRb,c | 613,745 | 12,274,900 | ||||||
Uralkali OJSC SP GDRc | 1,380,949 | 56,439,386 | ||||||
VTB Bank OJSC SP GDRc | 12,535,253 | 86,869,303 | ||||||
Wimm-Bill-Dann Foods OJSC SP ADR | 836,456 | 27,084,445 | ||||||
2,652,667,303 | ||||||||
SOUTH AFRICA – 7.58% |
| |||||||
Absa Group Ltd. | 1,686,762 | 31,539,961 | ||||||
African Bank Investments Ltd. | 13,358,996 | 68,921,835 | ||||||
African Rainbow Minerals Ltd. | 468,558 | 14,261,239 | ||||||
Anglo Platinum Ltd.b | 528,283 | 51,541,290 | ||||||
AngloGold Ashanti Ltd. | 3,532,572 | 172,829,547 | ||||||
ArcelorMittal South Africa Ltd. | 3,595,003 | 46,715,533 | ||||||
Aspen Pharmacare Holdings Ltd.b | 629,610 | 7,394,847 | ||||||
Aveng Ltd. | 2,381,753 | 12,555,685 | ||||||
Bidvest Group Ltd. | 3,063,172 | 68,869,004 | ||||||
Discovery Holdings Ltd. | 197,279 | 1,122,995 | ||||||
Exxaro Resources Ltd. | 2,061,960 | 45,300,985 | ||||||
FirstRand Ltd. | 36,647,648 | 103,461,918 | ||||||
Foschini Group Ltd. (The) | 4,703,718 | 53,239,278 | ||||||
Gold Fields Ltd. | 6,838,466 | 122,981,125 |
14 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Growthpoint Properties Ltd. | 2,234,670 | $ | 5,465,064 | |||||
Harmony Gold Mining Co. Ltd. | 3,685,433 | 43,142,465 | ||||||
Impala Platinum Holdings Ltd. | 4,592,744 | 136,014,136 | ||||||
Imperial Holdings Ltd. | 2,839,969 | 45,998,244 | ||||||
Investec Ltd. | 4,928,192 | 38,564,476 | ||||||
Kumba Iron Ore Ltd. | 614,555 | 41,713,096 | ||||||
Liberty Holdings Ltd. | 1,133,987 | 12,490,273 | ||||||
Massmart Holdings Ltd. | 840,969 | 17,451,890 | ||||||
MMI Holdings Ltd. | 6,693,772 | 15,675,603 | ||||||
MTN Group Ltd. | 15,284,681 | 270,712,460 | ||||||
Murray & Roberts Holdings Ltd. | 2,991,363 | 10,777,279 | ||||||
Naspers Ltd. Class N | 3,775,357 | 217,602,414 | ||||||
Nedbank Group Ltd. | 3,481,342 | 64,117,640 | ||||||
Netcare Ltd. | 22,941,981 | 48,237,655 | ||||||
Northam Platinum Ltd.a | 538,311 | 3,840,064 | ||||||
Pick’n Pay Stores Ltd.a | 5,516,363 | 36,918,584 | ||||||
Pretoria Portland Cement Co. Ltd. | 5,337,017 | 21,397,138 | ||||||
Redefine Properties Ltd. | 1,500,251 | 1,589,100 | ||||||
Remgro Ltd. | 2,042,305 | 32,949,185 | ||||||
Reunert Ltd. | 2,135,854 | 17,790,960 | ||||||
RMB Holdings Ltd. | 1,659,503 | 9,193,088 | ||||||
Sanlam Ltd. | 21,759,437 | 84,823,250 | ||||||
Sappi Ltd.b | 1,958,486 | 10,431,636 | ||||||
Sasol Ltd. | 6,006,372 | 329,763,806 | ||||||
Shoprite Holdings Ltd. | 5,544,399 | 77,024,962 | ||||||
SPAR Group Ltd. (The) | 1,688,026 | 23,107,715 | ||||||
Standard Bank Group Ltd. | 11,406,473 | 164,134,331 | ||||||
Steinhoff International Holdings Ltd.b | 4,049,691 | 14,450,155 | ||||||
Telkom South Africa Ltd. | 147,070 | 751,347 | ||||||
Tiger Brands Ltd. | 2,284,257 | 60,044,023 | ||||||
Truworths International Ltd. | 7,099,088 | 65,230,522 | ||||||
Vodacom Group Ltd. | 570,813 | 6,161,347 | ||||||
Woolworths Holdings Ltd. | 12,988,290 | 49,976,199 | ||||||
2,778,275,349 | ||||||||
SOUTH KOREA – 13.69% |
| |||||||
AmorePacific Corp. | 42,753 | 38,864,642 | ||||||
Busan Bank | 718,150 | 8,621,745 | ||||||
Celltrion Inc. | 843,004 | 23,938,580 | ||||||
Cheil Industries Inc. | 470,505 | 50,024,897 | ||||||
CJ CheilJedang Corp. | 99,721 | 17,626,669 | ||||||
Daegu Bank | 368,840 | 4,983,662 |
Security | Shares | Value | ||||||
Daelim Industrial Co. Ltd. | 164,236 | $ | 14,275,065 | |||||
Daewoo Engineering & Construction Co. Ltd.a,b | 109,320 | 1,041,235 | ||||||
Daewoo International Corp.a | 217,966 | 6,517,833 | ||||||
Daewoo Securities Co. Ltd. | 818,150 | 16,708,774 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b | 923,260 | 28,221,743 | ||||||
Dongbu Insurance Co. Ltd. | 146,550 | 5,946,919 | ||||||
Dongkuk Steel Mill Co. Ltd. | 329,870 | 10,434,022 | ||||||
Doosan Corp. | 211,169 | 23,387,343 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.a | 370,354 | 22,608,772 | ||||||
Doosan Infracore Co. Ltd.a,b | 812,790 | 18,471,682 | ||||||
GLOVIS Co. Ltd. | 98,613 | 12,363,212 | ||||||
GS Engineering & Construction Corp.a | 289,221 | 25,446,015 | ||||||
GS Holdings Corp.a | 336,650 | 20,730,231 | ||||||
Hana Financial Group Inc. | 1,993,210 | 79,470,562 | ||||||
Hanjin Heavy Industries & Construction Co. Ltd.a,b | 743,630 | 20,095,437 | ||||||
Hanjin Shipping Co. Ltd.a | 552,660 | 17,236,195 | ||||||
Hankook Tire Co. Ltd. | 945,960 | 24,850,675 | ||||||
Hanwha Chemical Corp. | 662,820 | 19,732,204 | ||||||
Hanwha Corp. | 331,260 | 13,060,798 | ||||||
Honam Petrochemical Corp. | 84,322 | 23,234,964 | ||||||
Hynix Semiconductor Inc.a,b | 4,697,430 | 117,992,416 | ||||||
Hyosung Corp. | 220,066 | 15,208,566 | ||||||
Hyundai Department Store Co. Ltd. | 85,443 | 9,198,002 | ||||||
Hyundai Development Co.b | 255,300 | 6,921,703 | ||||||
Hyundai Engineering & Construction Co. Ltd.b | 687,896 | 45,406,682 | ||||||
Hyundai Heavy Industries Co. Ltd.a | 378,850 | 146,014,929 | ||||||
Hyundai Merchant Marine Co. Ltd.a,b | 362,482 | 9,072,889 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 118,953 | 18,233,171 | ||||||
Hyundai Mobis Co. Ltd.a | 699,342 | 162,652,084 | ||||||
Hyundai Motor Co. Ltd. | 1,544,520 | 243,587,082 | ||||||
Hyundai Securities Co. Ltd. | 327,990 | 3,777,850 | ||||||
Hyundai Steel Co. | 534,972 | 61,382,071 | ||||||
Industrial Bank of Koreab | 397,180 | 5,947,231 | ||||||
Kangwon Land Inc.a,b | 436,440 | 9,686,636 |
SCHEDULEOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
KB Financial Group Inc. SP ADRb | 5,534,040 | $ | 269,784,450 | |||||
KCC Corp. | 14,466 | 4,018,155 | ||||||
Kia Motors Corp.a | 2,347,480 | 119,386,304 | ||||||
Korea Electric Power Corp. SP ADRb | 9,288,673 | 113,321,811 | ||||||
Korea Exchange Bank | 1,698,100 | 13,736,458 | ||||||
Korea Gas Corp.b | 263,080 | 8,589,464 | ||||||
Korea Investment Holdings Co. Ltd. | 181,570 | 6,724,517 | ||||||
Korea Life Insurance Co. Ltd. | 2,071,060 | 13,927,564 | ||||||
Korea Zinc Co. Ltd. | 57,587 | 17,041,650 | ||||||
Korean Air Lines Co. Ltd. | 455,908 | 24,842,371 | ||||||
KT Corp. SP ADRb | 3,875,386 | 76,693,889 | ||||||
KT&G Corp. | 1,413,513 | 71,762,101 | ||||||
LG Chem Ltd. | 490,472 | 161,658,250 | ||||||
LG Corp. | 951,880 | 65,446,230 | ||||||
LG Display Co. Ltd. SP ADRa,b | 6,018,014 | 96,167,864 | ||||||
LG Electronics Inc.a | 925,660 | 91,036,424 | ||||||
LG Household & Health Care Ltd.a | 111,411 | 35,338,801 | ||||||
LG Innotek Co. Ltd.a | 117,921 | 13,321,160 | ||||||
LG Uplus Corp. | 2,166,840 | 10,885,556 | ||||||
Lotte Confectionery Co. Ltd.b | 3,578 | 4,406,521 | ||||||
Lotte Shopping Co. Ltd. | 84,394 | 29,311,521 | ||||||
LS Corp. | 106,533 | 8,683,858 | ||||||
LS Industrial Systems Co. Ltd.a | 155,964 | 9,769,773 | ||||||
Mando Corp. | 99,596 | 12,971,791 | ||||||
Mirae Asset Securities Co. Ltd. | 125,749 | 5,242,095 | ||||||
NCsoft Corp. | 207,618 | 41,573,267 | ||||||
NHN Corp.b | 436,943 | 73,362,600 | ||||||
OCI Co. Ltd. | 132,930 | 43,813,370 | ||||||
POSCO SP ADR | 2,617,221 | 269,783,141 | ||||||
S-Oil Corp.a | 222,050 | 21,149,493 | ||||||
S1 Corp.a | 230,520 | 10,232,625 | ||||||
Samsung C&T Corp. | 1,265,810 | 75,478,681 | ||||||
Samsung Card Co. Ltd. | 254,000 | 11,815,000 | ||||||
Samsung Electro-Mechanics Co. Ltd.a | 627,720 | 71,745,785 | ||||||
Samsung Electronics Co. Ltd. SP GDRa,c | 1,987,318 | 814,005,453 | ||||||
Samsung Engineering Co. Ltd.a | 273,686 | 43,405,656 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 384,320 | 76,104,656 |
Security | Shares | Value | ||||||
Samsung Heavy Industries Co. Ltd. | 1,748,860 | $ | 56,402,343 | |||||
Samsung Life Insurance Co. Ltd. | 569,970 | 53,782,665 | ||||||
Samsung SDI Co. Ltd.a | 340,136 | 50,177,330 | ||||||
Samsung Securities Co. Ltd. | 406,500 | 27,264,475 | ||||||
Samsung Techwin Co. Ltd.a | 480,598 | 33,724,681 | ||||||
Seoul Semiconductor Co. Ltd.a | 185,729 | 6,936,143 | ||||||
Shinhan Financial Group Co. Ltd. | 3,078,700 | 128,478,067 | ||||||
Shinhan Financial Group Co. Ltd. SP ADRb | 697,230 | 58,434,846 | ||||||
Shinsegae Co. Ltd. | 296,760 | 65,601,931 | ||||||
SK Broadband Co. Ltd.b | 993,700 | 4,164,445 | ||||||
SK C&C Co. Ltd. | 96,440 | 8,108,941 | ||||||
SK Energy Co. Ltd. | 565,890 | 87,742,657 | ||||||
SK Holdings Co. Ltd. | 146,870 | 17,242,081 | ||||||
SK Networks Co. Ltd. | 289,160 | 2,959,109 | ||||||
SK Telecom Co. Ltd. SP ADR | 5,353,778 | 94,172,955 | ||||||
STX Pan Ocean Co. Ltd.a | 1,963,200 | 16,541,915 | ||||||
Tong Yang Securities Inc. | 636,850 | 4,344,788 | ||||||
Woongjin Coway Co. Ltd.a | 634,820 | 18,392,428 | ||||||
Woori Finance Holdings Co. Ltd.b | 1,874,680 | 22,672,557 | ||||||
Woori Investment & Securities Co. Ltd. | 425,710 | 7,694,577 | ||||||
Yuhan Corp. | 101,988 | 13,735,149 | ||||||
5,018,087,576 | ||||||||
TAIWAN – 11.91% | ||||||||
Acer Inc. | 26,549,053 | 65,215,388 | ||||||
Advanced Semiconductor Engineering Inc. | 35,474,645 | 40,414,657 | ||||||
Advantech Co. Ltd. | 1,718,000 | 4,807,874 | ||||||
Asia Cement Corp. | 18,108,753 | 18,493,090 | ||||||
ASUSTeK Computer Inc. | 4,546,400 | 41,840,467 | ||||||
AU Optronics Corp. SP ADRa,b | 9,152,548 | 82,189,881 | ||||||
Capital Securities Corp. | 20,632,916 | 9,564,814 | ||||||
Catcher Technology Co. Ltd. | 3,683,210 | 15,625,171 | ||||||
Cathay Financial Holding Co. Ltd. | 60,804,350 | 98,602,878 | ||||||
Chang Hwa Commercial Bank Ltd. | 13,592,000 | 10,160,414 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 19,440,893 | 39,707,006 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 3,007,260 | 5,843,808 | ||||||
Chicony Electronics Co. Ltd. | 6,284,600 | 12,018,937 |
16 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Chimei Innolux Corp.b | 40,171,487 | $ | 43,429,176 | |||||
China Airlines Ltd.b | 18,824,000 | 12,429,276 | ||||||
China Development Financial Holding Corp. | 7,747,900 | 3,021,798 | ||||||
China Life Insurance Co. Ltd. | 11,159,726 | 10,785,706 | ||||||
China Motor Co. Ltd. | 5,480,000 | 4,649,528 | ||||||
China Petrochemical Development Corp.b | 15,458,000 | 17,875,023 | ||||||
China Steel Corp. | 119,305,412 | 136,735,585 | ||||||
Chinatrust Financial Holding Co. Ltd. | 65,293,720 | 51,824,605 | ||||||
Chunghwa Picture Tubes Ltd.b | 1,904,199 | 259,933 | ||||||
Chunghwa Telecom Co. Ltd. SP ADR | 7,933,030 | 234,103,715 | ||||||
Clevo Co. | 7,412,000 | 12,957,849 | ||||||
CMC Magnetics Corp.b | 25,442,000 | 6,058,109 | ||||||
Compal Electronics Inc. | 40,407,908 | 48,039,422 | ||||||
Coretronic Corp. | 6,526,000 | 10,638,651 | ||||||
Delta Electronics Inc. | 20,210,000 | 85,390,562 | ||||||
E Ink Holdings Inc.b | 8,269,000 | 14,710,686 | ||||||
E.Sun Financial Holding Co. Ltd. | 6,337,000 | 3,945,769 | ||||||
Epistar Corp. | 4,194,345 | 14,564,876 | ||||||
Eternal Chemical Co. Ltd. | 5,188,800 | 5,627,335 | ||||||
EVA Airways Corp.b | 10,784,000 | 9,887,609 | ||||||
Evergreen International Storage & Transport Corp. | 7,524,000 | 6,319,415 | ||||||
Evergreen Marine Corp. Ltd.b | 15,219,000 | 13,641,559 | ||||||
Everlight Electronics Co. Ltd. | 1,971,000 | 5,610,306 | ||||||
Far Eastern Department Stores Co. Ltd. | 13,278,125 | 20,328,550 | ||||||
Far Eastern New Century Corp. | 25,369,842 | 39,969,066 | ||||||
Far EasTone Telecommunications Co. Ltd. | 12,972,000 | 18,861,337 | ||||||
Farglory Land Development Co. Ltd. | 13,948,000 | 30,826,276 | ||||||
Feng Hsin Iron & Steel Co. Ltd. | 5,478,000 | 9,361,256 | ||||||
First Financial Holding Co. Ltd. | 23,946,350 | 19,784,864 | ||||||
Formosa Chemicals & Fibre Corp. | 28,316,000 | 97,843,027 | ||||||
Formosa International Hotels Corp. | 210,300 | 3,539,818 | ||||||
Formosa Petrochemical Corp. | 7,744,000 | 23,764,812 | ||||||
Formosa Plastics Corp. | 43,464,000 | 147,954,907 | ||||||
Formosa Taffeta Co. Ltd. | 9,231,000 | 8,684,765 |
Security | Shares | Value | ||||||
Foxconn Technology Co. Ltd. | 2,539,710 | $ | 9,210,148 | |||||
Fubon Financial Holding Co. Ltd. | 60,411,121 | 77,607,454 | ||||||
Giant Manufacturing Co. Ltd. | 4,613,203 | 17,597,624 | ||||||
HannStar Display Corp.b | 15,595,963 | 2,865,254 | ||||||
Highwealth Construction Corp. | 3,830,000 | 8,320,494 | ||||||
Hiwin Technologies Corp. | 1,532,000 | 9,696,323 | ||||||
Hon Hai Precision Industry Co. Ltd. | 92,231,373 | 343,939,276 | ||||||
HTC Corp. | 8,011,389 | 291,899,955 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 2,304,490 | 1,655,658 | ||||||
Inventec Co. Ltd. | 15,386,050 | 8,053,695 | ||||||
KGI Securities Co. Ltd. | 47,770,000 | 23,288,778 | ||||||
Largan Precision Co. Ltd. | 1,189,000 | 32,989,772 | ||||||
LCY Chemical Corp. | 4,040,172 | 11,168,319 | ||||||
Lite-On Technology Corp. | 14,517,114 | 18,376,323 | ||||||
Macronix International Co. Ltd. | 40,855,275 | 30,051,296 | ||||||
MediaTek Inc. | 10,211,176 | 116,680,647 | ||||||
Mega Financial Holding Co. Ltd. | 31,160,000 | 22,866,587 | ||||||
MiTAC International Corp. | 7,106,728 | 3,221,530 | ||||||
Motech Industries Inc. | 3,762,124 | 16,732,200 | ||||||
MStar Semiconductor Inc. | 3,256,000 | 29,797,840 | ||||||
Nan Kang Rubber Tire Co. Ltd.b | 4,364,000 | 7,129,100 | ||||||
Nan Ya Plastics Corp. | 49,587,000 | 145,386,894 | ||||||
Nan Ya Printed Circuit Board Corp. | 909,000 | 3,296,449 | ||||||
Novatek Microelectronics Corp. Ltd. | 602,000 | 1,870,075 | ||||||
Pegatron Corp.b | 9,788,414 | 11,720,792 | ||||||
Phison Electronics Corp. | 1,407,535 | 9,004,869 | ||||||
Pixart Imaging Inc. | 61,000 | 224,344 | ||||||
Polaris Securities Co. Ltd. | 37,910,000 | 23,669,727 | ||||||
Pou Chen Corp. | 29,565,220 | 26,247,931 | ||||||
Powertech Technology Inc. | 2,488,000 | 8,809,826 | ||||||
President Chain Store Corp. | 6,596,000 | 27,869,181 | ||||||
Qisda Corp.b | 13,022,000 | 7,930,020 | ||||||
Quanta Computer Inc. | 18,221,000 | 36,218,040 | ||||||
Realtek Semiconductor Corp. | 643,420 | 1,281,133 | ||||||
Richtek Technology Corp. | 478,150 | 3,827,865 | ||||||
Ruentex Development Co. Ltd. | 10,895,000 | 16,642,758 | ||||||
Ruentex Industries Ltd. | 8,889,000 | 22,260,791 | ||||||
Shin Kong Financial Holding Co. Ltd.b | 17,391,002 | 7,407,481 |
SCHEDULEOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Siliconware Precision Industries Co. Ltd. SP ADRa | 12,538,647 | $ | 85,137,413 | |||||
Simplo Technology Co. Ltd. | 2,938,200 | 19,601,647 | ||||||
Sino-American Silicon Products Inc. | 2,890,000 | 13,496,063 | ||||||
SinoPac Financial Holdings Co. Ltd. | 5,344,000 | 2,239,645 | ||||||
Synnex Technology International Corp. | 13,561,985 | 32,571,441 | ||||||
Tainan Spinning Co. Ltd. | 7,681,000 | 4,624,950 | ||||||
Taishin Financial Holdings Co. Ltd.b | 9,711,970 | 5,100,260 | ||||||
Taiwan Business Bank Ltd.b | 16,222,640 | 6,438,076 | ||||||
Taiwan Cement Corp. | 36,555,296 | 36,768,358 | ||||||
Taiwan Cooperative Bank Co. Ltd. | 17,069,000 | 13,080,752 | ||||||
Taiwan Fertilizer Co. Ltd. | 6,191,000 | 19,528,475 | ||||||
Taiwan Glass Industrial Corp. | 3,397,060 | 4,189,721 | ||||||
Taiwan Mobile Co. Ltd. | 24,784,000 | 56,385,787 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR | 40,817,142 | 501,642,675 | ||||||
Tatung Co. Ltd.b | 60,668,000 | 14,342,152 | ||||||
Teco Electric and Machinery Co. Ltd. | 30,806,000 | 18,338,388 | ||||||
TPK Holding Co. Ltd.b | 861,000 | 24,095,340 | ||||||
Transcend Information Inc. | 100,000 | 266,852 | ||||||
Tripod Technology Corp. | 2,275,000 | 10,273,820 | ||||||
TSRC Corp. | 8,053,000 | 18,872,302 | ||||||
Tung Ho Steel Enterprise Corp. | 10,206,000 | 10,893,985 | ||||||
U-Ming Marine Transport Corp. | 4,530,000 | 9,174,798 | ||||||
Uni-President Enterprises Co. | 51,041,513 | 65,919,985 | ||||||
Unimicron Technology Corp. | 8,596,000 | 16,174,680 | ||||||
United Microelectronics Corp. SP ADRa | 44,914,303 | 125,760,048 | ||||||
Walsin Lihwa Corp.b | 18,257,000 | 9,837,541 | ||||||
Wan Hai Lines Ltd.b | 2,289,000 | 1,589,712 | ||||||
Winbond Electronics Corp.b | 1,571,000 | 527,794 | ||||||
Wintek Corp.b | 13,900,000 | 27,153,606 | ||||||
Wistron Corp. | 15,488,059 | 28,030,398 | ||||||
WPG Holdings Co. Ltd. | 9,169,966 | 15,999,798 | ||||||
Yang Ming Marine Transport Corp.b | 27,190,978 | 23,349,369 | ||||||
Young Fast Optoelectronics Co. Ltd. | 1,392,034 | 12,429,880 |
Security | Shares | Value | ||||||
Yuanta Financial Holding Co. Ltd. | 43,091,000 | $ | 29,853,015 | |||||
Yulon Motor Co. Ltd. | 23,291,000 | 46,534,771 | ||||||
4,364,949,502 | ||||||||
THAILAND – 1.64% | ||||||||
Advanced Information Service PCL Foreign | 932,900 | 2,425,693 | ||||||
Advanced Information Service PCL NVDR | 1,609,800 | 4,185,743 | ||||||
Bangkok Bank PCL Foreign | 8,868,900 | 47,426,497 | ||||||
Bank of Ayudhya PCL NVDR | 5,824,900 | 4,705,643 | ||||||
Banpu PCL Foreign | 1,791,400 | 42,536,595 | ||||||
BEC World PCL Foreign | 282,000 | 308,978 | ||||||
BEC World PCL NVDR | 1,476,900 | 1,618,190 | ||||||
Charoen Pokphand Foods PCL Foreign | 7,117,000 | 5,539,971 | ||||||
Charoen Pokphand Foods PCL NVDR | 30,356,900 | 23,630,228 | ||||||
CP All PCL Foreign | 2,549,700 | 3,252,275 | ||||||
CP All PCL NVDR | 14,614,700 | 18,641,809 | ||||||
Glow Energy PCL Foreign | 106,600 | 142,075 | ||||||
Glow Energy PCL NVDR | 2,997,800 | 3,995,433 | ||||||
Indorama Ventures PCL NVDR | 9,759,680 | 13,326,791 | ||||||
IRPC PCL Foreign | 88,191,200 | 16,008,542 | ||||||
Kasikornbank PCL Foreign | 14,959,000 | 59,199,967 | ||||||
Krung Thai Bank PCL Foreign | 47,067,800 | 25,246,506 | ||||||
PTT Aromatics & Refining PCL Foreign | 20,193,386 | 24,436,804 | ||||||
PTT Chemical PCL Foreign | 6,522,168 | 30,717,651 | ||||||
PTT Exploration & Production PCL Foreign | 16,819,600 | 99,019,722 | ||||||
PTT PCL Foreign | 9,487,600 | 104,573,056 | ||||||
Siam Cement PCL Foreign | 2,320,800 | 25,124,605 | ||||||
Siam Cement PCL NVDR | 27,800 | 282,773 | ||||||
Siam Commercial Bank PCL NVDR | 9,213,400 | 30,736,445 | ||||||
Thai Airways International PCL NVDR | 6,327,471 | 7,967,543 | ||||||
Thai Oil PCL NVDR | 3,218,700 | 7,763,831 | ||||||
602,813,366 | ||||||||
TURKEY – 1.46% | ||||||||
Akbank TASa | 10,541,075 | 49,273,366 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii AS | 1,273,209 | 17,186,173 |
18 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Arcelik AS | 432,636 | $ | 2,006,099 | |||||
Asya Katilim Bankasi ASa | 16,323,843 | 26,318,907 | ||||||
BIM Birlesik Magazalar AS | 803,066 | 25,243,232 | ||||||
Coca-Cola Icecek AS | 127,166 | 1,406,598 | ||||||
Enka Insaat ve Sanayi AS | 840,917 | 2,774,678 | ||||||
Eregli Demir ve Celik Fabrikalari TASa,b | 8,167,064 | 25,212,657 | ||||||
Haci Omer Sabanci Holding ASa | 4,254,412 | 17,068,695 | ||||||
KOC Holding AS | 5,213,050 | 21,826,918 | ||||||
Migros Ticaret AS | 1 | 13 | ||||||
Turk Hava Yollari Anonim Ortakligib | 5,999,777 | 16,797,276 | ||||||
Turk Telekomunikasyon AS | 3,167,038 | 14,091,558 | ||||||
Turkcell Iletisim Hizmetleri ASa | 5,862,811 | 32,827,638 | ||||||
Turkiye Garanti Bankasi AS | 22,249,195 | 98,440,383 | ||||||
Turkiye Halk Bankasi AS | 2,524,666 | 18,301,541 | ||||||
Turkiye Is Bankasi AS | 13,629,712 | 42,417,176 | ||||||
Turkiye Petrol Rafinerileri AS | 1,244,073 | 30,942,448 | ||||||
Turkiye Vakiflar Bankasi TAO | 21,689,575 | 52,455,103 | ||||||
Yapi ve Kredi Bankasi ASa,b | 14,627,043 | 40,767,787 | ||||||
535,358,246 | ||||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $31,207,190,333) |
| 33,694,880,676 | ||||||
EXCHANGE-TRADED FUNDS – 0.01% |
| |||||||
iShares MSCI Malaysia Index Funde | 361,044 | 5,079,889 | ||||||
iShares MSCI South Korea Index Funde | 323 | 18,753 | ||||||
iShares MSCI Taiwan Index Funda,e | 44 | 649 | ||||||
TOTAL EXCHANGE-TRADED FUNDS |
| |||||||
(Cost: $5,021,708) |
| 5,099,291 | ||||||
PREFERRED STOCKS – 7.84% |
| |||||||
BRAZIL – 7.33% |
| |||||||
AES Tiete SA | 988,700 | 13,713,726 | ||||||
Banco Bradesco SA SP ADR | 16,997,285 | 332,806,840 | ||||||
Banco do Estado do Rio Grandedo Sul SA | 738,900 | 8,109,987 | ||||||
Bradespar SA | 1,813,200 | 47,216,244 | ||||||
Brasil Telecom SA SP ADR | 1,181,386 | 27,230,947 |
Security | Shares | Value | ||||||
Braskem SA Class A | 915,200 | $ | 11,193,014 | |||||
Centrais Eletricas Brasileiras SA Class B | 1,835,218 | 33,528,431 | ||||||
Centrais Eletricas Brasileiras SA Class B SP ADR | 264,514 | 4,782,413 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | 95,400 | 3,555,494 | ||||||
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A SP ADRa | 567,440 | 21,398,162 | ||||||
Companhia de Bebidas das Americas SP ADR | 7,204,329 | 194,588,926 | ||||||
Companhia de Transmissao de Energia Electrica Paulista | 319,700 | 9,828,915 | ||||||
Companhia Energetica de Minas Gerais | 1,326,700 | 22,122,334 | ||||||
Companhia Energetica de Minas Gerais SP ADR | 2,949,231 | 49,724,035 | ||||||
Companhia Energetica de Sao Paulo Class B | 1,592,100 | 26,211,754 | ||||||
Companhia Paranaense de Energia Class B | 686,700 | 17,310,373 | ||||||
Companhia Paranaense de Energia Class B SP ADR | 503,115 | 12,839,495 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 1,381,700 | 26,747,419 | ||||||
Gerdau SA SP ADRa | 6,619,435 | 89,362,373 | ||||||
Itau Unibanco Holding SA | 436,300 | 9,735,315 | ||||||
Itausa – Investimentos Itau SA | 24,311,372 | 177,988,214 | ||||||
Klabin SA | 3,054,400 | 11,346,704 | ||||||
Lojas Americanas SA | 2,574,200 | 20,802,243 | ||||||
Metalurgica Gerdau SA | 1,831,600 | 28,542,120 | ||||||
Petroleo Brasileiro SA | 41,286,627 | 711,597,998 | ||||||
Petroleo Brasileiro SA SP ADR | 3,719 | 130,797 | ||||||
Suzano Bahia Sul Papel e Celulose SA | 1,125,800 | 9,647,581 | ||||||
Tele Norte Leste Participacoes SA | ||||||||
SP ADR | 2,413,526 | 38,109,576 | ||||||
Telemar Norte Leste SA Class A | 89,900 | 2,618,062 | ||||||
TIM Participacoes SA | 2,335,400 | 8,886,970 | ||||||
Ultrapar Participacoes SA | 2,376,000 | 37,527,102 |
SCHEDULEOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
Security | Shares | Value | ||||||
Usinas Siderurgicas de Minas Gerais SA Class A | 5,356,000 | $ | 61,370,160 | |||||
Vale Fertilizantes SA | 261,100 | 2,791,764 | ||||||
Vale SA Class A SP ADR | 19,589,599 | 587,100,282 | ||||||
Vivo Participacoes SA | 661,500 | 23,815,915 | ||||||
2,684,281,685 | ||||||||
RUSSIA – 0.29% | ||||||||
Sberbank of Russia | 12,889,280 | 31,581,519 | ||||||
Surgutneftegas OJSC | 83,656,500 | 49,574,158 | ||||||
Transneft OAO SP ADR | 18,736 | 26,557,374 | ||||||
107,713,051 | ||||||||
SOUTH KOREA – 0.22% |
| |||||||
Hyundai Motor Co. Ltd. | 45,630 | 2,397,430 | ||||||
Hyundai Motor Co. Ltd. Series 2 | 267,390 | 14,878,033 | ||||||
LG Chem Ltd. | 85,564 | 10,689,340 | ||||||
LG Electronics Inc. | 7,410 | 271,806 | ||||||
Samsung Electronics Co. Ltd. | 98,430 | 52,936,703 | ||||||
81,173,312 | ||||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $2,497,641,192) |
| 2,873,168,048 | ||||||
RIGHTS – 0.00% | ||||||||
BRAZIL – 0.00% | ||||||||
Tele Norte Leste Participacoes SAb | 252,608 | 6,093 | ||||||
Telemar Norte Leste SAb,f | 169 | – | ||||||
Telemar Norte Leste SA Class A Preferredb | 79,904 | 3,855 | ||||||
9,948 | ||||||||
TOTAL RIGHTS | ||||||||
(Cost: $0) | 9,948 | |||||||
SHORT-TERM INVESTMENTS – 3.01% |
| |||||||
MONEY MARKET FUNDS – 3.01% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | 910,113,108 | 910,113,108 | ||||||
BlackRock Cash Funds: Prime, | 130,790,727 | 130,790,727 |
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 61,324,356 | $ | 61,324,356 | |||||
1,102,228,191 | ||||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,102,228,191) |
| 1,102,228,191 | ||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $34,812,081,424) |
| 37,675,386,154 | ||||||
Other Assets, Less Liabilities – (2.81)% |
| (1,028,352,111) | ||||||
NET ASSETS – 100.00% |
| $ | 36,647,034,043 | |||||
CPO – Certificates of Participation (Ordinary)
GDR – Global Depositary Receipts
NVDR – Non-Voting Depositary Receipts
SP ADR – Sponsored American Depositary Receipts
SP GDR – Sponsored Global Depositary Receipts
a | All or a portion of this security represents a security on loan. See Note 5. |
b | Non-income earning security. |
c | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
d | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
e | Affiliated issuer. See Note 2. |
f | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
g | The rate quoted is the annualized seven-day yield of the fund at period end. |
h | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
20 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statement of Assets and Liabilities (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2011
ASSETS | ||||
Investments, at cost: | ||||
Unaffiliated issuers | $ | 33,704,831,525 | ||
Affiliated issuers (Note 2) | 1,107,249,899 | |||
Total cost of investments | $ | 34,812,081,424 | ||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||
Unaffiliated issuers | $ | 36,568,058,672 | ||
Affiliated issuers (Note 2) | 1,107,327,482 | |||
Total fair value of investments | 37,675,386,154 | |||
Foreign currencies, at valueb | 6,223,560 | |||
Cash | 5,179,224 | |||
Receivables: | ||||
Investment securities sold | 422,313,358 | |||
Dividends and interest | 57,763,768 | |||
Total Assets | 38,166,866,064 | |||
LIABILITIES | ||||
Payables: | ||||
Investment securities purchased | 256,671,754 | |||
Securities related to in-kind transactions (Note 4) | 93,680 | |||
Collateral for securities on loan (Note 5) | 1,040,903,835 | |||
Capital shares redeemed | 202,304,948 | |||
Investment advisory fees (Note 2) | 19,857,804 | |||
Total Liabilities | 1,519,832,021 | |||
NET ASSETS | $ | 36,647,034,043 | ||
Net assets consist of: | ||||
Paid-in capital | $ | 33,647,728,557 | ||
Distributions in excess of net investment income | (94,686,647 | ) | ||
Undistributed net realized gain | 230,111,764 | |||
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | 2,863,880,369 | |||
NET ASSETS | $ | 36,647,034,043 | ||
Shares outstandingc | 800,100,000 | |||
Net asset value per share | $ | 45.80 | ||
a | Securities on loan with a value of $990,189,105. See Note 5. |
b | Cost of foreign currencies: $6,137,279. |
c | $0.001 par value, number of shares authorized: 2,000,000,000. |
See notes to financial statements.
FINANCIAL STATEMENTS | 21 |
Table of Contents
Statement of Operations (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Six months ended February 28, 2011
NET INVESTMENT INCOME | ||||
Dividends from unaffiliated issuersa | $ | 297,038,907 | ||
Dividends from affiliated issuers (Note 2)b | 2,913,276 | |||
Interest from unaffiliated issuers | 1,000 | |||
Interest from affiliated issuers (Note 2) | 53,437 | |||
Securities lending income from affiliated issuers (Note 2) | 11,025,465 | |||
Total investment income | 311,032,085 | |||
EXPENSES | ||||
Investment advisory fees (Note 2) | 149,543,010 | |||
Total expenses | 149,543,010 | |||
Less investment advisory fees waived (Note 2) | (1,794,047 | ) | ||
Net expenses | 147,748,963 | |||
Net investment income | 163,283,122 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments in unaffiliated issuers | (462,684,438 | ) | ||
Investments in affiliated issuers (Note 2) | 62,096,246 | |||
In-kind redemptions | 3,342,916,624 | |||
Foreign currency transactions | (18,484,890 | ) | ||
Net realized gain | 2,923,843,542 | |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | 3,025,424,374 | |||
Translation of assets and liabilities in foreign currencies | 653,179 | |||
Net change in unrealized appreciation/depreciation | 3,026,077,553 | |||
Net realized and unrealized gain | 5,949,921,095 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,113,204,217 | ||
a | Net of foreign withholding tax of $28,907,591. |
b | Net of foreign withholding tax of $309,109. |
See notes to financial statements.
22 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Six months ended February 28, 2011 (Unaudited) | Year ended August 31, 2010 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 163,283,122 | $ | 520,250,863 | ||||
Net realized gain | 2,923,843,542 | 1,299,482,089 | ||||||
Net change in unrealized appreciation/depreciation | 3,026,077,553 | 2,361,536,205 | ||||||
Net increase in net assets resulting from operations | 6,113,204,217 | 4,181,269,157 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (387,925,465 | ) | (551,986,882 | ) | ||||
Total distributions to shareholders | (387,925,465 | ) | (551,986,882 | ) | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 2,933,545,307 | 13,614,469,565 | ||||||
Cost of shares redeemed | (11,778,744,880 | ) | (7,744,918,384 | ) | ||||
Net increase (decrease) in net assets from capital share transactions | (8,845,199,573 | ) | 5,869,551,181 | |||||
INCREASE (DECREASE) IN NET ASSETS | (3,119,920,821 | ) | 9,498,833,456 | |||||
NET ASSETS | ||||||||
Beginning of period | 39,766,954,864 | 30,268,121,408 | ||||||
End of period | $ | 36,647,034,043 | $ | 39,766,954,864 | ||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (94,686,647 | ) | $ | 129,955,696 | |||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | 64,800,000 | 337,050,000 | ||||||
Shares redeemed | (254,250,000 | ) | (200,700,000 | ) | ||||
Net increase (decrease) in shares outstanding | (189,450,000 | ) | 136,350,000 | |||||
See notes to financial statements.
FINANCIAL STATEMENTS | 23 |
Table of Contents
iSHARES® MSCI EMERGING MARKETS INDEX FUND
(For a share outstanding throughout each period)
Six months ended Feb. 28, 2011 (Unaudited) | Year ended Aug. 31, 2010 | Year ended Aug. 31, 2009 | Year ended Aug. 31, 2008a | Year ended Aug. 31, 2007a | Year ended Aug. 31, 2006a | |||||||||||||||||||
Net asset value, beginning of period | $ | 40.19 | $ | 35.48 | $ | 40.07 | $ | 44.78 | $ | 32.48 | $ | 25.97 | ||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 0.17 | 0.58 | 0.66 | 1.10 | 0.63 | 0.55 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 5.82 | 4.73 | (4.66 | ) | (4.64 | ) | 12.19 | 6.29 | ||||||||||||||||
Total from investment operations | 5.99 | 5.31 | (4.00 | ) | (3.54 | ) | 12.82 | 6.84 | ||||||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.60 | ) | (0.59 | ) | (1.17 | ) | (0.52 | ) | (0.33 | ) | ||||||||||||
Total distributions | (0.38 | ) | (0.60 | ) | (0.59 | ) | (1.17 | ) | (0.52 | ) | (0.33 | ) | ||||||||||||
Net asset value, end of period | $ | 45.80 | $ | 40.19 | $ | 35.48 | $ | 40.07 | $ | 44.78 | $ | 32.48 | ||||||||||||
Total return | 14.90 | %d | 14.97 | % | (9.47 | )% | (8.36 | )% | 39.86 | % | 26.44 | % | ||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 36,647,034 | $ | 39,766,955 | $ | 30,268,121 | $ | 20,302,756 | $ | 18,198,371 | $ | 11,969,380 | ||||||||||||
Ratio of expenses to average net assets prior to waived feese,f | 0.67 | % | 0.68 | % | 0.72 | % | 0.72 | % | 0.74 | % | 0.75 | % | ||||||||||||
Ratio of expenses to average net assets after waived feese,f | 0.66 | % | 0.68 | % | 0.72 | % | 0.72 | % | 0.74 | % | 0.75 | % | ||||||||||||
Ratio of net investment income to average net assetse | 0.73 | % | 1.45 | % | 2.32 | % | 2.32 | % | 1.63 | % | 1.77 | % | ||||||||||||
Portfolio turnover rateg | 9 | % | 14 | % | 5 | % | 11 | % | 5 | % | 12 | % |
a | Per share amounts were adjusted to reflect a three-for-one stock split effective July 24, 2008. |
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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Amounts have been adjusted as necessary to be consistent with current period presentation of foreign taxes. |
g | 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.
24 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the iShares MSCI Emerging Markets Index Fund (the “Fund”).
The Fund’s investment objective is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve the Fund’s investment objective. The Fund is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.
The Fund invests in the securities of non-U.S. issuers that may trade in non-U.S. markets. This may involve 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.
Pursuant to the Company’s organizational documents, the Fund’s officers and directors are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
1. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Company in the preparation of its 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.
SECURITY VALUATION
The securities and other assets of the Fund are valued pursuant to the pricing policy and procedures approved by the Board of Directors of the Company (the “Board”) using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:
• | Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date (a “Level 1 Price”); |
NOTESTO FINANCIAL STATEMENTS | 25 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
• | 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, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (a “Level 2 Price”); and |
• | Level 3 – Inputs that are unobservable for the asset or liability (a “Level 3 Price”). |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy.
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 does not necessarily correspond to the Fund’s perceived risk of that instrument.
Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 Prices, include active listed equities. The Fund does not adjust the quoted price for such instruments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.
Investments that trade in markets that are not considered to be active, but whose values are based on inputs such as quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified within Level 2. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.
Investments whose values are classified as Level 3 Prices have significant unobservable inputs, as they may trade infrequently or not at all. Investments whose values are classified as Level 3 Prices may include unlisted securities related to corporate actions, securities whose trading have been suspended or which have been de-listed from their primary trading exchange, less liquid corporate debt securities (including distressed debt instruments), collateralized debt obligations, and less liquid mortgage securities (backed by either commercial or residential real estate). When observable prices are not available for these securities, the Fund uses one or more valuation techniques (e.g., the market approach or the income approach) for which sufficient and reliable data is available. Within Level 3 of the fair value hierarchy, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.
The inputs used by the Fund in estimating the value of Level 3 Prices may include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 Prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Fund in the absence of market information. The fair value measurement of Level 3 Prices does not include transaction costs that may have been capitalized as part of the security’s cost basis. Assumptions used by the Fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations.
26 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Fair value pricing could result in a difference between the prices used to calculate the Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of February 28, 2011. The breakdown of the Fund’s investments into major categories is disclosed in its Schedule of Investments.
Investments in Securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 30,358,764,906 | $ | 3,336,115,770 | $ | – | $ | 33,694,880,676 | ||||||||
Exchange-Traded Funds | 5,099,291 | – | – | 5,099,291 | ||||||||||||
Preferred Stock | 2,873,168,048 | – | – | 2,873,168,048 | ||||||||||||
Rights | 9,948 | – | 0 | a | 9,948 | |||||||||||
Short-Term Investments | 1,102,228,191 | – | – | 1,102,228,191 | ||||||||||||
$ | 34,339,270,384 | $ | 3,336,115,770 | $ | 0 | a | $ | 37,675,386,154 | ||||||||
a | Rounds to less than $1. |
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at source, and interest income is accrued daily. 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 Fund 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. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund 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.
The 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 Fund as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
FOREIGN TAXES
The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, capital gains on investments or currency repatriation. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are disclosed in the Statement of Operations. Foreign taxes payable as of February 28, 2011, if any, are reflected in the Fund’s Statement of Assets and Liabilities.
NOTESTO FINANCIAL STATEMENTS | 27 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net investment income, if any, generally are declared and paid semi-annually by the Fund. Distributions of net realized capital gains, if any, generally are declared and paid once a year. 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 Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
FEDERAL INCOME TAXES
The Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of the 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 was required for the six months ended February 28, 2011.
As of August 31, 2010, the tax year-end of the Fund, the Fund had tax basis net capital loss carryforwards of $840,778, $20,296,564, $11,239,258, $29,973,301, $13,844,901, $228,196,854 and $1,201,366,175 expiring in 2012, 2013, 2014, 2015, 2016, 2017 and 2018, respectively. Such losses may be applied against any net realized taxable gains in each succeeding year or until their respective expiration dates, whichever occurs first.
The Fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Fund 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.
The Fund reclassifies, at the end of its tax year, certain amounts between paid-in capital, accumulated net realized gain (loss) on investments and foreign currency transactions and accumulated net investment income (loss) as a result of permanent book and tax differences primarily attributed to net investment loss, return of capital, passive foreign investment companies, and realized gains (losses) from foreign currency transactions and in-kind redemptions. These reclassifications have no effect on net assets or net asset values per share.
As of February 28, 2011, the cost of investments for federal income tax purposes was $35,214,414,757. Net unrealized appreciation was $2,460,971,397, of which $4,908,692,655 represented gross unrealized appreciation on securities and $2,447,721,258 represented gross unrealized depreciation on securities.
Management has reviewed the tax positions as of February 28, 2011, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Fund’s financial statements.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for all expenses of the Company, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
28 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Effective January 1, 2011, for its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.75% | First $14 billion | |
0.68 | Over $14 billion, up to and including $28 billion | |
0.61 | Over $28 billion, up to and including $42 billion | |
0.56 | Over $42 billion, up to and including $56 billion | |
0.50 | Over $56 billion, up to and including $70 billion | |
0.45 | Over $70 billion, up to and including $84 billion | |
0.40 | Over $84 billion |
Prior to January 1, 2011, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares Funds as follows:
Investment Advisory Fee | Aggregate Average Daily Net Assets | |
0.75% | First $14 billion | |
0.68 | Over $14 billion, up to and including $28 billion | |
0.61 | Over $28 billion |
BFA has voluntarily waived a portion of its investment advisory fees for the Fund in the amount of $1,311,265.
BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through June 30, 2012 in an amount equal to the investment advisory fees payable on the amount of the Fund’s investment in other iShares Funds. In association with this agreement, for the six months ended February 28, 2011, BFA waived its investment advisory fees for the Fund in the amount of $482,782.
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”) to serve as securities lending agent for the Fund, subject to applicable conditions. BTC is an affiliate of BFA, the Fund’s investment adviser. As securities lending agent, BTC receives, as fees, a share of the combined income earned from investment of cash collateral received for the loan of securities and any fees paid by borrowers. For the six months ended February 28, 2011, BTC earned securities lending agent fees from the Fund of $5,855,396.
The 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 from affiliated issuers in the Statement of Operations.
The Fund, in order to improve its portfolio liquidity and its ability to track the MSCI Emerging Markets Index, may invest in shares of other iShares Funds that invest in securities in the Fund’s underlying index. As of February 28, 2011, the Fund held shares of the iShares MSCI Malaysia, iShares MSCI South Korea and iShares MSCI Taiwan Index Funds.
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.
NOTESTO FINANCIAL STATEMENTS | 29 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Investments in issuers considered to be affiliates of the Fund (excluding short-term investments) during the six months ended February 28, 2011, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
Name of Affiliated Issuer | Number of Shares Held Beginning of Period | Gross Additions | Gross Reductions | Number of Shares Held End of Period | Value at End of Period | Dividend Income | Net Realized | |||||||||||||||||||||
iShares MSCI Malaysia Index Fund | 1,314,976 | 343,038 | 1,296,970 | 361,044 | $ | 5,079,889 | $ | 374,778 | $ | 6,642,208 | ||||||||||||||||||
iShares MSCI South Korea Index Fund | 1,623,064 | 48,236 | 1,670,977 | 323 | 18,753 | 269,616 | 18,148,528 | |||||||||||||||||||||
iShares MSCI Taiwan Index Fund | 6,577,720 | – | 6,577,676 | 44 | 649 | 1,547,628 | 17,759,154 | |||||||||||||||||||||
Jollibee Foods Corp.a | 61,761,000 | 140,450 | 25,341,601 | 36,559,849 | 57,074,965 | 721,254 | b | 19,546,356 | ||||||||||||||||||||
$ | 62,174,256 | $ | 2,913,276 | $ | 62,096,246 | |||||||||||||||||||||||
a | Not an affiliate at the end of the period. |
b | Net of foreign withholding tax of $309,109. |
Certain directors and officers of the Company 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 February 28, 2011 aggregated $4,229,985,751 and $3,698,901,837, respectively.
In-kind purchases and sales (see Note 4) for the six months ended February 28, 2011, aggregated $971,200,804 and $10,471,053,723, respectively.
4. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by the 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 the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of the Fund generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of the Fund’s underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the Statement of Assets and Liabilities.
30 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
5. LOANS OF PORTFOLIO SECURITIES
The 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 the 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 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. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds, including those managed by BFA or its affiliates; such reinvestments are subject to investment risk.
As of February 28, 2011, the Fund had loaned securities which were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of the securities on loan as of February 28, 2011 and the value of the related collateral are disclosed in the Statement of Assets and Liabilities. Securities lending income, as disclosed in the Fund’s Statement of Operations, represents the income earned from the investment of the cash collateral, plus any fees paid by borrowers and less the fees paid to BTC as securities lending agent which are subject to adjustments pursuant to the securities lending agreement.
6. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund 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.
NOTESTO FINANCIAL STATEMENTS | 31 |
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Notes:
32 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes:
NOTES | 33 |
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Notes:
34 | 2011 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Dear iShares Shareholder:
Electronic delivery is the easiest, most convenient way to receive reporting on your iShares holdings. In addition, it’s a way we can all care for our environment. To that end, we are pleased to offer shareholder reports and prospectuses online.
Once you have enrolled, you will no longer receive shareholder reports and prospectuses in the mail. Instead, you will receive e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com and is available to be viewed or downloaded.
To sign up for electronic delivery, please follow these simple steps:
1. Go to www.icsdelivery.com.
2. From the main page, select the first letter of your brokerage firm’s name.
3. Select your brokerage institution from the list that follows. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm or financial adviser.
4. Fill out the appropriate information and provide the e-mail address where you would like your notifications sent.
Your information and e-mail address will be kept confidential and only used to deliver documents to you. If at any time you are not satisfied, you can cancel electronic delivery at www.icsdelivery.com and once again receive physical delivery of your materials. If you have any questions, please contact your brokerage firm or financial adviser. |
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For more information:
WWW.iSHARES.COM
1-800-iShares (1-800-474-2737)
This report is intended for the Fund’s 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 SEI Investments Distribution Co. (“SEI”). BlackRock Fund Advisors (“BFA”) serves as the investment advisor to the Funds. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A., neither of which is affiliated with SEI.
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. Neither SEI, nor BlackRock Institutional Trust Company, N.A., nor any of their affiliates, are affiliated with the company listed above.
A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund 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 Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is 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 Fund also discloses its complete schedule of portfolio holdings on a monthly basis on the Fund’s website.
©2011 BlackRock Institutional Trust Company, N.A. All rights reserved. iShares® is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners.
iS-SAR-85-0211
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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.
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Item 6. | Investments. |
(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
(b) Not applicable.
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 Directors.
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.
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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, Inc. | ||
By: | /s/ Michael Latham | |
Michael Latham, President (Principal Executive Officer) | ||
Date: April 20, 2011 |
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.
By: | /s/ Michael Latham | |
Michael Latham, President (Principal Executive Officer) | ||
Date: April 20, 2011 | ||
By: | /s/ Jack Gee | |
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer) | ||
Date: April 20, 2011 |