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: (415) 670-2000
Date of fiscal year end: August 31, 2012
Date of reporting period: February 29, 2012
| Item 1. Reports to Stockholders. | | |
| | |
 | | February 29, 2012 |
2012 Semi-Annual Report
iShares, Inc.
iShares MSCI Japan Index Fund | EWJ | NYSE Arca
Table of Contents
Fund Performance Overview
iSHARES® MSCI JAPAN INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
Average Annual Total Returns |
Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (10.85)% | | (11.74)% | | (10.16)% | | (6.20)% | | (6.15)% | | (5.70)% | | 3.88% | | 3.85% | | 4.42% |
|
Cumulative Total Returns |
Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
(10.85)% | | (11.74)% | | (10.16)% | | (27.40)% | | (27.18)% | | (25.44)% | | 46.30% | | 45.83% | | 54.09% |
“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.
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 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 29, 2012, the total return for the Fund was 3.36%, net of fees, while the total return for the Index was 3.82%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | | | |
| Sector | | Percentage of
Net Assets | |
Consumer Cyclical | | | 28.04 | % |
Industrial | | | 20.75 | |
Financial | | | 17.56 | |
Consumer Non-Cyclical | | | 11.49 | |
Basic Materials | | | 6.44 | |
Communications | | | 5.52 | |
Technology | | | 4.65 | |
Utilities | | | 3.57 | |
Energy | | | 1.78 | |
Short-Term and Other Net Assets | | | 0.20 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | | | |
| Security | | Percentage of
Net Assets | |
Toyota Motor Corp. | | | 5.04 | % |
Mitsubishi UFJ Financial Group Inc. | | | 2.93 | |
Honda Motor Co. Ltd. | | | 2.74 | |
Canon Inc. | | | 2.27 | |
Sumitomo Mitsui Financial Group Inc. | | | 2.04 | |
Mizuho Financial Group Inc. | | | 1.69 | |
Takeda Pharmaceutical Co. Ltd. | | | 1.59 | |
Mitsubishi Corp. | | | 1.51 | |
FANUC Corp. | | | 1.51 | |
Mitsui & Co. Ltd. | | | 1.32 | |
| | | | |
TOTAL | | | 22.64 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEW | | | 5 | |
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, 2011 to February 29, 2012.
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
(9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a (9/1/11 to 2/29/12) | |
Actual | | $ | 1,000.00 | | | $ | 1,033.60 | | | | 0.52 | % | | $ | 2.63 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
| 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 (182 days) and divided by the number of days in the year (366 days). |
| | |
| 6 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.80% | |
| |
ADVERTISING — 0.33% | | | | | |
Dentsu Inc. | | | 423,000 | | | $ | 13,195,886 | |
Hakuhodo DY Holdings Inc. | | | 59,220 | | | | 3,625,341 | |
| | | | | | | | |
| | | | | | | 16,821,227 | |
AGRICULTURE — 1.07% | | | | | |
Japan Tobacco Inc. | | | 10,152 | | | | 54,184,136 | |
| | | | | | | | |
| | | | | | | 54,184,136 | |
AIRLINES — 0.15% | | | | | |
All Nippon Airways Co. Ltd.a | | | 2,538,000 | | | | 7,807,784 | |
| | | | | | | | |
| | | | | | | 7,807,784 | |
APPAREL — 0.20% | | | | | |
ASICS Corp. | | | 846,000 | | | | 10,013,195 | |
| | | | | | | | |
| | | | | | | 10,013,195 | |
AUTO MANUFACTURERS — 10.36% | | | | | |
Daihatsu Motor Co. Ltd. | | | 341,000 | | | | 6,563,850 | |
Fuji Heavy Industries Ltd. | | | 1,692,000 | | | | 12,835,285 | |
Hino Motors Ltd. | | | 846,000 | | | | 6,041,364 | |
Honda Motor Co. Ltd. | | | 3,637,800 | | | | 139,102,928 | |
Isuzu Motors Ltd. | | | 2,538,000 | | | | 14,361,305 | |
Mazda Motor Corp.a,b | | | 3,384,000 | | | | 5,602,372 | |
Mitsubishi Motors Corp.b | | | 9,306,000 | | | | 11,152,483 | |
Nissan Motor Co. Ltd. | | | 5,499,000 | | | | 56,525,426 | |
Suzuki Motor Corp. | | | 761,400 | | | | 18,127,228 | |
Toyota Motor Corp. | | | 6,175,800 | | | | 255,989,733 | |
| | | | | | | | |
| | | | | | | 526,301,974 | |
AUTO PARTS & EQUIPMENT — 3.45% | |
Aisin Seiki Co. Ltd. | | | 423,200 | | | | 14,964,151 | |
Bridgestone Corp. | | | 1,438,200 | | | | 34,755,612 | |
Denso Corp. | | | 1,099,800 | | | | 36,510,534 | |
JTEKT Corp. | | | 507,600 | | | | 5,757,064 | |
Koito Manufacturing Co. Ltd. | | | 100,000 | | | | 1,721,028 | |
NGK Insulators Ltd. | | | 846,000 | | | | 11,675,093 | |
NGK Spark Plug Co. Ltd. | | | 389,000 | | | | 5,267,408 | |
NHK Spring Co. Ltd. | | | 846,000 | | | | 8,758,932 | |
NOK Corp. | | | 253,800 | | | | 5,092,305 | |
Stanley Electric Co. Ltd. | | | 339,600 | | | | 5,777,480 | |
Sumitomo Electric Industries Ltd. | | | 1,607,400 | | | | 20,991,127 | |
Sumitomo Rubber Industries Inc. | | | 423,000 | | | | 5,346,293 | |
Toyoda Gosei Co. Ltd. | | | 169,200 | | | | 3,183,736 | |
Toyota Boshoku Corp. | | | 169,200 | | | | 2,130,156 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Toyota Industries Corp. | | | 423,000 | | | $ | 13,242,921 | |
| | | | | | | | |
| | | | | | | 175,173,840 | |
BANKS — 9.79% | | | | | |
Aozora Bank Ltd. | | | 1,692,000 | | | | 4,912,528 | |
Bank of Kyoto Ltd. (The) | | | 846,000 | | | | 7,483,766 | |
Bank of Yokohama Ltd. (The) | | | 2,538,000 | | | | 12,291,772 | |
Chiba Bank Ltd. (The) | | | 1,692,000 | | | | 10,744,848 | |
Fukuoka Financial Group Inc. | | | 1,698,000 | | | | 7,426,390 | |
Gunma Bank Ltd. (The) | | | 846,000 | | | | 4,578,058 | |
Hachijuni Bank Ltd. (The) | | | 846,000 | | | | 4,985,693 | |
Hiroshima Bank Ltd. (The) | | | 846,000 | | | | 3,909,118 | |
Hokuhoku Financial Group Inc. | | | 3,384,000 | | | | 6,563,973 | |
Iyo Bank Ltd. (The) | | | 846,000 | | | | 7,703,262 | |
Joyo Bank Ltd. (The) | | | 1,692,000 | | | | 7,671,905 | |
Mitsubishi UFJ Financial Group Inc. | | | 28,679,480 | | | | 148,818,651 | |
Mizuho Financial Group Inc. | | | 51,183,080 | | | | 86,000,727 | |
Nishi-Nippon City Bank Ltd. (The) | | | 1,692,000 | | | | 4,828,910 | |
Resona Holdings Inc. | | | 4,145,400 | | | | 19,922,913 | |
Seven Bank Ltd. | | | 1,015,200 | | | | 2,232,587 | |
Shinsei Bank Ltd. | | | 3,384,000 | | | | 4,389,918 | |
Shizuoka Bank Ltd. (The) | | | 1,692,000 | | | | 17,267,013 | |
Sumitomo Mitsui Financial Group Inc. | | | 3,045,600 | | | | 103,740,044 | |
Sumitomo Mitsui Trust Holdings Inc. | | | 6,774,320 | | | | 23,602,153 | |
Suruga Bank Ltd. | | | 846,000 | | | | 7,870,497 | |
Yamaguchi Financial Group Inc. | | | 55,000 | | | | 504,201 | |
| | | | | | | | |
| | | | | | | 497,448,927 | |
BEVERAGES — 0.79% | | | | | |
Asahi Group Holdings Ltd. | | | 846,000 | | | | 18,583,988 | |
Coca-Cola West Co. Ltd. | | | 84,600 | | | | 1,444,493 | |
Kirin Holdings Co. Ltd. | | | 1,692,000 | | | | 19,984,581 | |
| | | | | | | | |
| | | | | | | 40,013,062 | |
BUILDING MATERIALS — 1.30% | | | | | |
Asahi Glass Co. Ltd. | | | 2,538,000 | | | | 22,890,289 | |
Daikin Industries Ltd. | | | 507,600 | | | | 15,113,862 | |
JS Group Corp. | | | 592,200 | | | | 12,438,103 | |
Nippon Sheet Glass Co. Ltd. | | | 1,692,000 | | | | 2,842,995 | |
Rinnai Corp. | | | 84,600 | | | | 6,166,790 | |
TOTO Ltd. | | | 846,000 | | | | 6,428,095 | |
| | | | | | | | |
| | | | | | | 65,880,134 | |
CHEMICALS — 3.68% | | | | | |
Air Water Inc. | | | 78,000 | | | | 1,018,606 | |
Asahi Kasei Corp. | | | 2,538,000 | | | | 16,148,629 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Daicel Corp. | | | 846,000 | | | $ | 5,539,659 | |
Denki Kagaku Kogyo K.K. | | | 846,000 | | | | 3,407,413 | |
Hitachi Chemical Co. Ltd. | | | 253,800 | | | | 4,706,620 | |
JSR Corp. | | | 423,000 | | | | 8,920,941 | |
Kaneka Corp. | | | 846,000 | | | | 4,881,171 | |
Kansai Paint Co. Ltd. | | | 95,000 | | | | 901,408 | |
Kuraray Co. Ltd. | | | 761,400 | | | | 11,024,967 | |
Mitsubishi Chemical Holdings Corp. | | | 2,961,000 | | | | 17,120,682 | |
Mitsubishi Gas Chemical Co. Inc. | | | 846,000 | | | | 5,393,328 | |
Mitsui Chemicals Inc. | | | 1,692,000 | | | | 5,811,416 | |
Nitto Denko Corp. | | | 338,400 | | | | 13,964,122 | |
Shin-Etsu Chemical Co. Ltd. | | | 930,600 | | | | 50,071,201 | |
Showa Denko K.K. | | | 3,384,000 | | | | 7,692,809 | |
Sumitomo Chemical Co. Ltd. | | | 3,384,000 | | | | 14,716,679 | |
Taiyo Nippon Sanso Corp. | | | 846,000 | | | | 5,612,824 | |
Tosoh Corp. | | | 846,000 | | | | 2,498,073 | |
Ube Industries Ltd. | | | 2,538,000 | | | | 7,368,792 | |
| | | | | | | | |
| | | | | | | 186,799,340 | |
COMMERCIAL SERVICES — 1.16% | | | | | |
Benesse Holdings Inc. | | | 169,200 | | | | 7,797,331 | |
Dai Nippon Printing Co. Ltd. | | | 1,692,000 | | | | 17,496,961 | |
Secom Co. Ltd. | | | 423,000 | | | | 20,146,590 | |
Toppan Printing Co. Ltd. | | | 1,692,000 | | | | 13,357,895 | |
| | | | | | | | |
| | | | | | | 58,798,777 | |
COMPUTERS — 0.96% | | | | | |
Fujitsu Ltd. | | | 4,230,000 | | | | 23,047,072 | |
Itochu Techno-Solutions Corp. | | | 84,600 | | | | 3,783,692 | |
NTT Data Corp. | | | 2,538 | | | | 8,588,562 | |
TDK Corp. | | | 253,800 | | | | 13,295,181 | |
| | | | | | | | |
| | | | | | | 48,714,507 | |
COSMETICS & PERSONAL CARE — 1.10% | |
Kao Corp. | | | 1,099,800 | | | | 28,249,125 | |
Shiseido Co. Ltd. | | | 846,000 | | | | 14,748,036 | |
Unicharm Corp. | | | 253,800 | | | | 13,185,434 | |
| | | | | | | | |
| | | | | | | 56,182,595 | |
DISTRIBUTION & WHOLESALE — 5.21% | |
Hitachi High-Technologies Corp. | | | 169,200 | | | | 3,888,213 | |
ITOCHU Corp. | | | 3,299,400 | | | | 37,706,264 | |
Marubeni Corp. | | | 4,230,000 | | | | 30,363,603 | |
Mitsubishi Corp. | | | 3,130,200 | | | | 76,998,125 | |
Mitsui & Co. Ltd. | | | 3,891,600 | | | | 67,264,003 | |
Sojitz Corp. | | | 1,945,800 | | | | 3,630,044 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sumitomo Corp. | | | 2,453,400 | | | $ | 36,525,167 | |
Toyota Tsusho Corp. | | | 423,000 | | | | 8,523,758 | |
| | | | | | | | |
| | | | | | | 264,899,177 | |
DIVERSIFIED FINANCIAL SERVICES — 1.76% | | | | | |
AEON Credit Service Co. Ltd. | | | 169,270 | | | | 2,455,189 | |
Credit Saison Co. Ltd. | | | 338,400 | | | | 6,781,379 | |
Daiwa Securities Group Inc. | | | 3,384,000 | | | | 14,089,548 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | | | 135,360 | | | | 5,803,054 | |
Nomura Holdings Inc. | | | 8,037,000 | | | | 37,235,915 | |
ORIX Corp. | | | 236,880 | | | | 22,915,374 | |
| | | | | | | | |
| | | | | | | 89,280,459 | |
ELECTRIC — 2.62% | | | | | |
Chubu Electric Power Co. Inc. | | | 1,522,800 | | | | 28,051,579 | |
Chugoku Electric Power Co. Inc. (The) | | | 676,800 | | | | 12,325,219 | |
Electric Power Development Co. Ltd. | | | 253,800 | | | | 6,512,758 | |
Hokkaido Electric Power Co. Inc. | | | 423,000 | | | | 6,276,538 | |
Hokuriku Electric Power Co. | | | 423,000 | | | | 7,907,079 | |
Kansai Electric Power Co. Inc. (The) | | | 1,607,400 | | | | 26,730,422 | |
Kyushu Electric Power Co. Inc. | | | 930,600 | | | | 13,739,399 | |
Shikoku Electric Power Co. Inc. | | | 423,000 | | | | 11,695,997 | |
Tohoku Electric Power Co. Inc. | | | 930,600 | | | | 10,991,520 | |
Tokyo Electric Power Co. Inc. (The)b | | | 3,214,800 | | | | 8,936,620 | |
| | | | | | | | |
| | | | | | | 133,167,131 | |
ELECTRICAL COMPONENTS &
EQUIPMENT — 2.92% | |
Brother Industries Ltd. | | | 507,600 | | | | 6,591,149 | |
Casio Computer Co. Ltd.a | | | 423,000 | | | | 2,921,386 | |
Furukawa Electric Co. Ltd. | | | 1,692,000 | | | | 4,954,337 | |
GS Yuasa Corp.a | | | 846,000 | | | | 4,578,058 | |
Hitachi Ltd. | | | 10,152,000 | | | | 59,326,612 | |
Mabuchi Motor Co. Ltd. | | | 84,600 | | | | 3,950,927 | |
Mitsubishi Electric Corp. | | | 4,230,000 | | | | 38,098,221 | |
Nidec Corp. | | | 253,800 | | | | 24,081,838 | |
Ushio Inc. | | | 253,800 | | | | 3,778,465 | |
| | | | | | | | |
| | | | | | | 148,280,993 | |
ELECTRONICS — 4.05% | | | | | |
Advantest Corp. | | | 253,800 | | | | 3,593,462 | |
Hamamatsu Photonics K.K. | | | 84,600 | | | | 3,026,953 | |
Hirose Electric Co. Ltd. | | | 84,600 | | | | 8,727,576 | |
Hoya Corp. | | | 1,015,200 | | | | 23,730,645 | |
IBIDEN Co. Ltd. | | | 253,800 | | | | 6,136,479 | |
Keyence Corp. | | | 84,651 | | | | 22,297,496 | |
| | |
| 8 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Kyocera Corp. | | | 338,400 | | | $ | 30,060,489 | |
Murata Manufacturing Co. Ltd. | | | 423,000 | | | | 25,320,423 | |
NEC Corp.b | | | 5,964,000 | | | | 11,715,789 | |
Nippon Electric Glass Co. Ltd. | | | 846,500 | | | | 7,948,357 | |
Omron Corp. | | | 423,000 | | | | 9,406,968 | |
Toshiba Corp. | | | 9,306,000 | | | | 40,930,764 | |
Yaskawa Electric Corp. | | | 846,000 | | | | 8,152,706 | |
Yokogawa Electric Corp.b | | | 507,600 | | | | 4,847,724 | |
| | | | | | | | |
| | | | | | | 205,895,831 | |
ENGINEERING & CONSTRUCTION — 1.06% | |
Chiyoda Corp. | | | 235,000 | | | | 3,025,327 | |
JGC Corp. | | | 846,000 | | | | 24,593,996 | |
Kajima Corp. | | | 1,692,000 | | | | 5,246,998 | |
Obayashi Corp. | | | 1,692,000 | | | | 7,671,905 | |
Shimizu Corp. | | | 1,692,000 | | | | 6,877,539 | |
Taisei Corp. | | | 2,538,000 | | | | 6,741,660 | |
| | | | | | | | |
| | | | | | | 54,157,425 | |
ENTERTAINMENT — 0.39% | | | | | |
Oriental Land Co. Ltd. | | | 84,600 | | | | 8,800,741 | |
Sankyo Co. Ltd. | | | 169,200 | | | | 8,173,610 | |
Toho Co. Ltd. | | | 169,200 | | | | 3,003,959 | |
| | | | | | | | |
| | | | | | | 19,978,310 | |
ENVIRONMENTAL CONTROL — 0.13% | |
Kurita Water Industries Ltd. | | | 253,800 | | | | 6,550,386 | |
| | | | | | | | |
| | | | | | | 6,550,386 | |
FOOD — 1.36% | | | | | |
Ajinomoto Co. Inc. | | | 1,692,000 | | | | 20,026,390 | |
Kikkoman Corp. | | | 846,000 | | | | 9,365,159 | |
Meiji Holdings Co. Ltd. | | | 169,228 | | | | 7,202,749 | |
Nippon Meat Packers Inc. | | | 846,000 | | | | 10,922,535 | |
Nisshin Seifun Group Inc. | | | 425,000 | | | | 5,103,781 | |
Nissin Foods Holdings Co. Ltd. | | | 169,200 | | | | 6,375,834 | |
Toyo Suisan Kaisha Ltd. | | | 89,000 | | | | 2,294,823 | |
Yakult Honsha Co. Ltd. | | | 253,800 | | | | 7,876,768 | |
| | | | | | | | |
| | | | | | | 69,168,039 | |
FOREST PRODUCTS & PAPER — 0.27% | |
Nippon Paper Group Inc. | | | 253,800 | | | | 5,465,448 | |
Oji Paper Co. Ltd. | | | 1,692,000 | | | | 8,445,367 | |
| | | | | | | | |
| | | | | | | 13,910,815 | |
GAS — 0.95% | | | | | |
Osaka Gas Co. Ltd. | | | 4,230,000 | | | | 16,305,411 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Toho Gas Co. Ltd. | | | 846,000 | | | $ | 4,954,337 | |
Tokyo Gas Co. Ltd. | | | 5,922,000 | | | | 27,144,329 | |
| | | | | | | | |
| | | | | | | 48,404,077 | |
HAND & MACHINE TOOLS — 0.93% | | | | | |
Fuji Electric Holdings Co. Ltd. | | | 846,000 | | | | 2,205,411 | |
Makita Corp. | | | 253,800 | | | | 10,598,517 | |
SMC Corp. | | | 169,200 | | | | 28,973,462 | |
THK Co. Ltd. | | | 254,400 | | | | 5,409,222 | |
| | | | | | | | |
| | | | | | | 47,186,612 | |
HEALTH CARE — PRODUCTS — 0.56% | |
Shimadzu Corp. | | | 236,000 | | | | 2,052,681 | |
Sysmex Corp. | | | 169,200 | | | | 6,112,439 | |
Terumo Corp. | | | 423,000 | | | | 20,460,156 | |
| | | | | | | | |
| | | | | | | 28,625,276 | |
HEALTH CARE — SERVICES — 0.13% | |
Miraca Holdings Inc. | | | 169,200 | | | | 6,490,808 | |
| | | | | | | | |
| | | | | | | 6,490,808 | |
HOME BUILDERS — 0.52% | | | | | |
Daiwa House Industry Co. Ltd. | | | 846,000 | | | | 10,964,344 | |
Sekisui Chemical Co. Ltd. | | | 853,000 | | | | 7,355,992 | |
Sekisui House Ltd. | | | 846,000 | | | | 8,048,184 | |
| | | | | | | | |
| | | | | | | 26,368,520 | |
HOME FURNISHINGS — 2.19% | | | | | |
Panasonic Corp. | | | 4,906,815 | | | | 46,012,757 | |
Sharp Corp. | | | 2,538,000 | | | | 17,935,953 | |
Sony Corp. | | | 2,199,600 | | | | 47,204,166 | |
| | | | | | | | |
| | | | | | | 111,152,876 | |
INSURANCE — 2.76% | | | | | |
Dai-ichi Life Insurance Co. Ltd. (The) | | | 19,458 | | | | 25,674,752 | |
MS&AD Insurance Group Holdings Inc. | | | 1,269,040 | | | | 27,328,104 | |
NKSJ Holdings Inc. | | | 846,050 | | | | 19,923,045 | |
Sony Financial Holdings Inc. | | | 423,000 | | | | 7,771,201 | |
T&D Holdings Inc. | | | 1,269,000 | | | | 14,878,688 | |
Tokio Marine Holdings Inc. | | | 1,607,400 | | | | 44,583,803 | |
| | | | | | | | |
| | | | | | | 140,159,593 | |
INTERNET — 0.99% | | | | | |
Dena Co. Ltd. | | | 253,800 | | | | 8,293,810 | |
Gree Inc. | | | 169,200 | | | | 5,313,892 | |
Rakuten Inc. | | | 16,074 | | | | 16,046,197 | |
SBI Holdings Inc. | | | 38,070 | | | | 3,692,235 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Trend Micro Inc. | | | 253,800 | | | $ | 7,444,048 | |
Yahoo! Japan Corp. | | | 29,610 | | | | 9,401,742 | |
| | | | | | | | |
| | | | | | | 50,191,924 | |
IRON & STEEL — 1.98% | | | | | |
Daido Steel Co. Ltd. | | | 846,000 | | | | 5,602,372 | |
Hitachi Metals Ltd. | | | 242,000 | | | | 3,037,707 | |
Japan Steel Works Ltd. (The) | | | 846,000 | | | | 6,292,217 | |
JFE Holdings Inc. | | | 1,015,250 | | | | 21,963,217 | |
Kobe Steel Ltd. | | | 5,922,000 | | | | 10,316,309 | |
Nippon Steel Corp. | | | 10,998,000 | | | | 31,795,552 | |
Nisshin Steel Co. Ltd. | | | 1,692,000 | | | | 2,926,612 | |
Sumitomo Metal Industries Ltd. | | | 7,614,000 | | | | 15,897,776 | |
Yamato Kogyo Co. Ltd. | | | 84,600 | | | | 2,673,669 | |
| | | | | | | | |
| | | | | | | 100,505,431 | |
LEISURE TIME — 0.61% | | | | | |
Sega Sammy Holdings Inc. | | | 507,600 | | | | 9,664,092 | |
Shimano Inc. | | | 169,200 | | | | 9,845,960 | |
Yamaha Corp. | | | 338,400 | | | | 3,248,539 | |
Yamaha Motor Co. Ltd. | | | 592,200 | | | | 8,531,075 | |
| | | | | | | | |
| | | | | | | 31,289,666 | |
MACHINERY — 4.57% | | | | | |
Amada Co. Ltd. | | | 846,000 | | | | 5,968,199 | |
FANUC Corp. | | | 423,000 | | | | 76,980,356 | |
Hitachi Construction
Machinery Co. Ltd. | | | 169,200 | | | | 3,551,653 | |
IHI Corp. | | | 2,538,000 | | | | 6,459,451 | |
Kawasaki Heavy Industries Ltd. | | | 3,384,000 | | | | 10,661,231 | |
Komatsu Ltd. | | | 2,115,000 | | | | 63,287,991 | |
Kubota Corp. | | | 2,538,000 | | | | 25,085,248 | |
Mitsubishi Heavy Industries Ltd. | | | 6,768,000 | | | | 31,858,265 | |
Nabtesco Corp. | | | 169,200 | | | | 3,959,288 | |
Sumitomo Heavy Industries Ltd. | | | 846,000 | | | | 4,672,128 | |
| | | | | | | | |
| | | | | | | 232,483,810 | |
MANUFACTURING — 1.27% | | | | | |
FUJIFILM Holdings Corp. | | | 1,015,200 | | | | 25,800,178 | |
Konica Minolta Holdings Inc. | | | 1,269,000 | | | | 10,755,300 | |
Nikon Corp. | | | 761,400 | | | | 20,704,737 | |
Olympus Corp. | | | 423,000 | | | | 7,102,261 | |
| | | | | | | | |
| | | | | | | 64,362,476 | |
MEDIA — 0.11% | | | | | |
Jupiter Telecommunications
Co. Ltd. | | | 5,922 | | | | 5,794,692 | |
| | | | | | | | |
| | | | | | | 5,794,692 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
METAL FABRICATE & HARDWARE — 0.24% | | | | | |
Maruichi Steel Tube Ltd. | | | 84,600 | | | $ | 1,893,936 | |
NSK Ltd. | | | 846,000 | | | | 6,710,304 | |
NTN Corp. | | | 846,000 | | | | 3,700,074 | |
| | | | | | | | |
| | | | | | | 12,304,314 | |
MINING — 0.52% | | | | | |
Mitsubishi Materials Corp. | | | 2,538,000 | | | | 8,215,419 | |
Sumitomo Metal Mining Co. Ltd. | | | 1,215,000 | | | | 18,088,399 | |
| | | | | | | | |
| | | | | | | 26,303,818 | |
OFFICE & BUSINESS EQUIPMENT — 2.65% | |
Canon Inc. | | | 2,538,050 | | | | 115,394,415 | |
Ricoh Co. Ltd. | | | 1,692,000 | | | | 15,615,567 | |
Seiko Epson Corp. | | | 253,800 | | | | 3,449,222 | |
| | | | | | | | |
| | | | | | | 134,459,204 | |
OIL & GAS — 1.78% | | | | | |
Cosmo Oil Co. Ltd. | | | 1,692,000 | | | | 4,954,337 | |
Idemitsu Kosan Co. Ltd. | | | 84,600 | | | | 8,758,932 | |
INPEX Corp. | | | 5,076 | | | | 36,185,471 | |
JX Holdings Inc. | | | 4,822,295 | | | | 30,385,106 | |
Showa Shell Sekiyu K.K. | | | 338,400 | | | | 2,291,119 | |
TonenGeneral Sekiyu K.K. | | | 846,000 | | | | 7,860,044 | |
| | | | | | | | |
| | | | | | | 90,435,009 | |
PACKAGING & CONTAINERS — 0.07% | |
Toyo Seikan Kaisha Ltd. | | | 253,800 | | | | 3,734,566 | |
| | | | | | | | |
| | | | | | | 3,734,566 | |
PHARMACEUTICALS — 5.32% | | | | | |
Alfresa Holdings Corp. | | | 84,600 | | | | 3,736,657 | |
Astellas Pharma Inc. | | | 1,015,230 | | | | 41,893,603 | |
Chugai Pharmaceutical Co. Ltd. | | | 507,600 | | | | 8,340,845 | |
Daiichi Sankyo Co. Ltd. | | | 1,438,269 | | | | 26,529,968 | |
Dainippon Sumitomo Pharma Co. Ltd. | | | 338,400 | | | | 3,524,477 | |
Eisai Co. Ltd. | | | 592,200 | | | | 24,071,386 | |
Hisamitsu Pharmaceutical Co. Inc. | | | 84,600 | | | | 3,835,952 | |
Kyowa Hakko Kirin Co. Ltd. | | | 846,000 | | | | 9,072,498 | |
Medipal Holdings Corp. | | | 253,800 | | | | 3,063,536 | |
Mitsubishi Tanabe Pharma Corp. | | | 592,200 | | | | 8,121,349 | |
Ono Pharmaceutical Co. Ltd. | | | 169,200 | | | | 9,281,542 | |
Otsuka Holdings Co. Ltd. | | | 592,200 | | | | 16,703,640 | |
Santen Pharmaceutical Co. Ltd. | | | 169,200 | | | | 6,720,756 | |
Shionogi & Co. Ltd. | | | 592,200 | | | | 8,231,097 | |
Suzuken Co. Ltd. | | | 169,200 | | | | 5,006,597 | |
| | |
| 10 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Taisho Pharmaceutical
Holdings Co. Ltd.b | | | 84,600 | | | $ | 6,804,374 | |
Takeda Pharmaceutical Co. Ltd. | | | 1,776,600 | | | | 80,555,004 | |
Tsumura & Co. | | | 169,200 | | | | 4,897,895 | |
| | | | | | | | |
| | | | | | | 270,391,176 | |
REAL ESTATE — 2.64% | | | | | |
AEON Mall Co. Ltd. | | | 253,800 | | | | 5,697,487 | |
Daito Trust Construction Co. Ltd. | | | 169,200 | | | | 14,967,531 | |
Mitsubishi Estate Co. Ltd. | | | 2,644,000 | | | | 48,019,274 | |
Mitsui Fudosan Co. Ltd. | | | 1,798,000 | | | | 34,253,966 | |
Nomura Real Estate Holdings Inc. | | | 253,800 | | | | 4,415,004 | |
NTT Urban Development Corp. | | | 3,384 | | | | 2,725,930 | |
Sumitomo Realty & Development Co. Ltd. | | | 846,000 | | | | 19,817,346 | |
Tokyu Land Corp. | | | 846,000 | | | | 4,086,805 | |
| | | | | | | | |
| | | | | | | 133,983,343 | |
REAL ESTATE INVESTMENT TRUSTS — 0.62% | |
Japan Prime Realty Investment Corp. | | | 1,692 | | | | 4,498,621 | |
Japan Real Estate Investment Corp. | | | 846 | | | | 7,504,670 | |
Japan Retail Fund Investment Corp. | | | 4,230 | | | | 6,360,156 | |
Nippon Building Fund Inc. | | | 846 | | | | 8,142,253 | |
Nomura Real Estate Office Fund Inc. | | | 846 | | | | 4,917,754 | |
| | | | | | | | |
| | | | | | | 31,423,454 | |
RETAIL — 3.32% | | | | | |
ABC-MART Inc. | | | 84,600 | | | | 2,992,461 | |
AEON Co. Ltd. | | | 1,269,000 | | | | 16,179,985 | |
Citizen Holdings Co. Ltd. | | | 507,600 | | | | 3,148,199 | |
FamilyMart Co. Ltd. | | | 169,200 | | | | 6,626,686 | |
Fast Retailing Co. Ltd. | | | 104,300 | | | | 21,687,287 | |
Isetan Mitsukoshi Holdings Ltd. | | | 846,060 | | | | 9,564,429 | |
J. Front Retailing Co. Ltd. | | | 846,000 | | | | 4,285,397 | |
Lawson Inc. | | | 169,200 | | | | 9,992,291 | |
Marui Group Co. Ltd. | | | 507,600 | | | | 4,151,609 | |
McDonald’s Holdings Co. (Japan) Ltd. | | | 169,200 | | | | 4,429,637 | |
Nitori Holdings Co. Ltd. | | | 84,600 | | | | 7,180,652 | |
Seven & I Holdings Co. Ltd. | | | 1,692,080 | | | | 46,953,443 | |
Shimamura Co. Ltd. | | | 84,600 | | | | 9,291,994 | |
Takashimaya Co. Ltd. | | | 846,000 | | | | 6,511,712 | |
USS Co. Ltd. | | | 50,760 | | | | 4,991,964 | |
Yamada Denki Co. Ltd. | | | 169,200 | | | | 11,016,605 | |
| | | | | | | | |
| | | | | | | 169,004,351 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SEMICONDUCTORS — 0.75% | | | | | |
Rohm Co. Ltd. | | | 253,800 | | | $ | 12,824,833 | |
Sumco Corp.b | | | 169,200 | | | | 1,827,042 | |
Tokyo Electron Ltd. | | | 423,052 | | | | 23,572,579 | |
| | | | | | | | |
| | | | | | | 38,224,454 | |
SOFTWARE — 0.30% | | | | | |
Konami Corp. | | | 169,200 | | | | 4,670,037 | |
Nomura Research Institute Ltd. | | | 169,200 | | | | 4,040,815 | |
Oracle Corp. Japan | | | 84,600 | | | | 3,061,446 | |
Square Enix Holdings Co. Ltd. | | | 169,200 | | | | 3,315,434 | |
| | | | | | | | |
| �� | | | | | | 15,087,732 | |
STORAGE & WAREHOUSING — 0.07% | |
Mitsubishi Logistics Corp. | | | 284,000 | | | | 3,343,860 | |
| | | | | | | | |
| | | | | | | 3,343,860 | |
TELECOMMUNICATIONS — 4.08% | | | | | |
KDDI Corp. | | | 6,768 | | | | 43,146,627 | |
Nippon Telegraph and Telephone Corp. | | | 1,015,200 | | | | 48,100,964 | |
NTT DoCoMo Inc. | | | 33,840 | | | | 58,030,541 | |
SoftBank Corp. | | | 1,945,800 | | | | 58,200,912 | |
| | | | | | | | |
| | | | | | | 207,479,044 | |
TEXTILES — 0.64% | | | | | |
Teijin Ltd. | | | 2,538,000 | | | | 8,528,984 | |
Toray Industries Inc. | | | 3,384,000 | | | | 24,165,456 | |
| | | | | | | | |
| | | | | | | 32,694,440 | |
TOYS, GAMES & HOBBIES — 0.92% | |
Namco Bandai Holdings Inc. | | | 423,098 | | | | 5,932,990 | |
Nintendo Co. Ltd. | | | 253,800 | | | | 37,627,873 | |
Sanrio Co. Ltd.a | | | 84,600 | | | | 3,475,352 | |
| | | | | | | | |
| | | | | | | 47,036,215 | |
TRANSPORTATION — 4.20% | | | | | |
Central Japan Railway Co. | | | 3,384 | | | | 27,886,435 | |
East Japan Railway Co. | | | 761,400 | | | | 49,010,304 | |
Kamigumi Co. Ltd. | | | 846,000 | | | | 7,295,626 | |
Kawasaki Kisen Kaisha Ltd. | | | 1,692,000 | | | | 3,574,648 | |
Keikyu Corp. | | | 850,000 | | | | 7,603,163 | |
Keio Corp. | | | 1,692,000 | | | | 12,208,154 | |
Keisei Electric Railway Co. Ltd. | | | 120,000 | | | | 885,100 | |
Kintetsu Corp.a | | | 3,719,000 | | | | 14,243,761 | |
Mitsui O.S.K. Lines Ltd. | | | 2,538,000 | | | | 11,601,927 | |
Nippon Express Co. Ltd. | | | 1,692,000 | | | | 6,668,495 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 11 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Nippon Yusen K.K. | | | 3,384,000 | | | $ | 10,117,717 | |
Odakyu Electric Railway Co. Ltd. | | | 956,000 | | | | 9,165,505 | |
Tobu Railway Co. Ltd. | | | 1,692,000 | | | | 8,842,550 | |
Tokyu Corp. | | | 2,538,000 | | | | 12,260,415 | |
West Japan Railway Co. | | | 423,000 | | | | 17,324,500 | |
Yamato Holdings Co. Ltd. | | | 930,600 | | | | 14,739,674 | |
| | | | | | | | |
| | | | | | | 213,427,974 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $6,482,037,285) | | | | 5,071,776,779 | |
|
SHORT-TERM INVESTMENTS — 0.73% | |
|
MONEY MARKET FUNDS — 0.73% | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 33,001,780 | | | | 33,001,780 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 2,440,712 | | | | 2,440,712 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 1,842,702 | | | | 1,842,702 | |
| | | | | | | | |
| | | | | | | 37,285,194 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $37,285,194) | | | | 37,285,194 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.53% | | | | | |
(Cost: $6,519,322,479) | | | | 5,109,061,973 | |
Other Assets, Less
Liabilities — (0.53)% | | | | (27,172,659 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 5,081,889,314 | |
| | | | | | | | |
| 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.
| | |
| 12 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement of Assets and Liabilities (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
February 29, 2012
| | | | |
ASSETS | | | | |
Investments, at cost: | | | | |
Unaffiliated | | $ | 6,482,037,285 | |
Affiliated (Note 2) | | | 37,285,194 | |
| | | | |
Total cost of investments | | $ | 6,519,322,479 | |
| | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | |
Unaffiliated | | $ | 5,071,776,779 | |
Affiliated (Note 2) | | | 37,285,194 | |
| | | | |
Total fair value of investments | | | 5,109,061,973 | |
Foreign currencies, at valueb | | | 2,281,613 | |
Receivables: | | | | |
Investment securities sold | | | 36,893 | |
Dividends and interest | | | 6,959,526 | |
Capital shares sold | | | 1,137,267 | |
| | | | |
Total Assets | | | 5,119,477,272 | |
| | | | |
| |
LIABILITIES | | | | |
Payables: | | | | |
Collateral for securities on loan (Note 5) | | | 35,442,492 | |
Capital shares redeemed | | | 81,383 | |
Investment advisory fees (Note 2) | | | 2,064,083 | |
| | | | |
Total Liabilities | | | 37,587,958 | |
| | | | |
| |
NET ASSETS | | $ | 5,081,889,314 | |
| | | | |
| |
Net assets consist of: | | | | |
Paid-in capital | | $ | 7,458,339,147 | |
Distributions in excess of net investment income | | | (3,690,039 | ) |
Accumulated net realized loss | | | (962,210,247 | ) |
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | | | (1,410,549,547 | ) |
| | | | |
NET ASSETS | | $ | 5,081,889,314 | |
| | | | |
| |
Shares outstandingc | | | 507,600,000 | |
| | | | |
| |
Net asset value per share | | $ | 10.01 | |
| | | | |
| a | Securities on loan with values of $33,735,728. See Note 5. |
| b | Cost of foreign currencies: $2,361,423. |
| c | $0.001 par value, number of shares authorized: 2,124,600,000. |
See notes to financial statements.
Statement of Operations (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
Six months ended February 29, 2012
| | | | |
NET INVESTMENT INCOME | | | | |
Dividends — unaffiliateda | | $ | 70,217,878 | |
Interest — affiliated (Note 2) | | | 471 | �� |
Securities lending income — affiliated (Note 2) | | | 619,965 | |
| | | | |
Total investment income | | | 70,838,314 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory fees (Note 2) | | | 15,249,020 | |
| | | | |
Total expenses | | | 15,249,020 | |
| | | | |
Net investment income | | | 55,589,294 | |
| | | | |
| |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | (109,422,224 | ) |
In-kind redemptions — unaffiliated | | | (79,003,844 | ) |
Foreign currency transactions | | | (1,136,436 | ) |
| | | | |
Net realized loss | | | (189,562,504 | ) |
| | | | |
Net change in unrealized appreciation/depreciation on: | | | | |
Investments | | | 222,111,512 | |
Translation of assets and liabilities in foreign currencies | | | (460,297 | ) |
| | | | |
Net change in unrealized appreciation/depreciation | | | 221,651,215 | |
| | | | |
Net realized and unrealized gain | | | 32,088,711 | |
| | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 87,678,005 | |
| | | | |
| a | Net of foreign withholding tax of $5,285,216. |
See notes to financial statements.
| | |
| 14 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iSHARES® MSCI JAPAN INDEX FUND
| | | | | | | | |
| | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 55,589,294 | | | $ | 90,153,430 | |
Net realized loss | | | (189,562,504 | ) | | | (34,907,354 | ) |
Net change in unrealized appreciation/depreciation | | | 221,651,215 | | | | (73,435,639 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 87,678,005 | | | | (18,189,563 | ) |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | (62,475,745 | ) | | | (93,105,502 | ) |
| | | | | | | | |
Total distributions to shareholders | | | (62,475,745 | ) | | | (93,105,502 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 100,900,477 | | | | 4,949,223,864 | |
Cost of shares redeemed | | | (2,238,722,311 | ) | | | (1,586,188,582 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (2,137,821,834 | ) | | | 3,363,035,282 | |
| | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (2,112,619,574 | ) | | | 3,251,740,217 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | 7,194,508,888 | | | | 3,942,768,671 | |
| | | | | | | | |
End of period | | $ | 5,081,889,314 | | | $ | 7,194,508,888 | |
| | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (3,690,039 | ) | | $ | 3,196,412 | |
| | | | | | | | |
| | |
SHARES ISSUED AND REDEEMED | | | | | | | | |
Shares sold | | | 10,200,000 | | | | 471,600,000 | |
Shares redeemed | | | (237,000,000 | ) | | | (155,400,000 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (226,800,000 | ) | | | 316,200,000 | |
| | | | | | | | |
See notes to financial statements.
Financial Highlights
iSHARES® MSCI JAPAN INDEX FUND
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 9.80 | | | $ | 9.43 | | | $ | 10.24 | | | $ | 11.62 | | | $ | 14.07 | | | $ | 13.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.09 | | | | 0.16 | | | | 0.12 | | | | 0.13 | | | | 0.14 | | | | 0.10 | |
Net realized and unrealized gain (loss)b | | | 0.23 | | | | 0.37 | | | | (0.77 | ) | | | (1.39 | ) | | | (2.39 | ) | | | 0.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.32 | | | | 0.53 | | | | (0.65 | ) | | | (1.26 | ) | | | (2.25 | ) | | | 0.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.11 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.12 | ) | | | (0.20 | ) | | | (0.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.11 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.12 | ) | | | (0.20 | ) | | | (0.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.01 | | | $ | 9.80 | | | $ | 9.43 | | | $ | 10.24 | | | $ | 11.62 | | | $ | 14.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 3.36 | %c | | | 5.54 | % | | | (6.41 | )% | | | (10.68 | )% | | | (16.13 | )% | | | 2.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 5,081,889 | | | $ | 7,194,509 | | | $ | 3,942,769 | | | $ | 6,164,170 | | | $ | 7,499,536 | | | $ | 11,780,006 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.51 | % | | | 0.54 | % | | | 0.56 | % | | | 0.52 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 1.91 | % | | | 1.53 | % | | | 1.20 | % | | | 1.46 | % | | | 1.11 | % | | | 0.68 | % |
Portfolio turnover ratee | | | 1 | % | | | 4 | % | | | 5 | % | | | 4 | % | | | 4 | % | | | 3 | % |
| 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. |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 following fund (the “Fund”):
| | |
| iShares MSCI Index Fund | | Diversification Classification |
Japan | | Non-diversified |
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 investment objective of the 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 try to achieve the Fund’s investment objective.
The Fund may invest in 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 Fund 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.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 17 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
SECURITY VALUATION
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The securities and other assets of the Fund are valued at fair value pursuant to the policies and procedures approved by the Board of Directors of the Company (the “Board”).
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors in accordance with policies approved by the Board. Such valuations are reported to the Board.
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.
Various inputs are used in determining the fair value of investments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an investment 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 three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for an investment 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.
As of February 29, 2012, the value of each of the Fund’s investments was classified as Level 1. 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. Any taxes withheld that are reclaimable from foreign tax authorities as of February 29, 2012 are reflected in dividends
| | |
| 18 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the 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. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the 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, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of February 29, 2012, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.
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 is required.
RECENT ACCOUNTING STANDARD
In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 19 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Fund’s financial statements and disclosures.
| 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 substantially all expenses of the Fund, 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. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, and any fees or other payments to and from borrowers of securities. The Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. As securities lending agent, BTC is responsible for all transaction fees and all other operational costs relating to securities lending activities, other than extraordinary expenses. BTC is also responsible for fees and expenses incurred by the Fund as a result of the investment of cash collateral received for securities on loan in a money market fund managed by BFA or an affiliate.
For the six months ended February 29, 2012, BTC earned securities lending agent fees from the Fund of $333,828.
At the Special Board of Directors meeting held on January 5, 2012, the Board approved a new distribution agreement with BlackRock Investments, LLC (“BRIL”). BRIL is an affiliate of BFA. Effective April 1, 2012, BRIL will replace SEI Investments Distribution Co. as the distributor for the Fund. Pursuant to the new distribution agreement, BFA will be responsible for any fees or expenses for distribution services provided to the Fund.
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 — affiliated” in the Statement of Operations.
The PNC Financial Services Group, Inc. (“PNC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate of the Fund for 1940 Act purposes, but Barclays is not.
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| | |
| 20 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
| 3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 29, 2012, aggregated $56,611,652 and $93,272,128, respectively.
In-kind purchases and sales (see Note 4) for the six months ended February 29, 2012, aggregated $99,582,732 and $2,209,866,948, 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 a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index, and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash 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.
| 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 a fund or through one or more joint accounts or money market funds, including those managed by BFA or its affiliates. The Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.
As of February 29, 2012, any securities on loan 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 29, 2012 and the value of the related collateral are disclosed in the Statement of Assets and Liabilities. Securities lending income, as disclosed in the Statement of Operations, represents the income earned from the investment of the cash collateral, net of fees and other payments to and from borrowers, and less the fees paid to BTC as securities lending agent.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 21 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
The Fund had tax basis net capital loss carryforwards as of August 31, 2011, the tax year-end of the Fund, as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring
2012 | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
$5,594,562 | | $ | 8,733,802 | | | $ | 68,122,871 | | | $ | 27,817,841 | | | $ | 44,443,527 | | | $ | 116,295,478 | | | $ | 173,577,101 | | | $ | 139,228,194 | | | $ | 583,813,376 | |
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. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by funds for taxable years beginning after December 22, 2010 are not subject to expiration and must be utilized prior to the losses incurred in the tax years preceding enactment.
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.
As of February 29, 2012, the cost of investments for federal income tax purposes was $6,617,004,175. Net unrealized depreciation was $1,507,942,202, of which $92,540,853 represented gross unrealized appreciation on securities and $1,600,483,055 represented gross unrealized depreciation on securities.
Management has reviewed the tax positions as of February 29, 2012, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Fund’s financial statements.
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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Supplemental Information (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
Section 19(a) Notice
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 the 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 | |
$0.09582 | | $ | — | | | $0.01011 | | $ | 0.10593 | | | | 90 | % | | | — | % | | | 10 | % | | | 100 | % |
| | | | |
SUPPLEMENTAL INFORMATION | | | 23 | |
Notes:
| | |
| 24 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes:
Notes:
| | |
| 26 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com
or call 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 BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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. BlackRock is not 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 daily and monthly basis on the Fund’s website.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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iS-SAR-81-0212
| | |
 | | February 29, 2012 |
2012 Semi-Annual Report
iShares, Inc.
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
Table of Contents
Fund Performance Overview
iSHARES® MSCI AUSTRIA INVESTABLE MARKET INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (24.30)% | | (24.14)% | | (23.88)% | | (11.44)% | | (11.38)% | | (12.52)% | | 10.39% | | 10.39% | | 10.24% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (24.30)% | | (24.14)% | | (23.88)% | | (45.54)% | | (45.33)% | | (48.77)% | | 168.83% | | 168.77% | | 165.14% |
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.
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 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 29, 2012, the total return for the Fund was (9.91)%, net of fees, while the total return for the Index was (9.48)%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 31.17 | % |
Industrial | | | 24.48 | |
Energy | | | 15.60 | |
Basic Materials | | | 12.06 | |
Communications | | | 8.25 | |
Utilities | | | 5.54 | |
Consumer Non-Cyclical | | | 1.40 | |
Consumer Cyclical | | | 0.45 | |
Short-Term and Other Net Assets | | | 1.05 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
OMV AG | | | 13.27 | % |
Erste Group Bank AG | | | 10.68 | |
voestalpine AG | | | 8.64 | |
Andritz AG | | | 8.33 | |
Telekom Austria AG | | | 8.25 | |
IMMOFINANZ AG | | | 4.65 | |
Verbund AG | | | 4.32 | |
Raiffeisen International Bank Holding AG | | | 4.30 | |
Vienna Insurance Group AG | | | 4.11 | |
Wienerberger AG | | | 3.43 | |
| | | | |
TOTAL | | | 69.98 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI BELGIUM INVESTABLE MARKET INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (9.27)% | | (9.29)% | | (5.11)% | | (10.84)% | | (10.88)% | | (10.89)% | | 4.76% | | 4.77% | | 3.95% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (9.27)% | | (9.29)% | | (5.11)% | | (43.65)% | | (43.77)% | | (43.80)% | | 59.14% | | 59.39% | | 47.25% |
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 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 29, 2012, the total return for the Fund was (2.48)%, net of fees, while the total return for the Index was 2.17%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 42.37 | % |
Financial | | | 15.32 | |
Basic Materials | | | 13.71 | |
Communications | | | 10.65 | |
Diversified | | | 7.93 | |
Industrial | | | 3.79 | |
Utilities | | | 3.54 | |
Consumer Cyclical | | | 1.67 | |
Technology | | | 0.82 | |
Short-Term and Other Net Assets | | | 0.20 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Anheuser-Busch InBev NV | | | 24.51 | % |
Solvay SA | | | 6.87 | |
Groupe Bruxelles Lambert SA | | | 5.92 | |
Belgacom SA | | | 5.76 | |
Delhaize Group SA | | | 5.76 | |
Umicore | | | 4.73 | |
UCB SA | | | 4.56 | |
Colruyt SA | | | 4.32 | |
Ageas | | | 4.02 | |
Elia System Operator SA | | | 3.54 | |
| | | | |
TOTAL | | | 69.99 | % |
| | | | |
| | |
| 6 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | | Cumulative Total Return | |
| Year Ended 2/29/12 | | | Inception to 2/29/12 | | | Inception to 2/29/12 | |
| NAV | | | MARKET | | | INDEX | | | NAV | | | MARKET | | | INDEX | | | NAV | | | MARKET | | | INDEX | |
| | (11.52)% | | | | (12.01)% | | | | (10.57)% | | | | 8.90% | | | | 8.64% | | | | 9.17% | | | | 22.90% | | | | 22.18% | | | | 23.62% | |
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.
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 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 29, 2012, the total return for the Fund was 1.33%, net of fees, while the total return for the Index was 0.73%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Energy | | | 48.95 | % |
Financial | | | 20.57 | |
Basic Materials | | | 10.33 | |
Communications | | | 8.34 | |
Utilities | | | 7.73 | |
Consumer Non-Cyclical | | | 3.40 | |
Technology | | | 0.33 | |
Industrial | | | 0.26 | |
Short-Term and Other Net Assets | | | 0.09 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Gazprom OAO (Russia) | | | 21.01 | % |
LUKOIL OAO (Russia) | | | 9.72 | |
Sberbank of Russia (Russia) | | | 8.78 | |
NovaTek OAO SP GDR (Russia) | | | 3.92 | |
Rosneft Oil Co. OJSC (Russia) | | | 3.66 | |
Uralkali OJSC (Russia) | | | 3.36 | |
Tatneft OAO (Russia) | | | 2.79 | |
MMC Norilsk Nickel OJSC (Russia) | | | 2.79 | |
Mobile TeleSystems OJSC SP ADR (Russia) | | | 2.79 | |
Magnit OJSC SP GDR (Russia) | | | 2.30 | |
| | | | |
TOTAL | | | 61.12 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI EMU INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (15.06)% | | (15.49)% | | (15.05)% | | (6.19)% | | (6.29)% | | (6.10)% | | 4.47% | | 4.41% | | 4.65% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (15.06)% | | (15.49)% | | (15.05)% | | (27.36)% | | (27.72)% | | (27.01)% | | 54.86% | | 53.94% | | 57.49% |
“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 EMU Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was 1.43%, net of fees, while the total return for the Index was 1.59%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 19.75 | % |
Consumer Non-Cyclical | | | 16.98 | |
Industrial | | | 12.45 | |
Basic Materials | | | 10.70 | |
Communications | | | 9.85 | |
Consumer Cyclical | | | 8.67 | |
Energy | | | 8.36 | |
Utilities | | | 7.03 | |
Technology | | | 4.10 | |
Diversified | | | 2.00 | |
Short-Term and Other Net Assets | | | 0.11 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Total SA (France) | | | 4.00 | % |
Sanofi (France) | | | 2.85 | |
Siemens AG Registered (Germany) | | | 2.77 | |
BASF SE (Germany) | | | 2.72 | |
Banco Santander SA (Spain) | | | 2.40 | |
Telefonica SA (Spain) | | | 2.37 | |
SAP AG (Germany) | | | 2.10 | |
Bayer AG Registered (Germany) | | | 2.07 | |
Eni SpA (Italy) | | | 1.87 | |
Allianz SE Registered (Germany) | | | 1.86 | |
| | | | |
TOTAL | | | 25.01 | % |
| | | | |
| | |
| 8 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI FRANCE INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (15.11)% | | (15.40)% | | (15.11)% | | (5.35)% | | (5.40)% | | (5.22)% | | 4.45% | | 4.40% | | 4.64% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (15.11)% | | (15.40)% | | (15.11)% | | (24.03)% | | (24.24)% | | (23.52)% | | 54.51% | | 53.76% | | 57.35% |
“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 France Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was (1.00)%, net of fees, while the total return for the Index was (0.86)%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 23.34 | % |
Industrial | | | 15.58 | |
Financial | | | 14.60 | |
Energy | | | 13.82 | |
Communications | | | 9.30 | |
Basic Materials | | | 6.19 | |
Consumer Cyclical | | | 5.38 | |
Utilities | | | 4.81 | |
Diversified | | | 4.70 | |
Technology | | | 2.20 | |
Short-Term and Other Net Assets | | | 0.08 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Total SA | | | 12.24 | % |
Sanofi | | | 8.69 | |
BNP Paribas SA | | | 4.86 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 4.41 | |
Danone SA | | | 4.07 | |
L’Air Liquide SA | | | 3.80 | |
Schneider Electric SA | | | 3.43 | |
GDF Suez | | | 3.31 | |
France Telecom SA | | | 2.91 | |
AXA | | | 2.89 | |
| | | | |
TOTAL | | | 50.61 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
Fund Performance Overview
iSHARES® MSCI GERMANY INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (9.02)% | | (9.53)% | | (9.03)% | | (1.04)% | | (1.19)% | | (0.96)% | | 6.94% | | 6.89% | | 7.09% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (9.02)% | | (9.53)% | | (9.03)% | | (5.09)% | | (5.79)% | | (4.70)% | | 95.60% | | 94.65% | | 98.45% |
“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 Germany Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was 9.56%, net of fees, while the total return for the Index was 9.85%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Basic Materials | | | 23.00 | % |
Consumer Cyclical | | | 17.68 | |
Financial | | | 16.84 | |
Industrial | | | 13.14 | |
Technology | | | 8.21 | |
Consumer Non-Cyclical | | | 7.90 | |
Utilities | | | 7.34 | |
Communications | | | 4.96 | |
Diversified | | | 0.66 | |
Short-Term and Other Net Assets | | | 0.27 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Siemens AG Registered | | | 9.22 | % |
BASF SE | | | 9.06 | |
SAP AG | | | 6.97 | |
Bayer AG Registered | | | 6.87 | |
Allianz SE Registered | | | 6.19 | |
Daimler AG Registered | | | 6.16 | |
Deutsche Bank AG Registered | | | 4.87 | |
E.ON AG | | | 4.65 | |
Deutsche Telekom AG Registered | | | 3.68 | |
Bayerische Motoren Werke AG | | | 3.44 | |
| | | | |
TOTAL | | | 61.11 | % |
| | | | |
| | |
| 10 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI ITALY INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (25.05)% | | (25.04)% | | (24.88)% | | (13.15)% | | (13.21)% | | (13.11)% | | 1.63% | | 1.59% | | 1.56% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (25.05)% | | (25.04)% | | (24.88)% | | (50.57)% | | (50.75)% | | (50.46)% | | 17.52% | | 17.08% | | 16.69% |
“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 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 29, 2012, the total return for the Fund was 0.09%, net of fees, while the total return for the Index was 0.04%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Energy | | | 28.65 | % |
Financial | | | 28.06 | |
Utilities | | | 17.65 | |
Consumer Cyclical | | | 7.27 | |
Industrial | | | 6.62 | |
Communications | | | 5.67 | |
Consumer Non-Cyclical | | | 4.81 | |
Diversified | | | 1.13 | |
Short-Term and Other Net Assets | | | 0.14 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Eni SpA | | | 21.99 | % |
Enel SpA | | | 10.35 | |
UniCredit SpA | | | 7.98 | |
Intesa Sanpaolo SpA | | | 7.86 | |
Saipem SpA | | | 4.89 | |
Assicurazioni Generali SpA | | | 4.42 | |
Snam SpA | | | 3.96 | |
Tenaris SA | | | 3.95 | |
Fiat Industrial SpA | | | 3.46 | |
Telecom Italia SpA | | | 3.28 | |
| | | | |
TOTAL | | | 72.14 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 11 | |
Fund Performance Overview
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (13.85)% | | (14.27)% | | (13.24)% | | (3.51)% | | (3.59)% | | (2.85)% | | 3.85% | | 3.82% | | 4.41% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (13.85)% | | (14.27)% | | (13.24)% | | (16.35)% | | (16.72)% | | (13.44)% | | 45.88% | | 45.50% | | 53.90% |
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.
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 Netherlands Investable Market Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was 2.77%, net of fees, while the total return for the Index was 3.37%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 35.32 | % |
Financial | | | 19.28 | |
Industrial | | | 16.05 | |
Communications | | | 11.14 | |
Basic Materials | | | 7.89 | |
Technology | | | 6.74 | |
Energy | | | 2.93 | |
Consumer Cyclical | | | 0.31 | |
Diversified | | | 0.13 | |
Short-Term and Other Net Assets | | | 0.21 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Unilever NV CVA | | | 19.47 | % |
ING Groep NV CVA | | | 12.03 | |
Koninklijke Philips Electronics NV | | | 7.60 | |
Koninklijke KPN NV | | | 5.87 | |
Heineken NV | | | 4.88 | |
ASML Holding NV | | | 4.79 | |
Akzo Nobel NV | | | 4.74 | |
Koninklijke Ahold NV | | | 4.51 | |
Reed Elsevier NV | | | 3.21 | |
Koninklijke DSM NV | | | 3.15 | |
| | | | |
TOTAL | | | 70.25 | % |
| | | | |
| | |
| 12 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI SPAIN INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (19.02)% | | (19.03)% | | (21.21)% | | (5.41)% | | (5.47)% | | (5.99)% | | 8.25% | | 8.22% | | 7.89% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (19.02)% | | (19.03)% | | (21.21)% | | (24.29)% | | (24.52)% | | (26.58)% | | 121.01% | | 120.31% | | 113.73% |
“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 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 29, 2012, the total return for the Fund was (6.71)%, net of fees, while the total return for the Index was (7.64)%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 42.44 | % |
Communications | | | 18.13 | |
Utilities | | | 11.58 | |
Industrial | | | 7.73 | |
Consumer Cyclical | | | 5.90 | |
Consumer Non-Cyclical | | | 5.51 | |
Energy | | | 4.39 | |
Technology | | | 3.12 | |
Basic Materials | | | 1.05 | |
Short-Term and Other Net Assets | | | 0.15 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Banco Santander SA | | | 19.87 | % |
Telefonica SA | | | 18.13 | |
Banco Bilbao Vizcaya Argentaria SA | | | 11.20 | |
Industria de Diseno Textil SA | | | 4.77 | |
Iberdrola SA | | | 4.59 | |
Repsol YPF SA | | | 4.39 | |
Abertis Infraestructuras SA | | | 3.07 | |
Gas Natural SDG SA | | | 2.70 | |
Red Electrica Corporacion SA | | | 2.43 | |
Actividades de Construcciones y Servicios SA | | | 2.41 | |
| | | | |
TOTAL | | | 73.56 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 13 | |
Fund Performance Overview
iSHARES® MSCI SWEDEN INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (4.64)% | | (4.93)% | | (4.66)% | | 2.14% | | 2.07% | | 2.13% | | 11.19% | | 11.11% | | 11.25% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (4.64)% | | (4.93)% | | (4.66)% | | 11.19% | | 10.79% | | 11.09% | | 188.81% | | 186.84% | | 190.42% |
“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.
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 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 29, 2012, the total return for the Fund was 10.25%, net of fees, while the total return for the Index was 10.54%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 24.52 | % |
Industrial | | | 23.62 | |
Consumer Cyclical | | | 20.13 | |
Communications | | | 18.58 | |
Consumer Non-Cyclical | | | 5.72 | |
Basic Materials | | | 5.35 | |
Energy | | | 1.52 | |
Diversified | | | 0.52 | |
Short-Term and Other Net Assets | | | 0.04 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Hennes & Mauritz AB Class B | | | 10.76 | % |
Telefonaktiebolaget LM Ericsson Class B | | | 8.86 | |
Nordea Bank AB | | | 7.44 | |
Volvo AB Class B | | | 5.94 | |
Atlas Copco AB Class A | | | 5.14 | |
Svenska Handelsbanken AB Class A | | | 4.83 | |
TeliaSonera AB | | | 4.63 | |
Sandvik AB | | | 4.50 | |
Swedbank AB Class A | | | 4.10 | |
Skandinaviska Enskilda Banken AB Class A | | | 3.09 | |
| | | | |
TOTAL | | | 59.29 | % |
| | | | |
| | |
| 14 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI SWITZERLAND INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Annual Total Returns | |
| Year Ended 2/29/12 | | | Five Years Ended 2/29/12 | | | Ten Years Ended 2/29/12 | |
| NAV | | MARKET | | | INDEX | | | NAV | | | MARKET | | | INDEX | | | NAV | | | MARKET | | | INDEX | |
| (2.56)% | | | (3.09)% | | | | (2.61)% | | | | 1.40% | | | | 1.23% | | | | 0.63% | | | | 8.35% | | | | 8.34% | | | | 8.09% | |
|
| Cumulative Total Returns | |
| Year Ended 2/29/12 | | | Five Years Ended 2/29/12 | | | Ten Years Ended 2/29/12 | |
| NAV | | MARKET | | | INDEX | | | NAV | | | MARKET | | | INDEX | | | NAV | | | MARKET | | | INDEX | |
| (2.56)% | | | (3.09)% | | | | (2.61)% | | | | 7.20% | | | | 6.33% | | | | 3.19% | | | | 123.00% | | | | 122.87% | | | | 117.73% | |
“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 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 29, 2012, the total return for the Fund was (0.77)%, net of fees, while the total return for the Index was (0.53)%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 55.66 | % |
Financial | | | 18.55 | |
Industrial | | | 10.08 | |
Consumer Cyclical | | | 5.96 | |
Basic Materials | | | 5.42 | |
Energy | | | 1.84 | |
Communications | | | 1.41 | |
Short-Term and Other Net Assets | | | 1.08 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Nestle SA Registered | | | 22.95 | % |
Roche Holding AG Genusschein | | | 12.57 | |
Novartis AG Registered | | | 12.11 | |
Zurich Financial Services AG Registered | | | 4.48 | |
ABB Ltd. Registered | | | 4.31 | |
UBS AG Registered | | | 4.06 | |
Syngenta AG Registered | | | 3.72 | |
Compagnie Financiere Richemont SA Class A Bearer | | | 3.70 | |
Credit Suisse Group AG Registered | | | 3.49 | |
Swiss Re AG | | | 2.76 | |
| | | | |
TOTAL | | | 74.15 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 15 | |
Fund Performance Overview
iSHARES® MSCI UNITED KINGDOM INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.73)% | | (1.39)% | | (0.22)% | | (2.04)% | | (2.11)% | | (1.47)% | | 5.53% | | 5.54% | | 6.22% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.73)% | | (1.39)% | | (0.22)% | | (9.79)% | | (10.12)% | | (7.13)% | | 71.28% | | 71.45% | | 82.89% |
“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 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 29, 2012, the total return for the Fund was 8.07%, net of fees, while the total return for the Index was 8.39%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 26.71 | % |
Energy | | | 20.75 | |
Financial | | | 18.15 | |
Basic Materials | | | 12.39 | |
Communications | | | 9.42 | |
Utilities | | | 4.24 | |
Consumer Cyclical | | | 3.82 | |
Industrial | | | 3.09 | |
Technology | | | 0.79 | |
Short-Term and Other Net Assets | | | 0.64 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
HSBC Holdings PLC | | | 6.60 | % |
BP PLC | | | 6.22 | |
Vodafone Group PLC | | | 5.67 | |
Royal Dutch Shell PLC Class A | | | 5.54 | |
GlaxoSmithKline PLC | | | 4.67 | |
British American Tobacco PLC | | | 4.17 | |
Royal Dutch Shell PLC Class B | | | 4.13 | |
BG Group PLC | | | 3.43 | |
Rio Tinto PLC | | | 3.28 | |
BHP Billiton PLC | | | 2.87 | |
| | | | |
TOTAL | | | 46.58 | % |
| | | | |
| | |
| 16 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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, 2011 to February 29, 2012.
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
(9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a (9/1/11 to 2/29/12) | |
Austria Investable Market | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 900.90 | | | | 0.52 | % | | $ | 2.46 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Belgium Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 975.20 | | | | 0.52 | | | | 2.55 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Emerging Markets Eastern Europe | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,013.30 | | | | 0.69 | | | | 3.45 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.40 | | | | 0.69 | | | | 3.47 | |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning
Account Value
(9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid During Period a (9/1/11 to 2/29/12) | |
EMU | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,014.30 | | | | 0.52 | % | | $ | 2.60 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
France | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 990.00 | | | | 0.52 | | | | 2.57 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Germany | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,095.60 | | | | 0.52 | | | | 2.71 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Italy | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.90 | | | | 0.52 | | | | 2.59 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Netherlands Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,027.70 | | | | 0.52 | | | | 2.62 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Spain | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 932.90 | | | | 0.52 | | | | 2.50 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Sweden | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,102.50 | | | | 0.52 | | | | 2.72 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Switzerland | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 992.30 | | | | 0.52 | | | | 2.58 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
United Kingdom | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,080.70 | | | | 0.52 | | | | 2.69 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
| 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 (182 days) and divided by the number of days in the year (366 days). |
| | |
| 18 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI AUSTRIA INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.95% | |
|
AUTO MANUFACTURERS — 0.45% | |
Rosenbauer International AG | | | 6,721 | | | $ | 353,513 | |
| | | | | | | | |
| | | | | | | 353,513 | |
BANKS — 14.98% | | | | | |
Erste Group Bank AG | | | 331,820 | | | | 8,360,394 | |
Raiffeisen International Bank
Holding AGa | | | 92,543 | | | | 3,365,360 | |
| | | | | | | | |
| | | | | | | 11,725,754 | |
BIOTECHNOLOGY — 0.34% | | | | | |
Intercell AGa,b | | | 82,438 | | | | 263,452 | |
| | | | | | | | |
| | | | | | | 263,452 | |
BUILDING MATERIALS — 3.43% | | | | | |
Wienerberger AG | | | 216,811 | | | | 2,682,759 | |
| | | | | | | | |
| | | | | | | 2,682,759 | |
CHEMICALS — 2.53% | | | | | |
Lenzing AG | | | 19,176 | | | | 1,982,879 | |
| | | | | | | | |
| | | | | | | 1,982,879 | |
COMMERCIAL SERVICES — 1.06% | | | | | |
Kapsch TrafficCom AG | | | 9,682 | | | | 828,255 | |
| | | | | | | | |
| | | | | | | 828,255 | |
ELECTRIC — 5.54% | | | | | |
EVN AG | | | 68,714 | | | | 954,116 | |
Verbund AG | | | 120,179 | | | | 3,382,462 | |
| | | | | | | | |
| | | | | | | 4,336,578 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 1.22% | | | | | |
Zumtobel AG | | | 53,345 | | | | 951,937 | |
| | | | | | | | |
| | | | | | | 951,937 | |
ELECTRONICS — 0.44% | | | | | |
Austria Technologie &
Systemtechnik AG | | | 28,012 | | | | 341,367 | |
| | | | | | | | |
| | | | | | | 341,367 | |
ENGINEERING & CONSTRUCTION — 3.02% | | | | | |
Flughafen Wien AG | | | 20,915 | | | | 780,586 | |
Strabag SE | | | 52,405 | | | | 1,584,308 | |
| | | | | | | | |
| | | | | | | 2,364,894 | |
ENVIRONMENTAL CONTROL — 0.46% | | | | | |
BWT AG | | | 17,766 | | | | 356,484 | |
| | | | | | | | |
| | | | | | | 356,484 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INSURANCE — 4.11% | | | | | |
Vienna Insurance Group AG | | | 72,568 | | | $ | 3,217,038 | |
| | | | | | | | |
| | | | | | | 3,217,038 | |
IRON & STEEL — 9.53% | | | | | |
AMAG Austria Metall AGb,c | | | 27,448 | | | | 695,791 | |
voestalpine AG | | | 189,974 | | | | 6,761,079 | |
| | | | | | | | |
| | | | | | | 7,456,870 | |
MACHINERY — 9.12% | | | | | |
Andritz AG | | | 65,471 | | | | 6,517,743 | |
Palfinger AG | | | 24,675 | | | | 621,041 | |
| | | | | | | | |
| | | | | | | 7,138,784 | |
MANUFACTURING — 2.46% | | | | | |
RHI AG | | | 44,509 | | | | 1,064,569 | |
Semperit AG Holding | | | 19,364 | | | | 862,577 | |
| | | | | | | | |
| | | | | | | 1,927,146 | |
OIL & GAS — 13.27% | | | | | |
OMV AG | | | 277,958 | | | | 10,385,053 | |
| | | | | | | | |
| | | | | | | 10,385,053 | |
OIL & GAS SERVICES — 2.33% | | | | | |
Schoeller-Bleckmann Oilfield Equipment AG | | | 20,116 | | | | 1,824,441 | |
| | | | | | | | |
| | | | | | | 1,824,441 | |
PACKAGING & CONTAINERS — 1.69% | | | | | |
Mayr-Melnhof Karton AGa | | | 13,301 | | | | 1,319,154 | |
| | | | | | | | |
| | | | | | | 1,319,154 | |
REAL ESTATE — 12.07% | | | | | |
Atrium European Real Estate Ltd. | | | 407,114 | | | | 1,944,209 | |
CA Immobilien Anlagen AGb | | | 155,805 | | | | 1,626,512 | |
conwert Immobilien Invest SE | | | 141,188 | | | | 1,598,382 | |
IMMOEAST AG Escrowb,d | | | 998,769 | | | | 134 | |
IMMOFINANZ AGb | | | 1,034,470 | | | | 3,635,269 | |
IMMOFINANZ AG Escrowb,d | | | 897,599 | | | | 120 | |
S IMMO AGa,b | | | 109,933 | | | | 643,817 | |
| | | | | | | | |
| | | | | | | 9,448,443 | |
TELECOMMUNICATIONS — 8.25% | | | | | |
Telekom Austria AG | | | 552,767 | | | | 6,460,454 | |
| | | | | | | | |
| | | | | | | 6,460,454 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRIA INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
TRANSPORTATION — 2.65% | | | | | |
Oesterreichische Post AG | | | 62,698 | | | $ | 2,076,648 | |
| | | | | | | | |
| | | | | | | 2,076,648 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $130,117,097) | | | | | | | 77,441,903 | |
|
SHORT-TERM INVESTMENTS — 4.99% | |
|
MONEY MARKET FUNDS — 4.99% | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%e,f,g | | | 3,574,123 | | | | 3,574,123 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%e,f,g | | | 264,331 | | | | 264,331 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%e,f | | | 69,961 | | | | 69,961 | |
| | | | | | | | |
| | | | | | | 3,908,415 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $3,908,415) | | | | | | | 3,908,415 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 103.94% | | | | | |
(Cost: $134,025,512) | | | | | | | 81,350,318 | |
Other Assets, Less Liabilities — (3.94)% | | | | (3,084,931 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 78,265,387 | |
| | | | | | | | |
| 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 institutional buyers under Rule 144A of the Securities Act of 1933. |
| d | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
| e | Affiliated issuer. See Note 2. |
| f | The rate quoted is the annualized seven-day yield of the fund at period end. |
| g | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
| | |
| 20 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI BELGIUM INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.80% | |
|
AGRICULTURE — 1.04% | |
SIPEF NV | | | 3,135 | | | $ | 272,590 | |
| | | | | | | | |
| | | | | | | 272,590 | |
BANKS — 3.37% | | | | | |
Dexia SAa,b | | | 121,770 | | | | 45,121 | |
KBC Groep NV | | | 35,310 | | | | 837,462 | |
| | | | | | | | |
| | | | | | | 882,583 | |
BEVERAGES — 24.51% | | | | | |
Anheuser-Busch InBev NV | | | 95,260 | | | | 6,424,983 | |
| | | | | | | | |
| | | | | | | 6,424,983 | |
BIOTECHNOLOGY — 0.22% | | | | | |
Ablynx NVa | | | 8,470 | | | | 34,331 | |
Devgen NVa | | | 3,135 | | | | 23,736 | |
| | | | | | | | |
| | | | | | | 58,067 | |
BUILDING MATERIALS — 0.10% | | | | | |
Deceuninck NVa | | | 16,720 | | | | 26,840 | |
| | | | | | | | |
| | | | | | | 26,840 | |
CHEMICALS — 7.77% | | | | | |
Recticel SA | | | 4,895 | | | | 33,002 | |
Solvay SA | | | 14,575 | | | | 1,800,740 | |
Tessenderlo Chemie NVb | | | 6,160 | | | | 202,545 | |
| | | | | | | | |
| | | | | | | 2,036,287 | |
COMPUTERS — 0.51% | | | | | |
Econocom Group SA | | | 6,600 | | | | 134,640 | |
| | | | | | | | |
| | | | | | | 134,640 | |
DISTRIBUTION & WHOLESALE — 1.04% | | | | | |
SA D’Ieteren NV | | | 5,610 | | | | 271,813 | |
| | | | | | | | |
| | | | | | | 271,813 | |
ELECTRIC — 3.54% | | | | | |
Elia System Operator SA | | | 23,045 | | | | 928,518 | |
| | | | | | | | |
| | | | | | | 928,518 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 1.08% | | | | | |
Bekaert NVb | | | 8,470 | | | | 284,334 | |
| | | | | | | | |
| | | | | | | 284,334 | |
ELECTRONICS — 1.12% | | | | | |
Barco NV | | | 2,365 | | | | 155,905 | |
EVS Broadcast Equipment SA | | | 2,530 | | | | 136,898 | |
| | | | | | | | |
| | | | | | | 292,803 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENGINEERING & CONSTRUCTION — 0.59% | | | | | |
Compagnie d’Entreprises CFE SA | | | 1,925 | | | $ | 117,938 | |
Hamon & Cie (International) SA | | | 1,485 | | | | 35,757 | |
| | | | | | | | |
| | | | | | | 153,695 | |
ENTERTAINMENT — 0.63% | | | | | |
Kinepolis Group NV | | | 1,925 | | | | 165,577 | |
| | | | | | | | |
| | | | | | | 165,577 | |
FOOD — 10.07% | | | | | |
Colruyt SA | | | 28,765 | | | | 1,132,050 | |
Delhaize Group SA | | | 27,335 | | | | 1,508,531 | |
| | | | | | | | |
| | | | | | | 2,640,581 | |
HEALTH CARE — PRODUCTS — 0.16% | | | | | |
Ion Beam Applications SA | | | 5,005 | | | | 41,109 | |
| | | | | | | | |
| | | | | | | 41,109 | |
HOLDING COMPANIES — DIVERSIFIED — 8.52% | | | | | |
Ackermans & van Haaren NV | | | 6,325 | | | | 527,287 | |
Groupe Bruxelles Lambert SA | | | 20,570 | | | | 1,551,379 | |
KBC Ancora SCAa | | | 4,345 | | | | 40,163 | |
RHJ International SAa | | | 19,580 | | | | 115,769 | |
| | | | | | | | |
| | | | | | | 2,234,598 | |
INSURANCE — 4.02% | | | | | |
Ageas | | | 493,790 | | | | 1,052,905 | |
| | | | | | | | |
| | | | | | | 1,052,905 | |
MANUFACTURING — 0.29% | | | | | |
Agfa-Gevaert NVa,b | | | 38,170 | | | | 75,058 | |
| | | | | | | | |
| | | | | | | 75,058 | |
MEDIA — 0.08% | | | | | |
Roularta Media Group NV | | | 990 | | | | 21,454 | |
| | | | | | | | |
| | | | | | | 21,454 | |
MINING — 5.94% | | | | | |
Nyrstar NVa | | | 33,385 | | | | 316,633 | |
Umicore | | | 23,760 | | | | 1,241,155 | |
| | | | | | | | |
| | | | | | | 1,557,788 | |
PHARMACEUTICALS — 6.35% | | | | | |
Arseus NV | | | 11,605 | | | | 184,425 | |
Galapagos NVa | | | 4,565 | | | | 79,935 | |
ThromboGenics NVa | | | 7,095 | | | | 205,954 | |
UCB SA | | | 29,480 | | | | 1,195,287 | |
| | | | | | | | |
| | | | | | | 1,665,601 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BELGIUM INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 6.04% | | | | | |
Befimmo SCA | | | 4,455 | | | $ | 286,948 | |
Cofinimmo SA | | | 5,335 | | | | 645,865 | |
Intervest Offices & Warehouses | | | 4,290 | | | | 114,201 | |
Leasinvest Real Estate SCA | | | 1,870 | | | | 166,975 | |
Warehouses De Pauw SCA | | | 3,740 | | | | 192,065 | |
Wereldhave Belgium NV | | | 1,925 | | | | 176,392 | |
| | | | | | | | |
| | | | | | | 1,582,446 | |
SEMICONDUCTORS — 0.31% | | | | | |
Melexis NV | | | 4,730 | | | | 80,926 | |
| | | | | | | | |
| | | | | | | 80,926 | |
TELECOMMUNICATIONS — 10.57% | | | | | |
Belgacom SA | | | 47,245 | | | | 1,510,155 | |
Mobistar SA | | | 12,815 | | | | 616,363 | |
Telenet Group Holding NVa | | | 16,280 | | | | 644,186 | |
| | | | | | | | |
| | | | | | | 2,770,704 | |
TRANSPORTATION — 0.62% | | | | | |
Compagnie Maritime Belge SA | | | 4,180 | | | | 94,162 | |
Euronav SAa | | | 2,365 | | | | 17,147 | |
Exmar NV | | | 6,820 | | | | 50,177 | |
| | | | | | | | |
| | | | | | | 161,486 | |
VENTURE CAPITAL — 1.31% | | | | | |
GIMV NV | | | 6,985 | | | | 342,638 | |
| | | | | | | | |
| | | | | | | 342,638 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $44,085,533) | | | | | | | 26,160,024 | |
|
SHORT-TERM INVESTMENTS — 1.87% | |
| |
MONEY MARKET FUNDS — 1.87% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 452,364 | | | | 452,364 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 33,455 | | | | 33,455 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 4,079 | | | | 4,079 | |
| | | | | | | | |
| | | | | | | 489,898 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $489,898) | | | | | | | 489,898 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES —101.67% | | | | |
(Cost: $44,575,431) | | | | $ | 26,649,922 | |
Other Assets, Less
Liabilities — (1.67)% | | | (436,709 | ) |
| | | | | | |
NET ASSETS — 100.00% | | $ | 26,213,213 | |
| | | | | | |
| 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.
| | |
| 22 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 96.87% | |
| |
CZECH REPUBLIC — 3.70% | | | | | |
CEZ AS | | | 14,685 | | | $ | 635,841 | |
Komercni Banka AS | | | 1,383 | | | | 271,584 | |
Telefonica O2 Czech Republic AS | | | 10,340 | | | | 225,518 | |
| | | | | | | | |
| | | | | | | 1,132,943 | |
HUNGARY — 3.54% | | | | | |
Magyar Telekom
Telecommunications PLC | | | 43,050 | | | | 118,212 | |
MOL Hungarian Oil and Gas PLCa | | | 3,801 | | | | 330,249 | |
OTP Bank Nyrt | | | 21,647 | | | | 402,108 | |
Richter Gedeon Nyrt | | | 1,281 | | | | 231,526 | |
| | | | | | | | |
| | | | | | | 1,082,095 | |
POLAND — 15.68% | | | | | |
Asseco Poland SA | | | 5,718 | | | | 99,870 | |
Bank Handlowy w Warszawie SA | | | 2,982 | | | | 74,828 | |
Bank Millennium SA | | | 38,305 | | | | 54,195 | |
Bank Pekao SA | | | 10,747 | | | | 539,701 | |
BRE Bank SAa | | | 1,344 | | | | 131,797 | |
Cyfrowy Polsat SAa | | | 18,984 | | | | 87,679 | |
ENEA SA | | | 10,311 | | | | 55,973 | |
Globe Trade Centre SAa | | | 15,120 | | | | 43,080 | |
Grupa Lotos SAa | | | 6,069 | | | | 55,271 | |
Jastrzebska Spolka Weglowa SAa | | | 3,672 | | | | 123,970 | |
Kernel Holding SAa | | | 4,347 | | | | 102,929 | |
KGHM Polska Miedz SA | | | 12,747 | | | | 610,702 | |
Polska Grupa Energetyczna SA | | | 67,951 | | | | 438,707 | |
Polski Koncern Naftowy Orlen SAa | | | 29,148 | | | | 336,744 | |
Polskie Gornictwo Naftowe i Gazownictwo SA | | | 161,690 | | | | 191,427 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 56,870 | | | | 628,899 | |
Powszechny Zaklad Ubezpieczen SA | | | 5,015 | | | | 546,266 | |
Synthos SA | | | 55,629 | | | | 94,086 | |
Tauron Polska Energia SA | | | 97,083 | | | | 161,039 | |
Telekomunikacja Polska SA | | | 66,717 | | | | 368,679 | |
TVN SA | | | 14,700 | | | | 51,828 | |
| | | | | | | | |
| | | | | | | 4,797,670 | |
RUSSIA — 73.95% | | | | | |
Federal Grid Co. of Unified Energy System OJSC | | | 28,618,000 | | | | 339,811 | |
Gazprom OAO | | | 967,442 | | | | 6,427,206 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
IDGC Holding JSCa | | | 1,584,500 | | | $ | 161,080 | |
Inter RAO UES OJSC | | | 116,500,000 | | | | 142,360 | |
LSR Group OJSC SP GDRb | | | 16,842 | | | | 89,178 | |
LUKOIL OAO | | | 46,325 | | | | 2,973,267 | |
Magnit OJSC SP GDRb | | | 23,908 | | | | 704,569 | |
Mechel OAO SP ADR | | | 13,356 | | | | 148,252 | |
MMC Norilsk Nickel OJSC | | | 4,320 | | | | 854,536 | |
Mobile TeleSystems OJSC SP ADR | | | 46,786 | | | | 853,844 | |
NovaTek OAO SP GDRb | | | 8,268 | | | | 1,199,687 | |
Novolipetsk Steel OJSC SP GDRb | | | 6,048 | | | | 144,971 | |
Rosneft Oil Co. OJSC | | | 144,714 | | | | 1,119,422 | |
Rostelecom OJSCa | | | 120,580 | | | | 606,718 | |
RusHydro OJSC | | | 10,563,000 | | | | 429,209 | |
Sberbank of Russia | | | 783,195 | | | | 2,685,891 | |
Severstal OAO | | | 18,349 | | | | 281,437 | |
Sistema JSFC SP GDRb | | | 10,978 | | | | 239,320 | |
Surgutneftegas OJSC | | | 646,760 | | | | 671,887 | |
Tatneft OAO | | | 128,399 | | | | 854,602 | |
TMK OAO SP GDRb | | | 5,502 | | | | 79,339 | |
Uralkali OJSC | | | 126,215 | | | | 1,027,130 | |
VTB Bank OJSC | | | 238,040,999 | | | | 590,479 | |
| | | | | | | | |
| | | | | | | 22,624,195 | |
| | | | | | | | |
TOTAL COMMON STOCKS | |
(Cost: $34,562,166) | | | | 29,636,903 | |
| |
PREFERRED STOCKS — 3.04% | | | | | |
RUSSIA — 3.04% | | | | | |
AK Transneft OAO | | | 140 | | | | 261,167 | |
Sberbank of Russia | | | 91,000 | | | | 236,572 | |
Surgutneftegas OJSC | | | 630,000 | | | | 431,092 | |
| | | | | | | | |
| | | | | | | 928,831 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $792,557) | | | | 928,831 | |
|
SHORT-TERM INVESTMENTS — 0.02% | |
| |
MONEY MARKET FUNDS — 0.02% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 5,470 | | | | 5,470 | |
| | | | | | | | |
| | | | | | | 5,470 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $5,470) | | | | 5,470 | |
| | | | | | | | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
February 29, 2012
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.93% | |
(Cost: $35,360,193) | | $ | 30,571,204 | |
Other Assets, Less Liabilities — 0.07% | | | 22,585 | |
| | | | | | |
NET ASSETS — 100.00% | | $ | 30,593,789 | |
| | | | | | |
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.
| | |
| 24 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI EMU INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.02% | |
|
AUSTRIA — 0.92% | |
Erste Group Bank AG | | | 46,258 | | | $ | 1,165,497 | |
IMMOEAST AG Escrowa,b | | | 105,078 | | | | 14 | |
IMMOFINANZ AGa | | | 230,145 | | | | 808,761 | |
IMMOFINANZ AG Escrowa,b | | | 68,575 | | | | 9 | |
OMV AG | | | 39,617 | | | | 1,480,168 | |
Raiffeisen International Bank
Holding AGc | | | 11,908 | | | | 433,039 | |
Telekom Austria AG | | | 81,295 | | | | 950,134 | |
Verbund AG | | | 16,717 | | | | 470,503 | |
Vienna Insurance Group AG | | | 9,389 | | | | 416,227 | |
voestalpine AG | | | 26,793 | | | | 953,550 | |
| | | | | | | | |
| | | | | | | 6,677,902 | |
BELGIUM — 3.45% | | | | | |
Ageas | | | 541,585 | | | | 1,154,818 | |
Anheuser-Busch InBev NV | | | 195,566 | | | | 13,190,303 | |
Bekaert NVc | | | 9,618 | | | | 322,872 | |
Belgacom SA | | | 37,327 | | | | 1,193,133 | |
Colruyt SA | | | 18,778 | | | | 739,010 | |
Delhaize Group SA | | | 24,961 | | | | 1,377,518 | |
Groupe Bruxelles Lambert SA | | | 19,694 | | | | 1,485,312 | |
KBC Groep NV | | | 39,388 | | | | 934,181 | |
Mobistar SA | | | 7,328 | | | | 352,455 | |
Solvay SA | | | 14,427 | | | | 1,782,455 | |
UCB SA | | | 24,732 | | | | 1,002,776 | |
Umicore | | | 27,938 | | | | 1,459,402 | |
| | | | | | | | |
| | | | | | | 24,994,235 | |
FINLAND — 3.10% | | | | | |
Elisa OYJ | | | 34,350 | | | | 785,285 | |
Fortum OYJ | | | 108,775 | | | | 2,713,729 | |
Kesko OYJ Class B | | | 16,259 | | | | 548,744 | |
Kone OYJ Class B | | | 37,556 | | | | 2,240,141 | |
Metso OYJ | | | 31,373 | | | | 1,496,147 | |
Neste Oil OYJ | | | 31,602 | | | | 390,823 | |
Nokia OYJ | | | 910,962 | | | | 4,801,259 | |
Nokian Renkaat OYJ | | | 26,793 | | | | 1,193,863 | |
Orion OYJ Class B | | | 22,671 | | | | 490,388 | |
Pohjola Bank PLC Class A | | | 33,892 | | | | 393,301 | |
Sampo OYJ Class A | | | 102,821 | | | | 2,909,047 | |
Sanoma OYJ | | | 20,152 | | | | 264,586 | |
Stora Enso OYJ Class R | | | 142,438 | | | | 1,073,689 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
UPM-Kymmene OYJ | | | 127,782 | | | $ | 1,769,166 | |
Wartsila OYJ ABP | | | 40,991 | | | | 1,416,901 | |
| | | | | | | | |
| | | | | | | 22,487,069 | |
FRANCE — 32.73% | | | | | |
Accor SA | | | 36,182 | | | | 1,277,777 | |
Aeroports de Paris | | | 8,473 | | | | 672,126 | |
Alcatel-Lucenta,c | | | 562,195 | | | | 1,415,354 | |
ALSTOM | | | 50,151 | | | | 2,169,593 | |
ArcelorMittal | | | 209,764 | | | | 4,440,514 | |
Arkema SA | | | 13,511 | | | | 1,243,106 | |
AtoS | | | 12,137 | | | | 693,587 | |
AXA | | | 424,566 | | | | 6,874,935 | |
BNP Paribas SA | | | 235,641 | | | | 11,547,970 | |
Bouygues SA | | | 46,487 | | | | 1,484,993 | |
Bureau Veritas SA | | | 13,282 | | | | 1,101,752 | |
Cap Gemini SA | | | 36,182 | | | | 1,600,609 | |
Carrefour SA | | | 139,919 | | | | 3,522,532 | |
Casino Guichard-Perrachon SA | | | 13,511 | | | | 1,321,546 | |
Christian Dior SA | | | 13,511 | | | | 2,104,678 | |
CNP Assurances SA | | | 36,411 | | | | 527,010 | |
Compagnie de Saint-Gobain | | | 97,783 | | | | 4,661,864 | |
Compagnie Generale de Geophysique-Veritasa | | | 35,266 | | | | 1,093,996 | |
Compagnie Generale des Etablissements Michelin Class B | | | 43,739 | | | | 3,028,459 | |
Credit Agricole SA | | | 240,221 | | | | 1,544,698 | |
Danone SA | | | 142,667 | | | | 9,691,139 | |
Dassault Systemes SA | | | 14,198 | | | | 1,183,622 | |
Edenred SA | | | 38,701 | | | | 1,036,959 | |
Eiffage SA | | | 9,847 | | | | 393,457 | |
Electricite de France | | | 58,853 | | | | 1,473,388 | |
Essilor International SA | | | 48,777 | | | | 3,899,279 | |
Eurazeo | | | 7,467 | | | | 355,095 | |
European Aeronautic Defence and Space Co. NV | | | 99,615 | | | | 3,633,196 | |
Eutelsat Communications | | | 30,686 | | | | 1,148,952 | |
Fonciere des Regions | | | 6,641 | | | | 483,449 | |
France Telecom SA | | | 452,733 | | | | 6,937,386 | |
GDF Suez | | | 302,280 | | | | 7,872,886 | |
Gecina SA | | | 5,496 | | | | 529,932 | |
Groupe Eurotunnel SA | | | 132,331 | | | | 1,152,749 | |
Icade | | | 5,725 | | | | 476,272 | |
Iliad SA | | | 4,809 | | | | 640,405 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Imerys SA | | | 8,244 | | | $ | 500,340 | |
JCDecaux SAa | | | 16,488 | | | | 459,426 | |
Klepierre | | | 25,648 | | | | 817,934 | |
L’Air Liquide SA | | | 69,387 | | | | 9,052,633 | |
L’Oreal SA | | | 58,624 | | | | 6,713,648 | |
Lafarge SA | | | 49,235 | | | | 2,299,230 | |
Lagardere SCA | | | 28,854 | | | | 867,683 | |
Legrand SA | | | 54,502 | | | | 1,986,724 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 62,059 | | | | 10,484,958 | |
Natixis | | | 230,145 | | | | 835,237 | |
Neopost SA | | | 7,786 | | | | 534,931 | |
Pernod Ricard SA | | | 48,090 | | | | 4,995,866 | |
PPR SA | | | 18,320 | | | | 3,127,049 | |
PSA Peugeot Citroen SA | | | 37,327 | | | | 751,232 | |
Publicis Groupe SA | | | 35,266 | | | | 1,937,254 | |
Renault SA | | | 46,945 | | | | 2,495,605 | |
Safran SA | | | 40,762 | | | | 1,371,634 | |
Sanofi | | | 277,777 | | | | 20,626,527 | |
Schneider Electric SA | | | 119,309 | | | | 8,141,176 | |
SCOR SE | | | 41,449 | | | | 1,101,441 | |
SES SA Class A FDR | | | 73,280 | | | | 1,774,772 | |
Societe BIC SA | | | 7,099 | | | | 716,688 | |
Societe Generale | | | 160,758 | | | | 5,214,863 | |
Societe Television Francaise 1 | | | 28,396 | | | | 340,728 | |
Sodexo | | | 23,129 | | | | 1,787,384 | |
STMicroelectronics NV | | | 155,949 | | | | 1,168,441 | |
Suez Environnement SA | | | 68,242 | | | | 1,003,247 | |
Technip SA | | | 24,045 | | | | 2,635,277 | |
Thales SA | | | 24,274 | | | | 879,810 | |
Total SA | | | 516,624 | | | | 29,018,773 | |
Unibail-Rodamco SE | | | 22,442 | | | | 4,352,995 | |
Vallourec SA | | | 27,709 | | | | 1,958,955 | |
Veolia Environnement | | | 87,478 | | | | 1,074,822 | |
Vinci SA | | | 109,920 | | | | 5,747,056 | |
Vivendi SA | | | 304,341 | | | | 6,562,723 | |
Wendel | | | 8,015 | | | | 678,038 | |
| | | | | | | | |
| | | | | | | 237,250,365 | |
GERMANY — 28.12% | | | | | |
Adidas AG | | | 50,838 | | | | 4,010,992 | |
Allianz SE Registered | | | 110,836 | | | | 13,496,588 | |
Axel Springer AG | | | 9,618 | | | | 460,667 | |
BASF SE | | | 223,733 | | | | 19,723,049 | |
Bayer AG Registered | | | 201,749 | | | | 14,978,315 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Bayerische Motoren Werke AG | | | 80,837 | | | $ | 7,507,856 | |
Beiersdorf AG | | | 24,732 | | | | 1,555,278 | |
Brenntag AG | | | 10,992 | | | | 1,286,599 | |
Celesio AG | | | 20,381 | | | | 378,965 | |
Commerzbank AGa,c | | | 876,048 | | | | 2,210,183 | |
Continental AGa | | | 19,694 | | | | 1,800,130 | |
Daimler AG Registered | | | 220,756 | | | | 13,405,380 | |
Deutsche Bank AG Registered | | | 226,710 | | | | 10,631,125 | |
Deutsche Boerse AG | | | 47,632 | | | | 3,171,210 | |
Deutsche Lufthansa AG Registered | | | 56,105 | | | | 782,038 | |
Deutsche Post AG Registered | | | 207,245 | | | | 3,655,298 | |
Deutsche Telekom AG Registered | | | 685,626 | | | | 8,034,336 | |
E.ON AG | | | 439,451 | | | | 10,149,289 | |
Fraport AG | | | 8,931 | | | | 551,533 | |
Fresenius Medical Care AG & Co. KGaA | | | 50,838 | | | | 3,575,754 | |
Fresenius SE & Co. KGaA | | | 27,709 | | | | 2,876,346 | |
GEA Group AG | | | 42,823 | | | | 1,452,730 | |
Hannover Rueckversicherung AG Registered | | | 14,885 | | | | 829,619 | |
HeidelbergCement AG | | | 34,350 | | | | 1,856,839 | |
Henkel AG & Co. KGaA | | | 31,831 | | | | 1,744,303 | |
Hochtief AG | | | 10,305 | | | | 722,472 | |
Infineon Technologies AGa | | | 266,098 | | | | 2,702,086 | |
K+S AG | | | 41,678 | | | | 2,089,330 | |
Kabel Deutschland Holding AGa | | | 21,984 | | | | 1,325,418 | |
LANXESS AG | | | 20,381 | | | | 1,529,491 | |
Linde AG | | | 41,678 | | | | 6,957,930 | |
MAN SE | | | 15,572 | | | | 1,801,852 | |
Merck KGaA | | | 15,801 | | | | 1,640,442 | |
METRO AG | | | 31,831 | | | | 1,265,487 | |
Muenchener Rueckversicherungs-Gesellschaft AG Registered | | | 43,281 | | | | 6,336,824 | |
QIAGEN NVa | | | 57,021 | | | | 877,566 | |
RWE AG | | | 119,246 | | | | 5,455,424 | |
Salzgitter AG | | | 9,618 | | | | 591,064 | |
SAP AG | | | 224,191 | | | | 15,189,946 | |
Siemens AG Registered | | | 200,375 | | | | 20,065,591 | |
Suedzucker AG | | | 16,259 | | | | 472,946 | |
ThyssenKrupp AG | | | 93,661 | | | | 2,537,755 | |
United Internet AG Registered | | | 25,190 | | | | 488,264 | |
Volkswagen AG | | | 7,328 | | | | 1,246,899 | |
Wacker Chemie AGc | | | 3,664 | | | | 363,189 | |
| | | | | | | | |
| | | | | | | 203,784,398 | |
| | |
| 26 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
GREECE — 0.31% | | | | | |
Coca-Cola Hellenic Bottling Co. SAa | | | 45,342 | | | $ | 855,221 | |
Hellenic Telecommunications Organization SAc | | | 53,966 | | | | 171,813 | |
National Bank of Greece SAa | | | 235,470 | | | | 740,222 | |
OPAP SA | | | 54,990 | | | | 492,853 | |
| | | | | | | | |
| | | | | | | 2,260,109 | |
IRELAND — 0.97% | | | | | |
CRH PLC | | | 174,727 | | | | 3,749,065 | |
Elan Corp. PLCa | | | 122,061 | | | | 1,529,943 | |
Irish Bank Resolution Corp. Ltd.a,b | | | 446,666 | | | | 60 | |
Kerry Group PLC Class A | | | 34,350 | | | | 1,470,399 | |
Ryanair Holdings PLCa | | | 43,520 | | | | 239,271 | |
Ryanair Holdings PLC SP ADRa | | | 916 | | | | 30,704 | |
| | | | | | | | |
| | | | | | | 7,019,442 | |
ITALY — 8.37% | | | | | |
A2A SpA | | | 265,182 | | | | 268,001 | |
Assicurazioni Generali SpA | | | 284,876 | | | | 4,607,239 | |
Atlantia SpA | | | 76,257 | | | | 1,282,253 | |
Autogrill SpA | | | 27,480 | | | | 280,111 | |
Banca Carige SpAc | | | 160,529 | | | | 247,380 | |
Banca Monte dei Paschi di Siena SpA | | | 1,168,816 | | | | 626,973 | |
Banco Popolare SpAc | | | 431,665 | | | | 796,865 | |
Enel Green Power SpA | | | 428,459 | | | | 847,115 | |
Enel SpA | | | 1,606,206 | | | | 6,471,647 | |
Eni SpA | | | 586,698 | | | | 13,585,332 | |
Exor SpA | | | 15,572 | | | | 393,075 | |
Fiat Industrial SpAa | | | 187,093 | | | | 2,002,194 | |
Fiat SpA | | | 187,093 | | | | 1,086,691 | |
Finmeccanica SpA | | | 99,157 | | | | 503,775 | |
Intesa Sanpaolo SpA | | | 2,458,773 | | | | 4,805,375 | |
Intesa Sanpaolo SpA RNC | | | 231,061 | | | | 371,217 | |
Luxottica Group SpA | | | 28,625 | | | | 1,038,087 | |
Mediaset SpA | | | 173,582 | | | | 516,414 | |
Mediobanca SpA | | | 126,408 | | | | 826,879 | |
Pirelli & C. SpA | | | 57,708 | | | | 603,673 | |
Prysmian SpA | | | 49,922 | | | | 865,477 | |
Saipem SpA | | | 64,120 | | | | 3,256,812 | |
Snam SpA | | | 393,422 | | | | 1,912,503 | |
Telecom Italia SpA | | | 2,285,649 | | | | 2,644,748 | |
Telecom Italia SpA RNC | | | 1,475,447 | | | | 1,402,317 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tenaris SA | | | 115,416 | | | $ | 2,254,122 | |
Terna SpA | | | 294,494 | | | | 1,114,075 | |
UniCredit SpA | | | 984,242 | | | | 5,142,718 | |
Unione di Banche Italiane ScpA | | | 194,430 | | | | 904,589 | |
| | | | | | | | |
| | | | | | | 60,657,657 | |
NETHERLANDS — 8.56% | | | | | |
AEGON NVa | | | 420,673 | | | | 2,211,545 | |
Akzo Nobel NV | | | 56,792 | | | | 3,234,450 | |
ASML Holding NV | | | 105,340 | | | | 4,861,508 | |
Corio NV | | | 14,427 | | | | 696,115 | |
Delta Lloyd NV | | | 24,274 | | | | 452,163 | |
Fugro NV CVA | | | 16,717 | | | | 1,232,611 | |
Heineken Holding NV | | | 28,167 | | | | 1,262,246 | |
Heineken NV | | | 62,975 | | | | 3,338,496 | |
ING Groep NV CVAa | | | 933,862 | | | | 8,317,352 | |
Koninklijke Ahold NV | | | 283,731 | | | | 3,939,696 | |
Koninklijke DSM NV | | | 37,785 | | | | 2,110,253 | |
Koninklijke KPN NV | | | 361,133 | | | | 3,929,916 | |
Koninklijke Philips Electronics NV | | | 246,175 | | | | 5,188,251 | |
Randstad Holding NV | | | 29,083 | | | | 1,104,883 | |
Reed Elsevier NV | | | 168,315 | | | | 2,085,610 | |
Royal Boskalis Westminster NV CVA | | | 17,175 | | | | 660,531 | |
Royal Vopak NV | | | 17,175 | | | | 962,652 | |
SBM Offshore NV | | | 41,220 | | | | 751,006 | |
TNT Express NV | | | 87,432 | | | | 1,093,672 | |
Unilever NV CVA | | | 397,544 | | | | 13,257,635 | |
Wolters Kluwer NV | | | 73,051 | | | | 1,365,641 | |
| | | | | | | | |
| | | | | | | 62,056,232 | |
PORTUGAL — 0.72% | | | | | |
Banco Espirito Santo SA Registeredc | | | 172,437 | | | | 382,680 | |
CIMPOR-Cimentos de Portugal SGPS SA | | | 50,151 | | | | 341,405 | |
EDP Renovaveis SAa | | | 52,212 | | | | 273,090 | |
Energias de Portugal SA | | | 467,160 | | | | 1,368,574 | |
Galp Energia SGPS SA Class B | | | 56,563 | | | | 990,446 | |
Jeronimo Martins SGPS SAa | | | 53,815 | | | | 997,758 | |
Portugal Telecom SGPS SA Registered | | | 164,651 | | | | 854,804 | |
| | | | | | | | |
| | | | | | | 5,208,757 | |
SPAIN — 10.77% | | | | | |
Abertis Infraestructuras SA | | | 94,666 | | | | 1,624,090 | |
Acciona SA | | | 6,183 | | | | 488,402 | |
Acerinox SA | | | 24,313 | | | | 348,489 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 27 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Actividades de Construcciones y Servicios SA | | | 34,579 | | | $ | 1,033,135 | |
Amadeus IT Holding SA Class A | | | 76,715 | | | | 1,467,489 | |
Banco Bilbao Vizcaya Argentaria SA | | | 1,132,405 | | | | 10,193,208 | |
Banco de Sabadell SAc | | | 358,843 | | | | 1,166,459 | |
Banco Popular Espanol SAc | | | 244,801 | | | | 1,008,936 | |
Banco Santander SA | | | 2,088,022 | | | | 17,392,921 | |
Bankia SAa | | | 212,970 | | | | 864,926 | |
Bankinter SAc | | | 51,951 | | | | 322,456 | |
CaixaBank | | | 188,840 | | | | 894,496 | |
Distribuidora Internacional de Alimentacion SAa | | | 141,293 | | | | 693,658 | |
Enagas SA | | | 43,739 | | | | 900,756 | |
Ferrovial SA | | | 89,768 | | | | 1,140,785 | |
Fomento de Construcciones y
Contratas SAc | | | 12,245 | | | | 311,550 | |
Gas Natural SDG SA | | | 84,959 | | | | 1,443,350 | |
Grifols SAa,c | | | 33,434 | | | | 697,705 | |
Iberdrola SA | | | 932,456 | | | | 5,540,711 | |
Indra Sistemas SAc | | | 24,045 | | | | 306,983 | |
Industria de Diseno Textil SA | | | 53,128 | | | | 4,925,813 | |
International Consolidated Airlines Group SAa | | | 227,131 | | | | 597,943 | |
Mapfre SA | | | 184,401 | | | | 636,663 | |
Red Electrica Corporacion SA | | | 26,564 | | | | 1,346,586 | |
Repsol YPF SA | | | 193,734 | | | | 5,071,720 | |
Telefonica SA | | | 1,002,791 | | | | 17,183,758 | |
Zardoya Otis SA | | | 35,679 | | | | 483,005 | |
| | | | | | | | |
| | | | | | | 78,085,993 | |
| | | | | | | | |
TOTAL COMMON STOCKS
| | | | | |
(Cost: $1,082,201,167) | | | | | | | 710,482,159 | |
| |
PREFERRED STOCKS — 1.87% | | | | | |
GERMANY — 1.87% | | | | | |
Bayerische Motoren Werke AG | | | 12,824 | | | | 763,554 | |
Henkel AG & Co. KGaA | | | 43,281 | | | | 2,828,267 | |
Porsche Automobil Holding SE | | | 37,556 | | | | 2,454,911 | |
ProSiebenSat.1 Media AG | | | 19,236 | | | | 501,903 | |
RWE AG NVS | | | 9,618 | | | | 405,922 | |
Volkswagen AG | | | 35,266 | | | | 6,621,055 | |
| | | | | | | | |
| | | | | | | 13,575,612 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $14,469,541) | | | | 13,575,612 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.86% | |
| | |
MONEY MARKET FUNDS — 0.86% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%d,e,f | | | 5,684,528 | | | $ | 5,684,528 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%d,e,f | | | 420,411 | | | | 420,411 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%d,e | | | 94,903 | | | | 94,903 | |
| | | | | | | | |
| | | | | | | 6,199,842 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $6,199,842) | | | | 6,199,842 | |
| | | | | | | | |
|
TOTAL INVESTMENTS
IN SECURITIES — 100.75% | |
(Cost: $1,102,870,550) | | | | 730,257,613 | |
Other Assets, Less Liabilities — (0.75)% | | | | (5,412,666 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 724,844,947 | |
| | | | | | | | |
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.
| | |
| 28 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI FRANCE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.92% | |
|
ADVERTISING — 1.00% | |
JCDecaux SAa | | | 18,544 | | | $ | 516,715 | |
Publicis Groupe SA | | | 40,077 | | | | 2,201,535 | |
| | | | | | | | |
| | | | | | | 2,718,250 | |
AEROSPACE & DEFENSE — 2.48% | | | | | |
European Aeronautic Defence and Space Co. NV | | | 113,765 | | | | 4,149,280 | |
Safran SA | | | 46,055 | | | | 1,549,743 | |
Thales SA | | | 27,755 | | | | 1,005,979 | |
| | | | | | | | |
| | | | | | | 6,705,002 | |
APPAREL — 0.87% | | | | | | | | |
Christian Dior SA | | | 15,067 | | | | 2,347,064 | |
| | | | | | | | |
| | | | | | | 2,347,064 | |
AUTO MANUFACTURERS — 1.36% | | | | | |
PSA Peugeot Citroen SA | | | 42,822 | | | | 861,822 | |
Renault SA | | | 53,131 | | | | 2,824,454 | |
| | | | | | | | |
| | | | | | | 3,686,276 | |
AUTO PARTS & EQUIPMENT — 1.28% | | | | | |
Compagnie Generale des Etablissements Michelin Class B | | | 49,959 | | | | 3,459,128 | |
| | | | | | | | |
| | | | | | | 3,459,128 | |
BANKS — 8.07% | | | | | | | | |
BNP Paribas SA | | | 268,217 | | | | 13,144,410 | |
Credit Agricole SA | | | 279,685 | | | | 1,798,464 | |
Natixis | | | 258,152 | | | | 936,880 | |
Societe Generale | | | 183,122 | | | | 5,940,334 | |
| | | | | | | | |
| | | | | | | 21,820,088 | |
BEVERAGES — 2.12% | | | | | | | | |
Pernod Ricard SA | | | 55,083 | | | | 5,722,339 | |
| | | | | | | | |
| | | | | | | 5,722,339 | |
BUILDING MATERIALS — 3.14% | | | | | |
Compagnie de Saint-Gobain | | | 111,447 | | | | 5,313,304 | |
Imerys SA | | | 9,455 | | | | 573,837 | |
Lafarge SA | | | 55,815 | | | | 2,606,510 | |
| | | | | | | | |
| | | | | | | 8,493,651 | |
CHEMICALS — 4.32% | | | | | | | | |
Arkema SA | | | 15,433 | | | | 1,419,944 | |
L’Air Liquide SA | | | 78,751 | | | | 10,274,315 | |
| | | | | | | | |
| | | | | | | 11,694,259 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMERCIAL SERVICES — 1.65% | | | | | |
Bureau Veritas SA | | | 15,189 | | | $ | 1,259,939 | |
Edenred SA | | | 44,042 | | | | 1,180,067 | |
Sodexo | | | 26,108 | | | | 2,017,597 | |
| | | | | | | | |
| | | | | | | 4,457,603 | |
COMPUTERS — 0.95% | | | | | | | | |
AtoS | | | 13,664 | | | | 780,850 | |
Cap Gemini SA | | | 40,748 | | | | 1,802,599 | |
| | | | | | | | |
| | | | | | | 2,583,449 | |
COSMETICS & PERSONAL CARE — 2.82% | |
L’Oreal SA | | | 66,673 | | | | 7,635,423 | |
| | | | | | | | |
| | | | | | | 7,635,423 | |
ELECTRIC — 3.92% | | | | | | | | |
Electricite de France | | | 66,368 | | | | 1,661,526 | |
GDF Suez | | | 343,674 | | | | 8,950,993 | |
| | | | | | | | |
| | | | | | | 10,612,519 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 4.27% | |
Legrand SA | | | 62,342 | | | | 2,272,510 | |
Schneider Electric SA | | | 135,908 | | | | 9,273,826 | |
| | | | | | | | |
| | | | | | | 11,546,336 | |
ENGINEERING & CONSTRUCTION — 3.49% | |
Aeroports de Paris | | | 9,638 | | | | 764,540 | |
Bouygues SA | | | 52,338 | | | | 1,671,899 | |
Eiffage SA | | | 11,285 | | | | 450,916 | |
Vinci SA | | | 125,233 | | | | 6,547,680 | |
| | | | | | | | |
| | | | | | | 9,435,035 | |
FOOD — 6.12% | | | | | | | | |
Carrefour SA | | | 160,186 | | | | 4,032,763 | |
Casino Guichard-Perrachon SA | | | 15,433 | | | | 1,509,542 | |
Danone SA | | | 162,077 | | | | 11,009,629 | |
| | | | | | | | |
| | | | | | | 16,551,934 | |
HEALTH CARE — PRODUCTS — 1.65% | | | | | | | | |
Essilor International SA | | | 55,754 | | | | 4,457,027 | |
| | | | | | | | |
| | | | | | | 4,457,027 | |
HOLDING COMPANIES — DIVERSIFIED — 4.84% | |
Eurazeo | | | 8,543 | | | | 406,264 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 70,577 | | | | 11,924,087 | |
Wendel | | | 9,150 | | | | 774,055 | |
| | | | | | | | |
| | | | | | | 13,104,406 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 29 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRANCE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOUSEHOLD PRODUCTS & WARES — 0.30% | |
Societe BIC SA | | | 8,052 | | | $ | 812,899 | |
| | | | | | | | |
| | | | | | | 812,899 | |
INSURANCE — 3.59% | | | | | | | | |
AXA | | | 483,059 | | | | 7,822,104 | |
CNP Assurances SA | | | 41,419 | | | | 599,495 | |
SCOR SE | | | 48,068 | | | | 1,277,330 | |
| | | | | | | | |
| | | | | | | 9,698,929 | |
INTERNET — 0.26% | | | | | | | | |
Iliad SA | | | 5,307 | | | | 706,723 | |
| | | | | | | | |
| | | | | | | 706,723 | |
IRON & STEEL — 1.86% | | | | | | | | |
ArcelorMittal | | | 238,266 | | | | 5,043,876 | |
| | | | | | | | |
| | | | | | | 5,043,876 | |
LODGING — 0.54% | | | | | | | | |
Accor SA | | | 41,419 | | | | 1,462,723 | |
| | | | | | | | |
| | | | | | | 1,462,723 | |
MACHINERY — 0.91% | | | | | | | | |
ALSTOM | | | 56,852 | | | | 2,459,486 | |
| | | | | | | | |
| | | | | | | 2,459,486 | |
MEDIA — 0.51% | | | | | | | | |
Lagardere SCA | | | 32,879 | | | | 988,720 | |
Societe Television Francaise 1 | | | 32,696 | | | | 392,325 | |
| | | | | | | | |
| | | | | | | 1,381,045 | |
METAL FABRICATE & HARDWARE — 0.82% | | | | | |
Vallourec SA | | | 31,415 | | | | 2,220,960 | |
| | | | | | | | |
| | | | | | | 2,220,960 | |
OFFICE & BUSINESS EQUIPMENT — 0.24% | |
Neopost SA | | | 9,333 | | | | 641,217 | |
| | | | | | | | |
| | | | | | | 641,217 | |
OIL & GAS — 12.25% | | | | | | | | |
Total SA | | | 589,748 | | | | 33,126,148 | |
| | | | | | | | |
| | | | | | | 33,126,148 | |
OIL & GAS SERVICES — 1.57% | | | | | | | | |
Compagnie Generale de
Geophysique-Veritasa | | | 40,138 | | | | 1,245,131 | |
Technip SA | | | 27,511 | | | | 3,015,143 | |
| | | | | | | | |
| | | | | | | 4,260,274 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PHARMACEUTICALS — 8.69% | | | | | |
Sanofi | | | 316,651 | | | $ | 23,513,143 | |
| | | | | | | | |
| | | | | | | 23,513,143 | |
REAL ESTATE INVESTMENT TRUSTS — 2.80% | |
Fonciere des Regions | | | 7,808 | | | | 568,404 | |
Gecina SA | | | 6,100 | | | | 588,171 | |
Icade | | | 6,527 | | | | 542,991 | |
Klepierre | | | 29,036 | | | | 925,980 | |
Unibail-Rodamco SE | | | 25,498 | | | | 4,945,756 | |
| | | | | | | | |
| | | | | | | 7,571,302 | |
RETAIL — 1.33% | | | | | | | | |
PPR SA | | | 21,106 | | �� | | 3,602,593 | |
| | | | | | | | |
| | | | | | | 3,602,593 | |
SEMICONDUCTORS — 0.49% | | | | | |
STMicroelectronics NV | | | 178,364 | | | | 1,336,384 | |
| | | | | | | | |
| | | | | | | 1,336,384 | |
SOFTWARE — 0.51% | | | | | | | | |
Dassault Systemes SA | | | 16,592 | | | | 1,383,199 | |
| | | | | | | | |
| | | | | | | 1,383,199 | |
TELECOMMUNICATIONS — 7.53% | | | | | |
Alcatel-Lucenta,b | | | 649,040 | | | | 1,633,991 | |
Eutelsat Communications | | | 36,661 | | | | 1,372,669 | |
France Telecom SA | | | 514,474 | | | | 7,883,465 | |
SES SA Class A FDR | | | 82,960 | | | | 2,009,212 | |
Vivendi SA | | | 346,053 | | | | 7,462,189 | |
| | | | | | | | |
| | | | | | | 20,361,526 | |
TRANSPORTATION — 0.48% | | | | | |
Groupe Eurotunnel SA | | | 148,901 | | | | 1,297,091 | |
| | | | | | | | |
| | | | | | | 1,297,091 | |
WATER — 0.89% | | | | | | | | |
Suez Environnement SA | | | 78,080 | | | | 1,147,879 | |
Veolia Environnement | | | 101,809 | | | | 1,250,904 | |
| | | | | | | | |
| | | | | | | 2,398,783 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $395,648,038) | | | | | | | 270,308,090 | |
| | |
| 30 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRANCE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.65% | |
| | |
MONEY MARKET FUNDS — 0.65% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 1,631,730 | | | $ | 1,631,730 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 120,678 | | | | 120,678 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 8,441 | | | | 8,441 | |
| | | | | | | | |
| | | | | | | 1,760,849 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,760,849) | | | | | | | 1,760,849 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.57%
(Cost: $397,408,887) | | | | 272,068,939 | |
Other Assets, Less Liabilities — (0.57)% | | | | (1,546,029 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 270,522,910 | |
| | | | | | | | |
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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 31 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI GERMANY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 93.51% | | | | | |
| | |
AIRLINES — 0.36% | | | | | | | | |
Deutsche Lufthansa AG Registered | | | 803,530 | | | $ | 11,200,268 | |
| | | | | | | | |
| | | | | | | 11,200,268 | |
APPAREL — 1.85% | | | | | | | | |
Adidas AG | | | 735,735 | | | | 58,047,668 | |
| | | | | | | | |
| | | | | | | 58,047,668 | |
AUTO MANUFACTURERS — 10.16% | | | | | | | | |
Bayerische Motoren Werke AG | | | 1,164,345 | | | | 108,140,267 | |
Daimler AG Registered | | | 3,186,365 | | | | 193,491,609 | |
Volkswagen AG | | | 103,740 | | | | 17,651,920 | |
| | | | | | | | |
| | | | | | | 319,283,796 | |
AUTO PARTS & EQUIPMENT — 0.82% | | | | | |
Continental AGa | | | 281,190 | | | | 25,702,175 | |
| | | | | | | | |
| | | | | | | 25,702,175 | |
BANKS — 5.89% | | | | | | | | |
Commerzbank AGa,b | | | 12,581,660 | | | | 31,742,288 | |
Deutsche Bank AG Registered | | | 3,267,810 | | | | 153,237,607 | |
| | | | | | | | |
| | | | | | | 184,979,895 | |
BUILDING MATERIALS — 0.85% | | | | | |
HeidelbergCement AG | | | 494,130 | | | | 26,710,909 | |
| | | | | | | | |
| | | | | | | 26,710,909 | |
CHEMICALS — 21.56% | | | | | | | | |
BASF SE | | | 3,229,135 | | | | 284,662,467 | |
Bayer AG Registered | | | 2,907,450 | | | | 215,855,854 | |
Brenntag AG | | | 162,890 | | | | 19,066,065 | |
K+S AG | | | 605,605 | | | | 30,359,155 | |
LANXESS AG | | | 292,110 | | | | 21,921,379 | |
Linde AG | | | 600,600 | | | | 100,267,112 | |
Wacker Chemie AGb | | | 55,055 | | | | 5,457,246 | |
| | | | | | | | |
| | | | | | | 677,589,278 | |
COSMETICS & PERSONAL CARE — 0.71% | |
Beiersdorf AG | | | 354,445 | | | | 22,289,365 | |
| | | | | | | | |
| | | | | | | 22,289,365 | |
DIVERSIFIED FINANCIAL SERVICES — 1.45% | |
Deutsche Boerse AG | | | 685,685 | | | | 45,651,062 | |
| | | | | | | | |
| | | | | | | 45,651,062 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ELECTRIC — 7.15% | | | | | | | | |
E.ON AG | | | 6,331,780 | | | $ | 146,234,886 | |
RWE AG | | | 1,718,990 | | | | 78,642,634 | |
| | | | | | | | |
| | | | | | | 224,877,520 | |
ENGINEERING & CONSTRUCTION — 0.58% | |
Fraport AG | | | 128,310 | | | | 7,923,771 | |
Hochtief AG | | | 149,240 | | | | 10,463,043 | |
| | | | | | | | |
| | | | | | | 18,386,814 | |
FOOD — 0.79% | | | | | | | | |
METRO AG | | | 455,910 | | | | 18,125,355 | |
Suedzucker AG | | | 233,870 | | | | 6,802,875 | |
| | | | | | | | |
| | | | | | | 24,928,230 | |
HEALTH CARE — PRODUCTS — 1.72% | | | | | |
Fresenius SE & Co. KGaA | | | 399,945 | | | | 41,516,486 | |
QIAGEN NVa,b | | | 816,725 | | | | 12,569,588 | |
| | | | | | | | |
| | | | | | | 54,086,074 | |
HEALTH CARE — SERVICES — 1.65% | | | | | | | | |
Fresenius Medical
Care AG & Co. KGaA | | | 735,280 | | | | 51,716,834 | |
| | | | | | | | |
| | | | | | | 51,716,834 | |
HOLDING COMPANIES — DIVERSIFIED — 0.66% | | | | | |
GEA Group AG | | | 614,250 | | | | 20,837,855 | |
| | | | | | | | |
| | | | | | | 20,837,855 | |
HOUSEHOLD PRODUCTS & WARES — 0.80% | |
Henkel AG & Co. KGaA | | | 456,820 | | | | 25,033,217 | |
| | | | | | | | |
| | | | | | | 25,033,217 | |
INSURANCE — 9.50% | | | | | | | | |
Allianz SE Registered | | | 1,597,960 | | | | 194,584,857 | |
Hannover Rueckversicherung
AG Registered | | | 212,030 | | | | 11,817,546 | |
Muenchener Rueckversicherungs-Gesellschaft AG Registered | | | 630,630 | | | | 92,331,307 | |
| | | | | | | | |
| | | | | | | 298,733,710 | |
INTERNET — 0.23% | | | | | | | | |
United Internet AG Registered | | | 378,105 | | | | 7,328,910 | |
| | | | | | | | |
| | | | | | | 7,328,910 | |
IRON & STEEL — 1.44% | | | | | | | | |
Salzgitter AG | | | 137,410 | | | | 8,444,383 | |
ThyssenKrupp AG | | | 1,356,355 | | | | 36,750,581 | |
| | | | | | | | |
| | | | | | | 45,194,964 | |
| | |
| 32 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GERMANY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MACHINERY — 0.82% | | | | | | | | |
MAN SE | | | 222,950 | | | $ | 25,797,770 | |
| | | | | | | | |
| | | | | | | 25,797,770 | |
MANUFACTURING — 9.22% | | | | | |
Siemens AG Registered | | | 2,892,890 | | | | 289,694,557 | |
| | | | | | | | |
| | | | | | | 289,694,557 | |
MEDIA — 0.82% | | | | | | | | |
Axel Springer AG | | | 139,230 | | | | 6,668,607 | |
Kabel Deutschland Holding AGa | | | 316,680 | | | | 19,092,675 | |
| | | | | | | | |
| | | | | | | 25,761,282 | |
PHARMACEUTICALS — 0.93% | | | | | |
Celesio AG | | | 299,845 | | | | 5,575,325 | |
Merck KGaA | | | 227,045 | | | | 23,571,554 | |
| | | | | | | | |
| | | | | | | 29,146,879 | |
SEMICONDUCTORS — 1.23% | | | | | |
Infineon Technologies AGa | | | 3,821,090 | | | | 38,801,173 | |
| | | | | | | | |
| | | | | | | 38,801,173 | |
SOFTWARE — 6.97% | | | | | |
SAP AG | | | 3,235,505 | | | | 219,219,972 | |
| | | | | | | | |
| | | | | | | 219,219,972 | |
TELECOMMUNICATIONS — 3.68% | | | | | |
Deutsche Telekom AG Registered | | | 9,877,140 | | | | 115,742,780 | |
| | | | | | | | |
| | | | | | | 115,742,780 | |
TRANSPORTATION — 1.67% | | | | | |
Deutsche Post AG Registered | | | 2,976,155 | | | | 52,492,139 | |
| | | | | | | | |
| | | | | | | 52,492,139 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $3,295,662,134) | | | | 2,939,235,096 | |
| |
PREFERRED STOCKS — 6.22% | | | | | |
| | |
AUTO MANUFACTURERS — 4.51% | | | | | | | | |
Bayerische Motoren Werke AG | | | 182,910 | | | | 10,890,646 | |
Porsche Automobil Holding SE | | | 538,265 | | | | 35,184,602 | |
Volkswagen AG | | | 508,690 | | | | 95,504,582 | |
| | | | | | | | |
| | | | | | | 141,579,830 | |
ELECTRIC — 0.19% | | | | | | | | |
RWE AG NVS | | | 139,230 | | | | 5,876,122 | |
| | | | | | | | |
| | | | | | | 5,876,122 | |
HOUSEHOLD PRODUCTS & WARES — 1.30% | |
Henkel AG & Co. KGaA | | | 626,535 | | | | 40,941,947 | |
| | | | | | | | |
| | | | | | | 40,941,947 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MEDIA — 0.22% | | | | | | | | |
ProSiebenSat.1 Media AG | | | 269,360 | | | $ | 7,028,095 | |
| | | | | | | | |
| | | | | | | 7,028,095 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost: $185,784,595) | | | | | | | 195,425,994 | |
|
SHORT-TERM INVESTMENTS — 0.63% | |
| | |
MONEY MARKET FUNDS — 0.63% | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 17,182,132 | | | | 17,182,132 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | |
0.23%c,d,e | | | 1,270,739 | | | | 1,270,739 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 1,275,036 | | | | 1,275,036 | |
| | | | | | | | |
| | | | | | | 19,727,907 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost: $19,727,907) | | | | | | | 19,727,907 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES —100.36%
(Cost: $3,501,174,636) | | | | 3,154,388,997 | |
Other Assets, Less Liabilities — (0.36)% | | | | (11,303,321 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 3,143,085,676 | |
| | | | | | | | |
NVS — Non-Voting Shares
| 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 | | | 33 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI ITALY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.86% | |
| |
AEROSPACE & DEFENSE — 1.03% | | | | | |
Finmeccanica SpA | | | 298,424 | | | $ | 1,516,168 | |
| | | | | | | | |
| | | | | | | 1,516,168 | |
AUTO MANUFACTURERS — 5.38% | | | | | |
Fiat Industrial SpAa | | | 475,157 | | | | 5,084,938 | |
Fiat SpA | | | 485,304 | | | | 2,818,787 | |
| | | | | | | | |
| | | | | | | 7,903,725 | |
AUTO PARTS & EQUIPMENT — 1.14% | | | | | |
Pirelli & C. SpA | | | 160,381 | | | | 1,677,715 | |
| | | | | | | | |
| | | | | | | 1,677,715 | |
BANKS — 23.63% | | | | | |
Banca Carige SpAb | | | 642,181 | | | | 989,620 | |
Banca Monte dei Paschi di Siena SpA | | | 4,030,768 | | | | 2,162,175 | |
Banco Popolare SpA | | | 1,262,170 | | | | 2,329,998 | |
Intesa Sanpaolo SpA | | | 5,915,482 | | | | 11,561,094 | |
Intesa Sanpaolo SpA RNC | | | 489,684 | | | | 786,715 | |
Mediobanca SpA | | | 391,937 | | | | 2,563,797 | |
UniCredit SpA | | | 2,244,112 | | | | 11,725,608 | |
Unione di Banche Italiane ScpA | | | 563,706 | | | | 2,622,653 | |
| | | | | | | | |
| | | | | | | 34,741,660 | |
COMMERCIAL SERVICES — 2.58% | | | | | |
Atlantia SpA | | | 225,497 | | | | 3,791,706 | |
| | | | | | | | |
| | | | | | | 3,791,706 | |
ELECTRIC — 13.69% | | | | | |
A2A SpA | | | 1,315,241 | | | | 1,329,224 | |
Enel SpA | | | 3,774,903 | | | | 15,209,655 | |
Terna SpA | | | 946,372 | | | | 3,580,139 | |
| | | | | | | | |
| | | | | | | 20,119,018 | |
ELECTRICAL COMPONENTS &
EQUIPMENT — 1.64% | |
Prysmian SpA | | | 138,773 | | | | 2,405,850 | |
| | | | | | | | |
| | | | | | | 2,405,850 | |
ENERGY — ALTERNATE SOURCES — 1.77% | |
Enel Green Power SpA | | | 1,318,745 | | | | 2,607,317 | |
| | | | | | | | |
| | | | | | | 2,607,317 | |
GAS — 3.96% | | | | | |
Snam SpA | | | 1,197,930 | | | | 5,823,378 | |
| | | | | | | | |
| | | | | | | 5,823,378 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HEALTH CARE — PRODUCTS — 2.23% | |
Luxottica Group SpA | | | 90,593 | | | $ | 3,285,358 | |
| | | | | | | | |
| | | | | | | 3,285,358 | |
HOLDING COMPANIES — DIVERSIFIED — 1.13% | |
Exor SpA | | | 65,627 | | | | 1,656,582 | |
| | | | | | | | |
| | | | | | | 1,656,582 | |
INSURANCE — 4.42% | | | | | |
Assicurazioni Generali SpA | | | 401,938 | | | | 6,500,458 | |
| | | | | | | | |
| | | | | | | 6,500,458 | |
MEDIA — 1.07% | | | | | |
Mediaset SpA | | | 527,498 | | | | 1,569,330 | |
| | | | | | | | |
| | | | | | | 1,569,330 | |
METAL FABRICATE & HARDWARE — 3.95% | |
Tenaris SA | | | 297,475 | | | | 5,809,810 | |
| | | | | | | | |
| | | | | | | 5,809,810 | |
OIL & GAS — 21.99% | | | | | |
Eni SpA | | | 1,396,125 | | | | 32,328,084 | |
| | | | | | | | |
| | | | | | | 32,328,084 | |
OIL & GAS SERVICES — 4.89% | | | | | |
Saipem SpA | | | 141,401 | | | | 7,182,104 | |
| | | | | | | | |
| | | | | | | 7,182,104 | |
RETAIL — 0.75% | | | | | | | | |
Autogrill SpA | | | 108,770 | | | | 1,108,722 | |
| | | | | | | | |
| | | | | | | 1,108,722 | |
TELECOMMUNICATIONS — 4.61% | | | | | |
Telecom Italia SpA | | | 4,163,701 | | | | 4,817,861 | |
Telecom Italia SpA RNC | | | 2,053,125 | | | | 1,951,363 | |
| | | | | | | | |
| | | | | | | 6,769,224 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $200,041,366) | | | | 146,796,209 | |
|
SHORT-TERM INVESTMENTS — 0.59% | |
| | |
MONEY MARKET FUNDS — 0.59% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 775,445 | | | | 775,445 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | |
0.23%c,d,e | | | 57,350 | | | | 57,350 | |
| | |
| 34 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ITALY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 30,465 | | | $ | 30,465 | |
| | | | | | | | |
| | | | | | | 863,260 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost: $863,260) | | | | 863,260 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 100.45%
(Cost: $200,904,626) | | | | | | | 147,659,469 | |
Other Assets, Less
Liabilities — (0.45)% | | | | (663,468 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 146,996,001 | |
| | | | | | | | |
| 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 | | | 35 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.79% | |
|
BANKS — 0.13% | |
SNS REAAL NVa | | | 30,168 | | | $ | 85,554 | |
| | | | | | | | |
| | | | | | | 85,554 | |
BEVERAGES — 6.78% | | | | | | | | |
Heineken Holding NV | | | 28,728 | | | | 1,287,386 | |
Heineken NV | | | 62,280 | | | | 3,301,652 | |
| | | | | | | | |
| | | | | | | 4,589,038 | |
BUILDING MATERIALS — 0.22% | | | | | |
Wavin NVa | | | 10,872 | | | | 151,688 | |
| | | | | | | | |
| | | | | | | 151,688 | |
CHEMICALS — 7.89% | | | | | | | | |
Akzo Nobel NV | | | 56,376 | | | | 3,210,758 | |
Koninklijke DSM NV | | | 38,232 | | | | 2,135,217 | |
| | | | | | | | |
| | | | | | | 5,345,975 | |
COMMERCIAL SERVICES — 2.04% | | | | | |
Brunel International NV | | | 2,520 | | | | 101,130 | |
Randstad Holding NV | | | 29,448 | | | | 1,118,749 | |
USG People NV | | | 15,624 | | | | 159,281 | |
| | | | | | | | |
| | | | | | | 1,379,160 | |
DIVERSIFIED FINANCIAL SERVICES — 0.27% | |
BinckBank NV | | | 12,456 | | | | 139,464 | |
KAS Bank NV CVA | | | 3,744 | | | | 43,127 | |
| | | | | | | | |
| | | | | | | 182,591 | |
ELECTRICAL COMPONENTS &
EQUIPMENT — 0.37% | |
TKH Group NV | | | 10,800 | | | | 253,042 | |
| | | | | | | | |
| | | | | | | 253,042 | |
ELECTRONICS — 7.59% | | | | | | | | |
Koninklijke Philips Electronics NV | | | 244,008 | | | | 5,142,580 | |
| | | | | | | | |
| | | | | | | 5,142,580 | |
ENGINEERING & CONSTRUCTION — 2.78% | |
Arcadis NV | | | 14,184 | | | | 258,994 | |
Grontmij NV | | | 4,320 | | | | 24,462 | |
Heijmans NV | | | 3,672 | | | | 38,363 | |
Imtech NV | | | 18,936 | | | | 636,940 | |
Koninklijke BAM Groep NV | | | 51,624 | | | | 245,085 | |
Royal Boskalis Westminster NV CVA | | | 17,568 | | | | 675,645 | |
| | | | | | | | |
| | | | | | | 1,879,489 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
FOOD — 26.15% | | | | | | | | |
Amsterdam Commodities NV | | | 6,120 | | | $ | 99,469 | |
CSM NV CVA | | | 16,344 | | | | 308,929 | |
Koninklijke Ahold NV | | | 220,032 | | | | 3,055,215 | |
Koninklijke Wessanen NV | | | 22,896 | | | | 78,714 | |
Nutreco NV | | | 9,144 | | | | 688,168 | |
Sligro Food Group NV | | | 9,432 | | | | 293,160 | |
Unilever NV CVA | | | 395,424 | | | | 13,186,936 | |
| | | | | | | | |
| | | | | | | 17,710,591 | |
HOLDING COMPANIES — DIVERSIFIED — 0.52% | | | | | |
Kardan NVa | | | 9,432 | | | | 18,926 | |
Kendrion NV | | | 3,168 | | | | 85,604 | |
Tetragon Financial Group Ltd. | | | 35,280 | | | | 246,607 | |
| | | | | | | | |
| | | | | | | 351,137 | |
INSURANCE — 15.83% | | | | | | | | |
AEGON NVa | | | 405,360 | | | | 2,131,042 | |
Delta Lloyd NV | | | 23,832 | | | | 443,930 | |
ING Groep NV CVAa | | | 914,616 | | | | 8,145,939 | |
| | | | | | | | |
| | | | | | | 10,720,911 | |
LEISURE TIME — 0.13% | | | | | | | | |
Accell Group | | | 3,816 | | | | 86,524 | |
| | | | | | | | |
| | | | | | | 86,524 | |
MANUFACTURING — 1.06% | | | | | | | | |
Aalberts Industries NV | | | 23,976 | | | | 487,184 | |
Koninklijke Ten Cate NV | | | 7,128 | | | | 232,848 | |
| | | | | | | | |
| | | | | | | 720,032 | |
MEDIA — 5.27% | | | | | | | | |
Reed Elsevier NV | | | 175,608 | | | | 2,175,978 | |
Wolters Kluwer NV | | | 74,592 | | | | 1,394,449 | |
| | | | | | | | |
| | | | | | | 3,570,427 | |
METAL FABRICATE & HARDWARE — 0.14% | |
Advanced Metallurgical Group NVa | | | 7,632 | | | | 93,140 | |
| | | | | | | | |
| | | | | | | 93,140 | |
OIL & GAS SERVICES — 2.93% | | | | | |
Fugro NV CVA | | | 16,776 | | | | 1,236,962 | |
SBM Offshore NV | | | 41,040 | | | | 747,727 | |
| | | | | | | | |
| | | | | | | 1,984,689 | |
PHARMACEUTICALS — 0.36% | | | | | |
Mediq NV | | | 14,832 | | | | 241,760 | |
| | | | | | | | |
| | | | | | | 241,760 | |
| | |
| 36 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 2.66% | | | | | |
Corio NV | | | 14,544 | | | $ | 701,760 | |
Eurocommercial Properties NV | | | 10,152 | | | | 366,737 | |
Nieuwe Steen Investments NV | | | 12,518 | | | | 148,548 | |
VastNed Retail NV | | | 4,536 | | | | 203,575 | |
Wereldhave NV | | | 5,040 | | | | 378,226 | |
| | | | | | | | |
| | | | | | | 1,798,846 | |
RETAIL — 0.18% | | | | | | | | |
Beter Bed Holding NV | | | 5,256 | | | | 123,006 | |
| | | | | | | | |
| | | | | | | 123,006 | |
SEMICONDUCTORS — 5.98% | | | | | | | | |
ASM International NV | | | 16,344 | | | | 615,235 | |
ASML Holding NV | | | 70,200 | | | | 3,239,775 | |
BE Semiconductor Industries NV | | | 25,056 | | | | 196,043 | |
| | | | | | | | |
| | | | | | | 4,051,053 | |
SOFTWARE — 0.76% | | | | | | | | |
Exact Holding NV | | | 6,048 | | | | 145,061 | |
TomTom NVa,b | | | 26,688 | | | | 126,666 | |
Unit 4 NV | | | 8,424 | | | | 239,743 | |
| | | | | | | | |
| | | | | | | 511,470 | |
TELECOMMUNICATIONS — 5.87% | |
Koninklijke KPN NV | | | 365,472 | | | | 3,977,134 | |
| | | | | | | | |
| | | | | | | 3,977,134 | |
TRANSPORTATION — 3.88% | | | | | | | | |
PostNL NV | | | 84,888 | | | | 504,751 | |
Royal Vopak NV | | | 18,648 | | | | 1,045,213 | |
TNT Express NV | | | 86,196 | | | | 1,078,211 | |
| | | | | | | | |
| | | | | | | 2,628,175 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $100,706,687) | | | | | | | 67,578,012 | |
| | |
WARRANTS — 0.00% | | | | | | | | |
| |
REAL ESTATE INVESTMENT TRUSTS — 0.00% | | | | | |
Nieuwe Steen Investments NV
(Expires 4/01/13)a,c | | | 6,200 | | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | | | | | | |
TOTAL WARRANTS (Cost: $0) | | | | | | | — | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.21% | |
| |
MONEY MARKET FUNDS — 0.21% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%d,e,f | | | 131,706 | | | $ | 131,706 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%d,e,f | | | 9,740 | | | | 9,740 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%d,e | | | 1,919 | | | | 1,919 | |
| | | | | | | | |
| | | | | | | 143,365 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost: $143,365) | | | | | | | 143,365 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 100.00%
(Cost: $100,850,052) | | | | | | | 67,721,377 | |
Other Assets, Less Liabilities — 0.00% | | | | | | | (2,325 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 67,719,052 | |
| | | | | | | | |
| 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 37 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI SPAIN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.85% | |
| |
AIRLINES — 1.13% | | | | | |
International Consolidated Airlines Group SAa | | | 483,360 | | | $ | 1,272,490 | |
| | | | | | | | |
| | | | | | | 1,272,490 | |
BANKS — 40.21% | | | | | |
Banco Bilbao Vizcaya Argentaria SA | | | 1,400,544 | | | | 12,606,829 | |
Banco de Sabadell SAb | | | 801,072 | | | | 2,603,972 | |
Banco Popular Espanol SAb | | | 621,072 | | | | 2,559,719 | |
Banco Santander SA | | | 2,686,608 | | | | 22,379,056 | |
Bankia SAa | | | 376,320 | | | | 1,528,332 | |
Bankinter SAb | | | 191,184 | | | | 1,186,665 | |
CaixaBank | | | 509,328 | | | | 2,412,582 | |
| | | | | | | | |
| | | | | | | 45,277,155 | |
COMMERCIAL SERVICES — 3.07% | | | | | |
Abertis Infraestructuras SA | | | 201,216 | | | | 3,452,061 | |
| | | | | | | | |
| | | | | | | 3,452,061 | |
COMPUTERS — 0.85% | | | | | |
Indra Sistemas SAb | | | 75,312 | | | | 961,509 | |
| | | | | | | | |
| | | | | | | 961,509 | |
ELECTRIC — 7.02% | | | | | |
Iberdrola SA | | | 869,570 | | | | 5,167,039 | |
Red Electrica Corporacion SA | | | 54,048 | | | | 2,739,808 | |
| | | | | | | | |
| | | | | | | 7,906,847 | |
ENGINEERING & CONSTRUCTION — 6.67% | |
Acciona SA | | | 17,664 | | | | 1,395,300 | |
Actividades de Construcciones y Servicios SAb | | | 90,960 | | | | 2,717,659 | |
Ferrovial SA | | | 184,368 | | | | 2,342,975 | |
Fomento de Construcciones y
Contratas SA | | | 41,424 | | | | 1,053,953 | |
| | | | | | | | |
| | | | | | | 7,509,887 | |
FOOD — 1.30% | | | | | |
Distribuidora Internacional de Alimentacion SAa | | | 299,184 | | | | 1,468,801 | |
| | | | | | | | |
| | | | | | | 1,468,801 | |
GAS — 4.56% | | | | | |
Enagas SA | | | 101,616 | | | | 2,092,668 | |
Gas Natural SDG SA | | | 179,136 | | | | 3,043,303 | |
| | | | | | | | |
| | | | | | | 5,135,971 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INSURANCE — 2.22% | | | | | |
Mapfre SA | | | 725,520 | | | $ | 2,504,932 | |
| | | | | | | | |
| | | | | | | 2,504,932 | |
IRON & STEEL — 1.06% | |
Acerinox SA | | | 82,848 | | | | 1,187,498 | |
| | | | | | | | |
| | | | | | | 1,187,498 | |
MACHINERY — 1.06% | | | | | |
Zardoya Otis SAb | | | 88,368 | | | | 1,196,284 | |
| | | | | | | | |
| | | | | | | 1,196,284 | |
OIL & GAS — 4.39% | | | | | |
Repsol YPF SA | | | 188,784 | | | | 4,942,135 | |
| | | | | | | | |
| | | | | | | 4,942,135 | |
PHARMACEUTICALS — 1.14% | | | | | |
Grifols SAa,b | | | 61,248 | | | | 1,278,130 | |
Grifols SA Class Ba | | | 1 | | | | 14 | |
| | | | | | | | |
| | | | | | | 1,278,144 | |
RETAIL — 4.77% | | | | | |
Industria de Diseno Textil SA | | | 57,936 | | | | 5,371,592 | |
| | | | | | | | |
| | | | | | | 5,371,592 | |
SOFTWARE — 2.27% | | | | | |
Amadeus IT Holding SA Class A | | | 133,680 | | | | 2,557,179 | |
| | | | | | | | |
| | | | | | | 2,557,179 | |
TELECOMMUNICATIONS — 18.13% | | | | | |
Telefonica SA | | | 1,191,312 | | | | 20,414,241 | |
| | | | | | | | |
| | | | | | | 20,414,241 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $203,615,762) | | | | | | | 112,436,726 | |
|
SHORT-TERM INVESTMENTS — 6.28% | |
| |
MONEY MARKET FUNDS — 6.28% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 6,487,673 | | | | 6,487,673 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 479,809 | | | | 479,809 | |
| | |
| 38 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SPAIN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 107,530 | | | $ | 107,530 | |
| | | | | | | | |
| | | | | | | 7,075,012 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $7,075,012) | | | | | | | 7,075,012 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 106.13% | | | | | | | | |
(Cost: $210,690,774) | | | | | | | 119,511,738 | |
Other Assets, Less
Liabilities — (6.13)% | | | | (6,898,146 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 112,613,592 | |
| | | | | | | | |
| 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 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI SWEDEN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
COMMON STOCKS — 99.96% | | | | | |
| | |
AGRICULTURE — 2.38% | | | | | | | | |
Swedish Match AB | | | 223,962 | | | $ | 8,606,718 | |
| | | | | | | | |
| | | | | | | 8,606,718 | |
AUTO MANUFACTURERS — 7.82% | | | | | |
Scania AB Class B | | | 336,432 | | | | 6,784,203 | |
Volvo AB Class B | | | 1,463,088 | | | | 21,482,298 | |
| | | | | | | | |
| | | | | | | 28,266,501 | |
BANKS — 19.45% | | | | | |
Nordea Bank AB | | | 2,770,837 | | | | 26,883,739 | |
Skandinaviska Enskilda
Banken AB Class A | | | 1,482,485 | | | | 11,161,980 | |
Svenska Handelsbanken AB Class A | | | 516,058 | | | | 17,438,157 | |
Swedbank AB Class A | | | 861,618 | | | | 14,832,665 | |
| | | | | | | | |
| | | | | | | 70,316,541 | |
COMMERCIAL SERVICES — 0.88% | | | | | |
Securitas AB Class B | | | 329,097 | | | | 3,183,018 | |
| | | | | | | | |
| | | | | | | 3,183,018 | |
ENGINEERING & CONSTRUCTION — 2.14% | | | | | |
Skanska AB Class B | | | 420,540 | | | | 7,719,205 | |
| | | | | | | | |
| | | | | | | 7,719,205 | |
FOREST PRODUCTS & PAPER — 3.47% | |
Holmen AB Class B | | | 55,583 | | | | 1,624,626 | |
Svenska Cellulosa AB Class B | | | 607,338 | | | | 10,917,066 | |
| | | | | | | | |
| | | | | | | 12,541,692 | |
HAND & MACHINE TOOLS — 4.50% | | | | | |
Sandvik AB | | | 1,058,196 | | | | 16,269,540 | |
| | | | | | | | |
| | | | | | | 16,269,540 | |
HEALTH CARE — PRODUCTS — 1.67% | |
Getinge AB Class B | | | 210,433 | | | | 6,051,505 | |
| | | | | | | | |
| | | | | | | 6,051,505 | |
HOLDING COMPANIES — DIVERSIFIED — 5.58% | |
Industrivarden AB Class C | | | 123,717 | | | | 1,876,724 | |
Investment AB Kinnevik
Class B | | | 216,138 | | | | 4,956,675 | |
Investor AB Class B | | | 478,731 | | | | 10,723,889 | |
Ratos AB Class B | | | 201,468 | | | | 2,625,699 | |
| | | | | | | | |
| | | | | | | 20,182,987 | |
HOME FURNISHINGS — 1.55% | | | | | |
Electrolux AB Class B | | | 252,813 | | | | 5,586,284 | |
| | | | | | | | |
| | | | | | | 5,586,284 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOUSEHOLD PRODUCTS & WARES — 0.79% | | | | | |
Husqvarna AB Class B | | | 468,788 | | | $ | 2,838,806 | |
| | | | | | | | |
| | | | | | | 2,838,806 | |
IRON & STEEL — 0.48% | | | | | |
SSAB AB Class A | | | 164,467 | | | | 1,734,536 | |
| | | | | | | | |
| | | | | | | 1,734,536 | |
MACHINERY — 9.28% | | | | | |
Atlas Copco AB Class A | | | 707,420 | | | | 18,568,471 | |
Atlas Copco AB Class B | | | 410,923 | | | | 9,586,141 | |
Hexagon AB Class B | | | 266,342 | | | | 5,387,029 | |
| | | | | | | | |
| | | | | | | 33,541,641 | |
MANUFACTURING — 2.02% | | | | | |
Alfa Laval AB | | | 353,221 | | | | 7,300,019 | |
| | | | | | | | |
| | | | | | | 7,300,019 | |
MEDIA — 0.70% | | | | | |
Modern Times Group MTG AB Class B | | | 51,182 | | | | 2,518,742 | |
| | | | | | | | |
| | | | | | | 2,518,742 | |
METAL FABRICATE & HARDWARE — 5.69% | | | | | |
Assa Abloy AB Class B | | | 330,238 | | | | 10,094,414 | |
SKF AB Class B | | | 411,412 | | | | 10,467,209 | |
| | | | | | | | |
| | | | | | | 20,561,623 | |
MINING — 1.40% | | | | | |
Boliden AB | | | 287,369 | | | | 5,065,022 | |
| | | | | | | | |
| | | | | | | 5,065,022 | |
OIL & GAS — 1.52% | | | | | |
Lundin Petroleum ABa | | | 234,068 | | | | 5,496,008 | |
| | | | | | | | |
| | | | | | | 5,496,008 | |
RETAIL — 10.76% | | | | | |
Hennes & Mauritz AB
Class B | | | 1,075,800 | | | | 38,904,640 | |
| | | | | | | | |
| | | | | | | 38,904,640 | |
TELECOMMUNICATIONS — 17.88% | | | | | |
Millicom International Cellular SA SDR | | | 80,196 | | | | 9,043,194 | |
Tele2 AB Class B | | | 333,172 | | | | 6,824,866 | |
Telefonaktiebolaget LM Ericsson Class B | | | 3,168,557 | | | | 32,019,498 | |
TeliaSonera AB | | | 2,281,022 | | | | 16,747,683 | |
| | | | | | | | |
| | | | | | | 64,635,241 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $388,770,929) | | | | | | | 361,320,269 | |
| | |
| 40 | | 2012 iSHARES ANNUAL-REPORT REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SWEDEN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.00% | |
|
MONEY MARKET FUNDS — 0.00% | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%b,c | | | 5,952 | | | $ | 5,952 | |
| | | | | | | | |
| | | | | | | 5,952 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $5,952) | | | | | | | 5,952 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 99.96% | | | | | | | | |
(Cost: $388,776,881) | | | | | | | 361,326,221 | |
Other Assets, Less Liabilities — 0.04% | | | | | | | 143,680 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 361,469,901 | |
| | | | | | | | |
SDR — Swedish 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 41 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI SWITZERLAND INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.92% | |
| |
BANKS — 8.70% | | | | | |
Credit Suisse Group AG Registereda | | | 716,579 | | | $ | 19,337,332 | |
Julius Baer Group Ltd.a | | | 160,366 | | | | 6,310,679 | |
UBS AG Registereda | | | 1,600,517 | | | | 22,474,929 | |
| | | | | | | | |
| | | | | | | 48,122,940 | |
BUILDING MATERIALS — 3.24% | | | | | |
Geberit AG Registereda | | | 25,159 | | | | 5,423,631 | |
Holcim Ltd. Registereda | | | 172,674 | | | | 11,309,059 | |
Sika AG Bearer | | | 543 | | | | 1,187,445 | |
| | | | | | | | |
| | | | | | | 17,920,135 | |
CHEMICALS — 5.42% | | | | | |
Givaudan SA Registereda | | | 6,978 | | | | 6,618,972 | |
Lonza Group AG Registereda | | | 53,576 | | | | 2,795,813 | |
Syngenta AG Registereda | | | 62,807 | | | | 20,567,314 | |
| | | | | | | | |
| | | | | | | 29,982,099 | |
COMMERCIAL SERVICES — 2.32% | | | | | |
Adecco SA Registereda | | | 92,853 | | | | 4,673,314 | |
SGS SA Registered | | | 4,344 | | | | 8,173,481 | |
| | | | | | | | |
| | | | | | | 12,846,795 | |
DIVERSIFIED FINANCIAL SERVICES — 0.69% | |
GAM Holding AGa | | | 170,502 | | | | 2,261,752 | |
Partners Group Holding AG | | | 8,326 | | | | 1,557,341 | |
| | | | | | | | |
| | | | | | | 3,819,093 | |
ENGINEERING & CONSTRUCTION — 4.31% | |
ABB Ltd. Registereda | | | 1,160,210 | | | | 23,852,017 | |
| | | | | | | | |
| | | | | | | 23,852,017 | |
FOOD — 25.48% | | | | | |
Aryzta AGa | | | 75,839 | | | | 3,779,953 | |
Barry Callebaut AG Registereda | | | 1,086 | | | | 1,068,098 | |
Lindt & Spruengli AG
Participation Certificates | | | 819 | | | | 2,522,867 | |
Lindt & Spruengli AG Registered | | | 181 | | | | 6,612,322 | |
Nestle SA Registered | | | 2,069,373 | | | | 127,031,500 | |
| | | | | | | | |
| | | | | | | 141,014,740 | |
HAND & MACHINE TOOLS — 1.28% | | | | | |
Schindler Holding AG
Participation Certificates | | | 38,271 | | | | 4,736,878 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Schindler Holding AG Registered | | | 19,186 | | | $ | 2,342,743 | |
| | | | | | | | |
| | | | | | | 7,079,621 | |
HEALTH CARE — PRODUCTS — 2.56% | |
Sonova Holding AG Registereda | | | 33,666 | | | | 3,774,509 | |
Straumann Holding AG Registered | | | 9,425 | | | | 1,500,300 | |
Synthes Inc.b | | | 51,223 | | | | 8,904,392 | |
| | | | | | | | |
| | | | | | | 14,179,201 | |
HOLDING COMPANIES — DIVERSIFIED — 0.66% | |
Pargesa Holding SA Bearer | | | 49,232 | | | | 3,669,788 | |
| | | | | | | | |
| | | | | | | 3,669,788 | |
INSURANCE — 8.50% | | | | | |
Baloise Holding AG Registered | | | 47,784 | | | | 3,776,678 | |
Swiss Life Holding AG Registereda | | | 27,693 | | | | 3,206,283 | |
Swiss Re AGa | | | 256,567 | | | | 15,294,053 | |
Zurich Financial Services AG Registereda | | | 97,988 | | | | 24,778,450 | |
| | | | | | | | |
| | | | | | | 47,055,464 | |
MANUFACTURING — 0.35% | | | | | |
Sulzer AG Registered | | | 13,575 | | | | 1,957,476 | |
| | | | | | | | |
| | | | | | | 1,957,476 | |
OIL & GAS — 1.84% | | | | | |
Transocean Ltd. | | | 190,593 | | | | 10,201,914 | |
| | | | | | | | |
| | | | | | | 10,201,914 | |
PHARMACEUTICALS — 25.30% | | | | | |
Actelion Ltd. Registereda | | | 90,690 | | | | 3,433,908 | |
Novartis AG Registered | | | 1,225,370 | | | | 67,046,109 | |
Roche Holding AG Genusschein | | | 397,838 | | | | 69,555,958 | |
| | | | | | | | |
| | | | | | | 140,035,975 | |
RETAIL — 5.96% | | | | | |
Compagnie Financiere Richemont SA Class A Bearer | | | 331,954 | | | | 20,469,606 | |
Swatch Group AG (The) Bearer | | | 20,453 | | | | 9,313,227 | |
Swatch Group AG (The) Registered | | | 40,182 | | | | 3,207,067 | |
| | | | | | | | |
| | | | | | | 32,989,900 | |
TELECOMMUNICATIONS — 1.41% | | | | | |
Swisscom AG Registered | | | 19,548 | | | | 7,820,502 | |
| | | | | | | | |
| | | | | | | 7,820,502 | |
| | |
| 42 | | 2012 iSHARES ANNUAL-REPORT REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SWITZERLAND INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TRANSPORTATION — 0.90% | | | | | |
Kuehne & Nagel International
AG Registered | | | 37,653 | | | $ | 4,978,045 | |
| | | | | | | | |
| | | | | | | 4,978,045 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $539,544,423) | | | | 547,525,705 | |
|
SHORT-TERM INVESTMENTS — 0.03% | |
| |
MONEY MARKET FUNDS — 0.03% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | |
0.02%c,d | | | 166,618 | | | | 166,618 | |
| | | | | | | | |
| | | | | | | 166,618 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $166,618) | | | | 166,618 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 98.95% | | | | | |
(Cost: $539,711,041) | | | | | | | 547,692,323 | |
Other Assets, Less
Liabilities — 1.05% | | | | 5,789,546 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 553,481,869 | |
| | | | | | | | |
| 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 43 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.36% | |
| |
ADVERTISING — 0.67% | | | | | |
WPP PLC | | | 802,240 | | | $ | 10,297,155 | |
| | | | | | | | |
| | | | | | | 10,297,155 | |
AEROSPACE & DEFENSE — 2.03% | | | | | |
BAE Systems PLC | | | 2,077,632 | | | | 10,378,237 | |
Cobham PLC | | | 683,648 | | | | 2,046,582 | |
Meggitt PLC | | | 495,732 | | | | 3,059,927 | |
Rolls-Royce Holdings PLCa | | | 1,186,792 | | | | 15,432,137 | |
| | | | | | | | |
| | | | | | | 30,916,883 | |
AGRICULTURE — 5.85% | | | | | |
British American Tobacco PLC | | | 1,253,948 | | | | 63,639,066 | |
Imperial Tobacco Group PLC | | | 642,676 | | | | 25,573,659 | |
| | | | | | | | |
| | | | | | | 89,212,725 | |
APPAREL — 0.41% | | | | | |
Burberry Group PLC | | | 278,604 | | | | 6,284,187 | |
| | | | | | | | |
| | | | | | | 6,284,187 | |
AUTO PARTS & EQUIPMENT — 0.22% | |
GKN PLC | | | 980,564 | | | | 3,427,286 | |
| | | | | | | | |
| | | | | | | 3,427,286 | |
BANKS — 12.35% | | | | | |
Barclays PLC | | | 7,380,052 | | | | 28,883,683 | |
HSBC Holdings PLC | | | 11,359,348 | | | | 100,764,634 | |
Lloyds Banking Group PLCa | | | 26,267,744 | | | | 14,659,210 | |
Royal Bank of Scotland Group PLCa | | | 11,302,580 | | | | 5,041,039 | |
Standard Chartered PLC | | | 1,513,768 | | | | 39,113,859 | |
| | | | | | | | |
| | | | | | | 188,462,425 | |
BEVERAGES — 4.12% | | | | | |
Diageo PLC | | | 1,591,400 | | | | 38,221,686 | |
SABMiller PLC | | | 606,476 | | | | 24,680,552 | |
| | | | | | | | |
| | | | | | | 62,902,238 | |
CHEMICALS — 0.33% | | | | | |
Johnson Matthey PLC | | | 137,340 | | | | 5,063,606 | |
| | | | | | | | |
| | | | | | | 5,063,606 | |
COMMERCIAL SERVICES — 2.43% | | | | | |
Aggreko PLC | | | 169,338 | | | | 5,986,361 | |
Babcock International Group PLC | | | 228,028 | | | | 2,742,901 | |
Bunzl PLC | | | 211,896 | | | | 3,256,304 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Capita PLC | | | 389,784 | | | $ | 4,775,803 | |
Experian PLC | | | 637,432 | | | | 9,627,698 | |
G4S PLC | | | 899,904 | | | | 4,157,397 | |
Intertek Group PLC | | | 101,152 | | | | 3,740,697 | |
Serco Group PLC | | | 317,408 | | | | 2,814,090 | |
| | | | | | | | |
| | | | | | | 37,101,251 | |
DISTRIBUTION & WHOLESALE — 0.46% | |
Wolseley PLC | | | 181,376 | | | | 7,058,041 | |
| | | | | | | | |
| | | | | | | 7,058,041 | |
DIVERSIFIED FINANCIAL SERVICES — 1.24% | |
ICAP PLC | | | 344,876 | | | | 2,119,947 | |
Investec PLC | | | 342,260 | | | | 2,186,972 | |
London Stock Exchange Group PLC | | | 92,432 | | | | 1,331,852 | |
Man Group PLC | | | 1,196,820 | | | | 2,502,623 | |
Old Mutual PLC | | | 3,520,700 | | | | 8,948,006 | |
Schroders PLC | | | 71,940 | | | | 1,776,671 | |
| | | | | | | | |
| | | | | | | 18,866,071 | |
ELECTRIC — 1.15% | | | | | |
International Power PLC | | | 971,408 | | | | 5,367,589 | |
SSE PLC | | | 594,704 | | | | 12,255,122 | |
| | | | | | | | |
| | | | | | | 17,622,711 | |
ENGINEERING & CONSTRUCTION — 0.12% | |
Balfour Beatty PLC | | | 432,076 | | | | 1,918,120 | |
| | | | | | | | |
| | | | | | | 1,918,120 | |
FOOD — 4.59% | | | | | |
Associated British Foods PLC | | | 227,156 | | | | 4,347,185 | |
J Sainsbury PLC | | | 775,208 | | | | 3,694,014 | |
Tate & Lyle PLC | | | 298,224 | | | | 3,322,874 | |
Tesco PLC | | | 5,096,404 | | | | 25,734,480 | |
Unilever PLC | | | 815,756 | | | | 26,466,545 | |
Wm Morrison Supermarkets PLC | | | 1,385,708 | | | | 6,419,434 | |
| | | | | | | | |
| | | | | | | 69,984,532 | |
FOOD SERVICE — 0.79% | | | | | |
Compass Group PLC | | | 1,204,232 | | | | 12,119,306 | |
| | | | | | | | |
| | | | | | | 12,119,306 | |
GAS — 2.56% | | | | | |
Centrica PLC | | | 3,276,540 | | | | 15,911,683 | |
National Grid PLC | | | 2,264,584 | | | | 23,206,634 | |
| | | | | | | | |
| | | | | | | 39,118,317 | |
| | |
| 44 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HEALTH CARE — PRODUCTS — 0.37% | | | | | |
Smith & Nephew PLC | | | 566,800 | | | $ | 5,595,583 | |
| | | | | | | | |
| | | | | | | 5,595,583 | |
HOLDING COMPANIES — DIVERSIFIED — 0.25% | | | | | |
Resolution Ltd. | | | 897,724 | | | | 3,857,644 | |
| | | | | | | | |
| | | | | | | 3,857,644 | |
HOUSEHOLD PRODUCTS & WARES — 1.44% | | | | | |
Reckitt Benckiser Group PLC | | | 394,580 | | | | 21,935,188 | |
| | | | | | | | |
| | | | | | | 21,935,188 | |
INSURANCE — 3.16% | | | | | |
Admiral Group PLC | | | 129,492 | | | | 2,227,849 | |
Aviva PLC | | | 1,841,900 | | | | 10,836,644 | |
Legal & General Group PLC | | | 3,745,240 | | | | 7,227,259 | |
Prudential PLC | | | 1,622,792 | | | | 18,470,335 | |
RSA Insurance Group PLC | | | 2,229,268 | | | | 3,892,329 | |
Standard Life PLC | | | 1,483,708 | | | | 5,510,595 | |
| | | | | | | | |
| | | | | | | 48,165,011 | |
LEISURE TIME — 0.29% | | | | | |
Carnival PLC | | | 116,848 | | | | 3,449,453 | |
TUI Travel PLC | | | 321,768 | | | | 1,017,736 | |
| | | | | | | | |
| | | | | | | 4,467,189 | |
LODGING — 0.48% | | | | | |
InterContinental Hotels Group PLC | | | 186,172 | | | | 4,264,721 | |
Whitbread PLC | | | 112,924 | | | | 3,061,224 | |
| | | | | | | | |
| | | | | | | 7,325,945 | |
MACHINERY — 0.30% | | | | | |
Weir Group PLC (The) | | | 134,288 | | | | 4,517,754 | |
| | | | | | | | |
| | | | | | | 4,517,754 | |
MANUFACTURING — 0.40% | | | | | |
Invensys PLC | | | 508,376 | | | | 1,689,990 | |
Smiths Group PLC | | | 250,264 | | | | 4,349,650 | |
| | | | | | | | |
| | | | | | | 6,039,640 | |
MEDIA — 1.82% | | | | | |
British Sky Broadcasting Group PLC | | | 726,376 | | | | 7,774,337 | |
ITV PLC | | | 2,330,856 | | | | 3,200,283 | |
Pearson PLC | | | 517,968 | | | | 9,920,856 | |
Reed Elsevier PLC | | | 775,644 | | | | 6,820,981 | |
| | | | | | | | |
| | | | | | | 27,716,457 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MINING — 12.06% | | | | | |
Anglo American PLC | | | 841,480 | | | $ | 35,615,150 | |
Antofagasta PLC | | | 250,700 | | | | 5,326,391 | |
BHP Billiton PLC | | | 1,343,752 | | | | 43,736,477 | |
Eurasian Natural Resources Corp. | | | 163,500 | | | | 1,829,586 | |
Fresnillo PLC | | | 115,104 | | | | 3,497,260 | |
Glencore International PLCb | | | 874,068 | | | | 6,031,926 | |
Kazakhmys PLC | | | 136,032 | | | | 2,409,904 | |
Lonmin PLC | | | 102,460 | | | | 1,805,331 | |
Randgold Resources Ltd. | | | 57,988 | | | | 6,669,568 | |
Rio Tinto PLC | | | 873,888 | | | | 50,032,342 | |
Vedanta Resources PLC | | | 75,428 | | | | 1,735,091 | |
Xstrata PLC | | | 1,321,040 | | | | 25,323,531 | |
| | | | | | | | |
| | | | | | | 184,012,557 | |
OIL & GAS — 20.23% | | | | | |
BG Group PLC | | | 2,158,168 | | | | 52,316,780 | |
BP PLC | | | 12,060,356 | | | | 94,864,829 | |
Essar Energy PLCa | | | 206,228 | | | | 345,581 | |
Royal Dutch Shell PLC Class A | | | 2,314,560 | | | | 84,540,868 | |
Royal Dutch Shell PLC Class B | | | 1,695,720 | | | | 63,102,114 | |
Tullow Oil PLC | | | 574,212 | | | | 13,529,799 | |
| | | | | | | | |
| | | | | | | 308,699,971 | |
OIL & GAS SERVICES — 0.52% | | | | | |
AMEC PLC | | | 212,332 | | | | 3,751,437 | |
Petrofac Ltd. | | | 164,372 | | | | 4,177,583 | |
| | | | | | | | |
| | | | | | | 7,929,020 | |
PACKAGING & CONTAINERS — 0.24% | |
Rexam PLC | | | 557,644 | | | | 3,697,744 | |
| | | | | | | | |
| | | | | | | 3,697,744 | |
PHARMACEUTICALS — 7.93% | | | | | |
AstraZeneca PLC | | | 830,800 | | | | 37,260,039 | |
GlaxoSmithKline PLC | | | 3,214,740 | | | | 71,227,773 | |
Shire PLC | | | 357,084 | | | | 12,537,910 | |
| | | | | | | | |
| | | | | | | 121,025,722 | |
REAL ESTATE INVESTMENT TRUSTS — 1.04% | |
British Land Co. PLC | | | 536,716 | | | | 4,032,242 | |
Capital Shopping Centres Group PLC | | | 360,572 | | | | 1,916,337 | |
Hammerson PLC | | | 449,516 | | | | 2,813,433 | |
Land Securities Group PLC | | | 493,988 | | | | 5,326,565 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 45 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SEGRO PLC | | | 465,212 | | | $ | 1,746,409 | |
| | | | | | | | |
| | | | | | | 15,834,986 | |
RETAIL — 1.15% | | | | | |
Kingfisher PLC | | | 1,510,304 | | | | 6,856,706 | |
Marks & Spencer Group PLC | | | 1,006,288 | | | | 5,835,203 | |
Next PLC | | | 109,872 | | | | 4,863,519 | |
| | | | | | | | |
| | | | | | | 17,555,428 | |
SEMICONDUCTORS — 0.51% | | | | | |
ARM Holdings PLC | | | 859,356 | | | | 7,817,968 | |
| | | | | | | | |
| | | | | | | 7,817,968 | |
SOFTWARE — 0.27% | | | | | | | | |
Sage Group PLC (The) | | | 841,044 | | | | 4,172,989 | |
| | | | | | | | |
| | | | | | | 4,172,989 | |
TELECOMMUNICATIONS — 6.93% | | | | | |
BT Group PLC | | | 4,926,364 | | | | 16,919,675 | |
Inmarsat PLC | | | 293,428 | | | | 2,248,059 | |
Vodafone Group PLC | | | 32,015,576 | | | | 86,611,104 | |
| | | | | | | | |
| | | | | | | 105,778,838 | |
VENTURE CAPITAL — 0.12% | | | | | |
3i Group PLC | | | 613,452 | | | | 1,857,021 | |
| | | | | | | | |
| | | | | | | 1,857,021 | |
WATER — 0.53% | | | | | |
Severn Trent PLC | | | 151,292 | | | | 3,806,480 | |
United Utilities Group PLC | | | 433,384 | | | | 4,233,469 | |
| | | | | | | | |
| | | | | | | 8,039,949 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $1,569,367,550) | | | | 1,516,397,458 | |
|
SHORT-TERM INVESTMENTS — 0.25% | |
| |
MONEY MARKET FUNDS — 0.25% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 3,095,320 | | | | 3,095,320 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 228,920 | | | | 228,920 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 448,293 | | | $ | 448,293 | |
| | | | | | | | |
| | | | | | | 3,772,533 | |
| | | | | | | | |
TOTAL SHORT - TERM INVESTMENTS | | | | | |
(Cost: $3,772,533) | | | | 3,772,533 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.61% | | | | | |
(Cost: $1,573,140,083) | | | | | | | 1,520,169,991 | |
Other Assets, Less
Liabilities — 0.39% | | | | 5,910,647 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 1,526,080,638 | |
| | | | | | | | |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Austria
Investable Market
Index Fund | | | iShares MSCI
Belgium
Investable Market
Index Fund | | | iShares MSCI
Emerging Markets Eastern Europe
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 130,117,097 | | | $ | 44,085,533 | | | $ | 35,354,723 | |
Affiliated (Note 2) | | | 3,908,415 | | | | 489,898 | | | | 5,470 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 134,025,512 | | | $ | 44,575,431 | | | $ | 35,360,193 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 77,441,903 | | | $ | 26,160,024 | | | $ | 30,565,734 | |
Affiliated (Note 2) | | | 3,908,415 | | | | 489,898 | | | | 5,470 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 81,350,318 | | | | 26,649,922 | | | | 30,571,204 | |
Foreign currencies, at valueb | | | 12,216 | | | | 37,226 | | | | 36,084 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 664,161 | | | | 135,866 | | | | 160,089 | |
Dividends and interest | | | 756,763 | | | | 31,454 | | | | 4,868 | |
Capital shares sold | | | 17,668 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 82,801,126 | | | | 26,854,468 | | | | 30,772,245 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 667,910 | | | | 144,831 | | | | 162,688 | |
Collateral for securities on loan (Note 5) | | | 3,838,454 | | | | 485,819 | | | | — | |
Investment advisory fees (Note 2) | | | 29,375 | | | | 10,605 | | | | 15,768 | |
| | | | | | | | | | | | |
Total Liabilities | | | 4,535,739 | | | | 641,255 | | | | 178,456 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 78,265,387 | | | $ | 26,213,213 | | | $ | 30,593,789 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 224,157,494 | | | $ | 88,661,890 | | | $ | 37,689,863 | |
Undistributed (distributions in excess) of net investment income | | | (529,528 | ) | | | 62,191 | | | | (25,133 | ) |
Accumulated net realized loss | | | (92,680,800 | ) | | | (44,586,262 | ) | | | (2,284,788 | ) |
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | | | (52,681,779 | ) | | | (17,924,606 | ) | | | (4,786,153 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 78,265,387 | | | $ | 26,213,213 | | | $ | 30,593,789 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 4,700,000 | | | | 2,200,000 | | | | 1,050,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 16.65 | | | $ | 11.92 | | | $ | 29.14 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $3,652,476, $460,063 and $ —, respectively. See Note 5. |
| b | Cost of foreign currencies: $12,113, $35,760 and $33,575, respectively. |
| c | $0.001 par value, number of shares authorized: 100 million, 136.2 million and 200 million, respectively. |
See notes to financial statements.
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI EMU Index Fund | | | iShares MSCI
France Index Fund | | | iShares MSCI
Germany
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 1,096,670,708 | | | $ | 395,648,038 | | | $ | 3,481,446,729 | |
Affiliated (Note 2) | | | 6,199,842 | | | | 1,760,849 | | | | 19,727,907 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 1,102,870,550 | | | $ | 397,408,887 | | | $ | 3,501,174,636 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 724,057,771 | | | $ | 270,308,090 | | | $ | 3,134,661,090 | |
Affiliated (Note 2) | | | 6,199,842 | | | | 1,760,849 | | | | 19,727,907 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 730,257,613 | | | | 272,068,939 | | | | 3,154,388,997 | |
Foreign currencies, at valueb | | | 894,301 | | | | 93,964 | | | | 3,105,736 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 737,281 | | | | 534,818 | | | | 4,340,289 | |
Dividends and interest | | | 347,609 | | | | 38,624 | | | | 6,249,994 | |
| | | | | | | | | | | | |
Total Assets | | | 732,236,804 | | | | 272,736,345 | | | | 3,168,085,016 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 989,003 | | | | 349,217 | | | | 5,322,205 | |
Collateral for securities on loan (Note 5) | | | 6,104,939 | | | | 1,752,408 | | | | 18,452,871 | |
Investment advisory fees (Note 2) | | | 297,915 | | | | 111,810 | | | | 1,224,264 | |
| | | | | | | | | | | | |
Total Liabilities | | | 7,391,857 | | | | 2,213,435 | | | | 24,999,340 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 724,844,947 | | | $ | 270,522,910 | | | $ | 3,143,085,676 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 1,284,633,065 | | | $ | 448,070,335 | | | $ | 3,718,245,378 | |
Undistributed (distributions in excess of) net investment income | | | (219,976 | ) | | | (114,202 | ) | | | 2,166,114 | |
Accumulated net realized loss | | | (186,983,554 | ) | | | (52,095,329 | ) | | | (230,250,200 | ) |
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | | | (372,584,588 | ) | | | (125,337,894 | ) | | | (347,075,616 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 724,844,947 | | | $ | 270,522,910 | | | $ | 3,143,085,676 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 22,900,000 | | | | 12,200,000 | | | | 136,500,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 31.65 | | | $ | 22.17 | | | $ | 23.03 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $5,762,003, $1,650,126 and $17,428,763, respectively. See Note 5. |
| b | Cost of foreign currencies: $869,568, $91,910 and $3,062,111, 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.
| | |
| 48 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Italy
Index Fund | | | iShares MSCI
Netherlands
Investable Market Index Fund | | | iShares MSCI
Spain Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 200,041,366 | | | $ | 100,706,687 | | | $ | 203,615,762 | |
Affiliated (Note 2) | | | 863,260 | | | | 143,365 | | | | 7,075,012 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 200,904,626 | | | $ | 100,850,052 | | | $ | 210,690,774 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 146,796,209 | | | $ | 67,578,012 | | | $ | 112,436,726 | |
Affiliated (Note 2) | | | 863,260 | | | | 143,365 | | | | 7,075,012 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 147,659,469 | | | | 67,721,377 | | | | 119,511,738 | |
Foreign currencies, at valueb | | | 29,969 | | | | 16,014 | | | | 117,635 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 196,832 | | | | 49,653 | | | | 3,919,391 | |
Dividends and interest | | | 2,662 | | | | 101,527 | | | | 39,445 | |
| | | | | | | | | | | | |
Total Assets | | | 147,888,932 | | | | 67,888,571 | | | | 123,588,209 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | — | | | | — | | | | 3,960,648 | |
Collateral for securities on loan (Note 5) | | | 832,795 | | | | 141,446 | | | | 6,967,482 | |
Investment advisory fees (Note 2) | | | 60,136 | | | | 28,073 | | | | 46,487 | |
| | | | | | | | | | | | |
Total Liabilities | | | 892,931 | | | | 169,519 | | | | 10,974,617 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 146,996,001 | | | $ | 67,719,052 | | | $ | 112,613,592 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 262,139,137 | | | $ | 157,362,931 | | | $ | 280,147,833 | |
Undistributed (distributions in excess of) net investment income | | | (93,895 | ) | | | 57,962 | | | | 896,266 | |
Accumulated net realized loss | | | (61,804,543 | ) | | | (56,575,923 | ) | | | (77,253,562 | ) |
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | | | (53,244,698 | ) | | | (33,125,918 | ) | | | (91,176,945 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 146,996,001 | | | $ | 67,719,052 | | | $ | 112,613,592 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 10,950,000 | | | | 3,600,000 | | | | 3,600,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 13.42 | | | $ | 18.81 | | | $ | 31.28 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $787,517, $134,199 and $6,609,606, respectively. See Note 5. |
| b | Cost of foreign currencies: $29,510, $15,609 and $115,997, 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.
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI Sweden Index Fund | | | iShares MSCI
Switzerland
Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 388,770,929 | | | $ | 539,544,423 | | | $ | 1,569,367,550 | |
Affiliated (Note 2) | | | 5,952 | | | | 166,618 | | | | 3,772,533 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 388,776,881 | | | $ | 539,711,041 | | | $ | 1,573,140,083 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 361,320,269 | | | $ | 547,525,705 | | | $ | 1,516,397,458 | |
Affiliated (Note 2) | | | 5,952 | | | | 166,618 | | | | 3,772,533 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 361,326,221 | | | | 547,692,323 | | | | 1,520,169,991 | |
Foreign currencies, at valueb | | | 241,688 | | | | 255,285 | | | | 1,104,156 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 191,526 | | | | — | | | | 3,937,364 | |
Due from custodian (Note 4) | | | — | | | | — | | | | 581,949 | |
Dividends and interest | | | — | | | | 5,755,009 | | | | 8,751,293 | |
| | | | | | | | | | | | |
Total Assets | | | 361,759,435 | | | | 553,702,617 | | | | 1,534,544,753 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 145,817 | | | | — | | | | 4,531,059 | |
Collateral for securities on loan (Note 5) | | | — | | | | — | | | | 3,324,240 | |
Investment advisory fees (Note 2) | | | 143,717 | | | | 220,748 | | | | 608,816 | |
| | | | | | | | | | | | |
Total Liabilities | | | 289,534 | | | | 220,748 | | | | 8,464,115 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 361,469,901 | | | $ | 553,481,869 | | | $ | 1,526,080,638 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 439,072,715 | | | $ | 588,743,664 | | | $ | 1,711,792,214 | |
Undistributed net investment income (accumulated net investment loss) | | | (585,439 | ) | | | 1,532,667 | | | | 10,879,886 | |
Accumulated net realized loss | | | (49,575,209 | ) | | | (45,055,336 | ) | | | (143,707,934 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | (27,442,166 | ) | | | 8,260,874 | | | | (52,883,528 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 361,469,901 | | | $ | 553,481,869 | | | $ | 1,526,080,638 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 12,225,000 | | | | 22,625,000 | | | | 87,200,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 29.57 | | | $ | 24.46 | | | $ | 17.50 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $ —, $ — and $3,165,920, respectively. See Note 5. |
| b | Cost of foreign currencies: $233,193, $246,222 and $1,094,226, 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.
| | |
| 50 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | 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 — unaffiliateda | | $ | 313,430 | | | $ | 123,004 | | | $ | 346,393 | |
Interest — affiliated (Note 2) | | | 10 | | | | 7 | | | | 14 | |
Securities lending income — affiliated (Note 2) | | | 34,987 | | | | 6,050 | | | | 229 | |
| | | | | | | | | | | | |
Total investment income | | | 348,427 | | | | 129,061 | | | | 346,636 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 187,981 | | | | 64,637 | | | | 91,403 | |
| | | | | | | | | | | | |
Total expenses | | | 187,981 | | | | 64,637 | | | | 91,403 | |
| | | | | | | | | | | | |
Net investment income | | | 160,446 | | | | 64,424 | | | | 255,233 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (6,992,519 | ) | | | (1,273,216 | ) | | | (511,998 | ) |
In-kind redemptions — unaffiliated | | | (27,012,745 | ) | | | (1,517,461 | ) | | | (1,078,397 | ) |
Foreign currency transactions | | | (10,875 | ) | | | (102,797 | ) | | | (13,932 | ) |
| | | | | | | | | | | | |
Net realized loss | | | (34,016,139 | ) | | | (2,893,474 | ) | | | (1,604,327 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 15,990,212 | | | | 1,853,360 | | | | 1,327,335 | |
Translation of assets and liabilities in foreign currencies | | | (57,646 | ) | | | 54,673 | | | | 3,686 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 15,932,566 | | | | 1,908,033 | | | | 1,331,021 | |
| | | | | | | | | | | | |
Net realized and unrealized loss | | | (18,083,573 | ) | | | (985,441 | ) | | | (273,306 | ) |
| | | | | | | | | | | | |
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (17,923,127 | ) | | $ | (921,017 | ) | | $ | (18,073 | ) |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $9,732, $21,707 and $61,445, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
EMU
Index Fund | | | iShares MSCI
France
Index Fund | | | iShares MSCI
Germany
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 6,341,841 | | | $ | 2,339,641 | | | $ | 8,678,275 | |
Interest — affiliated (Note 2) | | | 93 | | | | 33 | | | | 100 | |
Securities lending income — affiliated (Note 2) | | | 140,003 | | | | 69,683 | | | | 225,831 | |
| | | | | | | | | | | | |
Total investment income | | | 6,481,937 | | | | 2,409,357 | | | | 8,904,206 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 1,820,795 | | | | 744,168 | | | | 6,738,092 | |
| | | | | | | | | | | | |
Total expenses | | | 1,820,795 | | | | 744,168 | | | | 6,738,092 | |
| | | | | | | | | | | | |
Net investment income | | | 4,661,142 | | | | 1,665,189 | | | | 2,166,114 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (21,775,443 | ) | | | (5,885,735 | ) | | | (16,310,233 | ) |
In-kind redemptions — unaffiliated | | | (834,490 | ) | | | (21,138,584 | ) | | | (13,512,446 | ) |
Foreign currency transactions | | | (155,012 | ) | | | (51,250 | ) | | | (564,288 | ) |
| | | | | | | | | | | | |
Net realized loss | | | (22,764,945 | ) | | | (27,075,569 | ) | | | (30,386,967 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 29,285,068 | | | | 11,317,660 | | | | 252,805,652 | |
Translation of assets and liabilities in foreign currencies | | | 37,997 | | | | (383 | ) | | | (270,818 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 29,323,065 | | | | 11,317,277 | | | | 252,534,834 | |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 6,558,120 | | | | (15,758,292 | ) | | | 222,147,867 | |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 11,219,262 | | | $ | (14,093,103 | ) | | $ | 224,313,981 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $918,551, $409,717 and $1,531,461, respectively. |
See notes to financial statements.
| | |
| 52 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Italy Index Fund | | | iShares MSCI Netherlands Investable Market Index Fund | | | iShares MSCI Spain Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 1,531,690 | | | $ | 324,639 | | | $ | 3,976,884 | |
Interest — affiliated (Note 2) | | | 17 | | | | 9 | | | | 68 | |
Securities lending income — affiliated (Note 2) | | | 28,508 | | | | 2,555 | | | | 102,219 | |
| | | | | | | | | | | | |
Total investment income | | | 1,560,215 | | | | 327,203 | | | | 4,079,171 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 299,474 | | | | 214,038 | | | | 335,850 | |
| | | | | | | | | | | | |
Total expenses | | | 299,474 | | | | 214,038 | | | | 335,850 | |
| | | | | | | | | | | | |
Net investment income | | | 1,260,741 | | | | 113,165 | | | | 3,743,321 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (14,173,043 | ) | | | (1,189,257 | ) | | | (14,729,774 | ) |
In-kind redemptions — unaffiliated | | | (136,239 | ) | | | (14,914,225 | ) | | | (24,086,807 | ) |
Foreign currency transactions | | | 74,654 | | | | (24,908 | ) | | | (40,997 | ) |
| | | | | | | | | | | | |
Net realized loss | | | (14,234,628 | ) | | | (16,128,390 | ) | | | (38,857,578 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 13,414,457 | | | | 13,892,419 | | | | 19,807,742 | |
Translation of assets and liabilities in foreign currencies | | | (423 | ) | | | (2,164 | ) | | | (990 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 13,414,034 | | | | 13,890,255 | | | | 19,806,752 | |
| | | | | | | | | | | | |
Net realized and unrealized loss | | | (820,594 | ) | | | (2,238,135 | ) | | | (19,050,826 | ) |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 440,147 | | | $ | (2,124,970 | ) | | $ | (15,307,505 | ) |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $265,593, $56,492 and $430,256, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI Sweden Index Fund | | | iShares MSCI Switzerland Index Fund | | | iShares MSCI United Kingdom Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 178,506 | | | $ | 2,968,006 | | | $ | 24,380,537 | |
Interest — affiliated (Note 2) | | | 12 | | | | 32 | | | | 228 | |
Securities lending income — affiliated (Note 2) | | | -- | | | | 475 | | | | 5,988 | |
| | | | | | | | | | | | |
Total investment income | | | 178,518 | | | | 2,968,513 | | | | 24,386,753 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 763,957 | | | | 1,283,293 | | | | 3,313,878 | |
| | | | | | | | | | | | |
Total expenses | | | 763,957 | | | | 1,283,293 | | | | 3,313,878 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | (585,439 | ) | | | 1,685,220 | | | | 21,072,875 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (2,628,386 | ) | | | (691,011 | ) | | | (12,539,241 | ) |
In-kind redemptions — unaffiliated | | | (10,324,025 | ) | | | 3,816,436 | | | | -- | |
Foreign currency transactions | | | (13,942 | ) | | | (47,673 | ) | | | (627,520 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (12,966,353 | ) | | | 3,077,752 | | | | (13,166,761 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 42,178,212 | | | | (7,392,965 | ) | | | 104,683,621 | |
Translation of assets and liabilities in foreign currencies | | | 7,639 | | | | (356,273 | ) | | | 122,452 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 42,185,851 | | | | (7,749,238 | ) | | | 104,806,073 | |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 29,219,498 | | | | (4,671,486 | ) | | | 91,639,312 | |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 28,634,059 | | | $ | (2,986,266 | ) | | $ | 112,712,187 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $31,501, $612,339 and $336,320, respectively. |
See notes to financial statements.
| | |
| 54 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 160,446 | | | $ | 3,240,793 | | | $ | 64,424 | | | $ | 1,389,784 | |
Net realized gain (loss) | | | (34,016,139 | ) | | | 3,890,979 | | | | (2,893,474 | ) | | | (4,660,818 | ) |
Net change in unrealized appreciation/depreciation | | | 15,932,566 | | | | 5,563,324 | | | | 1,908,033 | | | | 8,534,470 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (17,923,127 | ) | | | 12,695,096 | | | | (921,017 | ) | | | 5,263,436 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (801,120 | ) | | | (3,303,650 | ) | | | (711,977 | ) | | | (1,401,041 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (801,120 | ) | | | (3,303,650 | ) | | | (711,977 | ) | | | (1,401,041 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 19,788,322 | | | | 153,911,553 | | | | 1,356,110 | | | | 70,362,308 | |
Cost of shares redeemed | | | (59,772,895 | ) | | | (136,848,453 | ) | | | (4,765,738 | ) | | | (101,865,045 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (39,984,573 | ) | | | 17,063,100 | | | | (3,409,628 | ) | | | (31,502,737 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (58,708,820 | ) | | | 26,454,546 | | | | (5,042,622 | ) | | | (27,640,342 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 136,974,207 | | | | 110,519,661 | | | | 31,255,835 | | | | 58,896,177 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 78,265,387 | | | $ | 136,974,207 | | | $ | 26,213,213 | | | $ | 31,255,835 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (529,528 | ) | | $ | 111,146 | | | $ | 62,191 | | | $ | 709,744 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 1,200,000 | | | | 7,100,000 | | | | 120,000 | | | | 4,920,000 | |
Shares redeemed | | | (3,800,000 | ) | | | (6,200,000 | ) | | | (400,000 | ) | | | (7,440,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (2,600,000 | ) | | | 900,000 | | | | (280,000 | ) | | | (2,520,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
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 February 29, 2012
(Unaudited) | | | Year ended
August 31, 2011 | | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended
August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 255,233 | | | $ | 671,515 | | | $ | 4,661,142 | | | $ | 29,284,564 | |
Net realized gain (loss) | | | (1,604,327 | ) | | | 4,507,041 | | | | (22,764,945 | ) | | | (9,900,693 | ) |
Net change in unrealized appreciation/depreciation | | | 1,331,021 | | | | (5,857,166 | ) | | | 29,323,065 | | | | 6,777,116 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (18,073 | ) | | | (678,610 | ) | | | 11,219,262 | | | | 26,160,987 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (410,153 | ) | | | (575,285 | ) | | | (7,237,084 | ) | | | (27,791,723 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (410,153 | ) | | | (575,285 | ) | | | (7,237,084 | ) | | | (27,791,723 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 2,566,106 | | | | 76,250,166 | | | | 112,063,056 | | | | 558,259,495 | |
Cost of shares redeemed | | | (3,755,616 | ) | | | (55,616,346 | ) | | | (129,432,961 | ) | | | (642,368,122 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (1,189,510 | ) | | | 20,633,820 | | | | (17,369,905 | ) | | | (84,108,627 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (1,617,736 | ) | | | 19,379,925 | | | | (13,387,727 | ) | | | (85,739,363 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 32,211,525 | | | | 12,831,600 | | | | 738,232,674 | | | | 823,972,037 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 30,593,789 | | | $ | 32,211,525 | | | $ | 724,844,947 | | | $ | 738,232,674 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (25,133 | ) | | $ | 129,787 | | | $ | (219,976 | ) | | $ | 2,355,966 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 100,000 | | | | 2,250,000 | | | | 3,900,000 | | | | 14,400,000 | |
Shares redeemed | | | (150,000 | ) | | | (1,650,000 | ) | | | (4,400,000 | ) | | | (17,800,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (50,000 | ) | | | 600,000 | | | | (500,000 | ) | | | (3,400,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 56 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares MSCI
France
Index Fund | | | iShares MSCI
Germany
Index Fund | |
| | | Six months
ended February 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,665,189 | | | $ | 11,923,061 | | | $ | 2,166,114 | | | $ | 91,494,830 | |
Net realized gain (loss) | | | (27,075,569 | ) | | | (2,882,430 | ) | | | (30,386,967 | ) | | | 106,517,591 | |
Net change in unrealized appreciation/depreciation | | | 11,317,277 | | | | (10,589,579 | ) | | | 252,534,834 | | | | (323,290,675 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (14,093,103 | ) | | | (1,548,948 | ) | | | 224,313,981 | | | | (125,278,254 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (2,259,878 | ) | | | (11,811,674 | ) | | | — | | | | (93,072,582 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (2,259,878 | ) | | | (11,811,674 | ) | | | — | | | | (93,072,582 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 13,278,342 | | | | 327,507,874 | | | | 785,474,190 | | | | 2,649,782,675 | |
Cost of shares redeemed | | | (83,539,935 | ) | | | (196,716,202 | ) | | | (634,873,882 | ) | | | (1,151,141,454 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (70,261,593 | ) | | | 130,791,672 | | | | 150,600,308 | | | | 1,498,641,221 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (86,614,574 | ) | | | 117,431,050 | | | | 374,914,289 | | | | 1,280,290,385 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 357,137,484 | | | | 239,706,434 | | | | 2,768,171,387 | | | | 1,487,881,002 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 270,522,910 | | | $ | 357,137,484 | | | $ | 3,143,085,676 | | | $ | 2,768,171,387 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (114,202 | ) | | $ | 480,487 | | | $ | 2,166,114 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 600,000 | | | | 12,400,000 | | | | 37,200,000 | | | | 102,900,000 | |
Shares redeemed | | | (4,200,000 | ) | | | (8,000,000 | ) | | | (32,400,000 | ) | | | (47,700,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (3,600,000 | ) | | | 4,400,000 | | | | 4,800,000 | | | | 55,200,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | | iShares MSCI
Italy
Index Fund | | | iShares MSCI
Netherlands
Investable Market
Index Fund | |
| | | Six months ended February 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | | | Six months ended February 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,260,741 | | | $ | 3,714,465 | | | $ | 113,165 | | | $ | 3,819,725 | |
Net realized gain (loss) | | | (14,234,628 | ) | | | (7,907,880 | ) | | | (16,128,390 | ) | | | 8,037,705 | |
Net change in unrealized appreciation/depreciation | | | 13,414,034 | | | | (7,314,629 | ) | | | 13,890,255 | | | | (605,357 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 440,147 | | | | (11,508,044 | ) | | | (2,124,970 | ) | | | 11,252,073 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (1,368,973 | ) | | | (3,814,673 | ) | | | (612,457 | ) | | | (3,654,048 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (1,368,973 | ) | | | (3,814,673 | ) | | | (612,457 | ) | | | (3,654,048 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 67,200,242 | | | | 233,854,014 | | | | 18,401,363 | | | | 63,107,207 | |
Cost of shares redeemed | | | (63,887,397 | ) | | | (150,419,367 | ) | | | (69,685,290 | ) | | | (96,575,333 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 3,312,845 | | | | 83,434,647 | | | | (51,283,927 | ) | | | (33,468,126 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 2,384,019 | | | | 68,111,930 | | | | (54,021,354 | ) | | | (25,870,101 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 144,611,982 | | | | 76,500,052 | | | | 121,740,406 | | | | 147,610,507 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 146,996,001 | | | $ | 144,611,982 | | | $ | 67,719,052 | | | $ | 121,740,406 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (93,895 | ) | | $ | 14,337 | | | $ | 57,962 | | | $ | 557,254 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 5,250,000 | | | | 14,400,000 | | | | 1,050,000 | | | | 2,850,000 | |
Shares redeemed | | | (4,950,000 | ) | | | (8,850,000 | ) | | | (4,050,000 | ) | | | (4,500,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 300,000 | | | | 5,550,000 | | | | (3,000,000 | ) | | | (1,650,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 58 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | | iShares MSCI
Spain
Index Fund | | | iShares MSCI
Sweden
Index Fund | |
| | | Six months ended February 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | | | Six months ended February 29, 2012 (Unaudited) | | | Year ended
August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 3,743,321 | | | $ | 11,073,134 | | | $ | (585,439 | ) | | $ | 18,747,767 | |
Net realized gain (loss) | | | (38,857,578 | ) | | | (583,970 | ) | | | (12,966,353 | ) | | | 3,646,225 | |
Net change in unrealized appreciation/depreciation | | | 19,806,752 | | | | (10,416,178 | ) | | | 42,185,851 | | | | (18,154,073 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (15,307,505 | ) | | | 72,986 | | | | 28,634,059 | | | | 4,239,919 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (6,999,079 | ) | | | (8,211,532 | ) | | | — | | | | (19,236,805 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (6,999,079 | ) | | | (8,211,532 | ) | | | — | | | | (19,236,805 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 52,698,918 | | | | 418,742,090 | | | | 58,764,851 | | | | 366,716,894 | |
Cost of shares redeemed | | | (98,138,367 | ) | | | (424,605,441 | ) | | | (55,816,193 | ) | | | (271,324,012 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (45,439,449 | ) | | | (5,863,351 | ) | | | 2,948,658 | | | | 95,392,882 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (67,746,033 | ) | | | (14,001,897 | ) | | | 31,582,717 | | | | 80,395,996 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 180,359,625 | | | | 194,361,522 | | | | 329,887,184 | | | | 249,491,188 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 112,613,592 | | | $ | 180,359,625 | | | $ | 361,469,901 | | | $ | 329,887,184 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income (accumulated net investment loss) included in net assets at end of period | | $ | 896,266 | | | $ | 4,152,024 | | | $ | (585,439 | ) | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 1,575,000 | | | | 10,200,000 | | | | 2,250,000 | | | | 11,850,000 | |
Shares redeemed | | | (3,000,000 | ) | | | (10,425,000 | ) | | | (2,325,000 | ) | | | (9,750,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (1,425,000 | ) | | | (225,000 | ) | | | (75,000 | ) | | | 2,100,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | | iShares MSCI
Switzerland
Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
| | | Six months ended February 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | | | Six months ended February 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,685,220 | | | $ | 11,696,805 | | | $ | 21,072,875 | | | $ | 37,030,142 | |
Net realized gain (loss) | | | 3,077,752 | | | | 9,971,355 | | | | (13,166,761 | ) | | | 19,495,286 | |
Net change in unrealized appreciation/depreciation | | | (7,749,238 | ) | | | 39,334,532 | | | | 104,806,073 | | | | 45,745,307 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (2,986,266 | ) | | | 61,002,692 | | | | 112,712,187 | | | | 102,270,735 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (379,513 | ) | | | (11,911,242 | ) | | | (18,599,820 | ) | | | (33,922,128 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (379,513 | ) | | | (11,911,242 | ) | | | (18,599,820 | ) | | | (33,922,128 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 60,925,238 | | | | 136,480,631 | | | | 232,635,478 | | | | 406,184,764 | |
Cost of shares redeemed | | | (28,236,425 | ) | | | (67,167,856 | ) | | | — | | | | (205,612,227 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets from capital share transactions | | | 32,688,813 | | | | 69,312,775 | | | | 232,635,478 | | | | 200,572,537 | |
| | | | | | | | | | | | | | | | |
INCREASE IN NET ASSETS | | | 29,323,034 | | | | 118,404,225 | | | | 326,747,845 | | | | 268,921,144 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 524,158,835 | | | | 405,754,610 | | | | 1,199,332,793 | | | | 930,411,649 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 553,481,869 | | | $ | 524,158,835 | | | $ | 1,526,080,638 | | | $ | 1,199,332,793 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 1,532,667 | | | $ | 226,960 | | | $ | 10,879,886 | | | $ | 8,406,831 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 2,625,000 | | | | 5,125,000 | | | | 14,200,000 | | | | 23,400,000 | |
Shares redeemed | | | (1,250,000 | ) | | | (2,625,000 | ) | | | -- | | | | (12,400,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | 1,375,000 | | | | 2,500,000 | | | | 14,200,000 | | | | 11,000,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 60 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Austria Investable Market Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 18.76 | | | $ | 17.27 | | | $ | 20.21 | | | $ | 29.78 | | | $ | 37.28 | | | $ | 31.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.03 | | | | 0.42 | | | | 0.43 | | | | 0.51 | | | | 0.56 | | | | 0.51 | |
Net realized and unrealized gain (loss)b | | | (1.93 | ) | | | 1.53 | | | | (2.62 | ) | | | (9.36 | ) | | | (6.98 | ) | | | 6.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (1.90 | ) | | | 1.95 | | | | (2.19 | ) | | | (8.85 | ) | | | (6.42 | ) | | | 6.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.21 | ) | | | (0.46 | ) | | | (0.75 | ) | | | (0.72 | ) | | | (1.08 | ) | | | (0.73 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.21 | ) | | | (0.46 | ) | | | (0.75 | ) | | | (0.72 | ) | | | (1.08 | ) | | | (0.73 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 16.65 | | | $ | 18.76 | | | $ | 17.27 | | | $ | 20.21 | | | $ | 29.78 | | | $ | 37.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | (9.91 | )%c | | | 10.92 | % | | | (11.07 | )% | | | (28.52 | )% | | | (17.64 | )% | | | 22.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 78,265 | | | $ | 136,974 | | | $ | 110,520 | | | $ | 159,666 | | | $ | 193,602 | | | $ | 473,514 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.54 | % | | | 0.55 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 0.45 | % | | | 1.95 | % | | | 2.20 | % | | | 3.25 | % | | | 1.57 | % | | | 1.36 | % |
Portfolio turnover ratee | | | 7 | % | | | 12 | % | | | 11 | % | | | 26 | % | | | 26 | % | | | 21 | % |
| 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. |
| 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 (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Belgium Investable Market Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 12.60 | | | $ | 11.78 | | | $ | 12.06 | | | $ | 17.64 | | | $ | 25.89 | | | $ | 22.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.03 | | | | 0.35 | | | | 0.19 | | | | 0.22 | | | | 0.78 | | | | 0.76 | |
Net realized and unrealized gain (loss)b | | | (0.39 | ) | | | 0.80 | | | | (0.27 | ) | | | (5.46 | ) | | | (7.27 | ) | | | 2.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.36 | ) | | | 1.15 | | | | (0.08 | ) | | | (5.24 | ) | | | (6.49 | ) | | | 3.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.32 | ) | | | (0.33 | ) | | | (0.20 | ) | | | (0.34 | ) | | | (1.76 | ) | | | (0.44 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.32 | ) | | | (0.33 | ) | | | (0.20 | ) | | | (0.34 | ) | | | (1.76 | ) | | | (0.44 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 11.92 | | | $ | 12.60 | | | $ | 11.78 | | | $ | 12.06 | | | $ | 17.64 | | | $ | 25.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | (2.48 | )%c | | | 9.59 | % | | | (0.60 | )% | | | (29.15 | )% | | | (26.21 | )% | | | 15.36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 26,213 | | | $ | 31,256 | | | $ | 58,896 | | | $ | 53,042 | | | $ | 119,955 | | | $ | 303,483 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.54 | % | | | 0.56 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 0.52 | % | | | 2.56 | % | | | 1.55 | % | | | 2.23 | % | | | 3.32 | % | | | 2.90 | % |
Portfolio turnover ratee | | | 10 | % | | | 12 | % | | | 17 | % | | | 33 | % | | | 31 | % | | | 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. |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES® INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Eastern Europe Index Fund
| | | | | | | | | | | | |
| | | Six months ended Feb. 29, 2012 (Unaudited) | | | Year ended Aug. 31, 2011 | | | Period from Sep 30, 2009a to Aug. 31, 2010 | |
Net asset value, beginning of period | | $ | 29.28 | | | $ | 25.66 | | | $ | 24.65 | |
| | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | |
Net investment incomeb | | | 0.25 | | | | 0.67 | | | | 0.26 | |
Net realized and unrealized gainc | | | 0.04 | | | | 3.45 | | | | 0.89 | |
| | | | | | | | | | | | |
Total from investment operations | | | 0.29 | | | | 4.12 | | | | 1.15 | |
| | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | |
Net investment income | | | (0.43 | ) | | | (0.50 | ) | | | (0.13 | ) |
Net realized gain | | | — | | | | — | | | | (0.01 | ) |
| | | | | | | | | | | | |
Total distributions | | | (0.43 | ) | | | (0.50 | ) | | | (0.14 | ) |
| | | | | | | | | | | | |
Net asset value, end of period | | $ | 29.14 | | | $ | 29.28 | | | $ | 25.66 | |
| | | | | | | | | | | | |
| | | |
Total return | | | 1.33 | %d | | | 15.86 | % | | | 4.68 | %d |
| | | | | | | | | | | | |
| | | |
Ratios/Supplemental data: | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 30,594 | | | $ | 32,212 | | | $ | 12,832 | |
Ratio of expenses to average net assetse | | | 0.69 | % | | | 0.68 | % | | | 0.69 | % |
Ratio of expenses to average net assets prior to waived fees | | | n/a | | | | 0.68 | % | | | n/a | |
Ratio of net investment income to average net assetse | | | 1.93 | % | | | 2.06 | % | | | 1.05 | % |
Portfolio turnover ratef | | | 5 | % | | | 24 | % | | | 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. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI EMU Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008a | | | Year ended Aug. 31, 2007a | |
Net asset value, beginning of period | | $ | 31.55 | | | $ | 30.75 | | | $ | 35.64 | | | $ | 45.97 | | | $ | 57.15 | | | $ | 46.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.19 | | | | 1.23 | | | | 0.80 | | | | 0.93 | | | | 1.71 | | | | 1.40 | |
Net realized and unrealized gain (loss)c | | | 0.22 | | | | 0.71 | | | | (4.76 | ) | | | (9.97 | ) | | | (9.59 | ) | | | 10.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.41 | | | | 1.94 | | | | (3.96 | ) | | | (9.04 | ) | | | (7.88 | ) | | | 11.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.31 | ) | | | (1.14 | ) | | | (0.93 | ) | | | (1.29 | ) | | | (3.30 | ) | | | (0.93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.31 | ) | | | (1.14 | ) | | | (0.93 | ) | | | (1.29 | ) | | | (3.30 | ) | | | (0.93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 31.65 | | | $ | 31.55 | | | $ | 30.75 | | | $ | 35.64 | | | $ | 45.97 | | | $ | 57.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 1.43 | %d | | | 5.78 | % | | | (11.19 | )% | | | (19.05 | )% | | | (14.52 | )% | | | 26.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 724,845 | | | $ | 738,233 | | | $ | 823,972 | | | $ | 741,270 | | | $ | 1,291,808 | | | $ | 2,971,565 | |
Ratio of expenses to average net assetse,f | | | 0.52 | % | | | 0.52 | % | | | 0.54 | % | | | 0.56 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsf | | | 1.34 | % | | | 3.38 | % | | | 2.29 | % | | | 3.07 | % | | | 3.06 | % | | | 2.60 | % |
Portfolio turnover rateg | | | 2 | % | | | 8 | % | | | 5 | % | | | 8 | % | | | 27 | % | | | 5 | % |
| 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. |
| e | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes. |
| f | Annualized for periods of less than one year. |
| 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.
| | |
| 64 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI France Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 22.60 | | | $ | 21.03 | | | $ | 24.28 | | | $ | 30.70 | | | $ | 36.53 | | | $ | 31.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.12 | | | | 0.86 | | | | 0.65 | | | | 0.66 | | | | 0.93 | | | | 0.77 | |
Net realized and unrealized gain (loss)b | | | (0.37 | ) | | | 1.38 | | | | (3.30 | ) | | | (6.13 | ) | | | (5.17 | ) | | | 5.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.25 | ) | | | 2.24 | | | | (2.65 | ) | | | (5.47 | ) | | | (4.24 | ) | | | 5.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.18 | ) | | | (0.67 | ) | | | (0.60 | ) | | | (0.95 | ) | | | (1.59 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.18 | ) | | | (0.67 | ) | | | (0.60 | ) | | | (0.95 | ) | | | (1.59 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 22.17 | | | $ | 22.60 | | | $ | 21.03 | | | $ | 24.28 | | | $ | 30.70 | | | $ | 36.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | (1.00 | )%c | | | 10.24 | % | | | (10.98 | )% | | | (17.11 | )% | | | (11.96 | )% | | | 18.83 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 270,523 | | | $ | 357,137 | | | $ | 239,706 | | | $ | 184,511 | | | $ | 227,203 | | | $ | 445,696 | |
Ratio of expenses to average net assetsd,e | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetse | | | 1.17 | % | | | 3.38 | % | | | 2.71 | % | | | 3.18 | % | | | 2.60 | % | | | 2.17 | % |
Portfolio turnover ratef | | | 1 | % | | | 6 | % | | | 6 | % | | | 6 | % | | | 10 | % | | | 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. |
| d | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Germany Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 21.02 | | | $ | 19.45 | | | $ | 20.86 | | | $ | 27.55 | | | $ | 32.18 | | | $ | 23.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.02 | | | | 0.86 | | | | 0.38 | | | | 0.58 | | | | 0.88 | | | | 0.68 | |
Net realized and unrealized gain (loss)b | | | 1.99 | | | | 1.38 | | | | (1.49 | ) | | | (6.65 | ) | | | (3.84 | ) | | | 8.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.01 | | | | 2.24 | | | | (1.11 | ) | | | (6.07 | ) | | | (2.96 | ) | | | 9.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.67 | ) | | | (0.30 | ) | | | (0.62 | ) | | | (1.67 | ) | | | (0.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.67 | ) | | | (0.30 | ) | | | (0.62 | ) | | | (1.67 | ) | | | (0.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 23.03 | | | $ | 21.02 | | | $ | 19.45 | | | $ | 20.86 | | | $ | 27.55 | | | $ | 32.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 9.56 | %c | | | 10.84 | % | | | (5.35 | )% | | | (21.62 | )% | | | (9.81 | )% | | | 38.47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 3,143,086 | | | $ | 2,768,171 | | | $ | 1,487,881 | | | $ | 619,638 | | | $ | 669,452 | | | $ | 1,641,245 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.51 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 0.17 | % | | | 3.45 | % | | | 1.80 | % | | | 3.18 | % | | | 2.72 | % | | | 2.32 | % |
Portfolio turnover ratee | | | 1 | % | | | 13 | % | | | 5 | % | | | 15 | % | | | 11 | % | | | 4 | % |
| 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. |
| 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.
| | |
| 66 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Italy Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 13.58 | | | $ | 15.00 | | | $ | 19.05 | | | $ | 25.04 | | | $ | 33.82 | | | $ | 30.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.14 | | | | 0.54 | | | | 0.39 | | | | 0.47 | | | | 1.53 | | | | 1.35 | |
Net realized and unrealized gain (loss)b | | | (0.14 | ) | | | (1.47 | ) | | | (3.99 | ) | | | (5.82 | ) | | | (7.71 | ) | | | 2.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | c | | | (0.93 | ) | | | (3.60 | ) | | | (5.35 | ) | | | (6.18 | ) | | | 4.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.16 | ) | | | (0.49 | ) | | | (0.44 | ) | | | (0.64 | ) | | | (2.60 | ) | | | (0.67 | ) |
Return of capital | | | — | | | | — | | | | (0.01 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.16 | ) | | | (0.49 | ) | | | (0.45 | ) | | | (0.64 | ) | | | (2.60 | ) | | | (0.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.42 | | | $ | 13.58 | | | $ | 15.00 | | | $ | 19.05 | | | $ | 25.04 | | | $ | 33.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 0.09 | %d | | | (6.80 | )% | | | (19.11 | )% | | | (20.78 | )% | | | (19.43 | )% | | | 13.20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 146,996 | | | $ | 144,612 | | | $ | 76,500 | | | $ | 125,716 | | | $ | 244,154 | | | $ | 172,495 | |
Ratio of expenses to average net assetse,f | | | 0.52 | % | | | 0.51 | % | | | 0.54 | % | | | 0.55 | % | | | 0.52 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsf | | | 2.21 | % | | | 3.15 | % | | | 2.17 | % | | | 2.85 | % | | | 5.06 | % | | | 4.02 | % |
Portfolio turnover rateg | | | 5 | % | | | 16 | % | | | 12 | % | | | 18 | % | | | 29 | % | | | 16 | % |
| 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 | Rounds to less than $0.01. |
| e | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes. |
| f | Annualized for periods of less than one year. |
| 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 (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Netherlands Investable Market Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 18.45 | | | $ | 17.89 | | | $ | 18.52 | | | $ | 24.38 | | | $ | 29.75 | | | $ | 24.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.02 | | | | 0.48 | | | | 0.45 | | | | 0.35 | | | | 1.10 | | | | 0.98 | |
Net realized and unrealized gain (loss)b | | | 0.47 | | | | 0.55 | | | | (0.70 | ) | | | (5.55 | ) | | | (4.68 | ) | | | 5.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.49 | | | | 1.03 | | | | (0.25 | ) | | | (5.20 | ) | | | (3.58 | ) | | | 6.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.13 | ) | | | (0.47 | ) | | | (0.38 | ) | | | (0.66 | ) | | | (1.79 | ) | | | (0.45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.13 | ) | | | (0.47 | ) | | | (0.38 | ) | | | (0.66 | ) | | | (1.79 | ) | | | (0.45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.81 | | | $ | 18.45 | | | $ | 17.89 | | | $ | 18.52 | | | $ | 24.38 | | | $ | 29.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 2.77 | %c | | | 5.44 | % | | | (1.44 | )% | | | (20.59 | )% | | | (12.67 | )% | | | 25.22 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 67,719 | | | $ | 121,740 | | | $ | 147,611 | | | $ | 83,351 | | | $ | 209,653 | | | $ | 251,354 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 0.28 | % | | | 2.26 | % | | | 2.31 | % | | | 2.24 | % | | | 3.86 | % | | | 3.50 | % |
Portfolio turnover ratee | | | 3 | % | | | 6 | % | | | 9 | % | | | 15 | % | | | 26 | % | | | 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. |
| 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.
| | |
| 68 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Spain Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 35.89 | | | $ | 37.02 | | | $ | 47.65 | | | $ | 50.41 | | | $ | 58.06 | | | $ | 44.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.94 | | | | 2.14 | | | | 1.64 | | | | 1.75 | | | | 1.98 | | | | 1.30 | |
Net realized and unrealized gain (loss)b | | | (3.43 | ) | | | (1.36 | ) | | | (10.01 | ) | | | (2.14 | ) | | | (7.33 | ) | | | 12.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (2.49 | ) | | | 0.78 | | | | (8.37 | ) | | | (0.39 | ) | | | (5.35 | ) | | | 13.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (2.12 | ) | | | (1.91 | ) | | | (2.26 | ) | | | (2.37 | ) | | | (2.30 | ) | | | (0.38 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (2.12 | ) | | | (1.91 | ) | | | (2.26 | ) | | | (2.37 | ) | | | (2.30 | ) | | | (0.38 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 31.28 | | | $ | 35.89 | | | $ | 37.02 | | | $ | 47.65 | | | $ | 50.41 | | | $ | 58.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | (6.71 | )%c | | | 1.78 | % | | | (17.91 | )% | | | 0.64 | % | | | (9.76 | )% | | | 30.47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 112,614 | | | $ | 180,360 | | | $ | 194,362 | | | $ | 278,734 | | | $ | 321,349 | | | $ | 522,556 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.54 | % | | | 0.56 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 5.84 | % | | | 5.31 | % | | | 3.72 | % | | | 4.70 | % | | | 3.28 | % | | | 2.36 | % |
Portfolio turnover ratee | | | 7 | % | | | 14 | % | | | 9 | % | | | 19 | % | | | 22 | % | | | 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. |
| 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 (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Sweden Index Fund | |
| | | Six months ended Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 26.82 | | | $ | 24.46 | | | $ | 22.86 | | | $ | 24.48 | | | $ | 34.57 | | | $ | 25.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)a | | | (0.05 | ) | | | 1.18 | | | | 0.48 | | | | 0.40 | | | | 0.91 | | | | 1.15 | |
Net realized and unrealized gain (loss)b | | | 2.80 | | | | 2.22 | | | | 1.73 | | | | (1.56 | ) | | | (8.63 | ) | | | 7.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.75 | | | | 3.40 | | | | 2.21 | | | | (1.16 | ) | | | (7.72 | ) | | | 9.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (1.04 | ) | | | (0.61 | ) | | | (0.46 | ) | | | (2.37 | ) | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (1.04 | ) | | | (0.61 | ) | | | (0.46 | ) | | | (2.37 | ) | | | (0.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 29.57 | | | $ | 26.82 | | | $ | 24.46 | | | $ | 22.86 | | | $ | 24.48 | | | $ | 34.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 10.25 | %c | | | 13.40 | % | | | 9.70 | % | | | (4.04 | )% | | | (23.16 | )% | | | 35.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 361,470 | | | $ | 329,887 | | | $ | 249,491 | | | $ | 190,333 | | | $ | 227,654 | | | $ | 573,026 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.51 | % | | | 0.53 | % | | | 0.55 | % | | | 0.51 | % | | | 0.51 | % |
Ratio of net investment income (loss) to average net assetsd | | | (0.40 | )% | | | 3.80 | % | | | 1.97 | % | | | 2.34 | % | | | 2.91 | % | | | 3.42 | % |
Portfolio turnover ratee | | | 2 | % | | | 9 | % | | | 10 | % | | | 9 | % | | | 17 | % | | | 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. |
| 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.
| | |
| 70 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Switzerland Index Fund | |
| | | Six months ended Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 24.67 | | | $ | 21.64 | | | $ | 20.71 | | | $ | 23.09 | | | $ | 25.78 | | | $ | 22.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.08 | | | | 0.59 | | | | 0.39 | | | | 0.25 | | | | 0.49 | | | | 0.36 | |
Net realized and unrealized gain (loss)b | | | (0.27 | ) | | | 2.97 | | | | 0.90 | | | | (2.30 | ) | | | (2.51 | ) | | | 3.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.19 | ) | | | 3.56 | | | | 1.29 | | | | (2.05 | ) | | | (2.02 | ) | | | 3.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.02 | ) | | | (0.53 | ) | | | (0.36 | ) | | | (0.33 | ) | | | (0.67 | ) | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.02 | ) | | | (0.53 | ) | | | (0.36 | ) | | | (0.33 | ) | | | (0.67 | ) | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 24.46 | | | $ | 24.67 | | | $ | 21.64 | | | $ | 20.71 | | | $ | 23.09 | | | $ | 25.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | (0.77 | )%c | | | 16.30 | % | | | 6.35 | % | | | (8.63 | )% | | | (7.97 | )% | | | 15.53 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 553,482 | | | $ | 524,159 | | | $ | 405,755 | | | $ | 271,855 | | | $ | 366,525 | | | $ | 318,998 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.56 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 0.69 | % | | | 2.35 | % | | | 1.80 | % | | | 1.42 | % | | | 1.93 | % | | | 1.42 | % |
Portfolio turnover ratee | | | 0 | %f | | | 7 | % | | | 7 | % | | | 16 | % | | | 11 | % | | | 5 | % |
| 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. |
| 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. |
| f | Rounds to less than 1%. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI United Kingdom Index Fund | |
| | | Six months ended Feb. 29, 2012 (Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 16.43 | | | $ | 15.01 | | | $ | 15.02 | | | $ | 19.35 | | | $ | 24.73 | | | $ | 21.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.27 | | | | 0.54 | | | | 0.46 | | | | 0.50 | | | | 0.83 | | | | 0.84 | |
Net realized and unrealized gain (loss)b | | | 1.03 | | | | 1.35 | | | | (0.03 | ) | | | (4.26 | ) | | | (4.89 | ) | | | 2.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.30 | | | | 1.89 | | | | 0.43 | | | | (3.76 | ) | | | (4.06 | ) | | | 3.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.23 | ) | | | (0.47 | ) | | | (0.44 | ) | | | (0.57 | ) | | | (1.32 | ) | | | (0.81 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.23 | ) | | | (0.47 | ) | | | (0.44 | ) | | | (0.57 | ) | | | (1.32 | ) | | | (0.81 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.50 | | | $ | 16.43 | | | $ | 15.01 | | | $ | 15.02 | | | $ | 19.35 | | | $ | 24.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 8.07 | %c | | | 12.50 | % | | | 2.87 | % | | | (18.68 | )% | | | (17.16 | )% | | | 16.77 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,526,081 | | | $ | 1,199,333 | | | $ | 930,412 | | | $ | 739,124 | | | $ | 882,502 | | | $ | 1,127,738 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 3.33 | % | | | 3.07 | % | | | 2.98 | % | | | 3.90 | % | | | 3.64 | % | | | 3.51 | % |
Portfolio turnover ratee | | | 3 | % | | | 4 | % | | | 7 | % | | | 11 | % | | | 14 | % | | | 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. |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 following funds (each, a “Fund,” and collectively, the “Funds”):
| | | | |
| iShares MSCI Index Fund | | Diversification
Classification | |
Austria Investable Market | | | Non-diversified | |
Belgium Investable Market | | | Non-diversified | |
Emerging Markets Eastern Europe | | | Non-diversified | |
EMU | | | Non-diversified | |
France | | | Non-diversified | |
Germany | | | Non-diversified | |
| | | | |
| iShares MSCI Index Fund | | Diversification
Classification | |
Italy | | | Non-diversified | |
Netherlands Investable Market | | | Non-diversified | |
Spain | | | Non-diversified | |
Sweden | | | Non-diversified | |
Switzerland | | | Non-diversified | |
United Kingdom | | | Non-diversified | |
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 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 try to achieve each Fund’s investment objective.
Each Fund may invest in 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 Funds; 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 Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 73 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY VALUATION
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The securities and other assets of each Fund are valued at fair value pursuant to the policies and procedures approved by the Board of Directors of the Company (the “Board”).
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors in accordance with policies approved by the Board. Such valuations are reported to the Board.
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.
Various inputs are used in determining the fair value of investments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an investment 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 three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Funds’ assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for an investment 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.
| | |
| 74 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 29, 2012. The breakdown of each Fund’s investments into major categories is disclosed in its respective Schedule of Investments.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Austria Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 77,441,649 | | | $ | — | | | $ | 254 | | | $ | 77,441,903 | |
Short-Term Investments | | | 3,908,415 | | | | — | | | | — | | | | 3,908,415 | |
| | | | | | | | | | | | | | | | |
| | $ | 81,350,064 | | | $ | — | | | $ | 254 | | | $ | 81,350,318 | |
| | | | | | | | | | | | | | | | |
| | | | |
Belgium Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 26,160,024 | | | $ | — | | | $ | — | | | $ | 26,160,024 | |
Short-Term Investments | | | 489,898 | | | | — | | | | — | | | | 489,898 | |
| | | | | | | | | | | | | | | | |
| | $ | 26,649,922 | | | $ | — | | | $ | — | | | $ | 26,649,922 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Eastern Europe | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 29,636,903 | | | $ | — | | | $ | — | | | $ | 29,636,903 | |
Preferred Stocks | | | 928,831 | | | | — | | | | — | | | | 928,831 | |
Short-Term Investments | | | 5,470 | | | | — | | | | — | | | | 5,470 | |
| | | | | | | | | | | | | | | | |
| | $ | 30,571,204 | | | $ | — | | | $ | — | | | $ | 30,571,204 | |
| | | | | | | | | | | | | | | | |
| | | | |
EMU | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 710,482,076 | | | $ | — | | | $ | 83 | | | $ | 710,482,159 | |
Preferred Stocks | | | 13,575,612 | | | | — | | | | — | | | | 13,575,612 | |
Short-Term Investments | | | 6,199,842 | | | | — | | | | — | | | | 6,199,842 | |
| | | | | | | | | | | | | | | | |
| | $ | 730,257,530 | | | $ | — | | | $ | 83 | | | $ | 730,257,613 | |
| | | | | | | | | | | | | | | | |
| | | | |
France | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 270,308,090 | | | $ | — | | | $ | — | | | $ | 270,308,090 | |
Short-Term Investments | | | 1,760,849 | | | | — | | | | — | | | | 1,760,849 | |
| | | | | | | | | | | | | | | | |
| | $ | 272,068,939 | | | $ | — | | | $ | — | | | $ | 272,068,939 | |
| | | | | | | | | | | | | | | | |
| | | | |
Germany | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,939,235,096 | | | $ | — | | | $ | — | | | $ | 2,939,235,096 | |
Preferred Stocks | | | 195,425,994 | | | | — | | | | — | | | | 195,425,994 | |
Short-Term Investments | | | 19,727,907 | | | | — | | | | — | | | | 19,727,907 | |
| | | | | | | | | | | | | | | | |
| | $ | 3,154,388,997 | | | $ | — | | | $ | — | | | $ | 3,154,388,997 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 75 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | |
Italy | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 146,796,209 | | | $ | — | | | $ | — | | | $ | 146,796,209 | |
Short-Term Investments | | | 863,260 | | | | — | | | | — | | | | 863,260 | |
| | | | | | | | | | | | | | | | |
| | $ | 147,659,469 | | | $ | — | | | $ | — | | | $ | 147,659,469 | |
| | | | | | | | | | | | | | | | |
| | | | |
Netherlands Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 67,578,012 | | | $ | — | | | $ | — | | | $ | 67,578,012 | |
Warrants | | | — | | | | — | | | | 0 | a | | | 0 | a |
Short-Term Investments | | | 143,365 | | | | — | | | | — | | | | 143,365 | |
| | | | | | | | | | | | | | | | |
| | $ | 67,721,377 | | | $ | — | | | $ | 0 | a | | $ | 67,721,377 | |
| | | | | | | | | | | | | | | | |
| | | | |
Spain | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 112,436,726 | | | $ | — | | | $ | — | | | $ | 112,436,726 | |
Short-Term Investments | | | 7,075,012 | | | | — | | | | — | | | | 7,075,012 | |
| | | | | | | | | | | | | | | | |
| | $ | 119,511,738 | | | $ | — | | | $ | — | | | $ | 119,511,738 | |
| | | | | | | | | | | | | | | | |
| | | | |
Sweden | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 361,320,269 | | | $ | — | | | $ | — | | | $ | 361,320,269 | |
Short-Term Investments | | | 5,952 | | | | — | | | | — | | | | 5,952 | |
| | | | | | | | | | | | | | | | |
| | $ | 361,326,221 | | | $ | — | | | $ | — | | | $ | 361,326,221 | |
| | | | | | | | | | | | | | | | |
| | | | |
Switzerland | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 547,525,705 | | | $ | — | | | $ | — | | | $ | 547,525,705 | |
Short-Term Investments | | | 166,618 | | | | — | | | | — | | | | 166,618 | |
| | | | | | | | | | | | | | | | |
| | $ | 547,692,323 | | | $ | — | | | $ | — | | | $ | 547,692,323 | |
| | | | | | | | | | | | | | | | |
| | | | |
United Kingdom | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,516,397,458 | | | $ | — | | | $ | — | | | $ | 1,516,397,458 | |
Short-Term Investments | | | 3,772,533 | | | | — | | | | — | | | | 3,772,533 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,520,169,991 | | | $ | — | | | $ | — | | | $ | 1,520,169,991 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | a | | Rounds to less than $1. |
| | |
| 76 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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. Any taxes withheld that are reclaimable from foreign tax authorities as of February 29, 2012 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of February 29, 2012, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
FEDERAL INCOME TAXES
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 77 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
RECENT ACCOUNTING STANDARD
In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.
| 2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the 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 substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each Fund 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 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 |
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 |
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. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, and any fees or other payments to and from
| | |
| 78 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
borrowers of securities. Each Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. As securities lending agent, BTC is responsible for all transaction fees and all other operational costs relating to securities lending activities, other than extraordinary expenses. BTC is also responsible for fees and expenses incurred by each Fund as a result of the investment of cash collateral received for securities on loan in a money market fund managed by BFA or an affiliate.
For the six months ended February 29, 2012, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
Austria Investable Market | | $ | 18,839 | |
Belgium Investable Market | | | 3,258 | |
Emerging Markets Eastern Europe | | | 124 | |
EMU | | | 75,386 | |
France | | | 37,522 | |
Germany | | | 121,602 | |
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
Italy | | $ | 15,350 | |
Netherlands Investable Market | | | 1,376 | |
Spain | | | 55,041 | |
Switzerland | | | 256 | |
United Kingdom | | | 3,224 | |
At the Special Board of Directors meeting held on January 5, 2012, the Board approved a new distribution agreement with BlackRock Investments, LLC (“BRIL”). BRIL is an affiliate of BFA. Effective April 1, 2012, BRIL will replace SEI Investments Distribution Co. as the distributor for each Fund. Pursuant to the new distribution agreement, BFA will be responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the Statements of Operations.
The PNC Financial Services Group, Inc. (“PNC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but Barclays is not.
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 79 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| 3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
Austria Investable Market | | $ | 5,005,062 | | | $ | 5,759,596 | |
Belgium Investable Market | | | 2,505,073 | | | | 2,533,921 | |
Emerging Markets Eastern Europe | | | 1,310,797 | | | | 1,301,297 | |
EMU | | | 12,926,239 | | | | 14,571,704 | |
France | | | 3,948,308 | | | | 4,748,716 | |
Germany | | | 29,689,995 | | | | 24,008,696 | |
Italy | | | 6,597,568 | | | | 6,266,937 | |
Netherlands Investable Market | | | 2,197,176 | | | | 2,512,850 | |
Spain | | | 10,025,608 | | | | 13,244,616 | |
Sweden | | | 5,749,651 | | | | 6,346,628 | |
Switzerland | | | 2,436,345 | | | | 3,695,723 | |
United Kingdom | | | 37,590,978 | | | | 34,805,293 | |
In-kind transactions (see Note 4) for the six months ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind
Sales | |
Austria Investable Market | | $ | 19,544,356 | | | $ | 59,178,583 | |
Belgium Investable Market | | | 1,352,650 | | | | 4,686,027 | |
Emerging Markets Eastern Europe | | | 2,557,021 | | | | 3,728,685 | |
EMU | | | 111,073,021 | | | | 128,556,436 | |
France | | | 13,275,975 | | | | 83,418,623 | |
Germany | | | 782,418,505 | | | | 632,096,828 | |
Italy | | | 66,668,247 | | | | 63,774,371 | |
Netherlands Investable Market | | | 18,389,532 | | | | 69,588,572 | |
Spain | | | 52,409,572 | | | | 97,817,377 | |
Sweden | | | 58,709,073 | | | | 55,792,428 | |
Switzerland | | | 60,472,597 | | | | 28,010,520 | |
United Kingdom | | | 231,222,575 | | | | — | |
| 4. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index, and a specified
| | |
| 80 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash 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. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.
As of February 29, 2012, any securities on loan 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 29, 2012 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of fees and other payments to and from borrowers, and less the fees paid to BTC as securities lending agent.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 81 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The Funds had tax basis net capital loss carryforwards as of August 31, 2011, the tax year-end of the Funds, as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Expiring
2012 | | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
Austria Investable Market | | $ | 855,364 | | | $ | — | | | $ | — | | | $ | 9,795,917 | | | $ | 2,587,916 | | | $ | 7,102,366 | | | $ | 16,657,011 | | | $ | 13,826,937 | | | $ | 50,825,511 | |
| | | | | | | | | |
Belgium Investable Market | | | 175,781 | | | | 33,969 | | | | — | | | | — | | | | 1,698,444 | | | | 5,953,120 | | | | 10,826,174 | | | | 19,023,517 | | | | 37,711,005 | |
| | | | | | | | | |
Emerging Markets Eastern Europe | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 204,914 | | | | 204,914 | |
| | | | | | | | | |
EMU | | | 659,648 | | | | 1,873,963 | | | | — | | | | — | | | | — | | | | 26,644,200 | | | | 68,035,542 | | | | 30,230,739 | | | | 127,444,092 | |
| | | | | | | | | |
France | | | 2,400,550 | | | | — | | | | — | | | | 158,472 | | | | 335,795 | | | | 3,408,374 | | | | 7,008,530 | | | | 2,858,814 | | | | 16,170,535 | |
| | | | | | | | | |
Germany | | | 8,656,712 | | | | 2,241,687 | | | | — | | | | 4,227,713 | | | | 3,394,735 | | | | 27,790,050 | | | | 28,490,949 | | | | 32,215,954 | | | | 107,017,800 | |
| | | | | | | | | |
Italy | | | 541,980 | | | | 527,327 | | | | — | | | | — | | | | 472,268 | | | | 2,743,650 | | | | 18,169,627 | | | | 9,459,662 | | | | 31,914,514 | |
| | | | | | | | | |
Netherlands Investable Market | | | 2,481,175 | | | | 129,137 | | | | 403,525 | | | | 260,715 | | | | 1,195,162 | | | | 5,819,153 | | | | 22,256,170 | | | | 2,329,005 | | | | 34,874,042 | |
| | | | | | | | | |
Spain | | | 995,671 | | | | — | | | | — | | | | — | | | | — | | | | 5,946,927 | | | | 15,120,672 | | | | 8,619,903 | | | | 30,683,173 | |
| | | | | | | | | |
Sweden | | | 1,149,514 | | | | — | | | | 107,613 | | | | — | | | | 100,015 | | | | 13,686,746 | | | | 8,483,510 | | | | 5,244,977 | | | | 28,772,375 | |
| | | | | | | | | |
Switzerland | | | 2,149,171 | | | | 354,252 | | | | — | | | | — | | | | — | | | | 2,837,786 | | | | 22,569,380 | | | | 6,955,758 | | | | 34,866,347 | |
| | | | | | | | | |
United Kingdom | | | 4,272,059 | | | | 1,517,783 | | | | 7,063,063 | | | | — | | | | 261,754 | | | | 16,140,312 | | | | 23,559,917 | | | | 22,514,433 | | | | 75,329,321 | |
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. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by funds for taxable years beginning after December 22, 2010 are not subject to expiration and must be utilized prior to the losses incurred in the tax years preceding enactment.
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.
| | |
| 82 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 29, 2012, 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 | | $ | 138,577,141 | | | $ | 1,002,060 | | | $ | (58,228,883 | ) | | $ | (57,226,823 | ) |
Belgium Investable Market | | | 45,152,779 | | | | 804,043 | | | | (19,306,900 | ) | | | (18,502,857 | ) |
Emerging Markets Eastern Europe | | | 35,657,738 | | | | 236,392 | | | | (5,322,926 | ) | | | (5,086,534 | ) |
EMU | | | 1,123,134,208 | | | | 16,164,280 | | | | (409,040,875 | ) | | | (392,876,595 | ) |
France | | | 405,821,783 | | | | 2,012,175 | | | | (135,765,019 | ) | | | (133,752,844 | ) |
Germany | | | 3,584,792,114 | | | | 96,971,211 | | | | (527,374,328 | ) | | | (430,403,117 | ) |
Italy | | | 213,248,519 | | | | 1,089,239 | | | | (66,678,289 | ) | | | (65,589,050 | ) |
Netherlands Investable Market | | | 103,343,475 | | | | 871,267 | | | | (36,493,365 | ) | | | (35,622,098 | ) |
Spain | | | 213,187,160 | | | | 430,300 | | | | (94,105,722 | ) | | | (93,675,422 | ) |
Sweden | | | 391,434,852 | | | | 12,114,560 | | | | (42,223,191 | ) | | | (30,108,631 | ) |
Switzerland | | | 549,781,260 | | | | 46,649,296 | | | | (48,738,233 | ) | | | (2,088,937 | ) |
United Kingdom | | | 1,618,767,904 | | | | 114,652,781 | | | | (213,250,694 | ) | | | (98,597,913 | ) |
Management has reviewed the tax positions as of February 29, 2012, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 83 | |
Notes:
| | |
| 84 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes:
Notes:
| | |
| 86 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com
or call 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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. BlackRock is not 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 daily and monthly basis on the Funds’ website.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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iS-SAR-82-0212
| | |
 | | February 29, 2012 |
2012 Semi-Annual Report
iShares, Inc.
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
Fund Performance Overview
iSHARES® MSCI AUSTRALIA INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (2.60)% | | (4.76)% | | (2.33)% | | 4.28% | | 3.85% | | 4.26% | | 14.24% | | 13.99% | | 14.00% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (2.60)% | | (4.76)% | | (2.33)% | | 23.29% | | 20.81% | | 23.21% | | 278.45% | | 270.38% | | 270.63% |
“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 Australia Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was 2.75%, net of fees, while the total return for the Index was 2.86%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 43.50 | % |
Basic Materials | | | 24.53 | |
Consumer Non-Cyclical | | | 10.17 | |
Industrial | | | 5.58 | |
Consumer Cyclical | | | 5.14 | |
Energy | | | 4.95 | |
Utilities | | | 2.66 | |
Communications | | | 1.90 | |
Technology | | | 0.40 | |
Short-Term and Other Net Assets | | | 1.17 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
BHP Billiton Ltd. | | | 13.60 | % |
Commonwealth Bank of Australia | | | 9.14 | |
Westpac Banking Corp. | | | 7.43 | |
Australia and New Zealand Banking Group Ltd. | | | 6.79 | |
National Australia Bank Ltd. | | | 6.12 | |
Woolworths Ltd. | | | 3.64 | |
Rio Tinto Ltd. | | | 3.45 | |
Wesfarmers Ltd. | | | 3.44 | |
Newcrest Mining Ltd. | | | 3.01 | |
Woodside Petroleum Ltd. | | | 2.82 | |
| | | | |
TOTAL | | | 59.44 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI HONG KONG INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 0.96% | | 0.17% | | 1.51% | | 5.93% | | 6.04% | | 6.52% | | 10.49% | | 10.42% | | 11.26% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 0.96% | | 0.17% | | 1.51% | | 33.35% | | 34.04% | | 37.12% | | 171.13% | | 169.36% | | 190.70% |
“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 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 29, 2012, the total return for the Fund was 5.41%, net of fees, while the total return for the Index was 5.64%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 61.35 | % |
Consumer Cyclical | | | 20.32 | |
Utilities | | | 12.63 | |
Industrial | | | 2.18 | |
Communications | | | 0.96 | |
Technology | | | 0.92 | |
Consumer Non-Cyclical | | | 0.82 | |
Diversified | | | 0.73 | |
Short-Term and Other Net Assets | | | 0.09 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
AIA Group Ltd. | | | 10.14 | % |
Sun Hung Kai Properties Ltd. | | | 6.88 | |
Hutchison Whampoa Ltd. | | | 6.72 | |
Cheung Kong (Holdings) Ltd. | | | 6.38 | |
Hong Kong Exchanges and Clearing Ltd. | | | 6.10 | |
CLP Holdings Ltd. | | | 5.46 | |
Li & Fung Ltd. | | | 4.17 | |
Hong Kong and China Gas Co. Ltd. (The) | | | 3.90 | |
Hang Seng Bank Ltd. | | | 3.36 | |
Power Assets Holdings Ltd. | | | 3.27 | |
| | | | |
TOTAL | | | 56.38 | % |
| | | | |
| | |
| 6 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/29/12 | | Inception to 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (4.35)% | | (5.75)% | | (3.91)% | | 0.36% | | 0.25% | | 0.67% | | 1.50% | | 1.05% | | 2.84% |
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 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 29, 2012, the total return for the Fund was 0.12%, net of fees, while the total return for the Index was 0.24%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Industrial | | | 26.21 | % |
Consumer Cyclical | | | 23.16 | |
Financial | | | 18.56 | |
Consumer Non-Cyclical | | | 13.12 | |
Basic Materials | | | 10.77 | |
Communications | | | 3.94 | |
Technology | | | 3.49 | |
Utilities | | | 0.28 | |
Energy | | | 0.19 | |
Short-Term and Other Net Assets | | | 0.28 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
United Urban Investment Corp. | | | 0.58 | % |
Taiheiyo Cement Corp. | | | 0.57 | |
Advance Residence Investment Corp. | | | 0.49 | |
Misumi Group Inc. | | | 0.48 | |
Yokohama Rubber Co. Ltd. (The) | | | 0.44 | |
Sawai Pharmaceutical Co. Ltd. | | | 0.43 | |
Nishi-Nippon Railroad Co. Ltd. | | | 0.41 | |
Nippon Kayaku Co. Ltd. | | | 0.41 | |
Zeon Corp. | | | 0.41 | |
Minebea Co. Ltd. | | | 0.41 | |
| | | | |
TOTAL | | | 4.63 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI MALAYSIA INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 9.49% | | 8.68% | | 10.17% | | 11.44% | | 11.71% | | 11.96% | | 13.73% | | 13.63% | | 14.54% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 9.49% | | 8.68% | | 10.17% | | 71.89% | | 73.93% | | 75.89% | | 261.90% | | 258.99% | | 288.64% |
“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 spread as of the opening of 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 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 that are included in the Index. For the six-month period ended February 29, 2012, the total return for the Fund was 9.31%, net of fees, while the total return for the Index was 9.65%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 30.76 | % |
Consumer Cyclical | | | 12.69 | |
Diversified | | | 12.18 | |
Consumer Non-Cyclical | | | 11.88 | |
Communications | | | 11.80 | |
Utilities | | | 8.71 | |
Industrial | | | 5.67 | |
Basic Materials | | | 4.26 | |
Energy | | | 1.87 | |
Short-Term and Other Net Assets | | | 0.18 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
CIMB Group Holdings Bhd | | | 9.17 | % |
Malayan Banking Bhd | | | 7.80 | |
Sime Darby Bhd | | | 6.94 | |
Genting Bhd | | | 5.74 | |
IOI Corp. Bhd | | | 4.60 | |
Tenaga Nasional Bhd | | | 4.54 | |
Petronas Chemicals Group Bhd | | | 4.26 | |
Public Bank Bhd Foreign | | | 3.83 | |
Maxis Communications Bhd | | | 3.53 | |
Axiata Group Bhd | | | 3.48 | |
| | | | |
TOTAL | | | 53.89 | % |
| | | | |
| | |
| 8 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.85)% | | (2.34)% | | (0.54)% | | 4.84% | | 4.63% | | 4.93% | | 13.23% | | 13.07% | | 13.22% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.85)% | | (2.34)% | | (0.54)% | | 26.64% | | 25.37% | | 27.20% | | 246.41% | | 241.47% | | 246.27% |
“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 Pacific ex-Japan Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was 3.25%, net of fees, while the total return for the Index was 3.39%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 47.42 | % |
Basic Materials | | | 15.71 | |
Consumer Cyclical | | | 9.40 | |
Consumer Non-Cyclical | | | 7.70 | |
Industrial | | | 5.94 | |
Utilities | | | 4.54 | |
Communications | | | 3.50 | |
Energy | | | 3.16 | |
Diversified | | | 1.34 | |
Technology | | | 0.46 | |
Short-Term and Other Net Assets | | | 0.83 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
BHP Billiton Ltd. (Australia) | | | 8.71 | % |
Commonwealth Bank of Australia (Australia) | | | 5.85 | |
Westpac Banking Corp. (Australia) | | | 4.77 | |
Australia and New Zealand Banking Group Ltd. (Australia) | | | 4.35 | |
National Australia Bank Ltd. (Australia) | | | 3.93 | |
Woolworths Ltd. (Australia) | | | 2.33 | |
AIA Group Ltd. (Hong Kong) | | | 2.22 | |
Rio Tinto Ltd. (Australia) | | | 2.21 | |
Wesfarmers Ltd. (Australia) | | | 2.20 | |
Newcrest Mining Ltd. (Australia) | | | 1.93 | |
| | | | |
TOTAL | | | 38.50 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
Fund Performance Overview
iSHARES® MSCI SINGAPORE INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 3.64% | | 2.74% | | 3.90% | | 6.09% | | 6.02% | | 6.23% | | 12.79% | | 12.53% | | 12.74% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 3.64% | | 2.74% | | 3.90% | | 34.37% | | 33.94% | | 35.29% | | 233.34% | | 225.72% | | 231.80% |
“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 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 29, 2012, the total return for the Fund was 2.03%, net of fees, while the total return for the Index was 2.37%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 45.36 | % |
Communications | | | 14.06 | |
Consumer Cyclical | | | 11.93 | |
Industrial | | | 11.72 | |
Diversified | | | 9.11 | |
Consumer Non-Cyclical | | | 7.60 | |
Short-Term and Other Net Assets | | | 0.22 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Singapore Telecommunications Ltd. | | | 10.77 | % |
DBS Group Holdings Ltd. | | | 10.53 | |
Oversea-Chinese Banking Corp. Ltd. | | | 9.43 | |
United Overseas Bank Ltd. | | | 9.43 | |
Keppel Corp. Ltd. | | | 6.83 | |
Genting Singapore PLC | | | 4.19 | |
Wilmar International Ltd. | | | 4.10 | |
CapitaLand Ltd. | | | 3.23 | |
Jardine Cycle & Carriage Ltd. | | | 2.95 | |
Singapore Airlines Ltd. | | | 2.72 | |
| | | | |
TOTAL | | | 64.18 | % |
| | | | |
| | |
| 10 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI SOUTH KOREA INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 5.61% | | 4.28% | | 6.06% | | 5.11% | | 5.39% | | 5.55% | | 12.05% | | 11.81% | | 13.19% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 5.61% | | 4.28% | | 6.06% | | 28.30% | | 30.05% | | 31.02% | | 211.98% | | 205.38% | | 245.11% |
“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 spread as of the opening of 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 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 29, 2012, the total return for the Fund was 6.69%, net of fees, while the total return for the Index was 6.83%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Technology | | | 26.53 | % |
Consumer Cyclical | | | 18.89 | |
Industrial | | | 14.85 | |
Financial | | | 13.69 | |
Basic Materials | | | 11.32 | |
Consumer Non-Cyclical | | | 4.25 | |
Energy | | | 3.87 | |
Communications | | | 3.05 | |
Diversified | | | 1.48 | |
Utilities | | | 1.16 | |
Short-Term and Other Net Assets | | | 0.91 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Samsung Electronics Co. Ltd. | | | 21.07 | % |
Hyundai Motor Co. | | | 5.27 | |
POSCO | | | 4.30 | |
Hyundai Mobis Co. Ltd. | | | 3.07 | |
LG Chem Ltd. | | | 2.93 | |
Shinhan Financial Group Co. Ltd. | | | 2.92 | |
Kia Motors Corp. | | | 2.68 | |
Hynix Semiconductor Inc. | | | 2.49 | |
KB Financial Group Inc. | | | 2.39 | |
Samsung Electronics Co. Ltd. Preferred | | | 2.28 | |
| | | | |
TOTAL | | | 49.40 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 11 | |
Fund Performance Overview
iSHARES® MSCI TAIWAN INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (1.86)% | | (3.84)% | | (1.61)% | | 2.92% | | 3.38% | | 3.47% | | 4.86% | | 4.46% | | 5.67% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (1.86)% | | (3.84)% | | (1.61)% | | 15.46% | | 18.06% | | 18.59% | | 60.77% | | 54.74% | | 73.52% |
“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 spread as of the opening of 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 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 29, 2012, the total return for the Fund was 4.06%, net of fees, while the total return for the Index was 4.36%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Technology | | | 34.70 | % |
Industrial | | | 20.35 | |
Financial | | | 14.70 | |
Basic Materials | | | 12.79 | |
Communications | | | 8.75 | |
Consumer Cyclical | | | 5.95 | |
Consumer Non-Cyclical | | | 1.60 | |
Energy | | | 0.96 | |
Short-Term and Other Net Assets | | | 0.20 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 16.36 | % |
Hon Hai Precision Industry Co. Ltd. | | | 7.61 | |
HTC Corp. | | | 3.96 | |
Formosa Plastics Corp. | | | 2.96 | |
Chunghwa Telecom Co. Ltd. | | | 2.79 | |
China Steel Corp. | | | 2.79 | |
Nan Ya Plastics Corp. | | | 2.77 | |
MediaTek Inc. | | | 2.61 | |
Formosa Chemicals & Fibre Corp. | | | 2.16 | |
Cathay Financial Holding Co. Ltd. | | | 1.88 | |
| | | | |
TOTAL | | | 45.89 | % |
| | | | |
| | |
| 12 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI THAILAND INVESTABLE MARKET INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/29/12 | | Inception to 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 21.33% | | 19.73% | | 22.42% | | 12.99% | | 12.78% | | 13.55% | | 61.62% | | 60.47% | | 64.76% |
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 Thailand Investable Market Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was 10.59%, net of fees, while the total return for the Index was 10.86%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 31.90 | % |
Energy | | | 24.39 | |
Consumer Cyclical | | | 9.59 | |
Basic Materials | | | 9.51 | |
Communications | | | 7.64 | |
Consumer Non-Cyclical | | | 6.00 | |
Diversified | | | 4.48 | |
Industrial | | | 3.77 | |
Utilities | | | 2.20 | |
Technology | | | 0.20 | |
Short-Term and Other Net Assets | | | 0.32 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
PTT PCL NVDR | | | 10.79 | % |
PTT Exploration & Production PCL NVDR | | | 7.44 | |
Siam Commercial Bank PCL NVDR | | | 7.04 | |
Kasikornbank PCL Foreign | | | 6.05 | |
Bangkok Bank PCL Foreign | | | 5.66 | |
CP All PCL NVDR | | | 5.06 | |
Advanced Information Service PCL NVDR | | | 4.96 | |
Siam Cement PCL Foreign | | | 4.48 | |
PTT Global Chemical PCL NVDR | | | 4.31 | |
Charoen Pokphand Foods PCL NVDR | | | 3.79 | |
| | | | |
TOTAL | | | 59.58 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 13 | |
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, 2011 to February 29, 2012.
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
(9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a (9/1/11 to 2/29/12) | |
Australia | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,027.50 | | | | 0.52 | % | | $ | 2.62 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Hong Kong | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,054.10 | | | | 0.52 | | | | 2.66 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Japan Small Cap | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,001.20 | | | | 0.52 | | | | 2.59 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Malaysia | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,093.10 | | | | 0.52 | | | | 2.71 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
| | |
| 14 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning
Account Value
(9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a (9/1/11 to 2/29/12) | |
Pacific ex-Japan | | | | | | | | | | | | | | | | |
Actual | | | $1,000.00 | | | | $1,032.50 | | | | 0.50 | % | | | $2.53 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.50 | | | | 2.51 | |
Singapore | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,020.30 | | | | 0.52 | | | | 2.61 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
South Korea | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,066.90 | | | | 0.60 | | | | 3.08 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.90 | | | | 0.60 | | | | 3.02 | |
Taiwan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,040.60 | | | | 0.61 | | | | 3.09 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.61 | | | | 3.07 | |
Thailand Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,105.90 | | | | 0.60 | | | | 3.14 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.90 | | | | 0.60 | | | | 3.02 | |
| 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 (182 days) and divided by the number of days in the year (366 days). | |
Schedule of Investments (Unaudited)
iSHARES® MSCI AUSTRALIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.83% | |
| |
AIRLINES — 0.23% | | | | | |
Qantas Airways Ltd.a | | | 3,530,175 | | | $ | 6,598,529 | |
| | | | | | | | |
| | | | | | | 6,598,529 | |
BANKS — 29.82% | | | | | |
Australia and New Zealand Banking Group Ltd. | | | 8,345,975 | | | | 197,932,182 | |
Bendigo and Adelaide Bank Ltd. | | | 1,180,960 | | | | 9,863,237 | |
Commonwealth Bank of Australia | | | 4,993,065 | | | | 266,662,924 | |
National Australia Bank Ltd. | | | 6,982,305 | | | | 178,567,279 | |
Westpac Banking Corp. | | | 9,600,140 | | | | 216,784,716 | |
| | | | | | | | |
| | | | | | | 869,810,338 | |
BEVERAGES — 0.80% | | | | | |
Coca-Cola Amatil Ltd. | | | 1,804,715 | | | | 23,398,859 | |
| | | | | | | | |
| | | | | | | 23,398,859 | |
BIOTECHNOLOGY — 2.01% | | | | | |
CSL Ltd. | | | 1,657,700 | | | | 58,711,029 | |
| | | | | | | | |
| | | | | | | 58,711,029 | |
BUILDING MATERIALS — 0.76% | | | | | |
Boral Ltd. | | | 2,358,895 | | | | 11,214,143 | |
James Hardie Industries SE | | | 1,380,610 | | | | 10,934,018 | |
| | | | | | | | |
| | | | | | | 22,148,161 | |
CHEMICALS — 0.62% | | | | | |
Incitec Pivot Ltd. | | | 5,159,440 | | | | 18,172,931 | |
| | | | | | | | |
| | | | | | | 18,172,931 | |
COMMERCIAL SERVICES — 2.12% | | | | | |
Brambles Ltd. | | | 4,689,355 | | | | 36,682,294 | |
Transurban Group | | | 4,138,200 | | | | 25,038,269 | |
| | | | | | | | |
| | | | | | | 61,720,563 | |
COMPUTERS — 0.40% | | | | | |
Computershare Ltd. | | | 1,407,835 | | | | 11,773,282 | |
| | | | | | | | |
| | | | | | | 11,773,282 | |
DIVERSIFIED FINANCIAL SERVICES — 1.73% | |
ASX Ltd. | | | 554,785 | | | | 18,569,958 | |
Macquarie Group Ltd. | | | 1,104,125 | | | | 31,935,331 | |
| | | | | | | | |
| | | | | | | 50,505,289 | |
ELECTRIC — 2.66% | | | | | |
AGL Energy Ltd. | | | 1,471,965 | | | | 22,185,872 | |
Origin Energy Ltd. | | | 3,440,635 | | | | 50,594,294 | |
SP AusNet | | | 4,533,870 | | | | 4,874,128 | |
| | | | | | | | |
| | | | | | | 77,654,294 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENGINEERING & CONSTRUCTION — 1.24% | |
Leighton Holdings Ltd.b | | | 479,765 | | | $ | 13,244,156 | |
Sydney Airport | | | 1,178,981 | | | | 3,337,436 | |
WorleyParsons Ltd. | | | 612,260 | | | | 19,428,740 | |
| | | | | | | | |
| | | | | | | 36,010,332 | |
ENTERTAINMENT — 0.60% | | | | | |
Tabcorp Holdings Ltd. | | | 2,257,860 | | | | 6,659,850 | |
Tatts Group Ltd. | | | 4,247,100 | | | | 10,921,298 | |
| | | | | | | | |
| | | | | | | 17,581,148 | |
FOOD — 4.02% | | | | | |
Metcash Ltd. | | | 2,446,015 | | | | 11,205,462 | |
Woolworths Ltd. | | | 3,881,075 | | | | 106,132,645 | |
| | | | | | | | |
| | | | | | | 117,338,107 | |
HEALTH CARE — PRODUCTS — 0.41% | |
Cochlear Ltd. | | | 180,290 | | | | 11,907,781 | |
| | | | | | | | |
| | | | | | | 11,907,781 | |
HEALTH CARE — SERVICES — 0.81% | |
Ramsay Health Care Ltd. | | | 416,240 | | | | 8,252,484 | |
Sonic Healthcare Ltd. | | | 1,173,700 | | | | 15,268,220 | |
| | | | | | | | |
| | | | | | | 23,520,704 | |
INSURANCE — 4.91% | | | | | |
AMP Ltd. | | | 9,042,935 | | | | 39,179,473 | |
Insurance Australia Group Ltd. | | | 6,585,425 | | | | 23,551,393 | |
QBE Insurance Group Ltd. | | | 3,533,805 | | | | 44,480,874 | |
Suncorp Group Ltd. | | | 4,075,280 | | | | 36,017,666 | |
| | | | | | | | |
| | | | | | | 143,229,406 | |
IRON & STEEL — 0.81% | | | | | |
Fortescue Metals Group Ltd. | | | 3,945,205 | | | | 23,742,671 | |
| | | | | | | | |
| | | | | | | 23,742,671 | |
LODGING — 0.74% | | | | | |
Crown Ltd. | | | 1,269,290 | | | | 11,519,801 | |
Echo Entertainment Group Ltd. | | | 2,179,210 | | | | 10,124,471 | |
| | | | | | | | |
| | | | | | | 21,644,272 | |
MANUFACTURING — 0.47% | | | | | |
Campbell Brothers Ltd. | | | 213,565 | | | | 13,697,105 | |
| | | | | | | | |
| | | | | | | 13,697,105 | |
MEDIA — 0.21% | | | | | |
Fairfax Media Ltd.b | | | 7,106,330 | | | | 6,142,429 | |
| | | | | | | | |
| | | | | | | 6,142,429 | |
| | |
| 16 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRALIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
METAL FABRICATE & HARDWARE — 0.30% | |
Sims Metal Management Ltd. | | | 522,720 | | | $ | 8,697,504 | |
| | | | | | | | |
| | | | | | | 8,697,504 | |
MINING — 23.09% | | | | | |
Alumina Ltd. | | | 7,729,480 | | | | 11,441,307 | |
BHP Billiton Ltd. | | | 10,173,075 | | | | 396,793,232 | |
Iluka Resources Ltd. | | | 1,326,160 | | | | 23,928,595 | |
Lynas Corp. Ltd.a,b | | | 5,451,050 | | | | 7,185,298 | |
Newcrest Mining Ltd. | | | 2,424,840 | | | | 87,741,094 | |
Orica Ltd. | | | 1,153,130 | | | | 33,888,472 | |
OZ Minerals Ltd. | | | 1,001,880 | | | | 11,853,173 | |
Rio Tinto Ltd. | | | 1,380,610 | | | | 100,613,852 | |
| | | | | | | | |
| | | | | | | 673,445,023 | |
OIL & GAS — 4.64% | | | | | |
Caltex Australia Ltd. | | | 429,550 | | | | 6,386,118 | |
Santos Ltd. | | | 2,991,725 | | | | 46,611,356 | |
Woodside Petroleum Ltd. | | | 2,041,875 | | | | 82,156,822 | |
| | | | | | | | |
| | | | | | | 135,154,296 | |
PACKAGING & CONTAINERS — 1.02% | |
Amcor Ltd. | | | 3,872,000 | | | | 29,702,876 | |
| | | | | | | | |
| | | | | | | 29,702,876 | |
PIPELINES — 0.31% | | | | | |
APA Group | | | 1,721,225 | | | | 9,131,118 | |
| | | | | | | | |
| | | | | | | 9,131,118 | |
REAL ESTATE — 0.48% | | | | | |
BGP Holdings PLCa,c | | | 18,888,372 | | | | 2,527 | |
Lend Lease Group | | | 1,720,620 | | | | 13,924,243 | |
| | | | | | | | |
| | | | | | | 13,926,770 | |
REAL ESTATE INVESTMENT TRUSTS — 6.56% | | | | | |
CFS Retail Property Trust | | | 5,846,720 | | | | 11,244,421 | |
Dexus Property Group | | | 15,328,280 | | | | 14,822,494 | |
Goodman Group | | | 22,253,110 | | | | 16,589,932 | |
GPT Group | | | 5,495,820 | | | | 18,526,437 | |
Mirvac Group | | | 10,823,450 | | | | 14,033,040 | |
Stockland Corp. Ltd. | | | 7,350,750 | | | | 25,176,521 | |
Westfield Group | | | 6,948,425 | | | | 65,990,293 | |
Westfield Retail Trust | | | 9,190,555 | | | | 24,924,145 | |
| | | | | | | | |
| | | | | | | 191,307,283 | |
RETAIL — 3.57% | | | | | |
Harvey Norman Holdings Ltd. | | | 1,689,160 | | | | 3,777,861 | |
Wesfarmers Ltd. | | | 3,186,535 | | | | 100,188,180 | |
| | | | | | | | |
| | | | | | | 103,966,041 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TELECOMMUNICATIONS — 1.69% | | | | | |
Telstra Corp. Ltd. | | | 13,795,210 | | | $ | 49,186,630 | |
| | | | | | | | |
| | | | | | | 49,186,630 | |
TRANSPORTATION — 1.80% | | | | | |
Asciano Group | | | 3,089,739 | | | | 16,524,632 | |
QR National Ltd. | | | 5,410,515 | | | | 22,857,050 | |
Toll Holdings Ltd. | | | 2,158,035 | | | | 13,220,453 | |
| | | | | | | | |
| | | | | | | 52,602,135 | |
| | | | | | | | |
| |
TOTAL COMMON STOCKS | | | | | |
(Cost: $2,847,964,269) | | | | 2,882,426,906 | |
|
SHORT-TERM INVESTMENTS — 0.41% | |
| |
MONEY MARKET FUNDS — 0.41% | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.22%d,e,f | | | 10,998,138 | | | | 10,998,138 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%d,e,f | | | 813,389 | | | | 813,389 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%d,e | | | 143,551 | | | | 143,551 | |
| | | | | | | | |
| | | | | | | 11,955,078 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $11,955,078) | | | | 11,955,078 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.24% | | | | | |
(Cost: $2,859,919,347) | | | | 2,894,381,984 | |
Other Assets, Less
Liabilities — 0.76% | | | | 22,099,987 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 2,916,481,971 | |
| | | | | | | | |
| 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 17 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI HONG KONG INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.91% | |
| |
AIRLINES — 0.72% | | | | | |
Cathay Pacific Airways Ltd. | | | 7,215,000 | | | $ | 14,326,366 | |
| | | | | | | | |
| | | | | | | 14,326,366 | |
APPAREL — 0.88% | | | | | |
Yue Yuen Industrial (Holdings) Ltd. | | | 5,050,500 | | | | 17,386,999 | |
| | | | | | | | |
| | | | | | | 17,386,999 | |
BANKS — 9.23% | | | | | |
Bank of East Asia Ltd. (The)a | | | 9,812,610 | | | | 39,537,896 | |
BOC Hong Kong (Holdings) Ltd. | | | 23,089,500 | | | | 64,751,940 | |
Hang Seng Bank Ltd.a | | | 4,762,300 | | | | 66,684,604 | |
Wing Hang Bank Ltd.a | | | 1,271,000 | | | | 12,069,723 | |
| | | | | | | | |
| | | | | | | 183,044,163 | |
DISTRIBUTION & WHOLESALE — 4.16% | |
Li & Fung Ltd.a | | | 36,008,000 | | | | 82,641,464 | |
| | | | | | | | |
| | | | | | | 82,641,464 | |
DIVERSIFIED FINANCIAL SERVICES — 6.10% | |
Hong Kong Exchanges and Clearing Ltd. | | | 6,492,600 | | | | 121,050,319 | |
| | | | | | | | |
| | | | | | | 121,050,319 | |
ELECTRIC — 8.73% | | | | | |
CLP Holdings Ltd. | | | 12,274,700 | | | | 108,412,774 | |
Power Assets Holdings Ltd.a | | | 8,658,000 | | | | 64,859,368 | |
| | | | | | | | |
| | | | | | | 173,272,142 | |
FOOD — 0.82% | | | | | |
First Pacific Co. Ltd. | | | 14,430,000 | | | | 16,205,539 | |
| | | | | | | | |
| | | | | | | 16,205,539 | |
GAS — 3.90% | | | | | |
Hong Kong and China Gas Co. Ltd. (The)a | | | 30,317,871 | | | | 77,400,344 | |
| | | | | | | | |
| | | | | | | 77,400,344 | |
HOLDING COMPANIES — DIVERSIFIED — 1.58% | |
Cheung Kong Infrastructure Holdings Ltd.a | | | 2,886,000 | | | | 16,968,372 | |
NWS Holdings Ltd. | | | 8,658,000 | | | | 14,356,135 | |
| | | | | | | | |
| | | | | | | 31,324,507 | |
INSURANCE — 10.14% | | | | | |
AIA Group Ltd. | | | 53,072,800 | | | | 201,186,266 | |
| | | | | | | | |
| | | | | | | 201,186,266 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
LODGING — 7.35% | | | | | |
Galaxy Entertainment Group Ltd.a,b | | | 7,215,000 | | | $ | 17,824,232 | |
Sands China Ltd. | | | 15,587,600 | | | | 58,586,400 | |
Shangri-La Asia Ltd. | | | 8,658,000 | | | | 21,657,001 | |
SJM Holdings Ltd. | | | 10,416,000 | | | | 21,810,519 | |
Wynn Macau Ltd.a | | | 9,819,600 | | | | 25,892,030 | |
| | | | | | | | |
| | | | | | | 145,770,182 | |
REAL ESTATE — 32.30% | | | | | |
Cheung Kong (Holdings) Ltd. | | | 8,658,000 | | | | 126,592,983 | |
Hang Lung Group Ltd.a | | | 5,772,000 | | | | 39,146,331 | |
Hang Lung Properties Ltd. | | | 15,873,000 | | | | 60,068,408 | |
Henderson Land Development Co. Ltd. | | | 5,772,332 | | | | 36,245,931 | |
Hopewell Holdings Ltd.a | | | 3,607,742 | | | | 11,001,341 | |
Hysan Development Co. Ltd. | | | 4,329,000 | | | | 18,894,058 | |
Kerry Properties Ltd. | | | 4,329,000 | | | | 20,540,660 | |
New World Development Co. Ltd. | | | 23,088,800 | | | | 31,794,472 | |
Sino Land Co. Ltd.a | | | 17,315,999 | | | | 30,900,296 | |
Sun Hung Kai Properties Ltd. | | | 8,873,000 | | | | 136,600,977 | |
Swire Pacific Ltd. Class A | | | 4,329,000 | | | | 49,230,605 | |
Wharf (Holdings) Ltd. (The) | | | 9,587,150 | | | | 60,014,716 | |
Wheelock and Co. Ltd. | | | 5,772,357 | | | | 19,834,872 | |
| | | | | | | | |
| | | | | | | 640,865,650 | |
REAL ESTATE INVESTMENT TRUSTS — 2.73% | |
Link REIT (The)a | | | 14,437,500 | | | | 54,170,642 | |
| | | | | | | | |
| | | | | | | 54,170,642 | |
RETAIL — 7.21% | | | | | |
Hutchison Whampoa Ltd. | | | 13,404,800 | | | | 133,258,130 | |
Lifestyle International Holdings Ltd. | | | 3,607,500 | | | | 9,884,263 | |
| | | | | | | | |
| | | | | | | 143,142,393 | |
SEMICONDUCTORS — 0.92% | | | | | |
ASM Pacific Technology Ltd.a | | | 1,299,400 | | | | 18,312,263 | |
| | | | | | | | |
| | | | | | | 18,312,263 | |
TELECOMMUNICATIONS — 0.96% | | | | | |
Foxconn International Holdings Ltd.a,b | | | 12,987,000 | | | | 9,126,082 | |
HKT Trust and HKT Ltd.b | | | 606,326 | | | | 437,016 | |
PCCW Ltd. | | | 25,477,000 | | | | 9,427,774 | |
| | | | | | | | |
| | | | | | | 18,990,872 | |
| | |
| 18 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI HONG KONG INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
TRANSPORTATION — 2.18% | |
MTR Corp. Ltd. | | | 9,379,583 | | | $ | 33,378,869 | |
Orient Overseas International Ltd. | | | 1,443,200 | | | | 9,927,501 | |
| | | | | | | | |
| | | | | | | 43,306,370 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $1,907,288,110) | | | | 1,982,396,481 | |
|
SHORT-TERM INVESTMENTS — 7.97% | |
|
MONEY MARKET FUNDS — 7.97% | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 146,464,760 | | | | 146,464,760 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 10,832,091 | | | | 10,832,091 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.02%c,d | | | 833,450 | | | | 833,450 | |
| | | | | | | | |
| | | | | | | 158,130,301 | |
| | | | | | | | |
TOTAL SHORT-TERM
INVESTMENTS | |
(Cost: $158,130,301) | | | | 158,130,301 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 107.88% | | | | | |
(Cost: $2,065,418,411) | | | | 2,140,526,782 | |
Other Assets, Less
Liabilities — (7.88)% | | | | (156,276,458 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 1,984,250,324 | |
| | | | | | | | |
| 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 | | | 19 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.72% | |
| |
ADVERTISING — 0.38% | | | | | |
Asatsu-DK Inc. | | | 4,800 | | | $ | 138,177 | |
Moshi Moshi Hotline Inc. | | | 7,200 | | | | 72,498 | |
| | | | | | | | |
| | | | | | | 210,675 | |
AGRICULTURE — 0.26% | | | | | |
Hokuto Corp. | | | 3,600 | | | | 76,724 | |
Sakata Seed Corp. | | | 4,800 | | | | 66,894 | |
| | | | | | | | |
| | | | | | | 143,618 | |
AIRLINES — 0.06% | | | | | |
Skymark Airlines Inc. | | | 3,600 | | | | 32,335 | |
| | | | | | | | |
| | | | | | | 32,335 | |
APPAREL — 1.10% | | | | | |
Atsugi Co. Ltd. | | | 12,000 | | | | 15,419 | |
Descente Ltd. | | | 12,000 | | | | 61,972 | |
Gunze Ltd. | | | 24,000 | | | | 74,722 | |
Japan Wool Textile Co. Ltd. (The) | | | 12,000 | | | | 88,806 | |
Nagaileben Co. Ltd. | | | 1,200 | | | | 18,310 | |
Onward Holdings Co. Ltd. | | | 12,000 | | | | 94,885 | |
Sanyo Shokai Ltd. | | | 12,000 | | | | 32,320 | |
TSI Holdings Co. Ltd. | | | 10,800 | | | | 65,649 | |
Wacoal Holdings Corp. | | | 12,000 | | | | 150,482 | |
| | | | | | | | |
| | | | | | | 602,565 | |
AUTO MANUFACTURERS — 0.33% | | | | | |
Nissan Shatai Co. Ltd. | | | 12,000 | | | | 121,720 | |
ShinMaywa Industries Ltd. | | | 12,000 | | | | 57,820 | |
| | | | | | | | |
| | | | | | | 179,540 | |
AUTO PARTS & EQUIPMENT — 4.36% | | | | | |
Aisan Industry Co. Ltd. | | | 3,600 | | | | 32,958 | |
Akebono Brake Industry Co. Ltd. | | | 9,600 | | | | 50,289 | |
Calsonic Kansei Corp. | | | 24,000 | | | | 139,066 | |
Exedy Corp. | | | 4,800 | | | | 143,039 | |
FCC Co. Ltd. | | | 4,800 | | | | 112,439 | |
Futaba Industrial Co. Ltd. | | | 8,400 | | | | 50,126 | |
Keihin Corp. | | | 6,000 | | | | 121,349 | |
KYB Co. Ltd.a | | | 24,000 | | | | 131,950 | |
Musashi Seimitsu Industry Co. Ltd. | | | 3,600 | | | | 85,219 | |
Nifco Inc. | | | 6,000 | | | | 162,713 | |
Nippon Seiki Co. Ltd. | | | 2,000 | | | | 25,575 | |
Nissin Kogyo Co. Ltd. | | | 6,000 | | | | 101,631 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Press Kogyo Co. Ltd. | | | 12,000 | | | $ | 68,643 | |
Riken Corp. | | | 12,000 | | | | 50,704 | |
Sanden Corp. | | | 12,000 | | | | 42,698 | |
Sanoh Industrial Co. Ltd. | | | 1,200 | | | | 9,726 | |
Showa Corp.b | | | 7,200 | | | | 57,198 | |
T.RAD Co. Ltd. | | | 12,000 | | | | 47,887 | |
Tachi-S Co. Ltd. | | | 2,400 | | | | 48,510 | |
Takata Corp. | | | 4,800 | | | | 124,300 | |
Tokai Rika Co. Ltd. | | | 7,200 | | | | 126,938 | |
Topre Corp. | | | 7,200 | | | | 73,832 | |
Toyo Tire & Rubber Co. Ltd. | | | 24,000 | | | | 64,937 | |
TPR Co. Ltd. | | | 2,400 | | | | 33,773 | |
TS Tech Co. Ltd. | | | 6,000 | | | | 115,048 | |
Unipres Corp. | | | 4,800 | | | | 133,136 | |
Yokohama Rubber Co. Ltd. (The) | | | 36,000 | | | | 240,623 | |
| | | | | | | | |
| | | | | | | 2,394,307 | |
BANKS — 9.04% | | | | | |
77 Bank Ltd. (The) | | | 36,000 | | | | 158,784 | |
Aichi Bank Ltd. (The) | | | 1,200 | | | | 72,202 | |
Akita Bank Ltd. (The) | | | 24,000 | | | | 76,798 | |
Aomori Bank Ltd. (The) | | | 24,000 | | | | 76,501 | |
Awa Bank Ltd. (The) | | | 24,000 | | | | 153,299 | |
Bank of Iwate Ltd. (The) | | | 2,400 | | | | 108,673 | |
Bank of Nagoya Ltd. (The) | | | 24,000 | | | | 83,914 | |
Bank of Okinawa Ltd. (The) | | | 2,400 | | | | 99,778 | |
Bank of Saga Ltd. (The) | | | 24,000 | | | | 63,751 | |
Bank of the Ryukyus Ltd. | | | 6,000 | | | | 76,501 | |
Chiba Kogyo Bank Ltd. (The)b | | | 4,800 | | | | 27,042 | |
Daishi Bank Ltd. (The) | | | 48,000 | | | | 166,049 | |
Ehime Bank Ltd. (The) | | | 24,000 | | | | 71,757 | |
Eighteenth Bank Ltd. (The) | | | 24,000 | | | | 75,612 | |
FIDEA Holdings Co. Ltd. | | | 16,800 | | | | 44,833 | |
Fukui Bank Ltd. (The) | | | 36,000 | | | | 114,752 | |
Higashi-Nippon Bank Ltd. (The) | | | 24,000 | | | | 54,855 | |
Higo Bank Ltd. (The) | | | 24,000 | | | | 137,880 | |
Hokkoku Bank Ltd. (The) | | | 36,000 | | | | 136,546 | |
Hokuetsu Bank Ltd. (The) | | | 36,000 | | | | 76,946 | |
Hyakugo Bank Ltd. (The) | | | 36,000 | | | | 160,563 | |
Hyakujushi Bank Ltd. (The) | | | 36,000 | | | | 175,241 | |
Juroku Bank Ltd. (The) | | | 48,000 | | | | 166,642 | |
Kagoshima Bank Ltd. (The) | | | 24,000 | | | | 154,485 | |
Kansai Urban Banking Corp. | | | 36,000 | | | | 57,376 | |
| | |
| 20 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Keiyo Bank Ltd. (The) | | | 36,000 | | | $ | 172,128 | |
Kiyo Holdings Inc. | | | 84,000 | | | | 125,575 | |
Mie Bank Ltd. (The) | | | 12,000 | | | | 29,355 | |
Minato Bank Ltd. (The) | | | 24,000 | | | | 47,739 | |
Miyazaki Bank Ltd. (The) | | | 24,000 | | | | 66,123 | |
Musashino Bank Ltd. (The) | | | 3,600 | | | | 124,359 | |
Nanto Bank Ltd. (The) | | | 36,000 | | | | 176,130 | |
Ogaki Kyoritsu Bank Ltd. (The) | | | 36,000 | | | | 127,650 | |
Oita Bank Ltd. (The) | | | 24,000 | | | | 72,350 | |
San-in Godo Bank Ltd. (The) | | | 24,000 | | | | 184,136 | |
Sapporo Hokuyo Holdings Inc. | | | 33,600 | | | | 116,234 | |
Senshu Ikeda Holdings Inc. | | | 112,800 | | | | 165,841 | |
Shiga Bank Ltd. (The) | | | 36,000 | | | | 224,166 | |
Shikoku Bank Ltd. (The) | | | 24,000 | | | | 91,920 | |
Shimizu Bank Ltd. (The) | | | 1,200 | | | | 50,630 | |
Tochigi Bank Ltd. (The) | | | 12,000 | | | | 43,884 | |
Toho Bank Ltd. (The) | | | 24,000 | | | | 85,990 | |
Tokyo Tomin Bank Ltd. (The) | | | 4,800 | | | | 59,481 | |
TOMONY Holdings Inc. | | | 12,000 | | | | 57,228 | |
Towa Bank Ltd. (The) | | | 24,000 | | | | 28,169 | |
Tsukuba Bank Ltd. | | | 8,400 | | | | 30,096 | |
Yachiyo Bank Ltd. (The) | | | 2,400 | | | | 62,001 | |
Yamagata Bank Ltd. (The) | | | 24,000 | | | | 117,420 | |
Yamanashi Chuo Bank Ltd. (The) | | | 24,000 | | | | 112,676 | |
| | | | | | | | |
| | | | | | | 4,962,061 | |
BEVERAGES — 1.16% | | | | | |
Coca-Cola Central Japan Co. Ltd. | | | 1,200 | | | | 15,300 | |
Dydo Drinco Inc. | | | 200 | | | | 7,969 | |
ITO EN Ltd. | | | 4,800 | | | | 80,059 | |
Kagome Co. Ltd. | | | 10,800 | | | | 212,424 | |
KEY Coffee Inc. | | | 1,200 | | | | 22,120 | |
Mikuni Coca-Cola Bottling Co. Ltd. | | | 1,200 | | | | 10,245 | |
Sapporo Holdings Ltd. | | | 36,000 | | | | 133,877 | |
Takara Holdings Inc. | | | 24,000 | | | | 153,002 | |
| | | | | | | | |
| | | | | | | 634,996 | |
BIOTECHNOLOGY — 0.12% | | | | | |
JCR Pharmaceuticals Co. Ltd. | | | 1,200 | | | | 13,032 | |
OncoTherapy Science Inc.b | | | 12 | | | | 22,254 | |
Takara Bio Inc.b | | | 4,800 | | | | 28,999 | |
| | | | | | | | |
| | | | | | | 64,285 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BUILDING MATERIALS — 1.90% | | | | | |
Central Glass Co. Ltd. | | | 24,000 | | | $ | 109,118 | |
Chofu Seisakusho Co. Ltd. | | | 3,600 | | | | 87,976 | |
Nice Holdings Inc. | | | 2,000 | | | | 6,177 | |
Nichias Corp. | | | 12,000 | | | | 66,864 | |
Nichiha Corp. | | | 1,200 | | | | 13,803 | |
Noritz Corp. | | | 4,800 | | | | 89,726 | |
Sanwa Holdings Corp. | | | 36,000 | | | | 126,316 | |
Sumitomo Osaka Cement Co. Ltd. | | | 48,000 | | | | 145,886 | |
Taiheiyo Cement Corp. | | | 144,000 | | | | 309,563 | |
Takara Standard Co. Ltd. | | | 12,000 | | | | 89,548 | |
| | | | | | | | |
| | | | | | | 1,044,977 | |
CHEMICALS — 6.89% | | | | | |
Adeka Corp. | | | 13,200 | | | | 127,042 | |
Aica Kogyo Co. Ltd. | | | 8,400 | | | | 117,065 | |
Arisawa Manufacturing Co. Ltd. | | | 3,600 | | | | 15,078 | |
C. Uyemura & Co. Ltd. | | | 1,200 | | | | 45,738 | |
Chugoku Marine Paints Ltd. | | | 12,000 | | | | 82,876 | |
Dai Nippon Toryo Co. Ltd. | | | 12,000 | | | | 14,529 | |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | | | 12,000 | | | | 56,635 | |
Daiso Co. Ltd. | | | 12,000 | | | | 38,992 | |
DIC Corp. | | | 96,000 | | | | 198,073 | |
Earth Chemical Co. Ltd. | | | 2,400 | | | | 84,715 | |
Fujimi Inc. | | | 3,600 | | | | 47,813 | |
Ishihara Sangyo Kaisha Ltd.b | | | 48,000 | | | | 51,594 | |
Kinugawa Rubber Industrial Co. Ltd. | | | 2,000 | | | | 15,098 | |
Kureha Corp. | | | 24,000 | | | | 119,792 | |
Lintec Corp. | | | 7,200 | | | | 147,843 | |
Nihon Nohyaku Co. Ltd. | | | 12,000 | | | | 51,742 | |
Nihon Parkerizing Co. Ltd. | | | 12,000 | | | | 178,799 | |
Nippon Carbon Co. Ltd. | | | 24,000 | | | | 67,606 | |
Nippon Kayaku Co. Ltd. | | | 24,000 | | | | 226,538 | |
Nippon Paint Co. Ltd. | | | 24,000 | | | | 188,584 | |
Nippon Shokubai Co. Ltd. | | | 15,000 | | | | 177,724 | |
Nippon Soda Co. Ltd. | | | 24,000 | | | | 108,821 | |
Nippon Synthetic Chemical Industry Co. Ltd. (The) | | | 12,000 | | | | 73,091 | |
Nissan Chemical Industries Ltd. | | | 15,600 | | | | 156,116 | |
NOF Corp. | | | 24,000 | | | | 118,606 | |
S.T. Corp. | | | 1,200 | | | | 15,122 | |
Sakai Chemical Industry Co. Ltd. | | | 12,000 | | | | 48,332 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sanyo Chemical Industries Ltd. | | | 1,000 | | | $ | 6,832 | |
Stella Chemifa Corp. | | | 1,200 | | | | 32,320 | |
Sumitomo Bakelite Co. Ltd. | | | 24,000 | | | | 144,107 | |
T. Hasegawa Co. Ltd. | | | 1,200 | | | | 18,384 | |
Taiyo Ink Manufacturing Co. Ltd. | | | 2,400 | | | | 67,843 | |
Takasago International Corp. | | | 12,000 | | | | 56,635 | |
Toagosei Co. Ltd. | | | 36,000 | | | | 160,563 | |
Tokai Carbon Co. Ltd. | | | 24,000 | | | | 130,467 | |
Tokuyama Corp. | | | 36,000 | | | | 129,874 | |
Tokyo Ohka Kogyo Co. Ltd. | | | 6,000 | | | | 137,583 | |
Toyo Ink Manufacturing Co. Ltd. | | | 24,000 | | | | 99,333 | |
Zeon Corp. | | | 24,000 | | | | 226,538 | |
| | | | | | | | |
| | | | | | | 3,784,443 | |
COAL — 0.05% | | | | | |
Mitsui Matsushima Co. Ltd. | | | 12,000 | | | | 26,390 | |
| | | | | | | | |
| | | | | | | 26,390 | |
COMMERCIAL SERVICES — 2.03% | | | | | |
Aeon Delight Co. Ltd. | | | 2,400 | | | | 45,426 | |
Daiseki Co. Ltd. | | | 4,860 | | | | 85,443 | |
Duskin Co. Ltd. | | | 7,200 | | | | 146,864 | |
Future Architect Inc. | | | 24 | | | | 10,512 | |
Kyodo Printing Co. Ltd. | | | 12,000 | | | | 36,620 | |
Kyoritsu Maintenance Co. Ltd. | | | 1,200 | | | | 24,507 | |
Meitec Corp. | | | 4,800 | | | | 97,079 | |
Nichii Gakkan Co. | | | 7,200 | | | | 84,329 | |
Nihon M&A Center Inc. | | | 1 | | | | 4,849 | |
Nishio Rent All Co. Ltd. | | | 3,600 | | | | 42,031 | |
PARK24 Co. Ltd. | | | 14,400 | | | | 177,732 | |
Pasona Group Inc. | | | 48 | | | | 42,698 | |
Pronexus Inc. | | | 2,400 | | | | 12,306 | |
Sohgo Security Services Co. Ltd. | | | 9,600 | | | | 114,692 | |
Temp Holdings Co. Ltd. | | | 1,200 | | | | 11,624 | |
TKC Corp. | | | 3,600 | | | | 73,477 | |
Toppan Forms Co. Ltd. | | | 8,400 | | | | 72,231 | |
Weathernews Inc. | | | 1,200 | | | | 31,564 | |
| | | | | | | | |
| | | | | | | 1,113,984 | |
COMPUTERS — 1.28% | | | | | |
DTS Corp. | | | 3,600 | | | | 47,057 | |
Ferrotec Corp. | | | 3,600 | | | | 46,523 | |
Ines Corp. | | | 3,600 | | | | 28,643 | |
Japan Digital Laboratory Co. Ltd. | | | 1,200 | | | | 14,129 | |
Melco Holdings Inc. | | | 1,200 | | | | 30,482 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Net One Systems Co. Ltd. | | | 60 | | | $ | 148,703 | |
NS Solutions Corp. | | | 2,400 | | | | 47,057 | |
OBIC Co. Ltd. | | | 720 | | | | 138,147 | |
Roland DG Corp. | | | 1,200 | | | | 14,989 | |
SCSK Corp. | | | 6,256 | | | | 96,228 | |
Wacom Co. Ltd. | | | 48 | | | | 87,947 | |
| | | | | | | | |
| | | | | | | 699,905 | |
COSMETICS & PERSONAL CARE — 1.21% | |
Aderans Co. Ltd.b | | | 3,600 | | | | 43,588 | |
Dr. Ci:Labo Co. Ltd. | | | 12 | | | | 56,264 | |
Fancl Corp. | | | 6,000 | | | | 79,392 | |
Kose Corp. | | | 4,800 | | | | 107,813 | |
Lion Corp. | | | 24,000 | | | | 136,990 | |
Mandom Corp. | | | 2,400 | | | | 59,274 | |
Milbon Co. Ltd. | | | 1,200 | | | | 34,678 | |
Pigeon Corp. | | | 2,400 | | | | 84,774 | |
Pola Orbis Holdings Inc. | | | 2,400 | | | | 62,683 | |
| | | | | | | | |
| | | | | | | 665,456 | |
DISTRIBUTION & WHOLESALE — 1.98% | |
Canon Marketing Japan Inc. | | | 6,000 | | | | 74,500 | |
Daiwabo Holdings Co. Ltd. | | | 24,000 | | | | 54,262 | |
Doshisha Co. Ltd. | | | 1,200 | | | | 33,165 | |
Hakuto Co. Ltd. | | | 1,200 | | | | 12,217 | |
Inabata & Co. Ltd. | | | 3,600 | | | | 23,173 | |
Itochu Enex Co. Ltd. | | | 10,800 | | | | 63,914 | |
Iwatani Corp. | | | 24,000 | | | | 82,431 | |
Japan Pulp & Paper Co. Ltd. | | | 12,000 | | | | 43,588 | |
Kanematsu Corp.b | | | 72,000 | | | | 78,280 | |
Matsuda Sangyo Co. Ltd. | | | 2,460 | | | | 40,575 | |
Mitsuuroko Holdings Co. Ltd. | | | 1,200 | | | | 7,917 | |
Nagase & Co. Ltd. | | | 12,000 | | | | 140,252 | |
Nippon Gas Co. Ltd. | | | 4,800 | | | | 75,552 | |
Paltac Corp. | | | 1,800 | | | | 24,574 | |
Ryoyo Electro Corp. | | | 1,200 | | | | 13,195 | |
Sankyo-Tateyama Holdings Inc.b | | | 36,000 | | | | 63,603 | |
Ship Healthcare Holdings Inc. | | | 4,800 | | | | 93,047 | |
Trusco Nakayama Corp. | | | 3,600 | | | | 74,099 | |
Yamazen Corp. | | | 8,400 | | | | 67,042 | |
Yuasa Trading Co. Ltd. | | | 12,000 | | | | 20,311 | |
| | | | | | | | |
| | | | | | | 1,085,697 | |
| | |
| 22 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
DIVERSIFIED FINANCIAL SERVICES — 2.27% | |
AIFUL Corp.b | | | 17,400 | | | $ | 30,311 | |
Century Tokyo Leasing Corp. | | | 7,280 | | | | 143,819 | |
Fuyo General Lease Co. Ltd. | | | 2,400 | | | | 86,138 | |
GCA Savvian Group Corp. | | | 12 | | | | 15,953 | |
Hitachi Capital Corp. | | | 6,000 | | | | 93,254 | |
IBJ Leasing Co. Ltd. | | | 2,400 | | | | 55,834 | |
Ichiyoshi Securities Co. Ltd. | | | 7,200 | | | | 49,904 | |
Jaccs Co. Ltd. | | | 24,000 | | | | 82,135 | |
Japan Securities Finance Co. Ltd. | | | 13,200 | | | | 79,585 | |
Kenedix Inc.a,b | | | 312 | | | | 57,204 | |
Marusan Securities Co. Ltd. | | | 10,800 | | | | 50,704 | |
Okasan Securities Group Inc. | | | 24,000 | | | | 98,443 | |
Orient Corp.b | | | 36,000 | | | | 39,140 | |
Osaka Securities Exchange Co. Ltd. | | | 36 | | | | 204,596 | |
Ricoh Leasing Co. Ltd. | | | 2,400 | | | | 57,524 | |
SPARX Group Co. Ltd.b | | | 108 | | | | 10,875 | |
Tokai Tokyo Financial Holdings Inc. | | | 24,000 | | | | 90,437 | |
| | | | | | | | |
| | | | | | | 1,245,856 | |
ELECTRIC — 0.20% | | | | | |
Japan Wind Development Co. Ltd.b | | | 12 | | | | 10,941 | |
Okinawa Electric Power Co. Inc. (The) | | | 2,400 | | | | 99,778 | |
| | | | | | | | |
| | | | | | | 110,719 | |
ELECTRICAL COMPONENTS &
EQUIPMENT — 1.00% | |
Fujikura Ltd. | | | 48,000 | | | | 167,235 | |
Funai Electric Co. Ltd. | | | 2,400 | | | | 56,486 | |
HI-LEX Corp. | | | 2,400 | | | | 42,076 | |
Hitachi Cable Ltd.b | | | 24,000 | | | | 57,524 | |
Icom Inc. | | | 1,200 | | | | 29,711 | |
Nippon Signal Co. Ltd. (The) | | | 6,000 | | | | 37,954 | |
Nissin Electric Co. Ltd. | | | 1,000 | | | | 6,696 | |
NPC Inc.a | | | 1,200 | | | | 6,924 | |
Sinfonia Technology Co. Ltd. | | | 12,000 | | | | 27,428 | |
SWCC Showa Holdings Co. Ltd.b | | | 24,000 | | | | 24,314 | |
Takaoka Electric Manufacturing Co. Ltd.a | | | 12,000 | | | | 36,027 | |
Tokyo Rope Manufacturing Co. Ltd. | | | 24,000 | | | | 54,262 | |
| | | | | | | | |
| | | | | | | 546,637 | |
ELECTRONICS — 5.99% | | | | | |
Alps Electric Co. Ltd. | | | 24,000 | | | | 215,567 | |
Anritsu Corp. | | | 12,000 | | | | 145,145 | |
Chiyoda Integre Co. Ltd. | | | 2,400 | | | | 28,910 | |
CMK Corp.b | | | 7,200 | | | | 40,563 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Cosel Co. Ltd. | | | 3,600 | | | $ | 52,795 | |
Dai-ichi Seiko Co. Ltd. | | | 1,200 | | | | 37,005 | |
Dainippon Screen Manufacturing Co. Ltd. | | | 24,000 | | | | 203,113 | |
Eizo Nanao Corp. | | | 2,400 | | | | 52,839 | |
Enplas Corp. | | | 1,200 | | | | 26,316 | |
FDK Corp.b | | | 12,000 | | | | 13,195 | |
Fujitsu General Ltd. | | | 12,000 | | | | 75,315 | |
Furuno Electric Co. Ltd. | | | 4,800 | | | | 25,263 | |
Futaba Corp. | | | 4,800 | | | | 80,771 | |
HORIBA Ltd. | | | 4,800 | | | | 153,358 | |
Hosiden Corp. | | | 9,600 | | | | 74,366 | |
IDEC Corp. | | | 2,400 | | | | 24,522 | |
Inaba Denki Sangyo Co. Ltd. | | | 3,600 | | | | 108,169 | |
Japan Aviation Electronics Industry Ltd. | | | 12,000 | | | | 97,702 | |
JEOL Ltd. | | | 12,000 | | | | 34,248 | |
Kaga Electronics Co. Ltd. | | | 4,800 | | | | 50,586 | |
Koa Corp. | | | 6,000 | | | | 64,418 | |
Kuroda Electric Co. Ltd. | | | 4,800 | | | | 50,645 | |
Macnica Inc. | | | 2,400 | | | | 56,723 | |
MARUWA Co. Ltd. | | | 1,200 | | | | 50,334 | |
Meiko Electronics Co. Ltd.b | | | 1,200 | | | | 16,724 | |
Minebea Co. Ltd. | | | 48,000 | | | | 225,945 | |
Mitsumi Electric Co. Ltd. | | | 9,600 | | | | 92,157 | |
Nichicon Corp. | | | 7,200 | | | | 88,955 | |
Nihon Dempa Kogyo Co. Ltd. | | | 2,400 | | | | 33,832 | |
Nippon Ceramic Co. Ltd. | | | 1,200 | | | | 22,491 | |
Nissha Printing Co. Ltd. | | | 3,600 | | | | 51,371 | |
Nitto Kogyo Corp. | | | 4,800 | | | | 54,559 | |
Ryosan Co. Ltd. | | | 4,800 | | | | 98,680 | |
Sanshin Electronics Co. Ltd. | | | 4,800 | | | | 45,841 | |
Sanyo Denki Co. Ltd. | | | 12,000 | | | | 76,353 | |
Shinko Shoji Co. Ltd. | | | 2,400 | | | | 21,646 | |
SIIX Corp. | | | 1,200 | | | | 17,228 | |
Sodick Co. Ltd. | | | 4,800 | | | | 27,102 | |
Star Micronics Co. Ltd. | | | 6,000 | | | | 59,822 | |
Taiyo Yuden Co. Ltd. | | | 12,000 | | | | 125,130 | |
Tamura Corp. | | | 12,000 | | | | 34,989 | |
TOKO Inc.b | | | 12,000 | | | | 28,021 | |
Tokyo Seimitsu Co. Ltd. | | | 4,800 | | | | 104,077 | |
Toyo Corp. | | | 4,800 | | | | 52,839 | |
ULVAC Inc.b | | | 4,800 | | | | 57,939 | |
Yamatake Corp. | | | 8,400 | | | | 193,758 | |
| | | | | | | | |
| | | | | | | 3,291,327 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENGINEERING & CONSTRUCTION — 4.21% | |
Chudenko Corp. | | | 4,800 | | | $ | 51,060 | |
COMSYS Holdings Corp. | | | 14,400 | | | | 156,916 | |
Fudo Tetra Corp.b | | | 14,400 | | | | 28,288 | |
Hibiya Engineering Ltd. | | | 1,200 | | | | 13,091 | |
Japan Airport Terminal Co. Ltd. | | | 6,000 | | | | 80,504 | |
Kandenko Co. Ltd. | | | 12,000 | | | | 63,158 | |
Kyowa Exeo Corp. | | | 12,000 | | | | 110,304 | |
Maeda Corp. | | | 24,000 | | | | 95,182 | |
Maeda Road Construction Co. Ltd. | | | 12,000 | | | | 142,031 | |
MIRAIT Holdings Corp. | | | 6,000 | | | | 46,108 | |
NEC Networks & System Integration Corp. | | | 1,200 | | | | 17,005 | |
Nippo Corp. | | | 12,000 | | | | 130,022 | |
Nippon Koei Co. Ltd. | | | 12,000 | | | | 44,033 | |
Nippon Road Co. Ltd. (The) | | | 12,000 | | | | 49,370 | |
Nishimatsu Construction Co. Ltd. | | | 36,000 | | | | 85,841 | |
Okumura Corp. | | | 24,000 | | | | 95,182 | |
Penta-Ocean Construction Co. Ltd.a | | | 42,000 | | | | 141,141 | |
Shinko Plantech Co. Ltd. | | | 6,000 | | | | 52,928 | |
SHO-BOND Holdings Co. Ltd. | | | 3,600 | | | | 82,906 | |
Taihei Dengyo Kaisha Ltd. | | | 1,000 | | | | 7,734 | |
Taihei Kogyo Co. Ltd. | | | 12,000 | | | | 62,565 | |
Taikisha Ltd. | | | 4,800 | | | | 96,427 | |
Takasago Thermal Engineering Co. Ltd. | | | 9,600 | | | | 78,280 | |
Takuma Co. Ltd.b | | | 12,000 | | | | 59,451 | |
Toa Corp. | | | 24,000 | | | | 49,815 | |
Toda Corp. | | | 36,000 | | | | 129,874 | |
Tokyu Construction Co. Ltd. | | | 15,120 | | | | 40,910 | |
Toshiba Plant Systems & Services Corp. | | | 12,000 | | | | 138,325 | |
Toyo Construction Co. Ltd. | | | 48,000 | | | | 48,629 | |
Toyo Engineering Corp. | | | 24,000 | | | | 104,967 | |
Yahagi Construction Co. Ltd. | | | 2,400 | | | | 12,157 | |
| | | | | | | | |
| | | | | | | 2,314,204 | |
ENTERTAINMENT — 0.99% | | | | | |
Avex Group Holdings Inc. | | | 6,000 | | | | 73,239 | |
Heiwa Corp. | | | 6,000 | | | | 116,753 | |
Mars Engineering Corp. | | | 1,200 | | | | 23,054 | |
Shochiku Co. Ltd. | | | 12,000 | | | | 112,676 | |
Toei Co. Ltd. | | | 12,000 | | | | 59,303 | |
Tokyotokeiba Co. Ltd. | | | 24,000 | | | | 37,658 | |
Universal Entertainment Corp. | | | 3,600 | | | | 80,015 | |
Yomiuri Land Co. Ltd. | | | 12,000 | | | | 39,437 | |
| | | | | | | | |
| | | | | | | 542,135 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENVIRONMENTAL CONTROL — 0.43% | | | | | |
Asahi Holdings Inc. | | | 3,600 | | | $ | 74,633 | |
Hitachi Zosen Corp. | | | 108,000 | | | | 145,441 | |
Oyo Corp. | | | 1,200 | | | | 14,781 | |
| | | | | | | | |
| | | | | | | 234,855 | |
FOOD — 3.94% | | | | | |
Ariake Japan Co. Ltd. | | | 3,600 | | | | 71,520 | |
Calbee Inc.a | | | 2,400 | | | | 112,676 | |
Ezaki Glico Co. Ltd. | | | 12,000 | | | | 133,729 | |
Fuji Oil Co. Ltd. | | | 8,400 | | | | 115,923 | |
House Foods Corp. | | | 9,600 | | | | 167,591 | |
Itoham Foods Inc. | | | 24,000 | | | | 95,182 | |
J-Oil Mills Inc. | | | 12,000 | | | | 35,285 | |
Kasumi Co. Ltd. | | | 2,400 | | | | 15,597 | |
Kato Sangyo Co. Ltd. | | | 3,600 | | | | 69,207 | |
Kewpie Corp. | | | 14,400 | | | | 199,259 | |
Marudai Food Co. Ltd. | | | 12,000 | | | | 46,998 | |
Maruha Nichiro Holdings Inc. | | | 60,000 | | | | 106,004 | |
MEGMILK SNOW BRAND Co. Ltd. | | | 6,000 | | | | 108,006 | |
Meito Sangyo Co. Ltd. | | | 1,200 | | | | 15,019 | |
Mitsubishi Shokuhin Co. Ltd. | | | 1,200 | | | | 31,297 | |
Mitsui Sugar Co. Ltd. | | | 12,000 | | | | 41,809 | |
Morinaga & Co. Ltd. | | | 36,000 | | | | 85,841 | |
Morinaga Milk Industry Co. Ltd. | | | 24,000 | | | | 89,251 | |
Nichirei Corp. | | | 36,000 | | | | 170,348 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | | | 24,000 | | | | 57,821 | |
Nippon Flour Mills Co. Ltd. | | | 24,000 | | | | 110,304 | |
Nippon Suisan Kaisha Ltd. | | | 33,600 | | | | 116,649 | |
Nisshin OilliO Group Ltd. (The) | | | 24,000 | | | | 100,815 | |
Prima Meat Packers Ltd. | | | 24,000 | | | | 39,733 | |
Yokohama Reito Co. Ltd. | | | 2,400 | | | | 18,503 | |
Yonekyu Corp. | | | 1,200 | | | | 10,941 | |
| | | | | | | | |
| | | | | | | 2,165,308 | |
FOREST PRODUCTS & PAPER — 0.81% | |
Chuetsu Pulp & Paper Co. Ltd. | | | 12,000 | | | | 26,242 | |
Daio Paper Corp. | | | 12,000 | | | | 79,170 | |
Hokuetsu Kishu Paper Co. Ltd. | | | 18,000 | | | | 117,865 | |
Mitsubishi Paper Mills Ltd.a,b | | | 48,000 | | | | 48,628 | |
Sumitomo Forestry Co. Ltd. | | | 19,200 | | | | 175,300 | |
| | | | | | | | |
| | | | | | | 447,205 | |
| | |
| 24 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
GAS — 0.07% | | | | | |
Shizuoka Gas Co. Ltd. | | | 6,000 | | | $ | 40,474 | |
| | | | | | | | |
| | | | | | | 40,474 | |
HAND & MACHINE TOOLS — 1.43% | | | | | |
Asahi Diamond Industrial Co. Ltd. | | | 6,000 | | | | 80,504 | |
DISCO Corp. | | | 3,600 | | | | 200,816 | |
Hitachi Koki Co. Ltd. | | | 8,400 | | | | 76,798 | |
Meidensha Corp. | | | 24,000 | | | | 90,734 | |
Mori Seiki Co. Ltd. | | | 13,200 | | | | 133,076 | |
OSG Corp. | | | 10,800 | | | | 159,051 | |
Union Tool Co. | | | 2,400 | | | | 45,515 | |
| | | | | | | | |
| | | | | | | 786,494 | |
HEALTH CARE — PRODUCTS — 0.84% | | | | | |
AS ONE Corp. | | | 1,200 | | | | 26,078 | |
Asahi Intecc Co. Ltd. | | | 1,200 | | | | 29,162 | |
Hogy Medical Co. Ltd. | | | 1,200 | | | | 51,001 | |
Nihon Kohden Corp. | | | 4,800 | | | | 123,588 | |
Nipro Corp.a | | | 14,400 | | | | 110,482 | |
Paramount Bed Holdings Co. Ltd.b | | | 2,400 | | | | 62,150 | |
Topcon Corp. | | | 9,600 | | | | 57,168 | |
| | | | | | | | |
| | | | | | | 459,629 | |
HEALTH CARE — SERVICES — 0.30% | | | | | |
Ain Pharmaciez Inc. | | | 1,200 | | | | 54,485 | |
CMIC Holdings Co. Ltd. | | | 1,200 | | | | 18,132 | |
EPS Co. Ltd. | | | 24 | | | | 51,327 | |
Message Co. Ltd. | | | 12 | | | | 38,102 | |
| | | | | | | | |
| | | | | | | 162,046 | |
HOME BUILDERS — 0.55% | | | | | |
Haseko Corp.b | | | 168,000 | | | | 124,537 | |
PanaHome Corp. | | | 12,000 | | | | 81,097 | |
SxL Corp.b | | | 12,000 | | | | 26,390 | |
Takamatsu Construction Group Co. Ltd. | | | 1,200 | | | | 19,229 | |
Token Corp. | | | 1,320 | | | | 49,088 | |
| | | | | | | | |
| | | | | | | 300,341 | |
HOME FURNISHINGS — 1.30% | | | | | |
Alpine Electronics Inc. | | | 6,000 | | | | 80,949 | |
Canon Electronics Inc. | | | 3,600 | | | | 89,133 | |
Clarion Co. Ltd.b | | | 12,000 | | | | 25,500 | |
Corona Corp. | | | 1,200 | | | | 18,458 | |
Foster Electric Co. Ltd. | | | 2,400 | | | | 38,903 | |
France Bed Holdings Co. Ltd. | | | 24,000 | | | | 48,629 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hoshizaki Electric Co. Ltd. | | | 3,600 | | | $ | 77,124 | |
JVC Kenwood Corp.b | | | 18,040 | | | | 84,026 | |
Nidec Sankyo Corp. | | | 12,000 | | | | 78,873 | |
Pioneer Corp.b | | | 33,600 | | | | 172,276 | |
| | | | | | | | |
| | | | | | | 713,871 | |
HOUSEHOLD PRODUCTS & WARES — 0.31% | |
Kokuyo Co. Ltd. | | | 14,400 | | | | 104,255 | |
Mitsubishi Pencil Co. Ltd. | | | 1,200 | | | | 20,533 | |
Pilot Corp. | | | 24 | | | | 46,405 | |
| | | | | | | | |
| | | | | | | 171,193 | |
HOUSEWARES — 0.30% | | | | | |
Noritake Co. Ltd. | | | 12,000 | | | | 39,436 | |
Sangetsu Co. Ltd. | | | 4,800 | | | | 125,545 | |
| | | | | | | | |
| | | | | | | 164,981 | |
INTERNET — 2.10% | | | | | |
Access Co. Ltd.b | | | 36 | | | | 16,234 | |
Bit-Isle Inc. | | | 2,400 | | | | 27,072 | |
CyberAgent Inc. | | | 72 | | | | 207,354 | |
Digital Garage Inc.b | | | 24 | | | | 62,268 | |
Dwango Co. Ltd. | | | 12 | | | | 19,170 | |
eAccess Ltd. | | | 240 | | | | 60,193 | |
En-Japan Inc.b | | | 24 | | | | 25,145 | |
GMO Internet Inc. | | | 8,400 | | | | 40,371 | |
Gurunavi Inc. | | | 2,400 | | | | 27,961 | |
Internet Initiative Japan Inc. | | | 12 | | | | 38,028 | |
kabu.com Securities Co. Ltd. | | | 12,000 | | | | 45,812 | |
Kakaku.com Inc. | | | 4,800 | | | | 140,726 | |
Macromill Inc. | | | 2,400 | | | | 23,484 | |
Matsui Securities Co. Ltd. | | | 6,000 | | | | 37,658 | |
Mixi Inc.a | | | 12 | | | | 36,175 | |
Monex Group Inc. | | | 168 | | | | 35,970 | |
So-net Entertainment Corp. | | | 24 | | | | 94,292 | |
So-net M3 Inc. | | | 24 | | | | 89,696 | |
Start Today Co. Ltd. | | | 6,000 | | | | 109,933 | |
VeriSign Japan K.K. | | | 48 | | | | 17,204 | |
| | | | | | | | |
| | | | | | | 1,154,746 | |
IRON & STEEL — 1.23% | | | | | |
Aichi Steel Corp. | | | 12,000 | | | | 64,789 | |
Godo Steel Ltd. | | | 24,000 | | | | 62,861 | |
Kyoei Steel Ltd. | | | 2,400 | | | | 43,054 | |
Mitsubishi Steel Manufacturing Co. Ltd. | | | 24,000 | | | | 77,094 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Nippon Koshuha Steel Co. Ltd. | | | 12,000 | | | $ | 15,419 | |
Nippon Metal Industry Co. Ltd.b | | | 24,000 | | | | 22,832 | |
Nippon Yakin Kogyo Co. Ltd.b | | | 18,000 | | | | 33,803 | |
Osaka Steel Co. Ltd. | | | 1,200 | | | | 22,372 | |
Sanyo Special Steel Co. Ltd. | | | 12,000 | | | | 64,047 | |
Tokyo Steel Manufacturing Co. Ltd. | | | 10,800 | | | | 91,001 | |
TOPY Industries Ltd. | | | 24,000 | | | | 69,385 | |
Yodogawa Steel Works Ltd. | | | 24,000 | | | | 107,635 | |
| | | | | | | | |
| | | | | | | 674,292 | |
LEISURE TIME — 1.04% | | | | | |
Accordia Golf Co. Ltd. | | | 108 | | | | 82,861 | |
Daiichikosho Co. Ltd. | | | 6,000 | | | | 121,571 | |
Fields Corp. | | | 24 | | | | 36,798 | |
H.I.S. Co. Ltd. | | | 3,600 | | | | 94,648 | |
Mizuno Corp. | | | 12,000 | | | | 64,937 | |
PGM Holdings K.K. | | | 36 | | | | 23,173 | |
Roland Corp. | | | 3,600 | | | | 35,270 | |
Round One Corp. | | | 7,200 | | | | 47,235 | |
Tokyo Dome Corp.a,b | | | 24,000 | | | | 67,013 | |
| | | | | | | | |
| | | | | | | 573,506 | |
LODGING — 0.21% | | | | | |
Fujita Kanko Inc. | | | 12,000 | | | | 43,143 | |
Resorttrust Inc. | | | 4,800 | | | | 74,603 | |
| | | | | | | | |
| | | | | | | 117,746 | |
MACHINERY — 4.23% | | | | | |
Aichi Corp. | | | 1,200 | | | | 5,352 | |
Aida Engineering Ltd. | | | 9,600 | | | | 56,694 | |
Chugai Ro Co. Ltd. | | | 12,000 | | | | 45,812 | |
CKD Corp. | | | 7,200 | | | | 53,373 | |
Daifuku Co. Ltd. | | | 12,000 | | | | 69,978 | |
Daihen Corp. | | | 12,000 | | | | 44,181 | |
Daiwa Industries Ltd. | | | 12,000 | | | | 64,047 | |
Denyo Co. Ltd. | | | 1,200 | | | | 15,167 | |
Ebara Corp. | | | 60,000 | | | | 217,939 | |
Fuji Machine Manufacturing Co. Ltd. | | | 4,800 | | | | 100,341 | |
Furukawa Co. Ltd.b | | | 48,000 | | | | 48,036 | |
Harmonic Drive Systems Inc. | | | 1,200 | | | | 28,465 | |
Iseki & Co. Ltd.b | | | 24,000 | | | | 59,896 | |
Juki Corp. | | | 24,000 | | | | 52,780 | |
Komori Corp. | | | 9,600 | | | | 72,706 | |
Makino Milling Machine Co. Ltd. | | | 12,000 | | | | 90,586 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Max Co. Ltd. | | | 12,000 | | | $ | 153,892 | |
Miura Co. Ltd. | | | 3,600 | | | | 98,740 | |
Modec Inc. | | | 3,600 | | | | 74,989 | |
Nippon Sharyo Ltd. | | | 12,000 | | | | 53,076 | |
Nippon Thompson Co. Ltd. | | | 12,000 | | | | 77,984 | |
Obara Group Inc. | | | 2,400 | | | | 31,431 | |
Okuma Corp. | | | 24,000 | | | | 200,445 | |
Shima Seiki Manufacturing Ltd. | | | 3,600 | | | | 67,872 | |
Sintokogio Ltd. | | | 7,200 | | | | 74,366 | |
Tadano Ltd. | | | 16,000 | | | | 111,292 | |
Torishima Pump Manufacturing Co. Ltd. | | | 2,400 | | | | 32,172 | |
Toshiba Machine Co. Ltd. | | | 12,000 | | | | 63,306 | |
Toyo Kanetsu K.K. | | | 24,000 | | | | 56,041 | |
Tsubakimoto Chain Co. | | | 24,000 | | | | 141,438 | |
Tsugami Corp. | | | 8,000 | | | | 61,675 | |
| | | | | | | | |
| | | | | | | 2,324,072 | |
MANUFACTURING — 1.50% | | | | | |
Amano Corp. | | | 9,600 | | | | 88,006 | |
Bando Chemical Industries Ltd. | | | 12,000 | | | | 47,591 | |
Glory Ltd. | | | 9,600 | | | | 204,122 | |
Japan Cash Machine Co. Ltd. | | | 1,200 | | | | 9,311 | |
JSP Corp. | | | 1,200 | | | | 18,532 | |
Nikkiso Co. Ltd. | | | 12,000 | | | | 112,676 | |
Nippon Valqua Industries Ltd. | | | 12,000 | | | | 35,730 | |
Nitta Corp. | | | 3,600 | | | | 63,069 | |
Noritsu Koki Co. Ltd.b | | | 1,200 | | | | 6,301 | |
Shin-Etsu Polymer Co. Ltd. | | | 2,400 | | | | 12,038 | |
Tamron Co. Ltd. | | | 2,400 | | | | 70,215 | |
Tenma Corp. | | | 4,800 | | | | 50,586 | |
Tokai Rubber Industries Ltd. | | | 4,800 | | | | 59,540 | |
Toyo Tanso Co. Ltd. | | | 1,200 | | | | 47,368 | |
| | | | | | | | |
| | | | | | | 825,085 | |
MEDIA — 0.46% | | | | | |
Gakken Holdings Co. Ltd. | | | 12,000 | | | | 25,352 | |
Kadokawa Group Holdings Inc.a | | | 2,400 | | | | 75,434 | |
SKY Perfect JSAT Holdings Inc. | | | 240 | | | | 112,528 | |
Tohokushinsha Film Corp. | | | 1,200 | | | | 8,391 | |
Tokyo Broadcasting System Holdings Inc. | | | 1,200 | | | | 17,050 | |
USEN Corp.b | | | 15,840 | | | | 10,959 | |
| | | | | | | | |
| | | | | | | 249,714 | |
| | |
| 26 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
METAL FABRICATE & HARDWARE — 1.99% | |
Hanwa Co. Ltd. | | | 24,000 | | | $ | 112,379 | |
JFE Shoji Holdings Inc. | | | 12,000 | | | | 60,193 | |
Kitz Corp. | | | 12,000 | | | | 52,780 | |
Misumi Group Inc. | | | 10,800 | | | | 265,397 | |
Mitsui High-Tech Inc.b | | | 2,400 | | | | 12,661 | |
Nachi-Fujikoshi Corp. | | | 24,000 | | | | 132,543 | |
Neturen Co. Ltd. | | | 6,000 | | | | 55,893 | |
Oiles Corp. | | | 4,880 | | | | 93,452 | |
Onoken Co. Ltd. | | | 2,400 | | | | 21,942 | |
Ryobi Ltd. | | | 24,000 | | | | 97,554 | |
Sumikin Bussan Corp. | | | 12,000 | | | | 32,468 | |
Tocalo Co. Ltd. | | | 2,400 | | | | 50,230 | |
Toho Zinc Co. Ltd. | | | 24,000 | | | | 106,153 | |
| | | | | | | | |
| | | | | | | 1,093,645 | |
MINING — 1.84% | | | | | |
Dowa Holdings Co. Ltd. | | | 24,000 | | | | 158,636 | |
Mitsui Mining & Smelting Co. Ltd. | | | 72,000 | | | | 218,829 | |
Nippon Coke & Engineering Co. Ltd. | | | 24,000 | | | | 37,361 | |
Nippon Denko Co. Ltd. | | | 12,000 | | | | 52,187 | |
Nippon Light Metal Co. Ltd. | | | 72,000 | | | | 110,304 | |
Nittetsu Mining Co. Ltd. | | | 12,000 | | | | 59,451 | |
OSAKA Titanium technologies Co. Ltd.a | | | 2,400 | | | | 98,592 | |
Pacific Metals Co. Ltd. | | | 24,000 | | | | 131,060 | |
Sumitomo Light Metal Industries Ltd.b | | | 60,000 | | | | 62,268 | |
Toho Titanium Co. Ltd. | | | 4,800 | | | | 81,601 | |
| | | | | | | | |
| | | | | | | 1,010,289 | |
OFFICE & BUSINESS EQUIPMENT — 0.26% | |
Riso Kagaku Corp. | | | 2,400 | | | | 38,399 | |
Sato Holding Corp. | | | 1,200 | | | | 16,872 | |
Toshiba Tec Corp. | | | 24,000 | | | | 89,251 | |
| | | | | | | | |
| | | | | | | 144,522 | |
OFFICE FURNISHINGS — 0.16% | | | | | |
Okamura Corp. | | | 12,000 | | | | 86,731 | |
| | | | | | | | |
| | | | | | | 86,731 | |
OIL & GAS — 0.14% | | | | | |
AOC Holdings Inc. | | | 6,000 | | | | 40,252 | |
TOKAI Holdings Corp. | | | 7,200 | | | | 35,315 | |
| | | | | | | | |
| | | | | | | 75,567 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PACKAGING & CONTAINERS — 0.73% | | | | | |
Achilles Corp. | | | 12,000 | | | $ | 17,939 | |
FP Corp. | | | 2,400 | | | | 149,741 | |
Fuji Seal International Inc. | | | 3,600 | | | | 64,715 | |
Rengo Co. Ltd. | | | 24,000 | | | | 170,200 | |
| | | | | | | | |
| | | | | | | 402,595 | |
PHARMACEUTICALS — 2.96% | | | | | |
Fuso Pharmaceutical Industries Ltd. | | | 12,000 | | | | 34,099 | |
Kaken Pharmaceutical Co. Ltd. | | | 12,000 | | | | 152,557 | |
Katakura Industries Co. Ltd. | | | 4,800 | | | | 44,418 | |
Kissei Pharmaceutical Co. Ltd. | | | 2,400 | | | | 46,939 | |
Kobayashi Pharmaceutical Co. Ltd. | | | 3,600 | | | | 174,796 | |
KYORIN Holdings Inc. | | | 4,000 | | | | 71,114 | |
Mochida Pharmaceutical Co. Ltd. | | | 12,000 | | | | 138,473 | |
Nakanishi Inc. | | | 1,200 | | | | 115,493 | |
Nichi-Iko Pharmaceutical Co. Ltd. | | | 3,600 | | | | 78,414 | |
Nippon Shinyaku Co. Ltd. | | | 12,000 | | | | 145,886 | |
Rohto Pharmaceutical Co. Ltd. | | | 12,000 | | | | 142,476 | |
Sawai Pharmaceutical Co. Ltd. | | | 2,400 | | | | 235,137 | |
Seikagaku Corp. | | | 6,000 | | | | 67,606 | |
Taiko Pharmaceutical Co. Ltd. | | | 1,200 | | | | 12,439 | |
Toho Holdings Co. Ltd. | | | 6,000 | | | | 92,513 | |
Towa Pharmaceutical Co. Ltd. | | | 1,200 | | | | 52,261 | |
Vital KSK Holdings Inc. | | | 2,400 | | | | 20,578 | |
| | | | | | | | |
| | | | | | | 1,625,199 | |
REAL ESTATE — 1.81% | | | | | |
Airport Facilities Co. Ltd. | | | 2,400 | | | | 11,772 | |
Arnest One Corp. | | | 6,000 | | | | 70,793 | |
Daibiru Corp. | | | 8,400 | | | | 59,466 | |
Daikyo Inc.b | | | 36,000 | | | | 92,958 | |
Goldcrest Co. Ltd. | | | 2,520 | | | | 48,943 | |
Heiwa Real Estate Co. Ltd. | | | 30,000 | | | | 78,577 | |
Hulic Co. Ltd. | | | 8,400 | | | | 104,611 | |
Iida Home Max Co. Ltd. | | | 1,200 | | | | 10,749 | |
Leopalace21 Corp.a,b | | | 16,800 | | | | 41,097 | |
Relo Holdings Inc. | | | 1,200 | | | | 33,358 | |
Sankei Building Co. Ltd. (The) | | | 4,800 | | | | 44,181 | |
Shoei Co. Ltd.a | | | 4,800 | | | | 20,341 | |
Sumitomo Real Estate Sales Co. Ltd. | | | 1,200 | | | | 53,225 | |
TOC Co. Ltd. | | | 12,000 | | | | 62,268 | |
Toho Real Estate Co. Ltd. | | | 2,400 | | | | 16,101 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 27 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tokyo Tatemono Co. Ltd.b | | | 48,000 | | | $ | 196,293 | |
Tokyu Livable Inc. | | | 3,600 | | | | 34,247 | |
Touei Housing Corp. | | | 1,200 | | | | 12,439 | |
| | | | | | | | |
| | | | | | | 991,419 | |
REAL ESTATE INVESTMENT TRUSTS — 5.30% | |
Advance Residence Investment Corp. | | | 144 | | | | 267,754 | |
DA Office Investment Corp. | | | 36 | | | | 94,915 | |
Daiwahouse Residential Investment Corp. | | | 12 | | | | 76,056 | |
Frontier Real Estate Investment Corp. | | | 24 | | | | 197,183 | |
Fukuoka REIT Corp. | | | 12 | | | | 79,466 | |
Global One Real Estate Investment Corp. Ltd. | | | 12 | | | | 88,510 | |
Hankyu REIT Inc. | | | 12 | | | | 55,967 | |
Heiwa Real Estate REIT Inc. | | | 48 | | | | 27,190 | |
Industrial & Infrastructure Fund Investment Corp.a | | | 12 | | | | 64,270 | |
Japan Excellent Inc. | | | 24 | | | | 116,976 | |
Japan Logistics Fund Inc. | | | 24 | | | | 201,927 | |
Japan Rental Housing Investments Inc. | | | 96 | | | | 46,731 | |
Kenedix Realty Investment Corp. | | | 36 | | | | 124,537 | |
MID REIT Inc. | | | 24 | | | | 62,832 | |
Mori Hills REIT Investment Corp. | | | 24 | | | | 87,087 | |
MORI TRUST Sogo REIT Inc. | | | 24 | | | | 220,608 | |
Nippon Accommodations Fund Inc. | | | 24 | | | | 156,857 | |
Nomura Real Estate Residential Fund Inc. | | | 12 | | | | 58,488 | |
ORIX JREIT Inc. | | | 36 | | | | 169,014 | |
Premier Investment Corp. | | | 24 | | | | 87,383 | |
Sekisui House SI Investment Corp. | | | 12 | | | | 51,223 | |
TOKYU REIT Inc. | | | 24 | | | | 132,246 | |
Top REIT Inc. | | | 24 | | | | 126,909 | |
United Urban Investment Corp. | | | 288 | | | | 318,102 | |
| | | | | | | | |
| | | | | | | 2,912,231 | |
RETAIL — 9.26% | | | | | |
Alpen Co. Ltd. | | | 2,400 | | | | 43,647 | |
Aoki Holdings Inc. | | | 3,600 | | | | 58,666 | |
Aoyama Trading Co. Ltd. | | | 7,200 | | | | 134,678 | |
Arc Land Sakamoto Co. Ltd. | | | 1,200 | | | | 20,445 | |
Arcs Co. Ltd. | | | 4,800 | | | | 87,532 | |
Asahi Co. Ltd. | | | 1,200 | | | | 22,669 | |
Askul Corp. | | | 2,400 | | | | 37,153 | |
Autobacs Seven Co. Ltd. | | | 3,600 | | | | 172,572 | |
Belluna Co. Ltd. | | | 4,200 | | | | 33,314 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Best Denki Co. Ltd.b | | | 12,000 | | | $ | 32,469 | |
BIC Camera Inc. | | | 96 | | | | 51,772 | |
Cawachi Ltd. | | | 2,400 | | | | 50,704 | |
Chiyoda Co. Ltd. | | | 3,600 | | | | 65,471 | |
Circle K Sunkus Co. Ltd. | | | 6,000 | | | | 131,431 | |
cocokara fine Inc. | | | 1,200 | | | | 33,921 | |
Colowide Co. Ltd. | | | 6,000 | | | | 44,848 | |
Cosmos Pharmaceutical Corp. | | | 300 | | | | 13,251 | |
Daiei Inc. (The)b | | | 10,800 | | | | 38,562 | |
DCM Holdings Co. Ltd. | | | 12,000 | | | | 85,990 | |
Don Quijote Co. Ltd. | | | 6,000 | | | | 208,080 | |
Doutor Nichires Holdings Co. Ltd. | | | 4,800 | | | | 61,853 | |
EDION Corp. | | | 9,600 | | | | 69,859 | |
Fuji Co. Ltd. | | | 2,400 | | | | 54,618 | |
Geo Holdings Corp. | | | 48 | | | | 54,974 | |
Gulliver International Co. Ltd. | | | 600 | | | | 23,462 | |
H2O Retailing Corp. | | | 12,000 | | | | 90,437 | |
Heiwado Co. Ltd. | | | 6,000 | | | | 77,539 | |
Honeys Co. Ltd. | | | 2,160 | | | | 32,744 | |
Izumi Co. Ltd. | | | 7,200 | | | | 122,224 | |
Izumiya Co. Ltd. | | | 12,000 | | | | 60,638 | |
Joshin Denki Co. Ltd. | | | 12,000 | | | | 129,133 | |
K’s Holdings Corp. | | | 6,000 | | | | 200,964 | |
Kappa Create Co. Ltd. | | | 600 | | | | 12,980 | |
Keiyo Co. Ltd.a | | | 6,000 | | | | 38,621 | |
Kisoji Co. Ltd. | | | 3,600 | | | | 69,830 | |
Kohnan Shoji Co. Ltd. | | | 3,600 | | | | 52,750 | |
Kojima Co. Ltd. | | | 2,400 | | | | 14,855 | |
Komeri Co. Ltd. | | | 4,800 | | | | 139,185 | |
Kura Corp. | | | 1,200 | | | | 17,702 | |
Maruetsu Inc. (The) | | | 12,000 | | | | 44,922 | |
Matsumotokiyoshi Co. Ltd. | | | 4,800 | | | | 99,333 | |
Matsuya Co. Ltd.b | | | 4,800 | | | | 36,590 | |
Megane Top Co. Ltd. | | | 3,600 | | | | 36,605 | |
MOS Food Services Inc. | | | 4,800 | | | | 93,047 | |
Nishimatsuya Chain Co. Ltd. | | | 7,200 | | | | 58,621 | |
Nissen Holdings Co. Ltd. | | | 6,000 | | | | 29,800 | |
Pal Co. Ltd. | | | 600 | | | | 24,203 | |
Parco Co. Ltd. | | | 7,200 | | | | 70,274 | |
Paris Miki Holdings Inc. | | | 4,800 | | | | 36,234 | |
Plenus Co. Ltd. | | | 3,600 | | | | 57,198 | |
Point Inc. | | | 2,160 | | | | 81,527 | |
| | |
| 28 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Ringer Hut Co. Ltd. | | | 2,400 | | | $ | 31,342 | |
Royal Holdings Co. Ltd. | | | 1,200 | | | | 13,684 | |
Ryohin Keikaku Co. Ltd. | | | 3,600 | | | | 172,127 | |
Saint Marc Holdings Co. Ltd. | | | 1,200 | | | | 45,515 | |
Saizeriya Co. Ltd. | | | 4,800 | | | | 74,781 | |
San-A & Co. Ltd. | | | 1,200 | | | | 46,108 | |
Seiko Holdings Corp. | | | 12,000 | | | | 26,538 | |
Senshukai Co. Ltd. | | | 6,000 | | | | 40,474 | |
Shimachu Co. Ltd. | | | 6,000 | | | | 133,580 | |
Sugi Holdings Co. Ltd. | | | 4,800 | | | | 130,764 | |
Sundrug Co. Ltd. | | | 4,800 | | | | 138,295 | |
Toridoll Corp. | | | 2,400 | | | | 24,700 | |
Tsuruha Holdings Inc. | | | 2,400 | | | | 123,499 | |
United Arrows Ltd. | | | 1,200 | | | | 24,003 | |
UNY Co. Ltd. | | | 21,600 | | | | 215,893 | |
Valor Co. Ltd. | | | 4,800 | | | | 71,579 | |
Watami Co. Ltd. | | | 3,600 | | | | 77,613 | |
Xebio Co. Ltd. | | | 3,600 | | | | 85,663 | |
Yellow Hat Ltd. | | | 2,400 | | | | 36,679 | |
Yoshinoya Holdings Co. Ltd. | | | 72 | | | | 94,203 | |
Zensho Holdings Co. Ltd. | | | 9,600 | | | | 118,013 | |
| | | | | | | | |
| | | | | | | 5,084,950 | |
SEMICONDUCTORS — 0.71% | | | | | |
Axell Corp. | | | 1,200 | | | | 27,220 | |
Megachips Corp. | | | 2,400 | | | | 45,397 | |
Mimasu Semiconductor Industry Co. Ltd. | | | 3,600 | | | | 34,514 | |
Nippon Chemi-Con Corp. | | | 24,000 | | | | 100,222 | |
Sanken Electric Co. Ltd.a | | | 12,000 | | | | 53,966 | |
Shindengen Electric Manufacturing Co. Ltd. | | | 12,000 | | | | 56,783 | |
Shinko Electric Industries Co. Ltd. | | | 7,200 | | | | 66,449 | |
V Technology Co. Ltd. | | | 2 | | | | 7,833 | |
| | | | | | | | |
| | | | | | | 392,384 | |
SHIPBUILDING — 0.48% | | | | | |
Mitsui Engineering & Shipbuilding Co. Ltd. | | | 96,000 | | | | 183,840 | |
Namura Shipbuilding Co. Ltd. | | | 7,200 | | | | 34,336 | |
Sasebo Heavy Industries Co. Ltd. | | | 24,000 | | | | 44,774 | |
| | | | | | | | |
| | | | | | | 262,950 | |
SOFTWARE — 1.24% | | | | | |
Capcom Co. Ltd. | | | 6,000 | | | | 133,655 | |
Fuji Soft Inc. | | | 3,600 | | | | 69,919 | |
IT Holdings Corp. | | | 10,848 | | | | 123,303 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
NEC Mobiling Ltd. | | | 1,200 | | | $ | 41,364 | |
Nihon Unisys Ltd. | | | 8,400 | | | | 56,560 | |
NSD Co. Ltd. | | | 6,000 | | | | 52,409 | |
Obic Business Consultants Co. Ltd. | | | 1,200 | | | | 53,669 | |
Simplex Technology Inc. | | | 36 | | | | 11,520 | |
Systena Corp. | | | 24 | | | | 17,791 | |
Tecmo Koei Holdings Co. Ltd. | | | 4,800 | | | | 38,251 | |
Trans Cosmos Inc. | | | 3,600 | | | | 45,767 | |
Zenrin Co. Ltd. | | | 3,600 | | | | 36,471 | |
| | | | | | | | |
| | | | | | | 680,679 | |
STORAGE & WAREHOUSING — 0.39% | | | | | |
Mitsui-Soko Co. Ltd. | | | 24,000 | | | | 96,368 | |
Sumitomo Warehouse Co. Ltd. (The) | | | 24,000 | | | | 118,310 | |
| | | | | | | | |
| | | | | | | 214,678 | |
TELECOMMUNICATIONS — 1.00% | | | | | |
AIPHONE Co. Ltd. | | | 1,200 | | | | 22,995 | |
Denki Kogyo Co. Ltd. | | | 12,000 | | | | 59,303 | |
Hikari Tsushin Inc. | | | 3,600 | | | | 102,254 | |
Hitachi Kokusai Electric Inc. | | | 12,000 | | | | 104,818 | |
Japan Radio Co. Ltd. | | | 12,000 | | | | 31,134 | |
MTI Ltd. | | | 12 | | | | 18,606 | |
Oki Electric Industry Co. Ltd.b | | | 108,000 | | | | 118,755 | |
T-Gaia Corp. | | | 24 | | | | 42,876 | |
Uniden Corp. | | | 12,000 | | | | 46,850 | |
| | | | | | | | |
| | | | | | | 547,591 | |
TEXTILES — 1.02% | | | | | |
Kurabo Industries Ltd. | | | 36,000 | | | | 73,388 | |
Nisshinbo Holdings Inc. | | | 14,000 | | | | 133,704 | |
Nitto Boseki Co. Ltd. | | | 24,000 | | | | 81,542 | |
Seiren Co. Ltd. | | | 8,400 | | | | 52,305 | |
Toyobo Co. Ltd. | | | 120,000 | | | | 173,462 | |
Unitika Ltd.b | | | 72,000 | | | | 44,477 | |
| | | | | | | | |
| | | | | | | 558,878 | |
TOYS, GAMES & HOBBIES — 0.12% | | | | | |
Tomy Co. Ltd. | | | 9,600 | | | | 68,080 | |
| | | | | | | | |
| | | | | | | 68,080 | |
TRANSPORTATION — 2.30% | | | | | |
Daiichi Chuo Kisen Kaishab | | | 12,000 | | | | 18,532 | |
Fukuyama Transporting Co. Ltd. | | | 24,000 | | | | 131,950 | |
Hitachi Transport System Ltd. | | | 6,000 | | | | 99,333 | |
Iino Kaiun Kaisha Ltd. | | | 13,200 | | | | 64,255 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 29 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Kintetsu World Express Inc. | | | 2,400 | | | $ | 76,086 | |
Nippon Konpo Unyu Soko Co. Ltd. | | | 4,800 | | | | 53,907 | |
Nishi-Nippon Railroad Co. Ltd. | | | 48,000 | | | | 227,131 | |
Sankyu Inc. | | | 36,000 | | | | 140,993 | |
Seino Holdings Co. Ltd. | | | 24,000 | | | | 169,904 | |
Senko Co. Ltd. | | | 1,000 | | | | 3,830 | |
Shibusawa Warehouse Co. Ltd. (The) | | | 12,000 | | | | 36,323 | |
Shinwa Kaiun Kaisha Ltd. | | | 12,000 | | | | 20,163 | |
Sotetsu Holdings Inc. | | | 60,000 | | | | 187,546 | |
Yusen Air & Sea Service Co. Ltd. | | | 2,400 | | | | 34,781 | |
| | | | | | | | |
| | | | | | | 1,264,734 | |
VENTURE CAPITAL — 0.15% | | | | | |
JAFCO Co. Ltd. | | | 3,600 | | | | 81,705 | |
| | | | | | | | |
| | | | | | | 81,705 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $56,523,148) | | | | 54,760,497 | |
|
SHORT-TERM INVESTMENTS — 1.71% | |
|
MONEY MARKET FUNDS — 1.71% | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 871,359 | | | | 871,359 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 64,443 | | | | 64,443 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 2,327 | | | | 2,327 | |
| | | | | | | | |
| | | | | | | 938,129 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $938,129) | | | | 938,129 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 101.43% | | | | | |
(Cost: $57,461,277) | | | | 55,698,626 | |
Other Assets, Less
Liabilities — (1.43)% | | | | (787,043 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 54,911,583 | |
| | | | | | | | |
| 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.
| | |
| 30 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI MALAYSIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.82% | |
| | |
AGRICULTURE — 9.72% | | | | | | | | |
British American Tobacco (Malaysia) Bhd | | | 866,800 | | | $ | 15,104,978 | |
Genting Plantations Bhd | | | 1,720,500 | | | | 5,341,562 | |
IOI Corp. Bhd | | | 24,363,330 | | | | 43,919,874 | |
Kuala Lumpur Kepong Bhd | | | 3,645,000 | | | | 28,498,047 | |
| | | | | | | | |
| | | | | | | 92,864,461 | |
AIRLINES — 1.21% | | | | | | | | |
AirAsia Bhd | | | 9,487,900 | | | | 11,592,627 | |
| | | | | | | | |
| | | | | | | 11,592,627 | |
AUTO MANUFACTURERS — 1.00% | |
UMW Holdings Bhd | | | 3,989,300 | | | | 9,522,115 | |
| | | | | | | | |
| | | | | | | 9,522,115 | |
BANKS — 27.42% | | | | | | | | |
Alliance Financial Group Bhd | | | 7,046,900 | | | | 9,127,682 | |
AMMB Holdings Bhd | | | 12,579,437 | | | | 25,742,597 | |
CIMB Group Holdings Bhd | | | 36,654,864 | | | | 87,614,363 | |
Hong Leong Bank Bhd | | | 4,279,840 | | | | 17,287,953 | |
Malayan Banking Bhd | | | 25,531,820 | | | | 74,579,678 | |
Public Bank Bhd Foreign | | | 8,039,600 | | | | 36,608,294 | |
RHB Capital Bhd | | | 4,180,800 | | | | 11,095,764 | |
| | | | | | | | |
| | | | | | | 262,056,331 | |
BUILDING MATERIALS — 0.81% | |
Lafarge Malayan Cement Bhd | | | 3,225,260 | | | | 7,730,718 | |
| | | | | | | | |
| | | | | | | 7,730,718 | |
CHEMICALS — 4.26% | | | | | | | | |
Petronas Chemicals Group Bhd | | | 18,209,900 | | | | 40,729,872 | |
| | | | | | | | |
| | | | | | | 40,729,872 | |
DIVERSIFIED FINANCIAL SERVICES — 1.29% | |
Bursa Malaysia Bhd | | | 2,413,000 | | | | 5,944,897 | |
Hong Leong Financial Group Bhd | | | 1,592,600 | | | | 6,411,870 | |
| | | | | | | | |
| | | | | | | 12,356,767 | |
ELECTRIC — 5.62% | | | | | | | | |
Tenaga Nasional Bhd | | | 20,701,212 | | | | 43,399,636 | |
YTL Power International Bhd | | | 16,668,775 | | | | 10,350,166 | |
| | | | | | | | |
| | | | | | | 53,749,802 | |
ENGINEERING & CONSTRUCTION — 2.27% | |
Gamuda Bhd | | | 12,544,500 | | | | 15,285,403 | |
Malaysia Airports Holdings Bhd | | | 3,330,000 | | | | 6,358,738 | |
| | | | | | | | |
| | | | | | | 21,644,141 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENTERTAINMENT — 0.86% | |
Berjaya Sports Toto Bhd | | | 5,634,850 | | | $ | 8,239,240 | |
| | | | | | | | |
| | | | | | | 8,239,240 | |
FOOD — 2.16% | | | | | | | | |
PPB Group Bhd | | | 3,598,466 | | | | 20,662,198 | |
| | | | | | | | |
| | | | | | | 20,662,198 | |
GAS — 3.08% | | | | | | | | |
Petronas Gas Bhd | | | 5,255,000 | | | | 29,472,208 | |
| | | | | | | | |
| | | | | | | 29,472,208 | |
HOLDING COMPANIES — DIVERSIFIED — 12.18% | |
Berjaya Corp. Bhd | | | 19,416,100 | | | | 6,254,894 | |
IJM Corp. Bhd | | | 8,884,040 | | | | 17,438,877 | |
MMC Corp. Bhd | | | 5,753,000 | | | | 5,262,300 | |
Sime Darby Bhd | | | 20,517,425 | | | | 66,370,839 | |
YTL Corp. Bhd | | | 36,135,105 | | | | 21,110,477 | |
| | | | | | | | |
| | | | | | | 116,437,387 | |
LODGING — 8.81% | | | | | | | | |
Genting Bhd | | | 15,502,500 | | | | 54,857,787 | |
Genting Malaysia Bhd | | | 22,470,500 | | | | 29,330,547 | |
| | | | | | | | |
| | | | | | | 84,188,334 | |
OIL & GAS — 1.20% | | | | | | | | |
Petronas Dagangan Bhd | | | 1,884,900 | | | | 11,427,069 | |
| | | | | | | | |
| | | | | | | 11,427,069 | |
OIL & GAS SERVICES — 0.68% | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 3,633,500 | | | | 6,465,216 | |
| | | | | | | | |
| | | | | | | 6,465,216 | |
REAL ESTATE — 2.04% | | | | | | | | |
SP Setia Bhd | | | 9,072,000 | | | | 11,932,458 | |
UEM Land Holdings Bhda | | | 9,828,300 | | | | 7,579,160 | |
| | | | | | | | |
| | | | | | | 19,511,618 | |
RETAIL — 0.81% | | | | | | | | |
Parkson Holdings Bhd | | | 4,145,271 | | | | 7,763,302 | |
| | | | | | | | |
| | | | | | | 7,763,302 | |
TELECOMMUNICATIONS — 11.80% | |
Axiata Group Bhd | | | 19,268,900 | | | | 33,256,623 | |
DiGi.Com Bhd | | | 23,597,900 | | | | 31,668,689 | |
Maxis Communications Bhd | | | 17,072,200 | | | | 33,739,751 | |
Telekom Malaysia Bhd | | | 8,145,000 | | | | 14,112,018 | |
| | | | | | | | |
| | | | | | | 112,777,081 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 31 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MALAYSIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TRANSPORTATION — 2.60% | |
Bumi Armada Bhda | | | 6,665,100 | | | $ | 8,944,651 | |
MISC Bhd | | | 8,468,920 | | | | 15,888,944 | |
| | | | | | | | |
| | | | | | | 24,833,595 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $491,511,325) | | | | 954,024,082 | |
|
SHORT-TERM INVESTMENTS — 0.04% | |
| |
MONEY MARKET FUNDS — 0.04% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%b,c | | | 380,450 | | | | 380,450 | |
| | | | | | | | |
| | | | | | | 380,450 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $380,450) | | | | 380,450 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.86% | | | | | |
(Cost: $491,891,775) | | | | 954,404,532 | |
Other Assets, Less
Liabilities — 0.14% | | | | 1,333,254 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 955,737,786 | |
| | | | | | | | |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.17% | |
| | |
AUSTRALIA — 63.30% | | | | | | | | |
AGL Energy Ltd. | | | 1,135,770 | | | $ | 17,118,646 | |
Alumina Ltd. | | | 5,957,618 | | | | 8,818,567 | |
Amcor Ltd. | | | 3,004,878 | | | | 23,051,012 | |
AMP Ltd. | | | 6,960,554 | | | | 30,157,337 | |
APA Group | | | 1,302,402 | | | | 6,909,257 | |
Asciano Group | | | 2,391,015 | | | | 12,787,696 | |
ASX Ltd. | | | 429,418 | | | | 14,373,630 | |
Australia and New Zealand Banking Group Ltd. | | | 6,455,942 | | | | 153,108,377 | |
Bendigo and Adelaide Bank Ltd. | | | 905,734 | | | | 7,564,583 | |
BGP Holdings PLCa,b | | | 27,004,595 | | | | 3,612 | |
BHP Billiton Ltd. | | | 7,864,978 | | | | 306,767,623 | |
Boral Ltd. | | | 1,807,014 | | | | 8,590,511 | |
Brambles Ltd. | | | 3,633,154 | | | | 28,420,203 | |
Caltex Australia Ltd. | | | 329,858 | | | | 4,903,998 | |
Campbell Brothers Ltd. | | | 166,108 | | | | 10,653,425 | |
CFS Retail Property Trust | | | 4,500,898 | | | | 8,656,134 | |
Coca-Cola Amatil Ltd. | | | 1,398,556 | | | | 18,132,844 | |
Cochlear Ltd. | | | 138,860 | | | | 9,171,415 | |
Commonwealth Bank of Australia | | | 3,856,640 | | | | 205,970,261 | |
Computershare Ltd. | | | 1,090,706 | | | | 9,121,231 | |
Crown Ltd. | | | 989,836 | �� | | | 8,983,537 | |
CSL Ltd. | | | 1,283,014 | | | | 45,440,714 | |
Dexus Property Group | | | 11,799,170 | | | | 11,409,833 | |
Echo Entertainment Group Ltd. | | | 1,678,110 | | | | 7,796,392 | |
Fairfax Media Ltd.c | | | 5,449,076 | | | | 4,709,965 | |
Fortescue Metals Group Ltd. | | | 3,049,942 | | | | 18,354,881 | |
Goodman Group | | | 17,200,562 | | | | 12,823,203 | |
GPT Group | | | 4,265,622 | | | | 14,379,433 | |
Harvey Norman Holdings Ltd. | | | 1,291,922 | | | | 2,889,425 | |
Iluka Resources Ltd. | | | 1,023,896 | | | | 18,474,688 | |
Incitec Pivot Ltd. | | | 3,990,522 | | | | 14,055,688 | |
Insurance Australia Group Ltd. | | | 5,120,266 | | | | 18,311,559 | |
James Hardie Industries SE | | | 1,073,938 | | | | 8,505,268 | |
Leighton Holdings Ltd. | | | 371,778 | | | | 10,263,120 | |
Lend Lease Group | | | 1,322,052 | | | | 10,698,802 | |
Lynas Corp. Ltd.b,c | | | 4,180,734 | | | | 5,510,832 | |
Macquarie Group Ltd. | | | 853,858 | | | | 24,696,695 | |
Metcash Ltd. | | | 1,879,850 | | | | 8,611,799 | |
Mirvac Group | | | 8,330,814 | | | | 10,801,237 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
National Australia Bank Ltd. | | | 5,405,060 | | | $ | 138,230,406 | |
Newcrest Mining Ltd. | | | 1,874,086 | | | | 67,812,456 | |
Orica Ltd. | | | 893,420 | | | | 26,256,049 | |
Origin Energy Ltd. | | | 2,649,344 | | | | 38,958,415 | |
OZ Minerals Ltd. | | | 776,306 | | | | 9,184,423 | |
Qantas Airways Ltd.b | | | 2,709,604 | | | | 5,064,735 | |
QBE Insurance Group Ltd. | | | 2,724,538 | | | | 34,294,431 | |
QR National Ltd. | | | 4,192,000 | | | | 17,709,359 | |
Ramsay Health Care Ltd. | | | 321,212 | | | | 6,368,434 | |
Rio Tinto Ltd. | | | 1,067,650 | | | | 77,806,462 | |
Santos Ltd. | | | 2,315,556 | | | | 36,076,580 | |
Sims Metal Management Ltd. | | | 401,122 | | | | 6,674,243 | |
Sonic Healthcare Ltd. | | | 909,140 | | | | 11,826,659 | |
SP AusNet | | | 3,511,324 | | | | 3,774,842 | |
Stockland Corp. Ltd. | | | 5,703,478 | | | | 19,534,569 | |
Suncorp Group Ltd. | | | 3,162,602 | | | | 27,951,341 | |
Sydney Airport | | | 925,908 | | | | 2,621,042 | |
Tabcorp Holdings Ltd. | | | 1,707,978 | | | | 5,037,902 | |
Tatts Group Ltd. | | | 3,219,980 | | | | 8,280,088 | |
Telstra Corp. Ltd. | | | 10,685,932 | | | | 38,100,542 | |
Toll Holdings Ltd. | | | 1,656,888 | | | | 10,150,350 | |
Transurban Group | | | 3,201,640 | | | | 19,371,593 | |
Wesfarmers Ltd. | | | 2,466,992 | | | | 77,564,954 | |
Westfield Group | | | 5,379,384 | | | | 51,088,862 | |
Westfield Retail Trust | | | 7,096,270 | | | | 19,244,590 | |
Westpac Banking Corp. | | | 7,430,320 | | | | 167,787,117 | |
Woodside Petroleum Ltd. | | | 1,576,192 | | | | 63,419,615 | |
Woolworths Ltd. | | | 2,994,398 | | | | 81,885,400 | |
WorleyParsons Ltd. | | | 474,220 | | | | 15,048,341 | |
| | | | | | | | |
| | | | | | | 2,228,121,233 | |
HONG KONG — 21.88% | | | | | | | | |
AIA Group Ltd. | | | 20,645,600 | | | | 78,262,522 | |
ASM Pacific Technology Ltd.c | | | 497,800 | | | | 7,015,426 | |
Bank of East Asia Ltd. (The)c | | | 3,825,320 | | | | 15,413,341 | |
BOC Hong Kong (Holdings) Ltd. | | | 9,039,000 | | | | 25,348,872 | |
Cathay Pacific Airways Ltd.c | | | 2,882,000 | | | | 5,722,604 | |
Cheung Kong (Holdings) Ltd. | | | 3,406,000 | | | | 49,800,843 | |
Cheung Kong Infrastructure
Holdings Ltd. | | | 1,048,000 | | | | 6,161,765 | |
CLP Holdings Ltd. | | | 4,716,000 | | | | 41,652,720 | |
First Pacific Co. Ltd. | | | 5,240,000 | | | | 5,884,756 | |
Foxconn International Holdings Ltd.b | | | 5,240,000 | | | | 3,682,195 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 33 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Galaxy Entertainment Group Ltd.b,c | | | 3,144,000 | | | $ | 7,767,067 | |
Hang Lung Group Ltd.c | | | 2,096,000 | | | | 14,215,300 | |
Hang Lung Properties Ltd. | | | 6,026,736 | | | | 22,807,058 | |
Hang Seng Bank Ltd.c | | | 1,860,200 | | | | 26,047,645 | |
Henderson Land Development Co. Ltd. | | | 2,358,056 | | | | 14,806,830 | |
HKT Trust and HKT Ltd.b | | | 212,347 | | | | 153,051 | |
Hong Kong and China Gas Co. Ltd. (The) | | | 11,528,089 | | | | 29,430,762 | |
Hong Kong Exchanges and
Clearing Ltd.c | | | 2,515,200 | | | | 46,894,274 | |
Hopewell Holdings Ltd. | | | 1,441,000 | | | | 4,394,142 | |
Hutchison Whampoa Ltd. | | | 5,240,000 | | | | 52,091,236 | |
Hysan Development Co. Ltd. | | | 1,572,000 | | | | 6,861,044 | |
Kerry Properties Ltd. | | | 1,703,000 | | | | 8,080,560 | |
Li & Fung Ltd. | | | 14,149,200 | | | | 32,473,634 | |
Lifestyle International Holdings Ltd. | | | 1,441,000 | | | | 3,948,225 | |
Link REIT (The) | | | 5,502,000 | | | | 20,643,939 | |
MTR Corp. Ltd. | | | 3,537,000 | | | | 12,587,026 | |
New World Development Co. Ltd. | | | 8,908,941 | | | | 12,268,073 | |
NWS Holdings Ltd. | | | 3,406,000 | | | | 5,647,609 | |
Orient Overseas International Ltd. | | | 524,000 | | | | 3,604,497 | |
PCCW Ltd. | | | 9,694,000 | | | | 3,587,269 | |
Power Assets Holdings Ltd. | | | 3,406,000 | | | | 25,515,247 | |
Sands China Ltd. | | | 5,868,800 | | | | 22,058,037 | |
Shangri-La Asia Ltd. | | | 3,669,000 | | | | 9,177,586 | |
Sino Land Co. Ltd. | | | 7,336,800 | | | | 13,092,476 | |
SJM Holdings Ltd. | | | 4,192,000 | | | | 8,777,813 | |
Sun Hung Kai Properties Ltd. | | | 3,406,000 | | | | 52,435,809 | |
Swire Pacific Ltd. Class A | | | 1,834,000 | | | | 20,856,763 | |
Wharf (Holdings) Ltd. (The) | | | 3,668,600 | | | | 22,965,113 | |
Wheelock and Co. Ltd. | | | 2,358,000 | | | | 8,102,518 | |
Wing Hang Bank Ltd. | | | 393,000 | | | | 3,732,023 | |
Wynn Macau Ltd.c | | | 3,772,800 | | | | 9,948,007 | |
Yue Yuen Industrial (Holdings) Ltd. | | | 1,834,000 | | | | 6,313,782 | |
| | | | | | | | |
| | | | | | | 770,229,459 | |
NEW ZEALAND — 0.86% | | | | | | | | |
Auckland International Airport Ltd. | | | 2,264,990 | | | | 4,593,165 | |
Contact Energy Ltd.b | | | 855,430 | | | | 3,483,873 | |
Fletcher Building Ltd. | | | 1,663,962 | | | | 9,175,967 | |
SKYCITY Entertainment Group Ltd. | | | 1,406,416 | | | | 4,458,947 | |
Telecom Corp. of New Zealand Ltd. | | | 4,695,040 | | | | 8,471,957 | |
| | | | | | | | |
| | | | | | | 30,183,909 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SINGAPORE — 13.13% | | | | | | | | |
Ascendas Real Estate Investment Trust | | | 4,454,813 | | | $ | 7,359,489 | |
CapitaLand Ltd. | | | 6,288,000 | | | | 15,531,529 | |
CapitaMall Trust Management Ltd. | | | 5,240,000 | | | | 7,564,056 | |
CapitaMalls Asia Ltd. | | | 3,406,000 | | | | 4,206,456 | |
City Developments Ltd. | | | 1,310,000 | | | | 11,692,770 | |
ComfortDelGro Corp. Ltd. | | | 4,716,000 | | | | 5,786,503 | |
COSCO Corp. (Singapore) Ltd.c | | | 2,358,104 | | | | 2,278,772 | |
DBS Group Holdings Ltd. | | | 4,192,000 | | | | 47,737,600 | |
Fraser and Neave Ltd. | | | 2,358,150 | | | | 12,651,689 | |
Genting Singapore PLCb,c | | | 14,934,400 | | | | 19,342,440 | |
Global Logistic Properties Ltd.b | | | 4,454,000 | | | | 7,786,776 | |
Golden Agri-Resources Ltd. | | | 16,244,987 | | | | 9,510,277 | |
Hutchison Port Holdings Trust | | | 12,838,000 | | | | 10,206,210 | |
Jardine Cycle & Carriage Ltd. | | | 262,000 | | | | 10,041,285 | |
Keppel Corp. Ltd. | | | 3,463,200 | | | | 30,689,571 | |
Keppel Land Ltd.c | | | 1,834,000 | | | | 5,030,097 | |
Neptune Orient Lines Ltd.c | | | 2,096,750 | | | | 2,253,214 | |
Noble Group Ltd. | | | 9,432,708 | | | | 10,741,766 | |
Olam International Ltd.c | | | 3,668,600 | | | | 7,002,100 | |
Oversea-Chinese Banking Corp. Ltd. | | | 6,288,600 | | | | 45,287,805 | |
SembCorp Industries Ltd. | | | 2,358,240 | | | | 10,004,483 | |
SembCorp Marine Ltd.c | | | 1,834,200 | | | | 7,869,578 | |
Singapore Airlines Ltd. | | | 1,310,800 | | | | 11,584,278 | |
Singapore Exchange Ltd. | | | 2,096,000 | | | | 12,119,299 | |
Singapore Press Holdings Ltd. | | | 3,780,517 | | | | 11,490,565 | |
Singapore Technologies
Engineering Ltd. | | | 3,668,000 | | | | 9,354,216 | |
Singapore Telecommunications Ltd. | | | 19,388,328 | | | | 49,289,065 | |
StarHub Ltd. | | | 1,572,000 | | | | 3,706,388 | |
United Overseas Bank Ltd. | | | 3,144,000 | | | | 45,510,405 | |
UOL Group Ltd. | | | 1,048,000 | | | | 3,941,714 | |
Wilmar International Ltd. | | | 4,716,000 | | | | 19,326,164 | |
Yangzijiang Shipbuilding
(Holdings) Ltd. | | | 4,716,000 | | | | 5,143,558 | |
| | | | | | | | |
| | | | | | | 462,040,118 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $2,914,493,090) | | | | | | | 3,490,574,719 | |
| | |
| 34 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 2.67% | |
|
MONEY MARKET FUNDS — 2.67% | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.22%d,e,f | | | 87,038,957 | | | $ | 87,038,957 | |
BlackRock Cash Funds:
Prime, SL Agency Shares | | | | | | | | |
0.23%d,e,f | | | 6,437,139 | | | | 6,437,139 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.02%d,e | | | 623,690 | | | | 623,690 | |
| | | | | | | | |
| | | | | | | 94,099,786 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $94,099,786) | | | | | | | 94,099,786 | |
| | | | | | | | |
|
TOTAL INVESTMENTS
IN SECURITIES — 101.84% | |
(Cost: $3,008,592,876) | | | | | | | 3,584,674,505 | |
Other Assets, Less
Liabilities — (1.84)% | | | | (64,795,161 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 3,519,879,344 | |
| | | | | | | | |
| a | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
| b | Non-income earning security. |
| 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 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI SINGAPORE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.78% | |
| | |
AGRICULTURE — 6.13% | | | | | | | | |
Golden Agri-Resources Ltd. | | | 53,955,628 | | | $ | 31,587,160 | |
Wilmar International Ltd. | | | 15,587,000 | | | | 63,875,512 | |
| | | | | | | | |
| | | | | | | 95,462,672 | |
AIRLINES — 2.72% | | | | | | | | |
Singapore Airlines Ltd.a | | | 4,796,467 | | | | 42,389,082 | |
| | | | | | | | |
| | | | | | | 42,389,082 | |
BANKS — 29.38% | | | | | | | | |
DBS Group Holdings Ltd. | | | 14,388,500 | | | | 163,853,162 | |
Oversea-Chinese Banking Corp. Ltd. | | | 20,383,000 | | | | 146,789,639 | |
United Overseas Bank Ltd. | | | 10,136,000 | | | | 146,721,841 | |
| | | | | | | | |
| | | | | | | 457,364,642 | |
DISTRIBUTION & WHOLESALE — 2.95% | |
Jardine Cycle & Carriage Ltd. | | | 1,199,000 | | | | 45,952,292 | |
| | | | | | | | |
| | | | | | | 45,952,292 | |
DIVERSIFIED FINANCIAL SERVICES — 2.67% | |
Singapore Exchange Ltd.a | | | 7,194,000 | | | | 41,596,487 | |
| | | | | | | | |
| | | | | | | 41,596,487 | |
ENGINEERING & CONSTRUCTION — 4.25% | |
SembCorp Industries Ltd. | | | 8,393,000 | | | | 35,606,055 | |
Singapore Technologies Engineering Ltd. | | | 11,990,000 | | | | 30,577,168 | |
| | | | | | | | |
| | | | | | | 66,183,223 | |
FOOD — 1.47% | | | | | | | | |
Olam International Ltd.a | | | 11,990,000 | | | | 22,884,799 | |
| | | | | | | | |
| | | | | | | 22,884,799 | |
HOLDING COMPANIES — DIVERSIFIED — 9.11% | |
Keppel Corp. Ltd. | | | 11,990,100 | | | | 106,251,738 | |
Noble Group Ltd.a | | | 31,174,999 | | | | 35,501,423 | |
| | | | | | | | |
| | | | | | | 141,753,161 | |
LODGING — 6.25% | | | | | | | | |
City Developments Ltd.a | | | 3,597,000 | | | | 32,106,027 | |
Genting Singapore PLCa,b | | | 50,358,400 | | | | 65,222,195 | |
| | | | | | | | |
| | | | | | | 97,328,222 | |
MEDIA — 2.57% | | | | | | | | |
Singapore Press Holdings Ltd.a | | | 13,134,000 | | | | 39,919,692 | |
| | | | | | | | |
| | | | | | | 39,919,692 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
REAL ESTATE — 10.11% | | | | | |
CapitaLand Ltd. | | | 20,383,000 | | | $ | 50,346,558 | |
CapitaMalls Asia Ltd. | | | 10,791,000 | | | | 13,327,030 | |
Fraser and Neave Ltd. | | | 7,194,000 | | | | 38,596,463 | |
Global Logistic Properties Ltd.b | | | 14,388,000 | | | | 25,154,048 | |
Keppel Land Ltd.a | | | 5,995,000 | | | | 16,442,439 | |
UOL Group Ltd. | | | 3,597,000 | | | | 13,528,955 | |
| | | | | | | | |
| | | | | | | 157,395,493 | |
REAL ESTATE INVESTMENT
TRUSTS — 3.20% | |
Ascendas Real Estate
Investment Trust | | | 14,388,335 | | | | 23,769,975 | |
CapitaMall Trust Management Ltd. | | | 17,985,800 | | | | 25,962,901 | |
| | | | | | | | |
| | | | | | | 49,732,876 | |
SHIPBUILDING — 3.60% | | | | | |
COSCO Corp. (Singapore) Ltd.a | | | 8,393,000 | | | | 8,110,642 | |
SembCorp Marine Ltd.a | | | 7,194,000 | | | | 30,865,632 | |
Yangzijiang Shipbuilding (Holdings) Ltd. | | | 15,587,000 | | | | 17,000,136 | |
| | | | | | | | |
| | | | | | | 55,976,410 | |
TELECOMMUNICATIONS — 11.50% | |
Singapore Telecommunications Ltd. | | | 65,945,568 | | | | 167,647,019 | |
StarHub Ltd. | | | 4,796,000 | | | | 11,307,783 | |
| | | | | | | | |
| | | | | | | 178,954,802 | |
TRANSPORTATION — 3.87% | |
ComfortDelGro Corp. Ltd. | | | 15,587,000 | | | | 19,125,153 | |
Hutchison Port Holdings Trust | | | 41,965,000 | | | | 33,362,175 | |
Neptune Orient Lines Ltd.a | | | 7,194,499 | | | | 7,731,368 | |
| | | | | | | | |
| | | | | | | 60,218,696 | |
| | | | | | | | |
TOTAL COMMON STOCKS | |
(Cost: $1,421,308,275) | | | | 1,553,112,549 | |
|
SHORT-TERM
INVESTMENTS — 8.18% | |
|
MONEY MARKET FUNDS — 8.18% | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 117,491,545 | | | | 117,491,545 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 8,689,320 | | | | 8,689,320 | |
| | |
| 36 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SINGAPORE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 1,115,731 | | | $ | 1,115,731 | |
| | | | | | | | |
| | | | | | | 127,296,596 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $127,296,596) | | | | 127,296,596 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 107.96% | | | | | |
(Cost: $1,548,604,871) | | | | 1,680,409,145 | |
Other Assets, Less
Liabilities — (7.96)% | | | | (123,867,118 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 1,556,542,027 | |
| | | | | | | | |
| 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 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH KOREA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 96.05% | |
|
AEROSPACE & DEFENSE — 0.21% | |
Korea Aerospace Industries Ltd.a | | | 270,480 | | | $ | 7,277,435 | |
| | | | | | | | |
| | | | | | | 7,277,435 | |
AGRICULTURE — 1.27% | | | | | |
KT&G Corp. | | | 677,592 | | | | 44,335,949 | |
| | | | | | | | |
| | | | | | | 44,335,949 | |
AIRLINES — 0.30% | | | | | |
Korean Air Lines Co. Ltd.b | | | 221,300 | | | | 10,444,604 | |
| | | | | | | | |
| | | | | | | 10,444,604 | |
AUTO MANUFACTURERS — 7.95% | |
Hyundai Motor Co. | | | 950,994 | | | | 183,615,012 | |
Kia Motors Corp.a | | | 1,481,004 | | | | 93,594,925 | |
| | | | | | | | |
| | | | | | | 277,209,937 | |
AUTO PARTS & EQUIPMENT — 4.28% | |
Hankook Tire Co. Ltd. | | | 563,480 | | | | 21,582,711 | |
Hyundai Mobis Co. Ltd. | | | 420,260 | | | | 107,063,041 | |
Hyundai Wia Corp.a | | | 71,614 | | | | 8,865,931 | |
Mando Corp. | | | 78,644 | | | | 11,810,044 | |
| | | | | | | | |
| | | | | | | 149,321,727 | |
BANKS — 0.67% | | | | | |
Industrial Bank of Korea | | | 1,004,800 | | | | 11,676,149 | |
Korea Exchange Bank | | | 1,591,570 | | | | 11,594,713 | |
| | | | | | | | |
| | | | | | | 23,270,862 | |
BIOTECHNOLOGY — 0.39% | | | | | |
Celltrion Inc.a | | | 430,476 | | | | 13,467,707 | |
| | | | | | | | |
| | | | | | | 13,467,707 | |
CHEMICALS — 5.13% | | | | | |
Hanwha Chemical Corp.a | | | 519,710 | | | | 12,961,102 | |
Honam Petrochemical Corp.a,b | | | 88,462 | | | | 27,992,177 | |
KCC Corp. | | | 25,799 | | | | 8,278,925 | |
KP Chemical Corp.a,b | | | 301,600 | | | | 4,502,197 | |
LG Chem Ltd.a | | | 286,110 | | | | 101,914,979 | |
OCI Co. Ltd.a | | | 95,610 | | | | 22,946,913 | |
| | | | | | | | |
| | | | | | | 178,596,293 | |
COMMERCIAL SERVICES — 0.15% | |
S1 Corp. | | | 105,880 | | | | 5,148,604 | |
| | | | | | | | |
| | | | | | | 5,148,604 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMPUTERS — 0.30% | | | | | |
SK C&C Co. Ltd. | | | 92,259 | | | $ | 10,349,732 | |
| | | | | | | | |
| | | | | | | 10,349,732 | |
COSMETICS & PERSONAL CARE — 1.28% | |
AmorePacific Corp. | | | 19,843 | | | | 18,198,322 | |
LG Household & Health Care Ltd. | | | 57,822 | | | | 26,566,411 | |
| | | | | | | | |
| | | | | | | 44,764,733 | |
DISTRIBUTION & WHOLESALE — 2.17% | |
Daewoo International Corp.a | | | 222,423 | | | | 7,008,345 | |
Hanwha Corp.a | | | 278,400 | | | | 8,797,014 | |
Samsung C&T Corp. | | | 770,963 | | | | 53,064,114 | |
SK Networks Co. Ltd.a | | | 690,090 | | | | 6,631,181 | |
| | | | | | | | |
| | | | | | | 75,500,654 | |
DIVERSIFIED FINANCIAL SERVICES — 10.27% | |
BS Financial Group Inc. | | | 1,131,872 | | | | 14,113,937 | |
Daewoo Securities Co. Ltd. | | | 1,108,217 | | | | 13,818,970 | |
DGB Financial Group Inc. | | | 827,970 | | | | 11,138,527 | |
Hana Financial Group Inc. | | | 1,349,451 | | | | 47,586,173 | |
Hyundai Securities Co. Ltd. | | | 735,167 | | | | 7,261,477 | |
KB Financial Group Inc. | | | 2,264,022 | | | | 83,378,584 | |
Korea Investment Holdings Co. Ltd. | | | 241,015 | | | | 9,748,534 | |
Mirae Asset Securities Co. Ltd. | | | 142,902 | | | | 5,096,686 | |
Samsung Card Co. Ltd. | | | 265,750 | | | | 10,060,124 | |
Samsung Securities Co. Ltd. | | | 353,567 | | | | 19,247,116 | |
Shinhan Financial Group Co. Ltd. | | | 2,632,177 | | | | 101,877,820 | |
Woori Finance Holdings Co. Ltd.b | | | 2,236,300 | | | | 24,487,408 | |
Woori Investment & Securities
Co. Ltd. | | | 798,788 | | | | 10,031,930 | |
| | | | | | | | |
| | | | | | | 357,847,286 | |
ELECTRIC — 1.02% | | | | | |
Korea Electric Power Corp.b | | | 1,584,280 | | | | 35,545,311 | |
| | | | | | | | |
| | | | | | | 35,545,311 | |
ELECTRICAL COMPONENTS &
EQUIPMENT — 1.69% | |
LG Electronics Inc.a | | | 634,767 | | | | 48,456,146 | |
LG Innotek Co. Ltd.a,b | | | 55,199 | | | | 4,731,801 | |
LS Industrial Systems Co. Ltd.a | | | 92,725 | | | | 5,661,014 | |
| | | | | | | | |
| | | | | | | 58,848,961 | |
ELECTRONICS — 1.98% | | | | | |
LG Display Co. Ltd.b | | | 1,434,002 | | | | 37,941,817 | |
Samsung Electro-Mechanics Co. Ltd. | | | 368,699 | | | | 30,913,733 | |
| | | | | | | | |
| | | | | | | 68,855,550 | |
| | |
| 38 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENGINEERING & CONSTRUCTION — 3.30% | |
Daelim Industrial Co. Ltd. | | | 171,938 | | | $ | 19,365,070 | |
Daewoo Engineering & Construction Co. Ltd.a,b | | | 642,104 | | | | 6,083,982 | |
GS Engineering & Construction Corp. | | | 220,387 | | | | 19,069,442 | |
Hyundai Engineering & Construction Co. Ltd. | | | 411,935 | | | | 31,188,088 | |
Samsung Engineering Co. Ltd. | | | 185,087 | | | | 39,127,646 | |
| | | | | | | | |
| | | | | | | 114,834,228 | |
ENVIRONMENTAL CONTROL — 0.32% | |
Woongjin Coway Co. Ltd. | | | 333,480 | | | | 11,193,255 | |
| | | | | | | | |
| | | | | | | 11,193,255 | |
FOOD — 1.00% | |
CJ CheilJedang Corp. | | | 48,187 | | | | 13,848,015 | |
Lotte Confectionery Co. Ltd.a,b | | | 4,380 | | | | 7,082,545 | |
ORION Corp. | | | 22,014 | | | | 13,971,208 | |
| | | | | | | | |
| | | | | | | 34,901,768 | |
GAS — 0.14% | | | | | |
Korea Gas Corp.b | | | 141,930 | | | | 4,935,151 | |
| | | | | | | | |
| | | | | | | 4,935,151 | |
HOLDING COMPANIES —
DIVERSIFIED — 1.48% | |
CJ Corp. | | | 88,810 | | | | 6,588,956 | |
LG Corp. | | | 585,537 | | | | 36,585,431 | |
LS Corp. | | | 108,763 | | | | 8,390,129 | |
| | | | | | | | |
| | | | | | | 51,564,516 | |
HOME BUILDERS — 0.22% | | | | | |
Hyundai Development Co.b | | | 349,767 | | | | 7,738,035 | |
| | | | | | | | |
| | | | | | | 7,738,035 | |
HOME FURNISHINGS — 0.75% | | | | | |
Samsung SDI Co. Ltd.a | | | 210,807 | | | | 26,004,037 | |
| | | | | | | | |
| | | | | | | 26,004,037 | |
INSURANCE — 2.76% | | | | | |
Dongbu Insurance Co. Ltd. | | | 262,510 | | | | 11,462,704 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 384,880 | | | | 11,112,314 | |
Korea Life Insurance Co. Ltd. | | | 1,075,450 | | | | 7,017,618 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 219,205 | | | | 41,343,722 | |
Samsung Life Insurance Co. Ltd. | | | 308,529 | | | | 25,179,287 | |
| | | | | | | | |
| | | | | | | 96,115,645 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INTERNET — 2.18% | | | | | |
NCsoft Corp. | | | 94,320 | | | $ | 23,353,943 | |
NHN Corp.a | | | 252,364 | | | | 52,673,351 | |
| | | | | | | | |
| | | | | | | 76,027,294 | |
IRON & STEEL — 5.46% | | | | | |
Dongkuk Steel Mill Co. Ltd.a | | | 229,351 | | | | 5,166,279 | |
Hyundai Steel Co.a | | | 342,135 | | | | 35,017,057 | |
POSCO | | | 403,296 | | | | 149,966,378 | |
| | | | | | | | |
| | | | | | | 190,149,714 | |
LODGING — 0.39% | | | | | |
Kangwon Land Inc. | | | 595,252 | | | | 13,727,682 | |
| | | | | | | | |
| | | | | | | 13,727,682 | |
MACHINERY — 0.83% | | | | | |
Doosan Heavy Industries & Construction
Co. Ltd. | | | 260,893 | | | | 16,464,319 | |
Doosan Infracore Co. Ltd.a,b | | | 623,410 | | | | 12,621,723 | |
| | | | | | | | |
| | | | | | | 29,086,042 | |
MANUFACTURING — 1.27% | | | | | |
Cheil Industries Inc.a | | | 290,897 | | | | 24,858,435 | |
Doosan Corp.a | | | 61,765 | | | | 9,468,545 | |
Kumho Petro Chemical Co. Ltd.a,b | | | 70,398 | | | | 9,848,074 | |
| | | | | | | | |
| | | | | | | 44,175,054 | |
METAL FABRICATE &
HARDWARE — 0.43% | |
Hyosung Corp. | | | 140,587 | | | | 8,356,867 | |
Hyundai Hysco Co. Ltd. | | | 197,200 | | | | 6,724,780 | |
| | | | | | | | |
| | | | | | | 15,081,647 | |
MINING — 0.59% | | | | | |
Korea Zinc Co. Ltd.a,b | | | 52,384 | | | | 20,532,646 | |
| | | | | | | | |
| | | | | | | 20,532,646 | |
OIL & GAS — 3.87% | | | | | |
GS Holdings Corp. | | | 315,548 | | | | 18,221,101 | |
S-Oil Corp. | | | 277,850 | | | | 31,169,568 | |
SK Holdings Co. Ltd. | | | 159,244 | | | | 24,127,340 | |
SK Innovation Co. Ltd. | | | 370,759 | | | | 61,476,944 | |
| | | | | | | | |
| | | | | | | 134,994,953 | |
PHARMACEUTICALS — 0.16% | | | | | |
Yuhan Corp. | | | 51,701 | | | | 5,522,599 | |
| | | | | | | | |
| | | | | | | 5,522,599 | |
RETAIL — 2.21% | | | | | |
E-Mart Co. Ltd. | | | 129,002 | | | | 31,307,107 | |
Hyundai Department Store Co. Ltd. | | | 93,559 | | | | 13,966,214 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 39 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Lotte Shopping Co. Ltd. | | | 62,712 | | | $ | 21,133,365 | |
Shinsegae Co. Ltd.a | | | 45,611 | | | | 10,702,262 | |
| | | | | | | | |
| | | | | | | 77,108,948 | |
SEMICONDUCTORS — 23.94% | | | | | |
Hynix Semiconductor Inc.a,b | | | 3,210,760 | | | | 86,674,520 | |
Samsung Electronics Co. Ltd.a | | | 681,356 | | | | 734,510,569 | |
Samsung Techwin Co. Ltd.a | | | 229,174 | | | | 13,131,067 | |
| | | | | | | | |
| | | | | | | 834,316,156 | |
SHIPBUILDING — 4.10% | | | | | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a,b | | | 591,340 | | | | 19,002,590 | |
Hyundai Heavy Industries Co. Ltd. | | | 257,844 | | | | 78,248,040 | |
Hyundai Mipo Dockyard Co. Ltd.a | | | 67,506 | | | | 9,413,337 | |
Samsung Heavy Industries Co. Ltd. | | | 997,090 | | | | 36,319,397 | |
| | | | | | | | |
| | | | | | | 142,983,364 | |
TELECOMMUNICATIONS — 0.87% | |
KT Corp. | | | 208,782 | | | | 6,083,974 | |
LG Uplus Corp. | | | 1,419,565 | | | | 8,044,910 | |
SK Telecom Co. Ltd. | | | 124,414 | | | | 16,181,132 | |
| | | | | | | | |
| | | | | | | 30,310,016 | |
TRANSPORTATION — 0.72% | | | | | |
Hyundai Glovis Co. Ltd.a | | | 81,019 | | | | 13,434,065 | |
Hyundai Merchant Marine Co. Ltd.a,b | | | 264,990 | | | | 7,413,964 | |
STX Pan Ocean Co. Ltd.a | | | 635,740 | | | | 4,313,184 | |
| | | | | | | | |
| | | | | | | 25,161,213 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $1,493,216,612) | | | | 3,347,249,308 | |
| |
PREFERRED STOCKS — 3.04% | | | | | |
|
AUTO MANUFACTURERS — 0.61% | |
Hyundai Motor Co. Ltd. | | | 139,603 | | | | 7,861,619 | |
Hyundai Motor Co. Ltd. Series 2 | | | 232,601 | | | | 13,244,259 | |
| | | | | | | | |
| | | | | | | 21,105,878 | |
CHEMICALS — 0.15% | | | | | | | | |
LG Chem Ltd. | | | 47,074 | | | | 5,238,743 | |
| | | | | | | | |
| | | | | | | 5,238,743 | |
SEMICONDUCTORS — 2.28% | |
Samsung Electronics Co. Ltd. | | | 126,743 | | | | 79,417,947 | |
| | | | | | | | |
| | | | | | | 79,417,947 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | |
(Cost: $51,798,215) | | | | | | | 105,762,568 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 5.47% | |
| |
MONEY MARKET FUNDS — 5.47% | | | | | |
BlackRock Cash Funds: Institutional, | | | | | | | | |
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 176,889,051 | | | $ | 176,889,051 | |
BlackRock Cash Funds: Prime, | | | | | | | | |
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 13,082,180 | | | | 13,082,180 | |
BlackRock Cash Funds: Treasury, | | | | | | | | |
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 775,821 | | | | 775,821 | |
| | | | | | | | |
| | | | | | | 190,747,052 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $190,747,052) | | | | | | | 190,747,052 | |
| | | | | | | | |
|
TOTAL INVESTMENTS
IN SECURITIES — 104.56% | |
(Cost: $1,735,761,879) | | | | | | | 3,643,758,928 | |
Other Assets, Less
Liabilities — (4.56)% | | | | (158,749,297 | ) |
| | | | | | | | |
NET ASSETS — 100.00% $3,485,009,631 | |
| | | | | | | | |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI TAIWAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.80% | |
|
AIRLINES — 0.56% | |
China Airlines Ltd. | | | 15,458,761 | | | $ | 7,336,023 | |
EVA Airways Corp. | | | 10,318,212 | | | | 7,037,697 | |
| | | | | | | | |
| | | | | | | 14,373,720 | |
APPAREL — 1.34% | | | | | |
Far Eastern New Century Corp. | | | 17,822,807 | | | | 22,887,841 | |
Pou Chen Corp.a | | | 13,132,103 | | | | 11,659,678 | |
| | | | | | | | |
| | | | | | | 34,547,519 | |
AUTO MANUFACTURERS — 0.58% | | | | | |
China Motor Co. Ltd. | | | 2,814,000 | | | | 3,125,497 | |
Yulon Motor Co. Ltd.a | | | 5,628,362 | | | | 11,870,950 | |
| | | | | | | | |
| | | | | | | 14,996,447 | |
AUTO PARTS & EQUIPMENT — 1.17% | |
Cheng Shin Rubber Industry Co. Ltd.a | | | 10,318,138 | | | | 25,447,850 | |
Nan Kang Rubber Tire Co. Ltd.a | | | 2,898,076 | | | | 4,820,925 | |
| | | | | | | | |
| | | | | | | 30,268,775 | |
BANKS — 0.81% | | | | | |
Chang Hwa Commercial Bank Ltd. | | | 25,326,986 | | | | 15,508,428 | |
Taiwan Business Bank Ltd.a,b | | | 16,250,920 | | | | 5,478,521 | |
| | | | | | | | |
| | | | | | | 20,986,949 | |
BUILDING MATERIALS — 1.85% | | | | | |
Asia Cement Corp. | | | 11,256,060 | | | | 14,416,610 | |
Taiwan Cement Corp. | | | 20,636,504 | | | | 26,501,157 | |
Taiwan Glass Industry Corp.a | | | 5,628,855 | | | | 6,902,988 | |
| | | | | | | | |
| | | | | | | 47,820,755 | |
CHEMICALS — 9.61% | | | | | |
China Petrochemical Development Corp. | | | 11,256,800 | | | | 14,455,851 | |
Eternal Chemical Co. Ltd. | | | 4,053,839 | | | | 3,640,677 | |
Formosa Chemicals & Fibre Corp. | | | 17,822,204 | | | | 55,777,751 | |
Formosa Plastics Corp. | | | 24,426,768 | | | | 76,447,907 | |
LCY Chemical Corp.a | | | 2,814,250 | | | | 5,217,602 | |
Nan Ya Plastics Corp. | | | 29,078,860 | | | | 71,421,067 | |
Taiwan Fertilizer Co. Ltd. | | | 4,690,000 | | | | 13,130,596 | |
TSRC Corp.a | | | 3,109,200 | | | | 7,943,289 | |
| | | | | | | | |
| | | | | | | 248,034,740 | |
COMPUTERS — 8.97% | | | | | |
Acer Inc.a | | | 15,946,841 | | | | 24,411,751 | |
Advantech Co. Ltd.a | | | 1,876,771 | | | | 6,320,599 | |
ASUSTeK Computer Inc.a | | | 4,070,857 | | | | 38,221,409 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Chicony Electronics Co. Ltd.a | | | 2,814,653 | | | $ | 5,802,421 | |
Chimei Innolux Corp.b | | | 31,892,008 | | | | 17,195,820 | |
Clevo Co.a | | | 2,814,300 | | | | 5,054,941 | |
Compal Electronics Inc.a | | | 26,264,554 | | | | 31,092,886 | |
Foxconn Technology Co. Ltd. | | | 4,690,279 | | | | 21,619,704 | |
Inventec Corp. | | | 14,070,752 | | | | 6,701,270 | |
Lite-On Technology Corp. | | | 13,132,258 | | | | 17,847,112 | |
Quanta Computer Inc. | | | 14,928,240 | | | | 36,919,412 | |
Wistron Corp.a | | | 12,194,957 | | | | 20,306,952 | |
| | | | | | | | |
| | | | | | | 231,494,277 | |
DIVERSIFIED FINANCIAL SERVICES — 10.57% | |
Capital Securities Corp. | | | 10,318,043 | | | | 4,563,021 | |
China Development Financial
Holding Corp. | | | 56,280,920 | | | | 19,069,192 | |
Chinatrust Financial Holding Co. Ltd.a | | | 60,032,046 | | | | 40,843,684 | |
E.Sun Financial Holding Co. Ltd. | | | 24,393,289 | | | | 13,360,047 | |
First Financial Holding Co. Ltd.a | | | 35,644,487 | | | | 22,856,803 | |
Fubon Financial Holding Co. Ltd. | | | 30,954,851 | | | | 36,434,816 | |
Hua Nan Financial Holdings Co. Ltd. | | | 30,016,391 | | | | 17,818,275 | |
KGI Securities Co. Ltd. | | | 17,822,157 | | | | 8,002,874 | |
Mega Financial Holding Co. Ltd. | | | 48,776,938 | | | | 37,998,091 | |
SinoPac Financial Holdings Co. Ltd. | | | 36,582,497 | | | | 13,689,191 | |
Taishin Financial Holdings Co. Ltd. | | | 30,954,735 | | | | 12,636,305 | |
Taiwan Cooperative Financial Holding Co. Ltd.b | | | 24,388,469 | | | | 16,012,296 | |
Yuanta Financial Holding Co. Ltd.b | | | 49,714,453 | | | | 29,342,283 | |
| | | | | | | | |
| | | | | | | 272,626,878 | |
ELECTRICAL COMPONENTS &
EQUIPMENT — 2.03% | |
Delta Electronics Inc.a | | | 11,256,180 | | | | 30,939,562 | |
Pacific Electric Wire & Cable Co. Ltd.c | | | 197 | | | | — | |
Simplo Technology Co. Ltd.a | | | 1,347,123 | | | | 9,669,443 | |
Tatung Co. Ltd.b | | | 12,194,964 | | | | 4,115,323 | |
Walsin Lihwa Corp. | | | 19,698,069 | | | | 7,672,571 | |
| | | | | | | | |
| | | | | | | 52,396,899 | |
ELECTRONICS — 13.48% | | | | | |
AU Optronics Corp.a | | | 45,962,830 | | | | 24,860,831 | |
Cheng Uei Precision Industry Co. Ltd.a | | | 2,127,915 | | | | 5,103,348 | |
E Ink Holdings Inc.a | | | 4,690,000 | | | | 7,020,003 | |
Hon Hai Precision Industry Co. Ltd. | | | 56,280,818 | | | | 196,243,837 | |
Kinsus Interconnect Technology Corp.a | | | 1,876,043 | | | | 6,669,155 | |
Nan Ya Printed Circuit Board Corp.a | | | 1,001,446 | | | | 2,517,583 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 41 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TAIWAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Pegatron Corp.a | | | 10,318,037 | | | $ | 14,040,056 | |
Phison Electronics Corp.a | | | 938,698 | | | | 7,456,320 | |
Radiant Opto-Electronics Corp. | | | 2,814,000 | | | | 12,540,278 | |
Synnex Technology International Corp.a | | | 8,442,538 | | | | 21,396,417 | |
TPK Holding Co. Ltd.a,b | | | 584,750 | | | | 9,806,836 | |
Tripod Technology Corp. | | | 2,814,061 | | | | 8,759,239 | |
Unimicron Technology Corp.a | | | 8,442,794 | | | | 11,057,544 | |
Wintek Corp.a | | | 9,380,926 | | | | 8,281,230 | |
WPG Holdings Co. Ltd.a | | | 8,442,744 | | | | 12,033,983 | |
Ya Hsin Industrial Co. Ltd.c | | | 6,845,461 | | | | 23 | |
| | | | | | | | |
| | | | | | | 347,786,683 | |
FOOD — 1.61% | | | | | |
Standard Foods Corp.a | | | 1,131,000 | | | | 4,020,598 | |
Uni-President Enterprises Co. | | | 24,388,512 | | | | 37,375,917 | |
| | | | | | | | |
| | | | | | | 41,396,515 | |
INSURANCE — 2.78% | | | | | |
Cathay Financial Holding Co. Ltd.a | | | 41,272,179 | | | | 48,578,630 | |
China Life Insurance Co. Ltd.a | | | 10,321,139 | | | | 10,726,316 | |
Shin Kong Financial Holding Co. Ltd.a,b | | | 36,582,411 | | | | 12,394,911 | |
| | | | | | | | |
| | | | | | | 71,699,857 | |
IRON & STEEL — 3.17% | | | | | |
China Steel Corp.a | | | 69,412,090 | | | | 72,018,939 | |
Feng Hsin Iron & Steel Co. Ltd.a | | | 2,814,050 | | | | 4,958,763 | |
Tung Ho Steel Enterprise Corp. | | | 4,690,882 | | | | 4,851,096 | |
| | | | | | | | |
| | | | | | | 81,828,798 | |
LEISURE TIME — 0.31% | | | | | |
Giant Manufacturing Co. Ltd.a | | | 1,876,590 | | | | 8,075,542 | |
| | | | | | | | |
| | | | | | | 8,075,542 | |
LODGING — 0.11% | | | | | |
Formosa International Hotels Corp.a | | | 178,200 | | | | 2,840,070 | |
| | | | | | | | |
| | | | | | | 2,840,070 | |
MACHINERY — 0.28% | | | | | |
Teco Electric and Machinery Co. Ltd. | | | 10,318,092 | | | | 7,300,868 | |
| | | | | | | | |
| | | | | | | 7,300,868 | |
MANUFACTURING — 0.97% | | | | | |
Hiwin Technologies Corp.a | | | 977,290 | | | | 10,937,829 | |
Largan Precision Co. Ltd.a | | | 625,794 | | | | 14,029,060 | |
| | | | | | | | |
| | | | | | | 24,966,889 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
METAL FABRICATE & HARDWARE — 0.97% | |
Catcher Technology Co. Ltd.a | | | 3,424,743 | | | $ | 25,106,549 | |
| | | | | | | | |
| | | | | | | 25,106,549 | |
OIL & GAS — 0.96% | | | | | |
Formosa Petrochemical Corp.a | | | 7,504,950 | | | | 24,739,068 | |
| | | | | | | | |
| | | | | | | 24,739,068 | |
REAL ESTATE — 0.54% | | | | | |
Farglory Land Development Co. Ltd.a | | | 1,876,000 | | | | 3,995,020 | |
Highwealth Construction Corp.a | | | 2,814,000 | | | | 5,265,002 | |
Ruentex Development Co. Ltd.a | | | 3,553,665 | | | | 4,732,820 | |
| | | | | | | | |
| | | | | | | 13,992,842 | |
RETAIL — 1.70% | | | | | |
Far Eastern Department Stores Co. Ltd. | | | 5,628,895 | | | | 7,764,719 | |
Hotai Motor Co. Ltd. | | | 1,526,000 | | | | 10,356,409 | |
President Chain Store Corp.a | | | 3,752,215 | | | | 19,848,600 | |
Ruentex Industries Ltd.a | | | 2,814,550 | | | | 5,792,634 | |
| | | | | | | | |
| | | | | | | 43,762,362 | |
SEMICONDUCTORS — 25.73% | | | | | |
Advanced Semiconductor Engineering Inc. | | | 29,078,488 | | | | 28,488,926 | |
Epistar Corp.a | | | 4,690,047 | | | | 12,285,128 | |
Everlight Electronics Co. Ltd.a | | | 2,032,784 | | | | 4,550,183 | |
Inotera Memories Inc.a,b | | | 10,315,024 | | | | 2,821,227 | |
Macronix International Co. Ltd.a | | | 20,636,527 | | | | 8,775,228 | |
MediaTek Inc.a | | | 6,566,632 | | | | 67,238,952 | |
Motech Industries Inc.a | | | 1,876,118 | | | | 3,886,773 | |
MStar Semiconductor Inc. | | | 2,314,634 | | | | 14,724,335 | |
Novatek Microelectronics Corp. Ltd.a | | | 2,814,544 | | | | 8,425,632 | |
Powertech Technology Inc.a | | | 4,690,036 | | | | 10,753,450 | |
Realtek Semiconductor Corp.a | | | 2,814,977 | | | | 5,975,458 | |
Richtek Technology Corp.a | | | 938,416 | | | | 5,618,493 | |
Siliconware Precision Industries
Co. Ltd. | | | 17,822,214 | | | | 21,007,611 | |
Sino-American Silicon Products Inc.a | | | 2,117,408 | | | | 4,393,859 | |
Taiwan Semiconductor Manufacturing Co. Ltd.a | | | 152,960,882 | | | | 422,000,528 | |
Transcend Information Inc. | | | 933,905 | | | | 2,792,565 | |
United Microelectronics Corp.a | | | 75,978,501 | | | | 40,062,143 | |
| | | | | | | | |
| | | | | | | 663,800,491 | |
| | |
| 42 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TAIWAN INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TELECOMMUNICATIONS — 8.75% | |
Chunghwa Telecom Co. Ltd. | | | 23,450,648 | | | $ | 72,116,566 | |
Far EasTone Telecommunications
Co. Ltd. | | | 9,380,259 | | | | 19,688,461 | |
HTC Corp.a | | | 4,541,884 | | | | 102,129,042 | |
Taiwan Mobile Co. Ltd. | | | 10,318,609 | | | | 31,732,285 | |
| | | | | | | | |
| | | | | | | 225,666,354 | |
TEXTILES — 0.18% | | | | | |
Formosa Taffeta Co. Ltd. | | | 4,690,515 | | | | 4,699,131 | |
| | | | | | | | |
| | | | | | | 4,699,131 | |
TRANSPORTATION — 0.77% | | | | | |
Evergreen Marine Corp. Ltd. | | | 8,442,766 | | | | 5,916,485 | |
U-Ming Marine Transport Corp. | | | 2,814,800 | | | | 4,902,632 | |
Wan Hai Lines Ltd. | | | 6,566,854 | | | | 3,831,186 | |
Yang Ming Marine Transport Corp. | | | 8,755,635 | | | | 5,093,256 | |
| | | | | | | | |
| | | | | | | 19,743,559 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $1,546,471,009) | | | | 2,574,952,537 | |
|
SHORT-TERM INVESTMENTS — 13.04% | |
|
MONEY MARKET FUNDS — 13.04% | |
BlackRock Cash Funds: Institutional, | | | | | | | | |
SL Agency Shares | | | | | | | | |
0.22%d,e,f | | | 309,486,502 | | | | 309,486,502 | |
BlackRock Cash Funds: Prime, | | | | | | | | |
SL Agency Shares | | | | | | | | |
0.23%d,e,f | | | 22,888,688 | | | | 22,888,688 | |
BlackRock Cash Funds: Treasury, | |
SL Agency Shares | | | | | | | | |
0.02%d,e | | | 4,086,113 | | | | 4,086,113 | |
| | | | | | | | |
| | | | | | | 336,461,303 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $336,461,303) | | | | 336,461,303 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 112.84% | | | | | |
(Cost: $1,882,932,312) | | | $ | 2,911,413,840 | |
Other Assets, Less
Liabilities — (12.84)% | | | | (331,371,632 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 2,580,042,208 | |
| | | | | | | | |
| 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 43 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI THAILAND INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.67% | |
|
AIRLINES — 0.59% | |
Thai Airways International PCL NVDR | | | 4,453,166 | | | $ | 3,825,618 | |
| | | | | | | | |
| | | | | | | 3,825,618 | |
AUTO PARTS & EQUIPMENT — 0.10% | |
Somboon Advance Technology PCL NVDR | | | 810,900 | | | | 667,154 | |
| | | | | | | | |
| | | | | | | 667,154 | |
BANKS — 29.18% | | | | | |
Bangkok Bank PCL Foreign | | | 5,713,800 | | | | 36,625,713 | |
Bangkok Bank PCL NVDR | | | 3,245,800 | | | | 19,411,525 | |
Bank of Ayudhya PCL NVDR | | | 12,396,600 | | | | 10,342,447 | |
Kasikornbank PCL Foreign | | | 7,976,700 | | | | 39,138,938 | |
Kasikornbank PCL NVDR | | | 4,069,600 | | | | 19,699,203 | |
Kiatnakin Bank PCL NVDR | | | 1,899,000 | | | | 2,054,923 | |
Krung Thai Bank PCL NVDR | | | 19,015,400 | | | | 10,932,363 | |
LH Financial Group PCL NVDRa | | | 19,345,300 | | | | 882,092 | |
Siam Commercial Bank PCL NVDR | | | 10,618,500 | | | | 45,610,606 | |
Thanachart Capital PCL NVDR | | | 4,443,900 | | | | 4,184,740 | |
| | | | | | | | |
| | | | | | | 188,882,550 | |
BUILDING MATERIALS — 1.32% | |
Dynasty Ceramic PCL NVDR | | | 970,900 | | | | 2,085,198 | |
Siam City Cement PCL NVDR | | | 468,900 | | | | 4,663,436 | |
TPI Polene PCL NVDR | | | 3,296,800 | | | | 1,764,684 | |
| | | | | | | | |
| | | | | | | 8,513,318 | |
CHEMICALS — 8.99% | |
Indorama Ventures PCL NVDR | | | 9,824,010 | | | | 13,065,138 | |
IRPC PCL NVDR | | | 68,119,100 | | | | 10,668,579 | |
PTT Global Chemical PCL NVDR | | | 11,341,207 | | | | 27,917,394 | |
Siam Gas and Petrochemicals PCL NVDR | | | 1,933,300 | | | | 1,066,781 | |
Sri Trang Agro-Industry PCL NVDR | | | 4,266,571 | | | | 3,045,033 | |
Thai Plastic & Chemical PCL NVDR | | | 1,488,200 | | | | 1,475,169 | |
Vinythai PCL NVDR | | | 1,612,865 | | | | 980,562 | |
| | | | | | | | |
| | | | | | | 58,218,656 | |
COAL — 3.24% | |
Banpu PCL NVDR | | | 979,250 | | | | 20,966,595 | |
| | | | | | | | |
| | | | | | | 20,966,595 | |
COMMERCIAL SERVICES — 0.26% | |
Bangkok Expressway PCL NVDR | | | 2,566,300 | | | | 1,653,489 | |
| | | | | | | | |
| | | | | | | 1,653,489 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMPUTERS — 0.20% | | | | | |
Cal-Comp Electronics (Thailand)
PCL NVDR | | | 13,874,500 | | | $ | 1,292,783 | |
| | | | | | | | |
| | | | | | | 1,292,783 | |
DIVERSIFIED FINANCIAL SERVICES — 0.58% | |
Phatra Capital PCL NVDR | | | 698,600 | | | | 680,942 | |
TISCO Financial Group PCL NVDR | | | 2,425,200 | | | | 3,085,088 | |
| | | | | | | | |
| | | | | | | 3,766,030 | |
ELECTRIC — 1.93% | | | | | |
Electricity Generating PCL NVDR | | | 895,500 | | | | 2,796,126 | |
Glow Energy PCL NVDR | | | 3,481,900 | | | | 6,212,542 | |
Ratchaburi Electricity Generating Holding PCL NVDR | | | 2,464,300 | | | | 3,460,524 | |
| | | | | | | | |
| | | | | | | 12,469,192 | |
ELECTRONICS — 0.83% | | | | | |
Delta Electronics (Thailand) PCL NVDR | | | 3,393,244 | | | | 2,578,708 | |
Hana Microelectronics PCL NVDR | | | 3,952,900 | | | | 2,821,168 | |
| | | | | | | | |
| | | | | | | 5,399,876 | |
ENGINEERING & CONSTRUCTION — 0.54% | |
CH. Karnchang PCL NVDR | | | 2,800,300 | | | | 707,824 | |
Italian-Thai Development PCL NVDR | | | 9,132,300 | | | | 1,176,804 | |
Sino-Thai Engineering & Construction PCL NVDR | | | 3,629,900 | | | | 1,631,146 | |
| | | | | | | | |
| | | | | | | 3,515,774 | |
ENTERTAINMENT — 0.24% | | | | | |
Major Cineplex Group PCL NVDR | | | 2,939,900 | | | | 1,534,790 | |
| | | | | | | | |
| | | | | | | 1,534,790 | |
FOOD — 5.10% | | | | | |
Charoen Pokphand Foods PCL NVDR | | | 20,464,700 | | | | 24,511,659 | |
GFPT PCL NVDR | | | 2,560,000 | | | | 871,237 | |
Khon Kaen Sugar Industry PCL NVDR | | | 3,162,900 | | | | 1,494,448 | |
Thai Union Frozen Products PCL NVDR | | | 1,951,960 | | | | 4,466,322 | |
Thai Vegetable Oil PCL NVDR | | | 2,582,953 | | | | 1,698,357 | |
| | | | | | | | |
| | | | | | | 33,042,023 | |
HEALTH CARE — SERVICES — 0.64% | |
Bangkok Chain Hospital PCL NVDR | | | 3,383,500 | | | | 782,571 | |
Bumrungrad Hospital PCL NVDR | | | 2,228,576 | | | | 3,368,820 | |
| | | | | | | | |
| | | | | | | 4,151,391 | |
HOLDING COMPANIES — DIVERSIFIED — 4.48% | |
Siam Cement PCL Foreign | | | 2,041,000 | | | | 28,998,183 | |
| | | | | | | | |
| | | | | | | 28,998,183 | |
| | |
| 44 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI THAILAND INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOME BUILDERS — 0.38% | |
Asian Property Development PCL NVDR | | | 5,755,260 | | | $ | 1,083,925 | |
Quality Houses PCL NVDR | | | 23,076,000 | | | | 1,387,686 | |
| | | | | | | | |
| | | | | | | 2,471,611 | |
IRON & STEEL — 0.52% | | | | | |
G J Steel PCL NVDRa | | | 132,429,100 | | | | 656,348 | |
G Steel PCL NVDRa | | | 54,835,800 | | | | 706,624 | |
Sahaviriya Steel Industries PCL NVDRa | | | 60,632,440 | | | | 1,562,640 | |
Tata Steel (Thailand) PCL NVDRa | | | 14,089,700 | | | | 414,334 | |
| | | | | | | | |
| | | | | | | 3,339,946 | |
LODGING — 0.22% | | | | | |
Central Plaza Hotel PCL NVDR | | | 3,674,000 | | | | 1,408,174 | |
| | | | | | | | |
| | | | | | | 1,408,174 | |
MEDIA — 1.49% | | | | | |
BEC World PCL NVDR | | | 6,123,300 | | | | 8,952,785 | |
MCOT PCL NVDR | | | 694,900 | | | | 677,335 | |
| | | | | | | | |
| | | | | | | 9,630,120 | |
METAL FABRICATE &
HARDWARE — 0.11% | |
STP & I PCL NVDR | | | 744,600 | | | | 738,080 | |
| | | | | | | | |
| | | | | | | 738,080 | |
OIL & GAS — 21.15% | | | | | |
Bangchak Petroleum PCL NVDR | | | 2,340,100 | | | | 1,817,028 | |
Esso (Thailand) PCL NVDR | | | 7,062,900 | | | | 3,127,139 | |
PTT Exploration & Production PCL NVDR | | | 7,904,000 | | | | 48,183,975 | |
PTT PCL NVDR | | | 5,824,800 | | | | 69,862,957 | |
Thai Oil PCL NVDR | | | 5,551,600 | | | | 13,940,909 | |
| | | | | | | | |
| | | | | | | 136,932,008 | |
PACKAGING & CONTAINERS — 0.20% | |
Polyplex PCL NVDR | | | 2,447,450 | | | | 1,318,138 | |
| | | | | | | | |
| | | | | | | 1,318,138 | |
REAL ESTATE — 2.14% | |
Amata Corp. PCL NVDR | | | 3,555,800 | | | | 1,962,064 | |
Bangkok Land PCL NVDRa | | | 48,439,200 | | | | 1,136,356 | |
Hemaraj Land and Development PCL NVDR | | | 32,357,100 | | | | 2,822,493 | |
LPN Development PCL NVDR | | | 3,513,747 | | | | 1,706,660 | |
Pruksa Real Estate PCL NVDR | | | 4,505,980 | | | | 2,084,379 | |
Sansiri PCL NVDR | | | 16,713,028 | | | | 1,137,579 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Supalai PCL NVDR | | | 4,087,200 | | | $ | 1,904,164 | |
Ticon Industrial Connection PCL NVDR | | | 2,603,083 | | | | 1,126,727 | |
| | | | | | | | |
| | | | | | | 13,880,422 | |
RETAIL — 8.06% | |
CP All PCL NVDR | | | 14,977,100 | | | | 32,784,830 | |
Home Product Center PCL NVDR | | | 11,900,248 | | | | 4,836,380 | |
Minor International PCL NVDR | | | 8,684,600 | | | | 3,615,594 | |
Robinson Department Store PCL NVDR | | | 2,265,300 | | | | 3,443,047 | |
Siam Global House PCL NVDR | | | 2,443,400 | | | | 984,949 | |
Siam Makro PCL NVDR | | | 651,800 | | | | 6,547,074 | |
| | | | | | | | |
| | | | | | | 52,211,874 | |
TELECOMMUNICATIONS — 6.15% | |
Advanced Information Service PCL NVDR | | | 6,068,400 | | | | 32,081,414 | |
Jasmine International PCL NVDR | | | 24,153,900 | | | | 1,915,393 | |
Samart Corp. PCL NVDR | | | 2,329,100 | | | | 696,460 | |
Thaicom PCL NVDRa | | | 2,981,500 | | | | 1,300,373 | |
True Corp. PCL NVDRa | | | 34,537,600 | | | | 3,811,518 | |
| | | | | | | | |
| | | | | | | 39,805,158 | |
TRANSPORTATION — 0.76% | |
Precious Shipping PCL NVDR | | | 1,766,400 | | | | 945,504 | |
Tanayong PCL NVDR | | | 97,283,257 | | | | 2,378,643 | |
Thoresen Thai Agencies PCL NVDR | | | 2,358,330 | | | | 1,574,038 | |
| | | | | | | | |
| | | | | | | 4,898,185 | |
WATER — 0.27% | |
Thai Tap Water Supply PCL NVDR | | | 9,500,566 | | | | 1,773,606 | |
| | | | | | | | |
| | | | | | | 1,773,606 | |
| | | | | | | | |
TOTAL COMMON STOCKS | |
(Cost: $543,138,910) | | | | | | | 645,304,744 | |
| | |
RIGHTS — 0.00% | | | | | | | | |
|
IRON & STEEL — 0.00% | |
Sahaviriya Steel Industries PCL NVDRa,b | | | 5,671 | | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost: $0) | | | | | | | — | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 45 | |
Schedule of Investments (Unaudited) (Continued)
ISHARES® MSCI THAILAND INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
WARRANTS — 0.01% | | | | | | | | |
| | |
REAL ESTATE — 0.01% | | | | | | | | |
Bangkok Land PCL NVDR (Expires 9/22/15)a | | | 6,189,157 | | | $ | 32,720 | |
| | | | | | | | |
| | | | | | | 32,720 | |
| | | | | | | | |
TOTAL WARRANTS | | | | | | | | |
(Cost: $0) | | | | | | | 32,720 | |
|
SHORT-TERM INVESTMENTS — 0.08% | |
|
MONEY MARKET FUNDS — 0.08% | |
BlackRock Cash Funds: Treasury, | | | | | | | | |
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 514,089 | | | | 514,089 | |
| | | | | | | | |
| | | | | | | 514,089 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $514,089) | | | | 514,089 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.76% | | | | | |
(Cost: $543,652,999) | | | | 645,851,553 | |
Other Assets, Less
Liabilities — 0.24% | | | | 1,565,117 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 647,416,670 | |
| | | | | | | | |
NVDR – Non-Voting 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.
| | |
| 46 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Australia Index Fund | | | iShares MSCI
Hong Kong Index Fund | | | iShares MSCI
Japan Small Cap
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 2,847,964,269 | | | $ | 1,907,288,110 | | | $ | 56,523,148 | |
Affiliated (Note 2) | | | 11,955,078 | | | | 158,130,301 | | | | 938,129 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 2,859,919,347 | | | $ | 2,065,418,411 | | | $ | 57,461,277 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 2,882,426,906 | | | $ | 1,982,396,481 | | | $ | 54,760,497 | |
Affiliated (Note 2) | | | 11,955,078 | | | | 158,130,301 | | | | 938,129 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 2,894,381,984 | | | | 2,140,526,782 | | | | 55,698,626 | |
Foreign currencies, at valueb | | | 3,320,338 | | | | 1,736,837 | | | | 55,437 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 16,298,563 | | | | — | | | | — | |
Dividends and interest | | | 31,483,514 | | | | 442,546 | | | | 116,022 | |
| | | | | | | | | | | | |
Total Assets | | | 2,945,484,399 | | | | 2,142,706,165 | | | | 55,870,085 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 15,202,002 | | | | 348,674 | | | | — | |
Collateral for securities on loan (Note 5) | | | 11,811,527 | | | | 157,296,851 | | | | 935,802 | |
Capital shares redeemed | | | 776,349 | | | | — | | | | — | |
Investment advisory fees (Note 2) | | | 1,212,550 | | | | 810,316 | | | | 22,700 | |
| | | | | | | | | | | | |
Total Liabilities | | | 29,002,428 | | | | 158,455,841 | | | | 958,502 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 2,916,481,971 | | | $ | 1,984,250,324 | | | $ | 54,911,583 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 3,058,126,728 | | | $ | 2,258,787,183 | | | $ | 55,930,193 | |
Undistributed (distributions in excess of) net investment income | | | 7,570,760 | | | | 7,108,321 | | | | (383,606 | ) |
Undistributed net realized gain (accumulated net realized loss) | | | (183,946,451 | ) | | | (356,753,330 | ) | | | 1,133,200 | |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 34,730,934 | | | | 75,108,150 | | | | (1,768,204 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 2,916,481,971 | | | $ | 1,984,250,324 | | | $ | 54,911,583 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 121,000,000 | | | | 108,225,000 | | | | 1,200,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 24.10 | | | $ | 18.33 | | | $ | 45.76 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $11,021,781, $149,183,136 and $888,909, respectively. See Note 5. |
| b | Cost of foreign currencies: $3,290,991, $1,737,057 and $57,618, respectively. |
| c | $0.001 par value, number of shares authorized: 627.8 million, 250 million and 500 million, respectively. |
See notes to financial statements.
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Malaysia
Index Fund | | | iShares MSCI
Pacific ex-Japan
Index Fund | | | iShares MSCI
Singapore
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 491,511,325 | | | $ | 2,914,493,090 | | | $ | 1,421,308,275 | |
Affiliated (Note 2) | | | 380,450 | | | | 94,099,786 | | | | 127,296,596 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 491,891,775 | | | $ | 3,008,592,876 | | | $ | 1,548,604,871 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 954,024,082 | | | $ | 3,490,574,719 | | | $ | 1,553,112,549 | |
Affiliated (Note 2) | | | 380,450 | | | | 94,099,786 | | | | 127,296,596 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 954,404,532 | | | | 3,584,674,505 | | | | 1,680,409,145 | |
Foreign currencies, at valueb | | | 1,489,346 | | | | 7,555,243 | | | | 1,481,430 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 5,242,105 | | | | 10,808,724 | | | | — | |
Dividends and interest | | | 1,362,004 | | | | 22,834,771 | | | | 1,324,908 | |
Capital shares sold | | | — | | | | — | | | | 128,198 | |
| | | | | | | | | | | | |
Total Assets | | | 962,497,987 | | | | 3,625,873,243 | | | | 1,683,343,681 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 6,373,553 | | | | 11,164,984 | | | | — | |
Collateral for securities on loan (Note 5) | | | — | | | | 93,476,096 | | | | 126,180,865 | |
Investment advisory fees (Note 2) | | | 386,648 | | | | 1,352,819 | | | | 620,789 | |
| | | | | | | | | | | | |
Total Liabilities | | | 6,760,201 | | | | 105,993,899 | | | | 126,801,654 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 955,737,786 | | | $ | 3,519,879,344 | | | $ | 1,556,542,027 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 592,611,588 | | | $ | 3,371,650,524 | | | $ | 1,667,428,846 | |
Undistributed (distributions in excess of) net investment income | | | (11,434,222 | ) | | | 269,346 | | | | (14,725,970 | ) |
Accumulated net realized loss | | | (87,974,276 | ) | | | (428,354,176 | ) | | | (227,981,529 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 462,534,696 | | | | 576,313,650 | | | | 131,820,680 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 955,737,786 | | | $ | 3,519,879,344 | | | $ | 1,556,542,027 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 64,950,000 | | | | 78,600,000 | | | | 119,900,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 14.71 | | | $ | 44.78 | | | $ | 12.98 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $ –, $88,462,845 and $119,099,674, respectively. See Note 5. |
| b | Cost of foreign currencies: $1,482,094, $7,505,652 and $1,464,812, respectively. |
| c | $0.001 par value, number of shares authorized: 300 million, 1 billion and 300 million, respectively. |
See notes to financial statements.
| | |
| 48 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
South Korea
Index Fund | | | iShares MSCI
Taiwan
Index Fund | | | iShares MSCI
Thailand Investable
Market Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 1,545,014,827 | | | $ | 1,546,471,009 | | | $ | 543,138,910 | |
Affiliated (Note 2) | | | 190,747,052 | | | | 336,461,303 | | | | 514,089 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 1,735,761,879 | | | $ | 1,882,932,312 | | | $ | 543,652,999 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 3,453,011,876 | | | $ | 2,574,952,537 | | | $ | 645,337,464 | |
Affiliated (Note 2) | | | 190,747,052 | | | | 336,461,303 | | | | 514,089 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 3,643,758,928 | | | | 2,911,413,840 | | | | 645,851,553 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 6,369,312 | | | | 3,276,711 | | | | — | |
Due from custodian (Note 4) | | | — | | | | — | | | | 7,228,803 | |
Dividends and interest | | | 28,969,726 | | | | 727,545 | | | | 1,838,721 | |
Capital shares sold | | | — | | | | 24,245,975 | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 3,679,097,966 | | | | 2,939,664,071 | | | | 654,919,077 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 2,502,327 | | | | 26,062,297 | | | | 7,228,803 | |
Collateral for securities on loan (Note 5) | | | 189,971,231 | | | | 332,375,190 | | | | — | |
Foreign taxes (Note 1) | | | — | | | | 24,671 | | | | — | |
Investment advisory fees (Note 2) | | | 1,614,777 | | | | 1,159,705 | | | | 273,604 | |
| | | | | | | | | | | | |
Total Liabilities | | | 194,088,335 | | | | 359,621,863 | | | | 7,502,407 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 3,485,009,631 | | | $ | 2,580,042,208 | | | $ | 647,416,670 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 2,696,584,672 | | | $ | 2,641,233,380 | | | $ | 545,161,656 | |
Undistributed (distributions in excess of) net investment income | | | (16,601,754 | ) | | | (6,824,977 | ) | | | 1,610,653 | |
Accumulated net realized loss | | | (1,103,886,911 | ) | | | (1,082,837,129 | ) | | | (1,570,271 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 1,908,913,624 | | | | 1,028,470,934 | | | | 102,214,632 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 3,485,009,631 | | | $ | 2,580,042,208 | | | $ | 647,416,670 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingb | | | 58,000,000 | | | | 187,600,000 | | | | 8,950,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 60.09 | | | $ | 13.75 | | | $ | 72.34 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $182,479,670, $312,978,799 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.
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Australia
Index Fund | | | iShares MSCI
Hong Kong
Index Fund | | | iShares MSCI
Japan Small
Cap Index Fund | |
|
NET INVESTMENT INCOME | |
Dividends — unaffiliateda | | $ | 76,212,429 | | | $ | 27,856,836 | | | $ | 641,412 | |
Interest — affiliated (Note 2) | | | 731 | | | | 658 | | | | 5 | |
Securities lending income — affiliated (Note 2) | | | 21,990 | | | | 538,043 | | | | 12,267 | |
| | | | | | | | | | | | |
Total investment income | | | 76,235,150 | | | | 28,395,537 | | | | 653,684 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 7,278,173 | | | | 4,695,489 | | | | 159,493 | |
| | | | | | | | | | | | |
Total expenses | | | 7,278,173 | | | | 4,695,489 | | | | 159,493 | |
| | | | | | | | | | | | |
Net investment income | | | 68,956,977 | | | | 23,700,048 | | | | 494,191 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (48,947,665 | ) | | | (145,268,423 | ) | | | (119,537 | ) |
In-kind redemptions — unaffiliated | | | 53,077,600 | | | | 39,059,941 | | | | 2,689,782 | |
Foreign currency transactions | | | (2,974,122 | ) | | | 40,512 | | | | (7,990 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | 1,155,813 | | | | (106,167,970 | ) | | | 2,562,255 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | (20,965,247 | ) | | | 230,817,502 | | | | (4,308,329 | ) |
Translation of assets and liabilities in foreign currencies | | | (296,778 | ) | | | (4,053 | ) | | | (8,521 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | (21,262,025 | ) | | | 230,813,449 | | | | (4,316,850 | ) |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | (20,106,212 | ) | | | 124,645,479 | | | | (1,754,595 | ) |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 48,850,765 | | | $ | 148,345,527 | | | $ | (1,260,404 | ) |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $482,724, $ – and $47,726, respectively. |
See notes to financial statements.
| | |
| 50 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Malaysia Index Fund | | | iShares MSCI
Pacific ex-Japan
Index Fund | | | iShares MSCI
Singapore Index Fund | |
|
NET INVESTMENT INCOME | |
Dividends — unaffiliateda | | $ | 14,108,051 | | | $ | 73,061,402 | | | $ | 13,080,781 | |
Interest — affiliated (Note 2) | | | 293 | | | | 910 | | | | 347 | |
Securities lending income — affiliated (Note 2) | | | — | | | | 365,625 | | | | 348,257 | |
| | | | | | | | | | | | |
Total investment income | | | 14,108,344 | | | | 73,427,937 | | | | 13,429,385 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 2,320,616 | | | | 8,149,324 | | | | 3,797,694 | |
| | | | | | | | | | | | |
Total expenses | | | 2,320,616 | | | | 8,149,324 | | | | 3,797,694 | |
| | | | | | | | | | | | |
Net investment income | | | 11,787,728 | | | | 65,278,613 | | | | 9,631,691 | |
| | | | | | | | | | | | |
|
NET REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (9,192,255 | ) | | | (53,928,683 | ) | | | (15,114,190 | ) |
In-kind redemptions — unaffiliated | | | — | | | | 34,863,782 | | | | 13,060,380 | |
Foreign currency transactions | | | (564,994 | ) | | | (2,376,966 | ) | | | (606,316 | ) |
| | | | | | | | | | | | |
Net realized loss | | | (9,757,249 | ) | | | (21,441,867 | ) | | | (2,660,126 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 68,396,598 | | | | 52,555,919 | | | | (5,672,882 | ) |
Translation of assets and liabilities in foreign currencies | | | 32,374 | | | | (238,001 | ) | | | (110,635 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 68,428,972 | | | | 52,317,918 | | | | (5,783,517 | ) |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 58,671,723 | | | | 30,876,051 | | | | (8,443,643 | ) |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 70,459,451 | | | $ | 96,154,664 | | | $ | 1,188,048 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $902,176, $496,671 and $104,274, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
South Korea Index Fund | | | iShares MSCI
Taiwan Index Fund | | | iShares MSCI
Thailand Investable
Market Index Fund | |
|
NET INVESTMENT INCOME | |
Dividends — unaffiliateda | | $ | 27,856,277 | | | $ | 2,110,274 | | | $ | 5,782,538 | |
Interest — unaffiliated | | | 368 | | | | — | | | | — | |
Interest — affiliated (Note 2) | | | 1,981 | | | | 1,469 | | | | 169 | |
Securities lending income — affiliated (Note 2) | | | 1,182,372 | | | | 2,827,449 | b | | | — | |
| | | | | | | | | | | | |
| | | 29,040,998 | | | | 4,939,192 | | | | 5,782,707 | |
Less: Other foreign taxes (Note 1) | | | (49 | ) | | | (630,487 | ) | | | (21,792 | ) |
| | | | | | | | | | | | |
Total investment income | | | 29,040,949 | | | | 4,308,705 | | | | 5,760,915 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 10,190,887 | | | | 7,289,514 | | | | 1,506,485 | |
| | | | | | | | | | | | |
Total expenses | | | 10,190,887 | | | | 7,289,514 | | | | 1,506,485 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 18,850,062 | | | | (2,980,809 | ) | | | 4,254,430 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | 59,682,112 | | | | (14,393,306 | ) | | | (4,939,520 | ) |
In-kind redemptions — unaffiliated | | | — | | | | — | | | | 12,221,554 | |
Foreign currency transactions | | | (887,736 | ) | | | (510,515 | ) | | | (162,082 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | 58,794,376 | | | | (14,903,821 | ) | | | 7,119,952 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 74,235,536 | | | | 64,782,065 | | | | 30,263,729 | |
Translation of assets and liabilities in foreign currencies | | | 916,341 | | | | 39,127 | | | | 25,325 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 75,151,877 | | | | 64,821,192 | | | | 30,289,054 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 133,946,253 | | | | 49,917,371 | | | | 37,409,006 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 152,796,315 | | | $ | 46,936,562 | | | $ | 41,663,436 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $5,444,082, $364,689 and $642,504, respectively. |
| b | Net of foreign tax paid of $649,988. |
See notes to financial statements.
| | |
| 52 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares MSCI
Australia
Index Fund | | | iShares MSCI
Hong Kong
Index Fund | |
| | | Six months
ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Six months
ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 68,956,977 | | | $ | 118,543,422 | | | $ | 23,700,048 | | | $ | 45,630,453 | |
Net realized gain (loss) | | | 1,155,813 | | | | 106,704,629 | | | | (106,167,970 | ) | | | 84,133,431 | |
Net change in unrealized appreciation/depreciation | | | (21,262,025 | ) | | | 256,987,740 | | | | 230,813,449 | | | | 91,543,565 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 48,850,765 | | | | 482,235,791 | | | | 148,345,527 | | | | 221,307,449 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (79,418,228 | ) | | | (126,555,555 | ) | | | (20,313,774 | ) | | | (46,031,342 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (79,418,228 | ) | | | (126,555,555 | ) | | | (20,313,774 | ) | | | (46,031,342 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 295,039,485 | | | | 1,069,986,680 | | | | 895,369,504 | | | | 712,651,212 | |
Cost of shares redeemed | | | (438,414,679 | ) | | | (532,059,432 | ) | | | (647,133,385 | ) | | | (1,256,261,691 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (143,375,194 | ) | | | 537,927,248 | | | | 248,236,119 | | | | (543,610,479 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (173,942,657 | ) | | | 893,607,484 | | | | 376,267,872 | | | | (368,334,372 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 3,090,424,628 | | | | 2,196,817,144 | | | | 1,607,982,452 | | | | 1,976,316,824 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 2,916,481,971 | | | $ | 3,090,424,628 | | | $ | 1,984,250,324 | | | $ | 1,607,982,452 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 7,570,760 | | | $ | 18,032,011 | | | $ | 7,108,321 | | | $ | 3,722,047 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 12,800,000 | | | | 43,800,000 | | | | 56,175,000 | | | | 37,275,000 | |
Shares redeemed | | | (19,600,000 | ) | | | (21,000,000 | ) | | | (39,375,000 | ) | | | (69,225,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (6,800,000 | ) | | | 22,800,000 | | | | 16,800,000 | | | | (31,950,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
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 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | | | Six months
ended February 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 494,191 | | | $ | 901,280 | | | $ | 11,787,728 | | | $ | 28,277,199 | |
Net realized gain (loss) | | | 2,562,255 | | | | 1,510,649 | | | | (9,757,249 | ) | | | 8,082,452 | |
Net change in unrealized appreciation/depreciation | | | (4,316,850 | ) | | | 5,914,053 | | | | 68,428,972 | | | | 41,299,342 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (1,260,404 | ) | | | 8,325,982 | | | | 70,459,451 | | | | 77,658,993 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (802,358 | ) | | | (1,015,659 | ) | | | (28,113,809 | ) | | | (26,214,422 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (802,358 | ) | | | (1,015,659 | ) | | | (28,113,809 | ) | | | (26,214,422 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 4,249,056 | | | | 39,895,589 | | | | 69,902,985 | | | | 475,718,489 | |
Cost of shares redeemed | | | (21,661,508 | ) | | | (9,483,428 | ) | | | (134,913,123 | ) | | | (342,902,968 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (17,412,452 | ) | | | 30,412,161 | | | | (65,010,138 | ) | | | 132,815,521 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (19,475,214 | ) | | | 37,722,484 | | | | (22,664,496 | ) | | | 184,260,092 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 74,386,797 | | | | 36,664,313 | | | | 978,402,282 | | | | 794,142,190 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 54,911,583 | | | $ | 74,386,797 | | | $ | 955,737,786 | | | $ | 978,402,282 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (383,606 | ) | | $ | (75,439 | ) | | $ | (11,434,222 | ) | | $ | 4,891,859 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 100,000 | | | | 900,000 | | | | 5,025,000 | | | | 32,925,000 | |
Shares redeemed | | | (500,000 | ) | | | (200,000 | ) | | | (10,350,000 | ) | | | (23,850,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (400,000 | ) | | | 700,000 | | | | (5,325,000 | ) | | | 9,075,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 54 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Six months
ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 65,278,613 | | | $ | 142,331,398 | | | $ | 9,631,691 | | | $ | 66,235,936 | |
Net realized gain (loss) | | | (21,441,867 | ) | | | 289,132,578 | | | | (2,660,126 | ) | | | 117,167,420 | |
Net change in unrealized appreciation/depreciation | | | 52,317,918 | | | | 183,180,135 | | | | (5,783,517 | ) | | | 18,189,273 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 96,154,664 | | | | 614,644,111 | | | | 1,188,048 | | | | 201,592,629 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (77,100,962 | ) | | | (153,265,871 | ) | | | (33,093,262 | ) | | | (74,873,803 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (77,100,962 | ) | | | (153,265,871 | ) | | | (33,093,262 | ) | | | (74,873,803 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 51,295,859 | | | | 433,392,558 | | | | 49,018,078 | | | | 315,210,889 | |
Cost of shares redeemed | | | (99,337,622 | ) | | | (784,052,063 | ) | | | (173,770,101 | ) | | | (458,731,234 | ) |
| | | | | | | | | | | | | | | | |
Net decrease in net assets from capital share transactions | | | (48,041,763 | ) | | | (350,659,505 | ) | | | (124,752,023 | ) | | | (143,520,345 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (28,988,061 | ) | | | 110,718,735 | | | | (156,657,237 | ) | | | (16,801,519 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 3,548,867,405 | | | | 3,438,148,670 | | | | 1,713,199,264 | | | | 1,730,000,783 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 3,519,879,344 | | | $ | 3,548,867,405 | | | $ | 1,556,542,027 | | | $ | 1,713,199,264 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 269,346 | | | $ | 12,091,695 | | | $ | (14,725,970 | ) | | $ | 8,735,601 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 1,200,000 | | | | 9,300,000 | | | | 4,000,000 | | | | 23,500,000 | |
Shares redeemed | | | (2,400,000 | ) | | | (17,100,000 | ) | | | (15,400,000 | ) | | | (34,300,000 | ) |
| | | | | | | | | | | | | | | | |
Net decrease in shares outstanding | | | (1,200,000 | ) | | | (7,800,000 | ) | | | (11,400,000 | ) | | | (10,800,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares MSCI
South Korea
Index Fund | | | iShares MSCI
Taiwan
Index Fund | |
| | | Six months
ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Six months
ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 18,850,062 | | | $ | 21,371,322 | | | $ | (2,980,809 | ) | | $ | 86,901,644 | |
Net realized gain (loss) | | | 58,794,376 | | | | (60,197,500 | ) | | | (14,903,821 | ) | | | (8,104,404 | ) |
Net change in unrealized appreciation/depreciation | | | 75,151,877 | | | | 635,977,653 | | | | 64,821,192 | | | | 293,449,652 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 152,796,315 | | | | 597,151,475 | | | | 46,936,562 | | | | 372,246,892 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (21,597,221 | ) | | | (31,827,218 | ) | | | (88,700,282 | ) | | | (61,236,384 | ) |
Return of capital | | | — | | | | (4,789,805 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (21,597,221 | ) | | | (36,617,023 | ) | | | (88,700,282 | ) | | | (61,236,384 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 49,725,934 | | | | 805,031,141 | | | | 83,481,959 | | | | 504,845,705 | |
Cost of shares redeemed | | | (767,139,988 | ) | | | (549,508,621 | ) | | | (319,187,913 | ) | | | (679,782,864 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (717,414,054 | ) | | | 255,522,520 | | | | (235,705,954 | ) | | | (174,937,159 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (586,214,960 | ) | | | 816,056,972 | | | | (277,469,674 | ) | | | 136,073,349 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 4,071,224,591 | | | | 3,255,167,619 | | | | 2,857,511,882 | | | | 2,721,438,533 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 3,485,009,631 | | | $ | 4,071,224,591 | | | $ | 2,580,042,208 | | | $ | 2,857,511,882 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (16,601,754 | ) | | $ | (13,854,595 | ) | | $ | (6,824,977 | ) | | $ | 84,856,114 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 950,000 | | | | 13,050,000 | | | | 6,200,000 | | | | 33,200,000 | |
Shares redeemed | | | (14,700,000 | ) | | | (9,450,000 | ) | | | (26,000,000 | ) | | | (49,000,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (13,750,000 | ) | | | 3,600,000 | | | | (19,800,000 | ) | | | (15,800,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 56 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | |
| | | iShares MSCI
Thailand Investable
Market Index Fund | |
| | | Six months
ended February 29, 2012 (Unaudited) | | | Year ended August 31, 2011 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 4,254,430 | | | $ | 16,617,847 | |
Net realized gain | | | 7,119,952 | | | | 84,255,527 | |
Net change in unrealized appreciation/depreciation | | | 30,289,054 | | | | 9,058,953 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 41,663,436 | | | | 109,932,327 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | (5,921,080 | ) | | | (15,281,425 | ) |
| | | | | | | | |
Total distributions to shareholders | | | (5,921,080 | ) | | | (15,281,425 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 109,822,023 | | | | 335,427,814 | |
Cost of shares redeemed | | | (130,987,443 | ) | | | (317,542,787 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (21,165,420 | ) | | | 17,885,027 | |
| | | | | | | | |
INCREASE IN NET ASSETS | | | 14,576,936 | | | | 112,535,929 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | 632,839,734 | | | | 520,303,805 | |
| | | | | | | | |
End of period | | $ | 647,416,670 | | | $ | 632,839,734 | |
| | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 1,610,653 | | | $ | 3,277,303 | |
| | | | | | | | |
| | |
SHARES ISSUED AND REDEEMED | | | | | | | | |
Shares sold | | | 1,700,000 | | | | 5,150,000 | |
Shares redeemed | | | (2,300,000 | ) | | | (5,050,000 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (600,000 | ) | | | 100,000 | |
| | | | | | | | |
See notes to financial statements.
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Australia Index Fund | |
| | | Six months
ended Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 24.18 | | | $ | 20.92 | | | $ | 20.33 | | | $ | 23.96 | | | $ | 27.62 | | | $ | 21.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.56 | | | | 0.99 | | | | 0.72 | | | | 0.78 | | | | 0.96 | | | | 0.89 | |
Net realized and unrealized gain (loss)b | | | 0.01 | | | | 3.33 | | | | 0.69 | | | | (3.47 | ) | | | (3.34 | ) | | | 6.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.57 | | | | 4.32 | | | | 1.41 | | | | (2.69 | ) | | | (2.38 | ) | | | 7.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.65 | ) | | | (1.06 | ) | | | (0.82 | ) | | | (0.94 | ) | | | (1.28 | ) | | | (1.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.65 | ) | | | (1.06 | ) | | | (0.82 | ) | | | (0.94 | ) | | | (1.28 | ) | | | (1.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 24.10 | | | $ | 24.18 | | | $ | 20.92 | | | $ | 20.33 | | | $ | 23.96 | | | $ | 27.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 2.75 | %c | | | 20.54 | % | | | 6.86 | % | | | (8.91 | )% | | | (9.25 | )% | | | 33.97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,916,482 | | | $ | 3,090,425 | | | $ | 2,196,817 | | | $ | 1,593,676 | | | $ | 1,059,092 | | | $ | 1,464,112 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 4.97 | % | | | 3.95 | % | | | 3.24 | % | | | 4.92 | % | | | 3.38 | % | | | 3.46 | % |
Portfolio turnover ratee | | | 5 | % | | | 9 | % | | | 8 | % | | | 14 | % | | | 10 | % | | | 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. |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Hong Kong Index Fund | |
| | | Six months
ended Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 17.59 | | | $ | 16.02 | | | $ | 14.39 | | | $ | 15.87 | | | $ | 18.30 | | | $ | 14.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.21 | | | | 0.42 | | | | 0.42 | | | | 0.52 | | | | 0.45 | | | | 0.47 | |
Net realized and unrealized gain (loss)b | | | 0.70 | | | | 1.56 | | | | 1.69 | | | | (1.46 | ) | | | (2.25 | ) | | | 3.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.91 | | | | 1.98 | | | | 2.11 | | | | (0.94 | ) | | | (1.80 | ) | | | 4.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.17 | ) | | | (0.41 | ) | | | (0.48 | ) | | | (0.54 | ) | | | (0.63 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.17 | ) | | | (0.41 | ) | | | (0.48 | ) | | | (0.54 | ) | | | (0.63 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.33 | | | $ | 17.59 | | | $ | 16.02 | | | $ | 14.39 | | | $ | 15.87 | | | $ | 18.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 5.41 | %c | | | 12.27 | % | | | 14.85 | % | | | (4.77 | )% | | | (10.54 | )% | | | 31.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,984,250 | | | $ | 1,607,982 | | | $ | 1,976,317 | | | $ | 1,951,777 | | | $ | 1,675,184 | | | $ | 1,445,309 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 2.65 | % | | | 2.25 | % | | | 2.67 | % | | | 4.29 | % | | | 2.34 | % | | | 2.92 | % |
Portfolio turnover ratee | | | 6 | % | | | 15 | % | | | 5 | % | | | 9 | % | | | 17 | % | | | 9 | % |
| 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. |
| 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 (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Japan Small Cap Index Fund | |
| | | Six months
ended Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | 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 | | $ | 46.49 | | | $ | 40.74 | | | $ | 44.45 | | | $ | 43.24 | | | $ | 48.85 | |
| | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.36 | | | | 0.78 | | | | 0.61 | | | | 0.60 | | | | 0.29 | |
Net realized and unrealized gain (loss)c | | | (0.36 | ) | | | 5.87 | | | | (3.39 | ) | | | 1.29 | | | | (5.74 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.00 | | | | 6.65 | | | | (2.78 | ) | | | 1.89 | | | | (5.45 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.73 | ) | | | (0.90 | ) | | | (0.93 | ) | | | (0.68 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.73 | ) | | | (0.90 | ) | | | (0.93 | ) | | | (0.68 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 45.76 | | | $ | 46.49 | | | $ | 40.74 | | | $ | 44.45 | | | $ | 43.24 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | 0.12 | %d | | | 16.38 | % | | | (6.25 | )% | | | 4.62 | % | | | (11.19 | )%d |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 54,912 | | | $ | 74,387 | | | $ | 36,664 | | | $ | 35,556 | | | $ | 34,594 | |
Ratio of expenses to average net assetse | | | 0.52 | % | | | 0.51 | % | | | 0.53 | % | | | 0.56 | % | | | 0.53 | % |
Ratio of net investment income to average net assetse | | | 1.62 | % | | | 1.72 | % | | | 1.46 | % | | | 1.59 | % | | | 0.93 | % |
Portfolio turnover ratef | | | 2 | % | | | 10 | % | | | 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. |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Malaysia Index Fund | |
| | | Six months
ended Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 13.92 | | | $ | 12.98 | | | $ | 9.79 | | | $ | 9.39 | | | $ | 10.97 | | | $ | 7.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.18 | | | | 0.41 | | | | 0.24 | | | | 0.28 | | | | 0.34 | | | | 0.34 | |
Net realized and unrealized gain (loss)b | | | 1.05 | | | | 0.92 | | | | 3.20 | | | | 0.40 | | | | (1.31 | ) | | | 3.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.23 | | | | 1.33 | | | | 3.44 | | | | 0.68 | | | | (0.97 | ) | | | 3.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.44 | ) | | | (0.39 | ) | | | (0.25 | ) | | | (0.28 | ) | | | (0.61 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.44 | ) | | | (0.39 | ) | | | (0.25 | ) | | | (0.28 | ) | | | (0.61 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.71 | | | $ | 13.92 | | | $ | 12.98 | | | $ | 9.79 | | | $ | 9.39 | | | $ | 10.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 9.31 | %c | | | 10.19 | % | | | 35.76 | % | | | 8.00 | % | | | (9.86 | )% | | | 44.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 955,738 | | | $ | 978,402 | | | $ | 794,142 | | | $ | 513,000 | | | $ | 473,091 | | | $ | 741,440 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.56 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 2.66 | % | | | 2.84 | % | | | 2.17 | % | | | 3.45 | % | | | 2.84 | % | | | 3.21 | % |
Portfolio turnover ratee | | | 12 | % | | | 49 | % | | | 29 | % | | | 52 | % | | | 92 | % | | | 87 | % |
| 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. |
| 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 29, 2012 and the years ended August 31, 2011, August 31, 2010, August 31, 2009, August 31, 2008 and August 31, 2007 would have been 4%, 14%, 10%, 12%, 16% and 3%, respectively. See Note 4. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Pacific ex-Japan Index Fund | |
| | | Six months
ended Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008a | | | Year ended Aug. 31, 2007a | |
Net asset value, beginning of period | | $ | 44.47 | | | $ | 39.25 | | | $ | 36.85 | | | $ | 41.37 | | | $ | 48.31 | | | $ | 37.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.82 | | | | 1.64 | | | | 1.25 | | | | 1.38 | | | | 1.64 | | | | 1.52 | |
Net realized and unrealized gain (loss)c | | | 0.46 | | | | 5.31 | | | | 2.52 | | | | (4.79 | ) | | | (6.01 | ) | | | 11.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.28 | | | | 6.95 | | | | 3.77 | | | | (3.41 | ) | | | (4.37 | ) | | | 12.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.97 | ) | | | (1.73 | ) | | | (1.37 | ) | | | (1.11 | ) | | | (2.51 | ) | | | (1.73 | ) |
Net realized gain | | | — | | | | — | | | | — | | | | — | | | | (0.06 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.97 | ) | | | (1.73 | ) | | | (1.37 | ) | | | (1.11 | ) | | | (2.57 | ) | | | (1.73 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 44.78 | | | $ | 44.47 | | | $ | 39.25 | | | $ | 36.85 | | | $ | 41.37 | | | $ | 48.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 3.25 | %d | | | 17.61 | % | | | 10.27 | % | | | (7.23 | )% | | | (9.87 | )% | | | 34.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 3,519,879 | | | $ | 3,548,867 | | | $ | 3,438,149 | | | $ | 3,382,554 | | | $ | 3,263,971 | | | $ | 3,536,295 | |
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 average net assetse | | | 4.01 | % | | | 3.53 | % | | | 3.09 | % | | | 4.83 | % | | | 3.35 | % | | | 3.43 | % |
Portfolio turnover ratef | | | 4 | % | | | 10 | % | | | 7 | % | | | 10 | % | | | 14 | % | | | 11 | % |
| 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. |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Singapore Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 13.05 | | | $ | 12.17 | | | $ | 10.25 | | | $ | 11.44 | | | $ | 13.28 | | | $ | 9.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.08 | | | | 0.45 | | | | 0.32 | | | | 0.32 | | | | 0.47 | | | | 0.47 | |
Net realized and unrealized gain (loss)b | | | 0.13 | | | | 0.92 | | | | 1.97 | | | | (1.16 | ) | | | (1.67 | ) | | | 4.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.21 | | | | 1.37 | | | | 2.29 | | | | (0.84 | ) | | | (1.20 | ) | | | 4.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.28 | ) | | | (0.49 | ) | | | (0.37 | ) | | | (0.35 | ) | | | (0.64 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.28 | ) | | | (0.49 | ) | | | (0.37 | ) | | | (0.35 | ) | | | (0.64 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.98 | | | $ | 13.05 | | | $ | 12.17 | | | $ | 10.25 | | | $ | 11.44 | | | $ | 13.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 2.03 | %c | | | 11.27 | % | | | 22.68 | % | | | (5.87 | )% | | | (9.55 | )% | | | 49.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,556,542 | | | $ | 1,713,199 | | | $ | 1,730,001 | | | $ | 1,294,039 | | | $ | 1,476,968 | | | $ | 1,669,210 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment income to average net assetsd | | | 1.33 | % | | | 3.34 | % | | | 2.80 | % | | | 3.97 | % | | | 3.56 | % | | | 3.80 | % |
Portfolio turnover ratee | | | 1 | % | | | 10 | % | | | 9 | % | | | 15 | % | | | 16 | % | | | 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. |
| 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 (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI South Korea Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 56.74 | | | $ | 47.76 | | | $ | 42.01 | | | $ | 43.55 | | | $ | 63.60 | | | $ | 46.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.30 | | | | 0.29 | | | | 0.32 | | | | 0.30 | | | | 0.80 | | | | 0.51 | |
Net realized and unrealized gain (loss)b | | | 3.42 | | | | 9.19 | | | | 5.82 | | | | (1.45 | ) | | | (19.87 | ) | | | 17.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.72 | | | | 9.48 | | | | 6.14 | | | | (1.15 | ) | | | (19.07 | ) | | | 17.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.37 | ) | | | (0.43 | ) | | | (0.39 | ) | | | (0.39 | ) | | | (0.98 | ) | | | (0.33 | ) |
Return of capital | | | — | | | | (0.07 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.37 | ) | | | (0.50 | ) | | | (0.39 | ) | | | (0.39 | ) | | | (0.98 | ) | | | (0.33 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 60.09 | | | $ | 56.74 | | | $ | 47.76 | | | $ | 42.01 | | | $ | 43.55 | | | $ | 63.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 6.69 | %c | | | 19.76 | % | | | 14.65 | % | | | (2.31 | )% | | | (30.35 | )% | | | 39.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 3,485,010 | | | $ | 4,071,225 | | | $ | 3,255,168 | | | $ | 2,398,550 | | | $ | 1,985,763 | | | $ | 2,429,453 | |
Ratio of expenses to average net assetsd,e | | | 0.60 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % | | | 0.68 | % |
Ratio of net investment income to average net assetsd | | | 1.12 | % | | | 0.49 | % | | | 0.67 | % | | | 0.91 | % | | | 1.35 | % | | | 0.96 | % |
Portfolio turnover ratef | | | 3 | % | | | 18 | % | | | 14 | % | | | 62 | % | | | 42 | % | | | 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. |
| d | Annualized for periods of less than one year. |
| e | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current 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 29, 2012 and the years ended August 31, 2011, August 31, 2010, August 31, 2009, August 31, 2008 and August 31, 2007 would have been 2%, 6%, 6%, 8%, 15% and 6%, respectively. See Note 4. |
See notes to financial statements.
| | |
| 64 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Taiwan Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 13.78 | | | $ | 12.19 | | | $ | 10.94 | | | $ | 13.13 | | | $ | 15.99 | | | $ | 12.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)a | | | (0.02 | ) | | | 0.39 | | | | 0.23 | | | | 0.30 | | | | 0.54 | | | | 0.38 | |
Net realized and unrealized gain (loss)b | | | 0.46 | | | | 1.49 | | | | 1.23 | | | | (1.89 | ) | | | (3.01 | ) | | | 3.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.44 | | | | 1.88 | | | | 1.46 | | | | (1.59 | ) | | | (2.47 | ) | | | 3.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.47 | ) | | | (0.29 | ) | | | (0.21 | ) | | | (0.60 | ) | | | (0.39 | ) | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.47 | ) | | | (0.29 | ) | | | (0.21 | ) | | | (0.60 | ) | | | (0.39 | ) | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.75 | | | $ | 13.78 | | | $ | 12.19 | | | $ | 10.94 | | | $ | 13.13 | | | $ | 15.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 4.06 | %c | | | 15.24 | % | | | 13.30 | % | | | (9.67 | )% | | | (15.69 | )% | | | 29.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,580,042 | | | $ | 2,857,512 | | | $ | 2,721,439 | | | $ | 3,035,331 | | | $ | 2,918,008 | | | $ | 2,769,764 | |
Ratio of expenses to average net assetsd,e | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % | | | 0.68 | % |
Ratio of net investment income (loss) to average net assetsd | | | (0.25 | )% | | | 2.64 | % | | | 1.90 | % | | | 3.18 | % | | | 3.54 | % | | | 2.61 | % |
Portfolio turnover ratef | | | 6 | % | | | 23 | % | | | 9 | % | | | 52 | % | | | 33 | % | | | 35 | % |
| 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. |
| d | Annualized for periods of less than one year. |
| e | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current 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 29, 2012 and the years ended August 31, 2011, August 31, 2010, August 31, 2009, August 31, 2008 and August 31, 2007 would have been 3%, 8%, 4%, 14%, 11% and 12%, respectively. See Note 4. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Thailand Investable Market Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Period from
Mar. 26, 2008a to Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 66.27 | | | $ | 55.06 | | | $ | 36.87 | | | $ | 38.83 | | | $ | 50.03 | |
| | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.52 | | | | 1.65 | | | | 1.44 | | | | 1.17 | | | | 0.32 | |
Net realized and unrealized gain (loss)c | | | 6.33 | | | | 11.10 | | | | 17.95 | | | | (1.88 | ) | | | (11.52 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 6.85 | | | | 12.75 | | | | 19.39 | | | | (0.71 | ) | | | (11.20 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.78 | ) | | | (1.54 | ) | | | (1.20 | ) | | | (1.25 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.78 | ) | | | (1.54 | ) | | | (1.20 | ) | | | (1.25 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 72.34 | | | $ | 66.27 | | | $ | 55.06 | | | $ | 36.87 | | | $ | 38.83 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | 10.59 | %d | | | 23.33 | % | | | 53.19 | % | | | (0.33 | )% | | | (22.39 | )%d |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 647,417 | | | $ | 632,840 | | | $ | 520,304 | | | $ | 94,021 | | | $ | 58,248 | |
Ratio of expenses to average net assetse,f | | | 0.60 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income to average net assetse | | | 1.71 | % | | | 2.56 | % | | | 3.22 | % | | | 4.00 | % | | | 1.68 | % |
Portfolio turnover rateg | | | 7 | % | | | 22 | % | | | 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. |
| e | Annualized for periods of less than one year. |
| f | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 following funds (each, a “Fund,” and collectively, the “Funds”):
| | | | |
| iShares MSCI Index Fund | | Diversification
Classification | |
Australia | | | Non-diversified | |
Hong Kong | | | Non-diversified | |
Japan Small Cap | | | Diversified | |
Malaysia | | | Non-diversified | |
Pacific ex-Japan | | | Diversified | |
| | | | |
| iShares MSCI Index Fund | | Diversification
Classification | |
Singapore | | | Non-diversified | |
South Korea | | | Non-diversified | |
Taiwan | | | Non-diversified | |
Thailand Investable Market | | | Non-diversified | |
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 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 try to achieve each Fund’s investment objective.
Each Fund may invest in 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 Funds; 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 Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 67 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY VALUATION
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The securities and other assets of each Fund are valued at fair value pursuant to the policies and procedures approved by the Board of Directors of the Company (the “Board”).
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors in accordance with policies approved by the Board. Such valuations are reported to the Board.
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.
Various inputs are used in determining the fair value of investments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an investment 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 three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Funds’ assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for an investment 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.
| | |
| 68 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 29, 2012. The breakdown of each Fund’s investments into major categories is disclosed in its respective Schedule of Investments.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | |
Australia | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,882,424,379 | | | $ | — | | | $ | 2,527 | | | $ | 2,882,426,906 | |
Short-Term Investments | | | 11,955,078 | | | | — | | | | — | | | | 11,955,078 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,894,379,457 | | | $ | — | | | $ | 2,527 | | | $ | 2,894,381,984 | |
| | | | | | | | | | | | | | | | |
| | | | |
Hong Kong | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,982,396,481 | | | $ | — | | | $ | — | | | $ | 1,982,396,481 | |
Short-Term Investments | | | 158,130,301 | | | | — | | | | — | | | | 158,130,301 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,140,526,782 | | | $ | — | | | $ | — | | | $ | 2,140,526,782 | |
| | | | | | | | | | | | | | | | |
| | | | |
Japan Small Cap | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 54,760,497 | | | $ | — | | | $ | — | | | $ | 54,760,497 | |
Short-Term Investments | | | 938,129 | | | | — | | | | — | | | | 938,129 | |
| | | | | | | | | | | | | | | | |
| | $ | 55,698,626 | | | $ | — | | | $ | — | | | $ | 55,698,626 | |
| | | | | | | | | | | | | | | | |
| | | | |
Malaysia | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 954,024,082 | | | $ | — | | | $ | — | | | $ | 954,024,082 | |
Short-Term Investments | | | 380,450 | | | | — | | | | — | | | | 380,450 | |
| | | | | | | | | | | | | | | | |
| | $ | 954,404,532 | | | $ | — | | | $ | — | | | $ | 954,404,532 | |
| | | | | | | | | | | | | | | | |
| | | | |
Pacific ex-Japan | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 3,490,571,107 | | | $ | — | | | $ | 3,612 | | | $ | 3,490,574,719 | |
Short-Term Investments | | | 94,099,786 | | | | — | | | | — | | | | 94,099,786 | |
| | | | | | | | | | | | | | | | |
| | $ | 3,584,670,893 | | | $ | — | | | $ | 3,612 | | | $ | 3,584,674,505 | |
| | | | | | | | | | | | | | | | |
| | | | |
Singapore | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,553,112,549 | | | $ | — | | | $ | — | | | $ | 1,553,112,549 | |
Short-Term Investments | | | 127,296,596 | | | | — | | | | — | | | | 127,296,596 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,680,409,145 | | | $ | — | | | $ | — | | | $ | 1,680,409,145 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 69 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | |
South Korea | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 3,347,249,308 | | | $ | — | | | $ | — | | | $ | 3,347,249,308 | |
Preferred Stocks | | | 105,762,568 | | | | — | | | | — | | | | 105,762,568 | |
Short-Term Investments | | | 190,747,052 | | | | — | | | | — | | | | 190,747,052 | |
| | | | | | | | | | | | | | | | |
| | $ | 3,643,758,928 | | | $ | — | | | $ | — | | | $ | 3,643,758,928 | |
| | | | | | | | | | | | | | | | |
| | | | |
Taiwan | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,574,952,514 | | | $ | — | | | $ | 23 | | | $ | 2,574,952,537 | |
Short-Term Investments | | | 336,461,303 | | | | — | | | | — | | | | 336,461,303 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,911,413,817 | | | $ | — | | | $ | 23 | | | $ | 2,911,413,840 | |
| | | | | | | | | | | | | | | | |
| | | | |
Thailand Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 645,304,744 | | | $ | — | | | $ | — | | | $ | 645,304,744 | |
Rights | | | — | | | | — | | | | 0 | a | | | 0 | a |
Warrants | | | 32,720 | | | | — | | | | — | | | | 32,720 | |
Short-Term Investments | | | 514,089 | | | | — | | | | — | | | | 514,089 | |
| | | | | | | | | | | | | | | | |
| | $ | 645,851,553 | | | $ | — | | | $ | 0 | a | | $ | 645,851,553 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | 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. Any taxes withheld that are reclaimable from foreign tax authorities as of February 29, 2012 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
| | |
| 70 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of February 29, 2012, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
FEDERAL INCOME TAXES
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
RECENT ACCOUNTING STANDARD
In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.
| 2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the 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 substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 71 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For its investment advisory services to each of 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 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 |
For its investment advisory services to each of 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 the Fund 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 |
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% based on 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. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, and any fees or other payments to and from borrowers of securities. Each Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. As securities lending agent, BTC is responsible for all transaction fees and all other operational costs relating to securities lending activities, other than extraordinary expenses. BTC is also responsible for fees and expenses incurred by each Fund as a result of the investment of cash collateral received for securities on loan in a money market fund managed by BFA or an affiliate.
For the six months ended February 29, 2012, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
Australia | | $ | 11,841 | |
Hong Kong | | | 289,715 | |
Japan Small Cap | | | 6,605 | |
Pacific ex-Japan | | | 196,875 | |
Singapore | | | 187,523 | |
South Korea | | | 636,662 | |
Taiwan | | | 1,749,969 | |
| | |
| 72 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For the six months ended February 29, 2012, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Taiwan Index Fund in the amount of $227,496, related to the foreign tax on the securities lending income. Such reimbursement is included in the “Securities lending income — affiliated” in the Fund’s Statement of Operations.
At the Special Board of Directors meeting held on January 5, 2012, the Board approved a new distribution agreement with BlackRock Investments, LLC (“BRIL”). BRIL is an affiliate of BFA. Effective April 1, 2012, BRIL will replace SEI Investments Distribution Co. as the distributor for each Fund. Pursuant to the new distribution agreement, BFA will be responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest—affiliated” in the Statements of Operations.
The PNC Financial Services Group, Inc. (“PNC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but Barclays is 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 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
Australia | | $ | 144,203,256 | | | $ | 160,176,517 | |
Hong Kong | | | 104,670,951 | | | | 359,069,439 | |
Japan Small Cap | | | 1,456,920 | | | | 1,921,676 | |
Malaysia | | | 112,324,674 | | | | 194,279,293 | |
Pacific ex-Japan | | | 134,430,418 | | | | 147,112,941 | |
Singapore | | | 17,883,150 | | | | 36,659,132 | |
South Korea | | | 113,044,661 | | | | 861,805,911 | |
Taiwan | | | 145,218,346 | | | | 450,527,785 | |
Thailand Investable Market | | | 37,091,357 | | | | 37,605,549 | |
In-kind transactions (see Note 4) for the six months ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind
Sales | |
Australia | | $ | 293,752,298 | | | $ | 435,238,311 | |
Hong Kong | | | 843,795,969 | | | | 333,215,801 | |
Japan Small Cap | | | 4,210,481 | | | | 21,456,291 | |
Pacific ex-Japan | | | 50,942,928 | | | | 98,545,626 | |
Singapore | | | 47,614,910 | | | | 169,314,746 | |
Thailand Investable Market | | | 109,516,273 | | | | 129,974,921 | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 73 | |
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 in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index, and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash 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. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.
As of February 29, 2012, any securities on loan 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 29, 2012 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of fees and other payments to and from borrowers, and less the fees paid to BTC as securities lending agent.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
| | |
| 74 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The Funds had tax basis net capital loss carryforwards as of August 31, 2011, the tax year-end of the Funds, as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares MSCI
Index Fund | | Expiring
2012 | | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
Australia | | $ | 596,240 | | | $ | 384,424 | | | $ | — | | | $ | 7,066 | | | $ | 529,868 | | | $ | 24,006,125 | | | $ | 23,348,244 | | | $ | 12,127,364 | | | $ | 60,999,331 | |
Hong Kong | | | 2,330,414 | | | | 468,716 | | | | 425,440 | | | | 2,899,247 | | | | 3,185,408 | | | | 29,235,556 | | | | 114,836,904 | | | | 34,565,959 | | | | 187,947,644 | |
Japan Small Cap | | | — | | | | — | | | | — | | | | — | | | | — | | | | 131,718 | | | | 541,322 | | | | 203,697 | | | | 876,737 | |
Malaysia | | | — | | | | — | | | | — | | | | 774,158 | | | | 1,127,892 | | | | 40,223,530 | | | | — | | | | — | | | | 42,125,580 | |
Pacific ex-Japan | | | — | | | | — | | | | — | | | | — | | | | — | | | | 66,207,828 | | | | 104,799,503 | | | | 36,600,987 | | | | 207,608,318 | |
Singapore | | | 4,256,421 | | | | 2,558,348 | | | | — | | | | — | | | | 807,115 | | | | 15,680,510 | | | | 132,420,824 | | | | 11,588,528 | | | | 167,311,746 | |
South Korea | | | 3,363,449 | | | | 11,590,303 | | | | 3,172,573 | | | | 38,097,223 | | | | — | | | | 178,889,302 | | | | 226,591,665 | | | | 78,503,704 | | | | 540,208,219 | |
Taiwan | | | 9,129,874 | | | | 12,022,719 | | | | 14,435,986 | | | | 64,999,586 | | | | 16,734,578 | | | | 343,375,145 | | | | 363,052,013 | | | | 19,669,958 | | | | 843,419,859 | |
Thailand Investable Market | | | — | | | | — | | | | — | | | | — | | | | — | | | | 555,444 | | | | 2,321,428 | | | | 1,304,910 | | | | 4,181,782 | |
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. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by funds for taxable years beginning after December 22, 2010 are not subject to expiration and must be utilized prior to the losses incurred in the tax years preceding enactment.
The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 29, 2012, 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 | | $ | 2,974,635,666 | | | $ | 141,776,171 | | | $ | (222,029,853 | ) | | $ | (80,253,682 | ) |
Hong Kong | | | 2,092,042,037 | | | | 133,297,965 | | | | (84,813,220 | ) | | | 48,484,745 | |
Japan Small Cap | | | 58,109,541 | | | | 3,173,385 | | | | (5,584,300 | ) | | | (2,410,915 | ) |
Malaysia | | | 527,646,092 | | | | 467,677,520 | | | | (40,919,080 | ) | | | 426,758,440 | |
Pacific ex-Japan | | | 3,172,518,261 | | | | 697,390,533 | | | | (285,234,289 | ) | | | 412,156,244 | |
Singapore | | | 1,606,074,278 | | | | 180,858,972 | | | | (106,524,105 | ) | | | 74,334,867 | |
South Korea | | | 2,299,373,670 | | | | 1,938,320,333 | | | | (593,935,075 | ) | | | 1,344,385,258 | |
Taiwan | | | 2,109,920,262 | | | | 1,082,595,183 | | | | (281,101,605 | ) | | | 801,493,578 | |
Thailand Investable Market | | | 546,929,525 | | | | 116,463,141 | | | | (17,541,113 | ) | | | 98,922,028 | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 75 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Management has reviewed the tax positions as of February 29, 2012, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| | |
| 76 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 | |
| iShares MSCI Index Fund | | 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 | |
Australia | | | $0.51742 | | | $ | — | | | $ | 0.13462 | | | $ | 0.65204 | | | | 79 | % | | | — | % | | | 21 | % | | | 100 | % |
Japan Small Cap | | | 0.54400 | | | | — | | | | 0.18542 | | | | 0.72942 | | | | 75 | | | | — | | | | 25 | | | | 100 | |
Malaysia | | | 0.21068 | | | | — | | | | 0.23346 | | | | 0.44414 | | | | 47 | | | | — | | | | 53 | | | | 100 | |
Pacific ex-Japan | | | 0.94622 | | | | — | | | | 0.02728 | | | | 0.97350 | | | | 97 | | | | — | | | | 3 | | | | 100 | |
Singapore | | | 0.25353 | | | | — | | | | 0.02363 | | | | 0.27716 | | | | 91 | | | | — | | | | 9 | | | | 100 | |
South Korea | | | 0.00541 | | | | — | | | | 0.36760 | | | | 0.37301 | | | | 1 | | | | — | | | | 99 | | | | 100 | |
Taiwan | | | 0.31618 | | | | — | | | | 0.15664 | | | | 0.47282 | | | | 67 | | | | — | | | | 33 | | | | 100 | |
Thailand Investable Market | | | 0.63918 | | | | — | | | | 0.14507 | | | | 0.78425 | | | | 82 | | | | — | | | | 18 | | | | 100 | |
| | | | |
SUPPLEMENTAL INFORMATION | | | 77 | |
Notes:
| | |
| 78 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com
or call 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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. BlackRock is not 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 daily and monthly basis on the Funds’ website.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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iS-SAR-83-0212
| | |
 | | February 29, 2012 |
2012 Semi-Annual Report
iShares, Inc.
iShares MSCI Brazil Index Fund | EWZ | 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
Table of Contents
Fund Performance Overview
iSHARES® MSCI BRAZIL INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (4.32)% | | (4.74)% | | (3.80)% | | 12.31% | | 12.28% | | 13.06% | | 21.11% | | 20.76% | | 22.77% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (4.32)% | | (4.74)% | | (3.80)% | | 78.71% | | 78.42% | | 84.74% | | 579.06% | | 559.59% | | 678.14% |
“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 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 29, 2012, the total return for the Fund was 7.08%, net of fees, while the total return for the Index was 7.86%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of Net Assets |
| | | | |
Financial | | | 24.98 | % |
Basic Materials | | | 20.73 | |
Energy | | | 20.11 | |
Consumer Non-Cyclical | | | 15.31 | |
Utilities | | | 6.79 | |
Communications | | | 3.38 | |
Consumer Cyclical | | | 3.37 | |
Diversified | | | 2.71 | |
Industrial | | | 1.72 | |
Technology | | | 0.33 | |
Short-Term and Other Net Assets | | | 0.57 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Petroleo Brasileiro SA Preferred | | | 10.06 | % |
Vale SA Class A Preferred | | | 8.55 | |
Itau Unibanco Holding SA Preferred | | | 8.25 | |
Petroleo Brasileiro SA | | | 7.56 | |
Banco Bradesco SA Preferred | | | 5.85 | |
Companhia de Bebidas das Americas Preferred | | | 4.99 | |
Vale SA | | | 3.25 | |
Itausa — Investimentos Itau SA Preferred | | | 2.71 | |
BRF — Brasil Foods SA | | | 2.38 | |
BM&F Bovespa SA | | | 2.19 | |
| | | | |
TOTAL | | | 55.79 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI CANADA INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (11.33)% | | (12.15)% | | (11.11)% | | 4.59% | | 4.40% | | 4.84% | | 12.07% | | 11.94% | | 12.40% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (11.33)% | | (12.15)% | | (11.11)% | | 25.17% | | 24.02% | | 26.63% | | 212.44% | | 209.02% | | 221.92% |
“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 Canada Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was (1.14)%, net of fees, while the total return for the Index was (1.08)%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of Net Assets |
| | | | |
Financial | | | 32.15 | % |
Energy | | | 27.19 | |
Basic Materials | | | 21.56 | |
Industrial | | | 5.59 | |
Communications | | | 4.60 | |
Consumer Cyclical | | | 3.08 | |
Consumer Non-Cyclical | | | 2.93 | |
Utilities | | | 1.29 | |
Technology | | | 1.18 | |
Diversified | | | 0.27 | |
Short-Term and Other Net Assets | | | 0.16 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Royal Bank of Canada | | | 6.34 | % |
Toronto-Dominion Bank (The) | | | 5.78 | |
Bank of Nova Scotia | | | 4.60 | |
Suncor Energy Inc. | | | 4.44 | |
Barrick Gold Corp. | | | 3.75 | |
Canadian Natural Resources Ltd. | | | 3.19 | |
Potash Corp. of Saskatchewan Inc. | | | 3.12 | |
Goldcorp Inc. | | | 3.08 | |
Bank of Montreal | | | 2.94 | |
Canadian National Railway Co. | | | 2.69 | |
| | | | |
TOTAL | | | 39.93 | % |
| | | | |
| | |
| 6 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI CHILE INVESTABLE MARKET INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/29/12 | | Inception to 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (1.32)% | | (1.09)% | | 1.12% | | 9.19% | | 9.27% | | 10.13% | | 45.97% | | 46.42% | | 51.43% |
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 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 29, 2012, the total return for the Fund was 0.98%, net of fees, while the total return for the Index was 2.11%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of Net Assets |
| | | | |
Utilities | | | 22.77 | % |
Financial | | | 17.56 | |
Basic Materials | | | 17.30 | |
Consumer Non-Cyclical | | | 13.38 | |
Consumer Cyclical | | | 10.60 | |
Diversified | | | 10.53 | |
Industrial | | | 3.63 | |
Communications | | | 2.92 | |
Technology | | | 1.25 | |
Short-Term and Other Net Assets | | | 0.06 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Empresas Copec SA | | | 10.53 | % |
Cencosud SA | | | 7.91 | |
Empresa Nacional de Electricidad SA | | | 7.78 | |
Sociedad Quimica y Minera de Chile SA
Series B Preferred | | | 7.74 | |
Enersis SA | | | 7.15 | |
Banco Santander (Chile) SA | | | 7.06 | |
LAN Airlines SA | | | 4.82 | |
S.A.C.I. Falabella SA | | | 4.80 | |
Empresas CMPC SA | | | 4.74 | |
CAP SA | | | 4.39 | |
| | | | |
TOTAL | | | 66.92 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/29/12 | | Inception to 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (26.16)% | | (26.39)% | | (25.94)% | | (2.73)% | | (2.74)% | | (2.02)% | | (10.33)% | | (10.35)% | | (7.70)% |
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 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 29, 2012, the total return for the Fund was (10.12)%, net of fees, while the total return for the Index was (10.08)%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of Net Assets |
| | | | |
Financial | | | 32.63 | % |
Consumer Non-Cyclical | | | 29.04 | |
Communications | | | 13.42 | |
Basic Materials | | | 10.70 | |
Technology | | | 4.12 | |
Industrial | | | 3.79 | |
Energy | | | 3.39 | |
Diversified | | | 1.36 | |
Consumer Cyclical | | | 1.35 | |
Short-Term and Other Net Assets | | | 0.20 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Teva Pharmaceutical Industries Ltd. | | | 24.47 | % |
Israel Chemicals Ltd. | | | 9.82 | |
Bank Hapoalim Ltd. | | | 7.13 | |
Bank Leumi le-Israel | | | 7.11 | |
NICE Systems Ltd. | | | 4.37 | |
Bezeq The Israel Telecommunication Corp. Ltd. | | | 4.13 | |
Israel Corp. Ltd. (The) | | | 2.90 | |
Mellanox Technologies Ltd. | | | 2.73 | |
Israel Discount Bank Ltd. Class A | | | 2.13 | |
Mizrahi Tefahot Bank Ltd. | | | 2.12 | |
| | | | |
TOTAL | | | 66.91 | % |
| | | | |
| | |
| 8 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI MEXICO INVESTABLE MARKET INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.67)% | | (1.46)% | | (1.50)% | | 5.07% | | 5.11% | | 4.51% | | 16.04% | | 15.87% | | 15.36% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Ten Years Ended 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.67)% | | (1.46)% | | (1.50)% | | 28.07% | | 28.27% | | 24.70% | | 342.83% | | 336.11% | | 317.58% |
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.
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 Mexico Investable Market Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was 2.94%, net of fees, while the total return for the Index was 2.43%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of Net Assets |
| | | | |
Communications | | | 27.69 | % |
Consumer Cyclical | | | 17.51 | |
Consumer Non-Cyclical | | | 17.36 | |
Basic Materials | | | 16.01 | |
Industrial | | | 9.58 | |
Financial | | | 7.87 | |
Diversified | | | 3.84 | |
Short-Term and Other Net Assets | | | 0.14 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
America Movil SAB de CV Series L | | | 22.19 | % |
Wal-Mart de Mexico SAB de CV Series V | | | 11.32 | |
Fomento Economico Mexicano SAB de CV BD Units | | | 8.32 | |
Grupo Mexico SAB de CV Series B | | | 6.30 | |
Grupo Televisa SAB CPO | | | 4.62 | |
Cemex SAB de CV CPO | | | 4.23 | |
Grupo Financiero Banorte SAB de CV Series O | | | 3.99 | |
Industrias Penoles SAB de CV | | | 3.90 | |
Grupo Elektra SA de CV | | | 3.68 | |
Grupo Modelo SAB de CV Series C | | | 2.84 | |
| | | | |
TOTAL | | | 71.39 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
Fund Performance Overview
iSHARES® MSCI SOUTH AFRICA INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 5.27% | | 3.76% | | 5.86% | | 7.85% | | 7.32% | | 8.82% | | 18.64% | | 18.42% | | 19.86% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 5.27% | | 3.76% | | 5.86% | | 45.94% | | 42.36% | | 52.61% | | 371.49% | | 363.58% | | 417.47% |
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 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 29, 2012, the total return for the Fund was 4.55%, net of fees, while the total return for the Index was 4.90%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of Net Assets |
| | | | |
Basic Materials | | | 31.61 | % |
Financial | | | 23.06 | |
Communications | | | 19.93 | |
Consumer Non-Cyclical | | | 8.05 | |
Diversified | | | 7.18 | |
Consumer Cyclical | | | 6.93 | |
Industrial | | | 1.36 | |
Energy | | | 1.21 | |
Technology | | | 0.57 | |
Short-Term and Other Net Assets | | | 0.10 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
MTN Group Ltd. | | | 10.49 | % |
Sasol Ltd. | | | 10.00 | |
Naspers Ltd. Class N | | | 7.37 | |
Standard Bank Group Ltd. | | | 6.02 | |
AngloGold Ashanti Ltd. | | | 5.69 | |
Gold Fields Ltd. | | | 3.93 | |
Impala Platinum Holdings Ltd. | | | 3.86 | |
FirstRand Ltd. | | | 3.08 | |
Remgro Ltd. | | | 2.64 | |
Shoprite Holdings Ltd. | | | 2.53 | |
| | | | |
TOTAL | | | 55.61 | % |
| | | | |
| | |
| 10 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/29/12 | | Inception to 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (8.75)% | | (10.08)% | | (8.31)% | | 3.06% | | 2.75% | | 3.44% | | 12.60% | | 11.28% | | 14.20% |
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 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 29, 2012, the total return for the Fund was 10.04%, net of fees, while the total return for the Index was 10.26%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of Net Assets |
| | | | |
Financial | | | 40.33 | % |
Consumer Non-Cyclical | | | 12.95 | |
Communications | | | 11.05 | |
Diversified | | | 9.00 | |
Consumer Cyclical | | | 7.96 | |
Basic Materials | | | 6.66 | |
Industrial | | | 6.63 | |
Energy | | | 4.92 | |
Utilities | | | 0.40 | |
Short-Term and Other Net Assets | | | 0.10 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Turkiye Garanti Bankasi AS | | | 12.68 | % |
Akbank TAS | | | 7.66 | |
Turkcell Iletisim Hizmetleri AS | | | 6.72 | |
Turkiye Is Bankasi AS | | | 5.96 | |
Turkiye Petrol Rafinerileri AS | | | 4.92 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 4.88 | |
BIM Birlesik Magazalar AS | | | 4.67 | |
KOC Holding AS | | | 4.00 | |
Turk Telekomunikasyon AS | | | 3.58 | |
Haci Omer Sabanci Holding AS | | | 3.51 | |
| | | | |
TOTAL | | | 58.58 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 11 | |
Fund Performance Overview
iSHARES® MSCI USA INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/29/12 | | Inception to 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 5.22% | | 5.22% | | 5.36% | | 11.53% | | 11.55% | | 11.74% | | 21.99% | | 22.04% | | 22.39% |
Total returns for the period since inception are calculated from the inception date of the Fund (5/5/10). “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 (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 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 a 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 29, 2012, the total return for the Fund was 13.22%, net of fees, while the total return for the Index was 13.36%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of Net Assets |
| | | | |
Consumer Non-Cyclical | | | 21.36 | % |
Technology | | | 15.36 | |
Financial | | | 13.75 | |
Energy | | | 12.28 | |
Industrial | | | 10.62 | |
Communications | | | 10.35 | |
Consumer Cyclical | | | 9.26 | |
Basic Materials | | | 3.44 | |
Utilities | | | 3.30 | |
Diversified | | | 0.04 | |
Short-Term and Other Net Assets | | | 0.24 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Apple Inc. | | | 3.93 | % |
Exxon Mobil Corp. | | | 3.23 | |
Microsoft Corp. | | | 1.87 | |
International Business Machines Corp. | | �� | 1.81 | |
Chevron Corp. | | | 1.69 | |
General Electric Co. | | | 1.57 | |
Procter & Gamble Co. (The) | | | 1.45 | |
AT&T Inc. | | | 1.41 | |
Johnson & Johnson | | | 1.38 | |
Pfizer Inc. | | | 1.26 | |
| | | | |
TOTAL | | | 19.60 | % |
| | | | |
| | |
| 12 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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, 2011 to February 29, 2012.
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 (9/1/11) | | | Ending Account Value (2/29/12) | | | Annualized Expense Ratio | | | Expenses Paid During Period a (9/1/11 to 2/29/12) | |
Brazil | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,070.80 | | | | 0.61 | % | | $ | 3.14 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.61 | | | | 3.07 | |
Canada | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 988.60 | | | | 0.52 | | | | 2.57 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
Chile Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,009.80 | | | | 0.60 | | | | 3.00 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.90 | | | | 0.60 | | | | 3.02 | |
Israel Capped Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 898.80 | | | | 0.61 | | | | 2.88 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.61 | | | | 3.07 | |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning Account Value (9/1/11) | | | Ending Account Value (2/29/12) | | | Annualized Expense Ratio | | | Expenses Paid During Period a (9/1/11 to 2/29/12) | |
Mexico Investable Market | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,029.40 | | | | 0.52 | % | | $ | 2.62 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.52 | | | | 2.61 | |
South Africa | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,045.50 | | | | 0.61 | | | | 3.10 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.61 | | | | 3.07 | |
Turkey Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,100.40 | | | | 0.61 | | | | 3.19 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.61 | | | | 3.07 | |
USA | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,132.20 | | | | 0.15 | | | | 0.80 | |
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 (182 days) and divided by the number of days in the year (366 days). | |
| | |
| 14 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI BRAZIL INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 46.08% | | | | | | | | |
| | |
AEROSPACE & DEFENSE — 0.72% | | | | | | | | |
Embraer SA | | | 10,260,032 | | | $ | 76,265,046 | |
| | | | | | | | |
| | | | | | | 76,265,046 | |
AGRICULTURE — 1.07% | | | | | | | | |
Souza Cruz SA | | | 7,555,500 | | | | 112,805,984 | |
| | | | | | | | |
| | | | | | | 112,805,984 | |
BANKS — 2.73% | | | | | | | | |
Banco do Brasil SA | | | 9,948,797 | | | | 159,746,943 | |
Banco Santander (Brasil) SA Units | | | 12,057,641 | | | | 129,189,011 | |
| | | | | | | | |
| | | | | | | 288,935,954 | |
BUILDING MATERIALS — 0.29% | | | | | | | | |
Duratex SA | | | 5,452,000 | | | | 30,426,086 | |
| | | | | | | | |
| | | | | | | 30,426,086 | |
CHEMICALS — 1.25% | | | | | | | | |
Ultrapar Participacoes SA | | | 5,829,700 | | | | 131,997,679 | |
| | | | | | | | |
| | | | | | | 131,997,679 | |
COMMERCIAL SERVICES — 3.56% | | | | | | | | |
Anhanguera Educacional
Participacoes SA | | | 2,142,000 | | | | 28,074,878 | |
CCR SA | | | 15,600,900 | | | | 124,299,854 | |
Cielo SA | | | 4,481,800 | | | | 159,804,018 | |
EcoRodovias Infraestrutura e
Logistica SA | | | 3,048,000 | | | | 24,514,983 | |
Localiza Rent A Car SA | | | 2,141,300 | | | | 39,443,691 | |
| | | | | | | | |
| | | | | | | 376,137,424 | |
COSMETICS & PERSONAL CARE — 0.68% | | | | | |
Natura Cosmeticos SA | | | 3,059,000 | | | | 71,927,358 | |
| | | | | | | | |
| | | | | | | 71,927,358 | |
DIVERSIFIED FINANCIAL SERVICES — 3.93% | | | | | |
BM&F Bovespa SA | | | 34,632,700 | | | | 231,085,786 | |
CETIP SA — Mercados Organizados | | | 3,364,902 | | | | 62,530,119 | |
Redecard SA | | | 5,885,500 | | | | 122,016,463 | |
| | | | | | | | |
| | | | | | | 415,632,368 | |
ELECTRIC — 1.93% | | | | | | | | |
Centrais Eletricas Brasileiras SA | | | 4,851,099 | | | | 52,624,001 | |
CPFL Energia SA | | | 3,670,800 | | | | 58,984,341 | |
EDP Energias do Brasil SA | | | 1,223,600 | | | | 29,843,902 | |
Light SA | | | 1,223,600 | | | | 19,327,480 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tractebel Energia SA | | | 2,447,200 | | | $ | 43,174,179 | |
| | | | | | | | |
| | | | | | | 203,953,903 | |
ENGINEERING & CONSTRUCTION — 0.26% | | | | | |
Multiplan Empreendimentos Imobiliarios SA | | | 1,223,600 | | | | 27,712,195 | |
| | | | | | | | |
| | | | | | | 27,712,195 | |
FOOD — 3.28% | | | | | | | | |
BRF — Brasil Foods SA | | | 12,063,050 | | | | 251,488,673 | |
Cosan SA Industria e Comercio | | | 2,141,390 | | | | 38,239,107 | |
JBS SAa | | | 13,459,622 | | | | 57,058,793 | |
| | | | | | | | |
| | | | | | | 346,786,573 | |
FOREST PRODUCTS & PAPER — 0.30% | | | | | |
Fibria Celulose SA | | | 3,556,626 | | | | 32,117,035 | |
| | | | | | | | |
| | | | | | | 32,117,035 | |
HEALTH CARE — SERVICES — 0.60% | | | | | |
Amil Participacoes SA | | | 2,099,900 | | | | 24,145,192 | |
Diagnosticos da America SA | | | 4,255,400 | | | | 39,539,140 | |
| | | | | | | | |
| | | | | | | 63,684,332 | |
HOME BUILDERS — 0.71% | | | | | | | | |
Brookfield Incorporacoes SA | | | 4,134,614 | | | | 15,606,847 | |
MRV Engenharia e Participacoes SA | | | 5,151,547 | | | | 41,433,755 | |
Rossi Residencial SA | | | 3,048,000 | | | | 18,213,659 | |
| | | | | | | | |
| | | | | | | 75,254,261 | |
INSURANCE — 0.76% | | | | | | | | |
Odontoprev SA | | | 1,529,500 | | | | 26,557,520 | |
Porto Seguro SA | | | 2,447,000 | | | | 30,551,975 | |
SulAmerica SA Units | | | 2,142,000 | | | | 23,509,756 | |
| | | | | | | | |
| | | | | | | 80,619,251 | |
IRON & STEEL — 7.22% | | | | | | | | |
Companhia Siderurgica Nacional SA | | | 13,265,054 | | | | 134,884,492 | |
MMX Mineracao e Metalicos SAa | | | 4,282,600 | | | | 23,974,602 | |
Usinas Siderurgicas de Minas
Gerais SA | | | 3,348,500 | | | | 29,945,935 | |
Vale SA | | | 13,597,100 | | | | 343,875,554 | |
Vale SA SP ADR | | | 9,159,328 | | | | 230,265,506 | |
| | | | | | | | |
| | | | | | | 762,946,089 | |
OIL & GAS — 10.06% | | | | | | | | |
HRT Participacoes em Petroleo SAa | | | 91,800 | | | | 36,357,491 | |
OGX Petroleo e Gas
Participacoes SAa | | | 23,071,200 | | | | 227,764,460 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 15 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Petroleo Brasileiro SA | | | 53,532,544 | | | $ | 798,946,795 | |
| | | | | | | | |
| | | | | | | 1,063,068,746 | |
PHARMACEUTICALS — 0.30% | | | | | | | | |
Hypermarcas SA | | | 4,851,000 | | | | 31,494,878 | |
| | | | | | | | |
| | | | | | | 31,494,878 | |
REAL ESTATE — 2.16% | | | | | | | | |
BR Malls Participacoes SA | | | 7,035,700 | | | | 89,927,850 | |
Cyrela Brazil Realty SA | | | 5,184,100 | | | | 52,142,051 | |
PDG Realty SA Empreendimentos e Participacoes | | | 20,189,400 | | | | 86,057,024 | |
| | | | | | | | |
| | | | | | | 228,126,925 | |
RETAIL — 1.00% | | | | | | | | |
Lojas Renner SA | | | 2,141,300 | | | | 81,299,764 | |
Raia Drogasil SA | | | 2,491,300 | | | | 24,189,626 | |
| | | | | | | | |
| | | | | | | 105,489,390 | |
SOFTWARE — 0.33% | | | | | | | | |
Totvs SA | | | 1,871,800 | | | | 34,653,301 | |
| | | | | | | | |
| | | | | | | 34,653,301 | |
TELECOMMUNICATIONS — 1.00% | | | | | | | | |
Tele Norte Leste Participacoes SA | | | 1,223,638 | | | | 16,450,186 | |
Tim Participacoes SA | | | 14,683,290 | | | | 88,594,299 | |
| | | | | | | | |
| | | | | | | 105,044,485 | |
TEXTILES — 0.62% | | | | | | | | |
Companhia Hering SA | | | 2,447,200 | | | | 65,642,374 | |
| | | | | | | | |
| | | | | | | 65,642,374 | |
TRANSPORTATION — 0.45% | | | | | |
ALL — America Latina Logistica SA | | | 8,151,100 | | | | 47,098,400 | |
| | | | | | | | |
| | | | | | | 47,098,400 | |
WATER — 0.87% | | | | | | | | |
Companhia de Saneamento Basico do Estado de Sao Paulo | | | 2,447,200 | | | | 92,160,813 | |
| | | | | | | | |
| | | | | | | 92,160,813 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $3,287,678,814) | | | | | | | 4,869,980,850 | |
| |
PREFERRED STOCKS — 53.35% | | | | | |
AIRLINES — 0.49% | | | | | | | | |
GOL Linhas Aereas Inteligentes SA | | | 1,835,900 | | | | 15,981,499 | |
TAM SA | | | 1,529,500 | | | | 35,528,455 | |
| | | | | | | | |
| | | | | | | 51,509,954 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BANKS — 14.54% | | | | | | | | |
Banco Bradesco SA | | | 34,091,515 | | | $ | 617,685,986 | |
Banco do Estado do Rio Grande
do Sul SA Class B | | | 3,949,510 | | | | 46,926,234 | |
Itau Unibanco Holding SA | | | 40,811,600 | | | | 872,164,274 | |
| | | | | | | | |
| | | | | | | 1,536,776,494 | |
BEVERAGES — 4.99% | | | | | | | | |
Companhia de Bebidas
das Americas | | | 13,153,732 | | | | 527,829,780 | |
| | | | | | | | |
| | | | | | | 527,829,780 | |
CHEMICALS — 0.23% | | | | | | | | |
Braskem SA Class A | | | 2,747,536 | | | | 24,858,659 | |
| | | | | | | | |
| | | | | | | 24,858,659 | |
ELECTRIC — 3.99% | | | | | | | | |
AES Tiete SA | | | 1,835,900 | | | | 27,133,366 | |
Centrais Eletricas Brasileiras SA Class B | | | 4,282,651 | | | | 64,961,001 | |
Companhia de Transmissao de Energia Electrica Paulista | | | 671,480 | | | | 22,554,241 | |
Companhia Energetica de
Minas Gerais | | | 7,035,735 | | | | 160,857,658 | |
Companhia Energetica de Sao Paulo Class B | | | 3,059,070 | | | | 66,812,789 | |
Companhia Paranaense de Energia Class B | | | 1,835,400 | | | | 46,076,854 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 1,529,520 | | | | 32,837,604 | |
| | | | | | | | |
| | | | | | | 421,233,513 | |
FOOD — 0.82% | | | | | | | | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 1,881,564 | | | | 86,975,897 | |
| | | | | | | | |
| | | | | | | 86,975,897 | |
FOREST PRODUCTS & PAPER — 0.52% | | | | | |
Klabin SA | | | 7,850,600 | | | | 38,933,870 | |
Suzano Papel e Celulose SA Class A | | | 3,348,507 | | | | 15,984,162 | |
| | | | | | | | |
| | | | | | | 54,918,032 | |
HOLDING COMPANIES — DIVERSIFIED — 3.56% | |
Bradespar SA | | | 4,282,600 | | | | 90,053,976 | |
Itausa — Investimentos Itau SA | | | 41,057,380 | | | | 286,114,146 | |
| | | | | | | | |
| | | | | | | 376,168,122 | |
| | |
| 16 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
IRON & STEEL — 11.20% | |
Gerdau SA | | | 15,363,146 | | | $ | 160,144,292 | |
Metalurgica Gerdau SA | | | 4,851,090 | | | | 64,371,316 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 8,156,500 | | | | 55,181,896 | |
Vale SA Class A | | | 36,632,200 | | | | 904,104,820 | |
| | | | | | | | |
| | | | | | | 1,183,802,324 | |
OIL & GAS — 10.06% | |
Petroleo Brasileiro SA | | | 75,281,178 | | | | 1,062,767,385 | |
| | | | | | | | |
| | | | | | | 1,062,767,385 | |
RETAIL — 0.56% | |
Lojas Americanas SA | | | 5,528,939 | | | | 58,757,017 | |
| | | | | | | | |
| | | | | | | 58,757,017 | |
TELECOMMUNICATIONS — 2.39% | |
Oi SA | | | 4,851,015 | | | | 32,678,150 | |
Tele Norte Leste Participacoes SA | | | 4,550,539 | | | | 49,257,867 | |
Telefonica Brasil SA | | | 5,200,374 | | | | 155,226,030 | |
Telemar Norte Leste SA Class A | | | 612,400 | | | | 15,295,775 | |
| | | | | | | | |
| | | | | | | 252,457,822 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $3,167,402,094) | | | | 5,638,054,999 | |
|
RIGHTS — 0.00% | |
BUILDING MATERIALS — 0.00% | |
Duratex SAa | | | 8,019 | | | | 34,227 | |
| | | | | | | | |
| | | | | | | 34,227 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost: $0) | | | | | | | 34,227 | |
|
SHORT-TERM INVESTMENTS — 0.00% | |
|
MONEY MARKET FUNDS — 0.00% | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%b,c | | | 479,511 | | | | 479,511 | |
| | | | | | | | |
| | | | | | | 479,511 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $479,511) | | | | 479,511 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.43% | | | | | | |
(Cost: $6,455,560,419) | | | | $ | 10,508,549,587 | |
Other Assets, Less Liabilities — 0.57% | | | 60,391,066 | |
| | | | | | |
NET ASSETS — 100.00% | | | | $ | 10,568,940,653 | |
| | | | | | |
SP ADR — Sponsored American 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 17 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI CANADA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.84% | |
AEROSPACE & DEFENSE — 0.22% | | | | | | | | |
CAE Inc. | | | 967,091 | | | $ | 10,466,714 | |
| | | | | | | | |
| | | | | | | 10,466,714 | |
APPAREL — 0.23% | | | | | | | | |
Gildan Activewear Inc. | | | 434,745 | | | | 10,915,523 | |
| | | | | | | | |
| | | | | | | 10,915,523 | |
AUTO PARTS & EQUIPMENT — 0.80% | | | | | |
Magna International Inc. Class A | | | 800,811 | | | | 38,318,922 | |
| | | | | | | | |
| | | | | | | 38,318,922 | |
BANKS — 23.08% | | | | | | | | |
Bank of Montreal | | | 2,401,357 | | | | 141,601,923 | |
Bank of Nova Scotia | | | 4,094,206 | | | | 221,763,430 | |
Canadian Imperial Bank of Commerce | | | 1,505,356 | | | | 117,209,759 | |
National Bank of Canada | | | 602,731 | | | | 47,168,390 | |
Royal Bank of Canada | | | 5,405,073 | | | | 305,553,038 | |
Toronto-Dominion Bank (The) | | | 3,391,597 | | | | 278,331,677 | |
| | | | | | | | |
| | | | | | | 1,111,628,217 | |
CHEMICALS — 4.17% | | | | | | | | |
Agrium Inc. | | | 592,822 | | | | 50,666,284 | |
Potash Corp. of Saskatchewan Inc. | | | 3,218,493 | | | | 150,410,917 | |
| | | | | | | | |
| | | | | | | 201,077,201 | |
COMMERCIAL SERVICES — 0.18% | | | | | | | | |
Ritchie Bros. Auctioneers Inc.a | | | 358,184 | | | | 8,778,681 | |
| | | | | | | | |
| | | | | | | 8,778,681 | |
COMPUTERS — 0.90% | | | | | | | | |
CGI Group Inc. Class Ab | | | 853,962 | | | | 18,363,282 | |
Research In Motion Ltd.b | | | 1,771,493 | | | | 25,233,816 | |
| | | | | | | | |
| | | | | | | 43,597,098 | |
DIVERSIFIED FINANCIAL SERVICES — 0.95% | | | | | |
CI Financial Corp. | | | 589,069 | | | | 13,157,539 | |
IGM Financial Inc. | | | 435,294 | | | | 20,192,479 | |
TMX Group Inc. | | | 282,071 | | | | 12,371,661 | |
| | | | | | | | |
| | | | | | | 45,721,679 | |
ELECTRIC — 0.84% | | | | | | | | |
Fortis Inc. | | | 703,035 | | | | 23,297,693 | |
TransAlta Corp. | | | 800,396 | | | | 16,975,757 | |
| | | | | | | | |
| | | | | | | 40,273,450 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENGINEERING & CONSTRUCTION — 0.45% | | | | | |
SNC-Lavalin Group Inc. | | | 566,854 | | | $ | 21,524,280 | |
| | | | | | | | |
| | | | | | | 21,524,280 | |
FOOD — 1.57% | | | | | | | | |
Empire Co. Ltd. Class A | | | 108,455 | | | | 6,275,293 | |
George Weston Ltd. | | | 194,052 | | | | 12,577,572 | |
Loblaw Companies Ltd. | | | 424,276 | | | | 14,955,950 | |
Metro Inc. Class A | | | 378,000 | | | | 19,672,349 | |
Saputo Inc. | | | 527,620 | | | | 21,984,390 | |
| | | | | | | | |
| | | | | | | 75,465,554 | |
FOREST PRODUCTS & PAPER — 0.00% | | | | | |
Sino-Forest Corp. Class Aa,b,c | | | 978,594 | | | | 99 | |
| | | | | | | | |
| | | | | | | 99 | |
GAS — 0.45% | | | | | | | | |
Canadian Utilities Ltd. Class A | | | 327,428 | | | | 21,920,506 | |
| | | | | | | | |
| | | | | | | 21,920,506 | |
HAND & MACHINE TOOLS — 0.39% | | | | | | | | |
Finning International Inc. | | | 644,669 | | | | 18,823,981 | |
| | | | | | | | |
| | | | | | | 18,823,981 | |
HOLDING COMPANIES — DIVERSIFIED — 0.27% | | | | | |
Onex Corp. | | | 347,235 | | | | 12,814,856 | |
| | | | | | | | |
| | | | | | | 12,814,856 | |
INSURANCE — 5.97% | | | | | | | | |
Fairfax Financial Holdings Ltd. | | | 74,630 | | | | 30,988,555 | |
Great-West Lifeco Inc. | | | 1,070,459 | | | | 25,029,363 | |
Industrial Alliance Insurance and Financial Services Inc. | | | 339,272 | | | | 9,293,425 | |
Intact Financial Corp. | | | 486,820 | | | | 29,655,515 | |
Manulife Financial Corp. | | | 6,736,286 | | | | 84,669,496 | |
Power Corp. of Canada | | | 1,312,705 | | | | 33,319,077 | |
Power Financial Corp. | | | 931,234 | | | | 25,990,784 | |
Sun Life Financial Inc. | | | 2,196,300 | | | | 48,499,442 | |
| | | | | | | | |
| | | | | | | 287,445,657 | |
MANUFACTURING — 0.54% | | | | | | | | |
Bombardier Inc. Class B | | | 5,405,281 | | | | 26,067,399 | |
| | | | | | | | |
| | | | | | | 26,067,399 | |
MEDIA — 1.45% | | | | | | | | |
Shaw Communications Inc. Class B | | | 1,409,044 | | | | 29,054,961 | |
Thomson Reuters Corp. | | | 1,399,236 | | | | 40,785,893 | |
| | | | | | | | |
| | | | | | | 69,840,854 | |
| | |
| 18 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CANADA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MINING — 17.39% | | | | | | | | |
Agnico-Eagle Mines Ltd. | | | 641,452 | | | $ | 23,425,583 | |
Barrick Gold Corp. | | | 3,758,202 | | | | 180,631,791 | |
Cameco Corp. | | | 1,483,222 | | | | 36,593,020 | |
Centerra Gold Inc. | | | 621,093 | | | | 12,548,607 | |
Eldorado Gold Corp. | | | 2,535,914 | | | | 38,928,900 | |
First Quantum Minerals Ltd. | | | 1,789,793 | | | | 41,140,072 | |
Franco-Nevada Corp. | | | 489,469 | | | | 21,726,570 | |
Goldcorp Inc. | | | 3,041,903 | | | | 148,149,740 | |
IAMGOLD Corp. | | | 1,409,523 | | | | 21,408,664 | |
Inmet Mining Corp. | | | 195,411 | | | | 13,328,302 | |
Ivanhoe Mines Ltd.a,b | | | 1,110,561 | | | | 19,359,696 | |
Kinross Gold Corp. | | | 4,278,423 | | | | 47,564,579 | |
New Gold Inc.b | | | 1,606,062 | | | | 18,849,766 | |
Osisko Mining Corp.b | | | 1,299,664 | | | | 16,546,816 | |
Pan American Silver Corp. | | | 377,564 | | | | 9,487,496 | |
Silver Wheaton Corp. | | | 1,328,181 | | | | 51,080,254 | |
Teck Resources Ltd. Class B | | | 2,185,100 | | | | 87,896,504 | |
Yamana Gold Inc. | | | 2,801,979 | | | | 48,873,546 | |
| | | | | | | | |
| | | | | | | 837,539,906 | |
OIL & GAS — 22.15% | | | | | | | | |
ARC Resources Ltd. | | | 1,082,226 | | | | 28,073,379 | |
Athabasca Oil Sands Corp.b | | | 1,125,777 | | | | 14,035,780 | |
Baytex Energy Corp. | | | 440,909 | | | | 25,614,308 | |
Bonavista Energy Corp. | | | 537,003 | | | | 12,539,793 | |
Canadian Natural Resources Ltd. | | | 4,114,137 | | | | 153,421,242 | |
Canadian Oil Sands Ltd. | | | 1,820,432 | | | | 43,674,103 | |
Cenovus Energy Inc. | | | 2,831,420 | | | | 110,560,346 | |
Crescent Point Energy Corp. | | | 1,075,290 | | | | 51,147,100 | |
Encana Corp. | | | 2,763,307 | | | | 56,559,489 | |
Enerplus Corp. | | | 731,461 | | | | 17,778,747 | |
Husky Energy Inc. | | | 1,259,506 | | | | 34,181,020 | |
Imperial Oil Ltd. | | | 1,114,811 | | | | 53,524,963 | |
MEG Energy Corp.b | | | 472,290 | | | | 20,868,126 | |
Nexen Inc. | | | 1,981,389 | | | | 40,575,274 | |
Niko Resources Ltd. | | | 174,544 | | | | 8,284,616 | |
Pacific Rubiales Energy Corp. | | | 969,573 | | | | 28,281,468 | |
Pengrowth Energy Corp. | | | 1,349,052 | | | | 13,819,925 | |
Penn West Petroleum Ltd. | | | 1,773,429 | | | | 38,909,387 | |
Precision Drilling Corp.b | | | 881,539 | | | | 10,722,206 | |
Progress Energy Resources Corp. | | | 694,947 | | | | 7,641,277 | |
Suncor Energy Inc. | | | 5,915,936 | | | | 213,945,520 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Talisman Energy Inc. | | | 3,874,961 | | | $ | 53,504,716 | |
Tourmaline Oil Corp.b | | | 472,587 | | | | 12,340,665 | |
Vermilion Energy Inc. | | | 342,412 | | | | 16,912,883 | |
| | | | | | | | |
| | | | | | | 1,066,916,333 | |
PHARMACEUTICALS — 1.18% | | | | | | | | |
Valeant Pharmaceuticals
International Inc.b | | | 1,063,992 | | | | 56,680,705 | |
| | | | | | | | |
| | | | | | | 56,680,705 | |
PIPELINES — 5.04% | | | | | | | | |
Enbridge Inc. | | | 2,781,846 | | | | 107,777,292 | |
Pembina Pipeline Corp.a | | | 630,177 | | | | 17,959,357 | |
TransCanada Corp. | | | 2,642,535 | | | | 116,894,512 | |
| | | | | | | | |
| | | | | | | 242,631,161 | |
REAL ESTATE — 1.71% | | | | | | | | |
Brookfield Asset Management Inc. Class A | | | 2,103,191 | | | | 66,024,332 | |
Brookfield Office Properties Inc. | | | 946,423 | | | | 16,517,601 | |
| | | | | | | | |
| | | | | | | 82,541,933 | |
REAL ESTATE INVESTMENT TRUSTS — 0.43% | | | | | |
H&R Real Estate Investment Trusta | | | 306,494 | | | | 7,350,006 | |
RioCan Real Estate Investment Trust | | | 493,785 | | | | 13,596,070 | |
| | | | | | | | |
| | | | | | | 20,946,076 | |
RETAIL — 2.06% | | | | | | | | |
Alimentation Couche-Tard Inc. Class B | | | 447,860 | | | | 13,863,903 | |
Canadian Tire Corp. Ltd. Class A | | | 293,159 | | | | 18,700,625 | |
Shoppers Drug Mart Corp. | | | 807,305 | | | | 34,449,494 | |
Tim Hortons Inc. | | | 595,048 | | | | 32,297,341 | |
| | | | | | | | |
| | | | | | | 99,311,363 | |
SOFTWARE — 0.27% | | | | | | | | |
Open Text Corp.b | | | 215,461 | | | | 13,203,945 | |
| | | | | | | | |
| | | | | | | 13,203,945 | |
TELECOMMUNICATIONS — 3.15% | | | | | | | | |
BCE Inc. | | | 963,979 | | | | 39,676,845 | |
Bell Aliant Inc. | | | 281,760 | | | | 7,875,377 | |
Rogers Communications Inc. Class B | | | 1,507,038 | | | | 58,035,384 | |
TELUS Corp. | | | 222,420 | | | | 13,002,633 | |
TELUS Corp. NVS | | | 562,154 | | | | 32,914,789 | |
| | | | | | | | |
| | | | | | | 151,505,028 | |
TRANSPORTATION — 4.00% | | | | | | | | |
Canadian National Railway Co. | | | 1,671,480 | | | | 129,380,817 | |
Canadian Pacific Railway Ltd. | | | 638,102 | | | | 48,031,760 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CANADA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Viterra Inc. | | | 1,396,705 | | | $ | 15,173,099 | |
| | | | | | | | |
| | | | | | | 192,585,676 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $5,025,148,502) | | | | 4,808,542,797 | |
|
SHORT-TERM INVESTMENTS — 0.93% | |
|
MONEY MARKET FUNDS — 0.93% | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.22%d,e,f | | | 41,601,059 | | | | 41,601,059 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | |
0.23%d,e,f | | | 3,076,689 | | | | 3,076,689 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | |
0.02%d,e | | | 4,516 | | | | 4,516 | |
| | | | | | | | |
| | | | | | | 44,682,264 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $44,682,264) | | | | 44,682,264 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.77% | | | | | |
(Cost: $5,069,830,766) | | | | 4,853,225,061 | |
Other Assets, Less
Liabilities — (0.77)% | | | | (37,267,663 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 4,815,957,398 | |
| | | | | | | | |
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 | 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI CHILE INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 92.20% | |
| | |
AIRLINES — 4.82% | | | | | | | | |
LAN Airlines SA | | | 1,247,523 | | | $ | 34,072,777 | |
| | | | | | | | |
| | | | | | | 34,072,777 | |
APPAREL — 0.42% | | | | | | | | |
Forus SA | | | 872,213 | | | | 2,946,174 | |
| | | | | | | | |
| | | | | | | 2,946,174 | |
BANKS — 15.80% | | | | | | | | |
Banco de Chile | | | 171,157,852 | | | | 27,301,034 | |
Banco de Credito e Inversiones | | | 310,486 | | | | 20,410,764 | |
Banco Santander (Chile) SA | | | 632,408,293 | | | | 49,922,807 | |
CorpBanca SA | | | 1,003,081,421 | | | | 14,142,695 | |
| | | | | | | | |
| | | | | | | 111,777,300 | |
BEVERAGES — 3.83% | | | | | | | | |
Compania Cervecerias Unidas SA | | | 1,087,850 | | | | 15,674,703 | |
Vina Concha y Toro SA | | | 5,160,259 | | | | 11,400,772 | |
| | | | | | | | |
| | | | | | | 27,075,475 | |
BUILDING MATERIALS — 0.59% | | | | | | | | |
SalfaCorp SA | | | 1,430,924 | | | | 4,167,163 | |
| | | | | | | | |
| | | | | | | 4,167,163 | |
COMPUTERS — 1.25% | | | | | | | | |
Sonda SA | | | 3,039,069 | | | | 8,866,908 | |
| | | | | | | | |
| | | | | | | 8,866,908 | |
ELECTRIC — 21.77% | | | | | | | | |
AES Gener SA | | | 23,614,182 | | | | 14,318,683 | |
Colbun SA | | | 67,573,828 | | | | 19,750,832 | |
E.CL SA | | | 5,068,927 | | | | 14,278,817 | |
Empresa Nacional de Electricidad SA | | | 31,186,435 | | | | 55,002,831 | |
Enersis SA | | | 124,216,455 | | | | 50,582,722 | |
| | | | | | | | |
| | | | | | | 153,933,885 | |
ENGINEERING & CONSTRUCTION — 0.98% | | | | | |
Besalco SA | | | 2,656,659 | | | | 4,910,609 | |
Socovesa SA | | | 4,333,944 | | | | 2,054,467 | |
| | | | | | | | |
| | | | | | | 6,965,076 | |
FOOD — 9.12% | | | | | | | | |
AquaChile SAa | | | 3,590,437 | | | | 3,042,514 | |
Cencosud SA | | | 8,620,501 | | | | 55,952,372 | |
Compania Pesquera Camanchaca SAa | | | 16,990,245 | | | | 1,451,752 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
Empresas Iansa SA | | | 28,391,679 | | | $ | 2,252,509 | |
Multiexport Foods SA | | | 6,313,419 | | | | 1,805,827 | |
| | | | | | | | |
| | | | | | | 64,504,974 | |
FOREST PRODUCTS & PAPER — 5.18% | | | | | |
Empresas CMPC SA | | | 7,619,005 | | | | 33,518,221 | |
Masisa SA | | | 28,574,719 | | | | 3,093,410 | |
| | | | | | | | |
| | | | | | | 36,611,631 | |
HEALTH CARE — SERVICES — 0.43% | | | | | |
Cruz Blanca Salud SAa | | | 2,799,245 | | | | 3,064,286 | |
| | | | | | | | |
| | | | | | | 3,064,286 | |
HOLDING COMPANIES — DIVERSIFIED — 11.00% | |
Empresas Copec SA | | | 4,354,029 | | | | 74,464,245 | |
Norte Grande SA | | | 268,890,151 | | | | 3,323,003 | |
| | | | | | | | |
| | | | | | | 77,787,248 | |
IRON & STEEL — 4.39% | | | | | | | | |
CAP SA | | | 721,838 | | | | 31,025,789 | |
| | | | | | | | |
| | | | | | | 31,025,789 | |
LODGING — 0.24% | | | | | | | | |
Enjoy SAa | | | 8,164,332 | | | | 1,709,641 | |
| | | | | | | | |
| | | | | | | 1,709,641 | |
METAL FABRICATE & HARDWARE — 0.38% | |
Madeco SAa | | | 53,760,777 | | | | 2,690,281 | |
| | | | | | | | |
| | | | | | | 2,690,281 | |
REAL ESTATE — 1.28% | | | | | | | | |
Parque Arauco SA | | | 4,227,282 | | | | 8,248,929 | |
PAZ Corp. SA | | | 1,514,213 | | | | 825,808 | |
| | | | | | | | |
| | | | | | | 9,074,737 | |
RETAIL — 5.12% | | | | | | | | |
Empresas Hites SA | | | 1,485,799 | | | | 1,071,411 | |
La Polar SA | | | 2,698,371 | | | | 1,203,802 | |
S.A.C.I. Falabella SA | | | 3,410,197 | | | | 33,975,403 | |
| | | | | | | | |
| | | | | | | 36,250,616 | |
TELECOMMUNICATIONS — 2.92% | | | | | | | | |
Empresa Nacional de Telecomunicaciones SA | | | 1,030,214 | | | | 20,640,368 | |
| | | | | | | | |
| | | | | | | 20,640,368 | |
TRANSPORTATION — 1.68% | | | | | | | | |
Compania SudAmericana de Vapores SA | | | 50,426,125 | | | | 11,853,714 | |
| | | | | | | | |
| | | | | | | 11,853,714 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CHILE INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
WATER — 1.00% | | | | | | | | |
Inversiones Aguas Metropolitanas SA | | | 4,322,830 | | | $ | 7,055,064 | |
| | | | | | | | |
| | | | | | | 7,055,064 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $481,772,853) | | | | | | | 652,073,107 | |
|
PREFERRED STOCKS — 7.74% | |
CHEMICALS — 7.74% | | | | | | | | |
Sociedad Quimica y Minera de Chile SA
Series B | | | 917,449 | | | | 54,721,739 | |
| | | | | | | | |
| | | | | | | 54,721,739 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $35,332,730) | | | | | | | 54,721,739 | |
|
SHORT-TERM INVESTMENTS — 0.09% | |
| | |
MONEY MARKET FUNDS — 0.09% | | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%b,c | | | 629,248 | | | | 629,248 | |
| | | | | | | | |
| | | | | | | 629,248 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $629,248) | | | | | | | 629,248 | |
| | | | | | | | |
|
TOTAL INVESTMENTS
IN SECURITIES — 100.03% | |
(Cost: $517,734,831) | | | | | | | 707,424,094 | |
Other Assets, Less Liabilities — (0.03)% | | | | (239,538 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 707,184,556 | |
| | | | | | | | |
| 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.
| | |
| 22 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.80% | | | | | | | | |
| | |
AEROSPACE & DEFENSE — 1.87% | | | | | | | | |
Elbit Systems Ltd. | | | 48,645 | | | $ | 1,786,709 | |
| | | | | | | | |
| | | | | | | 1,786,709 | |
BANKS — 19.12% | | | | | | | | |
Bank Hapoalim Ltd. | | | 2,101,135 | | | | 6,815,995 | |
Bank Leumi le-Israel | | | 2,341,211 | | | | 6,795,014 | |
First International Bank of Israel Ltd.a,b | | | 46,201 | | | | 442,404 | |
Israel Discount Bank Ltd. Class Aa | | | 1,619,198 | | | | 2,037,585 | |
Mizrahi Tefahot Bank Ltd. | | | 256,197 | | | | 2,025,152 | |
Union Bank of Israela,b | | | 52,640 | | | | 149,574 | |
| | | | | | | | |
| | | | | | | 18,265,724 | |
BIOTECHNOLOGY — 0.26% | | | | | | | | |
Clal Biotechnology Industries Ltd.a,b | | | 73,555 | | | | 247,569 | |
| | | | | | | | |
| | | | | | | 247,569 | |
CHEMICALS — 10.55% | | | | | | | | |
Frutaromb | | | 73,696 | | | | 698,855 | |
Israel Chemicals Ltd. | | | 883,130 | | | | 9,377,958 | |
| | | | | | | | |
| | | | | | | 10,076,813 | |
COMMERCIAL SERVICES — 0.46% | | | | | | | | |
Nitsba Holdings (1995) Ltd.a,b | | | 55,977 | | | | 443,369 | |
| | | | | | | | |
| | | | | | | 443,369 | |
COMPUTERS — 0.39% | | | | | | | | |
MATRIX IT Ltd.b | | | 79,054 | | | | 373,891 | |
| | | | | | | | |
| | | | | | | 373,891 | |
ELECTRONICS — 0.60% | | | | | | | | |
Elron Electronic Industries Ltd.a,b | | | 30,597 | | | | 129,640 | |
Ituran Location and Control Ltd.b | | | 31,960 | | | | 439,505 | |
| | | | | | | | |
| | | | | | | 569,145 | |
ENERGY — ALTERNATE SOURCES — 0.56% | | | | | |
Ormat Industries Ltd.b | | | 120,978 | | | | 530,846 | |
| | | | | | | | |
| | | | | | | 530,846 | |
ENGINEERING & CONSTRUCTION — 1.04% | | | | | |
Electra (Israel) Ltd.b | | | 3,384 | | | | 293,930 | |
Shikun & Binui Ltd.b | | | 403,636 | | | | 694,772 | |
| | | | | | | | |
| | | | | | | 988,702 | |
FOOD — 3.13% | | | | | | | | |
Alon Holdings Blue Square — Israel Ltd.b | | | 40,326 | | | | 144,378 | |
Osem Investment Ltd.b | | | 74,119 | | | | 1,071,671 | |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.b | | | 11,327 | | | | 397,138 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
Shufersal Ltd.b | | | 172,067 | | | $ | 603,744 | |
Strauss Group Ltd.a,b | | | 71,111 | | | | 777,725 | |
| | | | | | | | |
| | | | | | | 2,994,656 | |
FOREST PRODUCTS & PAPER — 0.15% | | | | | | | | |
Hadera Paper Ltd.a | | | 3,854 | | | | 146,455 | |
| | | | | | | | |
| | | | | | | 146,455 | |
HEALTH CARE — PRODUCTS — 0.71% | | | | | | | | |
Given Imaging Ltd.a,b | | | 34,733 | | | | 682,289 | |
| | | | | | | | |
| | | | | | | 682,289 | |
HOLDING COMPANIES — DIVERSIFIED — 6.63% | | | | | |
Clal Industries and Investments Ltd.b | | | 123,610 | | | | 504,751 | |
Delek Group Ltd. (The) | | | 9,024 | | | | 1,633,341 | |
Discount Investment Corp. Ltd.b | | | 48,974 | | | | 278,833 | |
Elco Holdings Ltd.a,b | | | 14,006 | | | | 82,265 | |
FIBI Holdings Ltd.a,b | | | 14,570 | | | | 169,882 | |
Granite Hacarmel Investments Ltd.b | | | 70,030 | | | | 83,786 | |
Israel Corp. Ltd. (The) | | | 4,606 | | | | 2,768,784 | |
Israel Land Development Co. Ltd. (The)b | | | 15,698 | | | | 108,831 | |
Koor Industries Ltd.a,b | | | 22,654 | | | | 347,226 | |
Mivtach Shamir Holdings Ltd.a | | | 14,910 | | | | 351,404 | |
| | | | | | | | |
| | | | | | | 6,329,103 | |
HOME BUILDERS — 0.45% | | | | | | | | |
Bayside Land Corp. Ltd.b | | | 1,598 | | | | 316,109 | |
Property & Building Corp. Ltd.b | | | 2,773 | | | | 109,855 | |
| | | | | | | | |
| | | | | | | 425,964 | |
INSURANCE — 2.73% | | | | | | | | |
Clal Insurance Enterprises Holdings Ltd.b | | | 38,916 | | | | 524,342 | |
Harel Insurance Investments & Financial Services Ltd.b | | | 21,902 | | | | 697,152 | |
Menorah Mivtachim Holdings Ltd.a,b | | | 50,525 | | | | 351,217 | |
Migdal Insurance & Financial Holdings Ltd.b | | | 587,171 | | | | 778,074 | |
Phoenix Holdings Ltd.b | | | 110,874 | | | | 260,401 | |
| | | | | | | | |
| | | | | | | 2,611,186 | |
INTERNET — 0.11% | | | | | | | | |
Internet Gold-Golden Lines Ltd.a,b | | | 12,549 | | | | 101,489 | |
| | | | | | | | |
| | | | | | | 101,489 | |
MANUFACTURING — 0.29% | | | | | | | | |
FMS Enterprises Migun Ltd.b | | | 6,533 | | | | 91,708 | |
Plasson Industries Ltd.b | | | 7,661 | | | | 184,980 | |
| | | | | | | | |
| | | | | | | 276,688 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
MEDIA — 0.49% | | | | | | | | |
Hot Telecommunication Systems Ltd.b | | | 42,535 | | | $ | 469,814 | |
| | | | | | | | |
| | | | | | | 469,814 | |
OIL & GAS — 2.84% | | | | | | | | |
Jerusalem Oil Exploration Ltd.a,b | | | 15,557 | | | | 272,847 | |
Naphtha Israel Petroleum Corp. Ltd.a,b | | | 54,380 | | | | 195,991 | |
Oil Refineries Ltd.a,b | | | 1,773,122 | | | | 968,673 | |
Paz Oil Co. Ltd.b | | | 9,682 | | | | 1,274,268 | |
| | | | | | | | |
| | | | | | | 2,711,779 | |
PHARMACEUTICALS — 24.47% | | | | | | | | |
Teva Pharmaceutical Industries Ltd. | | | 521,042 | | | | 23,373,589 | |
| | | | | | | | |
| | | | | | | 23,373,589 | |
REAL ESTATE — 5.51% | | | | | | | | |
Africa Israel Investments Ltd.a | | | 119,145 | | | | 396,912 | |
Africa Israel Properties Ltd.a,b | | | 17,767 | | | | 149,896 | |
Airport City Ltd.a,b | | | 75,106 | | | | 321,208 | |
AL-ROV (Israel) Ltd.a,b | | | 7,661 | | | | 160,554 | |
Alony Hetz Properties &
Investments Ltd.b | | | 138,133 | | | | 636,482 | |
Alrov Properties and Lodgings Ltd.b | | | 8,554 | | | | 147,896 | |
Amot Investments Ltd.b | | | 161,069 | | | | 398,508 | |
British Israel Investments Ltd.b | | | 112,048 | | | | 409,174 | |
Delek Real Estate Ltd.a | | | 1 | | | | — | |
Electra Real Estate Ltd.a | | | 1 | | | | 1 | |
Gazit Globe Ltd.b | | | 142,880 | | | | 1,410,544 | |
Industrial Buildings Corp. Ltd.a,b | | | 212,299 | | | | 305,890 | |
Jerusalem Economy Ltd.b | | | 46,107 | | | | 295,475 | |
Melisron Ltd.b | | | 23,501 | | | | 411,981 | |
Norstar Holdings Inc.b | | | 11,562 | | | | 216,834 | |
| | | | | | | | |
| | | | | | | 5,261,355 | |
RETAIL — 0.72% | | | | | | | | |
Delek Automotive Systems Ltd.b | | | 77,268 | | | | 552,462 | |
Golf & Co. Ltd.b | | | 35,297 | | | | 136,281 | |
| | | | | | | | |
| | | | | | | 688,743 | |
SEMICONDUCTORS — 3.07% | | | | | | | | |
Mellanox Technologies Ltd.a,b | | | 67,445 | | | | 2,604,034 | |
Tower Semiconductor Ltd.a,b | | | 468,261 | | | | 332,696 | |
| | | | | | | | |
| | | | | | | 2,936,730 | |
SOFTWARE — 0.65% | | | | | | | | |
Retalix Ltd.a,b | | | 35,532 | | | | 621,769 | |
| | | | | | | | |
| | | | | | | 621,769 | |
TELECOMMUNICATIONS — 12.82% | |
012 Smile.Communications Ltd.a,b | | | 18,988 | | | | 202,740 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
AudioCodes Ltd.a,b | | | 64,108 | | | $ | 220,526 | |
Bezeq The Israel Telecommunication Corp. Ltd. | | | 2,380,973 | | | | 3,940,703 | |
Cellcom Israel Ltd. | | | 121,542 | | | | 1,650,493 | |
Ceragon Networks Ltd.a,b | | | 55,131 | | | | 502,220 | |
Gilat Satellite Networks Ltd.a,b | | | 51,870 | | | | 195,599 | |
NICE Systems Ltd.a,b | | | 122,482 | | | | 4,177,605 | |
Partner Communications Co. Ltd. | | | 184,005 | | | | 1,355,095 | |
| | | | | | | | |
| | | | | | | 12,244,981 | |
TEXTILES — 0.18% | | | | | | | | |
Avgol Industries 1953 Ltd.a,b | | | 230,488 | | | | 175,723 | |
| | | | | | | | |
| | | | | | | 175,723 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $127,670,910) | | | | | | | 95,335,081 | |
|
SHORT-TERM INVESTMENTS — 8.64% | |
|
MONEY MARKET FUNDS — 8.64% | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 7,640,613 | | | | 7,640,613 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 565,077 | | | | 565,077 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 45,006 | | | | 45,006 | |
| | | | | | | | |
| | | | | | | 8,250,696 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $8,250,696) | | | | | | | 8,250,696 | |
| | | | | | | | |
|
TOTAL INVESTMENTS
IN SECURITIES — 108.44% | |
(Cost: $135,921,606) | | | | | | | 103,585,777 | |
Other Assets,
Less Liabilities — (8.44)% | | | | (8,059,949 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 95,525,828 | |
| | | | | | | | |
| 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 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI MEXICO INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.86% | |
| | |
AIRLINES — 0.03% | | | | | | | | |
Grupo Aeromexico SAB de CVa | | | 223,000 | | | $ | 415,646 | |
| | | | | | | | |
| | | | | | | 415,646 | |
BANKS — 7.34% | | | | | | | | |
Compartamos SAB de CV | | | 10,324,900 | | | | 11,624,140 | |
Grupo Financiero Banorte SAB de CV Series O | | | 12,934,000 | | | | 53,129,460 | |
Grupo Financiero Inbursa SAB de CV
Series O | | | 16,858,800 | | | | 32,964,981 | |
| | | | | | | | |
| | | | | | | 97,718,581 | |
BEVERAGES — 13.68% | | | | | | | | |
Arca Continental SAB de CV | | | 3,634,978 | | | | 16,915,202 | |
Coca-Cola FEMSA SAB de CV Series L | | | 1,672,500 | | | | 16,623,660 | |
Fomento Economico Mexicano SAB de CV BD Units | | | 15,007,908 | | | | 110,847,666 | |
Grupo Modelo SAB de CV Series C | | | 5,753,456 | | | | 37,807,590 | |
| | | | | | | | |
| | | | | | | 182,194,118 | |
BUILDING MATERIALS — 5.40% | |
Cemex SAB de CV CPOa | | | 73,300,195 | | | | 56,276,761 | |
Corporacion Geo
SAB de CV Series Ba,b | | | 3,679,960 | | | | 5,290,994 | |
Desarrolladora Homex SAB de CVa,b | | | 1,516,430 | | | | 4,576,381 | |
Urbi Desarrollos Urbanos SAB de CVa | | | 4,928,300 | | | | 5,756,523 | |
| | | | | | | | |
| | | | | | | 71,900,659 | |
CHEMICALS — 1.78% | |
Mexichem SAB de CV | | | 6,556,231 | | | | 23,742,983 | |
| | | | | | | | |
| | | | | | | 23,742,983 | |
DIVERSIFIED FINANCIAL SERVICES — 0.54% | |
Bolsa Mexicana de Valores SAB de CVb | | | 3,657,200 | | | | 7,151,133 | |
| | | | | | | | |
| | | | | | | 7,151,133 | |
ENGINEERING & CONSTRUCTION — 3.62% | |
Empresas ICA SAB de CVa,b | | | 4,504,674 | | | | 8,308,140 | |
Grupo Aeroportuario del Centro Norte SAB de CVb | | | 1,895,500 | | | | 3,998,326 | |
Grupo Aeroportuario del Pacifico SAB de CV Series Bb | | | 5,552,700 | | | | 20,859,797 | |
Grupo Aeroportuario del Sureste SAB de CV Series B | | | 468,300 | | | | 3,241,725 | |
Grupo Aeroportuario del Sureste SAB de CV Series B SP ADR | | | 146,435 | | | | 10,079,121 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Promotora y Operadora Infraestructura SAB de CVa,b | | | 379,100 | | | $ | 1,719,369 | |
| | | | | | | | |
| | | | | | | 48,206,478 | |
FOOD — 3.02% | | | | | | | | |
Gruma SAB de CV Series Ba | | | 2,118,569 | | | | 5,204,287 | |
Grupo Bimbo SAB de CV Series A | | | 15,186,300 | | | | 34,384,524 | |
Grupo Herdez SAB de CVb | | | 312,200 | | | | 640,974 | |
| | | | | | | | |
| | | | | | | 40,229,785 | |
FOREST PRODUCTS & PAPER — 2.13% | | | | | |
Kimberly-Clark de Mexico SAB de CV
Series A | | | 5,106,700 | | | | 28,367,228 | |
| | | | | | | | |
| | | | | | | 28,367,228 | |
HOLDING COMPANIES — DIVERSIFIED — 3.84% | | | | | |
Alfa SAB de CV Series A | | | 2,497,600 | | | | 33,496,603 | |
Grupo Carso SAB de CV Series A1 | | | 5,664,230 | | | | 17,691,724 | |
| | | | | | | | |
| | | | | | | 51,188,327 | |
HOME BUILDERS — 0.21% | | | | | | | | |
Consorcio ARA SAB de CVb | | | 8,830,800 | | | | 2,823,812 | |
| | | | | | | | |
| | | | | | | 2,823,812 | |
IRON & STEEL — 0.23% | | | | | | | | |
Compania Minera Autlan SAB de CV
Series Bb | | | 356,800 | | | | 403,372 | |
Grupo Simec SAB de CV Series Ba | | | 981,200 | | | | 2,697,236 | |
| | | | | | | | |
| | | | | | | 3,100,608 | |
MACHINERY — 0.56% | | | | | | | | |
Industrias CH SAB de CV Series Ba,b | | | 1,850,900 | | | | 7,455,406 | |
| | | | | | | | |
| | | | | | | 7,455,406 | |
MEDIA — 5.16% | | | | | | | | |
Grupo Televisa SAB CPO | | | 14,338,999 | | | | 61,580,174 | |
TV Azteca SAB de CV CPOb | | | 11,573,700 | | | | 7,175,594 | |
| | | | | | | | |
| | | | | | | 68,755,768 | |
MINING — 11.87% | | | | | | | | |
Grupo Mexico SAB de CV
Series B | | | 26,515,715 | | | | 83,938,963 | |
Industrias Penoles SAB de CV | | | 1,041,410 | | | | 51,898,295 | |
Minera Frisco SAB de CV
Series A1a | | | 5,084,430 | | | | 22,193,325 | |
| | | | | | | | |
| | | | | | | 158,030,583 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MEXICO INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PHARMACEUTICALS — 0.66% | | | | | | | | |
Genomma Lab Internacional SAB de CV Series Ba,b | | | 4,571,500 | | | $ | 8,738,765 | |
| | | | | | | | |
| | | | | | | 8,738,765 | |
RETAIL — 17.26% | | | | | | | | |
Alsea SAB de CVb | | | 4,705,345 | | | | 6,158,280 | |
Controladora Comercial Mexicana SAB de CV BC Unitsa,b | | | 6,110,200 | | | | 11,011,306 | |
El Puerto de Liverpool SA de CV
Series C1 | | | 1,427,200 | | | | 11,418,269 | |
Grupo Elektra SA de CVb | | | 559,730 | | | | 49,017,128 | |
Grupo Famsa SAB de CV
Series Aa,b | | | 1,739,415 | | | | 1,524,478 | |
Wal-Mart de Mexico SAB de CV
Series V | | | 48,123,400 | | | | 150,760,693 | |
| | | | | | | | |
| | | | | | | 229,890,154 | |
TELECOMMUNICATIONS — 22.53% | | | | | |
America Movil SAB de CV
Series L | | | 244,608,770 | | | | 295,469,723 | |
Axtel SAB de CV CPOa,b | | | 11,922,600 | | | | 3,998,902 | |
Telefonos de Mexico SAB de CV
Series Lb | | | 728,700 | | | | 575,417 | |
| | | | | | | | |
| | | | | | | 300,044,042 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $1,418,580,423) | | | | | | | 1,329,954,076 | |
|
SHORT-TERM INVESTMENTS — 1.97% | |
| |
MONEY MARKET FUNDS — 1.97% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 23,926,721 | | | | 23,926,721 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 1,769,548 | | | | 1,769,548 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 462,857 | | | | 462,857 | |
| | | | | | | | |
| | | | | | | 26,159,126 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $26,159,126) | | | | | | | 26,159,126 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 101.83% | |
(Cost: $1,444,739,549) | | | | $ | 1,356,113,202 | |
Other Assets, Less Liabilities — (1.83)% | | | (24,320,842 | ) |
| | | | | | |
NET ASSETS — 100.00% | | | | $ | 1,331,792,360 | |
| | | | | | |
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.
| | |
| 26 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH AFRICA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.90% | |
|
BANKS — 12.68% | |
Absa Group Ltd. | | | 582,723 | | | $ | 12,475,413 | |
FirstRand Ltd. | | | 5,720,439 | | | | 18,350,983 | |
Nedbank Group Ltd. | | | 411,706 | | | | 8,875,480 | |
Standard Bank Group Ltd. | | | 2,416,578 | | | | 35,861,703 | |
| | | | | | | | |
| | | | | | | 75,563,579 | |
BUILDING MATERIALS — 0.76% | |
Pretoria Portland Cement Co. Ltd. | | | 1,069,405 | | | | 4,535,878 | |
| | | | | | | | |
| | | | | | | 4,535,878 | |
CHEMICALS — 10.00% | |
Sasol Ltd. | | | 1,109,898 | | | | 59,567,893 | |
| | | | | | | | |
| | | | | | | 59,567,893 | |
COAL — 1.21% | |
Exxaro Resources Ltd. | | | 254,367 | | | | 7,204,026 | |
| | | | | | | | |
| | | | | | | 7,204,026 | |
DIVERSIFIED FINANCIAL SERVICES — 2.83% | |
African Bank Investments Ltd. | | | 1,467,107 | | | | 7,737,058 | |
Investec Ltd. | | | 475,552 | | | | 3,144,304 | |
RMB Holdings Ltd. | | | 1,430,779 | | | | 6,001,429 | |
| | | | | | | | |
| | | | | | | 16,882,791 | |
ENGINEERING & CONSTRUCTION — 0.60% | |
Aveng Ltd. | | | 735,886 | | | | 3,575,619 | |
| | | | | | | | |
| | | | | | | 3,575,619 | |
FOOD — 5.37% | |
Shoprite Holdings Ltd. | | | 827,162 | | | | 15,099,464 | |
SPAR Group Ltd. (The) | | | 348,284 | | | | 5,387,739 | |
Tiger Brands Ltd. | | | 328,705 | | | | 11,493,336 | |
| | | | | | | | |
| | | | | | | 31,980,539 | |
FOREST PRODUCTS & PAPER — 0.65% | |
Sappi Ltd.a | | | 1,088,787 | | | | 3,856,687 | |
| | | | | | | | |
| | | | | | | 3,856,687 | |
HEALTH CARE — PRODUCTS — 1.41% | |
Aspen Pharmacare Holdings Ltd.a | | | 575,168 | | | | 8,387,963 | |
| | | | | | | | |
| | | | | | | 8,387,963 | |
HEALTH CARE — SERVICES — 1.27% | |
Life Healthcare Group Holdings Ltd. | | | 1,478,874 | | | | 4,317,402 | |
Netcare Ltd. | | | 1,757,383 | | | | 3,243,405 | |
| | | | | | | | |
| | | | | | | 7,560,807 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOLDING COMPANIES — DIVERSIFIED — 7.73% | |
Barloworld Ltd. | | | 420,986 | | | $ | 5,039,830 | |
Bidvest Group Ltd. | | | 631,139 | | | | 14,893,633 | |
Imperial Holdings Ltd. | | | 361,796 | | | | 7,157,056 | |
Remgro Ltd. | | | 878,744 | | | | 15,701,377 | |
RMI Holdings | | | 1,505,785 | | | | 3,233,814 | |
| | | | | | | | |
| | | | | | | 46,025,710 | |
HOME FURNISHINGS — 1.37% | |
Steinhoff International Holdings Ltd.a,b | | | 2,256,697 | | | | 8,132,978 | |
| | | | | | | | |
| | | | | | | 8,132,978 | |
INSURANCE — 4.56% | |
Discovery Holdings Ltd. | | | 599,870 | | | | 3,938,907 | |
Liberty Holdings Ltd. | | | 232,072 | | | | 2,784,789 | |
MMI Holdings Ltd. | | | 2,133,878 | | | | 5,464,872 | |
Sanlam Ltd. | | | 3,622,347 | | | | 15,004,380 | |
| | | | | | | | |
| | | | | | | 27,192,948 | |
IRON & STEEL — 2.63% | |
ArcelorMittal South Africa Ltd. | | | 361,463 | | | | 3,163,323 | |
Kumba Iron Ore Ltd. | | | 163,315 | | | | 12,511,566 | |
| | | | | | | | |
| | | | | | | 15,674,889 | |
MEDIA — 7.37% | |
Naspers Ltd. Class N | | | 784,720 | | | | 43,913,648 | |
| | | | | | | | |
| | | | | | | 43,913,648 | |
MINING — 18.34% | |
African Rainbow Minerals Ltd. | | | 216,006 | | | | 5,537,723 | |
Anglo American Platinum Ltd. | | | 133,565 | | | | 10,614,278 | |
AngloGold Ashanti Ltd. | | | 775,234 | | | | 33,895,026 | |
Gold Fields Ltd. | | | 1,468,740 | | | | 23,420,353 | |
Harmony Gold Mining Co. Ltd. | | | 786,006 | | | | 10,444,631 | |
Impala Platinum Holdings Ltd. | | | 1,025,521 | | | | 23,001,337 | |
Northam Platinum Ltd. | | | 503,898 | | | | 2,331,396 | |
| | | | | | | | |
| | | | | | | 109,244,744 | |
OFFICE & BUSINESS EQUIPMENT — 0.57% | |
Reunert Ltd. | | | 363,439 | | | | 3,400,137 | |
| | | | | | | | |
| | | | | | | 3,400,137 | |
REAL ESTATE — 2.43% | |
Growthpoint Properties Ltd. | | | 3,278,476 | | | | 9,043,070 | |
Redefine Properties Ltd. | | | 5,183,871 | | | | 5,462,053 | |
| | | | | | | | |
| | | | | | | 14,505,123 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 27 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH AFRICA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RETAIL — 5.56% | |
Foschini Group Ltd. (The) | | | 414,394 | | | $ | 6,574,504 | |
Massmart Holdings Ltd. | | | 218,841 | | | | 5,166,859 | |
Pick’n Pay Stores Ltd. | | | 438,209 | | | | 2,533,309 | |
Truworths International Ltd. | | | 886,403 | | | | 9,616,917 | |
Woolworths Holdings Ltd. | | | 1,525,023 | | | | 9,235,864 | |
| | | | | | | | |
| | | | | | | 33,127,453 | |
TELECOMMUNICATIONS — 12.56% | |
MTN Group Ltd. | | | 3,440,796 | | | | 62,486,873 | |
Telkom South Africa Ltd. | | | 527,850 | | | | 1,830,775 | |
Vodacom Group Ltd. | | | 754,536 | | | | 10,482,199 | |
| | | | | | | | |
| | | | | | | 74,799,847 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $567,513,968) | | | | 595,133,259 | |
| |
SHORT-TERM INVESTMENTS — 1.29% | | | | | |
| |
MONEY MARKET FUNDS — 1.29% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | |
0.22%c,d,e | | | 7,112,173 | | | | 7,112,173 | �� |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | |
0.23%c,d,e | | | 525,995 | | | | 525,995 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%c,d | | | 73,985 | | | | 73,985 | |
| | | | | | | | |
| | | | | | | 7,712,153 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,712,153) | | | | 7,712,153 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 101.19%
(Cost: $575,226,121) | | | | 602,845,412 | |
Other Assets, Less Liabilities — (1.19)% | | | | (7,096,021) | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 595,749,391 | |
| | | | | | | | |
| 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.
| | |
| 28 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.90% | |
|
AEROSPACE & DEFENSE — 0.40% | |
Aselsan Elektronik Sanayi ve TAS | | | 324,669 | | | $ | 1,755,421 | |
| | | | | | | | |
| | | | | | | 1,755,421 | |
AIRLINES — 1.16% | |
Turk Hava Yollari AOa | | | 3,335,159 | | | | 5,081,201 | |
| | | | | | | | |
| | | | | | | 5,081,201 | |
AUTO MANUFACTURERS — 1.28% | |
Ford Otomotiv Sanayi AS | | | 487,465 | | | | 4,592,800 | |
Otokar Otomotiv Ve Savunma Sanayi ASb | | | 58,742 | | | | 1,019,435 | |
| | | | | | | | |
| | | | | | | 5,612,235 | |
AUTO PARTS & EQUIPMENT — 0.17% | |
Goodyear Lastikleri Turk AS | | | 24,704 | | | | 742,839 | |
| | | | | | | | |
| | | | | | | 742,839 | |
BANKS — 35.97% | |
Akbank TASb | | | 8,328,371 | | | | 33,486,162 | |
Albaraka Turk Katilim Bankasi ASb | | | 1,318,115 | | | | 1,487,263 | |
Asya Katilim Bankasi ASa | | | 3,433,992 | | | | 3,579,636 | |
Sekerbank TASb | | | 2,445,315 | | | | 1,414,570 | |
Turkiye Garanti Bankasi AS | | | 14,574,529 | | | | 55,428,204 | |
Turkiye Halk Bankasi AS | | | 2,169,052 | | | | 14,970,117 | |
Turkiye Is Bankasi AS | | | 10,930,983 | | | | 26,044,783 | |
Turkiye Vakiflar Bankasi TAO Class D | | | 5,202,393 | | | | 9,237,045 | |
Yapi ve Kredi Bankasi ASa | | | 6,034,067 | | | | 11,543,162 | |
| | | | | | | | |
| | | | | | | 157,190,942 | |
BEVERAGES — 6.18% | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 1,405,548 | | | | 21,333,384 | |
Coca-Cola Icecek AS | | | 440,484 | | | | 5,676,503 | |
| | | | | | | | |
| | | | | | | 27,009,887 | |
BUILDING MATERIALS — 2.14% | |
Adana Cimento Sanayii TAS Class A | | | 400,633 | | | | 851,312 | |
Afyon Cimento Sanayi TAS | | | 4,928 | | | | 258,262 | |
Akcansa Cimento Sanayi ve TAS | | | 334,545 | | | | 1,513,735 | |
Baticim Bati Anodolu Cimento
Sanayii AS | | | 247,661 | | | | 885,137 | |
Bolu Cimento Sanayii AS | | | 488,976 | | | | 420,094 | |
Bursa Cimento Fabrikasi AS | | | 369,787 | | | | 1,008,154 | |
Cimsa Cimento Sanayi ve TAS | | | 283,207 | | | | 1,401,477 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Goltas Goller Bolgesi Cimento Sanayi ve TAS | | | 19,873 | | | $ | 645,948 | |
Konya Cimento Sanayii AS | | | 6,799 | | | | 1,102,046 | |
Mardin Cimento Sanayii ve TAS | | | 344,354 | | | | 1,254,384 | |
| | | | | | | | |
| | | | | | | 9,340,549 | |
CHEMICALS — 0.98% | |
Aksa Akrilik Kimya Sanayii ASb | | | 574,118 | | | | 1,581,665 | |
Bagfas Bandirma Gubre Fabrikalari AS | | | 12,290 | | | | 1,182,577 | |
Gubre Fabrikalari TASa | | | 146,022 | | | | 999,437 | |
Soda Sanayii AS | | | 266,198 | | | | 500,088 | |
| | | | | | | | |
| | | | | | | 4,263,767 | |
COMMERCIAL SERVICES — 0.61% | | | | | | | | |
Ihlas Holding ASa,b | | | 4,644,517 | | | | 2,660,166 | |
| | | | | | | | |
| | | | | | | 2,660,166 | |
DISTRIBUTION & WHOLESALE — 0.37% | | | | | |
Aygaz AS | | | 1 | | | | 4 | |
Bizim Toptan Satis Magazalari AS | | | 124,366 | | | | 1,599,139 | |
| | | | | | | | |
| | | | | | | 1,599,143 | |
DIVERSIFIED FINANCIAL SERVICES — 0.96% | |
Is Finansal Fabrikasi ASa,b | | | 938,186 | | | | 585,711 | |
Is Yatirim Menkul Degerler AS | | | 534,188 | | | | 495,653 | |
Turkiye Sinai Kalkinma Bankasi AS | | | 2,493,897 | | | | 3,113,889 | |
| | | | | | | | |
| | | | | | | 4,195,253 | |
ELECTRIC — 0.40% | | | | | | | | |
Akenerji Elektrik Uretim ASa,b | | | 787,862 | | | | 988,240 | |
Zorlu Enerji Elektrik Uretim ASa,b | | | 784,065 | | | | 763,430 | |
| | | | | | | | |
| | | | | | | 1,751,670 | |
ENGINEERING & CONSTRUCTION — 3.33% | |
Alarko Holding AS | | | 468,347 | | | | 976,422 | |
Enka Insaat ve Sanayi AS | | | 2,252,424 | | | | 6,437,524 | |
TAV Havalimanlari Holding ASa | | | 1,136,435 | | | | 5,845,062 | |
Torunlar Gayrimenkul Yatirim Ortakligi ASb | | | 469,592 | | | | 1,274,874 | |
| | | | | | | | |
| | | | | | | 14,533,882 | |
ENTERTAINMENT — 0.39% | | | | | | | | |
Besiktas Futbol Yatirimlar
Sanayi ve Ticaret ASa | | | 80,160 | | | | 316,792 | |
Fenerbahce Sportif Hizmetler Sanayi ve Ticaret ASa,b | | | 26,054 | | | | 686,437 | |
Galatasaray Sportif Sinai ve
Ticari Yatirimlar ASa | | | 3,755 | | | | 351,638 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 29 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TASa | | | 42,084 | | | $ | 356,736 | |
| | | | | | | | |
| | | | | | | 1,711,603 | |
FOOD — 5.55% | | | | | | | | |
BIM Birlesik Magazalar AS | | | 579,528 | | | | 20,413,513 | |
Pinar Sut Mamulleri Sanayii AS | | | 125,751 | | | | 1,249,623 | |
Tat Konserve Sanayii ASa | | | 422,919 | | | | 586,193 | |
Ulker Biskuvi Sanayi AS | | | 649,630 | | | | 2,024,106 | |
| | | | | | | | |
| | | | | | | 24,273,435 | |
FOREST PRODUCTS & PAPER — 0.48% | |
Ipek Dogal Enerji Kaynaklari Ve Uretim ASa,b | | | 357,714 | | | | 530,645 | |
Ipek Dogal Enerji Kaynaklari Ve Uretim AS Newa,b | | | 357,714 | | | | 524,498 | |
Kartonsan Karton Sanayi ve TAS | | | 5,875 | | | | 706,635 | |
Tire Kutu Ve Kagit Sanayii ASa | | | 533,966 | | | | 333,356 | |
| | | | | | | | |
| | | | | | | 2,095,134 | |
HOLDING COMPANIES — DIVERSIFIED — 9.13% | |
Akfen Holding ASa | | | 305,109 | | | | 1,695,098 | |
Dogan Sirketler Grubu Holding ASa,b | | | 5,934,346 | | | | 2,447,223 | |
Eczacibasi Yatirim Holding Ortakligi ASb | | | 217,768 | | | | 592,456 | |
Haci Omer Sabanci Holding AS | | | 3,540,400 | | | | 15,330,006 | |
KOC Holding AS | | | 4,190,478 | | | | 17,472,827 | |
Yazicilar Holding ASb | | | 332,163 | | | | 2,368,584 | |
| | | | | | | | |
| | | | | | | 39,906,194 | |
HOME FURNISHINGS — 1.78% | | | | | | | | |
Arcelik AS | | | 1,409,198 | | | | 6,489,276 | |
Vestel Beyaz Esya Sanayi ve TAS | | | 457,413 | | | | 531,830 | |
Vestel Elektronik Sanayi ve TASa | | | 581,208 | | | | 742,344 | |
| | | | | | | | |
| | | | | | | 7,763,450 | |
HOUSEWARES — 1.50% | | | | | | | | |
Anadolu Cam Sanayii AS | | | 604,947 | | | | 1,067,177 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 2,710,442 | | | | 5,511,079 | |
| | | | | | | | |
| | | | | | | 6,578,256 | |
INSURANCE — 0.98% | | | | | | | | |
Aksigorta ASa,b | | | 853,537 | | | | 889,738 | |
Anadolu Anonim Turk Sigorta Sirketib | | | 1,566,779 | | | | 798,667 | |
Anadolu Hayat Emeklilik AS | | | 417,080 | | | | 893,427 | |
Yapi Kredi Sigorta ASb | | | 193,264 | | | | 1,704,668 | |
| | | | | | | | |
| | | | | | | 4,286,500 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
IRON & STEEL — 3.01% | | | | | | | | |
Eregli Demir ve Celik Fabrikalari TAS | | | 3,728,220 | | | $ | 8,754,949 | |
Izmir Demir Celik Sanayi ASa | | | 419,337 | | | | 924,681 | |
Kardemir Karabuk Demir
Celik Sanayi ve TAS Class Aa | | | 1,294,250 | | | | 904,370 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Ba | | | 633,598 | | �� | | 558,860 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da,b | | | 3,949,717 | | | | 2,013,373 | |
| | | | | | | | |
| | | | | | | 13,156,233 | |
LODGING — 0.36% | | | | | | | | |
Net Holding ASa,b | | | 1,640,147 | | | | 1,578,194 | |
| | | | | | | | |
| | | | | | | 1,578,194 | |
MANUFACTURING — 0.46% | | | | | | | | |
Trakya Cam Sanayii AS | | | 1,250,997 | | | | 1,991,909 | |
| | | | | | | | |
| | | | | | | 1,991,909 | |
MEDIA — 0.44% | | | | | | | | |
Dogan Yayin Holding ASa,b | | | 3,493,808 | | | | 1,380,754 | |
Hurriyet Gazetecilik ve Matbaacilik ASa,b | | | 934,866 | | | | 530,094 | |
| | | | | | | | |
| | | | | | | 1,910,848 | |
METAL FABRICATE & HARDWARE — 0.20% | |
Borusan Mannesmann Boru Sanayi ve TASa | | | 59,279 | | | | 869,179 | |
| | | | | | | | |
| | | | | | | 869,179 | |
MINING — 2.20% | | | | | | | | |
Koza Altin Isletmeleri AS | | | 317,968 | | | | 6,319,476 | |
Koza Anadolu Metal Madencilik Isletmeleri ASa,b | | | 663,825 | | | | 1,102,605 | |
Koza Anadolu Metal Madencilik Isletmeleri AS Newa,b | | | 677,853 | | | | 1,118,140 | |
Park Elektrik Uretim Madencilik Sanayi ve TASa,b | | | 416,164 | | | | 1,070,235 | |
| | | | | | | | |
| | | | | | | 9,610,456 | |
OIL & GAS — 4.92% | | | | | | | | |
Turkiye Petrol Rafinerileri AS | | | 869,020 | | | | 21,502,142 | |
| | | | | | | | |
| | | | | | | 21,502,142 | |
PHARMACEUTICALS — 0.61% | | | | | | | | |
Deva Holding ASa,b | | | 267,294 | | | | 315,373 | |
EIS Eczacibasi Ilac Sanayi ve TASb | | | 1,148,960 | | | | 1,283,239 | |
Selcuk Ecza Deposu Ticaret ve Sanayi AS | | | 1,084,925 | | | | 1,075,014 | |
| | | | | | | | |
| | | | | | | 2,673,626 | |
| | |
| 30 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
REAL ESTATE — 1.32% | | | | | | | | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 4,339,161 | | | $ | 5,765,831 | |
| | | | | | | | |
| | | | | | | 5,765,831 | |
REAL ESTATE INVESTMENT TRUSTS — 0.96% | |
Akmerkez Gayrimenkul Yatirim Ortakligi ASa,b | | | 143,233 | | | | 1,546,403 | |
Is Gayrimenkul Yatirim Ortakligi AS | | | 2,305,435 | | | | 1,597,741 | |
Sinpas Gayrimenkul Yatirim Ortakligi ASb | | | 1,467,429 | | | | 1,059,000 | |
| | | | | | | | |
| | | | | | | 4,203,144 | |
RETAIL — 0.55% | | | | | | | | |
Boyner Buyuk Magazacilik ASa,b | | | 215,451 | | | | 387,477 | |
Dogus Otomotiv Servis ve TASa | | | 538,078 | | | | 1,291,301 | |
Turcas Petrolculuk ASb | | | 468,024 | | | | 731,812 | |
| | | | | | | | |
| | | | | | | 2,410,590 | |
TELECOMMUNICATIONS — 10.61% | | | | | | | | |
Nortel Networks Netas Telekomunikasyon ASb | | | 15,867 | | | | 1,340,464 | |
Turk Telekomunikasyon AS | | | 3,643,697 | | | | 15,652,067 | |
Turkcell Iletisim Hizmetleri ASa | | | 5,344,158 | | | | 29,384,528 | |
| | | | | | | | |
| | | | | | | 46,377,059 | |
TEXTILES — 0.39% | | | | | | | | |
Altinyildiz Mensucat ve Konfeksiyon Fabrikalari AS | | | 69,973 | | | | 1,078,080 | |
Polyester Sanayi ASa | | | 748,828 | | | | 643,341 | |
| | | | | | | | |
| | | | | | | 1,721,421 | |
TRANSPORTATION — 0.11% | | | | | | | | |
Celebi Hava Servisi ASb | | | 41,747 | | | | 486,584 | |
| | | | | | | | |
| | | | | | | 486,584 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $540,780,229) | | | | | | | 436,608,743 | |
|
SHORT-TERM INVESTMENTS — 9.80% | |
| | |
MONEY MARKET FUNDS — 9.80% | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 39,791,672 | | | | 39,791,672 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 2,942,872 | | | | 2,942,872 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares 0.02%c,d | | | | | | | | |
0.02%c,d | | | 89,264 | | | $ | 89,264 | |
| | | | | | | | |
| | | | | | | 42,823,808 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost: $42,823,808) | | | | | | | 42,823,808 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 109.70%
(Cost: $583,604,037) | | | | | | | 479,432,551 | |
Other Assets, Less Liabilities — (9.70)% | | | | (42,399,767) | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 437,032,784 | |
| | | | | | | | |
| 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 | | | 31 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.76% | |
|
ADVERTISING — 0.15% | |
Interpublic Group of Companies Inc. (The) | | | 4,698 | | | $ | 55,061 | |
Omnicom Group Inc. | | | 2,783 | | | | 137,591 | |
| | | | | | | | |
| | | | | | | 192,652 | |
AEROSPACE & DEFENSE — 1.84% | | | | | | | | |
Boeing Co. (The) | | | 7,049 | | | | 528,322 | |
General Dynamics Corp. | | | 3,004 | | | | 219,983 | |
Goodrich Corp. | | | 1,236 | | | | 155,699 | |
L-3 Communications Holdings Inc. | | | 985 | | | | 69,196 | |
Lockheed Martin Corp. | | | 2,823 | | | | 249,581 | |
Northrop Grumman Corp. | | | 2,460 | | | | 147,133 | |
Raytheon Co. | | | 3,528 | | | | 178,235 | |
Rockwell Collins Inc. | | | 1,516 | | | | 89,884 | |
United Technologies Corp. | | | 8,578 | | | | 719,437 | |
| | | | | | | | |
| | | | | | | 2,357,470 | |
AGRICULTURE — 2.11% | | | | | | | | |
Altria Group Inc. | | | 20,531 | | | | 617,983 | |
Archer-Daniels-Midland Co. | | | 6,735 | | | | 210,132 | |
Bunge Ltd. | | | 1,478 | | | | 99,499 | |
Lorillard Inc. | | | 1,382 | | | | 181,153 | |
Philip Morris International Inc. | | | 17,401 | | | | 1,453,331 | |
Reynolds American Inc. | | | 3,415 | | | | 143,191 | |
| | | | | | | | |
| | | | | | | 2,705,289 | |
AIRLINES — 0.04% | | | | | | | | |
Delta Air Lines Inc.a | | | 2,132 | | | | 20,915 | |
Southwest Airlines Co. | | | 1,946 | | | | 17,475 | |
United Continental Holdings Inc.a | | | 783 | | | | 16,169 | |
| | | | | | | | |
| | | | | | | 54,559 | |
APPAREL — 0.65% | | | | | | | | |
Coach Inc. | | | 2,871 | | | | 214,866 | |
Nike Inc. Class B | | | 3,555 | | | | 383,656 | |
Ralph Lauren Corp. | | | 610 | | | | 105,975 | |
VF Corp. | | | 870 | | | | 127,063 | |
| | | | | | | | |
| | | | | | | 831,560 | |
AUTO MANUFACTURERS — 0.62% | | | | | | | | |
Ford Motor Co. | | | 35,346 | | | | 437,584 | |
General Motors Co.a | | | 7,783 | | | | 202,514 | |
PACCAR Inc. | | | 3,243 | | | | 149,210 | |
| | | | | | | | |
| | | | | | | 789,308 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
AUTO PARTS & EQUIPMENT — 0.35% | | | | | | | | |
Autoliv Inc. | | | 892 | | | $ | 59,407 | |
BorgWarner Inc.a | | | 1,094 | | | | 90,627 | |
Goodyear Tire & Rubber Co. (The)a | | | 2,449 | | | | 31,494 | |
Johnson Controls Inc. | | | 6,764 | | | | 220,709 | |
TRW Automotive Holdings Corp.a | | | 1,044 | | | | 47,753 | |
| | | | | | | | |
| | | | | | | 449,990 | |
BANKS — 6.36% | | | | | | | | |
Bank of America Corp. | | | 101,249 | | | | 806,954 | |
Bank of New York Mellon Corp. (The) | | | 12,128 | | | | 268,150 | |
BB&T Corp. | | | 6,960 | | | | 203,580 | |
Capital One Financial Corp. | | | 4,948 | | | | 250,369 | |
CIT Group Inc.a | | | 1,889 | | | | 76,901 | |
Citigroup Inc. | | | 29,213 | | | | 973,377 | |
Comerica Inc. | | | 2,000 | | | | 59,380 | |
Fifth Third Bancorp | | | 9,149 | | | | 124,518 | |
Goldman Sachs Group Inc. (The) | | | 4,661 | | | | 536,668 | |
J.P. Morgan Chase & Co. | | | 37,958 | | | | 1,489,472 | |
KeyCorp | | | 9,433 | | | | 76,407 | |
M&T Bank Corp. | | | 1,130 | | | | 92,231 | |
Morgan Stanley | | | 14,418 | | | | 267,310 | |
Northern Trust Corp. | | | 2,186 | | | | 97,080 | |
PNC Financial Services
Group Inc. (The)b | | | 5,252 | | | | 312,599 | |
Regions Financial Corp. | | | 12,701 | | | | 73,158 | |
State Street Corp. | | | 4,900 | | | | 206,927 | |
SunTrust Banks Inc. | | | 5,350 | | | | 122,836 | |
U.S. Bancorp | | | 19,063 | | | | 560,452 | |
Wells Fargo & Co. | | | 50,070 | | | | 1,566,690 | |
| | | | | | | | |
| | | | | | | 8,165,059 | |
BEVERAGES — 2.35% | | | | | | | | |
Beam Inc. | | | 1,391 | | | | 76,616 | |
Brown-Forman Corp. Class B NVS | | | 832 | | | | 67,933 | |
Coca-Cola Co. (The) | | | 20,428 | | | | 1,427,100 | |
Coca-Cola Enterprises Inc. | | | 3,182 | | | | 91,960 | |
Constellation Brands Inc. Class Aa | | | 1,826 | | | | 39,880 | |
Dr Pepper Snapple Group Inc. | | | 2,143 | | | | 81,541 | |
Green Mountain Coffee Roasters Inc.a | | | 1,304 | | | | 84,721 | |
Molson Coors Brewing Co. Class B NVS | | | 1,576 | | | | 69,250 | |
Monster Beverage Corp.a | | | 1,512 | | | | 86,471 | |
PepsiCo Inc. | | | 15,629 | | | | 983,689 | |
| | | | | | | | |
| | | | | | | 3,009,161 | |
| | |
| 32 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BIOTECHNOLOGY — 1.45% | | | | | | | | |
Alexion Pharmaceuticals Inc.a | | | 1,839 | | | $ | 153,980 | |
Amgen Inc. | | | 7,897 | | | | 536,601 | |
Biogen Idec Inc.a | | | 2,296 | | | | 267,415 | |
Celgene Corp.a | | | 4,558 | | | | 334,215 | |
Gilead Sciences Inc.a | | | 7,483 | | | | 340,477 | |
Illumina Inc.a,c | | | 1,245 | | | | 63,806 | |
Life Technologies Corp.a | | | 1,768 | | | | 83,644 | |
Vertex Pharmaceuticals Inc.a | | | 2,074 | | | | 80,720 | |
| | | | | | | | |
| | | | | | | 1,860,858 | |
BUILDING MATERIALS — 0.06% | | | | | | | | |
Martin Marietta Materials Inc. | | | 448 | | | | 38,470 | |
Masco Corp. | | | 3,568 | | | | 42,388 | |
| | | | | | | | |
| | | | | | | 80,858 | |
CHEMICALS — 2.37% | | | | | | | | |
Air Products and Chemicals Inc. | | | 2,089 | | | | 188,511 | |
Airgas Inc. | | | 711 | | | | 58,537 | |
Celanese Corp. Series A | | | 1,544 | | | | 73,448 | |
CF Industries Holdings Inc. | | | 709 | | | | 131,874 | |
Dow Chemical Co. (The) | | | 11,796 | | | | 395,284 | |
E.I. du Pont de Nemours and Co. | | | 9,222 | | | | 468,939 | |
Eastman Chemical Co. | | | 1,364 | | | | 73,833 | |
Ecolab Inc. | | | 2,986 | | | | 179,160 | |
FMC Corp. | | | 707 | | | | 69,972 | |
International Flavors & Fragrances Inc. | | | 783 | | | | 44,654 | |
LyondellBasell Industries NV Class A | | | 2,852 | | | | 123,149 | |
Monsanto Co. | | | 5,341 | | | | 413,287 | |
Mosaic Co. (The) | | | 3,045 | | | | 175,849 | |
PPG Industries Inc. | | | 1,565 | | | | 142,806 | |
Praxair Inc. | | | 2,989 | | | | 325,801 | |
Sherwin-Williams Co. (The) | | | 892 | | | | 92,010 | |
Sigma-Aldrich Corp. | | | 1,217 | | | | 87,368 | |
| | | | | | | | |
| | | | | | | 3,044,482 | |
COAL — 0.22% | | | | | | | | |
Alpha Natural Resources Inc.a | | | 2,205 | | | | 40,925 | |
Arch Coal Inc. | | | 2,088 | | | | 28,334 | |
CONSOL Energy Inc. | | | 2,262 | | | | 81,025 | |
Peabody Energy Corp. | | | 2,697 | | | | 94,071 | |
Walter Energy Inc. | | | 625 | | | | 40,519 | |
| | | | | | | | |
| | | | | | | 284,874 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMERCIAL SERVICES — 1.70% | | | | | | | | |
Alliance Data Systems Corp.a,c | | | 510 | | | $ | 61,894 | |
Apollo Group Inc. Class Aa | | | 1,160 | | | | 49,462 | |
Automatic Data Processing Inc. | | | 4,840 | | | | 262,909 | |
Equifax Inc. | | | 1,184 | | | | 49,775 | |
H&R Block Inc. | | | 3,006 | | | | 48,998 | |
Hertz Global Holdings Inc.a | | | 2,691 | | | | 38,481 | |
Iron Mountain Inc. | | | 1,739 | | | | 53,996 | |
Manpower Inc. | | | 807 | | | | 34,758 | |
MasterCard Inc. Class A | | | 1,089 | | | | 457,380 | |
Moody’s Corp. | | | 2,028 | | | | 78,301 | |
Paychex Inc. | | | 3,218 | | | | 100,724 | |
Quanta Services Inc.a | | | 2,048 | | | | 42,803 | |
Robert Half International Inc. | | | 1,353 | | | | 38,466 | |
SAIC Inc.a | | | 2,674 | | | | 32,676 | |
SEI Investments Co. | | | 1,392 | | | | 27,492 | |
Total System Services Inc. | | | 1,653 | | | | 36,168 | |
Verisk Analytics Inc. Class Aa | | | 1,332 | | | | 57,942 | |
Visa Inc. Class A | | | 5,206 | | | | 605,822 | |
Western Union Co. | | | 6,190 | | | | 108,139 | |
| | | | | | | | |
| | | | | | | 2,186,186 | |
COMPUTERS — 7.82% | | | | | | | | |
Accenture PLC Class A | | | 6,375 | | | | 379,567 | |
Apple Inc.a | | | 9,286 | | | | 5,037,098 | |
Cognizant Technology Solutions
Corp. Class Aa | | | 3,026 | | | | 214,695 | |
Computer Sciences Corp. | | | 1,518 | | | | 48,212 | |
Dell Inc.a | | | 16,129 | | | | 279,032 | |
EMC Corp.a | | | 20,441 | | | | 566,011 | |
Hewlett-Packard Co. | | | 19,839 | | | | 502,125 | |
IHS Inc. Class Aa | | | 435 | | | | 41,138 | |
International Business Machines Corp. | | | 11,834 | | | | 2,328,103 | |
NetApp Inc.a | | | 3,671 | | | | 157,853 | |
SanDisk Corp.a | | | 2,376 | | | | 117,517 | |
Seagate Technology PLC | | | 4,176 | | | | 109,662 | |
Synopsys Inc.a | | | 1,392 | | | | 42,414 | |
Teradata Corp.a | | | 1,653 | | | | 110,007 | |
Western Digital Corp.a | | | 2,356 | | | | 92,473 | |
| | | | | | | | |
| | | | | | | 10,025,907 | |
COSMETICS & PERSONAL CARE — 1.97% | |
Avon Products Inc. | | | 4,316 | | | | 80,666 | |
Colgate-Palmolive Co. | | | 4,836 | | | | 450,619 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 33 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Estee Lauder Companies
Inc. (The) Class A | | | 2,330 | | | $ | 136,398 | |
Procter & Gamble Co. (The) | | | 27,497 | | | | 1,856,597 | |
| | | | | | | | |
| | | | | | | 2,524,280 | |
DISTRIBUTION & WHOLESALE — 0.37% | |
Arrow Electronics Inc.a | | | 1,080 | | | | 43,362 | |
Fastenal Co. | | | 2,784 | | | | 146,661 | |
Fossil Inc.a,c | | | 531 | | | | 64,772 | |
Genuine Parts Co. | | | 1,546 | | | | 96,903 | |
W.W. Grainger Inc. | | | 596 | | | | 123,807 | |
| | | | | | | | |
| | | | | | | 475,505 | |
DIVERSIFIED FINANCIAL SERVICES — 1.75% | | | | | |
American Express Co. | | | 10,636 | | | | 562,538 | |
Ameriprise Financial Inc. | | | 2,366 | | | | 131,928 | |
BlackRock Inc.b | | | 1,039 | | | | 206,761 | |
Charles Schwab Corp. (The) | | | 10,751 | | | | 149,224 | |
CME Group Inc. | | | 629 | | | | 182,089 | |
Discover Financial Services | | | 5,455 | | | | 163,704 | |
Eaton Vance Corp. | | | 1,166 | | | | 33,592 | |
Franklin Resources Inc. | | | 1,542 | | | | 181,786 | |
IntercontinentalExchange Inc.a,c | | | 727 | | | | 100,297 | |
Invesco Ltd. | | | 4,538 | | | | 112,406 | |
Legg Mason Inc. | | | 1,312 | | | | 35,936 | |
NASDAQ OMX Group Inc. (The)a | | | 1,217 | | | | 32,056 | |
NYSE Euronext Inc. | | | 2,593 | | | | 77,194 | |
SLM Corp. | | | 5,157 | | | | 81,274 | |
T. Rowe Price Group Inc. | | | 2,523 | | | | 155,392 | |
TD Ameritrade Holding Corp. | | | 2,174 | | | | 40,589 | |
| | | | | | | | |
| | | | | | | 2,246,766 | |
ELECTRIC — 3.03% | | | | | | | | |
AES Corp. (The)a | | | 6,510 | | | | 88,276 | |
Alliant Energy Corp. | | | 1,111 | | | | 47,373 | |
Ameren Corp. | | | 2,414 | | | | 77,417 | |
American Electric Power Co. Inc. | | | 4,819 | | | | 181,243 | |
Calpine Corp.a | | | 3,167 | | | | 48,487 | |
Consolidated Edison Inc. | | | 2,926 | | | | 170,001 | |
Constellation Energy Group Inc. | | | 1,913 | | | | 69,365 | |
Dominion Resources Inc. | | | 5,696 | | | | 287,477 | |
DTE Energy Co. | | | 1,703 | | | | 91,945 | |
Duke Energy Corp. | | | 13,294 | | | | 278,110 | |
Edison International | | | 3,072 | | | | 128,625 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Entergy Corp. | | | 1,758 | | | $ | 117,135 | |
Exelon Corp. | | | 6,632 | | | | 259,112 | |
FirstEnergy Corp. | | | 4,173 | | | | 184,822 | |
Integrys Energy Group Inc. | | | 802 | | | | 41,728 | |
MDU Resources Group Inc. | | | 1,853 | | | | 40,210 | |
NextEra Energy Inc. | | | 4,016 | | | | 238,992 | |
Northeast Utilities | | | 1,769 | | | | 63,507 | |
NRG Energy Inc.a | | | 2,290 | | | | 39,159 | |
NSTAR | | | 1,066 | | | | 49,995 | |
Pepco Holdings Inc. | | | 2,299 | | | | 44,693 | |
PG&E Corp. | | | 4,067 | | | | 169,512 | |
Pinnacle West Capital Corp. | | | 1,092 | | | | 51,357 | |
PPL Corp. | | | 5,781 | | | | 165,047 | |
Progress Energy Inc. | | | 2,957 | | | | 156,958 | |
Public Service Enterprise Group Inc. | | | 5,045 | | | | 155,285 | |
SCANA Corp. | | | 1,241 | | | | 55,845 | |
Southern Co. (The) | | | 8,619 | | | | 380,874 | |
Wisconsin Energy Corp. | | | 2,322 | | | | 79,134 | |
Xcel Energy Inc. | | | 4,851 | | | | 128,503 | |
| | | | | | | | |
| | | | | | | 3,890,187 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 0.39% | |
AMETEK Inc. | | | 1,589 | | | | 75,636 | |
Emerson Electric Co. | | | 7,362 | | | | 370,382 | |
Energizer Holdings Inc.a | | | 673 | | | | 51,451 | |
| | | | | | | | |
| | | | | | | 497,469 | |
ELECTRONICS — 1.22% | | | | | | | | |
Agilent Technologies Inc.a | | | 3,455 | | | | 150,707 | |
Amphenol Corp. Class A | | | 1,715 | | | | 95,972 | |
Avnet Inc.a | | | 1,457 | | | | 52,073 | |
Flextronics International Ltd.a | | | 7,164 | | | | 50,506 | |
FLIR Systems Inc. | | | 1,546 | | | | 40,459 | |
Garmin Ltd. | | | 1,131 | | | | 53,372 | |
Honeywell International Inc. | | | 7,326 | | | | 436,410 | |
TE Connectivity Ltd. | | | 4,262 | | | | 155,776 | |
Thermo Fisher Scientific Inc.a | | | 3,786 | | | | 214,363 | |
Tyco International Ltd. | | | 4,610 | | | | 238,890 | |
Waters Corp.a | | | 924 | | | | 82,790 | |
| | | | | | | | |
| | | | | | | 1,571,318 | |
ENGINEERING & CONSTRUCTION — 0.20% | | | | | |
Fluor Corp. | | | 1,740 | | | | 105,235 | |
Jacobs Engineering Group Inc.a | | | 1,267 | | | | 58,561 | |
KBR Inc. | | | 1,566 | | | | 56,877 | |
| | |
| 34 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
URS Corp.a | | | 783 | | | $ | 34,178 | |
| | | | | | | | |
| | | | | | | 254,851 | |
ENTERTAINMENT — 0.05% | | | | | | | | |
Dolby Laboratories Inc. Class Aa | | | 522 | | | | 19,873 | |
International Game Technology | | | 2,921 | | | | 43,873 | |
| | | | | | | | |
| | | | | | | 63,746 | |
ENVIRONMENTAL CONTROL — 0.24% | | | | | | | | |
Republic Services Inc. | | | 2,958 | | | | 88,237 | |
Stericycle Inc.a | | | 829 | | | | 71,932 | |
Waste Management Inc. | | | 4,362 | | | | 152,583 | |
| | | | | | | | |
| | | | | | | 312,752 | |
FOOD — 1.83% | | | | | | | | |
Campbell Soup Co. | | | 1,913 | | | | 63,741 | |
ConAgra Foods Inc. | | | 4,087 | | | | 107,284 | |
General Mills Inc. | | | 6,430 | | | | 246,333 | |
H.J. Heinz Co. | | | 3,199 | | | | 168,619 | |
Hershey Co. (The) | | | 1,652 | | | | 100,276 | |
Hormel Foods Corp. | | | 1,427 | | | | 40,627 | |
J.M. Smucker Co. (The) | | | 1,131 | | | | 85,187 | |
Kellogg Co. | | | 2,502 | | | | 130,980 | |
Kraft Foods Inc. Class A | | | 16,742 | | | | 637,368 | |
Kroger Co. (The) | | | 5,655 | | | | 134,532 | |
McCormick & Co. Inc. NVS | | | 1,192 | | | | 60,136 | |
Ralcorp Holdings Inc.a | | | 534 | | | | 39,836 | |
Safeway Inc. | | | 3,410 | | | | 73,145 | |
Sara Lee Corp. | | | 5,558 | | | | 112,550 | |
Sysco Corp. | | | 5,864 | | | | 172,519 | |
Tyson Foods Inc. Class A | | | 2,980 | | | | 56,352 | |
Whole Foods Market Inc. | | | 1,523 | | | | 122,967 | |
| | | | | | | | |
| | | | | | | 2,352,452 | |
FOREST PRODUCTS & PAPER — 0.15% | | | | | | | | |
International Paper Co. | | | 4,131 | | | | 145,205 | |
MeadWestvaco Corp. | | | 1,686 | | | | 51,052 | |
| | | | | | | | |
| | | | | | | 196,257 | |
GAS — 0.22% | | | | | | | | |
CenterPoint Energy Inc. | | | 4,001 | | | | 77,980 | |
NiSource Inc. | | | 2,776 | | | | 66,624 | |
Sempra Energy | | | 2,280 | | | | 135,067 | |
| | | | | | | | |
| | | | | | | 279,671 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HAND & MACHINE TOOLS — 0.10% | | | | | | | | |
Stanley Black & Decker Inc. | | | 1,605 | | | $ | 123,264 | |
| | | | | | | | |
| | | | | | | 123,264 | |
HEALTH CARE — PRODUCTS — 1.80% | | | | | | | | |
Baxter International Inc. | | | 5,614 | | | | 326,342 | |
Becton, Dickinson and Co. | | | 2,122 | | | | 161,739 | |
Boston Scientific Corp.a | | | 14,961 | | | | 93,057 | |
C.R. Bard Inc. | | | 843 | | | | 78,922 | |
CareFusion Corp.a | | | 2,219 | | | | 57,272 | |
Covidien PLC | | | 4,822 | | | | 251,949 | |
Edwards Lifesciences Corp.a,c | | | 1,131 | | | | 82,710 | |
Henry Schein Inc.a | | | 915 | | | | 67,728 | |
Hologic Inc.a | | | 2,610 | | | | 54,105 | |
Hospira Inc.a,c | | | 1,653 | | | | 58,880 | |
Intuitive Surgical Inc.a | | | 393 | | | | 201,067 | |
Medtronic Inc. | | | 10,526 | | | | 401,251 | |
St. Jude Medical Inc. | | | 3,174 | | | | 133,689 | |
Stryker Corp. | | | 2,851 | | | | 152,928 | |
Varian Medical Systems Inc.a | | | 1,119 | | | | 73,015 | |
Zimmer Holdings Inc.a | | | 1,896 | | | | 115,182 | |
| | | | | | | | |
| | | | | | | 2,309,836 | |
HEALTH CARE — SERVICES — 1.28% | | | | | | | | |
Aetna Inc. | | | 3,701 | | | | 173,059 | |
Cigna Corp. | | | 2,824 | | | | 124,567 | |
Covance Inc.a | | | 609 | | | | 29,067 | |
Coventry Health Care Inc.a,c | | | 1,419 | | | | 46,387 | |
DaVita Inc.a | | | 927 | | | | 80,232 | |
HCA Holdings Inc. | | | 1,717 | | | | 45,792 | |
Humana Inc. | | | 1,619 | | | | 141,015 | |
Laboratory Corp. of America Holdingsa,c | | | 985 | | | | 88,542 | |
Quest Diagnostics Inc. | | | 1,566 | | | | 90,906 | |
UnitedHealth Group Inc. | | | 10,655 | | | | 594,016 | |
WellPoint Inc. | | | 3,449 | | | | 226,358 | |
| | | | | | | | |
| | | | | | | 1,639,941 | |
HOLDING COMPANIES — DIVERSIFIED — 0.05% | | | | | |
Leucadia National Corp. | | | 2,041 | | | | 58,148 | |
| | | | | | | | |
| | | | | | | 58,148 | |
HOME BUILDERS — 0.06% | | | | | | | | |
D.R. Horton Inc. | | | 2,784 | | | | 39,922 | |
Toll Brothers Inc.a | | | 1,504 | | | | 35,284 | |
| | | | | | | | |
| | | | | | | 75,206 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 35 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOME FURNISHINGS — 0.04% | | | | | | | | |
Whirlpool Corp. | | | 765 | | | $ | 57,811 | |
| | | | | | | | |
| | | | | | | 57,811 | |
HOUSEHOLD PRODUCTS & WARES — 0.37% | | | | | |
Avery Dennison Corp. | | | 990 | | | | 30,195 | |
Church & Dwight Co. Inc. | | | 1,414 | | | | 67,504 | |
Clorox Co. (The) | | | 1,305 | | | | 88,231 | |
Kimberly-Clark Corp. | | | 3,929 | | | | 286,346 | |
| | | | | | | | |
| | | | | | | 472,276 | |
HOUSEWARES — 0.04% | |
Newell Rubbermaid Inc. | | | 2,870 | | | | 52,521 | |
| | | | | | | | |
| | | | | | | 52,521 | |
INSURANCE — 3.17% | | | | | | | | |
ACE Ltd. | | | 3,341 | | | | 239,583 | |
Aflac Inc. | | | 4,647 | | | | 219,571 | |
Allstate Corp. (The) | | | 5,076 | | | | 159,539 | |
American International Group Inc.a | | | 4,741 | | | | 138,532 | |
Aon Corp. | | | 2,893 | | | | 135,421 | |
Arch Capital Group Ltd.a | | | 1,360 | | | | 50,388 | |
Assurant Inc. | | | 923 | | | | 39,200 | |
Axis Capital Holdings Ltd. | | | 1,264 | | | | 38,994 | |
Berkshire Hathaway Inc. Class Ba | | | 9,057 | | | | 710,522 | |
Chubb Corp. (The) | | | 2,775 | | | | 188,589 | |
Cincinnati Financial Corp. | | | 1,511 | | | | 53,142 | |
Everest Re Group Ltd. | | | 534 | | | | 46,912 | |
Fidelity National Financial Inc. Class A | | | 2,088 | | | | 36,039 | |
Genworth Financial Inc. Class Aa | | | 4,877 | | | | 44,332 | |
Hartford Financial Services
Group Inc. (The) | | | 4,281 | | | | 88,660 | |
Lincoln National Corp. | | | 3,066 | | | | 76,159 | |
Loews Corp. | | | 3,187 | | | | 124,739 | |
Marsh & McLennan Companies Inc. | | | 5,347 | | | | 166,826 | |
MetLife Inc. | | | 10,528 | | | | 405,854 | |
PartnerRe Ltd. | | | 641 | | | | 40,665 | |
Principal Financial Group Inc. | | | 3,063 | | | | 84,723 | |
Progressive Corp. (The) | | | 5,916 | | | | 126,721 | |
Prudential Financial Inc. | | | 4,731 | | | | 289,348 | |
RenaissanceRe Holdings Ltd.c | | | 521 | | | | 37,491 | |
Torchmark Corp. | | | 1,044 | | | | 50,571 | |
Travelers Companies Inc. (The) | | | 4,121 | | | | 238,894 | |
Unum Group | | | 2,946 | | | | 67,905 | |
W.R. Berkley Corp. | | | 1,160 | | | | 41,470 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Willis Group Holdings PLC | | | 1,653 | | | $ | 59,310 | |
XL Group PLC | | | 3,142 | | | | 65,354 | |
| | | | | | | | |
| | | | | | | 4,065,454 | |
INTERNET — 2.82% | | | | | | | | |
Amazon.com Inc.a | | | 3,633 | | | | 652,814 | |
eBay Inc.a | | | 11,595 | | | | 414,405 | |
Expedia Inc. | | | 946 | | | | 32,211 | |
F5 Networks Inc.a | | | 793 | | | | 99,093 | |
Google Inc. Class Aa,c | | | 2,558 | | | | 1,581,483 | |
Liberty Interactive Corp. Series Aa | | | 5,656 | | | | 106,107 | |
Netflix Inc.a | | | 521 | | | | 57,690 | |
Priceline.com Inc.a | | | 496 | | | | 311,002 | |
Symantec Corp.a | | | 7,309 | | | | 130,393 | |
VeriSign Inc. | | | 1,566 | | | | 57,864 | |
Yahoo! Inc.a | | | 11,785 | | | | 174,772 | |
| | | | | | | | |
| | | | | | | 3,617,834 | |
IRON & STEEL — 0.24% | | | | | | | | |
Allegheny Technologies Inc. | | | 1,009 | | | | 44,265 | |
Cliffs Natural Resources Inc. | | | 1,424 | | | | 90,395 | |
Nucor Corp. | | | 3,154 | | | | 137,294 | |
United States Steel Corp.c | | | 1,448 | | | | 39,414 | |
| | | | | | | | |
| | | | | | | 311,368 | |
LEISURE TIME — 0.22% | | | | | | | | |
Carnival Corp. | | | 4,446 | | | | 134,669 | |
Harley-Davidson Inc. | | | 2,329 | | | | 108,485 | |
Royal Caribbean Cruises Ltd. | | | 1,414 | | | | 40,285 | |
| | | | | | | | |
| | | | | | | 283,439 | |
LODGING — 0.43% | | | | | | | | |
Las Vegas Sands Corp.a | | | 3,661 | | | | 203,588 | |
Marriott International Inc. Class A | | | 2,705 | | | | 95,433 | |
MGM Resorts Internationala | | | 3,381 | | | | 46,556 | |
Starwood Hotels & Resorts
Worldwide Inc. | | | 1,952 | | | | 105,213 | |
Wynn Resorts Ltd. | | | 804 | | | | 95,306 | |
| | | | | | | | |
| | | | | | | 546,096 | |
MACHINERY — 1.37% | | | | | | | | |
AGCO Corp.a | | | 976 | | | | 50,391 | |
Caterpillar Inc. | | | 6,453 | | | | 736,997 | |
Cummins Inc. | | | 1,827 | | | | 220,281 | |
Deere & Co. | | | 4,126 | | | | 342,169 | |
Flowserve Corp. | | | 552 | | | | 65,451 | |
| | |
| 36 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Joy Global Inc. | | | 1,055 | | | $ | 91,743 | |
Rockwell Automation Inc. | | | 1,419 | | | | 113,492 | |
Roper Industries Inc. | | | 946 | | | | 86,578 | |
Xylem Inc. | | | 1,739 | | | | 45,179 | |
| | | | | | | | |
| | | | | | | 1,752,281 | |
MANUFACTURING — 3.15% | | | | | | | | |
3M Co. | | | 6,644 | | | | 582,014 | |
Cooper Industries PLC | | | 1,578 | | | | 96,605 | |
Danaher Corp. | | | 5,786 | | | | 305,674 | |
Dover Corp. | | | 1,827 | | | | 116,965 | |
Eaton Corp. | | | 3,194 | | | | 166,695 | |
General Electric Co. | | | 105,402 | | | | 2,007,908 | |
Illinois Tool Works Inc. | | | 4,405 | | | | 245,314 | |
Ingersoll-Rand PLC | | | 3,268 | | | | 130,328 | |
Leggett & Platt Inc. | | | 1,392 | | | | 31,501 | |
Pall Corp. | | | 1,148 | | | | 72,841 | |
Parker Hannifin Corp. | | | 1,504 | | | | 135,074 | |
Pentair Inc. | | | 1,013 | | | | 39,000 | |
SPX Corp. | | | 505 | | | | 36,936 | |
Textron Inc. | | | 2,768 | | | | 76,148 | |
| | | | | | | | |
| | | | | | | 4,043,003 | |
MEDIA — 3.17% | | | | | | | | |
Cablevision NY Group Class A | | | 2,001 | | | | 28,474 | |
CBS Corp. Class B NVS | | | 6,062 | | | | 181,254 | |
Comcast Corp. Class A | | | 20,775 | | | | 610,369 | |
Comcast Corp. Class A Special | | | 6,412 | | | | 183,319 | |
DIRECTV Class Aa | | | 6,986 | | | | 323,592 | |
Discovery Communications Inc.
Series Aa | | | 1,398 | | | | 65,217 | |
Discovery Communications Inc.
Series Ca | | | 1,201 | | | | 52,195 | |
DISH Network Corp. Class A | | | 2,032 | | | | 59,273 | |
Liberty Global Inc. Series Aa,c | | | 1,454 | | | | 72,962 | |
Liberty Global Inc. Series Ca | | | 1,156 | | | | 55,430 | |
Liberty Media Corp. Series Aa,c | | | 1,085 | | | | 97,531 | |
McGraw-Hill Companies Inc. (The) | | | 2,979 | | | | 138,643 | |
News Corp. Class A NVS | | | 18,096 | | | | 359,568 | |
News Corp. Class B | | | 4,308 | | | | 87,409 | |
Nielsen Holdings NVa | | | 848 | | | | 25,008 | |
Scripps Networks Interactive Inc. Class A | | | 870 | | | | 39,324 | |
Sirius XM Radio Inc.a | | | 37,214 | | | | 84,104 | |
Time Warner Cable Inc. | | | 3,218 | | | | 255,316 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Time Warner Inc. | | | 9,964 | | | $ | 370,760 | |
Viacom Inc. Class B NVS | | | 4,991 | | | | 237,671 | |
Walt Disney Co. (The) | | | 17,021 | | | | 714,712 | |
Washington Post Co. (The) Class B | | | 49 | | | | 19,301 | |
| | | | | | | | |
| | | | | | | 4,061,432 | |
METAL FABRICATE & HARDWARE — 0.19% | | | | | |
Precision Castparts Corp. | | | 1,434 | | | | 240,095 | |
| | | | | | | | |
| | | | | | | 240,095 | |
MINING — 0.67% | | | | | | | | |
Alcoa Inc. | | | 10,603 | | | | 107,833 | |
Freeport-McMoRan Copper & Gold Inc. | | | 9,463 | | | | 402,745 | |
Newmont Mining Corp. | | | 4,947 | | | | 293,852 | |
Vulcan Materials Co. | | | 1,288 | | | | 57,393 | |
| | | | | | | | |
| | | | | | | 861,823 | |
OFFICE & BUSINESS EQUIPMENT — 0.12% | | | | | |
Pitney Bowes Inc. | | | 1,920 | | | | 34,810 | |
Xerox Corp. | | | 13,832 | | | | 113,837 | |
| | | | | | | | |
| | | | | | | 148,647 | |
OIL & GAS — 9.61% | | | | | | | | |
Anadarko Petroleum Corp. | | | 4,953 | | | | 416,646 | |
Apache Corp. | | | 3,822 | | | | 412,508 | |
Cabot Oil & Gas Corp. | | | 2,059 | | | | 71,818 | |
Chesapeake Energy Corp. | | | 6,525 | | | | 163,125 | |
Chevron Corp. | | | 19,871 | | | | 2,168,324 | |
Cimarex Energy Co. | | | 858 | | | | 69,215 | |
Cobalt International Energy Inc.a | | | 1,828 | | | | 54,950 | |
Concho Resources Inc.a | | | 976 | | | | 104,276 | |
ConocoPhillips | | | 12,921 | | | | 989,103 | |
Continental Resources Inc.a | | | 471 | | | | 42,710 | |
Denbury Resources Inc.a | | | 4,088 | | | | 81,392 | |
Devon Energy Corp. | | | 3,914 | | | | 286,935 | |
Diamond Offshore Drilling Inc. | | | 695 | | | | 47,587 | |
Energen Corp. | | | 696 | | | | 37,048 | |
EOG Resources Inc. | | | 2,680 | | | | 305,145 | |
EQT Corp. | | | 1,412 | | | | 74,864 | |
Exxon Mobil Corp. | | | 47,914 | | | | 4,144,561 | |
Helmerich & Payne Inc. | | | 1,061 | | | | 65,039 | |
Hess Corp. | | | 3,026 | | | | 196,448 | |
HollyFrontier Corp. | | | 2,070 | | | | 67,544 | |
Marathon Oil Corp. | | | 7,053 | | | | 239,026 | |
Marathon Petroleum Corp. | | | 3,542 | | | | 147,170 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 37 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Murphy Oil Corp. | | | 1,819 | | | $ | 116,307 | |
Nabors Industries Ltd.a | | | 2,879 | | | | 62,705 | |
Newfield Exploration Co.a | | | 1,333 | | | | 47,988 | |
Noble Corp.a,c | | | 2,578 | | | | 103,584 | |
Noble Energy Inc. | | | 1,750 | | | | 170,887 | |
Occidental Petroleum Corp. | | | 8,096 | | | | 844,980 | |
Pioneer Natural Resources Co. | | | 1,083 | | | | 118,740 | |
Plains Exploration & Production Co.a | | | 1,386 | | | | 61,081 | |
QEP Resources Inc. | | | 1,768 | | | | 60,360 | |
Range Resources Corp. | | | 1,585 | | | | 100,933 | |
Rowan Companies Inc.a | | | 1,305 | | | | 48,115 | |
Southwestern Energy Co.a | | | 3,450 | | | | 114,057 | |
Sunoco Inc. | | | 1,148 | | | | 44,347 | |
Ultra Petroleum Corp.a,c | | | 1,521 | | | | 37,964 | |
Valero Energy Corp. | | | 5,569 | | | | 136,385 | |
Whiting Petroleum Corp.a,c | | | 1,194 | | | | 70,016 | |
| | | | | | | | |
| | | | | | | 12,323,883 | |
OIL & GAS SERVICES — 1.85% | | | | | | | | |
Baker Hughes Inc. | | | 4,349 | | | | 218,668 | |
Cameron International Corp.a | | | 2,454 | | | | 136,712 | |
FMC Technologies Inc.a | | | 2,369 | | | | 119,469 | |
Halliburton Co. | | | 9,179 | | | | 335,860 | |
National Oilwell Varco Inc. | | | 4,230 | | | | 349,102 | |
Schlumberger Ltd. | | | 13,410 | | | | 1,040,750 | |
Superior Energy Services Inc.a | | | 1,537 | | | | 45,095 | |
Weatherford International Ltd.a | | | 7,608 | | | | 121,576 | |
| | | | | | | | |
| | | | | | | 2,367,232 | |
PACKAGING & CONTAINERS — 0.19% | | | | | | | | |
Ball Corp. | | | 1,531 | | | | 61,362 | |
Crown Holdings Inc.a | | | 1,498 | | | | 55,381 | |
Owens-Illinois Inc.a | | | 1,653 | | | | 39,507 | |
Rock-Tenn Co. Class A | | | 708 | | | | 49,907 | |
Sealed Air Corp. | | | 1,685 | | | | 33,077 | |
| | | | | | | | |
| | | | | | | 239,234 | |
PHARMACEUTICALS — 6.50% | | | | | | | | |
Abbott Laboratories | | | 15,530 | | | | 879,153 | |
Allergan Inc. | | | 3,044 | | | | 272,712 | |
AmerisourceBergen Corp. | | | 2,588 | | | | 96,662 | |
Bristol-Myers Squibb Co. | | | 16,912 | | | | 544,059 | |
Cardinal Health Inc. | | | 3,427 | | | | 142,392 | |
DENTSPLY International Inc. | | | 1,392 | | | | 53,843 | |
Eli Lilly and Co. | | | 10,390 | | | | 407,704 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Express Scripts Inc.a,c | | | 4,610 | | | $ | 245,851 | |
Forest Laboratories Inc.a | | | 2,673 | | | | 86,926 | |
Herbalife Ltd. | | | 1,183 | | | | 78,326 | |
Johnson & Johnson | | | 27,273 | | | | 1,774,927 | |
McKesson Corp. | | | 2,449 | | | | 204,516 | |
Mead Johnson Nutrition Co. Class A | | | 2,028 | | | | 157,677 | |
Medco Health Solutions Inc.a | | | 3,850 | | | | 260,221 | |
Merck & Co. Inc. | | | 30,479 | | | | 1,163,383 | |
Mylan Inc.a | | | 4,288 | | | | 100,511 | |
Omnicare Inc. | | | 1,131 | | | | 39,789 | |
Patterson Companies Inc. | | | 956 | | | | 30,516 | |
Perrigo Co. | | | 840 | | | | 86,570 | |
Pfizer Inc. | | | 76,858 | | | | 1,621,704 | |
Warner Chilcott PLC Class Aa | | | 1,391 | | | | 23,271 | |
Watson Pharmaceuticals Inc.a | | | 1,263 | | | | 73,658 | |
| | | | | | | | |
| | | | | | | 8,344,371 | |
PIPELINES — 0.60% | | | | | | | | |
El Paso Corp. | | | 7,648 | | | | 212,691 | |
Kinder Morgan Inc.c | | | 1,063 | | | | 37,460 | |
Kinder Morgan Management LLCa,c | | | 865 | | | | 69,347 | |
ONEOK Inc. | | | 973 | | | | 80,409 | |
Spectra Energy Corp. | | | 6,419 | | | | 201,428 | |
Williams Companies Inc. (The) | | | 5,828 | | | | 174,141 | |
| | | | | | | | |
| | | | | | | 775,476 | |
REAL ESTATE — 0.04% | | | | | | | | |
CBRE Group Inc. Class Aa | | | 2,926 | | | | 53,634 | |
| | | | | | | | |
| | | | | | | 53,634 | |
REAL ESTATE INVESTMENT TRUSTS — 2.32% | | | | | |
American Tower Corp. | | | 3,914 | | | | 244,938 | |
Annaly Capital Management Inc. | | | 9,672 | | | | 160,749 | |
AvalonBay Communities Inc. | | | 947 | | | | 122,797 | |
Boston Properties Inc.c | | | 1,477 | | | | 149,989 | |
Digital Realty Trust Inc. | | | 1,047 | | | | 75,907 | |
Duke Realty Corp. | | | 2,610 | | | | 36,227 | |
Equity Residential | | | 2,957 | | | | 168,224 | |
Federal Realty Investment Trust | | | 632 | | | | 60,261 | |
General Growth Properties Inc. | | | 4,263 | | | | 69,359 | |
HCP Inc.c | | | 4,061 | | | | 160,409 | |
Health Care REIT Inc.c | | | 2,103 | | | | 114,487 | |
Host Hotels & Resorts Inc.c | | | 7,087 | | | | 111,833 | |
Kimco Realty Corp. | | | 4,115 | | | | 75,634 | |
Liberty Property Trust | | | 1,160 | | | | 39,347 | |
| | |
| 38 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Macerich Co. (The) | | | 1,324 | | | $ | 71,483 | |
Plum Creek Timber Co. Inc. | | | 1,618 | | | | 63,361 | |
Prologis Inc. | | | 4,572 | | | | 153,893 | |
Public Storage | | | 1,452 | | | | 194,670 | |
Rayonier Inc. | | | 1,217 | | | | 54,181 | |
Regency Centers Corp. | | | 906 | | | | 38,768 | |
Simon Property Group Inc. | | | 2,931 | | | | 397,092 | |
Ventas Inc. | | | 2,879 | | | | 160,994 | |
Vornado Realty Trust | | | 1,664 | | | | 135,999 | |
Weyerhaeuser Co. | | | 5,314 | | | | 111,009 | |
| | | | | | | | |
| | | | | | | 2,971,611 | |
RETAIL — 6.21% | | | | | | | | |
Abercrombie & Fitch Co. Class A | | | 820 | | | | 37,548 | |
Advance Auto Parts Inc. | | | 726 | | | | 61,979 | |
AutoZone Inc.a | | | 249 | | | | 93,246 | |
Bed Bath & Beyond Inc.a,c | | | 2,415 | | | | 144,272 | |
Best Buy Co. Inc. | | | 3,047 | | | | 75,261 | |
CarMax Inc.a,c | | | 2,241 | | | | 68,776 | |
Chipotle Mexican Grill Inc.a | | | 310 | | | | 120,968 | |
Costco Wholesale Corp. | | | 4,312 | | | | 371,091 | |
CVS Caremark Corp. | | | 13,311 | | | | 600,326 | |
Darden Restaurants Inc. | | | 1,327 | | | | 67,664 | |
Dollar General Corp.a | | | 1,650 | | | | 69,399 | |
Dollar Tree Inc.a | | | 1,217 | | | | 107,717 | |
Family Dollar Stores Inc. | | | 975 | | | | 52,640 | |
GameStop Corp. Class Ac | | | 1,328 | | | | 30,252 | |
Gap Inc. (The) | | | 3,759 | | | | 87,810 | |
Home Depot Inc. (The) | | | 15,486 | | | | 736,669 | |
J.C. Penney Co. Inc. | | | 1,566 | | | | 62,014 | |
Kohl’s Corp. | | | 2,390 | | | | 118,735 | |
Limited Brands Inc. | | | 2,504 | | | | 116,511 | |
Lowe’s Companies Inc. | | | 12,518 | | | | 355,261 | |
Lululemon Athletica Inc.a,c | | | 993 | | | | 66,551 | |
Macy’s Inc. | | | 4,263 | | | | 161,866 | |
McDonald’s Corp. | | | 10,214 | | | | 1,014,046 | |
Nordstrom Inc. | | | 1,718 | | | | 92,119 | |
O’Reilly Automotive Inc.a | | | 1,363 | | | | 117,899 | |
PetSmart Inc. | | | 1,080 | | | | 60,199 | |
Ross Stores Inc. | | | 2,311 | | | | 123,246 | |
Sears Holdings Corp.a,c | | | 420 | | | | 29,257 | |
Staples Inc. | | | 6,954 | | | | 101,946 | |
Starbucks Corp. | | | 7,445 | | | | 361,529 | |
Target Corp. | | | 6,338 | | | | 359,301 | |
Tiffany & Co. | | | 1,189 | | | | 77,297 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TJX Companies Inc. (The) | | | 7,586 | | | $ | 277,723 | |
Urban Outfitters Inc.a,c | | | 1,218 | | | | 34,579 | |
Wal-Mart Stores Inc. | | | 18,901 | | | | 1,116,671 | |
Walgreen Co. | | | 8,726 | | | | 289,354 | |
Yum! Brands Inc. | | | 4,611 | | | | 305,433 | |
| | | | | | | | |
| | | | | | | 7,967,155 | |
SAVINGS & LOANS — 0.10% | | | | | | | | |
Hudson City Bancorp Inc. | | | 4,697 | | | | 32,174 | |
New York Community Bancorp Inc. | | | 4,349 | | | | 56,581 | |
People’s United Financial Inc. | | | 3,635 | | | | 45,765 | |
| | | | | | | | |
| | | | | | | 134,520 | |
SEMICONDUCTORS — 3.35% | | | | | | | | |
Advanced Micro Devices Inc.a | | | 5,790 | | | | 42,557 | |
Altera Corp. | | | 3,165 | | | | 121,694 | |
Analog Devices Inc. | | | 2,912 | | | | 114,180 | |
Applied Materials Inc. | | | 13,056 | | | | 159,805 | |
Avago Technologies Ltd. | | | 2,262 | | | | 85,074 | |
Broadcom Corp. Class Aa | | | 4,809 | | | | 178,654 | |
Cree Inc.a,c | | | 1,095 | | | | 33,168 | |
First Solar Inc.a,c | | | 559 | | | | 18,056 | |
Intel Corp. | | | 51,425 | | | | 1,382,304 | |
KLA-Tencor Corp. | | | 1,619 | | | | 78,360 | |
Lam Research Corp.a,c | | | 1,152 | | | | 48,038 | |
Linear Technology Corp. | | | 2,240 | | | | 74,995 | |
LSI Corp.a | | | 5,942 | | | | 51,101 | |
Marvell Technology Group Ltd.a | | | 5,104 | | | | 76,560 | |
Maxim Integrated Products Inc. | | | 2,958 | | | | 82,499 | |
Microchip Technology Inc. | | | 1,854 | | | | 66,874 | |
Micron Technology Inc.a | | | 9,017 | | | | 77,095 | |
NVIDIA Corp.a | | | 6,037 | | | | 91,461 | |
QUALCOMM Inc. | | | 16,769 | | | | 1,042,696 | |
Texas Instruments Inc. | | | 11,344 | | | | 378,322 | |
Xilinx Inc. | | | 2,665 | | | | 98,418 | |
| | | | | | | | |
| | | | | | | 4,301,911 | |
SOFTWARE — 4.07% | | | | | | | | |
Activision Blizzard Inc. | | | 5,031 | | | | 60,121 | |
Adobe Systems Inc.a | | | 4,882 | | | | 160,569 | |
Akamai Technologies Inc.a | | | 1,810 | | | | 65,160 | |
Autodesk Inc.a | | | 2,259 | | | | 85,503 | |
BMC Software Inc.a | | | 1,690 | | | | 63,274 | |
CA Inc. | | | 4,002 | | | | 108,174 | |
Cerner Corp.a | | | 1,423 | | | | 105,060 | |
Citrix Systems Inc.a | | | 1,888 | | | | 141,109 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 39 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Dun & Bradstreet Corp. (The) | | | 508 | | | $ | 41,986 | |
Electronic Arts Inc.a | | | 3,279 | | | | 53,546 | |
Fidelity National Information
Services Inc. | | | 2,387 | | | | 75,740 | |
Fiserv Inc.a | | | 1,391 | | | | 92,223 | |
Intuit Inc. | | | 2,871 | | | | 166,059 | |
Microsoft Corp. | | | 75,576 | | | | 2,398,782 | |
Nuance Communications Inc.a,c | | | 2,388 | | | | 61,897 | |
Oracle Corp. | | | 40,247 | | | | 1,178,030 | |
Red Hat Inc.a | | | 1,914 | | | | 94,666 | |
Salesforce.com Inc.a | | | 1,284 | | | | 183,817 | |
VMware Inc. Class Aa | | | 870 | | | | 86,034 | |
| | | | | | | | |
| | | | | | | 5,221,750 | |
TELECOMMUNICATIONS — 4.21% | |
AT&T Inc. | | | 59,174 | | | | 1,810,133 | |
CenturyLink Inc. | | | 6,186 | | | | 248,986 | |
Cisco Systems Inc. | | | 53,851 | | | | 1,070,558 | |
Corning Inc. | | | 15,598 | | | | 203,398 | |
Crown Castle International Corp.a | | | 2,871 | | | | 148,746 | |
Frontier Communications Corp.c | | | 9,971 | | | | 45,767 | |
Harris Corp. | | | 1,152 | | | | 50,262 | |
Juniper Networks Inc.a,c | | | 5,252 | | | | 119,535 | |
Level 3 Communications Inc.a,c | | | 1,595 | | | | 38,774 | |
MetroPCS Communications Inc.a | | | 2,542 | | | | 26,183 | |
Motorola Mobility Holdings Inc.a | | | 2,831 | | | | 112,391 | |
Motorola Solutions Inc. | | | 3,090 | | | | 153,882 | |
NII Holdings Inc.a | | | 1,687 | | | | 30,163 | |
SBA Communications Corp. Class Aa | | | 1,131 | | | | 53,078 | |
Sprint Nextel Corp.a | | | 29,815 | | | | 73,643 | |
Verizon Communications Inc. | | | 28,261 | | | | 1,077,027 | |
Virgin Media Inc. | | | 2,806 | | | | 70,711 | |
Windstream Corp. | | | 5,770 | | | | 69,702 | |
| | | | | | | | |
| | | | | | | 5,402,939 | |
TEXTILES — 0.06% | | | | | | | | |
Cintas Corp. | | | 1,160 | | | | 44,730 | |
Mohawk Industries Inc.a | | | 569 | | | | 36,137 | |
| | | | | | | | |
| | | | | | | 80,867 | |
TOYS, GAMES & HOBBIES — 0.12% | |
Hasbro Inc. | | | 1,160 | | | | 40,971 | |
Mattel Inc. | | | 3,363 | | | | 109,096 | |
| | | | | | | | |
| | | | | | | 150,067 | |
TRANSPORTATION — 1.68% | |
C.H. Robinson Worldwide Inc. | | | 1,652 | | | | 109,313 | |
CSX Corp. | | | 10,515 | | | | 220,920 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Expeditors International of
Washington Inc. | | | 2,127 | | | $ | 92,801 | |
FedEx Corp. | | | 3,007 | | | | 270,600 | |
J.B. Hunt Transport Services Inc. | | | 936 | | | | 47,933 | |
Kansas City Southern Industries Inc.a,c | | | 1,093 | | | | 76,051 | |
Norfolk Southern Corp. | | | 3,545 | | | | 244,251 | |
Union Pacific Corp. | | | 4,826 | | | | 532,066 | |
United Parcel Service Inc. Class B | | | 7,233 | | | | 556,145 | |
| | | | | | | | |
| | | | | | | 2,150,080 | |
WATER — 0.05% | | | | | | | | |
American Water Works Co. Inc. | | | 1,721 | | | | 58,996 | |
| | | | | | | | |
| | | | | | | 58,996 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $117,471,099) | | | | | | | 127,967,668 | |
|
SHORT-TERM INVESTMENTS — 1.71% | |
|
MONEY MARKET FUNDS — 1.71% | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%b,d,e | | | 1,976,771 | | | | 1,976,771 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%b,d,e | | | 146,196 | | | | 146,196 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%b,d | | | 73,896 | | | | 73,896 | |
| | | | | | | | |
| | | | | | | 2,196,863 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $2,196,863) | | | | | | | 2,196,863 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 101.47%
(Cost: $119,667,962) | | | | | | | 130,164,531 | |
Other Assets,
Less Liabilities — (1.47)% | | | | (1,886,245 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 128,278,286 | |
| | | | | | | | |
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.
| | |
| 40 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited)
iSHARES® , INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares
MSCI Brazil
Index Fund | | | iShares
MSCI Canada
Index Fund | | | iShares
MSCI Chile
Investable Market
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 6,455,080,908 | | | $ | 5,025,148,502 | | | $ | 517,105,583 | |
Affiliated (Note 2) | | | 479,511 | | | | 44,682,264 | | | | 629,248 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 6,455,560,419 | | | $ | 5,069,830,766 | | | $ | 517,734,831 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 10,508,070,076 | | | $ | 4,808,542,797 | | | $ | 706,794,846 | |
Affiliated (Note 2) | | | 479,511 | | | | 44,682,264 | | | | 629,248 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 10,508,549,587 | | | | 4,853,225,061 | | | | 707,424,094 | |
Foreign currencies, at valueb | | | 16,211,934 | | | | 10,198,286 | | | | 866,144 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | — | | | | 16,887,334 | | | | 12,349,553 | |
Dividends and interest | | | 49,287,522 | | | | 4,585,499 | | | | 9,822 | |
Capital shares sold | | | — | | | | 137,863 | | | | 6,765,849 | |
| | | | | | | | | | | | |
Total Assets | | | 10,574,049,043 | | | | 4,885,034,043 | | | | 727,415,462 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | — | | | | 22,012,090 | | | | 19,914,689 | |
Collateral for securities on loan (Note 5) | | | — | | | | 44,677,748 | | | | — | |
Capital shares redeemed | | | — | | | | 413,589 | | | | — | |
Investment advisory fees (Note 2) | | | 5,108,390 | | | | 1,973,218 | | | | 316,217 | |
| | | | | | | | | | | | |
Total Liabilities | | | 5,108,390 | | | | 69,076,645 | | | | 20,230,906 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 10,568,940,653 | | | $ | 4,815,957,398 | | | $ | 707,184,556 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 7,789,638,887 | | | $ | 5,239,209,647 | | | $ | 585,850,052 | |
Undistributed (distributions in excess of) net investment income | | | (197,834,804 | ) | | | (2,431,642 | ) | | | 1,470,232 | |
Accumulated net realized loss | | | (1,078,603,069 | ) | | | (204,325,008 | ) | | | (69,824,769 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 4,055,739,639 | | | | (216,495,599 | ) | | | 189,689,041 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 10,568,940,653 | | | $ | 4,815,957,398 | | | $ | 707,184,556 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 152,950,000 | | | | 165,200,000 | | | | 10,450,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 69.10 | | | $ | 29.15 | | | $ | 67.67 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $ —, $42,485,093 and $ —, respectively. See Note 5. |
| b | Cost of foreign currencies: $16,239,904, $10,049,346 and $866,144, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million, 340.2 million and 200 million, respectively. |
See notes to financial statements.
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Israel Capped
Investable Market
Index Fund | | | iShares
MSCI Mexico
Investable Market
Index Fund | | | iShares MSCI
South Africa
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 127,670,910 | | | $ | 1,418,580,423 | | | $ | 567,513,968 | |
Affiliated (Note 2) | | | 8,250,696 | | | | 26,159,126 | | | | 7,712,153 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 135,921,606 | | | $ | 1,444,739,549 | | | $ | 575,226,121 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 95,335,081 | | | $ | 1,329,954,076 | | | $ | 595,133,259 | |
Affiliated (Note 2) | | | 8,250,696 | | | | 26,159,126 | | | | 7,712,153 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 103,585,777 | | | | 1,356,113,202 | | | | 602,845,412 | |
Foreign currencies, at valueb | | | 69,644 | | | | 1,446,305 | | | | 764,868 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 2,031,718 | | | | 410,926 | | | | 311,392 | |
Dividends and interest | | | 113,004 | | | | 59,059 | | | | 10,277 | |
Capital shares sold | | | 163,206 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 105,963,349 | | | | 1,358,029,492 | | | | 603,931,949 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 2,194,150 | | | | — | | | | 274,372 | |
Collateral for securities on loan (Note 5) | | | 8,205,690 | | | | 25,696,269 | | | | 7,638,168 | |
Capital shares redeemed | | | — | | | | 21,723 | | | | — | |
Investment advisory fees (Note 2) | | | 37,681 | | | | 519,140 | | | | 270,018 | |
| | | | | | | | | | | | |
Total Liabilities | | | 10,437,521 | | | | 26,237,132 | | | | 8,182,558 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 95,525,828 | | | $ | 1,331,792,360 | | | $ | 595,749,391 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 154,370,972 | | | $ | 1,454,120,756 | | | $ | 619,614,549 | |
Undistributed (distributions in excess of) net investment income | | | (265,389 | ) | | | 23,579 | | | | (4,064,229 | ) |
Accumulated net realized loss | | | (26,243,823 | ) | | | (33,735,862 | ) | | | (47,476,929 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | (32,335,932 | ) | | | (88,616,113 | ) | | | 27,676,000 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 95,525,828 | | | $ | 1,331,792,360 | | | $ | 595,749,391 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 2,350,000 | | | | 22,300,000 | | | | 8,400,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 40.65 | | | $ | 59.72 | | | $ | 70.92 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $7,768,779, $24,091,458 and $7,245,168, respectively. See Note 5. |
| b | Cost of foreign currencies: $69,819, $1,436,864 and $708,159, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million, 255 million and 400 million, respectively. |
See notes to financial statements.
| | |
| 42 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES® , INC.
February 29, 2012
| | | | | | | | |
| | | iShares
MSCI Turkey
Investable Market
Index Fund | | | iShares
MSCI USA
Index Fund | |
| | |
ASSETS | | | | | | | | |
Investments, at cost: | | | | | | | | |
Unaffiliated | | $ | 540,780,229 | | | $ | 116,998,970 | |
Affiliated (Note 2) | | | 42,823,808 | | | | 2,668,992 | |
| | | | | | | | |
Total cost of investments | | $ | 583,604,037 | | | $ | 119,667,962 | |
| | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | |
Unaffiliated | | $ | 436,608,743 | | | $ | 127,448,308 | |
Affiliated (Note 2) | | | 42,823,808 | | | | 2,716,223 | |
| | | | | | | | |
Total fair value of investments | | | 479,432,551 | | | | 130,164,531 | |
Foreign currencies, at valueb | | | 438,631 | | | | — | |
Receivables: | | | | | | | | |
Investment securities sold | | | — | | | | 567,588 | |
Dividends and interest | | | 100,639 | | | | 306,071 | |
| | | | | | | | |
Total Assets | | | 479,971,821 | | | | 131,038,190 | |
| | | | | | | | |
| | |
LIABILITIES | | | | | | | | |
Payables: | | | | | | | | |
Investment securities purchased | | | — | | | | 621,409 | |
Collateral for securities on loan (Note 5) | | | 42,734,544 | | | | 2,122,967 | |
Investment advisory fees (Note 2) | | | 204,493 | | | | 15,528 | |
| | | | | | | | |
Total Liabilities | | | 42,939,037 | | | | 2,759,904 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 437,032,784 | | | $ | 128,278,286 | |
| | | | | | | | |
| | |
Net assets consist of: | | | | | | | | |
Paid-in capital | | $ | 589,571,009 | | | $ | 115,692,412 | |
Undistributed (distributions in excess of) net investment income | | | (2,765,075 | ) | | | 419,436 | |
Undistributed net realized gain (accumulated net realized loss) | | | (45,602,842 | ) | | | 1,669,869 | |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | (104,170,308 | ) | | | 10,496,569 | |
| | | | | | | | |
NET ASSETS | | $ | 437,032,784 | | | $ | 128,278,286 | |
| | | | | | | | |
| | |
Shares outstandingc | | | 8,350,000 | | | | 4,350,000 | |
| | | | | | | | |
| | |
Net asset value per share | | $ | 52.34 | | | $ | 29.49 | |
| | | | | | | | |
| a | Securities on loan with values of $40,172,966 and $2,078,434, respectively. See Note 5. |
| b | Cost of foreign currencies: $437,453 and $ —, respectively. |
| c | $0.001 par value, number of shares authorized: 200 million and 500 million, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares
MSCI Brazil
Index Fund | | | iShares
MSCI Canada
Index Fund | | | iShares
MSCI Chile Investable Market
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 138,593,346 | | | $ | 53,913,326 | | | $ | 3,901,899 | |
Interest — affiliated (Note 2) | | | 1,471 | | | | 781 | | | | 146 | |
Securities lending income — affiliated (Note 2) | | | 79 | | | | 112,708 | | | | — | |
| | | | | | | | | | | | |
| | | 138,594,896 | | | | 54,026,815 | | | | 3,902,045 | |
Less: Other foreign taxes (Note 1) | | | — | | | | (11,406 | ) | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 138,594,896 | | | | 54,015,409 | | | | 3,902,045 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 30,256,120 | | | | 12,256,467 | | | | 1,691,673 | |
| | | | | | | | | | | | |
Total expenses | | | 30,256,120 | | | | 12,256,467 | | | | 1,691,673 | |
| | | | | | | | | | | | |
Net investment income | | | 108,338,776 | | | | 41,758,942 | | | | 2,210,372 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (385,218,356 | ) | | | (45,005,982 | ) | | | (30,311,213 | ) |
In-kind redemptions — unaffiliated | | | — | | | | 82,270,975 | | | | — | |
Foreign currency transactions | | | (2,687,058 | ) | | | (20,664 | ) | | | (246,760 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (387,905,414 | ) | | | 37,244,329 | | | | (30,557,973 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 873,979,806 | | | | (160,680,164 | ) | | | 13,496,843 | |
Translation of assets and liabilities in foreign currencies | | | (87,860 | ) | | | 28,483 | | | | 2,584 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 873,891,946 | | | | (160,651,681 | ) | | | 13,499,427 | |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 485,986,532 | | | | (123,407,352 | ) | | | (17,058,546 | ) |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 594,325,308 | | | $ | (81,648,410 | ) | | $ | (14,848,174 | ) |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $15,495,160, $9,482,747 and $1,124,589, respectively. |
See notes to financial statements.
| | |
| 44 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
Israel Capped
Investable Market
Index Fund | | | iShares
MSCI Mexico
Investable Market
Index Fund | | | iShares MSCI
South Africa
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 1,274,325 | | | $ | 5,856,648 | | | $ | 8,861,632 | |
Interest — affiliated (Note 2) | | | 71 | | | | 152 | | | | 44 | |
Securities lending income — affiliated (Note 2) | | | 26,963 | | | | 323,281 | | | | 40,972 | |
| | | | | | | | | | | | |
Total investment income | | | 1,301,359 | | | | 6,180,081 | | | | 8,902,648 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 247,059 | | | | 2,941,854 | | | | 1,569,941 | |
| | | | | | | | | | | | |
Total expenses | | | 247,059 | | | | 2,941,854 | | | | 1,569,941 | |
| | | | | | | | | | | | |
Net investment income | | | 1,054,300 | | | | 3,238,227 | | | | 7,332,707 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (4,778,308 | ) | | | (17,345,579 | ) | | | (3,505,023 | ) |
In-kind redemptions — unaffiliated | | | 142,400 | | | | 40,012,663 | | | | 8,095,537 | |
Foreign currency transactions | | | (13,164 | ) | | | 214,095 | | | | (245,958 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (4,649,072 | ) | | | 22,881,179 | | | | 4,344,556 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | (5,235,760 | ) | | | 9,593,745 | | | | 18,755,290 | |
Translation of assets and liabilities in foreign currencies | | | (810 | ) | | | 35,326 | | | | 40,760 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | (5,236,570 | ) | | | 9,629,071 | | | | 18,796,050 | |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | (9,885,642 | ) | | | 32,510,250 | | | | 23,140,606 | |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (8,831,342 | ) | | $ | 35,748,477 | | | $ | 30,473,313 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $241,173, $ — and $ —, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | |
| | | iShares
MSCI Turkey
Investable Market
Index Fund | | | iShares
MSCI USA
Index Fund | |
| | |
NET INVESTMENT INCOME | | | | | | | | |
Dividends — unaffiliateda | | $ | 179 | | | $ | 695,202 | |
Dividends — affiliated (Note 2) | | | — | | | | 3,352 | |
Interest — affiliated (Note 2) | | | 49 | | | | 8 | |
Securities lending income — affiliated (Note 2) | | | 430,420 | | | | 3,201 | |
| | | | | | | | |
Total investment income | | | 430,648 | | | | 701,763 | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory fees (Note 2) | | | 1,246,950 | | | | 48,333 | |
| | | | | | | | |
Total expenses | | | 1,246,950 | | | | 48,333 | |
| | | | | | | | |
Net investment income (loss) | | | (816,302 | ) | | | 653,430 | |
| | | | | | | | |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments — unaffiliated | | | (11,038,388 | ) | | | (69,436 | ) |
Investments — affiliated (Note 2) | | | — | | | | (223 | ) |
In-kind redemptions — unaffiliated | | | (12,540,869 | ) | | | 1,743,456 | |
In-kind redemptions — affiliated (Note 2) | | | — | | | | 7,320 | |
Foreign currency transactions | | | (8,965 | ) | | | — | |
| | | | | | | | |
Net realized gain (loss) | | | (23,588,222 | ) | | | 1,681,117 | |
| �� | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | |
Investments | | | 58,587,128 | | | | 10,349,403 | |
Translation of assets and liabilities in foreign currencies | | | 13,959 | | | | — | |
| | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 58,601,087 | | | | 10,349,403 | |
| | | | | | | | |
Net realized and unrealized gain | | | 35,012,865 | | | | 12,030,520 | |
| | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 34,196,563 | | | $ | 12,683,950 | |
| | | | | | | | |
| a | Net of foreign withholding tax of $ — and $46, respectively. |
See notes to financial statements.
| | |
| 46 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares
MSCI Brazil
Index Fund | | | iShares
MSCI Canada
Index Fund | |
| | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 108,338,776 | | | $ | 367,867,712 | | | $ | 41,758,942 | | | $ | 86,191,078 | |
Net realized gain (loss) | | | (387,905,414 | ) | | | 13,713,035 | | | | 37,244,329 | | | | 183,034,604 | |
Net change in unrealized appreciation/depreciation | | | 873,891,946 | | | | (647,882,263 | ) | | | (160,651,681 | ) | | | 229,031,923 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 594,325,308 | | | | (266,301,516 | ) | | | (81,648,410 | ) | | | 498,257,605 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (68,772,164 | ) | | | (577,419,673 | ) | | | (59,847,665 | ) | | | (84,459,614 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (68,772,164 | ) | | | (577,419,673 | ) | | | (59,847,665 | ) | | | (84,459,614 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 6,184,114 | | | | 2,935,390,134 | | | | 553,927,661 | | | | 2,412,404,012 | |
Cost of shares redeemed | | | (1,294,918,066 | ) | | | — | | | | (689,020,722 | ) | | | (1,180,897,966 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (1,288,733,952 | ) | | | 2,935,390,134 | | | | (135,093,061 | ) | | | 1,231,506,046 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (763,180,808 | ) | | | 2,091,668,945 | | | | (276,589,136 | ) | | | 1,645,304,037 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 11,332,121,461 | | | | 9,240,452,516 | | | | 5,092,546,534 | | | | 3,447,242,497 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 10,568,940,653 | | | $ | 11,332,121,461 | | | $ | 4,815,957,398 | | | $ | 5,092,546,534 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (197,834,804 | ) | | $ | (237,401,416 | ) | | $ | (2,431,642 | ) | | $ | 15,657,081 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 100,000 | | | | 38,600,000 | | | | 20,200,000 | | | | 76,300,000 | |
Shares redeemed | | | (21,500,000 | ) | | | — | | | | (25,400,000 | ) | | | (38,000,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (21,400,000 | ) | | | 38,600,000 | | | | (5,200,000 | ) | | | 38,300,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares
MSCI Chile
Investable Market
Index Fund | | | iShares MSCI
Israel Capped
Investable Market
Index Fund | |
| | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 2,210,372 | | | $ | 11,376,957 | | | $ | 1,054,300 | | | $ | 3,152,768 | |
Net realized loss | | | (30,557,973 | ) | | | (12,848,131 | ) | | | (4,649,072 | ) | | | (713,779 | ) |
Net change in unrealized appreciation/depreciation | | | 13,499,427 | | | | (7,548,871 | ) | | | (5,236,570 | ) | | | (3,185,397 | ) |
| | | | | | | | | | | | | | | | |
Net decrease in net assets resulting from operations | | | (14,848,174 | ) | | | (9,020,045 | ) | | | (8,831,342 | ) | | | (746,408 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (738,021 | ) | | | (11,314,677 | ) | | | (1,168,097 | ) | | | (3,733,516 | ) |
Return of capital | | | — | | | | (9,331 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (738,021 | ) | | | (11,324,008 | ) | | | (1,168,097 | ) | | | (3,733,516 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 132,344,863 | | | | 288,309,806 | | | | 38,159,889 | | | | 46,097,654 | |
Cost of shares redeemed | | | (117,592,077 | ) | | | (230,298,194 | ) | | | (10,652,135 | ) | | | (92,072,921 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 14,752,786 | | | | 58,011,612 | | | | 27,507,754 | | | | (45,975,267 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (833,409 | ) | | | 37,667,559 | | | | 17,508,315 | | | | (50,455,191 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 708,017,965 | | | | 670,350,406 | | | | 78,017,513 | | | | 128,472,704 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 707,184,556 | | | $ | 708,017,965 | | | $ | 95,525,828 | | | $ | 78,017,513 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 1,470,232 | | | $ | (2,119 | ) | | $ | (265,389 | ) | | $ | (151,592 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 2,050,000 | | | | 3,950,000 | | | | 900,000 | | | | 850,000 | |
Shares redeemed | | | (2,150,000 | ) | | | (3,350,000 | ) | | | (250,000 | ) | | | (1,750,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (100,000 | ) | | | 600,000 | | | | 650,000 | | | | (900,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 48 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares
MSCI Mexico
Investable Market
Index Fund | | | iShares MSCI
South Africa
Index Fund | |
| | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 3,238,227 | | | $ | 21,339,325 | | | $ | 7,332,707 | | | $ | 14,792,435 | |
Net realized gain | | | 22,881,179 | | | | 179,585,751 | | | | 4,344,556 | | | | 43,216,708 | |
Net change in unrealized appreciation/depreciation | | | 9,629,071 | | | | 111,537,604 | | | | 18,796,050 | | | | 45,035,353 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 35,748,477 | | | | 312,462,680 | | | | 30,473,313 | | | | 103,044,496 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (7,141,587 | ) | | | (19,365,342 | ) | | | (8,638,286 | ) | | | (21,537,358 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (7,141,587 | ) | | | (19,365,342 | ) | | | (8,638,286 | ) | | | (21,537,358 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 560,541,597 | | | | 737,959,537 | | | | 131,820,642 | | | | 174,104,575 | |
Cost of shares redeemed | | | (501,086,948 | ) | | | (1,237,364,625 | ) | | | (62,008,527 | ) | | | (256,700,202 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 59,454,649 | | | | (499,405,088 | ) | | | 69,812,115 | | | | (82,595,627 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 88,061,539 | | | | (206,307,750 | ) | | | 91,647,142 | | | | (1,088,489 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 1,243,730,821 | | | | 1,450,038,571 | | | | 504,102,249 | | | | 505,190,738 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,331,792,360 | | | $ | 1,243,730,821 | | | $ | 595,749,391 | | | $ | 504,102,249 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 23,579 | | | $ | 3,926,939 | | | $ | (4,064,229 | ) | | $ | (2,758,650 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 10,100,000 | | | | 12,300,000 | | | | 2,100,000 | | | | 2,500,000 | |
Shares redeemed | | | (9,100,000 | ) | | | (21,100,000 | ) | | | (1,000,000 | ) | | | (3,800,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,000,000 | | | | (8,800,000 | ) | | | 1,100,000 | | | | (1,300,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares
MSCI Turkey
Investable Market
Index Fund | | | iShares
MSCI USA
Index Fund | |
| | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended
August 31, 2011 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (816,302 | ) | | $ | 8,905,310 | | | $ | 653,430 | | | $ | 36,203 | |
Net realized gain (loss) | | | (23,588,222 | ) | | | 71,241,274 | | | | 1,681,117 | | | | 10,879 | |
Net change in unrealized appreciation/depreciation | | | 58,601,087 | | | | (215,343,703 | ) | | | 10,349,403 | | | | 393,770 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 34,196,563 | | | | (135,197,119 | ) | | | 12,683,950 | | | | 440,852 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (1,252,849 | ) | | | (13,656,029 | ) | | | (244,960 | ) | | | (35,212 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (1,252,849 | ) | | | (13,656,029 | ) | | | (244,960 | ) | | | (35,212 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 31,836,028 | | | | 431,490,354 | | | | 131,769,112 | | | | 3,846,426 | |
Cost of shares redeemed | | | (76,423,920 | ) | | | (435,948,383 | ) | | | (21,163,297 | ) | | | (1,262,145 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (44,587,892 | ) | | | (4,458,029 | ) | | | 110,605,815 | | | | 2,584,281 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (11,644,178 | ) | | | (153,311,177 | ) | | | 123,044,805 | | | | 2,989,921 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 448,676,962 | | | | 601,988,139 | | | | 5,233,481 | | | | 2,243,560 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 437,032,784 | | | $ | 448,676,962 | | | $ | 128,278,286 | | | $ | 5,233,481 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income
included in net assets at end of period | | $ | (2,765,075 | ) | | $ | (695,924 | ) | | $ | 419,436 | | | $ | 10,966 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 650,000 | | | | 6,400,000 | | | | 4,900,000 | | | | 150,000 | |
Shares redeemed | | | (1,700,000 | ) | | | (6,900,000 | ) | | | (750,000 | ) | | | (50,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (1,050,000 | ) | | | (500,000 | ) | | | 4,150,000 | | | | 100,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 50 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Brazil Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 65.00 | | | $ | 68.07 | | | $ | 58.26 | | | $ | 73.27 | | | $ | 61.59 | | | $ | 39.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.65 | | | | 2.24 | | | | 1.56 | | | | 1.56 | | | | 1.93 | | | | 1.09 | |
Net realized and
unrealized gain (loss)b | | | 3.87 | | | | (1.69 | ) | | | 10.83 | | | | (14.63 | ) | | | 11.59 | | | | 22.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.52 | | | | 0.55 | | | | 12.39 | | | | (13.07 | ) | | | 13.52 | | | | 23.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.42 | ) | | | (3.62 | ) | | | (2.58 | ) | | | (1.94 | ) | | | (1.41 | ) | | | (0.94 | ) |
Net realized gain | | | — | | | | — | | | | — | | | | — | | | | (0.43 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.42 | ) | | | (3.62 | ) | | | (2.58 | ) | | | (1.94 | ) | | | (1.84 | ) | | | (0.94 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 69.10 | | | $ | 65.00 | | | $ | 68.07 | | | $ | 58.26 | | | $ | 73.27 | | | $ | 61.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 7.08 | %c | | | 0.36 | % | | | 21.12 | % | | | (16.05 | )% | | | 21.58 | % | | | 60.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end
of period (000s) | | $ | 10,568,941 | | | $ | 11,332,121 | | | $ | 9,240,453 | | | $ | 8,777,366 | | | $ | 7,242,260 | | | $ | 4,434,334 | |
Ratio of expenses to
average net assetsd,e | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % | | | 0.69 | % |
Ratio of net
investment income
to average net assetsd | | | 2.17 | % | | | 3.08 | % | | | 2.24 | % | | | 3.38 | % | | | 2.37 | % | | | 2.17 | % |
Portfolio turnover ratef | | | 2 | % | | | 11 | % | | | 13 | % | | | 30 | % | | | 30 | % | | | 22 | % |
| 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. |
| d | Annualized for periods of less than one year. |
| e | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current 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 29, 2012 and the years ended August 31, 2011, August 31, 2010, August 31, 2009, August 31, 2008 and August 31, 2007 would have been 2%, 11%, 13%, 14%, 19%, and 6%, respectively. See Note 4. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Canada Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 29.89 | | | $ | 26.10 | | | $ | 23.70 | | | $ | 30.55 | | | $ | 29.87 | | | $ | 24.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.24 | | | | 0.53 | | | | 0.43 | | | | 0.41 | | | | 0.47 | | | | 0.35 | |
Net realized and
unrealized
gain (loss)b | | | (0.63 | ) | | | 3.78 | | | | 2.39 | | | | (6.84 | ) | | | 0.72 | | | | 5.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (0.39 | ) | | | 4.31 | | | | 2.82 | | | | (6.43 | ) | | | 1.19 | | | | 5.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.35 | ) | | | (0.52 | ) | | | (0.42 | ) | | | (0.42 | ) | | | (0.51 | ) | | | (0.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.35 | ) | | | (0.52 | ) | | | (0.42 | ) | | | (0.42 | ) | | | (0.51 | ) | | | (0.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 29.15 | | | $ | 29.89 | | | $ | 26.10 | | | $ | 23.70 | | | $ | 30.55 | | | $ | 29.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | (1.14 | )%c | | | 16.50 | % | | | 11.91 | % | | | (20.51 | )% | | | 3.88 | % | | | 22.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets,
end of period (000s) | | $ | 4,815,957 | | | $ | 5,092,547 | | | $ | 3,447,242 | | | $ | 2,393,638 | | | $ | 2,071,061 | | | $ | 1,323,122 | |
Ratio of expenses
to average net assetsd,e | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.52 | % |
Ratio of net
investment income
to average net assetse | | | 1.79 | % | | | 1.70 | % | | | 1.63 | % | | | 2.00 | % | | | 1.46 | % | | | 1.32 | % |
Portfolio turnover ratef | | | 2 | % | | | 8 | % | | | 6 | % | | | 6 | % | | | 11 | % | | | 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. |
| d | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes. |
| 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.
| | |
| 52 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Chile Investable Market Index Fund | |
| | | Six months
ended Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Period from
Nov. 12, 2007a to Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 67.11 | | | $ | 67.37 | | | $ | 44.61 | | | $ | 44.80 | | | $ | 48.84 | |
| | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.24 | | | | 0.95 | | | | 0.59 | | | | 0.76 | | | | 0.92 | |
Net realized and unrealized gain (loss)c | | | 0.40 | | | | (0.23 | ) | | | 22.86 | | | | (0.42 | ) | | | (4.38 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.64 | | | | 0.72 | | | | 23.45 | | | | 0.34 | | | | (3.46 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.08 | ) | | | (0.98 | ) | | | (0.66 | ) | | | (0.53 | ) | | | (0.58 | ) |
Return of capital | | | — | | | | (0.00 | )d | | | (0.03 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.08 | ) | | | (0.98 | ) | | | (0.69 | ) | | | (0.53 | ) | | | (0.58 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 67.67 | | | $ | 67.11 | | | $ | 67.37 | | | $ | 44.61 | | | $ | 44.80 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | 0.98 | %e | | | 0.93 | % | | | 52.88 | % | | | 0.89 | % | | | (7.15 | )%e |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 707,185 | | | $ | 708,018 | | | $ | 670,350 | | | $ | 263,205 | | | $ | 76,158 | |
Ratio of expenses to average net assetsf | | | 0.60 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income to average net assetsf | | | 0.79 | % | | | 1.30 | % | | | 1.05 | % | | | 1.98 | % | | | 2.38 | % |
Portfolio turnover rateg | | | 31 | % | | | 38 | % | | | 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 | Rounds to less than $0.01. |
| f | Annualized for periods of less than one year. |
| g | 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 29, 2012, the years ended August 31, 2011, August 31, 2010, August 31, 2009 and the period ended August 31, 2008 would have been 11%, 12%, 9%, 14% and 16%, respectively. See Note 4. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Israel Capped Investable Market Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Period from
Mar. 26, 2008a to Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 45.89 | | | $ | 49.41 | | | $ | 46.87 | | | $ | 48.62 | | | $ | 50.33 | |
| | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.54 | | | | 1.39 | | | | 1.40 | | | | 0.98 | | | | 0.21 | |
Net realized and unrealized gain (loss)c | | | (5.18 | ) | | | (3.18 | ) | | | 2.63 | | | | (1.75 | ) | | | (1.92 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | (4.64 | ) | | | (1.79 | ) | | | 4.03 | | | | (0.77 | ) | | | (1.71 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.60 | ) | | | (1.73 | ) | | | (1.49 | ) | | | (0.98 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.60 | ) | | | (1.73 | ) | | | (1.49 | ) | | | (0.98 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 40.65 | | | $ | 45.89 | | | $ | 49.41 | | | $ | 46.87 | | | $ | 48.62 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | (10.12 | )%d | | | (4.26 | )% | | | 8.57 | % | | | (0.63 | )% | | | (3.40 | )%d |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 95,526 | | | $ | 78,018 | | | $ | 128,473 | | | $ | 107,792 | | | $ | 204,201 | |
Ratio of expenses to average net assetse | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.66 | % | | | 0.63 | % |
Ratio of net investment income to average net assetse | | | 2.58 | % | | | 2.49 | % | | | 2.64 | % | | | 2.66 | % | | | 0.93 | % |
Portfolio turnover ratef | | | 11 | % | | | 17 | % | | | 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. |
| 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.
| | |
| 54 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Mexico Investable Market Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | | | Year ended Aug. 31, 2007 | |
Net asset value, beginning of period | | $ | 58.39 | | | $ | 48.17 | | | $ | 42.59 | | | $ | 51.94 | | | $ | 58.35 | | | $ | 41.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.16 | | | | 0.80 | | | | 0.72 | | | | 0.43 | | | | 1.40 | | | | 0.64 | |
Net realized and
unrealized gain (loss)b | | | 1.52 | | | | 10.15 | | | | 5.61 | | | | (9.17 | ) | | | (6.21 | ) | | | 16.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.68 | | | | 10.95 | | | | 6.33 | | | | (8.74 | ) | | | (4.81 | ) | | | 17.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.35 | ) | | | (0.73 | ) | | | (0.75 | ) | | | (0.61 | ) | | | (1.60 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.35 | ) | | | (0.73 | ) | | | (0.75 | ) | | | (0.61 | ) | | | (1.60 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 59.72 | | | $ | 58.39 | | | $ | 48.17 | | | $ | 42.59 | | | $ | 51.94 | | | $ | 58.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 2.94 | %c | | | 22.67 | % | | | 14.83 | % | | | (16.50 | )% | | | (8.44 | )% | | | 42.58 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets,
end of period (000s) | | $ | 1,331,792 | | | $ | 1,243,731 | | | $ | 1,450,039 | | | $ | 694,278 | | | $ | 955,684 | | | $ | 1,382,810 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % | | | 0.51 | % |
Ratio of net investment
income to average
net assetsd | | | 0.58 | % | | | 1.35 | % | | | 1.46 | % | | | 1.25 | % | | | 2.42 | % | | | 1.19 | % |
Portfolio turnover ratee | | | 5 | % | | | 5 | % | | | 11 | % | | | 13 | % | | | 13 | % | | | 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. |
| 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 (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI South Africa Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended Aug. 31, 2008a | | | Year ended Aug. 31, 2007a | |
Net asset value, beginning of period | | $ | 69.06 | | | $ | 58.74 | | | $ | 51.99 | | | $ | 55.80 | | | $ | 62.26 | | | $ | 48.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.89 | | | | 1.65 | | | | 1.18 | | | | 1.94 | | | | 2.28 | | | | 1.50 | |
Net realized and unrealized gain (loss)c | | | 2.04 | | | | 11.08 | | | | 6.92 | | | | (3.84 | ) | | | (6.02 | ) | | | 13.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.93 | | | | 12.73 | | | | 8.10 | | | | (1.90 | ) | | | (3.74 | ) | | | 14.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (1.07 | ) | | | (2.41 | ) | | | (1.35 | ) | | | (1.91 | ) | | | (2.72 | ) | | | (1.26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.07 | ) | | | (2.41 | ) | | | (1.35 | ) | | | (1.91 | ) | | | (2.72 | ) | | | (1.26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 70.92 | | | $ | 69.06 | | | $ | 58.74 | | | $ | 51.99 | | | $ | 55.80 | | | $ | 62.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 4.55 | %d | | | 21.58 | % | | | 15.80 | % | | | (2.23 | )% | | | (6.18 | )% | | | 30.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 595,749 | | | $ | 504,102 | | | $ | 505,191 | | | $ | 488,728 | | | $ | 429,655 | | | $ | 466,940 | |
Ratio of expenses to average net assetse | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.66 | % | | | 0.63 | % | | | 0.68 | % |
Ratio of net investment
income to average net assetse | | | 2.83 | % | | | 2.38 | % | | | 2.09 | % | | | 4.81 | % | | | 3.61 | % | | | 2.58 | % |
Portfolio turnover ratef | | | 2 | % | | | 4 | % | | | 5 | % | | | 16 | % | | | 21 | % | | | 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. |
| 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.
| | |
| 56 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Turkey Investable Market Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Period from
Mar. 26, 2008a to Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 47.73 | | | $ | 60.81 | | | $ | 48.01 | | | $ | 52.42 | | | $ | 50.30 | |
| | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)b | | | (0.09 | ) | | | 0.84 | | | | 1.00 | | | | 0.78 | | | | 0.83 | |
Net realized and unrealized gain (loss)c | | | 4.85 | | | | (12.59 | ) | | | 13.02 | | | | (4.22 | ) | | | 1.29 | |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.76 | | | | (11.75 | ) | | | 14.02 | | | | (3.44 | ) | | | 2.12 | |
| | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.15 | ) | | | (1.33 | ) | | | (1.22 | ) | | | (0.97 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.15 | ) | | | (1.33 | ) | | | (1.22 | ) | | | (0.97 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 52.34 | | | $ | 47.73 | | | $ | 60.81 | | | $ | 48.01 | | | $ | 52.42 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | 10.04 | %d | | | (19.74 | )% | | | 29.55 | % | | | (5.56 | )% | | | 4.22 | %d |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 437,033 | | | $ | 448,677 | | | $ | 601,988 | | | $ | 242,435 | | | $ | 152,021 | |
Ratio of expenses to average net assetse | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income (loss) to average net assetse | | | (0.40 | )% | | | 1.30 | % | | | 1.81 | % | | | 2.39 | % | | | 3.78 | % |
Portfolio turnover ratef | | | 3 | % | | | 12 | % | | | 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. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | |
| |
| | | iShares MSCI USA Index Fund | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Year ended Aug. 31, 2011 | | | Period from
May 5, 2010a to Aug. 31, 2010 | |
Net asset value, beginning of period | | $ | 26.17 | | | $ | 22.44 | | | $ | 24.83 | |
| | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | |
Net investment incomeb | | | 0.28 | | | | 0.51 | | | | 0.17 | |
Net realized and unrealized gain (loss)c | | | 3.16 | | | | 3.73 | | | | (2.49 | ) |
| | | | | | | | | | | | |
Total from investment operations | | | 3.44 | | | | 4.24 | | | | (2.32 | ) |
| | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | |
Net investment income | | | (0.12 | ) | | | (0.51 | ) | | | (0.07 | ) |
| | | | | | | | | | | | |
Total distributions | | | (0.12 | ) | | | (0.51 | ) | | | (0.07 | ) |
| | | | | | | | | | | | |
Net asset value, end of period | | $ | 29.49 | | | $ | 26.17 | | | $ | 22.44 | |
| | | | | | | | | | | | |
| | | |
Total return | | | 13.22 | %d | | | 18.89 | % | | | (9.37 | )%d |
| | | | | | | | | | | | |
| | | |
Ratios/Supplemental data: | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 128,278 | | | $ | 5,233 | | | $ | 2,244 | |
Ratio of expenses to average net assetse | | | 0.15 | % | | | 0.15 | % | | | 0.15 | % |
Ratio of net investment income to average net assetse | | | 2.03 | % | | | 1.90 | % | | | 2.21 | % |
Portfolio turnover ratef | | | 2 | % | | | 8 | % | | | 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. |
| 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.
| | |
| 58 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 following funds (each, a “Fund,” and collectively, the “Funds”):
| | |
| iShares MSCI Index Fund | | Diversification
Classification |
Brazil | | Non-diversified |
Canada | | Diversified |
Chile Investable Market | | Non-diversified |
Israel Capped Investable Market | | Non-diversified |
| | |
| iShares MSCI Index Fund | | Diversification
Classification |
Mexico Investable Market | | Non-diversified |
South Africa | | Non-diversified |
Turkey Investable Market | | Non-diversified |
USA | | Non-diversified |
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 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 try to achieve each Fund’s investment objective.
Certain Funds may invest in 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 Funds; 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 Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 59 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY VALUATION
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The securities and other assets of each Fund are valued at fair value pursuant to the policies and procedures approved by the Board of Directors of the Company (the “Board”).
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors in accordance with policies approved by the Board. Such valuations are reported to the Board.
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.
Various inputs are used in determining the fair value of investments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an investment 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 three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Funds’ assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for an investment 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.
| | |
| 60 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 29, 2012. The breakdown of each Fund’s investments into major categories is disclosed in its respective Schedule of Investments.
| | | | | | | | | | | | | | | | |
| | | Investments | |
iShares MSCI Index Fund and Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Brazil | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 4,869,980,850 | | | $ | — | | | $ | — | | | $ | 4,869,980,850 | |
Preferred Stocks | | | 5,638,054,999 | | | | — | | | | — | | | | 5,638,054,999 | |
Rights | | | 34,227 | | | | — | | | | — | | | | 34,227 | |
Short-Term Investments | | | 479,511 | | | | — | | | | — | | | | 479,511 | |
| | | | | | | | | | | | | | | | |
| | $ | 10,508,549,587 | | | $ | — | | | $ | — | | | $ | 10,508,549,587 | |
| | | | | | | | | | | | | | | | |
Canada | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 4,808,542,698 | | | $ | — | | | $ | 99 | | | $ | 4,808,542,797 | |
Short-Term Investments | | | 44,682,264 | | | | — | | | | — | | | | 44,682,264 | |
| | | | | | | | | | | | | | | | |
| | $ | 4,853,224,962 | | | $ | — | | | $ | 99 | | | $ | 4,853,225,061 | |
| | | | | | | | | | | | | | | | |
Chile Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 652,073,107 | | | $ | — | | | $ | — | | | $ | 652,073,107 | |
Preferred Stocks | | | 54,721,739 | | | | — | | | | — | | | | 54,721,739 | |
Short-Term Investments | | | 629,248 | | | | — | | | | — | | | | 629,248 | |
| | | | | | | | | | | | | | | | |
| | $ | 707,424,094 | | | $ | — | | | $ | — | | | $ | 707,424,094 | |
| | | | | | | | | | | | | | | | |
Israel Capped Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 95,335,081 | | | $ | — | | | $ | — | | | $ | 95,335,081 | |
Short-Term Investments | | | 8,250,696 | | | | — | | | | — | | | | 8,250,696 | |
| | | | | | | | | | | | | | | | |
| | $ | 103,585,777 | | | $ | — | | | $ | — | | | $ | 103,585,777 | |
| | | | | | | | | | | | | | | | |
Mexico Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,329,954,076 | | | $ | — | | | $ | — | | | $ | 1,329,954,076 | |
Short-Term Investments | | | 26,159,126 | | | | — | | | | — | | | | 26,159,126 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,356,113,202 | | | $ | — | | | $ | — | | | $ | 1,356,113,202 | |
| | | | | | | | | | | | | | | | |
South Africa | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 595,133,259 | | | $ | — | | | $ | — | | | $ | 595,133,259 | |
Short-Term Investments | | | 7,712,153 | | | | — | | | | — | | | | 7,712,153 | |
| | | | | | | | | | | | | | | | |
| | $ | 602,845,412 | | | $ | — | | | $ | — | | | $ | 602,845,412 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 61 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | Investments | |
iShares MSCI Index Fund and
Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Turkey Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 436,608,743 | | | $ | — | | | $ | — | | | $ | 436,608,743 | |
Short-Term Investments | | | 42,823,808 | | | | — | | | | — | | | | 42,823,808 | |
| | | | | | | | | | | | | | | | |
| | $ | 479,432,551 | | | $ | — | | | $ | — | | | $ | 479,432,551 | |
| | | | | | | | | | | | | | | | |
USA | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 127,967,668 | | | $ | — | | | $ | — | | | $ | 127,967,668 | |
Short-Term Investments | | | 2,196,863 | | | | — | | | | — | | | | 2,196,863 | |
| | | | | | | | | | | | | | | | |
| | $ | 130,164,531 | | | $ | — | | | $ | — | | | $ | 130,164,531 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
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. Any taxes withheld that are reclaimable from foreign tax authorities as of February 29, 2012 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of February 29, 2012, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
| | |
| 62 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
FEDERAL INCOME TAXES
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
RECENT ACCOUNTING STANDARD
In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.
| 2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the 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 substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each of 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 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 |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 63 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For its investment advisory services to each of 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 the Fund 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 |
For its investment advisory services to the iShares MSCI USA Index Fund, BFA is entitled to an annual investment advisory fee of 0.15% based on 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. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, and any fees or other payments to and from borrowers of securities. Each Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. As securities lending agent, BTC is responsible for all transaction fees and all other operational costs relating to securities lending activities, other than extraordinary expenses. BTC is also responsible for fees and expenses incurred by each Fund as a result of the investment of cash collateral received for securities on loan in a money market fund managed by BFA or an affiliate.
For the six months ended February 29, 2012, BTC earned securities lending agent fees from the Funds as follows:
| | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees |
Brazil | | $ 42 |
Canada | | 60,689 |
Israel Capped Investable Market | | 14,518 |
Mexico Investable Market | | 174,074 |
South Africa | | 22,062 |
Turkey Investable Market | | 231,765 |
USA | | 1,723 |
At the Special Board of Directors meeting held on January 5, 2012, the Board approved a new distribution agreement with BlackRock Investments, LLC (“BRIL”). BRIL is an affiliate of BFA. Effective April 1, 2012, BRIL will replace SEI Investments Distribution Co. as the distributor for each Fund. Pursuant to the new distribution agreement, BFA will be responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the Statements of Operations.
| | |
| 64 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The PNC Financial Services Group, Inc. (“PNC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but Barclays is not.
Investments in issuers considered to be affiliates of the Funds (excluding short-term investments) during the six months ended February 29, 2012, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares Index Fund and
Name of Affiliated Issuer | | Shares Held
at Beginning
of Period | | | Shares
Purchased | | | Shares
Sold | | | Shares Held
at End
of Period | | | Value at
End
of Period | | | Dividend
Income | | | Net
Realized
Gain (Loss) | |
MSCI USA | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BlackRock Inc. | | | 42 | | | | 1,176 | | | | (179 | ) | | | 1,039 | | | $ | 206,761 | | | $ | 1,330 | | | $ | 2,056 | |
PNC Financial Services Group Inc. (The) | | | 236 | | | | 5,913 | | | | (897 | ) | | | 5,252 | | | | 312,599 | | | | 2,022 | | | | 5,041 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 519,360 | | | $ | 3,352 | | | $ | 7,097 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
Brazil | | $ | 224,151,924 | | | $ | 1,443,155,572 | |
Canada | | | 89,698,796 | | | | 109,874,579 | |
Chile Investable Market | | | 196,136,203 | | | | 179,851,508 | |
Israel Capped Investable Market | | | 9,718,778 | | | | 9,481,839 | |
Mexico Investable Market | | | 54,202,684 | | | | 59,068,699 | |
South Africa | | | 9,471,586 | | | | 10,295,203 | |
Turkey Investable Market | | | 14,664,976 | | | | 18,237,736 | |
USA | | | 1,978,970 | | | | 1,438,236 | |
In-kind transactions (see Note 4) for the six months ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind Sales | |
Canada | | $ | 549,212,050 | | | $ | 682,881,894 | |
Israel Capped Investable Market | | | 37,785,667 | | | | 10,564,448 | |
Mexico Investable Market | | | 559,945,426 | | | | 500,581,610 | |
South Africa | | | 131,322,497 | | | | 61,877,815 | |
Turkey Investable Market | | | 31,778,298 | | | | 76,317,674 | |
USA | | | 131,322,120 | | | | 21,137,757 | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 65 | |
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 in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index, and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash 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.
| 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. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.
As of February 29, 2012, any securities on loan 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 29, 2012 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of fees and other payments to and from borrowers, and less the fees paid to BTC as securities lending agent.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
| | |
| 66 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The Funds had tax basis net capital loss carryforwards as of August 31, 2011, the tax year-end of the Funds, as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Expiring
2012 | | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
Brazil | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 198,226,310 | | | $ | — | | | $ | 198,226,310 | |
Canada | | | — | | | | 2,931,648 | | | | — | | | | 5,363,291 | | | | 5,107,471 | | | | 27,886,883 | | | | 68,928,677 | | | | 14,903,919 | | | | 125,121,889 | |
Chile Investable Market | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,886,881 | | | | 11,712,090 | | | | 976,991 | | | | 14,575,962 | |
Israel Capped Investable Market | | | — | | | | — | | | | — | | | | — | | | | — | | | | 784,479 | | | | 10,801,191 | | | | 7,130,249 | | | | 18,715,919 | |
Mexico Investable Market | | | 3,136,171 | | | | 12,912 | | | | 632,766 | | | | — | | | | 853,150 | | | | 8,973,988 | | | | 2,789,471 | | | | 22,863,665 | | | | 39,262,123 | |
South Africa | | | 527,613 | | | | — | | | | 260,738 | | | | 1,607,845 | | | | 972,024 | | | | 15,339,464 | | | | 14,856,365 | | | | 6,137,142 | | | | 39,701,191 | |
Turkey Investable Market | | | — | | | | — | | | | — | | | | — | | | | — | | | | 720,636 | | | | 5,982,737 | | | | 3,859,184 | | | | 10,562,557 | |
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. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by funds for taxable years beginning after December 22, 2010 are not subject to expiration and must be utilized prior to the losses incurred in the tax years preceding enactment.
The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 29, 2012, 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 | | $ | 7,093,794,348 | | | $ | 4,298,777,470 | | | $ | (884,022,231 | ) | | $ | 3,414,755,239 | |
Canada | | | 5,163,306,147 | | | | 330,019,945 | | | | (640,101,031 | ) | | | (310,081,086 | ) |
Chile Investable Market | | | 535,081,919 | | | | 205,907,029 | | | | (33,564,854 | ) | | | 172,342,175 | |
Israel Capped Investable Market | | | 136,826,534 | | | | 921,359 | | | | (34,162,116 | ) | | | (33,240,757 | ) |
Mexico Investable Market | | | 1,455,498,264 | | | | 70,628,285 | | | | (170,013,347 | ) | | | (99,385,062 | ) |
South Africa | | | 585,091,868 | | | | 73,535,443 | | | | (55,781,899 | ) | | | 17,753,544 | |
Turkey Investable Market | | | 590,310,920 | | | | 10,285,360 | | | | (121,163,729 | ) | | | (110,878,369 | ) |
USA | | | 119,679,261 | | | | 11,300,772 | | | | (815,502 | ) | | | 10,485,270 | |
Management has reviewed the tax positions as of February 29, 2012, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 67 | |
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 | |
| iShares MSCI Index Fund | | 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 | |
Canada | | $ | 0.24965 | | | $ | — | | | $ | 0.10364 | | | $ | 0.35329 | | | | 71 | % | | | — | % | | | 29 | % | | | 100 | % |
Mexico Investable Market | | | 0.24375 | | | | — | | | | 0.10293 | | | | 0.34668 | | | | 70 | | | | — | | | | 30 | | | | 100 | |
Turkey Investable Market | | | 0.07191 | | | | — | | | | 0.07462 | | | | 0.14653 | | | | 49 | | | | — | | | | 51 | | | | 100 | |
USA | | | 0.08495 | | | | — | | | | 0.03592 | | | | 0.12087 | | | | 70 | | | | — | | | | 30 | | | | 100 | |
| | |
| 68 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes:
Notes:
| | |
| 70 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com
or call 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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. BlackRock is not 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 daily and monthly basis on the Funds’ website.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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iS-SAR-84-0212
| | |
 | | February 29, 2012 |
2012 Semi-Annual Report
iShares, Inc.
iShares MSCI Emerging Markets Index Fund | EEM | NYSE Arca
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.99)% | | (1.35)% | | (0.11)% | | 5.51% | | 5.31% | | 6.21% | | 18.43% | | 18.38% | | 18.81% |
|
| Cumulative Total Returns |
| Year Ended 2/29/12 | | Five Years Ended 2/29/12 | | Inception to 2/29/12 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.99)% | | (1.35)% | | (0.11)% | | 30.73% | | 29.53% | | 35.13% | | 350.66% | | 348.81% | | 363.55% |
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.
The iShares MSCI Emerging Markets Index Fund (the “Fund”) seeks 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 29, 2012, the total return for the Fund was 5.12%, net of fees, while the total return for the Index was 5.27%.
| | | | |
FUND PERFORMANCE OVERVIEW | | | 5 | |
Fund Performance Overview (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector/Investment Type | | Percentage of
Net Assets |
| | | | |
Financial | | | 23.84 | % |
Energy | | | 13.84 | |
Basic Materials | | | 12.72 | |
Communications | | | 10.20 | |
Technology | | | 9.17 | |
Consumer Cyclical | | | 8.67 | |
Consumer Non-Cyclical | | | 7.89 | |
Industrial | | | 7.45 | |
Utilities | | | 3.59 | |
Diversified | | | 2.39 | |
Short-Term and Other Net Assets | | | 0.24 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Samsung Electronics Co. Ltd. (South Korea) | | | 3.20 | % |
Gazprom OAO (Russia) | | | 1.84 | |
China Mobile Ltd. (China) | | | 1.69 | |
Petroleo Brasileiro SA Preferred (Brazil) | | | 1.57 | |
Taiwan Semiconductor Manufacturing Co.
Ltd. (Taiwan) | | | 1.36 | |
Vale SA Class A Preferred (Brazil) | | | 1.33 | |
America Movil SAB de CV Series L (Mexico) | | | 1.28 | |
China Construction Bank Corp. Class H (China) | | | 1.26 | |
Itau Unibanco Holding SA Preferred (Brazil) | | | 1.25 | |
Industrial and Commercial Bank of China Ltd.
Class H (China) | | | 1.18 | |
| | | | |
TOTAL | | | 15.96 | % |
| | | | |
| | |
| 6 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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, 2011 to February 29, 2012.
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
(9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a (9/1/11 to 2/29/12) | |
Actual | | $ | 1,000.00 | | | $ | 1,051.20 | | | | 0.68 | % | | $ | 3.47 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.68 | | | | 3.42 | |
| 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 (182 days) and divided by the number of days in the year (366 days). | |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 90.82% | |
| |
BRAZIL — 7.04% | | | | | |
ALL — America Latina Logistica SA | | | 4,767,100 | | | $ | 27,626,912 | |
Amil Participacoes SA | | | 1,436,400 | | | | 16,565,158 | |
Anhanguera Educacional Participacoes SA | | | 1,234,800 | | | | 16,232,417 | |
Banco do Brasil SA | | | 6,563,774 | | | | 105,707,002 | |
Banco Santander (Brasil) SA Units | | | 7,823,980 | | | | 84,077,367 | |
BM&F Bovespa SA | | | 20,998,900 | | | | 140,530,818 | |
BR Malls Participacoes SA | | | 4,365,900 | | | | 55,969,165 | |
BRF — Brasil Foods SA | | | 6,904,185 | | | | 144,364,984 | |
Brookfield Incorporacoes SA | | | 1,949,799 | | | | 7,381,731 | |
CCR SA | | | 9,591,100 | | | | 76,643,888 | |
Centrais Eletricas Brasileiras SA | | | 2,783,237 | | | | 30,281,826 | |
CETIP SA — Mercados Organizados | | | 2,082,238 | | | | 38,809,259 | |
Cielo SA | | | 2,694,360 | | | | 96,356,051 | |
Companhia de Saneamento Basico do Estado de Sao Paulo | | | 1,431,808 | | | | 54,081,629 | |
Companhia Hering SA | | | 1,415,100 | | | | 38,070,632 | |
Companhia Siderurgica
Nacional SA | | | 7,700,128 | | | | 78,530,631 | |
Cosan SA Industria e Comercio | | | 1,306,100 | | | | 23,392,495 | |
CPFL Energia SA | | | 2,256,836 | | | | 36,371,747 | |
CPFL Energia SA SP ADR | | | 23,301 | | | | 755,185 | |
Cyrela Brazil Realty SA | | | 3,418,900 | | | | 34,489,690 | |
Diagnosticos da America SA | | | 2,515,300 | | | | 23,440,387 | |
Duratex SA | | | 3,346,880 | | | | 18,733,483 | |
EcoRodovias Infraestrutura e Logistica SA | | | 1,992,600 | | | | 16,074,035 | |
EDP Energias do Brasil SA | | | 950,000 | | | | 23,239,560 | |
Embraer SA | | | 5,895,400 | | | | 43,951,960 | |
Fibria Celulose SA | | | 2,411,961 | | | | 21,845,182 | |
HRT Participacoes em Petroleo SAa | | | 50,900 | | | | 20,218,883 | |
Hypermarcas SA | | | 3,013,600 | | | | 19,623,768 | |
JBS SAa | | | 6,076,665 | | | | 25,837,064 | |
Light SA | | | 756,400 | | | | 11,983,272 | |
Localiza Rent A Car SA | | | 1,193,500 | | | | 22,050,102 | |
Lojas Renner SA | | | 1,307,700 | | | | 49,797,557 | |
MMX Mineracao e Metalicos SAa | | | 3,000,300 | | | | 16,845,997 | |
MRV Engenharia
e Participacoes SA | | | 3,049,200 | | | | 24,597,484 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Multiplan Empreendimentos Imobiliarios SA | | | 659,000 | | | $ | 14,969,422 | |
Natura Cosmeticos SA | | | 1,877,700 | | | | 44,282,179 | |
Odontoprev SA | | | 1,138,600 | | | | 19,828,843 | |
OGX Petroleo e Gas
Participacoes SAa | | | 14,190,600 | | | | 140,509,173 | |
PDG Realty SA Empreendimentos
e Participacoes | | | 11,951,800 | | | | 51,095,703 | |
Petroleo Brasileiro SA | | | 32,182,374 | | | | 481,732,781 | |
Porto Seguro SA | | | 924,900 | | | | 11,582,125 | |
Raia Drogasil SA | | | 839,300 | | | | 8,173,508 | |
Redecard SA | | | 3,566,100 | | | | 74,150,952 | |
Rossi Residencial SA | | | 1,612,500 | | | | 9,664,293 | |
Souza Cruz SA | | | 4,021,100 | | | | 60,214,620 | |
SulAmerica SA Units | | | 1,191,600 | | | | 13,117,386 | |
Tele Norte Leste Participacoes SA | | | 596,600 | | | | 8,044,318 | |
Tim Participacoes SA | | | 9,220,576 | | | | 55,799,280 | |
Totvs SA | | | 1,178,600 | | | | 21,884,657 | |
Tractebel Energia SA | | | 1,476,200 | | | | 26,120,890 | |
Ultrapar Participacoes SA | | | 3,419,000 | | | | 77,643,899 | |
Usinas Siderurgicas de
Minas Gerais SA | | | 1,904,800 | | | | 17,085,398 | |
Vale SA | | | 12,183,848 | | | | 309,049,205 | |
| | | | | | | | |
| | | | | | | 2,889,425,953 | |
| |
CHILE — 1.71% | | | | | |
AES Gener SA | | | 9,067,495 | | | | 5,517,720 | |
Banco de Chile | | | 214,324,500 | | | | 34,308,065 | |
Banco de Credito e Inversiones | | | 196,402 | | | | 12,957,025 | |
Banco Santander (Chile) SA
SP ADR | | | 1,339,152 | | | | 108,484,703 | |
CAP SA | | | 377,749 | | | | 16,294,032 | |
Cencosud SA | | | 7,511,357 | | | | 48,926,770 | |
Colbun SA | | | 24,306,266 | | | | 7,129,635 | |
Compania Cervecerias Unidas SA | | | 272,514 | | | | 3,940,590 | |
CorpBanca SA | | | 955,633,369 | | | | 13,521,642 | |
Empresa Electrica Del Norte Grande SA | | | 6,021,485 | | | | 17,022,444 | |
Empresa Nacional de
Electricidad SA | | | 20,394,269 | | | | 36,096,875 | |
Empresa Nacional de Electricidad SA SP ADR | | | 248,757 | | | | 13,144,320 | |
| | |
| 8 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Empresa Nacional de Telecomunicaciones SA | | | 664,658 | | | $ | 13,363,812 | |
Empresas CMPC SA | | | 6,110,158 | | | | 26,975,983 | |
Empresas Copec SA | | | 2,517,189 | | | | 43,203,054 | |
Enersis SA SP ADR | | | 5,471,730 | | | | 110,583,663 | |
LAN Airlines SA SP ADRb | | | 2,703,410 | | | | 72,721,729 | |
S.A.C.I. Falabella SA | | | 2,123,671 | | | | 21,233,155 | |
Sociedad Quimica y Minera de Chile SA Series B SP ADRb | | | 1,601,444 | | | | 94,773,456 | |
Vina Concha y Toro SA | | | 833,213 | | | | 1,847,400 | |
| | | | | | | | |
| | | | | | | 702,046,073 | |
CHINA — 17.79% | | | | | | | | |
Agile Property Holdings Ltd.b | | | 22,838,000 | | | | 30,801,279 | |
Agricultural Bank of China Ltd. Class H | | | 193,043,000 | | | | 96,077,205 | |
Air China Ltd. Class H | | | 23,298,000 | | | | 17,603,347 | |
Alibaba.com Ltd.a,b | | | 13,855,500 | | | | 23,617,431 | |
Aluminum Corp. of China Ltd. Class Hb | | | 35,534,000 | | | | 19,655,332 | |
Angang Steel Co. Ltd.
Class Hb | | | 19,567,320 | | | | 15,238,678 | |
Anhui Conch Cement Co. Ltd. Class Hb | | | 13,980,000 | | | | 48,668,721 | |
Anta Sports Products Ltd.b | | | 9,275,402 | | | | 10,309,059 | |
AviChina Industry & Technology Co. Ltd. Class Hb | | | 19,284,000 | | | | 9,920,853 | |
Bank of China Ltd. Class H | | | 716,953,000 | | | | 312,454,213 | |
Bank of Communications Co. Ltd. Class H | | | 80,808,600 | | | | 66,787,411 | |
BBMG Corp. Class Hb | | | 10,894,500 | | | | 11,518,612 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 28,234,000 | | | | 14,088,423 | |
Beijing Enterprises Holdings Ltd. | | | 6,330,500 | | | | 40,240,552 | |
Belle International Holdings Ltd.b | | | 41,335,000 | | | | 68,325,838 | |
Bosideng International
Holdings Ltd. | | | 21,474,000 | | | | 6,700,502 | |
Brilliance China Automotive Holdings Ltd.a,b | | | 22,596,000 | | | | 26,308,635 | |
BYD Co. Ltd. Class Ha,b | | | 3,617,000 | | | | 11,892,350 | |
China Agri-Industries Holdings Ltd.b | | | 23,631,000 | | | | 17,824,484 | |
China BlueChemical Ltd. Class H | | | 6,686,000 | | | | 5,258,661 | |
China CITIC Bank Corp. Ltd.
Class H | | | 68,300,800 | | | | 44,913,300 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Coal Energy Co. Class H | | | 41,589,000 | | | $ | 53,355,667 | |
China Communications Construction Co. Ltd. Class H | | | 48,201,000 | | | | 49,346,408 | |
China Communications Services Corp. Ltd. Class H | | | 3,024,000 | | | | 1,555,728 | |
China Construction Bank Corp.
Class H | | | 616,853,760 | | | | 518,571,698 | |
China COSCO Holdings Co. Ltd.
Class Hb | | | 26,858,500 | | | | 17,557,744 | |
China Dongxiang (Group) Co. Ltd.b | | | 31,340,000 | | | | 5,980,530 | |
China Everbright Ltd.b | | | 21,312,000 | | | | 40,394,342 | |
China Gas Holdings Ltd. | | | 35,046,000 | | | | 16,854,904 | |
China International Marine Containers (Group) Co. Ltd. Class B | | | 119,800 | | | | 171,458 | |
China Life Insurance Co. Ltd.
Class H | | | 81,380,000 | | | | 253,928,852 | |
China Longyuan Power Group Corp. Ltd. Class H | | | 14,584,000 | | | | 12,617,641 | |
China Mengniu Dairy Co. Ltd. | | | 14,442,000 | | | | 40,966,515 | |
China Merchants Bank Co. Ltd.
Class H | | | 41,732,042 | | | | 95,778,633 | |
China Merchants Holdings (International) Co. Ltd. | | | 11,928,000 | | | | 41,294,377 | |
China Minsheng Banking Corp. Ltd. Class Hb | | | 25,822,700 | | | | 25,137,819 | |
China Mobile Ltd. | | | 64,888,000 | | | | 693,163,841 | |
China Molybdenum Co. Ltd.
Class Ha | | | 13,339,000 | | | | 6,810,789 | |
China National Building Material Co. Ltd. Class Hb | | | 35,432,000 | | | | 51,258,692 | |
China Oilfield Services Ltd. Class H | | | 12,382,000 | | | | 21,776,304 | |
China Overseas Land &
Investment Ltd.b | | | 46,732,960 | | | | 97,976,705 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 12,557,400 | | | | 45,254,372 | |
China Petroleum & Chemical Corp. Class H | | | 178,446,000 | | | | 204,544,392 | |
China Railway Construction Corp. Ltd. Class H | | | 19,826,000 | | | | 15,593,512 | |
China Railway Group Ltd. Class H | | | 37,835,000 | | | | 15,366,795 | |
China Resources Cement
Holdings Ltd.b | | | 23,974,000 | | | | 20,185,183 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 9 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Resources Enterprise Ltd. | | | 17,088,000 | | | $ | 64,005,364 | |
China Resources Gas Group Ltd.b | | | 6,250,000 | | | | 9,670,307 | |
China Resources Land Ltd.b | | | 28,962,000 | | | | 55,416,801 | |
China Resources Power Holdings Co. Ltd. | | | 20,798,999 | | | | 40,923,801 | |
China Rongsheng Heavy Industries Group Holdings Ltd.b | | | 18,030,000 | | | | 6,532,524 | |
China Shanshui Cement Group Ltd. | | | 19,875,000 | | | | 18,502,198 | |
China Shenhua Energy Co. Ltd. Class H | | | 35,991,500 | | | | 166,367,352 | |
China Shipping Container Lines Co. Ltd. Class Ha,b | | | 60,186,000 | | | | 20,642,206 | |
China Shipping Development Co. Ltd. Class H | | | 21,192,000 | | | | 15,875,488 | |
China Southern Airlines Co. Ltd. Class Ha,b | | | 12,584,000 | | | | 6,327,939 | |
China State Construction International Holdings Ltd.b | | | 15,186,000 | | | | 13,882,530 | |
China Taiping Insurance Holdings Co. Ltd.a,b | | | 5,948,800 | | | | 13,898,456 | |
China Telecom Corp. Ltd. Class H | | | 136,920,000 | | | | 83,680,493 | |
China Unicom (Hong Kong) Ltd. | | | 62,348,000 | | | | 112,545,870 | |
China Vanke Co. Ltd. Class B | | | 739,119 | | | | 953,001 | |
China Yurun Food Group Ltd.b | | | 15,325,000 | | | | 23,276,880 | |
China ZhengTong Auto Services Holdings Ltd.a,b | | | 9,457,500 | | | | 11,633,321 | |
China Zhongwang Holdings Ltd.b | | | 1,129,600 | | | | 496,659 | |
Chongqing Rural Commercial Bank Co. Ltd. Class Ha | | | 24,303,000 | | | | 15,009,782 | |
CITIC Pacific Ltd.b | | | 17,391,000 | | | | 32,738,322 | |
CNOOC Ltd. | | | 196,096,000 | | | | 450,057,222 | |
COSCO Pacific Ltd. | | | 13,428,000 | | | | 20,360,932 | |
Country Garden Holdings Co. Ltd.b | | | 31,224,000 | | | | 14,131,057 | |
CSG Holding Co. Ltd. Class B | | | 2,702,800 | | | | 2,362,776 | |
CSR Corp Ltd. Class Hb | | | 15,690,000 | | | | 12,320,242 | |
Dah Chong Hong Holdings Ltd.b | | | 8,771,000 | | | | 12,417,394 | |
Daphne International
Holdings Ltd.b | | | 9,582,000 | | | | 12,045,915 | |
Datang International Power Generation Co. Ltd. Class H | | | 28,230,000 | | | | 10,264,528 | |
Dongfang Electric Corp. Ltd.
Class Hb | | | 7,025,200 | | | | 19,022,035 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Dongfeng Motor Group Co. Ltd. Class H | | | 27,452,000 | | | $ | 53,872,563 | |
Dongyue Group Ltd.b | | | 6,015,000 | | | | 6,181,202 | |
ENN Energy Holdings Ltd. | | | 8,664,000 | | | | 29,771,085 | |
Evergrande Real Estate Group Ltd.b | | | 64,563,388 | | | | 41,040,461 | |
Far East Horizon Ltd.a | | | 12,085,000 | | | | 10,533,492 | |
Fosun International Ltd.b | | | 12,998,000 | | | | 8,094,735 | |
Franshion Properties (China) Ltd.b | | | 24,172,000 | | | | 6,451,518 | |
GCL-Poly Energy Holdings Ltd.b | | | 88,214,000 | | | | 30,368,810 | |
Geely Automobile Holdings Ltd.b | | | 33,150,000 | | | | 14,746,251 | |
Golden Eagle Retail Group Ltd.b | | | 6,559,000 | | | | 16,203,623 | |
GOME Electrical Appliances Holdings Ltd.b | | | 99,895,200 | | | | 30,526,145 | |
Great Wall Motor Co. Ltd. Class Hb | | | 10,519,500 | | | | 21,186,300 | |
Guangdong Investment Ltd. | | | 30,690,110 | | | | 20,181,229 | |
Guangzhou Automobile Group Co. Ltd. Class Hb | | | 27,026,742 | | | | 31,885,541 | |
Guangzhou R&F Properties Co. Ltd. Class Hb | | | 16,776,400 | | | | 22,150,204 | |
Haier Electronics Group Co. Ltd.a | | | 8,760,000 | | | | 10,956,071 | |
Hengan International Group
Co. Ltd.b | | | 7,584,000 | | | | 68,890,339 | |
Hengdeli Holdings Ltd.b | | | 20,411,329 | | | | 8,816,477 | |
Huabao International
Holdings Ltd.b | | | 15,237,000 | | | | 10,805,408 | |
Huaneng Power International Inc. Class H | | | 41,132,000 | | | | 26,358,168 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 660,834,085 | | | | 484,823,542 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 3,677,132 | | | | 20,772,119 | |
Intime Department Store Group Co. Ltd. | | | 10,299,000 | | | | 12,814,491 | |
Jiangsu Expressway Co. Ltd.
Class H | | | 10,476,000 | | | | 11,008,600 | |
Jiangxi Copper Co. Ltd. Class H | | | 17,447,000 | | | | 48,028,347 | |
Kingboard Chemical Holdings
Co. Ltd. | | | 4,573,000 | | | | 16,981,369 | |
Kunlun Energy Co. Ltd.b | | | 28,250,000 | | | | 47,643,669 | |
Lee & Man Paper
Manufacturing Ltd.b | | | 9,992,000 | | | | 5,307,972 | |
Lenovo Group Ltd.b | | | 66,708,000 | | | | 59,089,955 | |
Longfor Properties Co. Ltd.b | | | 18,581,500 | | | | 26,977,280 | |
| | |
| 10 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Lonking Holdings Ltd.b | | | 18,427,000 | | | $ | 7,484,179 | |
Metallurgical Corp. of China Ltd. Class H | | | 3,616,000 | | | | 993,086 | |
Minmetals Resources Ltd.a | | | 17,056,000 | | | | 9,786,248 | |
Nine Dragons Paper (Holdings) Ltd. | | | 19,386,000 | | | | 17,522,062 | |
Parkson Retail Group Ltd.b | | | 9,261,000 | | | | 11,009,505 | |
PetroChina Co. Ltd. Class H | | | 226,162,000 | | | | 342,347,161 | |
PICC Property and Casualty Co. Ltd. Class H | | | 31,783,200 | | | | 44,832,602 | |
Ping An Insurance (Group) Co. of China Ltd. Class H | | | 19,161,000 | | | | 167,628,177 | |
Poly (Hong Kong) Investments Ltd.b | | | 27,597,458 | | | | 17,613,809 | |
Renhe Commercial Holdings
Co. Ltd.b | | | 144,284,000 | | | | 17,301,355 | |
Sany Heavy Equipment International Holdings Co. Ltd.b | | | 10,038,000 | | | | 8,852,833 | |
Semiconductor Manufacturing International Corp.a | | | 131,917,000 | | | | 6,973,706 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 11,268,000 | | | | 11,245,190 | |
Shanghai Electric Group Co. Ltd. Class H | | | 6,460,000 | | | | 3,490,001 | |
Shanghai Industrial Holdings Ltd. | | | 7,081,000 | | | | 25,701,117 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class Ha | | | 5,267,900 | | | | 9,794,489 | |
Shimao Property Holdings Ltd.b | | | 23,554,000 | | | | 30,734,361 | |
Shougang Fushan Resources
Group Ltd.b | | | 17,590,000 | | | | 7,552,471 | |
Shui On Land Ltd.b | | | 55,793,450 | | | | 24,171,383 | |
Sihuan Pharmaceutical Holdings Group Ltd.b | | | 16,855,000 | | | | 6,693,580 | |
Sino-Ocean Land Holdings Ltd.b | | | 55,745,500 | | | | 32,416,443 | |
Sinofert Holdings Ltd.b | | | 40,960,000 | | | | 12,199,750 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | 33,826,000 | | | | 12,909,855 | |
Sinopharm Group Co. Ltd. Class H | | | 9,571,600 | | | | 26,040,301 | |
Skyworth Digital Holdings Ltd.b | | | 10,038,000 | | | | 5,617,149 | |
SOHO China Ltd. | | | 30,577,500 | | | | 22,315,026 | |
Sun Art Retail Group Ltd.a,b | | | 20,545,500 | | | | 27,497,491 | |
Tencent Holdings Ltd.b | | | 11,133,000 | | | | 289,962,995 | |
Tingyi (Cayman Islands)
Holding Corp.b | | | 20,102,000 | | | | 59,743,299 | |
Tsingtao Brewery Co. Ltd. Class Hb | | | 4,200,000 | | | | 22,690,408 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Want Want China Holdings Ltd.b | | | 68,048,000 | | | $ | 67,734,771 | |
Weichai Power Co. Ltd. Class Hb | | | 3,170,000 | | | | 17,493,714 | |
Wumart Stores Inc. Class H | | | 1,880,750 | | | | 3,812,085 | |
Yanzhou Coal Mining Co. Ltd.
Class H | | | 23,330,800 | | | | 58,479,667 | |
Yingde Gases Group Co. Ltd. | | | 9,689,500 | | | | 10,769,304 | |
Yuexiu Property Co. Ltd. | | | 54,552,000 | | | | 10,972,719 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 10,519,000 | | | | 21,700,685 | |
Zhejiang Expressway Co. Ltd.
Class H | | | 31,256,000 | | | | 23,737,102 | |
Zhongsheng Group Holdings Ltd.b | | | 6,165,500 | | | | 11,924,456 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 5,034,000 | | | | 13,890,120 | |
Zijin Mining Group Co. Ltd. Class Hb | | | 72,482,000 | | | | 34,765,790 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb | | | 9,975,640 | | | | 15,486,250 | |
ZTE Corp. Class H | | | 6,625,200 | | | | 19,818,281 | |
| | | | | | | | |
| | | | | | | 7,305,181,124 | |
COLOMBIA — 0.92% | | | | | | | | |
Almacenes Exito SA | | | 1,389,466 | | | | 19,755,366 | |
Bancolombia SA | | | 158,556 | | | | 2,497,861 | |
Bancolombia SA SP ADRb | | | 2,373,914 | | | | 151,693,105 | |
Cementos Argos SA | | | 1,637,797 | | | | 10,080,174 | |
Corporacion Financiera
Colombiana SA | | | 903,734 | | | | 17,329,648 | |
Corporacion Financiera
Colombiana SA Newa | | | 18,136 | | | | 346,130 | |
Ecopetrol SA | | | 45,805,253 | | | | 134,751,761 | |
Grupo de Inversiones
Suramericana SA | | | 1,251,985 | | | | 22,975,445 | |
Interconexion Electrica SA ESP | | | 1,287,746 | | | | 8,289,274 | |
Inversiones Argos SA | | | 1,114,953 | | | | 10,576,629 | |
| | | | | | | | |
| | | | | | | 378,295,393 | |
CZECH REPUBLIC — 0.37% | | | | | |
CEZ AS | | | 2,353,091 | | | | 101,885,633 | |
Komercni Banka AS | | | 218,453 | | | | 42,898,271 | |
Telefonica O2 Czech Republic AS | | | 296,349 | | | | 6,463,455 | |
| | | | | | | | |
| | | | | | | 151,247,359 | |
EGYPT — 0.37% | | | | | | | | |
Orascom Construction Industries SAE SP GDRb | | | 2,078,811 | | | | 93,712,800 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 11 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Orascom Telecom Holding SAE
SP GDRa,c | | | 12,096,293 | | | $ | 41,720,115 | |
Orascom Telecom Media and Technology Holding SAE SP GDRc | | | 11,411,695 | | | | 14,854,181 | |
| | | | | | | | |
| | | | | | | 150,287,096 | |
HUNGARY — 0.40% | | | | | | | | |
Magyar Telekom Telecommunications PLC | | | 3,669,179 | | | | 10,075,307 | |
MOL Hungarian Oil and Gas PLCa | | | 627,702 | | | | 54,537,730 | |
OTP Bank Nyrt | | | 2,504,022 | | | | 46,513,912 | |
Richter Gedeon Nyrt | | | 282,718 | | | | 51,098,129 | |
| | | | | | | | |
| | | | | | | 162,225,078 | |
INDIA — 6.53% | | | | | | | | |
ACC Ltd. | | | 594,402 | | | | 15,840,007 | |
Adani Enterprises Ltd. | | | 1,408,868 | | | | 10,772,766 | |
Adani Ports and Special Economic Zone Ltd. | | | 2,016,918 | | | | 6,117,422 | |
Aditya Birla Nuvo Ltd. | | | 92,857 | | | | 1,667,201 | |
Ambuja Cements Ltd. | | | 5,926,991 | | | | 19,440,192 | |
Asian Paints Ltd. | | | 163,278 | | | | 10,562,764 | |
Axis Bank Ltd. | | | 1,570,132 | | | | 37,731,544 | |
Axis Bank Ltd. SP GDRc | | | 1,077,530 | | | | 26,033,125 | |
Bajaj Auto Ltd. | | | 597,732 | | | | 21,972,536 | |
Bank of India | | | 672,646 | | | | 5,109,008 | |
Bharat Heavy Electricals Ltd. | | | 4,948,884 | | | | 31,035,289 | |
Bharat Petroleum Corp. Ltd. | | | 594,823 | | | | 8,037,575 | |
Bharti Airtel Ltd. | | | 6,125,671 | | | | 43,770,863 | |
Canara Bank Ltd. | | | 536,848 | | | | 5,596,320 | |
Cipla Ltd. | | | 2,160,869 | | | | 13,974,443 | |
Coal India Ltd. | | | 5,579,240 | | | | 38,079,081 | |
Dabur India Ltd. | | | 1,363,425 | | | | 2,894,600 | |
DLF Ltd. | | | 3,943,430 | | | | 18,224,585 | |
Dr. Reddy’s Laboratories Ltd. | | | 253,470 | | | | 8,495,719 | |
Dr. Reddy’s Laboratories Ltd.
SP ADR | | | 1,528,780 | | | | 51,367,008 | |
GAIL (India) Ltd. | | | 3,046,124 | | | | 23,301,202 | |
GMR Infrastructure Ltd.a | | | 2,611,272 | | | | 1,521,155 | |
HCL Technologies Ltd. | | | 1,304,760 | | | | 12,910,495 | |
HDFC Bank Ltd. | | | 6,290,478 | | | | 66,370,254 | |
HDFC Bank Ltd. SP ADR | | | 3,707,825 | | | | 127,363,789 | |
Hero Motocorp Ltd. | | | 630,064 | | | | 25,018,722 | |
Hindalco Industries Ltd. | | | 9,365,786 | | | | 28,454,714 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hindustan Unilever Ltd. | | | 7,629,857 | | | $ | 59,189,382 | |
Housing Development Finance
Corp. Ltd. | | | 11,637,021 | | | | 157,459,508 | |
ICICI Bank Ltd. | | | 2,036,282 | | | | 37,655,221 | |
ICICI Bank Ltd. SP ADR | | | 2,086,814 | | | | 75,751,348 | |
Idea Cellular Ltd.a | | | 7,106,048 | | | | 13,701,725 | |
Infosys Ltd. | | | 3,112,348 | | | | 183,111,607 | |
Infosys Ltd. SP ADR | | | 2,107,428 | | | | 121,556,447 | |
Infrastructure Development
Finance Co. Ltd. | | | 6,984,699 | | | | 20,151,733 | |
ITC Ltd. | | | 21,987,687 | | | | 93,159,421 | |
Jaiprakash Associates Ltd. | | | 7,362,795 | | | | 11,425,027 | |
Jindal Steel & Power Ltd. | | | 3,103,298 | | | | 36,899,549 | |
JSW Steel Ltd. | | | 684,326 | | | | 11,290,471 | |
Kotak Mahindra Bank Ltd. | | | 1,860,479 | | | | 20,793,254 | |
Larsen & Toubro Ltd. | | | 624,621 | | | | 16,670,792 | |
Larsen & Toubro Ltd. SP GDRc | | | 1,796,098 | | | | 48,315,036 | |
LIC Housing Finance Ltd. | | | 3,243,725 | | | | 17,234,564 | |
Lupin Ltd. | | | 1,177,098 | | | | 11,548,818 | |
Mahanagar Telephone Nigam Ltd.
SP ADRa | | | 1,224,615 | | | | 1,506,276 | |
Mahindra & Mahindra Ltd. | | | 2,724,573 | | | | 39,462,113 | |
Maruti Suzuki India Ltd. | | | 346,366 | | | | 8,867,987 | |
NTPC Ltd. | | | 3,639,991 | | | | 13,446,651 | |
Oil & Natural Gas Corp. Ltd. | | | 7,296,997 | | | | 43,653,938 | |
Piramal Healthcare Ltd. | | | 147,876 | | | | 1,365,311 | |
Power Finance Corp. Ltd. | | | 2,838,810 | | | | 11,529,588 | |
Power Grid Corp. of India Ltd. | | | 7,632,046 | | | | 17,596,841 | |
Ranbaxy Laboratories Ltd. | | | 790,990 | | | | 6,921,364 | |
Reliance Capital Ltd. | | | 840,517 | | | | 6,929,420 | |
Reliance Communications Ltd. | | | 3,084,973 | | | | 5,948,377 | |
Reliance Industries Ltd. | | | 5,955,596 | | | | 99,735,879 | |
Reliance Industries Ltd. SP GDRb,d | | | 4,693,313 | | | | 154,409,998 | |
Reliance Infrastructure Ltd. | | | 798,010 | | | | 9,670,233 | |
Reliance Power Ltd.a | | | 3,793,656 | | | | 9,246,117 | |
Rural Electrification Corp. Ltd. | | | 1,196,586 | | | | 5,266,346 | |
Satyam Computer Services Ltd.a | | | 4,695,038 | | | | 6,586,082 | |
Sesa Goa Ltd. | | | 2,272,643 | | | | 9,941,944 | |
Shriram Transport Finance Co. Ltd. | | | 730,490 | | | | 8,160,442 | |
Siemens Ltd. | | | 297,708 | | | | 4,836,768 | |
State Bank of India | | | 960,608 | | | | 44,052,530 | |
State Bank of India SP GDR | | | 190,394 | | | | 17,259,216 | |
Sterlite Industries (India) Ltd. | | | 3,445,505 | | | | 8,763,154 | |
| | |
| 12 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sterlite Industries (India) Ltd.
SP ADR | | | 5,434,093 | | | $ | 53,906,203 | |
Sun Pharmaceuticals
Industries Ltd. | | | 2,382,941 | | | | 26,761,288 | |
Suzlon Energy Ltd.a | | | 3,963,719 | | | | 2,151,294 | |
Tata Communications Ltd. SP ADR | | | 5,427,363 | | | | 51,288,580 | |
Tata Consultancy Services Ltd. | | | 4,961,431 | | | | 123,701,706 | |
Tata Motors Ltd. | | | 5,690,711 | | | | 31,460,888 | |
Tata Motors Ltd. SP ADR | | | 3,125,181 | | | | 85,317,441 | |
Tata Power Co. Ltd. | | | 6,778,631 | | | | 15,891,955 | |
Tata Steel Ltd. | | | 2,563,909 | | | | 24,720,979 | |
Titan Industries Ltd. | | | 2,295,000 | | | | 10,695,327 | |
Ultratech Cement Ltd. | | | 432,955 | | | | 12,424,157 | |
Unitech Ltd.a | | | 10,108,848 | | | | 6,672,541 | |
United Phosphorus Ltd. | | | 657,544 | | | | 2,090,966 | |
United Spirits Ltd. | | | 436,874 | | | | 5,104,143 | |
Wipro Ltd. SP ADR | | | 8,196,664 | | | | 89,999,371 | |
Zee Entertainment Enterprises Ltd. | | | 2,130,915 | | | | 5,528,379 | |
| | | | | | | | |
| | | | | | | 2,680,448,075 | |
INDONESIA — 2.60% | | | | | | | | |
PT Adaro Energy Tbk | | | 115,097,500 | | | | 24,499,690 | |
PT Aneka Tambang Tbk | | | 139,424,599 | | | | 30,296,254 | |
PT Astra Agro Lestari Tbk | | | 4,316,000 | | | | 10,670,377 | |
PT Astra International Tbk | | | 22,384,000 | | | | 175,821,109 | |
PT Bank Central Asia Tbk | | | 146,024,500 | | | | 123,036,164 | |
PT Bank Danamon Indonesia Tbk | | | 39,281,716 | | | | 19,488,434 | |
PT Bank Mandiri Persero Tbk | | | 101,269,900 | | | | 72,415,838 | |
PT Bank Negara Indonesia
(Persero) Tbk | | | 76,882,276 | | | | 32,176,341 | |
PT Bank Rakyat Indonesia Tbk | | | 125,682,622 | | | | 96,143,026 | |
PT Bumi Resources Tbk | | | 179,989,500 | | | | 48,888,500 | |
PT Charoen Pokphand
Indonesia Tbk | | | 87,741,445 | | | | 26,020,883 | |
PT Gudang Garam Tbk | | | 6,552,000 | | | | 41,222,395 | |
PT Indo Tambangraya Megah Tbk | | | 3,834,500 | | | | 18,428,556 | |
PT Indocement Tunggal
Prakarsa Tbk | | | 8,133,000 | | | | 15,734,019 | |
PT Indofood Sukses Makmur Tbk | | | 50,262,500 | | | | 28,418,930 | |
PT Indosat Tbk | | | 2,388,560 | | | | 1,443,199 | |
PT Kalbe Farma Tbk | | | 32,545,403 | | | | 12,628,482 | |
PT Perusahaan Gas Negara Tbk | | | 139,543,000 | | | | 58,013,997 | |
PT Semen Gresik (Persero) Tbk | | | 25,964,000 | | | | 32,383,038 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Tambang Batubara Bukit
Asam Tbk | | | 4,945,500 | | | $ | 11,376,843 | |
PT Telekomunikasi Indonesia Tbk | | | 101,994,500 | | | | 79,718,539 | |
PT Unilever Indonesia Tbk | | | 4,699,500 | | | | 10,029,421 | |
PT United Tractors Tbk | | | 26,195,653 | | | | 84,221,057 | |
PT Vale Indonesia Tbk | | | 16,249,500 | | | | 6,530,425 | |
PT XL Axiata Tbk | | | 18,293,500 | | | | 9,582,792 | |
| | | | | | | | |
| | | | | | | 1,069,188,309 | |
MALAYSIA — 3.32% | | | | | | | | |
AirAsia Bhd | | | 16,580,400 | | | | 20,258,476 | |
Alliance Financial Group Bhd | | | 7,834,700 | | | | 10,148,101 | |
AMMB Holdings Bhd | | | 27,163,975 | | | | 55,588,438 | |
Axiata Group Bhd | | | 26,909,700 | | | | 46,444,049 | |
Berjaya Corp. Bhd | | | 11,697,100 | | | | 3,768,219 | |
Berjaya Sports Toto Bhd | | | 15,129,600 | | | | 22,122,400 | |
British American Tobacco
(Malaysia) Bhd | | | 1,582,500 | | | | 27,576,865 | |
Bumi Armada Bhda | | | 9,446,200 | | | | 12,676,923 | |
Bursa Malaysia Bhd | | | 6,839,100 | | | | 16,849,460 | |
CIMB Group Holdings Bhd | | | 40,931,300 | | | | 97,836,123 | |
DiGi.Com Bhd | | | 23,480,200 | | | | 31,510,734 | |
Gamuda Bhd | | | 33,250,300 | | | | 40,515,305 | |
Genting Bhd | | | 24,907,700 | | | | 88,139,416 | |
Genting Malaysia Bhd | | | 48,864,200 | | | | 63,782,014 | |
Genting Plantations Bhd | | | 4,271,400 | | | | 13,261,232 | |
Hong Leong Bank Bhd | | | 2,115,700 | | | | 8,546,143 | |
Hong Leong Financial Group Bhd | | | 726,700 | | | | 2,925,723 | |
IJM Corp. Bhd | | | 19,907,120 | | | | 39,076,570 | |
IOI Corp. Bhd | | | 40,023,720 | | | | 72,150,922 | |
Kuala Lumpur Kepong Bhd | | | 6,173,500 | | | | 48,266,857 | |
Lafarge Malayan Cement Bhd | | | 3,803,900 | | | | 9,117,677 | |
Malayan Banking Bhd | | | 31,224,600 | | | | 91,208,563 | |
Malaysia Airports Holdings Bhd | | | 4,744,300 | | | | 9,059,388 | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 5,173,900 | | | | 9,206,105 | |
Maxis Communications Bhd | | | 18,287,500 | | | | 36,141,546 | |
MISC Bhd | | | 7,698,000 | | | | 14,442,584 | |
MMC Corp. Bhd | | | 13,394,800 | | | | 12,252,296 | |
Parkson Holdings Bhd | | | 7,833,910 | | | | 14,671,419 | |
Petronas Chemicals Group Bhd | | | 19,207,400 | | | | 42,960,968 | |
Petronas Dagangan Bhd | | | 1,197,800 | | | | 7,261,575 | |
Petronas Gas Bhd | | | 4,033,400 | | | | 22,620,971 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 13 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PPB Group Bhd | | | 5,389,600 | | | $ | 30,946,794 | |
Public Bank Bhd Foreign | | | 6,008,300 | | | | 27,358,775 | |
RHB Capital Bhd | | | 3,307,500 | | | | 8,778,042 | |
Sime Darby Bhd | | | 30,863,473 | | | | 99,838,776 | |
SP Setia Bhd | | | 19,908,600 | | | | 26,185,907 | |
Telekom Malaysia Bhd | | | 13,730,300 | | | | 23,789,103 | |
Tenaga Nasional Bhd | | | 38,231,250 | | | | 80,150,976 | |
UEM Land Holdings Bhda | | | 10,845,600 | | | | 8,363,657 | |
UMW Holdings Bhd | | | 8,292,300 | | | | 19,793,004 | |
YTL Corp. Bhd | | | 42,554,740 | | | | 24,860,890 | |
YTL Power International Bhd | | | 36,682,460 | | | | 22,777,291 | |
| | | | | | | | |
| | | | | | | 1,363,230,277 | |
MEXICO — 4.41% | | | | | | | | |
Alfa SAB de CV Series A | | | 5,764,400 | | | | 77,309,345 | |
America Movil SAB de CV Series L | | | 436,207,800 | | | | 526,907,510 | |
Arca Continental SAB de CV | | | 5,898,836 | | | | 27,449,960 | |
Cemex SAB de CV CPOa,b | | | 104,393,079 | | | | 80,148,551 | |
Coca-Cola FEMSA SAB de CV Series L | | | 225,200 | | | | 2,238,355 | |
Compartamos SAB de CV | | | 10,879,200 | | | | 12,248,190 | |
El Puerto de Liverpool SA de CV Series C1b | | | 2,120,400 | | | | 16,964,195 | |
Fomento Economico Mexicano SAB de CV BD Units | | | 26,367,300 | | | | 194,747,573 | |
Grupo Aeroportuario del Pacifico SAB de CV Series B | | | 130,500 | | | | 490,249 | |
Grupo Bimbo SAB de CV Series Ab | | | 3,359,800 | | | | 7,607,193 | |
Grupo Carso SAB de CV Series A1 | | | 1,545,141 | | | | 4,826,112 | |
Grupo Elektra SA de CVb | | | 467,735 | | | | 40,960,867 | |
Grupo Financiero Banorte SAB de CV Series O | | | 16,524,956 | | | | 67,880,160 | |
Grupo Financiero Inbursa SAB de CV Series O | | | 11,175,500 | | | | 21,852,098 | |
Grupo Mexico SAB de CV Series B | | | 42,327,588 | | | | 133,993,514 | |
Grupo Modelo SAB de CV Series C | | | 11,969,398 | | | | 78,654,306 | |
Grupo Televisa SAB CPO | | | 29,625,100 | | | | 127,227,766 | |
Industrias Penoles SAB de CV | | | 1,490,523 | | | | 74,279,681 | |
Kimberly-Clark de Mexico SAB de CV Series A | | | 10,409,500 | | | | 57,823,774 | |
Mexichem SAB de CV | | | 1,449,000 | | | | 5,247,463 | |
Minera Frisco SAB de CV
Series A1a | | | 2,290,341 | | | | 9,997,243 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Urbi Desarrollos Urbanos SAB
de CVa | | | 5,359,800 | | | $ | 6,260,538 | |
Wal-Mart de Mexico SAB de CV
Series V | | | 74,969,900 | | | | 234,865,243 | |
| | | | | | | | |
| | | | | | | 1,809,979,886 | |
PERU — 0.62% | | | | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 2,481,982 | | | | 99,601,938 | |
Credicorp Ltd. | | | 668,376 | | | | 82,136,727 | |
Southern Copper Corp. | | | 2,207,571 | | | | 70,995,471 | |
| | | | | | | | |
| | | | | | | 252,734,136 | |
PHILIPPINES — 0.80% | | | | | | | | |
Aboitiz Equity Ventures Inc. | | | 20,674,900 | | | | 23,066,138 | |
Aboitiz Power Corp. | | | 3,987,764 | | | | 2,984,644 | |
Alliance Global Group Inc. | | | 5,665,580 | | | | 1,515,945 | |
Ayala Corp. | | | 3,344,776 | | | | 31,370,721 | |
Ayala Land Inc. | | | 52,309,100 | | | | 25,080,962 | |
Bank of the Philippine Islands | | | 15,320,044 | | | | 23,900,057 | |
BDO Unibank Inc. | | | 340 | | | | 521 | |
Energy Development Corp. | | | 7,000 | | | | 892 | |
Globe Telecom Inc. | | | 667,810 | | | | 18,118,573 | |
International Container Terminal Services Inc. | | | 7,940,800 | | | | 10,957,951 | |
Jollibee Foods Corp. | | | 16,077,909 | | | | 36,852,651 | |
Manila Electric Co. | | | 4,472,595 | | | | 27,575,162 | |
Metropolitan Bank & Trust Co. | | | 268,695 | | | | 509,047 | |
Philippine Long Distance
Telephone Co. | | | 490,075 | | | | 32,759,545 | |
San Miguel Corp. | | | 4,917,756 | | | | 12,997,461 | |
SM Investments Corp. | | | 2,550,701 | | | | 38,032,321 | |
SM Prime Holdings Inc. | | | 87,231,520 | | | | 33,378,732 | |
Universal Robina Corp. | | | 8,448,000 | | | | 10,472,319 | |
| | | | | | | | |
| | | | | | | 329,573,642 | |
POLAND — 1.32% | | | | | | | | |
Asseco Poland SA | | | 627,606 | | | | 10,961,748 | |
Bank Handlowy w Warszawie SA | | | 344,698 | | | | 8,649,542 | |
Bank Millennium SA | | | 4,469,610 | | | | 6,323,788 | |
Bank Pekao SA | | | 1,308,796 | | | | 65,726,074 | |
BRE Bank SAa | | | 153,267 | | | | 15,029,842 | |
Cyfrowy Polsat SAa | | | 2,491,782 | | | | 11,508,450 | |
ENEA SA | | | 1,217,552 | | | | 6,609,404 | |
Globe Trade Centre SAa | | | 1,228,959 | | | | 3,501,547 | |
| | |
| 14 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Grupa Lotos SAa | | | 678,426 | | | $ | 6,178,442 | |
Jastrzebska Spolka Weglowa SAa | | | 467,291 | | | | 15,776,229 | |
Kernel Holding SAa | | | 466,278 | | | | 11,040,653 | |
KGHM Polska Miedz SA | | | 1,499,345 | | | | 71,832,795 | |
Polska Grupa Energetyczna SAb | | | 4,618,264 | | | | 29,816,572 | |
Polski Koncern Naftowy
Orlen SAa | | | 3,531,353 | | | | 40,797,404 | |
Polskie Gornictwo Naftowe i Gazownictwo SA | | | 19,037,526 | | | | 22,538,776 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 7,111,701 | | | | 78,644,951 | |
Powszechny Zaklad
Ubezpieczen SA | | | 535,617 | | | | 58,342,890 | |
Synthos SA | | | 6,423,903 | | | | 10,864,776 | |
Tauron Polska Energia SA | | | 11,728,094 | | | | 19,454,320 | |
Telekomunikacja Polska SA | | | 7,953,994 | | | | 43,953,866 | |
TVN SA | | | 1,537,350 | | | | 5,420,264 | |
| | | | | | | | |
| | | | | | | 542,972,333 | |
RUSSIA — 6.48% | | | | | | | | |
Federal Grid Co. of Unified Energy System OJSC | | | 2,281,158,500 | | | | 27,086,561 | |
Gazprom OAO | | | 113,939,947 | | | | 756,960,613 | |
IDGC Holding JSCa | | | 185,061,700 | | | | 18,813,392 | |
Inter RAO UES OJSC | | | 8,777,541,700 | | | | 10,725,937 | |
LSR Group OJSC SP GDRc | | | 1,945,107 | | | | 10,299,342 | |
LUKOIL OAO | | | 5,154,051 | | | | 330,801,336 | |
Magnit OJSC SP GDRb,c | | | 2,440,924 | | | | 71,934,030 | |
Mechel OAO SP ADRb | | | 1,730,607 | | | | 19,209,738 | |
MMC Norilsk Nickel OJSC | | | 571,124 | | | | 112,973,664 | |
Mobile TeleSystems OJSC
SP ADR | | | 5,445,481 | | | | 99,380,028 | |
NovaTek OAO SP GDRc | | | 982,648 | | | | 142,582,225 | |
Novolipetsk Steel OJSC SP GDRc | | | 1,194,089 | | | | 28,622,313 | |
Rosneft Oil Co. OJSC | | | 16,963,487 | | | | 131,219,525 | |
Rostelecom OJSCa | | | 13,521,240 | | | | 68,034,307 | |
RusHydro OJSC | | | 1,244,189,100 | | | | 50,555,430 | |
RusHydro OJSC SP ADR | | | 1,387,659 | | | | 5,729,644 | |
Sberbank of Russia | | | 97,330,681 | | | | 333,786,101 | |
Severstal OAO | | | 2,725,233 | | | | 41,799,654 | |
Sistema JSFC SP GDRc | | | 1,081,994 | | | | 23,587,469 | |
Surgutneftegas OJSC | | | 81,326,110 | | | | 84,485,622 | |
Tatneft OAO | | | 16,734,910 | | | | 111,384,674 | |
TMK OAO SP GDRc | | | 694,686 | | | | 10,017,372 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Uralkali OJSC | | | 12,548,715 | | | $ | 102,120,725 | |
VTB Bank OJSC | | | 27,215,252,000 | | | | 67,509,475 | |
| | | | | | | | |
| | | | | | | 2,659,619,177 | |
SOUTH AFRICA — 7.70% | | | | | |
Absa Group Ltd. | | | 2,045,814 | | | | 43,798,466 | |
African Bank Investments Ltd. | | | 13,629,430 | | | | 71,877,306 | |
African Rainbow Minerals Ltd. | | | 540,951 | | | | 13,868,304 | |
Anglo American Platinum Ltd.b | | | 609,927 | | | | 48,470,293 | |
AngloGold Ashanti Ltd. | | | 3,993,200 | | | | 174,591,953 | |
ArcelorMittal South Africa Ltd. | | | 3,862,409 | | | | 33,801,652 | |
Aspen Pharmacare
Holdings Ltd.a | | | 971,996 | | | | 14,175,105 | |
Aveng Ltd. | | | 2,695,873 | | | | 13,099,058 | |
Barloworld Ltd. | | | 2,237,651 | | | | 26,788,018 | |
Bidvest Group Ltd. | | | 3,467,080 | | | | 81,816,238 | |
Discovery Holdings Ltd. | | | 223,118 | | | | 1,465,052 | |
Exxaro Resources Ltd.b | | | 2,127,681 | | | | 60,258,878 | |
FirstRand Ltd. | | | 40,834,035 | | | | 130,994,260 | |
Foschini Group Ltd. (The) | | | 3,852,927 | | | | 61,128,019 | |
Gold Fields Ltd. | | | 7,709,060 | | | | 122,927,751 | |
Growthpoint Properties Ltd. | | | 2,758,379 | | | | 7,608,479 | |
Harmony Gold Mining Co. Ltd. | | | 4,171,391 | | | | 55,430,419 | |
Impala Platinum Holdings Ltd. | | | 5,220,601 | | | | 117,092,484 | |
Imperial Holdings Ltd. | | | 2,733,450 | | | | 54,073,161 | |
Investec Ltd. | | | 5,484,742 | | | | 36,264,582 | |
Kumba Iron Ore Ltd.b | | | 702,610 | | | | 53,826,969 | |
Liberty Holdings Ltd. | | | 1,283,483 | | | | 15,401,382 | |
Life Healthcare Group
Holdings Ltd. | | | 7,870,396 | | | | 22,976,714 | |
Massmart Holdings Ltd. | | | 477,160 | | | | 11,265,797 | |
MMI Holdings Ltd. | | | 7,576,676 | | | | 19,403,906 | |
MTN Group Ltd. | | | 17,641,099 | | | | 320,372,701 | |
Naspers Ltd. Class N | | | 4,280,339 | | | | 239,531,682 | |
Nedbank Group Ltd. | | | 3,945,517 | | | | 85,056,708 | |
Netcare Ltd. | | | 22,365,468 | | | | 41,277,440 | |
Northam Platinum Ltd. | | | 657,267 | | | | 3,040,991 | |
Pick’n Pay Stores Ltd. | | | 5,873,646 | | | | 33,955,858 | |
Pretoria Portland
Cement Co. Ltd. | | | 6,302,827 | | | | 26,733,421 | |
Redefine Properties Ltd. | | | 1,912,263 | | | | 2,014,881 | |
Remgro Ltd. | | | 2,379,300 | | | | 42,513,277 | |
Reunert Ltd. | | | 2,417,467 | | | | 22,616,500 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 15 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RMB Holdings Ltd. | | | 1,971,895 | | | $ | 8,271,150 | |
RMI Holdings | | | 1,878,270 | | | | 4,033,760 | |
Sanlam Ltd. | | | 24,601,101 | | | | 101,901,959 | |
Sappi Ltd.a | | | 2,730,225 | | | | 9,670,967 | |
Sasol Ltd. | | | 6,307,393 | | | | 338,515,891 | |
Shoprite Holdings Ltd. | | | 5,678,837 | | | | 103,664,577 | |
SPAR Group Ltd. (The) | | | 1,910,625 | | | | 29,556,191 | |
Standard Bank Group Ltd. | | | 12,932,769 | | | | 191,920,612 | |
Steinhoff International
Holdings Ltd.a,b | | | 4,721,707 | | | | 17,016,702 | |
Telkom South Africa Ltd. | | | 166,361 | | | | 577,000 | |
Tiger Brands Ltd. | | | 2,303,648 | | | | 80,548,214 | |
Truworths International Ltd. | | | 6,784,657 | | | | 73,609,276 | |
Vodacom Group Ltd. | | | 1,536,989 | | | | 21,352,227 | |
Woolworths Holdings Ltd. | | | 11,954,033 | | | | 72,396,173 | |
| | | | | | | | |
| | | | | | | 3,162,552,404 | |
SOUTH KOREA — 14.26% | | | | | |
AmorePacific Corp. | | | 42,070 | | | | 38,583,048 | |
BS Financial Group Inc. | | | 1,400,790 | | | | 17,467,224 | |
Celltrion Inc.b | | | 862,072 | | | | 26,970,453 | |
Cheil Industries Inc.b | | | 529,395 | | | | 45,239,145 | |
CJ CheilJedang Corp. | | | 95,593 | | | | 27,471,586 | |
CJ Corp.b | | | 155,803 | | | | 11,559,274 | |
Daelim Industrial Co. Ltd. | | | 254,311 | | | | 28,642,594 | |
Daewoo Engineering &
Construction Co. Ltd.a,b | | | 411,050 | | | | 3,894,728 | |
Daewoo International Corp.b | | | 252,316 | | | | 7,950,246 | |
Daewoo Securities Co. Ltd. | | | 1,560,610 | | | | 19,460,108 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a,b | | | 1,043,480 | | | | 33,532,017 | |
DGB Financial Group Inc. | | | 842,100 | | | | 11,328,615 | |
Dongbu Insurance Co. Ltd. | | | 254,730 | | | | 11,122,984 | |
Dongkuk Steel Mill Co. Ltd. | | | 372,710 | | | | 8,395,532 | |
Doosan Corp.b | | | 152,820 | | | | 23,427,232 | |
Doosan Heavy Industries & Construction Co. Ltd. | | | 407,588 | | | | 25,721,882 | |
Doosan Infracore Co. Ltd.a,b | | | 928,190 | | | | 18,792,378 | |
E-Mart Co. Ltd. | | | 243,751 | | | | 59,155,196 | |
GS Engineering &
Construction Corp. | | | 343,875 | | | | 29,754,497 | |
GS Holdings Corp. | | | 482,819 | | | | 27,880,049 | |
Hana Financial Group Inc. | | | 2,299,440 | | | | 81,085,976 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hankook Tire Co. Ltd. | | | 959,090 | | | $ | 36,735,575 | |
Hanwha Chemical Corp.b | | | 822,430 | | | | 20,510,668 | |
Hanwha Corp. | | | 376,920 | | | | 11,910,096 | |
Honam Petrochemical Corp.a,b | | | 143,085 | | | | 45,276,623 | |
Hynix Semiconductor Inc.a,b | | | 5,423,970 | | | | 146,420,160 | |
Hyosung Corp.b | | | 248,992 | | | | 14,800,749 | |
Hyundai Department Store Co. Ltd. | | | 111,919 | | | | 16,706,941 | |
Hyundai Development Co.a,b | | | 404,490 | | | | 8,948,694 | |
Hyundai Engineering &
Construction Co. Ltd. | | | 775,302 | | | | 58,699,036 | |
Hyundai Glovis Co. Ltd.b | | | 113,626 | | | | 18,840,754 | |
Hyundai Heavy Industries Co. Ltd. | | | 441,615 | | | | 134,017,111 | |
Hyundai Hysco Co. Ltd.b | | | 344,850 | | | | 11,759,840 | |
Hyundai Marine &
Fire Insurance Co. Ltd. | | | 671,610 | | | | 19,390,827 | |
Hyundai Merchant Marine Co. Ltd.a,b | | | 409,832 | | | | 11,466,394 | |
Hyundai Mipo Dockyard Co. Ltd. | | | 130,841 | | | | 18,245,052 | |
Hyundai Mobis Co. Ltd.b | | | 739,072 | | | | 188,281,767 | |
Hyundai Motor Co. | | | 1,723,548 | | | | 332,777,374 | |
Hyundai Securities Co. Ltd. | | | 457,710 | | | | 4,520,946 | |
Hyundai Steel Co. | | | 605,369 | | | | 61,958,703 | |
Hyundai Wia Corp.b | | | 123,878 | | | | 15,336,301 | |
Industrial Bank of Korea | | | 1,186,490 | | | | 13,787,455 | |
Kangwon Land Inc. | | | 646,700 | | | | 14,914,175 | |
KB Financial Group Inc. | | | 4,307,365 | | | | 158,630,082 | |
KCC Corp. | | | 19,183 | | | | 6,155,844 | |
Kia Motors Corp.b | | | 2,594,806 | | | | 163,983,807 | |
Korea Aerospace Industries Ltd.b | | | 471,420 | | | | 12,683,852 | |
Korea Electric Power Corp.a | | | 1,647,376 | | | | 36,960,949 | |
Korea Electric Power Corp. SP ADRa | | | 3,192,488 | | | | 35,596,241 | |
Korea Exchange Bank | | | 2,102,900 | | | | 15,319,793 | |
Korea Gas Corp.a | | | 293,270 | | | | 10,197,504 | |
Korea Investment Holdings Co. Ltd. | | | 237,440 | | | | 9,603,933 | |
Korea Life Insurance Co. Ltd. | | | 2,190,450 | | | | 14,293,312 | |
Korea Zinc Co. Ltd.a | | | 77,407 | | | | 30,340,763 | |
Korean Air Lines Co. Ltd.a | | | 365,709 | | | | 17,260,216 | |
KP Chemical Corp.a,b | | | 529,350 | | | | 7,901,982 | |
KT Corp. SP ADRa | | | 2,100,736 | | | | 30,901,827 | |
KT&G Corp. | | | 1,280,174 | | | | 83,763,871 | |
Kumho Petro Chemical Co. Ltd.a | | | 109,100 | | | | 15,262,151 | |
LG Chem Ltd.b | | | 510,747 | | | | 181,932,718 | |
LG Corp. | | | 1,064,787 | | | | 66,529,854 | |
| | |
| 16 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
LG Display Co. Ltd.a,b | | | 2,350,012 | | | $ | 62,178,243 | |
LG Display Co. Ltd. SP ADRa | | | 672,960 | | | | 8,856,154 | |
LG Electronics Inc.b | | | 1,129,431 | | | | 86,217,263 | |
LG Household & Health Care Ltd. | | | 112,955 | | | | 51,897,356 | |
LG Innotek Co. Ltd.a,b | | | 131,792 | | | | 11,297,551 | |
LG Uplus Corp. | | | 2,414,360 | | | | 13,682,578 | |
Lotte Confectionery Co. Ltd.a,b | | | 4,137 | | | | 6,689,609 | |
Lotte Shopping Co. Ltd. | | | 95,045 | | | | 32,029,288 | |
LS Corp. | | | 123,792 | | | | 9,549,487 | |
LS Industrial Systems Co. Ltd.b | | | 176,457 | | | | 10,772,990 | |
Mando Corp.b | | | 115,135 | | | | 17,289,933 | |
Mirae Asset Securities Co. Ltd. | | | 145,829 | | | | 5,201,079 | |
NCsoft Corp.b | | | 182,133 | | | | 45,096,732 | |
NHN Corp.b | | | 466,787 | | | | 97,427,665 | |
OCI Co. Ltd.b | | | 159,854 | | | | 38,365,817 | |
ORION Corp.b | | | 38,351 | | | | 24,339,503 | |
POSCO | | | 714,029 | | | | 265,513,030 | |
S-Oil Corp.b | | | 468,391 | | | | 52,544,701 | |
S1 Corp. | | | 258,554 | | | | 12,572,650 | |
Samsung C&T Corp. | | | 1,415,379 | | | | 97,418,206 | |
Samsung Card Co. Ltd. | | | 296,068 | | | | 11,207,830 | |
Samsung Electro-Mechanics
Co. Ltd.b | | | 678,659 | | | | 56,902,469 | |
Samsung Electronics Co. Ltd.b | | | 1,217,440 | | | | 1,312,416,045 | |
Samsung Engineering Co. Ltd. | | | 314,888 | | | | 66,567,755 | |
Samsung Fire & Marine Insurance
Co. Ltd. | | | 412,916 | | | | 77,879,082 | |
Samsung Heavy Industries Co. Ltd.b | | | 1,806,740 | | | | 65,811,218 | |
Samsung Life Insurance Co. Ltd. | | | 535,708 | | | | 43,719,538 | |
Samsung SDI Co. Ltd.b | | | 384,939 | | | | 47,484,039 | |
Samsung Securities Co. Ltd. | | | 526,926 | | | | 28,684,255 | |
Samsung Techwin Co. Ltd.b | | | 448,844 | | | | 25,717,581 | |
Shinhan Financial Group Co. Ltd. | | | 4,855,728 | | | | 187,939,862 | |
Shinsegae Co. Ltd. | | | 83,221 | | | | 19,527,151 | |
SK C&C Co. Ltd.b | | | 128,242 | | | | 14,386,351 | |
SK Holdings Co. Ltd. | | | 230,144 | | | | 34,869,524 | |
SK Innovation Co. Ltd. | | | 647,292 | | | | 107,329,921 | |
SK Networks Co. Ltd.b | | | 505,450 | | | | 4,856,947 | |
SK Telecom Co. Ltd. SP ADR | | | 3,057,293 | | | | 44,177,884 | |
STX Pan Ocean Co. Ltd.b | | | 1,837,430 | | | | 12,466,061 | |
Woongjin Coway Co. Ltd. | | | 687,410 | | | | 23,072,914 | |
Woori Finance Holdings Co. Ltd.a | | | 3,488,840 | | | | 38,202,677 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Woori Investment &
Securities Co. Ltd. | | | 890,081 | | | $ | 11,178,474 | |
Yuhan Corp. | | | 114,284 | | | | 12,207,592 | |
| | | | | | | | |
| | | | | | | 5,855,603,709 | |
TAIWAN — 10.84% | | | | | | | | |
Acer Inc. | | | 29,614,053 | | | | 45,333,800 | |
Advanced Semiconductor Engineering Inc. | | | 46,795,654 | | | | 45,846,878 | |
Advantech Co. Ltd. | | | 2,102,800 | | | | 7,081,821 | |
Asia Cement Corp. | | | 23,007,848 | | | | 29,468,141 | |
ASUSTeK Computer Inc. | | | 6,483,968 | | | | 60,878,186 | |
AU Optronics Corp. | | | 84,296,000 | | | | 45,594,856 | |
AU Optronics Corp. SP ADRb | | | 849,986 | | | | 4,513,426 | |
Capital Securities Corp. | | | 23,546,879 | | | | 10,413,302 | |
Catcher Technology Co. Ltd. | | | 5,095,210 | | | | 37,352,625 | |
Cathay Financial Holding Co. Ltd. | | | 69,367,737 | | | | 81,647,969 | |
Chang Hwa Commercial Bank Ltd. | | | 29,226,930 | | | | 17,896,474 | |
Cheng Shin Rubber Industry
Co. Ltd. | | | 21,898,871 | | | | 54,009,666 | |
Cheng Uei Precision Industry
Co. Ltd. | | | 3,274,913 | | | | 7,854,176 | |
Chicony Electronics Co. Ltd. | | | 7,167,366 | | | | 14,775,561 | |
Chimei Innolux Corp.a | | | 45,320,487 | | | | 24,436,308 | |
China Airlines Ltd. | | | 22,085,347 | | | | 10,480,698 | |
China Development Financial Holding Corp. | | | 42,149,771 | | | | 14,281,253 | |
China Life Insurance Co. Ltd. | | | 15,519,280 | | | | 16,128,521 | |
China Motor Co. Ltd. | | | 4,818,000 | | | | 5,351,330 | |
China Petrochemical
Development Corp. | | | 19,015,000 | | | | 24,418,841 | |
China Steel Corp. | | | 132,950,332 | | | | 137,943,432 | |
Chinatrust Financial Holding
Co. Ltd. | | | 90,633,752 | | | | 61,664,003 | |
Chunghwa Telecom Co. Ltd. | | | 50,579,410 | | | | 155,544,246 | |
Clevo Co. | | | 8,244,000 | | | | 14,807,566 | |
Compal Electronics Inc. | | | 45,422,908 | | | | 53,773,207 | |
Delta Electronics Inc. | | | 21,991,000 | | | | 60,446,074 | |
E Ink Holdings Inc. | | | 9,221,000 | | | | 13,802,014 | |
E.Sun Financial Holding Co. Ltd. | | | 19,669,062 | | | | 10,772,619 | |
Epistar Corp. | | | 5,762,345 | | | | 15,093,910 | |
Eternal Chemical Co. Ltd. | | | 5,979,740 | | | | 5,370,293 | |
EVA Airways Corp. | | | 13,168,800 | | | | 8,981,985 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 17 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Evergreen Marine Corp. Ltd. | | | 18,743,325 | | | $ | 13,134,865 | |
Everlight Electronics Co. Ltd. | | | 2,209,000 | | | | 4,944,625 | |
Far Eastern Department
Stores Co. Ltd. | | | 14,002,012 | | | | 19,314,927 | |
Far Eastern New Century Corp. | | | 29,330,397 | | | | 37,665,753 | |
Far EasTone Telecommunications Co. Ltd. | | | 13,839,000 | | | | 29,047,023 | |
Farglory Land Development Co. Ltd. | | | 13,906,000 | | | | 29,613,403 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 6,192,000 | | | | 10,911,199 | |
First Financial Holding Co. Ltd. | | | 46,084,873 | | | | 29,551,635 | |
Formosa Chemicals & Fibre Corp. | | | 30,947,000 | | | | 96,854,130 | |
Formosa International Hotels Corp. | | | 224,730 | | | | 3,581,644 | |
Formosa Petrochemical Corp. | | | 8,737,000 | | | | 28,800,357 | |
Formosa Plastics Corp. | | | 45,732,000 | | | | 143,126,412 | |
Formosa Taffeta Co. Ltd. | | | 10,421,000 | | | | 10,440,143 | |
Foxconn Technology Co. Ltd. | | | 5,593,945 | | | | 25,785,125 | |
Fubon Financial Holding Co. Ltd. | | | 67,121,305 | | | | 79,003,849 | |
Giant Manufacturing Co. Ltd. | | | 5,063,203 | | | | 21,788,515 | |
Highwealth Construction Corp. | | | 4,306,000 | | | | 8,056,538 | |
Hiwin Technologies Corp. | | | 1,588,960 | | | | 17,783,639 | |
Hon Hai Precision Industry Co. Ltd. | | | 99,817,210 | | | | 348,049,531 | |
Hotai Motor Co. Ltd. | | | 2,596,000 | | | | 17,618,111 | |
HTC Corp. | | | 8,014,708 | | | | 180,219,145 | |
Hua Nan Financial Holdings Co. Ltd. | | | 10,546,669 | | | | 6,260,694 | |
Inventec Corp. | | | 17,290,050 | | | | 8,234,477 | |
KGI Securities Co. Ltd. | | | 54,108,898 | | | | 24,297,097 | |
Kinsus Interconnect
Technology Corp. | | | 1,407,000 | | | | 5,001,752 | |
Largan Precision Co. Ltd. | | | 1,177,000 | | | | 26,386,005 | |
LCY Chemical Corp. | | | 4,790,397 | | | | 8,881,366 | |
Lite-On Technology Corp. | | | 16,516,484 | | | | 22,446,371 | |
Macronix International Co. Ltd. | | | 45,951,275 | | | | 19,539,765 | |
MediaTek Inc. | | | 11,353,176 | | | | 116,250,714 | |
Mega Financial Holding Co. Ltd. | | | 66,340,940 | | | | 51,680,757 | |
Motech Industries Inc. | | | 4,809,942 | | | | 9,964,807 | |
MStar Semiconductor Inc. | | | 3,925,331 | | | | 24,970,639 | |
Nan Kang Rubber Tire Co. Ltd. | | | 5,040,266 | | | | 8,384,440 | |
Nan Ya Plastics Corp. | | | 54,623,000 | | | | 134,160,450 | |
Nan Ya Printed Circuit Board Corp. | | | 999,270 | | | | 2,512,112 | |
Novatek Microelectronics
Corp. Ltd. | | | 2,252,000 | | | | 6,741,598 | |
Pegatron Corp. | | | 12,406,414 | | | | 16,881,772 | |
Phison Electronics Corp. | | | 1,407,535 | | | | 11,180,413 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Pou Chen Corp. | | | 32,270,220 | | | $ | 28,651,951 | |
Powertech Technology Inc. | | | 4,468,300 | | | | 10,245,048 | |
President Chain Store Corp. | | | 7,235,000 | | | | 38,271,959 | |
Quanta Computer Inc. | | | 22,549,000 | | | | 55,766,509 | |
Radiant Opto-Electronics Corp. | | | 4,451,000 | | | | 19,835,386 | |
Realtek Semiconductor Corp. | | | 1,491,854 | | | | 3,166,815 | |
Richtek Technology Corp. | | | 654,150 | | | | 3,916,533 | |
Ruentex Development Co. Ltd. | | | 14,614,608 | | | | 19,463,937 | |
Ruentex Industries Ltd. | | | 10,622,009 | | | | 21,861,190 | |
Shin Kong Financial Holding
Co. Ltd.a | | | 21,651,002 | | | | 7,335,827 | |
Siliconware Precision Industries
Co. Ltd. | | | 31,914,190 | | | | 37,618,271 | |
Siliconware Precision Industries Co. Ltd. SP ADRb | | | 3,878,742 | | | | 22,380,341 | |
Simplo Technology Co. Ltd. | | | 3,423,820 | | | | 24,575,657 | |
Sino-American Silicon Products Inc. | | | 3,404,479 | | | | 7,064,676 | |
SinoPac Financial Holdings Co. Ltd. | | | 18,172,764 | | | | 6,800,259 | |
Standard Foods Corp. | | | 2,228,000 | | | | 7,920,329 | |
Synnex Technology
International Corp. | | | 15,106,985 | | | | 38,286,515 | |
Taishin Financial Holdings Co. Ltd. | | | 24,326,817 | | | | 9,930,664 | |
Taiwan Business Bank Ltd.a | | | 19,513,733 | | | | 6,578,483 | |
Taiwan Cement Corp. | | | 40,736,296 | | | | 52,313,076 | |
Taiwan Cooperative Financial Holding Co. Ltd.a | | | 22,832,180 | | | | 14,990,511 | |
Taiwan Fertilizer Co. Ltd. | | | 6,873,000 | | | | 19,242,343 | |
Taiwan Glass Industry Corp. | | | 4,641,566 | | | | 5,692,218 | |
Taiwan Mobile Co. Ltd. | | | 22,109,600 | | | | 67,992,511 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 202,357,000 | | | | 558,278,429 | |
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADRb | | | 10,206,971 | | | | 148,205,219 | |
Tatung Co. Ltd.a | | | 26,747,284 | | | | 9,026,162 | |
Teco Electric and Machinery
Co. Ltd. | | | 32,883,000 | | | | 23,267,329 | |
TPK Holding Co. Ltd.a | | | 788,500 | | | | 13,223,925 | |
Transcend Information Inc. | | | 151,000 | | | | 451,521 | |
Tripod Technology Corp. | | | 2,910,920 | | | | 9,060,729 | |
TSRC Corp. | | | 9,229,500 | | | | 23,579,244 | |
Tung Ho Steel Enterprise Corp. | | | 11,396,000 | | | | 11,785,222 | |
U-Ming Marine Transport Corp. | | | 4,274,000 | | | | 7,444,169 | |
Uni-President Enterprises Co. | | | 51,929,543 | | | | 79,583,138 | |
| | |
| 18 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Unimicron Technology Corp. | | | 9,979,000 | | | $ | 13,069,516 | |
United Microelectronics Corp. | | | 105,104,000 | | | | 55,419,513 | |
United Microelectronics Corp.
SP ADRb | | | 18,725,152 | | | | 50,932,413 | |
Walsin Lihwa Corp. | | | 20,637,000 | | | | 8,038,293 | |
Wan Hai Lines Ltd. | | | 2,641,300 | | | | 1,540,968 | |
Wintek Corp. | | | 17,185,438 | | | | 15,170,844 | |
Wistron Corp. | | | 18,433,618 | | | | 30,695,523 | |
WPG Holdings Co. Ltd. | | | 11,284,532 | | | | 16,084,566 | |
Yang Ming Marine Transport Corp. | | | 30,227,075 | | | | 17,583,446 | |
Yuanta Financial Holding Co. Ltd.a | | | 76,762,140 | | | | 45,306,271 | |
Yulon Motor Co. Ltd. | | | 12,819,000 | | | | 27,036,944 | |
| | | | | | | | |
| | | | | | | 4,449,713,372 | |
THAILAND — 1.99% | | | | | | | | |
Advanced Information Service
PCL Foreign | | | 1,051,900 | | | | 5,561,011 | |
Advanced Information Service
PCL NVDR | | | 7,270,400 | | | | 38,435,949 | |
Bangkok Bank PCL Foreign | | | 9,032,400 | | | | 57,898,087 | |
Bangkok Bank PCL NVDR | | | 7,200,800 | | | | 43,064,424 | |
Bank of Ayudhya PCL NVDR | | | 11,079,700 | | | | 9,243,761 | |
Banpu PCL Foreign | | | 2,024,200 | | | | 43,339,884 | |
BEC World PCL Foreign | | | 305,800 | | | | 447,106 | |
BEC World PCL NVDR | | | 2,277,500 | | | | 3,329,898 | |
Charoen Pokphand Foods
PCL Foreign | | | 4,764,500 | | | | 5,706,695 | |
Charoen Pokphand Foods
PCL NVDR | | | 34,667,500 | | | | 41,523,108 | |
CP All PCL Foreign | | | 2,882,900 | | | | 6,310,660 | |
CP All PCL NVDR | | | 18,375,300 | | | | 40,223,480 | |
Glow Energy PCL Foreign | | | 106,600 | | | | 190,200 | |
Glow Energy PCL NVDR | | | 3,561,200 | | | | 6,354,033 | |
Indorama Ventures PCL NVDR | | | 19,715,380 | | | | 26,219,859 | |
IRPC PCL Foreign | | | 98,940,900 | | | | 15,495,783 | |
Kasikornbank PCL Foreign | | | 13,246,900 | | | | 64,998,006 | |
Kasikornbank PCL NVDR | | | 5,556,700 | | | | 26,897,623 | |
Krung Thai Bank PCL Foreign | | | 53,233,800 | | | | 30,605,258 | |
PTT Exploration & Production
PCL Foreign | | | 10,636,600 | | | | 64,842,316 | |
PTT Global Chemical PCL Foreign | | | 24,574,730 | | | | 60,492,892 | |
PTT PCL Foreign | | | 8,517,000 | | | | 102,153,346 | |
Siam Cement PCL Foreign | | | 2,667,000 | | | | 37,892,285 | |
Siam Cement PCL NVDR | | | 800,200 | | | | 9,439,002 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Siam Commercial Bank PCL NVDR | | | 14,979,800 | | | $ | 64,344,094 | |
Thai Oil PCL NVDR | | | 5,615,200 | | | | 14,100,618 | |
| | | | | | | | |
| | | | | | | 819,109,378 | |
TURKEY — 1.35% | | | | | | | | |
Akbank TASb | | | 12,238,912 | | | | 49,209,406 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 1,449,149 | | | | 21,995,160 | |
Arcelik AS | | | 525,896 | | | | 2,421,721 | |
Asya Katilim Bankasi ASa | | | 16,334,824 | | | | 17,027,624 | |
BIM Birlesik Magazalar AS | | | 915,227 | | | | 32,238,300 | |
Coca-Cola Icecek AS | | | 151,307 | | | | 1,949,888 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 6,744,109 | | | | 8,961,501 | |
Enka Insaat ve Sanayi AS | | | 1,121,933 | | | | 3,206,531 | |
Eregli Demir ve Celik
Fabrikalari TASb | | | 10,596,992 | | | | 24,884,828 | |
Ford Otomotiv Sanayi AS | | | 755,824 | | | | 7,121,226 | |
Haci Omer Sabanci Holding AS | | | 4,841,387 | | | | 20,963,307 | |
KOC Holding AS | | | 5,737,650 | | | | 23,923,991 | |
Koza Altin Isletmeleri AS | | | 492,690 | | | | 9,792,000 | |
Migros Ticaret ASa | | | 1 | | | | 6 | |
TAV Havalimanlari Holding ASa | | | 1,763,506 | | | | 9,070,296 | |
Turk Hava Yollari AOa | | | 4,843,068 | | | | 7,378,540 | |
Turk Telekomunikasyon AS | | | 3,937,851 | | | | 16,915,652 | |
Turkcell Iletisim Hizmetleri ASa | | | 6,779,015 | | | | 37,274,002 | |
Turkiye Garanti Bankasi AS | | | 25,173,020 | | | | 95,735,189 | |
Turkiye Halk Bankasi AS | | | 3,042,538 | | | | 20,998,644 | |
Turkiye Is Bankasi AS | | | 16,094,237 | | | | 38,347,047 | |
Turkiye Petrol Rafinerileri AS | | | 1,411,801 | | | | 34,932,159 | |
Turkiye Sise ve Cam Fabrikalari ASb | | | 4,207,297 | | | | 8,554,600 | |
Turkiye Vakiflar Bankasi TAO
Class Db | | | 17,482,060 | | | | 31,040,056 | |
Yapi ve Kredi Bankasi ASa,b | | | 16,122,530 | | | | 30,842,379 | |
| | | | | | | | |
| | | | | | | 554,784,053 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $35,170,662,730) | | | | 37,288,216,827 | |
|
PREFERRED STOCKS — 8.94% | |
| |
BRAZIL — 8.27% | | | | | |
AES Tiete SA | | | 1,138,400 | | | | 16,874,763 | |
Banco Bradesco SA | | | 20,360,080 | | | | 369,989,222 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 19 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Banco do Estado do Rio Grande do Sul SA Class B | | | 1,990,500 | | | $ | 23,720,444 | |
Bradespar SA | | | 2,436,200 | | | | 51,380,279 | |
Braskem SA Class A | | | 1,682,700 | | | | 15,269,652 | |
Centrais Eletricas Brasileiras SA Class B | | | 2,441,137 | | | | 37,138,155 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 1,135,186 | | | | 52,630,209 | |
Companhia de Bebidas das Americas | | | 8,050,123 | | | | 323,992,952 | |
Companhia de Transmissao de Energia Electrica Paulista | | | 380,722 | | | | 12,826,001 | |
Companhia Energetica de Minas Gerais | | | 4,133,989 | | | | 94,795,938 | |
Companhia Energetica de Sao Paulo Class B | | | 1,804,200 | | | | 39,522,373 | |
Companhia Paranaense de Energia Class B | | | 1,123,275 | | | | 28,283,056 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 1,049,200 | | | | 22,592,419 | |
Gerdau SA | | | 9,951,785 | | | | 104,044,814 | |
GOL Linhas Aereas Inteligentes SA | | | 1,067,906 | | | | 9,323,729 | |
Itau Unibanco Holding SA | | | 23,898,811 | | | | 512,246,633 | |
Itausa — Investimentos Itau SA | | | 25,465,973 | | | | 177,990,376 | |
Klabin SA | | | 4,728,200 | | | | 23,518,451 | |
Lojas Americanas SA | | | 3,003,480 | | | | 32,013,329 | |
Metalurgica Gerdau SA | | | 2,962,200 | | | | 39,423,537 | |
Oi SA | | | 2,797,061 | | | | 18,897,960 | |
Petroleo Brasileiro SA | | | 45,596,827 | | | | 645,616,439 | |
Suzano Papel e Celulose SA Class A | | | 1,843,000 | | | | 8,823,729 | |
TAM SA | | | 737,228 | | | | 17,175,794 | |
Tele Norte Leste Participacoes SA | | | 2,698,695 | | | | 29,299,129 | |
Telefonica Brasil SA | | | 3,394,967 | | | | 101,637,430 | |
Telemar Norte Leste SA Class A | | | 263,100 | | | | 6,590,909 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 5,300,100 | | | | 35,963,751 | |
Vale SA Class A | | | 21,960,751 | | | | 543,614,606 | |
| | | | | | | | |
| | | | | | | 3,395,196,079 | |
COLOMBIA — 0.03% | | | | | |
Grupo Aval Acciones y Valores SA | | | 17,527,986 | | | | 12,322,045 | |
| | | | | | | | |
| | | | | | | 12,322,045 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RUSSIA — 0.31% | | | | | |
AK Transneft OAO | | | 18,780 | | | $ | 35,033,716 | |
Sberbank of Russia | | | 12,664,738 | | | | 32,924,417 | |
Surgutneftegas OJSC | | | 87,176,500 | | | | 59,652,419 | |
| | | | | | | | |
| | | | | | | 127,610,552 | |
| |
SOUTH KOREA — 0.33% | | | | | |
Hyundai Motor Co. Ltd. | | | 53,375 | | | | 3,005,766 | |
Hyundai Motor Co. Ltd.
Series 2 | | | 302,487 | | | | 17,223,555 | |
LG Chem Ltd. | | | 86,676 | | | | 9,645,947 | |
Samsung Electronics Co. Ltd.b | | | 165,090 | | | | 103,446,414 | |
| | | | | | | | |
| | | | | | | 133,321,682 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $3,326,594,265) | | | | 3,668,450,358 | |
| |
RIGHTS — 0.00% | | | | | |
| |
BRAZIL — 0.00% | | | | | |
Duratex SAa | | | 4,687 | | | | 20,065 | |
| | | | | | | | |
| | | | | | | 20,065 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $0) | | | | | | | 20,065 | |
|
SHORT-TERM INVESTMENTS — 3.84% | |
|
MONEY MARKET FUNDS — 3.84% | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.22%e,f,g | | | 1,435,704,820 | | | | 1,435,704,820 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%e,f,g | | | 106,180,396 | | | | 106,180,396 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%e,f | | | 35,369,465 | | | | 35,369,465 | |
| | | | | | | | |
| | | | | | | 1,577,254,681 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $1,577,254,681) | | | | 1,577,254,681 | |
| | |
| 20 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 103.60% | | | | | | |
(Cost: $40,074,511,676) | | | | $ | 42,533,941,931 | |
Other Assets, Less
Liabilities — (3.60)% | | | (1,476,589,375 | ) |
| | | | | | |
NET ASSETS — 100.00% | | $ | 41,057,352,556 | |
| | | | | | |
CPO — Certificates of Participation (Ordinary)
NVDR — Non-Voting 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 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 | The rate quoted is the annualized seven-day yield of the fund at period end. |
| g | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 21 | |
Consolidated Statement of Assets and Liabilities (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 29, 2012
| | | | |
| | |
ASSETS | | | | |
Investments, at cost: | | | | |
Unaffiliated | | $ | 38,497,256,995 | |
Affiliated (Note 2) | | | 1,577,254,681 | |
| | | | |
Total cost of investments | | $ | 40,074,511,676 | |
| | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | |
Unaffiliated | | $ | 40,956,687,250 | |
Affiliated (Note 2) | | | 1,577,254,681 | |
| | | | |
Total fair value of investments | | | 42,533,941,931 | |
Foreign currencies, at valueb | | | 27,329,588 | |
Cash | | | 19,000,000 | |
Receivables: | | | | |
Investment securities sold | | | 32,258,749 | |
Due from custodian (Note 4) | | | 200,223 | |
Dividends and interest | | | 72,428,644 | |
Capital shares sold | | | 59,936,606 | |
| | | | |
Total Assets | | | 42,745,095,741 | |
| | | | |
| |
LIABILITIES | | | | |
Payables: | | | | |
Investment securities purchased | | | 123,179,297 | |
Collateral for securities on loan (Note 5) | | | 1,541,885,216 | |
Foreign taxes (Note 1) | | | 1,419,899 | |
Investment advisory fees (Note 2) | | | 21,258,773 | |
| | | | |
Total Liabilities | | | 1,687,743,185 | |
| | | | |
| |
NET ASSETS | | $ | 41,057,352,556 | |
| | | | |
| |
Net assets consist of: | | | | |
Paid-in capital | | $ | 42,554,826,771 | |
Distributions in excess of net investment income | | | (55,772,558 | ) |
Accumulated net realized loss | | | (3,903,287,149 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 2,461,585,492 | |
| | | | |
NET ASSETS | | $ | 41,057,352,556 | |
| | | | |
| |
Shares outstandingc | | | 922,950,000 | |
| | | | |
| |
Net asset value per share | | $ | 44.48 | |
| | | | |
| a | Securities on loan with a value of $1,452,597,865. See Note 5. |
| b | Cost of foreign currencies: $27,019,024. |
| c | $0.001 par value, number of shares authorized: 2 billion. |
See notes to consolidated financial statements.
| | |
| 22 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statement of Operations (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Six months ended February 29, 2012
| | | | |
| | |
NET INVESTMENT INCOME | | | | |
Dividends — unaffiliateda | | $ | 256,919,677 | |
Interest — unaffiliated | | | 1,215 | |
Interest — affiliated (Note 2) | | | 15,789 | |
Securities lending income — affiliated (Note 2) | | | 12,375,188 | |
| | | | |
| | | 269,311,869 | |
Less: Other foreign taxes (Note 1) | | | (803,977 | ) |
| | | | |
Total investment income | | | 268,507,892 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory fees (Note 2) | | | 114,936,258 | |
Commitment fees (Note 7) | | | 14,670 | |
| | | | |
Total expenses | | | 114,950,928 | |
Less investment advisory fees waived (Note 2) | | | (1,890,992 | ) |
| | | | |
Net expenses | | | 113,059,936 | |
| | | | |
Net investment income | | | 155,447,956 | |
| | | | |
| |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | (692,463,177 | ) |
Investments — affiliated (Note 2) | | | (119,037 | ) |
In-kind redemptions — unaffiliated | | | 77,924,055 | |
In-kind redemptions — affiliated (Note 2) | | | (12,443 | ) |
Foreign currency transactions | | | (22,911,732 | ) |
| | | | |
Net realized loss | | | (637,582,334 | ) |
| | | | |
Net change in unrealized appreciation/depreciation on: | | | | |
Investments | | | 2,557,830,541 | |
Translation of assets and liabilities in foreign currencies | | | 2,288,157 | |
| | | | |
Net change in unrealized appreciation/depreciation | | | 2,560,118,698 | |
| | | | |
Net realized and unrealized gain | | | 1,922,536,364 | |
| | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,077,984,320 | |
| | | | |
| a | Net of foreign withholding tax of $25,065,117. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 23 | |
Consolidated Statements of Changes in Net Assets
iSHARES® MSCI EMERGING MARKETS INDEX FUND
| | | | | | | | |
| | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended
August 31, 2011 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 155,447,956 | | | $ | 729,292,060 | |
Net realized gain (loss) | | | (637,582,334 | ) | | | 2,985,401,279 | |
Net change in unrealized appreciation/depreciation | | | 2,560,118,698 | | | | 63,663,978 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 2,077,984,320 | | | | 3,778,357,317 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | (296,184,965 | ) | | | (763,134,134 | ) |
| | | | | | | | |
Total distributions to shareholders | | | (296,184,965 | ) | | | (763,134,134 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 7,489,507,551 | | | | 5,567,132,618 | |
Cost of shares redeemed | | | (1,710,503,261 | ) | | | (14,852,761,754 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 5,779,004,290 | | | | (9,285,629,136 | ) |
| | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 7,560,803,645 | | | | (6,270,405,953 | ) |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | 33,496,548,911 | | | | 39,766,954,864 | |
| | | | | | | | |
End of period | | $ | 41,057,352,556 | | | $ | 33,496,548,911 | |
| | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (55,772,558 | ) | | $ | 84,964,451 | |
| | | | | | | | |
| | |
SHARES ISSUED AND REDEEMED | | | | | | | | |
Shares sold | | | 184,050,000 | | | | 118,800,000 | |
Shares redeemed | | | (45,450,000 | ) | | | (324,000,000 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 138,600,000 | | | | (205,200,000 | ) |
| | | | | | | | |
See notes to consolidated financial statements.
| | |
| 24 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES® MSCI EMERGING MARKETS INDEX FUND
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months
ended
Feb. 29, 2012
(Consolidated)
(Unaudited) | | | Year ended
Aug. 31, 2011
(Consolidated) | | | Year ended Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended
Aug. 31, 2008a | | | Year ended
Aug. 31, 2007a | |
Net asset value, beginning of period | | $ | 42.71 | | | $ | 40.19 | | | $ | 35.48 | | | $ | 40.07 | | | $ | 44.78 | | | $ | 32.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.19 | | | | 0.81 | | | | 0.58 | | | | 0.66 | | | | 1.10 | | | | 0.63 | |
Net realized and unrealized gain (loss)c | | | 1.93 | | | | 2.56 | | | | 4.73 | | | | (4.66 | ) | | | (4.64 | ) | | | 12.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.12 | | | | 3.37 | | | | 5.31 | | | | (4.00 | ) | | | (3.54 | ) | | | 12.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.35 | ) | | | (0.85 | ) | | | (0.60 | ) | | | (0.59 | ) | | | (1.17 | ) | | | (0.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.35 | ) | | | (0.85 | ) | | | (0.60 | ) | | | (0.59 | ) | | | (1.17 | ) | | | (0.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 44.48 | | | $ | 42.71 | | | $ | 40.19 | | | $ | 35.48 | | | $ | 40.07 | | | $ | 44.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 5.12 | %d | | | 8.23 | % | | | 14.97 | % | | | (9.47 | )% | | | (8.36 | )% | | | 39.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 41,057,353 | | | $ | 33,496,549 | | | $ | 39,766,955 | | | $ | 30,268,121 | | | $ | 20,302,756 | | | $ | 18,198,371 | |
Ratio of expenses to average net assetse,f | | | 0.68 | % | | | 0.67 | % | | | 0.68 | % | | | 0.72 | % | | | 0.72 | % | | | 0.74 | % |
Ratio of expenses to average net assets prior to waived feese,f | | | 0.69 | % | | | 0.67 | % | | | 0.68 | % | | | 0.72 | % | | | 0.72 | % | | | 0.74 | % |
Ratio of net investment income to average net assetse | | | 0.93 | % | | | 1.76 | % | | | 1.45 | % | | | 2.32 | % | | | 2.32 | % | | | 1.63 | % |
Portfolio turnover rateg | | | 8 | % | | | 17 | % | | | 14 | % | | | 5 | % | | | 11 | % | | | 5 | % |
| 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. |
| e | Annualized for periods of less than one year. |
| f | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current period presentation of foreign taxes. |
| g | Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but 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 cash transactions, the portfolio turnover rates for the six months ended February 29, 2012 and year ended August 31, 2011 would have been 7% and 15%, respectively. See Note 4. |
See notes to consolidated financial statements.
Notes to Consolidated 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 consolidated financial statements relate only to the following fund (the “Fund”):
| | |
| iShares MSCI Index Fund | | Diversification Classification |
Emerging Markets | | Non-diversified |
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 investment objective of the 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 try to achieve the Fund’s investment objective.
The Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (the “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of the Fund also serves as the investment adviser to the Subsidiary. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for the Fund include the accounts of the Subsidiary.
The Fund may invest in 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 Fund 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.
| | |
| 26 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
SECURITY VALUATION
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The securities and other assets of the Fund are valued at fair value pursuant to the policies and procedures approved by the Board of Directors of the Company (the “Board”).
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
| | • | | Exchange-traded funds (“ETFs”) traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the ETF is primarily traded. ETFs traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors in accordance with policies approved by the Board. Such valuations are reported to the Board.
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.
Various inputs are used in determining the fair value of investments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an investment 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 three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for an investment 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.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 27 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of February 29, 2012. The breakdown of the Fund’s investments into major categories is disclosed in its Consolidated Schedule of Investments.
| | | | | | | | | | | | | | | | |
| | | Investments | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 37,273,362,646 | | | $ | 14,854,181 | | | $ | — | | | $ | 37,288,216,827 | |
Preferred Stocks | | | 3,668,450,358 | | | | — | | | | — | | | | 3,668,450,358 | |
Rights | | | 20,065 | | | | — | | | | — | | | | 20,065 | |
Short-Term Investments | | | 1,577,254,681 | | | | — | | | | — | | | | 1,577,254,681 | |
| | | | | | | | | | | | | | | | |
| | $ | 42,519,087,750 | | | $ | 14,854,181 | | | $ | — | | | $ | 42,533,941,931 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
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. Any taxes withheld that are reclaimable from foreign tax authorities as of February 29, 2012 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the 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. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the 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, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of February 29, 2012, if any, are disclosed in the Fund’s Consolidated Statement of Assets and Liabilities.
| | |
| 28 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
The Fund conducts its investment activities in India through the Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”). In order to be eligible to claim benefits under the DTAA, the Subsidiary must satisfy certain conditions, including the establishment and maintenance of valid tax residence in Mauritius. The Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of foreign tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Fund and are disclosed in the Consolidated Statement of Operations. Further, the Subsidiary is not subject to capital gains tax in Mauritius nor is it subject to tax in Mauritius on any gains from the sale of securities. Any dividends paid by the Subsidiary to the Fund will also be exempt from tax in Mauritius. The foregoing is based upon current interpretation and practice and is subject to future changes in the tax laws of India or Mauritius and in the DTAA.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.
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 is required.
RECENT ACCOUNTING STANDARD
In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Fund’s consolidated financial statements and disclosures.
| 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 substantially all expenses of the Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 29 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
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 |
BFA has voluntarily waived a portion of its investment advisory fees for the Fund in the amount $1,886,824.
BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through June 30, 2013 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 period ended February 29, 2012, BFA waived its investment advisory fees for the Fund in the amount of $4,168.
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. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, and any fees or other payments to and from borrowers of securities. The Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. As securities lending agent, BTC is responsible for all transaction fees and all other operational costs relating to securities lending activities, other than extraordinary expenses. BTC is also responsible for fees and expenses incurred by the Fund as a result of the investment of cash collateral received for securities on loan in a money market fund managed by BFA or an affiliate.
For the six months ended February 29, 2012, BTC earned securities lending agent fees from the Fund of $6,663,563.
At the Special Board of Directors meeting held on January 5, 2012, the Board approved a new distribution agreement with BlackRock Investments, LLC (“BRIL”). BRIL is an affiliate of BFA. Effective April 1, 2012, BRIL will replace SEI Investments Distribution Co. as the distributor for the Fund. Pursuant to the new distribution agreement, BFA will be responsible for any fees or expenses for distribution services provided to the Fund.
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 — affiliated” in the Consolidated Statement of Operations.
The PNC Financial Services Group, Inc. (“PNC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate of the Fund for 1940 Act purposes, but Barclays is not.
The Fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the Fund’s underlying index.
| | |
| 30 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated 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 29, 2012, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Name of Affiliated Issuer | | Shares Held at Beginning of Period | | | Shares Purchased | | | Shares Sold | | | Shares Held at End of Period | | | Value at End of Period | | | Dividend
Income | | | Net
Realized
Gain (Loss) | |
iShares MSCI Malaysia Index Fund | | | 349,867 | | | | 43,826 | | | | (393,693 | ) | | | — | | | $ | — | | | $ | — | | | $ | (131,480 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 29, 2012, aggregated $5,492,080,559 and $2,864,220,770, respectively.
In-kind purchases and sales (see Note 4) for the six months ended February 29, 2012, aggregated $4,032,621,151 and $1,013,455,143, 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 Consolidated Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index, and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash 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 Consolidated 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
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 31 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
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. The Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.
As of February 29, 2012, any securities on loan 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 29, 2012 and the value of the related collateral are disclosed in the Consolidated Statement of Assets and Liabilities. Securities lending income, as disclosed in the Consolidated Statement of Operations, represents the income earned from the investment of the cash collateral, net of fees and other payments to and from borrowers, and less the fees paid to BTC as securities lending agent.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
The Fund had tax basis net capital loss carryforwards as of August 31, 2011, the tax year-end of the Fund, as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Expiring
2012 | | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring 2017 | | | Expiring 2018 | | | Expiring
2019 | | | Total | |
| $ | 840,778 | | | $ | 20,296,564 | | | $ | 11,239,258 | | | $ | 29,973,301 | | | $ | 13,844,901 | | | $ | 228,196,854 | | | $ | 1,201,366,175 | | | $ | 873,167,649 | | | $ | 2,378,925,480 | |
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. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by funds for taxable years beginning after December 22, 2010 are not subject to expiration and must be utilized prior to the losses incurred in the tax years preceding enactment.
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.
As of February 29, 2012, the cost of investments for federal income tax purposes was $40,356,523,671. Net unrealized appreciation was $2,177,418,260, of which $5,663,584,616 represented gross unrealized appreciation on securities and $3,486,166,356 represented gross unrealized depreciation on securities.
Management has reviewed the tax positions as of February 29, 2012, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Fund’s consolidated financial statements.
| | |
| 32 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
The Fund, along with certain other iShares funds, is a party to a $125 million credit agreement with State Street Bank and Trust Company, which expires October 31, 2012. The credit agreement was established to facilitate the funding of purchases of securities in India. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local Indian securities. The Fund did not borrow under the credit agreement during the period ended February 29, 2012.
Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the consolidated financial statements.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 33 | |
Notes
| | |
| 34 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com
or call 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 BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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. BlackRock is not 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 daily and monthly basis on the Fund’s website.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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iS-SAR-85-0212
| | |
 | | February 29, 2012 |
2012 Semi-Annual Report
iShares, Inc.
iShares MSCI BRIC Index Fund | BKF | NYSE Arca
iShares MSCI Emerging Markets Asia Index Fund | EEMA | NASDAQ
iShares MSCI Emerging Markets Consumer Discretionary Sector Index Fund | EMDI | NASDAQ
iShares MSCI Emerging Markets Energy Sector Capped Index Fund | EMEY | NASDAQ
iShares MSCI Emerging Markets Growth Index Fund | EGRW | NASDAQ
iShares MSCI Emerging Markets Minimum Volatility Index Fund | EEMV | NYSE Arca
iShares MSCI Emerging Markets Small Cap Index Fund | EEMS | NYSE Arca
iShares MSCI Emerging Markets Value Index Fund | EVAL | NASDAQ
Table of Contents
Fund Performance Overview
iSHARES® MSCI BRIC INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | | Cumulative Total Returns | |
| Year Ended 2/29/12 | | | Inception to 2/29/12 | | | Inception to 2/29/12 | |
| NAV | | MARKET | | | INDEX | | | NAV | | | MARKET | | | INDEX | | | NAV | | | MARKET | | | INDEX | |
| (6.17)% | | | (7.32)% | | | | (4.07)% | | | | (4.20)% | | | | (4.28)% | | | | (3.93)% | | | | (16.87)% | | | | (17.16)% | | | | (15.84)% | |
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 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 29, 2012, the total return for the Fund was 4.76%, net of fees, while the total return for the Index was 5.77%.
| | | | |
PORTFOLIO ALLOCATION
As of 2/29/12 | |
| Sector | | Percentage of
Net Assets | |
Financial | | | 28.06 | % |
Energy | | | 24.65 | |
Basic Materials | | | 11.02 | |
Communications | | | 9.16 | |
Consumer Non-Cyclical | | | 9.05 | |
Consumer Cyclical | | | 5.15 | |
Industrial | | | 4.43 | |
Utilities | | | 4.14 | |
Technology | | | 2.94 | |
Diversified | | | 1.14 | |
Short-Term and Other Net Assets | | | 0.26 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
| | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12 |
| Security | | Percentage of
Net Assets |
| | | | |
Gazprom OAO (Russia) | | | 4.00 | % |
China Mobile Ltd. (China) | | | 3.65 | |
Petroleo Brasileiro SA Preferred (Brazil) | | | 3.34 | |
China Construction Bank Corp. Class H (China) | | | 2.83 | |
Vale SA Class A Preferred (Brazil) | | | 2.81 | |
Itau Unibanco Holding SA Preferred (Brazil) | | | 2.73 | |
Petroleo Brasileiro SA Preferred (Brazil) | | | 2.51 | |
Industrial and Commercial Bank of China Ltd. Class H (China) | | | 2.51 | |
CNOOC Ltd. (China) | | | 2.30 | |
Banco Bradesco SA (Brazil) | | | 1.94 | |
| | | | |
TOTAL | | | 28.62 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
Performance as of February 29, 2012
| | | | |
| Cumulative Total Returns |
| Inception to 2/29/12 |
| NAV | | MARKET | | INDEX |
| 1.99% | | 1.22% | | 2.09% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 2/8/12.
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 (2/9/12), 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 Asia Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Asia IndexSM (the “Index”). The Index is designed to measure the equity market performance in the emerging market countries of Asia. 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 period from February 8, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 1.99%, net of fees, while the total return for the Index was 2.09%.
| | | | |
PORTFOLIO ALLOCATION
As of 2/29/12 | |
| Sector | | Percentage of
Net Assets | |
Financial | | | 24.92 | % |
Technology | | | 15.41 | |
Industrial | | | 11.07 | |
Consumer Cyclical | | | 11.05 | |
Energy | | | 10.07 | |
Communications | | | 9.32 | |
Basic Materials | | | 8.11 | |
Consumer Non-Cyclical | | | 5.85 | |
Utilities | | | 2.40 | |
Diversified | | | 1.71 | |
Short-Term and Other Net Assets | | | 0.09 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
| | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12 |
| Security | | Percentage of
Net Assets |
| | | | |
Samsung Electronics Co. Ltd. (South Korea) | | | 5.32 | % |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 3.04 | |
China Mobile Ltd. (China) | | | 2.87 | |
China Construction Bank Corp. Class H (China) | | | 2.27 | |
Industrial and Commercial Bank of China Ltd. Class H (China) | | | 2.00 | |
CNOOC Ltd. (China) | | | 1.83 | |
PetroChina Co. Ltd. Class H (China) | | | 1.44 | |
Hon Hai Precision Industry Co. Ltd. (Taiwan) | | | 1.41 | |
Hyundai Motor Co. (South Korea) | | | 1.33 | |
Bank of China Ltd. Class H (China) | | | 1.31 | |
| | | | |
TOTAL | | | 22.82 | % |
| | | | |
| | |
| 6 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY SECTOR INDEX FUND
Performance as of February 29, 2012
| | | | |
| Cumulative Total Returns |
| Inception to 2/29/12 |
| NAV | | MARKET | | INDEX |
| 1.26% | | 0.54% | | 1.35% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 2/8/12.
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 (2/9/12), 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 Consumer Discretionary Sector Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Consumer Discretionary IndexSM (the “Index”). The Index is designed to measure the combined equity market performance of the consumer discretionary sector of emerging market countries. 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 period from February 8, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 1.26%, net of fees, while the total return for the Index was 1.35%.
| | | | |
PORTFOLIO ALLOCATION
As of 2/29/12 | |
| Industry | | Percentage of
Net Assets | |
Auto Manufacturers | | | 28.37 | % |
Retail | | | 28.33 | |
Media | | | 12.31 | |
Auto Parts & Equipment | | | 9.71 | |
Lodging | | | 4.63 | |
Electrical Components & Equipment | | | 2.87 | |
Real Estate | | | 2.62 | |
Home Furnishings | | | 2.35 | |
Leisure Time | | | 2.06 | |
Home Builders | | | 1.42 | |
Textiles | | | 1.37 | |
Holding Companies — Diversified | | | 1.18 | |
Other* | | | 2.63 | |
Short-Term and Other Net Assets | | | 0.15 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
| | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12 |
| Security | | Percentage of
Net Assets |
| | | | |
Hyundai Motor Co. (South Korea) | | | 10.01 | % |
Naspers Ltd. Class N (South Africa) | | | 7.27 | |
Hyundai Mobis Co. Ltd. (South Korea) | | | 5.84 | |
PT Astra International Tbk (Indonesia) | | | 5.34 | |
Kia Motors Corp. (South Korea) | | | 5.09 | |
Grupo Televisa SAB CPO (Mexico) | | | 3.71 | |
Tata Motors Ltd. (India) | | | 2.80 | |
LG Electronics Inc. (South Korea) | | | 2.64 | |
Belle International Holdings Ltd. (China) | | | 2.58 | |
Genting Bhd (Malaysia) | | | 2.43 | |
| | | | |
TOTAL | | | 47.71 | % |
| | | | |
| | * | Other includes industries which individually represent less than 1% of net assets. |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS ENERGY SECTOR CAPPED INDEX FUND
Performance as of February 29, 2012
| | | | |
| Cumulative Total Returns |
| Inception to 2/29/12 |
| NAV | | MARKET | | INDEX |
| 0.51% | | 0.22% | | 0.70% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 2/8/12.
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 (2/9/12), 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 Energy Sector Capped Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Energy 25/50 IndexSM (the “Index”). The Index is designed to measure the performance of energy-related companies in emerging market countries. A capping methodology is applied that limits the weight of any single component to a maximum of 25% of the Index. 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 period from February 8, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 0.51%, net of fees, while the total return for the Index was 0.70%.
| | | | |
PORTFOLIO ALLOCATION
As of 2/29/12 | |
| Industry | | Percentage of
Net Assets | |
Oil & Gas | | | 82.27 | % |
Coal | | | 9.19 | |
Chemicals | | | 6.52 | |
Other* | | | 1.91 | |
Short-Term and Other Net Assets | | | 0.11 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
| | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12 |
| Security | | Percentage of
Net Assets |
| | | | |
Gazprom OAO (Russia) | | | 12.03 | % |
Petroleo Brasileiro SA Preferred (Brazil) | | | 9.87 | |
Petroleo Brasileiro SA (Brazil) | | | 7.18 | |
CNOOC Ltd. (China) | | | 6.70 | |
LUKOIL OAO (Russia) | | | 5.06 | |
PetroChina Co. Ltd. Class H (China) | | | 4.98 | |
Sasol Ltd. (South Africa) | | | 4.56 | |
Reliance Industries Ltd. (India) | | | 4.07 | |
China Petroleum & Chemical Corp. Class H (China) | | | 3.70 | |
China Shenhua Energy Co. Ltd. Class H (China) | | | 3.06 | |
| | | | |
TOTAL | | | 61.21 | % |
| | | | |
| | * | Other includes industries which individually represent less than 1% of net assets. |
| | |
| 8 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
Performance as of February 29, 2012
| | | | |
| Cumulative Total Returns |
| Inception to 2/29/12 |
| NAV | | MARKET | | INDEX |
| 2.64% | | 1.97% | | 2.77% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 2/8/12.
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 (2/9/12), 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 Growth Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Growth IndexSM (the “Index”). The Index generally represents approximately 50% of the MSCI Emerging Markets Index and consists of those securities classified by the Index provider as most representing the growth style. 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 period from February 8, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 2.64%, net of fees, while the total return for the Index was 2.77%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 21.05 | % |
Technology | | | 13.27 | |
Consumer Non-Cyclical | | | 12.79 | |
Consumer Cyclical | | | 12.66 | |
Communications | | | 10.52 | |
Basic Materials | | | 9.71 | |
Energy | | | 9.41 | |
Industrial | | | 7.03 | |
Utilities | | | 3.00 | |
Diversified | | | 0.47 | |
Short-Term and Other Net Assets | | | 0.09 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Samsung Electronics Co. Ltd. (South Korea) | | | 6.30 | % |
Taiwan Semiconductor Manufacturing Co.
Ltd. (Taiwan) | | | 3.59 | |
Itau Unibanco Holding SA Preferred (Brazil) | | | 2.58 | |
CNOOC Ltd. (China) | | | 2.19 | |
Banco Bradesco SA Preferred (Brazil) | | | 1.83 | |
MTN Group Ltd. (South Africa) | | | 1.63 | |
Companhia de Bebidas das Americas
Preferred (Brazil) | | | 1.59 | |
Hyundai Motor Co. (South Korea) | | | 1.57 | |
Sberbank of Russia (Russia) | | | 1.56 | |
Tencent Holdings Ltd. (China) | | | 1.40 | |
| | | | |
TOTAL | | | 24.24 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
Performance as of February 29, 2012
| | | | |
| Cumulative Total Returns |
| Inception to 2/29/12 |
| NAV | | MARKET | | INDEX |
| 16.24% | | 16.24% | | 16.54% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 10/18/11.
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 (10/20/11), 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 Minimum Volatility Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Minimum Volatility Index (the “Index”). The Index measures the performance of equity securities in global emerging markets that have lower absolute volatility. 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 period from October 18, 2011 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 16.24%, net of fees, while the total return for the Index was 16.54%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 22.24 | % |
Consumer Non-Cyclical | | | 18.07 | |
Communications | | | 14.72 | |
Utilities | | | 9.03 | |
Energy | | | 8.86 | |
Consumer Cyclical | | | 8.14 | |
Basic Materials | | | 6.33 | |
Industrial | | | 5.88 | |
Technology | | | 4.75 | |
Diversified | | | 1.67 | |
Short-Term and Other Net Assets | | | 0.31 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Ecopetrol SA (Colombia) | | | 1.69 | % |
CP All PCL NVDR (Thailand) | | | 1.61 | |
Public Bank Bhd Foreign (Malaysia) | | | 1.49 | |
Far EasTone Telecommunications Co. Ltd. (Taiwan) | | | 1.47 | |
China Minsheng Banking Corp. Ltd. Class H (China) | | | 1.45 | |
Advanced Information Service PCL NVDR (Thailand) | | | 1.42 | |
PT Unilever Indonesia Tbk (Indonesia) | | | 1.42 | |
Formosa Petrochemical Corp. (Taiwan) | | | 1.40 | |
Shoprite Holdings Ltd. (South Africa) | | | 1.34 | |
Credicorp Ltd. (Peru) | | | 1.30 | |
| | | | |
TOTAL | | | 14.59 | % |
| | | | |
| | |
| 10 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
Performance as of February 29, 2012
| | | | |
| Cumulative Total Returns |
| Inception to 2/29/12 |
| NAV | | MARKET | | INDEX |
| (2.64)% | | (2.31)% | | (1.11)% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 8/16/11.
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 (8/18/11), 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 Small Cap Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Small Cap IndexSM (the “Index”). The Index measures the performance of equity securities of small capitalization companies, whose market capitalization represents the bottom 14% of companies in emerging market countries, as measured by market capitalization. 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 29, 2012, the total return for the Fund was (0.80)%, net of fees, while the total return for the Index was 0.64%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Industrial | | | 22.22 | % |
Financial | | | 18.93 | |
Consumer Cyclical | | | 16.20 | |
Consumer Non-Cyclical | | | 12.63 | |
Basic Materials | | | 8.43 | |
Technology | | | 7.87 | |
Communications | | | 5.65 | |
Utilities | | | 3.31 | |
Energy | | | 2.79 | |
Diversified | | | 1.54 | |
Short-Term and Other Net Assets | | | 0.43 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Mr Price Group Ltd. (South Africa) | | | 0.49 | % |
Cheil Worldwide Inc. (South Korea) | | | 0.39 | |
Digital China Holdings Ltd. (China) | | | 0.37 | |
LG International Corp. (South Korea) | | | 0.36 | |
BR Properties SA (Brazil) | | | 0.36 | |
Tongaat Hulett Ltd. (South Africa) | | | 0.35 | |
Aeci Ltd. (South Africa) | | | 0.35 | |
Lubelski Wegiel Bogdanka SA (Poland) | | | 0.34 | |
Nampak Ltd. (South Africa) | | | 0.33 | |
Soft-World International Corp. (Taiwan) | | | 0.32 | |
| | | | |
TOTAL | | | 3.66 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 11 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
Performance as of February 29, 2012
| | | | |
| Cumulative Total Returns |
| Inception to 2/29/12 |
| NAV | | MARKET | | INDEX |
| 0.82% | | 0.23% | | 0.95% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 2/8/12.
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 (2/9/12), 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 Value Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Value IndexSM (the “Index”). The Index generally represents approximately 50% of the MSCI Emerging Markets Index and consists of those securities classified by the Index provider as most representing the value style. 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 period from February 8, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 0.82%, net of fees, while the total return for the Index was 0.95%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 26.46 | % |
Energy | | | 18.44 | |
Basic Materials | | | 15.82 | |
Communications | | | 10.03 | |
Industrial | | | 7.99 | |
Technology | | | 5.10 | |
Diversified | | | 4.33 | |
Consumer Cyclical | | | 4.28 | |
Utilities | | | 4.27 | |
Consumer Non-Cyclical | | | 3.18 | |
Short-Term and Other Net Assets | | | 0.10 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Gazprom OAO (Russia) | | | 3.65 | % |
China Mobile Ltd. (China) | | | 3.32 | |
Petroleo Brasileiro SA Preferred (Brazil) | | | 3.07 | |
China Construction Bank Corp. Class H (China) | | | 2.61 | |
Petroleo Brasileiro SA (Brazil) | | | 2.32 | |
Industrial and Commercial Bank of China Ltd. Class H (China) | | | 2.30 | |
LUKOIL OAO (Russia) | | | 1.69 | |
Vale SA Class A Preferred (Brazil) | | | 1.66 | |
PetroChina Co. Ltd. Class H (China) | | | 1.66 | |
Bank of China Ltd. Class H (China) | | | 1.50 | |
| | | | |
TOTAL | | | 23.78 | % |
| | | | |
| | |
| 12 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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, 2011 (or commencement of operations, as applicable) to February 29, 2012.
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 a (9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b (9/1/11 to 2/29/12) | |
BRIC | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,047.60 | | | | 0.69 | % | | $ | 3.51 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.40 | | | | 0.69 | | | | 3.47 | |
Emerging Markets Asia | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,019.90 | | | | 0.49 | | | | 0.28 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.49 | | | | 2.46 | |
Emerging Markets Consumer Discretionary Sector | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,012.60 | | | | 0.68 | | | | 0.39 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.68 | | | | 3.42 | |
Emerging Markets Energy Sector Capped | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,005.10 | | | | 0.68 | | | | 0.39 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.68 | | | | 3.42 | |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning
Account Value a (9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b (9/1/11 to 2/29/12) | |
Emerging Markets Growth | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,026.40 | | | | 0.49 | % | | $ | 0.28 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.49 | | | | 2.46 | |
Emerging Markets Minimum Volatility | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,162.40 | | | | 0.25 | | | | 0.99 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,023.60 | | | | 0.25 | | | | 1.26 | |
Emerging Markets Small Cap | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 992.00 | | | | 0.69 | | | | 3.42 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.40 | | | | 0.69 | | | | 3.47 | |
Emerging Markets Value | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,008.20 | | | | 0.49 | | | | 0.28 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.49 | | | | 2.46 | |
| a | The beginning of the period (commencement of operations) is October 18, 2011 for the iShares MSCI Emerging Markets Minimum Volatility Index Fund and February 8, 2012 for the iShares MSCI Emerging Markets Asia , iShares MSCI Emerging Markets Consumer Discretionary Sector, iShares MSCI Emerging Markets Energy Sector Capped, iShares MSCI Emerging Markets Growth and iShares MSCI Emerging Markets Value Index Funds. | |
| b | Actual expenses for the Funds 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 (182 days for the iShares MSCI BRIC and iShares MSCI Emerging Markets Small Cap Index Funds, 134 days for the iShares MSCI Emerging Markets Minimum Volatility Index Fund and 21 days for the iShares MSCI Emerging Markets Asia , iShares MSCI Emerging Markets Consumer Discretionary Sector, iShares MSCI Emerging Markets Energy Sector Capped, iShares MSCI Emerging Markets Growth and iShares MSCI Emerging Markets Value Index Funds) and divided by the number of days in the year (366 days). Hypothetical expenses for all the Funds, which are based on a hypothetical half year, 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 (182 days) and divided by the number of days in the year (366 days). | |
| | |
| 14 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI BRIC INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 81.61% | |
|
BRAZIL — 15.16% | |
ALL — America Latina Logistica SA | | | 264,000 | | | $ | 1,525,436 | |
Amil Participacoes SA | | | 88,000 | | | | 1,011,847 | |
Anhanguera Educacional Participacoes SA | | | 44,000 | | | | 576,702 | |
Banco do Brasil SA | | | 314,289 | | | | 5,046,510 | |
Banco Santander (Brasil) SA Units | | | 396,037 | | | | 4,243,254 | |
BM&F Bovespa SA | | | 1,057,069 | | | | 7,053,265 | |
BR Malls Participacoes SA | | | 220,000 | | | | 2,811,963 | |
BRF — Brasil Foods SA | | | 352,000 | | | | 7,338,444 | |
Brookfield Incorporacoes SA | | | 132,000 | | | | 498,258 | |
CCR SA | | | 484,000 | | | | 3,856,260 | |
Centrais Eletricas Brasileiras SA | | | 132,000 | | | | 1,431,916 | |
CETIP SA — Mercados Organizados | | | 88,429 | | | | 1,643,280 | |
Cielo SA | | | 134,100 | | | | 4,781,498 | |
Companhia de Saneamento Basico do Estado de Sao Paulo | | | 44,000 | | | | 1,657,027 | |
Companhia Hering SA | | | 88,000 | | | | 2,360,465 | |
Companhia Siderurgica Nacional SA | | | 396,000 | | | | 4,026,690 | |
Cosan SA Industria e Comercio | | | 88,000 | | | | 1,571,429 | |
CPFL Energia SA | | | 132,000 | | | | 2,121,045 | |
Cyrela Brazil Realty SA | | | 176,000 | | | | 1,770,221 | |
Diagnosticos da America SA | | | 132,000 | | | | 1,226,481 | |
Duratex SA | | | 132,000 | | | | 736,655 | |
EcoRodovias Infraestrutura e Logistica SA | | | 88,000 | | | | 707,782 | |
EDP Energias do Brasil SA | | | 44,000 | | | | 1,073,171 | |
Embraer SA | | | 308,000 | | | | 2,289,431 | |
Fibria Celulose SA | | | 132,041 | | | | 1,192,356 | |
HRT Participacoes em Petroleo SAa | | | 2,000 | | | | 792,102 | |
Hypermarcas SA | | | 132,000 | | | | 857,003 | |
JBS SAa | | | 440,052 | | | | 1,865,493 | |
Light SA | | | 44,000 | | | | 695,006 | |
Localiza Rent A Car SA | | | 44,000 | | | | 810,499 | |
Lojas Renner SA | | | 44,000 | | | | 1,670,569 | |
MMX Mineracao e Metalicos SAa | | | 132,000 | | | | 738,955 | |
MRV Engenharia e Participacoes SA | | | 176,000 | | | | 1,415,563 | |
Multiplan Empreendimentos Imobiliarios SA | | | 44,000 | | | | 996,516 | |
Natura Cosmeticos SA | | | 88,000 | | | | 2,069,175 | |
Odontoprev SA | | | 44,000 | | | | 763,995 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
OGX Petroleo e Gas Participacoes SAa | | | 704,000 | | | $ | 6,950,058 | |
PDG Realty SA Empreendimentos e Participacoes | | | 616,000 | | | | 2,625,691 | |
Petroleo Brasileiro SA | | | 1,628,000 | | | | 24,297,096 | |
Porto Seguro SA | | | 44,000 | | | | 549,361 | |
Raia Drogasil SA | | | 73,650 | | | | 715,115 | |
Redecard SA | | | 176,000 | | | | 3,648,781 | |
Rossi Residencial SA | | | 88,000 | | | | 525,854 | |
Souza Cruz SA | | | 220,000 | | | | 3,284,669 | |
SulAmerica SA Units | | | 44,000 | | | | 482,927 | |
Tele Norte Leste Participacoes SA | | | 44,000 | | | | 591,521 | |
Tim Participacoes SA | | | 440,069 | | | | 2,655,236 | |
Totvs SA | | | 44,000 | | | | 814,588 | |
Tractebel Energia SA | | | 88,000 | | | | 1,552,520 | |
Ultrapar Participacoes SA | | | 176,000 | | | | 3,985,041 | |
Usinas Siderurgicas de Minas Gerais SA | | | 88,000 | | | | 786,992 | |
Vale SA | | | 704,000 | | | | 17,804,413 | |
| | | | | | | | |
| | | | | | | 146,496,125 | |
CHINA — 38.19% | | | | | | | | |
Agile Property Holdings Ltd. | | | 880,000 | | | | 1,186,843 | |
Agricultural Bank of China Ltd. Class H | | | 10,120,000 | | | | 5,036,709 | |
Air China Ltd. Class H | | | 880,000 | | | | 664,905 | |
Alibaba.com Ltd.a | | | 660,000 | | | | 1,125,005 | |
Aluminum Corp. of China Ltd. Class Hb | | | 1,760,000 | | | | 973,529 | |
Angang Steel Co. Ltd. Class Hb | | | 880,000 | | | | 685,328 | |
Anhui Conch Cement Co. Ltd. Class H | | | 660,000 | | | | 2,297,665 | |
Anta Sports Products Ltd.b | | | 440,040 | | | | 489,078 | |
AviChina Industry & Technology Co. Ltd. Class Hb | | | 1,760,000 | | | | 905,450 | |
Bank of China Ltd. Class H | | | 36,520,000 | | | | 15,915,727 | |
Bank of Communications Co. Ltd. Class H | | | 3,960,200 | | | | 3,273,061 | |
BBMG Corp. Class H | | | 660,000 | | | | 697,809 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 880,000 | | | | 439,109 | |
Beijing Enterprises Holdings Ltd.b | | | 220,000 | | | | 1,398,455 | |
Belle International Holdings Ltd.b | | | 2,640,000 | | | | 4,363,861 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 15 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Bosideng International Holdings Ltd. | | | 880,000 | | | $ | 274,585 | |
Brilliance China Automative Holdings Ltd.a | | | 880,000 | | | | 1,024,588 | |
BYD Co. Ltd. Class Ha,b | | | 220,000 | | | | 723,339 | |
China Agri-Industries Holdings Ltd.b | | | 880,000 | | | | 663,770 | |
China BlueChemical Ltd. Class H | | | 880,000 | | | | 692,136 | |
China CITIC Bank Corp. Ltd. Class H | | | 4,230,000 | | | | 2,781,567 | |
China Coal Energy Co. Class H | | | 2,200,000 | | | | 2,822,440 | |
China Communications Construction Co. Ltd. Class H | | | 2,640,000 | | | | 2,702,735 | |
China Communications Services Corp. Ltd. Class H | | | 1,030,800 | | | | 530,306 | |
China Construction Bank Corp. Class H | | | 32,564,370 | | | | 27,375,955 | |
China COSCO Holdings Co. Ltd. Class H | | | 1,320,000 | | | | 862,901 | |
China Dongxiang (Group) Co. Ltd. | | | 1,760,000 | | | | 335,856 | |
China Everbright Ltd.b | | | 404,000 | | | | 765,734 | |
China Gas Holdings Ltd. | | | 1,780,000 | | | | 856,067 | |
China International Marine Containers (Group) Co. Ltd. Class B | | | 352,000 | | | | 503,784 | |
China Life Insurance Co. Ltd. Class H | | | 3,960,000 | | | | 12,356,332 | |
China Longyuan Power Group Corp. Ltd. Class H | | | 1,320,000 | | | | 1,142,025 | |
China Mengniu Dairy Co. Ltd. | | | 880,000 | | | | 2,496,229 | |
China Merchants Bank Co. Ltd. Class H | | | 2,200,297 | | | | 5,049,871 | |
China Merchants Holdings (International) Co. Ltd.b | | | 524,000 | | | | 1,814,072 | |
China Minsheng Banking Corp. Ltd. Class H | | | 2,066,000 | | | | 2,011,205 | |
China Mobile Ltd. | | | 3,300,000 | | | | 35,252,137 | |
China Molybdenum Co. Ltd. Class Ha | | | 880,000 | | | | 449,321 | |
China National Building Material Co. Ltd. Class H | | | 1,760,000 | | | | 2,546,153 | |
| | | | | | | | |
China Oilfield Services Ltd. Class H | | | 880,000 | | | | 1,547,662 | |
China Overseas Land & Investment Ltd.b | | | 1,760,800 | | | | 3,691,557 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 968,000 | | | $ | 3,488,479 | |
China Petroleum & Chemical Corp. Class H | | | 8,800,000 | | | | 10,087,033 | |
China Railway Construction Corp. Ltd. Class H | | | 1,100,000 | | | | 865,170 | |
China Railway Group Ltd. Class H | | | 2,200,000 | | | | 893,536 | |
China Resources Cement Holdings Ltd.b | | | 880,000 | | | | 740,926 | |
China Resources Enterprise Ltd.b | | | 880,000 | | | | 3,296,156 | |
China Resources Land Ltd.b | | | 880,000 | | | | 1,683,820 | |
China Resources Power Holdings Co. Ltd. | | | 914,200 | | | | 1,798,766 | |
China Rongsheng Heavy Industries Group Holdings Ltd. | | | 880,000 | | | | 318,836 | |
China Shanshui Cement Group Ltd. | | | 880,000 | | | | 819,217 | |
China Shenhua Energy Co. Ltd. Class H | | | 1,760,000 | | | | 8,135,436 | |
China Shipping Container Lines Co. Ltd. Class Ha | | | 1,760,000 | | | | 603,633 | |
China Shipping Development Co. Ltd. Class H | | | 880,000 | | | | 659,231 | |
China Southern Airlines Co. Ltd. Class Ha,b | | | 880,000 | | | | 442,513 | |
China State Construction International Holdings Ltd. | | | 880,000 | | | | 804,466 | |
China Taiping Insurance Holdings Co. Ltd.a | | | 440,000 | | | | 1,027,992 | |
China Telecom Corp. Ltd. Class H | | | 7,920,000 | | | | 4,840,414 | |
China Unicom (Hong Kong) Ltd. | | | 3,529,900 | | | | 6,371,907 | |
China Vanke Co. Ltd. Class B | | | 704,401 | | | | 908,237 | |
China Yurun Food Group Ltd.b | | | 880,000 | | | | 1,336,617 | |
China ZhengTong Auto Services Holdings Ltd.a,b | | | 440,000 | | | | 541,228 | |
China Zhongwang Holdings Ltd. | | | 880,000 | | | | 386,915 | |
Chongqing Rural Commercial Bank Co. Ltd. Class Ha | | | 1,320,000 | | | | 815,246 | |
CITIC Pacific Ltd. | | | 880,000 | | | | 1,656,588 | |
CNOOC Ltd. | | | 9,680,000 | | | | 22,216,434 | |
COSCO Pacific Ltd. | | | 880,000 | | | | 1,334,348 | |
Country Garden Holdings Co. Ltd.b | | | 2,200,000 | | | | 995,655 | |
CSG Holding Co. Ltd. Class B | | | 440,000 | | | | 384,646 | |
CSR Corp Ltd. Class H | | | 883,000 | | | | 693,357 | |
| | |
| 16 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Dah Chong Hong Holdings Ltd. | | | 440,000 | | | $ | 622,923 | |
Daphne International Holdings Ltd. | | | 488,000 | | | | 613,484 | |
Datang International Power Generation Co. Ltd. Class H | | | 1,760,000 | | | | 639,942 | |
Dongfang Electric Corp. Ltd. Class Hb | | | 176,000 | | | | 476,553 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 1,760,000 | | | | 3,453,873 | |
Dongyue Group Ltd. | | | 440,000 | | | | 452,158 | |
ENN Energy Holdings Ltd. | | | 142,000 | | | | 487,938 | |
Evergrande Real Estate Group Ltd.b | | | 2,640,000 | | | | 1,678,146 | |
Far East Horizon Ltd.a | | | 440,000 | | | | 383,512 | |
Fosun International Ltd. | | | 880,000 | | | | 548,036 | |
Franshion Properties (China) Ltd.b | | | 1,760,000 | | | | 469,745 | |
GCL-Poly Energy Holdings Ltd.b | | | 3,960,000 | | | | 1,363,281 | |
Geely Automobile Holdings Ltd.b | | | 2,200,000 | | | | 978,635 | |
Golden Eagle Retail Group Ltd.b | | | 440,000 | | | | 1,086,994 | |
GOME Electrical Appliances Holdings Ltd.b | | | 5,720,400 | | | | 1,748,050 | |
Great Wall Motor Co. Ltd. Class Hb | | | 660,000 | | | | 1,329,242 | |
Guangdong Investment Ltd. | | | 1,760,000 | | | | 1,157,342 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 1,206,454 | | | | 1,423,347 | |
Guangzhou R&F Properties Co. Ltd. Class Hb | | | 528,000 | | | | 697,129 | |
Haier Electronics Group Co. Ltd.a | | | 440,000 | | | | 550,305 | |
Hengan International Group Co. Ltd.b | | | 440,000 | | | | 3,996,802 | |
Hengdeli Holdings Ltd. | | | 1,760,000 | | | | 760,215 | |
Huabao International Holdings Ltd.b | | | 880,000 | | | | 624,057 | |
Huaneng Power International Inc. Class H | | | 1,760,000 | | | | 1,127,841 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 33,000,050 | | | | 24,210,617 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 308,485 | | | | 1,742,632 | |
Intime Department Store Group Co. Ltd. | | | 440,000 | | | | 547,468 | |
Jiangsu Expressway Co. Ltd. Class H | | | 880,000 | | | | 924,739 | |
Jiangxi Copper Co. Ltd. Class H | | | 880,000 | | | | 2,422,476 | |
Kingboard Chemical Holdings Co. Ltd. | | | 220,000 | | | | 816,948 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Kunlun Energy Co. Ltd. | | | 880,000 | | | $ | 1,484,121 | |
Lee & Man Paper Manufacturing Ltd.b | | | 880,000 | | | | 467,476 | |
Lenovo Group Ltd.b | | | 3,520,000 | | | | 3,118,016 | |
Longfor Properties Co. Ltd.b | | | 660,000 | | | | 958,211 | |
Lonking Holdings Ltd.b | | | 880,000 | | | | 357,415 | |
Metallurgical Corp. of China Ltd. Class Hb | | | 1,760,000 | | | | 483,361 | |
Nine Dragons Paper (Holdings) Ltd. | | | 880,000 | | | | 795,389 | |
Parkson Retail Group Ltd.b | | | 880,000 | | | | 1,046,147 | |
PetroChina Co. Ltd. Class H | | | 11,440,000 | | | | 17,317,018 | |
PICC Property and Casualty Co. Ltd. Class H | | | 1,769,200 | | | | 2,495,590 | |
Ping An Insurance (Group) Co. of China Ltd. Class H | | | 880,000 | | | | 7,698,596 | |
Poly (Hong Kong) Investments Ltd.b | | | 888,984 | | | | 567,385 | |
Renhe Commercial Holdings Co. Ltd.b | | | 6,160,000 | | | | 738,657 | |
Sany Heavy Equipment International Holdings Co. Ltd.b | | | 440,000 | | | | 388,050 | |
Semiconductor Manufacturing International Corp.a | | | 10,560,000 | | | | 558,248 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 880,000 | | | | 878,219 | |
Shanghai Electric Group Co. Ltd. Class H | | | 1,760,000 | | | | 950,836 | |
Shanghai Industrial Holdings Ltd. | | | 440,000 | | | | 1,597,019 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class Ha | | | 220,000 | | | | 409,041 | |
Shimao Property Holdings Ltd.b | | | 880,000 | | | | 1,148,265 | |
Shougang Fushan Resources Group Ltd. | | | 1,760,000 | | | | 755,677 | |
Shui On Land Ltd. | | | 1,540,000 | | | | 667,174 | |
Sihuan Pharmaceutical Holdings Group Ltd. | | | 880,000 | | | | 349,472 | |
Sino-Ocean Land Holdings Ltd.b | | | 1,760,000 | | | | 1,023,454 | |
Sinofert Holdings Ltd.b | | | 880,000 | | | | 262,104 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | 880,000 | | | | 335,856 | |
Sinopharm Group Co. Ltd. Class H | | | 352,000 | | | | 957,644 | |
Skyworth Digital Holdings Ltd.b | | | 880,000 | | | | 492,438 | |
SOHO China Ltd. | | | 1,100,000 | | | | 802,764 | |
Sun Art Retail Group Ltd.a | | | 660,000 | | | | 883,325 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 17 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tencent Holdings Ltd. | | | 572,000 | | | $ | 14,897,946 | |
Tingyi (Cayman Islands) Holding Corp. | | | 880,000 | | | | 2,615,367 | |
Want Want China Holdings Ltd. | | | 3,080,000 | | | | 3,065,823 | |
Weichai Power Co. Ltd. Class H | | | 199,813 | | | | 1,102,672 | |
Wumart Stores Inc. Class H | | | 440,000 | | | | 891,834 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 880,000 | | | | 2,205,758 | |
Yingde Gases Group Co. Ltd. | | | 523,500 | | | | 581,839 | |
Yuexiu Property Co. Ltd.b | | | 2,640,000 | | | | 531,016 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 440,000 | | | | 907,720 | |
Zhejiang Expressway Co. Ltd. Class H | | | 880,000 | | | | 668,309 | |
Zhongsheng Group Holdings Ltd. | | | 220,000 | | | | 425,494 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 440,000 | | | | 1,214,075 | |
Zijin Mining Group Co. Ltd. Class H | | | 3,375,000 | | | | 1,618,809 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb | | | 730,400 | | | | 1,133,878 | |
ZTE Corp. Class H | | | 352,040 | | | | 1,053,074 | |
| | | | | | | | |
| | | | | | | 369,106,675 | |
INDIA — 14.29% | | | | | | | | |
ACC Ltd. | | | 28,781 | | | | 766,975 | |
Adani Enterprises Ltd. | | | 114,751 | | | | 877,432 | |
Adani Ports and Special Economic Zone Ltd. | | | 184,454 | | | | 559,459 | |
Aditya Birla Nuvo Ltd. | | | 18,517 | | | | 332,464 | |
Ambuja Cements Ltd. | | | 302,172 | | | | 991,107 | |
Asian Paints Ltd. | | | 16,105 | | | | 1,041,863 | |
Axis Bank Ltd. | | | 124,223 | | | | 2,985,179 | |
Bajaj Auto Ltd. | | | 47,544 | | | | 1,747,710 | |
Bank of India | | | 59,670 | | | | 453,217 | |
Bharat Heavy Electricals Ltd. | | | 324,280 | | | | 2,033,615 | |
Bharat Petroleum Corp. Ltd. | | | 63,080 | | | | 852,372 | |
Bharti Airtel Ltd. | | | 241,560 | | | | 1,726,062 | |
Canara Bank Ltd. | | | 48,570 | | | | 506,313 | |
Cipla Ltd. | | | 194,503 | | | | 1,257,860 | |
Coal India Ltd. | | | 307,359 | | | | 2,097,768 | |
Dabur India Ltd. | | | 233,326 | | | | 495,360 | |
DLF Ltd. | | | 224,840 | | | | 1,039,099 | |
Dr. Reddy’s Laboratories Ltd. | | | 55,780 | | | | 1,869,615 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
GAIL (India) Ltd. | | | 222,799 | | | $ | 1,704,292 | |
GMR Infrastructure Ltd.a | | | 635,284 | | | | 370,075 | |
HCL Technologies Ltd. | | | 72,617 | | | | 718,539 | |
HDFC Bank Ltd. | | | 802,135 | | | | 8,463,253 | |
Hero Motocorp Ltd. | | | 22,000 | | | | 873,581 | |
Hindalco Industries Ltd. | | | 626,603 | | | | 1,903,717 | |
Hindustan Unilever Ltd. | | | 469,785 | | | | 3,644,404 | |
Housing Development Finance Corp. Ltd. | | | 592,896 | | | | 8,022,424 | |
ICICI Bank Ltd. | | | 234,578 | | | | 4,337,850 | |
Idea Cellular Ltd.a | | | 361,045 | | | | 696,159 | |
Infosys Ltd. | | | 238,040 | | | | 14,004,824 | |
Infrastructure Development Finance Co. Ltd. | | | 524,480 | | | | 1,513,191 | |
ITC Ltd. | | | 1,234,015 | | | | 5,228,386 | |
Jaiprakash Associates Ltd. | | | 602,636 | | | | 935,125 | |
Jindal Steel & Power Ltd. | | | 203,469 | | | | 2,419,334 | |
JSW Steel Ltd. | | | 48,732 | | | | 804,013 | |
Kotak Mahindra Bank Ltd. | | | 150,480 | | | | 1,681,808 | |
Larsen & Toubro Ltd. | | | 114,400 | | | | 3,053,273 | |
LIC Housing Finance Ltd. | | | 134,029 | | | | 712,123 | |
Lupin Ltd. | | | 88,901 | | | | 872,231 | |
Mahindra & Mahindra Ltd. | | | 168,443 | | | | 2,439,691 | |
Maruti Suzuki India Ltd. | | | 37,840 | | | | 968,815 | |
NTPC Ltd. | | | 361,448 | | | | 1,335,241 | |
Oil & Natural Gas Corp. Ltd. | | | 482,855 | | | | 2,888,657 | |
Piramal Healthcare Ltd. | | | 47,150 | | | | 435,327 | |
Power Grid Corp. of India Ltd. | | | 698,649 | | | | 1,610,841 | |
Ranbaxy Laboratories Ltd. | | | 73,667 | | | | 644,605 | |
Reliance Capital Ltd. | | | 39,941 | | | | 329,283 | |
Reliance Communications Ltd. | | | 285,120 | | | | 549,762 | |
Reliance Industries Ltd. | | | 727,406 | | | | 12,181,565 | |
Reliance Infrastructure Ltd. | | | 58,303 | | | | 706,512 | |
Reliance Power Ltd.a | | | 309,516 | | | | 754,370 | |
Rural Electrification Corp. Ltd. | | | 136,409 | | | | 600,356 | |
Satyam Computer Services Ltd.a | | | 279,268 | | | | 391,750 | |
Sesa Goa Ltd. | | | 185,700 | | | | 812,367 | |
Shriram Transport Finance Co. Ltd. | | | 62,520 | | | | 698,423 | |
Siemens Ltd. | | | 33,003 | | | | 536,189 | |
State Bank of India | | | 61,396 | | | | 2,815,560 | |
Sterlite Industries (India) Ltd. | | | 771,408 | | | | 1,961,967 | |
Sun Pharmaceuticals Industries Ltd. | | | 176,147 | | | | 1,978,194 | |
Suzlon Energy Ltd.a | | | 363,072 | | | | 197,056 | |
| | |
| 18 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tata Consultancy Services Ltd. | | | 259,600 | | | $ | 6,472,520 | |
Tata Motors Ltd. | | | 816,996 | | | | 4,516,733 | |
Tata Power Co. Ltd. | | | 573,621 | | | | 1,344,808 | |
Tata Steel Ltd. | | | 169,602 | | | | 1,635,287 | |
Titan Industries Ltd. | | | 117,920 | | | | 549,539 | |
Ultratech Cement Ltd. | | | 34,142 | | | | 979,745 | |
Unitech Ltd.a | | | 548,407 | | | | 361,987 | |
United Phosphorus Ltd. | | | 122,066 | | | | 388,165 | |
United Spirits Ltd. | | | 45,890 | | | | 536,148 | |
Wipro Ltd. | | | 269,301 | | | | 2,375,684 | |
Zee Entertainment Enterprises Ltd. | | | 218,304 | | | | 566,361 | |
| | | | | | | | |
| | | | | | | 138,155,580 | |
RUSSIA — 13.97% | | | | | | | | |
Federal Grid Co. of Unified Energy System OJSC | | | 171,648,500 | | | | 2,038,161 | |
Gazprom OAO | | | 5,815,608 | | | | 38,636,021 | |
IDGC Holding JSCa | | | 1,830,800 | | | | 186,119 | |
Inter RAO UES OJSC | | | 660,000,000 | | | | 806,504 | |
LSR Group OJSC SP GDRc | | | 97,702 | | | | 517,332 | |
LUKOIL OAO | | | 280,160 | | | | 17,981,449 | |
Magnit OJSC SP GDRc | | | 123,200 | | | | 3,630,704 | |
Mechel OAO SP ADR | | | 77,440 | | | | 859,584 | |
MMC Norilsk Nickel OJSC | | | 27,000 | | | | 5,340,852 | |
Mobile TeleSystems OJSC SP ADR | | | 282,040 | | | | 5,147,230 | |
NovaTek OAO SP GDRc | | | 50,600 | | | | 7,342,060 | |
Novolipetsk Steel OJSC SP GDRc | | | 36,520 | | | | 875,385 | |
Rosneft Oil Co. OJSC | | | 879,032 | | | | 6,799,673 | |
Rostelecom OJSCa | | | 748,000 | | | | 3,763,683 | |
RusHydro OJSC | | | 62,920,200 | | | | 2,556,651 | |
Sberbank of Russia | | | 4,743,200 | | | | 16,266,343 | |
Severstal OAO | | | 110,080 | | | | 1,688,408 | |
Sistema JSFC SP GDRc | | | 53,240 | | | | 1,160,632 | |
Surgutneftegas OJSC | | | 3,966,720 | | | | 4,120,827 | |
Tatneft OAO | | | 759,653 | | | | 5,056,119 | |
TMK OAO SP GDRc | | | 32,560 | | | | 469,515 | |
Uralkali OJSC | | | 768,570 | | | | 6,254,579 | |
VTB Bank OJSC | | | 1,421,246,001 | | | | 3,525,507 | |
| | | | | | | | |
| | | | | | | 135,023,338 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $743,318,977) | | | | | | | 788,781,718 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PREFERRED STOCKS — 18.13% | |
| | |
BRAZIL — 17.55% | | | | | | | | |
AES Tiete SA | | | 44,000 | | | $ | 650,290 | |
Banco Bradesco SA | | | 1,033,562 | | | | 18,726,559 | |
Banco do Estado do Rio Grande do Sul SA Class B | | | 88,000 | | | | 1,045,575 | |
Bradespar SA | | | 132,000 | | | | 2,775,679 | |
Braskem SA Class A | | | 88,000 | | | | 796,190 | |
Centrais Eletricas Brasileiras SA Class B | | | 132,082 | | | | 2,003,474 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 44,256 | | | | 2,045,748 | |
Companhia de Bebidas das Americas | | | 408,373 | | | | 16,387,093 | |
Companhia de Transmissao de Energia Electrica Paulista | | | 4,232 | | | | 142,148 | |
Companhia Energetica de Minas Gerais | | | 220,093 | | | | 5,031,975 | |
Companhia Energetica de Sao Paulo Class B | | | 88,000 | | | | 1,921,998 | |
Companhia Paranaense de Energia Class B | | | 44,000 | | | | 1,104,599 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 45,300 | | | | 972,556 | |
Gerdau SA | | | 484,000 | | | | 5,045,180 | |
GOL Linhas Aereas Inteligentes SA | | | 44,000 | | | | 383,020 | |
Itau Unibanco Holding SA | | | 1,236,800 | | | | 26,431,034 | |
Itausa — Investimentos Itau SA | | | 1,276,079 | | | | 8,892,537 | |
Klabin SA | | | 264,000 | | | | 1,309,268 | |
Lojas Americanas SA | | | 181,588 | | | | 1,929,768 | |
Metalurgica Gerdau SA | | | 132,000 | | | | 1,751,568 | |
Oi SA | | | 132,098 | | | | 889,859 | |
Petroleo Brasileiro SA | | | 2,288,014 | | | | 32,300,593 | |
Suzano Papel e Celulose SA Class A | | | 88,000 | | | | 420,070 | |
TAM SA | | | 44,000 | | | | 1,022,067 | |
Tele Norte Leste Participacoes SA | | | 132,000 | | | | 1,428,850 | |
Telefonica Brasil SA | | | 176,464 | | | | 5,267,276 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 264,000 | | | | 1,786,063 | |
Vale SA Class A | | | 1,100,000 | | | | 27,148,664 | |
| | | | | | | | |
| | | | | | | 169,609,701 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 19 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RUSSIA — 0.58% | | | | | | | | |
AK Transneft OAO | | | 880 | | | $ | 1,641,623 | |
Sberbank of Russia | | | 528,430 | | | | 1,373,755 | |
Surgutneftegas OJSC | | | 3,812,800 | | | | 2,608,991 | |
| | | | | | | | |
| | | | | | | 5,624,369 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $143,743,525) | | | | | | | 175,234,070 | |
| | |
RIGHTS — 0.00% | | | | | | | | |
| | |
BRAZIL — 0.00% | | | | | | | | |
Duratex SAa | | | 187 | | | | 798 | |
| | | | | | | | |
| | | | | | | 798 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost: $0) | | | | | | | 798 | |
|
SHORT-TERM INVESTMENTS — 3.70% | |
|
MONEY MARKET FUNDS — 3.70% | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.22%d,e,f | | | 32,660,616 | | | | 32,660,616 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | |
0.23%d,e,f | | | 2,415,481 | | | | 2,415,481 | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%d,e | | | 716,448 | | | | 716,448 | |
| | | | | | | | |
| | | | | | | 35,792,545 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $35,792,545) | | | | | | | 35,792,545 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 103.44% | | | | | | | | |
(Cost: $922,855,047) | | | | | | | 999,809,131 | |
Other Assets, Less Liabilities — (3.44)% | | | | (33,278,676 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 966,530,455 | |
| | | | | | | | |
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 foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| 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 consolidated financial statements.
| | |
| 20 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.13% | |
| | |
CHINA — 30.49% | | | | | | | | |
Agile Property Holdings Ltd. | | | 6,000 | | | $ | 8,092 | |
Agricultural Bank of China Ltd. Class H | | | 93,000 | | | | 46,286 | |
Air China Ltd. Class H | | | 10,000 | | | | 7,556 | |
Alibaba.com Ltd.a | | | 6,000 | | | | 10,227 | |
Aluminum Corp. of China Ltd. Class H | | | 18,000 | | | | 9,957 | |
Angang Steel Co. Ltd. Class H | | | 8,000 | | | | 6,230 | |
Anhui Conch Cement Co. Ltd. Class H | | | 6,000 | | | | 20,888 | |
Anta Sports Products Ltd. | | | 5,000 | | | | 5,557 | |
AviChina Industry & Technology Co. Ltd. Class H | | | 12,000 | | | | 6,174 | |
Bank of China Ltd. Class H | | | 336,000 | | | | 146,432 | |
Bank of Communications Co. Ltd. Class H | | | 37,000 | | | | 30,580 | |
BBMG Corp. Class H | | | 6,500 | | | | 6,872 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 10,000 | | | | 4,990 | |
Beijing Enterprises Holdings Ltd. | | | 2,500 | | | | 15,892 | |
Belle International Holdings Ltd. | | | 23,000 | | | | 38,019 | |
Bosideng International Holdings Ltd. | | | 18,000 | | | | 5,617 | |
Brilliance China Automotive Holdings Ltd.a | | | 12,000 | | | | 13,972 | |
BYD Co. Ltd. Class Ha | | | 2,500 | | | | 8,220 | |
China Agri-Industries Holdings Ltd. | | | 8,000 | | | | 6,034 | |
China BlueChemical Ltd. Class H | | | 8,000 | | | | 6,292 | |
China CITIC Bank Corp. Ltd. Class H | | | 38,000 | | | | 24,988 | |
China Coal Energy Co. Class H | | | 21,000 | | | | 26,941 | |
China Communications Construction Co. Ltd. Class H | | | 22,000 | | | | 22,523 | |
China Communications Services Corp. Ltd. Class H | | | 12,000 | | | | 6,174 | |
China Construction Bank Corp. Class H | | | 301,000 | | | | 253,042 | |
China COSCO Holdings Co. Ltd. Class H | | | 11,500 | | | | 7,518 | |
China Everbright Ltd. | | | 4,000 | | | | 7,582 | |
China Gas Holdings Ltd. | | | 14,000 | | | | 6,733 | |
China Life Insurance Co. Ltd. Class H | | | 37,000 | | | | 115,451 | |
China Longyuan Power Group Corp. Ltd. Class H | | | 10,000 | | | | 8,652 | |
China Mengniu Dairy Co. Ltd. | | | 6,000 | | | | 17,020 | |
China Merchants Bank Co. Ltd. Class H | | | 19,500 | | | | 44,754 | |
China Merchants Holdings (International) Co. Ltd. | | | 6,000 | | | | 20,772 | |
China Mobile Ltd. | | | 30,000 | | | | 320,474 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Molybdenum Co. Ltd. Class Ha | | | 11,000 | | | $ | 5,617 | |
China National Building Material Co. Ltd. Class H | | | 14,000 | | | | 20,254 | |
China Oilfield Services Ltd. Class H | | | 8,000 | | | | 14,070 | |
China Overseas Land & Investment Ltd. | | | 20,000 | | | | 41,930 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 8,800 | | | | 31,713 | |
China Petroleum & Chemical Corp. Class H | | | 84,000 | | | | 96,285 | |
China Railway Construction Corp. Ltd. Class H | | | 9,500 | | | | 7,472 | |
China Railway Group Ltd. Class H | | | 19,000 | | | | 7,717 | |
China Resources Cement Holdings Ltd. | | | 10,000 | | | | 8,420 | |
China Resources Enterprise Ltd. | | | 6,000 | | | | 22,474 | |
China Resources Gas Group Ltd. | | | 4,000 | | | | 6,189 | |
China Resources Land Ltd. | | | 10,000 | | | | 19,134 | |
China Resources Power Holdings Co. Ltd. | | | 8,000 | | | | 15,741 | |
China Rongsheng Heavy Industries Group Holdings Ltd. | | | 16,500 | | | | 5,978 | |
China Shanshui Cement Group Ltd. | | | 8,000 | | | | 7,447 | |
China Shenhua Energy Co. Ltd. Class H | | | 17,000 | | | | 78,581 | |
China Shipping Container Lines Co. Ltd. Class Ha | | | 23,000 | | | | 7,888 | |
China Shipping Development Co. Ltd. Class H | | | 8,000 | | | | 5,993 | |
China Southern Airlines Co. Ltd. Class Ha | | | 10,000 | | | | 5,029 | |
China State Construction International Holdings Ltd. | | | 8,000 | | | | 7,313 | |
China Taiping Insurance Holdings Co. Ltd.a | | | 3,800 | | | | 8,878 | |
China Telecom Corp. Ltd. Class H | | | 70,000 | | | | 42,781 | |
China Unicom (Hong Kong) Ltd. | | | 30,000 | | | | 54,154 | |
China Yurun Food Group Ltd. | | | 7,000 | | | | 10,632 | |
China ZhengTong Auto Services Holdings Ltd.a | | | 5,500 | | | | 6,765 | |
China Zhongwang Holdings Ltd. | | | 14,000 | | | | 6,155 | |
Chongqing Rural Commercial Bank Co. Ltd. Class Ha | | | 11,000 | | | | 6,794 | |
CITIC Pacific Ltd. | | | 6,000 | | | | 11,295 | |
CNOOC Ltd. | | | 89,000 | | | | 204,263 | |
COSCO Pacific Ltd. | | | 8,000 | | | | 12,130 | |
Country Garden Holdings Co. Ltd. | | | 20,000 | | | | 9,051 | |
CSR Corp Ltd. Class H | | | 9,000 | | | | 7,067 | |
Dah Chong Hong Holdings Ltd. | | | 4,000 | | | | 5,663 | |
Daphne International Holdings Ltd. | | | 6,000 | | | | 7,543 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 21 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Datang International Power Generation Co. Ltd. Class H | | | 16,000 | | | $ | 5,818 | |
Dongfang Electric Corp. Ltd. Class H | | | 1,600 | | | | 4,332 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 14,000 | | | | 27,474 | |
Dongyue Group Ltd. | | | 7,000 | | | | 7,193 | |
ENN Energy Holdings Ltd. | | | 2,000 | | | | 6,872 | |
Evergrande Real Estate Group Ltd. | | | 25,000 | | | | 15,892 | |
Far East Horizon Ltd.a | | | 6,000 | | | | 5,230 | |
Fosun International Ltd. | | | 9,000 | | | | 5,605 | |
Franshion Properties (China) Ltd. | | | 26,000 | | | | 6,939 | |
GCL-Poly Energy Holdings Ltd. | | | 34,000 | | | | 11,705 | |
Geely Automobile Holdings Ltd. | | | 25,000 | | | | 11,121 | |
Golden Eagle Retail Group Ltd. | | | 3,000 | | | | 7,411 | |
GOME Electrical Appliances Holdings Ltd. | | | 50,000 | | | | 15,279 | |
Great Wall Motor Co. Ltd. Class H | | | 5,000 | | | | 10,070 | |
Guangdong Investment Ltd. | | | 14,000 | | | | 9,206 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 12,000 | | | | 14,157 | |
Guangzhou R&F Properties Co. Ltd. Class H | | | 6,000 | | | | 7,922 | |
Haier Electronics Group Co. Ltd.a | | | 5,000 | | | | 6,253 | |
Hengan International Group Co. Ltd. | | | 3,500 | | | | 31,793 | |
Hengdeli Holdings Ltd. | | | 16,000 | | | | 6,911 | |
Huabao International Holdings Ltd. | | | 10,000 | | | | 7,092 | |
Huaneng Power International Inc. Class H | | | 16,000 | | | | 10,253 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 304,000 | | | | 223,031 | |
Intime Department Store Group Co. Ltd. | | | 4,500 | | | | 5,599 | |
Jiangsu Expressway Co. Ltd. Class H | | | 6,000 | | | | 6,305 | |
Jiangxi Copper Co. Ltd. Class H | | | 7,000 | | | | 19,270 | |
Kingboard Chemical Holdings Co. Ltd. | | | 3,000 | | | | 11,140 | |
Kunlun Energy Co. Ltd. | | | 12,000 | | | | 20,238 | |
Lee & Man Paper Manufacturing Ltd. | | | 14,000 | | | | 7,437 | |
Lenovo Group Ltd. | | | 32,000 | | | | 28,346 | |
Longfor Properties Co. Ltd. | | | 6,500 | | | | 9,437 | |
Lonking Holdings Ltd. | | | 14,000 | | | | 5,686 | |
Metallurgical Corp. of China Ltd. Class H | | | 24,000 | | | | 6,591 | |
Minmetals Resources Ltd.a | | | 12,000 | | | | 6,885 | |
Nine Dragons Paper (Holdings) Ltd. | | | 8,000 | | | | 7,231 | |
Parkson Retail Group Ltd. | | | 7,000 | | | | 8,322 | |
PetroChina Co. Ltd. Class H | | | 106,000 | | | | 160,455 | |
PICC Property and Casualty Co. Ltd. Class H | | | 14,000 | | | | 19,748 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Ping An Insurance (Group) Co. of China Ltd. Class H | | | 8,500 | | | $ | 74,361 | |
Poly (Hong Kong) Investments Ltd. | | | 12,000 | | | | 7,659 | |
Renhe Commercial Holdings Co. Ltd. | | | 50,000 | | | | 5,996 | |
Sany Heavy Equipment International Holdings Co. Ltd. | | | 6,000 | | | | 5,292 | |
Semiconductor Manufacturing International Corp.a | | | 100,000 | | | | 5,286 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 8,000 | | | | 7,984 | |
Shanghai Electric Group Co. Ltd. Class H | | | 14,000 | | | | 7,563 | |
Shanghai Industrial Holdings Ltd. | | | 3,000 | | | | 10,889 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class Ha | | | 2,800 | | | | 5,206 | |
Shimao Property Holdings Ltd. | | | 7,500 | | | | 9,786 | |
Shougang Fushan Resources Group Ltd. | | | 14,000 | | | | 6,011 | |
Shui On Land Ltd. | | | 17,000 | | | | 7,365 | |
Sihuan Pharmaceutical Holdings Group Ltd. | | | 14,000 | | | | 5,560 | |
Sino-Ocean Land Holdings Ltd. | | | 15,500 | | | | 9,013 | |
Sinofert Holdings Ltd. | | | 18,000 | | | | 5,361 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | 16,000 | | | | 6,106 | |
Sinopharm Group Co. Ltd. Class H | | | 4,000 | | | | 10,882 | |
Skyworth Digital Holdings Ltd. | | | 12,000 | | | | 6,715 | |
SOHO China Ltd. | | | 10,500 | | | | 7,663 | |
Sun Art Retail Group Ltd.a | | | 9,500 | | | | 12,715 | |
Tencent Holdings Ltd. | | | 5,100 | | | | 132,831 | |
Tingyi (Cayman Islands) Holding Corp. | | | 10,000 | | | | 29,720 | |
Want Want China Holdings Ltd. | | | 30,000 | | | | 29,862 | |
Weichai Power Co. Ltd. Class H | | | 2,000 | | | | 11,037 | |
Wumart Stores Inc. Class H | | | 3,000 | | | | 6,081 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 10,000 | | | | 25,065 | |
Yingde Gases Group Co. Ltd. | | | 5,000 | | | | 5,557 | |
Yuexiu Property Co. Ltd. | | | 34,000 | | | | 6,839 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 4,000 | | | | 8,252 | |
Zhejiang Expressway Co. Ltd. Class H | | | 10,000 | | | | 7,594 | |
Zhongsheng Group Holdings Ltd. | | | 3,000 | | | | 5,802 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 3,000 | | | | 8,278 | |
Zijin Mining Group Co. Ltd. Class H | | | 30,000 | | | | 14,389 | |
| | |
| 22 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | | | 6,200 | | | $ | 9,625 | |
ZTE Corp. Class H | | | 3,000 | | | | 8,974 | |
| | | | | | | | |
| | | | | | | 3,402,495 | |
| |
INDIA — 11.32% | | | | | |
ACC Ltd. | | | 264 | | | | 7,035 | |
Adani Enterprises Ltd. | | | 1,061 | | | | 8,113 | |
Adani Ports and Special Economic Zone Ltd. | | | 1,958 | | | | 5,939 | |
Aditya Birla Nuvo Ltd. | | | 287 | | | | 5,153 | |
Ambuja Cements Ltd. | | | 3,033 | | | | 9,948 | |
Asian Paints Ltd. | | | 145 | | | | 9,380 | |
Axis Bank Ltd. | | | 1,122 | | | | 26,963 | |
Bajaj Auto Ltd. | | | 436 | | | | 16,027 | |
Bank of India | | | 753 | | | | 5,719 | |
Bharat Heavy Electricals Ltd. | | | 2,860 | | | | 17,936 | |
Bharat Petroleum Corp. Ltd. | | | 475 | | | | 6,418 | |
Bharti Airtel Ltd. | | | 2,842 | | | | 20,307 | |
Canara Bank Ltd. | | | 572 | | | | 5,963 | |
Cipla Ltd. | | | 1,618 | | | | 10,464 | |
Coal India Ltd. | | | 2,645 | | | | 18,052 | |
Dabur India Ltd. | | | 2,683 | | | | 5,696 | |
DLF Ltd. | | | 1,859 | | | | 8,591 | |
Dr. Reddy’s Laboratories Ltd. | | | 504 | | | | 16,893 | |
GAIL (India) Ltd. | | | 1,916 | | | | 14,656 | |
HCL Technologies Ltd. | | | 620 | | | | 6,135 | |
HDFC Bank Ltd. | | | 7,642 | | | | 80,630 | |
Hero Motocorp Ltd. | | | 204 | | | | 8,100 | |
Hindalco Industries Ltd. | | | 5,020 | | | | 15,252 | |
Hindustan Unilever Ltd. | | | 4,445 | | | | 34,483 | |
Housing Development Finance Corp. Ltd. | | | 5,446 | | | | 73,689 | |
ICICI Bank Ltd. | | | 2,124 | | | | 39,277 | |
Idea Cellular Ltd.a | | | 3,275 | | | | 6,315 | |
Infosys Ltd. | | | 2,142 | | | | 126,022 | |
Infrastructure Development Finance Co. Ltd. | | | 4,470 | | | | 12,896 | |
ITC Ltd. | | | 11,347 | | | | 48,076 | |
Jaiprakash Associates Ltd. | | | 4,228 | | | | 6,561 | |
Jindal Steel & Power Ltd. | | | 1,762 | | | | 20,951 | |
JSW Steel Ltd. | | | 417 | | | | 6,880 | |
Kotak Mahindra Bank Ltd. | | | 1,351 | | | | 15,099 | |
Larsen & Toubro Ltd. | | | 1,024 | | | | 27,330 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
LIC Housing Finance Ltd. | | | 1,388 | | | $ | 7,375 | |
Lupin Ltd. | | | 751 | | | | 7,368 | |
Mahindra & Mahindra Ltd. | | | 1,525 | | | | 22,088 | |
Maruti Suzuki India Ltd. | | | 337 | | | | 8,628 | |
NTPC Ltd. | | | 2,951 | | | | 10,901 | |
Oil & Natural Gas Corp. Ltd. | | | 3,937 | | | | 23,553 | |
Power Finance Corp. Ltd. | | | 1,496 | | | | 6,076 | |
Power Grid Corp. of India Ltd. | | | 5,601 | | | | 12,914 | |
Ranbaxy Laboratories Ltd. | | | 615 | | | | 5,381 | |
Reliance Capital Ltd. | | | 835 | | | | 6,884 | |
Reliance Communications Ltd. | | | 3,221 | | | | 6,211 | |
Reliance Industries Ltd. | | | 6,555 | | | | 109,774 | |
Reliance Infrastructure Ltd. | | | 618 | | | | 7,489 | |
Reliance Power Ltd.a | | | 2,985 | | | | 7,275 | |
Rural Electrification Corp. Ltd. | | | 1,328 | | | | 5,845 | |
Satyam Computer Services Ltd.a | | | 3,798 | | | | 5,328 | |
Sesa Goa Ltd. | | | 1,419 | | | | 6,208 | |
Shriram Transport Finance Co. Ltd. | | | 589 | | | | 6,580 | |
Siemens Ltd. | | | 356 | | | | 5,784 | |
State Bank of India | | | 633 | | | | 29,029 | |
Sterlite Industries (India) Ltd. | | | 5,905 | | | | 15,019 | |
Sun Pharmaceuticals Industries Ltd. | | | 1,552 | | | | 17,430 | |
Tata Consultancy Services Ltd. | | | 2,342 | | | | 58,392 | |
Tata Motors Ltd. | | | 7,351 | | | | 40,640 | |
Tata Power Co. Ltd. | | | 4,617 | | | | 10,824 | |
Tata Steel Ltd. | | | 1,390 | | | | 13,402 | |
Titan Industries Ltd. | | | 1,398 | | | | 6,515 | |
Ultratech Cement Ltd. | | | 349 | | | | 10,015 | |
Unitech Ltd.a | | | 10,686 | | | | 7,053 | |
United Phosphorus Ltd. | | | 1,948 | | | | 6,195 | |
United Spirits Ltd. | | | 384 | | | | 4,486 | |
Wipro Ltd. | | | 2,385 | | | | 21,040 | |
Zee Entertainment Enterprises Ltd. | | | 2,008 | | | | 5,209 | |
| | | | | | | | |
| | | | | | | 1,263,860 | |
| |
INDONESIA — 4.44% | | | | | |
PT Adaro Energy Tbk | | | 70,500 | | | | 15,007 | |
PT Aneka Tambang Tbk | | | 27,500 | | | | 5,976 | |
PT Astra Agro Lestari Tbk | | | 2,500 | | | | 6,181 | |
PT Astra International Tbk | | | 10,000 | | | | 78,548 | |
PT Bank Central Asia Tbk | | | 61,500 | | | | 51,818 | |
PT Bank Danamon Indonesia Tbk | | | 16,000 | | | | 7,938 | |
PT Bank Mandiri Persero Tbk | | | 46,000 | | | | 32,893 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 23 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Bank Negara Indonesia (Persero) Tbk | | | 36,500 | | | $ | 15,276 | |
PT Bank Rakyat Indonesia Tbk | | | 55,000 | | | | 42,073 | |
PT Bumi Resources Tbk | | | 76,500 | | | | 20,779 | |
PT Charoen Pokphand Indonesia Tbk | | | 35,500 | | | | 10,528 | |
PT Gudang Garam Tbk | | | 3,000 | | | | 18,875 | |
PT Indo Tambangraya Megah Tbk | | | 2,000 | | | | 9,612 | |
PT Indocement Tunggal Prakarsa Tbk | | | 7,000 | | | | 13,542 | |
PT Indofood Sukses Makmur Tbk | | | 21,000 | | | | 11,873 | |
PT Indosat Tbk | | | 8,500 | | | | 5,136 | |
PT Kalbe Farma Tbk | | | 22,000 | | | | 8,536 | |
PT Perusahaan Gas Negara Tbk | | | 53,000 | | | | 22,034 | |
PT Semen Gresik (Persero) Tbk | | | 14,500 | | | | 18,085 | |
PT Tambang Batubara Bukit Asam Tbk | | | 4,000 | | | | 9,202 | |
PT Telekomunikasi Indonesia Tbk | | | 50,000 | | | | 39,080 | |
PT Unilever Indonesia Tbk | | | 7,500 | | | | 16,006 | |
PT United Tractors Tbk | | | 8,000 | | | | 25,721 | |
PT Vale Indonesia Tbk | | | 14,500 | | | | 5,827 | |
PT XL Axiata Tbk | | | 10,000 | | | | 5,238 | |
| | | | | | | | |
| | | | | | | 495,784 | |
| |
MALAYSIA — 5.59% | | | | | |
AirAsia Bhd | | | 5,900 | | | | 7,209 | |
Alliance Financial Group Bhd | | | 4,300 | | | | 5,570 | |
AMMB Holdings Bhd | | | 8,000 | | | | 16,371 | |
Axiata Group Bhd | | | 12,600 | | | | 21,747 | |
Berjaya Corp. Bhd | | | 15,700 | | | | 5,058 | |
Berjaya Sports Toto Bhd | | | 3,800 | | | | 5,556 | |
British American Tobacco (Malaysia) Bhd | | | 500 | | | | 8,713 | |
Bumi Armada Bhda | | | 4,100 | | | | 5,502 | |
Bursa Malaysia Bhd | | | 2,400 | | | | 5,913 | |
CIMB Group Holdings Bhd | | | 24,400 | | | | 58,322 | |
DiGi.Com Bhd | | | 15,200 | | | | 20,399 | |
Gamuda Bhd | | | 7,300 | | | | 8,895 | |
Genting Bhd | | | 10,000 | | | | 35,386 | |
Genting Malaysia Bhd | | | 14,400 | | | | 18,796 | |
Genting Plantations Bhd | | | 2,000 | | | | 6,209 | |
Hong Leong Bank Bhd | | | 2,800 | | | | 11,310 | |
Hong Leong Financial Group Bhd | | | 1,400 | | | | 5,636 | |
IJM Corp. Bhd | | | 5,200 | | | | 10,207 | |
IOI Corp. Bhd | | | 15,600 | | | | 28,122 | |
Kuala Lumpur Kepong Bhd | | | 2,400 | | | | 18,764 | |
Lafarge Malayan Cement Bhd | | | 2,300 | | | | 5,513 | |
Malayan Banking Bhd | | | 17,200 | | | | 50,242 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Malaysia Airports Holdings Bhd | | | 2,700 | | | $ | 5,156 | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 2,800 | | | | 4,982 | |
Maxis Communications Bhd | | | 11,100 | | | | 21,937 | |
MISC Bhd | | | 4,800 | | | | 9,006 | |
MMC Corp. Bhd | | | 6,100 | | | | 5,580 | |
Parkson Holdings Bhd | | | 2,800 | | | | 5,244 | |
Petronas Chemicals Group Bhd | | | 11,700 | | | | 26,169 | |
Petronas Dagangan Bhd | | | 1,300 | | | | 7,881 | |
Petronas Gas Bhd | | | 3,500 | | | | 19,629 | |
PPB Group Bhd | | | 2,300 | | | | 13,207 | |
Public Bank Bhd Foreign | | | 5,600 | | | | 25,500 | |
RHB Capital Bhd | | | 2,600 | | | | 6,900 | |
Sime Darby Bhd | | | 13,400 | | | | 43,347 | |
SP Setia Bhd | | | 5,200 | | | | 6,840 | |
Telekom Malaysia Bhd | | | 5,000 | | | | 8,663 | |
Tenaga Nasional Bhd | | | 13,300 | | | | 27,883 | |
UEM Land Holdings Bhda | | | 7,200 | | | | 5,552 | |
UMW Holdings Bhd | | | 2,400 | | | | 5,729 | |
YTL Corp. Bhd | | | 15,400 | | | | 8,997 | |
YTL Power International Bhd | | | 9,500 | | | | 5,899 | |
| | | | | | | | |
| | | | | | | 623,541 | |
PHILIPPINES — 1.24% | | | | | |
Aboitiz Equity Ventures Inc. | | | 9,400 | | | | 10,487 | |
Aboitiz Power Corp. | | | 9,100 | | | | 6,811 | |
Alliance Global Group Inc. | | | 20,300 | | | | 5,432 | |
Ayala Corp. | | | 780 | | | | 7,316 | |
Ayala Land Inc. | | | 23,800 | | | | 11,411 | |
Bank of the Philippine Islands | | | 3,890 | | | | 6,069 | |
BDO Unibank Inc. | | | 4,300 | | | | 6,588 | |
Energy Development Corp. | | | 35,500 | | | | 4,525 | |
Globe Telecom Inc. | | | 220 | | | | 5,969 | |
International Container Terminal Services Inc. | | | 4,100 | | | | 5,658 | |
Jollibee Foods Corp. | | | 2,400 | | | | 5,501 | |
Manila Electric Co. | | | 1,350 | | | | 8,323 | |
Metropolitan Bank & Trust Co. | | | 3,110 | | | | 5,892 | |
Philippine Long Distance Telephone Co. | | | 210 | | | | 14,038 | |
San Miguel Corp. | | | 2,313 | | | | 6,113 | |
SM Investments Corp. | | | 870 | | | | 12,972 | |
SM Prime Holdings Inc. | | | 25,100 | | | | 9,604 | |
Universal Robina Corp. | | | 4,400 | | | | 5,454 | |
| | | | | | | | |
| | | | | | | 138,163 | |
| | |
| 24 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SOUTH KOREA — 24.16% | | | | | |
AmorePacific Corp. | | | 16 | | | $ | 14,674 | |
BS Financial Group Inc. | | | 900 | | | | 11,223 | |
Celltrion Inc. | | | 351 | | | | 10,981 | |
Cheil Industries Inc. | | | 220 | | | | 18,800 | |
CJ CheilJedang Corp. | | | 39 | | | | 11,208 | |
CJ Corp. | | | 71 | | | | 5,268 | |
Daelim Industrial Co. Ltd. | | | 136 | | | | 15,317 | |
Daewoo Engineering & Construction Co. Ltd.a | | | 570 | | | | 5,401 | |
Daewoo International Corp. | | | 200 | | | | 6,302 | |
Daewoo Securities Co. Ltd. | | | 840 | | | | 10,474 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a | | | 460 | | | | 14,782 | |
DGB Financial Group Inc. | | | 650 | | | | 8,744 | |
Dongbu Insurance Co. Ltd. | | | 210 | | | | 9,170 | |
Dongkuk Steel Mill Co. Ltd. | | | 250 | | | | 5,631 | |
Doosan Corp. | | | 49 | | | | 7,512 | |
Doosan Heavy Industries & Construction Co. Ltd. | | | 206 | | | | 13,000 | |
Doosan Infracore Co. Ltd.a | | | 480 | | | | 9,718 | |
E-Mart Co. Ltd. | | | 100 | | | | 24,269 | |
GS Engineering & Construction Corp. | | | 175 | | | | 15,142 | |
GS Holdings Corp. | | | 253 | | | | 14,609 | |
Hana Financial Group Inc. | | | 1,090 | | | | 38,437 | |
Hankook Tire Co. Ltd. | | | 460 | | | | 17,619 | |
Hanwha Chemical Corp. | | | 410 | | | | 10,225 | |
Hanwha Corp. | | | 210 | | | | 6,636 | |
Honam Petrochemical Corp.a | | | 71 | | | �� | 22,467 | |
Hynix Semiconductor Inc.a | | | 2,500 | | | | 67,488 | |
Hyosung Corp. | | | 106 | | | | 6,301 | |
Hyundai Department Store Co. Ltd. | | | 75 | | | | 11,196 | |
Hyundai Development Co.a | | | 290 | | | | 6,416 | |
Hyundai Engineering & Construction Co. Ltd. | | | 329 | | | | 24,909 | |
Hyundai Glovis Co. Ltd. | | | 65 | | | | 10,778 | |
Hyundai Heavy Industries Co. Ltd. | | | 207 | | | | 62,818 | |
Hyundai Hysco Co. Ltd. | | | 150 | | | | 5,115 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 310 | | | | 8,950 | |
Hyundai Merchant Marine Co. Ltd.a | | | 220 | | | | 6,155 | |
Hyundai Mipo Dockyard Co. Ltd. | | | 51 | | | | 7,112 | |
Hyundai Mobis Co. Ltd. | | | 340 | | | | 86,616 | |
Hyundai Motor Co. | | | 771 | | | | 148,862 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hyundai Securities Co. Ltd. | | | 590 | | | $ | 5,828 | |
Hyundai Steel Co. | | | 270 | | | | 27,634 | |
Hyundai Wia Corp. | | | 57 | | | | 7,057 | |
Industrial Bank of Korea | | | 810 | | | | 9,413 | |
Kangwon Land Inc. | | | 490 | | | | 11,300 | |
KB Financial Group Inc. | | | 1,820 | | | | 67,026 | |
KCC Corp. | | | 22 | | | | 7,060 | |
Kia Motors Corp. | | | 1,200 | | | | 75,836 | |
Korea Aerospace Industries Ltd. | | | 220 | | | | 5,919 | |
Korea Electric Power Corp.a | | | 1,280 | | | | 28,718 | |
Korea Exchange Bank | | | 1,270 | | | | 9,252 | |
Korea Gas Corp.a | | | 140 | | | | 4,868 | |
Korea Investment Holdings Co. Ltd. | | | 180 | | | | 7,281 | |
Korea Life Insurance Co. Ltd. | | | 850 | | | | 5,547 | |
Korea Zinc Co. Ltd.a | | | 41 | | | | 16,071 | |
Korean Air Lines Co. Ltd.a | | | 170 | | | | 8,023 | |
KP Chemical Corp.a | | | 330 | | | | 4,926 | |
KT Corp. SP ADRa | | | 340 | | | | 5,001 | |
KT&G Corp. | | | 520 | | | | 34,024 | |
Kumho Petro Chemical Co. Ltd.a | | | 50 | | | | 6,995 | |
LG Chem Ltd. | | | 227 | | | | 80,859 | |
LG Corp. | | | 468 | | | | 29,242 | |
LG Display Co. Ltd.a | | | 1,140 | | | | 30,163 | |
LG Electronics Inc. | | | 508 | | | | 38,779 | |
LG Household & Health Care Ltd. | | | 47 | | | | 21,594 | |
LG Innotek Co. Ltd.a | | | 78 | | | | 6,686 | |
LG Uplus Corp. | | | 1,120 | | | | 6,347 | |
Lotte Confectionery Co. Ltd.a | | | 4 | | | | 6,468 | |
Lotte Shopping Co. Ltd. | | | 51 | | | | 17,187 | |
LS Corp. | | | 83 | | | | 6,403 | |
LS Industrial Systems Co. Ltd. | | | 90 | | | | 5,495 | |
Mando Corp. | | | 63 | | | | 9,461 | |
Mirae Asset Securities Co. Ltd. | | | 150 | | | | 5,350 | |
NCsoft Corp. | | | 76 | | | | 18,818 | |
NHN Corp. | | | 204 | | | | 42,579 | |
OCI Co. Ltd. | | | 77 | | | | 18,480 | |
ORION Corp. | | | 18 | | | | 11,424 | |
POSCO | | | 325 | | | | 120,852 | |
S-Oil Corp. | | | 225 | | | | 25,241 | |
S1 Corp. | | | 103 | | | | 5,009 | |
Samsung C&T Corp. | | | 623 | | | | 42,880 | |
Samsung Card Co. Ltd. | | | 210 | | | | 7,950 | |
Samsung Electro-Mechanics Co. Ltd. | | | 295 | | | | 24,734 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 25 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Samsung Electronics Co. Ltd. | | | 551 | | | $ | 593,985 | |
Samsung Engineering Co. Ltd. | | | 149 | | | | 31,499 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 178 | | | | 33,572 | |
Samsung Heavy Industries Co. Ltd. | | | 800 | | | | 29,140 | |
Samsung Life Insurance Co. Ltd. | | | 254 | | | | 20,729 | |
Samsung SDI Co. Ltd. | | | 169 | | | | 20,847 | |
Samsung Securities Co. Ltd. | | | 270 | | | | 14,698 | |
Samsung Techwin Co. Ltd. | | | 176 | | | | 10,084 | |
Shinhan Financial Group Co. Ltd. | | | 2,120 | | | | 82,054 | |
Shinsegae Co. Ltd. | | | 35 | | | | 8,212 | |
SK C&C Co. Ltd. | | | 75 | | | | 8,414 | |
SK Holdings Co. Ltd. | | | 127 | | | | 19,242 | |
SK Innovation Co. Ltd. | | | 299 | | | | 49,578 | |
SK Networks Co. Ltd. | | | 540 | | | | 5,189 | |
SK Telecom Co. Ltd. | | | 101 | | | | 13,136 | |
STX Pan Ocean Co. Ltd. | | | 930 | | | | 6,310 | |
Woongjin Coway Co. Ltd. | | | 260 | | | | 8,727 | |
Woori Finance Holdings Co. Ltd.a | | | 1,780 | | | | 19,491 | |
Woori Investment & Securities Co. Ltd. | | | 540 | | | | 6,782 | |
Yuhan Corp. | | | 44 | | | | 4,700 | |
| | | | | | | | |
| | | | | | | 2,696,494 | |
TAIWAN — 18.50% | | | | | |
Acer Inc. | | | 12,000 | | | | 18,370 | |
Advanced Semiconductor Engineering Inc. | | | 23,000 | | | | 22,534 | |
Advantech Co. Ltd. | | | 2,000 | | | | 6,736 | |
Asia Cement Corp. | | | 9,000 | | | | 11,527 | |
ASUSTeK Computer Inc. | | | 3,000 | | | | 28,167 | |
AU Optronics Corp. | | | 36,000 | | | | 19,472 | |
Capital Securities Corp. | | | 14,000 | | | | 6,191 | |
Catcher Technology Co. Ltd. | | | 3,000 | | | | 21,993 | |
Cathay Financial Holding Co. Ltd. | | | 33,000 | | | | 38,842 | |
Chang Hwa Commercial Bank Ltd. | | | 20,000 | | | | 12,247 | |
Cheng Shin Rubber Industry Co. Ltd. | | | 8,000 | | | | 19,731 | |
Cheng Uei Precision Industry Co. Ltd. | | | 3,000 | | | | 7,195 | |
Chicony Electronics Co. Ltd. | | | 4,000 | | | | 8,246 | |
Chimei Innolux Corp.a | | | 23,000 | | | | 12,401 | |
China Airlines Ltd. | | | 12,000 | | | | 5,695 | |
China Development Financial Holding Corp. | | | 43,000 | | | | 14,569 | |
China Life Insurance Co. Ltd. | | | 8,000 | | | | 8,314 | |
China Petrochemical Development Corp. | | | 8,000 | | | | 10,273 | |
China Steel Corp. | | | 55,000 | | | | 57,066 | |
Chinatrust Financial Holding Co. Ltd. | | | 47,000 | | | | 31,977 | |
Chunghwa Telecom Co. Ltd. | | | 19,000 | | | | 58,430 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Clevo Co. | | | 4,000 | | | $ | 7,185 | |
Compal Electronics Inc. | | | 20,000 | | | | 23,677 | |
Delta Electronics Inc. | | | 9,000 | | | | 24,738 | |
E Ink Holdings Inc. | | | 4,000 | | | | 5,987 | |
E.Sun Financial Holding Co. Ltd. | | | 18,000 | | | | 9,858 | |
Epistar Corp. | | | 4,000 | | | | 10,478 | |
Eternal Chemical Co. Ltd. | | | 7,000 | | | | 6,287 | |
EVA Airways Corp. | | | 9,000 | | | | 6,139 | |
Evergreen Marine Corp. Ltd. | | | 11,000 | | | | 7,709 | |
Everlight Electronics Co. Ltd. | | | 4,000 | | | | 8,954 | |
Far Eastern Department Stores Co. Ltd. | | | 4,000 | | | | 5,518 | |
Far Eastern New Century Corp. | | | 14,000 | | | | 17,979 | |
Far EasTone Telecommunications Co. Ltd. | | | 8,000 | | | | 16,791 | |
Farglory Land Development Co. Ltd. | | | 3,000 | | | | 6,389 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 4,000 | | | | 7,049 | |
First Financial Holding Co. Ltd. | | | 28,000 | | | | 17,955 | |
Formosa Chemicals & Fibre Corp. | | | 14,000 | | | | 43,815 | |
Formosa Petrochemical Corp. | | | 6,000 | | | | 19,778 | |
Formosa Plastics Corp. | | | 20,000 | | | | 62,594 | |
Formosa Taffeta Co. Ltd. | | | 6,000 | | | | 6,011 | |
Foxconn Technology Co. Ltd. | | | 3,000 | | | | 13,828 | |
Fubon Financial Holding Co. Ltd. | | | 24,000 | | | | 28,249 | |
Giant Manufacturing Co. Ltd. | | | 2,000 | | | | 8,607 | |
Highwealth Construction Corp. | | | 4,000 | | | | 7,484 | |
Hon Hai Precision Industry Co. Ltd. | | | 45,000 | | | | 156,909 | |
Hotai Motor Co. Ltd. | | | 2,000 | | | | 13,573 | |
HTC Corp. | | | 3,000 | | | | 67,458 | |
Hua Nan Financial Holdings Co. Ltd. | | | 23,000 | | | | 13,653 | |
Inventec Corp. | | | 14,000 | | | | 6,668 | |
KGI Securities Co. Ltd. | | | 13,000 | | | | 5,838 | |
Kinsus Interconnect Technology Corp. | | | 2,000 | | | | 7,110 | |
LCY Chemical Corp. | | | 4,000 | | | | 7,416 | |
Lite-On Technology Corp. | | | 10,000 | | | | 13,590 | |
Macronix International Co. Ltd. | | | 15,000 | | | | 6,378 | |
MediaTek Inc. | | | 5,000 | | | | 51,197 | |
Mega Financial Holding Co. Ltd. | | | 39,000 | | | | 30,382 | |
MStar Semiconductor Inc. | | | 2,000 | | | | 12,723 | |
Nan Kang Rubber Tire Co. Ltd. | | | 4,000 | | | | 6,654 | |
Nan Ya Plastics Corp. | | | 23,000 | | | | 56,491 | |
Novatek Microelectronics Corp. Ltd. | | | 2,000 | | | | 5,987 | |
Pegatron Corp. | | | 8,000 | | | | 10,886 | |
Phison Electronics Corp. | | | 1,000 | | | | 7,943 | |
Pou Chen Corp. | | | 9,000 | | | | 7,991 | |
| | |
| 26 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Powertech Technology Inc. | | | 3,000 | | | $ | 6,878 | |
President Chain Store Corp. | | | 3,000 | | | | 15,869 | |
Quanta Computer Inc. | | | 12,000 | | | | 29,677 | |
Radiant Opto-Electronics Corp. | | | 2,000 | | | | 8,913 | |
Realtek Semiconductor Corp. | | | 4,000 | | | | 8,491 | |
Richtek Technology Corp. | | | 2,000 | | | | 11,974 | |
Ruentex Development Co. Ltd. | | | 5,000 | | | | 6,659 | |
Ruentex Industries Ltd. | | | 3,000 | | | | 6,174 | |
Shin Kong Financial Holding Co. Ltd.a | | | 26,000 | | | | 8,809 | |
Siliconware Precision Industries Co. Ltd. | | | 14,000 | | | | 16,502 | |
Simplo Technology Co. Ltd. | | | 1,000 | | | | 7,178 | |
Sino-American Silicon Products Inc. | | | 4,000 | | | | 8,300 | |
SinoPac Financial Holdings Co. Ltd. | | | 27,000 | | | | 10,103 | |
Standard Foods Corp. | | | 2,000 | | | | 7,110 | |
Synnex Technology International Corp. | | | 6,000 | | | | 15,206 | |
Taishin Financial Holdings Co. Ltd. | | | 24,000 | | | | 9,797 | |
Taiwan Business Bank Ltd.a | | | 17,000 | | | | 5,731 | |
Taiwan Cement Corp. | | | 16,000 | | | | 20,547 | |
Taiwan Cooperative Financial Holding Co. Ltd.a | | | 19,000 | | | | 12,474 | |
Taiwan Fertilizer Co. Ltd. | | | 3,000 | | | | 8,399 | |
Taiwan Glass Industry Corp. | | | 5,000 | | | | 6,132 | |
Taiwan Mobile Co. Ltd. | | | 8,000 | | | | 24,602 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 123,000 | | | | 339,342 | |
Tatung Co. Ltd.a | | | 19,000 | | | | 6,412 | |
Teco Electric and Machinery Co. Ltd. | | | 9,000 | | | | 6,368 | |
Tripod Technology Corp. | | | 3,000 | | | | 9,338 | |
TSRC Corp. | | | 3,000 | | | | 7,664 | |
Tung Ho Steel Enterprise Corp. | | | 6,000 | | | | 6,205 | |
U-Ming Marine Transport Corp. | | | 4,000 | | | | 6,967 | |
Uni-President Enterprises Co. | | | 19,000 | | | | 29,118 | |
Unimicron Technology Corp. | | | 6,000 | | | | 7,858 | |
United Microelectronics Corp. | | | 60,000 | | | | 31,637 | |
Walsin Lihwa Corp. | | | 17,000 | | | | 6,622 | |
Wintek Corp. | | | 7,000 | | | | 6,179 | |
Wistron Corp. | | | 9,000 | | | | 14,987 | |
WPG Holdings Co. Ltd. | | | 6,000 | | | | 8,552 | |
Yang Ming Marine Transport Corp. | | | 14,000 | | | | 8,144 | |
Yuanta Financial Holding Co. Ltd.a | | | 39,000 | | | | 23,018 | |
Yulon Motor Co. Ltd. | | | 4,000 | | | | 8,437 | |
| | | | | | | | |
| | | | | | | 2,064,255 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
THAILAND — 3.39% | | | | | |
Advanced Information Service PCL NVDR | | | 4,600 | | | $ | 24,318 | |
Bangkok Bank PCL Foreign | | | 4,000 | | | | 25,640 | |
Bangkok Bank PCL NVDR | | | 2,000 | | | | 11,961 | |
Bank of Ayudhya PCL NVDR | | | 9,200 | | | | 7,676 | |
Banpu PCL NVDR | | | 700 | | | | 14,988 | |
BEC World PCL NVDR | | | 4,300 | | | | 6,287 | |
Charoen Pokphand Foods PCL NVDR | | | 15,400 | | | | 18,445 | |
CP All PCL NVDR | | | 11,300 | | | | 24,736 | |
Glow Energy PCL NVDR | | | 2,800 | | | | 4,996 | |
Indorama Ventures PCL NVDR | | | 7,100 | | | | 9,442 | |
IRPC PCL NVDR | | | 49,300 | | | | 7,721 | |
Kasikornbank PCL Foreign | | | 5,800 | | | | 28,459 | |
Kasikornbank PCL NVDR | | | 3,000 | | | | 14,522 | |
Krung Thai Bank PCL NVDR | | | 14,100 | | | | 8,106 | |
PTT Exploration & Production PCL NVDR | | | 5,900 | | | | 35,967 | |
PTT Global Chemical PCL NVDR | | | 7,500 | | | | 18,462 | |
PTT PCL NVDR | | | 4,200 | | | | 50,375 | |
Siam Cement PCL Foreign | | | 1,500 | | | | 21,312 | |
Siam Commercial Bank PCL NVDR | | | 8,000 | | | | 34,363 | |
Thai Oil PCL NVDR | | | 4,100 | | | | 10,296 | |
| | | | | | | | |
| | | | | | | 378,072 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $10,852,529) | | | | 11,062,664 | |
|
PREFERRED STOCKS — 0.78% | |
| |
SOUTH KOREA — 0.78% | | | | | |
Hyundai Motor Co. Ltd. | | | 108 | | | | 6,082 | |
Hyundai Motor Co. Ltd. Series 2 | | | 186 | | | | 10,591 | |
LG Chem Ltd. | | | 52 | | | | 5,787 | |
Samsung Electronics Co. Ltd. | | | 103 | | | | 64,540 | |
| | | | | | | | |
| | | | | | | 87,000 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $84,268) | | | | 87,000 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 27 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.09% | |
| |
MONEY MARKET FUNDS — 0.09% | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.02%b,c | | | 10,000 | | | $ | 10,000 | |
| | | | | | | | |
| | | | | | | 10,000 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $10,000) | | | | | | | 10,000 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES —100.00% | | | | | | | | |
(Cost: $10,946,797) | | | | | | | 11,159,664 | |
Other Assets, Less Liabilities — 0.00% | | | | | | | (90 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 11,159,574 | |
| | | | | | | | |
NVDR — Non-Voting Depositary Receipts
SP ADR — Sponsored American 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 consolidated financial statements.
| | |
| 28 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY SECTOR INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 97.57% | | | | | | | | |
| | |
BRAZIL — 7.26% | | | | | | | | |
Anhanguera Educacional Participacoes SA | | | 4,300 | | | $ | 56,527 | |
Brookfield Incorporacoes SA | | | 7,900 | | | | 29,909 | |
Companhia Hering SA | | | 4,300 | | | | 115,683 | |
Cyrela Brazil Realty SA | | | 10,400 | | | | 104,915 | |
Lojas Renner SA | | | 4,300 | | | | 163,745 | |
MRV Engenharia e Participacoes SA | | | 10,200 | | | | 82,282 | |
PDG Realty SA Empreendimentos e Participacoes | | | 39,400 | | | | 168,441 | |
Rossi Residencial SA | | | 6,100 | | | | 36,559 | |
| | | | | | | | |
| | | | | | | 758,061 | |
CHILE — 1.21% | | | | | | | | |
S.A.C.I. Falabella SA | | | 12,660 | | | | 126,579 | |
| | | | | | | | |
| | | | | | | 126,579 | |
CHINA — 13.83% | | | | | | | | |
Anta Sports Products Ltd. | | | 31,000 | | | | 34,455 | |
Belle International Holdings Ltd. | | | 163,000 | | | | 269,435 | |
Bosideng International Holdings Ltd. | | | 82,000 | | | | 25,586 | |
Brilliance China Automotive Holdings Ltd.a | | | 78,000 | | | | 90,816 | |
BYD Co. Ltd. Class Ha | | | 18,000 | | | | 59,182 | |
China Dongxiang (Group) Co. Ltd. | | | 99,000 | | | | 18,892 | |
China ZhengTong Auto Services Holdings Ltd.a | | | 31,000 | | | | 38,132 | |
Dah Chong Hong Holdings Ltd. | | | 29,000 | | | | 41,056 | |
Daphne International Holdings Ltd. | | | 32,000 | | | | 40,228 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 96,000 | | | | 188,393 | |
Geely Automobile Holdings Ltd. | | | 130,000 | | | | 57,828 | |
Golden Eagle Retail Group Ltd. | | | 24,000 | | | | 59,291 | |
GOME Electrical Appliances Holdings Ltd. | | | 355,000 | | | | 108,482 | |
Great Wall Motor Co. Ltd. Class H | | | 36,500 | | | | 73,511 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 78,000 | | | | 92,023 | |
Haier Electronics Group Co. Ltd.a | | | 29,000 | | | | 36,270 | |
Hengdeli Holdings Ltd. | | | 76,000 | | | | 32,827 | |
Intime Department Store Group Co. Ltd. | | | 35,000 | | | | 43,549 | |
Parkson Retail Group Ltd. | | | 49,500 | | | | 58,846 | |
Skyworth Digital Holdings Ltd. | | | 64,000 | | | | 35,814 | |
Zhongsheng Group Holdings Ltd. | | | 20,000 | | | | 38,681 | |
| | | | | | | | |
| | | | | | | 1,443,297 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INDIA — 7.21% | | | | | | | | |
Bajaj Auto Ltd. | | | 3,046 | | | $ | 111,971 | |
Hero Motocorp Ltd. | | | 1,401 | | | | 55,631 | |
Mahindra & Mahindra Ltd. | | | 10,772 | | | | 156,019 | |
Maruti Suzuki India Ltd. | | | 2,433 | | | | 62,292 | |
Tata Motors Ltd. | | | 52,888 | | | | 292,389 | |
Titan Industries Ltd. | | | 7,476 | | | | 34,840 | |
Zee Entertainment Enterprises Ltd. | | | 15,296 | | | | 39,684 | |
| | | | | | | | |
| | | | | | | 752,826 | |
INDONESIA — 5.34% | | | | | | | | |
PT Astra International Tbk | | | 71,000 | | | | 557,688 | |
| | | | | | | | |
| | | | | | | 557,688 | |
MALAYSIA — 4.86% | | | | | | | | |
Berjaya Sports Toto Bhd | | | 26,100 | | | | 38,163 | |
Genting Bhd | | | 71,700 | | | | 253,721 | |
Genting Malaysia Bhd | | | 103,900 | | | | 135,620 | |
Parkson Holdings Bhd | | | 19,200 | | | | 35,958 | |
UMW Holdings Bhd | | | 18,400 | | | | 43,919 | |
| | | | | | | | |
| | | | | | | 507,381 | |
MEXICO — 6.59% | | | | | | | | |
El Puerto de Liverpool SA de CV Series C1 | | | 6,900 | | | | 55,203 | |
Grupo Elektra SA de CV | | | 2,545 | | | | 222,873 | |
Grupo Televisa SAB CPO | | | 90,200 | | | | 387,372 | |
Urbi Desarrollos Urbanos SAB de CVa | | | 18,800 | | | | 21,960 | |
| | | | | | | | |
| | | | | | | 687,408 | |
PHILIPPINES — 0.32% | | | | | | | | |
Jollibee Foods Corp. | | | 14,540 | | | | 33,328 | |
| | | | | | | | |
| | | | | | | 33,328 | |
POLAND — 0.51% | | | | | | | | |
Cyfrowy Polsat SAa | | | 7,334 | | | | 33,873 | |
TVN SA | | | 5,427 | | | | 19,134 | |
| | | | | | | | |
| | | | | | | 53,007 | |
SOUTH AFRICA — 14.02% | | | | | | | | |
Foschini Group Ltd. (The) | | | 7,173 | | | | 113,802 | |
Imperial Holdings Ltd. | | | 6,228 | | | | 123,202 | |
Naspers Ltd. Class N | | | 13,553 | | | | 758,438 | |
Steinhoff International Holdings Ltd.a | | | 39,062 | | | | 140,777 | |
Truworths International Ltd. | | | 15,333 | | | | 166,354 | |
Woolworths Holdings Ltd. | | | 26,549 | | | | 160,786 | |
| | | | | | | | |
| | | | | | | 1,463,359 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 29 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY SECTOR INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SOUTH KOREA — 29.73% | | | | | | | | |
Hankook Tire Co. Ltd. | | | 3,200 | | | $ | 122,568 | |
Hyundai Department Store Co. Ltd. | | | 534 | | | | 79,714 | |
Hyundai Mobis Co. Ltd. | | | 2,391 | | | | 609,118 | |
Hyundai Motor Co. | | | 5,410 | | | | 1,044,546 | |
Hyundai Wia Corp. | | | 406 | | | | 50,264 | |
Kangwon Land Inc. | | | 3,380 | | | | 77,949 | |
Kia Motors Corp. | | | 8,409 | | | | 531,423 | |
LG Electronics Inc. | | | 3,610 | | | | 275,576 | |
Lotte Shopping Co. Ltd. | | | 357 | | | | 120,306 | |
Mando Corp. | | | 447 | | | | 67,126 | |
Shinsegae Co. Ltd. | | | 259 | | | | 60,772 | |
Woongjin Coway Co. Ltd. | | | 1,890 | | | | 63,438 | |
| | | | | | | | |
| | | | | | | 3,102,800 | |
TAIWAN — 5.45% | | | | | | | | |
Cheng Shin Rubber Industry Co. Ltd. | | | 56,000 | | | | 138,114 | |
China Motor Co. Ltd. | | | 19,000 | | | | 21,103 | |
Far Eastern Department Stores Co. Ltd. | | | 32,000 | | | | 44,142 | |
Formosa International Hotels Corp. | | | 1,000 | | | | 15,937 | |
Formosa Taffeta Co. Ltd. | | | 27,000 | | | | 27,050 | |
Giant Manufacturing Co. Ltd. | | | 11,000 | | | | 47,336 | |
Hotai Motor Co. Ltd. | | | 9,000 | | | | 61,080 | |
Nan Kang Rubber Tire Co. Ltd. | | | 16,000 | | | | 26,616 | |
Pou Chen Corp. | | | 76,000 | | | | 67,479 | |
Ruentex Industries Ltd. | | | 16,000 | | | | 32,930 | |
Tatung Co. Ltd.a | | | 70,000 | | | | 23,622 | |
Yulon Motor Co. Ltd. | | | 30,000 | | | | 63,274 | |
| | | | | | | | |
| | | | | | | 568,683 | |
THAILAND — 0.44% | | | | | | | | |
BEC World PCL NVDR | | | 31,600 | | | | 46,202 | |
| | | | | | | | |
| | | | | | | 46,202 | |
TURKEY — 0.80% | | | | | | | | |
Arcelik AS | | | 7,113 | | | | 32,755 | |
Ford Otomotiv Sanayi AS | | | 2,463 | | | | 23,206 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 13,684 | | | | 27,823 | |
| | | | | | | | |
| | | | | | | 83,784 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $10,054,085) | | | | | | | 10,184,403 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PREFERRED STOCKS — 2.28% | | | | | |
| | |
BRAZIL — 1.13% | | | | | | | | |
Lojas Americanas SA | | | 11,100 | | | $ | 118,312 | |
| | | | | | | | |
| | | | | | | 118,312 | |
SOUTH KOREA — 1.15% | | | | | | | | |
Hyundai Motor Co. Ltd. | | | 793 | | | | 44,657 | |
Hyundai Motor Co. Ltd. Series 2 | | | 1,320 | | | | 75,161 | |
| | | | | | | | |
| | | | | | | 119,818 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $236,601) | | | | | | | 238,130 | |
|
SHORT-TERM INVESTMENTS — 0.10% | |
|
MONEY MARKET FUNDS — 0.10% | |
BlackRock Cash Funds: Treasury,
SL Agency Shares
| | | | | | | | |
0.02%b,c | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
| | | | | | | 10,000 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $10,000) | | | | | | | 10,000 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.95% | | | | | |
(Cost: $10,300,686) | | | | | | | 10,432,533 | |
Other Assets, Less Liabilities — 0.05% | | | | | | | 5,054 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 10,437,587 | |
| | | | | | | | |
CPO — Certificates of Participation (Ordinary)
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 consolidated financial statements.
| | |
| 30 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS ENERGY SECTOR CAPPED INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 88.28% | | | | | | | | |
| | |
BRAZIL — 11.69% | | | | | | | | |
HRT Participacoes em Petroleo SAa | | | 100 | | | $ | 39,723 | |
OGX Petroleo e Gas Participacoes SAa | | | 26,300 | | | | 260,411 | |
Petroleo Brasileiro SA | | | 49,300 | | | | 737,964 | |
Ultrapar Participacoes SA | | | 7,200 | | | | 163,508 | |
| | | | | | | | |
| | | | | | | 1,201,606 | |
CHINA — 21.33% | | | | | | | | |
China Coal Energy Co. Class H | | | 87,000 | | | | 111,615 | |
China Oilfield Services Ltd. Class H | | | 38,000 | | | | 66,831 | |
China Petroleum & Chemical Corp. Class H | | | 332,000 | | | | 380,556 | |
China Shenhua Energy Co. Ltd. Class H | | | 68,000 | | | | 314,323 | |
CNOOC Ltd. | | | 300,000 | | | | 688,526 | |
Kunlun Energy Co. Ltd. | | | 8,000 | | | | 13,492 | |
PetroChina Co. Ltd. Class H | | | 338,000 | | | | 511,639 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 42,000 | | | | 105,275 | |
| | | | | | | | |
| | | | | | | 2,192,257 | |
COLOMBIA — 2.49% | | | | | | | | |
Ecopetrol SA SP ADR | | | 4,400 | | | | 256,036 | |
| | | | | | | | |
| | | | | | | 256,036 | |
HUNGARY — 0.81% | | | | | | | | |
MOL Hungarian Oil and Gas PLCa | | | 954 | | | | 82,888 | |
| | | | | | | | |
| | | | | | | 82,888 | |
INDIA — 6.12% | | | | | | | | |
Bharat Petroleum Corp. Ltd. | | | 2,397 | | | | 32,390 | |
Coal India Ltd. | | | 11,138 | | | | 76,018 | |
Oil & Natural Gas Corp. Ltd. | | | 17,031 | | | | 101,887 | |
Reliance Industries Ltd. | | | 25,000 | | | | 418,665 | |
| | | | | | | | |
| | | | | | | 628,960 | |
INDONESIA — 2.52% | | | | | | | | |
PT Adaro Energy Tbk | | | 326,500 | | | | 69,499 | |
PT Bumi Resources Tbk | | | 350,500 | | | | 95,202 | |
PT Indo Tambangraya Megah Tbk | | | 10,000 | | | | 48,060 | |
PT Tambang Batubara Bukit Asam Tbk | | | 20,000 | | | | 46,009 | |
| | | | | | | | |
| | | | | | | 258,770 | |
MALAYSIA — 0.75% | | | | | | | | |
Bumi Armada Bhda | | | 23,700 | | | | 31,806 | |
Petronas Dagangan Bhd | | | 7,400 | | | | 44,862 | |
| | | | | | | | |
| | | | | | | 76,668 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
POLAND — 1.53% | | | | | | | | |
Grupa Lotos SAa | | | 2,195 | | | $ | 19,990 | |
Polski Koncern Naftowy Orlen SAa | | | 7,164 | | | | 82,765 | |
Polskie Gornictwo Naftowe i Gazownictwo SA | | | 45,580 | | | | 53,963 | |
| | | | | | | | |
| | | | | | | 156,718 | |
RUSSIA — 25.91% | | | | | | | | |
Gazprom OAO | | | 186,000 | | | | 1,235,692 | |
LUKOIL OAO | | | 8,100 | | | | 519,880 | |
NovaTek OAO SP GDRb | | | 1,840 | | | | 266,984 | |
Rosneft Oil Co. OJSC | | | 32,540 | | | | 251,710 | |
Surgutneftegas OJSC | | | 152,000 | | | | 157,905 | |
Tatneft OAO | | | 30,300 | | | | 201,672 | |
TMK OAO SP GDRb | | | 2,000 | | | | 28,840 | |
| | | | | | | | |
| | | | | | | 2,662,683 | |
SOUTH AFRICA — 4.56% | | | | | | | | |
Sasol Ltd. | | | 8,738 | | | | 468,966 | |
| | | | | | | | |
| | | | | | | 468,966 | |
SOUTH KOREA — 3.77% | | | | | | | | |
GS Holdings Corp. | | | 1,204 | | | | 69,524 | |
S-Oil Corp. | | | 1,004 | | | | 112,630 | |
SK Innovation Co. Ltd. | | | 1,239 | | | | 205,443 | |
| | | | | | | | |
| | | | | | | 387,597 | |
TAIWAN — 0.87% | | | | | | | | |
Formosa Petrochemical Corp. | | | 27,000 | | | | 89,002 | |
| | | | | | | | |
| | | | | | | 89,002 | |
THAILAND — 5.20% | | | | | | | | |
Banpu PCL NVDR | | | 3,650 | | | | 78,150 | |
IRPC PCL NVDR | | | 240,700 | | | | 37,697 | |
PTT Exploration & Production PCL NVDR | | | 25,000 | | | | 152,404 | |
PTT PCL NVDR | | | 18,000 | | | | 215,893 | |
Thai Oil PCL NVDR | | | 19,800 | | | | 49,721 | |
| | | | | | | | |
| | | | | | | 533,865 | |
TURKEY — 0.73% | | | | | | | | |
Turkiye Petrol Rafinerileri AS | | | 3,043 | | | | 75,293 | |
| | | | | | | | |
| | | | | | | 75,293 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $8,975,287) | | | | | | | 9,071,309 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 31 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ENERGY SECTOR CAPPED INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PREFERRED STOCKS — 11.61% | |
| | |
BRAZIL — 9.87% | | | | | | | | |
Petroleo Brasileiro SA | | | 71,600 | | | $ | 1,013,802 | |
| | | | | | | | |
| | | | | | | 1,013,802 | |
RUSSIA — 1.74% | | | | | | | | |
AK Transneft OAO | | | 37 | | | | 69,023 | |
Surgutneftegas OJSC | | | 161,000 | | | | 110,167 | |
| | | | | | | | |
| | | | | | | 179,190 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $1,238,195) | | | | | | | 1,192,992 | |
|
SHORT-TERM INVESTMENTS — 0.10% | |
|
MONEY MARKET FUNDS — 0.10% | |
BlackRock Cash Funds: Treasury,
SL Agency Shares
| | | | | | | | |
0.02%c,d | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
| | | | | | | 10,000 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $10,000) | | | | | | | 10,000 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.99% | | | | | |
(Cost: $10,223,482) | | | | | | | 10,274,301 | |
Other Assets, Less
Liabilities — 0.01% | | | | 1,339 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 10,275,640 | |
| | | | | | | | |
NVDR — Non-Voting 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 consolidated financial statements.
| | |
| 32 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
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COMMON STOCKS — 91.53% | |
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BRAZIL — 7.07% | |
ALL — America Latina Logistica SA | | | 2,600 | | | $ | 15,068 | |
Amil Participacoes SA | | | 800 | | | | 9,226 | |
Anhanguera Educacional Participacoes SA | | | 700 | | | | 9,202 | |
BR Malls Participacoes SA | | | 2,400 | | | | 30,767 | |
BRF — Brasil Foods SA | | | 3,900 | | | | 81,548 | |
Brookfield Incorporacoes SA | | | 1,500 | | | | 5,679 | |
CCR SA | | | 5,300 | | | | 42,353 | |
CETIP SA — Mercados Organizados | | | 1,100 | | | | 20,502 | |
Cielo SA | | | 1,400 | | | | 50,067 | |
Companhia Hering SA | | | 700 | | | | 18,832 | |
Cosan SA Industria e Comercio | | | 700 | | | | 12,537 | |
Cyrela Brazil Realty SA | | | 1,700 | | | | 17,149 | |
Diagnosticos da America SA | | | 1,400 | | | | 13,047 | |
EcoRodovias Infraestrutura e Logistica SA | | | 1,100 | | | | 8,873 | |
Embraer SA | | | 2,100 | | | | 15,656 | |
Hypermarcas SA | | | 1,600 | | | | 10,419 | |
Localiza Rent A Car SA | | | 700 | | | | 12,933 | |
Lojas Renner SA | | | 700 | | | | 26,656 | |
MMX Mineracao e Metalicos SAa | | | 1,400 | | | | 7,861 | |
MRV Engenharia e Participacoes SA | | | 1,700 | | | | 13,714 | |
Multiplan Empreendimentos Imobiliarios SA | | | 500 | | | | 11,358 | |
Natura Cosmeticos SA | | | 1,000 | | | | 23,583 | |
Odontoprev SA | | | 500 | | | | 8,708 | |
OGX Petroleo e Gas Participacoes SAa | | | 7,700 | | | | 76,242 | |
PDG Realty SA Empreendimentos e Participacoes | | | 6,500 | | | | 27,788 | |
Porto Seguro SA | | | 500 | | | | 6,261 | |
Redecard SA | | | 1,000 | | | | 20,793 | |
Rossi Residencial SA | | | 900 | | | | 5,394 | |
Souza Cruz SA | | | 1,200 | | | | 17,970 | |
Tim Participacoes SA | | | 4,900 | | | | 29,653 | |
Totvs SA | | | 700 | | | | 12,998 | |
Tractebel Energia SA | | | 400 | | | | 7,078 | |
Ultrapar Participacoes SA | | | 1,900 | | | | 43,148 | |
Vale SA | | | 2,900 | | | | 73,560 | |
| | | | | | | | |
| | | | | | | 786,623 | |
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| Security | | Shares | | | Value | |
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CHILE — 1.39% | | | | | | | | |
Cencosud SA | | | 5,288 | | | $ | 34,444 | |
Colbun SA | | | 28,575 | | | | 8,382 | |
Compania Cervecerias Unidas SA | | | 658 | | | | 9,515 | |
Empresa Electrica Del Norte Grande SA | | | 2,125 | | | | 6,007 | |
Empresa Nacional de Electricidad SA | | | 13,062 | | | | 23,119 | |
Empresa Nacional de Telecomunicaciones SA | | | 604 | | | | 12,144 | |
Enersis SA | | | 28,334 | | | | 11,579 | |
LAN Airlines SA | | | 804 | | | | 22,037 | |
S.A.C.I. Falabella SA | | | 2,094 | | | | 20,937 | |
Vina Concha y Toro SA | | | 3,158 | | | | 7,002 | |
| | | | | | | | |
| | | | | | | 155,166 | |
CHINA — 17.70% | | | | | | | | |
Agricultural Bank of China Ltd. Class H | | | 108,000 | | | | 53,751 | |
Air China Ltd. Class H | | | 12,000 | | | | 9,067 | |
Alibaba.com Ltd.a | | | 8,000 | | | | 13,636 | |
Anhui Conch Cement Co. Ltd. Class H | | | 7,500 | | | | 26,110 | |
AviChina Industry & Technology Co. Ltd. Class H | | | 12,000 | | | | 6,174 | |
BBMG Corp. Class H | | | 6,500 | | | | 6,872 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 12,000 | | | | 5,988 | |
Beijing Enterprises Holdings Ltd. | | | 3,000 | | | | 19,070 | |
Belle International Holdings Ltd. | | | 27,000 | | | | 44,630 | |
Brilliance China Automotive Holdings Ltd.a | | | 14,000 | | | | 16,300 | |
BYD Co. Ltd. Class Ha | | | 2,500 | | | | 8,220 | |
China Agri-Industries Holdings Ltd. | | | 10,000 | | | | 7,543 | |
China BlueChemical Ltd. Class H | | | 8,000 | | | | 6,292 | |
China CITIC Bank Corp. Ltd. Class H | | | 15,000 | | | | 9,864 | |
China Coal Energy Co. Class H | | | 25,000 | | | | 32,073 | |
China Gas Holdings Ltd. | | | 18,000 | | | | 8,657 | |
China Life Insurance Co. Ltd. Class H | | | 44,000 | | | | 137,293 | |
China Longyuan Power Group Corp. Ltd. Class H | | | 12,000 | | | | 10,382 | |
China Mengniu Dairy Co. Ltd. | | | 7,000 | | | | 19,856 | |
China Merchants Bank Co. Ltd. Class H | | | 23,000 | | | | 52,787 | |
China National Building Material Co. Ltd. Class H | | | 16,000 | | | | 23,147 | |
China Oilfield Services Ltd. Class H | | | 10,000 | | | | 17,587 | |
China Overseas Land & Investment Ltd. | | | 24,000 | | | | 50,317 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 33 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 29, 2012
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| Security | | Shares | | | Value | |
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China Pacific Insurance (Group) Co. Ltd. Class H | | | 10,400 | | | $ | 37,480 | |
China Resources Cement Holdings Ltd. | | | 12,000 | | | | 10,104 | |
China Resources Enterprise Ltd. | | | 8,000 | | | | 29,965 | |
China Resources Gas Group Ltd. | | | 4,000 | | | | 6,189 | |
China Resources Land Ltd. | | | 12,000 | | | | 22,961 | |
China Resources Power Holdings Co. Ltd. | | | 10,000 | | | | 19,676 | |
China Shanshui Cement Group Ltd. | | | 10,000 | | | | 9,309 | |
China Shenhua Energy Co. Ltd. Class H | | | 13,000 | | | | 60,091 | |
China State Construction International Holdings Ltd. | | | 8,000 | | | | 7,313 | |
China Taiping Insurance Holdings Co. Ltd.a | | | 4,800 | | | | 11,214 | |
China Telecom Corp. Ltd. Class H | | | 30,000 | | | | 18,335 | |
China Unicom (Hong Kong) Ltd. | | | 34,000 | | | | 61,374 | |
China Yurun Food Group Ltd. | | | 4,000 | | | | 6,076 | |
China ZhengTong Auto Services Holdings Ltd.a | | | 5,500 | | | | 6,765 | |
CNOOC Ltd. | | | 106,000 | | | | 243,279 | |
Country Garden Holdings Co. Ltd. | | | 13,000 | | | | 5,883 | |
CSR Corp Ltd. Class H | | | 11,000 | | | | 8,638 | |
Dah Chong Hong Holdings Ltd. | | | 5,000 | | | | 7,079 | |
Daphne International Holdings Ltd. | | | 6,000 | | | | 7,543 | |
Dongfang Electric Corp. Ltd. Class H | | | 2,000 | | | | 5,415 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 16,000 | | | | 31,399 | |
Dongyue Group Ltd. | | | 7,000 | | | | 7,193 | |
ENN Energy Holdings Ltd. | | | 4,000 | | | | 13,745 | |
Evergrande Real Estate Group Ltd. | | | 20,000 | | | | 12,713 | |
Far East Horizon Ltd.a | | | 7,000 | | | | 6,101 | |
GCL-Poly Energy Holdings Ltd. | | | 40,000 | | | | 13,770 | |
Geely Automobile Holdings Ltd. | | | 25,000 | | | | 11,121 | |
Golden Eagle Retail Group Ltd. | | | 4,000 | | | | 9,882 | |
GOME Electrical Appliances Holdings Ltd. | | | 60,000 | | | | 18,335 | |
Great Wall Motor Co. Ltd. Class H | | | 6,000 | | | | 12,084 | |
Haier Electronics Group Co. Ltd.a | | | 5,000 | | | | 6,253 | |
Hengan International Group Co. Ltd. | | | 4,500 | | | | 40,876 | |
Hengdeli Holdings Ltd. | | | 16,000 | | | | 6,911 | |
Huabao International Holdings Ltd. | | | 12,000 | | | | 8,510 | |
Intime Department Store Group Co. Ltd. | | | 5,500 | | | | 6,843 | |
Kunlun Energy Co. Ltd. | | | 14,000 | | | | 23,611 | |
Lenovo Group Ltd. | | | 36,000 | | | | 31,889 | |
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| Security | | Shares | | | Value | |
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Longfor Properties Co. Ltd. | | | 8,000 | | | $ | 11,615 | |
Parkson Retail Group Ltd. | | | 8,500 | | | | 10,105 | |
PICC Property and Casualty Co. Ltd. Class H | | | 16,000 | | | | 22,569 | |
Ping An Insurance (Group) Co. of China Ltd. Class H | | | 10,000 | | | | 87,484 | |
Renhe Commercial Holdings Co. Ltd. | | | 36,000 | | | | 4,317 | |
Sany Heavy Equipment International Holdings Co. Ltd. | | | 6,000 | | | | 5,292 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 8,000 | | | | 7,984 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class Ha | | | 3,200 | | | | 5,950 | |
Sihuan Pharmaceutical Holdings Group Ltd. | | | 14,000 | | | | 5,560 | |
Sinopharm Group Co. Ltd. Class H | | | 4,800 | | | | 13,059 | |
SOHO China Ltd. | | | 7,500 | | | | 5,473 | |
Sun Art Retail Group Ltd.a | | | 11,500 | | | | 15,391 | |
Tencent Holdings Ltd. | | | 6,000 | | | | 156,272 | |
Tingyi (Cayman Islands) Holding Corp. | | | 12,000 | | | | 35,664 | |
Want Want China Holdings Ltd. | | | 35,000 | | | | 34,839 | |
Weichai Power Co. Ltd. Class H | | | 2,000 | | | | 11,037 | |
Wumart Stores Inc. Class H | | | 3,000 | | | | 6,081 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 12,000 | | | | 30,078 | |
Yingde Gases Group Co. Ltd. | | | 6,000 | | | | 6,669 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 5,000 | | | | 10,315 | |
Zhongsheng Group Holdings Ltd. | | | 3,500 | | | | 6,769 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 3,000 | | | | 8,278 | |
Zijin Mining Group Co. Ltd. Class H | | | 34,000 | | | | 16,308 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | | | 7,400 | | | | 11,488 | |
ZTE Corp. Class H | | | 3,600 | | | | 10,769 | |
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| | | | | | | 1,970,907 | |
COLOMBIA — 0.91% | | | | | | | | |
Bancolombia SA SP ADR | | | 500 | | | | 31,950 | |
Ecopetrol SA SP ADR | | | 1,200 | | | | 69,828 | |
| | | | | | | | |
| | | | | | | 101,778 | |
CZECH REPUBLIC — 0.40% | | | | | | | | |
CEZ AS | | | 588 | | | | 25,460 | |
Komercni Banka AS | | | 98 | | | | 19,244 | |
| | | | | | | | |
| | | | | | | 44,704 | |
| | |
| 34 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 29, 2012
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| Security | | Shares | | | Value | |
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EGYPT — 0.34% | | | | | | | | |
Orascom Construction Industries SAE SP GDR | | | 848 | | | $ | 38,228 | |
| | | | | | | | |
| | | | | | | 38,228 | |
HUNGARY — 0.33% | | | | | | | | |
MOL Hungarian Oil and Gas PLCa | | | 255 | | | | 22,156 | |
Richter Gedeon Nyrt | | | 82 | | | | 14,820 | |
| | | | | | | | |
| | | | | | | 36,976 | |
INDIA — 6.69% | | | | | | | | |
Adani Enterprises Ltd. | | | 1,300 | | | | 9,940 | |
Adani Ports and Special Economic Zone Ltd. | | | 2,390 | | | | 7,249 | |
Asian Paints Ltd. | | | 185 | | | | 11,968 | |
Bajaj Auto Ltd. | | | 496 | | | | 18,233 | |
Bharti Airtel Ltd. | | | 3,362 | | | | 24,023 | |
Cipla Ltd. | | | 2,008 | | | | 12,986 | |
Coal India Ltd. | | | 3,178 | | | | 21,690 | |
Dabur India Ltd. | | | 2,683 | | | | 5,696 | |
Dr. Reddy’s Laboratories Ltd. | | | 606 | | | | 20,312 | |
HCL Technologies Ltd. | | | 620 | | | | 6,135 | |
HDFC Bank Ltd. | | | 8,903 | | | | 93,935 | |
Housing Development Finance Corp. Ltd. | | | 4,137 | | | | 55,977 | |
Idea Cellular Ltd.a | | | 3,908 | | | | 7,535 | |
Infosys Ltd. | | | 2,529 | | | | 148,791 | |
ITC Ltd. | | | 13,334 | | | | 56,495 | |
Jindal Steel & Power Ltd. | | | 2,205 | | | | 26,218 | |
Kotak Mahindra Bank Ltd. | | | 1,629 | | | | 18,206 | |
Lupin Ltd. | | | 910 | | | | 8,928 | |
Maruti Suzuki India Ltd. | | | 259 | | | | 6,631 | |
Ranbaxy Laboratories Ltd. | | | 767 | | | | 6,711 | |
Reliance Power Ltd.a | | | 3,510 | | | | 8,555 | |
Satyam Computer Services Ltd.a | | | 3,798 | | | | 5,328 | |
Shriram Transport Finance Co. Ltd. | | | 740 | | | | 8,267 | |
Siemens Ltd. | | | 424 | | | | 6,889 | |
State Bank of India | | | 253 | | | | 11,602 | |
Sun Pharmaceuticals Industries Ltd. | | | 1,843 | | | | 20,698 | |
Tata Consultancy Services Ltd. | | | 2,754 | | | | 68,664 | |
Tata Motors Ltd. | | | 4,210 | | | | 23,275 | |
Titan Industries Ltd. | | | 1,398 | | | | 6,515 | |
Ultratech Cement Ltd. | | | 212 | | | | 6,084 | |
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| Security | | Shares | | | Value | |
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United Spirits Ltd. | | | 509 | | | $ | 5,947 | |
Zee Entertainment Enterprises Ltd. | | | 2,007 | | | | 5,207 | |
| | | | | | | | |
| | | | | | | 744,690 | |
INDONESIA — 2.72% | | | | | | | | |
PT Astra International Tbk | | | 6,000 | | | | 47,129 | |
PT Bank Central Asia Tbk | | | 71,500 | | | | 60,244 | |
PT Bank Rakyat Indonesia Tbk | | | 41,000 | | | | 31,364 | |
PT Bumi Resources Tbk | | | 92,500 | | | | 25,125 | |
PT Charoen Pokphand Indonesia Tbk | | | 43,000 | | | | 12,752 | |
PT Gudang Garam Tbk | | | 3,500 | | | | 22,020 | |
PT Indo Tambangraya Megah Tbk | | | 1,500 | | | | 7,209 | |
PT Indocement Tunggal Prakarsa Tbk | | | 8,500 | | | | 16,444 | |
PT Indosat Tbk | | | 8,500 | | | | 5,136 | |
PT Kalbe Farma Tbk | | | 26,500 | | | | 10,283 | |
PT Tambang Batubara Bukit Asam Tbk | | | 3,500 | | | | 8,051 | |
PT Unilever Indonesia Tbk | | | 9,000 | | | | 19,207 | |
PT United Tractors Tbk | | | 10,000 | | | | 32,151 | |
PT XL Axiata Tbk | | | 10,000 | | | | 5,238 | |
| | | | | | | | |
| | | | | | | 302,353 | |
MALAYSIA — 3.36% | | | | | | | | |
AirAsia Bhd | | | 7,300 | | | | 8,919 | |
AMMB Holdings Bhd | | | 6,400 | | | | 13,097 | |
Berjaya Sports Toto Bhd | | | 3,800 | | | | 5,556 | |
British American Tobacco (Malaysia) Bhd | | | 500 | | | | 8,713 | |
Bumi Armada Bhda | | | 6,300 | | | | 8,455 | |
Bursa Malaysia Bhd | | | 2,400 | | | | 5,913 | |
CIMB Group Holdings Bhd | | | 27,900 | | | | 66,688 | |
DiGi.Com Bhd | | | 11,800 | | | | 15,836 | |
Gamuda Bhd | | | 9,500 | | | | 11,576 | |
Genting Bhd | | | 12,000 | | | | 42,464 | |
Genting Plantations Bhd | | | 2,000 | | | | 6,209 | |
Hong Leong Bank Bhd | | | 3,200 | | | | 12,926 | |
IJM Corp. Bhd | | | 6,600 | | | | 12,955 | |
Kuala Lumpur Kepong Bhd | | | 2,900 | | | | 22,673 | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 2,800 | | | | 4,982 | |
MMC Corp. Bhd | | | 6,100 | | | | 5,580 | |
Parkson Holdings Bhd | | | 3,100 | | | | 5,806 | |
Petronas Chemicals Group Bhd | | | 14,300 | | | | 31,985 | |
Petronas Dagangan Bhd | | | 1,800 | | | | 10,912 | |
Petronas Gas Bhd | | | 4,200 | | | | 23,555 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 35 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Public Bank Bhd Foreign | | | 6,200 | | | $ | 28,232 | |
SP Setia Bhd | | | 7,100 | | | | 9,339 | |
Telekom Malaysia Bhd | | | 3,500 | | | | 6,064 | |
UEM Land Holdings Bhda | | | 7,700 | | | | 5,938 | |
| | | | | | | | |
| | | | | | | 374,373 | |
MEXICO — 4.62% | | | | | | | | |
America Movil SAB de CV Series L | | | 118,200 | | | | 142,777 | |
Arca Continental SAB de CV | | | 2,000 | | | | 9,307 | |
Coca-Cola FEMSA SAB de CV Series L | | | 1,700 | | | | 16,897 | |
Compartamos SAB de CV | | | 6,600 | | | | 7,431 | |
El Puerto de Liverpool SA de CV Series C1 | | | 700 | | | | 5,600 | |
Grupo Bimbo SAB de CV Series A | | | 10,000 | | | | 22,642 | |
Grupo Elektra SA de CV | | | 425 | | | | 37,218 | |
Grupo Financiero Banorte SAB de CV Series O | | | 9,500 | | | | 39,024 | |
Grupo Financiero Inbursa SAB de CV Series O | | | 11,800 | | | | 23,073 | |
Grupo Televisa SAB CPO | | | 5,000 | | | | 21,473 | |
Industrias Penoles SAB de CV | | | 810 | | | | 40,366 | |
Mexichem SAB de CV | | | 4,500 | | | | 16,296 | |
Minera Frisco SAB de CV Series A1a | | | 3,800 | | | | 16,587 | |
Wal-Mart de Mexico SAB de CV Series V | | | 36,900 | | | | 115,600 | |
| | | | | | | | |
| | | | | | | 514,291 | |
PERU — 0.59% | |
Compania de Minas Buenaventura SA SP ADR | | | 778 | | | | 31,221 | |
Southern Copper Corp. | | | 1,070 | | | | 34,422 | |
| | | | | | | | |
| | | | | | | 65,643 | |
PHILIPPINES — 0.72% | | | | | | | | |
Aboitiz Equity Ventures Inc. | | | 11,100 | | | | 12,384 | |
Ayala Land Inc. | | | 32,800 | | | | 15,727 | |
International Container Terminal Services Inc. | | | 4,300 | | | | 5,934 | |
Jollibee Foods Corp. | | | 2,720 | | | | 6,234 | |
Manila Electric Co. | | | 1,710 | | | | 10,543 | |
SM Investments Corp. | | | 1,040 | | | | 15,507 | |
SM Prime Holdings Inc. | | | 34,800 | | | | 13,316 | |
| | | | | | | | |
| | | | | | | 79,645 | |
POLAND — 1.33% | | | | | | | | |
Asseco Poland SA | | | 372 | | | | 6,497 | |
Bank Pekao SA | | | 435 | | | | 21,845 | |
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| Security | | Shares | | | Value | |
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BRE Bank SAa | | | 82 | | | $ | 8,041 | |
Cyfrowy Polsat SAa | | | 1,267 | | | | 5,852 | |
Kernel Holding SAa | | | 277 | | | | 6,559 | |
Polska Grupa Energetyczna SA | | | 1,410 | | | | 9,103 | |
Polskie Gornictwo Naftowe i Gazownictwo SA | | | 11,477 | | | | 13,588 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 3,592 | | | | 39,722 | |
Synthos SA | | | 3,818 | | | | 6,458 | |
Telekomunikacja Polska SA | | | 4,354 | | | | 24,060 | |
TVN SA | | | 1,686 | | | | 5,945 | |
| | | | | | | | |
| | | | | | | 147,670 | |
RUSSIA — 6.54% | | | | | | | | |
Federal Grid Co. of Unified Energy System OJSC | | | 1,880,000 | | | | 22,323 | |
IDGC Holding JSCa | | | 106,000 | | | | 10,776 | |
Inter RAO UES OJSC | | | 4,800,000 | | | | 5,866 | |
Magnit OJSC SP GDRb | | | 1,309 | | | | 38,576 | |
Mechel OAO SP ADR | | | 835 | | | | 9,269 | |
MMC Norilsk Nickel OJSC | | | 279 | | | | 55,189 | |
NovaTek OAO SP GDRb | | | 542 | | | | 78,644 | |
Rosneft Oil Co. OJSC | | | 9,520 | | | | 73,641 | |
Rostelecom OJSCa | | | 7,800 | | | | 39,247 | |
RusHydro OJSC | | | 700,000 | | | | 28,443 | |
Sberbank of Russia | | | 50,540 | | | | 173,322 | |
Severstal OAO | | | 1,170 | | | | 17,946 | |
Sistema JSFC SP GDRb | | | 313 | | | | 6,823 | |
Tatneft OAO | | | 8,480 | | | | 56,441 | |
TMK OAO SP GDRb | | | 455 | | | | 6,561 | |
Uralkali OJSC | | | 8,240 | | | | 67,057 | |
VTB Bank OJSC | | | 15,090,000 | | | | 37,432 | |
| | | | | | | | |
| | | | | | | 727,556 | |
SOUTH AFRICA — 7.73% | | | | | | | | |
African Rainbow Minerals Ltd. | | | 292 | | | | 7,486 | |
Anglo American Platinum Ltd. | | | 378 | | | | 30,039 | |
AngloGold Ashanti Ltd. | | | 2,226 | | | | 97,326 | |
ArcelorMittal South Africa Ltd. | | | 1,099 | | | | 9,618 | |
Aspen Pharmacare Holdings Ltd.a | | | 1,675 | | | | 24,427 | |
Barloworld Ltd. | | | 541 | | | | 6,477 | |
Discovery Holdings Ltd. | | | 1,931 | | | | 12,679 | |
Exxaro Resources Ltd. | | | 702 | | | | 19,882 | |
Harmony Gold Mining Co. Ltd. | | | 2,247 | | | | 29,859 | |
| | |
| 36 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Kumba Iron Ore Ltd. | | | 152 | | | $ | 11,645 | |
Life Healthcare Group Holdings Ltd. | | | 4,394 | | | | 12,828 | |
Massmart Holdings Ltd. | | | 659 | | | | 15,559 | |
MTN Group Ltd. | | | 9,965 | | | | 180,970 | |
Naspers Ltd. Class N | | | 2,265 | | | | 126,751 | |
Netcare Ltd. | | | 5,036 | | | | 9,294 | |
Northam Platinum Ltd. | | | 1,185 | | | | 5,483 | |
Pick’n Pay Stores Ltd. | | | 1,404 | | | | 8,117 | |
RMI Holdings | | | 4,568 | | | | 9,810 | |
Sappi Ltd.a | | | 1,617 | | | | 5,728 | |
Sasol Ltd. | | | 1,640 | | | | 88,018 | |
Shoprite Holdings Ltd. | | | 2,420 | | | | 44,176 | |
SPAR Group Ltd. (The) | | | 1,077 | | | | 16,660 | |
Tiger Brands Ltd. | | | 966 | | | | 33,777 | |
Truworths International Ltd. | | | 2,556 | | | | 27,731 | |
Woolworths Holdings Ltd. | | | 4,397 | | | | 26,629 | |
| | | | | | | | |
| | | | | | | 860,969 | |
SOUTH KOREA — 14.58% | | | | | | | | |
AmorePacific Corp. | | | 20 | | | | 18,342 | |
Celltrion Inc. | | | 424 | | | | 13,265 | |
CJ CheilJedang Corp. | | | 48 | | | | 13,794 | |
CJ Corp. | | | 70 | | | | 5,193 | |
Daewoo International Corp. | | | 240 | | | | 7,562 | |
E-Mart Co. Ltd. | | | 80 | | | | 19,415 | |
Hankook Tire Co. Ltd. | | | 540 | | | | 20,683 | |
Hyundai Department Store Co. Ltd. | | | 92 | | | | 13,734 | |
Hyundai Engineering & Construction Co. Ltd. | | | 399 | | | | 30,209 | |
Hyundai Glovis Co. Ltd. | | | 80 | | | | 13,265 | |
Hyundai Hysco Co. Ltd. | | | 200 | | | | 6,820 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 390 | | | | 11,260 | |
Hyundai Mobis Co. Ltd. | | | 402 | | | | 102,411 | |
Hyundai Motor Co. | | | 908 | | | | 175,314 | |
Hyundai Wia Corp. | | | 68 | | | | 8,419 | |
Kia Motors Corp. | | | 1,414 | | | | 89,361 | |
Korea Aerospace Industries Ltd. | | | 260 | | | | 6,996 | |
Korea Zinc Co. Ltd.a | | | 50 | | | | 19,598 | |
Kumho Petro Chemical Co. Ltd.a | | | 61 | | | | 8,533 | |
LG Household & Health Care Ltd. | | | 57 | | | | 26,189 | |
LG Innotek Co. Ltd.a | | | 78 | | | | 6,686 | |
Lotte Confectionery Co. Ltd.a | | | 4 | | | | 6,468 | |
LS Industrial Systems Co. Ltd. | | | 98 | | | | 5,983 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Mando Corp. | | | 76 | | | $ | 11,413 | |
NCsoft Corp. | | | 91 | | | | 22,532 | |
NHN Corp. | | | 245 | | | | 51,136 | |
OCI Co. Ltd. | | | 47 | | | | 11,280 | |
ORION Corp. | | | 22 | | | | 13,962 | |
S-Oil Corp. | | | 99 | | | | 11,106 | |
S1 Corp. | | | 103 | | | | 5,009 | |
Samsung C&T Corp. | | | 266 | | | | 18,308 | |
Samsung Electro-Mechanics Co. Ltd. | | | 356 | | | | 29,849 | |
Samsung Electronics Co. Ltd. | | | 651 | | | | 701,786 | |
Samsung Engineering Co. Ltd. | | | 179 | | | | 37,841 | |
Samsung Techwin Co. Ltd. | | | 227 | | | | 13,007 | |
Shinsegae Co. Ltd. | | | 30 | | | | 7,039 | |
SK C&C Co. Ltd. | | | 90 | | | | 10,096 | |
SK Innovation Co. Ltd. | | | 234 | | | | 38,801 | |
Woongjin Coway Co. Ltd. | | | 330 | | | | 11,077 | |
| | | | | | | | |
| | | | | | | 1,623,742 | |
TAIWAN — 11.09% | | | | | | | | |
Cathay Financial Holding Co. Ltd. | | | 40,000 | | | | 47,081 | |
Chang Hwa Commercial Bank Ltd. | | | 10,000 | | | | 6,123 | |
Cheng Shin Rubber Industry Co. Ltd. | | | 9,000 | | | | 22,197 | |
Chimei Innolux Corp.a | | | 14,000 | | | | 7,549 | |
China Life Insurance Co. Ltd. | | | 9,000 | | | | 9,353 | |
China Petrochemical Development Corp. | | | 10,000 | | | | 12,842 | |
Chinatrust Financial Holding Co. Ltd. | | | 35,000 | | | | 23,813 | |
Chunghwa Telecom Co. Ltd. | | | 15,000 | | | | 46,129 | |
Clevo Co. | | | 4,000 | | | | 7,185 | |
Delta Electronics Inc. | | | 10,000 | | | | 27,487 | |
E Ink Holdings Inc. | | | 5,000 | | | | 7,484 | |
E.Sun Financial Holding Co. Ltd. | | | 21,000 | | | | 11,502 | |
Far Eastern Department Stores Co. Ltd. | | | 5,000 | | | | 6,897 | |
Formosa Chemicals & Fibre Corp. | | | 6,000 | | | | 18,778 | |
Formosa Petrochemical Corp. | | | 7,000 | | | | 23,075 | |
Formosa Plastics Corp. | | | 8,000 | | | | 25,037 | |
Foxconn Technology Co. Ltd. | | | 4,000 | | | | 18,438 | |
Giant Manufacturing Co. Ltd. | | | 2,000 | | | | 8,607 | |
Highwealth Construction Corp. | | | 4,000 | | | | 7,484 | |
Hiwin Technologies Corp. | | | 1,000 | | | | 11,192 | |
Hon Hai Precision Industry Co. Ltd. | | | 35,000 | | | | 122,040 | |
HTC Corp. | | | 4,000 | | | | 89,944 | |
Kinsus Interconnect Technology Corp. | | | 2,000 | | | | 7,110 | |
Largan Precision Co. Ltd. | | | 1,000 | | | | 22,418 | |
MediaTek Inc. | | | 2,000 | | | | 20,479 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 37 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MStar Semiconductor Inc. | | | 1,000 | | | $ | 6,361 | |
Nan Kang Rubber Tire Co. Ltd. | | | 4,000 | | | | 6,654 | |
Nan Ya Printed Circuit Board Corp. | | | 3,000 | | | | 7,542 | |
Pegatron Corp. | | | 5,000 | | | | 6,804 | |
Phison Electronics Corp. | | | 1,000 | | | | 7,943 | |
President Chain Store Corp. | | | 3,000 | | | | 15,870 | |
Radiant Opto-Electronics Corp. | | | 2,000 | | | | 8,913 | |
Richtek Technology Corp. | | | 2,000 | | | | 11,974 | |
Ruentex Industries Ltd. | | | 3,000 | | | | 6,174 | |
Simplo Technology Co. Ltd. | | | 1,000 | | | | 7,178 | |
Standard Foods Corp. | | | 2,000 | | | | 7,110 | |
Synnex Technology International Corp. | | | 8,000 | | | | 20,275 | |
Taishin Financial Holdings Co. Ltd. | | | 14,000 | | | | 5,715 | |
Taiwan Fertilizer Co. Ltd. | | | 3,000 | | | | 8,399 | |
Taiwan Glass Industry Corp. | | | 5,000 | | | | 6,132 | |
Taiwan Mobile Co. Ltd. | | | 5,000 | | | | 15,376 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 145,000 | | | | 400,037 | |
TPK Holding Co. Ltd.a | | | 1,000 | | | | 16,771 | |
TSRC Corp. | | | 3,000 | | | | 7,664 | |
Uni-President Enterprises Co. | | | 22,000 | | | | 33,715 | |
Wintek Corp. | | | 8,000 | | | | 7,062 | |
Yulon Motor Co. Ltd. | | | 5,000 | | | | 10,546 | |
| | | | | | | | |
| | | | | | | 1,234,459 | |
THAILAND — 2.01% | | | | | | | | |
Bank of Ayudhya PCL NVDR | | | 7,000 | | | | 5,840 | |
Banpu PCL NVDR | | | 900 | | | | 19,270 | |
BEC World PCL NVDR | | | 5,400 | | | | 7,895 | |
Charoen Pokphand Foods PCL NVDR | | | 18,000 | | | | 21,560 | |
CP All PCL NVDR | | | 13,300 | | | | 29,114 | |
Indorama Ventures PCL NVDR | | | 8,600 | | | | 11,437 | |
Kasikornbank PCL Foreign | | | 7,000 | | | | 34,347 | |
Kasikornbank PCL NVDR | | | 3,400 | | | | 16,458 | |
PTT Exploration & Production PCL NVDR | | | 4,600 | | | | 28,042 | |
Siam Cement PCL Foreign | | | 700 | | | | 9,945 | |
Siam Commercial Bank PCL NVDR | | | 9,200 | | | | 39,518 | |
| | | | | | | | |
| | | | | | | 223,426 | |
TURKEY — 1.41% | | | | | | | | |
Akbank TAS | | | 2,471 | | | | 9,935 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 1,235 | | | | 18,745 | |
BIM Birlesik Magazalar AS | | | 511 | | | | 18,000 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Coca-Cola Icecek AS | | | 396 | | | $ | 5,103 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 4,227 | | | | 5,617 | |
Koza Altin Isletmeleri AS | | | 306 | | | | 6,082 | |
TAV Havalimanlari Holding ASa | | | 1,162 | | | | 5,977 | |
Turkcell Iletisim Hizmetleri ASa | | | 2,339 | | | | 12,861 | |
Turkiye Garanti Bankasi AS | | | 12,277 | | | | 46,690 | |
Turkiye Halk Bankasi AS | | | 1,829 | | | | 12,623 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 2,922 | | | | 5,941 | |
Yapi ve Kredi Bankasi ASa | | | 5,054 | | | | 9,668 | |
| | | | | | | | |
| | | | | | | 157,242 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $9,922,129) | | | | | | | 10,190,441 | |
|
PREFERRED STOCKS — 8.38% | |
| | |
BRAZIL — 8.08% | | | | | | | | |
Banco Bradesco SA | | | 11,200 | | | | 203,530 | |
Banco do Estado do Rio Grande do Sul SA Class B | | | 1,000 | | | | 11,917 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 600 | | | | 27,817 | |
Companhia de Bebidas das Americas | | | 4,400 | | | | 177,087 | |
Companhia Energetica de Minas Gerais | | | 2,300 | | | | 52,741 | |
Companhia Energetica de Sao Paulo Class B | | | 1,000 | | | | 21,906 | |
Itau Unibanco Holding SA | | | 13,400 | | | | 287,215 | |
Lojas Americanas SA | | | 1,900 | | | | 20,252 | |
Vale SA Class A | | | 3,900 | | | | 96,540 | |
| | | | | | | | |
| | | | | | | 899,005 | |
CHILE — 0.30% | | | | | | | | |
Sociedad Quimica y Minera de Chile SA Series B | | | 563 | | | | 33,700 | |
| | | | | | | | |
| | | | | | | 33,700 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $919,505) | | | | | | | 932,705 | |
| | |
| 38 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.09% | |
|
MONEY MARKET FUNDS — 0.09% | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.02%c,d | | | 10,201 | | | $ | 10,201 | |
| | | | | | | | |
| | | | | | | 10,201 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $10,201) | | | | | | | 10,201 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 100.00% | | | | | | | | |
(Cost: $10,851,835) | | | | | | | 11,133,347 | |
Other Assets, Less
Liabilities — 0.00% | | | | | | | 474 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 11,133,821 | |
| | | | | | | | |
CPO — Certificates of Participation (Ordinary)
NVDR — Non-Voting 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 consolidated financial statements.
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 39 | |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 93.56% | |
| |
BRAZIL — 6.52% | | | | | |
CCR SA | | | 73,800 | | | $ | 589,747 | |
Cielo SA | | | 7,200 | | | | 257,487 | |
CPFL Energia SA | | | 52,200 | | | | 841,269 | |
EcoRodovias Infraestrutura e Logistica SA | | | 21,600 | | | | 174,244 | |
EDP Energias do Brasil SA | | | 36,900 | | | | 902,673 | |
Natura Cosmeticos SA | | | 22,500 | | | | 530,622 | |
Porto Seguro SA | | | 12,600 | | | | 157,784 | |
Redecard SA | | | 23,400 | | | | 486,563 | |
Souza Cruz SA | | | 67,500 | | | | 1,010,790 | |
SulAmerica SA Units | | | 17,100 | | | | 188,240 | |
Totvs SA | | | 2,700 | | | | 50,135 | |
Tractebel Energia SA | | | 56,700 | | | | 1,003,289 | |
Ultrapar Participacoes SA | | | 18,900 | | | | 429,210 | |
| | | | | | | | |
| | | | | | | 6,622,053 | |
CHILE — 4.15% | | | | | |
AES Gener SA | | | 290,142 | | | | 176,556 | |
Banco de Credito e Inversiones | | | 7,092 | | | | 467,873 | |
Colbun SA | | | 2,561,283 | | | | 751,288 | |
Empresa Nacional de Electricidad SA | | | 441,531 | | | | 781,489 | |
Empresa Nacional de Telecomunicaciones SA | | | 13,662 | | | | 274,692 | |
Empresas CMPC SA | | | 16,641 | | | | 73,469 | |
LAN Airlines SA | | | 45,270 | | | | 1,240,828 | |
S.A.C.I. Falabella SA | | | 14,166 | | | | 141,637 | |
Vina Concha y Toro SA | | | 141,129 | | | | 312,911 | |
| | | | | | | | |
| | | | | | | 4,220,743 | |
CHINA —15.31% | | | | | |
Agricultural Bank of China Ltd. Class H | | | 891,000 | | | | 443,449 | |
Bank of China Ltd. Class H | | | 2,187,000 | | | | 953,113 | |
Bank of Communications Co. Ltd. Class H | | | 108,000 | | | | 89,261 | |
China CITIC Bank Corp. Ltd. Class H | | | 216,000 | | | | 142,037 | |
China Construction Bank Corp. Class H | | | 972,000 | | | | 817,133 | |
China Life Insurance Co. Ltd. Class H | | | 189,000 | | | | 589,734 | |
China Merchants Bank Co. Ltd. Class H | | | 108,000 | | | | 247,869 | |
China Minsheng Banking Corp. Ltd. Class H | | | 1,516,500 | | | | 1,476,279 | |
China Mobile Ltd. | | | 31,500 | | | | 336,498 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 356,400 | | | | 1,284,395 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Petroleum & Chemical Corp. Class H | | | 306,000 | | | $ | 350,754 | |
China Telecom Corp. Ltd. Class H | | | 396,000 | | | | 242,021 | |
China Vanke Co. Ltd. Class B | | | 286,200 | | | | 369,019 | |
Chongqing Rural Commercial Bank Co. Ltd. Class Ha | | | 315,000 | | | | 194,547 | |
CSG Holding Co. Ltd. Class B | | | 72,000 | | | | 62,942 | |
Guangdong Investment Ltd. | | | 90,000 | | | | 59,182 | |
Hengan International Group Co. Ltd. | | | 81,000 | | | | 735,775 | |
Huabao International Holdings Ltd. | | | 585,000 | | | | 414,856 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 1,314,000 | | | | 964,021 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 51,300 | | | | 289,794 | |
Jiangsu Expressway Co. Ltd. Class H | | | 612,000 | | | | 643,114 | |
Kunlun Energy Co. Ltd. | | | 234,000 | | | | 394,641 | |
PetroChina Co. Ltd. Class H | | | 180,000 | | | | 272,471 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 72,000 | | | | 71,854 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class Ha | | | 266,400 | | | | 495,312 | |
Sihuan Pharmaceutical Holdings Group Ltd. | | | 531,000 | | | | 210,875 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | 324,000 | | | | 123,656 | |
Sinopharm Group Co. Ltd. Class H | | | 367,200 | | | | 998,997 | |
Tencent Holdings Ltd. | | | 12,600 | | | | 328,171 | |
Tingyi (Cayman Islands) Holding Corp. | | | 306,000 | | | | 909,434 | |
Tsingtao Brewery Co. Ltd. Class H | | | 54,000 | | | | 291,734 | |
Zhejiang Expressway Co. Ltd. Class H | | | 720,000 | | | | 546,798 | |
ZTE Corp. Class H | | | 70,200 | | | | 209,993 | |
| | | | | | | | |
| | | | | | | 15,559,729 | |
COLOMBIA — 3.12% | | | | | |
Almacenes Exito SA | | | 10,197 | | | | 144,980 | |
Cementos Argos SA | | | 118,674 | | | | 730,405 | |
Corporacion Financiera Colombiana SA | | | 7,614 | | | | 146,003 | |
Ecopetrol SA | | | 583,419 | | | | 1,716,326 | |
Inversiones Argos SA | | | 46,080 | | | | 437,122 | |
| | | | | | | | |
| | | | | | | 3,174,836 | |
CZECH REPUBLIC — 0.95% | | | | | |
Telefonica O2 Czech Republic AS | | | 44,100 | | | | 961,833 | |
| | | | | | | | |
| | | | | | | 961,833 | |
| | |
| 40 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
EGYPT — 0.92% | | | | | |
Commercial International Bank Egypt SAE | | | 192,006 | | | $ | 797,538 | |
Egyptian Kuwaiti Holding Co. SAE | | | 60,735 | | | | 75,311 | |
National Societe Generale Bank SAE | | | 12,366 | | | | 58,911 | |
| | | | | | | | |
| | | | | | | 931,760 | |
INDIA — 4.13% | | | | | |
ACC Ltd. | | | 1,998 | | | | 53,244 | |
Bharat Petroleum Corp. Ltd. | | | 46,629 | | | | 630,077 | |
Cipla Ltd. | | | 88,731 | | | | 573,828 | |
Coal India Ltd. | | | 98,883 | | | | 674,890 | |
Dr. Reddy’s Laboratories Ltd. | | | 6,840 | | | | 229,261 | |
Infosys Ltd. | | | 13,743 | | | | 808,554 | |
Maruti Suzuki India Ltd. | | | 2,601 | | | | 66,593 | |
Oil & Natural Gas Corp. Ltd. | | | 8,199 | | | | 49,050 | |
Piramal Healthcare Ltd. | | | 36,090 | | | | 333,212 | |
Sun Pharmaceuticals Industries Ltd. | | | 69,129 | | | | 776,344 | |
| | | | | | | | |
| | | | | | | 4,195,053 | |
INDONESIA — 4.17% | | | | | |
PT Bank Central Asia Tbk | | | 1,534,500 | | | | 1,292,927 | |
PT Bank Mandiri Persero Tbk | | | 337,500 | | | | 241,339 | |
PT Semen Gresik (Persero) Tbk | | | 252,000 | | | | 314,301 | |
PT Telekomunikasi Indonesia Tbk | | | 1,219,500 | | | | 953,157 | |
PT Unilever Indonesia Tbk | | | 675,000 | | | | 1,440,549 | |
| | | | | | | | |
| | | | | | | 4,242,273 | |
MALAYSIA — 7.36% | | | | | |
Berjaya Sports Toto Bhd | | | 304,400 | | | | 445,092 | |
Bumi Armada Bhda | | | 472,500 | | | | 634,101 | |
Genting Malaysia Bhd | | | 74,700 | | | | 97,505 | |
Hong Leong Bank Bhd | | | 198,900 | | | | 803,435 | |
Maxis Communications Bhd | | | 657,900 | | | | 1,300,206 | |
MISC Bhd | | | 194,800 | | | | 365,474 | |
Petronas Chemicals Group Bhd | | | 233,100 | | | | 521,372 | |
Petronas Dagangan Bhd | | | 117,900 | | | | 714,760 | |
Petronas Gas Bhd | | | 91,800 | | | | 514,852 | |
Public Bank Bhd Foreign | | | 332,100 | | | | 1,512,217 | |
Sime Darby Bhd | | | 137,700 | | | | 445,439 | |
Tenaga Nasional Bhd | | | 60,300 | | | | 126,418 | |
| | | | | | | | |
| | | | | | | 7,480,871 | |
MEXICO — 1.11% | | | | | |
Arca Continental SAB de CV | | | 15,300 | | | | 71,198 | |
El Puerto de Liverpool SA de CV Series C1 | | | 52,200 | | | | 417,624 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Grupo Modelo SAB de CV Series C | | | 66,600 | | | $ | 437,647 | |
Wal-Mart de Mexico SAB de CV Series V | | | 65,700 | | | | 205,825 | |
| | | | | | | | |
| | | | | | | 1,132,294 | |
MOROCCO — 0.43% | | | | | |
Attijariwafa Bank | | | 9,810 | | | | 438,196 | |
| | | | | | | | |
| | | | | | | 438,196 | |
PERU — 1.92% | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 15,489 | | | | 621,574 | |
Credicorp Ltd. | | | 10,791 | | | | 1,326,106 | |
| | | | | | | | |
| | | | | | | 1,947,680 | |
PHILIPPINES — 2.26% | | | | | |
Aboitiz Power Corp. | | | 92,700 | | | | 69,381 | |
Ayala Corp. | | | 6,480 | | | | 60,776 | |
Bank of the Philippine Islands | | | 377,100 | | | | 588,296 | |
Energy Development Corp. | | | 333,900 | | | | 42,562 | |
Jollibee Foods Corp. | | | 135,180 | | | | 309,850 | |
Philippine Long Distance Telephone Co. | | | 18,360 | | | | 1,227,292 | |
| | | | | | | | |
| | | | | | | 2,298,157 | |
POLAND — 1.22% | | | | | |
Asseco Poland SA | | | 9,954 | | | | 173,856 | |
Cyfrowy Polsat SAa | | | 53,766 | | | | 248,322 | |
Polskie Gornictwo Naftowe i Gazownictwo SA | | | 558,495 | | | | 661,209 | |
Telekomunikacja Polska SA | | | 29,178 | | | | 161,238 | |
| | | | | | | | |
| | | | | | | 1,244,625 | |
RUSSIA — 1.27% | | | | | | | | |
LUKOIL OAO | | | 12,258 | | | | 786,753 | |
Surgutneftegas OJSC | | | 486,000 | | | | 504,881 | |
| | | | | | | | |
| | | | | | | 1,291,634 | |
SOUTH AFRICA — 8.73% | | | | | |
Aspen Pharmacare Holdings Ltd.a | | | 70,542 | | | | 1,028,749 | |
Bidvest Group Ltd. | | | 10,656 | | | | 251,461 | |
Discovery Holdings Ltd. | | | 28,368 | | | | 186,272 | |
Foschini Group Ltd. (The) | | | 15,237 | | | | 241,740 | |
Growthpoint Properties Ltd. | | | 306,405 | | | | 845,162 | |
Life Healthcare Group Holdings Ltd. | | | 269,847 | | | | 787,787 | |
Massmart Holdings Ltd. | | | 3,870 | | | | 91,371 | |
Naspers Ltd. Class N | | | 2,070 | | | | 115,839 | |
Pick’n Pay Stores Ltd. | | | 49,491 | | | | 286,110 | |
Pretoria Portland Cement Co. Ltd. | | | 101,574 | | | | 430,826 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 41 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Redefine Properties Ltd. | | | 587,952 | | | $ | 619,503 | |
Remgro Ltd. | | | 48,357 | | | | 864,042 | |
Shoprite Holdings Ltd. | | | 74,808 | | | | 1,365,586 | |
Telkom South Africa Ltd. | | | 12,105 | | | | 41,985 | |
Tiger Brands Ltd. | | | 10,026 | | | | 350,564 | |
Truworths International Ltd. | | | 61,974 | | | | 672,379 | |
Vodacom Group Ltd. | | | 49,563 | | | | 688,541 | |
| | | | | | | | |
| | | | | | | 8,867,917 | |
SOUTH KOREA — 8.51% | | | | | |
AmorePacific Corp. | | | 756 | | | | 693,339 | |
Celltrion Inc. | | | 4,329 | | | | 135,435 | |
Cheil Industries Inc. | | | 2,601 | | | | 222,267 | |
Kangwon Land Inc. | | | 3,870 | | | | 89,250 | |
Korea Electric Power Corp.a | | | 3,690 | | | | 82,790 | |
Korea Exchange Bank | | | 25,560 | | | | 186,207 | |
Korean Air Lines Co. Ltd.a | | | 3,870 | | | | 182,651 | |
KT Corp. | | | 920 | | | | 26,809 | |
KT Corp. SP ADR | | | 4,158 | | | | 61,164 | |
KT&G Corp. | | | 12,285 | | | | 803,828 | |
LG Electronics Inc. | | | 2,530 | | | | 193,132 | |
LG Household & Health Care Ltd. | | | 882 | | | | 405,236 | |
LG Uplus Corp. | | | 37,710 | | | | 213,709 | |
Lotte Shopping Co. Ltd. | | | 450 | | | | 151,646 | |
NCsoft Corp. | | | 711 | | | | 176,046 | |
NHN Corp. | | | 2,907 | | | | 606,748 | |
S1 Corp. | | | 8,577 | | | | 417,072 | |
Samsung Electro-Mechanics Co. Ltd. | | | 1,125 | | | | 94,326 | |
Samsung Electronics Co. Ltd.b | | | 819 | | | | 882,893 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 1,017 | | | | 191,814 | |
Samsung Life Insurance Co. Ltd. | | | 5,967 | | | | 486,971 | |
Samsung SDI Co. Ltd. | | | 2,349 | | | | 289,760 | |
Shinhan Financial Group Co. Ltd. | | | 6,000 | | | | 232,229 | |
Shinsegae Co. Ltd. | | | 1,026 | | | | 240,743 | |
SK Telecom Co. Ltd. | | | 6,201 | | | | 806,494 | |
Woongjin Coway Co. Ltd. | | | 9,990 | | | | 335,314 | |
Yuhan Corp. | | | 4,149 | | | | 443,188 | |
| | | | | | | | |
| | | | | | | 8,651,061 | |
TAIWAN — 15.22% | | | | | |
Advantech Co. Ltd. | | | 54,000 | | | | 181,861 | |
Asia Cement Corp. | | | 459,000 | | | | 587,881 | |
China Airlines Ltd. | | | 120,828 | | | | 57,339 | |
China Steel Corp. | | | 900,000 | | | | 933,800 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Chunghwa Telecom Co. Ltd. | | | 396,000 | | | $ | 1,217,798 | |
Delta Electronics Inc. | | | 216,000 | | | | 593,713 | |
Far EasTone Telecommunications Co. Ltd. | | | 711,000 | | | | 1,492,336 | |
First Financial Holding Co. Ltd. | | | 540,000 | | | | 346,272 | |
Formosa Chemicals & Fibre Corp. | | | 261,000 | | | | 816,846 | |
Formosa Petrochemical Corp. | | | 432,000 | | | | 1,424,030 | |
Formosa Plastics Corp. | | | 297,000 | | | | 929,514 | |
Giant Manufacturing Co. Ltd. | | | 54,000 | | | | 232,379 | |
Inventec Corp. | | | 1,206,000 | | | | 574,364 | |
Lite-On Technology Corp. | | | 90,000 | | | | 122,313 | |
Macronix International Co. Ltd. | | | 108,000 | | | | 45,925 | |
Nan Ya Plastics Corp. | | | 171,000 | | | | 419,996 | |
President Chain Store Corp. | | | 81,000 | | | | 428,477 | |
Realtek Semiconductor Corp. | | | 162,000 | | | | 343,884 | |
Ruentex Industries Ltd. | | | 54,000 | | | | 111,138 | |
Sino-American Silicon Products Inc. | | | 27,000 | | | | 56,028 | |
Synnex Technology International Corp. | | | 45,000 | | | | 114,046 | |
Taiwan Cement Corp. | | | 315,000 | | | | 404,519 | |
Taiwan Cooperative
Financial Holding Co. Ltd.a | | | 1,440,000 | | | | 945,435 | |
Taiwan Mobile Co. Ltd. | | | 423,000 | | | | 1,300,830 | |
Taiwan Semiconductor
Manufacturing Co. Ltd. | | | 351,000 | | | | 968,366 | |
Transcend Information Inc. | | | 55,000 | | | | 164,461 | |
TSRC Corp. | | | 99,000 | | | | 252,922 | |
U-Ming Marine Transport Corp. | | | 234,000 | | | | 407,566 | |
| | | | | | | | |
| | | | | | | 15,474,039 | |
THAILAND — 6.26% | | | | | |
Advanced Information Service PCL NVDR | | | 272,700 | | | | 1,441,665 | |
Bangkok Bank PCL NVDR | | | 164,700 | | | | 984,989 | |
BEC World PCL NVDR | | | 359,100 | | | | 525,035 | |
Charoen Pokphand Foods PCL NVDR | | | 158,400 | | | | 189,724 | |
CP All PCL NVDR | | | 746,100 | | | | 1,633,211 | |
IRPC PCL NVDR | | | 1,612,800 | | | | 252,591 | |
Kasikornbank PCL NVDR | | | 124,200 | | | | 601,200 | |
Siam Commercial Bank PCL NVDR | | | 171,000 | | | | 734,512 | |
| | | | | | | | |
| | | | | | | 6,362,927 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $88,937,307) | | | | 95,097,681 | |
| | |
| 42 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PREFERRED STOCKS — 6.13% | |
| | |
BRAZIL — 4.35% | | | | | | | | |
AES Tiete SA | | | 49,500 | | | $ | 733,750 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 2,700 | | | | 125,179 | |
Companhia de Bebidas das Americas | | | 11,700 | | | | 470,889 | |
Companhia de Transmissao de Energia Electrica Paulista | | | 17,100 | | | | 576,075 | |
Companhia Energetica de Minas Gerais | | | 41,400 | | | | 949,338 | |
Companhia Paranaense de Energia Class B | | | 36,000 | | | | 906,448 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 30,600 | | | | 658,910 | |
| | | | | | | | |
| | | | | | | 4,420,589 | |
CHILE — 0.64% | | | | | |
Sociedad Quimica y Minera de Chile SA Series B | | | 10,827 | | | | 648,079 | |
| | | | | | | | |
| | | | | | | 648,079 | |
COLOMBIA — 0.17% | | | | | |
BanColombia SA | | | 10,443 | | | | 168,055 | |
| | | | | | | | |
| | | | | | | 168,055 | |
RUSSIA — 0.52% | | | | | |
Surgutneftegas OJSC | | | 780,300 | | | | 533,937 | |
| | | | | | | | |
| | | | | | | 533,937 | |
SOUTH KOREA — 0.45% | | | | | |
Samsung Electronics Co. Ltd. | | | 729 | | | | 456,796 | |
| | | | | | | | |
| | | | | | | 456,796 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $5,708,830) | | | | | | | 6,227,456 | |
| |
SHORT-TERM INVESTMENTS — 0.05% | | | | | |
| |
MONEY MARKET FUNDS — 0.05% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.22%c,d,e | | | 52,428 | | | | 52,428 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.23%c,d,e | | | 3,878 | | | | 3,878 | |
| | | | | | | | |
| | | | | | | 56,306 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $56,306) | | | | | | | 56,306 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.74% | | | | | | |
(Cost: $94,702,443) | | | | $ | 101,381,443 | |
Other Assets, Less
Liabilities — 0.26% | | | | | 261,116 | |
| | | | | | |
NET ASSETS — 100.00% | | | | $ | 101,642,559 | |
| | | | | | |
NVDR — Non-Voting Depositary Receipts
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 consolidated financial statements.
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 43 | |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 97.88% | |
| |
BRAZIL — 5.66% | | | | | |
Aliansce Shopping Centers SA | | | 5,600 | | | $ | 51,828 | |
Arezzo Industria e Comercio SA | | | 4,000 | | | | 74,530 | |
Autometal SA | | | 5,600 | | | | 43,381 | |
BR Properties SA | | | 10,800 | | | | 138,703 | |
Brasil Brokers Participacoes SA | | | 14,400 | | | | 62,736 | |
Brasil Insurance Participacoes e Administracao SA | | | 4,400 | | | | 52,280 | |
Companhia de Saneamento de Minas Gerais SA | | | 2,800 | | | | 71,105 | |
Equatorial Energia SA | | | 6,000 | | | | 43,509 | |
Estacio Participacoes SA | | | 6,000 | | | | 72,794 | |
Eternit SA | | | 10,000 | | | | 53,993 | |
Even Construtora e Incorporadora SA | | | 16,800 | | | | 73,095 | |
EZ TEC Empreendimentos e Participacoes SA | | | 4,800 | | | | 55,887 | |
Fleury SA | | | 3,600 | | | | 51,351 | |
Gafisa SA | | | 44,000 | | | | 122,500 | |
Grendene SA | | | 9,600 | | | | 50,882 | |
Helbor Empreendimentos SA | | | 4,800 | | | | 73,388 | |
Iguatemi Empresa de Shopping Centers SA | | | 2,000 | | | | 48,226 | |
Iochpe-Maxion SA | | | 4,800 | | | | 90,302 | |
Julio Simoes Logistica SA | | | 7,200 | | | | 44,452 | |
Kroton Educacional SAa | | | 4,000 | | | | 54,983 | |
Kroton Educacional SA Newa | | | 1,612 | | | | 22,158 | |
LLX Logistica SAa | | | 24,400 | | | | 52,015 | |
LPS Brasil — Consultoria de Imoveis SA | | | 5,200 | | | | 105,672 | |
Marfrig Alimentos SA | | | 14,900 | | | | 91,557 | |
Mills Estruturas e Servicos de Engenharia SA | | | 4,800 | | | | 62,624 | |
Restoque Comercio e Confeccoes de Roupas SA | | | 3,600 | | | | 72,969 | |
Santos Brasil Participacoes SA | | | 2,800 | | | | 49,659 | |
Sao Martinho SA | | | 4,000 | | | | 49,135 | |
SLC Agricola SA | | | 5,600 | | | | 51,861 | |
Tecnisa SA | | | 9,600 | | | | 56,977 | |
Tegma Gestao Logistica SA | | | 3,600 | | | | 66,678 | |
TPI — Triunfo Participacoes e Investimentos SA | | | 7,200 | | | | 38,791 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | | | 8,000 | | | $ | 118,819 | |
Vanguarda Agro SAa | | | 139,200 | | | | 35,674 | |
| | | | | | | | |
| | | | | | | 2,204,514 | |
CHILE — 1.45% | | | | | |
Administradora Fondos Pensiones Provida SA | | | 13,708 | | | | 68,841 | |
Besalco SA | | | 43,460 | | | | 80,618 | |
Compania SudAmericana de Vapores SA | | | 280,000 | | | | 66,054 | |
Inversiones Aguas Metropolitanas SA | | | 40,452 | | | | 66,255 | |
Norte Grande SA | | | 3,722,392 | | | | 46,166 | |
Parque Arauco SA | | | 45,652 | | | | 89,400 | |
SalfaCorp SA | | | 17,860 | | | | 52,197 | |
Sonda SA | | | 31,908 | | | | 93,427 | |
| | | | | | | | |
| | | | | | | 562,958 | |
CHINA — 15.07% | | | | | |
361 Degrees International Ltd. | | | 104,000 | | | | 45,056 | |
Ajisen (China) Holdings Ltd. | | | 32,000 | | | | 43,818 | |
AMVIG Holdings Ltd. | | | 88,000 | | | | 50,719 | |
Anhui Expressway Co. Ltd. Class H | | | 72,000 | | | | 45,953 | |
Anxin-China Holdings Ltd.a | | | 192,000 | | | | 45,551 | |
Asia Cement China Holdings Corp. | | | 65,000 | | | | 36,541 | |
Asian Citrus Holdings Ltd. | | | 80,000 | | | | 48,377 | |
Beijing Capital Land Ltd. Class H | | | 168,000 | | | | 50,904 | |
Beijing Enterprises Water Group Ltd.a | | | 232,000 | | | | 62,220 | |
Biostime International Holdings Ltd. | | | 20,000 | | | | 38,475 | |
Boshiwa International Holding Ltd. | | | 154,000 | | | | 54,009 | |
C C Land Holdings Ltd. | | | 212,000 | | | | 56,856 | |
China Automation Group Ltd. | | | 144,000 | | | | 49,202 | |
China Datang Corp. Renewable Power Co. Ltd. Class Ha | | | 333,000 | | | | 62,687 | |
China Everbright International Ltd. | | | 256,000 | | | | 118,829 | |
China High Precision Automation Group Ltd.b | | | 108,000 | | | | 16,571 | |
China High Speed Transmission Equipment Group Co. Ltd. | | | 128,000 | | | | 84,830 | |
China Huiyuan Juice Group Ltd. | | | 126,000 | | | | 47,926 | |
China Lilang Ltd. | | | 40,000 | | | | 41,879 | |
China Metal Recycling Holdings Ltd. | | | 38,400 | | | | 47,086 | |
China Modern Dairy Holdings Ltd.a | | | 164,000 | | | | 43,349 | |
China Oil and Gas Group Ltd.a | | | 720,000 | | | | 70,555 | |
| | |
| 44 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Pharmaceutical Group Ltd. | | | 144,000 | | | $ | 40,847 | |
China Power International Development Ltd. | | | 200,000 | | | | 49,770 | |
China Power New Energy Development Co. Ltd.a | | | 1,080,000 | | | | 54,308 | |
China Precious Metal Resources Holdings Co. Ltd.a | | | 240,000 | | | | 44,561 | |
China Rare Earth Holdings Ltd.a | | | 208,000 | | | | 60,343 | |
China Singyes Solar Technologies Holdings Ltd. | | | 80,000 | | | | 46,624 | |
China South City Holdings Ltd. | | | 392,000 | | | | 55,598 | |
China Suntien Green Energy Corp. Ltd. Class H | | | 260,000 | | | | 59,002 | |
China Travel International Investment Hong Kong Ltd. | | | 312,000 | | | | 61,952 | |
China Vanadium Titano-Magnetite Mining Co. Ltd. | | | 176,000 | | | | 46,521 | |
China Water Affairs Group Ltd. | | | 200,000 | | | | 59,827 | |
China Wireless Technologies Ltd. | | | 220,000 | | | | 46,521 | |
Chinasoft International Ltd.a | | | 120,000 | | | | 36,360 | |
Chongqing Machinery & Electric Co. Ltd. Class H | | | 184,000 | | | | 40,569 | |
CITIC Dameng Holdings Ltd.a | | | 268,000 | | | | 45,267 | |
CITIC Resources Holdings Ltd.a | | | 442,000 | | | | 78,647 | |
Comba Telecom Systems Holdings Ltd. | | | 92,000 | | | | 69,157 | |
Cosco International Holdings Ltd. | | | 128,000 | | | | 60,735 | |
Dazhong Transportation Group Co. Ltd. Class B | | | 86,400 | | | | 43,459 | |
Digital China Holdings Ltd. | | | 72,000 | | | | 144,637 | |
Extrawell Pharmaceutical Holdings Ltd.a | | | 530,000 | | | | 32,118 | |
Fantasia Holdings Group Co. Ltd. | | | 570,000 | | | | 72,024 | |
First Tractor Co. Ltd. Class H | | | 48,000 | | | | 56,196 | |
Fufeng Group Ltd. | | | 104,000 | | | | 52,029 | |
Global Bio-Chem Technology Group Co. Ltd. | | | 176,000 | | | | 47,428 | |
Haitian International Holdings Ltd. | | | 48,000 | | | | 50,502 | |
Hangzhou Steam Turbine Co. Ltd. Class B | | | 43,600 | | | | 56,217 | |
Harbin Electric Co. Ltd. Class H | | | 64,000 | | | | 74,103 | |
Heng Tai Consumables Group Ltd.a | | | 768,000 | | | | 40,600 | |
Heng Xin China Holdings Ltd.a | | | 384,000 | | | | 41,095 | |
Hi Sun Technology (China) Ltd.a | | | 228,000 | | | | 51,446 | |
Hopson Development Holdings Ltd. | | | 88,000 | | | | 71,369 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hunan Nonferrous Metal Corp. Ltd. Class Ha | | | 168,000 | | | $ | 51,121 | |
Inspur International Ltd. | | | 1,215,000 | | | | 41,515 | |
Interchina Holdings Co. Ltd.a | | | 680,000 | | | | 67,512 | |
Jiangsu Future Land Co. Ltd. Class B | | | 99,600 | | | | 62,350 | |
Kaisa Group Holdings Ltd.a | | | 168,000 | | | | 37,691 | |
Kingdee International Software Group Co. Ltd. | | | 160,000 | | | | 43,117 | |
Kingsoft Corp. Ltd. | | | 96,000 | | | | 46,294 | |
Li Ning Co. Ltd. | | | 90,000 | | | | 108,153 | |
Lumena Resources Corp. | | | 184,000 | | | | 51,482 | |
Luthai Textile Co. Ltd. Class B | | | 43,600 | | | | 38,790 | |
MIE Holdings Corp. | | | 110,000 | | | | 43,542 | |
Minth Group Ltd. | | | 56,000 | | | | 69,245 | |
New World Department Store China Ltd. | | | 68,000 | | | | 42,874 | |
North Mining Shares Co. Ltd.a | | | 1,160,000 | | | | 42,627 | |
NVC Lighting Holdings Ltd. | | | 104,000 | | | | 45,860 | |
PCD Stores Ltd. | | | 328,000 | | | | 63,437 | |
Peak Sport Products Co. Ltd. | | | 112,000 | | | | 33,936 | |
Ports Design Ltd. | | | 40,000 | | | | 63,643 | |
REXLot Holdings Ltd. | | | 800,000 | | | | 68,079 | |
Shenzhen Expressway Co. Ltd. Class H | | | 88,000 | | | | 38,692 | |
Shenzhen International Holdings Ltd. | | | 1,060,000 | | | | 73,804 | |
Shenzhen Investment Ltd. | | | 328,000 | | | | 78,662 | |
Shenzhou International Group Holdings Ltd. | | | 36,000 | | | | 64,799 | |
Shougang Concord International Enterprises Co. Ltd. | | | 472,000 | | | | 36,515 | |
Silver Grant International Industries Ltd. | | | 248,000 | | | | 66,831 | |
Sino Biopharmaceutical Ltd. | | | 256,000 | | | | 70,967 | |
Sino Oil And Gas Holdings Ltd.a | | | 1,060,000 | | | | 36,218 | |
Sino Union Energy Investment Group Ltd.a | | | 760,000 | | | | 49,976 | |
Sinotrans Ltd. Class H | | | 396,000 | | | | 82,716 | |
Sinotrans Shipping Ltd. | | | 332,000 | | | | 91,607 | |
Sparkle Roll Group Ltd. | | | 288,000 | | | | 33,421 | |
Sunac China Holdings Ltd.a | | | 180,000 | | | | 62,664 | |
TCC International Holdings Ltd. | | | 80,000 | | | | 35,690 | |
TCL Communication Technology Holdings Ltd. | | | 64,000 | | | | 36,061 | |
Tech Pro Technology Development Ltd.a | | | 72,000 | | | | 27,015 | |
Tianjin Development Holdings Ltd.a | | | 144,000 | | | | 78,538 | |
Tianjin Port Development Holdings Ltd. | | | 408,000 | | | | 63,654 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 45 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tianneng Power International Ltd. | | | 88,000 | | | $ | 48,790 | |
Tibet 5100 Water Resources Holdings Ltd.a | | | 337,000 | | | | 87,338 | |
Towngas China Co. Ltd. | | | 80,000 | | | | 47,449 | |
Travelsky Technology Ltd. Class H | | | 100,000 | | | | 54,412 | |
United Energy Group Ltd.a | | | 368,000 | | | | 60,735 | |
United Gene High-Tech Group Ltd.a | | | 2,570,000 | | | | 26,178 | |
Vinda International Holdings Ltd. | | | 44,000 | | | | 59,456 | |
West China Cement Ltd. | | | 216,000 | | | | 50,131 | |
Winsway Coking Coal Holding Ltd. | | | 163,000 | | | | 46,237 | |
Xingda International Holdings Ltd. | | | 96,000 | | | | 50,502 | |
Xinjiang Xinxin Mining Industry Co. Ltd. Class H | | | 108,000 | | | | 37,598 | |
XTEP International Holdings Ltd. | | | 102,000 | | | | 36,824 | |
Yip’s Chemical Holdings Ltd. | | | 48,000 | | | | 38,619 | |
Yuexiu Real Estate Investment Trust | | | 180,000 | | | | 93,531 | |
Yuexiu Transport Infrastructure Ltd. | | | 136,000 | | | | 61,725 | |
Zhejiang Southeast Electric Power Co. Ltd. Class B | | | 147,200 | | | | 66,976 | |
| | | | | | | | |
| | | | | | | 5,866,824 | |
CZECH REPUBLIC — 0.49% | | | | | |
Central European Media Enterprises Ltd. Class Aa | | | 6,605 | | | | 49,968 | |
Pegas Nonwovens SA | | | 2,684 | | | | 64,947 | |
Philip Morris CR AS | | | 124 | | | | 75,865 | |
| | | | | | | | |
| | | | | | | 190,780 | |
INDIA — 7.93% | | | | | |
Amtek Auto Ltd. | | | 21,816 | | | | 63,320 | |
Andhra Bank | | | 17,240 | | | | 46,046 | |
Apollo Hospitals Enterprise Ltd. | | | 7,796 | | | | 92,205 | |
Areva T&D India Ltd. | | | 14,664 | | | | 57,013 | |
Ashok Leyland Ltd. | | | 148,240 | | | | 85,599 | |
Aurobindo Pharma Ltd. | | | 18,688 | | | | 42,745 | |
Bharat Forge Ltd. | | | 14,504 | | | | 91,268 | |
Biocon Ltd. | | | 9,396 | | | | 52,818 | |
Bombay Rayon Fashions Ltd. | | | 13,368 | | | | 73,782 | |
CESC Ltd. | | | 10,028 | | | | 55,337 | |
Cox & Kings Ltd. | | | 12,976 | | | | 45,486 | |
Educomp Solutions Ltd. | | | 8,912 | | | | 38,550 | |
EID Parry India Ltd. | | | 11,816 | | | | 46,832 | |
Elder Pharmaceuticals Ltd. | | | 3,008 | | | | 20,763 | |
Emami Ltd. | | | 5,220 | | | | 40,468 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Federal Bank Ltd. | | | 12,165 | | | $ | 100,663 | |
Financial Technologies India Ltd. | | | 4,696 | | | | 79,231 | |
Fortis Healthcare India Ltd.a | | | 15,344 | | | | 34,016 | �� |
Great Eastern Shipping Co. Ltd. (The) | | | 14,500 | | | | 71,405 | |
Gujarat Fluorochemicals Ltd. | | | 2,324 | | | | 24,165 | |
Gujarat Gas Co. Ltd. | | | 5,180 | | | | 44,988 | |
Gujarat Mineral Development Corp. Ltd. | | | 16,316 | | | | 68,314 | |
Gujarat State Petronet Ltd. | | | 24,508 | | | | 38,680 | |
GVK Power & Infrastructure Ltd.a | | | 208,880 | | | | 76,503 | |
Hexa Tradex Ltd.a | | | 10,325 | | | | 7,374 | |
Hexaware Technologies Ltd. | | | 35,344 | | | | 87,945 | |
India Infoline Ltd. | | | 49,160 | | | | 69,763 | |
Indiabulls Financial Services Ltd. | | | 21,668 | | | | 101,487 | |
Indian Hotels Co. Ltd. | | | 49,324 | | | | 69,794 | |
Indraprastha Gas Ltd. | | | 4,906 | | | | 37,223 | |
IRB Infrastructure Developers Ltd. | | | 19,164 | | | | 72,065 | |
Jammu & Kashmir Bank Ltd. | | | 3,472 | | | | 61,268 | |
Jindal Saw Ltd. | | | 29,500 | | | | 97,451 | |
Jubilant Foodworks Ltd.a | | | 2,128 | | | | 45,198 | |
Kemrock Industries & Exports Ltd. | | | 2,036 | | | | 20,937 | |
Manappuram Finance Ltd. | | | 77,552 | | | | 65,748 | |
MAX India Ltd.a | | | 35,042 | | | | 116,652 | |
Monnet Ispat & Energy Ltd. | | | 5,552 | | | | 54,251 | |
PTC India Ltd. | | | 51,208 | | | | 62,377 | |
Redington India Ltd. | | | 39,576 | | | | 70,334 | |
REI Agro Ltd. | | | 109,344 | | | | 34,247 | |
Schneider Electric Infrastructure Ltd. Newa | | | 25,662 | | | | 22,201 | |
Shree Cement Ltd. | | | 2,004 | | | | 114,518 | |
South Indian Bank Ltd. | | | 137,392 | | | | 73,167 | |
Sterling International Enterprises Ltd.a | | | 25,100 | | | | 7,477 | |
Syndicate Bank | | | 21,540 | | | | 48,389 | |
Tata Global Beverages Ltd. | | | 39,874 | | | | 102,146 | |
Thermax Ltd. | | | 6,976 | | | | 76,379 | |
Torrent Pharmaceuticals Ltd. | | | 3,696 | | | | 41,425 | |
Voltas Ltd. | | | 27,844 | | | | 62,409 | |
Welspun Corp. Ltd. | | | 24,492 | | | | 73,261 | |
| | | | | | | | |
| | | | | | | 3,085,683 | |
INDONESIA — 4.56% | | | | | |
PT Agung Podomoro Land Tbka | | | 1,126,000 | | | | 41,819 | |
PT AKR Corporindo Tbk | | | 124,000 | | | | 49,490 | |
PT Alam Sutera Realty Tbk | | | 890,000 | | | | 56,242 | |
PT Bakrie and Brothers Tbka | | | 8,163,000 | | | | 45,249 | |
| | |
| 46 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Bakrie Sumatera Plantations Tbk | | | 1,262,000 | | | $ | 41,274 | |
PT Bakrie Telecom Tbka | | | 1,642,000 | | | | 48,241 | |
PT Bakrieland Development Tbka | | | 3,822,000 | | | | 54,237 | |
PT Bank Bukopin Tbk | | | 444,000 | | | | 30,519 | |
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk | | | 304,000 | | | | 38,084 | |
PT Bank Tabungan Negara Tbk | | | 218,000 | | | | 29,486 | |
PT Barito Pacific Tbka | | | 506,000 | | | | 40,951 | |
PT Benakat Petroleum Energy Tbka | | | 1,854,500 | | | | 44,204 | |
PT Bhakti Investama Tbk | | | 2,056,000 | | | | 62,683 | |
PT Ciputra Development Tbk | | | 1,032,000 | | | | 73,224 | |
PT Energi Mega Persada Tbka | | | 2,406,000 | | | | 50,681 | |
PT Gajah Tunggal Tbk | | | 132,000 | | | | 40,244 | |
PT Garuda Indonesia Tbka | | | 752,000 | | | | 48,355 | |
PT Global Mediacom Tbk | | | 444,000 | | | | 62,022 | |
PT Holcim Indonesia Tbk | | | 168,000 | | | | 42,838 | |
PT Indah Kiat Pulp and Paper Tbka | | | 480,000 | | | | 68,647 | |
PT Indosiar Karya Media Tbka | | | 166,000 | | | | 69,013 | |
PT Japfa Comfeed Indonesia Tbk | | | 68,000 | | | | 32,605 | |
PT Krakatau Steel Tbk | | | 346,000 | | | | 32,605 | |
PT Lippo Karawaci Tbk | | | 1,386,000 | | | | 107,561 | |
PT Medco Energi Internasional Tbk | | | 194,000 | | | | 49,468 | |
PT Media Nusantara Citra Tbk | | | 364,000 | | | | 67,392 | |
PT Mitra Adiperkasa Tbk | | | 72,500 | | | | 45,413 | |
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | | | 166,000 | | | | 48,769 | |
PT Ramayana Lestari Sentosa Tbk | | | 692,500 | | | | 64,490 | |
PT Sampoerna Agro Tbk | | | 96,000 | | | | 36,985 | |
PT Sentul City Tbka | | | 2,084,000 | | | | 55,450 | |
PT Summarecon Agung Tbk | | | 448,000 | | | | 64,071 | |
PT Timah Tbk | | | 160,000 | | | | 34,945 | |
PT Tower Bersama Infrastructure Tbk | | | 178,000 | | | | 51,308 | |
PT Trada Maritime Tbk | | | 453,000 | | | | 45,702 | |
| | | | | | | | |
| | | | | | | 1,774,267 | |
MALAYSIA — 4.97% | | | | | |
Affin Holdings Bhd | | | 38,400 | | | | 39,483 | |
Dialog Group Bhd | | | 106,080 | | | | 86,054 | |
DRB-Hicom Bhd | | | 84,400 | | | | 71,284 | |
Eastern & Oriental Bhd | | | 121,200 | | | | 66,355 | |
IGB Corp. Bhd | | | 124,000 | | | | 118,805 | |
IJM Land Bhd | | | 62,000 | | | | 44,500 | |
Kencana Petroleum Bhda | | | 107,200 | | | | 114,161 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
KFC Holdings Malaysia Bhd | | | 30,800 | | | $ | 39,175 | |
KLCC Property Holdings Bhd | | | 78,400 | | | | 88,987 | |
KNM Group Bhd | | | 151,200 | | | | 48,204 | |
KPJ Healthcare Bhd | | | 30,400 | | | | 50,134 | |
Kulim Malaysia Bhd | | | 32,800 | | | | 49,602 | |
Mah Sing Group Bhd | | | 62,000 | | | | 45,742 | |
Malaysian Airline System Bhda | | | 85,600 | | | | 40,864 | |
Malaysian Pacific Industries Bhd | | | 22,800 | | | | 23,139 | |
Malaysian Resources Corp. Bhd | | | 155,600 | | | | 104,409 | |
Media Prima Bhd | | | 106,000 | | | | 96,251 | |
Multi-Purpose Holdings Bhd | | | 64,800 | | | | 62,085 | |
OSK Holdings Bhd | | | 140,400 | | | | 84,367 | |
Perdana Petroleum Bhda | | | 200,400 | | | | 49,841 | |
Pharmaniaga Bhd | | | 1,284 | | | | 2,299 | |
POS Malaysia Bhd | | | 69,600 | | | | 62,502 | |
QL Resources Bhd | | | 47,200 | | | | 51,998 | |
SapuraCrest Petroleum Bhd | | | 25,000 | | | | 41,479 | |
Scomi Group Bhda | | | 220,100 | | | | 21,676 | |
Sunway Real Estate Investment Trust Bhd | | | 255,600 | | | | 107,513 | |
TAN Chong Motor Holdings Bhd | | | 47,600 | | | | 68,647 | |
TIME dotCom Bhda | | | 204,000 | | | | 47,671 | |
Top Glove Corp. Bhd | | | 38,800 | | | | 63,080 | |
Wah Seong Corp. Bhd | | | 70,000 | | | | 47,671 | |
WCT Bhd | | | 106,400 | | | | 94,483 | |
| | | | | | | | |
| | | | | | | 1,932,461 | |
MEXICO — 2.42% | | | | | |
Alsea SAB de CV | | | 40,800 | | | | 53,398 | |
Axtel SAB de CV CPOa | | | 113,600 | | | | 38,102 | |
Bolsa Mexicana de Valores SAB de CV | | | 24,400 | | | | 47,711 | |
Consorcio ARA SAB de CV | | | 185,600 | | | | 59,349 | |
Controladora Comercial Mexicana SAB de CV BC Unitsa | | | 26,800 | | | | 48,297 | |
Corporacion Geo SAB de CV Series Ba | | | 51,600 | | | | 74,190 | |
Desarrolladora Homex SAB de CVa | | | 24,800 | | | | 74,843 | |
Empresas ICA SAB de CVa | | | 63,600 | | | | 117,300 | |
Genomma Lab Internacional SAB de CV Series Ba | | | 27,200 | | | | 51,995 | |
Gruma SAB de CV Series Ba | | | 21,600 | | | | 53,061 | |
Grupo Aeroportuario del Sureste SAB de CV | | | 14,800 | | | | 102,450 | |
Grupo Herdez SAB de CV | | | 20,000 | | | | 41,062 | |
Industrias CH SAB de CV Series Ba | | | 20,400 | | | | 82,171 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 47 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Promotora y Operadora Infraestructura SAB de CVa | | | 11,600 | | | $ | 52,610 | |
TV Azteca SAB de CV CPO | | | 75,600 | | | | 46,871 | |
| | | | | | | | |
| | | | | | | 943,410 | |
PHILIPPINES — 1.34% | | | | | |
Belle Corp.a | | | 473,833 | | | | 50,315 | |
Cebu Air Inc. | | | 21,120 | | | | 32,676 | |
Filinvest Land Inc. | | | 2,096,000 | | | | 60,299 | |
First Gen Corp.a | | | 122,400 | | | | 38,362 | |
First Philippine Holdings Corp. | | | 20,020 | | | | 28,821 | |
Manila Water Co. Inc. | | | 89,200 | | | | 46,525 | |
Megaworld Corp. | | | 1,140,000 | | | | 46,928 | |
Philippine National Banka | | | 30,304 | | | | 48,410 | |
Robinsons Land Corp. | | | 211,600 | | | | 78,196 | |
Security Bank Corp. | | | 18,000 | | | | 54,309 | |
SM Development Corp. | | | 216,000 | | | | 36,981 | |
| | | | | | | | |
| | | | | | | 521,822 | |
POLAND — 1.40% | | | | | | | | |
Budimex SA | | | 2,916 | | | | 81,565 | |
Eurocash SA | | | 7,284 | | | | 75,788 | |
Lubelski Wegiel Bogdanka SA | | | 3,184 | | | | 133,592 | |
Netia SAa | | | 28,744 | | | | 55,346 | |
PBG SA | | | 2,752 | | | | 57,420 | |
Polimex-Mostostal SA | | | 143,680 | | | | 83,183 | |
Warsaw Stock Exchange | | | 4,236 | | | | 57,715 | |
| | | | | | | | |
| | | | | | | 544,609 | |
RUSSIA — 1.01% | | | | | | | | |
OGK-1 OAOa | | | 1,707,300 | | | | 44,612 | |
OGK-2 OJSC | | | 2,821,561 | | | | 81,117 | |
PIK Groupa | | | 14,800 | | | | 41,034 | |
RBC OJSCa | | | 123,500 | | | | 91,309 | |
Sollers OJSCa | | | 4,212 | | | | 61,230 | |
VSMPO-AVISMA Corp. | | | 381 | | | | 71,722 | |
| | | | | | | | |
| | | | | | | 391,024 | |
SOUTH AFRICA — 9.04% | | | | | | | | |
Acucap Properties Ltd. | | | 21,664 | | | | 117,331 | |
Adcock Ingram Holdings Ltd. | | | 12,544 | | | | 104,222 | |
Aeci Ltd. | | | 10,944 | | | | 135,570 | |
Afgri Ltd. | | | 54,696 | | | | 43,242 | |
African Oxygen Ltd. | | | 28,084 | | | | 72,376 | |
Allied Technologies Ltd. | | | 4,848 | | | | 34,156 | |
Astral Foods Ltd. | | | 4,556 | | | | 75,890 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
AVI Ltd. | | | 14,904 | | | $ | 87,761 | |
Brait SEa | | | 40,084 | | | | 113,631 | |
Capital Property Fund | | | 54,232 | | | | 64,130 | |
Cipla Medpro South Africa Ltd. | | | 70,728 | | | | 59,524 | |
City Lodge Hotels Ltd. | | | 8,996 | | | | 94,341 | |
Clicks Group Ltd. | | | 17,800 | | | | 104,886 | |
Coronation Fund Managers Ltd. | | | 14,236 | | | | 52,452 | |
DataTec Ltd. | | | 20,685 | | | | 124,940 | |
Emira Property Fund | | | 43,276 | | | | 72,434 | |
Famous Brands Ltd. | | | 6,724 | | | | 39,756 | |
Fountainhead Property Trust | | | 116,372 | | | | 113,245 | |
Grindrod Ltd. | | | 39,509 | | | | 79,546 | |
Group Five Ltd. | | | 12,676 | | | | 46,806 | |
Hyprop Investments Ltd. | | | 13,084 | | | | 99,137 | |
Illovo Sugar Ltd. | | | 21,080 | | | | 73,566 | |
JD Group Ltd. | | | 15,280 | | | | 99,266 | |
JSE Ltd. | | | 9,420 | | | | 99,103 | |
Lewis Group Ltd. | | | 6,204 | | | | 63,179 | |
Mondi Ltd. | | | 10,420 | | | | 97,484 | |
Mr Price Group Ltd. | | | 15,820 | | | | 189,453 | |
Murray & Roberts Holdings Ltd.a | | | 24,617 | | | | 95,822 | |
Nampak Ltd. | | | 39,968 | | | | 126,338 | |
Omnia Holdings Ltd. | | | 6,905 | | | | 88,771 | |
Palabora Mining Co. Ltd. | | | 1,968 | | | | 40,812 | |
Pick’n Pay Holdings Ltd. | | | 20,280 | | | | 49,896 | |
Resilient Property Income Fund Ltd. | | | 16,572 | | | | 81,746 | |
Royal Bafokeng Platinum Ltd.a | | | 5,116 | | | | 42,918 | |
SA Corporate Real Estate Fund Nominees Pty Ltd. | | | 188,128 | | | | 81,309 | |
Sun International Ltd. | | | 8,724 | | | | 98,303 | |
Super Group Ltd.a | | | 51,028 | | | | 99,040 | |
Sycom Property Fund | | | 14,768 | | | | 47,871 | |
Tongaat Hulett Ltd. | | | 9,956 | | | | 136,975 | |
Vukile Property Fund Ltd. | | | 43,876 | | | | 90,223 | |
Wilson Bayly Holmes-Ovcon Ltd. | | | 5,126 | | | | 81,395 | |
| | | | | | | | |
| | | | | | | 3,518,846 | |
SOUTH KOREA — 16.19% | | | | | |
Ahnlab Inc. | | | 614 | | | | 50,493 | |
AmorePacific Group | | | 324 | | | | 71,245 | |
Asiana Airlines Inc.a | | | 8,000 | | | | 52,202 | |
Binggrae Co. Ltd. | | | 1,104 | | | | 58,618 | |
Capro Corp. | | | 2,080 | | | | 49,735 | |
| | |
| 48 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Chabio & Diostech Co. Ltd.a | | | 4,006 | | | $ | 40,643 | |
Cheil Worldwide Inc. | | | 8,880 | | | | 150,815 | |
CJ CGV Co. Ltd. | | | 2,400 | | | | 55,134 | |
CJ E&M Corp.a | | | 2,080 | | | | 57,637 | |
CJ O Shopping Co. Ltd. | | | 272 | | | | 68,807 | |
CNK International Co. Ltd.a | | | 17,260 | | | | 44,819 | |
CrucialTec Co. Ltd.a | | | 2,690 | | | | 35,948 | |
Daishin Securities Co. Ltd. | | | 7,680 | | | | 87,185 | |
Daum Communications Corp.a | | | 1,028 | | | | 103,560 | |
Digitech Systems Co. Ltd.a | | | 3,769 | | | | 37,733 | |
Dong-A Pharmaceutical Co. Ltd. | | | 780 | | | | 59,264 | |
Dongsuh Co. Inc. | | | 1,624 | | | | 49,138 | |
Dongyang Mechatronics Corp. | | | 3,400 | | | | 44,828 | |
Doosan Engine Co. Ltd.a | | | 3,040 | | | | 39,266 | |
Duksan Hi-Metal Co. Ltd.a | | | 2,020 | | | | 47,488 | |
Fila Korea Ltd. | | | 908 | | | | 63,714 | |
Foosung Co. Ltd.a | | | 6,440 | | | | 40,296 | |
GemVax & Kael Co. Ltd.a | | | 2,068 | | | | 78,563 | |
Grand Korea Leisure Co. Ltd. | | | 1,920 | | | | 32,180 | |
Green Cross Corp. | | | 476 | | | | 54,037 | |
GS Home Shopping Inc. | | | 364 | | | | 39,077 | |
Halla Climate Control Corp. | | | 3,600 | | | | 74,978 | |
Hana Tour Service Inc. | | | 1,164 | | | | 44,324 | |
Handsome Co. Ltd. | | | 2,120 | | | | 61,872 | |
Hanjin Heavy Industries & Construction Co. Ltd.a | | | 3,060 | | | | 57,440 | |
Hanjin Shipping Co. Ltd.a | | | 7,460 | | | | 115,028 | |
Hanmi Pharm Co. Ltd.a | | | 798 | | | | 40,730 | |
Hansol Paper Co. | | | 7,210 | | | | 56,972 | |
Hanwha Securities Co. | | | 15,160 | | | | 70,059 | |
Hotel Shilla Co. Ltd. | | | 2,960 | | | | 112,449 | |
Huchems Fine Chemical Corp. | | | 2,600 | | | | 53,105 | |
Hwa Shin Co. Ltd.a | | | 3,000 | | | | 32,180 | |
Hyundai Corp. | | | 1,600 | | | | 41,333 | |
Hyundai Elevator Co. Ltd.a | | | 437 | | | | 52,734 | |
Hyundai Greenfood Co. Ltd. | | | 3,720 | | | | 48,216 | |
Hyundai Home Shopping Network Corp. | | | 548 | | | | 71,027 | |
Ilyang Pharmaceutical Co. Ltd. | | | 1,600 | | | | 40,761 | |
Infraware Inc.a | | | 3,152 | | | | 40,572 | |
INTOPS Co. Ltd. | | | 2,438 | | | | 40,534 | |
Jusung Engineering Co. Ltd.a | | | 5,752 | | | | 59,899 | |
KEPCO Plant Service & Engineering Co. Ltd. | | | 1,600 | | | | 55,635 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
KIWOOM Securities Co. Ltd. | | | 1,396 | | | $ | 86,102 | |
Kolon Industries Inc. | | | 1,392 | | | | 90,334 | |
Komipharm International Co. Ltd.a | | | 4,620 | | | | 37,209 | |
Korea Express Co. Ltd.a | | | 688 | | | | 50,429 | |
Korea Petrochemical Ind Co. Ltd. | | | 340 | | | | 31,303 | |
Korean Reinsurance Co. | | | 7,040 | | | | 91,561 | |
KT Skylife Co. Ltd.a | | | 2,720 | | | | 56,650 | |
Kumho Industrial Co. Ltd.a | | | 7,540 | | | | 47,988 | |
Kumho Tire Co. Inc.a | | | 4,120 | | | | 50,454 | |
LG Fashion Corp. | | | 1,760 | | | | 66,075 | |
LG Hausys Ltd. | | | 1,196 | | | | 84,778 | |
LG International Corp. | | | 2,684 | | | | 141,550 | |
LG Life Sciences Ltd.a | | | 1,680 | | | | 51,734 | |
LIG Insurance Co. Ltd. | | | 3,320 | | | | 73,301 | |
Lock & Lock Co. Ltd. | | | 1,455 | | | | 39,668 | |
Lotte Chilsung Beverage Co. Ltd.a | | | 60 | | | | 67,362 | |
Lotte Midopa Co. Ltd. | | | 4,610 | | | | 68,611 | |
Lotte Samkang Co. Ltd.a | | | 132 | | | | 52,152 | |
Medipost Co. Ltd.a | | | 785 | | | | 72,906 | |
MegaStudy Co. Ltd. | | | 448 | | | | 46,173 | |
Meritz Finance Group Inc.a | | | 18,890 | | | | 48,883 | |
Meritz Fire & Marine Insurance Co. Ltd. | | | 4,760 | | | | 53,398 | |
Namhae Chemical Corp. | | | 5,000 | | | | 49,834 | |
Namyang Dairy Products Co. Ltd. | | | 76 | | | | 53,329 | |
Neowiz Games Corp.a | | | 1,240 | | | | 43,782 | |
Nexen Tire Corp. | | | 3,360 | | | | 48,505 | |
NongShim Co. Ltd. | | | 328 | | | | 71,099 | |
OCI Materials Co. Ltd.a | | | 620 | | | | 42,840 | |
Partron Co. Ltd. | | | 4,858 | | | | 60,794 | |
Poongsan Corp. | | | 2,000 | | | | 60,605 | |
POSCO Chemtech Co. Ltd. | | | 252 | | | | 38,699 | |
Posco ICT Co. Ltd. | | | 7,832 | | | | 60,277 | |
RNL BIO Co. Ltd.a | | | 8,870 | | | | 35,164 | |
S&T Dynamics Co. Ltd. | | | 4,240 | | | | 70,874 | |
Samsung Fine Chemicals Co. Ltd. | | | 1,884 | | | | 103,401 | |
Samyang Holdings Corp. | | | 510 | | | | 33,461 | |
SeAH Besteel Corp. | | | 960 | | | | 41,619 | |
Seoul Semiconductor Co. Ltd. | | | 3,966 | | | | 93,768 | |
SFA Engineering Corp. | | | 1,213 | | | | 66,357 | |
SK Broadband Co. Ltd.a | | | 18,664 | | | | 59,392 | |
SK Chemicals Co. Ltd. | | | 1,404 | | | | 87,474 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 49 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SK Communications Co. Ltd.a | | | 2,493 | | | $ | 30,864 | |
SK Securities Co. Ltd. | | | 56,840 | | | | 73,163 | |
SKC Co. Ltd. | | | 1,661 | | | | 72,752 | |
SM Entertainment Co.a | | | 1,191 | | | | 56,956 | |
Soulbrain Co. Ltd.a | | | 1,124 | | | | 39,335 | |
STX Corp. Co. Ltd.a | | | 4,440 | | | | 58,937 | |
STX Engine Co. Ltd.a | | | 3,000 | | | | 51,755 | |
STX Offshore & Shipbuilding Co. Ltd.a | | | 4,920 | | | | 74,324 | |
Sung Kwang Bend Co. Ltd. | | | 2,673 | | | | 57,583 | |
Sungwoo Hitech Co. Ltd.a | | | 3,231 | | | | 40,000 | |
Suprema Inc. | | | 3,144 | | | | 40,188 | |
Taekwang Industrial Co. Ltd. | | | 36 | | | | 42,155 | |
Taewoong Co. Ltd.a | | | 1,444 | | | | 46,790 | |
Taihan Electric Wire Co. Ltd.a | | | 16,800 | | | | 52,785 | |
TK Corp.a | | | 2,511 | | | | 68,009 | |
Tong Yang Life Insurance Co. | | | 3,680 | | | | 46,381 | |
TONGYANG Securities Inc. | | | 13,920 | | | | 67,191 | |
Wonik IPS Co. Ltd.a | | | 6,636 | | | | 57,004 | |
Woongjin Thinkbig Co. Ltd. | | | 4,280 | | | | 54,517 | |
Youngone Corp. | | | 2,760 | | | | 59,950 | |
| | | | | | | | |
| | | | | | | 6,302,807 | |
TAIWAN — 19.97% | | | | | |
Ability Enterprise Co. Ltd. | | | 72,000 | | | | 75,439 | |
ALI Corp. | | | 68,000 | | | | 120,057 | |
Altek Corp. | | | 65,133 | | | | 60,932 | |
Ambassador Hotel Ltd. (The) | | | 36,000 | | | | 47,884 | |
AmTRAN Technology Co. Ltd. | | | 146,312 | | | | 114,477 | |
Asia Optical Co. Inc.a | | | 40,000 | | | | 45,993 | |
Asia Polymer Corp. | | | 72,000 | | | | 93,074 | |
BES Engineering Corp. | | | 200,000 | | | | 59,260 | |
Career Technology MFG. Co. Ltd. | | | 28,000 | | | | 56,865 | |
Cathay Real Estate Development Co. Ltd. | | | 84,000 | | | | 35,862 | |
Cheng Loong Corp. | | | 176,000 | | | | 71,547 | |
China Bills Finance Corp. | | | 120,000 | | | | 45,925 | |
China Manmade Fibers Corp.a | | | 124,000 | | | | 54,626 | |
China Steel Chemical Corp. | | | 8,000 | | | | 38,100 | |
China Synthetic Rubber Corp. | | | 68,000 | | | | 69,281 | |
Chipbond Technology Corp. | | | 72,000 | | | | 87,196 | |
Chong Hong Construction Co. | | | 16,000 | | | | 36,195 | |
Chroma ATE Inc. | | | 36,000 | | | | 82,542 | |
Chung Hung Steel Corp. | | | 168,000 | | | | 68,009 | |
Compal Communications Inc. | | | 40,000 | | | | 92,121 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Compeq Manufacturing Co.a | | | 152,000 | | | $ | 63,083 | |
CSBC Corp. Taiwan | | | 56,000 | | | | 47,435 | |
CTCI Corp. | | | 48,000 | | | | 77,888 | |
Cyberlink Corp. | | | 24,213 | | | | 77,673 | |
CyberTAN Technology Inc. | | | 56,000 | | | | 60,580 | |
D-Link Corp. | | | 88,000 | | | | 69,003 | |
Dynapack International Technology Corp. | | | 12,000 | | | | 70,418 | |
Elan Microelectronics Corp. | | | 72,000 | | | | 94,299 | |
Faraday Technology Corp. | | | 72,000 | | | | 119,526 | |
FLEXium Interconnect Inc. | | | 17,229 | | | | 76,486 | |
Formosan Rubber Group Inc. | | | 60,000 | | | | 44,292 | |
G Tech Optoelectronics Corp. | | | 31,628 | | | | 97,909 | |
Gemtek Technology Corp. | | | 80,000 | | | | 77,970 | |
Genesis Photonics Inc.a | | | 24,000 | | | | 37,964 | |
Gigabyte Technology Co. Ltd. | | | 84,000 | | | | 71,867 | |
Gigastorage Corp. | | | 64,400 | | | | 58,494 | |
Global Unichip Corp. | | | 16,000 | | | | 63,138 | |
Gloria Material Technology Corp.a | | | 56,000 | | | | 52,769 | |
Goldsun Development & Construction Co. Ltd. | | | 120,000 | | | | 51,844 | |
Grand Pacific Petrochemical Corp. | | | 80,000 | | | | 40,822 | |
Great Wall Enterprise Co. Ltd. | | | 34,770 | | | | 38,441 | |
Greatek Electronics Inc. | | | 132,000 | | | | 107,545 | |
Green Energy Technology Inc. | | | 38,183 | | | | 51,957 | |
HannsTouch Solution Inc.a | | | 112,000 | | | | 59,437 | |
Hey Song Corp. | | | 40,000 | | | | 40,210 | |
Ho Tung Chemical Corp.a | | | 95,640 | | | | 60,678 | |
Holy Stone Enterprise Co. Ltd. | | | 100,000 | | | | 98,653 | |
Huaku Development Co. Ltd. | | | 16,000 | | | | 41,910 | |
Huang Hsiang Construction Co. | | | 16,000 | | | | 30,916 | |
Hung Sheng Construction Co. Ltd. | | | 148,000 | | | | 73,255 | |
Infortrend Technology Inc. | | | 80,000 | | | | 77,970 | |
ITEQ Corp. | | | 64,000 | | | | 77,181 | |
Jih Sun Financial Holdings Co. Ltd. | | | 108,379 | | | | 36,611 | |
Kenda Rubber Industrial Co. Ltd. | | | 44,000 | | | | 52,313 | |
Kerry TJ Logistics Co. Ltd. | | | 40,000 | | | | 44,224 | |
Kindom Construction Co. | | | 52,000 | | | | 37,590 | |
King Yuan Electronics Co. Ltd. | | | 220,000 | | | | 95,795 | |
King’s Town Banka | | | 56,000 | | | | 39,720 | |
Kinpo Electronics Inc. | | | 376,000 | | | | 106,932 | |
Lealea Enterprise Co. Ltd. | | | 92,000 | | | | 40,216 | |
Lien Hwa Industrial Corp. | | | 60,000 | | | | 40,312 | |
| | |
| 50 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
LITE-ON IT Corp. | | | 60,000 | | | $ | 62,866 | |
Makalot Industrial Co. Ltd. | | | 24,000 | | | | 63,600 | |
Masterlink Securities Corp. | | | 104,000 | | | | 38,740 | |
Mercuries & Associates Ltd. | | | 36,000 | | | | 41,638 | |
Merida Industry Co. Ltd. | | | 20,000 | | | | 56,674 | |
Micro-Star International Co. Ltd. | | | 240,000 | | | | 111,852 | |
Microbio Co. Ltd. | | | 48,000 | | | | 66,948 | |
MIN AIK Technology Co. Ltd. | | | 24,000 | | | | 57,069 | |
MiTAC International Corp. | | | 228,000 | | | | 84,154 | |
Oriental Union Chemical Corp. | | | 40,000 | | | | 55,654 | |
Pan-International Industrial Corp. | | | 64,000 | | | | 67,710 | |
PChome Online Inc. | | | 9,000 | | | | 53,579 | |
Phihong Technology Co. Ltd. | | | 32,000 | | | | 45,557 | |
Pixart Imaging Inc. | | | 38,560 | | | | 114,646 | |
President Securities Corp. | | | 68,000 | | | | 37,821 | |
Prince Housing & Development Corp. | | | 57,190 | | | | 46,692 | |
Radium Life Tech Co. Ltd. | | | 112,000 | | | | 104,205 | |
Ritek Corp.a | | | 464,000 | | | | 93,128 | |
Sanyang Industry Co. Ltd. | | | 89,820 | | | | 61,110 | |
Senao International Co. Ltd. | | | 12,000 | | | | 51,027 | |
Shihlin Electric & Engineering Corp. | | | 60,000 | | | | 67,560 | |
Shining Building Business Co. Ltd.a | | | 38,000 | | | | 38,393 | |
Shinkong Synthetic Fibers Corp. | | | 165,135 | | | | 57,019 | |
Shinkong Textile Co. Ltd. | | | 36,000 | | | | 51,313 | |
Silitech Technology Corp. | | | 24,000 | | | | 66,948 | |
Sinyi Realty Co. | | | 24,000 | | | | 36,331 | |
Soft-World International Corp. | | | 48,140 | | | | 126,098 | |
Solar Applied Materials Technology Corp. | | | 32,000 | | | | 45,231 | |
Solartech Energy Corp. | | | 40,000 | | | | 51,163 | |
Ta Chen Stainless Pipe Co. Ltd.a | | | 168,000 | | | | 97,728 | |
Ta Chong Bank Ltd.a | | | 120,000 | | | | 48,986 | |
Taichung Commercial Bank Co. Ltd.a | | | 105,250 | | | | 35,661 | |
Taiflex Scientific Co. Ltd. | | | 28,000 | | | | 40,291 | |
Taiwan Hon Chuan Enterprise Co. Ltd. | | | 16,000 | | | | 37,665 | |
Taiwan Life Insurance Co. Ltd. | | | 57,850 | | | | 39,753 | |
Taiwan Paiho Ltd. | | | 60,000 | | | | 47,660 | |
Taiwan Secom Co. Ltd. | | | 48,000 | | | | 98,789 | |
Taiwan Surface Mounting Technology Co. Ltd. | | | 24,000 | | | | 62,049 | |
Taiwan TEA Corp. | | | 76,000 | | | | 41,108 | |
Taiwan-Sogo Shinkong Security Corp. | | | 84,000 | | | | 79,439 | |
Ton Yi Industrial Corp. | | | 64,000 | | | | 35,814 | |
Tong Hsing Electronic Industries Ltd. | | | 16,000 | | | | 53,341 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tong Yang Industry Co. Ltd. | | | 58,370 | | | $ | 71,384 | |
Tsann Kuen Enterprise Co. Ltd. | | | 20,000 | | | | 45,720 | |
TTY Biopharm Co. Ltd. | | | 12,000 | | | | 49,599 | |
TXC Corp. | | | 68,000 | | | | 105,484 | |
Union Bank of Taiwana | | | 128,000 | | | | 46,374 | |
Unity Opto Technology Co. Ltd. | | | 65,679 | | | | 75,072 | |
UPC Technology Corp. | | | 60,000 | | | | 37,250 | |
USI Corp. | | | 52,000 | | | | 52,538 | |
Visual Photonics Epitaxy Co. Ltd. | | | 36,000 | | | | 60,988 | |
Wafer Works Corp. | | | 60,000 | | | | 55,110 | |
Wah Lee Industrial Corp. | | | 56,000 | | | | 81,440 | |
Waterland Financial Holdings Co. Ltd. | | | 114,828 | | | | 40,820 | |
Win Semiconductors Corp. | | | 40,000 | | | | 63,546 | |
WT Microelectronics Co. Ltd. | | | 40,000 | | | | 59,396 | |
Yageo Corp. | | | 244,000 | | | | 82,008 | |
Yieh Phui Enterprise Co. Ltd. | | | 260,700 | | | | 102,432 | |
Yuen Foong Yu Paper Manufacturing
Co. Ltd. | | | 132,000 | | | | 63,090 | |
YungShin Global Holding Corp. | | | 28,000 | | | | 41,148 | |
Yungtay Engineering Co. Ltd. | | | 24,000 | | | | 37,924 | |
Zinwell Corp. | | | 52,000 | | | | 68,989 | |
| | | | | | | | |
| | | | | | | 7,774,033 | |
THAILAND — 3.81% | | | | | |
Amata Corp. PCL NVDR | | | 124,800 | | | | 68,864 | |
Bumrungrad Hospital PCL NVDR | | | 55,200 | | | | 83,443 | |
Delta Electronics (Thailand) PCL NVDR | | | 97,600 | | | | 74,172 | |
Electricity Generating PCL NVDR | | | 13,600 | | | | 42,465 | |
Esso (Thailand) PCL NVDR | | | 114,800 | | | | 50,828 | |
Hana Microelectronics PCL NVDR | | | 108,800 | | | | 77,650 | |
Hemaraj Land and Development
PCL NVDR | | | 718,000 | | | | 62,631 | |
Home Product Center PCL NVDR | | | 143,300 | | | | 58,239 | |
Jasmine International PCL NVDR | | | 430,400 | | | | 34,131 | |
Khon Kaen Sugar Industry PCL NVDR | | | 103,600 | | | | 48,950 | |
Kiatnakin Bank PCL NVDR | | | 70,000 | | | | 75,748 | |
Minor International PCL NVDR | | | 130,000 | | | | 54,122 | |
Phatra Capital PCL NVDR | | | 21,600 | | | | 21,054 | |
Pruksa Real Estate PCL NVDR | | | 92,400 | | | | 42,742 | |
Ratchaburi Electricity Generating Holding PCL NVDR | | | 41,400 | | | | 58,136 | |
Robinson Department Store PCL NVDR | | | 34,400 | | | | 52,285 | |
Sahaviriya Steel Industries PCL NVDRa | | | 2,330,800 | | | | 60,070 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 51 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Siam City Cement PCL NVDR | | | 8,000 | | | $ | 79,564 | |
Siam Makro PCL NVDR | | | 10,500 | | | | 105,468 | |
Sri Trang Agro-Industry PCL NVDR | | | 61,600 | | | | 43,964 | |
Supalai PCL NVDR | | | 100,400 | | | | 46,775 | |
Thai Tap Water Supply PCL NVDR | | | 237,600 | | | | 44,356 | |
Thai Union Frozen Products PCL NVDR | | | 26,000 | | | | 59,491 | |
Thai Vegetable Oil PCL NVDR | | | 54,800 | | | | 36,032 | |
Thanachart Capital PCL NVDR | | | 63,600 | | | | 59,891 | |
TISCO Financial Group PCL NVDR | | | 31,200 | | | | 39,689 | |
| | | | | | | | |
| | | | | | | 1,480,760 | |
TURKEY — 2.57% | | | | | |
Afyon Cimento Sanayi TAS | | | 586 | | | | 30,710 | |
Bagfas Bandirma Gubre Fabrikalari AS | | | 416 | | | | 40,029 | |
Besiktas Futbol Yatirimlar Sanayi ve Ticaret ASa | | | 7,982 | | | | 31,545 | |
Bizim Toptan Satis Magazalari AS | | | 4,158 | | | | 53,465 | |
Bolu Cimento Sanayii AS | | | 93,453 | | | | 80,288 | |
Eczacibasi Yatirim Holding Ortakligi AS | | | 19,274 | | | | 52,436 | |
Ihlas Holding ASa | | | 104,212 | | | | 59,688 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da | | | 179,504 | | | | 91,502 | |
Koza Anadolu Metal Madencilik Isletmeleri ASa | | | 45,700 | | | | 75,907 | |
Koza Anadolu Metal Madencilik Isletmeleri AS Newa | | | 45,700 | | | | 75,384 | |
Net Holding ASa | | | 36,740 | | | | 35,352 | |
Polyester Sanayi ASa | | | 42,460 | | | | 36,479 | |
Tat Konserve Sanayii ASa | | | 29,772 | | | | 41,266 | |
Tire Kutu Ve Kagit Sanayii ASa | | | 89,525 | | | | 55,891 | |
Turkiye Sinai Kalkinma Bankasi AS | | | 57,399 | | | | 71,669 | |
Ulker Biskuvi Sanayi AS | | | 36,044 | | | | 112,305 | |
Yazicilar Holding AS | | | 8,056 | | | | 57,446 | |
| | | | | | | | |
| | | | | | | 1,001,362 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $38,587,331) | | | | 38,096,160 | |
|
PREFERRED STOCKS — 1.66% | |
| |
BRAZIL — 1.66% | | | | | |
Banco ABC Brasil SA | | | 8,000 | | | | 64,302 | |
Banco Daycoval SA | | | 8,000 | | | | 49,717 | |
Banco Industrial e Comercial SA | | | 8,400 | | | | 35,911 | |
Banco Panamericano SA | | | 12,000 | | | | 46,619 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Companhia de Ferro Ligas da
Bahia — Ferbasa | | | 10,000 | | | $ | 58,536 | |
Confab Industrial SA | | | 26,800 | | | | 90,379 | |
Contax Participacoes SA | | | 6,000 | | | | 75,799 | |
Marcopolo SA | | | 18,800 | | | | 94,498 | |
Randon Implementos e Participacoes SA | | | 10,800 | | | | 68,377 | |
Saraiva Livreiros Editores SA | | | 4,400 | | | | 61,891 | |
| | | | | | | | |
| | | | | | | 646,029 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $585,510) | | | | | | | 646,029 | |
|
RIGHTS — 0.02% | |
| |
BRAZIL — 0.02% | | | | | |
Banco Panamericano SAa | | | 14,611 | | | | 6,723 | |
| | | | | | | | |
| | | | | | | 6,723 | |
SOUTH KOREA — 0.00% | | | | | |
SM Entertainment Co.a | | | 114 | | | | 1,355 | |
| | | | | | | | |
| | | | | | | 1,355 | |
THAILAND — 0.00% | | | | | |
Sahaviriya Steel Industries PCL NVDRa,b | | | 371 | | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost: $0) | | | | | | | 8,078 | |
|
WARRANTS — 0.01% | |
| |
MALAYSIA — 0.01% | | | | | |
Dialog Group Bhd (Expires 11/30/16)a | | | 8,840 | | | | 2,007 | |
| | | | | | | | |
| | | | | | | 2,007 | |
| | | | | | | | |
TOTAL WARRANTS | | | | | | | | |
(Cost: $0) | | | | | | | 2,007 | |
|
SHORT-TERM INVESTMENTS — 0.07% | |
| |
MONEY MARKET FUNDS — 0.07% | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.02%c,d | | | 27,539 | | | | 27,539 | |
| | | | | | | | |
| | | | | | | 27,539 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $27,539) | | | | 27,539 | |
| | | | | | | | |
| | |
| 52 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 29, 2012
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.64% | | | | | | |
(Cost: $39,200,380) | | $ | 38,779,813 | |
Other Assets, Less Liabilities — 0.36% | | | 139,689 | |
| | | | | | |
NET ASSETS — 100.00% | | $ | 38,919,502 | |
| | | | | | |
CPO — Certificates of Participation (Ordinary)
NVDR — Non-Voting 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 consolidated financial statements.
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 53 | |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 90.16% | |
| |
BRAZIL — 7.05% | | | | | |
Banco do Brasil SA | | | 3,100 | | | $ | 49,924 | |
Banco Santander (Brasil) SA Units | | | 3,500 | | | | 37,611 | |
BM&F Bovespa SA | | | 10,700 | | | | 71,608 | |
Centrais Eletricas Brasileiras SA | | | 500 | | | | 5,440 | |
Companhia de Saneamento Basico do Estado de Sao Paulo | | | 600 | | | | 22,663 | |
Companhia Siderurgica Nacional SA | | | 4,000 | | | | 40,795 | |
CPFL Energia SA | | | 1,100 | | | | 17,728 | |
Duratex SA | | | 1,400 | | | | 7,836 | |
EDP Energias do Brasil SA | | | 500 | | | | 12,231 | |
Embraer SA | | | 1,100 | | | | 8,201 | |
Fibria Celulose SA | | | 1,100 | | | | 9,963 | |
JBS SAa | | | 4,200 | | | | 17,858 | |
Light SA | | | 400 | | | | 6,337 | |
Petroleo Brasileiro SA | | | 16,400 | | | | 245,489 | |
Porto Seguro SA | | | 500 | | | | 6,261 | |
Redecard SA | | | 1,000 | | | | 20,793 | |
Souza Cruz SA | | | 1,100 | | | | 16,472 | |
SulAmerica SA Units | | | 600 | | | | 6,605 | |
Tele Norte Leste Participacoes SA | | | 500 | | | | 6,742 | |
Tractebel Energia SA | | | 500 | | | | 8,847 | |
Usinas Siderurgicas de Minas Gerais SA | | | 1,000 | | | | 8,970 | |
Vale SA | | | 4,700 | | | | 119,218 | |
| | | | | | | | |
| | | | | | | 747,592 | |
CHILE — 1.86% | |
AES Gener SA | | | 13,471 | | | | 8,197 | |
Banco de Chile | | | 93,799 | | | | 15,015 | |
Banco de Credito e Inversiones | | | 164 | | | | 10,819 | |
Banco Santander (Chile) SA | | | 352,271 | | | | 27,907 | |
CAP SA | | | 407 | | | | 17,556 | |
Colbun SA | | | 19,087 | | | | 5,599 | |
CorpBanca SA | | | 536,337 | | | | 7,589 | |
Empresa Electrica Del Norte Grande SA | | | 1,764 | | | | 4,987 | |
Empresa Nacional de Electricidad SA | | | 6,507 | | | | 11,517 | |
Empresas CMPC SA | | | 5,963 | | | | 26,326 | |
Empresas Copec SA | | | 2,474 | | | | 42,462 | |
Enersis SA | | | 46,345 | | | | 18,940 | |
| | | | | | | | |
| | | | | | | 196,914 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CHINA — 17.93% | |
Agile Property Holdings Ltd. | | | 8,000 | | | $ | 10,790 | |
Aluminum Corp. of China Ltd. Class H | | | 20,000 | | | | 11,063 | |
Angang Steel Co. Ltd.
Class H | | | 8,000 | | | | 6,230 | |
Anta Sports Products Ltd. | | | 5,000 | | | | 5,557 | |
Bank of China Ltd. Class H | | | 365,000 | | | | 159,070 | |
Bank of Communications Co. Ltd. Class H | | | 39,000 | | | | 32,233 | |
Bosideng International Holdings Ltd. | | | 18,000 | | | | 5,617 | |
BYD Co. Ltd. Class Ha | | | 2,000 | | | | 6,576 | |
China BlueChemical Ltd. Class H | | | 8,000 | | | | 6,292 | |
China CITIC Bank Corp. Ltd.
Class H | | | 25,000 | | | | 16,440 | |
China Communications Construction Co. Ltd. Class H | | | 24,000 | | | | 24,570 | |
China Communications Services Corp. Ltd. Class H | | | 14,000 | | | | 7,202 | |
China Construction Bank Corp. Class H | | | 329,000 | | | | 276,581 | |
China COSCO Holdings Co. Ltd. Class H | | | 13,000 | | | | 8,498 | |
China Dongxiang (Group) Co. Ltd. | | | 31,000 | | | | 5,916 | |
China Everbright Ltd. | | | 4,000 | | | | 7,582 | |
China Merchants Holdings (International)
Co. Ltd. | | | 4,000 | | | | 13,848 | |
China Minsheng Banking Corp. Ltd. Class H | | | 20,000 | | | | 19,470 | |
China Mobile Ltd. | | | 33,000 | | | | 352,521 | |
China Molybdenum Co. Ltd.
Class Ha | | | 11,000 | | | | 5,617 | |
China Petroleum & Chemical Corp. Class H | | | 92,000 | | | | 105,455 | |
China Railway Construction Corp. Ltd. Class H | | | 10,500 | | | | 8,258 | |
China Railway Group Ltd. Class H | | | 21,000 | | | | 8,529 | |
China Rongsheng Heavy Industries Group Holdings Ltd. | | | 16,000 | | | | 5,797 | |
China Shenhua Energy Co. Ltd. Class H | | | 6,500 | | | | 30,046 | |
China Shipping Container Lines Co. Ltd. Class Ha | | | 23,000 | | | | 7,888 | |
China Shipping Development Co. Ltd. Class H | | | 8,000 | | | | 5,993 | |
China Southern Airlines Co. Ltd. Class Ha | | | 10,000 | | | | 5,029 | |
China Telecom Corp. Ltd. Class H | | | 50,000 | | | | 30,558 | |
China Yurun Food Group Ltd. | | | 5,000 | | | | 7,594 | |
China Zhongwang Holdings Ltd. | | | 12,400 | | | | 5,452 | |
Chongqing Rural Commercial Bank Co. Ltd. Class Ha | | | 12,000 | | | | 7,411 | |
| | |
| 54 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CITIC Pacific Ltd. | | | 7,000 | | | $ | 13,177 | |
COSCO Pacific Ltd. | | | 8,000 | | | | 12,130 | |
Country Garden Holdings Co. Ltd. | | | 14,000 | | | | 6,336 | |
Datang International Power Generation Co. Ltd. Class H | | | 16,000 | | | | 5,818 | |
Evergrande Real Estate Group Ltd. | | | 11,000 | | | | 6,992 | |
Fosun International Ltd. | | | 8,500 | | | | 5,294 | |
Franshion Properties (China) Ltd. | | | 22,000 | | | | 5,872 | |
Guangdong Investment Ltd. | | | 14,000 | | | | 9,206 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 12,000 | | | | 14,157 | |
Guangzhou R&F Properties Co. Ltd. Class H | | | 5,200 | | | | 6,866 | |
Huaneng Power International Inc. Class H | | | 16,000 | | | | 10,253 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 332,000 | | | | 243,573 | |
Jiangsu Expressway Co. Ltd. Class H | | | 6,000 | | | | 6,305 | |
Jiangxi Copper Co. Ltd. Class H | | | 7,000 | | | | 19,270 | |
Kingboard Chemical Holdings Co. Ltd. | | | 3,000 | | | | 11,140 | |
Lee & Man Paper Manufacturing Ltd. | | | 13,000 | | | | 6,906 | |
Lonking Holdings Ltd. | | | 13,000 | | | | 5,280 | |
Metallurgical Corp. of China Ltd. Class H | | | 22,000 | | | | 6,042 | |
Minmetals Resources Ltd.a | | | 12,000 | | | | 6,885 | |
Nine Dragons Paper (Holdings) Ltd. | | | 8,000 | | | | 7,231 | |
PetroChina Co. Ltd. Class H | | | 116,000 | | | | 175,592 | |
Poly (Hong Kong) Investments Ltd. | | | 11,000 | | | | 7,021 | |
Renhe Commercial Holdings Co. Ltd. | | | 44,000 | | | | 5,276 | |
Semiconductor Manufacturing
International Corp.a | | | 104,000 | | | | 5,498 | |
Shanghai Electric Group Co. Ltd. Class H | | | 14,000 | | | | 7,563 | |
Shanghai Industrial Holdings Ltd. | | | 3,000 | | | | 10,889 | |
Shimao Property Holdings Ltd. | | | 8,500 | | | | 11,091 | |
Shougang Fushan Resources Group Ltd. | | | 16,000 | | | | 6,870 | |
Shui On Land Ltd. | | | 14,500 | | | | 6,282 | |
Sino-Ocean Land Holdings Ltd. | | | 18,000 | | | | 10,467 | |
Sinofert Holdings Ltd. | | | 18,000 | | | | 5,361 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | �� | 16,000 | | | | 6,107 | |
Skyworth Digital Holdings Ltd. | | | 12,000 | | | | 6,715 | |
SOHO China Ltd. | | | 8,000 | | | | 5,838 | |
Yuexiu Property Co. Ltd. | | | 30,000 | | | | 6,034 | |
Zhejiang Expressway Co. Ltd. Class H | | | 8,000 | | | | 6,076 | |
| | | | | | | | |
| | | | | | | 1,901,096 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COLOMBIA — 0.68% | |
Bancolombia SA SP ADR | | | 499 | | | $ | 31,886 | |
Ecopetrol SA SP ADR | | | 700 | | | | 40,733 | |
| | | | | | | | |
| | | | | | | 72,619 | |
CZECH REPUBLIC — 0.38% | |
CEZ AS | | | 492 | | | | 21,303 | |
Telefonica O2 Czech Republic AS | | | 866 | | | | 18,888 | |
| | | | | | | | |
| | | | | | | 40,191 | |
EGYPT — 0.31% | |
Commercial International Bank Egypt SAE SP GDR | | | 3,800 | | | | 15,200 | |
Orascom Telecom Holding SAE SP GDRa,b | | | 5,002 | | | | 17,252 | |
| | | | | | | | |
| | | | | | | 32,452 | |
HUNGARY — 0.29% | |
Magyar Telekom Telecommunications PLC | | | 2,879 | | | | 7,905 | |
OTP Bank Nyrt | | | 1,240 | | | | 23,034 | |
| | | | | | | | |
| | | | | | | 30,939 | |
INDIA — 6.60% | |
ACC Ltd. | | | 314 | | | | 8,368 | |
Aditya Birla Nuvo Ltd. | | | 305 | | | | 5,476 | |
Ambuja Cements Ltd. | | | 3,499 | | | | 11,476 | |
Axis Bank Ltd. | | | 1,238 | | | | 29,750 | |
Bank of India | | | 723 | | | | 5,491 | |
Bharat Heavy Electricals Ltd. | | | 3,262 | | | | 20,457 | |
Bharat Petroleum Corp. Ltd. | | | 484 | | | | 6,540 | |
Canara Bank Ltd. | | | 530 | | | | 5,525 | |
DLF Ltd. | | | 2,229 | | | | 10,301 | |
GAIL (India) Ltd. | | | 2,147 | | | | 16,423 | |
Hero Motocorp Ltd. | | | 216 | | | | 8,577 | |
Hindalco Industries Ltd. | | | 5,957 | | | | 18,098 | |
Hindustan Unilever Ltd. | | | 4,952 | | | | 38,416 | |
Housing Development Finance Corp. Ltd. | | | 2,088 | | | | 28,253 | |
ICICI Bank Ltd. | | | 2,322 | | | | 42,939 | |
Infrastructure Development Finance Co. Ltd. | | | 5,244 | | | | 15,130 | |
Jaiprakash Associates Ltd. | | | 4,980 | | | | 7,728 | |
JSW Steel Ltd. | | | 468 | | | | 7,721 | |
Larsen & Toubro Ltd. | | | 1,145 | | | | 30,559 | |
LIC Housing Finance Ltd. | | | 992 | | | | 5,271 | |
Mahindra & Mahindra Ltd. | | | 1,644 | | | | 23,811 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 55 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Maruti Suzuki India Ltd. | | | 210 | | | $ | 5,377 | |
NTPC Ltd. | | | 3,277 | | | | 12,106 | |
Oil & Natural Gas Corp. Ltd. | | | 4,128 | | | | 24,696 | |
Piramal Healthcare Ltd. | | | 608 | | | | 5,614 | |
Power Finance Corp. Ltd. | | | 1,466 | | | | 5,954 | |
Power Grid Corp. of India Ltd. | | | 6,303 | | | | 14,532 | |
Reliance Communications Ltd. | | | 2,753 | | | | 5,308 | |
Reliance Industries Ltd. | | | 7,157 | | | | 119,855 | |
Reliance Infrastructure Ltd. | | | 570 | | | | 6,907 | |
Rural Electrification Corp. Ltd. | | | 1,594 | | | | 7,015 | |
Sesa Goa Ltd. | | | 1,848 | | | | 8,084 | |
State Bank of India | | | 450 | | | | 20,637 | |
Sterlite Industries (India) Ltd. | | | 7,235 | | | | 18,401 | |
Tata Motors Ltd. | | | 3,957 | | | | 21,876 | |
Tata Power Co. Ltd. | | | 5,353 | | | | 12,550 | |
Tata Steel Ltd. | | | 1,623 | | | | 15,649 | |
Ultratech Cement Ltd. | | | 270 | | | | 7,748 | |
Unitech Ltd.a | | | 9,558 | | | | 6,309 | |
United Phosphorus Ltd. | | | 1,687 | | | | 5,365 | |
Wipro Ltd. | | | 2,773 | | | | 24,462 | |
Zee Entertainment Enterprises Ltd. | | | 1,947 | | | | 5,051 | |
| | | | | | | | |
| | | | | | | 699,806 | |
INDONESIA — 2.54% | |
PT Adaro Energy Tbk | | | 76,500 | | | | 16,284 | |
PT Aneka Tambang Tbk | | | 24,000 | | | | 5,215 | |
PT Astra Agro Lestari Tbk | | | 2,500 | | | | 6,181 | |
PT Astra International Tbk | | | 5,000 | | | | 39,274 | |
PT Bank Danamon Indonesia Tbk | | | 18,000 | | | | 8,930 | |
PT Bank Mandiri Persero Tbk | | | 50,000 | | | | 35,754 | |
PT Bank Negara Indonesia (Persero) Tbk | | | 40,000 | | | | 16,740 | |
PT Bank Rakyat Indonesia Tbk | | | 20,500 | | | | 15,682 | |
PT Indo Tambangraya Megah Tbk | | | 1,500 | | | | 7,209 | |
PT Indofood Sukses Makmur Tbk | | | 24,000 | | | | 13,570 | |
PT Indosat Tbk | | | 8,500 | | | | 5,136 | |
PT Perusahaan Gas Negara Tbk | | | 59,000 | | | | 24,529 | |
PT Semen Gresik (Persero) Tbk | | | 16,500 | | | | 20,579 | |
PT Tambang Batubara Bukit Asam Tbk | | | 2,500 | | | | 5,751 | |
PT Telekomunikasi Indonesia Tbk | | | 56,000 | | | | 43,769 | |
PT Vale Indonesia Tbk | | | 12,000 | | | | 4,823 | |
| | | | | | | | |
| | | | | | | 269,426 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MALAYSIA — 3.27% | |
Alliance Financial Group Bhd | | | 4,800 | | | $ | 6,217 | |
AMMB Holdings Bhd | | | 3,500 | | | | 7,162 | |
Axiata Group Bhd | | | 14,200 | | | | 24,508 | |
Berjaya Corp. Bhd | | | 16,100 | | | | 5,187 | |
Berjaya Sports Toto Bhd | | | 3,500 | | | | 5,118 | |
British American Tobacco (Malaysia) Bhd | | | 400 | | | | 6,971 | |
DiGi.Com Bhd | | | 6,500 | | | | 8,723 | |
Genting Malaysia Bhd | | | 16,600 | | | | 21,668 | |
IOI Corp. Bhd | | | 17,600 | | | | 31,728 | |
Lafarge Malayan Cement Bhd | | | 2,500 | | | | 5,992 | |
Malayan Banking Bhd | | | 18,000 | | | | 52,579 | |
Malaysia Airports Holdings Bhd | | | 2,700 | | | | 5,156 | |
Maxis Communications Bhd | | | 12,900 | | | | 25,494 | |
MISC Bhd | | | 5,900 | | | | 11,069 | |
PPB Group Bhd | | | 2,700 | | | | 15,503 | |
RHB Capital Bhd | | | 2,200 | | | | 5,839 | |
Sime Darby Bhd | | | 14,700 | | | | 47,552 | |
Telekom Malaysia Bhd | | | 4,000 | | | | 6,930 | |
Tenaga Nasional Bhd | | | 14,700 | | | | 30,818 | |
UMW Holdings Bhd | | | 2,400 | | | | 5,729 | |
YTL Corp. Bhd | | | 17,200 | | | | 10,048 | |
YTL Power International Bhd | | | 10,600 | | | | 6,582 | |
| | | | | | | | |
| | | | | | | 346,573 | |
MEXICO — 4.24% | |
Alfa SAB de CV Series A | | | 1,600 | | | | 21,458 | |
America Movil SAB de CV Series L | | | 110,300 | | | | 133,234 | |
Cemex SAB de CV CPOa | | | 55,200 | | | | 42,380 | |
El Puerto de Liverpool SA de CV Series C1 | | | 700 | | | | 5,600 | |
Fomento Economico Mexicano SAB de CV BD Units | | | 10,800 | | | | 79,768 | |
Grupo Aeroportuario del Pacifico SAB de CV Series B | | | 2,800 | | | | 10,519 | |
Grupo Carso SAB de CV
Series A1 | | | 3,100 | | | | 9,683 | |
Grupo Mexico SAB de CV
Series B | | | 20,800 | | | | 65,845 | |
Grupo Modelo SAB de CV
Series C | | | 3,600 | | | | 23,657 | |
Grupo Televisa SAB CPO | | | 8,600 | | | | 36,934 | |
Kimberly-Clark de Mexico SAB de CV Series A | | | 3,000 | | | | 16,665 | |
Urbi Desarrollos Urbanos SAB de CVa | | | 3,500 | | | | 4,088 | |
| | | | | | | | |
| | | | | | | 449,831 | |
| | |
| 56 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PERU — 0.69% | |
Compania de Minas Buenaventura SA SP ADR | | | 503 | | | $ | 20,186 | |
Credicorp Ltd. | | | 434 | | | | 53,334 | |
| | | | | | | | |
| | | | | | | 73,520 | |
PHILIPPINES — 0.74% | |
Aboitiz Power Corp. | | | 9,200 | | | | 6,886 | |
Alliance Global Group Inc. | | | 19,600 | | | | 5,245 | |
Ayala Corp. | | | 990 | | | | 9,285 | |
Bank of the Philippine Islands | | | 3,920 | | | | 6,116 | |
BDO Unibank Inc. | | | 4,700 | | | | 7,200 | |
Energy Development Corp. | | | 39,000 | | | | 4,971 | |
Globe Telecom Inc. | | | 190 | | | | 5,155 | |
Metropolitan Bank & Trust Co. | | | 2,850 | | | | 5,399 | |
Philippine Long Distance Telephone Co. | | | 235 | | | | 15,709 | |
San Miguel Corp. | | | 2,475 | | | | 6,541 | |
Universal Robina Corp. | | | 4,400 | | | | 5,454 | |
| | | | | | | | |
| | | | | | | 77,961 | |
POLAND — 1.38% | |
Bank Handlowy w Warszawie SA | | | 224 | | | | 5,621 | |
Bank Pekao SA | | | 234 | | | | 11,751 | |
ENEA SA | | | 903 | | | | 4,902 | |
Jastrzebska Spolka Weglowa SAa | | | 221 | | | | 7,461 | |
KGHM Polska Miedz SA | | | 760 | | | | 36,411 | |
Polska Grupa Energetyczna SA | | | 2,402 | | | | 15,508 | |
Polski Koncern Naftowy Orlen SAa | | | 1,708 | | | | 19,732 | |
Powszechny Zaklad Ubezpieczen SA | | | 319 | | | | 34,748 | |
Tauron Polska Energia SA | | | 6,062 | | | | 10,056 | |
| | | | | | | | |
| | | | | | | 146,190 | |
RUSSIA — 6.49% | |
Gazprom OAO | | | 58,320 | | | | 387,449 | |
Inter RAO UES OJSC | | | 4,800,000 | | | | 5,866 | |
LSR Group OJSC SP GDRb | | | 1,139 | | | | 6,031 | |
LUKOIL OAO | | | 2,792 | | | | 179,198 | |
Mobile TeleSystems OJSC SP ADR | | | 2,863 | | | | 52,250 | |
Novolipetsk Steel OJSC SP GDRb | | | 359 | | | | 8,605 | |
Sistema JSFC SP GDRb | | | 325 | | | | 7,085 | |
Surgutneftegas OJSC | | | 39,500 | | | | 41,035 | |
| | | | | | | | |
| | | | | | | 687,519 | |
SOUTH AFRICA — 7.67% | |
Absa Group Ltd. | | | 1,514 | | | | 32,413 | |
African Bank Investments Ltd. | | | 3,937 | | | | 20,762 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
African Rainbow Minerals Ltd. | | | 296 | | | $ | 7,589 | |
Aveng Ltd. | | | 2,093 | | | | 10,170 | |
Barloworld Ltd. | | | 754 | | | | 9,026 | |
Bidvest Group Ltd. | | | 1,716 | | | | 40,494 | |
FirstRand Ltd. | | | 15,747 | | | | 50,516 | |
Foschini Group Ltd. (The) | | | 1,182 | | | | 18,753 | |
Gold Fields Ltd. | | | 3,886 | | | | 61,966 | |
Growthpoint Properties Ltd. | | | 9,229 | | | | 25,456 | |
Impala Platinum Holdings Ltd. | | | 2,722 | | | | 61,052 | |
Imperial Holdings Ltd. | | | 979 | | | | 19,367 | |
Investec Ltd. | | | 1,313 | | | | 8,681 | |
Kumba Iron Ore Ltd. | | | 272 | | | | 20,838 | |
Liberty Holdings Ltd. | | | 633 | | | | 7,596 | |
MMI Holdings Ltd. | | | 6,069 | | | | 15,543 | |
Nedbank Group Ltd. | | | 1,100 | | | | 23,714 | |
Pretoria Portland Cement Co. Ltd. | | | 3,116 | | | | 13,216 | |
Redefine Properties Ltd. | | | 14,967 | | | | 15,770 | |
Remgro Ltd. | | | 2,501 | | | | 44,688 | |
Reunert Ltd. | | | 1,110 | | | | 10,385 | |
RMB Holdings Ltd. | | | 4,123 | | | | 17,294 | |
Sanlam Ltd. | | | 9,822 | | | | 40,684 | |
Sappi Ltd.a | | | 1,513 | | | | 5,359 | |
Sasol Ltd. | | | 1,483 | | | | 79,592 | |
Standard Bank Group Ltd. | | | 6,505 | | | | 96,533 | |
Steinhoff International Holdings Ltd.a | | | 5,923 | | | | 21,346 | |
Telkom South Africa Ltd. | | | 1,347 | | | | 4,672 | |
Vodacom Group Ltd. | | | 2,128 | | | | 29,563 | |
| | | | | | | | |
| | | | | | | 813,038 | |
SOUTH KOREA — 13.76% | |
BS Financial Group Inc. | | | 980 | | | | 12,220 | |
Daelim Industrial Co. Ltd. | | | 151 | | | | 17,007 | |
Daewoo Engineering & Construction Co. Ltd.a | | | 560 | | | | 5,306 | |
Daewoo Securities Co. Ltd. | | | 960 | | | | 11,971 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a | | | 510 | | | | 16,389 | |
DGB Financial Group Inc. | | | 720 | | | | 9,686 | |
Dongbu Insurance Co. Ltd. | | | 230 | | | | 10,043 | |
Dongkuk Steel Mill Co. Ltd. | | | 240 | | | | 5,406 | |
Doosan Corp. | | | 54 | | | | 8,278 | |
Doosan Heavy Industries & Construction Co. Ltd. | | | 228 | | | | 14,389 | |
Doosan Infracore Co. Ltd.a | | | 530 | | | | 10,731 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 57 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
E-Mart Co. Ltd. | | | 40 | | | $ | 9,708 | |
GS Engineering & Construction Corp. | | | 194 | | | | 16,786 | |
GS Holdings Corp. | | | 271 | | | | 15,649 | |
Hana Financial Group Inc. | | | 1,190 | | | | 41,963 | |
Hanwha Chemical Corp. | | | 450 | | | | 11,223 | |
Hanwha Corp. | | | 240 | | | | 7,584 | |
Honam Petrochemical Corp.a | | | 77 | | | | 24,365 | |
Hynix Semiconductor Inc.a | | | 2,750 | | | | 74,236 | |
Hyosung Corp. | | | 119 | | | | 7,074 | |
Hyundai Development Co.a | | | 300 | | | | 6,637 | |
Hyundai Heavy Industries Co. Ltd. | | | 228 | | | | 69,191 | |
Hyundai Merchant Marine Co. Ltd.a | | | 230 | | | | 6,435 | |
Hyundai Mipo Dockyard Co. Ltd. | | | 58 | | | | 8,088 | |
Hyundai Securities Co. Ltd. | | | 660 | | | | 6,519 | |
Hyundai Steel Co. | | | 301 | | | | 30,807 | |
Industrial Bank of Korea | | | 850 | | | | 9,877 | |
Kangwon Land Inc. | | | 550 | | | | 12,684 | |
KB Financial Group Inc. | | | 2,010 | | | | 74,024 | |
KCC Corp. | | | 23 | | | | 7,381 | |
Korea Electric Power Corp.a | | | 1,400 | | | | 31,411 | |
Korea Exchange Bank | | | 1,360 | | | | 9,908 | |
Korea Gas Corp.a | | | 130 | | | | 4,520 | |
Korea Investment Holdings Co. Ltd. | | | 210 | | | | 8,494 | |
Korea Life Insurance Co. Ltd. | | | 980 | | | | 6,395 | |
Korean Air Lines Co. Ltd.a | | | 200 | | | | 9,439 | |
KP Chemical Corp.a | | | 350 | | | | 5,225 | |
KT Corp. SP ADRa | | | 380 | | | | 5,590 | |
KT&G Corp. | | | 600 | | | | 39,259 | |
LG Chem Ltd. | | | 252 | | | | 89,765 | |
LG Corp. | | | 517 | | | | 32,303 | |
LG Display Co. Ltd.a | | | 1,270 | | | | 33,603 | |
LG Electronics Inc. | | | 564 | | | | 43,054 | |
LG Uplus Corp. | | | 1,300 | | | | 7,367 | |
Lotte Confectionery Co. Ltd.a | | | 4 | | | | 6,468 | |
Lotte Shopping Co. Ltd. | | | 57 | | | | 19,208 | |
LS Corp. | | | 94 | | | | 7,251 | |
Mirae Asset Securities Co. Ltd. | | | 150 | | | | 5,350 | |
OCI Co. Ltd. | | | 42 | | | | 10,080 | |
POSCO | | | 358 | | | | 133,123 | |
S-Oil Corp. | | | 157 | | | | 17,612 | |
S1 Corp. | | | 99 | | | | 4,814 | |
Samsung C&T Corp. | | | 446 | | | | 30,697 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Samsung Card Co. Ltd. | | | 240 | | | $ | 9,085 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 196 | | | | 36,967 | |
Samsung Heavy Industries Co. Ltd. | | | 880 | | | | 32,054 | |
Samsung Life Insurance Co. Ltd. | | | 280 | | | | 22,851 | |
Samsung SDI Co. Ltd. | | | 188 | | | | 23,191 | |
Samsung Securities Co. Ltd. | | | 310 | | | | 16,875 | |
Shinhan Financial Group Co. Ltd. | | | 2,340 | | | | 90,569 | |
Shinsegae Co. Ltd. | | | 21 | | | | 4,927 | |
SK Holdings Co. Ltd. | | | 138 | | | | 20,909 | |
SK Innovation Co. Ltd. | | | 112 | | | | 18,571 | |
SK Networks Co. Ltd. | | | 600 | | | | 5,766 | |
SK Telecom Co. Ltd. | | | 112 | | | | 14,567 | |
STX Pan Ocean Co. Ltd. | | | 790 | | | | 5,360 | |
Woori Finance Holdings Co. Ltd.a | | | 1,930 | | | | 21,133 | |
Woori Investment & Securities Co. Ltd. | | | 630 | | | | 7,912 | |
Yuhan Corp. | | | 48 | | | | 5,127 | |
| | | | | | | | |
| | | | | | | 1,458,457 | |
TAIWAN — 10.91% | |
Acer Inc. | | | 14,000 | | | | 21,431 | |
Advanced Semiconductor Engineering Inc. | | | 26,000 | | | | 25,473 | |
Advantech Co. Ltd. | | | 2,000 | | | | 6,736 | |
Asia Cement Corp. | | | 10,000 | | | | 12,808 | |
ASUSTeK Computer Inc. | | | 3,000 | | | | 28,167 | |
AU Optronics Corp. | | | 41,000 | | | | 22,176 | |
Capital Securities Corp. | | | 13,000 | | | | 5,749 | |
Catcher Technology Co. Ltd. | | | 3,000 | | | | 21,993 | |
Chang Hwa Commercial Bank Ltd. | | | 13,000 | | | | 7,960 | |
Cheng Uei Precision Industry Co. Ltd. | | | 3,000 | | | | 7,195 | |
Chicony Electronics Co. Ltd. | | | 3,000 | | | | 6,184 | |
Chimei Innolux Corp.a | | | 13,000 | | | | 7,009 | |
China Airlines Ltd. | | | 14,000 | | | | 6,644 | |
China Development Financial
Holding Corp. | | | 46,000 | | | | 15,586 | |
China Motor Co. Ltd. | | | 5,000 | | | | 5,553 | |
China Steel Corp. | | | 62,000 | | | | 64,328 | |
Chinatrust Financial Holding Co. Ltd. | | | 17,000 | | | | 11,566 | |
Chunghwa Telecom Co. Ltd. | | | 7,000 | | | | 21,527 | |
Compal Electronics Inc. | | | 23,000 | | | | 27,228 | |
Epistar Corp. | | | 4,000 | | | | 10,478 | |
Eternal Chemical Co. Ltd. | | | 7,000 | | | | 6,287 | |
| | |
| 58 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
EVA Airways Corp. | | | 9,000 | | | $ | 6,139 | |
Evergreen Marine Corp. Ltd. | | | 9,000 | | | | 6,307 | |
Everlight Electronics Co. Ltd. | | | 3,000 | | | | 6,715 | |
Far Eastern New Century Corp. | | | 15,000 | | | | 19,263 | |
Far EasTone Telecommunications Co. Ltd. | | | 9,000 | | | | 18,890 | |
Farglory Land Development Co. Ltd. | | | 3,000 | | | | 6,389 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 4,000 | | | | 7,049 | |
First Financial Holding Co. Ltd. | | | 31,000 | | | | 19,879 | |
Formosa Chemicals & Fibre Corp. | | | 10,000 | | | | 31,297 | |
Formosa Plastics Corp. | | | 14,000 | | | | 43,815 | |
Formosa Taffeta Co. Ltd. | | | 6,000 | | | | 6,011 | |
Fubon Financial Holding Co. Ltd. | | | 27,000 | | | | 31,780 | |
Hon Hai Precision Industry Co. Ltd. | | | 17,000 | | | | 59,277 | |
Hotai Motor Co. Ltd. | | | 1,000 | | | | 6,787 | |
Hua Nan Financial Holdings Co. Ltd. | | | 24,000 | | | | 14,247 | |
Inventec Corp. | | | 12,000 | | | | 5,715 | |
KGI Securities Co. Ltd. | | | 15,000 | | | | 6,736 | |
LCY Chemical Corp. | | | 3,000 | | | | 5,562 | |
Lite-On Technology Corp. | | | 11,000 | | | | 14,949 | |
Macronix International Co. Ltd. | | | 18,000 | | | | 7,654 | |
MediaTek Inc. | | | 3,000 | | | | 30,718 | |
Mega Financial Holding Co. Ltd. | | | 42,000 | | | | 32,719 | |
Motech Industries Inc. | | | 3,000 | | | | 6,215 | |
MStar Semiconductor Inc. | | | 1,000 | | | | 6,361 | |
Nan Ya Plastics Corp. | | | 25,000 | | | | 61,403 | |
Novatek Microelectronics Corp. Ltd. | | | 3,000 | | | | 8,981 | |
Pegatron Corp. | | | 5,000 | | | | 6,804 | |
Pou Chen Corp. | | | 11,000 | | | | 9,767 | |
Powertech Technology Inc. | | | 4,000 | | | | 9,171 | |
Quanta Computer Inc. | | | 14,000 | | | | 34,624 | |
Realtek Semiconductor Corp. | | | 3,000 | | | | 6,368 | |
Ruentex Development Co. Ltd. | | | 5,000 | | | | 6,659 | |
Shin Kong Financial Holding Co. Ltd.a | | | 30,000 | | | | 10,165 | |
Siliconware Precision Industries Co. Ltd. | | | 16,000 | | | | 18,860 | |
Sino-American Silicon Products Inc. | | | 3,000 | | | | 6,225 | |
SinoPac Financial Holdings Co. Ltd. | | | 29,000 | | | | 10,852 | |
Taishin Financial Holdings Co. Ltd. | | | 15,000 | | | | 6,123 | |
Taiwan Business Bank Ltd.a | | | 16,000 | | | | 5,394 | |
Taiwan Cement Corp. | | | 18,000 | | | | 23,115 | |
Taiwan Cooperative Financial Holding
Co. Ltd.a | | | 20,000 | | | | 13,131 | |
Taiwan Fertilizer Co. Ltd. | | | 2,000 | | | | 5,599 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Taiwan Mobile Co. Ltd. | | | 5,000 | | | $ | 15,376 | |
Tatung Co. Ltd.a | | | 18,000 | | | | 6,074 | |
Teco Electric and Machinery Co. Ltd. | | | 8,000 | | | | 5,661 | |
Transcend Information Inc. | | | 2,000 | | | | 5,980 | |
Tripod Technology Corp. | | | 2,000 | | | | 6,225 | |
Tung Ho Steel Enterprise Corp. | | | 6,000 | | | | 6,205 | |
U-Ming Marine Transport Corp. | | | 4,000 | | | | 6,967 | |
Unimicron Technology Corp. | | | 7,000 | | | | 9,168 | |
United Microelectronics Corp. | | | 68,000 | | | | 35,855 | |
Walsin Lihwa Corp. | | | 16,000 | | | | 6,232 | |
Wan Hai Lines Ltd. | | | 10,000 | | | | 5,834 | |
Wistron Corp. | | | 11,000 | | | | 18,317 | |
WPG Holdings Co. Ltd. | | | 7,000 | | | | 9,978 | |
Yang Ming Marine Transport Corp. | | | 12,000 | | | | 6,981 | |
Yuanta Financial Holding Co. Ltd.a | | | 44,000 | | | | 25,970 | |
| | | | | | | | |
| | | | | | | 1,156,616 | |
THAILAND — 2.05% | |
Advanced Information Service PCL NVDR | | | 5,000 | | | | 26,433 | |
Bangkok Bank PCL Foreign | | | 4,700 | | | | 30,127 | |
Bangkok Bank PCL NVDR | | | 2,600 | | | | 15,549 | |
Glow Energy PCL NVDR | | | 2,800 | | | | 4,996 | |
IRPC PCL NVDR | | | 67,900 | | | | 10,634 | |
Krung Thai Bank PCL NVDR | | | 20,400 | | | | 11,728 | |
PTT Exploration & Production PCL NVDR | | | 2,100 | | | | 12,802 | |
PTT Global Chemical PCL NVDR | | | 9,000 | | | | 22,154 | |
PTT PCL NVDR | | | 4,600 | | | | 55,173 | |
Siam Cement PCL Foreign | | | 1,100 | | | | 15,629 | |
Thai Oil PCL NVDR | | | 5,000 | | | | 12,556 | |
| | | | | | | | |
| | | | | | | 217,781 | |
TURKEY — 1.32% | |
Akbank TAS | | | 4,230 | | | | 17,008 | |
Arcelik AS | | | 1,107 | | | | 5,098 | |
Asya Katilim Bankasi ASa | | | 5,293 | | | | 5,517 | |
Enka Insaat ve Sanayi AS | | | 1,864 | | | | 5,327 | |
Eregli Demir ve Celik Fabrikalari TAS | | | 2,982 | | | | 7,003 | |
Ford Otomotiv Sanayi AS | | | 558 | | | | 5,257 | |
Haci Omer Sabanci Holding AS | | | 2,832 | | | | 12,263 | |
KOC Holding AS | | | 3,220 | | | | 13,426 | |
Turk Telekomunikasyon AS | | | 2,982 | | | | 12,810 | |
Turkcell Iletisim Hizmetleri ASa | | | 2,195 | | | | 12,069 | |
Turkiye Is Bankasi AS | | | 8,516 | | | | 20,291 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 59 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Turkiye Petrol Rafinerileri AS | | | 671 | | | $ | 16,602 | |
Turkiye Vakiflar Bankasi TAO Class D | | | 3,932 | | | | 6,981 | |
| | | | | | | | |
| | | | | | | 139,652 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $9,466,819) | | | | 9,558,173 | |
|
PREFERRED STOCKS — 9.74% | |
| | |
BRAZIL — 8.34% | | | | | | | | |
AES Tiete SA | | | 600 | | | | 8,894 | |
Bradespar SA | | | 1,200 | | | | 25,308 | |
Braskem SA Class A | | | 800 | | | | 7,260 | |
Centrais Eletricas Brasileiras SA Class B | | | 1,900 | | | | 28,906 | |
Companhia de Transmissao de Energia Electrica Paulista | | | 200 | | | | 6,738 | |
Companhia Paranaense de Energia Class B | | | 600 | | | | 15,107 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 500 | | | | 10,766 | |
Gerdau SA | | | 4,700 | | | | 49,138 | |
Itausa — Investimentos Itau SA | | | 12,600 | | | | 88,066 | |
Klabin SA | | | 2,500 | | | | 12,435 | |
Metalurgica Gerdau SA | | | 1,500 | | | | 19,963 | |
Oi SA | | | 1,500 | | | | 10,135 | |
Petroleo Brasileiro SA | | | 23,000 | | | | 325,663 | |
Suzano Papel e Celulose SA Class A | | | 1,200 | | | | 5,745 | |
TAM SA | | | 400 | | | | 9,319 | |
Tele Norte Leste Participacoes SA | | | 1,100 | | | | 11,942 | |
Telefonica Brasil SA | | | 1,700 | | | | 50,894 | |
Telemar Norte Leste SA Class A | | | 200 | | | | 5,010 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 2,500 | | | | 16,964 | |
Vale SA Class A | | | 7,100 | | | | 175,753 | |
| | | | | | | | |
| | | | | | | 884,006 | |
RUSSIA — 0.52% | | | | | | | | |
AK Transneft OAO | | | 8 | | | | 14,924 | |
Sberbank of Russia | | | 5,500 | | | | 14,298 | |
Surgutneftegas OJSC | | | 37,200 | | | | 25,455 | |
| | | | | | | | |
| | | | | | | 54,677 | |
SOUTH KOREA — 0.88% | | | | | | | | |
Hyundai Motor Co. Ltd. | | | 113 | | | | 6,363 | |
Hyundai Motor Co. Ltd.
Series 2 | | | 196 | | | | 11,160 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
LG Chem Ltd. | | | 47 | | | $ | 5,231 | |
Samsung Electronics Co. Ltd. | | | 113 | | | | 70,807 | |
| | | | | | | | |
| | | | | | | 93,561 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $1,041,283) | | | | 1,032,244 | |
|
RIGHTS — 0.00% | |
BRAZIL — 0.00% | | | | | | | | |
Duratex SAa | | | 1 | | | | 4 | |
| | | | | | | | |
| | | | | | | 4 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $0) | | | | 4 | |
|
SHORT-TERM INVESTMENTS — 0.09% | |
| | |
MONEY MARKET FUNDS — 0.09% | | | | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.02%c,d | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
| | | | | | | 10,000 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $10,000) | | | | 10,000 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.99% | | | | | |
(Cost: $10,518,102) | | | | 10,600,421 | |
Other Assets, Less
Liabilities — 0.01% | | | | 1,072 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 10,601,493 | |
| | | | | | | | |
CPO — Certificates of Participation (Ordinary)
NVDR — Non-Voting 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 consolidated financial statements.
| | |
| 60 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
BRIC
Index Fund | | | iShares MSCI Emerging Markets
Asia
Index Fund | | | iShares MSCI
Emerging Markets
Consumer
Discretionary Sector Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 887,062,502 | | | $ | 10,936,797 | | | $ | 10,290,686 | |
Affiliated (Note 2) | | | 35,792,545 | | | | 10,000 | | | | 10,000 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 922,855,047 | | | $ | 10,946,797 | | | $ | 10,300,686 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 964,016,586 | | | $ | 11,149,664 | | | $ | 10,422,533 | |
Affiliated (Note 2) | | | 35,792,545 | | | | 10,000 | | | | 10,000 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 999,809,131 | | | | 11,159,664 | | | | 10,432,533 | |
Foreign currencies, at valueb | | | 1,038,811 | | | | 737 | | | | — | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 286,361 | | | | — | | | | 36,671 | |
Dividends and interest | | | 1,435,012 | | | | 2,253 | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 1,002,569,315 | | | | 11,162,654 | | | | 10,469,204 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 472,025 | | | | — | | | | 27,640 | |
Collateral for securities on loan (Note 5) | | | 35,076,097 | | | | — | | | | — | |
Investment advisory fees (Note 2) | | | 490,738 | | | | 3,080 | | | | 3,977 | |
| | | | | | | | | | | | |
Total Liabilities | | | 36,038,860 | | | | 3,080 | | | | 31,617 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 966,530,455 | | | $ | 11,159,574 | | | $ | 10,437,587 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 984,820,733 | | | $ | 10,949,433 | | | $ | 10,313,556 | |
Distributions in excess of net investment income or accumulated net investment loss | | | (2,656,756 | ) | | | (118 | ) | | | (3,977 | ) |
Accumulated net realized loss | | | (92,665,485 | ) | | | (2,632 | ) | | | (3,847 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 77,031,963 | | | | 212,891 | | | | 131,855 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 966,530,455 | | | $ | 11,159,574 | | | $ | 10,437,587 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 22,000,000 | | | | 200,000 | | | | 200,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 43.93 | | | $ | 55.80 | | | $ | 52.19 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $32,699,034, $ — and $ —, respectively. See Note 5. |
| b | Cost of foreign currencies: $1,040,138, $733 and $ —, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 61 | |
Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | |
iShares MSCI
Emerging Markets
Energy Sector Capped Index Fund | | | iShares MSCI Emerging Markets
Growth Index Fund | | | iShares MSCI
Emerging Markets
Minimum Volatility
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 10,213,482 | | | $ | 10,841,634 | | | $ | 94,646,137 | |
Affiliated (Note 2) | | | 10,000 | | | | 10,201 | | | | 56,306 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 10,223,482 | | | $ | 10,851,835 | | | $ | 94,702,443 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 10,264,301 | | | $ | 11,123,146 | | | $ | 101,325,137 | |
Affiliated (Note 2) | | | 10,000 | | | | 10,201 | | | | 56,306 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 10,274,301 | | | | 11,133,347 | | | | 101,381,443 | |
Foreign currencies, at valueb | | | — | | | | 720 | | | | 74,476 | |
Cash | | | — | | | | — | | | | 7,171 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 52,251 | | | | — | | | | — | |
Dividends and interest | | | 5,677 | | | | 2,814 | | | | 60,941 | |
Capital shares sold | | | — | | | | — | | | | 25,772,122 | |
| | | | | | | | | | | | |
Total Assets | | | 10,332,229 | | | | 11,136,881 | | | | 127,296,153 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 52,676 | | | | — | | | | 25,586,443 | |
Collateral for securities on loan (Note 5) | | | — | | | | — | | | | 56,306 | |
Investment advisory fees (Note 2) | | | 3,913 | | | | 3,060 | | | | 10,845 | |
| | | | | | | | | | | | |
Total Liabilities | | | 56,589 | | | | 3,060 | | | | 25,653,594 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 10,275,640 | | | $ | 11,133,821 | | | $ | 101,642,559 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 10,227,401 | | | $ | 10,854,325 | | | $ | 95,616,473 | |
Undistributed (distributions in excess of) net investment income | | | 1,732 | | | | 657 | | | | (301,894 | ) |
Accumulated net realized loss | | | (4,302 | ) | | | (2,686 | ) | | | (283,218 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 50,809 | | | | 281,525 | | | | 6,611,198 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 10,275,640 | | | $ | 11,133,821 | | | $ | 101,642,559 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 200,000 | | | | 200,000 | | | | 1,800,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 51.38 | | | $ | 55.67 | | | $ | 56.47 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $ —, $ — and $53,901, respectively. See Note 5. |
| b | Cost of foreign currencies: $ —, $717 and $72,729, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to consolidated financial statements.
| | |
| 62 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | |
| | | iShares MSCI
Emerging Markets
Small Cap
Index Fund | | |
iShares MSCI
Emerging Markets
Value Index Fund | |
| | |
ASSETS | | | | | | | | |
Investments, at cost: | | | | | | | | |
Unaffiliated | | $ | 39,172,841 | | | $ | 10,508,102 | |
Affiliated (Note 2) | | | 27,539 | | | | 10,000 | |
| | | | | | | | |
Total cost of investments | | $ | 39,200,380 | | | $ | 10,518,102 | |
| | | | | | | | |
Investments in securities, at fair value (Note 1): | | | | | | | | |
Unaffiliated | | $ | 38,752,274 | | | $ | 10,590,421 | |
Affiliated (Note 2) | | | 27,539 | | | | 10,000 | |
| | | | | | | | |
Total fair value of investments | | | 38,779,813 | | | | 10,600,421 | |
Foreign currencies, at valuea | | | 86,414 | | | | 1,614 | |
Receivables: | | | | | | | | |
Dividends and interest | | | 74,080 | | | | 2,390 | |
| | | | | | | | |
Total Assets | | | 38,940,307 | | | | 10,604,425 | |
| | | | | | | | |
| | |
LIABILITIES | | | | | | | | |
Payables: | | | | | | | | |
Foreign taxes (Note 1) | | | 414 | | | | — | |
Investment advisory fees (Note 2) | | | 20,391 | | | | 2,932 | |
| | | | | | | | |
Total Liabilities | | | 20,805 | | | | 2,932 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 38,919,502 | | | $ | 10,601,493 | |
| | | | | | | | |
| | |
Net assets consist of: | | | | | | | | |
Paid-in capital | | $ | 46,340,055 | | | $ | 10,520,963 | |
Undistributed (distributions in excess of) net investment income | | | (98,042 | ) | | | 1,064 | |
Accumulated net realized loss | | | (6,904,766 | ) | | | (2,851 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | (417,745 | ) | | | 82,317 | |
| | | | | | | | |
NET ASSETS | | $ | 38,919,502 | | | $ | 10,601,493 | |
| | | | | | | | |
| | |
Shares outstandingb | | | 800,000 | | | | 200,000 | |
| | | | | | | | |
| | |
Net asset value per share | | $ | 48.65 | | | $ | 53.01 | |
| | | | | | | | |
| a | Cost of foreign currencies: $86,166 and $1,621, respectively. |
| b | $0.001 par value, number of shares authorized: 500 million and 500 million, respectively. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 63 | |
Consolidated Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI
BRIC
Index Fund | | | iShares MSCI Emerging Markets
Asia
Index Funda | | | iShares MSCI Emerging Markets
Consumer
Discretionary Sector Index Funda | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliatedb | | $ | 6,580,193 | | | $ | 2,962 | | | $ | — | |
Interest — affiliated (Note 2) | | | 178 | | | | — | | | | — | |
Securities lending income — affiliated (Note 2) | | | 343,050 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 6,923,421 | | | | 2,962 | | | | — | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 2,682,325 | | | | 4,274 | | | | 3,977 | |
Commitment fees (Note 7) | | | 1,506 | | | | — | | | | — | |
Interest expense (Note 7) | | | 679 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total expenses | | | 2,684,510 | | | | 4,274 | | | | 3,977 | |
Less investment advisory fees waived (Note 2) | | | — | | | | (1,194 | ) | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 2,684,510 | | | | 3,080 | | | | 3,977 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 4,238,911 | | | | (118 | ) | | | (3,977 | ) |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (59,133,193 | ) | | | — | | | | (1,645 | ) |
In-kind redemptions — unaffiliated | | | 18,130,984 | | | | — | | | | — | |
Foreign currency transactions | | | (782,351 | ) | | | (2,632 | ) | | | (2,202 | ) |
| | | | | | | | | | | | |
Net realized loss | | | (41,784,560 | ) | | | (2,632 | ) | | | (3,847 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 65,422,649 | | | | 212,867 | | | | 131,847 | |
Translation of assets and liabilities in foreign currencies | | | (28,101 | ) | | | 24 | | | | 8 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 65,394,548 | | | | 212,891 | | | | 131,855 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 23,609,988 | | | | 210,259 | | | | 128,008 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 27,848,899 | | | $ | 210,141 | | | $ | 124,031 | |
| | | | | | | | | | | | |
| a | For the period from February 8, 2012 (commencement of operations) to February 29, 2012. |
| b | Net of foreign withholding tax of $678,105, $191 and $ —, respectively. |
See notes to consolidated financial statements.
| | |
| 64 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Period ended February 29, 2012
| | | | | | | | | | | | |
| | |
iShares MSCI Emerging Markets
Energy Sector Capped Index Funda | | | iShares MSCI Emerging Markets
Growth Index Funda | | | iShares MSCI
Emerging Markets
Minimum Volatility
Index Fundb | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliatedc | | $ | 5,645 | | | $ | 3,717 | | | $ | 154,764 | |
Interest — affiliated (Note 2) | | | — | | | | — | | | | 7 | |
Securities lending income — affiliated (Note 2) | | | — | | | | — | | | | 6 | |
| | | | | | | | | | | | |
Total investment income | | | 5,645 | | | | 3,717 | | | | 154,777 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 3,913 | | | | 4,246 | | | | 78,526 | |
Commitment fees (Note 7) | | | — | | | | — | | | | 9 | |
Interest expense (Note 7) | | | — | | | | — | | | | 113 | |
| | | | | | | | | | | | |
Total expenses | | | 3,913 | | | | 4,246 | | | | 78,648 | |
Less investment advisory fees waived (Note 2) | | | — | | | | (1,186 | ) | | | (49,879 | ) |
| | | | | | | | | | | | |
Net expenses | | | 3,913 | | | | 3,060 | | | | 28,769 | |
| | | | | | | | | | | | |
Net investment income | | | 1,732 | | | | 657 | | | | 126,008 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (3,141 | ) | | | — | | | | (199,276 | ) |
Foreign currency transactions | | | (1,161 | ) | | | (2,686 | ) | | | (83,942 | ) |
| | | | | | | | | | | | |
Net realized loss | | | (4,302 | ) | | | (2,686 | ) | | | (283,218 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 50,819 | | | | 281,512 | | | | 6,679,000 | |
Translation of assets and liabilities in foreign currencies | | | (10 | ) | | | 13 | | | | (67,802 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 50,809 | | | | 281,525 | | | | 6,611,198 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 46,507 | | | | 278,839 | | | | 6,327,980 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 48,239 | | | $ | 279,496 | | | $ | 6,453,988 | |
| | | | | | | | | | | | |
| a | For the period from February 8, 2012 (commencement of operations) to February 29, 2012. |
| b | For the period from October 18, 2011(commencement of operations) to February 29, 2012. |
| c | Net of foreign withholding tax of $388, $47 and $15,203, respectively. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 65 | |
Consolidated Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 29, 2012
| | | | | | | | |
| | |
iShares MSCI
Emerging Markets
Small Cap
Index Fund | | | iShares MSCI Emerging Markets
Value Index Funda | |
| | |
NET INVESTMENT INCOME | | | | | | | | |
Dividends — unaffiliatedb | | $ | 384,191 | | | $ | 3,996 | |
Interest — unaffiliated | | | 2 | | | | — | |
Interest — affiliated (Note 2) | | | 13 | | | | — | |
| | | | | | | | |
| | | 384,206 | | | | 3,996 | |
Less: Other foreign taxes (Note 1) | | | (6,664 | ) | | | — | |
| | | | | | | | |
Total investment income | | | 377,542 | | | | 3,996 | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory fees (Note 2) | | | 175,733 | | | | 4,069 | |
Commitment fees (Note 7) | | | 62 | | | | — | |
Interest expense (Note 7) | | | 424 | | | | — | |
| | | | | | | | |
Total expenses | | | 176,219 | | | | 4,069 | |
Less investment advisory fees waived (Note 2) | | | — | | | | (1,137 | ) |
| | | | | | | | |
Net expenses | | | 176,219 | | | | 2,932 | |
| | | | | | | | |
Net investment income | | | 201,323 | | | | 1,064 | |
| | | | | | | | |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments — unaffiliated | | | (4,937,690 | ) | | | — | |
In-kind redemptions — unaffiliated | | | (1,885,037 | ) | | | — | |
Foreign currency transactions | | | (18,018 | ) | | | (2,851 | ) |
| | | | | | | | |
Net realized loss | | | (6,840,745 | ) | | | (2,851 | ) |
| | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | |
Investments | | | 966,225 | | | | 82,319 | |
Translation of assets and liabilities in foreign currencies | | | 3,870 | | | | (2 | ) |
| | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 970,095 | | | | 82,317 | |
| | | | | | | | |
Net realized and unrealized gain (loss) | | | (5,870,650 | ) | | | 79,466 | |
| | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (5,669,327 | ) | | $ | 80,530 | |
| | | | | | | | |
| a | For the period from February 8, 2012 (commencement of operations) to February 29, 2012. |
| b | Net of foreign withholding tax of $34,304 and $400, respectively. |
See notes to consolidated financial statements.
| | |
| 66 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Changes in Net Assets
iSHARES®, INC.
| | | | | | | | | | | | |
| | | iShares MSCI
BRIC
Index Fund | | |
iShares MSCI
Emerging Markets
Asia
Index Fund | |
| | | Six months ended
February 29, 2012
(Unaudited) | | | Year ended August 31, 2011 | | | Period from
February 8, 2012a to February 29, 2012 (Unaudited) | |
| | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | |
| | | |
OPERATIONS: | | | | | | | | | | | | |
Net investment income (loss) | | $ | 4,238,911 | | | $ | 20,442,911 | | | $ | (118 | ) |
Net realized gain (loss) | | | (41,784,560 | ) | | | 18,189,682 | | | | (2,632 | ) |
Net change in unrealized appreciation/depreciation | | | 65,394,548 | | | | (29,622,905 | ) | | | 212,891 | |
| | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 27,848,899 | | | | 9,009,688 | | | | 210,141 | |
| | | | | | | | | | | | |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | |
From net investment income | | | (5,209,525 | ) | | | (22,858,814 | ) | | | — | |
| | | | | | | | | | | | |
Total distributions to shareholders | | | (5,209,525 | ) | | | (22,858,814 | ) | | | — | |
| | | | | | | | | | | | |
| | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | |
Proceeds from shares sold | | | 247,215,549 | | | | 111,929,766 | | | | 10,949,433 | |
Cost of shares redeemed | | | (169,518,412 | ) | | | (178,701,150 | ) | | | — | |
| | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 77,697,137 | | | | (66,771,384 | ) | | | 10,949,433 | |
| | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 100,336,511 | | | | (80,620,510 | ) | | | 11,159,574 | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 866,193,944 | | | | 946,814,454 | | | | — | |
| | | | | | | | | | | | |
End of period | | $ | 966,530,455 | | | $ | 866,193,944 | | | $ | 11,159,574 | |
| | | | | | | | | | | | |
Distributions in excess of net investment income or accumulated net investment loss included in net assets at end of period | | $ | (2,656,756 | ) | | $ | (1,686,142 | ) | | $ | (118 | ) |
| | | | | | | | | | | | |
| | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | |
Shares sold | | | 6,050,000 | | | | 2,300,000 | | | | 200,000 | |
Shares redeemed | | | (4,550,000 | ) | | | (3,850,000 | ) | | | — | |
| | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,500,000 | | | | (1,550,000 | ) | | | 200,000 | |
| | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 67 | |
Consolidated Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | |
| | | iShares MSCI
Emerging Markets
Consumer
Discretionary Sector
Index Fund | | | iShares MSCI
Emerging Markets
Energy Sector Capped
Index Fund | |
| | | Period from February 8, 2012a to February 29, 2012 (Unaudited) | | | Period from February 8, 2012a to February 29, 2012 (Unaudited) | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | $ | (3,977 | ) | | $ | 1,732 | |
Net realized loss | | | (3,847 | ) | | | (4,302 | ) |
Net change in unrealized appreciation/depreciation | | | 131,855 | | | | 50,809 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 124,031 | | | | 48,239 | |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 10,313,556 | | | | 10,227,401 | |
| | | | | | | | |
Net increase in net assets from capital share transactions | | | 10,313,556 | | | | 10,227,401 | |
| | | | | | | | |
INCREASE IN NET ASSETS | | | 10,437,587 | | | | 10,275,640 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | — | | | | — | |
| | | | | | | | |
End of period | | $ | 10,437,587 | | | $ | 10,275,640 | |
| | | | | | | | |
Undistributed net investment income (accumulated net investment loss) included in net assets at end of period | | $ | (3,977 | ) | | $ | 1,732 | |
| | | | | | | | |
| | |
SHARES ISSUED | | | | | | | | |
Shares sold | | | 200,000 | | | | 200,000 | |
| | | | | | | | |
Net increase in shares outstanding | | | 200,000 | | | | 200,000 | |
| | | | | | | | |
| a | Commencement of operations. |
See notes to consolidated financial statements.
| | |
| 68 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | |
| | | iShares MSCI
Emerging Markets
Growth
Index Fund | | | iShares MSCI
Emerging Markets
Minimum Volatility
Index Fund | |
| | | Period from
February 8, 2012a to February 29, 2012 (Unaudited) | | | Period from
October 18, 2011a to February 29, 2012 (Unaudited) | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 657 | | | $ | 126,008 | |
Net realized loss | | | (2,686 | ) | | | (283,218 | ) |
Net change in unrealized appreciation/depreciation | | | 281,525 | | | | 6,611,198 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 279,496 | | | | 6,453,988 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | — | | | | (427,902 | ) |
| | | | | | | | |
Total distributions to shareholders | | | — | | | | (427,902 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 10,854,325 | | | | 95,616,473 | |
| | | | | | | | |
Net increase in net assets from capital share transactions | | | 10,854,325 | | | | 95,616,473 | |
| | | | | | | | |
INCREASE IN NET ASSETS | | | 11,133,821 | | | | 101,642,559 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | — | | | | — | |
| | | | | | | | |
End of period | | $ | 11,133,821 | | | $ | 101,642,559 | |
| | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 657 | | | $ | (301,894 | ) |
| | | | | | | | |
| | |
SHARES ISSUED | | | | | | | | |
Shares sold | | | 200,000 | | | | 1,800,000 | |
| | | | | | | | |
Net increase in shares outstanding | | | 200,000 | | | | 1,800,000 | |
| | | | | | | | |
| a | Commencement of operations. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 69 | |
Consolidated Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | |
| | | iShares MSCI
Emerging Markets
Small Cap
Index Fund | | | iShares MSCI
Emerging Markets
Value
Index Fund | |
| | | Six months ended
February 29, 2012
(Unaudited) | | | Period from
August 16, 2011a to August 31, 2011 | | | Period from
February 8, 2012a to February 29, 2012 (Unaudited) | |
| | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | |
| | | |
OPERATIONS: | | | | | | | | | | | | |
Net investment income | | $ | 201,323 | | | $ | 92,673 | | | $ | 1,064 | |
Net realized loss | | | (6,840,745 | ) | | | (93,859 | ) | | | (2,851 | ) |
Net change in unrealized appreciation/depreciation | | | 970,095 | | | | (1,387,840 | ) | | | 82,317 | |
| | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (5,669,327 | ) | | | (1,389,026 | ) | | | 80,530 | |
| | | | | | | | | | | | |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | |
From net investment income | | | (362,200 | ) | | | — | | | | — | |
| | | | | | | | | | | | |
Total distributions to shareholders | | | (362,200 | ) | | | — | | | | — | |
| | | | | | | | | | | | |
| | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | |
Proceeds from shares sold | | | — | | | | 70,832,414 | | | | 10,520,963 | |
Cost of shares redeemed | | | (24,492,359 | ) | | | — | | | | — | |
| | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (24,492,359 | ) | | | 70,832,414 | | | | 10,520,963 | |
| | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (30,523,886 | ) | | | 69,443,388 | | | | 10,601,493 | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | 69,443,388 | | | | — | | | | — | |
| | | | | | | | | | | | |
End of period | | $ | 38,919,502 | | | $ | 69,443,388 | | | $ | 10,601,493 | |
| | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (98,042 | ) | | $ | 62,835 | | | $ | 1,064 | |
| | | | | | | | | | | | |
| | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | |
Shares sold | | | — | | | | 1,400,000 | | | | 200,000 | |
Shares redeemed | | | (600,000 | ) | | | — | | | | — | |
| | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (600,000 | ) | | | 1,400,000 | | | | 200,000 | |
| | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to consolidated financial statements.
| | |
| 70 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI BRIC Index Fund | |
| | | Six months ended Feb. 29, 2012
(Consolidated)
(Unaudited) | | | Year ended Aug. 31, 2011 (Consolidated) | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Period from
Nov. 12, 2007a to Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 42.25 | | | $ | 42.94 | | | $ | 37.57 | | | $ | 44.13 | | | $ | 56.50 | |
| | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.21 | | | | 0.89 | | | | 0.66 | | | | 0.58 | | | | 0.72 | |
Net realized and unrealized gain (loss)c | | | 1.74 | | | | (0.58 | ) | | | 5.35 | | | | (6.60 | ) | | | (12.93 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.95 | | | | 0.31 | | | | 6.01 | | | | (6.02 | ) | | | (12.21 | ) |
| | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.27 | ) | | | (1.00 | ) | | | (0.64 | ) | | | (0.54 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.27 | ) | | | (1.00 | ) | | | (0.64 | ) | | | (0.54 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 43.93 | | | $ | 42.25 | | | $ | 42.94 | | | $ | 37.57 | | | $ | 44.13 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total return | | | 4.76 | %d | | | 0.49 | % | | | 15.95 | % | | | (13.08 | )% | | | (21.65 | )%d |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 966,530 | | | $ | 866,194 | | | $ | 946,814 | | | $ | 497,839 | | | $ | 161,092 | |
Ratio of expenses to average net assetse | | | 0.69 | % | | | 0.67 | % | | | 0.69 | % | | | 0.72 | % | | | 0.72 | % |
Ratio of expenses to average net assets prior to waived feese,f | | | n/a | | | | 0.67 | % | | | n/a | | | | n/a | | | | n/a | |
Ratio of net investment income to average net assetse | | | 1.09 | % | | | 1.86 | % | | | 1.52 | % | | | 1.87 | % | | | 1.74 | % |
Portfolio turnover rateg | | | 21 | % | | | 13 | % | | | 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. |
| e | Annualized for periods of less than one year. |
| f | Ratios for the periods ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes. |
| g | Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but 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 cash transactions, the portfolio turnover rate for the six months ended February 29, 2012 and years ended August 31, 2011, August 31, 2010, August 31, 2009 and the period ended August 31, 2008 would have been 15%, 10%, 8%, 6% and 2%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | | | 71 | |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Emerging Markets Asia Index Fund
| | | | |
| | | Period from
Feb. 8, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 54.71 | |
| | | | |
Income from investment operations: | | | | |
Net investment lossb | | | (0.00 | )c |
Net realized and unrealized gaind | | | 1.09 | |
| | | | |
Total from investment operations | | | 1.09 | |
| | | | |
Net asset value, end of period | | $ | 55.80 | |
| | | | |
| |
Total return | | | 1.99 | %e |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 11,160 | |
Ratio of expenses to average net assetsf | | | 0.49 | % |
Ratio of expenses to average net assets prior to waived feesf | | | 0.68 | % |
Ratio of net investment loss to average net assetsf | | | (0.02 | )% |
Portfolio turnover rateg | | | 0 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | Rounds to less than $0.01. |
| d | The amount 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. |
| f | Annualized for periods of less than one year. |
| g | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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. See Note 4. |
See notes to consolidated financial statements.
| | |
| 72 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Emerging Markets Consumer Discretionary Sector Index Fund
| | | | |
| | | Period from
Feb. 8, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 51.54 | |
| | | | |
Income from investment operations: | | | | |
Net investment lossb | | | (0.02 | ) |
Net realized and unrealized gainc | | | 0.67 | |
| | | | |
Total from investment operations | | | 0.65 | |
| | | | |
Net asset value, end of period | | $ | 52.19 | |
| | | | |
| |
Total return | | | 1.26 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 10,438 | |
Ratio of expenses to average net assetse | | | 0.68 | % |
Ratio of net investment loss to average net assetse | | | (0.68 | )% |
Portfolio turnover ratef | | | 0 | %g |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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. See Note 4. |
| g | Rounds to less than 1%. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | | | 73 | |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Emerging Markets Energy Sector Capped Index Fund
| | | | |
| | | Period from
Feb. 8, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 51.12 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.01 | |
Net realized and unrealized gainc | | | 0.25 | |
| | | | |
Total from investment operations | | | 0.26 | |
| | | | |
Net asset value, end of period | | $ | 51.38 | |
| | | | |
| |
Total return | | | 0.51 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 10,276 | |
Ratio of expenses to average net assetse | | | 0.68 | % |
Ratio of net investment income to average net assetse | | | 0.30 | % |
Portfolio turnover ratef | | | 1 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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 cash transactions, the portfolio turnover rate for the period ended February 29, 2012 would have been 1%. See Note 4. |
See notes to consolidated financial statements.
| | |
| 74 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Emerging Markets Growth Index Fund
| | | | |
| | | Period from
Feb. 8, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 54.24 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.00 | c |
Net realized and unrealized gaind | | | 1.43 | |
| | | | |
Total from investment operations | | | 1.43 | |
| | | | |
Net asset value, end of period | | $ | 55.67 | |
| | | | |
| |
Total return | | | 2.64 | %e |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 11,134 | |
Ratio of expenses to average net assetsf | | | 0.49 | % |
Ratio of expenses to average net assets prior to waived feesf | | | 0.68 | % |
Ratio of net investment income to average net assetsf | | | 0.11 | % |
Portfolio turnover rateg | | | 0 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | Rounds to less than $0.01. |
| d | The amount 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. |
| f | Annualized for periods of less than one year. |
| g | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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. See Note 4. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | | | 75 | |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Emerging Markets Minimum Volatility Index Fund
| | | | |
| | | Period from
Oct. 18, 2011a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 49.30 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.21 | |
Net realized and unrealized gainc | | | 7.67 | |
| | | | |
Total from investment operations | | | 7.88 | |
| | | | |
Less distributions from: | | | | |
Net investment income | | | (0.71 | ) |
| | | | |
Total distributions | | | (0.71 | ) |
| | | | |
Net asset value, end of period | | $ | 56.47 | |
| | | | |
| |
Total return | | | 16.24 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 101,643 | |
Ratio of expenses to average net assetse | | | 0.25 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.69 | % |
Ratio of net investment income to average net assetse | | | 1.10 | % |
Portfolio turnover ratef | | | 7 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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 cash transactions, the portfolio turnover rate for the period ended February 29, 2012 would have been 7%. See Note 4. |
See notes to consolidated financial statements.
| | |
| 76 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Small Cap Index Fund
| | | | | | | | |
| | | Six months
ended
Feb. 29, 2012
(Unaudited) | | | Period from
Aug. 16, 2011a to Aug. 31, 2011 | |
Net asset value, beginning of period | | $ | 49.60 | | | $ | 50.54 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.17 | | | | 0.07 | |
Net realized and unrealized lossc | | | (0.67 | ) | | | (1.01 | ) |
| | | | | | | | |
Total from investment operations | | | (0.50 | ) | | | (0.94 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.45 | ) | | | 0.00 | |
| | | | | | | | |
Total distributions | | | (0.45 | ) | | | 0.00 | |
| | | | | | | | |
Net asset value, end of period | | $ | 48.65 | | | $ | 49.60 | |
| | | | | | | | |
| | |
Total return | | | (0.80 | )%d | | | (1.86 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 38,920 | | | $ | 69,443 | |
Ratio of expenses to average net assetse | | | 0.69 | % | | | 0.69 | % |
Ratio of net investment income to average net assetse | | | 0.79 | % | | | 3.33 | % |
Portfolio turnover ratef | | | 9 | % | | | 2 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout each period. |
| c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but includes 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 cash transactions, the portfolio turnover rate for the six months ended February 29, 2012 and the period from August 16, 2011 to August 31, 2011 would have been 9% and 2%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | | | 77 | |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Emerging Markets Value Index Fund
| | | | |
| | | Period from
Feb. 8, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 52.58 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.01 | |
Net realized and unrealized gainc | | | 0.42 | |
| | | | |
Total from investment operations | | | 0.43 | |
| | | | |
Net asset value, end of period | | $ | 53.01 | |
| | | | |
| |
Total return | | | 0.82 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 10,601 | |
Ratio of expenses to average net assetse | | | 0.49 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.68 | % |
Ratio of net investment income to average net assetse | | | 0.18 | % |
Portfolio turnover ratef | | | 0 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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. See Note 4. |
See notes to consolidated financial statements.
| | |
| 78 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated 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 consolidated financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
| | | | |
| iShares MSCI Index Fund | | Diversification Classification | |
BRIC | | | Non-diversified | |
Emerging Markets Asiaa | | | Diversified | |
Emerging Markets Consumer Discretionary Sectora | | | Non-diversified | |
Emerging Markets Energy Sector Cappeda | | | Non-diversified | |
| | | | |
| iShares MSCI Index Fund | | Diversification Classification | |
Emerging Markets Growtha | | | Non-diversified | |
Emerging Markets Minimum Volatilityb | | | Non-diversified | |
Emerging Markets Small Cap | | | Non-diversified | |
Emerging Markets Valuea | | | Non-diversified | |
| | a | | The Fund commenced operations on February 8, 2012. |
| | b | | The Fund commenced operations on October 18, 2011. |
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 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 try to achieve each Fund’s investment objective.
Each Fund carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (each, a “Subsidiary”), which in turn invests in Indian securities included in the underlying index. The investment adviser of each Fund also serves as the investment adviser to each Subsidiary. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The accompanying consolidated financial statements for each Fund include the accounts of its Subsidiary.
Certain Funds may invest in 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 Funds; 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.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 79 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| 1. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
SECURITY VALUATION
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The securities and other assets of each Fund are valued at fair value pursuant to the policies and procedures approved by the Board of Directors of the Company (the “Board”).
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors in accordance with policies approved by the Board. Such valuations are reported to the Board.
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.
Various inputs are used in determining the fair value of investments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an investment 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 three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Funds’ assumptions used in determining the fair value of investments. |
| | |
| 80 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for an investment 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.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 29, 2012. The breakdown of each Fund’s investments into major categories is disclosed in its respective Consolidated Schedule of Investments.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | |
BRIC | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 788,781,718 | | | $ | — | | | $ | — | | | $ | 788,781,718 | |
Preferred Stocks | | | 175,234,070 | | | | — | | | | — | | | | 175,234,070 | |
Rights | | | 798 | | | | — | | | | — | | | | 798 | |
Short-Term Investments | | | 35,792,545 | | | | — | | | | — | | | | 35,792,545 | |
| | | | | | | | | | | | | | | | |
| | $ | 999,809,131 | | | $ | — | | | $ | — | | | $ | 999,809,131 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Asia | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 11,062,664 | | | $ | — | | | $ | — | | | $ | 11,062,664 | |
Preferred Stocks | | | 87,000 | | | | — | | | | — | | | | 87,000 | |
Short-Term Investments | | | 10,000 | | | | — | | | | — | | | | 10,000 | |
| | | | | | | | | | | | | | | | |
| | $ | 11,159,664 | | | $ | — | | | $ | — | | | $ | 11,159,664 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Consumer Discretionary Sector | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 10,184,403 | | | $ | — | | | $ | — | | | $ | 10,184,403 | |
Preferred Stocks | | | 238,130 | | | | — | | | | — | | | | 238,130 | |
Short-Term Investments | | | 10,000 | | | | — | | | | — | | | | 10,000 | |
| | | | | | | | | | | | | | | | |
| | $ | 10,432,533 | | | $ | — | | | $ | — | | | $ | 10,432,533 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Energy Sector Capped | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 9,071,309 | | | $ | — | | | $ | — | | | $ | 9,071,309 | |
Preferred Stocks | | | 1,192,992 | | | | — | | | | — | | | | 1,192,992 | |
Short-Term Investments | | | 10,000 | | | | — | | | | — | | | | 10,000 | |
| | | | | | | | | | | | | | | | |
| | $ | 10,274,301 | | | $ | — | | | $ | — | | | $ | 10,274,301 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 81 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | |
Emerging Markets Growth | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 10,190,441 | | | $ | — | | | $ | — | | | $ | 10,190,441 | |
Preferred Stocks | | | 932,705 | | | | — | | | | — | | | | 932,705 | |
Short-Term Investments | | | 10,201 | | | | — | | | | — | | | | 10,201 | |
| | | | | | | | | | | | | | | | |
| | $ | 11,133,347 | | | $ | — | | | $ | — | | | $ | 11,133,347 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Minimum Volatility | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 95,097,681 | | | $ | — | | | $ | — | | | $ | 95,097,681 | |
Preferred Stocks | | | 6,227,456 | | | | — | | | | — | | | | 6,227,456 | |
Short-Term Investments | | | 56,306 | | | | — | | | | — | | | | 56,306 | |
| | | | | | | | | | | | | | | | |
| | $ | 101,381,443 | | | $ | — | | | $ | — | | | $ | 101,381,443 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Small Cap | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 38,025,557 | | | $ | 54,032 | | | $ | 16,571 | | | $ | 38,096,160 | |
Preferred Stocks | | | 646,029 | | | | — | | | | — | | | | 646,029 | |
Rights | | | 6,723 | | | | 1,355 | | | | — | | | | 8,078 | |
Warrants | | | 2,007 | | | | — | | | | — | | | | 2,007 | |
Short-Term Investments | | | 27,539 | | | | — | | | | — | | | | 27,539 | |
| | | | | | | | | | | | | | | | |
| | $ | 38,707,855 | | | $ | 55,387 | | | $ | 16,571 | | | $ | 38,779,813 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Value | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 9,558,173 | | | $ | — | | | $ | — | | | $ | 9,558,173 | |
Preferred Stocks | | | 1,032,244 | | | | — | | | | — | | | | 1,032,244 | |
Rights | | | 4 | | | | — | | | | — | | | | 4 | |
Short-Term Investments | | | 10,000 | | | | — | | | | — | | | | 10,000 | |
| | | | | | | | | | | | | | | | |
| | $ | 10,600,421 | | | $ | — | | | $ | — | | | $ | 10,600,421 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
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. Any taxes withheld that are reclaimable from foreign tax authorities as of February 29, 2012 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
| | |
| 82 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Consolidated Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of February 29, 2012, if any, are disclosed in the Funds’ Consolidated Statements of Assets and Liabilities.
Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”). In order to be eligible to claim benefits under the DTAA, each Subsidiary must satisfy certain conditions, including the establishment and maintenance of valid tax residence in Mauritius. Each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of foreign tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Funds and are disclosed in the Consolidated Statements of Operations. Further, each Subsidiary is not subject to capital gains tax in Mauritius nor is it subject to tax in Mauritius on any gains from the sale of securities. Any dividends paid by a Subsidiary to its Fund will also be exempt from tax in Mauritius. The foregoing is based upon current interpretation and practice and is subject to future changes in the tax laws of India or Mauritius and in the DTAA.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
FEDERAL INCOME TAXES
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 83 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
RECENT ACCOUNTING STANDARD
In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ consolidated financial statements and disclosures.
| 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 substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
For its investment advisory services to each of the iShares MSCI BRIC, iShares MSCI Emerging Markets Consumer Discretionary Sector, iShares MSCI Emerging Markets Energy Sector Capped, iShares MSCI Emerging Markets Minimum Volatility and iShares MSCI Emerging Markets Small Cap 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 the Fund and certain other iShares funds (including the assets invested in the Subsidiary), 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 |
BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Emerging Markets Minimum Volatility Index Fund through December 31, 2014 in order to limit total annual operating expenses to 0.25% of average daily net assets.
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| 84 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:
| | | | |
| iShares MSCI Index Fund | | Investment
Advisory Fee | |
Emerging Markets Asia | | | 0.68 | % |
Emerging Markets Growth | | | 0.68 | |
Emerging Markets Value | | | 0.68 | |
BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Emerging Markets Asia, iShares Emerging Markets Growth and iShares Emerging Markets Value Index Funds through December 31, 2014 in order to limit total annual operating expenses to 0.49% of average daily net assets.
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. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, and any fees or other payments to and from borrowers of securities. Each Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. As securities lending agent, BTC is responsible for all transaction fees and all other operational costs relating to securities lending activities, other than extraordinary expenses. BTC is also responsible for fees and expenses incurred by each Fund as a result of the investment of cash collateral received for securities on loan in a money market fund managed by BFA or an affiliate.
For the period ended February 29, 2012, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
BRIC | | $ | 184,719 | |
Emerging Markets Minimum Volatility | | | 3 | |
At the Special Board of Directors meeting held on January 5, 2012, the Board approved a new distribution agreement with BlackRock Investments, LLC (“BRIL”). BRIL is an affiliate of BFA. Effective April 1, 2012, BRIL will replace SEI Investments Distribution Co. as the distributor for each Fund. Pursuant to the new distribution agreement, BFA will be responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the Consolidated Statements of Operations.
The PNC Financial Services Group, Inc. (“PNC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but Barclays is not.
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 85 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| 3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the period ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
BRIC | | $ | 276,617,688 | | | $ | 167,588,775 | |
Emerging Markets Asia | | | 6,611,825 | | | | — | |
Emerging Markets Consumer Discretionary Sector | | | 6,045,840 | | | | 36,663 | |
Emerging Markets Energy Sector Capped | | | 3,597,236 | | | | 52,235 | |
Emerging Markets Growth | | | 5,689,852 | | | | — | |
Emerging Markets Minimum Volatility | | | 56,962,999 | | | | 2,779,546 | |
Emerging Markets Small Cap | | | 4,526,404 | | | | 19,259,785 | |
Emerging Markets Value | | | 5,592,191 | | | | — | |
In-kind transactions (see Note 4) for the period ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind
Sales | |
BRIC | | $ | 89,219,400 | | | $ | 122,117,900 | |
Emerging Markets Asia | | | 4,324,971 | | | | — | |
Emerging Markets Consumer Discretionary Sector | | | 4,283,154 | | | | — | |
Emerging Markets Energy Sector Capped | | | 6,671,622 | | | | — | |
Emerging Markets Growth | | | 5,151,783 | | | | — | |
Emerging Markets Minimum Volatility | | | 40,661,960 | | | | — | |
Emerging Markets Small Cap | | | — | | | | 10,124,035 | |
Emerging Markets Value | | | 4,915,911 | | | | — | |
| 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 Consolidated Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index, and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash 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.
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| 86 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| 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. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.
As of February 29, 2012, any securities on loan 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 29, 2012 and the value of the related collateral are disclosed in the Consolidated Statements of Assets and Liabilities. Securities lending income, as disclosed in the Consolidated Statements of Operations, represents the income earned from the investment of the cash collateral, net of fees and other payments to and from borrowers, and less the fees paid to BTC as securities lending agent.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
The Funds had tax basis net capital loss carryforwards as of August 31, 2011, the tax year-end of the Funds, as follows:
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
BRIC | | $ | 1,540,740 | | | $ | 11,268,086 | | | $ | 7,760,558 | | | $ | 20,569,384 | |
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. Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by funds for taxable years beginning after December 22, 2010 are not subject to expiration and must be utilized prior to the losses incurred in the tax years preceding enactment.
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.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 87 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 29, 2012, 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) | |
BRIC | | $ | 933,893,724 | | | $ | 124,678,923 | | | $ | (58,763,516 | ) | | $ | 65,915,407 | |
Emerging Markets Asia | | | 10,946,797 | | | | 370,677 | | | | (157,810 | ) | | | 212,867 | |
Emerging Markets Consumer Discretionary Sector | | | 10,300,686 | | | | 331,000 | | | | (199,153 | ) | | | 131,847 | |
Emerging Markets Energy Sector Capped | | | 10,223,482 | | | | 264,163 | | | | (213,344 | ) | | | 50,819 | |
Emerging Markets Growth | | | 10,851,835 | | | | 404,337 | | | | (122,825 | ) | | | 281,512 | |
Emerging Markets Minimum Volatility | | | 94,702,443 | | | | 6,851,858 | | | | (172,858 | ) | | | 6,679,000 | |
Emerging Markets Small Cap | | | 39,304,095 | | | | 2,865,290 | | | | (3,389,572 | ) | | | (524,282 | ) |
Emerging Markets Value | | | 10,518,102 | | | | 270,472 | | | | (188,153 | ) | | | 82,319 | |
Management has reviewed the tax positions as of February 29, 2012, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ consolidated financial statements.
The Funds, along with certain other iShares funds, are a party to a $125 million credit agreement with State Street Bank and Trust Company, which expires October 31, 2012. The credit agreement was established to facilitate the funding of purchases of securities in India. The credit agreement has the following terms: a commitment fee of 0.08% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata share of the aggregate average daily value of assets invested in local Indian securities.
For the period ended February 29, 2012, the maximum amounts borrowed, and average borrowings and interest rates under the credit agreement were as follows:
| | | | | | | | | | | | |
| iShares MSCI Index Fund | | Maximum
Amount
Borrowed | | | Average
Borrowings | | | Average
Interest
Rates | |
BRIC | | $ | 2,400,000 | | | $ | 106,077 | | | | 1.27 | % |
Emerging Markets Minimum Volatility | | | 400,000 | | | | 17,680 | | | | 1.27 | |
Emerging Markets Small Cap | | | 1,500,000 | | | | 66,298 | | | | 1.27 | |
Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the consolidated financial statements.
| | |
| 88 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited)
iSHARES®, INC.
I. iShares MSCI Emerging Markets Asia, iShares MSCI Emerging Markets Consumer Discretionary Sector, iShares MSCI Emerging Markets Energy Sector Capped, iShares MSCI Emerging Markets Growth, and iShares MSCI Emerging Markets Value Index Funds
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required to consider and approve the proposed Investment Advisory Contract between the Company and BFA on behalf of the Funds (the “Advisory Contract”). As required by Section 15(c), the Board requested, and BFA provided, such information as the Board, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.
At a meeting held on December 5-6, 2011, the Board approved the selection of BFA and the Advisory Contract for the Funds, based on its review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Directors were advised by their independent counsel throughout the process.
In selecting BFA and approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:
Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be required of or provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience as well as the resources expected to be available from BFA and its affiliates for the support of the Funds and their shareholders. The Board considered in particular that BFA’s services for other iShares funds reflect BFA’s core competencies, including BFA’s effective use of its proprietary investment systems analyzing securities market risk, asset class correlations and expected returns. The Board also considered services provided by BFA and its affiliates to other iShares funds in connection with the review of counterparty and issuer credit risk and securities lending opportunities and the oversight of intermediaries that provide shareholder support and processing functions. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Funds would be similar to the scope and quality of services provided to other iShares funds.
The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. The Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Funds. In addition to the above considerations, the Board reviewed and considered BFA’s investment and risk management processes and strategies, and matters related to BFA’s portfolio compliance policies and procedures.
The Board took into account discussions at prior Board meetings, including representations and information provided by management regarding the resources and strengths of BFA and the financial condition of BFA and BlackRock.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the Advisory Contract.
Fund Expenses — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Funds in comparison with the same information for other registered investment companies objectively selected by Lipper
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 89 | |
Board Review and Approval of Investment Advisory Contract (Unaudited) (Continued)
iSHARES®, INC.
as comprising the Funds’ applicable peer group pursuant to Lipper’s proprietary methodology (the “Lipper Group”). Because there are few, if any, exchange traded funds or index funds that track indexes similar to those tracked by the Funds, the Lipper Group included in part mutual funds, closed-end funds, exchange traded funds, or funds with differing investment objective classifications, investment focuses and other characteristics (e.g., actively managed funds and funds sponsored by “at-cost” service providers). In support of its review of the statistical information, the Board was provided with a general description of the methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the proposed investment advisory fee rate and overall expenses for the Funds compared favorably to the investment advisory fee rate and overall expenses of the funds in the Lipper Group.
Based on this review, the other factors considered at the meeting, and their general knowledge of mutual fund pricing, the Board concluded that the proposed investment advisory fees and expense levels of the Funds, as compared to the investment advisory fees and expense levels of the funds in the Lipper Group, supported the Board’s approval of the Advisory Contract.
Costs of Services to be Provided to the Funds and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Funds to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Funds since the proposed relationships had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis and will thus be in a position to evaluate whether, following the expiration of the Advisory Contract’s initial two year term, any adjustments in Funds fees would be appropriate.
Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ assets. The Board noted that the Advisory Contract for the iShares MSCI Emerging Markets Consumer Discretionary Sector Index Fund and the iShares MSCI Emerging Markets Energy Sector Capped Index Fund already provided for breakpoints in these Funds’ investment advisory fee rates as the assets of these Funds, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that the Advisory Contract for the iShares MSCI Emerging Markets Asia Index Fund, the iShares MSCI Emerging Markets Growth Index Fund and the iShares MSCI Emerging Markets Value Index Fund did not provide for any breakpoints in these Funds’ investment advisory rates as the assets of these Funds increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for these Funds may be appropriate. The Board noted information presented at prior Board meetings regarding BFA’s historic profitability as investment adviser to the iShares fund complex and noted that BFA and BlackRock had continued to make significant investments in the iShares fund complex and the infrastructure supporting the iShares funds.
Based on this review, as well as the discussions described above in connection with the Lipper Group comparisons, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the structure of the investment advisory fees reflects appropriate sharing of potential economies of scale with the Funds’ shareholders and supported the Board’s approval of the Advisory Contract.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board considered certain information regarding the investment advisory/management fee rate for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act, collective trust funds, and institutional separate accounts (together, the “Other Accounts”). The Board noted that BFA and its affiliates do not manage Other Accounts that track the same underlying indexes as the Funds. The Board further noted that BFA previously provided the Board with detailed information regarding how Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different services provided as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand,
| | |
| 90 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board noted that the investment advisory fee rate under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for Other Accounts that are institutional clients of BFA (or its affiliates), and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider any ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Funds by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA would not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Funds’ securities lending agent, for loaning any portfolio securities. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders.
Based on the considerations described above, the Board determined that the investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Funds and their shareholders to approve the Advisory Contract.
II. iShares MSCI Emerging Markets Minimum Volatility Index Fund
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. As required by Section 15(c), the Board requested and BFA provided such information as the Board, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. An ad-hoc sub-committee of the Independent Directors (the “Ad-Hoc Sub-Committee”) met with management on April 19, 2011 and April 26, 2011, to discuss the types of information the Board required and the manner in which management would organize and present such information. At a meeting held on May 16, 2011, management presented information to the Board relating to the continuance of the Advisory Contract and the Board reviewed and discussed such information at length. The Board also requested from management certain additional information. At a meeting held on June 22-23, 2011, the Board reviewed additional information provided by management in response to the Board’s requests. The Board approved the selection of BFA and the continuance of the Advisory Contract for the Fund, based on its review of qualitative and quantitative information provided by BFA, including its review of supplemental information management provided at the request of the Board. The Board noted its satisfaction with the high level of information, and detailed responses, provided by BFA. The Independent Directors were advised
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 91 | |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
by their independent counsel throughout the process. In selecting BFA and approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:
Nature, Extent and Quality of Services Provided by BFA — The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, in supporting other iShares funds and their shareholders. The Board acknowledged that additional resources to support other iShares funds and their shareholders were added in 2010, for example, in such areas as investor education, product management, and capital markets support. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund. In addition to the above considerations, the Board reviewed and considered BFA’s investment and risk management processes and strategies, and matters related to BFA’s portfolio compliance policies and procedures.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.
Expenses of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other registered investment companies objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary methodology and any registered funds that would otherwise have been excluded from Lipper’s comparison group because of their size or other differentiating factors, but were nonetheless included at the request of BFA (the “Lipper Group”). Because there are few, if any, exchange traded funds or index funds that track an index similar to that tracked by the Fund, the Lipper Group included in part mutual funds, closed-end funds, exchange traded funds, or funds with differing investment objective classifications, investment focuses and other characteristics (e.g., actively managed funds and funds sponsored by “at cost” service providers). In support of its review of the statistical information, the Board was provided with a detailed description of the methodology used by Lipper to determine the applicable Lipper Groups and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information may or may not provide meaningful direct comparisons to the Fund.
The Board also noted that the investment advisory fees and overall expenses for the Fund compared favorably to the investment advisory fee rate and overall expenses of the funds in the Lipper Group.
Based on this review, the Board concluded that the investment advisory fees and expense levels of the Fund, as compared to the investment advisory fees and expense levels of the funds in the relevant Lipper Group, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.
Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the Fund had not yet launched. The Board noted that it expects to receive
| | |
| 92 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
profitability information from BFA on at least an annual basis following the Fund’s launch and thus be in a position to evaluate whether any adjustments in Fund fees would be appropriate.
Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board also reviewed BFA’s historic profitability as investment adviser to the iShares fund complex and noted that BFA and BlackRock had continued to make significant investments in the iShares fund complex and the infrastructure supporting the iShares funds. Based on this review, as well as the discussions described above in connection with the Lipper Group comparisons, the Board, recognizing its responsibility to consider this issue at least annually, concluded that the structure of the investment advisory fees reflects appropriate sharing of potential economies of scale with the Fund’s shareholders and supported the Board’s approval of the continuance of the Advisory Contract for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (together, the “Other Accounts”). The Board noted that BFA and its affiliates do not manage Other Accounts with a substantially similar investment objective and strategy as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different services provided as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks of managing and providing other services to the Fund, as a publicly traded exchanged traded fund, as compared to Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for Other Accounts for which BFA (or its affiliates) provides investment advisory/management services, and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider any ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the Fund had not yet launched. However, the Board noted that BFA does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates, in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion that the arrangements support the Board’s approval of the continuance of the Advisory Contract for the coming year.
Based on the considerations described above, the Board determined that the investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 93 | |
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 | |
| iShares MSCI Index Fund | | 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 | |
Emerging Markets Minimum Volatility | | $ | 0.07844 | | | $ | — | | | $ | 0.63473 | | | $ | 0.71317 | | | | 11 | % | | | — | % | | | 89 | % | | | 100 | % |
Emerging Markets Small Cap | | | 0.21262 | | | | — | | | | 0.24013 | | | | 0.45275 | | | | 47 | | | | — | | | | 53 | | | | 100 | |
| | |
| 94 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com
or call 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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. BlackRock is not 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 daily and monthly basis on the Funds’ website.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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iS-SAR-810-0212
| | |
 | | February 29, 2012 |
2012 Semi-Annual Report
iShares, Inc.
iShares MSCI All Country World Minimum Volatility Index Fund | ACWV | NYSE Arca
iShares MSCI Emerging Markets EMEA Index Fund | EEME | NASDAQ
iShares MSCI World Index Fund | URTH | NYSE Arca
Table of Contents
Fund Performance Overview
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/29/12 | |
| | NAV | | | | MARKET | | | | INDEX | |
| | 7.30% | | | | 7.54% | | | | 7.31% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 10/18/11.
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 (10/20/11), 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 All Country World Minimum Volatility Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI All Country World Minimum Volatility Index (the “Index”). The Index is designed to measure the combined performance of equity securities in both emerging and developed markets that have lower absolute volatility. 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 period from October 18, 2011 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 7.30%, net of fees, while the total return for the Index was 7.31%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector/Investment Type | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 32.94 | % |
Financial | | | 14.96 | |
Communications | | | 12.13 | |
Consumer Cyclical | | | 10.18 | |
Utilities | | | 8.52 | |
Energy | | | 6.62 | |
Industrial | | | 4.94 | |
Technology | | | 4.88 | |
Basic Materials | | | 3.46 | |
Exchange-Traded Funds | | | 1.17 | |
Short-Term and Other Net Assets | | | 0.20 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Enbridge Inc. (Canada) | | | 1.52 | % |
TransCanada Corp. (Canada) | | | 1.51 | |
McDonald’s Corp. | | | 1.49 | |
Automatic Data Processing Inc. | | | 1.49 | |
NTT DoCoMo Inc. (Japan) | | | 1.33 | |
Johnson & Johnson | | | 1.31 | |
Southern Co. (The) | | | 1.30 | |
Abbott Laboratories | | | 1.30 | |
Procter & Gamble Co. (The) | | | 1.25 | |
Amgen Inc. | | | 1.24 | |
| | | | |
TOTAL | | | 13.74 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS EMEA INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/29/12 | |
| | NAV | | | | MARKET | | | | INDEX | |
| | 13.33% | | | | 12.80% | | | | 13.50% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 1/18/12.
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 (1/19/12), 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 EMEA Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets EMEA Index (the “Index”). The Index is designed to measure the performance of equity securities in the emerging market countries of Europe, the Middle East and Africa. 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 period from January 18, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 13.33%, net of fees, while the total return for the Index was 13.50%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Energy | | | 24.50 | % |
Financial | | | 23.38 | |
Basic Materials | | | 18.37 | |
Communications | | | 13.92 | |
Consumer Non-Cyclical | | | 6.21 | |
Utilities | | | 3.88 | |
Diversified | | | 3.68 | |
Consumer Cyclical | | | 3.47 | |
Industrial | | | 2.06 | |
Technology | | | 0.48 | |
Short-Term and Other Net Assets | | | 0.05 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Gazprom OAO (Russia) | | | 10.14 | % |
LUKOIL OAO (Russia) | | | 4.72 | |
MTN Group Ltd. (South Africa) | | | 4.38 | |
Sberbank of Russia (Russia) | | | 4.21 | |
Sasol Ltd. (South Africa) | | | 4.15 | |
Naspers Ltd. Class N (South Africa) | | | 3.07 | |
Standard Bank Group Ltd. (South Africa) | | | 2.52 | |
AngloGold Ashanti Ltd. (South Africa) | | | 2.40 | |
NovaTek OAO SP GDR (Russia) | | | 1.87 | |
Rosneft Oil Co. OJSC (Russia) | | | 1.77 | |
| | | | |
TOTAL | | | 39.23 | % |
| | | | |
| | |
| 6 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI WORLD INDEX FUND
Performance as of February 29, 2012
| | | | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/29/12 | |
| | NAV | | | | MARKET | | | | INDEX | |
| | 7.81% | | | | 7.83% | | | | 7.84% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 1/10/12.
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 (1/12/12), 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 World Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI World Index (the “Index”). The Index is designed to measure the performance of equity securities in the top 85% of equity market capitalization, as calculated by the index provider, in certain developed market countries. 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 period from January 10, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 7.81%, net of fees, while the total return for the Index was 7.84%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 20.19 | % |
Financial | | | 18.36 | |
Energy | | | 11.43 | |
Industrial | | | 10.63 | |
Consumer Cyclical | | | 9.90 | |
Technology | | | 9.12 | |
Communications | | | 8.85 | |
Basic Materials | | | 7.20 | |
Utilities | | | 3.63 | |
Diversified | | | 0.36 | |
Short-Term and Other Net Assets | | | 0.33 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Apple Inc. | | | 2.03 | % |
Exxon Mobil Corp. | | | 1.70 | |
Microsoft Corp. | | | 0.97 | |
International Business Machines Corp. | | | 0.95 | |
Chevron Corp. | | | 0.88 | |
Nestle SA Registered (Switzerland) | | | 0.82 | |
General Electric Co. | | | 0.82 | |
Procter & Gamble Co. (The) | | | 0.75 | |
AT&T Inc. | | | 0.73 | |
Johnson & Johnson | | | 0.72 | |
| | | | |
TOTAL | | | 10.37 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
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, 2011 (or commencement of operations, as applicable) to February 29, 2012.
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 a (9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b (9/1/11 to 2/29/12) | |
All Country World Minimum Volatility | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,073.00 | | | | 0.34 | % | | $ | 1.29 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,023.20 | | | | 0.34 | | | | 1.71 | |
Emerging Markets EMEA | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,133.30 | | | | 0.49 | | | | 0.60 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.49 | | | | 2.46 | |
| | |
| 8 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning
Account Value a (9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b (9/1/11 to 2/29/12) | |
World | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,078.10 | | | | 0.24 | % | | $ | 0.34 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,023.70 | | | | 0.24 | | | | 1.21 | |
| a | The beginning of the period (commencement of operations) is October 18, 2011, January 18, 2012 and January 10, 2012 for the iShares MSCI All Country World Minimum Volatility Index Fund, iShares MSCI Emerging Markets EMEA Index Fund and iShares MSCI World Index Fund, respectively. | |
| b | Actual expenses for the Funds 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 (134 days for the iShares MSCI All Country World Minimum Volatility Index Fund, 42 days for the iShares MSCI Emerging Markets EMEA Index Fund and 50 days for the iShares MSCI World Index Fund) and divided by the number of days in the year (366 days). Hypothetical expenses for all the Funds, which are based on a hypothetical half year, 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 (182 days) and divided by the number of days in the year (366 days). | |
Schedule of Investments (Unaudited)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.56% | |
|
AUSTRALIA — 0.25% | |
Echo Entertainment Group Ltd. | | | 17,223 | | | $ | 80,017 | |
| | | | | | | | |
| | | | | | | 80,017 | |
BELGIUM — 0.52% | | | | | | | | |
Belgacom SA | | | 3,240 | | | | 103,564 | |
Colruyt SA | | | 1,077 | | | | 42,386 | |
Mobistar SA | | | 435 | | | | 20,922 | |
| | | | | | | | |
| | | | | | | 166,872 | |
CANADA — 6.22% | | | | | | | | |
Barrick Gold Corp. | | | 1,152 | | | | 55,369 | |
BCE Inc. | | | 5,451 | | | | 224,360 | |
Bell Aliant Inc. | | | 1,911 | | | | 53,414 | |
Enbridge Inc. | | | 12,615 | | | | 488,744 | |
Fairfax Financial Holdings Ltd. | | | 333 | | | | 138,271 | |
Franco-Nevada Corp. | | | 594 | | | | 26,367 | |
Goldcorp Inc. | | | 1,698 | | | | 82,698 | |
Imperial Oil Ltd. | | | 534 | | | | 25,639 | |
Research In Motion Ltd.a | | | 1,212 | | | | 17,264 | |
Rogers Communications Inc. Class B | | | 954 | | | | 36,738 | |
TELUS Corp. | | | 138 | | | | 8,067 | |
Thomson Reuters Corp. | | | 8,979 | | | | 261,726 | |
Tim Hortons Inc. | | | 1,683 | | | | 91,348 | |
TransCanada Corp. | | | 10,929 | | | | 483,452 | |
| | | | | | | | |
| | | | | | | 1,993,457 | |
CHILE — 0.54% | | | | | | | | |
Banco de Credito e Inversiones | | | 744 | | | | 49,083 | |
Empresa Nacional de Electricidad SA | | | 12,096 | | | | 21,409 | |
LAN Airlines SA | | | 2,886 | | | | 79,104 | |
Vina Concha y Toro SA | | | 10,254 | | | | 22,735 | |
| | | | | | | | |
| | | | | | | 172,331 | |
CHINA — 4.93% | | | | | | | | |
Alibaba.com Ltd.a,b | | | 11,000 | | | | 18,750 | |
Bank of China Ltd. Class H | | | 504,000 | | | | 219,647 | |
China Construction Bank Corp. Class H | | | 183,000 | | | | 153,843 | |
China Life Insurance Co. Ltd. Class H | | | 27,000 | | | | 84,248 | |
China Minsheng Banking Corp. Ltd. Class H | | | 79,500 | | | | 77,391 | |
China Mobile Ltd. | | | 19,500 | | | | 208,308 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 37,200 | | | | 134,061 | |
China Resources Power Holdings Co. Ltd. | | | 42,000 | | | | 82,639 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Vanke Co. Ltd. Class B | | | 30,900 | | | $ | 39,842 | |
Huabao International Holdings Ltd. | | | 42,000 | | | | 29,785 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 285,000 | | | | 209,091 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 5,400 | | | | 30,505 | |
Jiangsu Expressway Co. Ltd. Class H | | | 30,000 | | | | 31,525 | |
Kunlun Energy Co. Ltd. | | | 42,000 | | | | 70,833 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class Ha | | | 13,800 | | | | 25,658 | |
Sinopharm Group Co. Ltd. Class H | | | 16,800 | | | | 45,706 | |
Tingyi (Cayman Islands) Holding Corp. | | | 30,000 | | | | 89,160 | |
Zhejiang Expressway Co. Ltd. Class H | | | 36,000 | | | | 27,340 | |
| | | | | | | | |
| | | | | | | 1,578,332 | |
COLOMBIA — 0.29% | | | | | | | | |
Cementos Argos SA | | | 4,341 | | | | 26,718 | |
Inversiones Argos SA | | | 6,828 | | | | 64,771 | |
| | | | | | | | |
| | | | | | | 91,489 | |
CZECH REPUBLIC — 0.12% | | | | | | | | |
Telefonica O2 Czech Republic AS | | | 1,842 | | | | 40,175 | |
| | | | | | | | |
| | | | | | | 40,175 | |
DENMARK — 0.15% | | | | | | | | |
Novo Nordisk A/S Class B | | | 333 | | | | 46,885 | |
| | | | | | | | |
| | | | | | | 46,885 | |
EGYPT — 0.14% | | | | | | | | |
Commercial International Bank Egypt SAE | | | 10,629 | | | | 44,150 | |
| | | | | | | | |
| | | | | | | 44,150 | |
FINLAND — 0.13% | | | | | | | | |
Orion OYJ Class B | | | 1,983 | | | | 42,893 | |
| | | | | | | | |
| | | | | | | 42,893 | |
FRANCE — 0.32% | | | | | | | | |
Eutelsat Communications | | | 2,109 | | | | 78,966 | |
Societe BIC SA | | | 231 | | | | 23,321 | |
| | | | | | | | |
| | | | | | | 102,287 | |
HONG KONG — 3.15% | | | | | | | | |
CLP Holdings Ltd. | | | 36,000 | | | | 317,960 | |
Hang Seng Bank Ltd.b | | | 18,000 | | | | 252,047 | |
Hopewell Holdings Ltd. | | | 15,000 | | | | 45,740 | |
Link REIT (The) | | | 48,000 | | | | 180,100 | |
MTR Corp. Ltd. | | | 34,500 | | | | 122,774 | |
Power Assets Holdings Ltd. | | | 12,000 | | | | 89,895 | |
| | | | | | | | |
| | | | | | | 1,008,516 | |
| | |
| 10 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INDIA — 0.05% | | | | | | | | |
Reliance Industries Ltd. SP GDRc | | | 468 | | | $ | 15,397 | |
| | | | | | | | |
| | | | | | | 15,397 | |
INDONESIA — 1.04% | | | | | | | | |
PT Bank Central Asia Tbk | | | 118,500 | | | | 99,845 | |
PT Telekomunikasi Indonesia Tbk | | | 213,000 | | | | 166,480 | |
PT Unilever Indonesia Tbk | | | 31,500 | | | | 67,225 | |
| | | | | | | | |
| | | | | | | 333,550 | |
ISRAEL — 0.59% | | | | | | | | |
Bezeq The Israel Telecommunication Corp. Ltd. | | | 24,930 | | | | 41,261 | |
Cellcom Israel Ltd. | | | 669 | | | | 9,085 | |
NICE Systems Ltd.a | | | 435 | | | | 14,837 | |
Partner Communications Co. Ltd. | | | 1,485 | | | | 10,936 | |
Teva Pharmaceutical Industries Ltd. | | | 2,493 | | | | 111,834 | |
| | | | | | | | |
| | | | | | | 187,953 | |
ITALY — 0.77% | | | | | | | | |
Snam SpA | | | 30,702 | | | | 149,248 | |
Terna SpA | | | 25,680 | | | | 97,148 | |
| | | | | | | | |
| | | | | | | 246,396 | |
JAPAN — 12.21% | | | | | | | | |
ABC-MART Inc. | | | 600 | | | | 21,223 | |
All Nippon Airways Co. Ltd.b | | | 15,000 | | | | 46,145 | |
Bank of Kyoto Ltd. (The) | | | 6,000 | | | | 53,076 | |
Benesse Holdings Inc. | | | 1,800 | | | | 82,950 | |
Chugai Pharmaceutical Co. Ltd. | | | 3,600 | | | | 59,155 | |
Chugoku Bank Ltd. (The) | | | 3,000 | | | | 40,104 | |
Eisai Co. Ltd. | | | 3,900 | | | | 158,525 | |
FamilyMart Co. Ltd. | | | 1,200 | | | | 46,998 | |
Gunma Bank Ltd. (The) | | | 9,000 | | | | 48,703 | |
Hachijuni Bank Ltd. (The) | | | 9,000 | | | | 53,039 | |
Hiroshima Bank Ltd. (The) | | | 12,000 | | | | 55,449 | |
Iyo Bank Ltd. (The) | | | 6,000 | | | | 54,633 | |
Japan Real Estate Investment Corp. | | | 6 | | | | 53,225 | |
Jupiter Telecommunications Co. Ltd. | | | 39 | | | | 38,162 | |
Kamigumi Co. Ltd. | | | 6,000 | | | | 51,742 | |
Kansai Electric Power Co. Inc. (The) | | | 1,500 | | | | 24,944 | |
Keio Corp. | | | 6,000 | | | | 43,291 | |
Kintetsu Corp.b | | | 15,000 | | | | 57,450 | |
Kyushu Electric Power Co. Inc. | | | 1,500 | | | | 22,146 | |
Lawson Inc. | | | 1,200 | | | | 70,867 | |
McDonald’s Holdings Co. (Japan) Ltd. | | | 1,800 | | | | 47,124 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Miraca Holdings Inc. | | | 1,200 | | | $ | 46,034 | |
Mitsubishi Tanabe Pharma Corp. | | | 3,300 | | | | 45,256 | |
Nippon Building Fund Inc. | | | 3 | | | | 28,873 | |
Nissin Foods Holdings Co. Ltd. | | | 1,200 | | | | 45,219 | |
Nitori Holdings Co. Ltd. | | | 600 | | | | 50,927 | |
NTT DoCoMo Inc. | | | 249 | | | | 426,998 | |
Odakyu Electric Railway Co. Ltd. | | | 12,000 | | | | 115,048 | |
Ono Pharmaceutical Co. Ltd. | | | 1,800 | | | | 98,740 | |
Oracle Corp. Japan | | | 900 | | | | 32,569 | |
Oriental Land Co. Ltd. | | | 1,200 | | | | 124,833 | |
Osaka Gas Co. Ltd. | | | 24,000 | | | | 92,513 | |
Rakuten Inc. | | | 27 | | | | 26,953 | |
Sankyo Co. Ltd. | | | 900 | | | | 43,477 | |
Santen Pharmaceutical Co. Ltd. | | | 1,800 | | | | 71,497 | |
Secom Co. Ltd. | | | 3,600 | | | | 171,460 | |
Seven Bank Ltd. | | | 12,600 | | | | 27,709 | |
Shikoku Electric Power Co. Inc. | | | 3,300 | | | | 91,245 | |
Shimamura Co. Ltd. | | | 600 | | | | 65,901 | |
Shionogi & Co. Ltd. | | | 3,300 | | | | 45,867 | |
Shizuoka Bank Ltd. (The) | | | 12,000 | | | | 122,461 | |
Suzuken Co. Ltd. | | | 1,800 | | | | 53,262 | |
Taisho Pharmaceutical Holdings Co. Ltd.a | | | 900 | | | | 72,387 | |
Takeda Pharmaceutical Co. Ltd. | | | 7,800 | | | | 353,669 | |
Tokyo Gas Co. Ltd. | | | 45,000 | | | | 206,264 | |
TonenGeneral Sekiyu K.K. | | | 6,000 | | | | 55,745 | |
Tsumura & Co. | | | 1,500 | | | | 43,421 | |
Unicharm Corp. | | | 1,500 | | | | 77,928 | |
West Japan Railway Co. | | | 3,600 | | | | 147,443 | |
| | | | | | | | |
| | | | | | | 3,912,650 | |
MALAYSIA — 1.36% | |
Berjaya Sports Toto Bhd | | | 20,400 | | | | 29,829 | |
Bumi Armada Bhda | | | 24,000 | | | | 32,208 | |
Bursa Malaysia Bhd | | | 9,600 | | | | 23,651 | |
Hong Leong Bank Bhd | | | 4,500 | | | | 18,177 | |
Maxis Communications Bhd | | | 55,200 | | | | 109,092 | |
Petronas Dagangan Bhd | | | 5,700 | | | | 34,556 | |
Petronas Gas Bhd | | | 6,300 | | | | 35,333 | |
Public Bank Bhd Foreign | | | 25,800 | | | | 117,480 | |
Telekom Malaysia Bhd | | | 21,000 | | | | 36,385 | |
| | | | | | | | |
| | | | | | | 436,711 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 11 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MOROCCO — 0.07% | | | | | | | | |
Maroc Telecom SA | | | 1,344 | | | $ | 22,452 | |
| | | | | | | | |
| | | | | | | 22,452 | |
NETHERLANDS — 0.40% | | | | | | | | |
Koninklijke KPN NV | | | 1,527 | | | | 16,617 | |
TNT Express NV | | | 8,871 | | | | 110,966 | |
| | | | | | | | |
| | | | | | | 127,583 | |
PERU — 0.25% | | | | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 1,986 | | | | 79,698 | |
| | | | | | | | |
| | | | | | | 79,698 | |
PHILIPPINES — 0.30% | | | | | | | | |
Bank of the Philippine Islands | | | 16,440 | | | | 25,647 | |
Philippine Long Distance Telephone Co. | | | 1,080 | | | | 72,194 | |
| | | | | | | | |
| | | | | | | 97,841 | |
SINGAPORE — 1.70% | | | | | | | | |
ComfortDelGro Corp. Ltd. | | | 42,000 | | | | 51,534 | |
Hutchison Port Holdings Trust | | | 54,000 | | | | 42,930 | |
Oversea-Chinese Banking Corp. Ltd. | | | 12,000 | | | | 86,419 | |
Singapore Airlines Ltd. | | | 12,000 | | | | 106,051 | |
Singapore Press Holdings Ltd. | | | 10,000 | | | | 30,394 | |
Singapore Telecommunications Ltd. | | | 90,000 | | | | 228,798 | |
| | | | | | | | |
| | | | | | | 546,126 | |
SOUTH KOREA — 0.13% | | | | | | | | |
Shinsegae Co. Ltd. | | | 174 | | | | 40,828 | |
| | | | | | | | |
| | | | | | | 40,828 | |
SPAIN — 0.59% | | | | | | | | |
Amadeus IT Holding SA Class A | | | 5,115 | | | | 97,846 | |
Banco de Sabadell SAb | | | 5,292 | | | | 17,202 | |
Bankia SAa | | | 14,142 | | | | 57,434 | |
Indra Sistemas SAb | | | 1,293 | | | | 16,508 | |
| | | | | | | | |
| | | | | | | 188,990 | |
SWITZERLAND — 5.72% | | | | | | | | |
Actelion Ltd. Registereda | | | 561 | | | | 21,242 | |
Givaudan SA Registereda | | | 162 | | | | 153,665 | |
Lindt & Spruengli AG Registered | | | 3 | | | | 109,596 | |
Nestle SA Registered | | | 6,183 | | | | 379,553 | |
Novartis AG Registered | | | 6,321 | | | | 345,853 | |
Roche Holding AG Genusschein | | | 627 | | | | 109,621 | |
Schindler Holding AG Participation Certificates | | | 171 | | | | 21,165 | |
SGS SA Registered | | | 117 | | | | 220,142 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Straumann Holding AG Registered | | | 207 | | | $ | 32,951 | |
Swisscom AG Registered | | | 549 | | | | 219,637 | |
Synthes Inc.c | | | 1,263 | | | | 219,555 | |
| | | | | | | | |
| | | | | | | 1,832,980 | |
TAIWAN — 4.42% | | | | | | | | |
Advantech Co. Ltd. | | | 6,000 | | | | 20,207 | |
AU Optronics Corp. | | | 123,000 | | | | 66,530 | |
Chang Hwa Commercial Bank Ltd. | | | 33,000 | | | | 20,207 | |
Chimei Innolux Corp.a | | | 42,000 | | | | 22,646 | |
China Steel Corp. | | | 36,000 | | | | 37,352 | |
Chunghwa Telecom Co. Ltd. | | | 90,000 | | | | 276,772 | |
Delta Electronics Inc. | | | 27,000 | | | | 74,214 | |
Epistar Corp. | | | 12,000 | | | | 31,433 | |
Far EasTone Telecommunications Co. Ltd. | | | 39,000 | | | | 81,858 | |
First Financial Holding Co. Ltd. | | | 63,000 | | | | 40,398 | |
Formosa Petrochemical Corp. | | | 24,000 | | | | 79,113 | |
Fubon Financial Holding Co. Ltd. | | | 78,000 | | | | 91,808 | |
Inventec Corp. | | | 66,000 | | | | 31,433 | |
Macronix International Co. Ltd. | | | 72,000 | | | | 30,616 | |
MStar Semiconductor Inc. | | | 6,000 | | | | 38,168 | |
Richtek Technology Corp. | | | 3,000 | | | | 17,962 | |
SinoPac Financial Holdings Co. Ltd. | | | 150,000 | | | | 56,130 | |
Taiwan Cooperative Financial Holding Co. Ltd.a | | | 96,000 | | | | 63,029 | |
Taiwan Mobile Co. Ltd. | | | 39,000 | | | | 119,935 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 78,000 | | | | 215,193 | |
| | | | | | | | |
| | | | | | | 1,415,004 | |
THAILAND — 0.87% | | | | | | | | |
Bangkok Bank PCL Foreign | | | 3,600 | | | | 23,076 | |
Bangkok Bank PCL NVDR | | | 3,600 | | | | 21,530 | |
BEC World PCL NVDR | | | 15,900 | | | | 23,247 | |
Charoen Pokphand Foods PCL NVDR | | | 17,700 | | | | 21,200 | |
CP All PCL NVDR | | | 44,400 | | | | 97,192 | |
IRPC PCL NVDR | | | 173,700 | | | | 27,204 | |
PTT Exploration & Production PCL NVDR | | | 7,200 | | | | 43,892 | |
Siam Commercial Bank PCL NVDR | | | 5,100 | | | | 21,907 | |
| | | | | | | | |
| | | | | | | 279,248 | |
UNITED KINGDOM — 3.83% | | | | | | | | |
Admiral Group PLC | | | 4,302 | | | | 74,014 | |
Babcock International Group PLC | | | 4,464 | | | | 53,697 | |
British Sky Broadcasting Group PLC | | | 1,632 | | | | 17,467 | |
| | |
| 12 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Capita PLC | | | 14,781 | | | $ | 181,103 | |
Compass Group PLC | | | 13,185 | | | | 132,693 | |
Experian PLC | | | 1,419 | | | | 21,432 | |
Pearson PLC | | | 7,056 | | | | 135,147 | |
Reckitt Benckiser Group PLC | | | 1,605 | | | | 89,224 | |
Reed Elsevier PLC | | | 13,971 | | | | 122,860 | |
Serco Group PLC | | | 12,102 | | | | 107,295 | |
Shire PLC | | | 2,229 | | | | 78,265 | |
SSE PLC | | | 3,351 | | | | 69,054 | |
Unilever PLC | | | 492 | | | | 15,963 | |
Vodafone Group PLC | | | 27,255 | | | | 73,732 | |
Wm Morrison Supermarkets PLC | | | 12,024 | | | | 55,702 | |
| | | | | | | | |
| | | | | | | 1,227,648 | |
UNITED STATES — 47.50% | | | | | | | | |
3M Co. | | | 234 | | | | 20,498 | |
Abbott Laboratories | | | 7,350 | | | | 416,083 | |
Advance Auto Parts Inc. | | | 1,788 | | | | 152,642 | |
Airgas Inc. | | | 219 | | | | 18,030 | |
Altria Group Inc. | | | 5,868 | | | | 176,627 | |
AmerisourceBergen Corp. | | | 4,686 | | | | 175,022 | |
Amgen Inc. | | | 5,850 | | | | 397,507 | |
Annaly Capital Management Inc. | | | 20,253 | | | | 336,605 | |
Aon Corp. | | | 6,333 | | | | 296,448 | |
Arch Capital Group Ltd.a | | | 2,871 | | | | 106,371 | |
AT&T Inc. | | | 4,533 | | | | 138,664 | |
Automatic Data Processing Inc. | | | 8,778 | | | | 476,821 | |
AutoZone Inc.a | | | 540 | | | | 202,219 | |
Becton, Dickinson and Co. | | | 2,340 | | | | 178,355 | |
BMC Software Inc.a | | | 1,854 | | | | 69,414 | |
Bristol-Myers Squibb Co. | | | 3,246 | | | | 104,424 | |
C.H. Robinson Worldwide Inc. | | | 2,313 | | | | 153,051 | |
C.R. Bard Inc. | | | 1,824 | | | | 170,763 | |
Campbell Soup Co. | | | 4,641 | | | | 154,638 | |
Chevron Corp. | | | 1,251 | | | | 136,509 | |
Church & Dwight Co. Inc. | | | 3,009 | | | | 143,650 | |
Clorox Co. (The) | | | 2,316 | | | | 156,585 | |
Coca-Cola Co. (The) | | | 3,648 | | | | 254,849 | |
Colgate-Palmolive Co. | | | 3,081 | | | | 287,088 | |
Consolidated Edison Inc. | | | 5,712 | | | | 331,867 | |
Costco Wholesale Corp. | | | 366 | | | | 31,498 | |
DIRECTV Class Aa | | | 1,449 | | | | 67,118 | |
Dollar Tree Inc.a | | | 726 | | | | 64,258 | |
Duke Energy Corp. | | | 3,342 | | | | 69,915 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Dun & Bradstreet Corp. (The) | | | 1,212 | | | $ | 100,172 | |
Ecolab Inc. | | | 6,366 | | | | 381,960 | |
Edwards Lifesciences Corp.a | | | 954 | | | | 69,766 | |
Eli Lilly and Co. | | | 2,373 | | | | 93,117 | |
Everest Re Group Ltd. | | | 1,200 | | | | 105,420 | |
Exxon Mobil Corp. | | | 4,503 | | | | 389,509 | |
Family Dollar Stores Inc. | | | 2,487 | | | | 134,273 | |
Forest Laboratories Inc.a | | | 1,776 | | | | 57,756 | |
General Mills Inc. | | | 9,627 | | | | 368,810 | |
Gilead Sciences Inc.a | | | 864 | | | | 39,312 | |
H.J. Heinz Co. | | | 294 | | | | 15,497 | |
Health Care REIT Inc. | | | 4,071 | | | | 221,625 | |
Hershey Co. (The) | | | 1,935 | | | | 117,454 | |
Hormel Foods Corp. | | | 3,129 | | | | 89,083 | |
International Business Machines Corp. | | | 660 | | | | 129,842 | |
Intuit Inc. | | | 2,487 | | | | 143,848 | |
J.M. Smucker Co. (The) | | | 2,469 | | | | 185,965 | |
Johnson & Johnson | | | 6,456 | | | | 420,156 | |
Kellogg Co. | | | 5,409 | | | | 283,161 | |
Kimberly-Clark Corp. | | | 3,771 | | | | 274,830 | |
Kinder Morgan Inc. | | | 2,736 | | | | 96,417 | |
Kinder Morgan Management LLCa | | | 2,130 | | | | 170,762 | |
Kroger Co. (The) | | | 1,572 | | | | 37,398 | |
Laboratory Corp. of America Holdingsa | | | 1,758 | | | | 158,027 | |
Marsh & McLennan Companies Inc. | | | 6,030 | | | | 188,136 | |
McCormick & Co. Inc. NVS | | | 2,556 | | | | 128,950 | |
McDonald’s Corp. | | | 4,806 | | | | 477,140 | |
Microsoft Corp. | | | 10,407 | | | | 330,318 | |
Newmont Mining Corp. | | | 297 | | | | 17,642 | |
O’Reilly Automotive Inc.a | | | 2,937 | | | | 254,050 | |
PartnerRe Ltd. | | | 1,572 | | | | 99,728 | |
Paychex Inc. | | | 7,713 | | | | 241,417 | |
People’s United Financial Inc. | | | 8,019 | | | | 100,959 | |
PepsiCo Inc. | | | 3,840 | | | | 241,690 | |
PG&E Corp. | | | 7,074 | | | | 294,844 | |
Procter & Gamble Co. (The) | | | 5,913 | | | | 399,246 | |
Raytheon Co. | | | 513 | | | | 25,917 | |
RenaissanceRe Holdings Ltd. | | | 1,155 | | | | 83,114 | |
Ross Stores Inc. | | | 3,552 | | | | 189,428 | |
SAIC Inc.a | | | 6,738 | | | | 82,338 | |
Sherwin-Williams Co. (The) | | | 1,926 | | | | 198,667 | |
Southern Co. (The) | | | 9,423 | | | | 416,402 | |
Staples Inc. | | | 1,332 | | | | 19,527 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 13 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Stericycle Inc.a | | | 1,737 | | | $ | 150,719 | |
Synopsys Inc.a | | | 3,459 | | | | 105,396 | |
Target Corp. | | | 2,109 | | | | 119,559 | |
TJX Companies Inc. (The) | | | 3,396 | | | | 124,328 | |
Travelers Companies Inc. (The) | | | 2,025 | | | | 117,389 | |
VeriSign Inc. | | | 564 | | | | 20,840 | |
Verisk Analytics Inc. Class Aa | | | 2,700 | | | | 117,450 | |
Verizon Communications Inc. | | | 6,075 | | | | 231,518 | |
W.R. Berkley Corp. | | | 2,565 | | | | 91,699 | |
Wal-Mart Stores Inc. | | | 4,560 | | | | 269,405 | |
Washington Post Co. (The) Class B | | | 129 | | | | 50,813 | |
Waste Management Inc. | | | 5,817 | | | | 203,479 | |
Wisconsin Energy Corp. | | | 4,974 | | | | 169,514 | |
Xcel Energy Inc. | | | 5,529 | | | | 146,463 | |
Xilinx Inc. | | | 3,042 | | | | 112,341 | |
Yum! Brands Inc. | | | 369 | | | | 24,443 | |
| | | | | | | | |
| | | | | | | 15,216,548 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $30,759,178) | | | | | | | 31,575,007 | |
| | |
INVESTMENT COMPANIES — 1.17% | | | | | | | | |
| | |
EXCHANGE-TRADED FUNDS — 1.17% | | | | | | | | |
iShares S&P India Nifty 50 Index Fundd | | | 15,102 | | | | 375,134 | |
| | | | | | | | |
| | | | | | | 375,134 | |
| | | | | | | | |
| | |
TOTAL INVESTMENT COMPANIES | | | | | | | | |
(Cost: $369,544) | | | | | | | 375,134 | |
| | |
PREFERRED STOCKS — 0.07% | | | | | | | | |
| | |
COLOMBIA — 0.07% | | | | | | | | |
Grupo Aval Acciones y Valores SA | | | 33,390 | | | | 23,473 | |
| | | | | | | | |
| | | | | | | 23,473 | |
| | | | | | | | |
| | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $23,484) | | | | | | | 23,473 | |
|
SHORT-TERM INVESTMENTS — 0.43% | |
| | |
MONEY MARKET FUNDS — 0.43% | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.23%d,e,f | | | 116,269 | | | | 116,269 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.22%d,e,f | | | 8,599 | | | $ | 8,599 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.02%d,e | | | 12,354 | | | | 12,354 | |
| | | | | | | | |
| | | | | | | 137,222 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $137,222) | | | | | | | 137,222 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 100.23% | | | | | | | | |
(Cost: $31,289,428) | | | | | | | 32,110,836 | |
Other Assets, Less Liabilities — (0.23)% | | | | (73,834 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 32,037,002 | |
| | | | | | | | |
NVDR — Non-Voting Depositary Receipts
NVS — Non-Voting Shares
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 | 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.
| | |
| 14 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS EMEA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.45% | |
| |
CZECH REPUBLIC — 1.58% | | | | | |
CEZ AS | | | 1,500 | | | $ | 64,948 | |
Komercni Banka AS | | | 136 | | | | 26,707 | |
| | | | | | | | |
| | | | | | | 91,655 | |
EGYPT — 2.34% | | | | | |
Commercial International Bank Egypt SAE SP GDR | | | 6,700 | | | | 26,800 | |
Orascom Construction Industries
SAE SP GDR | | | 1,385 | | | | 62,436 | |
Orascom Telecom Holding SAE SP GDRa,b | | | 9,781 | | | | 33,735 | |
Orascom Telecom Media and Technology Holding SAE SP GDRb | | | 9,781 | | | | 12,731 | |
| | | | | | | | |
| | | | | | | 135,702 | |
HUNGARY — 1.58% | | | | | |
Magyar Telekom
Telecommunications PLC | | | 4,496 | | | | 12,346 | |
MOL Hungarian Oil and Gas PLCa | | | 309 | | | | 26,847 | |
OTP Bank Nyrt | | | 1,667 | | | | 30,966 | |
Richter Gedeon Nyrt | | | 118 | | | | 21,327 | |
| | | | | | | | |
| | | | | | | 91,486 | |
POLAND — 7.56% | | | | | |
Asseco Poland SA | | | 617 | | | | 10,777 | |
Bank Handlowy w Warszawie SA | | | 270 | | | | 6,775 | |
Bank Millennium SA | | | 4,723 | | | | 6,682 | |
Bank Pekao SA | | | 957 | | | | 48,059 | |
BRE Bank SAa | | | 117 | | | | 11,473 | |
Cyfrowy Polsat SAa | | | 2,312 | | | | 10,678 | |
ENEA SA | | | 1,242 | | | | 6,742 | |
Globe Trade Centre SAa | | | 1,808 | | | | 5,151 | |
Grupa Lotos SAa | | | 672 | | | | 6,120 | |
Jastrzebska Spolka Weglowa SAa | | | 306 | | | | 10,331 | |
Kernel Holding SAa | | | 431 | | | | 10,205 | |
KGHM Polska Miedz SA | | | 1,082 | | | | 51,838 | |
Polska Grupa Energetyczna SA | | | 5,558 | | | | 35,884 | |
Polski Koncern Naftowy Orlen SAa | | | 2,500 | | | | 28,882 | |
Polskie Gornictwo Naftowe i Gazownictwo SA | | | 15,430 | | | | 18,268 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 5,085 | | | | 56,233 | |
Powszechny Zaklad Ubezpieczen SA | | | 470 | | | | 51,195 | |
Synthos SA | | | 4,053 | | | | 6,855 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tauron Polska Energia SA | | | 9,432 | | | $ | 15,646 | |
Telekomunikacja Polska SA | | | 6,321 | | | | 34,930 | |
TVN SA | | | 1,673 | | | | 5,899 | |
| | | | | | | | |
| | | | | | | 438,623 | |
RUSSIA — 35.69% | | | | | |
Federal Grid Co. of Unified Energy System OJSC | | | 2,680,000 | | | | 31,822 | |
Gazprom OAO | | | 88,480 | | | | 587,817 | |
IDGC Holding JSCa | | | 155,000 | | | | 15,757 | |
Inter RAO UES OJSC | | | 10,700,000 | | | | 13,075 | |
LSR Group OJSC SP GDRb | | | 1,874 | | | | 9,923 | |
LUKOIL OAO | | | 4,263 | | | | 273,611 | |
Magnit OJSC SP GDRb | | | 1,895 | | | | 55,846 | |
Mechel OAO SP ADR | | | 1,200 | | | | 13,320 | |
MMC Norilsk Nickel OJSC | | | 406 | | | | 80,311 | |
Mobile TeleSystems OJSC SP ADR | | | 4,300 | | | | 78,475 | |
NovaTek OAO SP GDRb | | | 746 | | | | 108,245 | |
Novolipetsk Steel OJSC SP GDRb | | | 486 | | | | 11,649 | |
Rosneft Oil Co. OJSC | | | 13,240 | | | | 102,417 | |
Rostelecom OJSCa | | | 11,400 | | | | 57,361 | |
RusHydro OJSC | | | 1,012,000 | | | | 41,121 | |
Sberbank of Russia | | | 71,240 | | | | 244,311 | |
Severstal OAO | | | 1,670 | | | | 25,614 | |
Sistema JSFC SP GDRb | | | 975 | | | | 21,255 | |
Surgutneftegas OJSC | | | 60,800 | | | | 63,162 | |
Tatneft OAO | | | 11,920 | | | | 79,337 | |
TMK OAO SP GDRb | | | 445 | | | | 6,417 | |
Uralkali OJSC | | | 11,560 | | | | 94,075 | |
VTB Bank OJSC | | | 21,920,000 | | | | 54,374 | |
| | | | | | | | |
| | | | | | | 2,069,295 | |
SOUTH AFRICA — 42.29% | | | | | |
Absa Group Ltd. | | | 2,279 | | | | 48,791 | |
African Bank Investments Ltd. | | | 5,542 | | | | 29,227 | |
African Rainbow Minerals Ltd. | | | 799 | | | | 20,484 | |
Anglo American Platinum Ltd. | | | 549 | | | | 43,628 | |
AngloGold Ashanti Ltd. | | | 3,189 | | | | 139,430 | |
ArcelorMittal South Africa Ltd. | | | 1,529 | | | | 13,381 | |
Aspen Pharmacare Holdings Ltd.a | | | 2,429 | | | | 35,423 | |
Aveng Ltd. | | | 3,119 | | | | 15,155 | |
Barloworld Ltd. | | | 1,619 | | | | 19,382 | |
Bidvest Group Ltd. | | | 2,500 | | | | 58,995 | |
Discovery Holdings Ltd. | | | 2,731 | | | | 17,932 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 15 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EMEA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
Exxaro Resources Ltd. | | | 917 | | | $ | 25,971 | |
FirstRand Ltd. | | | 23,345 | | | | 74,890 | |
Foschini Group Ltd. (The) | | | 1,732 | | | | 27,479 | |
Gold Fields Ltd. | | | 6,052 | | | | 96,504 | |
Growthpoint Properties Ltd. | | | 15,328 | | | | 42,279 | |
Harmony Gold Mining Co. Ltd. | | | 3,239 | | | | 43,041 | |
Impala Platinum Holdings Ltd. | | | 4,159 | | | | 93,282 | |
Imperial Holdings Ltd. | | | 1,457 | | | | 28,822 | |
Investec Ltd. | | | 1,914 | | | | 12,655 | |
Kumba Iron Ore Ltd. | | | 608 | | | | 46,579 | |
Liberty Holdings Ltd. | | | 941 | | | | 11,292 | |
Life Healthcare Group Holdings Ltd. | | | 6,980 | | | | 20,377 | |
Massmart Holdings Ltd. | | | 1,013 | | | | 23,917 | |
MMI Holdings Ltd. | | | 8,773 | | | | 22,468 | |
MTN Group Ltd. | | | 13,993 | | | | 254,121 | |
Naspers Ltd. Class N | | | 3,185 | | | | 178,236 | |
Nedbank Group Ltd. | | | 1,645 | | | | 35,463 | |
Netcare Ltd. | | | 7,812 | | | | 14,418 | |
Northam Platinum Ltd. | | | 2,185 | | | | 10,109 | |
Pick’n Pay Stores Ltd. | | | 2,396 | | | | 13,851 | |
Pretoria Portland Cement Co. Ltd. | | | 4,555 | | | | 19,320 | |
Redefine Properties Ltd. | | | 27,889 | | | | 29,386 | |
Remgro Ltd. | | | 3,782 | | | | 67,577 | |
Reunert Ltd. | | | 1,807 | | | | 16,905 | |
RMB Holdings Ltd. | | | 6,153 | | | | 25,809 | |
RMI Holdings | | | 6,015 | | | | 12,918 | |
Sanlam Ltd. | | | 14,175 | | | | 58,715 | |
Sappi Ltd.a | | | 4,068 | | | | 14,410 | |
Sasol Ltd. | | | 4,482 | | | | 240,548 | |
Shoprite Holdings Ltd. | | | 3,501 | | | | 63,909 | |
SPAR Group Ltd. (The) | | | 1,757 | | | | 27,180 | |
Standard Bank Group Ltd. | | | 9,833 | | | | 145,920 | |
Steinhoff International Holdings Ltd.a | | | 8,843 | | | | 31,870 | |
Telkom South Africa Ltd. | | | 2,534 | | | | 8,789 | |
Tiger Brands Ltd. | | | 1,437 | | | | 50,245 | |
Truworths International Ltd. | | | 3,659 | | | | 39,698 | |
Vodacom Group Ltd. | | | 3,124 | | | | 43,399 | |
Woolworths Holdings Ltd. | | | 6,209 | | | | 37,603 | |
| | | | | | | | |
| | | | | | | 2,451,783 | |
| |
TURKEY — 7.41% | | | | | |
Akbank TAS | | | 9,801 | | | | 39,407 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 1,803 | | | | 27,366 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Arcelik AS | | | 1,691 | | | $ | 7,787 | |
Asya Katilim Bankasi ASa | | | 5,163 | | | | 5,382 | |
BIM Birlesik Magazalar AS | | | 751 | | | | 26,454 | |
Coca-Cola Icecek AS | | | 567 | | | | 7,307 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 5,202 | | | | 6,912 | |
Enka Insaat ve Sanayi AS | | | 2,765 | | | | 7,903 | |
Eregli Demir ve Celik Fabrikalari TAS | | | 4,831 | | | | 11,345 | |
Ford Otomotiv Sanayi AS | | | 648 | | | | 6,105 | |
Haci Omer Sabanci Holding AS | | | 4,282 | | | | 18,541 | |
KOC Holding AS | | | 4,824 | | | | 20,114 | |
Koza Altin Isletmeleri AS | | | 437 | | | | 8,685 | |
TAV Havalimanlari Holding ASa | | | 1,596 | | | | 8,209 | |
Turk Hava Yollari AOa | | | 3,920 | | | | 5,972 | |
Turk Telekomunikasyon AS | | | 4,517 | | | | 19,403 | |
Turkcell Iletisim Hizmetleri ASa | | | 6,485 | | | | 35,657 | |
Turkiye Garanti Bankasi AS | | | 16,897 | | | | 64,261 | |
Turkiye Halk Bankasi AS | | | 2,505 | | | | 17,289 | |
Turkiye Is Bankasi AS | | | 12,863 | | | | 30,648 | |
Turkiye Petrol Rafinerileri AS | | | 1,004 | | | | 24,842 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 3,262 | | | | 6,633 | |
Turkiye Vakiflar Bankasi TAO Class D | | | 6,024 | | | | 10,696 | |
Yapi ve Kredi Bankasi ASa | | | 6,662 | | | | 12,744 | |
| | | | | | | | |
| | | | | | | 429,662 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $5,035,726) | | | | 5,708,206 | |
|
PREFERRED STOCKS — 1.50% | |
| |
RUSSIA — 1.50% | | | | | |
AK Transneft OAO | | | 13 | | | | 24,251 | |
Sberbank of Russia | | | 8,500 | | | | 22,098 | |
Surgutneftegas OJSC | | | 59,000 | | | | 40,372 | |
| | | | | | | | |
| | | | | | | 86,721 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $74,092) | | | | 86,721 | |
| | |
| 16 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EMEA INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.09% | |
| |
MONEY MARKET FUNDS — 0.09% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.01%c,d | | | 5,088 | | | $ | 5,088 | |
| | | | | | | | |
| | | | | | | 5,088 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $5,088) | | | | 5,088 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.04% | | | | | |
(Cost: $5,114,906) | | | | 5,800,015 | |
Other Assets, Less Liabilities — (0.04)% | | | | (2,165 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 5,797,850 | |
| | | | | | | | |
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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 17 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.45% | |
| |
AUSTRALIA — 3.64% | | | | | |
AGL Energy Ltd. | | | 405 | | | $ | 6,104 | |
Alumina Ltd. | | | 2,154 | | | | 3,188 | |
Amcor Ltd. | | | 1,074 | | | | 8,239 | |
AMP Ltd. | | | 2,500 | | | | 10,831 | |
ASX Ltd. | | | 154 | | | | 5,155 | |
Australia and New Zealand Banking
Group Ltd. | | | 2,308 | | | | 54,736 | |
Bendigo and Adelaide Bank Ltd. | | | 319 | | | | 2,664 | |
BHP Billiton Ltd. | | | 2,833 | | | | 110,499 | |
Boral Ltd. | | | 598 | | | | 2,843 | |
Brambles Ltd. | | | 1,310 | | | | 10,247 | |
Caltex Australia Ltd. | | | 120 | | | | 1,784 | |
Campbell Brothers Ltd. | | | 58 | | | | 3,720 | |
CFS Retail Property Trust | | | 1,660 | | | | 3,193 | |
Coca-Cola Amatil Ltd. | | | 516 | | | | 6,690 | |
Cochlear Ltd. | | | 49 | | | | 3,236 | |
Commonwealth Bank of Australia | | | 1,368 | | | | 73,060 | |
Computershare Ltd. | | | 388 | | | | 3,245 | |
Crown Ltd. | | | 428 | | | | 3,884 | |
CSL Ltd. | | | 463 | | | | 16,398 | |
Dexus Property Group | | | 4,282 | | | | 4,141 | |
Echo Entertainment Group Ltd. | | | 614 | | | | 2,853 | |
Fairfax Media Ltd. | | | 2,045 | | | | 1,768 | |
Fortescue Metals Group Ltd. | | | 1,102 | | | | 6,632 | |
Goodman Group | | | 6,155 | | | | 4,589 | |
GPT Group | | | 1,551 | | | | 5,228 | |
Iluka Resources Ltd. | | | 366 | | | | 6,604 | |
Incitec Pivot Ltd. | | | 1,434 | | | | 5,051 | |
Insurance Australia Group Ltd. | | | 1,688 | | | | 6,037 | |
James Hardie Industries SE | | | 378 | | | | 2,994 | |
Leighton Holdings Ltd. | | | 134 | | | | 3,699 | |
Lend Lease Group | | | 476 | | | | 3,852 | |
Lynas Corp. Ltd.a | | | 1,514 | | | | 1,996 | |
Macquarie Group Ltd. | | | 307 | | | | 8,880 | |
Metcash Ltd. | | | 691 | | | | 3,166 | |
Mirvac Group | | | 2,993 | | | | 3,881 | |
National Australia Bank Ltd. | | | 1,906 | | | | 48,745 | |
Newcrest Mining Ltd. | | | 673 | | | | 24,352 | |
Orica Ltd. | | | 316 | | | | 9,287 | |
Origin Energy Ltd. | | | 936 | | | | 13,764 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
OZ Minerals Ltd. | | | 300 | | | $ | 3,549 | |
Qantas Airways Ltd.a | | | 1,196 | | | | 2,236 | |
QBE Insurance Group Ltd. | | | 966 | | | | 12,159 | |
QR National Ltd. | | | 1,497 | | | | 6,324 | |
Ramsay Health Care Ltd. | | | 96 | | | | 1,903 | |
Rio Tinto Ltd. | | | 396 | | | | 28,859 | |
Santos Ltd. | | | 830 | | | | 12,931 | |
Sims Metal Management Ltd. | | | 156 | | | | 2,596 | |
Sonic Healthcare Ltd. | | | 323 | | | | 4,202 | |
SP AusNet | | | 1,559 | | | | 1,676 | |
Stockland Corp. Ltd. | | | 2,091 | | | | 7,162 | |
Suncorp Group Ltd. | | | 1,137 | | | | 10,049 | |
Tabcorp Holdings Ltd. | | | 632 | | | | 1,864 | |
Tatts Group Ltd. | | | 1,194 | | | | 3,070 | |
Telstra Corp. Ltd. | | | 3,872 | | | | 13,806 | |
Toll Holdings Ltd. | | | 601 | | | | 3,682 | |
Transurban Group | | | 1,153 | | | | 6,976 | |
Wesfarmers Ltd. | | | 878 | | | | 27,605 | |
Westfield Group | | | 1,936 | | | | 18,386 | |
Westfield Retail Trust | | | 2,537 | | | | 6,880 | |
Westpac Banking Corp. | | | 2,659 | | | | 60,044 | |
Woodside Petroleum Ltd. | | | 556 | | | | 22,371 | |
Woolworths Ltd. | | | 1,069 | | | | 29,233 | |
WorleyParsons Ltd. | | | 171 | | | | 5,426 | |
| | | | | | | | |
| | | | | | | 790,224 | |
| |
AUSTRIA — 0.10% | | | | | |
Erste Group Bank AG | | | 175 | | | | 4,409 | |
IMMOFINANZ AGa | | | 1,013 | | | | 3,560 | |
OMV AG | | | 159 | | | | 5,941 | |
Telekom Austria AG | | | 312 | | | | 3,646 | |
Verbund AG | | | 64 | | | | 1,801 | |
voestalpine AG | | | 100 | | | | 3,559 | |
| | | | | | | | |
| | | | | | | 22,916 | |
| |
BELGIUM — 0.41% | | | | | |
Ageas | | | 1,946 | | | | 4,149 | |
Anheuser-Busch InBev NV | | | 705 | | | | 47,550 | |
Bekaert NV | | | 39 | | | | 1,309 | |
Belgacom SA | | | 131 | | | | 4,187 | |
Colruyt SA | | | 68 | | | | 2,676 | |
Delhaize Group SA | | | 90 | | | | 4,967 | |
Groupe Bruxelles Lambert SA | | | 71 | | | | 5,355 | |
KBC Groep NV | | | 119 | | | | 2,822 | |
| | |
| 18 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Mobistar SA | | | 29 | | | $ | 1,395 | |
Solvay SA | | | 52 | | | | 6,425 | |
UCB SA | | | 88 | | | | 3,568 | |
Umicore | | | 101 | | | | 5,276 | |
| | | | | | | | |
| | | | | | | 89,679 | |
| |
CANADA — 5.15% | | | | | |
Agnico-Eagle Mines Ltd. | | | 150 | | | | 5,478 | |
Agrium Inc. | | | 139 | | | | 11,880 | |
Alimentation Couche-Tard Inc. Class B | | | 108 | | | | 3,343 | |
ARC Resources Ltd. | | | 249 | | | | 6,459 | |
Athabasca Oil Sands Corp.a | | | 300 | | | | 3,740 | |
Bank of Montreal | | | 558 | | | | 32,904 | |
Bank of Nova Scotia | | | 951 | | | | 51,511 | |
Barrick Gold Corp. | | | 878 | | | | 42,200 | |
Baytex Energy Corp. | | | 102 | | | | 5,926 | |
BCE Inc. | | | 228 | | | | 9,384 | |
Bell Aliant Inc. | | | 69 | | | | 1,929 | |
Bombardier Inc. Class B | | | 1,114 | | | | 5,372 | |
Bonavista Energy Corp. | | | 123 | | | | 2,872 | |
Brookfield Asset Management Inc. Class A | | | 493 | | | | 15,476 | |
Brookfield Office Properties Inc. | | | 203 | | | | 3,543 | |
CAE Inc. | | | 196 | | | | 2,121 | |
Cameco Corp. | | | 345 | | | | 8,512 | |
Canadian Imperial Bank of Commerce | | | 349 | | | | 27,174 | |
Canadian National Railway Co. | | | 400 | | | | 30,962 | |
Canadian Natural Resources Ltd. | | | 962 | | | | 35,874 | |
Canadian Oil Sands Ltd. | | | 423 | | | | 10,148 | |
Canadian Pacific Railway Ltd. | | | 148 | | | | 11,140 | |
Canadian Tire Corp. Ltd. Class A | | | 69 | | | | 4,402 | |
Canadian Utilities Ltd. Class A | | | 78 | | | | 5,222 | |
Cenovus Energy Inc. | | | 665 | | | | 25,967 | |
Centerra Gold Inc. | | | 145 | | | | 2,930 | |
CGI Group Inc. Class Aa | | | 197 | | | | 4,236 | |
CI Financial Corp. | | | 134 | | | | 2,993 | |
Crescent Point Energy Corp. | | | 219 | | | | 10,417 | |
Eldorado Gold Corp. | | | 480 | | | | 7,368 | |
Empire Co. Ltd. Class A | | | 28 | | | | 1,620 | |
Enbridge Inc. | | | 650 | | | | 25,183 | |
Encana Corp. | | | 644 | | | | 13,181 | |
Enerplus Corp. | | | 156 | | | | 3,792 | |
Fairfax Financial Holdings Ltd. | | | 20 | | | | 8,305 | |
Finning International Inc. | | | 150 | | | | 4,380 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
First Quantum Minerals Ltd. | | | 426 | | | $ | 9,792 | |
Fortis Inc. | | | 151 | | | | 5,004 | |
Franco-Nevada Corp. | | | 115 | | | | 5,105 | |
George Weston Ltd. | | | 47 | | | | 3,046 | |
Gildan Activewear Inc. | | | 98 | | | | 2,461 | |
Goldcorp Inc. | | | 712 | | | | 34,677 | |
Great-West Lifeco Inc. | | | 246 | | | | 5,752 | |
H&R Real Estate Investment Trust | | | 68 | | | | 1,631 | |
Husky Energy Inc. | | | 289 | | | | 7,843 | |
IAMGOLD Corp. | | | 332 | | | | 5,043 | |
IGM Financial Inc. | | | 105 | | | | 4,871 | |
Imperial Oil Ltd. | | | 262 | | | | 12,579 | |
Industrial Alliance Insurance and Financial Services Inc. | | | 72 | | | | 1,972 | |
Inmet Mining Corp. | | | 49 | | | | 3,342 | |
Intact Financial Corp. | | | 115 | | | | 7,005 | |
Ivanhoe Mines Ltd.a | | | 250 | | | | 4,358 | |
Kinross Gold Corp. | | | 988 | | | | 10,984 | |
Loblaw Companies Ltd. | | | 102 | | | | 3,596 | |
Magna International Inc. Class A | | | 192 | | | | 9,187 | |
Manulife Financial Corp. | | | 1,547 | | | | 19,444 | |
MEG Energy Corp.a | | | 100 | | | | 4,418 | |
Metro Inc. Class A | | | 92 | | | | 4,788 | |
National Bank of Canada | | | 141 | | | | 11,034 | |
New Gold Inc.a | | | 367 | | | | 4,307 | |
Nexen Inc. | | | 447 | | | | 9,154 | |
Niko Resources Ltd. | | | 40 | | | | 1,899 | |
Onex Corp. | | | 84 | | | | 3,100 | |
Open Text Corp.a | | | 51 | | | | 3,125 | |
Osisko Mining Corp.a | | | 291 | | | | 3,705 | |
Pacific Rubiales Energy Corp. | | | 223 | | | | 6,505 | |
Pan American Silver Corp. | | | 92 | | | | 2,312 | |
Pembina Pipeline Corp. | | | 146 | | | | 4,161 | |
Pengrowth Energy Corp. | | | 290 | | | | 2,971 | |
Penn West Petroleum Ltd. | | | 407 | | | | 8,930 | |
Potash Corp. of Saskatchewan Inc. | | | 748 | | | | 34,957 | |
Power Corp. of Canada | | | 302 | | | | 7,665 | |
Power Financial Corp. | | | 217 | | | | 6,056 | |
Precision Drilling Corp.a | | | 198 | | | | 2,408 | |
Progress Energy Resources Corp. | | | 155 | | | | 1,704 | |
Research In Motion Ltd.a | | | 412 | | | | 5,869 | |
RioCan Real Estate Investment Trust | | | 111 | | | | 3,056 | |
Ritchie Bros. Auctioneers Inc. | | | 81 | | | | 1,985 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Rogers Communications Inc. Class B | | | 365 | | | $ | 14,056 | |
Royal Bank of Canada | | | 1,262 | | | | 71,342 | |
Saputo Inc. | | | 124 | | | | 5,167 | |
Shaw Communications Inc. Class B | | | 322 | | | | 6,640 | |
Shoppers Drug Mart Corp. | | | 194 | | | | 8,278 | |
Silver Wheaton Corp. | | | 312 | | | | 11,999 | |
SNC-Lavalin Group Inc. | | | 135 | | | | 5,126 | |
Sun Life Financial Inc. | | | 505 | | | | 11,152 | |
Suncor Energy Inc. | | | 1,380 | | | | 49,907 | |
Talisman Energy Inc. | | | 893 | | | | 12,330 | |
Teck Resources Ltd. Class B | | | 517 | | | | 20,797 | |
TELUS Corp. NVS | | | 181 | | | | 10,598 | |
Thomson Reuters Corp. | | | 331 | | | | 9,648 | |
Tim Hortons Inc. | | | 141 | | | | 7,653 | |
TMX Group Inc. | | | 67 | | | | 2,939 | |
Toronto-Dominion Bank (The) | | | 779 | | | | 63,929 | |
Tourmaline Oil Corp.a | | | 100 | | | | 2,611 | |
TransAlta Corp. | | | 183 | | | | 3,881 | |
TransCanada Corp. | | | 624 | | | | 27,603 | |
Valeant Pharmaceuticals International Inc.a | | | 251 | | | | 13,371 | |
Vermilion Energy Inc. | | | 80 | | | | 3,951 | |
Viterra Inc. | | | 308 | | | | 3,346 | |
Yamana Gold Inc. | | | 658 | | | | 11,477 | |
| | | | | | | | |
| | | | | | | 1,117,546 | |
| |
DENMARK — 0.50% | | | | | |
A.P. Moeller-Maersk A/S Class B | | | 2 | | | | 16,194 | |
Carlsberg A/S Class B | | | 92 | | | | 7,272 | |
Coloplast A/S Class B | | | 21 | | | | 3,469 | |
Danske Bank A/Sa | | | 577 | | | | 10,434 | |
DSV A/S | | | 185 | | | | 4,327 | |
Novo Nordisk A/S Class B | | | 373 | | | | 52,516 | |
Novozymes A/S Class B | | | 196 | | | | 5,854 | |
TDC A/S | | | 337 | | | | 2,682 | |
TrygVesta A/S | | | 27 | | | | 1,453 | |
Vestas Wind Systems A/Sa | | | 163 | | | | 1,683 | |
William Demant Holding A/Sa | | | 19 | | | | 1,771 | |
| | | | | | | | |
| | | | | | | 107,655 | |
| |
FINLAND — 0.38% | | | | | |
Elisa OYJ | | | 125 | | | | 2,858 | |
Fortum OYJ | | | 387 | | | | 9,655 | |
Kesko OYJ Class B | | | 59 | | | | 1,991 | |
Kone OYJ Class B | | | 137 | | | | 8,172 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Metso OYJ | | | 113 | | | $ | 5,389 | |
Neste Oil OYJ | | | 130 | | | | 1,608 | |
Nokia OYJ | | | 3,273 | | | | 17,250 | |
Nokian Renkaat OYJ | | | 96 | | | | 4,277 | |
Orion OYJ Class B | | | 87 | | | | 1,882 | |
Pohjola Bank PLC Class A | | | 147 | | | | 1,706 | |
Sampo OYJ Class A | | | 366 | | | | 10,355 | |
Sanoma OYJ | | | 129 | | | | 1,694 | |
Stora Enso OYJ Class R | | | 506 | | | | 3,814 | |
UPM-Kymmene OYJ | | | 458 | | | | 6,341 | |
Wartsila OYJ ABP | | | 148 | | | | 5,116 | |
| | | | | | | | |
| | | | | | | 82,108 | |
| |
FRANCE — 3.94% | | | | | |
Accor SA | | | 134 | | | | 4,732 | |
Aeroports de Paris | | | 30 | | | | 2,380 | |
Alcatel-Lucenta | | | 2,007 | | | | 5,053 | |
ALSTOM | | | 184 | | | | 7,960 | |
ArcelorMittal | | | 752 | | | | 15,919 | |
Arkema SA | | | 49 | | | | 4,508 | |
AtoS | | | 44 | | | | 2,514 | |
AXA | | | 1,510 | | | | 24,451 | |
BNP Paribas SA | | | 848 | | | | 41,558 | |
Bouygues SA | | | 169 | | | | 5,399 | |
Bureau Veritas SA | | | 50 | | | | 4,147 | |
Cap Gemini SA | | | 129 | | | | 5,707 | |
Carrefour SA | | | 510 | | | | 12,839 | |
Casino Guichard-Perrachon SA | | | 50 | | | | 4,891 | |
Christian Dior SA | | | 47 | | | | 7,321 | |
CNP Assurances SA | | | 131 | | | | 1,896 | |
Compagnie de Saint-Gobain | | | 355 | | | | 16,925 | |
Compagnie Generale de Geophysique-Veritasa | | | 130 | | | | 4,033 | |
Compagnie Generale des Etablissements Michelin Class B | | | 157 | | | | 10,871 | |
Credit Agricole SA | | | 880 | | | | 5,659 | |
Danone SA | | | 513 | | | | 34,847 | |
Dassault Systemes SA | | | 53 | | | | 4,418 | |
Edenred SA | | | 143 | | | | 3,832 | |
Electricite de France | | | 214 | | | | 5,357 | |
Essilor International SA | | | 179 | | | | 14,309 | |
Eurazeo | | | 37 | | | | 1,760 | |
| | |
| 20 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
European Aeronautic Defence and
Space Co. NV | | | 365 | | | $ | 13,312 | |
Eutelsat Communications | | | 92 | | | | 3,445 | |
Fonciere des Regions | | | 27 | | | | 1,966 | |
France Telecom SA | | | 1,633 | | | | 25,023 | |
GDF Suez | | | 1,088 | | | | 28,337 | |
Gecina SA | | | 18 | | | | 1,736 | |
Groupe Eurotunnel SA | | | 480 | | | | 4,181 | |
Icade | | | 20 | | | | 1,664 | |
Iliad SA | | | 19 | | | | 2,530 | |
Imerys SA | | | 32 | | | | 1,942 | |
JCDecaux SAa | | | 62 | | | | 1,728 | |
Klepierre | | | 95 | | | | 3,030 | |
L’Air Liquide SA | | | 248 | | | | 32,355 | |
L’Oreal SA | | | 211 | | | | 24,164 | |
Lafarge SA | | | 176 | | | | 8,219 | |
Lagardere SCA | | | 108 | | | | 3,248 | |
Legrand SA | | | 196 | | | | 7,145 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 223 | | | | 37,676 | |
Natixis | | | 813 | | | | 2,950 | |
Neopost SA | | | 32 | | | | 2,199 | |
Pernod Ricard SA | | | 169 | | | | 17,557 | |
PPR SA | | | 68 | | | | 11,607 | |
PSA Peugeot Citroen SA | | | 135 | | | | 2,717 | |
Publicis Groupe SA | | | 128 | | | | 7,031 | |
Renault SA | | | 169 | | | | 8,984 | |
Safran SA | | | 149 | | | | 5,014 | |
Sanofi | | | 1,003 | | | | 74,478 | |
Schneider Electric SA | | | 430 | | | | 29,341 | |
SCOR SE | | | 152 | | | | 4,039 | |
SES SA Class A FDR | | | 269 | | | | 6,515 | |
Societe BIC SA | | | 26 | | | | 2,625 | |
Societe Generale | | | 580 | | | | 18,815 | |
Sodexo | | | 86 | | | | 6,646 | |
STMicroelectronics NV | | | 557 | | | | 4,173 | |
Suez Environnement SA | | | 256 | | | | 3,763 | |
Technip SA | | | 89 | | | | 9,754 | |
Thales SA | | | 89 | | | | 3,226 | |
Total SA | | | 1,869 | | | | 104,982 | |
Unibail-Rodamco SE | | | 81 | | | | 15,711 | |
Vallourec SA | | | 100 | | | | 7,070 | |
Veolia Environnement | | | 324 | | | | 3,981 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Vinci SA | | | 398 | | | $ | 20,809 | |
Vivendi SA | | | 1,094 | | | | 23,591 | |
Wendel | | | 30 | | | | 2,538 | |
| | | | | | | | |
| | | | | | | 855,103 | |
| |
GERMANY — 3.38% | | | | | |
Adidas AG | | | 183 | | | | 14,438 | |
Allianz SE Registered | | | 399 | | | | 48,587 | |
Axel Springer AG | | | 36 | | | | 1,724 | |
BASF SE | | | 805 | | | | 70,964 | |
Bayer AG Registered | | | 720 | | | | 53,454 | |
Bayerische Motoren Werke AG | | | 293 | | | | 27,213 | |
Beiersdorf AG | | | 89 | | | | 5,597 | |
Brenntag AG | | | 31 | | | | 3,629 | |
Celesio AG | | | 91 | | | | 1,692 | |
Commerzbank AGa | | | 3,138 | | | | 7,917 | |
Continental AGa | | | 71 | | | | 6,490 | |
Daimler AG Registered | | | 796 | | | | 48,337 | |
Deutsche Bank AG Registered | | | 815 | | | | 38,218 | |
Deutsche Boerse AG | | | 148 | | | | 9,853 | |
Deutsche Lufthansa AG Registered | | | 236 | | | | 3,290 | |
Deutsche Post AG Registered | | | 759 | | | | 13,387 | |
Deutsche Telekom AG Registered | | | 2,465 | | | | 28,885 | |
E.ON AG | | | 1,580 | | | | 36,491 | |
Fraport AG | | | 37 | | | | 2,285 | |
Fresenius Medical Care AG & Co. KGaA | | | 184 | | | | 12,942 | |
Fresenius SE & Co. KGaA | | | 101 | | | | 10,484 | |
GEA Group AG | | | 160 | | | | 5,428 | |
Hannover Rueckversicherung AG Registered | | | 52 | | | | 2,898 | |
HeidelbergCement AG | | | 124 | | | | 6,703 | |
Henkel AG & Co. KGaA | | | 105 | | | | 5,754 | |
Hochtief AG | | | 39 | | | | 2,734 | |
Infineon Technologies AGa | | | 946 | | | | 9,606 | |
K+S AG | | | 152 | | | | 7,620 | |
Kabel Deutschland Holding AGa | | | 81 | | | | 4,884 | |
LANXESS AG | | | 74 | | | | 5,553 | |
Linde AG | | | 150 | | | | 25,042 | |
MAN SE | | | 56 | | | | 6,480 | |
Merck KGaA | | | 57 | | | | 5,918 | |
METRO AG | | | 115 | | | | 4,572 | |
Muenchener Rueckversicherungs-Gesellschaft AG Registered | | | 158 | | | | 23,133 | |
QIAGEN NVa | | | 206 | | | | 3,170 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RWE AG | | | 459 | | | $ | 20,999 | |
Salzgitter AG | | | 35 | | | | 2,151 | |
SAP AG | | | 811 | | | | 54,949 | |
Siemens AG Registered | | | 722 | | | | 72,301 | |
Suedzucker AG | | | 58 | | | | 1,687 | |
ThyssenKrupp AG | | | 341 | | | | 9,239 | |
United Internet AG Registered | | | 97 | | | | 1,880 | |
Volkswagen AG | | | 26 | | | | 4,424 | |
| | | | | | | | |
| | | | | | | 733,002 | |
| |
GREECE — 0.02% | | | | | |
National Bank of Greece SAa | | | 1,410 | | | | 4,433 | |
| | | | | | | | |
| | | | | | | 4,433 | |
| |
HONG KONG — 1.27% | | | | | |
AIA Group Ltd. | | | 7,400 | | | | 28,052 | |
ASM Pacific Technology Ltd. | | | 200 | | | | 2,819 | |
Bank of East Asia Ltd. (The) | | | 1,400 | | | | 5,641 | |
BOC Hong Kong (Holdings) Ltd. | | | 3,500 | | | | 9,815 | |
Cathay Pacific Airways Ltd. | | | 1,000 | | | | 1,986 | |
Cheung Kong (Holdings) Ltd. | | | 1,000 | | | | 14,622 | |
CLP Holdings Ltd. | | | 2,000 | | | | 17,664 | |
First Pacific Co. Ltd. | | | 2,000 | | | | 2,246 | |
Foxconn International Holdings Ltd.a | | | 3,000 | | | | 2,108 | |
Galaxy Entertainment Group Ltd.a | | | 1,000 | | | | 2,470 | |
Hang Lung Group Ltd. | | | 1,000 | | | | 6,782 | |
Hang Lung Properties Ltd. | | | 2,000 | | | | 7,569 | |
Hang Seng Bank Ltd. | | | 700 | | | | 9,802 | |
Henderson Land Development Co. Ltd. | | | 1,000 | | | | 6,279 | |
Hong Kong and China Gas Co. Ltd. (The) | | | 4,000 | | | | 10,212 | |
Hong Kong Exchanges and Clearing Ltd. | | | 900 | | | | 16,780 | |
Hopewell Holdings Ltd. | | | 1,000 | | | | 3,049 | |
Hutchison Whampoa Ltd. | | | 2,000 | | | | 19,882 | |
Hysan Development Co. Ltd. | | | 1,000 | | | | 4,365 | |
Kerry Properties Ltd. | | | 500 | | | | 2,373 | |
Li & Fung Ltd. | | | 4,000 | | | | 9,180 | |
Lifestyle International Holdings Ltd. | | | 1,000 | | | | 2,740 | |
Link REIT (The) | | | 2,000 | | | | 7,504 | |
MTR Corp. Ltd. | | | 1,000 | | | | 3,559 | |
New World Development Co. Ltd. | | | 3,000 | | | | 4,131 | |
NWS Holdings Ltd. | | | 2,000 | | | | 3,316 | |
PCCW Ltd. | | | 5,000 | | | | 1,850 | |
Power Assets Holdings Ltd. | | | 1,000 | | | | 7,491 | |
Sands China Ltd. | | | 2,000 | | | | 7,517 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Shangri-La Asia Ltd. | | | 2,000 | | | $ | 5,003 | |
Sino Land Co. Ltd. | | | 4,000 | | | | 7,138 | |
SJM Holdings Ltd. | | | 2,000 | | | | 4,188 | |
Sun Hung Kai Properties Ltd. | | | 1,000 | | | | 15,395 | |
Swire Pacific Ltd. Class A | | | 500 | | | | 5,686 | |
Wharf (Holdings) Ltd. (The) | | | 1,000 | | | | 6,260 | |
Wheelock and Co. Ltd. | | | 1,000 | | | | 3,436 | |
Wynn Macau Ltd. | | | 1,600 | | | | 4,219 | |
Yue Yuen Industrial (Holdings) Ltd. | | | 500 | | | | 1,721 | |
| | | | | | | | |
| | | | | | | 274,850 | |
| |
IRELAND — 0.11% | | | | | |
CRH PLC | | | 607 | | | | 13,024 | |
Elan Corp. PLCa | | | 418 | | | | 5,239 | |
Kerry Group PLC Class A | | | 109 | | | | 4,666 | |
| | | | | | | | |
| | | | | | | 22,929 | |
| |
ISRAEL — 0.26% | | | | | |
Bank Hapoalim Ltd. | | | 784 | | | | 2,543 | |
Bank Leumi le-Israel | | | 825 | | | | 2,395 | |
Bezeq The Israel Telecommunication Corp. Ltd. | | | 1,514 | | | | 2,506 | |
Cellcom Israel Ltd. | | | 92 | | | | 1,249 | |
Delek Group Ltd. (The) | | | 9 | | | | 1,629 | |
Israel Chemicals Ltd. | | | 385 | | | | 4,088 | |
Israel Discount Bank Ltd. Class Aa | | | 1,026 | | | | 1,291 | |
Mizrahi Tefahot Bank Ltd. | | | 187 | | | | 1,478 | |
NICE Systems Ltd.a | | | 50 | | | | 1,706 | |
Partner Communications Co. Ltd. | | | 157 | | | | 1,156 | |
Teva Pharmaceutical Industries Ltd. | | | 806 | | | | 36,157 | |
| | | | | | | | |
| | | | | | | 56,198 | |
| |
ITALY — 0.99% | | | | | |
A2A SpA | | | 1,476 | | | | 1,492 | |
Assicurazioni Generali SpA | | | 1,022 | | | | 16,529 | |
Atlantia SpA | | | 257 | | | | 4,321 | |
Autogrill SpA | | | 149 | | | | 1,519 | |
Banca Carige SpA | | | 778 | | | | 1,199 | |
Banca Monte dei Paschi di Siena SpA | | | 4,155 | | | | 2,229 | |
Banco Popolare SpA | | | 1,518 | | | | 2,802 | |
Enel Green Power SpA | | | 1,515 | | | | 2,995 | |
Enel SpA | | | 5,761 | | | | 23,212 | |
Eni SpA | | | 2,106 | | | | 48,766 | |
Exor SpA | | | 72 | | | | 1,817 | |
| | |
| 22 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Fiat Industrial SpAa | | | 670 | | | $ | 7,170 | |
Fiat SpA | | | 670 | | | | 3,892 | |
Finmeccanica SpA | | | 354 | | | | 1,798 | |
Intesa Sanpaolo SpA | | | 8,403 | | | | 16,423 | |
Intesa Sanpaolo SpA RNC | | | 1,125 | | | | 1,807 | |
Luxottica Group SpA | | | 96 | | | | 3,481 | |
Mediaset SpA | | | 629 | | | | 1,871 | |
Mediobanca SpA | | | 451 | | | | 2,950 | |
Pirelli & C. SpA | | | 173 | | | | 1,810 | |
Prysmian SpA | | | 177 | | | | 3,069 | |
Saipem SpA | | | 235 | | | | 11,936 | |
Snam SpA | | | 1,396 | | | | 6,786 | |
Telecom Italia SpA | | | 8,457 | | | | 9,786 | |
Telecom Italia SpA RNC | | | 4,742 | | | | 4,507 | |
Tenaris SA | | | 414 | | | | 8,086 | |
Terna SpA | | | 1,039 | | | | 3,931 | |
UniCredit SpA | | | 3,093 | | | | 16,161 | |
Unione di Banche Italiane ScpA | | | 702 | | | | 3,266 | |
| | | | | | | | |
| | | | | | | 215,611 | |
| |
JAPAN — 9.07% | | | | | |
Advantest Corp. | | | 200 | | | | 2,832 | |
AEON Co. Ltd. | | | 600 | | | | 7,650 | |
AEON Credit Service Co. Ltd. | | | 200 | | | | 2,901 | |
Aisin Seiki Co. Ltd. | | | 200 | | | | 7,072 | |
Ajinomoto Co. Inc. | | | 1,000 | | | | 11,836 | |
All Nippon Airways Co. Ltd.b | | | 1,000 | | | | 3,076 | |
Aozora Bank Ltd. | | | 1,000 | | | | 2,903 | |
Asahi Glass Co. Ltd. | | | 1,000 | | | | 9,019 | |
Asahi Group Holdings Ltd. | | | 400 | | | | 8,787 | |
Asahi Kasei Corp. | | | 1,000 | | | | 6,363 | |
ASICS Corp. | | | 200 | | | | 2,367 | |
Astellas Pharma Inc. | | | 400 | | | | 16,506 | |
Bank of Yokohama Ltd. (The) | | | 1,000 | | | | 4,843 | |
Benesse Holdings Inc. | | | 100 | | | | 4,608 | |
Bridgestone Corp. | | | 600 | | | | 14,500 | |
Brother Industries Ltd. | | | 200 | | | | 2,597 | |
Canon Inc. | | | 1,000 | | | | 45,466 | |
Casio Computer Co. Ltd. | | | 300 | | | | 2,072 | |
Central Japan Railway Co. | | | 1 | | | | 8,241 | |
Chiba Bank Ltd. (The) | | | 1,000 | | | | 6,350 | |
Chubu Electric Power Co. Inc. | | | 600 | | | | 11,053 | |
Chugai Pharmaceutical Co. Ltd. | | | 200 | | | | 3,286 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Chugoku Electric Power Co. Inc. (The) | | | 300 | | | $ | 5,463 | |
Citizen Holdings Co. Ltd. | | | 300 | | | | 1,861 | |
Coca-Cola West Co. Ltd. | | | 300 | | | | 5,122 | |
Credit Saison Co. Ltd. | | | 200 | | | | 4,008 | |
Dai Nippon Printing Co. Ltd. | | | 1,000 | | | | 10,341 | |
Dai-ichi Life Insurance Co. Ltd. (The) | | | 8 | | | | 10,556 | |
Daiichi Sankyo Co. Ltd. | | | 800 | | | | 14,757 | |
Daikin Industries Ltd. | | | 200 | | | | 5,955 | |
Dainippon Sumitomo Pharma Co. Ltd. | | | 200 | | | | 2,083 | |
Daito Trust Construction Co. Ltd. | | | 100 | | | | 8,846 | |
Daiwa Securities Group Inc. | | | 2,000 | | | | 8,327 | |
Dena Co. Ltd. | | | 100 | | | | 3,268 | |
Denki Kagaku Kogyo K.K. | | | 1,000 | | | | 4,028 | |
Denso Corp. | | | 400 | | | | 13,279 | |
Dentsu Inc. | | | 200 | | | | 6,239 | |
East Japan Railway Co. | | | 300 | | | | 19,311 | |
Eisai Co. Ltd. | | | 200 | | | | 8,129 | |
Electric Power Development Co. Ltd. | | | 200 | | | | 5,132 | |
FamilyMart Co. Ltd. | | | 100 | | | | 3,916 | |
FANUC Corp. | | | 200 | | | | 36,397 | |
Fuji Electric Holdings Co. Ltd. | | | 1,000 | | | | 2,607 | |
Fuji Heavy Industries Ltd. | | | 1,000 | | | | 7,586 | |
FUJIFILM Holdings Corp. | | | 400 | | | | 10,166 | |
Fujitsu Ltd. | | | 2,000 | | | | 10,897 | |
Fukuoka Financial Group Inc. | | | 1,000 | | | | 4,374 | |
Gree Inc. | | | 100 | | | | 3,141 | |
Hachijuni Bank Ltd. (The) | | | 1,000 | | | | 5,893 | |
Hakuhodo DY Holdings Inc. | | | 30 | | | | 1,837 | |
Hamamatsu Photonics K.K. | | | 100 | | | | 3,578 | |
Hitachi Chemical Co. Ltd. | | | 200 | | | | 3,709 | |
Hitachi Construction Machinery Co. Ltd. | | | 100 | | | | 2,099 | |
Hitachi Ltd. | | | 4,000 | | | | 23,375 | |
Hokkaido Electric Power Co. Inc. | | | 200 | | | | 2,968 | |
Hokuhoku Financial Group Inc. | | | 2,000 | | | | 3,879 | |
Hokuriku Electric Power Co. | | | 200 | | | | 3,739 | |
Honda Motor Co. Ltd. | | | 1,500 | | | | 57,357 | |
Hoya Corp. | | | 400 | | | | 9,350 | |
IBIDEN Co. Ltd. | | | 100 | | | | 2,418 | |
IHI Corp. | | | 1,000 | | | | 2,545 | |
INPEX Corp. | | | 2 | | | | 14,257 | |
Isetan Mitsukoshi Holdings Ltd. | | | 400 | | | | 4,522 | |
Isuzu Motors Ltd. | | | 1,000 | | | | 5,658 | |
ITOCHU Corp. | | | 1,400 | | | | 15,999 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Japan Real Estate Investment Corp. | | | 1 | | | $ | 8,871 | |
Japan Retail Fund Investment Corp. | | | 2 | | | | 3,007 | |
Japan Tobacco Inc. | | | 4 | | | | 21,349 | |
JFE Holdings Inc. | | | 400 | | | | 8,653 | |
JS Group Corp. | | | 300 | | | | 6,301 | |
JSR Corp. | | | 200 | | | | 4,218 | |
JTEKT Corp. | | | 200 | | | | 2,268 | |
Jupiter Telecommunications Co. Ltd. | | | 2 | | | | 1,957 | |
JX Holdings Inc. | | | 2,100 | | | | 13,232 | |
Kajima Corp. | | | 1,000 | | | | 3,101 | |
Kansai Electric Power Co. Inc. (The) | | | 700 | | | | 11,641 | |
Kao Corp. | | | 500 | | | | 12,843 | |
Kawasaki Heavy Industries Ltd. | | | 1,000 | | | | 3,150 | |
KDDI Corp. | | | 3 | | | | 19,125 | |
Kintetsu Corp.b | | | 2,000 | | | | 7,660 | |
Kirin Holdings Co. Ltd. | | | 2,000 | | | | 23,622 | |
Kobe Steel Ltd. | | | 3,000 | | | | 5,226 | |
Komatsu Ltd. | | | 800 | | | | 23,939 | |
Konami Corp. | | | 100 | | | | 2,760 | |
Konica Minolta Holdings Inc. | | | 500 | | | | 4,238 | |
Kubota Corp. | | | 1,000 | | | | 9,884 | |
Kuraray Co. Ltd. | | | 400 | | | | 5,792 | |
Kurita Water Industries Ltd. | | | 100 | | | | 2,581 | |
Kyocera Corp. | | | 100 | | | | 8,883 | |
Kyushu Electric Power Co. Inc. | | | 300 | | | | 4,429 | |
Makita Corp. | | | 100 | | | | 4,176 | |
Marubeni Corp. | | | 1,000 | | | | 7,178 | |
Marui Group Co. Ltd. | | | 200 | | | | 1,636 | |
Mazda Motor Corp.a | | | 1,000 | | | | 1,656 | |
Medipal Holdings Corp. | | | 200 | | | | 2,414 | |
Mitsubishi Chemical Holdings Corp. | | | 1,000 | | | | 5,782 | |
Mitsubishi Corp. | | | 1,200 | | | | 29,518 | |
Mitsubishi Electric Corp. | | | 2,000 | | | | 18,013 | |
Mitsubishi Estate Co. Ltd. | | | 1,000 | | | | 18,162 | |
Mitsubishi Heavy Industries Ltd. | | | 3,000 | | | | 14,122 | |
Mitsubishi Materials Corp. | | | 1,000 | | | | 3,237 | |
Mitsubishi Motors Corp.a | | | 3,000 | | | | 3,595 | |
Mitsubishi Tanabe Pharma Corp. | | | 300 | | | | 4,114 | |
Mitsubishi UFJ Financial Group Inc. | | | 11,200 | | | | 58,117 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | | | 50 | | | | 2,144 | |
Mitsui & Co. Ltd. | | | 1,500 | | | | 25,927 | |
Mitsui Chemicals Inc. | | | 1,000 | | | | 3,435 | |
Mitsui Fudosan Co. Ltd. | | | 1,000 | | | | 19,051 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Mitsui O.S.K. Lines Ltd. | | | 1,000 | | | $ | 4,571 | |
Mizuho Financial Group Inc. | | | 20,000 | | | | 33,605 | |
MS&AD Insurance Group Holdings Inc. | | | 500 | | | | 10,767 | |
Murata Manufacturing Co. Ltd. | | | 200 | | | | 11,972 | |
Nabtesco Corp. | | | 100 | | | | 2,340 | |
Namco Bandai Holdings Inc. | | | 200 | | | | 2,805 | |
NHK Spring Co. Ltd. | | | 200 | | | | 2,071 | |
Nidec Corp. | | | 100 | | | | 9,488 | |
Nikon Corp. | | | 300 | | | | 8,158 | |
Nintendo Co. Ltd. | | | 100 | | | | 14,826 | |
Nippon Express Co. Ltd. | | | 1,000 | | | | 3,941 | |
Nippon Paper Group Inc. | | | 100 | | | | 2,153 | |
Nippon Sheet Glass Co. Ltd. | | | 1,000 | | | | 1,680 | |
Nippon Steel Corp. | | | 5,000 | | | | 14,455 | |
Nippon Telegraph and Telephone Corp. | | | 400 | | | | 18,952 | |
Nippon Yusen K.K. | | | 1,000 | | | | 2,990 | |
Nissan Motor Co. Ltd. | | | 2,200 | | | | 22,614 | |
Nissin Foods Holdings Co. Ltd. | | | 100 | | | | 3,768 | |
Nitori Holdings Co. Ltd. | | | 50 | | | | 4,244 | |
Nitto Denko Corp. | | | 100 | | | | 4,126 | |
NKSJ Holdings Inc. | | | 300 | | | | 7,064 | |
NOK Corp. | | | 100 | | | | 2,006 | |
Nomura Holdings Inc. | | | 3,300 | | | | 15,289 | |
Nomura Real Estate Holdings Inc. | | | 100 | | | | 1,740 | |
Nomura Research Institute Ltd. | | | 100 | | | | 2,388 | |
NTN Corp. | | | 1,000 | | | | 4,374 | |
NTT Data Corp. | | | 1 | | | | 3,384 | |
NTT DoCoMo Inc. | | | 14 | | | | 24,008 | |
NTT Urban Development Corp. | | | 3 | | | | 2,417 | |
Obayashi Corp. | | | 1,000 | | | | 4,534 | |
Odakyu Electric Railway Co. Ltd. | | | 1,000 | | | | 9,587 | |
Oji Paper Co. Ltd. | | | 1,000 | | | | 4,991 | |
Olympus Corp. | | | 200 | | | | 3,358 | |
Omron Corp. | | | 200 | | | | 4,448 | |
Ono Pharmaceutical Co. Ltd. | | | 200 | | | | 10,971 | |
ORIX Corp. | | | 100 | | | | 9,674 | |
Osaka Gas Co. Ltd. | | | 2,000 | | | | 7,709 | |
Otsuka Holdings Co. Ltd. | | | 300 | | | | 8,462 | |
Panasonic Corp. | | | 2,000 | | | | 18,755 | |
Rakuten Inc. | | | 6 | | | | 5,990 | |
Resona Holdings Inc. | | | 1,600 | | | | 7,690 | |
Ricoh Co. Ltd. | | | 1,000 | | | | 9,229 | |
Rohm Co. Ltd. | | | 100 | | | | 5,053 | |
| | |
| 24 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sankyo Co. Ltd. | | | 100 | | | $ | 4,831 | |
Santen Pharmaceutical Co. Ltd. | | | 100 | | | | 3,972 | |
SBI Holdings Inc. | | | 21 | | | | 2,037 | |
Secom Co. Ltd. | | | 200 | | | | 9,526 | |
Sega Sammy Holdings Inc. | | | 200 | | | | 3,808 | |
Seiko Epson Corp. | | | 200 | | | | 2,718 | |
Sekisui House Ltd. | | | 1,000 | | | | 9,513 | |
Seven & I Holdings Co. Ltd. | | | 600 | | | | 16,649 | |
Seven Bank Ltd. | | | 1,000 | | | | 2,199 | |
Sharp Corp. | | | 1,000 | | | | 7,067 | |
Shikoku Electric Power Co. Inc. | | | 100 | | | | 2,765 | |
Shimano Inc. | | | 100 | | | | 5,819 | |
Shin-Etsu Chemical Co. Ltd. | | | 400 | | | | 21,522 | |
Shinsei Bank Ltd. | | | 2,000 | | | | 2,594 | |
Shionogi & Co. Ltd. | | | 200 | | | | 2,780 | |
Shiseido Co. Ltd. | | | 300 | | | | 5,230 | |
Shizuoka Bank Ltd. (The) | | | 1,000 | | | | 10,205 | |
Showa Denko K.K. | | | 2,000 | | | | 4,547 | |
Showa Shell Sekiyu K.K. | | | 300 | | | | 2,031 | |
SoftBank Corp. | | | 800 | | | | 23,929 | |
Sojitz Corp. | | | 1,100 | | | | 2,052 | |
Sony Corp. | | | 900 | | | | 19,314 | |
Sony Financial Holdings Inc. | | | 200 | | | | 3,674 | |
Stanley Electric Co. Ltd. | | | 200 | | | | 3,403 | |
Sumco Corp.a | | | 200 | | | | 2,160 | |
Sumitomo Chemical Co. Ltd. | | | 1,000 | | | | 4,349 | |
Sumitomo Corp. | | | 1,000 | | | | 14,888 | |
Sumitomo Electric Industries Ltd. | | | 700 | | | | 9,141 | |
Sumitomo Heavy Industries Ltd. | | | 1,000 | | | | 5,523 | |
Sumitomo Metal Industries Ltd. | | | 3,000 | | | | 6,264 | |
Sumitomo Mitsui Financial Group Inc. | | | 1,200 | | | | 40,875 | |
Sumitomo Mitsui Trust Holdings Inc. | | | 2,000 | | | | 6,968 | |
Sumitomo Rubber Industries Inc. | | | 200 | | | | 2,528 | |
Suzuken Co. Ltd. | | | 100 | | | | 2,959 | |
Suzuki Motor Corp. | | | 300 | | | | 7,142 | |
Sysmex Corp. | | | 100 | | | | 3,613 | |
T&D Holdings Inc. | | | 600 | | | | 7,035 | |
Taisei Corp. | | | 1,000 | | | | 2,656 | |
Takeda Pharmaceutical Co. Ltd. | | | 700 | | | | 31,740 | |
TDK Corp. | | | 100 | | | | 5,238 | |
Teijin Ltd. | | | 1,000 | | | | 3,360 | |
Terumo Corp. | | | 200 | | | | 9,674 | |
THK Co. Ltd. | | | 100 | | | | 2,126 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tobu Railway Co. Ltd. | | | 1,000 | | | $ | 5,226 | |
Toho Co. Ltd. | | | 200 | | | | 3,551 | |
Tohoku Electric Power Co. Inc. | | | 400 | | | | 4,724 | |
Tokio Marine Holdings Inc. | | | 700 | | | | 19,416 | |
Tokyo Electric Power Co. Inc. (The)a | | | 1,200 | | | | 3,336 | |
Tokyo Electron Ltd. | | | 200 | | | | 11,144 | |
Tokyo Gas Co. Ltd. | | | 2,000 | | | | 9,167 | |
Tokyu Corp. | | | 1,000 | | | | 4,831 | |
Tokyu Land Corp. | | | 1,000 | | | | 4,831 | |
Toray Industries Inc. | | | 1,000 | | | | 7,141 | |
Toshiba Corp. | | | 4,000 | | | | 17,593 | |
Tosoh Corp. | | | 1,000 | | | | 2,953 | |
Toyo Seikan Kaisha Ltd. | | | 200 | | | | 2,943 | |
Toyota Boshoku Corp. | | | 200 | | | | 2,518 | |
Toyota Industries Corp. | | | 100 | | | | 3,131 | |
Toyota Motor Corp. | | | 2,400 | | | | 99,481 | |
Toyota Tsusho Corp. | | | 200 | | | | 4,030 | |
Trend Micro Inc. | | | 100 | | | | 2,933 | |
Ube Industries Ltd. | | | 1,000 | | | | 2,903 | |
Unicharm Corp. | | | 100 | | | | 5,195 | |
Ushio Inc. | | | 100 | | | | 1,489 | |
USS Co. Ltd. | | | 30 | | | | 2,950 | |
West Japan Railway Co. | | | 300 | | | | 12,287 | |
Yahoo! Japan Corp. | | | 13 | | | | 4,128 | |
Yakult Honsha Co. Ltd. | | | 100 | | | | 3,104 | |
Yamada Denki Co. Ltd. | | | 70 | | | | 4,558 | |
Yamaha Corp. | | | 200 | | | | 1,920 | |
Yamaha Motor Co. Ltd. | | | 800 | | | | 11,525 | |
Yamato Holdings Co. Ltd. | | | 400 | | | | 6,336 | |
Yamato Kogyo Co. Ltd. | | | 100 | | | | 3,160 | |
Yokogawa Electric Corp.a | | | 200 | | | | 1,910 | |
| | | | | | | | |
| | | | | | | 1,967,792 | |
| |
NETHERLANDS — 1.03% | | | | | |
AEGON NVa | | | 1,394 | | | | 7,328 | |
Akzo Nobel NV | | | 202 | | | | 11,504 | |
ASML Holding NV | | | 375 | | | | 17,306 | |
Corio NV | | | 51 | | | | 2,461 | |
Delta Lloyd NV | | | 90 | | | | 1,676 | |
Fugro NV CVA | | | 61 | | | | 4,498 | |
Heineken Holding NV | | | 103 | | | | 4,616 | |
Heineken NV | | | 227 | | | | 12,034 | |
ING Groep NV CVAa | | | 3,369 | | | | 30,006 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Koninklijke Ahold NV | | | 1,024 | | | $ | 14,219 | |
Koninklijke DSM NV | | | 135 | | | | 7,540 | |
Koninklijke KPN NV | | | 1,303 | | | | 14,179 | |
Koninklijke Philips Electronics NV | | | 888 | | | | 18,715 | |
Randstad Holding NV | | | 106 | | | | 4,027 | |
Reed Elsevier NV | | | 610 | | | | 7,559 | |
Royal Boskalis Westminster NV CVA | | | 63 | | | | 2,423 | |
Royal Vopak NV | | | 70 | | | | 3,923 | |
SBM Offshore NV | | | 151 | | | | 2,751 | |
TNT Express NV | | | 310 | | | | 3,878 | |
Unilever NV CVA | | | 1,428 | | | | 47,622 | |
Wolters Kluwer NV | | | 272 | | | | 5,085 | |
| | | | | | | | |
| | | | | | | 223,350 | |
| |
NEW ZEALAND — 0.05% | | | | | |
Auckland International Airport Ltd. | | | 872 | | | | 1,768 | |
Contact Energy Ltd.a | | | 391 | | | | 1,592 | |
Fletcher Building Ltd. | | | 528 | | | | 2,912 | |
SKYCITY Entertainment Group Ltd. | | | 561 | | | | 1,779 | |
Telecom Corp. of New Zealand Ltd. | | | 1,596 | | | | 2,880 | |
| | | | | | | | |
| | | | | | | 10,931 | |
| |
NORWAY — 0.43% | | | | | |
Aker Solutions ASA | | | 147 | | | | 2,564 | |
DNB ASA | | | 861 | | | | 11,116 | |
Gjensidige Forsikring ASA | | | 174 | | | | 2,095 | |
Norsk Hydro ASA | | | 818 | | | | 4,945 | |
Orkla ASA | | | 684 | | | | 5,721 | |
Seadrill Ltd. | | | 292 | | | | 12,173 | |
Statoil ASA | | | 979 | | | | 28,184 | |
Subsea 7 SAa | | | 251 | | | | 6,065 | |
Telenor ASA | | | 638 | | | | 11,858 | |
Yara International ASA | | | 163 | | | | 8,039 | |
| | | | | | | | |
| | | | | | | 92,760 | |
| |
PORTUGAL — 0.09% | | | | | |
Banco Espirito Santo SA Registered | | | 926 | | | | 2,055 | |
CIMPOR-Cimentos de Portugal SGPS SA | | | 221 | | | | 1,504 | |
EDP Renovaveis SAa | | | 263 | | | | 1,376 | |
Energias de Portugal SA | | | 1,619 | | | | 4,743 | |
Galp Energia SGPS SA Class B | | | 202 | | | | 3,537 | |
Jeronimo Martins SGPS SAa | | | 189 | | | | 3,504 | |
Portugal Telecom SGPS SA Registered | | | 509 | | | | 2,643 | |
| | | | | | | | |
| | | | | | | 19,362 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SINGAPORE — 0.77% | | | | | |
Ascendas Real Estate Investment Trust | | | 2,000 | | | $ | 3,304 | |
CapitaLand Ltd. | | | 2,000 | | | | 4,940 | |
CapitaMall Trust Management Ltd. | | | 3,000 | | | | 4,331 | |
CapitaMalls Asia Ltd. | | | 2,000 | | | | 2,470 | |
ComfortDelGro Corp. Ltd. | | | 2,000 | | | | 2,454 | |
COSCO Corp. (Singapore) Ltd. | | | 3,000 | | | | 2,899 | |
DBS Group Holdings Ltd. | | | 2,000 | | | | 22,776 | |
Fraser and Neave Ltd. | | | 1,000 | | | | 5,365 | |
Genting Singapore PLCa | | | 6,000 | | | | 7,771 | |
Global Logistic Properties Ltd.a | | | 2,000 | | | | 3,497 | |
Golden Agri-Resources Ltd. | | | 6,000 | | | | 3,513 | |
Hutchison Port Holdings Trust | | | 4,000 | | | | 3,180 | |
Keppel Corp. Ltd. | | | 1,000 | | | | 8,862 | |
Neptune Orient Lines Ltd. | | | 2,000 | | | | 2,149 | |
Noble Group Ltd. | | | 4,000 | | | | 4,555 | |
Olam International Ltd. | | | 1,000 | | | | 1,909 | |
Oversea-Chinese Banking Corp. Ltd. | | | 2,000 | | | | 14,403 | |
SembCorp Industries Ltd. | | | 2,000 | | | | 8,485 | |
SembCorp Marine Ltd. | | | 1,000 | | | | 4,290 | |
Singapore Exchange Ltd. | | | 1,000 | | | | 5,782 | |
Singapore Technologies Engineering Ltd. | | | 1,000 | | | | 2,550 | |
Singapore Telecommunications Ltd. | | | 7,000 | | | | 17,795 | |
United Overseas Bank Ltd. | | | 1,000 | | | | 14,475 | |
UOL Group Ltd. | | | 1,000 | | | | 3,761 | |
Wilmar International Ltd. | | | 2,000 | | | | 8,196 | |
Yangzijiang Shipbuilding (Holdings) Ltd. | | | 3,000 | | | | 3,272 | |
| | | | | | | | |
| | | | | | | 166,984 | |
| |
SPAIN — 1.29% | | | | | |
Abertis Infraestructuras SA | | | 342 | | | | 5,867 | |
Acciona SA | | | 20 | | | | 1,580 | |
Acerinox SA | | | 112 | | | | 1,605 | |
Actividades de Construcciones
y Servicios SA | | | 124 | | | | 3,705 | |
Amadeus IT Holding SA Class A | | | 271 | | | | 5,184 | |
Banco Bilbao Vizcaya Argentaria SA | | | 4,010 | | | | 36,096 | |
Banco de Sabadell SA | | | 939 | | | | 3,052 | |
Banco Popular Espanol SA | | | 827 | | | | 3,408 | |
Banco Santander SA | | | 7,547 | | | | 62,865 | |
Bankia SAa | | | 727 | | | | 2,953 | |
Bankinter SA | | | 259 | | | | 1,608 | |
CaixaBank | | | 646 | | | | 3,060 | |
| | |
| 26 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Distribuidora Internacional de
Alimentacion SAa | | | 504 | | | $ | 2,474 | |
Enagas SA | | | 144 | | | | 2,966 | |
Ferrovial SA | | | 314 | | | | 3,990 | |
Fomento de Construcciones y Contratas SA | | | 56 | | | | 1,425 | |
Gas Natural SDG SA | | | 303 | | | | 5,148 | |
Grifols SAa | | | 120 | | | | 2,504 | |
Iberdrola SA | | | 3,359 | | | | 19,959 | |
Indra Sistemas SA | | | 105 | | | | 1,341 | |
Industria de Diseno Textil SA | | | 191 | | | | 17,709 | |
International Consolidated Airlines Group SAa | | | 908 | | | | 2,390 | |
Mapfre SA | | | 639 | | | | 2,206 | |
Red Electrica Corporacion SA | | | 91 | | | | 4,613 | |
Repsol YPF SA | | | 701 | | | | 18,351 | |
Telefonica SA | | | 3,597 | | | | 61,638 | |
Zardoya Otis SA | | | 134 | | | | 1,814 | |
| | | | | | | | |
| | | | | | | 279,511 | |
| |
SWEDEN — 1.38% | | | | | |
Alfa Laval AB | | | 294 | | | | 6,076 | |
Assa Abloy AB Class B | | | 279 | | | | 8,528 | |
Atlas Copco AB Class A | | | 691 | | | | 18,137 | |
Atlas Copco AB Class B | | | 231 | | | | 5,389 | |
Boliden AB | | | 241 | | | | 4,248 | |
Electrolux AB Class B | | | 198 | | | | 4,375 | |
Getinge AB Class B | | | 157 | | | | 4,515 | |
Hennes & Mauritz AB Class B | | | 896 | | | | 32,402 | |
Hexagon AB Class B | | | 223 | | | | 4,510 | |
Holmen AB Class B | | | 55 | | | | 1,608 | |
Husqvarna AB Class B | | | 389 | | | | 2,356 | |
Investment AB Kinnevik Class B | | | 176 | | | | 4,036 | |
Investor AB Class B | | | 397 | | | | 8,893 | |
Lundin Petroleum ABa | | | 195 | | | | 4,579 | |
Millicom International Cellular SA SDR | | | 65 | | | | 7,330 | |
Modern Times Group MTG AB Class B | | | 44 | | | | 2,165 | |
Nordea Bank AB | | | 2,302 | | | | 22,335 | |
Ratos AB Class B | | | 168 | | | | 2,189 | |
Sandvik AB | | | 893 | | | | 13,730 | |
Scania AB Class B | | | 285 | | | | 5,747 | |
Securitas AB Class B | | | 269 | | | | 2,602 | |
Skandinaviska Enskilda Banken AB Class A | | | 1,241 | | | | 9,344 | |
Skanska AB Class B | | | 349 | | | | 6,406 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SKF AB Class B | | | 345 | | | $ | 8,777 | |
SSAB AB Class A | | | 162 | | | | 1,708 | |
Svenska Cellulosa AB Class B | | | 493 | | | | 8,862 | |
Svenska Handelsbanken AB Class A | | | 429 | | | | 14,496 | |
Swedbank AB Class A | | | 693 | | | | 11,930 | |
Swedish Match AB | | | 186 | | | | 7,148 | |
Tele2 AB Class B | | | 270 | | | | 5,531 | |
Telefonaktiebolaget LM Ericsson Class B | | | 2,637 | | | | 26,648 | |
TeliaSonera AB | | | 1,910 | | | | 14,024 | |
Volvo AB Class B | | | 1,221 | | | | 17,928 | |
| | | | | | | | |
| | | | | | | 298,552 | |
| |
SWITZERLAND — 3.56% | | | | | |
ABB Ltd. Registereda | | | 1,929 | | | | 39,657 | |
Actelion Ltd. Registereda | | | 98 | | | | 3,711 | |
Adecco SA Registereda | | | 113 | | | | 5,687 | |
Aryzta AGa | | | 64 | | | | 3,190 | |
Baloise Holding AG Registered | | | 35 | | | | 2,766 | |
Barry Callebaut AG Registereda | | | 2 | | | | 1,967 | |
Compagnie Financiere Richemont SA Class A Bearer | | | 459 | | | | 28,304 | |
Credit Suisse Group AG Registereda | | | 1,003 | | | | 27,067 | |
GAM Holding AGa | | | 173 | | | | 2,295 | |
Geberit AG Registereda | | | 36 | | | | 7,761 | |
Givaudan SA Registereda | | | 9 | | | | 8,537 | |
Holcim Ltd. Registereda | | | 211 | | | | 13,819 | |
Julius Baer Group Ltd.a | | | 182 | | | | 7,162 | |
Kuehne & Nagel International AG Registered | | | 47 | | | | 6,214 | |
Lindt & Spruengli AG Participation Certificates | | | 2 | | | | 6,161 | |
Lonza Group AG Registereda | | | 38 | | | | 1,983 | |
Nestle SA Registered | | | 2,893 | | | | 177,591 | |
Novartis AG Registered | | | 2,027 | | | | 110,907 | |
Pargesa Holding SA Bearer | | | 24 | | | | 1,789 | |
Partners Group Holding AG | | | 13 | | | | 2,432 | |
Roche Holding AG Genusschein | | | 616 | | | | 107,698 | |
Schindler Holding AG Participation Certificates | | | 42 | | | | 5,198 | |
Schindler Holding AG Registered | | | 20 | | | | 2,442 | |
SGS SA Registered | | | 6 | | | | 11,289 | |
Sika AG Bearer | | | 2 | | | | 4,374 | |
Sonova Holding AG Registereda | | | 41 | | | | 4,597 | |
Sulzer AG Registered | | | 22 | | | | 3,172 | |
Swatch Group AG (The) Bearer | | | 29 | | | | 13,205 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 27 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Swatch Group AG (The) Registered | | | 26 | | | $ | 2,075 | |
Swiss Life Holding AG Registereda | | | 26 | | | | 3,010 | |
Swiss Re AGa | | | 304 | | | | 18,121 | |
Swisscom AG Registered | | | 19 | | | | 7,601 | |
Syngenta AG Registereda | | | 83 | | | | 27,180 | |
Synthes Inc.c | | | 57 | | | | 9,909 | |
Transocean Ltd. | | | 303 | | | | 16,219 | |
UBS AG Registereda | | | 3,200 | | | | 44,935 | |
Zurich Financial Services AG Registereda | | | 128 | | | | 32,368 | |
| | | | | | | | |
| | | | | | | 772,393 | |
| |
UNITED KINGDOM — 9.61% | | | | | |
3i Group PLC | | | 840 | | | | 2,543 | |
Admiral Group PLC | | | 190 | | | | 3,269 | |
Aggreko PLC | | | 230 | | | | 8,131 | |
AMEC PLC | | | 290 | | | | 5,124 | |
Anglo American PLC | | | 1,167 | | | | 49,393 | |
Antofagasta PLC | | | 354 | | | | 7,521 | |
ARM Holdings PLC | | | 1,176 | | | | 10,699 | |
Associated British Foods PLC | | | 306 | | | | 5,856 | |
AstraZeneca PLC | | | 1,152 | | | | 51,665 | |
Aviva PLC | | | 2,507 | | | | 14,750 | |
Babcock International Group PLC | | | 310 | | | | 3,729 | |
BAE Systems PLC | | | 2,934 | | | | 14,656 | |
Balfour Beatty PLC | | | 588 | | | | 2,610 | |
Barclays PLC | | | 10,147 | | | | 39,713 | |
BG Group PLC | | | 2,965 | | | | 71,875 | |
BHP Billiton PLC | | | 1,862 | | | | 60,604 | |
BP PLC | | | 16,603 | | | | 130,597 | |
British American Tobacco PLC | | | 1,738 | | | | 88,205 | |
British Land Co. PLC | | | 730 | | | | 5,484 | |
British Sky Broadcasting Group PLC | | | 1,014 | | | | 10,853 | |
BT Group PLC | | | 6,814 | | | | 23,403 | |
Bunzl PLC | | | 283 | | | | 4,349 | |
Burberry Group PLC | | | 382 | | | | 8,616 | |
Capita PLC | | | 509 | | | | 6,236 | |
Capital Shopping Centres Group PLC | | | 468 | | | | 2,487 | |
Carnival PLC | | | 161 | | | | 4,753 | |
Centrica PLC | | | 4,520 | | | | 21,950 | |
Cobham PLC | | | 954 | | | | 2,856 | |
Compass Group PLC | | | 1,657 | | | | 16,676 | |
Diageo PLC | | | 2,149 | | | | 51,614 | |
Essar Energy PLCa | | | 396 | | | | 664 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Eurasian Natural Resources Corp. | | | 224 | | | $ | 2,507 | |
Experian PLC | | | 886 | | | | 13,382 | |
Fresnillo PLC | | | 162 | | | | 4,922 | |
G4S PLC | | | 1,249 | | | | 5,770 | |
GKN PLC | | | 1,255 | | | | 4,387 | |
GlaxoSmithKline PLC | | | 4,462 | | | | 98,863 | |
Glencore International PLC | | | 722 | | | | 4,983 | |
Hammerson PLC | | | 602 | | | | 3,768 | |
HSBC Holdings PLC | | | 15,615 | | | | 138,515 | |
ICAP PLC | | | 484 | | | | 2,975 | |
Imperial Tobacco Group PLC | | | 896 | | | | 35,654 | |
Inmarsat PLC | | | 387 | | | | 2,965 | |
InterContinental Hotels Group PLC | | | 256 | | | | 5,864 | |
International Power PLC | | | 1,329 | | | | 7,343 | |
Intertek Group PLC | | | 137 | | | | 5,066 | |
Invensys PLC | | | 711 | | | | 2,364 | |
Investec PLC | | | 344 | | | | 2,198 | |
ITV PLC | | | 3,296 | | | | 4,525 | |
J Sainsbury PLC | | | 981 | | | | 4,675 | |
Johnson Matthey PLC | | | 187 | | | | 6,895 | |
Kazakhmys PLC | | | 187 | | | | 3,313 | |
Kingfisher PLC | | | 2,074 | | | | 9,416 | |
Land Securities Group PLC | | | 673 | | | | 7,257 | |
Legal & General Group PLC | | | 5,109 | | | | 9,859 | |
Lloyds Banking Group PLCa | | | 36,111 | | | | 20,152 | |
London Stock Exchange Group PLC | | | 122 | | | | 1,758 | |
Lonmin PLC | | | 138 | | | | 2,432 | |
Man Group PLC | | | 1,651 | | | | 3,452 | |
Marks & Spencer Group PLC | | | 1,385 | | | | 8,031 | |
Meggitt PLC | | | 675 | | | | 4,166 | |
National Grid PLC | | | 3,063 | | | | 31,388 | |
Next PLC | | | 156 | | | | 6,905 | |
Old Mutual PLC | | | 4,536 | | | | 11,528 | |
Pearson PLC | | | 720 | | | | 13,790 | |
Petrofac Ltd. | | | 224 | | | | 5,693 | |
Prudential PLC | | | 2,219 | | | | 25,256 | |
Randgold Resources Ltd. | | | 81 | | | | 9,316 | |
Reckitt Benckiser Group PLC | | | 544 | | | | 30,242 | |
Reed Elsevier PLC | | | 1,088 | | | | 9,568 | |
Resolution Ltd. | | | 1,231 | | | | 5,290 | |
Rexam PLC | | | 755 | | | | 5,006 | |
Rio Tinto PLC | | | 1,231 | | | | 70,478 | |
Rolls-Royce Holdings PLCa | | | 1,645 | | | | 21,390 | |
| | |
| 28 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Royal Bank of Scotland Group PLCa | | | 15,533 | | | $ | 6,928 | |
Royal Dutch Shell PLC Class A | | | 3,195 | | | | 116,700 | |
Royal Dutch Shell PLC Class B | | | 2,334 | | | | 86,854 | |
RSA Insurance Group PLC | | | 3,024 | | | | 5,280 | |
SABMiller PLC | | | 831 | | | | 33,818 | |
Sage Group PLC (The) | | | 1,166 | | | | 5,785 | |
Schroders PLC | | | 97 | | | | 2,396 | |
SEGRO PLC | | | 640 | | | | 2,403 | |
Serco Group PLC | | | 424 | | | | 3,759 | |
Severn Trent PLC | | | 197 | | | | 4,956 | |
Shire PLC | | | 493 | | | | 17,310 | |
Smith & Nephew PLC | | | 714 | | | | 7,049 | |
Smiths Group PLC | | | 342 | | | | 5,944 | |
SSE PLC | | | 808 | | | | 16,651 | |
Standard Chartered PLC | | | 2,083 | | | | 53,822 | |
Standard Life PLC | | | 2,025 | | | | 7,521 | |
Tate & Lyle PLC | | | 407 | | | | 4,535 | |
Tesco PLC | | | 7,018 | | | | 35,438 | |
TUI Travel PLC | | | 588 | | | | 1,860 | |
Tullow Oil PLC | | | 797 | | | | 18,779 | |
Unilever PLC | | | 1,124 | | | | 36,467 | |
United Utilities Group PLC | | | 598 | | | | 5,841 | |
Vedanta Resources PLC | | | 105 | | | | 2,415 | |
Vodafone Group PLC | | | 44,527 | | | | 120,458 | |
Weir Group PLC (The) | | | 184 | | | | 6,190 | |
Whitbread PLC | | | 154 | | | | 4,175 | |
Wm Morrison Supermarkets PLC | | | 2,017 | | | | 9,344 | |
Wolseley PLC | | | 249 | | | | 9,690 | |
WPP PLC | | | 1,114 | | | | 14,299 | |
Xstrata PLC | | | 1,841 | | | | 35,291 | |
| | | | | | | | |
| | | | | | | 2,086,146 | |
| |
UNITED STATES — 52.02% | | | | | |
3M Co. | | | 592 | | | | 51,859 | |
Abbott Laboratories | | | 1,368 | | | | 77,442 | |
Abercrombie & Fitch Co. Class A | | | 78 | | | | 3,572 | |
Accenture PLC Class A | | | 565 | | | | 33,640 | |
ACE Ltd. | | | 298 | | | | 21,370 | |
Activision Blizzard Inc. | | | 438 | | | | 5,234 | |
Adobe Systems Inc.a | | | 434 | | | | 14,274 | |
Advance Auto Parts Inc. | | | 69 | | | | 5,891 | |
Advanced Micro Devices Inc.a | | | 491 | | | | 3,609 | |
AES Corp. (The)a | | | 576 | | | | 7,811 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Aetna Inc. | | | 328 | | | $ | 15,337 | |
Aflac Inc. | | | 411 | | | | 19,420 | |
AGCO Corp.a | | | 86 | | | | 4,440 | |
Agilent Technologies Inc.a | | | 297 | | | | 12,955 | |
Air Products and Chemicals Inc. | | | 187 | | | | 16,875 | |
Airgas Inc. | | | 63 | | | | 5,187 | |
Akamai Technologies Inc.a | | | 163 | | | | 5,868 | |
Alcoa Inc. | | | 918 | | | | 9,336 | |
Alexion Pharmaceuticals Inc.a | | | 163 | | | | 13,648 | |
Allegheny Technologies Inc. | | | 89 | | | | 3,904 | |
Allergan Inc. | | | 270 | | | | 24,189 | |
Alliance Data Systems Corp.a | | | 45 | | | | 5,461 | |
Alliant Energy Corp. | | | 97 | | | | 4,136 | |
Allstate Corp. (The) | | | 453 | | | | 14,238 | |
Alpha Natural Resources Inc.a | | | 194 | | | | 3,601 | |
Altera Corp. | | | 279 | | | | 10,728 | |
Altria Group Inc. | | | 1,820 | | | | 54,782 | |
Amazon.com Inc.a | | | 319 | | | | 57,321 | |
Ameren Corp. | | | 213 | | | | 6,831 | |
American Electric Power Co. Inc. | | | 424 | | | | 15,947 | |
American Express Co. | | | 935 | | | | 49,452 | |
American International Group Inc.a | | | 414 | | | | 12,097 | |
American Tower Corp. | | | 23 | | | | 1,439 | |
American Water Works Co. Inc. | | | 153 | | | | 5,245 | |
Ameriprise Financial Inc. | | | 201 | | | | 11,208 | |
AmerisourceBergen Corp. | | | 240 | | | | 8,964 | |
AMETEK Inc. | | | 141 | | | | 6,712 | |
Amgen Inc. | | | 814 | | | | 55,311 | |
Amphenol Corp. Class A | | | 149 | | | | 8,338 | |
Anadarko Petroleum Corp. | | | 436 | | | | 36,676 | |
Analog Devices Inc. | | | 260 | | | | 10,195 | |
Annaly Capital Management Inc. | | | 856 | | | | 14,227 | |
Aon Corp. | | | 258 | | | | 12,077 | |
Apache Corp. | | | 337 | | | | 36,372 | |
Apollo Group Inc. Class Aa | | | 110 | | | | 4,690 | |
Apple Inc.a | | | 813 | | | | 441,004 | |
Applied Materials Inc. | | | 1,132 | | | | 13,856 | |
Arch Capital Group Ltd.a | | | 116 | | | | 4,298 | |
Arch Coal Inc. | | | 186 | | | | 2,524 | |
Archer-Daniels-Midland Co. | | | 592 | | | | 18,470 | |
Arrow Electronics Inc.a | | | 99 | | | | 3,975 | |
Assurant Inc. | | | 83 | | | | 3,525 | |
AT&T Inc. | | | 5,194 | | | | 158,884 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 29 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Autodesk Inc.a | | | 200 | | | $ | 7,570 | |
Autoliv Inc. | | | 78 | | | | 5,195 | |
Automatic Data Processing Inc. | | | 431 | | | | 23,412 | |
AutoZone Inc.a | | | 24 | | | | 8,988 | |
Avago Technologies Ltd. | | | 200 | | | | 7,522 | |
AvalonBay Communities Inc. | | | 84 | | | | 10,892 | |
Avery Dennison Corp. | | | 88 | | | | 2,684 | |
Avnet Inc.a | | | 133 | | | | 4,753 | |
Avon Products Inc. | | | 374 | | | | 6,990 | |
Axis Capital Holdings Ltd. | | | 107 | | | | 3,301 | |
Baker Hughes Inc. | | | 384 | | | | 19,308 | |
Ball Corp. | | | 133 | | | | 5,331 | |
Bank of America Corp. | | | 8,862 | | | | 70,630 | |
Bank of New York Mellon Corp. (The) | | | 1,076 | | | | 23,790 | |
Baxter International Inc. | | | 498 | | | | 28,949 | |
BB&T Corp. | | | 607 | | | | 17,755 | |
Beam Inc. | | | 122 | | | | 6,720 | |
Becton, Dickinson and Co. | | | 195 | | | | 14,863 | |
Bed Bath & Beyond Inc.a | | | 221 | | | | 13,203 | |
Berkshire Hathaway Inc. Class Ba | | | 795 | | | | 62,368 | |
Best Buy Co. Inc. | | | 279 | | | | 6,891 | |
Biogen Idec Inc.a | | | 203 | | | | 23,643 | |
BlackRock Inc.d | | | 81 | | | | 16,119 | |
BMC Software Inc.a | | | 154 | | | | 5,766 | |
Boeing Co. (The) | | | 617 | | | | 46,244 | |
BorgWarner Inc.a | | | 96 | | | | 7,953 | |
Boston Properties Inc. | | | 132 | | | | 13,405 | |
Boston Scientific Corp.a | | | 1,318 | | | | 8,198 | |
Bristol-Myers Squibb Co. | | | 1,496 | | | | 48,126 | |
Broadcom Corp. Class Aa | | | 420 | | | | 15,603 | |
Brown-Forman Corp. Class B NVS | | | 70 | | | | 5,716 | |
Bunge Ltd. | | | 130 | | | | 8,752 | |
C.H. Robinson Worldwide Inc. | | | 149 | | | | 9,859 | |
C.R. Bard Inc. | | | 76 | | | | 7,115 | |
CA Inc. | | | 352 | | | | 9,515 | |
Cablevision NY Group Class A | | | 178 | | | | 2,533 | |
Cabot Oil & Gas Corp. | | | 184 | | | | 6,418 | |
Calpine Corp.a | | | 280 | | | | 4,287 | |
Cameron International Corp.a | | | 216 | | | | 12,033 | |
Campbell Soup Co. | | | 142 | | | | 4,731 | |
Capital One Financial Corp. | | | 394 | | | | 19,936 | |
Cardinal Health Inc. | | | 302 | | | | 12,548 | |
CareFusion Corp.a | | | 193 | | | | 4,981 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CarMax Inc.a | | | 198 | | | $ | 6,077 | |
Carnival Corp. | | | 398 | | | | 12,055 | |
Caterpillar Inc. | | | 565 | | | | 64,529 | |
CBRE Group Inc. Class Aa | | | 254 | | | | 4,656 | |
CBS Corp. Class B NVS | | | 551 | | | | 16,475 | |
Celanese Corp. Series A | | | 136 | | | | 6,470 | |
Celgene Corp.a | | | 403 | | | | 29,550 | |
CenterPoint Energy Inc. | | | 349 | | | | 6,802 | |
CenturyLink Inc. | | | 540 | | | | 21,735 | |
Cerner Corp.a | | | 126 | | | | 9,303 | |
CF Industries Holdings Inc. | | | 63 | | | | 11,718 | |
Charles Schwab Corp. (The) | | | 934 | | | | 12,964 | |
Chesapeake Energy Corp. | | | 578 | | | | 14,450 | |
Chevron Corp. | | | 1,757 | | | | 191,724 | |
Chipotle Mexican Grill Inc.a | | | 31 | | | | 12,097 | |
Chubb Corp. (The) | | | 253 | | | | 17,194 | |
Church & Dwight Co. Inc. | | | 126 | | | | 6,015 | |
Cigna Corp. | | | 251 | | | | 11,072 | |
Cimarex Energy Co. | | | 76 | | | | 6,131 | |
Cincinnati Financial Corp. | | | 137 | | | | 4,818 | |
Cintas Corp. | | | 102 | | | | 3,933 | |
Cisco Systems Inc. | | | 4,822 | | | | 95,861 | |
CIT Group Inc.a | | | 200 | | | | 8,142 | |
Citigroup Inc. | | | 2,556 | | | | 85,166 | |
Citrix Systems Inc.a | | | 166 | | | | 12,407 | |
Cliffs Natural Resources Inc. | | | 130 | | | | 8,252 | |
Clorox Co. (The) | | | 109 | | | | 7,369 | |
CME Group Inc. | | | 57 | | | | 16,501 | |
Coach Inc. | | | 253 | | | | 18,935 | |
Coca-Cola Co. (The) | | | 1,812 | | | | 126,586 | |
Coca-Cola Enterprises Inc. | | | 278 | | | | 8,034 | |
Cognizant Technology Solutions
Corp. Class Aa | | | 268 | | | | 19,015 | |
Colgate-Palmolive Co. | | | 429 | | | | 39,974 | |
Comcast Corp. Class A | | | 1,962 | | | | 57,644 | |
Comcast Corp. Class A Special | | | 431 | | | | 12,322 | |
Comerica Inc. | | | 167 | | | | 4,958 | |
Computer Sciences Corp. | | | 128 | | | | 4,065 | |
ConAgra Foods Inc. | | | 362 | | | | 9,502 | |
Concho Resources Inc.a | | | 87 | | | | 9,295 | |
ConocoPhillips | | | 1,144 | | | | 87,573 | |
CONSOL Energy Inc. | | | 199 | | | | 7,128 | |
Consolidated Edison Inc. | | | 258 | | | | 14,990 | |
| | |
| 30 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Constellation Brands Inc. Class Aa | | | 165 | | | $ | 3,604 | |
Constellation Energy Group Inc. | | | 169 | | | | 6,128 | |
Continental Resources Inc.a | | | 41 | | | | 3,718 | |
Cooper Industries PLC | | | 145 | | | | 8,877 | |
Corning Inc. | | | 1,371 | | | | 17,878 | |
Costco Wholesale Corp. | | | 388 | | | | 33,391 | |
Covance Inc.a | | | 54 | | | | 2,577 | |
Coventry Health Care Inc.a | | | 130 | | | | 4,250 | |
Covidien PLC | | | 432 | | | | 22,572 | |
Cree Inc.a | | | 96 | | | | 2,908 | |
Crown Castle International Corp.a | | | 255 | | | | 13,212 | |
Crown Holdings Inc.a | | | 133 | | | | 4,917 | |
CSX Corp. | | | 956 | | | | 20,086 | |
Cummins Inc. | | | 163 | | | | 19,653 | |
CVS Caremark Corp. | | | 1,181 | | | | 53,263 | |
D.R. Horton Inc. | | | 244 | | | | 3,499 | |
Danaher Corp. | | | 514 | | | | 27,155 | |
Darden Restaurants Inc. | | | 121 | | | | 6,170 | |
DaVita Inc.a | | | 82 | | | | 7,097 | |
Deere & Co. | | | 364 | | | | 30,187 | |
Dell Inc.a | | | 1,436 | | | | 24,843 | |
Delta Air Lines Inc.a | | | 206 | | | | 2,021 | |
Denbury Resources Inc.a | | | 350 | | | | 6,968 | |
DENTSPLY International Inc. | | | 125 | | | | 4,835 | |
Devon Energy Corp. | | | 347 | | | | 25,439 | |
Diamond Offshore Drilling Inc. | | | 63 | | | | 4,314 | |
Digital Realty Trust Inc. | | | 86 | | | | 6,235 | |
DIRECTV Class Aa | | | 650 | | | | 30,108 | |
Discover Financial Services | | | 480 | | | | 14,405 | |
Discovery Communications Inc. Series Aa | | | 112 | | | | 5,225 | |
Discovery Communications Inc. Series Ca | | | 121 | | | | 5,259 | |
DISH Network Corp. Class A | | | 184 | | | | 5,367 | |
Dolby Laboratories Inc. Class Aa | | | 47 | | | | 1,789 | |
Dollar General Corp.a | | | 200 | | | | 8,412 | |
Dollar Tree Inc.a | | | 115 | | | | 10,179 | |
Dominion Resources Inc. | | | 499 | | | | 25,185 | |
Dover Corp. | | | 165 | | | | 10,563 | |
Dow Chemical Co. (The) | | | 1,035 | | | | 34,683 | |
Dr Pepper Snapple Group Inc. | | | 182 | | | | 6,925 | |
DTE Energy Co. | | | 150 | | | | 8,098 | |
Duke Energy Corp. | | | 1,163 | | | | 24,330 | |
Duke Realty Corp. | | | 215 | | | | 2,984 | |
Dun & Bradstreet Corp. (The) | | | 44 | | | | 3,637 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
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E.I. du Pont de Nemours and Co. | | | 819 | | | $ | 41,646 | |
Eastman Chemical Co. | | | 124 | | | | 6,712 | |
Eaton Corp. | | | 285 | | | | 14,874 | |
Eaton Vance Corp. | | | 94 | | | | 2,708 | |
eBay Inc.a | | | 1,019 | | | | 36,419 | |
Ecolab Inc. | | | 264 | | | | 15,840 | |
Edison International | | | 274 | | | | 11,472 | |
Edwards Lifesciences Corp.a | | | 101 | | | | 7,386 | |
El Paso Corp. | | | 678 | | | | 18,855 | |
Electronic Arts Inc.a | | | 289 | | | | 4,719 | |
Eli Lilly and Co. | | | 915 | | | | 35,905 | |
EMC Corp.a | | | 1,808 | | | | 50,064 | |
Emerson Electric Co. | | | 654 | | | | 32,903 | |
Energen Corp. | | | 63 | | | | 3,353 | |
Energizer Holdings Inc.a | | | 61 | | | | 4,663 | |
Entergy Corp. | | | 157 | | | | 10,461 | |
EOG Resources Inc. | | | 236 | | | | 26,871 | |
EQT Corp. | | | 124 | | | | 6,574 | |
Equifax Inc. | | | 110 | | | | 4,624 | |
Equity Residential | | | 270 | | | | 15,360 | |
Estee Lauder Companies Inc. (The) Class A | | | 210 | | | | 12,293 | |
Everest Re Group Ltd. | | | 50 | | | | 4,393 | |
Exelon Corp. | | | 581 | | | | 22,700 | |
Expeditors International of Washington Inc. | | | 184 | | | | 8,028 | |
Express Scripts Inc.a | | | 408 | | | | 21,759 | |
Exxon Mobil Corp. | | | 4,265 | | | | 368,922 | |
F5 Networks Inc.a | | | 72 | | | | 8,997 | |
Family Dollar Stores Inc. | | | 106 | | | | 5,723 | |
Fastenal Co. | | | 248 | | | | 13,065 | |
Federal Realty Investment Trust | | | 55 | | | | 5,244 | |
FedEx Corp. | | | 264 | | | | 23,757 | |
Fidelity National Financial Inc. Class A | | | 183 | | | | 3,159 | |
Fidelity National Information Services Inc. | | | 212 | | | | 6,727 | |
Fifth Third Bancorp | | | 788 | | | | 10,725 | |
First Solar Inc.a | | | 49 | | | | 1,583 | |
FirstEnergy Corp. | | | 368 | | | | 16,299 | |
Fiserv Inc.a | | | 124 | | | | 8,221 | |
Flextronics International Ltd.a | | | 632 | | | | 4,456 | |
FLIR Systems Inc. | | | 139 | | | | 3,638 | |
Flowserve Corp. | | | 49 | | | | 5,810 | |
Fluor Corp. | | | 154 | | | | 9,314 | |
FMC Corp. | | | 65 | | | | 6,433 | |
FMC Technologies Inc.a | | | 213 | | | | 10,742 | |
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SCHEDULESOF INVESTMENTS | | | 31 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
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Ford Motor Co. | | | 3,092 | | | $ | 38,279 | |
Forest Laboratories Inc.a | | | 239 | | | | 7,772 | |
Fossil Inc.a | | | 48 | | | | 5,855 | |
Franklin Resources Inc. | | | 137 | | | | 16,151 | |
Freeport-McMoRan Copper & Gold Inc. | | | 839 | | | | 35,708 | |
Frontier Communications Corp. | | | 811 | | | | 3,722 | |
GameStop Corp. Class A | | | 124 | | | | 2,825 | |
Gap Inc. (The) | | | 337 | | | | 7,872 | |
Garmin Ltd. | | | 100 | | | | 4,719 | |
General Dynamics Corp. | | | 268 | | | | 19,626 | |
General Electric Co. | | | 9,288 | | | | 176,936 | |
General Growth Properties Inc. | | | 380 | | | | 6,183 | |
General Mills Inc. | | | 577 | | | | 22,105 | |
General Motors Co.a | | | 682 | | | | 17,746 | |
Genuine Parts Co. | | | 140 | | | | 8,775 | |
Genworth Financial Inc. Class Aa | | | 422 | | | | 3,836 | |
Gilead Sciences Inc.a | | | 679 | | | | 30,894 | |
Goldman Sachs Group Inc. (The) | | | 422 | | | | 48,589 | |
Goodrich Corp. | | | 113 | | | | 14,235 | |
Goodyear Tire & Rubber Co. (The)a | | | 213 | | | | 2,739 | |
Google Inc. Class Aa | | | 223 | | | | 137,870 | |
Green Mountain Coffee Roasters Inc.a | | | 114 | | | | 7,407 | |
H&R Block Inc. | | | 264 | | | | 4,303 | |
H.J. Heinz Co. | | | 282 | | | | 14,864 | |
Halliburton Co. | | | 807 | | | | 29,528 | |
Harley-Davidson Inc. | | | 207 | | | | 9,642 | |
Harris Corp. | | | 105 | | | | 4,581 | |
Hartford Financial Services Group Inc. (The) | | | 369 | | | | 7,642 | |
Hasbro Inc. | | | 105 | | | | 3,709 | |
HCA Holdings Inc. | | | 152 | | | | 4,054 | |
HCP Inc. | | | 359 | | | | 14,180 | |
Health Care REIT Inc. | | | 168 | | | | 9,146 | |
Helmerich & Payne Inc. | | | 96 | | | | 5,885 | |
Henry Schein Inc.a | | | 77 | | | | 5,700 | |
Herbalife Ltd. | | | 104 | | | | 6,886 | |
Hershey Co. (The) | | | 146 | | | | 8,862 | |
Hertz Global Holdings Inc.a | | | 234 | | | | 3,346 | |
Hess Corp. | | | 269 | | | | 17,463 | |
Hewlett-Packard Co. | | | 1,816 | | | | 45,963 | |
HollyFrontier Corp. | | | 181 | | | | 5,906 | |
Hologic Inc.a | | | 225 | | | | 4,664 | |
Home Depot Inc. (The) | | | 1,375 | | | | 65,409 | |
Honeywell International Inc. | | | 652 | | | | 38,840 | |
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Hormel Foods Corp. | | | 126 | | | $ | 3,587 | |
Hospira Inc.a | | | 144 | | | | 5,129 | |
Host Hotels & Resorts Inc. | | | 616 | | | | 9,720 | |
Hudson City Bancorp Inc. | | | 392 | | | | 2,685 | |
Humana Inc. | | | 146 | | | | 12,717 | |
IHS Inc. Class Aa | | | 37 | | | | 3,499 | |
Illinois Tool Works Inc. | | | 388 | | | | 21,608 | |
Illumina Inc.a | | | 109 | | | | 5,586 | |
Ingersoll-Rand PLC | | | 291 | | | | 11,605 | |
Integrys Energy Group Inc. | | | 71 | | | | 3,694 | |
Intel Corp. | | | 4,595 | | | | 123,514 | |
IntercontinentalExchange Inc.a | | | 65 | | | | 8,967 | |
International Business Machines Corp. | | | 1,046 | | | | 205,780 | |
International Flavors & Fragrances Inc. | | | 72 | | | | 4,106 | |
International Game Technology | | | 265 | | | | 3,980 | |
International Paper Co. | | | 364 | | | | 12,795 | |
Interpublic Group of Companies Inc. (The) | | | 417 | | | | 4,887 | |
Intuit Inc. | | | 254 | | | | 14,691 | |
Intuitive Surgical Inc.a | | | 35 | | | | 17,907 | |
Invesco Ltd. | | | 377 | | | | 9,338 | |
Iron Mountain Inc. | | | 163 | | | | 5,061 | |
J.B. Hunt Transport Services Inc. | | | 88 | | | | 4,506 | |
J.C. Penney Co. Inc. | | | 143 | | | | 5,663 | |
J.M. Smucker Co. (The) | | | 100 | | | | 7,532 | |
J.P. Morgan Chase & Co. | | | 3,417 | | | | 134,083 | |
Jacobs Engineering Group Inc.a | | | 112 | | | | 5,177 | |
Johnson & Johnson | | | 2,404 | | | | 156,452 | |
Johnson Controls Inc. | | | 595 | | | | 19,415 | |
Joy Global Inc. | | | 92 | | | | 8,000 | |
Juniper Networks Inc.a | | | 461 | | | | 10,492 | |
Kansas City Southern Industries Inc.a | | | 98 | | | | 6,819 | |
KBR Inc. | | | 133 | | | | 4,831 | |
Kellogg Co. | | | 224 | | | | 11,726 | |
KeyCorp | | | 811 | | | | 6,569 | |
Kimberly-Clark Corp. | | | 337 | | | | 24,561 | |
Kimco Realty Corp. | | | 350 | | | | 6,433 | |
Kinder Morgan Inc. | | | 96 | | | | 3,383 | |
Kinder Morgan Management LLCa | | | 77 | | | | 6,173 | |
KLA-Tencor Corp. | | | 148 | | | | 7,163 | |
Kohl’s Corp. | | | 237 | | | | 11,774 | |
Kraft Foods Inc. Class A | | | 1,477 | | | | 56,229 | |
Kroger Co. (The) | | | 505 | | | | 12,014 | |
L-3 Communications Holdings Inc. | | | 94 | | | | 6,603 | |
| | |
| 32 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
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Laboratory Corp. of America Holdingsa | | | 88 | | | $ | 7,910 | |
Lam Research Corp.a | | | 107 | | | | 4,462 | |
Las Vegas Sands Corp.a | | | 321 | | | | 17,851 | |
Legg Mason Inc. | | | 122 | | | | 3,342 | |
Leggett & Platt Inc. | | | 120 | | | | 2,716 | |
Leucadia National Corp. | | | 179 | | | | 5,100 | |
Liberty Global Inc. Series Aa | | | 132 | | | | 6,624 | |
Liberty Global Inc. Series Ca | | | 95 | | | | 4,555 | |
Liberty Interactive Corp. Series Aa | | | 497 | | | | 9,324 | |
Liberty Media Corp. Series Aa | | | 96 | | | | 8,629 | |
Liberty Property Trust | | | 101 | | | | 3,426 | |
Life Technologies Corp.a | | | 158 | | | | 7,475 | |
Limited Brands Inc. | | | 227 | | | | 10,562 | |
Lincoln National Corp. | | | 251 | | | | 6,235 | |
Linear Technology Corp. | | | 196 | | | | 6,562 | |
Lockheed Martin Corp. | | | 254 | | | | 22,456 | |
Loews Corp. | | | 286 | | | | 11,194 | |
Lorillard Inc. | | | 119 | | | | 15,599 | |
Lowe’s Companies Inc. | | | 1,109 | | | | 31,473 | |
LSI Corp.a | | | 482 | | | | 4,145 | |
Lululemon Athletica Inc.a | | | 90 | | | | 6,032 | |
LyondellBasell Industries NV Class A | | | 252 | | | | 10,881 | |
M&T Bank Corp. | | | 99 | | | | 8,080 | |
Macerich Co. (The) | | | 115 | | | | 6,209 | |
Macy’s Inc. | | | 383 | | | | 14,543 | |
Manpower Inc. | | | 72 | | | | 3,101 | |
Marathon Oil Corp. | | | 632 | | | | 21,418 | |
Marathon Petroleum Corp. | | | 312 | | | | 12,964 | |
Marriott International Inc. Class A | | | 244 | | | | 8,608 | |
Marsh & McLennan Companies Inc. | | | 475 | | | | 14,820 | |
Martin Marietta Materials Inc. | | | 41 | | | | 3,521 | |
Marvell Technology Group Ltd.a | | | 448 | | | | 6,720 | |
Masco Corp. | | | 309 | | | | 3,671 | |
MasterCard Inc. Class A | | | 95 | | | | 39,900 | |
Mattel Inc. | | | 297 | | | | 9,635 | |
Maxim Integrated Products Inc. | | | 253 | | | | 7,056 | |
McCormick & Co. Inc. NVS | | | 105 | | | | 5,297 | |
McDonald’s Corp. | | | 906 | | | | 89,948 | |
McGraw-Hill Companies Inc. (The) | | | 265 | | | | 12,333 | |
McKesson Corp. | | | 218 | | | | 18,205 | |
MDU Resources Group Inc. | | | 163 | | | | 3,537 | |
Mead Johnson Nutrition Co. Class A | | | 186 | | | | 14,461 | |
MeadWestvaco Corp. | | | 148 | | | | 4,481 | |
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Medco Health Solutions Inc.a | | | 339 | | | $ | 22,913 | |
Medtronic Inc. | | | 927 | | | | 35,337 | |
Merck & Co. Inc. | | | 2,705 | | | | 103,250 | |
MetLife Inc. | | | 926 | | | | 35,697 | |
MetroPCS Communications Inc.a | | | 217 | | | | 2,235 | |
MGM Resorts Internationala | | | 291 | | | | 4,007 | |
Microchip Technology Inc. | | | 165 | | | | 5,952 | |
Micron Technology Inc.a | | | 779 | | | | 6,660 | |
Microsoft Corp. | | | 6,609 | | | | 209,770 | |
Mohawk Industries Inc.a | | | 50 | | | | 3,176 | |
Molson Coors Brewing Co. Class B NVS | | | 142 | | | | 6,239 | |
Monsanto Co. | | | 469 | | | | 36,291 | |
Monster Beverage Corp.a | | | 134 | | | | 7,663 | |
Moody’s Corp. | | | 179 | | | | 6,911 | |
Morgan Stanley | | | 1,231 | | | | 22,823 | |
Mosaic Co. (The) | | | 269 | | | | 15,535 | |
Motorola Mobility Holdings Inc.a | | | 249 | | | | 9,885 | |
Motorola Solutions Inc. | | | 271 | | | | 13,496 | |
Murphy Oil Corp. | | | 162 | | | | 10,358 | |
Mylan Inc.a | | | 373 | | | | 8,743 | |
Nabors Industries Ltd.a | | | 252 | | | | 5,489 | |
NASDAQ OMX Group Inc. (The)a | | | 105 | | | | 2,766 | |
National Oilwell Varco Inc. | | | 372 | | | | 30,701 | |
NetApp Inc.a | | | 324 | | | | 13,932 | |
Netflix Inc.a | | | 46 | | | | 5,094 | |
New York Community Bancorp Inc. | | | 349 | | | | 4,540 | |
Newell Rubbermaid Inc. | | | 249 | | | | 4,557 | |
Newfield Exploration Co.a | | | 118 | | | | 4,248 | |
Newmont Mining Corp. | | | 437 | | | | 25,958 | |
News Corp. Class A NVS | | | 1,591 | | | | 31,613 | |
News Corp. Class B | | | 391 | | | | 7,933 | |
NextEra Energy Inc. | | | 353 | | | | 21,007 | |
Nielsen Holdings NVa | | | 81 | | | | 2,389 | |
NII Holdings Inc.a | | | 148 | | | | 2,646 | |
Nike Inc. Class B | | | 315 | | | | 33,995 | |
NiSource Inc. | | | 244 | | | | 5,856 | |
Noble Corp.a | | | 229 | | | | 9,201 | |
Noble Energy Inc. | | | 155 | | | | 15,136 | |
Nordstrom Inc. | | | 157 | | | | 8,418 | |
Norfolk Southern Corp. | | | 305 | | | | 21,014 | |
Northeast Utilities | | | 157 | | | | 5,636 | |
Northern Trust Corp. | | | 190 | | | | 8,438 | |
Northrop Grumman Corp. | | | 234 | | | | 13,996 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 33 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
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NRG Energy Inc.a | | | 207 | | | $ | 3,540 | |
NSTAR | | | 92 | | | | 4,315 | |
Nuance Communications Inc.a | | | 214 | | | | 5,547 | |
Nucor Corp. | | | 276 | | | | 12,014 | |
NVIDIA Corp.a | | | 525 | | | | 7,954 | |
NYSE Euronext Inc. | | | 229 | | | | 6,817 | |
O’Reilly Automotive Inc.a | | | 126 | | | | 10,899 | |
Occidental Petroleum Corp. | | | 713 | | | | 74,416 | |
Omnicare Inc. | | | 90 | | | | 3,166 | |
Omnicom Group Inc. | | | 249 | | | | 12,311 | |
ONEOK Inc. | | | 87 | | | | 7,190 | |
Oracle Corp. | | | 3,547 | | | | 103,821 | |
Owens-Illinois Inc.a | | | 144 | | | | 3,442 | |
PACCAR Inc. | | | 291 | | | | 13,389 | |
Pall Corp. | | | 105 | | | | 6,662 | |
Parker Hannifin Corp. | | | 138 | | | | 12,394 | |
PartnerRe Ltd. | | | 58 | | | | 3,680 | |
Patterson Companies Inc. | | | 82 | | | | 2,617 | |
Paychex Inc. | | | 287 | | | | 8,983 | |
Peabody Energy Corp. | | | 239 | | | | 8,336 | |
Pentair Inc. | | | 87 | | | | 3,350 | |
People’s United Financial Inc. | | | 308 | | | | 3,878 | |
Pepco Holdings Inc. | | | 194 | | | | 3,771 | |
PepsiCo Inc. | | | 1,390 | | | | 87,487 | |
Perrigo Co. | | | 73 | | | | 7,523 | |
PetSmart Inc. | | | 103 | | | | 5,741 | |
Pfizer Inc. | | | 6,834 | | | | 144,197 | |
PG&E Corp. | | | 352 | | | | 14,671 | |
Philip Morris International Inc. | | | 1,543 | | | | 128,871 | |
Pinnacle West Capital Corp. | | | 96 | | | | 4,515 | |
Pioneer Natural Resources Co. | | | 93 | | | | 10,197 | |
Pitney Bowes Inc. | | | 172 | | | | 3,118 | |
Plains Exploration & Production Co.a | | | 123 | | | | 5,421 | |
Plum Creek Timber Co. Inc. | | | 142 | | | | 5,561 | |
PNC Financial Services Group Inc. (The)d | | | 461 | | | | 27,439 | |
PPG Industries Inc. | | | 139 | | | | 12,684 | |
PPL Corp. | | | 506 | | | | 14,446 | |
Praxair Inc. | | | 266 | | | | 28,994 | |
Precision Castparts Corp. | | | 126 | | | | 21,096 | |
Priceline.com Inc.a | | | 45 | | | | 28,216 | |
Principal Financial Group Inc. | | | 264 | | | | 7,302 | |
Procter & Gamble Co. (The) | | | 2,410 | | | | 162,723 | |
Progress Energy Inc. | | | 259 | | | | 13,748 | |
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Progressive Corp. (The) | | | 528 | | | $ | 11,310 | |
Prologis Inc. | | | 403 | | | | 13,565 | |
Prudential Financial Inc. | | | 426 | | | | 26,054 | |
Public Service Enterprise Group Inc. | | | 443 | | | | 13,636 | |
Public Storage | | | 130 | | | | 17,429 | |
QEP Resources Inc. | | | 155 | | | | 5,292 | |
QUALCOMM Inc. | | | 1,472 | | | | 91,529 | |
Quanta Services Inc.a | | | 182 | | | | 3,804 | |
Quest Diagnostics Inc. | | | 139 | | | | 8,069 | |
Ralcorp Holdings Inc.a | | | 51 | | | | 3,805 | |
Ralph Lauren Corp. | | | 55 | | | | 9,555 | |
Range Resources Corp. | | | 144 | | | | 9,170 | |
Rayonier Inc. | | | 107 | | | | 4,764 | |
Raytheon Co. | | | 311 | | | | 15,712 | |
Red Hat Inc.a | | | 169 | | | | 8,359 | |
Regency Centers Corp. | | | 81 | | | | 3,466 | |
Regions Financial Corp. | | | 1,083 | | | | 6,238 | |
RenaissanceRe Holdings Ltd. | | | 47 | | | | 3,382 | |
Republic Services Inc. | | | 264 | | | | 7,875 | |
Reynolds American Inc. | | | 306 | | | | 12,831 | |
Robert Half International Inc. | | | 122 | | | | 3,468 | |
Rock-Tenn Co. Class A | | | 63 | | | | 4,441 | |
Rockwell Automation Inc. | | | 127 | | | | 10,157 | |
Rockwell Collins Inc. | | | 136 | | | | 8,063 | |
Roper Industries Inc. | | | 86 | | | | 7,871 | |
Ross Stores Inc. | | | 105 | | | | 5,600 | |
Rowan Companies Inc.a | | | 112 | | | | 4,129 | |
Royal Caribbean Cruises Ltd. | | | 127 | | | | 3,618 | |
Safeway Inc. | | | 307 | | | | 6,585 | |
SAIC Inc.a | | | 225 | | | | 2,750 | |
Salesforce.com Inc.a | | | 112 | | | | 16,034 | |
SanDisk Corp.a | | | 209 | | | | 10,337 | |
Sara Lee Corp. | | | 487 | | | | 9,862 | |
SBA Communications Corp. Class Aa | | | 98 | | | | 4,599 | |
SCANA Corp. | | | 107 | | | | 4,815 | |
Schlumberger Ltd. | | | 1,184 | | | | 91,890 | |
Scripps Networks Interactive Inc. Class A | | | 80 | | | | 3,616 | |
Seagate Technology PLC | | | 367 | | | | 9,637 | |
Sealed Air Corp. | | | 140 | | | | 2,748 | |
Sears Holdings Corp.a | | | 39 | | | | 2,717 | |
SEI Investments Co. | | | 125 | | | | 2,469 | |
Sempra Energy | | | 197 | | | | 11,670 | |
Sherwin-Williams Co. (The) | | | 83 | | | | 8,561 | |
| | |
| 34 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
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Sigma-Aldrich Corp. | | | 108 | | | $ | 7,753 | |
Simon Property Group Inc. | | | 259 | | | | 35,089 | |
Sirius XM Radio Inc.a | | | 3,256 | | | | 7,359 | |
SLM Corp. | | | 424 | | | | 6,682 | |
Southern Co. (The) | | | 752 | | | | 33,231 | |
Southwest Airlines Co. | | | 179 | | | | 1,607 | |
Southwestern Energy Co.a | | | 307 | | | | 10,149 | |
Spectra Energy Corp. | | | 570 | | | | 17,887 | |
Sprint Nextel Corp.a | | | 2,574 | | | | 6,358 | |
SPX Corp. | | | 46 | | | | 3,364 | |
St. Jude Medical Inc. | | | 288 | | | | 12,131 | |
Stanley Black & Decker Inc. | | | 141 | | | | 10,829 | |
Staples Inc. | | | 618 | | | | 9,060 | |
Starbucks Corp. | | | 656 | | | | 31,855 | |
Starwood Hotels & Resorts Worldwide Inc. | | | 172 | | | | 9,271 | |
State Street Corp. | | | 441 | | | | 18,623 | |
Stericycle Inc.a | | | 74 | | | | 6,421 | |
Stryker Corp. | | | 255 | | | | 13,678 | |
Sunoco Inc. | | | 107 | | | | 4,133 | |
SunTrust Banks Inc. | | | 457 | | | | 10,493 | |
Symantec Corp.a | | | 644 | | | | 11,489 | |
Synopsys Inc.a | | | 125 | | | | 3,809 | |
Sysco Corp. | | | 520 | | | | 15,298 | |
T. Rowe Price Group Inc. | | | 226 | | | | 13,919 | |
Target Corp. | | | 563 | | | | 31,916 | |
TD Ameritrade Holding Corp. | | | 194 | | | | 3,622 | |
TE Connectivity Ltd. | | | 380 | | | | 13,889 | |
Teradata Corp.a | | | 152 | | | | 10,116 | |
Texas Instruments Inc. | | | 1,008 | | | | 33,617 | |
Textron Inc. | | | 235 | | | | 6,465 | |
Thermo Fisher Scientific Inc.a | | | 335 | | | | 18,968 | |
Tiffany & Co. | | | 106 | | | | 6,891 | |
Time Warner Cable Inc. | | | 287 | | | | 22,771 | |
Time Warner Inc. | | | 919 | | | | 34,196 | |
TJX Companies Inc. (The) | | | 676 | | | | 24,748 | |
Toll Brothers Inc.a | | | 129 | | | | 3,026 | |
Torchmark Corp. | | | 93 | | | | 4,505 | |
Total System Services Inc. | | | 141 | | | | 3,085 | |
Travelers Companies Inc. (The) | | | 360 | | | | 20,869 | |
TRW Automotive Holdings Corp.a | | | 85 | | | | 3,888 | |
Tyco International Ltd. | | | 411 | | | | 21,298 | |
Tyson Foods Inc. Class A | | | 267 | | | | 5,049 | |
U.S. Bancorp | | | 1,675 | | | | 49,245 | |
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Ultra Petroleum Corp.a | | | 134 | | | $ | 3,345 | |
Union Pacific Corp. | | | 429 | | | | 47,297 | |
United Continental Holdings Inc.a | | | 84 | | | | 1,735 | |
United Parcel Service Inc. Class B | | | 642 | | | | 49,363 | |
United States Steel Corp. | | | 125 | | | | 3,403 | |
United Technologies Corp. | | | 758 | | | | 63,573 | |
UnitedHealth Group Inc. | | | 943 | | | | 52,572 | |
Unum Group | | | 262 | | | | 6,039 | |
Urban Outfitters Inc.a | | | 112 | | | | 3,180 | |
URS Corp.a | | | 71 | | | | 3,099 | |
Valero Energy Corp. | | | 500 | | | | 12,245 | |
Varian Medical Systems Inc.a | | | 103 | | | | 6,721 | |
Ventas Inc. | | | 245 | | | | 13,700 | |
VeriSign Inc. | | | 139 | | | | 5,136 | |
Verisk Analytics Inc. Class Aa | | | 100 | | | | 4,350 | |
Verizon Communications Inc. | | | 2,482 | | | | 94,589 | |
Vertex Pharmaceuticals Inc.a | | | 184 | | | | 7,161 | |
VF Corp. | | | 79 | | | | 11,538 | |
Viacom Inc. Class B NVS | | | 461 | | | | 21,953 | |
Virgin Media Inc. | | | 263 | | | | 6,628 | |
Visa Inc. Class A | | | 457 | | | | 53,181 | |
VMware Inc. Class Aa | | | 76 | | | | 7,516 | |
Vornado Realty Trust | | | 147 | | | | 12,014 | |
Vulcan Materials Co. | | | 114 | | | | 5,080 | |
W.R. Berkley Corp. | | | 102 | | | | 3,647 | |
W.W. Grainger Inc. | | | 55 | | | | 11,425 | |
Wal-Mart Stores Inc. | | | 1,662 | | | | 98,191 | |
Walgreen Co. | | | 794 | | | | 26,329 | |
Walt Disney Co. (The) | | | 1,549 | | | | 65,043 | |
Walter Energy Inc. | | | 57 | | | | 3,695 | |
Warner Chilcott PLC Class Aa | | | 122 | | | | 2,041 | |
Waste Management Inc. | | | 394 | | | | 13,782 | |
Waters Corp.a | | | 80 | | | | 7,168 | |
Watson Pharmaceuticals Inc.a | | | 118 | | | | 6,882 | |
Weatherford International Ltd.a | | | 664 | | | | 10,611 | |
WellPoint Inc. | | | 315 | | | | 20,673 | |
Wells Fargo & Co. | | | 4,394 | | | | 137,488 | |
Western Digital Corp.a | | | 204 | | | | 8,007 | |
Western Union Co. | | | 546 | | | | 9,539 | |
Weyerhaeuser Co. | | | 466 | | | | 9,735 | |
Whirlpool Corp. | | | 67 | | | | 5,063 | |
Whiting Petroleum Corp.a | | | 103 | | | | 6,040 | |
Whole Foods Market Inc. | | | 133 | | | | 10,738 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 35 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Williams Companies Inc. (The) | | | 519 | | | $ | 15,508 | |
Willis Group Holdings PLC | | | 146 | | | | 5,238 | |
Windstream Corp. | | | 504 | | | | 6,088 | |
Wisconsin Energy Corp. | | | 204 | | | | 6,952 | |
Wynn Resorts Ltd. | | | 73 | | | | 8,653 | |
Xcel Energy Inc. | | | 422 | | | | 11,179 | |
Xerox Corp. | | | 1,213 | | | | 9,983 | |
Xilinx Inc. | | | 233 | | | | 8,605 | |
XL Group PLC | | | 259 | | | | 5,387 | |
Xylem Inc. | | | 154 | | | | 4,001 | |
Yahoo! Inc.a | | | 1,051 | | | | 15,586 | |
Yum! Brands Inc. | | | 409 | | | | 27,092 | |
Zimmer Holdings Inc.a | | | 154 | | | | 9,355 | |
| | | | | | | | |
| | | | | | | 11,288,025 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $20,076,837) | | | | | | | 21,578,060 | |
|
PREFERRED STOCKS — 0.22% | |
| |
GERMANY — 0.22% | | | | | |
Bayerische Motoren Werke AG | | | 40 | | | | 2,382 | |
Henkel AG & Co. KGaA | | | 161 | | | | 10,521 | |
Porsche Automobil Holding SE | | | 134 | | | | 8,759 | |
ProSiebenSat.1 Media AG | | | 80 | | | | 2,087 | |
Volkswagen AG | | | 126 | | | | 23,656 | |
| | | | | | | | |
| | | | | | | 47,405 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $40,370) | | | | | | | 47,405 | |
|
SHORT-TERM INVESTMENTS — 0.17% | |
|
MONEY MARKET FUNDS — 0.17% | |
BlackRock Cash Funds: Institutional,
SL Agency Shares
0.22%d,e,f | | | 10,596 | | | | 10,596 | |
BlackRock Cash Funds: Prime,
SL Agency Shares
0.23%d,e,f | | | 784 | | | | 784 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.02%d,e | | | 25,767 | | | | 25,767 | |
| | | | | | | | |
| | | | | | | 37,147 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $37,147) | | | | | | | 37,147 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.84% | | | | | | |
(Cost: $20,154,354) | | | | $ | 21,662,612 | |
Other Assets, Less Liabilities — 0.16% | | | 35,445 | |
| | | | | | |
NET ASSETS — 100.00% | | | | $ | 21,698,057 | |
| | | | | | |
FDR — Fiduciary Depositary Receipts
NVS — Non-Voting Shares
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 | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
| 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.
| | |
| 36 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI All
Country World
Minimum Volatility
Index Fund | | | iShares MSCI Emerging
Markets EMEA Index Fund | | | iShares MSCI World Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 30,782,662 | | | $ | 5,109,818 | | | $ | 20,073,993 | |
Affiliated (Note 2) | | | 506,766 | | | | 5,088 | | | | 80,361 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 31,289,428 | | | $ | 5,114,906 | | | $ | 20,154,354 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 31,598,480 | | | $ | 5,794,927 | | | $ | 21,581,907 | |
Affiliated (Note 2) | | | 512,356 | | | | 5,088 | | | | 80,705 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 32,110,836 | | | | 5,800,015 | | | | 21,662,612 | |
Foreign currencies, at valueb | | | 7,951 | | | | — | | | | 11,768 | |
Cash | | | — | | | | — | | | | 304 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 239,561 | | | | — | | | | 6,250 | |
Due from custodian (Note 4) | | | 1,762,056 | | | | — | | | | — | |
Dividends and interest | | | 30,400 | | | | — | | | | 54,588 | |
Capital shares sold | | | 1,479,310 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 35,630,114 | | | | 5,800,015 | | | | 21,735,522 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 3,465,225 | | | | — | | | | 22,022 | |
Collateral for securities on loan (Note 5) | | | 124,868 | | | | — | | | | 11,380 | |
Investment advisory fees (Note 2) | | | 3,019 | | | | 2,165 | | | | 4,063 | |
| | | | | | | | | | | | |
Total Liabilities | | | 3,593,112 | | | | 2,165 | | | | 37,465 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 32,037,002 | | | $ | 5,797,850 | | | $ | 21,698,057 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 31,247,996 | | | $ | 5,115,818 | | | $ | 20,127,850 | |
Undistributed net investment income (accumulated net investment loss) | | | 24,634 | | | | (3,077 | ) | | | 65,094 | |
Accumulated net realized loss | | | (61,014 | ) | | | — | | | | (3,477 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 825,386 | | | | 685,109 | | | | 1,508,590 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 32,037,002 | | | $ | 5,797,850 | | | $ | 21,698,057 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 600,000 | | | | 100,000 | | | | 400,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 53.40 | | | $ | 57.98 | | | $ | 54.25 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $118,564, $ — and $10,818, respectively. See Note 5. |
| b | Cost of foreign currencies: $7,831, $ — and $11,600, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited)
iSHARES®, INC.
Period ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI All
Country World
Minimum Volatility
Index Funda | | | iShares MSCI Emerging
Markets EMEA Index Fundb | | | iShares MSCI World Index Fundc | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliatedd | | $ | 90,004 | | | $ | — | | | $ | 71,788 | |
Dividends — affiliated (Note 2) | | | 26 | | | | — | | | | 161 | |
Interest — affiliated (Note 2) | | | 3 | | | | — | | | | — | |
Securities lending income — affiliated (Note 2) | | | 199 | | | | — | | | | 22 | |
| | | | | | | | | | | | |
Total investment income | | | 90,232 | | | | — | | | | 71,971 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 13,010 | | | | 4,270 | | | | 6,877 | |
| | | | | | | | | | | | |
Total expenses | | | 13,010 | | | | 4,270 | | | | 6,877 | |
Less investment advisory fees waived (Note 2) | | | (56 | ) | | | (1,193 | ) | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 12,954 | | | | 3,077 | | | | 6,877 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 77,278 | | | | (3,077 | ) | | | 65,094 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (59,619 | ) | | | — | | | | (3,539 | ) |
Foreign currency transactions | | | (1,395 | ) | | | — | | | | 62 | |
| | | | | | | | | | | | |
Net realized loss | | | (61,014 | ) | | | — | | | | (3,477 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 821,408 | | | | 685,109 | | | | 1,508,258 | |
Translation of assets and liabilities in foreign currencies | | | 3,978 | | | | — | | | | 332 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 825,386 | | | | 685,109 | | | | 1,508,590 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 764,372 | | | | 685,109 | | | | 1,505,113 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 841,650 | | | $ | 682,032 | | | $ | 1,570,207 | |
| | | | | | | | | | | | |
| a | For the period from October 18, 2011 (commencement of operations) to February 29, 2012. |
| b | For the period from January 18, 2012 (commencement of operations) to February 29, 2012. |
| c | For the period from January 10, 2012 (commencement of operations) to February 29, 2012. |
| d | Net of foreign withholding tax of $3,271, $ — and $2,354, respectively. |
See notes to financial statements.
| | |
| 38 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iSHARES®, INC.
| | | | | | | | |
| | | iShares MSCI All
Country World
Minimum Volatility
Index Fund | | | iShares MSCI
Emerging
Markets EMEA
Index Fund | |
| | | Period from
October 18, 2011a to February 29, 2012 (Unaudited) | | | Period from
January 18, 2012a to February 29, 2012 (Unaudited) | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | $ | 77,278 | | | $ | (3,077 | ) |
Net realized loss | | | (61,014 | ) | | | — | |
Net change in unrealized appreciation/depreciation | | | 825,386 | | | | 685,109 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 841,650 | | | | 682,032 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | (52,644 | ) | | | — | |
| | | | | | | | |
Total distributions to shareholders | | | (52,644 | ) | | | — | |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 31,247,996 | | | | 5,115,818 | |
| | | | | | | | |
Net increase in net assets from capital share transactions | | | 31,247,996 | | | | 5,115,818 | |
| | | | | | | | |
INCREASE IN NET ASSETS | | | 32,037,002 | | | | 5,797,850 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | — | | | | — | |
| | | | | | | | |
End of period | | $ | 32,037,002 | | | $ | 5,797,850 | |
| | | | | | | | |
Undistributed net investment income (accumulated net investment loss) included in net assets at end of period | | $ | 24,634 | | | $ | (3,077 | ) |
| | | | | | | | |
| | |
SHARES ISSUED | | | | | | | | |
Shares sold | | | 600,000 | | | | 100,000 | |
| | | | | | | | |
Net increase in shares outstanding | | | 600,000 | | | | 100,000 | |
| | | | | | | | |
| a | Commencement of operations. |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | |
| | | iShares MSCI
World
Index Fund | |
| | | Period from
January 10, 2012a to February 29, 2012 (Unaudited) | |
| |
INCREASE (DECREASE) IN NET ASSETS | | | | |
| |
OPERATIONS: | | | | |
Net investment income | | $ | 65,094 | |
Net realized loss | | | (3,477 | ) |
Net change in unrealized appreciation/depreciation | | | 1,508,590 | |
| | | | |
Net increase in net assets resulting from operations | | | 1,570,207 | |
| | | | |
| |
CAPITAL SHARE TRANSACTIONS: | | | | |
Proceeds from shares sold | | | 20,127,850 | |
| | | | |
Net increase in net assets from capital share transactions | | | 20,127,850 | |
| | | | |
INCREASE IN NET ASSETS | | | 21,698,057 | |
| |
NET ASSETS | | | | |
Beginning of period | | | — | |
| | | | |
End of period | | $ | 21,698,057 | |
| | | | |
Undistributed net investment income included in net assets at end of period | | $ | 65,094 | |
| | | | |
| |
SHARES ISSUED | | | | |
Shares sold | | | 400,000 | |
| | | | |
Net increase in shares outstanding | | | 400,000 | |
| | | | |
| a | Commencement of operations. |
See notes to financial statements.
| | |
| 40 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout the period)
| | | | |
| iShares MSCI All Country World Minimum Volatility Index Fund | |
| | | Period from
Oct. 18, 2011a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 50.02 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.38 | |
Net realized and unrealized gainc | | | 3.26 | |
| | | | |
Total from investment operations | | | 3.64 | |
| | | | |
Less distributions from: | | | | |
Net investment income | | | (0.26 | ) |
| | | | |
Total distributions | | | (0.26 | ) |
| | | | |
Net asset value, end of period | | $ | 53.40 | |
| | | | |
| |
Total return | | | 7.30 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 32,037 | |
Ratio of expenses to average net assetse | | | 0.34 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.34 | % |
Ratio of net investment income to average net assetse | | | 2.03 | % |
Portfolio turnover ratef | | | 10 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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 cash transactions, the portfolio turnover rate for the period ended February 29, 2012 would have been 10%. See Note 4. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
| | | | |
| iShares MSCI Emerging Markets EMEA Index Fund | |
| | | Period from
Jan. 18, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 51.16 | |
| | | | |
Income from investment operations: | | | | |
Net investment lossb | | | (0.03 | ) |
Net realized and unrealized gainc | | | 6.85 | |
| | | | |
Total from investment operations | | | 6.82 | |
| | | | |
Net asset value, end of period | | $ | 57.98 | |
| | | | |
| |
Total return | | | 13.33 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 5,798 | |
Ratio of expenses to average net assetse | | | 0.49 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.68 | % |
Ratio of net investment loss to average net assetse | | | (0.49 | )% |
Portfolio turnover ratef | | | 0 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
| | |
| 42 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
| | | | |
| iShares MSCI World Index Fund | |
| | | Period from
Jan. 10, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 50.32 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.16 | |
Net realized and unrealized gainc | | | 3.77 | |
| | | | |
Total from investment operations | | | 3.93 | |
| | | | |
Net asset value, end of period | | $ | 54.25 | |
| | | | |
| |
Total return | | | 7.81 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 21,698 | |
Ratio of expenses to average net assetse | | | 0.24 | % |
Ratio of net investment income to average net assetse | | | 2.27 | % |
Portfolio turnover ratef | | | 0 | %g |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
| g | Rounds to less than 1%. |
See notes to financial statements.
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 following funds (each, a “Fund,” and collectively, the “Funds”):
| | |
| iShares MSCI Index Fund | | Diversification
Classification |
All Country World Minimum Volatilitya | | Non-diversified |
Emerging Markets EMEAb | | Non-diversified |
Worldc | | Diversified |
| | a | | The Fund commenced operations on October 18, 2011. |
| | b | | The Fund commenced operations on January 18, 2012. |
| | c | | The Fund commenced operations on January 10, 2012. |
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 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 try to achieve each Fund’s investment objective.
Each Fund may invest in 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 Funds; 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 Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
| | |
| 44 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY VALUATION
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The securities and other assets of each Fund are valued at fair value pursuant to the policies and procedures approved by the Board of Directors of the Company (the “Board”).
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
| | • | | Exchange-traded funds (“ETFs”) traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the ETF is primarily traded. ETFs traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors in accordance with policies approved by the Board. Such valuations are reported to the Board.
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.
Various inputs are used in determining the fair value of investments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an investment 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 three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Funds’ assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for an investment 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.
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NOTESTO FINANCIAL STATEMENTS | | | 45 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 29, 2012. The breakdown of each Fund’s investments into major categories is disclosed in its respective Schedule of Investments.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
All Country World Minimum Volatility | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 31,575,007 | | | $ | — | | | $ | — | | | $ | 31,575,007 | |
Investment Companies | | | 375,134 | | | | — | | | | — | | | | 375,134 | |
Preferred Stocks | | | 23,473 | | | | — | | | | — | | | | 23,473 | |
Short-Term Investments | | | 137,222 | | | | — | | | | — | | | | 137,222 | |
| | | | | | | | | | | | | | | | |
| | $ | 32,110,836 | | | $ | — | | | $ | — | | | $ | 32,110,836 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets EMEA | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 5,695,475 | | | $ | 12,731 | | | $ | — | | | $ | 5,708,206 | |
Preferred Stocks | | | 86,721 | | | | — | | | | — | | | | 86,721 | |
Short-Term Investments | | | 5,088 | | | | — | | | | — | | | | 5,088 | |
| | | | | | | | | | | | | | | | |
| | $ | 5,787,284 | | | $ | 12,731 | | | $ | — | | | $ | 5,800,015 | |
| | | | | | | | | | | | | | | | |
| | | | |
World | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 21,578,060 | | | $ | — | | | $ | — | | | $ | 21,578,060 | |
Preferred Stocks | | | 47,405 | | | | — | | | | — | | | | 47,405 | |
Short-Term Investments | | | 37,147 | | | | — | | | | — | | | | 37,147 | |
| | | | | | | | | | | | | | | | |
| | $ | 21,662,612 | | | $ | — | | | $ | — | | | $ | 21,662,612 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
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. Any taxes withheld that are reclaimable from foreign tax authorities as of February 29, 2012 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
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| 46 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of February 29, 2012, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
FEDERAL INCOME TAXES
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
RECENT ACCOUNTING STANDARD
In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.
| 2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the 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 substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
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NOTESTO FINANCIAL STATEMENTS | | | 47 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For its investment advisory services to the iShares MSCI All Country World Minimum Volatility 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 |
| 0.35% | | First $30 billion |
| 0.32 | | Over $30 billion, up to and including $60 billion |
| 0.28 | | Over $60 billion |
BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI All Country World Minimum Volatility Index Fund through June 30, 2013 in an amount equal to the investment advisory fees payable on the amount of the Fund’s investment in other iShares funds.
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:
| | | | |
| iShares MSCI Index Fund | | Investment
Advisory Fee | |
Emerging Markets EMEA | | | 0.68 | % |
World | | | 0.24 | |
BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Emerging Markets EMEA Index Fund through December 31, 2014 in order to limit total annual operating expenses to 0.49% of average daily net assets.
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. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, and any fees or other payments to and from borrowers of securities. Each Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. As securities lending agent, BTC is responsible for all transaction fees and all other operational costs relating to securities lending activities, other than extraordinary expenses. BTC is also responsible for fees and expenses incurred by each Fund as a result of the investment of cash collateral received for securities on loan in a money market fund managed by BFA or an affiliate.
For the period ended February 29, 2012, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
All Country World Minimum Volatility | | $ | 107 | |
World | | | 12 | |
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| 48 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
At the Special Board of Directors meeting held on January 5, 2012, the Board approved a new distribution agreement with BlackRock Investments, LLC (“BRIL”). BRIL is an affiliate of BFA. Effective April 1, 2012, BRIL will replace SEI Investments Distribution Co. as the distributor for each Fund. Pursuant to the new distribution agreement, BFA will be responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest—affiliated” in the Statements of Operations.
The PNC Financial Services Group, Inc. (“PNC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but Barclays is not.
The iShares MSCI All Country World Minimum Volatility Index Fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the Fund’s underlying index.
Investments in issuers considered to be affiliates of the Funds (excluding short-term investments) during the period ended February 29, 2012, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Name of Affiliated Issuer | | Shares Held
at Beginning
of Period | | | Shares
Purchased | | | Shares
Sold | | | Shares Held
at End of Period | | | Value at End of Period | | | Dividend
Income | | | Net Realized Gain (Loss) | |
All Country World Minimum Volatility | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares S&P India Nifty 50 Index Fund | | | — | | | | 15,102 | | | | — | | | | 15,102 | | | $ | 375,134 | | | $ | 26 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 375,134 | | | $ | 26 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
World | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BlackRock Inc. | | | — | | | | 81 | | | | — | | | | 81 | | | $ | 16,119 | | | $ | — | | | $ | — | |
PNC Financial Services Group Inc. (The) | | | — | | | | 461 | | | | — | | | | 461 | | | | 27,439 | | | | 161 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 43,558 | | | $ | 161 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 period ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
All Country World Minimum Volatility | | $ | 3,575,898 | | | $ | 1,352,257 | |
World | | | 26,404 | | | | 13,508 | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 49 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
In-kind transactions (see Note 4) for the period ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind
Sales | |
All Country World Minimum Volatility | | $ | 28,988,183 | | | $ | — | |
Emerging Markets EMEA | | | 5,109,818 | | | | — | |
World | | | 20,107,850 | | | | — | |
| 4. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index, and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash 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. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.
As of February 29, 2012, any securities on loan 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 29, 2012 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of fees and other payments to and from borrowers, and less the fees paid to BTC as securities lending agent.
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| 50 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 29, 2012, 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) | |
All Country World Minimum Volatility | | $ | 31,289,428 | | | $ | 906,986 | | | $ | (85,578 | ) | | $ | 821,408 | |
Emerging Markets EMEA | | | 5,114,906 | | | | 689,670 | | | | (4,561 | ) | | | 685,109 | |
World | | | 20,154,354 | | | | 1,646,428 | | | | (138,170 | ) | | | 1,508,258 | |
Management has reviewed the tax positions as of February 29, 2012, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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NOTESTO FINANCIAL STATEMENTS | | | 51 | |
Board Review and Approval of Investment Advisory
Contract (Unaudited)
iSHARES®, INC.
I. iShares MSCI All Country World Minimum Volatility Index Fund
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required annually to consider the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. As required by Section 15(c), the Board requested and BFA provided such information as the Board, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. An ad-hoc sub-committee of the Independent Directors (the “Ad-Hoc Sub-Committee”) met with management on April 19, 2011 and April 26, 2011, to discuss the types of information the Board required and the manner in which management would organize and present such information. At a meeting held on May 16, 2011, management presented information to the Board relating to the continuance of the Advisory Contract and the Board reviewed and discussed such information at length. The Board also requested from management certain additional information. At a meeting held on June 22-23, 2011, the Board reviewed additional information provided by management in response to the Board’s requests. The Board approved the selection of BFA and the continuance of the Advisory Contract for the Fund, based on its review of qualitative and quantitative information provided by BFA, including its review of supplemental information management provided at the request of the Board. The Board noted its satisfaction with the high level of information, and detailed responses, provided by BFA. The Independent Directors were advised by their independent counsel throughout the process. In selecting BFA and approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:
Nature, Extent and Quality of Services Provided by BFA — The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, in supporting other iShares funds and their shareholders. The Board acknowledged that additional resources to support other iShares funds and their shareholders were added in 2010, for example, in such areas as investor education, product management, and capital markets support. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund. In addition to the above considerations, the Board reviewed and considered BFA’s investment and risk management processes and strategies, and matters related to BFA’s portfolio compliance policies and procedures.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.
Expenses of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other registered investment companies objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary methodology and any registered funds that would otherwise have been excluded from Lipper’s comparison group because of their size or other differentiating factors, but were nonetheless included at the request of BFA (the “Lipper Group”). Because there are few, if any, exchange traded funds or index funds that track an index similar to that tracked by the Fund, the Lipper Group included in part mutual funds, closed-end funds, exchange traded
| | |
| 52 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
funds, or funds with differing investment objective classifications, investment focuses and other characteristics (e.g., actively managed funds and funds sponsored by “at cost” service providers). In support of its review of the statistical information, the Board was provided with a detailed description of the methodology used by Lipper to determine the applicable Lipper Groups and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information may or may not provide meaningful direct comparisons to the Fund.
The Board also noted that the investment advisory fees and overall expenses for the Fund compared favorably to the investment advisory fee rate and overall expenses of the funds in the Lipper Group.
Based on this review, the Board concluded that the investment advisory fees and expense levels of the Fund, as compared to the investment advisory fees and expense levels of the funds in the relevant Lipper Group, supported the Board’s approval of the continuance of the Advisory Contract for the coming year.
Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the Fund had not yet launched. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and thus be in a position to evaluate whether any adjustments in Fund fees would be appropriate.
Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board also reviewed BFA’s historic profitability as investment adviser to the iShares fund complex and noted that BFA and BlackRock had continued to make significant investments in the iShares fund complex and the infrastructure supporting the iShares funds. Based on this review, as well as the discussions described above in connection with the Lipper Group comparisons, the Board, recognizing its responsibility to consider this issue at least annually, concluded that the structure of the investment advisory fees reflects appropriate sharing of potential economies of scale with the Fund’s shareholders and supported the Board’s approval of the continuance of the Advisory Contract for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (together, the “Other Accounts”). The Board noted that BFA and its affiliates do not manage Other Accounts with a substantially similar investment objective and strategy as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different services provided as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks of managing and providing other services to the Fund, as a publicly traded exchanged traded fund, as compared to Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for Other Accounts for which BFA (or its affiliates) provides investment advisory/management services, and concluded that the differences appeared to be consistent with the factors discussed.
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BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 53 | |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider any ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the Fund had not yet launched. However, the Board noted that BFA does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates, in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion that the arrangements support the Board’s approval of the continuance of the Advisory Contract for the coming year.
Based on the considerations described above, the Board determined that the investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.
II. iShares MSCI Emerging Markets EMEA and iShares MSCI World Index Funds
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required to consider and approve the proposed Investment Advisory Contract between the Company and BFA on behalf of the Funds (the “Advisory Contract”). As required by Section 15(c), the Board requested, and BFA provided, such information as the Board, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.
At a meeting held on December 5-6, 2011, the Board approved the selection of BFA and the Advisory Contract for the Funds, based on its review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board. The Independent Directors were advised by their independent counsel throughout the process.
In selecting BFA and approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:
Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be required of or provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience as well as the resources expected to be available from BFA and its affiliates for the support of the Funds and their shareholders. The Board considered in particular that BFA’s services for other iShares funds reflect BFA’s core competencies, including BFA’s effective use of its proprietary investment systems analyzing securities market risk, asset class correlations and expected returns. The Board also considered services provided by BFA and its affiliates to other iShares funds in connection with the review of counterparty and issuer credit risk and securities lending opportunities and the oversight of intermediaries that provide shareholder support and processing functions. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Funds would be similar to the scope and quality of services provided to other iShares funds.
| | |
| 54 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. The Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Funds. In addition to the above considerations, the Board reviewed and considered BFA’s investment and risk management processes and strategies, and matters related to BFA’s portfolio compliance policies and procedures.
The Board took into account discussions at prior Board meetings, including representations and information provided by management regarding the resources and strengths of BFA and the financial condition of BFA and BlackRock.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the Advisory Contract.
Fund Expenses — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Funds in comparison with the same information for other registered investment companies objectively selected by Lipper as comprising the Funds’ applicable peer group pursuant to Lipper’s proprietary methodology (the “Lipper Group”). Because there are few, if any, exchange traded funds or index funds that track indexes similar to those tracked by the Funds, the Lipper Group included in part mutual funds, closed-end funds, exchange traded funds, or funds with differing investment objective classifications, investment focuses and other characteristics (e.g., actively managed funds and funds sponsored by “at-cost” service providers). In support of its review of the statistical information, the Board was provided with a general description of the methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the proposed investment advisory fee rate and overall expenses for the Funds compared favorably to the investment advisory fee rate and overall expenses of the funds in the Lipper Group.
Based on this review, the other factors considered at the meeting, and their general knowledge of mutual fund pricing, the Board concluded that the proposed investment advisory fees and expense levels of the Funds, as compared to the investment advisory fees and expense levels of the funds in the Lipper Group, supported the Board’s approval of the Advisory Contract.
Costs of Services to be Provided to the Funds and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Funds to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Funds since the proposed relationships had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis and will thus be in a position to evaluate whether, following the expiration of the Advisory Contract’s initial two year term, any adjustments in Funds fees would be appropriate.
Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ assets. The Board noted that the Advisory Contract did not provide for any breakpoints in the Funds’ investment advisory rates as the assets of the Funds increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Funds may be appropriate. The Board noted information presented at prior Board meetings regarding BFA’s historic profitability as investment adviser to the iShares fund complex and noted that BFA and BlackRock had continued to make significant investments in the iShares fund complex and the infrastructure supporting the iShares funds.
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 55 | |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
Based on this review, as well as the discussions described above in connection with the Lipper Group comparisons, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the structure of the investment advisory fees reflects appropriate sharing of potential economies of scale with the Funds’ shareholders and supported the Board’s approval of the Advisory Contract.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board considered certain information regarding the investment advisory/management fee rate for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act, collective trust funds, and institutional separate accounts (together, the “Other Accounts”). The Board noted that BFA and its affiliates manage Other Accounts that track the same underlying index as the iShares MSCI World Index Fund, but they do not manage Other Accounts that track the same underlying index as the iShares MSCI Emerging Markets EMEA Index Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different services provided as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board noted that the investment advisory fee rate under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for Other Accounts that are institutional clients of BFA (or its affiliates), and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider any ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Funds by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA would not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Funds’ securities lending agent, for loaning any portfolio securities. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders.
Based on the considerations described above, the Board determined that the investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Funds and their shareholders to approve the Advisory Contract.
| | |
| 56 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 | |
| iShares MSCI Index Fund | | 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 | |
All Country World Minimum Volatility | | | $0.15043 | | | $ | — | | | $ | 0.11279 | | | $0.26322 | | | 57 | % | | | — | % | | | 43 | % | | | 100 | % |
| | | | |
SUPPLEMENTAL INFORMATION | | | 57 | |
Notes:
| | |
| 58 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com
or call 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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. BlackRock is not 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 daily and monthly basis on the Funds’ website.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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iS-SAR-811-0212
| | |
 | | February 29, 2012 |
2012 Semi-Annual Report
iShares, Inc.
iShares MSCI Global Agriculture Producers Fund | VEGI | NYSE Arca
iShares MSCI Global Energy Producers Fund | FILL | NYSE Arca
iShares MSCI Global Gold Miners Fund | RING | NYSE Arca
iShares MSCI Global Select Metals & Mining Producers Fund | PICK | NYSE Arca
iShares MSCI Global Silver Miners Fund | SLVP | NYSE Arca
Table of Contents
Fund Performance Overview
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS FUND
Performance as of February 29, 2012
| | | | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/29/12 | |
| | NAV | | | | MARKET | | | | INDEX | |
| | 3.09% | | | | 3.42% | | | | 3.17% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 1/31/12.
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 (2/2/12), 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 Global Agriculture Producers Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Index is designed to measure the combined performance of equity securities of companies primarily engaged in the business of agriculture in both developed and 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 period from January 31, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 3.09%, net of fees, while the total return for the Index was 3.17%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Industry/Investment Type | | Percentage of Net Assets |
| | | | |
Chemicals | | | 52.48 | % |
Agriculture | | | 17.50 | |
Machinery | | | 13.03 | |
Food | | | 10.38 | |
Auto Manufacturers | | | 2.07 | |
Transportation | | | 1.00 | |
Exchange-Traded Funds | | | 0.88 | |
Other* | | | 2.52 | |
Short-Term and Other Net Assets | | | 0.14 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Monsanto Co. | | | 10.26 | % |
Potash Corp. of Saskatchewan Inc. (Canada) | | | 9.92 | |
Deere & Co. | | | 8.50 | |
Syngenta AG Registered (Switzerland) | | | 7.68 | |
Archer-Daniels-Midland Co. | | | 5.21 | |
Mosaic Co. (The) | | | 4.38 | |
Agrium Inc. (Canada) | | | 3.35 | |
CF Industries Holdings Inc. | | | 3.31 | |
Uralkali OJSC (Russia) | | | 2.80 | |
Kubota Corp. (Japan) | | | 2.70 | |
| | | | |
TOTAL | | | 58.11 | % |
| | | | |
| | * | Other includes industries which individually represented less than 1% of net assets. |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
Performance as of February 29, 2012
| | | | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/29/12 | |
| | NAV | | | | MARKET | | | | INDEX | |
| | 5.89% | | | | 6.25% | | | | 5.95% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 1/31/12.
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 (2/2/12), 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 Global Energy Producers Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Index is designed to measure the combined performance of equity securities of companies primarily engaged in the business of energy exploration and production in both developed and 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 period from January 31, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 5.89%, net of fees, while the total return for the Index was 5.95%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Industry | | Percentage of Net Assets |
| | | | |
Oil & Gas | | | 96.18 | % |
Coal | | | 2.68 | |
Other* | | | 0.69 | |
Short-Term and Other Net Assets | | | 0.45 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
| | * | Other includes industries which individually represented less than 1% of net assets. |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Exxon Mobil Corp. | | | 14.61 | % |
Chevron Corp. | | | 7.60 | |
BP PLC (United Kingdom) | | | 5.17 | |
Royal Dutch Shell PLC Class A (United Kingdom) | | | 4.51 | |
Total SA (France) | | | 4.14 | |
Royal Dutch Shell PLC Class B (United Kingdom) | | | 3.54 | |
ConocoPhillips | | | 3.48 | |
Occidental Petroleum Corp. | | | 2.94 | |
BG Group PLC (United Kingdom) | | | 2.85 | |
Petroleo Brasileiro SA Preferred (Brazil) | | | 2.05 | |
| | | | |
TOTAL | | | 50.89 | % |
| | | | |
| | |
| 6 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI GLOBAL GOLD MINERS FUND
Performance as of February 29, 2012
| | | | |
| Cumulative Total Returns |
| Inception to 2/29/12 |
| NAV | | MARKET | | INDEX |
| (0.04)% | | (0.80)% | | (0.00)% |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 1/31/12.
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 (2/2/12), 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 Global Miners Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Index is designed to measure the combined performance of equity securities of companies primarily engaged in the business of gold mining in both developed and 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 period from January 31, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was (0.04)%, net of fees, while the total return for the Index was (0.00)%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Industry | | Percentage of Net Assets |
| | | | |
Mining | | | 99.86 | % |
Short-Term and Other Net Assets | | | 0.14 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Barrick Gold Corp. (Canada) | | | 15.33 | % |
Goldcorp Inc. (Canada) | | | 12.09 | |
Newmont Mining Corp. | | | 8.47 | |
Newcrest Mining Ltd. (Australia) | | | 7.55 | |
Yamana Gold Inc. (Canada) | | | 4.58 | |
Eldorado Gold Corp. (Canada) | | | 4.25 | |
AngloGold Ashanti Ltd. (South Africa) | | | 4.21 | |
Gold Fields Ltd. (South Africa) | | | 4.13 | |
Kinross Gold Corp. (Canada) | | | 4.11 | |
Compania de Minas Buenaventura SA SP ADR (Peru) | | | 3.40 | |
| | | | |
TOTAL | | | 68.12 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
Performance as of February 29, 2012
| | | | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/29/12 | |
| | NAV | | | | MARKET | | | | INDEX | |
| | 1.58% | | | | 2.30% | | | | 1.63% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 1/31/12.
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 (2/2/12), 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 Global Select Metals & Mining Producers Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index (the “Index”). The Index is designed to measure the combined performance of equity securities of companies primarily involved in the extraction and production of diversified metals, aluminum, steel, and precious metals and minerals, excluding gold and silver, in both developed and 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 period from January 31, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 1.58%, net of fees, while the total return for the Index was 1.63%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Industry | | Percentage of Net Assets |
| | | | |
Mining | | | 64.35 | % |
Iron & Steel | | | 30.89 | |
Metal Fabricate & Hardware | | | 1.63 | |
Coal | | | 1.50 | |
Other* | | | 1.09 | |
Short-Term and Other Net Assets | | | 0.54 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
| | * | Other includes industries which individually represented less than 1% of net assets. |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
BHP Billiton Ltd. (Australia) | | | 11.38 | % |
Rio Tinto PLC (United Kingdom) | | | 7.14 | |
BHP Billiton PLC (United Kingdom) | | | 6.26 | |
Anglo American PLC (United Kingdom) | | | 5.09 | |
Vale SA Class A Preferred (Brazil) | | | 4.63 | |
Freeport-McMoRan Copper & Gold Inc. | | | 3.67 | |
Xstrata PLC (United Kingdom) | | | 3.61 | |
Vale SA (Brazil) | | | 2.93 | |
Rio Tinto Ltd. (Australia) | | | 2.89 | |
POSCO (South Korea) | | | 2.22 | |
| | | | |
TOTAL | | | 49.82 | % |
| | | | |
| | |
| 8 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI GLOBAL SILVER MINERS FUND
Performance as of February 29, 2012
| | | | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/29/12 | |
| | NAV | | | | MARKET | | | | INDEX | |
| | 2.61% | | | | 2.85% | | | | 2.65% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 1/31/12.
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 (2/2/12), 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 Global Silver Miners Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Index is designed to measure the combined performance of equity securities of companies primarily engaged in the business of silver mining in both developed and 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 period from January 31, 2012 (inception date of the Fund) through February 29, 2012, the total return for the Fund was 2.61%, net of fees, while the total return for the Index was 2.65%.
PORTFOLIO ALLOCATION
As of 2/29/12
| | |
| Industry | | Percentage of Net Assets |
| | | | |
Mining | | | 99.96 | % |
Short-Term and Other Net Assets | | | 0.04 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/29/12
| | |
| Security | | Percentage of Net Assets |
| | | | |
Silver Wheaton Corp. (Canada) | | | 19.72 | % |
Compania de Minas Buenaventura SA SP ADR (Peru) | | | 10.08 | |
Industrias Penoles SAB de CV (Mexico) | | | 8.82 | |
Fresnillo PLC (United Kingdom) | | | 6.21 | |
AuRico Gold Inc. (Canada) | | | 4.62 | |
Coeur d’Alene Mines Corp. | | | 4.25 | |
Pan American Silver Corp. (Canada) | | | 4.20 | |
First Majestic Silver Corp. (Canada) | | | 4.17 | |
Tahoe Resources Inc. (Canada) | | | 4.02 | |
Hochschild Mining PLC (United Kingdom) | | | 3.04 | |
| | | | |
TOTAL | | | 69.13 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
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, 2011 (or commencement of operations, as applicable) to February 29, 2012.
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 Fund | | Beginning
Account Value a (9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b (9/1/11 to 2/29/12) | |
Global Agriculture Producers | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,030.90 | | | | 0.38 | % | | $ | 0.31 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,023.00 | | | | 0.38 | | | | 1.91 | |
Global Energy Producers | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,058.90 | | | | 0.39 | | | | 0.32 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.39 | | | | 1.96 | |
Global Gold Miners | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.60 | | | | 0.39 | | | | 0.31 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.39 | | | | 1.96 | |
Global Select Metals & Mining Producers | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,015.80 | | | | 0.39 | | | | 0.31 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.39 | | | | 1.96 | |
| | |
| 10 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Fund | | Beginning
Account Value a (9/1/11) | | | Ending
Account Value
(2/29/12) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b (9/1/11 to 2/29/12) | |
Global Silver Miners | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,026.10 | | | | 0.39 | % | | $ | 0.31 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.39 | | | | 1.96 | |
| a | The beginning of the period (commencement of operations) for the Funds is January 31, 2012. | |
| b | Actual expenses for the Funds 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 (29 days) and divided by the number of days in the year (366 days). Hypothetical expenses, which are based on a hypothetical half year, 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 (182 days) and divided by the number of days in the year (366 days). | |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 97.54% | |
|
AUSTRALIA — 2.19% | |
Australian Agricultural Co. Ltd.a | | | 2,936 | | | $ | 4,298 | |
Elders Ltd.a | | | 5,950 | | | | 1,511 | |
GrainCorp Ltd. | | | 2,366 | | | | 20,246 | |
Incitec Pivot Ltd. | | | 20,690 | | | | 72,876 | |
Nufarm Ltd.a | | | 2,188 | | | | 11,158 | |
Tassal Group Ltd. | | | 1,500 | | | | 2,099 | |
| | | | | | | | |
| | | | | | | 112,188 | |
BELGIUM — 0.14% | |
SIPEF NV | | | 84 | | | | 7,304 | |
| | | | | | | | |
| | | | | | | 7,304 | |
BRAZIL — 0.84% | |
Cosan SA Industria e Comercio | | | 1,600 | | | | 28,656 | |
Fertilizantes Heringer SAa | | | 200 | | | | 1,415 | |
Sao Martinho SA | | | 600 | | | | 7,370 | |
SLC Agricola SA | | | 600 | | | | 5,557 | |
| | | | | | | | |
| | | | | | | 42,998 | |
CANADA — 14.47% | |
AG Growth International Inc. | | | 170 | | | | 6,212 | |
Agrium Inc. | | | 2,010 | | | | 171,787 | |
Hanfeng Evergreen Inc.a | | | 576 | | | | 1,696 | |
Migao Corp.a | | | 530 | | | | 2,034 | |
Potash Corp. of Saskatchewan Inc. | | | 10,890 | | | | 508,926 | |
Viterra Inc. | | | 4,734 | | | | 51,428 | |
| | | | | | | | |
| | | | | | | 742,083 | |
CHILE — 0.21% | |
AquaChile SAa | | | 4,692 | | | | 3,990 | |
Compania Pesquera Camanchaca SAa | | | 21,544 | | | | 1,847 | |
Empresas Iansa SA | | | 35,944 | | | | 2,862 | |
Multiexport Foods SA | | | 8,092 | | | | 2,323 | |
| | | | | | | | |
| | | | | | | 11,022 | |
CHINA — 1.51% | |
Asian Citrus Holdings Ltd. | | | 8,000 | | | | 4,838 | |
China Agri-Industries Holdings Ltd. | | | 20,000 | | | | 15,086 | |
China BlueChemical Ltd. Class H | | | 24,000 | | | | 18,877 | |
China Green Holdings Ltd. | | | 12,000 | | | | 4,657 | |
China Modern Dairy Holdings Ltd.a | | | 22,000 | | | | 5,815 | |
DaChan Food Asia Ltd. | | | 6,000 | | | | 1,191 | |
First Tractor Co. Ltd. Class H | | | 8,000 | | | | 9,366 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Global Bio-Chem Technology Group Co. Ltd. | | | 28,000 | | | $ | 7,545 | |
Jinchuan Group International Resources Co. Ltd.a | | | 8,000 | | | | 1,702 | |
Sinofert Holdings Ltd. | | | 28,000 | | | | 8,340 | |
| | | | | | | | |
| | | | | | | 77,417 | |
DENMARK — 0.25% | |
Auriga Industries A/S Class B | | | 218 | | | | 3,197 | |
East Asiatic Co. Ltd. A/S | | | 156 | | | | 4,378 | |
United International Enterprises Ltd. | | | 36 | | | | 5,182 | |
| | | | | | | | |
| | | | | | | 12,757 | |
FINLAND — 0.16% | |
HKScan OYJ Class A | | | 350 | | | | 2,725 | |
Raisio PLC Series V | | | 1,562 | | | | 5,391 | |
| | | | | | | | |
| | | | | | | 8,116 | |
FRANCE — 0.19% | |
Naturex | | | 38 | | | | 2,556 | |
Vilmorin & Cie | | | 64 | | | | 7,119 | |
| | | | | | | | |
| | | | | | | 9,675 | |
GERMANY — 2.80% | |
Asian Bamboo AG | | | 174 | | | | 3,165 | |
K+S AG | | | 2,192 | | | | 109,886 | |
KWS Saat AG | | | 28 | | | | 6,358 | |
Suedzucker AG | | | 828 | | | | 24,085 | |
| | | | | | | | |
| | | | | | | 143,494 | |
INDONESIA — 1.39% | |
PT Astra Agro Lestari Tbk | | | 5,000 | | | | 12,361 | |
PT Bakrie Sumatera Plantations Tbk | | | 169,000 | | | | 5,527 | |
PT Bisi International Tbk | | | 21,000 | | | | 2,142 | |
PT BW Plantation Tbk | | | 19,000 | | | | 3,181 | |
PT Charoen Pokphand Indonesia Tbk | | | 94,000 | | | | 27,877 | |
PT Japfa Comfeed Indonesia Tbk | | | 12,000 | | | | 5,754 | |
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | | | 31,000 | | | | 9,108 | |
PT Sampoerna Agro Tbk | | | 9,000 | | | | 3,467 | |
PT Tunas Baru Lampung Tbk | | | 31,000 | | | | 2,028 | |
| | | | | | | | |
| | | | | | | 71,445 | |
ISRAEL — 1.52% | |
Israel Chemicals Ltd. | | | 5,640 | | | | 59,891 | |
Israel Corp. Ltd. (The) | | | 30 | | | | 18,034 | |
| | | | | | | | |
| | | | | | | 77,925 | |
| | |
| 12 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ITALY — 2.09% | |
Fiat Industrial SpAa | | | 9,926 | | | $ | 106,224 | |
Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole SpA | | | 36 | | | | 976 | |
| | | | | | | | |
| | | | | | | 107,200 | |
JAPAN — 3.87% | |
Hokuto Corp. | | | 400 | | | | 8,525 | |
Iseki & Co. Ltd.a | | | 2,000 | | | | 4,991 | |
Kubota Corp. | | | 14,000 | | | | 138,374 | |
Maruha Nichiro Holdings Inc. | | | 6,000 | | | | 10,600 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | | | 2,000 | | | | 4,818 | |
Nippon Meat Packers Inc. | | | 2,000 | | | | 25,822 | |
Sakata Seed Corp. | | | 400 | | | | 5,575 | |
| | | | | | | | |
| | | | | | | 198,705 | |
MALAYSIA — 3.55% | |
Genting Plantations Bhd | | | 2,400 | | | | 7,451 | |
Hap Seng Plantations Holdings Bhd | | | 2,200 | | | | 2,233 | |
IJM Plantations Bhd | | | 3,200 | | | | 3,579 | |
IOI Corp. Bhd | | | 35,600 | | | | 64,176 | |
Keck Seng Malaysia Bhd | | | 2,000 | | | | 2,758 | |
Kim Loong Resources Bhd | | | 1,600 | | | | 1,399 | |
Kuala Lumpur Kepong Bhd | | | 5,400 | | | | 42,219 | |
Kulim Malaysia Bhd | | | 4,200 | | | | 6,352 | |
MSM Malaysia Holdings Bhd | | | 2,600 | | | | 4,357 | |
PPB Group Bhd | | | 5,200 | | | | 29,858 | |
QL Resources Bhd | | | 3,800 | | | | 4,186 | |
Sarawak Oil Palms Bhd | | | 1,200 | | | | 2,400 | |
TH Plantations Bhd | | | 2,400 | | | | 2,187 | |
Tradewinds Malaysia Bhd | | | 1,200 | | | | 3,962 | |
TSH Resources Bhd | | | 4,000 | | | | 2,898 | |
United Malacca Bhd | | | 1,000 | | | | 2,357 | |
| | | | | | | | |
| | | | | | | 182,372 | |
MEXICO — 0.10% | |
Gruma SAB de CV Series Ba | | | 2,200 | | | | 5,404 | |
| | | | | | | | |
| | | | | | | 5,404 | |
NETHERLANDS — 0.65% | |
Nutreco NV | | | 440 | | | | 33,114 | |
| | | | | | | | |
| | | | | | | 33,114 | |
NEW ZEALAND — 0.02% | |
PGG Wrightson Ltd.a | | | 3,856 | | | | 1,301 | |
| | | | | | | | |
| | | | | | | 1,301 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
NORWAY — 3.09% | |
Austevoll Seafood ASA | | | 1,212 | | | $ | 5,299 | |
Bakkafrost P/F | | | 304 | | | | 2,182 | |
Cermaq ASAa | | | 658 | | | | 9,300 | |
Copeinca ASAa | | | 258 | | | | 1,950 | |
Leroey Seafood Group ASA | | | 254 | | | | 4,273 | |
Marine Harvest ASA | | | 32,088 | | | | 17,321 | |
Yara International ASA | | | 2,392 | | | | 117,970 | |
| | | | | | | | |
| | | | | | | 158,295 | |
POLAND — 0.33% | |
Kernel Holding SAa | | | 600 | | | | 14,207 | |
Zaklady Azotowe Pulawy SA | | | 90 | | | | 2,627 | |
| | | | | | | | |
| | | | | | | 16,834 | |
RUSSIA — 2.86% | |
Razgulay Groupa | | | 2,452 | | | | 2,837 | |
Uralkali OJSC | | | 17,660 | | | | 143,716 | |
| | | | | | | | |
| | | | | | | 146,553 | |
SINGAPORE — 3.51% | |
China XLX Fertiliser Ltd. | | | 12,000 | | | | 3,512 | |
First Resources Ltd. | | | 4,000 | | | | 5,886 | |
GMG Global Ltd. | | | 36,000 | | | | 4,302 | |
Golden Agri-Resources Ltd. | | | 84,000 | | | | 49,176 | |
Indofood Agri Resources Ltd.a | | | 6,000 | | | | 7,771 | |
Oceanus Group Ltd.a | | | 34,000 | | | | 2,836 | |
Wilmar International Ltd. | | | 26,000 | | | | 106,548 | |
| | | | | | | | |
| | | | | | | 180,031 | |
SOUTH AFRICA — 0.82% | |
Afgri Ltd. | | | 4,454 | | | | 3,521 | |
Astral Foods Ltd. | | | 478 | | | | 7,962 | |
Illovo Sugar Ltd. | | | 2,786 | | | | 9,723 | |
Tongaat Hulett Ltd. | | | 1,316 | | | | 18,105 | |
Zeder Investments Ltd. | | | 7,342 | | | | 2,533 | |
| | | | | | | | |
| | | | | | | 41,844 | |
SOUTH KOREA — 0.32% | |
China Ocean Resources Co. Ltd.a | | | 480 | | | | 2,085 | |
Dongbu HiTek Co. Ltd.a | | | 580 | | | | 4,822 | |
Dongwon Industries Co. Ltd. | | | 16 | | | | 2,646 | |
Harim Co. Ltd. | | | 366 | | | | 1,750 | |
Namhae Chemical Corp. | | | 300 | | | | 2,990 | |
Silla Co. Ltd. | | | 100 | | | | 1,242 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 13 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TS Corp. | | | 40 | | | $ | 803 | |
| | | | | | | | |
| | | | | | | 16,338 | |
SPAIN — 0.06% | |
Pescanova SA | | | 92 | | | | 3,160 | |
| | | | | | | | |
| | | | | | | 3,160 | |
SWEDEN — 0.03% | |
Black Earth Farming Ltd. SDRa | | | 842 | | | | 1,729 | |
| | | | | | | | |
| | | | | | | 1,729 | |
SWITZERLAND — 7.69% | |
Syngenta AG Registereda | | | 1,204 | | | | 394,272 | |
| | | | | | | | |
| | | | | | | 394,272 | |
TAIWAN — 0.68% | |
Sesoda Corp. | | | 2,000 | | | | 2,456 | |
Sinon Corp. | | | 6,000 | | | | 2,654 | |
Taiwan Fertilizer Co. Ltd. | | | 10,000 | | | | 27,997 | |
Taiyen Biotech Co. Ltd. | | | 2,000 | | | | 1,670 | |
| | | | | | | | |
| | | | | | | 34,777 | |
THAILAND — 0.99% | |
Charoen Pokphand Foods PCL NVDR | | | 38,200 | | | | 45,754 | |
GFPT PCL NVDR | | | 5,800 | | | | 1,974 | |
Khon Kaen Sugar Industry PCL NVDR | | | 6,600 | | | | 3,119 | |
| | | | | | | | |
| | | | | | | 50,847 | |
TURKEY — 0.11% | |
Bagfas Bandirma Gubre Fabrikalari AS | | | 24 | | | | 2,309 | |
Gubre Fabrikalari TASa | | | 502 | | | | 3,436 | |
| | | | | | | | |
| | | | | | | 5,745 | |
UNITED STATES — 41.10% | |
AGCO Corp.a | | | 1,222 | | | | 63,092 | |
Alico Inc. | | | 54 | | | | 1,256 | |
American Vanguard Corp. | | | 294 | | | | 4,857 | |
Archer-Daniels-Midland Co. | | | 8,576 | | | | 267,571 | |
Bunge Ltd. | | | 1,868 | | | | 125,754 | |
Cal-Maine Foods Inc. | | | 178 | | | | 6,853 | |
CF Industries Holdings Inc. | | | 912 | | | | 169,632 | |
Corn Products International Inc. | | | 972 | | | | 55,744 | |
Darling International Inc.a | | | 1,484 | | | | 23,729 | |
Deere & Co. | | | 5,256 | | | | 435,880 | |
Dole Food Co. Inc.a | | | 600 | | | | 5,748 | |
Fresh Del Monte Produce Inc. | | | 528 | | | | 11,859 | |
Intrepid Potash Inc.a | | | 676 | | | | 17,096 | |
Lindsay Corp. | | | 160 | | | | 10,494 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Monsanto Co. | | | 6,800 | | | $ | 526,184 | |
Mosaic Co. (The) | | | 3,890 | | | | 224,648 | |
Omega Protein Corp.a | | | 252 | | | | 2,082 | |
Scotts Miracle-Gro Co. (The) Class A | | | 566 | | | | 26,511 | |
Smithfield Foods Inc.a | | | 1,882 | | | | 44,095 | |
Titan International Inc. | | | 508 | | | | 12,517 | |
Tyson Foods Inc. Class A | | | 3,860 | | | | 72,993 | |
| | | | | | | | |
| | | | | | | 2,108,595 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $4,893,672) | | | | | | | 5,003,540 | |
| | |
PREFERRED STOCKS — 1.44% | | | | | | | | |
| | |
CHILE — 1.44% | | | | | | | | |
Sociedad Quimica y Minera de Chile SA Series B | | | 1,232 | | | | 73,745 | |
| | | | | | | | |
| | | | | | | 73,745 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS
(Cost: $72,929) | | | | | | | 73,745 | |
|
INVESTMENT COMPANIES — 0.88% | |
| |
EXCHANGE-TRADED FUNDS — 0.88% | | | | | |
iShares S&P India Nifty 50 Index Fundb | | | 1,820 | | | | 45,209 | |
| | | | | | | | |
| | | | | | | 45,209 | |
| | | | | | | | |
TOTAL INVESTMENT COMPANIES
(Cost: $44,244) | | | | | | | 45,209 | |
|
SHORT-TERM INVESTMENTS — 0.10% | |
| |
MONEY MARKET FUNDS — 0.10% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%b,c | | | 5,113 | | | | 5,113 | |
| | | | | | | | |
| | | | | | | 5,113 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,113) | | | | | | | 5,113 | |
| | | | | | | | |
| | |
| 14 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS FUND
February 29, 2012
| | | | | | |
| | | | | Value | |
TOTAL INVESTMENTS
IN SECURITIES — 99.96%
(Cost: $5,015,958) | | | | $ | 5,127,607 | |
Other Assets, Less Liabilities — 0.04% | | | | | 2,274 | |
| | | | | | |
NET ASSETS — 100.00% | | | | $ | 5,129,881 | |
| | | | | | |
NVDR — Non-Voting Depositary Receipts
SDR — Swedish 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 15 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 97.33% | |
| |
AUSTRALIA — 1.91% | | | | | |
Aquila Resources Ltd.a | | | 266 | | | $ | 1,474 | |
Aurora Oil and Gas Ltd.a | | | 632 | | | | 2,219 | |
AWE Ltd.a | | | 938 | | | | 1,738 | |
Beach Energy Ltd. | | | 1,966 | | | | 3,324 | |
Caltex Australia Ltd. | | | 240 | | | | 3,568 | |
Coalspur Mines Ltd.a | | | 560 | | | | 944 | |
Cockatoo Coal Ltd.a | | | 1,028 | | | | 428 | |
Dart Energy Ltd.a | | | 770 | | | | 329 | |
Deep Yellow Ltd.a | | | 1,506 | | | | 211 | |
Energy Resources of Australia Ltd.a | | | 308 | | | | 419 | |
Extract Resources Ltd.a | | | 174 | | | | 1,617 | |
Gloucester Coal Ltd.a | | | 142 | | | | 1,246 | |
Guildford Coal Ltd.a | | | 276 | | | | 236 | |
Horizon Oil Ltd.a | | | 1,626 | | | | 571 | |
Karoon Gas Australia Ltd.a | | | 312 | | | | 2,036 | |
Linc Energy Ltd.a | | | 432 | | | | 695 | |
Molopo Energy Ltd.a | | | 482 | | | | 388 | |
Nexus Energy Ltd.a | | | 1,644 | | | | 364 | |
Paladin Energy Ltd.a | | | 1,324 | | | | 2,675 | |
Roc Oil Co. Ltd.a | | | 1,350 | | | | 598 | |
Santos Ltd. | | | 1,720 | | | | 26,798 | |
Senex Energy Ltd.a | | | 1,114 | | | | 1,282 | |
White Energy Co. Ltd.a | | | 366 | | | | 178 | |
Woodside Petroleum Ltd. | | | 1,160 | | | | 46,674 | |
| | | | | | | | |
| | | | | | | 100,012 | |
AUSTRIA — 0.21% | | | | | | | | |
OMV AG | | | 296 | | | | 11,059 | |
| | | | | | | | |
| | | | | | | 11,059 | |
BRAZIL — 2.00% | | | | | | | | |
OGX Petroleo e Gas Participacoes SAa | | | 2,400 | | | | 23,764 | |
Petroleo Brasileiro SA | | | 5,400 | | | | 80,832 | |
Refinaria de Petroleos Manguinhos SAa | | | 600 | | | | 433 | |
| | | | | | | | |
| | | | | | | 105,029 | |
CANADA — 11.15% | | | | | | | | |
Advantage Oil & Gas Ltd.a | | | 272 | | | | 1,058 | |
Angle Energy Inc.a | | | 108 | | | | 696 | |
ARC Resources Ltd. | | | 528 | | | | 13,697 | |
Athabasca Oil Sands Corp.a | | | 600 | | | | 7,481 | |
Bankers Petroleum Ltd.a | | | 422 | | | | 2,091 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Baytex Energy Corp. | | | 214 | | | $ | 12,432 | |
Bellatrix Exploration Ltd.a | | | 174 | | | | 942 | |
Birchcliff Energy Ltd.a | | | 158 | | | | 1,774 | |
BlackPearl Resources Inc.a | | | 470 | | | | 2,104 | |
BNK Petroleum Inc.a | | | 188 | | | | 349 | |
Bonavista Energy Corp. | | | 268 | | | | 6,258 | |
Bonterra Energy Corp. | | | 30 | | | | 1,681 | |
C&C Energia Ltd.a | | | 60 | | | | 514 | |
Cameco Corp. | | | 718 | | | | 17,714 | |
Canadian Natural Resources Ltd. | | | 1,998 | | | | 74,508 | |
Canadian Oil Sands Ltd. | | | 882 | | | | 21,160 | |
Celtic Exploration Ltd.a | | | 160 | | | | 2,945 | |
Cenovus Energy Inc. | | | 1,376 | | | | 53,730 | |
Cequence Energy Ltd.a | | | 200 | | | | 305 | |
Chinook Energy Inc.a | | | 336 | | | | 502 | |
Connacher Oil and Gas Ltd.a | | | 736 | | | | 807 | |
Corridor Resources Inc.a | | | 212 | | | | 172 | |
Crescent Point Energy Corp. | | | 460 | | | | 21,880 | |
Crew Energy Inc.a | | | 180 | | | | 2,420 | |
Denison Mines Corp.a | | | 538 | | | | 1,060 | |
Encana Corp. | | | 1,348 | | | | 27,591 | |
Enerplus Corp. | | | 338 | | | | 8,215 | |
Fairborne Energy Ltd.a | | | 126 | | | | 334 | |
Freehold Royalties Ltd. | | | 100 | | | | 2,084 | |
Guide Exploration Ltd. Class Aa | | | 172 | | | | 435 | |
Husky Energy Inc. | | | 620 | | | | 16,826 | |
Imperial Oil Ltd. | | | 552 | | | | 26,503 | |
Ivanhoe Energy Inc.a | | | 476 | | | | 435 | |
Legacy Oil & Gas Inc. Class Aa | | | 226 | | | | 2,570 | |
MEG Energy Corp.a | | | 200 | | | | 8,837 | |
NAL Energy Corp. | | | 258 | | | | 2,001 | |
Nexen Inc. | | | 960 | | | | 19,659 | |
Niko Resources Ltd. | | | 86 | | | | 4,082 | |
NuVista Energy Ltd.a | | | 156 | | | | 632 | |
Pace Oil & Gas Ltd.a | | | 78 | | | | 444 | |
Pacific Rubiales Energy Corp. | | | 470 | | | | 13,709 | |
Paramount Resources Ltd. Class Aa | | | 88 | | | | 3,347 | |
Pengrowth Energy Corp. | | | 660 | | | | 6,761 | |
Penn West Petroleum Ltd. | | | 858 | | | | 18,825 | |
Perpetual Energy Inc. | | | 224 | | | | 202 | |
PetroBakken Energy Ltd. Class A | | | 144 | | | | 2,354 | |
Petrobank Energy and Resources Ltd.a | | | 172 | | | | 2,750 | |
Petrominerales Ltd. | | | 180 | | | | 3,375 | |
| | |
| 16 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Peyto Exploration & Development Corp. | | | 242 | | | $ | 4,541 | |
Progress Energy Resources Corp. | | | 352 | | | | 3,870 | |
Questerre Energy Corp. Class Aa | | | 320 | | | | 237 | |
Southern Pacific Resource Corp.a | | | 528 | | | | 981 | |
SouthGobi Resources Ltd.a | | | 200 | | | | 1,533 | |
Sprott Resource Corp.a | | | 206 | | | | 866 | |
Suncor Energy Inc. | | | 2,862 | | | | 103,502 | |
Talisman Energy Inc. | | | 1,876 | | | | 25,903 | |
Tourmaline Oil Corp.a | | | 200 | | | | 5,223 | |
TransGlobe Energy Corp.a | | | 116 | | | | 1,354 | |
Trilogy Energy Corp. | | | 96 | | | | 3,109 | |
Uranium One Inc.a | | | 850 | | | | 2,805 | |
Vermilion Energy Inc. | | | 170 | | | | 8,397 | |
Whitecap Resources Inc.a | | | 200 | | | | 2,016 | |
Zargon Oil & Gas Ltd. | | | 64 | | | | 960 | |
| | | | | | | | |
| | | | | | | 585,548 | |
CHINA — 3.64% | | | | | | | | |
China CBM Group Ltd.a | | | 32,000 | | | | 536 | |
China Coal Energy Co. Class H | | | 8,000 | | | | 10,263 | |
China Shenhua Energy Co. Ltd. Class H | | | 6,000 | | | | 27,735 | |
CNOOC Ltd. | | | 32,000 | | | | 73,443 | |
Kunlun Energy Co. Ltd. | | | 4,000 | | | | 6,746 | |
PetroChina Co. Ltd. Class H | | | 40,000 | | | | 60,549 | |
United Energy Group Ltd.a | | | 12,000 | | | | 1,981 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 4,000 | | | | 10,026 | |
| | | | | | | | |
| | | | | | | 191,279 | |
COLOMBIA — 0.44% | | | | | | | | |
Ecopetrol SA SP ADR | | | 400 | | | | 23,276 | |
| | | | | | | | |
| | | | | | | 23,276 | |
FINLAND — 0.05% | |
Neste Oil OYJ | | | 202 | | | | 2,498 | |
| | | | | | | | |
| | | | | | | 2,498 | |
FRANCE — 4.21% | |
Esso SA Francaise | | | 8 | | | | 823 | |
Etablissements Maurel et Prom | | | 148 | | | | 2,818 | |
Total SA | | | 3,872 | | | | 217,490 | |
| | | | | | | | |
| | | | | | | 221,131 | |
GREECE — 0.02% | | | | | | | | |
Hellenic Petroleum SA | | | 85 | | | | 625 | |
Motor Oil (Hellas) Corinth Refineries SA | | | 64 | | | | 454 | |
| | | | | | | | |
| | | | | | | 1,079 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HONG KONG — 0.03% | | | | | | | | |
Mongolia Energy Corp. Ltd.a | | | 8,000 | | | $ | 836 | |
Ruifeng Petroleum Chemical Holdings Ltd.a | | | 20,000 | | | | 670 | |
| | | | | | | | |
| | | | | | | 1,506 | |
HUNGARY — 0.13% | | | | | | | | |
MOL Hungarian Oil and Gas PLCa | | | 76 | | | | 6,603 | |
| | | | | | | | |
| | | | | | | 6,603 | |
INDIA — 0.90% | | | | | | | | |
Reliance Industries Ltd. SP GDRb | | | 1,442 | | | | 47,442 | |
| | | | | | | | |
| | | | | | | 47,442 | |
INDONESIA — 0.54% | | | | | | | | |
PT Adaro Energy Tbk | | | 27,000 | | | | 5,747 | |
PT Benakat Petroleum Energy Tbka | | | 29,000 | | | | 691 | |
PT Bumi Resources Tbk | | | 29,000 | | | | 7,877 | |
PT Delta Dunia Makmur Tbka | | | 11,000 | | | | 817 | |
PT Elnusa Tbk | | | 10,000 | | | | 272 | |
PT Energi Mega Persada Tbka | | | 53,000 | | | | 1,116 | |
PT Indika Energy Tbk | | | 3,000 | | | | 881 | |
PT Indo Tambangraya Megah Tbk | | | 1,000 | | | | 4,806 | |
PT Medco Energi Internasional Tbk | | | 3,000 | | | | 765 | |
PT Resource Alam Indonesia Tbk | | | 1,000 | | | | 904 | |
PT Tambang Batubara Bukit Asam Tbk | | | 2,000 | | | | 4,601 | |
| | | | | | | | |
| | | | | | | 28,477 | |
ISRAEL — 0.07% | | | | | | | | |
Jerusalem Oil Exploration Ltd.a | | | 24 | | | | 421 | |
Naphtha Israel Petroleum Corp. Ltd.a | | | 98 | | | | 353 | |
Oil Refineries Ltd.a | | | 2,218 | | | | 1,212 | |
Paz Oil Co. Ltd. | | | 12 | | | | 1,579 | |
| | | | | | | | |
| | | | | | | 3,565 | |
ITALY — 1.99% | | | | | | | | |
Eni SpA | | | 4,402 | | | | 101,931 | |
ERG SpA | | | 172 | | | | 1,875 | |
Saras SpAa | | | 582 | | | | 820 | |
| | | | | | | | |
| | | | | | | 104,626 | |
JAPAN — 1.46% | | | | | | | | |
Cosmo Oil Co. Ltd. | | | 2,000 | | | | 5,856 | |
INPEX Corp. | | | 6 | | | | 42,773 | |
JX Holdings Inc. | | | 4,000 | | | | 25,204 | |
Showa Shell Sekiyu K.K. | | | 400 | | | | 2,708 | |
| | | | | | | | |
| | | | | | | 76,541 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 17 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MALAYSIA — 0.01% | | | | | | | | |
Esso Malaysia Bhd | | | 600 | | | $ | 729 | |
| | | | | | | | |
| | | | | | | 729 | |
NEW ZEALAND — 0.01% | | | | | | | | |
New Zealand Oil & Gas Ltd. | | | 968 | | | | 604 | |
| | | | | | | | |
| | | | | | | 604 | |
NORWAY — 1.20% | | | | | | | | |
Det norske oljeselskap ASAa | | | 104 | | | | 1,680 | |
DNO International ASAa | | | 1,152 | | | | 2,170 | |
Norwegian Energy Co. ASAa | | | 268 | | | | 343 | |
Panoro Energy ASAa | | | 340 | | | | 299 | |
Statoil ASA | | | 2,038 | | | | 58,671 | |
| | | | | | | | |
| | | | | | | 63,163 | |
POLAND — 0.19% | | | | | | | | |
Grupa Lotos SAa | | | 84 | | | | 765 | |
Lubelski Wegiel Bogdanka SA | | | 64 | | | | 2,685 | |
Polski Koncern Naftowy Orlen SAa | | | 558 | | | | 6,447 | |
| | | | | | | | |
| | | | | | | 9,897 | |
PORTUGAL — 0.15% | | | | | | | | |
Galp Energia SGPS SA Class B | | | 456 | | | | 7,985 | |
| | | | | | | | |
| | | | | | | 7,985 | |
RUSSIA — 2.61% | |
LUKOIL OAO | | | 934 | | | | 59,947 | |
NovaTek OAO SP GDRc | | | 164 | | | | 23,796 | |
Rosneft Oil Co. OJSC | | | 2,900 | | | | 22,433 | |
Surgutneftegas OJSC | | | 13,200 | | | | 13,713 | |
Tatneft OAO | | | 2,580 | | | | 17,172 | |
| | | | | | | | |
| | | | | | | 137,061 | |
SINGAPORE — 0.08% | | | | | | | | |
Sakari Resources Ltd. | | | 2,000 | | | | 4,266 | |
| | | | | | | | |
| | | | | | | 4,266 | |
SOUTH KOREA — 0.63% | | | | | | | | |
GS Holdings Corp. | | | 94 | | | | 5,428 | |
S-Oil Corp. | | | 84 | | | | 9,423 | |
SK Innovation Co. Ltd. | | | 110 | | | | 18,240 | |
| | | | | | | | |
| | | | | | | 33,091 | |
SPAIN — 0.72% | | | | | | | | |
Repsol YPF SA | | | 1,444 | | | | 37,802 | |
| | | | | | | | |
| | | | | | | 37,802 | |
SWEDEN — 0.22% | | | | | | | | |
Alliance Oil Co. Ltd. SDRa | | | 148 | | | | 1,870 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Lundin Petroleum ABa | | | 394 | | | $ | 9,251 | |
PA Resources ABa | | | 1,200 | | | | 338 | |
| | | | | | | | |
| | | | | | | 11,459 | |
THAILAND — 0.55% | |
Bangchak Petroleum PCL NVDR | | | 1,000 | | | | 777 | |
Banpu PCL NVDR | | | 300 | | | | 6,423 | |
Esso (Thailand) PCL NVDR | | | 2,200 | | | | 974 | |
IRPC PCL NVDR | | | 20,000 | | | | 3,132 | |
PTT Exploration & Production PCL NVDR | | | 2,200 | | | | 13,412 | |
Thai Oil PCL NVDR | | | 1,600 | | | | 4,018 | |
| | | | | | | | |
| | | | | | | 28,736 | |
TURKEY — 0.12% | | | | | |
Turkiye Petrol Rafinerileri AS | | | 258 | | | | 6,384 | |
| | | | | | | | |
| | | | | | | 6,384 | |
UNITED KINGDOM — 17.81% | | | | | |
Afren PLCa | | | 1,888 | | | | 4,035 | |
Amerisur Resources PLCa | | | 1,274 | | | | 550 | |
Anglo Pacific Group PLC | | | 212 | | | | 1,124 | |
Aurelian Oil & Gas PLCa | | | 800 | | | | 252 | |
Bahamas Petroleum Co. PLCa | | | 2,326 | | | | 511 | |
BG Group PLC | | | 6,176 | | | | 149,714 | |
Borders & Southern Petroleum PLCa | | | 830 | | | | 1,044 | |
Bowleven PLCa | | | 332 | | | | 509 | |
BP PLC | | | 34,500 | | | | 271,372 | |
Cairn Energy PLCa | | | 1,010 | | | | 5,553 | |
Chariot Oil & Gas Ltd.a | | | 240 | | | | 652 | |
Cove Energy PLCa | | | 860 | | | | 3,325 | |
EnQuest PLCa | | | 1,090 | | | | 2,208 | |
Essar Energy PLCa | | | 568 | | | | 952 | |
Falkland Oil & Gas Ltd.a | | | 466 | | | | 506 | |
Faroe Petroleum PLCa | | | 328 | | | | 909 | |
Gulf Keystone Petroleum Ltd.a | | | 1,480 | | | | 8,257 | |
Gulfsands Petroleum PLCa | | | 212 | | | | 578 | |
Hardy Oil & Gas PLCa | | | 164 | | | | 391 | |
Hargreaves Services PLC | | | 54 | | | | 1,070 | |
Heritage Oil PLCa | | | 340 | | | | 992 | |
JKX Oil & Gas PLC | | | 224 | | | | 474 | |
Melrose Resources PLC | | | 112 | | | | 236 | |
Nautical Petroleum PLCa | | | 160 | | | | 944 | |
Ophir Energy PLCa | | | 312 | | | | 2,113 | |
Premier Oil PLCa | | | 986 | | | | 6,940 | |
Rockhopper Exploration PLCa | | | 482 | | | | 2,897 | |
| | |
| 18 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Royal Dutch Shell PLC Class A | | | 6,480 | | | $ | 236,686 | |
Royal Dutch Shell PLC Class B | | | 4,992 | | | | 185,765 | |
Salamander Energy PLCa | | | 294 | | | | 1,153 | |
San Leon Energy PLCa | | | 1,246 | | | | 259 | |
SOCO International PLCa | | | 434 | | | | 2,342 | |
Sterling Energy PLCa | | | 380 | | | | 287 | |
Tullow Oil PLC | | | 1,642 | | | | 38,689 | |
UK Coal PLCa | | | 498 | | | | 243 | |
Valiant Petroleum PLCa | | | 92 | | | | 734 | |
Xcite Energy Ltd.a | | | 258 | | | | 574 | |
| | | | | | | | |
| | | | | | | 934,840 | |
UNITED STATES — 44.28% | | | | | | | | |
Abraxas Petroleum Corp.a | | | 126 | | | | 507 | |
Alpha Natural Resources Inc.a | | | 404 | | | | 7,498 | |
Anadarko Petroleum Corp. | | | 908 | | | | 76,381 | |
Apache Corp. | | | 700 | | | | 75,551 | |
Approach Resources Inc.a | | | 44 | | | | 1,521 | |
Arch Coal Inc. | | | 372 | | | | 5,048 | |
ATP Oil & Gas Corp.a | | | 76 | | | | 608 | |
Berry Petroleum Co. Class A | | | 82 | | | | 4,425 | |
Bill Barrett Corp.a | | | 94 | | | | 2,748 | |
BPZ Resources Inc.a | | | 158 | | | | 507 | |
Cabot Oil & Gas Corp. | | | 380 | | | | 13,254 | |
Carrizo Oil & Gas Inc.a | | | 64 | | | | 1,803 | |
Chesapeake Energy Corp. | | | 1,204 | | | | 30,100 | |
Chevron Corp. | | | 3,656 | | | | 398,943 | |
Cimarex Energy Co. | | | 154 | | | | 12,423 | |
Clayton Williams Energy Inc.a | | | 12 | | | | 1,060 | |
Cloud Peak Energy Inc.a | | | 200 | | | | 3,544 | |
Cobalt International Energy Inc.a | | | 200 | | | | 6,012 | |
Comstock Resources Inc.a | | | 84 | | | | 1,347 | |
Concho Resources Inc.a | | | 180 | | | | 19,231 | |
ConocoPhillips | | | 2,386 | | | | 182,648 | |
CONSOL Energy Inc. | | | 412 | | | | 14,758 | |
Contango Oil & Gas Co.a | | | 26 | | | | 1,653 | |
Continental Resources Inc.a | | | 82 | | | | 7,436 | |
CVR Energy Inc.a | | | 152 | | | | 4,136 | |
Denbury Resources Inc.a | | | 728 | | | | 14,494 | |
Devon Energy Corp. | | | 726 | | | | 53,223 | |
Endeavour International Corp.a | | | 50 | | | | 578 | |
Energen Corp. | | | 134 | | | | 7,133 | |
Energy Partners Ltd.a | | | 200 | | | | 3,408 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Energy XXI (Bermuda) Ltd.a | | | 122 | | | $ | 4,566 | |
EOG Resources Inc. | | | 492 | | | | 56,019 | |
EQT Corp. | | | 262 | | | | 13,891 | |
EXCO Resources Inc. | | | 236 | | | | 1,683 | |
Exxon Mobil Corp. | | | 8,868 | | | | 767,082 | |
Forest Oil Corp.a | | | 198 | | | | 2,560 | |
FX Energy Inc.a | | | 78 | | | | 494 | |
Gastar Exploration Ltd.a | | | 126 | | | | 362 | |
GeoResources Inc.a | | | 30 | | | | 961 | |
Goodrich Petroleum Corp.a | | | 48 | | | | 765 | |
Gulfport Energy Corp.a | | | 80 | | | | 2,690 | |
Harvest Natural Resources Inc.a | | | 50 | | | | 331 | |
Hess Corp. | �� | | 556 | | | | 36,095 | |
HollyFrontier Corp. | | | 378 | | | | 12,334 | |
Houston American Energy Corp.a | | | 32 | | | | 347 | |
Hyperdynamics Corp.a | | | 262 | | | | 356 | |
James River Coal Co.a | | | 50 | | | | 286 | |
Kodiak Oil & Gas Corp.a | | | 400 | | | | 3,876 | |
Lone Pine Resources Inc.a | | | 170 | | | | 1,263 | |
Magnum Hunter Resources Corp.a | | | 190 | | | | 1,315 | |
Marathon Oil Corp. | | | 1,300 | | | | 44,057 | |
Marathon Petroleum Corp. | | | 648 | | | | 26,924 | |
McMoRan Exploration Co.a | | | 170 | | | | 2,380 | |
Newfield Exploration Co.a | | | 244 | | | | 8,784 | |
Noble Energy Inc. | | | 326 | | | | 31,834 | |
Northern Oil and Gas Inc.a | | | 100 | | | | 2,371 | |
Occidental Petroleum Corp. | | | 1,482 | | | | 154,676 | |
Patriot Coal Corp.a | | | 150 | | | | 1,084 | |
Peabody Energy Corp. | | | 490 | | | | 17,091 | |
Penn Virginia Corp. | | | 82 | | | | 401 | |
Petroleum Development Corp.a | | | 40 | | | | 1,302 | |
PetroQuest Energy Inc.a | | | 98 | | | | 598 | |
Pioneer Natural Resources Co. | | | 192 | | | | 21,051 | |
Plains Exploration & Production Co.a | | | 256 | | | | 11,282 | |
QEP Resources Inc. | | | 324 | | | | 11,061 | |
Quicksilver Resources Inc.a | | | 160 | | | | 886 | |
Range Resources Corp. | | | 296 | | | | 18,849 | |
Resolute Energy Corp.a | | | 106 | | | | 1,183 | |
Rex Energy Corp.a | | | 66 | | | | 759 | |
Rosetta Resources Inc.a | | | 96 | | | | 4,900 | |
SandRidge Energy Inc.a | | | 656 | | | | 5,688 | |
SM Energy Co. | | | 116 | | | | 9,132 | |
Southwestern Energy Co.a | | | 644 | | | | 21,291 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Stone Energy Corp.a | | | 72 | | | $ | 2,300 | |
Swift Energy Co.a | | | 74 | | | | 2,222 | |
Tesoro Corp.a | | | 256 | | | | 6,792 | |
Ultra Petroleum Corp.a | | | 286 | | | | 7,139 | |
Uranium Energy Corp.a | | | 130 | | | | 487 | |
VAALCO Energy Inc.a | | | 96 | | | | 757 | |
Valero Energy Corp. | | | 1,032 | | | | 25,274 | |
Venoco Inc.a | | | 44 | | | | 480 | |
W&T Offshore Inc. | | | 58 | | | | 1,464 | |
Warren Resources Inc.a | | | 102 | | | | 398 | |
Western Refining Inc. | | | 84 | | | | 1,525 | |
Whiting Petroleum Corp.a | | | 212 | | | | 12,432 | |
WPX Energy Inc.a | | | 356 | | | | 6,465 | |
| | | | | | | | |
| | | | | | | 2,324,573 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $4,919,581) | | | | | | | 5,110,261 | |
| | |
PREFERRED STOCKS — 2.22% | | | | | | | | |
| | |
BRAZIL — 2.05% | | | | | | | | |
Petroleo Brasileiro SA | | | 7,600 | | | | 107,610 | |
| | | | | | | | |
| | | | | | | 107,610 | |
RUSSIA — 0.17% | | | | | | | | |
Surgutneftegas OJSC | | | 12,800 | | | | 8,759 | |
| | | | | | | | |
| | | | | | | 8,759 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $115,246) | | | | | | | 116,369 | |
|
SHORT-TERM INVESTMENTS — 0.10% | |
| |
MONEY MARKET FUNDS — 0.10% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%d,e | | | 5,174 | | | | 5,174 | |
| | | | | | | | |
| | | | | | | 5,174 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $5,174) | | | | | | | 5,174 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.65% | |
(Cost: $5,040,001) | | | | | | | 5,231,804 | |
Other Assets, Less Liabilities — 0.35% | | | | 18,344 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 5,250,148 | |
| | | | | | | | |
NVDR — Non-Voting Depositary Receipts
SDR — Swedish 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 institutional buyers under Rule 144A of the Securities Act of 1933. |
| c | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Affiliated issuer. See Note 2. |
| e | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
| | |
| 20 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL GOLD MINERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.86% | |
| |
AUSTRALIA — 11.75% | | | | | |
Beadell Resources Ltd.a | | | 209,627 | | | $ | 176,663 | |
Kingsgate Consolidated Ltd. | | | 29,073 | | | | 215,486 | |
Kingsrose Mining Ltd.a | | | 90,387 | | | | 145,023 | |
Medusa Mining Ltd. | | | 31,658 | | | | 219,938 | |
Newcrest Mining Ltd. | | | 57,365 | | | | 2,075,711 | |
Ramelius Resources Ltd.a | | | 143,990 | | | | 169,576 | |
Silver Lake Resources Ltd.a | | | 56,716 | | | | 228,570 | |
| | | | | | | | |
| | | | | | | 3,230,967 | |
CANADA — 56.80% | | | | | |
Agnico-Eagle Mines Ltd. | | | 19,943 | | | | 728,311 | |
AuRico Gold Inc.a | | | 58,674 | | | | 577,834 | |
Avion Gold Corp.a | | | 109,219 | | | | 186,292 | |
B2Gold Corp.a | | | 91,212 | | | | 377,831 | |
Banro Corp.a | | | 45,672 | | | | 248,543 | |
Barrick Gold Corp. | | | 87,692 | | | | 4,214,772 | |
Centerra Gold Inc. | | | 25,124 | | | | 507,607 | |
China Gold International Resources Corp. Ltd.a | | | 51,480 | | | | 226,314 | |
Eldorado Gold Corp. | | | 76,142 | | | | 1,168,858 | |
Goldcorp Inc. | | | 68,277 | | | | 3,325,293 | |
Great Basin Gold Ltd.a | | | 136,851 | | | | 119,490 | |
High River Gold Mines Ltd.a | | | 109,593 | | | | 151,324 | |
Kinross Gold Corp. | | | 101,541 | | | | 1,128,863 | |
Kirkland Lake Gold Inc.a | | | 14,993 | | | | 252,991 | |
Minefinders Corp.a | | | 19,030 | | | | 297,154 | |
Premier Gold Mines Ltd.a | | | 40,227 | | | | 228,305 | |
San Gold Corp.a | | | 88,539 | | | | 151,917 | |
SEMAFO Inc. | | | 44,924 | | | | 302,853 | |
Yamana Gold Inc. | | | 72,237 | | | | 1,259,995 | |
Yukon-Nevada Gold Corp.a | | | 407,088 | | | | 163,257 | |
| | | | | | | | |
| | | | | | | 15,617,804 | |
CHINA — 2.55% | | | | | |
China Precious Metal Resources Holdings Co. Ltd.a | | | 726,000 | | | | 134,796 | |
Lingbao Gold Co. Ltd. Class H | | | 242,000 | | | | 124,500 | |
Zijin Mining Group Co. Ltd. Class H | | | 924,000 | | | | 443,194 | |
| | | | | | | | |
| | | | | | | 702,490 | |
PERU — 3.40% | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 23,276 | | | | 934,066 | |
| | | | | | | | |
| | | | | | | 934,066 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SOUTH AFRICA — 11.71% | | | | | |
AngloGold Ashanti Ltd. | | | 26,488 | | | $ | 1,158,117 | |
DRDGOLD Ltd. | | | 303,028 | | | | 247,297 | |
Gold Fields Ltd. | | | 71,225 | | | | 1,135,745 | |
Harmony Gold Mining Co. Ltd. | | | 50,985 | | | | 677,500 | |
| | | | | | | | |
| | | | | | | 3,218,659 | |
UNITED KINGDOM — 2.83% | | | | | |
African Barrick Gold PLC | | | 1,727 | | | | 12,966 | |
Centamin PLCa | | | 176,077 | | | | 255,397 | |
Highland Gold Mining Ltd. | | | 69,168 | | | | 178,721 | |
Petropavlovsk PLC | | | 28,831 | | | | 330,913 | |
| | | | | | | | |
| | | | | | | 777,997 | |
UNITED STATES — 10.82% | | | | | |
Allied Nevada Gold Corp.a | | | 12,738 | | | | 438,315 | |
Gold Resource Corp. | | | 8,525 | | | | 208,436 | |
Newmont Mining Corp. | | | 39,193 | | | | 2,328,064 | |
| | | | | | | | |
| | | | | | | 2,974,815 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $27,792,172) | | | | 27,456,798 | |
|
SHORT-TERM INVESTMENTS — 0.02% | |
| |
MONEY MARKET FUNDS — 0.02% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%b,c | | | 5,208 | | | | 5,208 | |
| | | | | | | | |
| | | | | | | 5,208 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $5,208) | | | | 5,208 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.88% | | | | | |
(Cost: $27,797,380) | | | | 27,462,006 | |
Other Assets, Less Liabilities — 0.12% | | | | 33,704 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 27,495,710 | |
| | | | | | | | |
SP ADR — Sponsored American 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 92.87% | |
| |
AUSTRALIA — 18.86% | | | | | |
Aditya Birla Minerals Ltd. | | | 230 | | | $ | 199 | |
Alumina Ltd. | | | 5,663 | | | | 8,383 | |
Aquarius Platinum Ltd. | | | 1,052 | | | | 2,285 | |
Arafura Resources Ltd.a | | | 699 | | | | 242 | |
Aspire Mining Ltd.a | | | 457 | | | | 195 | |
Aston Resources Ltd.a | | | 189 | | | | 1,973 | |
Atlas Iron Ltd. | | | 1,761 | | | | 6,070 | |
Bathurst Resources Ltd.a | | | 1,403 | | | | 1,220 | |
BHP Billiton Ltd. | | | 7,338 | | | | 286,213 | |
BlueScope Steel Ltd.a | | | 7,722 | | | | 3,504 | |
Brockman Resources Ltd.a | | | 109 | | | | 294 | |
Coal of Africa Ltd.a | | | 1,151 | | | | 1,318 | |
Cudeco Ltd.a | | | 304 | | | | 1,104 | |
Discovery Metals Ltd.a | | | 891 | | | | 1,526 | |
Elemental Minerals Ltd.a | | | 327 | | | | 440 | |
Flinders Mines Ltd.a | | | 3,957 | | | | 1,261 | |
Fortescue Metals Group Ltd. | | | 2,870 | | | | 17,272 | |
Gindalbie Metals Ltd.a | | | 1,935 | | | | 1,453 | |
Grange Resources Ltd. | | | 754 | | | | 517 | |
Iluka Resources Ltd. | | | 957 | | | | 17,268 | |
Imdex Ltd. | | | 465 | | | | 1,347 | |
Independence Group NL | | | 523 | | | | 2,537 | |
Indophil Resources NLa | | | 1,727 | | | | 802 | |
Ivanhoe Australia Ltd.a | | | 490 | | | | 979 | |
Jupiter Mines Ltd.a | | | 634 | | | | 158 | |
Kagara Ltd.a | | | 1,161 | | | | 389 | |
Kangaroo Resources Ltd.a | | | 2,435 | | | | 355 | |
Lynas Corp. Ltd.a | | | 3,908 | | | | 5,151 | |
Metals X Ltd.a | | | 1,023 | | | | 276 | |
Metminco Ltd.a | | | 2,011 | | | | 402 | |
Mincor Resources NL | | | 416 | | | | 317 | |
Mineral Deposits Ltd.a | | | 186 | | | | 1,224 | |
Mirabela Nickel Ltd.a | | | 1,063 | | | | 1,154 | |
Moly Mines Ltd.a | | | 418 | | | | 151 | |
Mount Gibson Iron Ltd. | | | 1,427 | | | | 1,950 | |
Murchison Metals Ltd.a | | | 800 | | | | 411 | |
Northern Iron Ltd.a | | | 570 | | | | 576 | |
OM Holdings Ltd. | | | 506 | | | | 221 | |
OneSteel Ltd. | | | 2,988 | | | | 3,422 | |
OZ Minerals Ltd. | | | 731 | | | | 8,648 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PanAust Ltd.a | | | 1,094 | | | $ | 4,303 | |
Panoramic Resources Ltd. | | | 456 | | | | 653 | |
Perilya Ltd.a | | | 497 | | | | 234 | |
Rex Minerals Ltd.a | | | 284 | | | | 437 | |
Rio Tinto Ltd. | | | 999 | | | | 72,804 | |
Sandfire Resources NLa | | | 157 | | | | 1,399 | |
Sims Metal Management Ltd. | | | 384 | | | | 6,389 | |
Sundance Resources Ltd.a | | | 5,845 | | | | 2,684 | |
Tiger Resources Ltd.a | | | 1,172 | | | | 551 | |
Western Areas NL | | | 278 | | | | 1,706 | |
| | | | | | | | |
| | | | | | | 474,367 | |
AUSTRIA — 0.40% | | | | | |
AMAG Austria Metall AGa,b | | | 44 | | | | 1,116 | |
voestalpine AG | | | 255 | | | | 9,075 | |
| | | | | | | | |
| | | | | | | 10,191 | |
BELGIUM — 0.13% | | | | | |
Nyrstar NVa | | | 353 | | | | 3,348 | |
| | | | | | | | |
| | | | | | | 3,348 | |
BRAZIL — 3.89% | | | | | |
Companhia Siderurgica Nacional SA | | | 1,700 | | | | 17,337 | |
MMX Mineracao e Metalicos SAa | | | 600 | | | | 3,369 | |
Usinas Siderurgicas de Minas Gerais SA | | | 400 | | | | 3,588 | |
Vale SA | | | 2,900 | | | | 73,560 | |
| | | | | | | | |
| | | | | | | 97,854 | |
CANADA — 5.79% | | | | | |
Augusta Resource Corp.a | | | 232 | | | | 700 | |
Aura Minerals Inc.a | | | 368 | | | | 448 | |
Avalon Rare Metals Inc.a | | | 251 | | | | 698 | |
Capstone Mining Corp.a | | | 654 | | | | 2,105 | |
Cline Mining Corp.a | | | 444 | | | | 793 | |
Copper Mountain Mining Corp.a | | | 230 | | | | 1,193 | |
Eastern Platinum Ltd.a | | | 2,152 | | | | 1,245 | |
First Quantum Minerals Ltd. | | | 1,091 | | | | 25,078 | |
Grande Cache Coal Corp.a | | | 227 | | | | 2,298 | |
Harry Winston Diamond Corp.a | | | 149 | | | | 2,026 | |
HudBay Minerals Inc. | | | 405 | | | | 4,906 | |
Imperial Metals Corp.a | | | 106 | | | | 1,775 | |
Inmet Mining Corp. | | | 120 | | | | 8,185 | |
Ivanhoe Mines Ltd.a | | | 655 | | | | 11,418 | |
Labrador Iron Mines Holdings Ltd.a | | | 81 | | | | 434 | |
Lundin Mining Corp.a | | | 1,189 | | | | 6,253 | |
Major Drilling Group International | | | 170 | | | | 3,112 | |
| | |
| 22 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Mercator Minerals Ltd.a | | | 499 | | | $ | 866 | |
North American Palladium Ltd.a | | | 312 | | | | 925 | |
Northern Dynasty Minerals Ltd.a | | | 148 | | | | 1,037 | |
Quadra FNX Mining Ltd.a | | | 439 | | | | 6,681 | |
Sabina Gold & Silver Corp.a | | | 341 | | | | 1,111 | |
Sherritt International Corp. | | | 664 | | | | 4,092 | |
Taseko Mines Ltd.a | | | 466 | | | | 1,897 | |
Teck Resources Ltd. Class B | | | 1,333 | | | | 53,621 | |
Thompson Creek Metals Co. Inc.a | | | 373 | | | | 2,730 | |
| | | | | | | | |
| | | | | | | 145,627 | |
CHILE — 0.31% | | | | | |
CAP SA | | | 179 | | | | 7,721 | |
| | | | | | | | |
| | | | | | | 7,721 | |
CHINA — 1.56% | | | | | |
Aluminum Corp. of China Ltd. Class H | | | 10,000 | | | | 5,531 | |
Angang Steel Co. Ltd. Class H | | | 2,000 | | | | 1,558 | |
China Kingstone Mining Holdings Ltd.a | | | 3,000 | | | | 344 | |
China Metal Recycling Holdings Ltd. | | | 1,200 | | | | 1,471 | |
China Molybdenum Co. Ltd. Class Ha | | | 3,000 | | | | 1,532 | |
China Nickel Resources Holding Co. Ltd.a | | | 2,000 | | | | 201 | |
China Rare Earth Holdings Ltd.a | | | 4,000 | | | | 1,161 | |
China Vanadium Titano-Magnetite Mining Co. Ltd. | | | 2,000 | | | | 529 | |
China Zhongwang Holdings Ltd. | | | 4,000 | | | | 1,759 | |
Chongqing Iron & Steel Co. Ltd. Class Ha | | | 2,000 | | | | 356 | |
Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd. | | | 1,000 | | | | 400 | |
CITIC Dameng Holdings Ltd.a | | | 2,000 | | | | 338 | |
Da Ming International Holdings Ltd.a | | | 2,000 | | | | 456 | |
Fosun International Ltd. | | | 4,000 | | | | 2,491 | |
Hidili Industry International Development Ltd. | | | 2,000 | | | | 887 | |
Hunan Nonferrous Metal Corp. Ltd. Class Ha | | | 4,000 | | | | 1,217 | |
Jiangxi Copper Co. Ltd. Class H | | | 3,000 | | | | 8,259 | |
Loudong General Nice Resources China Holdings Ltd. | | | 3,000 | | | | 236 | |
Minmetals Resources Ltd.a | | | 4,000 | | | | 2,295 | |
North Mining Shares Co. Ltd.a | | | 20,000 | | | | 735 | |
Shougang Concord International Enterprises Co. Ltd. | | | 12,000 | | | | 928 | |
Shougang Fushan Resources Group Ltd. | | | 6,000 | | | | 2,576 | |
Tiangong International Co. Ltd. | | | 4,000 | | | | 995 | |
Winsway Coking Coal Holding Ltd. | | | 4,000 | | | | 1,135 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Xingda International Holdings Ltd. | | | 2,000 | | | $ | 1,052 | |
Xinjiang Xinxin Mining Industry Co. Ltd. Class H | | | 2,000 | | | | 696 | |
| | | | | | | | |
| | | | | | | 39,138 | |
FINLAND — 0.20% | | | | | |
Outokumpu OYJ | | | 258 | | | | 1,802 | |
Rautaruukki OYJ | | | 163 | | | | 1,862 | |
Talvivaara Mining Co. PLCa | | | 328 | | | | 1,474 | |
| | | | | | | | |
| | | | | | | 5,138 | |
FRANCE — 1.74% | | | | | |
Aperam | | | 102 | | | | 2,112 | |
ArcelorMittal | | | 1,970 | | | | 41,703 | |
| | | | | | | | |
| | | | | | | 43,815 | |
GERMANY — 1.40% | | | | | |
Aurubis AG | | | 86 | | | | 5,143 | |
Salzgitter AG | | | 95 | | | | 5,838 | |
ThyssenKrupp AG | | | 895 | | | | 24,250 | |
| | | | | | | | |
| | | | | | | 35,231 | |
GREECE — 0.09% | | | | | |
Mytilineos Holdings SAa | | | 225 | | | | 828 | |
Sidenor Steel Products Manufacturing Co. SAa | | | 229 | | | | 337 | |
Viohalco Hellenic Copper and Aluminum Industry SAa | | | 260 | | | | 1,158 | |
| | | | | | | | |
| | | | | | | 2,323 | |
HONG KONG — 0.08% | | | | | |
CST Mining Group Ltd.a | | | 56,000 | | | | 838 | |
IRC Ltd.a | | | 4,000 | | | | 686 | |
Newton Resources Ltd.a | | | 4,000 | | | | 474 | |
| | | | | | | | |
| | | | | | | 1,998 | |
INDIA — 1.23% | | | | | |
Sterlite Industries (India) Ltd. SP ADR | | | 1,649 | | | | 16,358 | |
Tata Steel Ltd. SP GDRc | | | 1,511 | | | | 14,560 | |
| | | | | | | | |
| | | | | | | 30,918 | |
INDONESIA — 0.28% | | | | | |
PT Aneka Tambang Tbk | | | 9,000 | | | | 1,956 | |
PT Darma Henwa Tbka | | | 40,500 | | | | 431 | |
PT Krakatau Steel Tbk | | | 11,500 | | | | 1,084 | |
PT Timah Tbk | | | 5,500 | | | | 1,201 | |
PT Vale Indonesia Tbk | | | 6,000 | | | | 2,411 | |
| | | | | | | | |
| | | | | | | 7,083 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ITALY — 0.03% | | | | | |
KME Group SpA | | | 1,588 | | | $ | 689 | |
| | | | | | | | |
| | | | | | | 689 | |
JAPAN — 6.32% | | | | | |
Daido Steel Co. Ltd. | | | 1,000 | | | | 6,622 | |
Dowa Holdings Co. Ltd. | | | 1,000 | | | | 6,610 | |
JFE Holdings Inc. | | | 1,100 | | | | 23,797 | |
Kobe Steel Ltd. | | | 6,000 | | | | 10,452 | |
Maruichi Steel Tube Ltd. | | | 100 | | | | 2,239 | |
Mitsubishi Materials Corp. | | | 3,000 | | | | 9,711 | |
Mitsui Mining & Smelting Co. Ltd. | | | 1,000 | | | | 3,039 | |
Neturen Co. Ltd. | | | 100 | | | | 932 | |
Nippon Coke & Engineering Co. Ltd. | | | 500 | | | | 778 | |
Nippon Light Metal Co. Ltd. | | | 1,000 | | | | 1,532 | |
Nippon Steel Corp. | | | 12,000 | | | | 34,692 | |
Nippon Yakin Kogyo Co. Ltd.a | | | 500 | | | | 939 | |
Nisshin Steel Co. Ltd. | | | 2,000 | | | | 3,459 | |
Sumitomo Light Metal Industries Ltd.a | | | 1,000 | | | | 1,038 | |
Sumitomo Metal Industries Ltd. | | | 8,000 | | | | 16,704 | |
Sumitomo Metal Mining Co. Ltd. | | | 2,000 | | | | 29,775 | |
Toho Titanium Co. Ltd. | | | 100 | | | | 1,700 | |
Tokyo Steel Manufacturing Co. Ltd. | | | 200 | | | | 1,685 | |
Yamato Kogyo Co. Ltd. | | | 100 | | | | 3,161 | |
| | | | | | | | |
| | | | | | | 158,865 | |
MALAYSIA — 0.09% | | | | | |
Ann Joo Resources Bhd | | | 700 | | | | 479 | |
CSC Steel Holdings Bhd | | | 1,000 | | | | 467 | |
Kinsteel Bhd | | | 2,200 | | | | 386 | |
Lion Industries Corp. Bhd | | | 1,100 | | | | 540 | |
Press Metal Bhd | | | 500 | | | | 325 | |
| | | | | | | | |
| | | | | | | 2,197 | |
MEXICO — 1.47% | | | | | |
Compania Minera Autlan SAB de CV Series B | | | 200 | | | | 226 | |
Grupo Mexico SAB de CV Series B | | | 8,800 | | | | 27,858 | |
Grupo Simec SAB de CV Series Ba | | | 300 | | | | 825 | |
Industrias CH SAB de CV Series Ba | | | 400 | | | | 1,611 | |
Minera Frisco SAB de CV Series A1a | | | 1,500 | | | | 6,547 | |
| | | | | | | | |
| | | | | | | 37,067 | |
NETHERLANDS — 0.03% | | | | | |
Advanced Metallurgical Group NVa | | | 69 | | | | 842 | |
| | | | | | | | |
| | | | | | | 842 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
NORWAY — 0.54% | | | | | |
Norsk Hydro ASA | | | 2,125 | | | $ | 12,847 | |
Northland Resources SAa | | | 517 | | | | 634 | |
| | | | | | | | |
| | | | | | | 13,481 | |
PERU — 0.60% | | | | | |
Southern Copper Corp. | | | 472 | | | | 15,179 | |
| | | | | | | | |
| | | | | | | 15,179 | |
PHILIPPINES — 0.07% | | | | | |
Atlas Consolidated Mining & Development Corp.a | | | 2,000 | | | | 884 | |
Nickel Asia Corp. | | | 1,600 | | | | 878 | |
| | | | | | | | |
| | | | | | | 1,762 | |
POLAND — 0.73% | | | | | |
Alchemia SAa | | | 144 | | | | 289 | |
Impexmetal SA | | | 84 | | | | 112 | |
Jastrzebska Spolka Weglowa SAa | | | 86 | | | | 2,903 | |
KGHM Polska Miedz SA | | | 315 | | | | 15,091 | |
| | | | | | | | |
| | | | | | | 18,395 | |
RUSSIA — 1.55% | | | | | |
Belon OJSCa | | | 600 | | | | 234 | |
Mechel OAO SP ADR | | | 332 | | | | 3,685 | |
MMC Norilsk Nickel OJSC | | | 111 | | | | 21,957 | |
Novolipetsk Steel OJSC SP GDRc | | | 156 | | | | 3,739 | |
Severstal OAO | | | 470 | | | | 7,209 | |
VSMPO-AVISMA Corp. | | | 12 | | | | 2,259 | |
| | | | | | | | |
| | | | | | | 39,083 | |
SINGAPORE — 0.04% | | | | | |
Midas Holdings Ltd. | | | 3,000 | | | | 950 | |
| | | | | | | | |
| | | | | | | 950 | |
SOUTH AFRICA — 3.12% | | | | | |
African Rainbow Minerals Ltd. | | | 252 | | | | 6,460 | |
Anglo American Platinum Ltd. | | | 154 | | | | 12,238 | |
ArcelorMittal South Africa Ltd. | | | 450 | | | | 3,938 | |
Evraz Highveld Steel and Vanadium Ltd.a | | | 53 | | | | 273 | |
Exxaro Resources Ltd. | | | 302 | | | | 8,553 | |
Hulamin Ltd.a | | | 632 | | | | 700 | |
Impala Platinum Holdings Ltd. | | | 1,166 | | | | 26,152 | |
Kumba Iron Ore Ltd. | | | 189 | | | | 14,479 | |
Merafe Resources Ltd. | | | 3,542 | | | | 414 | |
Northam Platinum Ltd. | | | 609 | | | | 2,818 | |
Palabora Mining Co. Ltd. | | | 32 | | | | 664 | |
| | |
| 24 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Royal Bafokeng Platinum Ltd.a | | | 137 | | | $ | 1,149 | |
Sentula Mining Ltd.a | | | 1,870 | | | | 530 | |
| | | | | | | | |
| | | | | | | 78,368 | |
SOUTH KOREA — 3.53% | | | | | |
Daehan Steel Co. Ltd. | | | 30 | | | | 366 | |
Dongbu Steel Co. Ltd.a | | | 60 | | | | 369 | |
Dongil Industries Co. Ltd.a | | | 5 | | | | 301 | |
Dongkuk Industries Co. Ltd.a | | | 67 | | | | 296 | |
Dongkuk Steel Mill Co. Ltd. | | | 80 | | | | 1,802 | |
EG Corp. | | | 11 | | | | 511 | |
Hyundai BNG Steel Co. Ltd.a | | | 20 | | | | 268 | |
Hyundai Hysco Co. Ltd. | | | 80 | | | | 2,728 | |
Hyundai Steel Co. | | | 127 | | | | 12,998 | |
KISCO Corp. | | | 10 | | | | 255 | |
KISWIRE Ltd. | | | 10 | | | | 396 | |
Korea Zinc Co. Ltd.a | | | 19 | | | | 7,447 | |
Poongsan Corp. | | | 40 | | | | 1,212 | |
Poongsan Holdings Corp. | | | 10 | | | | 244 | |
POSCO | | | 150 | | | | 55,778 | |
POSCO Chemtech Co. Ltd. | | | 6 | | | | 921 | |
Posco M-Tech Co. Ltd. | | | 6 | | | | 414 | |
SeAH Besteel Corp. | | | 30 | | | | 1,301 | |
SeAH Holdings Corp. | | | 2 | | | | 239 | |
SeAH Special Steel Co. Ltd. | | | 10 | | | | 260 | |
SeAH Steel Corp. | | | 5 | | | | 523 | |
Union Steel | | | 10 | | | | 170 | |
| | | | | | | | |
| | | | | | | 88,799 | |
SPAIN — 0.20% | | | | | |
Acerinox SA | | | 257 | | | | 3,684 | |
Tubacex SAa | | | 246 | | | | 691 | |
Tubos Reunidos SA | | | 293 | | | | 686 | |
| | | | | | | | |
| | | | | | | 5,061 | |
SWEDEN — 0.67% | | | | | |
Boliden AB | | | 604 | | | | 10,646 | |
Hoganas AB Class B | | | 61 | | | | 2,384 | |
SSAB AB Class A | | | 355 | | | | 3,744 | |
| | | | | | | | |
| | | | | | | 16,774 | |
SWITZERLAND — 0.02% | | | | | |
Schmolz + Bickenbach AG Registereda | | | 55 | | | | 466 | |
| | | | | | | | |
| | | | | | | 466 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TAIWAN — 1.54% | | | | | |
China Metal Products Co. Ltd. | | | 1,000 | | | $ | 759 | |
China Steel Corp. | | | 26,000 | | | | 26,976 | |
Chun Yuan Steel Industrial Co. Ltd. | | | 1,000 | | | | 432 | |
Chung Hung Steel Corp. | | | 2,000 | | | | 810 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 1,000 | | | | 1,762 | |
Froch Enterprise Co. Ltd.a | | | 1,000 | | | | 442 | |
Gloria Material Technology Corp.a | | | 1,000 | | | | 942 | |
Hsin Kuang Steel Co. Ltd. | | | 1,000 | | | | 844 | |
Mayer Steel Pipe Corp. | | | 1,000 | | | | 509 | |
Ta Chen Stainless Pipe Co. Ltd.a | | | 1,000 | | | | 582 | |
Ton Yi Industrial Corp. | | | 2,000 | | | | 1,119 | |
Tung Ho Steel Enterprise Corp. | | | 2,000 | | | | 2,068 | |
Yeun Chyang Industrial Co. Ltd. | | | 1,000 | | | | 658 | |
Yieh Phui Enterprise Co. Ltd. | | | 2,000 | | | | 786 | |
| | | | | | | | |
| | | | | | | 38,689 | |
THAILAND — 0.11% | | | | | |
G J Steel PCL NVDRa | | | 95,500 | | | | 473 | |
G Steel PCL NVDRa | | | 37,600 | | | | 485 | |
Sahaviriya Steel Industries PCL NVDRa | | | 31,000 | | | | 799 | |
STP & I PCL NVDR | | | 500 | | | | 496 | |
Tata Steel (Thailand) PCL NVDRa | | | 19,400 | | | | 570 | |
| | | | | | | | |
| | | | | | | 2,823 | |
TURKEY — 0.31% | | | | | |
Borusan Mannesmann Boru Sanayi ve TASa | | | 34 | | | | 498 | |
Eregli Demir ve Celik Fabrikalari TAS | | | 1,410 | | | | 3,311 | |
Izmir Demir Celik Sanayi ASa | | | 292 | | | | 644 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Aa | | | 658 | | | | 460 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Ba | | | 412 | | | | 363 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da | | | 1,879 | | | | 958 | |
Koza Anadolu Metal Madencilik Isletmeleri ASa | | | 313 | | | | 520 | |
Koza Anadolu Metal Madencilik Isletmeleri AS Newa | | | 313 | | | | 516 | |
Park Elektrik Uretim Madencilik Sanayi ve TASa | | | 199 | | | | 512 | |
| | | | | | | | |
| | | | | | | 7,782 | |
UNITED KINGDOM — 25.49% | | | | | |
African Minerals Ltd.a | | | 536 | | | | 4,919 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Anglo American PLC | | | 3,027 | | | $ | 128,116 | |
Antofagasta PLC | | | 901 | | | | 19,143 | |
BHP Billiton PLC | | | 4,838 | | | | 157,468 | |
Eurasian Natural Resources Corp. | | | 578 | | | | 6,468 | |
Ferrexpo PLC | | | 540 | | | | 2,767 | |
Gem Diamonds Ltd.a | | | 265 | | | | 1,074 | |
Glencore International PLC | | | 3,171 | | | | 21,883 | |
Hill & Smith Holdings PLC | | | 210 | | | | 1,050 | |
Kazakhmys PLC | | | 482 | | | | 8,539 | |
London Mining PLCa | | | 272 | | | | 1,369 | |
Lonmin PLC | | | 373 | | | | 6,572 | |
New World Resources PLC | | | 221 | | | | 1,931 | |
Patagonia Gold PLCa | | | 1,122 | | | | 690 | |
Petra Diamonds Ltd.a | | | 876 | | | | 2,141 | |
Rio Tinto PLC | | | 3,137 | | | | 179,601 | |
Vedanta Resources PLC | | | 267 | | | | 6,142 | |
Xstrata PLC | | | 4,742 | | | | 90,901 | |
Zanaga Iron Ore Co. Ltd.a | | | 239 | | | | 401 | |
| | | | | | | | |
| | | | | | | 641,175 | |
UNITED STATES — 10.45% | | | | | |
A.M. Castle & Co.a | | | 39 | | | | 447 | |
AK Steel Holding Corp. | | | 252 | | | | 1,996 | |
Alcoa Inc. | | | 2,436 | | | | 24,774 | |
Allegheny Technologies Inc. | | | 231 | | | | 10,134 | |
AMCOL International Corp. | | | 58 | | | | 1,701 | |
Carpenter Technology Corp. | | | 103 | | | | 5,284 | |
Century Aluminum Co.a | | | 133 | | | | 1,305 | |
Cliffs Natural Resources Inc. | | | 334 | | | | 21,202 | |
Commercial Metals Co. | | | 267 | | | | 3,549 | |
Compass Minerals International Inc. | | | 77 | | | | 5,548 | |
Freeport-McMoRan Copper & Gold Inc. | | | 2,169 | | | | 92,313 | |
General Moly Inc.a | | | 145 | | | | 524 | |
Globe Specialty Metals Inc. | | | 100 | | | | 1,422 | |
Haynes International Inc. | | | 29 | | | | 1,835 | |
Horsehead Holding Corp.a | | | 93 | | | | 1,060 | |
Kaiser Aluminum Corp. | | | 36 | | | | 1,740 | |
Materion Corp.a | | | 43 | | | | 1,262 | |
Molycorp Inc.a | | | 136 | | | | 3,359 | |
Noranda Aluminium Holding Corp. | | | 42 | | | | 504 | |
Nucor Corp. | | | 732 | | | | 31,864 | |
Olympic Steel Inc. | | | 22 | | | | 516 | |
Reliance Steel & Aluminum Co. | | | 172 | | | | 9,240 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RTI International Metals Inc.a | | | 70 | | | $ | 1,578 | |
Schnitzer Steel Industries Inc. Class A | | | 57 | | | | 2,574 | |
Steel Dynamics Inc. | | | 478 | | | | 7,079 | |
Stillwater Mining Co.a | | | 261 | | | | 3,706 | |
SunCoke Energy Inc.a | | | 155 | | | | 2,221 | |
Titanium Metals Corp. | | | 205 | | | | 3,005 | |
United States Steel Corp. | | | 329 | | | | 8,955 | |
Universal Stainless & Alloy Products Inc.a | | | 17 | | | | 569 | |
Walter Energy Inc. | | | 142 | | | | 9,206 | |
Worthington Industries Inc. | | | 137 | | | | 2,311 | |
| | | | | | | | |
| | | | | | | 262,783 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $2,312,941) | | | | 2,335,982 | |
|
PREFERRED STOCKS — 6.59% | |
| |
BRAZIL — 6.59% | | | | | |
Bradespar SA | | | 500 | | | | 10,545 | |
Companhia de Ferro Ligas da Bahia—Ferbasa | | | 100 | | | | 585 | |
Confab Industrial SA | | | 600 | | | | 2,024 | |
Gerdau SA | | | 2,000 | | | | 20,910 | |
Metalurgica Gerdau SA | | | 600 | | | | 7,985 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 1,100 | | | | 7,464 | |
Vale SA Class A | | | 4,700 | | | | 116,344 | |
| | | | | | | | |
| | | | | | | 165,857 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $160,856) | | | | 165,857 | |
|
SHORT-TERM INVESTMENTS — 0.09% | |
| |
MONEY MARKET FUNDS — 0.09% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%d,e | | | 2,241 | | | | 2,241 | |
| | | | | | | | |
| | | | | | | 2,241 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $2,241) | | | | 2,241 | |
| | | | | | | | |
| | |
| 26 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 29, 2012
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.55% | | | | |
(Cost: $2,476,038) | | $ | 2,504,080 | |
Other Assets, Less Liabilities — 0.45% | | | 11,422 | |
| | | | | | |
NET ASSETS — 100.00% | | $ | 2,515,502 | |
| | | | | | |
NVDR — Non-Voting 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 institutional buyers under Rule 144A of the Securities Act of 1933. |
| c | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| d | Affiliated issuer. See Note 2. |
| e | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 27 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL SILVER MINERS FUND
February 29, 2012
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.96% | |
| |
CANADA — 58.78% | | | | | |
Alexco Resource Corp.a | | | 7,374 | | | $ | 58,471 | |
AuRico Gold Inc.a | | | 23,952 | | | | 235,884 | |
Dundee Precious Metals Inc.a | | | 11,870 | | | | 122,442 | |
Endeavour Silver Corp.a | | | 8,646 | | | | 90,327 | |
Excellon Resources Inc.a | | | 57,656 | | | | 38,049 | |
Extorre Gold Mines Ltd.a | | | 9,774 | | | | 74,425 | |
First Majestic Silver Corp.a | | | 10,326 | | | | 212,926 | |
Fortuna Silver Mines Inc.a | | | 13,064 | | | | 91,784 | |
Great Panther Silver Ltd.a | | | 18,620 | | | | 50,097 | |
MAG Silver Corp.a | | | 7,330 | | | | 71,294 | |
Mandalay Resources Corp.a | | | 34,032 | | | | 27,987 | |
Minefinders Corp.a | | | 9,206 | | | | 143,752 | |
Pan American Silver Corp. | | | 8,522 | | | | 214,142 | |
Scorpio Mining Corp.a | | | 26,412 | | | | 54,972 | |
Silver Standard Resources Inc.a | | | 8,142 | | | | 140,694 | |
Silver Wheaton Corp. | | | 26,176 | | | | 1,006,698 | |
Silvercorp Metals Inc. | | | 18,234 | | | | 134,587 | |
Silvermex Resources Inc.a | | | 54,208 | | | | 25,867 | |
Tahoe Resources Inc.a | | | 9,572 | | | | 205,250 | |
| | | | | | | | |
| | | | | | | 2,999,648 | |
HONG KONG — 2.18% | | | | | |
G-Resources Group Ltd.a | | | 1,626,000 | | | | 111,116 | |
| | | | | | | | |
| | | | | | | 111,116 | |
MEXICO — 8.82% | | | | | |
Industrias Penoles SAB de CV | | | 9,030 | | | | 450,007 | |
| | | | | | | | |
| | | | | | | 450,007 | |
PERU — 10.08% | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 12,816 | | | | 514,306 | |
| | | | | | | | |
| | | | | | | 514,306 | |
UNITED KINGDOM — 9.97% | | | | | |
Arian Silver Corp.a | | | 80,856 | | | | 36,973 | |
Fresnillo PLC | | | 10,434 | | | | 317,021 | |
Hochschild Mining PLC | | | 19,000 | | | | 155,097 | |
| | | | | | | | |
| | | | | | | 509,091 | |
UNITED STATES — 10.13% | | | | | |
Coeur d’Alene Mines Corp.a | | | 7,624 | | | | 216,826 | |
Golden Minerals Co.a | | | 4,972 | | | | 41,466 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hecla Mining Co. | | | 26,520 | | | $ | 134,722 | |
McEwen Mining Inc.a | | | 23,738 | | | | 124,150 | |
| | | | | | | | |
| | | | | | | 517,164 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $4,933,750) | | | | 5,101,332 | |
|
SHORT-TERM INVESTMENTS — 0.09% | |
| |
MONEY MARKET FUNDS — 0.09% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.02%b,c | | | 4,576 | | | | 4,576 | |
| | | | | | | | |
| | | | | | | 4,576 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $4,576) | | | | 4,576 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.05% | | | | | |
(Cost: $4,938,326) | | | | 5,105,908 | |
Other Assets, Less Liabilities — (0.05)% | | | | (2,448 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 5,103,460 | |
| | | | | | | | |
SP ADR — Sponsored American 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.
| | |
| 28 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI Global Agriculture Producers Fund | | | iShares MSCI Global Energy Producers Fund | | | iShares MSCI Global Gold Miners Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 4,966,601 | | | $ | 5,034,827 | | | $ | 27,792,172 | |
Affiliated (Note 2) | | | 49,357 | | | | 5,174 | | | | 5,208 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 5,015,958 | | | $ | 5,040,001 | | | $ | 27,797,380 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 5,077,285 | | | $ | 5,226,630 | | | $ | 27,456,798 | |
Affiliated (Note 2) | | | 50,322 | | | | 5,174 | | | | 5,208 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 5,127,607 | | | | 5,231,804 | | | | 27,462,006 | |
Foreign currencies, at valuea | | | — | | | | 3,712 | | | | — | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 20,021 | | | | — | | | | 175,138 | |
Due from custodian (Note 4) | | | 590 | | | | 114,554 | | | | — | |
Dividends and interest | | | 3,797 | | | | 15,846 | | | | 5,792 | |
Capital shares sold | | | — | | | | — | | | | 29,306 | |
| | | | | | | | | | | | |
Total Assets | | | 5,152,015 | | | | 5,365,916 | | | | 27,672,242 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 20,932 | | | | 114,554 | | | | 175,368 | |
Investment advisory fees (Note 2) | | | 1,202 | | | | 1,214 | | | | 1,164 | |
| | | | | | | | | | | | |
Total Liabilities | | | 22,134 | | | | 115,768 | | | | 176,532 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 5,129,881 | | | $ | 5,250,148 | | | $ | 27,495,710 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 5,016,794 | | | $ | 5,040,238 | | | $ | 27,825,960 | |
Undistributed net investment income | | | 2,780 | | | | 18,183 | | | | 5,142 | |
Accumulated net realized loss | | | (1,324 | ) | | | (124 | ) | | | (68 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 111,631 | | | | 191,851 | | | | (335,324 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 5,129,881 | | | $ | 5,250,148 | | | $ | 27,495,710 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingb | | | 200,000 | | | | 200,000 | | | | 1,100,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 25.65 | | | $ | 26.25 | | | $ | 25.00 | |
| | | | | | | | | | | | |
| a | Cost of foreign currencies: $ —, $3,674 and $ —, respectively. |
| b | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to financial statements.
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 29, 2012
| | | | | | | | |
| | | iShares MSCI Global Select Metals & Mining Producers Fund | | | iShares MSCI Global Silver Miners Fund | |
| | |
ASSETS | | | | | | | | |
Investments, at cost: | | | | | | | | |
Unaffiliated | | $ | 2,473,797 | | | $ | 4,933,750 | |
Affiliated (Note 2) | | | 2,241 | | | | 4,576 | |
| | | | | | | | |
Total cost of investments | | $ | 2,476,038 | | | $ | 4,938,326 | |
| | | | | | | | |
Investments in securities, at fair value (Note 1): | | | | | | | | |
Unaffiliated | | $ | 2,501,839 | | | $ | 5,101,332 | |
Affiliated (Note 2) | | | 2,241 | | | | 4,576 | |
| | | | | | | | |
Total fair value of investments | | | 2,504,080 | | | | 5,105,908 | |
Foreign currencies, at valuea | | | 3,841 | | | | — | |
Receivables: | | | | | | | | |
Investment securities sold | | | 5,499 | | | | 36,988 | |
Due from custodian (Note 4) | | | 16,533 | | | | 12,047 | |
Dividends | | | 11,624 | | | | — | |
| | | | | | | | |
Total Assets | | | 2,541,577 | | | | 5,154,943 | |
| | | | | | | | |
| | |
LIABILITIES | | | | | | | | |
Payables: | | | | | | | | |
Investment securities purchased | | | 25,298 | | | | 50,385 | |
Investment advisory fees (Note 2) | | | 777 | | | | 1,098 | |
| | | | | | | | |
Total Liabilities | | | 26,075 | | | | 51,483 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 2,515,502 | | | $ | 5,103,460 | |
| | | | | | | | |
| | |
Net assets consist of: | | | | | | | | |
Paid-in capital | | $ | 2,476,586 | | | $ | 4,939,471 | |
Undistributed net investment income (accumulated net investment loss) | | | 11,281 | | | | (1,098 | ) |
Accumulated net realized loss | | | (467 | ) | | | (2,497 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 28,102 | | | | 167,584 | |
| | | | | | | | |
NET ASSETS | | $ | 2,515,502 | | | $ | 5,103,460 | |
| | | | | | | | |
| | |
Shares outstandingb | | | 100,000 | | | | 200,000 | |
| | | | | | | | |
| | |
Net asset value per share | | $ | 25.16 | | | $ | 25.52 | |
| | | | | | | | |
| a | Cost of foreign currencies: $3,796 and $ —, respectively. |
| b | $0.001 par value, number of shares authorized: 500 million and 500 million, respectively. |
See notes to financial statements.
| | |
| 30 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited)
iSHARES®, INC.
Period ended February 29, 2012
| | | | | | | | | | | | |
| | | iShares MSCI Global Agriculture Producers Funda | | | iShares MSCI Global Energy Producers Funda | | | iShares MSCI Global Gold Miners Funda | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliatedb | | $ | 3,982 | | | $ | 19,397 | | | $ | 6,306 | |
| | | | | | | | | | | | |
Total investment income | | | 3,982 | | | | 19,397 | | | | 6,306 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 1,227 | | | | 1,214 | | | | 1,164 | |
| | | | | | | | | | | | |
Total expenses | | | 1,227 | | | | 1,214 | | | | 1,164 | |
Less investment advisory fees waived (Note 2) | | | (25 | ) | | | — | | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 1,202 | | | | 1,214 | | | | 1,164 | |
| | | | | | | | | | | | |
Net investment income | | | 2,780 | | | | 18,183 | | | | 5,142 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (557 | ) | | | (18 | ) | | | (68 | ) |
Foreign currency transactions | | | (767 | ) | | | (106 | ) | | | — | |
| | | | | | | | | | | | |
Net realized loss | | | (1,324 | ) | | | (124 | ) | | | (68 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 111,649 | | | | 191,803 | | | | (335,374 | ) |
Translation of assets and liabilities in foreign currencies | | | (18 | ) | | | 48 | | | | 50 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 111,631 | | | | 191,851 | | | | (335,324 | ) |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 110,307 | | | | 191,727 | | | | (335,392 | ) |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 113,087 | | | $ | 209,910 | | | $ | (330,250 | ) |
| | | | | | | | | | | | |
| a | For the period from January 31, 2012 (commencement of operations) to February 29, 2012. |
| b | Net of foreign withholding tax of $5, $536 and $551, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Period ended February 29, 2012
| | | | | | | | |
| | | iShares MSCI Global Select Metals & Mining Producers Funda | | | iShares MSCI Global Silver Miners Funda | |
| | |
NET INVESTMENT INCOME | | | | | | | | |
Dividends — unaffiliatedb | | $ | 12,058 | | | $ | — | |
| | | | | | | | |
Total investment income | | | 12,058 | | | | — | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory fees (Note 2) | | | 777 | | | | 1,098 | |
| | | | | | | | |
Total expenses | | | 777 | | | | 1,098 | |
| | | | | | | | |
Net investment income (loss) | | | 11,281 | | | | (1,098 | ) |
| | | | | | | | |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments — unaffiliated | | | (66 | ) | | | (2,497 | ) |
Foreign currency transactions | | | (401 | ) | | | — | |
| | | | | | | | |
Net realized loss | | | (467 | ) | | | (2,497 | ) |
| | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | |
Investments | | | 28,042 | | | | 167,582 | |
Translation of assets and liabilities in foreign currencies | | | 60 | | | | 2 | |
| | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 28,102 | | | | 167,584 | |
| | | | | | | | |
Net realized and unrealized gain | | | 27,635 | | | | 165,087 | |
| | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 38,916 | | | $ | 163,989 | |
| | | | | | | | |
| a | For the period from January 31, 2012 (commencement of operations) to February 29, 2012. |
| b | Net of foreign withholding tax of $94 and $ —, respectively. |
See notes to financial statements.
| | |
| 32 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iSHARES®, INC.
| | | | | | | | |
| | | iShares MSCI
Global Agriculture
Producers Fund | | | iShares MSCI
Global Energy
Producers Fund | |
| | | Period from
January 31, 2012a to February 29, 2012 (Unaudited) | | | Period from
January 31, 2012a to February 29, 2012 (Unaudited) | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 2,780 | | | $ | 18,183 | |
Net realized loss | | | (1,324 | ) | | | (124 | ) |
Net change in unrealized appreciation/depreciation | | | 111,631 | | | | 191,851 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 113,087 | | | | 209,910 | |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 5,016,794 | | | | 5,040,238 | |
| | | | | | | | |
Net increase in net assets from capital share transactions | | | 5,016,794 | | | | 5,040,238 | |
| | | | | | | | |
INCREASE IN NET ASSETS | | | 5,129,881 | | | | 5,250,148 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | — | | | | — | |
| | | | | | | | |
End of period | | $ | 5,129,881 | | | $ | 5,250,148 | |
| | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 2,780 | | | $ | 18,183 | |
| | | | | | | | |
| | |
SHARES ISSUED | | | | | | | | |
Shares sold | | | 200,000 | | | | 200,000 | |
| | | | | | | | |
Net increase in shares outstanding | | | 200,000 | | | | 200,000 | |
| | | | | | | | |
| a | Commencement of operations. |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | |
| | | iShares MSCI
Global Gold
Miners Fund | | | iShares MSCI
Global Select
Metals & Mining
Producers Fund | |
| | | Period from
January 31, 2012a to February 29, 2012 (Unaudited) | | | Period from
January 31, 2012a to February 29, 2012 (Unaudited) | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 5,142 | | | $ | 11,281 | |
Net realized loss | | | (68 | ) | | | (467 | ) |
Net change in unrealized appreciation/depreciation | | | (335,324 | ) | | | 28,102 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (330,250 | ) | | | 38,916 | |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 27,825,960 | | | | 2,476,586 | |
| | | | | | | | |
Net increase in net assets from capital share transactions | | | 27,825,960 | | | | 2,476,586 | |
| | | | | | | | |
INCREASE IN NET ASSETS | | | 27,495,710 | | | | 2,515,502 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | — | | | | — | |
| | | | | | | | |
End of period | | $ | 27,495,710 | | | $ | 2,515,502 | |
| | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 5,142 | | | $ | 11,281 | |
| | | | | | | | |
| | |
SHARES ISSUED | | | | | | | | |
Shares sold | | | 1,100,000 | | | | 100,000 | |
| | | | | | | | |
Net increase in shares outstanding | | | 1,100,000 | | | | 100,000 | |
| | | | | | | | |
| a | Commencement of operations. |
See notes to financial statements.
| | |
| 34 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | |
| | | iShares MSCI
Global Silver
Miners Fund | |
| | | Period from January 31, 2012a to February 29, 2012 (Unaudited) | |
| |
INCREASE (DECREASE) IN NET ASSETS | | | | |
| |
OPERATIONS: | | | | |
Net investment loss | | $ | (1,098 | ) |
Net realized loss | | | (2,497 | ) |
Net change in unrealized appreciation/depreciation | | | 167,584 | |
| | | | |
Net increase in net assets resulting from operations | | | 163,989 | |
| | | | |
| |
CAPITAL SHARE TRANSACTIONS: | | | | |
Proceeds from shares sold | | | 4,939,471 | |
| | | | |
Net increase in net assets from capital share transactions | | | 4,939,471 | |
| | | | |
INCREASE IN NET ASSETS | | | 5,103,460 | |
| |
NET ASSETS | | | | |
Beginning of period | | | — | |
| | | | |
End of period | | $ | 5,103,460 | |
| | | | |
Accumulated net investment loss included in net assets at end of period | | $ | (1,098 | ) |
| | | | |
| |
SHARES ISSUED | | | | |
Shares sold | | | 200,000 | |
| | | | |
Net increase in shares outstanding | | | 200,000 | |
| | | | |
| a | Commencement of operations. |
See notes to financial statements.
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Global Agriculture Producers Fund
| | | | |
| | | Period from Jan. 31, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 24.88 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.02 | |
Net realized and unrealized gainc | | | 0.75 | |
| | | | |
Total from investment operations | | | 0.77 | |
| | | | |
Net asset value, end of period | | $ | 25.65 | |
| | | | |
| |
Total return | | | 3.09 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 5,130 | |
Ratio of expenses to average net assetse | | | 0.38 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.39 | % |
Ratio of net investment income to average net assetse | | | 0.88 | % |
Portfolio turnover ratef | | | 1 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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 cash transactions, the portfolio turnover rate for the period ended February 29, 2012 would have been 1%. See Note 4. |
See notes to financial statements.
| | |
| 36 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Global Energy Producers Fund
| | | | |
| | | Period from Jan. 31, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 24.79 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.12 | |
Net realized and unrealized gainc | | | 1.34 | |
| | | | |
Total from investment operations | | | 1.46 | |
| | | | |
Net asset value, end of period | | $ | 26.25 | |
| | | | |
| |
Total return | | | 5.89 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 5,250 | |
Ratio of expenses to average net assetse | | | 0.39 | % |
Ratio of net investment income to average net assetse | | | 5.84 | % |
Portfolio turnover ratef | | | 0 | %g |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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. See Note 4. |
| g | Rounds to less than 1%. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Global Gold Miners Fund
| | | | |
| | | Period from Jan. 31, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 25.00 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.03 | |
Net realized and unrealized lossc | | | (0.03 | ) |
| | | | |
Net asset value, end of period | | $ | 25.00 | |
| | | | |
| |
Total return | | | (0.04 | )%d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 27,496 | |
Ratio of expenses to average net assetse | | | 0.39 | % |
Ratio of net investment income to average net assetse | | | 1.72 | % |
Portfolio turnover ratef | | | 1 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
| | |
| 38 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Global Select Metals & Mining Producers Fund
| | | | |
| | | Period from Jan. 31, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 24.76 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.11 | |
Net realized and unrealized gainc | | | 0.29 | |
| | | | |
Total from investment operations | | | 0.40 | |
| | | | |
Net asset value, end of period | | $ | 25.16 | |
| | | | |
| |
Total return | | | 1.58 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 2,516 | |
Ratio of expenses to average net assetse | | | 0.39 | % |
Ratio of net investment income to average net assetse | | | 5.66 | % |
Portfolio turnover ratef | | | 0 | %g |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes 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. See Note 4. |
| g | Rounds to less than 1%. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Global Silver Miners Fund
| | | | |
| | | Period from
Jan. 31, 2012a to Feb. 29, 2012 (Unaudited) | |
Net asset value, beginning of period | | $ | 24.87 | |
| | | | |
Income from investment operations: | | | | |
Net investment lossb | | | (0.01 | ) |
Net realized and unrealized gainc | | | 0.66 | |
| | | | |
Total from investment operations | | | 0.65 | |
| | | | |
Net asset value, end of period | | $ | 25.52 | |
| | | | |
| |
Total return | | | 2.61 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 5,103 | |
Ratio of expenses to average net assetse | | | 0.39 | % |
Ratio of net investment loss to average net assetse | | | (0.39 | )% |
Portfolio turnover ratef | | | 1 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout the period. |
| c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
| | |
| 40 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 following funds (each, a “Fund,” and collectively, the “Funds”):
| | |
| iShares MSCI Fund | | Diversification Classification |
Global Agriculture Producersa | | Non-diversified |
Global Energy Producersa | | Non-diversified |
Global Gold Minersa | | Non-diversified |
Global Select Metals & Mining Producersa | | Non-diversified |
Global Silver Minersa | | Non-diversified |
| | a | | The Fund commenced operations on January 31, 2012. |
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 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 try to achieve each Fund’s investment objective.
Each Fund may invest in 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 Funds; 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 Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 41 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY VALUATION
U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The securities and other assets of each Fund are valued at fair value pursuant to the policies and procedures approved by the Board of Directors of the Company (the “Board”).
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
| | • | | Exchange-traded funds (“ETFs”) traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the ETF is primarily traded. ETFs traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors in accordance with policies approved by the Board. Such valuations are reported to the Board.
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.
Various inputs are used in determining the fair value of investments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an investment 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 three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Funds’ assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for an investment 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.
| | |
| 42 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 29, 2012. The breakdown of each Fund’s investments into major categories is disclosed in its respective Schedule of Investments.
| | | | | | | | | | | | | | | | |
iShares MSCI Fund and Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Global Agriculture Producers | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 5,003,540 | | | $ | — | | | $ | — | | | $ | 5,003,540 | |
Preferred Stocks | | | 73,745 | | | | — | | | | — | | | | 73,745 | |
Investment Companies | | | 45,209 | | | | — | | | | — | | | | 45,209 | |
Short-Term Investments | | | 5,113 | | | | — | | | | — | | | | 5,113 | |
| | | | | | | | | | | | | | | | |
| | $ | 5,127,607 | | | $ | — | | | $ | — | | | $ | 5,127,607 | |
| | | | | | | | | | | | | | | | |
| | | | |
Global Energy Producers | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 5,110,261 | | | $ | — | | | $ | — | | | $ | 5,110,261 | |
Preferred Stocks | | | 116,369 | | | | — | | | | — | | | | 116,369 | |
Short-Term Investments | | | 5,174 | | | | — | | | | — | | | | 5,174 | |
| | | | | | | | | | | | | | | | |
| | $ | 5,231,804 | | | $ | — | | | $ | — | | | $ | 5,231,804 | |
| | | | | | | | | | | | | | | | |
| | | | |
Global Gold Miners | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 27,456,798 | | | $ | — | | | $ | — | | | $ | 27,456,798 | |
Short-Term Investments | | | 5,208 | | | | — | | | | — | | | | 5,208 | |
| | | | | | | | | | | | | | | | |
| | $ | 27,462,006 | | | $ | — | | | $ | — | | | $ | 27,462,006 | |
| | | | | | | | | | | | | | | | |
| | | | |
Global Select Metals & Mining Producers | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,335,390 | | | $ | 592 | | | $ | — | | | $ | 2,335,982 | |
Preferred Stocks | | | 165,857 | | | | — | | | | — | | | | 165,857 | |
Short-Term Investments | | | 2,241 | | | | — | | | | — | | | | 2,241 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,503,488 | | | $ | 592 | | | $ | — | | | $ | 2,504,080 | |
| | | | | | | | | | | | | | | | |
| | | | |
Global Silver Miners | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 5,101,332 | | | $ | — | | | $ | — | | | $ | 5,101,332 | |
Short-Term Investments | | | 4,576 | | | | — | | | | — | | | | 4,576 | |
| | | | | | | | | | | | | | | | |
| | $ | 5,105,908 | | | $ | — | | | $ | — | | | $ | 5,105,908 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 43 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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. Any taxes withheld that are reclaimable from foreign tax authorities as of February 29, 2012 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and foreign taxes on other corporate events are reflected in “Other foreign taxes.” Foreign taxes payable as of February 29, 2012, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
FEDERAL INCOME TAXES
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
| | |
| 44 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
RECENT ACCOUNTING STANDARD
In May 2011, the Financial Accounting Standards Board issued amended guidance to improve disclosure about fair value measurements which will require the following disclosures for fair value measurements categorized as Level 3: quantitative information about the unobservable inputs and assumptions used in the fair value measurement, a description of the valuation policies and procedures and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, the amounts and reasons for all transfers in and out of Level 1 and Level 2 will be required to be disclosed. The amended guidance is effective for financial statements for fiscal years beginning after December 15, 2011, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.
| 2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the 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 substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39% based on the average daily net assets of each Fund.
BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Global Agriculture Producers and iShares MSCI Global Select Metals & Mining Producers Funds through December 31, 2014 in an amount equal to the investment advisory fees payable on the amount of each Fund’s investment in other iShares funds. The iShares MSCI Global Select Metals & Mining Producers Fund did not hold any iShares funds during the period ended February 29, 2012.
At the Special Board of Directors meeting held on January 5, 2012, the Board approved a new distribution agreement with BlackRock Investments, LLC (“BRIL”). BRIL is an affiliate of BFA. Effective April 1, 2012, BRIL will replace SEI Investments Distribution Co. as the distributor for each Fund. Pursuant to the new distribution agreement, BFA will be responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest—affiliated” in the Statements of Operations.
The PNC Financial Services Group, Inc. (“PNC”) and Barclays PLC (“Barclays”) are the largest stockholders of BlackRock. Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but Barclays is not.
The iShares MSCI Global Agriculture Producers and iShares MSCI Global Select Metals & Mining Producers Funds, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 45 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Investments in issuers considered to be affiliates of the Fund (excluding short-term investments) during the period ended February 29, 2012, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares MSCI Fund and
Name of Affiliated Issuer | | Shares Held
at Beginning
of Period | | | Shares
Purchased | | | Shares
Sold | | | Shares Held
at End
of Period | | | Value at
End
of Period | | | Dividend
Income | | | Net
Realized
Gain (Loss) | |
Global Agriculture Producers | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares S&P India Nifty 50 Index Fund | | | — | | | | 1,820 | | | | — | | | | 1,820 | | | $ | 45,209 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certain directors and officers of the Company are also officers of BlackRock Institutional Trust Company, N.A. and/or BFA.
| 3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the period ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Fund | | Purchases | | | Sales | |
Global Agriculture Producers | | $ | 395,986 | | | $ | 20,040 | |
Global Energy Producers | | | 257,842 | | | | 3,236 | |
Global Gold Miners | | | 174,599 | | | | 174,319 | |
Global Select Metals & Mining Producers | | | 403,141 | | | | 9,021 | |
Global Silver Miners | | | 38,338 | | | | 36,986 | |
In-kind transactions (see Note 4) for the period ended February 29, 2012 were as follows:
| | | | | | | | |
| iShares MSCI Fund | | In-kind
Purchases | | | In-kind
Sales | |
Global Agriculture Producers | | $ | 4,635,457 | | | $ | — | |
Global Energy Producers | | | 4,780,240 | | | | — | |
Global Gold Miners | | | 27,791,960 | | | | — | |
Global Select Metals & Mining Producers | | | 2,079,742 | | | | — | |
Global Silver Miners | | | 4,934,895 | | | | — | |
| 4. | CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index, and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street
| | |
| 46 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash 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.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 29, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| iShares MSCI Fund | | Tax Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net
Unrealized
Appreciation
(Depreciation) | |
Global Agriculture Producers | | $ | 5,015,958 | | | $ | 166,508 | | | $ | (54,859 | ) | | $ | 111,649 | |
Global Energy Producers | | | 5,040,001 | | | | 211,154 | | | | (19,351 | ) | | | 191,803 | |
Global Gold Miners | | | 27,797,380 | | | | 107,109 | | | | (442,483 | ) | | | (335,374 | ) |
Global Select Metals & Mining Producers | | | 2,476,038 | | | | 78,038 | | | | (49,996 | ) | | | 28,042 | |
Global Silver Miners | | | 4,938,326 | | | | 224,961 | | | | (57,379 | ) | | | 167,582 | |
Management has reviewed the tax positions as of February 29, 2012, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 47 | |
Board Review and Approval of Investment Advisory
Contract (Unaudited)
iSHARES®, INC.
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required to consider and approve the proposed Investment Advisory Contract between the Company and BFA on behalf of the Funds (the “Advisory Contract”). As required by Section 15(c), the Board requested, and BFA provided, such information as the Board, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.
At a meeting held on December 5-6, 2011, the Board approved the selection of BFA and the Advisory Contract for the Funds, based on its review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Directors were advised by their independent counsel throughout the process.
In selecting BFA and approving the Advisory Contract for the Funds, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:
Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be required of or provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience as well as the resources expected to be available from BFA and its affiliates for the support of the Funds and their shareholders. The Board considered in particular that BFA’s services for other iShares funds reflect BFA’s core competencies, including BFA’s effective use of its proprietary investment systems analyzing securities market risk, asset class correlations and expected returns. The Board also considered services provided by BFA and its affiliates to other iShares funds in connection with the review of counterparty and issuer credit risk and securities lending opportunities and the oversight of intermediaries that provide shareholder support and processing functions. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Funds would be similar to the scope and quality of services provided to other iShares funds.
The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. The Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Funds. In addition to the above considerations, the Board reviewed and considered BFA’s investment and risk management processes and strategies, and matters related to BFA’s portfolio compliance policies and procedures.
The Board took into account discussions at prior Board meetings, including representations and information provided by management regarding the resources and strengths of BFA and the financial condition of BFA and BlackRock.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Funds under the Advisory Contract supported the Board’s approval of the Advisory Contract.
Fund Expenses — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Funds in comparison with the same information for other registered investment companies objectively selected by Lipper as comprising the Funds’ applicable peer group pursuant to Lipper’s proprietary methodology (the “Lipper Group”). Because there are few, if any, exchange traded funds or index funds that track indexes similar to those tracked by the Funds, the Lipper Group included in part mutual funds, closed-end funds, exchange traded funds, or funds with differing investment objective classifications, investment focuses and
| | |
| 48 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
other characteristics (e.g., actively managed funds and funds sponsored by “at-cost” service providers). In support of its review of the statistical information, the Board was provided with a general description of the methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the proposed investment advisory fee rate and overall expenses for the Funds compared favorably to the investment advisory fee rate and overall expenses of the funds in the Lipper Group.
Based on this review, the other factors considered at the meeting, and their general knowledge of mutual fund pricing, the Board concluded that the proposed investment advisory fees and expense levels of the Funds, as compared to the investment advisory fees and expense levels of the funds in the Lipper Group, supported the Board’s approval of the Advisory Contract.
Costs of Services to be Provided to the Funds and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Funds to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Funds since the proposed relationships had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis and will thus be in a position to evaluate whether, following the expiration of the Advisory Contract’s initial two year term, any adjustments in Funds fees would be appropriate.
Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds’ assets. The Board noted that the Advisory Contract did not provide for any breakpoints in the Funds’ investment advisory rates as the assets of the Funds increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Funds may be appropriate. The Board noted information presented at prior Board meetings regarding BFA’s historic profitability as investment adviser to the iShares fund complex and noted that BFA and BlackRock had continued to make significant investments in the iShares fund complex and the infrastructure supporting the iShares funds.
Based on this review, as well as the discussions described above in connection with the Lipper Group comparisons, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the structure of the investment advisory fees reflects appropriate sharing of potential economies of scale with the Funds’ shareholders and supported the Board’s approval of the Advisory Contract.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board considered certain information regarding the investment advisory/management fee rate for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act, collective trust funds, and institutional separate accounts (together, the “Other Accounts”). The Board noted that BFA and its affiliates do not manage Other Accounts that track the same underlying indexes as the Funds. The Board further noted that BFA previously provided the Board with detailed information regarding how Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different services provided as well as other significant differences in the approach of BFA and its affiliates to the Funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks of managing and providing other services to the Funds, as publicly traded exchange traded funds, as compared to Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board noted that the investment advisory fee rate under the Advisory Contract for the Funds was generally higher than the investment advisory/management fee rates for
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 49 | |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
Other Accounts that are institutional clients of BFA (or its affiliates), and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider any ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Funds by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA would not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Funds. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Funds in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Funds’ securities lending agent, for loaning any portfolio securities. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds’ shareholders.
Based on the considerations described above, the Board determined that the investment advisory fee rates under the Advisory Contract do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Funds and their shareholders to approve the Advisory Contract.
| | |
| 50 | | 2012 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
For more information visit www.iShares.com
or call 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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. BlackRock is not 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 daily and monthly basis on the Funds’ website.
©2012 BlackRock. All rights reserved. iShares® and BlackRock® are registered trademarks of BlackRock. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
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iS-SAR-812-0212
Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.
Item 2. Code of Ethics.
Not applicable to this semi-annual filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this semi-annual filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this semi-annual filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this semi-annual filing.
Item 6. Investments.
| | (a) | Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of 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.
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 18, 2012 |
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 18, 2012 |
|
By: /s/ Jack Gee |
| Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer) |
| Date: | | April 18, 2012 |
