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, 2013
Date of reporting period: February 28, 2013
Item 1. Reports to Stockholders.
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | iShares MSCI Japan Index Fund | EWJ | NYSE Arca |
Table of Contents
Fund Performance Overview
iSHARES® MSCI JAPAN INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 4.50% | | 4.40% | | 4.87% | | (2.81)% | | (2.46)% | | (2.27)% | | 5.37% | | 5.22% | | 5.96% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 4.50% | | 4.40% | | 4.87% | | (13.29)% | | (11.70)% | | (10.86)% | | 68.68% | | 66.27% | | 78.47% |
“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 28, 2013, the total return for the Fund was 14.85%, net of fees, while the total return for the Index was 15.21%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Cyclical | | | 27.92 | % |
Financial | | | 19.92 | |
Industrial | | | 19.89 | |
Consumer Non-Cyclical | | | 12.35 | |
Basic Materials | | | 5.93 | |
Communications | | | 5.78 | |
Technology | | | 3.67 | |
Utilities | | | 2.57 | |
Energy | | | 1.56 | |
Short-Term and Other Net Assets | | | 0.41 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Toyota Motor Corp. | | | 6.13 | % |
Mitsubishi UFJ Financial Group Inc. | | | 3.08 | |
Honda Motor Co. Ltd. | | | 2.62 | |
Sumitomo Mitsui Financial Group Inc. | | | 2.35 | |
Mizuho Financial Group Inc. | | | 2.20 | |
Canon Inc. | | | 1.78 | |
Takeda Pharmaceutical Co. Ltd. | | | 1.78 | |
SoftBank Corp. | | | 1.51 | |
Mitsubishi Estate Co. Ltd. | | | 1.27 | |
FANUC Corp. | | | 1.26 | |
| | | | |
TOTAL | | | 23.98 | % |
| | | | |
| | | | |
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, 2012 to February 28, 2013.
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
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Actual | | $ | 1,000.00 | | | $ | 1,148.50 | | | | 0.51 | % | | $ | 2.72 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
| a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). | |
| | |
| 6 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.59% | |
|
ADVERTISING — 0.34% | |
Dentsu Inc. | | | 498,000 | | | $ | 15,567,223 | |
Hakuhodo DY Holdings Inc. | | | 69,720 | | | | 5,320,061 | |
| | | | | | | | |
| | | | | | | 20,887,284 | |
AGRICULTURE — 1.24% | | | | | | | | |
Japan Tobacco Inc. | | | 2,390,400 | | | | 75,784,956 | |
| | | | | | | | |
| | | | | | | 75,784,956 | |
AIRLINES — 0.26% | | | | | | | | |
All Nippon Airways Co. Ltd.a | | | 2,988,000 | | | | 6,153,479 | |
Japan Airlines Co. Ltd.b | | | 199,200 | | | | 9,500,109 | |
| | | | | | | | |
| | | | | | | 15,653,588 | |
APPAREL — 0.10% | | | | | | | | |
ASICS Corp. | | | 398,400 | | | | 6,287,344 | |
| | | | | | | | |
| | | | | | | 6,287,344 | |
AUTO MANUFACTURERS — 11.83% | |
Daihatsu Motor Co. Ltd. | | | 341,000 | | | | 6,959,712 | |
Fuji Heavy Industries Ltd. | | | 1,992,000 | | | | 29,925,341 | |
Hino Motors Ltd. | | | 996,000 | | | | 10,568,871 | |
Honda Motor Co. Ltd. | | | 4,282,800 | | | | 160,384,500 | |
Isuzu Motors Ltd. | | | 2,988,000 | | | | 18,460,438 | |
Mazda Motor Corp.b | | | 6,972,000 | | | | 21,083,763 | |
Mitsubishi Motors Corp.b | | | 9,960,000 | | | | 11,011,489 | |
Nissan Motor Co. Ltd. | | | 6,573,600 | | | | 66,762,012 | |
Suzuki Motor Corp. | | | 996,000 | | | | 23,933,796 | |
Toyota Motor Corp. | | | 7,270,800 | | | | 375,518,773 | |
| | | | | | | | |
| | | | | | | 724,608,695 | |
AUTO PARTS & EQUIPMENT — 3.52% | |
Aisin Seiki Co. Ltd. | | | 498,200 | | | | 18,116,855 | |
Bridgestone Corp. | | | 1,693,200 | | | | 52,194,459 | |
Denso Corp. | | | 1,294,800 | | | | 54,593,237 | |
JTEKT Corp. | | | 597,600 | | | | 5,985,068 | |
Koito Manufacturing Co. Ltd. | | | 100,000 | | | | 1,637,763 | |
NGK Insulators Ltd. | | | 996,000 | | | | 10,795,578 | |
NGK Spark Plug Co. Ltd. | | | 351,000 | | | | 5,356,688 | |
NHK Spring Co. Ltd. | | | 398,400 | | | | 3,484,812 | |
NOK Corp. | | | 298,800 | | | | 4,139,024 | |
Stanley Electric Co. Ltd. | | | 363,600 | | | | 6,360,832 | |
Sumitomo Electric Industries Ltd. | | | 1,992,000 | | | | 23,318,448 | |
Sumitomo Rubber Industries Inc. | | | 498,000 | | | | 7,794,407 | |
Toyoda Gosei Co. Ltd. | | | 199,200 | | | | 4,622,666 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Toyota Boshoku Corp. | | | 199,200 | | | $ | 2,729,122 | |
Toyota Industries Corp. | | | 398,400 | | | | 14,293,345 | |
| | | | | | | | |
| | | | | | | 215,422,304 | |
BANKS — 10.77% | | | | | | | | |
Aozora Bank Ltd. | | | 1,992,000 | | | | 6,067,115 | |
Bank of Kyoto Ltd. (The) | | | 996,000 | | | | 8,744,418 | |
Bank of Yokohama Ltd. (The) | | | 2,988,000 | | | | 15,448,472 | |
Chiba Bank Ltd. (The) | | | 1,992,000 | | | | 12,760,373 | |
Fukuoka Financial Group Inc. | | | 1,998,000 | | | | 9,117,256 | |
Gunma Bank Ltd. (The) | | | 996,000 | | | | 5,440,971 | |
Hachijuni Bank Ltd. (The) | | | 996,000 | | | | 5,354,606 | |
Hiroshima Bank Ltd. (The) | | | 996,000 | | | | 4,199,480 | |
Iyo Bank Ltd. (The) | | | 996,000 | | | | 8,528,506 | |
Joyo Bank Ltd. (The) | | | 1,992,000 | | | | 9,996,705 | |
Mitsubishi UFJ Financial Group Inc. | | | 33,864,080 | | | | 188,296,911 | |
Mizuho Financial Group Inc. | | | 60,855,680 | | | | 134,560,576 | |
Nishi-Nippon City Bank Ltd. (The) | | | 1,992,000 | | | | 5,246,651 | |
Resona Holdings Inc. | | | 4,980,000 | | | | 22,940,603 | |
Seven Bank Ltd. | | | 1,494,000 | | | | 3,951,181 | |
Shinsei Bank Ltd. | | | 3,984,000 | | | | 8,809,191 | |
Shizuoka Bank Ltd. (The) | | | 1,992,000 | | | | 19,885,454 | |
Sumitomo Mitsui Financial Group Inc. | | | 3,585,600 | | | | 144,185,736 | |
Sumitomo Mitsui Trust Holdings Inc. | | | 7,974,320 | | | | 31,115,925 | |
Suruga Bank Ltd. | | | 996,000 | | | | 14,703,577 | |
Yamaguchi Financial Group Inc. | | | 55,000 | | | | 516,258 | |
| | | | | | | | |
| | | | | | | 659,869,965 | |
BEVERAGES — 0.91% | | | | | | | | |
Asahi Group Holdings Ltd. | | | 996,000 | | | | 25,261,652 | |
Coca-Cola West Co. Ltd. | | | 99,600 | | | | 1,713,258 | |
Kirin Holdings Co. Ltd. | | | 1,992,000 | | | | 29,040,104 | |
| | | | | | | | |
| | | | | | | 56,015,014 | |
BUILDING MATERIALS — 1.32% | | | | | | | | |
Asahi Glass Co. Ltd. | | | 2,988,000 | | | | 20,403,642 | |
Daikin Industries Ltd. | | | 597,600 | | | | 22,249,686 | |
LIXIL Group Corp. | | | 697,200 | | | | 14,358,118 | |
Rinnai Corp. | | | 99,600 | | | | 7,179,059 | |
Taiheiyo Cement Corp. | | | 2,988,000 | | | | 7,416,562 | |
TOTO Ltd. | | | 996,000 | | | | 9,046,694 | |
| | | | | | | | |
| | | | | | | 80,653,761 | |
CHEMICALS — 3.50% | | | | | | | | |
Air Water Inc. | | | 78,000 | | | | 1,061,869 | |
Asahi Kasei Corp. | | | 2,988,000 | | | | 17,747,930 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Daicel Corp. | | | 996,000 | | | $ | 7,697,247 | |
Denki Kagaku Kogyo K.K. | | | 996,000 | | | | 3,810,839 | |
Hitachi Chemical Co. Ltd. | | | 298,800 | | | | 4,116,354 | |
JSR Corp. | | | 498,000 | | | | 10,201,821 | |
Kaneka Corp. | | | 996,000 | | | | 5,538,131 | |
Kansai Paint Co. Ltd. | | | 95,000 | | | | 1,011,164 | |
Kuraray Co. Ltd. | | | 896,400 | | | | 12,242,185 | |
Mitsubishi Chemical Holdings Corp. | | | 3,486,000 | | | | 16,436,267 | |
Mitsubishi Gas Chemical Co. Inc. | | | 996,000 | | | | 7,081,899 | |
Mitsui Chemicals Inc. | | | 1,992,000 | | | | 4,750,054 | |
Nitto Denko Corp. | | | 398,400 | | | | 23,534,359 | |
Shin-Etsu Chemical Co. Ltd. | | | 1,095,600 | | | | 67,688,272 | |
Showa Denko K.K. | | | 3,984,000 | | | | 6,218,253 | |
Sumitomo Chemical Co. Ltd. | | | 3,984,000 | | | | 11,831,953 | |
Taiyo Nippon Sanso Corp. | | | 996,000 | | | | 7,027,921 | |
Ube Industries Ltd. | | | 2,988,000 | | | | 6,347,800 | |
| | | | | | | | |
| | | | | | | 214,344,318 | |
COMMERCIAL SERVICES — 0.98% | |
Benesse Holdings Inc. | | | 199,200 | | | | 8,301,799 | |
Dai Nippon Printing Co. Ltd. | | | 996,000 | | | | 8,798,396 | |
PARK24 Co. Ltd. | | | 199,200 | | | | 3,657,542 | |
Secom Co. Ltd. | | | 498,000 | | | | 25,693,475 | |
Toppan Printing Co. Ltd. | | | 1,992,000 | | | | 13,472,881 | |
| | | | | | | | |
| | | | | | | 59,924,093 | |
COMPUTERS — 0.77% | |
Fujitsu Ltd. | | | 4,980,000 | | | | 22,994,580 | |
Itochu Techno-Solutions Corp. | | | 99,600 | | | | 4,372,209 | |
NTT Data Corp. | | | 2,988 | | | | 9,531,416 | |
TDK Corp. | | | 298,800 | | | | 10,363,755 | |
| | | | | | | | |
| | | | | | | 47,261,960 | |
COSMETICS & PERSONAL CARE — 1.21% | |
Kao Corp. | | | 1,394,400 | | | | 44,797,329 | |
Shiseido Co. Ltd. | | | 896,400 | | | | 11,940,988 | |
Unicharm Corp. | | | 298,800 | | | | 17,391,676 | |
| | | | | | | | |
| | | | | | | 74,129,993 | |
DISTRIBUTION & WHOLESALE — 4.50% | |
Hitachi High-Technologies Corp. | | | 199,200 | | | | 4,136,865 | |
ITOCHU Corp. | | | 3,984,000 | | | | 46,205,073 | |
Marubeni Corp. | | | 3,984,000 | | | | 29,234,425 | |
Mitsubishi Corp. | | | 3,685,200 | | | | 73,456,350 | |
Mitsui & Co. Ltd. | | | 4,581,600 | | | | 68,232,369 | |
Sojitz Corp. | | | 3,087,600 | | | | 4,752,213 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sumitomo Corp. | | | 2,988,000 | | | $ | 36,726,555 | |
Toyota Tsusho Corp. | | | 498,000 | | | | 12,749,577 | |
| | | | | | | | |
| | | | | | | 275,493,427 | |
DIVERSIFIED FINANCIAL SERVICES — 2.27% | |
Acom Co. Ltd.b | | | 99,600 | | | | 2,477,585 | |
AEON Credit Service Co. Ltd.a | | | 199,270 | | | | 4,661,009 | |
Credit Saison Co. Ltd. | | | 398,400 | | | | 8,506,915 | |
Daiwa Securities Group Inc. | | | 3,984,000 | | | | 24,743,464 | |
Japan Exchange Group Inc. | | | 49,800 | | | | 3,810,839 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | | | 159,360 | | | | 7,401,448 | |
Nomura Holdings Inc. | | | 9,561,600 | | | | 55,135,175 | |
ORIX Corp. | | | 288,840 | | | | 32,309,005 | |
| | | | | | | | |
| | | | | | | 139,045,440 | |
ELECTRIC — 1.61% | |
Chubu Electric Power Co. Inc. | | | 1,693,200 | | | | 21,325,584 | |
Chugoku Electric Power Co. Inc. (The) | | | 796,800 | | | | 10,061,478 | |
Electric Power Development Co. Ltd. | | | 298,800 | | | | 7,708,043 | |
Hokkaido Electric Power Co. Inc. | | | 498,000 | | | | 4,431,585 | |
Hokuriku Electric Power Co. | | | 398,400 | | | | 4,598,916 | |
Kansai Electric Power Co. Inc. (The) | | | 1,992,000 | | | | 17,272,924 | |
Kyushu Electric Power Co. Inc. | | | 1,095,600 | | | | 10,556,996 | |
Shikoku Electric Power Co. Inc. | | | 398,400 | | | | 4,901,192 | |
Tohoku Electric Power Co. Inc.b | | | 1,195,200 | | | | 9,288,515 | |
Tokyo Electric Power Co. Inc.a,b | | | 3,784,800 | | | | 8,614,871 | |
| | | | | | | | |
| | | | | | | 98,760,104 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 2.49% | |
Brother Industries Ltd. | | | 597,600 | | | | 6,283,026 | |
Casio Computer Co. Ltd. | | | 597,600 | | | | 4,754,372 | |
Furukawa Electric Co. Ltd.b | | | 1,992,000 | | | | 4,534,143 | |
GS Yuasa Corp.a | | | 996,000 | | | | 4,339,822 | |
Hitachi Ltd. | | | 11,952,000 | | | | 67,364,405 | |
Mabuchi Motor Co. Ltd. | | | 99,600 | | | | 4,922,783 | |
Mitsubishi Electric Corp. | | | 4,980,000 | | | | 40,753,306 | |
Nidec Corp. | | | 298,800 | | | | 17,618,383 | |
Ushio Inc. | | | 199,200 | | | | 2,197,980 | |
| | | | | | | | |
| | | | | | | 152,768,220 | |
ELECTRONICS — 4.03% | |
Advantest Corp. | | | 398,400 | | | | 5,743,247 | |
Hamamatsu Photonics K.K. | | | 199,200 | | | | 7,945,545 | |
Hirose Electric Co. Ltd. | | | 99,600 | | | | 12,091,047 | |
Hoya Corp. | | | 1,095,600 | | | | 21,113,991 | |
| | |
| 8 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
IBIDEN Co. Ltd. | | | 298,800 | | | $ | 4,699,315 | |
Keyence Corp. | | | 109,026 | | | | 30,854,854 | |
Kyocera Corp. | | | 398,400 | | | | 34,804,943 | |
Murata Manufacturing Co. Ltd. | | | 498,000 | | | | 32,224,799 | |
NEC Corp.b | | | 6,237,000 | | | | 15,480,956 | |
Nippon Electric Glass Co. Ltd. | | | 996,500 | | | | 4,925,255 | |
Omron Corp. | | | 498,000 | | | | 12,118,036 | |
Toshiba Corp. | | | 10,956,000 | | | | 50,706,829 | |
Yaskawa Electric Corp. | | | 996,000 | | | | 9,025,103 | |
Yokogawa Electric Corp. | | | 498,000 | | | | 5,025,341 | |
| | | | | | | | |
| | | | | | | 246,759,261 | |
ENGINEERING & CONSTRUCTION — 1.01% | |
Chiyoda Corp. | | | 235,000 | | | | 2,947,052 | |
JGC Corp. | | | 996,000 | | | | 27,615,088 | |
Kajima Corp. | | | 1,992,000 | | | | 5,915,977 | |
Obayashi Corp. | | | 1,992,000 | | | | 10,298,981 | |
Shimizu Corp. | | | 1,992,000 | | | | 6,434,164 | |
Taisei Corp. | | | 2,988,000 | | | | 8,873,965 | |
| | | | | | | | |
| | | | | | | 62,085,227 | |
ENTERTAINMENT — 0.37% | |
Oriental Land Co. Ltd. | | | 99,600 | | | | 14,779,146 | |
Sankyo Co. Ltd. | | | 99,600 | | | | 4,215,673 | |
Toho Co. Ltd. | | | 199,200 | | | | 3,847,544 | |
| | | | | | | | |
| | | | | | | 22,842,363 | |
ENVIRONMENTAL CONTROL — 0.10% | |
Kurita Water Industries Ltd. | | | 298,800 | | | | 5,998,023 | |
| | | | | | | | |
| | | | | | | 5,998,023 | |
FOOD — 1.29% | |
Ajinomoto Co. Inc. | | | 1,992,000 | | | | 26,535,530 | |
Kikkoman Corp. | | | 996,000 | | | | 15,556,427 | |
Meiji Holdings Co. Ltd. | | | 199,228 | | | | 8,616,082 | |
Nisshin Seifun Group Inc. | | | 498,000 | | | | 6,563,711 | |
Nissin Foods Holdings Co. Ltd. | | | 199,200 | | | | 7,956,341 | |
Toyo Suisan Kaisha Ltd. | | | 89,000 | | | | 2,619,066 | |
Yakult Honsha Co. Ltd.a | | | 298,800 | | | | 11,157,230 | |
| | | | | | | | |
| | | | | | | 79,004,387 | |
FOREST PRODUCTS & PAPER — 0.21% | |
Nippon Paper Group Inc.a | | | 298,800 | | | | 5,227,219 | |
Oji Holdings Corp. | | | 1,992,000 | | | | 7,621,678 | |
| | | | | | | | |
| | | | | | | 12,848,897 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
GAS — 0.96% | | | | | | | | |
Osaka Gas Co. Ltd. | | | 4,980,000 | | | $ | 19,432,040 | |
Toho Gas Co. Ltd. | | | 996,000 | | | | 5,527,336 | |
Tokyo Gas Co. Ltd. | | | 6,972,000 | | | | 33,854,931 | |
| | | | | | | | |
| | | | | | | 58,814,307 | |
HAND & MACHINE TOOLS — 0.64% | | | | | | | | |
Fuji Electric Co. Ltd. | | | 996,000 | | | | 2,860,828 | |
Makita Corp. | | | 298,800 | | | | 13,602,428 | |
SMC Corp. | | | 99,600 | | | | 17,359,289 | |
THK Co. Ltd. | | | 299,400 | | | | 5,617,401 | |
| | | | | | | | |
| | | | | | | 39,439,946 | |
HEALTH CARE — PRODUCTS — 0.48% | |
Shimadzu Corp. | | | 236,000 | | | | 1,498,981 | |
Sysmex Corp. | | | 199,200 | | | | 10,493,302 | |
Terumo Corp. | | | 398,400 | | | | 17,575,200 | |
| | | | | | | | |
| | | | | | | 29,567,483 | |
HEALTH CARE — SERVICES — 0.16% | |
Miraca Holdings Inc. | | | 199,200 | | | | 9,662,042 | |
| | | | | | | | |
| | | | | | | 9,662,042 | |
HOME BUILDERS — 0.65% | | | | | | | | |
Daiwa House Industry Co. Ltd. | | | 996,000 | | | | 18,374,073 | |
Sekisui Chemical Co. Ltd. | | | 1,003,000 | | | | 9,773,434 | |
Sekisui House Ltd. | | | 996,000 | | | | 11,583,655 | |
| | | | | | | | |
| | | | | | | 39,731,162 | |
HOME FURNISHINGS — 1.42% | | | | | | | | |
Panasonic Corp. | | | 5,776,815 | | | | 41,826,495 | |
Sharp Corp.a | | | 1,992,000 | | | | 6,347,800 | |
Sony Corp. | | | 2,689,200 | | | | 39,000,104 | |
| | | | | | | | |
| | | | | | | 87,174,399 | |
INSURANCE — 2.55% | | | | | | | | |
Dai-ichi Life Insurance Co. Ltd. (The) | | | 21,912 | | | | 30,875,352 | |
MS&AD Insurance Group Holdings Inc. | | | 1,294,840 | | | | 26,918,525 | |
NKSJ Holdings Inc. | | | 896,450 | | | | 19,073,611 | |
Sony Financial Holdings Inc. | | | 498,000 | | | | 7,902,363 | |
T&D Holdings Inc. | | | 1,494,000 | | | | 17,812,703 | |
Tokio Marine Holdings Inc. | | | 1,892,400 | | | | 53,699,363 | |
| | | | | | | | |
| | | | | | | 156,281,917 | |
INTERNET — 1.00% | | | | | | | | |
Dena Co. Ltd.a | | | 291,400 | | | | 8,212,010 | |
Gree Inc.a | | | 291,400 | | | | 3,562,749 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
M3 Inc. | | | 996 | | | $ | 1,722,974 | |
Nexon Co. Ltd. | | | 298,800 | | | | 2,723,724 | |
Rakuten Inc. | | | 1,892,400 | | | | 16,429,790 | |
SBI Holdings Inc. | | | 521,010 | | | | 4,156,334 | |
Trend Micro Inc. | | | 298,800 | | | | 8,485,324 | |
Yahoo! Japan Corp. | | | 37,848 | | | | 16,101,604 | |
| | | | | | | | |
| | | | | | | 61,394,509 | |
IRON & STEEL — 1.74% | | | | | | | | |
Daido Steel Co. Ltd. | | | 996,000 | | | | 5,322,220 | |
Hitachi Metals Ltd. | | | 242,000 | | | | 2,274,160 | |
Japan Steel Works Ltd. (The) | | | 996,000 | | | | 5,851,203 | |
JFE Holdings Inc. | | | 1,294,850 | | | | 27,887,134 | |
Kobe Steel Ltd.b | | | 5,976,000 | | | | 8,096,683 | |
Nippon Steel & Sumitomo Metal Corp. | | | 19,920,705 | | | | 54,195,718 | |
Yamato Kogyo Co. Ltd. | | | 99,600 | | | | 2,864,067 | |
| | | | | | | | |
| | | | | | | 106,491,185 | |
LEISURE TIME — 0.59% | | | | | | | | |
Sega Sammy Holdings Inc. | | | 498,000 | | | | 9,235,617 | |
Shimano Inc. | | | 199,200 | | | | 14,358,118 | |
Yamaha Corp. | | | 398,400 | | | | 3,977,091 | |
Yamaha Motor Co. Ltd. | | | 697,200 | | | | 8,373,050 | |
| | | | | | | | |
| | | | | | | 35,943,876 | |
MACHINERY — 4.31% | | | | | | | | |
Amada Co. Ltd. | | | 996,000 | | | | 6,531,324 | |
FANUC Corp. | | | 498,000 | | | | 77,242,359 | |
Hitachi Construction Machinery Co. Ltd. | | | 298,800 | | | | 6,895,135 | |
IHI Corp. | | | 2,988,000 | | | | 8,420,551 | |
Kawasaki Heavy Industries Ltd. | | | 3,984,000 | | | | 12,738,782 | |
Komatsu Ltd. | | | 2,490,000 | | | | 63,100,152 | |
Kubota Corp. | | | 2,988,000 | | | | 36,240,754 | |
Mitsubishi Heavy Industries Ltd. | | | 7,968,000 | | | | 44,391,416 | |
Nabtesco Corp. | | | 199,200 | | | | 3,689,928 | |
Sumitomo Heavy Industries Ltd. | | | 996,000 | | | | 4,415,391 | |
| | | | | | | | |
| | | | | | | 263,665,792 | |
MANUFACTURING — 1.11% | | | | | | | | |
FUJIFILM Holdings Corp. | | | 1,195,200 | | | | 23,059,354 | |
Konica Minolta Holdings Inc. | | | 1,494,000 | | | | 11,464,904 | |
Nikon Corp. | | | 896,400 | | | | 20,209,321 | |
Olympus Corp.b | | | 597,600 | | | | 13,168,446 | |
| | | | | | | | |
| | | | | | | 67,902,025 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MEDIA — 0.12% | | | | | | | | |
Jupiter Telecommunications Co. Ltd. | | | 5,709 | | | $ | 7,611,175 | |
| | | | | | | | |
| | | | | | | 7,611,175 | |
METAL FABRICATE & HARDWARE — 0.17% | | | | | |
Maruichi Steel Tube Ltd. | | | 99,600 | | | | 2,447,357 | |
NSK Ltd. | | | 996,000 | | | | 7,805,203 | |
| | | | | | | | |
| | | | | | | 10,252,560 | |
MINING — 0.48% | |
Mitsubishi Materials Corp. | | | 2,988,000 | | | | 9,133,059 | |
Sumitomo Metal Mining Co. Ltd. | | | 1,284,000 | | | | 20,333,015 | |
| | | | | | | | |
| | | | | | | 29,466,074 | |
OFFICE & BUSINESS EQUIPMENT — 2.13% | |
Canon Inc. | | | 2,988,050 | | | | 108,983,181 | |
Ricoh Co. Ltd. | | | 1,992,000 | | | | 21,461,608 | |
| | | | | | | | |
| | | | | | | 130,444,789 | |
OIL & GAS — 1.56% | | | | | | | | |
Cosmo Oil Co. Ltd. | | | 996,000 | | | | 2,353,436 | |
Idemitsu Kosan Co. Ltd. | | | 99,600 | | | | 9,100,672 | |
INPEX Corp. | | | 5,976 | | | | 31,933,319 | |
Japan Petroleum Exploration Co. Ltd. | | | 99,600 | | | | 3,794,646 | |
JX Holdings Inc. | | | 5,776,895 | | | | 35,440,305 | |
Showa Shell Sekiyu K.K. | | | 398,400 | | | | 2,897,533 | |
TonenGeneral Sekiyu K.K. | | | 996,000 | | | | 9,931,931 | |
| | | | | | | | |
| | | | | | | 95,451,842 | |
PACKAGING & CONTAINERS — 0.07% | |
Toyo Seikan Kaisha Ltd. | | | 298,800 | | | | 4,362,493 | |
| | | | | | | | |
| | | | | | | 4,362,493 | |
PHARMACEUTICALS — 6.08% | |
Alfresa Holdings Corp. | | | 99,600 | | | | 4,928,181 | |
Astellas Pharma Inc. | | | 1,195,230 | | | | 64,904,642 | |
Chugai Pharmaceutical Co. Ltd. | | | 597,600 | | | | 12,987,080 | |
Daiichi Sankyo Co. Ltd. | | | 1,792,869 | | | | 32,238,995 | |
Dainippon Sumitomo Pharma Co. Ltd. | | | 398,400 | | | | 5,782,111 | |
Eisai Co. Ltd. | | | 697,200 | | | | 31,210,015 | |
Hisamitsu Pharmaceutical Co. Inc. | | | 99,600 | | | | 5,797,225 | |
Kyowa Hakko Kirin Co. Ltd. | | | 996,000 | | | | 10,482,506 | |
Medipal Holdings Corp. | | | 398,400 | | | | 5,173,241 | |
Mitsubishi Tanabe Pharma Corp. | | | 498,000 | | | | 7,098,092 | |
Ono Pharmaceutical Co. Ltd. | | | 199,200 | | | | 10,622,849 | |
Otsuka Holdings Co. Ltd. | | | 996,000 | | | | 32,041,275 | |
Santen Pharmaceutical Co. Ltd. | | | 199,200 | | | | 8,960,330 | |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Shionogi & Co. Ltd. | | | 697,200 | | | $ | 14,274,992 | |
Suzuken Co. Ltd. | | | 199,200 | | | | 6,963,148 | |
Taisho Pharmaceutical Holdings Co. Ltd. | | | 99,600 | | | | 6,898,374 | |
Takeda Pharmaceutical Co. Ltd. | | | 2,091,600 | | | | 108,706,070 | |
Tsumura & Co. | | | 99,600 | | | | 3,503,165 | |
| | | | | | | | |
| | | | | | | 372,572,291 | |
REAL ESTATE — 3.42% | |
AEON Mall Co. Ltd. | | | 199,200 | | | | 4,961,648 | |
Daito Trust Construction Co. Ltd. | | | 199,200 | | | | 17,920,659 | |
Hulic Co. Ltd. | | | 597,600 | | | | 4,501,756 | |
Mitsubishi Estate Co. Ltd. | | | 3,094,000 | | | | 77,467,375 | |
Mitsui Fudosan Co. Ltd. | | | 2,098,000 | | | | 53,621,114 | |
Nomura Real Estate Holdings Inc. | | | 298,800 | | | | 5,392,391 | |
NTT Urban Development Corp. | | | 3,984 | | | | 4,076,410 | |
Sumitomo Realty & Development Co. Ltd. | | | 996,000 | | | | 33,844,136 | |
Tokyu Land Corp. | | | 996,000 | | | | 7,556,904 | |
| | | | | | | | |
| | | | | | | 209,342,393 | |
REAL ESTATE INVESTMENT TRUSTS — 0.90% | |
Japan Prime Realty Investment Corp. | | | 1,992 | | | | 5,892,226 | |
Japan Real Estate Investment Corp. | | | 996 | | | | 10,979,103 | |
Japan Retail Fund Investment Corp. | | | 4,980 | | | | 9,780,793 | |
Nippon Building Fund Inc. | | | 1,992 | | | | 22,390,028 | |
Nomura Real Estate Office Fund Inc. | | | 996 | | | | 6,142,684 | |
| | | | | | | | |
| | | | | | | 55,184,834 | |
RETAIL — 3.44% | |
ABC-MART Inc. | | | 99,600 | | | | 3,492,369 | |
AEON Co. Ltd. | | | 1,593,600 | | | | 17,998,387 | |
Citizen Holdings Co. Ltd. | | | 697,200 | | | | 3,801,123 | |
Don Quijote Co. Ltd. | | | 99,600 | | | | 3,940,386 | |
FamilyMart Co. Ltd. | | | 199,200 | | | | 8,431,346 | |
Fast Retailing Co. Ltd. | | | 119,300 | | | | 32,883,146 | |
Isetan Mitsukoshi Holdings Ltd. | | | 896,460 | | | | 9,969,304 | |
J. Front Retailing Co. Ltd. | | | 996,000 | | | | 5,915,977 | |
Lawson Inc. | | | 199,200 | | | | 14,876,306 | |
Marui Group Co. Ltd. | | | 597,600 | | | | 5,123,581 | |
McDonald’s Holdings Co. (Japan) Ltd. | | | 199,200 | | | | 5,013,466 | |
Nitori Holdings Co. Ltd. | | | 99,600 | | | | 7,459,744 | |
Seven & I Holdings Co. Ltd. | | | 1,992,080 | | | | 58,428,013 | |
Shimamura Co. Ltd. | | | 99,600 | | | | 10,223,412 | |
Takashimaya Co. Ltd. | | | 996,000 | | | | 7,837,590 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
USS Co. Ltd. | | | 59,760 | | | $ | 6,600,416 | |
Yamada Denki Co. Ltd. | | | 229,080 | | | | 8,367,652 | |
| | | | | | | | |
| | | | | | | 210,362,218 | |
SEMICONDUCTORS — 0.53% | |
Rohm Co. Ltd. | | | 298,800 | | | | 10,639,042 | |
Sumco Corp.b | | | 298,800 | | | | 3,002,250 | |
Tokyo Electron Ltd. | | | 398,452 | | | | 18,570,817 | |
| | | | | | | | |
| | | | | | | 32,212,109 | |
SOFTWARE — 0.24% | |
Konami Corp. | | | 298,800 | | | | 5,832,851 | |
Nomura Research Institute Ltd. | | | 199,200 | | | | 4,534,143 | |
Oracle Corp. Japan | | | 99,600 | | | | 4,210,275 | |
| | | | | | | | |
| | | | | | | 14,577,269 | |
STORAGE & WAREHOUSING — 0.06% | |
Mitsubishi Logistics Corp. | | | 242,000 | | | | 3,952,894 | |
| | | | | | | | |
| | | | | | | 3,952,894 | |
TELECOMMUNICATIONS — 4.31% | |
KDDI Corp. | | | 697,200 | | | | 52,596,055 | |
Nippon Telegraph and Telephone Corp. | | | 1,195,200 | | | | 55,057,446 | |
NTT DOCOMO Inc. | | | 40,836 | | | | 63,471,519 | |
SoftBank Corp. | | | 2,490,000 | | | | 92,707,024 | |
| | | | | | | | |
| | | | | | | 263,832,044 | |
TEXTILES — 0.52% | |
Teijin Ltd. | | | 2,988,000 | | | | 6,963,148 | |
Toray Industries Inc. | | | 3,984,000 | | | | 24,657,099 | |
| | | | | | | | |
| | | | | | | 31,620,247 | |
TOYS, GAMES & HOBBIES — 0.67% | |
Namco Bandai Holdings Inc. | | | 498,098 | | | | 7,957,907 | |
Nintendo Co. Ltd. | | | 298,800 | | | | 29,018,513 | |
Sanrio Co. Ltd.a | | | 99,600 | | | | 3,956,579 | |
| | | | | | | | |
| | | | 40,932,999 | |
TRANSPORTATION — 4.65% | |
Central Japan Railway Co. | | | 398,400 | | | | 38,907,262 | |
East Japan Railway Co. | | | 896,400 | | | | 66,457,576 | |
Hankyu Hanshin Holdings Inc. | | | 2,988,000 | | | | 16,484,847 | |
Kamigumi Co. Ltd. | | | 996,000 | | | | 8,668,849 | |
Keikyu Corp. | | | 1,000,000 | | | | 8,877,087 | |
Keio Corp. | | | 1,992,000 | | | | 15,999,046 | |
Keisei Electric Railway Co. Ltd. | | | 120,000 | | | | 1,151,095 | |
Kintetsu Corp.a | | | 4,251,000 | | | | 17,969,759 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 11 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Mitsui O.S.K. Lines Ltd. | | | 2,988,000 | | | $ | 10,525,688 | |
Nippon Express Co. Ltd. | | | 1,992,000 | | | | 8,787,600 | |
Nippon Yusen K.K. | | | 3,984,000 | | | | 10,061,479 | |
Odakyu Electric Railway Co. Ltd. | | | 1,106,000 | | | | 11,724,128 | |
Tobu Railway Co. Ltd. | | | 2,988,000 | | | | 16,484,847 | |
Tokyu Corp. | | | 2,988,000 | | | | 17,974,637 | |
West Japan Railway Co. | | | 398,400 | | | | 17,683,156 | |
Yamato Holdings Co. Ltd. | | | 996,000 | | | | 16,743,941 | |
| | | | | | | | |
| | | | 284,500,997 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $7,228,885,039) | | | | 6,099,196,495 | |
|
SHORT-TERM INVESTMENTS — 1.10% | |
| | |
MONEY MARKET FUNDS — 1.10% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%c,d,e | | | 54,854,198 | | | | 54,854,198 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 3,971,625 | | | | 3,971,625 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 8,304,315 | | | | 8,304,315 | |
| | | | | | | | |
| | | | 67,130,138 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $67,130,138) | | | | 67,130,138 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.69% | | | | | |
(Cost: $7,296,015,177) | | | | 6,166,326,633 | |
Other Assets, Less Liabilities — (0.69)% | | | | (42,182,509 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 6,124,144,124 | |
| | | | | | | | |
| 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. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of
Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 178 | | | TOPIX Index (Mar. 2013) | | Tokyo Stock | | | $18,733,796 | | | | $2,484,966 | |
| | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement of Assets and Liabilities (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
February 28, 2013
| | | | |
| |
ASSETS | |
Investments, at cost: | | | | |
Unaffiliated | | $ | 7,228,885,039 | |
Affiliated (Note 2) | | | 67,130,138 | |
| | | | |
Total cost of investments | | $ | 7,296,015,177 | |
| | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | |
Unaffiliated | | $ | 6,099,196,495 | |
Affiliated (Note 2) | | | 67,130,138 | |
| | | | |
Total fair value of investments | | | 6,166,326,633 | |
Foreign currency, at valueb | | | 10,370,684 | |
Receivables: | | | | |
Investment securities sold | | | 5,474,125 | |
Dividends and interest | | | 6,590,909 | |
Futures variation margin | | | 2,484,966 | |
| | | | |
Total Assets | | | 6,191,247,317 | |
| | | | |
| |
LIABILITIES | | | | |
Payables: | | | | |
Investment securities purchased | | | 3,810,305 | |
Foreign currency overdraft at broker | | | 1,648,588 | |
Collateral for securities on loan (Note 5) | | | 58,825,823 | |
Capital shares redeemed | | | 577,499 | |
Investment advisory fees (Note 2) | | | 2,240,978 | |
| | | | |
Total Liabilities | | | 67,103,193 | |
| | | | |
| |
NET ASSETS | | $ | 6,124,144,124 | |
| | | | |
| |
Net assets consist of: | | | | |
Paid-in capital | | $ | 8,242,118,874 | |
Distributions in excess of net investment income | | | (7,802,443 | ) |
Accumulated net realized loss | | | (982,275,897 | ) |
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | | | (1,127,896,410 | ) |
| | | | |
NET ASSETS | | $ | 6,124,144,124 | |
| | | | |
| |
Shares outstandingc | | | 597,600,000 | |
| | | | |
| |
Net asset value per share | | $ | 10.25 | |
| | | | |
| a | Securities on loan with a value of $55,853,101. See Note 5. |
| b | Cost of foreign currency: $9,060,202. |
| 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 28, 2013
| | | | |
| |
NET INVESTMENT INCOME | |
Dividends — unaffiliateda | | $ | 48,426,582 | |
Interest — affiliated (Note 2) | | | 1,894 | |
Securities lending income — affiliated (Note 2) | | | 893,267 | |
| | | | |
Total investment income | | | 49,321,743 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory fees (Note 2) | | | 12,146,525 | |
| | | | |
Total expenses | | | 12,146,525 | |
| | | | |
Net investment income | | | 37,175,218 | |
| | | | |
| |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | (83,127,508 | ) |
In-kind redemptions — unaffiliated | | | (25,473,418 | ) |
Futures contracts | | | 3,218,936 | |
Foreign currency transactions | | | (3,151,736 | ) |
| | | | |
Net realized loss | | | (108,533,726 | ) |
| | | | |
Net change in unrealized appreciation/depreciation on: | | | | |
Investments | | | 769,448,208 | |
Futures contracts | | | 2,653,039 | |
Translation of assets and liabilities in foreign currencies | | | (830,186 | ) |
| | | | |
Net change in unrealized appreciation/depreciation | | | 771,271,061 | |
| | | | |
Net realized and unrealized gain | | | 662,737,335 | |
| | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 699,912,553 | |
| | | | |
| a | Net of foreign withholding tax of $3,630,380. |
See notes to financial statements.
| | |
| 14 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iSHARES® MSCI JAPAN INDEX FUND
| | | | | | | | |
| | | Six months ended February 28, 2013 (Unaudited) | | | Year ended August 31, 2012 | |
| |
INCREASE (DECREASE) IN NET ASSETS | | | | | |
| |
OPERATIONS: | | | | | |
Net investment income | | $ | 37,175,218 | | | $ | 106,977,074 | |
Net realized loss | | | (108,533,726 | ) | | | (263,209,688 | ) |
Net change in unrealized appreciation/depreciation | | | 771,271,061 | | | | (266,966,709 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 699,912,553 | | | | (423,199,323 | ) |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | (48,420,838 | ) | | | (109,422,889 | ) |
| | | | | | | | |
Total distributions to shareholders | | | (48,420,838 | ) | | | (109,422,889 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 1,998,557,619 | | | | 758,956,904 | |
Cost of shares redeemed | | | (1,154,939,578 | ) | | | (2,791,809,212 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 843,618,041 | | | | (2,032,852,308 | ) |
| | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 1,495,109,756 | | | | (2,565,474,520 | ) |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | 4,629,034,368 | | | | 7,194,508,888 | |
| | | | | | | | |
End of period | | $ | 6,124,144,124 | | | $ | 4,629,034,368 | |
| | | | | | | | |
Undistributed (distributions in excess of) net investment income
included in net assets at end of period | | $ | (7,802,443 | ) | | $ | 3,443,177 | |
| | | | | | | | |
| | |
SHARES ISSUED AND REDEEMED | | | | | | | | |
Shares sold | | | 207,000,000 | | | | 76,800,000 | |
Shares redeemed | | | (122,400,000 | ) | | | (298,200,000 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 84,600,000 | | | | (221,400,000 | ) |
| | | | | | | | |
See notes to financial statements.
Financial Highlights
iSHARES® MSCI JAPAN INDEX FUND
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months
ended Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 9.02 | | | $ | 9.80 | | | $ | 9.43 | | | $ | 10.24 | | | $ | 11.62 | | | $ | 14.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | |
Net investment incomea | | | 0.07 | | | | 0.18 | | | | 0.16 | | | | 0.12 | | | | 0.13 | | | | 0.14 | |
Net realized and unrealized gain (loss)b | | | 1.26 | | | | (0.77 | ) | | | 0.37 | | | | (0.77 | ) | | | (1.39 | ) | | | (2.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.33 | | | | (0.59 | ) | | | 0.53 | | | | (0.65 | ) | | | (1.26 | ) | | | (2.25 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.10 | ) | | | (0.19 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.12 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.10 | ) | | | (0.19 | ) | | | (0.16 | ) | | | (0.16 | ) | | | (0.12 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 10.25 | | | $ | 9.02 | | | $ | 9.80 | | | $ | 9.43 | | | $ | 10.24 | | | $ | 11.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 14.85 | %c | | | (5.96 | )% | | | 5.54 | % | | | (6.41 | )% | | | (10.68 | )% | | | (16.13 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 6,124,144 | | | $ | 4,629,034 | | | $ | 7,194,509 | | | $ | 3,942,769 | | | $ | 6,164,170 | | | $ | 7,499,536 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.51 | % | | | 0.54 | % | | | 0.56 | % | | | 0.52 | % |
Ratio of net investment income to average
net assetsd | | | 1.57 | % | | | 1.95 | % | | | 1.53 | % | | | 1.20 | % | | | 1.46 | % | | | 1.11 | % |
Portfolio turnover ratee | | | 2 | % | | | 3 | % | | | 4 | % | | | 5 | % | | | 4 | % | | | 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.
| | |
| 16 | | 2013 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 | | 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.
SECURITY VALUATION
The Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 17 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
investments for the Fund. The investments of the Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and 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). |
| | • | | Financial futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Fund’s perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the Fund’s assumptions used in determining the fair value of investments. |
| | |
| 18 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
As of February 28, 2013, 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 28, 2013 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, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the 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 stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreing currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, 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.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 19 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX 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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, 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. The Fund benefits from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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.
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
For the six months ended February 28, 2013, BTC earned securities lending agent fees from the Fund in the amount of $480,990.
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is 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. is the largest stockholder of BlackRock and is considered to be an affiliate of the Fund for 1940 Act purposes.
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| 3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2013, were $85,739,364 and $94,847,156, respectively.
In-kind purchases and sales (see Note 4) for the six months ended February 28, 2013, were $1,963,654,342 and $1,135,971,436, 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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
| 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 market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 21 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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.
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.
As of August 31, 2012, the Fund’s fiscal year-end, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non- Expiring a | | | Expiring 2013 | | | Expiring 2014 | | | Expiring 2015 | | | Expiring 2016 | | | Expiring 2017 | | | Expiring 2018 | | | Expiring 2019 | | | Total | |
| | | | | | | | |
| | $118,947,587 | | | $ | 8,733,802 | | | $ | 68,122,871 | | | $ | 27,817,841 | | | $ | 44,443,527 | | | $ | 116,295,478 | | | $ | 173,577,101 | | | $ | 139,228,194 | | | $ | 697,166,401 | |
| | a | | Must be utilized prior to losses subject to expiration. |
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 28, 2013, the cost of investments for federal income tax purposes was $7,355,132,071. Net unrealized depreciation was $1,188,805,438, of which $263,188,756 represented gross unrealized appreciation on securities and $1,451,994,194 represented gross unrealized depreciation on securities.
Management has reviewed the tax positions as of February 28, 2013, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Fund’s financial statements.
| 7. | FINANCIAL FUTURES CONTRACTS |
The Fund may purchase or sell financial futures contracts in an effort to help the Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S.
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® MSCI JAPAN INDEX FUND
government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
The following table shows the value of futures contracts held by the Fund as of February 28, 2013 and the related locations in the statement of assets and liabilities, presented by risk exposure category:
| | | | |
| Assets | |
Equity contracts:
Variation margin/Net assets consist of — net unrealized appreciation (depreciation)a | | $ | 2,484,966 | |
| | | | |
| | | | | |
| | a | | Represents cumulative appreciation of futures contracts as reported in the schedule of investments. |
The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund during the six months ended February 28, 2013 and the related locations in the statement of operations, presented by risk exposure category:
| | | | | | | | |
| | | Net Realized
Gain (Loss) | | | Net Change in Unrealized
Appreciation/Depreciation | |
Equity contracts: | | | | | | | | |
Futures contracts | | $ | 3,218,936 | | | $ | 2,653,039 | |
| | | | | | | | |
| | | | | | | | | |
For the six months ended February 28, 2013, the average quarter-end number of contracts and notional value of open futures contracts for Fund were 229 and $22,220,588, respectively.
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 23 | |
Supplemental Information (Unaudited)
iSHARES® MSCI JAPAN INDEX FUND
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 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 | |
| $ | 0.09095 | | | $ | — | | | $ | 0.01005 | | | $ | 0.10100 | | | | 90 | % | | | — | % | | | 10 | % | | | 100 | % |
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes:
Notes:
| | |
| 26 | | 2013 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.
©2013 BlackRock. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are their respective owners.
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iS-SAR-81-0213
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | iShares MSCI Austria Capped Investable Market Index Fund | EWO | NYSE Arca |
| Ø | | iShares MSCI Belgium Capped Investable Market Index Fund | EWK | NYSE Arca |
| Ø | | iShares MSCI Emerging Markets Eastern Europe Index Fund | ESR | NYSE Arca |
| Ø | | iShares MSCI EMU Index Fund | EZU | NYSE Arca |
| Ø | | iShares MSCI France Index Fund | EWQ | NYSE Arca |
| Ø | | iShares MSCI Germany Index Fund | EWG | NYSE Arca |
| Ø | | iShares MSCI Italy Capped Index Fund | EWI | NYSE Arca |
| Ø | | iShares MSCI Netherlands Investable Market Index Fund | EWN | NYSE Arca |
| Ø | | iShares MSCI Spain Capped Index Fund | EWP | NYSE Arca |
| Ø | | iShares MSCI Sweden Index Fund | EWD | NYSE Arca |
| Ø | | iShares MSCI Switzerland Capped Index Fund | EWL | NYSE Arca |
| Ø | | iShares MSCI United Kingdom Index Fund | EWU | NYSE Arca |
Table of Contents
Fund Performance Overview
iSHARES® MSCI AUSTRIA CAPPED INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 11.37% | | 10.53% | | 11.28% | | (8.70)% | | (8.42)% | | (9.33)% | | 9.85% | | 9.89% | | 9.56% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 11.37% | | 10.53% | | 11.28% | | (36.56)% | | (35.59)% | | (38.73)% | | 155.88% | | 156.88% | | 149.16% |
Index performance through January 31, 2008 reflects the performance of the MSCI Austria IndexSM. Index performance beginning on February 1, 2008 through February 11, 2013 reflects the performance of the MSCI Austria Investable Market IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria IMI 25/50 Index.
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview (Continued)
iSHARES® MSCI AUSTRIA CAPPED INVESTABLE MARKET INDEX FUND
The iShares MSCI Austria Capped Investable Market Index Fund (the “Fund”), formerly the iShares MSCI Austria Investable Market Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Austria IMI 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index and consists of stocks traded primarily on the Vienna Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 25.13%, net of fees, while the total return for the Index was 25.51%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Austria Investable Market IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria IMI 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | | | |
| Sector | | Percentage of
Net Assets | |
Financial | | | 36.82 | % |
Industrial | | | 28.19 | |
Energy | | | 14.32 | |
Basic Materials | | | 9.87 | |
Utilities | | | 4.85 | |
Communications | | | 3.50 | |
Consumer Non-Cyclical | | | 0.94 | |
Consumer Cyclical | | | 0.89 | |
Short-Term and Other Net Assets | | | 0.62 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | | | |
| Security | | Percentage of
Net Assets | |
Erste Group Bank AG | | | 12.75 | % |
OMV AG | | | 11.56 | |
Andritz AG | | | 8.80 | |
IMMOFINANZ AG | | | 6.31 | |
Voestalpine AG | | | 5.99 | |
Vienna Insurance Group AG | | | 4.48 | |
Raiffeisen International Bank Holding AG | | | 4.31 | |
Telekom Austria AG | | | 3.50 | |
Verbund AG | | | 3.38 | |
Oesterreichische Post AG | | | 3.27 | |
| | | | |
TOTAL | | | 64.35 | % |
| | | | |
| | |
| 6 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI BELGIUM CAPPED INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 23.96% | | 23.81% | | 27.79% | | (5.40)% | | (5.21)% | | (4.46)% | | 9.31% | | 9.12% | | 9.49% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 23.96% | | 23.81% | | 27.79% | | (24.25)% | | (23.46)% | | (20.40)% | | 143.55% | | 139.42% | | 147.57% |
Index performance through November 30, 2007 reflects the performance of the MSCI Belgium IndexSM. Index performance beginning on December 1, 2007 through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market IndexSM. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium IMI 25/50 Index.
“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.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview (Continued)
iSHARES® MSCI BELGIUM CAPPED INVESTABLE MARKET INDEX FUND
The iShares MSCI Belgium Capped Investable Market Index Fund (the “Fund”), formerly the iShares MSCI Belgium Investable Market Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Belgium IMI 25/50 Index (the “Index”). The Index consists of stocks traded primarily on the Brussels Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 19.56%, net of fees, while the total return for the Index was 16.77%*.
| * | Index performance through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market IndexSM. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium IMI 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 41.02 | % |
Financial | | | 19.88 | |
Basic Materials | | | 12.99 | |
Industrial | | | 7.56 | |
Diversified | | | 6.72 | |
Communications | | | 6.46 | |
Consumer Cyclical | | | 2.14 | |
Technology | | | 1.75 | |
Utilities | | | 1.30 | |
Short-Term and Other Net Assets | | | 0.18 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Anheuser-Busch InBev NV | | | 22.71 | % |
KBC Groep NV | | | 6.14 | |
Solvay SA | | | 5.96 | |
Ageas | | | 5.56 | |
Groupe Bruxelles Lambert SA | | | 4.73 | |
UCB SA | | | 4.51 | |
Umicore SA | | | 4.18 | |
Delhaize Brothers and Co. “The Lion”
(Delhaize Group) | | | 3.83 | |
Belgacom SA | | | 3.25 | |
Colruyt SA | | | 2.98 | |
| | | | |
TOTAL | | | 63.85 | % |
| | | | |
| | |
| 8 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (7.38)% | | (7.19)% | | (6.50)% | | 3.86% | | 3.75% | | 4.33% | | 13.82% | | 13.40% | | 15.58% |
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 28, 2013, the total return for the Fund was 8.05%, net of fees, while the total return for the Index was 8.47%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Energy | | | 45.01 | % |
Financial | | | 25.63 | |
Basic Materials | | | 10.29 | |
Communications | | | 8.23 | |
Utilities | | | 5.87 | |
Consumer Non-Cyclical | | | 4.28 | |
Technology | | | 0.31 | |
Industrial | | | 0.29 | |
Short-Term and Other Net Assets | | | 0.09 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Gazprom OAO (Russia) | | | 15.43 | % |
Sberbank of Russia (Russia) | | | 11.89 | |
LUKOIL OAO (Russia) | | | 10.56 | |
Magnit OJSC SP GDR (Russia) | | | 3.56 | |
Mobile TeleSystems OJSC SP ADR (Russia) | | | 3.45 | |
NovaTek OAO SP GDR (Russia) | | | 3.41 | |
Rosneft Oil Co. OJSC (Russia) | | | 3.27 | |
Uralkali OJSC (Russia) | | | 3.17 | |
Powszechna Kasa Oszczednosci Bank
Polski SA (Poland) | | | 3.15 | |
Tatneft OAO, Class S (Russia) | | | 2.99 | |
| | | | |
TOTAL | | | 60.88 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
Fund Performance Overview
iSHARES® MSCI EMU INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 8.52% | | 8.58% | | 8.47% | | (5.76)% | | (5.66)% | | (5.69)% | | 8.10% | | 8.06% | | 8.29% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 8.52% | | 8.58% | | 8.47% | | (25.68)% | | (25.27)% | | (25.38)% | | 117.94% | | 117.14% | | 121.68% |
“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 28, 2013, the total return for the Fund was 14.65%, net of fees, while the total return for the Index was 14.80%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | | | |
| Sector | | Percentage of
Net Assets | |
Consumer Non-Cyclical | | | 22.43 | % |
Financial | | | 20.24 | |
Industrial | | | 12.99 | |
Consumer Cyclical | | | 10.67 | |
Basic Materials | | | 8.26 | |
Communications | | | 7.62 | |
Energy | | | 6.97 | |
Utilities | | | 5.65 | |
Technology | | | 4.45 | |
Diversified | | | 0.57 | |
Short-Term and Other Net Assets | | | 0.15 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | | | |
| Security | | Percentage of
Net Assets | |
Sanofi (France) | | | 3.53 | % |
Total SA (France) | | | 3.32 | |
Siemens AG Registered (Germany) | | | 2.72 | |
BASF SE (Germany) | | | 2.70 | |
Bayer AG Registered (Germany) | | | 2.56 | |
Banco Santander SA (Spain) | | | 2.50 | |
Anheuser-Busch InBev NV (Belgium) | | | 2.35 | |
SAP AG (Germany) | | | 2.25 | |
Unilever NV CVA (Netherlands) | | | 1.97 | |
Allianz SE Registered (Germany) | | | 1.94 | |
| | | | |
TOTAL | | | 25.84 | % |
| | | | |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI FRANCE INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 9.65% | | 9.75% | | 9.49% | | (3.83)% | | (3.71)% | | (3.77)% | | 8.19% | | 8.20% | | 8.35% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 9.65% | | 9.75% | | 9.49% | | (17.74)% | | (17.20)% | | (17.48)% | | 119.74% | | 119.92% | | 123.07% |
“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. 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 28, 2013, the total return for the Fund was 14.32%, net of fees, while the total return for the Index was 14.46%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 26.85 | % |
Industrial | | | 16.35 | |
Financial | | | 15.69 | |
Energy | | | 11.32 | |
Consumer Cyclical | | | 9.83 | |
Communications | | | 7.65 | |
Basic Materials | | | 5.54 | |
Utilities | | | 3.51 | |
Technology | | | 2.89 | |
Diversified | | | 0.34 | |
Short-Term and Other Net Assets | | | 0.03 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Sanofi | | | 10.53 | % |
Total SA | | | 9.93 | |
BNP Paribas SA | | | 5.26 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 4.08 | |
Schneider Electric SA | | | 3.78 | |
Danone SA | | | 3.75 | |
L’Air Liquide SA | | | 3.54 | |
L’Oreal SA | | | 3.38 | |
AXA SA | | | 2.87 | |
Vivendi SA | | | 2.59 | |
| | | | |
TOTAL | | | 49.71 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 11 | |
Fund Performance Overview
iSHARES® MSCI GERMANY INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 10.45% | | 10.71% | | 10.57% | | (1.82)% | | (1.63)% | | (1.79)% | | 12.80% | | 12.81% | | 12.94% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 10.45% | | 10.71% | | 10.57% | | (8.78)% | | (7.91)% | | (8.65)% | | 233.63% | | 233.72% | | 237.78% |
“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 28, 2013, the total return for the Fund was 15.75%, net of fees, while the total return for the Index was 16.04%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | | | |
| Sector | | Percentage of
Net Assets | |
Consumer Cyclical | | | 18.23 | % |
Consumer Non-Cyclical | | | 17.38 | |
Financial | | | 16.53 | |
Basic Materials | | | 15.75 | |
Industrial | | | 12.97 | |
Technology | | | 8.35 | |
Utilities | | | 5.08 | |
Communications | | | 4.69 | |
Diversified | | | 0.66 | |
Short-Term and Other Net Assets | | | 0.36 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | | | |
| Security | | Percentage of
Net Assets | |
Siemens AG Registered | | | 8.95 | % |
BASF SE | | | 8.89 | |
Bayer AG Registered | | | 8.42 | |
SAP AG | | | 7.40 | |
Allianz SE Registered | | | 6.40 | |
Daimler AG Registered | | | 5.56 | |
Deutsche Bank AG Registered | | | 4.38 | |
Linde AG | | | 3.45 | |
Muenchener Rueckversicherungs-Gesellschaft AG Registered | | | 3.31 | |
Volkswagen AG (Preferred) | | | 3.25 | |
| | | | |
TOTAL | | | 60.01 | % |
| | | | |
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI ITALY CAPPED INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (4.12)% | | (4.24)% | | (4.21)% | | (13.08)% | | (12.97)% | | (13.26)% | | 1.40% | | 1.39% | | 1.31% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (4.12)% | | (4.24)% | | (4.21)% | | (50.38)% | | (50.09)% | | (50.90)% | | 14.93% | | 14.79% | | 13.89% |
Index performance through February 11, 2013 reflects the performance of the MSCI Italy IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index.
“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 Capped Index Fund (the “Fund”), formerly the iShares MSCI Italy Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Italy 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index and consists of stocks traded primarily on the Milan Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 6.61%, net of fees, while the total return for the Index was 6.51%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Italy IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 27.58 | % |
Energy | | | 21.96 | |
Utilities | | | 11.81 | |
Consumer Cyclical | | | 11.53 | |
Industrial | | | 11.09 | |
Consumer Non-Cyclical | | | 9.00 | |
Communications | | | 4.36 | |
Diversified | | | 2.58 | |
Short-Term and Other Net Assets | | | 0.09 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Eni SpA | | | 20.79 | % |
Enel SpA | | | 7.06 | |
UniCredit SpA | | | 5.75 | |
Assicurazioni Generali SpA | | | 4.96 | |
Luxottica Group SpA | | | 4.73 | |
Tenaris SA | | | 4.59 | |
Fiat Industrial SpA | | | 4.57 | |
Atlantia SpA | | | 4.27 | |
Terna SpA | | | 4.17 | |
Prysmian SpA | | | 3.85 | |
| | | | |
TOTAL | | | 64.74 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 13 | |
Fund Performance Overview
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 10.74% | | 10.97% | | 11.45% | | (2.98)% | | (2.76)% | | (2.46)% | | 8.95% | | 8.96% | | 9.15% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 10.74% | | 10.97% | | 11.45% | | (14.02)% | | (13.06)% | | (11.71)% | | 135.72% | | 135.80% | | 139.91% |
Index performance through January 31, 2008 reflects the performance of the MSCI Netherlands IndexSM. Index performance beginning on February 1, 2008 reflects the performance of the MSCI Netherlands Investable Market IndexSM.
“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.
| | |
| 14 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview (Continued)
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
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 28, 2013, the total return for the Fund was 11.61%, net of fees, while the total return for the Index was 11.94%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 39.34 | % |
Financial | | | 17.88 | |
Industrial | | | 15.81 | |
Technology | | | 8.66 | |
Communications | | | 8.09 | |
Basic Materials | | | 7.92 | |
Energy | | | 1.88 | |
Consumer Cyclical | | | 0.21 | |
Short-Term and Other Net Assets | | | 0.21 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Unilever NV CVA | | | 21.22 | % |
ING Groep NV CVA | | | 10.25 | |
Koninklijke Philips Electronics NV | | | 9.31 | |
ASML Holding NV | | | 7.48 | |
Heineken NV | | | 4.99 | |
Koninklijke Ahold NV | | | 4.87 | |
Akzo Nobel NV | | | 4.86 | |
Reed Elsevier NV | | | 3.56 | |
AEGON NV | | | 3.54 | |
Koninklijke DSM NV | | | 3.06 | |
| | | | |
TOTAL | | | 73.14 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 15 | |
Fund Performance Overview
iSHARES® MSCI SPAIN CAPPED INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 1.38% | | 1.20% | | 1.33% | | (6.83)% | | (6.65)% | | (7.47)% | | 9.15% | | 9.10% | | 8.89% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 1.38% | | 1.20% | | 1.33% | | (29.77)% | | (29.10)% | | (32.16)% | | 139.94% | | 138.90% | | 134.38% |
Index performance through February 11, 2013 reflects the performance of the MSCI Spain IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index.
“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.
| | |
| 16 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview (Continued)
iSHARES® MSCI SPAIN CAPPED INDEX FUND
The iShares MSCI Spain Capped Index Fund (the “Fund”), formerly the iShares MSCI Spain Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Spain 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index and consists of stocks traded primarily on the Madrid Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 17.29%, net of fees, while the total return for the Index was 17.25%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Spain IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | | | |
| Sector | | Percentage of
Net Assets | |
Financial | | | 42.16 | % |
Utilities | | | 13.25 | |
Communications | | | 12.69 | |
Industrial | | | 8.51 | |
Consumer Non-Cyclical | | | 8.41 | |
Consumer Cyclical | | | 6.71 | |
Energy | | | 4.70 | |
Technology | | | 3.51 | |
Short-Term and Other Net Assets | | | 0.06 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | | | |
| Security | | Percentage of
Net Assets | |
Banco Santander SA | | | 20.07 | % |
Telefonica SA | | | 12.69 | |
Banco Bilbao Vizcaya Argentaria SA | | | 12.01 | |
Repsol SA | | | 4.70 | |
Iberdrola SA | | | 4.55 | |
Industria de Diseno Textil SA | | | 4.49 | |
Amadeus IT Holding SA Class A | | | 3.51 | |
Gas Natural SDG SA | | | 3.22 | |
Abertis Infraestructuras SA | | | 3.10 | |
Ferrovial SA | | | 3.05 | |
| | | | |
TOTAL | | | 71.39 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 17 | |
Fund Performance Overview
iSHARES® MSCI SWEDEN INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 14.04% | | 14.03% | | 13.95% | | 5.56% | | 5.70% | | 5.51% | | 16.15% | | 16.09% | | 16.22% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 14.04% | | 14.03% | | 13.95% | | 31.06% | | 31.96% | | 30.73% | | 347.04% | | 344.39% | | 349.51% |
“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 28, 2013, the total return for the Fund was 19.11%, net of fees, while the total return for the Index was 19.44%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 28.61 | % |
Industrial | | | 23.96 | |
Consumer Cyclical | | | 18.42 | |
Communications | | | 16.37 | |
Consumer Non-Cyclical | | | 6.28 | |
Basic Materials | | | 5.01 | |
Energy | | | 1.34 | |
Short-Term and Other Net Assets | | | 0.01 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Telefonaktiebolaget LM Ericsson Class B | | | 9.78 | % |
Hennes & Mauritz AB Class B | | | 9.03 | |
Nordea Bank AB | | | 8.12 | |
Volvo AB Class B | | | 5.99 | |
Svenska Handelsbanken AB Class A | | | 5.76 | |
Atlas Copco AB Class A | | | 5.17 | |
Swedbank AB Class A | | | 4.89 | |
Sandvik AB | | | 4.33 | |
Skandinaviska Enskilda Banken AB Class A | | | 3.94 | |
TeliaSonera AB | | | 3.93 | |
| | | | |
TOTAL | | | 60.94 | % |
| | | | |
| | |
| 18 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI SWITZERLAND CAPPED INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 21.73% | | 21.50% | | 22.24% | | 4.58% | | 4.65% | | 4.39% | | 12.59% | | 12.44% | | 12.15% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 21.73% | | 21.50% | | 22.24% | | 25.11% | | 25.53% | | 23.94% | | 227.43% | | 223.03% | | 214.66% |
Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index.
“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.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 19 | |
Fund Performance Overview (Continued)
iSHARES® MSCI SWITZERLAND CAPPED INDEX FUND
The iShares MSCI Switzerland Capped Index Fund (the “Fund”), formerly the iShares MSCI Switzerland Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Switzerland 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index and consists of stocks traded primarily on the Zurich Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 21.43%, net of fees, while the total return for the Index was 22.02%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 51.40 | % |
Financial | | | 19.29 | |
Industrial | | | 11.65 | |
Consumer Cyclical | | | 7.05 | |
Basic Materials | | | 6.19 | |
Energy | | | 2.00 | |
Communications | | | 1.30 | |
Short-Term and Other Net Assets | | | 1.12 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Nestle SA Registered | | | 19.18 | % |
Roche Holding AG Genusschein | | | 12.90 | |
Novartis AG Registered | | | 12.49 | |
ABB Ltd. Registered | | | 4.42 | |
UBS AG Registered | | | 4.37 | |
Compagnie Financiere Richemont SA Class A Bearer | | | 4.33 | |
Syngenta AG Registered | | | 4.12 | |
Zurich Insurance Group AG | | | 4.12 | |
Credit Suisse Group AG Registered | | | 3.37 | |
Swiss Re AG | | | 2.98 | |
| | | | |
TOTAL | | | 72.28 | % |
| | | | |
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI UNITED KINGDOM INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 6.59% | | 6.56% | | 7.16% | | (0.53)% | | (0.35)% | | 0.03% | | 8.44% | | 8.47% | | 9.16% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 6.59% | | 6.56% | | 7.16% | | (2.61)% | | (1.75)% | | 0.14% | | 124.82% | | 125.56% | | 140.23% |
“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 28, 2013, the total return for the Fund was 7.71%, net of fees, while the total return for the Index was 7.99%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 27.46 | % |
Financial | | | 21.48 | |
Energy | | | 17.12 | |
Basic Materials | | | 11.07 | |
Communications | | | 9.14 | |
Consumer Cyclical | | | 4.18 | |
Utilities | | | 4.10 | |
Industrial | | | 3.82 | |
Technology | | | 1.05 | |
Short-Term and Other Net Assets | | | 0.58 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
HSBC Holdings PLC | | | 8.17 | % |
BP PLC | | | 5.15 | |
Vodafone Group PLC | | | 4.94 | |
Royal Dutch Shell PLC Class A | | | 4.92 | |
GlaxoSmithKline PLC | | | 4.35 | |
British American Tobacco PLC | | | 4.04 | |
Royal Dutch Shell PLC Class B | | | 3.55 | |
Diageo PLC | | | 3.02 | |
Rio Tinto PLC | | | 2.88 | |
BHP Billiton PLC | | | 2.68 | |
| | | | |
TOTAL | | | 43.70 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 21 | |
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, 2012 to February 28, 2013.
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
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Austria Capped Investable Market | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,251.30 | | | | 0.51 | % | | $ | 2.85 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Belgium Capped Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,195.60 | | | | 0.51 | | | | 2.78 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Emerging Markets Eastern Europe | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,080.50 | | | | 0.67 | | | | 3.46 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.67 | | | | 3.36 | |
EMU | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,146.50 | | | | 0.51 | | | | 2.71 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning
Account Value
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
France | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,143.20 | | | | 0.51 | % | | $ | 2.71 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Germany | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,157.50 | | | | 0.51 | | | | 2.73 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Italy Capped | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,066.10 | | | | 0.51 | | | | 2.61 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Netherlands Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,116.10 | | | | 0.51 | | | | 2.68 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Spain Capped | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,172.90 | | | | 0.51 | | | | 2.75 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Sweden | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,191.10 | | | | 0.51 | | | | 2.77 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Switzerland Capped | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,214.30 | | | | 0.51 | | | | 2.80 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
United Kingdom | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,077.10 | | | | 0.51 | | | | 2.63 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
| a | Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). | |
Schedule of Investments (Unaudited)
iSHARES® MSCI AUSTRIA CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.38% | |
| |
AUTO MANUFACTURERS — 0.90% | | | | | |
Rosenbauer International AG | | | 14,460 | | | $ | 973,571 | |
| | | | | | | | |
| | | | | | | 973,571 | |
BANKS — 17.06% | | | | | |
Erste Group Bank AGa | | | 429,540 | | | | 13,856,473 | |
Raiffeisen International Bank Holding AG | | | 123,540 | | | | 4,678,139 | |
| | | | | | | | |
| | | | | | | 18,534,612 | |
BUILDING MATERIALS — 3.19% | | | | | |
Wienerberger AGb | | | 319,200 | | | | 3,463,641 | |
| | | | | | | | |
| | | | | | | 3,463,641 | |
CHEMICALS — 2.55% | | | | | |
Lenzing AG | | | 29,160 | | | | 2,767,300 | |
| | | | | | | | |
| | | | | | | 2,767,300 | |
COMMERCIAL SERVICES — 0.94% | | | | | |
Kapsch TrafficCom AGb | | | 20,520 | | | | 1,019,419 | |
| | | | | | | | |
| | | | | | | 1,019,419 | |
ELECTRIC — 4.85% | | | | | |
EVN AG | | | 111,360 | | | | 1,595,628 | |
Verbund AG | | | 176,460 | | | | 3,672,665 | |
| | | | | | | | |
| | | | | | | 5,268,293 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 1.39% | |
Zumtobel AG | | | 100,680 | | | | 1,509,069 | |
| | | | | | | | |
| | | | | | | 1,509,069 | |
ELECTRONICS — 0.66% | | | | | |
Austria Technologie & Systemtechnik AG | | | 73,140 | | | | 722,789 | |
| | | | | | | | |
| | | | | | | 722,789 | |
ENGINEERING & CONSTRUCTION — 3.34% | | | | | |
Flughafen Wien AG | | | 32,040 | | | | 1,922,427 | |
Strabag SE | | | 69,240 | | | | 1,706,319 | |
| | | | | | | | |
| | | | | | | 3,628,746 | |
ENVIRONMENTAL CONTROL — 0.57% | | | | | |
BWT AG | | | 30,840 | | | | 624,940 | |
| | | | | | | | |
| | | | | | | 624,940 | |
INSURANCE — 4.48% | | | | | |
Vienna Insurance Group AG | | | 96,060 | | | | 4,871,406 | |
| | | | | | | | |
| | | | | | | 4,871,406 | |
IRON & STEEL — 7.32% | | | | | |
AMAG Austria Metall AGc | | | 46,260 | | | | 1,448,449 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Voestalpine AG | | | 192,540 | | | $ | 6,509,407 | |
| | | | | | | | |
| | | | | | | 7,957,856 | |
MACHINERY — 9.96% | | | | | |
Andritz AG | | | 135,420 | | | | 9,563,774 | |
Palfinger AG | | | 46,740 | | | | 1,255,719 | |
| | | | | | | | |
| | | | | | | 10,819,493 | |
MANUFACTURING — 3.24% | | | | | |
RHI AG | | | 63,360 | | | | 2,124,270 | |
Semperit AG Holding | | | 34,140 | | | | 1,396,565 | |
| | | | | | | | |
| | | | | | | 3,520,835 | |
OIL & GAS — 11.56% | | | | | |
OMV AG | | | 288,180 | | | | 12,560,918 | |
| | | | | | | | |
| | | | | | | 12,560,918 | |
OIL & GAS SERVICES — 2.77% | | | | | |
Schoeller-Bleckmann Oilfield Equipment AGb | | | 29,940 | | | | 3,005,719 | |
| | | | | | | | |
| | | | | | | 3,005,719 | |
PACKAGING & CONTAINERS — 2.56% | | | | | |
Mayr-Melnhof Karton AG | | | 24,540 | | | | 2,787,637 | |
| | | | | | | | |
| | | | | | | 2,787,637 | |
REAL ESTATE — 15.27% | | | | | |
Atrium European Real Estate Ltd. | | | 543,120 | | | | 3,261,251 | |
CA Immobilien Anlagen AGa | | | 203,220 | | | | 2,926,462 | |
conwert Immobilien Invest SE | | | 191,160 | | | | 2,427,905 | |
IMMOEAST AG Escrowa,d | | | 998,769 | | | | 13 | |
IMMOFINANZ AGa | | | 1,636,740 | | | | 6,858,034 | |
IMMOFINANZ AG Escrowa,d | | | 897,599 | | | | 12 | |
S IMMO AG | | | 178,020 | | | | 1,119,453 | |
| | | | | | | | |
| | | | | | | 16,593,130 | |
TELECOMMUNICATIONS — 3.50% | | | | | |
Telekom Austria AG | | | 574,740 | | | | 3,802,015 | |
| | | | | | | | |
| | | | | | | 3,802,015 | |
TRANSPORTATION — 3.27% | | | | | |
Oesterreichische Post AG | | | 88,200 | | | | 3,552,648 | |
| | | | | | | | |
| | | | | | | 3,552,648 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $138,915,015) | | | | 107,984,037 | |
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRIA CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 1.88% | |
| |
MONEY MARKET FUNDS — 1.88% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%e,f,g | | | 1,906,791 | | | $ | 1,906,791 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%e,f,g | | | 138,058 | | | | 138,058 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%e,f | | | 394 | | | | 394 | |
| | | | | | | | |
| | | | | | | 2,045,243 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $2,045,243) | | | | 2,045,243 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 101.26% | | | | | |
(Cost: $140,960,258) | | | | | | | 110,029,280 | |
Other Assets, Less Liabilities — (1.26)% | | | | (1,364,981 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 108,664,299 | |
| | | | | | | | |
| 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 | 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI BELGIUM CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.82% | |
| |
AGRICULTURE — 0.89% | | | | | |
SIPEF NV | | | 6,300 | | | $ | 534,783 | |
| | | | | | | | |
| | | | | | | 534,783 | |
BANKS — 6.15% | | | | | | | | |
KBC Groep NV | | | 99,330 | | | | 3,689,297 | |
| | | | | | | | |
| | | | | | | 3,689,297 | |
BEVERAGES — 22.71% | | | | | | | | |
Anheuser-Busch InBev NV | | | 145,320 | | | | 13,633,261 | |
| | | | | | | | |
| | | | | | | 13,633,261 | |
BIOTECHNOLOGY — 1.27% | | | | | | | | |
Ablynx NVa | | | 79,170 | | | | 760,746 | |
| | | | | | | | |
| | | | | | | 760,746 | |
CHEMICALS — 7.70% | | | | | | | | |
Recticel SA | | | 58,170 | | | | 456,291 | |
Solvay SA | | | 24,990 | | | | 3,575,806 | |
Tessenderlo Chemie NV | | | 20,160 | | | | 591,960 | |
| | | | | | | | |
| | | | | | | 4,624,057 | |
COMPUTERS — 0.89% | | | | | | | | |
Econocom Group SA | | | 70,035 | | | | 535,628 | |
| | | | | | | | |
| | | | | | | 535,628 | |
DISTRIBUTION & WHOLESALE — 1.13% | | | | | | | | |
SA D’Ieteren NV | | | 15,435 | | | | 677,811 | |
| | | | | | | | |
| | | | | | | 677,811 | |
ELECTRIC — 1.30% | | | | | | | | |
Elia System Operator SA | | | 17,745 | | | | 778,904 | |
| | | | | | | | |
| | | | | | | 778,904 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 1.27% | |
Bekaert NV | | | 27,930 | | | | 760,775 | |
| | | | | | | | |
| | | | | | | 760,775 | |
ELECTRONICS — 2.34% | | | | | | | | |
Barco NV | | | 8,715 | | | | 740,353 | |
EVS Broadcast Equipment SA | | | 10,395 | | | | 666,585 | |
| | | | | | | | |
| | | | | | | 1,406,938 | |
ENGINEERING & CONSTRUCTION — 0.89% | | | | | |
Compagnie d’Entreprises CFE SA | | | 9,240 | | | | 536,952 | |
| | | | | | | | |
| | | | | | | 536,952 | |
ENTERTAINMENT — 1.01% | | | | | | | | |
Kinepolis Group NV | | | 4,830 | | | | 606,192 | |
| | | | | | | | |
| | | | | | | 606,192 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
FOOD — 6.80% | | | | | | | | |
Colruyt SA | | | 36,225 | | | $ | 1,787,556 | |
Delhaize Brothers and Co. “The Lion”
(Delhaize Group) | | | 47,460 | | | | 2,296,974 | |
| | | | | | | | |
| | | | | | | 4,084,530 | |
HEALTH CARE — PRODUCTS — 0.76% | | | | | | | | |
Ion Beam Applications SAa | | | 60,585 | | | | 457,810 | |
| | | | | | | | |
| | | | | | | 457,810 | |
HOLDING COMPANIES — DIVERSIFIED — 8.40% | | | | | |
Ackermans & van Haaren NV | | | 13,125 | | | | 1,197,181 | |
Groupe Bruxelles Lambert SA | | | 35,490 | | | | 2,839,085 | |
KBC Ancora SCAa,b | | | 47,880 | | | | 904,511 | |
RHJ International SAa | | | 19,580 | | | | 103,928 | |
| | | | | | | | |
| | | | | | | 5,044,705 | |
INSURANCE — 5.57% | | | | | | | | |
Ageas | | | 97,965 | | | | 3,340,825 | |
| | | | | | | | |
| | | | | | | 3,340,825 | |
MANUFACTURING — 0.86% | | | | | | | | |
Agfa-Gevaert NVa | | | 261,450 | | | | 516,128 | |
| | | | | | | | |
| | | | | | | 516,128 | |
MINING — 5.28% | |
Nyrstar NVa | | | 115,920 | | | | 664,387 | |
Umicore SA | | | 50,085 | | | | 2,507,177 | |
| | | | | | | | |
| | | | | | | 3,171,564 | |
PHARMACEUTICALS — 8.58% | | | | | | | | |
Arseus NV | | | 24,675 | | | | 642,919 | |
Galapagos NVa | | | 25,410 | | | | 641,142 | |
ThromboGenics NVa,b | | | 21,945 | | | | 1,158,781 | |
UCB SA | | | 46,830 | | | | 2,709,127 | |
| | | | | | | | |
| | | | | | | 5,151,969 | |
REAL ESTATE INVESTMENT TRUSTS — 5.26% | | | | | |
Befimmo SCA | | | 10,500 | | | | 693,222 | |
Cofinimmo SA | | | 8,610 | | | | 1,020,945 | |
Intervest Offices & Warehouses | | | 15,750 | | | | 404,815 | |
Warehouses De Pauw SCA | | | 9,555 | | | | 621,339 | |
Wereldhave Belgium NV | | | 3,885 | | | | 415,111 | |
| | | | | | | | |
| | | | | | | 3,155,432 | |
SEMICONDUCTORS — 0.86% | | | | | | | | |
Melexis NV | | | 26,880 | | | | 517,284 | |
| | | | | | | | |
| | | | | | | 517,284 | |
| | |
| 26 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BELGIUM CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TELECOMMUNICATIONS — 6.47% | | | | | | | | |
Belgacom SA | | | 69,720 | | | $ | 1,951,488 | |
Mobistar SA | | | 23,940 | | | | 567,589 | |
Telenet Group Holding NV | | | 26,565 | | | | 1,361,928 | |
| | | | | | | | |
| | | | | | | 3,881,005 | |
TRANSPORTATION — 2.20% | | | | | | | | |
Compagnie Maritime Belge SA | | | 21,735 | | | | 407,759 | |
Euronav SAa | | | 66,570 | | | | 339,418 | |
Exmar NV | | | 51,240 | | | | 571,413 | |
| | | | | | | | |
| | | | | | | 1,318,590 | |
VENTURE CAPITAL — 1.23% | | | | | | | | |
GIMV NV | | | 13,860 | | | | 738,385 | |
| | | | | | | | |
| | | | | | | 738,385 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $61,357,839) | | | | 59,923,571 | |
|
SHORT-TERM INVESTMENTS — 0.81% | |
| |
MONEY MARKET FUNDS — 0.81% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 439,821 | | | | 439,821 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 31,845 | | | | 31,845 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 16,785 | | | | 16,785 | |
| | | | | | | | |
| | | | | | | 488,451 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $488,451) | | | | 488,451 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
TOTAL INVESTMENTS
IN SECURITIES — 100.63% | | | | |
(Cost: $61,846,290) | | | | | 60,412,022 | |
Other Assets, Less Liabilities — (0.63)% | | | (380,283 | ) |
| | | | | | |
NET ASSETS — 100.00% | | | | $ | 60,031,739 | |
| | | | | | |
| 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 | | | 27 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 96.37% | |
| |
CZECH REPUBLIC — 3.17% | | | | | |
CEZ AS | | | 12,907 | | | $ | 388,729 | |
Komercni Banka AS | | | 1,218 | | | | 247,799 | |
Telefonica O2 Czech Republic AS | | | 8,938 | | | | 147,783 | |
| | | | | | | | |
| | | | | | | 784,311 | |
HUNGARY — 2.81% | | | | | | | | |
Magyar Telekom Telecommunications PLC | | | 37,221 | | | | 66,956 | |
MOL Hungarian Oil and Gas PLC | | | 3,325 | | | | 255,564 | |
OTP Bank PLC | | | 17,879 | | | | 371,406 | |
| | | | | | | | |
| | | | | | | 693,926 | |
POLAND — 18.88% | | | | | | | | |
Asseco Poland SA | | | 5,687 | | | | 77,336 | |
Bank Handlowy w Warszawie SA | | | 2,584 | | | | 73,176 | |
Bank Millennium SAa | | | 34,657 | | | | 52,184 | |
Bank Pekao SA | | | 10,393 | | | | 525,126 | |
BRE Bank SAa | | | 1,178 | | | | 125,238 | |
Cyfrowy Polsat SAa | | | 15,143 | | | | 78,230 | |
ENEA SA | | | 8,721 | | | | 42,581 | |
Eurocash SA | | | 5,567 | | | | 92,943 | |
Grupa Lotos SAa | | | 5,225 | | | | 68,749 | |
Jastrzebska Spolka Weglowa SA | | | 2,812 | | | | 84,151 | |
Kernel Holding SAa | | | 4,218 | | | | 86,498 | |
KGHM Polska Miedz SA | | | 11,163 | | | | 635,414 | |
Polska Grupa Energetyczna SA | | | 59,698 | | | | 305,208 | |
Polski Koncern Naftowy Orlen SAa | | | 25,631 | | | | 433,165 | |
Polskie Gornictwo Naftowe i Gazownictwo SAa | | | 141,162 | | | | 254,350 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 69,414 | | | | 778,422 | |
Powszechny Zaklad Ubezpieczen SA | | | 4,465 | | | | 566,678 | |
Synthos SA | | | 41,499 | | | | 72,291 | |
Tauron Polska Energia SA | | | 84,778 | | | | 117,504 | |
Telekomunikacja Polska SA | | | 58,178 | | | | 124,619 | |
Zaklady Azotowe w Tarnowie-Moscicach SAa | | | 3,979 | | | | 70,692 | |
| | | | | | | | |
| | | | | | | 4,664,555 | |
RUSSIA — 71.51% | | | | | | | | |
Federal Grid Co. of Unified Energy System OJSCa | | | 24,948,000 | | | | 154,958 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Gazprom OAO | | | 849,302 | | | $ | 3,813,202 | |
IDGC Holding JSCa | | | 1,548,500 | | | | 97,102 | |
INTER RAO UES OJSCa | | | 164,400,000 | | | | 116,037 | |
LSR Group OJSC SP GDRb | | | 16,739 | | | | 79,410 | |
LUKOIL OAO | | | 40,698 | | | | 2,610,564 | |
Magnit OJSC SP GDRb | | | 20,739 | | | | 879,748 | |
Mechel OAO SP ADR | | | 11,419 | | | | 62,690 | |
MegaFon OAO SP GDRa | | | 6,897 | | | | 198,289 | |
MMC Norilsk Nickel OJSC | | | 3,800 | | | | 671,027 | |
Mobile TeleSystems OJSC SP ADR | | | 41,217 | | | | 852,780 | |
NovaTek OAO SP GDRb | | | 7,258 | | | | 841,928 | |
Novolipetsk Steel OJSC SP GDRb | | | 5,339 | | | | 102,455 | |
Rosneft Oil Co. OJSC | | | 101,484 | | | | 809,182 | |
Rostelecom OJSC | | | 93,710 | | | | 375,787 | |
RusHydro OJSC | | | 10,127,000 | | | | 227,805 | |
Sberbank of Russia | | | 860,235 | | | | 2,939,444 | |
Severstal OAO | | | 13,189 | | | | 147,006 | |
Sistema JSFC SP GDRb | | | 9,614 | | | | 189,011 | |
Surgutneftegas OJSC | | | 568,160 | | | | 532,687 | |
Tatneft OAO, Class S | | | 112,949 | | | | 739,272 | |
TMK OAO SP GDRb | | | 4,769 | | | | 71,106 | |
Uralkali OJSC | | | 105,265 | | | | 782,540 | |
VTB Bank OJSC | | | 208,160,999 | | | | 380,099 | |
| | | | | | | | |
| | | | | | | 17,674,129 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $29,423,994) | | | | 23,816,921 | |
|
PREFERRED STOCKS — 3.54% | |
| |
RUSSIA — 3.54% | | | | | |
AK Transneft OAO | | | 122 | | | | 273,579 | |
Sberbank of Russia | | | 80,500 | | | | 195,551 | |
Surgutneftegas OJSC | | | 552,900 | | | | 407,069 | |
| | | | | | | | |
| | | | | | | 876,199 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $757,412) | | | | 876,199 | |
| | |
| 28 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.02% | |
| |
MONEY MARKET FUNDS — 0.02% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 3,799 | | | $ | 3,799 | |
| | | | | | | | |
| | | | | | | 3,799 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $3,799) | | | | 3,799 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.93% | | | | | |
(Cost: $30,185,205) | | | | | | | 24,696,919 | |
Other Assets, Less Liabilities — 0.07% | | | | 17,719 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 24,714,638 | |
| | | | | | | | |
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 | | | 29 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI EMU INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 97.73% | |
| |
AUSTRIA — 1.03% | | | | | |
Andritz AG | | | 53,700 | | | $ | 3,792,458 | |
Erste Group Bank AGa | | | 161,100 | | | | 5,196,903 | |
IMMOEAST AG Escrowa,b | | | 105,078 | | | | 1 | |
IMMOFINANZ AGa | | | 689,508 | | | | 2,889,078 | |
IMMOFINANZ AG Escrowa,b | | | 68,575 | | | | 1 | |
OMV AG | | | 109,548 | | | | 4,774,875 | |
Raiffeisen International Bank Holding AG | | | 36,516 | | | | 1,382,766 | |
Telekom Austria AG | | | 165,396 | | | | 1,094,126 | |
Verbund AG | | | 50,836 | | | | 1,058,051 | |
Vienna Insurance Group AG | | | 28,640 | | | | 1,452,395 | |
Voestalpine AG | | | 82,340 | | | | 2,783,757 | |
| | | | | | | | |
| | | | | | | 24,424,411 | |
BELGIUM — 4.19% | | | | | | | | |
Ageas | | | 171,840 | | | | 5,860,127 | |
Anheuser-Busch InBev NV | | | 595,712 | | | | 55,886,989 | |
Belgacom SA | | | 112,412 | | | | 3,146,453 | |
Colruyt SA | | | 55,848 | | | | 2,755,872 | |
Delhaize Brothers and Co. “The Lion” (Delhaize Group) | | | 75,896 | | | | 3,673,223 | |
Groupe Bruxelles Lambert SA | | | 59,428 | | | | 4,754,047 | |
KBC Groep NV | | | 175,420 | | | | 6,515,418 | |
Solvay SA | | | 43,676 | | | | 6,249,576 | |
Telenet Group Holding NV | | | 38,664 | | | | 1,982,216 | |
UCB SA | | | 81,624 | | | | 4,721,968 | |
Umicore SA | | | 84,488 | | | | 4,229,337 | |
| | | | | | | | |
| | | | | | | 99,775,226 | |
FINLAND — 2.82% | | | | | | | | |
Elisa OYJ | | | 104,536 | | | | 2,205,776 | |
Fortum OYJ | | | 329,360 | | | | 6,290,903 | |
Kesko OYJ Class B | | | 47,256 | | | | 1,478,399 | |
Kone OYJ Class B | | | 115,276 | | | | 9,343,778 | |
Metso OYJ | | | 94,512 | | | | 4,065,133 | |
Neste Oil OYJ | | | 95,228 | | | | 1,435,443 | |
Nokia OYJc | | | 2,778,080 | | | | 10,082,219 | |
Nokian Renkaat OYJ | | | 83,056 | | | | 3,779,784 | |
Orion OYJ Class B | | | 71,600 | | | | 2,124,863 | |
Pohjola Bank PLC Class A | | | 103,104 | | | | 1,637,735 | |
Sampo OYJ Class A | | | 310,744 | | | | 11,500,972 | |
Stora Enso OYJ Class R | | | 408,120 | | | | 2,747,812 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
UPM-Kymmene OYJ | | | 390,220 | | | $ | 4,568,431 | |
Wartsila OYJ Abp | | | 124,584 | | | | 5,765,772 | |
| | | | | | | | |
| | | | | | | 67,027,020 | |
FRANCE — 33.48% | | | | | | | | |
Accor SA | | | 110,264 | | | | 3,982,966 | |
Aeroports de Paris | | | 22,196 | | | | 1,877,461 | |
ALSTOM | | | 160,384 | | | | 7,087,118 | |
ArcelorMittal | | | 740,344 | | | | 11,145,240 | |
Arkema SA | | | 46,540 | | | | 4,734,886 | |
Atos SA | | | 40,096 | | | | 2,982,146 | |
AXA SA | | | 1,312,428 | | | | 22,828,759 | |
BNP Paribas SA | | | 743,924 | | | | 41,922,594 | |
Bouygues SAc | | | 141,052 | | | | 3,990,510 | |
Bureau Veritas SA | | | 41,528 | | | | 5,363,471 | |
Cap Gemini SA | | | 113,844 | | | | 5,610,297 | |
Carrefour SA | | | 447,500 | | | | 12,215,619 | |
Casino Guichard-Perrachon SA | | | 41,528 | | | | 4,180,456 | |
Christian Dior SA | | | 40,812 | | | | 6,826,846 | |
CNP Assurances SA | | | 116,708 | | | | 1,739,392 | |
Compagnie de Saint-Gobain | | | 295,708 | | | | 11,812,377 | |
Compagnie Generale de Geophysique-Veritasa | | | 118,140 | | | | 2,937,646 | |
Compagnie Generale des Etablissements Michelin Class B | | | 135,324 | | | | 12,108,121 | |
Credit Agricole SAa | | | 741,776 | | | | 6,982,279 | |
Danone SA | | | 429,600 | | | | 29,873,506 | |
Dassault Systemes SA | | | 45,824 | | | | 5,208,403 | |
Edenred SA | | | 126,016 | | | | 4,365,797 | |
Electricite de France SA | | | 179,000 | | | | 3,389,717 | |
Essilor International SA | | | 150,360 | | | | 15,539,109 | |
Eurazeo | | | 22,196 | | | | 1,212,080 | |
European Aeronautic Defence and Space Co. NV | | | 337,236 | | | | 17,273,896 | |
Eutelsat Communications SA | | | 98,808 | | | | 3,564,630 | |
Fonciere des Regions | | | 19,332 | | | | 1,601,594 | |
France Telecom SA | | | 1,376,152 | | | | 13,347,616 | |
GDF Suez | | | 984,500 | | | | 18,637,009 | |
Gecina SA | | | 16,468 | | | | 1,871,985 | |
Gemalto NV | | | 58,712 | | | | 5,353,043 | |
Groupe Eurotunnel SA Registered | | | 408,901 | | | | 3,465,127 | |
Icade | | | 17,900 | | | | 1,611,432 | |
Iliad SA | | | 17,184 | | | | 3,293,443 | |
| | |
| 30 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Imerys SA | | | 25,060 | | | $ | 1,691,185 | |
JCDecaux SA | | | 49,404 | | | | 1,343,437 | |
Klepierre | | | 73,032 | | | | 3,005,183 | |
L’Air Liquide SA | | | 231,984 | | | | 28,266,099 | |
L’Oreal SA | | | 180,432 | | | | 27,020,948 | |
Lafarge SA | | | 138,904 | | | | 9,377,626 | |
Lagardere SCA | | | 88,068 | | | | 3,147,810 | |
Legrand SA | | | 176,136 | | | | 8,109,008 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 188,308 | | | | 32,471,735 | |
Natixis | | | 688,076 | | | | 2,872,283 | |
Pernod Ricard SA | | | 157,520 | | | | 20,467,761 | |
PPR SA | | | 55,848 | | | | 12,536,314 | |
PSA Peugeot Citroen SAa,c | | | 171,124 | | | | 1,297,123 | |
Publicis Groupe SA | | | 131,744 | | | | 8,718,563 | |
Remy Cointreau SA | | | 16,468 | | | | 2,084,050 | |
Renault SA | | | 142,484 | | | | 9,055,831 | |
Rexel SA | | | 110,980 | | | | 2,576,794 | |
Safran SA | | | 170,408 | | | | 7,815,225 | |
Sanofi | | | 884,260 | | | | 83,905,200 | |
Schneider Electric SA | | | 390,220 | | | | 30,058,285 | |
SCOR SE | | | 121,720 | | | | 3,447,566 | |
SES SA Class A FDR | | | 224,108 | | | | 6,908,648 | |
Societe BIC SA | | | 21,480 | | | | 2,510,801 | |
Societe Generalea | | | 521,248 | | | | 20,041,552 | |
Sodexo | | | 70,168 | | | | 6,507,620 | |
STMicroelectronics NV | | | 471,844 | | | | 3,767,197 | |
Suez Environnement SA | | | 208,356 | | | | 2,782,507 | |
Technip SA | | | 75,180 | | | | 8,153,855 | |
Thales SA | | | 68,020 | | | | 2,399,667 | |
Total SA | | | 1,580,212 | | | | 79,113,275 | |
Unibail-Rodamco SE | | | 68,020 | | | | 15,722,110 | |
Vallourec SA | | | 76,612 | | | | 4,089,480 | |
Veolia Environnement | | | 252,032 | | | | 3,175,664 | |
Vinci SA | | | 342,248 | | | | 15,861,677 | |
Vivendi SA | | | 982,352 | | | | 20,702,562 | |
Wendel | | | 24,344 | | | | 2,684,853 | |
Zodiac Aerospace | | | 25,776 | | | | 2,904,116 | |
| | | | | | | | |
| | | | | | | 796,530,181 | |
GERMANY — 28.14% | | | | | | | | |
Adidas AG | | | 155,372 | | | | 14,178,168 | |
Allianz SE Registered | | | 337,952 | | | | 46,258,722 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Axel Springer AG | | | 29,356 | | | $ | 1,385,466 | |
BASF SE | | | 681,632 | | | | 64,321,888 | |
Bayer AG Registered | | | 613,612 | | | | 60,855,329 | |
Bayerische Motoren Werke AG | | | 245,588 | | | | 22,699,615 | |
Beiersdorf AG | | | 74,464 | | | | 6,502,041 | |
Brenntag AG | | | 37,948 | | | | 5,417,557 | |
Celesio AG | | | 63,008 | | | | 1,140,873 | |
Commerzbank AGa | | | 2,809,584 | | | | 5,190,105 | |
Continental AG | | | 81,624 | | | | 9,594,400 | |
Daimler AG Registered | | | 673,040 | | | | 40,180,586 | |
Deutsche Bank AG Registered | | | 689,508 | | | | 31,631,123 | |
Deutsche Boerse AG | | | 143,200 | | | | 8,889,788 | |
Deutsche Lufthansa AG Registered | | | 170,408 | | | | 3,441,996 | |
Deutsche Post AG Registered | | | 672,324 | | | | 15,104,977 | |
Deutsche Telekom AG Registered | | | 2,083,560 | | | | 22,409,875 | |
E.ON SE | | | 1,336,056 | | | | 22,340,204 | |
Fraport AG | | | 27,208 | | | | 1,619,164 | |
Fresenius Medical Care AG & Co. KgaA | | | 156,804 | | | | 10,768,531 | |
Fresenius SE & Co. KgaA | | | 92,364 | | | | 11,367,602 | |
GEA Group AG | | | 132,460 | | | | 4,723,256 | |
Hannover Rueckversicherung AG Registered | | | 45,108 | | | | 3,534,189 | |
HeidelbergCement AG | | | 104,536 | | | | 7,218,654 | |
Henkel AG & Co. KgaA | | | 96,660 | | | | 7,161,301 | |
Hochtief AGa | | | 22,912 | | | | 1,543,830 | |
Hugo Boss AG | | | 18,616 | | | | 2,161,425 | |
Infineon Technologies AG | | | 801,920 | | | | 6,878,488 | |
K+S AG Registered | | | 128,164 | | | | 6,032,826 | |
Kabel Deutschland Holding AG | | | 65,872 | | | | 5,720,804 | |
Lanxess AG | | | 61,576 | | | | 5,226,151 | |
Linde AG | | | 137,472 | | | | 24,963,670 | |
MAN SE | | | 31,504 | | | | 3,624,435 | |
Merck KgaA | | | 47,256 | | | | 6,672,255 | |
METRO AG | | | 95,944 | | | | 2,972,748 | |
Muenchener Rueckversicherungs-Gesellschaft AG Registered | | | 133,176 | | | | 23,974,626 | |
QIAGEN NVa | | | 175,420 | | | | 3,733,580 | |
RWE AG | | | 362,296 | | | | 13,326,079 | |
Salzgitter AG | | | 29,356 | | | | 1,402,545 | |
SAP AG | | | 683,780 | | | | 53,502,304 | |
Siemens AG Registered | | | 620,772 | | | | 64,616,916 | |
Suedzucker AG | | | 60,144 | | | | 2,638,012 | |
ThyssenKrupp AGa | | | 286,400 | | | | 6,468,193 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 31 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
United Internet AG Registered | | | 72,316 | | | $ | 1,707,907 | |
Volkswagen AG | | | 21,480 | | | | 4,432,725 | |
| | | | | | | | |
| | | | | | | 669,534,929 | |
GREECE — 0.24% | |
Coca-Cola Hellenic Bottling Co. SAa | | | 152,779 | | | | 4,174,475 | |
OPAP SA | | | 163,328 | | | | 1,392,195 | |
| | | | | | | | |
| | | | | | | 5,566,670 | |
IRELAND — 0.98% | |
CRH PLC | | | 539,148 | | | | 11,785,179 | |
Elan Corp. PLCa | | | 372,668 | | | | 4,164,163 | |
Irish Bank Resolution Corp. Ltd.a,b | | | 446,666 | | | | 6 | |
Kerry Group PLC Class A | | | 112,412 | | | | 6,313,481 | |
Ryanair Holdings PLC | | | 43,520 | | | | 321,917 | |
Ryanair Holdings PLC SP ADR | | | 17,900 | | | | 692,014 | |
| | | | | | | | |
| | | | | | | 23,276,760 | |
ITALY — 7.32% | |
Assicurazioni Generali SpA | | | 866,360 | | | | 14,067,338 | |
Atlantia SpA | | | 244,641 | | | | 4,237,767 | |
Banca Monte dei Paschi di Siena SpAa,c | | | 4,771,424 | | | | 1,316,202 | |
Banco Popolare Scrla | | | 1,310,280 | | | | 2,213,189 | |
Enel Green Power SpA | | | 1,301,688 | | | | 2,411,397 | |
Enel SpA | | | 4,882,404 | | | | 17,693,709 | |
Eni SpA | | | 1,887,376 | | | | 43,081,875 | |
Exor SpA | | | 47,972 | | | | 1,345,890 | |
Fiat Industrial SpA | | | 635,092 | | | | 7,734,129 | |
Fiat SpAa | | | 649,412 | | | | 3,489,427 | |
Finmeccanica SpAa | | | 300,720 | | | | 1,480,589 | |
Intesa Sanpaolo SpA | | | 7,464,300 | | | | 12,129,758 | |
Intesa Sanpaolo SpA RNC | | | 705,260 | | | | 977,343 | |
Luxottica Group SpA | | | 121,720 | | | | 5,658,686 | |
Mediobanca SpA | | | 383,776 | | | | 2,337,057 | |
Pirelli & C. SpA | | | 176,136 | | | | 2,048,264 | |
Prysmian SpA | | | 151,076 | | | | 3,296,429 | |
Saipem SpA | | | 196,184 | | | | 5,252,735 | |
Snam SpA | | | 1,253,000 | | | | 5,949,615 | |
Telecom Italia SpA | | | 6,948,780 | | | | 5,137,278 | |
Telecom Italia SpA RNC | | | 4,488,604 | | | | 2,898,880 | |
Tenaris SA | | | 350,124 | | | | 7,213,899 | |
Terna SpA | | | 966,600 | | | | 4,046,318 | |
UniCredit SpAa | | | 3,005,052 | | | | 15,290,326 | |
Unione di Banche Italiane SpA | | | 635,808 | | | | 2,915,933 | |
| | | | | | | | |
| | | | | | | 174,224,033 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
NETHERLANDS — 8.49% | |
AEGON NV | | | 1,316,008 | | | $ | 7,883,255 | |
Akzo Nobel NV | | | 176,852 | | | | 11,312,983 | |
ASML Holding NV | | | 233,416 | | | | 16,637,130 | |
Corio NV | | | 50,120 | | | | 2,315,304 | |
D.E Master Blenders 1753 NVa | | | 377,332 | | | | 4,553,699 | |
Delta Lloyd NV | | | 131,028 | | | | 2,322,821 | |
Fugro NV CVA | | | 51,552 | | | | 2,459,636 | |
Heineken Holding NV | | | 74,464 | | | | 4,672,825 | |
Heineken NV | | | 171,124 | | | | 12,794,489 | |
ING Groep NV CVAa | | | 2,841,088 | | | | 22,872,640 | |
Koninklijke Ahold NV | | | 746,788 | | | | 10,739,448 | |
Koninklijke DSM NV | | | 114,560 | | | | 6,715,689 | |
Koninklijke KPN NV | | | 743,208 | | | | 2,539,849 | |
Koninklijke Philips Electronics NV | | | 710,272 | | | | 20,168,632 | |
Randstad Holding NV | | | 89,500 | | | | 3,810,360 | |
Reed Elsevier NV | | | 510,508 | | | | 7,768,684 | |
Royal Boskalis Westminster NV CVA | | | 55,848 | | | | 2,396,283 | |
Royal Vopak NV | | | 52,268 | | | | 3,765,809 | |
TNT Express NV | | | 241,292 | | | | 1,829,628 | |
Unilever NV CVA | | | 1,207,892 | | | | 46,916,185 | |
Wolters Kluwer NV | | | 223,392 | | | | 4,456,707 | |
Ziggo NV | | | 88,784 | | | | 3,006,259 | |
| | | | | | | | |
| | | | | | | 201,938,315 | |
PORTUGAL — 0.62% | |
Banco Espirito Santo SA Registereda | | | 1,487,848 | | | | 1,791,472 | |
Energias de Portugal SA | | | 1,418,396 | | | | 4,261,274 | |
Galp Energia SGPS SA Class B | | | 200,480 | | | | 3,097,993 | |
Jeronimo Martins SGPS SA | | | 163,964 | | | | 3,272,181 | |
Portugal Telecom SGPS SA Registeredc | | | 466,832 | | | | 2,367,404 | |
| | | | | | | | |
| | | | | | | 14,790,324 | |
SPAIN — 10.42% | |
Abertis Infraestructuras SA | | | 271,364 | | | | 4,775,174 | |
Acciona SA | | | 19,216 | | | | 1,181,741 | |
Actividades de Construcciones y Servicios SAc | | | 105,252 | | | | 2,504,342 | |
Amadeus IT Holding SA Class A | | | 232,700 | | | | 5,962,720 | |
Banco Bilbao Vizcaya Argentaria SA | | | 4,042,536 | | | | 39,272,911 | |
Banco de Sabadell SAa | | | 2,082,844 | | | | 4,539,252 | |
Banco Popular Espanol SAa | | | 4,049,696 | | | | 3,520,757 | |
Banco Santander SA | | | 7,815,856 | | | | 59,377,151 | |
| | |
| 32 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Bankia SAa,c | | | 687,360 | | | $ | 292,051 | |
CaixaBank | | | 831,276 | | | | 3,414,628 | |
Distribuidora Internacional de Alimentacion SA | | | 453,944 | | | | 3,550,694 | |
Enagas SA | | | 141,052 | | | | 3,382,898 | |
Ferrovial SA | | | 299,288 | | | | 4,699,203 | |
Gas Natural SDG SA | | | 259,908 | | | | 5,163,121 | |
Grifols SAa | | | 110,980 | | | | 3,958,773 | |
Iberdrola SA | | | 3,492,648 | | | | 17,305,572 | |
Industria de Diseno Textil SA | | | 161,816 | | | | 21,715,626 | |
International Consolidated Airlines Group SAa | | | 691,656 | | | | 2,509,256 | |
Mapfre SA | | | 572,800 | | | | 1,866,883 | |
Red Electrica Corporacion SA | | | 80,192 | | | | 4,443,078 | |
Repsol SA | | | 617,192 | | | | 13,160,312 | |
Telefonica SA | | | 3,037,988 | | | | 39,717,142 | |
Zardoya Otis SA | | | 115,992 | | | | 1,639,252 | |
| | | | | | | | |
| | | | | | | 247,952,537 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $2,547,773,943) | | | | 2,325,040,406 | |
|
PREFERRED STOCKS — 2.12% | |
| |
GERMANY — 2.12% | | | | | |
Bayerische Motoren Werke AG | | | 39,380 | | | | 2,564,133 | |
Henkel AG & Co. KgaA | | | 131,744 | | | | 11,627,621 | |
Porsche Automobil Holding SE | | | 113,844 | | | | 9,038,687 | |
ProSiebenSat.1 Media AG | | | 77,328 | | | | 2,668,902 | |
RWE AG NVS | | | 30,072 | | | | 1,079,187 | |
Volkswagen AG | | | 107,400 | | | | 23,483,474 | |
| | | | | | | | |
| | | | | | | 50,462,004 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $46,114,701) | | | | 50,462,004 | |
|
SHORT-TERM INVESTMENTS — 0.73% | |
| |
MONEY MARKET FUNDS — 0.73% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%d,e,f | | | 15,993,449 | | | | 15,993,449 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%d,e,f | | | 1,157,978 | | | | 1,157,978 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%d,e | | | 169,747 | | | $ | 169,747 | |
| | | | | | | | |
| | | | | | | 17,321,174 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $17,321,174) | | | | 17,321,174 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 100.58% | | | | | |
(Cost: $2,611,209,818) | | | | | | | 2,392,823,584 | |
Other Assets, Less Liabilities — (0.58)% | | | | (13,762,881 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 2,379,060,703 | |
| | | | | | | | |
FDR — Fiduciary Depositary Receipts
NVS — Non-Voting Shares
SP ADR — Sponsored American Depositary Receipts
| a | Non-income earning security. |
| b | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
| c | All or a portion of this security represents a security on loan. See Note 5. |
| d | Affiliated issuer. See Note 2. |
| e | The rate quoted is the annualized seven-day yield of the fund at period end. |
| f | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 33 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI FRANCE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.97% | |
| |
ADVERTISING — 1.27% | | | | | |
JCDecaux SA | | | 29,106 | | | $ | 791,476 | |
Publicis Groupe SA | | | 77,319 | | | | 5,116,822 | |
| | | | | | | | |
| | | | | | | 5,908,298 | |
AEROSPACE & DEFENSE — 3.81% | | | | | |
European Aeronautic Defence and Space Co. NV | | | 197,307 | | | | 10,106,455 | |
Safran SA | | | 99,693 | | | | 4,572,105 | |
Thales SA | | | 39,798 | | | | 1,404,027 | |
Zodiac Aerospace | | | 14,850 | | | | 1,673,112 | |
| | | | | | | | |
| | | | | | | 17,755,699 | |
APPAREL — 4.93% | | | | | |
Christian Dior SA | | | 23,760 | | | | 3,974,465 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 110,286 | | | | 19,017,661 | |
| | | | | | | | |
| | | | | | | 22,992,126 | |
AUTO MANUFACTURERS — 1.30% | | | | | |
PSA Peugeot Citroen SAa,b | | | 99,990 | | | | 757,926 | |
Renault SA | | | 83,556 | | | | 5,310,554 | |
| | | | | | | | |
| | | | | | | 6,068,480 | |
AUTO PARTS & EQUIPMENT — 1.52% | | | | | |
Compagnie Generale des Etablissements Michelin Class B | | | 79,101 | | | | 7,077,566 | |
| | | | | | | | |
| | | | | | | 7,077,566 | |
BANKS — 9.02% | | | | | |
BNP Paribas SA | | | 435,501 | | | | 24,541,932 | |
Credit Agricole SAa | | | 434,214 | | | | 4,087,222 | |
Natixis | | | 401,643 | | | | 1,676,606 | |
Societe Generalea | | | 305,019 | | | | 11,727,727 | |
| | | | | | | | |
| | | | | | | 42,033,487 | |
BEVERAGES — 2.84% | | | | | |
Pernod Ricard SA | | | 92,169 | | | | 11,976,213 | |
Remy Cointreau SA | | | 9,801 | | | | 1,240,331 | |
| | | | | | | | |
| | | | | | | 13,216,544 | |
BUILDING MATERIALS — 2.87% | | | | | |
Compagnie de Saint-Gobain | | | 173,052 | | | | 6,912,750 | |
Imerys SA | | | 14,751 | | | | 995,477 | |
Lafarge SA | | | 81,180 | | | | 5,480,589 | |
| | | | | | | | |
| | | | | | | 13,388,816 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CHEMICALS — 4.14% | | | | | |
Arkema SA | | | 27,225 | | | $ | 2,769,817 | |
L’Air Liquide SA | | | 135,630 | | | | 16,525,842 | |
| | | | | | | | |
| | | | | | | 19,295,659 | |
COMMERCIAL SERVICES — 2.03% | | | | | |
Bureau Veritas SA | | | 24,057 | | | | 3,107,037 | |
Edenred SA | | | 73,656 | | | | 2,551,796 | |
Sodexo | | | 40,986 | | | | 3,801,182 | |
| | | | | | | | |
| | | | | | | 9,460,015 | |
COMPUTERS — 1.75% | | | | | |
Atos SA | | | 23,859 | | | | 1,774,517 | |
Cap Gemini SA | | | 66,429 | | | | 3,273,659 | |
Gemalto NV | | | 34,353 | | | | 3,132,121 | |
| | | | | | | | |
| | | | | | | 8,180,297 | |
COSMETICS & PERSONAL CARE — 3.38% | | | | | |
L’Oreal SA | | | 105,336 | | | | 15,774,799 | |
| | | | | | | | |
| | | | | | | 15,774,799 | |
ELECTRIC — 2.76% | | | | | |
Electricite de France SA | | | 104,247 | | | | 1,974,122 | |
GDF Suez | | | 575,190 | | | | 10,888,594 | |
| | | | | | | | |
| | | | | | | 12,862,716 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 4.79% | |
Legrand SA | | | 103,059 | | | | 4,744,665 | |
Schneider Electric SA | | | 228,591 | | | | 17,608,153 | |
| | | | | | | | |
| | | | | | | 22,352,818 | |
ELECTRONICS — 0.32% | | | | | |
Rexel SA | | | 63,558 | | | | 1,475,724 | |
| | | | | | | | |
| | | | | | | 1,475,724 | |
ENGINEERING & CONSTRUCTION — 2.73% | | | | | |
Aeroports de Paris | | | 12,969 | | | | 1,096,990 | |
Bouygues SA | | | 82,071 | | | | 2,321,875 | |
Vinci SA | | | 200,376 | | | | 9,286,539 | |
| | | | | | | | |
| | | | | | | 12,705,404 | |
FOOD — 5.81% | | | | | |
Carrefour SA | | | 261,855 | | | | 7,147,979 | |
Casino Guichard-Perrachon SA | | | 24,354 | | | | 2,451,619 | |
Danone SA | | | 251,460 | | | | 17,486,015 | |
| | | | | | | | |
| | | | | | | 27,085,613 | |
HEALTH CARE — PRODUCTS — 1.95% | | | | | |
Essilor International SA | | | 87,912 | | | | 9,085,356 | |
| | | | | | | | |
| | | | | | | 9,085,356 | |
| | |
| 34 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRANCE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOLDING COMPANIES — DIVERSIFIED — 0.49% | | | | | |
Eurazeo | | | 12,870 | | | $ | 702,805 | |
Wendel | | | 14,256 | | | | 1,572,267 | |
| | | | | | | | |
| | | | | | | 2,275,072 | |
HOUSEHOLD PRODUCTS & WARES — 0.31% | | | | | |
Societe BIC SA | | | 12,474 | | | | 1,458,088 | |
| | | | | | | | |
| | | | | | | 1,458,088 | |
INSURANCE — 3.52% | | | | | |
AXA SA | | | 768,141 | | | | 13,361,271 | |
CNP Assurances SA | | | 70,191 | | | | 1,046,112 | |
SCOR SE | | | 70,983 | | | | 2,010,504 | |
| | | | | | | | |
| | | | | | | 16,417,887 | |
INTERNET — 0.41% | | | | | |
Iliad SA | | | 9,900 | | | | 1,897,410 | |
| | | | | | | | |
| | | | | | | 1,897,410 | |
IRON & STEEL — 1.40% | | | | | |
ArcelorMittal | | | 433,818 | | | | 6,530,756 | |
| | | | | | | | |
| | | | | | | 6,530,756 | |
LODGING — 0.50% | | | | | |
Accor SA | | | 64,152 | | | | 2,317,304 | |
| | | | | | | | |
| | | | | | | 2,317,304 | |
MACHINERY — 0.88% | | | | | |
ALSTOM | | | 93,159 | | | | 4,116,551 | |
| | | | | | | | |
| | | | | | | 4,116,551 | |
MEDIA — 0.39% | | | | | |
Lagardere SCA | | | 51,282 | | | | 1,832,970 | |
| | | | | | | | |
| | | | | | | 1,832,970 | |
METAL FABRICATE & HARDWARE — 0.51% | | | | | |
Vallourec SA | | | 44,946 | | | | 2,399,177 | |
| | | | | | | | |
| | | | | | | 2,399,177 | |
OIL & GAS — 9.93% | | | | | |
Total SA | | | 924,759 | | | | 46,298,036 | |
| | | | | | | | |
| | | | | | | 46,298,036 | |
OIL & GAS SERVICES — 1.39% | | | | | |
Compagnie Generale de Geophysique-Veritasa | | | 68,904 | | | | 1,713,353 | |
Technip SA | | | 44,154 | | | | 4,788,845 | |
| | | | | | | | |
| | | | | | | 6,502,198 | |
PHARMACEUTICALS — 10.53% | | | | | |
Sanofi | | | 517,275 | | | | 49,082,919 | |
| | | | | | | | |
| | | | | | | 49,082,919 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
REAL ESTATE INVESTMENT TRUSTS — 3.00% | | | | | |
Fonciere des Regions | | | 11,286 | | | $ | 935,009 | |
Gecina SA | | | 9,603 | | | | 1,091,612 | |
Icade | | | 10,197 | | | | 917,976 | |
Klepierre | | | 43,461 | | | | 1,788,370 | |
Unibail-Rodamco SE | | | 40,095 | | | | 9,267,539 | |
| | | | | | | | |
| | | | | | | 14,000,506 | |
RETAIL — 1.58% | | | | | |
PPR SA | | | 32,868 | | | | 7,377,947 | |
| | | | | | | | |
| | | | | | | 7,377,947 | |
SEMICONDUCTORS — 0.47% | | | | | |
STMicroelectronics NV | | | 276,507 | | | | 2,207,628 | |
| | | | | | | | |
| | | | | | | 2,207,628 | |
SOFTWARE — 0.66% | | | | | |
Dassault Systemes SA | | | 27,126 | | | | 3,083,169 | |
| | | | | | | | |
| | | | | | | 3,083,169 | |
TELECOMMUNICATIONS — 5.59% | | | | | |
Eutelsat Communications SA | | | 57,420 | | | | 2,071,503 | |
France Telecom SA | | | 805,860 | | | | 7,816,222 | |
SES SA Class A FDR | | | 131,670 | | | | 4,059,033 | |
Vivendi SA | | | 573,903 | | | | 12,094,710 | |
| | | | | | | | |
| | | | | | | 26,041,468 | |
TRANSPORTATION — 0.44% | | | | | |
Groupe Eurotunnel SA Registered | | | 241,164 | | | | 2,043,683 | |
| | | | | | | | |
| | | | | | | 2,043,683 | |
WATER — 0.75% | | | | | |
Suez Environnement SA | | | 122,265 | | | | 1,632,798 | |
Veolia Environnement | | | 147,114 | | | | 1,853,672 | |
| | | | | | | | |
| | | | | | | 3,486,470 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $517,768,838) | | | | | | | 466,088,656 | |
| |
SHORT-TERM INVESTMENTS — 0.17% | | | | | |
| | |
MONEY MARKET FUNDS — 0.17% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 752,548 | | | | 752,548 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 54,487 | | | | 54,487 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 35 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRANCE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 7,830 | | | $ | 7,830 | |
| | | | | | | | |
| | | | | | | 814,865 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $814,865) | | | | | | | 814,865 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 100.14% | | | | | | | | |
(Cost: $518,583,703) | | | | | | | 466,903,521 | |
Other Assets, Less Liabilities — (0.14)% | | | | | | | (659,657 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 466,243,864 | |
| | | | | | | | |
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.
| | |
| 36 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI GERMANY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 92.66% | |
| |
AIRLINES — 0.48% | | | | | |
Deutsche Lufthansa AG Registered | | | 841,269 | | | $ | 16,992,423 | |
| | | | | | | | |
| | | | | | | 16,992,423 | |
| |
APPAREL — 2.25% | | | | | |
Adidas AG | | | 765,425 | | | | 69,847,360 | |
Hugo Boss AG | | | 90,428 | | | | 10,499,213 | |
| | | | | | | | |
| | | | | | | 80,346,573 | |
AUTO MANUFACTURERS — 9.32% | | | | | |
Bayerische Motoren Werke AG | | | 1,211,334 | | | | 111,963,188 | |
Daimler AG Registered | | | 3,319,253 | | | | 198,159,889 | |
Volkswagen AG | | | 107,744 | | | | 22,234,615 | |
| | | | | | | | |
| | | | | | | 332,357,692 | |
AUTO PARTS & EQUIPMENT — 1.33% | | | | | |
Continental AG | | | 402,597 | | | | 47,322,803 | |
| | | | | | | | |
| | | | | | | 47,322,803 | |
BANKS — 5.10% | | | | | |
Commerzbank AGa,b | | | 13,887,913 | | | | 25,654,945 | |
Deutsche Bank AG Registered | | | 3,400,638 | | | | 156,003,989 | |
| | | | | | | | |
| | | | | | | 181,658,934 | |
BUILDING MATERIALS — 1.00% | | | | | |
HeidelbergCement AG | | | 514,483 | | | | 35,527,231 | |
| | | | | | | | |
| | | | | | | 35,527,231 | |
CHEMICALS — 14.66% | | | | | |
BASF SE | | | 3,360,304 | | | | 317,093,529 | |
Brenntag AG | | | 188,552 | | | | 26,918,181 | |
K+S AG Registered | | | 631,072 | | | | 29,705,281 | |
Lanxess AG | | | 304,954 | | | | 25,882,414 | |
Linde AG | | | 677,248 | | | | 122,982,101 | |
| | | | | | | | |
| | | | | | | 522,581,506 | |
COSMETICS & PERSONAL CARE — 0.90% | | | | | |
Beiersdorf AG | | | 368,927 | | | | 32,213,938 | |
| | | | | | | | |
| | | | | | | 32,213,938 | |
DIVERSIFIED FINANCIAL SERVICES — 1.23% | | | | | |
Deutsche Boerse AG | | | 706,102 | | | | 43,834,476 | |
| | | | | | | | |
| | | | | | | 43,834,476 | |
ELECTRIC — 4.94% | | | | | |
E.ON SE | | | 6,588,705 | | | | 110,169,795 | |
RWE AG | | | 1,790,440 | | | | 65,856,496 | |
| | | | | | | | |
| | | | | | | 176,026,291 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENGINEERING & CONSTRUCTION — 0.44% | | | | | |
Fraport AG | | | 135,161 | | | $ | 8,043,509 | |
Hochtief AGa | | | 113,035 | | | | 7,616,392 | |
| | | | | | | | |
| | | | | | | 15,659,901 | |
FOOD — 0.78% | | | | | |
METRO AG | | | 474,272 | | | | 14,694,938 | |
Suedzucker AG | | | 299,182 | | | | 13,122,601 | |
| | | | | | | | |
| | | | | | | 27,817,539 | |
HEALTH CARE — PRODUCTS — 2.09% | | | | | |
Fresenius SE & Co. KgaA | | | 455,988 | | | | 56,120,243 | |
QIAGEN NVa | | | 864,357 | | | | 18,396,681 | |
| | | | | | | | |
| | | | | | | 74,516,924 | |
HEALTH CARE — SERVICES — 1.49% | | | | | |
Fresenius Medical Care AG & Co. KgaA | | | 773,929 | | | | 53,149,655 | |
| | | | | | | | |
| | | | | | | 53,149,655 | |
HOLDING COMPANIES — DIVERSIFIED — 0.65% | | | | | |
GEA Group AG | | | 653,198 | | | | 23,291,719 | |
| | | | | | | | |
| | | | | | | 23,291,719 | |
HOUSEHOLD PRODUCTS & WARES — 0.99% | | | | | |
Henkel AG & Co. KgaA | | | 475,709 | | | | 35,244,107 | |
| | | | | | | | |
| | | | | | | 35,244,107 | |
INSURANCE — 10.20% | | | | | |
Allianz SE Registered | | | 1,668,108 | | | | 228,329,896 | |
Hannover Rueckversicherung AG Registered | | | 220,779 | | | | 17,297,923 | |
Muenchener Rueckversicherungs-Gesellschaft AG Registered | | | 656,130 | | | | 118,117,914 | |
| | | | | | | | |
| | | | | | | 363,745,733 | |
INTERNET — 0.24% | | | | | |
United Internet AG Registered | | | 355,582 | | | | 8,397,880 | |
| | | | | | | | |
| | | | | | | 8,397,880 | |
IRON & STEEL — 1.09% | | | | | |
Salzgitter AG | | | 143,819 | | | | 6,871,257 | |
ThyssenKrupp AGa | | | 1,411,730 | | | | 31,883,180 | |
| | | | | | | | |
| | | | | | | 38,754,437 | |
MACHINERY — 0.50% | | | | | |
MAN SE | | | 154,882 | | | | 17,818,681 | |
| | | | | | | | |
| | | | | | | 17,818,681 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 37 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GERMANY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MANUFACTURING — 8.95% | | | | | |
Siemens AG Registered | | | 3,063,489 | | | $ | 318,882,313 | |
| | | | | | | | |
| | | | | | | 318,882,313 | |
MEDIA — 0.98% | | | | | |
Axel Springer AG | | | 145,743 | | | | 6,878,390 | |
Kabel Deutschland Holding AG | | | 324,194 | | | | 28,155,365 | |
| | | | | | | | |
| | | | | | | 35,033,755 | |
PHARMACEUTICALS — 9.51% | | | | | |
Bayer AG Registered | | | 3,025,437 | | | | 300,049,484 | |
Celesio AG | | | 312,650 | | | | 5,661,091 | |
Merck KgaA | | | 236,652 | | | | 33,413,800 | |
| | | | | | | | |
| | | | | | | 339,124,375 | |
SEMICONDUCTORS — 0.95% | | | | | |
Infineon Technologies AG | | | 3,952,010 | | | | 33,898,463 | |
| | | | | | | | |
| | | | | | | 33,898,463 | |
SOFTWARE — 7.40% | | | | | |
SAP AG | | | 3,370,462 | | | | 263,721,491 | |
| | | | | | | | |
| | | | | | | 263,721,491 | |
TELECOMMUNICATIONS — 3.10% | | | | | |
Deutsche Telekom AG Registered | | | 10,276,372 | | | | 110,528,238 | |
| | | | | | | | |
| | | | | | | 110,528,238 | |
TRANSPORTATION — 2.09% | | | | | |
Deutsche Post AG Registered | | | 3,317,446 | | | | 74,532,439 | |
| | | | | | | | |
| | | | | | | 74,532,439 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $3,479,721,940) | | | | 3,302,979,517 | |
|
PREFERRED STOCKS — 6.98% | |
| |
AUTO MANUFACTURERS — 4.85% | | | | | |
Bayerische Motoren Werke AG | | | 196,248 | | | | 12,778,213 | |
Porsche Automobil Holding SE | | | 560,218 | | | | 44,478,719 | |
Volkswagen AG | | | 529,097 | | | | 115,689,344 | |
| | | | | | | | |
| | | | | | | 172,946,276 | |
ELECTRIC — 0.14% | | | | | |
RWE AG NVS | | | 142,857 | | | | 5,126,675 | |
| | | | | | | | |
| | | | | | | 5,126,675 | |
HOUSEHOLD PRODUCTS & WARES — 1.62% | | | | | |
Henkel AG & Co. KgaA | | | 651,806 | | | | 57,527,883 | |
| | | | | | | | |
| | | | | | | 57,527,883 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MEDIA — 0.37% | | | | | |
ProSiebenSat.1 Media AG | | | 381,914 | | | $ | 13,181,397 | |
| | | | | | | | |
| | | | 13,181,397 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $208,613,099) | | | | 248,782,231 | |
|
SHORT-TERM INVESTMENTS — 0.23% | |
| |
MONEY MARKET FUNDS — 0.23% | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 7,459,880 | | | | 7,459,880 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 540,120 | | | | 540,120 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 180,312 | | | | 180,312 | |
| | | | | | | | |
| | | | 8,180,312 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $8,180,312) | | | | 8,180,312 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.87% | | | | | |
(Cost: $3,696,515,351) | | | | 3,559,942,060 | |
Other Assets, Less Liabilities — 0.13% | | | | 4,775,438 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 3,564,717,498 | |
| | | | | | | | |
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. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of
Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 50 | | | DAX Index (Mar. 2013) | | Eurex | | | $12,665,772 | | | | $234,506 | |
| | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 38 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI ITALY CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.91% | |
| |
AEROSPACE & DEFENSE — 2.66% | | | | | |
Finmeccanica SpAa,b | | | 2,977,211 | | | $ | 14,658,241 | |
| | | | | | | | |
| | | | | | | 14,658,241 | |
AUTO MANUFACTURERS — 8.39% | | | | | |
Fiat Industrial SpA | | | 2,069,778 | | | | 25,205,688 | |
Fiat SpAa | | | 3,920,343 | | | | 21,064,823 | |
| | | | | | | | |
| | | | | | | 46,270,511 | |
AUTO PARTS & EQUIPMENT — 3.14% | | | | | |
Pirelli & C. SpAb | | | 1,489,438 | | | | 17,320,496 | |
| | | | | | | | |
| | | | | | | 17,320,496 | |
BANKS — 22.62% | | | | | |
Banca Monte dei Paschi di Siena SpAa,b | | | 49,347,031 | | | | 13,612,422 | |
Banco Popolare Scrla,b | | | 9,925,388 | | | | 16,764,938 | |
Intesa Sanpaolo SpA | | | 12,807,209 | | | | 20,812,179 | |
Intesa Sanpaolo SpA RNC | | | 2,179,434 | | | | 3,020,240 | |
Mediobanca SpA | | | 2,971,197 | | | | 18,093,512 | |
UniCredit SpAa | | | 6,238,736 | | | | 31,743,980 | |
Unione di Banche Italiane SpA | | | 4,525,881 | | | | 20,756,525 | |
| | | | | | | | |
| | | | | | | 124,803,796 | |
COMMERCIAL SERVICES — 4.27% | | | | | |
Atlantia SpA | | | 1,358,953 | | | | 23,540,314 | |
| | | | | | | | |
| | | | | | | 23,540,314 | |
ELECTRIC — 11.23% | | | | | |
Enel SpA | | | 10,750,477 | | | | 38,959,457 | |
Terna SpA | | | 5,500,358 | | | | 23,025,242 | |
| | | | | | | | |
| | | | | | | 61,984,699 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 3.85% | |
Prysmian SpA | | | 972,516 | | | | 21,219,983 | |
| | | | | | | | |
| | | | | | | 21,219,983 | |
ENERGY — ALTERNATE SOURCES — 0.58% | | | | | |
Enel Green Power SpA | | | 1,739,897 | | | | 3,223,186 | |
| | | | | | | | |
| | | | | | | 3,223,186 | |
GAS — 0.58% | | | | | |
Snam SpA | | | 672,403 | | | | 3,192,768 | |
| | | | | | | | |
| | | | | | | 3,192,768 | |
HEALTH CARE — PRODUCTS — 4.73% | | | | | |
Luxottica Group SpA | | | 561,280 | | | | 26,093,555 | |
| | | | | | | | |
| | | | | | | 26,093,555 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOLDING COMPANIES — DIVERSIFIED — 2.58% | | | | | |
Exor SpA | | | 507,667 | | | $ | 14,242,971 | |
| | | | | | | | |
| | | | | | | 14,242,971 | |
INSURANCE — 4.96% | | | | | |
Assicurazioni Generali SpA | | | 1,686,343 | | | | 27,381,639 | |
| | | | | | | | |
| | | | | | | 27,381,639 | |
METAL FABRICATE & HARDWARE — 4.59% | | | | | |
Tenaris SA | | | 1,228,025 | | | | 25,302,029 | |
| | | | | | | | |
| | | | | | | 25,302,029 | |
OIL & GAS — 20.79% | | | | | |
Eni SpA | | | 5,024,130 | | | | 114,682,471 | |
| | | | | | | | |
| | | | | | | 114,682,471 | |
OIL & GAS SERVICES — 0.58% | | | | | |
Saipem SpA | | | 120,448 | | | | 3,224,939 | |
| | | | | | | | |
| | | | | | | 3,224,939 | |
TELECOMMUNICATIONS — 4.36% | | | | | |
Telecom Italia SpA | | | 21,105,751 | | | | 15,603,620 | |
Telecom Italia SpA RNC | | | 13,119,574 | | | | 8,473,027 | |
| | | | | | | | |
| | | | | | | 24,076,647 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $574,706,251) | | | | 551,218,245 | |
|
SHORT-TERM INVESTMENTS — 6.17% | |
| |
MONEY MARKET FUNDS — 6.17% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 31,601,604 | | | | 31,601,604 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 2,288,061 | | | | 2,288,061 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 137,485 | | | | 137,485 | |
| | | | | | | | |
| | | | | | | 34,027,150 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $34,027,150) | | | | 34,027,150 | |
| | | | | | | | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 39 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ITALY CAPPED INDEX FUND
February 28, 2013
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 106.08% | | | | |
(Cost: $608,733,401) | | | | $ | 585,245,395 | |
Other Assets, Less Liabilities — (6.08)% | | | (33,550,594 | ) |
| | | | | | |
NET ASSETS — 100.00% | | $ | 551,694,801 | |
| | | | | | |
| a | Non-income earning security. |
| b | All or a portion of this security represents a security on loan. See Note 5. |
| c | Affiliated issuer. See Note 2. |
| d | The rate quoted is the annualized seven-day yield of the fund at period end. |
| e | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
| | |
| 40 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.79% | |
| |
BANKS — 0.00% | | | | | |
SNS REAAL NVa,b,c | | | 68,952 | | | $ | 1 | |
| | | | | | | | |
| | | | | | | 1 | |
BEVERAGES — 9.34% | | | | | |
D.E Master Blenders 1753 NVa | | | 268,128 | | | | 3,235,809 | |
Heineken Holding NV | | | 51,891 | | | | 3,256,306 | |
Heineken NV | | | 99,666 | | | | 7,451,763 | |
| | | | | | | | |
| | | | | | | 13,943,878 | |
CHEMICALS — 7.91% | | | | | |
Akzo Nobel NV | | | 113,337 | | | | 7,250,014 | |
Koninklijke DSM NV | | | 77,910 | | | | 4,567,208 | |
| | | | | | | | |
| | | | | | | 11,817,222 | |
COMMERCIAL SERVICES — 2.05% | | | | | |
Brunel International NV | | | 5,292 | | | | 264,736 | |
Randstad Holding NV | | | 59,829 | | | | 2,547,151 | |
USG People NV | | | 30,135 | | | | 242,292 | |
| | | | | | | | |
| | | | | | | 3,054,179 | |
DIVERSIFIED FINANCIAL SERVICES — 0.18% | | | | | |
BinckBank NV | | | 27,195 | | | | 275,396 | |
| | | | | | | | |
| | | | | | | 275,396 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 0.30% | |
TKH Group NV | | | 17,007 | | | | 445,683 | |
| | | | | | | | |
| | | | | | | 445,683 | |
ELECTRONICS — 9.31% | | | | | |
Koninklijke Philips Electronics NV | | | 489,657 | | | | 13,904,127 | |
| | | | | | | | |
| | | | | | | 13,904,127 | |
ENGINEERING & CONSTRUCTION — 2.29% | | | | | |
Arcadis NV | | | 29,649 | | | | 829,499 | |
Grontmij NVa | | | 24,843 | | | | 109,193 | |
Koninklijke BAM Groep NV | | | 112,048 | | | | 457,036 | |
Royal Boskalis Westminster NV CVA | | | 38,073 | | | | 1,633,607 | |
Royal Imtech NVb | | | 34,798 | | | | 389,785 | |
| | | | | | | | |
| | | | | | | 3,419,120 | |
FOOD — 27.96% | | | | | |
Amsterdam Commodities NV | | | 9,408 | | | | 187,568 | |
CSM NV CVA | | | 35,280 | | | | 789,401 | |
Koninklijke Ahold NV | | | 505,680 | | | | 7,272,109 | |
Koninklijke Wessanen NV | | | 39,396 | | | | 109,395 | |
Nutreco NV | | | 18,228 | | | | 1,697,676 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Unilever NV CVA | | | 815,703 | | | $ | 31,683,026 | |
| | | | | | | | |
| | | | | | | 41,739,175 | |
HOLDING COMPANIES — DIVERSIFIED — 0.47% | | | | | |
Tetragon Financial Group Ltd. | | | 62,769 | | | | 701,130 | |
| | | | | | | | |
| | | | | | | 701,130 | |
INSURANCE — 14.82% | | | | | |
AEGON NV | | | 882,441 | | | | 5,286,067 | |
Delta Lloyd NV | | | 86,730 | | | | 1,537,521 | |
ING Groep NV CVAa | | | 1,901,445 | | | | 15,307,892 | |
| | | | | | | | |
| | | | | | | 22,131,480 | |
LEISURE TIME — 0.10% | | | | | |
Accell Group NV | | | 8,379 | | | | 143,282 | |
| | | | | | | | |
| | | | | | | 143,282 | |
MACHINERY — 0.07% | | | | | |
Kendrion NV | | | 4,410 | | | | 107,669 | |
| | | | | | | | |
| | | | | | | 107,669 | |
MANUFACTURING — 0.90% | | | | | |
Aalberts Industries NV | | | 46,599 | | | | 1,032,615 | |
Koninklijke Ten Cate NV | | | 12,936 | | | | 312,616 | |
| | | | | | | | |
| | | | | | | 1,345,231 | |
MEDIA — 5.59% | | | | | |
Reed Elsevier NV | | | 349,272 | | | | 5,315,066 | |
Wolters Kluwer NV | | | 151,851 | | | | 3,029,453 | |
| | | | | | | | |
| | | | | | | 8,344,519 | |
METAL FABRICATE & HARDWARE — 0.08% | | | | | |
AMG Advanced Metallurgical Group NVa | | | 13,671 | | | | 114,511 | |
| | | | | | | | |
| | | | | | | 114,511 | |
OIL & GAS SERVICES — 1.88% | | | | | |
Fugro NV CVA | | | 34,251 | | | | 1,634,175 | |
SBM Offshore NVa | | | 84,023 | | | | 1,179,762 | |
| | | | | | | | |
| | | | | | | 2,813,937 | |
REAL ESTATE INVESTMENT TRUSTS — 2.41% | | | | | |
Corio NV | | | 33,663 | | | | 1,555,070 | |
Eurocommercial Properties NV | | | 19,110 | | | | 732,765 | |
Nieuwe Steen Investments NV | | | 24,990 | | | | 179,852 | |
VastNed Retail NV | | | 9,522 | | | | 403,272 | |
Wereldhave NV | | | 10,257 | | | | 720,760 | |
| | | | | | | | |
| | | | | | | 3,591,719 | |
RETAIL — 0.12% | | | | | |
Beter Bed Holding NV | | | 8,967 | | | | 174,673 | |
| | | | | | | | |
| | | | | | | 174,673 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 41 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI NETHERLANDS INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SEMICONDUCTORS — 8.22% | | | | | |
ASM International NV | | | 24,843 | | | $ | 988,970 | |
ASML Holding NV | | | 156,702 | | | | 11,169,207 | |
BE Semiconductor Industries NV | | | 15,582 | | | | 121,208 | |
| | | | | | | | |
| | | | | | | 12,279,385 | |
SOFTWARE — 0.43% | | | | | |
TomTom NVa,b | | | 47,922 | | | | 202,425 | |
Unit4 NV | | | 13,377 | | | | 443,943 | |
| | | | | | | | |
| | | | | | | 646,368 | |
TELECOMMUNICATIONS — 2.50% | | | | | |
Koninklijke KPN NV | | | 493,495 | | | | 1,686,476 | |
Ziggo NV | | | 60,417 | | | | 2,045,742 | |
| | | | | | | | |
| | | | | | | 3,732,218 | |
TRANSPORTATION — 2.86% | | | | | |
PostNL NVa | | | 204,646 | | | | 485,057 | |
Royal Vopak NV | | | 35,574 | | | | 2,563,038 | |
TNT Express NV | | | 160,721 | | | | 1,218,688 | |
| | | | | | | | |
| | | | | | | 4,266,783 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $170,546,387) | | | | | | | 148,991,686 | |
| |
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) | | | | — | |
| |
SHORT-TERM INVESTMENTS — 0.43% | | | | | |
| |
MONEY MARKET FUNDS — 0.43% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%d,e,f | | | 590,679 | | | | 590,679 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | |
0.18%d,e,f | | | 42,767 | | | | 42,767 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | |
0.04%d,e | | | 4,121 | | | $ | 4,121 | |
| | | | | | | | |
| | | | | | | 637,567 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $637,567) | | | | 637,567 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 100.22% | | | | | |
(Cost: $171,183,954) | | | | | | | 149,629,253 | |
Other Assets, Less Liabilities — (0.22)% | | | | (323,266 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 149,305,987 | |
| | | | | | | | |
| 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.
| | |
| 42 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI SPAIN CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.94% | |
| |
AIRLINES — 2.22% | | | | | |
International Consolidated Airlines Group SAa | | | 1,742,958 | | | $ | 6,323,272 | |
| | | | | | | | |
| | | | | | | 6,323,272 | |
| |
BANKS — 40.26% | | | | | |
Banco Bilbao Vizcaya Argentaria SA | | | 3,513,636 | | | | 34,134,690 | |
Banco de Sabadell SAa | | | 3,539,340 | | | | 7,713,470 | |
Banco Popular Espanol SAa | | | 8,568,630 | | | | 7,449,463 | |
Banco Santander SA | | | 7,509,348 | | | | 57,048,606 | |
Bankia SAa,b | | | 4,391,856 | | | | 1,866,051 | |
CaixaBank | | | 1,518,678 | | | | 6,238,265 | |
| | | | | | | | |
| | | | | | | 114,450,545 | |
| |
COMMERCIAL SERVICES — 3.10% | | | | | |
Abertis Infraestructuras SA | | | 500,472 | | | | 8,806,772 | |
| | | | | | | | |
| | | | | | | 8,806,772 | |
| |
ELECTRIC — 7.50% | | | | | |
Iberdrola SA | | | 2,608,326 | | | | 12,923,883 | |
Red Electrica Corporacion SA | | | 151,578 | | | | 8,398,255 | |
| | | | | | | | |
| | | | | | | 21,322,138 | |
| |
ENGINEERING & CONSTRUCTION — 6.71% | | | | | |
Acciona SAb | | | 69,300 | | | | 4,261,794 | |
Actividades de Construcciones y Servicios SAb | | | 257,922 | | | | 6,136,938 | |
Ferrovial SA | | | 553,014 | | | | 8,683,025 | |
| | | | | | | | |
| | | | | | | 19,081,757 | |
| |
FOOD — 2.57% | | | | | |
Distribuidora Internacional de Alimentacion SA | | | 933,408 | | | | 7,301,002 | |
| | | | | | | | |
| | | | | | | 7,301,002 | |
| |
GAS — 5.75% | | | | | |
Enagas SA | | | 298,998 | | | | 7,170,971 | |
Gas Natural SDG SA | | | 461,538 | | | | 9,168,538 | |
| | | | | | | | |
| | | | | | | 16,339,509 | |
| |
INSURANCE — 1.90% | | | | | |
Mapfre SA | | | 1,660,932 | | | | 5,413,349 | |
| | | | | | | | |
| | | | | | | 5,413,349 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MACHINERY — 1.80% | | | | | |
Zardoya Otis SA | | | 362,124 | | | $ | 5,117,701 | |
| | | | | | | | |
| | | | | | | 5,117,701 | |
| |
OIL & GAS — 4.70% | | | | | |
Repsol SA | | | 626,346 | | | | 13,355,502 | |
| | | | | | | | |
| | | | | | | 13,355,502 | |
| |
PHARMACEUTICALS — 2.74% | | | | | |
Grifols SAa | | | 218,358 | | | | 7,789,059 | |
| | | | | | | | |
| | | | | | | 7,789,059 | |
| |
RETAIL — 4.49% | | | | | |
Industria de Diseno Textil SA | | | 95,130 | | | | 12,766,398 | |
| | | | | | | | |
| | | | | | | 12,766,398 | |
| |
SOFTWARE — 3.51% | | | | | |
Amadeus IT Holding SA Class A | | | 389,088 | | | | 9,970,016 | |
| | | | | | | | |
| | | | | | | 9,970,016 | |
| |
TELECOMMUNICATIONS — 12.69% | | | | | |
Telefonica SA | | | 2,760,534 | | | | 36,089,846 | |
| | | | | | | | |
| | | | | | | 36,089,846 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $308,470,784) | | | | 284,126,866 | |
|
SHORT-TERM INVESTMENTS — 1.67% | |
| |
MONEY MARKET FUNDS — 1.67% | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 4,367,020 | | | | 4,367,020 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 316,187 | | | | 316,187 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.04%c,d | | | 57,417 | | | | 57,417 | |
| | | | | | | | |
| | | | | | | 4,740,624 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $4,740,624) | | | | 4,740,624 | |
| | | | | | | | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 43 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SPAIN CAPPED INDEX FUND
February 28, 2013
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 101.61% | | | | |
(Cost: $313,211,408) | | $ | 288,867,490 | |
Other Assets, Less Liabilities — (1.61)% | | | (4,587,514 | ) |
| | | | | | |
NET ASSETS — 100.00% | | $ | 284,279,976 | |
| | | | | | |
| 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.
| | |
| 44 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI SWEDEN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.99% | |
| |
AGRICULTURE — 1.78% | | | | | |
Swedish Match AB | | | 213,164 | | | $ | 7,004,598 | |
| | | | | | | | |
| | | | | | | 7,004,598 | |
| |
AUTO MANUFACTURERS — 7.76% | | | | | |
Scania AB Class B | | | 333,753 | | | | 6,969,693 | |
Volvo AB Class B | | | 1,564,115 | | | | 23,538,772 | |
| | | | | | | | |
| | | | | | | 30,508,465 | |
| |
BANKS — 22.70% | | | | | |
Nordea Bank AB | | | 2,747,787 | | | | 31,909,372 | |
Skandinaviska Enskilda Banken AB Class A | | | 1,480,073 | | | | 15,465,506 | |
Svenska Handelsbanken AB Class A | | | 518,742 | | | | 22,623,284 | |
Swedbank AB Class A | | | 795,823 | | | | 19,199,515 | |
| | | | | | | | |
| | | | | | | 89,197,677 | |
| |
COMMERCIAL SERVICES — 0.78% | | | | | |
Securitas AB Class B | | | 326,669 | | | | 3,053,573 | |
| | | | | | | | |
| | | | | | | 3,053,573 | |
| |
ENGINEERING & CONSTRUCTION — 1.79% | | | | | |
Skanska AB Class B | | | 394,450 | | | | 7,025,500 | |
| | | | | | | | |
| | | | | | | 7,025,500 | |
| |
FOREST PRODUCTS & PAPER — 3.77% | | | | | |
Svenska Cellulosa AB Class B | | | 604,072 | | | | 14,817,126 | |
| | | | | | | | |
| | | | | | | 14,817,126 | |
| |
HAND & MACHINE TOOLS — 4.33% | | | | | |
Sandvik AB | | | 1,044,407 | | | | 17,030,048 | |
| | | | | | | | |
| | | | | | | 17,030,048 | |
| |
HEALTH CARE — PRODUCTS — 3.06% | | | | | |
Elekta AB Class B | | | 381,892 | | | | 5,747,192 | |
Getinge AB Class B | | | 207,529 | | | | 6,268,853 | |
| | | | | | | | |
| | | | | | | 12,016,045 | |
| |
HOLDING COMPANIES — DIVERSIFIED — 5.91% | | | | | |
Industrivarden AB Class C | | | 126,224 | | | | 2,259,910 | |
Investment AB Kinnevik Class B | | | 214,613 | | | | 4,911,243 | |
Investor AB Class B | | | 475,272 | | | | 13,973,166 | |
Ratos AB Class B | | | 202,860 | | | | 2,091,389 | |
| | | | | | | | |
| | | | | | | 23,235,708 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOME FURNISHINGS — 1.63% | | | | | |
Electrolux AB Class B | | | 250,194 | | | $ | 6,408,662 | |
| | | | | | | | |
| | | | | | | 6,408,662 | |
| |
HOUSEHOLD PRODUCTS & WARES — 0.67% | | | | | |
Husqvarna AB Class B | | | 421,176 | | | | 2,611,807 | |
| | | | | | | | |
| | | | | | | 2,611,807 | |
| |
MACHINERY — 9.66% | | | | | |
Atlas Copco AB Class A | | | 697,130 | | | | 20,333,634 | |
Atlas Copco AB Class B | | | 406,042 | | | | 10,545,564 | |
Hexagon AB Class B | | | 246,974 | | | | 7,065,706 | |
| | | | | | | | |
| | | | | | | 37,944,904 | |
| |
MANUFACTURING — 2.08% | | | | | |
Alfa Laval AB | | | 350,014 | | | | 8,172,695 | |
| | | | | | | | |
| | | | | | | 8,172,695 | |
| |
METAL FABRICATE & HARDWARE — 6.10% | | | | | |
Assa Abloy AB Class B | | | 348,565 | | | | 13,871,216 | |
SKF AB Class B | | | 408,457 | | | | 10,082,307 | |
| | | | | | | | |
| | | | | | | 23,953,523 | |
| |
MINING — 1.24% | | | | | |
Boliden AB | | | 285,292 | | | | 4,859,989 | |
| | | | | | | | |
| | | | | | | 4,859,989 | |
| |
OIL & GAS — 1.34% | | | | | |
Lundin Petroleum ABa | | | 230,874 | | | | 5,261,871 | |
| | | | | | | | |
| | | | | | | 5,261,871 | |
| |
RETAIL — 9.03% | | | | | |
Hennes & Mauritz AB Class B | | | 985,320 | | | | 35,480,998 | |
| | | | | | | | |
| | | | | | | 35,480,998 | |
| |
TELECOMMUNICATIONS — 16.36% | | | | | |
Millicom International Cellular SA SDR | | | 65,527 | | | | 5,159,406 | |
Tele2 AB Class B | | | 328,440 | | | | 5,248,518 | |
Telefonaktiebolaget LM Ericsson Class B | | | 3,158,498 | | | | 38,442,971 | |
TeliaSonera AB | | | 2,244,501 | | | | 15,454,341 | |
| | | | | | | | |
| | | | | | | 64,305,236 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $380,773,698) | | | | | | | 392,888,425 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 45 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SWEDEN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.00% | | | | | |
| |
MONEY MARKET FUNDS — 0.00% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares 0.04%b,c | | | 12,420 | | | $ | 12,420 | |
| | | | | | | | |
| | | | | | | 12,420 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $12,420) | | | | | | | 12,420 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.99% | | | | | | | | |
(Cost: $380,786,118) | | | | | | | 392,900,845 | |
Other Assets, Less Liabilities — 0.01% | | | | | | | 52,677 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 392,953,522 | |
| | | | | | | | |
| 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.
| | |
| 46 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI SWITZERLAND CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.88% | |
| |
BANKS — 8.10% | | | | | |
Banque Cantonale Vaudoise Registered | | | 4,807 | | | $ | 2,750,684 | |
Credit Suisse Group AG Registered | | | 946,352 | | | | 25,463,886 | |
UBS AG Registereda | | | 2,082,894 | | | | 33,100,426 | |
| | | | | | | | |
| | | | | | | 61,314,996 | |
BUILDING MATERIALS — 4.07% | | | | | |
Geberit AG Registereda | | | 36,784 | | | | 8,931,906 | |
Holcim Ltd. Registereda | | | 196,878 | | | | 15,981,042 | |
Sika AG Bearer | | | 2,347 | | | | 5,849,895 | |
| | | | | | | | |
| | | | | | | 30,762,843 | |
CHEMICALS — 6.19% | | | | | |
EMS-Chemie Holding AG Registered | | | 6,270 | | | | 1,775,447 | |
Givaudan SA Registereda | | | 7,920 | | | | 9,505,358 | |
Lonza Group AG Registereda | | | 68,970 | | | | 4,327,254 | |
Syngenta AG Registered | | | 73,150 | | | | 31,205,546 | |
| | | | | | | | |
| | | | | | | 46,813,605 | |
COMMERCIAL SERVICES — 2.67% | | | | | |
Adecco SA Registereda | | | 132,088 | | | | 7,565,478 | |
SGS SA Registered | | | 4,940 | | | | 12,609,387 | |
| | | | | | | | |
| | | | | | | 20,174,865 | |
DIVERSIFIED FINANCIAL SERVICES — 1.60% | | | | | |
Julius Baer Group Ltd.a | | | 215,270 | | | | 8,193,732 | |
Partners Group Holding AG | | | 16,929 | | | | 3,929,298 | |
| | | | | | | | |
| | | | | | | 12,123,030 | |
ENGINEERING & CONSTRUCTION — 4.42% | | | | | |
ABB Ltd. Registereda | | | 1,457,148 | | | | 33,430,710 | |
| | | | | | | | |
| | | | | | | 33,430,710 | |
FOOD — 21.66% | | | | | |
Aryzta AGa | | | 100,320 | | | | 5,788,933 | |
Barry Callebaut AG Registereda | | | 2,806 | | | | 2,751,275 | |
Lindt & Spruengli AG Participation Certificatesa | | | 1,254 | | | | 4,547,295 | |
Lindt & Spruengli AG Registereda | | | 133 | | | | 5,700,102 | |
Nestle SA Registered | | | 2,067,637 | | | | 145,124,543 | |
| | | | | | | | |
| | | | | | | 163,912,148 | |
HAND & MACHINE TOOLS — 1.65% | | | | | |
Schindler Holding AG Participation Certificates | | | 50,160 | | | | 7,804,578 | |
Schindler Holding AG Registered | | | 30,723 | | | | 4,642,030 | |
| | | | | | | | |
| | | | | | | 12,446,608 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HEALTH CARE — PRODUCTS — 0.82% | | | | | |
Sonova Holding AG Registereda | | | 51,623 | | | $ | 6,206,709 | |
| | | | | | | | |
| | | | | | | 6,206,709 | |
HOLDING COMPANIES — DIVERSIFIED — 0.41% | | | | | |
Pargesa Holding SA Bearer | | | 43,681 | | | | 3,133,779 | |
| | | | | | | | |
| | | | | | | 3,133,779 | |
INSURANCE — 8.56% | | | | | |
Baloise Holding AG Registered | | | 56,430 | | | | 5,085,473 | |
Swiss Life Holding AG Registereda | | | 36,366 | | | | 5,993,453 | |
Swiss Re AGa | | | 280,060 | | | | 22,493,031 | |
Zurich Insurance Group AGa | | | 113,487 | | | | 31,193,116 | |
| | | | | | | | |
| | | | | | | 64,765,073 | |
MANUFACTURING — 0.71% | | | | | |
Sulzer AG Registered | | | 30,723 | | | | 5,402,534 | |
| | | | | | | | |
| | | | | | | 5,402,534 | |
OIL & GAS — 2.00% | | | | | |
Transocean Ltd. | | | 286,330 | | | | 15,132,657 | |
| | | | | | | | |
| | | | | | | 15,132,657 | |
PHARMACEUTICALS — 26.25% | | | | | |
Actelion Ltd. Registereda | | | 125,818 | | | | 6,520,101 | |
Novartis AG Registered | | | 1,386,088 | | | | 94,539,757 | |
Roche Holding AG Genusschein | | | 424,270 | | | | 97,611,197 | |
| | | | | | | | |
| | | | | | | 198,671,055 | |
REAL ESTATE — 0.61% | | | | | |
Swiss Prime Site AG Registereda | | | 57,475 | | | | 4,634,584 | |
| | | | | | | | |
| | | | | | | 4,634,584 | |
RETAIL — 7.06% | | | | | |
Compagnie Financiere Richemont SA Class A Bearer | | | 405,669 | | | | 32,755,207 | |
Swatch Group AG (The) Bearer | | | 26,334 | | | | 15,040,744 | |
Swatch Group AG (The) Registered | | | 54,758 | | | | 5,589,048 | |
| | | | | | | | |
| | | | | | | 53,384,999 | |
TELECOMMUNICATIONS — 1.30% | | | | | |
Swisscom AG Registered | | | 21,527 | | | | 9,836,169 | |
| | | | | | | | |
| | | | | | | 9,836,169 | |
TRANSPORTATION — 0.80% | | | | | |
Kuehne & Nagel International AG Registered | | | 52,668 | | | | 6,084,023 | |
| | | | | | | | |
| | | | | | | 6,084,023 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $632,273,606) | | | | 748,230,387 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 47 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SWITZERLAND CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.00% | |
| |
MONEY MARKET FUNDS — 0.00% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%b,c | | | 3,516 | | | $ | 3,516 | |
| | | | | | | | |
| | | | | | | 3,516 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $3,516) | | | | 3,516 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 98.88% | | | | 748,233,903 | |
(Cost: $632,277,122) | | | | | |
Other Assets, Less Liabilities — 1.12% | | | | 8,473,946 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 756,707,849 | |
| | | | | | | | |
| 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.
| | |
| 48 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.42% | |
| |
ADVERTISING — 0.81% | | | | | |
WPP PLC | | | 728,617 | | | $ | 11,657,288 | |
| | | | | | | | |
| | | | | | | 11,657,288 | |
AEROSPACE & DEFENSE — 2.24% | | | | | |
BAE Systems PLC | | | 1,874,274 | | | | 10,102,791 | |
Cobham PLC | | | 623,555 | | | | 2,190,260 | |
Meggitt PLC | | | 452,328 | | | | 3,121,336 | |
Rolls-Royce Holdings PLCa | | | 1,079,893 | | | | 16,851,224 | |
| | | | | | | | |
| | | | | | | 32,265,611 | |
AGRICULTURE — 5.47% | | | | | |
British American Tobacco PLC | | | 1,115,181 | | | | 58,138,858 | |
Imperial Tobacco Group PLC | | | 569,821 | | | | 20,672,546 | |
| | | | | | | | |
| | | | | | | 78,811,404 | |
APPAREL — 0.37% | | | | | |
Burberry Group PLC | | | 254,234 | | | | 5,310,185 | |
| | | | | | | | |
| | | | | | | 5,310,185 | |
AUTO PARTS & EQUIPMENT — 0.27% | | | | | |
GKN PLC | | | 939,944 | | | | 3,895,133 | |
| | | | | | | | |
| | | | | | | 3,895,133 | |
BANKS — 14.78% | | | | | |
Barclays PLC | | | 6,707,126 | | | | 31,255,932 | |
HSBC Holdings PLC | | | 10,598,831 | | | | 117,671,297 | |
Lloyds Banking Group PLCa | | | 24,327,467 | | | | 20,114,622 | |
Royal Bank of Scotland Group PLCa | | | 1,223,451 | | | | 6,015,270 | |
Standard Chartered PLC | | | 1,387,059 | | | | 37,814,546 | |
| | | | | | | | |
| | | | | | | 212,871,667 | |
BEVERAGES — 4.92% | | | | | |
Diageo PLC | | | 1,445,204 | | | | 43,436,214 | |
SABMiller PLC | | | 551,776 | | | | 27,447,125 | |
| | | | | | | | |
| | | | | | | 70,883,339 | |
CHEMICALS — 0.50% | | | | | |
Croda International PLC | | | 77,794 | | | | 3,060,827 | |
Johnson Matthey PLC | | | 118,696 | | | | 4,144,017 | |
| | | | | | | | |
| | | | | | | 7,204,844 | |
COMMERCIAL SERVICES — 2.52% | | | | | |
Aggreko PLC | | | 155,187 | | | | 3,995,202 | |
Babcock International Group PLC | | | 208,119 | | | | 3,389,761 | |
Bunzl PLC | | | 191,678 | | | | 3,668,977 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Capita PLC | | | 376,940 | | | $ | 4,711,872 | |
Experian PLC | | | 581,851 | | | | 9,662,438 | |
G4S PLC | | | 814,431 | | | | 3,586,407 | |
Intertek Group PLC | | | 93,032 | | | | 4,715,268 | |
Serco Group PLC | | | 288,720 | | | | 2,500,289 | |
| | | | | | | | |
| | | | | | | 36,230,214 | |
DISTRIBUTION & WHOLESALE — 0.52% | | | | | |
Wolseley PLC | | | 158,395 | | | | 7,470,339 | |
| | | | | | | | |
| | | | | | | 7,470,339 | |
DIVERSIFIED FINANCIAL SERVICES — 1.50% | | | | | |
Aberdeen Asset Management PLC | | | 499,245 | | | | 3,257,908 | |
Hargreaves Lansdown PLC | | | 137,142 | | | | 1,804,875 | |
ICAP PLC | | | 314,785 | | | | 1,591,167 | |
Investec PLC | | | 314,785 | | | | 2,290,708 | |
London Stock Exchange Group PLC | | | 101,854 | | | | 2,062,488 | |
Old Mutual PLC | | | 2,823,441 | | | | 8,678,834 | |
Schroders PLC | | | 65,363 | | | | 1,976,419 | |
| | | | | | | | |
| | | | | | | 21,662,399 | |
ELECTRIC — 0.83% | | | | | |
SSE PLC | | | 546,162 | | | | 11,988,018 | |
| | | | | | | | |
| | | | | | | 11,988,018 | |
ENGINEERING & CONSTRUCTION — 0.12% | | | | | |
Balfour Beatty PLC | | | 395,787 | | | | 1,714,641 | |
| | | | | | | | |
| | | | | | | 1,714,641 | |
FOOD — 5.10% | | | | | |
Associated British Foods PLC | | | 205,312 | | | | 5,771,822 | |
J Sainsbury PLC | | | 708,166 | | | | 3,717,215 | |
Tate & Lyle PLC | | | 269,472 | | | | 3,323,492 | |
Tesco PLC | | | 4,635,560 | | | | 26,007,091 | |
Unilever PLC | | | 740,246 | | | | 29,529,701 | |
Wm Morrison Supermarkets PLC | | | 1,300,042 | | | | 5,122,945 | |
| | | | | | | | |
| | | | | | | 73,472,266 | |
FOOD SERVICE — 0.90% | | | | | |
Compass Group PLC | | | 1,064,655 | | | | 12,936,829 | |
| | | | | | | | |
| | | | | | | 12,936,829 | |
GAS — 2.72% | | | | | |
Centrica PLC | | | 2,993,866 | | | | 16,001,327 | |
National Grid PLC | | | 2,097,230 | | | | 23,223,570 | |
| | | | | | | | |
| | | | | | | 39,224,897 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 49 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HEALTH CARE — PRODUCTS — 0.39% | | | | | |
Smith & Nephew PLC | | | 520,498 | | | $ | 5,585,938 | |
| | | | | | | | |
| | | | | | | 5,585,938 | |
HOUSEHOLD PRODUCTS & WARES — 1.74% | | | | | |
Reckitt Benckiser Group PLC | | | 373,732 | | | | 25,126,013 | |
| | | | | | | | |
| | | | | | | 25,126,013 | |
INSURANCE — 3.88% | | | | | |
Admiral Group PLC | | | 117,894 | | | | 2,238,755 | |
Aviva PLC | | | 1,689,012 | | | | 9,147,769 | |
Legal & General Group PLC | | | 3,407,698 | | | | 8,281,520 | |
Prudential PLC | | | 1,474,878 | | | | 21,973,742 | |
Resolution Ltd. | | | 804,807 | | | | 3,190,969 | |
RSA Insurance Group PLC | | | 2,050,313 | | | | 3,756,514 | |
Standard Life PLC | | | 1,360,593 | | | | 7,280,228 | |
| | | | | | | | |
| | | | | | | 55,869,497 | |
IRON & STEEL — 0.05% | | | | | |
Evraz PLC | | | 186,064 | | | | 770,768 | |
| | | | | | | | |
| | | | | | | 770,768 | |
LEISURE TIME — 0.36% | | | | | |
Carnival PLC | | | 105,463 | | | | 3,966,971 | |
TUI Travel PLC | | | 258,244 | | | | 1,243,821 | |
| | | | | | | | |
| | | | | | | 5,210,792 | |
LODGING — 0.59% | | | | | |
InterContinental Hotels Group PLC | | | 157,192 | | | | 4,566,989 | |
Whitbread PLC | | | 103,057 | | | | 3,946,866 | |
| | | | | | | | |
| | | | | | | 8,513,855 | |
MACHINERY — 0.30% | | | | | |
Weir Group PLC (The) | | | 122,706 | | | | 4,365,973 | |
| | | | | | | | |
| | | | | | | 4,365,973 | |
MANUFACTURING — 0.91% | | | | | |
IMI PLC | | | 184,460 | | | | 3,424,414 | |
Invensys PLC | | | 471,175 | | | | 2,561,204 | |
Melrose Industries PLC | | | 690,522 | | | | 2,711,637 | |
Smiths Group PLC | | | 226,966 | | | | 4,344,437 | |
| | | | | | | | |
| | | | | | | 13,041,692 | |
MEDIA — 1.93% | | | | | |
British Sky Broadcasting Group PLC | | | 615,134 | | | | 7,941,484 | |
ITV PLC | | | 2,139,736 | | | | 4,034,033 | |
Pearson PLC | | | 470,774 | | | | 8,253,764 | |
Reed Elsevier PLC | | | 698,542 | | | | 7,517,897 | |
| | | | | | | | |
| | | | | | | 27,747,178 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MINING — 10.52% | | | | | |
Anglo American PLC | | | 801,198 | | | $ | 23,374,959 | |
Antofagasta PLC | | | 227,768 | | | | 3,778,944 | |
BHP Billiton PLC | | | 1,217,436 | | | | 38,604,879 | |
Eurasian Natural Resources Corp. | | | 149,974 | | | | 770,378 | |
Fresnillo PLC | | | 103,859 | | | | 2,448,348 | |
Glencore International PLC | | | 2,244,397 | | | | 13,201,674 | |
Kazakhmys PLC | | | 120,300 | | | | 1,130,352 | |
Randgold Resources Ltd. | | | 50,125 | | | | 4,173,387 | |
Rio Tinto PLC | | | 773,128 | | | | 41,556,116 | |
Vedanta Resources PLC | | | 62,155 | | | | 1,109,535 | |
Xstrata PLC | | | 1,211,421 | | | | 21,376,947 | |
| | | | | | | | |
| | | | | | | 151,525,519 | |
OIL & GAS — 16.70% | | | | | |
BG Group PLC | | | 1,958,484 | | | | 34,648,938 | |
BP PLC | | | 10,976,573 | | | | 74,262,065 | |
Royal Dutch Shell PLC Class A | | | 2,150,964 | | | | 70,851,735 | |
Royal Dutch Shell PLC Class B | | | 1,514,577 | | | | 51,119,442 | |
Tullow Oil PLC | | | 522,904 | | | | 9,636,033 | |
| | | | | | | | |
| | | | | | | 240,518,213 | |
OIL & GAS SERVICES — 0.43% | | | | | |
AMEC PLC | | | 177,643 | | | | 2,815,181 | |
Petrofac Ltd. | | | 149,974 | | | | 3,310,076 | |
| | | | | | | | |
| | | | | | | 6,125,257 | |
PACKAGING & CONTAINERS — 0.25% | | | | | |
Rexam PLC | | | 456,338 | | | | 3,563,934 | |
| | | | | | | | |
| | | | | | | 3,563,934 | |
PHARMACEUTICALS — 7.32% | | | | | |
AstraZeneca PLC | | | 719,394 | | | | 32,710,995 | |
GlaxoSmithKline PLC | | | 2,832,664 | | | | 62,605,725 | |
Shire PLC | | | 323,607 | | | | 10,143,681 | |
| | | | | | | | |
| | | | | | | 105,460,401 | |
REAL ESTATE INVESTMENT TRUSTS — 1.13% | | | | | |
British Land Co. PLC | | | 487,215 | | | | 4,197,050 | |
Capital Shopping Centres Group PLC | | | 326,414 | | | | 1,648,463 | |
Hammerson PLC | | | 412,228 | | | | 3,093,667 | |
Land Securities Group PLC | | | 451,125 | | | | 5,680,295 | |
SEGRO PLC | | | 427,065 | | | | 1,658,906 | |
| | | | | | | | |
| | | | | | | 16,278,381 | |
| | |
| 50 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI UNITED KINGDOM INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RETAIL — 1.17% | | | | | |
Kingfisher PLC | | | 1,365,004 | | | $ | 5,739,464 | |
Marks & Spencer Group PLC | | | 926,310 | | | | 5,220,822 | |
Next PLC | | | 93,433 | | | | 5,955,302 | |
| | | | | | | | |
| | | | | | | 16,915,588 | |
SEMICONDUCTORS — 0.80% | | | | | |
ARM Holdings PLC | | | 794,782 | | | | 11,521,500 | |
| | | | | | | | |
| | | | | | | 11,521,500 | |
SOFTWARE — 0.25% | | | | | |
Sage Group PLC (The) | | | 710,572 | | | | 3,667,285 | |
| | | | | | | | |
| | | | | | | 3,667,285 | |
TELECOMMUNICATIONS — 6.40% | | | | | |
BT Group PLC | | | 4,537,716 | | | | 18,439,252 | |
Inmarsat PLC | | | 259,046 | | | | 2,561,822 | |
Vodafone Group PLC | | | 28,345,888 | | | | 71,232,284 | |
| | | | | | | | |
| | | | | | | 92,233,358 | |
VENTURE CAPITAL — 0.19% | | | | | |
3i Group PLC | | | 561,400 | | | | 2,730,376 | |
| | | | | | | | |
| | | | | | | 2,730,376 | |
WATER — 0.54% | | | | | |
Severn Trent PLC | | | 137,543 | | | | 3,380,204 | |
United Utilities Group PLC | | | 393,381 | | | | 4,400,870 | |
| | | | | | | | |
| | | | | | | 7,781,074 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $1,434,502,150) | | | | 1,432,151,666 | |
|
SHORT-TERM INVESTMENTS — 0.00% | |
| |
MONEY MARKET FUNDS — 0.00% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%b,c | | | 71,095 | | | | 71,095 | |
| | | | | | | | |
| | | | | | | 71,095 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $71,095) | | | | 71,095 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.42% | | | | | |
(Cost: $1,434,573,245) | | | | 1,432,222,761 | |
Other Assets, Less Liabilities — 0.58% | | | | 8,314,097 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 1,440,536,858 | |
| | | | | | | | |
| 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. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of
Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 80 | | | FTSE 100 Index (Mar. 2013) | | NYSE Liffe London | | | $7,721,511 | | | | $448,061 | |
| | | | | | | | | | | | | | | |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 51 | |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
Austria Capped
Investable Market
Index Fund | | | iShares MSCI
Belgium Capped
Investable Market
Index Fund | | | iShares MSCI
Emerging Markets
Eastern Europe
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 138,915,015 | | | $ | 61,357,839 | | | $ | 30,181,406 | |
Affiliated (Note 2) | | | 2,045,243 | | | | 488,451 | | | | 3,799 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 140,960,258 | | | $ | 61,846,290 | | | $ | 30,185,205 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 107,984,037 | | | $ | 59,923,571 | | | $ | 24,693,120 | |
Affiliated (Note 2) | | | 2,045,243 | | | | 488,451 | | | | 3,799 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 110,029,280 | | | | 60,412,022 | | | | 24,696,919 | |
Foreign currencies, at valueb | | | 152,223 | | | | 27,731 | | | | 17,927 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 1,557,085 | | | | 1,072,466 | | | | 177,719 | |
Due from custodian (Note 4) | | | — | | | | — | | | | 217,936 | |
Dividends and interest | | | 597,390 | | | | 43,772 | | | | 1,501 | |
| | | | | | | | | | | | |
Total Assets | | | 112,335,978 | | | | 61,555,991 | | | | 25,112,002 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 1,556,983 | | | | 1,027,064 | | | | 373,548 | |
Collateral for securities on loan (Note 5) | | | 2,044,849 | | | | 471,666 | | | | — | |
Capital shares redeemed | | | 22,943 | | | | 2,011 | | | | — | |
Securities related to in-kind transactions (Note 4) | | | — | | | | — | | | | 11,115 | |
Investment advisory fees (Note 2) | | | 46,904 | | | | 23,511 | | | | 12,701 | |
| | | | | | | | | | | | |
Total Liabilities | | | 3,671,679 | | | | 1,524,252 | | | | 397,364 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 108,664,299 | | | $ | 60,031,739 | | | $ | 24,714,638 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 212,196,942 | | | $ | 112,298,344 | | | $ | 32,820,279 | |
Distributions in excess of net investment income | | | (350,273 | ) | | | (38,235 | ) | | | (30,497 | ) |
Accumulated net realized loss | | | (72,219,049 | ) | | | (50,792,656 | ) | | | (2,586,651 | ) |
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | | | (30,963,321 | ) | | | (1,435,714 | ) | | | (5,488,493 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 108,664,299 | | | $ | 60,031,739 | | | $ | 24,714,638 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 6,000,000 | | | | 4,200,000 | | | | 950,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 18.11 | | | $ | 14.29 | | | $ | 26.02 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $1,945,363, $440,204 and $ —, respectively. See Note 5. |
| b | Cost of foreign currencies: $152,373, $28,583 and $18,285, respectively. |
| c | $0.001 par value, number of shares authorized: 100 million, 136.2 million and 200 million, respectively. |
See notes to financial statements.
| | |
| 52 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
EMU
Index Fund | | |
iShares MSCI
France
Index Fund | | | iShares MSCI
Germany
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 2,593,888,644 | | | $ | 517,768,838 | | | $ | 3,688,335,039 | |
Affiliated (Note 2) | | | 17,321,174 | | | | 814,865 | | | | 8,180,312 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 2,611,209,818 | | | $ | 518,583,703 | | | $ | 3,696,515,351 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 2,375,502,410 | | | $ | 466,088,656 | | | $ | 3,551,761,748 | |
Affiliated (Note 2) | | | 17,321,174 | | | | 814,865 | | | | 8,180,312 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 2,392,823,584 | | | | 466,903,521 | | | | 3,559,942,060 | |
Foreign currencies, at valueb | | | 3,744,631 | | | | 397,815 | | | | 6,277,590 | |
Foreign currency pledged to broker, at valueb | | | — | | | | — | | | | 1,386,606 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 10,569,208 | | | | 1,866,406 | | | | 5,732,244 | |
Dividends and interest | | | 1,034,835 | | | | 1,584 | | | | 8,781,609 | |
Futures variation margin | | | — | | | | — | | | | 234,506 | |
| | | | | | | | | | | | |
Total Assets | | | 2,408,172,258 | | | | 469,169,326 | | | | 3,582,354,615 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 10,801,484 | | | | 1,935,779 | | | | 7,751,398 | |
Collateral for securities on loan (Note 5) | | | 17,151,427 | | | | 807,035 | | | | 8,000,000 | |
Capital shares redeemed | | | 198,824 | | | | — | | | | 403,549 | |
Investment advisory fees (Note 2) | | | 959,820 | | | | 182,648 | | | | 1,482,170 | |
| | | | | | | | | | | | |
Total Liabilities | | | 29,111,555 | | | | 2,925,462 | | | | 17,637,117 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 2,379,060,703 | | | $ | 466,243,864 | | | $ | 3,564,717,498 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 2,789,513,164 | | | $ | 553,831,918 | | | $ | 3,786,593,636 | |
Undistributed (distributions in excess of) net investment income | | | 1,411,293 | | | | (377,966 | ) | | | 2,955,227 | |
Accumulated net realized loss | | | (193,373,977 | ) | | | (35,520,853 | ) | | | (87,900,074 | ) |
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | | | (218,489,777 | ) | | | (51,689,235 | ) | | | (136,931,291 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 2,379,060,703 | | | $ | 466,243,864 | | | $ | 3,564,717,498 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 71,600,000 | | | | 19,800,000 | | | | 144,300,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 33.23 | | | $ | 23.55 | | | $ | 24.70 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $16,262,334, $767,860 and $7,445,912, respectively. See Note 5. |
| b | Cost of foreign currencies including currency at broker, if any: $3,833,055, $406,869 and $7,821,144, 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.
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
Italy Capped
Index Fund | | | iShares MSCI
Netherlands
Investable Market
Index Fund | | | iShares MSCI
Spain Capped
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 574,706,251 | | | $ | 170,546,387 | | | $ | 308,470,784 | |
Affiliated (Note 2) | | | 34,027,150 | | | | 637,567 | | | | 4,740,624 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 608,733,401 | | | $ | 171,183,954 | | | $ | 313,211,408 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 551,218,245 | | | $ | 148,991,686 | | | $ | 284,126,866 | |
Affiliated (Note 2) | | | 34,027,150 | | | | 637,567 | | | | 4,740,624 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 585,245,395 | | | | 149,629,253 | | | | 288,867,490 | |
Foreign currencies, at valueb | | | 396,127 | | | | 131,639 | | | | 304,366 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 21,708,236 | | | | 1,791,972 | | | | 6,412,520 | |
Dividends and interest | | | 26,433 | | | | 238,552 | | | | 29,817 | |
Capital shares sold | | | 3,545 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 607,379,736 | | | | 151,791,416 | | | | 295,614,193 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 21,572,405 | | | | 1,771,335 | | | | 6,542,939 | |
Collateral for securities on loan (Note 5) | | | 33,889,665 | | | | 633,447 | | | | 4,683,207 | |
Capital shares redeemed | | | — | | | | 16,354 | | | | — | |
Investment advisory fees (Note 2) | | | 222,865 | | | | 64,293 | | | | 108,071 | |
| | | | | | | | | | | | |
Total Liabilities | | | 55,684,935 | | | | 2,485,429 | | | | 11,334,217 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 551,694,801 | | | $ | 149,305,987 | | | $ | 284,279,976 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 679,647,987 | | | $ | 209,296,027 | | | $ | 402,984,096 | |
Undistributed (distributions in excess of) net investment income | | | (574,082 | ) | | | 70,069 | | | | 2,505,315 | |
Accumulated net realized loss | | | (103,883,259 | ) | | | (38,493,249 | ) | | | (96,858,740 | ) |
Net unrealized depreciation on investments and translation of assets and liabilities in foreign currencies | | | (23,495,845 | ) | | | (21,566,860 | ) | | | (24,350,695 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 551,694,801 | | | $ | 149,305,987 | | | $ | 284,279,976 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 44,100,000 | | | | 7,350,000 | | | | 9,450,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 12.51 | | | $ | 20.31 | | | $ | 30.08 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $31,879,020, $600,076 and $4,383,369, respectively. See Note 5. |
| b | Cost of foreign currencies: $404,247, $135,294 and $310,756, 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.
| | |
| 54 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
Sweden
Index Fund | | | iShares MSCI
Switzerland Capped
Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 380,773,698 | | | $ | 632,273,606 | | | $ | 1,434,502,150 | |
Affiliated (Note 2) | | | 12,420 | | | | 3,516 | | | | 71,095 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 380,786,118 | | | $ | 632,277,122 | | | $ | 1,434,573,245 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 392,888,425 | | | $ | 748,230,387 | | | $ | 1,432,151,666 | |
Affiliated (Note 2) | | | 12,420 | | | | 3,516 | | | | 71,095 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 392,900,845 | | | | 748,233,903 | | | | 1,432,222,761 | |
Foreign currencies, at valuea | | | 133,514 | | | | 5,532 | | | | 1,816,908 | |
Foreign currency pledged to broker, at valuea | | | — | | | | — | | | | 115,130 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 1,966,656 | | | | 4,454,929 | | | | 1,340,616 | |
Dividends and interest | | | — | | | | 7,822,436 | | | | 6,520,854 | |
Futures variation margin | | | — | | | | — | | | | 448,061 | |
| | | | | | | | | | | | |
Total Assets | | | 395,001,015 | | | | 760,516,800 | | | | 1,442,464,330 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 1,893,494 | | | | 3,514,719 | | | | 1,362,114 | |
Investment advisory fees (Note 2) | | | 153,999 | | | | 294,232 | | | | 565,358 | |
| | | | | | | | | | | | |
Total Liabilities | | | 2,047,493 | | | | 3,808,951 | | | | 1,927,472 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 392,953,522 | | | $ | 756,707,849 | | | $ | 1,440,536,858 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 420,786,976 | | | $ | 678,644,730 | | | $ | 1,608,102,724 | |
Undistributed (distributions in excess of) net investment income | | | (749,444 | ) | | | 1,250,115 | | | | 6,059,879 | |
Accumulated net realized loss | | | (39,203,584 | ) | | | (39,253,448 | ) | | | (171,612,075 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 12,119,574 | | | | 116,066,452 | | | | (2,013,670 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 392,953,522 | | | $ | 756,707,849 | | | $ | 1,440,536,858 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingb | | | 12,075,000 | | | | 26,125,000 | | | | 80,200,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 32.54 | | | $ | 28.96 | | | $ | 17.96 | |
| | | | | | | | | | | | |
| a | Cost of foreign currencies including currency at broker, if any: $128,667, $5,598 and $1,980,455, respectively. |
| b | $0.001 par value, number of shares authorized: 63.6 million, 318.625 million and 934.2 million, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
Austria Capped
Investable Market
Index Fund | | | iShares MSCI
Belgium Capped
Investable Market
Index Fund | | | iShares MSCI
Emerging Markets
Eastern Europe
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 342,721 | | | $ | 162,092 | | | $ | 72,950 | |
Interest — affiliated (Note 2) | | | 25 | | | | 10 | | | | 12 | |
Securities lending income — affiliated (Note 2) | | | 5,072 | | | | 2,886 | | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 347,818 | | | | 164,988 | | | | 72,962 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 230,171 | | | | 113,491 | | | | 67,492 | |
| | | | | | | | | | | | |
Total expenses | | | 230,171 | | | | 113,491 | | | | 67,492 | |
| | | | | | | | | | | | |
Net investment income | | | 117,647 | | | | 51,497 | | | | 5,470 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (11,733,692 | ) | | | (7,317,228 | ) | | | (331,493 | ) |
In-kind redemptions — unaffiliated | | | 4,675,664 | | | | 154,799 | | | | (954,687 | ) |
Foreign currency transactions | | | 6,519 | | | | 4,415 | | | | 6,158 | |
| | | | | | | | | | | | |
Net realized loss | | | (7,051,509 | ) | | | (7,158,014 | ) | | | (1,280,022 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 24,399,502 | | | | 15,329,032 | | | | 2,392,512 | |
Translation of assets and liabilities in foreign currencies | | | 20,302 | | | | 418 | | | | (462 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 24,419,804 | | | | 15,329,450 | | | | 2,392,050 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 17,368,295 | | | | 8,171,436 | | | | 1,112,028 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 17,485,942 | | | $ | 8,222,933 | | | $ | 1,117,498 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $18,083, $28,605 and $12,141, respectively. |
See notes to financial statements.
| | |
| 56 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
EMU
Index Fund | | | iShares MSCI
France
Index Fund | | | iShares MSCI
Germany
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 12,756,775 | | | $ | 2,985,422 | | | $ | 12,313,864 | |
Interest — affiliated (Note 2) | | | 499 | | | | 69 | | | | 417 | |
Securities lending income — affiliated (Note 2) | | | 197,729 | | | | 7,638 | | | | 80,211 | |
| | | | | | | | | | | | |
Total investment income | | | 12,955,003 | | | | 2,993,129 | | | | 12,394,492 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 4,622,868 | | | | 1,122,425 | | | | 9,439,265 | |
| | | | | | | | | | | | |
Total expenses | | | 4,622,868 | | | | 1,122,425 | | | | 9,439,265 | |
| | | | | | | | | | | | |
Net investment income | | | 8,332,135 | | | | 1,870,704 | | | | 2,955,227 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (25,144,650 | ) | | | (8,318,344 | ) | | | (15,035,662 | ) |
In-kind redemptions — unaffiliated | | | 21,139,053 | | | | — | | | | 115,501,762 | |
Futures contracts | | | — | | | | — | | | | 3,336,057 | |
Foreign currency transactions | | | 153,475 | | | | 41,359 | | | | 441,610 | |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (3,852,122 | ) | | | (8,276,985 | ) | | | 104,243,767 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 179,908,333 | | | | 63,916,311 | | | | 407,734,113 | |
Futures contracts | | | — | | | | — | | | | (1,397,952 | ) |
Translation of assets and liabilities in foreign currencies | | | (89,167 | ) | | | (21,095 | ) | | | 266,838 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 179,819,166 | | | | 63,895,216 | | | | 406,602,999 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 175,967,044 | | | | 55,618,231 | | | | 510,846,766 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 184,299,179 | | | $ | 57,488,935 | | | $ | 513,801,993 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $1,594,006, $522,001 and $2,051,953, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
Italy Capped
Index Fund | | | iShares MSCI
Netherlands
Investable Market
Index Fund | | | iShares MSCI
Spain Capped
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 2,096,018 | | | $ | 490,237 | | | $ | 5,504,856 | |
Interest — affiliated (Note 2) | | | 86 | | | | 24 | | | | 142 | |
Securities lending income — affiliated (Note 2) | | | 35,691 | | | | 3,084 | | | | 214,252 | |
| | | | | | | | | | | | |
Total investment income | | | 2,131,795 | | | | 493,345 | | | | 5,719,250 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 903,928 | | | | 318,696 | | | | 590,581 | |
| | | | | | | | | | | | |
Total expenses | | | 903,928 | | | | 318,696 | | | | 590,581 | |
| | | | | | | | | | | | |
Net investment income | | | 1,227,867 | | | | 174,649 | | | | 5,128,669 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (52,437,263 | ) | | | (892,079 | ) | | | (50,881,051 | ) |
In-kind redemptions — unaffiliated | | | 16,410,967 | | | | 2,762,062 | | | | 14,010,640 | |
Foreign currency transactions | | | 19,237 | | | | 25,458 | | | | 93,993 | |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (36,007,059 | ) | | | 1,895,441 | | | | (36,776,418 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 28,974,546 | | | | 9,463,525 | | | | 62,983,693 | |
Translation of assets and liabilities in foreign currencies | | | (9,650 | ) | | | (15,580 | ) | | | (9,490 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 28,964,896 | | | | 9,447,945 | | | | 62,974,203 | |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | (7,042,163 | ) | | | 11,343,386 | | | | 26,197,785 | |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (5,814,296 | ) | | $ | 11,518,035 | | | $ | 31,326,454 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $353,180, $85,544 and $309,394, respectively. |
See notes to financial statements.
| | |
| 58 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
Sweden
Index Fund | | |
iShares MSCI
Switzerland Capped
Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 238,077 | | | $ | 3,047,782 | | | $ | 20,379,724 | |
Interest — unaffiliated | | | — | | | | — | | | | 2,736 | |
Interest — affiliated (Note 2) | | | 31 | | | | 84 | | | | 469 | |
Securities lending income — affiliated (Note 2) | | | 728 | | | | — | | | | 69,942 | |
| | | | | | | | | | | | |
Total investment income | | | 238,836 | | | | 3,047,866 | | | | 20,452,871 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 944,457 | | | | 1,707,897 | | | | 3,630,814 | |
| | | | | | | | | | | | |
Total expenses | | | 944,457 | | | | 1,707,897 | | | | 3,630,814 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | (705,621 | ) | | | 1,339,969 | | | | 16,822,057 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (4,080,863 | ) | | | (2,242,884 | ) | | | (16,566,495 | ) |
In-kind redemptions — unaffiliated | | | 6,220,543 | | | | 15,341,109 | | | | — | |
Futures contracts | | | — | | | | — | | | | 616,847 | |
Foreign currency transactions | | | 8,503 | | | | 17,254 | | | | 230,679 | |
| | | | | | | | | | | | |
Net realized gain (loss) | | | 2,148,183 | | | | 13,115,479 | | | | (15,718,969 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 63,212,551 | | | | 115,576,762 | | | | 103,083,808 | |
Futures contracts | | | — | | | | — | | | | 415,039 | |
Translation of assets and liabilities in foreign currencies | | | 632 | | | | 96,144 | | | | (255,423 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 63,213,183 | | | | 115,672,906 | | | | 103,243,424 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 65,361,366 | | | | 128,788,385 | | | | 87,524,455 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 64,655,745 | | | $ | 130,128,354 | | | $ | 104,346,512 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $42,014, $687,663 and $307,254, respectively. |
See notes to financial statements.
Statements of Changes in Net Assets
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares MSCI
Austria Capped
Investable Market
Index Fund | | | iShares MSCI
Belgium Capped
Investable Market
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 117,647 | | | $ | 1,549,161 | | | $ | 51,497 | | | $ | 841,677 | |
Net realized loss | | | (7,051,509 | ) | | | (40,973,628 | ) | | | (7,158,014 | ) | | | (3,945,237 | ) |
Net change in unrealized appreciation/depreciation | | | 24,419,804 | | | | 13,231,220 | | | | 15,329,450 | | | | 3,067,475 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 17,485,942 | | | | (26,193,247 | ) | | | 8,222,933 | | | | (36,085 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (467,647 | ) | | | (1,874,586 | ) | | | (85,655 | ) | | | (1,434,412 | ) |
Return of capital | | | — | | | | — | | | | — | | | | (27,668 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (467,647 | ) | | | (1,874,586 | ) | | | (85,655 | ) | | | (1,462,080 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 63,451,695 | | | | 30,854,845 | | | | 27,080,230 | | | | 3,661,417 | |
Cost of shares redeemed | | | (25,562,807 | ) | | | (86,004,103 | ) | | | (571,722 | ) | | | (8,033,134 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 37,888,888 | | | | (55,149,258 | ) | | | 26,508,508 | | | | (4,371,717 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 54,907,183 | | | | (83,217,091 | ) | | | 34,645,786 | | | | (5,869,882 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 53,757,116 | | | | 136,974,207 | | | | 25,385,953 | | | | 31,255,835 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 108,664,299 | | | $ | 53,757,116 | | | $ | 60,031,739 | | | $ | 25,385,953 | |
| | | | | | | | | | | | | | | | |
Distributions in excess of net investment income included in net assets at end of period | | $ | (350,273 | ) | | $ | (273 | ) | | $ | (38,235 | ) | | $ | (4,077 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 3,700,000 | | | | 1,900,000 | | | | 2,120,000 | | | | 320,000 | |
Shares redeemed | | | (1,400,000 | ) | | | (5,500,000 | ) | | | (40,000 | ) | | | (680,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,300,000 | | | | (3,600,000 | ) | | | 2,080,000 | | | | (360,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 60 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 5,470 | | | $ | 988,863 | | | $ | 8,332,135 | | | $ | 24,981,379 | |
Net realized loss | | | (1,280,022 | ) | | | (3,942,137 | ) | | | (3,852,122 | ) | | | (64,241,482 | ) |
Net change in unrealized appreciation/depreciation | | | 2,392,050 | | | | (1,763,369 | ) | | | 179,819,166 | | | | 3,598,710 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,117,498 | | | | (4,716,643 | ) | | | 184,299,179 | | | | (35,661,393 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (111,949 | ) | | | (999,697 | ) | | | (7,862,714 | ) | | | (26,115,000 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (111,949 | ) | | | (999,697 | ) | | | (7,862,714 | ) | | | (26,115,000 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 8,135,704 | | | | 3,811,852 | | | | 1,562,283,756 | | | | 423,843,438 | |
Cost of shares redeemed | | | (5,028,621 | ) | | | (9,705,031 | ) | | | (153,885,525 | ) | | | (306,073,712 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 3,107,083 | | | | (5,893,179 | ) | | | 1,408,398,231 | | | | 117,769,726 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 4,112,632 | | | | (11,609,519 | ) | | | 1,584,834,696 | | | | 55,993,333 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 20,602,006 | | | | 32,211,525 | | | | 794,226,007 | | | | 738,232,674 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 24,714,638 | | | $ | 20,602,006 | | | $ | 2,379,060,703 | | | $ | 794,226,007 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (30,497 | ) | | $ | 75,982 | | | $ | 1,411,293 | | | $ | 941,872 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 300,000 | | | | 150,000 | | | | 49,200,000 | | | | 14,700,000 | |
Shares redeemed | | | (200,000 | ) | | | (400,000 | ) | | | (4,900,000 | ) | | | (10,800,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 100,000 | | | | (250,000 | ) | | | 44,300,000 | | | | 3,900,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | | iShares MSCI
France
Index Fund | | | iShares MSCI
Germany
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,870,704 | | | $ | 8,469,659 | | | $ | 2,955,227 | | | $ | 72,991,703 | |
Net realized gain (loss) | | | (8,276,985 | ) | | | (46,840,141 | ) | | | 104,243,767 | | | | (23,203,349 | ) |
Net change in unrealized appreciation/depreciation | | | 63,895,216 | | | | 21,070,720 | | | | 406,602,999 | | | | 56,076,160 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 57,488,935 | | | | (17,299,762 | ) | | | 513,801,993 | | | | 105,864,514 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (2,200,542 | ) | | | (8,849,764 | ) | | | — | | | | (74,836,476 | ) |
Return of capital | | | — | | | | (2,754 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (2,200,542 | ) | | | (8,852,518 | ) | | | — | | | | (74,836,476 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 9,329,969 | | | | 407,882,087 | | | | 931,262,856 | | | | 1,528,900,109 | |
Cost of shares redeemed | | | — | | | | (337,241,789 | ) | | | (677,376,419 | ) | | | (1,531,070,466 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 9,329,969 | | | | 70,640,298 | | | | 253,886,437 | | | | (2,170,357 | ) |
| | | | | | | | | | | | | | | | |
INCREASE IN NET ASSETS | | | 64,618,362 | | | | 44,488,018 | | | | 767,688,430 | | | | 28,857,681 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 401,625,502 | | | | 357,137,484 | | | | 2,797,029,068 | | | | 2,768,171,387 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 466,243,864 | | | $ | 401,625,502 | | | $ | 3,564,717,498 | | | $ | 2,797,029,068 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (377,966 | ) | | $ | (48,128 | ) | | $ | 2,955,227 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 400,000 | | | | 21,000,000 | | | | 40,800,000 | | | | 72,900,000 | |
Shares redeemed | | | — | | | | (17,400,000 | ) | | | (27,600,000 | ) | | | (73,500,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 400,000 | | | | 3,600,000 | | | | 13,200,000 | | | | (600,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 62 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares MSCI
Italy Capped
Index Fund | | | iShares MSCI
Netherlands
Investable Market
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,227,867 | | | $ | 4,465,523 | | | $ | 174,649 | | | $ | 1,568,827 | |
Net realized gain (loss) | | | (36,007,059 | ) | | | (29,842,080 | ) | | | 1,895,441 | | | | (20,489,624 | ) |
Net change in unrealized appreciation/depreciation | | | 28,964,896 | | | | 14,197,991 | | | | 9,447,945 | | | | 16,001,368 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (5,814,296 | ) | | | (11,178,566 | ) | | | 11,518,035 | | | | (2,919,429 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (1,740,109 | ) | | | (4,578,996 | ) | | | (263,792 | ) | | | (1,910,545 | ) |
Return of capital | | | — | | | | (1,125 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (1,740,109 | ) | | | (4,580,121 | ) | | | (263,792 | ) | | | (1,910,545 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 457,253,170 | | | | 186,146,005 | | | | 74,025,936 | | | | 38,973,623 | |
Cost of shares redeemed | | | (94,215,716 | ) | | | (118,787,548 | ) | | | (14,370,733 | ) | | | (77,487,514 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 363,037,454 | | | | 67,358,457 | | | | 59,655,203 | | | | (38,513,891 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 355,483,049 | | | | 51,599,770 | | | | 70,909,446 | | | | (43,343,865 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 196,211,752 | | | | 144,611,982 | | | | 78,396,541 | | | | 121,740,406 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 551,694,801 | | | $ | 196,211,752 | | | $ | 149,305,987 | | | $ | 78,396,541 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (574,082 | ) | | $ | (61,840 | ) | | $ | 70,069 | | | $ | 159,212 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 34,650,000 | | | | 15,750,000 | | | | 3,750,000 | | | | 2,200,000 | |
Shares redeemed | | | (7,200,000 | ) | | | (9,750,000 | ) | | | (700,000 | ) | | | (4,500,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 27,450,000 | | | | 6,000,000 | | | | 3,050,000 | | | | (2,300,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | | iShares MSCI
Spain Capped
Index Fund | | | iShares MSCI
Sweden
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 5,128,669 | | | $ | 10,200,322 | | | $ | (705,621 | ) | | $ | 9,806,343 | |
Net realized gain (loss) | | | (36,776,418 | ) | | | (55,320,695 | ) | | | 2,148,183 | | | | (18,580,006 | ) |
Net change in unrealized appreciation/depreciation | | | 62,974,203 | | | | 23,658,799 | | | | 63,213,183 | | | | 18,534,408 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 31,326,454 | | | | (21,461,574 | ) | | | 64,655,745 | | | | 9,760,745 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (5,405,831 | ) | | | (11,503,970 | ) | | | — | | | | (9,531,005 | ) |
Return of capital | | | — | | | | — | | | | — | | | | (613,518 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (5,405,831 | ) | | | (11,503,970 | ) | | | — | | | | (10,144,523 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 138,832,577 | | | | 226,627,780 | | | | 13,906,336 | | | | 141,186,783 | |
Cost of shares redeemed | | | (75,566,243 | ) | | | (178,928,842 | ) | | | (56,440,942 | ) | | | (99,857,806 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 63,266,334 | | | | 47,698,938 | | | | (42,534,606 | ) | | | 41,328,977 | |
| | | | | | | | | | | | | | | | |
INCREASE IN NET ASSETS | | | 89,186,957 | | | | 14,733,394 | | | | 22,121,139 | | | | 40,945,199 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 195,093,019 | | | | 180,359,625 | | | | 370,832,383 | | | | 329,887,184 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 284,279,976 | | | $ | 195,093,019 | | | $ | 392,953,522 | | | $ | 370,832,383 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 2,505,315 | | | $ | 2,782,477 | | | $ | (749,444 | ) | | $ | (43,823 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 4,650,000 | | | | 8,550,000 | | | | 450,000 | | | | 5,250,000 | |
Shares redeemed | | | (2,625,000 | ) | | | (6,150,000 | ) | | | (1,950,000 | ) | | | (3,975,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,025,000 | | | | 2,400,000 | | | | (1,500,000 | ) | | | 1,275,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 64 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | | iShares MSCI
Switzerland Capped
Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 1,339,969 | | | $ | 14,072,490 | | | $ | 16,822,057 | | | $ | 51,696,487 | |
Net realized gain (loss) | | | 13,115,479 | | | | (923,487 | ) | | | (15,718,969 | ) | | | (13,950,054 | ) |
Net change in unrealized appreciation/depreciation | | | 115,672,906 | | | | (15,616,566 | ) | | | 103,243,424 | | | | 52,432,507 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 130,128,354 | | | | (2,467,563 | ) | | | 104,346,512 | | | | 90,178,940 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (14,947,529 | ) | | | (20,303,753 | ) | | | (49,722,633 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | — | | | | (14,947,529 | ) | | | (20,303,753 | ) | | | (49,722,633 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 126,589,389 | | | | 90,416,035 | | | | — | | | | 243,232,911 | |
Cost of shares redeemed | | | (54,579,608 | ) | | | (42,590,064 | ) | | | — | | | | (126,527,912 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets from capital share transactions | | | 72,009,781 | | | | 47,825,971 | | | | — | | | | 116,704,999 | |
| | | | | | | | | | | | | | | | |
INCREASE IN NET ASSETS | | | 202,138,135 | | | | 30,410,879 | | | | 84,042,759 | | | | 157,161,306 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 554,569,714 | | | | 524,158,835 | | | | 1,356,494,099 | | | | 1,199,332,793 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 756,707,849 | | | $ | 554,569,714 | | | $ | 1,440,536,858 | | | $ | 1,356,494,099 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 1,250,115 | | | $ | (89,854 | ) | | $ | 6,059,879 | | | $ | 9,541,575 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 4,875,000 | | | | 3,875,000 | | | | — | | | | 14,800,000 | |
Shares redeemed | | | (2,000,000 | ) | | | (1,875,000 | ) | | | — | | | | (7,600,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | 2,875,000 | | | | 2,000,000 | | | | — | | | | 7,200,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Austria Capped Investable Market Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 14.53 | | | $ | 18.76 | | | $ | 17.27 | | | $ | 20.21 | | | $ | 29.78 | | | $ | 37.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.02 | | | | 0.35 | | | | 0.42 | | | | 0.43 | | | | 0.51 | | | | 0.56 | |
Net realized and unrealized gain (loss)b | | | 3.63 | | | | (4.09 | ) | | | 1.53 | | | | (2.62 | ) | | | (9.36 | ) | | | (6.98 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.65 | | | | (3.74 | ) | | | 1.95 | | | | (2.19 | ) | | | (8.85 | ) | | | (6.42 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.07 | ) | | | (0.49 | ) | | | (0.46 | ) | | | (0.75 | ) | | | (0.72 | ) | | | (1.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.07 | ) | | | (0.49 | ) | | | (0.46 | ) | | | (0.75 | ) | | | (0.72 | ) | | | (1.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 18.11 | | | $ | 14.53 | | | $ | 18.76 | | | $ | 17.27 | | | $ | 20.21 | | | $ | 29.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 25.13 | %c | | | (19.81 | )% | | | 10.92 | % | | | (11.07 | )% | | | (28.52 | )% | | | (17.64 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 108,664 | | | $ | 53,757 | | | $ | 136,974 | | | $ | 110,520 | | | $ | 159,666 | | | $ | 193,602 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.52 | % | | | 0.52 | % | | | 0.54 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 0.26 | % | | | 2.32 | % | | | 1.95 | % | | | 2.20 | % | | | 3.25 | % | | | 1.57 | % |
Portfolio turnover ratee | | | 14 | % | | | 13 | % | | | 12 | % | | | 11 | % | | | 26 | % | | | 26 | % |
| 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 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Belgium Capped Investable Market Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 11.97 | | | $ | 12.60 | | | $ | 11.78 | | | $ | 12.06 | | | $ | 17.64 | | | $ | 25.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.02 | | | | 0.38 | | | | 0.35 | | | | 0.19 | | | | 0.22 | | | | 0.78 | |
Net realized and unrealized gain (loss)b | | | 2.32 | | | | (0.33 | ) | | | 0.80 | | | | (0.27 | ) | | | (5.46 | ) | | | (7.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.34 | | | | 0.05 | | | | 1.15 | | | | (0.08 | ) | | | (5.24 | ) | | | (6.49 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.02 | ) | | | (0.67 | ) | | | (0.33 | ) | | | (0.20 | ) | | | (0.34 | ) | | | (1.76 | ) |
Return of capital | | | — | | | | (0.01 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.02 | ) | | | (0.68 | ) | | | (0.33 | ) | | | (0.20 | ) | | | (0.34 | ) | | | (1.76 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.29 | | | $ | 11.97 | | | $ | 12.60 | | | $ | 11.78 | | | $ | 12.06 | | | $ | 17.64 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 19.56 | %c | | | 1.11 | % | | | 9.59 | % | | | (0.60 | )% | | | (29.15 | )% | | | (26.21 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 60,032 | | | $ | 25,386 | | | $ | 31,256 | | | $ | 58,896 | | | $ | 53,042 | | | $ | 119,955 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.54 | % | | | 0.56 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 0.23 | % | | | 3.35 | % | | | 2.56 | % | | | 1.55 | % | | | 2.23 | % | | | 3.32 | % |
Portfolio turnover ratee | | | 21 | % | | | 19 | % | | | 12 | % | | | 17 | % | | | 33 | % | | | 31 | % |
| 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 Emerging Markets Eastern Europe Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Period from
Sep. 30, 2009a to
Aug. 31, 2010 | |
Net asset value, beginning of period | | $ | 24.24 | | | $ | 29.28 | | | $ | 25.66 | | | $ | 24.65 | |
| | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.01 | | | | 1.01 | | | | 0.67 | | | | 0.26 | |
Net realized and unrealized gain (loss)c | | | 1.94 | | | | (4.92 | ) | | | 3.45 | | | | 0.89 | |
| | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.95 | | | | (3.91 | ) | | | 4.12 | | | | 1.15 | |
| | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | (0.17 | ) | | | (1.13 | ) | | | (0.50 | ) | | | (0.13 | ) |
Net realized gain | | | — | | | | — | | | | — | | | | (0.01 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | (0.17 | ) | | | (1.13 | ) | | | (0.50 | ) | | | (0.14 | ) |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 26.02 | | | $ | 24.24 | | | $ | 29.28 | | | $ | 25.66 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total return | | | 8.05 | %d | | | (13.14 | )% | | | 15.86 | % | | | 4.68 | %d |
| | | | | | | | | | | | | | | | |
| | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 24,715 | | | $ | 20,602 | | | $ | 32,212 | | | $ | 12,832 | |
Ratio of expenses to average net assetse | | | 0.67 | % | | | 0.69 | % | | | 0.68 | % | | | 0.69 | % |
Ratio of expenses to average net assets prior to waived fees | | | n/a | | | | n/a | | | | 0.68 | % | | | n/a | |
Ratio of net investment income to average net assetse | | | 0.05 | % | | | 3.97 | % | | | 2.06 | % | | | 1.05 | % |
Portfolio turnover ratef | | | 4 | % | | | 8 | % | | | 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.
| | |
| 68 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI EMU Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008a | |
Net asset value, beginning of period | | $ | 29.09 | | | $ | 31.55 | | | $ | 30.75 | | | $ | 35.64 | | | $ | 45.97 | | | $ | 57.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.15 | | | | 1.02 | | | | 1.23 | | | | 0.80 | | | | 0.93 | | | | 1.71 | |
Net realized and unrealized gain (loss)c | | | 4.11 | | | | (2.38 | ) | | | 0.71 | | | | (4.76 | ) | | | (9.97 | ) | | | (9.59 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.26 | | | | (1.36 | ) | | | 1.94 | | | | (3.96 | ) | | | (9.04 | ) | | | (7.88 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.12 | ) | | | (1.10 | ) | | | (1.14 | ) | | | (0.93 | ) | | | (1.29 | ) | | | (3.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.12 | ) | | | (1.10 | ) | | | (1.14 | ) | | | (0.93 | ) | | | (1.29 | ) | | | (3.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 33.23 | | | $ | 29.09 | | | $ | 31.55 | | | $ | 30.75 | | | $ | 35.64 | | | $ | 45.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 14.65 | %d | | | (3.99 | )% | | | 5.78 | % | | | (11.19 | )% | | | (19.05 | )% | | | (14.52 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,379,061 | | | $ | 794,226 | | | $ | 738,233 | | | $ | 823,972 | | | $ | 741,270 | | | $ | 1,291,808 | |
Ratio of expenses to average net assetse,f | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.54 | % | | | 0.56 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsf | | | 0.92 | % | | | 3.55 | % | | | 3.38 | % | | | 2.29 | % | | | 3.07 | % | | | 3.06 | % |
Portfolio turnover rateg | | | 2 | % | | | 7 | % | | | 8 | % | | | 5 | % | | | 8 | % | | | 27 | % |
| 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 years 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 France Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 20.70 | | | $ | 22.60 | | | $ | 21.03 | | | $ | 24.28 | | | $ | 30.70 | | | $ | 36.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.10 | | | | 0.59 | | | | 0.86 | | | | 0.65 | | | | 0.66 | | | | 0.93 | |
Net realized and unrealized gain (loss)b | | | 2.86 | | | | (1.80 | ) | | | 1.38 | | | | (3.30 | ) | | | (6.13 | ) | | | (5.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.96 | | | | (1.21 | ) | | | 2.24 | | | | (2.65 | ) | | | (5.47 | ) | | | (4.24 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.11 | ) | | | (0.69 | ) | | | (0.67 | ) | | | (0.60 | ) | | | (0.95 | ) | | | (1.59 | ) |
Return of capital | | | — | | | | (0.00 | )c | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.11 | ) | | | (0.69 | ) | | | (0.67 | ) | | | (0.60 | ) | | | (0.95 | ) | | | (1.59 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 23.55 | | | $ | 20.70 | | | $ | 22.60 | | | $ | 21.03 | | | $ | 24.28 | | | $ | 30.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 14.32 | %d | | | (5.05 | )% | | | 10.24 | % | | | (10.98 | )% | | | (17.11 | )% | | | (11.96 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 466,244 | | | $ | 401,626 | | | $ | 357,137 | | | $ | 239,706 | | | $ | 184,511 | | | $ | 227,203 | |
Ratio of expenses to average net assetse,f | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsf | | | 0.86 | % | | | 2.91 | % | | | 3.38 | % | | | 2.71 | % | | | 3.18 | % | | | 2.60 | % |
Portfolio turnover rateg | | | 1 | % | | | 6 | % | | | 6 | % | | | 6 | % | | | 6 | % | | | 10 | % |
| a | Based on average shares outstanding throughout each period. |
| b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| c | Rounds to less than $0.01. |
| e | Ratios for the years 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.
| | |
| 70 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Germany Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 21.34 | | | $ | 21.02 | | | $ | 19.45 | | | $ | 20.86 | | | $ | 27.55 | | | $ | 32.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.02 | | | | 0.56 | | | | 0.86 | | | | 0.38 | | | | 0.58 | | | | 0.88 | |
Net realized and unrealized gain (loss)b | | | 3.34 | | | | 0.34 | | | | 1.38 | | | | (1.49 | ) | | | (6.65 | ) | | | (3.84 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.36 | | | | 0.90 | | | | 2.24 | | | | (1.11 | ) | | | (6.07 | ) | | | (2.96 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.58 | ) | | | (0.67 | ) | | | (0.30 | ) | | | (0.62 | ) | | | (1.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.58 | ) | | | (0.67 | ) | | | (0.30 | ) | | | (0.62 | ) | | | (1.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 24.70 | | | $ | 21.34 | | | $ | 21.02 | | | $ | 19.45 | | | $ | 20.86 | | | $ | 27.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 15.75 | %c | | | 4.55 | % | | | 10.84 | % | | | (5.35 | )% | | | (21.62 | )% | | | (9.81 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 3,564,717 | | | $ | 2,797,029 | | | $ | 2,768,171 | | | $ | 1,487,881 | | | $ | 619,638 | | | $ | 669,452 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.51 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 0.16 | % | | | 2.72 | % | | | 3.45 | % | | | 1.80 | % | | | 3.18 | % | | | 2.72 | % |
Portfolio turnover ratee | | | 1 | % | | | 4 | % | | | 13 | % | | | 5 | % | | | 15 | % | | | 11 | % |
| a | Based on average shares outstanding throughout each period. |
| b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| 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 Italy Capped Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 11.78 | | | $ | 13.58 | | | $ | 15.00 | | | $ | 19.05 | | | $ | 25.04 | | | $ | 33.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.05 | | | | 0.41 | | | | 0.54 | | | | 0.39 | | | | 0.47 | | | | 1.53 | |
Net realized and unrealized gain (loss)b | | | 0.74 | | | | (1.79 | ) | | | (1.47 | ) | | | (3.99 | ) | | | (5.82 | ) | | | (7.71 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.79 | | | | (1.38 | ) | | | (0.93 | ) | | | (3.60 | ) | | | (5.35 | ) | | | (6.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.06 | ) | | | (0.42 | ) | | | (0.49 | ) | | | (0.44 | ) | | | (0.64 | ) | | | (2.60 | ) |
Return of capital | | | — | | | | (0.00 | )c | | | — | | | | (0.01 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.06 | ) | | | (0.42 | ) | | | (0.49 | ) | | | (0.45 | ) | | | (0.64 | ) | | | (2.60 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 12.51 | | | $ | 11.78 | | | $ | 13.58 | | | $ | 15.00 | | | $ | 19.05 | | | $ | 25.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 6.61 | %d | | | (9.98 | )% | | | (6.80 | )% | | | (19.11 | )% | | | (20.78 | )% | | | (19.43 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 551,695 | | | $ | 196,212 | | | $ | 144,612 | | | $ | 76,500 | | | $ | 125,716 | | | $ | 244,154 | |
Ratio of expenses to average net assetse,f | | | 0.51 | % | | | 0.53 | % | | | 0.51 | % | | | 0.54 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsf | | | 0.70 | % | | | 3.41 | % | | | 3.15 | % | | | 2.17 | % | | | 2.85 | % | | | 5.06 | % |
Portfolio turnover rateg | | | 36 | % | | | 14 | % | | | 16 | % | | | 12 | % | | | 18 | % | | | 29 | % |
| a | Based on average shares outstanding throughout each period. |
| b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| c | Rounds to less than $0.01. |
| e | Ratios for the years 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.
| | |
| 72 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Netherlands Investable Market Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 18.23 | | | $ | 18.45 | | | $ | 17.89 | | | $ | 18.52 | | | $ | 24.38 | | | $ | 29.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.03 | | | | 0.39 | | | | 0.48 | | | | 0.45 | | | | 0.35 | | | | 1.10 | |
Net realized and unrealized gain (loss)b | | | 2.09 | | | | (0.08 | ) | | | 0.55 | | | | (0.70 | ) | | | (5.55 | ) | | | (4.68 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.12 | | | | 0.31 | | | | 1.03 | | | | (0.25 | ) | | | (5.20 | ) | | | (3.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.04 | ) | | | (0.53 | ) | | | (0.47 | ) | | | (0.38 | ) | | | (0.66 | ) | | | (1.79 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.04 | ) | | | (0.53 | ) | | | (0.47 | ) | | | (0.38 | ) | | | (0.66 | ) | | | (1.79 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.31 | | | $ | 18.23 | | | $ | 18.45 | | | $ | 17.89 | | | $ | 18.52 | | | $ | 24.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 11.61 | %c | | | 1.96 | % | | | 5.44 | % | | | (1.44 | )% | | | (20.59 | )% | | | (12.67 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 149,306 | | | $ | 78,397 | | | $ | 121,740 | | | $ | 147,611 | | | $ | 83,351 | | | $ | 209,653 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 0.28 | % | | | 2.21 | % | | | 2.26 | % | | | 2.31 | % | | | 2.24 | % | | | 3.86 | % |
Portfolio turnover ratee | | | 5 | % | | | 10 | % | | | 6 | % | | | 9 | % | | | 15 | % | | | 26 | % |
| 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 Spain Capped Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended
Aug. 31, 2012 | | | Year ended
Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 26.28 | | | $ | 35.89 | | | $ | 37.02 | | | $ | 47.65 | | | $ | 50.41 | | | $ | 58.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.65 | | | | 2.12 | | | | 2.14 | | | | 1.64 | | | | 1.75 | | | | 1.98 | |
Net realized and unrealized gain (loss)b | | | 3.88 | | | | (8.93 | ) | | | (1.36 | ) | | | (10.01 | ) | | | (2.14 | ) | | | (7.33 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.53 | | | | (6.81 | ) | | | 0.78 | | | | (8.37 | ) | | | (0.39 | ) | | | (5.35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.73 | ) | | | (2.80 | ) | | | (1.91 | ) | | | (2.26 | ) | | | (2.37 | ) | | | (2.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.73 | ) | | | (2.80 | ) | | | (1.91 | ) | | | (2.26 | ) | | | (2.37 | ) | | | (2.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 30.08 | | | $ | 26.28 | | | $ | 35.89 | | | $ | 37.02 | | | $ | 47.65 | | | $ | 50.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 17.29 | %c | | | (19.36 | )% | | | 1.78 | % | | | (17.91 | )% | | | 0.64 | % | | | (9.76 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 284,280 | | | $ | 195,093 | | | $ | 180,360 | | | $ | 194,362 | | | $ | 278,734 | | | $ | 321,349 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.54 | % | | | 0.56 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 4.46 | % | | | 7.60 | % | | | 5.31 | % | | | 3.72 | % | | | 4.70 | % | | | 3.28 | % |
Portfolio turnover ratee | | | 24 | % | | | 17 | % | | | 14 | % | | | 9 | % | | | 19 | % | | | 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 | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
| | |
| 74 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Sweden Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 27.32 | | | $ | 26.82 | | | $ | 24.46 | | | $ | 22.86 | | | $ | 24.48 | | | $ | 34.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)a | | | (0.06 | ) | | | 0.83 | | | | 1.18 | | | | 0.48 | | | | 0.40 | | | | 0.91 | |
Net realized and unrealized gain (loss)b | | | 5.28 | | | | 0.58 | | | | 2.22 | | | | 1.73 | | | | (1.56 | ) | | | (8.63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 5.22 | | | | 1.41 | | | | 3.40 | | | | 2.21 | | | | (1.16 | ) | | | (7.72 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.86 | ) | | | (1.04 | ) | | | (0.61 | ) | | | (0.46 | ) | | | (2.37 | ) |
Return of capital | | | — | | | | (0.05 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.91 | ) | | | (1.04 | ) | | | (0.61 | ) | | | (0.46 | ) | | | (2.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 32.54 | | | $ | 27.32 | | | $ | 26.82 | | | $ | 24.46 | | | $ | 22.86 | | | $ | 24.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 19.11 | %c | | | 5.57 | % | | | 13.40 | % | | | 9.70 | % | | | (4.04 | )% | | | (23.16 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 392,954 | | | $ | 370,832 | | | $ | 329,887 | | | $ | 249,491 | | | $ | 190,333 | | | $ | 227,654 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.51 | % | | | 0.53 | % | | | 0.55 | % | | | 0.51 | % |
Ratio of net investment income (loss) to average net assetsd | | | (0.38 | )% | | | 3.17 | % | | | 3.80 | % | | | 1.97 | % | | | 2.34 | % | | | 2.91 | % |
Portfolio turnover ratee | | | 2 | % | | | 7 | % | | | 9 | % | | | 10 | % | | | 9 | % | | | 17 | % |
| a | Based on average shares outstanding throughout each period. |
| b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| 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 Switzerland Capped Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 23.85 | | | $ | 24.67 | | | $ | 21.64 | | | $ | 20.71 | | | $ | 23.09 | | | $ | 25.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.05 | | | | 0.63 | | | | 0.59 | | | | 0.39 | | | | 0.25 | | | | 0.49 | |
Net realized and unrealized gain (loss)b | | | 5.06 | | | | (0.80 | ) | | | 2.97 | | | | 0.90 | | | | (2.30 | ) | | | (2.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 5.11 | | | | (0.17 | ) | | | 3.56 | | | | 1.29 | | | | (2.05 | ) | | | (2.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (0.65 | ) | | | (0.53 | ) | | | (0.36 | ) | | | (0.33 | ) | | | (0.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (0.65 | ) | | | (0.53 | ) | | | (0.36 | ) | | | (0.33 | ) | | | (0.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 28.96 | | | $ | 23.85 | | | $ | 24.67 | | | $ | 21.64 | | | $ | 20.71 | | | $ | 23.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 21.43 | %c | | | (0.53 | )% | | | 16.30 | % | | | 6.35 | % | | | (8.63 | )% | | | (7.97 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 756,708 | | | $ | 554,570 | | | $ | 524,159 | | | $ | 405,755 | | | $ | 271,855 | | | $ | 366,525 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.56 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 0.40 | % | | | 2.73 | % | | | 2.35 | % | | | 1.80 | % | | | 1.42 | % | | | 1.93 | % |
Portfolio turnover ratee | | | 8 | % | | | 8 | % | | | 7 | % | | | 7 | % | | | 16 | % | | | 11 | % |
| a | Based on average shares outstanding throughout each period. |
| b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| 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.
| | |
| 76 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI United Kingdom Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 16.91 | | | $ | 16.43 | | | $ | 15.01 | | | $ | 15.02 | | | $ | 19.35 | | | $ | 24.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.21 | | | | 0.64 | | | | 0.54 | | | | 0.46 | | | | 0.50 | | | | 0.83 | |
Net realized and unrealized gain (loss)b | | | 1.09 | | | | 0.46 | | | | 1.35 | | | | (0.03 | ) | | | (4.26 | ) | | | (4.89 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.30 | | | | 1.10 | | | | 1.89 | | | | 0.43 | | | | (3.76 | ) | | | (4.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.25 | ) | | | (0.62 | ) | | | (0.47 | ) | | | (0.44 | ) | | | (0.57 | ) | | | (1.32 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.25 | ) | | | (0.62 | ) | | | (0.47 | ) | | | (0.44 | ) | | | (0.57 | ) | | | (1.32 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 17.96 | | | $ | 16.91 | | | $ | 16.43 | | | $ | 15.01 | | | $ | 15.02 | | | $ | 19.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 7.71 | %c | | | 6.94 | % | | | 12.50 | % | | | 2.87 | % | | | (18.68 | )% | | | (17.16 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,440,537 | | | $ | 1,356,494 | | | $ | 1,199,333 | | | $ | 930,412 | | | $ | 739,124 | | | $ | 882,502 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 2.39 | % | | | 3.88 | % | | | 3.07 | % | | | 2.98 | % | | | 3.90 | % | | | 3.64 | % |
Portfolio turnover ratee | | | 2 | % | | | 7 | % | | | 4 | % | | | 7 | % | | | 11 | % | | | 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.
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 Capped Investable Marketa | | | Non-diversified | |
Belgium Capped Investable Marketb | | | Non-diversified | |
Emerging Markets Eastern Europe | | | Non-diversified | |
EMU | | | Diversified | |
France | | | Non-diversified | |
Germany | | | Non-diversified | |
| | | | |
| iShares MSCI Index Fund | | Diversification
Classification | |
Italy Cappedc | | | Non-diversified | |
Netherlands Investable Market | | | Non-diversified | |
Spain Cappedd | | | Non-diversified | |
Sweden | | | Non-diversified | |
Switzerland Cappede | | | Non-diversified | |
United Kingdom | | | Non-diversified | |
| | a | | Formerly the iShares MSCI Austria Investable Market Index Fund. |
| | b | | Formerly the iShares MSCI Belgium Investable Market Index Fund. |
| | c | | Formerly the iShares MSCI Italy Index Fund. |
| | d | | Formerly the iShares MSCI Spain Index Fund. |
| | e | | Formerly the iShares MSCI Switzerland Index Fund. |
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
| | |
| 78 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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). |
| | • | | Financial futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 79 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the 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. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2013. 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 Capped Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 107,984,012 | | | $ | — | | | $ | 25 | | | $ | 107,984,037 | |
Money Market Funds | | | 2,045,243 | | | | — | | | | — | | | | 2,045,243 | |
| | | | | | | | | | | | | | | | |
| | $ | 110,029,255 | | | $ | — | | | $ | 25 | | | $ | 110,029,280 | |
| | | | | | | | | | | | | | | | |
| | | | |
Belgium Capped Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 59,923,571 | | | $ | — | | | $ | — | | | $ | 59,923,571 | |
Money Market Funds | | | 488,451 | | | | — | | | | — | | | | 488,451 | |
| | | | | | | | | | | | | | | | |
| | $ | 60,412,022 | | | $ | — | | | $ | — | | | $ | 60,412,022 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Eastern Europe | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 23,816,921 | | | $ | — | | | $ | — | | | $ | 23,816,921 | |
Preferred Stocks | | | 876,199 | | | | — | | | | — | | | | 876,199 | |
Money Market Funds | | | 3,799 | | | | — | | | | — | | | | 3,799 | |
| | | | | | | | | | | | | | | | |
| | $ | 24,696,919 | | | $ | — | | | $ | — | | | $ | 24,696,919 | |
| | | | | | | | | | | | | | | | |
| | | | |
EMU | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,325,040,398 | | | $ | — | | | $ | 8 | | | $ | 2,325,040,406 | |
Preferred Stocks | | | 50,462,004 | | | | — | | | | — | | | | 50,462,004 | |
Money Market Funds | | | 17,321,174 | | | | — | | | | — | | | | 17,321,174 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,392,823,576 | | | $ | — | | | $ | 8 | | | $ | 2,392,823,584 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | |
| 80 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
France | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 466,088,656 | | | $ | — | | | $ | — | | | $ | 466,088,656 | |
Money Market Funds | | | 814,865 | | | | — | | | | — | | | | 814,865 | |
| | | | | | | | | | | | | | | | |
| | $ | 466,903,521 | | | $ | — | | | $ | — | | | $ | 466,903,521 | |
| | | | | | | | | | | | | | | | |
| | | | |
Germany | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 3,302,979,517 | | | $ | — | | | $ | — | | | $ | 3,302,979,517 | |
Preferred Stocks | | | 248,782,231 | | | | — | | | | — | | | | 248,782,231 | |
Money Market Funds | | | 8,180,312 | | | | — | | | | — | | | | 8,180,312 | |
Futures Contractsa | | | 234,506 | | | | — | | | | — | | | | 234,506 | |
| | | | | | | | | | | | | | | | |
| | $ | 3,560,176,566 | | | $ | — | | | $ | — | | | $ | 3,560,176,566 | |
| | | | | | | | | | | | | | | | |
| | | | |
Italy Capped | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 551,218,245 | | | $ | — | | | $ | — | | | $ | 551,218,245 | |
Money Market Funds | | | 34,027,150 | | | | — | | | | — | | | | 34,027,150 | |
| | | | | | | | | | | | | | | | |
| | $ | 585,245,395 | | | $ | — | | | $ | — | | | $ | 585,245,395 | |
| | | | | | | | | | | | | | | | |
| | | | |
Netherlands Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 148,991,685 | | | $ | — | | | $ | 1 | | | $ | 148,991,686 | |
Warrants | | | — | | | | — | | | | 0 | b | | | 0 | b |
Money Market Funds | | | 637,567 | | | | — | | | | — | | | | 637,567 | |
| | | | | | | | | | | | | | | | |
| | $ | 149,629,252 | | | $ | — | | | $ | 1 | | | $ | 149,629,253 | |
| | | | | | | | | | | | | | | | |
| | | | |
Spain Capped | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 284,126,866 | | | $ | — | | | $ | — | | | $ | 284,126,866 | |
Money Market Funds | | | 4,740,624 | | | | — | | | | — | | | | 4,740,624 | |
| | | | | | | | | | | | | | | | |
| | $ | 288,867,490 | | | $ | — | | | $ | — | | | $ | 288,867,490 | |
| | | | | | | | | | | | | | | | |
| | | | |
Sweden | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 392,888,425 | | | $ | — | | | $ | — | | | $ | 392,888,425 | |
Money Market Funds | | | 12,420 | | | | — | | | | — | | | | 12,420 | |
| | | | | | | | | | | | | | | | |
| | $ | 392,900,845 | | | $ | — | | | $ | — | | | $ | 392,900,845 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 81 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Switzerland Capped | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 748,230,387 | | | $ | — | | | $ | — | | | $ | 748,230,387 | |
Money Market Funds | | | 3,516 | | | | — | | | | — | | | | 3,516 | |
| | | | | | | | | | | | | | | | |
| | $ | 748,233,903 | | | $ | — | | | $ | — | | | $ | 748,233,903 | |
| | | | | | | | | | | | | | | | |
| | | | |
United Kingdom | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,432,151,666 | | | $ | — | | | $ | — | | | $ | 1,432,151,666 | |
Money Market Funds | | | 71,095 | | | | — | | | | — | | | | 71,095 | |
Futures Contracts a | | | 448,061 | | | | — | | | | — | | | | 448,061 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,432,670,822 | | | $ | — | | | $ | — | | | $ | 1,432,670,822 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | a | | Futures contracts are shown at the net unrealized appreciation (depreciation) on the contracts. |
| | b | | 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 28, 2013 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, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and
| | |
| 82 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, 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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, 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 | | | 83 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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 borrowers of securities. Each Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. The Funds benefit from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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 28, 2013, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
Austria Capped Investable Market | | $ | 2,731 | |
Belgium Capped Investable Market | | | 1,554 | |
EMU | | | 106,470 | |
France | | | 4,113 | |
Germany | | | 43,190 | |
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
Italy Capped | | $ | 19,218 | |
Netherlands Investable Market | | | 1,661 | |
Spain Capped | | | 115,366 | |
Sweden | | | 392 | |
United Kingdom | | | 37,661 | |
| | |
| 84 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the statements of operations.
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| 3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
Austria Capped Investable Market | | $ | 11,888,050 | | | $ | 11,948,193 | |
Belgium Capped Investable Market | | | 9,336,697 | | | | 8,978,527 | |
Emerging Markets Eastern Europe | | | 1,050,829 | | | | 775,966 | |
EMU | | | 41,241,790 | | | | 33,853,856 | |
France | | | 6,061,954 | | | | 6,045,386 | |
Germany | | | 39,241,043 | | | | 28,046,758 | |
Italy Capped | | | 132,862,180 | | | | 132,650,089 | |
Netherlands Investable Market | | | 6,531,647 | | | | 6,437,630 | |
Spain Capped | | | 43,367,823 | | | | 40,963,342 | |
Sweden | | | 6,369,681 | | | | 7,145,785 | |
Switzerland Capped | | | 52,661,149 | | | | 54,089,142 | |
United Kingdom | | | 24,583,200 | | | | 23,323,697 | |
In-kind transactions (see Note 4) for the six months ended February 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind Sales | |
Austria Capped Investable Market | | $ | 62,963,305 | | | $ | 25,414,259 | |
Belgium Capped Investable Market | | | 26,737,276 | | | | 569,711 | |
Emerging Markets Eastern Europe | | | 8,109,925 | | | | 5,007,320 | |
EMU | | | 1,553,231,748 | | | | 153,234,243 | |
France | | | 9,147,376 | | | | — | |
Germany | | | 926,029,280 | | | | 674,060,233 | |
Italy Capped | | | 455,795,774 | | | | 94,023,769 | |
Netherlands Investable Market | | | 73,763,051 | | | | 14,336,889 | |
Spain Capped | | | 135,716,793 | | | | 74,959,929 | |
Sweden | | | 13,899,076 | | | | 56,342,267 | |
Switzerland Capped | | | 125,582,442 | | | | 54,150,141 | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 85 | |
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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
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 market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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.
| | |
| 86 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The tax character of current year distributions will be determined at the end of the current fiscal year.
As of August 31, 2012, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares MSCI
Index Fund | | Non-
Expiring a | | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
Austria Capped Investable Market | | $ | 3,424,334 | | | $ | — | | | $ | — | | | $ | 9,795,917 | | | $ | 2,587,916 | | | $ | 7,102,366 | | | $ | 16,657,011 | | | $ | 13,826,937 | | | $ | 53,394,481 | |
Belgium Capped Investable Market | | | 3,414,294 | | | | 33,969 | | | | — | | | | — | | | | 1,698,444 | | | | 5,953,120 | | | | 10,826,174 | | | | 19,023,517 | | | | 40,949,518 | |
Emerging Markets Eastern Europe | | | 243,179 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 204,914 | | | | 448,093 | |
EMU | | | 16,675,236 | | | | 1,873,963 | | | | — | | | | — | | | | — | | | | 26,644,200 | | | | 68,035,542 | | | | 30,230,739 | | | | 143,459,680 | |
France | | | 436,330 | | | | — | | | | — | | | | 158,472 | | | | 335,795 | | | | 3,408,374 | | | | 7,008,530 | | | | 2,858,814 | | | | 14,206,315 | |
Germany | | | 9,227,956 | | | | 2,241,687 | | | | — | | | | 4,227,713 | | | | 3,394,735 | | | | 27,790,050 | | | | 28,490,949 | | | | 32,215,954 | | | | 107,589,044 | |
Italy Capped | | | 3,331,166 | | | | 527,327 | | | | — | | | | — | | | | 472,268 | | | | 2,743,650 | | | | 18,169,627 | | | | 9,459,662 | | | | 34,703,700 | |
Netherlands Investable Market | | | 3,096,503 | | | | 129,137 | | | | 403,525 | | | | 260,715 | | | | 1,195,162 | | | | 5,819,153 | | | | 22,256,170 | | | | 2,329,005 | | | | 35,489,370 | �� |
Spain Capped | | | 5,225,806 | | | | — | | | | — | | | | — | | | | — | | | | 5,946,927 | | | | 15,120,672 | | | | 8,619,903 | | | | 34,913,308 | |
Sweden | | | 5,222,903 | | | | — | | | | 107,613 | | | | — | | | | 100,015 | | | | 13,686,746 | | | | 8,483,510 | | | | 5,244,977 | | | | 32,845,764 | |
Switzerland Capped | | | 3,464,888 | | | | 354,252 | | | | — | | | | — | | | | — | | | | 2,837,786 | | | | 22,569,380 | | | | 6,955,758 | | | | 36,182,064 | |
United Kingdom | | | 7,758,079 | | | | 1,517,783 | | | | 7,063,063 | | | | — | | | | 261,754 | | | | 16,140,312 | | | | 23,559,917 | | | | 22,514,433 | | | | 78,815,341 | |
| | a | | Must be utilized prior to losses subject to expiration. |
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 FINANCIAL STATEMENTS | | | 87 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 28, 2013, 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 Capped Investable Market | | $ | 142,945,975 | | | $ | 2,576,525 | | | $ | (35,493,220 | ) | | $ | (32,916,695 | ) |
Belgium Capped Investable Market | | | 62,030,241 | | | | 6,139,124 | | | | (7,757,343 | ) | | | (1,618,219 | ) |
Emerging Markets Eastern Europe | | | 30,336,679 | | | | 425,306 | | | | (6,065,066 | ) | | | (5,639,760 | ) |
EMU | | | 2,633,354,912 | | | | 119,609,926 | | | | (360,141,254 | ) | | | (240,531,328 | ) |
France | | | 524,722,074 | | | | 33,092,711 | | | | (90,911,264 | ) | | | (57,818,553 | ) |
Germany | | | 3,773,447,482 | | | | 297,837,866 | | | | (511,343,288 | ) | | | (213,505,422 | ) |
Italy Capped | | | 636,345,268 | | | | 6,921,395 | | | | (58,021,268 | ) | | | (51,099,873 | ) |
Netherlands Investable Market | | | 172,704,089 | | | | 9,225,064 | | | | (32,299,900 | ) | | | (23,074,836 | ) |
Spain Capped | | | 323,256,183 | | | | 12,967,237 | | | | (47,355,930 | ) | | | (34,388,693 | ) |
Sweden | | | 386,612,583 | | | | 36,945,548 | | | | (30,657,286 | ) | | | 6,288,262 | |
Switzerland Capped | | | 643,756,728 | | | | 134,179,930 | | | | (29,702,755 | ) | | | 104,477,175 | |
United Kingdom | | | 1,486,310,451 | | | | 132,431,768 | | | | (186,519,458 | ) | | | (54,087,690 | ) |
Management has reviewed the tax positions as of February 28, 2013, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
| 7. | FINANCIAL FUTURES CONTRACTS |
Each Fund may purchase or sell financial futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
| | |
| 88 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table shows the value of futures contracts held by the Funds as of February 28, 2013 and the related locations in the statements of assets and liabilities, presented by risk exposure category:
| | | | | | | | |
| Assets | |
| | | iShares MSCI Germany Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
Equity contracts: | | | | | | | | |
Variation margin/Net assets consist of — net unrealized appreciation (depreciation)a | | $ | 234,506 | | | $ | 448,061 | |
| | | | | | | | |
| | | | | | | | | |
| | a | | Represents cumulative appreciation of futures contracts as reported in the schedules of investments. |
The following table shows the realized and unrealized gains (losses) on futures contracts held by the Funds during the six months ended February 28, 2013 and the related locations in the statements of operations, presented by risk exposure category:
| | | | | | | | |
| | | Net Realized Gain (Loss) | |
| | | iShares MSCI
Germany Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
Equity contracts: | | | | | | | | |
Futures contracts | | $ | 3,336,057 | | | $ | 616,847 | |
| | | | | | | | |
| | | | | | | | |
| | | Net Change in Unrealized
Appreciation/Depreciation | |
| | | iShares MSCI
Germany Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
Equity contracts: | | | | | | | | |
Futures contracts | | $ | (1,397,952 | ) | | $ | 415,039 | |
| | | | | | | | |
| | | | | | | | | |
The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2013:
| | | | | | | | |
| | | iShares MSCI
Germany Index Fund | | | iShares MSCI
United Kingdom
Index Fund | |
Average number of contracts purchased | | | 69 | | | | 108 | |
Average value of contracts purchased | | $ | 16,225,759 | | | $ | 10,036,827 | |
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 | | | 89 | |
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 | |
Austria Capped
Investable Market | | $ | 0.02496 | | | $ | — | | | $ | 0.04484 | | | $ | 0.06980 | | | | 36 | % | | | — | % | | | 64 | % | | | 100 | % |
Belgium Capped
Investable Market | | | 0.01862 | | | | — | | | | 0.00217 | | | | 0.02079 | | | | 90 | | | | — | | | | 10 | | | | 100 | |
Emerging Markets
Eastern Europe | | | 0.17200 | | | | — | | | | 0.00023 | | | | 0.17223 | | | | 100 | | | | — | | | | 0a | | | | 100 | |
EMU | | | 0.07032 | | | | — | | | | 0.05159 | | | | 0.12191 | | | | 58 | | | | — | | | | 42 | | | | 100 | |
France | | | 0.07941 | | | | — | | | | 0.03402 | | | | 0.11343 | | | | 70 | | | | — | | | | 30 | | | | 100 | |
Italy Capped | | | 0.06107 | | | | — | | | | 0.00064 | | | | 0.06171 | | | | 99 | | | | — | | | | 1 | | | | 100 | |
Netherlands
Investable Market | | | 0.03514 | | | | — | | | | 0.00075 | | | | 0.03589 | | | | 98 | | | | — | | | | 2 | | | | 100 | |
Spain Capped | | | 0.69134 | | | | — | | | | 0.03672 | | | | 0.72806 | | | | 95 | | | | — | | | | 5 | | | | 100 | |
United Kingdom | | | 0.24543 | | | | — | | | | 0.00773 | | | | 0.25316 | | | | 97 | | | | — | | | | 3 | | | | 100 | |
| | a | | Rounds to less than 1%. |
| | |
| 90 | | 2013 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.
©2013 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
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iS-SAR-82-0213
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | iShares MSCI Australia Index Fund | EWA | NYSE Arca |
| Ø | | iShares MSCI Hong Kong Index Fund | EWH | NYSE Arca |
| Ø | | iShares MSCI Japan Small Cap Index Fund | SCJ | NYSE Arca |
| Ø | | iShares MSCI Malaysia Index Fund | EWM | NYSE Arca |
| Ø | | iShares MSCI Pacific ex-Japan Index Fund | EPP | NYSE Arca |
| Ø | | iShares MSCI Singapore Index Fund | EWS | NYSE Arca |
| Ø | | iShares MSCI South Korea Capped Index Fund | EWY | NYSE Arca |
| Ø | | iShares MSCI Taiwan Index Fund | EWT | NYSE Arca |
| Ø | | iShares MSCI Thailand Capped Investable Market Index Fund | THD | NYSE Arca |
Table of Contents
Fund Performance Overview
iSHARES® MSCI AUSTRALIA INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 18.91% | | 20.03% | | 19.37% | | 4.71% | | 5.06% | | 4.91% | | 16.37% | | 16.21% | | 16.21% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 18.91% | | 20.03% | | 19.37% | | 25.86% | | 28.01% | | 27.05% | | 355.53% | | 349.09% | | 349.18% |
“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 28, 2013, the total return for the Fund was 19.96%, net of fees, while the total return for the Index was 20.20%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 48.73 | % |
Basic Materials | | | 18.78 | |
Consumer Non-Cyclical | | | 11.77 | |
Consumer Cyclical | | | 5.78 | |
Industrial | | | 4.94 | |
Energy | | | 4.45 | |
Utilities | | | 2.29 | |
Communications | | | 1.91 | |
Technology | | | 0.43 | |
Short-Term and Other Net Assets | | | 0.92 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
BHP Billiton Ltd. | | | 11.35 | % |
Commonwealth Bank of Australia | | | 10.32 | |
Westpac Banking Corp. | | | 9.04 | |
Australia and New Zealand Banking Group Ltd. | | | 7.44 | |
National Australia Bank Ltd. | | | 6.69 | |
Woolworths Ltd. | | | 4.10 | |
Wesfarmers Ltd. | | | 3.94 | |
CSL Ltd. | | | 2.87 | |
Rio Tinto Ltd. | | | 2.79 | |
Woodside Petroleum Ltd. | | | 2.36 | |
| | | | |
TOTAL | | | 60.90 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI HONG KONG INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 13.08% | | 13.84% | | 13.51% | | 4.25% | | 5.01% | | 4.78% | | 13.55% | | 13.47% | | 14.23% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 13.08% | | 13.84% | | 13.51% | | 23.14% | | 27.71% | | 26.31% | | 256.42% | | 253.92% | | 278.19% |
“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 28, 2013, the total return for the Fund was 19.59%, net of fees, while the total return for the Index was 19.92%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 56.40 | % |
Diversified | | | 13.22 | |
Consumer Cyclical | | | 12.82 | |
Utilities | | | 11.90 | |
Industrial | | | 2.98 | |
Communications | | | 1.09 | |
Consumer Non-Cyclical | | | 0.70 | |
Technology | | | 0.70 | |
Short-Term and Other Net Assets | | | 0.19 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
AIA Group Ltd. | | | 14.18 | % |
Sun Hung Kai Properties Ltd. | | | 6.46 | |
Hutchison Whampoa Ltd. | | | 6.42 | |
Cheung Kong (Holdings) Ltd. | | | 6.18 | |
Hong Kong Exchanges and Clearing Ltd. | | | 4.82 | |
CLP Holdings Ltd. | | | 4.28 | |
Hong Kong and China Gas Co. Ltd. (The) | | | 4.08 | |
Power Assets Holdings Ltd. | | | 3.54 | |
Wharf (Holdings) Ltd. (The) | | | 3.48 | |
BOC Hong Kong (Holdings) Ltd. | | | 3.46 | |
| | | | |
TOTAL | | | 56.90 | % |
| | | | |
| | |
| 6 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 5.77% | | 5.76% | | 6.01% | | 1.80% | | 1.83% | | 2.08% | | 1.38% | | 1.29% | | 1.68% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 5.77% | | 5.76% | | 6.01% | | 9.31% | | 9.49% | | 10.83% | | 7.36% | | 6.87% | | 9.02% |
Total returns for the period since inception are calculated from the inception date of the Fund (12/20/07). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/21/07), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
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 28, 2013, the total return for the Fund was 11.68%, net of fees, while the total return for the Index was 11.97%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Industrial | | | 25.02 | % |
Consumer Cyclical | | | 23.17 | |
Financial | | | 19.60 | |
Consumer Non-Cyclical | | | 13.73 | |
Basic Materials | | | 9.98 | |
Technology | | | 4.19 | |
Communications | | | 3.59 | |
Utilities | | | 0.20 | |
Energy | | | 0.19 | |
Diversified | | | 0.06 | |
Short-Term and Other Net Assets | | | 0.27 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
United Urban Investment Corp. | | | 0.67 | % |
Advance Residence Investment Corp. | | | 0.64 | |
Anritsu Corp. | | | 0.63 | |
Yokohama Rubber Co. Ltd. (The) | | | 0.60 | |
Tokyo Tatemono Co. Ltd. | | | 0.60 | |
Nippon Kayaku Co. Ltd. | | | 0.50 | |
Misumi Group Inc. | | | 0.49 | |
Kawasaki Kisen Kaisha Ltd. | | | 0.48 | |
Dowa Holdings Co. Ltd. | | | 0.47 | |
Sawai Pharmaceutical Co. Ltd. | | | 0.46 | |
| | | | |
TOTAL | | | 5.54 | % |
| | | | |
| | |
| 8 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI MALAYSIA INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 0.97% | | 1.32% | | 1.49% | | 6.02% | | 6.52% | | 6.53% | | 14.19% | | 14.46% | | 14.90% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 0.97% | | 1.32% | | 1.49% | | 33.93% | | 37.13% | | 37.18% | | 276.83% | | 286.08% | | 300.91% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. As the Fund has a NAV which is determined prior to the opening of the regular trading day on the primary stock exchange on which it is listed, the market return is calculated using the midpoint of the bid/ask 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.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
Fund Performance Overview (Continued)
iSHARES® MSCI MALAYSIA INDEX FUND
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 28, 2013, the total return for the Fund was 1.61%, net of fees, while the total return for the Index was 1.87%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 30.84 | % |
Consumer Non-Cyclical | | | 12.91 | |
Communications | | | 12.50 | |
Consumer Cyclical | | | 11.45 | |
Diversified | | | 10.06 | |
Utilities | | | 8.26 | |
Industrial | | | 5.78 | |
Basic Materials | | | 4.39 | |
Energy | | | 3.53 | |
Short-Term and Other Net Assets | | | 0.28 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Malayan Banking Bhd | | | 9.54 | % |
CIMB Group Holdings Bhd | | | 8.59 | |
Sime Darby Bhd | | | 6.15 | |
Genting Bhd | | | 4.80 | |
Tenaga Nasional Bhd | | | 4.74 | |
Petronas Chemicals Group Bhd | | | 4.39 | |
Public Bank Bhd Foreign | | | 4.21 | |
Axiata Group Bhd | | | 4.04 | |
IOI Corp. Bhd | | | 3.89 | |
Maxis Communications Bhd | | | 3.54 | |
| | | | |
TOTAL | | | 53.89 | % |
| | | | |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 16.46% | | 17.33% | | 17.00% | | 4.82% | | 5.30% | | 5.02% | | 15.69% | | 15.47% | | 15.75% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 16.46% | | 17.33% | | 17.00% | | 26.55% | | 29.49% | | 27.76% | | 329.47% | | 321.24% | | 331.64% |
“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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 11 | |
Fund Performance Overview (Continued)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
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 28, 2013, the total return for the Fund was 18.10%, net of fees, while the total return for the Index was 18.46%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 49.88 | % |
Basic Materials | | | 12.13 | |
Consumer Non-Cyclical | | | 8.87 | |
Consumer Cyclical | | | 8.08 | |
Industrial | | | 5.60 | |
Utilities | | | 4.13 | |
Diversified | | | 3.91 | |
Communications | | | 3.46 | |
Energy | | | 2.87 | |
Technology | | | 0.43 | |
Short-Term and Other Net Assets | | | 0.64 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
BHP Billiton Ltd. (Australia) | | | 7.33 | % |
Commonwealth Bank of Australia (Australia) | | | 6.67 | |
Westpac Banking Corp. (Australia) | | | 5.85 | |
Australia and New Zealand Banking Group Ltd. (Australia) | | | 4.82 | |
National Australia Bank Ltd. (Australia) | | | 4.32 | |
AIA Group Ltd. (Hong Kong) | | | 3.13 | |
Woolworths Ltd. (Australia) | | | 2.65 | |
Wesfarmers Ltd. (Australia) | | | 2.54 | |
CSL Ltd. (Australia) | | | 1.85 | |
Rio Tinto Ltd. (Australia) | | | 1.80 | |
| | | | |
TOTAL | | | 40.96 | % |
| | | | |
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI SINGAPORE INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 10.43% | | 10.31% | | 10.87% | | 5.93% | | 6.39% | | 6.07% | | 16.75% | | 16.75% | | 16.67% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 10.43% | | 10.31% | | 10.87% | | 33.38% | | 36.31% | | 34.29% | | 370.68% | | 370.31% | | 367.46% |
“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 28, 2013, the total return for the Fund was 7.65%, net of fees, while the total return for the Index was 7.94%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 47.15 | % |
Communications | | | 14.28 | |
Consumer Cyclical | | | 11.26 | |
Industrial | | | 9.72 | |
Consumer Non-Cyclical | | | 8.70 | |
Diversified | | | 8.65 | |
Short-Term and Other Net Assets | | | 0.24 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Singapore Telecommunications Ltd. | | | 10.71 | % |
DBS Group Holdings Ltd. | | | 10.66 | |
Oversea-Chinese Banking Corp. Ltd. | | | 10.09 | |
United Overseas Bank Ltd. | | | 9.28 | |
Keppel Corp. Ltd. | | | 6.84 | |
CapitaLand Ltd. | | | 3.91 | |
Genting Singapore PLC | | | 3.70 | |
Fraser and Neave Ltd. | | | 3.34 | |
Jardine Cycle & Carriage Ltd. | | | 3.03 | |
Singapore Exchange Ltd. | | | 2.68 | |
| | | | |
TOTAL | | | 64.24 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 13 | |
Fund Performance Overview
iSHARES® MSCI SOUTH KOREA CAPPED INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 4.31% | | 3.66% | | 5.65% | | 2.25% | | 2.68% | | 2.86% | | 14.88% | | 14.56% | | 16.02% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 4.31% | | 3.66% | | 5.65% | | 11.78% | | 14.12% | | 15.16% | | 300.29% | | 289.28% | | 341.77% |
Index performance through February 11, 2013 reflects the performance of the MSCI Korea IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index.
“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.
| | |
| 14 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview (Continued)
iSHARES® MSCI SOUTH KOREA CAPPED INDEX FUND
The iShares MSCI South Korea Capped Index Fund (the “Fund”), formerly the iShares MSCI South Korea Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Korea 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index and consists of stocks traded primarily on the Stock Market Division of the Korean Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 11.98%, net of fees, while the total return for the Index was 13.20%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Korea IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Technology | | | 25.44 | % |
Consumer Cyclical | | | 19.92 | |
Financial | | | 14.20 | |
Industrial | | | 13.73 | |
Basic Materials | | | 9.18 | |
Consumer Non-Cyclical | | | 5.93 | |
Communications | | | 4.49 | |
Energy | | | 3.93 | |
Utilities | | | 1.70 | |
Diversified | | | 0.69 | |
Short-Term and Other Net Assets | | | 0.79 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Samsung Electronics Co. Ltd. | | | 21.90 | % |
Hyundai Motor Co. | | | 5.30 | |
POSCO | | | 3.68 | |
Hyundai Mobis Co. Ltd. | | | 3.42 | |
Shinhan Financial Group Co. Ltd. | | | 2.50 | |
KB Financial Group Inc. | | | 2.42 | |
Kia Motors Corp. | | | 2.38 | |
SK Hynix Inc. | | | 2.24 | |
LG Chem Ltd. | | | 2.20 | |
NHN Corp. | | | 1.77 | |
| | | | |
TOTAL | | | 47.81 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 15 | |
Fund Performance Overview
iSHARES® MSCI TAIWAN INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 0.03% | | 1.26% | | 0.28% | | 0.66% | | 1.00% | | 1.11% | | 8.18% | | 8.38% | | 8.95% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 0.03% | | 1.26% | | 0.28% | | 3.32% | | 5.10% | | 5.69% | | 119.61% | | 123.68% | | 135.57% |
“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 28, 2013, the total return for the Fund was 9.33%, net of fees, while the total return for the Index was 9.53%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Technology | | | 37.63 | % |
Industrial | | | 19.05 | |
Financial | | | 16.17 | |
Basic Materials | | | 10.70 | |
Communications | | | 6.80 | |
Consumer Cyclical | | | 6.40 | |
Consumer Non-Cyclical | | | 2.27 | |
Energy | | | 0.77 | |
Short-Term and Other Net Assets | | | 0.21 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 20.91 | % |
Hon Hai Precision Industry Co. Ltd. | | | 6.64 | |
MediaTek Inc. | | | 3.11 | |
Chunghwa Telecom Co. Ltd. | | | 2.88 | |
China Steel Corp. | | | 2.49 | |
Formosa Plastics Corp. | | | 2.44 | |
Nan Ya Plastics Corp. | | | 2.21 | |
Cathay Financial Holding Co. Ltd. | | | 2.16 | |
ASUSTeK Computer Inc. | | | 1.99 | |
Formosa Chemicals & Fibre Corp. | | | 1.89 | |
| | | | |
TOTAL | | | 46.72 | % |
| | | | |
| | |
| 16 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI THAILAND CAPPED INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 27.45% | | 27.83% | | 27.77% | | 15.79% | | 15.69% | | 16.30% | | 105.98% | | 105.13% | | 110.52% |
Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand IMI 25/50 Index.
Total returns for the period since inception are calculated from the inception date of the Fund (3/26/08). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (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.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 17 | |
Fund Performance Overview (Continued)
iSHARES® MSCI THAILAND CAPPED INVESTABLE MARKET INDEX FUND
The iShares MSCI Thailand Capped Investable Market Index Fund (the “Fund”), formerly the iShares MSCI Thailand Investable Market Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Thailand IMI 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index and consists of stocks traded primarily on the Stock Exchange of Thailand (SET). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 28.63%, net of fees, while the total return for the Index was 28.82%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand IMI 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 39.83 | % |
Energy | | | 16.05 | |
Consumer Cyclical | | | 9.34 | |
Communications | | | 9.27 | |
Consumer Non-Cyclical | | | 6.70 | |
Industrial | | | 6.08 | |
Basic Materials | | | 6.01 | |
Diversified | | | 4.50 | |
Utilities | | | 1.74 | |
Technology | | | 0.29 | |
Short-Term and Other Net Assets | | | 0.19 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Siam Commercial Bank PCL NVDR | | | 7.61 | % |
PTT PCL NVDR | | | 7.32 | |
Kasikornbank PCL Foreign | | | 6.54 | |
Advanced Information Service PCL NVDR | | | 5.82 | |
CP All PCL NVDR | | | 5.05 | |
PTT Exploration & Production PCL NVDR | | | 5.03 | |
Bangkok Bank PCL Foreign | | | 5.02 | |
Kasikornbank PCL NVDR | | | 3.93 | |
Siam Cement PCL Foreign | | | 3.38 | |
Bangkok Bank PCL NVDR | | | 3.24 | |
| | | | |
TOTAL | | | 52.94 | % |
| | | | |
| | |
| 18 | | 2013 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, 2012 to February 28, 2013.
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 Index Fund | | Beginning
Account Value
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Australia | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,199.60 | | | | 0.51 | % | | $ | 2.78 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Hong Kong | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,195.90 | | | | 0.51 | | | | 2.78 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Japan Small Cap | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,116.80 | | | | 0.51 | | | | 2.68 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Malaysia | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,016.10 | | | | 0.52 | | | | 2.60 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.20 | | | | 0.52 | | | | 2.61 | |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares Index Fund | | Beginning
Account Value
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Pacific ex-Japan | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,181.00 | | | | 0.50 | % | | $ | 2.70 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.50 | | | | 2.51 | |
Singapore | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,076.50 | | | | 0.51 | | | | 2.63 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
South Korea Capped | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,119.80 | | | | 0.60 | | | | 3.15 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.60 | | | | 3.01 | |
Taiwan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,093.30 | | | | 0.60 | | | | 3.11 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.60 | | | | 3.01 | |
Thailand Capped Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,286.30 | | | | 0.60 | | | | 3.40 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.60 | | | | 3.01 | |
| a | Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). | |
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI AUSTRALIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.08% | |
|
AIRLINES — 0.18% | |
Qantas Airways Ltd.a | | | 2,773,316 | | | $ | 4,670,455 | |
| | | | | | | | |
| | | | | | | 4,670,455 | |
BANKS — 33.88% | |
Australia and New Zealand Banking Group Ltd. | | | 6,774,222 | | | | 199,176,348 | |
Bendigo and Adelaide Bank Ltd. | | | 1,015,664 | | | | 10,325,075 | |
Commonwealth Bank of Australia | | | 4,009,798 | | | | 276,145,408 | |
National Australia Bank Ltd. | | | 5,786,222 | | | | 178,894,068 | |
Westpac Banking Corp. | | | 7,678,242 | | | | 241,870,664 | |
| | | | | | | | |
| | | | | | | 906,411,563 | |
BEVERAGES — 1.12% | |
Coca-Cola Amatil Ltd. | | | 1,424,202 | | | | 21,126,808 | |
Treasury Wine Estates Ltd. | | | 1,611,922 | | | | 8,746,087 | |
| | | | | | | | |
| | | | | | | 29,872,895 | |
BIOTECHNOLOGY — 2.87% | |
CSL Ltd. | | | 1,249,820 | | | | 76,770,192 | |
| | | | | | | | |
| | | | | | | 76,770,192 | |
BUILDING MATERIALS — 0.79% | |
Boral Ltd. | | | 1,909,310 | | | | 10,105,572 | |
James Hardie Industries SE | | | 1,095,692 | | | | 10,992,803 | |
| | | | | | | | |
| | | | | | | 21,098,375 | |
CHEMICALS — 0.50% | |
Incitec Pivot Ltd. | | | 4,058,704 | | | | 13,420,967 | |
| | | | | | | | |
| | | | | | | 13,420,967 | |
COAL — 0.12% | |
Whitehaven Coal Ltd. | | | 1,139,164 | | | | 3,265,413 | |
| | | | | | | | |
| | | | | | | 3,265,413 | |
COMMERCIAL SERVICES — 2.07% | |
Brambles Ltd. | | | 3,877,900 | | | | 34,737,500 | |
Transurban Group | | | 3,278,184 | | | | 20,673,211 | |
| | | | | | | | |
| | | | | | | 55,410,711 | |
COMPUTERS — 0.43% | |
Computershare Ltd. | | | 1,107,548 | | | | 11,542,616 | |
| | | | | | | | |
| | | | | | | 11,542,616 | |
DIVERSIFIED FINANCIAL SERVICES — 1.77% | |
ASX Ltd. | | | 436,202 | | | | 16,277,177 | |
Macquarie Group Ltd. | | | 802,750 | | | | 30,998,873 | |
| | | | | | | | |
| | | | | | | 47,276,050 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ELECTRIC — 2.29% | |
AGL Energy Ltd. | | | 1,370,850 | | | $ | 22,370,318 | |
Origin Energy Ltd. | | | 2,723,916 | | | | 33,937,371 | |
SP AusNet | | | 4,158,986 | | | | 5,066,736 | |
| | | | | | | | |
| | | | | | | 61,374,425 | |
ENGINEERING & CONSTRUCTION — 0.92% | |
Leighton Holdings Ltd. | | | 377,910 | | | | 9,134,363 | |
Sydney Airport | | | 461,396 | | | | 1,497,362 | |
WorleyParsons Ltd. | | | 514,254 | | | | 14,025,095 | |
| | | | | | | | |
| | | | | | | 24,656,820 | |
ENTERTAINMENT — 0.64% | |
Tabcorp Holdings Ltd. | | | 1,829,282 | | | | 5,955,273 | |
Tatts Group Ltd. | | | 3,451,578 | | | | 11,272,034 | |
| | | | | | | | |
| | | | | | | 17,227,307 | |
FOOD — 4.45% | |
Metcash Ltd. | | | 2,193,854 | | | | 9,163,508 | |
Woolworths Ltd. | | | 3,070,704 | | | | 109,807,106 | |
| | | | | | | | |
| | | | | | | 118,970,614 | |
HEALTH CARE — PRODUCTS — 0.39% | |
Cochlear Ltd. | | | 142,272 | | | | 10,317,914 | |
| | | | | | | | |
| | | | | | | 10,317,914 | |
HEALTH CARE — SERVICES — 0.88% | |
Ramsay Health Care Ltd. | | | 328,016 | | | | 10,786,101 | |
Sonic Healthcare Ltd. | | | 936,624 | | | | 12,877,608 | |
| | | | | | | | |
| | | | | | | 23,663,709 | |
INSURANCE — 5.57% | |
AMP Ltd. | | | 7,302,308 | | | | 40,967,042 | |
Insurance Australia Group Ltd. | | | 5,180,578 | | | | 30,177,579 | |
QBE Insurance Group Ltd. | | | 2,982,278 | | | | 40,850,572 | |
Suncorp Group Ltd. | | | 3,206,060 | | | | 36,990,437 | |
| | | | | | | | |
| | | | | | | 148,985,630 | |
IRON & STEEL — 0.63% | |
Fortescue Metals Group Ltd. | | | 3,491,592 | | | | 16,871,721 | |
| | | | | | | | |
| | | | | | | 16,871,721 | |
LEISURE TIME — 0.17% | |
Flight Centre Ltd.b | | | 137,332 | | | | 4,569,293 | |
| | | | | | | | |
| | | | | | | 4,569,293 | |
LODGING — 0.73% | |
Crown Ltd. | | | 998,374 | | | | 12,275,245 | |
Echo Entertainment Group Ltd. | | | 1,851,018 | | | | 7,125,124 | |
| | | | | | | | |
| | | | | | | 19,400,369 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRALIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MANUFACTURING — 0.38% | |
ALS Ltd. | | | 850,668 | | | $ | 10,197,903 | |
| | | | | | | | |
| | | | | | | 10,197,903 | |
METAL FABRICATE & HARDWARE — 0.17% | |
Sims Metal Management Ltd. | | | 409,526 | | | | 4,565,657 | |
| | | | | | | | |
| | | | | | | 4,565,657 | |
MINING — 17.65% | |
Alumina Ltd.a | | | 6,309,368 | | | | 7,977,131 | |
BHP Billiton Ltd. | | | 8,003,294 | | | | 303,728,301 | |
Iluka Resources Ltd. | | | 1,043,328 | | | | 11,236,486 | |
Newcrest Mining Ltd. | | | 1,908,322 | | | | 44,269,587 | |
Orica Ltd. | | | 910,936 | | | | 25,468,506 | |
OZ Minerals Ltd. | | | 755,820 | | | | 4,921,182 | |
Rio Tinto Ltd. | | | 1,085,812 | | | | 74,532,780 | |
| | | | | | | | |
| | | | | | | 472,133,973 | |
OIL & GAS — 3.84% | |
Caltex Australia Ltd. | | | 336,414 | | | | 6,870,856 | |
Santos Ltd. | | | 2,394,912 | | | | 32,878,519 | |
Woodside Petroleum Ltd. | | | 1,642,550 | | | | 63,058,520 | |
| | | | | | | | |
| | | | | | | 102,807,895 | |
PACKAGING & CONTAINERS — 1.06% | |
Amcor Ltd. | | | 3,006,978 | | | | 28,321,222 | |
| | | | | | | | |
| | | | | | | 28,321,222 | |
PIPELINES — 0.48% | |
APA Group | | | 2,050,594 | | | | 12,910,668 | |
| | | | | | | | |
| | | | | | | 12,910,668 | |
REAL ESTATE — 0.55% | |
Lend Lease Group | | | 1,359,982 | | | | 14,827,798 | |
| | | | | | | | |
| | | | | | | 14,827,798 | |
REAL ESTATE INVESTMENT TRUSTS — 6.96% | |
CFS Retail Property Trust Group | | | 4,947,410 | | | | 10,585,664 | |
Dexus Property Group | | | 11,455,366 | | | | 12,782,899 | |
Federation Centres | | | 3,377,478 | | | | 8,471,348 | |
Goodman Group | | | 4,240,496 | | | | 20,186,616 | |
GPT Group | | | 3,522,220 | | | | 14,171,080 | |
Mirvac Group | | | 8,536,320 | | | | 14,332,054 | |
Stockland Corp. Ltd. | | | 5,488,834 | | | | 21,128,168 | |
Westfield Group | | | 5,325,814 | | | | 61,065,782 | |
Westfield Retail Trust | | | 7,230,184 | | | | 23,538,044 | |
| | | | | | | | |
| | | | | | | 186,261,655 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RETAIL — 4.06% | |
Harvey Norman Holdings Ltd.b | | | 1,317,004 | | | $ | 3,357,224 | |
Wesfarmers Ltd. | | | 2,508,532 | | | | 105,369,536 | |
| | | | | | | | |
| | | | | | | 108,726,760 | |
TELECOMMUNICATIONS — 1.91% | |
Telstra Corp. Ltd. | | | 10,852,192 | | | | 50,994,585 | |
| | | | | | | | |
| | | | | | | 50,994,585 | |
TRANSPORTATION — 1.62% | |
Asciano Ltd. | | | 2,430,480 | | | | 13,884,177 | |
Aurizon Holdings Ltd. | | | 4,527,016 | | | | 18,677,166 | |
Toll Holdings Ltd. | | | 1,702,324 | | | | 10,770,221 | |
| | | | | | | | |
| | | | | | | 43,331,564 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $2,344,522,414) | | | | | | | 2,650,856,719 | |
|
INVESTMENT COMPANIES — 0.00% | |
|
REAL ESTATE — 0.00% | |
BGP Holdings PLCa,c | | | 18,888,372 | | | | 247 | |
| | | | | | | | |
| | | | | | | 247 | |
| | | | | | | | |
TOTAL INVESTMENT COMPANIES | | | | | |
(Cost: $0) | | | | | | | 247 | |
|
SHORT-TERM INVESTMENTS — 0.17% | |
|
MONEY MARKET FUNDS — 0.17% | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.21%d,e,f | | | 4,010,922 | | | | 4,010,922 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.18%d,e,f | | | 290,404 | | | | 290,404 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.04%d,e | | | 270,237 | | | | 270,237 | |
| | | | | | | | |
| | | | | | | 4,571,563 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $4,571,563) | | | | | | | 4,571,563 | |
| | | | | | | | |
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRALIA INDEX FUND
February 28, 2013
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.25% | |
(Cost: $2,349,093,977) | | $ | 2,655,428,529 | |
Other Assets, Less Liabilities — 0.75% | | | 19,986,467 | |
| | | | | | |
NET ASSETS — 100.00% | | $ | 2,675,414,996 | |
| | | | | | |
| 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. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 170 | | | ASX SPI 200 Index
(Mar. 2013) | | Sydney Futures | | | $22,124,517 | | | | $865,094 | |
| | | | | | | | | | | | | | | |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI HONG KONG INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.81% | | | | | | | | |
| |
AIRLINES — 0.62% | | | | | |
Cathay Pacific Airways Ltd.a | | | 11,685,000 | | | $ | 21,818,449 | |
| | | | | | | | |
| | | | | | | 21,818,449 | |
APPAREL — 0.67% | | | | | |
Yue Yuen Industrial (Holdings) Ltd.a | | | 7,011,000 | | | | 23,686,880 | |
| | | | | | | | |
| | | | | | | 23,686,880 | |
BANKS — 8.51% | | | | | |
Bank of East Asia Ltd. (The)a | | | 11,685,010 | | | | 47,765,568 | |
BOC Hong Kong (Holdings) Ltd. | | | 36,223,500 | | | | 122,148,659 | |
Hang Seng Bank Ltd.a | | | 7,244,700 | | | | 117,150,606 | |
Wing Hang Bank Ltd.a | | | 1,168,500 | | | | 12,966,005 | |
| | | | | | | | |
| | | | | | | 300,030,838 | |
DISTRIBUTION & WHOLESALE — 2.13% | | | | | |
Li & Fung Ltd.a | | | 56,088,000 | | | | 75,219,405 | |
| | | | | | | | |
| | | | | | | 75,219,405 | |
DIVERSIFIED FINANCIAL SERVICES — 4.82% | | | | | |
Hong Kong Exchanges and Clearing Ltd.a | | | 9,441,000 | | | | 169,831,718 | |
| | | | | | | | |
| | | | | | | 169,831,718 | |
ELECTRIC — 7.82% | | | | | |
CLP Holdings Ltd.a | | | 17,527,700 | | | | 150,869,968 | |
Power Assets Holdings Ltd. | | | 14,022,000 | | | | 125,034,179 | |
| | | | | | | | |
| | | | | | | 275,904,147 | |
ENGINEERING & CONSTRUCTION — 0.87% | | | | | |
Cheung Kong Infrastructure Holdings Ltd. | | | 4,674,000 | | | | 30,648,291 | |
| | | | | | | | |
| | | | | | | 30,648,291 | |
FOOD — 0.70% | | | | | |
First Pacific Co. Ltd. | | | 18,696,000 | | | | 24,735,612 | |
| | | | | | | | |
| | | | | | | 24,735,612 | |
GAS — 4.08% | | | | | |
Hong Kong and China Gas Co. Ltd. (The) | | | 51,414,958 | | | | 143,871,847 | |
| | | | | | | | |
| | | | | | | 143,871,847 | |
HOLDING COMPANIES — DIVERSIFIED — 13.23% | | | | | |
Hutchison Whampoa Ltd.a | | | 21,033,800 | | | | 226,616,117 | |
NWS Holdings Ltd. | | | 14,022,000 | | | | 26,688,423 | |
Swire Pacific Ltd. Class A | | | 7,011,000 | | | | 90,498,346 | |
Wharf (Holdings) Ltd. (The) | | | 14,022,150 | | | | 122,594,476 | |
| | | | | | | | |
| | | | | | | 466,397,362 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INSURANCE — 14.18% | |
AIA Group Ltd. | | | 115,447,800 | | | $ | 500,209,041 | |
| | | | | | | | |
| | | | | | | 500,209,041 | |
LODGING — 9.39% | | | | | |
Galaxy Entertainment Group Ltd.b | | | 18,696,000 | | | | 78,474,090 | |
MGM China Holdings Ltd.a | | | 9,348,000 | | | | 22,589,930 | |
Sands China Ltd.a | | | 23,370,000 | | | | 111,352,444 | |
Shangri-La Asia Ltd. | | | 14,022,000 | | | | 32,691,510 | |
SJM Holdings Ltd. | | | 18,696,000 | | | | 46,722,823 | |
Wynn Macau Ltd.a,b | | | 14,956,800 | | | | 39,441,970 | |
| | | | | | | | |
| | | | | | | 331,272,767 | |
REAL ESTATE — 25.53% | | | | | |
Cheung Kong (Holdings) Ltd.a | | | 14,022,000 | | | | 218,063,947 | |
Hang Lung Properties Ltd. | | | 21,033,000 | | | | 81,502,756 | |
Henderson Land Development Co. Ltd.a | | | 9,348,332 | | | | 65,035,753 | |
Hopewell Holdings Ltd.a | | | 5,842,742 | | | | 25,541,301 | |
Hysan Development Co. Ltd.a | | | 7,011,000 | | | | 36,072,768 | |
Kerry Properties Ltd.a | | | 7,011,000 | | | | 36,072,767 | |
New World Development Co. Ltd.a | | | 35,055,800 | | | | 64,552,741 | |
Sino Land Co. Ltd.a | | | 28,044,000 | | | | 50,990,077 | |
Sun Hung Kai Properties Ltd. | | | 14,714,000 | | | | 227,687,189 | |
Swire Properties Ltd. | | | 11,685,000 | | | | 43,697,170 | |
Wheelock and Co. Ltd. | | | 9,348,357 | | | | 51,052,299 | |
| | | | | | | | |
| | | | | | | 900,268,768 | |
REAL ESTATE INVESTMENT TRUSTS — 3.36% | | | | | |
Link REIT (The)a | | | 22,201,500 | | | | 118,667,953 | |
| | | | | | | | |
| | | | | | | 118,667,953 | |
SEMICONDUCTORS — 0.70% | | | | | |
ASM Pacific Technology Ltd.a | | | 1,869,600 | | | | 24,639,177 | |
| | | | | | | | |
| | | | | | | 24,639,177 | |
TELECOMMUNICATIONS — 1.09% | | | | | |
HKT Trust and HKT Ltd. | | | 21,033,000 | | | | 20,558,765 | |
PCCW Ltd.a | | | 37,392,000 | | | | 17,792,282 | |
| | | | | | | | |
| | | | | | | 38,351,047 | |
TRANSPORTATION — 2.11% | | | | | |
MTR Corp. Ltd. | | | 14,022,083 | | | | 57,861,423 | |
Orient Overseas International Ltd.a | | | 2,337,200 | | | | 16,470,722 | |
| | | | | | | | |
| | | | | | | 74,332,145 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $3,152,798,725) | | | | 3,519,885,447 | |
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI HONG KONG INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 2.21% | | | | | |
| |
MONEY MARKET FUNDS — 2.21% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%c,d,e | | | 67,678,969 | | | $ | 67,678,969 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | |
0.18%c,d,e | | | 4,900,181 | | | | 4,900,181 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | |
0.04%c,d | | | 5,320,096 | | | | 5,320,096 | |
| | | | | | | | |
| | | | | | | 77,899,246 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $77,899,246) | | | | 77,899,246 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 102.02% | | | | | |
(Cost: $3,230,697,971) | | | | 3,597,784,693 | |
Other Assets, Less Liabilities — (2.02)% | | | | (71,207,153 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 3,526,577,540 | |
| | | | | | | | |
| 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. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of
Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 41 | | | Hang Seng Index (Mar. 2013) | | Hong Kong Futures | | | $6,072,664 | | | | $63,709 | |
| | | | | | | | | | | | | | | |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.73% | |
| |
ADVERTISING — 0.31% | | | | | |
Asatsu-DK Inc. | | | 3,600 | | | $ | 91,697 | |
Moshi Moshi Hotline Inc. | | | 6,000 | | | | 85,194 | |
| | | | | | | | |
| | | | | | | 176,891 | |
AGRICULTURE — 0.23% | | | | | |
Hokuto Corp. | | | 3,600 | | | | 68,480 | |
Sakata Seed Corp. | | | 4,800 | | | | 63,785 | |
| | | | | | | | |
| | | | | | | 132,265 | |
AIRLINES — 0.02% | | | | | |
Skymark Airlines Inc.a | | | 3,600 | | | | 13,462 | |
| | | | | | | | |
| | | | | | | 13,462 | |
APPAREL — 1.10% | | | | | |
Atsugi Co. Ltd. | | | 24,000 | | | | 29,655 | |
Daidoh Ltd. | | | 3,600 | | | | 26,143 | |
Descente Ltd. | | | 12,000 | | | | 75,439 | |
Gunze Ltd. | | | 24,000 | | | | 61,132 | |
Japan Wool Textile Co. Ltd. (The) | | | 12,000 | | | | 85,324 | |
Nagaileben Co. Ltd. | | | 2,400 | | | | 31,346 | |
Onward Holdings Co. Ltd. | | | 12,000 | | | | 92,088 | |
Sanyo Shokai Ltd. | | | 12,000 | | | | 34,858 | |
TSI Holdings Co. Ltd. | | | 10,800 | | | | 55,370 | |
Wacoal Holdings Corp. | | | 12,000 | | | | 125,905 | |
| | | | | | | | |
| | | | | | | 617,260 | |
AUTO MANUFACTURERS — 0.48% | | | | | |
Kyokuto Kaihatsu Kogyo Co. Ltd. | | | 3,600 | | | | 37,850 | |
Nissan Shatai Co. Ltd. | | | 12,000 | | | | 146,976 | |
ShinMaywa Industries Ltd. | | | 12,000 | | | | 87,925 | |
| | | | | | | | |
| | | | | | | 272,751 | |
AUTO PARTS & EQUIPMENT — 4.21% | | | | | |
Aisan Industry Co. Ltd. | | | 3,600 | | | | 35,118 | |
Akebono Brake Industry Co. Ltd.b | | | 9,600 | | | | 42,558 | |
Calsonic Kansei Corp. | | | 24,000 | | | | 108,736 | |
Exedy Corp. | | | 3,600 | | | | 76,558 | |
FCC Co. Ltd. | | | 4,800 | | | | 107,383 | |
Futaba Industrial Co. Ltd.a | | | 8,400 | | | | 35,781 | |
Kayaba Industry Co. Ltd. | | | 24,000 | | | | 102,493 | |
Keihin Corp. | | | 6,000 | | | | 89,941 | |
Musashi Seimitsu Industry Co. Ltd. | | | 3,600 | | | | 76,675 | |
Nidec-Tosok Corp. | | | 1,200 | | | | 8,038 | |
Nifco Inc. | | | 6,000 | | | | 123,824 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Nippon Seiki Co. Ltd. | | | 4,000 | | | $ | 55,972 | |
Nissin Kogyo Co. Ltd. | | | 6,000 | | | | 96,770 | |
Press Kogyo Co. Ltd. | | | 12,000 | | | | 59,441 | |
Riken Corp. | | | 12,000 | | | | 47,995 | |
Sanden Corp. | | | 12,000 | | | | 47,995 | |
Sanoh Industrial Co. Ltd. | | | 3,600 | | | | 25,129 | |
Showa Corp. | | | 7,200 | | | | 77,026 | |
T.RAD Co. Ltd. | | | 12,000 | | | | 31,736 | |
Tachi-S Co. Ltd. | | | 3,600 | | | | 57,945 | |
Taiho Kogyo Co. Ltd. | | | 2,400 | | | | 31,424 | |
Takata Corp. | | | 4,800 | | | | 86,989 | |
Tokai Rika Co. Ltd. | | | 7,200 | | | | 129,001 | |
Topre Corp. | | | 6,000 | | | | 57,230 | |
Toyo Tire & Rubber Co. Ltd. | | | 24,000 | | | | 99,371 | |
TPR Co. Ltd. | | | 2,400 | | | | 31,346 | |
TS Tech Co. Ltd. | | | 6,000 | | | | 147,041 | |
Unipres Corp. | | | 4,800 | | | | 107,592 | |
Yokohama Rubber Co. Ltd. (The) | | | 36,000 | | | | 339,085 | |
Yorozu Corp. | | | 2,400 | | | | 38,006 | |
| | | | | | | | |
| | | | | | | 2,374,199 | |
BANKS — 7.51% | | | | | |
77 Bank Ltd. (The) | | | 48,000 | | | | 226,837 | |
Aichi Bank Ltd. (The) | | | 1,200 | | | | 66,985 | |
Awa Bank Ltd. (The) | | | 24,000 | | | | 143,334 | |
Bank of Nagoya Ltd. (The) | | | 24,000 | | | | 94,169 | |
Bank of Saga Ltd. (The) | | | 24,000 | | | | 57,750 | |
Bank of the Ryukyus Ltd. | | | 4,800 | | | | 63,681 | |
Chiba Kogyo Bank Ltd. (The)a | | | 4,800 | | | | 40,477 | |
Daishi Bank Ltd. (The) | | | 48,000 | | | | 176,891 | |
Eighteenth Bank Ltd. (The) | | | 24,000 | | | | 65,294 | |
Higashi-Nippon Bank Ltd. (The) | | | 24,000 | | | | 62,953 | |
Higo Bank Ltd. (The) | | | 24,000 | | | | 146,456 | |
Hokkoku Bank Ltd. (The) | | | 36,000 | | | | 143,204 | |
Hokuetsu Bank Ltd. (The) | | | 36,000 | | | | 83,893 | |
Hyakugo Bank Ltd. (The) | | | 36,000 | | | | 159,983 | |
Hyakujushi Bank Ltd. (The) | | | 36,000 | | | | 141,253 | |
Juroku Bank Ltd. (The) | | | 48,000 | | | | 179,493 | |
Kagoshima Bank Ltd. (The) | | | 12,000 | | | | 76,219 | |
Kansai Urban Banking Corp. | | | 36,000 | | | | 46,824 | |
Keiyo Bank Ltd. (The) | | | 36,000 | | | | 189,248 | |
Kiyo Holdings Inc. | | | 84,000 | | | | 126,555 | |
Mie Bank Ltd. (The) | | | 12,000 | | | | 27,964 | |
Minato Bank Ltd. (The) | | | 24,000 | | | | 43,703 | |
| | |
| 26 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Miyazaki Bank Ltd. (The) | | | 24,000 | | | $ | 70,236 | |
Musashino Bank Ltd. (The) | | | 3,600 | | | | 127,791 | |
Nanto Bank Ltd. (The) | | | 36,000 | | | | 160,763 | |
North Pacific Bank Ltd.a | | | 44,400 | | | | 147,743 | |
Ogaki Kyoritsu Bank Ltd. (The) | | | 36,000 | | | | 117,841 | |
Oita Bank Ltd. (The) | | | 24,000 | | | | 87,665 | |
San-in Godo Bank Ltd. (The) | | | 24,000 | | | | 200,824 | |
Senshu Ikeda Holdings Inc. | | | 27,600 | | | | 148,082 | |
Shiga Bank Ltd. (The) | | | 36,000 | | | | 209,928 | |
Tochigi Bank Ltd. (The) | | | 12,000 | | | | 48,775 | |
Toho Bank Ltd. (The) | | | 24,000 | | | | 74,138 | |
Tokyo Tomin Bank Ltd. (The) | | | 4,800 | | | | 48,281 | |
TOMONY Holdings Inc. | | | 16,800 | | | | 75,933 | |
Towa Bank Ltd. (The) | | | 36,000 | | | | 40,581 | |
Tsukuba Bank Ltd. (The) | | | 10,800 | | | | 43,781 | |
Yachiyo Bank Ltd. (The) | | | 2,400 | | | | 59,519 | |
Yamagata Bank Ltd. (The) | | | 24,000 | | | | 107,436 | |
Yamanashi Chuo Bank Ltd. (The) | | | 24,000 | | | | 101,452 | |
| | | | | | | | |
| | | | | | | 4,233,935 | |
BEVERAGES — 1.47% | | | | | |
Coca-Cola Central Japan Co. Ltd. | | | 2,400 | | | | 33,297 | |
Dydo Drinco Inc. | | | 1,200 | | | | 51,962 | |
ITO EN Ltd. | | | 7,200 | | | | 146,482 | |
Kagome Co. Ltd. | | | 10,800 | | | | 200,525 | |
KEY Coffee Inc. | | | 1,200 | | | | 20,056 | |
Mikuni Coca-Cola Bottling Co. Ltd. | | | 3,600 | | | | 38,669 | |
Sapporo Holdings Ltd. | | | 36,000 | | | | 126,035 | |
Takara Holdings Inc. | | | 24,000 | | | | 210,709 | |
| | | | | | | | |
| | | | | | | 827,735 | |
BIOTECHNOLOGY — 0.28% | | | | | |
JCR Pharmaceuticals Co. Ltd. | | | 1,200 | | | | 27,158 | |
OncoTherapy Science Inc.a | | | 24 | | | | 53,692 | |
Takara Bio Inc. | | | 4,800 | | | | 74,814 | |
| | | | | | | | |
| | | | | | | 155,664 | |
BUILDING MATERIALS — 2.05% | | | | | |
Central Glass Co. Ltd. | | | 24,000 | | | | 79,081 | |
Chofu Seisakusho Co. Ltd. | | | 2,400 | | | | 50,726 | |
Cleanup Corp. | | | 2,400 | | | | 16,649 | |
Endo Lighting Corp. | | | 1,200 | | | | 35,053 | |
Fujitec Co. Ltd. | | | 12,000 | | | | 98,071 | |
Nice Holdings Inc. | | | 12,000 | | | | 30,696 | |
Nichias Corp. | | | 12,000 | | | | 63,993 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Nichiha Corp. | | | 2,400 | | | $ | 34,416 | |
Nippon Sheet Glass Co. Ltd. | | | 120,000 | | | | 152,179 | |
Noritz Corp. | | | 3,600 | | | | 67,700 | |
Okabe Co. Ltd. | | | 4,800 | | | | 37,355 | |
Sankyo Tateyama Inc.a | | | 3,900 | | | | 75,159 | |
Sanwa Holdings Corp. | | | 36,000 | | | | 184,955 | |
Sumitomo Osaka Cement Co. Ltd. | | | 48,000 | | | | 144,114 | |
Takara Standard Co. Ltd. | | | 12,000 | | | | 87,145 | |
| | | | | | | | |
| | | | | | | 1,157,292 | |
CHEMICALS — 6.51% | | | | | |
Adeka Corp. | | | 12,000 | | | | 106,005 | |
Aica Kogyo Co. Ltd. | | | 7,200 | | | | 120,416 | |
C. Uyemura & Co. Ltd. | | | 1,200 | | | | 43,768 | |
Chugoku Marine Paints Ltd. | | | 12,000 | | | | 65,554 | |
Dai Nippon Toryo Co. Ltd. | | | 12,000 | | | | 21,981 | |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | | | 12,000 | | | | 57,099 | |
Daiso Co. Ltd. | | | 12,000 | | | | 34,728 | |
DIC Corp. | | | 96,000 | | | | 193,540 | |
Earth Chemical Co. Ltd. | | | 2,400 | | | | 78,951 | |
Fujimi Inc. | | | 2,400 | | | | 36,289 | |
Ishihara Sangyo Kaisha Ltd.a | | | 48,000 | | | | 43,703 | |
Kinugawa Rubber Industrial Co. Ltd. | | | 2,000 | | | | 9,733 | |
Kureha Corp. | | | 12,000 | | | | 43,442 | |
Lintec Corp. | | | 6,000 | | | | 105,354 | |
New Japan Chemical Co. Ltd. | | | 3,600 | | | | 9,989 | |
Nihon Nohyaku Co. Ltd. | | | 12,000 | | | | 75,829 | |
Nihon Parkerizing Co. Ltd. | | | 5,000 | | | | 81,996 | |
Nippon Carbon Co. Ltd. | | | 12,000 | | | | 24,192 | |
Nippon Kayaku Co. Ltd. | | | 24,000 | | | | 280,425 | |
Nippon Paint Co. Ltd. | | | 24,000 | | | | 228,138 | |
Nippon Shokubai Co. Ltd. | | | 15,000 | | | | 140,147 | |
Nippon Soda Co. Ltd. | | | 24,000 | | | | 110,557 | |
Nippon Synthetic Chemical Industry Co. Ltd. (The) | | | 12,000 | | | | 95,339 | |
Nissan Chemical Industries Ltd. | | | 18,000 | | | | 230,219 | |
NOF Corp. | | | 24,000 | | | | 114,719 | |
S.T. Corp. | | | 1,200 | | | | 12,955 | |
Sakai Chemical Industry Co. Ltd. | | | 12,000 | | | | 36,679 | |
Sanyo Chemical Industries Ltd. | | | 6,000 | | | | 32,647 | |
Stella Chemifa Corp. | | | 1,200 | | | | 23,178 | |
Sumitomo Bakelite Co. Ltd. | | | 24,000 | | | | 99,111 | |
Taiyo Holdings Co. Ltd. | | | 2,400 | | | | 70,887 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 27 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Takasago International Corp. | | | 12,000 | | | $ | 65,684 | |
Toagosei Co. Ltd. | | | 24,000 | | | | 97,811 | |
Tokai Carbon Co. Ltd. | | | 24,000 | | | | 83,503 | |
Tokuyama Corp.b | | | 48,000 | | | | 121,223 | |
Tokyo Ohka Kogyo Co. Ltd. | | | 6,000 | | | | 123,174 | |
Tosoh Corp. | | | 72,000 | | | | 196,662 | |
Toyo Ink SC Holdings Co. Ltd. | | | 24,000 | | | | 104,054 | |
Zeon Corp. | | | 24,000 | | | | 251,810 | |
| | | | | | | | |
| | | | | | | 3,671,491 | |
COAL — 0.08% | | | | | |
Mitsui Matsushima Co. Ltd. | | | 24,000 | | | | 46,044 | |
| | | | | | | | |
| | | | | | | 46,044 | |
COMMERCIAL SERVICES — 1.51% | | | | | |
AEON Delight Co. Ltd. | | | 2,400 | | | | 42,688 | |
Duskin Co. Ltd. | | | 7,200 | | | | 142,736 | |
Future Architect Inc. | | | 48 | | | | 19,874 | |
GMO Payment Gateway Inc. | | | 737 | | | | 14,770 | |
Kyodo Printing Co. Ltd. | | | 12,000 | | | | 32,777 | |
Kyoritsu Maintenance Co. Ltd. | | | 1,200 | | | | 32,049 | |
Meitec Corp. | | | 4,800 | | | | 125,385 | |
Nichii Gakkan Co. | | | 6,000 | | | | 57,555 | |
Nihon M&A Center Inc. | | | 1,200 | | | | 43,507 | |
Nishio Rent All Co. Ltd. | | | 2,400 | | | | 36,601 | |
Pasona Group Inc. | | | 36 | | | | 17,052 | |
Pronexus Inc. | | | 3,600 | | | | 22,163 | |
Sohgo Security Services Co. Ltd. | | | 8,400 | | | | 113,445 | |
Temp Holdings Co. Ltd. | | | 3,600 | | | | 54,706 | |
Toppan Forms Co. Ltd. | | | 7,200 | | | | 62,588 | |
Weathernews Inc. | | | 1,200 | | | | 30,709 | |
| | | | | | | | |
| | | | | | | 848,605 | |
COMPUTERS — 1.53% | | | | | |
DTS Corp. | | | 3,600 | | | | 55,487 | |
Ines Corp. | | | 3,600 | | | | 27,002 | |
Information Services International-Dentsu Ltd. | | | 1,200 | | | | 13,566 | |
Japan Digital Laboratory Co. Ltd. | | | 2,400 | | | | 28,459 | |
Melco Holdings Inc. | | | 1,200 | | | | 22,541 | |
NEC Networks & System Integration Corp. | | | 2,400 | | | | 45,419 | |
Net One Systems Co. Ltd. | | | 12,000 | | | | 109,386 | |
NS Solutions Corp. | | | 2,400 | | | | 46,850 | |
OBIC Co. Ltd. | | | 960 | | | | 204,362 | |
Roland DG Corp. | | | 1,200 | | | | 15,738 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SCSK Corp. | | | 6,256 | | | $ | 121,580 | |
Wacom Co. Ltd. | | | 48 | | | | 173,510 | |
| | | | | | | | |
| | | | | | | 863,900 | |
COSMETICS & PERSONAL CARE — 1.32% | | | | | |
Aderans Co. Ltd.a | | | 3,600 | | | | 52,170 | |
Dr. Ci:Labo Co. Ltd. | | | 24 | | | | 69,248 | |
Fancl Corp. | | | 6,000 | | | | 66,984 | |
Kose Corp. | | | 4,800 | | | | 105,719 | |
Lion Corp. | | | 24,000 | | | | 124,864 | |
Mandom Corp. | | | 2,400 | | | | 75,205 | |
Milbon Co. Ltd. | | | 1,200 | | | | 41,882 | |
Pigeon Corp. | | | 2,400 | | | | 135,790 | |
Pola Orbis Holdings Inc. | | | 2,400 | | | | 73,982 | |
| | | | | | | | |
| | | | | | | 745,844 | |
DISTRIBUTION & WHOLESALE — 1.86% | | | | | |
Ai Holdings Corp. | | | 6,000 | | | | 55,084 | |
Canon Marketing Japan Inc. | | | 7,200 | | | | 101,296 | |
Chori Co. Ltd. | | | 1,200 | | | | 13,189 | |
Daiwabo Holdings Co. Ltd. | | | 24,000 | | | | 47,084 | |
Doshisha Co. Ltd. | | | 1,200 | | | | 31,229 | |
Hakuto Co. Ltd. | | | 2,400 | | | | 22,866 | |
Inabata & Co. Ltd. | | | 6,000 | | | | 44,548 | |
Itochu Enex Co. Ltd. | | | 8,400 | | | | 44,795 | |
Iwatani Corp. | | | 24,000 | | | | 97,030 | |
Japan Pulp & Paper Co. Ltd. | | | 12,000 | | | | 40,321 | |
Kanematsu Corp.a | | | 60,000 | | | | 90,397 | |
Matsuda Sangyo Co. Ltd. | | | 2,460 | | | | 34,423 | |
Meiwa Corp. | | | 2,400 | | | | 10,197 | |
Nagase & Co. Ltd. | | | 14,400 | | | | 162,168 | |
Paltac Corp. | | | 3,600 | | | | 46,902 | |
Ryoyo Electro Corp. | | | 3,600 | | | | 31,645 | |
Trusco Nakayama Corp. | | | 3,600 | | | | 70,666 | |
Yamazen Corp. | | | 8,400 | | | | 56,813 | |
Yuasa Trading Co. Ltd. | | | 24,000 | | | | 49,426 | |
| | | | | | | | |
| | | | | | | 1,050,079 | |
DIVERSIFIED FINANCIAL SERVICES — 2.73% | | | | | |
AIFUL Corp.a,b | | | 19,800 | | | | 128,767 | |
Century Tokyo Leasing Corp. | | | 6,080 | | | | 142,280 | |
Fuyo General Lease Co. Ltd. | | | 2,400 | | | | 85,974 | |
GCA Savvian Group Corp. | | | 2,400 | | | | 22,658 | |
Hitachi Capital Corp. | | | 6,000 | | | | 120,767 | |
IBJ Leasing Co. Ltd. | | | 2,400 | | | | 63,577 | |
| | |
| 28 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Ichiyoshi Securities Co. Ltd. | | | 4,800 | | | $ | 42,766 | |
J Trust Co. Ltd. | | | 3,600 | | | | 64,578 | |
Jaccs Co. Ltd. | | | 24,000 | | | | 113,419 | |
Japan Securities Finance Co. Ltd. | | | 10,800 | | | | 74,685 | |
Kenedix Inc.a | | | 312 | | | | 82,109 | |
Marusan Securities Co. Ltd. | | | 8,400 | | | | 64,461 | |
NEC Capital Solutions Ltd. | | | 1,200 | | | | 20,980 | |
Okasan Securities Group Inc. | | | 24,000 | | | | 187,557 | |
Orient Corp.a | | | 36,000 | | | | 120,572 | |
Ricoh Leasing Co. Ltd. | | | 2,400 | | | | 64,591 | |
Tokai Tokyo Financial Holdings Inc. | | | 24,000 | | | | 139,172 | |
| | | | | | | | |
| | | | | | | 1,538,913 | |
ELECTRIC — 0.13% | | | | | |
Okinawa Electric Power Co. Inc. (The) | | | 2,400 | | | | 72,630 | |
| | | | | | | | |
| | | | | | | 72,630 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 0.81% | |
Fujikura Ltd. | | | 48,000 | | | | 150,358 | |
Funai Electric Co. Ltd. | | | 2,400 | | | | 29,473 | |
Hitachi Cable Ltd.a | | | 24,000 | | | | 37,199 | |
Icom Inc. | | | 1,200 | | | | 26,014 | |
Nippon Signal Co. Ltd. (The) | | | 6,000 | | | | 46,954 | |
Nissin Electric Co. Ltd. | | | 1,000 | | | | 4,964 | |
Sinfonia Technology Co. Ltd. | | | 12,000 | | | | 22,372 | |
SWCC Showa Holdings Co. Ltd. | | | 36,000 | | | | 30,826 | |
Takaoka Toko Holdings Co. Ltd.a | | | 1,200 | | | | 19,367 | |
Tatsuta Electric Wire and Cable Co. Ltd. | | | 8,400 | | | | 60,819 | |
Tokyo Rope Manufacturing Co. Ltd. | | | 24,000 | | | | 30,696 | |
| | | | | | | | |
| | | | | | | 459,042 | |
ELECTRONICS — 5.47% | |
Alps Electric Co. Ltd. | | | 22,800 | | | | 148,771 | |
Anritsu Corp. | | | 24,000 | | | | 356,644 | |
Azbil Corp. | | | 8,400 | | | | 173,080 | |
Chiyoda Integre Co. Ltd. | | | 2,400 | | | | 27,704 | |
CMK Corp. | | | 4,800 | | | | 17,481 | |
Cosel Co. Ltd. | | | 3,600 | | | | 40,659 | |
Dai-ichi Seiko Co. Ltd. | | | 1,200 | | | | 18,404 | |
Dainippon Screen Manufacturing Co. Ltd. | | | 24,000 | | | | 120,182 | |
Eizo Nanao Corp. | | | 2,400 | | | | 40,763 | |
Enplas Corp. | | | 1,200 | | | | 51,962 | |
Fujitsu General Ltd. | | | 12,000 | | | | 94,949 | |
Futaba Corp. | | | 4,800 | | | | 53,380 | |
Hioki E.E. Corp. | | | 1,200 | | | | 17,962 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HORIBA Ltd. | | | 4,800 | | | $ | 150,618 | |
Hosiden Corp. | | | 8,400 | | | | 51,259 | |
IDEC Corp. | | | 3,600 | | | | 32,894 | |
Inaba Denki Sangyo Co. Ltd. | | | 2,400 | | | | 73,202 | |
Japan Aviation Electronics Industry Ltd. | | | 12,000 | | | | 92,478 | |
JEOL Ltd.a | | | 12,000 | | | | 47,865 | |
Kaga Electronics Co. Ltd. | | | 3,600 | | | | 30,631 | |
Koa Corp. | | | 4,800 | | | | 45,315 | |
Kuroda Electric Co. Ltd. | | | 4,800 | | | | 55,253 | |
Macnica Inc. | | | 1,200 | | | | 22,944 | |
MARUWA Co. Ltd. | | | 1,200 | | | | 28,641 | |
Meiko Electronics Co. Ltd. | | | 1,200 | | | | 7,999 | |
Minebea Co. Ltd.b | | | 48,000 | | | | 172,209 | |
Mitsumi Electric Co. Ltd.a | | | 10,800 | | | | 64,032 | |
Nichicon Corp. | | | 7,200 | | | | 65,788 | |
Nidec Copal Electronics Corp. | | | 2,400 | | | | 11,420 | |
Nihon Dempa Kogyo Co. Ltd. | | | 2,400 | | | | 24,739 | |
Nippon Ceramic Co. Ltd. | | | 2,400 | | | | 40,269 | |
Nissha Printing Co. Ltd.a | | | 3,600 | | | | 67,193 | |
Nitto Kogyo Corp. | | | 3,600 | | | | 53,575 | |
Ryosan Co. Ltd. | | | 4,800 | | | | 98,071 | |
Sanshin Electronics Co. Ltd. | | | 4,800 | | | | 32,673 | |
Sanyo Denki Co. Ltd. | | | 12,000 | | | | 63,863 | |
Shinko Shoji Co. Ltd. | | | 3,600 | | | | 35,859 | |
SIIX Corp. | | | 2,400 | | | | 32,907 | |
Sodick Co. Ltd. | | | 6,000 | | | | 32,647 | |
Star Micronics Co. Ltd. | | | 6,000 | | | | 61,327 | |
Taiyo Yuden Co. Ltd. | | | 13,200 | | | | 145,792 | |
Tamura Corp. | | | 12,000 | | | | 24,192 | |
TOKO Inc.a,b | | | 12,000 | | | | 35,378 | |
Tokyo Seimitsu Co. Ltd. | | | 4,800 | | | | 92,400 | |
Toyo Corp. | | | 4,800 | | | | 60,767 | |
UKC Holdings Corp. | | | 1,200 | | | | 24,921 | |
ULVAC Inc.a | | | 4,800 | | | | 45,836 | |
| | | | | | | | |
| | | | | | | 3,086,898 | |
ENGINEERING & CONSTRUCTION — 3.73% | |
Chudenko Corp. | | | 4,800 | | | | 52,495 | |
COMSYS Holdings Corp. | | | 14,400 | | | | 191,511 | |
Fudo Tetra Corp.a | | | 18,000 | | | | 36,484 | |
Hibiya Engineering Ltd. | | | 2,400 | | | | 25,831 | |
Japan Airport Terminal Co. Ltd. | | | 4,800 | | | | 54,212 | |
Kandenko Co. Ltd. | | | 12,000 | | | | 57,750 | |
Kyowa Exeo Corp. | | | 10,800 | | | | 116,943 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 29 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Maeda Corp. | | | 12,000 | | | $ | 51,116 | |
Maeda Road Construction Co. Ltd. | | | 12,000 | | | | 172,859 | |
MIRAIT Holdings Corp. | | | 7,200 | | | | 70,314 | |
Nippo Corp. | | | 12,000 | | | | 158,422 | |
Nippon Koei Co. Ltd. | | | 12,000 | | | | 42,922 | |
Nippon Road Co. Ltd. (The) | | | 12,000 | | | | 53,978 | |
Nishimatsu Construction Co. Ltd. | | | 36,000 | | | | 64,383 | |
Okumura Corp. | | | 24,000 | | | | 100,932 | |
Penta-Ocean Construction Co. Ltd.b | | | 42,000 | | | | 109,712 | |
Shinko Plantech Co. Ltd. | | | 6,000 | | | | 49,946 | |
SHO-BOND Holdings Co. Ltd. | | | 2,400 | | | | 87,926 | |
Taihei Dengyo Kaisha Ltd. | | | 1,000 | | | | 5,864 | |
Taihei Kogyo Co. Ltd. | | | 12,000 | | | | 44,483 | |
Taikisha Ltd. | | | 3,600 | | | | 79,016 | |
Takasago Thermal Engineering Co. Ltd. | | | 8,400 | | | | 63,369 | |
Takuma Co. Ltd. | | | 12,000 | | | | 79,211 | |
Toa Corp. | | | 24,000 | | | | 35,638 | |
Toda Corp. | | | 24,000 | | | | 54,108 | |
Tokyu Construction Co. Ltd. | | | 15,120 | | | | 37,530 | |
Toshiba Plant Systems & Services Corp. | | | 4,000 | | | | 51,463 | |
Totetsu Kogyo Co. Ltd. | | | 3,600 | | | | 52,092 | |
Toyo Construction Co. Ltd. | | | 7,200 | | | | 23,178 | |
Toyo Engineering Corp. | | | 12,000 | | | | 56,579 | |
Yahagi Construction Co. Ltd. | | | 4,800 | | | | 20,811 | |
| | | | | | | | |
| | | | | | | 2,101,078 | |
ENTERTAINMENT — 1.19% | |
Avex Group Holdings Inc. | | | 4,800 | | | | 132,461 | |
Heiwa Corp. | | | 6,000 | | | | 112,508 | |
Mars Engineering Corp. | | | 1,200 | | | | 24,778 | |
Shochiku Co. Ltd. | | | 12,000 | | | | 126,425 | |
Toei Co. Ltd. | | | 12,000 | | | | 72,057 | |
Tokyotokeiba Co. Ltd. | | | 24,000 | | | | 67,895 | |
Universal Entertainment Corp. | | | 3,600 | | | | 61,769 | |
Yomiuri Land Co. Ltd. | | | 12,000 | | | | 70,496 | |
| | | | | | | | |
| | | | | | | 668,389 | |
ENVIRONMENTAL CONTROL — 0.61% | |
Asahi Holdings Inc. | | | 3,600 | | | | 70,861 | |
Daiseki Co. Ltd. | | | 4,860 | | | | 75,908 | |
Hitachi Zosen Corp. | | | 108,000 | | | | 168,567 | |
Oyo Corp. | | | 2,400 | | | | 29,213 | |
| | | | | | | | |
| | | | | | | 344,549 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
FOOD — 3.54% | |
Ariake Japan Co. Ltd. | | | 2,400 | | | $ | 47,969 | |
Ezaki Glico Co. Ltd. | | | 12,000 | | | | 118,101 | |
Fuji Oil Co. Ltd. | | | 8,400 | | | | 122,914 | |
Fujiya Co. Ltd. | | | 12,000 | | | | 25,363 | |
House Foods Corp. | | | 9,600 | | | | 154,832 | |
Itoham Foods Inc. | | | 24,000 | | | | 119,142 | |
Izumiya Co. Ltd. | | | 12,000 | | | | 63,863 | |
J-Oil Mills Inc. | | | 12,000 | | | | 39,150 | |
Kasumi Co. Ltd. | | | 4,800 | | | | 30,228 | |
Kato Sangyo Co. Ltd. | | | 3,600 | | | | 67,778 | |
Kewpie Corp. | | | 13,200 | | | | 180,273 | |
Marudai Food Co. Ltd. | | | 12,000 | | | | 39,931 | |
Maruha Nichiro Holdings Inc. | | | 60,000 | | | | 110,557 | |
MEGMILK SNOW BRAND Co. Ltd. | | | 6,000 | | | | 93,909 | |
Mitsubishi Shokuhin Co. Ltd. | | | 1,200 | | | | 35,118 | |
Mitsui Sugar Co. Ltd. | | | 12,000 | | | | 39,670 | |
Morinaga & Co. Ltd. | | | 24,000 | | | | 51,767 | |
Morinaga Milk Industry Co. Ltd. | | | 24,000 | | | | 75,699 | |
Nichirei Corp. | | | 36,000 | | | | 203,685 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | | | 24,000 | | | | 46,824 | |
Nippon Flour Mills Co. Ltd. | | | 12,000 | | | | 53,067 | |
Nippon Suisan Kaisha Ltd. | | | 33,600 | | | | 69,924 | |
Nisshin OilliO Group Ltd. (The) | | | 12,000 | | | | 43,833 | |
Prima Meat Packers Ltd. | | | 24,000 | | | | 52,287 | |
Warabeya Nichiyo Co. Ltd. | | | 2,400 | | | | 38,266 | |
Yokohama Reito Co. Ltd. | | | 6,000 | | | | 47,409 | |
Yonekyu Corp.b | | | 2,400 | | | | 23,646 | |
| | | | | | | | |
| | | | | | | 1,995,205 | |
FOREST PRODUCTS & PAPER — 0.76% | |
Chuetsu Pulp & Paper Co. Ltd. | | | 12,000 | | | | 19,510 | |
Daio Paper Corp. | | | 12,000 | | | | 83,893 | |
Hokuetsu Kishu Paper Co. Ltd. | | | 12,000 | | | | 64,774 | |
Mitsubishi Paper Mills Ltd.a | | | 48,000 | | | | 48,905 | |
Pack Corp. (The) | | | 1,200 | | | | 21,162 | |
Sumitomo Forestry Co. Ltd. | | | 19,200 | | | | 190,418 | |
| | | | | | | | |
| | | | | | | 428,662 | |
GAS — 0.07% | |
Shizuoka Gas Co. Ltd. | | | 6,000 | | | | 40,516 | |
| | | | | | | | |
| | | | | | | 40,516 | |
HAND & MACHINE TOOLS — 1.27% | |
Asahi Diamond Industrial Co. Ltd. | | | 6,000 | | | | 54,889 | |
| | |
| 30 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
DISCO Corp. | | | 3,600 | | | $ | 207,197 | |
Hitachi Koki Co. Ltd. | | | 7,200 | | | | 60,013 | |
Meidensha Corp. | | | 24,000 | | | | 74,138 | |
Mori Seiki Co. Ltd. | | | 13,200 | | | | 141,929 | |
OSG Corp. | | | 9,600 | | | | 131,316 | |
Union Tool Co. | | | 2,400 | | | | 44,769 | |
| | | | | | | | |
| | | | | | | 714,251 | |
HEALTH CARE — PRODUCTS — 1.02% | |
Asahi Intecc Co. Ltd. | | | 1,200 | | | | 57,880 | |
Hogy Medical Co. Ltd. | | | 1,200 | | | | 64,188 | |
Nihon Kohden Corp. | | | 4,800 | | | | 167,527 | |
Nipro Corp. | | | 15,600 | | | | 127,661 | |
Paramount Bed Holdings Co. Ltd. | | | 2,400 | | | | 75,075 | |
Topcon Corp. | | | 8,400 | | | | 81,851 | |
| | | | | | | | |
| | | | | | | 574,182 | |
HEALTH CARE — SERVICES — 0.46% | |
Ain Pharmaciez Inc. | | | 1,200 | | | | 62,953 | |
BML Inc. | | | 1,200 | | | | 30,631 | |
CMIC Holdings Co. Ltd. | | | 1,200 | | | | 19,224 | |
EPS Co. Ltd. | | | 12 | | | | 30,202 | |
Message Co. Ltd. | | | 24 | | | | 70,236 | |
Tsukui Corp. | | | 2,400 | | | | 45,471 | |
| | | | | | | | |
| | | | | | | 258,717 | |
HOLDING COMPANIES — DIVERSIFIED — 0.06% | |
Seiko Holdings Corp.a | | | 12,000 | | | | 35,768 | |
| | | | | | | | |
| | | | | | | 35,768 | |
HOME BUILDERS — 0.79% | |
HAJIME CONSTRUCTION Co. Ltd. | | | 1,200 | | | | 47,865 | |
Haseko Corp.a,b | | | 180,000 | | | | 159,983 | |
Misawa Homes Co. Ltd. | | | 3,600 | | | | 50,804 | |
PanaHome Corp. | | | 12,000 | | | | 75,309 | |
SxL Corp.a | | | 12,000 | | | | 20,941 | |
Takamatsu Construction Group Co. Ltd. | | | 2,400 | | | | 35,716 | |
Token Corp. | | | 960 | | | | 52,651 | |
| | | | | | | | |
| | | | | | | 443,269 | |
HOME FURNISHINGS — 0.89% | |
Alpine Electronics Inc. | | | 6,000 | | | | 58,075 | |
Canon Electronics Inc. | | | 3,600 | | | | 72,734 | |
Clarion Co. Ltd.a,b | | | 12,000 | | | | 16,128 | |
Corona Corp. | | | 1,200 | | | | 14,346 | |
Foster Electric Co. Ltd.b | | | 2,400 | | | | 33,661 | |
France Bed Holdings Co. Ltd. | | | 24,000 | | | | 53,068 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hoshizaki Electric Co. Ltd. | | | 4,800 | | | $ | 132,252 | |
JVC Kenwood Corp. | | | 18,040 | | | | 48,688 | |
Pioneer Corp.a | | | 34,800 | | | | 72,422 | |
| | | | | | | | |
| | | | | | | 501,374 | |
HOUSEHOLD PRODUCTS & WARES — 0.34% | |
Kokuyo Co. Ltd. | | | 12,000 | | | | 82,333 | |
Mitsubishi Pencil Co. Ltd. | | | 2,400 | | | | 46,304 | |
Pilot Corp. | | | 24 | | | | 62,146 | |
| | | | | | | | |
| | | | | | | 190,783 | |
HOUSEWARES — 0.22% | |
Noritake Co. Ltd. | | | 12,000 | | | | 30,566 | |
Sangetsu Co. Ltd. | | | 3,600 | | | | 93,063 | |
| | | | | | | | |
| | | | | | | 123,629 | |
INTERNET — 1.99% | |
Bit-Isle Inc. | | | 2,400 | | | | 27,860 | |
CyberAgent Inc. | | | 72 | | | | 134,776 | |
Digital Garage Inc. | | | 24 | | | | 63,213 | |
Dwango Co. Ltd. | | | 12 | | | | 33,232 | |
GMO Internet Inc. | | | 8,400 | | | | 68,194 | |
GungHo Online Entertainment Inc.a,b | | | 3 | | | | 90,624 | |
Gurunavi Inc. | | | 2,400 | | | | 25,467 | |
Internet Initiative Japan Inc. | | | 2,400 | | | | 63,967 | |
kabu.com Securities Co. Ltd. | | | 12,000 | | | | 59,181 | |
Kakaku.com Inc. | | | 4,800 | | | | 187,297 | |
Macromill Inc.b | | | 3,600 | | | | 39,606 | |
Matsui Securities Co. Ltd. | | | 10,800 | | | | 102,077 | |
Mixi Inc.b | | | 12 | | | | 21,877 | |
Monex Group Inc. | | | 228 | | | | 75,868 | |
MonotaRO Co. Ltd. | | | 1,200 | | | | 52,807 | |
Start Today Co. Ltd.b | | | 7,200 | | | | 77,026 | |
| | | | | | | | |
| | | | | | | 1,123,072 | |
IRON & STEEL — 1.04% | |
Aichi Steel Corp. | | | 12,000 | | | | 50,076 | |
Godo Steel Ltd. | | | 24,000 | | | | 44,743 | |
Kurimoto Ltd. | | | 12,000 | | | | 41,752 | |
Kyoei Steel Ltd. | | | 2,400 | | | | 43,677 | |
Mitsubishi Steel Manufacturing Co. Ltd. | | | 24,000 | | | | 49,165 | |
Nisshin Steel Holdings Co. Ltd.a | | | 9,600 | | | | 74,086 | |
Osaka Steel Co. Ltd. | | | 1,200 | | | | 21,851 | |
Sanyo Special Steel Co. Ltd. | | | 12,000 | | | | 49,946 | |
Tokyo Steel Manufacturing Co. Ltd. | | | 13,200 | | | | 65,385 | |
TOPY Industries Ltd. | | | 24,000 | | | | 55,409 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 31 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Yodogawa Steel Works Ltd. | | | 24,000 | | | $ | 89,486 | |
| | | | | | | | |
| | | | | | | 585,576 | |
LEISURE TIME — 1.22% | | | | | | | | |
Accordia Golf Co. Ltd. | | | 132 | | | | 125,190 | |
Daiichikosho Co. Ltd. | | | 6,000 | | | | 156,016 | |
Dunlop Sports Co. Ltd. | | | 1,200 | | | | 13,501 | |
Fields Corp. | | | 2,400 | | | | 35,404 | |
H.I.S. Co. Ltd. | | | 2,400 | | | | 92,998 | |
Mizuno Corp. | | | 12,000 | | | | 53,067 | |
PGM Holdings K.K. | | | 36 | | | | 27,665 | |
Roland Corp. | | | 3,600 | | | | 31,099 | |
Round One Corp. | | | 8,400 | | | | 59,636 | |
Tokyo Dome Corp. | | | 24,000 | | | | 91,307 | |
| | | | | | | | |
| | | | | | | 685,883 | |
LODGING — 0.26% | | | | | | | | |
Fujita Kanko Inc. | | | 12,000 | | | | 40,581 | |
Resorttrust Inc. | | | 4,800 | | | | 103,586 | |
| | | | | | | | |
| | | | | | | 144,167 | |
MACHINERY — 3.88% | | | | | | | | |
Aichi Corp. | | | 4,800 | | | | 23,776 | |
Aida Engineering Ltd. | | | 8,400 | | | | 67,284 | |
Chugai Ro Co. Ltd. | | | 12,000 | | | | 32,907 | |
CKD Corp. | | | 7,200 | | | | 49,243 | |
Daifuku Co. Ltd. | | | 12,000 | | | | 88,186 | |
Daihen Corp. | | | 12,000 | | | | 37,720 | |
Daiwa Industries Ltd. | | | 12,000 | | | | 67,505 | |
Denyo Co. Ltd. | | | 1,200 | | | | 15,413 | |
Ebara Corp. | | | 60,000 | | | | 234,121 | |
Fuji Machine Manufacturing Co. Ltd. | | | 9,600 | | | | 75,959 | |
Furukawa Co. Ltd.a | | | 48,000 | | | | 55,669 | |
Iseki & Co. Ltd. | | | 24,000 | | | | 84,544 | |
Juki Corp.a,b | | | 24,000 | | | | 37,459 | |
Komori Corp. | | | 8,400 | | | | 89,681 | |
Makino Milling Machine Co. Ltd. | | | 12,000 | | | | 81,292 | |
Max Co. Ltd. | | | 4,000 | | | | 49,729 | |
Miura Co. Ltd. | | | 3,600 | | | | 88,381 | |
Modec Inc. | | | 2,400 | | | | 62,875 | |
Nippon Sharyo Ltd. | | | 12,000 | | | | 50,856 | |
Nippon Thompson Co. Ltd. | | | 12,000 | | | | 54,758 | |
Nitto Kohki Co. Ltd. | | | 1,200 | | | | 24,166 | |
Obara Group Inc. | | | 2,400 | | | | 38,760 | |
Okuma Corp. | | | 24,000 | | | | 174,810 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Shima Seiki Manufacturing Ltd. | | | 3,600 | | | $ | 77,494 | |
Sintokogio Ltd. | | | 7,200 | | | | 66,490 | |
Tadano Ltd. | | | 14,000 | | | | 131,259 | |
Torishima Pump Manufacturing Co. Ltd. | | | 2,400 | | | | 20,238 | |
Toshiba Machine Co. Ltd. | | | 12,000 | | | | 59,311 | |
Toyo Kanetsu K.K. | | | 24,000 | | | | 71,797 | |
Tsubakimoto Chain Co. | | | 24,000 | | | | 120,963 | |
Tsugami Corp. | | | 6,000 | | | | 33,948 | |
Yushin Precision Equipment Co. Ltd. | | | 1,200 | | | | 21,396 | |
| | | | | | | | |
| | | | | | | 2,187,990 | |
MANUFACTURING — 1.42% | | | | | | | | |
Amano Corp. | | | 8,400 | | | | 80,303 | |
Bando Chemical Industries Ltd. | | | 12,000 | | | | 38,110 | |
Glory Ltd. | | | 8,400 | | | | 193,384 | |
Japan Cash Machine Co. Ltd. | | | 2,400 | | | | 22,346 | |
JSP Corp. | | | 2,400 | | | | 35,534 | |
Nikkiso Co. Ltd. | | | 12,000 | | | | 133,059 | |
Nippon Valqua Industries Ltd. | | | 12,000 | | | | 31,996 | |
Nitta Corp. | | | 3,600 | | | | 67,037 | |
Shin-Etsu Polymer Co. Ltd. | | | 4,800 | | | | 18,261 | |
Tamron Co. Ltd. | | | 2,400 | | | | 55,721 | |
Tenma Corp. | | | 3,600 | | | | 41,673 | |
Tokai Rubber Industries Ltd. | | | 4,800 | | | | 55,981 | |
Toyo Tanso Co. Ltd. | | | 1,200 | | | | 28,290 | |
| | | | | | | | |
| | | | | | | 801,695 | |
MEDIA — 0.63% | | | | | | | | |
Gakken Holdings Co. Ltd. | | | 12,000 | | | | 35,118 | |
Kadokawa Group Holdings Inc.b | | | 2,400 | | | | 63,213 | |
SKY Perfect JSAT Holdings Inc. | | | 240 | | | | 121,613 | |
Tohokushinsha Film Corp. | | | 2,400 | | | | 18,261 | |
Tokyo Broadcasting System Holdings Inc. | | | 3,600 | | | | 45,771 | |
TV Asahi Corp. | | | 2,400 | | | | 44,509 | |
USEN Corp.a,b | | | 15,840 | | | | 27,470 | |
| | | | | | | | |
| | | | | | | 355,955 | |
METAL FABRICATE & HARDWARE — 2.01% | | | | | |
Furukawa-Sky Aluminum Corp. | | | 12,000 | | | | 34,598 | |
Hanwa Co. Ltd. | | | 24,000 | | | | 101,712 | |
Kitz Corp. | | | 12,000 | | | | 59,571 | |
Misumi Group Inc. | | | 10,800 | | | | 276,848 | |
Mitsui High-Tech Inc. | | | 3,600 | | | | 27,158 | |
Nachi-Fujikoshi Corp. | | | 24,000 | | | | 96,250 | |
Neturen Co. Ltd. | | | 4,800 | | | | 38,604 | |
| | |
| 32 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
NTN Corp. | | | 60,000 | | | $ | 169,738 | |
Oiles Corp. | | | 3,680 | | | | 71,558 | |
Onoken Co. Ltd. | | | 2,400 | | | | 22,371 | |
Ryobi Ltd. | | | 24,000 | | | | 58,530 | |
Sumikin Bussan Corp. | | | 12,000 | | | | 40,191 | |
Tocalo Co. Ltd. | | | 2,400 | | | | 38,084 | |
Toho Zinc Co. Ltd. | | | 24,000 | | | | 97,810 | |
| | | | | | | | |
| | | | | | | 1,133,023 | |
MINING — 1.67% | | | | | | | | |
Dowa Holdings Co. Ltd. | | | 36,000 | | | | 266,118 | |
Mitsui Mining & Smelting Co. Ltd. | | | 72,000 | | | | 178,712 | |
Nippon Coke & Engineering Co. Ltd. | | | 30,000 | | | | 39,345 | |
Nippon Denko Co. Ltd. | | | 12,000 | | | | 38,370 | |
Nippon Light Metal Holdings Co. Ltd.a | | | 72,000 | | | | 83,503 | |
Nittetsu Mining Co. Ltd. | | | 12,000 | | | | 59,961 | |
OSAKA Titanium technologies Co. Ltd.b | | | 2,400 | | | | 48,255 | |
Pacific Metals Co. Ltd. | | | 24,000 | | | | 128,767 | |
Sumitomo Light Metal Industries Ltd. | | | 60,000 | | | | 59,181 | |
Toho Titanium Co. Ltd. | | | 4,800 | | | | 41,413 | |
| | | | | | | | |
| | | | | | | 943,625 | |
OFFICE & BUSINESS EQUIPMENT — 0.71% | | | | | |
Riso Kagaku Corp. | | | 2,400 | | | | 48,281 | |
Sato Holdings Corp. | | | 2,400 | | | | 45,446 | |
Seiko Epson Corp. | | | 18,000 | | | | 174,615 | |
Toshiba Tec Corp. | | | 24,000 | | | | 134,229 | |
| | | | | | | | |
| | | | | | | 402,571 | |
OFFICE FURNISHINGS — 0.20% | | | | | | | | |
Itoki Corp. | | | 6,000 | | | | 32,517 | |
Okamura Corp. | | | 12,000 | | | | 78,430 | |
| | | | | | | | |
| | | | | | | 110,947 | |
OIL & GAS — 0.10% | | | | | | | | |
AOC Holdings Inc. | | | 6,000 | | | | 22,762 | |
TOKAI Holdings Corp. | | | 10,800 | | | | 35,235 | |
| | | | | | | | |
| | | | | | | 57,997 | |
PACKAGING & CONTAINERS — 0.78% | | | | | | | | |
Achilles Corp. | | | 24,000 | | | | 36,159 | |
FP Corp. | | | 2,400 | | | | 152,179 | |
Fuji Seal International Inc. | | | 3,600 | | | | 82,840 | |
Fujimori Kogyo Co. Ltd. | | | 1,200 | | | | 27,314 | |
Nihon Yamamura Glass Co. Ltd. | | | 12,000 | | | | 23,932 | |
Rengo Co. Ltd. | | | 24,000 | | | | 117,320 | |
| | | | | | | | |
| | | | | | | 439,744 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PHARMACEUTICALS — 3.57% | | | | | | | | |
3-D Matrix Ltd.a | | | 1,200 | | | $ | 70,236 | |
Fuso Pharmaceutical Industries Ltd. | | | 12,000 | | | | 48,255 | |
Kaken Pharmaceutical Co. Ltd. | | | 12,000 | | | | 209,798 | |
Katakura Industries Co. Ltd. | | | 4,800 | | | | 47,292 | |
Kissei Pharmaceutical Co. Ltd. | | | 2,400 | | | | 47,709 | |
Kobayashi Pharmaceutical Co. Ltd. | | | 3,600 | | | | 171,494 | |
KYORIN Holdings Inc. | | | 6,000 | | | | 136,896 | |
Mochida Pharmaceutical Co. Ltd. | | | 12,000 | | | | 146,065 | |
Nichi-Iko Pharmaceutical Co. Ltd. | | | 3,600 | | | | 77,494 | |
Nippon Shinyaku Co. Ltd. | | | 12,000 | | | | 159,462 | |
Rohto Pharmaceutical Co. Ltd. | | | 12,000 | | | | 156,211 | |
Sawai Pharmaceutical Co. Ltd. | | | 2,400 | | | | 261,695 | |
Seikagaku Corp. | | | 4,800 | | | | 51,923 | |
Ship Healthcare Holdings Inc. | | | 4,800 | | | | 137,923 | |
Sosei Group Corp.a | | | 12 | | | | 40,581 | |
Toho Holdings Co. Ltd. | | | 6,000 | | | | 124,604 | |
Torii Pharmaceutical Co. Ltd. | | | 1,200 | | | | 28,550 | |
Towa Pharmaceutical Co. Ltd. | | | 1,200 | | | | 65,034 | |
Vital KSK Holdings Inc. | | | 3,600 | | | | 33,948 | |
| | | | | | | | |
| | | | | | | 2,015,170 | |
REAL ESTATE — 2.04% | | | | | | | | |
Airport Facilities Co. Ltd. | | | 4,800 | | | | 24,817 | |
Arnest One Corp. | | | 6,000 | | | | 99,176 | |
Daibiru Corp. | | | 7,200 | | | | 72,031 | |
Daikyo Inc. | | | 36,000 | | | | 87,015 | |
Goldcrest Co. Ltd. | | | 2,400 | | | | 45,706 | |
Heiwa Real Estate Co. Ltd. | | | 6,000 | | | | 89,551 | |
Iida Home Max Co. Ltd. | | | 2,400 | | | | 31,060 | |
Leopalace21 Corp.a | | | 19,200 | | | | 70,340 | |
Relo Holdings Inc. | | | 1,200 | | | | 46,889 | |
Sumitomo Real Estate Sales Co. Ltd. | | | 1,200 | | | | 53,263 | |
Takara Leben Co. Ltd. | | | 3,600 | | | | 40,776 | |
TOC Co. Ltd. | | | 9,600 | | | | 64,721 | |
Tokyo Tatemono Co. Ltd. | | | 60,000 | | | | 336,224 | |
Tokyu Livable Inc. | | | 3,600 | | | | 57,555 | |
Touei Housing Corp. | | | 2,400 | | | | 31,424 | |
| | | | | | | | |
| | | | | | | 1,150,548 | |
REAL ESTATE INVESTMENT TRUSTS — 7.10% | |
Activia Properties Inc. | | | 24 | | | | 183,135 | |
Advance Residence Investment Corp. | | | 168 | | | | 358,543 | |
Daiwa Office Investment Corp. | | | 36 | | | | 153,544 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 33 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Daiwahouse Residential Investment Corp. | | | 48 | | | $ | 202,645 | |
Frontier Real Estate Investment Corp. | | | 24 | | | | 232,040 | |
Fukuoka REIT Corp. | | | 12 | | | | 99,892 | |
Global One Real Estate Investment Corp. Ltd. | | | 12 | | | | 82,203 | |
Hankyu REIT Inc. | | | 12 | | | | 71,797 | |
Heiwa Real Estate REIT Inc. | | | 84 | | | | 64,188 | |
Industrial & Infrastructure Fund Investment Corp. | | | 12 | | | | 108,216 | |
Japan Excellent Inc. | | | 24 | | | | 145,935 | |
Japan Hotel REIT Investment Corp. | | | 216 | | | | 72,929 | |
Japan Logistics Fund Inc. | | | 24 | | | | 229,178 | |
Japan Rental Housing Investments Inc. | | | 108 | | | | 90,137 | |
Kenedix Realty Investment Corp. | | | 36 | | | | 149,057 | |
MID REIT Inc. | | | 24 | | | | 58,010 | |
Mori Hills REIT Investment Corp. | | | 24 | | | | 137,871 | |
MORI TRUST Sogo REIT Inc. | | | 24 | | | | 230,739 | |
Nippon Accommodations Fund Inc. | | | 24 | | | | 176,891 | |
Nomura Real Estate Residential Fund Inc. | | | 24 | | | | 130,588 | |
ORIX JREIT Inc. | | | 192 | | | | 227,045 | |
Premier Investment Corp. | | | 24 | | | | 108,216 | |
Sekisui House SI Investment Corp. | | | 12 | | | | 61,392 | |
TOKYU REIT Inc. | | | 24 | | | | 135,790 | |
Top REIT Inc. | | | 24 | | | | 112,768 | |
United Urban Investment Corp. | | | 288 | | | | 380,212 | |
| | | | | | | | |
| | | | | | | 4,002,961 | |
RETAIL — 9.14% | |
Alpen Co. Ltd. | | | 2,400 | | | | 44,353 | |
Aoki Holdings Inc. | | | 2,400 | | | | 57,152 | |
Aoyama Trading Co. Ltd. | | | 7,200 | | | | 154,676 | |
Arc Land Sakamoto Co. Ltd. | | | 2,400 | | | | 38,864 | |
Arcs Co. Ltd. | | | 4,800 | | | | 91,931 | |
Asahi Co. Ltd. | | | 1,200 | | | | 16,584 | |
Askul Corp. | | | 2,400 | | | | 32,673 | |
Atom Corp. | | | 4,800 | | | | 30,748 | |
Autobacs Seven Co. Ltd. | | | 3,600 | | | | 154,910 | |
Belluna Co. Ltd. | | | 3,600 | | | | 27,119 | |
BIC Camera Inc.b | | | 120 | | | | 56,969 | |
Cawachi Ltd. | | | 2,400 | | | | 49,478 | |
Chiyoda Co. Ltd. | | | 3,600 | | | | 79,406 | |
cocokara fine Inc. | | | 2,400 | | | | 76,427 | |
Colowide Co. Ltd. | | | 6,000 | | | | 63,668 | |
Cosmos Pharmaceutical Corp. | | | 1,200 | | | | 136,961 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CREATE HOLDINGS Co. Ltd. | | | 1,200 | | | $ | 38,955 | |
Daiei Inc. (The)a | | | 14,400 | | | | 36,055 | |
DCM Holdings Co. Ltd. | | | 12,000 | | | | 84,674 | |
Doutor Nichires Holdings Co. Ltd. | | | 4,800 | | | | 65,606 | |
EDION Corp. | | | 9,600 | | | | 41,934 | |
Fuji Co. Ltd. | | | 2,400 | | | | 47,553 | |
Geo Holdings Corp. | | | 48 | | | | 50,310 | |
Gulliver International Co. Ltd. | | | 840 | | | | 35,053 | |
H2O Retailing Corp. | | | 12,000 | | | | 109,647 | |
Heiwado Co. Ltd. | | | 4,800 | | | | 68,519 | |
Honeys Co. Ltd. | | | 2,160 | | | | 26,947 | |
Izumi Co. Ltd. | | | 7,200 | | | | 158,422 | |
Jin Co. Ltd. | | | 1,200 | | | | 58,400 | |
Joshin Denki Co. Ltd. | | | 12,000 | | | | 120,052 | |
K’s Holdings Corp. | | | 6,000 | | | | 155,430 | |
Kappa Create Co. Ltd. | | | 1,800 | | | | 37,459 | |
Keiyo Co. Ltd.b | | | 6,000 | | | | 30,826 | |
Kisoji Co. Ltd. | | | 3,600 | | | | 69,378 | |
Kohnan Shoji Co. Ltd. | | | 3,600 | | | | 44,093 | |
Komeri Co. Ltd. | | | 3,600 | | | | 100,672 | |
Konaka Co. Ltd. | | | 2,400 | | | | 22,528 | |
Kura Corp. | | | 1,200 | | | | 16,844 | |
Maruetsu Inc. (The) | | | 12,000 | | | | 40,711 | |
Matsumotokiyoshi Co. Ltd. | | | 3,600 | | | | 98,253 | |
Matsuya Co. Ltd.a | | | 4,800 | | | | 43,703 | |
Megane Top Co. Ltd. | | | 3,600 | | | | 41,205 | |
Ministop Co. Ltd. | | | 1,200 | | | | 19,354 | |
MOS Food Services Inc. | | | 3,600 | | | | 70,080 | |
Nishimatsuya Chain Co. Ltd. | | | 7,200 | | | | 58,296 | |
Nissen Holdings Co. Ltd. | | | 4,800 | | | | 16,961 | |
Ohsho Food Service Corp. | | | 1,200 | | | | 33,948 | |
Otsuka Kagu Ltd. | | | 1,200 | | | | 10,431 | |
Pal Co. Ltd. | | | 1,200 | | | | 27,132 | |
Parco Co. Ltd. | | | 2,400 | | | | 23,074 | |
Paris Miki Holdings Inc. | | | 4,800 | | | | 25,077 | |
Plenus Co. Ltd. | | | 3,600 | | | | 57,321 | |
Point Inc. | | | 2,040 | | | | 75,621 | |
Ringer Hut Co. Ltd. | | | 2,400 | | | | 29,915 | |
Royal Holdings Co. Ltd. | | | 3,600 | | | | 43,156 | |
Ryohin Keikaku Co. Ltd. | | | 2,400 | | | | 157,902 | |
Saint Marc Holdings Co. Ltd. | | | 1,200 | | | | 48,775 | |
Saizeriya Co. Ltd. | | | 4,800 | | | | 62,068 | |
San-A & Co. Ltd. | | | 1,200 | | | | 50,531 | |
| | |
| 34 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Senshukai Co. Ltd. | | | 6,000 | | | $ | 45,393 | |
Seria Co. Ltd. | | | 2,400 | | | | 47,657 | |
Shimachu Co. Ltd. | | | 6,000 | | | | 128,441 | |
Sugi Holdings Co. Ltd. | | | 4,800 | | | | 158,682 | |
Sundrug Co. Ltd. | | | 4,800 | | | | 186,516 | |
Toridoll Corp. | | | 2,400 | | | | 24,010 | |
Tsuruha Holdings Inc. | | | 2,400 | | | | 208,888 | |
United Arrows Ltd. | | | 2,400 | | | | 60,845 | |
UNY Co. Ltd. | | | 28,800 | | | | 206,339 | |
Valor Co. Ltd. | | | 4,800 | | | | 83,035 | |
Watami Co. Ltd. | | | 3,600 | | | | 67,583 | |
Welcia Holdings Co. Ltd. | | | 1,200 | | | | 55,148 | |
Xebio Co. Ltd. | | | 3,600 | | | | 70,822 | |
Yellow Hat Ltd. | | | 2,400 | | | | 37,563 | |
Yoshinoya Holdings Co. Ltd. | | | 72 | | | | 82,567 | |
Zensho Holdings Co. Ltd.b | | | 9,600 | | | | 126,425 | |
| | | | | | | | |
| | | | | | | 5,154,704 | |
SEMICONDUCTORS — 0.52% | | | | | | | | |
Axell Corp. | | | 1,200 | | | | 26,716 | |
Megachips Corp. | | | 2,400 | | | | 37,850 | |
Mimasu Semiconductor Industry Co. Ltd. | | | 3,600 | | | | 29,148 | |
Nippon Chemi-Con Corp.a | | | 12,000 | | | | 33,427 | |
Sanken Electric Co. Ltd. | | | 12,000 | | | | 54,238 | |
Shindengen Electric Manufacturing Co. Ltd. | | | 12,000 | | | | 42,402 | |
Shinko Electric Industries Co. Ltd. | | | 8,400 | | | | 68,376 | |
| | | | | | | | |
| | | | | | | 292,157 | |
SHIPBUILDING — 0.42% | | | | | | | | |
Mitsui Engineering & Shipbuilding Co. Ltd. | | | 96,000 | | | | 187,297 | |
Namura Shipbuilding Co. Ltd. | | | 7,200 | | | | 48,775 | |
| | | | | | | | |
| | | | | | | 236,072 | |
SOFTWARE — 1.42% | | | | | | | | |
Access Co. Ltd.a,b | | | 36 | | | | 25,714 | |
Capcom Co. Ltd. | | | 6,000 | | | | 92,543 | |
Fuji Soft Inc. | | | 2,400 | | | | 55,200 | |
IT Holdings Corp. | | | 10,848 | | | | 150,151 | |
NEC Mobiling Ltd. | | | 1,200 | | | | 53,523 | |
Nihon Unisys Ltd. | | | 7,200 | | | | 56,579 | |
NSD Co. Ltd. | | | 6,000 | | | | 65,034 | |
Obic Business Consultants Co. Ltd. | | | 600 | | | | 33,492 | |
Simplex Technology Inc. | | | 60 | | | | 19,126 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Square Enix Holdings Co. Ltd. | | | 8,400 | | | $ | 96,965 | |
Systena Corp. | | | 24 | | | | 21,435 | |
Tecmo Koei Holdings Co. Ltd. | | | 4,800 | | | | 42,610 | |
Trans Cosmos Inc. | | | 3,600 | | | | 49,048 | |
Zenrin Co. Ltd. | | | 3,600 | | | | 41,713 | |
| | | | | | | | |
| | | | | | | 803,133 | |
STORAGE & WAREHOUSING — 0.34% | | | | | | | | |
Mitsui-Soko Co. Ltd. | | | 12,000 | | | | 56,319 | |
Sumitomo Warehouse Co. Ltd. (The) | | | 24,000 | | | | 137,871 | |
| | | | | | | | |
| | | | | | | 194,190 | |
TELECOMMUNICATIONS — 0.65% | | | | | | | | |
Denki Kogyo Co. Ltd. | | | 12,000 | | | | 49,165 | |
Hitachi Kokusai Electric Inc. | | | 12,000 | | | | 100,802 | |
Japan Radio Co. Ltd.a | | | 12,000 | | | | 38,630 | |
Oki Electric Industry Co. Ltd.a | | | 96,000 | | | | 108,216 | |
T-Gaia Corp. | | | 3,600 | | | | 39,723 | |
Uniden Corp. | | | 12,000 | | | | 29,265 | |
| | | | | | | | |
| | | | | | | 365,801 | |
TEXTILES — 1.17% | | | | | | | | |
Fujibo Holdings Inc. | | | 12,000 | | | | 35,248 | |
Kurabo Industries Ltd. | | | 36,000 | | | | 61,652 | |
Nisshinbo Holdings Inc. | | | 18,000 | | | | 129,352 | |
Nitto Boseki Co. Ltd. | | | 24,000 | | | | 93,909 | |
Seiren Co. Ltd. | | | 7,200 | | | | 44,717 | |
Tokai Corp. (GIFU) | | | 1,200 | | | | 35,365 | |
Toyobo Co. Ltd. | | | 120,000 | | | | 217,212 | |
Unitika Ltd.a | | | 72,000 | | | | 39,801 | |
| | | | | | | | |
| | | | | | | 657,256 | |
TOYS, GAMES & HOBBIES — 0.10% | |
Tomy Co. Ltd. | | | 9,600 | | | | 55,149 | |
| | | | | | | | |
| | | | | | | 55,149 | |
TRANSPORTATION — 2.57% | | | | | | | | |
Daiichi Chuo Kisen Kaishaa,b | | | 12,000 | | | | 10,926 | |
Fukuyama Transporting Co. Ltd. | | | 24,000 | | | | 127,986 | |
Hitachi Transport System Ltd. | | | 6,000 | | | | 85,129 | |
Iino Kaiun Kaisha Ltd. | | | 12,000 | | | | 68,806 | |
Kawasaki Kisen Kaisha Ltd.a | | | 120,000 | | | | 270,540 | |
Kintetsu World Express Inc. | | | 2,400 | | | | 85,844 | |
Nippon Konpo Unyu Soko Co. Ltd. | | | 7,200 | | | | 100,828 | |
NS United Kaiwn Kaisha Ltd.a | | | 12,000 | | | | 17,039 | |
Sankyu Inc. | | | 36,000 | | | | 167,006 | |
Seino Holdings Co. Ltd. | | | 24,000 | | | | 181,314 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 35 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Senko Co. Ltd. | | | 12,000 | | | $ | 59,961 | |
Shibusawa Warehouse Co. Ltd. (The) | | | 12,000 | | | | 45,393 | |
Sotetsu Holdings Inc. | | | 60,000 | | | | 202,255 | |
Yusen Logistics Co. Ltd. | | | 2,400 | | | | 23,958 | |
| | | | | | | | |
| | | | | | | 1,446,985 | |
VENTURE CAPITAL — 0.22% | | | | | | | | |
JAFCO Co. Ltd. | | | 3,600 | | | | 122,718 | |
| | | | | | | | |
| | | | | | | 122,718 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $57,272,763) | | | | 56,234,361 | |
|
SHORT-TERM INVESTMENTS — 2.12% | |
| |
MONEY MARKET FUNDS — 2.12% | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 1,063,179 | | | | 1,063,179 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 76,978 | | | | 76,978 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.04%c,d | | | 57,741 | | | | 57,741 | |
| | | | | | | | |
| | | | | | | 1,197,898 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $1,197,898) | | | | 1,197,898 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 101.85% | | | | | |
(Cost: $58,470,661) | | | | 57,432,259 | |
Other Assets, Less Liabilities — (1.85)% | | | | (1,044,395 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 56,387,864 | |
| | | | | | | | |
| a | Non-income earning security. |
| b | All or a portion of this security represents a security on loan. See Note 5. |
| c | Affiliated issuer. See Note 2. |
| d | The rate quoted is the annualized seven-day yield of the fund at period end. |
| e | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
| | |
| 36 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI MALAYSIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.72% | |
| |
AGRICULTURE — 8.55% | | | | | |
British American Tobacco (Malaysia) Bhd | | | 790,100 | | | $ | 15,594,920 | |
Genting Plantations Bhd | | | 1,579,700 | | | | 4,329,416 | |
IOI Corp. Bhd | | | 22,266,630 | | | | 35,303,830 | |
Kuala Lumpur Kepong Bhd | | | 3,327,600 | | | | 22,331,151 | |
| | | | | | | | |
| | | | | | | 77,559,317 | |
AIRLINES — 0.90% | | | | | |
AirAsia Bhd | | | 8,652,700 | | | | 8,147,341 | |
| | | | | | | | |
| | | | | | | 8,147,341 | |
AUTO MANUFACTURERS — 1.66% | | | | | |
UMW Holdings Bhd | | | 3,637,800 | | | | 15,066,766 | |
| | | | | | | | |
| | | | | | | 15,066,766 | |
BANKS — 29.23% | | | | | |
Alliance Financial Group Bhd | | | 6,961,600 | | | | 9,708,622 | |
AMMB Holdings Bhd | | | 11,483,537 | | | | 23,483,564 | |
CIMB Group Holdings Bhd | | | 33,459,564 | | | | 77,951,419 | |
Hong Leong Bank Bhd | | | 3,906,940 | | | | 18,431,705 | |
Malayan Banking Bhd | | | 29,219,320 | | | | 86,509,231 | |
Public Bank Bhd Foreign | | | 7,338,600 | | | | 38,230,532 | |
RHB Capital Bhd | | | 4,290,700 | | | | 10,898,559 | |
| | | | | | | | |
| | | | | | | 265,213,632 | |
BUILDING MATERIALS — 0.92% | | | | | |
Lafarge Malayan Cement Bhd | | | 2,650,260 | | | | 8,369,694 | |
| | | | | | | | |
| | | | | | | 8,369,694 | |
CHEMICALS — 4.39% | | | | | |
Petronas Chemicals Group Bhd | | | 19,393,400 | | | | 39,847,303 | |
| | | | | | | | |
| | | | | | | 39,847,303 | |
DIVERSIFIED FINANCIAL SERVICES — 0.74% | | | | | |
Hong Leong Financial Group Bhd | | | 1,455,700 | | | | 6,754,486 | |
| | | | | | | | |
| | | | | | | 6,754,486 | |
ELECTRIC — 5.57% | | | | | |
Tenaga Nasional Bhd | | | 19,161,512 | | | | 43,028,925 | |
YTL Power International Bhd | | | 15,252,975 | | | | 7,501,868 | |
| | | | | | | | |
| | | | | | | 50,530,793 | |
ENGINEERING & CONSTRUCTION — 2.31% | | | | | |
Gamuda Bhd | | | 11,470,900 | | | | 14,252,793 | |
Malaysia Airports Holdings Bhd | | | 3,765,100 | | | | 6,664,001 | |
| | | | | | | | |
| | | | | | | 20,916,794 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ENTERTAINMENT — 0.70% | | | | | |
Berjaya Sports Toto Bhd | | | 4,671,113 | | | $ | 6,348,058 | |
| | | | | | | | |
| | | | | | | 6,348,058 | |
FOOD — 2.66% | | | | | |
Felda Global Ventures Holdings Bhd | | | 7,572,400 | | | | 11,001,481 | |
PPB Group Bhd | | | 3,281,166 | | | | 13,143,774 | |
| | | | | | | | |
| | | | | | | 24,145,255 | |
GAS — 2.69% | | | | | |
Petronas Gas Bhd | | | 4,111,700 | | | | 24,373,514 | |
| | | | | | | | |
| | | | | | | 24,373,514 | |
HEALTH CARE — SERVICES — 1.70% | | | | | |
IHH Healthcare Bhda | | | 13,937,400 | | | | 15,468,462 | |
| | | | | | | | |
| | | | | | | 15,468,462 | |
HOLDING COMPANIES — DIVERSIFIED — 10.06% | | | | | |
IJM Corp. Bhd | | | 8,078,440 | | | | 13,409,609 | |
MMC Corp. Bhd | | | 5,264,200 | | | | 4,275,406 | |
Sime Darby Bhd | | | 18,729,225 | | | | 55,814,969 | |
YTL Corp. Bhd | | | 33,243,412 | | | | 17,748,465 | |
| | | | | | | | |
| | | | | | | 91,248,449 | |
LODGING — 7.51% | | | | | |
Genting Bhd | | | 14,168,900 | | | | 43,508,449 | |
Genting Malaysia Bhd | | | 20,566,700 | | | | 24,622,808 | |
| | | | | | | | |
| | | | | | | 68,131,257 | |
OIL & GAS — 1.44% | | | | | |
Petronas Dagangan Bhd | | | 1,718,300 | | | | 13,076,983 | |
| | | | | | | | |
| | | | | | | 13,076,983 | |
OIL & GAS SERVICES — 2.09% | | | | | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 3,319,500 | | | | 4,350,097 | |
Sapurakencana Petroleum Bhda | | | 15,584,800 | | | | 14,624,145 | |
| | | | | | | | |
| | | | | | | 18,974,242 | |
REAL ESTATE — 0.86% | | | | | |
UEM Land Holdings Bhda | | | 10,477,000 | | | | 7,763,252 | |
| | | | | | | | |
| | | | | | | 7,763,252 | |
RETAIL — 0.69% | | | | | | | | |
Parkson Holdings Bhd | | | 4,170,371 | | | | 6,220,809 | |
| | | | | | | | |
| | | | | | | 6,220,809 | |
TELECOMMUNICATIONS — 12.50% | | | | | | | | |
Axiata Group Bhd | | | 17,677,800 | | | | 36,608,290 | |
DiGi.Com Bhd | | | 21,541,600 | | | | 31,854,105 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 37 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MALAYSIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Maxis Communications Bhd | | | 15,585,800 | | | $ | 32,124,752 | |
Telekom Malaysia Bhd | | | 7,426,300 | | | | 12,783,665 | |
| | | | | | | | |
| | | | | | | 113,370,812 | |
TRANSPORTATION — 2.55% | | | | | | | | |
Bumi Armada Bhda | | | 8,120,200 | | | | 9,958,116 | |
MISC Bhda | | | 7,722,420 | | | | 13,168,469 | |
| | | | | | | | |
| | | | | | | 23,126,585 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $467,358,554) | | | | | | | 904,653,804 | |
|
SHORT-TERM INVESTMENTS — 0.00% | |
| |
MONEY MARKET FUNDS — 0.00% | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.04%b,c | | | 25,782 | | | | 25,782 | |
| | | | | | | | |
| | | | | | | 25,782 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $25,782) | | | | | | | 25,782 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.72% | | | | | |
(Cost: $467,384,336) | | | | | | | 904,679,586 | |
Other Assets, Less Liabilities — 0.28% | | | | 2,574,057 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 907,253,643 | |
| | | | | | | | |
| 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.
| | |
| 38 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.36% | |
| |
AUSTRALIA — 64.03% | | | | | |
AGL Energy Ltd. | | | 1,466,883 | | | $ | 23,937,440 | |
ALS Ltd. | | | 911,196 | | | | 10,923,520 | |
Alumina Ltd.a | | | 6,673,887 | | | | 8,438,004 | |
Amcor Ltd. | | | 3,228,687 | | | | 30,409,388 | |
AMP Ltd. | | | 7,793,280 | | | | 43,721,469 | |
APA Group | | | 2,200,770 | | | | 13,856,185 | |
Asciano Ltd. | | | 2,610,630 | | | | 14,913,289 | |
ASX Ltd. | | | 474,903 | | | | 17,721,332 | |
Aurizon Holdings Ltd. | | | 4,855,653 | | | | 20,033,028 | |
Australia and New Zealand Banking Group Ltd. | | | 7,277,391 | | | | 213,970,573 | |
Bendigo and Adelaide Bank Ltd. | | | 1,065,042 | | | | 10,827,044 | |
BHP Billiton Ltd. | | | 8,582,706 | | | | 325,717,225 | |
Boral Ltd. | | | 2,038,311 | | | | 10,788,347 | |
Brambles Ltd. | | | 4,164,237 | | | | 37,302,453 | |
Caltex Australia Ltd. | | | 360,261 | | | | 7,357,903 | |
CFS Retail Property Trust Group | | | 5,301,450 | | | | 11,343,181 | |
Coca-Cola Amatil Ltd. | | | 1,525,986 | | | | 22,636,686 | |
Cochlear Ltd. | | | 152,361 | | | | 11,049,593 | |
Commonwealth Bank of Australia | | | 4,299,075 | | | | 296,067,239 | |
Computershare Ltd. | | | 1,193,940 | | | | 12,442,974 | |
Crown Ltd. | | | 1,068,903 | | | | 13,142,416 | |
CSL Ltd. | | | 1,341,252 | | | | 82,386,402 | |
Dexus Property Group | | | 12,308,274 | | | | 13,734,649 | |
Echo Entertainment Group Ltd. | | | 1,986,930 | | | | 7,648,289 | |
Federation Centres | | | 3,633,201 | | | | 9,112,749 | |
Flight Centre Ltd. | | | 146,421 | | | | 4,871,701 | |
Fortescue Metals Group Ltd. | | | 3,756,456 | | | | 18,151,571 | |
Goodman Group | | | 4,551,228 | | | | 21,665,836 | |
GPT Group | | | 3,771,603 | | | | 15,174,431 | |
Harvey Norman Holdings Ltd. | | | 1,416,096 | | | | 3,609,823 | |
Iluka Resources Ltd. | | | 1,124,442 | | | | 12,110,071 | |
Incitec Pivot Ltd. | | | 4,355,208 | | | | 14,401,420 | |
Insurance Australia Group Ltd. | | | 5,575,581 | | | | 32,478,525 | |
James Hardie Industries SE | | | 1,173,447 | | | | 11,772,900 | |
Leighton Holdings Ltd. | | | 405,702 | | | | 9,806,116 | |
Lend Lease Group | | | 1,456,488 | | | | 15,879,997 | |
Macquarie Group Ltd. | | | 867,537 | | | | 33,500,678 | |
Metcash Ltd. | | | 2,365,902 | | | | 9,882,136 | |
Mirvac Group | | | 9,176,112 | | | | 15,406,233 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
National Australia Bank Ltd. | | | 6,203,736 | | | $ | 191,802,452 | |
Newcrest Mining Ltd. | | | 2,046,924 | | | | 47,484,900 | |
Orica Ltd. | | | 978,318 | | | | 27,352,413 | |
Origin Energy Ltd. | | | 2,924,262 | | | | 36,433,489 | |
OZ Minerals Ltd. | | | 812,592 | | | | 5,290,827 | |
Qantas Airways Ltd.a | | | 2,966,436 | | | | 4,995,682 | |
QBE Insurance Group Ltd. | | | 3,192,750 | | | | 43,733,570 | |
Ramsay Health Care Ltd. | | | 351,351 | | | | 11,553,422 | |
Rio Tinto Ltd. | | | 1,165,131 | | | | 79,977,430 | |
Santos Ltd. | | | 2,566,971 | | | | 35,240,628 | |
Sims Metal Management Ltd. | | | 437,778 | | | | 4,880,628 | |
Sonic Healthcare Ltd. | | | 1,004,751 | | | | 13,814,284 | |
SP AusNet | | | 4,446,387 | | | | 5,416,866 | |
Stockland Corp. Ltd. | | | 5,893,074 | | | | 22,684,209 | |
Suncorp Group Ltd. | | | 3,449,655 | | | | 39,800,954 | |
Sydney Airport | | | 493,911 | | | | 1,602,883 | |
Tabcorp Holdings Ltd. | | | 1,969,110 | | | | 6,410,487 | |
Tatts Group Ltd. | | | 3,659,040 | | | | 11,949,555 | |
Telstra Corp. Ltd. | | | 11,630,520 | | | | 54,651,958 | |
Toll Holdings Ltd. | | | 1,823,580 | | | | 11,537,380 | |
Transurban Group | | | 3,516,777 | | | | 22,177,850 | |
Treasury Wine Estates Ltd. | | | 1,730,619 | | | | 9,390,122 | |
Wesfarmers Ltd. | | | 2,689,632 | | | | 112,976,544 | |
Westfield Group | | | 5,711,013 | | | | 65,482,474 | |
Westfield Retail Trust | | | 7,758,828 | | | | 25,259,058 | |
Westpac Banking Corp. | | | 8,245,314 | | | | 259,733,878 | |
Whitehaven Coal Ltd. | | | 1,217,997 | | | | 3,491,388 | |
Woodside Petroleum Ltd. | | | 1,760,319 | | | | 67,579,745 | |
Woolworths Ltd. | | | 3,291,948 | | | | 117,718,700 | |
WorleyParsons Ltd. | | | 553,014 | | | | 15,082,185 | |
| | | | | | | | |
| | | | | | | 2,843,698,777 | |
HONG KONG — 21.99% | | | | | | | | |
AIA Group Ltd. | | | 32,076,014 | | | | 138,978,068 | |
ASM Pacific Technology Ltd.b | | | 504,900 | | | | 6,654,001 | |
Bank of East Asia Ltd. (The) | | | 3,267,120 | | | | 13,355,217 | |
BOC Hong Kong (Holdings) Ltd. | | | 9,949,500 | | | | 33,550,543 | |
Cathay Pacific Airways Ltd.b | | | 3,267,000 | | | | 6,100,203 | |
Cheung Kong (Holdings) Ltd.b | | | 3,861,000 | | | | 60,044,566 | |
Cheung Kong Infrastructure Holdings Ltd. | | | 1,485,000 | | | | 9,737,422 | |
CLP Holdings Ltd. | | | 4,752,000 | | | | 40,902,919 | |
First Pacific Co. Ltd. | | | 5,940,000 | | | | 7,858,875 | |
Galaxy Entertainment Group Ltd.a | | | 5,643,000 | | | | 23,685,777 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 39 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hang Lung Properties Ltd. | | | 5,940,736 | | | $ | 23,020,319 | |
Hang Seng Bank Ltd. | | | 2,049,300 | | | | 33,138,258 | |
Henderson Land Development Co. Ltd.b | | | 2,673,056 | | | | 18,596,281 | |
HKT Trust and HKT Ltd. | | | 6,237,000 | | | | 6,096,373 | |
Hong Kong and China Gas Co. Ltd. (The) | | | 13,959,097 | | | | 39,061,027 | |
Hong Kong Exchanges and Clearing Ltd. | | | 2,675,400 | | | | 48,127,082 | |
Hopewell Holdings Ltd. | | | 1,485,000 | | | | 6,491,615 | |
Hutchison Whampoa Ltd. | | | 5,643,000 | | | | 60,797,133 | |
Hysan Development Co. Ltd. | | | 1,782,000 | | | | 9,168,688 | |
Kerry Properties Ltd. | | | 1,930,500 | | | | 9,932,745 | |
Li & Fung Ltd.b | | | 16,039,200 | | | | 21,510,111 | |
Link REIT (The) | | | 6,088,500 | | | | 32,543,289 | |
MGM China Holdings Ltd. | | | 2,613,600 | | | | 6,315,901 | |
MTR Corp. Ltd. | | | 3,861,000 | | | | 15,932,223 | |
New World Development Co. Ltd. | | | 9,801,941 | | | | 18,049,571 | |
NWS Holdings Ltd. | | | 3,861,000 | | | | 7,348,738 | |
Orient Overseas International Ltd. | | | 594,000 | | | | 4,186,038 | |
PCCW Ltd. | | | 10,692,000 | | | | 5,087,588 | |
Power Assets Holdings Ltd. | | | 3,712,500 | | | | 33,104,364 | |
Sands China Ltd. | | | 6,415,200 | | | | 30,566,889 | |
Shangri-La Asia Ltd. | | | 4,159,000 | | | | 9,696,476 | |
Sino Land Co. Ltd. | | | 7,722,800 | | | | 14,041,726 | |
SJM Holdings Ltd. | | | 5,049,000 | | | | 12,617,861 | |
Sun Hung Kai Properties Ltd. | | | 4,158,000 | | | | 64,341,670 | |
Swire Pacific Ltd. Class A | | | 1,782,000 | | | | 23,002,147 | |
Swire Properties Ltd. | | | 3,088,800 | | | | 11,550,862 | |
Wharf (Holdings) Ltd. (The) | | | 4,158,600 | | | | 36,358,289 | |
Wheelock and Co. Ltd. | | | 2,376,000 | | | | 12,975,570 | |
Wing Hang Bank Ltd. | | | 445,500 | | | | 4,943,394 | |
Wynn Macau Ltd.a | | | 4,158,000 | | | | 10,964,893 | |
Yue Yuen Industrial (Holdings) Ltd.b | | | 1,930,500 | | | | 6,522,254 | |
| | | | | | | | |
| | | | | | | 976,956,966 | |
NEW ZEALAND — 0.89% | | | | | | | | |
Auckland International Airport Ltd. | | | 2,502,819 | | | | 5,872,498 | |
Contact Energy Ltd.a | | | 991,089 | | | | 4,429,028 | |
Fletcher Building Ltd. | | | 1,827,738 | | | | 13,865,706 | |
SKYCITY Entertainment Group Ltd. | | | 1,550,043 | | | | 5,461,848 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Telecom Corp. of New Zealand Ltd. | | | 4,964,652 | | | $ | 9,961,188 | |
| | | | | | | | |
| | | | | | | 39,590,268 | |
SINGAPORE — 12.45% | | | | | |
Ascendas REIT | | | 5,049,813 | | | | 10,485,170 | |
CapitaCommercial Trustb | | | 5,346,000 | | | | 7,169,751 | |
CapitaLand Ltd. | | | 6,831,000 | | | | 21,578,841 | |
CapitaMall Trust Management Ltd. | | | 6,237,000 | | | | 10,833,811 | |
CapitaMalls Asia Ltd. | | | 3,564,000 | | | | 5,989,190 | |
City Developments Ltd. | | | 1,485,000 | | | | 13,401,293 | |
ComfortDelGro Corp. Ltd. | | | 5,049,000 | | | | 7,832,018 | |
DBS Group Holdings Ltd. | | | 4,943,000 | | | | 60,342,339 | |
Fraser and Neave Ltd. | | | 2,344,150 | | | | 17,859,289 | |
Genting Singapore PLC | | | 16,335,400 | | | | 20,786,310 | |
Global Logistic Properties Ltd. | | | 5,643,000 | | | | 11,580,061 | |
Golden Agri-Resources Ltd. | | | 19,305,987 | | | | 10,138,470 | |
Hutchison Port Holdings Trust | | | 13,959,000 | | | | 11,306,790 | |
Jardine Cycle & Carriage Ltd.b | | | 297,000 | | | | 12,381,499 | |
Keppel Corp. Ltd. | | | 3,861,200 | | | | 36,311,346 | |
Keppel Land Ltd. | | | 2,079,000 | | | | 6,987,388 | |
Noble Group Ltd. | | | 10,395,708 | | | | 9,952,667 | |
Olam International Ltd.b | | | 4,158,600 | | | | 5,594,077 | |
Oversea-Chinese Banking Corp. Ltd.b | | | 6,831,600 | | | | 55,745,635 | |
SembCorp Industries Ltd. | | | 2,673,240 | | | | 11,425,118 | |
SembCorp Marine Ltd.b | | | 2,376,200 | | | | 8,619,784 | |
Singapore Airlines Ltd. | | | 1,485,800 | | | | 13,072,399 | |
Singapore Exchange Ltd. | | | 2,376,000 | | | | 14,589,053 | |
Singapore Press Holdings Ltd.b | | | 3,750,517 | | | | 12,665,854 | |
Singapore Technologies Engineering Ltd. | | | 4,158,000 | | | | 14,277,116 | |
Singapore Telecommunications Ltd. | | | 21,384,328 | | | | 59,432,105 | |
StarHub Ltd. | | | 1,782,000 | | | | 6,032,381 | |
United Overseas Bank Ltd. | | | 3,357,000 | | | | 51,748,382 | |
UOL Group Ltd. | | | 1,188,000 | | | | 6,248,338 | |
Wilmar International Ltd.b | | | 5,049,000 | | | | 14,481,074 | |
Yangzijiang Shipbuilding (Holdings) Ltd. | | | 5,049,000 | | | | 3,936,405 | |
| | | | | | | | |
| | | | | | | 552,803,954 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $3,445,861,643) | | | | | | | 4,413,049,965 | |
| | |
| 40 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI PACIFIC EX-JAPAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INVESTMENT COMPANIES — 0.00% | |
| |
AUSTRALIA — 0.00% | | | | | |
BGP Holdings PLCa,c | | | 27,004,595 | | | $ | 353 | |
| | | | | | | | |
| | | | | | | 353 | |
| | | | | | | | |
TOTAL INVESTMENT COMPANIES | | | | | |
(Cost: $0) | | | | | | | 353 | |
|
SHORT-TERM INVESTMENTS — 1.03% | |
| |
MONEY MARKET FUNDS — 1.03% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%d,e,f | | | 40,877,145 | | | | 40,877,145 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.18%d,e,f | | | 2,959,640 | | | | 2,959,640 | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.04%d,e | | | 1,985,263 | | | | 1,985,263 | |
| | | | | | | | |
| | | | | | | 45,822,048 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $45,822,048) | | | | | | | 45,822,048 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.39% | | | | | |
(Cost: $3,491,683,691) | | | | | | | 4,458,872,366 | |
Other Assets, Less Liabilities — (0.39)% | | | | (17,445,097 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 4,441,427,269 | |
| | | | | | | | |
| 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 | | | 41 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI SINGAPORE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.76% | |
| |
AGRICULTURE — 1.87% | | | | | |
Golden Agri-Resources Ltd. | | | 57,183,628 | | | $ | 30,029,778 | |
| | | | | | | | |
| | | | | | | 30,029,778 | |
AIRLINES — 2.56% | | | | | |
Singapore Airlines Ltd. | | | 4,668,467 | | | | 41,074,212 | |
| | | | | | | | |
| | | | | | | 41,074,212 | |
BANKS — 30.03% | | | | | |
DBS Group Holdings Ltd. | | | 14,004,500 | | | | 170,961,822 | |
Oversea-Chinese Banking Corp. Ltd. | | | 19,839,000 | | | | 161,885,599 | |
United Overseas Bank Ltd. | | | 9,661,000 | | | | 148,924,968 | |
| | | | | | | | |
| | | | | | | 481,772,389 | |
BEVERAGES — 3.34% | | | | | |
Fraser and Neave Ltd. | | | 7,044,000 | | | | 53,665,862 | |
| | | | | | | | |
| | | | | | | 53,665,862 | |
DISTRIBUTION & WHOLESALE — 3.03% | | | | | |
Jardine Cycle & Carriage Ltd.a | | | 1,167,000 | | | | 48,650,535 | |
| | | | | | | | |
| | | | | | | 48,650,535 | |
DIVERSIFIED FINANCIAL SERVICES — 2.68% | | | | | |
Singapore Exchange Ltd. | | | 7,002,000 | | | | 42,993,496 | |
| | | | | | | | |
| | | | | | | 42,993,496 | |
ENGINEERING & CONSTRUCTION — 4.36% | | | | | |
SembCorp Industries Ltd. | | | 7,002,000 | | | | 29,925,736 | |
Singapore Technologies Engineering Ltd. | | | 11,670,000 | | | | 40,070,693 | |
| | | | | | | | |
| | | | | | | 69,996,429 | |
ENTERTAINMENT — 3.70% | | | | | |
Genting Singapore PLC | | | 46,680,400 | | | | 59,399,418 | |
| | | | | | | | |
| | | | | | | 59,399,418 | |
FOOD — 3.48% | | | | | |
Olam International Ltd.a | | | 11,670,000 | | | | 15,698,283 | |
Wilmar International Ltd. | | | 14,004,000 | | | | 40,164,977 | |
| | | | | | | | |
| | | | | | | 55,863,260 | |
HOLDING COMPANIES — DIVERSIFIED — 8.65% | |
Keppel Corp. Ltd. | | | 11,670,100 | | | | 109,747,497 | |
Noble Group Ltd. | | | 30,342,999 | | | | 29,049,851 | |
| | | | | | | | |
| | | | | | | 138,797,348 | |
LODGING — 1.97% | | | | | |
City Developments Ltd.a | | | 3,501,000 | | | | 31,594,563 | |
| | | | | | | | |
| | | | | | | 31,594,563 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MEDIA — 2.58% | | | | | |
Singapore Press Holdings Ltd.a | | | 12,265,000 | | | $ | 41,420,077 | |
| | | | | | | | |
| | | | | | | 41,420,077 | |
REAL ESTATE — 9.47% | | | | | |
CapitaLand Ltd. | | | 19,839,000 | | | | 62,670,564 | |
CapitaMalls Asia Ltd. | | | 10,503,000 | | | | 17,649,962 | |
Global Logistic Properties Ltd. | | | 16,338,000 | | | | 33,527,384 | |
Keppel Land Ltd. | | | 5,835,000 | | | | 19,611,068 | |
UOL Group Ltd. | | | 3,501,000 | | | | 18,413,662 | |
| | | | | | | | |
| | | | | | | 151,872,640 | |
REAL ESTATE INVESTMENT TRUSTS — 4.98% | | | | | |
Ascendas REIT | | | 14,004,335 | | | | 29,077,876 | |
CapitaCommercial Trusta | | | 15,171,000 | | | | 20,346,484 | |
CapitaMall Trust Management Ltd. | | | 17,505,800 | | | | 30,407,974 | |
| | | | | | | | |
| | | | | | | 79,832,334 | |
SHIPBUILDING — 2.00% | | | | | |
SembCorp Marine Ltd.a | | | 5,835,000 | | | | 21,166,754 | |
Yangzijiang Shipbuilding (Holdings) Ltd.a | | | 14,004,000 | | | | 10,918,085 | |
| | | | | | | | |
| | | | | | | 32,084,839 | |
TELECOMMUNICATIONS — 11.70% | | | | | |
Singapore Telecommunications Ltd. | | | 61,851,568 | | | | 171,900,136 | |
StarHub Ltd.a | | | 4,668,000 | | | | 15,801,996 | |
| | | | | | | | |
| | | | | | | 187,702,132 | |
TRANSPORTATION — 3.36% | | | | | |
ComfortDelGro Corp. Ltd. | | | 14,004,000 | | | | 21,723,030 | |
Hutchison Port Holdings Trusta | | | 39,678,000 | | | | 32,139,180 | |
| | | | | | | | |
| | | | | | | 53,862,210 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $1,405,035,539) | | | | 1,600,611,522 | |
|
SHORT-TERM INVESTMENTS — 4.01% | |
| |
MONEY MARKET FUNDS — 4.01% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%b,c,d | | | 57,817,034 | | | | 57,817,034 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | |
0.18%b,c,d | | | 4,186,144 | | | | 4,186,144 | |
| | |
| 42 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SINGAPORE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | |
0.04%b,c | | | 2,356,937 | | | $ | 2,356,937 | |
| | | | | | | | |
| | | | | | | 64,360,115 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $64,360,115) | | | | 64,360,115 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 103.77% | | | | | |
(Cost: $1,469,395,654) | | | | | | | 1,664,971,637 | |
Other Assets, Less Liabilities — (3.77)% | | | | (60,450,042 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 1,604,521,595 | |
| | | | | | | | |
| a | All or a portion of this security represents a security on loan. See Note 5. |
| b | Affiliated issuer. See Note 2. |
| c | The rate quoted is the annualized seven-day yield of the fund at period end. |
| d | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of
Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 70 | | | SGX MSCI Singapore Index (Mar. 2013) | | Singapore | | | $4,175,964 | | | | $(30,539) | |
| | | | | | | | | | | | | | | |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 43 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH KOREA CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 97.37% | |
| |
ADVERTISING — 0.43% | | | | | |
Cheil Worldwide Inc.a | | | 652,190 | | | $ | 14,455,300 | |
| | | | | | | | |
| | | | | | | 14,455,300 | |
AEROSPACE & DEFENSE — 0.58% | | | | | |
Korea Aerospace Industries Ltd.b | | | 234,910 | | | | 5,271,685 | |
Samsung Techwin Co. Ltd.b | | | 240,903 | | | | 14,505,461 | |
| | | | | | | | |
| | | | | | | 19,777,146 | |
AGRICULTURE — 1.42% | | | | | |
KT&G Corp. | | | 676,356 | | | | 48,220,796 | |
| | | | | | | | |
| | | | | | | 48,220,796 | |
AIRLINES — 0.30% | | | | | |
Korean Air Lines Co. Ltd.a | | | 248,680 | | | | 10,150,907 | |
| | | | | | | | |
| | | | | | | 10,150,907 | |
AUTO MANUFACTURERS — 7.68% | | | | | |
Hyundai Motor Co. | | | 893,557 | | | | 179,895,575 | |
Kia Motors Corp. | | | 1,569,488 | | | | 81,023,600 | |
| | | | | | | | |
| | | | | | | 260,919,175 | |
AUTO PARTS & EQUIPMENT — 4.84% | | | | | |
Hankook Tire Co. Ltd. | | | 490,952 | | | | 22,352,581 | |
Hyundai Mobis Co. Ltd. | | | 401,459 | | | | 116,045,222 | |
Hyundai Wia Corp. | | | 106,593 | | | | 15,651,917 | |
Mando Corp.b | | | 85,040 | | | | 10,288,126 | |
| | | | | | | | |
| | | | | | | 164,337,846 | |
BANKS — 0.78% | | | | | |
Industrial Bank of Korea | | | 1,149,920 | | | | 13,911,714 | |
Korea Exchange Banka | | | 1,803,220 | | | | 12,656,221 | |
| | | | | | | | |
| | | | | | | 26,567,935 | |
BIOTECHNOLOGY — 0.55% | | | | | |
Celltrion Inc.b | | | 760,310 | | | | 18,852,837 | |
| | | | | | | | |
| | | | | | | 18,852,837 | |
CHEMICALS — 4.01% | | | | | |
Hanwha Chemical Corp.b | | | 623,712 | | | | 11,462,488 | |
KCC Corp. | | | 29,645 | | | | 7,802,577 | |
LG Chem Ltd. | | | 272,415 | | | | 74,592,891 | |
Lotte Chemical Corp. | | | 116,251 | | | | 25,551,440 | |
OCI Co. Ltd.b | | | 103,982 | | | | 16,660,935 | |
| | | | | | | | |
| | | | | | | 136,070,331 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMERCIAL SERVICES — 0.29% | | | | | |
S1 Corp. | | | 154,683 | | | $ | 9,928,168 | |
| | | | | | | | |
| | | | | | | 9,928,168 | |
COMPUTERS — 0.47% | | | | | |
SK C&C Co. Ltd. | | | 166,113 | | | | 15,800,927 | |
| | | | | | | | |
| | | | | | | 15,800,927 | |
COSMETICS & PERSONAL CARE — 1.91% | | | | | |
AmorePacific Corp. | | | 21,650 | | | | 20,473,853 | |
AmorePacific Group | | | 25,450 | | | | 9,918,408 | |
LG Household & Health Care Ltd.b | | | 59,835 | | | | 34,315,365 | |
| | | | | | | | |
| | | | | | | 64,707,626 | |
DISTRIBUTION & WHOLESALE — 2.17% | | | | | |
Daewoo International Corp.b | | | 304,763 | | | | 10,793,675 | |
Hanwha Corp. | | | 316,190 | | | | 10,190,964 | |
Samsung C&T Corp. | | | 749,759 | | | | 45,837,551 | |
SK Networks Co. Ltd. | | | 911,310 | | | | 6,724,417 | |
| | | | | | | | |
| | | | | | | 73,546,607 | |
DIVERSIFIED FINANCIAL SERVICES — 10.12% | | | | | |
BS Financial Group Inc. | | | 925,412 | | | | 13,374,920 | |
Daewoo Securities Co. Ltd. | | | 1,147,837 | | | | 12,985,481 | |
DGB Financial Group Inc. | | | 702,140 | | | | 10,537,044 | |
Hana Financial Group Inc. | | | 1,172,561 | | | | 43,748,033 | |
Hyundai Securities Co. Ltd. | | | 838,687 | | | | 6,908,862 | |
KB Financial Group Inc. | | | 2,249,092 | | | | 82,043,852 | |
Korea Investment Holdings Co. Ltd. | | | 276,084 | | | | 11,741,203 | |
Mirae Asset Securities Co. Ltd. | | | 186,512 | | | | 7,484,078 | |
Samsung Card Co. Ltd. | | | 284,140 | | | | 10,220,722 | |
Samsung Securities Co. Ltd. | | | 383,101 | | | | 20,307,988 | |
Shinhan Financial Group Co. Ltd. | | | 2,154,967 | | | | 84,879,221 | |
Woori Finance Holdings Co. Ltd. | | | 2,307,960 | | | | 28,028,235 | |
Woori Investment & Securities Co. Ltd. | | | 964,018 | | | | 11,351,077 | |
| | | | | | | | |
| | | | | | | 343,610,716 | |
ELECTRIC — 1.38% | | | | | |
Korea Electric Power Corp.a | | | 1,553,550 | | | | 46,843,587 | |
| | | | | | | | |
| | | | | | | 46,843,587 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 1.76% | |
LG Electronics Inc.b | | | 628,843 | | | | 45,472,174 | |
LG Innotek Co. Ltd.a,b | | | 110,539 | | | | 7,727,752 | |
LS Industrial Systems Co. Ltd. | | | 108,001 | | | | 6,662,634 | |
| | | | | | | | |
| | | | | | | 59,862,560 | |
| | |
| 44 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ELECTRONICS — 2.20% | | | | | |
LG Display Co. Ltd.a | | | 1,452,462 | | | $ | 40,978,657 | |
Samsung Electro-Mechanics Co. Ltd. | | | 381,995 | | | | 33,690,137 | |
| | | | | | | | |
| | | | | | | 74,668,794 | |
ENGINEERING & CONSTRUCTION — 2.53% | | | | | |
Daelim Industrial Co. Ltd. | | | 165,390 | | | | 14,769,896 | |
Daewoo Engineering & Construction Co. Ltd.a,b | | | 759,084 | | | | 6,372,289 | |
GS Engineering & Construction Corp. | | | 259,838 | | | | 13,149,976 | |
Hyundai Engineering & Construction Co. Ltd. | | | 406,702 | | | | 25,690,593 | |
Samsung Engineering Co. Ltd.b | | | 182,906 | | | | 26,012,998 | |
| | | | | | | | |
| | | | | | | 85,995,752 | |
ENVIRONMENTAL CONTROL — 0.46% | | | | | |
Coway Co. Ltd.a | | | 339,960 | | | | 15,650,734 | |
| | | | | | | | |
| | | | | | | 15,650,734 | |
FOOD — 1.46% | | | | | |
CJ CheilJedang Corp. | | | 51,083 | | | | 18,233,398 | |
Lotte Confectionery Co. Ltd.b | | | 4,613 | | | | 7,791,820 | |
ORION Corp. | | | 23,881 | | | | 23,598,153 | |
| | | | | | | | |
| | | | | | | 49,623,371 | |
GAS — 0.32% | | | | | |
Korea Gas Corp. | | | 163,930 | | | | 10,824,459 | |
| | | | | | | | |
| | | | | | | 10,824,459 | |
HOLDING COMPANIES — DIVERSIFIED — 0.69% | | | | | |
CJ Corp. | | | 98,595 | | | | 13,612,497 | |
LS Corp. | | | 121,011 | | | | 9,778,554 | |
Neo Holdings Co. Ltd.a,c | | | 49,473 | | | | — | |
| | | | | | | | |
| | | | | | | 23,391,051 | |
HOME BUILDERS — 0.29% | | | | | |
Hyundai Development Co.b | | | 436,469 | | | | 9,976,319 | |
| | | | | | | | |
| | | | | | | 9,976,319 | |
HOME FURNISHINGS — 1.03% | | | | | |
LG Corp. | | | 573,808 | | | | 34,921,568 | |
| | | | | | | | |
| | | | | | | 34,921,568 | |
INSURANCE — 3.30% | | | | | |
Dongbu Insurance Co. Ltd. | | | 270,099 | | | | 11,835,890 | |
Hanwha Life Insurance Co. Ltd. | | | 1,121,880 | | | | 7,501,130 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 414,360 | | | | 12,034,836 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 212,326 | | | $ | 44,707,435 | |
Samsung Life Insurance Co. Ltd. | | | 374,678 | | | | 35,985,974 | |
| | | | | | | | |
| | | | | | | 112,065,265 | |
INTERNET — 2.18% | | | | | |
NCsoft Corp.b | | | 105,203 | | | | 13,893,315 | |
NHN Corp.b | | | 247,842 | | | | 60,196,658 | |
| | | | | | | | |
| | | | | | | 74,089,973 | |
IRON & STEEL — 4.46% | | | | | |
Hyundai Steel Co. | | | 336,328 | | | | 26,432,261 | |
POSCO | | | 382,921 | | | | 125,008,726 | |
| | | | | | | | |
| | | | | | | 151,440,987 | |
LODGING — 0.59% | | | | | |
Kangwon Land Inc. | | | 660,632 | | | | 20,041,799 | |
| | | | | | | | |
| | | | | | | 20,041,799 | |
MACHINERY — 0.69% | | | | | |
Doosan Heavy Industries & Construction Co. Ltd. | | | 322,446 | | | | 13,057,749 | |
Doosan Infracore Co. Ltd.a,b | | | 718,430 | | | | 10,482,944 | |
| | | | | | | | |
| | | | | | | 23,540,693 | |
MANUFACTURING — 1.06% | | | | | |
Cheil Industries Inc. | | | 252,202 | | | | 20,542,762 | |
Doosan Corp. | | | 50,255 | | | | 5,987,020 | |
Kumho Petro Chemical Co. Ltd.b | | | 94,824 | | | | 9,589,018 | |
| | | | | | | | |
| | | | | | | 36,118,800 | |
METAL FABRICATE & HARDWARE — 0.47% | | | | | |
Hyosung Corp. | | | 149,798 | | | | 7,816,210 | |
Hyundai Hysco Co. Ltd. | | | 244,586 | | | | 8,154,184 | |
| | | | | | | | |
| | | | | | | 15,970,394 | |
MINING — 0.57% | | | | | |
Korea Zinc Co. Ltd. | | | 55,293 | | | | 19,199,934 | |
| | | | | | | | |
| | | | | | | 19,199,934 | |
OIL & GAS — 3.93% | | | | | |
GS Holdings Corp. | | | 330,537 | | | | 21,306,751 | |
S-Oil Corp. | | | 288,613 | | | | 26,627,053 | |
SK Holdings Co. Ltd. | | | 158,587 | | | | 25,776,383 | |
SK Innovation Co. Ltd. | | | 363,314 | | | | 59,723,309 | |
| | | | | | | | |
| | | | | | | 133,433,496 | |
PHARMACEUTICALS — 0.30% | | | | | |
Yuhan Corp. | | | 61,073 | | | | 10,067,675 | |
| | | | | | | | |
| | | | | | | 10,067,675 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 45 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RETAIL — 2.16% | | | | | |
E-Mart Co. Ltd. | | | 129,254 | | | $ | 26,380,194 | |
Hyundai Department Store Co. Ltd. | | | 94,800 | | | | 13,219,865 | |
Lotte Shopping Co. Ltd. | | | 67,561 | | | | 24,270,985 | |
Shinsegae Co. Ltd. | | | 45,629 | | | | 9,544,449 | |
| | | | | | | | |
| | | | | | | 73,415,493 | |
SEMICONDUCTORS — 24.14% | | | | | |
Samsung Electronics Co. Ltd. | | | 521,711 | | | | 743,907,634 | |
SK Hynix Inc.a,b | | | 3,108,910 | | | | 76,084,423 | |
| | | | | | | | |
| | | | | | | 819,992,057 | |
SHIPBUILDING — 3.27% | | | | | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | | | 635,312 | | | | 17,630,850 | |
Hyundai Heavy Industries Co. Ltd. | | | 249,168 | | | | 49,358,425 | |
Hyundai Mipo Dockyard Co. Ltd. | | | 78,440 | | | | 8,547,937 | |
Samsung Heavy Industries Co. Ltd. | | | 995,600 | | | | 35,536,619 | |
| | | | | | | | |
| | | | | | | 111,073,831 | |
TELECOMMUNICATIONS — 1.89% | | | | | |
KT Corp. | | | 293,962 | | | | 9,718,874 | |
LG Uplus Corp.a | | | 1,646,945 | | | | 12,928,250 | |
Samsung SDI Co. Ltd. | | | 221,809 | | | | 28,473,161 | |
SK Telecom Co. Ltd. | | | 78,825 | | | | 12,994,032 | |
| | | | | | | | |
| | | | | | | 64,114,317 | |
TRANSPORTATION — 0.69% | | | | | | | | |
Hyundai Glovis Co. Ltd. | | | 92,727 | | | | 17,597,856 | |
Hyundai Merchant Marine Co. Ltd.a,b | | | 364,424 | | | | 5,990,578 | |
| | | | | | | | |
| | | | | | | 23,588,434 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $1,605,868,124) | | | | 3,306,857,660 | |
|
PREFERRED STOCKS — 1.84% | |
| |
AUTO MANUFACTURERS — 0.86% | | | | | |
Hyundai Motor Co. Ltd. | | | 156,198 | | | | 10,443,733 | |
Hyundai Motor Co. Ltd. Series 2 | | | 263,808 | | | | 18,978,730 | |
| | | | | | | | |
| | | | | | | 29,422,463 | |
CHEMICALS — 0.15% | | | | | | | | |
LG Chem Ltd. | | | 56,271 | | | | 4,983,620 | |
| | | | | | | | |
| | | | | | | 4,983,620 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SEMICONDUCTORS — 0.83% | | | | | | | | |
Samsung Electronics Co. Ltd. | | | 34,570 | | | $ | 28,094,660 | |
| | | | | | | | |
| | | | | | | 28,094,660 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $28,992,362) | | | | 62,500,743 | |
|
SHORT-TERM INVESTMENTS — 2.93% | |
| |
MONEY MARKET FUNDS — 2.93% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%d,e,f | | | 89,601,493 | | | | 89,601,493 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | |
0.18%d,e,f | | | 6,487,444 | | | | 6,487,444 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | |
0.04%d,e | | | 3,529,802 | | | | 3,529,802 | |
| | | | | | | | |
| | | | | | | 99,618,739 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $99,618,739) | | | | 99,618,739 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 102.14% | | | | | | | | |
(Cost: $1,734,479,225) | | | | | | | 3,468,977,142 | |
Other Assets, Less Liabilities — (2.14)% | | | | (72,833,551 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 3,396,143,591 | |
| | | | | | | | |
| 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.
| | |
| 46 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI TAIWAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.79% | |
|
AIRLINES — 0.49% | |
China Airlines Ltd.a | | | 17,119,761 | | | $ | 7,040,301 | |
EVA Airways Corp.a | | | 10,070,212 | | | | 6,330,691 | |
| | | | | | | | |
| | | | | | | 13,370,992 | |
APPAREL — 1.35% | | | | | | | | |
Far Eastern New Century Corp. | | | 20,140,031 | | | | 22,335,193 | |
Pou Chen Corp. | | | 14,098,103 | | | | 14,304,111 | |
| | | | | | | | |
| | | | | | | 36,639,304 | |
AUTO MANUFACTURERS — 0.54% | | | | | |
China Motor Co. Ltd. | | | 4,028,000 | | | | 3,760,996 | |
Yulon Motor Co. Ltd.b | | | 6,042,362 | | | | 10,815,210 | |
| | | | | | | | |
| | | | | | | 14,576,206 | |
AUTO PARTS & EQUIPMENT — 1.38% | | | | | |
Cheng Shin Rubber Industry Co. Ltd. | | | 12,084,757 | | | | 32,832,704 | |
Nan Kang Rubber Tire Co. Ltd.b | | | 4,028,404 | | | | 4,650,796 | |
| | | | | | | | |
| | | | | | | 37,483,500 | |
BANKS — 0.83% | | | | | |
Chang Hwa Commercial Bank Ltd. | | | 28,196,155 | | | | 16,490,091 | |
Taiwan Business Bank Ltd.a | | | 19,211,556 | | | | 5,996,630 | |
| | | | | | | | |
| | | | | | | 22,486,721 | |
BUILDING MATERIALS — 1.76% | | | | | |
Asia Cement Corp. | | | 13,091,181 | | | | 16,327,295 | |
Taiwan Cement Corp. | | | 20,140,504 | | | | 25,832,039 | |
Taiwan Glass Industry Corp.b | | | 6,042,693 | | | | 5,713,432 | |
| | | | | | | | |
| | | | | | | 47,872,766 | |
CHEMICALS — 7.90% | | | | | |
China Petrochemical Development Corp. | | | 10,070,540 | | | | 6,229,060 | |
Eternal Chemical Co. Ltd. | | | 4,209,839 | | | | 3,682,447 | |
Formosa Chemicals & Fibre Corp. | | | 20,140,204 | | | | 51,323,865 | |
Formosa Plastics Corp. | | | 26,182,768 | | | | 66,192,763 | |
LCY Chemical Corp. | | | 3,021,048 | | | | 3,849,312 | |
Nan Ya Plastics Corp. | | | 31,217,860 | | | | 59,875,490 | |
Oriental Union Chemical Corp. | | | 3,467,000 | | | | 3,850,729 | |
Taiwan Fertilizer Co. Ltd. | | | 5,035,000 | | | | 12,202,872 | |
TSRC Corp.b | | | 3,509,720 | | | | 7,216,656 | |
| | | | | | | | |
| | | | | | | 214,423,194 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMPUTERS — 8.19% | | | | | |
Acer Inc.a,b | | | 16,112,841 | | | $ | 14,365,855 | |
Advantech Co. Ltd. | | | 2,014,771 | | | | 8,964,649 | |
ASUSTeK Computer Inc.b | | | 4,439,857 | | | | 53,877,219 | |
Chicony Electronics Co. Ltd. | | | 3,021,135 | | | | 7,912,703 | |
Clevo Co.b | | | 3,255,991 | | | | 4,571,218 | |
Compal Electronics Inc.b | | | 27,189,554 | | | | 19,017,520 | |
Foxconn Technology Co. Ltd.b | | | 5,035,442 | | | | 13,833,399 | |
Innolux Corp.a,b | | | 44,308,869 | | | | 24,494,479 | |
Inventec Corp. | | | 15,105,868 | | | | 6,008,435 | |
Lite-On Technology Corp. | | | 13,149,639 | | | | 20,278,630 | |
Quanta Computer Inc.b | | | 16,112,240 | | | | 34,379,006 | |
Wistron Corp. | | | 13,091,404 | | | | 14,562,430 | |
| | | | | | | | |
| | | | | | | 222,265,543 | |
DIVERSIFIED FINANCIAL SERVICES — 11.27% | | | | | |
Capital Securities Corp. | | | 11,077,043 | | | | 4,200,588 | |
China Development Financial Holding Corp.a | | | 80,560,508 | | | | 23,978,200 | |
Chinatrust Financial Holding Co. Ltd.b | | | 73,511,672 | | | | 43,487,767 | |
E.Sun Financial Holding Co. Ltd.b | | | 25,358,553 | | | | 15,172,478 | |
First Financial Holding Co. Ltd. | | | 41,287,536 | | | | 26,303,555 | |
Fubon Financial Holding Co. Ltd. | | | 37,259,515 | | | | 50,237,831 | |
Hua Nan Financial Holdings Co. Ltd. | | | 33,231,410 | | | | 19,434,883 | |
Mega Financial Holding Co. Ltd. | | | 52,364,972 | | | | 43,157,217 | |
SinoPac Financial Holdings Co. Ltd. | | | 39,431,979 | | | | 17,943,866 | |
Taishin Financial Holdings Co. Ltd. | | | 43,301,361 | | | | 17,661,216 | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 30,210,599 | | | | 17,311,789 | |
Yuanta Financial Holding Co. Ltd. | | | 52,364,453 | | | | 27,094,344 | |
| | | | | | | | |
| | | | | | | 305,983,734 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 2.40% | |
Delta Electronics Inc. | | | 12,084,180 | | | | 45,010,429 | |
Hermes Microvision Inc. | | | 189,000 | | | | 3,847,977 | |
Pacific Electric Wire & Cable Co. Ltd.a,c | | | 197 | | | | — | |
Simplo Technology Co. Ltd.b | | | 2,014,835 | | | | 8,930,976 | |
Walsin Lihwa Corp.a | | | 21,147,069 | | | | 7,270,831 | |
| | | | | | | | |
| | | | | | | 65,060,213 | |
ELECTRONICS — 11.88% | | | | | |
AU Optronics Corp.a,b | | | 49,343,830 | | | | 21,456,370 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 47 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TAIWAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Cheng Uei Precision Industry Co. Ltd.b | | | 2,014,761 | | | $ | 3,809,957 | |
E Ink Holdings Inc.b | | | 5,035,000 | | | | 3,861,131 | |
Hon Hai Precision Industry Co. Ltd. | | | 65,455,899 | | | | 180,262,146 | |
Kinsus Interconnect Technology Corp. | | | 2,014,043 | | | | 6,347,666 | |
Pegatron Corp.a,b | | | 10,070,037 | | | | 13,577,654 | |
Phison Electronics Corp.b | | | 1,007,698 | | | | 7,574,761 | |
Radiant Opto-Electronics Corp.b | | | 2,721,450 | | | | 9,815,622 | |
Synnex Technology International Corp.b | | | 8,056,538 | | | | 16,294,213 | |
TPK Holding Co. Ltd.b | | | 1,458,466 | | | | 27,629,073 | |
Tripod Technology Corp.b | | | 3,021,061 | | | | 6,262,797 | |
Unimicron Technology Corp. | | | 8,056,794 | | | | 7,658,524 | |
Wintek Corp.a,b | | | 11,077,926 | | | | 5,227,815 | |
WPG Holdings Co. Ltd.b | | | 9,063,744 | | | | 10,296,064 | |
Ya Hsin Industrial Co. Ltd.a,c | | | 6,845,461 | | | | 2 | |
Zhen Ding Technology Holding Ltd.b | | | 1,071,450 | | | | 2,430,640 | |
| | | | | | | | |
| | | | | | | 322,504,435 | |
ENGINEERING & CONSTRUCTION — 0.29% | | | | | |
CTCI Corp. | | | 4,028,000 | | | | 8,024,364 | |
| | | | | | | | |
| | | | | | | 8,024,364 | |
FOOD — 2.09% | | | | | |
Standard Foods Corp.b | | | 2,014,920 | | | | 5,847,829 | |
Uni-President Enterprises Co. | | | 27,196,547 | | | | 50,879,219 | |
| | | | | | | | |
| | | | | | | 56,727,048 | |
INSURANCE — 3.03% | | | | | |
Cathay Financial Holding Co. Ltd. | | | 46,322,987 | | | | 58,710,812 | |
China Life Insurance Co. Ltd.a | | | 12,084,921 | | | | 11,569,001 | |
Shin Kong Financial Holding Co. Ltd.a | | | 39,273,411 | | | | 11,901,234 | |
| | | | | | | | |
| | | | | | | 82,181,047 | |
IRON & STEEL — 2.80% | | | | | |
China Steel Corp.b | | | 73,604,701 | | | | 67,485,138 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 2,014,050 | | | | 3,509,898 | |
Tung Ho Steel Enterprise Corp.b | | | 5,035,882 | | | | 4,922,744 | |
| | | | | | | | |
| | | | | | | 75,917,780 | |
LEISURE TIME — 0.64% | | | | | |
Giant Manufacturing Co. Ltd. | | | 2,014,590 | | | | 11,035,035 | |
Merida Industry Co. Ltd. | | | 1,313,000 | | | | 6,395,379 | |
| | | | | | | | |
| | | | | | | 17,430,414 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
LODGING — 0.09% | | | | | |
Formosa International Hotels Corp. | | | 196,020 | | | $ | 2,421,631 | |
| | | | | | | | |
| | | | | | | 2,421,631 | |
MACHINERY — 0.33% | | | | | |
Teco Electric and Machinery Co. Ltd. | | | 11,077,092 | | | | 8,849,277 | |
| | | | | | | | |
| | | | | | | 8,849,277 | |
MANUFACTURING — 1.05% | | | | | |
Airtac International Groupb | | | 468,000 | | | | 2,729,139 | |
Hiwin Technologies Corp.b | | | 1,091,854 | | | | 9,017,047 | |
Largan Precision Co. Ltd. | | | 626,794 | | | | 16,902,405 | |
| | | | | | | | |
| | | | | | | 28,648,591 | |
METAL FABRICATE & HARDWARE — 0.60% | | | | | |
Catcher Technology Co. Ltd.b | | | 3,581,743 | | | | 16,178,301 | |
| | | | | | | | |
| | | | | | | 16,178,301 | |
OIL & GAS — 0.77% | | | | | |
Formosa Petrochemical Corp.b | | | 7,493,950 | | | | 20,840,034 | |
| | | | | | | | |
| | | | | | | 20,840,034 | |
PHARMACEUTICALS — 0.18% | | | | | |
ScinoPharm Taiwan Ltd. | | | 1,963,000 | | | | 4,817,097 | |
| | | | | | | | |
| | | | | | | 4,817,097 | |
REAL ESTATE — 1.04% | | | | | |
Chailease Holding Co. Ltd. | | | 4,028,000 | | | | 11,296,567 | |
Farglory Land Development Co. Ltd.b | | | 2,014,000 | | | | 3,822,096 | |
Highwealth Construction Corp. | | | 2,014,200 | | | | 4,209,475 | |
Ruentex Development Co. Ltd.b | | | 4,028,665 | | | | 8,813,320 | |
| | | | | | | | |
| | | | | | | 28,141,458 | |
RETAIL — 1.73% | | | | | |
Far Eastern Department Stores Co. Ltd.b | | | 6,042,090 | | | | 5,712,862 | |
Hotai Motor Co. Ltd.b | | | 1,535,000 | | | | 11,693,661 | |
President Chain Store Corp. | | | 4,028,215 | | | | 22,268,460 | |
Ruentex Industries Ltd.b | | | 3,021,550 | | | | 7,272,131 | |
| | | | | | | | |
| | | | | | | 46,947,114 | |
SEMICONDUCTORS — 29.44% | | | | | |
Advanced Semiconductor Engineering Inc. | | | 39,305,448 | | | | 32,592,791 | |
Epistar Corp.b | | | 5,035,047 | | | | 9,775,966 | |
Macronix International Co. Ltd.b | | | 23,161,448 | | | | 6,597,146 | |
MediaTek Inc.b | | | 7,518,632 | | | | 84,521,726 | |
| | |
| 48 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TAIWAN INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MStar Semiconductor Inc.b | | | 1,371,634 | | | $ | 10,310,430 | |
Novatek Microelectronics Corp. Ltd. | | | 3,337,544 | | | | 13,950,262 | |
Powertech Technology Inc.b | | | 5,035,036 | | | | 7,323,473 | |
Realtek Semiconductor Corp. | | | 3,048,746 | | | | 7,255,371 | |
Richtek Technology Corp. | | | 1,007,416 | | | | 6,163,383 | |
Siliconware Precision Industries Co. Ltd. | | | 19,133,214 | | | | 20,541,448 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 161,120,882 | | | | 567,546,969 | |
Transcend Information Inc.b | | | 1,007,905 | | | | 2,870,847 | |
United Microelectronics Corp.b | | | 79,553,501 | | | | 29,765,691 | |
| | | | | | | | |
| | | | | | | 799,215,503 | |
TELECOMMUNICATIONS — 6.80% | | | | | |
Chunghwa Telecom Co. Ltd. | | | 25,175,648 | | | | 78,242,959 | |
Far EasTone Telecommunications Co. Ltd. | | | 10,070,259 | | | | 23,320,135 | |
HTC Corp.b | | | 4,743,884 | | | | 44,294,267 | |
Taiwan Mobile Co. Ltd. | | | 11,077,609 | | | | 38,647,381 | |
| | | | | | | | |
| | | | | | | 184,504,742 | |
TEXTILES — 0.18% | | | | | |
Formosa Taffeta Co. Ltd. | | | 5,035,515 | | | | 4,879,951 | |
| | | | | | | | |
| | | | | | | 4,879,951 | |
TRANSPORTATION — 0.74% | | | | | |
Evergreen Marine Corp. Ltd.a | | | 11,077,766 | | | | 7,076,118 | |
U-Ming Marine Transport Corp. | | | 3,021,800 | | | | 4,685,514 | |
Wan Hai Lines Ltd.a | | | 7,049,854 | | | | 3,814,072 | |
Yang Ming Marine Transport Corp.a | | | 9,376,635 | | | | 4,440,757 | |
| | | | | | | | |
| | | | | | | 20,016,461 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $1,752,162,554) | | | | | | | 2,708,407,421 | |
|
SHORT-TERM INVESTMENTS — 9.06% | |
| | |
MONEY MARKET FUNDS — 9.06% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%d,e,f | | | 224,903,877 | | | | 224,903,877 | |
BlackRock Cash Funds: Prime, SL Agency Shares | | | | | | | | |
0.18%d,e,f | | | 16,283,783 | | | | 16,283,783 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.04%d,e | | | 4,825,986 | | | $ | 4,825,986 | |
| | | | | | | | |
| | | | | | | 246,013,646 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost: $246,013,646) | | | | | | | 246,013,646 | |
| | | | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 108.85%
(Cost: $1,998,176,200) | | | | | | | 2,954,421,067 | |
Other Assets, Less Liabilities — (8.85)% | | | | (240,188,680 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 2,714,232,387 | |
| | | | | | | | |
| 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. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of
Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 46 | | | MSCI Taiwan Index (Mar. 2013) | | Singapore | | | $1,304,560 | | | | $(24,962) | |
| | | | | | | | | | | | | | | |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 49 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI THAILAND CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.81% | |
|
AIRLINES — 0.47% | |
Thai Airways International PCL NVDRa | | | 6,001,666 | | | $ | 4,942,548 | |
| | | | | | | | |
| | | | | | | 4,942,548 | |
AUTO PARTS & EQUIPMENT — 0.22% | | | | | |
Somboon Advance Technology PCL NVDR | | | 1,789,500 | | | | 2,255,672 | |
| | | | | | | | |
| | | | | | | 2,255,672 | |
BANKS — 32.37% | | | | | |
Bangkok Bank PCL Foreign | | | 6,707,300 | | | | 52,305,667 | |
Bangkok Bank PCL NVDR | | | 4,589,700 | | | | 33,786,363 | |
Bank of Ayudhya PCL NVDR | | | 16,797,600 | | | | 19,479,570 | |
Kasikornbank PCL Foreign | | | 9,301,200 | | | | 68,156,693 | |
Kasikornbank PCL NVDR | | | 5,755,700 | | | | 41,015,408 | |
Kiatnakin Bank PCL NVDR | | | 3,486,073 | | | | 7,177,209 | |
Krung Thai Bank PCL NVDR | | | 29,945,200 | | | | 25,667,314 | |
LH Financial Group PCL NVDR | | | 35,858,943 | | | | 1,771,854 | |
Siam Commercial Bank PCL NVDR | | | 13,261,500 | | | | 79,346,118 | |
Thanachart Capital PCL NVDR | | | 5,784,900 | | | | 8,750,269 | |
| | | | | | | | |
| | | | | | | 337,456,465 | |
BUILDING MATERIALS — 0.56% | | | | | |
Dynasty Ceramic PCL NVDR | | | 1,575,200 | | | | 3,057,741 | |
TPI Polene PCL NVDR | | | 5,666,100 | | | | 2,818,766 | |
| | | | | | | | |
| | | | | | | 5,876,507 | |
CHEMICALS — 5.71% | | | | | |
Indorama Ventures PCL NVDR | | | 12,709,410 | | | | 10,167,528 | |
IRPC PCL NVDR | | | 90,040,700 | | | | 12,893,223 | |
PTT Global Chemical PCL NVDR | | | 11,132,307 | | | | 29,561,420 | |
Siam Gas and Petrochemicals PCL NVDR | | | 3,840,900 | | | | 1,872,035 | |
Sri Trang Agro-Industry PCL NVDR | | | 6,290,871 | | | | 3,467,909 | |
Vinythai PCL NVDR | | | 2,489,365 | | | | 1,606,582 | |
| | | | | | | | |
| | | | | | | 59,568,697 | |
COAL — 1.22% | | | | | |
Banpu PCL NVDR | | | 967,950 | | | | 12,721,629 | |
| | | | | | | | |
| | | | | | | 12,721,629 | |
COMMERCIAL SERVICES — 0.63% | | | | | |
Bangkok Aviation Fuel PCL NVDR | | | 1,419,100 | | | | 1,049,419 | |
Bangkok Expressway PCL NVDR | | | 3,849,700 | | | | 5,564,272 | |
| | | | | | | | |
| | | | | | | 6,613,691 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMPUTERS — 0.29% | | | | | |
Cal-Comp Electronics (Thailand) PCL NVDR | | | 24,152,900 | | | $ | 3,068,839 | |
| | | | | | | | |
| | | | | | | 3,068,839 | |
DISTRIBUTION & WHOLESALE — 0.22% | |
Energy Earth PCL NVDRa | | | 8,609,200 | | | | 2,344,018 | |
| | | | | | | | |
| | | | | | | 2,344,018 | |
DIVERSIFIED FINANCIAL SERVICES — 0.67% | | | | | |
Thitikorn PCL NVDR | | | 1,157,400 | | | | 711,947 | |
TISCO Financial Group PCL NVDR | | | 3,459,300 | | | | 6,279,065 | |
| | | | | | | | |
| | | | | | | 6,991,012 | |
ELECTRIC — 1.24% | | | | | |
Glow Energy PCL NVDR | | | 4,486,000 | | | | 12,967,933 | |
| | | | | | | | |
| | | | | | | 12,967,933 | |
ELECTRONICS — 1.06% | | | | | |
Delta Electronics (Thailand) PCL NVDR | | | 4,705,544 | | | | 6,010,443 | |
Hana Microelectronics PCL NVDR | | | 5,006,600 | | | | 4,249,299 | |
SVI PCL NVDRa | | | 5,393,000 | | | | 801,246 | |
| | | | | | | | |
| | | | | | | 11,060,988 | |
ENGINEERING & CONSTRUCTION — 2.81% | | | | | |
Airports of Thailand PCL NVDR | | | 3,564,700 | | | | 14,138,978 | |
CH. Karnchang PCL NVDR | | | 4,501,500 | | | | 3,820,601 | |
Italian-Thai Development PCL NVDRa | | | 15,186,300 | | | | 3,292,492 | |
Sino-Thai Engineering & Construction PCL NVDR | | | 5,624,400 | | | | 7,089,580 | |
Sriracha Construction PCL NVDR | | | 507,100 | | | | 971,586 | |
| | | | | | | | |
| | | | | | | 29,313,237 | |
ENTERTAINMENT — 0.32% | | | | | |
Major Cineplex Group PCL NVDR | | | 4,630,400 | | | | 3,315,211 | |
| | | | | | | | |
| | | | | | | 3,315,211 | |
FOOD — 3.45% | | | | | |
Charoen Pokphand Foods PCL NVDR | | | 26,246,900 | | | | 28,673,084 | |
GFPT PCL NVDR | | | 4,909,900 | | | | 1,312,057 | |
Khon Kaen Sugar Industry PCL NVDR | | | 5,177,000 | | | | 2,697,261 | |
Thai Vegetable Oil PCL NVDR | | | 3,928,953 | | | | 3,301,641 | |
| | | | | | | | |
| | | | | | | 35,984,043 | |
| | |
| 50 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI THAILAND CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HEALTH CARE — SERVICES — 2.62% | | | | | |
Bangkok Chain Hospital PCL NVDR | | | 8,814,300 | | | $ | 3,525,720 | |
Bangkok Dusit Medical Services PCL NVDR | | | 2,611,600 | | | | 13,079,946 | |
Bumrungrad Hospital PCL NVDR | | | 3,265,776 | | | | 9,605,224 | |
Vibhavadi Medical Center PCL NVDR | | | 2,836,200 | | | | 1,058,212 | |
| | | | | | | | |
| | | | | | | 27,269,102 | |
HOLDING COMPANIES — DIVERSIFIED — 4.50% | | | | | |
Siam Cement PCL Foreign | | | 2,199,300 | | | | 35,188,800 | |
Siam Cement PCL NVDR | | | 749,600 | | | | 11,691,240 | |
| | | | | | | | |
| | | | | | | 46,880,040 | |
HOME BUILDERS — 0.80% | | | | | |
Asian Property Development PCL NVDR | | | 9,746,760 | | | | 3,374,508 | |
Quality Houses PCL NVDR | | | 37,476,441 | | | | 4,988,461 | |
| | | | | | | | |
| | | | | | | 8,362,969 | |
HOUSEWARES — 0.08% | | | | | |
Srithai Superware PCL NVDR | | | 779,400 | | | | 785,950 | |
| | | | | | | | |
| | | | | | | 785,950 | |
INSURANCE — 0.62% | | | | | |
Bangkok Life Assurance PCL NVDR | | | 2,929,400 | | | | 6,424,987 | |
| | | | | | | | |
| | | | | | | 6,424,987 | |
IRON & STEEL — 0.30% | | | | | |
G J Steel PCL NVDRa | | | 500,684,800 | | | | 1,682,974 | |
G Steel PCL NVDRa | | | 110,248,400 | | | | 1,445,273 | |
| | | | | | | | |
| | | | | | | 3,128,247 | |
LODGING — 0.63% | | | | | |
Central Plaza Hotel PCL NVDR | | | 5,047,700 | | | | 6,532,318 | |
| | | | | | | | |
| | | | | | | 6,532,318 | |
MEDIA — 2.02% | | | | | |
BEC World PCL NVDR | | | 8,399,800 | | | | 18,987,783 | |
MCOT PCL NVDR | | | 1,230,100 | | | | 2,015,710 | |
| | | | | | | | |
| | | | | | | 21,003,493 | |
METAL FABRICATE & HARDWARE — 0.33% | | | | | |
STP & I PCL NVDR | | | 1,164,900 | | | | 3,406,598 | |
| | | | | | | | |
| | | | | | | 3,406,598 | |
OIL & GAS — 14.83% | | | | | |
Bangchak Petroleum PCL NVDR | | | 3,914,900 | | | | 5,099,240 | |
Esso (Thailand) PCL NVDR | | | 10,995,000 | | | | 3,769,714 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PTT Exploration & Production PCL NVDR | | | 9,881,684 | | | $ | 52,480,876 | |
PTT PCL NVDR | | | 6,488,100 | | | | 76,330,588 | |
Thai Oil PCL NVDR | | | 7,190,300 | | | | 16,918,353 | |
| | | | | | | | |
| | | | | | | 154,598,771 | |
PACKAGING & CONTAINERS — 0.18% | | | | | |
Polyplex PCL NVDR | | | 3,866,450 | | | | 1,858,495 | |
| | | | | | | | |
| | | | | | | 1,858,495 | |
REAL ESTATE — 6.17% | | | | | |
Amata Corp. PCL NVDR | | | 5,352,200 | | | | 4,587,600 | |
Asset Corp. PCL NVDR | | | 2,304,600 | | | | 2,633,829 | |
Bangkok Land PCL NVDR | | | 71,594,100 | | | | 5,053,701 | |
Central Pattana PCL NVDR | | | 5,398,000 | | | | 17,418,756 | |
Golden Land Property Development PCL NVDRa | | | 2,636,100 | | | | 1,373,430 | |
Hemaraj Land and Development PCL NVDR | | | 44,838,500 | | | | 6,390,428 | |
LPN Development PCL NVDR | | | 5,480,347 | | | | 4,605,334 | |
Pruksa Real Estate PCL NVDR | | | 6,267,180 | | | | 6,319,845 | |
Rojana Industrial Park PCL NVDRa | | | 2,071,000 | | | | 904,975 | |
Sansiri PCL NVDR | | | 29,631,528 | | | | 4,980,089 | |
Siam Future Development PCL NVDR | | | 6,089,000 | | | | 2,517,469 | |
Supalai PCL NVDR | | | 5,538,000 | | | | 4,039,482 | |
Ticon Industrial Connection PCL NVDR | | | 4,750,093 | | | | 3,464,774 | |
| | | | | | | | |
| | | | | | | 64,289,712 | |
RETAIL — 6.61% | | | | | |
CP All PCL NVDR | | | 33,111,900 | | | | 52,589,488 | |
Siam Global House PCL NVDR | | | 4,922,240 | | | | 4,219,063 | |
Siam Makro PCL NVDR | | | 741,400 | | | | 12,061,768 | |
| | | | | | | | |
| | | | | | | 68,870,319 | |
TELECOMMUNICATIONS — 7.26% | | | | | |
Advanced Information Service PCL NVDR | | | 8,722,100 | | | | 60,688,225 | |
Jasmine International PCL NVDR | | | 33,338,400 | | | | 7,564,175 | |
Loxley PCL NVDR | | | 4,044,600 | | | | 883,694 | |
Samart Corp. PCL NVDR | | | 4,700,700 | | | | 3,017,928 | |
Thaicom PCL NVDRa | | | 3,725,200 | | | | 3,506,071 | |
| | | | | | | | |
| | | | | | | 75,660,093 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 51 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI THAILAND CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TRANSPORTATION — 1.13% | | | | | |
BTS Group Holdings PCL NVDR | | | 27,241,349 | | | $ | 7,508,540 | |
Precious Shipping PCL NVDR | | | 2,794,500 | | | | 1,540,497 | |
Thoresen Thai Agencies PCL NVDR | | | 5,091,082 | | | | 2,772,287 | |
| | | | | | | | |
| | | | | | | 11,821,324 | |
WATER — 0.49% | | | | | |
Thai Tap Water Supply PCL NVDR | | | 14,351,966 | | | | 5,113,642 | |
| | | | | | | | |
| | | | | | | 5,113,642 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $836,359,099) | | | | | | | 1,040,486,550 | |
| | |
WARRANTS — 0.00% | | | | | | | | |
| |
IRON & STEEL — 0.00% | | | | | |
G J Steel PCL NVDR
(Expires 01/30/20)a | | | 17,490,330 | | | | 6 | |
| | | | | | | | |
| | | | | | | 6 | |
| | | | | | | | |
TOTAL WARRANTS
(Cost: $0) | | | | | | | 6 | |
|
SHORT-TERM INVESTMENTS — 0.04% | |
| | |
MONEY MARKET FUNDS — 0.04% | | | | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | | | | | | |
0.04%b,c | | | 407,408 | | | | 407,408 | |
| | | | | | | | |
| | | | | | | 407,408 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost: $407,408) | | | | 407,408 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 99.85%
(Cost: $836,766,507) | | | | | | | 1,040,893,964 | |
Other Assets, Less Liabilities — 0.15% | | | | 1,539,438 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 1,042,433,402 | |
| | | | | | | | |
NVDR — Non-Voting Depositary Receipts
| a | Non-income earning security. |
| b | Affiliated issuer. See Note 2. |
| c | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
| | |
| 52 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI Australia
Index Fund | | | iShares
MSCI Hong Kong
Index Fund | | | iShares
MSCI Japan
Small Cap
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 2,344,522,414 | | | $ | 3,152,798,725 | | | $ | 57,272,763 | |
Affiliated (Note 2) | | | 4,571,563 | | | | 77,899,246 | | | | 1,197,898 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 2,349,093,977 | | | $ | 3,230,697,971 | | | $ | 58,470,661 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 2,650,856,966 | | | $ | 3,519,885,447 | | | $ | 56,234,361 | |
Affiliated (Note 2) | | | 4,571,563 | | | | 77,899,246 | | | | 1,197,898 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 2,655,428,529 | | | | 3,597,784,693 | | | | 57,432,259 | |
Foreign currencies, at valueb | | | 6,916,484 | | | | 6,350,303 | | | | 41,726 | |
Foreign currencies pledged to broker, at valueb | | | 667,242 | | | | 1,025,862 | | | | — | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 6,937,151 | | | | 36,793,869 | | | | 144,655 | |
Dividends and interest | | | 16,891,595 | | | | 19,468 | | | | 109,053 | |
Futures variation margin | | | 865,094 | | | | 63,709 | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 2,687,706,095 | | | | 3,642,037,904 | | | | 57,727,693 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 6,977,831 | | | | 41,544,021 | | | | 179,546 | |
Collateral for securities on loan (Note 5) | | | 4,301,326 | | | | 72,579,150 | | | | 1,140,157 | |
Investment advisory fees (Note 2) | | | 1,011,942 | | | | 1,337,193 | | | | 20,126 | |
| | | | | | | | | | | | |
Total Liabilities | | | 12,291,099 | | | | 115,460,364 | | | | 1,339,829 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 2,675,414,996 | | | $ | 3,526,577,540 | | | $ | 56,387,864 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 2,585,628,224 | | | $ | 3,559,168,891 | | | $ | 59,206,239 | |
Distributions in excess of net investment income | | | (21,382,413 | ) | | | (2,203,448 | ) | | | (305,484 | ) |
Accumulated net realized loss | | | (195,857,639 | ) | | | (397,538,506 | ) | | | (1,470,697 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 307,026,824 | | | | 367,150,603 | | | | (1,042,194 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 2,675,414,996 | | | $ | 3,526,577,540 | | | $ | 56,387,864 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 98,800,000 | | | | 175,275,000 | | | | 1,200,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 27.08 | | | $ | 20.12 | | | $ | 46.99 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $4,084,175, $68,899,927 and $1,081,636, respectively. See Note 5. |
| b | Cost of foreign currencies including currencies at broker, if any: $7,657,974, $7,375,769 and $41,656, 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 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI Malaysia
Index Fund | | | iShares
MSCI Pacific
ex-Japan
Index Fund | | | iShares
MSCI Singapore
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 467,358,554 | | | $ | 3,445,861,643 | | | $ | 1,405,035,539 | |
Affiliated (Note 2) | | | 25,782 | | | | 45,822,048 | | | | 64,360,115 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 467,384,336 | | | $ | 3,491,683,691 | | | $ | 1,469,395,654 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 904,653,804 | | | $ | 4,413,050,318 | | | $ | 1,600,611,522 | |
Affiliated (Note 2) | | | 25,782 | | | | 45,822,048 | | | | 64,360,115 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 904,679,586 | | | | 4,458,872,366 | | | | 1,664,971,637 | |
Foreign currencies, at valueb | | | 1,092,710 | | | | 9,104,268 | | | | 2,600,431 | |
Foreign currency pledged to broker, at valueb | | | — | | | | — | | | | 284,405 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 2,007,993 | | | | 16,053,006 | | | | 2,312,944 | |
Due from custodian (Note 4) | | | — | | | | 10,682,045 | | | | — | |
Dividends and interest | | | 1,418,416 | | | | 18,766,677 | | | | 1,894,150 | |
Capital shares sold | | | 6,574,363 | | | | 1,478,641 | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 915,773,068 | | | | 4,514,957,003 | | | | 1,672,063,567 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 8,175,334 | | | | 28,057,237 | | | | 4,257,579 | |
Collateral for securities on loan (Note 5) | | | — | | | | 43,836,785 | | | | 62,003,178 | |
Capital shares redeemed | | | — | | | | — | | | | 623,903 | |
Futures variation margin | | | — | | | | — | | | | 30,539 | |
Investment advisory fees (Note 2) | | | 344,091 | | | | 1,635,712 | | | | 626,773 | |
| | | | | | | | | | | | |
Total Liabilities | | | 8,519,425 | | | | 73,529,734 | | | | 67,541,972 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 907,253,643 | | | $ | 4,441,427,269 | | | $ | 1,604,521,595 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 544,754,090 | | | $ | 3,982,104,817 | | | $ | 1,649,015,406 | |
Undistributed (distributions in excess of) net investment income | | | 1,449,702 | | | | (22,499,012 | ) | | | (25,524,266 | ) |
Accumulated net realized loss | | | (76,244,180 | ) | | | (485,230,107 | ) | | | (214,503,945 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 437,294,031 | | | | 967,051,571 | | | | 195,534,400 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 907,253,643 | | | $ | 4,441,427,269 | | | $ | 1,604,521,595 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 62,100,000 | | | | 89,100,000 | | | | 116,700,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 14.61 | | | $ | 49.85 | | | $ | 13.75 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $ —, $41,373,414 and $58,460,056, respectively. See Note 5. |
| b | Cost of foreign currencies including currency at broker, if any: $1,102,866, $9,130,647 and $2,895,039, respectively. |
| c | $0.001 par value, number of shares authorized: 300 million, 1 billion and 300 million, respectively. |
See notes to financial statements.
| | |
| 54 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI South
Korea Capped
Index Fund | | | iShares
MSCI Taiwan
Index Fund | | | iShares
MSCI Thailand
Capped Investable
Market Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 1,634,860,486 | | | $ | 1,752,162,554 | | | $ | 836,359,099 | |
Affiliated (Note 2) | | | 99,618,739 | | | | 246,013,646 | | | | 407,408 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 1,734,479,225 | | | $ | 1,998,176,200 | | | $ | 836,766,507 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 3,369,358,403 | | | $ | 2,708,407,421 | | | $ | 1,040,486,556 | |
Affiliated (Note 2) | | | 99,618,739 | | | | 246,013,646 | | | | 407,408 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 3,468,977,142 | | | | 2,954,421,067 | | | | 1,040,893,964 | |
Cash pledged to broker | | | — | | | | 453,000 | | | | — | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 26,658,381 | | | | 2,510,334 | | | | 38,408,332 | |
Dividends and interest | | | 24,252,356 | | | | 609,622 | | | | 1,932,929 | |
Capital shares sold | | | — | | | | — | | | | 15,663 | |
| | | | | | | | | | | | |
Total Assets | | | 3,519,887,879 | | | | 2,957,994,023 | | | | 1,081,250,888 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 26,152,665 | | | | 1,256,645 | | | | 38,354,667 | |
Collateral for securities on loan (Note 5) | | | 96,088,937 | | | | 241,187,660 | | | | — | |
Foreign taxes (Note 1) | | | — | | | | 70,203 | | | | — | |
Investment advisory fees (Note 2) | | | 1,502,686 | | | | 1,247,128 | | | | 462,819 | |
| | | | | | | | | | | | |
Total Liabilities | | | 123,744,288 | | | | 243,761,636 | | | | 38,817,486 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 3,396,143,591 | | | $ | 2,714,232,387 | | | $ | 1,042,433,402 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 2,521,144,942 | | | $ | 2,836,323,923 | | | $ | 849,708,654 | |
Undistributed (distributions in excess of) net investment income | | | (10,596,466 | ) | | | (8,484,369 | ) | | | 1,216,347 | |
Accumulated net realized loss | | | (848,660,171 | ) | | | (1,069,827,262 | ) | | | (12,626,104 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 1,734,255,286 | | | | 956,220,095 | | | | 204,134,505 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 3,396,143,591 | | | $ | 2,714,232,387 | | | $ | 1,042,433,402 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingb | | | 54,500,000 | | | | 201,400,000 | | | | 11,550,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 62.31 | | | $ | 13.48 | | | $ | 90.25 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $91,076,846, $226,972,989 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 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI Australia
Index Fund | | | iShares
MSCI Hong Kong
Index Fund | | | iShares
MSCI Japan
Small Cap
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 54,585,789 | | | $ | 20,059,073 | | | $ | 447,073 | |
Interest — unaffiliated | | | 30,726 | | | | — | | | | — | |
Interest — affiliated (Note 2) | | | 1,689 | | | | 1,495 | | | | 16 | |
Securities lending income — affiliated (Note 2) | | | 86,367 | | | | 380,892 | | | | 6,274 | |
| | | | | | | | | | | | |
Total investment income | | | 54,704,571 | | | | 20,441,460 | | | | 453,363 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 6,210,389 | | | | 7,102,648 | | | | 111,927 | |
| | | | | | | | | | | | |
Total expenses | | | 6,210,389 | | | | 7,102,648 | | | | 111,927 | |
| | | | | | | | | | | | |
Net investment income | | | 48,494,182 | | | | 13,338,812 | | | | 341,436 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (29,004,506 | ) | | | (26,878,823 | ) | | | (170,451 | ) |
In-kind redemptions — unaffiliated | | | 48,186,036 | | | | 14,896,640 | | | | 603,169 | |
Futures contracts | | | 1,817,979 | | | | 1,524,347 | | | | — | |
Foreign currency transactions | | | (364,057 | ) | | | (1,716 | ) | | | (29,027 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | 20,635,452 | | | | (10,459,552 | ) | | | 403,691 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 374,747,310 | | | | 445,476,964 | | | | 4,492,550 | |
Futures contracts | | | 915,113 | | | | 87,084 | | | | — | |
Translation of assets and liabilities in foreign currencies | | | 50,004 | | | | (99 | ) | | | (4,862 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 375,712,427 | | | | 445,563,949 | | | | 4,487,688 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 396,347,879 | | | | 435,104,397 | | | | 4,891,379 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 444,842,061 | | | $ | 448,443,209 | | | $ | 5,232,815 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $690,422, $ — and $33,612, respectively. |
See notes to financial statements.
| | |
| 56 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI Malaysia
Index Fund | | | iShares
MSCI Pacific
ex-Japan
Index Fund | | | iShares
MSCI Singapore
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 13,482,573 | | | $ | 63,199,560 | | | $ | 11,358,592 | |
Interest — affiliated (Note 2) | | | 223 | | | | 1,976 | | | | 1,058 | |
Securities lending income — affiliated (Note 2) | | | — | | | | 456,823 | | | | 765,044 | |
| | | | | | | | | | | | |
Total investment income | | | 13,482,796 | | | | 63,658,359 | | | | 12,124,694 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 2,433,403 | | | | 9,009,401 | | | | 3,957,693 | |
| | | | | | | | | | | | |
Total expenses | | | 2,433,403 | | | | 9,009,401 | | | | 3,957,693 | |
| | | | | | | | | | | | |
Net investment income | | | 11,049,393 | | | | 54,648,958 | | | | 8,167,001 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | 5,277,233 | | | | (29,924,709 | ) | | | (11,167,073 | ) |
In-kind redemptions — unaffiliated | | | — | | | | 21,568,216 | | | | 32,707,260 | |
Futures contracts | | | — | | | | — | | | | 306,952 | |
Foreign currency transactions | | | 89,832 | | | | (258,003 | ) | | | 160,539 | |
| | | | | | | | | | | | |
Net realized gain (loss) | | | 5,367,065 | | | | (8,614,496 | ) | | | 22,007,678 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 488,290 | | | | 570,975,684 | | | | 83,754,190 | |
Futures contracts | | | — | | | | — | | | | 13,360 | |
Translation of assets and liabilities in foreign currencies | | | 11,776 | | | | 30,179 | | | | (37,921 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 500,066 | | | | 571,005,863 | | | | 83,729,629 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 5,867,131 | | | | 562,391,367 | | | | 105,737,307 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 16,916,524 | | | $ | 617,040,325 | | | $ | 113,904,308 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $923,066, $924,738 and $162,480, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI South
Korea Capped
Index Fund | | | iShares
MSCI Taiwan
Index Fund | | | iShares
MSCI Thailand
Capped Investable
Market Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 24,294,006 | | | $ | 279,138 | | | $ | 4,759,085 | |
Interest — unaffiliated | | | 1,578 | | | | 461 | | | | — | |
Interest — affiliated (Note 2) | | | 2,103 | | | | 2,710 | | | | 658 | |
Securities lending income — affiliated (Note 2) | | | 1,890,953 | | | | 3,613,260 | b | | | — | |
| | | | | | | | | | | | |
| | | 26,188,640 | | | | 3,895,569 | | | | 4,759,743 | |
Less: Other foreign taxes (Note 1) | | | — | | | | (586,823 | ) | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 26,188,640 | | | | 3,308,746 | | | | 4,759,743 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 9,213,115 | | | | 7,632,377 | | | | 2,261,197 | |
| | | | | | | | | | | | |
Total expenses | | | 9,213,115 | | | | 7,632,377 | | | | 2,261,197 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 16,975,525 | | | | (4,323,631 | ) | | | 2,498,546 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | 22,031,478 | | | | (20,187,060 | ) | | | (9,190,213 | ) |
In-kind redemptions — unaffiliated | | | — | | | | — | | | | 13,755,777 | |
Futures contracts | | | — | | | | 607,511 | | | | — | |
Foreign currency transactions | | | (210,469 | ) | | | (177,393 | ) | | | 11,495 | |
| | | | | | | | | | | | |
Net realized gain (loss) | | | 21,821,009 | | | | (19,756,942 | ) | | | 4,577,059 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 296,555,552 | | | | 237,436,597 | | | | 186,533,635 | |
Futures contracts | | | — | | | | 141,032 | | | | — | |
Translation of assets and liabilities in foreign currencies | | | (228,263 | ) | | | (6,928 | ) | | | 4,544 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 296,327,289 | | | | 237,570,701 | | | | 186,538,179 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 318,148,298 | | | | 217,813,759 | | | | 191,115,238 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 335,123,823 | | | $ | 213,490,128 | | | $ | 193,613,784 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $6,806,984, $5,786 and $528,787, respectively. |
| b | Net of foreign tax paid of $830,634. |
See notes to financial statements.
| | |
| 58 | | 2013 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 28, 2013
(Unaudited) | | | Year ended
August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 48,494,182 | | | $ | 121,314,624 | | | $ | 13,338,812 | | | $ | 57,045,268 | |
Net realized gain (loss) | | | 20,635,452 | | | | (146,353 | ) | | | (10,459,552 | ) | | | (96,172,080 | ) |
Net change in unrealized appreciation/depreciation | | | 375,712,427 | | | | (124,678,562 | ) | | | 445,563,949 | | | | 77,291,953 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 444,842,061 | | | | (3,510,291 | ) | | | 448,443,209 | | | | 38,165,141 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (85,067,275 | ) | | | (127,985,295 | ) | | | (20,527,799 | ) | | | (55,827,349 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (85,067,275 | ) | | | (127,985,295 | ) | | | (20,527,799 | ) | | | (55,827,349 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 220,481,766 | | | | 379,920,871 | | | | 1,299,939,783 | | | | 1,187,272,846 | |
Cost of shares redeemed | | | (398,540,312 | ) | | | (845,151,157 | ) | | | (67,251,810 | ) | | | (911,618,933 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from
capital share transactions | | | (178,058,546 | ) | | | (465,230,286 | ) | | | 1,232,687,973 | | | | 275,653,913 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 181,716,240 | | | | (596,725,872 | ) | | | 1,660,603,383 | | | | 257,991,705 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 2,493,698,756 | | | | 3,090,424,628 | | | | 1,865,974,157 | | | | 1,607,982,452 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 2,675,414,996 | | | $ | 2,493,698,756 | | | $ | 3,526,577,540 | | | $ | 1,865,974,157 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (21,382,413 | ) | | $ | 15,190,680 | | | $ | (2,203,448 | ) | | $ | 4,985,539 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 8,600,000 | | | | 16,400,000 | | | | 68,625,000 | | | | 73,350,000 | |
Shares redeemed | | | (16,400,000 | ) | | | (37,600,000 | ) | | | (3,525,000 | ) | | | (54,600,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (7,800,000 | ) | | | (21,200,000 | ) | | | 65,100,000 | | | | 18,750,000 | |
| | | | | | | | | | | | | | | | |
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 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 341,436 | | | $ | 1,024,054 | | | $ | 11,049,393 | | | $ | 24,520,962 | |
Net realized gain (loss) | | | 403,691 | | | | 2,654,100 | | | | 5,367,065 | | | | (3,123,398 | ) |
Net change in unrealized appreciation/depreciation | | | 4,487,688 | | | | (8,078,528 | ) | | | 500,066 | | | | 42,688,241 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 5,232,815 | | | | (4,400,374 | ) | | | 16,916,524 | | | | 64,085,805 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (687,935 | ) | | | (1,368,220 | ) | | | (9,599,691 | ) | | | (32,637,576 | ) |
Return of capital | | | — | | | | — | | | | — | | | | (1,278,099 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (687,935 | ) | | | (1,368,220 | ) | | | (9,599,691 | ) | | | (33,915,675 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 17,720,583 | | | | 4,249,057 | | | | 30,935,603 | | | | 102,342,503 | |
Cost of shares redeemed | | | (8,694,664 | ) | | | (3,050,195 | ) | | | (67,691,050 | ) | | | (174,222,658 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from
capital share transactions | | | 9,025,919 | | | | (25,801,138 | ) | | | (36,755,447 | ) | | | (71,880,155 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 13,570,799 | | | | (31,569,732 | ) | | | (29,438,614 | ) | | | (41,710,025 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 42,817,065 | | | | 74,386,797 | | | | 936,692,257 | | | | 978,402,282 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 56,387,864 | | | $ | 42,817,065 | | | $ | 907,253,643 | | | $ | 936,692,257 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (305,484 | ) | | $ | 41,015 | | | $ | 1,449,702 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 400,000 | | | | 100,000 | | | | 2,100,000 | | | | 7,275,000 | |
Shares redeemed | | | (200,000 | ) | | | (700,000 | ) | | | (4,500,000 | ) | | | (13,050,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 200,000 | | | | (600,000 | ) | | | (2,400,000 | ) | | | (5,775,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 60 | | 2013 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 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 54,648,958 | | | $ | 134,564,204 | | | $ | 8,167,001 | | | $ | 48,620,016 | |
Net realized gain (loss) | | | (8,614,496 | ) | | | 19,498,306 | | | | 22,007,678 | | | | 5,615,906 | |
Net change in unrealized appreciation/depreciation | | | 571,005,863 | | | | (127,950,024 | ) | | | 83,729,629 | | | | (25,799,426 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 617,040,325 | | | | 26,112,486 | | | | 113,904,308 | | | | 28,436,496 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (85,932,393 | ) | | | (141,521,654 | ) | | | (38,608,771 | ) | | | (55,248,494 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (85,932,393 | ) | | | (141,521,654 | ) | | | (38,608,771 | ) | | | (55,248,494 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 777,647,140 | | | | 77,411,532 | | | | 166,909,810 | | | | 109,538,489 | |
Cost of shares redeemed | | | (55,909,672 | ) | | | (322,287,900 | ) | | | (150,370,259 | ) | | | (283,239,248 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from
capital share transactions | | | 721,737,468 | | | | (244,876,368 | ) | | | 16,539,551 | | | | (173,700,759 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 1,252,845,400 | | | | (360,285,536 | ) | | | 91,835,088 | | | | (200,512,757 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 3,188,581,869 | | | | 3,548,867,405 | | | | 1,512,686,507 | | | | 1,713,199,264 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 4,441,427,269 | | | $ | 3,188,581,869 | | | $ | 1,604,521,595 | | | $ | 1,512,686,507 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of )net investment income included in net assets at end of period | | $ | (22,499,012 | ) | | $ | 8,784,423 | | | $ | (25,524,266 | ) | | $ | 4,917,504 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 16,500,000 | | | | 1,800,000 | | | | 12,300,000 | | | | 8,600,000 | |
Shares redeemed | | | (1,200,000 | ) | | | (7,800,000 | ) | | | (11,100,000 | ) | | | (24,400,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 15,300,000 | | | | (6,000,000 | ) | | | 1,200,000 | | | | (15,800,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | | iShares
MSCI South
Korea Capped
Index Fund | | | iShares
MSCI Taiwan
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 16,975,525 | | | $ | 13,344,165 | | | $ | (4,323,631 | ) | | $ | 52,569,798 | |
Net realized gain (loss) | | | 21,821,009 | | | | 293,479,714 | | | | (19,756,942 | ) | | | 9,808,034 | |
Net change in unrealized appreciation/depreciation | | | 296,327,289 | | | | (395,833,750 | ) | | | 237,570,701 | | | | (245,000,348 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 335,123,823 | | | | (89,009,871 | ) | | | 213,490,128 | | | | (182,622,516 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (18,847,855 | ) | | | (21,597,221 | ) | | | (53,961,288 | ) | | | (88,700,282 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (18,847,855 | ) | | | (21,597,221 | ) | | | (53,961,288 | ) | | | (88,700,282 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 410,316,408 | | | | 128,924,534 | | | | 342,174,515 | | | | 381,912,612 | |
Cost of shares redeemed | | | — | | | | (1,419,990,818 | ) | | | (34,598,958 | ) | | | (720,973,706 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from
capital share transactions | | | 410,316,408 | | | | (1,291,066,284 | ) | | | 307,575,557 | | | | (339,061,094 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 726,592,376 | | | | (1,401,673,376 | ) | | | 467,104,397 | | | | (610,383,892 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 2,669,551,215 | | | | 4,071,224,591 | | | | 2,247,127,990 | | | | 2,857,511,882 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 3,396,143,591 | | | $ | 2,669,551,215 | | | $ | 2,714,232,387 | | | $ | 2,247,127,990 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (10,596,466 | ) | | $ | (8,724,136 | ) | | $ | (8,484,369 | ) | | $ | 49,800,550 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 6,800,000 | | | | 2,350,000 | | | | 25,400,000 | | | | 30,600,000 | |
Shares redeemed | | | — | | | | (26,400,000 | ) | | | (2,600,000 | ) | | | (59,400,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 6,800,000 | | | | (24,050,000 | ) | | | 22,800,000 | | | | (28,800,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 62 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | |
| |
| | | iShares
MSCI Thailand
Capped Investable
Market Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 2,498,546 | | | $ | 15,574,422 | |
Net realized gain | | | 4,577,059 | | | | 58,835,767 | |
Net change in unrealized appreciation/depreciation | | | 186,538,179 | | | | (54,329,252 | ) |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 193,613,784 | | | | 20,080,937 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | (3,828,525 | ) | | | (15,932,327 | ) |
| | | | | | | | |
Total distributions to shareholders | | | (3,828,525 | ) | | | (15,932,327 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 309,691,537 | | | | 364,124,479 | |
Cost of shares redeemed | | | (53,010,894 | ) | | | (405,145,323 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 256,680,643 | | | | (41,020,844 | ) |
| | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 446,465,902 | | | | (36,872,234 | ) |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | 595,967,500 | | | | 632,839,734 | |
| | | | | | | | |
End of period | | $ | 1,042,433,402 | | | $ | 595,967,500 | |
| | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 1,216,347 | | | $ | 2,546,326 | |
| | | | | | | | |
| | |
SHARES ISSUED AND REDEEMED | | | | | | | | |
Shares sold | | | 3,800,000 | | | | 5,250,000 | |
Shares redeemed | | | (700,000 | ) | | | (6,350,000 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 3,100,000 | | | | (1,100,000 | ) |
| | | | | | | | |
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. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 23.39 | | | $ | 24.18 | | | $ | 20.92 | | | $ | 20.33 | | | $ | 23.96 | | | $ | 27.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.50 | | | | 1.04 | | | | 0.99 | | | | 0.72 | | | | 0.78 | | | | 0.96 | |
Net realized and unrealized gain (loss)b | | | 4.09 | | | | (0.72 | ) | | | 3.33 | | | | 0.69 | | | | (3.47 | ) | | | (3.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.59 | | | | 0.32 | | | | 4.32 | | | | 1.41 | | | | (2.69 | ) | | | (2.38 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.90 | ) | | | (1.11 | ) | | | (1.06 | ) | | | (0.82 | ) | | | (0.94 | ) | | | (1.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.90 | ) | | | (1.11 | ) | | | (1.06 | ) | | | (0.82 | ) | | | (0.94 | ) | | | (1.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 27.08 | | | $ | 23.39 | | | $ | 24.18 | | | $ | 20.92 | | | $ | 20.33 | | | $ | 23.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 19.96 | %c | | | 1.84 | % | | | 20.54 | % | | | 6.86 | % | | | (8.91 | )% | | | (9.25 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,675,415 | | | $ | 2,493,699 | | | $ | 3,090,425 | | | $ | 2,196,817 | | | $ | 1,593,676 | | | $ | 1,059,092 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average
net assetsd | | | 4.02 | % | | | 4.61 | % | | | 3.95 | % | | | 3.24 | % | | | 4.92 | % | | | 3.38 | % |
Portfolio turnover ratee | | | 3 | % | | | 9 | % | | | 9 | % | | | 8 | % | | | 14 | % | | | 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.
| | |
| 64 | | 2013 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. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 16.94 | | | $ | 17.59 | | | $ | 16.02 | | | $ | 14.39 | | | $ | 15.87 | | | $ | 18.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.09 | | | | 0.54 | | | | 0.42 | | | | 0.42 | | | | 0.52 | | | | 0.45 | |
Net realized and unrealized gain (loss)b | | | 3.22 | | | | (0.65 | ) | | | 1.56 | | | | 1.69 | | | | (1.46 | ) | | | (2.25 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.31 | | | | (0.11 | ) | | | 1.98 | | | | 2.11 | | | | (0.94 | ) | | | (1.80 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.13 | ) | | | (0.54 | ) | | | (0.41 | ) | | | (0.48 | ) | | | (0.54 | ) | | | (0.63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.13 | ) | | | (0.54 | ) | | | (0.41 | ) | | | (0.48 | ) | | | (0.54 | ) | | | (0.63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 20.12 | | | $ | 16.94 | | | $ | 17.59 | | | $ | 16.02 | | | $ | 14.39 | | | $ | 15.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 19.59 | %c | | | (0.33 | )% | | | 12.27 | % | | | 14.85 | % | | | (4.77 | )% | | | (10.54 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 3,526,578 | | | $ | 1,865,974 | | | $ | 1,607,982 | | | $ | 1,976,317 | | | $ | 1,951,777 | | | $ | 1,675,184 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average
net assetsd | | | 0.96 | % | | | 3.26 | % | | | 2.25 | % | | | 2.67 | % | | | 4.29 | % | | | 2.34 | % |
Portfolio turnover ratee | | | 5 | % | | | 11 | % | | | 15 | % | | | 5 | % | | | 9 | % | | | 17 | % |
| a | Based on average shares outstanding throughout each period. |
| b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| 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. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | 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 | | $ | 42.82 | | | $ | 46.49 | | | $ | 40.74 | | | $ | 44.45 | | | $ | 43.24 | | | $ | 48.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.34 | | | | 0.82 | | | | 0.78 | | | | 0.61 | | | | 0.60 | | | | 0.29 | |
Net realized and unrealized gain (loss)c | | | 4.59 | | | | (3.25 | ) | | | 5.87 | | | | (3.39 | ) | | | 1.29 | | | | (5.74 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.93 | | | | (2.43 | ) | | | 6.65 | | | | (2.78 | ) | | | 1.89 | | | | (5.45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.76 | ) | | | (1.24 | ) | | | (0.90 | ) | | | (0.93 | ) | | | (0.68 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.76 | ) | | | (1.24 | ) | | | (0.90 | ) | | | (0.93 | ) | | | (0.68 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 46.99 | | | $ | 42.82 | | | $ | 46.49 | | | $ | 40.74 | | | $ | 44.45 | | | $ | 43.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 11.68 | %d | | | (5.18 | )% | | | 16.38 | % | | | (6.25 | )% | | | 4.62 | % | | | (11.19 | )%d |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 56,388 | | | $ | 42,817 | | | $ | 74,387 | | | $ | 36,664 | | | $ | 35,556 | | | $ | 34,594 | |
Ratio of expenses to average net assetse | | | 0.51 | % | | | 0.53 | % | | | 0.51 | % | | | 0.53 | % | | | 0.56 | % | | | 0.53 | % |
Ratio of net investment income to average
net assetse | | | 1.57 | % | | | 1.84 | % | | | 1.72 | % | | | 1.46 | % | | | 1.59 | % | | | 0.93 | % |
Portfolio turnover ratef | | | 6 | % | | | 7 | % | | | 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.
| | |
| 66 | | 2013 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. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 14.52 | | | $ | 13.92 | | | $ | 12.98 | | | $ | 9.79 | | | $ | 9.39 | | | $ | 10.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.17 | | | | 0.38 | | | | 0.41 | | | | 0.24 | | | | 0.28 | | | | 0.34 | |
Net realized and unrealized gain (loss)b | | | 0.07 | | | | 0.76 | | | | 0.92 | | | | 3.20 | | | | 0.40 | | | | (1.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 0.24 | | | | 1.14 | | | | 1.33 | | | | 3.44 | | | | 0.68 | | | | (0.97 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.15 | ) | | | (0.52 | ) | | | (0.39 | ) | | | (0.25 | ) | | | (0.28 | ) | | | (0.61 | ) |
Return of capital | | | — | | | | (0.02 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.15 | ) | | | (0.54 | ) | | | (0.39 | ) | | | (0.25 | ) | | | (0.28 | ) | | | (0.61 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 14.61 | | | $ | 14.52 | | | $ | 13.92 | | | $ | 12.98 | | | $ | 9.79 | | | $ | 9.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 1.61 | %c | | | 8.61 | % | | | 10.19 | % | | | 35.76 | % | | | 8.00 | % | | | (9.86 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 907,254 | | | $ | 936,692 | | | $ | 978,402 | | | $ | 794,142 | | | $ | 513,000 | | | $ | 473,091 | |
Ratio of expenses to average net assetsd | | | 0.52 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.56 | % | | | 0.52 | % |
Ratio of net investment income to average
net assetsd | | | 2.34 | % | | | 2.73 | % | | | 2.84 | % | | | 2.17 | % | | | 3.45 | % | | | 2.84 | % |
Portfolio turnover ratee | | | 7 | % | | | 24 | % | | | 49 | % | | | 29 | % | | | 52 | % | | | 92 | % |
| 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 rates for the six months ended February 28, 2013 and the years ended August 31, 2012, August 31, 2011, August 31, 2010, August 31, 2009, and August 31, 2008 were 3%, 14%, 14%, 10%, 12%, 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 Pacific ex-Japan Index Fund | |
| | | Six months ended Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008a | |
Net asset value, beginning of period | | $ | 43.21 | | | $ | 44.47 | | | $ | 39.25 | | | $ | 36.85 | | | $ | 41.37 | | | $ | 48.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.69 | | | | 1.73 | | | | 1.64 | | | | 1.25 | | | | 1.38 | | | | 1.64 | |
Net realized and unrealized gain (loss)c | | | 7.06 | | | | (1.14 | ) | | | 5.31 | | | | 2.52 | | | | (4.79 | ) | | | (6.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 7.75 | | | | 0.59 | | | | 6.95 | | | | 3.77 | | | | (3.41 | ) | | | (4.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (1.11 | ) | | | (1.85 | ) | | | (1.73 | ) | | | (1.37 | ) | | | (1.11 | ) | | | (2.51 | ) |
Net realized gain | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.11 | ) | | | (1.85 | ) | | | (1.73 | ) | | | (1.37 | ) | | | (1.11 | ) | | | (2.57 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 49.85 | | | $ | 43.21 | | | $ | 44.47 | | | $ | 39.25 | | | $ | 36.85 | | | $ | 41.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 18.10 | %d | | | 1.82 | % | | | 17.61 | % | | | 10.27 | % | | | (7.23 | )% | | | (9.87 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 4,441,427 | | | $ | 3,188,582 | | | $ | 3,548,867 | | | $ | 3,438,149 | | | $ | 3,382,554 | | | $ | 3,263,971 | |
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 | | | 3.01 | % | | | 4.16 | % | | | 3.53 | % | | | 3.09 | % | | | 4.83 | % | | | 3.35 | % |
Portfolio turnover ratef | | | 4 | % | | | 7 | % | | | 10 | % | | | 7 | % | | | 10 | % | | | 14 | % |
| 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.
| | |
| 68 | | 2013 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. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 13.10 | | | $ | 13.05 | | | $ | 12.17 | | | $ | 10.25 | | | $ | 11.44 | | | $ | 13.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.07 | | | | 0.41 | | | | 0.45 | | | | 0.32 | | | | 0.32 | | | | 0.47 | |
Net realized and unrealized gain (loss)b | | | 0.93 | | | | 0.11 | | | | 0.92 | | | | 1.97 | | | | (1.16 | ) | | | (1.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.00 | | | | 0.52 | | | | 1.37 | | | | 2.29 | | | | (0.84 | ) | | | (1.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.35 | ) | | | (0.47 | ) | | | (0.49 | ) | | | (0.37 | ) | | | (0.35 | ) | | | (0.64 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.35 | ) | | | (0.47 | ) | | | (0.49 | ) | | | (0.37 | ) | | | (0.35 | ) | | | (0.64 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.75 | | | $ | 13.10 | | | $ | 13.05 | | | $ | 12.17 | | | $ | 10.25 | | | $ | 11.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 7.65 | %c | | | 4.67 | % | | | 11.27 | % | | | 22.68 | % | | | (5.87 | )% | | | (9.55 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,604,522 | | | $ | 1,512,687 | | | $ | 1,713,199 | | | $ | 1,730,001 | | | $ | 1,294,039 | | | $ | 1,476,968 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average
net assetsd | | | 1.06 | % | | | 3.32 | % | | | 3.34 | % | | | 2.80 | % | | | 3.97 | % | | | 3.56 | % |
Portfolio turnover ratee | | | 2 | % | | | 3 | % | | | 10 | % | | | 9 | % | | | 15 | % | | | 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. |
| 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 Capped Index Fund | |
| | | Six months ended Feb. 28, 2013 (Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 55.97 | | | $ | 56.74 | | | $ | 47.76 | | | $ | 42.01 | | | $ | 43.55 | | | $ | 63.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.33 | | | | 0.23 | | | | 0.29 | | | | 0.32 | | | | 0.30 | | | | 0.80 | |
Net realized and unrealized gain (loss)b | | | 6.37 | | | | (0.63 | ) | | | 9.19 | | | | 5.82 | | | | (1.45 | ) | | | (19.87 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 6.70 | | | | (0.40 | ) | | | 9.48 | | | | 6.14 | | | | (1.15 | ) | | | (19.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.36 | ) | | | (0.37 | ) | | | (0.43 | ) | | | (0.39 | ) | | | (0.39 | ) | | | (0.98 | ) |
Return of capital | | | — | | | | — | | | | (0.07 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.36 | ) | | | (0.37 | ) | | | (0.50 | ) | | | (0.39 | ) | | | (0.39 | ) | | | (0.98 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 62.31 | | | $ | 55.97 | | | $ | 56.74 | | | $ | 47.76 | | | $ | 42.01 | | | $ | 43.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 11.98 | %c | | | (0.62 | )% | | | 19.76 | % | | | 14.65 | % | | | (2.31 | )% | | | (30.35 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 3,396,144 | | | $ | 2,669,551 | | | $ | 4,071,225 | | | $ | 3,255,168 | | | $ | 2,398,550 | | | $ | 1,985,763 | |
Ratio of expenses to average net assetsd | | | 0.60 | % | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income to average
net assetsd | | | 1.11 | % | | | 0.42 | % | | | 0.49 | % | | | 0.67 | % | | | 0.91 | % | | | 1.35 | % |
Portfolio turnover ratee | | | 6 | % | | | 12 | % | | | 18 | % | | | 14 | % | | | 62 | % | | | 42 | % |
| 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 rates for the six months ended February 28, 2013 and the years ended August 31, 2012, August 31, 2011, August 31, 2010, August 31, 2009 and August 31, 2008 were 6%, 8%, 6%, 6%, 8% and 15%, respectively. See Note 4. |
See notes to financial statements.
| | |
| 70 | | 2013 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. 28, 2013 (Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 12.58 | | | $ | 13.78 | | | $ | 12.19 | | | $ | 10.94 | | | $ | 13.13 | | | $ | 15.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)a | | | (0.02 | ) | | | 0.28 | | | | 0.39 | | | | 0.23 | | | | 0.30 | | | | 0.54 | |
Net realized and unrealized gain (loss)b | | | 1.19 | | | | (1.01 | ) | | | 1.49 | | | | 1.23 | | | | (1.89 | ) | | | (3.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.17 | | | | (0.73 | ) | | | 1.88 | | | | 1.46 | | | | (1.59 | ) | | | (2.47 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.27 | ) | | | (0.47 | ) | | | (0.29 | ) | | | (0.21 | ) | | | (0.60 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.27 | ) | | | (0.47 | ) | | | (0.29 | ) | | | (0.21 | ) | | | (0.60 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 13.48 | | | $ | 12.58 | | | $ | 13.78 | | | $ | 12.19 | | | $ | 10.94 | | | $ | 13.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 9.33 | %c | | | (4.80 | )% | | | 15.24 | % | | | 13.30 | % | | | (9.67 | )% | | | (15.69 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,714,232 | | | $ | 2,247,128 | | | $ | 2,857,512 | | | $ | 2,721,439 | | | $ | 3,035,331 | | | $ | 2,918,008 | |
Ratio of expenses to average net assetsd,e | | | 0.60 | % | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income (loss) to average net assetsd | | | (0.34 | )% | | | 2.25 | % | | | 2.64 | % | | | 1.90 | % | | | 3.18 | % | | | 3.54 | % |
Portfolio turnover ratef | | | 5 | % | | | 22 | % | | | 23 | % | | | 9 | % | | | 52 | % | | | 33 | % |
| 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 years 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 rates for the six months ended February 28, 2013 and the years ended August 31, 2012, August 31, 2011, August 31, 2010, August 31, 2009, and August 31, 2008 were 2%, 7%, 8%, 4%, 14%, and 11%, respectively. See Note 4. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | iShares MSCI Thailand Capped Investable Market Index Fund | |
| | | Six months
ended Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | 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 | | $ | 70.53 | | | $ | 66.27 | | | $ | 55.06 | | | $ | 36.87 | | | $ | 38.83 | | | $ | 50.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.26 | | | | 1.76 | | | | 1.65 | | | | 1.44 | | | | 1.17 | | | | 0.32 | |
Net realized and unrealized gain (loss)c | | | 19.88 | | | | 4.37 | | | | 11.10 | | | | 17.95 | | | | (1.88 | ) | | | (11.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 20.14 | | | | 6.13 | | | | 12.75 | | | | 19.39 | | | | (0.71 | ) | | | (11.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.42 | ) | | | (1.87 | ) | | | (1.54 | ) | | | (1.20 | ) | | | (1.25 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.42 | ) | | | (1.87 | ) | | | (1.54 | ) | | | (1.20 | ) | | | (1.25 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 90.25 | | | $ | 70.53 | | | $ | 66.27 | | | $ | 55.06 | | | $ | 36.87 | | | $ | 38.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 28.63 | %d | | | 9.57 | % | | | 23.33 | % | | | 53.19 | % | | | (0.33 | )% | | | (22.39 | )%d |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,042,433 | | | $ | 595,968 | | | $ | 632,840 | | | $ | 520,304 | | | $ | 94,021 | | | $ | 58,248 | |
Ratio of expenses to average net assetse,f | | | 0.60 | % | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income to average
net assetse | | | 0.67 | % | | | 2.66 | % | | | 2.56 | % | | | 3.22 | % | | | 4.00 | % | | | 1.68 | % |
Portfolio turnover rateg | | | 14 | % | | | 12 | % | | | 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.
| | |
| 72 | | 2013 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 Cappeda | | | Non-diversified | |
Taiwan | | | Non-diversified | |
Thailand Capped Investable Marketb | | | Non-diversified | |
| | a | | Formerly the iShares MSCI South Korea Index Fund |
| | b | | Formerly the iShares MSCI Thailand Investable Market Index Fund |
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
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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). |
| | • | | Financial futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability |
| | |
| 74 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the 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. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2013. 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 | | $ | 2,650,856,719 | | | $ | — | | | $ | — | | | $ | 2,650,856,719 | |
Investment Companies | | | — | | | | — | | | | 247 | | | | 247 | |
Money Market Funds | | | 4,571,563 | | | | — | | | | — | | | | 4,571,563 | |
Futures Contractsa | | | 865,094 | | | | — | | | | — | | | | 865,094 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,656,293,376 | | | $ | — | | | $ | 247 | | | $ | 2,656,293,623 | |
| | | | | | | | | | | | | | | | |
Hong Kong | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 3,519,885,447 | | | $ | — | | | $ | — | | | $ | 3,519,885,447 | |
Money Market Funds | | | 77,899,246 | | | | — | | | | — | | | | 77,899,246 | |
Futures Contractsa | | | 63,709 | | | | — | | | | — | | | | 63,709 | |
| | | | | | | | | | | | | | | | |
| | $ | 3,597,848,402 | | | $ | — | | | $ | — | | | $ | 3,597,848,402 | |
| | | | | | | | | | | | | | | | |
Japan Small Cap | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 56,234,361 | | | $ | — | | | $ | — | | | $ | 56,234,361 | |
Money Market Funds | | | 1,197,898 | | | | — | | | | — | | | | 1,197,898 | |
| | | | | | | | | | | | | | | | |
| | $ | 57,432,259 | | | $ | — | | | $ | — | | | $ | 57,432,259 | |
| | | | | | | | | | | | | | | | |
Malaysia | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 904,653,804 | | | $ | — | | | $ | — | | | $ | 904,653,804 | |
Money Market Funds | | | 25,782 | | | | — | | | | — | | | | 25,782 | |
| | | | | | | | | | | | | | | | |
| | $ | 904,679,586 | | | $ | — | | | $ | — | | | $ | 904,679,586 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
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 | |
Pacific ex-Japan | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 4,395,190,676 | | | $ | 17,859,289 | | | $ | — | | | $ | 4,413,049,965 | |
Investment Companies | | | — | | | | — | | | | 353 | | | | 353 | |
Money Market Funds | | | 45,822,048 | | | | — | | | | — | | | | 45,822,048 | |
| | | | | | | | | | | | | | | | |
| | $ | 4,441,012,724 | | | $ | 17,859,289 | | | $ | 353 | | | $ | 4,458,872,366 | |
| | | | | | | | | | | | | | | | |
| | | | |
Singapore | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,546,945,660 | | | $ | 53,665,862 | | | $ | — | | | $ | 1,600,611,522 | |
Money Market Funds | | | 64,360,115 | | | | — | | | | — | | | | 64,360,115 | |
Liabilities: | | | | | | | | | | | | | | | | |
Futures Contractsa | | | (30,539 | ) | | | — | | | | — | | | | (30,539 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 1,611,275,236 | | | $ | 53,665,862 | | | $ | — | | | $ | 1,664,941,098 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Korea Capped | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 3,306,857,660 | | | $ | — | | | $ | 0 | b | | $ | 3,306,857,660 | |
Preferred Stocks | | | 62,500,743 | | | | — | | | | — | | | | 62,500,743 | |
Money Market Funds | | | 99,618,739 | | | | — | | | | — | | | | 99,618,739 | |
| | | | | | | | | | | | | | | | |
| | $ | 3,468,977,142 | | | $ | — | | | $ | 0 | b | | $ | 3,468,977,142 | |
| | | | | | | | | | | | | | | | |
| | | | |
Taiwan | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,708,407,419 | | | $ | — | | | $ | 2 | | | $ | 2,708,407,421 | |
Money Market Funds | | | 246,013,646 | | | | — | | | | — | | | | 246,013,646 | |
Liabilities: | | | | | | | | | | | | | | | | |
Futures Contractsa | | | (24,962 | ) | | | — | | | | — | | | | (24,962 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 2,954,396,103 | | | $ | — | | | $ | 2 | | | $ | 2,954,396,105 | |
| | | | | | | | | | | | | | | | |
| | | | |
Thailand Capped Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,040,486,550 | | | $ | — | | | $ | — | | | $ | 1,040,486,550 | |
Warrants | | | — | | | | 6 | | | | — | | | | 6 | |
Money Market Funds | | | 407,408 | | | | — | | | | — | | | | 407,408 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,040,893,958 | | | $ | 6 | | | $ | — | | | $ | 1,040,893,964 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | a | | Futures contracts are shown at the net unrealized appreciation (depreciation) on the contracts. |
| | b | | Rounds to less than $1. |
The iShares MSCI Singapore Index Fund had transfers from Level 1 to Level 2 during the period ended February 28, 2013 in the amount of $53,665,862, resulting from a suspension of trading due to a pending corporate action.
| | |
| 76 | | 2013 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 28, 2013 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, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, 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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, 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 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 Capped, iShares MSCI Taiwan and iShares MSCI Thailand Capped 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 Fund’s allocable portion of the aggregate of the average daily net assets (of the Fund and certain other iShares funds) up to $46 billion, and 0.475% on its allocable portion of the aggregate average daily net assets in excess of $46 billion.
| | |
| 78 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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. The Funds benefit from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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 28, 2013, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
Australia | | $ | 46,505 | |
Hong Kong | | | 205,096 | |
Japan Small Cap | | | 3,378 | |
Pacific ex-Japan | | | 245,982 | |
Singapore | | | 411,947 | |
South Korea Capped | | | 1,018,205 | |
Taiwan | | | 2,236,324 | |
For the six months ended February 28, 2013, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Taiwan Index Fund in the amount of $290,722, 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.
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the statements of operations.
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.
Certain 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 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
Australia | | $ | 78,118,953 | | | $ | 111,488,871 | |
Hong Kong | | | 267,702,389 | | | | 141,019,985 | |
Japan Small Cap | | | 2,502,103 | | | | 2,763,033 | |
Malaysia | | | 63,025,990 | | | | 98,748,368 | |
Pacific ex-Japan | | | 135,934,601 | | | | 158,002,604 | |
Singapore | | | 35,246,538 | | | | 60,324,392 | |
South Korea Capped | | | 577,550,357 | | | | 192,805,629 | |
Taiwan | | | 389,539,852 | | | | 120,953,403 | |
Thailand Capped Investable Market | | | 139,040,193 | | | | 108,566,605 | |
In-kind transactions (see Note 4) for the six months ended February 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind
Sales | |
Australia | | $ | 219,516,836 | | | $ | 394,324,060 | |
Hong Kong | | | 1,165,737,125 | | | | 64,929,520 | |
Japan Small Cap | | | 17,476,435 | | | | 8,540,636 | |
Pacific ex-Japan | | | 766,596,074 | | | | 55,272,624 | |
Singapore | | | 160,624,488 | | | | 143,317,046 | |
Thailand Capped Investable Market | | | 279,374,342 | | | | 51,448,177 | |
| 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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
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.
| | |
| 80 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to 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 market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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.
As of August 31, 2012, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares MSCI
Index Fund | | Non-
Expiringa | | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
Australia | | $ | 23,345,303 | | | $ | 384,424 | | | $ | — | | | $ | 7,066 | | | $ | 529,868 | | | $ | 24,006,125 | | | $ | 23,348,244 | | | $ | 12,127,364 | | | $ | 83,748,394 | |
Hong Kong | | | 36,014,089 | | | | 468,716 | | | | 425,440 | | | | 2,899,247 | | | | 3,185,408 | | | | 29,235,556 | | | | 114,836,904 | | | | 34,565,959 | | | | 221,631,319 | |
Japan Small Cap | | | 486,584 | | | | — | | | | — | | | | — | | | | — | | | | 131,718 | | | | 541,322 | | | | 203,697 | | | | 1,363,321 | |
Malaysia | | | — | | | | — | | | | — | | | | — | | | | — | | | | 39,171,645 | | | | — | | | | — | | | | 39,171,645 | |
Pacific ex-Japan | | | 59,368,214 | | | | — | | | | — | | | | — | | | | — | | | | 66,207,828 | | | | 104,799,503 | | | | 36,600,987 | | | | 266,976,532 | |
Singapore | | | 12,674,147 | | | | 2,558,348 | | | | — | | | | — | | | | 807,115 | | | | 15,680,510 | | | | 132,420,824 | | | | 11,588,528 | | | | 175,729,472 | |
South Korea Capped | | | — | | | | — | | | | — | | | | — | | | | — | | | | 60,990,953 | | | | 226,591,665 | | | | 78,503,704 | | | | 366,086,322 | |
Taiwan | | | 4,857,121 | | | | 12,022,719 | | | | 14,435,986 | | | | 64,999,586 | | | | 16,734,578 | | | | 343,375,145 | | | | 363,052,013 | | | | 19,669,958 | | | | 839,147,106 | |
Thailand Capped Investable Market | | | 2,373,181 | | | | — | | | | — | | | | — | | | | — | | | | 555,444 | | | | 2,321,428 | | | | 1,304,910 | | | | 6,554,963 | |
| | a | | Must be utilized prior to losses subject to expiration. |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 81 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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 28, 2013, 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 | | $ | 2,460,511,377 | | | $ | 401,100,754 | | | $ | (206,183,602 | ) | | $ | 194,917,152 | |
Hong Kong | | | 3,298,907,158 | | | | 408,705,548 | | | | (109,828,013 | ) | | | 298,877,535 | |
Japan Small Cap | | | 58,833,334 | | | | 4,743,492 | | | | (6,144,567 | ) | | | (1,401,075 | ) |
Malaysia | | | 506,159,239 | | | | 445,688,240 | | | | (47,167,893 | ) | | | 398,520,347 | |
Pacific ex-Japan | | | 3,653,776,503 | | | | 1,056,924,803 | | | | (251,828,940 | ) | | | 805,095,863 | |
Singapore | | | 1,526,020,614 | | | | 252,912,896 | | | | (113,961,873 | ) | | | 138,951,023 | |
South Korea Capped | | | 2,220,651,391 | | | | 1,760,275,075 | | | | (511,949,324 | ) | | | 1,248,325,751 | |
Taiwan | | | 2,187,771,759 | | | | 1,004,656,227 | | | | (238,006,919 | ) | | | 766,649,308 | |
Thailand Capped Investable Market | | | 843,962,470 | | | | 222,006,012 | | | | (25,074,518 | ) | | | 196,931,494 | |
Management has reviewed the tax positions as of February 28, 2013, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
| 7. | FINANCIAL FUTURES CONTRACTS |
Each Fund may purchase or sell financial futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
| | |
| 82 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table shows the value of futures contracts held by the Funds as of February 28, 2013 and the related locations in the statements of assets and liabilities, presented by risk exposure category:
| | | | | | | | |
| Assets | |
| | | iShares
MSCI Australia
Index Fund | | | iShares
MSCI Hong Kong
Index Fund | |
Equity contracts: | | | | | | | | |
Variation margin/Net assets consist of — net unrealized appreciation (depreciation)a | | $ | 865,094 | | | $ | 63,709 | |
| | | | | | | | |
| | | | | | | | | |
| | a | | Represents cumulative appreciation of futures contracts as reported in the schedules of investments. |
| | | | | | | | |
| | | | | | | | |
| Liabilities | |
| | | iShares
MSCI Singapore
Index Fund | | | iShares
MSCI Taiwan
Index Fund | |
Equity contracts: | | | | | | | | |
Variation margin/Net assets consist of — net unrealized appreciation (depreciation)a | | $ | (30,539 | ) | | $ | (24,962 | )b |
| | | | | | | | |
| | | | | | | | | |
| | a | | Represents cumulative depreciation of futures contracts as reported in the schedules of investments. |
| | b | | Only current day’s variation margin is reported in the statements of assets and liabilities. |
The following table shows the realized and unrealized gains (losses) on futures contracts held by the Funds during the six months ended February 28, 2013 and the related locations in the statements of operations, presented by risk exposure category:
| | | | | | | | | | | | | | | | |
| | | Net Realized Gain (Loss) | |
| | | iShares
MSCI Australia
Index Fund | | | iShares
MSCI Hong Kong
Index Fund | | | iShares
MSCI Singapore
Index Fund | | | iShares
MSCI Taiwan
Index Fund | |
Equity contracts: | | | | | | | | | | | | | | | | |
Futures contracts | | $ | 1,817,979 | | | $ | 1,524,347 | | | $ | 306,952 | | | $ | 607,511 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | Net Change in Unrealized Appreciation/Depreciation | |
| | | iShares
MSCI Australia
Index Fund | | | iShares
MSCI Hong Kong
Index Fund | | | iShares
MSCI Singapore
Index Fund | | | iShares
MSCI Taiwan
Index Fund | |
Equity contracts: | | | | | | | | | | | | | | | | |
Futures contracts | | $ | 915,113 | | | $ | 87,084 | | | $ | 13,360 | | | $ | 141,032 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 83 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2013:
| | | | | | | | | | | | | | | | |
| | | iShares
MSCI Australia
Index Fund | | | iShares
MSCI Hong Kong
Index Fund | | | iShares
MSCI Singapore
Index Fund | | | iShares
MSCI Taiwan
Index Fund | |
Average number of contracts purchased | | | 148 | | | | 56 | | | | 100 | | | | 308 | |
Average value of contracts purchased | | $ | 17,981,516 | | | $ | 7,793,647 | | | $ | 5,700,993 | | | $ | 8,118,367 | |
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.
| | |
| 84 | | 2013 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 | | $ | 0.68272 | | | $ | — | | | $ | 0.21272 | | | $ | 0.89544 | | | | 76 | % | | | — | % | | | 24 | % | | | 100 | % |
Hong Kong | | | 0.12186 | | | | — | | | | 0.00998 | | | | 0.13184 | | | | 92 | | | | — | | | | 8 | | | | 100 | |
Japan Small Cap | | | 0.65709 | | | | — | | | | 0.10728 | | | | 0.76437 | | | | 86 | | | | — | | | | 14 | | | | 100 | |
Malaysia | | | 0.13209 | | | | — | | | | 0.01419 | | | | 0.14628 | | | | 90 | | | | — | | | | 10 | | | | 100 | |
Pacific ex-Japan | | | 0.91722 | | | | — | | | | 0.18873 | | | | 1.10595 | | | | 83 | | | | — | | | | 17 | | | | 100 | |
Singapore | | | 0.19897 | | | | — | | | | 0.14730 | | | | 0.34627 | | | | 57 | | | | — | | | | 43 | | | | 100 | |
South Korea Capped | | | — | | | | — | | | | 0.36456 | | | | 0.36456 | | | | — | | | | — | | | | 100 | | | | 100 | |
Taiwan | | | 0.24945 | | | | — | | | | 0.02144 | | | | 0.27089 | | | | 92 | | | | — | | | | 8 | | | | 100 | |
| | | | |
SUPPLEMENTAL INFORMATION | | | 85 | |
Notes:
| | |
| 86 | | 2013 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.
©2013 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
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iS-SAR-83-0213
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | iShares MSCI Brazil Capped Index Fund | EWZ | NYSE Arca |
| Ø | | iShares MSCI Canada Index Fund | EWC | NYSE Arca |
| Ø | | iShares MSCI Chile Capped Investable Market Index Fund | ECH | NYSE Arca |
| Ø | | iShares MSCI Israel Capped Investable Market Index Fund | EIS | NYSE Arca |
| Ø | | iShares MSCI Mexico Capped Investable Market Index Fund | EWW | NYSE Arca |
| Ø | | iShares MSCI South Africa Index Fund | EZA | NYSE Arca |
| Ø | | iShares MSCI Turkey Investable Market Index Fund | TUR | NYSE Arca |
| Ø | | iShares MSCI USA Index Fund | EUSA | NYSE Arca |
Table of Contents
Fund Performance Overview
iSHARES® MSCI BRAZIL CAPPED INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (17.40)% | | (17.94)% | | (17.24)% | | (4.45)% | | (4.65)% | | (4.05)% | | 25.62% | | 25.47% | | 26.73% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (17.40)% | | (17.94)% | | (17.24)% | | (20.36)% | | (21.17)% | | (18.67)% | | 878.33% | | 866.83% | | 968.30% |
Index performance through February 11, 2013 reflects the performance of the MSCI Brazil IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.
“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.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview (Continued)
iSHARES® MSCI BRAZIL CAPPED INDEX FUND
The iShares MSCI Brazil Capped Index Fund (the “Fund”), formerly the iShares MSCI Brazil Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Brazil 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index and consists of stocks traded primarily on the BM&FBOVESPA (the Brazilian exchange). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 6.29%, net of fees, while the total return for the Index was 6.86%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Brazil IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 26.74 | % |
Consumer Non-Cyclical | | | 23.05 | |
Basic Materials | | | 17.98 | |
Energy | | | 11.24 | |
Utilities | | | 6.53 | |
Consumer Cyclical | | | 4.10 | |
Communications | | | 3.56 | |
Industrial | | | 3.01 | |
Diversified | | | 2.55 | |
Technology | | | 0.55 | |
Short-Term and Other Net Assets | | | 0.69 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Itau Unibanco Holding SA (Preferred) | | | 7.52 | % |
Vale SA Class A (Preferred) | | | 6.81 | |
Petroleo Brasileiro SA (Preferred) | | | 6.61 | |
Companhia de Bebidas das Americas (Preferred) | | | 6.33 | |
Banco Bradesco SA (Preferred) | | | 6.25 | |
Petroleo Brasileiro SA | | | 4.14 | |
Vale SA | | | 4.00 | |
BRF — Brasil Foods SA | | | 3.00 | |
BM&F Bovespa SA | | | 2.57 | |
Itausa — Investimentos Itau SA (Preferred) | | | 2.55 | |
| | | | |
TOTAL | | | 49.78 | % |
| | | | |
| | |
| 6 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI CANADA INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.40)% | | (0.44)% | | (0.19)% | | (0.52)% | | (0.56)% | | (0.29)% | | 12.74% | | 12.66% | | 13.04% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.40)% | | (0.44)% | | (0.19)% | | (2.57)% | | (2.76)% | | (1.44)% | | 231.72% | | 229.46% | | 240.70% |
“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 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 28, 2013, the total return for the Fund was 4.60%, net of fees, while the total return for the Index was 4.73%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 35.89 | % |
Energy | | | 25.46 | |
Basic Materials | | | 17.11 | |
Industrial | | | 6.80 | |
Communications | | | 4.80 | |
Consumer Non-Cyclical | | | 4.41 | |
Consumer Cyclical | | | 3.91 | |
Technology | | | 1.21 | |
Utilities | | | 1.15 | |
Short-Term and Other Assets, Less Liabilities | | | (0.74 | ) |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Royal Bank of Canada | | | 7.23 | % |
Toronto-Dominion Bank (The) | | | 6.08 | |
Bank of Nova Scotia | | | 5.66 | |
Suncor Energy Inc. | | | 3.74 | |
Canadian National Railway Co. | | | 3.53 | |
Bank of Montreal | | | 3.26 | |
Potash Corp. of Saskatchewan Inc. | | | 2.78 | |
Enbridge Inc. | | | 2.73 | |
Canadian Natural Resources Ltd. | | | 2.69 | |
TransCanada Corp. | | | 2.64 | |
| | | | |
TOTAL | | | 40.34 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI CHILE CAPPED INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.19)% | | (1.16)% | | 0.13% | | 7.79% | | 7.53% | | 8.69% | | 7.36% | | 7.23% | | 8.17% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.19)% | | (1.16)% | | 0.13% | | 45.53% | | 43.76% | | 51.67% | | 45.68% | | 44.72% | | 51.62% |
Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile IMI 25/50 Index.
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.
| | |
| 8 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview (Continued)
iSHARES® MSCI CHILE CAPPED INVESTABLE MARKET INDEX FUND
The iShares MSCI Chile Capped Investable Market Index Fund (the “Fund”), formerly the iShares MSCI Chile Investable Market Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Chile IMI 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index designed to measure broad-based equity market performance in Chile. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 10.37%, net of fees, while the total return for the Index was 10.59%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile IMI 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | | | |
| Sector | | Percentage of
Net Assets | |
Utilities | | | 21.48 | % |
Financial | | | 16.72 | |
Consumer Cyclical | | | 13.82 | |
Basic Materials | | | 13.49 | |
Consumer Non-Cyclical | | | 13.20 | |
Diversified | | | 8.45 | |
Industrial | | | 4.12 | |
Communications | | | 3.13 | |
Technology | | | 2.36 | |
Short-Term and Other Net Assets | | | 3.23 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | | | |
| Security | | Percentage of
Net Assets | |
Empresas Copec SA | | | 7.72 | % |
LATAM Airlines Group SA | | | 6.87 | |
Cencosud SA | | | 6.48 | |
Empresa Nacional de Electricidad SA | | | 5.88 | |
S.A.C.I. Falabella SA | | | 5.74 | |
Enersis SA | | | 5.33 | |
Sociedad Quimica y Minera de Chile SA Series B (Preferred) | | | 5.30 | |
Banco Santander (Chile) SA | | | 4.54 | |
Empresas CMPC SA | | | 4.43 | |
Banco de Chile | | | 3.68 | |
| | | | |
TOTAL | | | 55.97 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
Fund Performance Overview
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 9.93% | | 10.35% | | 9.38% | | (0.29)% | | (0.22)% | | 0.19% | | (1.42)% | | (1.07)% | | 0.95% |
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-weighted index designed to measure broad-based equity market performance in Israel. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 18.35%, net of fees, while the total return for the Index was 17.89%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 37.51 | % |
Consumer Non-Cyclical | | | 26.19 | |
Basic Materials | | | 11.92 | |
Communications | | | 10.76 | |
Technology | | | 4.09 | |
Industrial | | | 3.72 | |
Energy | | | 3.51 | |
Consumer Cyclical | | | 1.26 | |
Diversified | | | 0.80 | |
Short-Term and Other Net Assets | | | 0.24 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Teva Pharmaceutical Industries Ltd. | | | 21.84 | % |
Israel Chemicals Ltd. | | | 10.67 | |
Bank Hapoalim BM | | | 8.50 | |
Bank Leumi le-Israel BM | | | 8.06 | |
Bezeq The Israel Telecommunication Corp. Ltd. | | | 4.72 | |
NICE Systems Ltd. | | | 4.06 | |
Mellanox Technologies Ltd. | | | 3.47 | |
Israel Corp. Ltd. (The) | | | 3.20 | |
Israel Discount Bank Ltd. Class A | | | 2.73 | |
Mizrahi Tefahot Bank Ltd. | | | 2.59 | |
| | | | |
TOTAL | | | 69.84 | % |
| | | | |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI MEXICO CAPPED INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 20.99% | | 21.61% | | 19.94% | | 6.62% | | 6.65% | | 5.78% | | 21.56% | | 21.59% | | 20.80% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 20.99% | | 21.61% | | 19.94% | | 37.76% | | 38.00% | | 32.42% | | 604.68% | | 606.18% | | 561.66% |
Index performance through November 30, 2007 reflects the performance of the MSCI Mexico IndexSM. Index performance beginning on December 1, 2007 through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico IMI 25/50 Index.
“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.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 11 | |
Fund Performance Overview (Continued)
iSHARES® MSCI MEXICO CAPPED INVESTABLE MARKET INDEX FUND
The iShares MSCI Mexico Capped Investable Market Index Fund (the “Fund”), formerly the iShares MSCI Mexico Investable Market Index Fund, seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Mexico IMI 25/50 Index (the “Index”). The Index is a free-float adjusted market capitalization-weighted index and consists of stocks traded primarily on the Mexican Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 17.36%, net of fees, while the total return for the Index was 16.36%*.
| * | Index performance through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market IndexSM. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico IMI 25/50 Index. |
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 24.46 | % |
Communications | | | 23.07 | |
Basic Materials | | | 14.82 | |
Financial | | | 12.09 | |
Industrial | | | 10.25 | |
Consumer Cyclical | | | 10.08 | |
Diversified | | | 5.01 | |
Short-Term and Other Net Assets | | | 0.22 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
America Movil SAB de CV Series L | | | 17.57 | % |
Fomento Economico Mexicano SAB de CV BD Units | | | 9.86 | |
Wal-Mart de Mexico SAB de CV Series V | | | 7.12 | |
Grupo Mexico SAB de CV Series B | | | 6.43 | |
Grupo Financiero Banorte SAB de CV Series O | | | 5.15 | |
Grupo Televisa SAB de CV CPO | | | 4.80 | |
Cemex SAB de CV CPO | | | 4.69 | |
Alfa SAB de CV Series A | | | 3.56 | |
Coca-Cola FEMSA SAB de CV Series L | | | 3.43 | |
Industrias Penoles SAB de CV | | | 3.27 | |
| | | | |
TOTAL | | | 65.88 | % |
| | | | |
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI SOUTH AFRICA INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (5.54)% | | (4.52)% | | (4.92)% | | 5.11% | | 5.38% | | 6.12% | | 16.12% | | 16.07% | | 17.24% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Ten Years Ended 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (5.54)% | | (4.52)% | | (4.92)% | | 28.28% | | 29.94% | | 34.57% | | 345.81% | | 344.00% | | 390.50% |
“Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
The iShares MSCI 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 28, 2013, the total return for the Fund was 1.99%, net of fees, while the total return for the Index was 2.34%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 24.78 | % |
Basic Materials | | | 23.57 | |
Communications | | | 23.01 | |
Consumer Non-Cyclical | | | 9.65 | |
Diversified | | | 8.13 | |
Consumer Cyclical | | | 8.12 | |
Industrial | | | 1.22 | |
Energy | | | 0.87 | |
Technology | | | 0.58 | |
Short-Term and Other Net Assets | | | 0.07 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
MTN Group Ltd. | | | 12.01 | % |
Naspers Ltd. Class N | | | 9.21 | |
Sasol Ltd. | | | 8.50 | |
Standard Bank Group Ltd. | | | 5.66 | |
FirstRand Ltd. | | | 3.86 | |
AngloGold Ashanti Ltd. | | | 3.41 | |
Sanlam Ltd. | | | 3.26 | |
Impala Platinum Holdings Ltd. | | | 3.01 | |
Remgro Ltd. | | | 2.97 | |
Shoprite Holdings Ltd. | | | 2.97 | |
| | | | |
TOTAL | | | 54.86 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 13 | |
Fund Performance Overview
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 29.27% | | 30.03% | | 29.58% | | 7.91% | | 7.78% | | 8.27% | | 45.56% | | 44.69% | | 47.98% |
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-weighted index designed to measure broad-based equity market performance in Turkey. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 18.17%, net of fees, while the total return for the Index was 18.44%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 45.87 | % |
Consumer Non-Cyclical | | | 12.31 | |
Diversified | | | 9.78 | |
Consumer Cyclical | | | 8.71 | |
Communications | | | 8.54 | |
Industrial | | | 5.29 | |
Basic Materials | | | 4.99 | |
Energy | | | 3.88 | |
Utilities | | | 0.60 | |
Short-Term and Other Net Assets | | | 0.03 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Turkiye Garanti Bankasi AS | | | 12.22 | % |
Akbank TAS | | | 9.68 | |
Turkiye Halk Bankasi AS | | | 6.85 | |
Turkiye Is Bankasi AS Class C | | | 6.22 | |
Turkcell Iletisim Hizmetleri AS | | | 5.66 | |
BIM Birlesik Magazalar AS | | | 5.57 | |
Haci Omer Sabanci Holding AS | | | 4.74 | |
Turkiye Petrol Rafinerileri AS | | | 3.88 | |
KOC Holding AS | | | 3.69 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 3.44 | |
| | | | |
TOTAL | | | 61.95 | % |
| | | | |
| | |
| 14 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI USA INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 13.10% | | 12.95% | | 13.29% | | 12.09% | | 12.06% | | 12.29% | | 37.97% | | 37.85% | | 38.66% |
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 28, 2013, the total return for the Fund was 9.03%, net of fees, while the total return for the Index was 9.12%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 21.68 | % |
Financial | | | 15.97 | |
Technology | | | 12.76 | |
Communications | | | 11.74 | |
Energy | | | 11.15 | |
Industrial | | | 10.36 | |
Consumer Cyclical | | | 9.46 | |
Utilities | | | 3.31 | |
Basic Materials | | | 3.23 | |
Diversified | | | 0.04 | |
Short-Term and Other Net Assets | | | 0.30 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Apple Inc. | | | 2.91 | % |
Exxon Mobil Corp. | | | 2.86 | |
General Electric Co. | | | 1.71 | |
Chevron Corp. | | | 1.60 | |
International Business Machines Corp. | | | 1.51 | |
Google Inc. Class A | | | 1.49 | |
Johnson & Johnson | | | 1.48 | |
Microsoft Corp. | | | 1.47 | |
Procter & Gamble Co. (The) | | | 1.46 | |
AT&T Inc. | | | 1.43 | |
| | | | |
TOTAL | | | 17.92 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 15 | |
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, 2012 to February 28, 2013.
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
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Brazil Capped | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,062.90 | | | | 0.60 | % | | $ | 3.07 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.60 | | | | 3.01 | |
Canada | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,046.00 | | | | 0.51 | | | | 2.59 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
Chile Capped Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,103.70 | | | | 0.60 | | | | 3.13 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.60 | | | | 3.01 | |
Israel Capped Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,183.50 | | | | 0.60 | | | | 3.25 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.60 | | | | 3.01 | |
| | |
| 16 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning
Account Value
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Mexico Capped Investable Market | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,173.60 | | | | 0.51 | % | | $ | 2.75 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.30 | | | | 0.51 | | | | 2.56 | |
South Africa | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,019.90 | | | | 0.60 | | | | 3.00 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.60 | | | | 3.01 | |
Turkey Investable Market | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,181.70 | | | | 0.60 | | | | 3.25 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.80 | | | | 0.60 | | | | 3.01 | |
USA | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,090.30 | | | | 0.15 | | | | 0.78 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,024.10 | | | | 0.15 | | | | 0.75 | |
| a | Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). | |
Schedule of Investments (Unaudited)
iSHARES® MSCI BRAZIL CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 50.77% | |
| |
AEROSPACE & DEFENSE — 1.05% | | | | | |
Embraer SA | | | 10,393,532 | | | $ | 87,896,341 | |
| | | | | | | | |
| | | | | | | 87,896,341 | |
AGRICULTURE — 1.32% | | | | | | | | |
Souza Cruz SA | | | 6,923,600 | | | | 110,624,917 | |
| | | | | | | | |
| | | | | | | 110,624,917 | |
BANKS — 4.85% | | | | | | | | |
Banco Bradesco SA | | | 9,281,100 | | | | 165,333,236 | |
Banco do Brasil SA | | | 10,412,897 | | | | 138,726,269 | |
Banco Santander (Brasil) SA Units | | | 14,039,341 | | | | 102,112,045 | |
| | | | | | | | |
| | | | | | | 406,171,550 | |
BEVERAGES — 1.05% | | | | | | | | |
Companhia de Bebidas das Americas | | | 2,001,200 | | | | 88,354,028 | |
| | | | | | | | |
| | | | | | | 88,354,028 | |
BUILDING MATERIALS — 0.34% | | | | | | | | |
Duratex SA | | | 3,443,300 | | | | 28,823,335 | |
| | | | | | | | |
| | | | | | | 28,823,335 | |
CHEMICALS — 1.85% | | | | | | | | |
Ultrapar Participacoes SA | | | 5,970,200 | | | | 154,909,342 | |
| | | | | | | | |
| | | | | | | 154,909,342 | |
COMMERCIAL SERVICES — 6.55% | | | | | | | | |
Anhanguera Educacional Participacoes SA | | | 2,335,800 | | | | 48,438,521 | |
Arteris SA | | | 2,576,100 | | | | 27,753,240 | |
CCR SA | | | 15,745,400 | | | | 158,083,147 | |
Cielo SA | | | 5,385,160 | | | | 161,873,481 | |
EcoRodovias Infraestrutura e Logistica SA | | | 3,393,300 | | | | 29,468,899 | |
Kroton Educacional SAa | | | 1,125,800 | | | | 29,495,949 | |
Localiza Rent A Car SA | | | 2,650,400 | | | | 50,324,220 | |
Multiplus SA | | | 1,013,100 | | | | 18,882,573 | |
Qualicorp SAa | | | 2,155,900 | | | | 24,131,337 | |
| | | | | | | | |
| | | | | | | 548,451,367 | |
COSMETICS & PERSONAL CARE — 1.00% | | | | | |
Natura Cosmeticos SA | | | 3,246,500 | | | | 83,908,831 | |
| | | | | | | | |
| | | | | | | 83,908,831 | |
DIVERSIFIED FINANCIAL SERVICES — 3.16% | | | | | |
BM&F Bovespa SA | | | 31,725,300 | | | | 215,181,970 | |
CETIP SA — Mercados Organizados | | | 4,114,125 | | | | 49,733,239 | |
| | | | | | | | |
| | | | | | | 264,915,209 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ELECTRIC — 2.20% | |
Centrais Eletricas Brasileiras SA | | | 5,669,699 | | | $ | 19,930,407 | |
CPFL Energia SA | | | 4,634,800 | | | | 47,306,795 | |
EDP Energias do Brasil SA | | | 4,829,300 | | | | 29,335,842 | |
Light SA | | | 1,394,600 | | | | 13,613,767 | |
MPX Energia SAa | | | 3,235,700 | | | | 17,200,550 | |
Tractebel Energia SA | | | 3,209,000 | | | | 56,807,951 | |
| | | | | | | | |
| | | | | | | 184,195,312 | |
ENGINEERING & CONSTRUCTION — 0.51% | |
Multiplan Empreendimentos Imobiliarios SA | | | 1,484,800 | | | | 42,544,090 | |
| | | | | | | | |
| | | | | | | 42,544,090 | |
FOOD — 4.06% | |
BRF — Brasil Foods SA | | | 11,571,950 | | | | 251,385,996 | |
Cosan SA Industria e Comercio | | | 2,352,790 | | | | 55,526,367 | |
JBS SAa | | | 9,544,822 | | | | 33,117,940 | |
| | | | | | | | |
| | | | | | | 340,030,303 | |
FOREST PRODUCTS & PAPER — 0.66% | |
Fibria Celulose SAa | | | 4,878,626 | | | | 55,347,520 | |
| | | | | | | | |
| | | | | | | 55,347,520 | |
HEALTH CARE — SERVICES — 0.81% | |
Amil Participacoes SA | | | 2,363,000 | | | | 37,445,142 | |
Diagnosticos da America SA | | | 4,445,900 | | | | 30,694,722 | |
| | | | | | | | |
| | | | | | | 68,139,864 | |
HOME BUILDERS — 0.50% | |
MRV Engenharia e Participacoes SA | | | 6,559,347 | | | | 42,134,291 | |
| | | | | | | | |
| | | | | | | 42,134,291 | |
INSURANCE — 0.91% | |
Odontoprev SA | | | 4,142,000 | | | | 19,190,087 | |
Porto Seguro SA | | | 2,541,800 | | | | 33,747,534 | |
Sul America SA Units | | | 2,467,037 | | | | 23,546,097 | |
| | | | | | | | |
| | | | | | | 76,483,718 | |
IRON & STEEL — 4.90% | |
Companhia Siderurgica Nacional SA | | | 14,396,154 | | | | 72,814,496 | |
Vale SA | | | 17,529,800 | | | | 335,150,695 | |
Vale SA SP ADR | | | 136,653 | | | | 2,595,041 | |
| | | | | | | | |
| | | | | | | 410,560,232 | |
MACHINERY — 0.57% | |
WEG SA | | | 3,568,400 | | | | 47,810,893 | |
| | | | | | | | |
| | | | | | | 47,810,893 | |
| | |
| 18 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
OIL & GAS — 4.63% | |
OGX Petroleo e Gas Participacoes SAa | | | 25,819,400 | | | $ | 41,136,569 | |
Petroleo Brasileiro SA | | | 47,250,344 | | | | 346,293,806 | |
| | | | | | | | |
| | | | | | | 387,430,375 | |
PHARMACEUTICALS — 0.75% | |
Hypermarcas SAa | | | 7,058,200 | | | | 62,438,884 | |
| | | | | | | | |
| | | | | | | 62,438,884 | |
REAL ESTATE — 2.87% | |
BR Malls Participacoes SA | | | 7,664,900 | | | | 99,247,099 | |
BR Properties SA | | | 3,663,000 | | | | 45,576,754 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | | | 6,110,300 | | | | 53,775,338 | |
PDG Realty SA Empreendimentos e Participacoes | | | 25,490,900 | | | | 41,386,773 | |
| | | | | | | | |
| | | | | | | 239,985,964 | |
RETAIL — 1.81% | |
Lojas Americanas SA | | | 2,076,500 | | | | 18,064,741 | |
Lojas Renner SA | | | 2,365,900 | | | | 90,179,669 | |
Raia Drogasil SA | | | 3,722,700 | | | | 42,967,991 | |
| | | | | | | | |
| | | | | | | 151,212,401 | |
SOFTWARE — 0.55% | |
Totvs SA | | | 2,064,300 | | | | 45,679,594 | |
| | | | | | | | |
| | | | | | | 45,679,594 | |
TELECOMMUNICATIONS — 1.11% | |
Oi SA | | | 4,585,373 | | | | 19,597,593 | |
TIM Participacoes SA | | | 16,785,290 | | | | 73,437,236 | |
| | | | | | | | |
| | | | | | | 93,034,829 | |
TEXTILES — 0.64% | |
Companhia Hering SA | | | 2,778,100 | | | | 53,971,383 | |
| | | | | | | | |
| | | | | | | 53,971,383 | |
TRANSPORTATION — 0.54% | |
ALL — America Latina Logistica SA | | | 9,156,000 | | | | 45,384,047 | |
| | | | | | | | |
| | | | | | | 45,384,047 | |
WATER — 1.58% | |
Companhia de Saneamento Basico do Estado de Sao Pauloa | | | 2,135,000 | | | | 103,634,591 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Companhia de Saneamento de Minas Gerais SA | | | 1,109,200 | | | $ | 28,780,517 | |
| | | | | | | | |
| | | | | | | 132,415,108 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $3,355,554,492) | | | | | | | 4,252,853,728 | |
| | |
PREFERRED STOCKS — 48.54% | | | | | | | | |
| |
AUTO PARTS & EQUIPMENT — 0.34% | | | | | |
Marcopolo SA | | | 4,177,000 | | | | 27,993,147 | |
| | | | | | | | |
| | | | | | | 27,993,147 | |
BANKS — 14.16% | | | | | | | | |
Banco Bradesco SA | | | 29,280,415 | | | | 523,081,411 | |
Banco do Estado do Rio Grande do Sul SA Class B | | | 3,583,310 | | | | 32,804,568 | |
Itau Unibanco Holding SA | | | 35,512,100 | | | | 629,917,226 | |
| | | | | | | | |
| | | | | | | 1,185,803,205 | |
BEVERAGES — 6.33% | |
Companhia de Bebidas das Americas | | | 11,938,532 | | | | 530,172,025 | |
| | | | | | | | |
| | | | | | | 530,172,025 | |
CHEMICALS — 0.30% | |
Braskem SA Class A | | | 3,423,036 | | | | 25,242,964 | |
| | | | | | | | |
| | | | | | | 25,242,964 | |
ELECTRIC — 2.75% | |
AES Tiete SA | | | 2,234,400 | | | | 23,043,557 | |
Centrais Eletricas Brasileiras SA Class B | | | 4,431,151 | | | | 28,105,120 | |
Companhia Energetica de Minas Gerais | | | 9,018,393 | | | | 106,874,183 | |
Companhia Energetica de Sao Paulo Class B | | | 3,052,170 | | | | 28,312,578 | |
Companhia Paranaense de Energia Class B | | | 2,014,300 | | | | 29,545,648 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 2,397,220 | | | | 14,489,292 | |
| | | | | | | | |
| | | | | | | 230,370,378 | |
FOOD — 1.18% | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 1,962,564 | | | | 98,470,664 | |
| | | | | | | | |
| | | | | | | 98,470,664 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
FOREST PRODUCTS & PAPER — 0.69% | |
Klabin SA | | | 8,572,700 | | | $ | 57,712,122 | |
| | | | | | | | |
| | | | | | | 57,712,122 | |
HOLDING COMPANIES — DIVERSIFIED — 3.34% | |
Bradespar SA | | | 4,507,900 | | | | 66,235,646 | |
Itausa — Investimentos Itau SA | | | 40,799,688 | | | | 213,583,921 | |
| | | | | | | | |
| | | | | | | 279,819,567 | |
IRON & STEEL — 9.58% | |
Gerdau SA | | | 15,938,546 | | | | 132,612,959 | |
Metalurgica Gerdau SA | | | 5,356,290 | | | | 56,757,005 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 8,570,900 | | | | 42,483,850 | |
Vale SA Class A | | | 30,877,900 | | | | 570,829,622 | |
| | | | | | | | |
| | | | | | | 802,683,436 | |
OIL & GAS — 6.61% | |
Petroleo Brasileiro SA | | | 65,906,878 | | | | 553,696,446 | |
| | | | | | | | |
| | | | | | | 553,696,446 | |
RETAIL — 0.81% | |
Lojas Americanas SA | | | 7,454,805 | | | | 68,096,595 | |
| | | | | | | | |
| �� | | | | | | 68,096,595 | |
TELECOMMUNICATIONS — 2.45% | |
Oi SA | | | 16,231,793 | | | | 60,342,764 | |
Telefonica Brasil SA | | | 5,497,974 | | | | 144,992,344 | |
| | | | | | | | |
| | | | | | | 205,335,108 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $2,549,910,081) | | | | 4,065,395,657 | |
| | |
RIGHTS — 0.00% | | | | | | | | |
| | |
BEVERAGES — 0.00% | | | | | | | | |
Companhia de Bebidas das Americasa | | | 3,264 | | | | — | |
Companhia de Bebidas das Americas Preferreda | | | 19,341 | | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost: $0) | | | | | | | — | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.01% | |
|
MONEY MARKET FUNDS — 0.01% | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%b,c | | | 811,745 | | | $ | 811,745 | |
| | | | | | | | |
| | | | | | | 811,745 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $811,745) | | | | | | | 811,745 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 99.32% | | | | | | | | |
(Cost: $5,906,276,318) | | | | | | | 8,319,061,130 | |
Other Assets, Less Liabilities — 0.68% | | | | 56,956,995 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 8,376,018,125 | |
| | | | | |
|
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.
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI CANADA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 100.74% | |
| | |
AEROSPACE & DEFENSE — 0.20% | | | | | | | | |
CAE Inc. | | | 985,394 | | | $ | 9,661,759 | |
| | | | | | | | |
| | | | | | | 9,661,759 | |
APPAREL — 0.34% | | | | | | | | |
Gildan Activewear Inc. | | | 438,002 | | | | 16,155,864 | |
| | | | | | | | |
| | | | | | | 16,155,864 | |
AUTO PARTS & EQUIPMENT — 0.95% | |
Magna International Inc. Class A | | | 840,083 | | | | 44,821,315 | |
| | | | | | | | |
| | | | | | | 44,821,315 | |
BANKS — 25.85% | | | | | | | | |
Bank of Montreal | | | 2,467,692 | | | | 154,127,234 | |
Bank of Nova Scotia | | | 4,475,058 | | | | 267,402,182 | |
Canadian Imperial Bank of Commerce | | | 1,533,638 | | | | 124,027,687 | |
National Bank of Canada | | | 610,873 | | | | 46,680,787 | |
Royal Bank of Canada | | | 5,480,199 | | | | 341,269,724 | |
Toronto-Dominion Bank (The) | | | 3,482,024 | | | | 287,388,489 | |
| | | | | | | | |
| | | | | | | 1,220,896,103 | |
CHEMICALS — 4.03% | | | | | | | | |
Agrium Inc. | | | 566,300 | | | | 58,825,132 | |
Potash Corp. of Saskatchewan Inc. | | | 3,264,306 | | | | 131,391,452 | |
| | | | | | | | |
| | | | | | | 190,216,584 | |
COMMERCIAL SERVICES — 0.16% | | | | | | | | |
Ritchie Bros. Auctioneers Inc.a | | | 341,190 | | | | 7,749,415 | |
| | | | | | | | |
| | | | | | | 7,749,415 | |
COMPUTERS — 0.95% | | | | | | | | |
CGI Group Inc. Class Ab | | | 779,235 | | | | 20,654,787 | |
Research In Motion Ltd.a,b | | | 1,788,577 | | | | 24,322,072 | |
| | | | | | | | |
| | | | | | | 44,976,859 | |
DIVERSIFIED FINANCIAL SERVICES — 0.69% | | | | | |
CI Financial Corp. | | | 590,279 | | | | 15,502,683 | |
IGM Financial Inc. | | | 383,471 | | | | 17,001,710 | |
| | | | | | | | |
| | | | | | | 32,504,393 | |
ELECTRIC — 0.81% | | | | | | | | |
Fortis Inc. | | | 722,998 | | | | 23,672,110 | |
TransAlta Corp. | | | 965,931 | | | | 14,469,469 | |
| | | | | | | | |
| | | | | | | 38,141,579 | |
ENGINEERING & CONSTRUCTION — 0.55% | |
SNC-Lavalin Group Inc. | | | 572,634 | | | | 25,967,800 | |
| | | | | | | | |
| | | | | | | 25,967,800 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
FOOD — 1.82% | |
Empire Co. Ltd. Class A | | | 114,956 | | | $ | 7,408,040 | |
George Weston Ltd. | | | 194,400 | | | | 14,097,096 | |
Loblaw Companies Ltd.a | | | 426,931 | | | | 17,221,758 | |
Metro Inc. Class A | | | 368,277 | | | | 23,137,991 | |
Saputo Inc. | | | 485,504 | | | | 24,104,007 | |
| | | | | | | | |
| | | | | | | 85,968,892 | |
FOREST PRODUCTS & PAPER — 0.00% | |
Sino-Forest Corp. Class Aa,b,c | | | 841,337 | | | | 8 | |
| | | | | | | | |
| | | | | | | 8 | |
GAS — 0.35% | |
Canadian Utilities Ltd. Class A | | | 216,329 | | | | 16,362,767 | |
| | | | | | | | |
| | | | | | | 16,362,767 | |
HAND & MACHINE TOOLS — 0.35% | |
Finning International Inc. | | | 651,777 | | | | 16,566,250 | |
| | | | | | | | |
| | | | | | | 16,566,250 | |
HOLDING COMPANIES — DIVERSIFIED — 0.33% | |
Onex Corp. | | | 348,062 | | | | 15,743,284 | |
| | | | | | | | |
| | | | | | | 15,743,284 | |
INSURANCE — 6.42% | |
Great-West Lifeco Inc. | | | 1,080,452 | | | | 28,796,639 | |
Industrial Alliance Insurance and Financial Services Inc. | | | 368,117 | | | | 13,248,703 | |
Intact Financial Corp. | | | 505,851 | | | | 32,234,132 | |
Manulife Financial Corp. | | | 6,906,131 | | | | 102,780,803 | |
Power Corp. of Canada | | | 1,325,044 | | | | 35,521,825 | |
Power Financial Corp. | | | 939,737 | | | | 27,267,501 | |
Sun Life Financial Inc. | | | 2,263,364 | | | | 63,428,352 | |
| | | | | | | | |
| | | | | | | 303,277,955 | |
MANUFACTURING — 0.47% | |
Bombardier Inc. Class B | | | 5,461,118 | | | | 22,045,270 | |
| | | | | | | | |
| | | | | | | 22,045,270 | |
MEDIA — 1.65% | |
Shaw Communications Inc. Class B | | | 1,441,204 | | | | 34,584,410 | |
Thomson Reuters Corp. | | | 1,410,147 | | | | 43,221,372 | |
| | | | | | | | |
| | | | | | | 77,805,782 | |
MINING — 13.09% | |
Agnico-Eagle Mines Ltd. | | | 651,618 | | | | 26,215,574 | |
Barrick Gold Corp. | | | 3,794,162 | | | | 115,406,299 | |
Cameco Corp. | | | 1,498,966 | | | | 32,077,479 | |
Centerra Gold Inc. | | | 631,875 | | | | 4,118,051 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CANADA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Eldorado Gold Corp. | | | 2,571,089 | | | $ | 25,459,546 | |
First Quantum Minerals Ltd. | | | 1,805,937 | | | | 33,745,489 | |
Franco-Nevada Corp. | | | 555,761 | | | | 26,964,991 | |
Goldcorp Inc. | | | 3,076,685 | | | | 100,735,584 | |
IAMGOLD Corp. | | | 1,427,439 | | | | 9,650,018 | |
Inmet Mining Corp. | | | 197,260 | | | | 13,028,504 | |
Kinross Gold Corp. | | | 4,321,348 | | | | 32,997,015 | |
New Gold Inc.b | | | 1,755,004 | | | | 15,705,498 | |
Osisko Mining Corp.b | | | 1,672,724 | | | | 9,713,693 | |
Pan American Silver Corp. | | | 579,571 | | | | 9,634,617 | |
Silver Wheaton Corp. | | | 1,343,355 | | | | 42,729,156 | |
Teck Resources Ltd. Class B | | | 2,186,513 | | | | 67,910,471 | |
Turquoise Hill Resources Ltd.b | | | 1,523,914 | | | | 9,768,584 | |
Yamana Gold Inc. | | | 2,849,351 | | | | 42,073,001 | |
| | | | | | | | |
| | | | | | | 617,933,570 | |
OIL & GAS — 19.43% | | | | | |
ARC Resources Ltd. | | | 1,109,162 | | | | 28,051,371 | |
Athabasca Oil Corp.b | | | 1,212,758 | | | | 11,961,836 | |
Baytex Energy Corp. | | | 459,698 | | | | 19,258,978 | |
Bonavista Energy Corp. | | | 662,533 | | | | 8,455,263 | |
Canadian Natural Resources Ltd. | | | 4,149,558 | | | | 127,225,396 | |
Canadian Oil Sands Ltd. | | | 1,837,234 | | | | 37,725,801 | |
Cenovus Energy Inc. | | | 2,862,335 | | | | 92,965,678 | |
Crescent Point Energy Corp. | | | 1,411,085 | | | | 53,873,923 | |
Encana Corp. | | | 2,788,449 | | | | 50,314,410 | |
Enerplus Corp. | | | 752,072 | | | | 10,249,043 | |
Husky Energy Inc. | | | 1,303,257 | | | | 40,198,706 | |
Imperial Oil Ltd. | | | 1,124,834 | | | | 46,916,864 | |
MEG Energy Corp.b | | | 542,109 | | | | 17,559,681 | |
Nexen Inc. | | | 2,036,050 | | | | 56,028,262 | |
Pacific Rubiales Energy Corp. | | | 1,145,796 | | | | 28,141,967 | |
Pengrowth Energy Corp. | | | 1,929,997 | | | | 8,241,512 | |
Penn West Petroleum Ltd. | | | 1,817,545 | | | | 17,714,898 | |
Suncor Energy Inc. | | | 5,808,756 | | | | 176,570,814 | |
Talisman Energy Inc. | | | 3,914,547 | | | | 49,310,232 | |
Tourmaline Oil Corp.b | | | 506,623 | | | | 18,115,326 | |
Vermilion Energy Inc. | | | 356,175 | | | | 18,490,404 | |
| | | | | | | | |
| | | | | | | 917,370,365 | |
PHARMACEUTICALS — 2.43% | | | | | |
Catamaran Corp.b | | | 777,719 | | | | 42,038,660 | |
Valeant Pharmaceuticals International Inc.b | | | 1,073,218 | | | | 72,605,722 | |
| | | | | | | | |
| | | | | | | 114,644,382 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PIPELINES — 6.03% | | | | | |
Enbridge Inc. | | | 2,881,358 | | | $ | 128,870,036 | |
Pembina Pipeline Corp. | | | 1,105,162 | | | | 31,110,732 | |
TransCanada Corp. | | | 2,672,958 | | | | 124,905,309 | |
| | | | | | | | |
| | | | | | | 284,886,077 | |
REAL ESTATE — 2.09% | | | | | |
Brookfield Asset Management Inc. Class A | | | 2,131,309 | | | | 81,081,168 | |
Brookfield Office Properties Inc. | | | 1,051,825 | | | | 17,597,773 | |
| | | | | | | | |
| | | | | | | 98,678,941 | |
REAL ESTATE INVESTMENT TRUSTS — 0.49% | |
H&R Real Estate Investment Trusta | | | 360,951 | | | | 8,145,580 | |
RioCan Real Estate Investment Trust | | | 551,534 | | | | 14,941,123 | |
| | | | | | | | |
| | | | | | | 23,086,703 | |
RETAIL — 2.62% | |
Alimentation Couche-Tard Inc. Class B | | | 524,617 | | | | 27,260,386 | |
Canadian Tire Corp. Ltd. Class A NVS | | | 295,819 | | | | 19,802,795 | |
Dollarama Inc. | | | 263,668 | | | | 15,542,319 | |
Shoppers Drug Mart Corp. | | | 781,106 | | | | 32,678,731 | |
Tim Hortons Inc. | | | 584,990 | | | | 28,354,702 | |
| | | | | | | | |
| | | | | | | 123,638,933 | |
SOFTWARE — 0.26% | |
Open Text Corp.a,b | | | 221,737 | | | | 12,244,550 | |
| | | | | | | | |
| | | | | | | 12,244,550 | |
TELECOMMUNICATIONS — 3.16% | |
BCE Inc. | | | 969,172 | | | | 43,827,446 | |
Bell Aliant Inc. | | | 283,162 | | | | 7,337,616 | |
Rogers Communications Inc. Class B | | | 1,450,851 | | | | 69,123,760 | |
TELUS Corp. | | | 416,310 | | | | 28,706,985 | |
| | | | | | | | |
| | | | | | | 148,995,807 | |
TRANSPORTATION — 5.22% | |
Canadian National Railway Co. | | | 1,636,311 | | | | 166,583,638 | |
Canadian Pacific Railway Ltd. | | | 656,645 | | | | 80,128,511 | |
| | | | | | | | |
| | | | | | | 246,712,149 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $5,122,669,768) | | �� | | 4,757,053,356 | |
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CANADA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 1.11% | |
| |
MONEY MARKET FUNDS — 1.11% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares
| | | | | | | | |
0.21%d,e,f | | | 48,518,330 | | | $ | 48,518,330 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%d,e,f | | | 3,512,887 | | | | 3,512,887 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%d,e | | | 612,762 | | | | 612,762 | |
| | | | | | | | |
| | | | | | | 52,643,979 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost: $52,643,979) | | | | 52,643,979 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 101.85%
(Cost: $5,175,313,747) | | | | 4,809,697,335 | |
Other Assets, Less Liabilities — (1.85)% | | | | (87,354,117 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 4,722,343,218 | |
| | | | | | | | |
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. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of
Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 155 | | | S&P/TSE 60 Index (Mar. 2013) | | Montreal | | | $22,244,735 | | | | $758,309 | |
| | | | | | | | | | | | | | | |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI CHILE CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 89.75% | | | | | |
| | |
AIRLINES — 6.87% | | | | | | | | |
LATAM Airlines Group SA | | | 1,827,406 | | | $ | 43,578,833 | |
| | | | | | | | |
| | | | | | | 43,578,833 | |
BANKS — 14.45% | | | | | |
Banco de Chile | | | 140,678,710 | | | | 23,353,766 | |
Banco de Chile Series Ta | | | 6,860,034 | | | | 1,051,374 | |
Banco de Credito e Inversiones | | | 275,827 | | | | 21,448,093 | |
Banco Santander (Chile) SA | | | 396,917,707 | | | | 28,804,957 | |
CorpBanca SA | | | 1,159,037,830 | | | | 17,043,161 | |
| | | | | | | | |
| | | | | | | 91,701,351 | |
BEVERAGES — 3.57% | | | | | |
Compania Cervecerias Unidas SA | | | 920,674 | | | | 14,947,401 | |
Vina Concha y Toro SA | | | 3,703,149 | | | | 7,721,150 | |
| | | | | | | | |
| | | | | | | 22,668,551 | |
BUILDING MATERIALS — 1.24% | | | | | |
SalfaCorp SA | | | 3,109,386 | | | | 7,881,099 | |
| | | | | | | | |
| | | | | | | 7,881,099 | |
COMPUTERS — 2.36% | | | | | |
Sonda SA | | | 4,188,635 | | | | 14,955,300 | |
| | | | | | | | |
| | | | | | | 14,955,300 | |
ELECTRIC — 17.99% | | | | | | | | |
AES Gener SA | | | 20,356,808 | | | | 13,990,922 | |
Colbun SAa | | | 62,355,579 | | | | 19,589,182 | |
E.CL SA | | | 4,164,860 | | | | 9,422,330 | |
Empresa Nacional de Electricidad SA | | | 21,967,519 | | | | 37,337,120 | |
Enersis SA | | | 88,624,725 | | | | 33,857,436 | |
| | | | | | | | |
| | | | | | | 114,196,990 | |
ENGINEERING & CONSTRUCTION — 1.08% | | | | | |
Besalco SA | | | 2,433,270 | | | | 4,657,805 | |
Socovesa SA | | | 4,438,705 | | | | 2,228,501 | |
| | | | | | | | |
| | | | | | | 6,886,306 | |
FOOD — 7.47% | | | | | |
AquaChile SAa | | | 3,219,413 | | | | 2,626,981 | |
Cencosud SA | | | 6,578,767 | | | | 41,109,471 | |
Empresas Iansa SA | | | 24,722,939 | | | | 1,889,302 | |
Multiexport Foods SA | | | 5,398,107 | | | | 1,772,971 | |
| | | | | | | | |
| | | | | | | 47,398,725 | |
FOREST PRODUCTS & PAPER — 4.84% | | | | | |
Empresas CMPC SA | | | 7,296,511 | | | | 28,147,982 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Masisa SA | | | 23,594,934 | | | $ | 2,603,648 | |
| | | | | | | | |
| | | | | | | 30,751,630 | |
HEALTH CARE — SERVICES — 0.53% | | | | | |
Cruz Blanca Salud SA | | | 2,653,465 | | | | 3,374,873 | |
| | | | | | | | |
| | | | | | | 3,374,873 | |
HOLDING COMPANIES — DIVERSIFIED — 8.88% | | | | | |
Empresas Copec SA | | | 3,174,862 | | | | 48,983,010 | |
Inversiones La Construccion SA | | | 245,447 | | | | 4,669,745 | |
Norte Grande SA | | | 242,449,553 | | | | 2,715,353 | |
| | | | | | | | |
| | | | | | | 56,368,108 | |
IRON & STEEL — 3.34% | | | | | |
CAP SA | | | 589,440 | | | | 21,197,660 | |
| | | | | | | | |
| | | | | | | 21,197,660 | |
LODGING — 0.29% | | | | | | | | |
Enjoy SA | | | 7,289,161 | | | | 1,872,176 | |
| | | | | | | | |
| | | | | | | 1,872,176 | |
REAL ESTATE — 1.85% | | | | | | | | |
Parque Arauco SA | | | 3,850,769 | | | | 10,715,077 | |
PAZ Corp. SA | | | 1,439,559 | | | | 1,031,626 | |
| | | | | | | | |
| | | | | | | 11,746,703 | |
RETAIL — 6.66% | | | | | | | | |
Empresas Hites SA | | | 1,854,053 | | | | 2,401,744 | |
Empresas La Polar SAa | | | 8,303,974 | | | | 3,428,143 | |
S.A.C.I. Falabella SA | | | 3,124,023 | | | | 36,459,373 | |
| | | | | | | | |
| | | | | | | 42,289,260 | |
TELECOMMUNICATIONS — 3.13% | | | | | |
Empresa Nacional de Telecomunicaciones SA | | | 940,707 | | | | 19,846,621 | |
| | | | | | | | |
| | | | | | | 19,846,621 | |
TRANSPORTATION — 1.79% | | | | | | | | |
Compania SudAmericana de Vapores SAa | | | 43,277,379 | | | | 4,807,581 | |
Sociedad Matriz SAAM SAa | | | 53,450,797 | | | | 6,564,827 | |
| | | | | | | | |
| | | | | | | 11,372,408 | |
WATER — 3.41% | | | | | | | | |
Aguas Andinas SA Series A | | | 17,597,967 | | | | 14,134,175 | |
Inversiones Aguas Metropolitanas SA | | | 3,582,200 | | | | 7,500,395 | |
| | | | | | | | |
| | | | | | | 21,634,570 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $393,487,646) | | | | | | | 569,721,164 | |
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CHILE CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PREFERRED STOCKS — 6.83% | |
| |
BEVERAGES — 1.53% | | | | | |
Embotelladora Andina SA Class B | | | 1,437,691 | | | $ | 9,710,835 | |
| | | | | | | | |
| | | | | | | 9,710,835 | |
CHEMICALS — 5.30% | | | | | | | | |
Sociedad Quimica y Minera de Chile SA Series B | | | 606,780 | | | | 33,672,089 | |
| | | | | | | | |
| | | | | | | 33,672,089 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $25,727,005) | | | | | | | 43,382,924 | |
|
RIGHTS — 0.19% | |
| | |
ELECTRIC — 0.09% | | | | | | | | |
Enersis SAa | | | 40,391,543 | | | | 546,466 | |
| | | | | | | | |
| | | | | | | 546,466 | |
FOOD — 0.10% | | | | | | | | |
Cencosud SAa | | | 806,136 | | | | 626,470 | |
| | | | | | | | |
| | | | | | | 626,470 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost: $0) | | | | | | | 1,172,936 | |
|
SHORT-TERM INVESTMENTS — 3.09% | |
|
MONEY MARKET FUNDS — 3.09% | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%b,c | | | 19,603,844 | | | | 19,603,844 | |
| | | | | | | | |
| | | | | | | 19,603,844 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $19,603,844) | | | | 19,603,844 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.86% | | | | | |
(Cost: $438,818,495) | | | | 633,880,868 | |
Other Assets, Less Liabilities — 0.14% | | | | 893,903 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 634,774,771 | |
| | | | | | | | |
| 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 | | | 25 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.76% | | | | | | | | |
| | |
AEROSPACE & DEFENSE — 1.82% | | | | | | | | |
Elbit Systems Ltd. | | | 37,666 | | | $ | 1,464,550 | |
| | | | | | | | |
| | | | | | | 1,464,550 | |
BANKS — 22.68% | | | | | | | | |
Bank Hapoalim BMa | | | 1,542,937 | | | | 6,842,726 | |
Bank Leumi le-Israel BMa | | | 1,821,362 | | | | 6,493,391 | |
First International Bank of Israel Ltd.a | | | 35,409 | | | | 500,374 | |
Israel Discount Bank Ltd. Class Aa | | | 1,257,631 | | | | 2,197,785 | |
Mizrahi Tefahot Bank Ltd.a | | | 199,023 | | | | 2,089,507 | |
Union Bank of Israela | | | 39,738 | | | | 145,310 | |
| | | | | | | | |
| | | | | | | 18,269,093 | |
BIOTECHNOLOGY — 0.18% | | | | | | | | |
Clal Biotechnology Industries Ltd.a | | | 53,428 | | | | 147,462 | |
| | | | | | | | |
| | | | | | | 147,462 | |
CHEMICALS — 11.71% | | | | | | | | |
Frutarom | | | 60,236 | | | | 838,560 | |
Israel Chemicals Ltd. | | | 664,779 | | | | 8,592,229 | |
| | | | | | | | |
| | | | | | | 9,430,789 | |
COMMERCIAL SERVICES — 0.54% | | | | | | | | |
Nitsba Holdings (1995) Ltd.a | | | 46,842 | | | | 430,864 | |
| | | | | | | | |
| | | | | | | 430,864 | |
COMPUTERS — 0.32% | | | | | | | | |
MATRIX IT Ltd. | | | 55,833 | | | | 258,286 | |
| | | | | | | | |
| | | | | | | 258,286 | |
ELECTRONICS — 0.49% | | | | | | | | |
Ituran Location and Control Ltd. | | | 25,974 | | | | 396,211 | |
| | | | | | | | |
| | | | | | | 396,211 | |
ENERGY — ALTERNATE SOURCES — 0.60% | | | | | |
Ormat Industries Ltd.a | | | 83,102 | | | | 486,249 | |
| | | | | | | | |
| | | | | | | 486,249 | |
ENGINEERING & CONSTRUCTION — 1.17% | | | | | |
Electra (Israel) Ltd. | | | 2,553 | | | | 260,680 | |
Shikun & Binui Ltd. | | | 329,855 | | | | 684,535 | |
| | | | | | | | |
| | | | | | | 945,215 | |
FOOD — 3.11% | | | | | | | | |
Osem Investment Ltd. | | | 54,908 | | | | 939,147 | |
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. | | | 8,769 | | | | 337,655 | |
Shufersal Ltd. | | | 125,356 | | | | 404,717 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Strauss Group Ltd. | | | 60,310 | | | $ | 821,239 | |
| | | | | | | | |
| | | | | | | 2,502,758 | |
FOREST PRODUCTS & PAPER — 0.21% | | | | | |
Hadera Paper Ltd.a | | | 3,293 | | | | 170,070 | |
| | | | | | | | |
| | | | | | | 170,070 | |
HEALTH CARE — PRODUCTS — 0.53% | | | | | |
Given Imaging Ltd.a,b | | | 26,825 | | | | 425,588 | |
| | | | | | | | |
| | | | | | | 425,588 | |
HOLDING COMPANIES — DIVERSIFIED — 6.47% | | | | | |
Clal Industries Ltd. | | | 101,003 | | | | 390,821 | |
Delek Group Ltd. (The) | | | 7,030 | | | | 1,859,839 | |
Discount Investment Corp. Ltd. Registereda | | | 38,517 | | | | 124,976 | |
Israel Corp. Ltd. (The) | | | 3,589 | | | | 2,578,378 | |
Koor Industries Ltd.a | | | 19,462 | | | | 255,895 | |
| | | | | | | | |
| | | | | | | 5,209,909 | |
HOME BUILDERS — 0.42% | | | | | |
Bayside Land Corp. Ltd.b | | | 1,036 | | | | 216,029 | |
Property & Building Corp. Ltd.a | | | 2,590 | | | | 125,813 | |
| | | | | | | | |
| | | | | | | 341,842 | |
INSURANCE — 3.35% | | | | | |
Clal Insurance Enterprises Holdings Ltd. | | | 32,005 | | | | 510,184 | |
Harel Insurance Investments & Financial Services Ltd. | | | 17,242 | | | | 808,766 | |
Menorah Mivtachim Holdings Ltd.a | | | 42,587 | | | | 414,317 | |
Migdal Insurance & Financial Holdings Ltd. | | | 432,641 | | | | 694,323 | |
Phoenix Holdings Ltd.a | | | 93,019 | | | | 270,759 | |
| | | | | | | | |
| | | | | | | 2,698,349 | |
MANUFACTURING — 0.23% | | | | | | | | |
Plasson Industries Ltd. | | | 5,920 | | | | 188,260 | |
| | | | | | | | |
| | | | | | | 188,260 | |
OIL & GAS — 2.91% | | | | | | | | |
Jerusalem Oil Exploration Ltd.a | | | 13,468 | | | | 289,659 | |
Naphtha Israel Petroleum Corp. Ltd.a | | | 54,946 | | | | 262,614 | |
Oil Refineries Ltd.a | | | 1,349,760 | | | | 702,184 | |
Paz Oil Co. Ltd.a | | | 7,252 | | | | 1,088,264 | |
| | | | | | | | |
| | | | | | | 2,342,721 | |
PHARMACEUTICALS — 21.84% | | | | | |
Teva Pharmaceutical Industries Ltd. | | | 469,641 | | | | 17,590,593 | |
| | | | | | | | |
| | | | | | | 17,590,593 | |
| | |
| 26 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ISRAEL CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
REAL ESTATE — 5.82% | | | | | |
Africa Israel Investments Ltd.a | | | 113,776 | | | $ | 283,080 | |
Africa Israel Properties Ltd.a | | | 20,425 | | | | 211,134 | |
Airport City Ltd.a | | | 52,947 | | | | 262,187 | |
AL-ROV (Israel) Ltd.a | | | 7,659 | | | | 214,070 | |
Alony Hetz Properties & Investments Ltd. | | | 104,636 | | | | 653,667 | |
Alrov Properties and Lodgings Ltd.a | | | 7,918 | | | | 155,876 | |
Amot Investments Ltd. | | | 91,945 | | | | 246,144 | |
Gazit Globe Ltd. | | | 117,660 | | | | 1,580,311 | |
Industrial Buildings Corp. Ltd.b | | | 85,285 | | | | 123,802 | |
Jerusalem Economy Ltd.a | | | 33,485 | | | | 209,994 | |
Melisron Ltd. | | | 20,018 | | | | 409,597 | |
Norstar Holdings Inc. | | | 12,913 | | | | 337,416 | |
| | | | | | | | |
| | | | | | | 4,687,278 | |
RETAIL — 0.65% | | | | | | | | |
Delek Automotive Systems Ltd. | | | 51,800 | | | | 519,430 | |
| | | | | | | | |
| | | | | | | 519,430 | |
SEMICONDUCTORS — 3.47% | | | | | | | | |
Mellanox Technologies Ltd.a | | | 54,242 | | | | 2,796,996 | |
| | | | | | | | |
| | | | | | | 2,796,996 | |
SOFTWARE — 0.30% | | | | | | | | |
Babylon Ltd. | | | 42,550 | | | | 241,179 | |
| | | | | | | | |
| | | | | | | 241,179 | |
TELECOMMUNICATIONS — 10.75% | | | | | |
Bezeq The Israel Telecommunication Corp. Ltd. | | | 2,965,809 | | | | 3,801,347 | |
Cellcom Israel Ltd. | | | 85,692 | | | | 626,466 | |
Ceragon Networks Ltd.a | | | 47,101 | | | | 219,160 | |
NICE Systems Ltd.a | | | 91,279 | | | | 3,273,877 | |
Partner Communications Co. Ltd.b | | | 133,977 | | | | 741,721 | |
| | | | | | | | |
| | | | | | | 8,662,571 | |
TEXTILES — 0.19% | | | | | | | | |
Avgol Industries 1953 Ltd. | | | 164,391 | | | | 156,390 | |
| | | | | | | | |
| | | | | | | 156,390 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $100,418,890) | | | | 80,362,653 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SHORT-TERM INVESTMENTS — 0.97% | | | | | |
| | |
MONEY MARKET FUNDS — 0.97% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 688,273 | | | $ | 688,273 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 49,833 | | | | 49,833 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 39,239 | | | | 39,239 | |
| | | | | | | | |
| | | | | | | 777,345 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $777,345) | | | | 777,345 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.73% | | | | | |
(Cost: $101,196,235) | | | | 81,139,998 | |
Other Assets, Less Liabilities — (0.73)% | | | | (586,079 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 80,553,919 | |
| | | | | | | | |
| 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 | | | 27 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI MEXICO CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.78% | |
| | |
AIRLINES — 0.14% | | | | | | | | |
Grupo Aeromexico SAB de CVa,b | | | 2,485,508 | | | $ | 3,427,361 | |
| | | | | | | | |
| | | | | | | 3,427,361 | |
BANKS — 11.31% | |
Compartamos SAB de CV | | | 14,400,069 | | | | 22,899,558 | |
Grupo Financiero Banorte SAB de CV Series O | | | 16,452,933 | | | | 122,116,315 | |
Grupo Financiero Inbursa SAB de CV Series O | | | 24,334,029 | | | | 68,595,645 | |
Grupo Financiero Santander Mexico SAB de CV Series B | | | 18,215,156 | | | | 54,397,642 | |
| | | | | | | | |
| | | | | | | 268,009,160 | |
BEVERAGES — 17.69% | |
Arca Continental SAB de CV | | | 4,486,871 | | | | 33,779,831 | |
Coca-Cola FEMSA SAB de CV
Series L | | | 4,816,903 | | | | 81,380,270 | |
Fomento Economico Mexicano SAB de CV BD Units | | | 20,888,118 | | | | 233,615,012 | |
Grupo Modelo SAB de CV Series Cb | | | 7,853,756 | | | | 70,295,632 | |
| | | | | | | | |
| | | | | | | 419,070,745 | |
BUILDING MATERIALS — 5.59% | |
Cemex SAB de CV CPOa | | | 103,556,874 | | | | 111,191,569 | |
Corporacion Geo SAB de CV
Series Ba | | | 9,504,548 | | | | 7,899,413 | |
Desarrolladora Homex SAB de CVa,b | | | 4,256,424 | | | | 8,457,586 | |
Urbi Desarrollos Urbanos
SAB de CVa,b | | | 14,281,089 | | | | 4,817,008 | |
| | | | | | | | |
| | | | | | | 132,365,576 | |
CHEMICALS — 3.47% | |
Alpek SAB de CV | | | 7,323,926 | | | | 16,690,684 | |
Mexichem SAB de CV | | | 13,084,081 | | | | 65,523,057 | |
| | | | | | | | |
| | | | | | | 82,213,741 | |
DIVERSIFIED FINANCIAL SERVICES — 0.50% | |
Bolsa Mexicana de Valores
SAB de CVb | | | 4,886,524 | | | | 11,889,390 | |
| | | | | | | | |
| | | | | | | 11,889,390 | |
ENGINEERING & CONSTRUCTION — 3.85% | |
Empresas ICA SAB de CVa,b | | | 7,669,150 | | | | 22,134,869 | |
Grupo Aeroportuario del Centro Norte SAB de CVb | | | 2,363,394 | | | | 8,069,752 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Grupo Aeroportuario del Pacifico SAB de CV Series B | | | 4,239,249 | | | $ | 26,192,676 | |
Grupo Aeroportuario del Sureste SAB de CV Series B | | | 1,205,858 | | | | 15,891,002 | |
Grupo Aeroportuario del Sureste SAB de CV Series B SP ADR | | | 142,875 | | | | 18,840,926 | |
| | | | | | | | |
| | | | | | | 91,129,225 | |
FOOD — 3.09% | |
Gruma SAB de CV Series Ba,b | | | 3,185,431 | | | | 11,215,613 | |
Grupo Bimbo SAB de CV Series A | | | 20,300,087 | | | | 55,079,572 | |
Grupo Herdez SAB de CV | | | 2,253,883 | | | | 6,817,414 | |
| | | | | | | | |
| | | | | | | 73,112,599 | |
HOLDING COMPANIES — DIVERSIFIED — 5.01% | |
Alfa SAB de CV Series A | | | 34,625,538 | | | | 84,220,217 | |
Grupo Carso SAB de CV Series A1 | | | 7,099,559 | | | | 34,442,275 | |
| | | | | | | | |
| | | | | | | 118,662,492 | |
HOME BUILDERS — 0.22% | |
Consorcio ARA SAB de CVa,b | | | 13,544,566 | | | | 5,246,976 | |
| | | | | | | | |
| | | | | | | 5,246,976 | |
HOUSEHOLD PRODUCTS & WARES — 2.63% | |
Kimberly-Clark de Mexico SAB de CV Series A | | | 19,663,554 | | | | 62,247,134 | |
| | | | | | | | |
| | | | | | | 62,247,134 | |
IRON & STEEL — 0.30% | |
Compania Minera Autlan SAB de CV Series Bb | | | 841,300 | | | | 738,724 | |
Grupo Simec SAB de CV Series Ba | | | 1,524,774 | | | | 6,502,212 | |
| | | | | | | | |
| | | | | | | 7,240,936 | |
MACHINERY — 0.82% | |
Industrias CH SAB de CV Series Ba,b | | | 2,371,618 | | | | 19,350,905 | |
| | | | | | | | |
| | | | | | | 19,350,905 | |
MEDIA — 5.30% | |
Grupo Televisa SAB de CV CPO | | | 21,209,497 | | | | 113,849,201 | |
TV Azteca SAB de CV CPO | | | 16,868,841 | | | | 11,749,356 | |
| | | | | | | | |
| | | | | | | 125,598,557 | |
MINING — 11.04% | |
Grupo Mexico SAB de CV Series B | | | 38,823,629 | | | | 152,463,400 | |
Industrias Penoles SAB de CV | | | 1,679,906 | | | | 77,515,515 | |
Minera Frisco SAB de CV
Series A1a,b | | | 7,488,999 | | | | 31,625,291 | |
| | | | | | | | |
| | | | | | | 261,604,206 | |
| | |
| 28 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MEXICO CAPPED INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PHARMACEUTICALS — 1.06% | |
Genomma Lab Internacional SAB de CV Series Ba,b | | | 10,520,535 | | | $ | 25,243,455 | |
| | | | | | | | |
| | | | | | | 25,243,455 | |
REAL ESTATE — 0.28% | |
Corporacion Inmobiliaria Vesta SAB de CV | | | 3,293,636 | | | | 6,621,838 | |
| | | | | | | | |
| | | | | | | 6,621,838 | |
RETAIL — 9.71% | |
Alsea SAB de CVa | | | 5,424,721 | | | | 13,572,469 | |
Controladora Comercial Mexicana SAB de CV BC Units | | | 4,570,842 | | | | 15,800,194 | |
El Puerto de Liverpool SA de CV Series C1 | | | 2,435,488 | | | | 27,448,427 | |
Grupo Famsa SAB de CV Series Aa | | | 3,081,177 | | | | 4,499,529 | |
Wal-Mart de Mexico SAB de CV Series V | | | 53,723,723 | | | | 168,722,918 | |
| | | | | | | | |
| | | | | | | 230,043,537 | |
TELECOMMUNICATIONS — 17.77% | |
America Movil SAB de CV Series L | | | 397,907,234 | | | | 416,343,758 | |
Axtel SAB de CV CPOa,b | | | 20,680,215 | | | | 4,758,183 | |
| | | | | | | | |
| | | | | | | 421,101,941 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $2,231,266,618) | | | | | | | 2,364,179,774 | |
|
SHORT-TERM INVESTMENTS — 1.73% | |
| | |
MONEY MARKET FUNDS — 1.73% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 37,947,733 | | | | 37,947,733 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 2,747,541 | | | | 2,747,541 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 323,390 | | | | 323,390 | |
| | | | | | | | |
| | | | | | | 41,018,664 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | |
(Cost: $41,018,664) | | | | | | | 41,018,664 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 101.51% | |
(Cost: $2,272,285,282) | | | | $ | 2,405,198,438 | |
Other Assets, Less Liabilities — (1.51)% | | | (35,772,708 | ) |
| | | | | | |
NET ASSETS — 100.00% | | | | $ | 2,369,425,730 | |
| | | | | | |
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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 29 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH AFRICA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.93% | |
|
BANKS — 12.98% | |
Absa Group Ltd. | | | 526,242 | | | $ | 9,530,501 | |
FirstRand Ltd. | | | 5,679,566 | | | | 19,527,524 | |
Nedbank Group Ltd. | | | 371,867 | | | | 7,985,896 | |
Standard Bank Group Ltd. | | | 2,205,314 | | | | 28,630,961 | |
| | | | | | | | |
| | | | | | | 65,674,882 | |
BUILDING MATERIALS — 0.69% | |
PPC Ltd. | | | 911,980 | | | | 3,507,576 | |
| | | | | | | | |
| | | | | | | 3,507,576 | |
CHEMICALS — 8.50% | |
Sasol Ltd. | | | 1,005,765 | | | | 43,028,633 | |
| | | | | | | | |
| | | | | | | 43,028,633 | |
COAL — 0.87% | |
Exxaro Resources Ltd. | | | 229,200 | | | | 4,389,762 | |
| | | | | | | | |
| | | | | | | 4,389,762 | |
DIVERSIFIED FINANCIAL SERVICES — 2.62% | |
African Bank Investments Ltd.a | | | 1,325,066 | | | | 4,253,112 | |
Investec Ltd. | | | 434,821 | | | | 3,101,953 | |
RMB Holdings Ltd. | | | 1,293,051 | | | | 5,899,842 | |
| | | | | | | | |
| | | | | | | 13,254,907 | |
ENGINEERING & CONSTRUCTION — 0.53% | |
Aveng Ltd. | | | 736,871 | | | | 2,693,656 | |
| | | | | | | | |
| | | | | | | 2,693,656 | |
FOOD — 5.72% | |
Shoprite Holdings Ltd. | | | 783,851 | | | | 15,017,106 | |
SPAR Group Ltd. (The) | | | 315,494 | | | | 3,839,641 | |
Tiger Brands Ltd. | | | 297,694 | | | | 10,069,447 | |
| | | | | | | | |
| | | | | | | 28,926,194 | |
FOREST PRODUCTS & PAPER — 0.62% | |
Sappi Ltd.b | | | 990,436 | | | | 3,145,923 | |
| | | | | | | | |
| | | | | | | 3,145,923 | |
HEALTH CARE — PRODUCTS — 1.95% | |
Aspen Pharmacare Holdings Ltd.b | | | 542,403 | | | | 9,864,291 | |
| | | | | | | | |
| | | | | | | 9,864,291 | |
HEALTH CARE — SERVICES — 1.98% | |
Life Healthcare Group Holdings Ltd. | | | 1,718,287 | | | | 6,463,181 | |
Netcare Ltd. | | | 1,603,754 | | | | 3,574,741 | |
| | | | | | | | |
| | | | | | | 10,037,922 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOLDING COMPANIES — DIVERSIFIED — 8.74% | |
Barloworld Ltd. | | | 401,614 | | | $ | 4,131,306 | |
Bidvest Group Ltd. | | | 540,287 | | | | 14,338,286 | |
Imperial Holdings Ltd. | | | 330,846 | | | | 7,632,242 | |
Remgro Ltd. | | | 793,124 | | | | 15,026,812 | |
RMI Holdings Ltd. | | | 1,223,508 | | | | 3,100,803 | |
| | | | | | | | |
| | | | | | | 44,229,449 | |
HOME FURNISHINGS — 1.25% | |
Steinhoff International Holdings Ltd.b | | | 2,183,066 | | | | 6,342,855 | |
| | | | | | | | |
| | | | | | | 6,342,855 | |
INSURANCE — 5.62% | |
Discovery Holdings Ltd. | | | 541,818 | | | | 4,534,926 | |
Liberty Holdings Ltd. | | | 210,067 | | | | 2,727,474 | |
MMI Holdings Ltd. | | | 1,868,963 | | | | 4,655,379 | |
Sanlam Ltd. | | | 3,269,593 | | | | 16,499,735 | |
| | | | | | | | |
| | | | | | | 28,417,514 | |
IRON & STEEL — 2.06% | |
ArcelorMittal South Africa Ltd.b | | | 327,721 | | | | 1,057,376 | |
Kumba Iron Ore Ltd. | | | 147,486 | | | | 9,341,750 | |
| | | | | | | | |
| | | | | | | 10,399,126 | |
MEDIA — 9.21% | |
Naspers Ltd. Class N | | | 717,715 | | | | 46,619,040 | |
| | | | | | | | |
| | | | | | | 46,619,040 | |
MINING — 12.39% | |
African Rainbow Minerals Ltd. | | | 197,128 | | | | 4,199,738 | |
Anglo American Platinum Ltd. | | | 123,508 | | | | 5,850,067 | |
AngloGold Ashanti Ltd. | | | 701,988 | | | | 17,243,993 | |
Assore Ltd. | | | 63,890 | | | | 2,403,165 | |
Gold Fields Ltd. | | | 1,336,638 | | | | 11,385,563 | |
Harmony Gold Mining Co. Ltd. | | | 717,515 | | | | 4,536,497 | |
Impala Platinum Holdings Ltd. | | | 983,549 | | | | 15,236,585 | |
Northam Platinum Ltd. | | | 421,388 | | | | 1,840,024 | |
| | | | | | | | |
| | | | | | | 62,695,632 | |
OFFICE & BUSINESS EQUIPMENT — 0.58% | |
Reunert Ltd. | | | 330,982 | | | | 2,932,570 | |
| | | | | | | | |
| | | | | | | 2,932,570 | |
REAL ESTATE — 2.95% | |
Growthpoint Properties Ltd. | | | 3,075,654 | | | | 9,375,008 | |
Redefine Properties Ltd. | | | 5,069,476 | | | | 5,553,841 | |
| | | | | | | | |
| | | | | | | 14,928,849 | |
| | |
| 30 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH AFRICA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RETAIL — 6.87% | |
Foschini Group Ltd. (The) | | | 374,332 | | | $ | 4,466,018 | |
Massmart Holdings Ltd. | | | 198,347 | | | | 4,122,696 | |
Mr. Price Group Ltd. | | | 436,383 | | | | 5,632,364 | |
Pick n Pay Stores Ltd.a | | | 440,747 | | | | 2,199,142 | |
Truworths International Ltd. | | | 803,648 | | | | 8,334,108 | |
Woolworths Holdings Ltd. | | | 1,385,799 | | | | 9,983,400 | |
| | | | | | | | |
| | | | | | | 34,737,728 | |
TELECOMMUNICATIONS — 13.80% | |
MTN Group Ltd. | | | 3,104,849 | | | | 60,759,909 | |
Vodacom Group Ltd. | | | 681,406 | | | | 9,048,506 | |
| | | | | | | | |
| | | | | | | 69,808,415 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $538,714,918) | | | | | | | 505,634,924 | |
|
SHORT-TERM INVESTMENTS — 1.03% | |
| | |
MONEY MARKET FUNDS — 1.03% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 4,653,100 | | | | 4,653,100 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 336,900 | | | | 336,900 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 225,141 | | | | 225,141 | |
| | | | | | | | |
| | | | | | | 5,215,141 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $5,215,141) | | | | | | | 5,215,141 | |
| | | | | | | | |
|
TOTAL INVESTMENTS
IN SECURITIES — 100.96% | |
(Cost: $543,930,059) | | | | | | | 510,850,065 | |
Other Assets, Less Liabilities — (0.96)% | | | | (4,839,523 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 506,010,542 | |
| | | | | | | | |
| 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 | | | 31 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.97% | |
| |
AEROSPACE & DEFENSE — 0.63% | | | | | |
Aselsan Elektronik Sanayi ve TASa | | | 899,127 | | | $ | 5,098,877 | |
| | | | | | | | |
| | | | | | | 5,098,877 | |
AIRLINES — 2.21% | | | | | |
Turk Hava Yollari AOb | | | 4,288,016 | | | | 17,784,783 | |
| | | | | | | | |
| | | | | | | 17,784,783 | |
AUTO MANUFACTURERS — 2.01% | | | | | |
Ford Otomotiv Sanayi AS | | | 627,767 | | | | 7,399,250 | |
Otokar Otomotiv Ve Savunma Sanayi AS | | | 75,390 | | | | 1,928,079 | |
Tofas Turk Otomobil Fabrikasi AS | | | 1,114,428 | | | | 6,908,444 | |
| | | | | | | | |
| | | | | | | 16,235,773 | |
AUTO PARTS & EQUIPMENT — 0.15% | | | | | |
Goodyear Lastikleri Turk AS | | | 31,988 | | | | 1,213,789 | |
| | | | | | | | |
| | | | | | | 1,213,789 | |
BANKS — 41.69% | | | | | |
Akbank TAS | | | 16,054,861 | | | | 78,013,781 | |
Albaraka Turk Katilim Bankasi ASb | | | 2,830,113 | | | | 2,910,910 | |
Asya Katilim Bankasi ASb | | | 4,434,922 | | | | 5,449,186 | |
Sekerbank TASa,b | | | 3,145,929 | | | | 3,305,705 | |
Turkiye Garanti Bankasi AS | | | 20,601,839 | | | | 98,504,887 | |
Turkiye Halk Bankasi AS | | | 5,575,585 | | | | 55,177,724 | |
Turkiye Is Bankasi AS Class C | | | 14,051,203 | | | | 50,153,572 | |
Turkiye Vakiflar Bankasi TAO Class D | | | 6,697,845 | | | | 20,555,475 | |
Yapi ve Kredi Bankasi ASb | | | 7,761,791 | | | | 21,921,940 | |
| | | | | | | | |
| | | | | | | 335,993,180 | |
BEVERAGES — 5.11% | | | | | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 1,847,822 | | | | 27,738,134 | |
Coca-Cola Icecek AS | | | 567,571 | | | | 13,411,040 | |
| | | | | | | | |
| | | | | | | 41,149,174 | |
BUILDING MATERIALS — 1.70% | | | | | |
Adana Cimento Sanayii TAS Class A | | | 513,161 | | | | 1,158,332 | |
Afyon Cimento Sanayi TASb | | | 13,194 | | | | 511,651 | |
Akcansa Cimento Sanayi ve TASa | | | 429,812 | | | | 2,509,119 | |
Baticim Bati Anodolu Cimento Sanayii AS | | | 369,863 | | | | 1,476,450 | |
Bursa Cimento Fabrikasi AS | | | 517,655 | | | | 1,444,766 | |
Cimsa Cimento Sanayi ve TASa | | | 422,874 | | | | 2,456,861 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Goltas Goller Bolgesi Cimento Sanayi ve TASa | | | 32,203 | | | $ | 1,132,427 | |
Konya Cimento Sanayii AS | | | 8,706 | | | | 1,752,187 | |
Mardin Cimento Sanayii ve TAS | | | 438,332 | | | | 1,281,865 | |
| | | | | | | | |
| | | | | | | 13,723,658 | |
CHEMICALS — 0.68% | | | | | |
Aksa Akrilik Kimya Sanayii AS | | | 747,566 | | | | 2,119,693 | |
Bagfas Bandirma Gubre Fabrikalari ASa | | | 47,926 | | | | 1,452,182 | |
Gubre Fabrikalari TASa,b | | | 187,184 | | | | 1,883,655 | |
| | | | | | | | |
| | | | | | | 5,455,530 | |
COMMERCIAL SERVICES — 0.34% | | | | | |
Ihlas Holding ASa,b | | | 5,982,614 | | | | 2,760,720 | |
| | | | | | | | |
| | | | | | | 2,760,720 | |
DISTRIBUTION & WHOLESALE — 0.30% | | | | | |
Aygaz AS | | | 1 | | | | 4 | |
Bizim Toptan Satis Magazalari ASa | | | 160,949 | | | | 2,433,944 | |
| | | | | | | | |
| | | | | | | 2,433,948 | |
DIVERSIFIED FINANCIAL SERVICES — 0.97% | | | | | |
Is Finansal Fabrikasi ASb | | | 1,442,095 | | | | 745,642 | |
Is Yatirim Menkul Degerler AS | | | 790,774 | | | | 734,213 | |
Turkiye Sinai Kalkinma Bankasi AS | | | 4,925,336 | | | | 6,352,975 | |
| | | | | | | | |
| | | | | | | 7,832,830 | |
ELECTRIC — 0.60% | | | | | |
Akenerji Elektrik Uretim ASa,b | | | 1,915,553 | | | | 1,789,191 | |
Alarko Holding AS | | | 601,187 | | | | 1,804,915 | |
Zorlu Enerji Elektrik Uretim ASa,b | | | 1,565,908 | | | | 1,218,843 | |
| | | | | | | | |
| | | | | | | 4,812,949 | |
ENGINEERING & CONSTRUCTION — 2.33% | | | | | |
Enka Insaat ve Sanayi AS | | | 3,251,317 | | | | 9,905,883 | |
TAV Havalimanlari Holding AS | | | 1,460,863 | | | | 8,893,587 | |
| | | | | | | | |
| | | | | | | 18,799,470 | |
ENTERTAINMENT — 0.20% | | | | | |
Fenerbahce Sportif Hizmetler Sanayi ve Ticaret ASa | | | 33,447 | | | | 728,948 | |
Galatasaray Sportif Sinai ve Ticari Yatirimlar ASa,b | | | 38,563 | | | | 900,479 | |
| | | | | | | | |
| | | | | | | 1,629,427 | |
FOOD — 6.43% | | | | | |
BIM Birlesik Magazalar AS | | | 947,297 | | | | 44,898,713 | |
Pinar Sut Mamulleri Sanayii AS | | | 159,829 | | | | 1,359,566 | |
Tat Konserve Sanayii ASa,b | | | 607,778 | | | | 773,809 | |
| | |
| 32 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Ulker Biskuvi Sanayi ASa | | | 764,728 | | | $ | 4,825,654 | |
| | | | | | | | |
| | | | | | | 51,857,742 | |
FOREST PRODUCTS & PAPER — 0.48% | | | | | |
Ipek Dogal Enerji Kaynaklari Ve Uretim ASa,b | | | 930,308 | | | | 2,668,884 | |
Kartonsan Karton Sanayi ve TAS | | | 7,606 | | | | 1,226,331 | |
| | | | | | | | |
| | | | | | | 3,895,215 | |
HOLDING COMPANIES — DIVERSIFIED — 9.91% | | | | | |
Akfen Holding ASa,b | | | 391,912 | | | | 2,331,448 | |
Dogan Sirketler Grubu Holding ASb | | | 6,581,287 | | | | 3,951,736 | |
Eczacibasi Yatirim Holding Ortakligi AS | | | 281,933 | | | | 1,069,014 | |
Haci Omer Sabanci Holding AS | | | 7,005,993 | | | | 38,172,369 | |
KOC Holding AS | | | 5,658,099 | | | | 29,758,774 | |
Yazicilar Holding ASa | | | 429,435 | | | | 4,596,016 | |
| | | | | | | | |
| | | | | | | 79,879,357 | |
HOME FURNISHINGS — 1.87% | | | | | |
Arcelik AS | | | 2,113,112 | | | | 13,393,087 | |
Vestel Beyaz Esya Sanayi ve TASb | | | 509,259 | | | | 755,968 | |
Vestel Elektronik Sanayi ve TASb | | | 900,389 | | | | 931,101 | |
| | | | | | | | |
| | | | | | | 15,080,156 | |
HOUSEWARES — 0.98% | | | | | |
Anadolu Cam Sanayii ASa,b | | | 892,481 | | | | 1,359,574 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 4,020,660 | | | | 6,572,007 | |
| | | | | | | | |
| | | | | | | 7,931,581 | |
INSURANCE — 0.97% | | | | | |
Aksigorta ASa | | | 1,108,813 | | | | 1,387,056 | |
Anadolu Anonim Turk Sigorta Sirketib | | | 1,816,840 | | | | 1,202,035 | |
Anadolu Hayat Emeklilik ASa | | | 544,652 | | | | 1,683,632 | |
Yapi Kredi Sigorta AS | | | 320,837 | | | | 3,549,694 | |
| | | | | | | | |
| | | | | | | 7,822,417 | |
IRON & STEEL — 2.12% | | | | | |
Eregli Demir ve Celik Fabrikalari TAS | | | 8,274,982 | | | | 10,673,538 | |
Izmir Demir Celik Sanayi ASa,b | | | 666,726 | | | | 1,234,369 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class A | | | 1,076,598 | | | | 927,766 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class B | | | 545,696 | | | | 722,073 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class Da | | | 4,053,900 | | | | 3,493,479 | |
| | | | | | | | |
| | | | | | | 17,051,225 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
LODGING — 0.19% | | | | | |
Net Holding ASa,b | | | 1,147,055 | | | $ | 1,524,177 | |
| | | | | | | | |
| | | | | | | 1,524,177 | |
MANUFACTURING — 0.36% | | | | | |
Trakya Cam Sanayii ASa,b | | | 1,869,533 | | | | 2,858,375 | |
| | | | | | | | |
| | | | | | | 2,858,375 | |
MEDIA — 0.34% | | | | | |
Dogan Yayin Holding ASa,b | | | 4,500,633 | | | | 2,101,872 | |
Hurriyet Gazetecilik ve Matbaacilik ASa,b | | | 1,252,972 | | | | 647,855 | |
| | | | | | | | |
| | | | | | | 2,749,727 | |
METAL FABRICATE & HARDWARE — 0.19% | | | | | |
Borusan Mannesmann Boru Sanayi ve TAS | | | 76,172 | | | | 1,541,523 | |
| | | | | | | | |
| | | | | | | 1,541,523 | |
MINING — 1.72% | | | | | |
Koza Altin Isletmeleri AS | | | 339,242 | | | | 8,034,753 | |
Koza Anadolu Metal Madencilik Isletmeleri ASa,b | | | 1,559,837 | | | | 4,171,360 | |
Park Elektrik Uretim Madencilik Sanayi ve TASa | | | 467,572 | | | | 1,622,133 | |
| | | | | | | | |
| | | | | | | 13,828,246 | |
OIL & GAS — 3.88% | | | | | |
Turkiye Petrol Rafinerileri AS | | | 1,116,964 | | | | 31,298,466 | |
| | | | | | | | |
| | | | | | | 31,298,466 | |
PHARMACEUTICALS — 0.43% | | | | | |
EIS Eczacibasi Ilac Sanayi ve TASa | | | 1,467,509 | | | | 1,884,717 | |
Selcuk Ecza Deposu Ticaret ve Sanayi AS | | | 1,393,209 | | | | 1,611,139 | |
| | | | | | | | |
| | | | | | | 3,495,856 | |
REAL ESTATE — 1.13% | | | | | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 5,588,612 | | | | 9,072,775 | |
| | | | | | | | |
| | | | | | | 9,072,775 | |
REAL ESTATE INVESTMENT TRUSTS — 0.98% | | | | | |
Akmerkez Gayrimenkul Yatirim Ortakligi AS | | | 184,045 | | | | 2,235,779 | |
Is Gayrimenkul Yatirim Ortakligi AS | | | 2,424,601 | | | | 1,995,057 | |
Saf Gayrimenkul Yatirim Ortakligi ASa | | | 2,388,387 | | | | 1,301,320 | |
Sinpas Gayrimenkul Yatirim Ortakligi ASa | | | 1,358,622 | | | | 1,049,945 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 33 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY INVESTABLE MARKET INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Vakif Gayrimenkul Yatirim Ortakligi ASb | | | 470,730 | | | $ | 1,295,479 | |
| | | | | | | | |
| | | | | | | 7,877,580 | |
RETAIL — 0.71% | | | | | |
Boyner Buyuk Magazacilik ASa,b | | | 329,035 | | | | 969,552 | |
Dogus Otomotiv Servis ve TAS | | | 692,002 | | | | 3,516,470 | |
Turcas Petrolculuk ASa | | | 604,352 | | | | 1,223,052 | |
| | | | | | | | |
| | | | | | | 5,709,074 | |
TELECOMMUNICATIONS — 8.20% | | | | | |
Nortel Networks Netas Telekomunikasyon ASa | | | 203,313 | | | | 1,175,579 | |
Turk Telekomunikasyon AS | | | 4,683,123 | | | | 19,319,363 | |
Turkcell Iletisim Hizmetleri ASb | | | 6,865,506 | | | | 45,613,542 | |
| | | | | | | | |
| | | | | | | 66,108,484 | |
TEXTILES — 0.08% | | | | | |
Polyester Sanayi ASa,b | | | 964,537 | | | | 627,420 | |
| | | | | | | | |
| | | | | | | 627,420 | |
TRANSPORTATION — 0.08% | | | | | |
Celebi Hava Servisi ASa,b | | | 54,728 | | | | 605,503 | |
| | | | | | | | |
| | | | | | | 605,503 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $761,404,079) | | | | 805,739,007 | |
|
SHORT-TERM INVESTMENTS — 2.92% | |
| | |
MONEY MARKET FUNDS — 2.92% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 21,830,969 | | | | 21,830,969 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 1,580,634 | | | | 1,580,634 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 95,095 | | | | 95,095 | |
| | | | | | | | |
| | | | | | | 23,506,698 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $23,506,698) | | | | 23,506,698 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 102.89% | | | | |
(Cost: $784,910,777) | | $ | 829,245,705 | |
Other Assets, Less Liabilities — (2.89)% | | | (23,308,249 | ) |
| | | | | | |
NET ASSETS — 100.00% | | $ | 805,937,456 | |
| | | | | | |
| 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.
| | |
| 34 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.70% | | | | | |
| |
ADVERTISING — 0.14% | | | | | |
Interpublic Group of Companies Inc. (The) | | | 4,634 | | | $ | 59,223 | |
Omnicom Group Inc. | | | 2,838 | | | | 163,270 | |
| | | | | | | | |
| | | | | | | 222,493 | |
AEROSPACE & DEFENSE — 1.64% | | | | | |
Boeing Co. (The) | | | 7,696 | | | | 591,822 | |
General Dynamics Corp. | | | 3,224 | | | | 219,135 | |
L-3 Communications Holdings Inc. | | | 1,010 | | | | 77,033 | |
Lockheed Martin Corp. | | | 2,955 | | | | 260,040 | |
Northrop Grumman Corp. | | | 2,505 | | | | 164,528 | |
Raytheon Co. | | | 3,544 | | | | 193,396 | |
Rockwell Collins Inc. | | | 1,431 | | | | 86,017 | |
TransDigm Group Inc. | | | 528 | | | | 75,156 | |
United Technologies Corp. | | | 9,354 | | | | 847,005 | |
| | | | | | | | |
| | | | | | | 2,514,132 | |
AGRICULTURE — 1.98% | | | | | |
Altria Group Inc. | | | 21,755 | | | | 729,880 | |
Archer-Daniels-Midland Co. | | | 7,075 | | | | 225,410 | |
Bunge Ltd. | | | 1,570 | | | | 116,353 | |
Lorillard Inc. | | | 4,172 | | | | 160,789 | |
Philip Morris International Inc. | | | 17,947 | | | | 1,646,637 | |
Reynolds American Inc. | | | 3,603 | | | | 157,379 | |
| | | | | | | | |
| | | | | | | 3,036,448 | |
AIRLINES — 0.05% | | | | | |
Delta Air Lines Inc.a | | | 2,284 | | | | 32,593 | |
Southwest Airlines Co. | | | 1,982 | | | | 23,189 | |
United Continental Holdings Inc.a | | | 893 | | | | 23,852 | |
| | | | | | | | |
| | | | | | | 79,634 | |
APPAREL — 0.57% | | | | | |
Coach Inc. | | | 3,048 | | | | 147,310 | |
Nike Inc. Class B | | | 7,749 | | | | 422,011 | |
Ralph Lauren Corp. | | | 652 | | | | 113,102 | |
Under Armour Inc. Class Aa,b | | | 849 | | | | 41,839 | |
VF Corp. | | | 947 | | | | 152,713 | |
| | | | | | | | |
| | | | | | | 876,975 | |
AUTO MANUFACTURERS — 0.57% | | | | | |
Ford Motor Co. | | | 38,188 | | | | 481,551 | |
General Motors Co.a | | | 8,412 | | | | 228,386 | |
PACCAR Inc. | | | 3,603 | | | | 170,890 | |
| | | | | | | | |
| | | | | | | 880,827 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
AUTO PARTS & EQUIPMENT — 0.41% | | | | | |
Autoliv Inc.b | | | 1,025 | | | $ | 66,809 | |
BorgWarner Inc.a | | | 1,257 | | | | 93,533 | |
Delphi Automotive PLCa | | | 3,241 | | | | 135,636 | |
Goodyear Tire & Rubber Co. (The)a | | | 2,632 | | | | 34,163 | |
Johnson Controls Inc. | | | 7,346 | | | | 231,179 | |
TRW Automotive Holdings Corp.a | | | 1,217 | | | | 71,426 | |
| | | | | | | | |
| | | | | | | 632,746 | |
BANKS — 7.01% | | | | | | | | |
Bank of America Corp. | | | 115,787 | | | | 1,300,288 | |
Bank of New York Mellon Corp. (The) | | | 12,554 | | | | 340,716 | |
BB&T Corp. | | | 7,516 | | | | 228,186 | |
Capital One Financial Corp. | | | 6,249 | | | | 318,886 | |
CIT Group Inc.a | | | 2,050 | | | | 85,813 | |
Citigroup Inc. | | | 31,504 | | | | 1,322,223 | |
Comerica Inc. | | | 2,045 | | | | 70,307 | |
Fifth Third Bancorp | | | 9,641 | | | | 152,713 | |
First Republic Bank | | | 985 | | | | 35,903 | |
Goldman Sachs Group Inc. (The) | | | 4,796 | | | | 718,249 | |
J.P. Morgan Chase & Co. | | | 40,838 | | | | 1,997,795 | |
KeyCorp | | | 10,030 | | | | 94,182 | |
M&T Bank Corp. | | | 1,238 | | | | 126,387 | |
Morgan Stanley | | | 15,907 | | | | 358,703 | |
Northern Trust Corp. | | | 2,319 | | | | 123,301 | |
PNC Financial Services Group Inc. (The)c | | | 5,682 | | | | 354,500 | |
Regions Financial Corp. | | | 15,180 | | | | 116,127 | |
State Street Corp. | | | 4,993 | | | | 282,554 | |
SunTrust Banks Inc. | | | 5,789 | | | | 159,719 | |
U.S. Bancorp | | | 20,201 | | | | 686,430 | |
Wells Fargo & Co. | | | 53,726 | | | | 1,884,708 | |
| | | | | | | | |
| | | | | | | 10,757,690 | |
BEVERAGES — 2.36% | | | | | | | | |
Beam Inc. | | | 1,538 | | | | 93,864 | |
Brown-Forman Corp. Class B NVS | | | 1,315 | | | | 86,290 | |
Coca-Cola Co. (The) | | | 43,365 | | | | 1,679,093 | |
Coca-Cola Enterprises Inc. | | | 3,084 | | | | 110,346 | |
Constellation Brands Inc. Class Aa | | | 1,707 | | | | 75,518 | |
Crimson Wine Group Ltd.a | | | — | | | | 2 | |
Dr Pepper Snapple Group Inc. | | | 2,236 | | | | 97,534 | |
Green Mountain Coffee Roasters Inc.a,b | | | 1,356 | | | | 64,763 | |
Molson Coors Brewing Co. Class B NVS | | | 1,605 | | | | 70,957 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 35 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Monster Beverage Corp.a | | | 1,565 | | | $ | 78,923 | |
PepsiCo Inc. | | | 16,618 | | | | 1,259,146 | |
| | | | | | | | |
| | | | | | | 3,616,436 | |
BIOTECHNOLOGY — 1.90% | | | | | | | | |
Alexion Pharmaceuticals Inc.a | | | 2,087 | | | | 181,027 | |
Amgen Inc. | | | 8,244 | | | | 753,584 | |
Biogen Idec Inc.a | | | 2,415 | | | | 401,711 | |
Celgene Corp.a | | | 4,544 | | | | 468,850 | |
Gilead Sciences Inc.a | | | 16,279 | | | | 695,276 | |
Illumina Inc.a | | | 1,325 | | | | 66,422 | |
Life Technologies Corp.a | | | 1,848 | | | | 107,424 | |
Regeneron Pharmaceuticals Inc.a | | | 812 | | | | 135,604 | |
Vertex Pharmaceuticals Inc.a,b | | | 2,329 | | | | 109,044 | |
| | | | | | | | |
| | | | | | | 2,918,942 | |
BUILDING MATERIALS — 0.08% | | | | | |
Martin Marietta Materials Inc. | | | 493 | | | | 47,885 | |
Masco Corp. | | | 3,866 | | | | 74,459 | |
| | | | | | | | |
| | | | | | | 122,344 | |
CHEMICALS — 2.43% | |
Air Products and Chemicals Inc. | | | 2,287 | | | | 197,459 | |
Airgas Inc. | | | 713 | | | | 71,500 | |
Albemarle Corp. | | | 959 | | | | 62,412 | |
Celanese Corp. Series A | | | 1,714 | | | | 80,301 | |
CF Industries Holdings Inc. | | | 675 | | | | 135,560 | |
Dow Chemical Co. (The) | | | 12,883 | | | | 408,649 | |
E.I. du Pont de Nemours and Co. | | | 10,017 | | | | 479,814 | |
Eastman Chemical Co. | | | 1,648 | | | | 114,915 | |
Ecolab Inc. | | | 3,147 | | | | 240,903 | |
FMC Corp. | | | 1,476 | | | | 88,944 | |
International Flavors & Fragrances Inc. | | | 876 | | | | 63,930 | |
LyondellBasell Industries NV Class A | | | 3,399 | | | | 199,249 | |
Monsanto Co. | | | 5,743 | | | | 580,215 | |
Mosaic Co. (The) | | | 3,189 | | | | 186,684 | |
PPG Industries Inc. | | | 1,533 | | | | 206,434 | |
Praxair Inc. | | | 3,192 | | | | 360,856 | |
Sherwin-Williams Co. (The) | | | 942 | | | | 152,218 | |
Sigma-Aldrich Corp. | | | 1,293 | | | | 99,639 | |
| | | | | | | | |
| | | | | | | 3,729,682 | |
COAL — 0.09% | | | | | | | | |
CONSOL Energy Inc. | | | 2,447 | | | | 78,671 | |
Peabody Energy Corp. | | | 2,883 | | | | 62,157 | |
| | | | | | | | |
| | | | | | | 140,828 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMERCIAL SERVICES — 1.35% | | | | | |
ADT Corp. (The) | | | 2,497 | | | $ | 119,581 | |
Alliance Data Systems Corp.a | | | 536 | | | | 85,058 | |
Automatic Data Processing Inc. | | | 5,215 | | | | 319,993 | |
Equifax Inc. | | | 1,285 | | | | 70,829 | |
H&R Block Inc. | | | 2,912 | | | | 72,392 | |
Hertz Global Holdings Inc.a | | | 3,393 | | | | 67,690 | |
Iron Mountain Inc. | | | 1,527 | | | | 52,682 | |
Manpower Inc. | | | 843 | | | | 46,028 | |
MasterCard Inc. Class A | | | 1,153 | | | | 597,047 | |
Moody’s Corp. | | | 2,155 | | | | 103,569 | |
Paychex Inc. | | | 3,514 | | | | 116,313 | |
Quanta Services Inc.a | | | 2,372 | | | | 67,365 | |
Robert Half International Inc. | | | 1,436 | | | | 51,050 | |
SAIC Inc. | | | 2,938 | | | | 34,727 | |
SEI Investments Co. | | | 1,486 | | | | 42,009 | |
Total System Services Inc. | | | 1,706 | | | | 40,535 | |
Verisk Analytics Inc. Class Aa | | | 1,523 | | | | 89,126 | |
Western Union Co. | | | 6,409 | | | | 89,918 | |
| | | | | | | | |
| | | | | | | 2,065,912 | |
COMPUTERS — 6.19% | | | | | |
Accenture PLC Class A | | | 6,860 | | | | 510,110 | |
Apple Inc. | | | 10,106 | | | | 4,460,788 | |
Cognizant Technology Solutions Corp. Class Aa | | | 3,225 | | | | 247,583 | |
Computer Sciences Corp. | | | 1,669 | | | | 80,162 | |
Dell Inc. | | | 15,839 | | | | 220,954 | |
EMC Corp.a | | | 22,632 | | | | 520,762 | |
Hewlett-Packard Co. | | | 21,122 | | | | 425,397 | |
IHS Inc. Class Aa,b | | | 602 | | | | 63,963 | |
International Business Machines Corp. | | | 11,532 | | | | 2,315,972 | |
NetApp Inc.a | | | 3,849 | | | | 130,212 | |
SanDisk Corp.a | | | 2,598 | | | | 130,913 | |
Seagate Technology PLC | | | 3,650 | | | | 117,384 | |
Synopsys Inc.a | | | 1,602 | | | | 56,118 | |
Teradata Corp.a | | | 1,817 | | | | 105,495 | |
Western Digital Corp. | | | 2,355 | | | | 111,062 | |
| | | | | | | | |
| | | | | | | 9,496,875 | |
COSMETICS & PERSONAL CARE — 2.00% | | | | | |
Avon Products Inc. | | | 4,643 | | | | 90,771 | |
Colgate-Palmolive Co. | | | 5,076 | | | | 580,847 | |
| | |
| 36 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Estee Lauder Companies Inc. (The) Class A | | | 2,551 | | | $ | 163,519 | |
Procter & Gamble Co. (The) | | | 29,373 | | | | 2,237,635 | |
| | | | | | | | |
| | | | | | | 3,072,772 | |
DISTRIBUTION & WHOLESALE — 0.38% | | | | | |
Arrow Electronics Inc.a | | | 1,138 | | | | 45,691 | |
Fastenal Co. | | | 3,024 | | | | 156,129 | |
Fossil Inc.a | | | 548 | | | | 56,318 | |
Genuine Parts Co. | | | 1,667 | | | | 118,407 | |
LKQ Corp.a | | | 3,193 | | | | 67,660 | |
W.W. Grainger Inc. | | | 635 | | | | 143,802 | |
| | | | | | | | |
| | | | | | | 588,007 | |
DIVERSIFIED FINANCIAL SERVICES — 2.48% | | | | | |
Affiliated Managers Group Inc.a,b | | | 556 | | | | 81,304 | |
American Express Co. | | | 10,820 | | | | 672,463 | |
Ameriprise Financial Inc. | | | 2,211 | | | | 151,741 | |
BlackRock Inc.c | | | 1,457 | | | | 349,316 | |
Charles Schwab Corp. (The) | | | 11,643 | | | | 189,082 | |
CME Group Inc. | | | 3,402 | | | | 203,508 | |
Discover Financial Services | | | 5,423 | | | | 208,948 | |
Eaton Vance Corp. NVS | | | 1,233 | | | | 47,088 | |
Franklin Resources Inc. | | | 1,596 | | | | 225,435 | |
IntercontinentalExchange Inc.a | | | 781 | | | | 120,914 | |
Invesco Ltd. | | | 4,770 | | | | 127,788 | |
Legg Mason Inc. | | | 1,273 | | | | 36,281 | |
NASDAQ OMX Group Inc. (The) | | | 1,329 | | | | 42,076 | |
NYSE Euronext Inc. | | | 2,611 | | | | 97,338 | |
SLM Corp. | | | 4,965 | | | | 94,186 | |
T. Rowe Price Group Inc. | | | 2,738 | | | | 194,918 | |
TD Ameritrade Holding Corp. | | | 2,343 | | | | 44,541 | |
Visa Inc. Class A | | | 5,753 | | | | 912,656 | |
| | | | | | | | |
| | | | | | | 3,799,583 | |
ELECTRIC — 3.02% | | | | | |
AES Corp. (The) | | | 6,793 | | | | 78,935 | |
Alliant Energy Corp. | | | 1,192 | | | | 56,846 | |
Ameren Corp. | | | 2,607 | | | | 88,091 | |
American Electric Power Co. Inc. | | | 5,213 | | | | 243,916 | |
Calpine Corp.a | | | 3,251 | | | | 59,818 | |
CMS Energy Corp. | | | 2,849 | | | | 75,812 | |
Consolidated Edison Inc. | | | 3,146 | | | | 185,614 | |
Dominion Resources Inc. | | | 6,173 | | | | 345,688 | |
DTE Energy Co. | | | 1,849 | | | | 123,513 | |
Duke Energy Corp. | | | 7,566 | | | | 523,945 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Edison International | | | 3,325 | | | $ | 159,700 | |
Entergy Corp. | | | 1,909 | | | | 118,854 | |
Exelon Corp. | | | 9,177 | | | | 284,395 | |
FirstEnergy Corp. | | | 4,493 | | | | 177,384 | |
Integrys Energy Group Inc. | | | 841 | | | | 47,575 | |
MDU Resources Group Inc. | | | 1,927 | | | | 46,556 | |
NextEra Energy Inc. | | | 4,319 | | | | 310,407 | |
Northeast Utilities | | | 3,373 | | | | 140,013 | |
NRG Energy Inc. | | | 3,462 | | | | 83,088 | |
OGE Energy Corp. | | | 1,061 | | | | 61,443 | |
Pepco Holdings Inc. | | | 2,465 | | | | 50,015 | |
PG&E Corp. | | | 4,619 | | | | 196,954 | |
Pinnacle West Capital Corp. | | | 1,178 | | | | 65,897 | |
PPL Corp. | | | 6,249 | | | | 192,594 | |
Public Service Enterprise Group Inc. | | | 5,435 | | | | 177,127 | |
SCANA Corp. | | | 1,345 | | | | 65,690 | |
Southern Co. (The) | | | 9,390 | | | | 422,644 | |
Wisconsin Energy Corp. | | | 2,472 | | | | 102,094 | |
Xcel Energy Inc. | | | 5,238 | | | | 150,331 | |
| | | | | | | | |
| | | | | | | 4,634,939 | |
ELECTRICAL COMPONENTS & EQUIPMENT — 0.40% | |
AMETEK Inc. | | | 2,610 | | | | 109,176 | |
Emerson Electric Co. | | | 7,779 | | | | 441,069 | |
Energizer Holdings Inc. | | | 665 | | | | 61,134 | |
| | | | | | | | |
| | | | | | | 611,379 | |
ELECTRONICS — 1.21% | | | | | | | | |
Agilent Technologies Inc. | | | 3,743 | | | | 155,260 | |
Amphenol Corp. Class A | | | 1,723 | | | | 122,092 | |
Avnet Inc.a | | | 1,474 | | | | 52,047 | |
Flextronics International Ltd.a | | | 7,125 | | | | 47,381 | |
FLIR Systems Inc. | | | 1,612 | | | | 42,460 | |
Garmin Ltd.b | | | 1,257 | | | | 43,165 | |
Honeywell International Inc. | | | 7,995 | | | | 560,450 | |
Sensata Technologies Holding NVa | | | 1,247 | | | | 40,515 | |
TE Connectivity Ltd. | | | 4,540 | | | | 182,190 | |
Thermo Fisher Scientific Inc. | | | 3,870 | | | | 285,606 | |
Trimble Navigation Ltd.a | | | 1,356 | | | | 80,587 | |
Tyco International Ltd. | | | 5,003 | | | | 160,146 | |
Waters Corp.a,b | | | 934 | | | | 86,600 | |
| | | | | | | | |
| | | | | | | 1,858,499 | |
ENGINEERING & CONSTRUCTION — 0.15% | | | | | |
Fluor Corp. | | | 1,789 | | | | 110,739 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 37 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Jacobs Engineering Group Inc.a | | | 1,397 | | | $ | 68,230 | |
KBR Inc. | | | 1,585 | | | | 48,168 | |
| | | | | | | | |
| | | | | | | 227,137 | |
ENTERTAINMENT — 0.04% | | | | | | | | |
Dolby Laboratories Inc. Class A | | | 492 | | | | 15,685 | |
International Game Technology | | | 2,859 | | | | 45,572 | |
| | | | | | | | |
| | | | | | | 61,257 | |
ENVIRONMENTAL CONTROL — 0.24% | | | | | |
Republic Services Inc. | | | 3,330 | | | | 104,695 | |
Stericycle Inc.a | | | 923 | | | | 88,534 | |
Waste Management Inc. | | | 4,734 | | | | 176,673 | |
| | | | | | | | |
| | | | | | | 369,902 | |
FOOD — 1.83% | |
Campbell Soup Co. | | | 2,021 | | | | 83,184 | |
ConAgra Foods Inc. | | | 4,378 | | | | 149,334 | |
General Mills Inc. | | | 6,932 | | | | 320,605 | |
H.J. Heinz Co. | | | 3,445 | | | | 249,521 | |
Hershey Co. (The) | | | 1,659 | | | | 138,261 | |
Hormel Foods Corp. | | | 1,553 | | | | 58,098 | |
J.M. Smucker Co. (The) | | | 1,176 | | | | 112,073 | |
Kellogg Co. | | | 2,695 | | | | 163,048 | |
Kraft Foods Group Inc. | | | 6,046 | | | | 293,050 | |
Kroger Co. (The) | | | 5,244 | | | | 153,177 | |
McCormick & Co. Inc. NVS | | | 1,290 | | | | 86,778 | |
Mondelez International Inc. Class A | | | 18,136 | | | | 501,460 | |
Safeway Inc. | | | 2,574 | | | | 61,416 | |
Sysco Corp. | | | 6,315 | | | | 203,090 | |
Tyson Foods Inc. Class A | | | 3,102 | | | | 70,322 | |
Whole Foods Market Inc. | | | 1,893 | | | | 162,079 | |
| | | | | | | | |
| | | | | | | 2,805,496 | |
FOREST PRODUCTS & PAPER — 0.17% | | | | | |
International Paper Co. | | | 4,482 | | | | 197,253 | |
MeadWestvaco Corp. | | | 1,878 | | | | 67,063 | |
| | | | | | | | |
| | | | | | | 264,316 | |
GAS — 0.25% | | | | | | | | |
CenterPoint Energy Inc. | | | 4,362 | | | | 93,478 | |
NiSource Inc. | | | 3,328 | | | | 92,185 | |
Sempra Energy | | | 2,468 | | | | 191,912 | |
| | | | | | | | |
| | | | | | | 377,575 | |
HAND & MACHINE TOOLS — 0.09% | | | | | |
Stanley Black & Decker Inc. | | | 1,716 | | | | 135,049 | |
| | | | | | | | |
| | | | | | | 135,049 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HEALTH CARE — PRODUCTS — 1.84% | |
Baxter International Inc. | | | 5,902 | | | $ | 398,975 | |
Becton, Dickinson and Co. | | | 2,116 | | | | 186,335 | |
Boston Scientific Corp.a,b | | | 14,750 | | | | 109,003 | |
C.R. Bard Inc. | | | 840 | | | | 83,034 | |
CareFusion Corp.a | | | 2,384 | | | | 78,052 | |
Covidien PLC | | | 5,086 | | | | 323,317 | |
Edwards Lifesciences Corp.a | | | 1,240 | | | | 106,553 | |
Henry Schein Inc.a | | | 945 | | | | 84,313 | |
Hologic Inc.a | | | 2,866 | | | | 62,565 | |
Hospira Inc.a | | | 1,775 | | | | 52,238 | |
Intuitive Surgical Inc.a | | | 427 | | | | 217,723 | |
Medtronic Inc. | | | 10,959 | | | | 492,717 | |
ResMed Inc.b | | | 1,537 | | | | 68,381 | |
St. Jude Medical Inc. | | | 3,311 | | | | 135,751 | |
Stryker Corp. | | | 3,268 | | | | 208,760 | |
Varian Medical Systems Inc.a,b | | | 1,175 | | | | 82,990 | |
Zimmer Holdings Inc. | | | 1,864 | | | | 139,725 | |
| | | | | | | | |
| | | | | | | 2,830,432 | |
HEALTH CARE — SERVICES — 1.13% | | | | | | | | |
Aetna Inc. | | | 3,594 | | | | 169,601 | |
Cigna Corp. | | | 3,071 | | | | 179,531 | |
Coventry Health Care Inc. | | | 1,445 | | | | 65,545 | |
DaVita HealthCare Partners Inc.a | | | 1,060 | | | | 126,797 | |
HCA Holdings Inc. | | | 2,859 | | | | 106,040 | |
Humana Inc. | | | 1,700 | | | | 116,042 | |
Laboratory Corp. of America Holdingsa | | | 1,016 | | | | 90,018 | |
Quest Diagnostics Inc. | | | 1,708 | | | | 95,939 | |
UnitedHealth Group Inc. | | | 10,974 | | | | 586,560 | |
WellPoint Inc. | | | 3,262 | | | | 202,831 | |
| | | | | | | | |
| | | | | | | 1,738,904 | |
HOLDING COMPANIES — DIVERSIFIED — 0.04% | | | | | |
Leucadia National Corp. | | | 2,233 | | | | 60,068 | |
| | | | | | | | |
| | | | | | | 60,068 | |
HOME BUILDERS — 0.17% | | | | | | | | |
D.R. Horton Inc. | | | 3,173 | | | | 70,758 | |
Lennar Corp. Class A | | | 1,714 | | | | 66,143 | |
PulteGroup Inc.a,b | | | 3,710 | | | | 71,158 | |
Toll Brothers Inc.a,b | | | 1,626 | | | | 55,479 | |
| | | | | | | | |
| | | | | | | 263,538 | |
| | |
| 38 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HOME FURNISHINGS — 0.06% | | | | | | | | |
Whirlpool Corp. | | | 836 | | | $ | 94,426 | |
| | | | | | | | |
| | | | | | | 94,426 | |
HOUSEHOLD PRODUCTS & WARES — 0.42% | | | | | |
Avery Dennison Corp. | | | 1,070 | | | | 43,710 | |
Church & Dwight Co. Inc. | | | 1,501 | | | | 93,002 | |
Clorox Co. (The) | | | 1,332 | | | | 111,901 | |
Kimberly-Clark Corp. | | | 4,204 | | | | 396,353 | |
| | | | | | | | |
| | | | | | | 644,966 | |
HOUSEWARES — 0.05% | | | | | | | | |
Newell Rubbermaid Inc. | | | 3,090 | | | | 72,121 | |
| | | | | | | | |
| | | | | | | 72,121 | |
INSURANCE — 3.58% | | | | | | | | |
ACE Ltd. | | | 3,651 | | | | 311,759 | |
Aflac Inc. | | | 5,037 | | | | 251,598 | |
Alleghany Corp.a,b | | | 137 | | | | 51,768 | |
Allstate Corp. (The) | | | 5,176 | | | | 238,199 | |
American International Group Inc.a | | | 15,067 | | | | 572,697 | |
Aon PLC | | | 3,252 | | | | 198,665 | |
Arch Capital Group Ltd.a,b | | | 1,467 | | | | 72,059 | |
Assurant Inc. | | | 846 | | | | 35,524 | |
Axis Capital Holdings Ltd. | | | 1,182 | | | | 48,143 | |
Berkshire Hathaway Inc. Class Ba | | | 10,633 | | | | 1,086,267 | |
Chubb Corp. (The) | | | 2,814 | | | | 236,460 | |
Cincinnati Financial Corp. | | | 1,660 | | | | 74,717 | |
Everest Re Group Ltd. | | | 556 | | | | 69,283 | |
Fidelity National Financial Inc. Class A | | | 2,179 | | | | 54,344 | |
Hartford Financial Services Group Inc. (The) | | | 4,453 | | | | 105,135 | |
Lincoln National Corp. | | | 2,954 | | | | 87,261 | |
Loews Corp. | | | 3,383 | | | | 145,841 | |
Marsh & McLennan Companies Inc. | | | 5,848 | | | | 217,195 | |
MetLife Inc. | | | 9,377 | | | | 332,321 | |
PartnerRe Ltd.b | | | 658 | | | | 58,720 | |
Principal Financial Group Inc. | | | 3,154 | | | | 99,698 | |
Progressive Corp. (The) | | | 6,172 | | | | 150,350 | |
Prudential Financial Inc. | | | 4,963 | | | | 275,794 | |
RenaissanceRe Holdings Ltd. | | | 517 | | | | 45,206 | |
Torchmark Corp. | | | 1,020 | | | | 57,314 | |
Travelers Companies Inc. (The) | | | 4,098 | | | | 329,561 | |
Unum Group | | | 2,956 | | | | 72,333 | |
W.R. Berkley Corp. | | | 1,240 | | | | 51,460 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Willis Group Holdings PLC | | | 1,858 | | | $ | 70,753 | |
XL Group PLC | | | 3,229 | | | | 92,479 | |
| | | | | | | | |
| | | | | | | 5,492,904 | |
INTERNET — 3.94% | | | | | | | | |
Amazon.com Inc.a | | | 3,893 | | | | 1,028,803 | |
eBay Inc.a | | | 12,511 | | | | 684,102 | |
Equinix Inc.a,b | | | 522 | | | | 110,429 | |
Expedia Inc. | | | 1,049 | | | | 66,968 | |
F5 Networks Inc.a | | | 849 | | | | 80,171 | |
Facebook Inc. Class Aa | | | 17,188 | | | | 468,373 | |
Google Inc. Class Aa | | | 2,846 | | | | 2,280,215 | |
Liberty Interactive Corp. Series Aa | | | 5,531 | | | | 115,487 | |
LinkedIn Corp. Class Aa,b | | | 937 | | | | 157,585 | |
Netflix Inc.a | | | 567 | | | | 106,641 | |
Priceline.com Inc.a,b | | | 536 | | | | 368,543 | |
Rackspace Hosting Inc.a | | | 1,177 | | | | 65,747 | |
Symantec Corp.a | | | 7,454 | | | | 174,722 | |
VeriSign Inc.a | | | 1,668 | | | | 76,394 | |
Yahoo! Inc.a | | | 12,070 | | | | 257,212 | |
| | | | | | | | |
| | | | | | | 6,041,392 | |
IRON & STEEL — 0.17% | | | | | | | | |
Allegheny Technologies Inc. | | | 1,095 | | | | 33,365 | |
Cliffs Natural Resources Inc. | | | 1,628 | | | | 41,449 | |
Nucor Corp. | | | 3,412 | | | | 153,710 | |
United States Steel Corp. | | | 1,550 | | | | 32,302 | |
| | | | | | | | |
| | | | | | | 260,826 | |
LEISURE TIME — 0.27% | | | | | | | | |
Carnival Corp. | | | 4,790 | | | | 171,338 | |
Harley-Davidson Inc. | | | 2,431 | | | | 127,944 | |
Polaris Industries Inc. | | | 704 | | | | 61,508 | |
Royal Caribbean Cruises Ltd. | | | 1,523 | | | | 53,107 | |
| | | | | | | | |
| | | | | | | 413,897 | |
LODGING — 0.46% | | | | | | | | |
Las Vegas Sands Corp. | | | 4,423 | | | | 227,740 | |
Marriott International Inc. Class A | | | 2,712 | | | | 106,988 | |
MGM Resorts Internationala,b | | | 3,942 | | | | 49,235 | |
Starwood Hotels & Resorts Worldwide Inc. | | | 2,105 | | | | 126,995 | |
Wyndham Worldwide Corp. | | | 1,507 | | | | 90,782 | |
Wynn Resorts Ltd. | | | 864 | | | | 101,002 | |
| | | | | | | | |
| | | | | | | 702,742 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 39 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MACHINERY — 1.15% | |
AGCO Corp. | | | 1,042 | | | $ | 53,642 | |
Caterpillar Inc. | | | 7,025 | | | | 648,899 | |
Cummins Inc. | | | 1,940 | | | | 224,788 | |
Deere & Co. | | | 3,997 | | | | 351,056 | |
Flowserve Corp. | | | 537 | | | | 86,188 | |
Joy Global Inc. | | | 1,137 | | | | 72,018 | |
Rockwell Automation Inc. | | | 1,497 | | | | 135,239 | |
Roper Industries Inc. | | | 1,057 | | | | 131,713 | |
Xylem Inc. | | | 1,996 | | | | 54,890 | |
| | | | | | | | |
| | | | | | | 1,758,433 | |
MANUFACTURING — 3.37% | |
3M Co. | | | 7,062 | | | | 734,448 | |
Danaher Corp. | | | 6,325 | | | | 389,620 | |
Dover Corp. | | | 1,923 | | | | 141,052 | |
Eaton Corp. PLC | | | 4,976 | | | | 308,363 | |
General Electric Co. | | | 112,653 | | | | 2,615,803 | |
Illinois Tool Works Inc. | | | 4,481 | | | | 275,582 | |
Ingersoll-Rand PLC | | | 3,234 | | | | 170,270 | |
Leggett & Platt Inc. | | | 1,518 | | | | 46,420 | |
Pall Corp. | | | 1,220 | | | | 83,180 | |
Parker Hannifin Corp. | | | 1,603 | | | | 151,451 | |
Pentair Ltd. Registered | | | 2,259 | | | | 120,337 | |
SPX Corp. | | | 546 | | | | 43,958 | |
Textron Inc. | | | 3,028 | | | | 87,358 | |
| | | | | | | | |
| | | | | | | 5,167,842 | |
MEDIA — 3.50% | |
Cablevision NY Group Class A | | | 2,021 | | | | 28,274 | |
CBS Corp. Class B NVS | | | 6,362 | | | | 276,047 | |
Charter Communications Inc. Class Aa | | | 434 | | | | 37,493 | |
Comcast Corp. Class A | | | 22,763 | | | | 905,740 | |
Comcast Corp. Class A Special NVS | | | 5,682 | | | | 217,677 | |
DIRECTVa | | | 6,166 | | | | 297,016 | |
Discovery Communications Inc. Series Aa,b | | | 1,557 | | | | 114,175 | |
Discovery Communications Inc. Series C NVSa | | | 938 | | | | 60,501 | |
DISH Network Corp. Class A | | | 2,288 | | | | 79,622 | |
Liberty Global Inc. Series Aa,b | | | 1,472 | | | | 101,406 | |
Liberty Global Inc. Series C NVSa,b | | | 1,164 | | | | 74,333 | |
Liberty Media Corp.a | | | 1,126 | | | | 121,608 | |
McGraw-Hill Companies Inc. (The) | | | 2,685 | | | | 124,987 | |
News Corp. Class A NVS | | | 16,609 | | | | 478,339 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
News Corp. Class B | | | 4,718 | | | $ | 138,049 | |
Nielsen Holdings NVa | | | 1,805 | | | | 60,811 | |
Scripps Networks Interactive Inc. Class A | | | 931 | | | | 58,700 | |
Sirius XM Radio Inc. | | | 36,361 | | | | 112,719 | |
Time Warner Cable Inc. | | | 3,242 | | | | 280,076 | |
Time Warner Inc. | | | 10,172 | | | | 540,845 | |
Viacom Inc. Class B NVS | | | 4,845 | | | | 283,239 | |
Walt Disney Co. (The) | | | 18,086 | | | | 987,315 | |
| | | | | | | | |
| | | | | | | 5,378,972 | |
METAL FABRICATE & HARDWARE — 0.19% | |
Precision Castparts Corp. | | | 1,563 | | | | 291,640 | |
| | | | | | | | |
| | | | | | | 291,640 | |
MINING — 0.46% | |
Alcoa Inc. | | | 11,465 | | | | 97,682 | |
Freeport-McMoRan Copper & Gold Inc. | | | 10,198 | | | | 325,520 | |
Newmont Mining Corp. | | | 5,333 | | | | 214,867 | |
Vulcan Materials Co. | | | 1,392 | | | | 70,894 | |
| | | | | | | | |
| | | | | | | 708,963 | |
OFFICE & BUSINESS EQUIPMENT — 0.09% | |
Pitney Bowes Inc.b | | | 2,157 | | | | 28,256 | |
Xerox Corp. | | | 13,671 | | | | 110,872 | |
| | | | | | | | |
| | | | | | | 139,128 | |
OIL & GAS — 8.75% | |
Anadarko Petroleum Corp. | | | 5,369 | | | | 427,265 | |
Apache Corp. | | | 4,204 | | | | 312,231 | |
Cabot Oil & Gas Corp. | | | 2,259 | | | | 139,990 | |
Chesapeake Energy Corp. | | | 7,140 | | | | 143,942 | |
Chevron Corp. | | | 21,026 | | | | 2,463,196 | |
Cimarex Energy Co. | | | 930 | | | | 62,598 | |
Cobalt International Energy Inc.a | | | 2,426 | | | | 59,849 | |
Concho Resources Inc.a | | | 1,067 | | | | 95,987 | |
ConocoPhillips | | | 12,389 | | | | 717,943 | |
Continental Resources Inc.a | | | 497 | | | | 43,736 | |
Denbury Resources Inc.a,b | | | 4,157 | | | | 75,325 | |
Devon Energy Corp. | | | 4,133 | | | | 224,257 | |
Diamond Offshore Drilling Inc. | | | 747 | | | | 52,051 | |
Energen Corp. | | | 775 | | | | 35,836 | |
Ensco PLC Class A | | | 2,495 | | | | 150,049 | |
EOG Resources Inc. | | | 2,910 | | | | 365,816 | |
EQT Corp. | | | 1,607 | | | | 101,386 | |
Exxon Mobil Corp. | | | 48,980 | | | | 4,386,159 | |
Helmerich & Payne Inc. | | | 1,136 | | | | 75,271 | |
| | |
| 40 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hess Corp. | | | 3,302 | | | $ | 219,583 | |
HollyFrontier Corp. | | | 2,073 | | | | 116,503 | |
Marathon Oil Corp. | | | 7,589 | | | | 254,231 | |
Marathon Petroleum Corp. | | | 3,644 | | | | 302,015 | |
Murphy Oil Corp. | | | 1,983 | | | | 120,725 | |
Nabors Industries Ltd.a | | | 3,120 | | | | 52,291 | |
Newfield Exploration Co.a | | | 1,453 | | | | 33,593 | |
Noble Corp. | | | 2,715 | | | | 97,251 | |
Noble Energy Inc. | | | 1,911 | | | | 211,796 | |
Occidental Petroleum Corp. | | | 8,704 | | | | 716,600 | |
Phillips 66 | | | 6,387 | | | | 402,126 | |
Pioneer Natural Resources Co. | | | 1,422 | | | | 178,902 | |
Plains Exploration & Production Co.a | | | 1,386 | | | | 62,883 | |
QEP Resources Inc. | | | 1,913 | | | | 58,270 | |
Range Resources Corp. | | | 1,747 | | | | 134,170 | |
Rowan Companies PLCa,b | | | 1,334 | | | | 46,143 | |
Southwestern Energy Co.a | | | 3,764 | | | | 128,992 | |
Ultra Petroleum Corp.a,b | | | 1,643 | | | | 28,030 | |
Valero Energy Corp. | | | 5,947 | | | | 271,124 | |
Whiting Petroleum Corp.a | | | 1,264 | | | | 61,557 | |
| | | | | | | | |
| | | | | | | 13,429,672 | |
OIL & GAS SERVICES — 1.72% | |
Baker Hughes Inc. | | | 4,723 | | | | 211,685 | |
Cameron International Corp.a | | | 2,650 | | | | 168,858 | |
Core Laboratories NV | | | 501 | | | | 68,712 | |
FMC Technologies Inc.a,b | | | 2,554 | | | | 132,578 | |
Halliburton Co. | | | 9,969 | | | | 413,813 | |
National Oilwell Varco Inc. | | | 4,586 | | | | 312,444 | |
Oceaneering International Inc. | | | 1,159 | | | | 73,701 | |
Schlumberger Ltd. | | | 14,262 | | | | 1,110,297 | |
Superior Energy Services Inc.a | | | 1,694 | | | | 44,807 | |
Weatherford International Ltd.a,b | | | 8,148 | | | | 96,798 | |
| | | | | | | | |
| | | | | | | 2,633,693 | |
PACKAGING & CONTAINERS — 0.19% | |
Ball Corp. | | | 1,570 | | | | 69,724 | |
Crown Holdings Inc.a | | | 1,548 | | | | 60,171 | |
Owens-Illinois Inc.a | | | 1,679 | | | | 42,814 | |
Rock-Tenn Co. Class A | | | 764 | | | | 67,576 | |
Sealed Air Corp. | | | 1,985 | | | | 44,087 | |
| | | | | | | | |
| | | | | | | 284,372 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PHARMACEUTICALS — 6.87% | |
Abbott Laboratories | | | 16,981 | | | $ | 573,788 | |
AbbVie Inc. | | | 16,859 | | | | 622,434 | |
Actavis Inc.a | | | 1,372 | | | | 116,840 | |
Allergan Inc. | | | 3,304 | | | | 358,220 | |
AmerisourceBergen Corp. | | | 2,530 | | | | 119,416 | |
Bristol-Myers Squibb Co. | | | 17,733 | | | | 655,589 | |
Cardinal Health Inc. | | | 3,650 | | | | 168,666 | |
DENTSPLY International Inc. | | | 1,525 | | | | 63,165 | |
Eli Lilly and Co. | | | 11,220 | | | | 613,285 | |
Express Scripts Holding Co.a | | | 8,770 | | | | 499,101 | |
Forest Laboratories Inc.a | | | 2,858 | | | | 105,174 | |
Herbalife Ltd.b | | | 1,160 | | | | 46,736 | |
Johnson & Johnson | | | 29,771 | | | | 2,265,871 | |
McKesson Corp. | | | 2,536 | | | | 269,146 | |
Mead Johnson Nutrition Co. Class A | | | 2,181 | | | | 163,379 | |
Merck & Co. Inc. | | | 32,659 | | | | 1,395,519 | |
Mylan Inc.a | | | 4,378 | | | | 129,633 | |
Omnicare Inc. | | | 1,187 | | | | 44,228 | |
Patterson Companies Inc. | | | 948 | | | | 34,450 | |
Perrigo Co. | | | 958 | | | | 108,417 | |
Pfizer Inc. | | | 79,095 | | | | 2,164,830 | |
Warner Chilcott PLC Class A | | | 2,287 | | | | 30,897 | |
| | | | | | | | |
| | | | | | | 10,548,784 | |
PIPELINES — 0.59% | |
Kinder Morgan Inc. | | | 7,136 | | | | 264,531 | |
Kinder Morgan Management LLCa,b | | | 1,112 | | | | 92,107 | |
ONEOK Inc. | | | 2,088 | | | | 93,939 | |
Spectra Energy Corp. | | | 7,015 | | | | 203,716 | |
Williams Companies Inc. (The) | | | 7,241 | | | | 251,335 | |
| | | | | | | | |
| | | | | | | 905,628 | |
REAL ESTATE — 0.05% | |
CBRE Group Inc. Class Aa | | | 3,360 | | | | 81,211 | |
| | | | | | | | |
| | | | | | | 81,211 | |
REAL ESTATE INVESTMENT TRUSTS — 2.75% | |
American Capital Agency Corp. | | | 4,178 | | | | 132,526 | |
American Tower Corp. | | | 4,247 | | | | 329,567 | |
Annaly Capital Management Inc.b | | | 10,474 | | | | 162,242 | |
AvalonBay Communities Inc. | | | 1,205 | | | | 150,420 | |
Boston Properties Inc. | | | 1,621 | | | | 168,390 | |
Camden Property Trust | | | 904 | | | | 62,503 | |
Digital Realty Trust Inc.b | | | 1,325 | | | | 88,749 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 41 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Duke Realty Corp.b | | | 3,379 | | | $ | 54,605 | |
Equity Residentialb | | | 3,456 | | | | 190,218 | |
Federal Realty Investment Trust | | | 694 | | | | 73,710 | |
General Growth Properties Inc. | | | 4,539 | | | | 86,876 | |
HCP Inc.b | | | 4,856 | | | | 237,361 | |
Health Care REIT Inc.b | | | 2,790 | | | | 178,951 | |
Host Hotels & Resorts Inc. | | | 7,786 | | | | 129,793 | |
Kimco Realty Corp.b | | | 4,379 | | | | 95,331 | |
Liberty Property Trust | | | 1,270 | | | | 49,263 | |
Macerich Co. (The)b | | | 1,468 | | | | 88,241 | |
Plum Creek Timber Co. Inc.b | | | 1,736 | | | | 84,196 | |
Prologis Inc.b | | | 4,951 | | | | 192,792 | |
Public Storage | | | 1,567 | | | | 236,946 | |
Rayonier Inc. | | | 1,324 | | | | 73,972 | |
Realty Income Corp. | | | 1,923 | | | | 87,785 | |
Regency Centers Corp. | | | 971 | | | | 50,375 | |
Simon Property Group Inc. | | | 3,323 | | | | 527,892 | |
SL Green Realty Corp.b | | | 1,012 | | | | 82,599 | |
UDR Inc.b | | | 2,687 | | | | 64,112 | |
Ventas Inc.b | | | 3,175 | | | | 224,727 | |
Vornado Realty Trust | | | 1,800 | | | | 144,378 | |
Weyerhaeuser Co. | | | 5,818 | | | | 171,107 | |
| | | | | | | | |
| | | | | | | 4,219,627 | |
|
RETAIL — 6.21% | |
Advance Auto Parts Inc. | | | 788 | | | | 60,156 | |
AutoZone Inc.a,b | | | 353 | | | | 134,193 | |
Bed Bath & Beyond Inc.a,b | | | 2,462 | | | | 139,719 | |
Best Buy Co. Inc. | | | 3,074 | | | | 50,444 | |
CarMax Inc.a,b | | | 2,458 | | | | 94,412 | |
Chipotle Mexican Grill Inc.a | | | 338 | | | | 107,075 | |
Costco Wholesale Corp. | | | 4,645 | | | | 470,492 | |
CVS Caremark Corp. | | | 13,393 | | | | 684,650 | |
Darden Restaurants Inc. | | | 1,382 | | | | 63,945 | |
Dick’s Sporting Goods Inc. | | | 1,049 | | | | 52,450 | |
Dollar General Corp.a | | | 2,821 | | | | 130,725 | |
Dollar Tree Inc.a,b | | | 2,441 | | | | 110,297 | |
Family Dollar Stores Inc. | | | 1,054 | | | | 60,658 | |
GameStop Corp. Class A | | | 1,299 | | | | 32,553 | |
Gap Inc. (The) | | | 3,358 | | | | 110,545 | |
Home Depot Inc. (The) | | | 16,063 | | | | 1,100,315 | |
J.C. Penney Co. Inc.b | | | 1,766 | | | | 31,029 | |
Kohl’s Corp. | | | 2,347 | | | | 108,197 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Limited Brands Inc. | | | 2,633 | | | $ | 119,854 | |
Lowe’s Companies Inc. | | | 12,082 | | | | 460,928 | |
Lululemon Athletica Inc.a,b | | | 1,084 | | | | 72,682 | |
Macy’s Inc. | | | 4,246 | | | | 174,511 | |
McDonald’s Corp. | | | 10,786 | | | | 1,034,377 | |
Nordstrom Inc. | | | 1,727 | | | | 93,638 | |
O’Reilly Automotive Inc.a | | | 1,231 | | | | 125,242 | |
PetSmart Inc. | | | 1,155 | | | | 75,202 | |
PVH Corp. | | | 866 | | | | 105,522 | |
Ross Stores Inc. | | | 2,406 | | | | 139,452 | |
Sears Holdings Corp.a,b | | | 400 | | | | 18,000 | |
Staples Inc. | | | 7,239 | | | | 95,410 | |
Starbucks Corp. | | | 7,988 | | | | 437,902 | |
Target Corp. | | | 6,642 | | | | 418,180 | |
Tiffany & Co. | | | 1,362 | | | | 91,472 | |
TJX Companies Inc. (The) | | | 7,834 | | | | 352,295 | |
Tractor Supply Co. | | | 757 | | | | 78,720 | |
Ulta Salon, Cosmetics & Fragrance Inc. | | | 651 | | | | 57,653 | |
Urban Outfitters Inc.a | | | 1,254 | | | | 50,812 | |
Wal-Mart Stores Inc. | | | 17,969 | | | | 1,271,846 | |
Walgreen Co. | | | 9,652 | | | | 395,153 | |
Yum! Brands Inc. | | | 4,854 | | | | 317,840 | |
| | | | | | | | |
| | | | | | | 9,528,546 | |
SAVINGS & LOANS — 0.10% | |
Hudson City Bancorp Inc. | | | 5,107 | | | | 43,512 | |
New York Community Bancorp Inc. | | | 4,717 | | | | 63,679 | |
People’s United Financial Inc. | | | 3,735 | | | | 48,929 | |
| | | | | | | | |
| | | | | | | 156,120 | |
SEMICONDUCTORS — 2.82% | |
Altera Corp. | | | 3,444 | | | | 121,986 | |
Analog Devices Inc. | | | 3,238 | | | | 146,422 | |
Applied Materials Inc. | | | 13,294 | | | | 182,128 | |
Avago Technologies Ltd. | | | 2,637 | | | | 90,238 | |
Broadcom Corp. Class A | | | 5,500 | | | | 187,605 | |
Cree Inc.a,b | | | 1,187 | | | | 53,688 | |
Intel Corp. | | | 53,456 | | | | 1,114,558 | |
KLA-Tencor Corp. | | | 1,789 | | | | 97,966 | |
Lam Research Corp.a | | | 1,841 | | | | 77,874 | |
Linear Technology Corp. | | | 2,486 | | | | 95,065 | |
LSI Corp.a | | | 5,945 | | | | 41,377 | |
Marvell Technology Group Ltd. | | | 4,885 | | | | 49,338 | |
Maxim Integrated Products Inc. | | | 3,132 | | | | 97,656 | |
| | |
| 42 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Microchip Technology Inc. | | | 2,091 | | | $ | 76,259 | |
Micron Technology Inc.a | | | 10,932 | | | | 91,719 | |
NVIDIA Corp. | | | 6,713 | | | | 84,987 | |
QUALCOMM Inc. | | | 18,306 | | | | 1,201,423 | |
Texas Instruments Inc. | | | 12,041 | | | | 413,849 | |
Xilinx Inc. | | | 2,803 | | | | 104,468 | |
| | | | | | | | |
| | | | | | | 4,328,606 | |
SOFTWARE — 3.66% | |
Activision Blizzard Inc. | | | 4,781 | | | | 68,368 | |
Adobe Systems Inc.a | | | 5,318 | | | | 208,998 | |
Akamai Technologies Inc.a | | | 1,907 | | | | 70,483 | |
ANSYS Inc.a,b | | | 995 | | | | 75,421 | |
Autodesk Inc.a | | | 2,438 | | | | 89,523 | |
BMC Software Inc.a | | | 1,664 | | | | 66,677 | |
CA Inc. | | | 3,454 | | | | 84,589 | |
Cerner Corp.a | | | 1,567 | | | | 137,050 | |
Citrix Systems Inc.a | | | 2,006 | | | | 142,225 | |
Dun & Bradstreet Corp. (The)b | | | 479 | | | | 38,607 | |
Electronic Arts Inc.a,b | | | 3,278 | | | | 57,463 | |
Fidelity National Information Services Inc. | | | 2,520 | | | | 94,878 | |
Fiserv Inc.a | | | 1,434 | | | | 117,746 | |
Intuit Inc. | | | 3,021 | | | | 194,794 | |
Microsoft Corp. | | | 81,375 | | | | 2,262,225 | |
Nuance Communications Inc.a,b | | | 2,685 | | | | 49,431 | |
Oracle Corp. | | | 41,416 | | | | 1,418,912 | |
Red Hat Inc.a | | | 2,077 | | | | 105,532 | |
Salesforce.com Inc.a | | | 1,449 | | | | 245,200 | |
VeriFone Systems Inc.a,b | | | 1,158 | | | | 21,967 | |
VMware Inc. Class Aa,b | | | 892 | | | | 64,072 | |
| | | | | | | | |
| | | | | | | 5,614,161 | |
TELECOMMUNICATIONS — 4.15% | |
AT&T Inc. | | | 61,019 | | | | 2,191,192 | |
CenturyLink Inc. | | | 6,706 | | | | 232,497 | |
Cisco Systems Inc. | | | 57,037 | | | | 1,189,221 | |
Corning Inc. | | | 15,876 | | | | 200,196 | |
Crown Castle International Corp.a | | | 3,149 | | | | 219,800 | |
Frontier Communications Corp.b | | | 10,726 | | | | 44,406 | |
Harris Corp. | | | 1,220 | | | | 58,645 | |
Juniper Networks Inc.a | | | 5,539 | | | | 114,547 | |
Level 3 Communications Inc.a,b | | | 1,639 | | | | 32,747 | |
MetroPCS Communications Inc.a | | | 3,325 | | | | 32,585 | |
Motorola Solutions Inc. | | | 2,712 | | | | 168,714 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SBA Communications Corp. Class Aa | | | 1,358 | | | $ | 96,581 | |
Sprint Nextel Corp.a | | | 32,278 | | | | 187,212 | |
Verizon Communications Inc. | | | 30,660 | | | | 1,426,610 | |
Virgin Media Inc. | | | 2,739 | | | | 127,090 | |
Windstream Corp. | | | 6,318 | | | | 54,272 | |
| | | | | | | | |
| | | | | | | 6,376,315 | |
TEXTILES — 0.08% | |
Cintas Corp. | | | 1,208 | | | | 53,031 | |
Mohawk Industries Inc.a,b | | | 631 | | | | 66,899 | |
| | | | | | | | |
| | | | | | | 119,930 | |
TOYS, GAMES & HOBBIES — 0.13% | |
Hasbro Inc.b | | | 1,256 | | | | 50,265 | |
Mattel Inc. | | | 3,686 | | | | 150,205 | |
| | | | | | | | |
| | | | | | | 200,470 | |
TRANSPORTATION — 1.66% | |
C.H. Robinson Worldwide Inc. | | | 1,732 | | | | 98,759 | |
CSX Corp. | | | 11,080 | | | | 254,175 | |
Expeditors International of Washington Inc. | | | 2,245 | | | | 87,218 | |
FedEx Corp. | | | 3,206 | | | | 338,009 | |
J.B. Hunt Transport Services Inc. | | | 1,016 | | | | 70,632 | |
Kansas City Southern Industries Inc. | | | 1,182 | | | | 121,711 | |
Norfolk Southern Corp. | | | 3,395 | | | | 248,005 | |
Union Pacific Corp. | | | 5,053 | | | | 692,817 | |
United Parcel Service Inc. Class B | | | 7,773 | | | | 642,438 | |
| | | | | | | | |
| | | | | | | 2,553,764 | |
WATER — 0.05% | |
American Water Works Co. Inc. | | | 1,899 | | | | 74,915 | |
| | | | | | | | |
| | | | | | | 74,915 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $130,984,643) | | | | | | | 153,014,883 | |
| |
SHORT-TERM INVESTMENTS — 1.85% | | | | | |
| | |
MONEY MARKET FUNDS — 1.85% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 2,503,352 | | | | 2,503,352 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 181,251 | | | | 181,251 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 43 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 152,842 | | | $ | 152,842 | |
| | | | | | | | |
| | | | | | | 2,837,445 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $2,837,445) | | | | | | | 2,837,445 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 101.55% | | | | | |
(Cost: $133,822,088) | | | | | | | 155,852,328 | |
Other Assets, Less Liabilities — (1.55)% | | | | | | | (2,371,292 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 153,481,036 | |
| | | | | | | | |
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.
| | |
| 44 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI Brazil Capped Index Fund | | | iShares MSCI Canada Index Fund | | | iShares
MSCI Chile Capped
Investable Market
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 5,905,464,573 | | | $ | 5,122,669,768 | | | $ | 419,214,651 | |
Affiliated (Note 2) | | | 811,745 | | | | 52,643,979 | | | | 19,603,844 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 5,906,276,318 | | | $ | 5,175,313,747 | | | $ | 438,818,495 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 8,318,249,385 | | | $ | 4,757,053,356 | | | $ | 614,277,024 | |
Affiliated (Note 2) | | | 811,745 | | | | 52,643,979 | | | | 19,603,844 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 8,319,061,130 | | | | 4,809,697,335 | | | | 633,880,868 | |
Foreign currencies, at valueb | | | 9,338,605 | | | | 20,947,503 | | | | — | |
Foreign currencies pledged to broker, at valueb | | | — | | | | 472,586 | | | | — | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 225,164,666 | | | | 788,016 | | | | 8,347,385 | |
Dividends and interest | | | 53,936,439 | | | | 6,580,383 | | | | 1,780 | |
Futures variation margin | | | — | | | | 758,309 | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 8,607,500,840 | | | | 4,839,244,132 | | | | 642,230,033 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 209,640,022 | | | | 60,482,616 | | | | 7,165,159 | |
Collateral for securities on loan (Note 5) | | | — | | | | 52,031,217 | | | | — | |
Capital shares redeemed | | | 17,729,710 | | | | 2,484,143 | | | | — | |
Investment advisory fees (Note 2) | | | 4,112,983 | | | | 1,902,938 | | | | 290,103 | |
| | | | | | | | | | | | |
Total Liabilities | | | 231,482,715 | | | | 116,900,914 | | | | 7,455,262 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 8,376,018,125 | | | $ | 4,722,343,218 | | | $ | 634,774,771 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 7,448,877,628 | | | $ | 5,332,790,678 | | | $ | 535,689,516 | |
Distributions in excess of net investment income | | | (29,992,426 | ) | | | (4,775,568 | ) | | | (215,174 | ) |
Accumulated net realized loss | | | (1,456,617,579 | ) | | | (240,321,548 | ) | | | (95,763,420 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 2,413,750,502 | | | | (365,350,344 | ) | | | 195,063,849 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 8,376,018,125 | | | $ | 4,722,343,218 | | | $ | 634,774,771 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 151,200,000 | | | | 166,200,000 | | | | 9,550,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 55.40 | | | $ | 28.41 | | | $ | 66.47 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $ —, $49,488,389 and $ —, respectively. See Note 5. |
| b | Cost of foreign currencies including currencies at broker, if any: $9,338,605, $21,865,959 and $ —, 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 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI Israel Capped
Investable Market
Index Fund | | | iShares
MSCI Mexico Capped
Investable Market
Index Fund | | | iShares
MSCI South Africa
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 100,418,890 | | | $ | 2,231,266,618 | | | $ | 538,714,918 | |
Affiliated (Note 2) | | | 777,345 | | | | 41,018,664 | | | | 5,215,141 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 101,196,235 | | | $ | 2,272,285,282 | | | $ | 543,930,059 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 80,362,653 | | | $ | 2,364,179,774 | | | $ | 505,634,924 | |
Affiliated (Note 2) | | | 777,345 | | | | 41,018,664 | | | | 5,215,141 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 81,139,998 | | | | 2,405,198,438 | | | | 510,850,065 | |
Foreign currencies, at valueb | | | 55,438 | | | | 3,807,717 | | | | 176,594 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 200,375 | | | | 69,927,850 | | | | 616,215 | |
Dividends and interest | | | 127,057 | | | | 620,270 | | | | 3,536 | |
Capital shares sold | | | — | | | | 174,220 | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 81,522,868 | | | | 2,479,728,495 | | | | 511,646,410 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 193,936 | | | | 68,718,304 | | | | 413,640 | |
Collateral for securities on loan (Note 5) | | | 738,106 | | | | 40,695,274 | | | | 4,990,000 | |
Investment advisory fees (Note 2) | | | 36,907 | | | | 889,187 | | | | 232,228 | |
| | | | | | | | | | | | |
Total Liabilities | | | 968,949 | | | | 110,302,765 | | | | 5,635,868 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 80,553,919 | | | $ | 2,369,425,730 | | | $ | 506,010,542 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 133,001,818 | | | $ | 2,354,061,238 | | | $ | 597,349,901 | |
Undistributed (distributions in excess of) net investment income | | | (301,194 | ) | | | 1,194,871 | | | | (4,431,954 | ) |
Accumulated net realized loss | | | (32,089,223 | ) | | | (118,751,069 | ) | | | (53,827,411 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | (20,057,482 | ) | | | 132,920,690 | | | | (33,079,994 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 80,553,919 | | | $ | 2,369,425,730 | | | $ | 506,010,542 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 1,850,000 | | | | 33,200,000 | | | | 7,800,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 43.54 | | | $ | 71.37 | | | $ | 64.87 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $699,777, $37,932,851 and $4,744,590, respectively. See Note 5. |
| b | Cost of foreign currencies: $55,954, $3,807,717 and $176,594, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million, 255 million and 400 million, respectively. |
See notes to financial statements.
| | |
| 46 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | | | | | |
| | | iShares
MSCI Turkey
Investable Market Index Fund | | | iShares
MSCI USA
Index Fund | |
| | |
ASSETS | | | | | | | | |
Investments, at cost: | | | | | | | | |
Unaffiliated | | $ | 761,404,079 | | | $ | 130,400,845 | |
Affiliated (Note 2) | | | 23,506,698 | | | | 3,421,243 | |
| | | | | | | | |
Total cost of investments | | $ | 784,910,777 | | | $ | 133,822,088 | |
| | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | |
Unaffiliated | | $ | 805,739,007 | | | $ | 152,311,067 | |
Affiliated (Note 2) | | | 23,506,698 | | | | 3,541,261 | |
| | | | | | | | |
Total fair value of investments | | | 829,245,705 | | | | 155,852,328 | |
Foreign currencies, at valueb | | | 415,821 | | | | — | |
Receivables: | | | | | | | | |
Investment securities sold | | | — | | | | 822,544 | |
Dividends and interest | | | 66,234 | | | | 366,142 | |
| | | | | | | | |
Total Assets | | | 829,727,760 | | | | 157,041,014 | |
| | | | | | | | |
| | |
LIABILITIES | | | | | | | | |
Payables: | | | | | | | | |
Investment securities purchased | | | — | | | | 857,664 | |
Collateral for securities on loan (Note 5) | | | 23,411,603 | | | | 2,684,603 | |
Investment advisory fees (Note 2) | | | 378,701 | | | | 17,711 | |
| | | | | | | | |
Total Liabilities | | | 23,790,304 | | | | 3,559,978 | |
| | | | | | | | |
NET ASSETS | | $ | 805,937,456 | | | $ | 153,481,036 | |
| | | | | | | | |
| | |
Net assets consist of: | | | | | | | | |
Paid-in capital | | $ | 793,287,774 | | | $ | 127,557,122 | |
Undistributed (distributions in excess of) net investment income | | | (1,981,249 | ) | | | 554,012 | |
Undistributed net realized gain (accumulated net realized loss) | | | (29,696,749 | ) | | | 3,339,662 | |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 44,327,680 | | | | 22,030,240 | |
| | | | | | | | |
NET ASSETS | | $ | 805,937,456 | | | $ | 153,481,036 | |
| | | | | | | | |
| | |
Shares outstandingc | | | 12,150,000 | | | | 4,700,000 | |
| | | | | | | | |
| | |
Net asset value per share | | $ | 66.33 | | | $ | 32.66 | |
| | | | | | | | |
| a | Securities on loan with values of $21,943,100 and $2,613,271, respectively. See Note 5. |
| b | Cost of foreign currencies: $423,069 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 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI Brazil Capped
Index Fund | | | iShares
MSCI Canada
Index Fund | | | iShares
MSCI Chile Capped
Investable Market
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 136,032,472 | | | $ | 56,120,308 | | | $ | 2,260,103 | |
Interest — unaffiliated | | | — | | | | 4,812 | | | | — | |
Interest — affiliated (Note 2) | | | 2,943 | | | | 1,886 | | | | 575 | |
Securities lending income — affiliated (Note 2) | | | 42 | | | | 383,824 | | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 136,035,457 | | | | 56,510,830 | | | | 2,260,678 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 26,696,139 | | | | 11,730,383 | | | | 1,702,825 | |
| | | | | | | | | | | | |
Total expenses | | | 26,696,139 | | | | 11,730,383 | | | | 1,702,825 | |
| | | | | | | | | | | | |
Net investment income | | | 109,339,318 | | | | 44,780,447 | | | | 557,853 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (268,881,056 | ) | | | (13,506,043 | ) | | | (3,093,644 | ) |
In-kind redemptions — unaffiliated | | | 47,225,661 | | | | 43,468,206 | | | | — | |
Futures contracts | | | — | | | | 234,177 | | | | — | |
Foreign currency transactions | | | (237,319 | ) | | | (452,599 | ) | | | (90,933 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (221,892,714 | ) | | | 29,743,741 | | | | (3,184,577 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 584,531,085 | | | | 124,749,830 | | | | 58,497,961 | |
Futures contracts | | | — | | | | 803,280 | | | | — | |
Translation of assets and liabilities in foreign currencies | | | 2,043,644 | | | | (541,498 | ) | | | 5,703 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 586,574,729 | | | | 125,011,612 | | | | 58,503,664 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 364,682,015 | | | | 154,755,353 | | | | 55,319,087 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 474,021,333 | | | $ | 199,535,800 | | | $ | 55,876,940 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $10,456,848, $9,816,757 and $708,316, respectively. |
See notes to financial statements.
| | |
| 48 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares
MSCI Israel Capped
Investable Market
Index Fund | | | iShares
MSCI Mexico Capped
Investable Market
Index Fund | | | iShares
MSCI South Africa
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 876,271 | | | $ | 8,504,460 | | | $ | 6,547,374 | |
Interest — affiliated (Note 2) | | | 34 | | | | 318 | | | | 185 | |
Securities lending income — affiliated (Note 2) | | | 79,186 | | | | 112,608 | | | | 46,095 | |
| | | | | | | | | | | | |
Total investment income | | | 955,491 | | | | 8,617,386 | | | | 6,593,654 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 237,279 | | | | 4,390,129 | | | | 1,528,256 | |
| | | | | | | | | | | | |
Total expenses | | | 237,279 | | | | 4,390,129 | | | | 1,528,256 | |
| | | | | | | | | | | | |
Net investment income | | | 718,212 | | | | 4,227,257 | | | | 5,065,398 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (3,120,393 | ) | | | (51,996,638 | ) | | | (1,826,433 | ) |
In-kind redemptions — unaffiliated | | | 871,361 | | | | 20,705,624 | | | | 11,186,106 | |
Foreign currency transactions | | | 23,160 | | | | 80,202 | | | | (43,341 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (2,225,872 | ) | | | (31,210,812 | ) | | | 9,316,332 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 14,398,206 | | | | 248,567,058 | | | | (3,945,724 | ) |
Translation of assets and liabilities in foreign currencies | | | (1,696 | ) | | | 14,568 | | | | 15,261 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 14,396,510 | | | | 248,581,626 | | | | (3,930,463 | ) |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 12,170,638 | | | | 217,370,814 | | | | 5,385,869 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 12,888,850 | | | $ | 221,598,071 | | | $ | 10,451,267 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $215,093, $ — and $863,781, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | |
| | | iShares
MSCI Turkey
Investable Market Index Fund | | | iShares
MSCI USA
Index Fund | |
| | |
NET INVESTMENT INCOME | | | | | | | | |
Dividends — unaffiliateda | | $ | 264,758 | | | $ | 1,838,891 | |
Dividends — affiliated (Note 2) | | | — | | | | 6,867 | |
Interest — affiliated (Note 2) | | | 76 | | | | 72 | |
Securities lending income — affiliated (Note 2) | | | 369,637 | | | | 5,315 | |
| | | | | | | | |
Total investment income | | | 634,471 | | | | 1,851,145 | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory fees (Note 2) | | | 2,085,969 | | | | 111,661 | |
| | | | | | | | |
Total expenses | | | 2,085,969 | | | | 111,661 | |
| | | | | | | | |
Net investment income (loss) | | | (1,451,498 | ) | | | 1,739,484 | |
| | | | | | | | |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments — unaffiliated | | | (7,347,042 | ) | | | (157,154 | ) |
Investments — affiliated (Note 2) | | | — | | | | (658 | ) |
In-kind redemptions — unaffiliated | | | 18,415,797 | | | | 3,989,384 | |
In-kind redemptions — affiliated (Note 2) | | | — | | | | 15,938 | |
Foreign currency transactions | | | 12,014 | | | | — | |
| | | | | | | | |
Net realized gain | | | 11,080,769 | | | | 3,847,510 | |
| | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | |
Investments | | | 95,489,406 | | | | 7,463,089 | |
Translation of assets and liabilities in foreign currencies | | | (6,743 | ) | | | — | |
| | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 95,482,663 | | | | 7,463,089 | |
| | | | | | | | |
Net realized and unrealized gain | | | 106,563,432 | | | | 11,310,599 | |
| | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 105,111,934 | | | $ | 13,050,083 | |
| | | | | | | | |
| a | Net of foreign withholding tax of $16,524 and $1,920, respectively. |
See notes to financial statements.
| | |
| 50 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
iShares
MSCI Brazil Capped
Index Fund | | | iShares
MSCI Canada
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 109,339,318 | | | $ | 265,582,641 | | | $ | 44,780,447 | | | $ | 87,661,937 | |
Net realized gain (loss) | | | (221,892,714 | ) | | | (543,223,728 | ) | | | 29,743,741 | | | | 21,344,695 | |
Net change in unrealized appreciation/depreciation | | | 586,574,729 | | | | (1,354,671,920 | ) | | | 125,011,612 | | | | (434,518,038 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 474,021,333 | | | | (1,632,313,007 | ) | | | 199,535,800 | | | | (325,511,406 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (85,946,218 | ) | | | (82,370,233 | ) | | | (62,085,928 | ) | | | (94,130,044 | ) |
Return of capital | | | — | | | | (133,826,010 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (85,946,218 | ) | | | (216,196,243 | ) | | | (62,085,928 | ) | | | (94,130,044 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 1,642,559,353 | | | | 139,197,302 | | | | 613,910,740 | | | | 652,923,013 | |
Cost of shares redeemed | | | (1,025,233,433 | ) | | | (2,252,192,423 | ) | | | (283,561,696 | ) | | | (1,071,283,795 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 617,325,920 | | | | (2,112,995,121 | ) | | | 330,349,044 | | | | (418,360,782 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 1,005,401,035 | | | | (3,961,504,371 | ) | | | 467,798,916 | | | | (838,002,232 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 7,370,617,090 | | | | 11,332,121,461 | | | | 4,254,544,302 | | | | 5,092,546,534 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 8,376,018,125 | | | $ | 7,370,617,090 | | | $ | 4,722,343,218 | | | $ | 4,254,544,302 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (29,992,426 | ) | | $ | (53,385,526 | ) | | $ | (4,775,568 | ) | | $ | 12,529,913 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 29,600,000 | | | | 2,600,000 | | | | 21,600,000 | | | | 23,900,000 | |
Shares redeemed | | | (18,500,000 | ) | | | (36,850,000 | ) | | | (10,000,000 | ) | | | (39,700,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 11,100,000 | | | | (34,250,000 | ) | | | 11,600,000 | | | | (15,800,000 | ) |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares
MSCI Chile Capped
Investable Market
Index Fund | | | iShares
MSCI Israel Capped
Investable Market
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 557,853 | | | $ | 9,312,365 | | | $ | 718,212 | | | $ | 2,116,888 | |
Net realized loss | | | (3,184,577 | ) | | | (53,947,353 | ) | | | (2,225,872 | ) | | | (8,782,793 | ) |
Net change in unrealized appreciation/depreciation | | | 58,503,664 | | | | (39,629,429 | ) | | | 14,396,510 | | | | (7,354,630 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 55,876,940 | | | | (84,264,417 | ) | | | 12,888,850 | | | | (14,020,535 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (773,027 | ) | | | (8,674,940 | ) | | | (1,015,503 | ) | | | (1,986,153 | ) |
Return of capital | | | — | | | | (430,786 | ) | | | — | | | | (63,813 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (773,027 | ) | | | (9,105,726 | ) | | | (1,015,503 | ) | | | (2,049,966 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 58,641,152 | | | | 168,360,287 | | | | 4,057,008 | | | | 54,151,938 | |
Cost of shares redeemed | | | (27,766,939 | ) | | | (234,211,464 | ) | | | (4,288,924 | ) | | | (47,186,462 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 30,874,213 | | | | (65,851,177 | ) | | | (231,916 | ) | | | 6,965,476 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 85,978,126 | | | | (159,221,320 | ) | | | 11,641,431 | | | | (9,105,025 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 548,796,645 | | | | 708,017,965 | | | | 68,912,488 | | | | 78,017,513 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 634,774,771 | | | $ | 548,796,645 | | | $ | 80,553,919 | | | $ | 68,912,488 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (215,174 | ) | | $ | — | | | $ | (301,194 | ) | | $ | (3,903 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 900,000 | | | | 2,600,000 | | | | 100,000 | | | | 1,300,000 | |
Shares redeemed | | | (450,000 | ) | | | (4,050,000 | ) | | | (100,000 | ) | | | (1,150,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 450,000 | | | | (1,450,000 | ) | | | — | | | | 150,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 52 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | | iShares
MSCI Mexico Capped
Investable Market
Index Fund | | | iShares
MSCI South Africa
Index Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 4,227,257 | | | $ | 14,544,267 | | | $ | 5,065,398 | | | $ | 16,812,091 | |
Net realized gain (loss) | | | (31,210,812 | ) | | | 51,713,777 | | | | 9,316,332 | | | | 9,214,776 | |
Net change in unrealized appreciation/depreciation | | | 248,581,626 | | | | (17,415,752 | ) | | | (3,930,463 | ) | | | (38,029,481 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 221,598,071 | | | | 48,842,292 | | | | 10,451,267 | | | | (12,002,614 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (4,593,811 | ) | | | (16,941,924 | ) | | | (8,548,997 | ) | | | (16,263,704 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (4,593,811 | ) | | | (16,941,924 | ) | | | (8,548,997 | ) | | | (16,263,704 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 1,073,335,530 | | | | 1,078,823,186 | | | | 86,109,028 | | | | 164,594,240 | |
Cost of shares redeemed | | | (103,613,612 | ) | | | (1,171,754,823 | ) | | | (53,922,934 | ) | | | (168,507,993 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 969,721,918 | | | | (92,931,637 | ) | | | 32,186,094 | | | | (3,913,753 | ) |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 1,186,726,178 | | | | (61,031,269 | ) | | | 34,088,364 | | | | (32,180,071 | ) |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 1,182,699,552 | | | | 1,243,730,821 | | | | 471,922,178 | | | | 504,102,249 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 2,369,425,730 | | | $ | 1,182,699,552 | | | $ | 506,010,542 | | | $ | 471,922,178 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 1,194,871 | | | $ | 1,561,425 | | | $ | (4,431,954 | ) | | $ | (948,355 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 15,300,000 | | | | 18,600,000 | | | | 1,300,000 | | | | 2,600,000 | |
Shares redeemed | | | (1,500,000 | ) | | | (20,500,000 | ) | | | (800,000 | ) | | | (2,600,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 13,800,000 | | | | (1,900,000 | ) | | | 500,000 | | | | — | |
| | | | | | | | | | | | | | | | |
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 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (1,451,498 | ) | | $ | 7,409,333 | | | $ | 1,739,484 | | | $ | 2,008,350 | |
Net realized gain (loss) | | | 11,080,769 | | | | (43,049,648 | ) | | | 3,847,510 | | | | 1,787,070 | |
Net change in unrealized appreciation/depreciation | | | 95,482,663 | | | | 111,616,412 | | | | 7,463,089 | | | | 14,419,985 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 105,111,934 | | | | 75,976,097 | | | | 13,050,083 | | | | 18,215,405 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (8,952,333 | ) | | | (1,775,339 | ) | | | (1,429,449 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | — | | | | (8,952,333 | ) | | | (1,775,339 | ) | | | (1,429,449 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 215,267,068 | | | | 169,170,485 | | | | 18,838,623 | | | | 150,498,448 | |
Cost of shares redeemed | | | (75,725,831 | ) | | | (123,586,926 | ) | | | (22,102,164 | ) | | | (27,048,052 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 139,541,237 | | | | 45,583,559 | | | | (3,263,541 | ) | | | 123,450,396 | |
| | | | | | | | | | | | | | | | |
INCREASE IN NET ASSETS | | | 244,653,171 | | | | 112,607,323 | | | | 8,011,203 | | | | 140,236,352 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 561,284,285 | | | | 448,676,962 | | | | 145,469,833 | | | | 5,233,481 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 805,937,456 | | | $ | 561,284,285 | | | $ | 153,481,036 | | | $ | 145,469,833 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (1,981,249 | ) | | $ | (529,751 | ) | | $ | 554,012 | | | $ | 589,867 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 3,350,000 | | | | 3,250,000 | | | | 600,000 | | | | 5,550,000 | |
Shares redeemed | | | (1,200,000 | ) | | | (2,650,000 | ) | | | (700,000 | ) | | | (950,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,150,000 | | | | 600,000 | | | | (100,000 | ) | | | 4,600,000 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 54 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | iShares MSCI Brazil Capped Index Fund | |
| | | Six months
ended Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 52.61 | | | $ | 65.00 | | | $ | 68.07 | | | $ | 58.26 | | | $ | 73.27 | | | $ | 61.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.67 | | | | 1.73 | | | | 2.24 | | | | 1.56 | | | | 1.56 | | | | 1.93 | |
Net realized and unrealized gain (loss)b | | | 2.63 | | | | (12.64 | ) | | | (1.69 | ) | | | 10.83 | | | | (14.63 | ) | | | 11.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.30 | | | | (10.91 | ) | | | 0.55 | | | | 12.39 | | | | (13.07 | ) | | | 13.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.51 | ) | | | (0.56 | ) | | | (3.62 | ) | | | (2.58 | ) | | | (1.94 | ) | | | (1.41 | ) |
Net realized gain | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.43 | ) |
Return of capital | | | — | | | | (0.92 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.51 | ) | | | (1.48 | ) | | | (3.62 | ) | | | (2.58 | ) | | | (1.94 | ) | | | (1.84 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 55.40 | | | $ | 52.61 | | | $ | 65.00 | | | $ | 68.07 | | | $ | 58.26 | | | $ | 73.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 6.29 | %c | | | (16.79 | )% | | | 0.36 | % | | | 21.12 | % | | | (16.05 | )% | | | 21.58 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 8,376,018 | | | $ | 7,370,617 | | | $ | 11,332,121 | | | $ | 9,240,453 | | | $ | 8,777,366 | | | $ | 7,242,260 | |
Ratio of expenses to average net assetsd,e | | | 0.60 | % | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income to average net assetsd | | | 2.48 | % | | | 2.92 | % | | | 3.08 | % | | | 2.24 | % | | | 3.38 | % | | | 2.37 | % |
Portfolio turnover ratef | | | 21 | % | | | 7 | % | | | 11 | % | | | 13 | % | | | 30 | % | | | 30 | % |
| 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 years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes. |
| f | 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 solely or partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2013 and the years ended August 31, 2012, August 31, 2011, August 31, 2010, August 31, 2009 and August 31, 2008 were 10%, 6%, 11%, 13%, 14%, and 19%, 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. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 27.52 | | | $ | 29.89 | | | $ | 26.10 | | | $ | 23.70 | | | $ | 30.55 | | | $ | 29.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.28 | | | | 0.53 | | | | 0.53 | | | | 0.43 | | | | 0.41 | | | | 0.47 | |
Net realized and unrealized gain (loss)b | | | 0.99 | | | | (2.33 | ) | | | 3.78 | | | | 2.39 | | | | (6.84 | ) | | | 0.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.27 | | | | (1.80 | ) | | | 4.31 | | | | 2.82 | | | | (6.43 | ) | | | 1.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.38 | ) | | | (0.57 | ) | | | (0.52 | ) | | | (0.42 | ) | | | (0.42 | ) | | | (0.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.38 | ) | | | (0.57 | ) | | | (0.52 | ) | | | (0.42 | ) | | | (0.42 | ) | | | (0.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 28.41 | | | $ | 27.52 | | | $ | 29.89 | | | $ | 26.10 | | | $ | 23.70 | | | $ | 30.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 4.60 | %c | | | (5.87 | )% | | | 16.50 | % | | | 11.91 | % | | | (20.51 | )% | | | 3.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 4,722,343 | | | $ | 4,254,544 | | | $ | 5,092,547 | | | $ | 3,447,242 | | | $ | 2,393,638 | | | $ | 2,071,061 | |
Ratio of expenses to average net assetsd,e | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 1.96 | % | | | 1.94 | % | | | 1.70 | % | | | 1.63 | % | | | 2.00 | % | | | 1.46 | % |
Portfolio turnover ratef | | | 3 | % | | | 5 | % | | | 8 | % | | | 6 | % | | | 6 | % | | | 11 | % |
| a | Based on average shares outstanding throughout each period. |
| b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| d | Annualized for periods of less than one year. |
| e | Ratios for the years ended August 31, 2010 and prior have been recalculated, as necessary, to conform with the current presentation of foreign taxes. |
| f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
| | |
| 56 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | iShares MSCI Chile Capped Investable Market Index Fund | |
| | | Six months
ended Feb. 28, 2013
(Unaudited) | | | Year ended
Aug. 31, 2012 | | | 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 | | $ | 60.31 | | | $ | 67.11 | | | $ | 67.37 | | | $ | 44.61 | | | $ | 44.80 | | | $ | 48.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.06 | | | | 0.97 | | | | 0.95 | | | | 0.59 | | | | 0.76 | | | | 0.92 | |
Net realized and unrealized gain (loss)c | | | 6.19 | | | | (6.80 | ) | | | (0.23 | ) | | | 22.86 | | | | (0.42 | ) | | | (4.38 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 6.25 | | | | (5.83 | ) | | | 0.72 | | | | 23.45 | | | | 0.34 | | | | (3.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.09 | ) | | | (0.92 | ) | | | (0.98 | ) | | | (0.66 | ) | | | (0.53 | ) | | | (0.58 | ) |
Return of capital | | | — | | | | (0.05 | ) | | | (0.00 | )d | | | (0.03 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.09 | ) | | | (0.97 | ) | | | (0.98 | ) | | | (0.69 | ) | | | (0.53 | ) | | | (0.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 66.47 | | | $ | 60.31 | | | $ | 67.11 | | | $ | 67.37 | | | $ | 44.61 | | | $ | 44.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 10.37 | %e | | | (8.68 | )% | | | 0.93 | % | | | 52.88 | % | | | 0.89 | % | | | (7.15 | )%e |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 634,775 | | | $ | 548,797 | | | $ | 708,018 | | | $ | 670,350 | | | $ | 263,205 | | | $ | 76,158 | |
Ratio of expenses to average net assetsf | | | 0.60 | % | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income to average net assetsf | | | 0.20 | % | | | 1.55 | % | | | 1.30 | % | | | 1.05 | % | | | 1.98 | % | | | 2.38 | % |
Portfolio turnover rateg | | | 15 | % | | | 48 | % | | | 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 rates for the six months ended February 28, 2013, the years ended August 31, 2012, August 31, 2011, August 31, 2010, August 31, 2009 and the period ended August 31, 2008 were 6%, 20%, 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. 28, 2013
(Unaudited) | | | Year ended
Aug. 31, 2012 | | | 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 | | $ | 37.25 | | | $ | 45.89 | | | $ | 49.41 | | | $ | 46.87 | | | $ | 48.62 | | | $ | 50.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.38 | | | | 1.12 | | | | 1.39 | | | | 1.40 | | | | 0.98 | | | | 0.21 | |
Net realized and unrealized gain (loss)c | | | 6.44 | | | | (8.66 | ) | | | (3.18 | ) | | | 2.63 | | | | (1.75 | ) | | | (1.92 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 6.82 | | | | (7.54 | ) | | | (1.79 | ) | | | 4.03 | | | | (0.77 | ) | | | (1.71 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.53 | ) | | | (1.07 | ) | | | (1.73 | ) | | | (1.49 | ) | | | (0.98 | ) | | | — | |
Return of capital | | | — | | | | (0.03 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.53 | ) | | | (1.10 | ) | | | (1.73 | ) | | | (1.49 | ) | | | (0.98 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 43.54 | | | $ | 37.25 | | | $ | 45.89 | | | $ | 49.41 | | | $ | 46.87 | | | $ | 48.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 18.35 | %d | | | (16.52 | )% | | | (4.26 | )% | | | 8.57 | % | | | (0.63 | )% | | | (3.40 | )%d |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 80,554 | | | $ | 68,912 | | | $ | 78,018 | | | $ | 128,473 | | | $ | 107,792 | | | $ | 204,201 | |
Ratio of expenses to average net assetse | | | 0.60 | % | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.66 | % | | | 0.63 | % |
Ratio of net investment income to average net assetse | | | 1.83 | % | | | 2.75 | % | | | 2.49 | % | | | 2.64 | % | | | 2.66 | % | | | 0.93 | % |
Portfolio turnover ratef | | | 8 | % | | | 20 | % | | | 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.
| | |
| 58 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | iShares MSCI Mexico Capped Investable Market Index Fund | |
| | | Six months
ended Feb. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Year ended Aug. 31, 2011 | | | Year ended Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended
Aug. 31, 2008 | |
Net asset value, beginning of period | | $ | 60.96 | | | $ | 58.39 | | | $ | 48.17 | | | $ | 42.59 | | | $ | 51.94 | | | $ | 58.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomea | | | 0.17 | | | | 0.73 | | | | 0.80 | | | | 0.72 | | | | 0.43 | | | | 1.40 | |
Net realized and unrealized gain (loss)b | | | 10.41 | | | | 2.76 | | | | 10.15 | | | | 5.61 | | | | (9.17 | ) | | | (6.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 10.58 | | | | 3.49 | | | | 10.95 | | | | 6.33 | | | | (8.74 | ) | | | (4.81 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.17 | ) | | | (0.92 | ) | | | (0.73 | ) | | | (0.75 | ) | | | (0.61 | ) | | | (1.60 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.17 | ) | | | (0.92 | ) | | | (0.73 | ) | | | (0.75 | ) | | | (0.61 | ) | | | (1.60 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 71.37 | | | $ | 60.96 | | | $ | 58.39 | | | $ | 48.17 | | | $ | 42.59 | | | $ | 51.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 17.36 | %c | | | 6.13 | % | | | 22.67 | % | | | 14.83 | % | | | (16.50 | )% | | | (8.44 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,369,426 | | | $ | 1,182,700 | | | $ | 1,243,731 | | | $ | 1,450,039 | | | $ | 694,278 | | | $ | 955,684 | |
Ratio of expenses to average net assetsd | | | 0.51 | % | | | 0.53 | % | | | 0.52 | % | | | 0.53 | % | | | 0.55 | % | | | 0.52 | % |
Ratio of net investment income to average net assetsd | | | 0.49 | % | | | 1.26 | % | | | 1.35 | % | | | 1.46 | % | | | 1.25 | % | | | 2.42 | % |
Portfolio turnover ratee | | | 11 | % | | | 10 | % | | | 5 | % | | | 11 | % | | | 13 | % | | | 13 | % |
| 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. 28, 2013
(Unaudited) | | | Year ended
Aug. 31, 2012 | | | Year ended
Aug. 31, 2011 | | | Year ended
Aug. 31, 2010 | | | Year ended
Aug. 31, 2009 | | | Year ended
Aug. 31, 2008a | |
Net asset value, beginning of period | | $ | 64.65 | | | $ | 69.06 | | | $ | 58.74 | | | $ | 51.99 | | | $ | 55.80 | | | $ | 62.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.66 | | | | 2.10 | | | | 1.65 | | | | 1.18 | | | | 1.94 | | | | 2.28 | |
Net realized and unrealized gain (loss)c | | | 0.68 | | | | (4.41 | ) | | | 11.08 | | | | 6.92 | | | | (3.84 | ) | | | (6.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 1.34 | | | | (2.31 | ) | | | 12.73 | | | | 8.10 | | | | (1.90 | ) | | | (3.74 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (1.12 | ) | | | (2.10 | ) | | | (2.41 | ) | | | (1.35 | ) | | | (1.91 | ) | | | (2.72 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.12 | ) | | | (2.10 | ) | | | (2.41 | ) | | | (1.35 | ) | | | (1.91 | ) | | | (2.72 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 64.87 | | | $ | 64.65 | | | $ | 69.06 | | | $ | 58.74 | | | $ | 51.99 | | | $ | 55.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 1.99 | %d | | | (3.17 | )% | | | 21.58 | % | | | 15.80 | % | | | (2.23 | )% | | | (6.18 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 506,011 | | | $ | 471,922 | | | $ | 504,102 | | | $ | 505,191 | | | $ | 488,728 | | | $ | 429,655 | |
Ratio of expenses to average net assetse | | | 0.60 | % | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.66 | % | | | 0.63 | % |
Ratio of net investment income to average net assetse | | | 2.01 | % | | | 3.26 | % | | | 2.38 | % | | | 2.09 | % | | | 4.81 | % | | | 3.61 | % |
Portfolio turnover ratef | | | 1 | % | | | 4 | % | | | 4 | % | | | 5 | % | | | 16 | % | | | 21 | % |
| 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.
| | |
| 60 | | 2013 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. 28, 2013
(Unaudited) | | | Year ended
Aug. 31, 2012 | | | 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 | | $ | 56.13 | | | $ | 47.73 | | | $ | 60.81 | | | $ | 48.01 | | | $ | 52.42 | | | $ | 50.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)b | | | (0.13 | ) | | | 0.86 | | | | 0.84 | | | | 1.00 | | | | 0.78 | | | | 0.83 | |
Net realized and unrealized gain (loss)c | | | 10.33 | | | | 8.70 | | | | (12.59 | ) | | | 13.02 | | | | (4.22 | ) | | | 1.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 10.20 | | | | 9.56 | | | | (11.75 | ) | | | 14.02 | | | | (3.44 | ) | | | 2.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | — | | | | (1.16 | ) | | | (1.33 | ) | | | (1.22 | ) | | | (0.97 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | — | | | | (1.16 | ) | | | (1.33 | ) | | | (1.22 | ) | | | (0.97 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 66.33 | | | $ | 56.13 | | | $ | 47.73 | | | $ | 60.81 | | | $ | 48.01 | | | $ | 52.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 18.17 | %d | | | 20.37 | % | | | (19.74 | )% | | | 29.55 | % | | | (5.56 | )% | | | 4.22 | %d |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 805,937 | | | $ | 561,284 | | | $ | 448,677 | | | $ | 601,988 | | | $ | 242,435 | | | $ | 152,021 | |
Ratio of expenses to average net assetse | | | 0.60 | % | | | 0.61 | % | | | 0.59 | % | | | 0.61 | % | | | 0.65 | % | | | 0.63 | % |
Ratio of net investment income (loss) to average net assetse | | | (0.42 | )% | | | 1.75 | % | | | 1.30 | % | | | 1.81 | % | | | 2.39 | % | | | 3.78 | % |
Portfolio turnover ratef | | | 4 | % | | | 9 | % | | | 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. 28, 2013
(Unaudited) | | | Year ended
Aug. 31, 2012 | | | Year ended
Aug. 31, 2011 | | | Period from
May 5, 2010a to Aug. 31, 2010 | |
Net asset value, beginning of period | | $ | 30.31 | | | $ | 26.17 | | | $ | 22.44 | | | $ | 24.83 | |
| | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.36 | | | | 0.59 | | | | 0.51 | | | | 0.17 | |
Net realized and unrealized gain (loss)c | | | 2.36 | | | | 3.94 | | | | 3.73 | | | | (2.49 | ) |
| | | | | | | | | | | | | | | | |
Total from investment operations | | | 2.72 | | | | 4.53 | | | | 4.24 | | | | (2.32 | ) |
| | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | |
Net investment income | | | (0.37 | ) | | | (0.39 | ) | | | (0.51 | ) | | | (0.07 | ) |
| | | | | | | | | | | | | | | | |
Total distributions | | | (0.37 | ) | | | (0.39 | ) | | | (0.51 | ) | | | (0.07 | ) |
| | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 32.66 | | | $ | 30.31 | | | $ | 26.17 | | | $ | 22.44 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total return | | | 9.03 | %d | | | 17.44 | % | | | 18.89 | % | | | (9.37 | )%d |
| | | | | | | | | | | | | | | | |
| | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 153,481 | | | $ | 145,470 | | | $ | 5,233 | | | $ | 2,244 | |
Ratio of expenses to average net assetse | | | 0.15 | % | | | 0.15 | % | | | 0.15 | % | | | 0.15 | % |
Ratio of net investment income to average net assetse | | | 2.34 | % | | | 2.04 | % | | | 1.90 | % | | | 2.21 | % |
Portfolio turnover ratef | | | 2 | % | | | 6 | % | | | 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.
| | |
| 62 | | 2013 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 Cappeda | | | Non-diversified | |
Canada | | | Diversified | |
Chile Capped Investable Marketb | | | Non-diversified | |
Israel Capped Investable Market | | | Non-diversified | |
| | | | |
| iShares MSCI Index Fund | | Diversification
Classification | |
Mexico Capped Investable Marketc | | | Non-diversified | |
South Africa | | | Non-diversified | |
Turkey Investable Market | | | Non-diversified | |
USA | | | Non-diversified | |
| | a | | Formerly the iShares MSCI Brazil Index Fund |
| | b | | Formerly the iShares MSCI Chile Investable Market Index Fund |
| | c | | Formerly the iShares MSCI Mexico Investable Market Index Fund |
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 | | | 63 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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). |
| | • | | Financial futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability |
| | |
| 64 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the 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. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2013. 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 | |
Brazil Capped | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 4,252,853,728 | | | $ | — | | | $ | — | | | $ | 4,252,853,728 | |
Preferred Stocks | | | 4,065,395,657 | | | | — | | | | — | | | | 4,065,395,657 | |
Rights | | | — | | | | 0 | a | | | — | | | | 0 | a |
Money Market Funds | | | 811,745 | | | | — | | | | — | | | | 811,745 | |
| | | | | | | | | | | | | | | | |
| | $ | 8,319,061,130 | | | $ | 0 | a | | $ | — | | | $ | 8,319,061,130 | |
| | | | | | | | | | | | | | | | |
| | | | |
Canada | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 4,757,053,348 | | | $ | — | | | $ | 8 | | | $ | 4,757,053,356 | |
Money Market Funds | | | 52,643,979 | | | | — | | | | — | | | | 52,643,979 | |
Futures Contractsb | | | 758,309 | | | | — | | | | — | | | | 758,309 | |
| | | | | | | | | | | | | | | | |
| | $ | 4,810,455,636 | | | $ | — | | | $ | 8 | | | $ | 4,810,455,644 | |
| | | | | | | | | | | | | | | | |
| | | | |
Chile Capped Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 569,721,164 | | | $ | — | | | $ | — | | | $ | 569,721,164 | |
Preferred Stocks | | | 43,382,924 | | | | — | | | | — | | | | 43,382,924 | |
Rights | | | 1,172,936 | | | | — | | | | — | | | | 1,172,936 | |
Money Market Funds | | | 19,603,844 | | | | — | | | | — | | | | 19,603,844 | |
| | | | | | | | | | | | | | | | |
| | $ | 633,880,868 | | | $ | — | | | $ | — | | | $ | 633,880,868 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 65 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Israel Capped Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 80,362,653 | | | $ | — | | | $ | — | | | $ | 80,362,653 | |
Money Market Funds | | | 777,345 | | | | — | | | | — | | | | 777,345 | |
| | | | | | | | | | | | | | | | |
| | $ | 81,139,998 | | | $ | — | | | $ | — | | | $ | 81,139,998 | |
| | | | | | | | | | | | | | | | |
| | | | |
Mexico Capped Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,364,179,774 | | | $ | — | | | $ | — | | | $ | 2,364,179,774 | |
Money Market Funds | | | 41,018,664 | | | | — | | | | — | | | | 41,018,664 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,405,198,438 | | | $ | — | | | $ | — | | | $ | 2,405,198,438 | |
| | | | | | | | | | | | | | | | |
| | | | |
South Africa | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 505,634,924 | | | $ | — | | | $ | — | | | $ | 505,634,924 | |
Money Market Funds | | | 5,215,141 | | | | — | | | | — | | | | 5,215,141 | |
| | | | | | | | | | | | | | | | |
| | $ | 510,850,065 | | | $ | — | | | $ | — | | | $ | 510,850,065 | |
| | | | | | | | | | | | | | | | |
| | | | |
Turkey Investable Market | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 805,739,007 | | | $ | — | | | $ | — | | | $ | 805,739,007 | |
Money Market Funds | | | 23,506,698 | | | | — | | | | — | | | | 23,506,698 | |
| | | | | | | | | | | | | | | | |
| | $ | 829,245,705 | | | $ | — | | | $ | — | | | $ | 829,245,705 | |
| | | | | | | | | | | | | | | | |
| | | | |
USA | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 153,014,883 | | | $ | — | | | $ | — | | | $ | 153,014,883 | |
Money Market Funds | | | 2,837,445 | | | | — | | | | — | | | | 2,837,445 | |
| | | | | | | | | | | | | | | | |
| | $ | 155,852,328 | | | $ | — | | | $ | — | | | $ | 155,852,328 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | a | | Rounds to less than $1. |
| | b | | Futures contracts are shown at the net unrealized appreciation (depreciation) on the contracts. |
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 28, 2013 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.
| | |
| 66 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to 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, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, 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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 67 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
statements for fiscal years beginning after January 1, 2013, 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 Capped 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 |
For its investment advisory services to each of the iShares MSCI Brazil Capped, iShares MSCI Chile Capped 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. The Funds benefit from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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.
| | |
| 68 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For the six months ended February 28, 2013, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
Brazil Capped | | $ | 23 | |
Canada | | | 206,674 | |
Israel Capped Investable Market | | | 42,639 | |
Mexico Capped Investable Market | | | 60,635 | |
South Africa | | | 24,820 | |
Turkey Investable Market | | | 199,035 | |
USA | | | 2,862 | |
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the statements of operations.
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.
Investments in issuers considered to be affiliates of the Funds (excluding short-term investments) during the six months ended February 28, 2013, 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) | |
USA | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BlackRock Inc. | | | 1,445 | | | | 251 | | | | (239 | ) | | | 1,457 | | | $ | 349,316 | | | $ | 2,169 | | | $ | 8,576 | |
PNC Financial Services Group Inc. (The) | | | 5,825 | | | | 861 | | | | (1,004 | ) | | | 5,682 | | | | 354,500 | | | | 4,698 | | | | 6,704 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 703,816 | | | $ | 6,867 | | | $ | 15,280 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 69 | |
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 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
Brazil Capped | | $ | 2,446,248,186 | | | $ | 1,777,473,288 | |
Canada | | | 178,732,081 | | | | 152,060,330 | |
Chile Capped Investable Market | | | 94,983,125 | | | | 84,241,241 | |
Israel Capped Investable Market | | | 6,249,963 | | | | 6,462,245 | |
Mexico Capped Investable Market | | | 185,306,189 | | | | 187,484,554 | |
South Africa | | | 9,558,272 | | | | 5,141,406 | |
Turkey Investable Market | | | 26,807,349 | | | | 28,302,289 | |
USA | | | 3,719,891 | | | | 3,853,263 | |
In-kind transactions (see Note 4) for the six months ended February 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind
Sales | |
Brazil Capped | | $ | — | | | $ | 59,296,000 | |
Canada | | | 610,848,593 | | | | 279,938,820 | |
Israel Capped Investable Market | | | 4,044,766 | | | | 4,273,589 | |
Mexico Capped Investable Market | | | 1,071,142,115 | | | | 103,476,731 | |
South Africa | | | 78,993,780 | | | | 53,834,723 | |
Turkey Investable Market | | | 215,028,633 | | | | 75,647,281 | |
USA | | | 18,788,623 | | | | 22,026,092 | |
| 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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
| | |
| 70 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to 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 market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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 | | | 71 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of August 31, 2012, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
iShares MSCI
Index Fund | | Non-
Expiringa | | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
Brazil Capped | | $ | 160,031,183 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 198,226,310 | | | $ | — | | | $ | 358,257,493 | |
Canada | | | 31,451,368 | | | | 2,931,648 | | | | — | | | | 5,363,291 | | | | 5,107,471 | | | | 27,886,883 | | | | 68,928,677 | | | | 14,903,919 | | | | 156,573,257 | |
Chile Capped Investable Market | | | 30,504,831 | | | | — | | | | — | | | | — | | | | — | | | | 1,886,881 | | | | 11,712,090 | | | | 976,991 | | | | 45,080,793 | |
Israel Capped Investable Market | | | 3,141,756 | | | | — | | | | — | | | | — | | | | — | | | | 784,479 | | | | 10,801,191 | | | | 7,130,249 | | | | 21,857,675 | |
Mexico Capped Investable Market | | | 6,596,203 | | | | 12,912 | | | | 632,766 | | | | — | | | | 853,150 | | | | 8,973,988 | | | | 2,789,471 | | | | 22,863,665 | | | | 42,722,155 | |
South Africa | | | 5,013,197 | | | | — | | | | 260,738 | | | | 1,607,845 | | | | 972,024 | | | | 15,339,464 | | | | 14,856,365 | | | | 6,137,142 | | | | 44,186,775 | |
Turkey Investable Market | | | 4,821,444 | | | | — | | | | — | | | | — | | | | — | | | | 720,636 | | | | 5,982,737 | | | | 3,859,184 | | | | 15,384,001 | |
USA | | | 2,724 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,724 | |
| | a | | Must be utilized prior to losses subject to expiration. |
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 28, 2013, 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 Capped | | $ | 6,402,129,337 | | | $ | 2,829,891,154 | | | $ | (912,959,361 | ) | | $ | 1,916,931,793 | |
Canada | | | 5,269,052,422 | | | | 423,962,851 | | | | (883,317,938 | ) | | | (459,355,087 | ) |
Chile Capped Investable Market | | | 460,847,952 | | | | 201,208,729 | | | | (28,175,813 | ) | | | 173,032,916 | |
Israel Capped Investable Market | | | 103,372,864 | | | | 3,171,604 | | | | (25,404,470 | ) | | | (22,232,866 | ) |
Mexico Capped Investable Market | | | 2,282,996,729 | | | | 273,653,046 | | | | (151,451,337 | ) | | | 122,201,709 | |
South Africa | | | 553,995,333 | | | | 54,326,317 | | | | (97,471,585 | ) | | | (43,145,268 | ) |
Turkey Investable Market | | | 793,009,469 | | | | 69,721,418 | | | | (33,485,182 | ) | | | 36,236,236 | |
USA | | | 134,035,344 | | | | 23,973,007 | | | | (2,156,023 | ) | | | 21,816,984 | |
Management has reviewed the tax positions as of February 28, 2013, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
| | |
| 72 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| 7. | FINANCIAL FUTURES CONTRACTS |
Each Fund may purchase or sell financial futures contracts in an effort to help such Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
The following table shows the value of futures contracts held by the iShares MSCI Canada Index Fund as of February 28, 2013 and the related locations in the statements of assets and liabilities, presented by risk exposure category:
| | | | |
| Assets | |
Equity contracts: | | | | |
Variation margin/Net assets consist of –
net unrealized appreciation (depreciation)a | | $ | 758,309 | |
| | | | |
| | | | | |
| | a | | Represents cumulative appreciation of futures contracts as reported in the schedule of investments. |
The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Canada Index Fund during the six months ended February 28, 2013 and the related locations in the statements of operations, presented by risk exposure category:
| | | | | | | | |
| | | Net Realized
Gain (Loss) | | | Net Change in Unrealized
Appreciation/Depreciation | |
Equity contracts: | | | | | | | | |
Futures contracts | | $ | 234,177 | | | $ | 803,280 | |
| | | | | | | | |
| | | | | | | | | |
For the six months ended February 28, 2013, the average quarter-end number of contracts and notional value of open futures contracts for the iShares MSCI Canada Index Fund were 86 and $12,204,723, respectively.
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 | | | 73 | |
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 | |
Brazil Capped | | $ | 0.30346 | | | $ | — | | | $ | 0.20767 | | | $ | 0.51113 | | | | 59 | % | | | — | % | | | 41 | % | | | 100 | % |
Canada | | | 0.29591 | | | | — | | | | 0.08083 | | | | 0.37674 | | | | 79 | | | | — | | | | 21 | | | | 100 | |
Chile Capped Investable Market | | | 0.07678 | | | | — | | | | 0.01106 | | | | 0.08784 | | | | 87 | | | | — | | | | 13 | | | | 100 | |
Israel Capped Investable Market | | | 0.34382 | | | | — | | | | 0.19066 | | | | 0.53448 | | | | 64 | | | | — | | | | 36 | | | | 100 | |
South Africa | | | 0.89338 | | | | — | | | | 0.23149 | | | | 1.12487 | | | | 79 | | | | — | | | | 21 | | | | 100 | |
USA | | | 0.34533 | | | | — | | | | 0.02021 | | | | 0.36554 | | | | 94 | | | | — | | | | 6 | | | | 100 | |
| | |
| 74 | | 2013 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.
©2013 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
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iS-SAR-84-0213
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | 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 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.38)% | | (0.71)% | | 0.28% | | 0.24% | | 0.37% | | 0.34% | | 16.39% | | 16.30% | | 16.80% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (0.38)% | | (0.71)% | | 0.28% | | 1.23% | | 1.87% | | 1.73% | | 348.96% | | 345.63% | | 364.86% |
Total returns for the period since inception are calculated from the inception date of the Fund (4/7/03). “Average Annual Total Returns” represent the average annual change in value of an investment over the periods indicated. “Cumulative Total Returns” represent the total change in value of an investment over the periods indicated.
The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/11/03), the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results.
| | | | |
FUND PERFORMANCE OVERVIEW | | | 5 | |
Fund Performance Overview (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
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 28, 2013, the total return for the Fund was 11.62%, net of fees, while the total return for the Index was 12.06%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 26.78 | % |
Energy | | | 11.14 | |
Technology | | | 10.27 | |
Communications | | | 10.25 | |
Basic Materials | | | 10.18 | |
Consumer Non-Cyclical | | | 9.78 | |
Consumer Cyclical | | | 8.64 | |
Industrial | | | 6.81 | |
Utilities | | | 3.31 | |
Diversified | | | 2.47 | |
Short-Term and Other Net Assets | | | 0.37 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Samsung Electronics Co. Ltd. (South Korea) | | | 4.09 | % |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 2.24 | |
China Mobile Ltd. (China) | | | 1.75 | |
China Construction Bank Corp. Class H (China) | | | 1.54 | |
Gazprom OAO (Russia) | | | 1.23 | |
Industrial and Commercial Bank of China Ltd. Class H (China) | | | 1.20 | |
America Movil SAB de CV Series L (Mexico) | | | 1.08 | |
Itau Unibanco Holding SA (Preferred) (Brazil) | | | 1.04 | |
Vale SA Class A (Preferred) (Brazil) | | | 0.97 | |
Sberbank of Russia (Russia) | | | 0.94 | |
| | | | |
TOTAL | | | 16.08 | % |
| | | | |
| | |
| 6 | | 2013 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, 2012 to February 28, 2013.
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
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Actual | | $ | 1,000.00 | | | $ | 1,116.20 | | | | 0.67 | % | | $ | 3.52 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.67 | | | | 3.36 | |
| a | Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). | |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 92.06% | |
| | |
BRAZIL — 6.14% | | | | | | | | |
ALL-America Latina Logistica SA | | | 5,937,200 | | | $ | 29,429,245 | |
Amil Participacoes SA | | | 1,735,300 | | | | 27,498,330 | |
Anhanguera Educacional Participacoes SA | | | 1,481,900 | | | | 30,730,818 | |
Arteris SA | | | 1,580,500 | | | | 17,027,287 | |
Banco Bradesco SA | | | 7,163,800 | | | | 127,615,718 | |
Banco do Brasil SA | | | 7,668,274 | | | | 102,160,911 | |
Banco Santander (Brasil) SA Units | | | 9,728,680 | | | | 70,759,404 | |
BM&F Bovespa SA | | | 24,202,500 | | | | 164,157,364 | |
BR Malls Participacoes SA | | | 5,453,700 | | | | 70,615,912 | |
BR Properties SA | | | 2,055,500 | | | | 25,575,489 | |
BRF-Brasil Foods SA | | | 8,613,585 | | | | 187,119,253 | |
CCR SA | | | 11,973,900 | | | | 120,217,447 | |
Centrais Eletricas Brasileiras SA | | | 3,456,637 | | | | 12,150,942 | |
CETIP SA-Mercados Organizados | | | 2,601,403 | | | | 31,446,832 | |
Cielo SA | | | 4,007,952 | | | | 120,475,741 | |
Companhia de Bebidas das Americas | | | 1,710,100 | | | | 75,501,810 | |
Companhia de Saneamento Basico do Estado de Sao Pauloa | | | 1,735,808 | | | | 84,257,495 | |
Companhia de Saneamento de Minas Gerais SA | | | 439,400 | | | | 11,401,153 | |
Companhia Hering SA | | | 1,725,900 | | | | 33,529,826 | |
Companhia Siderurgica Nacional SA | | | 9,616,728 | | | | 48,640,575 | |
Cosan SA Industria e Comercio | | | 1,616,900 | | | | 38,159,200 | |
CPFL Energia SA | | | 2,804,736 | | | | 28,627,572 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | | | 3,980,500 | | | | 35,031,460 | |
Diagnosticos da America SA | | | 3,136,900 | | | | 21,657,319 | |
Duratex SA | | | 4,110,180 | | | | 34,405,685 | |
EcoRodovias Infraestrutura e Logistica SA | | | 2,458,800 | | | | 21,353,293 | |
EDP Energias do Brasil SA | | | 3,523,600 | | | | 21,404,297 | |
Embraer SA | | | 7,345,800 | | | | 62,122,187 | |
Fibria Celulose SAa | | | 3,337,361 | | | | 37,862,024 | |
Hypermarcas SAa | | | 4,050,400 | | | | 35,831,013 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
JBS SAa | | | 6,579,565 | | | $ | 22,829,304 | |
Kroton Educacional SAa | | | 969,000 | | | | 25,387,790 | |
Light SA | | | 911,800 | | | | 8,900,784 | |
Localiza Rent A Car SA | | | 1,482,400 | | | | 28,146,930 | |
Lojas Americanas SA | | | 1,208,700 | | | | 10,515,219 | |
Lojas Renner SA | | | 1,610,700 | | | | 61,394,139 | |
MPX Energia SAa | | | 1,229,100 | | | | 6,533,732 | |
MRV Engenharia e Participacoes SA | | | 3,774,400 | | | | 24,245,046 | |
Multiplan Empreendimentos Imobiliarios SA | | | 838,700 | | | | 24,031,336 | |
Multiplus SA | | | 450,900 | | | | 8,404,059 | |
Natura Cosmeticos SA | | | 2,343,900 | | | | 60,580,289 | |
Odontoprev SA | | | 4,244,800 | | | | 19,666,364 | |
OGX Petroleo e Gas Participacoes SAa | | | 17,088,000 | | | | 27,225,330 | |
Oi SA | | | 1,910,508 | | | | 8,165,390 | |
PDG Realty SA Empreendimentos e Participacoes | | | 14,892,500 | | | | 24,179,316 | |
Petroleo Brasileiro SA | | | 38,741,874 | | | | 283,935,944 | |
Porto Seguro SA | | | 1,132,100 | | | | 15,030,917 | |
Qualicorp SAa | | | 1,895,700 | | | | 21,218,877 | |
Raia Drogasil SA | | | 2,237,000 | | | | 25,819,807 | |
Souza Cruz SA | | | 5,005,300 | | | | 79,974,421 | |
Sul America SA Units | | | 1,471,271 | | | | 14,042,225 | |
TIM Participacoes SA | | | 11,497,176 | | | | 50,301,235 | |
Totvs SA | | | 1,450,400 | | | | 32,094,988 | |
Tractebel Energia SA | | | 1,927,600 | | | | 34,123,717 | |
Ultrapar Participacoes SA | | | 4,247,800 | | | | 110,218,067 | |
Vale SA | | | 17,139,948 | | | | 327,697,150 | |
WEG SA | | | 2,486,300 | | | | 33,312,471 | |
| | | | | | | | |
| | | | | | | 3,114,740,449 | |
| | |
CHILE — 1.77% | | | | | | | | |
AES Gener SA | | | 17,663,031 | | | | 12,139,530 | |
Aguas Andinas SA Series A | | | 19,228,971 | | | | 15,444,150 | |
Banco de Chile | | | 282,073,342 | | | | 46,826,381 | |
Banco de Chile Series Ta | | | 10,699,024 | | | | 1,639,740 | |
Banco de Credito e Inversiones | | | 349,654 | | | | 27,188,823 | |
Banco Santander (Chile) SA | | | 656,444,115 | | | | 47,639,206 | |
Banco Santander (Chile) SA SP ADR | | | 2,144,567 | | | | 62,321,117 | |
| | |
| 8 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CAP SA | | | 614,156 | | | $ | 22,086,506 | |
Cencosud SA | | | 11,045,411 | | | | 69,020,685 | |
Colbun SAa | | | 73,967,805 | | | | 23,237,196 | |
Compania Cervecerias Unidas SA | | | 835,982 | | | | 13,572,403 | |
CorpBanca SA | | | 1,435,472,620 | | | | 21,108,017 | |
E.CL SA | | | 7,679,997 | | | | 17,374,765 | |
Empresa Nacional de Electricidad SA | | | 33,933,031 | | | | 57,674,317 | |
Empresa Nacional de Electricidad SA SP ADR | | | 188,769 | | | | 9,602,679 | |
Empresa Nacional de Telecomunicaciones SA | | | 1,042,762 | | | | 21,999,732 | |
Empresas CMPC SA | | | 11,010,257 | | | | 42,474,618 | |
Empresas Copec SA | | | 4,997,407 | | | | 77,101,945 | |
Enersis SA | | | 120,538,866 | | | | 46,049,644 | |
Enersis SA SP ADR | | | 3,176,481 | | | | 59,050,782 | |
LATAM Airlines Group SA | | | 1,365,334 | | | | 32,559,630 | |
LATAM Airlines Group SA BDRa | | | 721,765 | | | | 16,467,968 | |
LATAM Airlines Group SA SP ADR | | | 1,751,149 | | | | 41,344,628 | |
S.A.C.I. Falabella SA | | | 5,289,915 | | | | 61,736,736 | |
Sociedad Quimica y Minera de Chile SA Series B SP ADR | | | 903,006 | | | | 50,044,593 | |
Vina Concha y Toro SA | | | 1,242,990 | | | | 2,591,662 | |
| | | | | | | | |
| | | | | | | 898,297,453 | |
| | |
CHINA — 18.48% | | | | | | | | |
Agile Property Holdings Ltd. | | | 19,710,000 | | | | 25,467,185 | |
Agricultural Bank of China Ltd. Class H | | | 273,530,000 | | | | 141,088,480 | |
Air China Ltd. Class H | | | 23,168,000 | | | | 18,761,812 | |
Aluminum Corp. of China Ltd. Class Ha,b | | | 43,822,000 | | | | 18,930,566 | |
Angang Steel Co. Ltd. Class Ha,b | | | 17,433,320 | | | | 11,734,841 | |
Anhui Conch Cement Co. Ltd. Class Hb | | | 16,902,500 | | | | 61,791,766 | |
Anta Sports Products Ltd.b | | | 11,347,402 | | | | 10,740,366 | |
AviChina Industry & Technology Co. Ltd. Class H | | | 23,428,000 | | | | 10,755,035 | |
Bank of China Ltd. Class H | | | 994,882,000 | | | | 469,547,202 | |
Bank of Communications Co. Ltd. Class H | | | 105,297,600 | | | | 83,370,699 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BBMG Corp. Class H | | | 13,484,500 | | | $ | 11,876,327 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 34,450,000 | | | | 27,098,525 | |
Beijing Enterprises Holdings Ltd.b | | | 7,884,500 | | | | 60,291,411 | |
Belle International Holdings Ltd.b | | | 57,224,000 | | | | 105,373,891 | |
Bosideng International Holdings Ltd.b | | | 26,654,000 | | | | 8,248,980 | |
Brilliance China Automotive Holdings Ltd.a | | | 28,586,000 | | | | 39,442,439 | |
BYD Co. Ltd. Class Ha,b | | | 4,705,000 | | | | 16,684,720 | |
China Agri-Industries Holdings Ltd.b | | | 36,993,600 | | | | 21,037,386 | |
China BlueChemical Ltd. Class H | | | 11,920,000 | | | | 7,639,400 | |
China CITIC Bank Corp. Ltd. Class H | | | 96,155,800 | | | | 61,749,213 | |
China Coal Energy Co. Class H | | | 51,949,000 | | | | 51,514,576 | |
China Communications Construction Co. Ltd. Class H | | | 58,174,000 | | | | 55,061,950 | |
China Communications Services Corp. Ltd. Class H | | | 14,128,000 | | | | 8,835,864 | |
China Construction Bank Corp. Class H | | | 947,864,760 | | | | 782,263,289 | |
China COSCO Holdings Co. Ltd. Class Ha,b | | | 33,486,000 | | | | 17,963,179 | |
China Everbright Ltd.b | | | 21,520,000 | | | | 39,960,541 | |
China Foods Ltd.b | | | 10,666,000 | | | | 7,028,280 | |
China Gas Holdings Ltd. | | | 43,270,000 | | | | 42,126,992 | |
China International Marine Containers (Group) Co. Ltd. Class Ha | | | 922,600 | | | | 1,929,705 | |
China Life Insurance Co. Ltd. Class H | | | 99,987,000 | | | | 300,418,074 | |
China Longyuan Power Group Corp. Ltd. Class Hb | | | 23,739,000 | | | | 21,642,550 | |
China Mengniu Dairy Co. Ltd. | | | 17,855,000 | | | | 49,847,611 | |
China Merchants Bank Co. Ltd. Class H | | | 52,092,042 | | | | 112,985,828 | |
China Merchants Holdings (International) Co. Ltd.b | | | 14,000,000 | | | | 48,563,157 | |
China Minsheng Banking Corp. Ltd. Class H | | | 69,044,700 | | | | 96,156,955 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 9 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Mobile Ltd. | | | 80,702,500 | | | $ | 889,253,645 | |
China National Building Material Co. Ltd. Class Hb | | | 37,552,000 | | | | 57,333,885 | |
China Oilfield Services Ltd. Class H | | | 17,866,000 | | | | 37,921,347 | |
China Overseas Land & Investment Ltd. | | | 56,464,960 | | | | 171,473,311 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 32,355,400 | | | | 119,327,188 | |
China Petroleum & Chemical Corp. Class H | | | 239,358,000 | | | | 272,234,480 | |
China Railway Construction Corp. Ltd. Class Hb | | | 24,747,000 | | | | 25,944,165 | |
China Railway Group Ltd. Class H | | | 47,159,000 | | | | 25,601,964 | |
China Resources Cement Holdings Ltd.b | | | 27,956,000 | | | | 17,736,451 | |
China Resources Enterprise Ltd. | | | 17,878,000 | | | | 58,095,979 | |
China Resources Gas Group Ltd.b | | | 9,820,000 | | | | 22,768,152 | |
China Resources Land Ltd.b | | | 29,582,000 | | | | 86,401,710 | |
China Resources Power Holdings Co. Ltd. | | | 25,978,999 | | | | 70,183,179 | |
China Shanshui Cement Group Ltd. | | | 24,537,000 | | | | 17,560,668 | |
China Shenhua Energy Co. Ltd. Class H | | | 44,738,000 | | | | 169,609,625 | |
China Shipping Container Lines Co. Ltd. Class Ha,b | | | 50,885,000 | | | | 15,091,910 | |
China Shipping Development Co. Ltd. Class Hb | | | 16,828,000 | | | | 9,374,386 | |
China Southern Airlines Co. Ltd. Class H | | | 15,692,000 | | | | 8,660,614 | |
China State Construction International Holdings Ltd. | | | 18,546,000 | | | | 26,019,908 | |
China Taiping Insurance Holdings Co. Ltd.a | | | 8,724,000 | | | | 17,414,588 | |
China Telecom Corp. Ltd. Class H | | | 170,682,000 | | | | 88,479,034 | |
China Unicom (Hong Kong) Ltd. | | | 65,760,000 | | | | 94,804,774 | |
China Vanke Co. Ltd. Class B | | | 9,457,513 | | | | 19,208,087 | |
Chongqing Rural Commercial Bank Co. Ltd. Class Hb | | | 30,001,000 | | | | 16,828,739 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CITIC Pacific Ltd.b | | | 18,183,000 | | | $ | 27,949,136 | |
CITIC Securities Co. Ltd. Class Hb | | | 13,763,500 | | | | 34,715,573 | |
CNOOC Ltd. | | | 238,699,000 | | | | 469,096,470 | |
COSCO Pacific Ltd. | | | 18,492,000 | | | | 29,616,387 | |
Country Garden Holdings Co. Ltd.a | | | 54,683,381 | | | | 28,064,999 | |
CSR Corp Ltd. Class H | | | 23,419,000 | | | | 19,176,470 | |
Dah Chong Hong Holdings Ltd.b | | | 10,843,000 | | | | 11,143,827 | |
Daphne International Holdings Ltd.b | | | 11,654,000 | | | | 14,021,138 | |
Datang International Power Generation Co. Ltd. Class H | | | 34,446,000 | | | | 14,969,086 | |
Dongfang Electric Corp. Ltd. Class Hb | | | 6,068,800 | | | | 11,410,034 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 33,668,000 | | | | 49,319,907 | |
ENN Energy Holdings Ltd. | | | 10,736,000 | | | | 53,923,313 | |
Evergrande Real Estate Group Ltd.b | | | 83,082,388 | | | | 41,033,101 | |
Far East Horizon Ltd. | | | 15,875,000 | | | | 11,688,975 | |
Fosun International Ltd. | | | 16,106,000 | | | | 10,488,314 | |
Franshion Properties (China) Ltd.b | | | 30,852,000 | | | | 10,900,853 | |
GCL-Poly Energy Holdings Ltd.b | | | 103,433,000 | | | | 27,609,343 | |
Geely Automobile Holdings Ltd.b | | | 49,030,000 | | | | 26,997,053 | |
Golden Eagle Retail Group Ltd.b | | | 8,113,000 | | | | 16,655,249 | |
GOME Electrical Appliances Holdings Ltd.a,b | | | 124,759,200 | | | | 13,835,588 | |
Great Wall Motor Co. Ltd. Class H | | | 13,109,500 | | | | 51,306,386 | |
Greentown China Holdings Ltd.a | | | 1,159,500 | | | | 2,239,800 | |
Guangdong Investment Ltd.b | | | 37,942,110 | | | | 32,634,271 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 30,602,742 | | | | 25,492,913 | |
Guangzhou R&F Properties Co. Ltd. Class H | | | 15,607,600 | | | | 26,486,137 | |
Haier Electronics Group Co. Ltd.a | | | 10,832,000 | | | | 19,555,246 | |
Haitong Securities Co. Ltd. Class Ha | | | 11,716,400 | | | | 19,731,676 | |
Hengan International Group Co. Ltd.b | | | 9,397,000 | | | | 95,365,339 | |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Huabao International Holdings Ltd.b | | | 21,030,000 | | | $ | 11,742,316 | |
Huaneng Power International Inc. Class H | | | 50,218,000 | | | | 51,676,001 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 850,728,085 | | | | 611,044,112 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 5,226,952 | | | | 30,049,747 | |
Intime Department Store Group Co. Ltd.b | | | 12,570,500 | | | | 15,415,573 | |
Jiangsu Expressway Co. Ltd. Class H | | | 12,548,000 | | | | 12,685,780 | |
Jiangxi Copper Co. Ltd. Class H | | | 19,535,000 | | | | 46,804,297 | |
Kingboard Chemical Holdings Co. Ltd.b | | | 6,060,000 | | | | 18,481,209 | |
Kunlun Energy Co. Ltd.b | | | 39,346,000 | | | | 81,585,547 | |
Lee & Man Paper Manufacturing Ltd. | | | 15,925,000 | | | | 11,931,146 | |
Lenovo Group Ltd.b | | | 83,284,000 | | | | 93,004,950 | |
Longfor Properties Co. Ltd.b | | | 21,279,000 | | | | 37,702,014 | |
Minmetals Resources Ltd.a | | | 21,200,000 | | | | 9,376,842 | |
New China Life Insurance Co. Ltd. Class H | | | 2,250,000 | | | | 8,776,766 | |
Nine Dragons Paper (Holdings) Ltd.b | | | 21,338,000 | | | | 20,306,575 | |
Parkson Retail Group Ltd.b | | | 11,273,500 | | | | 7,326,826 | |
People’s Insurance Co. Group of China Ltd. Class Ha | | | 27,663,000 | | | | 16,230,701 | |
PetroChina Co. Ltd. Class H | | | 281,868,000 | | | | 387,462,411 | |
PICC Property and Casualty Co. Ltd. Class H | | | 38,809,200 | | | | 55,750,206 | |
Ping An Insurance (Group) Co. of China Ltd. Class H | | | 24,386,500 | | | | 204,089,550 | |
Poly Property Group Co. Ltd.a,b | | | 28,895,458 | | | | 20,642,674 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 15,192,000 | | | | 14,124,621 | |
Shanghai Electric Group Co. Ltd. Class H | | | 25,356,000 | | | | 10,299,542 | |
Shanghai Industrial Holdings Ltd. | | | 8,635,000 | | | | 28,171,467 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | | | 6,562,900 | | | | 14,133,146 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Shimao Property Holdings Ltd. | | | 21,038,500 | | | $ | 42,321,979 | |
Shougang Fushan Resources Group Ltd.b | | | 27,384,000 | | | | 12,076,736 | |
Shui On Land Ltd. | | | 66,135,950 | | | | 30,616,719 | |
Sihuan Pharmaceutical Holdings Group Ltd.b | | | 20,999,000 | | | | 9,748,274 | |
Sino-Ocean Land Holdings Ltd.b | | | 64,462,500 | | | | 44,555,214 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | 42,114,000 | | | | 18,464,264 | |
Sinopharm Group Co. Ltd. Class H | | | 11,850,800 | | | | 37,440,389 | |
SOHO China Ltd.b | | | 38,088,500 | | | | 29,616,776 | |
Sun Art Retail Group Ltd. | | | 26,006,000 | | | | 36,217,954 | |
Tencent Holdings Ltd. | | | 13,500,700 | | | | 466,919,120 | |
Tingyi (Cayman Islands) Holding Corp.b | | | 24,246,000 | | | | 63,625,486 | |
Tsingtao Brewery Co. Ltd. Class Hb | | | 4,146,000 | | | | 25,956,440 | |
Uni-President China Holdings Ltd.b | | | 7,081,000 | | | | 8,720,162 | |
Want Want China Holdings Ltd.b | | | 81,465,000 | | | | 114,294,822 | |
Weichai Power Co. Ltd. Class Hb | | | 4,720,200 | | | | 17,895,108 | |
Wumart Stores Inc. Class H | | | 2,925,750 | | | | 5,734,656 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 24,954,800 | | | | 38,679,884 | |
Yingde Gases Group Co. Ltd.b | | | 12,020,500 | | | | 14,074,565 | |
Yuexiu Property Co. Ltd. | | | 68,202,000 | | | | 23,569,941 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 13,109,000 | | | | 17,276,154 | |
Zhejiang Expressway Co. Ltd. Class H | | | 36,686,000 | | | | 30,796,967 | |
Zhongsheng Group Holdings Ltd.b | | | 7,401,000 | | | | 11,452,446 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 6,070,000 | | | | 20,077,178 | |
Zijin Mining Group Co. Ltd. Class H | | | 84,956,000 | | | | 29,250,407 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb | | | 14,026,440 | | | | 18,521,409 | |
ZTE Corp. Class Hb | | | 8,240,200 | | | | 14,068,647 | |
| | | | | | | | |
| | | | | | | 9,381,468,884 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 11 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COLOMBIA — 0.93% | | | | | |
Almacenes Exito SA | | | 2,202,676 | | | $ | 42,483,453 | |
Bancolombia SA | | | 273,086 | | | | 4,334,042 | |
Bancolombia SA SP ADR | | | 1,310,571 | | | | 85,108,481 | |
Cementos Argos SA | | | 4,022,453 | | | | 20,614,607 | |
Corporacion Financiera Colombiana SA | | | 987,107 | | | | 19,299,630 | |
Ecopetrol SA | | | 62,441,021 | | | | 179,270,514 | |
Grupo Argos SA | | | 2,800,992 | | | | 35,068,835 | |
Grupo de Inversiones Suramericana SA | | | 2,695,532 | | | | 57,425,857 | |
Interconexion Electrica SA ESP | | | 3,572,254 | | | | 19,291,658 | |
Isagen SA ESP | | | 8,329,413 | | | | 11,727,527 | |
| | | | | | | | |
| | | | | | | 474,624,604 | |
CZECH REPUBLIC — 0.27% | | | | | |
CEZ AS | | | 2,646,827 | | | | 79,716,404 | |
Komercni Banka AS | | | 253,288 | | | | 51,530,749 | |
Telefonica O2 Czech Republic AS | | | 443,072 | | | | 7,325,852 | |
| | | | | | | | |
| | | | | | | 138,573,005 | |
EGYPT — 0.12% | | | | | |
Orascom Telecom Holding SAE SP GDRa,c | | | 18,647,677 | | | | 58,926,659 | |
| | | | | | | | |
| | | | | | | 58,926,659 | |
HUNGARY — 0.23% | | | | | |
Magyar Telekom Telecommunications PLC | | | 4,587,444 | | | | 8,252,272 | |
MOL Hungarian Oil and Gas PLC | | | 661,285 | | | | 50,827,248 | |
OTP Bank PLC | | | 2,866,536 | | | | 59,547,509 | |
| | | | | | | | |
| | | | | | | 118,627,029 | |
INDIA — 6.40% | | | | | |
ACC Ltd. | | | 662,984 | | | | 15,507,404 | |
Adani Enterprises Ltd. | | | 2,268,603 | | | | 8,992,266 | |
Adani Ports and Special Economic Zone Ltd. | | | 3,584,720 | | | | 9,135,584 | |
Aditya Birla Nuvo Ltd. | | | 163,111 | | | | 3,011,430 | |
Ambuja Cements Ltd. | | | 7,410,317 | | | | 26,090,363 | |
Asian Paints Ltd. | | | 300,368 | | | | 23,586,659 | |
Axis Bank Ltd. | | | 2,982,639 | | | | 73,690,179 | |
Axis Bank Ltd. SP GDRc | | | 426,312 | | | | 10,636,484 | |
Bajaj Auto Ltd. | | | 936,905 | | | | 33,976,906 | |
Bank of Baroda | | | 985,960 | | | | 12,606,986 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Bank of India | | | 1,170,564 | | | $ | 6,842,006 | |
Bharat Heavy Electricals Ltd. | | | 6,609,815 | | | | 24,438,274 | |
Bharat Petroleum Corp. Ltd. | | | 1,881,789 | | | | 12,865,204 | |
Bharti Airtel Ltd. | | | 7,659,030 | | | | 45,457,233 | |
Cairn India Ltd. | | | 3,420,337 | | | | 18,731,540 | |
Canara Bank Ltd. | | | 962,846 | | | | 7,355,184 | |
Cipla Ltd. | | | 3,805,951 | | | | 25,173,632 | |
Coal India Ltd. | | | 6,975,874 | | | | 39,722,926 | |
Dabur India Ltd. | | | 2,903,513 | | | | 6,745,778 | |
Divi’s Laboratories Ltd. | | | 306,677 | | | | 5,693,296 | |
DLF Ltd. | | | 4,930,313 | | | | 25,134,129 | |
Dr. Reddy’s Laboratories Ltd. | | | 1,335,684 | | | | 43,097,628 | |
Dr. Reddy’s Laboratories Ltd. SP ADR | | | 563,233 | | | | 18,361,396 | |
GAIL (India) Ltd. | | | 4,328,072 | | | | 26,455,295 | |
Godrej Consumer Products Ltd. | | | 1,094,786 | | | | 14,588,091 | |
HCL Technologies Ltd. | | | 1,821,973 | | | | 24,225,995 | |
HDFC Bank Ltd. | | | 20,088,850 | | | | 230,908,232 | |
HDFC Bank Ltd. SP ADR | | | 455,033 | | | | 17,314,006 | |
Hero Motocorp Ltd. | | | 722,613 | | | | 22,147,248 | |
Hindalco Industries Ltd. | | | 12,000,678 | | | | 21,815,404 | |
Hindustan Unilever Ltd. | | | 10,975,336 | | | | 89,378,230 | |
Housing Development Finance Corp. Ltd. | | | 18,556,399 | | | | 258,418,449 | |
ICICI Bank Ltd. | | | 5,586,910 | | | | 106,839,834 | |
ICICI Bank Ltd. SP ADR | | | 533,779 | | | | 22,376,016 | |
Idea Cellular Ltd.a | | | 8,884,674 | | | | 19,204,810 | |
Infosys Ltd. | | | 5,639,478 | | | | 301,331,910 | |
Infosys Ltd. SP ADR | | | 311,301 | | | | 16,788,463 | |
Infrastructure Development Finance Co. Ltd. | | | 12,143,121 | | | | 33,323,554 | |
ITC Ltd. | | | 27,749,877 | | | | 150,366,028 | |
Jaiprakash Associates Ltd. | | | 9,883,463 | | | | 12,634,773 | |
Jindal Steel & Power Ltd. | | | 4,245,754 | | | | 27,228,078 | |
JSW Steel Ltd. | | | 855,120 | | | | 11,619,290 | |
Kotak Mahindra Bank Ltd. | | | 3,052,475 | | | | 37,007,858 | |
Larsen & Toubro Ltd. | | | 2,726,677 | | | | 68,551,582 | |
Larsen & Toubro Ltd. SP GDRc | | | 724,335 | | | | 18,579,193 | |
LIC Housing Finance Ltd. | | | 4,098,913 | | | | 17,509,188 | |
Lupin Ltd. | | | 1,562,218 | | | | 16,796,607 | |
Mahindra & Mahindra Ltd. | | | 3,723,164 | | | | 59,790,982 | |
NTPC Ltd. | | | 5,638,612 | | | | 15,639,492 | |
Oil & Natural Gas Corp. Ltd. | | | 9,937,639 | | | | 57,254,902 | |
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Piramal Enterprises Ltd. | | | 350,589 | | | $ | 3,695,345 | |
Power Finance Corp. Ltd. | | | 3,548,922 | | | | 13,140,894 | |
Power Grid Corp. of India Ltd. | | | 11,889,130 | | | | 22,792,689 | |
Ranbaxy Laboratories Ltd.a | | | 1,251,383 | | | | 8,700,223 | |
Reliance Capital Ltd. | | | 1,050,679 | | | | 6,965,902 | |
Reliance Communications Ltd. | | | 3,857,032 | | | | 4,328,128 | |
Reliance Industries Ltd. | | | 16,974,377 | | | | 253,921,454 | |
Reliance Industries Ltd. SP GDRd | | | 799,170 | | | | 24,134,934 | |
Reliance Infrastructure Ltd. | | | 1,087,932 | | | | 8,378,706 | |
Reliance Power Ltd.a | | | 5,939,554 | | | | 7,849,535 | |
Rural Electrification Corp. Ltd. | | | 2,666,731 | | | | 11,185,516 | |
Satyam Computer Services Ltd.a | | | 6,491,639 | | | | 14,103,699 | |
Sesa Goa Ltd. | | | 3,100,827 | | | | 8,825,716 | |
Shriram Transport Finance Co. Ltd. | | | 1,284,469 | | | | 16,423,874 | |
Siemens Ltd. | | | 442,051 | | | | 4,097,534 | |
State Bank of India | | | 1,756,457 | | | | 67,181,534 | |
State Bank of India SP GDR | | | 75,060 | | | | 6,286,275 | |
Sterlite Industries (India) Ltd. | | | 17,588,910 | | | | 30,373,644 | |
Sterlite Industries (India) Ltd. SP ADR | | | 3,096,708 | | | | 21,831,791 | |
Sun Pharmaceuticals Industries Ltd. | | | 3,729,712 | | | | 54,991,057 | |
Tata Communications Ltd. SP ADR | | | 3,611,779 | | | | 29,472,117 | |
Tata Consultancy Services Ltd. | | | 6,203,210 | | | | 172,966,999 | |
Tata Motors Ltd. | | | 10,093,272 | | | | 53,346,574 | |
Tata Power Co. Ltd. | | | 10,269,568 | | | | 17,819,083 | |
Tata Steel Ltd. | | | 3,357,254 | | | | 21,073,472 | |
Titan Industries Ltd. | | | 2,796,253 | | | | 13,409,474 | |
Ultratech Cement Ltd. | | | 735,065 | | | | 25,239,191 | |
Unitech Ltd.a | | | 12,639,450 | | | | 6,319,144 | |
United Breweries Ltd. | | | 560,373 | | | | 6,320,097 | |
United Spirits Ltd. | | | 1,014,097 | | | | 34,299,051 | |
Wipro Ltd. | | | 4,898,373 | | | | 37,490,718 | |
Wipro Ltd. SP ADR | | | 2,843,185 | | | | 27,294,576 | |
Zee Entertainment Enterprises Ltd. | | | 4,569,969 | | | | 18,311,796 | |
| | | | | | | | |
| | | | | | | 3,247,516,739 | |
INDONESIA — 2.98% | | | | | |
PT Adaro Energy Tbk | | | 145,624,500 | | | | 23,659,178 | |
PT Astra Agro Lestari Tbk | | | 5,352,000 | | | | 10,218,285 | |
PT Astra International Tbk | | | 279,906,500 | | | | 230,274,401 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Bank Central Asia Tbk | | | 181,977,500 | | | $ | 207,145,703 | |
PT Bank Danamon Indonesia Tbk | | | 49,017,216 | | | | 31,956,171 | |
PT Bank Mandiri (Persero) Tbk | | | 126,545,400 | | | | 131,606,692 | |
PT Bank Negara Indonesia (Persero) Tbk | | | 96,785,776 | | | | 46,071,772 | |
PT Bank Rakyat Indonesia (Persero) Tbk | | | 156,962,122 | | | | 153,494,288 | |
PT Bukit Asam (Persero) Tbk | | | 6,155,500 | | | | 9,618,466 | |
PT Bumi Resources Tbk | | | 212,291,000 | | | | 18,014,034 | |
PT Charoen Pokphand Indonesia Tbk | | | 107,649,945 | | | | 49,015,342 | |
PT Global Mediacom Tbk | | | 46,085,500 | | | | 10,968,764 | |
PT Gudang Garam Tbk | | | 7,756,000 | | | | 38,765,954 | |
PT Indo Tambangraya Megah Tbk | | | 4,611,500 | | | | 19,207,624 | |
PT Indocement Tunggal Prakarsa Tbk | | | 13,515,500 | | | | 30,699,563 | |
PT Indofood Sukses Makmur Tbk | | | 62,635,000 | | | | 47,315,724 | |
PT Indosat Tbk | | | 4,255,560 | | | | 2,796,379 | |
PT Jasa Marga (Persero) Tbk | | | 21,199,000 | | | | 12,175,139 | |
PT Kalbe Farma Tbk | | | 242,046,015 | | | | 32,311,208 | |
PT Media Nusantara Citra Tbk | | | 22,358,000 | | | | 6,825,281 | |
PT Perusahaan Gas Negara (Persero) Tbk | | | 174,342,000 | | | | 86,598,189 | |
PT Semen Gresik (Persero) Tbk | | | 34,745,000 | | | | 62,381,720 | |
PT Telekomunikasi Indonesia (Persero) Tbk | | | 129,145,000 | | | | 143,665,209 | |
PT Unilever Indonesia Tbk | | | 14,631,000 | | | | 34,595,990 | |
PT United Tractors Tbk | | | 29,983,153 | | | | 59,882,533 | |
PT XL Axiata Tbk | | | 24,259,000 | | | | 13,681,539 | |
| | | | | | | | |
| | | | | | | 1,512,945,148 | |
MALAYSIA — 3.38% | | | | | |
AirAsia Bhd | | | 17,967,800 | | | | 16,918,394 | |
Alliance Financial Group Bhd | | | 9,781,800 | | | | 13,641,663 | |
AMMB Holdings Bhd | | | 31,677,175 | | | | 64,779,080 | |
Axiata Group Bhd | | | 33,610,500 | | | | 69,602,718 | |
Berjaya Sports Toto Bhd | | | 18,498,748 | | | | 25,139,861 | |
British American Tobacco (Malaysia) Bhd | | | 1,918,000 | | | | 37,857,305 | |
Bumi Armada Bhda | | | 11,978,800 | | | | 14,690,067 | |
CIMB Group Holdings Bhd | | | 59,555,400 | | | | 138,747,413 | |
DiGi.Com Bhd | | | 32,396,100 | | | | 47,904,927 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 13 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Felda Global Ventures Holdings Bhd | | | 14,440,900 | | | $ | 20,980,308 | |
Gamuda Bhd | | | 33,591,200 | | | | 41,737,650 | |
Genting Bhd | | | 29,751,400 | | | | 91,357,640 | |
Genting Malaysia Bhd | | | 57,224,600 | | | | 68,510,280 | |
Genting Plantations Bhd | | | 5,184,900 | | | | 14,210,032 | |
Hong Leong Bank Bhd | | | 4,637,900 | | | | 21,880,143 | |
Hong Leong Financial Group Bhd | | | 908,500 | | | | 4,215,464 | |
IHH Healthcare Bhda | | | 26,542,400 | | | | 29,458,156 | |
IJM Corp. Bhd | | | 22,008,820 | | | | 36,533,003 | |
IOI Corp. Bhd | | | 49,613,520 | | | | 78,662,433 | |
Kuala Lumpur Kepong Bhd | | | 7,403,000 | | | | 49,680,705 | |
Lafarge Malayan Cement Bhd | | | 4,736,300 | | | | 14,957,543 | |
Malayan Banking Bhd | | | 51,537,400 | | | | 152,586,057 | |
Malaysia Airports Holdings Bhd | | | 5,914,400 | | | | 10,468,134 | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 6,447,600 | | | | 8,449,371 | |
Maxis Communications Bhd | | | 23,695,700 | | | | 48,840,514 | |
MISC Bhda | | | 9,610,900 | | | | 16,388,754 | |
MMC Corp. Bhd | | | 16,234,600 | | | | 13,185,195 | |
Parkson Holdings Bhd | | | 9,351,210 | | | | 13,948,901 | |
Petronas Chemicals Group Bhd | | | 24,871,300 | | | | 51,102,655 | |
Petronas Dagangan Bhd | | | 1,483,800 | | | | 11,292,340 | |
Petronas Gas Bhd | | | 5,633,500 | | | | 33,394,506 | |
PPB Group Bhd | | | 6,620,000 | | | | 26,518,557 | |
Public Bank Bhd Foreign | | | 10,131,700 | | | | 52,781,223 | |
RHB Capital Bhd | | | 4,938,000 | | | | 12,542,728 | |
Sapurakencana Petroleum Bhda | | | 21,549,900 | | | | 20,221,553 | |
Sime Darby Bhd | | | 38,450,773 | | | | 114,587,160 | |
Telekom Malaysia Bhd | | | 14,272,200 | | | | 24,568,226 | |
Tenaga Nasional Bhd | | | 45,511,150 | | | | 102,199,444 | |
UEM Land Holdings Bhda | | | 13,539,200 | | | | 10,032,282 | |
UMW Holdings Bhd | | | 9,656,600 | | | | 39,994,978 | |
YTL Corp. Bhd | | | 56,735,662 | | | | 30,290,840 | |
YTL Power International Bhd | | | 45,540,260 | | | | 22,398,057 | |
| | | | | | | | |
| | | | | | | 1,717,256,260 | |
MEXICO — 5.27% | | | | | |
Alfa SAB de CV Series A | | | 47,754,000 | | | | 116,152,773 | |
Alpek SAB de CV | | | 5,544,800 | | | | 12,636,188 | |
America Movil SAB de CV Series L | | | 524,717,200 | | | | 549,029,302 | |
Arca Continental SAB de CV | | | 6,663,836 | | | | 50,169,317 | |
Cemex SAB de CV CPOa,b | | | 138,893,402 | | | | 149,133,271 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Coca-Cola FEMSA SAB de CV Series L | | | 3,957,393 | | | $ | 66,859,081 | |
Compartamos SAB de CVb | | | 13,758,200 | | | | 21,878,832 | |
Controladora Comercial Mexicana SAB de CV BC Units | | | 4,320,900 | | | | 14,936,211 | |
El Puerto de Liverpool SA de CV Series C1 | | | 2,638,400 | | | | 29,735,285 | |
Fomento Economico Mexicano SAB de CV BD Units | | | 26,480,400 | | | | 296,159,710 | |
Grupo Aeroportuario del Pacifico SAB de CV Series B | | | 491,600 | | | | 3,037,406 | |
Grupo Aeroportuario del Sureste SAB de CV Series B | | | 2,553,000 | | | | 33,643,868 | |
Grupo Bimbo SAB de CV Series Ab | | | 11,881,200 | | | | 32,236,877 | |
Grupo Carso SAB de CV Series A1 | | | 2,649,041 | | | | 12,851,361 | |
Grupo Financiero Banorte SAB de CV Series O | | | 24,384,556 | | | | 180,986,096 | |
Grupo Financiero Inbursa SAB de CV Series O | | | 20,633,900 | | | | 58,165,283 | |
Grupo Financiero Santander Mexico SAB de CV Series B | | | 19,854,400 | | | | 59,293,072 | |
Grupo Mexico SAB de CV Series B | | | 52,913,388 | | | | 207,794,976 | |
Grupo Modelo SAB de CV Series Cb | | | 10,148,998 | | | | 90,839,368 | |
Grupo Televisa SAB de CV CPO | | | 36,424,900 | | | | 195,523,060 | |
Industrias CH SAB de CV Series Ba | | | 1,825,100 | | | | 14,891,663 | |
Industrias Penoles SAB de CV | | | 1,861,823 | | | | 85,909,669 | |
Kimberly-Clark de Mexico SAB de CV Series A | | | 28,336,700 | | | | 89,702,927 | |
Mexichem SAB de CV | | | 11,346,592 | | | | 56,821,980 | |
Minera Frisco SAB de CV Series A1a,b | | | 3,702,141 | | | | 15,633,770 | |
Wal-Mart de Mexico SAB de CV Series V | | | 73,655,900 | | | | 231,321,242 | |
| | | | | | | | |
| | | | | | | 2,675,342,588 | |
MOROCCO — 0.01% | | | | | |
Attijariwafa Bank | | | 50,453 | | | | 1,796,905 | |
Douja Promotion Groupe Addoha SA | | | 148,710 | | | | 1,057,526 | |
| | |
| 14 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Maroc Telecom SA | | | 114,980 | | | $ | 1,466,383 | |
| | | | | | | | |
| | | | | | | 4,320,814 | |
PERU — 0.57% | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 2,811,922 | | | | 72,041,442 | |
Credicorp Ltd. | | | 890,504 | | | | 133,557,790 | |
Southern Copper Corp.b | | | 2,245,861 | | | | 84,871,087 | |
| | | | | | | | |
| | | | | | | 290,470,319 | |
PHILIPPINES — 1.06% | | | | | |
Aboitiz Equity Ventures Inc. | | | 25,849,560 | | | | 37,254,900 | |
Aboitiz Power Corp. | | | 6,153,364 | | | | 5,826,476 | |
Alliance Global Group Inc. | | | 7,594,980 | | | | 3,735,849 | |
Ayala Corp. | | | 4,015,576 | | | | 57,231,340 | |
Ayala Land Inc. | | | 65,369,400 | | | | 51,446,650 | |
Bank of the Philippine Islands | | | 18,498,714 | | | | 48,225,865 | |
BDO Unibank Inc.a | | | 5,430,122 | | | | 13,221,399 | |
DMCI Holdings Inc. | | | 1,198,000 | | | | 1,576,316 | |
Energy Development Corp. | | | 5,397,900 | | | | 1,006,298 | |
Globe Telecom Inc. | | | 808,150 | | | | 22,360,274 | |
International Container Terminal Services Inc. | | | 9,909,200 | | | | 19,984,122 | |
Jollibee Foods Corp. | | | 14,171,499 | | | | 44,229,297 | |
Metropolitan Bank & Trust Co. | | | 740,705 | | | | 2,076,743 | |
Philippine Long Distance Telephone Co. | | | 611,805 | | | | 43,936,808 | |
San Miguel Corp. | | | 6,147,059 | | | | 18,731,446 | |
SM Investments Corp. | | | 3,116,251 | | | | 80,013,921 | |
SM Prime Holdings Inc. | | | 132,073,825 | | | | 61,716,741 | |
Universal Robina Corp. | | | 10,508,100 | | | | 24,499,948 | |
| | | | | | | | |
| | | | | | | 537,074,393 | |
POLAND — 1.47% | | | | | |
Asseco Poland SA | | | 799,310 | | | | 10,869,639 | |
Bank Handlowy w Warszawie SA | | | 437,243 | | | | 12,382,273 | |
Bank Millennium SAa | | | 5,588,556 | | | | 8,414,830 | |
Bank Pekao SAb | | | 1,705,880 | | | | 86,192,737 | |
BRE Bank SAa,b | | | 193,746 | | | | 20,597,967 | |
Cyfrowy Polsat SAa | | | 3,065,965 | | | | 15,839,040 | |
ENEA SA | | | 1,522,176 | | | | 7,432,149 | |
Eurocash SA | | | 694,987 | | | | 11,603,002 | |
Grupa Lotos SAa | | | 863,825 | | | | 11,366,011 | |
Jastrzebska Spolka Weglowa SAb | | | 562,911 | | | | 16,845,394 | |
Kernel Holding SAa | | | 582,801 | | | | 11,951,409 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
KGHM Polska Miedz SA | | | 1,848,382 | | | $ | 105,212,590 | |
Polska Grupa Energetyczna SA | | | 8,468,018 | | | | 43,293,044 | |
Polski Koncern Naftowy Orlen SAa,b | | | 4,414,968 | | | | 74,613,105 | |
Polskie Gornictwo Naftowe i Gazownictwo SAa | | | 23,803,311 | | | | 42,889,524 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 10,483,011 | | | | 117,558,454 | |
Powszechny Zaklad Ubezpieczen SA | | | 729,831 | | | | 92,626,958 | |
Synthos SA | | | 8,031,616 | | | | 13,990,908 | |
Tauron Polska Energia SA | | | 14,663,879 | | | | 20,324,477 | |
Telekomunikacja Polska SA | | | 9,945,159 | | | | 21,302,887 | |
Zaklady Azotowe w Tarnowie-Moscicach SAa | | | 143,075 | | | | 2,541,913 | |
| | | | | | | | |
| | | | | | | 747,848,311 | |
RUSSIA — 5.70% | | | | | |
Federal Grid Co. of Unified Energy System OJSCa | | | 3,253,208,500 | | | | 20,206,416 | |
Gazprom OAO | | | 138,573,117 | | | | 622,166,586 | |
IDGC Holding JSCa | | | 231,044,700 | | | | 14,488,117 | |
INTER RAO UES OJSCa | | | 12,758,441,700 | | | | 9,005,179 | |
LSR Group OJSC SP GDRc | | | 2,431,708 | | | | 11,536,023 | |
LUKOIL OAO | | | 6,615,326 | | | | 424,338,576 | |
Magnit OJSC SP GDRb,c | | | 3,402,694 | | | | 144,342,279 | |
Mechel OAO SP ADRb | | | 2,057,912 | | | | 11,297,937 | |
MegaFon OAO SP GDRa | | | 856,186 | | | | 24,615,348 | |
MMC Norilsk Nickel OJSC | | | 688,325 | | | | 121,548,569 | |
Mobile TeleSystems OJSC SP ADR | | | 6,808,445 | | | | 140,866,727 | |
NovaTek OAO SP GDRc | | | 1,228,220 | | | | 142,473,520 | |
Novolipetsk Steel OJSC SP GDRc | | | 870,797 | | | | 16,710,594 | |
Rosneft Oil Co. OJSC | | | 16,845,727 | | | | 134,319,278 | |
Rostelecom OJSC | | | 16,900,860 | | | | 67,774,312 | |
RusHydro OJSC | | | 1,585,484,100 | | | | 35,665,122 | |
RusHydro OJSC SP ADR | | | 1,171,111 | | | | 2,603,380 | |
Sberbank of Russia | | | 139,129,701 | | | | 475,409,575 | |
Severstal OAO | | | 2,685,633 | | | | 29,934,317 | |
Sistema JSFC SP GDRc | | | 1,352,430 | | | | 26,588,774 | |
Surgutneftegas OJSC | | | 95,668,910 | | | | 89,695,904 | |
Tatneft OAO, Class S | | | 20,335,080 | | | | 133,096,857 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 15 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TMK OAO SP GDRc | | | 868,707 | | | $ | 12,952,421 | |
Uralkali OJSC | | | 16,112,735 | | | | 119,782,019 | |
VTB Bank OJSC | | | 34,028,672,000 | | | | 62,135,867 | |
| | | | | | | | |
| | | | | | | 2,893,553,697 | |
SOUTH AFRICA — 7.05% | | | | | |
Absa Group Ltd. | | | 3,133,908 | | | | 56,756,612 | |
African Bank Investments Ltd.b | | | 13,678,487 | | | | 43,904,335 | |
African Rainbow Minerals Ltd. | | | 756,246 | | | | 16,111,537 | |
Anglo American Platinum Ltd.b | | | 780,126 | | | | 36,951,369 | |
AngloGold Ashanti Ltd. | | | 4,992,500 | | | | 122,638,328 | |
ArcelorMittal South Africa Ltd.a | | | 4,829,090 | | | | 15,580,835 | |
Aspen Pharmacare Holdings Ltd.a | | | 2,692,461 | | | | 48,965,839 | |
Assore Ltd. | | | 143,291 | | | | 5,389,761 | |
Aveng Ltd. | | | 3,370,362 | | | | 12,320,469 | |
Barloworld Ltd. | | | 2,797,476 | | | | 28,776,961 | |
Bidvest Group Ltd. | | | 4,334,637 | | | | 115,033,798 | |
Discovery Holdings Ltd. | | | 770,889 | | | | 6,452,212 | |
Exxaro Resources Ltd. | | | 2,267,508 | | | | 43,428,539 | |
FirstRand Ltd. | | | 46,291,696 | | | | 159,160,434 | |
Foschini Group Ltd. (The) | | | 3,736,149 | | | | 44,574,626 | |
Gold Fields Ltd. | | | 9,638,915 | | | | 82,104,860 | |
Growthpoint Properties Ltd. | | | 10,960,577 | | | | 33,409,317 | |
Harmony Gold Mining Co. Ltd. | | | 5,215,559 | | | | 32,975,432 | |
Impala Platinum Holdings Ltd. | | | 6,680,798 | | | | 103,495,149 | |
Imperial Holdings Ltd. | | | 2,955,165 | | | | 68,172,301 | |
Investec Ltd. | | | 6,480,218 | | | | 46,228,978 | |
Kumba Iron Ore Ltd. | | | 878,066 | | | | 55,616,620 | |
Liberty Holdings Ltd. | | | 1,604,470 | | | | 20,832,164 | |
Life Healthcare Group Holdings Ltd. | | | 9,942,018 | | | | 37,396,002 | |
Massmart Holdings Ltd. | | | 744,811 | | | | 15,481,098 | |
MMI Holdings Ltd. | | | 9,986,203 | | | | 24,874,524 | |
Mr. Price Group Ltd. | | | 2,555,122 | | | | 32,978,778 | |
MTN Group Ltd. | | | 22,057,102 | | | | 431,643,378 | |
Naspers Ltd. Class N | | | 5,101,733 | | | | 331,382,084 | |
Nedbank Group Ltd. | | | 3,822,126 | | | | 82,080,696 | |
Netcare Ltd. | | | 23,085,712 | | | | 51,457,671 | |
Northam Platinum Ltd. | | | 1,431,103 | | | | 6,249,024 | |
Pick n Pay Stores Ltd.b | | | 7,344,141 | | | | 36,644,175 | |
PPC Ltd. | | | 7,880,615 | | | | 30,309,720 | |
Redefine Properties Ltd. | | | 7,128,937 | | | | 7,810,074 | |
Remgro Ltd. | | | 3,964,749 | | | | 75,117,560 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Reunert Ltd. | | | 3,022,358 | | | $ | 26,778,724 | |
RMB Holdings Ltd. | | | 3,999,446 | | | | 18,248,389 | |
RMI Holdings Ltd. | | | 3,270,412 | | | | 8,288,382 | |
Sanlam Ltd. | | | 27,290,540 | | | | 137,719,488 | |
Sappi Ltd.a | | | 3,413,520 | | | | 10,842,369 | |
Sasol Ltd. | | | 7,650,182 | | | | 327,290,043 | |
Shoprite Holdings Ltd. | | | 6,477,996 | | | | 124,106,179 | |
SPAR Group Ltd. (The) | | | 2,388,633 | | | | 29,070,260 | |
Standard Bank Group Ltd. | | | 16,454,803 | | | | 213,628,005 | |
Steinhoff International Holdings Ltd.a | | | 8,177,433 | | | | 23,759,368 | |
Tiger Brands Ltd. | | | 2,779,731 | | | | 94,023,912 | |
Truworths International Ltd. | | | 7,059,022 | | | | 73,204,498 | |
Vodacom Group Ltd. | | | 3,761,959 | | | | 49,955,689 | |
Woolworths Holdings Ltd. | | | 11,208,440 | | | | 80,746,438 | |
| | | | | | | | |
| | | | | | | 3,579,967,004 | |
SOUTH KOREA — 14.88% | | | | | |
AmorePacific Corp.b | | | 50,028 | | | | 47,310,204 | |
AmorePacific Groupb | | | 30,665 | | | | 11,950,805 | |
BS Financial Group Inc. | | | 1,634,890 | | | | 23,628,960 | |
Celltrion Inc.b | | | 1,828,527 | | | | 45,340,614 | |
Cheil Industries Inc. | | | 525,317 | | | | 42,788,963 | |
Cheil Worldwide Inc.a | | | 1,213,760 | | | | 26,902,076 | |
CJ CheilJedang Corp.b | | | 119,421 | | | | 42,625,740 | |
CJ Corp. | | | 194,613 | | | | 26,869,202 | |
Coway Co. Ltd.a | | | 792,900 | | | | 36,502,727 | |
Daelim Industrial Co. Ltd.b | | | 323,215 | | | | 28,864,212 | |
Daewoo Engineering & Construction Co. Ltd.a,b | | | 912,260 | | | | 7,658,157 | |
Daewoo International Corp.b | | | 426,546 | | | | 15,106,817 | |
Daewoo Securities Co. Ltd. | | | 2,047,240 | | | | 23,160,428 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | | | 1,302,480 | | | | 36,145,752 | |
DGB Financial Group Inc. | | | 890,010 | | | | 13,356,417 | |
Dongbu Insurance Co. Ltd. | | | 466,556 | | | | 20,444,746 | |
Doosan Corp. | | | 155,589 | | | | 18,535,757 | |
Doosan Heavy Industries & Construction Co. Ltd. | | | 554,565 | | | | 22,457,623 | |
Doosan Infracore Co. Ltd.a,b | | | 1,159,160 | | | | 16,913,839 | |
E-Mart Co. Ltd. | | | 300,731 | | | | 61,377,924 | |
GS Engineering & Construction Corp.b | | | 429,075 | | | | 21,714,783 | |
GS Holdings Corp.b | | | 637,816 | | | | 41,114,268 | |
| | |
| 16 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hana Financial Group Inc. | | | 2,299,440 | | | $ | 85,791,680 | |
Hankook Tire Co. Ltd. | | | 953,028 | | | | 43,390,465 | |
Hanwha Chemical Corp.b | | | 1,063,670 | | | | 19,547,972 | |
Hanwha Corp. | | | 485,740 | | | | 15,655,647 | |
Hanwha Life Insurance Co. Ltd. | | | 2,737,400 | | | | 18,302,843 | |
Hyosung Corp. | | | 309,128 | | | | 16,129,783 | |
Hyundai Department Store Co. Ltd. | | | 178,685 | | | | 24,917,632 | |
Hyundai Development Co.b | | | 602,870 | | | | 13,779,727 | |
Hyundai Engineering & Construction Co. Ltd. | | | 939,138 | | | | 59,323,565 | |
Hyundai Glovis Co. Ltd. | | | 168,267 | | | | 31,933,940 | |
Hyundai Heavy Industries Co. Ltd. | | | 551,922 | | | | 109,331,858 | |
Hyundai Hysco Co. Ltd. | | | 427,863 | | | | 14,264,405 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 837,370 | | | | 24,320,907 | |
Hyundai Merchant Marine Co. Ltd.a,b | | | 550,908 | | | | 9,056,092 | |
Hyundai Mipo Dockyard Co. Ltd.b | | | 163,475 | | | | 17,814,559 | |
Hyundai Mobis Co. Ltd.b | | | 898,803 | | | | 259,806,838 | |
Hyundai Motor Co. | | | 2,132,693 | | | | 429,364,924 | |
Hyundai Securities Co. Ltd. | | | 802,050 | | | | 6,607,057 | |
Hyundai Steel Co. | | | 756,479 | | | | 59,452,232 | |
Hyundai Wia Corp. | | | 195,379 | | | | 28,689,087 | |
Industrial Bank of Korea | | | 1,840,410 | | | | 22,265,252 | |
Kangwon Land Inc. | | | 1,022,350 | | | | 31,015,351 | |
KB Financial Group Inc. | | | 5,053,955 | | | | 184,361,483 | |
KCC Corp. | | | 38,020 | | | | 10,006,880 | |
Kia Motors Corp. | | | 3,405,487 | | | | 175,805,623 | |
Korea Aerospace Industries Ltd.b | | | 584,500 | | | | 13,116,939 | |
Korea Electric Power Corp.a | | | 2,055,406 | | | | 61,975,856 | |
Korea Electric Power Corp. SP ADRa | | | 3,111,384 | | | | 46,546,305 | |
Korea Exchange Banka | | | 2,779,730 | | | | 19,510,030 | |
Korea Gas Corp. | | | 365,790 | | | | 24,153,474 | |
Korea Investment Holdings Co. Ltd. | | | 375,830 | | | | 15,983,166 | |
Korea Zinc Co. Ltd. | | | 110,404 | | | | 38,336,669 | |
Korean Air Lines Co. Ltd.a | | | 453,965 | | | | 18,530,467 | |
KT Corp. SP ADR | | | 1,337,876 | | | | 21,646,834 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
KT&G Corp. | | | 1,540,577 | | | $ | 109,835,425 | |
Kumho Petro Chemical Co. Ltd.b | | | 156,498 | | | | 15,825,762 | |
LG Chem Ltd. | | | 618,820 | | | | 169,445,783 | |
LG Corp. | | | 1,296,160 | | | | 78,883,424 | |
LG Display Co. Ltd.a,b | | | 3,043,962 | | | | 85,880,026 | |
LG Electronics Inc.b | | | 1,395,916 | | | | 100,939,877 | |
LG Household & Health Care Ltd.b | | | 135,831 | | | | 77,899,061 | |
LG Innotek Co. Ltd.a,b | | | 164,307 | | | | 11,486,657 | |
LG Uplus Corp.a | | | 3,018,290 | | | | 23,693,085 | |
Lotte Chemical Corp. | | | 223,796 | | | | 49,189,341 | |
Lotte Confectionery Co. Ltd. | | | 5,660 | | | | 9,560,308 | |
Lotte Shopping Co. Ltd.b | | | 128,551 | | | | 46,181,367 | |
LS Corp. | | | 178,698 | | | | 14,440,076 | |
LS Industrial Systems Co. Ltd. | | | 220,155 | | | | 13,581,469 | |
Mando Corp. | | | 143,506 | | | | 17,361,334 | |
Mirae Asset Securities Co. Ltd. | | | 192,659 | | | | 7,730,735 | |
NCsoft Corp.b | | | 219,755 | | | | 29,021,278 | |
Neo Holdings Co. Ltd.a,e | | | 147,429 | | | | — | |
NHN Corp.b | | | 573,599 | | | | 139,317,560 | |
OCI Co. Ltd.b | | | 199,740 | | | | 32,004,147 | |
OCI NVa,b | | | 2,332,164 | | | | 84,820,805 | |
ORION Corp. | | | 47,675 | | | | 47,110,336 | |
POSCO | | | 891,992 | | | | 291,200,491 | |
S-Oil Corp. | | | 585,432 | | | | 54,011,181 | |
S1 Corp. | | | 322,972 | | | | 20,729,623 | |
Samsung C&T Corp. | | | 1,730,268 | | | | 105,782,321 | |
Samsung Card Co. Ltd. | | | 437,938 | | | | 15,752,947 | |
Samsung Electro-Mechanics Co. Ltd. | | | 825,793 | | | | 72,831,004 | |
Samsung Electronics Co. Ltd. | | | 1,456,853 | | | | 2,077,326,467 | |
Samsung Engineering Co. Ltd. | | | 393,292 | | | | 55,934,216 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 516,184 | | | | 108,687,878 | |
Samsung Heavy Industries Co. Ltd. | | | 2,209,210 | | | | 78,854,816 | |
Samsung Life Insurance Co. Ltd. | | | 748,175 | | | | 71,858,518 | |
Samsung SDI Co. Ltd. | | | 480,955 | | | | 61,739,196 | |
Samsung Securities Co. Ltd. | | | 724,424 | | | | 38,401,346 | |
Samsung Techwin Co. Ltd.b | | | 560,918 | | | | 33,774,482 | |
Shinhan Financial Group Co. Ltd. | | | 4,543,458 | | | | 178,956,418 | |
Shinsegae Co. Ltd.b | | | 97,495 | | | | 20,393,524 | |
SK C&C Co. Ltd. | | | 269,533 | | | | 25,638,399 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 17 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SK Holdings Co. Ltd. | | | 326,397 | | | $ | 53,051,852 | |
SK Hynix Inc.a | | | 6,799,500 | | | | 166,404,313 | |
SK Innovation Co. Ltd. | | | 809,399 | | | | 133,052,914 | |
SK Networks Co. Ltd. | | | 964,500 | | | | 7,116,898 | |
SK Telecom Co. Ltd. | | | 64,208 | | | | 10,584,469 | |
SK Telecom Co. Ltd. SP ADR | | | 583,409 | | | | 10,600,542 | |
Woori Finance Holdings Co. Ltd. | | | 4,464,100 | | | | 54,212,744 | |
Woori Investment & Securities Co. Ltd. | | | 1,402,201 | | | | 16,510,574 | |
Yuhan Corp. | | | 142,774 | | | | 23,535,806 | |
| | | | | | | | |
| | | | | | | 7,552,656,351 | |
TAIWAN — 10.65% | | | | | |
Acer Inc.a,b | | | 35,413,053 | | | | 31,573,500 | |
Advanced Semiconductor Engineering Inc. | | | 68,701,701 | | | | 56,968,697 | |
Advantech Co. Ltd. | | | 2,707,800 | | | | 12,048,256 | |
Airtac International Group | | | 149,000 | | | | 868,892 | |
Asia Cement Corp.b | | | 29,358,463 | | | | 36,615,817 | |
ASUSTeK Computer Inc.b | | | 8,242,968 | | | | 100,027,589 | |
AU Optronics Corp.a,b | | | 104,897,000 | | | | 45,612,772 | |
Capital Securities Corp. | | | 29,244,879 | | | | 11,090,115 | |
Catcher Technology Co. Ltd.b | | | 6,429,210 | | | | 29,039,966 | |
Cathay Financial Holding Co. Ltd.b | | | 91,006,023 | | | | 115,343,113 | |
Chailease Holding Co. Ltd. | | | 8,513,000 | | | | 23,874,795 | |
Chang Hwa Commercial Bank Ltd. | | | 40,337,095 | | | | 23,590,535 | |
Cheng Shin Rubber Industry Co. Ltd. | | | 29,444,112 | | | | 79,995,801 | |
Cheng Uei Precision Industry Co. Ltd. | | | 3,824,503 | | | | 7,232,219 | |
Chicony Electronics Co. Ltd. | | | 8,960,253 | | | | 23,467,941 | |
China Airlines Ltd.a | | | 27,265,347 | | | | 11,212,554 | |
China Development Financial Holding Corp.a | | | 192,547,848 | | | | 57,310,350 | |
China Life Insurance Co. Ltd.a | | | 19,585,992 | | | | 18,749,841 | |
China Motor Co. Ltd.b | | | 5,854,000 | | | | 5,465,957 | |
China Petrochemical Development Corp. | | | 27,538,725 | | | | 17,033,880 | |
China Steel Corp.b | | | 168,619,147 | | | | 154,599,997 | |
Chinatrust Financial Holding Co. Ltd. | | | 139,562,549 | | | | 82,561,904 | |
Chunghwa Telecom Co. Ltd. | | | 55,730,410 | | | | 173,203,573 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Clevo Co.b | | | 11,005,553 | | | $ | 15,451,141 | |
Compal Electronics Inc.b | | | 56,605,908 | | | | 39,592,557 | |
CTCI Corp. | | | 1,338,000 | | | | 2,665,491 | |
Delta Electronics Inc. | | | 25,333,000 | | | | 94,358,839 | |
E Ink Holdings Inc.b | | | 11,293,000 | | | | 8,660,130 | |
E.Sun Financial Holding Co. Ltd. | | | 33,493,615 | | | | 20,039,832 | |
Epistar Corp.(b) | | | 8,182,345 | | | | 15,886,710 | |
Eternal Chemical Co. Ltd. | | | 7,015,740 | | | | 6,136,836 | |
EVA Airways Corp.a | | | 16,276,800 | | | | 10,232,495 | |
Evergreen Marine Corp. Ltd.a | | | 23,405,325 | | | | 14,950,564 | |
Far Eastern Department Stores Co. Ltd.b | | | 15,675,812 | | | | 14,821,652 | |
Far Eastern New Century Corp. | | | 37,414,428 | | | | 41,492,413 | |
Far EasTone Telecommunications Co. Ltd. | | | 18,000,000 | | | | 41,683,380 | |
Farglory Land Development Co. Ltd. | | | 15,931,000 | | | | 30,233,270 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 7,533,000 | | | | 13,127,807 | |
First Financial Holding Co. Ltd. | | | 68,705,485 | | | | 43,771,044 | |
Formosa Chemicals & Fibre Corp. | | | 38,504,000 | | | | 98,120,857 | |
Formosa International Hotels Corp.b | | | 247,203 | | | | 3,053,946 | |
Formosa Petrochemical Corp.b | | | 11,010,000 | | | | 30,617,869 | |
Formosa Plastics Corp. | | | 57,128,000 | | | | 144,425,530 | |
Formosa Taffeta Co. Ltd. | | | 12,446,000 | | | | 12,061,500 | |
Foxconn Technology Co. Ltd. | | | 9,546,542 | | | | 26,226,322 | |
Fubon Financial Holding Co. Ltd.b | | | 87,917,969 | | | | 118,541,748 | |
Giant Manufacturing Co. Ltd. | | | 5,988,203 | | | | 32,800,734 | |
Hermes Microvision Inc.b | | | 372,000 | | | | 7,573,795 | |
Highwealth Construction Corp. | | | 3,912,600 | | | | 8,176,940 | |
Hiwin Technologies Corp.b | | | 1,696,408 | | | | 14,009,740 | |
Hon Hai Precision Industry Co. Ltd. | | | 133,514,231 | | | | 367,691,257 | |
Hotai Motor Co. Ltd.b | | | 3,114,000 | | | | 23,722,515 | |
HTC Corp.b | | | 9,233,708 | | | | 86,216,342 | |
Hua Nan Financial Holdings Co. Ltd. | | | 31,794,202 | | | | 18,594,354 | |
Innolux Corp.a,b | | | 70,551,958 | | | | 39,001,976 | |
Inventec Corp. | | | 22,007,281 | | | | 8,753,507 | |
Kinsus Interconnect Technology Corp. | | | 1,653,000 | | | | 5,209,765 | |
| | |
| 18 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Largan Precision Co. Ltd.b | | | 1,188,000 | | | $ | 32,036,135 | |
LCY Chemical Corp.b | | | 6,058,076 | | | | 7,718,985 | |
Lite-On Technology Corp. | | | 21,416,506 | | | | 33,027,325 | |
Macronix International Co. Ltd.b | | | 59,416,261 | | | | 16,923,715 | |
MediaTek Inc.b | | | 14,609,176 | | | | 164,231,042 | |
Mega Financial Holding Co. Ltd. | | | 94,337,229 | | | | 77,749,153 | |
Merida Industry Co. Ltd. | | | 1,662,000 | | | | 8,095,293 | |
MStar Semiconductor Inc. | | | 3,933,331 | | | | 29,566,441 | |
Nan Kang Rubber Tire Co. Ltd.b | | | 7,222,248 | | | | 8,338,092 | |
Nan Ya Plastics Corp. | | | 68,091,000 | | | | 130,597,742 | |
Novatek Microelectronics Corp. Ltd. | | | 3,993,000 | | | | 16,689,936 | |
Oriental Union Chemical Corp.b | | | 7,009,000 | | | | 7,784,759 | |
Pegatron Corp.a,b | | | 16,341,414 | | | | 22,033,491 | |
Phison Electronics Corp. | | | 1,545,535 | | | | 11,617,626 | |
Pou Chen Corp. | | | 38,282,220 | | | | 38,841,617 | |
Powertech Technology Inc.b | | | 5,878,300 | | | | 8,550,002 | |
President Chain Store Corp. | | | 8,539,000 | | | | 47,204,625 | |
Quanta Computer Inc.b | | | 29,646,000 | | | | 63,256,259 | |
Radiant Opto-Electronics Corp. | | | 5,613,690 | | | | 20,247,243 | |
Realtek Semiconductor Corp. | | | 2,341,512 | | | | 5,572,304 | |
Richtek Technology Corp. | | | 768,150 | | | | 4,699,551 | |
Ruentex Development Co. Ltd.b | | | 13,058,608 | | | | 28,567,700 | |
Ruentex Industries Ltd. | | | 8,447,009 | | | | 20,329,882 | |
ScinoPharm Taiwan Ltd. | | | 3,329,000 | | | | 8,169,187 | |
Shin Kong Financial Holding Co. Ltd.a | | | 32,879,002 | | | | 9,963,502 | |
Siliconware Precision Industries Co. Ltd.b | | | 39,547,190 | | | | 42,457,924 | |
Siliconware Precision Industries Co. Ltd. SP ADR | | | 1,110,128 | | | | 5,872,577 | |
Simplo Technology Co. Ltd.b | | | 4,233,202 | | | | 18,764,130 | |
SinoPac Financial Holdings Co. Ltd. | | | 55,974,888 | | | | 25,471,862 | |
Standard Foods Corp. | | | 3,253,360 | | | | 9,442,108 | |
Synnex Technology International Corp.b | | | 18,732,985 | | | | 37,887,149 | |
Taishin Financial Holdings Co. Ltd. | | | 50,445,958 | | | | 20,575,265 | |
Taiwan Business Bank Ltd.a | | | 24,915,242 | | | | 7,776,959 | |
Taiwan Cement Corp. | | | 50,578,296 | | | | 64,871,291 | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 37,483,987 | | | | 21,479,709 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Taiwan Fertilizer Co. Ltd. | | | 8,427,000 | | | $ | 20,423,754 | |
Taiwan Glass Industry Corp.b | | | 5,876,176 | | | | 5,555,989 | |
Taiwan Mobile Co. Ltd. | | | 27,289,600 | | | | 95,207,510 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 322,180,000 | | | | 1,134,876,376 | |
Teco Electric and Machinery Co. Ltd. | | | 40,534,000 | | | | 32,381,838 | |
TPK Holding Co. Ltd.b | | | 2,694,827 | | | | 51,050,605 | |
Transcend Information Inc. | | | 171,000 | | | | 487,065 | |
Tripod Technology Corp.b | | | 3,428,920 | | | | 7,108,307 | |
TSRC Corp.b | | | 12,178,850 | | | | 25,042,046 | |
Tung Ho Steel Enterprise Corp. | | | 13,986,000 | | | | 13,671,785 | |
U-Ming Marine Transport Corp. | | | 5,310,000 | | | | 8,233,529 | |
Uni-President Enterprises Co. | | | 61,309,711 | | | | 114,698,025 | |
Unimicron Technology Corp.b | | | 12,051,000 | | | | 11,455,285 | |
United Microelectronics Corp.b | | | 160,806,000 | | | | 60,167,077 | |
United Microelectronics Corp. SP ADR | | | 5,854,625 | | | | 10,831,056 | |
Walsin Lihwa Corp.a | | | 25,604,000 | | | | 8,803,222 | |
Wan Hai Lines Ltd.a | | | 3,256,300 | | | | 1,761,705 | |
Wintek Corp.a,b | | | 21,329,438 | | | | 10,065,634 | |
Wistron Corp. | | | 23,993,298 | | | | 26,689,324 | |
WPG Holdings Co. Ltd. | | | 14,047,532 | | | | 15,957,455 | |
Yang Ming Marine Transport Corp.a | | | 37,479,075 | | | | 17,750,021 | |
Yuanta Financial Holding Co. Ltd. | | | 95,715,140 | | | | 49,524,797 | |
Yulon Motor Co. Ltd.b | | | 15,305,000 | | | | 27,394,384 | |
Zhen Ding Technology Holding Ltd.b | | | 1,391,500 | | | | 3,156,690 | |
| | | | | | | | |
| | | | | | | 5,404,094,982 | |
THAILAND — 2.71% | | | | | |
Advanced Information Service PCL NVDR | | | 14,207,700 | | | | 98,856,938 | |
Airports of Thailand PCL NVDR | | | 5,472,000 | | | | 21,704,067 | |
Bangkok Bank PCL Foreign | | | 11,247,900 | | | | 87,714,716 | |
Bangkok Bank PCL NVDR | | | 8,950,100 | | | | 65,884,770 | |
Bangkok Dusit Medical Services PCL NVDR | | | 3,940,700 | | | | 19,736,615 | |
Bank of Ayudhya PCL NVDR | | | 25,851,400 | | | | 29,978,934 | |
Banpu PCL NVDR | | | 2,497,950 | | | | 32,830,200 | |
BEC World PCL NVDR | | | 12,633,600 | | | | 28,558,306 | |
Central Pattana PCL NVDR | | | 8,344,600 | | | | 26,927,113 | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 19 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Charoen Pokphand Foods PCL NVDR | | | 43,045,600 | | | $ | 47,024,605 | |
CP All PCL NVDR | | | 58,143,100 | | | | 92,344,924 | |
Glow Energy PCL NVDR | | | 7,031,100 | | | | 20,325,197 | |
Indorama Ventures PCL NVDR | | | 24,603,180 | | | | 19,682,544 | |
IRPC PCL NVDR | | | 123,653,500 | | | | 17,706,350 | |
Kasikornbank PCL Foreign | | | 16,663,300 | | | | 122,104,181 | |
Kasikornbank PCL NVDR | | | 8,176,000 | | | | 58,262,588 | |
Krung Thai Bank PCL NVDR | | | 58,602,700 | | | | 50,230,886 | |
PTT Exploration & Production PCL NVDR | | | 17,182,939 | | | | 91,257,289 | |
PTT Global Chemical PCL NVDR | | | 19,640,030 | | | | 52,153,357 | |
PTT PCL NVDR | | | 10,961,400 | | | | 128,957,647 | |
Siam Cement PCL Foreign | | | 4,168,800 | | | | 66,700,800 | |
Siam Cement PCL NVDR | | | 1,394,700 | | | | 21,752,632 | |
Siam Commercial Bank PCL NVDR | | | 21,418,100 | | | | 128,148,632 | |
Siam Makro PCL NVDR | | | 1,198,000 | | | | 19,490,151 | |
Thai Oil PCL NVDR | | | 11,186,600 | | | | 26,321,412 | |
| | | | | | | | |
| | | | | | | 1,374,654,854 | |
TURKEY — 1.99% | | | | | |
Akbank TAS | | | 23,614,763 | | | | 114,748,855 | |
Anadolu Efes Biracilik ve Malt Sanayii ASb | | | 2,070,013 | | | | 31,073,500 | |
Arcelik ASb | | | 1,540,999 | | | | 9,766,986 | |
Asya Katilim Bankasi ASa,b | | | 20,424,048 | | | | 25,095,014 | |
BIM Birlesik Magazalar AS | | | 1,255,535 | | | | 59,508,164 | |
Coca-Cola Icecek AS | | | 424,818 | | | | 10,037,953 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 8,432,204 | | | | 13,689,176 | |
Enka Insaat ve Sanayi AS | | | 1,747,935 | | | | 5,325,484 | |
Eregli Demir ve Celik Fabrikalari TAS | | | 19,298,159 | | | | 24,891,851 | |
Ford Otomotiv Sanayi AS | | | 944,748 | | | | 11,135,384 | |
Haci Omer Sabanci Holding AS | | | 8,950,216 | | | | 48,765,528 | |
KOC Holding AS | | | 7,532,740 | | | | 39,618,447 | |
Koza Altin Isletmeleri AS | | | 615,523 | | | | 14,578,311 | |
Migros Ticaret ASa | | | 1 | | | | 7 | |
TAV Havalimanlari Holding AS | | | 2,204,855 | | | | 13,422,935 | |
Tofas Turk Otomobil Fabrikasi AS | | | 1,179,419 | | | | 7,311,329 | |
Turk Hava Yollari AOa | | | 6,055,440 | | | | 25,115,271 | |
Turk Telekomunikasyon ASb | | | 5,012,475 | | | | 20,678,044 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Turkcell Iletisim Hizmetleri ASa | | | 9,030,888 | | | $ | 60,000,062 | |
Turkiye Garanti Bankasi AS | | | 31,474,967 | | | | 150,493,268 | |
Turkiye Halk Bankasi AS | | | 8,270,298 | | | | 81,845,442 | |
Turkiye Is Bankasi AS Class C | | | 20,662,509 | | | | 73,751,596 | |
Turkiye Petrol Rafinerileri AS | | | 1,764,785 | | | | 49,451,068 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 5,831,096 | | | | 9,531,272 | |
Turkiye Vakiflar Bankasi TAO Class D | | | 18,040,281 | | | | 55,365,052 | |
Yapi ve Kredi Bankasi ASa | | | 18,709,492 | | | | 52,841,976 | |
| | | | | | | | |
| | | | | | | 1,008,041,975 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $44,340,520,203) | | | | 46,731,001,518 | |
|
PREFERRED STOCKS — 7.56% | |
| |
BRAZIL — 6.45% | | | | | |
AES Tiete SA | | | 1,397,400 | | | | 14,411,505 | |
Banco Bradesco SA | | | 25,424,580 | | | | 454,198,657 | |
Banco do Estado do Rio Grande do Sul SA Class B | | | 2,456,700 | | | | 22,490,653 | |
Bradespar SA | | | 3,006,000 | | | | 44,167,872 | |
Braskem SA Class A | | | 2,097,100 | | | | 15,464,933 | |
Centrais Eletricas Brasileiras SA Class B | | | 3,010,937 | | | | 19,097,238 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 1,309,186 | | | | 65,687,750 | |
Companhia de Bebidas das Americas | | | 9,891,223 | | | | 439,254,150 | |
Companhia Energetica de Minas Gerais | | | 6,441,186 | | | | 76,332,501 | |
Companhia Energetica de Sao Paulo Class B | | | 2,218,600 | | | | 20,580,205 | |
Companhia Paranaense de Energia Class B | | | 1,382,275 | | | | 20,275,138 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 1,308,200 | | | | 7,907,031 | |
Gerdau SA | | | 11,541,285 | | | | 96,026,573 | |
Itau Unibanco Holding SA | | | 29,843,911 | | | | 529,374,315 | |
Itausa-Investimentos Itau SA | | | 33,893,450 | | | | 177,430,179 | |
Klabin SA | | | 5,855,900 | | | | 39,422,401 | |
Lojas Americanas SA | | | 4,908,116 | | | | 44,833,633 | |
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Marcopolo SA | | | 2,563,700 | | | $ | 17,181,238 | |
Metalurgica Gerdau SA | | | 3,687,400 | | | | 39,072,900 | |
Oi SA | | | 11,008,968 | | | | 40,926,567 | |
Petroleo Brasileiro SA | | | 55,178,327 | | | | 463,563,811 | |
Telefonica Brasil SA | | | 4,223,767 | | | | 111,389,010 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 5,198,100 | | | | 25,765,707 | |
Vale SA Class A | | | 26,491,251 | | | | 489,735,079 | |
| | | | | | | | |
| | | | | | | 3,274,589,046 | |
CHILE — 0.10% | | | | | |
Embotelladora Andina SA Class B | | | 1,956,980 | | | | 13,218,354 | |
Sociedad Quimica y Minera de Chile SA Series B | | | 723,583 | | | | 40,153,847 | |
| | | | | | | | |
| | | | | | | 53,372,201 | |
COLOMBIA — 0.26% | | | | | |
Banco Davivienda SA | | | 1,058,171 | | | | 15,102,776 | |
Bancolombia SA | | | 4,200,000 | | | | 68,971,028 | |
Grupo Argos SA | | | 1,162,138 | | | | 14,537,332 | |
Grupo Aval Acciones y Valores SA | | | 18,842,456 | | | | 13,394,557 | |
Grupo de Inversiones Suramericana SA | | | 846,309 | | | | 18,533,522 | |
| | | | | | | | |
| | | | | | | 130,539,215 | |
RUSSIA — 0.29% | | | | | |
AK Transneft OAO | | | 21,433 | | | | 48,062,492 | |
Sberbank of Russia | | | 13,146,538 | | | | 31,935,588 | |
Surgutneftegas OJSC | | | 92,543,700 | | | | 68,134,691 | |
| | | | | | | | |
| | | | | | | 148,132,771 | |
SOUTH KOREA — 0.46% | | | | | |
Hyundai Motor Co. Ltd. | | | 66,206 | | | | 4,426,675 | |
Hyundai Motor Co. Ltd. Series 2 | | | 377,783 | | | | 27,178,257 | |
LG Chem Ltd. | | | 95,485 | | | | 8,456,594 | |
Samsung Electronics Co. Ltd.b | | | 235,670 | | | | 191,526,424 | |
| | | | | | | | |
| | | | | | | 231,587,950 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $3,982,067,055) | | | | 3,838,221,183 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RIGHTS — 0.01% | |
| |
BRAZIL — 0.00% | | | | | |
Companhia de Bebidas das Americasa | | | 2,486 | | | $ | — | |
Companhia de Bebidas das Americas Preferreda | | | 14,397 | | | | — | |
| | | | | | | | |
| | | | | | | — | |
CHILE — 0.01% | | | | | |
Cencosud SAa | | | 1,338,141 | | | | 1,039,906 | |
Enersis SAa | | | 61,571,601 | | | | 833,016 | |
Enersis SA SP ADRa | | | 1,600,946 | | | | 320,189 | |
| | | | | | | | |
| | | | | | | 2,193,111 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $0) | | | | 2,193,111 | |
| |
SHORT-TERM INVESTMENTS — 3.12% | | | | | |
| |
MONEY MARKET FUNDS — 3.12% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%f,g,h | | | 1,401,776,295 | | | | 1,401,776,295 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%f,g,h | | | 101,493,228 | | | | 101,493,228 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | |
0.04%f,g | | | 82,094,427 | | | | 82,094,427 | |
| | | | | | | | |
| | | | | | | 1,585,363,950 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $1,585,363,950) | | | | 1,585,363,950 | |
| | | | | | | | |
| | | | |
CONSOLIDATED SCHEDULEOF INVESTMENTS | | | 21 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 102.75% | | | | |
(Cost: $49,907,951,208) | | $ | 52,156,779,762 | |
Other Assets, Less Liabilities — (2.75)% | | | (1,395,879,142 | ) |
| | | | | | |
NET ASSETS — 100.00% | | | | $ | 50,760,900,620 | |
| | | | | | |
BDR — Brazilian Depositary Receipts
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 | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
| f | Affiliated issuer. See Note 2. |
| g | The rate quoted is the annualized seven-day yield of the fund at period end. |
| h | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
Financial futures contracts purchased as of February 28, 2013 were as follows:
| | | | | | | | | | | | | | |
Number of
Contracts | | | Issue
(Expiration) | | Exchange | | Notional
Value | | | Net
Unrealized
Appreciation
(Depreciation) | |
| | 1,950 | | | MSCI Emerging Markets E-Mini (Mar. 2013) | | NYSE Liffe | | | $102,170,250 | | | | $638,757 | |
| | | | | | | | | | | | | | | |
See notes to consolidated financial statements.
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statement of Assets and Liabilities (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
February 28, 2013
| | | | |
| | |
ASSETS | | | | |
Investments, at cost: | | | | |
Unaffiliated | | $ | 48,322,587,258 | |
Affiliated (Note 2) | | | 1,585,363,950 | |
| | | | |
Total cost of investments | | $ | 49,907,951,208 | |
| | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | |
Unaffiliated | | $ | 50,571,415,812 | |
Affiliated (Note 2) | | | 1,585,363,950 | |
| | | | |
Total fair value of investments | | | 52,156,779,762 | |
Foreign currencies, at valueb | | | 30,185,703 | |
Cash | | | 2,052,295 | |
Cash held at broker | | | 9,810,000 | |
Receivables: | | | | |
Investment securities sold | | | 364,673,461 | |
Due from custodian (Note 4) | | | 3,160,352 | |
Dividends and interest | | | 98,470,471 | |
| | | | |
Total Assets | | | 52,665,132,044 | |
| | | | |
| |
LIABILITIES | | | | |
Payables: | | | | |
Investment securities purchased | | | 124,016,055 | |
Collateral for securities on loan (Note 5) | | | 1,503,269,523 | |
Capital shares redeemed | | | 250,445,836 | |
Futures variation margin | | | 451,659 | |
Foreign taxes (Note 1) | | | 270,449 | |
Investment advisory fees (Note 2) | | | 25,777,902 | |
| | | | |
Total Liabilities | | | 1,904,231,424 | |
| | | | |
| |
NET ASSETS | | $ | 50,760,900,620 | |
| | | | |
| |
Net assets consist of: | | | | |
Paid-in capital | | $ | 53,333,760,443 | |
Distributions in excess of net investment income | | | (48,393,523 | ) |
Accumulated net realized loss | | | (4,773,655,842 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 2,249,189,542 | |
| | | | |
NET ASSETS | | $ | 50,760,900,620 | |
| | | | |
| |
Shares outstandingc | | | 1,166,850,000 | |
| | | | |
| |
Net asset value per share | | $ | 43.50 | |
| | | | |
| a | Securities on loan with a value of $1,411,540,454. See Note 5. |
| b | Cost of foreign currencies: $30,393,719. |
| c | $0.001 par value, number of shares authorized: 2 billion. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 23 | |
Consolidated Statement of Operations (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Six months ended February 28, 2013
| | | | |
| | |
NET INVESTMENT INCOME | | | | |
Dividends — unaffiliateda | | $ | 280,066,418 | |
Interest — unaffiliated | | | 2,401 | |
Interest — affiliated (Note 2) | | | 28,988 | |
Securities lending income — affiliated (Note 2)b | | | 19,112,698 | |
| | | | |
Total investment income | | | 299,210,505 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory fees (Note 2) | | | 143,344,750 | |
Mauritius income taxes (Note 1) | | | 581,224 | |
Commitment fees (Note 7) | | | 44,292 | |
| | | | |
Total expenses | | | 143,970,266 | |
Less investment advisory fees waived (Note 2) | | | (223,548 | ) |
| | | | |
Net expenses | | | 143,746,718 | |
| | | | |
Net investment income | | | 155,463,787 | |
| | | | |
| |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | (349,576,455 | ) |
In-kind redemptions — unaffiliated | | | 105,774,953 | |
Futures contracts | | | 16,465,260 | |
Foreign currency transactions | | | (1,642,911 | ) |
| | | | |
Net realized loss | | | (228,979,153 | ) |
| | | | |
Net change in unrealized appreciation/depreciation on: | | | | |
Investments | | | 4,296,524,408 | |
Futures contracts | | | (7,094,555 | ) |
Translation of assets and liabilities in foreign currencies | | | 517,035 | |
| | | | |
Net change in unrealized appreciation/depreciation | | | 4,289,946,888 | |
| | | | |
Net realized and unrealized gain | | | 4,060,967,735 | |
| | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 4,216,431,522 | |
| | | | |
| a | Net of foreign withholding tax of $35,457,132. |
| b | Net of foreign tax paid of $1,575,844. |
See notes to consolidated financial statements.
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Changes in Net Assets
iSHARES® MSCI EMERGING MARKETS INDEX FUND
| | | | | | | | |
| | | Six months ended
February 28, 2013
(Unaudited) | | | Year ended
August 31, 2012 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income | | $ | 155,463,787 | | | $ | 739,830,263 | |
Net realized loss | | | (228,979,153 | ) | | | (1,068,409,206 | ) |
Net change in unrealized appreciation/depreciation | | | 4,289,946,888 | | | | (1,942,224,140 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 4,216,431,522 | | | | (2,270,803,083 | ) |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | (294,104,911 | ) | | | (703,374,541 | ) |
| | | | | | | | |
Total distributions to shareholders | | | (294,104,911 | ) | | | (703,374,541 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | 13,338,716,436 | | | | 7,880,602,043 | |
Cost of shares redeemed | | | (756,770,707 | ) | | | (4,146,345,050 | ) |
| | | | | | | | |
Net increase in net assets from capital share transactions | | | 12,581,945,729 | | | | 3,734,256,993 | |
| | | | | | | | |
INCREASE IN NET ASSETS | | | 16,504,272,340 | | | | 760,079,369 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | 34,256,628,280 | | | | 33,496,548,911 | |
| | | | | | | | |
End of period | | $ | 50,760,900,620 | | | $ | 34,256,628,280 | |
| | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (48,393,523 | ) | | $ | 90,247,601 | |
| | | | | | | | |
| | |
SHARES ISSUED AND REDEEMED | | | | | | | | |
Shares sold | | | 310,950,000 | | | | 193,950,000 | |
Shares redeemed | | | (17,550,000 | ) | | | (104,850,000 | ) |
| | | | | | | | |
Net increase in shares outstanding | | | 293,400,000 | | | | 89,100,000 | |
| | | | | | | | |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 25 | |
Financial Highlights
iSHARES® MSCI EMERGING MARKETS INDEX FUND
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six months
ended
Feb. 28, 2013
(Consolidated) (Unaudited) | | | Year ended
Aug. 31, 2012
(Consolidated) | | | Year ended
Aug. 31, 2011
(Consolidated) | | | Year ended
Aug. 31, 2010 | | | Year ended Aug. 31, 2009 | | | Year ended Aug. 31, 2008a | |
Net asset value, beginning of period | | $ | 39.22 | | | $ | 42.71 | | | $ | 40.19 | | | $ | 35.48 | | | $ | 40.07 | | | $ | 44.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.15 | | | | 0.86 | | | | 0.81 | | | | 0.58 | | | | 0.66 | | | | 1.10 | |
Net realized and unrealized gain (loss)c | | | 4.41 | | | | (3.53 | ) | | | 2.56 | | | | 4.73 | | | | (4.66 | ) | | | (4.64 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.56 | | | | (2.67 | ) | | | 3.37 | | | | 5.31 | | | | (4.00 | ) | | | (3.54 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.28 | ) | | | (0.82 | ) | | | (0.85 | ) | | | (0.60 | ) | | | (0.59 | ) | | | (1.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.28 | ) | | | (0.82 | ) | | | (0.85 | ) | | | (0.60 | ) | | | (0.59 | ) | | | (1.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 43.50 | | | $ | 39.22 | | | $ | 42.71 | | | $ | 40.19 | | | $ | 35.48 | | | $ | 40.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 11.62 | %d | | | (6.18 | )% | | | 8.23 | % | | | 14.97 | % | | | (9.47 | )% | | | (8.36 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 50,760,901 | | | $ | 34,256,628 | | | $ | 33,496,549 | | | $ | 39,766,955 | | | $ | 30,268,121 | | | $ | 20,302,756 | |
Ratio of expenses to average net assetse,f | | | 0.67 | % | | | 0.68 | % | | | 0.67 | % | | | 0.68 | % | | | 0.72 | % | | | 0.72 | % |
Ratio of expenses to average net assets prior to waived feese,f | | | 0.67 | % | | | 0.69 | % | | | 0.67 | % | | | 0.68 | % | | | 0.72 | % | | | 0.72 | % |
Ratio of net investment income to average net assetse | | | 0.72 | % | | | 2.13 | % | | | 1.76 | % | | | 1.45 | % | | | 2.32 | % | | | 2.32 | % |
Portfolio turnover rateg | | | 5 | % | | | 15 | % | | | 17 | % | | | 14 | % | | | 5 | % | | | 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 | Ratios for the years 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 rates for the six months ended February 28, 2013 and the years ended August 31, 2012 and August 31, 2011 were 4%, 10% and 15%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | |
| 26 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 | | 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.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 27 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
SECURITY VALUATION
The Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Fund. The investments of the Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and 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). |
| | • | | Financial futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded. |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Fund’s perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability |
| | |
| 28 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
| | (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the 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. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of February 28, 2013. 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 | | $ | 46,731,001,518 | | | $ | — | | | $ | 0 | a | | $ | 46,731,001,518 | |
Preferred Stocks | | | 3,838,221,183 | | | | — | | | | — | | | | 3,838,221,183 | |
Rights | | | 2,193,111 | | | | 0 | a | | | — | | | | 2,193,111 | |
Money Market Funds | | | 1,585,363,950 | | | | — | | | | — | | | | 1,585,363,950 | |
Futures Contractsb | | | 638,757 | | | | — | | | | — | | | | 638,757 | |
| | | | | | | | | | | | | | | | |
| | $ | 52,157,418,519 | | | $ | 0 | a | | $ | 0 | a | | $ | 52,157,418,519 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | a | | Rounds to less than $1. |
| | b | | Futures contracts are shown at the net unrealized appreciation (depreciation) on the contracts. |
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 28, 2013 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.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 29 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
FOREIGN TAXES
The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the 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 stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, if any, are disclosed in the Fund’s consolidated statement of assets and liabilities.
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 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 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.
As a result of legislative changes enacted by the 2012 India Finance Act (“the Act”) and its general anti-avoidance rules (“GAAR”), which are effective April 1, 2013 but have been proposed to be deferred until April 1, 2016, the Subsidiary’s ability to leverage the treaty between Mauritius and India may be adversely impacted, and therefore the Fund may be subject to taxes on capital gains and/or dividends realized on Indian securities. The Act also includes provisions that impose Indian tax on the transfer of shares of an Indian company. However, until more definitive guidance on the legislative changes is available, the impact to the Fund, if any, cannot be determined at this time.
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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments
| | |
| 30 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, 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.
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.
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 of $223,548.
BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through June 30, 2014 in an amount equal to the investment advisory fees payable on the amount of the Fund’s investment in other iShares funds. The Fund did not hold any iShares funds during the six months ended February 28, 2013.
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. The Fund benefits from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 31 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
For the six months ended February 28, 2013, BTC earned securities lending agent fees from the Fund in the amount of $10,842,998.
For the six months ended February 28, 2013, BTC, the Fund’s securities lending agent, has agreed to voluntarily reimburse the Fund in the amount of $551,545, related to the foreign tax on the securities lending income. Such reimbursement is included in the “Securities lending income — affiliated” in the Fund’s consolidated statement of operations.
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is 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. is the largest stockholder of BlackRock and is considered to be an affiliate of the Fund for 1940 Act purposes.
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.
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| 3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2013, were $8,571,735,683 and $2,165,855,981, respectively.
In-kind purchases and sales (see Note 4) for the six months ended February 28, 2013, were $6,395,790,624 and $365,564,416, 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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
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.
| | |
| 32 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
| 5. | LOANS OF PORTFOLIO SECURITIES |
The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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.
As of August 31, 2012, the Funds’ fiscal year-end, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non- Expiring a | | Expiring
2013 | | | Expiring
2014 | | | Expiring
2015 | | | Expiring
2016 | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
| $602,564,447 | | $ | 20,296,564 | | | $ | 11,239,258 | | | $ | 29,973,301 | | | $ | 13,844,901 | | | $ | 228,196,854 | | | $ | 1,201,366,175 | | | $ | 873,167,649 | | | $ | 2,980,649,149 | |
| | a | | Must be utilized prior to losses subject to expiration. |
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 28, 2013, the cost of investments for federal income tax purposes was $50,475,706,833. Net unrealized appreciation was $1,681,072,929, of which $7,072,858,325 represented gross unrealized appreciation on securities and $5,391,785,396 represented gross unrealized depreciation on securities.
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 33 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
Management has reviewed the tax positions as of February 28, 2013, 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.
| 7. | FINANCIAL FUTURES CONTRACTS |
The Fund may purchase or sell financial futures contracts in an effort to help the Fund track its underlying index. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.
The following table shows the value of futures contracts held by the Fund as of February 28, 2013 and the related locations in the consolidated statement of assets and liabilities, presented by risk exposure category:
| | | | |
| Assets | |
Equity contracts: | | | | |
Variation margin/Net assets consist
of — net unrealized appreciation
(depreciation)a | | $ | 638,757 | |
| | | | |
| | | | | |
| | a | | Represents cumulative appreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities. |
The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund during the six months ended February 28, 2013 and the related locations in the consolidated statement of operations, presented by risk exposure category:
| | | | | | | | |
| | | Net Realized
Gain (Loss) | | | Net Change in Unrealized
Appreciation/Depreciation | |
Equity contracts: | | | | | | | | |
Futures contracts | | $ | 16,465,260 | | | $ | (7,094,555 | ) |
| | | | | | | | |
| | | | | | | | | |
For the six months ended February 28, 2013, the average quarter-end number of contracts and notional value of open futures contracts for the Fund were 2,365 and $116,995,180, respectively.
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 30, 2013. 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
| | |
| 34 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
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 six months ended February 28, 2013.
On January 18, 2013, a lawsuit was filed in the United States District Court for the Middle District of Tennessee by Laborers’ Local 265 Pension Fund and Plumbers and Pipefitters Local No. 572 Pension Fund against BFA, BTC, and the current members of the iShares Trust Board of Trustees and the Board of Directors of iShares, Inc. (collectively, “Defendants”) for alleged violations of, among other things, Sections 36(a) and 36(b) of the 1940 Act. The complaint purports to be brought derivatively on behalf of iShares Trust and iShares, Inc., as well as the following eight funds: iShares Russell MidCap Index Fund; iShares MSCI EAFE Index Fund; iShares MSCI Emerging Markets Index Fund; iShares Russell 2000 Growth Index Fund; iShares Russell 2000 Value Index Fund; iShares Core S&P Mid-Cap ETF; iShares Core S&P Small-Cap ETF; and iShares Dow Jones U.S. Real Estate Index Fund. The complaint alleges, among other things, that BFA and BTC breached their fiduciary duties under the 1940 Act by charging allegedly excessive fees in connection with the provision of securities lending services to the above eight funds, that the individual defendants breached their fiduciary duties under the 1940 Act by approving those fee arrangements, and that the securities lending contracts are unenforceable under Section 47(b) of the 1940 Act. Plaintiffs seek injunctive relief, rescission of the securities lending contracts, and monetary damages of an unspecified amount. Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit. On March 11, 2013, the Defendants filed a motion to dismiss the lawsuit.
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 | | | 35 | |
Supplemental Information (Unaudited)
iSHARES® MSCI EMERGING MARKETS INDEX FUND
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 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 | |
| $ | 0.18635 | | | $ | — | | | $ | 0.09021 | | | $ | 0.27656 | | | | 67 | % | | | — | % | | | 33 | % | | | 100 | % |
| | |
| 36 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes:
Notes:
| | |
| 38 | | 2013 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.
©2013 BlackRock, Inc. All rights reserved. ISHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
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iS-SAR-85-0213
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | iShares MSCI BRIC Index Fund | BKF | NYSE Arca |
| Ø | | iShares MSCI Emerging Markets Asia Index Fund | EEMA | NASDAQ |
| Ø | | iShares MSCI Emerging Markets Consumer Discretionary Sector Index Fund | EMDI | NASDAQ |
| Ø | | iShares MSCI Emerging Markets Energy Sector Capped Index Fund | EMEY | NASDAQ |
| Ø | | iShares MSCI Emerging Markets Growth Index Fund | EGRW | NASDAQ |
| Ø | | iShares MSCI Emerging Markets Minimum Volatility Index Fund | EEMV | NYSE Arca |
| Ø | | iShares MSCI Emerging Markets Small Cap Index Fund | EEMS | NYSE Arca |
| Ø | | iShares MSCI Emerging Markets Value Index Fund | EVAL | NASDAQ |
Table of Contents
Fund Performance Overview
iSHARES® MSCI BRIC INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (6.61)% | | (6.84)% | | (5.93)% | | (3.94)% | | (4.00)% | | (3.64)% | | (4.66)% | | (4.77)% | | (4.31)% |
|
| Cumulative Total Returns |
| Year Ended 2/28/13 | | Five Years Ended 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (6.61)% | | (6.84)% | | (5.93)% | | (18.19)% | | (18.45)% | | (16.94)% | | (22.36)% | | (22.83)% | | (20.83)% |
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.
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview (Continued)
iSHARES® MSCI BRIC INDEX FUND
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 28, 2013, the total return for the Fund was 12.88%, net of fees, while the total return for the Index was 13.28%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 32.29 | % |
Energy | | | 20.25 | |
Consumer Non-Cyclical | | | 12.04 | |
Communications | | | 9.63 | |
Basic Materials | | | 8.68 | |
Consumer Cyclical | | | 4.94 | |
Industrial | | | 4.09 | |
Utilities | | | 3.59 | |
Technology | | | 3.17 | |
Diversified | | | 1.05 | |
Short-Term and Other Net Assets | | | 0.27 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
China Mobile Ltd. (China) | | | 3.92 | % |
China Construction Bank Corp. Class H (China) | | | 3.54 | |
Gazprom OAO (Russia) | | | 2.80 | |
Industrial and Commercial Bank of China Ltd. Class H (China) | | | 2.76 | |
Itau Unibanco Holding SA (Preferred) (Brazil) | | | 2.39 | |
Sberbank of Russia (Russia) | | | 2.17 | |
Vale SA Class A (Preferred) (Brazil) | | | 2.12 | |
Bank of China Ltd. Class H (China) | | | 2.10 | |
Tencent Holdings Ltd. (China) | | | 2.07 | |
CNOOC Ltd. (China) | | | 2.06 | |
| | | | |
TOTAL | | | 25.93 | % |
| | | | |
| | |
| 6 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 3.77% | | 4.17% | | 4.33% | | 5.51% | | 5.15% | | 6.13% | | 5.84% | | 5.45% | | 6.51% |
Total returns for the period since inception are calculated from the inception date of the Fund (2/8/12). “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 (2/9/12), 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 six-month period ended February 28, 2013, the total return for the Fund was 14.45%, net of fees, while the total return for the Index was 14.79%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 27.07 | % |
Technology | | | 16.81 | |
Consumer Cyclical | | | 10.80 | |
Communications | | | 9.52 | |
Industrial | | | 9.47 | |
Energy | | | 9.07 | |
Consumer Non-Cyclical | | | 6.83 | |
Basic Materials | | | 6.13 | |
Utilities | | | 2.64 | |
Diversified | | | 1.51 | |
Short-Term and Other Net Assets | | | 0.15 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Samsung Electronics Co. Ltd. (South Korea) | | | 6.70 | % |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 3.74 | |
China Mobile Ltd. (China) | | | 2.80 | |
China Construction Bank Corp. Class H (China) | | | 2.54 | |
Industrial and Commercial Bank of China Ltd. Class H (China) | | | 1.99 | |
Bank of China Ltd. Class H (China) | | | 1.52 | |
Tencent Holdings Ltd. (China) | | | 1.52 | |
CNOOC Ltd. (China) | | | 1.50 | |
Hyundai Motor Co. (South Korea) | | | 1.32 | |
PetroChina Co. Ltd. Class H (China) | | | 1.21 | |
| | | | |
TOTAL | | | 24.84 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY SECTOR INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 1.37% | | 2.09% | | 2.20% | | 2.50% | | 2.50% | | 3.37% | | 2.65% | | 2.64% | | 3.57% |
Total returns for the period since inception are calculated from the inception date of the Fund (2/8/12). “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 (2/9/12), 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.
| | |
| 8 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview (Continued)
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY SECTOR INDEX FUND
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 six-month period ended February 28, 2013, the total return for the Fund was 8.82%, net of fees, while the total return for the Index was 9.21%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Auto Manufacturers | | | 27.04 | % |
Retail | | | 26.72 | |
Media | | | 15.45 | |
Auto Parts & Equipment | | | 10.71 | |
Lodging | | | 4.17 | |
Electrical Components & Equipment | | | 2.51 | |
Leisure Time | | | 2.20 | |
Home Furnishings | | | 2.09 | |
Commercial Services | | | 1.60 | |
Real Estate | | | 1.46 | |
Holding Companies — Diversified | | | 1.37 | |
Textiles | | | 1.15 | |
Other* | | | 3.21 | |
Short-Term and Other Net Assets | | | 0.32 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Hyundai Motor Co. (South Korea) | | | 10.18 | % |
Naspers Ltd. Class N (South Africa) | | | 8.32 | |
Hyundai Mobis Co. Ltd. (South Korea) | | | 6.45 | |
PT Astra International Tbk (Indonesia) | | | 5.43 | |
Grupo Televisa SAB de CV CPO (Mexico) | | | 4.52 | |
Kia Motors Corp. (South Korea) | | | 4.45 | |
Belle International Holdings Ltd. (China) | | | 2.82 | |
LG Electronics Inc. (South Korea) | | | 2.51 | |
Genting Bhd (Malaysia) | | | 2.04 | |
S.A.C.I. Falabella SA (Chile) | | | 1.87 | |
| | | | |
TOTAL | | | 48.59 | % |
| | | | |
| | * | Other includes sectors which individually represent less than 1% of net assets. |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 9 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS ENERGY SECTOR CAPPED INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (17.25)% | | (17.29)% | | (16.63)% | | (15.99)% | | (16.26)% | | (15.20)% | | (16.83)% | | (17.11)% | | (16.04)% |
Total returns for the period since inception are calculated from the inception date of the Fund (2/8/12). “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 (2/9/12), 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. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2013, the total return for the Fund was 3.59%, net of fees, while the total return for the Index was 3.62%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Oil & Gas | | | 80.53 | % |
Coal | | | 8.14 | |
Chemicals | | | 6.95 | |
Oil & Gas Services | | | 1.58 | |
Other* | | | 2.61 | |
Short-Term and Other Net Assets | | | 0.19 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Gazprom OAO (Russia) | | | 9.68 | % |
CNOOC Ltd. (China) | | | 7.21 | |
Petroleo Brasileiro SA (Preferred) (Brazil) | | | 7.10 | |
LUKOIL OAO (Russia) | | | 6.58 | |
PetroChina Co. Ltd. Class H (China) | | | 5.98 | |
China Petroleum & Chemical Corp. Class H (China) | | | 4.83 | |
Sasol Ltd. (South Africa) | | | 4.52 | |
Reliance Industries Ltd. (India) | | | 4.36 | |
Petroleo Brasileiro SA (Brazil) | | | 4.32 | |
China Shenhua Energy Co. Ltd. Class H (China) | | | 3.11 | |
| | | | |
TOTAL | | | 57.69 | % |
| | | | |
| | * | Other includes sectors which individually represent less than 1% of net assets. |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 3.43% | | 5.52% | | 4.26% | | 5.82% | | 7.17% | | 6.73% | | 6.16% | | 7.60% | | 7.15% |
Total returns for the period since inception are calculated from the inception date of the Fund (2/8/12). “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 (2/9/12), 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 six-month period ended February 28, 2013, the total return for the Fund was 12.82%, net of fees, while the total return for the Index was 13.32%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 23.20 | % |
Consumer Non-Cyclical | | | 16.17 | |
Technology | | | 15.76 | |
Communications | | | 10.77 | |
Consumer Cyclical | | | 10.70 | |
Energy | | | 7.67 | |
Industrial | | | 5.76 | |
Basic Materials | | | 5.60 | |
Utilities | | | 2.56 | |
Diversified | | | 1.44 | |
Short-Term and Other Net Assets | | | 0.37 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Samsung Electronics Co. Ltd. (South Korea) | | | 7.95 | % |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 4.40 | |
Itau Unibanco Holding SA (Preferred) (Brazil) | | | 2.03 | |
Sberbank of Russia (Russia) | | | 1.89 | |
CNOOC Ltd. (China) | | | 1.83 | |
Companhia de Bebidas das Americas (Preferred) (Brazil) | | | 1.74 | |
Tencent Holdings Ltd. (China) | | | 1.73 | |
Banco Bradesco SA (Preferred) (Brazil) | | | 1.72 | |
MTN Group Ltd. (South Africa) | | | 1.69 | |
Hon Hai Precision Industry Co. Ltd. (Taiwan) | | | 1.48 | |
| | | | |
TOTAL | | | 26.46 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 11 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 10.08% | | 10.06% | | 10.28% | | 19.78% | | 19.76% | | 20.13% | | 27.96% | | 27.94% | | 28.52% |
Total returns for the period since inception are calculated from the inception date of the Fund (10/18/11). “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. 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 six-month period ended February 28, 2013, the total return for the Fund was 11.11%, net of fees, while the total return for the Index was 11.18%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 26.45 | % |
Consumer Non-Cyclical | | | 19.34 | |
Communications | | | 13.58 | |
Utilities | | | 8.22 | |
Consumer Cyclical | | | 8.05 | |
Energy | | | 7.88 | |
Technology | | | 6.95 | |
Industrial | | | 4.14 | |
Basic Materials | | | 3.11 | |
Diversified | | | 2.07 | |
Short-Term and Other Net Assets | | | 0.21 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
PT Bank Central Asia Tbk (Indonesia) | | | 1.73 | % |
CP All PCL NVDR (Thailand) | | | 1.65 | |
Public Bank Bhd Foreign (Malaysia) | | | 1.43 | |
Advanced Information Service PCL NVDR (Thailand) | | | 1.43 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 1.34 | |
Chunghwa Telecom Co. Ltd. (Taiwan) | | | 1.32 | |
Taiwan Mobile Co. Ltd. (Taiwan) | | | 1.31 | |
Malayan Banking Bhd (Malaysia) | | | 1.31 | |
China Minsheng Banking Corp. Ltd. Class H (China) | | | 1.30 | |
Credicorp Ltd. (Peru) | | | 1.24 | |
| | | | |
TOTAL | | | 14.06 | % |
| | | | |
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 5.43% | | 6.35% | | 5.32% | | 1.71% | | 2.51% | | 2.68% | | 2.64% | | 3.89% | | 4.15% |
Total returns for the period since inception are calculated from the inception date of the Fund (8/16/11). “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. 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 28, 2013, the total return for the Fund was 16.17%, net of fees, while the total return for the Index was 15.94%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 21.46 | % |
Industrial | | | 18.97 | |
Consumer Cyclical | | | 16.04 | |
Consumer Non-Cyclical | | | 15.73 | |
Basic Materials | | | 7.99 | |
Technology | | | 6.98 | |
Communications | | | 5.12 | |
Utilities | | | 3.28 | |
Energy | | | 2.42 | |
Diversified | | | 1.69 | |
Short-Term and Other Net Assets | | | 0.32 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Empresas ICA SAB de CV (Mexico) | | | 0.47 | % |
PT Lippo Karawaci Tbk (Indonesia) | | | 0.41 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class D (Turkey) | | | 0.40 | |
Shenzhen International Holdings Ltd. (China) | | | 0.38 | |
Sino Biopharmaceutical Ltd. (China) | | | 0.38 | |
Estacio Participacoes SA (Brazil) | | | 0.38 | |
Bumrungrad Hospital PCL NVDR (Thailand) | | | 0.37 | |
Tongaat Hulett Ltd. (South Africa) | | | 0.36 | |
Kiatnakin Bank PCL NVDR (Thailand) | | | 0.35 | |
Nampak Ltd. (South Africa) | | | 0.35 | |
| | | | |
TOTAL | | | 3.85 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 13 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (3.93)% | | 0.00% | | (3.60)% | | (2.98)% | | 0.22% | | (2.54)% | | (3.15)% | | 0.23% | | (2.69)% |
Total returns for the period since inception are calculated from the inception date of the Fund (2/8/12). “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 (2/9/12), 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 six-month period ended February 28, 2013, the total return for the Fund was 10.58%, net of fees, while the total return for the Index was 10.76%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 30.20 | % |
Energy | | | 15.00 | |
Basic Materials | | | 14.80 | |
Communications | | | 9.71 | |
Industrial | | | 7.31 | |
Consumer Cyclical | | | 6.08 | |
Technology | | | 4.97 | |
Utilities | | | 4.18 | |
Diversified | | | 3.94 | |
Consumer Non-Cyclical | | | 3.30 | |
Short-Term and Other Net Assets | | | 0.51 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
China Mobile Ltd. (China) | | | 3.57 | % |
China Construction Bank Corp. Class H (China) | | | 3.10 | |
Gazprom OAO (Russia) | | | 2.54 | |
Industrial and Commercial Bank of China Ltd. Class H (China) | | | 2.44 | |
Vale SA Class A (Preferred) (Brazil) | | | 1.94 | |
Bank of China Ltd. Class H (China) | | | 1.91 | |
Petroleo Brasileiro SA (Preferred) (Brazil) | | | 1.84 | |
LUKOIL OAO (Russia) | | | 1.79 | |
Hyundai Motor Co. (South Korea) | | | 1.65 | |
Vale SA (Brazil) | | | 1.31 | |
| | | | |
TOTAL | | | 22.09 | % |
| | | | |
| | |
| 14 | | 2013 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, 2012 to February 28, 2013.
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
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
BRIC | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,128.80 | | | | 0.67 | % | | $ | 3.54 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.67 | | | | 3.36 | |
Emerging Markets Asia | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,144.50 | | | | 0.49 | | | | 2.61 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.49 | | | | 2.46 | |
Emerging Markets Consumer Discretionary Sector | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,088.20 | | | | 0.67 | | | | 3.47 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.67 | | | | 3.36 | |
Emerging Markets Energy Sector Capped | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,035.90 | | | | 0.67 | | | | 3.38 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.67 | | | | 3.36 | |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning
Account Value
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Emerging Markets Growth | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,128.20 | | | | 0.49 | % | | $ | 2.59 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.49 | | | | 2.46 | |
Emerging Markets Minimum Volatility | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,111.10 | | | | 0.25 | | | | 1.31 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,023.60 | | | | 0.25 | | | | 1.25 | |
Emerging Markets Small Cap | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,161.70 | | | | 0.67 | | | | 3.59 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,021.50 | | | | 0.67 | | | | 3.36 | |
Emerging Markets Value | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,105.80 | | | | 0.49 | | | | 2.56 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.49 | | | | 2.46 | |
| a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). | |
| | |
| 16 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 84.59% | |
| |
BRAZIL — 14.33% | | | | | |
ALL — America Latina Logistica SA | | | 193,500 | | | $ | 959,132 | |
Amil Participacoes SA | | | 77,400 | | | | 1,226,515 | |
Anhanguera Educacional Participacoes SA | | | 38,700 | | | | 802,539 | |
Arteris SA | | | 77,400 | | | | 833,858 | |
Banco Bradesco SA | | | 270,900 | | | | 4,825,804 | |
Banco do Brasil SA | | | 277,189 | | | | 3,692,862 | |
Banco Santander (Brasil) SA Units | | | 348,337 | | | | 2,533,552 | |
BM&F Bovespa SA | | | 812,769 | | | | 5,512,737 | |
BR Malls Participacoes SA | | | 193,500 | | | | 2,505,488 | |
BR Properties SA | | | 77,400 | | | | 963,047 | |
BRF — Brasil Foods SA | | | 309,600 | | | | 6,725,669 | |
CCR SA | | | 387,000 | | | | 3,885,464 | |
Centrais Eletricas Brasileiras SA | | | 116,100 | | | | 408,120 | |
CETIP SA — Mercados Organizados | | | 77,878 | | | | 941,421 | |
Cielo SA | | | 144,120 | | | | 4,332,129 | |
Companhia de Bebidas das Americas | | | 77,400 | | | | 3,417,251 | |
Companhia de Saneamento Basico do Estado de Sao Pauloa | | | 38,700 | | | | 1,878,529 | |
Companhia de Saneamento de Minas Gerais SA | | | 38,700 | | | | 1,004,153 | |
Companhia Hering SA | | | 77,400 | | | | 1,503,684 | |
Companhia Siderurgica Nacional SA | | | 348,300 | | | | 1,761,671 | |
Cosan SA Industria e Comercio | | | 77,400 | | | | 1,826,657 | |
CPFL Energia SA | | | 116,100 | | | | 1,185,017 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | | | 116,100 | | | | 1,021,769 | |
Diagnosticos da America SA | | | 116,100 | | | | 801,560 | |
Duratex SA | | | 116,100 | | | | 971,855 | |
EcoRodovias Infraestrutura e Logistica SA | | | 77,400 | | | | 672,175 | |
EDP Energias do Brasil SA | | | 116,100 | | | | 705,256 | |
Embraer SA | | | 270,900 | | | | 2,290,955 | |
Fibria Celulose SAa | | | 116,141 | | | | 1,317,608 | |
Hypermarcas SAa | | | 154,800 | | | | 1,369,406 | |
JBS SAa | | | 193,552 | | | | 671,573 | |
Kroton Educacional SAa | | | 38,700 | | | | 1,013,940 | |
Light SA | | | 38,700 | | | | 377,781 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Localiza Rent A Car SA | | | 77,400 | | | $ | 1,469,625 | |
Lojas Americanas SA | | | 38,700 | | | | 336,675 | |
Lojas Renner SA | | | 38,700 | | | | 1,475,106 | |
MPX Energia SAa | | | 38,700 | | | | 205,724 | |
MRV Engenharia e Participacoes SA | | | 154,800 | | | | 994,365 | |
Multiplan Empreendimentos Imobiliarios SA | | | 38,700 | | | | 1,108,874 | |
Multiplus SA | | | 38,700 | | | | 721,306 | |
Natura Cosmeticos SA | | | 77,400 | | | | 2,000,475 | |
Odontoprev SA | | | 116,100 | | | | 537,897 | |
OGX Petroleo e Gas Participacoes SAa | | | 580,500 | | | | 924,877 | |
Oi SA | | | 116,124 | | | | 496,307 | |
PDG Realty SA Empreendimentos e Participacoes | | | 503,100 | | | | 816,828 | |
Petroleo Brasileiro SA | | | 1,393,200 | | | | 10,210,646 | |
Porto Seguro SA | | | 38,700 | | | | 513,821 | |
Qualicorp SAa | | | 77,400 | | | | 866,351 | |
Raia Drogasil SA | | | 77,450 | | | | 893,940 | |
Souza Cruz SA | | | 154,800 | | | | 2,473,386 | |
Sul America SA Units | | | 39,444 | | | | 376,465 | |
TIM Participacoes SA | | | 387,069 | | | | 1,693,464 | |
Totvs SA | | | 38,700 | | | | 856,368 | |
Tractebel Energia SA | | | 77,400 | | | | 1,370,189 | |
Ultrapar Participacoes SA | | | 154,800 | | | | 4,016,610 | |
Vale SA | | | 619,200 | | | | 11,838,430 | |
WEG SA | | | 77,400 | | | | 1,037,037 | |
| | | | | | | | |
| | | | | | | 111,173,943 | |
CHINA — 42.48% | | | | | |
Agile Property Holdings Ltd. | | | 774,000 | | | | 1,000,081 | |
Agricultural Bank of China Ltd. Class H | | | 10,062,000 | | | | 5,190,042 | |
Air China Ltd. Class H | | | 782,000 | | | | 633,276 | |
Aluminum Corp. of China Ltd. Class Ha,b | | | 1,548,000 | | | | 668,717 | |
Angang Steel Co. Ltd. Class Ha,b | | | 774,000 | | | | 521,000 | |
Anhui Conch Cement Co. Ltd. Class H | | | 580,500 | | | | 2,122,178 | |
Anta Sports Products Ltd.b | | | 387,040 | | | | 366,335 | |
AviChina Industry & Technology Co. Ltd. Class H | | | 1,548,000 | | | | 710,637 | |
Bank of China Ltd. Class H | | | 34,443,000 | | | | 16,255,811 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 17 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Bank of Communications Co. Ltd. Class H | | | 3,483,200 | | | $ | 2,757,867 | |
BBMG Corp. Class H | | | 580,500 | | | | 511,269 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 774,000 | | | | 608,832 | |
Beijing Enterprises Holdings Ltd. | | | 193,500 | | | | 1,479,661 | |
Belle International Holdings Ltd. | | | 1,935,000 | | | | 3,563,164 | |
Bosideng International Holdings Ltd. | | | 1,548,000 | | | | 479,081 | |
Brilliance China Automotive Holdings Ltd.a | | | 774,000 | | | | 1,067,951 | |
BYD Co. Ltd. Class Ha,b | | | 193,500 | | | | 686,183 | |
China Agri-Industries Holdings Ltd. | | | 1,006,800 | | | | 572,543 | |
China BlueChemical Ltd. Class H | | | 774,000 | | | | 496,048 | |
China CITIC Bank Corp. Ltd. Class H | | | 3,483,000 | | | | 2,236,709 | |
China Coal Energy Co. Class H | | | 1,935,000 | | | | 1,918,819 | |
China Communications Construction Co. Ltd. Class H | | | 1,935,000 | | | | 1,831,486 | |
China Communications Services Corp. Ltd. Class H | | | 924,800 | | | | 578,384 | |
China Construction Bank Corp. Class H | | | 33,282,370 | | | | 27,467,606 | |
China COSCO Holdings Co. Ltd. Class Ha,b | | | 1,161,000 | | | | 622,805 | |
China Everbright Ltd. | | | 404,000 | | | | 750,189 | |
China Gas Holdings Ltd. | | | 1,568,000 | | | | 1,526,580 | |
China International Marine Containers (Group) Co. Ltd. Class Ha | | | 318,400 | | | | 665,964 | |
China Life Insurance Co. Ltd. Class H | | | 3,483,000 | | | | 10,464,922 | |
China Longyuan Power Group Corp. Ltd. Class H | | | 1,161,000 | | | | 1,058,469 | |
China Mengniu Dairy Co. Ltd.b | | | 774,000 | | | | 2,160,854 | |
China Merchants Bank Co. Ltd. Class H | | | 1,741,797 | | | | 3,777,897 | |
China Merchants Holdings (International) Co. Ltd.b | | | 524,000 | | | | 1,817,650 | |
China Minsheng Banking Corp. Ltd. Class H | | | 2,515,500 | | | | 3,503,279 | |
China Mobile Ltd. | | | 2,759,000 | | | | 30,401,175 | |
China National Building Material Co. Ltd. Class H | | | 1,548,000 | | | | 2,363,465 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Oilfield Services Ltd. Class H | | | 774,000 | | | $ | 1,642,848 | |
China Overseas Land & Investment Ltd. | | | 1,548,800 | | | | 4,703,410 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 1,083,600 | | | | 3,996,333 | |
China Petroleum & Chemical Corp. Class H | | | 8,514,000 | | | | 9,683,421 | |
China Railway Construction Corp. Ltd. Class H | | | 967,500 | | | | 1,014,304 | |
China Railway Group Ltd. Class H | | | 1,935,000 | | | | 1,050,485 | |
China Resources Cement Holdings Ltd.b | | | 384,000 | | | | 243,626 | |
China Resources Enterprise Ltd.b | | | 774,000 | | | | 2,515,174 | |
China Resources Land Ltd. | | | 774,000 | | | | 2,260,663 | |
China Resources Power Holdings Co. Ltd. | | | 808,200 | | | | 2,183,381 | |
China Shanshui Cement Group Ltd. | | | 774,000 | | | | 553,937 | |
China Shenhua Energy Co. Ltd. Class H | | | 1,548,000 | | | | 5,868,740 | |
China Shipping Container Lines Co. Ltd. Class Ha,b | | | 1,548,000 | | | | 459,119 | |
China Shipping Development Co. Ltd. Class H | | | 774,000 | | | | 431,173 | |
China Southern Airlines Co. Ltd. Class H | | | 774,000 | | | | 427,180 | |
China State Construction International Holdings Ltd. | | | 774,000 | | | | 1,085,917 | |
China Taiping Insurance Holdings Co. Ltd.a | | | 384,000 | | | | 766,529 | |
China Telecom Corp. Ltd. Class H | | | 6,192,000 | | | | 3,209,842 | |
China Unicom (Hong Kong) Ltd. | | | 2,323,900 | | | | 3,350,316 | |
China Vanke Co. Ltd. Class B | | | 653,201 | | | | 1,326,643 | |
Chongqing Rural Commercial Bank Co. Ltd. Class H | | | 1,161,000 | | | | 651,250 | |
CITIC Pacific Ltd. | | | 387,000 | | | | 594,859 | |
CITIC Securities Co. Ltd. Class H | | | 387,000 | | | | 976,127 | |
CNOOC Ltd. | | | 8,127,000 | | | | 15,971,357 | |
COSCO Pacific Ltd. | | | 774,000 | | | | 1,239,622 | |
Country Garden Holdings Co. Ltd.a | | | 2,039,356 | | | | 1,046,653 | |
CSR Corp Ltd. Class H | | | 777,000 | | | | 636,241 | |
Dah Chong Hong Holdings Ltd. | | | 387,000 | | | | 397,737 | |
Daphne International Holdings Ltd.b | | | 488,000 | | | | 587,122 | |
| | |
| 18 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Datang International Power Generation Co. Ltd. Class H | | | 1,548,000 | | | $ | 672,709 | |
Dongfang Electric Corp. Ltd. Class Hb | | | 154,800 | | | | 291,042 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 1,548,000 | | | | 2,267,649 | |
ENN Energy Holdings Ltd. | | | 142,000 | | | | 713,218 | |
Evergrande Real Estate Group Ltd.b | | | 3,096,000 | | | | 1,529,066 | |
Far East Horizon Ltd. | | | 774,000 | | | | 569,907 | |
Fosun International Ltd. | | | 774,000 | | | | 504,033 | |
Franshion Properties (China) Ltd.b | | | 1,548,000 | | | | 546,951 | |
GCL-Poly Energy Holdings Ltd.b | | | 3,483,000 | | | | 929,716 | |
Geely Automobile Holdings Ltd. | | | 1,935,000 | | | | 1,065,456 | |
Golden Eagle Retail Group Ltd. | | | 387,000 | | | | 789,485 | |
GOME Electrical Appliances Holdings Ltd.a | | | 4,644,400 | | | | 515,056 | |
Great Wall Motor Co. Ltd. Class H | | | 387,000 | | | | 1,514,594 | |
Greentown China Holdings Ltd.a | | | 193,500 | | | | 373,783 | |
Guangdong Investment Ltd. | | | 1,548,000 | | | | 1,331,445 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 1,100,454 | | | | 916,708 | |
Guangzhou R&F Properties Co. Ltd. Class H | | | 464,400 | | | | 788,088 | |
Haier Electronics Group Co. Ltd.a | | | 387,000 | | | | 698,660 | |
Haitong Securities Co. Ltd. Class Ha | | | 309,600 | | | | 521,400 | |
Hengan International Group Co. Ltd.b | | | 387,000 | | | | 3,927,465 | |
Huabao International Holdings Ltd. | | | 774,000 | | | | 432,171 | |
Huaneng Power International Inc. Class H | | | 1,548,000 | | | | 1,592,944 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 29,799,050 | | | | 21,403,471 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 271,385 | | | | 1,560,192 | |
Intime Department Store Group Co. Ltd. | | | 387,000 | | | | 474,589 | |
Jiangsu Expressway Co. Ltd. Class H | | | 774,000 | | | | 782,499 | |
Jiangxi Copper Co. Ltd. Class H | | | 774,000 | | | | 1,854,442 | |
Kingboard Chemical Holdings Co. Ltd. | | | 193,500 | | | | 590,118 | |
Kunlun Energy Co. Ltd. | | | 1,548,000 | | | | 3,209,842 | |
Lee & Man Paper Manufacturing Ltd. | | | 774,000 | | | | 579,887 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Lenovo Group Ltd. | | | 3,096,000 | | | $ | 3,457,367 | |
Longfor Properties Co. Ltd. | | | 580,500 | | | | 1,028,527 | |
New China Life Insurance Co. Ltd. Class H | | | 232,200 | | | | 905,762 | |
Nine Dragons Paper (Holdings) Ltd. | | | 774,000 | | | | 736,587 | |
Parkson Retail Group Ltd. | | | 387,000 | | | | 251,517 | |
People’s Insurance Co. Group of China Ltd. Class Ha | | | 1,427,000 | | | | 837,263 | |
PetroChina Co. Ltd. Class H | | | 10,062,000 | | | | 13,831,463 | |
PICC Property and Casualty Co. Ltd. Class H | | | 1,557,200 | | | | 2,236,949 | |
Ping An Insurance (Group) Co. of China Ltd. Class H | | | 967,500 | | | | 8,096,965 | |
Poly Property Group Co. Ltd.a | | | 782,984 | | | | 559,357 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 880,000 | | | | 818,172 | |
Shanghai Electric Group Co. Ltd. Class H | | | 1,548,000 | | | | 628,794 | |
Shanghai Industrial Holdings Ltd. | | | 387,000 | | | | 1,262,578 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | | | 270,900 | | | | 583,381 | |
Shimao Property Holdings Ltd. | | | 580,500 | | | | 1,167,759 | |
Shougang Fushan Resources Group Ltd.b | | | 1,548,000 | | | | 682,690 | |
Shui On Land Ltd. | | | 1,354,500 | | | | 627,047 | |
Sihuan Pharmaceutical Holdings Group Ltd.b | | | 774,000 | | | | 359,311 | |
Sino-Ocean Land Holdings Ltd. | | | 1,354,500 | | | | 936,204 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | 774,000 | | | | 339,349 | |
Sinopharm Group Co. Ltd. Class Hb | | | 309,600 | | | | 978,123 | |
SOHO China Ltd.b | | | 967,500 | | | | 752,307 | |
Sun Art Retail Group Ltd. | | | 1,161,000 | | | | 1,616,898 | |
Tencent Holdings Ltd. | | | 464,400 | | | | 16,061,185 | |
Tingyi (Cayman Islands) Holding Corp. | | | 774,000 | | | | 2,031,103 | |
Uni-President China Holdings Ltd.b | | | 387,000 | | | | 476,586 | |
Want Want China Holdings Ltd.b | | | 2,709,000 | | | | 3,800,708 | |
Weichai Power Co. Ltd. Class Hb | | | 239,775 | | | | 909,029 | |
Wumart Stores Inc. Class H | | | 387,000 | | | | 758,545 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 774,000 | | | | 1,199,698 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 19 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Yingde Gases Group Co. Ltd. | | | 470,500 | | | $ | 550,899 | |
Yuexiu Property Co. Ltd. | | | 2,346,000 | | | | 810,755 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 387,000 | | | | 510,021 | |
Zhejiang Expressway Co. Ltd. Class H | | | 774,000 | | | | 649,753 | |
Zhongsheng Group Holdings Ltd. | | | 387,000 | | | | 598,851 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 387,000 | | | | 1,280,044 | |
Zijin Mining Group Co. Ltd. Class H | | | 3,097,000 | | | | 1,066,299 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class Hb | | | 645,600 | | | | 852,492 | |
ZTE Corp. Class Hb | | | 309,640 | | | | 528,654 | |
| | | | | | | | |
| | | | | | | 329,436,516 | |
INDIA — 14.75% | | | | | |
ACC Ltd. | | | 25,336 | | | | 592,617 | |
Adani Enterprises Ltd. | | | 96,327 | | | | 381,820 | |
Adani Ports and Special Economic Zone Ltd. | | | 178,114 | | | | 453,920 | |
Aditya Birla Nuvo Ltd. | | | 15,093 | | | | 278,654 | |
Ambuja Cements Ltd. | | | 297,935 | | | | 1,048,974 | |
Asian Paints Ltd. | | | 14,319 | | | | 1,124,412 | |
Axis Bank Ltd. | | | 107,586 | | | | 2,658,059 | |
Bajaj Auto Ltd. | | | 38,700 | | | | 1,403,457 | |
Bank of Baroda | | | 32,121 | | | | 410,715 | |
Bank of India | | | 43,614 | | | | 254,926 | |
Bharat Heavy Electricals Ltd. | | | 270,900 | | | | 1,001,591 | |
Bharat Petroleum Corp. Ltd. | | | 85,527 | | | | 584,721 | |
Bharti Airtel Ltd. | | | 268,965 | | | | 1,596,339 | |
Cairn India Ltd. | | | 200,466 | | | | 1,097,856 | |
Canara Bank Ltd. | | | 40,805 | | | | 311,710 | |
Cipla Ltd. | | | 166,410 | | | | 1,100,683 | |
Coal India Ltd. | | | 231,813 | | | | 1,320,020 | |
Dabur India Ltd. | | | 205,236 | | | | 476,828 | |
Divi’s Laboratories Ltd. | | | 20,898 | | | | 387,960 | |
DLF Ltd. | | | 197,757 | | | | 1,008,141 | |
Dr. Reddy’s Laboratories Ltd. | | | 46,827 | | | | 1,510,936 | |
GAIL (India) Ltd. | | | 179,955 | | | | 1,099,973 | |
Godrej Consumer Products Ltd. | | | 58,050 | | | | 773,520 | |
HCL Technologies Ltd. | | | 92,493 | | | | 1,229,840 | |
HDFC Bank Ltd. | | | 710,547 | | | | 8,167,274 | |
Hero Motocorp Ltd. | | | 18,576 | | | | 569,333 | |
Hindalco Industries Ltd. | | | 473,688 | | | | 861,093 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hindustan Unilever Ltd. | | | 408,590 | | | $ | 3,327,374 | |
Housing Development Finance Corp. Ltd. | | | 669,123 | | | | 9,318,280 | |
ICICI Bank Ltd. | | | 199,305 | | | | 3,811,358 | |
Idea Cellular Ltd.a | | | 317,585 | | | | 686,481 | |
Infosys Ltd. | | | 196,596 | | | | 10,504,633 | |
Infrastructure Development Finance Co. Ltd. | | | 487,233 | | | | 1,337,081 | |
ITC Ltd. | | | 1,024,776 | | | | 5,552,871 | |
Jaiprakash Associates Ltd. | | | 441,180 | | | | 563,994 | |
Jindal Steel & Power Ltd. | | | 171,441 | | | | 1,099,453 | |
JSW Steel Ltd. | | | 34,830 | | | | 473,267 | |
Kotak Mahindra Bank Ltd. | | | 132,354 | | | | 1,604,645 | |
Larsen & Toubro Ltd. | | | 96,363 | | | | 2,422,669 | |
LIC Housing Finance Ltd. | | | 137,772 | | | | 588,516 | |
Lupin Ltd. | | | 73,143 | | | | 786,417 | |
Mahindra & Mahindra Ltd. | | | 142,416 | | | | 2,287,085 | |
NTPC Ltd. | | | 270,126 | | | | 749,233 | |
Oil & Natural Gas Corp. Ltd. | | | 330,111 | | | | 1,901,908 | |
Piramal Enterprises Ltd. | | | 35,604 | | | | 375,280 | |
Power Finance Corp. Ltd. | | | 115,713 | | | | 428,460 | |
Power Grid Corp. of India Ltd. | | | 548,385 | | | | 1,051,311 | |
Ranbaxy Laboratories Ltd.a | | | 61,146 | | | | 425,117 | |
Reliance Capital Ltd. | | | 41,363 | | | | 274,233 | |
Reliance Communications Ltd. | | | 214,011 | | | | 240,150 | |
Reliance Industries Ltd. | | | 587,853 | | | | 8,793,754 | |
Reliance Infrastructure Ltd. | | | 51,307 | | | | 395,141 | |
Reliance Power Ltd.a | | | 272,257 | | | | 359,807 | |
Rural Electrification Corp. Ltd. | | | 130,815 | | | | 548,699 | |
Satyam Computer Services Ltd.a | | | 325,388 | | | | 706,936 | |
Sesa Goa Ltd. | | | 157,509 | | | | 448,309 | |
Shriram Transport Finance Co. Ltd. | | | 56,155 | | | | 718,026 | |
Siemens Ltd. | | | 29,028 | | | | 269,071 | |
State Bank of India | | | 61,920 | | | | 2,368,336 | |
Sterlite Industries (India) Ltd. | | | 612,621 | | | | 1,057,913 | |
Sun Pharmaceuticals Industries Ltd. | | | 145,899 | | | | 2,151,142 | |
Tata Consultancy Services Ltd. | | | 216,720 | | | | 6,042,905 | |
Tata Motors Ltd. | | | 303,408 | | | | 1,603,620 | |
Tata Power Co. Ltd. | | | 489,168 | | | | 848,772 | |
Tata Steel Ltd. | | | 137,385 | | | | 862,365 | |
Titan Industries Ltd. | | | 99,459 | | | | 476,957 | |
Ultratech Cement Ltd. | | | 17,290 | | | | 593,669 | |
Unitech Ltd.a | | | 558,608 | | | | 279,278 | |
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
United Breweries Ltd. | | | 27,477 | | | $ | 309,896 | |
United Spirits Ltd. | | | 40,378 | | | | 1,365,675 | |
Wipro Ltd. | | | 230,652 | | | | 1,765,343 | |
Zee Entertainment Enterprises Ltd. | | | 229,878 | | | | 921,118 | |
| | | | | | | | |
| | | | | | | 114,401,920 | |
RUSSIA — 13.03% | | | | | |
Federal Grid Co. of Unified Energy System OJSCa | | | 147,068,500 | | | | 913,476 | |
Gazprom OAO | | | 4,833,638 | | | | 21,702,103 | |
IDGC Holding JSCa | | | 7,938,800 | | | | 497,818 | |
INTER RAO UES OJSCa | | | 580,500,000 | | | | 409,729 | |
LSR Group OJSC SP GDRc | | | 92,902 | | | | 440,727 | |
LUKOIL OAO | | | 231,426 | | | | 14,844,768 | |
Magnit OJSC SP GDRc | | | 124,614 | | | | 5,286,126 | |
Mechel OAO SP ADR | | | 62,307 | | | | 342,066 | |
MegaFon OAO SP GDRa | | | 38,700 | | | | 1,112,625 | |
MMC Norilsk Nickel OJSC | | | 21,285 | | | | 3,758,633 | |
Mobile TeleSystems OJSC SP ADR | | | 240,327 | | | | 4,972,366 | |
NovaTek OAO SP GDRc | | | 41,409 | | | | 4,803,444 | |
Novolipetsk Steel OJSC SP GDRc | | | 28,638 | | | | 549,563 | |
Rosneft Oil Co. OJSC | | | 576,632 | | | | 4,597,771 | |
Rostelecom OJSC | | | 537,930 | | | | 2,157,159 | |
RusHydro OJSC | | | 59,985,200 | | | | 1,349,354 | |
Sberbank of Russia | | | 4,938,120 | | | | 16,873,676 | |
Severstal OAO | | | 81,270 | | | | 905,843 | |
Sistema JSFC SP GDRc | | | 58,050 | | | | 1,141,263 | |
Surgutneftegas OJSC | | | 3,289,520 | | | | 3,084,142 | |
Tatneft OAO, Class S | | | 638,553 | | | | 4,179,447 | |
TMK OAO SP GDRc | | | 27,477 | | | | 409,682 | |
Uralkali OJSC | | | 607,590 | | | | 4,516,822 | |
VTB Bank OJSC | | | 1,192,006,001 | | | | 2,176,586 | |
| | | | | | | | |
| | | | | | | 101,025,189 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $649,514,597) | | | | 656,037,568 | |
|
PREFERRED STOCKS — 15.14% | |
| |
BRAZIL — 14.48% | | | | | |
AES Tiete SA | | | 38,700 | | | | 399,116 | |
Banco Bradesco SA | | | 851,462 | | | | 15,210,985 | |
Banco do Estado do Rio Grande do Sul SA Class B | | | 77,400 | | | | 708,583 | |
Bradespar SA | | | 116,100 | | | | 1,705,885 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Braskem SA Class A | | | 77,400 | | | $ | 570,781 | |
Centrais Eletricas Brasileiras SA Class B | | | 116,182 | | | | 736,899 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 38,956 | | | | 1,954,598 | |
Companhia de Bebidas das Americas | | | 348,373 | | | | 15,470,714 | |
Companhia Energetica de Minas Gerais | | | 204,241 | | | | 2,420,397 | |
Companhia Energetica de Sao Paulo Class B | | | 77,400 | | | | 717,979 | |
Companhia Paranaense de Energia Class B | | | 38,700 | | | | 567,650 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 40,000 | | | | 241,768 | |
Gerdau SA | | | 348,300 | | | | 2,897,949 | |
Itau Unibanco Holding SA | | | 1,044,900 | | | | 18,534,542 | |
Itausa — Investimentos Itau SA | | | 1,161,036 | | | | 6,077,954 | |
Klabin SA | | | 193,500 | | | | 1,302,658 | |
Lojas Americanas SA | | | 205,470 | | | | 1,876,884 | |
Marcopolo SA | | | 117,900 | | | | 790,135 | |
Metalurgica Gerdau SA | | | 116,100 | | | | 1,230,234 | |
Oi SA | | | 387,099 | | | | 1,439,066 | |
Petroleo Brasileiro SA | | | 1,896,314 | | | | 15,931,301 | |
Telefonica Brasil SA | | | 155,264 | | | | 4,094,616 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 193,500 | | | | 959,132 | |
Vale SA Class A | | | 890,100 | | | | 16,454,987 | |
| | | | | | | | |
| | | | | | | 112,294,813 | |
RUSSIA — 0.66% | | | | | | | | |
AK Transneft OAO | | | 774 | | | | 1,735,658 | |
Sberbank of Russia | | | 464,830 | | | | 1,129,166 | |
Surgutneftegas OJSC | | | 3,096,000 | | | | 2,279,410 | |
| | | | | | | | |
| | | | | | | 5,144,234 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $109,827,032) | | | | 117,439,047 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 21 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RIGHTS — 0.00% | |
| |
BRAZIL — 0.00% | | | | | |
Companhia de Bebidas das Americasa | | | 55 | | | $ | — | |
Companhia de Bebidas das Americas Preferreda | | | 500 | | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost: $0) | | | | | | | — | |
|
SHORT-TERM INVESTMENTS — 2.01% | |
| |
MONEY MARKET FUNDS — 2.01% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%d,e,f | | | 1,036,627 | | | | 1,036,627 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%d,e,f | | | 14,317,400 | | | | 14,317,400 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04% d,e | | | 235,294 | | | | 235,294 | |
| | | | | | | | |
| | | | | | | 15,589,321 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $15,589,321) | | | | 15,589,321 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 101.74% | | | | | | | | |
(Cost: $774,930,950) | | | | 789,065,936 | |
Other Assets, Less Liabilities — (1.74)% | | | | (13,491,275 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 775,574,661 | |
| | | | | | | | |
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.
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.89% | |
| |
CHINA — 30.26% | | | | | |
Agile Property Holdings Ltd. | | | 90,000 | | | $ | 116,289 | |
Agricultural Bank of China Ltd. Class H | | | 1,605,000 | | | | 827,869 | |
Air China Ltd. Class H | | | 150,000 | | | | 121,472 | |
Aluminum Corp. of China Ltd. Class Ha | | | 270,000 | | | | 116,637 | |
Angang Steel Co. Ltd. Class Ha | | | 120,000 | | | | 80,775 | |
Anhui Conch Cement Co. Ltd. Class H | | | 90,000 | | | | 329,020 | |
Anta Sports Products Ltd. | | | 75,000 | | | | 70,988 | |
AviChina Industry & Technology Co. Ltd. Class H | | | 180,000 | | | | 82,632 | |
Bank of China Ltd. Class H | | | 5,505,000 | | | | 2,598,155 | |
Bank of Communications Co. Ltd. Class H | | | 495,000 | | | | 391,922 | |
BBMG Corp. Class H | | | 97,500 | | | | 85,872 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 150,000 | | | | 117,991 | |
Beijing Enterprises Holdings Ltd. | | | 37,500 | | | | 286,756 | |
Belle International Holdings Ltd. | | | 345,000 | | | | 635,293 | |
Bosideng International Holdings Ltd. | | | 270,000 | | | | 83,561 | |
Brilliance China Automotive Holdings Ltd.a | | | 180,000 | | | | 248,361 | |
BYD Co. Ltd. Class Ha | | | 37,500 | | | | 132,981 | |
China Agri-Industries Holdings Ltd. | | | 150,800 | | | | 85,756 | |
China BlueChemical Ltd. Class H | | | 120,000 | | | | 76,907 | |
China CITIC Bank Corp. Ltd. Class H | | | 570,000 | | | | 366,042 | |
China Coal Energy Co. Class H | | | 315,000 | | | | 312,366 | |
China Communications Construction Co. Ltd. Class H | | | 330,000 | | | | 312,346 | |
China Communications Services Corp. Ltd. Class H | | | 180,000 | | | | 112,575 | |
China Construction Bank Corp. Class H | | | 5,250,000 | | | | 4,332,772 | |
China COSCO Holdings Co. Ltd. Class Ha | | | 172,500 | | | | 92,536 | |
China Everbright Ltd. | | | 60,000 | | | | 111,414 | |
China Foods Ltd. | | | 60,000 | | | | 39,537 | |
China Gas Holdings Ltd. | | | 210,000 | | | | 204,453 | |
China International Marine Containers (Group) Co. Ltd. Class Ha | | | 22,300 | | | | 44,285 | |
China Life Insurance Co. Ltd. Class H | | | 555,000 | | | | 1,667,537 | |
China Longyuan Power Group Corp. Ltd. Class H | | | 180,000 | | | | 164,104 | |
China Mengniu Dairy Co. Ltd. | | | 75,000 | | | | 209,385 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Merchants Bank Co. Ltd. Class H | | | 292,500 | | | $ | 634,422 | |
China Merchants Holdings (International) Co. Ltd. | | | 60,000 | | | | 208,128 | |
China Minsheng Banking Corp. Ltd. Class H | | | 352,500 | | | | 490,919 | |
China Mobile Ltd. | | | 435,000 | | | | 4,793,226 | |
China National Building Material Co. Ltd. Class H | | | 210,000 | | | | 320,625 | |
China Oilfield Services Ltd. Class H | | | 120,000 | | | | 254,705 | |
China Overseas Land & Investment Ltd. | | | 300,000 | | | | 911,043 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 168,000 | | | | 619,586 | |
China Petroleum & Chemical Corp. Class H | | | 1,410,000 | | | | 1,603,667 | |
China Railway Construction Corp. Ltd. Class H | | | 142,500 | | | | 149,394 | |
China Railway Group Ltd. Class H | | | 285,000 | | | | 154,723 | |
China Resources Cement Holdings Ltd. | | | 150,000 | | | | 95,166 | |
China Resources Enterprise Ltd. | | | 90,000 | | | | 292,462 | |
China Resources Gas Group Ltd. | | | 60,000 | | | | 139,113 | |
China Resources Land Ltd. | | | 150,000 | | | | 438,113 | |
China Resources Power Holdings Co. Ltd. | | | 120,000 | | | | 324,184 | |
China Shanshui Cement Group Ltd. | | | 120,000 | | | | 85,882 | |
China Shenhua Energy Co. Ltd. Class H | | | 240,000 | | | | 909,882 | |
China Shipping Container Lines Co. Ltd. Class Ha | | | 345,000 | | | | 102,323 | |
China Shipping Development Co. Ltd. Class H | | | 120,000 | | | | 66,848 | |
China Southern Airlines Co. Ltd. Class H | | | 150,000 | | | | 82,787 | |
China State Construction International Holdings Ltd. | | | 120,000 | | | | 168,359 | |
China Taiping Insurance Holdings Co. Ltd.a | | | 50,200 | | | | 100,208 | |
China Telecom Corp. Ltd. Class H | | | 990,000 | | | | 513,201 | |
China Unicom (Hong Kong) Ltd. | | | 330,000 | | | | 475,754 | |
Chongqing Rural Commercial Bank Co. Ltd. Class H | | | 165,000 | | | | 92,555 | |
CITIC Pacific Ltd. | | | 90,000 | | | | 138,339 | |
CITIC Securities Co. Ltd. Class H | | | 67,500 | | | | 170,255 | |
CNOOC Ltd. | | | 1,305,000 | | | | 2,564,614 | |
COSCO Pacific Ltd. | | | 120,000 | | | | 192,189 | |
Country Garden Holdings Co. Ltd.a | | | 301,964 | | | | 154,976 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 23 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CSR Corp Ltd. Class H | | | 135,000 | | | $ | 110,544 | |
Dah Chong Hong Holdings Ltd. | | | 60,000 | | | | 61,665 | |
Daphne International Holdings Ltd. | | | 30,000 | | | | 36,094 | |
Datang International Power Generation Co. Ltd. Class H | | | 240,000 | | | | 104,296 | |
Dongfang Electric Corp. Ltd. Class H | | | 24,000 | | | | 45,123 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 210,000 | | | | 307,627 | |
ENN Energy Holdings Ltd. | | | 60,000 | | | | 301,360 | |
Evergrande Real Estate Group Ltd. | | | 435,000 | | | | 214,840 | |
Far East Horizon Ltd. | | | 90,000 | | | | 66,268 | |
Fosun International Ltd. | | | 135,000 | | | | 87,913 | |
Franshion Properties (China) Ltd. | | | 240,000 | | | | 84,799 | |
GCL-Poly Energy Holdings Ltd. | | | 510,000 | | | | 136,134 | |
Geely Automobile Holdings Ltd. | | | 225,000 | | | | 123,890 | |
Golden Eagle Retail Group Ltd. | | | 45,000 | | | | 92,381 | |
GOME Electrical Appliances Holdings Ltd.a | | | 750,000 | | | | 83,174 | |
Great Wall Motor Co. Ltd. Class H | | | 75,000 | | | | 293,526 | |
Greentown China Holdings Ltd.a | | | 15,000 | | | | 28,975 | |
Guangdong Investment Ltd. | | | 210,000 | | | | 180,622 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 180,000 | | | | 149,945 | |
Guangzhou R&F Properties Co. Ltd. Class H | | | 90,000 | | | | 152,730 | |
Haier Electronics Group Co. Ltd.a | | | 75,000 | | | | 135,399 | |
Haitong Securities Co. Ltd. Class Ha | | | 60,000 | | | | 101,046 | |
Hengan International Group Co. Ltd. | | | 52,500 | | | | 532,796 | |
Huabao International Holdings Ltd. | | | 150,000 | | | | 83,754 | |
Huaneng Power International Inc. Class H | | | 240,000 | | | | 246,968 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 4,740,000 | | | | 3,404,553 | |
Intime Department Store Group Co. Ltd. | | | 67,500 | | | | 82,777 | |
Jiangsu Expressway Co. Ltd. Class H | | | 90,000 | | | | 90,988 | |
Jiangxi Copper Co. Ltd. Class H | | | 105,000 | | | | 251,572 | |
Kingboard Chemical Holdings Co. Ltd. | | | 45,000 | | | | 137,237 | |
Kunlun Energy Co. Ltd. | | | 240,000 | | | | 497,650 | |
Lee & Man Paper Manufacturing Ltd. | | | 120,000 | | | | 89,905 | |
Lenovo Group Ltd. | | | 420,000 | | | | 469,023 | |
Longfor Properties Co. Ltd. | | | 97,500 | | | | 172,750 | |
MMG Ltd.a | | | 180,000 | | | | 79,615 | |
New China Life Insurance Co. Ltd. Class H | | | 19,500 | | | | 76,065 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Nine Dragons Paper (Holdings) Ltd. | | | 120,000 | | | $ | 114,199 | |
Parkson Retail Group Ltd. | | | 105,000 | | | | 68,241 | |
People’s Insurance Co. Group of China Ltd. Class Ha | | | 83,000 | | | | 48,699 | |
PetroChina Co. Ltd. Class H | | | 1,500,000 | | | | 2,061,935 | |
PICC Property and Casualty Co. Ltd. Class H | | | 210,000 | | | | 301,669 | |
Ping An Insurance (Group) Co. of China Ltd. Class H | | | 135,000 | | | | 1,129,809 | |
Poly Property Group Co. Ltd.a | | | 180,000 | | | | 128,590 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 120,000 | | | | 111,569 | |
Shanghai Electric Group Co. Ltd. Class H | | | 210,000 | | | | 85,301 | |
Shanghai Industrial Holdings Ltd. | | | 45,000 | | | | 146,811 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | | | 42,000 | | | | 90,447 | |
Shimao Property Holdings Ltd. | | | 112,500 | | | | 226,310 | |
Shougang Fushan Resources Group Ltd. | | | 210,000 | | | | 92,613 | |
Shui On Land Ltd. | | | 255,000 | | | | 118,049 | |
Sihuan Pharmaceutical Holdings Group Ltd. | | | 105,000 | | | | 48,744 | |
Sino-Ocean Land Holdings Ltd. | | | 232,500 | | | | 160,699 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | 240,000 | | | | 105,224 | |
Sinopharm Group Co. Ltd. Class H | | | 60,000 | | | | 189,559 | |
SOHO China Ltd. | | | 157,500 | | | | 122,469 | |
Sun Art Retail Group Ltd. | | | 142,500 | | | | 198,456 | |
Tencent Holdings Ltd. | | | 75,000 | | | | 2,593,861 | |
Tingyi (Cayman Islands) Holding Corp. | | | 150,000 | | | | 393,625 | |
Tsingtao Brewery Co. Ltd. Class H | | | 30,000 | | | | 187,818 | |
Uni-President China Holdings Ltd. | | | 75,000 | | | | 92,362 | |
Want Want China Holdings Ltd. | | | 450,000 | | | | 631,347 | |
Weichai Power Co. Ltd. Class H | | | 30,800 | | | | 116,768 | |
Wumart Stores Inc. Class H | | | 45,000 | | | | 88,203 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 150,000 | | | | 232,500 | |
Yingde Gases Group Co. Ltd. | | | 75,000 | | | | 87,816 | |
Yuexiu Property Co. Ltd. | | | 510,000 | | | | 176,251 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 60,000 | | | | 79,073 | |
Zhejiang Expressway Co. Ltd. Class H | | | 150,000 | | | | 125,921 | |
Zhongsheng Group Holdings Ltd. | | | 45,000 | | | | 69,634 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 30,000 | | | | 99,228 | |
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Zijin Mining Group Co. Ltd. Class H | | | 450,000 | | | $ | 154,935 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | | | 93,000 | | | | 122,803 | |
ZTE Corp. Class H | | | 45,000 | | | | 76,829 | |
| | | | | | | | |
| | | | | | | 51,698,608 | |
INDIA — 10.54% | | | | | |
ACC Ltd. | | | 3,960 | | | | 92,626 | |
Adani Enterprises Ltd. | | | 15,915 | | | | 63,084 | |
Adani Ports and Special Economic Zone Ltd. | | | 29,370 | | | | 74,849 | |
Aditya Birla Nuvo Ltd. | | | 4,305 | | | | 79,481 | |
Ambuja Cements Ltd. | | | 45,495 | | | | 160,180 | |
Asian Paints Ltd. | | | 2,175 | | | | 170,794 | |
Axis Bank Ltd. | | | 16,830 | | | | 415,808 | |
Bajaj Auto Ltd. | | | 6,540 | | | | 237,173 | |
Bank of Baroda | | | 3,060 | | | | 39,127 | |
Bank of India | | | 11,295 | | | | 66,020 | |
Bharat Heavy Electricals Ltd. | | | 42,900 | | | | 158,613 | |
Bharat Petroleum Corp. Ltd. | | | 14,250 | | | | 97,423 | |
Bharti Airtel Ltd. | | | 42,630 | | | | 253,014 | |
Cairn India Ltd. | | | 31,770 | | | | 173,989 | |
Canara Bank Ltd. | | | 8,580 | | | | 65,543 | |
Cipla Ltd. | | | 24,270 | | | | 160,529 | |
Coal India Ltd. | | | 39,675 | | | | 225,922 | |
Dabur India Ltd. | | | 21,165 | | | | 49,173 | |
Divi’s Laboratories Ltd. | | | 2,700 | | | | 50,124 | |
DLF Ltd. | | | 27,885 | | | | 142,154 | |
Dr. Reddy’s Laboratories Ltd. | | | 7,560 | | | | 243,933 | |
GAIL (India) Ltd. | | | 28,740 | | | | 175,673 | |
Godrej Consumer Products Ltd. | | | 7,515 | | | | 100,138 | |
HCL Technologies Ltd. | | | 14,310 | | | | 190,274 | |
HDFC Bank Ltd. | | | 110,685 | | | | 1,272,252 | |
Hero Motocorp Ltd. | | | 3,060 | | | | 93,785 | |
Hindalco Industries Ltd. | | | 75,300 | | | | 136,884 | |
Hindustan Unilever Ltd. | | | 66,675 | | | | 542,971 | |
Housing Development Finance Corp. Ltd. | | | 105,240 | | | | 1,465,584 | |
ICICI Bank Ltd. | | | 31,860 | | | | 609,266 | |
Idea Cellular Ltd.a | | | 49,125 | | | | 106,187 | |
Infosys Ltd. | | | 31,275 | | | | 1,671,104 | |
Infrastructure Development Finance Co. Ltd. | | | 67,050 | | | | 184,001 | |
ITC Ltd. | | | 170,205 | | | | 922,276 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Jaiprakash Associates Ltd. | | | 63,420 | | | $ | 81,075 | |
Jindal Steel & Power Ltd. | | | 26,430 | | | | 169,496 | |
JSW Steel Ltd. | | | 6,255 | | | | 84,992 | |
Kotak Mahindra Bank Ltd. | | | 20,265 | | | | 245,691 | |
Larsen & Toubro Ltd. | | | 15,360 | | | | 386,167 | |
LIC Housing Finance Ltd. | | | 20,820 | | | | 88,936 | |
Lupin Ltd. | | | 11,265 | | | | 121,119 | |
Mahindra & Mahindra Ltd. | | | 22,875 | | | | 367,354 | |
NTPC Ltd. | | | 44,265 | | | | 122,775 | |
Oil & Natural Gas Corp. Ltd. | | | 59,055 | | | | 340,241 | |
Power Finance Corp. Ltd. | | | 22,440 | | | | 83,090 | |
Power Grid Corp. of India Ltd. | | | 84,015 | | | | 161,065 | |
Ranbaxy Laboratories Ltd.a | | | 9,225 | | | | 64,137 | |
Reliance Capital Ltd. | | | 6,450 | | | | 42,763 | |
Reliance Communications Ltd. | | | 48,315 | | | | 54,216 | |
Reliance Industries Ltd. | | | 89,445 | | | | 1,338,017 | |
Reliance Infrastructure Ltd. | | | 9,270 | | | | 71,393 | |
Reliance Power Ltd.a | | | 44,775 | | | | 59,173 | |
Rural Electrification Corp. Ltd. | | | 19,920 | | | | 83,554 | |
Satyam Computer Services Ltd.a | | | 45,576 | | | | 99,018 | |
Sesa Goa Ltd. | | | 21,285 | | | | 60,582 | |
Shriram Transport Finance Co. Ltd. | | | 8,835 | | | | 112,969 | |
Siemens Ltd. | | | 5,340 | | | | 49,498 | |
State Bank of India | | | 9,495 | | | | 363,168 | |
Sterlite Industries (India) Ltd. | | | 88,575 | | | | 152,957 | |
Sun Pharmaceuticals Industries Ltd. | | | 23,280 | | | | 343,241 | |
Tata Consultancy Services Ltd. | | | 33,450 | | | | 932,702 | |
Tata Motors Ltd. | | | 52,140 | | | | 275,579 | |
Tata Power Co. Ltd. | | | 69,255 | | | | 120,167 | |
Tata Steel Ltd. | | | 20,850 | | | | 130,875 | |
Titan Industries Ltd. | | | 20,970 | | | | 100,562 | |
Ultratech Cement Ltd. | | | 2,565 | | | | 88,072 | |
Unitech Ltd.a | | | 160,290 | | | | 80,138 | |
United Breweries Ltd. | | | 4,185 | | | | 47,200 | |
United Spirits Ltd. | | | 5,760 | | | | 194,816 | |
Wipro Ltd. | | | 35,775 | | | | 273,811 | |
Zee Entertainment Enterprises Ltd. | | | 30,120 | | | | 120,690 | |
| | | | | | | | |
| | | | | | | 18,001,253 | |
INDONESIA — 4.86% | | | | | |
PT Adaro Energy Tbk | | | 1,057,500 | | | | 171,809 | |
PT Astra Agro Lestari Tbk | | | 30,000 | | | | 57,277 | |
PT Astra International Tbk | | | 1,410,000 | | | | 1,159,983 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 25 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Bank Central Asia Tbk | | | 922,500 | | | $ | 1,050,085 | |
PT Bank Danamon Indonesia Tbk | | | 240,000 | | | | 156,465 | |
PT Bank Mandiri (Persero) Tbk | | | 690,000 | | | | 717,597 | |
PT Bank Negara Indonesia (Persero) Tbk | | | 547,500 | | | | 260,620 | |
PT Bank Rakyat Indonesia (Persero) Tbk | | | 765,000 | | | | 748,098 | |
PT Bukit Asam (Persero) Tbk | | | 60,000 | | | | 93,755 | |
PT Bumi Resources Tbk | | | 1,147,500 | | | | 97,372 | |
PT Charoen Pokphand Indonesia Tbk | | | 532,500 | | | | 242,459 | |
PT Global Mediacom Tbk | | | 427,500 | | | | 101,749 | |
PT Gudang Garam Tbk | | | 37,500 | | | | 187,432 | |
PT Indo Tambangraya Megah Tbk | | | 30,000 | | | | 124,955 | |
PT Indocement Tunggal Prakarsa Tbk | | | 105,000 | | | | 238,500 | |
PT Indofood Sukses Makmur Tbk | | | 315,000 | | | | 237,957 | |
PT Indosat Tbk | | | 127,500 | | | | 83,782 | |
PT Jasa Marga (Persero) Tbk | | | 97,500 | | | | 55,997 | |
PT Kalbe Farma Tbk | | | 1,650,000 | | | | 220,262 | |
PT Media Nusantara Citra Tbk | | | 277,500 | | | | 84,713 | |
PT Perusahaan Gas Negara (Persero) Tbk | | | 795,000 | | | | 394,888 | |
PT Semen Gresik (Persero) Tbk | | | 217,500 | | | | 390,503 | |
PT Telekomunikasi Indonesia (Persero) Tbk | | | 750,000 | | | | 834,325 | |
PT Unilever Indonesia Tbk | | | 112,500 | | | | 266,014 | |
PT United Tractors Tbk | | | 120,000 | | | | 239,665 | |
PT XL Axiata Tbk | | | 150,000 | | | | 84,597 | |
| | | | | | | | |
| | | | | | | 8,300,859 | |
MALAYSIA — 5.51% | | | | | |
AirAsia Bhd | | | 88,500 | | | | 83,331 | |
Alliance Financial Group Bhd | | | 64,500 | | | | 89,951 | |
AMMB Holdings Bhd | | | 120,000 | | | | 245,397 | |
Axiata Group Bhd | | | 189,000 | | | | 391,393 | |
Berjaya Sports Toto Bhd | | | 57,168 | | | | 77,692 | |
British American Tobacco (Malaysia) Bhd | | | 7,500 | | | | 148,034 | |
Bumi Armada Bhda | | | 61,500 | | | | 75,420 | |
CIMB Group Holdings Bhd | | | 379,500 | | | | 884,129 | |
DiGi.Com Bhd | | | 228,000 | | | | 337,149 | |
Felda Global Ventures Holdings Bhd | | | 79,500 | | | | 115,501 | |
Gamuda Bhd | | | 14,600 | | | | 18,141 | |
Genting Bhd | | | 150,000 | | | | 460,605 | |
Genting Malaysia Bhd | | | 216,000 | | | | 258,599 | |
Genting Plantations Bhd | | | 16,500 | | | | 45,221 | |
Hong Leong Bank Bhd | | | 42,000 | | | | 198,143 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hong Leong Financial Group Bhd | | | 21,000 | | | $ | 97,441 | |
IHH Healthcare Bhda | | | 148,500 | | | | 164,813 | |
IJM Corp. Bhd | | | 10,400 | | | | 17,263 | |
IOI Corp. Bhd | | | 234,000 | | | | 371,008 | |
Kuala Lumpur Kepong Bhd | | | 36,000 | | | | 241,592 | |
Lafarge Malayan Cement Bhd | | | 34,500 | | | | 108,953 | |
Malayan Banking Bhd | | | 321,000 | | | | 950,380 | |
Malaysia Airports Holdings Bhd | | | 40,500 | | | | 71,683 | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 42,000 | | | | 55,040 | |
Maxis Communications Bhd | | | 166,500 | | | | 343,182 | |
MISC Bhda | | | 84,000 | | | | 143,239 | |
MMC Corp. Bhd | | | 94,500 | | | | 76,750 | |
Parkson Holdings Bhd | | | 42,000 | | | | 62,650 | |
Petronas Chemicals Group Bhd | | | 175,500 | | | | 360,597 | |
Petronas Dagangan Bhd | | | 19,500 | | | | 148,403 | |
Petronas Gas Bhd | | | 43,500 | | | | 257,861 | |
PPB Group Bhd | | | 34,500 | | | | 138,201 | |
Public Bank Bhd Foreign | | | 84,000 | | | | 437,599 | |
RHB Capital Bhd | | | 58,500 | | | | 148,592 | |
Sapurakencana Petroleum Bhda | | | 150,000 | | | | 140,754 | |
Sime Darby Bhd | | | 201,000 | | | | 599,000 | |
Telekom Malaysia Bhd | | | 75,000 | | | | 129,105 | |
Tenaga Nasional Bhd | | | 199,500 | | | | 447,995 | |
UEM Land Holdings Bhda | | | 108,000 | | | | 80,026 | |
UMW Holdings Bhd | | | 36,000 | | | | 149,102 | |
YTL Corp. Bhd | | | 307,553 | | | | 164,201 | |
YTL Power International Bhd | | | 142,500 | | | | 70,086 | |
| | | | | | | | |
| | | | | | | 9,404,222 | |
PHILIPPINES — 1.72% | | | | | |
Aboitiz Equity Ventures Inc. | | | 141,000 | | | | 203,212 | |
Aboitiz Power Corp. | | | 136,500 | | | | 129,249 | |
Alliance Global Group Inc. | | | 304,500 | | | | 149,779 | |
Ayala Corp. | | | 11,700 | | | | 166,752 | |
Ayala Land Inc. | | | 357,000 | | | | 280,964 | |
Bank of the Philippine Islands | | | 58,350 | | | | 152,118 | |
BDO Unibank Inc.a | | | 88,510 | | | | 215,506 | |
DMCI Holdings Inc. | | | 60,000 | | | | 78,947 | |
Energy Development Corp. | | | 532,500 | | | | 99,271 | |
Globe Telecom Inc. | | | 1,800 | | | | 49,803 | |
International Container Terminal Services Inc. | | | 61,500 | | | | 124,029 | |
Jollibee Foods Corp. | | | 36,000 | | | | 112,356 | |
| | |
| 26 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Metropolitan Bank & Trust Co. | | | 29,100 | | | $ | 81,589 | |
Philippine Long Distance Telephone Co. | | | 3,150 | | | | 226,217 | |
San Miguel Corp. | | | 31,743 | | | | 96,728 | |
SM Investments Corp. | | | 15,300 | | | | 392,848 | |
SM Prime Holdings Inc. | | | 469,650 | | | | 219,463 | |
Universal Robina Corp. | | | 66,000 | | | | 153,881 | |
| | | | | | | | |
| | | | | | | 2,932,712 | |
SOUTH KOREA — 24.03% | | | | | |
AmorePacific Corp. | | | 240 | | | | 226,962 | |
AmorePacific Group | | | 180 | | | | 70,150 | |
BS Financial Group Inc. | | | 1,800 | | | | 26,015 | |
Celltrion Inc. | | | 9,061 | | | | 224,679 | |
Cheil Industries Inc. | | | 440 | | | | 35,840 | |
Cheil Worldwide Inc.a | | | 6,750 | | | | 149,609 | |
CJ CheilJedang Corp. | | | 585 | | | | 208,808 | |
CJ Corp. | | | 1,155 | | | | 159,465 | |
Coway Co. Ltd.a | | | 4,200 | | | | 193,355 | |
Daelim Industrial Co. Ltd. | | | 1,632 | | | | 145,743 | |
Daewoo Engineering & Construction Co. Ltd.a | | | 9,450 | | | | 79,330 | |
Daewoo International Corp. | | | 3,450 | | | | 122,187 | |
Daewoo Securities Co. Ltd. | | | 15,150 | | | | 171,392 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | | | 7,650 | | | | 212,299 | |
DGB Financial Group Inc. | | | 900 | | | | 13,506 | |
Dongbu Insurance Co. Ltd. | | | 3,750 | | | | 164,327 | |
Doosan Corp. | | | 705 | | | | 83,989 | |
Doosan Heavy Industries & Construction Co. Ltd. | | | 4,062 | | | | 164,494 | |
Doosan Infracore Co. Ltd.a | | | 9,300 | | | | 135,701 | |
E-Mart Co. Ltd. | | | 1,650 | | | | 336,758 | |
GS Engineering & Construction Corp. | | | 3,120 | | | | 157,898 | |
GS Holdings Corp. | | | 3,795 | | | | 244,630 | |
Hana Financial Group Inc. | | | 2,270 | | | | 84,693 | |
Hankook Tire Co. Ltd. | | | 5,558 | | | | 253,050 | |
Hanwha Chemical Corp. | | | 7,500 | | | | 137,834 | |
Hanwha Corp. | | | 4,050 | | | | 130,534 | |
Hanwha Life Insurance Co. Ltd. | | | 17,850 | | | | 119,349 | |
Hyosung Corp. | | | 2,025 | | | | 105,661 | |
Hyundai Department Store Co. Ltd. | | | 1,185 | | | | 165,248 | |
Hyundai Development Co. | | | 5,100 | | | | 116,570 | |
Hyundai Engineering & Construction Co. Ltd. | | | 5,085 | | | | 321,210 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hyundai Glovis Co. Ltd. | | | 975 | | | $ | 185,037 | |
Hyundai Heavy Industries Co. Ltd. | | | 3,180 | | | | 629,936 | |
Hyundai Hysco Co. Ltd. | | | 2,250 | | | | 75,012 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 5,700 | | | | 165,553 | |
Hyundai Merchant Marine Co. Ltd.a | | | 5,107 | | | | 83,951 | |
Hyundai Mipo Dockyard Co. Ltd. | | | 930 | | | | 101,346 | |
Hyundai Mobis Co. Ltd. | | | 5,010 | | | | 1,448,184 | |
Hyundai Motor Co. | | | 11,175 | | | | 2,249,810 | |
Hyundai Securities Co. Ltd. | | | 14,100 | | | | 116,152 | |
Hyundai Steel Co. | | | 4,215 | | | | 331,260 | |
Hyundai Wia Corp. | | | 1,140 | | | | 167,395 | |
Industrial Bank of Korea | | | 20,550 | | | | 248,614 | |
Kangwon Land Inc. | | | 7,350 | | | | 222,979 | |
KB Financial Group Inc. | | | 26,610 | | | | 970,697 | |
KCC Corp. | | | 375 | | | | 98,700 | |
Kia Motors Corp. | | | 19,680 | | | | 1,015,965 | |
Korea Aerospace Industries Ltd. | | | 2,850 | | | | 63,958 | |
Korea Electric Power Corp.a | | | 19,200 | | | | 578,930 | |
Korea Exchange Banka | | | 32,550 | | | | 228,458 | |
Korea Gas Corp. | | | 1,650 | | | | 108,951 | |
Korea Investment Holdings Co. Ltd. | | | 3,750 | | | | 159,479 | |
Korea Zinc Co. Ltd. | | | 615 | | | | 213,552 | |
Korean Air Lines Co. Ltd.a | | | 3,150 | | | | 128,580 | |
KT Corp. SP ADRa | | | 4,775 | | | | 77,259 | |
KT&G Corp. | | | 8,025 | | | | 572,142 | |
Kumho Petro Chemical Co. Ltd. | | | 1,095 | | | | 110,731 | |
LG Chem Ltd. | | | 3,405 | | | | 932,360 | |
LG Corp. | | | 7,155 | | | | 435,448 | |
LG Display Co. Ltd.a | | | 17,100 | | | | 482,446 | |
LG Electronics Inc. | | | 8,010 | | | | 579,210 | |
LG Household & Health Care Ltd. | | | 705 | | | | 404,317 | |
LG Innotek Co. Ltd.a | | | 855 | | | | 59,773 | |
LG Uplus Corp.a | | | 16,800 | | | | 131,877 | |
Lotte Chemical Corp. | | | 1,306 | | | | 287,053 | |
Lotte Confectionery Co. Ltd. | | | 60 | | | | 101,346 | |
Lotte Shopping Co. Ltd. | | | 840 | | | | 301,766 | |
LS Corp. | | | 1,470 | | | | 118,786 | |
LS Industrial Systems Co. Ltd. | | | 1,350 | | | | 83,282 | |
Mando Corp. | | | 1,065 | | | | 128,844 | |
Mirae Asset Securities Co. Ltd. | | | 2,850 | | | | 114,361 | |
NCsoft Corp. | | | 1,200 | | | | 158,474 | |
NHN Corp. | | | 2,964 | | | | 719,906 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 27 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
OCI Co. Ltd. | | | 1,260 | | | $ | 201,889 | |
ORION Corp. | | | 270 | | | | 266,802 | |
POSCO | | | 4,725 | | | | 1,542,528 | |
S-Oil Corp. | | | 3,375 | | | | 311,373 | |
S1 Corp. | | | 1,545 | | | | 99,164 | |
Samsung C&T Corp. | | | 9,315 | | | | 569,485 | |
Samsung Card Co. Ltd. | | | 4,500 | | | | 161,868 | |
Samsung Electro-Mechanics Co. Ltd. | | | 4,425 | | | | 390,264 | |
Samsung Electronics Co. Ltd. | | | 8,025 | | | | 11,442,846 | |
Samsung Engineering Co. Ltd. | | | 2,310 | | | | 328,530 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 2,835 | | | | 596,939 | |
Samsung Heavy Industries Co. Ltd. | | | 12,000 | | | | 428,324 | |
Samsung Life Insurance Co. Ltd. | | | 5,160 | | | | 495,593 | |
Samsung SDI Co. Ltd. | | | 2,535 | | | | 325,413 | |
Samsung Securities Co. Ltd. | | | 4,433 | | | | 234,991 | |
Samsung Techwin Co. Ltd. | | | 3,090 | | | | 186,058 | |
Shinhan Financial Group Co. Ltd. | | | 4,180 | | | | 164,641 | |
Shinsegae Co. Ltd. | | | 600 | | | | 125,505 | |
SK C&C Co. Ltd. | | | 1,695 | | | | 161,231 | |
SK Holdings Co. Ltd. | | | 1,995 | | | | 324,263 | |
SK Hynix Inc.a | | | 37,500 | | | | 917,738 | |
SK Innovation Co. Ltd. | | | 4,470 | | | | 734,800 | |
SK Networks Co. Ltd. | | | 13,350 | | | | 98,508 | |
SK Telecom Co. Ltd. | | | 765 | | | | 126,108 | |
Woori Finance Holdings Co. Ltd. | | | 33,000 | | | | 400,757 | |
Woori Investment & Securities Co. Ltd. | | | 12,750 | | | | 150,128 | |
Yuhan Corp. | | | 660 | | | | 108,799 | |
| | | | | | | | |
| | | | | | | 41,047,711 | |
TAIWAN — 17.55% | | | | | |
Acer Inc.a | | | 180,000 | | | | 160,484 | |
Advanced Semiconductor Engineering Inc. | | | 450,434 | | | | 373,508 | |
Advantech Co. Ltd. | | | 30,000 | | | | 133,484 | |
Asia Cement Corp. | | | 135,540 | | | | 169,045 | |
ASUSTeK Computer Inc. | | | 45,000 | | | | 546,071 | |
AU Optronics Corp.a | | | 540,000 | | | | 234,810 | |
Capital Securities Corp. | | | 210,000 | | | | 79,635 | |
Catcher Technology Co. Ltd. | | | 45,000 | | | | 203,260 | |
Cathay Financial Holding Co. Ltd. | | | 511,300 | | | | 648,033 | |
Chailease Holding Co. Ltd. | | | 45,000 | | | | 126,203 | |
Chang Hwa Commercial Bank Ltd. | | | 315,800 | | | | 184,691 | |
Cheng Shin Rubber Industry Co. Ltd. | | | 135,240 | | | | 367,429 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Cheng Uei Precision Industry Co. Ltd. | | | 30,059 | | | $ | 56,842 | |
Chicony Electronics Co. Ltd. | | | 30,280 | | | | 79,307 | |
China Airlines Ltd.a | | | 180,000 | | | | 74,023 | |
China Development Financial Holding Corp.a | | | 991,200 | | | | 295,023 | |
China Life Insurance Co. Ltd.a | | | 120,479 | | | | 115,336 | |
China Petrochemical Development Corp. | | | 135,800 | | | | 83,998 | |
China Steel Corp. | | | 826,650 | | | | 757,922 | |
Chinatrust Financial Holding Co. Ltd. | | | 811,002 | | | | 479,770 | |
Chunghwa Telecom Co. Ltd. | | | 270,000 | | | | 839,128 | |
Clevo Co. | | | 30,322 | | | | 42,570 | |
Compal Electronics Inc. | | | 300,000 | | | | 209,833 | |
CTCI Corp. | | | 30,000 | | | | 59,764 | |
Delta Electronics Inc. | | | 135,000 | | | | 502,840 | |
E Ink Holdings Inc. | | | 60,000 | | | | 46,012 | |
E.Sun Financial Holding Co. Ltd. | | | 271,800 | | | | 162,623 | |
Epistar Corp. | | | 60,000 | | | | 116,495 | |
Eternal Chemical Co. Ltd. | | | 105,000 | | | | 91,846 | |
EVA Airways Corp.a | | | 135,000 | | | | 84,868 | |
Evergreen Marine Corp. Ltd.a | | | 165,000 | | | | 105,397 | |
Far Eastern Department Stores Co. Ltd. | | | 60,320 | | | | 57,033 | |
Far Eastern New Century Corp. | | | 210,840 | | | | 233,821 | |
Far EasTone Telecommunications Co. Ltd. | | | 120,000 | | | | 277,889 | |
Farglory Land Development Co. Ltd. | | | 45,000 | | | | 85,399 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 30,000 | | | | 52,281 | |
First Financial Holding Co. Ltd. | | | 451,360 | | | | 287,553 | |
Formosa Chemicals & Fibre Corp. | | | 225,000 | | | | 573,374 | |
Formosa Petrochemical Corp. | | | 90,000 | | | | 250,282 | |
Formosa Plastics Corp. | | | 300,000 | | | | 758,431 | |
Formosa Taffeta Co. Ltd. | | | 90,000 | | | | 87,220 | |
Foxconn Technology Co. Ltd. | | | 45,300 | | | | 124,448 | |
Fubon Financial Holding Co. Ltd. | | | 375,396 | | | | 506,155 | |
Giant Manufacturing Co. Ltd. | | | 30,000 | | | | 164,327 | |
Highwealth Construction Corp. | | | 16,200 | | | | 33,856 | |
Hiwin Technologies Corp. | | | 15,100 | | | | 124,703 | |
Hon Hai Precision Industry Co. Ltd. | | | 721,000 | | | | 1,985,597 | |
Hotai Motor Co. Ltd. | | | 15,000 | | | | 114,270 | |
HTC Corp. | | | 60,000 | | | | 560,228 | |
Hua Nan Financial Holdings Co. Ltd. | | | 375,300 | | | | 219,488 | |
Innolux Corp.a | | | 376,019 | | | | 207,868 | |
Inventec Corp. | | | 210,980 | | | | 83,918 | |
Kinsus Interconnect Technology Corp. | | | 15,000 | | | | 47,276 | |
| | |
| 28 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
LCY Chemical Corp. | | | 30,199 | | | $ | 38,479 | |
Lite-On Technology Corp. | | | 150,100 | | | | 231,476 | |
Macronix International Co. Ltd. | | | 240,139 | | | | 68,400 | |
MediaTek Inc. | | | 90,000 | | | | 1,011,747 | |
Mega Financial Holding Co. Ltd. | | | 586,170 | | | | 483,099 | |
Merida Industry Co. Ltd. | | | 15,000 | | | | 73,062 | |
MStar Semiconductor Inc. | | | 15,000 | | | | 112,753 | |
Nan Kang Rubber Tire Co. Ltd. | | | 61,879 | | | | 71,439 | |
Nan Ya Plastics Corp. | | | 345,000 | | | | 661,706 | |
Novatek Microelectronics Corp. Ltd. | | | 30,000 | | | | 125,394 | |
Pegatron Corp.a | | | 120,000 | | | | 161,799 | |
Phison Electronics Corp. | | | 15,000 | | | | 112,753 | |
Pou Chen Corp. | | | 135,000 | | | | 136,973 | |
Powertech Technology Inc. | | | 45,000 | | | | 65,453 | |
President Chain Store Corp. | | | 45,000 | | | | 248,765 | |
Quanta Computer Inc. | | | 180,000 | | | | 384,070 | |
Radiant Opto-Electronics Corp. | | | 30,120 | | | | 108,636 | |
Realtek Semiconductor Corp. | | | 30,040 | | | | 71,489 | |
Richtek Technology Corp. | | | 15,000 | | | | 91,770 | |
Ruentex Development Co. Ltd. | | | 45,000 | | | | 98,444 | |
Ruentex Industries Ltd. | | | 45,000 | | | | 108,304 | |
Shin Kong Financial Holding Co. Ltd.a | | | 450,000 | | | | 136,366 | |
Siliconware Precision Industries Co. Ltd. | | | 210,000 | | | | 225,456 | |
Simplo Technology Co. Ltd. | | | 15,200 | | | | 67,376 | |
SinoPac Financial Holdings Co. Ltd. | | | 406,706 | | | | 185,075 | |
Standard Foods Corp. | | | 15,480 | | | | 44,927 | |
Synnex Technology International Corp. | | | 90,000 | | | | 182,024 | |
Taishin Financial Holdings Co. Ltd. | | | 540,298 | | | | 220,370 | |
Taiwan Business Bank Ltd.a | | | 256,360 | | | | 80,019 | |
Taiwan Cement Corp. | | | 240,000 | | | | 307,822 | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 391,265 | | | | 224,209 | |
Taiwan Fertilizer Co. Ltd. | | | 45,000 | | | | 109,062 | |
Taiwan Glass Industry Corp. | | | 75,450 | | | | 71,339 | |
Taiwan Mobile Co. Ltd. | | | 120,000 | | | | 418,654 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 1,815,000 | | | | 6,393,322 | |
Teco Electric and Machinery Co. Ltd. | | | 135,000 | | | | 107,849 | |
TPK Holding Co. Ltd. | | | 15,591 | | | | 295,355 | |
Tripod Technology Corp. | | | 30,000 | | | | 62,191 | |
TSRC Corp. | | | 45,600 | | | | 93,762 | |
Tung Ho Steel Enterprise Corp. | | | 90,000 | | | | 87,978 | |
U-Ming Marine Transport Corp. | | | 30,000 | | | | 46,517 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Uni-President Enterprises Co. | | | 300,660 | | | $ | 562,474 | |
Unimicron Technology Corp. | | | 90,000 | | | | 85,551 | |
United Microelectronics Corp. | | | 900,000 | | | | 336,743 | |
Walsin Lihwa Corp.a | | | 255,000 | | | | 87,675 | |
Wan Hai Lines Ltd.a | | | 30,000 | | | | 16,230 | |
Wintek Corp.a | | | 105,000 | | | | 49,551 | |
Wistron Corp. | | | 135,900 | | | | 151,171 | |
WPG Holdings Co. Ltd. | | | 90,000 | | | | 102,237 | |
Yang Ming Marine Transport Corp.a | | | 120,000 | | | | 56,832 | |
Yuanta Financial Holding Co. Ltd. | | | 585,000 | | | | 302,690 | |
Yulon Motor Co. Ltd. | | | 60,000 | | | | 107,394 | |
Zhen Ding Technology Holding Ltd. | | | 15,100 | | | | 34,255 | |
| | | | | | | | |
| | | | | | | 29,984,154 | |
THAILAND — 4.42% | | | | | |
Advanced Information Service PCL NVDR | | | 82,500 | | | | 574,034 | |
Airports of Thailand PCL NVDR | | | 31,500 | | | | 124,941 | |
Bangkok Bank PCL Foreign | | | 60,000 | | | | 467,899 | |
Bangkok Bank PCL NVDR | | | 37,500 | | | | 276,050 | |
Bangkok Dusit Medical Services PCL NVDR | | | 21,000 | | | | 105,176 | |
Bank of Ayudhya PCL NVDR | | | 171,000 | | | | 198,303 | |
Banpu PCL NVDR | | | 10,500 | | | | 138,000 | |
BEC World PCL NVDR | | | 64,500 | | | | 145,803 | |
Central Pattana PCL NVDR | | | 48,000 | | | | 154,891 | |
Charoen Pokphand Foods PCL NVDR | | | 231,000 | | | | 252,353 | |
CP All PCL NVDR | | | 306,000 | | | | 486,000 | |
Glow Energy PCL NVDR | | | 42,000 | | | | 121,412 | |
Indorama Ventures PCL NVDR | | | 106,500 | | | | 85,200 | |
IRPC PCL NVDR | | | 739,500 | | | | 105,891 | |
Kasikornbank PCL Foreign | | | 87,000 | | | | 637,513 | |
Kasikornbank PCL NVDR | | | 45,000 | | | | 320,672 | |
Krung Thai Bank PCL NVDR | | | 264,050 | | | | 226,329 | |
PTT Exploration & Production PCL NVDR | | | 105,110 | | | | 558,231 | |
PTT Global Chemical PCL NVDR | | | 112,500 | | | | 298,739 | |
PTT PCL NVDR | | | 63,000 | | | | 741,176 | |
Siam Cement PCL Foreign | | | 22,500 | | | | 360,000 | |
Siam Cement PCL NVDR | | | 10,500 | | | | 163,765 | |
Siam Commercial Bank PCL NVDR | | | 129,000 | | | | 771,832 | |
Siam Makro PCL NVDR | | | 6,000 | | | | 97,613 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 29 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Thai Oil PCL NVDR | | | 61,500 | | | $ | 144,706 | |
| | | | | | | | |
| | | | | | | 7,556,529 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $168,839,011) | | | | 168,926,048 | |
| | |
PREFERRED STOCKS — 0.96% | | | | | | | | |
| | |
SOUTH KOREA — 0.96% | | | | | | | | |
Hyundai Motor Co. Ltd. | | | 2,115 | | | | 141,414 | |
Hyundai Motor Co. Ltd. Series 2 | | | 3,000 | | | | 215,824 | |
LG Chem Ltd. | | | 780 | | | | 69,080 | |
Samsung Electronics Co. Ltd. | | | 1,485 | | | | 1,206,843 | |
| | | | | | | | |
| | | | | | | 1,633,161 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $1,572,032) | | | | 1,633,161 | |
|
SHORT-TERM INVESTMENTS — 0.17% | |
| |
MONEY MARKET FUNDS — 0.17% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%b,c | | | 299,230 | | | | 299,230 | |
| | | | | | | | |
| | | | | | | 299,230 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $299,230) | | | | 299,230 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.02% | | | | | |
(Cost: $170,710,273) | | | | 170,858,439 | |
Other Assets, Less Liabilities — (0.02)% | | | | (34,798 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 170,823,641 | |
| | | | | | | | |
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.
| | |
| 30 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY SECTOR INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 97.03% | |
| |
BRAZIL — 6.59% | | | | | |
Anhanguera Educacional Participacoes SA | | | 1,002 | | | $ | 20,779 | |
Companhia Hering SA | | | 1,200 | | | | 23,313 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | | | 2,400 | | | | 21,122 | |
Kroton Educacional SAa | | | 800 | | | | 20,960 | |
Lojas Americanas SA | | | 1,100 | | | | 9,570 | |
Lojas Renner SA | | | 1,102 | | | | 42,004 | |
MRV Engenharia e Participacoes SA | | | 2,702 | | | | 17,356 | |
PDG Realty SA Empreendimentos e Participacoes | | | 10,502 | | | | 17,051 | |
| | | | | | | | |
| | | | | | | 172,155 | |
CHILE — 1.87% | | | | | |
S.A.C.I. Falabella SA | | | 4,192 | | | | 48,923 | |
| | | | | | | | |
| | | | | | | 48,923 | |
CHINA — 12.14% | | | | | |
Anta Sports Products Ltd.b | | | 8,002 | | | | 7,574 | |
Belle International Holdings Ltd. | | | 40,001 | | | | 73,659 | |
Bosideng International Holdings Ltd. | | | 24,000 | | | | 7,428 | |
Brilliance China Automotive Holdings Ltd.a | | | 22,000 | | | | 30,355 | |
BYD Co. Ltd. Class Ha,b | | | 4,500 | | | | 15,958 | |
Dah Chong Hong Holdings Ltd. | | | 7,001 | | | | 7,195 | |
Daphne International Holdings Ltd.b | | | 8,001 | | | | 9,626 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 24,001 | | | | 35,159 | |
Geely Automobile Holdings Ltd. | | | 35,001 | | | | 19,272 | |
Golden Eagle Retail Group Ltd. | | | 6,000 | | | | 12,318 | |
GOME Electrical Appliances Holdings Ltd.a | | | 88,000 | | | | 9,759 | |
Great Wall Motor Co. Ltd. Class H | | | 9,002 | | | | 35,231 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 18,001 | | | | 14,995 | |
Haier Electronics Group Co. Ltd.a | | | 7,001 | | | | 12,639 | |
Intime Department Store Group Co. Ltd. | | | 8,501 | | | | 10,425 | |
Parkson Retail Group Ltd. | | | 12,501 | | | | 8,125 | |
Zhongsheng Group Holdings Ltd. | | | 5,000 | | | | 7,737 | |
| | | | | | | | |
| | | | | | | 317,455 | |
INDIA — 5.35% | | | | | |
Bajaj Auto Ltd. | | | 728 | | | | 26,401 | |
Hero Motocorp Ltd. | | | 342 | | | | 10,482 | |
Mahindra & Mahindra Ltd. | | | 2,667 | | | | 42,830 | |
Tata Motors Ltd. | | | 6,557 | | | | 34,656 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Titan Industries Ltd. | | | 1,851 | | | $ | 8,876 | |
Zee Entertainment Enterprises Ltd. | | | 4,126 | | | | 16,533 | |
| | | | | | | | |
| | | | | | | 139,778 | |
INDONESIA — 6.35% | | | | | |
PT Astra International Tbk | | | 172,500 | | | | 141,913 | |
PT Global Mediacom Tbk | | | 54,000 | | | | 12,853 | |
PT Media Nusantara Citra Tbk | | | 36,500 | | | | 11,142 | |
| | | | | | | | |
| | | | | | | 165,908 | |
MALAYSIA — 4.48% | | | | | |
Berjaya Sports Toto Bhd | | | 6,032 | | | | 8,197 | |
Genting Bhd | | | 17,400 | | | | 53,430 | |
Genting Malaysia Bhd | | | 25,001 | | | | 29,932 | |
Parkson Holdings Bhd | | | 4,601 | | | | 6,863 | |
UMW Holdings Bhd | | | 4,501 | | | | 18,642 | |
| | | | | | | | |
| | | | | | | 117,064 | |
MEXICO — 5.21% | | | | | |
El Puerto de Liverpool SA de CV Series C1 | | | 1,601 | | | | 18,044 | |
Grupo Televisa SAB de CV CPO | | | 22,002 | | | | 118,103 | |
| | | | | | | | |
| | | | | | | 136,147 | |
PHILIPPINES — 0.43% | | | | | |
Jollibee Foods Corp. | | | 3,611 | | | | 11,270 | |
| | | | | | | | |
| | | | | | | 11,270 | |
POLAND — 0.33% | | | | | |
Cyfrowy Polsat SAa | | | 1,657 | | | | 8,560 | |
| | | | | | | | |
| | | | | | | 8,560 | |
SOUTH AFRICA — 15.93% | | | | | |
Foschini Group Ltd. (The) | | | 1,762 | | | | 21,022 | |
Imperial Holdings Ltd. | | | 1,551 | | | | 35,780 | |
Mr. Price Group Ltd. | | | 2,057 | | | | 26,549 | |
Naspers Ltd. Class N | | | 3,349 | | | | 217,534 | |
Steinhoff International Holdings Ltd.a | | | 9,989 | | | | 29,023 | |
Truworths International Ltd. | | | 3,807 | | | | 39,480 | |
Woolworths Holdings Ltd. | | | 6,533 | | | | 47,064 | |
| | | | | | | | |
| | | | | | | 416,452 | |
SOUTH KOREA — 30.95% | | | | | |
Cheil Worldwide Inc.a | | | 780 | | | | 17,288 | |
Coway Co. Ltd.a | | | 471 | | | | 21,683 | |
Hankook Tire Co. Ltd. | | | 644 | | | | 29,321 | |
Hyundai Department Store Co. Ltd. | | | 132 | | | | 18,407 | |
Hyundai Mobis Co. Ltd. | | | 583 | | | | 168,521 | |
Hyundai Motor Co. | | | 1,321 | | | | 265,951 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 31 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY SECTOR INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hyundai Wia Corp. | | | 134 | | | $ | 19,676 | |
Kangwon Land Inc. | | | 842 | | | | 25,544 | |
Kia Motors Corp. | | | 2,255 | | | | 116,413 | |
LG Electronics Inc. | | | 907 | | | | 65,586 | |
Lotte Shopping Co. Ltd. | | | 95 | | | | 34,128 | |
Mando Corp. | | | 111 | | | | 13,429 | |
Shinsegae Co. Ltd. | | | 62 | | | | 12,969 | |
| | | | | | | | |
| | | | | | | 808,916 | |
TAIWAN — 5.65% | | | | | |
Cheng Shin Rubber Industry Co. Ltd. | | | 15,960 | | | | 43,361 | |
China Motor Co. Ltd. | | | 5,002 | | | | 4,670 | |
Far Eastern Department Stores Co. Ltd. | | | 8,320 | | | | 7,867 | |
Formosa International Hotels Corp. | | | 1 | | | | 12 | |
Formosa Taffeta Co. Ltd. | | | 7,002 | | | | 6,786 | |
Giant Manufacturing Co. Ltd. | | | 2,001 | | | | 10,960 | |
Hotai Motor Co. Ltd. | | | 2,001 | | | | 15,244 | |
Merida Industry Co. Ltd. | | | 2,000 | | | | 9,742 | |
Nan Kang Rubber Tire Co. Ltd. | | | 4,939 | | | | 5,702 | |
Pou Chen Corp. | | | 19,000 | | | | 19,278 | |
Ruentex Industries Ltd. | | | 4,000 | | | | 9,627 | |
Yulon Motor Co. Ltd. | | | 8,001 | | | | 14,321 | |
| | | | | | | | |
| | | | | | | 147,570 | |
THAILAND — 0.73% | | | | | |
BEC World PCL NVDR | | | 8,501 | | | | 19,217 | |
| | | | | | | | |
| | | | | | | 19,217 | |
TURKEY — 1.02% | | | | | |
Arcelik AS | | | 2,053 | | | | 13,012 | |
Ford Otomotiv Sanayi AS | | | 600 | | | | 7,072 | |
Tofas Turk Otomobil Fabrikasi AS | | | 1,081 | | | | 6,701 | |
| | | | | | | | |
| | | | | | | 26,785 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $2,421,846) | | | | 2,536,200 | |
|
PREFERRED STOCKS — 2.65% | |
| |
BRAZIL — 1.22% | | | | | |
Lojas Americanas SA | | | 3,501 | | | | 31,980 | |
| | | | | | | | |
| | | | | | | 31,980 | |
SOUTH KOREA — 1.43% | | | | | |
Hyundai Motor Co. Ltd. | | | 207 | | | | 13,841 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hyundai Motor Co. Ltd. Series 2 | | | 327 | | | $ | 23,525 | |
| | | | | | | | |
| | | | | | | 37,366 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $59,106) | | | | | | | 69,346 | |
|
SHORT-TERM INVESTMENTS — 1.18% | |
| | |
MONEY MARKET FUNDS — 1.18% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 28,352 | | | | 28,352 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 2,053 | | | | 2,053 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 272 | | | | 272 | |
| | | | | | | | |
| | | | | | | 30,677 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $30,677) | | | | | | | 30,677 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.86% | | | | | |
(Cost: $2,511,629) | | | | 2,636,223 | |
Other Assets, Less Liabilities — (0.86)% | | | | | | | (22,486 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 2,613,737 | |
| | | | | | | | |
CPO — Certificates of Participation (Ordinary)
NVDR — Non-Voting 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.
| | |
| 32 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS ENERGY SECTOR CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 90.58% | |
| |
BRAZIL — 7.01% | | | | | |
Cosan SA Industria e Comercio | | | 200 | | | $ | 4,720 | |
OGX Petroleo e Gas Participacoes SAa | | | 5,902 | | | | 9,403 | |
Petroleo Brasileiro SA | | | 12,202 | | | | 89,428 | |
Ultrapar Participacoes SA | | | 1,601 | | | | 41,541 | |
| | | | | | | | |
| | | | | | | 145,092 | |
CHILE — 0.82% | | | | | |
Empresas Copec SA | | | 1,100 | | | | 16,971 | |
| | | | | | | | |
| | | | | | | 16,971 | |
CHINA — 24.52% | | | | | |
China Coal Energy Co. Class H | | | 21,000 | | | | 20,824 | |
China Oilfield Services Ltd. Class H | | | 10,001 | | | | 21,228 | |
China Petroleum & Chemical Corp. Class H | | | 88,002 | | | | 100,089 | |
China Shenhua Energy Co. Ltd. Class H | | | 17,000 | | | | 64,450 | |
CNOOC Ltd. | | | 76,001 | | | | 149,359 | |
Kunlun Energy Co. Ltd. | | | 6,000 | | | | 12,441 | |
PetroChina Co. Ltd. Class H | | | 90,000 | | | | 123,716 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 10,002 | | | | 15,503 | |
| | | | | | | | |
| | | | | | | 507,610 | |
COLOMBIA — 2.83% | | | | | |
Ecopetrol SA SP ADR | | | 1,018 | | | | 58,586 | |
| | | | | | | | |
| | | | | | | 58,586 | |
HUNGARY — 0.79% | | | | | |
MOL Hungarian Oil and Gas PLC | | | 213 | | | | 16,371 | |
| | | | | | | | |
| | | | | | | 16,371 | |
INDIA — 7.00% | | | | | |
Bharat Petroleum Corp. Ltd. | | | 1,542 | | | | 10,542 | |
Cairn India Ltd. | | | 1,141 | | | | 6,249 | |
Coal India Ltd. | | | 2,708 | | | | 15,420 | |
Oil & Natural Gas Corp. Ltd. | | | 3,898 | | | | 22,458 | |
Reliance Industries Ltd. | | | 6,029 | | | | 90,188 | |
| | | | | | | | |
| | | | | | | 144,857 | |
INDONESIA — 1.79% | | | | | |
PT Adaro Energy Tbk | | | 75,502 | | | | 12,267 | |
PT Bukit Asam (Persero) Tbk | | | 5,000 | | | | 7,813 | |
PT Bumi Resources Tbk | | | 77,500 | | | | 6,576 | |
PT Indo Tambangraya Megah Tbk | | | 2,500 | | | | 10,413 | |
| | | | | | | | |
| | | | | | | 37,069 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MALAYSIA — 1.65% | | | | | |
Bumi Armada Bhda | | | 6,801 | | | $ | 8,340 | |
Petronas Dagangan Bhd | | | 1,901 | | | | 14,468 | |
Sapurakencana Petroleum Bhda | | | 12,201 | | | | 11,449 | |
| | | | | | | | |
| | | | | | | 34,257 | |
POLAND — 2.65% | | | | | |
Grupa Lotos SAa | | | 519 | | | | 6,829 | |
Polski Koncern Naftowy Orlen SAa | | | 1,715 | | | | 28,984 | |
Polskie Gornictwo Naftowe i Gazownictwo SAa | | | 10,564 | | | | 19,034 | |
| | | | | | | | |
| | | | | | | 54,847 | |
RUSSIA — 25.14% | | | | | |
Gazprom OAO | | | 44,650 | | | | 200,470 | |
LUKOIL OAO | | | 2,123 | | | | 136,179 | |
NovaTek OAO SP GDRb | | | 422 | | | | 48,952 | |
Rosneft Oil Co. OJSC | | | 6,282 | | | | 50,090 | |
Surgutneftegas OJSC | | | 35,402 | | | | 33,192 | |
Tatneft OAO, Class S | | | 6,991 | | | | 45,757 | |
TMK OAO SP GDRb | | | 401 | | | | 5,979 | |
| | | | | | | | |
| | | | | | | 520,619 | |
SOUTH AFRICA — 4.78% | | | | | |
Exxaro Resources Ltd. | | | 281 | | | | 5,382 | |
Sasol Ltd. | | | 2,189 | | | | 93,650 | |
| | | | | | | | |
| | | | | | | 99,032 | |
SOUTH KOREA — 4.18% | | | | | |
GS Holdings Corp. | | | 272 | | | | 17,533 | |
S-Oil Corp. | | | 238 | | | | 21,958 | |
SK Innovation Co. Ltd. | | | 286 | | | | 47,014 | |
| | | | | | | | |
| | | | | | | 86,505 | |
TAIWAN — 0.81% | | | | | |
Formosa Petrochemical Corp. | | | 6,000 | | | | 16,685 | |
| | | | | | | | |
| | | | | | | 16,685 | |
THAILAND — 5.67% | | | | | |
Banpu PCL NVDR | | | 750 | | | | 9,857 | |
IRPC PCL NVDR | | | 61,600 | | | | 8,821 | |
PTT Exploration & Production PCL NVDR | | | 6,933 | | | | 36,821 | |
PTT PCL NVDR | | | 4,302 | | | | 50,612 | |
Thai Oil PCL NVDR | | | 4,801 | | | | 11,296 | |
| | | | | | | | |
| | | | | | | 117,407 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 33 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ENERGY SECTOR CAPPED INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TURKEY — 0.94% | | | | | | | | |
Turkiye Petrol Rafinerileri AS | | | 695 | | | $ | 19,475 | |
| | | | | | | | |
| | | | | | | 19,475 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $2,202,552) | | | | | | | 1,875,383 | |
| | |
PREFERRED STOCKS — 9.23% | | | | | | | | |
| |
BRAZIL — 7.10% | | | | | |
Petroleo Brasileiro SA | | | 17,500 | | | | 147,021 | |
| | | | | | | | |
| | | | | | | 147,021 | |
RUSSIA — 2.13% | | | | | |
AK Transneft OAO | | | 8 | | | | 17,940 | |
Surgutneftegas OJSC | | | 35,502 | | | | 26,138 | |
| | | | | | | | |
| | | | | | | 44,078 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $290,387) | | | | | | | 191,099 | |
| | |
SHORT-TERM INVESTMENTS — 0.03% | | | | | | | | |
| | |
MONEY MARKET FUNDS — 0.03% | | | | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 676 | | | | 676 | |
| | | | | | | | |
| | | | | | | 676 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $676) | | | | | | | 676 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.84% | | | | | |
(Cost: $2,493,615) | | | | | | | 2,067,158 | |
Other Assets, Less Liabilities — 0.16% | | | | | | | 3,368 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 2,070,526 | |
| | | | | | | | |
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.
| | |
| 34 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 92.42% | |
| |
BRAZIL — 7.03% | | | | | |
ALL — America Latina Logistica SA | | | 700 | | | $ | 3,470 | |
Amil Participacoes SA | | | 200 | | | | 3,169 | |
Anhanguera Educacional Participacoes SA | | | 200 | | | | 4,147 | |
Arteris SA | | | 200 | | | | 2,155 | |
Banco Bradesco SA | | | 800 | | | | 14,251 | |
BR Malls Participacoes SA | | | 600 | | | | 7,769 | |
BR Properties SA | | | 300 | | | | 3,733 | |
BRF — Brasil Foods SA | | | 900 | | | | 19,551 | |
CCR SA | | | 1,300 | | | | 13,052 | |
CETIP SA — Mercados Organizados | | | 300 | | | | 3,626 | |
Cielo SA | | | 400 | | | | 12,024 | |
Companhia de Bebidas das Americas | | | 200 | | | | 8,830 | |
Companhia de Saneamento Basico do Estado de Sao Pauloa | | | 100 | | | | 4,854 | |
Companhia de Saneamento de Minas Gerais SA | | | 100 | | | | 2,595 | |
Companhia Hering SA | | | 200 | | | | 3,885 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | | | 400 | | | | 3,520 | |
Diagnosticos da America SA | | | 400 | | | | 2,762 | |
Duratex SA | | | 400 | | | | 3,348 | |
EcoRodovias Infraestrutura e Logistica SA | | | 200 | | | | 1,737 | |
Hypermarcas SAa | | | 500 | | | | 4,423 | |
JBS SAa | | | 400 | | | | 1,388 | |
Kroton Educacional SAa | | | 100 | | | | 2,620 | |
Localiza Rent A Car SA | | | 200 | | | | 3,797 | |
Lojas Americanas SA | | | 200 | | | | 1,740 | |
Lojas Renner SA | | | 200 | | | | 7,623 | |
MPX Energia SAa | | | 100 | | | | 532 | |
MRV Engenharia e Participacoes SA | | | 500 | | | | 3,212 | |
Multiplan Empreendimentos Imobiliarios SA | | | 100 | | | | 2,865 | |
Multiplus SA | | | 100 | | | | 1,864 | |
Natura Cosmeticos SA | | | 200 | | | | 5,169 | |
Odontoprev SA | | | 400 | | | | 1,853 | |
OGX Petroleo e Gas Participacoes SAa | | | 1,900 | | | | 3,027 | |
Qualicorp SAa | | | 200 | | | | 2,239 | |
Raia Drogasil SA | | | 300 | | | | 3,463 | |
Souza Cruz SA | | | 500 | | | | 7,989 | |
TIM Participacoes SA | | | 600 | | | | 2,625 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Totvs SA | | | 200 | | | $ | 4,426 | |
Tractebel Energia SA | | | 100 | | | | 1,770 | |
Ultrapar Participacoes SA | | | 500 | | | | 12,974 | |
WEG SA | | | 200 | | | | 2,680 | |
| | | | | | | | |
| | | | | | | 196,757 | |
CHILE — 1.60% | | | | | |
Banco de Credito e Inversiones | | | 28 | | | | 2,177 | |
CAP SA | | | 51 | | | | 1,834 | |
Cencosud SA | | | 1,455 | | | | 9,092 | |
Colbun SAa | | | 11,495 | | | | 3,611 | |
Compania Cervecerias Unidas SA | | | 171 | | | | 2,776 | |
Empresa Nacional de Electricidad SA | | | 4,662 | | | | 7,924 | |
LATAM Airlines Group SA | | | 381 | | | | 9,086 | |
S.A.C.I. Falabella SA | | | 710 | | | | 8,286 | |
| | | | | | | | |
| | | | | | | 44,786 | |
CHINA — 17.75% | | | | | |
Air China Ltd. Class H | | | 4,000 | | | | 3,239 | |
Anhui Conch Cement Co. Ltd. Class H | | | 1,500 | | | | 5,484 | |
AviChina Industry & Technology Co. Ltd. Class H | | | 4,000 | | | | 1,836 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 2,000 | | | | 1,573 | |
Beijing Enterprises Holdings Ltd. | | | 1,000 | | | | 7,647 | |
Belle International Holdings Ltd. | | | 7,000 | | | | 12,890 | |
Brilliance China Automotive Holdings Ltd.a | | | 4,000 | | | | 5,519 | |
BYD Co. Ltd. Class Ha | | | 500 | | | | 1,773 | |
China Foods Ltd. | | | 2,000 | | | | 1,318 | |
China Gas Holdings Ltd. | | | 6,000 | | | | 5,842 | |
China Life Insurance Co. Ltd. Class H | | | 11,000 | | | | 33,050 | |
China Longyuan Power Group Corp. Ltd. Class H | | | 4,000 | | | | 3,647 | |
China Mengniu Dairy Co. Ltd.b | | | 2,000 | | | | 5,584 | |
China National Building Material Co. Ltd. Class H | | | 4,000 | | | | 6,107 | |
China Oilfield Services Ltd. Class H | | | 2,000 | | | | 4,245 | |
China Overseas Land & Investment Ltd. | | | 6,000 | | | | 18,221 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 3,400 | | | | 12,539 | |
China Railway Construction Corp. Ltd. Class H | | | 3,000 | | | | 3,145 | |
China Resources Gas Group Ltd. | | | 2,000 | | | | 4,637 | |
China Resources Land Ltd. | | | 2,000 | | | | 5,842 | |
China Resources Power Holdings Co. Ltd. | | | 2,000 | | | | 5,403 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 35 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Shenhua Energy Co. Ltd. Class H | | | 5,000 | | | $ | 18,956 | |
China State Construction International Holdings Ltd. | | | 2,000 | | | | 2,806 | |
China Taiping Insurance Holdings Co. Ltd.a | | | 1,200 | | | | 2,395 | |
China Telecom Corp. Ltd. Class H | | | 8,000 | | | | 4,147 | |
China Unicom (Hong Kong) Ltd. | | | 6,000 | | | | 8,650 | |
CNOOC Ltd. | | | 26,000 | | | | 51,096 | |
Country Garden Holdings Co. Ltd.a | | | 7,000 | | | | 3,593 | |
CSR Corp Ltd. Class H | | | 3,000 | | | | 2,457 | |
Dah Chong Hong Holdings Ltd. | | | 2,000 | | | | 2,055 | |
Daphne International Holdings Ltd. | | | 2,000 | | | | 2,406 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 4,000 | | | | 5,860 | |
ENN Energy Holdings Ltd. | | | 2,000 | | | | 10,045 | |
Evergrande Real Estate Group Ltd. | | | 4,000 | | | | 1,976 | |
Far East Horizon Ltd. | | | 2,000 | | | | 1,473 | |
Geely Automobile Holdings Ltd. | | | 5,000 | | | | 2,753 | |
Golden Eagle Retail Group Ltd. | | | 1,000 | | | | 2,053 | |
Great Wall Motor Co. Ltd. Class H | | | 1,500 | | | | 5,871 | |
Greentown China Holdings Ltd.a | | | 1,000 | | | | 1,932 | |
Haier Electronics Group Co. Ltd.a | | | 1,000 | | | | 1,805 | |
Haitong Securities Co. Ltd. Class Ha | | | 2,000 | | | | 3,368 | |
Hengan International Group Co. Ltd. | | | 1,000 | | | | 10,148 | |
Huaneng Power International Inc. Class H | | | 4,000 | | | | 4,116 | |
Intime Department Store Group Co. Ltd. | | | 1,500 | | | | 1,839 | |
Kunlun Energy Co. Ltd. | | | 4,000 | | | | 8,294 | |
Lenovo Group Ltd. | | | 10,000 | | | | 11,167 | |
Longfor Properties Co. Ltd. | | | 1,500 | | | | 2,658 | |
New China Life Insurance Co. Ltd. Class H | | | 900 | | | | 3,511 | |
Parkson Retail Group Ltd. | | | 2,000 | | | | 1,300 | |
People’s Insurance Co. Group of China Ltd. Class Ha | | | 2,000 | | | | 1,173 | |
PetroChina Co. Ltd. Class H | | | 30,000 | | | | 41,239 | |
PICC Property and Casualty Co. Ltd. Class H | | | 4,000 | | | | 5,746 | |
Ping An Insurance (Group) Co. of China Ltd. Class Hb | | | 2,500 | | | | 20,922 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 4,000 | | | | 3,719 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | | | 800 | | | | 1,723 | |
Shimao Property Holdings Ltd. | | | 2,000 | | | | 4,023 | |
Sihuan Pharmaceutical Holdings Group Ltd. | | | 3,000 | | | | 1,393 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sinopharm Group Co. Ltd. Class Hb | | | 1,200 | | | $ | 3,791 | |
Sun Art Retail Group Ltd. | | | 3,000 | | | | 4,178 | |
Tencent Holdings Ltd. | | | 1,400 | | | | 48,419 | |
Tingyi (Cayman Islands) Holding Corp. | | | 2,000 | | | | 5,248 | |
Uni-President China Holdings Ltd. | | | 2,000 | | | | 2,463 | |
Want Want China Holdings Ltd. | | | 9,000 | | | | 12,627 | |
Wumart Stores Inc. Class H | | | 1,000 | | | | 1,960 | |
Yingde Gases Group Co. Ltd. | | | 1,500 | | | | 1,756 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 1,500 | | | | 1,977 | |
Zhongsheng Group Holdings Ltd. | | | 1,000 | | | | 1,547 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 1,000 | | | | 3,308 | |
ZTE Corp. Class H | | | 800 | | | | 1,366 | |
| | | | | | | | |
| | | | | | | 496,849 | |
COLOMBIA — 0.97% | | | | | |
Almacenes Exito SA | | | 202 | | | | 3,896 | |
Bancolombia SA SP ADR | | | 213 | | | | 13,832 | |
Ecopetrol SA SP ADR | | | 116 | | | | 6,676 | |
Isagen SA ESP | | | 1,889 | | | | 2,660 | |
| | | | | | | | |
| | | | | | | 27,064 | |
CZECH REPUBLIC — 0.33% | | | | | |
CEZ AS | | | 116 | | | | 3,494 | |
Komercni Banka AS | | | 28 | | | | 5,696 | |
| | | | | | | | |
| | | | | | | 9,190 | |
HUNGARY — 0.16% | | | | | |
MOL Hungarian Oil and Gas PLC | | | 58 | | | | 4,458 | |
| | | | | | | | |
| | | | | | | 4,458 | |
INDIA — 6.26% | | | | | |
Adani Enterprises Ltd. | | | 86 | | | | 341 | |
Adani Ports and Special Economic Zone Ltd. | | | 608 | | | | 1,549 | |
Asian Paints Ltd. | | | 40 | | | | 3,141 | |
Axis Bank Ltd. | | | 212 | | | | 5,238 | |
Bharti Airtel Ltd. | | | 854 | | | | 5,069 | |
Cipla Ltd. | | | 486 | | | | 3,215 | |
Coal India Ltd. | | | 242 | | | | 1,378 | |
Dabur India Ltd. | | | 611 | | | | 1,420 | |
Divi’s Laboratories Ltd. | | | 95 | | | | 1,764 | |
Dr. Reddy’s Laboratories Ltd. | | | 145 | | | | 4,679 | |
Godrej Consumer Products Ltd. | | | 169 | | | | 2,252 | |
HCL Technologies Ltd. | | | 312 | | | | 4,149 | |
HDFC Bank Ltd. | | | 2,182 | | | | 25,081 | |
| | |
| 36 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hindustan Unilever Ltd. | | | 1,237 | | | $ | 10,074 | |
Housing Development Finance Corp. Ltd. | | | 2,052 | | | | 28,576 | |
ICICI Bank Ltd. | | | 342 | | | | 6,540 | |
Idea Cellular Ltd.a | | | 1,021 | | | | 2,207 | |
ITC Ltd. | | | 3,149 | | | | 17,063 | |
Kotak Mahindra Bank Ltd. | | | 407 | | | | 4,934 | |
Larsen & Toubro Ltd. | | | 151 | | | | 3,796 | |
LIC Housing Finance Ltd. | | | 432 | | | | 1,845 | |
Lupin Ltd. | | | 198 | | | | 2,129 | |
Ranbaxy Laboratories Ltd.a | | | 99 | | | | 688 | |
Reliance Power Ltd.a | | | 827 | | | | 1,093 | |
Satyam Computer Services Ltd.a | | | 639 | | | | 1,388 | |
Sun Pharmaceuticals Industries Ltd. | | | 437 | | | | 6,443 | |
Tata Consultancy Services Ltd. | | | 675 | | | | 18,821 | |
Titan Industries Ltd. | | | 328 | | | | 1,573 | |
United Breweries Ltd. | | | 148 | | | | 1,669 | |
United Spirits Ltd. | | | 135 | | | | 4,566 | |
Zee Entertainment Enterprises Ltd. | | | 643 | | | | 2,576 | |
| | | | | | | | |
| | | | | | | 175,257 | |
INDONESIA — 3.05% | | | | | |
PT Astra International Tbk | | | 9,500 | | | | 7,816 | |
PT Bank Central Asia Tbk | | | 18,000 | | | | 20,489 | |
PT Bank Mandiri (Persero) Tbk | | | 9,000 | | | | 9,360 | |
PT Bank Rakyat Indonesia (Persero) Tbk | | | 8,000 | | | | 7,823 | |
PT Charoen Pokphand Indonesia Tbk | | | 10,500 | | | | 4,781 | |
PT Global Mediacom Tbk | | | 9,000 | | | | 2,142 | |
PT Gudang Garam Tbk | | | 500 | | | | 2,499 | |
PT Indocement Tunggal Prakarsa Tbk | | | 2,000 | | | | 4,543 | |
PT Indosat Tbk | | | 3,500 | | | | 2,300 | |
PT Jasa Marga (Persero) Tbk | | | 3,000 | | | | 1,723 | |
PT Kalbe Farma Tbk | | | 35,000 | | | | 4,672 | |
PT Media Nusantara Citra Tbk | | | 8,500 | | | | 2,595 | |
PT Semen Gresik (Persero) Tbk | | | 4,000 | | | | 7,182 | |
PT Unilever Indonesia Tbk | | | 2,000 | | | | 4,729 | |
PT XL Axiata Tbk | | | 5,000 | | | | 2,820 | |
| | | | | | | | |
| | | | | | | 85,474 | |
MALAYSIA — 3.36% | | | | | |
AirAsia Bhd | | | 1,800 | | | | 1,695 | |
Axiata Group Bhd | | | 3,600 | | | | 7,455 | |
British American Tobacco (Malaysia) Bhd | | | 100 | | | | 1,974 | |
Bumi Armada Bhda | | | 1,800 | | | | 2,207 | |
CIMB Group Holdings Bhd | | | 4,400 | | | | 10,251 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
DiGi.Com Bhd | | | 4,600 | | | $ | 6,802 | |
Felda Global Ventures Holdings Bhd | | | 1,700 | | | | 2,470 | |
Gamuda Bhd | | | 900 | | | | 1,118 | |
Genting Bhd | | | 2,900 | | | | 8,905 | |
Genting Plantations Bhd | | | 400 | | | | 1,096 | |
Hong Leong Bank Bhd | | | 800 | | | | 3,774 | |
IJM Corp. Bhd | | | 1,600 | | | | 2,656 | |
Kuala Lumpur Kepong Bhd | | | 800 | | | | 5,369 | |
Lafarge Malayan Cement Bhd | | | 700 | | | | 2,211 | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 800 | | | | 1,048 | |
Maxis Communications Bhd | | | 1,500 | | | | 3,092 | |
MMC Corp. Bhd | | | 2,300 | | | | 1,868 | |
Petronas Chemicals Group Bhd | | | 3,900 | | | | 8,013 | |
Petronas Dagangan Bhd | | | 300 | | | | 2,283 | |
Petronas Gas Bhd | | | 900 | | | | 5,335 | |
Public Bank Bhd Foreign | | | 1,500 | | | | 7,814 | |
Sapurakencana Petroleum Bhda | | | 3,300 | | | | 3,097 | |
Telekom Malaysia Bhd | | | 1,100 | | | | 1,894 | |
UEM Land Holdings Bhda | | | 2,400 | | | | 1,778 | |
| | | | | | | | |
| | | | | | | 94,205 | |
MEXICO — 4.98% | | | | | |
Alfa SAB de CV Series A | | | 3,700 | | | | 9,000 | |
Alpek SAB de CV | | | 900 | | | | 2,051 | |
America Movil SAB de CV Series L | | | 27,900 | | | | 29,193 | |
Arca Continental SAB de CV | | | 500 | | | | 3,764 | |
Coca-Cola FEMSA SAB de CV Series L | | | 600 | | | | 10,137 | |
El Puerto de Liverpool SA de CV Series C1 | | | 300 | | | | 3,381 | |
Grupo Bimbo SAB de CV Series A | | | 2,400 | | | | 6,512 | |
Grupo Financiero Banorte SAB de CV Series O | | | 1,600 | | | | 11,875 | |
Grupo Financiero Inbursa SAB de CV Series O | | | 1,500 | | | | 4,228 | |
Grupo Financiero Santander Mexico SAB de CV Series B | | | 2,300 | | | | 6,869 | |
Grupo Televisa SAB de CV CPO | | | 1,900 | | | | 10,199 | |
Kimberly-Clark de Mexico SAB de CV Series A | | | 2,100 | | | | 6,648 | |
Mexichem SAB de CV | | | 1,600 | | | | 8,012 | |
Minera Frisco SAB de CV Series A1a | | | 900 | | | | 3,801 | |
Wal-Mart de Mexico SAB de CV Series V | | | 7,600 | | | | 23,868 | |
| | | | | | | | |
| | | | | | | 139,538 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 37 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PERU — 0.68% | | | | | |
Credicorp Ltd. | | | 100 | | | $ | 14,998 | |
Southern Copper Corp. | | | 109 | | | | 4,119 | |
| | | | | | | | |
| | | | | | | 19,117 | |
PHILIPPINES — 1.01% | | | | | |
Aboitiz Equity Ventures Inc. | | | 2,800 | | | | 4,035 | |
Ayala Land Inc. | | | 8,000 | | | | 6,296 | |
DMCI Holdings Inc. | | | 1,000 | | | | 1,316 | |
Energy Development Corp. | | | 11,700 | | | | 2,181 | |
International Container Terminal Services Inc. | | | 1,200 | | | | 2,420 | |
Jollibee Foods Corp. | | | 660 | | | | 2,060 | |
SM Investments Corp. | | | 100 | | | | 2,568 | |
SM Prime Holdings Inc. | | | 10,200 | | | | 4,766 | |
Universal Robina Corp. | | | 1,100 | | | | 2,565 | |
| | | | | | | | |
| | | | | | | 28,207 | |
POLAND — 1.55% | | | | | |
Bank Handlowy w Warszawie SA | | | 68 | | | | 1,926 | |
Bank Pekao SA | | | 175 | | | | 8,842 | |
BRE Bank SAa | | | 20 | | | | 2,126 | |
Cyfrowy Polsat SAa | | | 322 | | | | 1,664 | |
Eurocash SA | | | 100 | | | | 1,670 | |
Kernel Holding SAa | | | 78 | | | | 1,600 | |
Polski Koncern Naftowy Orlen SAa | | | 437 | | | | 7,385 | |
Polskie Gornictwo Naftowe i Gazownictwo SAa | | | 2,623 | | | | 4,726 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 582 | | | | 6,527 | |
Powszechny Zaklad Ubezpieczen SA | | | 44 | | | | 5,584 | |
Synthos SA | | | 700 | | | | 1,219 | |
| | | | | | | | |
| | | | | | | 43,269 | |
RUSSIA — 6.13% | | | | | |
LSR Group OJSC SP GDRc | | | 324 | | | | 1,537 | |
Magnit OJSC SP GDRc | | | 374 | | | | 15,865 | |
MegaFon OAO SP GDRa | | | 100 | | | | 2,875 | |
MMC Norilsk Nickel OJSC | | | 67 | | | | 11,831 | |
Mobile TeleSystems OJSC SP ADR | | | 643 | | | | 13,304 | |
NovaTek OAO SP GDRc | | | 130 | | | | 15,080 | |
Rosneft Oil Co. OJSC | | | 970 | | | | 7,734 | |
Rostelecom OJSC | | | 1,710 | | | | 6,857 | |
RusHydro OJSC | | | 174,000 | | | | 3,914 | |
Sberbank of Russia | | | 15,520 | | | | 53,032 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Severstal OAO | | | 30 | | | $ | 334 | |
Sistema JSFC SP GDRc | | | 34 | | | | 669 | |
Surgutneftegas OJSC | | | 5,300 | | | | 4,969 | |
Tatneft OAO, Class S | | | 2,050 | | | | 13,418 | |
TMK OAO SP GDRc | | | 91 | | | | 1,357 | |
Uralkali OJSC | | | 1,900 | | | | 14,125 | |
VTB Bank OJSC | | | 2,550,000 | | | | 4,656 | |
| | | | | | | | |
| | | | | | | 171,557 | |
SOUTH AFRICA — 6.99% | | | | | |
Anglo American Platinum Ltd. | | | 94 | | | | 4,452 | |
AngloGold Ashanti Ltd. | | | 543 | | | | 13,339 | |
ArcelorMittal South Africa Ltd.a | | | 298 | | | | 961 | |
Aspen Pharmacare Holdings Ltd.a | | | 405 | | | | 7,365 | |
Assore Ltd. | | | 48 | | | | 1,805 | |
Bidvest Group Ltd. | | | 420 | | | | 11,146 | |
Discovery Holdings Ltd. | | | 210 | | | | 1,758 | |
Foschini Group Ltd. (The) | | | 301 | | | | 3,591 | |
Harmony Gold Mining Co. Ltd. | | | 447 | | | | 2,826 | |
Impala Platinum Holdings Ltd. | | | 256 | | | | 3,966 | |
Kumba Iron Ore Ltd. | | | 108 | | | | 6,841 | |
Life Healthcare Group Holdings Ltd. | | | 1,315 | | | | 4,946 | |
Massmart Holdings Ltd. | | | 159 | | | | 3,305 | |
Mr. Price Group Ltd. | | | 346 | | | | 4,466 | |
MTN Group Ltd. | | | 2,424 | | | | 47,436 | |
Naspers Ltd. Class N | | | 563 | | | | 36,570 | |
Netcare Ltd. | | | 1,068 | | | | 2,381 | |
Northam Platinum Ltd. | | | 349 | | | | 1,524 | |
Pick n Pay Stores Ltd. | | | 377 | | | | 1,881 | |
PPC Ltd. | | | 199 | | | | 765 | |
Shoprite Holdings Ltd. | | | 617 | | | | 11,821 | |
SPAR Group Ltd. (The) | | | 258 | | | | 3,140 | |
Tiger Brands Ltd. | | | 149 | | | | 5,040 | |
Truworths International Ltd.b | | | 641 | | | | 6,647 | |
Woolworths Holdings Ltd. | | | 1,091 | | | | 7,860 | |
| | | | | | | | |
| | | | | | | 195,832 | |
SOUTH KOREA — 15.09% | | | | | |
AmorePacific Corp. | | | 4 | | | | 3,783 | |
AmorePacific Group | | | 3 | | | | 1,169 | |
Celltrion Inc. | | | 175 | | | | 4,339 | |
Cheil Industries Inc. | | | 34 | | | | 2,769 | |
Cheil Worldwide Inc.a | | | 150 | | | | 3,325 | |
CJ CheilJedang Corp. | | | 12 | | | | 4,283 | |
| | |
| 38 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Daewoo International Corp. | | | 50 | | | $ | 1,771 | |
Doosan Infracore Co. Ltd.a | | | 150 | | | | 2,189 | |
E-Mart Co. Ltd. | | | 30 | | | | 6,123 | |
Hankook Tire Co. Ltd. | | | 99 | | | | 4,507 | |
Hyundai Glovis Co. Ltd. | | | 18 | | | | 3,416 | |
Hyundai Hysco Co. Ltd. | | | 50 | | | | 1,667 | |
Hyundai Merchant Marine Co. Ltd.a | | | 53 | | | | 871 | |
Hyundai Mobis Co. Ltd. | | | 97 | | | | 28,039 | |
Hyundai Wia Corp. | | | 22 | | | | 3,230 | |
Kia Motors Corp. | | | 243 | | | | 12,545 | |
Korea Aerospace Industries Ltd. | | | 50 | | | | 1,122 | |
Korea Zinc Co. Ltd. | | | 13 | | | | 4,514 | |
Korean Air Lines Co. Ltd.a | | | 50 | | | | 2,041 | |
LG Chem Ltd. | | | 67 | | | | 18,346 | |
LG Household & Health Care Ltd. | | | 13 | | | | 7,456 | |
LG Innotek Co. Ltd.a | | | 15 | | | | 1,049 | |
LG Uplus Corp.a | | | 360 | | | | 2,826 | |
Lotte Chemical Corp. | | | 23 | | | | 5,055 | |
LS Corp. | | | 25 | | | | 2,020 | |
LS Industrial Systems Co. Ltd. | | | 23 | | | | 1,419 | |
Mando Corp. | | | 21 | | | | 2,541 | |
NCsoft Corp. | | | 22 | | | | 2,905 | |
NHN Corp. | | | 59 | | | | 14,330 | |
ORION Corp. | | | 5 | | | | 4,941 | |
S1 Corp. | | | 34 | | | | 2,182 | |
Samsung C&T Corp. | | | 86 | | | | 5,258 | |
Samsung Electro-Mechanics Co. Ltd. | | | 85 | | | | 7,497 | |
Samsung Electronics Co. Ltd. | | | 156 | | | | 222,440 | |
Samsung SDI Co. Ltd. | | | 49 | | | | 6,290 | |
Samsung Techwin Co. Ltd. | | | 55 | | | | 3,312 | |
SK Hynix Inc.a | | | 760 | | | | 18,599 | |
Yuhan Corp. | | | 14 | | | | 2,308 | |
| | | | | | | | |
| | | | | | | 422,477 | |
TAIWAN — 10.95% | | | | | |
Acer Inc.a | | | 2,000 | | | | 1,783 | |
AU Optronics Corp.a | | | 6,000 | | | | 2,609 | |
Cathay Financial Holding Co. Ltd. | | | 5,000 | | | | 6,337 | |
Chailease Holding Co. Ltd. | | | 1,000 | | | | 2,804 | |
Cheng Shin Rubber Industry Co. Ltd. | | | 3,000 | | | | 8,151 | |
China Airlines Ltd.a | | | 6,000 | | | | 2,467 | |
China Development Financial Holding Corp.a | | | 7,000 | | | | 2,083 | |
China Life Insurance Co. Ltd.a | | | 3,089 | | | | 2,957 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Chinatrust Financial Holding Co. Ltd. | | | 6,528 | | | $ | 3,862 | |
Clevo Co. | | | 1,080 | | | | 1,516 | |
Delta Electronics Inc. | | | 3,000 | | | | 11,174 | |
E.Sun Financial Holding Co. Ltd. | | | 6,000 | | | | 3,590 | |
Epistar Corp. | | | 1,000 | | | | 1,942 | |
EVA Airways Corp.a | | | 3,000 | | | | 1,886 | |
Far Eastern Department Stores Co. Ltd. | | | 2,000 | | | | 1,891 | |
Far EasTone Telecommunications Co. Ltd. | | | 2,000 | | | | 4,631 | |
Formosa Petrochemical Corp. | | | 2,000 | | | | 5,562 | |
Foxconn Technology Co. Ltd. | | | 1,000 | | | | 2,747 | |
Giant Manufacturing Co. Ltd. | | | 1,000 | | | | 5,478 | |
Hiwin Technologies Corp. | | | 50 | | | | 413 | |
Hon Hai Precision Industry Co. Ltd. | | | 15,000 | | | | 41,309 | |
MediaTek Inc. | | | 2,000 | | | | 22,483 | |
Nan Kang Rubber Tire Co. Ltd. | | | 1,234 | | | | 1,425 | |
Pegatron Corp.a | | | 2,000 | | | | 2,697 | |
President Chain Store Corp. | | | 1,000 | | | | 5,528 | |
Radiant Opto-Electronics Corp. | | | 1,000 | | | | 3,607 | |
Ruentex Industries Ltd. | | | 1,000 | | | | 2,407 | |
Simplo Technology Co. Ltd. | | | 100 | | | | 443 | |
Standard Foods Corp. | | | 1,000 | | | | 2,902 | |
Taiwan Fertilizer Co. Ltd. | | | 1,000 | | | | 2,424 | |
Taiwan Glass Industry Corp. | | | 2,000 | | | | 1,891 | |
Taiwan Mobile Co. Ltd. | | | 2,000 | | | | 6,978 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 35,000 | | | | 123,287 | |
Uni-President Enterprises Co. | | | 6,000 | | | | 11,225 | |
Wintek Corp.a | | | 2,000 | | | | 944 | |
Yang Ming Marine Transport Corp.a | | | 3,000 | | | | 1,421 | |
Yulon Motor Co. Ltd. | | | 1,000 | | | | 1,790 | |
| | | | | | | | |
| | | | | | | 306,644 | |
THAILAND — 2.57% | | | | | |
Airports of Thailand PCL NVDR | | | 1,100 | | | | 4,363 | |
Bank of Ayudhya PCL NVDR | | | 2,800 | | | | 3,247 | |
Banpu PCL NVDR | | | 50 | | | | 657 | |
BEC World PCL NVDR | | | 1,600 | | | | 3,617 | |
Central Pattana PCL NVDR | | | 1,700 | | | | 5,486 | |
Charoen Pokphand Foods PCL NVDR | | | 4,600 | | | | 5,025 | |
CP All PCL NVDR | | | 6,400 | | | | 10,165 | |
Kasikornbank PCL Foreign | | | 2,100 | | | | 15,388 | |
Kasikornbank PCL NVDR | | | 1,000 | | | | 7,126 | |
Siam Cement PCL Foreign | | | 600 | | | | 9,600 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 39 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Siam Commercial Bank PCL NVDR | | | 1,200 | | | $ | 7,180 | |
| | | | | | | | |
| | | | | | | 71,854 | |
TURKEY — 1.96% | | | | | |
Akbank TAS | | | 888 | | | | 4,315 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 301 | | | | 4,518 | |
Arcelik AS | | | 333 | | | | 2,111 | |
BIM Birlesik Magazalar AS | | | 155 | | | | 7,346 | |
Coca-Cola Icecek AS | | | 98 | | | | 2,316 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 1,036 | | | | 1,682 | |
Koza Altin Isletmeleri AS | | | 53 | | | | 1,255 | |
TAV Havalimanlari Holding AS | | | 256 | | | | 1,559 | |
Turk Hava Yollari AOa | | | 684 | | | | 2,837 | |
Turkcell Iletisim Hizmetleri ASa | | | 560 | | | | 3,721 | |
Turkiye Garanti Bankasi AS | | | 3,297 | | | | 15,764 | |
Turkiye Halk Bankasi AS | | | 588 | | | | 5,819 | |
Yapi ve Kredi Bankasi ASa | | | 596 | | | | 1,683 | |
| | | | | | | | |
| | | | | | | 54,926 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $2,317,982) | | | | 2,587,461 | |
|
PREFERRED STOCKS — 7.21% | |
| |
BRAZIL — 6.37% | | | | | |
Banco Bradesco SA | | | 2,700 | | | | 48,234 | |
Braskem SA Class A | | | 300 | | | | 2,212 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 200 | | | | 10,035 | |
Companhia de Bebidas das Americas | | | 1,100 | | | | 48,849 | |
Itau Unibanco Holding SA | | | 3,200 | | | | 56,762 | |
Klabin SA | | | 700 | | | | 4,712 | |
Lojas Americanas SA | | | 600 | | | | 5,481 | |
Marcopolo SA | | | 300 | | | | 2,011 | |
| | | | | | | | |
| | | | | | | 178,296 | |
CHILE — 0.33% | | | | | |
Embotelladora Andina SA Class B | | | 316 | | | | 2,134 | |
Sociedad Quimica y Minera de Chile SA Series B | | | 131 | | | | 7,270 | |
| | | | | | | | |
| | | | | | | 9,404 | |
COLOMBIA — 0.13% | | | | | |
Grupo Aval Acciones y Valores SA | | | 5,074 | | | | 3,607 | |
| | | | | | | | |
| | | | | | | 3,607 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RUSSIA — 0.15% | | | | | |
Sberbank of Russia | | | 1,700 | | | $ | 4,130 | |
| | | | | | | | |
| | | | | | | 4,130 | |
SOUTH KOREA — 0.23% | | | | | |
Samsung Electronics Co. Ltd. | | | 8 | | | | 6,502 | |
| | | | | | | | |
| | | | | | | 6,502 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $196,438) | | | | 201,939 | |
| |
RIGHTS — 0.00% | | | | | |
| |
BRAZIL — 0.00% | | | | | |
Companhia de Bebidas das Americas Preferreda | | | 1 | | | | — | |
| | | | | | | | |
| | | | | | | — | |
CHILE — 0.00% | | | | | |
Cencosud SAa | | | 173 | | | | 134 | |
| | | | | | | | |
| | | | | | | 134 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $0) | | | | 134 | |
|
SHORT-TERM INVESTMENTS — 1.36% | |
| |
MONEY MARKET FUNDS — 1.36% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%d,e,f | | | 32,274 | | | | 32,274 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%d,e,f | | | 2,337 | | | | 2,337 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%d,e | | | 3,341 | | | | 3,341 | |
| | | | | | | | |
| | | | | | | 37,952 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $37,952) | | | | 37,952 | |
| | | | | | | | |
| | |
| 40 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH INDEX FUND
February 28, 2013
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 100.99% | | | | |
(Cost: $2,552,372) | | $ | 2,827,486 | |
Other Assets, Less Liabilities — (0.99)% | | | (27,771 | ) |
| | | | | | |
NET ASSETS — 100.00% | | $ | 2,799,715 | |
| | | | | | |
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 | 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.
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 41 | |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
| | | | | | | | |
COMMON STOCKS — 96.19% | |
| |
BRAZIL — 5.84% | | | | | |
CCR SA | | | 745,600 | | | $ | 7,485,792 | |
Cielo SA | | | 97,300 | | | | 2,924,758 | |
Companhia de Bebidas das Americas | | | 69,900 | | | | 3,086,122 | |
CPFL Energia SA | | | 675,700 | | | | 6,896,781 | |
EcoRodovias Infraestrutura e Logistica SA | | | 862,100 | | | | 7,486,853 | |
EDP Energias do Brasil SA | | | 1,561,100 | | | | 9,482,986 | |
Natura Cosmeticos SA | | | 189,900 | | | | 4,908,143 | |
Porto Seguro SA | | | 166,600 | | | | 2,211,952 | |
Souza Cruz SA | | | 862,100 | | | | 13,774,589 | |
Totvs SA | | | 419,400 | | | | 9,280,638 | |
Tractebel Energia SA | | | 838,800 | | | | 14,849,021 | |
Ultrapar Participacoes SA | | | 26,800 | | | | 695,382 | |
| | | | | | | | |
| | | | | | | 83,083,017 | |
CHILE — 5.94% | | | | | |
AES Gener SA | | | 3,626,412 | | | | 2,492,377 | |
Aguas Andinas SA Series A | | | 8,460,463 | | | | 6,795,198 | |
Banco de Chile | | | 54,626,186 | | | | 9,068,374 | |
Banco de Chile Series Ta | | | 1,216,952 | | | | 186,511 | |
Banco de Credito e Inversiones | | | 94,132 | | | | 7,319,631 | |
Colbun SAa | | | 32,340,633 | | | | 10,159,901 | |
CorpBanca SA | | | 970,287,026 | | | | 14,267,660 | |
E.CL SA | | | 265,888 | | | | 601,529 | |
Empresa Nacional de Electricidad SA | | | 5,626,985 | | | | 9,563,912 | |
Empresa Nacional de Telecomunicaciones SA | | | 163,566 | | | | 3,450,843 | |
Empresas CMPC SA | | | 235,598 | | | | 908,874 | |
LATAM Airlines Group SA | | | 585,063 | | | | 13,952,216 | |
S.A.C.I. Falabella SA | | | 174,983 | | | | 2,042,165 | |
Vina Concha y Toro SA | | | 1,783,650 | | | | 3,718,951 | |
| | | | | | | | |
| | | | | | | 84,528,142 | |
CHINA — 15.01% | | | | | |
Agricultural Bank of China Ltd. Class H | | | 10,485,000 | | | | 5,408,228 | |
Bank of China Ltd. Class H | | | 28,193,000 | | | | 13,306,045 | |
Bank of Communications Co. Ltd. Class H | | | 1,631,000 | | | | 1,291,365 | |
Beijing Enterprises Holdings Ltd. | | | 233,000 | | | | 1,781,711 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China CITIC Bank Corp. Ltd. Class H | | | 3,029,000 | | | $ | 1,945,159 | |
China Construction Bank Corp. Class H | | | 12,617,000 | | | | 10,412,684 | |
China Gas Holdings Ltd. | | | 4,660,000 | | | | 4,536,903 | |
China Life Insurance Co. Ltd. Class H | | | 2,330,000 | | | | 7,000,651 | |
China Mengniu Dairy Co. Ltd. | | | 1,398,000 | | | | 3,902,938 | |
China Minsheng Banking Corp. Ltd. Class H | | | 13,281,000 | | | | 18,496,141 | |
China Mobile Ltd. | | | 1,165,000 | | | | 12,837,031 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 1,537,800 | | | | 5,671,429 | |
China Petroleum & Chemical Corp. Class H | | | 4,264,000 | | | | 4,849,672 | |
China Resources Enterprise Ltd. | | | 466,000 | | | | 1,514,304 | |
China Resources Gas Group Ltd. | | | 5,126,000 | | | | 11,884,882 | |
China Resources Power Holdings Co. Ltd. | | | 2,330,000 | | | | 6,294,577 | |
China Telecom Corp. Ltd. Class H | | | 4,730,000 | | | | 2,451,962 | |
China Vanke Co. Ltd. Class B | | | 1,589,797 | | | | 3,228,857 | |
ENN Energy Holdings Ltd. | | | 86,000 | | | | 431,949 | |
Guangdong Investment Ltd. | | | 7,922,000 | | | | 6,813,767 | |
Hengan International Group Co. Ltd. | | | 1,048,500 | | | | 10,640,689 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 13,048,000 | | | | 9,371,859 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 2,609,677 | | | | 15,003,033 | |
Jiangsu Expressway Co. Ltd. Class H | | | 7,922,000 | | | | 8,008,985 | |
Kunlun Energy Co. Ltd. | | | 2,796,000 | | | | 5,797,621 | |
PetroChina Co. Ltd. Class H | | | 2,330,000 | | | | 3,202,873 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 932,000 | | | | 866,518 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | | | 4,007,600 | | | | 8,630,331 | |
Sihuan Pharmaceutical Holdings Group Ltd. | | | 1,864,000 | | | | 865,317 | |
Tencent Holdings Ltd. | | | 163,100 | | | | 5,640,782 | |
Tingyi (Cayman Islands) Holding Corp. | | | 3,798,000 | | | | 9,966,576 | |
Tsingtao Brewery Co. Ltd. Class H | | | 586,000 | | | | 3,668,711 | |
| | |
| 42 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Zhejiang Expressway Co. Ltd. Class H | | | 9,390,000 | | | $ | 7,882,667 | |
| | | | | | | | |
| | | | | | | 213,606,217 | |
COLOMBIA — 2.57% | | | | | |
Almacenes Exito SA | | | 122,791 | | | | 2,368,295 | |
Cementos Argos SA | | | 1,245,152 | | | | 6,381,260 | |
Corporacion Financiera Colombiana SA | | | 136,072 | | | | 2,660,440 | |
Ecopetrol SA | | | 6,141,181 | | | | 17,631,561 | |
Grupo Argos SA | | | 604,204 | | | | 7,564,724 | |
| | | | | | | | |
| | | | | | | 36,606,280 | |
CZECH REPUBLIC — 0.76% | | | | | |
Telefonica O2 Czech Republic AS | | | 656,128 | | | | 10,848,567 | |
| | | | | | | | |
| | | | | | | 10,848,567 | |
EGYPT — 0.81% | | | | | |
Commercial International Bank (Egypt) SAE | | | 1,804,119 | | | | 9,087,041 | |
Egyptian Kuwaiti Holding Co. SAE | | | 786,145 | | | | 919,790 | |
National Societe Generale Bank SAE | | | 271,678 | | | | 1,531,636 | |
| | | | | | | | |
| | | | | | | 11,538,467 | |
INDIA — 2.52% | | | | | |
Bharat Petroleum Corp. Ltd. | | | 516,794 | | | | 3,533,159 | |
Cipla Ltd. | | | 1,114,439 | | | | 7,371,214 | |
Coal India Ltd. | | | 841,829 | | | | 4,793,652 | |
Dr. Reddy’s Laboratories Ltd. | | | 86,443 | | | | 2,789,199 | |
Infosys Ltd. | | | 58,483 | | | | 3,124,898 | |
Oil & Natural Gas Corp. Ltd. | | | 146,126 | | | | 841,893 | |
Piramal Enterprises Ltd. | | | 246,514 | | | | 2,598,354 | |
Sun Pharmaceuticals Industries Ltd. | | | 734,183 | | | | 10,824,830 | |
| | | | | | | | |
| | | | | | | 35,877,199 | |
INDONESIA — 7.02% | | | | | |
PT Bank Central Asia Tbk | | | 21,552,500 | | | | 24,533,295 | |
PT Bank Danamon Indonesia Tbk | | | 9,902,500 | | | | 6,455,813 | |
PT Bank Mandiri (Persero) Tbk | | | 4,427,000 | | | | 4,604,062 | |
PT Bank Negara Indonesia (Persero) Tbk | | | 10,135,500 | | | | 4,824,680 | |
PT Bank Rakyat Indonesia (Persero) Tbk | | | 8,854,000 | | | | 8,658,385 | |
PT Indo Tambangraya Megah Tbk | | | 116,500 | | | | 485,241 | |
PT Indofood Sukses Makmur Tbk | | | 2,464,000 | | | | 1,861,355 | |
PT Jasa Marga (Persero) Tbk | | | 14,679,000 | | | | 8,430,532 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Semen Gresik (Persero) Tbk | | | 3,163,000 | | | $ | 5,678,900 | |
PT Telekomunikasi Indonesia (Persero) Tbk | | | 15,494,500 | | | | 17,236,599 | |
PT Unilever Indonesia Tbk | | | 7,223,000 | | | | 17,079,273 | |
| | | | | | | | |
| | | | | | | 99,848,135 | |
MALAYSIA — 8.03% | | | | | |
Berjaya Sports Toto Bhd | | | 4,310,513 | | | | 5,858,002 | |
Hong Leong Bank Bhd | | | 2,516,400 | | | | 11,871,578 | |
IHH Healthcare Bhda | | | 14,702,300 | | | | 16,317,389 | |
Malayan Banking Bhd | | | 6,314,300 | | | | 18,694,659 | |
Maxis Communications Bhd | | | 7,013,300 | | | | 14,455,499 | |
Petronas Chemicals Group Bhd | | | 2,097,000 | | | | 4,308,672 | |
Petronas Dagangan Bhd | | | 1,118,400 | | | | 8,511,493 | |
Petronas Gas Bhd | | | 1,188,300 | | | | 7,044,056 | |
Public Bank Bhd Foreign | | | 3,914,400 | | | | 20,392,118 | |
Sime Darby Bhd | | | 1,747,500 | | | | 5,207,725 | |
Tenaga Nasional Bhd | | | 745,600 | | | | 1,674,313 | |
| | | | | | | | |
| | | | | | | 114,335,504 | |
MEXICO — 2.39% | | | | | |
Arca Continental SAB de CV | | | 189,900 | | | | 1,429,680 | |
Coca-Cola FEMSA SAB de CV Series L | | | 209,700 | | | | 3,542,825 | |
El Puerto de Liverpool SA de CV Series C1 | | | 1,118,400 | | | | 12,604,587 | |
Grupo Financiero Santander Mexico SAB de CV Series B | | | 2,097,000 | | | | 6,262,469 | |
Grupo Modelo SAB de CV Series C | | | 838,800 | | | | 7,507,742 | |
Wal-Mart de Mexico SAB de CV Series V | | | 842,300 | | | | 2,645,299 | |
| | | | | | | | |
| | | | | | | 33,992,602 | |
MOROCCO — 0.23% | | | | | |
Attijariwafa Bank | | | 93,433 | | | | 3,327,656 | |
| | | | | | | | |
| | | | | | | 3,327,656 | |
PERU — 1.64% | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 220,651 | | | | 5,653,079 | |
Credicorp Ltd. | | | 117,898 | | | | 17,682,342 | |
| | | | | | | | |
| | | | | | | 23,335,421 | |
PHILIPPINES — 2.99% | | | | | |
Aboitiz Power Corp. | | | 1,071,800 | | | | 1,014,862 | |
Ayala Corp. | | | 67,570 | | | | 963,030 | |
Bank of the Philippine Islands | | | 4,897,660 | | | | 12,768,125 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 43 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Energy Development Corp. | | | 4,686,800 | | | $ | 873,732 | |
Jollibee Foods Corp. | | | 1,160,690 | | | | 3,622,518 | |
Philippine Long Distance Telephone Co. | | | 229,505 | | | | 16,481,913 | |
San Miguel Corp. | | | 2,239,130 | | | | 6,823,124 | |
| | | | | | | | |
| | | | | | | 42,547,304 | |
POLAND — 1.03% | | | | | |
Asseco Poland SA | | | 127,451 | | | | 1,733,178 | |
Polskie Gornictwo Naftowe i Gazownictwo SAa | | | 7,178,998 | | | | 12,935,335 | |
| | | | | | | | |
| | | | | | | 14,668,513 | |
RUSSIA — 0.71% | | | | | |
LUKOIL OAO | | | 156,576 | | | | 10,043,532 | |
| | | | | | | | |
| | | | | | | 10,043,532 | |
SOUTH AFRICA — 7.14% | | | | | |
Aspen Pharmacare Holdings Ltd.a | | | 820,626 | | | | 14,924,131 | |
Bidvest Group Ltd. | | | 136,107 | | | | 3,612,045 | |
Discovery Holdings Ltd. | | | 348,102 | | | | 2,913,556 | |
Foschini Group Ltd. (The) | | | 137,039 | | | | 1,634,962 | |
Growthpoint Properties Ltd. | | | 4,065,419 | | | | 12,391,945 | |
Life Healthcare Group Holdings Ltd. | | | 2,990,555 | | | | 11,248,702 | |
Massmart Holdings Ltd. | | | 46,134 | | | | 958,908 | |
Pick n Pay Stores Ltd. | | | 627,236 | | | | 3,129,644 | |
PPC Ltd. | | | 1,326,236 | | | | 5,100,851 | |
Redefine Properties Ltd. | | | 7,616,304 | | | | 8,344,007 | |
Remgro Ltd. | | | 625,873 | | | | 11,858,015 | |
Shoprite Holdings Ltd. | | | 445,962 | | | | 8,543,790 | |
Tiger Brands Ltd. | | | 125,587 | | | | 4,247,958 | |
Truworths International Ltd. | | | 414,507 | | | | 4,298,581 | |
Vodacom Group Ltd. | | | 638,187 | | | | 8,474,593 | |
| | | | | | | | |
| | | | | | | 101,681,688 | |
SOUTH KOREA — 9.10% | | | | | |
AmorePacific Corp.b | | | 9,786 | | | | 9,254,371 | |
Celltrion Inc. | | | 96,339 | | | | 2,388,846 | |
Cheil Industries Inc. | | | 13,715 | | | | 1,117,136 | |
CJ CheilJedang Corp.b | | | 8,155 | | | | 2,910,819 | |
E-Mart Co. Ltd. | | | 9,320 | | | | 1,902,173 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 74,560 | | | | 2,165,550 | |
Kangwon Land Inc. | | | 267,950 | | | | 8,128,883 | |
Korea Electric Power Corp.a | | | 53,590 | | | | 1,615,878 | |
Korea Exchange Banka | | | 729,640 | | | | 5,121,108 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Korean Air Lines Co. Ltd.a | | | 48,930 | | | $ | 1,997,281 | |
KT Corp. | | | 30,290 | | | | 1,001,438 | |
KT Corp. SP ADRa | | | 11,973 | | | | 193,723 | |
KT&G Corp.b | | | 186,633 | | | | 13,305,998 | |
LG Household & Health Care Ltd. | | | 11,650 | | | | 6,681,274 | |
LG Uplus Corp.a | | | 158,440 | | | | 1,243,728 | |
Lotte Shopping Co. Ltd. | | | 6,757 | | | | 2,427,422 | |
NCsoft Corp. | | | 9,320 | | | | 1,230,818 | |
NHN Corp.b | | | 37,781 | | | | 9,176,370 | |
ORION Corp. | | | 2,563 | | | | 2,532,644 | |
S1 Corp. | | | 112,108 | | | | 7,195,536 | |
Samsung Electro-Mechanics Co. Ltd. | | | 9,087 | | | | 801,430 | |
Samsung Electronics Co. Ltd. | | | 9,320 | | | | 13,289,387 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 14,015 | | | | 2,951,003 | |
Samsung Life Insurance Co. Ltd. | | | 79,488 | | | | 7,634,430 | |
Samsung SDI Co. Ltd. | | | 24,698 | | | | 3,170,431 | |
Shinhan Financial Group Co. Ltd. | | | 15,800 | | | | 622,326 | |
SK C&C Co. Ltd. | | | 50,561 | | | | 4,809,441 | |
SK Telecom Co. Ltd. | | | 71,764 | | | | 11,830,050 | |
Yuhan Corp. | | | 16,776 | | | | 2,765,466 | |
| | | | | | | | |
| | | | | | | 129,464,960 | |
TAIWAN — 15.31% | | | | | |
Advantech Co. Ltd. | | | 1,899,000 | | | | 8,449,531 | |
Asia Cement Corp. | | | 6,076,550 | | | | 7,578,661 | |
China Airlines Ltd.a | | | 1,899,828 | | | | 781,282 | |
China Steel Corp. | | | 11,650,375 | | | | 10,681,752 | |
Chunghwa Telecom Co. Ltd. | | | 6,058,000 | | | | 18,827,553 | |
Compal Electronics Inc. | | | 3,495,000 | | | | 2,444,550 | |
Delta Electronics Inc. | | | 466,000 | | | | 1,735,729 | |
Far EasTone Telecommunications Co. Ltd. | | | 6,792,000 | | | | 15,728,529 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 932,000 | | | | 1,624,202 | |
First Financial Holding Co. Ltd. | | | 7,749,200 | | | | 4,936,878 | |
Formosa Chemicals & Fibre Corp. | | | 2,330,000 | | | | 5,937,606 | |
Formosa Petrochemical Corp. | | | 3,996,000 | | | | 11,112,534 | |
Formosa Plastics Corp. | | | 2,831,000 | | | | 7,157,063 | |
Formosa Taffeta Co. Ltd. | | | 3,539,000 | | | | 3,429,668 | |
Giant Manufacturing Co. Ltd. | | | 699,000 | | | | 3,828,814 | |
Hua Nan Financial Holdings Co. Ltd. | | | 6,990,000 | | | | 4,087,995 | |
Inventec Corp. | | | 17,009,800 | | | | 6,765,734 | |
Lite-On Technology Corp. | | | 7,922,475 | | | | 12,217,593 | |
| | |
| 44 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Nan Ya Plastics Corp. | | | 1,864,000 | | | $ | 3,575,130 | |
President Chain Store Corp. | | | 967,000 | | | | 5,345,693 | |
Realtek Semiconductor Corp. | | | 2,103,300 | | | | 5,005,409 | |
Synnex Technology International Corp. | | | 3,763,000 | | | | 7,610,605 | |
Taiwan Cement Corp. | | | 3,728,000 | | | | 4,781,501 | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 23,109,317 | | | | 13,242,492 | |
Taiwan Mobile Co. Ltd. | | | 5,359,000 | | | | 18,696,392 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 5,394,000 | | | | 19,000,320 | |
Transcend Information Inc. | | | 1,433,000 | | | | 4,081,658 | |
TSRC Corp. | | | 1,435,100 | | | | 2,950,840 | |
U-Ming Marine Transport Corp. | | | 3,262,000 | | | | 5,057,961 | |
United Microelectronics Corp. | | | 3,029,000 | | | | 1,133,329 | |
| | | | | | | | |
| | | | | | | 217,807,004 | |
THAILAND — 7.15% | | | | | |
Advanced Information Service PCL NVDR | | | 2,916,100 | | | | 20,290,175 | |
Bangkok Bank PCL NVDR | | | 2,143,600 | | | | 15,779,778 | |
Bangkok Dusit Medical Services PCL NVDR | | | 1,724,900 | | | | 8,638,995 | |
Charoen Pokphand Foods PCL NVDR | | | 4,856,500 | | | | 5,305,420 | |
CP All PCL NVDR | | | 14,798,900 | | | | 23,504,136 | |
Kasikornbank PCL NVDR | | | 1,607,700 | | | | 11,456,551 | |
PTT PCL NVDR | | | 448,600 | | | | 5,277,647 | |
Siam Commercial Bank PCL NVDR | | | 1,911,200 | | | | 11,435,079 | |
| | | | | | | | |
| | | | | | | 101,687,781 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $1,291,452,757) | | | | 1,368,827,989 | |
|
PREFERRED STOCKS — 3.60% | |
| |
BRAZIL — 1.62% | | | | | |
AES Tiete SA | | | 655,900 | | | | 6,764,352 | |
| | | | | | | | |
Companhia de Bebidas das Americas | | | 143,300 | | | | 6,363,735 | |
Companhia Energetica de Minas Gerais | | | 69,950 | | | | 828,956 | |
Companhia Paranaense de Energia Class B | | | 466,000 | | | | 6,835,264 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 372,800 | | | $ | 2,253,280 | |
| | | | | | | | |
| | | | | | | 23,045,587 | |
CHILE — 0.05% | | | | | |
Sociedad Quimica y Minera de Chile SA Series B | | | 12,815 | | | | 711,144 | |
| | | | | | | | |
| | | | | | | 711,144 | |
COLOMBIA — 1.15% | | | | | |
Banco Davivienda SA | | | 598,577 | | | | 8,543,207 | |
Bancolombia SA | | | 134,441 | | | | 2,207,746 | |
Grupo Argos SA | | | 445,263 | | | | 5,569,851 | |
| | | | | | | | |
| | | | | | | 16,320,804 | |
RUSSIA — 0.25% | | | | | |
Surgutneftegas OJSC | | | 4,846,400 | | | | 3,568,130 | |
| | | | | | | | |
| | | | | | | 3,568,130 | |
SOUTH KOREA — 0.53% | | | | | |
Samsung Electronics Co. Ltd. | | | 9,355 | | | | 7,602,706 | |
| | | | | | | | |
| | | | | | | 7,602,706 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $51,212,045) | | | | | | | 51,248,371 | |
|
RIGHTS — 0.00% | |
| |
BRAZIL — 0.00% | | | | | |
Companhia de Bebidas das Americasa | | | 75 | | | | — | |
Companhia de Bebidas das Americas Preferreda | | | 155 | | | | — | |
| | | | | | | | |
| | | | | | | — | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $0) | | | | | | | — | |
|
SHORT-TERM INVESTMENTS — 0.25% | |
| |
MONEY MARKET FUNDS — 0.25% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | |
0.21%c,d,e | | | 3,248,654 | | | | 3,248,654 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 45 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 235,214 | | | $ | 235,214 | |
| | | | | | | | |
| | | | | | | 3,483,868 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $3,483,868) | | | | | | | 3,483,868 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.04% | | | | | |
(Cost: $1,346,148,670) | | | | | | | 1,423,560,228 | |
Other Assets, Less Liabilities — (0.04)% | | | | (534,699 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 1,423,025,529 | |
| | | | | | | | |
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.
| | |
| 46 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.27% | |
| |
BRAZIL — 5.74% | | | | | |
Aliansce Shopping Centers SA | | | 2,800 | | | $ | 34,697 | |
Arezzo Industria e Comercio SA | | | 2,000 | | | | 40,463 | |
Autometal SA | | | 2,800 | | | | 29,018 | |
B2W Companhia Global do Varejoa | | | 2,800 | | | | 19,813 | |
Banco ABC Brasil SAa | | | 51 | | | | 374 | |
Brasil Brokers Participacoes SA | | | 7,200 | | | | 26,038 | |
Brasil Insurance Participacoes e Administracao SA | | | 2,200 | | | | 23,312 | |
Brookfield Incorporacoes SA | | | 9,800 | | | | 15,614 | |
Companhia de Locacao das Americas | | | 4,200 | | | | 28,254 | |
Equatorial Energia SA | | | 4,142 | | | | 41,879 | |
Estacio Participacoes SA | | | 3,000 | | | | 73,593 | |
Eternit SA | | | 5,000 | | | | 21,724 | |
Even Construtora e Incorporadora SA | | | 8,400 | | | | 42,487 | |
EZ TEC Empreendimentos e Participacoes SA | | | 2,400 | | | | 33,322 | |
Fleury SA | | | 1,800 | | | | 20,029 | |
Gafisa SAa | | | 22,000 | | | | 47,625 | |
Grendene SA | | | 4,800 | | | | 44,526 | |
Helbor Empreendimentos SA | | | 7,200 | | | | 42,244 | |
HRT Participacoes em Petroleo SAa | | | 10,600 | | | | 19,730 | |
Iguatemi Empresa de Shopping Centers SA | | | 2,000 | | | | 27,535 | |
Iochpe-Maxion SA | | | 2,400 | | | | 31,622 | |
Julio Simoes Logistica SA | | | 3,600 | | | | 30,044 | |
LLX Logistica SAa | | | 12,200 | | | | 12,341 | |
LPS Brasil — Consultoria de Imoveis SA | | | 1,800 | | | | 32,593 | |
Marfrig Alimentos SAa | | | 7,600 | | | | 37,864 | |
Mills Estruturas e Servicos de Engenharia SA | | | 2,400 | | | | 39,039 | |
Restoque Comercio e Confeccoes de Roupas SA | | | 5,400 | | | | 27,750 | |
Rossi Residencial SA | | | 8,800 | | | | 15,623 | |
Santos Brasil Participacoes SA Units | | | 1,400 | | | | 21,349 | |
Sao Martinho SA | | | 2,000 | | | | 28,223 | |
SLC Agricola SA | | | 2,800 | | | | 27,446 | |
Tecnisa SA | | | 4,800 | | | | 21,219 | |
Tegma Gestao Logistica SA | | | 1,800 | | | | 27,768 | |
TPI — Triunfo Participacoes e Investimentos SA | | | 3,600 | | | | 22,797 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
UNICASA Industria de Moveis SAa | | | 4,200 | | | $ | 20,818 | |
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | | | 3,200 | | | | 67,493 | |
Vanguarda Agro SAa | | | 104,498 | | | | 24,841 | |
| | | | | | | | |
| | | | | | | 1,121,107 | |
CHILE — 2.13% | | | | | | | | |
Administradora de Fondos de Pensiones Provida SA | | | 6,854 | | | | 47,724 | |
Besalco SA | | | 21,730 | | | | 41,596 | |
Compania SudAmericana de Vapores SAa | | | 240,804 | | | | 26,750 | |
Inversiones Aguas Metropolitanas SA | | | 20,226 | | | | 42,349 | |
Norte Grande SA | | | 1,861,196 | | | | 20,845 | |
Parque Arauco SA | | | 22,826 | | | | 63,515 | |
SalfaCorp SA | | | 20,288 | | | | 51,422 | |
Sociedad Matriz SAAM SAa | | | 524,098 | | | | 64,370 | |
Sonda SA | | | 15,954 | | | | 56,963 | |
| | | | | | | | |
| | | | | | | 415,534 | |
CHINA — 18.37% | | | | | | | | |
361 Degrees International Ltd. | | | 86,000 | | | | 25,174 | |
Ajisen (China) Holdings Ltd. | | | 22,000 | | | | 15,887 | |
AMVIG Holdings Ltd. | | | 52,000 | | | | 21,592 | |
Anhui Expressway Co. Ltd. Class H | | | 36,000 | | | | 20,612 | |
Anton Oilfield Services Group | | | 48,000 | | | | 27,296 | |
Anxin-China Holdings Ltd. | | | 112,000 | | | | 25,852 | |
Asia Cement China Holdings Corp. | | | 48,000 | | | | 25,935 | |
Asian Citrus Holdings Ltd. | | | 40,000 | | | | 19,188 | |
Beijing Capital Land Ltd. Class H | | | 84,000 | | | | 38,237 | |
Beijing Enterprises Water Group Ltd. | | | 116,000 | | | | 35,900 | |
Biostime International Holdings Ltd. | | | 10,000 | | | | 43,844 | |
Boshiwa International Holding Ltd.a,b | | | 32,000 | | | | 3,466 | |
C C Land Holdings Ltd. | | | 106,000 | | | | 34,856 | |
China Automation Group Ltd. | | | 86,000 | | | | 23,067 | |
China Datang Corp. Renewable Power Co. Ltd. Class H | | | 168,000 | | | | 37,045 | |
China Everbright International Ltd. | | | 88,000 | | | | 58,554 | |
China High Speed Transmission Equipment Group Co. Ltd.a | | | 64,000 | | | | 32,104 | |
China Huiyuan Juice Group Ltd.a | | | 63,000 | | | | 25,266 | |
China Lilang Ltd. | | | 20,000 | | | | 12,379 | |
China Lumena New Materials Corp. | | | 140,000 | | | | 32,857 | |
China Medical System Holdings Ltd. | | | 38,000 | | | | 34,791 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 47 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Metal Recycling Holdings Ltd.b | | | 12,000 | | | $ | 10,944 | |
China Modern Dairy Holdings Ltd.a | | | 82,000 | | | | 27,492 | |
China Oil and Gas Group Ltd.a | | | 280,000 | | | | 55,243 | |
China Overseas Grand Oceans Group Ltd. | | | 24,000 | | | | 33,734 | |
China Pharmaceutical Group Ltd.a | | | 72,000 | | | | 28,968 | |
China Power International Development Ltd. | | | 100,000 | | | | 32,238 | |
China Power New Energy Development Co. Ltd.a | | | 560,000 | | | | 38,995 | |
China Precious Metal Resources Holdings Co. Ltd.a | | | 152,000 | | | | 27,441 | |
China Rare Earth Holdings Ltd. | | | 104,000 | | | | 22,530 | |
China Rongsheng Heavy Industries Group Holdings Ltd. | | | 109,000 | | | | 19,678 | |
China Shineway Pharmaceutical Group Ltd. | | | 14,000 | | | | 23,866 | |
China Singyes Solar Technologies Holdings Ltd. | | | 36,000 | | | | 40,434 | |
China South City Holdings Ltd. | | | 196,000 | | | | 32,604 | |
China Suntien Green Energy Corp. Ltd. Class H | | | 130,000 | | | | 31,348 | |
China Travel International Investment Hong Kong Ltd. | | | 156,000 | | | | 32,790 | |
China Vanadium Titano-Magnetite Mining Co. Ltd. | | | 130,000 | | | | 30,342 | |
China Water Affairs Group Ltd. | | | 100,000 | | | | 32,238 | |
China Wireless Technologies Ltd. | | | 88,000 | | | | 23,603 | |
China Yongda Automobiles Services Holdings Ltd.a | | | 34,000 | | | | 36,741 | |
China Yurun Food Group Ltd.a | | | 50,000 | | | | 35,849 | |
China ZhengTong Auto Services Holdings Ltd.a | | | 35,000 | | | | 27,983 | |
Chinasoft International Ltd.a | | | 80,000 | | | | 19,085 | |
Chongqing Machinery & Electric Co. Ltd. Class H | | | 124,000 | | | | 20,147 | |
CITIC Dameng Holdings Ltd. | | | 176,000 | | | | 18,383 | |
CITIC Resources Holdings Ltd.a | | | 224,000 | | | | 32,351 | |
Comba Telecom Systems Holdings Ltd. | | | 46,000 | | | | 15,304 | |
Cosco International Holdings Ltd. | | | 76,000 | | | | 33,713 | |
Dazhong Transportation Group Co. Ltd. Class B | | | 43,200 | | | | 28,080 | |
DBA Telecommunications (Asia) Holdings Ltd. | | | 40,000 | | | | 25,790 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Digital China Holdings Ltd. | | | 36,000 | | | $ | 56,543 | |
Dongyue Group Ltd. | | | 48,000 | | | | 31,815 | |
Extrawell Pharmaceutical Holdings Ltd.a | | | 200,000 | | | | 18,827 | |
Fantasia Holdings Group Co. Ltd. | | | 159,000 | | | | 25,014 | |
First Tractor Co. Ltd. Class Ha | | | 24,000 | | | | 23,428 | |
Fufeng Group Ltd. | | | 52,000 | | | | 22,262 | |
Global Bio-Chem Technology Group Co. Ltd. | | | 116,000 | | | | 13,313 | |
Haitian International Holdings Ltd. | | | 24,000 | | | | 31,010 | |
Hangzhou Steam Turbine Co. Ltd. Class B | | | 26,080 | | | | 47,385 | |
Harbin Electric Co. Ltd. Class H | | | 32,000 | | | | 27,977 | |
Hengdeli Holdings Ltd. | | | 64,000 | | | | 20,880 | |
Hopson Development Holdings Ltd.a | | | 32,000 | | | | 55,212 | |
Hunan Nonferrous Metal Corp. Ltd. Class Ha | | | 84,000 | | | | 28,055 | |
Inspur International Ltd. | | | 670,000 | | | | 25,055 | |
Interchina Holdings Co. Ltd.a | | | 340,000 | | | | 19,291 | |
Jiangsu Future Land Co. Ltd. Class B | | | 49,800 | | | | 45,716 | |
Ju Teng International Holdings Ltd. | | | 48,000 | | | | 25,997 | |
Kaisa Group Holdings Ltd.a | | | 84,000 | | | | 27,946 | |
Kingdee International Software Group Co. Ltd.a | | | 132,000 | | | | 23,320 | |
Kingsoft Corp. Ltd. | | | 48,000 | | | | 41,595 | |
KWG Property Holding Ltd. | | | 36,000 | | | | 24,697 | |
Labixiaoxin Snacks Group Ltd. | | | 58,000 | | | | 29,318 | |
Li Ning Co. Ltd.a | | | 45,000 | | | | 27,796 | |
Lijun International Pharmaceutical (Holding) Co. Ltd. | | | 72,000 | | | | 19,869 | |
Lonking Holdings Ltd. | | | 76,000 | | | | 20,483 | |
Luthai Textile Co. Ltd. Class B | | | 21,800 | | | | 21,196 | |
MIE Holdings Corp. | | | 56,000 | | | | 16,176 | |
Minth Group Ltd. | | | 28,000 | | | | 36,612 | |
New World Department Store China Ltd. | | | 34,000 | | | | 21,133 | |
North Mining Shares Co. Ltd.a | | | 580,000 | | | | 34,404 | |
NVC Lighting Holdings Ltd. | | | 72,000 | | | | 18,105 | |
PCD Stores (Group) Ltd. | | | 164,000 | | | | 24,743 | |
Peak Sport Products Co. Ltd. | | | 124,000 | | | | 23,505 | |
Ports Design Ltd. | | | 20,000 | | | | 17,770 | |
Renhe Commercial Holdings Co. Ltd.a | | | 468,000 | | | | 34,399 | |
REXLot Holdings Ltd. | | | 400,000 | | | | 36,622 | |
Semiconductor Manufacturing International Corp.a | | | 854,000 | | | | 49,005 | |
Shenzhen Expressway Co. Ltd. Class H | | | 44,000 | | | | 17,986 | |
| | |
| 48 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Shenzhen International Holdings Ltd. | | | 530,000 | | | $ | 74,495 | |
Shenzhen Investment Ltd. | | | 136,000 | | | | 59,452 | |
Shenzhou International Group Holdings Ltd. | | | 18,000 | | | | 51,065 | |
Shougang Concord International Enterprises Co. Ltd.a | | | 580,000 | | | | 37,396 | |
Sino Biopharmaceutical Ltd. | | | 128,000 | | | | 73,616 | |
Sino Oil And Gas Holdings Ltd.a | | | 680,000 | | | | 14,118 | |
Sinotrans Ltd. Class H | | | 198,000 | | | | 38,554 | |
Sinotrans Shipping Ltd. | | | 166,000 | | | | 46,665 | |
Skyworth Digital Holdings Ltd. | | | 72,000 | | | | 48,372 | |
Sparkle Roll Group Ltd. | | | 288,000 | | | | 29,710 | |
Sunac China Holdings Ltd. | | | 50,000 | | | | 38,750 | |
TCL Communication Technology Holdings Ltd. | | | 46,000 | | | | 13,940 | |
Tech Pro Technology Development Ltd.a | | | 84,000 | | | | 31,846 | |
Tianjin Development Holdings Ltd.a | | | 72,000 | | | | 54,407 | |
Tianjin Port Development Holdings Ltd. | | | 204,000 | | | | 30,778 | |
Tianneng Power International Ltd. | | | 44,000 | | | | 32,908 | |
Tibet 5100 Water Resources Holdings Ltd. | | | 94,000 | | | | 28,485 | |
Towngas China Co. Ltd. | | | 38,000 | | | | 33,370 | |
Travelsky Technology Ltd. Class H | | | 50,000 | | | | 32,754 | |
Vinda International Holdings Ltd. | | | 22,000 | | | | 31,093 | |
VODone Ltd. | | | 192,000 | | | | 16,341 | |
West China Cement Ltd. | | | 108,000 | | | | 20,612 | |
Winsway Coking Coal Holding Ltd. | | | 84,000 | | | | 12,132 | |
Xingda International Holdings Ltd. | | | 48,000 | | | | 22,654 | |
Xinjiang Xinxin Mining Industry Co. Ltd. Class H | | | 86,000 | | | | 19,296 | |
XTEP International Holdings Ltd. | | | 51,000 | | | | 20,782 | |
Yanchang Petroleum International Ltd.a | | | 380,000 | | | | 26,951 | |
Yip’s Chemical Holdings Ltd. | | | 28,000 | | | | 27,513 | |
Yuexiu Real Estate Investment Trust | | | 90,000 | | | | 47,467 | |
Yuexiu Transport Infrastructure Ltd. | | | 68,000 | | | | 38,144 | |
Zhejiang Southeast Electric Power Co. Ltd. Class B | | | 22,600 | | | | 16,927 | |
| | | | | | | | |
| | | | | | | 3,586,869 | |
CZECH REPUBLIC — 0.46% | | | | | | | | |
Central European Media Enterprises Ltd. AS Class Aa | | | 3,304 | | | | 17,212 | |
Pegas Nonwovens SA | | | 1,342 | | | | 36,185 | |
Philip Morris CR AS | | | 62 | | | | 37,173 | |
| | | | | | | | |
| | | | | | | 90,570 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
EGYPT — 0.30% | | | | | | | | |
Orascom Telecom Media And Technology Holding SAE SP GDR | | | 120,832 | | | $ | 57,999 | |
| | | | | | | | |
| | | | | | | 57,999 | |
INDIA — 6.60% | | | | | | | | |
Amtek Auto Ltd. | | | 10,908 | | | | 13,854 | |
Andhra Bank | | | 8,620 | | | | 14,418 | |
Apollo Hospitals Enterprise Ltd. | | | 3,898 | | | | 59,246 | |
Ashok Leyland Ltd. | | | 74,120 | | | | 30,313 | |
Aurobindo Pharma Ltd. | | | 9,344 | | | | 27,634 | |
Bharat Forge Ltd. | | | 8,530 | | | | 33,545 | |
Biocon Ltd. | | | 6,138 | | | | 30,839 | |
CESC Ltd. | | | 5,014 | | | | 25,791 | |
Cox & Kings Ltd. | | | 6,488 | | | | 15,312 | |
Educomp Solutions Ltd. | �� | | 4,456 | | | | 6,806 | |
EID Parry India Ltd. | | | 8,358 | | | | 22,184 | |
Emami Ltd. | | | 2,884 | | | | 31,483 | |
Federal Bank Ltd. | | | 7,156 | | | | 64,878 | |
Financial Technologies (India) Ltd. | | | 2,348 | | | | 36,423 | |
Fortis Healthcare Ltd.a | | | 15,296 | | | | 27,286 | |
Great Eastern Shipping Co. Ltd. (The) | | | 7,250 | | | | 31,609 | |
Gujarat Fluorochemicals Ltd. | | | 3,058 | | | | 15,752 | |
Gujarat Gas Co. Ltd. | | | 3,100 | | | | 15,801 | |
Gujarat Mineral Development Corp. Ltd. | | | 10,318 | | | | 35,086 | |
Gujarat State Petronet Ltd. | | | 12,254 | | | | 14,595 | |
GVK Power & Infrastructure Ltd.a | | | 104,440 | | | | 20,541 | |
Hexaware Technologies Ltd. | | | 17,672 | | | | 28,048 | |
Hindustan Construction Co. Ltd.a | | | 104,172 | | | | 29,391 | |
Housing Development & Infrastructure Ltd.a | | | 15,770 | | | | 17,493 | |
India Infoline Ltd. | | | 20,722 | | | | 25,024 | |
Indiabulls Financial Services Ltd. | | | 9,614 | | | | 44,478 | |
Indiabulls Infrastructure and Power Ltd.a | | | 125,532 | | | | 11,652 | |
Indian Hotels Co. Ltd. | | | 35,152 | | | | 34,890 | |
Indraprastha Gas Ltd. | | | 3,744 | | | | 17,590 | |
IVRCL Ltd. Class La | | | 31,884 | | | | 15,003 | |
Jammu & Kashmir Bank Ltd. | | | 1,736 | | | | 40,278 | |
Jindal Saw Ltd. | | | 14,750 | | | | 24,197 | |
Jubilant Foodworks Ltd.a | | | 1,486 | | | | 28,592 | |
Mahindra & Mahindra Financial Services Ltd. | | | 15,040 | | | | 51,585 | |
Manappuram Finance Ltd. | | | 38,776 | | | | 24,732 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 49 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MAX India Ltd. | | | 11,988 | | | $ | 53,500 | |
PTC India Ltd. | | | 25,604 | | | | 30,778 | |
Redington India Ltd. | | | 19,788 | | | | 30,916 | |
REI Agro Ltd. | | | 82,164 | | | | 13,668 | |
Strides Arcolab Ltd. | | | 2,062 | | | | 34,765 | |
Syndicate Bank | | | 10,770 | | | | 23,122 | |
Tata Global Beverages Ltd. | | | 17,962 | | | | 41,335 | |
Thermax Ltd. | | | 3,488 | | | | 37,220 | |
Torrent Pharmaceuticals Ltd. | | | 1,848 | | | | 22,814 | |
Voltas Ltd. | | | 13,922 | | | | 20,229 | |
Welspun Corp. Ltd. | | | 12,246 | | | | 13,134 | |
| | | | | | | | |
| | | | | | | 1,287,830 | |
INDONESIA — 4.80% | | | | | | | | |
PT Agis Tbka | | | 223,000 | | | | 10,384 | |
PT Agung Podomoro Land Tbka | | | 563,000 | | | | 26,509 | |
PT AKR Corporindo Tbk | | | 73,000 | | | | 33,805 | |
PT Alam Sutera Realty Tbk | | | 445,000 | | | | 42,826 | |
PT Bakrie and Brothers Tbka | | | 2,040,999 | | | | 10,560 | |
PT Bakrie Sumatera Plantations Tbk | | | 1,522,000 | | | | 17,167 | |
PT Bakrie Telecom Tbka | | | 821,000 | | | | 4,248 | |
PT Bakrieland Development Tbka | | | 1,911,000 | | | | 11,668 | |
PT Bank Bukopin Tbk | | | 222,000 | | | | 17,919 | |
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk | | | 152,000 | | | | 19,190 | |
PT Bank Tabungan Negara (Persero) Tbk | | | 127,323 | | | | 21,476 | |
PT Benakat Petroleum Energy Tbka | | | 928,000 | | | | 14,789 | |
PT Bhakti Investama Tbk | | | 1,028,000 | | | | 54,254 | |
PT Ciputra Development Tbk | | | 516,000 | | | | 59,270 | |
PT Citra Marga Nusaphala Persada Tbk | | | 91,000 | | | | 16,950 | |
PT Energi Mega Persada Tbka | | | 1,203,000 | | | | 12,947 | |
PT Erajaya Swasembada Tbka | | | 73,000 | | | | 22,096 | |
PT Gajah Tunggal Tbk | | | 66,000 | | | | 15,026 | |
PT Garuda Indonesia (Persero) Tbka | | | 376,000 | | | | 25,680 | |
PT Holcim Indonesia Tbk | | | 84,000 | | | | 31,945 | |
PT Japfa Comfeed Indonesia Tbk | | | 34,000 | | | | 28,675 | |
PT Kawasan Industri Jababeka Tbka | | | 984,000 | | | | 26,475 | |
PT Krakatau Steel (Persero) Tbk | | | 173,000 | | | | 11,995 | |
PT Lippo Karawaci Tbk | | | 693,000 | | | | 81,036 | |
PT Medco Energi Internasional Tbk | | | 97,000 | | | | 16,863 | |
PT Mitra Adiperkasa Tbk | | | 37,000 | | | | 29,865 | |
PT MNC Sky Vision Tbka | | | 75,485 | | | | 16,599 | |
PT Ramayana Lestari Sentosa Tbk | | | 246,000 | | | | 33,603 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Sampoerna Agro Tbk | | | 48,000 | | | $ | 10,928 | |
PT Sentul City Tbka | | | 1,042,000 | | | | 31,809 | |
PT Summarecon Agung Tbk | | | 224,000 | | | | 53,894 | |
PT Surya Semesta Internusa Tbk | | | 161,300 | | | | 25,038 | |
PT Timah (Persero) Tbk | | | 147,000 | | | | 22,361 | |
PT Tower Bersama Infrastructure Tbka | | | 78,000 | | | | 45,201 | |
PT Trada Maritime Tbka | | | 227,000 | | | | 33,356 | |
| | | | | | | | |
| | | | | | | 936,407 | |
MALAYSIA — 4.68% | | | | | | | | |
Affin Holdings Bhd | | | 19,200 | | | | 20,502 | |
Carlsberg Brewery Malaysia Bhd | | | 7,600 | | | | 31,723 | |
Dialog Group Bhd | | | 53,080 | | | | 40,018 | |
DRB-Hicom Bhd | | | 42,200 | | | | 35,093 | |
Eastern & Oriental Bhd | | | 48,200 | | | | 24,642 | |
Hai-O Enterprise Bhd | | | 38,600 | | | | 28,352 | |
Hibiscus Petroleum Bhda | | | 21,200 | | | | 10,152 | |
IGB Corp. Bhd | | | 62,000 | | | | 45,138 | |
IJM Land Bhd | | | 31,000 | | | | 21,867 | |
KLCC Property Holdings Bhd | | | 25,200 | | | | 53,327 | |
KNM Group Bhda | | | 86,400 | | | | 13,279 | |
KPJ Healthcare Bhd | | | 18,200 | | | | 34,333 | |
Mah Sing Group Bhd | | | 31,000 | | | | 21,065 | |
Malaysian Airline System Bhda | | | 42,800 | | | | 10,179 | |
Malaysian Pacific Industries Bhd | | | 23,800 | | | | 19,098 | |
Malaysian Resources Corp. Bhd | | | 77,800 | | | | 32,474 | |
Media Prima Bhd | | | 53,000 | | | | 37,386 | |
Multi-Purpose Holdings Bhd | | | 32,400 | | | | 35,645 | |
OSK Holdings Bhd | | | 72,287 | | | | 33,682 | |
POS Malaysia Bhd | | | 34,800 | | | | 42,564 | |
QL Resources Bhd | | | 23,600 | | | | 22,909 | |
Sarawak Oil Palms Bhd | | | 8,400 | | | | 13,726 | |
Scomi Group Bhda | | | 301,200 | | | | 30,213 | |
Sunway Real Estate Investment Trust Bhd | | | 127,800 | | | | 62,442 | |
TAN Chong Motor Holdings Bhd | | | 23,800 | | | | 39,583 | |
TIME dotCom Bhda | | | 20,400 | | | | 25,215 | |
Top Glove Corp. Bhd | | | 19,400 | | | | 34,462 | |
Uchi Technologies Bhd | | | 85,200 | | | | 32,531 | |
Wah Seong Corp. Bhd | | | 35,000 | | | | 18,800 | |
WCT Bhd | | | 61,090 | | | | 43,685 | |
| | | | | | | | |
| | | | | | | 914,085 | |
MEXICO — 2.17% | | | | | | | | |
Alsea SAB de CVa | | | 21,259 | | | | 53,189 | |
| | |
| 50 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Axtel SAB de CV CPOa | | | 81,800 | | | $ | 18,821 | |
Bolsa Mexicana de Valores SAB de CV | | | 12,200 | | | | 29,684 | |
Consorcio ARA SAB de CVa | | | 92,800 | | | | 35,949 | |
Corporacion Geo SAB de CV Series Ba | | | 25,800 | | | | 21,443 | |
Desarrolladora Homex SAB de CVa | | | 12,400 | | | | 24,639 | |
Empresas ICA SAB de CVa | | | 31,800 | | | | 91,782 | |
Genomma Lab Internacional SAB de CV Series Ba | | | 27,200 | | | | 65,265 | |
Gruma SAB de CV Series Ba | | | 8,400 | | | | 29,576 | |
Grupo Herdez SAB de CV | | | 7,200 | | | | 21,778 | |
TV Azteca SAB de CV CPO | | | 37,800 | | | | 26,328 | |
Urbi Desarrollos Urbanos SAB de CVa | | | 13,000 | | | | 4,385 | |
| | | | | | | | |
| | | | | | | 422,839 | |
PHILIPPINES — 2.42% | | | | | | | | |
Belle Corp.a | | | 239,633 | | | | 34,772 | |
Cebu Air Inc. | | | 10,560 | | | | 17,141 | |
Filinvest Land Inc. | | | 1,048,000 | | | | 50,776 | |
First Gen Corp.a | | | 61,200 | | | | 39,586 | |
First Philippine Holdings Corp. | | | 10,020 | | | | 28,020 | |
Manila Water Co. Inc. | | | 44,600 | | | | 39,817 | |
Megaworld Corp. | | | 570,000 | | | | 55,093 | |
Philex Petroleum Corp.a | | | 18,000 | | | | 14,875 | |
Philippine National Banka | | | 12,350 | | | | 31,528 | |
Puregold Price Club Inc. | | | 45,649 | | | | 46,480 | |
Robinsons Land Corp. | | | 91,000 | | | | 50,916 | |
Security Bank Corp. | | | 9,000 | | | | 39,112 | |
SM Development Corp. | | | 118,800 | | | | 25,040 | |
| | | | | | | | |
| | | | | | | 473,156 | |
POLAND — 1.32% | | | | | | | | |
Budimex SA | | | 1,458 | | | | 33,986 | |
Getin Noble Bank SAa | | | 50,046 | | | | 29,795 | |
Globe Trade Centre SAa | | | 10,464 | | | | 26,864 | |
KRUK SAa | | | 2,080 | | | | 35,611 | |
Lubelski Wegiel Bogdanka SA | | | 1,592 | | | | 64,893 | |
Netia SAa | | | 17,966 | | | | 26,260 | |
Warsaw Stock Exchange SA | | | 3,014 | | | | 39,876 | |
| | | | | | | | |
| | | | | | | 257,285 | |
RUSSIA — 0.63% | |
Aeroflot — Russian Airlines OJSC | | | 18,456 | | | | 31,964 | |
OGK-2 OJSC | | | 1,236,461 | | | | 15,499 | |
PIK Groupa | | | 7,400 | | | | 15,872 | |
RBC OJSCa | | | 50,600 | | | | 18,765 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sollers OJSCa | | | 1,543 | | | $ | 40,941 | |
| | | | | | | | |
| | | | | | | 123,041 | |
SOUTH AFRICA — 8.06% | | | | | | | | |
Acucap Properties Ltd. | | | 9,420 | | | | 48,797 | |
Adcock Ingram Holdings Ltd. | | | 6,272 | | | | 39,061 | |
Aeci Ltd. | | | 4,812 | | | | 50,948 | |
African Oxygen Ltd. | | | 11,642 | | | | 28,636 | |
Allied Technologies Ltd. | | | 2,424 | | | | 9,823 | |
Astral Foods Ltd. | | | 2,278 | | | | 22,849 | |
AVI Ltd. | | | 7,452 | | | | 46,094 | |
Brait SEa | | | 18,638 | | | | 67,218 | |
Capital Property Fund | | | 27,116 | | | | 32,517 | |
Cipla Medpro South Africa Ltd. | | | 25,008 | | | | 26,728 | |
City Lodge Hotels Ltd. | | | 2,436 | | | | 29,484 | |
Clicks Group Ltd. | | | 8,900 | | | | 58,770 | |
Clover Industries Ltd. | | | 6,910 | | | | 13,092 | |
Coronation Fund Managers Ltd. | | | 7,118 | | | | 37,436 | |
DataTec Ltd. | | | 9,020 | | | | 48,967 | |
DRDGOLD Ltd. | | | 39,770 | | | | 29,209 | |
Emira Property Fund | | | 21,638 | | | | 35,763 | |
Famous Brands Ltd. | | | 3,362 | | | | 31,287 | |
Fountainhead Property Trust | | | 58,186 | | | | 56,418 | |
Grindrod Ltd. | | | 19,756 | | | | 39,214 | |
Group Five Ltd. | | | 6,338 | | | | 24,723 | |
Hyprop Investments Ltd. Units | | | 5,246 | | | | 42,300 | |
Illovo Sugar Ltd. | | | 10,540 | | | | 36,063 | |
JD Group Ltd. | | | 5,590 | | | | 24,459 | |
JSE Ltd. | | | 4,710 | | | | 35,747 | |
Lewis Group Ltd. | | | 3,102 | | | | 22,478 | |
Mondi Ltd. | | | 5,210 | | | | 66,426 | |
Murray & Roberts Holdings Ltd.a | | | 15,658 | | | | 43,644 | |
Nampak Ltd. | | | 19,984 | | | | 68,308 | |
Omnia Holdings Ltd. | | | 2,854 | | | | 47,711 | |
Palabora Mining Co. Ltd. | | | 984 | | | | 11,262 | |
Pick n Pay Holdings Ltd. | | | 10,140 | | | | 21,246 | |
Pinnacle Technology Holdings Ltd. | | | 5,606 | | | | 12,933 | |
Resilient Property Income Fund Ltd. | | | 8,286 | | | | 47,051 | |
Royal Bafokeng Platinum Ltd.a | | | 2,174 | | | | 13,471 | |
SA Corporate Real Estate Fund Nominees Pty Ltd. | | | 94,064 | | | | 42,143 | |
Sun International Ltd. | | | 4,362 | | | | 49,188 | |
Super Group Ltd.a | | | 16,200 | | | | 38,276 | |
Sycom Property Fund | | | 7,384 | | | | 23,042 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 51 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tongaat Hulett Ltd. | | | 4,508 | | | $ | 69,835 | |
Vukile Property Fund Ltd. | | | 18,714 | | | | 37,417 | |
Wilson Bayly Holmes-Ovcon Ltd. | | | 2,564 | | | | 44,292 | |
| | | | | | | | |
| | | | | | | 1,574,326 | |
SOUTH KOREA — 16.00% | | | | | | | | |
3S Korea Co. Ltd.a | | | 1,806 | | | | 13,309 | |
Able C&C Co. Ltd. | | | 440 | | | | 29,460 | |
Ahnlab Inc. | | | 196 | | | | 11,512 | |
Asiana Airlines Inc.a | | | 4,000 | | | | 21,980 | |
Binggrae Co. Ltd. | | | 374 | | | | 47,146 | |
Capro Corp. | | | 1,040 | | | | 11,093 | |
Chabio & Diostech Co. Ltd.a | | | 2,748 | | | | 27,535 | |
CJ CGV Co. Ltd. | | | 1,200 | | | | 46,656 | |
CJ E&M Corp.a | | | 1,040 | | | | 36,017 | |
CJ O Shopping Co. Ltd. | | | 136 | | | | 38,496 | |
Cosmax Inc. | | | 640 | | | | 27,188 | |
CrucialTec Co. Ltd.a | | | 2,134 | | | | 24,635 | |
Daesang Corp. | | | 1,120 | | | | 33,823 | |
Daishin Securities Co. Ltd. | | | 3,840 | | | | 36,704 | |
Daum Communications Corp. | | | 514 | | | | 45,380 | |
Digitech Systems Co. Ltd.a | | | 1,886 | | | | 17,853 | |
Dong-A Pharmaceutical Co. Ltd. | | | 390 | | | | 44,661 | |
Dongsuh Companies Inc. | | | 1,624 | | | | 31,870 | |
Dongyang Mechatronics Corp. | | | 2,260 | | | | 24,524 | |
Doosan Engine Co. Ltd.a | | | 1,520 | | | | 11,230 | |
Duksan Hi-Metal Co. Ltd.a | | | 1,010 | | | | 23,878 | |
Fila Korea Ltd. | | | 454 | | | | 24,695 | |
Foosung Co. Ltd.a | | | 3,220 | | | | 13,991 | |
Gamevil Inc.a | | | 226 | | | | 20,308 | |
GemVax & Kael Co. Ltd.a | | | 1,034 | | | | 34,950 | |
Grand Korea Leisure Co. Ltd. | | | 1,500 | | | | 38,441 | |
Green Cross Corp. | | | 238 | | | | 32,640 | |
GS Home Shopping Inc. | | | 182 | | | | 32,641 | |
Halla Climate Control Corp. | | | 1,180 | | | | 27,135 | |
Hana Tour Service Inc. | | | 588 | | | | 36,817 | |
Handsome Co. Ltd. | | | 1,060 | | | | 26,529 | |
Hanjin Heavy Industries & Construction Co. Ltd.a | | | 1,540 | | | | 12,843 | |
Hanjin Shipping Co. Ltd.a | | | 3,740 | | | | 37,820 | |
Hanmi Pharm Co. Ltd.a | | | 342 | | | | 48,008 | |
Hansol Paper Co. | | | 3,620 | | | | 36,273 | |
Hanwha Investment & Securities Co. Ltd. | | | 7,580 | | | | 32,551 | |
Hotel Shilla Co. Ltd. | | | 1,480 | | | | 65,128 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Huchems Fine Chemical Corp. | | | 1,300 | | | $ | 29,354 | |
Hwa Shin Co. Ltd. | | | 2,040 | | | | 21,100 | |
Hyundai Corp. | | | 800 | | | | 18,175 | |
Hyundai Greenfood Co. Ltd. | | | 1,860 | | | | 29,974 | |
Hyundai Home Shopping Network Corp. | | | 194 | | | | 24,366 | |
Ilyang Pharmaceutical Co. Ltd.a | | | 800 | | | | 23,937 | |
Infraware Inc.a | | | 2,040 | | | | 22,419 | |
Interflex Co. Ltd.a | | | 370 | | | | 15,411 | |
INTOPS Co. Ltd. | | | 1,220 | | | | 36,054 | |
Jusung Engineering Co. Ltd.a | | | 3,422 | | | | 16,907 | |
KEPCO Plant Service & Engineering Co. Ltd. | | | 688 | | | | 33,357 | |
KIWOOM Securities Co. Ltd. | | | 698 | | | | 39,772 | |
Kolon Industries Inc. | | | 696 | | | | 35,995 | |
Komipharm International Co. Ltd.a | | | 2,310 | | | | 23,040 | |
Korea Petrochemical Ind Co. Ltd.a | | | 260 | | | | 10,937 | |
Korean Reinsurance Co. | | | 3,606 | | | | 38,963 | |
KT Skylife Co. Ltd. | | | 1,140 | | | | 33,058 | |
Kumho Industrial Co. Ltd.a | | | 3,780 | | | | 7,924 | |
Kumho Tire Co. Inc.a | | | 2,840 | | | | 32,653 | |
LG Fashion Corp. | | | 880 | | | | 24,137 | |
LG Hausys Ltd. | | | 598 | | | | 43,960 | |
LG International Corp. | | | 1,342 | | | | 52,672 | |
LG Life Sciences Ltd.a | | | 840 | | | | 43,597 | |
LIG Insurance Co. Ltd. | | | 1,660 | | | | 35,796 | |
Lock & Lock Co. Ltd. | | | 1,185 | | | | 30,259 | |
Lotte Chilsung Beverage Co. Ltd. | | | 30 | | | | 40,006 | |
Lotte Samkang Co. Ltd. | | | 56 | | | | 38,374 | |
Medipost Co. Ltd.a | | | 394 | | | | 34,567 | |
MegaStudy Co. Ltd. | | | 224 | | | | 16,322 | |
Melfas Inc. | | | 1,000 | | | | 18,978 | |
Meritz Finance Group Inc.a | | | 6,400 | | | | 23,228 | |
Meritz Fire & Marine Insurance Co. Ltd. | | | 2,380 | | | | 25,496 | |
Namhae Chemical Corp. | | | 2,500 | | | | 17,593 | |
Namyang Dairy Products Co. Ltd. | | | 38 | | | | 35,269 | |
Neowiz Games Corp.a | | | 620 | | | | 11,051 | |
Nexen Tire Corp. | | | 1,680 | | | | 24,126 | |
NongShim Co. Ltd. | | | 164 | | | | 43,619 | |
OCI Materials Co. Ltd. | | | 310 | | | | 10,020 | |
Paradise Co. Ltd. | | | 1,782 | | | | 32,091 | |
Partron Co. Ltd. | | | 1,840 | | | | 40,102 | |
Poongsan Corp. | | | 1,000 | | | | 26,920 | |
POSCO Chemtech Co. Ltd. | | | 126 | | | | 14,150 | |
| | |
| 52 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Posco ICT Co. Ltd. | | | 3,916 | | | $ | 27,847 | |
RNL BIO Co. Ltd.a | | | 4,460 | | | | 10,647 | |
S&T Dynamics Co. Ltd. | | | 2,120 | | | | 23,788 | |
Samsung Fine Chemicals Co. Ltd. | | | 942 | | | | 48,804 | |
Samyang Holdings Corp. | | | 256 | | | | 16,407 | |
SeAH Besteel Corp. | | | 780 | | | | 24,095 | |
Seegene Inc.a | | | 420 | | | | 24,785 | |
Seoul Semiconductor Co. Ltd. | | | 1,984 | | | | 52,952 | |
SFA Engineering Corp. | | | 608 | | | | 33,072 | |
SK Broadband Co. Ltd.a | | | 9,332 | | | | 38,997 | |
SK Chemicals Co. Ltd. | | | 702 | | | | 37,148 | |
SK Communications Co. Ltd.a | | | 1,930 | | | | 12,815 | |
SK Securities Co. Ltd. | | | 28,420 | | | | 28,346 | |
SKC Co. Ltd. | | | 841 | | | | 27,222 | |
SM Entertainment Co.a | | | 720 | | | | 28,991 | |
Soulbrain Co. Ltd. | | | 562 | | | | 21,799 | |
STX Corp. Co. Ltd. | | | 2,220 | | | | 15,458 | |
STX Engine Co. Ltd.a | | | 2,500 | | | | 18,516 | |
STX Offshore & Shipbuilding Co. Ltd.a | | | 2,460 | | | | 15,108 | |
Sung Kwang Bend Co. Ltd. | | | 1,338 | | | | 29,532 | |
Sungwoo Hitech Co. Ltd. | | | 1,618 | | | | 21,293 | |
Suprema Inc.a | | | 1,572 | | | | 28,600 | |
Taekwang Industrial Co. Ltd. | | | 18 | | | | 17,205 | |
Taewoong Co. Ltd.a | | | 722 | | | | 14,669 | |
Taihan Electric Wire Co. Ltd.a | | | 4,601 | | | | 16,486 | |
TK Corp.a | | | 1,294 | | | | 30,354 | |
TONGYANG Life Insurance Co. | | | 1,840 | | | | 18,692 | |
TONGYANG Securities Inc. | | | 6,960 | | | | 26,546 | |
ViroMed Co. Ltd.a | | | 800 | | | | 24,935 | |
Wonik IPS Co. Ltd.a | | | 3,318 | | | | 15,413 | |
Woongjin Thinkbig Co. Ltd.a | | | 2,140 | | | | 18,143 | |
YESCO Co. Ltd. | | | 620 | | | | 18,494 | |
Youngone Corp. | | | 1,020 | | | | 35,324 | |
| | | | | | | | |
| | | | | | | 3,123,932 | |
TAIWAN — 17.51% | | | | | | | | |
Ability Enterprise Co. Ltd. | | | 36,000 | | | | 33,735 | |
ALI Corp. | | | 26,000 | | | | 30,148 | |
Altek Corp. | | | 34,133 | | | | 20,135 | |
Ambassador Hotel Ltd. (The) | | | 18,000 | | | | 18,475 | |
AmTRAN Technology Co. Ltd. | | | 52,312 | | | | 36,413 | |
Asia Optical Co. Inc.a | | | 20,000 | | | | 20,663 | |
Asia Polymer Corp. | | | 28,400 | | | | 24,220 | |
BES Engineering Corp. | | | 100,000 | | | | 30,539 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Career Technology (MFG.) Co. Ltd. | | | 14,000 | | | $ | 17,343 | |
Cathay Real Estate Development Co. Ltd. | | | 42,000 | | | | 21,519 | |
Cheng Loong Corp. | | | 88,000 | | | | 37,672 | |
China Bills Finance Corp. | | | 60,000 | | | | 23,562 | |
China Manmade Fibers Corp.a | | | 62,000 | | | | 21,108 | |
China Steel Chemical Corp. | | | 8,000 | | | | 37,888 | |
China Synthetic Rubber Corp. | | | 34,000 | | | | 37,878 | |
Chipbond Technology Corp. | | | 26,000 | | | | 53,899 | |
Chong Hong Construction Co. | | | 8,040 | | | | 26,993 | |
Chroma ATE Inc. | | | 18,000 | | | | 41,319 | |
Chung Hung Steel Corp.a | | | 84,000 | | | | 28,258 | |
Compal Communications Inc.a | | | 20,000 | | | | 20,764 | |
Compeq Manufacturing Co. Ltd. | | | 76,000 | | | | 28,052 | |
Coretronic Corp. | | | 36,000 | | | | 28,881 | |
CSBC Corp. | | | 46,420 | | | | 27,696 | |
Cyberlink Corp. | | | 10,213 | | | | 31,328 | |
CyberTAN Technology Inc. | | | 28,000 | | | | 23,596 | |
D-Link Corp. | | | 44,000 | | | | 27,142 | |
Dynapack International Technology Corp. | | | 6,000 | | | | 22,247 | |
Elan Microelectronics Corp. | | | 24,000 | | | | 50,562 | |
Faraday Technology Corp. | | | 28,000 | | | | 31,713 | |
FLEXium Interconnect Inc. | | | 6,387 | | | | 20,065 | |
Formosan Rubber Group Inc. | | | 30,000 | | | | 21,944 | |
G Tech Optoelectronics Corp. | | | 8,000 | | | | 19,173 | |
Gemtek Technology Corp. | | | 24,000 | | | | 30,904 | |
Genesis Photonics Inc.a | | | 24,715 | | | | 18,161 | |
Genius Electronic Optical Co. Ltd. | | | 4,000 | | | | 26,832 | |
Gigabyte Technology Co. Ltd. | | | 42,000 | | | | 37,163 | |
Gigastorage Corp. | | | 20,400 | | | | 16,022 | |
Global Unichip Corp. | | | 8,000 | | | | 25,564 | |
Gloria Material Technology Corp. | | | 28,684 | | | | 22,577 | |
Goldsun Development & Construction Co. Ltd. | | | 60,000 | | | | 23,461 | |
Grand Pacific Petrochemical Corp. | | | 40,000 | | | | 20,832 | |
Great Wall Enterprise Co. Ltd. | | | 20,253 | | | | 18,296 | |
Greatek Electronics Inc. | | | 42,000 | | | | 34,048 | |
Green Energy Technology Inc.a | | | 24,125 | | | | 21,347 | |
HannStar Display Corp.a | | | 73,000 | | | | 9,720 | |
HannsTouch Solution Inc.a | | | 56,000 | | | | 17,347 | |
Hey Song Corp. | | | 20,000 | | | | 25,618 | |
Ho Tung Chemical Corp.a | | | 56,716 | | | | 26,096 | |
Holy Stone Enterprise Co. Ltd. | | | 50,000 | | | | 44,326 | |
Huaku Development Co. Ltd. | | | 8,080 | | | | 20,019 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 53 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Huang Hsiang Construction Co. | | | 8,000 | | | $ | 20,144 | |
Hung Sheng Construction Co. Ltd. | | | 74,000 | | | | 51,135 | |
Infortrend Technology Inc. | | | 40,000 | | | | 23,056 | |
ITEQ Corp. | | | 34,600 | | | | 39,363 | |
Jih Sun Financial Holdings Co. Ltd. | | | 58,205 | | | | 17,560 | |
Kenda Rubber Industrial Co. Ltd. | | | 22,715 | | | | 34,034 | |
Kerry TJ Logistics Co. Ltd. | | | 20,000 | | | | 31,348 | |
Kindom Construction Co. | | | 26,000 | | | | 22,611 | |
King Yuan Electronics Co. Ltd. | | | 80,000 | | | | 52,045 | |
King’s Town Banka | | | 28,000 | | | | 24,823 | |
Kinpo Electronics Inc. | | | 154,000 | | | | 36,182 | |
Lealea Enterprise Co. Ltd. | | | 46,690 | | | | 17,469 | |
Lien Hwa Industrial Corp. | | | 30,000 | | | | 19,567 | |
LITE-ON IT Corp. | | | 30,074 | | | | 32,997 | |
Makalot Industrial Co. Ltd. | | | 12,000 | | | | 40,126 | |
Masterlink Securities Corp. | | | 52,000 | | | | 16,985 | |
Mercuries & Associates Ltd. | | | 18,360 | | | | 16,524 | |
Micro-Star International Co. Ltd. | | | 62,000 | | | | 29,363 | |
Microbio Co. Ltd. | | | 22,280 | | | | 27,450 | |
MIN AIK Technology Co. Ltd. | | | 12,000 | | | | 37,416 | |
MiTAC International Corp. | | | 92,000 | | | | 34,423 | |
Pan-International Industrial Corp.a | | | 32,000 | | | | 26,966 | |
PChome Online Inc. | | | 4,312 | | | | 21,512 | |
Phihong Technology Co. Ltd. | | | 24,000 | | | | 20,832 | |
Pixart Imaging Inc. | | | 14,635 | | | | 31,967 | |
President Securities Corp.a | | | 34,510 | | | | 20,241 | |
Prince Housing & Development Corp. | | | 32,709 | | | | 22,382 | |
Radium Life Tech Co. Ltd. | | | 46,182 | | | | 40,474 | |
Ritek Corp.a | | | 232,000 | | | | 29,326 | |
Sanyang Industry Co. Ltd.a | | | 46,820 | | | | 38,429 | |
Senao International Co. Ltd. | | | 6,000 | | | | 19,436 | |
Shihlin Electric & Engineering Corp. | | | 30,000 | | | | 36,304 | |
Shining Building Business Co. Ltd.a | | | 24,000 | | | | 19,214 | |
Shinkong Synthetic Fibers Corp. | | | 84,135 | | | | 26,942 | |
Shinkong Textile Co. Ltd. | | | 18,000 | | | | 23,117 | |
Silitech Technology Corp. | | | 12,060 | | | | 22,440 | |
Sinyi Realty Co. | | | 12,360 | | | | 19,477 | |
Soft-World International Corp. | | | 14,140 | | | | 24,499 | |
Solar Applied Materials Technology Corp. | | | 16,799 | | | | 20,442 | |
Solartech Energy Corp.a | | | 24,000 | | | | 16,989 | |
Ta Chen Stainless Pipe Co. Ltd. | | | 84,000 | | | | 41,906 | |
Ta Chong Bank Ltd.a | | | 60,900 | | | | 21,965 | |
Taichung Commercial Bank Co. Ltd. | | | 56,285 | | | | 20,206 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Taiflex Scientific Co. Ltd. | | | 14,000 | | | $ | 17,461 | |
Taiwan Hon Chuan Enterprise Co. Ltd. | | | 18,000 | | | | 45,263 | |
Taiwan Life Insurance Co. Ltd.a | | | 30,850 | | | | 24,801 | |
Taiwan Paiho Ltd. | | | 44,050 | | | | 27,247 | |
Taiwan Secom Co. Ltd. | | | 20,000 | | | | 44,966 | |
Taiwan Surface Mounting Technology Co. Ltd. | | | 12,420 | | | | 17,835 | |
Taiwan TEA Corp. | | | 38,000 | | | | 20,879 | |
Taiwan-Sogo Shinkong Security Corp. | | | 42,000 | | | | 50,613 | |
Ton Yi Industrial Corp. | | | 32,000 | | | | 19,200 | |
Tong Hsing Electronic Industries Ltd. | | | 8,000 | | | | 33,843 | |
Tong Yang Industry Co. Ltd. | | | 30,984 | | | | 28,512 | |
Tsann Kuen Enterprise Co. Ltd. | | | 10,000 | | | | 20,056 | |
TTY Biopharm Co. Ltd. | | | 8,720 | | | | 31,451 | |
TXC Corp. | | | 24,000 | | | | 37,861 | |
Union Bank of Taiwana | | | 66,280 | | | | 26,140 | |
Unity Opto Technology Co. Ltd.a | | | 34,679 | | | | 32,731 | |
UPC Technology Corp. | | | 30,748 | | | | 17,153 | |
USI Corp. | | | 32,950 | | | | 25,934 | |
Ve Wong Corp. | | | 48,000 | | | | 33,169 | |
Visual Photonics Epitaxy Co. Ltd. | | | 18,900 | | | | 20,514 | |
Wafer Works Corp. | | | 30,270 | | | | 16,989 | |
Wah Lee Industrial Corp. | | | 28,000 | | | | 39,593 | |
Waterland Financial Holdings Co. Ltd. | | | 62,021 | | | | 20,697 | |
Win Semiconductors Corp. | | | 20,000 | | | | 20,562 | |
WT Microelectronics Co. Ltd. | | | 20,299 | | | | 24,530 | |
Yageo Corp.a | | | 122,000 | | | | 37,094 | |
YFY Inc. | | | 66,000 | | | | 33,816 | |
Yieh Phui Enterprise Co. Ltd. | | | 134,014 | | | | 41,605 | |
YungShin Global Holding Corp. | | | 14,000 | | | | 19,891 | |
Yungtay Engineering Co. Ltd. | | | 12,000 | | | | 22,652 | |
Zinwell Corp. | | | 26,000 | | | | 22,480 | |
| | | | | | | | |
| | | | | | | 3,418,488 | |
THAILAND — 4.42% | | | | | | | | |
Amata Corp. PCL NVDR | | | 62,400 | | | | 53,486 | |
Bumrungrad Hospital PCL NVDR | | | 24,600 | | | | 72,353 | |
Central Plaza Hotel PCL NVDR | | | 40,800 | | | | 52,800 | |
Delta Electronics (Thailand) PCL NVDR | | | 43,000 | | | | 54,924 | |
Esso (Thailand) PCL NVDR | | | 57,400 | | | | 19,680 | |
G J Steel PCL NVDRa | | | 7,030,600 | | | | 23,632 | |
Hana Microelectronics PCL NVDR | | | 54,400 | | | | 46,172 | |
Hemaraj Land and Development PCL NVDR | | | 359,000 | | | | 51,165 | |
| | |
| 54 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Jasmine International PCL NVDR | | | 215,200 | | | $ | 48,827 | |
Khon Kaen Sugar Industry PCL NVDR | | | 51,800 | | | | 26,988 | |
Kiatnakin Bank PCL NVDR | | | 33,632 | | | | 69,242 | |
Pruksa Real Estate PCL NVDR | | | 46,200 | | | | 46,588 | |
Sino-Thai Engineering & Construction PCL NVDR | | | 45,600 | | | | 57,479 | |
Sri Trang Agro-Industry PCL NVDR | | | 46,000 | | | | 25,358 | |
Supalai PCL NVDR | | | 50,200 | | | | 36,617 | |
Thai Airways International PCL NVDRa | | | 44,200 | | | | 36,400 | |
Thai Tap Water Supply PCL NVDR | | | 118,800 | | | | 42,329 | |
Thai Vegetable Oil PCL NVDR | | | 27,400 | | | | 23,025 | |
Thanachart Capital PCL NVDR | | | 31,800 | | | | 48,101 | |
TISCO Financial Group PCL NVDR | | | 15,600 | | | | 28,316 | |
| | | | | | | | |
| | | | | | | 863,482 | |
TURKEY — 2.66% | | | | | | | | |
Afyon Cimento Sanayi TASa | | | 526 | | | | 20,398 | |
Bagfas Bandirma Gubre Fabrikalari AS | | | 624 | | | | 18,907 | |
Bizim Toptan Satis Magazalari AS | | | 2,080 | | | | 31,455 | |
Eczacibasi Yatirim Holding Ortakligi AS | | | 9,638 | | | | 36,545 | |
Ihlas Holding ASa | | | 52,106 | | | | 24,045 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class D | | | 89,752 | | | | 77,344 | |
Koza Anadolu Metal Madencilik Isletmeleri ASa | | | 15,972 | | | | 42,713 | |
Net Holding ASa | | | 30,370 | | | | 40,355 | |
Nortel Networks Netas Telekomunikasyon AS | | | 2,820 | | | | 16,306 | |
Polyester Sanayi ASa | | | 37,954 | | | | 24,689 | |
Saf Gayrimenkul Yatirim Ortakligi AS | | | 43,948 | | | | 23,945 | |
Tat Konserve Sanayii ASa | | | 14,886 | | | | 18,952 | |
Turkiye Sinai Kalkinma Bankasi AS | | | 39,464 | | | | 50,903 | |
Ulker Biskuvi Sanayi AS | | | 8,018 | | | | 50,596 | |
Yazicilar Holding AS | | | 4,028 | | | | 43,109 | |
| | | | | | | | |
| | | | | | | 520,262 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $18,649,734) | | | | 19,187,212 | |
| | |
PREFERRED STOCKS — 1.39% | | | | | | | | |
| | |
BRAZIL — 1.39% | | | | | | | | |
Banco ABC Brasil SA | | | 4,075 | | | | 29,886 | |
Banco Daycoval SA | | | 4,000 | | | | 22,255 | |
Banco Industrial e Comercial SA | | | 4,200 | | | | 12,958 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Banco Panamericano SA | | | 11,811 | | | $ | 39,428 | |
Companhia de Ferro Ligas da
Bahia — Ferbasa | | | 5,000 | | | | 29,639 | |
Contax Participacoes SA | | | 3,000 | | | | 39,467 | |
GOL Linhas Aereas Inteligentes SA | | | 5,400 | | | | 34,332 | |
Randon Implementos e Participacoes SA | | | 5,400 | | | | 32,229 | |
Saraiva Livreiros Editores SA | | | 2,200 | | | | 31,424 | |
| | | | | | | | |
| | | | | | | 271,618 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $262,009) | | | | 271,618 | |
| | |
RIGHTS — 0.02% | | | | | | | | |
| | |
MALAYSIA — 0.01% | | | | | | | | |
Mah Sing Group Bhda | | | 10,333 | | | | 2,240 | |
| | | | | | | | |
| | | | | | | 2,240 | |
| | |
POLAND — 0.01% | | | | | | | | |
Polimex-Mostostal SAa | | | 65,920 | | | | 769 | |
| | | | | | | | |
| | | | | | | 769 | |
| | |
SOUTH KOREA — 0.00% | | | | | | | | |
Hanjin Heavy Industries & Construction Co. Ltd.a | | | 268 | | | | 465 | |
| | | | | | | | |
| | | | | | | 465 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $0) | | | | 3,474 | |
|
SHORT-TERM INVESTMENTS — 0.16% | |
| |
MONEY MARKET FUNDS — 0.16% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 30,250 | | | | 30,250 | |
| | | | | | | | |
| | | | | | | 30,250 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $30,250) | | | | 30,250 | |
| | | | | | | | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 55 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL CAP INDEX FUND
February 28, 2013
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.84% | | | | |
(Cost: $18,941,993) | | $ | 19,492,554 | |
Other Assets, Less Liabilities — 0.16% | | | 31,981 | |
| | | | | | |
NET ASSETS — 100.00% | | $ | 19,524,535 | |
| | | | | | |
CPO — Certificates of Participation (Ordinary)
NVDR — Non-Voting Depositary Receipts
SP GDR — Sponsored Global 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.
| | |
| 56 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 91.50% | |
| |
BRAZIL — 5.23% | | | | | |
Banco do Brasil SA | | | 3,200 | | | $ | 42,632 | |
Banco Santander (Brasil) SA Units | | | 4,000 | | | | 29,093 | |
BM&F Bovespa SA | | | 9,600 | | | | 65,114 | |
Centrais Eletricas Brasileiras SA | | | 400 | | | | 1,406 | |
Companhia Siderurgica Nacional SA | | | 4,000 | | | | 20,232 | |
Cosan SA Industria e Comercio | | | 400 | | | | 9,440 | |
CPFL Energia SA | | | 1,200 | | | | 12,248 | |
EDP Energias do Brasil SA | | | 1,600 | | | | 9,719 | |
Embraer SA | | | 3,200 | | | | 27,062 | |
Fibria Celulose SAa | | | 1,200 | | | | 13,614 | |
JBS SAa | | | 800 | | | | 2,776 | |
Light SA | | | 400 | | | | 3,905 | |
Oi SA | | | 1,600 | | | | 6,838 | |
PDG Realty SA Empreendimentos e Participacoes | | | 6,400 | | | | 10,391 | |
Petroleo Brasileiro SA | | | 15,200 | | | | 111,399 | |
Porto Seguro SA | | | 400 | | | | 5,311 | |
TIM Participacoes SA | | | 2,000 | | | | 8,750 | |
Tractebel Energia SA | | | 400 | | | | 7,081 | |
Vale SA | | | 6,800 | | | | 130,009 | |
| | | | | | | | |
| | | | | | | 517,020 | |
CHILE — 1.93% | | | | | |
AES Gener SA | | | 9,616 | | | | 6,609 | |
Aguas Andinas SA Series A | | | 13,296 | | | | 10,679 | |
Banco de Chile | | | 88,720 | | | | 14,728 | |
Banco de Chile Series Ta | | | 2,977 | | | | 456 | |
Banco de Credito e Inversiones | | | 64 | | | | 4,977 | |
Banco Santander (Chile) SA | | | 343,940 | | | | 24,960 | |
CAP SA | | | 204 | | | | 7,336 | |
CorpBanca SA | | | 512,808 | | | | 7,541 | |
E.CL SA | | | 2,352 | | | | 5,321 | |
Empresa Nacional de Telecomunicaciones SA | | | 580 | | | | 12,237 | |
Empresas CMPC SA | | | 6,124 | | | | 23,625 | |
Empresas Copec SA | | | 2,448 | | | | 37,769 | |
Enersis SA | | | 71,112 | | | | 27,167 | |
Vina Concha y Toro SA | | | 3,332 | | | | 6,947 | |
| | | | | | | | |
| | | | | | | 190,352 | |
CHINA — 19.17% | | | | | |
Agile Property Holdings Ltd. | | | 8,000 | | | | 10,337 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Agricultural Bank of China Ltd. Class H | | | 106,000 | | | $ | 54,676 | |
Aluminum Corp. of China Ltd. Class Ha | | | 24,000 | | | | 10,368 | |
Angang Steel Co. Ltd. Class Ha | | | 8,000 | | | | 5,385 | |
Anta Sports Products Ltd. | | | 4,000 | | | | 3,786 | |
Bank of China Ltd. Class H | | | 400,000 | | | | 188,785 | |
Bank of Communications Co. Ltd. Class H | | | 40,000 | | | | 31,671 | |
Bosideng International Holdings Ltd. | | | 16,000 | | | | 4,952 | |
China Agri-Industries Holdings Ltd. | | | 9,800 | | | | 5,573 | |
China BlueChemical Ltd. Class H | | | 8,000 | | | | 5,127 | |
China CITIC Bank Corp. Ltd. Class H | | | 40,000 | | | | 25,687 | |
China Coal Energy Co. Class H | | | 24,000 | | | | 23,799 | |
China Communications Construction Co. Ltd. Class H | | | 24,000 | | | | 22,716 | |
China Communications Services Corp. Ltd. Class H | | | 8,000 | | | | 5,003 | |
China Construction Bank Corp. Class H | | | 372,000 | | | | 307,008 | |
China COSCO Holdings Co. Ltd. Class Ha | | | 14,000 | | | | 7,510 | |
China Everbright Ltd. | | | 8,000 | | | | 14,855 | |
China Merchants Bank Co. Ltd. Class H | | | 21,000 | | | | 45,548 | |
China Merchants Holdings (International) Co. Ltd. | | | 8,000 | | | | 27,750 | |
China Minsheng Banking Corp. Ltd. Class H | | | 28,000 | | | | 38,995 | |
China Mobile Ltd. | | | 32,000 | | | | 352,605 | |
China Petroleum & Chemical Corp. Class H | | | 96,000 | | | | 109,186 | |
China Railway Group Ltd. Class H | | | 20,000 | | | | 10,858 | |
China Shanshui Cement Group Ltd. | | | 12,000 | | | | 8,588 | |
China Shipping Container Lines Co. Ltd. Class Ha | | | 24,000 | | | | 7,118 | |
China Shipping Development Co. Ltd. Class H | | | 8,000 | | | | 4,457 | |
China Southern Airlines Co. Ltd. Class H | | | 8,000 | | | | 4,415 | |
China Telecom Corp. Ltd. Class H | | | 40,000 | | | | 20,735 | |
Chongqing Rural Commercial Bank Co. Ltd. Class H | | | 12,000 | | | | 6,731 | |
CITIC Pacific Ltd. | | | 8,000 | | | | 12,297 | |
CITIC Securities Co. Ltd. Class H | | | 4,000 | | | | 10,089 | |
COSCO Pacific Ltd. | | | 8,000 | | | | 12,813 | |
Datang International Power Generation Co. Ltd. Class H | | | 16,000 | | | | 6,953 | |
Evergrande Real Estate Group Ltd. | | | 24,000 | | | | 11,853 | |
Fosun International Ltd. | | | 10,000 | | | | 6,512 | |
Franshion Properties (China) Ltd. | | | 16,000 | | | | 5,653 | |
GCL-Poly Energy Holdings Ltd. | | | 44,000 | | | | 11,745 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 57 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
GOME Electrical Appliances Holdings Ltd.a | | | 72,000 | | | $ | 7,985 | |
Guangdong Investment Ltd. | | | 16,000 | | | | 13,762 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 8,000 | | | | 6,664 | |
Guangzhou R&F Properties Co. Ltd. Class H | | | 4,800 | | | | 8,146 | |
Huabao International Holdings Ltd. | | | 16,000 | | | | 8,934 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 336,000 | | | | 241,335 | |
Jiangsu Expressway Co. Ltd. Class H | | | 8,000 | | | | 8,088 | |
Jiangxi Copper Co. Ltd. Class H | | | 8,000 | | | | 19,167 | |
Kingboard Chemical Holdings Co. Ltd. | | | 4,000 | | | | 12,199 | |
Lee & Man Paper Manufacturing Ltd. | | | 12,000 | | | | 8,991 | |
Nine Dragons Paper (Holdings) Ltd. | | | 8,000 | | | | 7,613 | |
Poly Property Group Co. Ltd.a | | | 12,000 | | | | 8,573 | |
Shanghai Electric Group Co. Ltd. Class H | | | 16,000 | | | | 6,499 | |
Shanghai Industrial Holdings Ltd. | | | 4,000 | | | | 13,050 | |
Shougang Fushan Resources Group Ltd. | | | 16,000 | | | | 7,056 | |
Shui On Land Ltd. | | | 14,000 | | | | 6,481 | |
Sino-Ocean Land Holdings Ltd. | | | 16,000 | | | | 11,059 | |
SOHO China Ltd. | | | 12,000 | | | | 9,331 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 8,000 | | | | 12,400 | |
Yuexiu Property Co. Ltd. | | | 32,000 | | | | 11,059 | |
Zhejiang Expressway Co. Ltd. Class H | | | 8,000 | | | | 6,716 | |
Zijin Mining Group Co. Ltd. Class H | | | 24,000 | | | | 8,263 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | | | 7,200 | | | | 9,507 | |
| | | | | | | | |
| | | | | | | 1,895,017 | |
COLOMBIA — 0.71% | | | | | |
Ecopetrol SA SP ADR | | | 1,213 | | | | 69,808 | |
| | | | | | | | |
| | | | | | | 69,808 | |
CZECH REPUBLIC — 0.23% | | | | | |
CEZ AS | | | 488 | | | | 14,697 | |
Telefonica O2 Czech Republic AS | | | 492 | | | | 8,135 | |
| | | | | | | | |
| | | | | | | 22,832 | |
EGYPT — 0.15% | | | | | |
Orascom Telecom Holding SAE SP GDRa,b | | | 4,764 | | | | 15,054 | |
| | | | | | | | |
| | | | | | | 15,054 | |
HUNGARY — 0.29% | | | | | |
Magyar Telekom Telecommunications PLC | | | 2,712 | | | | 4,879 | |
OTP Bank PLC | | | 1,124 | | | | 23,349 | |
| | | | | | | | |
| | | | | | | 28,228 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INDIA — 6.63% | | | | | |
ACC Ltd. | | | 296 | | | $ | 6,924 | |
Aditya Birla Nuvo Ltd. | | | 300 | | | | 5,539 | |
Ambuja Cements Ltd. | | | 3,412 | | | | 12,013 | |
Axis Bank Ltd. | | | 672 | | | | 16,603 | |
Bajaj Auto Ltd. | | | 420 | | | | 15,231 | |
Bank of Baroda | | | 396 | | | | 5,063 | |
Bank of India | | | 872 | | | | 5,097 | |
Bharat Heavy Electricals Ltd. | | | 3,156 | | | | 11,669 | |
Bharat Petroleum Corp. Ltd. | | | 944 | | | | 6,454 | |
Cairn India Ltd. | | | 2,436 | | | | 13,341 | |
Canara Bank Ltd. | | | 696 | | | | 5,317 | |
Coal India Ltd. | | | 1,752 | | | | 9,976 | |
DLF Ltd. | | | 2,228 | | | | 11,358 | |
GAIL (India) Ltd. | | | 2,120 | | | | 12,959 | |
Hero Motocorp Ltd. | | | 216 | | | | 6,620 | |
Hindalco Industries Ltd. | | | 5,340 | | | | 9,707 | |
ICICI Bank Ltd. | | | 684 | | | | 13,080 | |
Infosys Ltd. | | | 2,312 | | | | 123,536 | |
Infrastructure Development Finance Co. Ltd. | | | 5,568 | | | | 15,280 | |
Jaiprakash Associates Ltd. | | | 4,052 | | | | 5,180 | |
Jindal Steel & Power Ltd. | | | 1,680 | | | | 10,774 | |
JSW Steel Ltd. | | | 408 | | | | 5,544 | |
Larsen & Toubro Ltd. | | | 352 | | | | 8,850 | |
Mahindra & Mahindra Ltd. | | | 1,628 | | | | 26,144 | |
NTPC Ltd. | | | 3,204 | | | | 8,887 | |
Oil & Natural Gas Corp. Ltd. | | | 4,048 | | | | 23,322 | |
Piramal Enterprises Ltd. | | | 488 | | | | 5,144 | |
Power Finance Corp. Ltd. | | | 1,424 | | | | 5,273 | |
Power Grid Corp. of India Ltd. | | | 6,132 | | | | 11,756 | |
Reliance Capital Ltd. | | | 696 | | | | 4,614 | |
Reliance Communications Ltd. | | | 3,668 | | | | 4,116 | |
Reliance Industries Ltd. | | | 6,984 | | | | 104,474 | |
Reliance Infrastructure Ltd. | | | 568 | | | | 4,374 | |
Rural Electrification Corp. Ltd. | | | 1,484 | | | | 6,225 | |
Sesa Goa Ltd. | | | 1,856 | | | | 5,283 | |
Shriram Transport Finance Co. Ltd. | | | 580 | | | | 7,416 | |
State Bank of India | | | 696 | | | | 26,621 | |
Sterlite Industries (India) Ltd. | | | 7,212 | | | | 12,454 | |
Tata Motors Ltd. | | | 3,596 | | | | 19,006 | |
Tata Power Co. Ltd. | | | 5,376 | | | | 9,328 | |
Tata Steel Ltd. | | | 1,564 | | | | 9,817 | |
| | |
| 58 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Unitech Ltd.a | | | 11,976 | | | $ | 5,987 | |
Wipro Ltd. | | | 2,520 | | | | 19,287 | |
| | | | | | | | |
| | | | | | | 655,643 | |
INDONESIA — 3.04% | | | | | |
PT Adaro Energy Tbk | | | 76,000 | | | | 12,348 | |
PT Astra Agro Lestari Tbk | | | 2,000 | | | | 3,818 | |
PT Astra International Tbk | | | 68,000 | | | | 55,942 | |
PT Bank Danamon Indonesia Tbk | | | 18,000 | | | | 11,735 | |
PT Bank Mandiri (Persero) Tbk | | | 16,000 | | | | 16,640 | |
PT Bank Negara Indonesia (Persero) Tbk | | | 40,000 | | | | 19,041 | |
PT Bank Rakyat Indonesia (Persero) Tbk | | | 32,000 | | | | 31,293 | |
PT Bukit Asam (Persero) Tbk | | | 4,000 | | | | 6,250 | |
PT Bumi Resources Tbk | | | 114,000 | | | | 9,674 | |
PT Indo Tambangraya Megah Tbk | | | 2,000 | | | | 8,330 | |
PT Indofood Sukses Makmur Tbk | | | 26,000 | | | | 19,641 | |
PT Perusahaan Gas Negara (Persero) Tbk | | | 60,000 | | | | 29,803 | |
PT Telekomunikasi Indonesia (Persero) Tbk | | | 54,000 | | | | 60,071 | |
PT United Tractors Tbk | | | 8,000 | | | | 15,978 | |
| | | | | | | | |
| | | | | | | 300,564 | |
MALAYSIA — 3.35% | | | | | |
Alliance Financial Group Bhd | | | 5,600 | | | | 7,810 | |
AMMB Holdings Bhd | | | 9,200 | | | | 18,814 | |
Berjaya Sports Toto Bhd | | | 3,271 | | | | 4,445 | |
CIMB Group Holdings Bhd | | | 8,800 | | | | 20,502 | |
Genting Malaysia Bhd | | | 16,800 | | | | 20,113 | |
IHH Healthcare Bhda | | | 7,600 | | | | 8,435 | |
IOI Corp. Bhd | | | 16,400 | | | | 26,002 | |
Malayan Banking Bhd | | | 21,200 | | | | 62,767 | |
Malaysia Airports Holdings Bhd | | | 3,200 | | | | 5,664 | |
Maxis Communications Bhd | | | 7,200 | | | | 14,840 | |
MISC Bhda | | | 6,000 | | | | 10,231 | |
Parkson Holdings Bhd | | | 4,800 | | | | 7,160 | |
PPB Group Bhd | | | 2,800 | | | | 11,216 | |
RHB Capital Bhd | | | 2,800 | | | | 7,112 | |
Sime Darby Bhd | | | 14,000 | | | | 41,721 | |
Tenaga Nasional Bhd | | | 14,800 | | | | 33,235 | |
UMW Holdings Bhd | | | 2,800 | | | | 11,597 | |
YTL Corp. Bhd | | | 25,200 | | | | 13,454 | |
YTL Power International Bhd | | | 12,400 | | | | 6,099 | |
| | | | | | | | |
| | | | | | | 331,217 | |
MEXICO — 5.64% | | | | | |
America Movil SAB de CV Series L | | | 102,400 | | | | 107,145 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Cemex SAB de CV CPOa | | | 56,800 | | | $ | 60,988 | |
Compartamos SAB de CV | | | 4,800 | | | | 7,633 | |
Fomento Economico Mexicano SAB de CV BD Units | | | 10,400 | | | | 116,315 | |
Grupo Aeroportuario del Pacifico SAB de CV Series B | | | 1,600 | | | | 9,886 | |
Grupo Aeroportuario del Sureste SAB de CV Series B | | | 1,200 | | | | 15,814 | |
Grupo Carso SAB de CV Series A1 | | | 3,200 | | | | 15,524 | |
Grupo Financiero Banorte SAB de CV Series O | | | 3,200 | | | | 23,751 | |
Grupo Financiero Inbursa SAB de CV Series O | | | 2,800 | | | | 7,893 | |
Grupo Mexico SAB de CV Series B | | | 20,400 | | | | 80,112 | |
Grupo Modelo SAB de CV Series C | | | 3,600 | | | | 32,222 | |
Grupo Televisa SAB de CV CPO | | | 7,200 | | | | 38,648 | |
Industrias CH SAB de CV Series Ba | | | 1,200 | | | | 9,791 | |
Industrias Penoles SAB de CV | | | 700 | | | | 32,300 | |
| | | | | | | | |
| | | | | | | 558,022 | |
PERU — 0.46% | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 1,036 | | | | 26,542 | |
Southern Copper Corp. | | | 504 | | | | 19,046 | |
| | | | | | | | |
| | | | | | | 45,588 | |
PHILIPPINES — 1.12% | | | | | |
Aboitiz Power Corp. | | | 10,400 | | | | 9,847 | |
Alliance Global Group Inc. | | | 22,400 | | | | 11,018 | |
Ayala Corp. | | | 920 | | | | 13,112 | |
Bank of the Philippine Islands | | | 3,920 | | | | 10,219 | |
BDO Unibank Inc.a | | | 7,600 | | | | 18,505 | |
Globe Telecom Inc. | | | 180 | | | | 4,980 | |
Metropolitan Bank & Trust Co. | | | 1,840 | | | | 5,159 | |
Philippine Long Distance Telephone Co. | | | 240 | | | | 17,236 | |
San Miguel Corp. | | | 2,600 | | | | 7,923 | |
SM Investments Corp. | | | 480 | | | | 12,325 | |
| | | | | | | | |
| | | | | | | 110,324 | |
POLAND — 1.41% | | | | | |
Asseco Poland SA | | | 533 | | | | 7,248 | |
Jastrzebska Spolka Weglowa SA | | | 272 | | | | 8,140 | |
KGHM Polska Miedz SA | | | 728 | | | | 41,439 | |
Polska Grupa Energetyczna SA | | | 3,400 | | | | 17,383 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 59 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 2,133 | | | $ | 23,920 | |
Powszechny Zaklad Ubezpieczen SA | | | 190 | | | | 24,114 | |
Tauron Polska Energia SA | | | 5,892 | | | | 8,166 | |
Telekomunikacja Polska SA | | | 4,400 | | | | 9,425 | |
| | | | | | | | |
| | | | | | | 139,835 | |
RUSSIA — 5.34% | | | | | |
Federal Grid Co. of Unified Energy System OJSCa | | | 1,560,000 | | | | 9,690 | |
Gazprom OAO | | | 55,880 | | | | 250,890 | |
IDGC Holding JSCa | | | 100,000 | | | | 6,271 | |
INTER RAO UES OJSCa | | | 6,400,000 | | | | 4,517 | |
LUKOIL OAO | | | 2,752 | | | | 176,526 | |
Novolipetsk Steel OJSC SP GDRb | | | 464 | | | | 8,904 | |
Rosneft Oil Co. OJSC | | | 3,440 | | | | 27,429 | |
Severstal OAO | | | 560 | | | | 6,242 | |
Sistema JSFC SP GDRb | | | 292 | | | | 5,741 | |
Surgutneftegas OJSC | | | 20,400 | | | | 19,126 | |
VTB Bank OJSC | | | 6,920,000 | | | | 12,636 | |
| | | | | | | | |
| | | | | | | 527,972 | |
SOUTH AFRICA — 7.29% | | | | | |
Absa Group Ltd. | | | 1,460 | | | | 26,441 | |
African Bank Investments Ltd. | | | 3,740 | | | | 12,004 | |
African Rainbow Minerals Ltd. | | | 280 | | | | 5,965 | |
Assore Ltd. | | | 20 | | | | 752 | |
Aveng Ltd. | | | 2,332 | | | | 8,525 | |
Barloworld Ltd. | | | 764 | | | | 7,859 | |
Exxaro Resources Ltd. | | | 580 | | | | 11,108 | |
FirstRand Ltd. | | | 16,424 | | | | 56,469 | |
Gold Fields Ltd. | | | 3,796 | | | | 32,335 | |
Growthpoint Properties Ltd. | | | 9,368 | | | | 28,555 | |
Harmony Gold Mining Co. Ltd. | | | 644 | | | | 4,072 | |
Impala Platinum Holdings Ltd. | | | 1,836 | | | | 28,442 | |
Imperial Holdings Ltd. | | | 976 | | | | 22,515 | |
Investec Ltd. | | | 1,292 | | | | 9,217 | |
Liberty Holdings Ltd. | | | 736 | | | | 9,556 | |
MMI Holdings Ltd. | | | 5,764 | | | | 14,358 | |
Nedbank Group Ltd. | | | 1,048 | | | | 22,506 | |
PPC Ltd. | | | 1,248 | | | | 4,800 | |
Redefine Properties Ltd. | | | 15,576 | | | | 17,064 | |
Remgro Ltd. | | | 2,344 | | | | 44,410 | |
Reunert Ltd. | | | 1,104 | | | | 9,782 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RMB Holdings Ltd. | | | 3,804 | | | $ | 17,357 | |
RMI Holdings Ltd. | | | 3,340 | | | | 8,465 | |
Sanlam Ltd. | | | 9,612 | | | | 48,506 | |
Sappi Ltd.a | | | 3,028 | | | | 9,618 | |
Sasol Ltd. | | | 2,840 | | | | 121,501 | |
Standard Bank Group Ltd. | | | 6,372 | | | | 82,726 | |
Steinhoff International Holdings Ltd.a | | | 5,844 | | | | 16,980 | |
Tiger Brands Ltd. | | | 364 | | | | 12,312 | |
Vodacom Group Ltd. | | | 2,012 | | | | 26,718 | |
| | | | | | | | |
| | | | | | | 720,918 | |
SOUTH KOREA — 14.30% | | | | | |
BS Financial Group Inc. | | | 690 | | | | 9,973 | |
CJ Corp. | | | 80 | | | | 11,045 | |
Coway Co. Ltd.a | | | 320 | | | | 14,732 | |
Daelim Industrial Co. Ltd. | | | 148 | | | | 13,217 | |
Daewoo Engineering & Construction Co. Ltd.a | | | 480 | | | | 4,029 | |
Daewoo Securities Co. Ltd. | | | 880 | | | | 9,955 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | | | 520 | | | | 14,431 | |
DGB Financial Group Inc. | | | 450 | | | | 6,753 | |
Dongbu Insurance Co. Ltd. | | | 240 | | | | 10,517 | |
Doosan Corp. | | | 40 | | | | 4,765 | |
Doosan Heavy Industries & Construction Co. Ltd. | | | 286 | | | | 11,582 | |
GS Engineering & Construction Corp. | | | 192 | | | | 9,717 | |
GS Holdings Corp. | | | 280 | | | | 18,049 | |
Hana Financial Group Inc. | | | 930 | | | | 34,698 | |
Hanwha Chemical Corp. | | | 480 | | | | 8,821 | |
Hanwha Corp. | | | 240 | | | | 7,735 | |
Hanwha Life Insurance Co. Ltd. | | | 960 | | | | 6,419 | |
Hyosung Corp. | | | 120 | | | | 6,261 | |
Hyundai Department Store Co. Ltd. | | | 72 | | | | 10,040 | |
Hyundai Development Co. | | | 320 | | | | 7,314 | |
Hyundai Engineering & Construction Co. Ltd. | | | 324 | | | | 20,466 | |
Hyundai Heavy Industries Co. Ltd. | | | 224 | | | | 44,373 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 280 | | | | 8,132 | |
Hyundai Merchant Marine Co. Ltd.a | | | 200 | | | | 3,288 | |
Hyundai Mipo Dockyard Co. Ltd. | | | 64 | | | | 6,974 | |
Hyundai Motor Co. | | | 812 | | | | 163,476 | |
Hyundai Securities Co. Ltd. | | | 600 | | | | 4,943 | |
Hyundai Steel Co. | | | 296 | | | | 23,263 | |
| | |
| 60 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Industrial Bank of Korea | | | 840 | | | $ | 10,162 | |
Kangwon Land Inc. | | | 560 | | | | 16,989 | |
KB Financial Group Inc. | | | 1,960 | | | | 71,498 | |
KCC Corp. | | | 24 | | | | 6,317 | |
Kia Motors Corp. | | | 436 | | | | 22,508 | |
Korea Electric Power Corp.a | | | 1,400 | | | | 42,214 | |
Korea Exchange Banka | | | 1,840 | | | | 12,914 | |
Korea Gas Corp. | | | 120 | | | | 7,924 | |
Korea Investment Holdings Co. Ltd. | | | 200 | | | | 8,506 | |
KT Corp. SP ADRa | | | 292 | | | | 4,725 | |
KT&G Corp. | | | 588 | | | | 41,921 | |
Kumho Petro Chemical Co. Ltd. | | | 72 | | | | 7,281 | |
LG Corp. | | | 508 | | | | 30,917 | |
LG Display Co. Ltd.a | | | 1,280 | | | | 36,113 | |
LG Electronics Inc. | | | 544 | | | | 39,337 | |
Lotte Confectionery Co. Ltd. | | | 4 | | | | 6,756 | |
Lotte Shopping Co. Ltd. | | | 56 | | | | 20,118 | |
Mirae Asset Securities Co. Ltd. | | | 160 | | | | 6,420 | |
Neo Holdings Co. Ltd.a,c | | | 12 | | | | — | |
OCI Co. Ltd. | | | 72 | | | | 11,537 | |
POSCO | | | 348 | | | | 113,608 | |
S-Oil Corp. | | | 240 | | | | 22,142 | |
Samsung C&T Corp. | | | 300 | | | | 18,341 | |
Samsung Card Co. Ltd. | | | 240 | | | | 8,633 | |
Samsung Engineering Co. Ltd. | | | 144 | | | | 20,480 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 192 | | | | 40,428 | |
Samsung Heavy Industries Co. Ltd. | | | 880 | | | | 31,410 | |
Samsung Life Insurance Co. Ltd. | | | 392 | | | | 37,650 | |
Samsung Securities Co. Ltd. | | | 320 | | | | 16,963 | |
Shinhan Financial Group Co. Ltd. | | | 1,710 | | | | 67,353 | |
Shinsegae Co. Ltd. | | | 36 | | | | 7,530 | |
SK C&C Co. Ltd. | | | 108 | | | | 10,273 | |
SK Holdings Co. Ltd. | | | 136 | | | | 22,105 | |
SK Innovation Co. Ltd. | | | 308 | | | | 50,631 | |
SK Networks Co. Ltd. | | | 680 | | | | 5,018 | |
SK Telecom Co. Ltd. | | | 52 | | | | 8,572 | |
Woori Finance Holdings Co. Ltd. | | | 1,880 | | | | 22,831 | |
Woori Investment & Securities Co. Ltd. | | | 680 | | | | 8,007 | |
Yuhan Corp. | | | 16 | | | | 2,638 | |
| | | | | | | | |
| | | | | | | 1,413,738 | |
TAIWAN — 10.38% | | | | | |
Advanced Semiconductor Engineering Inc. | | | 32,000 | | | | 26,535 | |
Asia Cement Corp. | | | 12,000 | | | | 14,966 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ASUSTeK Computer Inc. | | | 4,000 | | | $ | 48,540 | |
AU Optronics Corp.a | | | 20,000 | | | | 8,697 | |
Capital Securities Corp. | | | 12,000 | | | | 4,551 | |
Catcher Technology Co. Ltd. | | | 4,000 | | | | 18,068 | |
Cathay Financial Holding Co. Ltd. | | | 12,000 | | | | 15,209 | |
Chang Hwa Commercial Bank Ltd. | | | 4,000 | | | | 2,339 | |
Cheng Uei Precision Industry Co. Ltd. | | | 4,000 | | | | 7,564 | |
Chicony Electronics Co. Ltd. | | | 4,000 | | | | 10,476 | |
China Development Financial Holding Corp.a | | | 44,000 | | | | 13,096 | |
China Motor Co. Ltd. | | | 4,000 | | | | 3,735 | |
China Petrochemical Development Corp. | | | 9,050 | | | | 5,598 | |
China Steel Corp. | | | 60,000 | | | | 55,012 | |
Chinatrust Financial Holding Co. Ltd. | | | 38,376 | | | | 22,702 | |
Chunghwa Telecom Co. Ltd. | | | 20,000 | | | | 62,158 | |
Compal Electronics Inc. | | | 24,000 | | | | 16,787 | |
E Ink Holdings Inc. | | | 4,000 | | | | 3,067 | |
Eternal Chemical Co. Ltd. | | | 8,000 | | | | 6,998 | |
Evergreen Marine Corp. Ltd.a | | | 8,000 | | | | 5,110 | |
Far Eastern New Century Corp. | | | 16,000 | | | | 17,744 | |
Farglory Land Development Co. Ltd. | | | 4,000 | | | | 7,591 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 4,000 | | | | 6,971 | |
First Financial Holding Co. Ltd. | | | 36,000 | | | | 22,935 | |
Formosa Chemicals & Fibre Corp. | | | 16,000 | | | | 40,773 | |
Formosa Plastics Corp. | | | 20,000 | | | | 50,562 | |
Formosa Taffeta Co. Ltd. | | | 8,000 | | | | 7,753 | |
Fubon Financial Holding Co. Ltd. | | | 32,000 | | | | 43,146 | |
HTC Corp. | | | 4,000 | | | | 37,349 | |
Hua Nan Financial Holdings Co. Ltd. | | | 28,000 | | | | 16,375 | |
Innolux Corp.a | | | 33,640 | | | | 18,597 | |
Inventec Corp. | | | 16,000 | | | | 6,364 | |
LCY Chemical Corp. | | | 4,149 | | | | 5,286 | |
Lite-On Technology Corp. | | | 12,000 | | | | 18,506 | |
Macronix International Co. Ltd. | | | 24,000 | | | | 6,836 | |
Mega Financial Holding Co. Ltd. | | | 44,000 | | | | 36,263 | |
Nan Ya Plastics Corp. | | | 24,000 | | | | 46,032 | |
Novatek Microelectronics Corp. Ltd. | | | 4,000 | | | | 16,719 | |
Pou Chen Corp. | | | 12,000 | | | | 12,175 | |
Powertech Technology Inc. | | | 4,000 | | | | 5,818 | |
Quanta Computer Inc. | | | 12,000 | | | | 25,605 | |
Realtek Semiconductor Corp. | | | 4,000 | | | | 9,519 | |
Ruentex Development Co. Ltd. | | | 4,000 | | | | 8,751 | |
Shin Kong Financial Holding Co. Ltd.a | | | 32,000 | | | | 9,697 | |
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 61 | |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Siliconware Precision Industries Co. Ltd. | | | 16,000 | | | $ | 17,178 | |
SinoPac Financial Holdings Co. Ltd. | | | 8,000 | | | | 3,640 | |
Synnex Technology International Corp. | | | 4,000 | | | | 8,090 | |
Taishin Financial Holdings Co. Ltd. | | | 32,000 | | | | 13,052 | |
Taiwan Cement Corp. | | | 16,000 | | | | 20,521 | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 26,824 | | | | 15,371 | |
Taiwan Mobile Co. Ltd. | | | 4,000 | | | | 13,955 | |
Teco Electric and Machinery Co. Ltd. | | | 8,000 | | | | 6,391 | |
Tripod Technology Corp. | | | 4,000 | | | | 8,292 | |
Tung Ho Steel Enterprise Corp. | | | 8,000 | | | | 7,820 | |
U-Ming Marine Transport Corp. | | | 4,000 | | | | 6,202 | |
Unimicron Technology Corp. | | | 8,000 | | | | 7,605 | |
United Microelectronics Corp. | | | 68,000 | | | | 25,443 | |
Walsin Lihwa Corp.a | | | 20,000 | | | | 6,876 | |
Wistron Corp. | | | 12,000 | | | | 13,348 | |
WPG Holdings Co. Ltd. | | | 8,000 | | | | 9,088 | |
Yuanta Financial Holding Co. Ltd. | | | 28,000 | | | | 14,488 | |
| | | | | | | | |
| | | | | | | 1,025,935 | |
THAILAND — 2.75% | | | | | |
Advanced Information Service PCL NVDR | | | 3,600 | | | | 25,049 | |
Bangkok Bank PCL Foreign | | | 4,400 | | | | 34,313 | |
Bangkok Bank PCL NVDR | | | 2,800 | | | | 20,612 | |
Banpu PCL NVDR | | | 150 | | | | 1,971 | |
Indorama Ventures PCL NVDR | | | 8,400 | | | | 6,720 | |
IRPC PCL NVDR | | | 60,800 | | | | 8,706 | |
Krung Thai Bank PCL NVDR | | | 20,400 | | | | 17,486 | |
PTT Exploration & Production PCL NVDR | | | 6,000 | | | | 31,865 | |
PTT Global Chemical PCL NVDR | | | 9,200 | | | | 24,430 | |
PTT PCL NVDR | | | 4,400 | | | | 51,765 | |
Siam Cement PCL NVDR | | | 1,200 | | | | 18,716 | |
Siam Commercial Bank PCL NVDR | | | 4,000 | | | | 23,933 | |
Thai Oil PCL NVDR | | | 2,800 | | | | 6,588 | |
| | | | | | | | |
| | | | | | | 272,154 | |
TURKEY — 2.08% | | | | | |
Akbank TAS | | | 6,276 | | | | 30,496 | |
Asya Katilim Bankasi ASa | | | 3,816 | | | | 4,689 | |
Enka Insaat ve Sanayi AS | | | 2,132 | | | | 6,496 | |
Eregli Demir ve Celik Fabrikalari TAS | | | 5,268 | | | | 6,795 | |
Ford Otomotiv Sanayi AS | | | 424 | | | | 4,998 | |
Haci Omer Sabanci Holding AS | | | 4,384 | | | | 23,886 | |
KOC Holding AS | | | 3,452 | | | | 18,156 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Turk Telekomunikasyon AS | | | 2,948 | | | $ | 12,161 | |
Turkcell Iletisim Hizmetleri ASa | | | 2,192 | | | | 14,563 | |
Turkiye Halk Bankasi AS | | | 1,384 | | | | 13,696 | |
Turkiye Is Bankasi AS Class C | | | 8,328 | | | | 29,726 | |
Turkiye Petrol Rafinerileri AS | | | 684 | | | | 19,166 | |
Turkiye Vakiflar Bankasi TAO Class D | | | 4,680 | | | | 14,363 | |
Yapi ve Kredi Bankasi ASa | | | 2,248 | | | | 6,349 | |
| | | | | | | | |
| | | | | | | 205,540 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $9,159,263) | | | | 9,045,761 | |
|
PREFERRED STOCKS — 7.99% | |
| |
BRAZIL — 6.72% | | | | | |
AES Tiete SA | | | 800 | | | | 8,251 | |
Banco do Estado do Rio Grande do Sul SA Class B | | | 800 | | | | 7,324 | |
Bradespar SA | | | 1,200 | | | | 17,632 | |
Centrais Eletricas Brasileiras SA Class B | | | 2,000 | | | | 12,685 | |
Companhia Energetica de Minas Gerais | | | 2,400 | | | | 28,442 | |
Companhia Energetica de Sao Paulo Class B | | | 800 | | | | 7,421 | |
Companhia Paranaense de Energia Class B | | | 800 | | | | 11,734 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 400 | | | | 2,418 | |
Gerdau SA | | | 4,800 | | | | 39,937 | |
Itausa — Investimentos Itau SA | | | 13,200 | | | | 69,101 | |
Metalurgica Gerdau SA | | | 1,600 | | | | 16,954 | |
Oi SA | | | 4,400 | | | | 16,357 | |
Petroleo Brasileiro SA | | | 21,600 | | | | 181,466 | |
Telefonica Brasil SA | | | 1,600 | | | | 42,195 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 2,000 | | | | 9,914 | |
Vale SA Class A | | | 10,400 | | | | 192,261 | |
| | | | | | | | |
| | | | | | | 664,092 | |
RUSSIA — 0.45% | | | | | |
AK Transneft OAO | | | 8 | | | | 17,939 | |
Surgutneftegas OJSC | | | 36,800 | | | | 27,094 | |
| | | | | | | | |
| | | | | | | 45,033 | |
SOUTH KOREA — 0.82% | | | | | |
Hyundai Motor Co. Ltd. | | | 112 | | | | 7,489 | |
Hyundai Motor Co. Ltd. Series 2 | | | 188 | | | | 13,525 | |
LG Chem Ltd. | | | 52 | | | | 4,605 | |
| | |
| 62 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Samsung Electronics Co. Ltd. | | | 68 | | | $ | 55,263 | |
| | | | | | | | |
| | | | | | | 80,882 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $977,153) | | | | 790,007 | |
|
RIGHTS — 0.00% | |
| |
CHILE — 0.00% | | | | | |
Enersis SAa | | | 35,840 | | | | 485 | |
| | | | | | | | |
| | | | | | | 485 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $0) | | | | 485 | |
|
SHORT-TERM INVESTMENTS — 0.22% | |
| |
MONEY MARKET FUNDS — 0.22% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%d,e | | | 22,059 | | | | 22,059 | |
| | | | | | | | |
| | | | | | | 22,059 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $22,059) | | | | 22,059 | |
| | | | | | | | |
| | |
TOTAL INVESTMENTS
IN SECURITIES — 99.71% | | | | | | | | |
(Cost: $10,158,475) | | | | | | | 9,858,312 | |
Other Assets, Less Liabilities — 0.29% | | | | | | | 28,205 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | | | | $ | 9,886,517 | |
| | | | | | | | |
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 | 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. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED SCHEDULESOF INVESTMENTS | | | 63 | |
Consolidated Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | 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 | | $ | 759,341,629 | | | $ | 170,411,043 | | | $ | 2,480,952 | |
Affiliated (Note 2) | | | 15,589,321 | | | | 299,230 | | | | 30,677 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 774,930,950 | | | $ | 170,710,273 | | | $ | 2,511,629 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 773,476,615 | | | $ | 170,559,210 | | | $ | 2,605,546 | |
Affiliated (Note 2) | | | 15,589,321 | | | | 299,230 | | | | 30,677 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 789,065,936 | | | | 170,858,439 | | | | 2,636,223 | |
Foreign currencies, at valueb | | | 726,154 | | | | 76,944 | | | | 1,837 | |
Cash | | | 47,930 | | | | — | | | | — | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 5,903,118 | | | | 74,469 | | | | 11,958 | |
Dividends and interest | | | 1,484,950 | | | | 74,056 | | | | 6,353 | |
| | | | | | | | | | | | |
Total Assets | | | 797,228,088 | | | | 171,083,908 | | | | 2,656,371 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 5,904,858 | | | | 205,687 | | | | 10,920 | |
Collateral for securities on loan (Note 5) | | | 15,354,027 | | | | — | | | | 30,405 | |
Foreign taxes (Note 1) | | | — | | | | 75 | | | | 7 | |
Investment advisory fees (Note 2) | | | 394,542 | | | | 54,505 | | | | 1,302 | |
| | | | | | | | | | | | |
Total Liabilities | | | 21,653,427 | | | | 260,267 | | | | 42,634 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 775,574,661 | | | $ | 170,823,641 | | | $ | 2,613,737 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 907,081,764 | | | $ | 170,976,739 | | | $ | 3,272,295 | |
Distributions in excess of net investment income | | | (666,704 | ) | | | (45,759 | ) | | | (2,009 | ) |
Accumulated net realized loss | | | (145,001,022 | ) | | | (255,402 | ) | | | (781,095 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 14,160,623 | | | | 148,063 | | | | 124,546 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 775,574,661 | | | $ | 170,823,641 | | | $ | 2,613,737 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 19,350,000 | | | | 3,000,000 | | | | 50,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 40.08 | | | $ | 56.94 | | | $ | 52.27 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $14,393,682, $ — and $28,812, respectively. See Note 5. |
| b | Cost of foreign currencies: $721,138, $76,726 and $1,836, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to consolidated financial statements.
| | |
| 64 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | 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 | | $ | 2,492,939 | | | $ | 2,514,420 | | | $ | 1,342,664,802 | |
Affiliated (Note 2) | | | 676 | | | | 37,952 | | | | 3,483,868 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 2,493,615 | | | $ | 2,552,372 | | | $ | 1,346,148,670 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 2,066,482 | | | $ | 2,789,534 | | | $ | 1,420,076,360 | |
Affiliated (Note 2) | | | 676 | | | | 37,952 | | | | 3,483,868 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 2,067,158 | | | | 2,827,486 | | | | 1,423,560,228 | |
Foreign currencies, at valueb | | | 1,647 | | | | 2,760 | | | | 718,796 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | — | | | | 12,948 | | | | 271,007 | |
Due from custodian (Note 4) | | | — | | | | — | | | | 2,546,901 | |
Dividends and interest | | | 2,783 | | | | 5,476 | | | | 2,331,885 | |
| | | | | | | | | | | | |
Total Assets | | | 2,071,588 | | | | 2,848,670 | | | | 1,429,428,817 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | — | | | | 13,262 | | | | 2,546,901 | |
Collateral for securities on loan (Note 5) | | | — | | | | 34,611 | | | | 3,483,868 | |
Due to custodian | | | — | | | | — | | | | 138,105 | |
Foreign taxes (Note 1) | | | — | | | | 25 | | | | 1,085 | |
Investment advisory fees (Note 2) | | | 1,062 | | | | 1,057 | | | | 233,329 | |
| | | | | | | | | | | | |
Total Liabilities | | | 1,062 | | | | 48,955 | | | | 6,403,288 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 2,070,526 | | | $ | 2,799,715 | | | $ | 1,423,025,529 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 3,421,694 | | | $ | 3,245,142 | | | $ | 1,352,616,085 | |
Undistributed (distributions in excess of) net investment income | | | (542 | ) | | | (2,552 | ) | | | 1,127,295 | |
Accumulated net realized loss | | | (924,148 | ) | | | (718,010 | ) | | | (8,129,643 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | (426,478 | ) | | | 275,135 | | | | 77,411,792 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 2,070,526 | | | $ | 2,799,715 | | | $ | 1,423,025,529 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 50,000 | | | | 50,000 | | | | 23,300,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 41.41 | | | $ | 55.99 | | | $ | 61.07 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $ —, $32,911 and $3,322,764, respectively. See Note 5. |
| b | Cost of foreign currencies: $1,659, $2,772 and $719,090, 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 | | | 65 | |
Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | | | | | |
| | | iShares MSCI
Emerging Markets
Small Cap
Index Fund | | |
iShares MSCI
Emerging Markets
Value Index Fund | |
| | |
ASSETS | | | | | | | | |
Investments, at cost: | | | | | | | | |
Unaffiliated | | $ | 18,911,743 | | | $ | 10,136,416 | |
Affiliated (Note 2) | | | 30,250 | | | | 22,059 | |
| | | | | | | | |
Total cost of investments | | $ | 18,941,993 | | | $ | 10,158,475 | |
| | | | | | | | |
Investments in securities, at fair value (Note 1): | | | | | | | | |
Unaffiliated | | $ | 19,462,304 | | | $ | 9,836,253 | |
Affiliated (Note 2) | | | 30,250 | | | | 22,059 | |
| | | | | | | | |
Total fair value of investments | | | 19,492,554 | | | | 9,858,312 | |
Foreign currencies, at valuea | | | 14,805 | | | | 8,943 | |
Cash | | | 499 | | | | — | |
Receivables: | | | | | | | | |
Investment securities sold | | | 50,938 | | | | 3,068 | |
Dividends and interest | | | 17,935 | | | | 19,952 | |
| | | | | | | | |
Total Assets | | | 19,576,731 | | | | 9,890,275 | |
| | | | | | | | |
| | |
LIABILITIES | | | | | | | | |
Payables: | | | | | | | | |
Investment securities purchased | | | 43,196 | | | | — | |
Foreign taxes (Note 1) | | | 38 | | | | 4 | |
Investment advisory fees (Note 2) | | | 8,962 | | | | 3,754 | |
| | | | | | | | |
Total Liabilities | | | 52,196 | | | | 3,758 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 19,524,535 | | | $ | 9,886,517 | |
| | | | | | | | |
| | |
Net assets consist of: | | | | | | | | |
Paid-in capital | | $ | 27,537,894 | | | $ | 10,727,361 | |
Distributions in excess of net investment income | | | (48,034 | ) | | | (2,971 | ) |
Accumulated net realized loss | | | (8,515,868 | ) | | | (537,644 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 550,543 | | | | (300,229 | ) |
| | | | | | | | |
NET ASSETS | | $ | 19,524,535 | | | $ | 9,886,517 | |
| | | | | | | | |
| | |
Shares outstandingb | | | 400,000 | | | | 200,000 | |
| | | | | | | | |
| | |
Net asset value per share | | $ | 48.81 | | | $ | 49.43 | |
| | | | | | | | |
| a | Cost of foreign currencies: $14,779 and $8,987, respectively. |
| b | $0.001 par value, number of shares authorized: 500 million and 500 million, respectively. |
See notes to consolidated financial statements.
| | |
| 66 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
BRIC
Index Fund | | | iShares MSCI
Emerging Markets
Asia Index Fund | | | iShares MSCI
Emerging Markets
Consumer
Discretionary
Sector Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 5,770,425 | | | $ | 144,873 | | | $ | 15,333 | |
Interest — affiliated (Note 2) | | | 229 | | | | 12 | | | | 1 | |
Securities lending income — affiliated (Note 2) | | | 292,134 | | | | — | | | | 276 | |
| | | | | | | | | | | | |
Total investment income | | | 6,062,788 | | | | 144,885 | | | | 15,610 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 2,509,403 | | | | 163,511 | | | | 8,475 | |
Mauritius income taxes (Note 1) | | | 22,026 | | | | — | | | | — | |
Commitment fees (Note 7) | | | 2,488 | | | | 52 | | | | 5 | |
Interest expense (Note 7) | | | 588 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total expenses | | | 2,534,505 | | | | 163,563 | | | | 8,480 | |
Less investment advisory fees waived (Note 2) | | | — | | | | (45,687 | ) | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 2,534,505 | | | | 117,876 | | | | 8,480 | |
| | | | | | | | | | | | |
Net investment income | | | 3,528,283 | | | | 27,009 | | | | 7,130 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (7,527,804 | ) | | | (84,910 | ) | | | (5,833 | ) |
In-kind redemptions — unaffiliated | | | 871,379 | | | | — | | | | — | |
Foreign currency transactions | | | (90,965 | ) | | | (72,130 | ) | | | 63 | |
| | | | | | | | | | | | |
Net realized loss | | | (6,747,390 | ) | | | (157,040 | ) | | | (5,770 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 90,987,585 | | | | 1,846,862 | | | | 212,445 | |
Translation of assets and liabilities in foreign currencies | | | 67,953 | | | | (88 | ) | | | (47 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 91,055,538 | | | | 1,846,774 | | | | 212,398 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 84,308,148 | | | | 1,689,734 | | | | 206,628 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 87,836,431 | | | $ | 1,716,743 | | | $ | 213,758 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $458,846, $19,666 and $2,901, respectively. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 67 | |
Consolidated Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Period ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
Emerging Markets
Energy Sector
Capped Index Fund | | | iShares MSCI
Emerging Markets
Growth Index Fund | | | iShares MSCI
Emerging Markets
Minimum Volatility
Index Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 15,878 | | | $ | 17,358 | | | $ | 5,557,639 | |
Interest — unaffiliated | | | — | | | | — | | | | 639 | |
Interest — affiliated (Note 2) | | | 1 | | | | 2 | | | | 297 | |
Securities lending income — affiliated (Note 2) | | | — | | | | 390 | | | | 45,659 | |
| | | | | | | | | | | | |
Total investment income | | | 15,879 | | | | 17,750 | | | | 5,604,234 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 7,076 | | | | 10,190 | | | | 2,447,173 | |
Commitment fees (Note 7) | | | 4 | | | | 8 | | | | 331 | |
| | | | | | | | | | | | |
Total expenses | | | 7,080 | | | | 10,198 | | | | 2,447,504 | |
Less investment advisory fees waived (Note 2) | | | — | | | | (2,847 | ) | | | (1,524,852 | ) |
| | | | | | | | | | | | |
Net expenses | | | 7,080 | | | | 7,351 | | | | 922,652 | |
| | | | | | | | | | | | |
Net investment income | | | 8,799 | | | | 10,399 | | | | 4,681,582 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | (7,882 | ) | | | (265,227 | ) | | | (3,312,040 | ) |
In-kind redemptions — unaffiliated | | | — | | | | (149,502 | ) | | | — | |
Foreign currency transactions | | | 228 | | | | 2,353 | | | | (117,472 | ) |
| | | | | | | | | | | | |
Net realized loss | | | (7,654 | ) | | | (412,376 | ) | | | (3,429,512 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 70,917 | | | | 743,386 | | | | 69,312,355 | |
Translation of assets and liabilities in foreign currencies | | | (22 | ) | | | 176 | | | | 3,037 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 70,895 | | | | 743,562 | | | | 69,315,392 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 63,241 | | | | 331,186 | | | | 65,885,880 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 72,040 | | | $ | 341,585 | | | $ | 70,567,462 | |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $2,368, $2,004 and $677,247, respectively. |
See notes to consolidated financial statements.
| | |
| 68 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | |
| | |
iShares MSCI
Emerging Markets
Small Cap
Index Fund | | | iShares MSCI
Emerging Markets
Value Index Fund | |
| | |
NET INVESTMENT INCOME | | | | | | | | |
Dividends — unaffiliateda | | $ | 63,515 | | | $ | 72,438 | |
Interest — affiliated (Note 2) | | | 8 | | | | 4 | |
| | | | | | | | |
Total investment income | | | 63,523 | | | | 72,442 | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory fees (Note 2) | | | 35,151 | | | | 28,158 | |
Commitment fees (Note 7) | | | 15 | | | | 12 | |
Interest expense (Note 7) | | | 9 | | | | 10 | |
| | | | | | | | |
Total expenses | | | 35,175 | | | | 28,180 | |
Less investment advisory fees waived (Note 2) | | | — | | | | (7,868 | ) |
| | | | | | | | |
Net expenses | | | 35,175 | | | | 20,312 | |
| | | | | | | | |
Net investment income | | | 28,348 | | | | 52,130 | |
| | | | | | | | |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments — unaffiliated | | | 78,071 | | | | (268,965 | ) |
In-kind redemptions — unaffiliated | | | — | | | | (68,998 | ) |
Foreign currency transactions | | | (3,136 | ) | | | 63 | |
| | | | | | | | |
Net realized gain (loss) | | | 74,935 | | | | (337,900 | ) |
| | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | |
Investments | | | 1,294,230 | | | | 1,004,032 | |
Translation of assets and liabilities in foreign currencies | | | 208 | | | | (2 | ) |
| | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 1,294,438 | | | | 1,004,030 | |
| | | | | | | | |
Net realized and unrealized gain | | | 1,369,373 | | | | 666,130 | |
| | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,397,721 | | | $ | 718,260 | |
| | | | | | | | |
| a | Net of foreign withholding tax of $7,764 and $9,630, respectively. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 69 | |
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 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
February 8, 2012a to August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 3,528,283 | | | $ | 20,024,020 | | | $ | 27,009 | | | $ | 287,805 | |
Net realized loss | | | (6,747,390 | ) | | | (66,583,732 | ) | | | (157,040 | ) | | | (102,757 | ) |
Net change in unrealized appreciation/depreciation | | | 91,055,538 | | | | (88,532,330 | ) | | | 1,846,774 | | | | (1,698,711 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 87,836,431 | | | | (135,092,042 | ) | | | 1,716,743 | | | | (1,513,663 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (3,563,136 | ) | | | (18,504,865 | ) | | | (193,214 | ) | | | (162,964 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (3,563,136 | ) | | | (18,504,865 | ) | | | (193,214 | ) | | | (162,964 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 14,043,604 | | | | 247,215,549 | | | | 149,229,447 | | | | 21,747,292 | |
Cost of shares redeemed | | | (7,890,916 | ) | | | (274,663,908 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 6,152,688 | | | | (27,448,359 | ) | | | 149,229,447 | | | | 21,747,292 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 90,425,983 | | | | (181,045,266 | ) | | | 150,752,976 | | | | 20,070,665 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 685,148,678 | | | | 866,193,944 | | | | 20,070,665 | | | | — | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 775,574,661 | | | $ | 685,148,678 | | | $ | 170,823,641 | | | $ | 20,070,665 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (666,704 | ) | | $ | (631,851 | ) | | $ | (45,759 | ) | | $ | 120,446 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 350,000 | | | | 6,050,000 | | | | 2,600,000 | | | | 400,000 | |
Shares redeemed | | | (200,000 | ) | | | (7,350,000 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 150,000 | | | | (1,300,000 | ) | | | 2,600,000 | | | | 400,000 | |
| | | | | | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to consolidated financial statements.
| | |
| 70 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
February 8, 2012a to August 31, 2012 | | | Six months
ended
February 28, 2013 (Unaudited) | | | Period from
February 8, 2012a to August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 7,130 | | | $ | 43,745 | | | $ | 8,799 | | | $ | 176,464 | |
Net realized loss | | | (5,770 | ) | | | (958,390 | ) | | | (7,654 | ) | | | (1,795,340 | ) |
Net change in unrealized appreciation/depreciation | | | 212,398 | | | | (87,852 | ) | | | 70,895 | | | | (497,373 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 213,758 | | | | (1,002,497 | ) | | | 72,040 | | | | (2,116,249 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (24,239 | ) | | | (26,130 | ) | | | (9,341 | ) | | | (168,198 | ) |
Return of capital | | | — | | | | — | | | | — | | | | (6,779 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (24,239 | ) | | | (26,130 | ) | | | (9,341 | ) | | | (174,977 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | — | | | | 10,313,556 | | | | — | | | | 10,227,402 | |
Cost of shares redeemed | | | — | | | | (6,860,711 | ) | | | — | | | | (5,928,349 | ) |
| | | | | | | | | | | | | | | | |
Net increase in net assets from capital share transactions | | | — | | | | 3,452,845 | | | | — | | | | 4,299,053 | |
| | | | | | | | | | | | | | | | |
INCREASE IN NET ASSETS | | | 189,519 | | | | 2,424,218 | | | | 62,699 | | | | 2,007,827 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 2,424,218 | | | | — | | | | 2,007,827 | | | | — | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 2,613,737 | | | $ | 2,424,218 | | | $ | 2,070,526 | | | $ | 2,007,827 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (2,009 | ) | | $ | 15,100 | | | $ | (542 | ) | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | 200,000 | | | | — | | | | 200,000 | |
Shares redeemed | | | — | | | | (150,000 | ) | | | — | | | | (150,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | — | | | | 50,000 | | | | — | | | | 50,000 | |
| | | | | | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 71 | |
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 | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
February 8, 2012a to August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
October 18, 2011a to August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 10,399 | | | $ | 131,338 | | | $ | 4,681,582 | | | $ | 4,314,839 | |
Net realized loss | | | (412,376 | ) | | | (311,230 | ) | | | (3,429,512 | ) | | | (3,849,500 | ) |
Net change in unrealized appreciation/depreciation | | | 743,562 | | | | (468,427 | ) | | | 69,315,392 | | | | 8,096,400 | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 341,585 | | | | (648,319 | ) | | | 70,567,462 | | | | 8,561,739 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (53,645 | ) | | | (85,048 | ) | | | (5,305,769 | ) | | | (2,260,368 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (53,645 | ) | | | (85,048 | ) | | | (5,305,769 | ) | | | (2,260,368 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | — | | | | 10,854,325 | | | | 970,536,762 | | | | 411,979,067 | |
Cost of shares redeemed | | | (7,609,183 | ) | | | — | | | | — | | | | (31,053,364 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | (7,609,183 | ) | | | 10,854,325 | | | | 970,536,762 | | | | 380,925,703 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (7,321,243 | ) | | | 10,120,958 | | | | 1,035,798,455 | | | | 387,227,074 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 10,120,958 | | | | — | | | | 387,227,074 | | | | — | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 2,799,715 | | | $ | 10,120,958 | | | $ | 1,423,025,529 | | | $ | 387,227,074 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (2,552 | ) | | $ | 40,694 | | | $ | 1,127,295 | | | $ | 1,751,482 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | | 200,000 | | | | 16,300,000 | | | | 7,600,000 | |
Shares redeemed | | | (150,000 | ) | | | — | | | | — | | | | (600,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | (150,000 | ) | | | 200,000 | | | | 16,300,000 | | | | 7,000,000 | |
| | | | | | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to consolidated financial statements.
| | |
| 72 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 28, 2013
(Unaudited) | | | Year ended August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
February 8, 2012a to August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 28,348 | | | $ | 404,898 | | | $ | 52,130 | | | $ | 199,208 | |
Net realized gain (loss) | | | 74,935 | | | | (10,768,599 | ) | | | (337,900 | ) | | | (206,720 | ) |
Net change in unrealized appreciation/depreciation | | | 1,294,438 | | | | 643,945 | | | | 1,004,030 | | | | (1,304,259 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,397,721 | | | | (9,719,756 | ) | | | 718,260 | | | | (1,311,771 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (313,809 | ) | | | (500,104 | ) | | | (98,842 | ) | | | (148,491 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (313,809 | ) | | | (500,104 | ) | | | (98,842 | ) | | | (148,491 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 9,752,064 | | | | 9,491,705 | | | | 2,481,237 | | | | 10,520,963 | |
Cost of shares redeemed | | | — | | | | (60,026,674 | ) | | | (2,274,839 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 9,752,064 | | | | (50,534,969 | ) | | | 206,398 | | | | 10,520,963 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 10,835,976 | | | | (60,754,829 | ) | | | 825,816 | | | | 9,060,701 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 8,688,559 | | | | 69,443,388 | | | | 9,060,701 | | | | — | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 19,524,535 | | | $ | 8,688,559 | | | $ | 9,886,517 | | | $ | 9,060,701 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (48,034 | ) | | $ | 237,427 | | | $ | (2,971 | ) | | $ | 43,741 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 200,000 | | | | 200,000 | | | | 50,000 | | | | 200,000 | |
Shares redeemed | | | — | | | | (1,400,000 | ) | | | (50,000 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 200,000 | | | | (1,200,000 | ) | | | — | | | | 200,000 | |
| | | | | | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL STATEMENTS | | | 73 | |
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | iShares MSCI BRIC Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Consolidated) (Unaudited) | | | Year ended
Aug. 31, 2012
(Consolidated) | | | 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 | | $ | 35.68 | | | $ | 42.25 | | | $ | 42.94 | | | $ | 37.57 | | | $ | 44.13 | | | $ | 56.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment incomeb | | | 0.18 | | | | 0.98 | | | | 0.89 | | | | 0.66 | | | | 0.58 | | | | 0.72 | |
Net realized and unrealized gain (loss)c | | | 4.41 | | | | (6.62 | ) | | | (0.58 | ) | | | 5.35 | | | | (6.60 | ) | | | (12.93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 4.59 | | | | (5.64 | ) | | | 0.31 | | | | 6.01 | | | | (6.02 | ) | | | (12.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | (0.19 | ) | | | (0.93 | ) | | | (1.00 | ) | | | (0.64 | ) | | | (0.54 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.19 | ) | | | (0.93 | ) | | | (1.00 | ) | | | (0.64 | ) | | | (0.54 | ) | | | (0.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of period | | $ | 40.08 | | | $ | 35.68 | | | $ | 42.25 | | | $ | 42.94 | | | $ | 37.57 | | | $ | 44.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total return | | | 12.88 | %d | | | (13.33 | )% | | | 0.49 | % | | | 15.95 | % | | | (13.08 | )% | | | (21.65 | )%d |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 775,575 | | | $ | 685,149 | | | $ | 866,194 | | | $ | 946,814 | | | $ | 497,839 | | | $ | 161,092 | |
Ratio of expenses to average net assetse | | | 0.67 | % | | | 0.69 | % | | | 0.67 | % | | | 0.69 | % | | | 0.72 | % | | | 0.72 | % |
Ratio of expenses to average net assets prior to waived feese,f | | | n/a | | | | n/a | | | | 0.67 | % | | | n/a | | | | n/a | | | | n/a | |
Ratio of net investment income to average net assetse | | | 0.94 | % | | | 2.55 | % | | | 1.86 | % | | | 1.52 | % | | | 1.87 | % | | | 1.74 | % |
Portfolio turnover rateg | | | 4 | % | | | 32 | % | | | 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 rates for the six months ended February 28, 2013, the years ended August 31, 2012, August 31, 2011, August 31, 2010, August 31, 2009 and the period ended August 31, 2008 were 4%, 20%, 10%, 8%, 6% and 2%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | |
| 74 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | |
|
| iShares MSCI Emerging Markets Asia Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Feb. 8, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 50.18 | | | $ | 54.71 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.03 | | | | 0.87 | |
Net realized and unrealized gain (loss)c | | | 7.21 | | | | (4.99 | ) |
| | | | | | | | |
Total from investment operations | | | 7.24 | | | | (4.12 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.48 | ) | | | (0.41 | ) |
| | | | | | | | |
Total distributions | | | (0.48 | ) | | | (0.41 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 56.94 | | | $ | 50.18 | |
| | | | | | | | |
| | |
Total return | | | 14.45 | %d | | | (7.52 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 170,824 | | | $ | 20,071 | |
Ratio of expenses to average net assetse | | | 0.49 | % | | | 0.49 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.68 | % | | | 0.68 | % |
Ratio of net investment income to average net assetse | | | 0.11 | % | | | 3.05 | % |
Portfolio turnover ratef | | | 1 | % | | | 3 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout each 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 rates for the six months ended February 28, 2013 and the period ended August 31, 2012 were 1% and 3%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | | | 75 | |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | |
|
| iShares MSCI Emerging Markets Consumer Discretionary Sector Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Feb. 8, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 48.48 | | | $ | 51.54 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.14 | | | | 0.26 | |
Net realized and unrealized gain (loss)c | | | 4.13 | | | | (3.19 | ) |
| | | | | | | | |
Total from investment operations | | | 4.27 | | | | (2.93 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.48 | ) | | | (0.13 | ) |
| | | | | | | | |
Total distributions | | | (0.48 | ) | | | (0.13 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 52.27 | | | $ | 48.48 | |
| | | | | | | | |
| | |
Total return | | | 8.82 | %d | | | (5.68 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,614 | | | $ | 2,424 | |
Ratio of expenses to average net assetse | | | 0.67 | % | | | 0.68 | % |
Ratio of net investment income to average net assetse | | | 0.56 | % | | | 0.94 | % |
Portfolio turnover ratef | | | 4 | % | | | 54 | % |
| 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 rates for the six months ended February 28, 2013 and the period ended August 31, 2012 were 4% and 5%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | |
| 76 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | |
|
| iShares MSCI Emerging Markets Energy Sector Capped Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Feb. 8, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 40.16 | | | $ | 51.12 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.18 | | | | 1.05 | |
Net realized and unrealized gain (loss)c | | | 1.26 | | | | (11.14 | ) |
| | | | | | | | |
Total from investment operations | | | 1.44 | | | | (10.09 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.19 | ) | | | (0.84 | ) |
Return of capital | | | — | | | | (0.03 | ) |
| | | | | | | | |
Total distributions | | | (0.19 | ) | | | (0.87 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 41.41 | | | $ | 40.16 | |
| | | | | | | | |
| | |
Total return | | | 3.59 | %d | | | (19.71 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,071 | | | $ | 2,008 | |
Ratio of expenses to average net assetse | | | 0.67 | % | | | 0.68 | % |
Ratio of net investment income to average net assetse | | | 0.83 | % | | | 4.23 | % |
Portfolio turnover ratef | | | 2 | % | | | 29 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout each 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 rates for the six months ended February 28, 2013 and the period ended August 31, 2012 were 2% and 3%, 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 each period)
| | | | | | | | |
|
| iShares MSCI Emerging Markets Growth Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Feb. 8, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 50.60 | | | $ | 54.24 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.19 | | | | 0.66 | |
Net realized and unrealized gain (loss)c | | | 6.27 | | | | (3.87 | ) |
| | | | | | | | |
Total from investment operations | | | 6.46 | | | | (3.21 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (1.07 | ) | | | (0.43 | ) |
| | | | | | | | |
Total distributions | | | (1.07 | ) | | | (0.43 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 55.99 | | | $ | 50.60 | |
| | | | | | | | |
| | |
Total return | | | 12.82 | %d | | | (5.90 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 2,800 | | | $ | 10,121 | |
Ratio of expenses to average net assetse | | | 0.49 | % | | | 0.49 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.68 | % | | | 0.68 | % |
Ratio of net investment income to average net assetse | | | 0.69 | % | | | 2.27 | % |
Portfolio turnover ratef | | | 11 | % | | | 12 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout each 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 rates for the six months ended February 28, 2013 and the period ended August 31, 2012 were 11% and 12%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | |
| 78 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | |
|
| iShares MSCI Emerging Markets Minimum Volatility Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Oct. 18, 2011a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 55.32 | | | $ | 49.30 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.37 | | | | 1.93 | |
Net realized and unrealized gainc | | | 5.76 | | | | 5.41 | |
| | | | | | | | |
Total from investment operations | | | 6.13 | | | | 7.34 | |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.38 | ) | | | (1.32 | ) |
| | | | | | | | |
Total distributions | | | (0.38 | ) | | | (1.32 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 61.07 | | | $ | 55.32 | |
| | | | | | | | |
| | |
Total return | | | 11.11 | %d | | | 15.16 | %d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,423,026 | | | $ | 387,227 | |
Ratio of expenses to average net assetse | | | 0.25 | % | | | 0.25 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.66 | % | | | 0.69 | % |
Ratio of net investment income to average net assetse | | | 1.27 | % | | | 4.08 | % |
Portfolio turnover ratef | | | 10 | % | | | 31 | % |
| 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 rates for the six months ended February 28, 2013 and the period ended August 31, 2012 were 10% and 16%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | | | 79 | |
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. 28, 2013
(Unaudited) | | | Year ended Aug. 31, 2012 | | | Period from
Aug. 16, 2011a to Aug. 31, 2011 | |
Net asset value, beginning of period | | $ | 43.44 | | | $ | 49.60 | | | $ | 50.54 | |
| | | | | | | | | | | | |
Income from investment operations: | | | | | | | | | | | | |
Net investment incomeb | | | 0.13 | | | | 0.50 | | | | 0.07 | |
Net realized and unrealized gain (loss)c | | | 6.81 | | | | (5.52 | ) | | | (1.01 | ) |
| | | | | | | | | | | | |
Total from investment operations | | | 6.94 | | | | (5.02 | ) | | | (0.94 | ) |
| | | | | | | | | | | | |
Less distributions from: | | | | | | | | | | | | |
Net investment income | | | (1.57 | ) | | | (1.14 | ) | | | — | |
| | | | | | | | | | | | |
Total distributions | | | (1.57 | ) | | | (1.14 | ) | | | — | |
| | | | | | | | | | | | |
Net asset value, end of period | | $ | 48.81 | | | $ | 43.44 | | | $ | 49.60 | |
| | | | | | | | | | | | |
| | | |
Total return | | | 16.17 | %d | | | (9.98 | )% | | | (1.86 | )%d |
| | | | | | | | | | | | |
| | | |
Ratios/Supplemental data: | | | | | | | | | | | | |
Net assets, end of period (000s) | | $ | 19,525 | | | $ | 8,689 | | | $ | 69,443 | |
Ratio of expenses to average net assetse | | | 0.67 | % | | | 0.69 | % | | | 0.69 | % |
Ratio of net investment income to average net assetse | | | 0.54 | % | | | 1.13 | % | | | 3.33 | % |
Portfolio turnover ratef | | | 8 | % | | | 32 | % | | | 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 rates for the six months ended February 28, 2013, the year ended August 31, 2012 and the period ended August 31, 2011 were 6%, 17% and 2%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | |
| 80 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
| | | | | | | | |
|
| iShares MSCI Emerging Markets Value Index Fund | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Feb. 8, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 45.30 | | | $ | 52.58 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.30 | | | | 1.00 | |
Net realized and unrealized gain (loss)c | | | 4.49 | | | | (7.54 | ) |
| | | | | | | | |
Total from investment operations | | | 4.79 | | | | (6.54 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.66 | ) | | | (0.74 | ) |
| | | | | | | | |
Total distributions | | | (0.66 | ) | | | (0.74 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 49.43 | | | $ | 45.30 | |
| | | | | | | | |
| | |
Total return | | | 10.58 | %d | | | (12.41 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 9,887 | | | $ | 9,061 | |
Ratio of expenses to average net assetse | | | 0.49 | % | | | 0.49 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.68 | % | | | 0.68 | % |
Ratio of net investment income to average net assetse | | | 1.26 | % | | | 3.73 | % |
Portfolio turnover ratef | | | 26 | % | | | 12 | % |
| 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 rates for the six months ended February 28, 2013 and the period ended August 31, 2012 were 13% and 12%, respectively. See Note 4. |
See notes to consolidated financial statements.
| | | | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | | | 81 | |
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 | | | Diversified | |
Emerging Markets Asia | | | Diversified | |
Emerging Markets Consumer Discretionary Sector | | | Non-diversified | |
Emerging Markets Energy Sector Capped | | | Non-diversified | |
| | | | |
| iShares MSCI Index Fund | | Diversification
Classification | |
Emerging Markets Growth | | | Non-diversified | |
Emerging Markets Minimum Volatility | | | Non-diversified | |
Emerging Markets Small Cap | | | Non-diversified | |
Emerging Markets Value | | | 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 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.
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
| | |
| 82 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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 deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or |
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 83 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the 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. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2013. 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 | | $ | 656,037,568 | | | $ | — | | | $ | — | | | $ | 656,037,568 | |
Preferred Stocks | | | 117,439,047 | | | | — | | | | — | | | | 117,439,047 | |
Rights | | | — | | | | 0 | a | | | — | | | | 0 | a |
Money Market Funds | | | 15,589,321 | | | | — | | | | — | | | | 15,589,321 | |
| | | | | | | | | | | | | | | | |
| | $ | 789,065,936 | | | $ | 0 | a | | $ | — | | | $ | 789,065,936 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Asia | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 168,926,048 | | | $ | — | | | $ | — | | | $ | 168,926,048 | |
Preferred Stocks | | | 1,633,161 | | | | — | | | | — | | | | 1,633,161 | |
Money Market Funds | | | 299,230 | | | | — | | | | — | | | | 299,230 | |
| | | | | | | | | | | | | | | | |
| | $ | 170,858,439 | | | $ | — | | | $ | — | | | $ | 170,858,439 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Consumer Discretionary Sector | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,536,200 | | | $ | — | | | $ | — | | | $ | 2,536,200 | |
Preferred Stocks | | | 69,346 | | | | — | | | | — | | | | 69,346 | |
Money Market Funds | | | 30,677 | | | | — | | | | — | | | | 30,677 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,636,223 | | | $ | — | | | $ | — | | | $ | 2,636,223 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | |
| 84 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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 Energy Sector Capped | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,875,383 | | | $ | — | | | $ | — | | | $ | 1,875,383 | |
Preferred Stocks | | | 191,099 | | | | — | | | | — | | | | 191,099 | |
Money Market Funds | | | 676 | | | | — | | | | — | | | | 676 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,067,158 | | | $ | — | | | $ | — | | | $ | 2,067,158 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Growth | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 2,587,461 | | | $ | — | | | $ | — | | | $ | 2,587,461 | |
Preferred Stocks | | | 201,939 | | | | — | | | | — | | | | 201,939 | |
Rights | | | 134 | | | | 0 | a | | | — | | | | 134 | |
Money Market Funds | | | 37,952 | | | | — | | | | — | | | | 37,952 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,827,486 | | | $ | 0 | a | | $ | — | | | $ | 2,827,486 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Minimum Volatility | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,368,827,989 | | | $ | — | | | $ | — | | | $ | 1,368,827,989 | |
Preferred Stocks | | | 51,248,371 | | | | — | | | | — | | | | 51,248,371 | |
Rights | | | — | | | | 0 | a | | | — | | | | 0 | a |
Money Market Funds | | | 3,483,868 | | | | — | | | | — | | | | 3,483,868 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,423,560,228 | | | $ | 0 | a | | $ | — | | | $ | 1,423,560,228 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Small Cap | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 19,119,843 | | | $ | 52,959 | | | $ | 14,410 | | | $ | 19,187,212 | |
Preferred Stocks | | | 271,618 | | | | — | | | | — | | | | 271,618 | |
Rights | | | 2,705 | | | | 769 | | | | — | | | | 3,474 | |
Money Market Funds | | | 30,250 | | | | — | | | | — | | | | 30,250 | |
| | | | | | | | | | | | | | | | |
| | $ | 19,424,416 | | | $ | 53,728 | | | $ | 14,410 | | | $ | 19,492,554 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets Value | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 9,045,761 | | | $ | — | | | $ | 0 | a | | $ | 9,045,761 | |
Preferred Stocks | | | 790,007 | | | | — | | | | — | | | | 790,007 | |
Rights | | | 485 | | | | — | | | | — | | | | 485 | |
Money Market Funds | | | 22,059 | | | | — | | | | — | | | | 22,059 | |
| | | | | | | | | | | | | | | | |
| | $ | 9,858,312 | | | $ | — | | | $ | 0 | a | | $ | 9,858,312 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | a | | Rounds to less than $1. |
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 85 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The iShares MSCI Emerging Markets Consumer Discretionary Sector Index Fund had transfers from Level 2 to Level 1 during the period ended February 28, 2013 in the amount of $29,038, measured as of the beginning of the period resulting from the resumption of trading after a temporary suspension.
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 28, 2013 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, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their 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 stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, 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 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 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.
| | |
| 86 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As a result of legislative changes enacted by the 2012 India Finance Act (“the Act”) and its general anti-avoidance rules (“GAAR”), which are effective April 1, 2013 but have been proposed to be deferred until April 1, 2016, the Subsidiaries’ ability to leverage the treaty between Mauritius and India may be adversely impacted, and therefore the Funds may be subject to taxes on capital gains and/or dividends realized on Indian securities. The Act also includes provisions that impose Indian tax on the transfer of shares of an Indian company. However, until more definitive guidance on the legislative changes is available, the impact to the Funds, if any, cannot be determined at this time.
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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, 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.
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
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 87 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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, 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.
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. The Funds benefit from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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.
| | |
| 88 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For the six months ended February 28, 2013, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
BRIC | | $ | 157,303 | |
Emerging Markets Consumer Discretionary Sector | | | 148 | |
Emerging Markets Growth | | | 210 | |
Emerging Markets Minimum Volatility | | | 24,586 | |
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the consolidated statements of operations.
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| 3. | INVESTMENT PORTFOLIO TRANSACTIONS |
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
BRIC | | $ | 36,234,533 | | | $ | 32,364,219 | |
Emerging Markets Asia | | | 99,207,767 | | | | 817,238 | |
Emerging Markets Consumer Discretionary Sector | | | 97,330 | | | | 114,677 | |
Emerging Markets Energy Sector Capped | | | 107,012 | | | | 51,338 | |
Emerging Markets Growth | | | 430,962 | | | | 4,406,853 | |
Emerging Markets Minimum Volatility | | | 622,925,541 | | | | 75,185,098 | |
Emerging Markets Small Cap | | | 6,038,299 | | | | 825,346 | |
Emerging Markets Value | | | 2,306,404 | | | | 2,246,206 | |
| | | | |
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | | | 89 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
In-kind transactions (see Note 4) for the six months ended February 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind
Sales | |
BRIC | | $ | 7,617,762 | | | $ | 4,281,342 | |
Emerging Markets Asia | | | 50,398,716 | | | | — | |
Emerging Markets Growth | | | — | | | | 3,654,055 | |
Emerging Markets Minimum Volatility | | | 421,377,435 | | | | — | |
Emerging Markets Small Cap | | | 4,235,333 | | | | — | |
Emerging Markets Value | | | 1,233,785 | | | | 1,130,070 | |
| 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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
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 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 market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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.
| | |
| 90 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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.
As of August 31, 2012, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Non-
Expiring a | | | Expiring
2017 | | | Expiring
2018 | | | Expiring
2019 | | | Total | |
BRIC | | $ | 63,224,174 | | | $ | 1,540,740 | | | $ | 11,268,086 | | | $ | 7,760,558 | | | $ | 83,793,558 | |
Emerging Markets Asia | | | 97,800 | | | | — | | | | — | | | | — | | | | 97,800 | |
Emerging Markets Consumer Discretionary Sector | | | 769,548 | | | | — | | | | — | | | | — | | | | 769,548 | |
Emerging Markets Energy Sector Capped | | | 911,455 | | | | — | | | | — | | | | — | | | | 911,455 | |
Emerging Markets Growth | | | 302,438 | | | | — | | | | — | | | | — | | | | 302,438 | |
Emerging Markets Minimum Volatility | | | 1,248,753 | | | | — | | | | — | | | | — | | | | 1,248,753 | |
Emerging Markets Small Cap | | | 62,813 | | | | — | | | | — | | | | — | | | | 62,813 | |
Emerging Markets Value | | | 188,505 | | | | — | | | | — | | | | — | | | | 188,505 | |
| | a | | Must be utilized prior to losses subject to expiration. |
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 | | | 91 | |
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 28, 2013, 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 | | $ | 788,561,846 | | | $ | 104,927,044 | | | $ | (104,422,954 | ) | | $ | 504,090 | |
Emerging Markets Asia | | | 170,714,381 | | | | 4,852,562 | | | | (4,708,504 | ) | | | 144,058 | |
Emerging Markets Consumer Discretionary Sector | | | 2,517,406 | | | | 278,851 | | | | (160,034 | ) | | | 118,817 | |
Emerging Markets Energy Sector Capped | | | 2,498,654 | | | | 70,449 | | | | (501,945 | ) | | | (431,496 | ) |
Emerging Markets Growth | | | 2,556,910 | | | | 393,534 | | | | (122,958 | ) | | | 270,576 | |
Emerging Markets Minimum Volatility | | | 1,349,746,008 | | | | 93,758,310 | | | | (19,944,090 | ) | | | 73,814,220 | |
Emerging Markets Small Cap | | | 19,088,474 | | | | 1,691,100 | | | | (1,287,020 | ) | | | 404,080 | |
Emerging Markets Value | | | 10,174,983 | | | | 557,048 | | | | (873,719 | ) | | | (316,671 | ) |
Management has reviewed the tax positions as of February 28, 2013, 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 parties to a $125 million credit agreement with State Street Bank and Trust Company, which expires October 30, 2013. 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 six months ended February 28, 2013, the maximum amounts borrowed, the average borrowings and the average interest rates under the credit agreement were as follows:
| | | | | | | | | | | | |
| iShares MSCI Index Fund | | Maximum
Amount
Borrowed | | | Average
Borrowings | | | Average
Interest
Rates | |
BRIC | | $ | 2,700,000 | | | $ | 118,333 | | | | 1.22 | % |
Emerging Markets Small Cap | | | 56,000 | | | | 1,556 | | | | 1.21 | |
Emerging Markets Value | | | 60,000 | | | | 1,667 | | | | 1.21 | |
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.
| | |
| 92 | | 2013 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 | |
BRIC | | $ | 0.13596 | | | $ | — | | | $ | 0.04962 | | | $ | 0.18558 | | | | 73 | % | | | — | % | | | 27 | % | | | 100 | % |
Emerging Markets Asia | | | 0.37280 | | | | — | | | | 0.11024 | | | | 0.48304 | | | | 77 | | | | — | | | | 23 | | | | 100 | |
Emerging Markets Consumer Discretionary Sector | | | 0.37873 | | | | — | | | | 0.10605 | | | | 0.48478 | | | | 78 | | | | — | | | | 22 | | | | 100 | |
Emerging Markets Energy Sector Capped | | | 0.16910 | | | | — | | | | 0.01772 | | | | 0.18682 | | | | 91 | | | | — | | | | 9 | | | | 100 | |
Emerging Markets Growth | | | 0.98354 | | | | — | | | | 0.08936 | | | | 1.07290 | | | | 92 | | | | — | | | | 8 | | | | 100 | |
Emerging Markets Minimum Volatility | | | 0.29915 | | | | — | | | | 0.08533 | | | | 0.38448 | | | | 78 | | | | — | | | | 22 | | | | 100 | |
Emerging Markets Small Cap | | | 1.47432 | | | | — | | | | 0.09472 | | | | 1.56904 | | | | 94 | | | | — | | | | 6 | | | | 100 | |
Emerging Markets Value | | | 0.55065 | | | | — | | | | 0.10830 | | | | 0.65895 | | | | 84 | | | | — | | | | 16 | | | | 100 | |
| | | | |
SUPPLEMENTAL INFORMATION | | | 93 | |
Notes:
| | |
| 94 | | 2013 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.
©2013 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
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iS-SAR-810-0213
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | iShares MSCI All Country World Minimum Volatility Index Fund | ACWV | NYSE Arca |
| Ø | | iShares MSCI Emerging Markets EMEA Index Fund | EEME | NASDAQ |
| Ø | | iShares MSCI Frontier 100 Index Fund | FM | NYSE Arca |
| Ø | | 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 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 13.12% | | 13.06% | | 12.71% | | 15.23% | | 15.38% | | 14.91% | | 21.37% | | 21.58% | | 20.95% |
Total returns for the period since inception are calculated from the inception date of the Fund (10/18/11). “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. 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 six-month period ended February 28, 2013, the total return for the Fund was 7.98%, net of fees, while the total return for the Index was 7.80%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector/Investment Type | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 34.49 | % |
Financial | | | 16.69 | |
Communications | | | 12.25 | |
Consumer Cyclical | | | 9.85 | |
Utilities | | | 8.46 | |
Energy | | | 5.92 | |
Industrial | | | 5.05 | |
Technology | | | 4.26 | |
Basic Materials | | | 2.34 | |
Investment Companies | | | 0.25 | |
Diversified | | | 0.08 | |
Short-Term and Other Net Assets | | | 0.36 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Enbridge Inc. (Canada) | | | 1.51 | % |
Johnson & Johnson | | | 1.49 | |
Automatic Data Processing Inc. | | | 1.48 | |
McDonald’s Corp. | | | 1.46 | |
TransCanada Corp. (Canada) | | | 1.44 | |
General Mills Inc. | | | 1.36 | |
Southern Co. (The) | | | 1.36 | |
Nestle SA Registered (Switzerland) | | | 1.22 | |
Novartis AG Registered (Switzerland) | | | 1.22 | |
Procter & Gamble Co. (The) | | | 1.22 | |
| | | | |
TOTAL | | | 13.76 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS EMEA INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (3.65)% | | (3.38)% | | (3.08)% | | 8.21% | | 8.02% | | 8.90% | | 9.20% | | 8.99% | | 10.00% |
Total returns for the period since inception are calculated from the inception date of the Fund (1/18/12). “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 (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 six-month period ended February 28, 2013, the total return for the Fund was 6.10%, net of fees, while the total return for the Index was 6.43%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 28.02 | % |
Energy | | | 21.67 | |
Communications | | | 15.34 | |
Basic Materials | | | 14.60 | |
Consumer Non-Cyclical | | | 7.47 | |
Diversified | | | 4.49 | |
Consumer Cyclical | | | 4.31 | |
Utilities | | | 2.58 | |
Industrial | | | 0.93 | |
Technology | | | 0.40 | |
Short-Term and Other Net Assets | | | 0.19 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Gazprom OAO (Russia) | | | 7.04 | % |
Sberbank of Russia (Russia) | | | 5.39 | |
MTN Group Ltd. (South Africa) | | | 4.94 | |
LUKOIL OAO (Russia) | | | 4.87 | |
Naspers Ltd. Class N (South Africa) | | | 3.77 | |
Sasol Ltd. (South Africa) | | | 3.41 | |
Standard Bank Group Ltd. (South Africa) | | | 2.27 | |
Magnit OJSC SP GDR (Russia) | | | 1.70 | |
Mobile TeleSystems OJSC SP ADR (Russia) | | | 1.61 | |
Turkiye Garanti Bankasi AS (Turkey) | | | 1.59 | |
| | | | |
TOTAL | | | 36.59 | % |
| | | | |
| | |
| 6 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI FRONTIER 100 INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/28/13 | |
| | NAV | | | | MARKET | | | | INDEX | |
| | 13.23% | | | | 15.45% | | | | 13.46% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 9/12/12.
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 (9/13/12), 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 Frontier 100 Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Frontier Markets 100 Index (the “Index”). The Index is designed to measure equity performance of a subset of frontier market countries that meet minimum liquidity standards. 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 September 12, 2012 (inception date of the Fund) through February 28, 2013, the total return for the Fund was 13.23%, net of fees, while the total return for the Index was 13.46%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Financial | | | 54.06 | % |
Communications | | | 13.53 | |
Consumer Non-Cyclical | | | 10.17 | |
Energy | | | 7.90 | |
Basic Materials | | | 5.13 | |
Industrial | | | 4.37 | |
Utilities | | | 1.82 | |
Consumer Cyclical | | | 1.67 | |
Diversified | | | 1.02 | |
Short-Term and Other Net Assets | | | 0.33 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
National Bank of Kuwait (Kuwait) | | | 7.41 | % |
Mobile Telecommunications Co. KSC (Kuwait) | | | 6.91 | |
Emaar Properties PJSC (United Arab Emirates) | | | 4.30 | |
Kuwait Finance House (Kuwait) | | | 4.05 | |
Nigerian Breweries PLC (Nigeria) | | | 3.90 | |
KazMunaiGaz Exploration Production JSC SP GDR (Kazakhstan) | | | 3.32 | |
Qatar National Bank SAQ (Qatar) | | | 2.99 | |
Industries Qatar QSC (Qatar) | | | 2.86 | |
Qatar Telecom (Q-TEL) QSC (Qatar) | | | 2.55 | |
Masraf Al Rayan QSC (Qatar) | | | 2.43 | |
| | | | |
TOTAL | | | 40.72 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI WORLD INDEX FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 11.08% | | 11.66% | | 10.69% | | 17.19% | | 17.75% | | 16.80% | | 19.75% | | 20.40% | | 19.37% |
Total returns for the period since inception are calculated from the inception date of the Fund (1/10/12). “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 (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 six-month period ended February 28, 2013, the total return for the Fund was 11.13%, net of fees, while the total return for the Index was 10.85%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Consumer Non-Cyclical | | | 21.54 | % |
Financial | | | 20.65 | |
Consumer Cyclical | | | 10.36 | |
Industrial | | | 10.23 | |
Energy | | | 9.98 | |
Communications | | | 9.25 | |
Technology | | | 7.78 | |
Basic Materials | | | 6.25 | |
Utilities | | | 3.37 | |
Diversified | | | 0.16 | |
Short-Term and Other Net Assets | | | 0.43 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Apple Inc. | | | 1.52 | % |
Exxon Mobil Corp. | | | 1.51 | |
General Electric Co. | | | 0.90 | |
Nestle SA Registered (Switzerland) | | | 0.83 | |
Chevron Corp. | | | 0.83 | |
International Business Machines Corp. | | | 0.79 | |
Procter & Gamble Co. (The) | | | 0.77 | |
Google Inc. Class A | | | 0.77 | |
Microsoft Corp. | | | 0.76 | |
Johnson & Johnson | | | 0.76 | |
| | | | |
TOTAL | | | 9.44 | % |
| | | | |
| | |
| 8 | | 2013 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, 2012 (or commencement of operations, as applicable) to February 28, 2013.
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
(9/1/12) a | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b | |
All Country World Minimum Volatility | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,079.80 | | | | 0.20 | % | | $ | 1.03 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,023.80 | | | | 0.20 | | | | 1.00 | |
Emerging Markets EMEA | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,061.00 | | | | 0.49 | | | | 2.50 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.40 | | | | 0.49 | | | | 2.46 | |
Frontier 100 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,132.30 | | | | 0.79 | | | | 3.90 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,020.90 | | | | 0.79 | | | | 3.96 | |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Index Fund | | Beginning
Account Value
(9/1/12) a | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b | |
World | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,111.30 | | | | 0.24 | % | | $ | 1.26 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,023.60 | | | | 0.24 | | | | 1.20 | |
| a | The beginning of the period (commencement of operations) is September 12, 2012 for the iShares MSCI Frontier 100 Index Fund. | |
| 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 (169 days for the iShares MSCI Frontier 100 Index Fund and 181 days for all other Funds) and divided by the number of days in the year (365 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 (181 days) and divided by the number of days in the year (365 days). | |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.07% | |
| |
BELGIUM — 0.13% | | | | | |
Belgacom SA | | | 36,994 | | | $ | 1,035,476 | |
| | | | | | | | |
| | | | | | | 1,035,476 | |
CANADA — 7.84% | | | | | | | | |
Bank of Montreal | | | 44,540 | | | | 2,781,882 | |
Barrick Gold Corp. | | | 13,755 | | | | 418,383 | |
BCE Inc. | | | 127,070 | | | | 5,746,300 | |
Bell Aliant Inc. | | | 34,977 | | | | 906,364 | |
Canadian Imperial Bank of Commerce | | | 11,790 | | | | 953,476 | |
Enbridge Inc. | | | 261,738 | | | | 11,706,350 | |
Franco-Nevada Corp. | | | 26,855 | | | | 1,302,979 | |
Goldcorp Inc. | | | 26,986 | | | | 883,565 | |
Intact Financial Corp. | | | 66,155 | | | | 4,215,567 | |
National Bank of Canada | | | 19,388 | | | | 1,481,563 | |
Pembina Pipeline Corp. | | | 93,141 | | | | 2,621,955 | |
RioCan Real Estate Investment Trust | | | 44,540 | | | | 1,206,594 | |
Rogers Communications Inc. Class B | | | 20,829 | | | | 992,368 | |
Shaw Communications Inc. Class B | | | 198,858 | | | | 4,771,973 | |
Thomson Reuters Corp. | | | 189,033 | | | | 5,793,911 | |
Tim Hortons Inc. | | | 80,696 | | | | 3,911,368 | |
TransCanada Corp. | | | 238,682 | | | | 11,153,430 | |
| | | | | | | | |
| | | | | | | 60,848,028 | |
CHILE — 0.33% | | | | | | | | |
Banco de Credito e Inversiones | | | 15,210 | | | | 1,182,718 | |
Empresa Nacional de Electricidad SA | | | 220,866 | | | | 375,395 | |
Empresa Nacional de Telecomunicaciones SA | | | 24,628 | | | | 519,591 | |
LATAM Airlines Group SA | | | 21,484 | | | | 512,337 | |
| | | | | | | | |
| | | | | | | 2,590,041 | |
CHINA — 2.69% | | | | | | | | |
Beijing Enterprises Holdings Ltd. | | | 262,000 | | | | 2,003,469 | |
China Construction Bank Corp. Class H | | | 3,930,000 | | | | 3,243,389 | |
China Minsheng Banking Corp. Ltd. Class H | | | 327,500 | | | | 456,102 | |
China Mobile Ltd. | | | 589,500 | | | | 6,495,648 | |
China Resources Gas Group Ltd. | | | 524,000 | | | | 1,214,920 | |
China Resources Power Holdings Co. Ltd. | | | 786,000 | | | | 2,123,407 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 301,300 | | | | 1,732,174 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Jiangsu Expressway Co. Ltd. Class H | | | 628,000 | | | $ | 634,895 | |
Kunlun Energy Co. Ltd. | | | 262,000 | | | | 543,268 | |
SOHO China Ltd.a | | | 458,500 | | | | 356,519 | |
Tingyi (Cayman Islands) Holding Corp.a | | | 524,000 | | | | 1,375,062 | |
Zhejiang Expressway Co. Ltd. Class H | | | 786,000 | | | | 659,827 | |
| | | | | | | | |
| | | | | | | 20,838,680 | |
COLOMBIA — 0.20% | | | | | | | | |
Corporacion Financiera Colombiana SA | | | 25,676 | | | | 502,010 | |
Grupo Argos SA | | | 80,958 | | | | 1,013,606 | |
| | | | | | | | |
| | | | | | | 1,515,616 | |
CZECH REPUBLIC — 0.10% | |
Telefonica O2 Czech Republic AS | | | 45,457 | | | | 751,596 | |
| | | | | | | | |
| | | | | | | 751,596 | |
DENMARK — 0.17% | | | | | | | | |
Novo Nordisk A/S Class B | | | 4,716 | | | | 824,866 | |
TrygVesta A/S | | | 6,288 | | | | 507,516 | |
| | | | | | | | |
| | | | | | | 1,332,382 | |
EGYPT — 0.11% | | | | | | | | |
Commercial International Bank (Egypt) SAE | | | 168,466 | | | | 848,535 | |
| | | | | | | | |
| | | | | | | 848,535 | |
FINLAND — 0.06% | | | | | | | | |
Orion OYJ Class B | | | 14,672 | | | | 435,419 | |
| | | | | | | | |
| | | | | | | 435,419 | |
FRANCE — 0.12% | | | | | | | | |
Eutelsat Communications SA | | | 15,458 | | | | 557,668 | |
Societe BIC SA | | | 3,275 | | | | 382,815 | |
| | | | | | | | |
| | | | | | | 940,483 | |
HONG KONG — 3.44% | | | | | | | | |
Cheung Kong Infrastructure Holdings Ltd. | | | 183,000 | | | | 1,199,965 | |
CLP Holdings Ltd. | | | 812,000 | | | | 6,989,303 | |
Hang Seng Bank Ltd. | | | 393,000 | | | | 6,355,017 | |
Hopewell Holdings Ltd. | | | 131,000 | | | | 572,661 | |
Link REIT (The) | | | 1,113,500 | | | | 5,951,704 | |
MTR Corp. Ltd. | | | 746,500 | | | | 3,080,395 | |
Power Assets Holdings Ltd. | | | 288,000 | | | | 2,568,096 | |
| | | | | | | | |
| | | | | | | 26,717,141 | |
INDONESIA — 1.16% | | | | | | | | |
PT Bank Central Asia Tbk | | | 2,620,000 | | | | 2,982,356 | |
PT Telekomunikasi Indonesia (Persero) Tbk | | | 4,257,500 | | | | 4,736,185 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 11 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Unilever Indonesia Tbk | | | 524,000 | | | $ | 1,239,034 | |
| | | | | | | | |
| | | | | | | 8,957,575 | |
IRELAND — 0.09% | | | | | | | | |
Ryanair Holdings PLC SP ADR | | | 18,864 | | | | 729,282 | |
| | | | | | | | |
| | | | | | | 729,282 | |
ISRAEL — 0.44% | | | | | | | | |
Bezeq The Israel Telecommunication Corp. Ltd. | | | 286,628 | | | | 367,378 | |
NICE Systems Ltd.b | | | 30,916 | | | | 1,108,855 | |
Teva Pharmaceutical Industries Ltd. | | | 52,400 | | | | 1,962,663 | |
| | | | | | | | |
| | | | | | | 3,438,896 | |
JAPAN — 12.02% | | | | | | | | |
ABC-MART Inc. | | | 13,100 | | | | 459,338 | |
All Nippon Airways Co. Ltd. | | | 131,000 | | | | 269,781 | |
Bank of Kyoto Ltd. (The) | | | 131,000 | | | | 1,150,119 | |
Benesse Holdings Inc. | | | 31,400 | | | | 1,308,617 | |
Chiba Bank Ltd. (The) | | | 131,000 | | | | 839,161 | |
Chugai Pharmaceutical Co. Ltd. | | | 52,400 | | | | 1,138,760 | |
Chugoku Bank Ltd. (The) | | | 131,000 | | | | 1,929,645 | |
Eisai Co. Ltd. | | | 83,800 | | | | 3,751,290 | |
FamilyMart Co. Ltd. | | | 26,200 | | | | 1,108,942 | |
Gunma Bank Ltd. (The) | | | 183,000 | | | | 999,697 | |
Hachijuni Bank Ltd. (The) | | | 183,000 | | | | 983,828 | |
Itochu Techno-Solutions Corp. | | | 13,100 | | | | 575,060 | |
Iyo Bank Ltd. (The) | | | 131,000 | | | | 1,121,721 | |
Japan Real Estate Investment Corp. | | | 131 | | | | 1,444,039 | |
Jupiter Telecommunications Co. Ltd. | | | 262 | | | | 349,296 | |
Kamigumi Co. Ltd. | | | 131,000 | | | | 1,140,180 | |
Keikyu Corp. | | | 183,000 | | | | 1,624,507 | |
Keio Corp. | | | 131,000 | | | | 1,052,146 | |
Kintetsu Corp.a | | | 262,000 | | | | 1,107,522 | |
Lawson Inc. | | | 26,200 | | | | 1,956,623 | |
McDonald’s Holdings Co. (Japan) Ltd. | | | 31,400 | | | | 790,275 | |
Miraca Holdings Inc. | | | 31,400 | | | | 1,523,033 | |
Mitsubishi Tanabe Pharma Corp. | | | 104,800 | | | | 1,493,735 | |
Nippon Building Fund Inc. | | | 131 | | | | 1,472,437 | |
Nissin Foods Holdings Co. Ltd. | | | 26,200 | | | | 1,046,467 | |
Nitori Holdings Co. Ltd. | | | 15,700 | | | | 1,175,883 | |
NTT DOCOMO Inc. | | | 5,502 | | | | 8,551,775 | |
Odakyu Electric Railway Co. Ltd. | | | 262,000 | | | | 2,777,325 | |
Ono Pharmaceutical Co. Ltd. | | | 39,300 | | | | 2,095,773 | |
Oracle Corp. Japan | | | 18,300 | | | | 773,575 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Oriental Land Co. Ltd. | | | 26,200 | | | $ | 3,887,687 | |
Osaka Gas Co. Ltd. | | | 524,000 | | | | 2,044,656 | |
Otsuka Holdings Co. Ltd. | | | 170,300 | | | | 5,478,543 | |
Rakuten Inc. | | | 91,700 | | | | 796,138 | |
Rinnai Corp. | | | 13,100 | | | | 944,234 | |
Sankyo Co. Ltd. | | | 18,300 | | | | 774,566 | |
Santen Pharmaceutical Co. Ltd. | | | 31,400 | | | | 1,412,421 | |
Secom Co. Ltd. | | | 78,600 | | | | 4,055,235 | |
Seven Bank Ltd. | | | 209,600 | | | | 554,329 | |
Shimamura Co. Ltd. | | | 13,100 | | | | 1,344,646 | |
Shizuoka Bank Ltd. (The) | | | 262,000 | | | | 2,615,456 | |
Suzuken Co. Ltd. | | | 31,400 | | | | 1,097,605 | |
Taisho Pharmaceutical Holdings Co. Ltd. | | | 13,100 | | | | 907,316 | |
Takeda Pharmaceutical Co. Ltd. | | | 170,300 | | | | 8,850,948 | |
Toho Co. Ltd. | | | 26,200 | | | | 506,052 | |
Tokyo Gas Co. Ltd. | | | 131,000 | | | | 636,115 | |
TonenGeneral Sekiyu K.K. | | | 131,000 | | | | 1,306,308 | |
Tsumura & Co. | | | 13,100 | | | | 460,758 | |
Unicharm Corp. | | | 31,400 | | | | 1,827,639 | |
West Japan Railway Co. | | | 91,700 | | | | 4,070,144 | |
Yamato Holdings Co. Ltd. | | | 183,400 | | | | 3,083,172 | |
Yamazaki Baking Co. Ltd. | | | 44,000 | | | | 558,465 | |
| | | | | | | | |
| | | | | | | 93,222,983 | |
MALAYSIA — 1.32% | | | | | | | | |
Berjaya Sports Toto Bhd | | | 400,933 | | | | 544,869 | |
Hong Leong Bank Bhd | | | 96,900 | | | | 457,144 | |
IHH Healthcare Bhdb | | | 1,034,900 | | | | 1,148,587 | |
Malayan Banking Bhd | | | 510,900 | | | | 1,512,614 | |
Maxis Communications Bhd | | | 1,179,000 | | | | 2,430,102 | |
Petronas Dagangan Bhd | | | 65,500 | | | | 498,482 | |
Public Bank Bhd Foreign | | | 550,200 | | | | 2,866,274 | |
Telekom Malaysia Bhd | | | 458,500 | | | | 789,264 | |
| | | | | | | | |
| | | | | | | 10,247,336 | |
NEW ZEALAND — 0.14% | |
Auckland International Airport Ltd. | | | 444,876 | | | | 1,043,836 | |
| | | | | | | | |
| | | | | | | 1,043,836 | |
PERU — 0.17% | | | | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 50,959 | | | | 1,305,570 | |
| | | | | | | | |
| | | | | | | 1,305,570 | |
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PHILIPPINES — 0.41% | | | | | | | | |
Bank of the Philippine Islands | | | 344,530 | | | $ | 898,185 | |
Philippine Long Distance Telephone Co. | | | 23,580 | | | | 1,693,399 | |
San Miguel Corp. | | | 194,730 | | | | 593,385 | |
| | | | | | | | |
| | | | | | | 3,184,969 | |
SINGAPORE — 1.84% | | | | | | | | |
ComfortDelGro Corp. Ltd. | | | 1,179,000 | | | | 1,828,867 | |
Oversea-Chinese Banking Corp. Ltd. | | | 393,000 | | | | 3,206,867 | |
Singapore Airlines Ltd. | | | 262,000 | | | | 2,305,134 | |
Singapore Press Holdings Ltd. | | | 10,000 | | | | 33,771 | |
Singapore Telecommunications Ltd. | | | 2,096,000 | | | | 5,825,280 | |
StarHub Ltd.a | | | 314,000 | | | | 1,062,945 | |
| | | | | | | | |
| | | | | | | 14,262,864 | |
SWITZERLAND — 5.73% | | | | | | | | |
Banque Cantonale Vaudoise Registered | | | 655 | | | | 374,807 | |
Givaudan SA Registeredb | | | 3,537 | | | | 4,245,007 | |
Lindt & Spruengli AG Registeredb | | | 52 | | | | 2,228,611 | |
Nestle SA Registered | | | 134,668 | | | | 9,452,158 | |
Novartis AG Registered | | | 138,467 | | | | 9,444,304 | |
Roche Holding AG Genusschein | | | 13,493 | | | | 3,104,315 | |
Schindler Holding AG Participation Certificates | | | 4,061 | | | | 631,866 | |
Schindler Holding AG Registered | | | 6,288 | | | | 950,073 | |
SGS SA Registered | | | 2,489 | | | | 6,353,191 | |
Swiss Prime Site AG Registeredb | | | 28,404 | | | | 2,290,400 | |
Swisscom AG Registered | | | 11,790 | | | | 5,387,115 | |
| | | | | | | | |
| | | | | | | 44,461,847 | |
TAIWAN — 3.99% | | | | | | | | |
Advantech Co. Ltd. | | | 131,000 | | | | 582,880 | |
Chang Hwa Commercial Bank Ltd. | | | 691,400 | | | | 404,355 | |
China Steel Corp. | | | 4,716,050 | | | | 4,323,953 | |
Chunghwa Telecom Co. Ltd. | | | 1,965,000 | | | | 6,106,989 | |
Far EasTone Telecommunications Co. Ltd. | | | 838,000 | | | | 1,940,593 | |
First Financial Holding Co. Ltd. | | | 1,372,400 | | | | 874,332 | |
Formosa Petrochemical Corp. | | | 131,000 | | | | 364,300 | |
Fubon Financial Holding Co. Ltd. | | | 393,031 | | | | 529,932 | |
Inventec Corp. | | | 1,048,830 | | | | 417,177 | |
Lite-On Technology Corp. | | | 1,048,000 | | | | 1,616,166 | |
MStar Semiconductor Inc. | | | 40,000 | | | | 300,676 | |
Synnex Technology International Corp. | | | 655,000 | | | | 1,324,727 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 2,489,018 | | | $ | 1,426,299 | |
Taiwan Mobile Co. Ltd. | | | 838,000 | | | | 2,923,601 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 2,227,000 | | | | 7,844,589 | |
| | | | | | | | |
| | | | | | | 30,980,569 | |
THAILAND — 0.97% | |
Advanced Information Service PCL NVDR | | | 268,000 | | | | 1,864,739 | |
Bangkok Bank PCL Foreign | | | 91,700 | | | | 715,106 | |
Bangkok Bank PCL NVDR | | | 78,600 | | | | 578,602 | |
Bangkok Dusit Medical Services PCL NVDR | | | 167,700 | | | | 839,909 | |
Charoen Pokphand Foods PCL NVDR | | | 445,400 | | | | 486,571 | |
CP All PCL NVDR | | | 1,904,700 | | | | 3,025,112 | |
| | | | | | | | |
| | | | | | | 7,510,039 | |
UNITED KINGDOM — 4.28% | | | | | | | | |
AstraZeneca PLC | | | 52,138 | | | | 2,370,726 | |
Babcock International Group PLC | | | 104,669 | | | | 1,704,808 | |
British Sky Broadcasting Group PLC | | | 198,465 | | | | 2,562,217 | |
Capita PLC | | | 246,411 | | | | 3,080,217 | |
Compass Group PLC | | | 282,960 | | | | 3,438,302 | |
Experian PLC | | | 30,968 | | | | 514,266 | |
GlaxoSmithKline PLC | | | 122,747 | | | | 2,712,875 | |
Pearson PLC | | | 160,868 | | | | 2,820,391 | |
Reckitt Benckiser Group PLC | | | 33,929 | | | | 2,281,048 | |
Reed Elsevier PLC | | | 312,435 | | | | 3,362,509 | |
Serco Group PLC | | | 257,546 | | | | 2,230,325 | |
Shire PLC | | | 48,653 | | | | 1,525,061 | |
SSE PLC | | | 73,150 | | | | 1,605,611 | |
Unilever PLC | | | 10,742 | | | | 428,517 | |
Vodafone Group PLC | | | 646,354 | | | | 1,624,266 | |
Wm Morrison Supermarkets PLC | | | 247,590 | | | | 975,653 | |
| | | | | | | | |
| | | | | | | 33,236,792 | |
UNITED STATES — 51.32% | | | | | | | | |
3M Co. | | | 3,144 | | | | 326,976 | |
Abbott Laboratories | | | 159,296 | | | | 5,382,612 | |
AbbVie Inc. | | | 159,296 | | | | 5,881,208 | |
Activision Blizzard Inc. | | | 229,040 | | | | 3,275,272 | |
Advance Auto Parts Inc. | | | 22,532 | | | | 1,720,093 | |
Airgas Inc. | | | 4,323 | | | | 433,510 | |
Alleghany Corp.b | | | 6,419 | | | | 2,425,548 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 13 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Allergan Inc. | | | 3,851 | | | $ | 417,525 | |
Altria Group Inc. | | | 126,677 | | | | 4,250,013 | |
American Capital Agency Corp. | | | 176,588 | | | | 5,601,371 | |
AmerisourceBergen Corp. | | | 94,713 | | | | 4,470,454 | |
Amgen Inc. | | | 95,630 | | | | 8,741,538 | |
Annaly Capital Management Inc. | | | 496,752 | | | | 7,694,688 | |
Aon PLC | | | 129,035 | | | | 7,882,748 | |
Arch Capital Group Ltd.a,b | | | 70,740 | | | | 3,474,749 | |
AT&T Inc. | | | 99,298 | | | | 3,565,791 | |
Automatic Data Processing Inc. | | | 187,592 | | | | 11,510,645 | |
AutoZone Inc.a,b | | | 13,231 | | | | 5,029,765 | |
Becton, Dickinson and Co. | | | 49,649 | | | | 4,372,091 | |
Bristol-Myers Squibb Co. | | | 78,862 | | | | 2,915,528 | |
C.H. Robinson Worldwide Inc. | | | 9,563 | | | | 545,282 | |
C.R. Bard Inc. | | | 40,007 | | | | 3,954,692 | |
Campbell Soup Co. | | | 96,416 | | | | 3,968,483 | |
Chevron Corp. | | | 4,716 | | | | 552,479 | |
Chubb Corp. (The) | | | 46,374 | | | | 3,896,807 | |
Church & Dwight Co. Inc. | | | 61,570 | | | | 3,814,877 | |
Clorox Co. (The) | | | 49,780 | | | | 4,182,018 | |
Coca-Cola Co. (The) | | | 153,139 | | | | 5,929,542 | |
Colgate-Palmolive Co. | | | 64,583 | | | | 7,390,233 | |
Consolidated Edison Inc. | | | 147,244 | | | | 8,687,396 | |
Costco Wholesale Corp. | | | 6,943 | | | | 703,256 | |
DIRECTVb | | | 21,353 | | | | 1,028,574 | |
Dollar General Corp.b | | | 39,169 | | | | 1,815,091 | |
Dollar Tree Inc.b | | | 60,391 | | | | 2,728,767 | |
Dominion Resources Inc. | | | 89,604 | | | | 5,017,824 | |
Duke Energy Corp. | | | 91,438 | | | | 6,332,082 | |
Ecolab Inc. | | | 57,902 | | | | 4,432,398 | |
Eli Lilly and Co. | | | 169,907 | | | | 9,287,117 | |
Everest Re Group Ltd. | | | 24,628 | | | | 3,068,895 | |
Exxon Mobil Corp. | | | 87,901 | | | | 7,871,535 | |
Family Dollar Stores Inc. | | | 44,723 | | | | 2,573,809 | |
Federal Realty Investment Trust | | | 29,737 | | | | 3,158,367 | |
First Republic Bank | | | 45,064 | | | | 1,642,583 | |
Forest Laboratories Inc.b | | | 35,763 | | | | 1,316,078 | |
General Mills Inc. | | | 228,857 | | | | 10,584,636 | |
Genuine Parts Co. | | | 10,218 | | | | 725,785 | |
H.J. Heinz Co. | | | 6,157 | | | | 445,952 | |
Health Care REIT Inc.a | | | 66,024 | | | | 4,234,779 | |
Hershey Co. (The) | | | 40,741 | | | | 3,395,355 | |
Hormel Foods Corp. | | | 72,574 | | | | 2,714,993 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
International Business Machines Corp. | | | 24,811 | | | $ | 4,982,793 | |
Intuit Inc. | | | 53,238 | | | | 3,432,786 | |
J.M. Smucker Co. (The) | | | 52,531 | | | | 5,006,204 | |
Johnson & Johnson | | | 152,091 | | | | 11,575,646 | |
Kellogg Co. | | | 116,459 | | | | 7,045,770 | |
Kimberly-Clark Corp. | | | 78,993 | | | | 7,447,460 | |
Kinder Morgan Inc. | | | 91,438 | | | | 3,389,607 | |
Kinder Morgan Management LLCa,b | | | 50,436 | | | | 4,177,614 | |
Kroger Co. (The) | | | 29,265 | | | | 854,831 | |
Laboratory Corp. of America Holdingsb | | | 38,121 | | | | 3,377,521 | |
Marsh & McLennan Companies Inc. | | | 130,083 | | | | 4,831,283 | |
McCormick & Co. Inc. NVS | | | 54,627 | | | | 3,674,758 | |
McDonald’s Corp. | | | 118,031 | | | | 11,319,173 | |
Microsoft Corp. | | | 227,337 | | | | 6,319,969 | |
Motorola Solutions Inc. | | | 5,240 | | | | 325,980 | |
Newmont Mining Corp. | | | 7,205 | | | | 290,289 | |
NextEra Energy Inc. | | | 9,484 | | | | 681,615 | |
O’Reilly Automotive Inc.b | | | 47,422 | | | | 4,824,714 | |
PartnerRe Ltd.a | | | 32,095 | | | | 2,864,158 | |
Paychex Inc. | | | 163,226 | | | | 5,402,781 | |
People’s United Financial Inc. | | | 164,326 | | | | 2,152,671 | |
PepsiCo Inc. | | | 79,386 | | | | 6,015,077 | |
PG&E Corp. | | | 156,938 | | | | 6,691,836 | |
Procter & Gamble Co. (The) | | | 123,795 | | | | 9,430,703 | |
Raytheon Co. | | | 9,956 | | | | 543,299 | |
Realty Income Corp. | | | 83,971 | | | | 3,833,276 | |
RenaissanceRe Holdings Ltd. | | | 26,200 | | | | 2,290,928 | |
Republic Services Inc. | | | 65,762 | | | | 2,067,557 | |
Ross Stores Inc. | | | 76,556 | | | | 4,437,186 | |
SAIC Inc. | | | 137,812 | | | | 1,628,938 | |
Sherwin-Williams Co. (The) | | | 3,406 | | | | 550,376 | |
Southern Co. (The) | | | 234,621 | | | | 10,560,291 | |
Stericycle Inc.a,b | | | 37,335 | | | | 3,581,173 | |
Synopsys Inc.b | | | 74,277 | | | | 2,601,923 | |
Target Corp. | | | 61,177 | | | | 3,851,704 | |
TJX Companies Inc. (The) | | | 71,133 | | | | 3,198,851 | |
Total System Services Inc. | | | 80,958 | | | | 1,923,562 | |
Travelers Companies Inc. (The) | | | 42,444 | | | | 3,413,346 | |
Verisk Analytics Inc. Class Ab | | | 66,417 | | | | 3,886,723 | |
Verizon Communications Inc. | | | 132,703 | | | | 6,174,671 | |
W.R. Berkley Corp. | | | 55,413 | | | | 2,299,640 | |
Wal-Mart Stores Inc. | | | 88,163 | | | | 6,240,177 | |
Waste Management Inc. | | | 125,498 | | | | 4,683,585 | |
| | |
| 14 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Wisconsin Energy Corp. | | | 106,765 | | | $ | 4,409,395 | |
Xcel Energy Inc. | | | 128,773 | | | | 3,695,785 | |
Xilinx Inc. | | | 8,384 | | | | 312,472 | |
Yum! Brands Inc. | | | 7,991 | | | | 523,251 | |
| | | | | | | | |
| | | | | | | 398,195,158 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $703,688,829) | | | | 768,631,113 | |
|
INVESTMENT COMPANIES — 0.25% | |
| |
INDIA — 0.25% | | | | | |
iShares S&P India Nifty 50 Index Fundc | | | 81,116 | | | | 1,937,861 | |
| | | | | | | | |
| | | | | | | 1,937,861 | |
| | | | | | | | |
TOTAL INVESTMENT COMPANIES | | | | | |
(Cost: $1,734,918) | | | | 1,937,861 | |
|
PREFERRED STOCKS — 0.32% | |
| |
COLOMBIA — 0.32% | | | | | |
Banco Davivienda SA | | | 47,160 | | | | 673,092 | |
Grupo Argos SA | | | 45,195 | | | | 565,350 | |
Grupo Aval Acciones y Valores SA | | | 799,886 | | | | 568,616 | |
Grupo de Inversiones Suramericana SA | | | 30,916 | | | | 677,037 | |
| | | | | | | | |
| | | | | | | 2,484,095 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $2,261,497) | | | | 2,484,095 | |
|
SHORT-TERM INVESTMENTS — 2.06% | |
| |
MONEY MARKET FUNDS — 2.06% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 13,967,650 | | | | 13,967,650 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 1,011,304 | | | | 1,011,304 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 1,012,628 | | | | 1,012,628 | |
| | | | | | | | |
| | | | | | | 15,991,582 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $15,991,582) | | | | 15,991,582 | |
| | | | | | | | |
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 101.70% | | | | |
(Cost: $723,676,826) | | $ | 789,044,651 | |
Other Assets, Less Liabilities — (1.70)% | | | (13,191,182 | ) |
| | | | | | |
NET ASSETS — 100.00% | | $ | 775,853,469 | |
| | | | | | |
NVDR — Non-Voting Depositary Receipts
NVS — Non-Voting Shares
SP ADR — Sponsored American Depositary Receipts
| a | All or a portion of this security represents a security on loan. See Note 5. |
| b | Non-income earning security. |
| c | Affiliated issuer. See Note 2. |
| d | The rate quoted is the annualized seven-day yield of the fund at period end. |
| e | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
| | | | |
SCHEDULESOF INVESTMENTS | | | 15 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS EMEA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.13% | |
| |
CZECH REPUBLIC — 1.50% | | | | | |
CEZ AS | | | 1,302 | | | $ | 39,213 | |
Komercni Banka AS | | | 136 | | | | 27,669 | |
Telefonica O2 Czech Republic AS | | | 868 | | | | 14,352 | |
| | | | | | | | |
| | | | | | | 81,234 | |
EGYPT — 1.53% | | | | | | | | |
Commercial International Bank (Egypt) SAE SP GDR | | | 6,600 | | | | 33,000 | |
Orascom Telecom Holding SAE SP GDRa,b | | | 15,710 | | | | 49,643 | |
| | | | | | | | |
| | | | | | | 82,643 | |
HUNGARY — 1.31% | | | | | | | | |
Magyar Telekom Telecommunications PLC | | | 4,496 | | | | 8,088 | |
MOL Hungarian Oil and Gas PLC | | | 337 | | | | 25,902 | |
OTP Bank PLC | | | 1,770 | | | | 36,769 | |
| | | | | | | | |
| | | | | | | 70,759 | |
POLAND — 8.54% | | | | | | | | |
Asseco Poland SA | | | 617 | | | | 8,390 | |
Bank Handlowy w Warszawie SA | | | 270 | | | | 7,646 | |
Bank Millennium SAa | | | 4,723 | | | | 7,112 | |
Bank Pekao SA | | | 992 | | | | 50,123 | |
BRE Bank SAa | | | 117 | | | | 12,439 | |
Cyfrowy Polsat SAa | | | 1,934 | | | | 9,991 | |
ENEA SA | | | 937 | | | | 4,575 | |
Eurocash SA | | | 461 | | | | 7,696 | |
Grupa Lotos SAa | | | 385 | | | | 5,066 | |
Jastrzebska Spolka Weglowa SA | | | 306 | | | | 9,157 | |
Kernel Holding SAa | | | 431 | | | | 8,838 | |
KGHM Polska Miedz SA | | | 1,116 | | | | 63,524 | |
Polska Grupa Energetyczna SA | | | 5,577 | | | | 28,513 | |
Polski Koncern Naftowy Orlen SAa | | | 2,644 | | | | 44,684 | |
Polskie Gornictwo Naftowe i Gazownictwo SAa | | | 15,430 | | | | 27,802 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 6,675 | | | | 74,855 | |
Powszechny Zaklad Ubezpieczen SA | | | 444 | | | | 56,350 | |
Synthos SA | | | 4,053 | | | | 7,060 | |
Tauron Polska Energia SA | | | 7,375 | | | | 10,222 | |
Telekomunikacja Polska SA | | | 5,920 | | | | 12,681 | |
Zaklady Azotowe w Tarnowie-Moscicach SAa | | | 250 | | | | 4,442 | |
| | | | | | | | |
| | | | | | | 461,166 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RUSSIA — 32.88% | | | | | | | | |
Federal Grid Co. of Unified Energy System OJSCa | | | 2,680,000 | | | $ | 16,646 | |
Gazprom OAO | | | 84,650 | | | | 380,062 | |
IDGC Holding JSCa | | | 155,000 | | | | 9,720 | |
INTER RAO UES OJSCa | | | 10,700,000 | | | | 7,552 | |
LSR Group OJSC SP GDRb | | | 1,874 | | | | 8,890 | |
LUKOIL OAO | | | 4,105 | | | | 263,314 | |
Magnit OJSC SP GDRb | | | 2,159 | | | | 91,585 | |
Mechel OAO SP ADR | | | 1,367 | | | | 7,505 | |
MegaFon OAO SP GDRa | | | 733 | | | | 21,074 | |
MMC Norilsk Nickel OJSC | | | 372 | | | | 65,690 | |
Mobile TeleSystems OJSC SP ADR | | | 4,211 | | | | 87,126 | |
NovaTek OAO SP GDRb | | | 729 | | | | 84,564 | |
Novolipetsk Steel OJSC SP GDRb | | | 606 | | | | 11,629 | |
Rosneft Oil Co. OJSC | | | 10,270 | | | | 81,888 | |
Rostelecom OJSC | | | 9,630 | | | | 38,617 | |
RusHydro OJSC | | | 1,012,000 | | | | 22,765 | |
Sberbank of Russia | | | 85,150 | | | | 290,960 | |
Severstal OAO | | | 1,440 | | | | 16,050 | |
Sistema JSFC SP GDRb | | | 975 | | | | 19,168 | |
Surgutneftegas OJSC | | | 57,800 | | | | 54,191 | |
Tatneft OAO, Class S | | | 11,620 | | | | 76,055 | |
TMK OAO SP GDRb | | | 445 | | | | 6,635 | |
Uralkali OJSC | | | 10,150 | | | | 75,455 | |
VTB Bank OJSC | | | 21,320,000 | | | | 38,930 | |
| | | | | | | | |
| | | | | | | 1,776,071 | |
SOUTH AFRICA — 40.97% | | | | | | | | |
Absa Group Ltd. | | | 2,265 | | | | 41,020 | |
African Bank Investments Ltd. | | | 5,542 | | | | 17,788 | |
African Rainbow Minerals Ltd. | | | 906 | | | | 19,302 | |
Anglo American Platinum Ltd. | | | 549 | | | | 26,004 | |
AngloGold Ashanti Ltd. | | | 3,016 | | | | 74,087 | |
ArcelorMittal South Africa Ltd.a | | | 1,529 | | | | 4,933 | |
Aspen Pharmacare Holdings Ltd.a | | | 2,429 | | | | 44,174 | |
Assore Ltd. | | | 278 | | | | 10,457 | |
Aveng Ltd. | | | 3,119 | | | | 11,402 | |
Barloworld Ltd. | | | 1,619 | | | | 16,654 | |
Bidvest Group Ltd. | | | 2,355 | | | | 62,498 | |
Discovery Holdings Ltd. | | | 2,328 | | | | 19,485 | |
Exxaro Resources Ltd. | | | 1,020 | | | | 19,536 | |
FirstRand Ltd. | | | 24,367 | | | | 83,779 | |
| | |
| 16 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EMEA INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Foschini Group Ltd. (The) | | | 1,732 | | | $ | 20,664 | |
Gold Fields Ltd. | | | 5,924 | | | | 50,461 | |
Growthpoint Properties Ltd. | | | 13,794 | | | | 42,046 | |
Harmony Gold Mining Co. Ltd. | | | 3,239 | | | | 20,479 | |
Impala Platinum Holdings Ltd. | | | 4,355 | | | | 67,465 | |
Imperial Holdings Ltd. | | | 1,457 | | | | 33,611 | |
Investec Ltd. | | | 1,914 | | | | 13,654 | |
Kumba Iron Ore Ltd. | | | 644 | | | | 40,791 | |
Liberty Holdings Ltd. | | | 941 | | | | 12,218 | |
Life Healthcare Group Holdings Ltd. | | | 7,634 | | | | 28,715 | |
Massmart Holdings Ltd. | | | 803 | | | | 16,691 | |
MMI Holdings Ltd. | | | 8,126 | | | | 20,241 | |
Mr. Price Group Ltd. | | | 1,940 | | | | 25,039 | |
MTN Group Ltd. | | | 13,631 | | | | 266,750 | |
Naspers Ltd. Class N | | | 3,133 | | | | 203,503 | |
Nedbank Group Ltd. | | | 1,504 | | | | 32,299 | |
Netcare Ltd. | | | 7,036 | | | | 15,683 | |
Northam Platinum Ltd. | | | 2,185 | | | | 9,541 | |
Pick n Pay Stores Ltd. | | | 2,066 | | | | 10,308 | |
PPC Ltd. | | | 3,811 | | | | 14,658 | |
Redefine Properties Ltd. | | | 23,438 | | | | 25,677 | |
Remgro Ltd. | | | 3,567 | | | | 67,582 | |
Reunert Ltd. | | | 1,514 | | | | 13,414 | |
RMB Holdings Ltd. | | | 5,811 | | | | 26,514 | |
RMI Holdings Ltd. | | | 5,263 | | | | 13,338 | |
Sanlam Ltd. | | | 14,175 | | | | 71,533 | |
Sappi Ltd.a | | | 4,068 | | | | 12,921 | |
Sasol Ltd. | | | 4,306 | | | | 184,219 | |
Shoprite Holdings Ltd. | | | 3,501 | | | | 67,073 | |
SPAR Group Ltd. (The) | | | 1,465 | | | | 17,829 | |
Standard Bank Group Ltd. | | | 9,451 | | | | 122,700 | |
Steinhoff International Holdings Ltd.a | | | 9,456 | | | | 27,474 | |
Tiger Brands Ltd. | | | 1,325 | | | | 44,818 | |
Truworths International Ltd. | | | 3,659 | | | | 37,945 | |
Vodacom Group Ltd. | | | 2,944 | | | | 39,094 | |
Woolworths Holdings Ltd. | | | 6,209 | | | | 44,730 | |
| | | | | | | | |
| | | | | | | 2,212,797 | |
TURKEY — 11.40% | | | | | | | | |
Akbank TAS | | | 14,689 | | | | 71,377 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 1,546 | | | | 23,207 | |
Arcelik AS | | | 2,046 | | | | 12,968 | |
Asya Katilim Bankasi ASa | | | 5,163 | | | | 6,344 | |
BIM Birlesik Magazalar AS | | | 859 | | | | 40,714 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Coca-Cola Icecek AS | | | 567 | | | $ | 13,397 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 5,202 | | | | 8,445 | |
Enka Insaat ve Sanayi AS | | | 3,097 | | | | 9,436 | |
Eregli Demir ve Celik Fabrikalari TAS | | | 6,943 | | | | 8,955 | |
Ford Otomotiv Sanayi AS | | | 648 | | | | 7,638 | |
Haci Omer Sabanci Holding AS | | | 6,527 | | | | 35,563 | |
KOC Holding AS | | | 5,065 | | | | 26,639 | |
Koza Altin Isletmeleri AS | | | 331 | | | | 7,840 | |
TAV Havalimanlari Holding AS | | | 1,293 | | | | 7,872 | |
Tofas Turk Otomobil Fabrikasi AS | | | 1,119 | | | | 6,937 | |
Turk Hava Yollari AOa | | | 3,920 | | | | 16,258 | |
Turk Telekomunikasyon AS | | | 4,107 | | | | 16,943 | |
Turkcell Iletisim Hizmetleri ASa | | | 6,233 | | | | 41,411 | |
Turkiye Garanti Bankasi AS | | | 17,981 | | | | 85,974 | |
Turkiye Halk Bankasi AS | | | 5,128 | | | | 50,748 | |
Turkiye Is Bankasi AS Class C | | | 12,863 | | | | 45,912 | |
Turkiye Petrol Rafinerileri AS | | | 1,004 | | | | 28,133 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 3,616 | | | | 5,911 | |
Turkiye Vakiflar Bankasi TAO Class D | | | 6,024 | | | | 18,487 | |
Yapi ve Kredi Bankasi ASa | | | 6,662 | | | | 18,816 | |
| | | | | | | | |
| | | | | | | 615,925 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $5,494,601) | | | | 5,300,595 | |
|
PREFERRED STOCKS — 1.68% | |
| |
RUSSIA — 1.68% | | | | | |
AK Transneft OAO | | | 13 | | | | 29,152 | |
Sberbank of Russia | | | 8,500 | | | | 20,648 | |
Surgutneftegas OJSC | | | 55,500 | | | | 40,862 | |
| | | | | | | | |
| | | | | | | 90,662 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $84,342) | | | | 90,662 | |
|
SHORT-TERM INVESTMENTS — 0.11% | |
| |
MONEY MARKET FUNDS — 0.11% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 5,763 | | | | 5,763 | |
| | | | | | | | |
| | | | | | | 5,763 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $5,763) | | | | 5,763 | |
| | | | | | | | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 17 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EMEA INDEX FUND
February 28, 2013
| | | | | | |
| | | | | Value | |
| | | | | | |
TOTAL INVESTMENTS
IN SECURITIES — 99.92% | | | | |
(Cost: $5,584,706) | | $ | 5,397,020 | |
Other Assets, Less Liabilities — 0.08% | | | 4,260 | |
| | | | | | |
NET ASSETS — 100.00% | | $ | 5,401,280 | |
| | | | | | |
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.
| | |
| 18 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI FRONTIER 100 INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.63% | |
| |
ARGENTINA — 3.16% | | | | | |
Banco Macro SA SP ADRa | | | 19,832 | | | $ | 288,159 | |
BBVA Banco Frances SA SP ADRa | | | 24,642 | | | | 99,553 | |
Petrobras Argentina SA Class B SP ADR | | | 36,334 | | | | 168,590 | |
Telecom Argentina SA SP ADR | | | 48,137 | | | | 591,604 | |
YPF SA SP ADR | | | 41,625 | | | | 524,475 | |
| | | | | | | | |
| | | | | | | 1,672,381 | |
BANGLADESH — 2.06% | | | | | | | | |
Bangladesh Export Import Co. Ltd.a | | | 192,400 | | | | 151,773 | |
GrameenPhone Ltd. | | | 74,200 | | | | 138,425 | |
Islami Bank Bangladesh Ltd. | | | 301,700 | | | | 154,963 | |
National Bank Ltd.a | | | 617,900 | | | | 159,079 | |
Prime Bank Ltd. | | | 268,250 | | | | 110,226 | |
Square Pharmaceuticals Ltd. | | | 111,000 | | | | 247,198 | |
Titas Gas Transmission & Distribution Co. Ltd. | | | 150,400 | | | | 128,560 | |
| | | | | | | | |
| | | | | | | 1,090,224 | |
ESTONIA — 0.41% | | | | | | | | |
Tallink Group ASa | | | 182,764 | | | | 214,804 | |
| | | | | | | | |
| | | | | | | 214,804 | |
JORDAN — 0.94% | | | | | | | | |
Arab Bank PLC | | | 29,340 | | | | 320,246 | |
Jordan Phosphate Mines Co. | | | 5,961 | | | | 110,348 | |
Jordan Telecommunications Co. PSC | | | 9,176 | | | | 68,671 | |
| | | | | | | | |
| | | | | | | 499,265 | |
KAZAKHSTAN — 3.92% | | | | | | | | |
Halyk Savings Bank of Kazakhstan JSC SP GDRa,b | | | 44,400 | | | | 316,350 | |
KazMunaiGaz Exploration Production JSC SP GDRb | | | 90,058 | | | | 1,755,230 | |
| | | | | | | | |
| | | | | | | 2,071,580 | |
KENYA — 3.74% | | | | | | | | |
Co-operative Bank of Kenya Ltd. (The) | | | 776,504 | | | | 124,006 | |
East African Breweries Ltd. | | | 196,503 | | | | 643,599 | |
Equity Bank Ltd. | | | 1,043,400 | | | | 342,347 | |
Kenya Commercial Bank Ltd. | | | 1,177,360 | | | | 523,043 | |
Safaricom Ltd. | | | 5,180,000 | | | | 345,935 | |
| | | | | | | | |
| | | | | | | 1,978,930 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
KUWAIT — 27.98% | | | | | | | | |
Agility Public Warehousing Co. KSC | | | 370,000 | | | $ | 731,380 | |
Boubyan Bank KSCa | | | 185,000 | | | | 430,992 | |
Boubyan Petrochemicals Co. | | | 185,000 | | | | 391,811 | |
Burgan Bank SAK | | | 370,000 | | | | 731,380 | |
Gulf Bank KSCa | | | 555,000 | | | | 803,212 | |
Kuwait Finance House | | | 740,000 | | | | 2,141,899 | |
Kuwait International Bank | | | 370,000 | | | | 385,281 | |
Kuwait Projects Co. Holding KSC | | | 370,000 | | | | 542,005 | |
Mabanee Co. SAKC | | | 185,000 | | | | 783,621 | |
Mobile Telecommunications Co. KSC | | | 1,295,000 | | | | 3,656,901 | |
National Bank of Kuwait | | | 1,110,000 | | | | 3,918,108 | |
National Industries Group Holdinga | | | 370,000 | | | | 282,104 | |
| | | | | | | | |
| | | | | | | 14,798,694 | |
LEBANON — 1.05% | | | | | | | | |
Solidere Class A | | | 28,820 | | | | 366,014 | |
Solidere SP GDRb | | | 15,316 | | | | 189,153 | |
| | | | | | | | |
| | | | | | | 555,167 | |
MAURITIUS — 0.97% | | | | | | | | |
Mauritius Commercial Bank | | | 68,487 | | | | 410,476 | |
State Bank of Mauritius Ltd. | | | 30,877 | | | | 110,348 | |
| | | | | | | | |
| | | | | | | 512,058 | |
NIGERIA — 13.63% | | | | | | | | |
Access Bank PLC | | | 6,361,373 | | | | 469,430 | |
Afriland Properties PLCa | | | 7,291 | | | | 101 | |
FBN Holdings PLC | | | 8,582,192 | | | | 1,071,759 | |
Guaranty Trust Bank PLC | | | 7,554,857 | | | | 1,172,182 | |
Guinness Nigeria PLC | | | 364,538 | | | | 634,579 | |
Lafarge Cement WAPCO Nigeria PLC | | | 492,063 | | | | 209,487 | |
Nigerian Breweries PLC | | | 1,980,445 | | | | 2,061,012 | |
United Bank for Africa PLCa | | | 8,902,977 | | | | 452,589 | |
Zenith Bank PLC | | | 8,703,812 | | | | 1,139,099 | |
| | | | | | | | |
| | | | | | | 7,210,238 | |
OMAN — 3.66% | | | | | | | | |
Ahli Bank SAOGa | | | 216,487 | | | | 101,777 | |
BankMuscat SAOG | | | 433,788 | | | | 701,948 | |
HSBC Bank Oman SAOG | | | 409,395 | | | | 206,292 | |
National Bank of Oman SAOG | | | 114,071 | | | | 85,924 | |
Oman Cement Co. SAOG | | | 90,391 | | | | 152,608 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRONTIER 100 INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Oman Telecommunications Co. SAOG | | | 99,197 | | | $ | 370,250 | |
Omani Qatari Telecommunications Co. SAOG | | | 153,192 | | | | 210,888 | |
Raysut Cement Co. | | | 27,983 | | | | 106,626 | |
| | | | | | | | |
| | | | | | | 1,936,313 | |
PAKISTAN — 4.81% | | | | | | | | |
Engro Corp. Ltd. | | | 129,500 | | | | 159,624 | |
Fauji Fertilizer Co. Ltd. | | | 314,550 | | | | 363,047 | |
Hub Power Co. Ltd. (The) | | | 222,030 | | | | 119,084 | |
MCB Bank Ltd. | | | 218,390 | | | | 523,722 | |
National Bank of Pakistan | | | 222,110 | | | | 123,290 | |
Oil & Gas Development Co. Ltd. | | | 344,100 | | | | 730,895 | |
Pakistan Oilfields Ltd. | | | 37,000 | | | | 180,551 | |
Pakistan Petroleum Ltd. | | | 57,375 | | | | 108,712 | |
Pakistan State Oil Co. Ltd. | | | 37,800 | | | | 93,571 | |
United Bank Ltd. | | | 148,080 | | | | 140,274 | |
| | | | | | | | |
| | | | | | | 2,542,770 | |
QATAR — 16.32% | | | | | | | | |
Al Khalij Commercial Bank | | | 45,103 | | | | 214,434 | |
Barwa Real Estate Co. | | | 52,431 | | | | 384,495 | |
Doha Bank QSC | | | 20,661 | | | | 254,226 | |
Industries Qatar QSC | | | 32,395 | | | | 1,514,359 | |
Masraf Al Rayan QSC | | | 194,324 | | | | 1,287,345 | |
Qatar Electricity & Water Co. QSC | | | 13,727 | | | | 500,685 | |
Qatar Gas Transport Co. Ltd. | | | 75,295 | | | | 343,293 | |
Qatar Islamic Bank SAQ | | | 26,418 | | | | 518,797 | |
Qatar National Bank SAQ | | | 44,400 | | | | 1,579,225 | |
Qatar Navigation QSC | | | 14,726 | | | | 262,495 | |
Qatar Telecom (Q-TEL) QSC | | | 42,587 | | | | 1,350,984 | |
Vodafone Qatar QSCa | | | 182,965 | | | | 422,123 | |
| | | | | | | | |
| | | | | | | 8,632,461 | |
ROMANIA — 1.47% | | | | | | | | |
Banca Transilvaniaa | | | 714,297 | | | | 312,795 | |
BRD-Groupe Societe Generale SA | | | 77,425 | | | | 216,085 | |
OMV Petrom SA | | | 1,850,000 | | | | 248,587 | |
| | | | | | | | |
| | | | | | | 777,467 | |
SRI LANKA — 1.59% | | | | | | | | |
Commercial Bank of Ceylon PLC | | | 219,143 | | | | 187,272 | |
John Keells Holdings PLC | | | 357,198 | | | | 655,307 | |
| | | | | | | | |
| | | | | | | 842,579 | |
UNITED ARAB EMIRATES — 11.49% | | | | | | | | |
Arabtec Holding Co. | | | 413,401 | | | | 300,512 | |
Dana Gas PJSCa | | | 1,713,655 | | | | 237,943 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
DP World Ltd. | | | 87,135 | | | $ | 1,137,112 | |
Dubai Financial Market PJSCa | | | 929,773 | | | | 306,296 | |
Dubai Islamic Bank PJSC | | | 328,950 | | | | 197,925 | |
Emaar Properties PJSC | | | 1,577,643 | | | | 2,276,479 | |
Emirates NBD PJSC | | | 146,055 | | | | 153,491 | |
First Gulf Bank PJSC | | | 178,969 | | | | 660,231 | |
National Bank of Abu Dhabi PJSC | | | 261,960 | | | | 805,921 | |
| | | | | | | | |
| | | | | | | 6,075,910 | |
VIETNAM — 2.43% | | | | | | | | |
Bank for Foreign Trade of Vietnam JSC | | | 101,750 | | | | 156,837 | |
Bao Viet Holdings | | | 26,020 | | | | 66,432 | |
HAGL JSCa | | | 115,340 | | | | 153,567 | |
Masan Group Corp.a | | | 43,680 | | | | 233,460 | |
Petrovietnam Fertilizer & Chemicals JSC | | | 85,680 | | | | 173,772 | |
Saigon Thuong Tin Commercial JSBa | | | 76,260 | | | | 78,607 | |
Vietnam Bank for Industry and Trade JSCa | | | 94,500 | | | | 90,193 | |
Vingroup JSCa | | | 104,768 | | | | 334,978 | |
| | | | | | | | |
| | | | | | | 1,287,846 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $50,867,245) | | | | 52,698,687 | |
|
RIGHTS — 0.04% | |
| |
QATAR — 0.04% | | | | | |
Doha Bank QSCa | | | 4,821 | | | | 19,597 | |
| | | | | | | | |
| | | | | | | 19,597 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | |
(Cost: $0) | | | | 19,597 | |
|
SHORT-TERM INVESTMENTS — 3.44% | |
| |
MONEY MARKET FUNDS — 3.44% | | | | | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 1,820,771 | | | | 1,820,771 | |
| | | | | | | | |
| | | | | | | 1,820,771 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $1,820,771) | | | | 1,820,771 | |
| | | | | | | | |
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRONTIER 100 INDEX FUND
February 28, 2013
| | | | | | |
| | | | | Value | |
TOTAL INVESTMENTS
IN SECURITIES — 103.11% | | | | |
(Cost: $52,688,016) | | $ | 54,539,055 | |
Other Assets, Less Liabilities — (3.11)% | | | (1,643,208 | ) |
| | | | | | |
NET ASSETS — 100.00% | | $ | 52,895,847 | |
| | | | | | |
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 | | | 21 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.35% | |
| |
AUSTRALIA — 4.02% | | | | | |
AGL Energy Ltd. | | | 140 | | | $ | 2,284 | |
ALS Ltd. | | | 100 | | | | 1,199 | |
Amcor Ltd. | | | 316 | | | | 2,976 | |
AMP Ltd. | | | 601 | | | | 3,372 | |
APA Group | | | 245 | | | | 1,543 | |
Asciano Ltd. | | | 298 | | | | 1,702 | |
ASX Ltd. | | | 55 | | | | 2,052 | |
Aurizon Holdings Ltd. | | | 487 | | | | 2,009 | |
Australia and New Zealand Banking Group Ltd. | | | 547 | | | | 16,083 | |
Bendigo and Adelaide Bank Ltd. | | | 122 | | | | 1,240 | |
BHP Billiton Ltd. | | | 696 | | | | 26,413 | |
Brambles Ltd. | | | 373 | | | | 3,341 | |
CFS Retail Property Trust Group | | | 822 | | | | 1,759 | |
Coca-Cola Amatil Ltd. | | | 154 | | | | 2,284 | |
Cochlear Ltd. | | | 15 | | | | 1,088 | |
Commonwealth Bank of Australia | | | 325 | | | | 22,382 | |
Computershare Ltd. | | | 124 | | | | 1,292 | |
Crown Ltd. | | | 143 | | | | 1,758 | |
CSL Ltd. | | | 112 | | | | 6,880 | |
Dexus Property Group | | | 1,881 | | | | 2,099 | |
Echo Entertainment Group Ltd. | | | 255 | | | | 982 | |
Fortescue Metals Group Ltd. | | | 327 | | | | 1,580 | |
Goodman Group | | | 510 | | | | 2,428 | |
GPT Group | | | 598 | | | | 2,406 | |
Iluka Resources Ltd. | | | 116 | | | | 1,249 | |
Incitec Pivot Ltd. | | | 442 | | | | 1,462 | |
Insurance Australia Group Ltd. | | | 487 | | | | 2,837 | |
James Hardie Industries SE | | | 154 | | | | 1,545 | |
Lend Lease Group | | | 211 | | | | 2,301 | |
Macquarie Group Ltd. | | | 76 | | | | 2,935 | |
Mirvac Group | | | 1,356 | | | | 2,277 | |
National Australia Bank Ltd. | | | 462 | | | | 14,284 | |
Newcrest Mining Ltd. | | | 171 | | | | 3,967 | |
Orica Ltd. | | | 95 | | | | 2,656 | |
Origin Energy Ltd. | | | 250 | | | | 3,115 | |
OZ Minerals Ltd. | | | 32 | | | | 208 | |
QBE Insurance Group Ltd. | | | 258 | | | | 3,534 | |
Ramsay Health Care Ltd. | | | 41 | | | | 1,348 | |
Rio Tinto Ltd. | | | 98 | | | | 6,727 | |
Santos Ltd. | | | 219 | | | | 3,007 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sonic Healthcare Ltd. | | | 106 | | | $ | 1,457 | |
SP AusNet | | | 234 | | | | 285 | |
Stockland Corp. Ltd. | | | 642 | | | | 2,471 | |
Suncorp Group Ltd. | | | 271 | | | | 3,127 | |
Tatts Group Ltd. | | | 494 | | | | 1,613 | |
Telstra Corp. Ltd. | | | 869 | | | | 4,083 | |
Toll Holdings Ltd. | | | 81 | | | | 512 | |
Transurban Group | | | 348 | | | | 2,195 | |
Wesfarmers Ltd. | | | 228 | | | | 9,577 | |
Westfield Group | | | 529 | | | | 6,066 | |
Westfield Retail Trust | | | 921 | | | | 2,998 | |
Westpac Banking Corp. | | | 632 | | | | 19,909 | |
Woodside Petroleum Ltd. | | | 143 | | | | 5,490 | |
Woolworths Ltd. | | | 277 | | | | 9,905 | |
WorleyParsons Ltd. | | | 52 | | | | 1,418 | |
| | | | | | | | |
| | | | | | | 235,710 | |
AUSTRIA — 0.14% | |
Andritz AG | | | 29 | | | | 2,048 | |
Erste Group Bank AGa | | | 55 | | | | 1,774 | |
IMMOFINANZ AGa | | | 508 | | | | 2,128 | |
OMV AG | | | 47 | | | | 2,049 | |
Telekom Austria AG | | | 32 | | | | 212 | |
| | | | | | | | |
| | | | | | | 8,211 | |
BELGIUM — 0.46% | | | | | | | | |
Ageas | | | 43 | | | | 1,467 | |
Anheuser-Busch InBev NV | | | 172 | | | | 16,136 | |
Belgacom SA | | | 24 | | | | 672 | |
Colruyt SA | | | 21 | | | | 1,036 | |
Groupe Bruxelles Lambert SA | | | 13 | | | | 1,040 | |
KBC Groep NV | | | 51 | | | | 1,894 | |
Solvay SA | | | 14 | | | | 2,003 | |
UCB SA | | | 21 | | | | 1,215 | |
Umicore SA | | | 27 | | | | 1,352 | |
| | | | | | | | |
| | | | | | | 26,815 | |
CANADA — 4.68% | | | | | | | | |
Agnico-Eagle Mines Ltd. | | | 40 | | | | 1,609 | |
Agrium Inc. | | | 35 | | | | 3,636 | |
Alimentation Couche-Tard Inc. Class B | | | 35 | | | | 1,819 | |
ARC Resources Ltd. | | | 71 | | | | 1,796 | |
Athabasca Oil Corp.a | | | 100 | | | | 986 | |
Bank of Montreal | | | 128 | | | | 7,995 | |
Bank of Nova Scotia | | | 232 | | | | 13,863 | |
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Barrick Gold Corp. | | | 217 | | | $ | 6,600 | |
Baytex Energy Corp. | | | 33 | | | | 1,383 | |
BCE Inc. | | | 43 | | | | 1,945 | |
Bombardier Inc. Class B | | | 398 | | | | 1,607 | |
Brookfield Asset Management Inc. Class A | | | 139 | | | | 5,288 | |
Brookfield Office Properties Inc. | | | 101 | | | | 1,690 | |
Cameco Corp. | | | 96 | | | | 2,054 | |
Canadian Imperial Bank of Commerce | | | 79 | | | | 6,389 | |
Canadian National Railway Co. | | | 94 | | | | 9,570 | |
Canadian Natural Resources Ltd. | | | 240 | | | | 7,358 | |
Canadian Oil Sands Ltd. | | | 114 | | | | 2,341 | |
Canadian Pacific Railway Ltd. | | | 40 | | | | 4,881 | |
Canadian Tire Corp. Ltd. Class A NVS | | | 19 | | | | 1,272 | |
Canadian Utilities Ltd. Class A | | | 16 | | | | 1,210 | |
Catamaran Corp.a | | | 49 | | | | 2,649 | |
Cenovus Energy Inc. | | | 168 | | | | 5,456 | |
CGI Group Inc. Class Aa | | | 60 | | | | 1,590 | |
CI Financial Corp. | | | 54 | | | | 1,418 | |
Crescent Point Energy Corp. | | | 79 | | | | 3,016 | |
Eldorado Gold Corp. | | | 160 | | | | 1,584 | |
Enbridge Inc. | | | 163 | | | | 7,290 | |
Encana Corp. | | | 171 | | | | 3,085 | |
Finning International Inc. | | | 53 | | | | 1,347 | |
First Quantum Minerals Ltd. | | | 115 | | | | 2,149 | |
Fortis Inc. | | | 53 | | | | 1,735 | |
Franco-Nevada Corp. | | | 36 | | | | 1,747 | |
George Weston Ltd. | | | 17 | | | | 1,233 | |
Gildan Activewear Inc. | | | 29 | | | | 1,070 | |
Goldcorp Inc. | | | 177 | | | | 5,795 | |
Great-West Lifeco Inc. | | | 47 | | | | 1,253 | |
Husky Energy Inc. | | | 78 | | | | 2,406 | |
IAMGOLD Corp. | | | 101 | | | | 683 | |
IGM Financial Inc. | | | 29 | | | | 1,286 | |
Imperial Oil Ltd. | | | 66 | | | | 2,753 | |
Intact Financial Corp. | | | 28 | | | | 1,784 | |
Kinross Gold Corp. | | | 256 | | | | 1,955 | |
Loblaw Companies Ltd. | | | 34 | | | | 1,371 | |
Magna International Inc. Class A | | | 43 | | | | 2,294 | |
Manulife Financial Corp. | | | 385 | | | | 5,730 | |
MEG Energy Corp.a | | | 36 | | | | 1,166 | |
Metro Inc. Class A | | | 32 | | | | 2,010 | |
National Bank of Canada | | | 32 | | | | 2,445 | |
New Gold Inc.a | | | 123 | | | | 1,101 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Nexen Inc. | | | 117 | | | $ | 3,220 | |
Onex Corp. | | | 28 | | | | 1,266 | |
Open Text Corp.a | | | 15 | | | | 828 | |
Osisko Mining Corp.a | | | 79 | | | | 459 | |
Pacific Rubiales Energy Corp. | | | 73 | | | | 1,793 | |
Pembina Pipeline Corp. | | | 71 | | | | 1,999 | |
Pengrowth Energy Corp. | | | 187 | | | | 799 | |
Penn West Petroleum Ltd. | | | 116 | | | | 1,131 | |
Potash Corp. of Saskatchewan Inc. | | | 187 | | | | 7,527 | |
Power Corp. of Canada | | | 68 | | | | 1,823 | |
Power Financial Corp. | | | 36 | | | | 1,045 | |
Research In Motion Ltd.a,b | | | 107 | | | | 1,455 | |
RioCan Real Estate Investment Trust | | | 67 | | | | 1,815 | |
Rogers Communications Inc. Class B | | | 80 | | | | 3,811 | |
Royal Bank of Canada | | | 295 | | | | 18,371 | |
Saputo Inc. | | | 36 | | | | 1,787 | |
Shaw Communications Inc. Class B | | | 91 | | | | 2,184 | |
Shoppers Drug Mart Corp. | | | 58 | | | | 2,426 | |
Silver Wheaton Corp. | | | 87 | | | | 2,767 | |
SNC-Lavalin Group Inc. | | | 41 | | | | 1,859 | |
Sun Life Financial Inc. | | | 125 | | | | 3,503 | |
Suncor Energy Inc. | | | 335 | | | | 10,183 | |
Talisman Energy Inc. | | | 229 | | | | 2,885 | |
Teck Resources Ltd. Class B | | | 131 | | | | 4,069 | |
TELUS Corp. | | | 32 | | | | 2,207 | |
Thomson Reuters Corp. | | | 76 | | | | 2,329 | |
Tim Hortons Inc. | | | 44 | | | | 2,133 | |
Toronto-Dominion Bank (The) | | | 185 | | | | 15,269 | |
Tourmaline Oil Corp.a | | | 37 | | | | 1,323 | |
TransAlta Corp. | | | 75 | | | | 1,123 | |
TransCanada Corp. | | | 148 | | | | 6,916 | |
Turquoise Hill Resources Ltd.a | | | 139 | | | | 891 | |
Valeant Pharmaceuticals International Inc.a | | | 63 | | | | 4,262 | |
Vermilion Energy Inc. | | | 30 | | | | 1,557 | |
Yamana Gold Inc. | | | 179 | | | | 2,643 | |
| | | | | | | | |
| | | | | | | 274,351 | |
DENMARK — 0.55% | | | | | | | | |
Carlsberg A/S Class B | | | 30 | | | | 3,088 | |
Coloplast A/S Class B | | | 55 | | | | 2,873 | |
Danske Bank A/Sa | | | 173 | | | | 3,225 | |
DSV A/S | | | 84 | | | | 2,066 | |
Novo Nordisk A/S Class B | | | 92 | | | | 16,092 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Novozymes A/S Class B | | | 90 | | | $ | 3,142 | |
William Demant Holding A/Sa | | | 19 | | | | 1,521 | |
| | | | | | | | |
| | | | | | | 32,007 | |
FINLAND — 0.33% | | | | | | | | |
Elisa OYJ | | | 39 | | | | 823 | |
Fortum OYJ | | | 97 | | | | 1,853 | |
Kone OYJ Class B | | | 39 | | | | 3,161 | |
Metso OYJ | | | 36 | | | | 1,548 | |
Nokia OYJb | | | 815 | | | | 2,958 | |
Nokian Renkaat OYJ | | | 23 | | | | 1,047 | |
Sampo OYJ Class A | | | 84 | | | | 3,109 | |
Stora Enso OYJ Class R | | | 162 | | | | 1,091 | |
UPM-Kymmene OYJ | | | 133 | | | | 1,557 | |
Wartsila OYJ Abp | | | 44 | | | | 2,036 | |
| | | | | | | | |
| | | | | | | 19,183 | |
FRANCE — 3.91% | | | | | | | | |
Accor SA | | | 40 | | | | 1,445 | |
ALSTOM | | | 52 | | | | 2,298 | |
ArcelorMittal | | | 199 | | | | 2,996 | |
Arkema SA | | | 16 | | | | 1,628 | |
Atos SA | | | 17 | | | | 1,264 | |
AXA SA | | | 371 | | | | 6,453 | |
BNP Paribas SA | | | 211 | | | | 11,891 | |
Bouygues SA | | | 46 | | | | 1,301 | |
Bureau Veritas SA | | | 16 | | | | 2,066 | |
Cap Gemini SA | | | 37 | | | | 1,823 | |
Carrefour SA | | | 137 | | | | 3,740 | |
Casino Guichard-Perrachon SA | | | 16 | | | | 1,611 | |
Christian Dior SA | | | 11 | | | | 1,840 | |
Compagnie de Saint-Gobain | | | 90 | | | | 3,595 | |
Compagnie Generale de Geophysique-Veritasa | | | 36 | | | | 895 | |
Compagnie Generale des Etablissements Michelin Class B | | | 35 | | | | 3,132 | |
Credit Agricole SAa | | | 226 | | | | 2,127 | |
Danone SA | | | 126 | | | | 8,762 | |
Dassault Systemes SA | | | 16 | | | | 1,819 | |
Edenred SA | | | 44 | | | | 1,524 | |
Electricite de France SA | | | 49 | | | | 928 | |
Essilor International SA | | | 45 | | | | 4,651 | |
European Aeronautic Defence and Space Co. NV | | | 96 | | | | 4,917 | |
Eutelsat Communications SA | | | 38 | | | | 1,371 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
France Telecom SA | | | 355 | | | $ | 3,443 | |
GDF Suez | | | 274 | | | | 5,187 | |
Gemalto NV | | | 19 | | | | 1,732 | |
Groupe Eurotunnel SA Registered | | | 159 | | | | 1,347 | |
Iliad SA | | | 6 | | | | 1,150 | |
Klepierre | | | 39 | | | | 1,605 | |
L’Air Liquide SA | | | 67 | | | | 8,164 | |
L’Oreal SA | | | 48 | | | | 7,188 | |
Lafarge SA | | | 47 | | | | 3,173 | |
Lagardere SCA | | | 30 | | | | 1,072 | |
Legrand SA | | | 63 | | | | 2,900 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 53 | | | | 9,139 | |
Pernod Ricard SA | | | 48 | | | | 6,237 | |
PPR SA | | | 16 | | | | 3,592 | |
Publicis Groupe SA | | | 42 | | | | 2,780 | |
Renault SA | | | 36 | | | | 2,288 | |
Safran SA | | | 57 | | | | 2,614 | |
Sanofi | | | 248 | | | | 23,532 | |
Schneider Electric SA | | | 116 | | | | 8,935 | |
SCOR SE | | | 44 | | | | 1,246 | |
SES SA Class A FDR | | | 59 | | | | 1,819 | |
Societe BIC SA | | | 10 | | | | 1,169 | |
Societe Generalea | | | 151 | | | | 5,806 | |
Sodexo | | | 25 | | | | 2,319 | |
STMicroelectronics NV | | | 157 | | | | 1,254 | |
Suez Environnement SA | | | 71 | | | | 948 | |
Technip SA | | | 23 | | | | 2,495 | |
Thales SA | | | 31 | | | | 1,094 | |
Total SA | | | 449 | | | | 22,479 | |
Unibail-Rodamco SE | | | 24 | | | | 5,547 | |
Vallourec SA | | | 25 | | | | 1,335 | |
Veolia Environnement | | | 79 | | | | 995 | |
Vinci SA | | | 103 | | | | 4,774 | |
Vivendi SA | | | 273 | | | | 5,753 | |
| | | | | | | | |
| | | | | | | 229,188 | |
GERMANY — 3.43% | | | | | | | | |
Adidas AG | | | 49 | | | | 4,471 | |
Allianz SE Registered | | | 99 | | | | 13,551 | |
BASF SE | | | 202 | | | | 19,062 | |
Bayer AG Registered | | | 179 | | | | 17,752 | |
Bayerische Motoren Werke AG | | | 70 | | | | 6,470 | |
Beiersdorf AG | | | 27 | | | | 2,358 | |
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Brenntag AG | | | 18 | | | $ | 2,570 | |
Commerzbank AGa | | | 848 | | | | 1,566 | |
Continental AG | | | 23 | | | | 2,703 | |
Daimler AG Registered | | | 185 | | | | 11,045 | |
Deutsche Bank AG Registered | | | 205 | | | | 9,404 | |
Deutsche Boerse AG | | | 47 | | | | 2,918 | |
Deutsche Post AG Registered | | | 229 | | | | 5,145 | |
Deutsche Telekom AG Registered | | | 605 | | | | 6,507 | |
E.ON SE | | | 399 | | | | 6,672 | |
Fresenius Medical Care AG & Co. KGaA | | | 50 | | | | 3,434 | |
Fresenius SE & Co. KGaA | | | 30 | | | | 3,692 | |
GEA Group AG | | | 61 | | | | 2,175 | |
Hannover Rueckversicherung AG Registered | | | 20 | | | | 1,567 | |
HeidelbergCement AG | | | 40 | | | | 2,762 | |
Henkel AG & Co. KGaA | | | 32 | | | | 2,371 | |
Infineon Technologies AG | | | 270 | | | | 2,316 | |
K+S AG Registered | | | 46 | | | | 2,165 | |
Kabel Deutschland Holding AG | | | 26 | | | | 2,258 | |
Lanxess AG | | | 24 | | | | 2,037 | |
Linde AG | | | 44 | | | | 7,990 | |
MAN SE | | | 13 | | | | 1,496 | |
Merck KGaA | | | 15 | | | | 2,118 | |
METRO AG | | | 37 | | | | 1,146 | |
Muenchener Rueckversicherungs-Gesellschaft AG Registered | | | 42 | | | | 7,561 | |
QIAGEN NVa | | | 73 | | | | 1,554 | |
RWE AG | | | 118 | | | | 4,340 | |
SAP AG | | | 203 | | | | 15,884 | |
Siemens AG Registered | | | 182 | | | | 18,945 | |
ThyssenKrupp AGa | | | 97 | | | | 2,191 | |
Volkswagen AG | | | 4 | | | | 825 | |
| | | | | | | | |
| | | | | | | 201,021 | |
GREECE — 0.03% | | | | | | | | |
Coca-Cola Hellenic Bottling Co. SAa | | | 49 | | | | 1,339 | |
OPAP SA | | | 70 | | | | 597 | |
| | | | | | | | |
| | | | | | | 1,936 | |
HONG KONG — 1.31% | | | | | | | | |
AIA Group Ltd. | | | 4,200 | | | | 18,198 | |
Bank of East Asia Ltd. (The) | | | 800 | | | | 3,270 | |
BOC Hong Kong (Holdings) Ltd. | | | 1,500 | | | | 5,058 | |
CLP Holdings Ltd. | | | 1,000 | | | | 8,607 | |
Hang Seng Bank Ltd. | | | 400 | | | | 6,468 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hong Kong and China Gas Co. Ltd. (The) | | | 2,400 | | | $ | 6,716 | |
Hong Kong Exchanges and Clearing Ltd. | | | 400 | | | | 7,195 | |
Link REIT (The) | | | 1,000 | | | | 5,345 | |
MTR Corp. Ltd. | | | 1,500 | | | | 6,190 | |
New World Development Co. Ltd. | | | 2,000 | | | | 3,683 | |
Sands China Ltd. | | | 800 | | | | 3,812 | |
Wynn Macau Ltd.a | | | 800 | | | | 2,110 | |
| | | | | | | | |
| | | | | | | 76,652 | |
IRELAND — 0.13% | | | | | | | | |
CRH PLC | | | 170 | | | | 3,716 | |
Elan Corp. PLCa | | | 120 | | | | 1,341 | |
Kerry Group PLC Class A | | | 44 | | | | 2,471 | |
| | | | | | | | |
| | | | | | | 7,528 | |
ISRAEL — 0.22% | | | | | | | | |
Bank Hapoalim BMa | | | 500 | | | | 2,217 | |
Israel Chemicals Ltd. | | | 179 | | | | 2,314 | |
Teva Pharmaceutical Industries Ltd. | | | 225 | | | | 8,427 | |
| | | | | | | | |
| | | | | | | 12,958 | |
ITALY — 0.81% | | | | | | | | |
Assicurazioni Generali SpA | | | 256 | | | | 4,157 | |
Atlantia SpA | | | 82 | | | | 1,420 | |
Banca Monte dei Paschi di Siena SpAa | | | 1,543 | | | | 426 | |
Enel Green Power SpA | | | 484 | | | | 897 | |
Enel SpA | | | 1,430 | | | | 5,182 | |
Eni SpA | | | 544 | | | | 12,417 | |
Fiat Industrial SpA | | | 207 | | | | 2,521 | |
Fiat SpAa | | | 175 | | | | 940 | |
Intesa Sanpaolo SpA | | | 2,273 | | | | 3,694 | |
Luxottica Group SpA | | | 36 | | | | 1,674 | |
Saipem SpA | | | 58 | | | | 1,553 | |
Snam SpA | | | 405 | | | | 1,923 | |
Telecom Italia SpA | | | 2,079 | | | | 1,537 | |
Telecom Italia SpA RNC | | | 1,151 | | | | 743 | |
Tenaris SA | | | 103 | | | | 2,122 | |
Terna SpA | | | 366 | | | | 1,532 | |
UniCredit SpAa | | | 874 | | | | 4,447 | |
| | | | | | | | |
| | | | | | | 47,185 | |
JAPAN — 8.60% | | | | | | | | |
AEON Co. Ltd. | | | 300 | | | | 3,388 | |
Asahi Group Holdings Ltd. | | | 200 | | | | 5,073 | |
Astellas Pharma Inc. | | | 200 | | | | 10,861 | |
Bridgestone Corp. | | | 200 | | | | 6,165 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Canon Inc. | | | 300 | | | $ | 10,942 | |
Chubu Electric Power Co. Inc. | | | 200 | | | | 2,519 | |
Chugai Pharmaceutical Co. Ltd. | | | 200 | | | | 4,346 | |
Chugoku Electric Power Co. Inc. (The) | | | 200 | | | | 2,526 | |
Dai-ichi Life Insurance Co. Ltd. (The) | | | 4 | | | | 5,636 | |
Daiichi Sankyo Co. Ltd. | | | 200 | | | | 3,596 | |
Denso Corp. | | | 200 | | | | 8,433 | |
East Japan Railway Co. | | | 200 | | | | 14,828 | |
FUJIFILM Holdings Corp. | | | 200 | | | | 3,859 | |
Hakuhodo DY Holdings Inc. | | | 40 | | | | 3,052 | |
Hitachi Ltd. | | | 2,000 | | | | 11,273 | |
Honda Motor Co. Ltd. | | | 500 | | | | 18,724 | |
Hoya Corp. | | | 200 | | | | 3,854 | |
Isetan Mitsukoshi Holdings Ltd. | | | 200 | | | | 2,224 | |
ITOCHU Corp. | | | 600 | | | | 6,959 | |
Japan Retail Fund Investment Corp. | | | 2 | | | | 3,928 | |
Japan Tobacco Inc. | | | 300 | | | | 9,511 | |
JFE Holdings Inc. | | | 200 | | | | 4,307 | |
JTEKT Corp. | | | 200 | | | | 2,003 | |
Jupiter Telecommunications Co. Ltd. | | | 2 | | | | 2,666 | |
JX Holdings Inc. | | | 1,000 | | | | 6,135 | |
Kansai Electric Power Co. Inc. (The) | | | 300 | | | | 2,601 | |
Kao Corp. | | | 200 | | | | 6,425 | |
Kobe Steel Ltd.a | | | 2,000 | | | | 2,710 | |
Komatsu Ltd. | | | 300 | | | | 7,603 | |
Kuraray Co. Ltd. | | | 200 | | | | 2,731 | |
Kyushu Electric Power Co. Inc. | | | 200 | | | | 1,927 | |
Marui Group Co. Ltd. | | | 200 | | | | 1,715 | |
Mazda Motor Corp.a | | | 1,000 | | | | 3,024 | |
Mitsubishi Corp. | | | 600 | | | | 11,960 | |
Mitsubishi Motors Corp.a | | | 2,000 | | | | 2,211 | |
Mitsubishi UFJ Financial Group Inc. | | | 4,500 | | | | 25,022 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | | | 50 | | | | 2,322 | |
Mitsui & Co. Ltd. | | | 800 | | | | 11,914 | |
Mizuho Financial Group Inc. | | | 9,200 | | | | 20,343 | |
MS&AD Insurance Group Holdings Inc. | | | 200 | | | | 4,158 | |
NEC Corp.a | | | 1,000 | | | | 2,482 | |
Nikon Corp. | | | 100 | | | | 2,255 | |
Nippon Steel & Sumitomo Metal Corp. | | | 2,470 | | | | 6,720 | |
Nippon Telegraph and Telephone Corp. | | | 200 | | | | 9,213 | |
Nissan Motor Co. Ltd. | | | 900 | | | | 9,141 | |
NKSJ Holdings Inc. | | | 200 | | | | 4,255 | |
Nomura Holdings Inc. | | | 1,400 | | | | 8,073 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
NTT DOCOMO Inc. | | | 6 | | | $ | 9,326 | |
ORIX Corp. | | | 40 | | | | 4,474 | |
Otsuka Holdings Co. Ltd. | | | 200 | | | | 6,434 | |
Panasonic Corp. | | | 800 | | | | 5,792 | |
Rakuten Inc. | | | 400 | | | | 3,473 | |
Resona Holdings Inc. | | | 1,000 | | | | 4,607 | |
Seven & I Holdings Co. Ltd. | | | 200 | | | | 5,866 | |
Seven Bank Ltd. | | | 1,100 | | | | 2,909 | |
Shin-Etsu Chemical Co. Ltd. | | | 200 | | | | 12,356 | |
Shionogi & Co. Ltd. | | | 200 | | | | 4,095 | |
Shiseido Co. Ltd. | | | 200 | | | | 2,664 | |
SoftBank Corp. | | | 200 | | | | 7,446 | |
Sojitz Corp. | | | 1,100 | | | | 1,693 | |
Sony Corp. | | | 400 | | | | 5,801 | |
Sumitomo Corp. | | | 400 | | | | 4,917 | |
Sumitomo Electric Industries Ltd. | | | 400 | | | | 4,682 | |
Sumitomo Mitsui Financial Group Inc. | | | 500 | | | | 20,106 | |
Sumitomo Mitsui Trust Holdings Inc. | | | 2,000 | | | | 7,804 | |
Suzuki Motor Corp. | | | 200 | | | | 4,806 | |
T&D Holdings Inc. | | | 200 | | | | 2,385 | |
Takeda Pharmaceutical Co. Ltd. | | | 300 | | | | 15,592 | |
Tohoku Electric Power Co. Inc.a | | | 200 | | | | 1,554 | |
Tokio Marine Holdings Inc. | | | 200 | | | | 5,675 | |
Tokyo Electric Power Co. Inc.a | | | 200 | | | | 455 | |
Toshiba Corp. | | | 1,000 | | | | 4,628 | |
Toyota Motor Corp. | | | 700 | | | | 36,153 | |
USS Co. Ltd. | | | 20 | | | | 2,209 | |
Yahoo! Japan Corp. | | | 8 | | | | 3,404 | |
Yamada Denki Co. Ltd. | | | 40 | | | | 1,461 | |
Yamato Holdings Co. Ltd. | | | 200 | | | | 3,362 | |
Yokogawa Electric Corp. | | | 200 | | | | 2,018 | |
| | | | | | | | |
| | | | | | | 503,760 | |
NETHERLANDS — 0.99% | |
AEGON NV | | | 352 | | | | 2,109 | |
Akzo Nobel NV | | | 54 | | | | 3,454 | |
ASML Holding NV | | | 70 | | | | 4,989 | |
Corio NV | | | 25 | | | | 1,155 | |
D.E Master Blenders 1753 NVa | | | 138 | | | | 1,665 | |
Fugro NV CVA | | | 16 | | | | 763 | |
Heineken Holding NV | | | 24 | | | | 1,506 | |
Heineken NV | | | 49 | | | | 3,664 | |
ING Groep NV CVAa | | | 815 | | | | 6,561 | |
Koninklijke Ahold NV | | | 226 | | | | 3,250 | |
| | |
| 26 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Koninklijke DSM NV | | | 33 | | | $ | 1,935 | |
Koninklijke KPN NV | | | 191 | | | | 653 | |
Koninklijke Philips Electronics NV | | | 231 | | | | 6,559 | |
Randstad Holding NV | | | 30 | | | | 1,277 | |
Reed Elsevier NV | | | 142 | | | | 2,161 | |
Royal Vopak NV | | | 18 | | | | 1,297 | |
TNT Express NV | | | 82 | | | | 622 | |
Unilever NV CVA | | | 340 | | | | 13,206 | |
Wolters Kluwer NV | | | 66 | | | | 1,317 | |
| | | | | | | | |
| | | | | | | 58,143 | |
NEW ZEALAND — 0.05% | | | | | | | | |
Fletcher Building Ltd. | | | 244 | | | | 1,851 | |
Telecom Corp. of New Zealand Ltd. | | | 611 | | | | 1,226 | |
| | | | | | | | |
| | | | | | | 3,077 | |
NORWAY — 0.38% | | | | | | | | |
DNB ASA | | | 195 | | | | 2,914 | |
Norsk Hydro ASA | | | 283 | | | | 1,256 | |
Orkla ASA | | | 253 | | | | 2,078 | |
Seadrill Ltd. | | | 78 | | | | 2,848 | |
Statoil ASA | | | 231 | | | | 5,761 | |
Subsea 7 SA | | | 70 | | | | 1,660 | |
Telenor ASA | | | 153 | | | | 3,305 | |
Yara International ASA | | | 45 | | | | 2,158 | |
| | | | | | | | |
| | | | | | | 21,980 | |
PORTUGAL — 0.08% | | | | | | | | |
Energias de Portugal SA | | | 508 | | | | 1,526 | |
Galp Energia SGPS SA Class B | | | 77 | | | | 1,190 | |
Jeronimo Martins SGPS SA | | | 68 | | | | 1,357 | |
Portugal Telecom SGPS SA Registered | | | 167 | | | | 847 | |
| | | | | | | | |
| | | | | | | 4,920 | |
SINGAPORE — 0.70% | | | | | | | | |
Ascendas REIT | | | 2,000 | | | | 4,153 | |
CapitaLand Ltd. | | | 1,000 | | | | 3,159 | |
CapitaMall Trust Management Ltd. | | | 3,000 | | | | 5,211 | |
Genting Singapore PLC | | | 4,000 | | | | 5,090 | |
Global Logistic Properties Ltd. | | | 1,000 | | | | 2,052 | |
Golden Agri-Resources Ltd. | | | 4,000 | | | | 2,100 | |
Hutchison Port Holdings Trust | | | 4,000 | | | | 3,240 | |
Noble Group Ltd. | | | 5,000 | | | | 4,787 | |
Singapore Telecommunications Ltd. | | | 4,000 | | | | 11,117 | |
| | | | | | | | |
| | | | | | | 40,909 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SPAIN — 1.20% | |
Abertis Infraestructuras SA | | | 80 | | | $ | 1,408 | |
Acciona SA | | | 8 | | | | 492 | |
Actividades de Construcciones y Servicios SA | | | 8 | | | | 190 | |
Amadeus IT Holding SA Class A | | | 71 | | | | 1,819 | |
Banco Bilbao Vizcaya Argentaria SA | | | 1,138 | | | | 11,056 | |
Banco de Sabadell SAa | | | 589 | | | | 1,284 | |
Banco Santander SA | | | 2,189 | | | | 16,630 | |
CaixaBank | | | 130 | | | | 534 | |
Distribuidora Internacional de Alimentacion SA | | | 191 | | | | 1,494 | |
Enagas SA | | | 59 | | | | 1,415 | |
Ferrovial SA | | | 110 | | | | 1,727 | |
Gas Natural SDG SA | | | 81 | | | | 1,609 | |
Grifols SAa | | | 39 | | | | 1,391 | |
Iberdrola SA | | | 891 | | | | 4,415 | |
Industria de Diseno Textil SA | | | 46 | | | | 6,173 | |
International Consolidated Airlines Group SAa | | | 540 | | | | 1,959 | |
Red Electrica Corporacion SA | | | 28 | | | | 1,551 | |
Repsol SA | | | 183 | | | | 3,902 | |
Telefonica SA | | | 854 | | | | 11,165 | |
Zardoya Otis SA | | | 6 | | | | 85 | |
| | | | | | | | |
| | | | | | | 70,299 | |
SWEDEN — 1.40% | | | | | | | | |
Alfa Laval AB | | | 93 | | | | 2,171 | |
Assa Abloy AB Class B | | | 92 | | | | 3,661 | |
Atlas Copco AB Class A | | | 131 | | | | 3,821 | |
Atlas Copco AB Class B | | | 112 | | | | 2,909 | |
Boliden AB | | | 103 | | | | 1,755 | |
Electrolux AB Class B | | | 57 | | | | 1,460 | |
Elekta AB Class B | | | 98 | | | | 1,475 | |
Getinge AB Class B | | | 51 | | | | 1,541 | |
Hennes & Mauritz AB Class B | | | 200 | | | | 7,202 | |
Hexagon AB Class B | | | 58 | | | | 1,659 | |
Investment AB Kinnevik Class B | | | 64 | | | | 1,465 | |
Investor AB Class B | | | 123 | | | | 3,616 | |
Lundin Petroleum ABa | | | 52 | | | | 1,185 | |
Millicom International Cellular SA SDR | | | 14 | | | | 1,102 | |
Nordea Bank AB | | | 493 | | | | 5,725 | |
Sandvik AB | | | 236 | | | | 3,848 | |
Scania AB Class B | | | 83 | | | | 1,733 | |
Skandinaviska Enskilda Banken AB Class A | | | 247 | | | | 2,581 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 27 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Skanska AB Class B | | | 112 | | | $ | 1,995 | |
SKF AB Class B | | | 100 | | | | 2,468 | |
Svenska Cellulosa AB Class B | | | 122 | | | | 2,992 | |
Svenska Handelsbanken AB Class A | | | 83 | | | | 3,620 | |
Swedbank AB Class A | | | 153 | | | | 3,691 | |
Swedish Match AB | | | 53 | | | | 1,742 | |
Tele2 AB Class B | | | 68 | | | | 1,087 | |
Telefonaktiebolaget LM Ericsson Class B | | | 657 | | | | 7,996 | |
TeliaSonera AB | | | 395 | | | | 2,720 | |
Volvo AB Class B | | | 319 | | | | 4,801 | |
| | | | | | | | |
| | | | | | | 82,021 | |
SWITZERLAND — 3.86% | | | | | | | | |
ABB Ltd. Registereda | | | 499 | | | | 11,448 | |
Actelion Ltd. Registereda | | | 29 | | | | 1,503 | |
Adecco SA Registereda | | | 36 | | | | 2,062 | |
Aryzta AGa | | | 35 | | | | 2,020 | |
Baloise Holding AG Registered | | | 19 | | | | 1,712 | |
Compagnie Financiere Richemont SA Class A Bearer | | | 114 | | | | 9,205 | |
Credit Suisse Group AG Registered | | | 278 | | | | 7,480 | |
Geberit AG Registereda | | | 12 | | | | 2,914 | |
Givaudan SA Registereda | | | 1 | | | | 1,200 | |
Holcim Ltd. Registereda | | | 59 | | | | 4,789 | |
Julius Baer Group Ltd.a | | | 59 | | | | 2,246 | |
Kuehne & Nagel International AG Registered | | | 15 | | | | 1,733 | |
Nestle SA Registered | | | 695 | | | | 48,781 | |
Novartis AG Registered | | | 483 | | | | 32,943 | |
Partners Group Holding AG | | | 8 | | | | 1,857 | |
Roche Holding AG Genusschein | | | 148 | | | | 34,050 | |
Schindler Holding AG Participation Certificates | | | 12 | | | | 1,867 | |
Schindler Holding AG Registered | | | 9 | | | | 1,360 | |
SGS SA Registered | | | 1 | | | | 2,552 | |
Sonova Holding AG Registereda | | | 13 | | | | 1,563 | |
Sulzer AG Registered | | | 9 | | | | 1,583 | |
Swatch Group AG (The) Bearer | | | 8 | | | | 4,569 | |
Swiss Life Holding AG Registereda | | | 9 | | | | 1,483 | |
Swiss Prime Site AG Registereda | | | 31 | | | | 2,500 | |
Swiss Re AGa | | | 72 | | | | 5,783 | |
Swisscom AG Registered | | | 5 | | | | 2,285 | |
Syngenta AG Registered | | | 22 | | | | 9,385 | |
Transocean Ltd. | | | 76 | | | | 4,017 | |
UBS AG Registereda | | | 791 | | | | 12,570 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Zurich Insurance Group AGa | | | 31 | | | $ | 8,521 | |
| | | | | | | | |
| | | | | | | 225,981 | |
UNITED KINGDOM — 9.25% | | | | | | | | |
3i Group PLC | | | 299 | | | | 1,454 | |
Aberdeen Asset Management PLC | | | 267 | | | | 1,742 | |
Admiral Group PLC | | | 47 | | | | 893 | |
Aggreko PLC | | | 68 | | | | 1,751 | |
AMEC PLC | | | 79 | | | | 1,252 | |
Anglo American PLC | | | 300 | | | | 8,752 | |
Antofagasta PLC | | | 99 | | | | 1,643 | |
ARM Holdings PLC | | | 318 | | | | 4,610 | |
Associated British Foods PLC | | | 93 | | | | 2,614 | |
AstraZeneca PLC | | | 244 | | | | 11,095 | |
Aviva PLC | | | 584 | | | | 3,163 | |
Babcock International Group PLC | | | 110 | | | | 1,792 | |
BAE Systems PLC | | | 745 | | | | 4,016 | |
Balfour Beatty PLC | | | 225 | | | | 975 | |
Barclays PLC | | | 2,482 | | | | 11,566 | |
BG Group PLC | | | 731 | | | | 12,933 | |
BHP Billiton PLC | | | 458 | | | | 14,523 | |
BP PLC | | | 4,013 | | | | 27,150 | |
British American Tobacco PLC | | | 414 | | | | 21,583 | |
British Land Co. PLC | | | 269 | | | | 2,317 | |
British Sky Broadcasting Group PLC | | | 219 | | | | 2,827 | |
BT Group PLC | | | 1,625 | | | | 6,603 | |
Bunzl PLC | | | 109 | | | | 2,086 | |
Burberry Group PLC | | | 99 | | | | 2,068 | |
Capita PLC | | | 153 | | | | 1,913 | |
Capital Shopping Centres Group PLC | | | 233 | | | | 1,177 | |
Carnival PLC | | | 46 | | | | 1,730 | |
Centrica PLC | | | 1,100 | | | | 5,879 | |
Cobham PLC | | | 351 | | | | 1,233 | |
Compass Group PLC | | | 431 | | | | 5,237 | |
Croda International PLC | | | 39 | | | | 1,534 | |
Diageo PLC | | | 538 | | | | 16,170 | |
Experian PLC | | | 236 | | | | 3,919 | |
Fresnillo PLC | | | 43 | | | | 1,014 | |
G4S PLC | | | 345 | | | | 1,519 | |
GKN PLC | | | 285 | | | | 1,181 | |
GlaxoSmithKline PLC | | | 1,020 | | | | 22,543 | |
Glencore International PLC | | | 835 | | | | 4,912 | |
Hammerson PLC | | | 275 | | | | 2,064 | |
| | |
| 28 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HSBC Holdings PLC | | | 3,819 | | | $ | 42,400 | |
ICAP PLC | | | 160 | | | | 809 | |
IMI PLC | | | 96 | | | | 1,782 | |
Imperial Tobacco Group PLC | | | 213 | | | | 7,727 | |
Inmarsat PLC | | | 113 | | | | 1,118 | |
InterContinental Hotels Group PLC | | | 76 | | | | 2,208 | |
Intertek Group PLC | | | 43 | | | | 2,179 | |
Invensys PLC | | | 212 | | | | 1,152 | |
Investec PLC | | | 161 | | | | 1,172 | |
ITV PLC | | | 915 | | | | 1,725 | |
J Sainsbury PLC | | | 337 | | | | 1,769 | |
Johnson Matthey PLC | | | 55 | | | | 1,920 | |
Kazakhmys PLC | | | 64 | | | | 601 | |
Kingfisher PLC | | | 516 | | | | 2,170 | |
Land Securities Group PLC | | | 226 | | | | 2,846 | |
Legal & General Group PLC | | | 1,253 | | | | 3,045 | |
Lloyds Banking Group PLCa | | | 9,106 | | | | 7,529 | |
London Stock Exchange Group PLC | | | 52 | | | | 1,053 | |
Marks & Spencer Group PLC | | | 341 | | | | 1,922 | |
Meggitt PLC | | | 260 | | | | 1,794 | |
National Grid PLC | | | 732 | | | | 8,106 | |
Next PLC | | | 37 | | | | 2,358 | |
Old Mutual PLC | | | 989 | | | | 3,040 | |
Pearson PLC | | | 172 | | | | 3,016 | |
Petrofac Ltd. | | | 61 | | | | 1,346 | |
Prudential PLC | | | 527 | | | | 7,852 | |
Randgold Resources Ltd. | | | 20 | | | | 1,665 | |
Reckitt Benckiser Group PLC | | | 131 | | | | 8,807 | |
Reed Elsevier PLC | | | 272 | | | | 2,927 | |
Resolution Ltd. | | | 244 | | | | 967 | |
Rexam PLC | | | 226 | | | | 1,765 | |
Rio Tinto PLC | | | 289 | | | | 15,534 | |
Rolls-Royce Holdings PLCa | | | 426 | | | | 6,648 | |
Royal Bank of Scotland Group PLCa | | | 460 | | | | 2,262 | |
Royal Dutch Shell PLC Class A | | | 617 | | | | 20,324 | |
Royal Dutch Shell PLC Class B | | | 756 | | | | 25,516 | |
RSA Insurance Group PLC | | | 654 | | | | 1,198 | |
SABMiller PLC | | | 206 | | | | 10,247 | |
Sage Group PLC (The) | | | 333 | | | | 1,719 | |
SEGRO PLC | | | 325 | | | | 1,262 | |
Serco Group PLC | | | 152 | | | | 1,316 | |
Severn Trent PLC | | | 56 | | | | 1,376 | |
Shire PLC | | | 117 | | | | 3,667 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Smith & Nephew PLC | | | 209 | | | $ | 2,243 | |
Smiths Group PLC | | | 108 | | | | 2,067 | |
SSE PLC | | | 202 | | | | 4,434 | |
Standard Chartered PLC | | | 498 | | | | 13,577 | |
Standard Life PLC | | | 496 | | | | 2,654 | |
Tate & Lyle PLC | | | 137 | | | | 1,690 | |
Tesco PLC | | | 1,728 | | | | 9,695 | |
Tullow Oil PLC | | | 198 | | | | 3,649 | |
Unilever PLC | | | 274 | | | | 10,930 | |
United Utilities Group PLC | | | 154 | | | | 1,723 | |
Vodafone Group PLC | | | 10,300 | | | | 25,884 | |
Weir Group PLC (The) | | | 57 | | | | 2,028 | |
Whitbread PLC | | | 52 | | | | 1,991 | |
Wm Morrison Supermarkets PLC | | | 574 | | | | 2,262 | |
Wolseley PLC | | | 68 | | | | 3,207 | |
WPP PLC | | | 273 | | | | 4,368 | |
Xstrata PLC | | | 458 | | | | 8,082 | |
| | | | | | | | |
| | | | | | | 541,756 | |
UNITED STATES — 52.82% | | | | | | | | |
3M Co. | | | 139 | | | | 14,456 | |
Abbott Laboratories | | | 318 | | | | 10,745 | |
AbbVie Inc. | | | 318 | | | | 11,741 | |
Accenture PLC Class A | | | 136 | | | | 10,113 | |
ACE Ltd. | | | 62 | | | | 5,294 | |
Actavis Inc.a | | | 27 | | | | 2,299 | |
Activision Blizzard Inc. | | | 103 | | | | 1,473 | |
Adobe Systems Inc.a | | | 109 | | | | 4,284 | |
ADT Corp. (The) | | | 52 | | | | 2,490 | |
Advance Auto Parts Inc. | | | 17 | | | | 1,298 | |
AES Corp. (The) | | | 147 | | | | 1,708 | |
Aetna Inc. | | | 73 | | | | 3,445 | |
Affiliated Managers Group Inc.a | | | 15 | | | | 2,193 | |
Aflac Inc. | | | 96 | | | | 4,795 | |
AGCO Corp. | | | 28 | | | | 1,441 | |
Agilent Technologies Inc. | | | 75 | | | | 3,111 | |
Air Products and Chemicals Inc. | | | 46 | | | | 3,972 | |
Airgas Inc. | | | 18 | | | | 1,805 | |
Akamai Technologies Inc.a | | | 43 | | | | 1,589 | |
Albemarle Corp. | | | 24 | | | | 1,562 | |
Alcoa Inc. | | | 274 | | | | 2,334 | |
Alexion Pharmaceuticals Inc.a | | | 44 | | | | 3,817 | |
Alleghany Corp.a | | | 2 | | | | 756 | |
Allegheny Technologies Inc. | | | 28 | | | | 853 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 29 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Allergan Inc. | | | 62 | | | $ | 6,722 | |
Alliance Data Systems Corp.a | | | 13 | | | | 2,063 | |
Alliant Energy Corp. | | | 33 | | | | 1,574 | |
Allstate Corp. (The) | | | 91 | | | | 4,188 | |
Altera Corp. | | | 76 | | | | 2,692 | |
Altria Group Inc. | | | 427 | | | | 14,326 | |
Amazon.com Inc.a | | | 78 | | | | 20,613 | |
Ameren Corp. | | | 50 | | | | 1,690 | |
American Capital Agency Corp. | | | 99 | | | | 3,140 | |
American Electric Power Co. Inc. | | | 98 | | | | 4,585 | |
American Express Co. | | | 210 | | | | 13,051 | |
American International Group Inc.a | | | 294 | | | | 11,175 | |
American Tower Corp. | | | 97 | | | | 7,527 | |
American Water Works Co. Inc. | | | 47 | | | | 1,854 | |
Ameriprise Financial Inc. | | | 48 | | | | 3,294 | |
AmerisourceBergen Corp. | | | 57 | | | | 2,690 | |
AMETEK Inc. | | | 67 | | | | 2,803 | |
Amgen Inc. | | | 162 | | | | 14,808 | |
Amphenol Corp. Class A | | | 37 | | | | 2,622 | |
Anadarko Petroleum Corp. | | | 105 | | | | 8,356 | |
Analog Devices Inc. | | | 72 | | | | 3,256 | |
Annaly Capital Management Inc. | | | 231 | | | | 3,578 | |
ANSYS Inc.a | | | 25 | | | | 1,895 | |
Aon PLC | | | 55 | | | | 3,360 | |
Apache Corp. | | | 82 | | | | 6,090 | |
Apple Inc. | | | 202 | | | | 89,163 | |
Applied Materials Inc. | | | 288 | | | | 3,946 | |
Arch Capital Group Ltd.a | | | 28 | | | | 1,375 | |
Archer-Daniels-Midland Co. | | | 147 | | | | 4,683 | |
Arrow Electronics Inc.a | | | 27 | | | | 1,084 | |
Assurant Inc. | | | 20 | | | | 840 | |
AT&T Inc. | | | 1,213 | | | | 43,559 | |
Autodesk Inc.a | | | 54 | | | | 1,983 | |
Autoliv Inc. | | | 14 | | | | 913 | |
Automatic Data Processing Inc. | | | 102 | | | | 6,259 | |
AutoZone Inc.a,b | | | 7 | | | | 2,661 | |
Avago Technologies Ltd. | | | 61 | | | | 2,087 | |
AvalonBay Communities Inc. | | | 29 | | | | 3,620 | |
Avery Dennison Corp. | | | 32 | | | | 1,307 | |
Avnet Inc.a | | | 35 | | | | 1,236 | |
Avon Products Inc. | | | 88 | | | | 1,720 | |
Axis Capital Holdings Ltd. | | | 24 | | | | 978 | |
Baker Hughes Inc. | | | 93 | | | | 4,168 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Ball Corp. | | | 42 | | | $ | 1,865 | |
Bank of America Corp. | | | 2,310 | | | | 25,941 | |
Bank of New York Mellon Corp. (The) | | | 253 | | | | 6,866 | |
Baxter International Inc. | | | 115 | | | | 7,774 | |
BB&T Corp. | | | 137 | | | | 4,159 | |
Beam Inc. | | | 36 | | | | 2,197 | |
Becton, Dickinson and Co. | | | 40 | | | | 3,522 | |
Bed Bath & Beyond Inc.a | | | 50 | | | | 2,837 | |
Berkshire Hathaway Inc. Class Ba | | | 181 | | | | 18,491 | |
Best Buy Co. Inc. | | | 62 | | | | 1,017 | |
Biogen Idec Inc.a | | | 49 | | | | 8,151 | |
BlackRock Inc.c | | | 28 | | | | 6,713 | |
BMC Software Inc.a | | | 39 | | | | 1,563 | |
Boeing Co. (The) | | | 153 | | | | 11,766 | |
BorgWarner Inc.a | | | 21 | | | | 1,563 | |
Boston Properties Inc. | | | 38 | | | | 3,947 | |
Boston Scientific Corp.a | | | 326 | | | | 2,409 | |
Bristol-Myers Squibb Co. | | | 335 | | | | 12,385 | |
Broadcom Corp. Class A | | | 115 | | | | 3,923 | |
Brown-Forman Corp. Class B NVS | | | 33 | | | | 2,165 | |
Bunge Ltd. | | | 35 | | | | 2,594 | |
C.H. Robinson Worldwide Inc. | | | 38 | | | | 2,167 | |
C.R. Bard Inc. | | | 18 | | | | 1,779 | |
CA Inc. | | | 77 | | | | 1,886 | |
Cabot Oil & Gas Corp. | | | 49 | | | | 3,037 | |
Calpine Corp.a | | | 71 | | | | 1,306 | |
Cameron International Corp.a | | | 54 | | | | 3,441 | |
Campbell Soup Co. | | | 45 | | | | 1,852 | |
Capital One Financial Corp. | | | 123 | | | | 6,277 | |
Cardinal Health Inc. | | | 72 | | | | 3,327 | |
CareFusion Corp.a | | | 55 | | | | 1,801 | |
CarMax Inc.a | | | 51 | | | | 1,959 | |
Carnival Corp. | | | 100 | | | | 3,577 | |
Caterpillar Inc. | | | 141 | | | | 13,024 | |
CBRE Group Inc. Class Aa | | | 89 | | | | 2,151 | |
CBS Corp. Class B NVS | | | 130 | | | | 5,641 | |
Celanese Corp. Series A | | | 39 | | | | 1,827 | |
Celgene Corp.a | | | 94 | | | | 9,699 | |
CenterPoint Energy Inc. | | | 94 | | | | 2,014 | |
CenturyLink Inc. | | | 119 | | | | 4,126 | |
Cerner Corp.a | | | 34 | | | | 2,974 | |
CF Industries Holdings Inc. | | | 14 | | | | 2,812 | |
Charles Schwab Corp. (The) | | | 239 | | | | 3,881 | |
| | |
| 30 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Charter Communications Inc. Class Aa | | | 8 | | | $ | 691 | |
Chesapeake Energy Corp.b | | | 145 | | | | 2,923 | |
Chevron Corp. | | | 414 | | | | 48,500 | |
Chipotle Mexican Grill Inc.a | | | 7 | | | | 2,218 | |
Chubb Corp. (The) | | | 48 | | | | 4,033 | |
Church & Dwight Co. Inc. | | | 31 | | | | 1,921 | |
Cigna Corp. | | | 63 | | | | 3,683 | |
Cimarex Energy Co. | | | 20 | | | | 1,346 | |
Cincinnati Financial Corp. | | | 28 | | | | 1,260 | |
Cintas Corp. | | | 35 | | | | 1,537 | |
Cisco Systems Inc. | | | 1,149 | | | | 23,957 | |
CIT Group Inc.a | | | 39 | | | | 1,633 | |
Citigroup Inc. | | | 628 | | | | 26,357 | |
Citrix Systems Inc.a | | | 43 | | | | 3,049 | |
Cliffs Natural Resources Inc. | | | 34 | | | | 866 | |
Clorox Co. (The) | | | 23 | | | | 1,932 | |
CME Group Inc. | | | 69 | | | | 4,128 | |
CMS Energy Corp. | | | 69 | | | | 1,836 | |
Coach Inc. | | | 62 | | | | 2,996 | |
Cobalt International Energy Inc.a | | | 43 | | | | 1,061 | |
Coca-Cola Co. (The) | | | 861 | | | | 33,338 | |
Coca-Cola Enterprises Inc. | | | 73 | | | | 2,612 | |
Cognizant Technology Solutions Corp. Class Aa | | | 67 | | | | 5,144 | |
Colgate-Palmolive Co. | | | 100 | | | | 11,443 | |
Comcast Corp. Class A | | | 473 | | | | 18,821 | |
Comcast Corp. Class A Special NVS | | | 99 | | | | 3,793 | |
Comerica Inc. | | | 41 | | | | 1,410 | |
Computer Sciences Corp. | | | 36 | | | | 1,729 | |
ConAgra Foods Inc. | | | 98 | | | | 3,343 | |
Concho Resources Inc.a | | | 24 | | | | 2,159 | |
ConocoPhillips | | | 230 | | | | 13,328 | |
CONSOL Energy Inc. | | | 53 | | | | 1,704 | |
Consolidated Edison Inc. | | | 58 | | | | 3,422 | |
Constellation Brands Inc. Class Aa | | | 38 | | | | 1,681 | |
Continental Resources Inc.a | | | 13 | | | | 1,144 | |
Core Laboratories NV | | | 11 | | | | 1,509 | |
Corning Inc. | | | 313 | | | | 3,947 | |
Costco Wholesale Corp. | | | 95 | | | | 9,623 | |
Coventry Health Care Inc. | | | 32 | | | | 1,452 | |
Covidien PLC | | | 101 | | | | 6,421 | |
Cree Inc.a | | | 29 | | | | 1,312 | |
Crimson Wine Group Ltd.a | | | 6 | | | | 48 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Crown Castle International Corp.a | | | 64 | | | $ | 4,467 | |
Crown Holdings Inc.a | | | 42 | | | | 1,633 | |
CSX Corp. | | | 228 | | | | 5,230 | |
Cummins Inc. | | | 41 | | | | 4,751 | |
CVS Caremark Corp. | | | 276 | | | | 14,109 | |
D.R. Horton Inc. | | | 68 | | | | 1,516 | |
Danaher Corp. | | | 131 | | | | 8,070 | |
Darden Restaurants Inc. | | | 35 | | | | 1,619 | |
DaVita HealthCare Partners Inc.a | | | 22 | | | | 2,632 | |
Deere & Co. | | | 81 | | | | 7,114 | |
Dell Inc. | | | 313 | | | | 4,366 | |
Delphi Automotive PLCa | | | 57 | | | | 2,385 | |
Denbury Resources Inc.a | | | 94 | | | | 1,703 | |
DENTSPLY International Inc. | | | 37 | | | | 1,533 | |
Devon Energy Corp. | | | 80 | | | | 4,341 | |
Diamond Offshore Drilling Inc. | | | 16 | | | | 1,115 | |
Dick’s Sporting Goods Inc. | | | 25 | | | | 1,250 | |
Digital Realty Trust Inc. | | | 35 | | | | 2,344 | |
DIRECTVa | | | 133 | | | | 6,407 | |
Discover Financial Services | | | 112 | | | | 4,315 | |
Discovery Communications Inc. Series Aa | | | 34 | | | | 2,493 | |
Discovery Communications Inc. Series C NVSa | | | 21 | | | | 1,355 | |
DISH Network Corp. Class A | | | 45 | | | | 1,566 | |
Dollar General Corp.a | | | 57 | | | | 2,641 | |
Dollar Tree Inc.a | | | 52 | | | | 2,350 | |
Dominion Resources Inc. | | | 115 | | | | 6,440 | |
Dover Corp. | | | 45 | | | | 3,301 | |
Dow Chemical Co. (The) | | | 256 | | | | 8,120 | |
Dr Pepper Snapple Group Inc. | | | 52 | | | | 2,268 | |
DTE Energy Co. | | | 39 | | | | 2,605 | |
Duke Energy Corp. | | | 142 | | | | 9,833 | |
Duke Realty Corp. | | | 86 | | | | 1,390 | |
Dun & Bradstreet Corp. (The) | | | 14 | | | | 1,128 | |
E.I. du Pont de Nemours and Co. | | | 195 | | | | 9,340 | |
Eastman Chemical Co. | | | 38 | | | | 2,650 | |
Eaton Corp. PLC | | | 105 | | | | 6,507 | |
Eaton Vance Corp. NVS | | | 40 | | | | 1,528 | |
eBay Inc.a | | | 253 | | | | 13,834 | |
Ecolab Inc. | | | 66 | | | | 5,052 | |
Edison International | | | 63 | | | | 3,026 | |
Edwards Lifesciences Corp.a | | | 27 | | | | 2,320 | |
Electronic Arts Inc.a | | | 80 | | | | 1,402 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 31 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Eli Lilly and Co. | | | 200 | | | $ | 10,932 | |
EMC Corp.a | | | 451 | | | | 10,378 | |
Emerson Electric Co. | | | 158 | | | | 8,959 | |
Energen Corp. | | | 21 | | | | 971 | |
Energizer Holdings Inc. | | | 14 | | | | 1,287 | |
Ensco PLC Class A | | | 52 | | | | 3,127 | |
Entergy Corp. | | | 36 | | | | 2,241 | |
EOG Resources Inc. | | | 59 | | | | 7,417 | |
EQT Corp. | | | 35 | | | | 2,208 | |
Equifax Inc. | | | 34 | | | | 1,874 | |
Equinix Inc.a | | | 12 | | | | 2,539 | |
Equity Residential | | | 75 | | | | 4,128 | |
Estee Lauder Companies Inc. (The) Class A | | | 50 | | | | 3,205 | |
Everest Re Group Ltd. | | | 11 | | | | 1,371 | |
Exelon Corp. | | | 168 | | | | 5,206 | |
Expedia Inc. | | | 23 | | | | 1,468 | |
Expeditors International of Washington Inc. | | | 52 | | | | 2,020 | |
Express Scripts Holding Co.a | | | 175 | | | | 9,959 | |
Exxon Mobil Corp. | | | 987 | | | | 88,386 | |
F5 Networks Inc.a | | | 19 | | | | 1,794 | |
Facebook Inc. Class Aa | | | 215 | | | | 5,859 | |
Family Dollar Stores Inc. | | | 23 | | | | 1,324 | |
Fastenal Co. | | | 69 | | | | 3,562 | |
Federal Realty Investment Trust | | | 25 | | | | 2,655 | |
FedEx Corp. | | | 64 | | | | 6,748 | |
Fidelity National Financial Inc. Class A | | | 41 | | | | 1,023 | |
Fidelity National Information Services Inc. | | | 55 | | | | 2,071 | |
Fifth Third Bancorp | | | 178 | | | | 2,820 | |
First Republic Bank | | | 23 | | | | 838 | |
FirstEnergy Corp. | | | 85 | | | | 3,356 | |
Fiserv Inc.a | | | 32 | | | | 2,628 | |
Flextronics International Ltd.a | | | 173 | | | | 1,150 | |
FLIR Systems Inc. | | | 44 | | | | 1,159 | |
Flowserve Corp. | | | 15 | | | | 2,408 | |
Fluor Corp. | | | 43 | | | | 2,662 | |
FMC Corp. | | | 37 | | | | 2,230 | |
FMC Technologies Inc.a | | | 53 | | | | 2,751 | |
Ford Motor Co. | | | 689 | | | | 8,688 | |
Forest Laboratories Inc.a | | | 61 | | | | 2,245 | |
Fossil Inc.a | | | 12 | | | | 1,233 | |
Franklin Resources Inc. | | | 32 | | | | 4,520 | |
Freeport-McMoRan Copper & Gold Inc. | | | 209 | | | | 6,671 | |
Frontier Communications Corp. | | | 221 | | | | 915 | |
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| Security | | Shares | | | Value | |
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Gap Inc. (The) | | | 69 | | | $ | 2,271 | |
Garmin Ltd.b | | | 23 | | | | 790 | |
General Dynamics Corp. | | | 66 | | | | 4,486 | |
General Electric Co. | | | 2,257 | | | | 52,408 | |
General Growth Properties Inc. | | | 117 | | | | 2,239 | |
General Mills Inc. | | | 137 | | | | 6,336 | |
General Motors Co.a | | | 144 | | | | 3,910 | |
Genuine Parts Co. | | | 33 | | | | 2,344 | |
Gilead Sciences Inc.a | | | 328 | | | | 14,009 | |
Goldman Sachs Group Inc. (The) | | | 97 | | | | 14,527 | |
Google Inc. Class Aa | | | 56 | | | | 44,867 | |
Green Mountain Coffee Roasters Inc.a | | | 31 | | | | 1,481 | |
H&R Block Inc. | | | 79 | | | | 1,964 | |
H.J. Heinz Co. | | | 70 | | | | 5,070 | |
Halliburton Co. | | | 198 | | | | 8,219 | |
Harley-Davidson Inc. | | | 41 | | | | 2,158 | |
Harris Corp. | | | 30 | | | | 1,442 | |
Hartford Financial Services Group Inc. (The) | | | 89 | | | | 2,101 | |
Hasbro Inc.b | | | 25 | | | | 1,001 | |
HCA Holdings Inc. | | | 48 | | | | 1,780 | |
HCP Inc. | | | 113 | | | | 5,523 | |
Health Care REIT Inc. | | | 68 | | | | 4,362 | |
Helmerich & Payne Inc. | | | 25 | | | | 1,657 | |
Henry Schein Inc.a | | | 23 | | | | 2,052 | |
Herbalife Ltd.b | | | 26 | | | | 1,048 | |
Hershey Co. (The) | | | 37 | | | | 3,084 | |
Hertz Global Holdings Inc.a | | | 81 | | | | 1,616 | |
Hess Corp. | | | 67 | | | | 4,455 | |
Hewlett-Packard Co. | | | 418 | | | | 8,419 | |
HollyFrontier Corp. | | | 44 | | | | 2,473 | |
Hologic Inc.a | | | 69 | | | | 1,506 | |
Home Depot Inc. (The) | | | 321 | | | | 21,988 | |
Honeywell International Inc. | | | 161 | | | | 11,286 | |
Hormel Foods Corp. | | | 26 | | | | 973 | |
Hospira Inc.a | | | 34 | | | | 1,001 | |
Host Hotels & Resorts Inc. | | | 186 | | | | 3,101 | |
Humana Inc. | | | 36 | | | | 2,457 | |
IHS Inc. Class Aa | | | 15 | | | | 1,594 | |
Illinois Tool Works Inc. | | | 96 | | | | 5,904 | |
Illumina Inc.a | | | 28 | | | | 1,404 | |
Ingersoll-Rand PLC | | | 73 | | | | 3,843 | |
Integrys Energy Group Inc. | | | 24 | | | | 1,358 | |
Intel Corp. | | | 1,071 | | | | 22,330 | |
| | |
| 32 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
IntercontinentalExchange Inc.a | | | 17 | | | $ | 2,632 | |
International Business Machines Corp. | | | 230 | | | | 46,191 | |
International Flavors & Fragrances Inc. | | | 23 | | | | 1,679 | |
International Game Technology | | | 70 | | | | 1,116 | |
International Paper Co. | | | 94 | | | | 4,137 | |
Interpublic Group of Companies Inc. (The) | | | 111 | | | | 1,419 | |
Intuit Inc. | | | 63 | | | | 4,062 | |
Intuitive Surgical Inc.a | | | 9 | | | | 4,589 | |
Invesco Ltd. | | | 105 | | | | 2,813 | |
Iron Mountain Inc. | | | 38 | | | | 1,311 | |
J.B. Hunt Transport Services Inc. | | | 26 | | | | 1,808 | |
J.C. Penney Co. Inc.b | | | 40 | | | | 703 | |
J.M. Smucker Co. (The) | | | 27 | | | | 2,573 | |
J.P. Morgan Chase & Co. | | | 806 | | | | 39,430 | |
Jacobs Engineering Group Inc.a | | | 40 | | | | 1,954 | |
Johnson & Johnson | | | 587 | | | | 44,677 | |
Johnson Controls Inc. | | | 128 | | | | 4,028 | |
Joy Global Inc. | | | 28 | | | | 1,774 | |
Juniper Networks Inc.a | | | 120 | | | | 2,482 | |
Kansas City Southern Industries Inc. | | | 27 | | | | 2,780 | |
KBR Inc. | | | 43 | | | | 1,307 | |
Kellogg Co. | | | 53 | | | | 3,206 | |
KeyCorp | | | 193 | | | | 1,812 | |
Kimberly-Clark Corp. | | | 85 | | | | 8,014 | |
Kimco Realty Corp.b | | | 124 | | | | 2,699 | |
Kinder Morgan Inc. | | | 141 | | | | 5,227 | |
Kinder Morgan Management LLCa | | | 12 | | | | 994 | |
KLA-Tencor Corp. | | | 42 | | | | 2,300 | |
Kohl’s Corp. | | | 48 | | | | 2,213 | |
Kraft Foods Group Inc. | | | 124 | | | | 6,010 | |
Kroger Co. (The) | | | 122 | | | | 3,564 | |
L-3 Communications Holdings Inc. | | | 25 | | | | 1,907 | |
Laboratory Corp. of America Holdingsa | | | 22 | | | | 1,949 | |
Lam Research Corp.a | | | 40 | | | | 1,692 | |
Las Vegas Sands Corp. | | | 91 | | | | 4,686 | |
Legg Mason Inc. | | | 38 | | | | 1,083 | |
Leggett & Platt Inc. | | | 38 | | | | 1,162 | |
Leucadia National Corp. | | | 60 | | | | 1,614 | |
Level 3 Communications Inc.a | | | 34 | | | | 679 | |
Liberty Global Inc. Series Aa | | | 30 | | | | 2,067 | |
Liberty Global Inc. Series C NVSa,b | | | 24 | | | | 1,533 | |
Liberty Interactive Corp. Series Aa | | | 120 | | | | 2,506 | |
Liberty Media Corp.a | | | 21 | | | | 2,268 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Liberty Property Trust | | | 58 | | | $ | 2,250 | |
Life Technologies Corp.a | | | 38 | | | | 2,209 | |
Limited Brands Inc. | | | 53 | | | | 2,413 | |
Lincoln National Corp. | | | 62 | | | | 1,831 | |
Linear Technology Corp. | | | 58 | | | | 2,218 | |
LinkedIn Corp. Class Aa | | | 19 | | | | 3,195 | |
Lockheed Martin Corp. | | | 58 | | | | 5,104 | |
Loews Corp. | | | 45 | | | | 1,940 | |
Lorillard Inc. | | | 87 | | | | 3,353 | |
Lowe’s Companies Inc. | | | 251 | | | | 9,576 | |
LSI Corp.a | | | 166 | | | | 1,155 | |
Lululemon Athletica Inc.a,b | | | 23 | | | | 1,542 | |
LyondellBasell Industries NV Class A | | | 71 | | | | 4,162 | |
M&T Bank Corp. | | | 22 | | | | 2,246 | |
Macerich Co. (The) | | | 43 | | | | 2,585 | |
Macy’s Inc. | | | 87 | | | | 3,576 | |
Manpower Inc. | | | 106 | | | | 5,788 | |
Marathon Oil Corp. | | | 149 | | | | 4,991 | |
Marathon Petroleum Corp. | | | 75 | | | | 6,216 | |
Marriott International Inc. Class A | | | 65 | | | | 2,564 | |
Marsh & McLennan Companies Inc. | | | 100 | | | | 3,714 | |
Martin Marietta Materials Inc. | | | 14 | | | | 1,360 | |
Marvell Technology Group Ltd. | | | 120 | | | | 1,212 | |
Masco Corp. | | | 92 | | | | 1,772 | |
MasterCard Inc. Class A | | | 23 | | | | 11,910 | |
Mattel Inc. | | | 70 | | | | 2,852 | |
Maxim Integrated Products Inc. | | | 75 | | | | 2,339 | |
McCormick & Co. Inc. NVS | | | 34 | | | | 2,287 | |
McDonald’s Corp. | | | 212 | | | | 20,331 | |
McGraw-Hill Companies Inc. (The) | | | 56 | | | | 2,607 | |
McKesson Corp. | | | 50 | | | | 5,306 | |
MDU Resources Group Inc. | | | 63 | | | | 1,522 | |
Mead Johnson Nutrition Co. Class A | | | 45 | | | | 3,371 | |
MeadWestvaco Corp. | | | 58 | | | | 2,071 | |
Medtronic Inc. | | | 211 | | | | 9,487 | |
Merck & Co. Inc. | | | 627 | | | | 26,792 | |
MetLife Inc. | | | 171 | | | | 6,060 | |
MGM Resorts Internationala | | | 93 | | | | 1,162 | |
Microchip Technology Inc. | | | 52 | | | | 1,896 | |
Micron Technology Inc.a | | | 243 | | | | 2,039 | |
Microsoft Corp. | | | 1,611 | | | | 44,786 | |
Mohawk Industries Inc.a | | | 15 | | | | 1,590 | |
Molson Coors Brewing Co. Class B NVS | | | 38 | | | | 1,680 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 33 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Mondelez International Inc. Class A | | | 359 | | | $ | 9,926 | |
Monsanto Co. | | | 115 | | | | 11,618 | |
Monster Beverage Corp.a | | | 36 | | | | 1,815 | |
Moody’s Corp. | | | 47 | | | | 2,259 | |
Morgan Stanley | | | 321 | | | | 7,239 | |
Mosaic Co. (The) | | | 67 | | | | 3,922 | |
Motorola Solutions Inc. | | | 60 | | | | 3,733 | |
Murphy Oil Corp. | | | 43 | | | | 2,618 | |
Mylan Inc.a | | | 87 | | | | 2,576 | |
Nabors Industries Ltd.a | | | 70 | | | | 1,173 | |
NASDAQ OMX Group Inc. (The) | | | 1 | | | | 32 | |
National Oilwell Varco Inc. | | | 90 | | | | 6,132 | |
NetApp Inc.a | | | 80 | | | | 2,706 | |
Netflix Inc.a | | | 12 | | | | 2,257 | |
New York Community Bancorp Inc. | | | 82 | | | | 1,107 | |
Newell Rubbermaid Inc. | | | 65 | | | | 1,517 | |
Newfield Exploration Co.a | | | 34 | | | | 786 | |
Newmont Mining Corp. | | | 102 | | | | 4,110 | |
News Corp. Class A NVS | | | 343 | | | | 9,878 | |
News Corp. Class B | | | 85 | | | | 2,487 | |
NextEra Energy Inc. | | | 81 | | | | 5,821 | |
Nielsen Holdings NVa | | | 33 | | | | 1,112 | |
Nike Inc. Class B | | | 150 | | | | 8,169 | |
NiSource Inc. | | | 73 | | | | 2,022 | |
Noble Corp. | | | 55 | | | | 1,970 | |
Noble Energy Inc. | | | 39 | | | | 4,322 | |
Nordstrom Inc. | | | 35 | | | | 1,898 | |
Norfolk Southern Corp. | | | 70 | | | | 5,113 | |
Northeast Utilities | | | 69 | | | | 2,864 | |
Northern Trust Corp. | | | 50 | | | | 2,658 | |
Northrop Grumman Corp. | | | 53 | | | | 3,481 | |
NRG Energy Inc. | | | 63 | | | | 1,512 | |
Nuance Communications Inc.a | | | 63 | | | | 1,160 | |
Nucor Corp. | | | 70 | | | | 3,153 | |
NVIDIA Corp. | | | 146 | | | | 1,848 | |
NYSE Euronext Inc. | | | 61 | | | | 2,274 | |
O’Reilly Automotive Inc.a | | | 26 | | | | 2,645 | |
Occidental Petroleum Corp. | | | 172 | | | | 14,161 | |
Omnicare Inc. | | | 31 | | | | 1,155 | |
Omnicom Group Inc. | | | 57 | | | | 3,279 | |
ONEOK Inc. | | | 49 | | | | 2,205 | |
Oracle Corp. | | | 832 | | | | 28,504 | |
Owens-Illinois Inc.a | | | 45 | | | | 1,148 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PACCAR Inc. | | | 79 | | | $ | 3,747 | |
Pall Corp. | | | 32 | | | | 2,182 | |
Parker Hannifin Corp. | | | 36 | | | | 3,401 | |
PartnerRe Ltd. | | | 12 | | | | 1,071 | |
Patterson Companies Inc. | | | 28 | | | | 1,018 | |
Paychex Inc. | | | 76 | | | | 2,516 | |
Pentair Ltd. Registered | | | 51 | | | | 2,717 | |
People’s United Financial Inc. | | | 86 | | | | 1,127 | |
Pepco Holdings Inc. | | | 68 | | | | 1,380 | |
PepsiCo Inc. | | | 332 | | | | 25,156 | |
Perrigo Co. | | | 19 | | | | 2,150 | |
PetSmart Inc. | | | 26 | | | | 1,693 | |
Pfizer Inc. | | | 1,553 | | | | 42,506 | |
PG&E Corp. | | | 79 | | | | 3,369 | |
Philip Morris International Inc. | | | 360 | | | | 33,030 | |
Phillips 66 | | | 130 | | | | 8,185 | |
Pinnacle West Capital Corp. | | | 31 | | | | 1,734 | |
Pioneer Natural Resources Co. | | | 27 | | | | 3,397 | |
Plains Exploration & Production Co.a | | | 30 | | | | 1,361 | |
Plum Creek Timber Co. Inc. | | | 55 | | | | 2,667 | |
PNC Financial Services Group Inc. (The)c | | | 101 | | | | 6,301 | |
PPG Industries Inc. | | | 35 | | | | 4,713 | |
PPL Corp. | | | 104 | | | | 3,205 | |
Praxair Inc. | | | 63 | | | | 7,122 | |
Precision Castparts Corp. | | | 33 | | | | 6,157 | |
Priceline.com Inc.a | | | 11 | | | | 7,563 | |
Principal Financial Group Inc. | | | 63 | | | | 1,991 | |
Procter & Gamble Co. (The) | | | 591 | | | | 45,022 | |
Progressive Corp. (The) | | | 109 | | | | 2,655 | |
Prologis Inc. | | | 116 | | | | 4,517 | |
Prudential Financial Inc. | | | 95 | | | | 5,279 | |
Public Service Enterprise Group Inc. | | | 105 | | | | 3,422 | |
Public Storage | | | 36 | | | | 5,444 | |
PVH Corp. | | | 16 | | | | 1,950 | |
QEP Resources Inc. | | | 44 | | | | 1,340 | |
QUALCOMM Inc. | | | 366 | | | | 24,021 | |
Quanta Services Inc.a | | | 63 | | | | 1,789 | |
Quest Diagnostics Inc. | | | 36 | | | | 2,022 | |
Rackspace Hosting Inc.a | | | 28 | | | | 1,564 | |
Ralph Lauren Corp. | | | 13 | | | | 2,255 | |
Range Resources Corp. | | | 36 | | | | 2,765 | |
Rayonier Inc. | | | 50 | | | | 2,793 | |
Raytheon Co. | | | 76 | | | | 4,147 | |
| | |
| 34 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Red Hat Inc.a | | | 45 | | | $ | 2,286 | |
Regency Centers Corp. | | | 33 | | | | 1,712 | |
Regeneron Pharmaceuticals Inc.a | | | 17 | | | | 2,839 | |
Regions Financial Corp. | | | 306 | | | | 2,341 | |
RenaissanceRe Holdings Ltd. | | | 10 | | | | 874 | |
Republic Services Inc. | | | 68 | | | | 2,138 | |
Reynolds American Inc. | | | 74 | | | | 3,232 | |
Robert Half International Inc. | | | 42 | | | | 1,493 | |
Rock-Tenn Co. Class A | | | 20 | | | | 1,769 | |
Rockwell Automation Inc. | | | 34 | | | | 3,072 | |
Rockwell Collins Inc. | | | 36 | | | | 2,164 | |
Roper Industries Inc. | | | 27 | | | | 3,364 | |
Ross Stores Inc. | | | 50 | | | | 2,898 | |
Rowan Companies PLCa | | | 39 | | | | 1,349 | |
Royal Caribbean Cruises Ltd. | | | 37 | | | | 1,290 | |
Safeway Inc. | | | 66 | | | | 1,575 | |
Salesforce.com Inc.a | | | 30 | | | | 5,077 | |
SanDisk Corp.a | | | 54 | | | | 2,721 | |
SBA Communications Corp. Class Aa | | | 27 | | | | 1,920 | |
SCANA Corp. | | | 33 | | | | 1,612 | |
Schlumberger Ltd. | | | 280 | | | | 21,798 | |
Scripps Networks Interactive Inc. Class A | | | 22 | | | | 1,387 | |
Seagate Technology PLC | | | 79 | | | | 2,541 | |
SEI Investments Co. | | | 54 | | | | 1,527 | |
Sempra Energy | | | 49 | | | | 3,810 | |
Sherwin-Williams Co. (The) | | | 21 | | | | 3,393 | |
Sigma-Aldrich Corp. | | | 31 | | | | 2,389 | |
Simon Property Group Inc. | | | 67 | | | | 10,644 | |
Sirius XM Radio Inc. | | | 908 | | | | 2,815 | |
SL Green Realty Corp. | | | 28 | | | | 2,285 | |
SLM Corp. | | | 112 | | | | 2,125 | |
Southern Co. (The) | | | 176 | | | | 7,922 | |
Southwestern Energy Co.a | | | 78 | | | | 2,673 | |
Spectra Energy Corp. | | | 134 | | | | 3,891 | |
Sprint Nextel Corp.a | | | 651 | | | | 3,776 | |
SPX Corp. | | | 26 | | | | 2,093 | |
St. Jude Medical Inc. | | | 69 | | | | 2,829 | |
Stanley Black & Decker Inc. | | | 38 | | | | 2,991 | |
Staples Inc. | | | 148 | | | | 1,951 | |
Starbucks Corp. | | | 166 | | | | 9,100 | |
Starwood Hotels & Resorts Worldwide Inc. | | | 48 | | | | 2,896 | |
State Street Corp. | | | 101 | | | | 5,716 | |
Stericycle Inc.a | | | 22 | | | | 2,110 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Stryker Corp. | | | 64 | | | $ | 4,088 | |
SunTrust Banks Inc. | | | 117 | | | | 3,228 | |
Superior Energy Services Inc.a | | | 41 | | | | 1,084 | |
Symantec Corp.a | | | 157 | | | | 3,680 | |
Synopsys Inc.a | | | 45 | | | | 1,576 | |
Sysco Corp. | | | 135 | | | | 4,342 | |
T. Rowe Price Group Inc. | | | 58 | | | | 4,129 | |
Target Corp. | | | 128 | | | | 8,059 | |
TD Ameritrade Holding Corp. | | | 61 | | | | 1,160 | |
TE Connectivity Ltd. | | | 93 | | | | 3,732 | |
Teradata Corp.a | | | 39 | | | | 2,264 | |
Texas Instruments Inc. | | | 244 | | | | 8,386 | |
Textron Inc. | | | 73 | | | | 2,106 | |
Thermo Fisher Scientific Inc. | | | 75 | | | | 5,535 | |
Tiffany & Co. | | | 28 | | | | 1,880 | |
Time Warner Cable Inc. | | | 64 | | | | 5,529 | |
Time Warner Inc. | | | 199 | | | | 10,581 | |
TJX Companies Inc. (The) | | | 155 | | | | 6,970 | |
Toll Brothers Inc.a | | | 35 | | | | 1,194 | |
Torchmark Corp. | | | 21 | | | | 1,180 | |
Total System Services Inc. | | | 53 | | | | 1,259 | |
Tractor Supply Co. | | | 17 | | | | 1,768 | |
TransDigm Group Inc. | | | 15 | | | | 2,135 | |
Travelers Companies Inc. (The) | | | 72 | | | | 5,790 | |
Trimble Navigation Ltd.a | | | 30 | | | | 1,783 | |
TRW Automotive Holdings Corp.a | | | 19 | | | | 1,115 | |
Tyco International Ltd. | | | 112 | | | | 3,585 | |
Tyson Foods Inc. Class A | | | 76 | | | | 1,723 | |
U.S. Bancorp | | | 375 | | | | 12,742 | |
UDR Inc. | | | 88 | | | | 2,100 | |
Ulta Salon, Cosmetics & Fragrance Inc. | | | 15 | | | | 1,328 | |
Ultra Petroleum Corp.a | | | 37 | | | | 631 | |
Union Pacific Corp. | | | 101 | | | | 13,848 | |
United Parcel Service Inc. Class B | | | 147 | | | | 12,150 | |
United Technologies Corp. | | | 185 | | | | 16,752 | |
UnitedHealth Group Inc. | | | 218 | | | | 11,652 | |
Unum Group | | | 55 | | | | 1,346 | |
Urban Outfitters Inc.a | | | 29 | | | | 1,175 | |
Valero Energy Corp. | | | 122 | | | | 5,562 | |
Varian Medical Systems Inc.a | | | 26 | | | | 1,836 | |
Ventas Inc. | | | 77 | | | | 5,450 | |
VeriFone Systems Inc.a | | | 28 | | | | 531 | |
VeriSign Inc.a | | | 40 | | | | 1,832 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 35 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD INDEX FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Verisk Analytics Inc. Class Aa | | | 37 | | | $ | 2,165 | |
Verizon Communications Inc. | | | 591 | | | | 27,499 | |
Vertex Pharmaceuticals Inc.a | | | 49 | | | | 2,294 | |
VF Corp. | | | 18 | | | | 2,903 | |
Viacom Inc. Class B NVS | | | 99 | | | | 5,788 | |
Virgin Media Inc. | | | 59 | | | | 2,738 | |
Visa Inc. Class A | | | 113 | | | | 17,926 | |
VMware Inc. Class Aa | | | 19 | | | | 1,365 | |
Vornado Realty Trust | | | 42 | | | | 3,369 | |
Vulcan Materials Co. | | | 31 | | | | 1,579 | |
W.R. Berkley Corp. | | | 22 | | | | 913 | |
W.W. Grainger Inc. | | | 15 | | | | 3,397 | |
Wal-Mart Stores Inc. | | | 397 | | | | 28,100 | |
Walgreen Co. | | | 196 | | | | 8,024 | |
Walt Disney Co. (The) | | | 359 | | | | 19,598 | |
Warner Chilcott PLC Class A | | | 44 | | | | 594 | |
Waste Management Inc. | | | 91 | | | | 3,396 | |
Waters Corp.a | | | 19 | | | | 1,762 | |
Weatherford International Ltd.a | | | 172 | | | | 2,043 | |
WellPoint Inc. | | | 70 | | | | 4,353 | |
Wells Fargo & Co. | | | 1,041 | | | | 36,518 | |
Western Digital Corp. | | | 49 | | | | 2,311 | |
Western Union Co. | | | 135 | | | | 1,894 | |
Weyerhaeuser Co. | | | 140 | | | | 4,117 | |
Whirlpool Corp. | | | 17 | | | | 1,920 | |
Whiting Petroleum Corp.a | | | 29 | | | | 1,412 | |
Whole Foods Market Inc. | | | 41 | | | | 3,510 | |
Williams Companies Inc. (The) | | | 150 | | | | 5,206 | |
Willis Group Holdings PLC | | | 34 | | | | 1,295 | |
Windstream Corp. | | | 121 | | | | 1,039 | |
Wisconsin Energy Corp. | | | 54 | | | | 2,230 | |
Wyndham Worldwide Corp. | | | 39 | | | | 2,349 | |
Wynn Resorts Ltd. | | | 19 | | | | 2,221 | |
Xcel Energy Inc. | | | 102 | | | | 2,927 | |
Xerox Corp. | | | 283 | | | | 2,295 | |
Xilinx Inc. | | | 65 | | | | 2,423 | |
XL Group PLC | | | 63 | | | | 1,804 | |
Xylem Inc. | | | 52 | | | | 1,430 | |
Yahoo! Inc.a | | | 249 | | | | 5,306 | |
Yum! Brands Inc. | | | 100 | | | | 6,548 | |
Zimmer Holdings Inc. | | | 39 | | | | 2,923 | |
| | | | | | | | |
| | | | | | | 3,093,883 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $5,006,455) | | | | | | | 5,819,474 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PREFERRED STOCKS — 0.22% | | | | | | | | |
| | |
GERMANY — 0.22% | | | | | | | | |
Henkel AG & Co. KGaA | | | 39 | | | $ | 3,442 | |
Porsche Automobil Holding SE | | | 32 | | | | 2,541 | |
Volkswagen AG | | | 31 | | | | 6,778 | |
| | | | | | | | |
| | | | | | | 12,761 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $8,962) | | | | 12,761 | |
|
SHORT-TERM INVESTMENTS — 0.26% | |
| |
MONEY MARKET FUNDS — 0.26% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 13,956 | | | | 13,956 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 1,011 | | | | 1,011 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 515 | | | | 515 | |
| | | | | | | | |
| | | | | | | 15,482 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $15,482) | | | | 15,482 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 99.83% | | | | | |
(Cost: $5,030,899) | | | | 5,847,717 | |
Other Assets, Less Liabilities — 0.17% | | | | 9,862 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 5,857,579 | |
| | | | | | | | |
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 | Affiliated issuer. See Note 2. |
| d | The rate quoted is the annualized seven-day yield of the fund at period end. |
| e | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
| | |
| 36 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
All Country World
Minimum Volatility
Index Fund | | | iShares MSCI Emerging
Markets EMEA Index Fund | | | iShares MSCI
Frontier 100
Index Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 705,950,326 | | | $ | 5,578,943 | | | $ | 50,867,245 | |
Affiliated (Note 2) | | | 17,726,500 | | | | 5,763 | | | | 1,820,771 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 723,676,826 | | | $ | 5,584,706 | | | $ | 52,688,016 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 771,115,208 | | | $ | 5,391,257 | | | $ | 52,718,284 | |
Affiliated (Note 2) | | | 17,929,443 | | | | 5,763 | | | | 1,820,771 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 789,044,651 | | | | 5,397,020 | | | | 54,539,055 | |
Foreign currencies, at valueb | | | 386,739 | | | | 1,492 | | | | 1,149,441 | |
Cash | | | — | | | | — | | | | 71,518 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 1,197,253 | | | | — | | | | — | |
Dividends and interest | | | 1,962,142 | | | | 4,855 | | | | 74,874 | |
| | | | | | | | | | | | |
Total Assets | | | 792,590,785 | | | | 5,403,367 | | | | 55,834,888 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 1,642,489 | | | | — | | | | 2,891,181 | |
Collateral for securities on loan (Note 5) | | | 14,978,954 | | | | — | | | | — | |
Deferred foreign capital gains taxes (Note 1) | | | — | | | | — | | | | 21,085 | |
Investment advisory fees (Note 2) | | | 115,873 | | | | 2,087 | | | | 26,775 | |
| | | | | | | | | | | | |
Total Liabilities | | | 16,737,316 | | | | 2,087 | | | | 2,939,041 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 775,853,469 | | | $ | 5,401,280 | | | $ | 52,895,847 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 713,305,691 | | | $ | 5,166,157 | | | $ | 51,056,893 | |
Undistributed (distributions in excess of) net investment income | | | 1,394,467 | | | | (7,891 | ) | | | 149,563 | |
Undistributed net realized gain (accumulated net realized loss) | | | (4,199,148 | ) | | | 430,882 | | | | (139,925 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 65,352,459 | | | | (187,868 | ) | | | 1,829,316 | |
| | | | | | | | | | | | |
NET ASSETS | | $ | 775,853,469 | | | $ | 5,401,280 | | | $ | 52,895,847 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 13,100,000 | | | | 100,000 | | | | 1,850,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 59.23 | | | $ | 54.01 | | | $ | 28.59 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $14,570,384, $ — and $ —, respectively. See Note 5. |
| b | Cost of foreign currencies: $389,785, $1,507 and $1,149,451, 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 Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | |
| | |
iShares MSCI World Index Fund | |
| |
ASSETS | | | | |
Investments, at cost: | | | | |
Unaffiliated | | $ | 5,004,073 | |
Affiliated (Note 2) | | | 26,826 | |
| | | | |
Total cost of investments | | $ | 5,030,899 | |
| | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | |
Unaffiliated | | $ | 5,819,221 | |
Affiliated (Note 2) | | | 28,496 | |
| | | | |
Total fair value of investments | | | 5,847,717 | |
Foreign currencies, at valueb | | | 8,061 | |
Receivables: | | | | |
Dividends and interest | | | 17,847 | |
| | | | |
Total Assets | | | 5,873,625 | |
| | | | |
| |
LIABILITIES | | | | |
Payables: | | | | |
Collateral for securities on loan (Note 5) | | | 14,967 | |
Investment advisory fees (Note 2) | | | 1,079 | |
| | | | |
Total Liabilities | | | 16,046 | |
| | | | |
| |
NET ASSETS | | $ | 5,857,579 | |
| | | | |
| |
Net assets consist of: | | | | |
Paid-in capital | | $ | 4,475,069 | |
Undistributed net investment income | | | 345 | |
Undistributed net realized gain | | | 565,680 | |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 816,485 | |
| | | | |
NET ASSETS | | $ | 5,857,579 | |
| | | | |
| |
Shares outstandingc | | | 100,000 | |
| | | | |
| |
Net asset value per share | | $ | 58.58 | |
| | | | |
| a | Securities on loan with a value of $14,498. See Note 5. |
| b | Cost of foreign currencies: $8,242. |
| c | $0.001 par value, number of shares authorized: 500 million. |
See notes to financial statements.
| | |
| 38 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited)
iSHARES®, INC.
Period ended February 28, 2013
| | | | | | | | | | | | |
| | | iShares MSCI
All Country World
Minimum Volatility
Index Fund | | | iShares MSCI Emerging
Markets EMEA Index Fund | | | iShares MSCI
Frontier 100
Index Funda | |
|
NET INVESTMENT INCOME | |
Dividends — unaffiliatedb | | $ | 8,629,088 | | | $ | 77,968 | | | $ | 230,061 | |
Dividends — affiliated (Note 2) | | | 296 | | | | — | | | | — | |
Interest — unaffiliated | | | 60 | | | | — | | | | — | |
Interest — affiliated (Note 2) | | | 443 | | | | 3 | | | | 85 | |
Securities lending income — affiliated (Note 2) | | | 67,482 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 8,697,369 | | | | 77,971 | | | | 230,146 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 1,109,494 | | | | 28,766 | | | | 80,486 | |
Commitment fees (Note 7) | | | — | | | | — | | | | 5 | |
Interest expense (Note 7) | | | — | | | | — | | | | 92 | |
| | | | | | | | | | | | |
Total expenses | | | 1,109,494 | | | | 28,766 | | | | 80,583 | |
Less investment advisory fees waived (Note 2) | | | (457,950 | ) | | | (8,038 | ) | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 651,544 | | | | 20,728 | | | | 80,583 | |
| | | | | | | | | | | | |
Net investment income | | | 8,045,825 | | | | 57,243 | | | | 149,563 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliatedc | | | (1,086,168 | ) | | | (39,023 | ) | | | (68,182 | ) |
Investments — affiliated (Note 2) | | | 14,078 | | | | — | | | | — | |
In-kind redemptions — unaffiliated | | | — | | | | 527,309 | | | | — | |
Foreign currency transactions | | | (61,074 | ) | | | 1,356 | | | | (71,743 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (1,133,164 | ) | | | 489,642 | | | | (139,925 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investmentsd | | | 45,839,899 | | | | 158,834 | | | | 1,829,954 | |
Translation of assets and liabilities in foreign currencies | | | (19,342 | ) | | | 275 | | | | (638 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 45,820,557 | | | | 159,109 | | | | 1,829,316 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 44,687,393 | | | | 648,751 | | | | 1,689,391 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 52,733,218 | | | $ | 705,994 | | | $ | 1,838,954 | |
| | | | | | | | | | | | |
| a | For the period from September 12, 2012 (commencement of operations) to February 28, 2013. |
| b | Net of foreign withholding tax of $326,780, $10,827 and $6,253, respectively. |
| c | Net of foreign capital gains taxes of $ —, $ — and $152, respectively. |
| d | Net of deferred foreign capital gains taxes of $ —, $ — and $21,085, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | |
| | |
iShares MSCI World Index Fund | |
| |
NET INVESTMENT INCOME | | | | |
Dividends — unaffiliateda | | $ | 106,951 | |
Dividends — affiliated (Note 2) | | | 218 | |
Interest — affiliated (Note 2) | | | 6 | |
Securities lending income — affiliated (Note 2) | | | 269 | |
| | | | |
Total investment income | | | 107,444 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory fees (Note 2) | | | 10,660 | |
| | | | |
Total expenses | | | 10,660 | |
| | | | |
Net investment income | | | 96,784 | |
| | | | |
| |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | (6,663 | ) |
In-kind redemptions — unaffiliated | | | 593,734 | |
In-kind redemptions — affiliated (Note 2) | | | 313 | |
Foreign currency transactions | | | (270 | ) |
| | | | |
Net realized gain | | | 587,114 | |
| | | | |
Net change in unrealized appreciation/depreciation on: | | | | |
Investments | | | 234,323 | |
Translation of assets and liabilities in foreign currencies | | | (213 | ) |
| | | | |
Net change in unrealized appreciation/depreciation | | | 234,110 | |
| | | | |
Net realized and unrealized gain | | | 821,224 | |
| | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 918,008 | |
| | | | |
| a | Net of foreign withholding tax of $3,252. |
See notes to financial statements.
| | |
| 40 | | 2013 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 | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
October 18, 2011a to August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
January 18, 2012a to August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 8,045,825 | | | $ | 4,968,807 | | | $ | 57,243 | | | $ | 208,486 | |
Net realized gain (loss) | | | (1,133,164 | ) | | | (3,082,429 | ) | | | 489,642 | | | | (225,573 | ) |
Net change in unrealized appreciation/depreciation | | | 45,820,557 | | | | 19,531,902 | | | | 159,109 | | | | (346,977 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 52,733,218 | | | | 21,418,280 | | | | 705,994 | | | | (364,064 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (9,515,750 | ) | | | (2,087,970 | ) | | | (88,858 | ) | | | (178,240 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (9,515,750 | ) | | | (2,087,970 | ) | | | (88,858 | ) | | | (178,240 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 153,860,413 | | | | 559,445,278 | | | | — | | | | 15,732,186 | |
Cost of shares redeemed | | | — | | | | — | | | | (5,559,099 | ) | | | (4,846,639 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 153,860,413 | | | | 559,445,278 | | | | (5,559,099 | ) | | | 10,885,547 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 197,077,881 | | | | 578,775,588 | | | | (4,941,963 | ) | | | 10,343,243 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 578,775,588 | | | | — | | | | 10,343,243 | | | | — | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 775,853,469 | | | $ | 578,775,588 | | | $ | 5,401,280 | | | $ | 10,343,243 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 1,394,467 | | | $ | 2,864,392 | | | $ | (7,891 | ) | | $ | 23,724 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 2,700,000 | | | | 10,400,000 | | | | — | | | | 300,000 | |
Shares redeemed | | | — | | | | — | | | | (100,000 | ) | | | (100,000 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,700,000 | | | | 10,400,000 | | | | (100,000 | ) | | | 200,000 | |
| | | | | | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | |
| | |
| | | iShares MSCI
Frontier 100
Index Fund | | | iShares MSCI
World
Index Fund | |
| | | Period from
September 12, 2012a to February 28, 2013
(Unaudited) | | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
January 10, 2012a to August 31, 2012 | |
| | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | |
| | | |
OPERATIONS: | | | | | | | | | | | | |
Net investment income | | $ | 149,563 | | | $ | 96,784 | | | $ | 354,495 | |
Net realized gain (loss) | | | (139,925 | ) | | | 587,114 | | | | 247,405 | |
Net change in unrealized appreciation/depreciation | | | 1,829,316 | | | | 234,110 | | | | 582,375 | |
| | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 1,838,954 | | | | 918,008 | | | | 1,184,275 | |
| | | | | | | | | | | | |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | |
From net investment income | | | — | | | | (153,715 | ) | | | (295,901 | ) |
| | | | | | | | | | | | |
Total distributions to shareholders | | | — | | | | (153,715 | ) | | | (295,901 | ) |
| | | | | | | | | | | | |
| | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | |
Proceeds from shares sold | | | 51,056,893 | | | | — | | | | 20,127,850 | |
Cost of shares redeemed | | | — | | | | (5,595,722 | ) | | | (10,327,216 | ) |
| | | | | | | | | | | | |
Net increase (decrease) in net assets from capital share transactions | | | 51,056,893 | | | | (5,595,722 | ) | | | 9,800,634 | |
| | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | 52,895,847 | | | | (4,831,429 | ) | | | 10,689,008 | |
| | | |
NET ASSETS | | | | | | | | | | | | |
Beginning of period | | | — | | | | 10,689,008 | | | | — | |
| | | | | | | | | | | | |
End of period | | $ | 52,895,847 | | | $ | 5,857,579 | | | $ | 10,689,008 | |
| | | | | | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 149,563 | | | $ | 345 | | | $ | 57,276 | |
| | | | | | | | | | | | |
| | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | |
Shares sold | | | 1,850,000 | | | | — | | | | 400,000 | |
Shares redeemed | | | — | | | | (100,000 | ) | | | (200,000 | ) |
| | | | | | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,850,000 | | | | (100,000 | ) | | | 200,000 | |
| | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to financial statements.
| | |
| 42 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI All Country World Minimum Volatility Index Fund
| | | | | | | | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Oct. 18, 2011a
to
Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 55.65 | | | $ | 50.02 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.69 | | | | 1.49 | |
Net realized and unrealized gainc | | | 3.70 | | | | 4.67 | |
| | | | | | | | |
Total from investment operations | | | 4.39 | | | | 6.16 | |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.81 | ) | | | (0.53 | ) |
| | | | | | | | |
Total distributions | | | (0.81 | ) | | | (0.53 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 59.23 | | | $ | 55.65 | |
| | | | | | | | |
| | |
Total return | | | 7.98 | %d | | | 12.41 | %d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 775,853 | | | $ | 578,776 | |
Ratio of expenses to average net assetse | | | 0.20 | % | | | 0.23 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.34 | % | | | 0.34 | % |
Ratio of net investment income to average net assetse | | | 2.47 | % | | | 3.17 | % |
Portfolio turnover ratef | | | 11 | % | | | 22 | % |
| 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 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 28, 2013 and the period ended August 31, 2012 were 11% and 22%, respectively. See Note 4. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets EMEA Index Fund
| | | | | | | | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Jan. 18, 2012a to
Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 51.72 | | | $ | 51.16 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.36 | | | | 1.43 | |
Net realized and unrealized gainc | | | 2.82 | | | | 0.02 | |
| | | | | | | | |
Total from investment operations | | | 3.18 | | | | 1.45 | |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.89 | ) | | | (0.89 | ) |
| | | | | | | | |
Total distributions | | | (0.89 | ) | | | (0.89 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 54.01 | | | $ | 51.72 | |
| | | | | | | | |
| | |
Total return | | | 6.10 | %d | | | 2.91 | %d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 5,401 | | | $ | 10,343 | |
Ratio of expenses to average net assetse | | | 0.49 | % | | | 0.49 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.68 | % | | | 0.68 | % |
Ratio of net investment income to average net assetse | | | 1.35 | % | | | 4.46 | % |
Portfolio turnover ratef | | | 4 | % | | | 5 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout each period. |
| c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
| | |
| 44 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Frontier 100 Index Fund
| | | | |
| | | Period from
Sep. 12, 2012a
to
Feb. 28, 2013
(Unaudited) | |
Net asset value, beginning of period | | $ | 25.25 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.19 | |
Net realized and unrealized gainc | | | 3.15 | |
| | | | |
Total from investment operations | | | 3.34 | |
| | | | |
Net asset value, end of period | | $ | 28.59 | |
| | | | |
| |
Total return | | | 13.23 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 52,896 | |
Ratio of expenses to average net assetse | | | 0.79 | % |
Ratio of net investment income to average net assetse | | | 1.47 | % |
Portfolio turnover ratef | | | 4 | % |
| 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 28, 2013 was 4%. See Note 4. |
See notes to financial statements.
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI World Index Fund
| | | | | | | | |
| | | Six months
ended
Feb. 28, 2013
(Unaudited) | | | Period from
Jan. 10, 2012a to
Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 53.45 | | | $ | 50.32 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.60 | | | | 0.98 | |
Net realized and unrealized gainc | | | 5.30 | | | | 2.89 | |
| | | | | | | | |
Total from investment operations | | | 5.90 | | | | 3.87 | |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.77 | ) | | | (0.74 | ) |
| | | | | | | | |
Total distributions | | | (0.77 | ) | | | (0.74 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 58.58 | | | $ | 53.45 | |
| | | | | | | | |
| | |
Total return | | | 11.13 | %d | | | 7.76 | %d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 5,858 | | | $ | 10,689 | |
Ratio of expenses to average net assetse | | | 0.24 | % | | | 0.24 | % |
Ratio of net investment income to average net assetse | | | 2.18 | % | | | 2.91 | % |
Portfolio turnover ratef | | | 1 | % | | | 3 | % |
| 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.
| | |
| 46 | | 2013 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 |
All Country World Minimum Volatility | | Non-diversified |
Emerging Markets EMEA | | Non-diversified |
Frontier 100a | | Non-diversified |
World | | Diversified |
| | a | | The Fund commenced operations on September 12, 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 | | | 47 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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. |
| | • | | Exchange-traded funds and closed-end funds 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 fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | |
| 48 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the 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. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2013. 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 | | $ | 768,631,113 | | | $ | — | | | $ | — | | | $ | 768,631,113 | |
Investment Companies | | | 1,937,861 | | | | — | | | | — | | | | 1,937,861 | |
Preferred Stocks | | | 2,484,095 | | | | — | | | | — | | | | 2,484,095 | |
Money Market Funds | | | 15,991,582 | | | | — | | | | — | | | | 15,991,582 | |
| | | | | | | | | | | | | | | | |
| | $ | 789,044,651 | | | $ | — | | | $ | — | | | $ | 789,044,651 | |
| | | | | | | | | | | | | | | | |
| | | | |
Emerging Markets EMEA | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 5,300,595 | | | $ | — | | | $ | — | | | $ | 5,300,595 | |
Preferred Stocks | | | 90,662 | | | | — | | | | — | | | | 90,662 | |
Money Market Funds | | | 5,763 | | | | — | | | | — | | | | 5,763 | |
| | | | | | | | | | | | | | | | |
| | $ | 5,397,020 | | | $ | — | | | $ | — | | | $ | 5,397,020 | |
| | | | | | | | | | | | | | | | |
| | | | |
Frontier 100 | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 52,698,586 | | | $ | 101 | | | $ | — | | | $ | 52,698,687 | |
Rights | | | — | | | | 19,597 | | | | — | | | | 19,597 | |
Money Market Funds | | | 1,820,771 | | | | — | | | | — | | | | 1,820,771 | |
| | | | | | | | | | | | | | | | |
| | $ | 54,519,357 | | | $ | 19,698 | | | $ | — | | | $ | 54,539,055 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 49 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
iShares MSCI Index Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
World | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 5,819,474 | | | $ | — | | | $ | — | | | $ | 5,819,474 | |
Preferred Stocks | | | 12,761 | | | | — | | | | — | | | | 12,761 | |
Money Market Funds | | | 15,482 | | | | — | | | | — | | | | 15,482 | |
| | | | | | | | | | | | | | | | |
| | $ | 5,847,717 | | | $ | — | | | $ | — | | | $ | 5,847,717 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
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 28, 2013 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, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, if any, are disclosed in the Funds’ statements of assets and liabilities.
| | |
| 50 | | 2013 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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, 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 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 asset 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 voluntarily waived a portion of its investment advisory fees for the iShares MSCI All Country World Minimum Volatility Index Fund in the amount of $449,647.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 51 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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, 2014 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 period ended February 28, 2013, BFA waived its investment advisory fees for the Fund in the amount of $8,303.
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 | % |
Frontier 100 | | | 0.79 | |
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. The Funds benefit from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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 28, 2013, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Index Fund | | Securities Lending
Agent Fees | |
All Country World Minimum Volatility | | $ | 36,337 | |
World | | | 145 | |
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the statements of operations.
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.
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.
| | |
| 52 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Investments in issuers considered to be affiliates of the Funds (excluding short-term investments) during the period ended February 28, 2013, 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 | | | 73,268 | | | | 17,648 | | | | (9,800 | ) | | | 81,116 | | | $ | 1,937,861 | | | $ | 296 | | | $ | 14,078 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
World | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
BlackRock Inc. | | | 58 | | | | — | | | | (30 | ) | | | 28 | | | $ | 6,713 | | | $ | 87 | | | $ | 682 | |
PNC Financial Services Group Inc. (The) | | | 227 | | | | — | | | | (126 | ) | | | 101 | | | | 6,301 | | | | 131 | | | | (369 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 13,014 | | | $ | 218 | | | $ | 313 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | Purchases | | | Sales | |
All Country World Minimum Volatility | | $ | 85,190,825 | | | $ | 74,948,155 | |
Emerging Markets EMEA | | | 364,516 | | | | 331,486 | |
Frontier 100 | | | 50,919,804 | | | | 992,878 | |
World | | | 105,132 | | | | 171,847 | |
In-kind transactions (see Note 4) for the period ended February 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Index Fund | | In-kind
Purchases | | | In-kind
Sales | |
All Country World Minimum Volatility | | $ | 141,040,116 | | | $ | — | |
Emerging Markets EMEA | | | — | | | | 5,540,471 | |
Frontier 100 | | | 1,015,128 | | | | — | |
World | | | — | | | | 5,567,743 | |
| 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.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 53 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
| 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 market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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.
| | |
| 54 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of August 31, 2012, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| | | | |
| iShares MSCI Index Fund | | Non-
Expiring | |
All Country World Minimum Volatility | | $ | 1,876,800 | |
Emerging Markets EMEA | | | 55,073 | |
World | | | 19,493 | |
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 28, 2013, 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 | | $ | 725,611,301 | | | $ | 71,773,437 | | | $ | (8,340,087 | ) | | $ | 63,433,350 | |
Emerging Markets EMEA | | | 5,594,325 | | | | 336,733 | | | | (534,038 | ) | | | (197,305 | ) |
Frontier 100 | | | 52,688,016 | | | | 2,493,302 | | | | (642,263 | ) | | | 1,851,039 | |
World | | | 5,040,960 | | | | 955,059 | | | | (148,302 | ) | | | 806,757 | |
Management has reviewed the tax positions as of February 28, 2013, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.
The Funds, along with certain other iShares funds, are parties to a $125 million credit agreement with State Street Bank and Trust Company, which expires October 30, 2013. 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 28, 2013, the iShares MSCI Frontier 100 Index Fund’s maximum amount borrowed, the average borrowings and the average interest rate under the credit agreement were $255,000, $15,233 and 1.20%, respectively.
The iShares MSCI All Country World Minimum Volatility Index Fund, iShares MSCI Emerging Markets EMEA Index Fund and iShares MSCI World Index Fund did not borrow under the credit agreement during the period ended February 28, 2013.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 55 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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.
| | |
| 56 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited)
iSHARES®, INC.
iShares MSCI Frontier 100 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 to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.
At a meeting held on June 20-21, 2012, the Board, including a majority of the Independent Directors, approved the selection of BFA and the Advisory Contract for the Fund, 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 Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:
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 any proposed 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, sponsor, inception date, or other differentiating factors, but that 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), as applicable. 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 also received a detailed explanation from BFA regarding its rationale for including funds that had been excluded from Lipper’s consideration due to Lipper’s methodology parameters, as well as information showing the effect of including these additional funds in the analysis. 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 proposed 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 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 Fund supported the Board’s approval of the Advisory Contract.
Nature, Extent and Quality of Services to be 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, to supporting iShares funds and their shareholders. The Board noted that BFA became an indirect wholly-owned subsidiary of BlackRock in December 2009. The Board acknowledged that additional resources to support iShares funds and their shareholders have been added or enhanced since then, including, in such areas as investor education, product management, customized portfolio consulting support, 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
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 57 | |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
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. 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 Advisory Contract.
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 proposed relationships had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch 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 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, noting that the issue of economies of scale with respect to the iShares funds that are in operation was focused on extensively the Board during its meetings and addressed by management. The Board reviewed information provided by BFA regarding scale benefits shared with the iShares funds through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board received information regarding BFA’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the nature of such costs may impact the existence of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate. Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the investment advisory fee rate incorporates potential economies of scale 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 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 the same 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, generally more extensive services to be 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
| | |
| 58 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES®, INC.
publicly traded exchange traded fund, as compared to Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses to be borne by BFA under this arrangement. 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 the 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 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 proposed relationship had not yet commenced. However, the Board noted that BFA generally 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 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, will be 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 with respect to the appropriateness of approving the Advisory Contract.
Based on the considerations described above, the Board determined that the investment advisory fee rate under the Advisory Contract does not constitute a fee that is 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 Advisory Contract.
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 59 | |
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 | | $ | 0.70619 | | | $ | — | | | $ | 0.10712 | | | $ | 0.81331 | | | | 87 | % | | | — | % | | | 13 | % | | | 100 | % |
World | | | 0.69853 | | | | — | | | | 0.07005 | | | | 0.76858 | | | | 91 | | | | — | | | | 9 | | | | 100 | |
| | |
| 60 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes:
Notes:
| | |
| 62 | | 2013 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.
©2013 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
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iS-SAR-811-0213
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | iShares MSCI Global Agriculture Producers Fund | VEGI | NYSE Arca |
| Ø | | iShares MSCI Global Energy Producers Fund | FILL | NYSE Arca |
| Ø | | iShares MSCI Global Gold Miners Fund | RING | NYSE Arca |
| Ø | | iShares MSCI Global Select Metals & Mining Producers Fund | PICK | NYSE Arca |
| Ø | | 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 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| 9.07% | | 9.24% | | 9.25% | | 11.48% | | 11.97% | | 11.67% | | 12.44% | | 12.97% | | 12.71% |
Total returns for the period since inception are calculated from the inception date of the Fund (1/31/12). “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 (2/2/12), 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 six-month period ended February 28, 2013, the total return for the Fund was 11.36%, net of fees, while the total return for the Index was 11.42%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
Sector/Investment Type | | Percentage of
Net Assets |
| | | | |
Chemicals | | | 54.89 | % |
Agriculture | | | 15.71 | |
Machinery | | | 12.84 | |
Food | | | 10.64 | |
Auto Manufacturers | | | 2.61 | |
Investment Companies | | | 0.78 | |
Other* | | | 2.36 | |
Short-Term and Other Net Assets | | | 0.17 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
| | * | Other includes sectors which individually represent less than 1% of net assets. |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Monsanto Co. | | | 13.06 | % |
Syngenta AG Registered (Switzerland) | | | 9.51 | |
Potash Corp. of Saskatchewan Inc. (Canada) | | | 8.33 | |
Deere & Co. | | | 7.78 | |
Archer-Daniels-Midland Co. | | | 5.02 | |
Mosaic Co. (The) | | | 4.23 | |
Agrium Inc. (Canada) | | | 3.78 | |
Kubota Corp. (Japan) | | | 3.16 | |
CF Industries Holdings Inc. | | | 3.00 | |
Fiat Industrial SpA (Italy) | | | 2.61 | |
| | | | |
TOTAL | | | 60.48 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 5 | |
Fund Performance Overview
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (5.74)% | | (6.39)% | | (5.79)% | | (0.17)% | | (0.50)% | | (0.18)% | | (0.18)% | | (0.54)% | | (0.19)% |
Total returns for the period since inception are calculated from the inception date of the Fund (1/31/12). “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 (2/2/12), 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 six-month period ended February 28, 2013, the total return for the Fund was 3.73%, net of fees, while the total return for the Index was 3.71%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Oil & Gas | | | 97.20 | % |
Coal | | | 2.12 | |
Mining | | | 0.49 | |
Chemicals | | | 0.06 | |
Energy — Alternate Sources | | | 0.06 | |
Transportation | | | 0.01 | |
Short-Term and Other Net Assets | | | 0.06 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Exxon Mobil Corp. | | | 15.49 | % |
Chevron Corp. | | | 8.67 | |
BP PLC (United Kingdom) | | | 4.91 | |
Royal Dutch Shell PLC Class A (United Kingdom) | | | 4.47 | |
Total SA (France) | | | 4.09 | |
Royal Dutch Shell PLC Class B (United Kingdom) | | | 3.58 | |
ConocoPhillips | | | 2.59 | |
Occidental Petroleum Corp. | | | 2.56 | |
BG Group PLC (United Kingdom) | | | 2.29 | |
Eni SpA (Italy) | | | 2.22 | |
| | | | |
TOTAL | | | 50.87 | % |
| | | | |
| | |
| 6 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI GLOBAL GOLD MINERS FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (34.94)% | | (34.68)% | | (34.84)% | | (32.88)% | | (33.11)% | | (32.66)% | | (34.97)% | | (35.21)% | | (34.84)% |
Total returns for the period since inception are calculated from the inception date of the Fund (1/31/12). “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 (2/2/12), 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 Gold 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 six-month period ended February 28, 2013, the total return for the Fund was -19.26%, net of fees, while the total return for the Index was -19.22%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Mining | | | 99.81 | % |
Short-Term and Other Net Assets | | | 0.19 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Barrick Gold Corp. (Canada) | | | 15.08 | % |
Goldcorp Inc. (Canada) | | | 12.93 | |
Newmont Mining Corp. | | | 9.37 | |
Newcrest Mining Ltd. (Australia) | | | 7.95 | |
Yamana Gold Inc. (Canada) | | | 4.59 | |
Kinross Gold Corp. (Canada) | | | 4.49 | |
AngloGold Ashanti Ltd. (South Africa) | | | 4.22 | |
Randgold Resources Ltd. (United Kingdom) | | | 4.14 | |
Agnico-Eagle Mines Ltd. (Canada) | | | 4.10 | |
Eldorado Gold Corp. (Canada) | | | 3.83 | |
| | | | |
TOTAL | | | 70.70 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEWS | | | 7 | |
Fund Performance Overview
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (13.89)% | | (15.23)% | | (14.10)% | | (11.67)% | | (12.37)% | | (11.78)% | | (12.53)% | | (13.28)% | | (12.70)% |
Total returns for the period since inception are calculated from the inception date of the Fund (1/31/12). “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 (2/2/12), 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 six-month period ended February 28, 2013, the total return for the Fund was 13.24%, net of fees, while the total return for the Index was 13.26%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Mining | | | 66.65 | % |
Iron & Steel | | | 29.50 | |
Metal Fabricate & Hardware | | | 1.57 | |
Other* | | | 2.15 | |
Short-Term and Other Net Assets | | | 0.13 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
| | * | Other includes sectors which individually represent less than 1% of net assets |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
BHP Billiton Ltd. (Australia) | | | 13.00 | % |
Rio Tinto PLC (United Kingdom) | | | 7.67 | |
BHP Billiton PLC (United Kingdom) | | | 7.10 | |
Anglo American PLC (United Kingdom) | | | 4.32 | |
Vale SA Class A (Preferred) (Brazil) | | | 3.98 | |
Xstrata PLC (United Kingdom) | | | 3.94 | |
Freeport-McMoRan Copper & Gold Inc. | | | 3.23 | |
Rio Tinto Ltd. (Australia) | | | 3.17 | |
Vale SA (Brazil) | | | 2.60 | |
Glencore International PLC (United Kingdom) | | | 2.44 | |
| | | | |
TOTAL | | | 51.45 | % |
| | | | |
| | |
| 8 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Fund Performance Overview
iSHARES® MSCI GLOBAL SILVER MINERS FUND
Performance as of February 28, 2013
| | | | | | | | | | | | | | | | |
| Average Annual Total Returns | | Cumulative Total Returns |
| Year Ended 2/28/13 | | Inception to 2/28/13 | | Inception to 2/28/13 |
| NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX | | NAV | | MARKET | | INDEX |
| (28.06)% | | (28.02)% | | (27.83)% | | (24.52)% | | (24.31)% | | (24.19)% | | (26.18)% | | (25.97)% | | (25.92)% |
Total returns for the period since inception are calculated from the inception date of the Fund (1/31/12). “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 (2/2/12), 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 six-month period ended February 28, 2013, the total return for the Fund was -12.97%, net of fees, while the total return for the Index was -12.83%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector | | Percentage of
Net Assets |
| | | | |
Mining | | | 99.84 | % |
Short-Term and Other Net Assets | | | 0.16 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
Silver Wheaton Corp. (Canada) | | | 21.80 | % |
Industrias Penoles SAB de CV (Mexico) | | | 10.63 | |
Compania de Minas Buenaventura SA SP ADR (Peru) | | | 7.37 | |
Fresnillo PLC (United Kingdom) | | | 5.68 | |
Pan American Silver Corp. (Canada) | | | 4.77 | |
First Majestic Silver Corp. (Canada) | | | 4.52 | |
Coeur d’Alene Mines Corp. | | | 4.34 | |
AuRico Gold Inc. (Canada) | | | 4.07 | |
Tahoe Resources Inc. (Canada) | | | 4.06 | |
Hecla Mining Co. | | | 3.76 | |
| | | | |
TOTAL | | | 71.00 | % |
| | | | |
| | | | |
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, 2012 to February 28, 2013.
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
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Global Agriculture Producers | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,113.60 | | | | 0.38 | % | | $ | 1.99 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.38 | | | | 1.91 | |
Global Energy Producers | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,037.30 | | | | 0.39 | | | | 1.97 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.39 | | | | 1.96 | |
Global Gold Miners | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 807.40 | | | | 0.39 | | | | 1.75 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.39 | | | | 1.96 | |
Global Select Metals & Mining Producers | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,132.40 | | | | 0.39 | | | | 2.06 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.39 | | | | 1.96 | |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Shareholder Expenses (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| iShares MSCI Fund | | Beginning
Account Value
(9/1/12) | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period a | |
Global Silver Miners | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 870.30 | | | | 0.39 | % | | $ | 1.81 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,022.90 | | | | 0.39 | | | | 1.96 | |
| a | Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). | |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 97.83% | |
| |
AUSTRALIA — 2.39% | | | | | |
Australian Agricultural Co. Ltd.a | | | 7,340 | | | $ | 10,107 | |
GrainCorp Ltd. Class A | | | 7,490 | | | | 94,162 | |
Incitec Pivot Ltd. | | | 55,830 | | | | 184,614 | |
Nufarm Ltd. | | | 5,910 | | | | 33,942 | |
Tassal Group Ltd. | | | 3,750 | | | | 7,332 | |
| | | | | | | | |
| | | | | | | 330,157 | |
BELGIUM — 0.13% | | | | | | | | |
SIPEF NV | | | 210 | | | | 17,826 | |
| | | | | | | | |
| | | | | | | 17,826 | |
BRAZIL — 0.34% | | | | | | | | |
Fertilizantes Heringer SAa | | | 2,000 | | | | 11,633 | |
Sao Martinho SA | | | 1,500 | | | | 21,168 | |
SLC Agricola SA | | | 1,500 | | | | 14,703 | |
| | | | | | | | |
| | | | | | | 47,504 | |
CANADA — 12.21% | | | | | | | | |
AG Growth International Inc. | | | 425 | | | | 14,299 | |
Agrium Inc. | | | 5,020 | | | | 521,459 | |
Potash Corp. of Saskatchewan Inc. | | | 28,545 | | | | 1,148,964 | |
| | | | | | | | |
| | | | | | | 1,684,722 | |
CHILE — 0.20% | | | | | | | | |
AquaChile SAa | | | 11,730 | | | | 9,572 | |
Empresas Iansa SA | | | 89,860 | | | | 6,867 | |
Multiexport Foods SA | | | 35,115 | | | | 11,533 | |
| | | | | | | | |
| | | | | | | 27,972 | |
CHINA — 1.33% | | | | | | | | |
Asian Citrus Holdings Ltd. | | | 30,000 | | | | 14,391 | |
China Agri-Industries Holdings Ltd. | | | 71,200 | | | | 40,490 | |
China BlueChemical Ltd. Class H | | | 60,000 | | | | 38,453 | |
China Green Holdings Ltd.a | | | 45,000 | | | | 8,994 | |
China Modern Dairy Holdings Ltd.a | | | 70,000 | | | | 23,469 | |
DaChan Food Asia Ltd. | | | 15,000 | | | | 2,399 | |
First Tractor Co. Ltd. Class Ha | | | 20,000 | | | | 19,523 | |
Global Bio-Chem Technology Group Co. Ltd. | | | 100,000 | | | | 11,477 | |
Sinofert Holdings Ltd.b | | | 100,000 | | | | 24,759 | |
| | | | | | | | |
| | | | | | | 183,955 | |
DENMARK — 0.24% | | | | | | | | |
Auriga Industries A/S Class Ba | | | 545 | | | | 10,608 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
East Asiatic Co. Ltd. A/S | | | 390 | | | $ | 6,531 | |
United International Enterprises Ltd. | | | 90 | | | | 15,781 | |
| | | | | | | | |
| | | | | | | 32,920 | |
FINLAND — 0.05% | | | | | | | | |
HKScan OYJ Class A | | | 1,400 | | | | 7,065 | |
| | | | | | | | |
| | | | | | | 7,065 | |
FRANCE — 0.22% | | | | | | | | |
Naturex | | | 150 | | | | 11,962 | |
Vilmorin & Cie | | | 142 | | | | 17,919 | |
| | | | | | | | |
| | | | | | | 29,881 | |
GERMANY — 3.10% | | | | | | | | |
K+S AG Registered | | | 5,960 | | | | 280,544 | |
KWS Saat AG | | | 80 | | | | 30,691 | |
Suedzucker AG | | | 2,645 | | | | 116,014 | |
| | | | | | | | |
| | | | | | | 427,249 | |
HONG KONG — 0.05% | | | | | | | | |
Pacific Andes International Holdings Ltd. | | | 120,000 | | | | 6,577 | |
| | | | | | | | |
| | | | | | | 6,577 | |
INDONESIA — 1.46% | | | | | | | | |
PT Astra Agro Lestari Tbk | | | 12,500 | | | | 23,866 | |
PT Bakrie Sumatera Plantations Tbk | | | 827,500 | | | | 9,334 | |
PT Bisi International Tbk | | | 82,500 | | | | 6,915 | |
PT BW Plantation Tbk | | | 47,500 | | | | 6,685 | |
PT Charoen Pokphand Indonesia Tbk | | | 247,500 | | | | 112,692 | |
PT Japfa Comfeed Indonesia Tbk | | | 30,000 | | | | 25,301 | |
PT Malindo Feedmill Tbk | | | 25,000 | | | | 7,826 | |
PT Sampoerna Agro Tbk | | | 22,500 | | | | 5,122 | |
PT Tunas Baru Lampung Tbk | | | 77,500 | | | | 3,970 | |
| | | | | | | | |
| | | | | | | 201,711 | |
ISRAEL — 1.80% | | | | | | | | |
Israel Chemicals Ltd. | | | 14,735 | | | | 190,449 | |
Israel Corp. Ltd. (The) | | | 80 | | | | 57,473 | |
| | | | | | | | |
| | | | | | | 247,922 | |
ITALY — 2.64% | | | | | | | | |
Fiat Industrial SpA | | | 29,575 | | | | 360,163 | |
Societa per la Bonifica dei Terreni Ferraresi e Imprese Agricole SpA | | | 90 | | | | 4,496 | |
| | | | | | | | |
| | | | | | | 364,659 | |
JAPAN — 4.63% | | | | | | | | |
Hokuto Corp. | | | 1,000 | | | | 19,022 | |
Iseki & Co. Ltd. | | | 5,000 | | | | 17,613 | |
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Kubota Corp. | | | 36,000 | | | $ | 436,636 | |
Maruha Nichiro Holdings Inc. | | | 15,000 | | | | 27,639 | |
Mitsui Sugar Co. Ltd. | | | 5,000 | | | | 16,530 | |
Nippon Beet Sugar Manufacturing Co. Ltd. | | | 5,000 | | | | 9,755 | |
Nippon Meat Packers Inc. | | | 5,000 | | | | 78,474 | |
Sakata Seed Corp. | | | 2,500 | | | | 33,221 | |
| | | | | | | | |
| | | | | | | 638,890 | |
MALAYSIA — 3.00% | | | | | | | | |
Felda Global Ventures Holdings Bhd | | | 35,500 | | | | 51,576 | |
Genting Plantations Bhd | | | 7,500 | | | | 20,555 | |
Hap Seng Plantations Holdings Bhd | | | 8,500 | | | | 7,564 | |
IJM Plantations Bhd | | | 10,500 | | | | 9,955 | |
IOI Corp. Bhd | | | 104,000 | | | | 164,892 | |
Kim Loong Resources Bhd | | | 4,000 | | | | 2,834 | |
Kuala Lumpur Kepong Bhd | | | 15,500 | | | | 104,019 | |
QL Resources Bhd | | | 12,000 | | | | 11,649 | |
Rimbunan Sawit Bhd | | | 14,000 | | | | 3,284 | |
Sarawak Oil Palms Bhd | | | 5,000 | | | | 8,170 | |
TDM Bhd | | | 3,000 | | | | 3,281 | |
TH Plantations Bhd | | | 6,000 | | | | 3,941 | |
Tradewinds Malaysia Bhd | | | 3,000 | | | | 8,969 | |
TSH Resources Bhd | | | 10,000 | | | | 7,054 | |
United Malacca Bhd | | | 2,500 | | | | 5,695 | |
| | | | | | | | |
| | | | | | | 413,438 | |
NETHERLANDS — 0.77% | | | | | | | | |
Nutreco NV | | | 1,145 | | | | 106,640 | |
| | | | | | | | |
| | | | | | | 106,640 | |
NEW ZEALAND — 0.02% | | | | | | | | |
PGG Wrightson Ltd.a | | | 9,640 | | | | 3,197 | |
| | | | | | | | |
| | | | | | | 3,197 | |
NORWAY — 3.59% | | | | | | | | |
Austevoll Seafood ASA | | | 3,400 | | | | 21,392 | |
Cermaq ASAa | | | 1,880 | | | | 32,365 | |
Copeinca ASA | | | 645 | | | | 6,538 | |
Leroey Seafood Group ASA | | | 635 | | | | 19,533 | |
Marine Harvest ASAa | | | 101,135 | | | | 106,850 | |
Yara International ASA | | | 6,435 | | | | 308,608 | |
| | | | | | | | |
| | | | | | | 495,286 | |
POLAND — 0.47% | | | | | | | | |
Kernel Holding SAa | | | 1,850 | | | | 37,938 | |
Zaklady Azotowe w Tarnowie-Moscicach SAa | | | 1,500 | | | | 26,649 | |
| | | | | | | | |
| | | | | | | 64,587 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RUSSIA — 2.42% | | | | | | | | |
Uralkali OJSC | | | 45,000 | | | $ | 334,530 | |
| | | | | | | | |
| | | | | | | 334,530 | |
SINGAPORE — 2.68% | | | | | | | | |
Bumitama Agri Ltd.a | | | 10,000 | | | | 8,806 | |
First Resources Ltd.b | | | 10,000 | | | | 15,714 | |
GMG Global Ltd. | | | 115,000 | | | | 12,915 | |
Golden Agri-Resources Ltd. | | | 240,000 | | | | 126,035 | |
Indofood Agri Resources Ltd.b | | | 20,000 | | | | 20,036 | |
Wilmar International Ltd. | | | 65,000 | | | | 186,427 | |
| | | | | | | | |
| | | | | | | 369,933 | |
SOUTH AFRICA — 0.70% | | | | | | | | |
Astral Foods Ltd. | | | 1,195 | | | | 11,986 | |
Illovo Sugar Ltd. | | | 6,965 | | | | 23,831 | |
Tongaat Hulett Ltd. | | | 3,480 | | | | 53,910 | |
Zeder Investments Ltd. | | | 18,355 | | | | 6,955 | |
| | | | | | | | |
| | | | | | | 96,682 | |
SOUTH KOREA — 0.33% | | | | | | | | |
Dongwon Industries Co. Ltd. | | | 40 | | | | 10,528 | |
Harim Co. Ltd.a | | | 2,555 | | | | 8,058 | |
Namhae Chemical Corp. | | | 1,850 | | | | 13,019 | |
Nong Woo Bio Co. Ltd. | | | 155 | | | | 3,478 | |
Sajo Industries Co. Ltd.a | | | 60 | | | | 2,762 | |
Silla Co. Ltd. | | | 250 | | | | 5,472 | |
TS Corp. | | | 100 | | | | 2,604 | |
| | | | | | | | |
| | | | | | | 45,921 | |
SPAIN — 0.06% | | | | | | | | |
Pescanova SA | | | 345 | | | | 7,848 | |
| | | | | | | | |
| | | | | | | 7,848 | |
SWEDEN — 0.07% | | | | | | | | |
Black Earth Farming Ltd. SDRa | | | 4,966 | | | | 9,477 | |
| | | | | | | | |
| | | | | | | 9,477 | |
SWITZERLAND — 9.51% | | | | | | | | |
Syngenta AG Registered | | | 3,075 | | | | 1,311,785 | |
| | | | | | | | |
| | | | | | | 1,311,785 | |
TAIWAN — 0.56% | | | | | | | | |
Sesoda Corp. | | | 5,000 | | | | 5,612 | |
Sinon Corp. | | | 15,000 | | | | 7,205 | |
Taiwan Fertilizer Co. Ltd. | | | 25,000 | | | | 60,590 | |
Taiyen Biotech Co. Ltd. | | | 5,000 | | | | 3,548 | |
| | | | | | | | |
| | | | | | | 76,955 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 13 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
THAILAND — 0.90% | | | | | | | | |
Charoen Pokphand Foods PCL NVDR | | | 102,500 | | | $ | 111,975 | |
GFPT PCL NVDR | | | 14,500 | | | | 3,875 | |
Khon Kaen Sugar Industry PCL NVDR | | | 16,500 | | | | 8,596 | |
| | | | | | | | |
| | | | | | | 124,446 | |
TURKEY — 0.20% | | | | | | | | |
Bagfas Bandirma Gubre Fabrikalari AS | | | 360 | | | | 10,908 | |
Gubre Fabrikalari TASa | | | 1,590 | | | | 16,001 | |
| | | | | | | | |
| | | | | | | 26,909 | |
UNITED STATES — 41.76% | | | | | | | | |
AGCO Corp. | | | 3,325 | | | | 171,171 | |
Alico Inc. | | | 135 | | | | 5,785 | |
American Vanguard Corp. | | | 735 | | | | 22,807 | |
Archer-Daniels-Midland Co. | | | 21,735 | | | | 692,477 | |
Bunge Ltd. | | | 4,775 | | | | 353,875 | |
Cal-Maine Foods Inc. | | | 470 | | | | 19,030 | |
CF Industries Holdings Inc. | | | 2,060 | | | | 413,710 | |
Darling International Inc.a | | | 3,890 | | | | 64,924 | |
Deere & Co. | | | 12,230 | | | | 1,074,161 | |
Dole Food Co. Inc.a | | | 1,285 | | | | 14,392 | |
Fresh Del Monte Produce Inc. | | | 1,335 | | | | 34,830 | |
Ingredion Inc. | | | 2,530 | | | | 167,486 | |
Intrepid Potash Inc. | | | 1,960 | | | | 38,632 | |
Lindsay Corp. | | | 450 | | | | 38,453 | |
Monsanto Co. | | | 17,840 | | | | 1,802,375 | |
Mosaic Co. (The) | | | 9,980 | | | | 584,229 | |
Pilgrim’s Pride Corp.a | | | 2,000 | | | | 17,620 | |
Sanderson Farms Inc. | | | 645 | | | | 32,721 | |
Scotts Miracle-Gro Co. (The) Class A | | | 1,415 | | | | 62,699 | |
Smithfield Foods Inc.a | | | 4,805 | | | | 106,863 | |
Titan International Inc. | | | 2,120 | | | | 44,753 | |
| | | | | | | | |
| | | | | | | 5,762,993 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $12,586,322) | | | | 13,499,637 | |
|
INVESTMENT COMPANIES — 0.78% | |
| |
INDIA — 0.78% | | | | | |
iShares S&P India Nifty 50 Index Fundc | | | 4,500 | | | | 107,505 | |
| | | | | | | | |
| | | | | | | 107,505 | |
| | | | | | | | |
TOTAL INVESTMENT COMPANIES | | | | | |
(Cost: $106,247) | | | | 107,505 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PREFERRED STOCKS — 1.22% | |
| |
CHILE — 1.22% | | | | | |
Sociedad Quimica y Minera de Chile SA Series B | | | 3,030 | | | $ | 168,144 | |
| | | | | | | | |
| | | | | | | 168,144 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $180,065) | | | | 168,144 | |
|
SHORT-TERM INVESTMENTS — 0.36% | |
| |
MONEY MARKET FUNDS — 0.36% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 41,775 | | | | 41,775 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 3,025 | | | | 3,025 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 4,932 | | | | 4,932 | |
| | | | | | | | |
| | | | | | | 49,732 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $49,732) | | | | 49,732 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 100.19% | | | | | |
(Cost: $12,922,366) | | | | 13,825,018 | |
Other Assets, Less Liabilities — (0.19)% | | | | (25,727 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 13,799,291 | |
| | | | | | | | |
NVDR — Non-Voting Depositary Receipts
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 | 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.
| | |
| 14 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 98.39% | |
| |
AUSTRALIA — 2.05% | | | | | |
Aquila Resources Ltd.a,b | | | 266 | | | $ | 719 | |
Aurora Oil and Gas Ltd.a | | | 632 | | | | 2,510 | |
AWE Ltd.a | | | 938 | | | | 1,248 | |
Beach Energy Ltd. | | | 2,211 | | | | 3,203 | |
Buru Energy Ltd.a | | | 324 | | | | 896 | |
Caltex Australia Ltd. | | | 240 | | | | 4,902 | |
Coalspur Mines Ltd.a | | | 560 | | | | 413 | |
Cockatoo Coal Ltd.a | | | 1,028 | | | | 116 | |
Drillsearch Energy Ltd.a | | | 812 | | | | 1,164 | |
Energy Resources of Australia Ltd.a | | | 308 | | | | 413 | |
Guildford Coal Ltd.a | | | 276 | | | | 127 | |
Horizon Oil Ltd.a | | | 1,626 | | | | 732 | |
Karoon Gas Australia Ltd.a | | | 312 | | | | 2,233 | |
Linc Energy Ltd.a | | | 812 | | | | 2,244 | |
Nexus Energy Ltd.a | | | 4,072 | | | | 709 | |
Paladin Energy Ltd.a | | | 1,324 | | | | 1,593 | |
Red Fork Energy Ltd.a | | | 1,350 | | | | 1,002 | |
Roc Oil Co. Ltd.a | | | 1,350 | | | | 732 | |
Santos Ltd. | | | 1,720 | | | | 23,613 | |
Senex Energy Ltd.a | | | 1,285 | | | | 908 | |
Whitehaven Coal Ltd. | | | 750 | | | | 2,150 | |
Woodside Petroleum Ltd. | | | 1,230 | | | | 47,220 | |
| | | | | | | | |
| | | | | | | 98,847 | |
AUSTRIA — 0.27% | | | | | | | | |
OMV AG | | | 296 | | | | 12,902 | |
| | | | | | | | |
| | | | | | | 12,902 | |
BRAZIL — 0.92% | | | | | | | | |
HRT Participacoes em Petroleo SAa | | | 400 | | | | 745 | |
OGX Petroleo e Gas Participacoes SAa | | | 2,400 | | | | 3,824 | |
Petroleo Brasileiro SA | | | 5,400 | | | | 39,576 | |
Refinaria de Petroleos Manguinhos SAa | | | 600 | | | | 100 | |
| | | | | | | | |
| | | | | | | 44,245 | |
CANADA — 10.46% | | | | | | | | |
Advantage Oil & Gas Ltd.a | | | 272 | | | | 847 | |
Angle Energy Inc.a | | | 108 | | | | 281 | |
ARC Resources Ltd. | | | 528 | | | | 13,353 | |
Athabasca Oil Corp.a | | | 600 | | | | 5,918 | |
Bankers Petroleum Ltd.a | | | 422 | | | | 1,260 | |
Baytex Energy Corp. | | | 214 | | | | 8,966 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Bellatrix Exploration Ltd.a | | | 174 | | | $ | 916 | |
Birchcliff Energy Ltd.a | | | 158 | | | | 1,205 | |
BlackPearl Resources Inc.a | | | 470 | | | | 1,148 | |
Bonavista Energy Corp. | | | 268 | | | | 3,420 | |
Bonterra Energy Corp. | | | 30 | | | | 1,426 | |
Cameco Corp. | | | 718 | | | | 15,365 | |
Canacol Energy Ltd.a | | | 160 | | | | 529 | |
Canadian Natural Resources Ltd. | | | 1,998 | | | | 61,259 | |
Canadian Oil Sands Ltd. | | | 882 | | | | 18,111 | |
Cenovus Energy Inc. | | | 1,376 | | | | 44,691 | |
Cequence Energy Ltd.a | | | 200 | | | | 286 | |
Connacher Oil and Gas Ltd.a | | | 736 | | | | 107 | |
Crescent Point Energy Corp. | | | 660 | | | | 25,198 | |
Crew Energy Inc.a | | | 180 | | | | 1,129 | |
DeeThree Exploration Ltd.a | | | 168 | | | | 1,062 | |
Denison Mines Corp.a | | | 538 | | | | 691 | |
Encana Corp. | | | 1,348 | | | | 24,323 | |
Enerplus Corp. | | | 338 | | | | 4,606 | |
Freehold Royalties Ltd. | | | 150 | | | | 3,138 | |
Husky Energy Inc. | | | 660 | | | | 20,358 | |
Imperial Oil Ltd. | | | 552 | | | | 23,024 | |
Ithaca Energy Inc.a | | | 538 | | | | 1,031 | |
Legacy Oil & Gas Inc. Class Aa | | | 226 | | | | 1,407 | |
Long Run Exploration Ltd.a | | | 228 | | | | 916 | |
MEG Energy Corp.a | | | 240 | | | | 7,774 | |
Nexen Inc. | | | 960 | | | | 26,417 | |
Niko Resources Ltd. | | | 86 | | | | 566 | |
NuVista Energy Ltd.a | | | 156 | | | | 862 | |
Pace Oil & Gas Ltd.a | | | 78 | | | | 219 | |
Pacific Rubiales Energy Corp. | | | 548 | | | | 13,459 | |
Paramount Resources Ltd. Class Aa | | | 88 | | | | 3,248 | |
Parex Resources Inc.a | | | 200 | | | | 988 | |
Pengrowth Energy Corp. | | | 881 | | | | 3,762 | |
Penn West Petroleum Ltd. | | | 858 | | | | 8,363 | |
PetroBakken Energy Ltd. | | | 399 | | | | 3,307 | |
Petrominerales Ltd. | | | 180 | | | | 1,506 | |
Peyto Exploration & Development Corp. | | | 242 | | | | 5,925 | |
Santonia Energy Inc.a | | | 126 | | | | 154 | |
Southern Pacific Resource Corp.a | | | 528 | | | | 529 | |
SouthGobi Resources Ltd.a | | | 200 | | | | 416 | |
Sprott Resource Corp. | | | 206 | | | | 856 | |
Suncor Energy Inc. | | | 2,824 | | | | 85,842 | |
Surge Energy Inc.a | | | 200 | | | | 613 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 15 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Tag Oil Ltd.a | | | 200 | | | $ | 695 | |
Talisman Energy Inc. | | | 1,932 | | | | 24,337 | |
Tourmaline Oil Corp.a | | | 254 | | | | 9,082 | |
TransGlobe Energy Corp.a | | | 116 | | | | 916 | |
Trilogy Energy Corp. | | | 96 | | | | 2,545 | |
Twin Butte Energy Ltd. | | | 600 | | | | 1,296 | |
Uranium One Inc.a | | | 850 | | | | 2,265 | |
Vermilion Energy Inc. | | | 194 | | | | 10,071 | |
Whitecap Resources Inc. | | | 200 | | | | 1,718 | |
Zargon Oil & Gas Ltd. | | | 64 | | | | 450 | |
| | | | | | | | |
| | | | | | | 504,152 | |
CHINA — 3.71% | | | | | | | | |
China Coal Energy Co. Class H | | | 8,000 | | | | 7,933 | |
China Qinfa Group Ltd. | | | 4,000 | | | | 511 | |
China Shenhua Energy Co. Ltd. Class H | | | 7,000 | | | | 26,538 | |
CNOOC Ltd. | | | 32,000 | | | | 62,887 | |
Hidili Industry International Development Ltd. | | | 4,000 | | | | 1,094 | |
Kunlun Energy Co. Ltd. | | | 8,000 | | | | 16,588 | |
MIE Holdings Corp. | | | 4,000 | | | | 1,155 | |
PetroChina Co. Ltd. Class H | | | 40,000 | | | | 54,985 | |
Sino Oil And Gas Holdings Ltd.a | | | 50,000 | | | | 1,038 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 4,000 | | | | 6,200 | |
| | | | | | | | |
| | | | | | | 178,929 | |
COLOMBIA — 0.53% | | | | | | | | |
Ecopetrol SA SP ADR | | | 448 | | | | 25,782 | |
| | | | | | | | |
| | | | | | | 25,782 | |
FINLAND — 0.07% | | | | | | | | |
Neste Oil OYJ | | | 210 | | | | 3,166 | |
| | | | | | | | |
| | | | | | | 3,166 | |
FRANCE — 4.19% | |
Esso SA Francaise | | | 8 | | | | 576 | |
Etablissements Maurel et Prom | | | 148 | | | | 2,707 | |
Maurel & Prom Nigeriaa | | | 382 | | | | 1,643 | |
Total SA | | | 3,932 | | | | 196,856 | |
| | | | | | | | |
| | | | | | | 201,782 | |
GREECE — 0.08% | | | | | | | | |
Hellenic Petroleum SA | | | 285 | | | | 3,159 | |
Motor Oil (Hellas) Corinth Refineries SA | | | 64 | | | | 744 | |
| | | | | | | | |
| | | | | | | 3,903 | |
HONG KONG — 0.01% | | | | | | | | |
Mongolia Energy Corp. Ltd.a | | | 8,000 | | | | 407 | |
| | | | | | | | |
| | | | | | | 407 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
HUNGARY — 0.12% | | | | | | | | |
MOL Hungarian Oil and Gas PLC | | | 76 | | | $ | 5,841 | |
| | | | | | | | |
| | | | | | | 5,841 | |
INDIA — 0.76% | | | | | | | | |
Reliance Industries Ltd. SP GDRc | | | 1,206 | | | | 36,421 | |
| | | | | | | | |
| | | | | | | 36,421 | |
INDONESIA — 0.35% | | | | | | | | |
PT Adaro Energy Tbk | | | 27,000 | | | | 4,387 | |
PT Benakat Petroleum Energy Tbka | | | 29,000 | | | | 462 | |
PT Bukit Asam (Persero) Tbk | | | 2,000 | | | | 3,125 | |
PT Bumi Resources Tbk | | | 29,000 | | | | 2,461 | |
PT Delta Dunia Makmur Tbka | | | 11,000 | | | | 250 | |
PT Energi Mega Persada Tbka | | | 53,000 | | | | 570 | |
PT Indika Energy Tbk | | | 3,000 | | | | 435 | |
PT Indo Tambangraya Megah Tbk | | | 1,000 | | | | 4,165 | |
PT Medco Energi Internasional Tbk | | | 3,000 | | | | 522 | |
PT Resource Alam Indonesia Tbk | | | 1,000 | | | | 277 | |
| | | | | | | | |
| | | | | | | 16,654 | |
ISRAEL — 0.07% | | | | | | | | |
Naphtha Israel Petroleum Corp. Ltd.a | | | 123 | | | | 585 | |
Oil Refineries Ltd.a | | | 2,218 | | | | 1,154 | |
Paz Oil Co. Ltd.a | | | 12 | | | | 1,801 | |
| | | | | | | | |
| | | | | | | 3,540 | |
ITALY — 2.26% | | | | | | | | |
Eni SpA | | | 4,684 | | | | 106,918 | |
ERG SpA | | | 172 | | | | 1,546 | |
Saras SpAa | | | 582 | | | | 662 | |
| | | | | | | | |
| | | | | | | 109,126 | |
JAPAN — 1.19% | | | | | | | | |
Cosmo Oil Co. Ltd. | | | 2,000 | | | | 4,726 | |
INPEX Corp. | | | 4 | | | | 21,374 | |
JX Holdings Inc. | | | 4,400 | | | | 26,993 | |
Showa Shell Sekiyu K.K. | | | 600 | | | | 4,364 | |
| | | | | | | | |
| | | | | | | 57,457 | |
MALAYSIA — 0.01% | | | | | | | | |
Petron Malaysia Refining & Marketing Bhd | | | 600 | | | | 542 | |
| | | | | | | | |
| | | | | | | 542 | |
NEW ZEALAND — 0.02% | | | | | | | | |
New Zealand Oil & Gas Ltd. | | | 968 | | | | 746 | |
| | | | | | | | |
| | | | | | | 746 | |
| | |
| 16 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
NORWAY — 1.17% | | | | | | | | |
Det norske oljeselskap ASAa | | | 104 | | | $ | 1,639 | |
DNO International ASAa | | | 1,152 | | | | 2,080 | |
Norwegian Energy Co. ASAa | | | 694 | | | | 485 | |
Statoil ASA | | | 2,088 | | | | 52,075 | |
| | | | | | | | |
| | | | | | | 56,279 | |
PHILIPPINES — 0.03% | | | | | | | | |
Philex Petroleum Corp.a | | | 2,000 | | | | 1,653 | |
| | | | | | | | |
| | | | | | | 1,653 | |
POLAND — 0.27% | | | | | | | | |
Grupa Lotos SAa | | | 84 | | | | 1,105 | |
Lubelski Wegiel Bogdanka SA | | | 64 | | | | 2,609 | |
Polski Koncern Naftowy Orlen SAa | | | 558 | | | | 9,430 | |
| | | | | | | | |
| | | | | | | 13,144 | |
PORTUGAL — 0.17% | | | | | | | | |
Galp Energia SGPS SA Class B | | | 526 | | | | 8,128 | |
| | | | | | | | |
| | | | | | | 8,128 | |
RUSSIA — 2.69% | | | | | | | | |
LUKOIL OAO | | | 952 | | | | 61,066 | |
NovaTek OAO SP GDRd | | | 178 | | | | 20,648 | |
Rosneft Oil Co. OJSC | | | 2,350 | | | | 18,738 | |
Surgutneftegas OJSC | | | 13,200 | | | | 12,376 | |
Tatneft OAO Class S | | | 2,580 | | | | 16,886 | |
| | | | | | | | |
| | | | | | | 129,714 | |
SOUTH AFRICA — 0.10% | | | | | | | | |
Exxaro Resources Ltd. | | | 262 | | | | 5,018 | |
| | | | | | | | |
| | | | | | | 5,018 | |
SOUTH KOREA — 0.54% | | | | | | | | |
S-Oil Corp. | | | 84 | | | | 7,750 | |
SK Innovation Co. Ltd. | | | 110 | | | | 18,082 | |
| | | | | | | | |
| | | | | | | 25,832 | |
SPAIN — 0.69% | | | | | | | | |
Repsol SA | | | 1,554 | | | | 33,136 | |
| | | | | | | | |
| | | | | | | 33,136 | |
SWEDEN — 0.21% | | | | | | | | |
Alliance Oil Co. Ltd. SDRa | | | 142 | | | | 1,224 | |
Lundin Petroleum ABa | | | 394 | | | | 8,980 | |
| | | | | | | | |
| | | | | | | 10,204 | |
THAILAND — 0.55% | | | | | | | | |
Bangchak Petroleum PCL NVDR | | | 1,000 | | | | 1,302 | |
Banpu PCL NVDR | | | 300 | | | | 3,943 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Esso (Thailand) PCL NVDR | | | 2,200 | | | $ | 754 | |
IRPC PCL NVDR | | | 20,000 | | | | 2,864 | |
PTT Exploration & Production PCL NVDR | | | 2,631 | | | | 13,973 | |
Thai Oil PCL NVDR | | | 1,600 | | | | 3,765 | |
| | | | | | | | |
| | | | | | | 26,601 | |
TURKEY — 0.19% | | | | | | | | |
Turkiye Petrol Rafinerileri AS | | | 334 | | | | 9,359 | |
| | | | | | | | |
| | | | | | | 9,359 | |
UNITED KINGDOM — 16.64% | | | | | | | | |
Afren PLCa | | | 1,888 | | | | 4,075 | |
Amerisur Resources PLCa | | | 1,274 | | | | 933 | |
Anglo Pacific Group PLC | | | 212 | | | | 915 | |
BG Group PLC | | | 6,238 | | | | 110,361 | |
Borders & Southern Petroleum PLCa | | | 830 | | | | 271 | |
Bowleven PLCa | | | 676 | | | | 790 | |
BP PLC | | | 34,950 | | | | 236,454 | |
Cairn Energy PLCa | | | 1,010 | | | | 4,166 | |
EnQuest PLCa | | | 1,090 | | | | 2,201 | |
Essar Energy PLCa | | | 568 | | | | 1,161 | |
Falkland Oil & Gas Ltd.a | | | 466 | | | | 212 | |
Faroe Petroleum PLCa | | | 328 | | | | 682 | |
Gulf Keystone Petroleum Ltd.a | | | 1,480 | | | | 4,240 | |
Hargreaves Services PLC | | | 54 | | | | 700 | |
Heritage Oil PLCa | | | 340 | | | | 989 | |
JKX Oil & Gas PLCa | | | 224 | | | | 229 | |
Ophir Energy PLCa | | | 472 | | | | 3,432 | |
Premier Oil PLCa | | | 986 | | | | 5,725 | |
Rockhopper Exploration PLCa | | | 482 | | | | 1,046 | |
Royal Dutch Shell PLC Class A | | | 6,546 | | | | 215,622 | |
Royal Dutch Shell PLC Class B | | | 5,114 | | | | 172,606 | |
Salamander Energy PLCa | | | 485 | | | | 1,484 | |
SOCO International PLCa | | | 434 | | | | 2,433 | |
Tullow Oil PLC | | | 1,642 | | | | 30,259 | |
Valiant Petroleum PLCa | | | 92 | | | | 484 | |
Xcite Energy Ltd.a | | | 258 | | | | 404 | |
| | | | | | | | |
| | | | | | | 801,874 | |
UNITED STATES — 48.07% | | | | | | | | |
Abraxas Petroleum Corp.a | | | 126 | | | | 258 | |
Alpha Natural Resources Inc.a | | | 404 | | | | 3,224 | |
Anadarko Petroleum Corp. | | | 942 | | | | 74,964 | |
Apache Corp. | | | 728 | | | | 54,069 | |
Approach Resources Inc.a | | | 44 | | | | 1,089 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 17 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Arch Coal Inc. | | | 372 | | | $ | 1,946 | |
Berry Petroleum Co. Class A | | | 82 | | | | 3,753 | |
Bill Barrett Corp.a | | | 94 | | | | 1,697 | |
Bonanza Creek Energy Inc.a | | | 46 | | | | 1,556 | |
BPZ Resources Inc.a | | | 158 | | | | 389 | |
Cabot Oil & Gas Corp. | | | 380 | | | | 23,549 | |
Carrizo Oil & Gas Inc.a | | | 64 | | | | 1,503 | |
Chesapeake Energy Corp. | | | 1,204 | | | | 24,273 | |
Chevron Corp. | | | 3,566 | | | | 417,757 | |
Cimarex Energy Co. | | | 154 | | | | 10,366 | |
Clayton Williams Energy Inc.a | | | 12 | | | | 476 | |
Cloud Peak Energy Inc.a | | | 98 | | | | 1,680 | |
Cobalt International Energy Inc.a | | | 422 | | | | 10,411 | |
Comstock Resources Inc.a | | | 84 | | | | 1,186 | |
Concho Resources Inc.a | | | 180 | | | | 16,193 | |
ConocoPhillips | | | 2,156 | | | | 124,940 | |
CONSOL Energy Inc. | | | 412 | | | | 13,246 | |
Contango Oil & Gas Co. | | | 44 | | | | 1,705 | |
Continental Resources Inc.a | | | 82 | | | | 7,216 | |
CVR Energy Inc. | | | 32 | | | | 1,798 | |
Denbury Resources Inc.a | | | 728 | | | | 13,191 | |
Devon Energy Corp. | | | 708 | | | | 38,416 | |
Endeavour International Corp.a | | | 50 | | | | 127 | |
Energen Corp. | | | 134 | | | | 6,196 | |
Energy XXI (Bermuda) Ltd. | | | 122 | | | | 3,627 | |
EOG Resources Inc. | | | 492 | | | | 61,849 | |
EPL Oil & Gas Inc.a | | | 82 | | | | 2,110 | |
EQT Corp. | | | 282 | | | | 17,791 | |
EXCO Resources Inc. | | | 236 | | | | 1,567 | |
Exxon Mobil Corp. | | | 8,338 | | | | 746,668 | |
Forest Oil Corp.a | | | 198 | | | | 1,148 | |
FX Energy Inc.a | | | 78 | | | | 275 | |
Goodrich Petroleum Corp.a | | | 48 | | | | 619 | |
Gulfport Energy Corp.a | | | 144 | | | | 5,897 | |
Halcon Resources Corp.a | | | 377 | | | | 2,677 | |
Harvest Natural Resources Inc.a | | | 50 | | | | 270 | |
Hess Corp. | | | 556 | | | | 36,974 | |
HollyFrontier Corp. | | | 348 | | | | 19,558 | |
James River Coal Co.a | | | 50 | | | | 132 | |
Kodiak Oil & Gas Corp.a | | | 564 | | | | 5,020 | |
Laredo Petroleum Holdings Inc.a | | | 50 | | | | 857 | |
Magnum Hunter Resources Corp.a | | | 190 | | | | 735 | |
Marathon Oil Corp. | | | 1,300 | | | | 43,550 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Marathon Petroleum Corp. | | | 616 | | | $ | 51,054 | |
Matador Resources Co.a | | | 114 | | | | 890 | |
McMoRan Exploration Co.a | | | 170 | | | | 2,735 | |
Newfield Exploration Co.a | | | 244 | | | | 5,641 | |
Noble Energy Inc. | | | 326 | | | | 36,131 | |
Northern Oil and Gas Inc.a | | | 100 | | | | 1,371 | |
Oasis Petroleum Inc.a | | | 138 | | | | 5,065 | |
Occidental Petroleum Corp. | | | 1,500 | | | | 123,495 | |
PDC Energy Inc.a | | | 40 | | | | 1,866 | |
Peabody Energy Corp. | | | 490 | | | | 10,564 | |
Penn Virginia Corp. | | | 82 | | | | 334 | |
PetroQuest Energy Inc.a | | | 98 | | | | 376 | |
Phillips 66 | | | 1,078 | | | | 67,871 | |
Pioneer Natural Resources Co. | | | 238 | | | | 29,943 | |
Plains Exploration & Production Co.a | | | 218 | | | | 9,891 | |
QEP Resources Inc. | | | 324 | | | | 9,869 | |
Quicksilver Resources Inc.a | | | 160 | | | | 298 | |
Range Resources Corp. | | | 296 | | | | 22,733 | |
Resolute Energy Corp.a | | | 106 | | | | 1,079 | |
Rex Energy Corp.a | | | 66 | | | | 890 | |
Rosetta Resources Inc.a | | | 96 | | | | 4,673 | |
Sanchez Energy Corp.a | | | 56 | | | | 1,037 | |
SandRidge Energy Inc.a | | | 656 | | | | 3,739 | |
SM Energy Co. | | | 116 | | | | 6,714 | |
Solazyme Inc.a | | | 76 | | | | 663 | |
Southwestern Energy Co.a | | | 644 | | | | 22,070 | |
Stone Energy Corp.a | | | 72 | | | | 1,472 | |
Swift Energy Co.a | | | 74 | | | | 1,000 | |
Tesoro Corp. | | | 256 | | | | 14,397 | |
Ultra Petroleum Corp.a | | | 286 | | | | 4,879 | |
Uranium Energy Corp.a | | | 130 | | | | 300 | |
VAALCO Energy Inc.a | | | 96 | | | | 779 | |
Valero Energy Corp. | | | 988 | | | | 45,043 | |
W&T Offshore Inc. | | | 58 | | | | 862 | |
Warren Resources Inc.a | | | 102 | | | | 267 | |
Western Refining Inc. | | | 84 | | | | 3,015 | |
Whiting Petroleum Corp.a | | | 212 | | | | 10,324 | |
WPX Energy Inc.a | | | 356 | | | | 5,052 | |
| | | | | | | | |
| | | | | | | 2,316,880 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $4,911,298) | | | | 4,742,264 | |
| | |
| 18 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
PREFERRED STOCKS — 1.55% | |
| |
BRAZIL — 1.36% | | | | | |
Petroleo Brasileiro SA | | | 7,800 | | | $ | 65,529 | |
| | | | | | | | |
| | | | | | | 65,529 | |
RUSSIA — 0.19% | | | | | | | | |
Surgutneftegas OJSC | | | 12,800 | | | | 9,424 | |
| | | | | | | | |
| | | | | | | 9,424 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $116,862) | | | | 74,953 | |
|
SHORT-TERM INVESTMENTS — 0.03% | |
| |
MONEY MARKET FUNDS — 0.03% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%e,f,g | | | 707 | | | | 707 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%e,f,g | | | 51 | | | | 51 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%e,f | | | 602 | | | | 602 | |
| | | | | | | | |
| | | | | | | 1,360 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $1,360) | | | | 1,360 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS IN
SECURITIES — 99.97% | | | | | |
(Cost: $5,029,520) | | | | 4,818,577 | |
Other Assets, Less Liabilities — 0.03% | | | | 1,371 | |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 4,819,948 | |
| | | | | | | | |
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 | All or a portion of this security represents a security on loan. See Note 5. |
| c | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
| d | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| e | 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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL GOLD MINERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.81% | |
| |
AUSTRALIA — 12.19% | | | | | |
Focus Minerals Ltd.a | | | 1,713,616 | | | $ | 45,612 | |
Kingsgate Consolidated Ltd. | | | 44,464 | | | | 162,962 | |
Kingsrose Mining Ltd. | | | 131,376 | | | | 91,457 | |
Medusa Mining Ltd. | | | 46,032 | | | | 201,696 | |
Newcrest Mining Ltd. | | | 88,320 | | | | 2,048,863 | |
Northern Star Resources Ltd. | | | 79,824 | | | | 76,408 | |
Resolute Mining Ltd. | | | 114,880 | | | | 159,947 | |
Silver Lake Resources Ltd.a,b | | | 129,008 | | | | 289,238 | |
Troy Resources Ltd. | | | 21,472 | | | | 64,847 | |
| | | | | | | | |
| | | | | | | 3,141,030 | |
CANADA — 54.85% | | | | | | | | |
Agnico-Eagle Mines Ltd. | | | 26,256 | | | | 1,056,318 | |
Alacer Gold Corp.a | | | 41,488 | | | | 142,860 | |
Argonaut Gold Inc.a | | | 21,440 | | | | 168,926 | |
AuRico Gold Inc.a | | | 50,528 | | | | 317,013 | |
B2Gold Corp.a | | | 143,568 | | | | 435,710 | |
Barrick Gold Corp. | | | 127,696 | | | | 3,884,105 | |
Centerra Gold Inc. | | | 35,904 | | | | 233,993 | |
China Gold International Resources Corp. Ltd.a | | | 61,232 | | | | 185,236 | |
Eldorado Gold Corp. | | | 99,744 | | | | 987,689 | |
Goldcorp Inc. | | | 101,680 | | | | 3,329,166 | |
Great Basin Gold Ltd.a,c | | | 242,539 | | | | 2 | |
Kinross Gold Corp. | | | 151,440 | | | | 1,156,368 | |
Kirkland Lake Gold Inc.a | | | 18,736 | | | | 111,536 | |
Lake Shore Gold Corp.a,b | | | 103,472 | | | | 58,376 | |
Nevsun Resources Ltd. | | | 36,688 | | | | 134,540 | |
OceanaGold Corp.a | | | 53,760 | | | | 126,550 | |
Osisko Mining Corp.a | | | 68,176 | | | | 395,906 | |
San Gold Corp.a,b | | | 145,088 | | | | 40,222 | |
SEMAFO Inc. | | | 65,472 | | | | 180,867 | |
Yamana Gold Inc. | | | 80,000 | | | | 1,181,266 | |
| | | | | | | | |
| | | | | | | 14,126,649 | |
CHINA — 1.22% | | | | | | | | |
China Precious Metal Resources Holdings Co. Ltd.a,b | | | 1,056,000 | | | | 190,642 | |
Lingbao Gold Co. Ltd. Class H | | | 320,000 | | | | 123,381 | |
| | | | | | | | |
| | | | | | | 314,023 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PERU — 3.05% | | | | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 30,624 | | | $ | 784,587 | |
| | | | | | | | |
| | | | | | | 784,587 | |
SOUTH AFRICA — 10.21% | | | | | | | | |
AngloGold Ashanti Ltd. | | | 44,192 | | | | 1,085,555 | |
DRDGOLD Ltd. | | | 266,720 | | | | 195,892 | |
Gold Fields Ltd. | | | 107,312 | | | | 914,090 | |
Harmony Gold Mining Co. Ltd. | | | 68,800 | | | | 434,989 | |
| | | | | | | | |
| | | | | | | 2,630,526 | |
TURKEY — 0.63% | | | | | | | | |
Koza Altin Isletmeleri AS | | | 6,800 | | | | 161,054 | |
| | | | | | | | |
| | | | | | | 161,054 | |
UNITED KINGDOM — 6.62% | | | | | | | | |
African Barrick Gold PLC | | | 3,504 | | | | 13,978 | |
Centamin PLCa,b | | | 254,704 | | | | 207,619 | |
Highland Gold Mining Ltd. | | | 95,104 | | | | 151,220 | |
Pan African Resources PLCa | | | 307,024 | | | | 74,568 | |
Petropavlovsk PLC | | | 41,648 | | | | 190,797 | |
Randgold Resources Ltd. | | | 12,816 | | | | 1,067,055 | |
| | | | | | | | |
| | | | | | | 1,705,237 | |
UNITED STATES — 11.04% | | | | | | | | |
Allied Nevada Gold Corp.a | | | 16,560 | | | | 303,048 | |
Gold Resource Corp. | | | 9,744 | | | | 127,646 | |
Newmont Mining Corp. | | | 59,904 | | | | 2,413,532 | |
| | | | | | | | |
| | | | | | | 2,844,226 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $36,592,950) | | | | 25,707,332 | |
|
SHORT-TERM INVESTMENTS — 1.30% | |
| |
MONEY MARKET FUNDS — 1.30% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%d,e,f | | | 310,176 | | | | 310,176 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%d,e,f | | | 22,458 | | | | 22,458 | |
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL GOLD MINERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%d,e | | | 2,780 | | | $ | 2,780 | |
| | | | | | | | |
| | | | | | | 335,414 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $335,414) | | | | 335,414 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 101.11% | | | | | |
(Cost: $36,928,364) | | | | 26,042,746 | |
Other Assets, Less Liabilities — (1.11)% | | | | (285,617 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 25,757,129 | |
| | | | | | | | |
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 | 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 | | | 21 | |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 94.18% | |
| |
AUSTRALIA — 19.87% | | | | | |
Alumina Ltd.a | | | 634,256 | | | $ | 801,910 | |
Aquarius Platinum Ltd.a | | | 117,824 | | | | 109,766 | |
Arrium Ltd. | | | 349,664 | | | | 429,562 | |
Atlas Iron Ltd. | | | 216,048 | | | | 324,027 | |
Bathurst Resources Ltd.a | | | 157,136 | | | | 54,695 | |
BC Iron Ltd. | | | 14,000 | | | | 58,620 | |
BHP Billiton Ltd. | | | 819,728 | | | | 31,109,015 | |
BlueScope Steel Ltd.a | | | 144,144 | | | | 671,432 | |
Cudeco Ltd.a | | | 28,672 | | | | 109,780 | |
Fortescue Metals Group Ltd. | | | 356,720 | | | | 1,723,707 | |
Gindalbie Metals Ltd.a,b | | | 293,216 | | | | 73,544 | |
Grange Resources Ltd. | | | 133,504 | | | | 36,902 | |
Iluka Resources Ltd. | | | 109,088 | | | | 1,174,861 | |
Imdex Ltd. | | | 52,080 | | | | 85,307 | |
Independence Group NL | | | 58,576 | | | | 268,053 | |
Indophil Resources NLa | | | 224,560 | | | | 78,164 | |
Ivanhoe Australia Ltd.a | | | 96,656 | | | | 38,096 | |
Jupiter Mines Ltd.a | | | 75,132 | | | | 8,076 | |
Kagara Ltd.a,c | | | 1,161 | | | | — | |
Lynas Corp. Ltd.a,b | | | 498,512 | | | | 316,418 | |
Metals X Ltd.a | | | 178,192 | | | | 27,364 | |
Mincor Resources NL | | | 46,592 | | | | 46,268 | |
Mineral Deposits Ltd.a | | | 20,832 | | | | 88,506 | |
Mirabela Nickel Ltd.a | | | 174,496 | | | | 66,097 | |
Mount Gibson Iron Ltd. | | | 173,376 | | | | 130,458 | |
Northern Iron Ltd.a | | | 75,936 | | | | 39,258 | |
OM Holdings Ltd.a | | | 93,184 | | | | 31,958 | |
OZ Minerals Ltd. | | | 78,960 | | | | 514,113 | |
PanAust Ltd. | | | 122,528 | | | | 346,209 | |
Panoramic Resources Ltd. | | | 67,200 | | | | 30,958 | |
Perilya Ltd.a | | | 88,032 | | | | 26,136 | |
Rex Minerals Ltd.a | | | 45,136 | | | | 25,645 | |
Rio Tinto Ltd. | | | 110,432 | | | | 7,580,321 | |
Sandfire Resources NLa,b | | | 23,296 | | | | 163,368 | |
Sims Metal Management Ltd. | | | 46,704 | | | | 520,686 | |
Sundance Resources Ltd.a | | | 648,459 | | | | 199,158 | |
Tiger Resources Ltd.a | | | 170,800 | | | | 55,080 | |
Western Areas NL | | | 33,712 | | | | 137,706 | |
Western Desert Resources Ltd.a | | | 50,848 | | | | 42,165 | |
| | | | | | | | |
| | | | | | | 47,543,389 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
AUSTRIA — 0.45% | | | | | | | | |
AMAG Austria Metall AGd | | | 3,696 | | | $ | 115,725 | |
Voestalpine AG | | | 28,560 | | | | 965,559 | |
| | | | | | | | |
| | | | | | | 1,081,284 | |
BELGIUM — 0.21% | | | | | | | | |
Bekaert NV | | | 10,304 | | | | 280,667 | |
Nyrstar NVa | | | 39,536 | | | | 226,598 | |
| | | | | | | | |
| | | | | | | 507,265 | |
BRAZIL — 3.10% | | | | | | | | |
Companhia Siderurgica Nacional SA | | | 190,400 | | | | 963,027 | |
MMX Mineracao e Metalicos SAa | | | 56,000 | | | | 94,603 | |
Paranapanema SAa | | | 56,000 | | | | 148,703 | |
Vale SA | | | 324,800 | | | | 6,209,822 | |
| | | | | | | | |
| | | | | | | 7,416,155 | |
CANADA — 4.82% | | | | | | | | |
Augusta Resource Corp.a | | | 25,984 | | | | 69,759 | |
Capstone Mining Corp.a | | | 73,248 | | | | 166,724 | |
Copper Mountain Mining Corp.a | | | 25,760 | | | | 80,684 | |
Dundee Precious Metals Inc.a | | | 24,304 | | | | 186,763 | |
Eastern Platinum Ltd.a | | | 241,024 | | | | 45,717 | |
First Quantum Minerals Ltd. | | | 120,736 | | | | 2,256,056 | |
Harry Winston Diamond Corp.a | | | 18,144 | | | | 285,031 | |
HudBay Minerals Inc. | | | 43,568 | | | | 419,978 | |
Imperial Metals Corp.a | | | 11,872 | | | | 160,749 | |
Inmet Mining Corp. | | | 13,440 | | | | 887,677 | |
Lundin Mining Corp.a | | | 133,168 | | | | 604,926 | |
Major Drilling Group International | | | 22,288 | | | | 198,371 | |
North American Palladium Ltd.a,b | | | 41,552 | | | | 61,436 | |
Northern Dynasty Minerals Ltd.a | | | 19,488 | | | | 61,797 | |
Orbite Aluminae Inc.a,b | | | 42,112 | | | | 73,733 | |
Sabina Gold & Silver Corp.a | | | 35,056 | | | | 62,061 | |
Sherritt International Corp. | | | 74,368 | | | | 384,120 | |
Taseko Mines Ltd.a | | | 52,192 | | | | 149,258 | |
Teck Resources Ltd. Class B | | | 146,272 | | | | 4,543,033 | |
Thompson Creek Metals Co. Inc.a,b | | | 45,584 | | | | 156,078 | |
Turquoise Hill Resources Ltd.a | | | 104,273 | | | | 668,410 | |
| | | | | | | | |
| | | | | | | 11,522,361 | |
CHILE — 0.31% | | | | | | | | |
CAP SA | | | 20,720 | | | | 745,140 | |
| | | | | | | | |
| | | | | | | 745,140 | |
CHINA — 1.52% | | | | | | | | |
Aluminum Corp. of China Ltd. Class Ha,b | | | 1,120,000 | | | | 483,826 | |
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Angang Steel Co. Ltd. Class Ha,b | | | 448,000 | | | $ | 301,561 | |
China Kingstone Mining Holdings Ltd.a,c | | | 309,000 | | | | 8,218 | |
China Metal Recycling Holdings Ltd.b,c | | | 132,000 | | | | 120,385 | |
China Nickel Resources Holding Co. Ltd. | | | 224,000 | | | | 21,086 | |
China Rare Earth Holdings Ltd. | | | 448,000 | | | | 97,054 | |
China Vanadium Titano-Magnetite Mining Co. Ltd. | | | 448,000 | | | | 104,564 | |
Chongqing Iron & Steel Co. Ltd. Class Ha | | | 224,000 | | | | 39,573 | |
CITIC Dameng Holdings Ltd. | | | 224,000 | | | | 23,397 | |
Fosun International Ltd. | | | 448,000 | | | | 291,740 | |
Hunan Nonferrous Metal Corp. Ltd. Class Ha,b | | | 448,000 | | | | 149,625 | |
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | | | 79,800 | | | | 86,264 | |
Jiangxi Copper Co. Ltd. Class H | | | 336,000 | | | | 805,029 | |
MMG Ltd.a | | | 448,000 | | | | 198,152 | |
Newton Resources Ltd.a | | | 448,000 | | | | 47,949 | |
North Mining Shares Co. Ltd.a | | | 2,240,000 | | | | 132,872 | |
Shougang Concord International Enterprises Co. Ltd.a,b | | | 1,344,000 | | | | 86,655 | |
Shougang Fushan Resources Group Ltd. | | | 896,000 | | | | 395,149 | |
Tiangong International Co. Ltd. | | | 448,000 | | | | 131,139 | |
Winsway Coking Coal Holding Ltd.b | | | 448,000 | | | | 64,703 | |
Xinjiang Xinxin Mining Industry Co. Ltd. Class Hb | | | 224,000 | | | | 50,260 | |
| | | | | | | | |
| | | | | | | 3,639,201 | |
FINLAND — 0.15% | | | | | | | | |
Outokumpu OYJa,b | | | 242,592 | | | | 212,492 | |
Rautaruukki OYJb | | | 22,064 | | | | 146,535 | |
| | | | | | | | |
| | | | | | | 359,027 | |
FRANCE — 1.68% | | | | | | | | |
Aperam | | | 12,992 | | | | 172,483 | |
ArcelorMittal | | | 255,808 | | | | 3,850,969 | |
| | | | | | | | |
| | | | | | | 4,023,452 | |
GERMANY — 1.41% | | | | | | | | |
Aurubis AG | | | 8,960 | | | | 629,503 | |
Salzgitter AG | | | 10,640 | | | | 508,348 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
ThyssenKrupp AGa | | | 98,560 | | | $ | 2,225,926 | |
| | | | | | | | |
| | | | | | | 3,363,777 | |
GREECE — 0.13% | | | | | | | | |
Mytilineos Holdings SAa | | | 22,550 | | | | 150,352 | |
Viohalco Hellenic Copper and Aluminum Industry SAa | | | 25,080 | | | | 149,187 | |
| | | | | | | | |
| | | | | | | 299,539 | |
HONG KONG — 0.07% | | | | | | | | |
CST Mining Group Ltd.a | | | 6,272,000 | | | | 99,481 | |
IRC Ltd.a,b | | | 448,000 | | | | 61,814 | |
| | | | | | | | |
| | | | | | | 161,295 | |
INDIA — 0.96% | | | | | | | | |
Sterlite Industries (India) Ltd. SP ADR | | | 158,928 | | | | 1,120,442 | |
Tata Steel Ltd. SP GDRe | | | 182,560 | | | | 1,182,989 | |
| | | | | | | | |
| | | | | | | 2,303,431 | |
INDONESIA — 0.16% | | | | | | | | |
PT Aneka Tambang (Persero) Tbk | | | 1,008,000 | | | | 134,560 | |
PT Borneo Lumbung Energi & Metal Tbka | | | 1,176,000 | | | | 59,022 | |
PT Krakatau Steel (Persero) Tbk | | | 1,288,000 | | | | 89,301 | |
PT Timah (Persero) Tbk | | | 616,000 | | | | 93,705 | |
| | | | | | | | |
| | | | | | | 376,588 | |
ITALY — 0.03% | | | | | | | | |
Intek Group SpAa | | | 177,856 | | | | 81,498 | |
| | | | | | | | |
| | | | | | | 81,498 | |
JAPAN — 6.70% | | | | | | | | |
Asahi Holdings Inc. | | | 11,200 | | | | 220,455 | |
Dowa Holdings Co. Ltd. | | | 112,000 | | | | 827,921 | |
JFE Holdings Inc. | | | 134,400 | | | | 2,894,568 | |
Kobe Steel Ltd.a | | | 784,000 | | | | 1,062,215 | |
Kyoei Steel Ltd. | | | 11,200 | | | | 203,824 | |
Maruichi Steel Tube Ltd. | | | 11,200 | | | | 275,205 | |
Mitsubishi Materials Corp. | | | 336,000 | | | | 1,027,011 | |
Mitsui Mining & Smelting Co. Ltd. | | | 112,000 | | | | 277,997 | |
Neturen Co. Ltd. | | | 11,200 | | | | 90,076 | |
Nippon Coke & Engineering Co. Ltd. | | | 112,000 | | | | 146,889 | |
Nippon Light Metal Holdings Co. Ltd.a | | | 190,400 | | | | 220,819 | |
Nippon Steel & Sumitomo Metal Corp. | | | 1,996,400 | | | | 5,431,350 | |
Nisshin Steel Holdings Co. Ltd.a | | | 22,400 | | | | 172,868 | |
OSAKA Titanium technologies Co. Ltd.b | | | 11,200 | | | | 225,190 | |
Sumitomo Light Metal Industries Ltd. | | | 224,000 | | | | 220,941 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Sumitomo Metal Mining Co. Ltd. | | | 112,000 | | | $ | 1,773,596 | |
Toho Titanium Co. Ltd. | | | 11,200 | | | | 96,631 | |
Tokyo Steel Manufacturing Co. Ltd. | | | 56,000 | | | | 277,390 | |
TOPY Industries Ltd. | | | 112,000 | | | | 258,574 | |
Yamato Kogyo Co. Ltd. | | | 11,200 | | | | 322,064 | |
| | | | | | | | |
| | | | | | | 16,025,584 | |
MALAYSIA — 0.08% | | | | | | | | |
Ann Joo Resources Bhd | | | 112,000 | | | | 45,300 | |
CSC Steel Holdings Bhd | | | 112,000 | | | | 43,488 | |
Kinsteel Bhda | | | 336,000 | | | | 32,616 | |
Lion Industries Corp. Bhd | | | 156,800 | | | | 47,692 | |
Press Metal Bhd | | | 56,000 | | | | 32,254 | |
| | | | | | | | |
| | | | | | | 201,350 | |
MEXICO — 2.06% | | | | | | | | |
Compania Minera Autlan SAB de CV Series B | | | 22,400 | | | | 19,669 | |
Grupo Mexico SAB de CV Series B | | | 963,200 | | | | 3,782,561 | |
Grupo Simec SAB de CV Series Ba | | | 22,400 | | | | 95,522 | |
Industrias CH SAB de CV Series Ba,b | | | 44,800 | | | | 365,540 | |
Minera Frisco SAB de CV Series A1a | | | 156,800 | | | | 662,150 | |
| | | | | | | | |
| | | | | | | 4,925,442 | |
NETHERLANDS — 0.03% | | | | | | | | |
AMG Advanced Metallurgical Group NVa | | | 8,960 | | | | 75,051 | |
| | | | | | | | |
| | | | | | | 75,051 | |
NORWAY — 0.44% | | | | | | | | |
Norsk Hydro ASA | | | 238,000 | | | | 1,056,539 | |
| | | | | | | | |
| | | | | | | 1,056,539 | |
PERU — 0.93% | | | | | | | | |
Southern Copper Corp. | | | 58,688 | | | | 2,217,820 | |
| | | | | | | | |
| | | | | | | 2,217,820 | |
PHILIPPINES — 0.09% | | | | | | | | |
Atlas Consolidated Mining & Development Corp.a | | | 224,000 | | | | 118,446 | |
Nickel Asia Corp. | | | 201,600 | | | | 105,113 | |
| | | | | | | | |
| | | | | | | 223,559 | |
POLAND — 0.98% | | | | | | | | |
Alchemia SAa | | | 28,000 | | | | 40,308 | |
Impexmetal SAa | | | 9,408 | | | | 9,483 | |
Jastrzebska Spolka Weglowa SA | | | 9,632 | | | | 288,243 | |
KGHM Polska Miedz SA | | | 35,280 | | | | 2,008,189 | |
| | | | | | | | |
| | | | | | | 2,346,223 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
RUSSIA — 1.37% | | | | | | | | |
Belon OJSCa | | | 67,200 | | | $ | 13,505 | |
Mechel OAO SP ADR | | | 37,184 | | | | 204,140 | |
MMC Norilsk Nickel OJSC | | | 12,208 | | | | 2,155,762 | |
Novolipetsk Steel OJSC SP GDRe | | | 17,472 | | | | 335,288 | |
Raspadskaya OAOa | | | 33,600 | | | | 69,631 | |
Severstal OAO | | | 44,800 | | | | 499,345 | |
| | | | | | | | |
| | | | | | | 3,277,671 | |
SINGAPORE — 0.06% | | | | | | | | |
Midas Holdings Ltd. | | | 336,000 | | | | 141,159 | |
| | | | | | | | |
| | | | | | | 141,159 | |
SOUTH AFRICA — 2.42% | | | | | | | | |
African Rainbow Minerals Ltd. | | | 28,224 | | | | 601,302 | |
Anglo American Platinum Ltd. | | | 17,248 | | | | 816,967 | |
ArcelorMittal South Africa Ltd.a | | | 50,400 | | | | 162,613 | |
Assore Ltd. | | | 8,624 | | | | 324,384 | |
Impala Platinum Holdings Ltd. | | | 137,088 | | | | 2,123,690 | |
Kumba Iron Ore Ltd. | | | 20,832 | | | | 1,319,497 | |
Merafe Resources Ltd.a | | | 396,704 | | | | 37,139 | |
Northam Platinum Ltd. | | | 63,504 | | | | 277,295 | |
Palabora Mining Co. Ltd. | | | 3,584 | | | | 41,018 | |
Royal Bafokeng Platinum Ltd.a | | | 15,344 | | | | 95,080 | |
| | | | | | | | |
| | | | | | | 5,798,985 | |
SOUTH KOREA — 3.54% | | | | | | | | |
CNK International Co. Ltd.a | | | 11,424 | | | | 52,751 | |
Daehan Steel Co. Ltd. | | | 3,360 | | | | 24,669 | |
Dongbu Steel Co. Ltd.a | | | 6,720 | | | | 24,421 | |
Dongkuk Industries Co. Ltd. | | | 7,504 | | | | 23,597 | |
Dongkuk Steel Mill Co. Ltd. | | | 11,200 | | | | 130,843 | |
EG Corp. | | | 1,232 | | | | 45,738 | |
Hyundai BNG Steel Co. Ltd.a | | | 2,240 | | | | 23,376 | |
Hyundai Hysco Co. Ltd. | | | 8,960 | | | | 298,715 | |
Hyundai Steel Co. | | | 14,224 | | | | 1,117,875 | |
KISCO Corp. | | | 1,120 | | | | 29,892 | |
KISWIRE Ltd. | | | 1,120 | | | | 30,513 | |
Korea Zinc Co. Ltd. | | | 2,128 | | | | 738,926 | |
Poongsan Corp. | | | 4,480 | | | | 120,603 | |
Poongsan Holdings Corp. | | | 1,120 | | | | 24,307 | |
POSCO | | | 16,680 | | | | 5,445,367 | |
POSCO Chemtech Co. Ltd. | | | 672 | | | | 75,465 | |
POSCO M-Tech Co. Ltd.b | | | 6,720 | | | | 59,453 | |
SeAH Besteel Corp. | | | 3,360 | | | | 103,795 | |
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SeAH Holdings Corp. | | | 224 | | | $ | 17,542 | |
SeAH Steel Corp. | | | 560 | | | | 47,010 | |
Shine Co. Ltd.a | | | 2,016 | | | | 20,387 | |
| | | | | | | | |
| | | | | | | 8,455,245 | |
SPAIN — 0.18% | | | | | | | | |
Acerinox SAb | | | 24,864 | | | | 268,499 | |
Tubacex SAa | | | 27,552 | | | | 85,008 | |
Tubos Reunidos SA | | | 32,816 | | | | 73,791 | |
| | | | | | | | |
| | | | | | | 427,298 | |
SWEDEN — 0.77% | | | | | | | | |
Boliden AB | | | 67,088 | | | | 1,142,854 | |
Hoganas AB Class B | | | 5,264 | | | | 265,426 | |
SSAB AB Class A | | | 49,168 | | | | 382,176 | |
SSAB AB Class B | | | 8,176 | | | | 55,242 | |
| | | | | | | | |
| | | | | | | 1,845,698 | |
SWITZERLAND — 0.03% | | | | | | | | |
Schmolz + Bickenbach AG Registereda | | | 22,512 | | | | 61,032 | |
| | | | | | | | |
| | | | | | | 61,032 | |
TAIWAN — 1.62% | | | | | | | | |
China Metal Products Co. Ltd. | | | 112,080 | | | | 129,585 | |
China Steel Corp. | | | 2,912,780 | | | | 2,670,609 | |
Chun Yuan Steel Industrial Co. Ltd. | | | 112,040 | | | | 43,431 | |
Chung Hung Steel Corp.a | | | 224,000 | | | | 75,355 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 112,000 | | | | 195,183 | |
Gloria Material Technology Corp. | | | 112,097 | | | | 88,230 | |
Hsin Kuang Steel Co. Ltd. | | | 112,000 | | | | 80,603 | |
Ta Chen Stainless Pipe Co. Ltd. | | | 224,000 | | | | 111,749 | |
Ton Yi Industrial Corp. | | | 224,000 | | | | 134,401 | |
Tung Ho Steel Enterprise Corp. | | | 224,000 | | | | 218,968 | |
YC INOX Co. Ltd. | | | 112,000 | | | | 64,746 | |
Yieh Phui Enterprise Co. Ltd. | | | 228,440 | | | | 70,919 | |
| | | | | | | | |
| | | | | | | 3,883,779 | |
THAILAND — 0.12% | | | | | | | | |
G J Steel PCL NVDRa | | | 26,739,900 | | | | 89,882 | |
G Steel PCL NVDRa | | | 4,211,200 | | | | 55,205 | |
STP & I PCL NVDR | | | 44,800 | | | | 131,012 | |
| | | | | | | | |
| | | | | | | 276,099 | |
TURKEY — 0.35% | | | | | | | | |
Borusan Mannesmann Boru Sanayi ve TAS | | | 3,808 | | | | 77,064 | |
Eregli Demir ve Celik Fabrikalari TAS | | | 242,704 | | | | 313,053 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Izmir Demir Celik Sanayi ASa | | | 32,144 | | | $ | 59,511 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class A | | | 73,696 | | | | 63,508 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class B | | | 46,144 | | | | 61,059 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class D | | | 75,152 | | | | 64,763 | |
Koza Anadolu Metal Madencilik Isletmeleri ASa | | | 41,888 | | | | 112,018 | |
Park Elektrik Uretim Madencilik Sanayi ve TAS | | | 22,288 | | | | 77,323 | |
| | | | | | | | |
| | | | | | | 828,299 | |
UNITED KINGDOM — 27.66% | | | | | | | | |
African Minerals Ltd.a,b | | | 64,736 | | | | 278,830 | |
Anglo American PLC | | | 354,368 | | | | 10,338,690 | |
Antofagasta PLC | | | 99,904 | | | | 1,657,527 | |
BHP Billiton PLC | | | 535,360 | | | | 16,976,258 | |
Eurasian Natural Resources Corp. | | | 70,784 | | | | 363,599 | |
Evraz PLC | | | 88,368 | | | | 366,063 | |
Ferrexpo PLC | | | 63,504 | | | | 219,494 | |
Gem Diamonds Ltd.a | | | 29,680 | | | | 73,436 | |
Glencore International PLC | | | 992,208 | | | | 5,836,225 | |
Hill & Smith Holdings PLC | | | 21,952 | | | | 159,279 | |
Kazakhmys PLC | | | 53,984 | | | | 507,240 | |
London Mining PLCa | | | 38,864 | | | | 93,947 | |
Lonmin PLCa | | | 116,704 | | | | 632,429 | |
New World Resources PLC Class A | | | 24,752 | | | | 99,304 | |
Petra Diamonds Ltd.a | | | 98,112 | | | | 178,119 | |
Rio Tinto PLC | | | 341,376 | | | | 18,349,174 | |
Sirius Minerals PLCa | | | 315,616 | | | | 118,575 | |
Vedanta Resources PLC | | | 26,208 | | | | 467,842 | |
West African Minerals Corp.a | | | 32,928 | | | | 27,866 | |
Xstrata PLC | | | 534,688 | | | | 9,435,198 | |
| | | | | | | | |
| | | | | | | 66,179,095 | |
UNITED STATES — 9.88% | | | | | | | | |
A.M. Castle & Co.a | | | 4,368 | | | | 71,766 | |
AK Steel Holding Corp. | | | 39,200 | | | | 147,000 | |
Alcoa Inc. | | | 269,360 | | | | 2,294,947 | |
Allegheny Technologies Inc. | | | 26,208 | | | | 798,558 | |
AMCOL International Corp. | | | 5,936 | | | | 173,569 | |
Carpenter Technology Corp. | | | 11,424 | | | | 539,556 | |
Century Aluminum Co.a | | | 14,896 | | | | 120,807 | |
Cliffs Natural Resources Inc. | | | 39,760 | | | | 1,012,290 | |
| | | | |
SCHEDULESOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL SELECT METALS & MINING PRODUCERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Commercial Metals Co. | | | 25,984 | | | $ | 423,799 | |
Compass Minerals International Inc. | | | 7,504 | | | | 553,195 | |
Freeport-McMoRan Copper & Gold Inc. | | | 242,032 | | | | 7,725,661 | |
General Moly Inc.a | | | 16,240 | | | | 47,421 | |
Globe Specialty Metals Inc. | | | 15,232 | | | | 217,665 | |
Haynes International Inc. | | | 3,472 | | | | 178,808 | |
Horsehead Holding Corp.a | | | 10,416 | | | | 110,097 | |
Kaiser Aluminum Corp. | | | 3,696 | | | | 226,343 | |
Materion Corp. | | | 4,816 | | | | 133,211 | |
Metals USA Holdings Corp. | | | 3,360 | | | | 69,686 | |
Noranda Aluminium Holding Corp. | | | 11,536 | | | | 54,911 | |
Nucor Corp. | | | 80,080 | | | | 3,607,604 | |
Olympic Steel Inc. | | | 2,464 | | | | 50,931 | |
Reliance Steel & Aluminum Co. | | | 19,264 | | | | 1,282,790 | |
RTI International Metals Inc.a | | | 7,840 | | | | 232,613 | |
Schnitzer Steel Industries Inc. Class A | | | 6,384 | | | | 182,646 | |
Steel Dynamics Inc. | | | 53,536 | | | | 817,495 | |
Stillwater Mining Co.a | | | 29,232 | | | | 381,185 | |
SunCoke Energy Inc.a | | | 17,360 | | | | 286,266 | |
United States Steel Corp. | | | 36,848 | | | | 767,912 | |
Universal Stainless & Alloy Products Inc.a | | | 2,240 | | | | 79,498 | |
US Silica Holdings Inc. | | | 4,816 | | | | 118,425 | |
Walter Energy Inc. | | | 16,464 | | | | 523,391 | |
Worthington Industries Inc. | | | 14,112 | | | | 399,934 | |
| | | | | | | | |
| | | | | | | 23,629,980 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $204,258,292) | | | | 225,299,310 | |
|
PREFERRED STOCKS — 5.69% | |
| |
BRAZIL — 5.69% | | | | | |
Bradespar SA | | | 56,000 | | | | 822,821 | |
Companhia de Ferro Ligas da Bahia — Ferbasa | | | 11,200 | | | | 66,392 | |
Gerdau SA | | | 224,000 | | | | 1,863,740 | |
Metalurgica Gerdau SA | | | 78,400 | | | | 830,752 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 100,800 | | | | 499,641 | |
Vale SA Class A | | | 515,200 | | | | 9,524,334 | |
| | | | | | | | |
| | | | | | | 13,607,680 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | |
(Cost: $12,704,842) | | | | 13,607,680 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
WARRANTS — 0.00% | |
| |
THAILAND — 0.00% | | | | | |
G J Steel PCL NVDR (Expires 01/30/20)a | | | 1,575,750 | | | $ | 1 | |
| | | | | | | | |
| | | | | | | 1 | |
| | | | | | | | |
TOTAL WARRANTS | | | | | |
(Cost: $0) | | | | 1 | |
|
SHORT-TERM INVESTMENTS — 1.50% | |
| |
MONEY MARKET FUNDS — 1.50% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%f,g,h | | | 3,186,477 | | | | 3,186,477 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%f,g,h | | | 230,711 | | | | 230,711 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%f,g | | | 172,304 | | | | 172,304 | |
| | | | | | | | |
| | | | | | | 3,589,492 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $3,589,492) | | | | 3,589,492 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 101.37% | | | | | |
(Cost: $220,552,626) | | | | 242,496,483 | |
Other Assets, Less Liabilities — (1.37)% | | | | (3,274,284 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 239,222,199 | |
| | | | | | | | |
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 | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
| d | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
| e | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| f | Affiliated issuer. See Note 2. |
| g | The rate quoted is the annualized seven-day yield of the fund at period end. |
| h | All or a portion of this security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
| | |
| 26 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL SILVER MINERS FUND
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 99.84% | |
| |
AUSTRALIA — 0.59% | | | | | |
Alcyone Resources Ltd.a | | | 359,480 | | | $ | 10,673 | |
| | | | | | | | |
| | | | | | | 10,673 | |
CANADA — 56.07% | | | | | | | | |
Alexco Resource Corp.a | | | 5,888 | | | | 21,191 | |
AuRico Gold Inc.a | | | 11,699 | | | | 73,400 | |
Endeavour Silver Corp.a | | | 5,797 | | | | 33,777 | |
Excellon Resources Inc.a | | | 39,221 | | | | 17,740 | |
First Majestic Silver Corp.a | | | 5,018 | | | | 81,465 | |
Fortuna Silver Mines Inc.a | | | 8,216 | | | | 31,967 | |
Great Panther Silver Ltd.a | | | 13,208 | | | | 15,803 | |
MAG Silver Corp.a | | | 3,701 | | | | 35,316 | |
Mandalay Resources Corp. | | | 21,053 | | | | 21,912 | |
Minco Silver Corp.a | | | 10,200 | | | | 13,394 | |
Pan American Silver Corp. | | | 5,177 | | | | 86,061 | |
Scorpio Mining Corp.a | | | 21,402 | | | | 15,405 | |
Silver Standard Resources Inc.a | | | 4,388 | | | | 45,244 | |
Silver Wheaton Corp. | | | 12,364 | | | | 393,272 | |
Silvercorp Metals Inc. | | | 9,612 | | | | 35,529 | |
Tahoe Resources Inc.a,b | | | 4,827 | | | | 73,200 | |
US Silver & Gold Inc.a | | | 10,673 | | | | 16,922 | |
| | | | | | | | |
| | | | | | | 1,011,598 | |
HONG KONG — 2.98% | | | | | | | | |
G-Resources Group Ltd.a | | | 948,000 | | | | 53,788 | |
| | | | | | | | |
| | | | | | | 53,788 | |
MEXICO — 10.63% | | | | | | | | |
Industrias Penoles SAB de CV | | | 4,155 | | | | 191,723 | |
| | | | | | | | |
| | | | | | | 191,723 | |
PERU — 7.37% | | | | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 5,192 | | | | 133,019 | |
| | | | | | | | |
| | | | | | | 133,019 | |
UNITED KINGDOM — 10.18% | | | | | | | | |
Arian Silver Corp.a | | | 61,210 | | | | 12,311 | |
Fresnillo PLC | | | 4,351 | | | | 102,570 | |
Hochschild Mining PLC | | | 9,318 | | | | 54,908 | |
Patagonia Gold PLCa | | | 62,672 | | | | 13,794 | |
| | | | | | | | |
| | | | | | | 183,583 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
UNITED STATES — 12.02% | | | | | | | | |
Coeur d’Alene Mines Corp.a | | | 4,119 | | | $ | 78,302 | |
Golden Minerals Co.a | | | 4,933 | | | | 14,306 | |
Hecla Mining Co. | | | 14,617 | | | | 67,823 | |
McEwen Mining Inc.a | | | 14,246 | | | | 34,618 | |
Paramount Gold and Silver Corp.a | | | 10,823 | | | | 21,754 | |
| | | | | | | | |
| | | | | | | 216,803 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | |
(Cost: $2,387,292) | | | | 1,801,187 | |
|
SHORT-TERM INVESTMENTS — 4.19% | |
| |
MONEY MARKET FUNDS — 4.19% | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%c,d,e | | | 70,189 | | | | 70,189 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%c,d,e | | | 5,082 | | | | 5,082 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%c,d | | | 383 | | | | 383 | |
| | | | | | | | |
| | | | | | | 75,654 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS | | | | | |
(Cost: $75,654) | | | | 75,654 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 104.03% | | | | | |
(Cost: $2,462,946) | | | | 1,876,841 | |
Other Assets, Less Liabilities — (4.03)% | | | | (72,748 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 1,804,093 | |
| | | | | | | | |
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.
| | | | |
SCHEDULESOF INVESTMENTS | | | 27 | |
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2013
| | | | | | | | | | | | |
| | |
iShares MSCI
Global Agriculture
Producers Fund | | | iShares MSCI
Global Energy
Producers Fund | | | iShares MSCI
Global Gold
Miners Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at cost: | | | | | | | | | | | | |
Unaffiliated | | $ | 12,766,387 | | | $ | 5,028,160 | | | $ | 36,592,950 | |
Affiliated (Note 2) | | | 155,979 | | | | 1,360 | | | | 335,414 | |
| | | | | | | | | | | | |
Total cost of investments | | $ | 12,922,366 | | | $ | 5,029,520 | | | $ | 36,928,364 | |
| | | | | | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | | | | | |
Unaffiliated | | $ | 13,667,781 | | | $ | 4,817,217 | | | $ | 25,707,332 | |
Affiliated (Note 2) | | | 157,237 | | | | 1,360 | | | | 335,414 | |
| | | | | | | | | | | | |
Total fair value of investments | | | 13,825,018 | | | | 4,818,577 | | | | 26,042,746 | |
Foreign currencies, at valueb | | | 9,236 | | | | 4,752 | | | | 39,702 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 34,723 | | | | 9,762 | | | | 656,613 | |
Dividends and interest | | | 11,257 | | | | 20,434 | | | | 27,816 | |
| | | | | | | | | | | | |
Total Assets | | | 13,880,234 | | | | 4,853,525 | | | | 26,766,877 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Investment securities purchased | | | 32,046 | | | | 31,361 | | | | 668,878 | |
Collateral for securities on loan (Note 5) | | | 44,800 | | | | 758 | | | | 332,634 | |
Investment advisory fees (Note 2) | | | 4,097 | | | | 1,458 | | | | 8,236 | |
| | | | | | | | | | | | |
Total Liabilities | | | 80,943 | | | | 33,577 | | | | 1,009,748 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 13,799,291 | | | $ | 4,819,948 | | | $ | 25,757,129 | |
| | | | | | | | | | | | |
| | | |
Net assets consist of: | | | | | | | | | | | | |
Paid-in capital | | $ | 12,880,660 | | | $ | 5,040,238 | | | $ | 37,790,119 | |
Undistributed net investment income | | | 16,863 | | | | 16,886 | | | | 26,576 | |
Accumulated net realized loss | | | (756 | ) | | | (26,115 | ) | | | (1,173,921 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 902,524 | | | | (211,061 | ) | | | (10,885,645 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 13,799,291 | | | $ | 4,819,948 | | | $ | 25,757,129 | |
| | | | | | | | | | | | |
| | | |
Shares outstandingc | | | 500,000 | | | | 200,000 | | | | 1,600,000 | |
| | | | | | | | | | | | |
| | | |
Net asset value per share | | $ | 27.60 | | | $ | 24.10 | | | $ | 16.10 | |
| | | | | | | | | | | | |
| a | Securities on loan with values of $40,199, $720 and $311,193, respectively. See Note 5. |
| b | Cost of foreign currencies: $9,332, $4,863 and $39,739, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to financial statements.
| | |
| 28 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2013
| | | | | | | | |
| | | iShares MSCI Global Select
Metals & Mining Producers Fund | | | iShares MSCI Global Silver
Miners Fund | |
| | |
ASSETS | | | | | | | | |
Investments, at cost: | | | | | | | | |
Unaffiliated | | $ | 216,963,134 | | | $ | 2,387,292 | |
Affiliated (Note 2) | | | 3,589,492 | | | | 75,654 | |
| | | | | | | | |
Total cost of investments | | $ | 220,552,626 | | | $ | 2,462,946 | |
| | | | | | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | | | | | |
Unaffiliated | | $ | 238,906,991 | | | $ | 1,801,187 | |
Affiliated (Note 2) | | | 3,589,492 | | | | 75,654 | |
| | | | | | | | |
Total fair value of investments | | | 242,496,483 | | | | 1,876,841 | |
Foreign currencies, at valueb | | | 123,206 | | | | 713 | |
Receivables: | | | | | | | | |
Investment securities sold | | | 635,656 | | | | 21,073 | |
Dividends and interest | | | 142,454 | | | | 566 | |
| | | | | | | | |
Total Assets | | | 243,397,799 | | | | 1,899,193 | |
| | | | | | | | |
| | |
LIABILITIES | | | | | | | | |
Payables: | | | | | | | | |
Investment securities purchased | | | 546,241 | | | | 19,243 | |
Collateral for securities on loan (Note 5) | | | 3,417,188 | | | | 75,271 | |
Foreign taxes (Note 1) | | | 37 | | | | — | |
Securities related to in-kind transactions (Note 4) | | | 137,860 | | | | — | |
Investment advisory fees (Note 2) | | | 74,274 | | | | 586 | |
| | | | | | | | |
Total Liabilities | | | 4,175,600 | | | | 95,100 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 239,222,199 | | | $ | 1,804,093 | |
| | | | | | | | |
| | |
Net assets consist of: | | | | | | | | |
Paid-in capital | | $ | 214,822,186 | | | $ | 2,516,572 | |
Distributions in excess of net investment income | | | (368,019 | ) | | | (17,693 | ) |
Undistributed net realized gain (accumulated net realized loss) | | | 2,827,263 | | | | (108,664 | ) |
Net unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies | | | 21,940,769 | | | | (586,122 | ) |
| | | | | | | | |
NET ASSETS | | $ | 239,222,199 | | | $ | 1,804,093 | |
| | | | | | | | |
| | |
Shares outstandingc | | | 11,200,000 | | | | 100,000 | |
| | | | | | | | |
| | |
Net asset value per share | | $ | 21.36 | | | $ | 18.04 | |
| | | | | | | | |
| a | Securities on loan with values of $3,118,393 and $71,647, respectively. See Note 5. |
| b | Cost of foreign currencies: $125,250 and $732, respectively. |
| c | $0.001 par value, number of shares authorized: 500 million and 500 million, respectively. |
See notes to financial statements.
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | | | | | |
| | |
iShares MSCI Global Agriculture Producers Fund | | | iShares MSCI Global Energy Producers Fund | | | iShares MSCI Global Gold
Miners Fund | |
| | | |
NET INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliateda | | $ | 77,678 | | | $ | 61,107 | | | $ | 252,247 | |
Dividends — affiliated (Note 2) | | | 16 | | | | — | | | | — | |
Interest — affiliated (Note 2) | | | 4 | | | | 2 | | | | 15 | |
Securities lending income — affiliated (Note 2) | | | 255 | | | | 41 | | | | 3,889 | |
| | | | | | | | | | | | |
Total investment income | | | 77,953 | | | | 61,150 | | | | 256,151 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 21,523 | | | | 9,306 | | | | 66,973 | |
| | | | | | | | | | | | |
Total expenses | | | 21,523 | | | | 9,306 | | | | 66,973 | |
Less investment advisory fees waived (Note 2) | | | (426 | ) | | | — | | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 21,097 | | | | 9,306 | | | �� | 66,973 | |
| | | | | | | | | | | | |
Net investment income | | | 56,856 | | | | 51,844 | | | | 189,178 | |
| | | | | | | | | | | | |
| | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | 24,050 | | | | (1,862 | ) | | | (799,338 | ) |
Investments — affiliated (Note 2) | | | (776 | ) | | | — | | | | — | |
In-kind redemptions — unaffiliated | | | — | | | | — | | | | 251,258 | |
Foreign currency transactions | | | 246 | | | | 439 | | | | (412 | ) |
| | | | | | | | | | | | |
Net realized gain (loss) | | | 23,520 | | | | (1,423 | ) | | | (548,492 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments | | | 986,282 | | | | 125,473 | | | | (6,791,294 | ) |
Translation of assets and liabilities in foreign currencies | | | (127 | ) | | | (211 | ) | | | (289 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 986,155 | | | | 125,262 | | | | (6,791,583 | ) |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 1,009,675 | | | | 123,839 | | | | (7,340,075 | ) |
| | | | | | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,066,531 | | | $ | 175,683 | | | $ | (7,150,897 | ) |
| | | | | | | | | | | | |
| a | Net of foreign withholding tax of $4,377, $3,947 and $23,516, respectively. |
See notes to financial statements.
| | |
| 30 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2013
| | | | | | | | |
| | | iShares MSCI Global Select
Metals & Mining Producers Fund | | | iShares MSCI Global Silver
Miners Fund | |
| | |
NET INVESTMENT INCOME | | | | | | | | |
Dividends — unaffiliateda | | $ | 1,863,501 | | | $ | 3,651 | |
Interest — unaffiliated | | | 6 | | | | — | |
Interest — affiliated (Note 2) | | | 97 | | | | 1 | |
Securities lending income — affiliated (Note 2) | | | 25,990 | | | | 33 | |
| | | | | | | | |
Total investment income | | | 1,889,594 | | | | 3,685 | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory fees (Note 2) | | | 443,913 | | | | 4,280 | |
| | | | | | | | |
Total expenses | | | 443,913 | | | | 4,280 | |
| | | | | | | | |
Net investment income (loss) | | | 1,445,681 | | | | (595 | ) |
| | | | | | | | |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments — unaffiliated | | | (266,576 | ) | | | (22,909 | ) |
In-kind redemptions — unaffiliated | | | 3,152,196 | | | | — | |
Foreign currency transactions | | | (21,430 | ) | | | 29 | |
| | | | | | | | |
Net realized gain (loss) | | | 2,864,190 | | | | (22,880 | ) |
| | | | | | | | |
Net change in unrealized appreciation/depreciation on: | | | | | | | | |
Investments | | | 22,610,693 | | | | (244,631 | ) |
Translation of assets and liabilities in foreign currencies | | | 7,209 | | | | (26 | ) |
| | | | | | | | |
Net change in unrealized appreciation/depreciation | | | 22,617,902 | | | | (244,657 | ) |
| | | | | | | | |
Net realized and unrealized gain (loss) | | | 25,482,092 | | | | (267,537 | ) |
| | | | | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 26,927,773 | | | $ | (268,132 | ) |
| | | | | | | | |
| a | Net of foreign withholding tax of $97,228 and $426, respectively. |
See notes to financial statements.
Statements of Changes in Net Assets
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | |
iShares MSCI
Global Agriculture
Producers Fund | | | iShares MSCI
Global Energy
Producers Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
January 31, 2012a
to
August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
January 31, 2012a
to
August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 56,856 | | | $ | 55,484 | | | $ | 51,844 | | | $ | 84,128 | |
Net realized gain (loss) | | | 23,520 | | | | (25,900 | ) | | | (1,423 | ) | | | (23,866 | ) |
Net change in unrealized appreciation/depreciation | | | 986,155 | | | | (83,631 | ) | | | 125,262 | | | | (336,323 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,066,531 | | | | (54,047 | ) | | | 175,683 | | | | (276,061 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (54,229 | ) | | | (39,624 | ) | | | (56,855 | ) | | | (63,057 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (54,229 | ) | | | (39,624 | ) | | | (56,855 | ) | | | (63,057 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 2,822,379 | | | | 10,058,281 | | | | — | | | | 5,040,238 | |
| | | | | | | | | | | | | | | | |
Net increase in net assets from capital share transactions | | | 2,822,379 | | | | 10,058,281 | | | | — | | | | 5,040,238 | |
| | | | | | | | | | | | | | | | |
INCREASE IN NET ASSETS | | | 3,834,681 | | | | 9,964,610 | | | | 118,828 | | | | 4,701,120 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 9,964,610 | | | | — | | | | 4,701,120 | | | | — | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 13,799,291 | | | $ | 9,964,610 | | | $ | 4,819,948 | | | $ | 4,701,120 | |
| | | | | | | | | | | | | | | | |
Undistributed net investment income included in net assets at end of period | | $ | 16,863 | | | $ | 14,236 | | | $ | 16,886 | | | $ | 21,897 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED | | | | | | | | | | | | | | | | |
Shares sold | | | 100,000 | | | | 400,000 | | | | — | | | | 200,000 | |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | 100,000 | | | | 400,000 | | | | — | | | | 200,000 | |
| | | | | | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to financial statements.
| | |
| 32 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
| | |
| | | iShares MSCI
Global Gold
Miners Fund | | | iShares MSCI
Global Select
Metals & Mining
Producers Fund | |
| | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
January 31, 2012a to
August 31, 2012 | | | Six months
ended
February 28, 2013
(Unaudited) | | | Period from
January 31, 2012a
to
August 31, 2012 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income | | $ | 189,178 | | | $ | 170,562 | | | $ | 1,445,681 | | | $ | 49,211 | |
Net realized gain (loss) | | | (548,492 | ) | | | (806,071 | ) | | | 2,864,190 | | | | (38,123 | ) |
Net change in unrealized appreciation/depreciation | | | (6,791,583 | ) | | | (4,094,062 | ) | | | 22,617,902 | | | | (677,133 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (7,150,897 | ) | | | (4,729,571 | ) | | | 26,927,773 | | | | (666,045 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
From net investment income | | | (197,530 | ) | | | (135,773 | ) | | | (1,835,810 | ) | | | (25,905 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (197,530 | ) | | | (135,773 | ) | | | (1,835,810 | ) | | | (25,905 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Proceeds from shares sold | | | 10,340,969 | | | | 39,170,494 | | | | 118,580,509 | | | | 124,215,632 | |
Cost of shares redeemed | | | (9,319,826 | ) | | | (2,220,737 | ) | | | (27,973,955 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net increase in net assets from capital share transactions | | | 1,021,143 | | | | 36,949,757 | | | | 90,606,554 | | | | 124,215,632 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (6,327,284 | ) | | | 32,084,413 | | | | 115,698,517 | | | | 123,523,682 | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Beginning of period | | | 32,084,413 | | | | — | | | | 123,523,682 | | | | — | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 25,757,129 | | | $ | 32,084,413 | | | $ | 239,222,199 | | | $ | 123,523,682 | |
| | | | | | | | | | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | 26,576 | | | $ | 34,928 | | | $ | (368,019 | ) | | $ | 22,110 | |
| | | | | | | | | | | | | | | | |
| | | | |
SHARES ISSUED AND REDEEMED | | | | | | | | | | | | | | | | |
Shares sold | | | 500,000 | | | | 1,700,000 | | | | 6,000,000 | | | | 6,500,000 | |
Shares redeemed | | | (500,000 | ) | | | (100,000 | ) | | | (1,300,000 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net increase in shares outstanding | | | — | | | | 1,600,000 | | | | 4,700,000 | | | | 6,500,000 | |
| | | | | | | | | | | | | | | | |
| a | Commencement of operations. |
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
| | | | | | | | |
| |
| | |
iShares MSCI
Global Silver
Miners Fund | |
| | | Six months ended February 28, 2013 (Unaudited) | | | Period from
January 31, 2012a to August 31, 2012 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS: | | | | | | | | |
Net investment income (loss) | | $ | (595 | ) | | $ | 15,055 | |
Net realized loss | | | (22,880 | ) | | | (560,995 | ) |
Net change in unrealized appreciation/depreciation | | | (244,657 | ) | | | (341,465 | ) |
| | | | | | | | |
Net decrease in net assets resulting from operations | | | (268,132 | ) | | | (887,405 | ) |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
From net investment income | | | (22,190 | ) | | | (14,066 | ) |
| | | | | | | | |
Total distributions to shareholders | | | (22,190 | ) | | | (14,066 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS: | | | | | | | | |
Proceeds from shares sold | | | — | | | | 4,939,471 | |
Cost of shares redeemed | | | — | | | | (1,943,585 | ) |
| | | | | | | | |
Net increase in net assets from capital share transactions | | | — | | | | 2,995,886 | |
| | | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | (290,322 | ) | | | 2,094,415 | |
| | |
NET ASSETS | | | | | | | | |
Beginning of period | | | 2,094,415 | | | | — | |
| | | | | | | | |
End of period | | $ | 1,804,093 | | | $ | 2,094,415 | |
| | | | | | | | |
Undistributed (distributions in excess of) net investment income included in net assets at end of period | | $ | (17,693 | ) | | $ | 5,092 | |
| | | | | | | | |
| | |
SHARES ISSUED AND REDEEMED | | | | | | | | |
Shares sold | | | — | | | | 200,000 | |
Shares redeemed | | | — | | | | (100,000 | ) |
| | | | | | | | |
Net increase in shares outstanding | | | — | | | | 100,000 | |
| | | | | | | | |
| a | Commencement of operations. |
| | |
| 34 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Global Agriculture Producers Fund
| | | | | | | | |
| | | Six months ended Feb. 28, 2013 (Unaudited) | | | Period from
Jan. 31, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 24.91 | | | $ | 24.88 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.14 | | | | 0.28 | |
Net realized and unrealized gain (loss)c | | | 2.69 | | | | (0.05 | ) |
| | | | | | | | |
Total from investment operations | | | 2.83 | | | | 0.23 | |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.14 | ) | | | (0.20 | ) |
| | | | | | | | |
Total distributions | | | (0.14 | ) | | | (0.20 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 27.60 | | | $ | 24.91 | |
| | | | | | | | |
| | |
Total return | | | 11.36 | %d | | | 0.97 | %d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 13,799 | | | $ | 9,965 | |
Ratio of expenses to average net assetse | | | 0.38 | % | | | 0.38 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.39 | % | | | 0.39 | % |
Ratio of net investment income to average net assetse | | | 1.03 | % | | | 1.93 | % |
Portfolio turnover ratef | | | 3 | % | | | 6 | % |
| 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 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 periods ended February 28, 2013 and August 31, 2012 were 3% 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 Global Energy Producers Fund
| | | | | | | | |
| | | Six months
ended Feb. 28, 2013
(Unaudited) | | | Period from
Jan. 31, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 23.51 | | | $ | 24.79 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.26 | | | | 0.43 | |
Net realized and unrealized gain (loss)c | | | 0.61 | | | | (1.39 | ) |
| | | | | | | | |
Total from investment operations | | | 0.87 | | | | (0.96 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.28 | ) | | | (0.32 | ) |
| | | | | | | | |
Total distributions | | | (0.28 | ) | | | (0.32 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 24.10 | | | $ | 23.51 | |
| | | | | | | | |
| | |
Total return | | | 3.73 | %d | | | (3.77 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 4,820 | | | $ | 4,701 | |
Ratio of expenses to average net assetse | | | 0.39 | % | | | 0.39 | % |
Ratio of net investment income to average net assetse | | | 2.17 | % | | | 3.16 | % |
Portfolio turnover ratef | | | 2 | % | | | 5 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout each period. |
| c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rates exclude portfolio securities received or delivered 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 periods ended February 28, 2013 and August 31, 2012 were 2% and 5% respectively. See Note 4. |
See notes to financial statements.
| | |
| 36 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Global Gold Miners Fund
| | | | | | | | |
| | | Six months
ended Feb. 28, 2013
(Unaudited) | | | Period from
Jan. 31, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 20.05 | | | $ | 25.00 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.11 | | | | 0.15 | |
Net realized and unrealized lossc | | | (3.96 | ) | | | (5.02 | ) |
| | | | | | | | |
Total from investment operations | | | (3.85 | ) | | | (4.87 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.10 | ) | | | (0.08 | ) |
| | | | | | | | |
Total distributions | | | (0.10 | ) | | | (0.08 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 16.10 | | | $ | 20.05 | |
| | | | | | | | |
| | |
Total return | | | (19.26 | )%d | | | (19.45 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 25,757 | | | $ | 32,084 | |
Ratio of expenses to average net assetse | | | 0.39 | % | | | 0.39 | % |
Ratio of net investment income to average net assetse | | | 1.10 | % | | | 1.25 | % |
Portfolio turnover ratef | | | 10 | % | | | 11 | % |
| 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 Global Select Metals & Mining Producers Fund
| | | | | | | | |
| | | Six months
ended Feb. 28, 2013
(Unaudited) | | | Period from
Jan. 31, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 19.00 | | | $ | 24.76 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment incomeb | | | 0.13 | | | | 0.37 | |
Net realized and unrealized gain (loss)c | | | 2.39 | | | | (6.00 | ) |
| | | | | | | | |
Total from investment operations | | | 2.52 | | | | (5.63 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.16 | ) | | | (0.13 | ) |
| | | | | | | | |
Total distributions | | | (0.16 | ) | | | (0.13 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 21.36 | | | $ | 19.00 | |
| | | | | | | | |
| | |
Total return | | | 13.24 | %d | | | (22.76 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 239,222 | | | $ | 123,524 | |
Ratio of expenses to average net assetse | | | 0.39 | % | | | 0.39 | % |
Ratio of net investment income to average net assetse | | | 1.27 | % | | | 2.98 | % |
Portfolio turnover ratef | | | 5 | % | | | 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 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 periods ended February 28, 2013 and August 31, 2012 were 3% and 1% respectively. See Note 4. |
See notes to financial statements.
| | |
| 38 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Global Silver Miners Fund
| | | | | | | | |
| | | Six months ended Feb. 28, 2013 (Unaudited) | | | Period from
Jan. 31, 2012a to Aug. 31, 2012 | |
Net asset value, beginning of period | | $ | 20.94 | | | $ | 24.87 | |
| | | | | | | | |
Income from investment operations: | | | | | | | | |
Net investment income (loss)b | | | (0.01 | ) | | | 0.11 | |
Net realized and unrealized lossc | | | (2.67 | ) | | | (3.90 | ) |
| | | | | | | | |
Total from investment operations | | | (2.68 | ) | | | (3.79 | ) |
| | | | | | | | |
Less distributions from: | | | | | | | | |
Net investment income | | | (0.22 | ) | | | (0.14 | ) |
| | | | | | | | |
Total distributions | | | (0.22 | ) | | | (0.14 | ) |
| | | | | | | | |
Net asset value, end of period | | $ | 18.04 | | | $ | 20.94 | |
| | | | | | | | |
| | |
Total return | | | (12.97 | )%d | | | (15.18 | )%d |
| | | | | | | | |
| | |
Ratios/Supplemental data: | | | | | | | | |
Net assets, end of period (000s) | | $ | 1,804 | | | $ | 2,094 | |
Ratio of expenses to average net assetse | | | 0.39 | % | | | 0.39 | % |
Ratio of net investment income (loss) to average net assetse | | | (0.05 | )% | | | 0.86 | % |
Portfolio turnover ratef | | | 4 | % | | | 9 | % |
| a | Commencement of operations. |
| b | Based on average shares outstanding throughout each period. |
| c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| e | Annualized for periods of less than one year. |
| f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
Notes to Financial Statements (Unaudited)
iSHARES®, 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 Producers | | Non-diversified |
Global Energy Producers | | Non-diversified |
Global Gold Miners | | Non-diversified |
Global Select Metals & Mining Producers | | Non-diversified |
Global Silver Miners | | 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.
| | |
| 40 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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. |
| | • | | Exchange-traded funds and closed-end funds 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 fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Funds’ perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 41 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | • | | Level 3 — Unobservable inputs for the asset or liability, including the 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. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2013. 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 | | $ | 13,490,668 | | | $ | 8,969 | | | $ | — | | | $ | 13,499,637 | |
Investment Companies | | | 107,505 | | | | — | | | | — | | | | 107,505 | |
Preferred Stocks | | | 168,144 | | | | — | | | | — | | | | 168,144 | |
Money Market Funds | | | 49,732 | | | | — | | | | — | | | | 49,732 | |
| | | | | | | | | | | | | | | | |
| | $ | 13,816,049 | | | $ | 8,969 | | | $ | — | | | $ | 13,825,018 | |
| | | | | | | | | | | | | | | | |
| | | | |
Global Energy Producers | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 4,741,518 | | | $ | 746 | | | $ | — | | | $ | 4,742,264 | |
Preferred Stocks | | | 74,953 | | | | — | | | | — | | | | 74,953 | |
Money Market Funds | | | 1,360 | | | | — | | | | — | | | | 1,360 | |
| | | | | | | | | | | | | | | | |
| | $ | 4,817,831 | | | $ | 746 | | | $ | — | | | $ | 4,818,577 | |
| | | | | | | | | | | | | | | | |
| | | | |
Global Gold Miners | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 25,707,330 | | | $ | — | | | $ | 2 | | | $ | 25,707,332 | |
Money Market Funds | | | 335,414 | | | | — | | | | — | | | | 335,414 | |
| | | | | | | | | | | | | | | | |
| | $ | 26,042,744 | | | $ | — | | | $ | 2 | | | $ | 26,042,746 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | |
| 42 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
| | | | | | | | | | | | | | | | |
iShares MSCI Fund and
Investment Type | | Investments | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Global Select Metals & Mining Producers | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 225,170,707 | | | $ | — | | | $ | 128,603 | | | $ | 225,299,310 | |
Preferred Stocks | | | 13,607,680 | | | | — | | | | — | | | | 13,607,680 | |
Warrants | | | — | | | | 1 | | | | — | | | | 1 | |
Money Market Funds | | | 3,589,492 | | | | — | | | | — | | | | 3,589,492 | |
| | | | | | | | | | | | | | | | |
| | $ | 242,367,879 | | | $ | 1 | | | $ | 128,603 | | | $ | 242,496,483 | |
| | | | | | | | | | | | | | | | |
| | | | |
Global Silver Miners | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,801,187 | | | $ | — | | | $ | — | | | $ | 1,801,187 | |
Money Market Funds | | | 75,654 | | | | — | | | | — | | | | 75,654 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,876,841 | | | $ | — | | | $ | — | | | $ | 1,876,841 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
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 28, 2013 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, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 43 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, 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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, 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 six months ended February 28, 2013.
| | |
| 44 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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. The Funds benefit from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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 28, 2013, BTC earned securities lending agent fees from the Funds as follows:
| | | | |
| iShares MSCI Fund | | Securities Lending
Agent Fees | |
Global Agriculture Producers | | $ | 137 | |
Global Energy Producers | | | 22 | |
Global Gold Miners | | | 2,094 | |
Global Select Metals & Mining Producers | | | 13,994 | |
Global Silver Miners | | | 18 | |
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the statements of operations.
The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.
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 underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.
Investments in issuers considered to be affiliates of the Funds (excluding short-term investments) during the six months ended February 28, 2013, 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 | | | 3,572 | | | | 1,343 | | | | (415 | ) | | | 4,500 | | | $ | 107,505 | | | $ | 16 | | | $ | (776 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Certain directors and officers of the Company are also officers of BTC and/or BFA.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 45 | |
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 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Fund | | Purchases | | | Sales | |
Global Agriculture Producers | | $ | 525,640 | | | $ | 346,646 | |
Global Energy Producers | | | 106,359 | | | | 87,269 | |
Global Gold Miners | | | 3,425,433 | | | | 3,282,327 | |
Global Select Metals & Mining Producers | | | 23,802,647 | | | | 9,928,863 | |
Global Silver Miners | | | 96,121 | | | | 118,050 | |
In-kind transactions (see Note 4) for the six months ended February 28, 2013 were as follows:
| | | | | | | | |
| iShares MSCI Fund | | In-kind
Purchases | | | In-kind
Sales | |
Global Agriculture Producers | | $ | 2,648,193 | | | $ | — | |
Global Gold Miners | | | 10,171,857 | | | | 9,294,384 | |
Global Select Metals & Mining Producers | | | 100,426,024 | | | | 23,808,795 | |
| 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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
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
| | |
| 46 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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.
As of August 31, 2012, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| | | | |
| iShares MSCI Fund | | Non-
Expiring | |
Global Agriculture Producers | | $ | 20,341 | |
Global Energy Producers | | | 20,639 | |
Global Gold Miners | | | 259,179 | |
Global Select Metals & Mining Producers | | | 9,471 | |
Global Silver Miners | | | 83,082 | |
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 FINANCIAL STATEMENTS | | | 47 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 28, 2013, 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 | | $ | 12,926,366 | | | $ | 1,169,384 | | | $ | (270,732 | ) | | $ | 898,652 | |
Global Energy Producers | | | 5,036,143 | | | | 295,370 | | | | (512,936 | ) | | | (217,566 | ) |
Global Gold Miners | | | 37,294,614 | | | | 5,823 | | | | (11,257,691 | ) | | | (11,251,868 | ) |
Global Select Metals & Mining Producers | | | 220,581,562 | | | | 25,852,363 | | | | (3,937,442 | ) | | | 21,914,921 | |
Global Silver Miners | | | 2,472,054 | | | | 8,996 | | | | (604,209 | ) | | | (595,213 | ) |
Management has reviewed the tax positions as of February 28, 2013, 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.
| | |
| 48 | | 2013 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 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 | |
Global Agriculture Producers | | $ | 0.12482 | | | $ | — | | | $ | 0.01075 | | | $ | 0.13557 | | | | 92 | % | | | — | % | | | 8 | % | | | 100 | % |
Global Energy Producers | | | 0.26922 | | | | — | | | | 0.01506 | | | | 0.28428 | | | | 95 | | | | — | | | | 5 | | | | 100 | |
Global Gold Miners | | | 0.10375 | | | | — | | | | 0.00021 | | | | 0.10396 | | | | 100 | | | | — | | | | 0 | a | | | 100 | |
Global Select Metals & Mining Producers | | | 0.11686 | | | | — | | | | 0.04418 | | | | 0.16104 | | | | 73 | | | | — | | | | 27 | | | | 100 | |
Global Silver Miners | | | 0.11827 | | | | — | | | | 0.10363 | | | | 0.22190 | | | | 53 | | | | — | | | | 47 | | | | 100 | |
| | a | | Rounds to less than 1%. |
| | | | |
SUPPLEMENTAL INFORMATION | | | 49 | |
Notes:
| | |
| 50 | | 2013 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.
©2013 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
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iS-SAR-812-0213
FEBRUARY 28, 2013
| | | | |
2013 SEMI-ANNUAL REPORT (UNAUDITED) | | | |  |
iShares, Inc.
| Ø | | iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca |
Table of Contents
Fund Performance Overview
iSHARES® CORE MSCI EMERGING MARKETS ETF
Performance as of February 28, 2013
| | | | | | | | |
| Cumulative Total Returns | |
| Inception to 2/28/13 | |
| | NAV | | | MARKET | | | INDEX | |
| | 4.90% | | | 4.83% | | | 4.93% | |
“Cumulative Total Returns” represent the total change in value of an investment over the period indicated and are calculated from an inception date of 10/18/12.
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 (10/22/12), 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 Core MSCI Emerging Markets ETF (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Investable Market Index (the “Index”). The Index is designed to measure large-, mid- and small-cap 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 period from October 18, 2012 (inception date of the Fund) through February 28, 2013, the total return for the Fund was 4.90%, net of fees, while the total return for the Index was 4.93%.
PORTFOLIO ALLOCATION
As of 2/28/13
| | |
| Sector/Investment Type | | Percentage of
Net Assets |
| | | | |
Financial | | | 24.18 | % |
Energy | | | 9.45 | |
Basic Materials | | | 9.44 | |
Consumer Non-Cyclical | | | 9.40 | |
Communications | | | 9.34 | |
Consumer Cyclical | | | 8.93 | |
Technology | | | 8.85 | |
Industrial | | | 8.21 | |
Investment Companies | | | 6.45 | |
Utilities | | | 3.02 | |
Diversified | | | 2.43 | |
Short-Term and Other Net Assets | | | 0.30 | |
| | | | |
TOTAL | | | 100.00 | % |
| | | | |
TEN LARGEST FUND HOLDINGS
As of 2/28/13
| | |
| Security | | Percentage of
Net Assets |
| | | | |
iShares MSCI India Index Fund (India) | | | 6.10 | % |
Samsung Electronics Co. Ltd. (South Korea) | | | 3.57 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | | | 1.94 | |
China Mobile Ltd. (China) | | | 1.50 | |
China Construction Bank Corp. Class H (China) | | | 1.35 | |
Gazprom OAO (Russia) | | | 1.08 | |
Industrial and Commercial Bank of China Ltd. Class H (China) | | | 1.06 | |
America Movil SAB de CV Series L (Mexico) | | | 0.93 | |
Itau Unibanco Holding SA (Preferred) (Brazil) | | | 0.92 | |
Sberbank of Russia (Russia) | | | 0.84 | |
| | | | |
TOTAL | | | 19.29 | % |
| | | | |
| | | | |
FUND PERFORMANCE OVERVIEW | | | 5 | |
Shareholder Expenses (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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, 2012 (or commencement of operations, as applicable) to February 28, 2013.
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
(9/1/12) a | | | Ending
Account Value
(2/28/13) | | | Annualized
Expense Ratio | | | Expenses Paid
During Period b | |
Actual | | $ | 1,000.00 | | | $ | 1,049.00 | | | | 0.05 | % | | $ | 0.19 | |
Hypothetical (5% return before expenses) | | | 1,000.00 | | | | 1,024.50 | | | | 0.05 | | | | 0.25 | |
| a | The beginning of the period (commencement of operations) is October 18, 2012. |
| b | Actual expenses for the Fund 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 (133 days) and divided by the number of days in the year (365 days). Hypothetical expenses, which are based on a hypothetical half year, are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). | |
| | |
| 6 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COMMON STOCKS — 86.30% | |
| | |
BRAZIL — 6.14% | | | | | | | | |
Abril Educacao SA Units | | | 3,100 | | | $ | 76,830 | |
Aliansce Shopping Centers SA | | | 11,700 | | | | 144,985 | |
ALL — America Latina Logistica SA | | | 56,000 | | | | 277,578 | |
Amil Participacoes SA | | | 16,000 | | | | 253,543 | |
Anhanguera Educacional Participacoes SA | | | 15,700 | | | | 325,578 | |
Arezzo Industria e Comercio SA | | | 5,700 | | | | 115,320 | |
Arteris SA | | | 14,900 | | | | 160,523 | |
Autometal SA | | | 4,100 | | | | 42,491 | |
B2W Companhia Global do Varejoa | | | 10,000 | | | | 70,760 | |
Banco ABC Brasil SAa | | | 121 | | | | 887 | |
Banco Bradesco SA | | | 67,900 | | | | 1,209,569 | |
Banco do Brasil SA | | | 71,800 | | | | 956,559 | |
Banco Santander (Brasil) SA Units | | | 94,900 | | | | 690,234 | |
BM&F Bovespa SA | | | 220,800 | | | | 1,497,612 | |
BR Malls Participacoes SA | | | 50,600 | | | | 655,182 | |
BR Properties SA | | | 21,700 | | | | 270,002 | |
Brasil Brokers Participacoes SA | | | 26,500 | | | | 95,835 | |
Brasil Insurance Participacoes e Administracao SA | | | 7,300 | | | | 77,353 | |
Brazil Pharma SA | | | 16,700 | | | | 131,769 | |
BRF — Brasil Foods SA | | | 81,900 | | | | 1,779,174 | |
Brookfield Incorporacoes SA | | | 44,200 | | | | 70,421 | |
CCR SA | | | 107,300 | | | | 1,077,287 | |
Centrais Eletricas Brasileiras SA | | | 41,700 | | | | 146,586 | |
CETIP SA — Mercados Organizados | | | 26,700 | | | | 322,761 | |
Cielo SA | | | 36,200 | | | | 1,088,142 | |
Companhia de Bebidas das Americas | | | 17,500 | | | | 772,634 | |
Companhia de Locacao das Americas | | | 13,000 | | | | 87,451 | |
Companhia de Saneamento Basico do Estado de Sao Pauloa | | | 13,900 | | | | 674,717 | |
Companhia de Saneamento de Minas Gerais SA | | | 7,000 | | | | 181,630 | |
Companhia Hering SA | | | 17,500 | | | | 339,980 | |
Companhia Siderurgica Nacional SA | | | 95,100 | | | | 481,008 | |
Cosan SA Industria e Comercio | | | 14,700 | | | | 346,923 | |
CPFL Energia SA | | | 30,400 | | | | 310,289 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | | | 37,300 | | | | 328,269 | |
Diagnosticos da America SA | | | 29,500 | | | | 203,670 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Duratex SA | | | 29,000 | | | $ | 242,755 | |
EcoRodovias Infraestrutura e Logistica SA | | | 19,000 | | | | 165,004 | |
EDP Energias do Brasil SA | | | 29,100 | | | | 176,770 | |
Embraer SA | | | 69,700 | | | | 589,441 | |
Equatorial Energia SA | | | 18,076 | | | | 182,762 | |
Estacio Participacoes SA | | | 10,400 | | | | 255,121 | |
Eternit SA | | | 22,000 | | | | 95,584 | |
Even Construtora e Incorporadora SA | | | 25,000 | | | | 126,448 | |
EZ TEC Empreendimentos e Participacoes SA | | | 6,200 | | | | 86,081 | |
Fibria Celulose SAa | | | 31,400 | | | | 356,230 | |
Fleury SA | | | 8,000 | | | | 89,019 | |
Gafisa SAa | | | 61,400 | | | | 132,918 | |
Grendene SA | | | 11,400 | | | | 105,749 | |
Helbor Empreendimentos SA | | | 13,400 | | | | 78,620 | |
Hypermarcas SAa | | | 43,200 | | | | 382,160 | |
Iguatemi Empresa de Shopping Centers SA | | | 8,900 | | | | 122,532 | |
International Meal Co. Holdings SA | | | 5,900 | | | | 83,408 | |
Iochpe-Maxion SA | | | 9,200 | | | | 121,218 | |
JBS SAa | | | 53,600 | | | | 185,977 | |
JHSF Participacoes SA | | | 9,000 | | | | 38,693 | |
Julio Simoes Logistica SA | | | 7,600 | | | | 63,426 | |
Kroton Educacional SAa | | | 11,600 | | | | 303,920 | |
Light SA | | | 9,300 | | | | 90,784 | |
LLX Logistica SAa | | | 67,200 | | | | 67,978 | |
Localiza Rent A Car SA | | | 15,700 | | | | 298,102 | |
Lojas Americanas SA | | | 14,400 | | | | 125,274 | |
Lojas Renner SA | | | 15,200 | | | | 579,370 | |
LPS Brasil — Consultoria de Imoveis SA | | | 4,900 | | | | 88,726 | |
Magazine Luiza SA | | | 8,000 | | | | 41,030 | |
Magnesita Refratarios SA | | | 28,600 | | | | 114,278 | |
Marfrig Alimentos SAa | | | 26,100 | | | | 130,031 | |
Mills Estruturas e Servicos de Engenharia SA | | | 9,500 | | | | 154,529 | |
Minerva SA | | | 13,600 | | | | 88,736 | |
MMX Mineracao e Metalicos SAa | | | 38,000 | | | | 64,195 | |
MPX Energia SAa | | | 20,800 | | | | 110,570 | |
MRV Engenharia e Participacoes SA | | | 40,700 | | | | 261,438 | |
Multiplan Empreendimentos Imobiliarios SA | | | 8,600 | | | | 246,416 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Multiplus SA | | | 6,000 | | | $ | 111,830 | |
Natura Cosmeticos SA | | | 20,700 | | | | 535,011 | |
Odontoprev SA | | | 32,800 | | | | 151,964 | |
Oi SA | | | 31,400 | | | | 134,202 | |
PDG Realty SA Empreendimentos e Participacoes | | | 161,700 | | | | 262,535 | |
Petroleo Brasileiro SA | | | 376,700 | | | | 2,760,803 | |
Porto Seguro SA | | | 13,300 | | | | 176,584 | |
Qualicorp SAa | | | 25,500 | | | | 285,426 | |
Raia Drogasil SA | | | 24,800 | | | | 286,245 | |
Restoque Comercio e Confeccoes de Roupas SA | | | 15,200 | | | | 78,110 | |
Rossi Residencial SA | | | 46,587 | | | | 82,707 | |
Santos Brasil Participacoes SA Units | | | 5,300 | | | | 80,823 | |
Sao Martinho SA | | | 6,200 | | | | 87,492 | |
SLC Agricola SA | | | 8,300 | | | | 81,359 | |
Sonae Sierra Brasil SA | | | 3,400 | | | | 49,011 | |
Souza Cruz SA | | | 46,900 | | | | 749,366 | |
Sul America SA Units | | | 13,700 | | | | 130,757 | |
T4F Entretenimento SA | | | 12,100 | | | | 49,267 | |
Technos SA | | | 5,300 | | | | 64,873 | |
Tecnisa SA | | | 19,600 | | | | 86,644 | |
Tegma Gestao Logistica SA | | | 2,900 | | | | 44,737 | |
TIM Participacoes SA | | | 104,900 | | | | 458,947 | |
Totvs SA | | | 14,100 | | | | 312,010 | |
TPI — Triunfo Participacoes e Investimentos SA | | | 7,400 | | | | 46,861 | |
Tractebel Energia SA | | | 19,800 | | | | 350,513 | |
Ultrapar Participacoes SA | | | 41,000 | | | | 1,063,831 | |
UNICASA Industria de Moveis SA | | | 12,100 | | | | 59,977 | |
Vale SA | | | 165,700 | | | | 3,168,004 | |
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | | | 6,600 | | | | 139,204 | |
Vanguarda Agro SAa | | | 298,365 | | | | 70,928 | |
WEG SA | | | 26,800 | | | | 359,077 | |
| | | | | | | | |
| | | | | | | 34,027,943 | |
CHILE — 1.79% | | | | | | | | |
Administradora de Fondos de Pensiones Provida SA | | | 19,590 | | | | 136,403 | |
AES Gener SA | | | 285,922 | | | | 196,510 | |
Aguas Andinas SA Series A | | | 266,636 | | | | 214,154 | |
Banco de Chile | | | 2,562,206 | | | | 425,346 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Banco de Chile Series Ta | | | 23,654 | | | $ | 3,625 | |
Banco de Credito e Inversiones | | | 4,344 | | | | 337,786 | |
Banco Santander (Chile) SA | | | 8,929,873 | | | | 648,055 | |
Besalco SA | | | 38,575 | | | | 73,841 | |
CAP SA | | | 9,136 | | | | 328,552 | |
Cencosud SA | | | 128,229 | | | | 801,279 | |
Colbun SAa | | | 1,022,698 | | | | 321,283 | |
Compania Cervecerias Unidas SA | | | 12,993 | | | | 210,945 | |
Compania SudAmericana de Vapores SAa | | | 659,179 | | | | 73,227 | |
CorpBanca SA | | | 20,840,832 | | | | 306,456 | |
Cruz Blanca Salud SA | | | 36,369 | | | | 46,257 | |
E.CL SA | | | 79,321 | | | | 179,451 | |
Empresa Nacional de Electricidad SA | | | 410,110 | | | | 697,044 | |
Empresa Nacional de Telecomunicaciones SA | | | 14,604 | | | | 308,109 | |
Empresas CMPC SA | | | 142,431 | | | | 549,461 | |
Empresas Copec SA | | | 59,562 | | | | 918,946 | |
Enersis SA | | | 1,688,143 | | | | 644,924 | |
Inversiones Aguas Metropolitanas SA | | | 54,805 | | | | 114,750 | |
Inversiones La Construccion SA | | | 3,018 | | | | 57,419 | |
LATAM Airlines Group SA | | | 33,670 | | | | 802,941 | |
Masisa SA | | | 395,402 | | | | 43,632 | |
Parque Arauco SA | | | 55,958 | | | | 155,708 | |
S.A.C.I. Falabella SA | | | 58,926 | | | | 687,705 | |
SalfaCorp SA | | | 50,961 | | | | 129,167 | |
Sociedad Matriz SAAM SAa | | | 888,971 | | | | 109,183 | |
Socovesa SA | | | 64,014 | | | | 32,139 | |
Sonda SA | | | 56,774 | | | | 202,708 | |
Vina Concha y Toro SA | | | 71,243 | | | | 148,543 | |
| | | | | | | | |
| | | | | | | 9,905,549 | |
CHINA — 18.51% | | | | | | | | |
361 Degrees International Ltd.b | | | 123,000 | | | | 36,005 | |
Agile Property Holdings Ltd. | | | 168,000 | | | | 217,072 | |
Agricultural Bank of China Ltd. Class H | | | 2,684,000 | | | | 1,384,424 | |
Air China Ltd. Class H | | | 220,000 | | | | 178,159 | |
Ajisen (China) Holdings Ltd. | | | 96,000 | | | | 69,324 | |
Aluminum Corp. of China Ltd. Class Ha,b | | | 522,000 | | | | 225,498 | |
Angang Steel Co. Ltd. Class Ha,b | | | 146,000 | | | | 98,277 | |
Anhui Conch Cement Co. Ltd. Class H | | | 155,500 | | | | 568,473 | |
Anhui Expressway Co. Ltd. Class H | | | 86,000 | | | | 49,239 | |
| | |
| 8 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Anta Sports Products Ltd.b | | | 113,000 | | | $ | 106,955 | |
Anton Oilfield Services Group | | | 154,000 | | | | 87,576 | |
Anxin-China Holdings Ltd. | | | 352,000 | | | | 81,250 | |
Asia Cement China Holdings Corp. | | | 91,500 | | | | 49,438 | |
Asian Citrus Holdings Ltd. | | | 144,000 | | | | 69,077 | |
AviChina Industry & Technology Co. Ltd. Class H | | | 268,000 | | | | 123,030 | |
Bank of China Ltd. Class H | | | 9,494,000 | | | | 4,480,814 | |
Bank of Communications Co. Ltd. Class H | | | 1,125,000 | | | | 890,733 | |
BBMG Corp. Class H | | | 153,000 | | | | 134,753 | |
Beijing Capital International Airport Co. Ltd. Class H | | | 240,000 | | | | 188,785 | |
Beijing Capital Land Ltd. Class Hb | | | 176,000 | | | | 80,115 | |
Beijing Enterprises Holdings Ltd. | | | 66,500 | | | | 508,514 | |
Beijing Enterprises Water Group Ltd.b | | | 426,000 | | | | 131,840 | |
Beijing North Star Co. Ltd. Class H | | | 102,000 | | | | 27,621 | |
Belle International Holdings Ltd. | | | 577,000 | | | | 1,062,504 | |
Billion Industrial Holdings Ltd. | | | 66,000 | | | | 45,107 | |
Biostime International Holdings Ltd. | | | 20,500 | | | | 89,879 | |
Bosideng International Holdings Ltd. | | | 366,000 | | | | 113,271 | |
Brilliance China Automotive Holdings Ltd.a | | | 320,000 | | | | 441,530 | |
BYD Co. Ltd. Class Ha,b | | | 66,500 | | | | 235,820 | |
BYD Electronic International Co. Ltd. | | | 129,500 | | | | 46,758 | |
C C Land Holdings Ltd. | | | 206,000 | | | | 67,738 | |
Chaowei Power Holdings Ltd. | | | 116,000 | | | | 56,094 | |
China Agri-Industries Holdings Ltd. | | | 273,200 | | | | 155,362 | |
China Aoyuan Property Group Ltd.b | | | 403,000 | | | | 82,109 | |
China BlueChemical Ltd. Class H | | | 226,000 | | | | 144,841 | |
China CITIC Bank Corp. Ltd. Class H | | | 949,000 | | | | 609,428 | |
China Coal Energy Co. Class H | | | 523,000 | | | | 518,626 | |
China Communications Construction Co. Ltd. Class H | | | 569,000 | | | | 538,561 | |
China Communications Services Corp. Ltd. Class H | | | 286,000 | | | | 178,869 | |
China Construction Bank Corp. Class H | | | 9,073,000 | | | | 7,487,856 | |
China COSCO Holdings Co. Ltd. Class Ha | | | 340,500 | | | | 182,657 | |
China Datang Corp. Renewable Power Co. Ltd. Class H | | | 354,000 | | | | 78,060 | |
China Dongxiang (Group) Co. Ltd. | | | 341,000 | | | | 45,731 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Everbright International Ltd. | | | 299,000 | | | $ | 198,952 | |
China Everbright Ltd. | | | 110,000 | | | | 204,259 | |
China Gas Holdings Ltd. | | | 404,000 | | | | 393,328 | |
China High Speed Transmission Equipment Group Co. Ltd.a,b | | | 193,000 | | | | 96,813 | |
China Huiyuan Juice Group Ltd.a | | | 123,000 | | | | 49,328 | |
China International Marine Containers (Group) Co. Ltd. Class Ha | | | 84,600 | | | | 176,949 | |
China Life Insurance Co. Ltd. Class H | | | 937,000 | | | | 2,815,283 | |
China Lilang Ltd.b | | | 63,000 | | | | 38,995 | |
China Longyuan Power Group Corp. Ltd. Class H | | | 352,000 | | | | 320,914 | |
China Lumena New Materials Corp. | | | 460,000 | | | | 107,958 | |
China Medical System Holdings Ltd.b | | | 130,000 | | | | 119,022 | |
China Mengniu Dairy Co. Ltd. | | | 157,000 | | | | 438,313 | |
China Merchants Bank Co. Ltd. Class H | | | 492,000 | | | | 1,067,131 | |
China Merchants Holdings (International) Co. Ltd. | | | 144,000 | | | | 499,507 | |
China Metal Recycling Holdings Ltd.a,b,c | | | 62,400 | | | | 56,909 | |
China Minsheng Banking Corp. Ltd. Class H | | | 650,500 | | | | 905,936 | |
China Mobile Ltd. | | | 756,500 | | | | 8,335,806 | |
China Modern Dairy Holdings Ltd.a | | | 247,000 | | | | 82,813 | |
China National Building Material Co. Ltd. Class H | | | 368,000 | | | | 561,857 | |
China National Materials Co. Ltd. Class H | | | 198,000 | | | | 59,235 | |
China Oil and Gas Group Ltd.a | | | 680,000 | | | | 134,161 | |
China Oilfield Services Ltd. Class H | | | 208,000 | | | | 441,489 | |
China Overseas Grand Oceans Group Ltd.b | | | 85,000 | | | | 119,474 | |
China Overseas Land & Investment Ltd. | | | 512,000 | | | | 1,554,846 | |
China Pacific Insurance (Group) Co. Ltd. Class H | | | 335,000 | | | | 1,235,485 | |
China Petroleum & Chemical Corp. Class H | | | 2,460,000 | | | | 2,797,888 | |
China Pharmaceutical Group Ltd.a | | | 120,000 | | | | 48,279 | |
China Power International Development Ltd.b | | | 320,000 | | | | 103,161 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Power New Energy Development Co. Ltd.a | | | 780,000 | | | $ | 54,314 | |
China Precious Metal Resources Holdings Co. Ltd.a,b | | | 420,000 | | | | 75,824 | |
China Railway Construction Corp. Ltd. Class H | | | 238,500 | | | | 250,038 | |
China Railway Group Ltd. Class H | | | 525,000 | | | | 285,015 | |
China Rare Earth Holdings Ltd. | | | 352,000 | | | | 76,257 | |
China Resources and Transportation Group Ltd.a | | | 2,200,000 | | | | 86,527 | |
China Resources Cement Holdings Ltd. | | | 254,000 | | | | 161,148 | |
China Resources Enterprise Ltd. | | | 150,000 | | | | 487,437 | |
China Resources Gas Group Ltd. | | | 108,000 | | | | 250,403 | |
China Resources Land Ltd.b | | | 258,000 | | | | 753,554 | |
China Resources Power Holdings Co. Ltd. | | | 240,000 | | | | 648,368 | |
China Rongsheng Heavy Industries Group Holdings Ltd. | | | 427,000 | | | | 77,087 | |
China SCE Property Holdings Ltd. | | | 204,000 | | | | 48,666 | |
China Shanshui Cement Group Ltd. | | | 235,000 | | | | 168,185 | |
China Shenhua Energy Co. Ltd. Class H | | | 426,500 | | | | 1,616,936 | |
China Shineway Pharmaceutical Group Ltd.b | | | 43,000 | | | | 73,304 | |
China Shipping Container Lines Co. Ltd. Class Ha,b | | | 478,000 | | | | 141,769 | |
China Shipping Development Co. Ltd. Class H | | | 186,000 | | | | 103,615 | |
China Singyes Solar Technologies Holdings Ltd.b | | | 56,000 | | | | 62,897 | |
China South City Holdings Ltd. | | | 308,000 | | | | 51,235 | |
China Southern Airlines Co. Ltd. Class H | | | 246,000 | | | | 135,771 | |
China State Construction International Holdings Ltd. | | | 234,000 | | | | 328,300 | |
China Suntien Green Energy Corp. Ltd. Class H | | | 222,000 | | | | 53,533 | |
China Taiping Insurance Holdings Co. Ltd.a | | | 110,200 | | | | 219,978 | |
China Telecom Corp. Ltd. Class H | | | 1,722,000 | | | | 892,659 | |
China Travel International Investment Hong Kong Ltd. | | | 408,000 | | | | 85,758 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
China Unicom (Hong Kong) Ltd. | | | 588,000 | | | $ | 847,707 | |
China Vanke Co. Ltd. Class B | | | 164,300 | | | | 333,691 | |
China Water Affairs Group Ltd. | | | 254,000 | | | | 81,884 | |
China Wireless Technologies Ltd. | | | 236,000 | | | | 63,300 | |
China Yongda Automobiles Services Holdings Ltd.a | | | 50,000 | | | | 54,031 | |
China Yurun Food Group Ltd.a,b | | | 200,000 | | | | 143,394 | |
China ZhengTong Auto Services Holdings Ltd.a | | | 124,500 | | | | 99,538 | |
Chinasoft International Ltd.a | | | 180,000 | | | | 42,941 | |
Chongqing Rural Commercial Bank Co. Ltd. Class H | | | 297,000 | | | | 166,599 | |
CIMC Enric Holdings Ltd. | | | 70,000 | | | | 77,629 | |
CITIC Pacific Ltd. | | | 163,000 | | | | 250,548 | |
CITIC Resources Holdings Ltd.a,b | | | 436,000 | | | | 62,970 | |
CITIC Securities Co. Ltd. Class H | | | 135,500 | | | | 341,771 | |
CNOOC Ltd. | | | 2,245,000 | | | | 4,411,923 | |
Comba Telecom Systems Holdings Ltd.b | | | 194,500 | | | | 64,709 | |
Cosco International Holdings Ltd. | | | 268,000 | | | | 118,883 | |
COSCO Pacific Ltd. | | | 222,000 | | | | 355,550 | |
Country Garden Holdings Co. Ltd.a | | | 593,000 | | | | 304,344 | |
CPMC Holdings Ltd. | | | 69,000 | | | | 55,966 | |
CSR Corp Ltd. Class H | | | 232,000 | | | | 189,971 | |
Dah Chong Hong Holdings Ltd. | | | 105,000 | | | | 107,913 | |
Daphne International Holdings Ltd.b | | | 114,000 | | | | 137,155 | |
Datang International Power Generation Co. Ltd. Class H | | | 378,000 | | | | 164,266 | |
Dazhong Transportation Group Co. Ltd. Class B | | | 87,100 | | | | 56,615 | |
DBA Telecommunications (Asia) Holdings Ltd. | | | 88,000 | | | | 56,739 | |
Digital China Holdings Ltd. | | | 104,000 | | | | 163,346 | |
Dongfang Electric Corp. Ltd. Class Hb | | | 40,600 | | | | 76,333 | |
Dongfeng Motor Group Co. Ltd. Class H | | | 346,000 | | | | 506,852 | |
Dongyue Group Ltd.b | | | 152,000 | | | | 100,747 | |
ENN Energy Holdings Ltd. | | | 98,000 | | | | 492,221 | |
Evergrande Real Estate Group Ltd.b | | | 831,000 | | | | 410,418 | |
Fantasia Holdings Group Co. Ltd. | | | 273,000 | | | | 42,949 | |
Far East Horizon Ltd. | | | 181,000 | | | | 133,273 | |
First Tractor Co. Ltd. Class Ha | | | 72,000 | | | | 70,284 | |
Fosun International Ltd. | | | 220,500 | | | | 143,591 | |
| | |
| 10 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Franshion Properties (China) Ltd. | | | 420,000 | | | $ | 148,397 | |
Fufeng Group Ltd.b | | | 160,000 | | | | 68,499 | |
GCL-Poly Energy Holdings Ltd.b | | | 1,063,000 | | | | 283,746 | |
Geely Automobile Holdings Ltd. | | | 585,000 | | | | 322,115 | |
Global Bio-Chem Technology Group Co. Ltd. | | | 502,000 | | | | 57,613 | |
Glorious Property Holdings Ltd.a,b | | | 347,000 | | | | 66,224 | |
Golden Eagle Retail Group Ltd. | | | 82,000 | | | | 168,339 | |
Golden Meditech Holdings Ltd. | | | 456,000 | | | | 54,686 | |
GOME Electrical Appliances Holdings Ltd.a | | | 1,276,000 | | | | 141,506 | |
Great Wall Motor Co. Ltd. Class H | | | 128,000 | | | | 500,951 | |
Greatview Aseptic Packaging Co. Ltd. | | | 71,000 | | | | 45,961 | |
Greentown China Holdings Ltd.a,b | | | 78,500 | | | | 152,448 | |
Guangdong Investment Ltd. | | | 296,000 | | | | 254,592 | |
Guangzhou Automobile Group Co. Ltd. Class H | | | 268,000 | | | | 223,251 | |
Guangzhou R&F Properties Co. Ltd. Class H | | | 112,400 | | | | 190,743 | |
Haier Electronics Group Co. Ltd.a | | | 101,000 | | | | 182,338 | |
Haitian International Holdings Ltd. | | | 87,000 | | | | 112,412 | |
Haitong Securities Co. Ltd. Class Ha | | | 144,800 | | | | 243,859 | |
Hangzhou Steam Turbine Co. Ltd. Class B | | | 36,600 | | | | 66,500 | |
Harbin Electric Co. Ltd. Class H | | | 92,000 | | | | 80,435 | |
Hengan International Group Co. Ltd.b | | | 92,000 | | | | 933,661 | |
Hengdeli Holdings Ltd.b | | | 216,000 | | | | 70,469 | |
Hidili Industry International Development Ltd.b | | | 247,000 | | | | 67,524 | |
Honghua Group Ltd.b | | | 174,000 | | | | 85,263 | |
Hopson Development Holdings Ltd.a | | | 78,000 | | | | 134,579 | |
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H | | | 268,800 | | | | 79,030 | |
Huabao International Holdings Ltd. | | | 265,000 | | | | 147,965 | |
Huaneng Power International Inc. Class H | | | 406,000 | | | | 417,788 | |
Hunan Nonferrous Metal Corp. Ltd. Class Ha,b | | | 224,000 | | | | 74,813 | |
Industrial and Commercial Bank of China Ltd. Class H | | | 8,200,000 | | | | 5,889,734 | |
Inner Mongolia Yitai Coal Co. Ltd. Class B | | | 74,500 | | | | 428,300 | |
Interchina Holdings Co. Ltd.a | | | 665,000 | | | | 37,731 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Intime Department Store Group Co. Ltd. | | | 125,000 | | | $ | 153,291 | |
Jiangsu Expressway Co. Ltd. Class H | | | 146,000 | | | | 147,603 | |
Jiangsu Future Land Co. Ltd. Class B | | | 86,400 | | | | 79,315 | |
Jiangxi Copper Co. Ltd. Class H | | | 185,000 | | | | 443,245 | |
Jinchuan Group International Resources Co. Ltd.a | | | 144,000 | | | | 33,239 | |
Ju Teng International Holdings Ltd. | | | 134,000 | | | | 72,574 | |
Kai Yuan Holdings Ltd.a | | | 2,740,000 | | | | 70,665 | |
Kaisa Group Holdings Ltd.a,b | | | 236,000 | | | | 78,516 | |
Kingboard Chemical Holdings Co. Ltd. | | | 81,500 | | | | 248,551 | |
Kingboard Laminates Holdings Ltd. | | | 183,000 | | | | 87,313 | |
Kingdee International Software Group Co. Ltd.a | | | 246,000 | | | | 43,459 | |
Kingsoft Corp. Ltd. | | | 73,000 | | | | 63,258 | |
Kingway Brewery Holdings Ltd. | | | 188,000 | | | | 77,092 | |
Kunlun Energy Co. Ltd. | | | 410,000 | | | | 850,152 | |
KWG Property Holding Ltd. | | | 156,500 | | | | 107,362 | |
Lao Feng Xiang Co. Ltd. Class B | | | 26,400 | | | | 68,191 | |
Lee & Man Paper Manufacturing Ltd. | | | 234,000 | | | | 175,315 | |
Lenovo Group Ltd. | | | 782,000 | | | | 873,275 | |
Li Ning Co. Ltd.a,b | | | 103,500 | | | | 63,930 | |
Lianhua Supermarket Holdings Co. Ltd. Class H | | | 53,000 | | | | 48,798 | |
Lijun International Pharmaceutical (Holding) Co. Ltd.b | | | 250,000 | | | | 68,989 | |
Longfor Properties Co. Ltd. | | | 176,500 | | | | 312,722 | |
Lonking Holdings Ltd.b | | | 262,000 | | | | 70,611 | |
Luthai Textile Co. Ltd. Class B | | | 51,700 | | | | 50,268 | |
Magic Holdings International Ltd. | | | 111,000 | | | | 44,086 | |
Maoye International Holdings Ltd. | | | 177,000 | | | | 38,573 | |
Microport Scientific Corp.b | | | 81,000 | | | | 50,763 | |
MIE Holdings Corp.b | | | 198,000 | | | | 57,193 | |
Minth Group Ltd. | | | 88,000 | | | | 115,066 | |
MMG Ltd.a | | | 236,000 | | | | 104,384 | |
New China Life Insurance Co. Ltd. Class H | | | 70,700 | | | | 275,785 | |
New World Department Store China Ltd. | | | 66,000 | | | | 41,022 | |
Nine Dragons Paper (Holdings) Ltd. | | | 204,000 | | | | 194,139 | |
North Mining Shares Co. Ltd.a | | | 1,160,000 | | | | 68,809 | |
NVC Lighting Holdings Ltd.b | | | 218,000 | | | | 54,817 | |
Parkson Retail Group Ltd. | | | 210,000 | | | | 136,482 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 11 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PCD Stores (Group) Ltd.b | | | 554,000 | | | $ | 83,584 | |
People’s Insurance Co. Group of China Ltd. Class Ha | | | 450,000 | | | | 264,028 | |
PetroChina Co. Ltd. Class H | | | 2,646,000 | | | | 3,637,254 | |
Phoenix Satellite Television Holdings Ltd.b | | | 126,000 | | | | 53,293 | |
PICC Property and Casualty Co. Ltd. Class H | | | 340,000 | | | | 488,417 | |
Ping An Insurance (Group) Co. of China Ltd. Class H | | | 236,500 | | | | 1,979,258 | |
Poly Property Group Co. Ltd.a | | | 255,000 | | | | 182,170 | |
Ports Design Ltd. | | | 54,500 | | | | 48,422 | |
Powerlong Real Estate Holdings Ltd. | | | 171,000 | | | | 43,440 | |
Real Nutriceutical Group Ltd. | | | 109,000 | | | | 31,625 | |
Renhe Commercial Holdings Co. Ltd.a | | | 1,544,000 | | | | 113,488 | |
REXLot Holdings Ltd. | | | 975,000 | | | | 89,267 | |
Road King Infrastructure Ltd. | | | 107,000 | | | | 100,034 | |
Sany Heavy Equipment International Holdings Co. Ltd.b | | | 136,000 | | | | 61,381 | |
Semiconductor Manufacturing International Corp.a | | | 2,958,000 | | | | 169,740 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | | | 220,000 | | | | 204,543 | |
Shanghai Electric Group Co. Ltd. Class H | | | 358,000 | | | | 145,419 | |
Shanghai Industrial Holdings Ltd. | | | 71,000 | | | | 231,636 | |
Shanghai Industrial Urban Development Group Ltd.a,b | | | 202,000 | | | | 45,324 | |
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H | | | 200,000 | | | | 35,849 | |
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | | | 34,400 | | | | 40,558 | |
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | | | 76,300 | | | | 164,311 | |
Shenzhen Expressway Co. Ltd. Class H | | | 222,000 | | | | 90,748 | |
Shenzhen International Holdings Ltd. | | | 1,227,500 | | | | 172,534 | |
Shenzhen Investment Ltd.b | | | 356,000 | | | | 155,624 | |
Shenzhou International Group Holdings Ltd.b | | | 54,000 | | | | 153,194 | |
Shimao Property Holdings Ltd. | | | 180,500 | | | | 363,102 | |
Shougang Concord International Enterprises Co. Ltd.a | | | 1,392,000 | | | | 89,750 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Shougang Fushan Resources Group Ltd. | | | 414,000 | | | $ | 182,580 | |
Shui On Land Ltd. | | | 365,500 | | | | 169,203 | |
Sihuan Pharmaceutical Holdings Group Ltd. | | | 246,000 | | | | 114,200 | |
Sino Biopharmaceutical Ltd.b | | | 364,000 | | | | 209,345 | |
Sino Oil And Gas Holdings Ltd.a | | | 2,995,000 | | | | 62,180 | |
Sino-Ocean Land Holdings Ltd. | | | 354,500 | | | | 245,023 | |
Sinofert Holdings Ltd.b | | | 290,000 | | | | 71,800 | |
Sinopec Kantons Holdings Ltd.b | | | 94,000 | | | | 85,214 | |
Sinopec Shanghai Petrochemical Co. Ltd. Class H | | | 306,000 | | | | 134,161 | |
Sinopharm Group Co. Ltd. Class H | | | 104,400 | | | | 329,832 | |
Sinotrans Ltd. Class H | | | 282,000 | | | | 54,910 | |
Sinotrans Shipping Ltd.b | | | 235,500 | | | | 66,202 | |
Skyworth Digital Holdings Ltd. | | | 218,000 | | | | 146,461 | |
SOHO China Ltd.b | | | 258,000 | | | | 200,615 | |
Sun Art Retail Group Ltd.b | | | 293,000 | | | | 408,054 | |
Sunac China Holdings Ltd.b | | | 209,000 | | | | 161,975 | |
Sunny Optical Technology Group Co Ltd. | | | 56,000 | | | | 51,704 | |
TCL Multimedia Technology Holdings Ltd. | | | 64,000 | | | | 50,590 | |
Tech Pro Technology Development Ltd.a | | | 244,000 | | | | 92,505 | |
Tencent Holdings Ltd. | | | 128,400 | | | | 4,440,689 | |
Tiangong International Co. Ltd. | | | 172,000 | | | | 50,348 | |
Tianjin Development Holdings Ltd.a,b | | | 98,000 | | | | 74,054 | |
Tianjin Port Development Holdings Ltd.b | | | 612,000 | | | | 92,334 | |
Tianneng Power International Ltd. | | | 110,000 | | | | 82,271 | |
Tibet 5100 Water Resources Holdings Ltd.b | | | 148,000 | | | | 44,849 | |
Tingyi (Cayman Islands) Holding Corp. | | | 248,000 | | | | 650,793 | |
Tong Ren Tang Technologies Co. Ltd. Class H | | | 34,000 | | | | 95,579 | |
Towngas China Co. Ltd. | | | 130,000 | | | | 114,161 | |
Travelsky Technology Ltd. Class H | | | 105,000 | | | | 68,783 | |
Tsingtao Brewery Co. Ltd. Class H | | | 36,000 | | | | 225,382 | |
Uni-President China Holdings Ltd.b | | | 133,000 | | | | 163,788 | |
Vinda International Holdings Ltd.b | | | 83,000 | | | | 117,305 | |
VODone Ltd. | | | 480,000 | | | | 40,852 | |
Want Want China Holdings Ltd. | | | 747,000 | | | | 1,048,036 | |
| | |
| 12 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Wasion Group Holdings Ltd. | | | 84,000 | | | $ | 47,661 | |
Weichai Power Co. Ltd. Class H | | | 60,000 | | | | 227,471 | |
Weiqiao Textile Co. Ltd. Class H | | | 115,500 | | | | 60,171 | |
West China Cement Ltd. | | | 398,000 | | | | 75,958 | |
Winsway Coking Coal Holding Ltd. | | | 410,000 | | | | 59,215 | |
Wumart Stores Inc. Class H | | | 64,000 | | | | 125,444 | |
Xingda International Holdings Ltd.b | | | 105,000 | | | | 49,556 | |
Xinhua Winshare Publishing and Media Co. Ltd. Class H | | | 89,000 | | | | 49,924 | |
XTEP International Holdings Ltd. | | | 88,000 | | | | 35,859 | |
Yanchang Petroleum International Ltd.a | | | 1,020,000 | | | | 72,342 | |
Yanzhou Coal Mining Co. Ltd. Class H | | | 258,000 | | | | 399,899 | |
Yingde Gases Group Co. Ltd. | | | 134,000 | | | | 156,898 | |
Yuanda China Holdings Ltd. | | | 376,000 | | | | 48,486 | |
Yuexiu Property Co. Ltd. | | | 650,000 | | | | 224,634 | |
Yuexiu Real Estate Investment Trust | | | 271,000 | | | | 142,929 | |
Yuexiu Transport Infrastructure Ltd. | | | 112,000 | | | | 62,825 | |
Yuzhou Properties Co.b | | | 190,000 | | | | 52,922 | |
Zhaojin Mining Industry Co. Ltd. Class H | | | 108,000 | | | | 142,332 | |
Zhejiang Expressway Co. Ltd. Class H | | | 194,000 | | | | 162,858 | |
Zhejiang Southeast Electric Power Co. Ltd. Class B | | | 92,900 | | | | 69,582 | |
Zhongsheng Group Holdings Ltd. | | | 72,500 | | | | 112,188 | |
Zhuzhou CSR Times Electric Co. Ltd. Class H | | | 57,000 | | | | 188,534 | |
Zijin Mining Group Co. Ltd. Class H | | | 804,000 | | | | 276,818 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H | | | 164,800 | | | | 217,612 | |
ZTE Corp. Class H | | | 81,200 | | | | 138,634 | |
| | | | | | | | |
| | | | | | | 102,635,342 | |
COLOMBIA — 0.85% | |
Almacenes Exito SA | | | 24,419 | | | | 470,974 | |
Bancolombia SA | | | 29,425 | | | | 466,993 | |
Bolsa de Valores de Colombia | | | 5,946,306 | | | | 101,908 | |
Cementos Argos SA | | | 51,008 | | | | 261,410 | |
Corporacion Financiera Colombiana SA | | | 9,831 | | | | 192,213 | |
Ecopetrol SA | | | 596,598 | | | | 1,712,855 | |
Grupo Argos SA | | | 37,933 | | | | 474,927 | |
Grupo de Inversiones Suramericana SA | | | 30,110 | | | | 641,466 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Interconexion Electrica SA ESP | | | 48,833 | | | $ | 263,719 | |
Isagen SA ESP | | | 107,123 | | | | 150,825 | |
| | | | | | | | |
| | | | | | | 4,737,290 | |
CZECH REPUBLIC — 0.26% | | | | | | | | |
Central European Media Enterprises Ltd. AS Class Aa | | | 10,031 | | | | 52,257 | |
CEZ AS | | | 20,329 | | | | 612,263 | |
Komercni Banka AS | | | 2,014 | | | | 409,743 | |
Pegas Nonwovens SA | | | 3,386 | | | | 91,299 | |
Philip Morris CR AS | | | 60 | | | | 35,973 | |
Telefonica O2 Czech Republic AS | | | 14,663 | | | | 242,441 | |
| | | | | | | | |
| | | | | | | 1,443,976 | |
EGYPT — 0.32% | | | | | | | | |
Citadel Capital SAEa | | | 133,752 | | | | 74,413 | |
Commercial International Bank (Egypt) SAE | | | 77,047 | | | | 388,073 | |
EFG-Hermes Holding Co. SAEa | | | 46,175 | | | | 78,096 | |
Egyptian Kuwaiti Holding Co. SAE | | | 91,609 | | | | 107,182 | |
ElSwedy Electric Co. SAE | | | 8,622 | | | | 26,236 | |
ezzsteel | | | 29,194 | | | | 43,096 | |
National Societe Generale Bank SAE | | | 14,529 | | | | 81,910 | |
Orascom Construction Industries SAEa | | | 12,273 | | | | 471,393 | |
Orascom Telecom Holding SAEa | | | 345,947 | | | | 215,051 | |
Palm Hills Developments SAEa | | | 90,794 | | | | 30,712 | |
Pioneers Holding Co.a | | | 26,546 | | | | 17,132 | |
Six of October Development & Investment Co.a | | | 11,053 | | | | 34,502 | |
South Valley Cement Co.a | | | 48,774 | | | | 29,813 | |
Talaat Moustafa Group Holding Company SAEa | | | 119,814 | | | | 72,525 | |
Telecom Egypt Co. SAE | | | 62,422 | | | | 128,634 | |
| | | | | | | | |
| | | | | | | 1,798,768 | |
HUNGARY — 0.21% | | | | | | | | |
EGIS Pharmaceuticals PLC | | | 565 | | | | 46,885 | |
Magyar Telekom Telecommunications PLC | | | 63,505 | | | | 114,238 | |
MOL Hungarian Oil and Gas PLC | | | 5,271 | | | | 405,136 | |
OTP Bank PLC | | | 29,515 | | | | 613,125 | |
| | | | | | | | |
| | | | | | | 1,179,384 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 13 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
INDONESIA — 3.15% | | | | | | | | |
PT Adaro Energy Tbk | | | 1,797,000 | | | $ | 291,953 | |
PT Agis Tbka | | | 720,500 | | | | 33,552 | |
PT Agung Podomoro Land Tbka | | | 977,000 | | | | 46,001 | |
PT AKR Corporindo Tbk | | | 275,500 | | | | 127,579 | |
PT Alam Sutera Realty Tbk | | | 1,421,500 | | | | 136,803 | |
PT Aneka Tambang (Persero) Tbk | | | 523,500 | | | | 69,883 | |
PT Astra Agro Lestari Tbk | | | 45,000 | | | | 85,916 | |
PT Astra International Tbk | | | 2,545,000 | | | | 2,093,729 | |
PT Bakrieland Development Tbka | | | 7,818,500 | | | | 47,735 | |
PT Bank Bukopin Tbk | | | 744,500 | | | | 60,093 | |
PT Bank Central Asia Tbk | | | 1,537,000 | | | | 1,749,573 | |
PT Bank Danamon Indonesia Tbk | | | 419,500 | | | | 273,488 | |
PT Bank Mandiri (Persero) Tbk | | | 1,189,000 | | | | 1,236,555 | |
PT Bank Negara Indonesia (Persero) Tbk | | | 945,500 | | | | 450,075 | |
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk | | | 399,500 | | | | 50,436 | |
PT Bank Rakyat Indonesia (Persero) Tbk | | | 1,396,000 | | | | 1,365,158 | |
PT Bank Tabungan Negara (Persero) Tbk | | | 451,376 | | | | 76,136 | |
PT Benakat Petroleum Energy Tbka | | | 2,914,000 | | | | 46,438 | |
PT Bhakti Investama Tbk | | | 2,932,500 | | | | 154,765 | |
PT Bukit Asam (Persero) Tbk | | | 102,000 | | | | 159,383 | |
PT Bumi Resources Tbk | | | 2,086,500 | | | | 177,051 | |
PT BW Plantation Tbk | | | 262,000 | | | | 36,873 | |
PT Charoen Pokphand Indonesia Tbk | | | 941,000 | | | | 428,458 | |
PT Ciputra Development Tbk | | | 1,509,000 | | | | 173,332 | |
PT Ciputra Property Tbk | | | 580,000 | | | | 57,019 | |
PT Citra Marga Nusaphala Persada Tbk | | | 341,500 | | | | 63,611 | |
PT Energi Mega Persada Tbka | | | 6,182,500 | | | | 66,537 | |
PT Erajaya Swasembada Tbka | | | 125,000 | | | | 37,836 | |
PT Gajah Tunggal Tbk | | | 217,500 | | | | 49,516 | |
PT Garuda Indonesia (Persero) Tbka | | | 764,000 | | | | 52,180 | |
PT Global Mediacom Tbk | | | 767,000 | | | | 182,553 | |
PT Gudang Garam Tbk | | | 58,500 | | | | 292,394 | |
PT Holcim Indonesia Tbk | | | 235,000 | | | | 89,370 | |
PT Indika Energy Tbk | | | 254,000 | | | | 36,798 | |
PT Indo Tambangraya Megah Tbk | | | 49,000 | | | | 204,093 | |
PT Indocement Tunggal Prakarsa Tbk | | | 186,500 | | | | 423,622 | |
PT Indofood Sukses Makmur Tbk | | | 535,500 | | | | 404,527 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
PT Indosat Tbk | | | 170,500 | | | $ | 112,038 | |
PT Japfa Comfeed Indonesia Tbk | | | 110,000 | | | | 92,772 | |
PT Jasa Marga (Persero) Tbk | | | 300,500 | | | | 172,585 | |
PT Kalbe Farma Tbk | | | 2,937,500 | | | | 392,133 | |
PT Kawasan Industri Jababeka Tbka | | | 2,207,000 | | | | 59,380 | |
PT Krakatau Steel (Persero) Tbk | | | 570,000 | | | | 39,520 | |
PT Lippo Karawaci Tbk | | | 2,305,000 | | | | 269,535 | |
PT Medco Energi Internasional Tbk | | | 397,000 | | | | 69,019 | |
PT Media Nusantara Citra Tbk | | | 535,500 | | | | 163,473 | |
PT Mitra Adiperkasa Tbk | | | 116,500 | | | | 94,034 | |
PT MNC Sky Vision Tbka | | | 275,000 | | | | 60,472 | |
PT Pakuwon Jati Tbk | | | 1,435,000 | | | | 53,459 | |
PT Panin Financial Tbka | | | 2,681,000 | | | | 56,874 | |
PT Perusahaan Gas Negara (Persero) Tbk | | | 1,380,000 | | | | 685,466 | |
PT Ramayana Lestari Sentosa Tbk | | | 376,000 | | | | 51,360 | |
PT Semen Gresik (Persero) Tbk | | | 372,500 | | | | 668,792 | |
PT Sentul City Tbka | | | 2,962,000 | | | | 90,422 | |
PT Summarecon Agung Tbk | | | 653,000 | | | | 157,109 | |
PT Surya Semesta Internusa Tbk | | | 402,657 | | | | 62,502 | |
PT Telekomunikasi Indonesia (Persero) Tbk | | | 1,260,000 | | | | 1,401,666 | |
PT Timah (Persero) Tbk | | | 318,000 | | | | 48,374 | |
PT Tower Bersama Infrastructure Tbka | | | 172,000 | | | | 99,674 | |
PT Trada Maritime Tbka | | | 597,500 | | | | 87,799 | |
PT Unilever Indonesia Tbk | | | 191,500 | | | | 452,815 | |
PT United Tractors Tbk | | | 221,000 | | | | 441,383 | |
PT Wijaya Karya (Persero) Tbk | | | 383,500 | | | | 70,243 | |
PT XL Axiata Tbk | | | 315,000 | | | | 177,653 | |
| | | | | | | | |
| | | | | | | 17,461,573 | |
MALAYSIA — 3.50% | | | | | | | | |
Aeon Credit Service M Bhd | | | 8,700 | | | | 34,457 | |
Affin Holdings Bhd | | | 66,900 | | | | 71,435 | |
AirAsia Bhd | | | 155,900 | | | | 146,795 | |
Alliance Financial Group Bhd | | | 156,200 | | | | 217,836 | |
AMMB Holdings Bhd | | | 226,200 | | | | 462,574 | |
Axiata Group Bhd | | | 318,400 | | | | 659,363 | |
Berjaya Corp. Bhd | | | 503,300 | | | | 87,941 | |
Berjaya Sports Toto Bhd | | | 80,408 | | | | 109,275 | |
BIMB Holdings Bhd | | | 39,900 | | | | 40,023 | |
British American Tobacco (Malaysia) Bhd | | | 13,900 | | | | 274,357 | |
Bumi Armada Bhda | | | 190,800 | | | | 233,985 | |
| | |
| 14 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Bursa Malaysia Bhd | | | 62,800 | | | $ | 134,114 | |
CapitaMalls Malaysia Trust Bhd | | | 142,600 | | | | 86,746 | |
Carlsberg Brewery Malaysia Bhd | | | 18,700 | | | | 78,055 | |
CIMB Group Holdings Bhd | | | 627,700 | | | | 1,462,365 | |
Dialog Group Bhd | | | 183,200 | | | | 138,119 | |
DiGi.Com Bhd | | | 385,700 | | | | 570,344 | |
DRB-Hicom Bhd | | | 99,500 | | | | 82,742 | |
Eastern & Oriental Bhd | | | 76,700 | | | | 39,212 | |
Felda Global Ventures Holdings Bhd | | | 162,800 | | | | 236,522 | |
Gamuda Bhd | | | 43,300 | | | | 53,801 | |
Genting Bhd | | | 260,300 | | | | 799,303 | |
Genting Malaysia Bhd | | | 370,500 | | | | 443,569 | |
Genting Plantations Bhd | | | 30,500 | | | | 83,590 | |
HAP Seng Consolidated Bhd | | | 91,800 | | | | 46,635 | |
Hartalega Holdings Bhd | | | 33,400 | | | | 51,443 | |
Hong Leong Bank Bhd | | | 77,400 | | | | 365,149 | |
Hong Leong Financial Group Bhd | | | 35,400 | | | | 164,257 | |
IGB Corp. Bhd | | | 126,200 | | | | 91,878 | |
IHH Healthcare Bhda | | | 249,200 | | | | 276,575 | |
IJM Corp. Bhd | | | 69,800 | | | | 115,863 | |
IJM Land Bhd | | | 51,900 | | | | 36,610 | |
IJM Plantations Bhd | | | 38,000 | | | | 36,027 | |
IOI Corp. Bhd | | | 415,400 | | | | 658,618 | |
KLCC Property Holdings Bhd | | | 41,100 | | | | 86,974 | |
KPJ Healthcare Bhd | | | 72,700 | | | | 137,143 | |
Kuala Lumpur Kepong Bhd | | | 62,600 | | | | 420,102 | |
Lafarge Malayan Cement Bhd | | | 47,400 | | | | 149,692 | |
Mah Sing Group Bhd | | | 65,300 | | | | 44,372 | |
Malayan Banking Bhd | | | 551,500 | | | | 1,632,818 | |
Malaysia Airports Holdings Bhd | | | 76,700 | | | | 135,754 | |
Malaysia Building Society Bhd | | | 51,600 | | | | 41,407 | |
Malaysia Marine and Heavy Engineering Holdings Bhd | | | 62,600 | | | | 82,035 | |
Malaysian Airline System Bhda | | | 150,500 | | | | 35,793 | |
Malaysian Resources Corp. Bhd | | | 269,300 | | | | 112,408 | |
Maxis Communications Bhd | | | 282,100 | | | | 581,452 | |
Media Chinese International Ltd. | | | 84,300 | | | | 30,278 | |
Media Prima Bhd | | | 142,100 | | | | 100,236 | |
MISC Bhda | | | 154,700 | | | | 263,798 | |
MMC Corp. Bhd | | | 124,200 | | | | 100,871 | |
Multi-Purpose Holdings Bhd | | | 106,000 | | | | 116,615 | |
OSK Holdings Bhd | | | 194,000 | | | | 90,393 | |
Parkson Holdings Bhd | | | 75,400 | | | | 112,472 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Pavilion Real Estate Investment Trust Bhd | | | 106,200 | | | $ | 53,607 | |
Petronas Chemicals Group Bhd | | | 353,700 | | | | 726,742 | |
Petronas Dagangan Bhd | | | 29,000 | | | | 220,702 | |
Petronas Gas Bhd | | | 72,800 | | | | 431,547 | |
POS Malaysia Bhd | | | 41,900 | | | | 51,248 | |
PPB Group Bhd | | | 67,100 | | | | 268,791 | |
Public Bank Bhd Foreign | | | 136,600 | | | | 711,620 | |
QL Resources Bhd | | | 50,700 | | | | 49,215 | |
RHB Capital Bhd | | | 86,300 | | | | 219,206 | |
Sapurakencana Petroleum Bhda | | | 328,800 | | | | 308,533 | |
Sarawak Oil Palms Bhd | | | 17,900 | | | | 29,249 | |
Sime Darby Bhd | | | 341,100 | | | | 1,016,512 | |
Sunway Bhda | | | 116,800 | | | | 94,105 | |
Sunway Real Estate Investment Trust Bhd | | | 216,900 | | | | 105,976 | |
Supermax Corp. Bhd | | | 70,800 | | | | 41,923 | |
Ta Ann Holdings Bhd | | | 22,600 | | | | 24,863 | |
TA Enterprise Bhd | | | 472,800 | | | | 77,257 | |
TAN Chong Motor Holdings Bhd | | | 29,200 | | | | 48,564 | |
Telekom Malaysia Bhd | | | 131,200 | | | | 225,848 | |
Tenaga Nasional Bhd | | | 343,500 | | | | 771,361 | |
TIME dotCom Bhd | | | 62,000 | | | | 76,635 | |
Top Glove Corp. Bhd | | | 49,500 | | | | 87,932 | |
Tradewinds (Malaysia) Bhd | | | 13,100 | | | | 39,167 | |
TSH Resources Bhd | | | 49,200 | | | | 34,705 | |
UEM Land Holdings Bhda | | | 189,200 | | | | 140,194 | |
UMW Holdings Bhd | | | 59,400 | | | | 246,018 | |
UOA Development Bhd | | | 57,800 | | | | 34,787 | |
WCT Bhd | | | 142,480 | | | | 101,887 | |
YTL Corp. Bhd | | | 641,000 | | | | 342,226 | |
YTL Power International Bhd | | | 347,400 | | | | 170,862 | |
| | | | | | | | |
| | | | | | | 19,415,472 | |
MEXICO — 4.88% | | | | | | | | |
Alfa SAB de CV Series A | | | 359,400 | | | | 874,174 | |
Alpek SAB de CV | | | 56,600 | | | | 128,987 | |
Alsea SAB de CVa | | | 51,600 | | | | 129,101 | |
America Movil SAB de CV Series L | | | 4,895,700 | | | | 5,122,536 | |
Arca Continental SAB de CV | | | 40,100 | | | | 301,897 | |
Axtel SAB de CV CPOa,b | | | 154,400 | | | | 35,525 | |
Bolsa Mexicana de Valores SAB de CV | | | 35,000 | | | | 85,158 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 15 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Cemex SAB de CV CPOa | | | 1,330,900 | | | $ | 1,429,020 | |
Coca-Cola FEMSA SAB de CV Series L | | | 54,000 | | | | 912,315 | |
Compartamos SAB de CV | | | 133,500 | | | | 212,297 | |
Consorcio ARA SAB de CVa | | | 144,400 | | | | 55,939 | |
Controladora Comercial Mexicana SAB de CV BC Units | | | 45,800 | | | | 158,319 | |
Desarrolladora Homex SAB de CVa,b | | | 35,900 | | | | 71,334 | |
El Puerto de Liverpool SA de CV Series C1 | | | 20,500 | | | | 231,039 | |
Empresas ICA SAB de CVa | | | 79,900 | | | | 230,609 | |
Fomento Economico Mexicano SAB de CV BD Units | | | 244,100 | | | | 2,730,041 | |
Genomma Lab Internacional SAB de CV Series Ba | | | 92,500 | | | | 221,949 | |
Gruma SAB de CV Series Ba | | | 23,200 | | | | 81,685 | |
Grupo Aeromexico SAB de CVa | | | 22,600 | | | | 31,164 | |
Grupo Aeroportuario del Centro Norte SAB de CV | | | 22,400 | | | | 76,484 | |
Grupo Aeroportuario del Pacifico SAB de CV Series B | | | 36,200 | | | | 223,666 | |
Grupo Aeroportuario del Sureste SAB de CV Series B | | | 25,900 | | | | 341,315 | |
Grupo Bimbo SAB de CV Series A | | | 208,400 | | | | 565,445 | |
Grupo Carso SAB de CV Series A1 | | | 71,500 | | | | 346,870 | |
Grupo Famsa SAB de CV Series Aa | | | 27,600 | | | | 40,305 | |
Grupo Financiero Banorte SAB de CV Series O | | | 236,600 | | | | 1,756,083 | |
Grupo Financiero Inbursa SAB de CV Series O | | | 256,900 | | | | 724,180 | |
Grupo Financiero Santander Mexico SAB de CV Series B | | | 190,400 | | | | 568,610 | |
Grupo Herdez SAB de CVb | | | 24,700 | | | | 74,711 | |
Grupo Mexico SAB de CV Series B | | | 479,700 | | | | 1,883,819 | |
Grupo Modelo SAB de CV Series C | | | 80,100 | | | | 716,941 | |
Grupo Simec SAB de CV Series Ba | | | 10,200 | | | | 43,497 | |
Grupo Televisa SAB de CV CPO | | | 325,400 | | | | 1,746,695 | |
Industrias CH SAB de CV Series Ba | | | 20,700 | | | | 168,899 | |
Industrias Penoles SAB de CV | | | 17,285 | | | | 797,578 | |
Kimberly-Clark de Mexico SAB de CV Series A | | | 193,600 | | | | 612,862 | |
Mexichem SAB de CV | | | 134,200 | | | | 672,053 | |
Minera Frisco SAB de CV Series A1a | | | 83,200 | | | | 351,345 | |
TV Azteca SAB de CV CPO | | | 189,400 | | | | 131,919 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Urbi Desarrollos Urbanos SAB de CVa | | | 154,000 | | | $ | 51,944 | |
Wal-Mart de Mexico SAB de CV Series V | | | 665,600 | | | | 2,090,361 | |
| | | | | | | | |
| | | | | | | 27,028,671 | |
MOROCCO — 0.07% | |
Attijariwafa Bank | | | 4,609 | | | | 164,152 | |
Douja Promotion Groupe Addoha SA | | | 13,062 | | | | 92,888 | |
Managem | | | 185 | | | | 34,140 | |
Maroc Telecom SA | | | 9,615 | | | | 122,624 | |
| | | | | | | | |
| | | | | | | 413,804 | |
PERU — 0.52% | | | | | | | | |
Compania de Minas Buenaventura SA SP ADR | | | 25,402 | | | | 650,799 | |
Credicorp Ltd. | | | 9,011 | | | | 1,351,470 | |
Southern Copper Corp. | | | 23,192 | | | | 876,426 | |
| | | | | | | | |
| | | | | | | 2,878,695 | |
PHILIPPINES — 1.17% | | | | | | | | |
Aboitiz Equity Ventures Inc. | | | 242,010 | | | | 348,790 | |
Aboitiz Power Corp. | | | 209,000 | | | | 197,897 | |
Alliance Global Group Inc. | | | 240,800 | | | | 118,446 | |
Atlas Consolidated Mining & Development Corp.a | | | 99,000 | | | | 52,349 | |
Ayala Corp. | | | 22,620 | | | | 322,388 | |
Ayala Land Inc. | | | 665,800 | | | | 523,994 | |
Bank of the Philippine Islands | | | 83,310 | | | | 217,188 | |
BDO Unibank Inc.a | | | 184,500 | | | | 449,225 | |
Belle Corp.a | | | 633,200 | | | | 91,881 | |
Cebu Air Inc. | | | 33,560 | | | | 54,475 | |
DMCI Holdings Inc. | | | 96,000 | | | | 126,316 | |
East West Banking Corp.a | | | 60,800 | | | | 52,486 | |
Energy Development Corp. | | | 939,500 | | | | 175,145 | |
Filinvest Land Inc. | | | 1,699,000 | | | | 82,318 | |
First Gen Corp.a | | | 135,100 | | | | 87,386 | |
First Philippine Holdings Corp. | | | 29,360 | | | | 82,101 | |
Globe Telecom Inc. | | | 4,240 | | | | 117,314 | |
GT Capital Holdings Inc. | | | 6,040 | | | | 111,412 | |
International Container Terminal Services Inc. | | | 93,400 | | | | 188,362 | |
Jollibee Foods Corp. | | | 48,050 | | | | 149,964 | |
Lopez Holdings Corp. | | | 422,000 | | | | 77,841 | |
Manila Water Co. Inc. | | | 86,500 | | | | 77,225 | |
Megaworld Corp. | | | 1,422,000 | | | | 137,444 | |
| | |
| 16 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Metropolitan Bank & Trust Co. | | | 31,100 | | | $ | 87,196 | |
Nickel Asia Corp. | | | 90,600 | | | | 47,239 | |
Philex Petroleum Corp.a | | | 50,000 | | | | 41,318 | |
Philippine Long Distance Telephone Co. | | | 5,185 | | | | 372,361 | |
Philippine National Banka | | | 32,070 | | | | 81,871 | |
Puregold Price Club Inc. | | | 115,900 | | | | 118,009 | |
Rizal Commercial Banking Corp. | | | 28,560 | | | | 44,252 | |
Robinsons Land Corp. | | | 215,400 | | | | 120,520 | |
San Miguel Corp. | | | 64,000 | | | | 195,022 | |
Security Bank Corp. | | | 17,100 | | | | 74,313 | |
SM Development Corp. | | | 255,000 | | | | 53,747 | |
SM Investments Corp. | | | 27,645 | | | | 709,822 | |
SM Prime Holdings Inc. | | | 844,500 | | | | 394,626 | |
Universal Robina Corp. | | | 99,300 | | | | 231,521 | |
Vista Land & Lifescapes Inc. | | | 352,600 | | | | 47,522 | |
| | | | | | | | |
| | | | | | | 6,461,286 | |
POLAND — 1.46% | | | | | | | | |
Asseco Poland SA | | | 8,608 | | | | 117,058 | |
Bank Handlowy w Warszawie SA | | | 4,554 | | | | 128,965 | |
Bank Millennium SAa | | | 66,953 | | | | 100,813 | |
Bank Pekao SA | | | 17,056 | | | | 861,786 | |
BRE Bank SAa | | | 2,058 | | | | 218,795 | |
Budimex SA | | | 1,646 | | | | 38,369 | |
Ciech SAa | | | 7,462 | | | | 50,420 | |
Cyfrowy Polsat SAa | | | 28,987 | | | | 149,749 | |
ENEA SA | | | 13,983 | | | | 68,273 | |
Eurocash SA | | | 8,855 | | | | 147,837 | |
Getin Holding SAa | | | 52,192 | | | | 46,692 | |
Getin Noble Bank SAa | | | 222,818 | | | | 132,657 | |
Globe Trade Centre SAa,b | | | 36,299 | | | | 93,190 | |
Grupa Lotos SAa | | | 8,740 | | | | 114,999 | |
Jastrzebska Spolka Weglowa SA | | | 4,927 | | | | 147,443 | |
Kernel Holding SAa | | | 6,842 | | | | 140,308 | |
KGHM Polska Miedz SA | | | 17,572 | | | | 1,000,224 | |
Lubelski Wegiel Bogdanka SA | | | 4,409 | | | | 179,718 | |
Netia SAa | | | 57,530 | | | | 84,087 | |
Polska Grupa Energetyczna SA | | | 93,452 | | | | 477,777 | |
Polski Koncern Naftowy Orlen SAa | | | 40,355 | | | | 682,001 | |
Polskie Gornictwo Naftowe i Gazownictwo SAa | | | 222,843 | | | | 401,525 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | | 113,271 | | | | 1,270,242 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Powszechny Zaklad Ubezpieczen SA | | | 6,976 | | | $ | 885,363 | |
Synthos SA | | | 65,484 | | | | 114,072 | |
Tauron Polska Energia SA | | | 128,438 | | | | 178,018 | |
TVN SA | | | 25,977 | | | | 79,374 | |
Warsaw Stock Exchange SA | | | 6,095 | | | | 80,638 | |
Zaklady Azotowe w Tarnowie-Moscicach SAa | | | 6,546 | | | | 116,298 | |
| | | | | | | | |
| | | | | | | 8,106,691 | |
RUSSIA — 5.10% | | | | | | | | |
Aeroflot-Russian Airlines OJSC | | | 35,656 | | | | 61,752 | |
Federal Grid Co. of Unified Energy System OJSCa | | | 41,870,000 | | | | 260,064 | |
Gazprom OAO | | | 1,335,830 | | | | 5,997,619 | |
IDGC Holding JSCa | | | 2,403,000 | | | | 150,685 | |
INTER RAO UES OJSCa | | | 290,300,000 | | | | 204,900 | |
LSR Group OJSC SP GDRd | | | 34,257 | | | | 162,515 | |
LUKOIL OAO | | | 63,644 | | | | 4,082,430 | |
Magnit OJSC SP GDRd | | | 31,689 | | | | 1,344,247 | |
Mechel OAO SP ADR | | | 23,448 | | | | 128,729 | |
MegaFon OAO SP GDRa | | | 11,007 | | | | 316,451 | |
MMC Norilsk Nickel OJSC | | | 6,007 | | | | 1,060,752 | |
Mobile TeleSystems OJSC SP ADR | | | 65,184 | | | | 1,348,657 | |
NovaTek OAO SP GDRd | | | 11,387 | | | | 1,320,892 | |
Novolipetsk Steel OJSC SP GDRd | | | 8,418 | | | | 161,541 | |
OGK-2 OJSC | | | 4,053,000 | | | | 50,804 | |
PIK Groupa | | | 33,680 | | | | 72,241 | |
Rosneft Oil Co. OJSC | | | 158,760 | | | | 1,265,872 | |
Rostelecom OJSC | | | 149,580 | | | | 599,832 | |
RusHydro OJSC | | | 17,114,000 | | | | 384,976 | |
Sberbank of Russia | | | 1,365,800 | | | | 4,666,972 | |
Severstal OAO | | | 21,430 | | | | 238,861 | |
Sistema JSFC SP GDRd | | | 15,508 | | | | 304,887 | |
Sollers OJSCa | | | 2,144 | | | | 56,888 | |
Surgutneftegas OJSC | | | 906,700 | | | | 850,091 | |
Tatneft OAO, Class S | | | 178,260 | | | | 1,166,745 | |
TMK OAO SP GDRd | | | 8,647 | | | | 128,927 | |
Uralkali OJSC | | | 166,400 | | | | 1,237,017 | |
VTB Bank OJSC | | | 355,530,000 | | | | 649,193 | |
| | | | | | | | |
| | | | | | | 28,274,540 | |
SOUTH AFRICA — 7.20% | | | | | | | | |
Absa Group Ltd. | | | 37,434 | | | | 677,948 | |
Acucap Properties Ltd. | | | 20,919 | | | | 108,364 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 17 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Adcock Ingram Holdings Ltd. | | | 21,983 | | | $ | 136,905 | |
Adcorp Holdings Ltd. | | | 24,565 | | | | 87,060 | |
Advtech Ltd. | | | 74,978 | | | | 56,405 | |
Aeci Ltd. | | | 19,399 | | | | 205,390 | |
African Bank Investments Ltd. | | | 96,557 | | | | 309,923 | |
African Oxygen Ltd. | | | 22,985 | | | | 56,536 | |
African Rainbow Minerals Ltd. | | | 13,748 | | | | 292,896 | |
Anglo American Platinum Ltd. | | | 8,517 | | | | 403,415 | |
AngloGold Ashanti Ltd. | | | 47,682 | | | | 1,171,285 | |
ArcelorMittal South Africa Ltd.a | | | 26,359 | | | | 85,046 | |
Aspen Pharmacare Holdings Ltd.a | | | 35,909 | | | | 653,051 | |
Assore Ltd. | | | 3,944 | | | | 148,350 | |
Astral Foods Ltd. | | | 9,593 | | | | 96,222 | |
Aveng Ltd. | | | 58,012 | | | | 212,065 | |
AVI Ltd. | | | 31,343 | | | | 193,870 | |
Barloworld Ltd. | | | 27,073 | | | | 278,493 | |
Bidvest Group Ltd. | | | 36,474 | | | | 967,957 | |
Blue Label Telecoms Ltd. | | | 53,662 | | | | 48,742 | |
Brait SEa | | | 49,895 | | | | 179,946 | |
Capital Property Fund | | | 158,678 | | | | 190,286 | |
Cashbuild Ltd. | | | 5,243 | | | | 75,963 | |
Cipla Medpro South Africa Ltd. | | | 48,335 | | | | 51,660 | |
City Lodge Hotels Ltd. | | | 6,859 | | | | 83,017 | |
Clicks Group Ltd. | | | 32,320 | | | | 213,421 | |
Clover Industries Ltd. | | | 38,912 | | | | 73,724 | |
Coronation Fund Managers Ltd. | | | 28,242 | | | | 148,533 | |
DataTec Ltd. | | | 25,357 | | | | 137,655 | |
Discovery Holdings Ltd. | | | 34,965 | | | | 292,651 | |
DRDGOLD Ltd. | | | 84,947 | | | | 62,389 | |
Emira Property Fund | | | 59,287 | | | | 97,989 | |
EOH Holdings Ltd. | | | 11,882 | | | | 67,007 | |
Exxaro Resources Ltd. | | | 15,574 | | | | 298,282 | |
Famous Brands Ltd. | | | 6,480 | | | | 60,303 | |
FirstRand Ltd. | | | 376,618 | | | | 1,294,891 | |
Foschini Group Ltd. (The) | | | 25,495 | | | | 304,172 | |
Fountainhead Property Trust | | | 156,505 | | | | 151,748 | |
Gold Fields Ltd. | | | 90,461 | | | | 770,552 | |
Grindrod Ltd. | | | 47,695 | | | | 94,670 | |
Group Five Ltd. | | | 17,389 | | | | 67,830 | |
Growthpoint Properties Ltd. | | | 211,683 | | | | 645,238 | |
Harmony Gold Mining Co. Ltd. | | | 49,858 | | | | 315,228 | |
Hudaco Industries Ltd. | | | 6,557 | | | | 72,493 | |
Hyprop Investments Ltd. Units | | | 14,877 | | | | 119,958 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Illovo Sugar Ltd. | | | 30,174 | | | $ | 103,240 | |
Impala Platinum Holdings Ltd. | | | 66,930 | | | | 1,036,842 | |
Imperial Holdings Ltd. | | | 21,858 | | | | 504,239 | |
Investec Ltd. | | | 29,361 | | | | 209,457 | |
JD Group Ltd. | | | 16,376 | | | | 71,653 | |
JSE Ltd. | | | 14,390 | | | | 109,216 | |
Kumba Iron Ore Ltd. | | | 9,746 | | | | 617,311 | |
Lewis Group Ltd. | | | 10,690 | | | | 77,464 | |
Liberty Holdings Ltd. | | | 12,619 | | | | 163,843 | |
Life Healthcare Group Holdings Ltd. | | | 120,093 | | | | 451,719 | |
Massmart Holdings Ltd. | | | 13,045 | | | | 271,144 | |
Metair Investments Ltd. | | | 10,455 | | | | 38,393 | |
MMI Holdings Ltd. | | | 117,978 | | | | 293,870 | |
Mondi Ltd. | | | 15,326 | | | | 195,403 | |
Mpact Ltd. | | | 47,593 | | | | 115,632 | |
Mr. Price Group Ltd. | | | 29,206 | | | | 376,960 | |
MTN Group Ltd. | | | 211,431 | | | | 4,137,569 | |
Murray & Roberts Holdings Ltd.a | | | 58,989 | | | | 164,423 | |
Nampak Ltd. | | | 71,929 | | | | 245,864 | |
Naspers Ltd. Class N | | | 49,084 | | | | 3,188,242 | |
Nedbank Group Ltd. | | | 25,656 | | | | 550,966 | |
Netcare Ltd. | | | 112,533 | | | | 250,834 | |
Northam Platinum Ltd. | | | 27,645 | | | | 120,714 | |
Omnia Holdings Ltd. | | | 7,189 | | | | 120,181 | |
Pick n Pay Holdings Ltd. | | | 33,326 | | | | 69,826 | |
Pick n Pay Stores Ltd. | | | 31,526 | | | | 157,301 | |
Pinnacle Technology Holdings Ltd. | | | 28,531 | | | | 65,821 | |
PPC Ltd. | | | 60,845 | | | | 234,017 | |
Redefine Properties Ltd. | | | 364,340 | | | | 399,151 | |
Remgro Ltd. | | | 51,868 | | | | 982,710 | |
Resilient Property Income Fund Ltd. | | | 30,092 | | | | 170,872 | |
Reunert Ltd. | | | 21,920 | | | | 194,216 | |
RMB Holdings Ltd. | | | 84,392 | | | | 385,058 | |
RMI Holdings Ltd. | | | 81,340 | | | | 206,144 | |
Royal Bafokeng Platinum Ltd.a | | | 9,005 | | | | 55,800 | |
SA Corporate Real Estate Fund Nominees Pty Ltd. | | | 135,583 | | | | 60,745 | |
Sanlam Ltd. | | | 217,317 | | | | 1,096,673 | |
Santam Ltd. | | | 3,833 | | | | 79,029 | |
Sappi Ltd.a | | | 67,155 | | | | 213,305 | |
Sasol Ltd. | | | 68,244 | | | | 2,919,614 | |
Shoprite Holdings Ltd. | | | 52,363 | | | | 1,003,176 | |
Sibanye Gold Ltd.a | | | 78,242 | | | | 113,360 | |
| | |
| 18 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SPAR Group Ltd. (The) | | | 19,820 | | | $ | 241,214 | |
Standard Bank Group Ltd. | | | 150,949 | | | | 1,959,728 | |
Steinhoff International Holdings Ltd.a | | | 151,888 | | | | 441,308 | |
Sun International Ltd. | | | 16,885 | | | | 190,402 | |
Super Group Ltd.a | | | 37,410 | | | | 88,389 | |
Sycom Property Fund | | | 17,451 | | | | 54,457 | |
Telkom South Africa Ltd.a | | | 45,048 | | | | 76,313 | |
Tiger Brands Ltd. | | | 19,780 | | | | 669,055 | |
Tongaat Hulett Ltd. | | | 13,701 | | | | 212,248 | |
Truworths International Ltd. | | | 53,741 | | | | 557,313 | |
Vodacom Group Ltd. | | | 45,733 | | | | 607,296 | |
Vukile Property Fund Ltd. | | | 48,345 | | | | 96,661 | |
Wilson Bayly Holmes-Ovcon Ltd. | | | 6,676 | | | | 115,325 | |
Woolworths Holdings Ltd. | | | 91,175 | | | | 656,832 | |
Zeder Investments Ltd. | | | 131,781 | | | | 49,935 | |
| | | | | | | | |
| | | | | | | 39,898,002 | |
SOUTH KOREA — 14.82% | | | | | | | | |
3S Korea Co. Ltd.a | | | 8,609 | | | | 63,445 | |
Able C&C Co. Ltd. | | | 991 | | | | 66,352 | |
Agabang & Co. | | | 3,809 | | | | 30,604 | |
Ahnlab Inc. | | | 745 | | | | 43,758 | |
AmorePacific Corp. | | | 419 | | | | 396,238 | |
AmorePacific Group | | | 368 | | | | 143,417 | |
Asia Cement Co. Ltd. | | | 721 | | | | 50,272 | |
Asiana Airlines Inc.a | | | 20,260 | | | | 111,326 | |
ATLASBX Co. Ltd. | | | 1,535 | | | | 43,095 | |
Binggrae Co. Ltd. | | | 868 | | | | 109,419 | |
Bioland Ltd. | | | 2,402 | | | | 33,940 | |
BS Financial Group Inc. | | | 4,540 | | | | 65,616 | |
Bukwang Pharmaceutical Co. Ltd. | | | 2,797 | | | | 37,971 | |
Busan City Gas Co. Ltd. | | | 4,150 | | | | 87,957 | |
Capro Corp. | | | 4,010 | | | | 42,773 | |
Celltrion Inc. | | | 15,615 | | | | 387,193 | |
Chabio & Diostech Co. Ltd.a | | | 8,966 | | | | 89,840 | |
Cheil Industries Inc. | | | 952 | | | | 77,544 | |
Cheil Worldwide Inc.a | | | 11,880 | | | | 263,311 | |
Chong Kun Dang Pharm Corp. | | | 1,810 | | | | 82,408 | |
CJ CGV Co. Ltd. | | | 2,500 | | | | 97,199 | |
CJ CheilJedang Corp. | | | 1,036 | | | | 369,786 | |
CJ Corp. | | | 1,935 | | | | 267,155 | |
CJ E&M Corp.a | | | 2,523 | | | | 87,376 | |
CJ Freshway Corp. | | | 1,043 | | | | 32,894 | |
CJ O Shopping Co. Ltd. | | | 410 | | | | 116,053 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Com2uS Corp.a | | | 1,007 | | | $ | 46,173 | |
Cosmax Inc. | | | 1,810 | | | | 76,891 | |
Coway Co. Ltd.a | | | 7,110 | | | | 327,323 | |
CUROCOM Co. Ltd.a | | | 13,274 | | | | 34,079 | |
Dae Won Kang Up Co. Ltd. | | | 3,960 | | | | 30,720 | |
Daeduck Electronics Co. | | | 7,640 | | | | 79,376 | |
Daeduck GDS Co. Ltd. | | | 4,490 | | | | 79,199 | |
Daekyo Co. Ltd. | | | 6,670 | | | | 39,300 | |
Daelim Industrial Co. Ltd. | | | 2,866 | | | | 255,944 | |
Daesang Corp. | | | 2,620 | | | | 79,121 | |
Daewoo Engineering & Construction Co. Ltd.a | | | 15,660 | | | | 131,461 | |
Daewoo International Corp. | | | 6,150 | | | | 217,812 | |
Daewoo Securities Co. Ltd. | | | 21,620 | | | | 244,587 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | | | 12,760 | | | | 354,109 | |
Daewoong Pharmaceutical Co. Ltd. | | | 772 | | | | 39,569 | |
Daishin Securities Co. Ltd. | | | 6,070 | | | | 58,019 | |
Daou Technology Inc. | | | 4,800 | | | | 78,018 | |
Daum Communications Corp. | | | 1,781 | | | | 157,240 | |
Dong-A Pharmaceutical Co. Ltd. | | | 962 | | | | 110,164 | |
Dongbu Insurance Co. Ltd. | | | 5,404 | | | | 236,806 | |
Dongbu Steel Co. Ltd.a | | | 22,710 | | | | 82,528 | |
Dongkuk Steel Mill Co. Ltd. | | | 7,940 | | | | 92,758 | |
Dongsuh Companies Inc. | | | 4,780 | | | | 93,806 | |
Dongwon Industries Co. Ltd. | | | 255 | | | | 67,116 | |
Dongyang Mechatronics Corp. | | | 4,900 | | | | 53,171 | |
Doosan Corp. | | | 1,215 | | | | 144,746 | |
Doosan Engine Co. Ltd.a | | | 5,670 | | | | 41,890 | |
Doosan Heavy Industries & Construction Co. Ltd. | | | 6,289 | | | | 254,679 | |
Doosan Infracore Co. Ltd.a | | | 14,050 | | | | 205,010 | |
Duksan Hi-Metal Co. Ltd.a | | | 3,129 | | | | 73,975 | |
DuzonBIzon Co. Ltd. | | | 3,290 | | | | 36,460 | |
E-Mart Co. Ltd. | | | 2,700 | | | | 551,059 | |
E1 Corp. | | | 696 | | | | 40,880 | |
EG Corp. | | | 934 | | | | 34,675 | |
EO Technics Co. Ltd. | | | 2,211 | | | | 70,241 | |
Eugene Investment & Securities Co. Ltd.a | | | 34,180 | | | | 82,071 | |
Fila Korea Ltd. | | | 1,308 | | | | 71,148 | |
Foosung Co. Ltd.a | | | 9,560 | | | | 41,539 | |
Gamevil Inc.a | | | 440 | | | | 39,537 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 19 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
GemVax & Kael Co. Ltd.a | | | 3,551 | | | $ | 120,026 | |
Genic Co. Ltd.a | | | 959 | | | | 27,012 | |
Global & Yuasa Battery Co. Ltd. | | | 2,050 | | | | 91,915 | |
Golfzon Co. Ltd. | | | 785 | | | | 41,757 | |
Grand Korea Leisure Co. Ltd. | | | 4,130 | | | | 105,841 | |
Green Cross Corp. | | | 739 | | | | 101,347 | |
Green Cross Holdings Corp. | | | 3,380 | | | | 45,417 | |
GS Engineering & Construction Corp. | | | 4,720 | | | | 238,871 | |
GS Global Corp. | | | 3,980 | | | | 40,799 | |
GS Holdings Corp. | | | 6,707 | | | | 432,340 | |
GS Home Shopping Inc. | | | 484 | | | | 86,803 | |
Gwangju Shinsegae Co. Ltd. | | | 183 | | | | 40,645 | |
Haansoft Inc. | | | 2,033 | | | | 37,832 | |
Halla Climate Control Corp. | | | 4,990 | | | | 114,747 | |
Halla Engineering & Construction Corp. | | | 5,820 | | | | 40,311 | |
Hana Tour Service Inc. | | | 1,370 | | | | 85,781 | |
Hanall Biopharma Co. Ltd.a | | | 4,670 | | | | 40,756 | |
Handsome Co. Ltd. | | | 1,900 | | | | 47,552 | |
Hanil Cement Co. Ltd. | | | 880 | | | | 47,380 | |
Hanil E-Wha Co. Ltd. | | | 4,740 | | | | 40,535 | |
Hanjin Heavy Industries & Construction Co. Ltd.a | | | 5,000 | | | | 41,696 | |
Hanjin Shipping Co. Ltd.a | | | 12,370 | | | | 125,091 | |
Hanjin Transportation Co. Ltd. | | | 4,250 | | | | 80,461 | |
Hankook Shell Oil Co. Ltd. | | | 226 | | | | 62,614 | |
Hankook Tire Co. Ltd. | | | 9,750 | | | | 443,908 | |
Hankook Tire Worldwide Co. Ltd. | | | 2,570 | | | | 44,620 | |
Hanmi Pharm Co. Ltd.a | | | 822 | | | | 115,387 | |
Hansae Co. Ltd. | | | 2,400 | | | | 34,022 | |
Hansol Chemical Co. Ltd. | | | 3,360 | | | | 71,679 | |
Hansol Paper Co. | | | 7,420 | | | | 74,349 | |
Hanssem Co. Ltd. | | | 1,900 | | | | 34,392 | |
Hanwha Chemical Corp. | | | 11,460 | | | | 210,610 | |
Hanwha Corp. | | | 7,050 | | | | 227,225 | |
Hanwha General Insurance Co. Ltd.a | | | 6,790 | | | | 36,119 | |
Hanwha Investment & Securities Co. Ltd. | | | 13,620 | | | | 58,489 | |
Hanwha Life Insurance Co. Ltd. | | | 24,060 | | | | 160,870 | |
HMC Investment Securities Co. Ltd. | | | 6,950 | | | | 88,574 | |
Hotel Shilla Co. Ltd. | | | 4,408 | | | | 193,975 | |
Huchems Fine Chemical Corp. | | | 3,560 | | | | 80,384 | |
Huvis Corp. | | | 3,730 | | | | 36,858 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hwa Shin Co. Ltd. | | | 3,890 | | | $ | 40,236 | |
Hy-Lok Corp. | | | 2,384 | | | | 43,923 | |
Hyosung Corp. | | | 3,254 | | | | 169,788 | |
Hyundai Corp. | | | 2,380 | | | | 54,070 | |
Hyundai Department Store Co. Ltd. | | | 1,881 | | | | 262,306 | |
Hyundai Development Co. | | | 7,810 | | | | 178,512 | |
Hyundai Engineering & Construction Co. Ltd. | | | 8,864 | | | | 559,922 | |
Hyundai Glovis Co. Ltd. | | | 1,633 | | | | 309,913 | |
Hyundai Greenfood Co. Ltd. | | | 5,430 | | | | 87,506 | |
Hyundai Heavy Industries Co. Ltd. | | | 5,348 | | | | 1,059,401 | |
Hyundai Home Shopping Network Corp. | | | 342 | | | | 42,954 | |
Hyundai Hysco Co. Ltd. | | | 4,460 | | | | 148,691 | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 8,000 | | | | 232,355 | |
Hyundai Merchant Marine Co. Ltd.a | | | 7,349 | | | | 120,806 | |
Hyundai Mipo Dockyard Co. Ltd. | | | 1,670 | | | | 181,987 | |
Hyundai Mobis Co. Ltd. | | | 8,543 | | | | 2,469,429 | |
Hyundai Motor Co. | | | 19,755 | | | | 3,977,180 | |
Hyundai Securities Co. Ltd. | | | 17,970 | | | | 148,032 | |
Hyundai Steel Co. | | | 7,447 | | | | 585,265 | |
Hyundai Wia Corp. | | | 1,909 | | | | 280,314 | |
Iljin Display Co. Ltd. | | | 3,410 | | | | 66,920 | |
Ilyang Pharmaceutical Co. Ltd.a | | | 1,620 | | | | 48,473 | |
iMarketKorea Inc. | | | 3,290 | | | | 71,705 | |
Industrial Bank of Korea | | | 23,330 | | | | 282,246 | |
Interflex Co. Ltd.a | | | 983 | | | | 40,942 | |
Interpark Corp. | | | 5,138 | | | | 33,595 | |
ISU Chemical Co. Ltd. | | | 3,880 | | | | 64,498 | |
JCEntertainment Corp. | | | 2,096 | | | | 29,906 | |
Jeonbuk Bank | | | 24,430 | | | | 121,380 | |
Jusung Engineering Co. Ltd.a | | | 10,735 | | | | 53,039 | |
Kangwon Land Inc. | | | 12,530 | | | | 380,127 | |
KB Financial Group Inc. | | | 48,530 | | | | 1,770,309 | |
KCC Corp. | | | 582 | | | | 153,183 | |
KEPCO Plant Service & Engineering Co. Ltd. | | | 1,470 | | | | 71,272 | |
Kia Motors Corp. | | | 33,338 | | | | 1,721,048 | |
KISWIRE Ltd. | | | 2,610 | | | | 71,106 | |
KIWOOM Securities Co. Ltd. | | | 1,824 | | | | 103,933 | |
Koh Young Technology Inc. | | | 2,547 | | | | 71,977 | |
Kolao Holdings | | | 2,014 | | | | 39,524 | |
Kolon Industries Inc. | | | 2,570 | | | | 132,912 | |
| | |
| 20 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Komipharm International Co. Ltd.a | | | 5,781 | | | $ | 57,659 | |
Korea Aerospace Industries Ltd. | | | 4,890 | | | | 109,738 | |
Korea District Heating Corp. | | | 574 | | | | 45,058 | |
Korea Electric Power Corp.a | | | 32,020 | | | | 965,487 | |
Korea Exchange Banka | | | 37,220 | | | | 261,235 | |
Korea Gas Corp. | | | 2,980 | | | | 196,772 | |
Korea Investment Holdings Co. Ltd. | | | 5,290 | | | | 224,971 | |
Korea Kolmar Co. Ltd.a | | | 1,560 | | | | 44,445 | |
Korea Zinc Co. Ltd. | | | 1,120 | | | | 388,909 | |
Korean Air Lines Co. Ltd.a | | | 4,890 | | | | 199,606 | |
Korean Reinsurance Co. | | | 10,910 | | | | 117,883 | |
KT Corp. | | | 4,370 | | | | 144,480 | |
KT Skylife Co. Ltd. | | | 2,420 | | | | 70,176 | |
KT&G Corp. | | | 13,696 | | | | 976,456 | |
Kukdo Chemical Co. Ltd. | | | 1,110 | | | | 41,773 | |
Kumho Petro Chemical Co. Ltd. | | | 1,754 | | | | 177,372 | |
Kumho Tire Co. Inc.a | | | 9,900 | | | | 113,827 | |
Kwang Dong Pharmaceutical Co. Ltd. | | | 6,670 | | | | 42,318 | |
LG Chem Ltd. | | | 5,876 | | | | 1,608,971 | |
LG Corp. | | | 12,255 | | | | 745,831 | |
LG Display Co. Ltd.a | | | 29,770 | | | | 839,908 | |
LG Electronics Inc. | | | 13,529 | | | | 978,294 | |
LG Fashion Corp. | | | 2,880 | | | | 78,993 | |
LG Hausys Ltd. | | | 1,408 | | | | 103,504 | |
LG Household & Health Care Ltd. | | | 1,193 | | | | 684,185 | |
LG Innotek Co. Ltd.a | | | 1,617 | | | | 113,044 | |
LG International Corp. | | | 4,500 | | | | 176,621 | |
LG Life Sciences Ltd.a | | | 1,690 | | | | 87,713 | |
LG Uplus Corp.a | | | 28,990 | | | | 227,567 | |
LIG Insurance Co. Ltd. | | | 5,630 | | | | 121,405 | |
Lock & Lock Co. Ltd. | | | 3,290 | | | | 84,010 | |
Lotte Chemical Corp.a | | | 2,234 | | | | 491,023 | |
Lotte Chilsung Beverage Co. Ltd. | | | 90 | | | | 120,019 | |
Lotte Confectionery Co. Ltd. | | | 100 | | | | 168,910 | |
Lotte Samkang Co. Ltd. | | | 118 | | | | 80,859 | |
Lotte Shopping Co. Ltd. | | | 1,421 | | | | 510,488 | |
LS Corp. | | | 2,516 | | | | 203,311 | |
LS Industrial Systems Co. Ltd. | | | 2,267 | | | | 139,852 | |
Lumens Co. Ltd.a | | | 7,144 | | | | 54,694 | |
Maeil Dairy Industry Co. Ltd. | | | 1,085 | | | | 33,968 | |
Mando Corp. | | | 1,703 | | | | 206,029 | |
Medipost Co. Ltd.a | | | 1,016 | | | | 89,137 | |
Medy-Tox Inc. | | | 786 | | | | 77,088 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
MegaStudy Co. Ltd. | | | 677 | | | $ | 49,330 | |
Melfas Inc. | | | 3,009 | | | | 57,105 | |
Meritz Fire & Marine Insurance Co. Ltd. | | | 8,820 | | | | 94,486 | |
Meritz Securities Co. Ltd. | | | 58,100 | | | | 74,850 | |
Mirae Asset Securities Co. Ltd. | | | 3,520 | | | | 141,245 | |
Modetour Network Inc. | | | 1,627 | | | | 43,875 | |
Muhak Co. Ltd. | | | 3,012 | | | | 40,055 | |
Namhae Chemical Corp. | | | 11,300 | | | | 79,520 | |
Namyang Dairy Products Co. Ltd. | | | 92 | | | | 85,388 | |
NCsoft Corp. | | | 1,912 | | | | 252,502 | |
Neo Holdings Co. Ltd.a,c | | | 450 | | | | — | |
Neowiz Games Corp.a | | | 1,854 | | | | 33,045 | |
NEPES Corp. | | | 4,218 | | | | 70,117 | |
Nexen Corp. | | | 594 | | | | 40,868 | |
Nexen Tire Corp. | | | 5,690 | | | | 81,712 | |
NH Investment & Securities Co. Ltd. | | | 9,240 | | | | 45,653 | |
NHN Corp. | | | 5,101 | | | | 1,238,947 | |
NICE Holdings Co. Ltd. | | | 1,334 | | | | 89,687 | |
Nong Shim Holdings Co. Ltd. | | | 1,247 | | | | 74,855 | |
NongShim Co. Ltd. | | | 441 | | | | 117,293 | |
OCI Co. Ltd. | | | 2,187 | | | | 350,421 | |
OCI Materials Co. Ltd. | | | 2,084 | | | | 67,361 | |
ORION Corp. | | | 461 | | | | 455,540 | |
Osstem Implant Co. Ltd.a | | | 1,506 | | | | 48,261 | |
Ottogi Corp. | | | 181 | | | | 42,123 | |
Paradise Co. Ltd. | | | 4,793 | | | | 86,315 | |
Partron Co. Ltd. | | | 4,012 | | | | 87,441 | |
Pharmicell Co. Ltd.a | | | 7,270 | | | | 33,905 | |
Poongsan Corp. | | | 4,010 | | | | 107,951 | |
POSCO | | | 8,214 | | | | 2,681,550 | |
POSCO Chemtech Co. Ltd. | | | 345 | | | | 38,743 | |
POSCO ICT Co. Ltd. | | | 5,924 | | | | 42,126 | |
Pyeong Hwa Automotive Co. Ltd. | | | 2,624 | | | | 39,257 | |
RNL BIO Co. Ltd.a | | | 13,810 | | | | 32,968 | |
S&T Dynamics Co. Ltd. | | | 4,640 | | | | 52,064 | |
S-Oil Corp. | | | 5,851 | | | | 539,806 | |
S1 Corp. | | | 2,595 | | | | 166,557 | |
Samchully Co. Ltd. | | | 643 | | | | 67,695 | |
SamkwangGlass Co. Ltd. | | | 688 | | | | 41,681 | |
Samsung C&T Corp. | | | 15,583 | | | | 952,688 | |
Samsung Card Co. Ltd. | | | 5,850 | | | | 210,429 | |
Samsung Electro-Mechanics Co. Ltd. | | | 7,451 | | | | 657,143 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 21 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Samsung Electronics Co. Ltd. | | | 13,877 | | | $ | 19,787,212 | |
Samsung Engineering Co. Ltd. | | | 3,938 | | | | 560,065 | |
Samsung Fine Chemicals Co. Ltd. | | | 2,781 | | | | 144,081 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 4,430 | | | | 932,782 | |
Samsung Heavy Industries Co. Ltd. | | | 20,150 | | | | 719,227 | |
Samsung Life Insurance Co. Ltd. | | | 7,734 | | | | 742,813 | |
Samsung SDI Co. Ltd. | | | 4,261 | | | | 546,976 | |
Samsung Securities Co. Ltd. | | | 7,625 | | | | 404,197 | |
Samsung Techwin Co. Ltd. | | | 4,952 | | | | 298,174 | |
Sapphire Technology Co. Ltd.a | | | 1,339 | | | | 32,831 | |
SBS Media Holdings Co. Ltd. | | | 5,270 | | | | 27,644 | |
SeAH Besteel Corp. | | | 1,900 | | | | 58,694 | |
SeAH Steel Corp. | | | 380 | | | | 31,900 | |
Sebang Co. Ltd. | | | 5,170 | | | | 81,884 | |
Seegene Inc.a | | | 1,154 | | | | 68,100 | |
Seobu T&Da | | | 1,739 | | | | 33,726 | |
Seoul Semiconductor Co. Ltd. | | | 5,320 | | | | 141,988 | |
SFA Engineering Corp. | | | 1,640 | | | | 89,207 | |
Shinsegae Co. Ltd. | | | 910 | | | | 190,349 | |
Shinsegae Food Co. Ltd. | | | 897 | | | | 75,466 | |
Shinsegae International Co. Ltd. | | | 728 | | | | 54,458 | |
Simm Tech Co. Ltd. | | | 8,404 | | | | 69,230 | |
Sindoh Co. Ltd. | | | 860 | | | | 51,624 | |
SK Broadband Co. Ltd.a | | | 20,081 | | | | 83,916 | |
SK C&C Co. Ltd. | | | 2,798 | | | | 266,150 | |
SK Chemicals Co. Ltd. | | | 2,122 | | | | 112,290 | |
SK Gas Co. Ltd. | | | 520 | | | | 36,545 | |
SK Holdings Co. Ltd. | | | 3,390 | | | | 551,003 | |
SK Hynix Inc.a | | | 65,860 | | | | 1,611,793 | |
SK Innovation Co. Ltd. | | | 7,629 | | | | 1,254,092 | |
SK Networks Co. Ltd. | | | 20,140 | | | | 148,610 | |
SK Securities Co. Ltd. | | | 66,750 | | | | 66,576 | |
SK Telecom Co. Ltd. | | | 1,238 | | | | 204,080 | |
SKC Co. Ltd. | | | 3,110 | | | | 100,668 | |
SL Corp. | | | 2,760 | | | | 38,616 | |
SM Entertainment Co.a | | | 1,858 | | | | 74,812 | |
Soulbrain Co. Ltd. | | | 1,680 | | | | 65,163 | |
Ssangyong Motor Co.a | | | 7,040 | | | | 41,025 | |
STS Semiconductor & Telecommunications Co. Ltd. | | | 10,894 | | | | 58,755 | |
STX Corp. Co. Ltd. | | | 11,790 | | | | 82,097 | |
STX Engine Co. Ltd.a | | | 5,290 | | | | 39,181 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
STX Offshore & Shipbuilding Co. Ltd.a | | | 11,360 | | | $ | 69,766 | |
STX Pan Ocean Co. Ltd.a | | | 13,920 | | | | 62,412 | |
Sung Kwang Bend Co. Ltd. | | | 3,552 | | | | 78,399 | |
Sungwoo Hitech Co. Ltd. | | | 4,386 | | | | 57,720 | |
Suprema Inc.a | | | 2,228 | | | | 40,534 | |
Taekwang Industrial Co. Ltd. | | | 58 | | | | 55,438 | |
Taewoong Co. Ltd.a | | | 1,937 | | | | 39,354 | |
Taeyoung Engineering & Construction Co. Ltd. | | | 10,020 | | | | 51,357 | |
Taihan Electric Wire Co. Ltd.a | | | 11,971 | | | | 42,895 | |
Tera Resource Co. Ltd.a | | | 29,499 | | | | 35,007 | |
TK Corp.a | | | 1,985 | | | | 46,562 | |
TONGYANG Life Insurance Co. | | | 7,350 | | | | 74,666 | |
TONGYANG Securities Inc. | | | 18,250 | | | | 69,607 | |
ViroMed Co. Ltd.a | | | 1,614 | | | | 50,306 | |
WeMade Entertainment Co. Ltd.a | | | 1,034 | | | | 45,263 | |
Wonik IPS Co. Ltd.a | | | 14,822 | | | | 68,852 | |
Woori Finance Holdings Co. Ltd. | | | 48,240 | | | | 585,834 | |
Woori Financial Co. Ltd. | | | 3,180 | | | | 49,631 | |
Woori Investment & Securities Co. Ltd. | | | 17,710 | | | | 208,531 | |
YG Entertainment Inc.a | | | 989 | | | | 61,103 | |
Youlchon Chemical Co. Ltd. | | | 9,090 | | | | 72,866 | |
Youngone Corp. | | | 2,990 | | | | 103,549 | |
Youngone Holdings Co. Ltd. | | | 741 | | | | 47,629 | |
Yuhan Corp. | | | 995 | | | | 164,022 | |
Yungjin Pharmaceutical Co. Ltd.a | | | 20,790 | | | | 33,312 | |
| | | | | | | | |
| | | | | | | 82,188,579 | |
TAIWAN — 11.40% | | | | | | | | |
A-DATA Technology Co. Ltd. | | | 38,000 | | | | 47,906 | |
Ability Enterprise Co. Ltd. | | | 55,000 | | | | 51,540 | |
AcBel Polytech Inc. | | | 62,000 | | | | 49,113 | |
Accton Technology Corp. | | | 102,000 | | | | 54,152 | |
Acer Inc.a | | | 301,000 | | | | 268,365 | |
Advanced Semiconductor Engineering Inc. | | | 771,000 | | | | 639,327 | |
Advantech Co. Ltd. | | | 34,000 | | | | 151,282 | |
Airtac International Group | | | 9,000 | | | | 52,483 | |
ALI Corp. | | | 38,000 | | | | 44,063 | |
Alpha Networks Inc. | | | 57,000 | | | | 37,467 | |
Altek Corp. | | | 82,000 | | | | 48,371 | |
Ambassador Hotel Ltd. (The) | | | 40,000 | | | | 41,056 | |
AmTRAN Technology Co. Ltd. | | | 119,000 | | | | 82,832 | |
| | |
| 22 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Apex Biotechnology Corp. | | | 20,000 | | | $ | 52,787 | |
Ardentec Corp. | | | 71,000 | | | | 47,387 | |
Asia Cement Corp. | | | 242,000 | | | | 301,822 | |
Asia Optical Co. Inc.a | | | 40,000 | | | | 41,326 | |
Asia Polymer Corp. | | | 48,000 | | | | 40,935 | |
ASUSTeK Computer Inc. | | | 84,000 | | | | 1,019,332 | |
AU Optronics Corp.a | | | 987,000 | | | | 429,181 | |
Bank of Kaohsiung Co. Ltd.a | | | 296,000 | | | | 95,086 | |
BES Engineering Corp. | | | 302,000 | | | | 92,229 | |
Capital Securities Corp. | | | 234,000 | | | | 88,736 | |
Career Technology (MFG.) Co. Ltd. | | | 37,000 | | | | 45,835 | |
Catcher Technology Co. Ltd. | | | 73,000 | | | | 329,732 | |
Cathay Financial Holding Co. Ltd. | | | 873,000 | | | | 1,106,460 | |
Cathay Real Estate Development Co. Ltd. | | | 77,000 | | | | 39,452 | |
Chailease Holding Co. Ltd. | | | 87,000 | | | | 243,992 | |
Chang Hwa Commercial Bank Ltd. | | | 591,000 | | | | 345,637 | |
Cheng Loong Corp. | | | 215,000 | | | | 92,040 | |
Cheng Shin Rubber Industry Co. Ltd. | | | 223,000 | | | | 605,862 | |
Cheng Uei Precision Industry Co. Ltd. | | | 44,000 | | | | 83,205 | |
Chia Hsin Cement Corp. | | | 185,000 | | | | 86,992 | |
Chicony Electronics Co. Ltd. | | | 58,000 | | | | 151,909 | |
Chin-Poon Industrial Co. Ltd. | | | 47,000 | | | | 51,172 | |
China Airlines Ltd.a | | | 358,000 | | | | 147,223 | |
China Bills Finance Corp. | | | 113,000 | | | | 44,375 | |
China Development Financial Holding Corp.a | | | 1,646,000 | | | | 489,919 | |
China Life Insurance Co. Ltd.a | | | 221,000 | | | | 211,565 | |
China Manmade Fibers Corp.a | | | 203,000 | | | | 69,112 | |
China Metal Products Co. Ltd. | | | 48,000 | | | | 55,497 | |
China Motor Co. Ltd. | | | 47,000 | | | | 43,885 | |
China Petrochemical Development Corp. | | | 232,900 | | | | 144,059 | |
China Steel Chemical Corp. | | | 14,000 | | | | 66,304 | |
China Steel Corp. | | | 1,402,000 | | | | 1,285,436 | |
China Synthetic Rubber Corp. | | | 71,000 | | | | 79,098 | |
Chinatrust Financial Holding Co. Ltd. | | | 1,427,000 | | | | 844,179 | |
Chipbond Technology Corp. | | | 60,000 | | | | 124,383 | |
Chong Hong Construction Co. | | | 14,000 | | | | 47,003 | |
Chroma ATE Inc. | | | 43,000 | | | | 98,707 | |
Chung Hung Steel Corp.a | | | 231,000 | | | | 77,710 | |
Chunghwa Telecom Co. Ltd. | | | 453,000 | | | | 1,407,871 | |
Clevo Co. | | | 64,175 | | | | 90,098 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
CMC Magnetics Corp.a | | | 336,000 | | | $ | 57,196 | |
Compal Communications Inc.a | | | 36,000 | | | | 37,375 | |
Compal Electronics Inc. | | | 548,000 | | | | 383,294 | |
Compeq Manufacturing Co. Ltd. | | | 177,000 | | | | 65,331 | |
Continental Holdings Corp. | | | 195,000 | | | | 75,919 | |
Coretronic Corp. | | | 101,000 | | | | 81,027 | |
Coxon Precise Industrial Co. Ltd. | | | 25,000 | | | | 58,231 | |
CSBC Corp. Taiwan | | | 83,000 | | | | 49,521 | |
CTCI Corp. | | | 67,000 | | | | 133,474 | |
Cyberlink Corp. | | | 18,000 | | | | 55,214 | |
CyberTAN Technology Inc. | | | 49,000 | | | | 41,292 | |
D-Link Corp. | | | 84,000 | | | | 51,816 | |
Delta Electronics Inc. | | | 227,000 | | | | 845,516 | |
Depo Auto Parts Ind Co. Ltd. | | | 23,000 | | | | 55,821 | |
Dynapack International Technology Corp. | | | 14,000 | | | | 51,910 | |
E Ink Holdings Inc. | | | 115,000 | | | | 88,189 | |
E.Sun Financial Holding Co. Ltd. | | | 530,000 | | | | 317,109 | |
Eclat Textile Co. Ltd. | | | 18,000 | | | | 74,023 | |
Elan Microelectronics Corp. | | | 47,000 | | | | 99,017 | |
Elite Material Co. Ltd. | | | 42,000 | | | | 42,331 | |
Elite Semiconductor Memory Technology Inc.a | | | 112,000 | | | | 96,270 | |
Entire Technology Co. Ltd. | | | 28,000 | | | | 36,054 | |
Epistar Corp. | | | 102,000 | | | | 198,042 | |
Eternal Chemical Co. Ltd. | | | 95,000 | | | | 83,099 | |
EVA Airways Corp.a | | | 198,000 | | | | 124,474 | |
Evergreen International Storage & Transport Corp. | | | 59,000 | | | | 39,974 | |
Evergreen Marine Corp. Ltd.a | | | 205,000 | | | | 130,947 | |
Everlight Chemical Industrial Corp. | | | 108,000 | | | | 78,998 | |
Everlight Electronics Co. Ltd. | | | 42,000 | | | | 59,744 | |
Far Eastern Department Stores Co. Ltd. | | | 119,000 | | | | 112,516 | |
Far Eastern International Bank Ltd. | | | 229,000 | | | | 92,630 | |
Far Eastern New Century Corp. | | | 389,000 | | | | 431,399 | |
Far EasTone Telecommunications Co. Ltd. | | | 186,000 | | | | 430,728 | |
Faraday Technology Corp. | | | 41,000 | | | | 46,436 | |
Farglory Land Development Co. Ltd. | | | 31,000 | | | | 58,831 | |
Federal Corp. | | | 60,000 | | | | 42,776 | |
Feng Hsin Iron & Steel Co. Ltd. | | | 37,000 | | | | 64,480 | |
Feng Tay Enterprise Co. Ltd. | | | 38,000 | | | | 49,507 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 23 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Firich Enterprises Co. Ltd. | | | 27,000 | | | $ | 37,315 | |
First Financial Holding Co. Ltd. | | | 833,000 | | | | 530,690 | |
FLEXium Interconnect Inc. | | | 24,000 | | | | 75,398 | |
Forhouse Corp. | | | 85,000 | | | | 42,978 | |
Formosa Chemicals & Fibre Corp. | | | 390,000 | | | | 993,848 | |
Formosa Epitaxy Inc.a | | | 63,000 | | | | 45,976 | |
Formosa Petrochemical Corp. | | | 141,000 | | | | 392,109 | |
Formosa Plastics Corp. | | | 492,000 | | | | 1,243,827 | |
Formosa Taffeta Co. Ltd. | | | 64,000 | | | | 62,023 | |
Formosan Rubber Group Inc. | | | 114,000 | | | | 83,387 | |
Foxconn Technology Co. Ltd. | | | 88,000 | | | | 241,754 | |
Fubon Financial Holding Co. Ltd. | | | 691,000 | | | | 931,691 | |
G Tech Optoelectronics Corp. | | | 21,000 | | | | 50,330 | |
Gemtek Technology Corp. | | | 39,000 | | | | 50,218 | |
Genius Electronic Optical Co. Ltd. | | | 8,000 | | | | 53,663 | |
Getac Technology Corp. | | | 61,000 | | | | 30,843 | |
Giant Manufacturing Co. Ltd. | | | 32,000 | | | | 175,282 | |
Gigabyte Technology Co. Ltd. | | | 85,000 | | | | 75,211 | |
Gigastorage Corp. | | | 55,000 | | | | 43,197 | |
Gintech Energy Corp.a | | | 46,000 | | | | 43,261 | |
Global Mixed Mode Technology Inc. | | | 12,000 | | | | 38,427 | |
Global Unichip Corp. | | | 17,000 | | | | 54,324 | |
Gloria Material Technology Corp. | | | 64,000 | | | | 50,373 | |
Goldsun Development & Construction Co. Ltd. | | | 220,000 | | | | 86,023 | |
Grand Pacific Petrochemical Corp. | | | 143,000 | | | | 74,473 | |
Grape King Inc. | | | 23,000 | | | | 60,472 | |
Great Wall Enterprise Co. Ltd. | | | 56,000 | | | | 50,589 | |
Greatek Electronics Inc. | | | 42,000 | | | | 34,049 | |
HannsTouch Solution Inc.a | | | 111,000 | | | | 34,385 | |
Hermes Microvision Inc. | | | 4,000 | | | | 81,439 | |
Hey Song Corp. | | | 53,000 | | | | 67,888 | |
Highwealth Construction Corp. | | | 30,400 | | | | 63,533 | |
Hiwin Technologies Corp. | | | 22,000 | | | | 181,686 | |
Ho Tung Chemical Corp.a | | | 175,000 | | | | 80,520 | |
Holy Stone Enterprise Co. Ltd. | | | 105,000 | | | | 93,085 | |
Hon Hai Precision Industry Co. Ltd. | | | 1,256,000 | | | | 3,458,959 | |
Hotai Motor Co. Ltd. | | | 30,000 | | | | 228,541 | |
HTC Corp. | | | 91,000 | | | | 849,679 | |
Hua Nan Financial Holdings Co. Ltd. | | | 694,000 | | | | 405,875 | |
Huaku Development Co. Ltd. | | | 24,000 | | | | 59,461 | |
Huang Hsiang Construction Co. | | | 14,000 | | | | 35,252 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Hung Poo Real Estate Development Corp. | | | 49,000 | | | $ | 50,459 | |
Hung Sheng Construction Co. Ltd. | | | 137,000 | | | | 94,669 | |
ICP Electronics Inc. | | | 29,200 | | | | 38,534 | |
Innolux Corp.a | | | 873,000 | | | | 482,605 | |
International Games System Co. Ltd. | | | 15,000 | | | | 51,573 | |
Inventec Corp. | | | 256,000 | | | | 101,825 | |
ITEQ Corp. | | | 47,000 | | | | 53,469 | |
Jih Sun Financial Holdings Co. Ltd. | | | 143,000 | | | | 43,141 | |
Kee Tai Properties Co. Ltd. | | | 76,000 | | | | 54,310 | |
Kenda Rubber Industrial Co. Ltd. | | | 50,000 | | | | 74,916 | |
Kerry TJ Logistics Co. Ltd. | | | 30,000 | | | | 47,023 | |
Kindom Construction Co. | | | 53,000 | | | | 46,092 | |
King Slide Works Co. Ltd. | | | 6,000 | | | | 39,438 | |
King Yuan Electronics Co. Ltd. | | | 153,000 | | | | 99,537 | |
King’s Town Banka | | | 98,000 | | | | 86,879 | |
King’s Town Construction Co. Ltd. | | | 33,000 | | | | 34,984 | |
Kinpo Electronics Inc. | | | 240,000 | | | | 56,387 | |
Kinsus Interconnect Technology Corp. | | | 29,000 | | | | 91,399 | |
Kuoyang Construction Co. Ltd. | | | 82,000 | | | | 47,680 | |
Largan Precision Co. Ltd. | | | 13,000 | | | | 350,564 | |
LCY Chemical Corp. | | | 66,000 | | | | 84,095 | |
Lealea Enterprise Co. Ltd. | | | 129,000 | | | | 48,267 | |
Lien Hwa Industrial Corp. | | | 64,000 | | | | 41,744 | |
LITE-ON IT Corp. | | | 49,000 | | | | 53,763 | |
Lite-On Technology Corp. | | | 267,000 | | | | 411,752 | |
Long Bon International Co. Ltd.a | | | 38,000 | | | | 44,191 | |
Macronix International Co. Ltd. | | | 481,000 | | | | 137,005 | |
Makalot Industrial Co. Ltd. | | | 15,000 | | | | 50,158 | |
Masterlink Securities Corp. | | | 159,000 | | | | 51,934 | |
MediaTek Inc. | | | 143,000 | | | | 1,607,554 | |
Medigen Biotechnology Corp.a | | | 7,000 | | | | 50,613 | |
Mega Financial Holding Co. Ltd. | | | 995,000 | | | | 820,041 | |
Mercuries & Associates Ltd. | | | 36,000 | | | | 32,400 | |
Merida Industry Co. Ltd. | | | 22,000 | | | | 107,158 | |
Merry Electronics Co. Ltd. | | | 28,000 | | | | 43,652 | |
Micro-Star International Co. Ltd. | | | 100,000 | | | | 47,360 | |
Microbio Co. Ltd. | | | 36,000 | | | | 44,353 | |
MIN AIK Technology Co. Ltd. | | | 17,000 | | | | 53,006 | |
MiTAC International Corp. | | | 142,000 | | | | 53,131 | |
Motech Industries Inc.a | | | 42,000 | | | | 42,968 | |
MStar Semiconductor Inc. | | | 25,000 | | | | 187,922 | |
| | |
| 24 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Nan Kang Rubber Tire Co. Ltd. | | | 72,000 | | | $ | 83,124 | |
Nan Ya Plastics Corp. | | | 586,000 | | | | 1,123,941 | |
Nan Ya Printed Circuit Board Corp. | | | 31,000 | | | | 35,476 | |
National Petroleum Co. Ltd. | | | 65,000 | | | | 65,731 | |
Neo Solar Power Corp.a | | | 59,000 | | | | 43,057 | |
Novatek Microelectronics Corp. Ltd. | | | 60,000 | | | | 250,788 | |
OptoTech Corp. | | | 112,000 | | | | 45,492 | |
Oriental Union Chemical Corp. | | | 69,000 | | | | 76,637 | |
Pacific Hospital Supply Co. Ltd. | | | 34,000 | | | | 100,740 | |
Pan-International Industrial Corp.a | | | 47,000 | | | | 39,607 | |
PChome Online Inc. | | | 8,000 | | | | 39,910 | |
Pegatron Corp.a | | | 190,000 | | | | 256,181 | |
Phihong Technology Co. Ltd. | | | 54,000 | | | | 46,871 | |
Phison Electronics Corp. | | | 15,000 | | | | 112,753 | |
Phytohealth Corp.a | | | 39,000 | | | | 67,308 | |
Pixart Imaging Inc. | | | 20,000 | | | | 43,686 | |
Pou Chen Corp. | | | 281,000 | | | | 285,106 | |
Powertech Technology Inc. | | | 90,000 | | | | 130,905 | |
President Chain Store Corp. | | | 68,000 | | | | 375,912 | |
President Securities Corp.a | | | 85,000 | | | | 49,854 | |
Prince Housing & Development Corp. | | | 112,000 | | | | 76,639 | |
Qisda Corp.a | | | 309,000 | | | | 83,743 | |
Quanta Computer Inc. | | | 315,000 | | | | 672,122 | |
Radiant Opto-Electronics Corp. | | | 51,000 | | | | 183,945 | |
Radium Life Tech Co. Ltd. | | | 61,000 | | | | 53,461 | |
Realtek Semiconductor Corp. | | | 64,000 | | | | 152,306 | |
Rich Development Co. Ltd. | | | 136,000 | | | | 72,661 | |
Richtek Technology Corp. | | | 15,000 | | | | 91,770 | |
Ritek Corp.a | | | 558,000 | | | | 70,534 | |
Ruentex Development Co. Ltd. | | | 67,000 | | | | 146,573 | |
Ruentex Industries Ltd. | | | 57,000 | | | | 137,185 | |
Sampo Corp. | | | 217,000 | | | | 73,512 | |
Sanyang Industry Co. Ltd.a | | | 77,000 | | | | 63,201 | |
ScinoPharm Taiwan Ltd. | | | 28,000 | | | | 68,711 | |
Senao International Co. Ltd. | | | 8,000 | | | | 25,915 | |
Sercomm Corp. | | | 34,000 | | | | 50,083 | |
Shih Wei Navigation Co. Ltd. | | | 95,000 | | | | 67,888 | |
Shihlin Electric & Engineering Corp. | | | 36,000 | | | | 43,564 | |
Shihlin Paper Corp.a | | | 23,000 | | | | 37,446 | |
Shin Kong Financial Holding Co. Ltd.a | | | 725,000 | | | | 219,701 | |
Shin Zu Shing Co. Ltd. | | | 18,000 | | | | 57,277 | |
Shining Building Business Co. Ltd.a | | | 44,000 | | | | 35,225 | |
Shinkong Synthetic Fibers Corp. | | | 250,000 | | | | 80,057 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Shinkong Textile Co. Ltd. | | | 32,000 | | | $ | 41,097 | |
Sigurd Microelectronics Corp. | | | 93,000 | | | | 85,581 | |
Silicon Integrated Systems Corp.a | | | 175,000 | | | | 61,644 | |
Siliconware Precision Industries Co. Ltd. | | | 383,000 | | | | 411,189 | |
Silitech Technology Corp. | | | 27,000 | | | | 50,238 | |
Simplo Technology Co. Ltd. | | | 38,000 | | | | 168,439 | |
Sincere Navigation Corp. | | | 54,000 | | | | 48,600 | |
Sino-American Silicon Products Inc. | | | 67,000 | | | | 90,112 | |
SinoPac Financial Holdings Co. Ltd. | | | 809,000 | | | | 368,143 | |
Sinyi Realty Co. | | | 15,000 | | | | 23,638 | |
Solar Applied Materials Technology Corp. | | | 66,000 | | | | 80,313 | |
Sonix Technology Co. Ltd. | | | 35,000 | | | | 50,377 | |
St.Shine Optical Co. Ltd. | | | 6,000 | | | | 103,349 | |
Standard Foods Corp. | | | 32,000 | | | | 92,872 | |
Synnex Technology International Corp. | | | 152,000 | | | | 307,417 | |
Ta Chen Stainless Pipe Co. Ltd. | | | 221,000 | | | | 110,252 | |
Ta Chong Bank Ltd.a | | | 153,000 | | | | 55,183 | |
Taichung Commercial Bank Co. Ltd. | | | 214,000 | | | | 76,824 | |
Taiflex Scientific Co. Ltd. | | | 31,000 | | | | 38,663 | |
Tainan Spinning Co. Ltd. | | | 91,000 | | | | 44,631 | |
Taishin Financial Holdings Co. Ltd. | | | 948,000 | | | | 386,658 | |
Taiwan Acceptance Corp. | | | 17,000 | | | | 43,780 | |
Taiwan Business Bank Ltd.a | | | 446,000 | | | | 139,213 | |
Taiwan Cement Corp. | | | 390,000 | | | | 500,211 | |
Taiwan Cogeneration Corp. | | | 67,000 | | | | 46,072 | |
Taiwan Cooperative Financial Holding Co. Ltd. | | | 698,000 | | | | 399,980 | |
Taiwan Fertilizer Co. Ltd. | | | 84,000 | | | | 203,583 | |
Taiwan Glass Industry Corp. | | | 117,000 | | | | 110,625 | |
Taiwan Hon Chuan Enterprise Co. Ltd. | | | 27,000 | | | | 67,895 | |
Taiwan Land Development Corp.a | | | 230,538 | | | | 87,424 | |
Taiwan Life Insurance Co. Ltd.a | | | 55,000 | | | | 44,217 | |
Taiwan Mobile Co. Ltd. | | | 200,000 | | | | 697,757 | |
Taiwan PCB Techvest Co. Ltd. | | | 28,000 | | | | 39,074 | |
Taiwan Prosperity Chemical Corp. | | | 24,000 | | | | 31,672 | |
Taiwan Secom Co. Ltd. | | | 23,000 | | | | 51,712 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 3,056,000 | | | | 10,764,735 | |
Taiwan Surface Mounting Technology Co. Ltd. | | | 36,000 | | | | 51,695 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 25 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Taiwan TEA Corp. | | | 91,000 | | | $ | 49,999 | |
Taiwan-Sogo Shinkong Security Corp. | | | 43,000 | | | | 51,818 | |
Tatung Co. Ltd.a | | | 303,000 | | | | 81,606 | |
Teco Electric and Machinery Co. Ltd. | | | 242,000 | | | | 193,329 | |
Test Research Inc. | | | 23,000 | | | | 40,315 | |
Test-Rite International Co. Ltd. | | | 69,000 | | | | 50,936 | |
Ton Yi Industrial Corp. | | | 84,000 | | | | 50,400 | |
Tong Hsing Electronic Industries Ltd. | | | 19,000 | | | | 80,377 | |
Tong Yang Industry Co. Ltd. | | | 48,000 | | | | 44,171 | |
Topco Scientific Co. Ltd. | | | 57,000 | | | | 98,566 | |
TPK Holding Co. Ltd. | | | 30,000 | | | | 568,318 | |
Transcend Information Inc. | | | 18,000 | | | | 51,270 | |
Tripod Technology Corp. | | | 64,000 | | | | 132,675 | |
Tsann Kuen Enterprise Co. Ltd. | | | 18,000 | | | | 36,101 | |
TSRC Corp. | | | 69,000 | | | | 141,877 | |
TTY Biopharm Co. Ltd. | | | 21,000 | | | | 75,742 | |
Tung Ho Steel Enterprise Corp. | | | 93,000 | | | | 90,911 | |
TXC Corp. | | | 36,000 | | | | 56,791 | |
U-Ming Marine Transport Corp. | | | 52,000 | | | | 80,630 | |
Uni-President Enterprises Co. | | | 511,000 | | | | 955,977 | |
Unimicron Technology Corp. | | | 157,000 | | | | 149,239 | |
Union Bank of Taiwana | | | 104,000 | | | | 41,016 | |
Unitech Printed Circuit Board Corp. | | | 244,000 | | | | 79,945 | |
United Microelectronics Corp. | | | 1,574,000 | | | | 588,927 | |
Unity Opto Technology Co. Ltd.a | | | 45,000 | | | | 42,472 | |
UPC Technology Corp. | | | 93,000 | | | | 51,882 | |
USI Corp. | | | 106,000 | | | | 83,431 | |
Vanguard International Semiconductor Corp. | | | 103,000 | | | | 90,444 | |
Visual Photonics Epitaxy Co. Ltd. | | | 37,000 | | | | 40,160 | |
Wah Lee Industrial Corp. | | | 38,000 | | | | 53,734 | |
Walsin Lihwa Corp.a | | | 476,000 | | | | 163,659 | |
Wan Hai Lines Ltd.a | | | 132,000 | | | | 71,414 | |
Waterland Financial Holdings Co. Ltd. | | | 238,000 | | | | 79,423 | |
Wei Chuan Foods Corp. | | | 60,000 | | | | 88,989 | |
Win Semiconductors Corp. | | | 75,000 | | | | 77,107 | |
Winbond Electronics Corp.a | | | 413,000 | | | | 77,403 | |
Wintek Corp.a | | | 203,000 | | | | 95,798 | |
Wisdom Marine Lines Co. Ltd. | | | 38,000 | | | | 53,158 | |
Wistron Corp. | | | 250,000 | | | | 278,091 | |
Wistron NeWeb Corp. | | | 27,000 | | | | 48,327 | |
Wowprime Corp. | | | 4,000 | | | | 58,045 | |
WPG Holdings Co. Ltd. | | | 168,000 | | | | 190,842 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
WT Microelectronics Co. Ltd. | | | 53,000 | | | $ | 64,047 | |
Xxentria Technology Materials Corp. | | | 22,000 | | | | 41,751 | |
Yageo Corp.a | | | 288,000 | | | | 87,565 | |
Yang Ming Marine Transport Corp.a | | | 182,000 | | | | 86,195 | |
Yem Chio Co. Ltd. | | | 132,955 | | | | 86,944 | |
YFY Inc. | | | 180,000 | | | | 92,225 | |
Yieh Phui Enterprise Co. Ltd. | | | 249,000 | | | | 77,302 | |
Young Fast Optoelectronics Co. Ltd. | | | 20,000 | | | | 37,888 | |
Youngtek Electronics Corp. | | | 20,000 | | | | 48,472 | |
Yuanta Financial Holding Co. Ltd. | | | 1,030,000 | | | | 532,941 | |
Yulon Motor Co. Ltd. | | | 109,000 | | | | 195,099 | |
YungShin Global Holding Corp. | | | 30,000 | | | | 42,624 | |
Yungtay Engineering Co. Ltd. | | | 41,000 | | | | 77,394 | |
Zhen Ding Technology Holding Ltd. | | | 24,000 | | | | 54,445 | |
Zinwell Corp. | | | 58,000 | | | | 50,147 | |
| | | | | | | | |
| | | | | | | 63,198,403 | |
THAILAND — 2.92% | | | | | | | | |
Advanced Information Service PCL NVDR | | | 150,700 | | | | 1,048,568 | |
Airports of Thailand PCL NVDR | | | 50,200 | | | | 199,113 | |
Amata Corp. PCL NVDR | | | 75,900 | | | | 65,057 | |
Asian Property Development PCL NVDR | | | 129,200 | | | | 44,731 | |
Bangchak Petroleum PCL NVDR | | | 38,400 | | | | 50,017 | |
Bangkok Bank PCL Foreign | | | 105,800 | | | | 825,062 | |
Bangkok Bank PCL NVDR | | | 71,500 | | | | 526,336 | |
Bangkok Chain Hospital PCL NVDR | | | 160,200 | | | | 64,080 | |
Bangkok Dusit Medical Services PCL NVDR | | | 38,400 | | | | 192,323 | |
Bangkok Expressway PCL NVDR | | | 56,800 | | | | 82,097 | |
Bangkok Land PCL NVDR | | | 1,119,100 | | | | 78,995 | |
Bangkok Life Assurance PCL NVDR | | | 34,500 | | | | 75,668 | |
Bank of Ayudhya PCL NVDR | | | 333,300 | | | | 386,516 | |
Banpu PCL NVDR | | | 14,450 | | | | 189,914 | |
BEC World PCL NVDR | | | 126,100 | | | | 285,050 | |
BTS Group Holdings PCL NVDR | | | 429,800 | | | | 118,466 | |
Bumrungrad Hospital PCL NVDR | | | 48,200 | | | | 141,765 | |
Central Pattana PCL NVDR | | | 86,400 | | | | 278,803 | |
Central Plaza Hotel PCL NVDR | | | 72,200 | | | | 93,435 | |
Charoen Pokphand Foods PCL NVDR | | | 396,700 | | | | 433,370 | |
CP All PCL NVDR | | | 540,700 | | | | 858,759 | |
Delta Electronics (Thailand) PCL NVDR | | | 70,600 | | | | 90,178 | |
| | |
| 26 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Dynasty Ceramic PCL NVDR | | | 26,700 | | | $ | 51,829 | |
Esso (Thailand) PCL NVDR | | | 214,300 | | | | 73,474 | |
Glow Energy PCL NVDR | | | 63,900 | | | | 184,719 | |
Hana Microelectronics PCL NVDR | | | 127,200 | | | | 107,960 | |
Hemaraj Land and Development PCL NVDR | | | 669,600 | | | | 95,432 | |
Indorama Ventures PCL NVDR | | | 190,200 | | | | 152,160 | |
IRPC PCL NVDR | | | 1,304,600 | | | | 186,810 | |
Jasmine International PCL NVDR | | | 488,700 | | | | 110,882 | |
Kasikornbank PCL Foreign | | | 146,400 | | | | 1,072,780 | |
Kasikornbank PCL NVDR | | | 90,000 | | | | 641,345 | |
Khon Kaen Sugar Industry PCL NVDR | | | 85,000 | | | | 44,286 | |
Kiatnakin Bank PCL NVDR | | | 57,200 | | | | 117,765 | |
Krung Thai Bank PCL NVDR | | | 462,500 | | | | 396,429 | |
LPN Development PCL NVDR | | | 105,900 | | | | 88,992 | |
Major Cineplex Group PCL NVDR | | | 126,100 | | | | 90,283 | |
Polyplex PCL NVDR | | | 88,100 | | | | 42,347 | |
Pruksa Real Estate PCL NVDR | | | 86,200 | | | | 86,924 | |
PTT Exploration & Production PCL NVDR | | | 178,901 | | | | 950,130 | |
PTT Global Chemical PCL NVDR | | | 208,000 | | | | 552,336 | |
PTT PCL NVDR | | | 106,700 | | | | 1,255,294 | |
Quality Houses PCL NVDR | | | 704,100 | | | | 93,722 | |
Sansiri PCL NVDR | | | 452,600 | | | | 76,067 | |
Siam Cement PCL Foreign | | | 37,500 | | | | 600,000 | |
Siam Cement PCL NVDR | | | 16,800 | | | | 262,024 | |
Siam Commercial Bank PCL NVDR | | | 222,500 | | | | 1,331,260 | |
Siam Global House PCL NVDR | | | 51,500 | | | | 44,143 | |
Siam Makro PCL NVDR | | | 11,200 | | | | 182,212 | |
Sino-Thai Engineering & Construction PCL NVDR | | | 83,700 | | | | 105,504 | |
Sri Trang Agro-Industry PCL NVDR | | | 83,700 | | | | 46,141 | |
Supalai PCL NVDR | | | 64,300 | | | | 46,901 | |
Thai Airways International PCL NVDRa | | | 100,700 | | | | 82,929 | |
Thai Oil PCL NVDR | | | 113,900 | | | | 268,000 | |
Thai Tap Water Supply PCL NVDR | | | 172,700 | | | | 61,533 | |
Thai Vegetable Oil PCL NVDR | | | 61,300 | | | | 51,513 | |
Thaicom PCL NVDRa | | | 72,300 | | | | 68,047 | |
Thanachart Capital PCL NVDR | | | 106,000 | | | | 160,336 | |
Thoresen Thai Agencies PCL NVDR | | | 108,640 | | | | 59,159 | |
Ticon Industrial Connection PCL NVDR | | | 101,900 | | | | 74,327 | |
TISCO Financial Group PCL NVDR | | | 52,000 | | | | 94,387 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
TPI Polene PCL NVDR | | | 67,400 | | | $ | 33,530 | |
| | | | | | | | |
| | | | | | | 16,172,215 | |
TURKEY — 2.03% | | | | | | | | |
Akbank TAS | | | 232,417 | | | | 1,129,361 | |
Akfen Holding ASa,b | | | 9,483 | | | | 56,414 | |
Akmerkez Gayrimenkul Yatirim Ortakligi AS | | | 3,105 | | | | 37,720 | |
Aksa Akrilik Kimya Sanayii AS | | | 15,956 | | | | 45,243 | |
Albaraka Turk Katilim Bankasi ASa,b | | | 51,614 | | | | 53,088 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | | | 26,883 | | | | 403,548 | |
Arcelik AS | | | 29,024 | | | | 183,957 | |
Aselsan Elektronik Sanayi ve TAS | | | 16,398 | | | | 92,992 | |
Asya Katilim Bankasi ASa | | | 89,372 | | | | 109,811 | |
BIM Birlesik Magazalar AS | | | 13,347 | | | | 632,603 | |
Bizim Toptan Satis Magazalari ASb | | | 2,739 | | | | 41,420 | |
Cimsa Cimento Sanayi ve TASb | | | 9,715 | | | | 56,443 | |
Coca-Cola Icecek AS | | | 8,024 | | | | 189,598 | |
Dogan Sirketler Grubu Holding ASa | | | 136,526 | | | | 81,977 | |
Dogan Yayin Holding ASa | | | 141,789 | | | | 66,218 | |
Dogus Otomotiv Servis ve TAS | | | 8,091 | | | | 41,115 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | | | 79,729 | | | | 129,435 | |
Enka Insaat ve Sanayi AS | | | 47,760 | | | | 145,512 | |
Eregli Demir ve Celik Fabrikalari TAS | | | 124,503 | | | | 160,591 | |
Ford Otomotiv Sanayi AS | | | 8,982 | | | | 105,867 | |
Haci Omer Sabanci Holding AS | | | 107,291 | | | | 584,578 | |
Ipek Dogal Enerji Kaynaklari Ve Uretim ASa | | | 12,385 | | | | 35,530 | |
Is Gayrimenkul Yatirim Ortakligi AS | | | 59,196 | | | | 48,709 | |
Kardemir Karabuk Demir Celik Sanayi ve TAS Class D | | | 99,878 | | | | 86,071 | |
KOC Holding AS | | | 86,200 | | | | 453,369 | |
Koza Altin Isletmeleri AS | | | 4,591 | | | | 108,735 | |
Koza Anadolu Metal Madencilik Isletmeleri ASa | | | 26,071 | | | | 69,720 | |
Sekerbank TASa | | | 72,444 | | | | 76,123 | |
Selcuk Ecza Deposu Ticaret ve Sanayi AS | | | 30,557 | | | | 35,337 | |
TAV Havalimanlari Holding ASa | | | 23,080 | | | | 140,509 | |
Tofas Turk Otomobil Fabrikasi AS | | | 17,129 | | | | 106,184 | |
Trakya Cam Sanayii ASa | | | 32,770 | | | | 50,103 | |
Turk Hava Yollari AOa | | | 58,624 | | | | 243,146 | |
| | | | |
SCHEDULEOF INVESTMENTS | | | 27 | |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Turk Telekomunikasyon AS | | | 71,069 | | | $ | 293,182 | |
Turkcell Iletisim Hizmetleri ASa | | | 98,007 | | | | 651,146 | |
Turkiye Garanti Bankasi AS | | | 297,983 | | | | 1,424,765 | |
Turkiye Halk Bankasi AS | | | 81,444 | | | | 805,995 | |
Turkiye Is Bankasi AS Class C | | | 212,833 | | | | 759,674 | |
Turkiye Petrol Rafinerileri AS | | | 16,295 | | | | 456,602 | |
Turkiye Sinai Kalkinma Bankasi AS | | | 99,026 | | | | 127,729 | |
Turkiye Sise ve Cam Fabrikalari AS | | | 62,777 | | | | 102,613 | |
Turkiye Vakiflar Bankasi TAO Class D | | | 98,182 | | | | 301,317 | |
Ulker Biskuvi Sanayi AS | | | 9,485 | | | | 59,853 | |
Yapi Kredi Sigorta AS | | | 4,841 | | | | 53,560 | |
Yapi ve Kredi Bankasi ASa | | | 125,999 | | | | 355,864 | |
Yazicilar Holding AS | | | 7,667 | | | | 82,056 | |
| | | | | | | | |
| | | | | | | 11,275,383 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $472,482,902) | | | | | | | 478,501,566 | |
| |
INVESTMENT COMPANIES — 6.45% | | | | | |
| | |
INDIA — 6.45% | | | | | | | | |
iShares MSCI India Index Funde | | | 1,352,019 | | | | 33,813,995 | |
iShares MSCI India Small Cap Index Funde | | | 51,223 | | | | 1,133,565 | |
iShares S&P India Nifty 50 Index Funde | | | 34,250 | | | | 818,233 | |
| | | | | | | | |
| | | | | | | 35,765,793 | |
| | | | | | | | |
TOTAL INVESTMENT COMPANIES | | | | | | | | |
(Cost: $37,530,646) | | | | | | | 35,765,793 | |
| | |
PREFERRED STOCKS — 6.94% | | | | | | | | |
| | |
BRAZIL — 5.80% | | | | | | | | |
AES Tiete SA | | | 11,800 | | | | 121,694 | |
Banco ABC Brasil SA | | | 10,600 | | | | 77,740 | |
Banco Bradesco SA | | | 244,800 | | | | 4,373,242 | |
Banco Daycoval SA | | | 12,600 | | | | 70,103 | |
Banco do Estado do Rio Grande do Sul SA Class B | | | 24,100 | | | | 220,631 | |
Banco Industrial e Comercial SA | | | 14,300 | | | | 44,120 | |
Banco Panamericano SA | | | 26,400 | | | | 88,129 | |
Banco Pine SA | | | 7,200 | | | | 52,258 | |
Bradespar SA | | | 28,700 | | | | 421,696 | |
Braskem SA Class A | | | 20,700 | | | | 152,651 | |
Centrais Eletricas Brasileiras SA Class B | | | 26,600 | | | | 168,714 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
Centrais Eletricas Santa Catarina SA | | | 3,400 | | | $ | 40,241 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar Class A | | | 15,200 | | | | 762,652 | |
Companhia de Bebidas das Americas | | | 94,100 | | | | 4,178,838 | |
Companhia de Ferro Ligas da Bahia — Ferbasa | | | 8,400 | | | | 49,794 | |
Companhia Energetica de
Minas Gerais | | | 59,400 | | | | 703,931 | |
Companhia Energetica de Sao Paulo Class B | | | 20,600 | | | | 191,090 | |
Companhia Energetica do Ceara Class A | | | 3,000 | | | | 65,247 | |
Companhia Paranaense de Energia Class B | | | 13,200 | | | | 193,617 | |
Contax Participacoes SA | | | 6,500 | | | | 85,512 | |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | | | 15,600 | | | | 94,290 | |
Eucatex SA Industria e Comercio | | | 11,300 | | | | 47,152 | |
Gerdau SA | | | 107,500 | | | | 894,429 | |
GOL Linhas Aereas Inteligentes SA | | | 11,500 | | | | 73,115 | |
Itau Unibanco Holding SA | | | 287,200 | | | | 5,094,383 | |
Itausa — Investimentos Itau SA | | | 323,500 | | | | 1,693,503 | |
Klabin SA | | | 54,900 | | | | 369,591 | |
Lojas Americanas SA | | | 51,300 | | | | 468,605 | |
Marcopolo SA | | | 25,300 | | | | 169,554 | |
Metalurgica Gerdau SA | | | 36,400 | | | | 385,706 | |
Oi SA | | | 106,300 | | | | 395,177 | |
Parana Banco SA | | | 5,800 | | | | 40,043 | |
Petroleo Brasileiro SA | | | 523,800 | | | | 4,400,545 | |
Randon Implementos e Participacoes SA | | | 20,400 | | | | 121,754 | |
Saraiva Livreiros Editores SA | | | 5,100 | | | | 72,846 | |
Telefonica Brasil SA | | | 36,800 | | | | 970,488 | |
Usinas Siderurgicas de Minas Gerais SA Class A | | | 48,600 | | | | 240,898 | |
Vale SA Class A | | | 247,700 | | | | 4,579,149 | |
| | | | | | | | |
| | | | | | | 32,173,128 | |
CHILE — 0.15% | | | | | | | | |
Embotelladora Andina SA Class B | | | 26,560 | | | | 179,399 | |
Sociedad Quimica y Minera de Chile SA Series B | | | 11,931 | | | | 662,088 | |
| | | | | | | | |
| | | | | | | 841,487 | |
| | |
| 28 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
COLOMBIA — 0.23% | | | | | | | | |
Banco Davivienda SA | | | 11,931 | | | $ | 170,285 | |
Bancolombia SA | | | 43,094 | | | | 707,676 | |
Grupo Argos SA | | | 12,194 | | | | 152,536 | |
Grupo Aval Acciones y Valores SA | | | 186,557 | | | | 132,618 | |
Grupo de Inversiones Suramericana SA | | | 6,137 | | | | 134,396 | |
| | | | | | | | |
| | | | | | | 1,297,511 | |
RUSSIA — 0.25% | | | | | | | | |
AK Transneft OAO | | | 191 | | | | 428,308 | |
Sberbank of Russia | | | 127,800 | | | | 310,452 | |
Surgutneftegas OJSC | | | 848,500 | | | | 624,703 | |
| | | | | | | | |
| | | | | | | 1,363,463 | |
SOUTH AFRICA — 0.01% | | | | | | | | |
Allied Electronics Corp. Ltd. | | | 34,466 | | | | 81,049 | |
| | | | | | | | |
| | | | | | | 81,049 | |
SOUTH KOREA — 0.50% | | | | | | | | |
Daishin Securities Co. Ltd. | | | 7,850 | | | | 47,702 | |
Hyundai Motor Co. Ltd. | | | 2,468 | | | | 165,016 | |
Hyundai Motor Co. Ltd. Series 2 | | | 4,558 | | | | 327,909 | |
LG Chem Ltd. | | | 908 | | | | 80,417 | |
Samsung Electronics Co. Ltd. | | | 2,620 | | | | 2,129,245 | |
| | | | | | | | |
| | | | | | | 2,750,289 | |
| | | | | | | | |
TOTAL PREFERRED STOCKS | | | | | | | | |
(Cost: $38,468,921) | | | | | | | 38,506,927 | |
| | |
RIGHTS — 0.01% | | | | | | | | |
| | |
BRAZIL — 0.00% | | | | | | | | |
Banco Pine SA Preferreda | | | 403 | | | | 14 | |
Companhia de Bebidas das Americasa | | | 21 | | | | — | |
Companhia de Bebidas das Americas Preferreda | | | 114 | | | | — | |
| | | | | | | | |
| | | | | | | 14 | |
CHILE — 0.01% | | | | | | | | |
Cencosud SAa | | | 12,813 | | | | 9,957 | |
Enersis SAa | | | 787,573 | | | | 10,655 | |
| | | | | | | | |
| | | | | | | 20,612 | |
MALAYSIA — 0.00% | | | | | | | | |
Mah Sing Group Bhda | | | 21,766 | | | | 4,719 | |
| | | | | | | | |
| | | | | | | 4,719 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | | | | | | | |
SOUTH KOREA — 0.00% | | | | | | | | |
Hanjin Heavy Industries & Construction Co. Ltd.a | | | 1,740 | | | $ | 3,021 | |
| | | | | | | | |
| | | | | | | 3,021 | |
| | | | | | | | |
TOTAL RIGHTS | | | | | | | | |
(Cost: $0) | | | | | | | 28,366 | |
| |
SHORT-TERM INVESTMENTS — 1.85% | | | | | |
| | |
MONEY MARKET FUNDS — 1.85% | | | | | | | | |
BlackRock Cash Funds: Institutional,
SL Agency Shares | | | | | | | | |
0.21%e,f,g | | | 3,886,641 | | | | 3,886,641 | |
BlackRock Cash Funds: Prime,
SL Agency Shares | | | | | | | | |
0.18%e,f,g | | | 281,405 | | | | 281,405 | |
BlackRock Cash Funds: Treasury,
SL Agency Shares | | | | | | | | |
0.04%e,f | | | 6,069,519 | | | | 6,069,519 | |
| | | | | | | | |
| | | | | | | 10,237,565 | |
| | | | | | | | |
| | |
TOTAL SHORT-TERM INVESTMENTS | | | | | | | | |
(Cost: $10,237,565) | | | | | | | 10,237,565 | |
| | | | | | | | |
| |
TOTAL INVESTMENTS
IN SECURITIES — 101.55% | | | | | |
(Cost: $558,720,034) | | | | | | | 563,040,217 | |
Other Assets, Less Liabilities — (1.55)% | | | | (8,596,517 | ) |
| | | | | | | | |
NET ASSETS — 100.00% | | | $ | 554,443,700 | |
| | | | | | | | |
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 | Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1. |
| d | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S 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 financial statements.
| | | | |
SCHEDULEOF INVESTMENTS | | | 29 | |
Statement of Assets and Liabilities (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2013
| | | | |
| | |
ASSETS | | | | |
Investments, at cost: | | | | |
Unaffiliated | | $ | 510,951,823 | |
Affiliated (Note 2) | | | 47,768,211 | |
| | | | |
Total cost of investments | | $ | 558,720,034 | |
| | | | |
Investments in securities, at fair value (including securities on loana) (Note 1): | | | | |
Unaffiliated | | $ | 517,036,859 | |
Affiliated (Note 2) | | | 46,003,358 | |
| | | | |
Total fair value of investments | | | 563,040,217 | |
Foreign currencies, at valueb | | | 10,905,181 | |
Cash | | | 954 | |
Receivables: | | | | |
Investment securities sold | | | 1,021,296 | |
Dividends and interest | | | 520,887 | |
Capital shares sold | | | 5,148,302 | |
| | | | |
Total Assets | | | 580,636,837 | |
| | | | |
| |
LIABILITIES | | | | |
Payables: | | | | |
Investment securities purchased | | | 22,006,302 | |
Collateral for securities on loan (Note 5) | | | 4,168,046 | |
Foreign taxes (Note 1) | | | 131 | |
Investment advisory fees (Note 2) | | | 18,658 | |
| | | | |
Total Liabilities | | | 26,193,137 | |
| | | | |
| |
NET ASSETS | | $ | 554,443,700 | |
| | | | |
| |
Net assets consist of: | | | | |
Paid-in capital | | $ | 550,166,377 | |
Undistributed net investment income | | | 460,666 | |
Accumulated net realized loss | | | (498,988 | ) |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies | | | 4,315,645 | |
| | | | |
NET ASSETS | | $ | 554,443,700 | |
| | | | |
| |
Shares outstandingc | | | 10,800,000 | |
| | | | |
| |
Net asset value per share | | $ | 51.34 | |
| | | | |
| a | Securities on loan with a value of $3,831,228. See Note 5. |
| b | Cost of foreign currencies: $10,905,695. |
| c | $0.001 par value, number of shares authorized: 250 million. |
See notes to financial statements.
| | |
| 30 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statement of Operations (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
Period from October 18, 2012 (commencement of operations) through February 28, 2013
| | | | |
| | |
NET INVESTMENT INCOME | | | | |
Dividends — unaffiliateda | | $ | 835,661 | |
Dividends — affiliated (Note 2) | | | 16,710 | |
Interest — unaffiliated | | | 155 | |
Interest — affiliated (Note 2) | | | 1,431 | |
Securities lending income — affiliated (Note 2) | | | 7,494 | |
| | | | |
Total investment income | | | 861,451 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory fees (Note 2) | | | 165,475 | |
| | | | |
Total expenses | | | 165,475 | |
Less investment advisory fees waived (Note 2) | | | (117,159 | ) |
| | | | |
Net expenses | | | 48,316 | |
| | | | |
Net investment income | | | 813,135 | |
| | | | |
| |
NET REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | (477,725 | ) |
Investments — affiliated (Note 2) | | | (72,175 | ) |
Foreign currency transactions | | | 50,912 | |
| | | | |
Net realized loss | | | (498,988 | ) |
| | | | |
Net change in unrealized appreciation/depreciation on: | | | | |
Investments | | | 4,320,183 | |
Translation of assets and liabilities in foreign currencies | | | (4,538 | ) |
| | | | |
Net change in unrealized appreciation/depreciation | | | 4,315,645 | |
| | | | |
Net realized and unrealized gain | | | 3,816,657 | |
| | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 4,629,792 | |
| | | | |
| a | Net of foreign withholding tax of $118,745. |
See notes to financial statements.
Statement of Changes in Net Assets
iSHARES® CORE MSCI EMERGING MARKETS ETF
| | | | |
| | | Period from
October 18, 2012a to February 28,2013
(Unaudited) | |
| |
INCREASE (DECREASE) IN NET ASSETS | | | | |
| |
OPERATIONS: | | | | |
Net investment income | | $ | 813,135 | |
Net realized loss | | | (498,988 | ) |
Net change in unrealized appreciation/depreciation | | | 4,315,645 | |
| | | | |
Net increase in net assets resulting from operations | | | 4,629,792 | |
| | | | |
| |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
From net investment income | | | (352,469 | ) |
| | | | |
Total distributions to shareholders | | | (352,469 | ) |
| | | | |
| |
CAPITAL SHARE TRANSACTIONS: | | | | |
Proceeds from shares sold | | | 550,166,377 | |
| | | | |
Net increase in net assets from capital share transactions | | | 550,166,377 | |
| | | | |
INCREASE IN NET ASSETS | | | 554,443,700 | |
| |
NET ASSETS | | | | |
Beginning of period | | | — | |
| | | | |
End of period | | $ | 554,443,700 | |
| | | | |
Undistributed net investment income included in net assets at end of period | | $ | 460,666 | |
| | | | |
| |
SHARES ISSUED | | | | |
Shares sold | | | 10,800,000 | |
| | | | |
Net increase in shares outstanding | | | 10,800,000 | |
| | | | |
| a | Commencement of operations. |
See notes to financial statements.
| | |
| 32 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights
iSHARES® CORE MSCI EMERGING MARKETS ETF
(For a share outstanding throughout the period)
| | | | |
| | | Period from
Oct. 18, 2012a to Feb. 28, 2013
(Unaudited) | |
Net asset value, beginning of period | | $ | 49.06 | |
| | | | |
Income from investment operations: | | | | |
Net investment incomeb | | | 0.16 | |
Net realized and unrealized gainc | | | 2.24 | |
| | | | |
Total from investment operations | | | 2.40 | |
| | | | |
Less distributions from: | | | | |
Net investment income | | | (0.12 | ) |
| | | | |
Total distributions | | | (0.12 | ) |
| | | | |
Net asset value, end of period | | $ | 51.34 | |
| | | | |
| |
Total return | | | 4.90 | %d |
| | | | |
| |
Ratios/Supplemental data: | | | | |
Net assets, end of period (000s) | | $ | 554,444 | |
Ratio of expenses to average net assetse | | | 0.05 | % |
Ratio of expenses to average net assets prior to waived feese | | | 0.18 | % |
Ratio of net investment income to average net assetse | | | 0.88 | % |
Portfolio turnover ratef | | | 4 | % |
| 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 28, 2013 was 4%. See Note 4. |
See notes to financial statements.
Notes to Financial Statements (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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 Core ETF | | Diversification Classification |
MSCI Emerging Marketsa | | Diversified |
| | a | | The Fund commenced operations on October 18, 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 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.
SECURITY VALUATION
The Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of
| | |
| 34 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
investments for the Fund. The investments of the Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and 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. |
| | • | | Exchange-traded funds and closed-end funds 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 fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
| | • | | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values, and reviews of market related activity.
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 financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Fund’s perceived risk of that instrument. The three levels of the fair value hierarchy are as follows:
| | • | | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
| | • | | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 35 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
| | • | | 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. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.
The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of February 28, 2013. The breakdown of the Fund’s investments into major categories is disclosed in its schedule of investments.
| | | | | | | | | | | | | | | | |
| | | Investments | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 478,294,439 | | | $ | 150,218 | | | $ | 56,909 | | | $ | 478,501,566 | |
Investment Companies | | | 35,765,793 | | | | — | | | | — | | | | 35,765,793 | |
Preferred Stocks | | | 38,506,927 | | | | — | | | | — | | | | 38,506,927 | |
Rights | | | 28,352 | | | | 14 | | | | — | | | | 28,366 | |
Money Market Funds | | | 10,237,565 | | | | — | | | | — | | | | 10,237,565 | |
| | | | | | | | | | | | | | | | |
| | $ | 562,833,076 | | | $ | 150,232 | | | $ | 56,909 | | | $ | 563,040,217 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
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 28, 2013 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, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates
| | |
| 36 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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 stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2013, 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 December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, 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 of 0.18% based on the average daily net assets of the Fund.
BFA has voluntarily waived a portion of its investment advisory fees for the Fund in the amount of $73,530.
| | | | |
NOTESTO FINANCIAL STATEMENTS | | | 37 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through October 31, 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 period ended February 28, 2013, BFA waived its investment advisory fees for the Fund in the amount of $43,629.
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. The Fund benefits from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. 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 period ended February 28, 2013, BTC earned securities lending agent fees from the Fund in the amount of $4,035.
BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is 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. is the largest stockholder of BlackRock and is considered to be an affiliate of the Fund for 1940 Act purposes.
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.
Investments in issuers considered to be affiliates of the Fund (excluding short-term investments) during the period ended February 28, 2013, 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 Chile Capped Investable Market Index Fund | | | — | | | | 24,667 | | | | (24,667 | ) | | | — | | | $ | — | | | $ | — | | | $ | (93,930 | ) |
iShares MSCI India Index Fund | | | — | | | | 1,352,019 | | | | — | | | | 1,352,019 | | | | 33,813,995 | | | | 4,928 | | | | — | |
iShares MSCI India Small Cap
Index Fund | | | — | | | | 51,223 | | | | — | | | | 51,223 | | | | 1,133,565 | | | | 11,170 | | | | — | |
iShares MSCI S&P India Nifty 50
Index Fund | | | — | | | | 243,250 | | | | (209,000 | ) | | | 34,250 | | | | 818,233 | | | | 612 | | | | 21,755 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 35,765,793 | | | $ | 16,710 | | | $ | (72,175 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| 38 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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 28, 2013, were $559,071,397 and $10,037,763, respectively.
There were no in-kind transactions for the period ended February 28, 2013.
| 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 may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.
| 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 market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. 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 28, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of February 28, 2013 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 | | | 39 | |
Notes to Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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 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 28, 2013, the cost of investments for federal income tax purposes was $558,720,034. Net unrealized appreciation was $4,320,183, of which $18,532,821 represented gross unrealized appreciation on securities and $14,212,638 represented gross unrealized depreciation on securities.
Management has reviewed the tax positions as of February 28, 2013 and has determined that no provision for income tax is required in the Fund’s financial statements.
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 30, 2013. 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 28, 2013.
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.
| | |
| 40 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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 Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed the Advisory Contract.
At a meeting held on September 6-7, 2012, the Board, including a majority of the Independent Directors, approved the selection of BFA as investment adviser and approved the Advisory Contract for the Fund, 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 Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:
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 any proposed 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, sponsor, inception date, or other differentiating factors, but that 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), as applicable. 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 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 proposed 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 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 Fund supported the Board’s approval of the Advisory Contract.
Nature, Extent and Quality of Services to be 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, to supporting iShares funds and their shareholders. The Board noted that BFA became an indirect wholly-owned subsidiary of BlackRock in December 2009. The Board acknowledged that additional resources to support iShares funds and their shareholders have been added or enhanced since then, including, in such areas as investor education, product management, customized portfolio consulting support, 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 other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 41 | |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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 Advisory Contract.
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 proposed relationships had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch 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 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 did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board further noted management’s assertion that future economies of scale for the Fund had been taken into consideration by fixing the investment advisory fee rate at the low end of the market place, effectively giving Fund shareholders, from inception, the benefits of lower fees. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future. Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the investment advisory fee rate incorporates potential economies of scale 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 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 manage Other Accounts with substantially the same 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, generally more extensive services to be 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 exchange traded fund, as compared to Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses to be borne by BFA under this arrangement. 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 the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed. The Board further noted that the proposed advisory fee rate for the Fund was lower than that of an iShares index fund that
| | |
| 42 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Board Review and Approval of Investment Advisory
Contract (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
invests in the same asset class, and acknowledged management’s assertion that the Fund’s advisory fee rate had been proposed for competitive reasons and was reflective of a discount to the full value of the services to be rendered by BFA to the Fund.
Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider 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 proposed relationship had not yet commenced. However, the Board noted that BFA generally 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 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 lending of the Fund’s securities. 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, will be 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 with respect to the appropriateness of approving the Advisory Contract.
Based on the considerations described above, the Board determined that the investment advisory fee rate under the Advisory Contract does not constitute a fee that is 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 Advisory Contract.
| | | | |
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | | | 43 | |
Supplemental Information (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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 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 | |
| $ | 0.04312 | | | $ | — | | | $ | 0.07739 | | | $ | 0.12051 | | | | 36 | % | | | — | % | | | 64 | % | | | 100 | % |
| | |
| 44 | | 2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes:
| | | | |
2013 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS | | | 45 | |
Notes:
| | |
| 46 | | 2013 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.
©2013 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
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iS-SAR-813-0213
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.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 11. Controls and Procedures.
| | (a) | The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification. |
| | (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a) (1) Not applicable to this semi-annual filing.
(a) (2) Section 302 Certifications are attached.
(a) (3) Not applicable to the Registrant.
(b) Section 906 Certifications are attached.
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 26, 2013 |
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 26, 2013 |
| |
| By: | | /s/ Jack Gee |
| | Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer) |
| Date: | | April 26, 2013 |
