Table of Contents
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
1 Iron Street, Boston, MA 02210
(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, 2015
Date of reporting period: February 28, 2015
Table of Contents
Item 1. | Reports to Stockholders. |
Table of Contents
FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
Ø | iShares MSCI Austria Capped ETF | EWO | NYSE Arca |
Ø | iShares MSCI Belgium Capped ETF | EWK | NYSE Arca |
Ø | iShares MSCI Emerging Markets Eastern Europe ETF | ESR | NYSE Arca |
Ø | iShares MSCI France ETF | EWQ | NYSE Arca |
Ø | iShares MSCI Italy Capped ETF | EWI | NYSE Arca |
Ø | iShares MSCI Netherlands ETF | EWN | NYSE Arca |
Ø | iShares MSCI Spain Capped ETF | EWP | NYSE Arca |
Ø | iShares MSCI Sweden ETF | EWD | NYSE Arca |
Ø | iShares MSCI Switzerland Capped ETF | EWL | NYSE Arca |
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Table of Contents
iSHARES® MSCI AUSTRIA CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Austria Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -6.39%, net of fees, while the total return for the Index was -6.37%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (17.69)% | (17.69)% | (17.83)% | (17.69)% | (17.69)% | (17.83)% | ||||||||||||||||||||
5 Years | 0.09% | 0.05% | 0.19% | 0.43% | 0.25% | 0.97% | ||||||||||||||||||||
10 Years | (1.24)% | (1.34)% | (1.52)% | (11.77)% | (12.58)% | (14.18)% |
Index performance through January 31, 2008 reflects the performance of the MSCI Austria Index. Index performance beginning on February 1, 2008 through February 11, 2013 reflects the performance of the MSCI Austria Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria Investable Market Index 25/50.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 936.10 | $ | 2.30 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 43.13 | % | ||
Industrials | 24.64 | |||
Materials | 16.76 | |||
Energy | 11.20 | |||
Information Technology | 2.15 | |||
Utilities | 1.37 | |||
Consumer Discretionary | 0.75 | |||
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| |||
TOTAL | 100.00 | % | ||
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TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Erste Group Bank AG | 16.52 | % | ||
Voestalpine AG | 9.48 | |||
OMV AG | 9.09 | |||
ANDRITZ AG | 9.05 | |||
IMMOFINANZ AG | 5.01 | |||
Wienerberger AG | 4.45 | |||
Oesterreichische Post AG | 4.34 | |||
CA Immobilien Anlagen AG | 4.30 | |||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 4.09 | |||
Raiffeisen Bank International AG | 4.05 | |||
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TOTAL | 70.38 | % | ||
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* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI BELGIUM CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Belgium Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 2.82%, net of fees, while the total return for the Index was 2.96%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 2.85% | 2.91% | 2.98% | 2.85% | 2.91% | 2.98% | ||||||||||||||||||||
5 Years | 10.49% | 10.39% | 12.15% | 64.71% | 63.89% | 77.42% | ||||||||||||||||||||
10 Years | 2.61% | 2.60% | 3.04% | 29.42% | 29.25% | 34.88% |
Index performance through November 30, 2007 reflects the performance of the MSCI Belgium Index. Index performance beginning on December 1, 2007 through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market Index. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium Investable Market Index 25/50.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,028.20 | $ | 2.41 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Consumer Staples | 31.37 | % | ||
Financials | 26.11 | |||
Materials | 11.45 | |||
Health Care | 11.22 | |||
Telecommunication Services | 4.60 | |||
Information Technology | 4.25 | |||
Consumer Discretionary | 4.21 | |||
Industrials | 3.50 | |||
Energy | 2.09 | |||
Utilities | 1.20 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Anheuser-Busch InBev NV | 22.96 | % | ||
KBC Groep NV | 8.02 | |||
UCB SA | 5.29 | |||
Delhaize Group SA | 5.18 | |||
Solvay SA | 4.71 | |||
Ageas | 4.42 | |||
Groupe Bruxelles Lambert SA | 4.01 | |||
Belgacom SA | 3.61 | |||
Umicore SA | 2.89 | |||
Colruyt SA | 2.20 | |||
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TOTAL | 63.29 | % | ||
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* | Excludes money market funds. |
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Eastern Europe ETF (the “Fund”) seeks to track the investment results of an index composed of Eastern European emerging market equities, as represented by the MSCI Emerging Markets Eastern Europe Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -20.66%, net of fees, while the total return for the Index was -20.19%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (23.74)% | (22.59)% | (23.25)% | (23.74)% | (22.59)% | (23.25)% | ||||||||||||||||||||
5 Years | (5.21)% | (5.20)% | (4.64)% | (23.46)% | (23.44)% | (21.14)% | ||||||||||||||||||||
Since Inception | (3.87)% | (3.86)% | (3.34)% | (19.26)% | (19.18)% | (16.81)% |
The inception date of the Fund was 9/30/09. The first day of secondary market trading was 10/2/09.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 793.40 | $ | 3.02 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.41 | 0.68% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Energy | 42.84 | % | ||
Financials | 25.76 | |||
Materials | 11.12 | |||
Utilities | 6.12 | |||
Consumer Staples | 5.96 | |||
Telecommunication Services | 5.40 | |||
Consumer Discretionary | 1.89 | |||
Health Care | 0.91 | |||
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TOTAL | 100.00 | % | ||
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COUNTRY ALLOCATION
As of 2/28/15
Country | Percentage of Total Investments* |
Russia | 66.52 | % | ||
Poland | 26.51 | |||
Czech Republic | 3.60 | |||
Hungary | 3.37 | |||
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TOTAL | 100.00 | % | ||
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* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI FRANCE ETF
Performance as of February 28, 2015
The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities, as represented by the MSCI France Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -2.90%, net of fees, while the total return for the Index was -2.80%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (6.26)% | (6.15)% | (6.25)% | (6.26)% | (6.15)% | (6.25)% | ||||||||||||||||||||
5 Years | 5.45% | 5.42% | 5.47% | 30.41% | 30.23% | 30.48% | ||||||||||||||||||||
10 Years | 3.54% | 3.48% | 3.65% | 41.56% | 40.80% | 43.16% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 971.00 | $ | 2.35 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Consumer Discretionary | 17.85 | % | ||
Financials | 17.30 | |||
Industrials | 17.22 | |||
Health Care | 10.90 | |||
Consumer Staples | 10.75 | |||
Energy | 9.45 | |||
Materials | 6.02 | |||
Utilities | 4.05 | |||
Information Technology | 3.32 | |||
Telecommunication Services | 3.14 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Sanofi | 9.06 | % | ||
Total SA | 8.93 | |||
BNP Paribas SA | 4.77 | |||
LVMH Moet Hennessy Louis Vuitton SA | 3.96 | |||
AXA SA | 3.57 | |||
L’Oreal SA | 3.53 | |||
Air Liquide SA | 3.52 | |||
Schneider Electric SE | 3.27 | |||
Danone SA | 3.12 | |||
Airbus Group NV | 2.82 | |||
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| |||
TOTAL | 46.55 | % | ||
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* | Excludes money market funds. |
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI ITALY CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Italy Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities, as represented by the MSCI Italy 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -6.03%, net of fees, while the total return for the Index was -5.86%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (8.25)% | (8.47)% | (8.89)% | (8.25)% | (8.47)% | (8.89)% | ||||||||||||||||||||
5 Years | 0.09% | 0.06% | 0.18% | 0.44% | 0.30% | 0.88% | ||||||||||||||||||||
10 Years | (2.34)% | (2.37)% | (2.40)% | (21.08)% | (21.32)% | (21.57)% |
Index performance through February 11, 2013 reflects the performance of the MSCI Italy Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 939.70 | $ | 2.31 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 38.91 | % | ||
Energy | 16.74 | |||
Utilities | 15.35 | |||
Industrials | 13.17 | |||
Consumer Discretionary | 11.19 | |||
Telecommunication Services | 4.64 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Eni SpA | 12.86 | % | ||
Intesa Sanpaolo SpA | 10.91 | |||
Enel SpA | 7.04 | |||
UniCredit SpA | 6.81 | |||
Assicurazioni Generali SpA | 5.00 | |||
Atlantia SpA | 4.48 | |||
Luxottica Group SpA | 4.47 | |||
Fiat Chrysler Automobiles NV | 4.44 | |||
Snam SpA | 4.26 | |||
CNH Industrial NV | 3.61 | |||
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TOTAL | 63.88 | % | ||
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* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI NETHERLANDS ETF
Performance as of February 28, 2015
The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 4.62%, net of fees, while the total return for the Index was 3.39%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 1.79% | 1.79% | 0.81% | 1.79% | 1.79% | 0.81% | ||||||||||||||||||||
5 Years | 8.52% | 8.45% | 8.77% | 50.53% | 50.05% | 52.23% | ||||||||||||||||||||
10 Years | 5.55% | 5.50% | 5.94% | 71.56% | 70.74% | 78.02% |
Index performance through January 31, 2008 reflects the performance of the MSCI Netherlands Index. Index performance beginning on February 1, 2008 reflects the performance of the MSCI Netherlands Investable Market Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,046.20 | $ | 2.44 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Consumer Staples | 30.01 | % | ||
Financials | 21.82 | |||
Industrials | 14.84 | |||
Information Technology | 12.00 | |||
Consumer Discretionary | 9.39 | |||
Materials | 7.23 | |||
Telecommunication Services | 2.78 | |||
Energy | 1.93 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Unilever NV CVA | 17.99 | % | ||
ING Groep NV CVA | 14.63 | |||
ASML Holding NV | 9.60 | |||
Koninklijke Philips NV | 7.11 | |||
Akzo Nobel NV | 4.63 | |||
Heineken NV | 4.57 | |||
Reed Elsevier NV | 4.41 | |||
Koninklijke Ahold NV | 4.26 | |||
Aegon NV | 3.56 | |||
Koninklijke KPN NV | 2.78 | |||
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TOTAL | 73.54 | % | ||
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* | Excludes money market funds. |
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SPAIN CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Spain Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Spanish equities, as represented by the MSCI Spain 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -11.04%, net of fees, while the total return for the Index was -10.70%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (8.23)% | (8.13)% | (7.54)% | (8.23)% | (8.13)% | (7.54)% | ||||||||||||||||||||
5 Years | 2.64% | 2.61% | 2.12% | 13.92% | 13.76% | 11.08% | ||||||||||||||||||||
10 Years | 4.19% | 4.18% | 4.02% | 50.82% | 50.58% | 48.28% |
Index performance through February 11, 2013 reflects the performance of the MSCI Spain Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 889.60 | $ | 2.25 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 45.42 | % | ||
Utilities | 13.27 | |||
Telecommunication Services | 12.43 | |||
Industrials | 11.81 | |||
Consumer Discretionary | 4.47 | |||
Information Technology | 4.44 | |||
Energy | 4.41 | |||
Health Care | 2.00 | |||
Consumer Staples | 1.75 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST FUND HOLDINGS As of 2/28/15
Security | Percentage of Total Investments* |
Banco Santander SA | 20.86 | % | ||
Telefonica SA | 12.43 | |||
Banco Bilbao Vizcaya Argentaria SA | 11.75 | |||
Iberdrola SA | 4.53 | |||
Inditex SA | 4.47 | |||
Amadeus IT Holding SA | 4.44 | |||
Repsol SA | 4.41 | |||
Banco de Sabadell SA | 2.73 | |||
CaixaBank SA | 2.71 | |||
Red Electrica Corp. SA | 2.71 | |||
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TOTAL | 71.04 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 11 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SWEDEN ETF
Performance as of February 28, 2015
The iShares MSCI Sweden ETF (the “Fund”) seeks to track the investment results of an index composed of Swedish equities, as represented by the MSCI Sweden Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 2.51%, net of fees, while the total return for the Index was 2.75%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (1.90)% | (1.54)% | (2.00)% | (1.90)% | (1.54)% | (2.00)% | ||||||||||||||||||||
5 Years | 11.47% | 11.52% | 11.41% | 72.11% | 72.48% | 71.65% | ||||||||||||||||||||
10 Years | 8.37% | 8.38% | 8.34% | 123.34% | 123.57% | 122.69% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,025.10 | $ | 2.41 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 32.88 | % | ||
Industrials | 27.16 | |||
Consumer Discretionary | 12.50 | |||
Information Technology | 11.59 | |||
Telecommunication Services | 5.92 | |||
Consumer Staples | 5.64 | |||
Health Care | 2.23 | |||
Materials | 1.32 | |||
Energy | 0.76 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Hennes & Mauritz AB Class B | 9.87 | % | ||
Nordea Bank AB | 9.76 | |||
Telefonaktiebolaget LM Ericsson Class B | 9.40 | |||
Svenska Handelsbanken AB Class A | 5.99 | |||
Swedbank AB Class A | 5.61 | |||
Atlas Copco AB Class A | 5.16 | |||
Assa Abloy AB Class B | 4.77 | |||
Skandinaviska Enskilda Banken AB Class A | 4.56 | |||
Volvo AB Class B | 4.41 | |||
Investor AB Class B | 4.31 | |||
|
| |||
TOTAL | 63.84 | % | ||
|
|
* | Excludes money market funds. |
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SWITZERLAND CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Switzerland Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Swiss equities, as represented by the MSCI Switzerland 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -0.42%, net of fees, while the total return for the Index was -0.20%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (0.11)% | (0.36)% | 0.13% | (0.11)% | (0.36)% | 0.13% | ||||||||||||||||||||
5 Years | 11.30% | 11.19% | 11.12% | 70.80% | 69.99% | 69.40% | ||||||||||||||||||||
10 Years | 8.56% | 8.41% | 8.28% | 127.46% | 124.29% | 121.47% |
Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 995.80 | $ | 2.38 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Health Care | 31.27 | % | ||
Financials | 20.30 | |||
Consumer Staples | 20.07 | |||
Industrials | 11.64 | |||
Materials | 8.32 | |||
Consumer Discretionary | 6.29 | |||
Telecommunication Services | 1.42 | |||
Energy | 0.69 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Nestle SA Registered | 16.93 | % | ||
Novartis AG Registered | 15.63 | |||
Roche Holding AG | 12.41 | |||
UBS Group AG | 4.52 | |||
Zurich Insurance Group AG | 4.27 | |||
ABB Ltd. Registered | 4.19 | |||
Cie. Financiere Richemont SA Class A Registered | 4.12 | |||
Credit Suisse Group AG Registered | 3.37 | |||
Syngenta AG Registered | 3.05 | |||
Swiss Re AG | 3.02 | |||
|
| |||
TOTAL | 71.51 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 13 |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI AUSTRIA CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 98.57% |
| |||||||
AEROSPACE & DEFENSE — 0.34% |
| |||||||
FACC AGa | 21,060 | $ | 200,786 | |||||
|
| |||||||
200,786 | ||||||||
AIR FREIGHT & LOGISTICS — 4.27% |
| |||||||
Oesterreichische Post AG | 50,868 | 2,515,317 | ||||||
|
| |||||||
2,515,317 | ||||||||
BANKS — 20.27% |
| |||||||
Erste Group Bank AG | 364,824 | 9,583,574 | ||||||
Raiffeisen Bank International AGb | 155,196 | 2,350,020 | ||||||
|
| |||||||
11,933,594 | ||||||||
BUILDING PRODUCTS — 4.39% |
| |||||||
Wienerberger AG | 164,448 | 2,582,343 | ||||||
|
| |||||||
2,582,343 | ||||||||
CHEMICALS — 1.59% |
| |||||||
Lenzing AG | 14,400 | 938,740 | ||||||
|
| |||||||
938,740 | ||||||||
CONSTRUCTION MATERIALS — 1.97% |
| |||||||
RHI AG | 39,852 | 1,157,282 | ||||||
|
| |||||||
1,157,282 | ||||||||
CONTAINERS & PACKAGING — 2.62% |
| |||||||
Mayr Melnhof Karton AG | 14,508 | 1,543,484 | ||||||
|
| |||||||
1,543,484 | ||||||||
ELECTRIC UTILITIES — 1.35% |
| |||||||
EVN AG | 67,356 | 792,140 | ||||||
|
| |||||||
792,140 | ||||||||
ELECTRICAL EQUIPMENT — 2.27% |
| |||||||
Zumtobel Group AG | 50,184 | 1,334,046 | ||||||
|
| |||||||
1,334,046 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.12% |
| |||||||
Austria Technologie & Systemtechnik AG | 56,124 | 842,920 | ||||||
Kapsch TrafficCom AGa,b | 15,840 | 405,974 | ||||||
|
| |||||||
1,248,894 | ||||||||
ENERGY EQUIPMENT & SERVICES — 2.08% |
| |||||||
Schoeller-Bleckmann Oilfield Equipment AG | 18,072 | 1,223,322 | ||||||
|
| |||||||
1,223,322 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.74% |
| |||||||
DO & CO AG | 5,364 | 433,190 | ||||||
|
| |||||||
433,190 |
Security | Shares | Value | ||||||
INSURANCE — 6.52% |
| |||||||
UNIQA Insurance Group AG | 166,752 | $ | 1,463,754 | |||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 53,568 | 2,374,541 | ||||||
|
| |||||||
3,838,295 | ||||||||
MACHINERY — 11.79% |
| |||||||
ANDRITZ AG | 90,828 | 5,251,769 | ||||||
Palfinger AG | 27,792 | 841,668 | ||||||
Semperit AG Holding | 19,224 | 847,841 | ||||||
|
| |||||||
6,941,278 | ||||||||
METALS & MINING — 10.34% |
| |||||||
AMAG Austria Metall AGc | 16,488 | 583,756 | ||||||
Voestalpine AG | 140,436 | 5,502,173 | ||||||
|
| |||||||
6,085,929 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 8.96% |
| |||||||
OMV AG | 182,700 | 5,275,804 | ||||||
|
| |||||||
5,275,804 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 15.72% |
| |||||||
BUWOG AGa | 66,312 | 1,480,139 | ||||||
CA Immobilien Anlagen AGa | 122,004 | 2,494,698 | ||||||
Conwert Immobilien Invest SEa,b | 100,908 | 1,385,365 | ||||||
IMMOEAST AG Escrowa | 998,769 | 11 | ||||||
IMMOFINANZ AGa | 949,032 | 2,902,841 | ||||||
IMMOFINANZ AG Escrowa | 897,599 | 10 | ||||||
S IMMO AG | 103,392 | 992,468 | ||||||
|
| |||||||
9,255,532 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 1.23% |
| |||||||
Flughafen Wien AG | 8,388 | 722,000 | ||||||
|
| |||||||
722,000 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $81,211,735) |
| 58,021,976 | ||||||
SHORT-TERM INVESTMENTS — 2.28% |
| |||||||
MONEY MARKET FUNDS — 2.28% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%d,e,f | 1,261,047 | 1,261,047 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%d,e,f | 73,598 | 73,598 |
SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRIA CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%d,e | 10,600 | $ | 10,600 | |||||
|
| |||||||
1,345,245 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,345,245) |
| 1,345,245 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $82,556,980) |
| 59,367,221 | ||||||
Other Assets, Less Liabilities — (0.85)% |
| (501,741 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 58,865,480 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
d | Affiliated issuer. See Note 2. |
e | The rate quoted is the annualized seven-day yield of the fund at period end. |
f | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI BELGIUM CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.89% |
| |||||||
AIR FREIGHT & LOGISTICS — 1.47% |
| |||||||
bpost SA | 84,448 | $ | 2,381,762 | |||||
|
| |||||||
2,381,762 | ||||||||
BANKS — 8.01% |
| |||||||
KBC Groep NVa | 212,860 | 12,945,260 | ||||||
|
| |||||||
12,945,260 | ||||||||
BEVERAGES — 22.93% |
| |||||||
Anheuser-Busch InBev NV | 290,580 | 37,058,122 | ||||||
|
| |||||||
37,058,122 | ||||||||
BIOTECHNOLOGY — 2.57% |
| |||||||
Ablynx NVa | 156,368 | 1,747,412 | ||||||
Galapagos NVa | 62,060 | 1,388,015 | ||||||
ThromboGenics NVa,b | 122,496 | 1,016,742 | ||||||
|
| |||||||
4,152,169 | ||||||||
CAPITAL MARKETS — 1.69% |
| |||||||
Gimv NV | 33,292 | 1,564,628 | ||||||
RHJ International SAa | 237,452 | 1,163,897 | ||||||
|
| |||||||
2,728,525 | ||||||||
CHEMICALS — 8.69% |
| |||||||
Solvay SAb | 51,040 | 7,602,667 | ||||||
Tessenderlo Chemie NVa | 64,149 | 1,772,195 | ||||||
Umicore SA | 106,720 | 4,668,994 | ||||||
|
| |||||||
14,043,856 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.78% |
| |||||||
EVS Broadcast Equipment SA | 32,248 | 1,255,132 | ||||||
|
| |||||||
1,255,132 | ||||||||
CONSTRUCTION & ENGINEERING — 1.41% |
| |||||||
Cie. d’Entreprises CFE | 20,416 | 2,287,670 | ||||||
|
| |||||||
2,287,670 | ||||||||
DISTRIBUTORS — 0.96% |
| |||||||
D’ieteren SA/NV | 41,528 | 1,547,150 | ||||||
|
| |||||||
1,547,150 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 7.29% |
| |||||||
Ackermans & van Haaren NV | 27,492 | 3,371,960 | ||||||
Groupe Bruxelles Lambert SA | 73,776 | 6,471,942 | ||||||
KBC Ancoraa | 56,376 | 1,931,802 | ||||||
|
| |||||||
11,775,704 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.60% |
| |||||||
Belgacom SA | 154,512 | 5,825,759 | ||||||
|
| |||||||
5,825,759 |
Security | Shares | Value | ||||||
ELECTRIC UTILITIES — 1.20% |
| |||||||
Elia System Operator SA/NV | 42,804 | $ | 1,941,328 | |||||
|
| |||||||
1,941,328 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.86% |
| |||||||
Barco NV | 21,808 | 1,386,935 | ||||||
|
| |||||||
1,386,935 | ||||||||
FOOD & STAPLES RETAILING — 7.37% |
| |||||||
Colruyt SA | 75,748 | 3,553,991 | ||||||
Delhaize Group SA | 92,916 | 8,356,295 | ||||||
|
| |||||||
11,910,286 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 1.41% |
| |||||||
Ion Beam Applicationsa | 106,024 | 2,272,001 | ||||||
|
| |||||||
2,272,001 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 1.09% |
| |||||||
Fagron | 47,560 | 1,762,540 | ||||||
|
| |||||||
1,762,540 | ||||||||
HEALTH CARE TECHNOLOGY — 0.85% |
| |||||||
AGFA-Gevaert NVa | 563,296 | 1,381,792 | ||||||
|
| |||||||
1,381,792 | ||||||||
INSURANCE — 4.42% |
| |||||||
Ageas | 197,780 | 7,142,134 | ||||||
|
| |||||||
7,142,134 | ||||||||
IT SERVICES — 0.84% |
| |||||||
Econocom Group SA/NV | 153,816 | 1,361,761 | ||||||
|
| |||||||
1,361,761 | ||||||||
MARINE — 0.61% |
| |||||||
Cie. Maritime Belge SA | 63,684 | 979,321 | ||||||
|
| |||||||
979,321 | ||||||||
MEDIA — 3.25% |
| |||||||
Kinepolis Group NV | 48,488 | 1,954,653 | ||||||
Telenet Group Holding NVa | 57,420 | 3,300,762 | ||||||
|
| |||||||
5,255,415 | ||||||||
METALS & MINING — 2.75% |
| |||||||
NV Bekaert SA | 58,696 | 1,784,823 | ||||||
Nyrstar NVa,b | 715,372 | 2,658,341 | ||||||
|
| |||||||
4,443,164 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 2.09% |
| |||||||
Euronav NVa | 188,268 | 2,280,644 | ||||||
Exmar NV | 103,820 | 1,095,209 | ||||||
|
| |||||||
3,375,853 |
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BELGIUM CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
PERSONAL PRODUCTS — 1.03% |
| |||||||
Ontex Group NVa | 55,912 | $ | 1,668,184 | |||||
|
| |||||||
1,668,184 | ||||||||
PHARMACEUTICALS — 5.29% |
| |||||||
UCB SA | 111,476 | 8,546,280 | ||||||
|
| |||||||
8,546,280 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.68% |
| |||||||
Befimmo SA | 27,956 | 2,025,652 | ||||||
Cofinimmo SA | 21,228 | 2,631,047 | ||||||
Intervest Offices & Warehouses NV | 37,004 | 1,120,649 | ||||||
Warehouses De Pauw SCA | 21,576 | 1,781,172 | ||||||
|
| |||||||
7,558,520 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.76% |
| |||||||
Melexis NV | 49,068 | 2,850,371 | ||||||
|
| |||||||
2,850,371 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.99% |
| |||||||
Mobistar SAa | 67,744 | 1,600,625 | ||||||
|
| |||||||
1,600,625 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $159,644,409) |
| 161,437,619 | ||||||
SHORT-TERM INVESTMENTS — 0.75% |
| |||||||
MONEY MARKET FUNDS — 0.75% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 1,096,639 | 1,096,639 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 64,002 | 64,002 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 48,811 | 48,811 | ||||||
|
| |||||||
1,209,452 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,209,452) |
| 1,209,452 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $160,853,861) |
| 162,647,071 | ||||||
Other Assets, Less Liabilities — (0.64)% |
| (1,032,475 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 161,614,596 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 96.29% |
| |||||||
CZECH REPUBLIC — 3.59% |
| |||||||
CEZ AS | 97,732 | $ | 2,476,969 | |||||
Komercni Banka AS | 9,175 | 1,985,784 | ||||||
O2 Czech Republic AS | 48,366 | 410,512 | ||||||
|
| |||||||
4,873,265 | ||||||||
HUNGARY — 3.36% |
| |||||||
MOL Hungarian Oil & Gas PLC | 25,186 | 1,117,764 | ||||||
OTP Bank PLC | 139,370 | 2,210,506 | ||||||
Richter Gedeon Nyrt | 84,719 | 1,232,381 | ||||||
|
| |||||||
4,560,651 | ||||||||
POLAND — 26.50% |
| |||||||
Alior Bank SAa,b | 28,182 | 630,566 | ||||||
Bank Handlowy w Warszawie SA | 20,096 | 574,885 | ||||||
Bank Millennium SA | 262,321 | 499,808 | ||||||
Bank Pekao SA | 80,124 | 4,017,947 | ||||||
Bank Zachodni WBK SA | 21,349 | 1,932,872 | ||||||
CCC SA | 13,860 | 680,423 | ||||||
Cyfrowy Polsat SA | 115,939 | 754,513 | ||||||
ENEA SA | 131,485 | 576,023 | ||||||
Energa SA | 123,508 | 751,032 | ||||||
Eurocash SA | 50,573 | 456,505 | ||||||
Getin Noble Bank SAa | 758,798 | 381,434 | ||||||
Grupa Azoty SA | 30,119 | 626,775 | ||||||
Grupa Lotos SAa,b | 56,365 | 396,672 | ||||||
KGHM Polska Miedz SA | 84,203 | 2,753,554 | ||||||
LPP SA | 579 | 1,131,289 | ||||||
mBank | 9,035 | 1,116,632 | ||||||
Orange Polska SA | 396,762 | 1,058,347 | ||||||
PGE Polska Grupa Energetyczna SA | 508,075 | 2,845,105 | ||||||
Polski Koncern Naftowy Orlen SA | 193,468 | 2,855,367 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 1,063,855 | 1,446,209 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 535,336 | 4,716,553 | ||||||
Powszechny Zaklad Ubezpieczen SA | 34,123 | 4,506,820 | ||||||
Synthos SA | 318,744 | 380,754 | ||||||
Tauron Polska Energia SA | 628,474 | 832,270 | ||||||
|
| |||||||
35,922,355 |
Security | Shares | Value | ||||||
RUSSIA — 62.84% |
| |||||||
Alrosa AO | 1,133,500 | $ | 1,288,188 | |||||
Gazprom OAO | 3,650,646 | 9,032,971 | ||||||
Gazprom OAO ADR | 1,841,532 | 9,189,245 | ||||||
Lukoil OAO | 158,460 | 7,678,924 | ||||||
Lukoil OAO ADR (London) | 157,203 | 7,608,625 | ||||||
Magnit PJSC GDRc | 159,910 | 7,622,910 | ||||||
MegaFon OAO GDRc | 61,908 | 1,090,200 | ||||||
MMC Norilsk Nickel OJSC | 34,034 | 6,207,296 | ||||||
Mobile TeleSystems OJSC ADR | 322,646 | 3,194,195 | ||||||
Moscow Exchange MICEX- RTS OAO | 917,960 | 1,140,354 | ||||||
NOVATEK OAO GDRc | 55,748 | 4,674,470 | ||||||
Rosneft OAO | 578,834 | 2,489,442 | ||||||
Rostelecom OJSC | 545,840 | 796,849 | ||||||
RusHydro JSC | 77,162,000 | 805,021 | ||||||
Sberbank of Russia | 5,744,725 | 7,062,152 | ||||||
Sberbank of Russia ADR | 61,754 | 313,896 | ||||||
Severstal PAO | 132,449 | 1,483,065 | ||||||
Sistema JSFC GDRc | 108,108 | 767,567 | ||||||
Surgutneftegas OAO | 2,277,430 | 1,285,641 | ||||||
Surgutneftegas OAO ADR | 229,779 | 1,276,422 | ||||||
Tatneft OAO Class S | 870,309 | 4,489,224 | ||||||
Uralkali PJSC | 419,990 | 1,161,840 | ||||||
Uralkali PJSC GDRc | 82,531 | 1,157,085 | ||||||
VTB Bank OJSC | 2,576,080,999 | 2,843,871 | ||||||
VTB Bank OJSC GDRc | 244,225 | 537,295 | ||||||
|
| |||||||
85,196,748 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $182,300,123) |
| 130,553,019 | ||||||
PREFERRED STOCKS — 3.64% |
| |||||||
RUSSIA — 3.64% |
| |||||||
AK Transneft OAO | 810 | 1,808,452 | ||||||
Sberbank of Russia | 499,700 | 434,590 | ||||||
Surgutneftegas OAO | 4,296,600 | 2,689,969 | ||||||
|
| |||||||
4,933,011 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $6,132,090) |
| 4,933,011 |
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EASTERN EUROPE ETF
February 28, 2015
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS — 0.30% |
| |||||||
MONEY MARKET FUNDS — 0.30% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%d,e,f | 264,750 | $ | 264,750 | |||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%d,e,f | 15,452 | 15,452 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%d,e | 122,862 | 122,862 | ||||||
|
| |||||||
403,064 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $403,064) |
| 403,064 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $188,835,277) |
| 135,889,094 | ||||||
Other Assets, Less Liabilities — (0.23)% |
| (312,764 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 135,576,330 | |||||
|
|
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
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 1. |
See notes to financial statements.
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.97% |
| |||||||
AEROSPACE & DEFENSE — 5.22% |
| |||||||
Airbus Group NV | 159,324 | $ | 9,887,787 | |||||
Safran SA | 73,458 | 5,182,591 | ||||||
Thales SA | 25,212 | 1,453,825 | ||||||
Zodiac Aerospace | 50,358 | 1,816,526 | ||||||
|
| |||||||
18,340,729 | ||||||||
AIR FREIGHT & LOGISTICS — 0.23% |
| |||||||
Bollore SA | 147,642 | 812,115 | ||||||
|
| |||||||
812,115 | ||||||||
AUTO COMPONENTS — 2.26% |
| |||||||
Cie. Generale des Etablissements Michelin Class B | 50,226 | 4,843,767 | ||||||
Valeo SA | 20,394 | 3,076,677 | ||||||
|
| |||||||
7,920,444 | ||||||||
AUTOMOBILES — 1.93% |
| |||||||
Peugeot SAa | 105,798 | 1,775,871 | ||||||
Renault SA | 52,008 | 5,008,039 | ||||||
|
| |||||||
6,783,910 | ||||||||
BANKS — 9.00% |
| |||||||
BNP Paribas SA | 286,704 | 16,751,177 | ||||||
Credit Agricole SA | 278,784 | 3,930,614 | ||||||
Natixis SA | 252,648 | 1,833,485 | ||||||
Societe Generale SA | 196,218 | 9,092,929 | ||||||
|
| |||||||
31,608,205 | ||||||||
BEVERAGES — 2.09% |
| |||||||
Pernod Ricard SA | 57,486 | 6,831,566 | ||||||
Remy Cointreau SA | 6,666 | 490,710 | ||||||
|
| |||||||
7,322,276 | ||||||||
BUILDING PRODUCTS — 1.56% |
| |||||||
Cie. de Saint-Gobain | 121,704 | 5,492,450 | ||||||
|
| |||||||
5,492,450 | ||||||||
CHEMICALS — 3.90% |
| |||||||
Air Liquide SA | 93,324 | 12,362,334 | ||||||
Arkema SA | 17,754 | 1,332,629 | ||||||
|
| |||||||
13,694,963 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 0.76% |
| |||||||
Edenred | 55,638 | 1,521,467 | ||||||
Societe BIC SA | 7,722 | 1,158,026 | ||||||
|
| |||||||
2,679,493 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.85% |
| |||||||
Alcatel-Lucenta,b | 761,244 | 2,985,910 | ||||||
|
| |||||||
2,985,910 |
Security | Shares | Value | ||||||
CONSTRUCTION & ENGINEERING — 2.68% |
| |||||||
Bouygues SA | 45,474 | $ | 1,807,139 | |||||
Vinci SA | 127,974 | 7,610,596 | ||||||
|
| |||||||
9,417,735 | ||||||||
CONSTRUCTION MATERIALS — 1.27% |
| |||||||
Imerys SA | 9,306 | 699,664 | ||||||
Lafarge SA | 50,556 | 3,761,884 | ||||||
|
| |||||||
4,461,548 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.51% |
| |||||||
Eurazeo SA | 10,296 | 760,931 | ||||||
Wendel SA | 8,382 | 1,023,371 | ||||||
|
| |||||||
1,784,302 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.14% |
| |||||||
Iliad SA | 7,062 | 1,838,089 | ||||||
Orange SA | 502,062 | 9,179,144 | ||||||
|
| |||||||
11,017,233 | ||||||||
ELECTRIC UTILITIES — 0.52% |
| |||||||
Electricite de France SA | 65,472 | 1,813,885 | ||||||
|
| |||||||
1,813,885 | ||||||||
ELECTRICAL EQUIPMENT — 4.96% |
| |||||||
Alstom SAa | 58,674 | 1,944,735 | ||||||
Legrand SA | 71,808 | 3,978,845 | ||||||
Schneider Electric SE | 142,230 | 11,483,129 | ||||||
|
| |||||||
17,406,709 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.52% |
| |||||||
Technip SA | 27,786 | 1,814,494 | ||||||
|
| |||||||
1,814,494 | ||||||||
FOOD & STAPLES RETAILING — 2.01% |
| |||||||
Carrefour SA | 169,224 | 5,611,734 | ||||||
Casino Guichard Perrachon SA | 15,312 | 1,444,392 | ||||||
|
| |||||||
7,056,126 | ||||||||
FOOD PRODUCTS — 3.12% |
| |||||||
Danone SA | 156,882 | 10,968,000 | ||||||
|
| |||||||
10,968,000 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 1.85% |
| |||||||
Essilor International SA | 55,308 | 6,479,681 | ||||||
|
| |||||||
6,479,681 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.43% |
| |||||||
Accor SA | 46,794 | 2,457,679 | ||||||
Sodexo SA | 25,542 | 2,580,145 | ||||||
|
| |||||||
5,037,824 | ||||||||
INSURANCE — 4.18% |
| |||||||
AXA SA | 491,832 | 12,517,237 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRANCE ETF
February 28, 2015
Security | Shares | Value | ||||||
CNP Assurances | 46,398 | $ | 771,007 | |||||
SCOR SE | 41,514 | 1,371,780 | ||||||
|
| |||||||
14,660,024 | ||||||||
IT SERVICES — 1.33% |
| |||||||
AtoS | 21,846 | 1,560,142 | ||||||
Cap Gemini SA | 38,544 | 3,124,439 | ||||||
|
| |||||||
4,684,581 | ||||||||
MACHINERY — 0.20% |
| |||||||
Vallourec SA | 29,634 | 704,666 | ||||||
|
| |||||||
704,666 | ||||||||
MEDIA — 5.61% |
| |||||||
Eutelsat Communications SA | 41,712 | 1,428,618 | ||||||
JCDecaux SA | 18,150 | 673,950 | ||||||
Lagardere SCA | 31,878 | 918,570 | ||||||
Numericable-SFR SASa | 26,400 | 1,640,480 | ||||||
Publicis Groupe SA | 50,820 | 4,153,753 | ||||||
SES SA | 82,170 | 2,838,711 | ||||||
Vivendi SAa | 328,614 | 8,040,786 | ||||||
|
| |||||||
19,694,868 | ||||||||
METALS & MINING — 0.84% |
| |||||||
ArcelorMittal | 270,336 | 2,962,482 | ||||||
|
| |||||||
2,962,482 | ||||||||
MULTI-UTILITIES — 3.53% |
| |||||||
GDF Suez | 391,974 | 8,738,193 | ||||||
Suez Environnement Co. | 80,388 | 1,437,715 | ||||||
Veolia Environnement SA | 114,048 | 2,225,841 | ||||||
|
| |||||||
12,401,749 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 8.93% |
| |||||||
Total SA | 579,414 | 31,347,902 | ||||||
|
| |||||||
31,347,902 | ||||||||
PERSONAL PRODUCTS — 3.53% |
| |||||||
L’Oreal SA | 68,046 | 12,383,532 | ||||||
|
| |||||||
12,383,532 | ||||||||
PHARMACEUTICALS — 9.06% |
| |||||||
Sanofi | 323,202 | 31,792,952 | ||||||
|
| |||||||
31,792,952 | ||||||||
PROFESSIONAL SERVICES — 0.40% |
| |||||||
Bureau Veritas SA | 59,730 | 1,410,939 | ||||||
|
| |||||||
1,410,939 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.61% |
| |||||||
Fonciere Des Regions | 7,656 | 793,471 | ||||||
Gecina SA | 7,656 | 1,008,584 | ||||||
ICADE | 10,098 | 907,133 |
Security | Shares | Value | ||||||
Klepierre | 46,794 | $ | 2,293,134 | |||||
Unibail-Rodamco SE | 26,532 | 7,666,075 | ||||||
|
| |||||||
12,668,397 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.44% |
| |||||||
STMicroelectronics NV | 172,788 | 1,546,585 | ||||||
|
| |||||||
1,546,585 | ||||||||
SOFTWARE — 0.69% |
| |||||||
Dassault Systemes | 34,584 | 2,425,609 | ||||||
|
| |||||||
2,425,609 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 6.62% |
| |||||||
Christian Dior SA | 14,718 | 2,861,738 | ||||||
Hermes International | 7,128 | 2,305,392 | ||||||
Kering | 20,460 | 4,176,709 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 75,570 | 13,892,666 | ||||||
|
| |||||||
23,236,505 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.42% |
| |||||||
Rexel SA | 75,042 | 1,469,623 | ||||||
|
| |||||||
1,469,623 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.77% |
| |||||||
Aeroports de Paris | 8,052 | 983,533 | ||||||
Groupe Eurotunnel SE Registered | 126,522 | 1,734,181 | ||||||
|
| |||||||
2,717,714 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $392,599,759) |
| 351,006,160 | ||||||
SHORT-TERM INVESTMENTS — 0.59% |
| |||||||
MONEY MARKET FUNDS — 0.59% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 1,872,940 | 1,872,940 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 109,309 | 109,309 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 107,791 | 107,791 | ||||||
|
| |||||||
2,090,040 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $2,090,040) |
| 2,090,040 | ||||||
|
|
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRANCE ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $394,689,799) | $ | 353,096,200 | ||||
Other Assets, Less Liabilities — (0.56)% | (1,983,692 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 351,112,508 | ||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI ITALY CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 100.01% |
| |||||||
AEROSPACE & DEFENSE — 2.66% |
| |||||||
Finmeccanica SpAa | 2,001,648 | $ | 24,292,499 | |||||
|
| |||||||
24,292,499 | ||||||||
AUTO COMPONENTS — 2.28% |
| |||||||
Pirelli & C. SpA | 1,357,008 | 20,837,378 | ||||||
|
| |||||||
20,837,378 | ||||||||
AUTOMOBILES — 4.44% |
| |||||||
Fiat Chrysler Automobiles NVa,b | 2,628,336 | 40,653,914 | ||||||
|
| |||||||
40,653,914 | ||||||||
BANKS — 26.57% |
| |||||||
Banca Monte dei Paschi di Siena SpAa,b | 24,165,024 | 16,696,489 | ||||||
Banco Popolare SCa | 1,721,352 | 26,605,788 | ||||||
Intesa Sanpaolo SpA | 29,819,088 | 99,804,562 | ||||||
Intesa Sanpaolo SpA RSP | 2,619,360 | 7,932,611 | ||||||
UniCredit SpA | 9,339,528 | 62,277,907 | ||||||
Unione di Banche Italiane SpA | 3,778,896 | 29,712,567 | ||||||
|
| |||||||
243,029,924 | ||||||||
CAPITAL MARKETS — 2.88% |
| |||||||
Mediobanca SpA | 2,852,328 | 26,346,340 | ||||||
|
| |||||||
26,346,340 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 2.51% |
| |||||||
EXOR SpA | 514,488 | 22,961,825 | ||||||
|
| |||||||
22,961,825 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.64% |
| |||||||
Telecom Italia SpAa | 25,395,144 | 30,364,428 | ||||||
Telecom Italia SpA RSP | 12,293,856 | 12,072,619 | ||||||
|
| |||||||
42,437,047 | ||||||||
ELECTRIC UTILITIES — 10.22% |
| |||||||
Enel SpA | 13,951,152 | 64,439,718 | ||||||
Terna Rete Elettrica Nazionale SpA | 6,430,488 | 29,067,401 | ||||||
|
| |||||||
93,507,119 | ||||||||
ELECTRICAL EQUIPMENT — 2.42% |
| |||||||
Prysmian SpA | 1,104,456 | 22,149,971 | ||||||
|
| |||||||
22,149,971 | ||||||||
ENERGY EQUIPMENT & SERVICES — 3.88% |
| |||||||
Saipem SpAa | 752,760 | 7,755,198 | ||||||
Tenaris SA | 1,934,736 | 27,755,527 | ||||||
|
| |||||||
35,510,725 |
Security | Shares | Value | ||||||
GAS UTILITIES — 4.26% |
| |||||||
Snam SpA | 7,675,296 | $ | 38,929,866 | |||||
|
| |||||||
38,929,866 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.87% |
| |||||||
Enel Green Power SpA | 3,731,568 | 8,002,699 | ||||||
|
| |||||||
8,002,699 | ||||||||
INSURANCE — 6.96% |
| |||||||
Assicurazioni Generali SpA | 2,216,664 | 45,748,295 | ||||||
UnipolSai SpA | 6,057,168 | 17,895,449 | ||||||
|
| |||||||
63,643,744 | ||||||||
MACHINERY — 3.61% |
| |||||||
CNH Industrial NV | 3,974,328 | 32,987,746 | ||||||
|
| |||||||
32,987,746 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 12.86% |
| |||||||
Eni SpA | 6,286,464 | 117,614,183 | ||||||
|
| |||||||
117,614,183 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 4.47% |
| |||||||
Luxottica Group SpA | 660,960 | 40,886,310 | ||||||
|
| |||||||
40,886,310 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 4.48% |
| |||||||
Atlantia SpA | 1,553,664 | 41,022,373 | ||||||
|
| |||||||
41,022,373 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,058,107,597) |
| 914,813,663 | ||||||
SHORT-TERM INVESTMENTS — 1.60% |
| |||||||
MONEY MARKET FUNDS — 1.60% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 13,443,263 | 13,443,263 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 784,581 | 784,581 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 384,164 | 384,164 | ||||||
|
| |||||||
14,612,008 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $14,612,008) |
| 14,612,008 | ||||||
|
|
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ITALY CAPPED ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $1,072,719,605) | $ | 929,425,671 | ||||
Other Assets, Less Liabilities — (1.61)% | (14,714,003 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 914,711,668 | ||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.80% |
| |||||||
AIR FREIGHT & LOGISTICS — 1.18% |
| |||||||
PostNL NVa | 146,166 | $ | 654,149 | |||||
TNT Express NV | 145,350 | 890,316 | ||||||
|
| |||||||
1,544,465 | ||||||||
BANKS — 14.60% |
| |||||||
ING Groep NV CVAa | 1,277,346 | 19,134,172 | ||||||
|
| |||||||
19,134,172 | ||||||||
BEVERAGES — 6.34% |
| |||||||
Heineken Holding NV | 33,354 | 2,325,873 | ||||||
Heineken NV | 76,296 | 5,976,724 | ||||||
|
| |||||||
8,302,597 | ||||||||
CAPITAL MARKETS — 0.09% |
| |||||||
BinckBank NV | 16,320 | 124,110 | ||||||
|
| |||||||
124,110 | ||||||||
CHEMICALS — 7.21% |
| |||||||
Akzo Nobel NV | 81,294 | 6,054,577 | ||||||
Koninklijke DSM NV | 57,018 | 3,191,316 | ||||||
Koninklijke Ten Cate NV | 8,976 | 207,248 | ||||||
|
| |||||||
9,453,141 | ||||||||
CONSTRUCTION & ENGINEERING — 2.90% |
| |||||||
Arcadis NV | 20,604 | 685,341 | ||||||
Boskalis Westminster NV | 28,458 | 1,325,474 | ||||||
Grontmija | 23,256 | 96,489 | ||||||
Koninklijke BAM Groep NV | 76,704 | 364,358 | ||||||
OCI NVa | 27,948 | 1,189,651 | ||||||
Royal Imtech NVa,b | 30,090 | 140,031 | ||||||
|
| |||||||
3,801,344 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.00% |
| |||||||
SNS REAAL NVa,b | 68,952 | 1 | ||||||
|
| |||||||
1 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.77% |
| |||||||
Koninklijke KPN NV | 1,060,290 | 3,629,664 | ||||||
|
| |||||||
3,629,664 | ||||||||
ELECTRICAL EQUIPMENT — 0.40% |
| |||||||
Kendrion NV | 3,672 | 115,344 | ||||||
TKH Group NV | 11,832 | 411,346 | ||||||
|
| |||||||
526,690 | ||||||||
ENERGY EQUIPMENT & SERVICES — 1.00% |
| |||||||
Fugro NV CVA | 23,766 | 568,996 | ||||||
SBM Offshore NVa,b | 62,424 | 735,188 | ||||||
|
| |||||||
1,304,184 |
Security | Shares | Value | ||||||
FOOD & STAPLES RETAILING — 4.35% |
| |||||||
Amsterdam Commodities NV | 5,100 | $ | 137,004 | |||||
Koninklijke Ahold NV | 296,106 | 5,568,112 | ||||||
|
| |||||||
5,705,116 | ||||||||
FOOD PRODUCTS — 19.26% |
| |||||||
Corbion NV | 18,462 | 358,040 | ||||||
Nutreco NV | 23,256 | 1,178,915 | ||||||
Unilever NV CVA | 539,274 | 23,529,695 | ||||||
Wessanen | 25,194 | 167,490 | ||||||
|
| |||||||
25,234,140 | ||||||||
HOUSEHOLD DURABLES — 0.21% |
| |||||||
TomTom NVa,b | 33,252 | 278,013 | ||||||
|
| |||||||
278,013 | ||||||||
INDUSTRIAL CONGLOMERATES — 7.09% |
| |||||||
Koninklijke Philips NV | 309,468 | 9,292,260 | ||||||
|
| |||||||
9,292,260 | ||||||||
INSURANCE — 5.61% |
| |||||||
Aegon NV | 599,760 | 4,655,226 | ||||||
Delta Lloyd NV | 66,096 | 1,202,495 | ||||||
NN Group NVa | 52,122 | 1,494,305 | ||||||
|
| |||||||
7,352,026 | ||||||||
LEISURE PRODUCTS — 0.10% |
| |||||||
Accell Group | 6,936 | 124,904 | ||||||
|
| |||||||
124,904 | ||||||||
MACHINERY — 0.78% |
| |||||||
Aalberts Industries NV | 32,946 | 1,021,774 | ||||||
|
| |||||||
1,021,774 | ||||||||
MEDIA — 9.07% |
| |||||||
Altice SAa,b | 28,662 | 2,864,451 | ||||||
Reed Elsevier NV | 231,642 | 5,768,030 | ||||||
Wolters Kluwer NV | 99,960 | 3,249,801 | ||||||
|
| |||||||
11,882,282 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.94% |
| |||||||
Koninklijke Vopak NV | 23,256 | 1,225,999 | ||||||
|
| |||||||
1,225,999 | ||||||||
PROFESSIONAL SERVICES — 2.19% |
| |||||||
Brunel International NV | 6,426 | 119,071 | ||||||
Randstad Holding NV | 41,718 | 2,463,650 | ||||||
USG People NV | 21,420 | 292,754 | ||||||
|
| |||||||
2,875,475 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.47% |
| |||||||
Eurocommercial Properties NV | 13,464 | 627,785 | ||||||
NSI NV | 42,738 | 205,171 |
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI NETHERLANDS ETF
February 28, 2015
Security | Shares | Value | ||||||
VastNed Retail NV | 6,324 | $ | 330,513 | |||||
Wereldhave NV | 11,016 | 759,158 | ||||||
|
| |||||||
1,922,627 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR |
| |||||||
ASM International NV | 16,728 | 759,712 | ||||||
ASML Holding NV | 115,872 | 12,556,188 | ||||||
BE Semiconductor Industries NV | 9,282 | 245,443 | ||||||
|
| |||||||
13,561,343 | ||||||||
SOFTWARE — 1.63% |
| |||||||
Gemalto NVb | 26,214 | 2,132,888 | ||||||
|
| |||||||
2,132,888 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.26% |
| |||||||
IMCD Group NVa | 9,996 | 342,303 | ||||||
|
| |||||||
342,303 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $137,364,894) |
| 130,771,518 | ||||||
SHORT-TERM INVESTMENTS — 2.87% |
| |||||||
MONEY MARKET FUNDS — 2.87% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
| |||||||
0.16%c,d,e | 3,478,148 | 3,478,148 | ||||||
BlackRock Cash Funds: Prime, SL Agency Shares |
| |||||||
0.15%c,d,e | 202,993 | 202,993 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
| |||||||
0.00%c,d | 73,772 | 73,772 | ||||||
|
| |||||||
3,754,913 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $3,754,913) |
| 3,754,913 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $141,119,807) | 134,526,431 | |||||||
Other Assets, Less Liabilities — (2.67)% |
| (3,499,008 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 131,027,423 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SPAIN CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 100.00% |
| |||||||
AIRLINES — 2.31% |
| |||||||
International Consolidated Airlines Group SAa | 3,752,242 | $ | 33,656,981 | |||||
|
| |||||||
33,656,981 | ||||||||
BANKS — 44.01% |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 16,993,950 | 171,170,095 | ||||||
Banco de Sabadell SA | 14,448,320 | 39,785,614 | ||||||
Banco Popular Espanol SA | 7,867,908 | 36,306,199 | ||||||
Banco Santander SA | 41,487,952 | 304,012,803 | ||||||
Bankia SAa | 21,736,190 | 31,645,746 | ||||||
Bankinter SA | 2,424,304 | 19,004,626 | ||||||
CaixaBank SA | 8,493,928 | 39,537,926 | ||||||
|
| |||||||
641,463,009 | ||||||||
BIOTECHNOLOGY — 2.00% |
| |||||||
Grifols SA | 715,768 | 29,106,997 | ||||||
|
| |||||||
29,106,997 | ||||||||
CONSTRUCTION & ENGINEERING — 4.69% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 819,920 | 30,551,204 | ||||||
Ferrovial SA | 1,779,448 | 37,802,672 | ||||||
|
| |||||||
68,353,876 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 12.43% |
| |||||||
Telefonica SA | 11,622,920 | 181,146,947 | ||||||
|
| |||||||
181,146,947 | ||||||||
ELECTRIC UTILITIES — 8.68% |
| |||||||
Endesa SA | 1,032,656 | 20,930,087 | ||||||
Iberdrola SA | 9,640,154 | 66,034,229 | ||||||
Red Electrica Corp. SA | 462,590 | 39,506,298 | ||||||
|
| |||||||
126,470,614 | ||||||||
FOOD & STAPLES RETAILING — 1.75% |
| |||||||
Distribuidora Internacional de Alimentacion SA | 3,346,714 | 25,537,377 | ||||||
|
| |||||||
25,537,377 | ||||||||
GAS UTILITIES — 4.60% |
| |||||||
Enagas SA | 968,946 | 29,800,548 | ||||||
Gas Natural SDG SA | 1,535,688 | 37,197,471 | ||||||
|
| |||||||
66,998,019 | ||||||||
INSURANCE — 1.40% |
| |||||||
Mapfre SA | 5,803,150 | 20,432,068 | ||||||
|
| |||||||
20,432,068 |
Security | Shares | Value | ||||||
IT SERVICES — 4.44% |
| |||||||
Amadeus IT Holding SA Class A | 1,566,158 | $ | 64,733,678 | |||||
|
| |||||||
64,733,678 | ||||||||
MACHINERY — 1.14% |
| |||||||
Zardoya Otis SA | 1,373,366 | 16,652,107 | ||||||
|
| |||||||
16,652,107 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 4.41% |
| |||||||
Repsol SA | 3,315,690 | 64,246,459 | ||||||
|
| |||||||
64,246,459 | ||||||||
SPECIALTY RETAIL — 4.47% |
| |||||||
Inditex SA | 2,066,974 | 65,112,843 | ||||||
|
| |||||||
65,112,843 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 3.67% |
| |||||||
Abertis Infraestructuras SA | 1,798,284 | 35,197,428 | ||||||
Aena SAa,b | 196,116 | 18,270,994 | ||||||
|
| |||||||
53,468,422 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,656,924,498) |
| 1,457,379,397 | ||||||
SHORT-TERM INVESTMENTS — 0.06% |
| |||||||
MONEY MARKET FUNDS — 0.06% |
| |||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
| |||||||
0.00%c,d | 910,677 | 910,677 | ||||||
|
| |||||||
910,677 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $910,677) |
| 910,677 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $1,657,835,175) | 1,458,290,074 | |||||||
Other Assets, Less Liabilities — (0.06)% |
| (943,768 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 1,457,346,306 | |||||
|
|
a | Non-income earning security. |
b | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
c | 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.
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.99% |
| |||||||
BANKS — 25.92% |
| |||||||
Nordea Bank AB | 2,730,785 | $ | 36,832,815 | |||||
Skandinaviska Enskilda Banken AB Class A | 1,365,610 | 17,224,131 | ||||||
Svenska Handelsbanken AB Class A | 448,775 | 22,598,148 | ||||||
Swedbank AB Class A | 814,175 | 21,182,265 | ||||||
|
| |||||||
97,837,359 | ||||||||
BUILDING PRODUCTS — 4.77% |
| |||||||
Assa Abloy AB Class B | 300,295 | 18,019,680 | ||||||
|
| |||||||
18,019,680 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.06% |
| |||||||
Securitas AB Class B | 281,445 | 4,005,338 | ||||||
|
| |||||||
4,005,338 | ||||||||
COMMUNICATIONS EQUIPMENT — 9.40% |
| |||||||
Telefonaktiebolaget LM Ericsson Class B | 2,736,150 | 35,461,777 | ||||||
|
| |||||||
35,461,777 | ||||||||
CONSTRUCTION & ENGINEERING — 2.26% |
| |||||||
Skanska AB Class B | 341,620 | 8,515,157 | ||||||
|
| |||||||
8,515,157 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 6.95% |
| |||||||
Industrivarden AB Class C | 147,610 | 2,838,671 | ||||||
Investment AB Kinnevik Class B | 211,700 | 7,124,562 | ||||||
Investor AB Class B | 409,480 | 16,284,449 | ||||||
|
| |||||||
26,247,682 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.93% |
| |||||||
TeliaSonera AB | 2,335,660 | 14,827,587 | ||||||
|
| |||||||
14,827,587 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.20% |
| |||||||
Hexagon AB Class B | 229,680 | 8,291,418 | ||||||
|
| |||||||
8,291,418 | ||||||||
FOOD & STAPLES RETAILING — 0.66% |
| |||||||
ICA Gruppen AB | 69,600 | 2,482,511 | ||||||
|
| |||||||
2,482,511 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 2.23% |
| |||||||
Elekta AB Class Ba | 331,325 | 3,457,943 | ||||||
Getinge AB Class B | 179,945 | 4,972,853 | ||||||
|
| |||||||
8,430,796 | ||||||||
HOUSEHOLD DURABLES — 2.63% |
| |||||||
Electrolux AB Class B | 216,340 | 7,062,840 |
Security | Shares | Value | ||||||
Husqvarna AB Class B | 367,285 | $ | 2,873,284 | |||||
|
| |||||||
9,936,124 | ||||||||
HOUSEHOLD PRODUCTS — 3.48% |
| |||||||
Svenska Cellulosa AB SCA Class B | 528,670 | 13,145,839 | ||||||
|
| |||||||
13,145,839 | ||||||||
MACHINERY — 19.06% |
| |||||||
Alfa Laval AB | 282,895 | 5,677,742 | ||||||
Atlas Copco AB Class A | 603,780 | 19,465,449 | ||||||
Atlas Copco AB Class B | 350,755 | 10,433,392 | ||||||
Sandvik AB | 958,595 | 10,757,365 | ||||||
SKF AB Class B | 356,700 | 8,980,847 | ||||||
Volvo AB Class B | 1,379,530 | 16,638,877 | ||||||
|
| |||||||
71,953,672 | ||||||||
METALS & MINING — 1.32% |
| |||||||
Boliden AB | 245,920 | 4,976,926 | ||||||
|
| |||||||
4,976,926 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.77% |
| |||||||
Lundin Petroleum ABa,b | 195,750 | 2,884,354 | ||||||
|
| |||||||
2,884,354 | ||||||||
SPECIALTY RETAIL — 9.86% |
| |||||||
Hennes & Mauritz AB Class B | 853,615 | 37,232,280 | ||||||
|
| |||||||
37,232,280 | ||||||||
TOBACCO — 1.50% |
| |||||||
Swedish Match AB | 180,235 | 5,676,676 | ||||||
|
| |||||||
5,676,676 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 1.99% |
| |||||||
Millicom International Cellular SA SDR | 59,450 | 4,148,296 | ||||||
Tele2 AB Class B | 286,955 | 3,366,430 | ||||||
|
| |||||||
7,514,726 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $369,986,874) |
| 377,439,902 | ||||||
SHORT-TERM INVESTMENTS — 0.77% |
| |||||||
MONEY MARKET FUNDS — 0.77% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
| |||||||
0.16%c,d,e | 2,740,667 | 2,740,667 | ||||||
BlackRock Cash Funds: Prime, SL Agency Shares |
| |||||||
0.15%c,d,e | 159,952 | 159,952 |
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SWEDEN ETF
February 28, 2015
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
| |||||||
0.00%c,d | 4,103 | $ | 4,103 | |||||
|
| |||||||
2,904,722 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $2,904,722) |
| 2,904,722 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $372,891,596) | 380,344,624 | |||||||
Other Assets, Less Liabilities — (0.76)% |
| (2,881,448 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 377,463,176 | |||||
|
|
SDR — Swedish Depositary Receipts
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SWITZERLAND CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.63% |
| |||||||
BIOTECHNOLOGY — 1.39% |
| |||||||
Actelion Ltd. Registereda | 124,872 | $ | 15,029,424 | |||||
|
| |||||||
15,029,424 | ||||||||
BUILDING PRODUCTS — 1.49% |
| |||||||
Geberit AG Registered | 44,892 | 16,081,565 | ||||||
|
| |||||||
16,081,565 | ||||||||
CAPITAL MARKETS — 9.85% |
| |||||||
Credit Suisse Group AG Registered | 1,477,050 | 36,256,280 | ||||||
Julius Baer Group Ltd.a | 276,318 | 12,827,801 | ||||||
Partners Group Holding AG | 28,122 | 8,684,299 | ||||||
UBS Group AGa | 2,752,086 | 48,625,992 | ||||||
|
| |||||||
106,394,372 | ||||||||
CHEMICALS — 6.48% |
| |||||||
EMS-Chemie Holding AG Registered | 16,512 | 7,298,025 | ||||||
Givaudan SA Registereda | 10,182 | 19,665,867 | ||||||
Sika AG Bearer | 2,895 | 10,285,190 | ||||||
Syngenta AG Registered | 92,622 | 32,808,510 | ||||||
|
| |||||||
70,057,592 | ||||||||
CONSTRUCTION MATERIALS — 1.80% |
| |||||||
Holcim Ltd. Registereda | 250,776 | 19,456,302 | ||||||
|
| |||||||
19,456,302 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.51% |
| |||||||
Pargesa Holding SA Bearer | 72,240 | 5,467,532 | ||||||
|
| |||||||
5,467,532 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.42% |
| |||||||
Swisscom AG Registered | 26,574 | 15,319,294 | ||||||
|
| |||||||
15,319,294 | ||||||||
ELECTRICAL EQUIPMENT — 4.18% |
| |||||||
ABB Ltd. Registereda | 2,091,090 | 45,108,429 | ||||||
|
| |||||||
45,108,429 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.68% |
| |||||||
Transocean Ltd.b | 458,466 | 7,384,785 | ||||||
|
| |||||||
7,384,785 | ||||||||
FOOD PRODUCTS — 20.00% |
| |||||||
Aryzta AGa | 123,066 | 9,892,014 | ||||||
Barry Callebaut AG Registereda | 5,160 | 5,380,443 | ||||||
Chocoladefabriken Lindt & Sprungli AG Participation Certificates | 1,548 | 8,564,621 |
Security | Shares | Value | ||||||
Chocoladefabriken Lindt & Sprungli AG Registered | 153 | $ | 10,025,696 | |||||
Nestle SA Registered | 2,321,484 | 182,192,415 | ||||||
|
| |||||||
216,055,189 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.91% |
| |||||||
Sonova Holding AG Registered | 70,434 | 9,814,696 | ||||||
|
| |||||||
9,814,696 | ||||||||
INSURANCE — 9.07% |
| |||||||
Baloise Holding AG Registered | 68,628 | 8,976,658 | ||||||
Swiss Life Holding AG Registereda | 43,860 | 10,469,956 | ||||||
Swiss Re AGa | 351,912 | 32,537,011 | ||||||
Zurich Insurance Group AGa | 142,932 | 45,955,352 | ||||||
|
| |||||||
97,938,977 | ||||||||
LIFE SCIENCES TOOLS & SERVICES — 0.92% |
| |||||||
Lonza Group AG Registereda | 80,496 | 9,977,089 | ||||||
|
| |||||||
9,977,089 | ||||||||
MACHINERY — 2.23% |
| |||||||
Schindler Holding AG Participation Certificates | 63,984 | 10,616,754 | ||||||
Schindler Holding AG Registered | 43,602 | 7,119,820 | ||||||
Sulzer AG Registered | 52,116 | 6,371,566 | ||||||
|
| |||||||
24,108,140 | ||||||||
MARINE — 1.01% |
| |||||||
Kuehne + Nagel International AG Registered | 74,562 | 10,916,884 | ||||||
|
| |||||||
10,916,884 | ||||||||
PHARMACEUTICALS — 27.93% |
| |||||||
Novartis AG Registered | 1,636,752 | 168,250,509 | ||||||
Roche Holding AG | 489,168 | 133,540,800 | ||||||
|
| |||||||
301,791,309 | ||||||||
PROFESSIONAL SERVICES — 2.69% |
| |||||||
Adecco SA Registereda | 200,982 | 15,900,475 | ||||||
SGS SA Registered | 6,450 | 13,124,525 | ||||||
|
| |||||||
29,025,000 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.81% |
| |||||||
Swiss Prime Site AG Registereda | 95,460 | 8,740,430 | ||||||
|
| |||||||
8,740,430 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 6.26% |
| |||||||
Cie. Financiere Richemont SA Class A Registered | 500,004 | 44,304,152 | ||||||
Swatch Group AG (The) Bearer | 34,572 | 15,845,500 |
SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SWITZERLAND CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
Swatch Group AG (The) Registered | 84,882 | $ | 7,516,713 | |||||
|
| |||||||
67,666,365 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $970,331,877) |
| 1,076,333,374 | ||||||
SHORT-TERM INVESTMENTS — 0.77% |
| |||||||
MONEY MARKET FUNDS — 0.77% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
| |||||||
0.16%c,d,e | 7,121,949 | 7,121,949 | ||||||
BlackRock Cash Funds: Prime, SL Agency Shares |
| |||||||
0.15%c,d,e | 415,654 | 415,654 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
| |||||||
0.00%c,d | 793,366 | 793,366 | ||||||
|
| |||||||
8,330,969 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $8,330,969) |
| 8,330,969 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $978,662,846) | 1,084,664,343 | |||||||
Other Assets, Less Liabilities — (0.40)% |
| (4,288,744 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 1,080,375,599 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
32 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2015
iShares MSCI Austria Capped ETF | iShares MSCI Belgium Capped ETF | iShares MSCI Emerging Markets Eastern Europe ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 81,211,735 | $ | 159,644,409 | $ | 188,432,213 | ||||||
Affiliated (Note 2) | 1,345,245 | 1,209,452 | 403,064 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 82,556,980 | $ | 160,853,861 | $ | 188,835,277 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 58,021,976 | $ | 161,437,619 | $ | 135,486,030 | ||||||
Affiliated (Note 2) | 1,345,245 | 1,209,452 | 403,064 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 59,367,221 | 162,647,071 | 135,889,094 | |||||||||
Foreign currency, at valueb | 33,367 | 60,613 | 12,473 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 565,738 | 1,792,225 | — | |||||||||
Dividends and interest | 829,099 | 69,102 | 22,842 | |||||||||
Capital shares sold | — | 3,845 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 60,795,425 | 164,572,856 | 135,924,409 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 574,172 | 1,745,940 | — | |||||||||
Collateral for securities on loan (Note 1) | 1,334,645 | 1,160,641 | 280,202 | |||||||||
Investment advisory fees (Note 2) | 21,128 | 51,679 | 67,877 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 1,929,945 | 2,958,260 | 348,079 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 58,865,480 | $ | 161,614,596 | $ | 135,576,330 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 169,349,475 | $ | 208,950,653 | $ | 211,941,653 | ||||||
Distributions in excess of net investment income | (304,106 | ) | (684,723 | ) | (257,696 | ) | ||||||
Accumulated net realized loss | (86,818,388 | ) | (48,435,462 | ) | (23,159,316 | ) | ||||||
Net unrealized appreciation (depreciation) | (23,361,501 | ) | 1,784,128 | (52,948,311 | ) | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 58,865,480 | $ | 161,614,596 | $ | 135,576,330 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 3,600,000 | 9,280,000 | 7,700,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 16.35 | $ | 17.42 | $ | 17.61 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $1,270,137, $1,087,874 and $266,099, respectively. See Note 1. |
b | Cost of foreign currency: $33,792, $62,380 and $13,026, respectively. |
c | $0.001 par value, number of shares authorized: 100 million, 136.2 million and 200 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 33 |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares MSCI | iShares MSCI Italy Capped ETF | iShares MSCI Netherlands ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 392,599,759 | $ | 1,058,107,597 | $ | 137,364,894 | ||||||
Affiliated (Note 2) | 2,090,040 | 14,612,008 | 3,754,913 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 394,689,799 | $ | 1,072,719,605 | $ | 141,119,807 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 351,006,160 | $ | 914,813,663 | $ | 130,771,518 | ||||||
Affiliated (Note 2) | 2,090,040 | 14,612,008 | 3,754,913 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 353,096,200 | 929,425,671 | 134,526,431 | |||||||||
Foreign currency, at valueb | 140,202 | 13,513 | 160,332 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 433,690 | 21,269,391 | 485,935 | |||||||||
Due from custodian (Note 4) | — | — | 14,735 | |||||||||
Dividends and interest | 354 | 16,551 | 153,478 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 353,670,446 | 950,725,126 | 135,340,911 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 453,321 | 21,465,525 | 585,429 | |||||||||
Collateral for securities on loan (Note 1) | 1,982,249 | 14,227,844 | 3,681,141 | |||||||||
Investment advisory fees (Note 2) | 122,368 | 320,089 | 46,918 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 2,557,938 | 36,013,458 | 4,313,488 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 351,112,508 | $ | 914,711,668 | $ | 131,027,423 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 442,409,798 | $ | 1,148,054,066 | $ | 180,099,006 | ||||||
Undistributed (distributions in excess of) net investment income | (351,390 | ) | (565,747 | ) | 100,053 | |||||||
Accumulated net realized loss | (49,352,338 | ) | (89,482,572 | ) | (42,573,327 | ) | ||||||
Net unrealized depreciation | (41,593,562 | ) | (143,294,079 | ) | (6,598,309 | ) | ||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 351,112,508 | $ | 914,711,668 | $ | 131,027,423 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 13,200,000 | 61,200,000 | 5,100,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 26.60 | $ | 14.95 | $ | 25.69 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $1,874,028, $13,163,014 and $3,501,235, respectively. See Note 1. |
b | Cost of foreign currency: $140,165, $13,658 and $162,474, respectively. |
c | $0.001 par value, number of shares authorized: 340.2 million, 295.4 million and 255 million, respectively. |
See notes to financial statements.
34 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares MSCI Capped ETF | iShares MSCI Sweden ETF | iShares MSCI Switzerland Capped ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 1,656,924,498 | $ | 369,986,874 | $ | 970,331,877 | ||||||
Affiliated (Note 2) | 910,677 | 2,904,722 | 8,330,969 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 1,657,835,175 | $ | 372,891,596 | $ | 978,662,846 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 1,457,379,397 | $ | 377,439,902 | $ | 1,076,333,374 | ||||||
Affiliated (Note 2) | 910,677 | 2,904,722 | 8,330,969 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 1,458,290,074 | 380,344,624 | 1,084,664,343 | |||||||||
Foreign currency, at valueb | 1,260,200 | 38,570 | 866,886 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 46,882,289 | 1,291,832 | 2,527,054 | |||||||||
Dividends | 390 | 516 | 3,778,026 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 1,506,432,953 | 381,675,542 | 1,091,836,309 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 48,570,624 | 1,184,460 | 3,534,914 | |||||||||
Collateral for securities on loan (Note 1) | — | 2,900,619 | 7,537,603 | |||||||||
Investment advisory fees (Note 2) | 516,023 | 127,287 | 388,193 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 49,086,647 | 4,212,366 | 11,460,710 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,457,346,306 | $ | 377,463,176 | $ | 1,080,375,599 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 1,757,294,928 | $ | 413,144,952 | $ | 956,211,625 | ||||||
Undistributed (distributions in excess of) net investment income (accumulated net investment loss) | 8,175,644 | (5,359,741 | ) | (1,439,399 | ) | |||||||
Accumulated net realized gain (loss) | (108,563,573 | ) | (37,773,625 | ) | 19,784,630 | |||||||
Net unrealized appreciation (depreciation) | (199,560,693 | ) | 7,451,590 | 105,818,743 | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,457,346,306 | $ | 377,463,176 | $ | 1,080,375,599 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 41,550,000 | 10,875,000 | 32,250,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 35.07 | $ | 34.71 | $ | 33.50 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $ —, $2,762,288 and $7,162,459, respectively. See Note 1. |
b | Cost of foreign currency: $1,275,715, $40,008 and $817,385, respectively. |
c | $0.001 par value, number of shares authorized: 127.8 million, 63.6 million and 318.625 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 35 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI | iShares MSCI Belgium Capped ETF | iShares MSCI Eastern | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 85,093 | $ | 859,391 | $ | 1,956,549 | ||||||
Interest — affiliated (Note 2) | 2 | 2 | 175 | |||||||||
Securities lending income — affiliated (Note 2) | 27,400 | 27,988 | 8,967 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 112,495 | 887,381 | 1,965,691 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 140,784 | 329,699 | 541,420 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 140,784 | 329,699 | 541,420 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | (28,289 | ) | 557,682 | 1,424,271 | ||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (2,364,081 | ) | (1,231,935 | ) | (6,886,890 | ) | ||||||
In-kind redemptions — unaffiliated | (110,792 | ) | 8,453,700 | (8,946,740 | ) | |||||||
Foreign currency transactions | (5,803 | ) | (24,982 | ) | (61,771 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (2,480,676 | ) | 7,196,783 | (15,895,401 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (1,747,030 | ) | (6,040,909 | ) | (30,144,576 | ) | ||||||
Translation of assets and liabilities in foreign currencies | (139,694 | ) | (8,070 | ) | 2,838 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (1,886,724 | ) | (6,048,979 | ) | (30,141,738 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (4,367,400 | ) | 1,147,804 | (46,037,139 | ) | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,395,689 | ) | $ | 1,705,486 | $ | (44,612,868 | ) | ||||
|
|
|
|
|
|
a | Net of foreign withholding tax of $4,852, $151,663 and $252,316, respectively. |
See notes to financial statements.
36 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI | iShares MSCI Capped ETF | iShares MSCI Netherlands ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 2,756,854 | $ | 7,877,732 | $ | 479,805 | ||||||
Interest — affiliated (Note 2) | 8 | 19 | 2 | |||||||||
Securities lending income — affiliated (Note 2) | 14,867 | 105,328 | 64,954 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 2,771,729 | 7,983,079 | 544,761 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 687,143 | 2,519,789 | 350,423 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 687,143 | 2,519,789 | 350,423 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 2,084,586 | 5,463,290 | 194,338 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (4,159,987 | ) | (21,886,516 | ) | (889,023 | ) | ||||||
In-kind redemptions — unaffiliated | (1,243,041 | ) | 20,528,984 | 1,605,748 | ||||||||
Foreign currency transactions | (50,388 | ) | (213,374 | ) | (35,178 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (5,453,416 | ) | (1,570,906 | ) | 681,547 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 518,278 | (105,048,707 | ) | 3,640,444 | ||||||||
Translation of assets and liabilities in foreign currencies | 5,097 | 30,640 | 1,392 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | 523,375 | (105,018,067 | ) | 3,641,836 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (4,930,041 | ) | (106,588,973 | ) | 4,323,383 | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,845,455 | ) | $ | (101,125,683 | ) | $ | 4,517,721 | ||||
|
|
|
|
|
|
a | Net of foreign withholding tax of $424,331, $1,337,882 and $76,045, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 37 |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI Capped ETF | iShares MSCI Sweden ETF | iShares MSCI Switzerland Capped ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 38,314,966 | $ | — | $ | 1,661,354 | ||||||
Interest — affiliated (Note 2) | 37 | 6 | 6 | |||||||||
Securities lending income — affiliated (Note 2) | — | 5,804 | 155,882 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 38,315,003 | 5,810 | 1,817,242 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 4,359,998 | 862,937 | 2,616,499 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 4,359,998 | 862,937 | 2,616,499 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 33,955,005 | (857,127 | ) | (799,257 | ) | |||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (32,690,928 | ) | (1,756,469 | ) | (790,386 | ) | ||||||
In-kind redemptions — unaffiliated | 31,168,658 | 7,349,077 | 77,908,120 | |||||||||
Foreign currency transactions | (214,964 | ) | (36,983 | ) | (322,024 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (1,737,234 | ) | 5,555,625 | 76,795,710 | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (295,589,058 | ) | 119,408 | (94,789,739 | ) | |||||||
Translation of assets and liabilities in foreign currencies | (1,086 | ) | 1,661 | (105,039 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (295,590,144 | ) | 121,069 | (94,894,778 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (297,327,378 | ) | 5,676,694 | (18,099,068 | ) | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (263,372,373 | ) | $ | 4,819,567 | $ | (18,898,325 | ) | ||||
|
|
|
|
|
|
a | Net of foreign withholding tax of $892,505, $ — and $17,827, respectively. |
See notes to financial statements.
38 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI Austria Capped ETF | iShares MSCI Belgium Capped ETF | |||||||||||||||
Six months ended February 28, 2015 | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (28,289 | ) | $ | 2,320,187 | $ | 557,682 | $ | 1,594,797 | |||||||
Net realized gain (loss) | (2,480,676 | ) | (6,160,727 | ) | 7,196,783 | 3,217,627 | ||||||||||
Net change in unrealized appreciation/depreciation | (1,886,724 | ) | 7,652,437 | (6,048,979 | ) | 8,276,454 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (4,395,689 | ) | 3,811,897 | 1,705,486 | 13,088,878 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (275,789 | ) | (2,505,599 | ) | (616,358 | ) | (2,704,438 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (275,789 | ) | (2,505,599 | ) | (616,358 | ) | (2,704,438 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 6,397,107 | 99,089,245 | 43,600,334 | 110,895,731 | ||||||||||||
Cost of shares redeemed | (6,030,320 | ) | (119,448,599 | ) | (47,839,922 | ) | (27,730,866 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 366,787 | (20,359,354 | ) | (4,239,588 | ) | 83,164,865 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (4,304,691 | ) | (19,053,056 | ) | (3,150,460 | ) | 93,549,305 | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 63,170,171 | 82,223,227 | 164,765,056 | 71,215,751 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 58,865,480 | $ | 63,170,171 | $ | 161,614,596 | $ | 164,765,056 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income included in net assets at end of period | $ | (304,106 | ) | $ | (28 | ) | $ | (684,723 | ) | $ | (626,047 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 400,000 | 5,000,000 | 2,560,000 | 6,520,000 | ||||||||||||
Shares redeemed | (400,000 | ) | (6,000,000 | ) | (2,960,000 | ) | (1,800,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | — | (1,000,000 | ) | (400,000 | ) | 4,720,000 | ||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 39 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Emerging Markets Eastern Europe ETF | iShares MSCI France ETF | |||||||||||||||
Six months ended | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,424,271 | $ | 3,916,949 | $ | 2,084,586 | $ | 10,478,223 | ||||||||
Net realized gain (loss) | (15,895,401 | ) | (3,626,850 | ) | (5,453,416 | ) | 47,950,371 | |||||||||
Net change in unrealized appreciation/depreciation | (30,141,738 | ) | (8,334,343 | ) | 523,375 | 9,095,863 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (44,612,868 | ) | (8,044,244 | ) | (2,845,455 | ) | 67,524,457 | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (4,265,346 | ) | (1,868,858 | ) | (2,711,818 | ) | (10,305,702 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (4,265,346 | ) | (1,868,858 | ) | (2,711,818 | ) | (10,305,702 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 76,901,744 | 90,271,091 | 153,384,614 | 84,933,809 | ||||||||||||
Cost of shares redeemed | (43,013,187 | ) | (51,589,448 | ) | (78,637,653 | ) | (387,069,111 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 33,888,557 | 38,681,643 | 74,746,961 | (302,135,302 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (14,989,657 | ) | 28,768,541 | 69,189,688 | (244,916,547 | ) | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 150,565,987 | 121,797,446 | 281,922,820 | 526,839,367 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 135,576,330 | $ | 150,565,987 | $ | 351,112,508 | $ | 281,922,820 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (257,696 | ) | $ | 2,583,379 | $ | (351,390 | ) | $ | 275,842 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 3,850,000 | 3,600,000 | 6,000,000 | 3,000,000 | ||||||||||||
Shares redeemed | (2,750,000 | ) | (2,100,000 | ) | (3,000,000 | ) | (14,000,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | 1,100,000 | 1,500,000 | 3,000,000 | (11,000,000 | ) | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
40 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Italy Capped ETF | iShares MSCI Netherlands ETF | |||||||||||||||
Six months ended | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 5,463,290 | $ | 30,016,510 | $ | 194,338 | $ | 4,710,761 | ||||||||
Net realized gain (loss) | (1,570,906 | ) | 118,669,234 | 681,547 | 28,496,610 | |||||||||||
Net change in unrealized appreciation/depreciation | (105,018,067 | ) | (43,114,144 | ) | 3,641,836 | (1,266,653 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (101,125,683 | ) | 105,571,600 | 4,517,721 | 31,940,718 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (6,029,037 | ) | (31,039,889 | ) | (495,862 | ) | (5,077,158 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (6,029,037 | ) | (31,039,889 | ) | (495,862 | ) | (5,077,158 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 49,183,757 | 1,348,720,763 | 11,219,181 | 53,331,509 | ||||||||||||
Cost of shares redeemed | (584,177,621 | ) | (583,513,961 | ) | (49,305,121 | ) | (168,493,467 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (534,993,864 | ) | 765,206,802 | (38,085,940 | ) | (115,161,958 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (642,148,584 | ) | 839,738,513 | (34,064,081 | ) | (88,298,398 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 1,556,860,252 | 717,121,739 | 165,091,504 | 253,389,902 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 914,711,668 | $ | 1,556,860,252 | $ | 131,027,423 | $ | 165,091,504 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (565,747 | ) | $ | — | $ | 100,053 | $ | 401,577 | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 3,450,000 | 79,050,000 | 450,000 | 2,200,000 | ||||||||||||
Shares redeemed | (39,450,000 | ) | (36,750,000 | ) | (2,050,000 | ) | (6,750,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (36,000,000 | ) | 42,300,000 | (1,600,000 | ) | (4,550,000 | ) | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 41 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Spain Capped ETF | iShares MSCI Sweden ETF | |||||||||||||||
Six months ended | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 33,955,005 | $ | 67,503,910 | $ | (857,127 | ) | $ | 14,699,921 | |||||||
Net realized gain (loss) | (1,737,234 | ) | 29,271,436 | 5,555,625 | 30,778,353 | |||||||||||
Net change in unrealized appreciation/depreciation | (295,590,144 | ) | 128,772,813 | 121,069 | 1,730,036 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (263,372,373 | ) | 225,548,159 | 4,819,567 | 47,208,310 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (48,806,974 | ) | (48,486,263 | ) | (2,547,778 | ) | (17,174,445 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (48,806,974 | ) | (48,486,263 | ) | (2,547,778 | ) | (17,174,445 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 81,232,222 | 2,068,530,441 | 47,666,335 | 101,532,730 | ||||||||||||
Cost of shares redeemed | (784,744,217 | ) | (190,332,570 | ) | (76,730,956 | ) | (161,316,482 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (703,511,995 | ) | 1,878,197,871 | (29,064,621 | ) | (59,783,752 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (1,015,691,342 | ) | 2,055,259,767 | (26,792,832 | ) | (29,749,887 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 2,473,037,648 | 417,777,881 | 404,256,008 | 434,005,895 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,457,346,306 | $ | 2,473,037,648 | $ | 377,463,176 | $ | 404,256,008 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | 8,175,644 | $ | 23,027,613 | $ | (5,359,741 | ) | $ | (1,954,836 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 2,325,000 | 51,825,000 | 1,425,000 | 2,850,000 | ||||||||||||
Shares redeemed | (21,675,000 | ) | (4,650,000 | ) | (2,400,000 | ) | (4,575,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (19,350,000 | ) | 47,175,000 | (975,000 | ) | (1,725,000 | ) | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
42 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Switzerland Capped ETF | ||||||||
Six months ended | Year ended August 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income (loss) | $ | (799,257 | ) | $ | 25,455,124 | |||
Net realized gain | 76,795,710 | 33,351,910 | ||||||
Net change in unrealized appreciation/depreciation | (94,894,778 | ) | 97,427,932 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (18,898,325 | ) | 156,234,966 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | — | (26,005,188 | ) | |||||
|
|
|
| |||||
Total distributions to shareholders | — | (26,005,188 | ) | |||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 303,281,778 | 135,490,352 | ||||||
Cost of shares redeemed | (276,165,123 | ) | (96,423,300 | ) | ||||
|
|
|
| |||||
Net increase in net assets from capital share transactions | 27,116,655 | 39,067,052 | ||||||
|
|
|
| |||||
INCREASE IN NET ASSETS | 8,218,330 | 169,296,830 | ||||||
NET ASSETS | ||||||||
Beginning of period | 1,072,157,269 | 902,860,439 | ||||||
|
|
|
| |||||
End of period | $ | 1,080,375,599 | $ | 1,072,157,269 | ||||
|
|
|
| |||||
Distributions in excess of net investment income or accumulated net investment loss included in net assets at end of period | $ | (1,439,399 | ) | $ | (640,142 | ) | ||
|
|
|
| |||||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | 9,125,000 | 4,000,000 | ||||||
Shares redeemed | (8,750,000 | ) | (2,875,000 | ) | ||||
|
|
|
| |||||
Net increase in shares outstanding | 375,000 | 1,125,000 | ||||||
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 43 |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Austria Capped ETF | ||||||||||||||||||||||||
Six months Feb. 28, 2015 | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 17.55 | $ | 17.87 | $ | 14.53 | $ | 18.76 | $ | 17.27 | $ | 20.21 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | (0.01 | ) | 0.52 | 0.32 | 0.35 | 0.42 | 0.43 | |||||||||||||||||
Net realized and unrealized gain (loss)b | (1.12 | ) | (0.18 | ) | 3.36 | (4.09 | ) | 1.53 | (2.62 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (1.13 | ) | 0.34 | 3.68 | (3.74 | ) | 1.95 | (2.19 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.66 | ) | (0.34 | ) | (0.49 | ) | (0.46 | ) | (0.75 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.07 | ) | (0.66 | ) | (0.34 | ) | (0.49 | ) | (0.46 | ) | (0.75 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 16.35 | $ | 17.55 | $ | 17.87 | $ | 14.53 | $ | 18.76 | $ | 17.27 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (6.39 | )%c | 1.56 | % | 25.49 | % | (19.81 | )% | 10.92 | % | (11.07 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 58,865 | $ | 63,170 | $ | 82,223 | $ | 53,757 | $ | 136,974 | $ | 110,520 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.52 | % | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of net investment income (loss) to average net assetsd | (0.10 | )% | 2.64 | % | 1.82 | % | 2.32 | % | 1.95 | % | 2.20 | % | ||||||||||||
Portfolio turnover ratee | 9 | % | 30 | % | 26 | % | 13 | % | 12 | % | 11 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
44 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Belgium Capped ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 17.02 | $ | 14.36 | $ | 11.97 | $ | 12.60 | $ | 11.78 | $ | 12.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.07 | 0.32 | 0.42 | 0.38 | 0.35 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 0.40 | 2.95 | 2.36 | (0.33 | ) | 0.80 | (0.27 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.47 | 3.27 | 2.78 | 0.05 | 1.15 | (0.08 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.61 | ) | (0.39 | ) | (0.67 | ) | (0.33 | ) | (0.20 | ) | ||||||||||||
Return of capital | — | — | — | (0.01 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.07 | ) | (0.61 | ) | (0.39 | ) | (0.68 | ) | (0.33 | ) | (0.20 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 17.42 | $ | 17.02 | $ | 14.36 | $ | 11.97 | $ | 12.60 | $ | 11.78 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 2.82 | %c | 23.05 | % | 23.43 | % | 1.11 | % | 9.59 | % | (0.60 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 161,615 | $ | 164,765 | $ | 71,216 | $ | 25,386 | $ | 31,256 | $ | 58,896 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.50 | % | 0.53 | % | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.82 | % | 1.90 | % | 3.01 | % | 3.35 | % | 2.56 | % | 1.55 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 13 | % | 24 | % | 19 | % | 12 | % | 17 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 45 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Eastern Europe ETF | ||||||||||||||||||||||||
Six months Feb. 28, 2015 | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Period from to Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 22.81 | $ | 23.88 | $ | 24.24 | $ | 29.28 | $ | 25.66 | $ | 24.65 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 0.17 | 0.67 | 0.73 | 1.01 | 0.67 | 0.26 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | (4.94 | ) | (1.41 | ) | (0.77 | ) | (4.92 | ) | 3.45 | 0.89 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (4.77 | ) | (0.74 | ) | (0.04 | ) | (3.91 | ) | 4.12 | 1.15 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.43 | ) | (0.33 | ) | (0.32 | ) | (1.13 | ) | (0.50 | ) | (0.13 | ) | ||||||||||||
Net realized gain | — | — | — | — | — | (0.01 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.43 | ) | (0.33 | ) | (0.32 | ) | (1.13 | ) | (0.50 | ) | (0.14 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 17.61 | $ | 22.81 | $ | 23.88 | $ | 24.24 | $ | 29.28 | $ | 25.66 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (20.66 | )%d | (3.21 | )% | (0.20 | )% | (13.14 | )% | 15.86 | % | 4.68 | %d | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 135,576 | $ | 150,566 | $ | 121,797 | $ | 20,602 | $ | 32,212 | $ | 12,832 | ||||||||||||
Ratio of expenses to average net assetse | 0.68 | % | 0.67 | % | 0.67 | % | 0.69 | % | 0.68 | % | 0.69 | % | ||||||||||||
Ratio of expenses to average net assets prior to waived fees | n/a | n/a | n/a | n/a | 0.68 | % | n/a | |||||||||||||||||
Ratio of net investment income to average net assetse | 1.79 | % | 2.75 | % | 2.96 | % | 3.97 | % | 2.06 | % | 1.05 | % | ||||||||||||
Portfolio turnover ratef | 6 | % | 8 | % | 9 | % | 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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
46 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI France ETF | ||||||||||||||||||||||||
Six months Feb. 28, 2015 | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 27.64 | $ | 24.85 | $ | 20.70 | $ | 22.60 | $ | 21.03 | $ | 24.28 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.19 | 0.66 | 0.69 | 0.59 | 0.86 | 0.65 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (1.01 | ) | 2.86 | 4.14 | (1.80 | ) | 1.38 | (3.30 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.82 | ) | 3.52 | 4.83 | (1.21 | ) | 2.24 | (2.65 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.73 | ) | (0.68 | ) | (0.69 | ) | (0.67 | ) | (0.60 | ) | ||||||||||||
Return of capital | — | — | — | (0.00 | )c | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.22 | ) | (0.73 | ) | (0.68 | ) | (0.69 | ) | (0.67 | ) | (0.60 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 26.60 | $ | 27.64 | $ | 24.85 | $ | 20.70 | $ | 22.60 | $ | 21.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (2.90 | )%d | 14.07 | % | 23.56 | % | (5.05 | )% | 10.24 | % | (10.98 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 351,113 | $ | 281,923 | $ | 526,839 | $ | 401,626 | $ | 357,137 | $ | 239,706 | ||||||||||||
Ratio of expenses to average net assetse | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetse | 1.47 | % | 2.36 | % | 2.94 | % | 2.91 | % | 3.38 | % | 2.71 | % | ||||||||||||
Portfolio turnover ratef | 2 | % | 6 | % | 5 | % | 6 | % | 6 | % | 6 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Rounds to less than $0.01. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 47 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Italy Capped ETF | ||||||||||||||||||||||||
Six months Feb. 28, 2015 | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 16.02 | $ | 13.06 | $ | 11.78 | $ | 13.58 | $ | 15.00 | $ | 19.05 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.08 | 0.41 | 0.36 | 0.41 | 0.54 | 0.39 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (1.05 | ) | 2.89 | 1.23 | (1.79 | ) | (1.47 | ) | (3.99 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.97 | ) | 3.30 | 1.59 | (1.38 | ) | (0.93 | ) | (3.60 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.34 | ) | (0.30 | ) | (0.42 | ) | (0.49 | ) | (0.44 | ) | ||||||||||||
Return of capital | — | — | (0.01 | ) | (0.00 | )c | — | (0.01 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.10 | ) | (0.34 | ) | (0.31 | ) | (0.42 | ) | (0.49 | ) | (0.45 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 14.95 | $ | 16.02 | $ | 13.06 | $ | 11.78 | $ | 13.58 | $ | 15.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (6.03 | )%d | 25.20 | % | 13.58 | % | (9.98 | )% | (6.80 | )% | (19.11 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 914,712 | $ | 1,556,860 | $ | 717,122 | $ | 196,212 | $ | 144,612 | $ | 76,500 | ||||||||||||
Ratio of expenses to average net assetse | 0.48 | % | 0.48 | % | 0.50 | % | 0.53 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetse | 1.05 | % | 2.49 | % | 2.78 | % | 3.41 | % | 3.15 | % | 2.17 | % | ||||||||||||
Portfolio turnover ratef | 7 | % | 24 | % | 45 | % | 14 | % | 16 | % | 12 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Rounds to less than $0.01. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
48 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Netherlands ETF | ||||||||||||||||||||||||
Six months Feb. 28, 2015 | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 24.64 | $ | 22.52 | $ | 18.23 | $ | 18.45 | $ | 17.89 | $ | 18.52 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.03 | 0.45 | 0.44 | 0.39 | 0.48 | 0.45 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 1.10 | 2.22 | 4.19 | (0.08 | ) | 0.55 | (0.70 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.13 | 2.67 | 4.63 | 0.31 | 1.03 | (0.25 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.55 | ) | (0.34 | ) | (0.53 | ) | (0.47 | ) | (0.38 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.08 | ) | (0.55 | ) | (0.34 | ) | (0.53 | ) | (0.47 | ) | (0.38 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 25.69 | $ | 24.64 | $ | 22.52 | $ | 18.23 | $ | 18.45 | $ | 17.89 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 4.62 | %c | 11.80 | % | 25.57 | % | 1.96 | % | 5.44 | % | (1.44 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 131,027 | $ | 165,092 | $ | 253,390 | $ | 78,397 | $ | 121,740 | $ | 147,611 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.50 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.27 | % | 1.78 | % | 2.09 | % | 2.21 | % | 2.26 | % | 2.31 | % | ||||||||||||
Portfolio turnover ratee | 5 | % | 7 | % | 11 | % | 10 | % | 6 | % | 9 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 49 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Spain Capped ETF | ||||||||||||||||||||||||
Six months Feb. 28, 2015 | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 40.61 | $ | 30.44 | $ | 26.28 | $ | 35.89 | $ | 37.02 | $ | 47.65 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.69 | 1.80 | 1.33 | 2.12 | 2.14 | 1.64 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (5.18 | ) | 9.53 | 4.07 | (8.93 | ) | (1.36 | ) | (10.01 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (4.49 | ) | 11.33 | 5.40 | (6.81 | ) | 0.78 | (8.37 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.05 | ) | (1.16 | ) | (1.24 | ) | (2.80 | ) | (1.91 | ) | (2.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (1.05 | ) | (1.16 | ) | (1.24 | ) | (2.80 | ) | (1.91 | ) | (2.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 35.07 | $ | 40.61 | $ | 30.44 | $ | 26.28 | $ | 35.89 | $ | 37.02 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (11.04 | )%c | 37.39 | % | 20.88 | % | (19.36 | )% | 1.78 | % | (17.91 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,457,346 | $ | 2,473,038 | $ | 417,778 | $ | 195,093 | $ | 180,360 | $ | 194,362 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 3.76 | % | 4.48 | % | 4.45 | % | 7.60 | % | 5.31 | % | 3.72 | % | ||||||||||||
Portfolio turnover ratee | 6 | % | 15 | % | 24 | % | 17 | % | 14 | % | 9 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
50 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Sweden ETF | ||||||||||||||||||||||||
Six months Feb. 28, 2015 | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 34.11 | $ | 31.97 | $ | 27.32 | $ | 26.82 | $ | 24.46 | $ | 22.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | (0.08 | ) | 1.04 | 0.97 | 0.83 | 1.18 | 0.48 | |||||||||||||||||
Net realized and unrealized gainb | 0.91 | 2.33 | 4.70 | 0.58 | 2.22 | 1.73 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.83 | 3.37 | 5.67 | 1.41 | 3.40 | 2.21 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (1.23 | ) | (1.02 | ) | (0.86 | ) | (1.04 | ) | (0.61 | ) | ||||||||||||
Return of capital | — | — | — | (0.05 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.23 | ) | (1.23 | ) | (1.02 | ) | (0.91 | ) | (1.04 | ) | (0.61 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 34.71 | $ | 34.11 | $ | 31.97 | $ | 27.32 | $ | 26.82 | $ | 24.46 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 2.51 | %c | 10.49 | % | 21.02 | % | 5.57 | % | 13.40 | % | 9.70 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 377,463 | $ | 404,256 | $ | 434,006 | $ | 370,832 | $ | 329,887 | $ | 249,491 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.51 | % | 0.53 | % | ||||||||||||
Ratio of net investment income (loss) to average net assetsd | (0.48 | )% | 2.97 | % | 3.13 | % | 3.17 | % | 3.80 | % | 1.97 | % | ||||||||||||
Portfolio turnover ratee | 1 | % | 7 | % | 7 | % | 7 | % | 9 | % | 10 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 51 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Switzerland Capped ETF | ||||||||||||||||||||||||
Six months Feb. 28, 2015 | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 33.64 | $ | 29.36 | $ | 23.85 | $ | 24.67 | $ | 21.64 | $ | 20.71 | ||||||||||||
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Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | (0.02 | ) | 0.80 | 0.67 | 0.63 | 0.59 | 0.39 | |||||||||||||||||
Net realized and unrealized gain (loss)b | (0.12 | ) | 4.27 | 5.44 | (0.80 | ) | 2.97 | 0.90 | ||||||||||||||||
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Total from investment operations | (0.14 | ) | 5.07 | 6.11 | (0.17 | ) | 3.56 | 1.29 | ||||||||||||||||
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Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.79 | ) | (0.60 | ) | (0.65 | ) | (0.53 | ) | (0.36 | ) | |||||||||||||
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Total distributions | — | (0.79 | ) | (0.60 | ) | (0.65 | ) | (0.53 | ) | (0.36 | ) | |||||||||||||
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Net asset value, end of period | $ | 33.50 | $ | 33.64 | $ | 29.36 | $ | 23.85 | $ | 24.67 | $ | 21.64 | ||||||||||||
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Total return | (0.42 | )%c | 17.21 | % | 25.71 | % | (0.53 | )% | 16.30 | % | 6.35 | % | ||||||||||||
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Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,080,376 | $ | 1,072,157 | $ | 902,860 | $ | 554,570 | $ | 524,159 | $ | 405,755 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income (loss) to average net assetsd | (0.15 | )% | 2.41 | % | 2.38 | % | 2.73 | % | 2.35 | % | 1.80 | % | ||||||||||||
Portfolio turnover ratee | 2 | % | 5 | % | 13 | % | 8 | % | 7 | % | 7 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
52 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
MSCI Austria Capped | Non-diversified | |||
MSCI Belgium Capped | Non-diversified | |||
MSCI Emerging Markets Eastern Europe | Non-diversified | |||
MSCI France | Non-diversified | |||
MSCI Italy Capped | Non-diversified |
iShares ETF | Diversification Classification | |||
MSCI Netherlands | Non-diversified | |||
MSCI Spain Capped | Non-diversified | |||
MSCI Sweden | Non-diversified | |||
MSCI Switzerland Capped | Non-diversified |
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.
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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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). |
NOTESTO FINANCIAL STATEMENTS | 53 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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 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, reviews of 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 is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the 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.
54 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
iShares ETF and | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Austria Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 58,021,955 | $ | — | $ | 21 | $ | 58,021,976 | ||||||||
Money Market Funds | 1,345,245 | — | — | 1,345,245 | ||||||||||||
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$ | 59,367,200 | $ | — | $ | 21 | $ | 59,367,221 | |||||||||
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MSCI Belgium Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 161,437,619 | $ | — | $ | — | $ | 161,437,619 | ||||||||
Money Market Funds | 1,209,452 | — | — | 1,209,452 | ||||||||||||
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$ | 162,647,071 | $ | — | $ | — | $ | 162,647,071 | |||||||||
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MSCI Emerging Markets Eastern Europe | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 130,553,019 | $ | — | $ | — | $ | 130,553,019 | ||||||||
Preferred Stocks | 4,933,011 | — | — | 4,933,011 | ||||||||||||
Money Market Funds | 403,064 | — | — | 403,064 | ||||||||||||
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$ | 135,889,094 | $ | — | $ | — | $ | 135,889,094 | |||||||||
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MSCI France | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 351,006,160 | $ | — | $ | — | $ | 351,006,160 | ||||||||
Money Market Funds | 2,090,040 | — | — | 2,090,040 | ||||||||||||
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$ | 353,096,200 | $ | — | $ | — | $ | 353,096,200 | |||||||||
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MSCI Italy Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 914,813,663 | $ | — | $ | — | $ | 914,813,663 | ||||||||
Money Market Funds | 14,612,008 | — | — | 14,612,008 | ||||||||||||
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$ | 929,425,671 | $ | — | $ | — | $ | 929,425,671 | |||||||||
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MSCI Netherlands | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 130,771,517 | $ | — | $ | 1 | $ | 130,771,518 | ||||||||
Money Market Funds | 3,754,913 | — | — | 3,754,913 | ||||||||||||
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$ | 134,526,430 | $ | — | $ | 1 | $ | 134,526,431 | |||||||||
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NOTESTO FINANCIAL STATEMENTS | 55 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
iShares ETF and | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Spain Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 1,457,379,397 | $ | — | $ | — | $ | 1,457,379,397 | ||||||||
Money Market Funds | 910,677 | — | — | 910,677 | ||||||||||||
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$ | 1,458,290,074 | $ | — | $ | — | $ | 1,458,290,074 | |||||||||
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MSCI Sweden | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 377,439,902 | $ | — | $ | — | $ | 377,439,902 | ||||||||
Money Market Funds | 2,904,722 | — | — | 2,904,722 | ||||||||||||
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$ | 380,344,624 | $ | — | $ | — | $ | 380,344,624 | |||||||||
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MSCI Switzerland Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 1,076,333,374 | $ | — | $ | — | $ | 1,076,333,374 | ||||||||
Money Market Funds | 8,330,969 | — | — | 8,330,969 | ||||||||||||
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$ | 1,084,664,343 | $ | — | $ | — | $ | 1,084,664,343 | |||||||||
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SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
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
56 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
NOTESTO FINANCIAL STATEMENTS | 57 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
MSCI Austria Capped | $ | 1,270,137 | $ | 1,270,137 | $ | — | ||||||
MSCI Belgium Capped | 1,087,874 | �� | 1,087,874 | — | ||||||||
MSCI Emerging Markets Eastern Europe | 266,099 | 266,099 | — | |||||||||
MSCI France | 1,874,028 | 1,874,028 | — | |||||||||
MSCI Italy Capped | 13,163,014 | 13,163,014 | — | |||||||||
MSCI Netherlands | 3,501,235 | 3,501,235 | — | |||||||||
MSCI Sweden | 2,762,288 | 2,762,288 | — | |||||||||
MSCI Switzerland Capped | 7,162,459 | 7,162,459 | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each Fund, except for the iShares MSCI Emerging Markets Eastern Europe ETF, 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, up to and including $72 billion | ||||
0.36 | Over $72 billion |
58 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For its investment advisory services to the iShares MSCI Emerging Markets Eastern Europe ETF, 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 | ||||
0.54 | Over $42 billion, up to and including $56 billion | ||||
0.47 | Over $56 billion, up to and including $70 billion | ||||
0.41 | Over $70 billion, up to and including $84 billion | ||||
0.35 | Over $84 billion |
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
NOTESTO FINANCIAL STATEMENTS | 59 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For the six months ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
iShares ETF | Fees Paid to BTC | |||
MSCI Austria Capped | $ | 7,199 | ||
MSCI Belgium Capped | 9,163 | |||
MSCI Emerging Markets Eastern Europe | 2,844 | |||
MSCI France | 4,739 |
iShares ETF | Fees Paid to BTC | |||
MSCI Italy Capped | $ | 36,613 | ||
MSCI Netherlands | 10,758 | |||
MSCI Sweden | 2,447 | |||
MSCI Switzerland Capped | 44,562 |
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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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, 2015 were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Austria Capped | $ | 5,121,549 | $ | 5,380,469 | ||||
MSCI Belgium Capped | 4,266,201 | 5,225,704 | ||||||
MSCI Emerging Markets Eastern Europe | 13,995,631 | 9,405,699 | ||||||
MSCI France | 9,152,642 | 6,916,045 | ||||||
MSCI Italy Capped | 74,682,767 | 79,327,806 | ||||||
MSCI Netherlands | 7,408,286 | 6,865,376 | ||||||
MSCI Spain Capped | 116,158,128 | 200,871,675 | ||||||
MSCI Sweden | 4,379,578 | 7,552,834 | ||||||
MSCI Switzerland Capped | 29,222,586 | 24,756,638 |
60 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Austria Capped | $ | 6,256,093 | $ | 5,936,700 | ||||
MSCI Belgium Capped | 43,540,743 | 47,688,628 | ||||||
MSCI Emerging Markets Eastern Europe | 68,260,291 | 41,729,224 | ||||||
MSCI France | 149,633,402 | 77,848,698 | ||||||
MSCI Italy Capped | 47,527,058 | 577,433,205 | ||||||
MSCI Netherlands | 11,131,895 | 49,162,980 | ||||||
MSCI Spain Capped | 76,974,435 | 741,792,540 | ||||||
MSCI Sweden | 47,663,095 | 76,703,210 | ||||||
MSCI Switzerland Capped | 298,205,172 | 271,921,685 |
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 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
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. | MARKET AND CREDIT RISK |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
NOTESTO FINANCIAL STATEMENTS | 61 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
Each Fund, except for the iShares MSCI Emerging Markets Eastern Europe ETF, invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI Emerging Markets Eastern Europe ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s
62 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
6. | INCOME TAX INFORMATION |
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.
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, 2014, the Funds’ fiscal year end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non- Expiring a | Expiring 2015 | Expiring 2016 | Expiring 2017 | Expiring 2018 | Expiring 2019 | Total | |||||||||||||||||||||
MSCI Austria Capped | $ | 24,634,925 | $ | 9,795,917 | $ | 2,587,916 | $ | 7,102,366 | $ | 16,657,011 | $ | 13,826,937 | $ | 74,605,072 | ||||||||||||||
MSCI Belgium Capped | 11,294,523 | — | 1,698,444 | 5,953,120 | 10,826,174 | 19,023,517 | 48,795,778 | |||||||||||||||||||||
MSCI Emerging Markets Eastern Europe | 2,161,562 | — | — | — | — | 204,914 | 2,366,476 | |||||||||||||||||||||
MSCI France | 14,539,484 | 158,472 | 335,795 | 3,408,374 | 7,008,530 | 2,858,814 | 28,309,469 | |||||||||||||||||||||
MSCI Italy Capped | 33,168,667 | — | 472,268 | 2,743,650 | 18,169,627 | 9,459,662 | 64,013,874 | |||||||||||||||||||||
MSCI Netherlands | 6,930,449 | 260,715 | 1,195,162 | 5,819,153 | 22,256,170 | 2,329,005 | 38,790,654 | |||||||||||||||||||||
MSCI Spain Capped | 21,049,529 | — | — | 5,946,927 | 15,120,672 | 8,619,903 | 50,737,031 | |||||||||||||||||||||
MSCI Sweden | 11,686,467 | — | 100,015 | 13,686,746 | 8,483,510 | 5,244,977 | 39,201,715 | |||||||||||||||||||||
MSCI Switzerland Capped | 10,955,695 | — | — | 2,837,786 | 22,569,380 | 6,955,758 | 43,318,619 |
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 | 63 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 28, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Austria Capped | $ | 87,496,908 | $ | 1,250,505 | $ | (29,380,192 | ) | $ | (28,129,687 | ) | ||||||
MSCI Belgium Capped | 167,738,884 | 10,268,328 | (15,360,141 | ) | (5,091,813 | ) | ||||||||||
MSCI Emerging Markets Eastern Europe | 191,600,794 | 502,390 | (56,214,090 | ) | (55,711,700 | ) | ||||||||||
MSCI France | 401,100,964 | 9,589,650 | (57,594,414 | ) | (48,004,764 | ) | ||||||||||
MSCI Italy Capped | 1,094,984,245 | 28,318,298 | (193,876,872 | ) | (165,558,574 | ) | ||||||||||
MSCI Netherlands | 143,623,752 | 7,792,865 | (16,890,186 | ) | (9,097,321 | ) | ||||||||||
MSCI Spain Capped | 1,711,599,026 | 26,919,597 | (280,228,549 | ) | (253,308,952 | ) | ||||||||||
MSCI Sweden | 381,467,338 | 37,287,028 | (38,409,742 | ) | (1,122,714 | ) | ||||||||||
MSCI Switzerland Capped | 991,828,937 | 151,539,488 | (58,704,082 | ) | 92,835,406 |
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
7. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
64 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Austria Capped | $ | — | $ | — | $ | 0.072576 | $ | 0.072576 | — | % | — | % | 100 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets Eastern Europe | 0.348737 | — | 0.084293 | 0.433030 | 81 | — | 19 | 100 | ||||||||||||||||||||||||
MSCI France | 0.096802 | — | 0.121893 | 0.218695 | 44 | — | 56 | 100 | ||||||||||||||||||||||||
MSCI Spain Capped | 0.970904 | — | 0.080404 | 1.051308 | 92 | — | 8 | 100 | ||||||||||||||||||||||||
MSCI Sweden | 0.183709 | — | 0.047382 | 0.231091 | 79 | — | 21 | 100 |
SUPPLEMENTAL INFORMATION | 65 |
Table of Contents
Notes:
66 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
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 basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-82-0215
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Table of Contents
FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED)
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iShares, Inc.
Ø | iShares MSCI EMU ETF | EZU | NYSE Arca |
Ø | iShares MSCI Germany ETF | EWG | NYSE Arca |
Ø | iShares MSCI Japan ETF | EWJ | NYSE Arca |
Table of Contents
5 | ||||
8 | ||||
8 | ||||
9 | ||||
9 | ||||
13 | ||||
15 | ||||
21 | ||||
25 | ||||
28 | ||||
38 |
Table of Contents
iSHARES® MSCI EMU ETF
Performance as of February 28, 2015
The iShares MSCI EMU ETF (the “Fund”) seeks to track the investment results of an index composed of equities from countries within the European Monetary Union, as represented by the MSCI EMU Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -1.50%, net of fees, while the total return for the Index was -1.30%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (4.83)% | (4.82)% | (4.74)% | (4.83)% | (4.82)% | (4.74)% | ||||||||||||||||||||
5 Years | 6.17% | 6.16% | 6.25% | 34.87% | 34.84% | 35.41% | ||||||||||||||||||||
10 Years | 3.57% | 3.54% | 3.69% | 41.97% | 41.57% | 43.72% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 985.00 | $ | 2.36 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 8 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 23.08 | % | ||
Consumer Discretionary | 15.06 | |||
Industrials | 12.79 | |||
Consumer Staples | 10.73 | |||
Health Care | 8.48 | |||
Materials | 8.21 | |||
Utilities | 5.77 | |||
Information Technology | 5.43 | |||
Energy | 5.33 | |||
Telecommunication Services | 5.12 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
France | 32.03 | % | ||
Germany | 30.49 | |||
Spain | 11.39 | |||
Netherlands | 9.27 | |||
Italy | 7.29 | |||
Belgium | 4.37 | |||
Finland | 2.89 | |||
Ireland | 1.12 | |||
Austria | 0.66 | |||
Portugal | 0.49 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI GERMANY ETF
Performance as of February 28, 2015
The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities, as represented by the MSCI Germany Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 2.83%, net of fees, while the total return for the Index was 3.02%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (4.73)% | (4.48)% | (4.60)% | (4.73)% | (4.48)% | (4.60)% | ||||||||||||||||||||
5 Years | 10.49% | 10.50% | 10.61% | 64.69% | 64.76% | 65.57% | ||||||||||||||||||||
10 Years | 7.17% | 7.16% | 7.31% | 99.86% | 99.61% | 102.41% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,028.30 | $ | 2.41 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 8 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Consumer Discretionary | 22.15 | % | ||
Financials | 17.35 | |||
Health Care | 14.81 | |||
Materials | 13.81 | |||
Industrials | 12.43 | |||
Information Technology | 6.77 | |||
Telecommunication Services | 5.08 | |||
Consumer Staples | 3.86 | |||
Utilities | 3.74 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Bayer AG Registered | 9.92 | % | ||
Daimler AG Registered | 7.57 | |||
Siemens AG Registered | 7.19 | |||
BASF SE | 7.15 | |||
Allianz SE Registered | 6.21 | |||
SAP SE | 5.26 | |||
Deutsche Telekom AG Registered | 4.81 | |||
Deutsche Bank AG Registered | 3.68 | |||
Bayerische Motoren Werke AG | 3.40 | |||
Volkswagen AG (Preferred) | 3.34 | |||
|
| |||
TOTAL | 58.53 | % | ||
|
|
* | Excludes money market funds. |
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI JAPAN ETF
Performance as of February 28, 2015
The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 4.85%, net of fees, while the total return for the Index was 5.16%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 8.41% | 7.82% | 8.94% | 8.41% | 7.82% | 8.94% | ||||||||||||||||||||
5 Years | 6.03% | 6.08% | 6.58% | 34.01% | 34.31% | 37.55% | ||||||||||||||||||||
10 Years | 2.63% | 2.65% | 3.17% | 29.69% | 29.84% | 36.57% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,048.50 | $ | 2.44 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 8 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Consumer Discretionary | 22.57 | % | ||
Industrials | 19.57 | |||
Financials | 19.00 | |||
Information Technology | 11.01 | |||
Health Care | 6.71 | |||
Consumer Staples | 6.43 | |||
Materials | 6.18 | |||
Telecommunication Services | 5.25 | |||
Utilities | 2.31 | |||
Energy | 0.97 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Toyota Motor Corp. | 6.50 | % | ||
Mitsubishi UFJ Financial Group Inc. | 2.89 | |||
SoftBank Corp. | 2.06 | |||
Honda Motor Co. Ltd. | 1.88 | |||
Sumitomo Mitsui Financial Group Inc. | 1.78 | |||
Mizuho Financial Group Inc. | 1.45 | |||
KDDI Corp. | 1.41 | |||
Takeda Pharmaceutical Co. Ltd. | 1.39 | |||
FANUC Corp. | 1.30 | |||
Canon Inc. | 1.28 | |||
|
| |||
TOTAL | 21.94 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 97.73% |
| |||||||
AUSTRIA — 0.66% |
| |||||||
ANDRITZ AG | 157,938 | $ | 9,132,139 | |||||
Erste Group Bank AG | 609,142 | 16,001,572 | ||||||
IMMOEAST AG Escrowa | 105,078 | 1 | ||||||
IMMOFINANZ AGa | 2,100,446 | 6,424,715 | ||||||
IMMOFINANZ AG Escrowa | 68,575 | 1 | ||||||
OMV AG | 320,370 | 9,251,283 | ||||||
Raiffeisen Bank International AGb | 258,065 | 3,907,690 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 82,842 | 3,672,187 | ||||||
Voestalpine AG | 243,666 | 9,546,644 | ||||||
|
| |||||||
57,936,232 | ||||||||
BELGIUM — 4.36% | ||||||||
Ageas | 478,323 | 17,272,966 | ||||||
Anheuser-Busch InBev NV | 1,748,476 | 222,985,878 | ||||||
Belgacom SA | 331,643 | 12,504,351 | ||||||
Colruyt SA | 153,419 | 7,198,205 | ||||||
Delhaize Group SA | 223,351 | 20,086,819 | ||||||
Groupe Bruxelles Lambert SA | 175,968 | 15,436,655 | ||||||
KBC Groep NVa | 543,732 | 33,067,520 | ||||||
Solvay SA | 128,592 | 19,154,431 | ||||||
Telenet Group Holding NVa | 115,067 | 6,614,574 | ||||||
UCB SA | 275,239 | 21,101,130 | ||||||
Umicore SA | 207,654 | 9,084,851 | ||||||
|
| |||||||
384,507,380 | ||||||||
FINLAND — 2.89% | ||||||||
Elisa OYJ | 311,350 | 8,489,675 | ||||||
Fortum OYJ | 965,615 | 22,051,543 | ||||||
Kone OYJ Class B | 681,341 | 31,470,822 | ||||||
Metso OYJ | 245,915 | 7,930,126 | ||||||
Neste Oil OYJ | 279,755 | 7,308,101 | ||||||
Nokia OYJ | 8,142,280 | 65,619,063 | ||||||
Nokian Renkaat OYJ | 245,915 | 7,295,716 | ||||||
Orion OYJ Class B | 218,832 | 7,140,223 | ||||||
Sampo OYJ Class A | 972,372 | 49,188,797 | ||||||
Stora Enso OYJ Class R | 1,202,503 | 11,572,593 | ||||||
UPM-Kymmene OYJ | 1,161,862 | 21,854,699 | ||||||
Wartsila OYJ Abp | 322,619 | 14,659,171 | ||||||
|
| |||||||
254,580,529 | ||||||||
FRANCE — 31.97% | ||||||||
Accor SA | 376,752 | 19,787,484 | ||||||
Aeroports de Paris | 65,424 | 7,991,388 | ||||||
Air Liquide SA | 749,017 | 99,219,901 |
Security | Shares | Value | ||||||
Airbus Group NV | 1,279,199 | $ | 79,388,208 | |||||
Alcatel-Lucenta | 6,125,296 | 24,025,915 | ||||||
Alstom SAa | 471,522 | 15,628,477 | ||||||
ArcelorMittal | 2,174,856 | 23,833,196 | ||||||
Arkema SA | 143,091 | 10,740,524 | ||||||
AtoS | 175,680 | 12,546,263 | ||||||
AXA SA | 3,950,419 | 100,539,073 | ||||||
BNP Paribas SA | 2,301,221 | 134,452,817 | ||||||
Bollore SA | 1,191,972 | 6,556,525 | ||||||
Bouygues SA | 365,754 | 14,535,081 | ||||||
Bureau Veritas SA | 482,802 | 11,404,721 | ||||||
Cap Gemini SA | 311,357 | 25,239,103 | ||||||
Carrefour SA | 1,358,177 | 45,039,284 | ||||||
Casino Guichard Perrachon SA | 124,091 | 11,705,595 | ||||||
Christian Dior SA | 119,579 | 23,250,697 | ||||||
Cie. de Saint-Gobain | 976,532 | 44,070,472 | ||||||
Cie. Generale des Etablissements Michelin Class B | 403,838 | 38,945,909 | ||||||
CNP Assurances | 374,518 | 6,223,455 | ||||||
Credit Agricole SA | 2,241,980 | 31,609,981 | ||||||
Danone SA | 1,258,902 | 88,012,887 | ||||||
Dassault Systemes | 279,456 | 19,600,136 | ||||||
Edenred | 448,951 | 12,276,932 | ||||||
Electricite de France SA | 527,933 | 14,626,250 | ||||||
Essilor International SA | 444,450 | 52,070,119 | ||||||
Eurazeo SA | 83,472 | 6,169,039 | ||||||
Eutelsat Communications SA | 336,155 | 11,513,165 | ||||||
Fonciere Des Regions | 60,912 | 6,312,946 | ||||||
GDF Suez | 3,147,268 | 70,161,373 | ||||||
Gecina SA | 60,919 | 8,025,332 | ||||||
Groupe Eurotunnel SE Registered | 1,018,803 | 13,964,283 | ||||||
Hermes International | 57,948 | 18,741,987 | ||||||
ICADE | 81,227 | 7,296,859 | ||||||
Iliad SA | 55,801 | 14,523,817 | ||||||
Imerys SA | 74,448 | 5,597,311 | ||||||
JCDecaux SA | 146,640 | 5,445,067 | ||||||
Kering | 164,699 | 33,621,692 | ||||||
Klepierre | 377,514 | 18,500,025 | ||||||
L’Oreal SA | 545,981 | 99,361,801 | ||||||
Lafarge SA | 406,098 | 30,217,848 | ||||||
Lagardere SCA | 257,202 | 7,411,322 | ||||||
Legrand SA | 575,320 | 31,878,189 |
SCHEDULESOF INVESTMENTS | 9 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU ETF
February 28, 2015
Security | Shares | Value | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 606,893 | $ | 111,570,223 | |||||
Natixis SA | 2,037,210 | 14,784,182 | ||||||
Numericable-SFR SASa | 212,083 | 13,178,708 | ||||||
Orange SA | 4,031,656 | 73,710,319 | ||||||
Pernod Ricard SA | 462,498 | 54,962,697 | ||||||
Peugeot SAa | 850,548 | 14,276,862 | ||||||
Publicis Groupe SA | 408,026 | 33,349,846 | ||||||
Remy Cointreau SA | 54,144 | 3,985,749 | ||||||
Renault SA | 417,378 | 40,190,839 | ||||||
Rexel SA | 604,275 | 11,834,123 | ||||||
Safran SA | 588,852 | 41,544,546 | ||||||
Sanofi | 2,594,451 | 255,212,701 | ||||||
Schneider Electric SE | 1,141,269 | 92,141,883 | ||||||
SCOR SE | 333,917 | 11,033,886 | ||||||
SES SA | 661,048 | 22,837,099 | ||||||
Societe BIC SA | 63,168 | 9,472,961 | ||||||
Societe Generale SA | 1,576,211 | 73,043,122 | ||||||
Sodexo SA | 205,307 | 20,739,244 | ||||||
STMicroelectronics NV | 1,389,768 | 12,439,486 | ||||||
Suez Environnement Co. | 647,055 | 11,572,387 | ||||||
Technip SA | 223,355 | 14,585,627 | ||||||
Thales SA | 203,051 | 11,708,734 | ||||||
Total SA | 4,652,129 | 251,693,065 | ||||||
Unibail-Rodamco SE | 212,064 | 61,273,124 | ||||||
Valeo SA | 164,688 | 24,845,141 | ||||||
Vallourec SA | 236,891 | 5,633,025 | ||||||
Veolia Environnement SA | 915,972 | 17,876,754 | ||||||
Vinci SA | 1,026,303 | 61,034,099 | ||||||
Vivendi SA | 2,639,592 | 64,587,614 | ||||||
Wendel SA | 67,687 | 8,264,012 | ||||||
Zodiac Aerospace | 403,853 | 14,567,887 | ||||||
|
| |||||||
2,820,012,394 | ||||||||
GERMANY — 28.35% | ||||||||
adidas AG | 455,730 | 35,490,491 | ||||||
Allianz SE Registered | 992,687 | 166,571,672 | ||||||
Axel Springer SE | 85,728 | 5,543,438 | ||||||
BASF SE | 1,996,654 | 191,817,134 | ||||||
Bayer AG Registered | 1,798,119 | 266,326,299 | ||||||
Bayerische Motoren Werke AG | 719,700 | 91,219,390 | ||||||
Beiersdorf AG | 218,839 | 19,055,113 | ||||||
Brenntag AG | 336,162 | 19,701,175 | ||||||
Celesio AG | 110,550 | 3,421,735 | ||||||
Commerzbank AGa | 2,104,960 | 28,462,188 | ||||||
Continental AG | 239,143 | 57,214,453 |
Security | Shares | Value | ||||||
Daimler AG Registered | 2,091,413 | $ | 202,937,980 | |||||
Deutsche Annington Immobilien SE | 750,536 | 29,022,380 | ||||||
Deutsche Bank AG Registered | 2,997,774 | 98,772,031 | ||||||
Deutsche Boerse AG | 419,634 | 34,312,741 | ||||||
Deutsche Lufthansa AG Registered | 505,366 | 7,425,651 | ||||||
Deutsche Post AG Registered | 2,104,942 | 71,845,456 | ||||||
Deutsche Telekom AG Registered | 6,900,503 | 129,024,911 | ||||||
Deutsche Wohnen AG Bearer | 627,190 | 17,330,413 | ||||||
E.ON SE | 4,349,781 | 70,476,148 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 81,216 | 4,915,535 | ||||||
Fresenius Medical Care AG & Co. KGaA | 473,771 | 38,882,909 | ||||||
Fresenius SE & Co. KGaA | 823,476 | 47,272,486 | ||||||
GEA Group AG | 399,323 | 19,797,202 | ||||||
Hannover Rueck SE | 130,855 | 12,644,534 | ||||||
HeidelbergCement AG | 306,834 | 24,480,118 | ||||||
Henkel AG & Co. KGaA | 254,939 | 26,882,370 | ||||||
HUGO BOSS AG | 121,346 | 15,652,385 | ||||||
Infineon Technologies AG | 2,454,640 | 28,482,330 | ||||||
K+S AG Registered | 374,514 | 12,108,618 | ||||||
Kabel Deutschland Holding AGa | 47,383 | 6,590,243 | ||||||
Lanxess AG | 200,795 | 10,368,078 | ||||||
Linde AG | 403,824 | 82,346,136 | ||||||
MAN SE | 76,704 | 8,242,154 | ||||||
Merck KGaA | 282,000 | 29,163,339 | ||||||
METRO AG | 351,954 | 11,809,517 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered | 376,763 | 78,391,573 | ||||||
Osram Licht AG | 194,027 | 8,918,490 | ||||||
ProSiebenSat.1 Media AG Registered | 476,045 | 23,437,985 | ||||||
QIAGEN NVa | 507,640 | 12,797,135 | ||||||
RTL Group SA | 83,479 | 8,286,626 | ||||||
RWE AG | 1,064,879 | 29,842,612 | ||||||
SAP SE | 2,003,411 | 141,209,348 | ||||||
Siemens AG Registered | 1,723,660 | 192,986,259 | ||||||
Symrise AG | 269,112 | 17,157,118 | ||||||
Telefonica Deutschland Holding AG | 1,301,193 | 7,174,817 |
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU ETF
February 28, 2015
Security | Shares | Value | ||||||
ThyssenKrupp AG | 985,912 | $ | 26,308,120 | |||||
United Internet AG Registeredc | 268,475 | 12,067,981 | ||||||
Volkswagen AG | 64,911 | 16,115,918 | ||||||
|
| |||||||
2,500,302,735 | ||||||||
IRELAND — 1.12% | ||||||||
Bank of Irelanda | 59,892,650 | 22,840,713 | ||||||
CRH PLC | 1,770,974 | 50,286,028 | ||||||
Irish Bank Resolution Corp. Ltd.a | 446,666 | 5 | ||||||
Kerry Group PLC Class A | 345,179 | 25,166,043 | ||||||
Ryanair Holdings PLC | 43,520 | 494,244 | ||||||
Ryanair Holdings PLC ADR | 416 | 26,354 | ||||||
|
| |||||||
98,813,387 | ||||||||
ITALY — 7.27% | ||||||||
Assicurazioni Generali SpA | 2,538,119 | 52,382,596 | ||||||
Atlantia SpA | 899,872 | 23,759,889 | ||||||
Banca Monte dei Paschi di Siena SpAa | 8,473,752 | 5,854,822 | ||||||
Banco Popolare SCa | 789,013 | 12,195,247 | ||||||
CNH Industrial NV | 2,062,060 | 17,115,525 | ||||||
Enel Green Power SpA | 3,817,361 | 8,186,690 | ||||||
Enel SpA | 14,310,466 | 66,099,372 | ||||||
Eni SpA | 5,529,709 | 103,455,966 | ||||||
EXOR SpA | 214,331 | 9,565,687 | ||||||
Finmeccanica SpAa | 882,150 | 10,705,992 | ||||||
Intesa Sanpaolo SpA | 27,517,381 | 92,100,743 | ||||||
Intesa Sanpaolo SpA RSP | 2,041,790 | 6,183,467 | ||||||
Luxottica Group SpA | 367,728 | 22,747,278 | ||||||
Mediobanca SpA | 1,315,303 | 12,149,171 | ||||||
Pirelli & C. SpA | 521,158 | 8,002,581 | ||||||
Prysmian SpA | 446,699 | 8,958,591 | ||||||
Saipem SpAa | 581,355 | 5,989,324 | ||||||
Snam SpA | 4,552,398 | 23,090,216 | ||||||
Telecom Italia SpAa | 21,992,281 | 26,295,698 | ||||||
Telecom Italia SpA RSP | 13,159,743 | 12,922,924 | ||||||
Tenaris SA | 1,026,516 | 14,726,295 | ||||||
Terna Rete Elettrica Nazionale SpA | 3,282,636 | 14,838,329 | ||||||
UniCredit SpA | 9,561,566 | 63,758,502 | ||||||
Unione di Banche Italiane SpA | 1,866,896 | 14,678,962 | ||||||
UnipolSai SpA | 1,992,048 | 5,885,357 | ||||||
|
| |||||||
641,649,224 | ||||||||
NETHERLANDS — 9.26% | ||||||||
Aegon NV | 3,941,385 | 30,592,303 | ||||||
Akzo Nobel NV | 532,121 | 39,631,061 | ||||||
Altice SAa | 189,515 | 18,939,936 |
Security | Shares | Value | ||||||
ASML Holding NV | 760,357 | $ | 82,394,239 | |||||
Boskalis Westminster NV | 187,270 | 8,722,381 | ||||||
Delta Lloyd NV | 435,485 | 7,922,847 | ||||||
Fiat Chrysler Automobiles NVa | 1,949,170 | 30,148,881 | ||||||
Gemalto NVb | 173,712 | 14,133,984 | ||||||
Heineken Holding NV | 218,839 | 15,260,291 | ||||||
Heineken NV | 500,850 | 39,234,591 | ||||||
ING Groep NV CVAa | 8,385,913 | 125,617,881 | ||||||
Koninklijke Ahold NV | 1,945,162 | 36,577,713 | ||||||
Koninklijke DSM NV | 374,514 | 20,961,667 | ||||||
Koninklijke KPN NV | 6,971,391 | 23,864,986 | ||||||
Koninklijke Philips NV | 2,033,040 | 61,045,199 | ||||||
Koninklijke Vopak NV | 153,408 | 8,087,291 | ||||||
NN Group NVa | 341,091 | 9,778,862 | ||||||
OCI NVa | 185,003 | 7,874,949 | ||||||
Randstad Holding NV | 272,994 | 16,121,621 | ||||||
Reed Elsevier NV | 1,522,854 | 37,920,012 | ||||||
TNT Express NV | 961,144 | 5,887,323 | ||||||
Unilever NV CVA | 3,539,830 | 154,450,467 | ||||||
Wolters Kluwer NV | 656,532 | 21,344,522 | ||||||
|
| |||||||
816,513,007 | ||||||||
PORTUGAL — 0.49% | ||||||||
Banco Comercial Portugues SA Registereda,b | 77,271,126 | 7,211,038 | ||||||
EDP — Energias de Portugal SA | 5,042,399 | 19,942,368 | ||||||
Galp Energia SGPS SA | 841,524 | 9,915,618 | ||||||
Jeronimo Martins SGPS SAb | 548,230 | 6,496,651 | ||||||
|
| |||||||
43,565,675 | ||||||||
SPAIN — 11.36% | ||||||||
Abertis Infraestructuras SA | 877,631 | 17,177,684 | ||||||
ACS Actividades de Construccion y Servicios SA | 381,828 | 14,227,370 | ||||||
Aena SAa,d | 128,193 | 11,943,001 | ||||||
Amadeus IT Holding SA Class A | 971,475 | 40,153,771 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 13,535,649 | 136,336,656 | ||||||
Banco de Sabadell SA | 7,438,337 | 20,482,576 | ||||||
Banco Popular Espanol SA | 3,906,037 | 18,024,277 | ||||||
Banco Santander SA | 30,594,484 | 224,188,334 | ||||||
Bankia SAa | 10,030,519 | 14,603,445 | ||||||
Bankinter SA | 1,471,567 | 11,535,922 | ||||||
CaixaBank SA | 4,979,413 | 23,178,401 | ||||||
Distribuidora Internacional de Alimentacion SA | 1,349,160 | 10,294,877 | ||||||
Enagas SA | 391,608 | 12,044,152 |
SCHEDULESOF INVESTMENTS | 11 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMU ETF
February 28, 2015
Security | Shares | Value | ||||||
Endesa SA | 685,945 | $ | 13,902,876 | |||||
Ferrovial SA | 894,280 | 18,998,124 | ||||||
Gas Natural SDG SA | 762,557 | 18,470,674 | ||||||
Grifols SA | 324,882 | 13,211,459 | ||||||
Iberdrola SA | 11,212,990 | 76,808,021 | ||||||
Inditex SA | 2,371,168 | 74,695,420 | ||||||
International Consolidated Airlines Group SAa | 1,779,791 | 15,964,426 | ||||||
Mapfre SA | 2,023,709 | 7,125,192 | ||||||
Red Electrica Corp. SA | 208,608 | 17,815,624 | ||||||
Repsol SA | 2,268,362 | 43,952,910 | ||||||
Telefonica SA | 9,156,062 | 142,700,171 | ||||||
Zardoya Otis SA | 383,542 | 4,650,459 | ||||||
|
| |||||||
1,002,485,822 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $8,809,593,459) |
| 8,620,366,385 | ||||||
PREFERRED STOCKS — 2.09% |
| |||||||
GERMANY — 2.09% | ||||||||
Bayerische Motoren Werke AG | 117,330 | 11,370,512 | ||||||
FUCHS PETROLUB SE | 151,174 | 6,322,204 | ||||||
Henkel AG & Co. KGaA | 388,050 | 46,071,862 | ||||||
Porsche Automobil Holding SE | 333,899 | 30,991,339 | ||||||
Volkswagen AG | 354,203 | 89,589,271 | ||||||
|
| |||||||
184,345,188 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $181,072,273) |
| 184,345,188 | ||||||
SHORT-TERM INVESTMENTS — 0.39% |
| |||||||
MONEY MARKET FUNDS — 0.39% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%e,f,g | 25,526,705 | 25,526,705 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%e,f,g | 1,489,800 | 1,489,800 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%e,f | 7,395,090 | 7,395,090 | ||||||
|
| |||||||
34,411,595 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $34,411,595) | 34,411,595 | |||||||
|
|
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $9,025,077,327) | $ | 8,839,123,168 | ||||
Other Assets, Less Liabilities — (0.21)% | (18,878,294 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 8,820,244,874 | ||||
|
|
ADR — American Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
d | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
e | Affiliated issuer. See Note 2. |
f | The rate quoted is the annualized seven-day yield of the fund at period end. |
g | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 92.68% |
| |||||||
AIR FREIGHT & LOGISTICS — 2.66% |
| |||||||
Deutsche Post AG Registered | 4,643,169 | $ | 158,479,708 | |||||
|
| |||||||
158,479,708 | ||||||||
AIRLINES — 0.27% |
| |||||||
Deutsche Lufthansa AG Registered | 1,110,223 | 16,313,184 | ||||||
|
| |||||||
16,313,184 | ||||||||
AUTO COMPONENTS — 2.12% |
| |||||||
Continental AG | 527,479 | 126,198,225 | ||||||
|
| |||||||
126,198,225 | ||||||||
AUTOMOBILES — 11.50% |
| |||||||
Bayerische Motoren Werke AG | 1,588,410 | 201,325,263 | ||||||
Daimler AG Registered | 4,619,192 | 448,218,259 | ||||||
Volkswagen AG | 141,861 | 35,220,844 | ||||||
|
| |||||||
684,764,366 | ||||||||
BANKS — 1.06% |
| |||||||
Commerzbank AGa | 4,643,169 | 62,782,546 | ||||||
|
| |||||||
62,782,546 | ||||||||
CAPITAL MARKETS — 3.66% |
| |||||||
Deutsche Bank AG Registered | 6,617,148 | 218,024,823 | ||||||
|
| |||||||
218,024,823 | ||||||||
CHEMICALS — 11.63% |
| |||||||
BASF SE | 4,406,744 | 423,352,772 | ||||||
K+S AG Registered | 826,506 | 26,722,221 | ||||||
Lanxess AG | 438,902 | 22,662,767 | ||||||
Linde AG | 891,112 | 181,711,908 | ||||||
Symrise AG | 591,728 | 37,725,361 | ||||||
|
| |||||||
692,175,029 | ||||||||
CONSTRUCTION MATERIALS — 0.91% |
| |||||||
HeidelbergCement AG | 675,994 | 53,932,788 | ||||||
|
| |||||||
53,932,788 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 1.27% |
| |||||||
Deutsche Boerse AG | 925,743 | 75,696,393 | ||||||
|
| |||||||
75,696,393 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.05% |
| |||||||
Deutsche Telekom AG Registered | 15,232,195 | 284,810,049 | ||||||
Telefonica Deutschland Holding AG | 2,852,687 | 15,729,801 | ||||||
|
| |||||||
300,539,850 |
Security | Shares | Value | ||||||
ELECTRICAL EQUIPMENT — 0.33% |
| |||||||
Osram Licht AG | 426,915 | $ | 19,623,234 | |||||
|
| |||||||
19,623,234 | ||||||||
FOOD & STAPLES RETAILING — 0.44% |
| |||||||
METRO AG | 777,223 | 26,079,056 | ||||||
|
| |||||||
26,079,056 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 3.32% |
| |||||||
Celesio AG | 243,090 | 7,524,103 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,043,623 | 85,651,291 | ||||||
Fresenius SE & Co. KGaA | 1,818,182 | 104,374,607 | ||||||
|
| |||||||
197,550,001 | ||||||||
HOUSEHOLD PRODUCTS — 0.99% |
| |||||||
Henkel AG & Co. KGaA | 560,778 | 59,131,955 | ||||||
|
| |||||||
59,131,955 | ||||||||
INDUSTRIAL CONGLOMERATES — 7.16% |
| |||||||
Siemens AG Registered | 3,804,026 | 425,910,415 | ||||||
|
| |||||||
425,910,415 | ||||||||
INSURANCE — 9.55% |
| |||||||
Allianz SE Registered | 2,193,007 | 367,983,910 | ||||||
Hannover Rueck SE | 289,044 | 27,930,355 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered | 829,836 | 172,660,663 | ||||||
|
| |||||||
568,574,928 | ||||||||
INTERNET SOFTWARE & SERVICES — 0.45% |
| |||||||
United Internet AG Registeredb | 590,082 | 26,524,250 | ||||||
|
| |||||||
26,524,250 | ||||||||
LIFE SCIENCES TOOLS & SERVICES — 0.47% |
| |||||||
QIAGEN NVa | 1,115,551 | 28,122,009 | ||||||
|
| |||||||
28,122,009 | ||||||||
MACHINERY — 1.04% |
| |||||||
GEA Group AG | 877,788 | 43,518,020 | ||||||
MAN SE | 169,167 | 18,177,677 | ||||||
|
| |||||||
61,695,697 | ||||||||
MEDIA — 1.63% |
| |||||||
Axel Springer SE | 189,812 | 12,273,832 | ||||||
Kabel Deutschland Holding AGa | 105,897 | 14,728,637 | ||||||
ProSiebenSat.1 Media AG Registered | 1,049,616 | 51,677,645 | ||||||
RTL Group SA | 185,816 | 18,445,210 | ||||||
|
| |||||||
97,125,324 | ||||||||
METALS & MINING — 0.97% |
| |||||||
ThyssenKrupp AG | 2,172,360 | 57,967,352 | ||||||
|
| |||||||
57,967,352 |
SCHEDULESOF INVESTMENTS | 13 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GERMANY ETF
February 28, 2015
Security | Shares | Value | ||||||
MULTI-UTILITIES — 3.72% |
| |||||||
E.ON SE | 9,600,100 | $ | 155,543,018 | |||||
RWE AG | 2,348,181 | 65,806,401 | ||||||
|
| |||||||
221,349,419 | ||||||||
PERSONAL PRODUCTS — 0.71% |
| |||||||
Beiersdorf AG | 483,524 | 42,102,205 | ||||||
|
| |||||||
42,102,205 | ||||||||
PHARMACEUTICALS — 10.95% |
| |||||||
Bayer AG Registered | 3,967,192 | 587,596,017 | ||||||
Merck KGaA | 620,051 | 64,123,254 | ||||||
|
| |||||||
651,719,271 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.72% |
| |||||||
Deutsche Annington Immobilien SE | 1,654,035 | 63,959,666 | ||||||
Deutsche Wohnen AG Bearer | 1,392,608 | 38,480,320 | ||||||
|
| |||||||
102,439,986 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.05% |
| |||||||
Infineon Technologies AG | 5,410,385 | 62,779,215 | ||||||
|
| |||||||
62,779,215 | ||||||||
SOFTWARE — 5.24% |
| |||||||
SAP SE | 4,420,729 | 311,592,709 | ||||||
|
| |||||||
311,592,709 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 1.90% |
| |||||||
adidas AG | 1,003,663 | 78,161,395 | ||||||
HUGO BOSS AG | 270,470 | 34,887,846 | ||||||
|
| |||||||
113,049,241 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.73% |
| |||||||
Brenntag AG | 741,261 | 43,442,486 | ||||||
|
| |||||||
43,442,486 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.18% |
| |||||||
Fraport AG Frankfurt Airport Services Worldwide | 177,158 | 10,722,349 | ||||||
|
| |||||||
10,722,349 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $5,403,430,539) |
| 5,516,408,014 |
Security | Shares | Value | ||||||
PREFERRED STOCKS — 6.82% |
| |||||||
AUTOMOBILES — 4.89% |
| |||||||
Bayerische Motoren Werke AG | 260,406 | $ | 25,236,083 | |||||
Porsche Automobil Holding SE | 734,601 | 68,183,099 | ||||||
Volkswagen AG | 780,554 | 197,427,078 | ||||||
|
| |||||||
290,846,260 | ||||||||
CHEMICALS — 0.23% |
| |||||||
FUCHS PETROLUB SE | 333,004 | 13,926,463 | ||||||
|
| |||||||
13,926,463 | ||||||||
HOUSEHOLD PRODUCTS — 1.70% |
| |||||||
Henkel AG & Co. KGaA | 854,478 | 101,449,279 | ||||||
|
| |||||||
101,449,279 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $366,625,725) |
| 406,222,002 | ||||||
SHORT-TERM INVESTMENTS — 0.06% |
| |||||||
MONEY MARKET FUNDS — 0.06% |
| |||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 3,843,296 | 3,843,296 | ||||||
|
| |||||||
3,843,296 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $3,843,296) |
| 3,843,296 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $5,773,899,560) |
| 5,926,473,312 | ||||||
Other Assets, Less Liabilities — 0.44% |
| 25,950,751 | ||||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 5,952,424,063 | |||||
|
|
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. |
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
DAX Index | 94 | Mar. 2015 | Eurex | $ | 30,008,138 | $ | 3,579,133 | |||||||||||||
See notes to financial statements.
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.61% |
| |||||||
AIR FREIGHT & LOGISTICS — 0.32% |
| |||||||
Yamato Holdings Co. Ltd. | 2,058,000 | $ | 48,202,769 | |||||
|
| |||||||
48,202,769 | ||||||||
AIRLINES — 0.28% | ||||||||
ANA Holdings Inc. | 6,174,000 | 16,774,564 | ||||||
Japan Airlines Co. Ltd. | 823,200 | 25,340,884 | ||||||
|
| |||||||
42,115,448 | ||||||||
AUTO COMPONENTS — 3.32% |
| |||||||
Aisin Seiki Co. Ltd. | 1,029,200 | 37,924,012 | ||||||
Bridgestone Corp. | 3,498,600 | 134,155,192 | ||||||
Denso Corp. | 2,675,400 | 125,730,036 | ||||||
Koito Manufacturing Co. Ltd. | 617,400 | 19,780,351 | ||||||
NGK Spark Plug Co. Ltd. | 617,400 | 17,507,934 | ||||||
NHK Spring Co. Ltd. | 823,200 | 8,559,435 | ||||||
NOK Corp. | 617,400 | 18,076,038 | ||||||
Stanley Electric Co. Ltd. | 682,200 | 16,161,198 | ||||||
Sumitomo Electric Industries Ltd. | 4,116,000 | 53,401,782 | ||||||
Sumitomo Rubber Industries Ltd. | 1,029,000 | 17,800,594 | ||||||
Toyoda Gosei Co. Ltd. | 411,600 | 9,103,437 | ||||||
Toyota Industries Corp. | 823,200 | 46,481,241 | ||||||
Yokohama Rubber Co. Ltd. (The) | 154,000 | 1,566,473 | ||||||
|
| |||||||
506,247,723 | ||||||||
AUTOMOBILES — 11.61% |
| |||||||
Daihatsu Motor Co. Ltd. | 823,200 | 11,789,020 | ||||||
Fuji Heavy Industries Ltd. | 3,087,000 | 104,866,845 | ||||||
Honda Motor Co. Ltd. | 8,643,600 | 285,565,253 | ||||||
Isuzu Motors Ltd. | 3,087,000 | 44,854,398 | ||||||
Mazda Motor Corp. | 2,881,200 | 61,603,138 | ||||||
Mitsubishi Motors Corp. | 3,498,600 | 30,992,659 | ||||||
Nissan Motor Co. Ltd. | 13,377,000 | 141,440,696 | ||||||
Suzuki Motor Corp. | 2,058,000 | 65,073,738 | ||||||
Toyota Motor Corp. | 14,611,800 | 985,527,989 | ||||||
Yamaha Motor Co. Ltd. | 1,440,600 | 35,814,657 | ||||||
|
| |||||||
1,767,528,393 | ||||||||
BANKS — 9.20% |
| |||||||
Aozora Bank Ltd. | 6,174,000 | 22,259,350 | ||||||
Bank of Kyoto Ltd. (The) | 2,058,000 | 20,159,087 | ||||||
Bank of Yokohama Ltd. (The) | 6,240,000 | 38,699,536 | ||||||
Chiba Bank Ltd. (The) | 4,116,000 | 31,021,925 | ||||||
Chugoku Bank Ltd. (The) | 205,800 | 3,169,332 |
Security | Shares | Value | ||||||
Fukuoka Financial Group Inc. | 4,122,000 | $ | 22,102,154 | |||||
Gunma Bank Ltd. (The) | 2,058,000 | 14,719,060 | ||||||
Hachijuni Bank Ltd. (The) | 2,058,000 | 15,407,671 | ||||||
Hiroshima Bank Ltd. (The) | 2,058,000 | 11,310,435 | ||||||
Hokuhoku Financial Group Inc. | 6,174,000 | 14,615,768 | ||||||
Iyo Bank Ltd. (The) | 1,852,200 | 23,085,683 | ||||||
Joyo Bank Ltd. (The) | 4,116,000 | 22,104,413 | ||||||
Mitsubishi UFJ Financial Group Inc. | 67,296,680 | 437,798,553 | ||||||
Mizuho Financial Group Inc. | 119,569,880 | 220,545,891 | ||||||
Resona Holdings Inc. | 11,524,800 | 64,745,959 | ||||||
Seven Bank Ltd. | 3,292,800 | 15,975,775 | ||||||
Shinsei Bank Ltd. | 8,232,000 | 15,838,053 | ||||||
Shizuoka Bank Ltd. (The) | 2,814,000 | 28,859,124 | ||||||
Sumitomo Mitsui Financial Group Inc. | 6,791,400 | 270,389,128 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 18,522,320 | 76,772,843 | ||||||
Suruga Bank Ltd. | 1,440,600 | 30,295,440 | ||||||
Yamaguchi Financial Group Inc. | 138,000 | 1,624,208 | ||||||
|
| |||||||
1,401,499,388 | ||||||||
BEVERAGES — 0.90% |
| |||||||
Asahi Group Holdings Ltd. | 1,852,200 | 57,272,636 | ||||||
Kirin Holdings Co. Ltd. | 4,321,800 | 56,559,924 | ||||||
Suntory Beverage & Food Ltd. | 617,400 | 23,188,975 | ||||||
|
| |||||||
137,021,535 | ||||||||
BUILDING PRODUCTS — 1.20% |
| |||||||
Asahi Glass Co. Ltd. | 6,174,000 | 38,940,951 | ||||||
Daikin Industries Ltd. | 1,234,800 | 80,536,497 | ||||||
LIXIL Group Corp. | 1,440,600 | 34,344,473 | ||||||
TOTO Ltd. | 2,058,000 | 28,646,217 | ||||||
|
| |||||||
182,468,138 | ||||||||
CAPITAL MARKETS — 1.29% |
| |||||||
Daiwa Securities Group Inc. | 8,232,000 | 66,444,074 | ||||||
Nomura Holdings Inc. | 18,773,600 | 115,425,957 | ||||||
SBI Holdings Inc./Japan | 1,234,810 | 15,400,909 | ||||||
|
| |||||||
197,270,940 | ||||||||
CHEMICALS — 3.95% |
| |||||||
Air Water Inc. | 143,000 | 2,503,651 | ||||||
Asahi Kasei Corp. | 6,174,000 | 63,834,238 | ||||||
Daicel Corp. | 2,058,000 | 26,718,106 | ||||||
Hitachi Chemical Co. Ltd. | 617,400 | 13,639,662 | ||||||
JSR Corp. | 1,029,000 | 18,842,118 |
SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN ETF
February 28, 2015
Security | Shares | Value | ||||||
Kaneka Corp. | 2,058,000 | $ | 13,651,713 | |||||
Kansai Paint Co. Ltd. | 337,000 | 6,072,174 | ||||||
Kuraray Co. Ltd. | 1,852,200 | 25,487,214 | ||||||
Mitsubishi Chemical Holdings Corp. | 7,203,000 | 40,122,780 | ||||||
Mitsubishi Gas Chemical Co. Inc. | 2,058,000 | 10,656,255 | ||||||
Mitsui Chemicals Inc. | 4,116,000 | 12,670,442 | ||||||
Nippon Paint Holdings Co. Ltd. | 791,000 | 27,459,534 | ||||||
Nitto Denko Corp. | 823,200 | 52,196,713 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,263,800 | 155,338,587 | ||||||
Sumitomo Chemical Co. Ltd. | 8,232,000 | 38,493,354 | ||||||
Taiyo Nippon Sanso Corp.a | 758,000 | 11,698,607 | ||||||
Teijin Ltd. | 4,116,000 | 13,944,372 | ||||||
Toray Industries Inc. | 8,232,000 | 68,385,957 | ||||||
|
| |||||||
601,715,477 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 0.82% |
| |||||||
Dai Nippon Printing Co. Ltd. | 2,058,000 | 19,952,503 | ||||||
Park24 Co. Ltd. | 617,400 | 11,651,298 | ||||||
Secom Co. Ltd. | 1,029,000 | 64,101,075 | ||||||
Toppan Printing Co. Ltd. | 4,116,000 | 29,541,411 | ||||||
|
| |||||||
125,246,287 | ||||||||
CONSTRUCTION & ENGINEERING — 0.88% |
| |||||||
Chiyoda Corp. | 235,000 | 1,908,779 | ||||||
JGC Corp. | 860,000 | 17,653,938 | ||||||
Kajima Corp. | 4,116,000 | 19,522,121 | ||||||
Obayashi Corp. | 4,116,000 | 28,129,759 | ||||||
Shimizu Corp. | 4,116,000 | 29,369,258 | ||||||
Taisei Corp. | 6,174,000 | 37,288,285 | ||||||
|
| |||||||
133,872,140 | ||||||||
CONSTRUCTION MATERIALS — 0.14% |
| |||||||
Taiheiyo Cement Corp. | 6,174,000 | 20,658,329 | ||||||
|
| |||||||
20,658,329 | ||||||||
CONSUMER FINANCE — 0.24% |
| |||||||
Acom Co. Ltd.a,b | 2,263,800 | 7,271,732 | ||||||
AEON Financial Service Co. Ltd. | 617,470 | 14,178,386 | ||||||
Credit Saison Co. Ltd. | 823,200 | 15,672,786 | ||||||
|
| |||||||
37,122,904 | ||||||||
CONTAINERS & PACKAGING — 0.06% |
| |||||||
Toyo Seikan Group Holdings Ltd. | 617,400 | 8,464,750 | ||||||
|
| |||||||
8,464,750 | ||||||||
DIVERSIFIED CONSUMER SERVICES — 0.09% |
| |||||||
Benesse Holdings Inc. | 411,600 | 13,118,039 | ||||||
|
| |||||||
13,118,039 |
Security | Shares | Value | ||||||
DIVERSIFIED FINANCIAL SERVICES — 1.02% |
| |||||||
Japan Exchange Group Inc. | 1,440,600 | $ | 40,610,833 | |||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 3,292,800 | 15,920,686 | ||||||
ORIX Corp. | 6,997,200 | 99,299,425 | ||||||
|
| |||||||
155,830,944 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.84% |
| |||||||
Nippon Telegraph & Telephone Corp. | 2,058,500 | 127,768,372 | ||||||
|
| |||||||
127,768,372 | ||||||||
ELECTRIC UTILITIES — 1.31% |
| |||||||
Chubu Electric Power Co. Inc.b | 3,498,600 | 43,138,035 | ||||||
Chugoku Electric Power Co. Inc. (The) | 1,646,400 | 21,691,246 | ||||||
Hokuriku Electric Power Co. | 823,200 | 10,983,345 | ||||||
Kansai Electric Power Co. Inc. (The)b | 3,910,200 | 35,113,135 | ||||||
Kyushu Electric Power Co. Inc.b | 2,263,800 | 19,561,716 | ||||||
Shikoku Electric Power Co. Inc.b | 823,200 | 10,583,951 | ||||||
Tohoku Electric Power Co. Inc. | 2,469,600 | 28,942,320 | ||||||
Tokyo Electric Power Co. Inc.b | 7,614,600 | 29,873,666 | ||||||
|
| |||||||
199,887,414 | ||||||||
ELECTRICAL EQUIPMENT — 1.45% |
| |||||||
Fuji Electric Co. Ltd. | 2,058,000 | 9,915,998 | ||||||
Mabuchi Motor Co. Ltd. | 411,600 | 20,864,913 | ||||||
Mitsubishi Electric Corp. | 10,290,000 | 120,592,999 | ||||||
Nidec Corp. | 1,029,000 | 69,480,848 | ||||||
|
| |||||||
220,854,758 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & |
| |||||||
Citizen Holdings Co. Ltd. | 1,440,600 | 10,929,978 | ||||||
Hamamatsu Photonics KK | 411,600 | 22,930,746 | ||||||
Hirose Electric Co. Ltd. | 205,800 | 27,045,196 | ||||||
Hitachi High-Technologies Corp. | 411,600 | 12,739,303 | ||||||
Hitachi Ltd. | 26,754,000 | 183,067,230 | ||||||
Hoya Corp. | 2,263,800 | 91,417,412 | ||||||
IBIDEN Co. Ltd. | 617,400 | 10,396,304 | ||||||
Japan Display Inc.a,b | 2,058,000 | 8,418,269 | ||||||
Keyence Corp. | 230,826 | 117,976,231 | ||||||
Kyocera Corp. | 1,646,400 | 83,197,979 | ||||||
Murata Manufacturing Co. Ltd. | 1,029,000 | 126,919,612 | ||||||
Nippon Electric Glass Co. Ltd. | 2,058,500 | 10,297,235 | ||||||
Omron Corp. | 1,029,000 | 45,448,325 |
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN ETF
February 28, 2015
Security | Shares | Value | ||||||
Shimadzu Corp. | 430,000 | $ | 4,647,288 | |||||
TDK Corp. | 617,400 | 43,485,784 | ||||||
Yaskawa Electric Corp.a | 1,440,600 | 20,124,656 | ||||||
Yokogawa Electric Corp. | 1,029,000 | 10,914,484 | ||||||
|
| |||||||
829,956,032 | ||||||||
FOOD & STAPLES RETAILING — 1.51% |
| |||||||
Aeon Co. Ltd. | 3,292,800 | 35,243,110 | ||||||
FamilyMart Co. Ltd. | 411,600 | 18,592,497 | ||||||
Lawson Inc. | 411,600 | 26,924,689 | ||||||
Seven & I Holdings Co. Ltd. | 3,910,280 | 149,597,771 | ||||||
|
| |||||||
230,358,067 | ||||||||
FOOD PRODUCTS — 1.38% |
| |||||||
Ajinomoto Co. Inc. | 2,940,000 | 56,490,694 | ||||||
Calbee Inc. | 206,100 | 7,792,647 | ||||||
Kikkoman Corp. | 736,000 | 21,332,887 | ||||||
MEIJI Holdings Co. Ltd. | 411,628 | 49,135,736 | ||||||
NH Foods Ltd. | 357,000 | 8,131,758 | ||||||
Nisshin Seifun Group Inc. | 1,129,875 | 13,496,688 | ||||||
Nissin Foods Holdings Co. Ltd. | 411,600 | 20,417,316 | ||||||
Toyo Suisan Kaisha Ltd. | 205,800 | 7,350,922 | ||||||
Yakult Honsha Co. Ltd. | 411,600 | 26,098,356 | ||||||
|
| |||||||
210,247,004 | ||||||||
GAS UTILITIES — 0.85% |
| |||||||
Osaka Gas Co. Ltd. | 10,290,000 | 42,470,082 | ||||||
Toho Gas Co. Ltd. | 2,058,000 | 11,585,880 | ||||||
Tokyo Gas Co. Ltd. | 12,348,000 | 75,216,978 | ||||||
|
| |||||||
129,272,940 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.88% |
| |||||||
Olympus Corp.b | 1,235,100 | 44,787,808 | ||||||
Sysmex Corp. | 823,200 | 44,208,825 | ||||||
Terumo Corp. | 1,647,400 | 45,475,930 | ||||||
|
| |||||||
134,472,563 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.36% |
| |||||||
Alfresa Holdings Corp. | 823,200 | 11,472,259 | ||||||
Medipal Holdings Corp. | 823,200 | 10,466,887 | ||||||
Miraca Holdings Inc. | 411,600 | 19,763,135 | ||||||
Suzuken Co. Ltd./Aichi Japan | 411,600 | 12,997,532 | ||||||
|
| |||||||
54,699,813 | ||||||||
HEALTH CARE TECHNOLOGY — 0.12% |
| |||||||
M3 Inc. | 823,200 | 18,303,280 | ||||||
|
| |||||||
18,303,280 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.49% |
| |||||||
McDonald’s Holdings Co. Japan Ltd.a | 411,600 | 9,086,222 |
Security | Shares | Value | ||||||
Oriental Land Co. Ltd./Japan | 242,800 | $ | 65,460,237 | |||||
|
| |||||||
74,546,459 | ||||||||
HOUSEHOLD DURABLES — 3.08% |
| |||||||
Casio Computer Co. Ltd.a | 1,234,800 | 21,629,271 | ||||||
Iida Group Holdings Co. Ltd. | 823,280 | 11,411,393 | ||||||
Nikon Corp. | 1,852,200 | 23,937,839 | ||||||
Panasonic Corp. | 11,730,615 | 146,700,150 | ||||||
Rinnai Corp. | 205,800 | 14,495,261 | ||||||
Sekisui Chemical Co. Ltd. | 2,065,000 | 26,515,329 | ||||||
Sekisui House Ltd. | 2,675,400 | 36,087,519 | ||||||
Sharp Corp./Japanab | 8,232,000 | 17,490,719 | ||||||
Sony Corp. | 5,968,200 | 170,466,510 | ||||||
|
| |||||||
468,733,991 | ||||||||
HOUSEHOLD PRODUCTS — 0.34% |
| |||||||
Unicharm Corp. | 1,852,200 | 51,276,556 | ||||||
|
| |||||||
51,276,556 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.13% |
| |||||||
Electric Power Development Co. Ltd. | 617,400 | 20,632,507 | ||||||
|
| |||||||
20,632,507 | ||||||||
INDUSTRIAL CONGLOMERATES — 0.75% |
| |||||||
Keihan Electric Railway Co. Ltd. | 2,058,000 | 12,963,102 | ||||||
Seibu Holdings Inc.a | 617,400 | 15,751,976 | ||||||
Toshiba Corp. | 20,580,000 | 85,112,318 | ||||||
|
| |||||||
113,827,396 | ||||||||
INSURANCE — 2.66% |
| |||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 5,556,600 | 84,061,325 | ||||||
MS&AD Insurance Group Holdings Inc. | 2,704,040 | 74,711,984 | ||||||
Sompo Japan Nipponkoa Holdings Inc. | 1,773,650 | 55,222,095 | ||||||
Sony Financial Holdings Inc. | 1,029,000 | 15,597,039 | ||||||
T&D Holdings Inc. | 3,087,000 | 40,115,893 | ||||||
Tokio Marine Holdings Inc. | 3,704,400 | 134,811,094 | ||||||
|
| |||||||
404,519,430 | ||||||||
INTERNET & CATALOG RETAIL — 0.47% |
| |||||||
Rakuten Inc. | 4,321,800 | 72,014,937 | ||||||
|
| |||||||
72,014,937 | ||||||||
INTERNET SOFTWARE & SERVICES — 0.34% |
| |||||||
Kakaku.com Inc. | 823,200 | 13,662,042 | ||||||
Mixi Inc.a | 205,800 | 7,566,113 |
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN ETF
February 28, 2015
Security | Shares | Value | ||||||
Yahoo Japan Corp. | 7,614,600 | $ | 30,638,024 | |||||
|
| |||||||
51,866,179 | ||||||||
IT SERVICES — 0.77% |
| |||||||
Fujitsu Ltd. | 10,290,000 | 62,052,457 | ||||||
ITOCHU Techno-Solutions Corp. | 205,800 | 8,091,179 | ||||||
Nomura Research Institute Ltd. | 617,400 | 21,613,777 | ||||||
NTT Data Corp. | 617,400 | 25,487,214 | ||||||
|
| |||||||
117,244,627 | ||||||||
LEISURE PRODUCTS — 0.77% |
| |||||||
Bandai Namco Holdings Inc. | 1,029,098 | 18,688,960 | ||||||
Sankyo Co. Ltd. | 205,800 | 7,764,089 | ||||||
Sega Sammy Holdings Inc. | 1,029,000 | 15,657,292 | ||||||
Shimano Inc. | 411,600 | 61,974,988 | ||||||
Yamaha Corp. | 823,200 | 13,951,259 | ||||||
|
| |||||||
118,036,588 | ||||||||
MACHINERY — 5.78% |
| |||||||
Amada Co. Ltd. | 2,058,000 | 19,470,476 | ||||||
FANUC Corp. | 1,029,000 | 197,502,238 | ||||||
Hino Motors Ltd. | 1,646,400 | 25,092,984 | ||||||
Hitachi Construction Machinery Co. Ltd. | 617,400 | 11,429,221 | ||||||
IHI Corp. | 6,174,000 | 28,766,724 | ||||||
JTEKT Corp. | 1,234,800 | 19,367,184 | ||||||
Kawasaki Heavy Industries Ltd. | 8,232,000 | 39,044,243 | ||||||
Komatsu Ltd. | 5,145,000 | 107,143,565 | ||||||
Kubota Corp. | 6,174,000 | 100,425,304 | ||||||
Kurita Water Industries Ltd. | 617,400 | 15,292,328 | ||||||
Makita Corp. | 617,400 | 29,386,474 | ||||||
Minebea Co. Ltd. | 2,058,000 | 31,090,786 | ||||||
Mitsubishi Heavy Industries Ltd. | 16,464,000 | 91,268,500 | ||||||
Nabtesco Corp. | 411,600 | 11,052,206 | ||||||
NGK Insulators Ltd. | 1,310,000 | 25,543,603 | ||||||
NSK Ltd. | 2,058,000 | 28,680,647 | ||||||
SMC Corp./Japan | 259,100 | 72,119,725 | ||||||
Sumitomo Heavy Industries Ltd. | 2,058,000 | 12,790,949 | ||||||
THK Co. Ltd. | 618,000 | 14,898,791 | ||||||
|
| |||||||
880,365,948 | ||||||||
MARINE — 0.31% |
| |||||||
Mitsui OSK Lines Ltd. | 6,174,000 | 22,052,767 | ||||||
Nippon Yusen KK | 8,232,000 | 24,721,134 | ||||||
|
| |||||||
46,773,901 | ||||||||
MEDIA — 0.50% |
| |||||||
Dentsu Inc. | 1,029,000 | 44,845,790 |
Security | Shares | Value | ||||||
Hakuhodo DY Holdings Inc. | 1,440,600 | $ | 15,931,015 | |||||
Toho Co. Ltd./Tokyo | 617,400 | 15,003,112 | ||||||
|
| |||||||
75,779,917 | ||||||||
METALS & MINING — 1.90% |
| |||||||
Hitachi Metals Ltd. | 471,000 | 7,592,262 | ||||||
JFE Holdings Inc. | 2,675,450 | 66,861,072 | ||||||
Kobe Steel Ltd. | 18,522,000 | 36,565,243 | ||||||
Maruichi Steel Tube Ltd. | 205,800 | 4,906,353 | ||||||
Mitsubishi Materials Corp. | 6,174,000 | 21,278,080 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 41,160,705 | 109,422,160 | ||||||
Sumitomo Metal Mining Co. Ltd. | 2,346,000 | 37,060,697 | ||||||
Yamato Kogyo Co. Ltd. | 205,800 | 5,551,926 | ||||||
|
| |||||||
289,237,793 | ||||||||
MULTILINE RETAIL — 0.61% |
| |||||||
Don Quijote Holdings Co. Ltd. | 205,800 | 15,992,990 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,852,260 | 28,338,982 | ||||||
J Front Retailing Co. Ltd. | 1,029,000 | 14,753,490 | ||||||
Marui Group Co. Ltd. | 1,234,800 | 14,471,160 | ||||||
Takashimaya Co. Ltd. | 2,058,000 | 19,246,677 | ||||||
|
| |||||||
92,803,299 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.97% |
| |||||||
Idemitsu Kosan Co. Ltd. | 823,200 | 14,481,489 | ||||||
INPEX Corp. | 4,733,400 | 56,165,694 | ||||||
JX Holdings Inc. | 11,730,695 | 47,582,199 | ||||||
Showa Shell Sekiyu KK | 1,029,000 | 9,864,353 | ||||||
TonenGeneral Sekiyu KK | 2,058,000 | 19,453,260 | ||||||
|
| |||||||
147,546,995 | ||||||||
PAPER & FOREST PRODUCTS — 0.11% |
| |||||||
Oji Holdings Corp. | 4,116,000 | 17,387,427 | ||||||
|
| |||||||
17,387,427 | ||||||||
PERSONAL PRODUCTS — 1.08% |
| |||||||
Kao Corp. | 2,881,200 | 128,942,407 | ||||||
Shiseido Co. Ltd. | 2,058,000 | 36,040,177 | ||||||
|
| |||||||
164,982,584 | ||||||||
PHARMACEUTICALS — 5.32% |
| |||||||
Astellas Pharma Inc. | 11,524,850 | 183,267,722 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,234,800 | 37,649,805 | ||||||
Daiichi Sankyo Co. Ltd. | 3,292,869 | 51,564,271 | ||||||
Eisai Co. Ltd. | 1,440,600 | 75,220,421 | ||||||
Hisamitsu Pharmaceutical Co. Inc. | 205,800 | 7,686,620 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 2,058,000 | 24,876,072 |
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN ETF
February 28, 2015
Security | Shares | Value | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,029,000 | $ | 17,335,781 | |||||
Ono Pharmaceutical Co. Ltd. | 411,600 | 40,972,353 | ||||||
Otsuka Holdings Co. Ltd. | 2,058,000 | 61,708,152 | ||||||
Santen Pharmaceutical Co. Ltd. | 411,600 | 27,578,870 | ||||||
Shionogi & Co. Ltd. | 1,646,400 | 48,409,352 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 823,200 | 8,986,373 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 205,800 | 14,013,234 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,116,000 | 210,818,253 | ||||||
|
| |||||||
810,087,279 | ||||||||
PROFESSIONAL SERVICES — 0.13% |
| |||||||
Recruit Holdings Co. Ltd.b | 617,400 | 19,341,361 | ||||||
|
| |||||||
19,341,361 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.97% |
| |||||||
Japan Prime Realty Investment Corp. | 4,116 | 14,787,921 | ||||||
Japan Real Estate Investment Corp. | 6,174 | 30,780,911 | ||||||
Japan Retail Fund Investment Corp. | 12,358 | 26,515,764 | ||||||
Nippon Building Fund Inc. | 8,232 | 41,316,659 | ||||||
Nippon Prologis REIT Inc. | 6,198 | 14,309,657 | ||||||
United Urban Investment Corp. | 12,348 | 20,059,238 | ||||||
|
| |||||||
147,770,150 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.54% |
| |||||||
Aeon Mall Co. Ltd. | 617,400 | 11,945,679 | ||||||
Daito Trust Construction Co. Ltd. | 411,600 | 44,535,915 | ||||||
Daiwa House Industry Co. Ltd. | 3,087,000 | 60,748,400 | ||||||
Hulic Co. Ltd. | 1,440,600 | 15,738,204 | ||||||
Mitsubishi Estate Co. Ltd. | 6,480,000 | 151,423,146 | ||||||
Mitsui Fudosan Co. Ltd. | 4,822,000 | 132,565,168 | ||||||
Nomura Real Estate Holdings Inc. | 617,400 | 10,907,598 | ||||||
NTT Urban Development Corp. | 617,400 | 6,326,614 | ||||||
Sumitomo Realty & Development Co. Ltd. | 2,058,000 | 70,771,994 | ||||||
Tokyo Tatemono Co. Ltd. | 2,058,000 | 15,321,594 | ||||||
Tokyu Fudosan Holdings Corp. | 2,675,400 | 18,284,343 | ||||||
|
| |||||||
538,568,655 | ||||||||
ROAD & RAIL — 4.09% |
| |||||||
Central Japan Railway Co. | 823,200 | 153,215,944 | ||||||
East Japan Railway Co. | 1,852,200 | 155,479,752 | ||||||
Hankyu Hanshin Holdings Inc. | 6,174,000 | 39,095,889 |
Security | Shares | Value | ||||||
Keikyu Corp. | 2,062,000 | $ | 16,783,019 | |||||
Keio Corp. | 4,116,000 | 34,223,966 | ||||||
Keisei Electric Railway Co. Ltd. | 503,000 | 6,816,345 | ||||||
Kintetsu Corp. | 8,499,000 | 32,987,879 | ||||||
Nagoya Railroad Co. Ltd. | 4,116,000 | 17,421,858 | ||||||
Nippon Express Co. Ltd. | 4,116,000 | 23,034,037 | ||||||
Odakyu Electric Railway Co. Ltd. | 2,298,000 | 23,970,940 | ||||||
Tobu Railway Co. Ltd. | 6,174,000 | 30,677,619 | ||||||
Tokyu Corp. | 6,174,000 | 41,884,763 | ||||||
West Japan Railway Co. | 823,200 | 46,935,725 | ||||||
|
| |||||||
622,527,736 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.76% |
| |||||||
Advantest Corp. | 1,029,000 | 13,625,890 | ||||||
Rohm Co. Ltd. | 617,400 | 39,818,930 | ||||||
Tokyo Electron Ltd. | 823,252 | 61,910,038 | ||||||
|
| |||||||
115,354,858 | ||||||||
SOFTWARE — 0.84% |
| |||||||
COLOPL Inc.a | 205,800 | 5,044,075 | ||||||
GungHo Online Entertainment Inc.a | 2,263,800 | 7,783,026 | ||||||
Konami Corp. | 617,400 | 12,487,960 | ||||||
Nexon Co. Ltd. | 617,400 | 6,393,753 | ||||||
Nintendo Co. Ltd. | 617,400 | 66,003,363 | ||||||
Oracle Corp. Japan | 205,800 | 9,003,589 | ||||||
Trend Micro Inc./Japan | 617,400 | 21,019,850 | ||||||
|
| |||||||
127,735,616 | ||||||||
SPECIALTY RETAIL — 1.40% |
| |||||||
ABC-Mart Inc. | 205,800 | 11,568,665 | ||||||
Fast Retailing Co. Ltd. | 277,700 | 107,623,414 | ||||||
Nitori Holdings Co. Ltd. | 411,600 | 27,268,995 | ||||||
Sanrio Co. Ltd.a | 206,600 | 6,083,333 | ||||||
Shimamura Co. Ltd. | 205,800 | 19,952,503 | ||||||
USS Co. Ltd. | 1,234,800 | 21,835,854 | ||||||
Yamada Denki Co. Ltd. | 4,463,800 | 19,379,415 | ||||||
|
| |||||||
213,712,179 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.81% |
| |||||||
Brother Industries Ltd. | 1,234,800 | 20,823,596 | ||||||
Canon Inc. | 5,968,250 | 194,157,215 | ||||||
FUJIFILM Holdings Corp. | 2,469,600 | 85,163,963 | ||||||
Konica Minolta Inc. | 2,881,200 | 29,403,689 | ||||||
NEC Corp. | 13,014,000 | 39,626,049 |
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN ETF
February 28, 2015
Security | Shares | Value | ||||||
Ricoh Co. Ltd. | 3,704,400 | $ | 36,828,637 | |||||
Seiko Epson Corp. | 617,400 | 22,698,340 | ||||||
|
| |||||||
428,701,489 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.14% |
| |||||||
ASICS Corp. | 823,200 | 21,553,524 | ||||||
|
| |||||||
21,553,524 | ||||||||
TOBACCO — 1.19% |
| |||||||
Japan Tobacco Inc. | 5,762,400 | 181,820,844 | ||||||
|
| |||||||
181,820,844 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 3.34% |
| |||||||
ITOCHU Corp. | 8,026,200 | 89,967,025 | ||||||
Marubeni Corp. | 8,232,000 | 50,612,907 | ||||||
Mitsubishi Corp. | 7,408,800 | 148,151,210 | ||||||
Mitsui & Co. Ltd. | 9,055,200 | 125,929,733 | ||||||
Sumitomo Corp. | 5,968,200 | 65,650,450 | ||||||
Toyota Tsusho Corp. | 1,029,000 | 28,534,318 | ||||||
|
| |||||||
508,845,643 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.16% |
| |||||||
Kamigumi Co. Ltd. | 2,058,000 | 20,073,010 | ||||||
Mitsubishi Logistics Corp. | 242,000 | 3,724,790 | ||||||
|
| |||||||
23,797,800 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 4.39% |
| |||||||
KDDI Corp. | 3,087,000 | 214,071,940 | ||||||
NTT DOCOMO Inc. | 8,026,200 | 142,638,018 | ||||||
SoftBank Corp. | 5,072,300 | 312,582,158 | ||||||
|
| |||||||
669,292,116 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $15,550,663,251) |
| 15,170,889,231 |
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS — 0.63% |
| |||||||
MONEY MARKET FUNDS — 0.63% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 84,315,888 | $ | 84,315,888 | |||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 4,920,878 | 4,920,878 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 6,566,485 | 6,566,485 | ||||||
|
| |||||||
95,803,251 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $95,803,251) |
| 95,803,251 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $15,646,466,502) |
| 15,266,692,482 | ||||||
Other Assets, Less Liabilities — (0.24)% |
| (37,034,748 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 15,229,657,734 | |||||
|
|
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
TOPIX Index | 403 | Mar. 2015 | Tokyo Stock | $ | 51,426,367 | $ | 2,858,986 | |||||||||||||
See notes to financial statements.
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2015
iShares MSCI EMU ETF | iShares MSCI Germany ETF | iShares MSCI Japan ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 8,990,665,732 | $ | 5,770,056,264 | $ | 15,550,663,251 | ||||||
Affiliated (Note 2) | 34,411,595 | 3,843,296 | 95,803,251 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 9,025,077,327 | $ | 5,773,899,560 | $ | 15,646,466,502 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 8,804,711,573 | $ | 5,922,630,016 | $ | 15,170,889,231 | ||||||
Affiliated (Note 2) | 34,411,595 | 3,843,296 | 95,803,251 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 8,839,123,168 | 5,926,473,312 | 15,266,692,482 | |||||||||
Foreign currency, at valueb | 2,423,204 | 12,603,144 | 34,551,388 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 46,383,970 | 9,340,471 | 8,876,916 | |||||||||
Dividends and interest | 9,196,488 | 12,783,004 | 19,461,213 | |||||||||
Capital shares sold | — | 134,305 | 4,822,966 | |||||||||
Futures variation margin | — | 3,579,133 | 2,858,986 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 8,897,126,830 | 5,964,913,369 | 15,337,263,951 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 46,864,703 | 9,256,833 | 11,599,869 | |||||||||
Due to broker for foreign currency pledged for futures, at valueb | — | 1,202,358 | 800,880 | |||||||||
Collateral for securities on loan (Note 1) | 27,016,505 | — | 89,236,766 | |||||||||
Capital shares redeemed | — | — | 720,761 | |||||||||
Investment advisory fees (Note 2) | 3,000,748 | 2,030,115 | 5,247,941 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 76,881,956 | 12,489,306 | 107,606,217 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 8,820,244,874 | $ | 5,952,424,063 | $ | 15,229,657,734 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 9,355,380,142 | $ | 5,969,378,161 | $ | 16,320,675,963 | ||||||
Undistributied (distributions in excess of) net investment income | 2,262,378 | 1,604,977 | (29,066,810 | ) | ||||||||
Accumulated net realized loss | (349,851,845 | ) | (172,005,167 | ) | (684,866,218 | ) | ||||||
Net unrealized appreciation (depreciation) | (187,545,801 | ) | 153,446,092 | (377,085,201 | ) | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 8,820,244,874 | $ | 5,952,424,063 | $ | 15,229,657,734 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 225,600,000 | 199,800,000 | 1,234,800,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 39.10 | $ | 29.79 | $ | 12.33 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $25,656,542, $ — and $84,834,753, respectively. See Note 1. |
b | Cost of foreign currency including currency at broker, if any: $2,448,477, $11,504,878 and $33,961,686, respectively. |
c | $0.001 par value, number of shares authorized: 1 billion, 382.2 million and 2.1246 billion, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 21 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI EMU ETF | iShares MSCI Germany ETF | iShares MSCI Japan ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 58,858,724 | $ | 13,279,850 | $ | 120,042,909 | ||||||
Interest — affiliated (Note 2) | 98 | 32 | 223 | |||||||||
Securities lending income — affiliated (Note 2) | 355,476 | 5,335 | 1,403,852 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 59,214,298 | 13,285,217 | 121,446,984 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 18,837,379 | 11,680,240 | 34,479,733 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 18,837,379 | 11,680,240 | 34,479,733 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 40,376,919 | 1,604,977 | 86,967,251 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (65,792,085 | ) | (24,617,282 | ) | (73,761,139 | ) | ||||||
In-kind redemptions — unaffiliated | 84,918,291 | 74,591,012 | 410,267,168 | |||||||||
Futures contracts | — | 145,409 | 9,659,693 | |||||||||
Foreign currency transactions | (1,208,996 | ) | (1,839,955 | ) | (13,766,313 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain | 17,917,210 | 48,279,184 | 332,399,409 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (265,301,080 | ) | 115,221,941 | 221,455,033 | ||||||||
Futures contracts | — | 4,769,306 | 1,952,407 | |||||||||
Translation of assets and liabilities in foreign currencies | (1,076,188 | ) | (1,981,327 | ) | 498,461 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (266,377,268 | ) | 118,009,920 | 223,905,901 | ||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (248,460,058 | ) | 166,289,104 | 556,305,310 | ||||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (208,083,139 | ) | $ | 167,894,081 | $ | 643,272,561 | |||||
|
|
|
|
|
|
a | Net of foreign withholding tax of $6,610,159, $2,152,750 and $13,298,606, respectively. |
See notes to financial statements.
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI EMU ETF | iShares MSCI Germany ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 40,376,919 | $ | 255,301,280 | $ | 1,604,977 | $ | 109,217,597 | ||||||||
Net realized gain | 17,917,210 | 272,213,942 | 48,279,184 | 503,529,812 | ||||||||||||
Net change in unrealized appreciation/depreciation | (266,377,268 | ) | 323,453,444 | 118,009,920 | 181,241,179 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (208,083,139 | ) | 850,968,666 | 167,894,081 | 793,988,588 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (52,659,271 | ) | (243,559,586 | ) | — | (111,913,888 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (52,659,271 | ) | (243,559,586 | ) | — | (111,913,888 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 2,360,512,261 | 6,832,263,291 | 1,534,872,499 | 1,689,588,472 | ||||||||||||
Cost of shares redeemed | (1,982,162,099 | ) | (2,277,014,968 | ) | (547,776,446 | ) | (2,230,103,855 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 378,350,162 | 4,555,248,323 | 987,096,053 | (540,515,383 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE IN NET ASSETS | 117,607,752 | 5,162,657,403 | 1,154,990,134 | 141,559,317 | ||||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 8,702,637,122 | 3,539,979,719 | 4,797,433,929 | 4,655,874,612 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 8,820,244,874 | $ | 8,702,637,122 | $ | 5,952,424,063 | $ | 4,797,433,929 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 2,262,378 | $ | 14,544,730 | $ | 1,604,977 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 61,700,000 | 172,200,000 | 54,000,000 | 57,000,000 | ||||||||||||
Shares redeemed | (53,800,000 | ) | (56,700,000 | ) | (19,800,000 | ) | (73,200,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | 7,900,000 | 115,500,000 | 34,200,000 | (16,200,000 | ) | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 23 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Japan ETF | ||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 86,967,251 | $ | 177,693,682 | ||||
Net realized gain | 332,399,409 | 136,968,307 | ||||||
Net change in unrealized appreciation/depreciation | 223,905,901 | 665,594,417 | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 643,272,561 | 980,256,406 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (87,384,550 | ) | (199,951,249 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (87,384,550 | ) | (199,951,249 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 3,348,421,793 | 5,400,567,672 | ||||||
Cost of shares redeemed | (3,403,840,773 | ) | (1,913,626,119 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets from capital share transactions | (55,418,980 | ) | 3,486,941,553 | |||||
|
|
|
| |||||
INCREASE IN NET ASSETS | 500,469,031 | 4,267,246,710 | ||||||
NET ASSETS | ||||||||
Beginning of period | 14,729,188,703 | 10,461,941,993 | ||||||
|
|
|
| |||||
End of period | $ | 15,229,657,734 | $ | 14,729,188,703 | ||||
|
|
|
| |||||
Distributions in excess of net investment income included in net assets at end of period | $ | (29,066,810 | ) | $ | (28,649,511 | ) | ||
|
|
|
| |||||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | 285,600,000 | 457,800,000 | ||||||
Shares redeemed | (295,800,000 | ) | (166,800,000 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares outstanding | (10,200,000 | ) | 291,000,000 | |||||
|
|
|
|
See notes to financial statements.
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI EMU ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 39.98 | $ | 34.64 | $ | 29.09 | $ | 31.55 | $ | 30.75 | $ | 35.64 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.19 | 1.18 | 0.92 | 1.02 | 1.23 | 0.80 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (0.81 | ) | 5.10 | 5.55 | (2.38 | ) | 0.71 | (4.76 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.62 | ) | 6.28 | 6.47 | (1.36 | ) | 1.94 | (3.96 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.94 | ) | (0.92 | ) | (1.10 | ) | (1.14 | ) | (0.93 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.26 | ) | (0.94 | ) | (0.92 | ) | (1.10 | ) | (1.14 | ) | (0.93 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 39.10 | $ | 39.98 | $ | 34.64 | $ | 29.09 | $ | 31.55 | $ | 30.75 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (1.50 | )%c | 18.02 | % | 22.43 | % | (3.99 | )% | 5.78 | % | (11.19 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 8,820,245 | $ | 8,702,637 | $ | 3,539,980 | $ | 794,226 | $ | 738,233 | $ | 823,972 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.50 | % | 0.53 | % | 0.52 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.04 | % | 2.89 | % | 2.74 | % | 3.55 | % | 3.38 | % | 2.29 | % | ||||||||||||
Portfolio turnover ratee | 2 | % | 7 | % | 5 | % | 7 | % | 8 | % | 5 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 25 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Germany ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 28.97 | $ | 25.61 | $ | 21.34 | $ | 21.02 | $ | 19.45 | $ | 20.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.01 | 0.59 | 0.46 | 0.56 | 0.86 | 0.38 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 0.81 | 3.40 | 4.24 | 0.34 | 1.38 | (1.49 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.82 | 3.99 | 4.70 | 0.90 | 2.24 | (1.11 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.63 | ) | (0.43 | ) | (0.58 | ) | (0.67 | ) | (0.30 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.63 | ) | (0.43 | ) | (0.58 | ) | (0.67 | ) | (0.30 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 29.79 | $ | 28.97 | $ | 25.61 | $ | 21.34 | $ | 21.02 | $ | 19.45 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 2.83 | %c | 15.41 | % | 22.11 | % | 4.55 | % | 10.84 | % | (5.35 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,952,424 | $ | 4,797,434 | $ | 4,655,875 | $ | 2,797,029 | $ | 2,768,171 | $ | 1,487,881 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.51 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.07 | % | 1.95 | % | 1.88 | % | 2.72 | % | 3.45 | % | 1.80 | % | ||||||||||||
Portfolio turnover ratee | 2 | % | 6 | % | 4 | % | 4 | % | 13 | % | 5 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Japan ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 11.83 | $ | 10.97 | $ | 9.02 | $ | 9.80 | $ | 9.43 | $ | 10.24 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.07 | 0.15 | 0.13 | 0.18 | 0.16 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | 0.50 | 0.88 | 1.97 | (0.77 | ) | 0.37 | (0.77 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.57 | 1.03 | 2.10 | (0.59 | ) | 0.53 | (0.65 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.07 | ) | (0.17 | ) | (0.15 | ) | (0.19 | ) | (0.16 | ) | (0.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.07 | ) | (0.17 | ) | (0.15 | ) | (0.19 | ) | (0.16 | ) | (0.16 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 12.33 | $ | 11.83 | $ | 10.97 | $ | 9.02 | $ | 9.80 | $ | 9.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 4.85 | %c | 9.39 | % | 23.46 | % | (5.96 | )% | 5.54 | % | (6.41 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 15,229,658 | $ | 14,729,189 | $ | 10,461,942 | $ | 4,629,034 | $ | 7,194,509 | $ | 3,942,769 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.50 | % | 0.53 | % | 0.51 | % | 0.54 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.22 | % | 1.31 | % | 1.18 | % | 1.95 | % | 1.53 | % | 1.20 | % | ||||||||||||
Portfolio turnover ratee | 1 | % | 2 | % | 4 | % | 3 | % | 4 | % | 5 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 27 |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
MSCI EMU | Diversified | |
MSCI Germany | Non-diversified | |
MSCI Japan | Diversified |
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.
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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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). |
• | Futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded. |
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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 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, reviews of 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 is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the 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.
NOTESTO FINANCIAL STATEMENTS | 29 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
iShares ETF and | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI EMU | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 8,620,366,378 | $ | — | $ | 7 | $ | 8,620,366,385 | ||||||||
Preferred Stocks | 184,345,188 | — | — | 184,345,188 | ||||||||||||
Money Market Funds | 34,411,595 | — | — | 34,411,595 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 8,839,123,161 | $ | — | $ | 7 | $ | 8,839,123,168 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Germany | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 5,516,408,014 | $ | — | $ | — | $ | 5,516,408,014 | ||||||||
Preferred Stocks | 406,222,002 | — | — | 406,222,002 | ||||||||||||
Money Market Funds | 3,843,296 | — | — | 3,843,296 | ||||||||||||
Futures Contractsa | 3,579,133 | — | — | 3,579,133 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,930,052,445 | $ | — | $ | — | $ | 5,930,052,445 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Japan | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 15,170,889,231 | $ | — | $ | — | $ | 15,170,889,231 | ||||||||
Money Market Funds | 95,803,251 | — | — | 95,803,251 | ||||||||||||
Futures Contractsa | 2,858,986 | — | — | 2,858,986 | ||||||||||||
|
|
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|
|
|
|
| |||||||||
$ | 15,269,551,468 | $ | — | $ | — | $ | 15,269,551,468 | |||||||||
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|
|
|
| |||||||||
a | Shown at the unrealized appreciation (depreciation) on the contracts. |
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
NOTESTO FINANCIAL STATEMENTS | 31 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
MSCI EMU | $ | 25,656,542 | $ | 25,656,542 | $ | — | ||||||
MSCI Japan | 84,834,753 | 84,834,753 | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each of the 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, up to and including $72 billion | ||||
0.36 | Over $72 billion |
32 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
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”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
For the six months ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
iShares ETF | Fees Paid to BTC | |||
MSCI EMU | $ | 112,236 | ||
MSCI Germany | 2,244 | |||
MSCI Japan | 430,764 |
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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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.
NOTESTO FINANCIAL STATEMENTS | 33 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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, 2015 were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI EMU | $180,297,985 | $216,567,600 | ||||||
MSCI Germany | 113,541,926 | 114,680,267 | ||||||
MSCI Japan | 184,240,740 | 198,068,186 |
In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI EMU | $ | 2,338,483,468 | $ | 1,957,641,639 | ||||
MSCI Germany | 1,527,306,824 | 544,806,278 | ||||||
MSCI Japan | 3,253,266,016 | 3,320,146,713 |
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 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
5. | FUTURES CONTRACTS |
Each Fund may purchase or sell 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
34 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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 Funds as of February 28, 2015 and the related locations in the statements of assets and liabilities, presented by risk exposure category:
Assets | ||||||||
iShares MSCI Germany ETF | iShares MSCI Japan ETF | |||||||
Equity contracts: | ||||||||
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)a | $ | 3,579,133 | $ | 2,858,986 | ||||
|
|
|
| |||||
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, 2015 and the related locations in the statements of operations, presented by risk exposure category:
Net Realized Gain (Loss) | ||||||||
iShares MSCI Germany ETF | iShares MSCI Japan ETF | |||||||
Equity contracts: | ||||||||
Futures contracts | $ | 145,409 | $ | 9,659,693 | ||||
|
|
|
| |||||
Net Change in Unrealized Appreciation/Depreciation | ||||||||
iShares MSCI Germany ETF | iShares MSCI Japan ETF | |||||||
Equity contracts: | ||||||||
Futures contracts | $ | 4,769,306 | $ | 1,952,407 | ||||
|
|
|
| |||||
The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2015:
iShares MSCI Germany ETF | iShares MSCI Japan ETF | |||||||
Average value of contracts purchased | $ | 26,893,401 | $ | 69,207,130 |
6. | MARKET AND CREDIT RISK |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
NOTESTO FINANCIAL STATEMENTS | 35 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity and financial derivative instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
The iShares MSCI Germany ETF and iShares MSCI Japan ETF each invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
7. | INCOME TAX INFORMATION |
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
36 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the 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, 2014, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non- Expiring a | Expiring 2015 | Expiring 2016 | Expiring 2017 | Expiring 2018 | Expiring 2019 | Total | |||||||||||||||||||||
MSCI EMU | $ | 53,431,438 | $ | — | $ | — | $ | 26,644,200 | $ | 68,035,542 | $ | 30,230,739 | $ | 178,341,919 | ||||||||||||||
MSCI Germany | 21,864,809 | 4,227,713 | 3,394,735 | 27,790,050 | 28,490,949 | 32,215,954 | 117,984,210 | |||||||||||||||||||||
MSCI Japan | 287,119,620 | 27,817,841 | 44,443,527 | 116,295,478 | 173,577,101 | 139,228,194 | 788,481,761 |
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, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI EMU | $ | 9,201,827,822 | $ | 393,813,812 | $ | (756,518,466 | ) | $ | (362,704,654 | ) | ||||||
MSCI Germany | 5,872,066,054 | 519,972,651 | (465,565,393 | ) | 54,407,258 | |||||||||||
MSCI Japan | 15,847,691,926 | 1,084,841,905 | (1,665,841,349 | ) | (580,999,444 | ) |
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
8. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS | 37 |
Table of Contents
Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI EMU | $ | 0.191740 | $ | — | $ | 0.069986 | $ | 0.261726 | 73 | % | — | % | 27 | % | 100 | % | ||||||||||||||||
MSCI Japan | 0.063000 | — | 0.003321 | 0.066321 | 95 | — | 5 | 100 |
38 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
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 basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-81-0215
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Table of Contents
FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
Ø | iShares MSCI Australia ETF | EWA | NYSE Arca |
Ø | iShares MSCI Hong Kong ETF | EWH | NYSE Arca |
Ø | iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca |
Ø | iShares MSCI Malaysia ETF | EWM | NYSE Arca |
Ø | iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca |
Ø | iShares MSCI Singapore ETF | EWS | NYSE Arca |
Ø | iShares MSCI South Korea Capped ETF | EWY | NYSE Arca |
Ø | iShares MSCI Taiwan ETF | EWT | NYSE Arca |
Ø | iShares MSCI Thailand Capped ETF | THD | NYSE Arca |
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Table of Contents
iSHARES® MSCI AUSTRALIA ETF
Performance as of February 28, 2015
The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -9.93%, net of fees, while the total return for the Index was -9.73%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (0.15)% | (0.49)% | 0.23% | (0.15)% | (0.49)% | 0.23% | ||||||||||||||||||||
5 Years | 6.18% | 6.20% | 6.61% | 34.97% | 35.11% | 37.72% | ||||||||||||||||||||
10 Years | 7.76% | 7.74% | 7.78% | 111.16% | 110.83% | 111.55% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 900.70 | $ | 2.26 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 54.02 | % | ||
Materials | 16.05 | |||
Consumer Staples | 7.78 | |||
Industrials | 5.89 | |||
Health Care | 5.46 | |||
Energy | 4.34 | |||
Telecommunication Services | 2.34 | |||
Utilities | 1.82 | |||
Consumer Discretionary | 1.82 | |||
Information Technology | 0.48 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Commonwealth Bank of Australia | 11.89 | % | ||
Westpac Banking Corp. | 9.42 | |||
BHP Billiton Ltd. | 8.62 | |||
Australia & New Zealand Banking Group Ltd. | 7.77 | |||
National Australia Bank Ltd. | 7.15 | |||
Wesfarmers Ltd. | 3.93 | |||
CSL Ltd. | 3.49 | |||
Woolworths Ltd. | 3.09 | |||
Rio Tinto Ltd. | 2.24 | |||
Telstra Corp. Ltd. | 2.18 | |||
|
| |||
TOTAL | 59.78 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI HONG KONG ETF
Performance as of February 28, 2015
The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 0.05%, net of fees, while the total return for the Index was 0.35%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 11.21% | 11.46% | 11.67% | 11.21% | 11.46% | 11.67% | ||||||||||||||||||||
5 Years | 10.31% | 10.26% | 10.89% | 63.35% | 62.99% | 67.69% | ||||||||||||||||||||
10 Years | 9.29% | 9.29% | 9.86% | 143.11% | 143.22% | 156.17% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,000.50 | $ | 2.38 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 63.40 | % | ||
Utilities | 12.16 | |||
Consumer Discretionary | 11.57 | |||
Industrials | 10.22 | |||
Telecommunication Services | 1.53 | |||
Information Technology | 0.62 | |||
Consumer Staples | 0.50 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
AIA Group Ltd. | 17.40 | % | ||
Hutchison Whampoa Ltd. | 7.15 | |||
Cheung Kong Holdings Ltd. | 6.72 | |||
Sun Hung Kai Properties Ltd. | 6.38 | |||
Hong Kong Exchanges and Clearing Ltd. | 6.19 | |||
CLP Holdings Ltd. | 4.15 | |||
Link REIT (The) | 3.54 | |||
Power Assets Holdings Ltd. | 3.49 | |||
Hang Seng Bank Ltd. | 3.48 | |||
Hong Kong & China Gas Co. Ltd. | 3.47 | |||
|
| |||
TOTAL | 61.97 | % | ||
|
|
* | Excludes money market funds. |
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI JAPAN SMALL-CAP ETF
Performance as of February 28, 2015
The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 0.52%, net of fees, while the total return for the Index was 0.64%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 8.97% | 7.90% | 9.31% | 8.97% | 7.90% | 9.31% | ||||||||||||||||||||
5 Years | 8.75% | 8.74% | 9.17% | 52.10% | 52.04% | 55.09% | ||||||||||||||||||||
Since Inception | 4.09% | 4.07% | 4.46% | 33.43% | 33.21% | 36.86% |
The inception date of the Fund was 12/20/07. The first day of secondary market trading was 12/21/07.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,005.20 | $ | 2.39 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Industrials | 24.31 | % | ||
Financials | 20.06 | |||
Consumer Discretionary | 17.70 | |||
Information Technology | 10.95 | |||
Materials | 10.78 | |||
Consumer Staples | 9.53 | |||
Health Care | 5.42 | |||
Energy | 0.65 | |||
Utilities | 0.45 | |||
Telecommunication Services | 0.15 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Alps Electric Co. Ltd. | 0.73 | % | ||
MISUMI Group Inc. | 0.65 | |||
Advance Residence Investment Corp. | 0.58 | |||
Kaken Pharmaceutical Co. Ltd. | 0.53 | |||
Orix JREIT Inc. | 0.51 | |||
DISCO Corp. | 0.49 | |||
Kawasaki Kisen Kaisha Ltd. | 0.49 | |||
Nippon Kayaku Co. Ltd. | 0.47 | |||
Haseko Corp. | 0.47 | |||
Ryohin Keikaku Co. Ltd. | 0.47 | |||
|
| |||
TOTAL | 5.39 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI MALAYSIA ETF
Performance as of February 28, 2015
The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -13.93%, net of fees, while the total return for the Index was -13.82%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (8.41)% | (8.24)% | (8.38)% | (8.41)% | (8.24)% | (8.38)% | ||||||||||||||||||||
5 Years | 8.25% | 8.15% | 8.72% | 48.62% | 47.98% | 51.92% | ||||||||||||||||||||
10 Years | 10.16% | 9.96% | 10.69% | 163.14% | 158.51% | 176.02% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 860.70 | $ | 2.21 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 31.61 | % | ||
Utilities | 14.55 | |||
Industrials | 13.18 | |||
Telecommunication Services | 12.60 | |||
Consumer Staples | 9.37 | |||
Consumer Discretionary | 8.77 | |||
Materials | 3.78 | |||
Energy | 3.46 | |||
Health Care | 2.68 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Tenaga Nasional Bhd | 9.66 | % | ||
Public Bank Bhd | 9.59 | |||
Malayan Banking Bhd | 8.29 | |||
CIMB Group Holdings Bhd | 5.89 | |||
Sime Darby Bhd | 5.30 | |||
DiGi.Com Bhd | 4.53 | |||
Axiata Group Bhd | 3.79 | |||
Genting Bhd | 3.76 | |||
Petronas Gas Bhd | 3.00 | |||
Petronas Chemicals Group Bhd | 2.98 | |||
|
| |||
TOTAL | 56.79 | % | ||
|
|
* | Excludes money market funds. |
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI PACIFIC EX JAPAN ETF
Performance as of February 28, 2015
The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -7.10%, net of fees, while the total return for the Index was -6.90%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 2.97% | 2.80% | 3.42% | 2.97% | 2.80% | 3.42% | ||||||||||||||||||||
5 Years | 7.27% | 7.28% | 7.71% | 42.02% | 42.13% | 45.00% | ||||||||||||||||||||
10 Years | 8.26% | 8.24% | 8.43% | 121.10% | 120.73% | 124.74% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 929.00 | $ | 2.34 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 56.06 | % | ||
Materials | 10.13 | |||
Industrials | 8.61 | |||
Consumer Staples | 5.33 | |||
Consumer Discretionary | 4.85 | |||
Utilities | 4.64 | |||
Telecommunication Services | 3.77 | |||
Health Care | 3.49 | |||
Energy | 2.67 | |||
Information Technology | 0.45 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
COUNTRY ALLOCATION
As of 2/28/15
Country | Percentage of Total Investments* |
Australia | 61.33 | % | ||
Hong Kong | 25.47 | |||
Singapore | 11.95 | |||
New Zealand | 1.25 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SINGAPORE ETF
Performance as of February 28, 2015
The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -6.52%, net of fees, while the total return for the Index was -6.53%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 4.12% | 4.61% | 4.39% | 4.12% | 4.61% | 4.39% | ||||||||||||||||||||
5 Years | 6.97% | 7.00% | 7.28% | 40.06% | 40.23% | 42.12% | ||||||||||||||||||||
10 Years | 9.78% | 9.74% | 9.99% | 154.22% | 153.20% | 159.03% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 934.80 | $ | 2.30 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 57.07 | % | ||
Industrials | 18.97 | |||
Telecommunication Services | 13.92 | |||
Consumer Discretionary | 6.55 | |||
Consumer Staples | 3.49 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
DBS Group Holdings Ltd. | 13.03 | % | ||
Singapore Telecommunications Ltd. | 12.93 | |||
Oversea-Chinese Banking Corp. Ltd. | 12.09 | |||
United Overseas Bank Ltd. | 11.44 | |||
Keppel Corp. Ltd. | 4.90 | |||
CapitaLand Ltd. | 3.54 | |||
Global Logistic Properties Ltd. | 3.14 | |||
Singapore Exchange Ltd. | 2.55 | |||
Singapore Press Holdings Ltd. | 2.52 | |||
Singapore Airlines Ltd. | 2.49 | |||
|
| |||
TOTAL | 68.63 | % | ||
|
|
* | Excludes money market funds. |
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SOUTH KOREA CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI South Korea Capped ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -13.24%, net of fees, while the total return for the Index was -13.05%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (6.31)% | (6.16)% | (5.72)% | (6.31)% | (6.16)% | (5.72)% | ||||||||||||||||||||
5 Years | 5.71% | 5.55% | 6.40% | 31.97% | 31.00% | 36.37% | ||||||||||||||||||||
10 Years | 6.28% | 6.11% | 6.95% | 83.79% | 80.98% | 95.75% |
Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 867.60 | $ | 2.87 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.11 | 0.62% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Information Technology | 36.20 | % | ||
Consumer Discretionary | 16.05 | |||
Financials | 14.40 | |||
Industrials | 12.10 | |||
Materials | 8.08 | |||
Consumer Staples | 6.86 | |||
Utilities | 2.11 | |||
Energy | 1.94 | |||
Telecommunication Services | 1.27 | |||
Health Care | 0.99 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Samsung Electronics Co. Ltd. | 21.26 | % | ||
SK Hynix Inc. | 4.39 | |||
Hyundai Motor Co. | 4.04 | |||
Shinhan Financial Group Co. Ltd. | 3.09 | |||
NAVER Corp. | 3.03 | |||
POSCO | 2.86 | |||
Hyundai Mobis Co. Ltd. | 2.78 | |||
KB Financial Group Inc. | 2.58 | |||
Kia Motors Corp. | 1.97 | |||
Korea Electric Power Corp. | 1.89 | |||
|
| |||
TOTAL | 47.89 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 11 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI TAIWAN ETF
Performance as of February 28, 2015
The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -1.28%, net of fees, while the total return for the Index was -0.95%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 15.75% | 16.05% | 16.45% | 15.75% | 16.05% | 16.45% | ||||||||||||||||||||
5 Years | 8.82% | 8.88% | 9.29% | 52.62% | 53.02% | 55.93% | ||||||||||||||||||||
10 Years | 5.47% | 5.23% | 6.15% | 70.39% | 66.49% | 81.55% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 987.20 | $ | 3.05 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.11 | 0.62% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Information Technology | 58.89 | % | ||
Financials | 17.02 | |||
Materials | 9.14 | |||
Telecommunication Services | 4.46 | |||
Consumer Discretionary | 4.33 | |||
Industrials | 3.06 | |||
Consumer Staples | 2.57 | |||
Energy | 0.48 | |||
Health Care | 0.05 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Taiwan Semiconductor Manufacturing Co. Ltd. | 23.46 | % | ||
Hon Hai Precision Industry Co. Ltd. | 6.89 | |||
MediaTek Inc. | 4.23 | |||
Cathay Financial Holding Co. Ltd. | 2.49 | |||
Chunghwa Telecom Co. Ltd. | 2.36 | |||
Fubon Financial Holding Co. Ltd. | 2.36 | |||
Delta Electronics Inc. | 2.35 | |||
Nan Ya Plastics Corp. | 2.05 | |||
Formosa Plastics Corp. | 2.02 | |||
China Steel Corp. | 1.94 | |||
|
| |||
TOTAL | 50.15 | % | ||
|
|
* | Excludes money market funds. |
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI THAILAND CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Thailand Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -1.22%, net of fees, while the total return for the Index was -1.10%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 21.58% | 21.52% | 21.82% | 21.58% | 21.52% | 21.82% | ||||||||||||||||||||
5 Years | 17.28% | 17.20% | 17.78% | 121.87% | 121.14% | 126.61% | ||||||||||||||||||||
Since Inception | 10.22% | 10.19% | 10.57% | 96.29% | 95.94% | 100.64% |
The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.
Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand Investable Market Index 25/50.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 987.80 | $ | 3.06 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.11 | 0.62% |
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). See “Shareholder Expenses” on page 14 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 31.17 | % | ||
Energy | 16.91 | |||
Telecommunication Services | 10.05 | |||
Materials | 9.70 | |||
Industrials | 9.14 | |||
Consumer Staples | 7.93 | |||
Consumer Discretionary | 5.49 | |||
Health Care | 3.90 | |||
Information Technology | 3.56 | |||
Utilities | 2.15 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
PTT PCL NVDR | 8.30 | % | ||
Siam Commercial Bank PCL (The) NVDR | 6.75 | |||
Kasikornbank PCL Foreign | 6.23 | |||
Advanced Info Service PCL NVDR | 5.98 | |||
CP ALL PCL NVDR | 4.30 | |||
PTT Exploration & Production PCL NVDR | 3.85 | |||
Siam Cement PCL (The) Foreign | 3.62 | |||
Kasikornbank PCL NVDR | 3.51 | |||
Airports of Thailand PCL NVDR | 3.28 | |||
True Corp. PCL NVDR | 2.74 | |||
|
| |||
TOTAL | 48.56 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 13 |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.01% |
| |||||||
AIR FREIGHT & LOGISTICS — 0.48% |
| |||||||
Toll Holdings Ltd. | 1,169,793 | $ | 8,185,962 | |||||
|
| |||||||
8,185,962 | ||||||||
AIRLINES — 0.13% |
| |||||||
Qantas Airways Ltd.a | 945,099 | 2,137,953 | ||||||
|
| |||||||
2,137,953 | ||||||||
BANKS — 36.73% |
| |||||||
Australia & New Zealand Banking Group Ltd. | 4,729,922 | 130,840,935 | ||||||
Bank of Queensland Ltd. | 629,681 | 6,880,644 | ||||||
Bendigo & Adelaide Bank Ltd. | 769,884 | 7,725,675 | ||||||
Commonwealth Bank of Australia | 2,781,918 | 200,160,074 | ||||||
National Australia Bank Ltd. | 4,060,203 | 120,450,906 | ||||||
Westpac Banking Corp. | 5,334,618 | 158,675,559 | ||||||
|
| |||||||
624,733,793 | ||||||||
BEVERAGES — 0.75% |
| |||||||
Coca-Cola Amatil Ltd. | 983,097 | 8,010,695 | ||||||
Treasury Wine Estates Ltd. | 1,117,664 | 4,750,444 | ||||||
|
| |||||||
12,761,139 | ||||||||
BIOTECHNOLOGY — 3.46% |
| |||||||
CSL Ltd. | 814,695 | 58,821,685 | ||||||
|
| |||||||
58,821,685 | ||||||||
CAPITAL MARKETS — 1.82% |
| |||||||
Macquarie Group Ltd. | 496,249 | 28,301,661 | ||||||
Platinum Asset Management Ltd. | 399,375 | 2,635,309 | ||||||
|
| |||||||
30,936,970 | ||||||||
CHEMICALS — 1.12% |
| |||||||
Incitec Pivot Ltd. | 2,841,007 | 9,050,859 | ||||||
Orica Ltd. | 639,861 | 9,926,872 | ||||||
|
| |||||||
18,977,731 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.37% |
| |||||||
Brambles Ltd. | 2,683,917 | 23,319,282 | ||||||
|
| |||||||
23,319,282 | ||||||||
CONSTRUCTION & ENGINEERING — 0.18% |
| |||||||
Leighton Holdings Ltd. | 174,323 | 3,006,023 | ||||||
|
| |||||||
3,006,023 | ||||||||
CONSTRUCTION MATERIALS — 0.92% |
| |||||||
Boral Ltd. | 1,343,658 | 6,457,735 | ||||||
James Hardie Industries PLC | 768,532 | 9,107,747 | ||||||
|
| |||||||
15,565,482 |
Security | Shares | Value | ||||||
CONTAINERS & PACKAGING — 1.30% |
| |||||||
Amcor Ltd./Australia | 2,071,436 | $ | 22,148,552 | |||||
|
| |||||||
22,148,552 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.68% |
| |||||||
ASX Ltd. | 332,330 | 11,482,197 | ||||||
|
| |||||||
11,482,197 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.32% |
| |||||||
Telstra Corp. Ltd. | 7,342,029 | 36,608,222 | ||||||
TPG Telecom Ltd. | 476,926 | 2,844,652 | ||||||
|
| |||||||
39,452,874 | ||||||||
ELECTRIC UTILITIES — 0.20% |
| |||||||
AusNet Services | 2,939,890 | 3,371,257 | ||||||
|
| |||||||
3,371,257 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.16% |
| |||||||
WorleyParsons Ltd. | 357,552 | 2,798,738 | ||||||
|
| |||||||
2,798,738 | ||||||||
FOOD & STAPLES RETAILING — 6.95% |
| |||||||
Wesfarmers Ltd. | 1,927,735 | 66,166,787 | ||||||
Woolworths Ltd. | 2,167,170 | 52,094,984 | ||||||
|
| |||||||
118,261,771 | ||||||||
GAS UTILITIES — 0.81% |
| |||||||
APA Group | 1,911,462 | 13,750,050 | ||||||
|
| |||||||
13,750,050 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 0.41% |
| |||||||
Cochlear Ltd. | 97,953 | 6,932,747 | ||||||
|
| |||||||
6,932,747 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 1.54% |
| |||||||
Healthscope Ltd.a | 1,932,665 | 4,432,485 | ||||||
Ramsay Health Care Ltd. | 225,484 | 11,807,691 | ||||||
Sonic Healthcare Ltd. | 653,641 | 9,946,234 | ||||||
|
| |||||||
26,186,410 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.40% |
| |||||||
Crown Resorts Ltd. | 625,188 | 7,487,299 | ||||||
Flight Centre Travel Group Ltd.b | 94,965 | 3,067,015 | ||||||
Tabcorp Holdings Ltd.a | 104,885 | 376,833 | ||||||
Tabcorp Holdings Ltd. New | 1,315,006 | 5,218,658 | ||||||
Tatts Group Ltd. | 2,471,192 | 7,698,616 | ||||||
|
| |||||||
23,848,421 | ||||||||
INSURANCE — 6.07% |
| |||||||
AMP Ltd. | 5,077,352 | 26,627,794 | ||||||
Insurance Australia Group Ltd. | 4,019,698 | 19,193,155 | ||||||
Medibank Pvt Ltd.a | 4,727,592 | 9,473,339 | ||||||
QBE Insurance Group Ltd. | 2,339,853 | 23,791,446 |
SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRALIA ETF
February 28, 2015
Security | Shares | Value | ||||||
Suncorp Group Ltd. | 2,208,623 | $ | 24,168,621 | |||||
|
| |||||||
103,254,355 | ||||||||
IT SERVICES — 0.47% |
| |||||||
Computershare Ltd. | 811,572 | 7,991,546 | ||||||
|
| |||||||
7,991,546 | ||||||||
MEDIA — 0.20% |
| |||||||
REA Group Ltd. | 90,440 | 3,469,512 | ||||||
|
| |||||||
3,469,512 | ||||||||
METALS & MINING — 12.56% |
| |||||||
Alumina Ltd.a | 4,335,500 | 6,244,247 | ||||||
BHP Billiton Ltd. | 5,510,736 | 145,150,250 | ||||||
Fortescue Metals Group Ltd. | 2,672,599 | 5,209,023 | ||||||
Iluka Resources Ltd. | 718,745 | 4,422,018 | ||||||
Newcrest Mining Ltd.a | 1,315,814 | 14,821,031 | ||||||
Rio Tinto Ltd. | 748,038 | 37,713,781 | ||||||
|
| |||||||
213,560,350 | ||||||||
MULTI-UTILITIES — 0.80% |
| |||||||
AGL Energy Ltd. | 1,152,922 | 13,581,869 | ||||||
|
| |||||||
13,581,869 | ||||||||
MULTILINE RETAIL — 0.19% |
| |||||||
Harvey Norman Holdings Ltd. | 953,228 | 3,297,936 | ||||||
|
| |||||||
3,297,936 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 4.14% |
| |||||||
Caltex Australia Ltd. | 231,743 | 6,682,660 | ||||||
Origin Energy Ltd. | 1,896,893 | 18,129,324 | ||||||
Santos Ltd. | 1,685,239 | 10,473,820 | ||||||
Woodside Petroleum Ltd. | 1,272,918 | 35,052,531 | ||||||
|
| |||||||
70,338,335 | ||||||||
PROFESSIONAL SERVICES — 0.62% |
| |||||||
ALS Ltd. | 682,856 | 3,052,027 | ||||||
Seek Ltd. | 556,972 | 7,537,919 | ||||||
|
| |||||||
10,589,946 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.43% |
| |||||||
Dexus Property Group | 1,553,744 | 9,607,926 | ||||||
Federation Centres | 2,450,714 | 5,716,524 | ||||||
Goodman Group | 2,996,237 | 14,634,701 | ||||||
GPT Group (The) | 2,893,308 | 10,644,264 | ||||||
Mirvac Group | 6,346,706 | 10,333,200 | ||||||
Novion Property Group | 3,665,413 | 7,057,992 | ||||||
Scentre Group | 9,139,870 | 27,615,343 | ||||||
Stockland | 4,031,930 | 14,801,609 | ||||||
Westfield Corp. | 3,388,963 | 26,023,095 | ||||||
|
| |||||||
126,434,654 |
Security | Shares | Value | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.75% |
| |||||||
Lend Lease Group | 941,746 | $ | 12,789,583 | |||||
|
| |||||||
12,789,583 | ||||||||
ROAD & RAIL — 1.30% |
| |||||||
Asciano Ltd. | 1,674,377 | 8,492,809 | ||||||
Aurizon Holdings Ltd. | 3,668,927 | 13,583,864 | ||||||
|
| |||||||
22,076,673 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 1.75% |
| |||||||
Sydney Airport | 1,864,159 | 7,529,320 | ||||||
Transurban Group | 3,108,945 | 22,266,771 | ||||||
|
| |||||||
29,796,091 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,768,818,669) |
| 1,683,859,887 | ||||||
SHORT-TERM INVESTMENTS — 0.04% |
| |||||||
MONEY MARKET FUNDS — 0.04% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 143,721 | 143,721 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 8,388 | 8,388 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 571,200 | 571,200 | ||||||
|
| |||||||
723,309 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $723,309) |
| 723,309 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $1,769,541,978) |
| 1,684,583,196 | ||||||
Other Assets, Less Liabilities — 0.95% |
| 16,150,410 | ||||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 1,700,733,606 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI AUSTRALIA ETF
February 28, 2015
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
ASX SPI 200 Index | 144 | Mar. 2015 | Sydney Futures | $ | 16,665,062 | $ | 712,996 | |||||||||||||
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.77% |
| |||||||
AIRLINES — 0.69% |
| |||||||
Cathay Pacific Airways Ltd. | 9,240,000 | $ | 20,730,712 | |||||
|
| |||||||
20,730,712 | ||||||||
BANKS — 8.04% |
| |||||||
Bank of East Asia Ltd.a | 9,609,610 | 39,526,599 | ||||||
BOC Hong Kong Holdings Ltd.a | 27,720,000 | 97,756,030 | ||||||
Hang Seng Bank Ltd.a | 5,728,800 | 104,449,428 | ||||||
|
| |||||||
241,732,057 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 6.80% |
| |||||||
First Pacific Co. Ltd./Hong Kong | 18,480,999 | 18,801,627 | ||||||
Hong Kong Exchanges and Clearing Ltd. | 8,045,800 | 185,701,436 | ||||||
|
| |||||||
204,503,063 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.52% |
| |||||||
HKT Trust & HKT Ltd. | 20,328,500 | 26,945,823 | ||||||
PCCW Ltd. | 29,568,169 | 18,872,204 | ||||||
|
| |||||||
45,818,027 | ||||||||
ELECTRIC UTILITIES — 8.67% |
| |||||||
Cheung Kong Infrastructure Holdings Ltd. | 3,696,000 | 31,524,979 | ||||||
CLP Holdings Ltd. | 13,860,200 | 124,654,140 | ||||||
Power Assets Holdings Ltd. | 10,164,000 | 104,582,868 | ||||||
|
| |||||||
260,761,987 | ||||||||
FOOD PRODUCTS — 0.49% |
| |||||||
WH Group Ltd.b,c | 26,796,000 | 14,857,010 | ||||||
|
| |||||||
14,857,010 | ||||||||
GAS UTILITIES — 3.47% |
| |||||||
Hong Kong & China Gas Co. Ltd. | 46,200,788 | 104,251,048 | ||||||
|
| |||||||
104,251,048 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 8.15% |
| |||||||
Galaxy Entertainment Group Ltd.a | 16,633,000 | 84,500,603 | ||||||
MGM China Holdings Ltd.a | 7,392,288 | 17,118,993 | ||||||
Sands China Ltd. | 17,740,800 | 80,978,450 | ||||||
Shangri-La Asia Ltd. | 7,392,000 | 9,988,867 | ||||||
SJM Holdings Ltd.a | 14,784,000 | 21,388,376 | ||||||
Wynn Macau Ltd.a | 11,827,200 | 31,034,114 | ||||||
|
| |||||||
245,009,403 | ||||||||
HOUSEHOLD DURABLES — 1.17% |
| |||||||
Techtronic Industries Co. Ltd.a | 10,164,147 | 35,189,105 | ||||||
|
| |||||||
35,189,105 |
Security | Shares | Value | ||||||
INDUSTRIAL CONGLOMERATES — 7.80% |
| |||||||
Hutchison Whampoa Ltd. | 15,666,800 | $ | 214,534,832 | |||||
NWS Holdings Ltd. | 11,088,000 | 20,073,048 | ||||||
|
| |||||||
234,607,880 | ||||||||
INSURANCE — 17.36% |
| |||||||
AIA Group Ltd. | 88,704,000 | 522,128,000 | ||||||
|
| |||||||
522,128,000 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.53% |
| |||||||
Link REIT (The) | 16,632,000 | 106,155,542 | ||||||
|
| |||||||
106,155,542 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 27.53% |
| |||||||
Cheung Kong Holdings Ltd. | 10,190,000 | 201,685,911 | ||||||
Hang Lung Properties Ltd. | 16,632,000 | 47,180,241 | ||||||
Henderson Land Development Co. Ltd. | 7,392,601 | 50,520,325 | ||||||
Hysan Development Co. Ltd. | 5,544,000 | 26,592,500 | ||||||
Kerry Properties Ltd. | 4,620,000 | 15,428,892 | ||||||
New World Development Co. Ltd. | 38,808,066 | 45,786,357 | ||||||
Sino Land Co. Ltd.a | 22,176,000 | 36,257,300 | ||||||
Sun Hung Kai Properties Ltd. | 12,217,000 | 191,553,965 | ||||||
Swire Pacific Ltd. Class A | 4,620,000 | 63,145,272 | ||||||
Swire Properties Ltd. | 8,870,400 | 29,451,908 | ||||||
Wharf Holdings Ltd. (The)a | 11,088,150 | 80,850,871 | ||||||
Wheelock & Co. Ltd. | 7,392,357 | 39,652,380 | ||||||
|
| |||||||
828,105,922 | ||||||||
ROAD & RAIL — 1.71% |
| |||||||
MTR Corp. Ltd. | 11,088,083 | 51,469,739 | ||||||
|
| |||||||
51,469,739 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.62% |
| |||||||
ASM Pacific Technology Ltd.a | 1,848,000 | 18,752,954 | ||||||
|
| |||||||
18,752,954 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 2.22% |
| |||||||
Li & Fung Ltd.a | 44,352,000 | 45,350,220 | ||||||
Yue Yuen Industrial Holdings Ltd. | 5,544,000 | 21,517,049 | ||||||
|
| |||||||
66,867,269 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,890,163,141) |
| 3,000,939,718 | ||||||
SHORT-TERM INVESTMENTS — 3.46% |
| |||||||
MONEY MARKET FUNDS — 3.46% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%d,e,f | 93,712,688 | 93,712,688 |
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI HONG KONG ETF
February 28, 2015
Security | Shares | Value | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%d,e,f | 5,469,298 | $ | 5,469,298 | |||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%d,e | 4,789,052 | 4,789,052 | ||||||
|
| |||||||
103,971,038 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $103,971,038) |
| 103,971,038 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,994,134,179) |
| 3,104,910,756 | ||||||
Other Assets, Less Liabilities — (3.23)% |
| (97,237,852 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 3,007,672,904 | |||||
|
|
a | All or a portion of this security represents a security on loan. See Note 1. |
b | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
c | Non-income earning security. |
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 1. |
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Hang Seng Index | 37 | Mar. 2015 | Hong Kong Futures | $ | 5,914,409 | $ | 18,303 | |||||||||||||
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.66% |
| |||||||
AEROSPACE & DEFENSE — 0.05% |
| |||||||
Jamco Corp. | 2,000 | $ | 51,947 | |||||
|
| |||||||
51,947 | ||||||||
AIR FREIGHT & LOGISTICS — 0.28% |
| |||||||
Kintetsu World Express Inc. | 2,000 | 90,844 | ||||||
Konoike Transport Co. Ltd. | 2,000 | 41,056 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 20,000 | 67,422 | ||||||
Shibusawa Warehouse Co. Ltd. (The) | 20,000 | 61,232 | ||||||
Yusen Logistics Co. Ltd. | 4,000 | 51,596 | ||||||
|
| |||||||
312,150 | ||||||||
AUTO COMPONENTS — 3.79% | ||||||||
Aisan Industry Co. Ltd. | 6,000 | 54,858 | ||||||
Akebono Brake Industry Co. Ltd. | 14,000 | 52,231 | ||||||
Calsonic Kansei Corp. | 20,000 | 119,286 | ||||||
Eagle Industry Co. Ltd. | 4,000 | 83,082 | ||||||
Exedy Corp. | 6,000 | 140,382 | ||||||
FCC Co. Ltd. | 6,000 | 100,581 | ||||||
Futaba Industrial Co. Ltd. | 10,000 | 46,928 | ||||||
G-Tekt Corp. | 4,000 | 36,639 | ||||||
Keihin Corp. | 8,000 | 133,908 | ||||||
KYB Co. Ltd. | 40,000 | 154,252 | ||||||
Mitsuba Corp. | 6,000 | 109,716 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 4,000 | 83,918 | ||||||
Nifco Inc./Japan | 10,000 | 343,804 | ||||||
Nippon Seiki Co. Ltd. | 8,000 | 154,318 | ||||||
Nissan Shatai Co. Ltd. | 16,000 | 211,870 | ||||||
Nissin Kogyo Co. Ltd. | 8,000 | 127,015 | ||||||
Pacific Industrial Co. Ltd. | 8,000 | 68,259 | ||||||
Piolax Inc. | 2,000 | 88,837 | ||||||
Press Kogyo Co. Ltd. | 20,000 | 78,799 | ||||||
Riken Corp. | 20,000 | 79,635 | ||||||
Sanden Corp. | 20,000 | 100,213 | ||||||
Showa Corp. | 10,000 | 105,149 | ||||||
Sumitomo Riko Co. Ltd. | 8,000 | 69,396 | ||||||
Tachi-S Co. Ltd. | 4,000 | 55,444 | ||||||
Taiho Kogyo Co. Ltd. | 4,000 | 47,346 | ||||||
Takata Corp.a | 6,000 | 68,660 | ||||||
Tokai Rika Co. Ltd. | 10,000 | 212,974 | ||||||
Topre Corp. | 8,000 | 117,579 | ||||||
Toyo Tire & Rubber Co. Ltd. | 18,000 | 406,541 | ||||||
Toyota Boshoku Corp. | 14,000 | 177,657 | ||||||
TPR Co. Ltd. | 4,000 | 99,979 | ||||||
TS Tech Co. Ltd. | 10,000 | 278,556 |
Security | Shares | Value | ||||||
Unipres Corp. | 8,000 | $ | 151,709 | |||||
Yorozu Corp. | 4,000 | 80,673 | ||||||
|
| |||||||
4,240,194 | ||||||||
BANKS — 6.11% | ||||||||
77 Bank Ltd. (The) | 60,000 | 365,385 | ||||||
Aichi Bank Ltd. (The) | 2,000 | 108,913 | ||||||
Ashikaga Holdings Co. Ltd. | 20,000 | 84,989 | ||||||
Awa Bank Ltd. (The) | 40,000 | 231,545 | ||||||
Bank of Iwate Ltd. (The) | 2,000 | 91,012 | ||||||
Bank of Nagoya Ltd. (The) | 40,000 | 153,248 | ||||||
Bank of Saga Ltd. (The) | 20,000 | 53,369 | ||||||
Bank of the Ryukyus Ltd. | 8,000 | 122,264 | ||||||
Chiba Kogyo Bank Ltd. (The) | 8,000 | 57,752 | ||||||
Daishi Bank Ltd. (The) | 60,000 | 224,351 | ||||||
Eighteenth Bank Ltd. (The) | 40,000 | 128,487 | ||||||
Higashi-Nippon Bank Ltd. (The) | 20,000 | 65,080 | ||||||
Higo Bank Ltd. (The) | 40,000 | 246,936 | ||||||
Hokkoku Bank Ltd. (The) | 60,000 | 218,328 | ||||||
Hokuetsu Bank Ltd. (The) | 40,000 | 83,316 | ||||||
Hyakugo Bank Ltd. (The) | 40,000 | 195,073 | ||||||
Hyakujushi Bank Ltd. (The) | 40,000 | 142,540 | ||||||
Jimoto Holdings Inc. | 30,000 | 61,734 | ||||||
Juroku Bank Ltd. (The) | 60,000 | 234,891 | ||||||
Kagoshima Bank Ltd. (The) | 40,000 | 277,385 | ||||||
Kansai Urban Banking Corp. | 4,000 | 44,368 | ||||||
Keiyo Bank Ltd. (The) | 40,000 | 235,225 | ||||||
Kiyo Bank Ltd. (The) | 14,000 | 193,818 | ||||||
Mie Bank Ltd. (The) | 20,000 | 50,190 | ||||||
Minato Bank Ltd. (The) | 40,000 | 102,054 | ||||||
Miyazaki Bank Ltd. (The) | 20,000 | 78,966 | ||||||
Musashino Bank Ltd. (The) | 6,000 | 216,822 | ||||||
Nanto Bank Ltd. (The) | 40,000 | 143,879 | ||||||
Nishi-Nippon City Bank Ltd. (The) | 140,000 | 448,534 | ||||||
North Pacific Bank Ltd. | 70,000 | 274,039 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 60,000 | 209,294 | ||||||
Oita Bank Ltd. (The) | 40,000 | 152,913 | ||||||
San-in Godo Bank Ltd. (The) | 20,000 | 172,153 | ||||||
Senshu Ikeda Holdings Inc. | 44,000 | 206,851 | ||||||
Shiga Bank Ltd. (The) | 40,000 | 239,240 | ||||||
Tochigi Bank Ltd. (The) | 20,000 | 104,730 | ||||||
Toho Bank Ltd. (The) | 40,000 | 165,293 | ||||||
Tokyo TY Financial Group Inc.b | 4,530 | 134,144 | ||||||
TOMONY Holdings Inc. | 30,000 | 140,282 | ||||||
Towa Bank Ltd. (The) | 60,000 | 53,202 | ||||||
Tsukuba Bank Ltd. | 16,000 | 57,552 |
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Yamagata Bank Ltd. (The) | 20,000 | $ | 90,175 | |||||
Yamanashi Chuo Bank Ltd. (The) | 40,000 | 183,697 | ||||||
|
| |||||||
6,844,019 | ||||||||
BEVERAGES — 1.09% | ||||||||
Coca-Cola East Japan Co. Ltd. | 16,066 | 283,031 | ||||||
Coca-Cola West Co. Ltd. | 14,000 | 211,034 | ||||||
Ito EN Ltd.a | 12,000 | 249,546 | ||||||
Sapporo Holdings Ltd. | 60,000 | 237,400 | ||||||
Takara Holdings Inc. | 34,000 | 234,924 | ||||||
|
| |||||||
1,215,935 | ||||||||
BIOTECHNOLOGY — 0.41% | ||||||||
3-D Matrix Ltd.a,b | 4,000 | 61,768 | ||||||
GNI Group Ltd.a,b | 20,000 | 47,179 | ||||||
Japan Tissue Engineering Co. Ltd.b | 4,000 | 45,740 | ||||||
NanoCarrier Co. Ltd.a,b | 6,000 | 62,888 | ||||||
PeptiDream Inc.b | 1,100 | 90,359 | ||||||
ReproCELL Inc.b | 6,000 | 37,291 | ||||||
Takara Bio Inc. | 10,000 | 118,366 | ||||||
|
| |||||||
463,591 | ||||||||
BUILDING PRODUCTS — 1.71% |
| |||||||
Aica Kogyo Co. Ltd. | 10,000 | 235,058 | ||||||
Central Glass Co. Ltd. | 40,000 | 179,012 | ||||||
Maeda Kosen Co. Ltd. | 4,000 | 36,070 | ||||||
Nichias Corp. | 20,000 | 115,940 | ||||||
Nichiha Corp. | 4,000 | 44,234 | ||||||
Nippon Sheet Glass Co. Ltd.b | 180,000 | 185,202 | ||||||
Nitto Boseki Co. Ltd. | 40,000 | 164,624 | ||||||
Noritz Corp. | 6,000 | 99,778 | ||||||
Okabe Co. Ltd. | 8,000 | 75,085 | ||||||
Sankyo Tateyama Inc. | 6,000 | 100,079 | ||||||
Sanwa Holdings Corp. | 40,000 | 286,085 | ||||||
Sekisui Jushi Corp. | 6,000 | 81,509 | ||||||
Takara Standard Co. Ltd. | 20,000 | 165,963 | ||||||
Takasago Thermal Engineering Co. Ltd. | 12,000 | 146,255 | ||||||
|
| |||||||
1,914,894 | ||||||||
CAPITAL MARKETS — 1.56% | ||||||||
Ichigo Group Holdings Co. Ltd. | 34,000 | 81,911 | ||||||
Ichiyoshi Securities Co. Ltd. | 8,000 | 90,075 | ||||||
IwaiCosmo Holdings Inc. | 4,000 | 50,893 | ||||||
Jafco Co. Ltd. | 6,000 | 231,628 | ||||||
kabu.com Securities Co. Ltd. | 18,000 | 110,519 | ||||||
Kyokuto Securities Co. Ltd. | 4,000 | 63,106 | ||||||
Marusan Securities Co. Ltd. | 12,000 | 88,435 | ||||||
Matsui Securities Co. Ltd. | 22,000 | 205,195 |
Security | Shares | Value | ||||||
Mito Securities Co. Ltd. | 12,000 | $ | 44,770 | |||||
Monex Group Inc. | 32,000 | 79,769 | ||||||
Okasan Securities Group Inc. | 40,000 | 310,511 | ||||||
Sawada Holdings Co. Ltd. | 4,000 | 28,575 | ||||||
SPARX Group Co. Ltd. | 20,000 | 35,133 | ||||||
Tokai Tokyo Financial Holdings Inc. | 44,000 | 322,790 | ||||||
|
| |||||||
1,743,310 | ||||||||
CHEMICALS — 6.94% | ||||||||
ADEKA Corp. | 18,000 | 228,717 | ||||||
C Uyemura & Co. Ltd. | 2,000 | 100,381 | ||||||
Chugoku Marine Paints Ltd. | 20,000 | 170,982 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 20,000 | 106,403 | ||||||
Daiso Co. Ltd. | 20,000 | 72,943 | ||||||
Denki Kagaku Kogyo KK | 80,000 | 311,849 | ||||||
DIC Corp. | 160,000 | 460,412 | ||||||
Fujimi Inc. | 4,000 | 65,348 | ||||||
Fujimori Kogyo Co. Ltd. | 2,000 | 65,749 | ||||||
Ihara Chemical Industry Co. Ltd. | 8,000 | 90,744 | ||||||
Ishihara Sangyo Kaisha Ltd.b | 60,000 | 59,727 | ||||||
JSP Corp. | 4,000 | 80,037 | ||||||
Konishi Co. Ltd. | 4,000 | 67,355 | ||||||
Kureha Corp. | 20,000 | 94,023 | ||||||
Lintec Corp. | 10,000 | 238,655 | ||||||
Nihon Nohyaku Co. Ltd. | 10,000 | 116,943 | ||||||
Nihon Parkerizing Co. Ltd. | 8,000 | 197,281 | ||||||
Nippon Kayaku Co. Ltd. | 40,000 | 524,991 | ||||||
Nippon Shokubai Co. Ltd. | 23,000 | 329,575 | ||||||
Nippon Soda Co. Ltd. | 20,000 | 121,628 | ||||||
Nippon Synthetic Chemical Industry Co. Ltd. (The) | 9,000 | 55,260 | ||||||
Nippon Valqua Industries Ltd. | 20,000 | 53,202 | ||||||
Nissan Chemical Industries Ltd. | 26,000 | 507,190 | ||||||
NOF Corp. | 20,000 | 141,035 | ||||||
Sakai Chemical Industry Co. Ltd. | 20,000 | 65,749 | ||||||
Sakata INX Corp. | 8,000 | 83,182 | ||||||
Sanyo Chemical Industries Ltd. | 6,000 | 47,681 | ||||||
Shin-Etsu Polymer Co. Ltd. | 10,000 | 48,266 | ||||||
Showa Denko KK | 300,000 | 404,032 | ||||||
Sumitomo Bakelite Co. Ltd. | 40,000 | 172,320 | ||||||
Taiyo Holdings Co. Ltd. | 4,000 | 143,544 | ||||||
Takasago International Corp. | 20,000 | 92,518 | ||||||
Tenma Corp. | 4,000 | 60,496 | ||||||
Toagosei Co. Ltd. | 40,000 | 181,354 | ||||||
Tokai Carbon Co. Ltd. | 40,000 | 117,445 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Tokuyama Corp. | 60,000 | $ | 132,502 | |||||
Tokyo Ohka Kogyo Co. Ltd. | 8,000 | 280,062 | ||||||
Tosoh Corp. | 100,000 | 501,067 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 40,000 | 197,415 | ||||||
Toyobo Co. Ltd. | 180,000 | 252,959 | ||||||
Ube Industries Ltd./Japan | 220,000 | 358,861 | ||||||
Zeon Corp. | 40,000 | 375,758 | ||||||
|
| |||||||
7,775,641 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 1.88% |
| |||||||
Aeon Delight Co. Ltd. | 4,000 | 94,425 | ||||||
Asukanet Co. Ltd. | 2,000 | 40,989 | ||||||
Daiseki Co. Ltd. | 8,060 | 140,710 | ||||||
Duskin Co. Ltd. | 10,000 | 166,548 | ||||||
Itoki Corp. | 8,000 | 44,904 | ||||||
Kokuyo Co. Ltd. | 16,000 | 140,934 | ||||||
Kyodo Printing Co. Ltd. | 20,000 | 64,411 | ||||||
Matsuda Sangyo Co. Ltd. | 4,060 | 51,826 | ||||||
Mitsubishi Pencil Co. Ltd. | 4,000 | 146,054 | ||||||
Moshi Moshi Hotline Inc. | 8,000 | 86,796 | ||||||
Nissha Printing Co. Ltd. | 6,000 | 128,035 | ||||||
Okamura Corp. | 14,000 | 101,535 | ||||||
Oyo Corp. | 4,000 | 55,410 | ||||||
Pilot Corp. | 4,000 | 229,537 | ||||||
Pronexus Inc. | 4,000 | 27,705 | ||||||
Sanix Inc.a,b | 6,000 | 20,227 | ||||||
Sato Holdings Corp. | 4,000 | 87,967 | ||||||
Sohgo Security Services Co. Ltd. | 12,000 | 376,427 | ||||||
Toppan Forms Co. Ltd. | 10,000 | 104,814 | ||||||
|
| |||||||
2,109,254 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.43% |
| |||||||
Denki Kogyo Co. Ltd. | 20,000 | 89,171 | ||||||
Hitachi Kokusai Electric Inc. | 20,000 | 278,724 | ||||||
Icom Inc. | 2,000 | 47,229 | ||||||
Japan Radio Co. Ltd.b | 20,000 | 63,407 | ||||||
|
| |||||||
478,531 | ||||||||
CONSTRUCTION & ENGINEERING — 4.20% |
| |||||||
Chudenko Corp. | 6,000 | 102,990 | ||||||
COMSYS Holdings Corp. | 22,000 | 266,477 | ||||||
Fudo Tetra Corp. | 34,000 | 71,956 | ||||||
Hazama Ando Corp. | 34,000 | 199,657 | ||||||
Hibiya Engineering Ltd. | 4,000 | 57,150 | ||||||
Kandenko Co. Ltd. | 20,000 | 115,605 | ||||||
Kinden Corp. | 20,000 | 249,948 | ||||||
Kumagai Gumi Co. Ltd.b | 60,000 | 199,255 | ||||||
Kyowa Exeo Corp. | 16,000 | 156,460 |
Security | Shares | Value | ||||||
Maeda Corp. | 20,000 | $ | 156,092 | |||||
Maeda Road Construction Co. Ltd. | 20,000 | 315,195 | ||||||
MIRAIT Holdings Corp. | 12,000 | 125,576 | ||||||
Nippo Corp. | 11,000 | 164,708 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 8,000 | 127,283 | ||||||
Nippon Koei Co. Ltd. | 20,000 | 83,651 | ||||||
Nippon Road Co. Ltd. (The) | 20,000 | 103,057 | ||||||
Nippon Steel & Sumikin Texeng Co. Ltd. | 7,000 | 33,025 | ||||||
Nishimatsu Construction Co. Ltd. | 60,000 | 228,868 | ||||||
Okumura Corp. | 40,000 | 199,088 | ||||||
OSJB Holdings Corp. | 18,000 | 40,353 | ||||||
Penta-Ocean Construction Co. Ltd. | 56,000 | 206,115 | ||||||
Raito Kogyo Co. Ltd. | 10,000 | 85,324 | ||||||
SHO-BOND Holdings Co. Ltd. | 4,000 | 170,647 | ||||||
Sumitomo Densetsu Co. Ltd. | 4,000 | 42,695 | ||||||
Sumitomo Mitsui Construction Co. Ltd.a,b | 146,000 | 216,170 | ||||||
Taihei Dengyo Kaisha Ltd. | 1,000 | 7,094 | ||||||
Taikisha Ltd. | 6,000 | 140,884 | ||||||
Tekken Corp.a | 20,000 | 75,787 | ||||||
Toa Corp./Tokyo | 40,000 | 72,609 | ||||||
Toda Corp. | 40,000 | 159,940 | ||||||
Tokyu Construction Co. Ltd. | 14,040 | 87,027 | ||||||
Toshiba Plant Systems & Services Corp. | 8,000 | 118,115 | ||||||
Totetsu Kogyo Co. Ltd. | 4,000 | 93,019 | ||||||
Toyo Construction Co. Ltd. | 14,000 | 60,663 | ||||||
Toyo Engineering Corp. | 20,000 | 61,065 | ||||||
Yahagi Construction Co. Ltd. | 6,000 | 40,453 | ||||||
Yokogawa Bridge Holdings Corp. | 6,000 | 68,911 | ||||||
|
| |||||||
4,702,912 | ||||||||
CONSTRUCTION MATERIALS — 0.22% |
| |||||||
Sumitomo Osaka Cement Co. Ltd. | 80,000 | 245,598 | ||||||
|
| |||||||
245,598 | ||||||||
CONSUMER FINANCE — 0.71% |
| |||||||
Aiful Corp.b | 58,000 | 220,268 | ||||||
Hitachi Capital Corp. | 10,000 | 205,529 | ||||||
J Trust Co. Ltd. | 16,000 | 137,455 | ||||||
Jaccs Co. Ltd. | 20,000 | 97,704 | ||||||
Orient Corp.b | 70,000 | 115,940 | ||||||
Pocket Card Co. Ltd. | 4,000 | 17,299 | ||||||
|
| |||||||
794,195 | ||||||||
CONTAINERS & PACKAGING — 0.47% |
| |||||||
FP Corp. | 4,000 | 138,860 |
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Fuji Seal International Inc. | 4,000 | $ | 120,122 | |||||
Pack Corp. (The) | 4,000 | 82,279 | ||||||
Rengo Co. Ltd. | 40,000 | 184,700 | ||||||
|
| |||||||
525,961 | ||||||||
DISTRIBUTORS — 0.36% |
| |||||||
Canon Marketing Japan Inc. | 10,000 | 191,894 | ||||||
Chori Co. Ltd. | 2,000 | 31,704 | ||||||
Doshisha Co. Ltd. | 4,000 | 69,029 | ||||||
Happinet Corp. | 2,000 | 23,221 | ||||||
Paltac Corp. | 6,000 | 83,868 | ||||||
|
| |||||||
399,716 | ||||||||
DIVERSIFIED CONSUMER SERVICES — 0.06% |
| |||||||
JP-Holdings Inc./Japana | 12,000 | 37,040 | ||||||
Tsukada Global Holdings Inc. | 4,000 | 26,534 | ||||||
|
| |||||||
63,574 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.96% |
| |||||||
Century Tokyo Leasing Corp. | 8,080 | 209,528 | ||||||
Financial Products Group Co. Ltd.a | 4,000 | 94,157 | ||||||
Fuyo General Lease Co. Ltd. | 4,000 | 139,696 | ||||||
IBJ Leasing Co. Ltd. | 4,000 | 82,580 | ||||||
Japan Securities Finance Co. Ltd. | 20,000 | 109,415 | ||||||
Ricoh Leasing Co. Ltd. | 4,000 | 116,943 | ||||||
Zenkoku Hosho Co. Ltd. | 10,000 | 326,237 | ||||||
|
| |||||||
1,078,556 | ||||||||
ELECTRIC UTILITIES — 0.37% | ||||||||
Hokkaido Electric Power Co. Inc.b | 36,000 | 281,267 | ||||||
Okinawa Electric Power Co. Inc. (The) | 4,000 | 135,848 | ||||||
|
| |||||||
417,115 | ||||||||
ELECTRICAL EQUIPMENT — 1.56% |
| |||||||
Chiyoda Integre Co. Ltd. | 2,000 | 39,517 | ||||||
Cosel Co. Ltd. | 4,000 | 44,669 | ||||||
Daihen Corp. | 20,000 | 101,384 | ||||||
Denyo Co. Ltd. | 2,000 | 31,018 | ||||||
Fujikura Ltd. | 60,000 | 248,442 | ||||||
Furukawa Electric Co. Ltd. | 140,000 | 248,275 | ||||||
Futaba Corp./Chiba | 6,000 | 96,516 | ||||||
GS Yuasa Corp. | 80,000 | 361,370 | ||||||
Idec Corp./Japan | 6,000 | 51,947 | ||||||
Nitto Kogyo Corp. | 6,000 | 107,708 | ||||||
SWCC Showa Holdings Co. Ltd.a,b | 40,000 | 33,126 | ||||||
Takaoka Toko Co. Ltd. | 2,000 | 30,750 | ||||||
Tatsuta Electric Wire and Cable Co. Ltd. | 8,000 | 33,460 | ||||||
Toyo Tanso Co. Ltd. | 2,000 | 38,596 |
Security | Shares | Value | ||||||
Ushio Inc. | 22,000 | $ | 275,863 | |||||
|
| |||||||
1,742,641 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.11% |
| |||||||
Ai Holdings Corp. | 8,000 | 160,207 | ||||||
Alps Electric Co. Ltd. | 36,000 | 810,072 | ||||||
Amano Corp. | 12,000 | 144,347 | ||||||
Anritsu Corp. | 28,000 | 199,791 | ||||||
Azbil Corp. | 12,000 | 322,222 | ||||||
Canon Electronics Inc. | 4,000 | 76,390 | ||||||
Daiwabo Holdings Co. Ltd. | 40,000 | 66,920 | ||||||
Elematec Corp. | 2,000 | 48,133 | ||||||
Enplas Corp. | 2,000 | 85,324 | ||||||
HORIBA Ltd. | 6,000 | 219,332 | ||||||
Hosiden Corp. | 12,000 | 68,359 | ||||||
Iriso Electronics Co. Ltd. | 2,000 | 139,864 | ||||||
Japan Aviation Electronics Industry Ltd. | 10,000 | 238,655 | ||||||
Japan Cash Machine Co. Ltd.a | 4,000 | 58,455 | ||||||
Kaga Electronics Co. Ltd. | 4,000 | 48,952 | ||||||
Koa Corp. | 6,000 | 59,877 | ||||||
Macnica Inc. | 2,000 | 62,152 | ||||||
Maruwa Co. Ltd./Aichi | 2,000 | 44,151 | ||||||
Mitsumi Electric Co. Ltd. | 18,000 | 135,363 | ||||||
Nichicon Corp. | 10,000 | 91,346 | ||||||
Nippon Ceramic Co. Ltd. | 4,000 | 55,678 | ||||||
Nippon Chemi-Con Corp.b | 20,000 | 65,247 | ||||||
Nippon Signal Co. Ltd. (The) | 12,000 | 121,661 | ||||||
Nohmi Bosai Ltd. | 4,000 | 47,614 | ||||||
Oki Electric Industry Co. Ltd. | 140,000 | 313,857 | ||||||
Ryosan Co. Ltd. | 6,000 | 152,579 | ||||||
Ryoyo Electro Corp. | 4,000 | 44,067 | ||||||
SIIX Corp. | 2,000 | 49,036 | ||||||
Taiyo Yuden Co. Ltd. | 20,000 | 242,586 | ||||||
Topcon Corp. | 16,000 | 333,397 | ||||||
Toyo Corp./Chuo-ku | 6,000 | 61,031 | ||||||
UKC Holdings Corp. | 2,000 | 33,059 | ||||||
|
| |||||||
4,599,724 | ||||||||
ENERGY EQUIPMENT & SERVICES — 0.21% |
| |||||||
Japan Drilling Co. Ltd.a | 2,000 | 70,685 | ||||||
Modec Inc.a | 4,000 | 66,820 | ||||||
Shinko Plantech Co. Ltd. | 8,000 | 63,574 | ||||||
Toyo Kanetsu KK | 20,000 | 39,650 | ||||||
|
| |||||||
240,729 |
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
FOOD & STAPLES RETAILING — 3.12% |
| |||||||
Ain Pharmaciez Inc. | 4,000 | $ | 155,757 | |||||
Arcs Co. Ltd. | 6,000 | 123,217 | ||||||
Belc Co. Ltd. | 2,000 | 54,456 | ||||||
Cawachi Ltd. | 4,000 | 68,460 | ||||||
Cocokara fine Inc. | 4,000 | 113,765 | ||||||
Cosmos Pharmaceutical Corp. | 2,000 | 305,659 | ||||||
CREATE SD HOLDINGS Co. Ltd. | 2,000 | 69,012 | ||||||
Heiwado Co. Ltd. | 6,000 | 130,796 | ||||||
Kasumi Co. Ltd. | 8,000 | 65,181 | ||||||
Kato Sangyo Co. Ltd. | 4,000 | 80,137 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 8,000 | 267,012 | ||||||
Ministop Co. Ltd. | 4,000 | 53,804 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 2,000 | 41,742 | ||||||
San-A Co. Ltd. | 4,000 | 139,696 | ||||||
Sugi Holdings Co. Ltd. | 8,000 | 388,138 | ||||||
Sundrug Co. Ltd. | 6,000 | 295,119 | ||||||
Tsuruha Holdings Inc. | 6,000 | 405,538 | ||||||
UNY Group Holdings Co. Ltd. | 40,000 | 231,210 | ||||||
Valor Co. Ltd. | 8,000 | 166,364 | ||||||
Welcia Holdings Co. Ltd. | 4,000 | 147,560 | ||||||
Yaoko Co. Ltd. | 2,000 | 134,510 | ||||||
Yokohama Reito Co. Ltd. | 8,000 | 56,280 | ||||||
|
| |||||||
3,493,413 | ||||||||
FOOD PRODUCTS — 3.23% | ||||||||
Ariake Japan Co. Ltd. | 4,000 | 109,415 | ||||||
Dydo Drinco Inc. | 2,000 | 82,981 | ||||||
Ezaki Glico Co. Ltd. | 8,000 | 349,324 | ||||||
Fuji Oil Co. Ltd./Osaka | 12,000 | 166,833 | ||||||
Fujiya Co. Ltd.b | 20,000 | 32,624 | ||||||
Hokuto Corp. | 4,000 | 82,044 | ||||||
House Foods Group Inc. | 12,000 | 250,952 | ||||||
Itoham Foods Inc. | 40,000 | 216,488 | ||||||
J-Oil Mills Inc. | 20,000 | 71,438 | ||||||
Kagome Co. Ltd. | 16,000 | 241,850 | ||||||
Kameda Seika Co. Ltd. | 2,000 | 77,293 | ||||||
Kewpie Corp. | 20,000 | 476,641 | ||||||
KEY Coffee Inc. | 4,000 | 60,964 | ||||||
Marudai Food Co. Ltd. | 20,000 | 67,422 | ||||||
Maruha Nichiro Corp. | 8,000 | 118,851 | ||||||
MEGMILK SNOW BRAND Co. Ltd. | 8,000 | 103,124 | ||||||
Mitsui Sugar Co. Ltd. | 20,000 | 71,103 | ||||||
Morinaga & Co. Ltd./Japan | 40,000 | 125,141 | ||||||
Morinaga Milk Industry Co. Ltd. | 40,000 | 156,928 | ||||||
Nichirei Corp. | 40,000 | 206,115 |
Security | Shares | Value | ||||||
Nippon Beet Sugar Manufacturing Co. Ltd. | 20,000 | $ | 34,966 | |||||
Nippon Flour Mills Co. Ltd. | 20,000 | 98,373 | ||||||
Nippon Suisan Kaisha Ltd.b | 48,000 | 160,609 | ||||||
Nisshin OilliO Group Ltd. (The) | 20,000 | 74,784 | ||||||
Prima Meat Packers Ltd. | 20,000 | 47,848 | ||||||
Sakata Seed Corp. | 6,000 | 96,767 | ||||||
Warabeya Nichiyo Co. Ltd. | 2,000 | 33,159 | ||||||
|
| |||||||
3,614,037 | ||||||||
GAS UTILITIES — 0.06% | ||||||||
Shizuoka Gas Co. Ltd. | 10,000 | 71,270 | ||||||
|
| |||||||
71,270 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 1.58% |
| |||||||
Asahi Intecc Co. Ltd. | 4,000 | 239,910 | ||||||
Eiken Chemical Co. Ltd. | 4,000 | 61,199 | ||||||
Fukuda Denshi Co. Ltd. | 2,000 | 102,723 | ||||||
Hogy Medical Co. Ltd. | 2,000 | 102,556 | ||||||
JEOL Ltd. | 20,000 | 92,685 | ||||||
Mani Inc. | 2,000 | 124,137 | ||||||
Nagaileben Co. Ltd. | 4,000 | 72,542 | ||||||
Nakanishi Inc. | 4,000 | 153,917 | ||||||
Nihon Kohden Corp. | 8,000 | 411,560 | ||||||
Nikkiso Co. Ltd. | 12,000 | 100,782 | ||||||
Nipro Corp. | 22,000 | 208,323 | ||||||
Paramount Bed Holdings Co. Ltd. | 4,000 | 105,232 | ||||||
|
| |||||||
1,775,566 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.65% |
| |||||||
AS ONE Corp. | 2,000 | 59,141 | ||||||
BML Inc. | 2,000 | 56,297 | ||||||
Message Co. Ltd. | 2,000 | 53,620 | ||||||
Nichii Gakkan Co. | 10,000 | 97,034 | ||||||
Ship Healthcare Holdings Inc. | 6,000 | 129,842 | ||||||
Toho Holdings Co. Ltd. | 10,000 | 170,814 | ||||||
Tokai Corp./Gifu | 2,000 | 63,658 | ||||||
Tsukui Corp. | 6,000 | 48,685 | ||||||
Vital KSK Holdings Inc. | 6,000 | 47,932 | ||||||
|
| |||||||
727,023 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 3.04% |
| |||||||
Accordia Golf Co. Ltd. | 12,000 | 118,650 | ||||||
Atom Corp. | 10,000 | 64,829 | ||||||
Colowide Co. Ltd.a | 12,000 | 162,617 | ||||||
Create Restaurants Holdings Inc. | 4,000 | 51,127 | ||||||
Doutor Nichires Holdings Co. Ltd. | 6,000 | 89,941 | ||||||
Fuji Kyuko Co. Ltd. | 20,000 | 205,111 | ||||||
Fujita Kanko Inc. | 20,000 | 81,977 |
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Hiday Hidaka Corp. | 2,400 | $ | 61,232 | |||||
Hiramatsu Inc. | 6,000 | 32,122 | ||||||
HIS Co. Ltd. | 8,000 | 269,020 | ||||||
Ichibanya Co. Ltd. | 2,000 | 87,331 | ||||||
Kappa Create Holdings Co. Ltd.b | 6,000 | 56,966 | ||||||
Kisoji Co. Ltd. | 4,000 | 71,170 | ||||||
KNT-CT Holdings Co. Ltd.b | 20,000 | 26,768 | ||||||
Kura Corp. | 2,000 | 66,920 | ||||||
Kyoritsu Maintenance Co. Ltd.a | 2,000 | 108,578 | ||||||
MOS Food Services Inc. | 6,000 | 124,673 | ||||||
Ohsho Food Service Corp. | 2,000 | 74,616 | ||||||
PGM Holdings KKb | 4,000 | 46,275 | ||||||
Plenus Co. Ltd. | 4,000 | 76,624 | ||||||
Resorttrust Inc. | 14,000 | 338,216 | ||||||
Ringer Hut Co. Ltd.a | 4,000 | 70,066 | ||||||
Round One Corp. | 14,000 | 79,987 | ||||||
Royal Holdings Co. Ltd. | 6,000 | 94,809 | ||||||
Saizeriya Co. Ltd. | 6,000 | 107,508 | ||||||
St. Marc Holdings Co. Ltd. | 2,000 | 130,495 | ||||||
Tokyo Dome Corp. | 40,000 | 192,731 | ||||||
Tokyotokeiba Co. Ltd. | 20,000 | 52,533 | ||||||
Toridoll.corp. | 4,000 | 56,180 | ||||||
Tosho Co. Ltd. | 2,000 | 46,978 | ||||||
WATAMI Co. Ltd.a | 4,000 | 39,048 | ||||||
Yomiuri Land Co. Ltd. | 6,000 | 23,991 | ||||||
Yoshinoya Holdings Co. Ltd. | 10,000 | 108,411 | ||||||
Zensho Holdings Co. Ltd.a | 20,000 | 183,529 | ||||||
|
| |||||||
3,401,029 | ||||||||
HOUSEHOLD DURABLES — 2.18% | ||||||||
Alpine Electronics Inc. | 8,000 | 143,544 | ||||||
Chofu Seisakusho Co. Ltd. | 4,000 | 103,727 | ||||||
Clarion Co. Ltd.a,b | 20,000 | 66,586 | ||||||
Cleanup Corp. | 4,000 | 31,486 | ||||||
Corona Corp. | 4,000 | 38,881 | ||||||
Foster Electric Co. Ltd. | 4,000 | 95,930 | ||||||
France Bed Holdings Co. Ltd. | 20,000 | 30,616 | ||||||
Fujitsu General Ltd. | 20,000 | 222,510 | ||||||
Funai Electric Co. Ltd. | 4,000 | 47,079 | ||||||
Haseko Corp. | 56,000 | 522,314 | ||||||
JVC Kenwood Corp.b | 28,000 | 91,581 | ||||||
Misawa Homes Co. Ltd. | 6,000 | 52,248 | ||||||
PanaHome Corp. | 20,000 | 130,495 | ||||||
Pioneer Corp.b | 58,000 | 116,927 | ||||||
Sangetsu Co. Ltd. | 6,000 | 174,160 | ||||||
Starts Corp. Inc. | 4,000 | 57,016 |
Security | Shares | Value | ||||||
Sumitomo Forestry Co. Ltd. | 28,000 | $ | 292,308 | |||||
Takamatsu Construction Group Co. Ltd. | 2,000 | 43,749 | ||||||
Tamron Co. Ltd. | 4,000 | 78,899 | ||||||
Token Corp. | 1,420 | 62,837 | ||||||
West Holdings Corp. | 4,000 | 36,806 | ||||||
|
| |||||||
2,439,699 | ||||||||
HOUSEHOLD PRODUCTS — 0.63% | ||||||||
Earth Chemical Co. Ltd. | 2,000 | 66,084 | ||||||
Lion Corp. | 40,000 | 228,199 | ||||||
Pigeon Corp. | 6,000 | 416,579 | ||||||
|
| |||||||
710,862 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.01% |
| |||||||
Eneres Co. Ltd.a,b | 4,000 | 14,555 | ||||||
|
| |||||||
14,555 | ||||||||
INDUSTRIAL CONGLOMERATES — 0.35% |
| |||||||
Katakura Industries Co. Ltd. | 4,000 | 40,152 | ||||||
Nisshinbo Holdings Inc. | 26,000 | 264,470 | ||||||
TOKAI Holdings Corp. | 18,000 | 87,331 | ||||||
|
| |||||||
391,953 | ||||||||
INTERNET & CATALOG RETAIL — 0.46% |
| |||||||
ASKUL Corp.a | 4,000 | 78,196 | ||||||
Belluna Co. Ltd. | 10,000 | 45,673 | ||||||
Ikyu Corp. | 4,000 | 57,920 | ||||||
Senshukai Co. Ltd. | 6,000 | 42,411 | ||||||
Start Today Co. Ltd. | 12,000 | 292,308 | ||||||
|
| |||||||
516,508 | ||||||||
INTERNET SOFTWARE & SERVICES — 0.99% |
| |||||||
COOKPAD Inc.a | 4,000 | 161,445 | ||||||
Dena Co. Ltd. | 22,000 | 263,165 | ||||||
F@N Communications Inc. | 6,000 | 57,920 | ||||||
GMO Internet Inc. | 14,000 | 145,569 | ||||||
Gree Inc.a | 22,000 | 129,374 | ||||||
Gurunavi Inc. | 6,000 | 92,952 | ||||||
Infomart Corp. | 8,000 | 64,913 | ||||||
Internet Initiative Japan Inc.a | 6,000 | 118,499 | ||||||
SMS Co. Ltd. | 4,000 | 45,439 | ||||||
UNITED Inc./Japana | 2,000 | 27,019 | ||||||
|
| |||||||
1,106,295 | ||||||||
IT SERVICES — 1.78% | ||||||||
Digital Garage Inc. | 6,000 | 99,628 | ||||||
DTS Corp. | 4,000 | 78,197 | ||||||
Future Architect Inc. | 4,000 | 25,095 | ||||||
GMO Payment Gateway Inc. | 4,074 | 89,765 |
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Ines Corp. | 6,000 | $ | 45,221 | |||||
Information Services International-Dentsu Ltd. | 2,000 | 18,888 | ||||||
IT Holdings Corp. | 16,048 | 283,251 | ||||||
NEC Networks & System Integration Corp. | 4,000 | 79,468 | ||||||
NET One Systems Co. Ltd. | 18,000 | 123,468 | ||||||
Nihon Unisys Ltd. | 12,000 | 117,646 | ||||||
NS Solutions Corp. | 4,000 | 112,092 | ||||||
OBIC Co. Ltd. | 14,000 | 520,557 | ||||||
SCSK Corp. | 10,056 | 276,331 | ||||||
Transcosmos Inc. | 6,000 | 120,557 | ||||||
|
| |||||||
1,990,164 | ||||||||
LEISURE PRODUCTS — 0.47% | ||||||||
Daikoku Denki Co. Ltd. | 2,000 | 29,311 | ||||||
Dunlop Sports Co. Ltd. | 2,000 | 21,448 | ||||||
Fields Corp. | 2,000 | 26,233 | ||||||
Heiwa Corp. | 8,000 | 168,372 | ||||||
Mars Engineering Corp. | 2,000 | 37,141 | ||||||
Mizuno Corp. | 20,000 | 99,711 | ||||||
Tomy Co. Ltd. | 12,000 | 74,884 | ||||||
Universal Entertainment Corp. | 4,000 | 68,794 | ||||||
|
| |||||||
525,894 | ||||||||
LIFE SCIENCES TOOLS & SERVICES — 0.11% |
| |||||||
Chiome Bioscience Inc.a,b | 4,000 | 43,632 | ||||||
CMIC Holdings Co. Ltd.a | 2,000 | 32,490 | ||||||
EPS Holdings Inc. | 4,000 | 50,157 | ||||||
|
| |||||||
126,279 | ||||||||
MACHINERY — 7.32% | ||||||||
Aichi Corp. | 6,000 | 29,612 | ||||||
Aida Engineering Ltd. | 10,000 | 109,331 | ||||||
Asahi Diamond Industrial Co. Ltd. | 12,000 | 133,506 | ||||||
Bando Chemical Industries Ltd. | 20,000 | 75,285 | ||||||
CKD Corp. | 12,000 | 109,616 | ||||||
Daifuku Co. Ltd. | 18,000 | 234,288 | ||||||
Daiwa Industries Ltd. | 6,500 | 40,780 | ||||||
DMG Mori Seiki Co. Ltd. | 24,000 | 347,718 | ||||||
Ebara Corp. | 80,000 | 341,294 | ||||||
Fuji Machine Manufacturing Co. Ltd. | 14,000 | 159,153 | ||||||
Fujitec Co. Ltd. | 16,000 | 161,680 | ||||||
Fukushima Industries Corp. | 2,000 | 28,341 | ||||||
Furukawa Co. Ltd. | 60,000 | 104,396 | ||||||
Giken Ltd. | 2,000 | 32,222 | ||||||
Glory Ltd. | 12,000 | 323,226 | ||||||
Harmonic Drive Systems Inc. | 4,000 | 71,304 |
Security | Shares | Value | ||||||
Hitachi Koki Co. Ltd. | 10,000 | $ | 78,130 | |||||
Hitachi Zosen Corp. | 32,000 | 180,685 | ||||||
Hoshizaki Electric Co. Ltd. | 8,000 | 474,466 | ||||||
Iseki & Co. Ltd. | 40,000 | 80,974 | ||||||
Japan Steel Works Ltd. (The) | 60,000 | 247,438 | ||||||
Juki Corp. | 20,000 | 73,278 | ||||||
Kitz Corp. | 18,000 | 91,397 | ||||||
Komori Corp. | 10,000 | 112,677 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 6,000 | 68,008 | ||||||
Makino Milling Machine Co. Ltd. | 20,000 | 168,472 | ||||||
Max Co. Ltd. | 4,000 | 46,610 | ||||||
Meidensha Corp. | 40,000 | 132,502 | ||||||
Mitsui Engineering & Shipbuilding Co. Ltd. | 160,000 | 279,727 | ||||||
Miura Co. Ltd. | 16,000 | 186,708 | ||||||
Nachi-Fujikoshi Corp. | 20,000 | 113,765 | ||||||
Namura Shipbuilding Co. Ltd. | 10,000 | 95,613 | ||||||
Nippon Sharyo Ltd. | 20,000 | 62,236 | ||||||
Nippon Thompson Co. Ltd. | 20,000 | 103,057 | ||||||
Nitta Corp. | 4,000 | 104,730 | ||||||
Nitto Kohki Co. Ltd. | 2,000 | 36,371 | ||||||
Noritake Co. Ltd./Nagoya Japan | 20,000 | 48,350 | ||||||
NTN Corp. | 100,000 | 500,230 | ||||||
Obara Group Inc. | 2,000 | 110,251 | ||||||
Oiles Corp. | 5,296 | 92,856 | ||||||
OKUMA Corp. | 20,000 | 192,898 | ||||||
OSG Corp. | 16,000 | 307,432 | ||||||
Ryobi Ltd. | 20,000 | 58,723 | ||||||
Shibuya Kogyo Co. Ltd. | 2,000 | 36,539 | ||||||
Shima Seiki Manufacturing Ltd. | 6,000 | 102,338 | ||||||
ShinMaywa Industries Ltd. | 20,000 | 217,157 | ||||||
Sintokogio Ltd. | 10,000 | 71,689 | ||||||
Sodick Co. Ltd. | 8,000 | 78,631 | ||||||
Star Micronics Co. Ltd. | 8,000 | 103,727 | ||||||
Tadano Ltd. | 20,000 | 259,149 | ||||||
Takeuchi Manufacturing Co. Ltd. | 2,000 | 77,293 | ||||||
Takuma Co. Ltd. | 20,000 | 162,115 | ||||||
Teikoku Sen-I Co. Ltd. | 4,000 | 59,526 | ||||||
Tocalo Co. Ltd. | 4,000 | 76,892 | ||||||
Torishima Pump Manufacturing Co. Ltd.a | 4,000 | 30,549 | ||||||
Toshiba Machine Co. Ltd. | 20,000 | 77,628 | ||||||
Tsubakimoto Chain Co. | 20,000 | 161,278 | ||||||
Tsugami Corp. | 20,000 | 122,966 | ||||||
Tsurumi Manufacturing Co. Ltd. | 2,000 | 32,657 |
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Union Tool Co. | 2,000 | $ | 56,631 | |||||
YAMABIKO Corp. | 2,000 | 86,327 | ||||||
Yushin Precision Equipment Co. Ltd. | 2,000 | 37,542 | ||||||
|
| |||||||
8,199,970 | ||||||||
MARINE — 0.62% | ||||||||
Iino Kaiun Kaisha Ltd. | 18,000 | 97,419 | ||||||
Kawasaki Kisen Kaisha Ltd. | 180,000 | 548,078 | ||||||
NS United Kaiun Kaisha Ltd. | 20,000 | 50,860 | ||||||
|
| |||||||
696,357 | ||||||||
MEDIA — 1.99% | ||||||||
Adways Inc.a,b | 4,000 | 33,126 | ||||||
Asatsu-DK Inc. | 6,000 | 164,122 | ||||||
Avex Group Holdings Inc. | 8,000 | 130,829 | ||||||
CyberAgent Inc. | 10,000 | 516,124 | ||||||
Daiichikosho Co. Ltd. | 8,000 | 252,290 | ||||||
Gakken Holdings Co. Ltd. | 20,000 | 44,335 | ||||||
Kadokawa Dwangob | 9,408 | 163,063 | ||||||
Next Co. Ltd. | 4,000 | 31,452 | ||||||
Shochiku Co. Ltd. | 20,000 | 187,712 | ||||||
SKY Perfect JSAT Holdings Inc. | 36,000 | 218,027 | ||||||
Toei Co. Ltd. | 20,000 | 137,689 | ||||||
Tohokushinsha Film Corp. | 4,000 | 31,687 | ||||||
Tokyo Broadcasting System Holdings Inc. | 8,000 | 94,960 | ||||||
TV Asahi Holdings Corp. | 4,000 | 61,801 | ||||||
USEN Corp.a,b | 24,580 | 64,768 | ||||||
ValueCommerce Co. Ltd. | 4,000 | 18,938 | ||||||
Zenrin Co. Ltd. | 6,000 | 75,386 | ||||||
|
| |||||||
2,226,309 | ||||||||
METALS & MINING — 2.45% | ||||||||
Aichi Steel Corp. | 20,000 | 98,373 | ||||||
Asahi Holdings Inc. | 6,000 | 101,786 | ||||||
Daido Steel Co. Ltd. | 60,000 | 273,537 | ||||||
Dowa Holdings Co. Ltd. | 40,000 | 330,252 | ||||||
Godo Steel Ltd. | 20,000 | 31,954 | ||||||
Kurimoto Ltd. | 20,000 | 39,316 | ||||||
Kyoei Steel Ltd. | 4,000 | 69,731 | ||||||
Mitsubishi Steel Manufacturing Co. Ltd. | 20,000 | 43,331 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 120,000 | 273,035 | ||||||
Nakayama Steel Works Ltd.b | 40,000 | 30,783 | ||||||
Neturen Co. Ltd. | 6,000 | 43,666 | ||||||
Nippon Denko Co. Ltd. | 20,000 | 53,034 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 102,000 | 154,436 | ||||||
Nippon Yakin Kogyo Co. Ltd.a,b | 26,000 | 52,850 |
Security | Shares | Value | ||||||
Nisshin Steel Co. Ltd. | 18,000 | $ | 251,002 | |||||
Nittetsu Mining Co. Ltd. | 20,000 | 76,289 | ||||||
Osaka Steel Co. Ltd. | 2,000 | 35,920 | ||||||
OSAKA Titanium Technologies Co. Ltd. | 4,000 | 83,985 | ||||||
Pacific Metals Co. Ltd.b | 20,000 | 58,555 | ||||||
Sanyo Special Steel Co. Ltd. | 20,000 | 79,803 | ||||||
Toho Zinc Co. Ltd. | 20,000 | 65,080 | ||||||
Tokyo Rope Manufacturing Co. Ltd.b | 20,000 | 34,464 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 20,000 | 148,731 | ||||||
TOPY Industries Ltd. | 40,000 | 100,046 | ||||||
UACJ Corp. | 47,140 | 130,523 | ||||||
Yodogawa Steel Works Ltd. | 20,000 | 79,803 | ||||||
|
| |||||||
2,740,285 | ||||||||
MULTILINE RETAIL — 1.29% |
| |||||||
Fuji Co. Ltd./Ehime | 4,000 | 70,869 | ||||||
H2O Retailing Corp. | 16,135 | 309,351 | ||||||
Izumi Co. Ltd. | 8,000 | 292,442 | ||||||
Matsuya Co. Ltd. | 6,000 | 90,192 | ||||||
Parco Co. Ltd. | 4,000 | 34,732 | ||||||
Ryohin Keikaku Co. Ltd. | 4,000 | 521,645 | ||||||
Seria Co. Ltd. | 4,000 | 128,487 | ||||||
|
| |||||||
1,447,718 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 0.44% |
| |||||||
Cosmo Oil Co. Ltd. | 120,000 | 172,654 | ||||||
ITOCHU Enex Co. Ltd. | 10,000 | 82,396 | ||||||
Japan Petroleum Exploration Co. Ltd. | 6,000 | 201,263 | ||||||
Nippon Coke & Engineering Co. Ltd. | 32,000 | 32,925 | ||||||
|
| |||||||
489,238 | ||||||||
PAPER & FOREST PRODUCTS — 0.62% |
| |||||||
Daio Paper Corp. | 20,000 | 175,834 | ||||||
Hokuetsu Kishu Paper Co. Ltd. | 26,000 | 129,407 | ||||||
Mitsubishi Paper Mills Ltd.b | 60,000 | 44,669 | ||||||
Nippon Paper Industries Co. Ltd. | 20,000 | 348,488 | ||||||
|
| |||||||
698,398 | ||||||||
PERSONAL PRODUCTS — 1.44% | ||||||||
Aderans Co. Ltd. | 4,000 | 36,472 | ||||||
Artnature Inc. | 4,000 | 37,542 | ||||||
Dr. Ci:Labo Co. Ltd. | 2,000 | 68,761 | ||||||
Euglena Co. Ltd.a,b | 12,000 | 200,560 | ||||||
Fancl Corp. | 8,000 | 115,505 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 6,000 | 411,560 | ||||||
Kose Corp. | 6,000 | 306,161 | ||||||
Mandom Corp. | 4,000 | 135,179 | ||||||
Milbon Co. Ltd. | 2,300 | 66,954 |
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Noevir Holdings Co. Ltd. | 2,000 | $ | 38,145 | |||||
Pola Orbis Holdings Inc. | 4,000 | 191,058 | ||||||
|
| |||||||
1,607,897 | ||||||||
PHARMACEUTICALS — 2.63% | ||||||||
Fuso Pharmaceutical Industries Ltd. | 20,000 | 54,540 | ||||||
JCR Pharmaceuticals Co. Ltd. | 2,000 | 38,027 | ||||||
Kaken Pharmaceutical Co. Ltd. | 20,000 | 591,409 | ||||||
Kissei Pharmaceutical Co. Ltd. | 4,000 | 113,765 | ||||||
KYORIN Holdings Inc. | 10,000 | 223,932 | ||||||
Mochida Pharmaceutical Co. Ltd. | 2,000 | 122,799 | ||||||
Nichi-Iko Pharmaceutical Co. Ltd. | 8,050 | 162,017 | ||||||
Nippon Shinyaku Co. Ltd. | 9,000 | 302,648 | ||||||
Rohto Pharmaceutical Co. Ltd. | 18,000 | 223,899 | ||||||
Sawai Pharmaceutical Co. Ltd. | 6,000 | 372,914 | ||||||
Seikagaku Corp. | 8,000 | 134,175 | ||||||
Sosei Group Corp.a,b | 2,000 | 55,962 | ||||||
Torii Pharmaceutical Co. Ltd. | 2,000 | 55,711 | ||||||
Towa Pharmaceutical Co. Ltd. | 2,000 | 107,407 | ||||||
Tsumura & Co. | 12,000 | 295,822 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 6,000 | 96,667 | ||||||
|
| |||||||
2,951,694 | ||||||||
PROFESSIONAL SERVICES — 0.87% |
| |||||||
Benefit One Inc. | 4,000 | 47,179 | ||||||
en-japan Inc. | 2,000 | 27,103 | ||||||
Meitec Corp. | 6,000 | 188,966 | ||||||
Nihon M&A Center Inc. | 6,000 | 197,750 | ||||||
Nomura Co. Ltd. | 8,000 | 78,163 | ||||||
Temp Holdings Co. Ltd. | 10,000 | 336,693 | ||||||
Weathernews Inc. | 2,000 | 52,031 | ||||||
Yumeshin Holdings Co. Ltd. | 6,000 | 42,611 | ||||||
|
| |||||||
970,496 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 9.29% |
| |||||||
Achilles Corp./Japan | 40,000 | 51,529 | ||||||
Activia Properties Inc. | 40 | 354,678 | ||||||
Advance Residence Investment Corp. | 260 | 650,952 | ||||||
AEON REIT Investment Corp. | 160 | 237,701 | ||||||
Comforia Residential REIT Inc. | 80 | 174,328 | ||||||
Daiwa House REIT Investment Corp. | 60 | 288,594 | ||||||
Daiwa House Residential Investment Corp. | 120 | 270,526 | ||||||
Daiwa Office Investment Corp. | 60 | 343,302 | ||||||
Frontier Real Estate Investment Corp. | 100 | 470,952 | ||||||
Fukuoka REIT Corp. | 140 | 265,841 | ||||||
Global One Real Estate Investment Corp. | 40 | 163,955 |
Security | Shares | Value | ||||||
GLP J-REIT | 420 | $ | 460,245 | |||||
Hankyu REIT Inc. | 100 | 129,073 | ||||||
Heiwa Real Estate REIT Inc. | 160 | 129,424 | ||||||
Hulic Reit Inc. | 140 | 212,556 | ||||||
Ichigo Real Estate Investment Corp. | 140 | 110,553 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 80 | 392,823 | ||||||
Invesco Office J-Reit Inc. | 80 | 78,631 | ||||||
Invincible Investment Corp. | 380 | 169,426 | ||||||
Japan Excellent Inc. | 240 | 314,593 | ||||||
Japan Hotel REIT Investment Corp. | 540 | 358,660 | ||||||
Japan Logistics Fund Inc. | 160 | 325,635 | ||||||
Japan Rental Housing Investments Inc. | 200 | 153,080 | ||||||
Kenedix Office Investment Corp. | 80 | 455,728 | ||||||
Kenedix Residential Investment Corp. | 60 | 182,944 | ||||||
MID REIT Inc. | 40 | 101,050 | ||||||
Mori Hills REIT Investment Corp. | 240 | 339,688 | ||||||
MORI TRUST Sogo REIT Inc. | 200 | 431,302 | ||||||
Nippon Accommodations Fund Inc. | 80 | 305,826 | ||||||
NIPPON REIT Investment Corp. | 40 | 111,422 | ||||||
Nomura Real Estate Master Fund Inc. | 320 | 393,224 | ||||||
Nomura Real Estate Office Fund Inc. | 60 | 299,134 | ||||||
Nomura Real Estate Residential Fund Inc. | 40 | 232,883 | ||||||
Orix JREIT Inc. | 400 | 572,839 | ||||||
Premier Investment Corp. | 40 | 222,845 | ||||||
Sekisui House SI Residential Investment Corp. | 180 | 213,208 | ||||||
TOKYU REIT Inc. | 200 | 264,001 | ||||||
Top REIT Inc. | 40 | 171,316 | ||||||
|
| |||||||
10,404,467 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.40% |
| |||||||
Airport Facilities Co. Ltd. | 4,000 | 23,690 | ||||||
Ardepro Co. Ltd.a,b | 20,000 | 24,760 | ||||||
Daibiru Corp. | 10,000 | 92,852 | ||||||
Daikyo Inc. | 60,000 | 88,837 | ||||||
Goldcrest Co. Ltd. | 4,000 | 67,790 | ||||||
Heiwa Real Estate Co. Ltd. | 8,000 | 111,222 | ||||||
Jowa Holdings Co. Ltd. | 2,000 | 68,844 | ||||||
Kenedix Inc. | 48,000 | 219,633 | ||||||
Leopalace21 Corp.b | 50,000 | 274,374 | ||||||
Open House Co. Ltd. | 2,000 | 46,125 | ||||||
Raysum Co. Ltd.b | 4,000 | 39,015 | ||||||
Relo Holdings Inc. | 2,000 | 161,445 | ||||||
Sumitomo Real Estate Sales Co. Ltd. | 4,000 | 107,240 |
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Sun Frontier Fudousan Co. Ltd. | 4,000 | $ | 34,029 | |||||
Takara Leben Co. Ltd. | 18,000 | 95,612 | ||||||
TOC Co. Ltd. | 12,000 | 79,602 | ||||||
Tosei Corp. | 6,000 | 37,894 | ||||||
|
| |||||||
1,572,964 | ||||||||
ROAD & RAIL — 2.02% | ||||||||
Fukuyama Transporting Co. Ltd. | 20,000 | 107,742 | ||||||
Hitachi Transport System Ltd. | 10,000 | 148,229 | ||||||
Nankai Electric Railway Co. Ltd. | 100,000 | 442,511 | ||||||
Nippon Konpo Unyu Soko Co. Ltd. | 12,000 | 198,151 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 60,000 | 270,526 | ||||||
Sankyu Inc. | 40,000 | 169,643 | ||||||
Seino Holdings Co. Ltd. | 29,000 | 330,403 | ||||||
Senko Co. Ltd.a | 20,000 | 115,605 | ||||||
Sotetsu Holdings Inc. | 80,000 | 393,492 | ||||||
Trancom Co. Ltd. | 2,000 | 84,152 | ||||||
|
| |||||||
2,260,454 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.93% |
| |||||||
DISCO Corp. | 6,000 | 552,093 | ||||||
Megachips Corp. | 4,000 | 47,513 | ||||||
Micronics Japan Co. Ltd.a | 2,000 | 57,803 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 4,000 | 47,279 | ||||||
Mitsui High-Tec Inc. | 6,000 | 42,009 | ||||||
Sanken Electric Co. Ltd. | 20,000 | 143,879 | ||||||
SCREEN Holdings Co. Ltd. | 40,000 | 274,039 | ||||||
Shindengen Electric Manufacturing Co. Ltd. | 20,000 | 106,571 | ||||||
Shinko Electric Industries Co. Ltd. | 14,000 | 103,292 | ||||||
Sumco Corp. | 24,000 | 482,630 | ||||||
Tokyo Seimitsu Co. Ltd. | 8,000 | 178,410 | ||||||
ULVAC Inc.b | 8,000 | 121,594 | ||||||
|
| |||||||
2,157,112 | ||||||||
SOFTWARE — 1.01% | ||||||||
Broadleaf Co. Ltd. | 6,000 | 97,168 | ||||||
Capcom Co. Ltd. | 10,000 | 176,837 | ||||||
Fuji Soft Inc. | 4,000 | 85,993 | ||||||
Justsystems Corp.b | 8,000 | 47,714 | ||||||
KLab Inc.b | 6,000 | 53,904 | ||||||
Koei Tecmo Holdings Co. Ltd. | 6,000 | 85,073 | ||||||
Marvelous Inc.a | 6,000 | 87,532 | ||||||
NSD Co. Ltd. | 6,600 | 97,776 | ||||||
OBIC Business Consultants Ltd. | 2,000 | 68,426 |
Security | Shares | Value | ||||||
Square Enix Holdings Co. Ltd. | 16,000 | $ | 327,509 | |||||
|
| |||||||
1,127,932 | ||||||||
SPECIALTY RETAIL — 2.81% | ||||||||
Adastria Holdings Co. Ltd. | 2,000 | 49,237 | ||||||
Alpen Co. Ltd. | 4,000 | 62,771 | ||||||
AOKI Holdings Inc. | 8,000 | 98,775 | ||||||
Aoyama Trading Co. Ltd. | 10,000 | 333,347 | ||||||
Arcland Sakamoto Co. Ltd. | 2,000 | 40,872 | ||||||
Asahi Co. Ltd. | 4,000 | 38,546 | ||||||
Autobacs Seven Co. Ltd. | 14,000 | 222,042 | ||||||
BIC Camera Inc.a | 14,000 | 158,100 | ||||||
Chiyoda Co. Ltd. | 4,000 | 93,019 | ||||||
DCM Holdings Co. Ltd. | 18,000 | 132,051 | ||||||
EDION Corp. | 16,000 | 131,164 | ||||||
Geo Holdings Corp. | 8,000 | 90,276 | ||||||
Gulliver International Co. Ltd. | 12,000 | 93,956 | ||||||
Honeys Co. Ltd. | 4,000 | 32,824 | ||||||
Jin Co. Ltd.a | 2,000 | 60,563 | ||||||
Joshin Denki Co. Ltd. | 7,000 | 56,506 | ||||||
Joyful Honda Co. Ltd. | 2,000 | 71,856 | ||||||
K’s Holdings Corp. | 8,000 | 246,936 | ||||||
Keiyo Co. Ltd.a | 6,000 | 27,153 | ||||||
Kohnan Shoji Co. Ltd. | 6,000 | 68,108 | ||||||
Komeri Co. Ltd. | 6,000 | 142,691 | ||||||
Laox Co. Ltd.a,b | 20,000 | 50,525 | ||||||
Nishimatsuya Chain Co. Ltd. | 10,000 | 83,651 | ||||||
Pal Co. Ltd. | 2,000 | 54,373 | ||||||
Paris Miki Holdings Inc. | 6,000 | 24,593 | ||||||
Shimachu Co. Ltd. | 10,000 | 263,499 | ||||||
T-Gaia Corp. | 6,000 | 74,533 | ||||||
Tsutsumi Jewelry Co. Ltd. | 2,000 | 44,753 | ||||||
United Arrows Ltd. | 4,000 | 123,635 | ||||||
VT Holdings Co. Ltd. | 16,000 | 60,228 | ||||||
Xebio Co. Ltd. | 4,000 | 75,687 | ||||||
Yellow Hat Ltd. | 2,000 | 39,416 | ||||||
|
| |||||||
3,145,686 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.67% |
| |||||||
Eizo Corp. | 4,000 | 90,108 | ||||||
Elecom Co. Ltd. | 2,000 | 40,989 | ||||||
Hitachi Maxell Ltd. | 8,000 | 137,789 | ||||||
Japan Digital Laboratory Co. Ltd. | 4,000 | 54,272 | ||||||
Melco Holdings Inc.a | 2,000 | 32,975 | ||||||
Riso Kagaku Corp. | 4,000 | 68,493 | ||||||
Roland DG Corp. | 2,000 | 53,704 |
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI JAPAN SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Toshiba TEC Corp. | 20,000 | $ | 121,461 | |||||
Wacom Co. Ltd./Japana | 30,000 | 156,594 | ||||||
|
| |||||||
756,385 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 1.20% |
| |||||||
Descente Ltd. | 14,000 | 168,054 | ||||||
Fujibo Holdings Inc. | 20,000 | 51,361 | ||||||
Gunze Ltd. | 40,000 | 109,080 | ||||||
Japan Wool Textile Co. Ltd. (The) | 20,000 | 133,841 | ||||||
Kurabo Industries Ltd. | 40,000 | 68,928 | ||||||
Onward Holdings Co. Ltd. | 20,000 | 132,001 | ||||||
Sanyo Shokai Ltd. | 20,000 | 49,688 | ||||||
Seiko Holdings Corp. | 20,000 | 107,240 | ||||||
Seiren Co. Ltd. | 10,000 | 88,670 | ||||||
TSI Holdings Co. Ltd. | 16,000 | 102,656 | ||||||
Unitika Ltd.b | 120,000 | 56,213 | ||||||
Wacoal Holdings Corp. | 20,000 | 212,807 | ||||||
Yondoshi Holdings Inc. | 4,000 | 67,489 | ||||||
|
| |||||||
1,348,028 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 2.92% |
| |||||||
Gecoss Corp. | 2,000 | 22,452 | ||||||
Hanwa Co. Ltd. | 40,000 | 155,255 | ||||||
Inaba Denki Sangyo Co. Ltd. | 4,000 | 139,194 | ||||||
Inabata & Co. Ltd. | 8,000 | 77,628 | ||||||
Iwatani Corp. | 40,000 | 270,024 | ||||||
Japan Pulp & Paper Co. Ltd. | 20,000 | 57,552 | ||||||
Kamei Corp. | 6,000 | 44,870 | ||||||
Kanamoto Co. Ltd. | 6,000 | 166,632 | ||||||
Kanematsu Corp. | 80,000 | 118,449 | ||||||
Kuroda Electric Co. Ltd. | 6,000 | 91,597 | ||||||
MISUMI Group Inc. | 18,000 | 720,482 | ||||||
MonotaRO Co. Ltd. | 6,000 | 199,255 | ||||||
Nagase & Co. Ltd. | 22,000 | 285,432 | ||||||
NEC Capital Solutions Ltd. | 2,000 | 32,674 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 21,440 | 74,070 | ||||||
Nishio Rent All Co. Ltd. | 2,000 | 55,126 | ||||||
Onoken Co. Ltd. | 4,000 | 36,104 | ||||||
Sojitz Corp. | 242,000 | 370,455 | ||||||
Trusco Nakayama Corp. | 4,000 | 116,943 | ||||||
Wakita & Co. Ltd. | 8,000 | 77,561 | ||||||
Yamazen Corp. | 10,000 | 79,970 | ||||||
Yuasa Trading Co. Ltd. | 4,000 | 83,282 | ||||||
|
| |||||||
3,275,007 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.45% |
| |||||||
Japan Airport Terminal Co. Ltd. | 8,000 | 392,153 |
Security | Shares | Value | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 20,000 | $ | 114,267 | |||||
|
| |||||||
506,420 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.15% |
| |||||||
Japan Communications Inc.a,b | 24,000 | 115,438 | ||||||
WirelessGate Inc. | 2,000 | 50,274 | ||||||
|
| |||||||
165,712 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $108,405,238) |
| 111,613,263 | ||||||
SHORT-TERM INVESTMENTS — 3.03% |
| |||||||
MONEY MARKET FUNDS — 3.03% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.16%c,d,e | 3,183,711 | 3,183,711 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%c,d,e | 185,809 | 185,809 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%c,d | 24,481 | 24,481 | ||||||
|
| |||||||
3,394,001 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $3,394,001) |
| 3,394,001 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $111,799,239) |
| 115,007,264 | ||||||
Other Assets, Less Liabilities — (2.69)% |
| (3,007,980 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 111,999,284 | |||||
|
|
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.36% |
| |||||||
AIRLINES — 0.64% |
| |||||||
AirAsia Bhd | 3,941,500 | $ | 2,865,352 | |||||
|
| |||||||
2,865,352 | ||||||||
AUTOMOBILES — 1.21% |
| |||||||
UMW Holdings Bhd | 1,751,400 | 5,384,437 | ||||||
|
| |||||||
5,384,437 | ||||||||
BANKS — 30.30% |
| |||||||
Alliance Financial Group Bhd | 3,405,200 | 4,554,124 | ||||||
AMMB Holdings Bhd | 5,809,837 | 10,301,015 | ||||||
CIMB Group Holdings Bhd | 15,804,164 | 26,091,780 | ||||||
Hong Leong Bank Bhd | 1,876,140 | 7,475,408 | ||||||
Hong Leong Financial Group Bhd | 674,300 | 3,146,983 | ||||||
Malayan Banking Bhd | 14,382,720 | 36,715,045 | ||||||
Public Bank Bhd | 8,351,980 | 42,455,126 | ||||||
RHB Capital Bhd | 1,940,100 | 4,285,016 | ||||||
|
| |||||||
135,024,497 | ||||||||
CHEMICALS — 2.96% |
| |||||||
Petronas Chemicals Group Bhd | 8,687,800 | 13,185,978 | ||||||
|
| |||||||
13,185,978 | ||||||||
CONSTRUCTION & ENGINEERING — 4.43% |
| |||||||
Dialog Group Bhd | 10,734,254 | 4,854,837 | ||||||
Gamuda Bhd | 5,427,500 | 7,921,379 | ||||||
IJM Corp. Bhd | 3,487,940 | 6,948,782 | ||||||
|
| |||||||
19,724,998 | ||||||||
CONSTRUCTION MATERIALS — 0.80% |
| |||||||
Lafarge Malaysia Bhd | 1,272,760 | 3,566,836 | ||||||
|
| |||||||
3,566,836 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.58% |
| |||||||
Telekom Malaysia Bhd | 3,565,300 | 7,043,545 | ||||||
|
| |||||||
7,043,545 | ||||||||
ELECTRIC UTILITIES — 9.60% |
| |||||||
Tenaga Nasional Bhd | 10,476,412 | 42,789,341 | ||||||
|
| |||||||
42,789,341 | ||||||||
ENERGY EQUIPMENT & SERVICES — 2.42% |
| |||||||
Bumi Armada Bhda | 5,643,800 | 1,785,220 | ||||||
Sapurakencana Petroleum Bhd | 11,393,200 | 9,009,606 | ||||||
|
| |||||||
10,794,826 | ||||||||
FOOD PRODUCTS — 7.48% |
| |||||||
Felda Global Ventures Holdings Bhd | 3,977,900 | 2,560,691 |
Security | Shares | Value | ||||||
Genting Plantations Bhd | 577,600 | $ | 1,666,770 | |||||
IOI Corp. Bhd | 9,625,330 | 12,579,163 | ||||||
Kuala Lumpur Kepong Bhd | 1,607,400 | 10,124,301 | ||||||
PPB Group Bhd | 1,577,366 | 6,381,242 | ||||||
|
| |||||||
33,312,167 | ||||||||
GAS UTILITIES — 2.99% |
| |||||||
Petronas Gas Bhd | 2,078,200 | 13,297,251 | ||||||
|
| |||||||
13,297,251 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 2.66% |
| |||||||
IHH Healthcare Bhd | 7,673,100 | 11,858,814 | ||||||
|
| |||||||
11,858,814 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 6.59% |
| |||||||
Berjaya Sports Toto Bhd | 1,529,776 | 1,426,206 | ||||||
Genting Bhd | 6,791,100 | 16,676,258 | ||||||
Genting Malaysia Bhd | 9,854,600 | 11,238,182 | ||||||
|
| |||||||
29,340,646 | ||||||||
INDUSTRIAL CONGLOMERATES — 5.27% |
| |||||||
Sime Darby Bhd | 9,072,625 | 23,487,123 | ||||||
|
| |||||||
23,487,123 | ||||||||
MARINE — 1.76% |
| |||||||
MISC Bhd | 3,363,520 | 7,858,168 | ||||||
|
| |||||||
7,858,168 | ||||||||
MEDIA — 0.92% |
| |||||||
Astro Malaysia Holdings Bhd | 4,531,900 | 4,111,907 | ||||||
|
| |||||||
4,111,907 | ||||||||
MULTI-UTILITIES — 1.87% |
| |||||||
YTL Corp. Bhd | 14,289,112 | 6,541,908 | ||||||
YTL Power International Bhd | 4,134,000 | 1,800,882 | ||||||
|
| |||||||
8,342,790 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 1.02% |
| |||||||
Petronas Dagangan Bhd | 835,300 | 4,538,062 | ||||||
|
| |||||||
4,538,062 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.12% |
| |||||||
IOI Properties Group Bhd | 5,012,809 | 2,962,620 | ||||||
UEM Sunrise Bhd | 5,114,700 | 2,015,226 | ||||||
|
| |||||||
4,977,846 | ||||||||
TOBACCO — 1.84% |
| |||||||
British American Tobacco Malaysia Bhd | 428,100 | 8,208,022 | ||||||
|
| |||||||
8,208,022 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.95% |
| |||||||
Malaysia Airports Holdings Bhd | 2,076,800 | 4,235,427 | ||||||
|
| |||||||
4,235,427 |
SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MALAYSIA ETF
February 28, 2015
Security | Shares | Value | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 10.95% |
| |||||||
Axiata Group Bhd | 8,438,900 | $ | 16,765,406 | |||||
DiGi.Com Bhd | 11,390,300 | 20,068,925 | ||||||
Maxis Bhd | 6,110,300 | 11,952,724 | ||||||
|
| |||||||
48,787,055 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $193,552,941) |
| 442,735,088 | ||||||
RIGHTS — 0.05% |
| |||||||
TRANSPORTATION INFRASTRUCTURE — 0.05% |
| |||||||
Malaysia Airports Holdings Bhda | 389,620 | 204,323 | ||||||
|
| |||||||
204,323 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 204,323 | ||||||
SHORT-TERM INVESTMENTS — 0.19% |
| |||||||
MONEY MARKET FUNDS — 0.19% |
| |||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%b,c | 841,909 | 841,909 | ||||||
|
| |||||||
841,909 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $841,909) |
| 841,909 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $194,394,850) |
| 443,781,320 | ||||||
Other Assets, Less Liabilities — 0.40% |
| 1,799,151 | ||||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 445,580,471 | |||||
|
|
a | Non-income earning security. |
b | Affiliated issuer. See Note 2. |
c | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
32 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI PACIFIC EX JAPAN ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.40% |
| |||||||
AUSTRALIA — 60.96% |
| |||||||
AGL Energy Ltd. | 1,151,766 | $ | 13,568,251 | |||||
ALS Ltd.a | 689,634 | 3,082,321 | ||||||
Alumina Ltd.b | 4,350,258 | 6,265,503 | ||||||
Amcor Ltd./Australia | 2,065,734 | 22,087,584 | ||||||
AMP Ltd. | 5,071,770 | 26,598,520 | ||||||
APA Group | 1,904,760 | 13,701,840 | ||||||
Asciano Ltd. | 1,673,100 | 8,486,332 | ||||||
ASX Ltd. | 331,650 | 11,458,703 | ||||||
Aurizon Holdings Ltd. | 3,669,732 | 13,586,844 | ||||||
AusNet Services | 2,963,862 | 3,398,746 | ||||||
Australia & New Zealand Banking Group Ltd. | 4,714,974 | 130,427,437 | ||||||
Bank of Queensland Ltd. | 624,690 | 6,826,107 | ||||||
Bendigo & Adelaide Bank Ltd. | 770,814 | 7,735,007 | ||||||
BHP Billiton Ltd. | 5,476,878 | 144,258,446 | ||||||
Boral Ltd. | 1,346,994 | 6,473,768 | ||||||
Brambles Ltd. | 2,680,128 | 23,286,361 | ||||||
Caltex Australia Ltd. | 231,066 | 6,663,138 | ||||||
Coca-Cola Amatil Ltd. | 982,872 | 8,008,862 | ||||||
Cochlear Ltd. | 98,010 | 6,936,781 | ||||||
Commonwealth Bank of Australia | 2,765,070 | 198,947,854 | ||||||
Computershare Ltd. | 811,404 | 7,989,892 | ||||||
Crown Resorts Ltd. | 624,096 | 7,474,221 | ||||||
CSL Ltd. | 811,602 | 58,598,367 | ||||||
Dexus Property Group | 1,545,786 | 9,558,716 | ||||||
Federation Centres | 2,449,062 | 5,712,670 | ||||||
Flight Centre Travel Group Ltd. | 95,238 | 3,075,832 | ||||||
Fortescue Metals Group Ltd. | 2,713,986 | 5,289,688 | ||||||
Goodman Group | 2,981,880 | 14,564,577 | ||||||
GPT Group (The) | 2,892,186 | 10,640,136 | ||||||
Harvey Norman Holdings Ltd. | 943,668 | 3,264,860 | ||||||
Healthscope Ltd.b | 1,901,790 | 4,361,675 | ||||||
Iluka Resources Ltd. | 731,808 | 4,502,387 | ||||||
Incitec Pivot Ltd. | 2,850,012 | 9,079,548 | ||||||
Insurance Australia Group Ltd. | 4,012,272 | 19,157,698 | ||||||
James Hardie Industries PLC | 762,498 | 9,036,239 | ||||||
Leighton Holdings Ltd. | 176,022 | 3,035,321 | ||||||
Lend Lease Group | 937,926 | 12,737,704 | ||||||
Macquarie Group Ltd. | 495,792 | 28,275,598 | ||||||
Medibank Pvt Ltd.b | 4,715,766 | 9,449,641 | ||||||
Mirvac Group | 6,336,000 | 10,315,769 | ||||||
National Australia Bank Ltd. | 4,047,516 | 120,074,531 | ||||||
Newcrest Mining Ltd.b | 1,312,740 | 14,786,406 |
Security | Shares | Value | ||||||
Novion Property Group | 3,643,002 | $ | 7,014,838 | |||||
Orica Ltd. | 641,520 | 9,952,609 | ||||||
Origin Energy Ltd. | 1,899,414 | 18,153,418 | ||||||
Platinum Asset Management Ltd. | 386,100 | 2,547,713 | ||||||
Qantas Airways Ltd.b | 943,866 | 2,135,164 | ||||||
QBE Insurance Group Ltd. | 2,325,510 | 23,645,607 | ||||||
Ramsay Health Care Ltd. | 224,730 | 11,768,207 | ||||||
REA Group Ltd. | 89,892 | 3,448,489 | ||||||
Rio Tinto Ltd. | 746,658 | 37,644,205 | ||||||
Santos Ltd. | 1,685,574 | 10,475,902 | ||||||
Scentre Group | 9,090,180 | 27,465,209 | ||||||
Seek Ltd. | 554,994 | 7,511,149 | ||||||
Sonic Healthcare Ltd. | 655,578 | 9,975,708 | ||||||
Stockland | 4,002,372 | 14,693,099 | ||||||
Suncorp Group Ltd. | 2,207,304 | 24,154,188 | ||||||
Sydney Airport | 1,862,190 | 7,521,367 | ||||||
Tabcorp Holdings Ltd.b | 108,290 | 389,067 | ||||||
Tabcorp Holdings Ltd. New | 1,312,740 | 5,209,665 | ||||||
Tatts Group Ltd. | 2,455,200 | 7,648,796 | ||||||
Telstra Corp. Ltd. | 7,332,732 | 36,561,866 | ||||||
Toll Holdings Ltd. | 1,160,082 | 8,118,005 | ||||||
TPG Telecom Ltd. | 475,398 | 2,835,538 | ||||||
Transurban Group | 3,096,720 | 22,179,214 | ||||||
Treasury Wine Estates Ltd. | 1,113,552 | 4,732,967 | ||||||
Wesfarmers Ltd. | 1,922,976 | 66,003,441 | ||||||
Westfield Corp. | 3,379,464 | 25,950,154 | ||||||
Westpac Banking Corp. | 5,302,638 | 157,724,330 | ||||||
Woodside Petroleum Ltd. | 1,270,764 | 34,993,216 | ||||||
Woolworths Ltd. | 2,159,784 | 51,917,438 | ||||||
WorleyParsons Ltd. | 365,310 | 2,859,464 | ||||||
|
| |||||||
1,678,009,914 | ||||||||
HONG KONG — 25.32% | ||||||||
AIA Group Ltd. | 20,592,014 | 121,208,368 | ||||||
ASM Pacific Technology Ltd. | 415,800 | 4,219,415 | ||||||
Bank of East Asia Ltd. | 2,178,120 | 8,959,123 | ||||||
BOC Hong Kong Holdings Ltd. | 6,336,000 | 22,344,235 | ||||||
Cathay Pacific Airways Ltd. | 1,980,000 | 4,442,295 | ||||||
Cheung Kong Holdings Ltd. | 2,376,000 | 47,027,058 | ||||||
Cheung Kong Infrastructure Holdings Ltd. | 990,208 | 8,445,965 | ||||||
CLP Holdings Ltd. | 3,267,000 | 29,382,338 | ||||||
First Pacific Co. Ltd./Hong Kong | 3,960,500 | 4,029,211 | ||||||
Galaxy Entertainment Group Ltd.a | 3,960,000 | 20,117,981 |
SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI PACIFIC EX JAPAN ETF
February 28, 2015
Security | Shares | Value | ||||||
Hang Lung Properties Ltd. | 3,762,736 | $ | 10,673,809 | |||||
Hang Seng Bank Ltd. | 1,306,800 | 23,826,022 | ||||||
Henderson Land Development Co. Ltd. | 1,782,687 | 12,182,712 | ||||||
HKT Trust & HKT Ltd. | 4,554,338 | 6,036,864 | ||||||
Hong Kong & China Gas Co. Ltd. | 10,692,746 | 24,127,943 | ||||||
Hong Kong Exchanges and Clearing Ltd. | 1,920,600 | 44,328,492 | ||||||
Hutchison Whampoa Ltd. | 3,564,000 | 48,803,976 | ||||||
Hysan Development Co. Ltd. | 1,188,830 | 5,702,374 | ||||||
Kerry Properties Ltd. | 1,089,000 | 3,636,810 | ||||||
Li & Fung Ltd.a | 9,901,200 | 10,124,044 | ||||||
Link REIT (The) | 3,960,086 | 25,275,678 | ||||||
MGM China Holdings Ltd.a | 1,663,200 | 3,851,623 | ||||||
MTR Corp. Ltd. | 2,475,286 | 11,490,023 | ||||||
New World Development Co. Ltd. | 8,910,921 | 10,513,243 | ||||||
NWS Holdings Ltd. | 2,574,000 | 4,659,815 | ||||||
PCCW Ltd. | 6,930,867 | 4,423,701 | ||||||
Power Assets Holdings Ltd. | 2,412,000 | 24,818,366 | ||||||
Sands China Ltd. | 4,118,400 | 18,798,569 | ||||||
Shangri-La Asia Ltd. | 1,981,000 | 2,676,941 | ||||||
Sino Land Co. Ltd.a | 5,148,800 | 8,418,181 | ||||||
SJM Holdings Ltd. | 3,366,000 | 4,869,675 | ||||||
Sun Hung Kai Properties Ltd. | 2,872,000 | 45,030,939 | ||||||
Swire Pacific Ltd. Class A | 1,089,000 | 14,884,243 | ||||||
Swire Properties Ltd. | 1,980,000 | 6,574,087 | ||||||
Techtronic Industries Co. Ltd. | 2,376,207 | 8,226,622 | ||||||
WH Group Ltd.b,c | 6,336,000 | 3,512,988 | ||||||
Wharf Holdings Ltd. (The) | 2,574,600 | 18,773,073 | ||||||
Wheelock & Co. Ltd. | 1,584,000 | 8,496,528 | ||||||
Wynn Macau Ltd.a | 2,692,800 | 7,065,803 | ||||||
Yue Yuen Industrial Holdings Ltd. | 1,287,000 | 4,995,029 | ||||||
|
| |||||||
696,974,162 | ||||||||
NEW ZEALAND — 1.24% | ||||||||
Auckland International Airport Ltd. | 1,622,214 | 5,340,107 | ||||||
Contact Energy Ltd. | 628,452 | 2,939,092 | ||||||
Fletcher Building Ltd. | 1,181,268 | 7,723,510 | ||||||
Meridian Energy Ltd. | 2,118,402 | 3,478,729 | ||||||
Mighty River Power Ltd. | 1,167,210 | 3,020,840 | ||||||
Ryman Healthcare Ltd. | 638,748 | 3,929,820 | ||||||
Spark New Zealand Ltd. | 3,114,738 | 7,707,647 | ||||||
|
| |||||||
34,139,745 |
Security | Shares | Value | ||||||
SINGAPORE — 11.88% | ||||||||
Ascendas REIT | 3,465,013 | $ | 6,292,612 | |||||
CapitaCommercial Trust | 3,465,000 | 4,496,526 | ||||||
CapitaLand Ltd.a | 4,356,000 | 11,497,713 | ||||||
CapitaMall Trust | 4,098,600 | 6,358,390 | ||||||
City Developments Ltd. | 693,000 | 5,212,404 | ||||||
ComfortDelGro Corp. Ltd. | 3,564,000 | 7,703,963 | ||||||
DBS Group Holdings Ltd. | 2,970,000 | 42,734,284 | ||||||
Genting Singapore PLC | 10,414,800 | 7,542,517 | ||||||
Global Logistic Properties Ltd. | 5,346,000 | 10,180,237 | ||||||
Golden Agri-Resources Ltd. | 12,078,987 | 3,596,787 | ||||||
Hutchison Port Holdings Trust | 9,603,000 | 6,674,085 | ||||||
Jardine Cycle & Carriage Ltd. | 178,200 | 5,594,545 | ||||||
Keppel Corp. Ltd. | 2,475,000 | 15,922,542 | ||||||
Keppel Land Ltd. | 1,188,000 | 3,965,532 | ||||||
Noble Group Ltd. | 7,524,708 | 5,394,155 | ||||||
Oversea-Chinese Banking Corp. Ltd.a | 5,108,424 | 39,362,020 | ||||||
SembCorp Industries Ltd. | 1,683,040 | 5,234,365 | ||||||
Sembcorp Marine Ltda | 1,405,800 | 3,090,465 | ||||||
Singapore Airlines Ltd. | 930,600 | 8,210,573 | ||||||
Singapore Exchange Ltd. | 1,386,000 | 8,335,769 | ||||||
Singapore Press Holdings Ltd.a | 2,732,417 | 8,216,738 | ||||||
Singapore Technologies Engineering Ltd. | 2,673,000 | 6,898,191 | ||||||
Singapore Telecommunications Ltd. | 13,662,328 | 42,390,283 | ||||||
StarHub Ltd. | 1,029,600 | 3,247,544 | ||||||
Suntec REITa | 4,019,400 | 5,777,463 | ||||||
United Overseas Bank Ltd. | 2,217,600 | 37,614,905 | ||||||
UOL Group Ltd. | 792,000 | 4,571,135 | ||||||
Wilmar International Ltd. | 3,326,400 | 7,924,076 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 3,207,600 | 2,888,986 | ||||||
|
| |||||||
326,928,805 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $2,651,309,248) | 2,736,052,626 | |||||||
SHORT-TERM INVESTMENTS — 1.35% |
| |||||||
MONEY MARKET FUNDS — 1.35% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%d,e,f | 34,514,258 | 34,514,258 |
34 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI PACIFIC EX JAPAN ETF
February 28, 2015
Security | Shares | Value | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%d,e,f | 2,014,335 | $ | 2,014,335 | |||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%d,e | 763,638 | 763,638 | ||||||
|
| |||||||
37,292,231 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $37,292,231) |
| 37,292,231 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,688,601,479) | 2,773,344,857 | |||||||
Other Assets, Less Liabilities — (0.75)% |
| (20,727,989 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% | $ | 2,752,616,868 | ||||||
|
|
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
d | 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 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.56% |
| |||||||
AEROSPACE & DEFENSE — 2.10% |
| |||||||
Singapore Technologies Engineering Ltd. | 6,520,800 | $ | 16,828,180 | |||||
|
| |||||||
16,828,180 | ||||||||
AIRLINES — 2.48% |
| |||||||
Singapore Airlines Ltd. | 2,257,267 | 19,915,597 | ||||||
|
| |||||||
19,915,597 | ||||||||
BANKS — 36.40% |
| |||||||
DBS Group Holdings Ltd. | 7,237,500 | 104,137,839 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 12,540,050 | 96,625,046 | ||||||
United Overseas Bank Ltd. | 5,392,200 | 91,462,432 | ||||||
|
| |||||||
292,225,317 | ||||||||
DISTRIBUTORS — 1.72% |
| |||||||
Jardine Cycle & Carriage Ltd.a | 438,900 | 13,779,156 | ||||||
|
| |||||||
13,779,156 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 2.54% |
| |||||||
Singapore Exchange Ltd.a | 3,385,800 | 20,363,094 | ||||||
|
| |||||||
20,363,094 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 12.87% |
| |||||||
Singapore Telecommunications Ltd. | 33,293,768 | 103,301,008 | ||||||
|
| |||||||
103,301,008 | ||||||||
FOOD PRODUCTS — 3.47% |
| |||||||
Golden Agri-Resources Ltd. | 29,469,628 | 8,775,237 | ||||||
Wilmar International Ltd. | 8,025,600 | 19,118,406 | ||||||
|
| |||||||
27,893,643 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 2.30% |
| |||||||
Genting Singapore PLC | 25,456,200 | 18,435,672 | ||||||
|
| |||||||
18,435,672 | ||||||||
INDUSTRIAL CONGLOMERATES — 6.48% |
| |||||||
Keppel Corp. Ltd. | 6,081,900 | 39,126,994 | ||||||
SembCorp Industries Ltd. | 4,138,200 | 12,870,073 | ||||||
|
| |||||||
51,997,067 | ||||||||
MACHINERY — 1.86% |
| |||||||
Sembcorp Marine Ltda | 3,511,200 | 7,718,909 | ||||||
Yangzijiang Shipbuilding Holdings Ltd.a | 8,025,600 | 7,228,410 | ||||||
|
| |||||||
14,947,319 | ||||||||
MEDIA — 2.51% |
| |||||||
Singapore Press Holdings Ltd.a | 6,708,900 | 20,174,547 | ||||||
|
| |||||||
20,174,547 |
Security | Shares | Value | ||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.04% |
| |||||||
Ascendas REIT | 8,527,235 | $ | 15,485,825 | |||||
CapitaCommercial Trusta | 8,589,900 | 11,147,102 | ||||||
CapitaMall Trust | 10,094,700 | 15,660,479 | ||||||
Suntec REITa | 9,906,600 | 14,239,690 | ||||||
|
| |||||||
56,533,096 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 10.83% |
| |||||||
CapitaLand Ltd.a | 10,721,700 | 28,300,054 | ||||||
City Developments Ltd. | 1,692,900 | 12,733,157 | ||||||
Global Logistic Properties Ltd.a | 13,167,000 | 25,073,546 | ||||||
Keppel Land Ltd.a | 2,884,200 | 9,627,430 | ||||||
UOL Group Ltd. | 1,943,700 | 11,218,326 | ||||||
|
| |||||||
86,952,513 | ||||||||
ROAD & RAIL — 2.28% |
| |||||||
ComfortDelGro Corp. Ltd. | 8,464,500 | 18,296,912 | ||||||
|
| |||||||
18,296,912 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 1.64% |
| |||||||
Noble Group Ltd. | 18,371,199 | 13,169,560 | ||||||
|
| |||||||
13,169,560 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 2.05% |
| |||||||
Hutchison Port Holdings Trust | 23,637,900 | 16,428,340 | ||||||
|
| |||||||
16,428,340 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.99% |
| |||||||
StarHub Ltd. | 2,508,000 | 7,910,683 | ||||||
|
| |||||||
7,910,683 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $806,451,937) |
| 799,151,704 | ||||||
SHORT-TERM INVESTMENTS — 4.68% |
| |||||||
MONEY MARKET FUNDS — 4.68% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%b,c,d | 35,986,754 | 35,986,754 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%b,c,d | 1,046,817 | 1,046,817 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%b,c | 546,020 | 546,020 | ||||||
|
| |||||||
37,579,591 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $37,579,591) |
| 37,579,591 | ||||||
|
|
36 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SINGAPORE ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $844,031,528) | $ | 836,731,295 | ||||
Other Assets, Less Liabilities — (4.24)% | (34,001,462 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 802,729,833 | ||||
|
|
a | All or a portion of this security represents a security on loan. See Note 1. |
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 1. |
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
MSCI Singapore Index | 61 | Mar. 2015 | Singapore | $ | 3,426,513 | $ | (21,601) | |||||||||||||
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH KOREA CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 96.30% |
| |||||||
AEROSPACE & DEFENSE — 0.39% |
| |||||||
Korea Aerospace Industries Ltd. | 342,753 | $ | 15,739,375 | |||||
|
| |||||||
15,739,375 | ||||||||
AIR FREIGHT & LOGISTICS — 0.58% |
| |||||||
Hyundai Glovis Co. Ltd.a | 107,894 | 23,445,601 | ||||||
|
| |||||||
23,445,601 | ||||||||
AIRLINES — 0.27% |
| |||||||
Korean Air Lines Co. Ltd.b | 235,022 | 10,749,492 | ||||||
|
| |||||||
10,749,492 | ||||||||
AUTO COMPONENTS — 4.00% |
| |||||||
Halla Visteon Climate Control Corp.a,b | 290,183 | 11,329,180 | ||||||
Hankook Tire Co. Ltd. | 542,462 | 23,723,909 | ||||||
Hyundai Mobis Co. Ltd. | 486,445 | 110,580,864 | ||||||
Hyundai Wia Corp. | 120,759 | 15,458,648 | ||||||
|
| |||||||
161,092,601 | ||||||||
AUTOMOBILES — 5.93% |
| |||||||
Hyundai Motor Co. | 1,097,888 | 160,549,428 | ||||||
Kia Motors Corp. | 1,883,565 | 78,085,014 | ||||||
|
| |||||||
238,634,442 | ||||||||
BANKS — 8.87% |
| |||||||
BS Financial Group Inc. | 1,479,025 | 20,078,787 | ||||||
DGB Financial Group Inc. | 1,255,753 | 13,272,047 | ||||||
Hana Financial Group Inc. | 2,047,489 | 56,151,810 | ||||||
Industrial Bank of Korea | 1,830,062 | 22,509,988 | ||||||
KB Financial Group Inc. | 2,889,300 | 102,667,487 | ||||||
Shinhan Financial Group Co. Ltd. | 3,085,623 | 122,857,022 | ||||||
Woori Bankb | 2,264,306 | 19,557,761 | ||||||
|
| |||||||
357,094,902 | ||||||||
BEVERAGES — 0.14% |
| |||||||
Hite Jinro Co. Ltd.a,b | 264,324 | 5,502,987 | ||||||
|
| |||||||
5,502,987 | ||||||||
BUILDING PRODUCTS — 0.57% |
| |||||||
KCC Corp. | 42,916 | 23,109,067 | ||||||
|
| |||||||
23,109,067 | ||||||||
CAPITAL MARKETS — 1.74% |
| |||||||
Daewoo Securities Co. Ltd.b | 1,407,332 | 13,655,948 | ||||||
Korea Investment Holdings Co. Ltd.b | 303,434 | 15,094,981 | ||||||
Mirae Asset Securities Co. Ltd.b | 205,465 | 9,070,001 | ||||||
NH Investment & Securities Co. Ltd. | 1,116,543 | 12,512,850 |
Security | Shares | Value | ||||||
Samsung Securities Co. Ltd. | 457,020 | $ | 19,862,288 | |||||
|
| |||||||
70,196,068 | ||||||||
CHEMICALS — 3.58% |
| |||||||
Hanwha Chemical Corp. | 853,828 | 10,968,953 | ||||||
Hanwha Corp. | 361,387 | 10,075,570 | ||||||
Hyosung Corp. | 180,386 | 12,030,664 | ||||||
Kumho Petrochemical Co. Ltd.a | 114,627 | 9,002,640 | ||||||
LG Chem Ltd. | 332,948 | 69,771,801 | ||||||
Lotte Chemical Corp. | 115,909 | 20,118,140 | ||||||
OCI Co. Ltd.a,b | 134,004 | 11,965,188 | ||||||
|
| |||||||
143,932,956 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 0.55% |
| |||||||
KEPCO Plant Service & Engineering Co. Ltd.b | 128,208 | 10,770,150 | ||||||
S-1 Corp. | 154,118 | 11,233,602 | ||||||
|
| |||||||
22,003,752 | ||||||||
CONSTRUCTION & ENGINEERING — 1.85% |
| |||||||
Daelim Industrial Co. Ltd.a | 214,480 | 12,663,026 | ||||||
Daewoo Engineering & Construction Co. Ltd.a,b | 969,541 | 6,987,444 | ||||||
GS Engineering & Construction Corp.a,b | 408,370 | 11,273,847 | ||||||
Hyundai Development Co. Engineering & Construction | 427,932 | 19,494,875 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 534,190 | 24,043,539 | ||||||
|
| |||||||
74,462,731 | ||||||||
CONSUMER FINANCE — 0.24% |
| |||||||
Samsung Card Co. Ltd. | 278,415 | 9,512,608 | ||||||
|
| |||||||
9,512,608 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.78% |
| |||||||
KT Corp.b | 501,333 | 13,977,304 | ||||||
LG Uplus Corp. | 1,613,261 | 17,418,015 | ||||||
|
| |||||||
31,395,319 | ||||||||
ELECTRIC UTILITIES — 1.86% |
| |||||||
Korea Electric Power Corp. | 1,842,421 | 75,036,416 | ||||||
|
| |||||||
75,036,416 | ||||||||
ELECTRICAL EQUIPMENT — 0.66% |
| |||||||
Doosan Heavy Industries & Construction Co. Ltd.a | 466,206 | 12,339,560 | ||||||
LS Corp. | 149,212 | 7,001,429 | ||||||
LS Industrial Systems Co. Ltd. | 130,173 | 7,329,681 | ||||||
|
| |||||||
26,670,670 |
38 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.44% |
| |||||||
LG Display Co. Ltd. | 1,672,901 | $ | 51,823,274 | |||||
LG Innotek Co. Ltd.a | 103,452 | 9,897,007 | ||||||
Samsung Electro-Mechanics Co. Ltd.a | 439,238 | 27,573,685 | ||||||
Samsung SDI Co. Ltd. | 395,674 | 49,209,148 | ||||||
|
| |||||||
138,503,114 | ||||||||
FOOD & STAPLES RETAILING — 0.74% |
| |||||||
E-Mart Co. Ltd. | 152,415 | 29,787,269 | ||||||
|
| |||||||
29,787,269 | ||||||||
FOOD PRODUCTS — 1.29% |
| |||||||
CJ CheilJedang Corp. | 59,456 | 19,366,334 | ||||||
Lotte Confectionery Co. Ltd. | 5,775 | 9,571,067 | ||||||
Orion Corp./Republic of Korea | 26,355 | 23,148,121 | ||||||
|
| |||||||
52,085,522 | ||||||||
GAS UTILITIES — 0.21% |
| |||||||
Korea Gas Corp. | 223,978 | 8,652,606 | ||||||
|
| |||||||
8,652,606 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.85% |
| |||||||
Kangwon Land Inc.b | 863,764 | 26,757,757 | ||||||
Paradise Co. Ltd.a | 377,982 | 7,283,786 | ||||||
|
| |||||||
34,041,543 | ||||||||
HOUSEHOLD DURABLES — 2.03% |
| |||||||
Coway Co. Ltd. | 392,788 | 30,849,005 | ||||||
Hanssem Co. Ltd.b | 48,000 | 7,719,011 | ||||||
LG Electronics Inc. | 765,990 | 43,130,775 | ||||||
|
| |||||||
81,698,791 | ||||||||
HOUSEHOLD PRODUCTS — 1.03% |
| |||||||
LG Household & Health Care Ltd. | 68,109 | 41,577,176 | ||||||
|
| |||||||
41,577,176 | ||||||||
INDUSTRIAL CONGLOMERATES — 2.84% |
| |||||||
Cheil Industries Inc.a,b | 121,432 | 17,923,542 | ||||||
CJ Corp. | 110,299 | 17,435,995 | ||||||
Doosan Corp. | 66,240 | 7,212,136 | ||||||
LG Corp. | 687,287 | 39,826,389 | ||||||
SK Holdings Co. Ltd. | 188,456 | 31,937,330 | ||||||
|
| |||||||
114,335,392 | ||||||||
INSURANCE — 3.36% |
| |||||||
Dongbu Insurance Co. Ltd. | 323,273 | 15,610,650 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,704,342 | 12,127,840 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd.a | 499,325 | 12,397,254 |
Security | Shares | Value | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 238,732 | $ | 55,465,956 | |||||
Samsung Life Insurance Co. Ltd. | 434,705 | 39,448,425 | ||||||
|
| |||||||
135,050,125 | ||||||||
INTERNET SOFTWARE & SERVICES — 3.56% |
| |||||||
Daum Kakao Corp.a | 187,663 | 22,757,911 | ||||||
NAVER Corp. | 199,977 | 120,436,242 | ||||||
|
| |||||||
143,194,153 | ||||||||
IT SERVICES — 1.97% |
| |||||||
Samsung SDS Co. Ltd.a | 191,190 | 50,430,053 | ||||||
SK C&C Co. Ltd.a | 145,941 | 28,854,446 | ||||||
|
| |||||||
79,284,499 | ||||||||
MACHINERY — 2.21% |
| |||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a | 806,990 | 14,889,114 | ||||||
Doosan Infracore Co. Ltd.b | 1,087,371 | 12,780,362 | ||||||
Hyundai Heavy Industries Co. Ltd.a,b | 303,095 | 33,138,718 | ||||||
Hyundai Mipo Dockyard Co. Ltd.a,b | 98,032 | 6,868,626 | ||||||
Samsung Heavy Industries Co. Ltd.a | 1,188,732 | 21,336,632 | ||||||
|
| |||||||
89,013,452 | ||||||||
MARINE — 0.13% |
| |||||||
Hyundai Merchant Marine Co. Ltd.a,b | 626,660 | 5,161,502 | ||||||
|
| |||||||
5,161,502 | ||||||||
MEDIA — 0.31% |
| |||||||
Cheil Worldwide Inc.a,b | 644,709 | 12,276,815 | ||||||
|
| |||||||
12,276,815 | ||||||||
METALS & MINING — 4.17% |
| |||||||
Hyundai Steel Co. | 507,168 | 30,960,098 | ||||||
Korea Zinc Co. Ltd. | 62,346 | 23,261,525 | ||||||
POSCO | 466,660 | 113,736,550 | ||||||
|
| |||||||
167,958,173 | ||||||||
MULTILINE RETAIL — 1.04% |
| |||||||
Hyundai Department Store Co. Ltd. | 117,548 | 14,351,448 | ||||||
Lotte Shopping Co. Ltd. | 81,797 | 18,631,725 | ||||||
Shinsegae Co. Ltd. | 56,469 | 8,875,134 | ||||||
|
| |||||||
41,858,307 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 1.92% |
| |||||||
GS Holdings Corp. | 393,320 | 15,857,510 |
SCHEDULESOF INVESTMENTS | 39 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
S-Oil Corp. | 342,632 | $ | 20,229,196 | |||||
SK Innovation Co. Ltd.b | 435,685 | 41,085,506 | ||||||
|
| |||||||
77,172,212 | ||||||||
PERSONAL PRODUCTS — 2.13% |
| |||||||
AmorePacific Corp. | 23,232 | 60,432,199 | ||||||
AmorePacific Group | 20,882 | 25,418,753 | ||||||
|
| |||||||
85,850,952 | ||||||||
PHARMACEUTICALS — 0.98% |
| |||||||
Celltrion Inc.a,b | 493,391 | 29,444,773 | ||||||
Yuhan Corp. | 63,519 | 9,896,359 | ||||||
|
| |||||||
39,341,132 | ||||||||
ROAD & RAIL — 0.19% |
| |||||||
CJ Korea Express Co. Ltd.b | 45,873 | 7,565,043 | ||||||
|
| |||||||
7,565,043 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR |
| |||||||
SK Hynix Inc. | 4,106,566 | 174,357,410 | ||||||
|
| |||||||
174,357,410 | ||||||||
SOFTWARE — 0.46% |
| |||||||
NCsoft Corp.a | 114,480 | 18,618,450 | ||||||
|
| |||||||
18,618,450 | ||||||||
SPECIALTY RETAIL — 0.55% |
| |||||||
Hotel Shilla Co. Ltd. | 246,625 | 22,245,797 | ||||||
|
| |||||||
22,245,797 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & |
| |||||||
Samsung Electronics Co. Ltd. | 682,994 | 844,447,048 | ||||||
|
| |||||||
844,447,048 | ||||||||
TOBACCO — 1.43% |
| |||||||
KT&G Corp. | 789,489 | 57,545,551 | ||||||
|
| |||||||
57,545,551 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 1.67% |
| |||||||
Daewoo International Corp.a | 365,125 | 9,647,510 | ||||||
Samsung C&T Corp. | 898,801 | 49,626,295 | ||||||
SK Networks Co. Ltd. | 941,727 | 8,108,351 | ||||||
|
| |||||||
67,382,156 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.47% |
| |||||||
SK Telecom Co. Ltd. | 72,814 | 19,007,071 | ||||||
|
| |||||||
19,007,071 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,361,284,875) |
| 3,876,590,248 |
Security | Shares | Value | ||||||
PREFERRED STOCKS — 2.35% |
| |||||||
AUTOMOBILES — 1.14% |
| |||||||
Hyundai Motor Co. | 176,558 | $ | 17,614,779 | |||||
Hyundai Motor Co. Series 2 | 272,155 | 28,144,133 | ||||||
|
| |||||||
45,758,912 | ||||||||
CHEMICALS — 0.23% |
| |||||||
LG Chem Ltd. | 62,407 | 9,211,365 | ||||||
|
| |||||||
9,211,365 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & |
| |||||||
Samsung Electronics Co. Ltd. | 41,378 | 39,509,949 | ||||||
|
| |||||||
39,509,949 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $58,614,672) |
| 94,480,226 | ||||||
RIGHTS — 0.02% |
| |||||||
AIRLINES — 0.02% |
| |||||||
Korean Air Lines Co. Ltd.b | 47,362 | 617,080 | ||||||
|
| |||||||
617,080 | ||||||||
MARINE — 0.00% |
| |||||||
Hyundai Merchant Marine Co. Ltd.b | 100,685 | 162,373 | ||||||
|
| |||||||
162,373 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 779,453 | ||||||
SHORT-TERM INVESTMENTS — 6.09% |
| |||||||
MONEY MARKET FUNDS — 6.09% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 227,335,418 | 227,335,418 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%c,d,e | 13,267,842 | 13,267,842 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 4,750,807 | 4,750,807 | ||||||
|
| |||||||
245,354,067 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $245,354,067) |
| 245,354,067 | ||||||
|
|
40 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH KOREA CAPPED ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $2,665,253,614) | $ | 4,217,203,994 | ||||
Other Assets, Less Liabilities — (4.76)% | (191,783,205 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 4,025,420,789 | ||||
|
|
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.80% |
| |||||||
AIRLINES — 0.51% |
| |||||||
China Airlines Ltd.a | 18,444,761 | $ | 9,044,716 | |||||
EVA Airways Corp.a | 13,270,089 | 9,718,581 | ||||||
|
| |||||||
18,763,297 | ||||||||
AUTO COMPONENTS — 0.76% |
| |||||||
Cheng Shin Rubber Industry Co. Ltd.b | 11,520,670 | 27,806,616 | ||||||
|
| |||||||
27,806,616 | ||||||||
AUTOMOBILES — 0.31% |
| |||||||
China Motor Corp. | 3,460,000 | 2,980,194 | ||||||
Yulon Motor Co. Ltd. | 5,760,362 | 8,235,640 | ||||||
|
| |||||||
11,215,834 | ||||||||
BANKS — 9.32% |
| |||||||
Chang Hwa Commercial Bank Ltd. | 34,560,531 | 20,303,831 | ||||||
China Development Financial Holding Corp. | 97,920,508 | 33,986,102 | ||||||
CTBC Financial Holding Co. Ltd. | 100,224,066 | 66,699,028 | ||||||
E.Sun Financial Holding Co. Ltd. | 46,080,463 | 28,759,022 | ||||||
First Financial Holding Co. Ltd. | 53,836,524 | 31,799,634 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 43,920,928 | 25,173,594 | ||||||
Mega Financial Holding Co. Ltd. | 72,576,271 | 57,658,907 | ||||||
SinoPac Financial Holdings Co. Ltd. | 54,144,547 | 22,154,352 | ||||||
Taishin Financial Holding Co. Ltd. | 57,600,676 | 24,668,973 | ||||||
Taiwan Business Banka | 29,952,770 | 8,898,562 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 42,624,971 | 21,919,862 | ||||||
|
| |||||||
342,021,867 | ||||||||
BUILDING PRODUCTS — 0.14% |
| |||||||
Taiwan Glass Industry Corp. | 6,912,693 | 5,128,666 | ||||||
|
| |||||||
5,128,666 | ||||||||
CAPITAL MARKETS — 0.86% |
| |||||||
Yuanta Financial Holding Co. Ltd. | 62,208,164 | 31,495,297 | ||||||
|
| |||||||
31,495,297 | ||||||||
CHEMICALS — 5.74% |
| |||||||
Formosa Chemicals & Fibre Corp.b | 23,040,610 | 51,649,704 |
Security | Shares | Value | ||||||
Formosa Plastics Corp. | 29,952,518 | $ | 73,915,623 | |||||
Nan Ya Plastics Corp. | 34,560,938 | 75,053,526 | ||||||
Taiwan Fertilizer Co. Ltd.b | 5,760,000 | 9,995,860 | ||||||
|
| |||||||
210,614,713 | ||||||||
CONSTRUCTION & ENGINEERING — 0.21% |
| |||||||
CTCI Corp. | 4,608,000 | 7,600,522 | ||||||
|
| |||||||
7,600,522 | ||||||||
CONSTRUCTION MATERIALS — 1.44% |
| |||||||
Asia Cement Corp.b | 16,150,136 | 19,901,616 | ||||||
Taiwan Cement Corp. | 24,192,504 | 33,086,071 | ||||||
|
| |||||||
52,987,687 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 2.81% |
| |||||||
Chailease Holding Co. Ltd.b | 6,912,940 | 16,817,342 | ||||||
Fubon Financial Holding Co. Ltd. | 48,384,515 | 86,277,116 | ||||||
|
| |||||||
103,094,458 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.54% |
| |||||||
Asia Pacific Telecom Co. Ltd. | 13,824,000 | 6,734,826 | ||||||
Chunghwa Telecom Co. Ltd. | 27,648,648 | 86,454,298 | ||||||
|
| |||||||
93,189,124 | ||||||||
ELECTRICAL EQUIPMENT — 0.59% |
| |||||||
Teco Electric and Machinery Co. Ltd. | 13,824,092 | 14,152,032 | ||||||
Walsin Lihwa Corp.a | 23,044,069 | 7,374,395 | ||||||
Ya Hsin Industrial Co. Ltd.a | 6,845,461 | 2 | ||||||
|
| |||||||
21,526,429 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 14.35% |
| |||||||
AU Optronics Corp. | 63,360,830 | 33,390,280 | ||||||
Delta Electronics Inc. | 13,297,180 | 85,952,158 | ||||||
Hon Hai Precision Industry Co. Ltd.b | 91,008,194 | 252,406,104 | ||||||
Innolux Corp. | 57,600,873 | 29,529,503 | ||||||
Largan Precision Co. Ltd. | 724,794 | 61,851,550 | ||||||
Pacific Electric Wire & Cable Co. Ltd.a | 197 | — | ||||||
Simplo Technology Co. Ltd. | 2,045,835 | 10,162,403 | ||||||
Synnex Technology International Corp.b | 9,216,538 | 13,455,764 | ||||||
TPK Holding Co. Ltd.b | 1,785,466 | 12,905,613 | ||||||
Unimicron Technology Corp.b | 9,216,794 | 6,207,139 | ||||||
WPG Holdings Ltd.b | 10,368,744 | 13,305,537 | ||||||
Zhen Ding Technology Holding Ltd.b | 2,304,072 | 7,182,571 | ||||||
|
| |||||||
526,348,622 |
42 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TAIWAN ETF
February 28, 2015
Security | Shares | Value | ||||||
FOOD & STAPLES RETAILING — 0.88% |
| |||||||
President Chain Store Corp. | 4,143,215 | $ | 32,190,558 | |||||
|
| |||||||
32,190,558 | ||||||||
FOOD PRODUCTS — 1.69% |
| |||||||
Standard Foods Corp. | 2,484,859 | 5,886,754 | ||||||
Uni-President Enterprises Corp. | 33,408,528 | 56,168,453 | ||||||
|
| |||||||
62,055,207 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.08% |
| |||||||
Formosa International Hotels Corp. | 295,184 | 3,087,659 | ||||||
|
| |||||||
3,087,659 | ||||||||
INDUSTRIAL CONGLOMERATES — 0.65% |
| |||||||
Far Eastern New Century Corp. | 23,040,239 | 23,916,949 | ||||||
|
| |||||||
23,916,949 | ||||||||
INSURANCE — 3.42% |
| |||||||
Cathay Financial Holding Co. Ltd. | 59,904,483 | 91,177,656 | ||||||
China Life Insurance Co. Ltd./Taiwan | 20,736,253 | 17,827,697 | ||||||
Shin Kong Financial Holding Co. Ltd.b | 57,600,030 | 16,543,617 | ||||||
|
| |||||||
125,548,970 | ||||||||
LEISURE PRODUCTS — 0.88% |
| |||||||
Giant Manufacturing Co. Ltd. | 2,096,590 | 20,361,724 | ||||||
Merida Industry Co. Ltd. | 1,475,100 | 11,906,953 | ||||||
|
| |||||||
32,268,677 | ||||||||
MACHINERY — 0.31% |
| |||||||
Hiwin Technologies Corp.b | 1,397,246 | 11,278,518 | ||||||
|
| |||||||
11,278,518 | ||||||||
MARINE — 0.65% |
| |||||||
Evergreen Marine Corp. Taiwan Ltd.a | 12,672,766 | 9,301,298 | ||||||
U-Ming Marine Transport Corp. | 3,456,800 | 5,233,907 | ||||||
Wan Hai Lines Ltd. | 3,420,000 | 3,811,495 | ||||||
Yang Ming Marine Transport Corp.a | 10,368,635 | 5,612,698 | ||||||
|
| |||||||
23,959,398 | ||||||||
METALS & MINING — 1.93% |
| |||||||
China Steel Corp.b | 85,248,977 | 70,848,537 | ||||||
|
| |||||||
70,848,537 | ||||||||
MULTILINE RETAIL — 0.17% |
| |||||||
Far Eastern Department Stores Ltd.b | 7,032,456 | 6,046,054 | ||||||
|
| |||||||
6,046,054 |
Security | Shares | Value | ||||||
OIL, GAS & CONSUMABLE FUELS — 0.48% |
| |||||||
Formosa Petrochemical Corp. | 8,064,950 | $ | 17,668,160 | |||||
|
| |||||||
17,668,160 | ||||||||
PHARMACEUTICALS — 0.05% |
| |||||||
ScinoPharm Taiwan Ltd.b | 1,192,828 | 1,834,536 | ||||||
|
| |||||||
1,834,536 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.57% |
| |||||||
Farglory Land Development Co. Ltd. | 3,456,270 | 4,127,054 | ||||||
Highwealth Construction Corp. | 4,608,300 | 9,816,757 | ||||||
Ruentex Development Co. Ltd.b | 4,608,487 | 6,896,956 | ||||||
|
| |||||||
20,840,767 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 35.19% |
| |||||||
Advanced Semiconductor Engineering Inc.b | 46,080,448 | 62,066,644 | ||||||
Epistar Corp.b | 6,826,047 | 13,063,061 | ||||||
Hermes Microvision Inc.b | 278,000 | 13,897,787 | ||||||
Inotera Memories Inc.a,b | 16,128,000 | 23,802,987 | ||||||
Kinsus Interconnect Technology Corp.b | 1,942,043 | 6,276,624 | ||||||
MediaTek Inc.b | 10,281,175 | 154,847,820 | ||||||
Novatek Microelectronics Corp. | 4,183,544 | 22,512,942 | ||||||
Phison Electronics Corp. | 1,152,698 | 8,735,619 | ||||||
Powertech Technology Inc.b | 4,608,036 | 7,879,367 | ||||||
Radiant Opto-Electronics Corp.b | 3,202,583 | 10,554,604 | ||||||
Realtek Semiconductor Corp. | 3,456,063 | 10,828,741 | ||||||
Siliconware Precision Industries Co. Ltd.b | 21,888,214 | 38,960,394 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd.b | 179,245,882 | 858,987,589 | ||||||
Transcend Information Inc. | 1,152,905 | 3,799,575 | ||||||
United Microelectronics Corp.b | 87,552,501 | 44,605,636 | ||||||
Vanguard International Semiconductor Corp.b | 5,760,000 | 10,032,542 | ||||||
|
| |||||||
1,290,851,932 | ||||||||
SPECIALTY RETAIL — 0.73% |
| |||||||
Hotai Motor Co. Ltd. | 1,749,000 | 26,620,665 | ||||||
|
| |||||||
26,620,665 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 9.23% |
| |||||||
Acer Inc.a,b | 19,936,737 | 13,045,692 | ||||||
Advantech Co. Ltd. | 2,439,444 | 18,642,463 |
SCHEDULESOF INVESTMENTS | 43 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TAIWAN ETF
February 28, 2015
Security | Shares | Value | ||||||
ASUSTeK Computer Inc. | 5,191,857 | $ | 53,976,797 | |||||
Catcher Technology Co. Ltd.b | 4,608,743 | 42,117,791 | ||||||
Chicony Electronics Co. Ltd. | 3,471,624 | 9,650,462 | ||||||
Clevo Co.b | 3,456,991 | 5,316,754 | ||||||
Compal Electronics Inc. | 31,104,554 | 24,166,570 | ||||||
Foxconn Technology Co. Ltd. | 6,912,724 | 17,785,324 | ||||||
HTC Corp.a,b | 4,942,884 | 24,080,919 | ||||||
Inventec Corp. | 17,280,868 | 13,261,230 | ||||||
Lite-On Technology Corp. | 14,976,565 | 19,027,701 | ||||||
Pegatron Corp. | 11,520,037 | 31,620,035 | ||||||
Quanta Computer Inc.b | 20,014,240 | 50,601,199 | ||||||
Wistron Corp.b | 16,128,113 | 15,226,828 | ||||||
|
| |||||||
338,519,765 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 1.40% |
| |||||||
Eclat Textile Co. Ltd. | 1,192,080 | 13,664,983 | ||||||
Formosa Taffeta Co. Ltd. | 5,760,515 | 6,089,766 | ||||||
Pou Chen Corp. | 14,976,103 | 21,602,212 | ||||||
Ruentex Industries Ltd. | 4,608,262 | 9,948,740 | ||||||
|
| |||||||
51,305,701 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 1.91% |
| |||||||
Far EasTone Telecommunications Co. Ltd. | 11,520,259 | 28,465,916 | ||||||
Taiwan Mobile Co. Ltd. | 12,195,609 | 41,745,836 | ||||||
|
| |||||||
70,211,752 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,140,941,233) |
| 3,660,846,937 |
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS — 4.85% |
| |||||||
MONEY MARKET FUNDS — 4.85% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 160,980,906 | $ | 160,980,906 | |||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 9,395,234 | 9,395,234 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 7,385,581 | 7,385,581 | ||||||
|
| |||||||
177,761,721 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $177,761,721) |
| 177,761,721 | ||||||
|
| |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $2,318,702,954) |
| 3,838,608,658 | ||||||
Other Assets, Less Liabilities — (4.65)% |
| (170,653,907 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 3,667,954,751 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
MSCI Taiwan Index | 75 | Mar. 2015 | Singapore | $ | 2,685,750 | $ | 3,521 | |||||||||||||
See notes to financial statements.
44 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI THAILAND CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.64% |
| |||||||
AIRLINES — 0.39% |
| |||||||
Nok Airlines PCL NVDR | 718,700 | $ | 302,330 | |||||
Thai Airways International PCL NVDRa,b | 3,677,266 | 1,512,763 | ||||||
|
| |||||||
1,815,093 | ||||||||
AUTO COMPONENTS — 0.63% |
| |||||||
PCS Machine Group Holding PCL NVDR | 1,117,100 | 307,522 | ||||||
Somboon Advance Technology PCL NVDR | 1,559,425 | 916,458 | ||||||
Sri Trang Agro-Industry PCL NVDR | 3,926,971 | 1,700,513 | ||||||
|
| |||||||
2,924,493 | ||||||||
BANKS — 23.63% |
| |||||||
Bangkok Bank PCL Foreign | 765,800 | 4,358,404 | ||||||
Bangkok Bank PCL NVDR | 989,500 | 5,600,943 | ||||||
Kasikornbank PCL Foreign | 4,332,400 | 28,945,203 | ||||||
Kasikornbank PCL NVDR | 2,428,900 | 16,302,855 | ||||||
Kiatnakin Bank PCL NVDRb | 1,938,373 | 2,353,267 | ||||||
Krung Thai Bank PCL NVDR | 14,353,100 | 10,122,199 | ||||||
LH Financial Group PCL NVDR | 28,599,561 | 1,760,381 | ||||||
Siam Commercial Bank PCL (The) NVDR | 5,982,700 | 31,366,151 | ||||||
Thanachart Capital PCL NVDR | 3,041,800 | 3,293,010 | ||||||
Tisco Financial Group PCL NVDR | 2,047,810 | 2,977,020 | ||||||
TMB Bank PCL NVDR | 33,745,700 | 3,152,243 | ||||||
|
| |||||||
110,231,676 | ||||||||
BUILDING PRODUCTS — 0.36% |
| |||||||
Dynasty Ceramic PCL NVDR | 9,499,700 | 1,704,246 | ||||||
|
| |||||||
1,704,246 | ||||||||
CAPITAL MARKETS — 0.15% |
| |||||||
AIRA Capital Co. Ltd. NVDR | 2,903,300 | 323,287 | ||||||
Asia Plus Group Holdings Securities NVDRb | 2,659,200 | 361,908 | ||||||
|
| |||||||
685,195 | ||||||||
CHEMICALS — 3.40% |
| |||||||
Indorama Ventures PCL NVDR | 6,003,810 | 4,828,304 | ||||||
PTT Global Chemical PCL NVDR | 5,867,207 | 10,162,808 | ||||||
Siamgas & Petrochemicals PCL NVDRb | 2,475,800 | 865,343 | ||||||
|
| |||||||
15,856,455 |
Security | Shares | Value | ||||||
CONSTRUCTION & ENGINEERING — 1.87% |
| |||||||
CH Karnchang PCL NVDRb | 2,745,200 | $ | 2,335,076 | |||||
Italian-Thai Development PCL NVDRa,b | 10,377,348 | 2,969,084 | ||||||
Sino-Thai Engineering & Construction PCL NVDRb | 3,665,528 | 2,800,450 | ||||||
Sriracha Construction PCL NVDR | 313,800 | 315,450 | ||||||
Toyo-Thai Corp. PCL NVDRb | 399,100 | 311,700 | ||||||
|
| |||||||
8,731,760 | ||||||||
CONSTRUCTION MATERIALS — 5.62% |
| |||||||
Siam Cement PCL (The) Foreign | 1,058,400 | 16,827,021 | ||||||
Siam Cement PCL (The) NVDR | 363,200 | 5,886,693 | ||||||
Superblock PCL NVDRa,b | 570,200 | 417,994 | ||||||
TPI Polene PCL NVDR | 29,318,200 | 3,065,126 | ||||||
|
| |||||||
26,196,834 | ||||||||
CONSUMER FINANCE — 0.25% |
| |||||||
Krungthai Card PCL NVDRb | 240,900 | 659,438 | ||||||
Srisawad Power 1979 PCL NVDRa,b | 391,300 | 496,236 | ||||||
|
| |||||||
1,155,674 | ||||||||
CONTAINERS & PACKAGING — 0.21% |
| |||||||
Polyplex Thailand PCL NVDRa | 3,030,050 | 965,342 | ||||||
|
| |||||||
965,342 | ||||||||
DISTRIBUTORS — 0.20% |
| |||||||
Energy Earth PCL NVDR | 6,329,400 | 947,550 | ||||||
|
| |||||||
947,550 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.05% |
| |||||||
Jasmine International PCL NVDRb | 16,041,768 | 4,391,267 | ||||||
Samart Telcoms PCL NVDRb | 603,300 | 466,517 | ||||||
Thaicom PCL NVDRb | 1,195,700 | 1,294,448 | ||||||
True Corp. PCL NVDRa | 28,234,272 | 12,750,398 | ||||||
|
| |||||||
18,902,630 | ||||||||
ELECTRICAL EQUIPMENT — 0.20% |
| |||||||
Gunkul Engineering PCL NVDR | 772,766 | 914,268 | ||||||
|
| |||||||
914,268 | ||||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.47% |
| |||||||
Cal-Comp Electronics Thailand PCL NVDR | 16,447,012 | 2,095,938 | ||||||
Delta Electronics Thailand PCL NVDR | 2,392,844 | 5,162,415 | ||||||
Hana Microelectronics PCL NVDR | 3,061,600 | 3,906,310 | ||||||
Jay Mart PCL NVDR | 798,000 | 320,878 |
SCHEDULESOF INVESTMENTS | 45 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI THAILAND CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
KCE Electronics PCL NVDR | 411,000 | $ | 699,196 | |||||
Loxley PCL NVDR | 2,527,605 | 336,180 | ||||||
Samart Corp. PCL NVDR | 2,792,837 | 3,217,853 | ||||||
SVI PCL NVDRb | 3,160,215 | 463,329 | ||||||
|
| |||||||
16,202,099 | ||||||||
FOOD & STAPLES RETAILING — 4.29% |
| |||||||
CP ALL PCL NVDR | 16,162,600 | 19,997,031 | ||||||
|
| |||||||
19,997,031 | ||||||||
FOOD PRODUCTS — 3.54% |
| |||||||
Charoen Pokphand Foods PCL NVDR | 11,077,000 | 8,188,689 | ||||||
GFPT PCL NVDRb | 3,867,900 | 1,615,114 | ||||||
Ichitan Group PCL NVDR | 450,800 | 312,339 | ||||||
Kaset Thai International Sugar Corp. PCL NVDR | 917,600 | 300,852 | ||||||
Khon Kaen Sugar Industry PCL NVDR | 3,509,500 | 1,346,050 | ||||||
Thai Union Frozen Products PCL NVDR | 4,483,300 | 2,967,604 | ||||||
Thai Vegetable Oil PCL NVDR | 2,551,853 | 1,807,530 | ||||||
|
| |||||||
16,538,178 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 3.81% |
| |||||||
Bangkok Chain Hospital PCL NVDR | 5,708,125 | 1,500,744 | ||||||
Bangkok Dusit Medical Services PCL NVDR | 10,896,000 | 7,246,026 | ||||||
Bumrungrad Hospital PCL NVDR | 1,596,176 | 7,677,246 | ||||||
Chularat Hospital PCL NVDRb | 773,200 | 463,968 | ||||||
Vibhavadi Medical Center PCL NVDR | 1,746,660 | 886,026 | ||||||
|
| |||||||
17,774,010 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.29% |
| |||||||
Erawan Group PCL (The) NVDR | 2,307,700 | 334,056 | ||||||
Minor International PCL NVDR | 5,384,900 | 5,663,056 | ||||||
|
| |||||||
5,997,112 | ||||||||
HOUSEHOLD PRODUCTS — 0.07% |
| |||||||
DSG International Thailand PCL NVDR | 1,268,880 | 306,132 | ||||||
|
| |||||||
306,132 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.45% |
| |||||||
CK Power PCL NVDRa,b | 730,800 | 402,358 | ||||||
Glow Energy PCL NVDR | 2,254,700 | 5,945,350 |
Security | Shares | Value | ||||||
SPCG PCL NVDRb | 460,800 | $ | 431,154 | |||||
|
| |||||||
6,778,862 | ||||||||
INSURANCE — 0.15% |
| |||||||
Thai Reinsurance PCL NVDRa | 7,168,640 | 705,112 | ||||||
|
| |||||||
705,112 | ||||||||
INTERNET & CATALOG RETAIL — 0.08% |
| |||||||
OfficeMate PCL NVDR | 244,000 | 369,811 | ||||||
|
| |||||||
369,811 | ||||||||
MACHINERY — 0.07% |
| |||||||
BJC Heavy Industries PCL NVDR | 279,300 | 315,325 | ||||||
|
| |||||||
315,325 | ||||||||
MARINE — 0.82% |
| |||||||
Precious Shipping PCL NVDRb | 2,188,600 | 1,171,134 | ||||||
Thoresen Thai Agencies PCL NVDRb | 5,358,388 | 2,668,421 | ||||||
|
| |||||||
3,839,555 | ||||||||
MEDIA — 2.18% |
| |||||||
BEC World PCL NVDR | 4,125,800 | 5,997,915 | ||||||
E for L Aim PCL NVDRa | 7,039,500 | 309,189 | ||||||
Major Cineplex Group PCL NVDR | 2,848,300 | 2,554,924 | ||||||
RS PCL NVDR | 1,265,500 | 775,036 | ||||||
VGI Global Media PCL NVDRb | 1,478,220 | 534,958 | ||||||
|
| |||||||
10,172,022 | ||||||||
METALS & MINING — 0.44% |
| |||||||
STP & I PCL NVDR | 2,911,600 | 1,747,140 | ||||||
Univentures PCL NVDR | 1,083,000 | 321,584 | ||||||
|
| |||||||
2,068,724 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 16.85% |
| |||||||
Bangchak Petroleum PCL (The) NVDRb | 2,022,500 | 2,111,332 | ||||||
Banpu PCL NVDR | 4,931,700 | 4,614,411 | ||||||
Energy Absolute PCL NVDR | 2,608,100 | 2,440,304 | ||||||
Esso Thailand PCL NVDRa | 6,462,800 | 1,289,362 | ||||||
IRPC PCL NVDR | 44,316,700 | 6,113,594 | ||||||
PTT Exploration & Production PCL NVDR | 5,119,284 | 17,892,951 | ||||||
PTT PCL NVDR | 3,634,600 | 38,560,711 | ||||||
Thai Oil PCL NVDR | 3,434,100 | 5,576,562 | ||||||
|
| |||||||
78,599,227 | ||||||||
PHARMACEUTICALS — 0.07% |
| |||||||
Mega Lifesciences PCL NVDRb | 619,100 | 335,114 | ||||||
|
| |||||||
335,114 |
46 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI THAILAND CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.88% |
| |||||||
Amata Corp. PCL NVDR | 3,339,900 | $ | 1,921,501 | |||||
Ananda Development PCL NVDRb | 4,481,300 | 579,395 | ||||||
AP Thailand PCL NVDRb | 6,972,786 | 1,498,944 | ||||||
Bangkok Land PCL NVDR | 44,005,500 | 2,313,930 | ||||||
Central Pattana PCL NVDR | 4,919,400 | 6,695,132 | ||||||
Country Group Development PCL NVDRa,b | 7,623,400 | 379,637 | ||||||
Golden Land Property Development PCL NVDRa,b | 1,360,400 | 319,797 | ||||||
Hemaraj Land and Development PCL NVDR | 23,575,800 | 3,223,168 | ||||||
LPN Development PCL NVDR | 2,902,947 | 1,768,885 | ||||||
MBK PCL NVDR | 703,900 | 317,876 | ||||||
Natural Park PCL NVDRa,b | 359,534,800 | 556,039 | ||||||
Quality Houses PCL NVDR | 22,073,541 | 2,799,305 | ||||||
Rojana Industrial Park PCL NVDRa,b | 1,640,175 | 484,493 | ||||||
Sansiri PCL NVDR | 24,806,337 | 1,534,571 | ||||||
SC Asset Corp. PCL NVDRb | 10,470,537 | 1,269,549 | ||||||
Siam Future Development PCL NVDR | 5,340,573 | 1,263,699 | ||||||
Supalai PCL NVDR | 3,400,500 | 2,482,270 | ||||||
TICON Industrial Connection PCL NVDRb | 3,659,991 | 2,015,089 | ||||||
WHA Corp. PCL NVDRb | 598,094 | 665,988 | ||||||
|
| |||||||
32,089,268 | ||||||||
ROAD & RAIL — 1.12% |
| |||||||
BTS Group Holdings PCL NVDR | 17,546,100 | 5,210,101 | ||||||
|
| |||||||
5,210,101 | ||||||||
SOFTWARE — 0.08% |
| |||||||
Mono Technology PCL NVDR | 2,561,020 | 362,805 | ||||||
|
| |||||||
362,805 | ||||||||
SPECIALTY RETAIL — 1.03% |
| |||||||
Home Product Center PCL NVDR | 12,381,385 | 3,274,384 | ||||||
Siam Global House PCL NVDRb | 4,228,004 | 1,543,163 | ||||||
|
| |||||||
4,817,547 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.06% |
| |||||||
MC Group PCL NVDRb | 685,200 | 305,193 | ||||||
|
| |||||||
305,193 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 4.28% |
| |||||||
Airports of Thailand PCL NVDR | 1,595,000 | 15,244,510 | ||||||
Bangkok Aviation Fuel Services PCL NVDR | 601,600 | 618,719 |
Security | Shares | Value | ||||||
Bangkok Expressway PCL NVDR | 2,063,400 | $ | 2,919,906 | |||||
Bangkok Metro PCL NVDRa,b | 12,515,041 | 836,142 | ||||||
Namyong Terminal PCL NVDR | 734,100 | 342,868 | ||||||
|
| |||||||
19,962,145 | ||||||||
WATER UTILITIES — 0.69% |
| |||||||
Eastern Water Resources Development and Management PCL NVDR | 934,300 | 317,888 | ||||||
TTW PCL NVDR | 7,515,466 | 2,882,517 | ||||||
|
| |||||||
3,200,405 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 5.96% |
| |||||||
Advanced Info Service PCL NVDR | 3,860,519 | 27,822,485 | ||||||
|
| |||||||
27,822,485 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $511,392,113) |
| 464,799,479 | ||||||
RIGHTS — 0.00% |
| |||||||
CONSTRUCTION MATERIALS — 0.00% |
| |||||||
Superblock PCL NVDRa,b | 27,655 | 5,731 | ||||||
|
| |||||||
5,731 | ||||||||
MARINE — 0.00% |
| |||||||
Thoresen Thai Agencies PCL NVDRa | 114,072 | — | ||||||
|
| |||||||
— | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 5,731 | ||||||
WARRANTS — 0.00% |
| |||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.00% |
| |||||||
Samart Corp. PCL NVDR | 573,967 | — | ||||||
|
| |||||||
— | ||||||||
MARINE — 0.00% |
| |||||||
Thoresen Thai Agencies PCL NVDR (Expires 02/28/17)a | 1 | — | ||||||
|
| |||||||
— | ||||||||
|
| |||||||
TOTAL WARRANTS |
| |||||||
(Cost: $0) |
| — |
SCHEDULESOF INVESTMENTS | 47 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI THAILAND CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS — 5.76% |
| |||||||
MONEY MARKET FUNDS — 5.76% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 24,792,657 | $ | 24,792,657 | |||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 1,446,959 | 1,446,959 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 614,812 | 614,812 | ||||||
|
| |||||||
26,854,428 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $26,854,428) |
| 26,854,428 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $538,246,541) |
| 491,659,638 | ||||||
Other Assets, Less Liabilities — (5.40)% |
| (25,208,787 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 466,450,851 | |||||
|
|
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 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
48 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2015
iShares MSCI Australia ETF | iShares MSCI Hong Kong ETF | iShares MSCI Japan Small-Cap ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 1,768,818,669 | $ | 2,890,163,141 | $ | 108,405,238 | ||||||
Affiliated (Note 2) | 723,309 | 103,971,038 | 3,394,001 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 1,769,541,978 | $ | 2,994,134,179 | $ | 111,799,239 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 1,683,859,887 | $ | 3,000,939,718 | $ | 111,613,263 | ||||||
Affiliated (Note 2) | 723,309 | 103,971,038 | 3,394,001 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 1,684,583,196 | 3,104,910,756 | 115,007,264 | |||||||||
Foreign currency, at valueb | 4,791,479 | 2,404,320 | 113,185 | |||||||||
Foreign currency pledged to broker, at valueb | — | 444,223 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 2,949,964 | 3,325,185 | — | |||||||||
Due from custodian (Note 4) | 375,067 | — | — | |||||||||
Dividends and interest | 12,131,272 | 362,238 | 288,765 | |||||||||
Futures variation margin | 712,996 | 18,303 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 1,705,543,974 | 3,111,465,025 | 115,409,214 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 3,889,693 | 3,513,419 | — | |||||||||
Due to broker for foreign currency pledged for futures, at valueb | 169,860 | — | — | |||||||||
Collateral for securities on loan (Note 1) | 152,109 | 99,181,986 | 3,369,520 | |||||||||
Investment advisory fees (Note 2) | 598,706 | 1,096,716 | 40,410 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 4,810,368 | 103,792,121 | 3,409,930 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,700,733,606 | $ | 3,007,672,904 | $ | 111,999,284 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 2,033,018,519 | $ | 3,263,476,072 | $ | 106,965,080 | ||||||
Distributions in excess of net investment income | (7,008,098 | ) | (32,516 | ) | (2,224,295 | ) | ||||||
Undistributed net realized gain (accumulated net realized loss) | (240,954,660 | ) | (366,565,401 | ) | 4,052,068 | |||||||
Net unrealized appreciation (depreciation) | (84,322,155 | ) | 110,794,749 | 3,206,431 | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,700,733,606 | $ | 3,007,672,904 | $ | 111,999,284 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 71,800,000 | 138,600,000 | 2,000,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 23.69 | $ | 21.70 | $ | 56.00 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $144,849, $93,541,643 and $3,201,966, respectively. See Note 1. |
b | Cost of foreign currency including currency pledged to broker, if any: $4,698,326, $2,848,658 and $113,709, respectively. |
c | $0.001 par value, number of shares authorized: 627.8 million, 375 million and 500 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 49 |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares MSCI Malaysia ETF | iShares MSCI Pacific ex Japan ETF | iShares MSCI Singapore ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 193,552,941 | $ | 2,651,309,248 | $ | 806,451,937 | ||||||
Affiliated (Note 2) | 841,909 | 37,292,231 | 37,579,591 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 194,394,850 | $ | 2,688,601,479 | $ | 844,031,528 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 442,939,411 | $ | 2,736,052,626 | $ | 799,151,704 | ||||||
Affiliated (Note 2) | 841,909 | 37,292,231 | 37,579,591 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 443,781,320 | 2,773,344,857 | 836,731,295 | |||||||||
Foreign currency, at valueb | 4,982,049 | 4,645,274 | 2,464,571 | |||||||||
Foreign currency pledged to broker, at valueb | — | — | 83,847 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 16,587 | 6,939,766 | 13,809,315 | |||||||||
Dividends and interest | 1,301,344 | 12,632,465 | 756,167 | |||||||||
Capital shares sold | 8,156,629 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 458,237,929 | 2,797,562,362 | 853,845,195 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 12,491,543 | 7,404,909 | 13,760,309 | |||||||||
Collateral for securities on loan (Note 1) | — | 36,528,593 | 37,033,571 | |||||||||
Futures variation margin | — | — | 21,601 | |||||||||
Investment advisory fees (Note 2) | 165,915 | 1,011,992 | 299,881 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 12,657,458 | 44,945,494 | 51,115,362 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 445,580,471 | $ | 2,752,616,868 | $ | 802,729,833 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 140,999,766 | $ | 3,124,394,986 | $ | 1,034,882,676 | ||||||
Undistributed (distributions in excess of) net investment income | 1,266,469 | (8,996,567 | ) | (13,864,501 | ) | |||||||
Undistributed net realized gain (accumulated net realized loss) | 53,908,687 | (447,505,657 | ) | (210,927,604 | ) | |||||||
Net unrealized appreciation (depreciation) | 249,405,549 | 84,724,106 | (7,360,738 | ) | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 445,580,471 | $ | 2,752,616,868 | $ | 802,729,833 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 32,775,000 | 59,400,000 | 62,700,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 13.60 | $ | 46.34 | $ | 12.80 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $ —, $34,455,235 and $35,006,414, respectively. See Note 1. |
b | Cost of foreign currency including currency at broker, if any: $4,981,506, $4,664,758 and $2,586,812, respectively. |
c | $0.001 par value, number of shares authorized: 300 million, 1 billion and 300 million, respectively. |
See notes to financial statements.
50 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares MSCI South Korea Capped ETF | iShares MSCI ETF | iShares MSCI Thailand Capped ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 2,419,899,547 | $ | 2,140,941,233 | $ | 511,392,113 | ||||||
Affiliated (Note 2) | 245,354,067 | 177,761,721 | 26,854,428 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 2,665,253,614 | $ | 2,318,702,954 | $ | 538,246,541 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 3,971,849,927 | $ | 3,660,846,937 | $ | 464,805,210 | ||||||
Affiliated (Note 2) | 245,354,067 | 177,761,721 | 26,854,428 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 4,217,203,994 | 3,838,608,658 | 491,659,638 | |||||||||
Foreign currency, at valueb | — | 22,297,724 | — | |||||||||
Cash pledged to broker | — | 113,000 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 11,897,926 | 11,261,602 | 2,058,988 | |||||||||
Dividends and interest | 47,106,206 | 168,149 | 871,495 | |||||||||
Capital shares sold | 17,195,726 | 59,746,135 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 4,293,403,852 | 3,932,195,268 | 494,590,121 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 25,422,970 | 69,843,535 | 1,674,763 | |||||||||
Deposit for capital contribution | — | 22,297,724 | — | |||||||||
Collateral for securities on loan (Note 1) | 240,603,260 | 170,376,140 | 26,239,616 | |||||||||
Foreign taxes (Note 1) | 14,803 | 26,944 | — | |||||||||
Investment advisory fees (Note 2) | 1,942,030 | 1,696,174 | 224,891 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 267,983,063 | 264,240,517 | 28,139,270 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 4,025,420,789 | $ | 3,667,954,751 | $ | 466,450,851 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 3,596,735,346 | $ | 3,274,220,629 | $ | 531,154,289 | ||||||
Undistributed (distributions in excess of) net investment income | (76,755,487 | ) | (20,749,906 | ) | 568,392 | |||||||
Accumulated net realized loss | (1,046,500,297 | ) | (1,105,433,972 | ) | (18,689,852 | ) | ||||||
Net unrealized appreciation (depreciation) | 1,551,941,227 | 1,519,918,000 | (46,581,978 | ) | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 4,025,420,789 | $ | 3,667,954,751 | $ | 466,450,851 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 70,700,000 | 230,400,000 | 5,700,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 56.94 | $ | 15.92 | $ | 81.83 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $229,324,187, $160,342,407 and $8,853,430, respectively. See Note 1. |
b | Cost of foreign currency: $ —, $22,297,724 and $ —, respectively. |
c | $0.001 par value, number of shares authorized: 200 million, 900 million and 200 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 51 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI Australia ETF | iShares MSCI Hong Kong ETF | iShares MSCI Japan Small-Cap ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 42,380,376 | $ | 26,768,416 | $ | 1,095,460 | ||||||
Interest — unaffiliated | 2,441 | — | — | |||||||||
Interest — affiliated (Note 2) | 33 | 68 | 2 | |||||||||
Securities lending income — affiliated (Note 2) | 652 | 128,744 | 91,606 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 42,383,502 | 26,897,228 | 1,187,068 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 4,187,156 | 7,401,880 | 320,507 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 4,187,156 | 7,401,880 | 320,507 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 38,196,346 | 19,495,348 | 866,561 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (29,504,136 | ) | (15,453,248 | ) | 80,274 | |||||||
In-kind redemptions — unaffiliated | 14,234,024 | 67,055,536 | 8,885,117 | |||||||||
Futures contracts | (1,838,785 | ) | (1,162,676 | ) | — | |||||||
Foreign currency transactions | (3,174,258 | ) | (10,381 | ) | (101,858 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (20,283,155 | ) | 50,429,231 | 8,863,533 | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (239,428,411 | ) | (85,786,162 | ) | (12,990,976 | ) | ||||||
Futures contracts | 260,184 | 294,323 | — | |||||||||
Translation of assets and liabilities in foreign currencies | (92,987 | ) | (342 | ) | 5,490 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (239,261,214 | ) | (85,492,181 | ) | (12,985,486 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (259,544,369 | ) | (35,062,950 | ) | (4,121,953 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (221,348,023 | ) | $ | (15,567,602 | ) | $ | (3,255,392 | ) | |||
|
|
|
|
|
|
a | Net of foreign withholding tax of $513,349, $ — and $119,035, respectively. |
See notes to financial statements.
52 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI Malaysia ETF | iShares MSCI Pacific ex Japan ETF | iShares MSCI Singapore ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 9,684,183 | $ | 52,844,274 | $ | 6,348,258 | ||||||
Interest — affiliated (Note 2) | 8 | 78 | 22 | |||||||||
Securities lending income — affiliated (Note 2) | — | 111,830 | 188,524 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 9,684,191 | 52,956,182 | 6,536,804 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 1,510,577 | 7,120,920 | 2,090,949 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,510,577 | 7,120,920 | 2,090,949 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 8,173,614 | 45,835,262 | 4,445,855 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | 79,060,414 | (35,734,570 | ) | (6,759,291 | ) | |||||||
In-kind redemptions — unaffiliated | — | 89,487,911 | 11,336,077 | |||||||||
Futures contracts | — | — | (225,127 | ) | ||||||||
Foreign currency transactions | (770,948 | ) | (3,038,238 | ) | (510,592 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain | 78,289,466 | 50,715,103 | 3,841,067 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (204,814,670 | ) | (359,196,337 | ) | (71,334,103 | ) | ||||||
Futures contracts | — | — | 21,125 | |||||||||
Translation of assets and liabilities in foreign currencies | 8,829 | (55,478 | ) | (47,817 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (204,805,841 | ) | (359,251,815 | ) | (71,360,795 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (126,516,375 | ) | (308,536,712 | ) | (67,519,728 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (118,342,761 | ) | $ | (262,701,450 | ) | $ | (63,073,873 | ) | |||
|
|
|
|
|
|
a | Net of foreign withholding tax of $ —, $694,216 and $124,892, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 53 |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI South Korea Capped ETF | iShares MSCI ETF | iShares MSCI Thailand Capped ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 46,534,200 | b | $ | 1,107,136 | $ | 3,130,942 | |||||
Interest — unaffiliated | 460 | — | — | |||||||||
Interest — affiliated (Note 2) | 279 | 450 | 17 | |||||||||
Securities lending income — affiliated (Note 2) | 2,255,035 | 1,001,789 | c | 288,718 | ||||||||
|
|
|
|
|
| |||||||
48,789,974 | 2,109,375 | 3,419,677 | ||||||||||
Less: Other foreign taxes (Note 1) | (11,741 | ) | (328,326 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total investment income | 48,778,233 | 1,781,049 | 3,419,677 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 13,380,307 | 9,989,841 | 1,572,152 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 13,380,307 | 9,989,841 | 1,572,152 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 35,397,926 | (8,208,792 | ) | 1,847,525 | ||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (139,088,521 | ) | (12,402,930 | ) | (5,233,482 | ) | ||||||
In-kind redemptions — unaffiliated | — | — | 11,618,918 | |||||||||
Futures contracts | — | (1,060,662 | ) | — | ||||||||
Foreign currency transactions | 113,607 | (61,800 | ) | (22,559 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (138,974,914 | ) | (13,525,392 | ) | 6,362,877 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (579,907,715 | ) | (10,080,719 | ) | (22,343,074 | ) | ||||||
Futures contracts | — | (275,704 | ) | — | ||||||||
Translation of assets and liabilities in foreign currencies | (481 | ) | (53,077 | ) | 4,491 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (579,908,196 | ) | (10,409,500 | ) | (22,338,583 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (718,883,110 | ) | (23,934,892 | ) | (15,975,706 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (683,485,184 | ) | $ | (32,143,684 | ) | $ | (14,128,181 | ) | |||
|
|
|
|
|
|
a | Net of foreign withholding tax of $13,003,834, $177,113 and $346,462, respectively. |
b | Includes $13,878,067 related to a special distribution from Samsung Electronics Co. Ltd. |
c | Net of foreign tax paid of $ —, $236,916 and $ —, respectively. |
See notes to financial statements.
54 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI Australia ETF | iShares MSCI Hong Kong ETF | |||||||||||||||
Six months ended February 28, 2015 | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 38,196,346 | $ | 82,908,446 | $ | 19,495,348 | $ | 70,834,799 | ||||||||
Net realized gain (loss) | (20,283,155 | ) | 35,472,872 | 50,429,231 | 65,800,683 | |||||||||||
Net change in unrealized appreciation/depreciation | (239,261,214 | ) | 210,426,381 | (85,492,181 | ) | 218,838,568 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (221,348,023 | ) | 328,807,699 | (15,567,602 | ) | 355,474,050 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (50,068,366 | ) | (76,457,082 | ) | (25,717,600 | ) | (69,523,487 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (50,068,366 | ) | (76,457,082 | ) | (25,717,600 | ) | (69,523,487 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 138,753,152 | 364,472,393 | 353,497,324 | 1,440,373,193 | ||||||||||||
Cost of shares redeemed | (213,715,741 | ) | (486,559,346 | ) | (525,851,436 | ) | (629,867,957 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (74,962,589 | ) | (122,086,953 | ) | (172,354,112 | ) | 810,505,236 | |||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (346,378,978 | ) | 130,263,664 | (213,639,314 | ) | 1,096,455,799 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 2,047,112,584 | 1,916,848,920 | 3,221,312,218 | 2,124,856,419 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,700,733,606 | $ | 2,047,112,584 | $ | 3,007,672,904 | $ | 3,221,312,218 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (7,008,098 | ) | $ | 4,863,922 | $ | (32,516 | ) | $ | 6,189,736 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 6,000,000 | 13,800,000 | 16,725,000 | 66,525,000 | ||||||||||||
Shares redeemed | (9,600,000 | ) | (19,600,000 | ) | (25,275,000 | ) | (31,725,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (3,600,000 | ) | (5,800,000 | ) | (8,550,000 | ) | 34,800,000 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 55 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Japan Small-Cap ETF | iShares MSCI Malaysia ETF | |||||||||||||||
Six months ended | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 866,561 | $ | 1,791,679 | $ | 8,173,614 | $ | 27,863,132 | ||||||||
Net realized gain | 8,863,533 | 1,795,819 | 78,289,466 | 41,437,464 | ||||||||||||
Net change in unrealized appreciation/depreciation | (12,985,486 | ) | 15,636,594 | (204,805,841 | ) | 33,268,903 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (3,255,392 | ) | 19,224,092 | (118,342,761 | ) | 102,569,499 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (2,064,455 | ) | (2,956,269 | ) | (10,373,202 | ) | (26,722,876 | ) | ||||||||
From net realized gain | — | — | (1,987,267 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (2,064,455 | ) | (2,956,269 | ) | (12,360,469 | ) | (26,722,876 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 5,193,278 | 80,604,743 | 25,258,458 | 52,163,306 | ||||||||||||
Cost of shares redeemed | (57,710,852 | ) | (16,023,548 | ) | (235,435,656 | ) | (150,687,467 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (52,517,574 | ) | 64,581,195 | (210,177,198 | ) | (98,524,161 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (57,837,421 | ) | 80,849,018 | (340,880,428 | ) | (22,677,538 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 169,836,705 | 88,987,687 | 786,460,899 | 809,138,437 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 111,999,284 | $ | 169,836,705 | $ | 445,580,471 | $ | 786,460,899 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (2,224,295 | ) | $ | (1,026,401 | ) | $ | 1,266,469 | $ | 3,466,057 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 100,000 | 1,500,000 | 1,650,000 | 3,225,000 | ||||||||||||
Shares redeemed | (1,100,000 | ) | (300,000 | ) | (17,625,000 | ) | (9,900,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (1,000,000 | ) | 1,200,000 | (15,975,000 | ) | (6,675,000 | ) | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
56 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Pacific ex Japan ETF | iShares MSCI Singapore ETF | |||||||||||||||
Six months ended | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 45,835,262 | $ | 123,772,601 | $ | 4,445,855 | $ | 32,110,843 | ||||||||
Net realized gain | 50,715,103 | 126,373,389 | 3,841,067 | 32,530,341 | ||||||||||||
Net change in unrealized appreciation/depreciation | (359,251,815 | ) | 262,536,520 | (71,360,795 | ) | 84,170,334 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (262,701,450 | ) | 512,682,510 | (63,073,873 | ) | 148,811,518 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (67,566,490 | ) | (118,670,244 | ) | (15,957,042 | ) | (36,850,739 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (67,566,490 | ) | (118,670,244 | ) | (15,957,042 | ) | (36,850,739 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 27,284,262 | 752,794,621 | 14,162,771 | 45,906,815 | ||||||||||||
Cost of shares redeemed | (416,447,774 | ) | (682,826,053 | ) | (116,856,965 | ) | (308,890,044 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (389,163,512 | ) | 69,968,568 | (102,694,194 | ) | (262,983,229 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (719,431,452 | ) | 463,980,834 | (181,725,109 | ) | (151,022,450 | ) | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 3,472,048,320 | 3,008,067,486 | 984,454,942 | 1,135,477,392 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,752,616,868 | $ | 3,472,048,320 | $ | 802,729,833 | $ | 984,454,942 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (8,996,567 | ) | $ | 12,734,661 | $ | (13,864,501 | ) | $ | (2,353,314 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 600,000 | 15,300,000 | 1,100,000 | 3,400,000 | ||||||||||||
Shares redeemed | (9,000,000 | ) | (15,000,000 | ) | (8,900,000 | ) | (23,800,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (8,400,000 | ) | 300,000 | (7,800,000 | ) | (20,400,000 | ) | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 57 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI South Korea Capped ETF | iShares MSCI Taiwan ETF | |||||||||||||||
Six months ended | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 35,397,926 | $ | 16,661,091 | $ | (8,208,792 | ) | $ | 57,916,427 | |||||||
Net realized loss | (138,974,914 | ) | (39,478,146 | ) | (13,525,392 | ) | (20,870,934 | ) | ||||||||
Net change in unrealized appreciation/depreciation | (579,908,196 | ) | 623,922,673 | (10,409,500 | ) | 581,209,729 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (683,485,184 | ) | 601,105,618 | (32,143,684 | ) | 618,255,222 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (50,182,957 | ) | (61,830,398 | ) | (61,969,914 | ) | (51,978,221 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (50,182,957 | ) | (61,830,398 | ) | (61,969,914 | ) | (51,978,221 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 324,302,030 | 1,151,119,199 | 475,707,515 | 299,500,305 | ||||||||||||
Cost of shares redeemed | (456,832,007 | ) | (175,291,957 | ) | (12,302,975 | ) | (209,110,415 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (132,529,977 | ) | 975,827,242 | 463,404,540 | 90,389,890 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (866,198,118 | ) | 1,515,102,462 | 369,290,942 | 656,666,891 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 4,891,618,907 | 3,376,516,445 | 3,298,663,809 | 2,641,996,918 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,025,420,789 | $ | 4,891,618,907 | $ | 3,667,954,751 | $ | 3,298,663,809 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (76,755,487 | ) | $ | (61,970,456 | ) | $ | (20,749,906 | ) | $ | 49,428,800 | |||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 5,200,000 | 18,000,000 | 30,600,000 | 21,000,000 | ||||||||||||
Shares redeemed | (8,150,000 | ) | (2,900,000 | ) | (800,000 | ) | (14,600,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (2,950,000 | ) | 15,100,000 | 29,800,000 | 6,400,000 | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
58 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Thailand Capped ETF | ||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 1,847,525 | $ | 12,286,557 | ||||
Net realized gain | 6,362,877 | 9,219,384 | ||||||
Net change in unrealized appreciation/depreciation | (22,338,583 | ) | 95,854,036 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (14,128,181 | ) | 117,359,977 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (3,237,758 | ) | (12,909,951 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (3,237,758 | ) | (12,909,951 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 115,473,232 | 341,398,189 | ||||||
Cost of shares redeemed | (203,026,048 | ) | (416,351,403 | ) | ||||
|
|
|
| |||||
Net decrease in net assets from capital share transactions | (87,552,816 | ) | (74,953,214 | ) | ||||
|
|
|
| |||||
INCREASE (DECREASE) IN NET ASSETS | (104,918,755 | ) | 29,496,812 | |||||
NET ASSETS | ||||||||
Beginning of period | 571,369,606 | 541,872,794 | ||||||
|
|
|
| |||||
End of period | $ | 466,450,851 | $ | 571,369,606 | ||||
|
|
|
| |||||
Undistributed net investment income included in net assets at end of period | $ | 568,392 | $ | 1,958,625 | ||||
|
|
|
| |||||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | 1,400,000 | 4,550,000 | ||||||
Shares redeemed | (2,550,000 | ) | (5,700,000 | ) | ||||
|
|
|
| |||||
Net decrease in shares outstanding | (1,150,000 | ) | (1,150,000 | ) | ||||
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 59 |
Table of Contents
iSHARES® , INC.
(For a share outstanding throughout each period)
iShares MSCI Australia ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 27.15 | $ | 23.61 | $ | 23.39 | $ | 24.18 | $ | 20.92 | $ | 20.33 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.52 | 1.10 | 1.02 | 1.04 | 0.99 | 0.72 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (3.28 | ) | 3.43 | 0.64 | (0.72 | ) | 3.33 | 0.69 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (2.76 | ) | 4.53 | 1.66 | 0.32 | 4.32 | 1.41 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.70 | ) | (0.99 | ) | (1.44 | ) | (1.11 | ) | (1.06 | ) | (0.82 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.70 | ) | (0.99 | ) | (1.44 | ) | (1.11 | ) | (1.06 | ) | (0.82 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 23.69 | $ | 27.15 | $ | 23.61 | $ | 23.39 | $ | 24.18 | $ | 20.92 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (9.93 | )%c | 19.76 | % | 7.06 | % | 1.84 | % | 20.54 | % | 6.86 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,700,734 | $ | 2,047,113 | $ | 1,916,849 | $ | 2,493,699 | $ | 3,090,425 | $ | 2,196,817 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 4.41 | % | 4.28 | % | 4.05 | % | 4.61 | % | 3.95 | % | 3.24 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 6 | % | 6 | % | 9 | % | 9 | % | 8 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
60 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Hong Kong ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 21.89 | $ | 18.91 | $ | 16.94 | $ | 17.59 | $ | 16.02 | $ | 14.39 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.13 | 0.66 | 0.48 | 0.54 | 0.42 | 0.42 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (0.14 | ) | 3.04 | 2.05 | (0.65 | ) | 1.56 | 1.69 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (0.01 | ) | 3.70 | 2.53 | (0.11 | ) | 1.98 | 2.11 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.72 | ) | (0.56 | ) | (0.54 | ) | (0.41 | ) | (0.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.18 | ) | (0.72 | ) | (0.56 | ) | (0.54 | ) | (0.41 | ) | (0.48 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 21.70 | $ | 21.89 | $ | 18.91 | $ | 16.94 | $ | 17.59 | $ | 16.02 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 0.05 | %c | 19.87 | % | 15.04 | % | (0.33 | )% | 12.27 | % | 14.85 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 3,007,673 | $ | 3,221,312 | $ | 2,124,856 | $ | 1,865,974 | $ | 1,607,982 | $ | 1,976,317 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.27 | % | 3.24 | % | 2.47 | % | 3.26 | % | 2.25 | % | 2.67 | % | ||||||||||||
Portfolio turnover ratee | 2 | % | 6 | % | 12 | % | 11 | % | 15 | % | 5 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 61 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Japan Small-Cap ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 56.61 | $ | 49.44 | $ | 42.82 | $ | 46.49 | $ | 40.74 | $ | 44.45 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.35 | 0.70 | 0.65 | 0.82 | 0.78 | 0.61 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (0.13 | ) | 7.61 | 6.97 | (3.25 | ) | 5.87 | (3.39 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.22 | 8.31 | 7.62 | (2.43 | ) | 6.65 | (2.78 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.83 | ) | (1.14 | ) | (1.00 | ) | (1.24 | ) | (0.90 | ) | (0.93 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.83 | ) | (1.14 | ) | (1.00 | ) | (1.24 | ) | (0.90 | ) | (0.93 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 56.00 | $ | 56.61 | $ | 49.44 | $ | 42.82 | $ | 46.49 | $ | 40.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 0.52 | %c | 16.94 | % | 18.07 | % | (5.18 | )% | 16.38 | % | (6.25 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 111,999 | $ | 169,837 | $ | 88,988 | $ | 42,817 | $ | 74,387 | $ | 36,664 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.50 | % | 0.53 | % | 0.51 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.31 | % | 1.31 | % | 1.36 | % | 1.84 | % | 1.72 | % | 1.46 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 14 | % | 17 | % | 7 | % | 10 | % | 7 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
62 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Malaysia ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 16.13 | $ | 14.60 | $ | 14.52 | $ | 13.92 | $ | 12.98 | $ | 9.79 | ||||||||||||
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Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.19 | 0.54 | 0.41 | 0.38 | 0.41 | 0.24 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (2.44 | ) | 1.51 | 0.04 | 0.76 | 0.92 | 3.20 | |||||||||||||||||
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| |||||||||||||
Total from investment operations | (2.25 | ) | 2.05 | 0.45 | 1.14 | 1.33 | 3.44 | |||||||||||||||||
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Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.52 | ) | (0.37 | ) | (0.52 | ) | (0.39 | ) | (0.25 | ) | ||||||||||||
Net realized gain | (0.05 | ) | — | — | — | — | — | |||||||||||||||||
Return of capital | — | — | — | (0.02 | ) | — | — | |||||||||||||||||
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| |||||||||||||
Total distributions | (0.28 | ) | (0.52 | ) | (0.37 | ) | (0.54 | ) | (0.39 | ) | (0.25 | ) | ||||||||||||
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Net asset value, end of period | $ | 13.60 | $ | 16.13 | $ | 14.60 | $ | 14.52 | $ | 13.92 | $ | 12.98 | ||||||||||||
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| |||||||||||||
Total return | (13.93 | )%c | 14.17 | % | 3.02 | % | 8.61 | % | 10.19 | % | 35.76 | % | ||||||||||||
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Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 445,580 | $ | 786,461 | $ | 809,138 | $ | 936,692 | $ | 978,402 | $ | 794,142 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 2.61 | % | 3.48 | % | 2.71 | % | 2.73 | % | 2.84 | % | 2.17 | % | ||||||||||||
Portfolio turnover ratee | 5 | % | 16 | % | 17 | % | 24 | % | 49 | % | 29 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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, 2015 and the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011, and August 31, 2010 were 3%, 10%, 8%, 14%, 14%, and 10%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 63 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Pacific ex Japan ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 51.21 | $ | 44.56 | $ | 43.21 | $ | 44.47 | $ | 39.25 | $ | 36.85 | ||||||||||||
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| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.73 | 1.88 | 1.69 | 1.73 | 1.64 | 1.25 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (4.47 | ) | 6.51 | 1.71 | (1.14 | ) | 5.31 | 2.52 | ||||||||||||||||
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| |||||||||||||
Total from investment operations | (3.74 | ) | 8.39 | 3.40 | 0.59 | 6.95 | 3.77 | |||||||||||||||||
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| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (1.13 | ) | (1.74 | ) | (2.05 | ) | (1.85 | ) | (1.73 | ) | (1.37 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (1.13 | ) | (1.74 | ) | (2.05 | ) | (1.85 | ) | (1.73 | ) | (1.37 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 46.34 | $ | 51.21 | $ | 44.56 | $ | 43.21 | $ | 44.47 | $ | 39.25 | ||||||||||||
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| |||||||||||||
Total return | (7.10 | )%c | 19.25 | % | 7.87 | % | 1.82 | % | 17.61 | % | 10.27 | % | ||||||||||||
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Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 2,752,617 | $ | 3,472,048 | $ | 3,008,067 | $ | 3,188,582 | $ | 3,548,867 | $ | 3,438,149 | ||||||||||||
Ratio of expenses to average net assetsd | 0.49 | % | 0.49 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 3.17 | % | 3.90 | % | 3.59 | % | 4.16 | % | 3.53 | % | 3.09 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 8 | % | 8 | % | 7 | % | 10 | % | 7 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
64 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Singapore ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 13.96 | $ | 12.49 | $ | 13.10 | $ | 13.05 | $ | 12.17 | $ | 10.25 | ||||||||||||
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| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.07 | 0.40 | 0.44 | 0.41 | 0.45 | 0.32 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (0.98 | ) | 1.52 | (0.47 | ) | 0.11 | 0.92 | 1.97 | ||||||||||||||||
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| |||||||||||||
Total from investment operations | (0.91 | ) | 1.92 | (0.03 | ) | 0.52 | 1.37 | 2.29 | ||||||||||||||||
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| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.45 | ) | (0.58 | ) | (0.47 | ) | (0.49 | ) | (0.37 | ) | ||||||||||||
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| |||||||||||||
Total distributions | (0.25 | ) | (0.45 | ) | (0.58 | ) | (0.47 | ) | (0.49 | ) | (0.37 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 12.80 | $ | 13.96 | $ | 12.49 | $ | 13.10 | $ | 13.05 | $ | 12.17 | ||||||||||||
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| |||||||||||||
Total return | (6.52 | )%c | 15.65 | % | (0.38 | )% | 4.67 | % | 11.27 | % | 22.68 | % | ||||||||||||
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| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 802,730 | $ | 984,455 | $ | 1,135,477 | $ | 1,512,687 | $ | 1,713,199 | $ | 1,730,001 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.03 | % | 2.99 | % | 3.23 | % | 3.32 | % | 3.34 | % | 2.80 | % | ||||||||||||
Portfolio turnover ratee | 6 | % | 4 | % | 10 | % | 3 | % | 10 | % | 9 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 65 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI South Korea Capped ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 66.42 | $ | 57.67 | $ | 55.97 | $ | 56.74 | $ | 47.76 | $ | 42.01 | ||||||||||||
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| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.47 | b | 0.25 | 0.23 | 0.23 | 0.29 | 0.32 | |||||||||||||||||
Net realized and unrealized gain (loss)c | (9.29 | ) | 9.40 | 1.83 | (0.63 | ) | 9.19 | 5.82 | ||||||||||||||||
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| |||||||||||||
Total from investment operations | (8.82 | ) | 9.65 | 2.06 | (0.40 | ) | 9.48 | 6.14 | ||||||||||||||||
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Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.66 | ) | (0.90 | ) | (0.36 | ) | (0.37 | ) | (0.43 | ) | (0.39 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.07 | ) | — | |||||||||||||||||
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| |||||||||||||
Total distributions | (0.66 | ) | (0.90 | ) | (0.36 | ) | (0.37 | ) | (0.50 | ) | (0.39 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 56.94 | $ | 66.42 | $ | 57.67 | $ | 55.97 | $ | 56.74 | $ | 47.76 | ||||||||||||
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| |||||||||||||
Total return | (13.24 | )%d | 16.83 | % | 3.65 | % | (0.62 | )% | 19.76 | % | 14.65 | % | ||||||||||||
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| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 4,025,421 | $ | 4,891,619 | $ | 3,376,516 | $ | 2,669,551 | $ | 4,071,225 | $ | 3,255,168 | ||||||||||||
Ratio of expenses to average net assetse | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
Ratio of net investment income to average net assetse | 1.63 | %b | 0.39 | % | 0.40 | % | 0.42 | % | 0.49 | % | 0.67 | % | ||||||||||||
Portfolio turnover ratef | 12 | % | 13 | % | 13 | % | 12 | % | 18 | % | 14 | % |
a | Based on average shares outstanding throughout each period. |
b | Includes a special distribution from Samsung Electronics Co. Ltd., which represented $0.18 per share and 0.64% of average net assets, annualized. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2015 and the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011, and August 31, 2010 were 5%, 10%, 11%, 8%, 6%, and 6%, respectively. See Note 4. |
See notes to financial statements.
66 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Taiwan ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 16.44 | $ | 13.60 | $ | 12.58 | $ | 13.78 | $ | 12.19 | $ | 10.94 | ||||||||||||
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| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | (0.04 | ) | 0.29 | 0.24 | 0.28 | 0.39 | 0.23 | |||||||||||||||||
Net realized and unrealized gain (loss)b | (0.19 | ) | 2.81 | 1.05 | (1.01 | ) | 1.49 | 1.23 | ||||||||||||||||
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Total from investment operations | (0.23 | ) | 3.10 | 1.29 | (0.73 | ) | 1.88 | 1.46 | ||||||||||||||||
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Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.26 | ) | (0.27 | ) | (0.47 | ) | (0.29 | ) | (0.21 | ) | ||||||||||||
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Total distributions | (0.29 | ) | (0.26 | ) | (0.27 | ) | (0.47 | ) | (0.29 | ) | (0.21 | ) | ||||||||||||
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Net asset value, end of period | $ | 15.92 | $ | 16.44 | $ | 13.60 | $ | 12.58 | $ | 13.78 | $ | 12.19 | ||||||||||||
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| |||||||||||||
Total return | (1.28 | )%c | 23.24 | % | 10.30 | % | (4.80 | )% | 15.24 | % | 13.30 | % | ||||||||||||
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Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 3,667,955 | $ | 3,298,664 | $ | 2,641,997 | $ | 2,247,128 | $ | 2,857,512 | $ | 2,721,439 | ||||||||||||
Ratio of expenses to average net assetsd | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
Ratio of net investment income (loss) to average net assetsd | (0.51 | )% | 1.98 | % | 1.80 | % | 2.25 | % | 2.64 | % | 1.90 | % | ||||||||||||
Portfolio turnover ratee | 2 | % | 11 | % | 21 | % | 22 | % | 23 | % | 9 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2015 and the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011, and August 31, 2010 were 2%, 4%, 6%, 7%, 8%, and 4%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 67 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Thailand Capped ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 83.41 | $ | 67.73 | $ | 70.53 | $ | 66.27 | $ | 55.06 | $ | 36.87 | ||||||||||||
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| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.29 | 1.67 | 1.84 | 1.76 | 1.65 | 1.44 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (1.35 | ) | 15.84 | (2.75 | ) | 4.37 | 11.10 | 17.95 | ||||||||||||||||
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| |||||||||||||
Total from investment operations | (1.06 | ) | 17.51 | (0.91 | ) | 6.13 | 12.75 | 19.39 | ||||||||||||||||
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| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.52 | ) | (1.83 | ) | (1.89 | ) | (1.87 | ) | (1.54 | ) | (1.20 | ) | ||||||||||||
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|
|
|
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| |||||||||||||
Total distributions | (0.52 | ) | (1.83 | ) | (1.89 | ) | (1.87 | ) | (1.54 | ) | (1.20 | ) | ||||||||||||
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| |||||||||||||
Net asset value, end of period | $ | 81.83 | $ | 83.41 | $ | 67.73 | $ | 70.53 | $ | 66.27 | $ | 55.06 | ||||||||||||
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|
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| |||||||||||||
Total return | (1.22 | )%c | 26.18 | % | (1.65 | )% | 9.57 | % | 23.33 | % | 53.19 | % | ||||||||||||
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Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 466,451 | $ | 571,370 | $ | 541,873 | $ | 595,968 | $ | 632,840 | $ | 520,304 | ||||||||||||
Ratio of expenses to average net assetsd | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.72 | % | 2.24 | % | 2.22 | % | 2.66 | % | 2.56 | % | 3.22 | % | ||||||||||||
Portfolio turnover ratee | 6 | % | 9 | % | 24 | % | 12 | % | 22 | % | 14 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
68 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
MSCI Australia | Non-diversified | |||
MSCI Hong Kong | Non-diversified | |||
MSCI Japan Small-Cap | Diversified | |||
MSCI Malaysia | Non-diversified | |||
MSCI Pacific ex Japan | Diversified |
iShares ETF | Diversification Classification | |||
MSCI Singapore | Non-diversified | |||
MSCI South Korea Capped | Non-diversified | |||
MSCI Taiwan | Non-diversified | |||
MSCI Thailand Capped | Non-diversified |
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.
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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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. |
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iSHARES® , INC.
• | Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV). |
• | 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 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, reviews of 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 is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the 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.
70 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
iShares ETF and
| Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Australia | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 1,683,859,887 | $ | — | $ | — | $ | 1,683,859,887 | ||||||||
Money Market Funds | 723,309 | — | — | 723,309 | ||||||||||||
Futures Contractsa | 712,996 | — | — | 712,996 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,685,296,192 | $ | — | $ | — | $ | 1,685,296,192 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Hong Kong | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 3,000,939,718 | $ | — | $ | — | $ | 3,000,939,718 | ||||||||
Money Market Funds | 103,971,038 | — | — | 103,971,038 | ||||||||||||
Futures Contractsa | 18,303 | — | — | 18,303 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,104,929,059 | $ | — | $ | — | $ | 3,104,929,059 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Japan Small-Cap | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 111,548,082 | $ | 65,181 | $ | — | $ | 111,613,263 | ||||||||
Money Market Funds | 3,394,001 | — | — | 3,394,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 114,942,083 | $ | 65,181 | $ | — | $ | 115,007,264 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Malaysia | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 442,735,088 | $ | — | $ | — | $ | 442,735,088 | ||||||||
Rights | 204,323 | — | — | 204,323 | ||||||||||||
Money Market Funds | 841,909 | — | — | 841,909 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 443,781,320 | $ | — | $ | — | $ | 443,781,320 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Pacific ex Japan | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 2,736,052,626 | $ | — | $ | — | $ | 2,736,052,626 | ||||||||
Money Market Funds | 37,292,231 | — | — | 37,292,231 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
$ | 2,773,344,857 | $ | — | $ | — | $ | 2,773,344,857 | |||||||||
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|
|
|
|
|
| |||||||||
MSCI Singapore | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 799,151,704 | $ | — | $ | — | $ | 799,151,704 | ||||||||
Money Market Funds | 37,579,591 | — | — | 37,579,591 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 836,731,295 | $ | — | $ | — | $ | 836,731,295 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Futures Contractsa | $ | (21,601 | ) | $ | — | $ | — | $ | (21,601 | ) | ||||||
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|
|
|
| |||||||||
NOTESTO FINANCIAL STATEMENTS | 71 |
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iSHARES®, INC.
iShares ETF and
| Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI South Korea Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 3,876,590,248 | $ | — | $ | — | $ | 3,876,590,248 | ||||||||
Preferred Stocks | 94,480,226 | — | — | 94,480,226 | ||||||||||||
Rights | 779,453 | — | — | 779,453 | ||||||||||||
Money Market Funds | 245,354,067 | — | — | 245,354,067 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,217,203,994 | $ | — | $ | — | $ | 4,217,203,994 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Taiwan | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 3,660,846,935 | $ | — | $ | 2 | $ | 3,660,846,937 | ||||||||
Money Market Funds | 177,761,721 | — | — | 177,761,721 | ||||||||||||
Futures Contractsa | 3,521 | — | — | 3,521 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,838,612,177 | $ | — | $ | 2 | $ | 3,838,612,179 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Thailand Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 464,799,479 | $ | — | $ | — | $ | 464,799,479 | ||||||||
Rights | — | 5,731 | — | 5,731 | ||||||||||||
Warrants | 0 | b | 0 | b | — | 0 | b | |||||||||
Money Market Funds | 26,854,428 | — | — | 26,854,428 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 491,653,907 | $ | 5,731 | $ | — | $ | 491,659,638 | |||||||||
|
|
|
|
|
|
|
| |||||||||
a | Shown at the 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 and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
72 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount
NOTESTO FINANCIAL STATEMENTS | 73 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
MSCI Australia | $ | 144,849 | $ | 144,849 | $ | — | ||||||
MSCI Hong Kong | 93,541,643 | 93,541,643 | — | |||||||||
MSCI Japan Small-Cap | 3,201,966 | 3,201,966 | — | |||||||||
MSCI Pacific ex Japan | 34,455,235 | 34,455,235 | — | |||||||||
MSCI Singapore | 35,006,414 | 35,006,414 | ||||||||||
MSCI South Korea Capped | 229,324,187 | 229,324,187 | — | |||||||||
MSCI Taiwan | 160,342,407 | 160,342,407 | — | |||||||||
MSCI Thailand Capped | 8,853,430 | 8,853,430 | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee
74 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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, up to and including $72 billion | ||||
0.36 | Over $72 billion |
For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, 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 | ||||
0.5000 | % | First $46 billion | |||
0.4750 | a | Over $46 billion, up to and including $81 billion | |||
0.4513 | a | Over $81 billion, up to and including $141 billion | |||
0.4287 | a | Over $141 billion |
a | Investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level. |
For its investment advisory services to each of the iShares MSCI South Korea Capped, iShares MSCI Taiwan and iShares MSCI Thailand Capped ETFs, 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 |
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the
NOTESTO FINANCIAL STATEMENTS | 75 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
For the six months ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
iShares ETF | Fees Paid to BTC | |||
MSCI Australia | $ | 252 | ||
MSCI Hong Kong | 51,804 | |||
MSCI Japan Small-Cap | 29,489 | |||
MSCI Pacific ex Japan | 40,854 |
iShares ETF | Fees Paid to BTC | |||
MSCI Singapore | $ | 64,790 | ||
MSCI South Korea Capped | 683,671 | |||
MSCI Taiwan | 393,944 | |||
MSCI Thailand Capped | 84,059 |
For the six months ended February 28, 2015, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Taiwan ETF in the amount of $54,126, 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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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.
76 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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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, 2015 were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Australia | $ | 60,843,799 | $ | 72,977,578 | ||||
MSCI Hong Kong | 61,277,924 | 69,607,302 | ||||||
MSCI Japan Small-Cap | 4,168,798 | 6,419,746 | ||||||
MSCI Malaysia | 33,858,910 | 248,662,130 | ||||||
MSCI Pacific ex Japan | 99,562,599 | 119,055,045 | ||||||
MSCI Singapore | 51,829,484 | 50,096,301 | ||||||
MSCI South Korea Capped | 519,367,457 | 710,950,567 | ||||||
MSCI Taiwan | 506,582,396 | 82,333,922 | ||||||
MSCI Thailand Capped | 32,076,310 | 32,689,176 |
In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Australia | $ | 138,005,949 | $ | 211,920,067 | ||||
MSCI Hong Kong | 324,471,284 | 483,741,023 | ||||||
MSCI Japan Small-Cap | 5,099,294 | 56,589,209 | ||||||
MSCI Pacific ex Japan | 26,634,367 | 406,044,676 | ||||||
MSCI Singapore | 13,725,563 | 111,942,044 | ||||||
MSCI Thailand Capped | 114,575,079 | 202,049,127 |
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 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
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, statement of assets and liabilities.
NOTESTO FINANCIAL STATEMENTS | 77 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
5. | FUTURES CONTRACTS |
Each Fund may purchase or sell 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 Funds as of February 28, 2015 and the related locations in the statements of assets and liabilities, presented by risk exposure category:
Assets | ||||||||||||
iShares MSCI Australia ETF | iShares MSCI Hong Kong ETF | iShares MSCI Taiwan ETF | ||||||||||
Equity contracts: | ||||||||||||
Variation margin/Net assets consist of — net unrealized appreciationa | $ | 712,996 | $ | 18,303 | $ | 3,521 | ||||||
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a | Represents cumulative appreciation of futures contracts as reported in the schedules of investments. |
Liabilities | ||||
iShares MSCI Singapore ETF | ||||
Equity contracts: | ||||
Variation margin/Net assets consist of — net unrealized depreciationb | $ | 21,601 | ||
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| |||
b | Represents cumulative depreciation 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 Funds during the six months ended February 28, 2015 and the related locations in the statements of operations, presented by risk exposure category:
Net Realized Gain (Loss) | ||||||||||||||||
iShares MSCI Australia ETF | iShares MSCI Hong Kong ETF | iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | |||||||||||||
Equity contracts: | ||||||||||||||||
Futures contracts | $ | (1,838,785) | $ | (1,162,676 | ) | $ | (225,127) | $ | (1,060,662 | ) | ||||||
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78 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Net Change in Unrealized Appreciation/Depreciation | ||||||||||||||||
iShares MSCI Australia ETF | iShares MSCI Hong Kong ETF | iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | |||||||||||||
Equity contracts: | ||||||||||||||||
Futures contracts | $ | 260,184 | $ | 294,323 | $ | 21,125 | $ | (275,704 | ) | |||||||
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The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2015:
iShares MSCI Australia ETF | iShares MSCI Hong Kong ETF | iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | |||||||||||||
Average value of contracts purchased | $ | 18,276,031 | $ | 15,131,637 | $ | 5,922,186 | $ | 14,884,850 |
6. | MARKET AND CREDIT RISK |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity and financial derivative instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
NOTESTO FINANCIAL STATEMENTS | 79 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Each Fund, except the iShares MSCI Pacific ex Japan ETF, invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
7. | INCOME TAX INFORMATION |
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.
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, 2014, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non- Expiring a | Expiring 2015 | Expiring 2016 | Expiring 2017 | Expiring 2018 | Expiring 2019 | Total | |||||||||||||||||||||
MSCI Australia | $ | 88,822,192 | $ | 7,066 | $ | 529,868 | $ | 24,006,125 | $ | 23,348,244 | $ | 12,127,364 | $ | 148,840,859 | ||||||||||||||
MSCI Hong Kong | 179,303,227 | 2,899,247 | 3,185,408 | 29,235,556 | 114,836,904 | 34,565,959 | 364,026,301 | |||||||||||||||||||||
MSCI Japan Small-Cap | 860,844 | — | — | 131,718 | 541,322 | 203,697 | 1,737,581 | |||||||||||||||||||||
MSCI Pacific ex Japan | 185,280,633 | — | — | 66,207,828 | 104,799,503 | 36,600,987 | 392,888,951 | |||||||||||||||||||||
MSCI Singapore | 35,336,542 | — | 807,115 | 15,680,510 | 132,420,824 | 11,588,528 | 195,833,519 | |||||||||||||||||||||
MSCI South Korea Capped | 13,366,759 | — | — | 60,990,953 | 226,591,665 | 78,503,704 | 379,453,081 | |||||||||||||||||||||
MSCI Taiwan | 48,030,508 | 64,999,586 | 16,734,578 | 343,375,145 | 363,052,013 | 19,669,958 | 855,861,788 | |||||||||||||||||||||
MSCI Thailand Capped | 2,056,947 | — | — | 555,444 | 2,321,428 | 1,304,910 | 6,238,729 |
a | Must be utilized prior to losses subject to expiration. |
80 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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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, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Australia | $ | 1,835,269,509 | $ | 143,616,057 | $ | (294,302,370 | ) | $ | (150,686,313 | ) | ||||||
MSCI Hong Kong | 3,029,060,649 | 272,299,437 | (196,449,330 | ) | 75,850,107 | |||||||||||
MSCI Japan Small-Cap | 115,395,374 | 12,104,097 | (12,492,207 | ) | (388,110 | ) | ||||||||||
MSCI Malaysia | 218,775,600 | 256,045,795 | (31,040,075 | ) | 225,005,720 | |||||||||||
MSCI Pacific ex Japan | 2,782,169,231 | 314,086,018 | (322,910,392 | ) | (8,824,374 | ) | ||||||||||
MSCI Singapore | 861,623,870 | 64,980,097 | (89,872,672 | ) | (24,892,575 | ) | ||||||||||
MSCI South Korea Capped | 3,280,545,003 | 1,604,145,663 | (667,486,672 | ) | 936,658,991 | |||||||||||
MSCI Taiwan | 2,545,972,343 | 1,556,063,969 | (263,427,654 | ) | 1,292,636,315 | |||||||||||
MSCI Thailand Capped | 551,568,413 | 23,372,614 | (83,281,389 | ) | (59,908,775 | ) |
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
8. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS | 81 |
Table of Contents
Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Australia | $ | 0.651135 | $ | — | $ | 0.046196 | $ | 0.697331 | 93 | % | — | % | 7 | % | 100 | % | ||||||||||||||||
MSCI Malaysia | 0.219523 | 0.044834 | 0.014503 | 0.278860 | 79 | 16 | 5 | 100 | ||||||||||||||||||||||||
MSCI Pacific ex Japan | 1.059845 | — | 0.071922 | 1.131767 | 94 | — | 6 | 100 | ||||||||||||||||||||||||
MSCI Singapore | 0.062221 | — | 0.185175 | 0.247396 | 25 | — | 75 | 100 | ||||||||||||||||||||||||
MSCI South Korea Capped | 0.477105 | — | 0.186252 | 0.663357 | 72 | — | 28 | 100 | ||||||||||||||||||||||||
MSCI Taiwan | 0.264670 | — | 0.026542 | 0.291212 | 91 | — | 9 | 100 | ||||||||||||||||||||||||
MSCI Thailand Capped | 0.498010 | — | 0.024209 | 0.522219 | 95 | — | 5 | 100 |
82 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
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 basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-83-0215
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Table of Contents
FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED)
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iShares, Inc.
Ø | iShares MSCI Brazil Capped ETF | EWZ | NYSE Arca |
Ø | iShares MSCI Canada ETF | EWC | NYSE Arca |
Ø | iShares MSCI Chile Capped ETF | ECH | NYSE Arca |
Ø | iShares MSCI Colombia Capped ETF | ICOL | NYSE Arca |
Ø | iShares MSCI Israel Capped ETF | EIS | NYSE Arca |
Ø | iShares MSCI Mexico Capped ETF | EWW | NYSE Arca |
Ø | iShares MSCI Russia Capped ETF | ERUS | NYSE Arca |
Ø | iShares MSCI South Africa ETF | EZA | NYSE Arca |
Ø | iShares MSCI Turkey ETF | TUR | NYSE Arca |
Ø | iShares MSCI USA ETF | EUSA | NYSE Arca |
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Table of Contents
iSHARES® MSCI BRAZIL CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Brazil Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -33.49%, net of fees, while the total return for the Index was -33.36%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (11.29)% | (10.89)% | (10.73)% | (11.29)% | (10.89)% | (10.73)% | ||||||||||||||||||||
5 Years | (9.72)% | (9.61)% | (9.22)% | (40.02)% | (39.65)% | (38.34)% | ||||||||||||||||||||
10 Years | 6.58% | 6.64% | 7.39% | 89.13% | 90.16% | 104.07% |
Index performance through February 11, 2013 reflects the performance of the MSCI Brazil Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 665.10 | $ | 2.52 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.06 | 0.61% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 33.95 | % | ||
Consumer Staples | 19.65 | |||
Materials | 11.40 | |||
Energy | 9.43 | |||
Consumer Discretionary | 5.98 | |||
Industrials | 5.67 | |||
Utilities | 5.66 | |||
Information Technology | 4.11 | |||
Telecommunication Services | 3.25 | |||
Health Care | 0.90 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Itau Unibanco Holding SA (Preferred) | 10.36 | % | ||
Ambev SA | 8.81 | |||
Banco Bradesco SA (Preferred) | 8.02 | |||
BRF SA | 4.35 | |||
Petroleo Brasileiro SA (Preferred) | 3.92 | |||
Cielo SA | 3.55 | |||
Vale SA (Preferred) | 3.32 | |||
Itausa — Investimentos Itau SA (Preferred) | 2.95 | |||
Petroleo Brasileiro SA | 2.61 | |||
Ultrapar Participacoes SA | 2.42 | |||
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TOTAL | 50.31 | % | ||
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* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI CANADA ETF
Performance as of February 28, 2015
The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -13.64%, net of fees, while the total return for the Index was -13.54%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (1.72)% | (1.86)% | (1.54)% | (1.72)% | (1.86)% | (1.54)% | ||||||||||||||||||||
5 Years | 3.82% | 3.74% | 4.05% | 20.64% | 20.13% | 21.96% | ||||||||||||||||||||
10 Years | 6.63% | 6.60% | 6.89% | 90.08% | 89.56% | 94.77% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 863.60 | $ | 2.22 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 37.30 | % | ||
Energy | 21.90 | |||
Materials | 11.27 | |||
Industrials | 8.06 | |||
Consumer Discretionary | 5.94 | |||
Health Care | 5.74 | |||
Consumer Staples | 4.11 | |||
Information Technology | 2.19 | |||
Telecommunication Services | 2.06 | |||
Utilities | 1.43 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Royal Bank of Canada | 7.09 | % | ||
Toronto-Dominion Bank (The) | 6.33 | |||
Bank of Nova Scotia (The) | 5.10 | |||
Valeant Pharmaceuticals International Inc. | 4.93 | |||
Canadian National Railway Co. | 4.42 | |||
Suncor Energy Inc. | 3.42 | |||
Bank of Montreal | 3.14 | |||
Enbridge Inc. | 3.10 | |||
Manulife Financial Corp. | 2.69 | |||
Canadian Pacific Railway Ltd. | 2.51 | |||
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TOTAL | 42.73 | % | ||
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* | Excludes money market funds. |
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI CHILE CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Chile Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -5.35%, net of fees, while the total return for the Index was -5.07%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (5.37)% | (4.37)% | (5.00)% | (5.37)% | (4.37)% | (5.00)% | ||||||||||||||||||||
5 Years | (4.82)% | (4.81)% | (3.90)% | (21.88)% | (21.83)% | (18.06)% | ||||||||||||||||||||
Since Inception | (1.03)% | (0.97)% | (0.40)% | (7.30)% | (6.89)% | (2.85)% |
The inception date of the Fund was 11/12/07. The first day of secondary market trading was 11/16/07.
Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile Investable Market Index 25/50.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 946.50 | $ | 2.94 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.06 | 0.61% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Utilities | 27.91 | % | ||
Financials | 18.11 | |||
Consumer Discretionary | 12.07 | |||
Consumer Staples | 11.96 | |||
Materials | 9.09 | |||
Industrials | 8.06 | |||
Energy | 7.89 | |||
Telecommunication Services | 2.26 | |||
Information Technology | 2.25 | |||
Health Care | 0.40 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
SACI Falabella | 10.66 | % | ||
Enersis SA | 9.66 | |||
Empresas COPEC SA | 7.89 | |||
Empresa Nacional de Electricidad SA/Chile | 7.25 | |||
LATAM Airlines Group SA | 4.97 | |||
Banco Santander Chile | 4.96 | |||
Banco de Chile | 4.58 | |||
Cencosud SA | 4.46 | |||
Empresas CMPC SA | 4.43 | |||
Sociedad Quimica y Minera de Chile SA | 4.07 | |||
|
| |||
TOTAL | 62.93 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI COLOMBIA CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Colombia Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -42.78%, net of fees, while the total return for the Index was -42.73%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (28.40)% | (27.82)% | (27.06)% | (28.40)% | (27.82)% | (27.06)% | ||||||||||||||||||||
Since Inception | (22.00)% | (21.55)% | (21.36)% | (34.47)% | (33.83)% | (33.54)% |
The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 572.20 | $ | 2.38 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.06 | 0.61% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 36.62 | % | ||
Utilities | 18.07 | |||
Energy | 15.89 | |||
Materials | 13.66 | |||
Consumer Staples | 9.65 | |||
Industrials | 6.11 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Bancolombia SA (Preferred) | 10.42 | % | ||
Ecopetrol SA | 9.48 | |||
Grupo de Inversiones Suramericana SA | 7.10 | |||
Isagen SA ESP | 4.92 | |||
Grupo Nutresa SA | 4.83 | |||
Almacenes Exito SA | 4.82 | |||
Cemex Latam Holdings SA | 4.76 | |||
Banco Davivienda SA (Preferred) | 4.67 | |||
Interconexion Electrica SA ESP | 4.62 | |||
Celsia SA ESP | 4.58 | |||
|
| |||
TOTAL | 60.20 | % | ||
|
|
* | Excludes money market funds. |
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI ISRAEL CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Israel Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -5.28%, net of fees, while the total return for the Index was -5.01%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (3.87)% | (4.39)% | (3.23)% | (3.87)% | (4.39)% | (3.23)% | ||||||||||||||||||||
5 Years | (0.28)% | (0.51)% | (0.03)% | (1.40)% | (2.52)% | (0.13)% | ||||||||||||||||||||
Since Inception | 1.67% | 1.74% | 2.13% | 12.16% | 12.74% | 15.72% |
The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 947.20 | $ | 2.99 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.11 | 0.62% |
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). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 37.35 | % | ||
Health Care | 24.11 | |||
Materials | 9.02 | |||
Information Technology | 9.01 | |||
Telecommunication Services | 6.28 | |||
Energy | 4.54 | |||
Industrials | 4.53 | |||
Consumer Staples | 3.18 | |||
Consumer Discretionary | 1.27 | |||
Utilities | 0.71 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Teva Pharmaceutical Industries Ltd. | 24.11 | % | ||
Bank Hapoalim BM | 9.10 | |||
Bank Leumi le-Israel BM | 8.71 | |||
NICE-Systems Ltd. | 5.61 | |||
Israel Chemicals Ltd. | 4.86 | |||
Bezeq The Israeli Telecommunication Corp. Ltd. | 4.68 | |||
Elbit Systems Ltd. | 2.91 | |||
Israel Discount Bank Ltd. Class A | 2.88 | |||
Mizrahi Tefahot Bank Ltd. | 2.74 | |||
Frutarom Industries Ltd. | 2.36 | |||
|
| |||
TOTAL | 67.96 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI MEXICO CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Mexico Capped ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico Investable Market Index 25/50 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -15.04%, net of fees, while the total return for the Index was -14.88%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 0.79% | 1.03% | 1.21% | 0.79% | 1.03% | 1.21% | ||||||||||||||||||||
5 Years | 5.73% | 5.78% | 5.63% | 32.11% | 32.46% | 31.50% | ||||||||||||||||||||
10 Years | 10.06% | 10.01% | 9.70% | 160.74% | 159.56% | 152.39% |
Index performance through November 30, 2007 reflects the performance of the MSCI Mexico Index. Index performance beginning on December 1, 2007 through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico Investable Market Index 25/50.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 849.60 | $ | 2.20 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.41 | 0.48% |
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). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Consumer Staples | 23.49 | % | ||
Financials | 21.95 | |||
Telecommunication Services | 16.12 | |||
Materials | 14.07 | |||
Industrials | 12.80 | |||
Consumer Discretionary | 10.97 | |||
Health Care | 0.60 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
America Movil SAB de CV Series L | 15.77 | % | ||
Fomento Economico Mexicano SAB de CV | 7.44 | |||
Grupo Televisa SAB CPO | 6.99 | |||
Grupo Financiero Banorte SAB de CV Series O | 5.06 | |||
Wal-Mart de Mexico SAB de CV Series V | 4.71 | |||
Cemex SAB de CV CPO | 4.53 | |||
Grupo Mexico SAB de CV Series B | 4.26 | |||
Grupo Financiero Inbursa SAB de CV Series O | 3.44 | |||
Fibra Uno Administracion SA de CV | 3.37 | |||
Alfa SAB de CV Series A | 3.25 | |||
|
| |||
TOTAL | 58.82 | % | ||
|
|
* | Excludes money market funds. |
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI RUSSIA CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Russia Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -22.16%, net of fees, while the total return for the Index was -21.94%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (24.19)% | (21.97)% | (23.96)% | (24.19)% | (21.97)% | (23.96)% | ||||||||||||||||||||
Since Inception | (10.72)% | (10.62)% | (10.23)% | (38.62)% | (38.33)% | (37.20)% |
The inception date of the Fund was 11/9/10. The first day of secondary market trading was 11/10/10.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 778.40 | $ | 2.73 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.11 | 0.62% |
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). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Energy | 52.20 | % | ||
Financials | 15.65 | |||
Materials | 15.14 | |||
Telecommunication Services | 9.16 | |||
Consumer Staples | 5.84 | |||
Utilities | 2.01 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Gazprom OAO | 9.15 | % | ||
Gazprom OAO ADR | 8.07 | |||
Lukoil OAO | 7.30 | |||
Lukoil OAO ADR (London) | 6.47 | |||
Sberbank of Russia | 6.43 | |||
Magnit PJSC GDR | 5.84 | |||
MMC Norilsk Nickel OJSC | 4.60 | |||
NOVATEK OAO GDR | 4.41 | |||
Tatneft OAO Class S | 4.31 | |||
VTB Bank OJSC | 4.08 | |||
|
| |||
TOTAL | 60.66 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 11 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI SOUTH AFRICA ETF
Performance as of February 28, 2015
The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -1.94%, net of fees, while the total return for the Index was -1.64%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 12.03% | 12.59% | 12.72% | 12.03% | 12.59% | 12.72% | ||||||||||||||||||||
5 Years | 7.79% | 7.93% | 8.46% | 45.48% | 46.44% | 50.10% | ||||||||||||||||||||
10 Years | 8.56% | 8.56% | 9.50% | 127.27% | 127.31% | 147.88% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 980.60 | $ | 3.04 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.11 | 0.62% |
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). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 30.51 | % | ||
Consumer Discretionary | 29.24 | |||
Telecommunication Services | 11.17 | |||
Health Care | 7.09 | |||
Energy | 6.78 | |||
Materials | 6.69 | |||
Consumer Staples | 5.22 | |||
Industrials | 3.30 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Naspers Ltd. Class N | 18.35 | % | ||
MTN Group Ltd. | 9.29 | |||
Sasol Ltd. | 6.34 | |||
Standard Bank Group Ltd. | 5.00 | |||
FirstRand Ltd. | 4.87 | |||
Steinhoff International Holdings Ltd. | 3.88 | |||
Sanlam Ltd. | 3.76 | |||
Remgro Ltd. | 3.60 | |||
Aspen Pharmacare Holdings Ltd. | 3.57 | |||
Bidvest Group Ltd. (The) | 2.77 | |||
|
| |||
TOTAL | 61.43 | % | ||
|
|
* | Excludes money market funds. |
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI TURKEY ETF
Performance as of February 28, 2015
The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -11.02%, net of fees, while the total return for the Index was -10.83%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 17.57% | 18.01% | 18.04% | 17.57% | 18.01% | 18.04% | ||||||||||||||||||||
5 Years | 1.88% | 1.90% | 2.35% | 9.77% | 9.86% | 12.30% | ||||||||||||||||||||
Since Inception | 1.73% | 1.73% | 2.16% | 12.62% | 12.60% | 15.98% |
The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 889.80 | $ | 2.91 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.11 | 0.62% |
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). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 46.31 | % | ||
Industrials | 13.73 | |||
Consumer Staples | 12.29 | |||
Telecommunication Services | 8.52 | |||
Materials | 8.35 | |||
Consumer Discretionary | 6.23 | |||
Energy | 3.78 | |||
Utilities | 0.58 | |||
Health Care | 0.21 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Turkiye Garanti Bankasi AS | 11.47 | % | ||
Akbank TAS | 8.16 | |||
Turkcell Iletisim Hizmetleri AS | 6.40 | |||
BIM Birlesik Magazalar AS | 5.53 | |||
Turkiye Is Bankasi Class C | 5.48 | |||
Turkiye Halk Bankasi AS | 5.17 | |||
Haci Omer Sabanci Holding AS | 4.92 | |||
KOC Holding AS | 4.10 | |||
Tupras Turkiye Petrol Rafinerileri AS | 3.67 | |||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 3.29 | |||
|
| |||
TOTAL | 58.19 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 13 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI USA ETF
Performance as of February 28, 2015
The iShares MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities, as represented by the MSCI USA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 6.06%, net of fees, while the total return for the Index was 6.12%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 15.11% | 14.99% | 15.29% | 15.11% | 14.99% | 15.29% | ||||||||||||||||||||
Since Inception | 15.38% | 15.38% | 15.59% | 99.37% | 99.37% | 101.05% |
The inception date of the Fund was 5/5/10. The first day of secondary market trading was 5/7/10.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,060.60 | $ | 0.77 | $ | 1,000.00 | $ | 1,024.10 | $ | 0.75 | 0.15% |
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). See “Shareholder Expenses” on page 15 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Information Technology | 20.04 | % | ||
Financials | 15.86 | |||
Health Care | 14.87 | |||
Consumer Discretionary | 13.15 | |||
Industrials | 9.98 | |||
Consumer Staples | 9.47 | |||
Energy | 7.98 | |||
Materials | 3.35 | |||
Utilities | 2.96 | |||
Telecommunication Services | 2.34 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Apple Inc. | 3.82 | % | ||
Exxon Mobil Corp. | 1.90 | |||
Microsoft Corp. | 1.74 | |||
Johnson & Johnson | 1.46 | |||
Wells Fargo & Co. | 1.37 | |||
General Electric Co. | 1.33 | |||
Procter & Gamble Co. (The) | 1.17 | |||
JPMorgan Chase & Co. | 1.16 | |||
Pfizer Inc. | 1.10 | |||
Verizon Communications Inc. | 1.04 | |||
|
| |||
TOTAL | 16.09 | % | ||
|
|
* | Excludes money market funds. |
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES | 15 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI BRAZIL CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 60.39% |
| |||||||
AEROSPACE & DEFENSE — 1.89% |
| |||||||
Embraer SA | 7,724,232 | $ | 67,264,720 | |||||
|
| |||||||
67,264,720 | ||||||||
BANKS — 4.67% |
| |||||||
Banco Bradesco SA | 5,398,520 | 70,498,798 | ||||||
Banco do Brasil SA | 8,654,197 | 71,791,684 | ||||||
Banco Santander Brasil SA Units | 4,852,500 | 23,979,515 | ||||||
|
| |||||||
166,269,997 | ||||||||
BEVERAGES — 8.77% |
| |||||||
Ambev SA | 48,604,060 | 311,748,635 | ||||||
|
| |||||||
311,748,635 | ||||||||
CAPITAL MARKETS — 0.89% |
| |||||||
CETIP SA –Mercados Organizados | 2,640,583 | 31,768,078 | ||||||
|
| |||||||
31,768,078 | ||||||||
CONTAINERS & PACKAGING — 0.91% |
| |||||||
Klabin SA Units | 5,810,220 | 32,512,116 | ||||||
|
| |||||||
32,512,116 | ||||||||
DIVERSIFIED CONSUMER SERVICES — 2.28% |
| |||||||
Estacio Participacoes SA | 3,646,200 | 24,611,069 | ||||||
Kroton Educacional SA | 15,579,864 | 56,612,442 | ||||||
|
| |||||||
81,223,511 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 2.07% |
| |||||||
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros | 20,927,600 | 73,482,821 | ||||||
|
| |||||||
73,482,821 | ||||||||
ELECTRIC UTILITIES — 1.49% |
| |||||||
Centrais Eletricas Brasileiras SA | 4,548,699 | 8,510,864 | ||||||
CPFL Energia SA | 3,245,900 | 21,080,443 | ||||||
EDP – Energias do Brasil SA | 3,820,000 | 12,037,071 | ||||||
Transmissora Alianca de Energia Eletrica SA Units | 1,529,600 | 11,196,436 | ||||||
|
| |||||||
52,824,814 | ||||||||
FOOD & STAPLES RETAILING — 0.78% |
| |||||||
Raia Drogasil SA | 2,776,000 | 27,669,226 | ||||||
|
| |||||||
27,669,226 | ||||||||
FOOD PRODUCTS — 5.84% |
| |||||||
BRF SA | 6,830,850 | 153,920,180 | ||||||
JBS SA | 9,016,322 | 39,479,025 | ||||||
M. Dias Branco SA | 489,500 | 14,208,999 | ||||||
|
| |||||||
207,608,204 |
Security | Shares | Value | ||||||
HEALTH CARE PROVIDERS & SERVICES — 0.90% |
| |||||||
Odontoprev SA | 2,256,000 | $ | 8,244,951 | |||||
Qualicorp SAa | 2,598,800 | 23,630,825 | ||||||
|
| |||||||
31,875,776 | ||||||||
HOUSEHOLD DURABLES — 0.43% |
| |||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 3,811,200 | 15,434,870 | ||||||
|
| |||||||
15,434,870 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.70% |
| |||||||
Tractebel Energia SA | 2,126,000 | 24,833,756 | ||||||
|
| |||||||
24,833,756 | ||||||||
INSURANCE — 3.08% |
| |||||||
BB Seguridade Participacoes SA | 7,037,300 | 79,741,382 | ||||||
Porto Seguro SA | 1,617,600 | 17,718,443 | ||||||
Sul America SA | 2,677,250 | 12,246,990 | ||||||
|
| |||||||
109,706,815 | ||||||||
INTERNET & CATALOG RETAIL — 0.31% |
| |||||||
B2W Cia. Digitala | 1,571,000 | 11,015,983 | ||||||
|
| |||||||
11,015,983 | ||||||||
IT SERVICES — 3.52% |
| |||||||
Cielo SA | 8,017,564 | 125,366,005 | ||||||
|
| |||||||
125,366,005 | ||||||||
MACHINERY — 1.04% |
| |||||||
WEG SA | 3,451,230 | 37,054,841 | ||||||
|
| |||||||
37,054,841 | ||||||||
METALS & MINING — 2.89% |
| |||||||
Cia. Siderurgica Nacional SA | 9,393,854 | 16,919,352 | ||||||
Vale SA | 11,531,800 | 85,701,558 | ||||||
|
| |||||||
102,620,910 | ||||||||
MULTILINE RETAIL — 1.60% |
| |||||||
Lojas Americanas SA | 2,620,350 | 11,730,106 | ||||||
Lojas Renner SA | 1,539,900 | 45,286,583 | ||||||
|
| |||||||
57,016,689 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 5.48% |
| |||||||
Cosan SA Industria e Comercio | 1,710,890 | 16,927,301 | ||||||
Petroleo Brasileiro SA | 27,842,644 | 92,310,583 | ||||||
Ultrapar Participacoes SA | 4,114,600 | 85,735,523 | ||||||
|
| |||||||
194,973,407 | ||||||||
PAPER & FOREST PRODUCTS — 1.27% |
| |||||||
Duratex SA | 2,267,911 | 6,020,055 | ||||||
Fibria Celulose SAa | 3,041,226 | 39,204,571 | ||||||
|
| |||||||
45,224,626 |
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
PERSONAL PRODUCTS — 1.45% |
| |||||||
Hypermarcas SAa | 4,440,900 | $ | 29,664,500 | |||||
Natura Cosmeticos SA | 2,221,200 | 21,844,176 | ||||||
|
| |||||||
51,508,676 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.48% |
| |||||||
BR Malls Participacoes SA | 5,359,300 | 31,694,533 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 1,097,800 | 20,943,568 | ||||||
|
| |||||||
52,638,101 | ||||||||
ROAD & RAIL — 0.68% |
| |||||||
Localiza Rent A Car SA | 1,961,540 | 24,010,317 | ||||||
|
| |||||||
24,010,317 | ||||||||
SOFTWARE — 0.56% |
| |||||||
TOTVS SA | 1,668,300 | 20,018,316 | ||||||
|
| |||||||
20,018,316 | ||||||||
SPECIALTY RETAIL — 0.31% |
| |||||||
Via Varejo SAa | 1,870,200 | 11,053,694 | ||||||
|
| |||||||
11,053,694 | ||||||||
TOBACCO — 1.16% |
| |||||||
Souza Cruz SA | 4,643,000 | 41,179,457 | ||||||
|
| |||||||
41,179,457 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 2.03% |
| |||||||
CCR SA | 10,340,300 | 60,283,911 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 3,256,400 | 12,003,587 | ||||||
|
| |||||||
72,287,498 | ||||||||
WATER UTILITIES — 0.72% |
| |||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 4,316,300 | 25,571,589 | ||||||
|
| |||||||
25,571,589 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 1.19% |
| |||||||
TIM Participacoes SA | 10,159,190 | 42,351,424 | ||||||
|
| |||||||
42,351,424 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,704,872,616) | 2,148,114,872 | |||||||
PREFERRED STOCKS — 39.04% |
| |||||||
BANKS — 21.55% |
| |||||||
Banco Bradesco SA | 21,558,436 | 283,490,022 | ||||||
Banco do Estado do Rio Grande do Sul SA Class B | 2,800,210 | 12,466,705 | ||||||
Itau Unibanco Holding SA | 28,710,211 | 366,489,832 | ||||||
Itausa – Investimentos Itau SA | 29,524,429 | 104,185,038 | ||||||
|
| |||||||
766,631,597 |
Security | Shares | Value | ||||||
CHEMICALS — 0.29% |
| |||||||
Braskem SA Class A | 2,295,436 | $ | 10,275,615 | |||||
|
| |||||||
10,275,615 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.04% |
| |||||||
Oi SA | 3,939,469 | 8,183,835 | ||||||
Telefonica Brasil SA | 3,478,774 | 64,371,949 | ||||||
|
| |||||||
72,555,784 | ||||||||
ELECTRIC UTILITIES — 1.88% |
| |||||||
Centrais Eletricas Brasileiras SA Class B | 3,442,851 | 8,344,189 | ||||||
Cia. Energetica de Minas Gerais | 8,967,290 | 40,706,953 | ||||||
Cia. Paranaense de Energia Class B | 1,468,200 | 17,714,830 | ||||||
|
| |||||||
66,765,972 | ||||||||
FOOD & STAPLES RETAILING — 1.55% |
| |||||||
Cia. Brasileira de Distribuicao | 1,623,764 | 55,169,417 | ||||||
|
| |||||||
55,169,417 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.85% |
| |||||||
AES Tiete SA | 1,681,700 | 10,174,833 | ||||||
Cia. Energetica de Sao Paulo Class B | 2,435,070 | 20,055,572 | ||||||
|
| |||||||
30,230,405 | ||||||||
METALS & MINING — 5.43% |
| |||||||
Bradespar SA | 3,204,200 | 14,836,802 | ||||||
Gerdau SA | 10,506,146 | 37,367,760 | ||||||
Metalurgica Gerdau SA | 3,854,790 | 15,045,187 | ||||||
Usinas Siderurgicas de Minas Gerais SA Class A | 5,912,400 | 8,539,777 | ||||||
Vale SA | 18,137,400 | 117,412,445 | ||||||
|
| |||||||
193,201,971 | ||||||||
MULTILINE RETAIL — 1.01% |
| |||||||
Lojas Americanas SA | 6,127,106 | 35,763,862 | ||||||
|
| |||||||
35,763,862 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 3.90% |
| |||||||
Petroleo Brasileiro SA | 41,453,078 | 138,739,908 | ||||||
|
| |||||||
138,739,908 | ||||||||
PAPER & FOREST PRODUCTS — 0.54% |
| |||||||
Suzano Papel e Celulose SA Class A | 4,582,300 | 19,326,958 | ||||||
|
| |||||||
19,326,958 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $1,230,352,018) | 1,388,661,489 |
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
RIGHTS — 0.01% |
| |||||||
BANKS — 0.01% |
| |||||||
Itausa – Investimentos Itau SAa | 213,510 | $ | 253,881 | |||||
|
| |||||||
253,881 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) | 253,881 | |||||||
SHORT-TERM INVESTMENTS — 0.02% |
| |||||||
MONEY MARKET FUNDS — 0.02% |
| |||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%b,c | 797,245 | 797,245 | ||||||
|
| |||||||
797,245 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $797,245) | 797,245 | |||||||
|
| |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $2,936,021,879) | 3,537,827,487 | |||||||
Other Assets, Less Liabilities — 0.54% |
| 19,081,408 | ||||||
|
| |||||||
NET ASSETS — 100.00% | $ | 3,556,908,895 | ||||||
|
|
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.
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.75% |
| |||||||
AEROSPACE & DEFENSE — 0.49% |
| |||||||
Bombardier Inc. Class Ba | 2,814,180 | $ | 5,859,823 | |||||
CAE Inc. | 517,980 | 6,259,815 | ||||||
|
| |||||||
12,119,638 | ||||||||
AUTO COMPONENTS — 1.77% |
| |||||||
Magna International Inc. Class A | 404,950 | 44,067,278 | ||||||
|
| |||||||
44,067,278 | ||||||||
BANKS — 24.98% |
| |||||||
Bank of Montreal | 1,261,130 | 78,234,197 | ||||||
Bank of Nova Scotia (The) | 2,374,520 | 127,050,560 | ||||||
Canadian Imperial Bank of Commerce/Canada | 775,190 | 59,394,087 | ||||||
National Bank of Canada | 641,690 | 24,724,067 | ||||||
Royal Bank of Canada | 2,815,070 | 176,549,178 | ||||||
Toronto-Dominion Bank (The) | 3,594,710 | 157,762,470 | ||||||
|
| |||||||
623,714,559 | ||||||||
CAPITAL MARKETS — 0.78% |
| |||||||
CI Financial Corp. | 441,440 | 12,416,108 | ||||||
IGM Financial Inc. | 196,690 | 6,976,655 | ||||||
|
| |||||||
19,392,763 | ||||||||
CHEMICALS — 4.03% |
| |||||||
Agrium Inc. | 280,350 | 32,416,556 | ||||||
Methanex Corp. | 182,450 | 9,934,550 | ||||||
Potash Corp. of Saskatchewan Inc. | 1,618,910 | 58,149,292 | ||||||
|
| |||||||
100,500,398 | ||||||||
CONSTRUCTION & ENGINEERING — 0.37% |
| |||||||
SNC-Lavalin Group Inc. | 297,260 | 9,365,481 | ||||||
|
| |||||||
9,365,481 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.39% |
| |||||||
Onex Corp. | 170,880 | 9,657,632 | ||||||
|
| |||||||
9,657,632 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.05% |
| |||||||
BCE Inc. | 278,570 | 12,205,634 | ||||||
TELUS Corp. | 396,936 | 14,127,126 | ||||||
|
| |||||||
26,332,760 | ||||||||
ELECTRIC UTILITIES — 0.68% |
| |||||||
Fortis Inc./Canada | 534,890 | 16,955,068 | ||||||
|
| |||||||
16,955,068 | ||||||||
FOOD & STAPLES RETAILING — 3.52% |
| |||||||
Alimentation Couche-Tard Inc. Class B | 815,240 | 31,495,757 |
Security | Shares | Value | ||||||
Empire Co. Ltd. Class A | 107,690 | $ | 7,963,877 | |||||
George Weston Ltd. | 100,570 | 8,541,584 | ||||||
Jean Coutu Group PJC Inc. (The) Class A | 161,090 | 3,483,306 | ||||||
Loblaw Companies Ltd. | 443,220 | 22,642,857 | ||||||
Metro Inc. | 493,950 | 13,734,789 | ||||||
|
| |||||||
87,862,170 | ||||||||
FOOD PRODUCTS — 0.58% |
| |||||||
Saputo Inc. | 495,730 | 14,419,504 | ||||||
|
| |||||||
14,419,504 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.81% |
| |||||||
Catamaran Corp.b | 404,950 | 20,240,203 | ||||||
|
| |||||||
20,240,203 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.67% |
| |||||||
Restaurant Brands International Inc.a | 377,360 | 16,700,367 | ||||||
|
| |||||||
16,700,367 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.20% |
| |||||||
TransAlta Corp.a | 537,560 | 5,071,443 | ||||||
|
| |||||||
5,071,443 | ||||||||
INSURANCE — 8.06% |
| |||||||
Fairfax Financial Holdings Ltd. | 40,940 | 21,508,541 | ||||||
Great-West Lifeco Inc. | 583,840 | 16,486,765 | ||||||
Industrial Alliance Insurance & Financial Services Inc. | 195,800 | 6,656,557 | ||||||
Intact Financial Corp. | 256,320 | 18,464,729 | ||||||
Manulife Financial Corp. | 3,844,800 | 67,033,433 | ||||||
Power Corp. of Canada | 724,460 | 19,564,162 | ||||||
Power Financial Corp. | 485,940 | 14,500,560 | ||||||
Sun Life Financial Inc. | 1,196,160 | 36,881,560 | ||||||
|
| |||||||
201,096,307 | ||||||||
IT SERVICES — 0.73% |
| |||||||
CGI Group Inc. Class Aa,b | 434,320 | 18,195,074 | ||||||
|
| |||||||
18,195,074 | ||||||||
MEDIA — 1.82% |
| |||||||
Shaw Communications Inc. Class B | 771,630 | 17,921,171 | ||||||
Thomson Reuters Corp. | 702,210 | 27,590,135 | ||||||
|
| |||||||
45,511,306 | ||||||||
METALS & MINING — 6.92% |
| |||||||
Agnico Eagle Mines Ltd. | 410,290 | 13,199,335 | ||||||
Barrick Gold Corp. | 2,273,950 | 29,611,522 | ||||||
Eldorado Gold Corp. | 1,398,190 | 8,073,479 |
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CANADA ETF
February 28, 2015
Security | Shares | Value | ||||||
First Quantum Minerals Ltd. | 1,172,130 | $ | 14,878,677 | |||||
Franco-Nevada Corp. | 304,380 | 16,078,889 | ||||||
Goldcorp Inc. | 1,588,650 | 35,026,256 | ||||||
Kinross Gold Corp.b | 2,234,790 | 6,299,973 | ||||||
New Gold Inc.a,b | 984,340 | 3,776,069 | ||||||
Silver Wheaton Corp. | 711,110 | 15,376,583 | ||||||
Teck Resources Ltd. Class B | 1,106,270 | 17,790,335 | ||||||
Turquoise Hill Resources Ltd.a,b | 1,569,960 | 4,916,144 | ||||||
Yamana Gold Inc. | 1,815,600 | 7,721,007 | ||||||
|
| |||||||
172,748,269 | ||||||||
MULTI-UTILITIES — 0.55% |
| |||||||
Atco Ltd./Canada Class I | 148,630 | 5,740,940 | ||||||
Canadian Utilities Ltd. Class A | 238,520 | 7,936,977 | ||||||
|
| |||||||
13,677,917 | ||||||||
MULTILINE RETAIL — 1.11% |
| |||||||
Canadian Tire Corp. Ltd. Class A | 145,960 | 15,397,310 | ||||||
Dollarama Inc. | 245,640 | 12,299,213 | ||||||
|
| |||||||
27,696,523 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 21.84% |
| |||||||
AltaGas Ltd. | 259,880 | 9,363,714 | ||||||
ARC Resources Ltd. | 621,220 | 12,014,946 | ||||||
Baytex Energy Corp. | 325,740 | 5,324,433 | ||||||
Cameco Corp. | 772,520 | 11,940,605 | ||||||
Canadian Natural Resources Ltd. | 2,129,770 | 62,017,729 | ||||||
Canadian Oil Sands Ltd. | 946,070 | 8,493,529 | ||||||
Cenovus Energy Inc. | 1,477,400 | 25,521,578 | ||||||
Crescent Point Energy Corp. | 824,140 | 20,361,766 | ||||||
Enbridge Inc. | 1,656,290 | 77,107,386 | ||||||
Encana Corp. | 1,446,250 | 18,867,907 | ||||||
Enerplus Corp. | 401,390 | 4,047,171 | ||||||
Husky Energy Inc. | 671,950 | 15,116,386 | ||||||
Imperial Oil Ltd. | 579,390 | 22,383,994 | ||||||
Inter Pipeline Ltd. | 635,460 | 16,896,065 | ||||||
Keyera Corp. | 164,650 | 11,040,840 | ||||||
MEG Energy Corp.a,b | 306,160 | 5,126,982 | ||||||
Paramount Resources Ltd. Class Aa,b | 112,140 | 2,793,958 | ||||||
Pembina Pipeline Corp. | 655,930 | 21,001,947 | ||||||
Peyto Exploration & Development Corp. | 284,800 | 7,973,898 | ||||||
PrairieSky Royalty Ltd. | 253,650 | 6,423,267 | ||||||
Suncor Energy Inc. | 2,832,870 | 85,146,047 | ||||||
Talisman Energy Inc. | 2,022,080 | 15,756,888 | ||||||
Tourmaline Oil Corp.b | 334,640 | 10,414,536 | ||||||
TransCanada Corp. | 1,383,950 | 60,726,881 |
Security | Shares | Value | ||||||
Vermilion Energy Inc. | 208,260 | $ | 9,376,829 | |||||
|
| |||||||
545,239,282 | ||||||||
PAPER & FOREST PRODUCTS — 0.30% |
| |||||||
West Fraser Timber Co. Ltd. | 135,280 | 7,373,689 | ||||||
|
| |||||||
7,373,689 | ||||||||
PHARMACEUTICALS — 4.91% |
| |||||||
Valeant Pharmaceuticals International Inc.b | 622,110 | 122,698,138 | ||||||
|
| |||||||
122,698,138 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.48% |
| |||||||
H&R REIT | 262,550 | 5,084,258 | ||||||
RioCan REIT | 299,040 | 7,009,892 | ||||||
|
| |||||||
12,094,150 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.52% |
| |||||||
Brookfield Asset Management Inc. Class A | 1,104,490 | 60,016,535 | ||||||
First Capital Realty Inc. | 189,570 | 2,981,744 | ||||||
|
| |||||||
62,998,279 | ||||||||
ROAD & RAIL — 6.91% |
| |||||||
Canadian National Railway Co. | 1,590,430 | 109,985,689 | ||||||
Canadian Pacific Railway Ltd. | 333,750 | 62,572,278 | ||||||
|
| |||||||
172,557,967 | ||||||||
SOFTWARE — 1.03% |
| |||||||
Constellation Software Inc./Canada | 34,710 | 11,702,967 | ||||||
Open Text Corp. | 238,520 | 13,910,244 | ||||||
|
| |||||||
25,613,211 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.43% |
| |||||||
BlackBerry Ltd.a,b | 979,890 | 10,625,644 | ||||||
|
| |||||||
10,625,644 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.55% |
| |||||||
Gildan Activewear Inc. | 226,950 | 13,818,931 | ||||||
|
| |||||||
13,818,931 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.27% |
| |||||||
Finning International Inc. | 336,420 | 6,786,866 | ||||||
|
| |||||||
6,786,866 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 1.00% |
| |||||||
Rogers Communications Inc. Class B | 706,660 | 25,020,173 | ||||||
|
| |||||||
25,020,173 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $2,934,940,975) | 2,490,150,990 |
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CANADA ETF
February 28, 2015
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS — 1.74% |
| |||||||
MONEY MARKET FUNDS — 1.74% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 40,517,236 | $ | 40,517,236 | |||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 2,364,683 | 2,364,683 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 544,273 | 544,273 | ||||||
|
| |||||||
43,426,192 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $43,426,192) | 43,426,192 | |||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,978,367,167) | 2,533,577,182 | |||||||
Other Assets, Less Liabilities — (1.49)% |
| (37,084,215 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% | $ | 2,496,492,967 | ||||||
|
|
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
S&P/TSX 60 Index | 39 | Mar. 2015 | Montreal | $ | 5,553,982 | $ | 573,217 | |||||||||||||
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI CHILE CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 93.37% |
| |||||||
AIRLINES — 4.97% | ||||||||
LATAM Airlines Group SAa | 1,056,000 | $ | 11,235,160 | |||||
|
| |||||||
11,235,160 | ||||||||
BANKS — 15.12% |
| |||||||
Banco de Chile | 88,471,866 | 10,337,416 | ||||||
Banco de Credito e Inversiones | 130,903 | 6,048,998 | ||||||
Banco Santander Chile | 213,304,190 | 11,194,088 | ||||||
CorpBanca SA | 548,376,620 | 6,626,782 | ||||||
|
| |||||||
34,207,284 | ||||||||
BEVERAGES — 4.24% |
| |||||||
Cia. Cervecerias Unidas SA | 597,054 | 5,659,675 | ||||||
Vina Concha y Toro SA | 1,979,396 | 3,945,170 | ||||||
|
| |||||||
9,604,845 | ||||||||
CONSTRUCTION & ENGINEERING — 0.97% |
| |||||||
Besalco SA | 1,519,430 | 880,793 | ||||||
SalfaCorp SA | 1,746,755 | 1,312,382 | ||||||
|
| |||||||
2,193,175 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.86% |
| |||||||
Inversiones La Construccion SA | 156,725 | 1,943,915 | ||||||
|
| |||||||
1,943,915 | ||||||||
ELECTRIC UTILITIES — 10.94% |
| |||||||
E.CL SA | 1,771,616 | 2,926,326 | ||||||
Enersis SA | 66,399,960 | 21,829,225 | ||||||
|
| |||||||
24,755,551 | ||||||||
FOOD & STAPLES RETAILING — 4.46% |
| |||||||
Cencosud SA | 4,075,280 | 10,081,711 | ||||||
|
| |||||||
10,081,711 | ||||||||
FOOD PRODUCTS — 1.24% |
| |||||||
Empresas Aquachile SAa | 2,254,842 | 1,588,238 | ||||||
Multiexport Foods SAa | 5,207,440 | 1,211,943 | ||||||
|
| |||||||
2,800,181 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 13.57% |
| |||||||
AES Gener SA | 10,457,480 | 5,578,621 | ||||||
Colbun SA | 31,106,708 | 8,738,538 | ||||||
Empresa Nacional de Electricidad SA/Chile | 10,901,990 | 16,383,834 | ||||||
|
| |||||||
30,700,993 | ||||||||
IT SERVICES — 2.25% |
| |||||||
SONDA SA | 2,031,700 | 5,084,061 | ||||||
|
| |||||||
5,084,061 |
Security | Shares | Value | ||||||
MARINE — 1.21% |
| |||||||
Cia. Sud Americana de Vapores SAa | 66,598,694 | $ | 2,748,817 | |||||
|
| |||||||
2,748,817 | ||||||||
METALS & MINING — 0.59% |
| |||||||
CAP SA | 325,050 | 1,332,991 | ||||||
|
| |||||||
1,332,991 | ||||||||
MULTILINE RETAIL — 11.39% |
| |||||||
Ripley Corp. SA | 3,382,824 | 1,689,454 | ||||||
SACI Falabella | 3,314,520 | 24,077,935 | ||||||
|
| |||||||
25,767,389 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 7.87% |
| |||||||
Empresas COPEC SA | 1,519,210 | 17,817,493 | ||||||
|
| |||||||
17,817,493 | ||||||||
PAPER & FOREST PRODUCTS — 4.42% |
| |||||||
Empresas CMPC SA | 3,841,159 | 10,000,106 | ||||||
|
| |||||||
10,000,106 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.11% |
| |||||||
Parque Arauco SA | 2,421,980 | 4,765,721 | ||||||
|
| |||||||
4,765,721 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.66% |
| |||||||
Forus SA | 356,024 | 1,492,064 | ||||||
|
| |||||||
1,492,064 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 0.89% |
| |||||||
Sociedad Matriz SAAM SA | 25,503,002 | 2,022,235 | ||||||
|
| |||||||
2,022,235 | ||||||||
WATER UTILITIES — 3.35% |
| |||||||
Aguas Andinas SA Series A | 9,129,082 | 5,426,820 | ||||||
Inversiones Aguas Metropolitanas SA | 1,344,516 | 2,155,079 | ||||||
|
| |||||||
7,581,899 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 2.26% |
| |||||||
ENTEL Chile SA | 485,754 | 5,110,455 | ||||||
|
| |||||||
5,110,455 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $171,401,033) | 211,246,046 | |||||||
PREFERRED STOCKS — 6.47% |
| |||||||
BEVERAGES — 2.00% |
| |||||||
Coca-Cola Embonor SA | 967,490 | 1,381,690 | ||||||
Embotelladora Andina SA Class B | 1,127,170 | 3,144,012 | ||||||
|
| |||||||
4,525,702 |
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CHILE CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
CHEMICALS — 4.06% |
| |||||||
Sociedad Quimica y Minera de Chile SA Series B | 357,720 | $ | 9,194,170 | |||||
|
| |||||||
9,194,170 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.41% |
| |||||||
Bupa Chile SA | 1,108,672 | 917,833 | ||||||
|
| |||||||
917,833 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $14,252,461) | 14,637,705 | |||||||
SHORT-TERM INVESTMENTS — 0.19% |
| |||||||
MONEY MARKET FUNDS — 0.19% |
| |||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%b,c | 423,207 | 423,207 | ||||||
|
| |||||||
423,207 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $423,207) | 423,207 | |||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $186,076,701) | 226,306,958 | |||||||
Other Assets, Less Liabilities — (0.03)% |
| (70,269 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% | $ | 226,236,689 | ||||||
|
|
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 | 23 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI COLOMBIA CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 76.24% |
| |||||||
BANKS — 5.81% |
| |||||||
Banco de Bogota SA | 7,543 | $ | 187,140 | |||||
Bancolombia SA | 58,729 | 590,544 | ||||||
Grupo Aval Acciones y Valores | 220,039 | 108,071 | ||||||
|
| |||||||
885,755 | ||||||||
CONSTRUCTION & ENGINEERING — 2.38% |
| |||||||
Construcciones El Condor SA | 137,218 | 82,523 | ||||||
Constructora Conconcreto SA | 552,406 | 280,170 | ||||||
|
| |||||||
362,693 | ||||||||
CONSTRUCTION MATERIALS — 11.46% |
| |||||||
Cementos Argos SA | 100,168 | 359,840 | ||||||
Cemex Latam Holdings SAa | 120,669 | 725,703 | ||||||
Grupo Argos SA/Colombia | 86,773 | 661,014 | ||||||
|
| |||||||
1,746,557 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 11.54% |
| |||||||
Bolsa de Valores de Colombia | 51,574,246 | 386,675 | ||||||
Corp. Financiera Colombiana SA | 19,076 | 286,808 | ||||||
Corp. Financiera Colombiana SA Newa | 269 | 4,001 | ||||||
Grupo de Inversiones Suramericana SA | 76,969 | 1,081,315 | ||||||
|
| |||||||
1,758,799 | ||||||||
ELECTRIC UTILITIES — 14.11% |
| |||||||
Celsia SA ESP | 341,449 | 698,181 | ||||||
Interconexion Electrica SA ESP | 224,599 | 703,285 | ||||||
Isagen SA ESP | 640,585 | 749,949 | ||||||
|
| |||||||
2,151,415 | ||||||||
FOOD & STAPLES RETAILING — 4.82% |
| |||||||
Almacenes Exito SA | 74,195 | 734,757 | ||||||
|
| |||||||
734,757 | ||||||||
FOOD PRODUCTS — 4.83% |
| |||||||
Grupo Nutresa SA | 75,810 | 736,161 | ||||||
|
| |||||||
736,161 | ||||||||
GAS UTILITIES — 3.95% |
| |||||||
Empresa de Energia de Bogota SA ESP | 910,214 | 602,143 | ||||||
|
| |||||||
602,143 | ||||||||
METALS & MINING — 1.46% |
| |||||||
Mineros SA | 299,459 | 223,317 | ||||||
|
| |||||||
223,317 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 15.88% |
| |||||||
Canacol Energy Ltd.a | 173,584 | 386,468 |
Security | Shares | Value | ||||||
Ecopetrol SAb | 1,728,240 | $ | 1,444,716 | |||||
Pacific Rubiales Energy Corp. | 197,657 | 590,446 | ||||||
|
| |||||||
2,421,630 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $17,194,875) |
| 11,623,227 | ||||||
PREFERRED STOCKS — 23.71% |
| |||||||
AIRLINES — 3.73% |
| |||||||
Avianca Holdings SA | 370,633 | 567,649 | ||||||
|
| |||||||
567,649 | ||||||||
BANKS — 17.34% |
| |||||||
Banco Davivienda SA | 67,184 | 711,119 | ||||||
Bancolombia SA | 153,501 | 1,587,827 | ||||||
Grupo Aval Acciones y Valores | 702,468 | 345,012 | ||||||
|
| |||||||
2,643,958 | ||||||||
CONSTRUCTION MATERIALS — 0.73% |
| |||||||
Cementos Argos SA | 8,056 | 28,294 | ||||||
Grupo Argos SA/Colombia | 11,096 | 82,747 | ||||||
|
| |||||||
111,041 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 1.91% |
| |||||||
Grupo de Inversiones Suramericana SA | 20,843 | 291,647 | ||||||
|
| |||||||
291,647 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $4,471,966) |
| 3,614,295 | ||||||
SHORT-TERM INVESTMENTS — 0.14% |
| |||||||
MONEY MARKET FUNDS — 0.14% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 2,513 | 2,513 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 147 | 147 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 19,622 | 19,622 | ||||||
|
| |||||||
22,282 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $22,282) |
| 22,282 | ||||||
|
|
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI COLOMBIA CAPPED ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $21,689,123) | $ | 15,259,804 | ||||
Other Assets, Less Liabilities — (0.09)% | (14,357 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 15,245,447 | ||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI ISRAEL CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.77% |
| |||||||
AEROSPACE & DEFENSE — 2.91% |
| |||||||
Elbit Systems Ltd. | 51,792 | $ | 3,318,501 | |||||
|
| |||||||
3,318,501 | ||||||||
BANKS — 24.51% |
| |||||||
Bank Hapoalim BM | 2,287,248 | 10,359,038 | ||||||
Bank Leumi le-Israel BMa | 2,857,632 | 9,918,153 | ||||||
First International Bank of Israel Ltd. | 99,072 | 1,299,395 | ||||||
Israel Discount Bank Ltd. Class Aa | 2,054,497 | 3,277,838 | ||||||
Mizrahi Tefahot Bank Ltd.a | 300,672 | 3,117,862 | ||||||
|
| |||||||
27,972,286 | ||||||||
CHEMICALS — 9.00% |
| |||||||
Frutarom Industries Ltd. | 83,616 | 2,684,033 | ||||||
Israel Chemicals Ltd. | 792,576 | 5,535,470 | ||||||
Israel Corp. Ltd. (The) | 6,048 | 2,055,131 | ||||||
|
| |||||||
10,274,634 | ||||||||
COMMUNICATIONS EQUIPMENT — 0.69% |
| |||||||
Ituran Location and Control Ltd. | 33,888 | 786,692 | ||||||
|
| |||||||
786,692 | ||||||||
CONSTRUCTION & ENGINEERING — 1.24% |
| |||||||
Electra Ltd./Israel | 3,984 | 460,884 | ||||||
Shikun & Binui Ltd. | 461,328 | 957,687 | ||||||
|
| |||||||
1,418,571 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.97% |
| |||||||
B Communications Ltd.a | 22,272 | 335,789 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 3,328,320 | 5,331,856 | ||||||
|
| |||||||
5,667,645 | ||||||||
FOOD & STAPLES RETAILING — 0.85% |
| |||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 13,776 | 567,263 | ||||||
Shufersal Ltd.b | 173,520 | 403,818 | ||||||
|
| |||||||
971,081 | ||||||||
FOOD PRODUCTS — 2.32% |
| |||||||
Osem Investments Ltd. | 75,696 | 1,395,239 | ||||||
Strauss Group Ltd.a,b | 84,288 | 1,256,626 | ||||||
|
| |||||||
2,651,865 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.71% |
| |||||||
Kenon Holdings Ltd.a,b | 44,736 | 805,620 | ||||||
|
| |||||||
805,620 |
Security | Shares | Value | ||||||
INDUSTRIAL CONGLOMERATES — 0.12% |
| |||||||
Discount Investment Corp. Ltd. Registered | 55,056 | $ | 132,297 | |||||
|
| |||||||
132,297 | ||||||||
INSURANCE — 3.88% |
| |||||||
Clal Insurance Enterprises Holdings Ltd.a | 42,528 | 668,166 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 236,256 | 1,157,107 | ||||||
IDI Insurance Co. Ltd. | 13,536 | 511,894 | ||||||
Menorah Mivtachim Holdings Ltd. | 59,040 | 574,025 | ||||||
Migdal Insurance & Financial Holding Ltd.b | 865,536 | 1,087,889 | ||||||
Phoenix Holdings Ltd. (The) | 144,241 | 425,748 | ||||||
|
| |||||||
4,424,829 | ||||||||
IT SERVICES — 0.34% |
| |||||||
Matrix IT Ltd. | 78,336 | 383,075 | ||||||
|
| |||||||
383,075 | ||||||||
MACHINERY — 0.25% |
| |||||||
Plasson Industries Ltd.a | 7,536 | 285,369 | ||||||
|
| |||||||
285,369 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 4.52% |
| |||||||
Delek Group Ltd. | 10,320 | 2,443,094 | ||||||
Naphtha Israel Petroleum Corp. Ltd.a | 74,353 | 412,261 | ||||||
Oil Refineries Ltd.a | 2,462,880 | 755,985 | ||||||
Paz Oil Co. Ltd. | 11,376 | 1,553,088 | ||||||
|
| |||||||
5,164,428 | ||||||||
PHARMACEUTICALS — 24.05% |
| |||||||
Teva Pharmaceutical Industries Ltd. | 489,744 | 27,449,540 | ||||||
|
| |||||||
27,449,540 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 8.88% |
| |||||||
Africa Israel Investments Ltd.a,b | 240,336 | 236,865 | ||||||
Africa Israel Properties Ltd. | 28,753 | 403,355 | ||||||
Airport City Ltd.a | 72,576 | 668,865 | ||||||
AL-ROV Israel Ltd.a | 8,832 | 278,852 | ||||||
Alony Hetz Properties & Investments Ltd. | 187,344 | 1,405,691 | ||||||
Alrov Properties and Lodgings Ltd.a | 9,696 | 199,848 | ||||||
Amot Investments Ltd. | 200,064 | 629,653 | ||||||
Bayside Land Corp. | 1,440 | 431,538 | ||||||
Gazit-Globe Ltd. | 197,280 | 2,530,563 | ||||||
Jerusalem Economy Ltd. | 44,928 | 179,707 | ||||||
Jerusalem Oil Explorationa | 18,912 | 606,605 |
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ISRAEL CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
Melisron Ltd. | 33,793 | $ | 1,084,727 | |||||
Nitsba Holdings 1995 Ltd.a | 56,736 | 853,544 | ||||||
Norstar Holdings Inc. | 23,280 | 624,677 | ||||||
|
| |||||||
10,134,490 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.36% |
| |||||||
EZchip Semiconductor Ltd.a,b | 63,840 | 1,368,824 | ||||||
Tower Semiconductor Ltd.a | 84,384 | 1,328,525 | ||||||
|
| |||||||
2,697,349 | ||||||||
SOFTWARE — 5.60% |
| |||||||
NICE-Systems Ltd. | 110,256 | 6,387,084 | ||||||
|
| |||||||
6,387,084 | ||||||||
SPECIALTY RETAIL — 0.75% |
| |||||||
Delek Automotive Systems Ltd. | 79,584 | 851,602 | ||||||
|
| |||||||
851,602 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.52% |
| |||||||
Delta-Galil Industries Ltd. | 20,592 | 597,476 | ||||||
|
| |||||||
597,476 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 1.30% |
| |||||||
Cellcom Israel Ltd.a | 124,656 | 735,256 | ||||||
Partner Communications Co. Ltd.a,b | 192,192 | 748,988 | ||||||
|
| |||||||
1,484,244 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $136,486,330) |
| 113,858,678 | ||||||
SHORT-TERM INVESTMENTS — 3.44% |
| |||||||
MONEY MARKET FUNDS — 3.44% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 3,701,920 | 3,701,920 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 216,053 | 216,053 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 8,352 | 8,352 | ||||||
|
| |||||||
3,926,325 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $3,926,325) |
| 3,926,325 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $140,412,655) |
| 117,785,003 | ||||||
Other Assets, Less Liabilities — (3.21)% |
| (3,663,674 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 114,121,329 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI MEXICO CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.77% |
| |||||||
AIRLINES — 1.06% |
| |||||||
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa,b | 8,888,700 | $ | 8,917,235 | |||||
Grupo Aeromexico SAB de CVa,b | 6,962,536 | 11,729,955 | ||||||
|
| |||||||
20,647,190 | ||||||||
BANKS — 11.39% |
| |||||||
Banregio Grupo Financiero SAB de CVa,b | 2,614,500 | 13,883,848 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 18,130,578 | 98,449,815 | ||||||
Grupo Financiero Inbursa SAB de CV Series O | 23,853,192 | 66,971,442 | ||||||
Grupo Financiero Santander Mexico SAB de CV Series Bb | 19,470,650 | 42,946,899 | ||||||
|
| |||||||
222,252,004 | ||||||||
BEVERAGES — 9.62% |
| |||||||
Arca Continental SAB de CVa | 4,580,829 | 29,037,652 | ||||||
Coca-Cola Femsa SAB de CV Series L | 652,858 | 5,636,096 | ||||||
Fomento Economico Mexicano SAB de CVa | 15,167,310 | 144,785,324 | ||||||
Organizacion Cultiba SAB de CV | 5,966,800 | 8,284,562 | ||||||
|
| |||||||
187,743,634 | ||||||||
BUILDING PRODUCTS — 0.00% |
| |||||||
Corp GEO SAB de CVa,b | 15,588,128 | 10 | ||||||
|
| |||||||
10 | ||||||||
CAPITAL MARKETS — 0.43% |
| |||||||
Grupo Financiero Interacciones SA de CV Series O | 1,230,900 | 8,329,485 | ||||||
|
| |||||||
8,329,485 | ||||||||
CHEMICALS — 1.59% |
| |||||||
Mexichem SAB de CV | 10,623,274 | 30,963,234 | ||||||
|
| |||||||
30,963,234 | ||||||||
CONSTRUCTION & ENGINEERING — 2.28% |
| |||||||
Empresas ICA SAB de CVa,b | 10,518,588 | 9,504,155 | ||||||
Promotora y Operadora de Infraestructura SAB de CVa | 2,928,200 | 35,057,322 | ||||||
|
| |||||||
44,561,477 |
Security | Shares | Value | ||||||
CONSTRUCTION MATERIALS — 4.52% |
| |||||||
Cemex SAB de CV CPOa | 87,069,300 | $ | 88,222,304 | |||||
|
| |||||||
88,222,304 | ||||||||
CONSUMER FINANCE — 1.60% |
| |||||||
Credito Real SAB de CV SOFOM ER | 2,972,874 | 7,197,568 | ||||||
Gentera SAB de CVa,b | 12,574,506 | 24,102,819 | ||||||
|
| |||||||
31,300,387 | ||||||||
CONTAINERS & PACKAGING — 0.31% |
| |||||||
Bio Pappel SAB de CVa,b | 3,520,500 | 6,011,127 | ||||||
|
| |||||||
6,011,127 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 0.59% |
| |||||||
Bolsa Mexicana de Valores SAB de CVb | 6,426,087 | 11,591,196 | ||||||
|
| |||||||
11,591,196 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.35% |
| |||||||
Axtel SAB de CV CPOa,b | 22,798,877 | 6,724,388 | ||||||
|
| |||||||
6,724,388 | ||||||||
FOOD & STAPLES RETAILING — 6.44% |
| |||||||
Controladora Comercial Mexicana SAB de CV BC Units | 5,703,355 | 18,294,068 | ||||||
Grupo Comercial Chedraui SA de CVa,b | 4,793,100 | 15,694,902 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 37,431,933 | 91,602,089 | ||||||
|
| |||||||
125,591,059 | ||||||||
FOOD PRODUCTS — 5.62% |
| |||||||
Gruma SAB de CV Series B | 2,032,800 | 24,897,449 | ||||||
Grupo Bimbo SAB de CVa | 17,233,504 | 48,662,288 | ||||||
Grupo Herdez SAB de CVa,b | 4,012,444 | 10,039,161 | ||||||
Grupo Lala SAB de CVb | 8,222,500 | 16,398,806 | ||||||
Industrias Bachoco SAB de CV Series Ba | 2,264,400 | 9,643,994 | ||||||
|
| |||||||
109,641,698 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.45% |
| |||||||
Alsea SAB de CVa,b | 6,399,066 | 19,622,604 | ||||||
Hoteles City Express SAB de CVa,b | 5,387,300 | 8,679,779 | ||||||
|
| |||||||
28,302,383 | ||||||||
HOUSEHOLD DURABLES — 0.40% |
| |||||||
Consorcio ARA SAB de CVa | 16,516,428 | 7,809,734 | ||||||
Urbi Desarrollos Urbanos SAB de CVa,b | 29,674,089 | 20 | ||||||
|
| |||||||
7,809,754 |
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MEXICO CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
HOUSEHOLD PRODUCTS — 1.75% |
| |||||||
Kimberly-Clark de Mexico SAB de CV Series Ab | 16,807,054 | $ | 34,227,849 | |||||
|
| |||||||
34,227,849 | ||||||||
INDUSTRIAL CONGLOMERATES — 4.75% |
| |||||||
Alfa SAB de CV Series Aa | 29,175,551 | 63,201,986 | ||||||
Grupo Carso SAB de CV Series A1 | 6,530,333 | 29,472,102 | ||||||
|
| |||||||
92,674,088 | ||||||||
INSURANCE — 0.45% |
| |||||||
Qualitas Controladora SAB de CVa | 4,333,700 | 8,770,583 | ||||||
|
| |||||||
8,770,583 | ||||||||
MEDIA — 7.46% |
| |||||||
Grupo Televisa SAB CPOa | 20,036,997 | 136,166,350 | ||||||
TV Azteca SAB de CV CPOa,b | 21,787,339 | 9,282,059 | ||||||
|
| |||||||
145,448,409 | ||||||||
METALS & MINING — 7.62% |
| |||||||
Grupo Mexico SAB de CV Series B | 27,403,786 | 82,878,491 | ||||||
Grupo Simec SAB de CV Series Ba,b | 2,637,554 | 7,899,255 | ||||||
Industrias CH SAB de CV Series Ba,b | 2,545,683 | 11,603,016 | ||||||
Industrias Penoles SAB de CV | 1,555,303 | 33,049,149 | ||||||
Minera Frisco SAB de CV Series A1a,b | 9,965,703 | 13,263,610 | ||||||
|
| |||||||
148,693,521 | ||||||||
MULTILINE RETAIL — 1.64% |
| |||||||
El Puerto de Liverpool SAB de CV Series C1a | 2,205,595 | 24,914,727 | ||||||
Grupo Famsa SAB de CV Series Aa,b | 8,635,521 | 7,057,656 | ||||||
|
| |||||||
31,972,383 | ||||||||
PHARMACEUTICALS — 0.60% |
| |||||||
Genomma Lab Internacional SAB de CV Series Ba,b | 10,774,293 | 11,760,063 | ||||||
|
| |||||||
11,760,063 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.70% |
| |||||||
Concentradora Fibra Hotelera Mexicana SA de CVb | 7,470,100 | 11,181,169 | ||||||
Fibra Shop Portafolios Inmobiliarios SAPI de CVb | 6,561,100 | 8,275,973 |
Security | Shares | Value | ||||||
Fibra Uno Administracion SA de CV | 23,399,300 | $ | 65,618,824 | |||||
Mexico Real Estate Management SA de CVb | 10,507,400 | 18,074,527 | ||||||
PLA Administradora Industrial S. de RL de CV | 7,927,100 | 17,066,168 | ||||||
Prologis Property Mexico SA de CV | 5,455,500 | 10,475,348 | ||||||
|
| |||||||
130,692,009 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.73% |
| |||||||
Corp Inmobiliaria Vesta SAB de CVb | 7,420,049 | 14,247,566 | ||||||
|
| |||||||
14,247,566 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 4.68% |
| |||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 3,067,392 | 14,555,341 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Series B | 3,655,249 | 24,776,584 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Series Ba | 2,318,865 | 31,797,545 | ||||||
OHL Mexico SAB de CVa | 9,778,900 | 20,183,043 | ||||||
|
| |||||||
91,312,513 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 15.74% |
| |||||||
America Movil SAB de CV Series L | 286,915,418 | 307,025,595 | ||||||
|
| |||||||
307,025,595 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,321,525,094) |
| 1,946,515,909 | ||||||
SHORT-TERM INVESTMENTS — 4.56% |
| |||||||
MONEY MARKET FUNDS — 4.56% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 83,382,952 | 83,382,952 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 4,866,430 | 4,866,430 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 628,494 | 628,494 | ||||||
|
| |||||||
88,877,876 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $88,877,876) |
| 88,877,876 | ||||||
|
|
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI MEXICO CAPPED ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $2,410,402,970) | $ | 2,035,393,785 | ||||
Other Assets, Less Liabilities — (4.33)% | (84,424,826 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 1,950,968,959 | ||||
|
|
CPO — Certificates of Participation (Ordinary)
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI RUSSIA CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 93.54% |
| |||||||
BANKS — 12.51% |
| |||||||
Sberbank of Russia | 14,222,290 | $ | 17,483,862 | |||||
Sberbank of Russia ADR | 625,796 | 3,180,921 | ||||||
VTB Bank OJSC | 10,059,585,000 | 11,105,305 | ||||||
VTB Bank OJSC GDRa | 1,068,580 | 2,350,876 | ||||||
|
| |||||||
34,120,964 | ||||||||
CHEMICALS — 3.99% |
| |||||||
Uralkali PJSC | 2,158,655 | 5,971,601 | ||||||
Uralkali PJSC GDRa | 350,672 | 4,916,421 | ||||||
|
| |||||||
10,888,022 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 2.70% |
| |||||||
Moscow Exchange MICEX-RTS OAO | 5,938,800 | 7,377,594 | ||||||
|
| |||||||
7,377,594 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.05% |
| |||||||
Rostelecom OJSC | 3,837,440 | 5,602,116 | ||||||
|
| |||||||
5,602,116 | ||||||||
ELECTRIC UTILITIES — 2.00% |
| |||||||
RusHydro JSC | 523,180,000 | 5,458,269 | ||||||
|
| |||||||
5,458,269 | ||||||||
FOOD & STAPLES RETAILING — 5.83% |
| |||||||
Magnit PJSC GDRa | 333,300 | 15,888,411 | ||||||
|
| |||||||
15,888,411 | ||||||||
METALS & MINING — 11.11% |
| |||||||
Alrosa AO | 7,393,200 | 8,402,145 | ||||||
MMC Norilsk Nickel OJSC | 68,680 | 12,526,211 | ||||||
Severstal PAO | 836,285 | 9,364,097 | ||||||
|
| |||||||
30,292,453 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 46.26% |
| |||||||
Gazprom OAO | 10,056,027 | 24,882,116 | ||||||
Gazprom OAO ADR | 4,399,964 | 21,955,820 | ||||||
Lukoil OAO | 410,060 | 19,871,384 | ||||||
Lukoil OAO ADR | 15,516 | 752,836 | ||||||
Lukoil OAO ADR (London) | 363,600 | 17,598,240 | ||||||
NOVATEK OAO GDRa | 143,016 | 11,991,892 | ||||||
Rosneft OAO | 2,105,320 | 9,054,536 | ||||||
Rosneft OAO GDRa | 471,872 | 2,038,487 | ||||||
Surgutneftegas OAO | 6,351,400 | 3,585,453 | ||||||
Surgutneftegas OAO ADR | 487,812 | 2,709,796 | ||||||
Tatneft OAO Class S | 2,274,525 | 11,732,445 | ||||||
|
| |||||||
126,173,005 |
Security | Shares | Value | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 7.09% |
| |||||||
MegaFon OAO GDRa | 382,184 | $ | 6,730,260 | |||||
Mobile TeleSystems OJSC ADR | 991,012 | 9,811,019 | ||||||
Sistema JSFC GDRa | 392,688 | 2,788,085 | ||||||
|
| |||||||
19,329,364 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $379,062,255) |
| 255,130,198 | ||||||
PREFERRED STOCKS — 6.21% |
| |||||||
BANKS — 0.40% |
| |||||||
Sberbank of Russia | 1,258,795 | 1,094,777 | ||||||
|
| |||||||
1,094,777 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 5.81% |
| |||||||
AK Transneft OAO | 4,318 | 9,640,612 | ||||||
Surgutneftegas OAO | 9,910,700 | 6,204,784 | ||||||
|
| |||||||
15,845,396 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $20,006,874) |
| 16,940,173 | ||||||
SHORT-TERM INVESTMENTS — 0.13% |
| |||||||
MONEY MARKET FUNDS — 0.13% |
| |||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%b,c | 365,828 | 365,828 | ||||||
|
| |||||||
365,828 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $365,828) |
| 365,828 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $399,434,957) |
| 272,436,199 | ||||||
Other Assets, Less Liabilities — 0.12% |
| 314,579 | ||||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 272,750,778 | |||||
|
|
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
a | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
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 | 31 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH AFRICA ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.95% |
| |||||||
BANKS — 8.15% |
| |||||||
African Bank Investments Ltd.a,b | 2,626,522 | $ | 2,253 | |||||
Barclays Africa Group Ltd. | 533,753 | 8,827,788 | ||||||
Nedbank Group Ltd. | 314,338 | 6,900,708 | ||||||
Standard Bank Group Ltd. | 1,909,899 | 24,996,026 | ||||||
|
| |||||||
40,726,775 | ||||||||
CAPITAL MARKETS — 2.02% |
| |||||||
Brait SEa | 528,430 | 3,547,052 | ||||||
Coronation Fund Managers Ltd. | 357,886 | 3,174,691 | ||||||
Investec Ltd. | 382,310 | 3,379,210 | ||||||
|
| |||||||
10,100,953 | ||||||||
CONSTRUCTION MATERIALS — 0.27% |
| |||||||
PPC Ltd. | 857,596 | 1,333,531 | ||||||
|
| |||||||
1,333,531 | ||||||||
CONTAINERS & PACKAGING — 0.65% |
| |||||||
Nampak Ltd. | 937,493 | 3,273,543 | ||||||
|
| |||||||
3,273,543 | ||||||||
DISTRIBUTORS — 0.99% |
| |||||||
Imperial Holdings Ltd. | 294,397 | 4,964,807 | ||||||
|
| |||||||
4,964,807 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 9.76% |
| |||||||
FirstRand Ltd. | 5,297,693 | 24,322,198 | ||||||
Remgro Ltd. | 757,275 | 18,000,959 | ||||||
RMB Holdings Ltd. | 1,111,030 | 6,471,872 | ||||||
|
| |||||||
48,795,029 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.52% |
| |||||||
Telkom SA SOC Ltd.a | 368,878 | 2,595,726 | ||||||
|
| |||||||
2,595,726 | ||||||||
FOOD & STAPLES RETAILING — 3.69% |
| |||||||
Massmart Holdings Ltd. | 170,874 | 2,444,555 | ||||||
Pick n Pay Stores Ltd. | 383,529 | 1,738,437 | ||||||
Shoprite Holdings Ltd. | 721,373 | 10,276,145 | ||||||
SPAR Group Ltd. (The) | 259,050 | 3,971,448 | ||||||
|
| |||||||
18,430,585 | ||||||||
FOOD PRODUCTS — 1.53% |
| |||||||
Tiger Brands Ltd. | 256,812 | 7,658,300 | ||||||
|
| |||||||
7,658,300 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 3.51% |
| |||||||
Life Healthcare Group Holdings Ltd. | 1,476,420 | 5,739,451 | ||||||
Mediclinic International Ltd. | 614,785 | 6,498,161 | ||||||
Netcare Ltd. | 1,513,164 | 5,333,017 | ||||||
|
| |||||||
17,570,629 |
Security | Shares | Value | ||||||
HOTELS, RESTAURANTS & LEISURE — 0.28% |
| |||||||
Tsogo Sun Holdings Ltd. | 578,004 | $ | 1,407,685 | |||||
|
| |||||||
1,407,685 | ||||||||
HOUSEHOLD DURABLES — 3.88% |
| |||||||
Steinhoff International Holdings Ltd. | 3,356,391 | 19,375,648 | ||||||
|
| |||||||
19,375,648 | ||||||||
INDUSTRIAL CONGLOMERATES — 2.76% |
| |||||||
Bidvest Group Ltd. (The) | 500,656 | 13,820,563 | ||||||
|
| |||||||
13,820,563 | ||||||||
INSURANCE — 7.03% |
| |||||||
Discovery Ltd. | 512,393 | 5,267,275 | ||||||
Liberty Holdings Ltd. | 180,196 | 2,185,918 | ||||||
MMI Holdings Ltd./South Africa | 1,730,848 | 4,834,730 | ||||||
Rand Merchant Insurance Holdings Ltd. | 1,052,332 | 4,063,755 | ||||||
Sanlam Ltd. | 2,898,574 | 18,804,788 | ||||||
|
| |||||||
35,156,466 | ||||||||
MEDIA — 18.35% |
| |||||||
Naspers Ltd. Class N | 624,281 | 91,729,610 | ||||||
|
| |||||||
91,729,610 | ||||||||
METALS & MINING — 5.05% |
| |||||||
African Rainbow Minerals Ltd. | 170,956 | 1,795,823 | ||||||
Anglo American Platinum Ltd.a | 84,897 | 2,706,169 | ||||||
AngloGold Ashanti Ltd.a | 635,805 | 7,154,102 | ||||||
Assore Ltd. | 54,953 | 717,270 | ||||||
Gold Fields Ltd. | 1,220,357 | 5,682,363 | ||||||
Impala Platinum Holdings Ltd.a | 845,854 | 5,205,200 | ||||||
Kumba Iron Ore Ltd. | 101,394 | 1,992,553 | ||||||
|
| |||||||
25,253,480 | ||||||||
MULTILINE RETAIL — 2.22% |
| |||||||
Woolworths Holdings Ltd./South Africa | 1,437,598 | 11,091,945 | ||||||
|
| |||||||
11,091,945 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 6.77% |
| |||||||
Exxaro Resources Ltd.b | 225,473 | 2,210,808 | ||||||
Sasol Ltd. | 870,708 | 31,660,207 | ||||||
|
| |||||||
33,871,015 | ||||||||
PAPER & FOREST PRODUCTS — 0.72% |
| |||||||
Sappi Ltd.a | 852,251 | 3,583,652 | ||||||
|
| |||||||
3,583,652 | ||||||||
PHARMACEUTICALS — 3.57% |
| |||||||
Aspen Pharmacare Holdings Ltd. | 502,814 | 17,855,010 | ||||||
|
| |||||||
17,855,010 |
32 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH AFRICA ETF
February 28, 2015
Security | Shares | Value | ||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.54% |
| |||||||
Growthpoint Properties Ltd. | 3,485,488 | $ | 8,877,481 | |||||
Redefine Properties Ltd. | 5,473,720 | 5,561,559 | ||||||
Resilient Property Income Fund Ltd. | 403,985 | 3,250,115 | ||||||
|
| |||||||
17,689,155 | ||||||||
SPECIALTY RETAIL — 3.51% |
| |||||||
Foschini Group Ltd. (The) | 298,915 | 4,243,244 | ||||||
Mr. Price Group Ltd. | 378,592 | 8,763,854 | ||||||
Truworths International Ltd. | 598,721 | 4,566,577 | ||||||
|
| |||||||
17,573,675 | ||||||||
TRADING COMPANIES & DISTRIBUTORS — 0.53% |
| |||||||
Barloworld Ltd. | 345,579 | 2,652,118 | ||||||
|
| |||||||
2,652,118 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 10.65% |
| |||||||
MTN Group Ltd. | 2,618,427 | 46,431,971 | ||||||
Vodacom Group Ltd. | 585,520 | 6,823,446 | ||||||
|
| |||||||
53,255,417 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $551,070,173) |
| 499,765,317 | ||||||
SHORT-TERM INVESTMENTS — 0.19% |
| |||||||
MONEY MARKET FUNDS — 0.19% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 849,423 | 849,423 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 49,574 | 49,574 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 39,632 | 39,632 | ||||||
|
| |||||||
938,629 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $938,629) |
| 938,629 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $552,008,802) |
| 500,703,946 | ||||||
Other Assets, Less Liabilities — (0.14)% |
| (698,810 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 500,005,136 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.98% |
| |||||||
AIRLINES — 2.76% |
| |||||||
Turk Hava Yollaria | 4,149,630 | $ | 14,932,068 | |||||
|
| |||||||
14,932,068 | ||||||||
AUTO COMPONENTS — 0.15% |
| |||||||
Goodyear Lastikleri TASb | 26,814 | 789,494 | ||||||
|
| |||||||
789,494 | ||||||||
AUTOMOBILES — 2.45% |
| |||||||
Ford Otomotiv Sanayi AS | 527,560 | 7,121,535 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 939,362 | 6,125,462 | ||||||
|
| |||||||
13,246,997 | ||||||||
BANKS — 36.29% |
| |||||||
Akbank TAS | 13,531,478 | 44,118,537 | ||||||
Albaraka Turk Katilim Bankasi AS | 2,026,528 | 1,434,282 | ||||||
Asya Katilim Bankasi ASa,b | 3,383,142 | 860,919 | ||||||
Sekerbank TASa,b | 2,926,375 | 2,175,873 | ||||||
Tekstil Bankasi ASa,b | 788,110 | 592,258 | ||||||
Turkiye Garanti Bankasi AS | 17,365,444 | 62,004,647 | ||||||
Turkiye Halk Bankasi AS | 4,698,336 | 27,928,478 | ||||||
Turkiye Is Bankasi Class C | 11,840,016 | 29,611,809 | ||||||
Turkiye Sinai Kalkinma Bankasi ASb | 4,517,397 | 3,556,439 | ||||||
Turkiye Vakiflar Bankasi Tao Class D | 5,637,916 | 11,791,427 | ||||||
Yapi ve Kredi Bankasi AS | 6,535,641 | �� | 12,057,803 | |||||
|
| |||||||
196,132,472 | ||||||||
BEVERAGES — 4.41% |
| |||||||
Anadolu Efes Biracilik ve Malt Sanayii ASa | 1,558,046 | 12,699,778 | ||||||
Coca-Cola Icecek AS | 573,776 | 11,121,901 | ||||||
|
| |||||||
23,821,679 | ||||||||
BUILDING PRODUCTS — 0.53% |
| |||||||
Trakya Cam Sanayii ASb | 1,947,280 | 2,849,301 | ||||||
|
| |||||||
2,849,301 | ||||||||
CHEMICALS — 1.13% |
| |||||||
Gubre Fabrikalari TAS | 628,276 | 1,568,817 | ||||||
Petkim Petrokimya Holding ASb | 2,984,202 | 4,532,665 | ||||||
|
| |||||||
6,101,482 | ||||||||
CONSTRUCTION & ENGINEERING — 0.34% |
| |||||||
Tekfen Holding ASa,b | 834,940 | 1,842,512 | ||||||
|
| |||||||
1,842,512 |
Security | Shares | Value | ||||||
CONSTRUCTION MATERIALS — 1.68% |
| |||||||
Adana Cimento Sanayii TAS Class Ab | 432,730 | $ | 1,188,933 | |||||
Akcansa Cimento ASb | 359,046 | 2,405,537 | ||||||
Baticim Bati Anadolu Cimento Sanayii ASb | 389,566 | 1,146,238 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS | 405,480 | 2,684,390 | ||||||
Konya Cimento Sanayii AS | 7,194 | 891,026 | ||||||
Mardin Cimento Sanayii ve Ticaret ASb | 369,946 | 736,950 | ||||||
|
| |||||||
9,053,074 | ||||||||
CONTAINERS & PACKAGING — 0.24% |
| |||||||
Anadolu Cam Sanayii ASb | 834,286 | 670,083 | ||||||
Kartonsan Karton Sanayi ve Ticaret ASb | 6,540 | 640,998 | ||||||
|
| |||||||
1,311,081 | ||||||||
DISTRIBUTORS — 0.39% |
| |||||||
Dogus Otomotiv Servis ve Ticaret AS | 413,764 | 2,105,837 | ||||||
|
| |||||||
2,105,837 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 4.92% |
| |||||||
Haci Omer Sabanci Holding AS | 6,902,316 | 26,566,369 | ||||||
|
| |||||||
26,566,369 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.12% |
| |||||||
Turk Telekomunikasyon AS | 3,946,672 | 11,439,856 | ||||||
|
| |||||||
11,439,856 | ||||||||
FOOD & STAPLES RETAILING — 5.72% |
| |||||||
BIM Birlesik Magazalar AS | 1,597,722 | 29,858,026 | ||||||
Bizim Toptan Satis Magazalari ASb | 165,244 | 1,074,250 | ||||||
|
| |||||||
30,932,276 | ||||||||
FOOD PRODUCTS — 1.90% |
| |||||||
Pinar SUT Mamulleri Sanayii AS | 134,724 | 1,312,421 | ||||||
Ulker Biskuvi Sanayi AS | 1,156,926 | 8,947,201 | ||||||
|
| |||||||
10,259,622 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 0.20% |
| |||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 939,362 | 1,090,631 | ||||||
|
| |||||||
1,090,631 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 0.19% |
| |||||||
NET Holding ASa,b | 687,572 | 1,033,408 | ||||||
|
| |||||||
1,033,408 |
34 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY ETF
February 28, 2015
Security | Shares | Value | ||||||
HOUSEHOLD DURABLES — 2.35% |
| |||||||
Arcelik AS | 1,778,008 | $ | 10,710,465 | |||||
Vestel Elektronik Sanayi ve Ticaret ASa,b | 630,456 | 1,997,908 | ||||||
|
| |||||||
12,708,373 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.58% |
| |||||||
Akenerji Elektrik Uretim ASa,b | 1,644,374 | 745,362 | ||||||
Aksa Enerji Uretim ASa,b | 1,147,534 | 1,446,395 | ||||||
Zorlu Enerji Elektrik Uretim ASa,b | 1,127,278 | 950,230 | ||||||
|
| |||||||
3,141,987 | ||||||||
INDUSTRIAL CONGLOMERATES — 7.85% |
| |||||||
Akfen Holding ASb | 654,000 | 1,534,235 | ||||||
Alarko Holding ASb | 503,580 | 792,913 | ||||||
Dogan Sirketler Grubu Holding ASa,b | 7,870,187 | 2,190,509 | ||||||
Enka Insaat ve Sanayi ASb | 3,518,085 | 7,162,066 | ||||||
KOC Holding ASb | 4,765,916 | 22,171,460 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 4,472,488 | 6,579,803 | ||||||
Yazicilar Holding AS | 241,108 | 1,989,261 | ||||||
|
| |||||||
42,420,247 | ||||||||
INSURANCE — 0.50% |
| |||||||
Aksigorta AS | 692,804 | 617,050 | ||||||
Anadolu Anonim Turk Sigorta Sirketia | 1,503,983 | 849,167 | ||||||
Anadolu Hayat Emeklilik ASb | 573,456 | 1,249,519 | ||||||
|
| |||||||
2,715,736 | ||||||||
MACHINERY — 0.44% |
| |||||||
Otokar Otomotiv Ve Savunma Sanayi A.S.b | 63,220 | 2,375,463 | ||||||
|
| |||||||
2,375,463 | ||||||||
MEDIA — 0.31% |
| |||||||
Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASa,b | 811,832 | 803,762 | ||||||
Fenerbahce Futbol ASa,b | 47,088 | 866,869 | ||||||
|
| |||||||
1,670,631 | ||||||||
METALS & MINING — 5.30% |
| |||||||
Borusan Mannesmann Boru Sanayi ve Ticaret ASb | 320,242 | 911,703 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 10,524,168 | 17,658,843 | ||||||
Izmir Demir Celik Sanayi ASa,b | 706,320 | 724,575 |
Security | Shares | Value | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Aa,b | 1,085,702 | $ | 992,889 | |||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da,b | 5,568,592 | 4,029,756 | ||||||
Koza Altin Isletmeleri ASb | 336,418 | 2,969,574 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri ASa,b | 1,315,630 | 878,830 | ||||||
Park Elektrik Uretim Madencilik Sanayi ve Ticaret ASb | 391,964 | 480,020 | ||||||
|
| |||||||
28,646,190 | ||||||||
OIL, GAS & CONSUMABLE FUELS — 3.77% |
| |||||||
Ipek Dogal Enerji Kaynaklari Ve Uretim ASa,b | 782,620 | 560,126 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 941,324 | 19,837,046 | ||||||
|
| |||||||
20,397,172 | ||||||||
PERSONAL PRODUCTS — 0.26% |
| |||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret ASb | 1,236,932 | 1,386,938 | ||||||
|
| |||||||
1,386,938 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.60% |
| |||||||
Akmerkez Gayrimenkul Yatirim Ortakligi ASb | 153,690 | 1,081,635 | ||||||
Dogus Gayrimenkul Yatirim Ortakligi ASa,b | 428,370 | 776,687 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 14,282,924 | 17,775,567 | ||||||
Halk Gayrimenkul Yatrm Ortakligi AS | 1,306,474 | 696,094 | ||||||
Is Gayrimenkul Yatirim Ortakligi ASb | 2,304,478 | 1,640,165 | ||||||
Sinpas Gayrimenkul Yatirim Ortakligi ASa,b | 1,799,590 | 579,590 | ||||||
Torunlar Gayrimenkul Yatirim Ortakligi ASb | 942,850 | 1,428,333 | ||||||
Vakif Gayrimenkul Yatirim Ortakligi ASb | 764,090 | 874,982 | ||||||
|
| |||||||
24,853,053 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.39% |
| |||||||
Aksa Akrilik Kimya Sanayii AS | 554,156 | 2,121,878 | ||||||
|
| |||||||
2,121,878 | ||||||||
TRANSPORTATION INFRASTRUCTURE — 1.81% |
| |||||||
TAV Havalimanlari Holding AS | 1,228,866 | 9,796,725 | ||||||
|
| |||||||
9,796,725 |
SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY ETF
February 28, 2015
Security | Shares | Value | ||||||
WIRELESS TELECOMMUNICATION SERVICES — 6.40% |
| |||||||
Turkcell Iletisim Hizmetleri ASa,b | 6,615,428 | $ | 34,589,614 | |||||
|
| |||||||
34,589,614 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $696,689,543) |
| 540,332,166 | ||||||
RIGHTS — 0.01% |
| |||||||
COMMERCIAL BANKS — 0.01% |
| |||||||
Sekerbank TASa | 2,860,596 | 45,497 | ||||||
|
| |||||||
45,497 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 45,497 | ||||||
SHORT-TERM INVESTMENTS — 6.35% |
| |||||||
MONEY MARKET FUNDS — 6.35% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 32,327,235 | 32,327,235 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 1,886,695 | 1,886,695 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 145,025 | 145,025 | ||||||
|
| |||||||
34,358,955 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $34,358,955) |
| 34,358,955 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $731,048,498) |
| 574,736,618 | ||||||
Other Assets, Less Liabilities — (6.34)% |
| (34,289,037 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 540,447,581 | |||||
|
|
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
36 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.80% |
| |||||||
AEROSPACE & DEFENSE — 2.66% |
| |||||||
B/E Aerospace Inc.a | 274 | $ | 17,410 | |||||
Boeing Co. (The) | 1,712 | 258,255 | ||||||
General Dynamics Corp. | 714 | 99,089 | ||||||
Honeywell International Inc. | 1,870 | 192,199 | ||||||
L-3 Communications Holdings Inc. | 214 | 27,698 | ||||||
Lockheed Martin Corp. | 680 | 136,034 | ||||||
Northrop Grumman Corp. | 484 | 80,204 | ||||||
Precision Castparts Corp. | 356 | 77,003 | ||||||
Raytheon Co. | 780 | 84,841 | ||||||
Rockwell Collins Inc. | 306 | 27,258 | ||||||
Textron Inc. | 694 | 30,751 | ||||||
TransDigm Group Inc. | 125 | 27,107 | ||||||
United Technologies Corp. Class B | 2,191 | 267,105 | ||||||
|
| |||||||
1,324,954 | ||||||||
AIR FREIGHT & LOGISTICS — 0.71% |
| |||||||
CH Robinson Worldwide Inc. | 374 | 27,788 | ||||||
Expeditors International of Washington Inc. | 474 | 22,894 | ||||||
FedEx Corp. | 681 | 120,524 | ||||||
United Parcel Service Inc. Class B | 1,773 | 180,367 | ||||||
|
| |||||||
351,573 | ||||||||
AIRLINES — 0.16% |
| |||||||
American Airlines Group Inc. | 457 | 21,890 | ||||||
Delta Air Lines Inc. | 539 | 23,996 | ||||||
Southwest Airlines Co. | 443 | 19,156 | ||||||
United Continental Holdings Inc.a | 224 | 14,600 | ||||||
|
| |||||||
79,642 | ||||||||
AUTO COMPONENTS — 0.47% |
| |||||||
Autoliv Inc. | 230 | 25,875 | ||||||
BorgWarner Inc. | 575 | 35,340 | ||||||
Delphi Automotive PLC | 756 | 59,603 | ||||||
Johnson Controls Inc. | 1,673 | 85,005 | ||||||
TRW Automotive Holdings Corp.a | 276 | 28,770 | ||||||
|
| |||||||
234,593 | ||||||||
AUTOMOBILES — 0.70% |
| |||||||
Ford Motor Co. | 9,122 | 149,053 | ||||||
General Motors Co. | 3,268 | 121,929 | ||||||
Harley-Davidson Inc. | 556 | 35,345 | ||||||
Tesla Motors Inc.a,b | 220 | 44,735 | ||||||
|
| |||||||
351,062 | ||||||||
BANKS — 5.52% |
| |||||||
Bank of America Corp. | 26,518 | 419,250 |
Security | Shares | Value | ||||||
BB&T Corp. | 1,792 | $ | 68,186 | |||||
CIT Group Inc. | 452 | 20,905 | ||||||
Citigroup Inc. | 7,646 | 400,803 | ||||||
Comerica Inc. | 448 | 20,509 | ||||||
Fifth Third Bancorp | 2,079 | 40,249 | ||||||
First Republic Bank/CA | 317 | 18,069 | ||||||
Huntington Bancshares Inc./OH | 2,058 | 22,514 | ||||||
JPMorgan Chase & Co. | 9,442 | 578,606 | ||||||
KeyCorp | 2,219 | 30,911 | ||||||
M&T Bank Corp. | 299 | 36,179 | ||||||
PNC Financial Services Group Inc. (The)c | 1,327 | 122,031 | ||||||
Regions Financial Corp. | 3,398 | 32,655 | ||||||
SunTrust Banks Inc. | 1,350 | 55,350 | ||||||
U.S. Bancorp/MN | 4,535 | 202,306 | ||||||
Wells Fargo & Co. | 12,449 | 682,081 | ||||||
|
| |||||||
2,750,604 | ||||||||
BEVERAGES — 2.06% |
| |||||||
Brown-Forman Corp. Class B | 302 | 27,690 | ||||||
Coca-Cola Co. (The) | 9,959 | 431,225 | ||||||
Coca-Cola Enterprises Inc. | 575 | 26,565 | ||||||
Constellation Brands Inc. Class Aa | 419 | 48,068 | ||||||
Dr. Pepper Snapple Group Inc. | 503 | 39,631 | ||||||
Molson Coors Brewing Co. Class B | 383 | 29,066 | ||||||
Monster Beverage Corp.a | 355 | 50,098 | ||||||
PepsiCo Inc. | 3,780 | 374,144 | ||||||
|
| |||||||
1,026,487 | ||||||||
BIOTECHNOLOGY — 3.23% |
| |||||||
Alexion Pharmaceuticals Inc.a | 496 | 89,463 | ||||||
Alkermes PLCa | 369 | 25,922 | ||||||
Amgen Inc. | 1,918 | 302,507 | ||||||
Biogen Idec Inc.a | 598 | 244,935 | ||||||
BioMarin Pharmaceutical Inc.a | 395 | 42,293 | ||||||
Celgene Corp.a | 2,008 | 244,032 | ||||||
Gilead Sciences Inc.a | 3,811 | 394,553 | ||||||
Incyte Corp.a | 384 | 32,966 | ||||||
Isis Pharmaceuticals Inc.a | 298 | 20,431 | ||||||
Medivation Inc.a | 192 | 22,566 | ||||||
Pharmacyclics Inc.a,b | 163 | 35,197 | ||||||
Regeneron Pharmaceuticals Inc.a | 203 | 84,009 | ||||||
Vertex Pharmaceuticals Inc.a | 604 | 72,136 | ||||||
|
| |||||||
1,611,010 | ||||||||
BUILDING PRODUCTS — 0.05% |
| |||||||
Masco Corp. | 869 | 22,759 | ||||||
|
| |||||||
22,759 |
SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA ETF
February 28, 2015
Security | Shares | Value | ||||||
CAPITAL MARKETS — 2.20% |
| |||||||
Affiliated Managers Group Inc.a | 141 | $ | 30,515 | |||||
Ameriprise Financial Inc. | 469 | 62,673 | ||||||
Bank of New York Mellon Corp. (The) | 2,852 | 111,627 | ||||||
BlackRock Inc.c | 333 | 123,683 | ||||||
Charles Schwab Corp. (The) | 2,949 | 86,524 | ||||||
Eaton Vance Corp. | 313 | 13,177 | ||||||
Franklin Resources Inc. | 1,028 | 55,337 | ||||||
Goldman Sachs Group Inc. (The) | 992 | 188,272 | ||||||
Invesco Ltd. | 1,088 | 43,814 | ||||||
Legg Mason Inc. | 253 | 14,489 | ||||||
Morgan Stanley | 3,706 | 132,638 | ||||||
Northern Trust Corp. | 565 | 39,454 | ||||||
Raymond James Financial Inc. | 317 | 18,110 | ||||||
SEI Investments Co. | 379 | 16,312 | ||||||
State Street Corp. | 1,066 | 79,364 | ||||||
T Rowe Price Group Inc. | 661 | 54,599 | ||||||
TD Ameritrade Holding Corp. | 698 | 25,316 | ||||||
|
| |||||||
1,095,904 | ||||||||
CHEMICALS — 2.51% |
| |||||||
Air Products & Chemicals Inc. | 536 | 83,691 | ||||||
Airgas Inc. | 175 | 20,514 | ||||||
Albemarle Corp. | 282 | 15,953 | ||||||
Ashland Inc. | 166 | 21,185 | ||||||
Celanese Corp. Series A | 395 | 22,558 | ||||||
CF Industries Holdings Inc. | 124 | 37,973 | ||||||
Dow Chemical Co. (The) | 2,985 | 146,981 | ||||||
Eastman Chemical Co. | 382 | 28,444 | ||||||
Ecolab Inc. | 682 | 78,798 | ||||||
EI du Pont de Nemours & Co. | 2,282 | 177,654 | ||||||
FMC Corp. | 338 | 21,433 | ||||||
International Flavors & Fragrances Inc. | 208 | 25,361 | ||||||
LyondellBasell Industries NV Class A | 1,073 | 92,181 | ||||||
Monsanto Co. | 1,221 | 147,045 | ||||||
Mosaic Co. (The) | 814 | 43,354 | ||||||
PPG Industries Inc. | 347 | 81,677 | ||||||
Praxair Inc. | 735 | 94,006 | ||||||
Sherwin-Williams Co. (The) | 209 | 59,607 | ||||||
Sigma-Aldrich Corp. | 299 | 41,280 | ||||||
Westlake Chemical Corp. | 124 | 8,278 | ||||||
|
| |||||||
1,247,973 | ||||||||
COMMERCIAL SERVICES & SUPPLIES — 0.40% |
| |||||||
ADT Corp. (The) | 417 | 16,355 | ||||||
Cintas Corp. | 248 | 20,703 | ||||||
Republic Services Inc. | 700 | 28,644 |
Security | Shares | Value | ||||||
Stericycle Inc.a,b | 214 | $ | 28,884 | |||||
Tyco International PLC | 1,055 | 44,542 | ||||||
Waste Management Inc. | 1,117 | 60,854 | ||||||
|
| |||||||
199,982 | ||||||||
COMMUNICATIONS EQUIPMENT — 1.64% |
| |||||||
Cisco Systems Inc. | 12,894 | 380,502 | ||||||
F5 Networks Inc.a | 183 | 21,615 | ||||||
Harris Corp. | 271 | 21,051 | ||||||
Juniper Networks Inc. | 1,005 | 24,030 | ||||||
Motorola Solutions Inc. | 576 | 39,133 | ||||||
Palo Alto Networks Inc.a | 169 | 24,035 | ||||||
QUALCOMM Inc. | 4,200 | 304,542 | ||||||
|
| |||||||
814,908 | ||||||||
CONSTRUCTION & ENGINEERING — 0.13% |
| |||||||
Chicago Bridge & Iron Co. NVb | 246 | 11,355 | ||||||
Fluor Corp. | 389 | 22,562 | ||||||
Jacobs Engineering Group Inc.a,b | 333 | 14,765 | ||||||
Quanta Services Inc.a | 539 | 15,513 | ||||||
|
| |||||||
64,195 | ||||||||
CONSTRUCTION MATERIALS — 0.10% |
| |||||||
Martin Marietta Materials Inc. | 148 | 21,065 | ||||||
Vulcan Materials Co. | 328 | 27,224 | ||||||
|
| |||||||
48,289 | ||||||||
CONSUMER FINANCE — 0.87% |
| |||||||
Ally Financial Inc.a | 1,088 | 22,609 | ||||||
American Express Co. | 2,357 | 192,307 | ||||||
Capital One Financial Corp. | 1,419 | 111,689 | ||||||
Discover Financial Services | 1,160 | 70,737 | ||||||
Navient Corp. | 1,047 | 22,406 | ||||||
Synchrony Financiala | 420 | 13,419 | ||||||
|
| |||||||
433,167 | ||||||||
CONTAINERS & PACKAGING — 0.28% |
| |||||||
Avery Dennison Corp. | 242 | 12,959 | ||||||
Ball Corp. | 326 | 23,377 | ||||||
Crown Holdings Inc.a | 339 | 17,967 | ||||||
MeadWestvaco Corp. | 436 | 23,134 | ||||||
Owens-Illinois Inc.a | 435 | 11,380 | ||||||
Rock-Tenn Co. Class A | 367 | 25,191 | ||||||
Sealed Air Corp. | 515 | 24,272 | ||||||
|
| |||||||
138,280 | ||||||||
DISTRIBUTORS — 0.11% |
| |||||||
Genuine Parts Co. | 389 | 37,375 | ||||||
LKQ Corp.a | 754 | 18,530 | ||||||
|
| |||||||
55,905 |
38 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA ETF
February 28, 2015
Security | Shares | Value | ||||||
DIVERSIFIED CONSUMER SERVICES — 0.05% |
| |||||||
H&R Block Inc. | 699 | $ | 23,871 | |||||
|
| |||||||
23,871 | ||||||||
DIVERSIFIED FINANCIAL SERVICES — 1.50% |
| |||||||
Berkshire Hathaway Inc. Class Ba | 2,913 | 429,405 | ||||||
CME Group Inc./IL | 808 | 77,512 | ||||||
Intercontinental Exchange Inc. | 282 | 66,372 | ||||||
Leucadia National Corp. | 795 | 18,865 | ||||||
McGraw Hill Financial Inc. | 683 | 70,417 | ||||||
Moody’s Corp. | 484 | 46,919 | ||||||
NASDAQ OMX Group Inc. (The) | 294 | 14,747 | ||||||
Voya Financial Inc. | 518 | 22,890 | ||||||
|
| |||||||
747,127 | ||||||||
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.20% |
| |||||||
AT&T Inc. | 13,079 | 452,010 | ||||||
CenturyLink Inc. | 1,420 | 53,761 | ||||||
Frontier Communications Corp. | 2,586 | 20,636 | ||||||
Level 3 Communications Inc.a | 714 | 38,456 | ||||||
Verizon Communications Inc. | 10,464 | 517,445 | ||||||
Windstream Holdings Inc. | 1,530 | 12,072 | ||||||
|
| |||||||
1,094,380 | ||||||||
ELECTRIC UTILITIES — 1.65% |
| |||||||
American Electric Power Co. Inc. | 1,227 | 70,650 | ||||||
Duke Energy Corp. | 1,778 | 139,662 | ||||||
Edison International | 769 | 49,408 | ||||||
Entergy Corp. | 457 | 36,336 | ||||||
Eversource Energy | 804 | 41,607 | ||||||
Exelon Corp. | 2,173 | 73,708 | ||||||
FirstEnergy Corp. | 1,062 | 37,149 | ||||||
NextEra Energy Inc. | 1,093 | 113,082 | ||||||
OGE Energy Corp. | 523 | 17,003 | ||||||
Pepco Holdings Inc. | 634 | 17,207 | ||||||
Pinnacle West Capital Corp. | 288 | 18,455 | ||||||
PPL Corp. | 1,672 | 57,015 | ||||||
Southern Co. (The) | 2,286 | 104,676 | ||||||
Xcel Energy Inc. | 1,256 | 44,312 | ||||||
|
| |||||||
820,270 | ||||||||
ELECTRICAL EQUIPMENT — 0.57% |
| |||||||
AMETEK Inc. | 623 | 33,106 | ||||||
Eaton Corp. PLC | 1,205 | 85,567 | ||||||
Emerson Electric Co. | 1,754 | 101,592 | ||||||
Rockwell Automation Inc. | 346 | 40,496 | ||||||
Sensata Technologies Holding NVa,b | 407 | 21,872 | ||||||
|
| |||||||
282,633 |
Security | Shares | Value | ||||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.56% |
| |||||||
Amphenol Corp. Class A | 785 | $ | 44,321 | |||||
Arrow Electronics Inc.a | 258 | 15,986 | ||||||
Avnet Inc. | 344 | 15,759 | ||||||
Corning Inc. | 3,229 | 78,787 | ||||||
Flextronics International Ltd.a,b | 1,485 | 18,087 | ||||||
FLIR Systems Inc. | 367 | 11,847 | ||||||
TE Connectivity Ltd. | 1,033 | 74,510 | ||||||
Trimble Navigation Ltd.a | 669 | 17,488 | ||||||
|
| |||||||
276,785 | ||||||||
ENERGY EQUIPMENT & SERVICES — 1.25% |
| |||||||
Baker Hughes Inc. | 1,101 | 68,823 | ||||||
Cameron International Corp.a | 515 | 24,246 | ||||||
Diamond Offshore Drilling Inc. | 167 | 5,082 | ||||||
Ensco PLC Class A | 589 | 14,413 | ||||||
FMC Technologies Inc.a | 595 | 23,758 | ||||||
Halliburton Co. | 2,139 | 91,849 | ||||||
Helmerich & Payne Inc. | 279 | 18,710 | ||||||
Nabors Industries Ltd. | 676 | 8,660 | ||||||
National Oilwell Varco Inc. | 1,083 | 58,861 | ||||||
Noble Corp. PLC | 642 | 10,683 | ||||||
Oceaneering International Inc. | 279 | 15,214 | ||||||
Schlumberger Ltd. | 3,246 | 273,183 | ||||||
Superior Energy Services Inc. | 411 | 9,198 | ||||||
|
| |||||||
622,680 | ||||||||
FOOD & STAPLES RETAILING — 2.37% |
| |||||||
Costco Wholesale Corp. | 1,098 | 161,362 | ||||||
CVS Health Corp. | 2,901 | 301,327 | ||||||
Kroger Co. (The) | 1,176 | 83,673 | ||||||
Sysco Corp. | 1,472 | 57,393 | ||||||
Wal-Mart Stores Inc. | 4,069 | 341,511 | ||||||
Walgreens Boots Alliance Inc. | 2,199 | 182,693 | ||||||
Whole Foods Market Inc. | 912 | 51,519 | ||||||
|
| |||||||
1,179,478 | ||||||||
FOOD PRODUCTS — 1.57% |
| |||||||
Archer-Daniels-Midland Co. | 1,631 | 78,092 | ||||||
Bunge Ltd. | 363 | 29,686 | ||||||
Campbell Soup Co. | 517 | 24,087 | ||||||
ConAgra Foods Inc. | 1,061 | 37,114 | ||||||
General Mills Inc. | 1,540 | 82,836 | ||||||
Hershey Co. (The) | 390 | 40,474 | ||||||
Hormel Foods Corp. | 360 | 21,064 | ||||||
JM Smucker Co. (The) | 260 | 29,991 | ||||||
Kellogg Co. | 678 | 43,717 |
SCHEDULESOF INVESTMENTS | 39 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA ETF
February 28, 2015
Security | Shares | Value | ||||||
Keurig Green Mountain Inc. | 301 | $ | 38,401 | |||||
Kraft Foods Group Inc. | 1,478 | 94,681 | ||||||
McCormick & Co. Inc./MD | 294 | 22,162 | ||||||
Mead Johnson Nutrition Co. | 509 | 53,323 | ||||||
Mondelez International Inc. Class A | 4,235 | 156,420 | ||||||
Tyson Foods Inc. Class A | 767 | 31,685 | ||||||
|
| |||||||
783,733 | ||||||||
HEALTH CARE EQUIPMENT & SUPPLIES — 2.22% |
| |||||||
Abbott Laboratories | 3,790 | 179,532 | ||||||
Baxter International Inc. | 1,371 | 94,805 | ||||||
Becton Dickinson and Co. | 487 | 71,453 | ||||||
Boston Scientific Corp.a | 3,344 | 56,514 | ||||||
CareFusion Corp.a | 510 | 30,641 | ||||||
Cooper Companies Inc. (The) | 121 | 19,840 | ||||||
CR Bard Inc. | 188 | 31,798 | ||||||
DENTSPLY International Inc. | 367 | 19,455 | ||||||
Edwards Lifesciences Corp.a | 271 | 36,048 | ||||||
Hologic Inc.a | 554 | 17,939 | ||||||
Intuitive Surgical Inc.a | 92 | 46,000 | ||||||
Medtronic PLC | 3,576 | 277,462 | ||||||
ResMed Inc. | 360 | 23,170 | ||||||
St. Jude Medical Inc. | 714 | 47,609 | ||||||
Stryker Corp. | 856 | 81,106 | ||||||
Varian Medical Systems Inc.a | 253 | 23,521 | ||||||
Zimmer Holdings Inc. | 421 | 50,684 | ||||||
|
| |||||||
1,107,577 | ||||||||
HEALTH CARE PROVIDERS & SERVICES — 2.53% |
| |||||||
Aetna Inc. | 893 | 88,898 | ||||||
AmerisourceBergen Corp. | 562 | 57,751 | ||||||
Anthem Inc. | 690 | 101,050 | ||||||
Cardinal Health Inc. | 839 | 73,824 | ||||||
Cigna Corp. | 670 | 81,492 | ||||||
DaVita HealthCare Partners Inc.a | 426 | 31,780 | ||||||
Express Scripts Holding Co.a | 1,861 | 157,794 | ||||||
HCA Holdings Inc.a | 754 | 53,941 | ||||||
Henry Schein Inc.a | 209 | 29,270 | ||||||
Humana Inc. | 386 | 63,451 | ||||||
Laboratory Corp. of America Holdingsa | 250 | 30,758 | ||||||
McKesson Corp. | 581 | 132,875 | ||||||
Omnicare Inc. | 235 | 18,034 | ||||||
Patterson Companies Inc. | 192 | 9,614 | ||||||
Quest Diagnostics Inc. | 361 | 25,321 | ||||||
UnitedHealth Group Inc. | 2,432 | 276,348 | ||||||
Universal Health Services Inc. Class B | 228 | 25,844 | ||||||
|
| |||||||
1,258,045 |
Security | Shares | Value | ||||||
HEALTH CARE TECHNOLOGY — 0.11% |
| |||||||
Cerner Corp.a | 762 | $ | 54,910 | |||||
|
| |||||||
54,910 | ||||||||
HOTELS, RESTAURANTS & LEISURE — 1.84% |
| |||||||
Carnival Corp. | 957 | 42,098 | ||||||
Chipotle Mexican Grill Inc.a | 77 | 51,203 | ||||||
Darden Restaurants Inc. | 343 | 21,952 | ||||||
Hilton Worldwide Holdings Inc.a | 994 | 28,100 | ||||||
Las Vegas Sands Corp. | 1,022 | 58,152 | ||||||
Marriott International Inc./MD Class A | 571 | 47,450 | ||||||
McDonald’s Corp. | 2,470 | 244,283 | ||||||
MGM Resorts Internationala | 1,014 | 22,034 | ||||||
Norwegian Cruise Line Holdings Ltd.a | 231 | 11,393 | ||||||
Royal Caribbean Cruises Ltd. | 418 | 31,944 | ||||||
Starbucks Corp. | 1,880 | 175,752 | ||||||
Starwood Hotels & Resorts Worldwide Inc. | 450 | 36,148 | ||||||
Wyndham Worldwide Corp. | 310 | 28,359 | ||||||
Wynn Resorts Ltd. | 206 | 29,355 | ||||||
Yum! Brands Inc. | 1,110 | 90,032 | ||||||
|
| |||||||
918,255 | ||||||||
HOUSEHOLD DURABLES — 0.47% |
| |||||||
DR Horton Inc. | 827 | 22,585 | ||||||
Garmin Ltd. | 294 | 14,591 | ||||||
Jarden Corp.a | 459 | 24,359 | ||||||
Leggett & Platt Inc. | 333 | 15,002 | ||||||
Lennar Corp. Class A | 449 | 22,544 | ||||||
Mohawk Industries Inc.a | 155 | 28,574 | ||||||
Newell Rubbermaid Inc. | 693 | 27,228 | ||||||
PulteGroup Inc. | 887 | 20,011 | ||||||
Toll Brothers Inc.a | 435 | 16,665 | ||||||
Whirlpool Corp. | 200 | 42,390 | ||||||
|
| |||||||
233,949 | ||||||||
HOUSEHOLD PRODUCTS — 1.87% |
| |||||||
Church & Dwight Co. Inc. | 344 | 29,288 | ||||||
Clorox Co. (The) | 321 | 34,873 | ||||||
Colgate-Palmolive Co. | 2,313 | 163,807 | ||||||
Energizer Holdings Inc. | 152 | 20,342 | ||||||
Kimberly-Clark Corp. | 944 | 103,519 | ||||||
Procter & Gamble Co. (The) | 6,820 | 580,587 | ||||||
|
| |||||||
932,416 | ||||||||
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.12% |
| |||||||
AES Corp./VA | 1,770 | 22,957 | ||||||
Calpine Corp.a | 854 | 18,105 |
40 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA ETF
February 28, 2015
Security | Shares | Value | ||||||
NRG Energy Inc. | 832 | $ | 19,951 | |||||
|
| |||||||
61,013 | ||||||||
INDUSTRIAL CONGLOMERATES — 2.21% |
| |||||||
3M Co. | 1,542 | 260,058 | ||||||
Danaher Corp. | 1,584 | 138,252 | ||||||
General Electric Co. | 25,322 | 658,119 | ||||||
Roper Industries Inc. | 250 | 41,892 | ||||||
|
| |||||||
1,098,321 | ||||||||
INSURANCE — 2.82% |
| |||||||
ACE Ltd. | 840 | 95,768 | ||||||
Aflac Inc. | 1,150 | 71,587 | ||||||
Alleghany Corp.a | 40 | 18,902 | ||||||
Allstate Corp. (The) | 1,058 | 74,695 | ||||||
American International Group Inc. | 3,530 | 195,315 | ||||||
Aon PLC | 694 | 69,650 | ||||||
Arch Capital Group Ltd.a | 345 | 20,410 | ||||||
Assurant Inc. | 183 | 11,212 | ||||||
Axis Capital Holdings Ltd. | 247 | 12,802 | ||||||
Chubb Corp. (The) | 606 | 60,873 | ||||||
Cincinnati Financial Corp. | 390 | 20,576 | ||||||
Everest Re Group Ltd. | 111 | 19,695 | ||||||
FNF Group | 638 | 23,427 | ||||||
Genworth Financial Inc. Class Aa | 1,152 | 8,928 | ||||||
Hartford Financial Services Group Inc. (The) | 1,088 | 44,564 | ||||||
Lincoln National Corp. | 665 | 38,331 | ||||||
Loews Corp. | 853 | 34,982 | ||||||
Marsh & McLennan Companies Inc. | 1,376 | 78,281 | ||||||
MetLife Inc. | 2,449 | 124,483 | ||||||
PartnerRe Ltd. | 111 | 12,709 | ||||||
Principal Financial Group Inc. | 750 | 38,377 | ||||||
Progressive Corp. (The) | 1,420 | 37,843 | ||||||
Prudential Financial Inc. | 1,154 | 93,301 | ||||||
RenaissanceRe Holdings Ltd. | 98 | 10,048 | ||||||
Torchmark Corp. | 337 | 17,945 | ||||||
Travelers Companies Inc. (The) | 850 | 91,324 | ||||||
Unum Group | 655 | 21,982 | ||||||
Willis Group Holdings PLC | 404 | 19,279 | ||||||
WR Berkley Corp. | 271 | 13,526 | ||||||
XL Group PLC | 670 | 24,254 | ||||||
|
| |||||||
1,405,069 | ||||||||
INTERNET & CATALOG RETAIL — 1.39% |
| |||||||
Amazon.com Inc.a | 992 | 377,119 | ||||||
Expedia Inc. | 261 | 23,947 | ||||||
Liberty Interactive Corp. Series Aa | 1,117 | 32,985 |
Security | Shares | Value | ||||||
Netflix Inc.a | 143 | $ | 67,912 | |||||
Priceline Group Inc. (The)a | 133 | 164,585 | ||||||
TripAdvisor Inc.a,b | 294 | 26,239 | ||||||
|
| |||||||
692,787 | ||||||||
INTERNET SOFTWARE & SERVICES — 3.42% |
| |||||||
Akamai Technologies Inc.a | 454 | 31,558 | ||||||
eBay Inc.a | 2,819 | 163,248 | ||||||
Equinix Inc. | 139 | 31,160 | ||||||
Facebook Inc. Class Aa | 5,047 | 398,562 | ||||||
Google Inc. Class Aa | 718 | 403,968 | ||||||
Google Inc. Class Ca | 727 | 405,957 | ||||||
LinkedIn Corp. Class Aa | 275 | 73,480 | ||||||
Rackspace Hosting Inc.a | 292 | 14,504 | ||||||
Twitter Inc.a | 971 | 46,686 | ||||||
VeriSign Inc.a | 287 | 18,374 | ||||||
Yahoo! Inc.a | 2,269 | 100,471 | ||||||
Zillow Group Inc. Class Aa | 122 | 13,999 | ||||||
|
| |||||||
1,701,967 | ||||||||
IT SERVICES — 3.31% |
| |||||||
Accenture PLC Class A | 1,586 | 142,788 | ||||||
Alliance Data Systems Corp.a,b | 162 | 45,119 | ||||||
Automatic Data Processing Inc. | 1,215 | 107,941 | ||||||
Cognizant Technology Solutions Corp. Class Aa | 1,529 | 95,540 | ||||||
Computer Sciences Corp. | 361 | 25,602 | ||||||
Fidelity National Information Services Inc. | 729 | 49,273 | ||||||
Fiserv Inc.a | 620 | 48,404 | ||||||
FleetCor Technologies Inc.a | 191 | 29,305 | ||||||
International Business Machines Corp. | 2,378 | 385,093 | ||||||
MasterCard Inc. Class A | 2,531 | 228,119 | ||||||
Paychex Inc. | 817 | 40,715 | ||||||
Teradata Corp.a | 402 | 17,897 | ||||||
Total System Services Inc. | 434 | 16,579 | ||||||
Vantiv Inc. Class Aa,b | 370 | 13,686 | ||||||
Visa Inc. Class A | 1,242 | 336,967 | ||||||
Western Union Co. (The) | 1,343 | 26,215 | ||||||
Xerox Corp. | 2,716 | 37,073 | ||||||
|
| |||||||
1,646,316 | ||||||||
LEISURE PRODUCTS — 0.13% |
| |||||||
Hasbro Inc. | 295 | 18,383 | ||||||
Mattel Inc. | 868 | 22,846 | ||||||
Polaris Industries Inc. | 159 | 24,379 | ||||||
|
| |||||||
65,608 |
SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA ETF
February 28, 2015
Security | Shares | Value | ||||||
LIFE SCIENCES TOOLS & SERVICES — 0.59% |
| |||||||
Agilent Technologies Inc. | 831 | $ | 35,077 | |||||
Illumina Inc.a | 361 | 70,561 | ||||||
Mettler-Toledo International Inc.a | 72 | 22,620 | ||||||
Quintiles Transnational Holdings Inc.a | 170 | 11,047 | ||||||
Thermo Fisher Scientific Inc. | 1,007 | 130,910 | ||||||
Waters Corp.a | 217 | 26,122 | ||||||
|
| |||||||
296,337 | ||||||||
MACHINERY — 1.49% |
| |||||||
AGCO Corp. | 225 | 11,192 | ||||||
Caterpillar Inc. | 1,450 | 120,205 | ||||||
Cummins Inc. | 436 | 62,012 | ||||||
Deere & Co. | 863 | 78,188 | ||||||
Dover Corp. | 410 | 29,541 | ||||||
Flowserve Corp. | 341 | 21,186 | ||||||
Illinois Tool Works Inc. | 952 | 94,115 | ||||||
Ingersoll-Rand PLC | 673 | 45,219 | ||||||
Joy Global Inc. | 257 | 11,390 | ||||||
PACCAR Inc. | 889 | 56,940 | ||||||
Pall Corp. | 274 | 27,622 | ||||||
Parker-Hannifin Corp. | 376 | 46,131 | ||||||
Pentair PLC | 477 | 31,706 | ||||||
Snap-on Inc. | 144 | 21,201 | ||||||
SPX Corp. | 96 | 8,557 | ||||||
Stanley Black & Decker Inc. | 380 | 37,369 | ||||||
Wabtec Corp./DE | 243 | 23,058 | ||||||
Xylem Inc./NY | 440 | 15,708 | ||||||
|
| |||||||
741,340 | ||||||||
MEDIA — 3.80% |
| |||||||
Cablevision Systems Corp. Class A | 500 | 9,390 | ||||||
CBS Corp. Class B NVS | 1,227 | 72,516 | ||||||
Charter Communications Inc. Class Aa | 198 | 35,759 | ||||||
Comcast Corp. Class A | 5,424 | 322,077 | ||||||
Comcast Corp. Class A Special NVSb | 1,080 | 63,661 | ||||||
DIRECTVa | 1,203 | 106,586 | ||||||
Discovery Communications Inc. Class Aa,b | 352 | 11,370 | ||||||
Discovery Communications Inc. Class Ca | 694 | 21,174 | ||||||
DISH Network Corp. Class Aa | 559 | 41,947 | ||||||
Interpublic Group of Companies Inc. (The) | 1,073 | 23,928 | ||||||
Liberty Global PLC Series Aa | 627 | 33,896 | ||||||
Liberty Global PLC Series Ca | 1,602 | 83,576 | ||||||
Liberty Media Corp. Class Aa | 234 | 9,024 |
Security | Shares | Value | ||||||
Liberty Media Corp. Class Ca | 517 | $ | 19,956 | |||||
News Corp. Class Aa | 979 | 16,912 | ||||||
Omnicom Group Inc. | 636 | 50,587 | ||||||
Scripps Networks Interactive Inc. Class A | 205 | 14,822 | ||||||
Sirius XM Holdings Inc.a | 6,501 | 25,289 | ||||||
Time Warner Cable Inc. | 710 | 109,375 | ||||||
Time Warner Inc. | 2,137 | 174,935 | ||||||
Twenty-First Century Fox Inc. Class A | 3,423 | 119,805 | ||||||
Twenty-First Century Fox Inc. Class B | 1,110 | 37,784 | ||||||
Viacom Inc. Class B | 931 | 65,114 | ||||||
Walt Disney Co. (The) | 4,062 | 422,773 | ||||||
|
| |||||||
1,892,256 | ||||||||
METALS & MINING — 0.34% |
| |||||||
Alcoa Inc. | 2,951 | 43,645 | ||||||
Freeport-McMoRan Inc. | 2,607 | 56,390 | ||||||
Newmont Mining Corp. | 1,267 | 33,360 | ||||||
Nucor Corp. | 807 | 37,953 | ||||||
|
| |||||||
171,348 | ||||||||
MULTI-UTILITIES — 1.14% |
| |||||||
Alliant Energy Corp. | 279 | 17,744 | ||||||
Ameren Corp. | 620 | 26,294 | ||||||
CenterPoint Energy Inc. | 1,051 | 21,850 | ||||||
CMS Energy Corp. | 693 | 24,345 | ||||||
Consolidated Edison Inc. | 724 | 45,713 | ||||||
Dominion Resources Inc./VA | 1,470 | 105,972 | ||||||
DTE Energy Co. | 448 | 36,750 | ||||||
Integrys Energy Group Inc. | 202 | 15,096 | ||||||
MDU Resources Group Inc. | 462 | 10,303 | ||||||
NiSource Inc. | 790 | 33,899 | ||||||
PG&E Corp. | 1,207 | 64,852 | ||||||
Public Service Enterprise Group Inc. | 1,264 | 53,164 | ||||||
SCANA Corp. | 333 | 18,964 | ||||||
Sempra Energy | 582 | 62,972 | ||||||
Wisconsin Energy Corp. | 568 | 28,957 | ||||||
|
| |||||||
566,875 | ||||||||
MULTILINE RETAIL — 0.71% |
| |||||||
Dollar General Corp.a | 756 | 54,900 | ||||||
Dollar Tree Inc.a | 513 | 40,876 | ||||||
Family Dollar Stores Inc. | 251 | 19,764 | ||||||
Kohl’s Corp. | 509 | 37,564 | ||||||
Macy’s Inc. | 889 | 56,647 | ||||||
Nordstrom Inc. | 372 | 29,920 | ||||||
Target Corp. | 1,513 | 116,244 | ||||||
|
| |||||||
355,915 |
42 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA ETF
February 28, 2015
Security | Shares | Value | ||||||
OIL, GAS & CONSUMABLE FUELS — 6.71% |
| |||||||
Anadarko Petroleum Corp. | 1,273 | $ | 107,225 | |||||
Apache Corp. | 973 | 64,062 | ||||||
Cabot Oil & Gas Corp. | 1,028 | 29,812 | ||||||
Cheniere Energy Inc.a | 569 | 45,878 | ||||||
Chesapeake Energy Corp. | 1,338 | 22,318 | ||||||
Chevron Corp. | 4,765 | 508,330 | ||||||
Cimarex Energy Co. | 221 | 24,239 | ||||||
Cobalt International Energy Inc.a | 728 | 7,455 | ||||||
Concho Resources Inc.a | 304 | 33,112 | ||||||
ConocoPhillips | 3,108 | 202,642 | ||||||
CONSOL Energy Inc. | 589 | 18,966 | ||||||
Continental Resources Inc./OKa,b | 232 | 10,322 | ||||||
Devon Energy Corp. | 978 | 60,235 | ||||||
Energen Corp. | 184 | 11,894 | ||||||
EOG Resources Inc. | 1,376 | 123,455 | ||||||
EQT Corp. | 383 | 30,567 | ||||||
Exxon Mobil Corp. | 10,683 | 945,873 | ||||||
Hess Corp. | 692 | 51,955 | ||||||
HollyFrontier Corp. | 487 | 21,423 | ||||||
Kinder Morgan Inc./DE | 4,520 | 185,365 | ||||||
Marathon Oil Corp. | 1,699 | 47,334 | ||||||
Marathon Petroleum Corp. | 714 | 74,970 | ||||||
Murphy Oil Corp. | 433 | 22,035 | ||||||
Noble Energy Inc. | 969 | 45,766 | ||||||
Occidental Petroleum Corp. | 1,962 | 152,801 | ||||||
ONEOK Inc. | 533 | 23,591 | ||||||
Phillips 66 | 1,409 | 110,550 | ||||||
Pioneer Natural Resources Co. | 375 | 57,195 | ||||||
QEP Resources Inc. | 433 | 9,301 | ||||||
Southwestern Energy Co.a,b | 960 | 24,077 | ||||||
Spectra Energy Corp. | 1,692 | 60,049 | ||||||
Tesoro Corp. | 310 | 28,470 | ||||||
Valero Energy Corp. | 1,307 | 80,629 | ||||||
Whiting Petroleum Corp.a | 417 | 14,107 | ||||||
Williams Companies Inc. (The) | 1,778 | 87,193 | ||||||
|
| |||||||
3,343,196 | ||||||||
PAPER & FOREST PRODUCTS — 0.11% |
| |||||||
International Paper Co. | 1,014 | 57,200 | ||||||
|
| |||||||
57,200 | ||||||||
PERSONAL PRODUCTS — 0.11% |
| |||||||
Avon Products Inc. | 1,002 | 8,527 | ||||||
Estee Lauder Companies Inc. (The) Class A | 578 | 47,783 | ||||||
|
| |||||||
56,310 |
Security | Shares | Value | ||||||
PHARMACEUTICALS — 6.15% |
| |||||||
AbbVie Inc. | 4,034 | $ | 244,057 | |||||
Actavis PLCa | 671 | 195,502 | ||||||
Allergan Inc./U.S. | 753 | 175,253 | ||||||
Bristol-Myers Squibb Co. | 4,192 | 255,377 | ||||||
Eli Lilly & Co. | 2,531 | 177,600 | ||||||
Endo International PLCa | 431 | 36,894 | ||||||
Hospira Inc.a | 427 | 37,380 | ||||||
Jazz Pharmaceuticals PLCa | 151 | 25,684 | ||||||
Johnson & Johnson | 7,058 | 723,515 | ||||||
Mallinckrodt PLCa | 286 | 33,382 | ||||||
Merck & Co. Inc. | 7,189 | 420,844 | ||||||
Mylan Inc./PAa,b | 933 | 53,484 | ||||||
Perrigo Co. PLC | 355 | 54,837 | ||||||
Pfizer Inc. | 15,918 | 546,306 | ||||||
Salix Pharmaceuticals Ltd.a | 162 | 25,466 | ||||||
Zoetis Inc. | 1,262 | 58,166 | ||||||
|
| |||||||
3,063,747 | ||||||||
PROFESSIONAL SERVICES — 0.38% |
| |||||||
Dun & Bradstreet Corp. (The) | 93 | 12,321 | ||||||
Equifax Inc. | 306 | 28,571 | ||||||
IHS Inc. Class Aa | 169 | 19,862 | ||||||
ManpowerGroup Inc. | 204 | 16,414 | ||||||
Nielsen NV | 865 | 39,107 | ||||||
Robert Half International Inc. | 343 | 21,252 | ||||||
Towers Watson & Co. Class A | 181 | 23,801 | ||||||
Verisk Analytics Inc. Class Aa | 381 | 27,360 | ||||||
|
| |||||||
188,688 | ||||||||
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.75% |
| |||||||
American Capital Agency Corp. | 869 | 18,627 | ||||||
American Realty Capital Properties Inc. | 2,320 | 22,759 | ||||||
American Tower Corp. | 1,053 | 104,394 | ||||||
Annaly Capital Management Inc. | 2,383 | 25,307 | ||||||
AvalonBay Communities Inc. | 328 | 55,215 | ||||||
Boston Properties Inc. | 380 | 52,216 | ||||||
Camden Property Trust | 225 | 16,378 | ||||||
Crown Castle International Corp. | 844 | 72,846 | ||||||
Digital Realty Trust Inc. | 344 | 22,835 | ||||||
Duke Realty Corp. | 841 | 17,964 | ||||||
Equity Residential | 867 | 66,785 | ||||||
Essex Property Trust Inc. | 163 | 36,256 | ||||||
Federal Realty Investment Trust | 166 | 23,577 | ||||||
General Growth Properties Inc. | 1,339 | 38,844 | ||||||
HCP Inc.b | 1,156 | 48,968 | ||||||
Health Care REIT Inc. | 870 | 67,086 |
SCHEDULESOF INVESTMENTS | 43 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA ETF
February 28, 2015
Security | Shares | Value | ||||||
Host Hotels & Resorts Inc. | 1,924 | $ | 40,404 | |||||
Iron Mountain Inc. | 397 | 14,590 | ||||||
Kimco Realty Corp. | 1,002 | 26,333 | ||||||
Liberty Property Trust | 390 | 14,516 | ||||||
Macerich Co. (The) | 355 | 29,696 | ||||||
Plum Creek Timber Co. Inc. | 451 | 19,591 | ||||||
Prologis Inc. | 1,261 | 53,857 | ||||||
Public Storage | 376 | 74,155 | ||||||
Rayonier Inc. | 319 | 8,744 | ||||||
Realty Income Corp. | 568 | 28,434 | ||||||
Regency Centers Corp. | 243 | 15,948 | ||||||
Simon Property Group Inc. | 781 | 148,671 | ||||||
SL Green Realty Corp. | 241 | 30,590 | ||||||
UDR Inc. | 635 | 20,282 | ||||||
Ventas Inc. | 812 | 60,470 | ||||||
Vornado Realty Trust | 428 | 47,097 | ||||||
Weyerhaeuser Co. | 1,321 | 46,380 | ||||||
|
| |||||||
1,369,815 | ||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.09% |
| |||||||
CBRE Group Inc. Class Aa | 764 | 26,175 | ||||||
Realogy Holdings Corp.a | 362 | 16,652 | ||||||
|
| |||||||
42,827 | ||||||||
ROAD & RAIL — 1.04% |
| |||||||
CSX Corp. | 2,499 | 85,741 | ||||||
Hertz Global Holdings Inc.a | 1,119 | 25,815 | ||||||
JB Hunt Transport Services Inc. | 236 | 20,178 | ||||||
Kansas City Southern | 272 | 31,508 | ||||||
Norfolk Southern Corp. | 776 | 84,708 | ||||||
Union Pacific Corp. | 2,248 | 270,345 | ||||||
|
| |||||||
518,295 | ||||||||
SEMICONDUCTORS & SEMICONDUCTOR |
| |||||||
Altera Corp. | 776 | 28,720 | ||||||
Analog Devices Inc. | 782 | 45,778 | ||||||
Applied Materials Inc. | 3,060 | 76,653 | ||||||
Avago Technologies Ltd. | 637 | 81,294 | ||||||
Broadcom Corp. Class A | 1,374 | 62,146 | ||||||
Cree Inc.a,b | 309 | 12,131 | ||||||
Intel Corp. | 12,192 | 405,384 | ||||||
KLA-Tencor Corp. | 409 | 26,567 | ||||||
Lam Research Corp. | 411 | 33,891 | ||||||
Linear Technology Corp. | 588 | 28,333 | ||||||
Marvell Technology Group Ltd. | 932 | 15,024 | ||||||
Maxim Integrated Products Inc. | 700 | 24,077 | ||||||
Microchip Technology Inc. | 489 | 25,071 |
Security | Shares | Value | ||||||
Micron Technology Inc.a | 2,738 | $ | 83,974 | |||||
NVIDIA Corp. | 1,375 | 30,333 | ||||||
Qorvo Inc.a | 366 | 25,400 | ||||||
Skyworks Solutions Inc. | 475 | 41,681 | ||||||
Texas Instruments Inc. | 2,688 | 158,054 | ||||||
Xilinx Inc. | 680 | 28,812 | ||||||
|
| |||||||
1,233,323 | ||||||||
SOFTWARE — 3.80% |
| |||||||
Activision Blizzard Inc. | 1,273 | 29,686 | ||||||
Adobe Systems Inc.a | 1,204 | 95,236 | ||||||
ANSYS Inc.a | 235 | 20,203 | ||||||
Autodesk Inc.a | 560 | 35,974 | ||||||
CA Inc. | 824 | 26,796 | ||||||
Citrix Systems Inc.a | 413 | 26,298 | ||||||
Electronic Arts Inc.a | 773 | 44,200 | ||||||
FireEye Inc.a | 212 | 9,385 | ||||||
Intuit Inc. | 675 | 65,900 | ||||||
Microsoft Corp. | 19,746 | 865,862 | ||||||
NetSuite Inc.a | 80 | 7,714 | ||||||
Nuance Communications Inc.a | 673 | 9,624 | ||||||
Oracle Corp. | 8,945 | 391,970 | ||||||
Red Hat Inc.a | 471 | 32,556 | ||||||
salesforce.com inc.a | 1,511 | 104,833 | ||||||
ServiceNow Inc.a | 345 | 26,310 | ||||||
Symantec Corp. | 1,744 | 43,879 | ||||||
Synopsys Inc.a | 404 | 18,750 | ||||||
VMware Inc. Class Aa | 218 | 18,545 | ||||||
Workday Inc. Class Aa,b | 239 | 20,435 | ||||||
|
| |||||||
1,894,156 | ||||||||
SPECIALTY RETAIL — 2.56% |
| |||||||
Advance Auto Parts Inc. | 183 | 28,352 | ||||||
AutoNation Inc.a | 194 | 11,931 | ||||||
AutoZone Inc.a | 80 | 51,414 | ||||||
Bed Bath & Beyond Inc.a | 467 | 34,866 | ||||||
Best Buy Co. Inc. | 735 | 28,004 | ||||||
CarMax Inc.a,b | 541 | 36,307 | ||||||
Dick’s Sporting Goods Inc. | 252 | 13,631 | ||||||
Foot Locker Inc. | 362 | 20,334 | ||||||
GameStop Corp. Class Ab | 308 | 11,387 | ||||||
Gap Inc. (The) | 618 | 25,709 | ||||||
Home Depot Inc. (The) | 3,323 | 381,314 | ||||||
L Brands Inc. | 636 | 58,423 | ||||||
Lowe’s Companies Inc. | 2,493 | 184,706 | ||||||
O’Reilly Automotive Inc.a | 259 | 53,906 | ||||||
PetSmart Inc. | 231 | 19,152 |
44 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA ETF
February 28, 2015
Security | Shares | Value | ||||||
Ross Stores Inc. | 526 | $ | 55,656 | |||||
Signet Jewelers Ltd. | 190 | 22,777 | ||||||
Staples Inc. | 1,647 | 27,612 | ||||||
Tiffany & Co. | 330 | 29,113 | ||||||
TJX Companies Inc. (The) | 1,738 | 119,296 | ||||||
Tractor Supply Co. | 345 | 30,401 | ||||||
Ulta Salon Cosmetics & Fragrance Inc.a,b | 154 | 21,677 | ||||||
Urban Outfitters Inc.a | 265 | 10,324 | ||||||
|
| |||||||
1,276,292 | ||||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.81% |
| |||||||
Apple Inc. | 14,789 | 1,899,795 | ||||||
EMC Corp./MA | 5,115 | 148,028 | ||||||
Hewlett-Packard Co. | 4,678 | 162,982 | ||||||
NetApp Inc. | 799 | 30,881 | ||||||
SanDisk Corp. | 566 | 45,240 | ||||||
Seagate Technology PLC | 812 | 49,630 | ||||||
Western Digital Corp. | 559 | 59,802 | ||||||
|
| |||||||
2,396,358 | ||||||||
TEXTILES, APPAREL & LUXURY GOODS — 0.87% |
| |||||||
Coach Inc. | 693 | 30,180 | ||||||
Fossil Group Inc.a | 123 | 10,579 | ||||||
Hanesbrands Inc. | 253 | 32,268 | ||||||
lululemon athletica Inc.a,b | 262 | 17,932 | ||||||
Michael Kors Holdings Ltd.a | 519 | 34,986 | ||||||
NIKE Inc. Class B | 1,727 | 167,726 | ||||||
PVH Corp. | 200 | 21,306 | ||||||
Ralph Lauren Corp. | 154 | 21,161 | ||||||
Under Armour Inc. Class Aa,b | 421 | 32,421 | ||||||
VF Corp. | 861 | 66,004 | ||||||
|
| |||||||
434,563 | ||||||||
THRIFTS & MORTGAGE FINANCE — 0.08% |
| |||||||
Hudson City Bancorp Inc. | 1,251 | 12,210 | ||||||
New York Community Bancorp Inc. | 1,142 | 18,968 | ||||||
People’s United Financial Inc. | 737 | 11,151 | ||||||
|
| |||||||
42,329 | ||||||||
TOBACCO — 1.46% |
| |||||||
Altria Group Inc. | 4,972 | 279,874 | ||||||
Lorillard Inc. | 903 | 61,783 | ||||||
Philip Morris International Inc. | 3,916 | 324,871 | ||||||
Reynolds American Inc. | 809 | 61,177 | ||||||
|
| |||||||
727,705 |
Security | Shares | Value | ||||||
TRADING COMPANIES & DISTRIBUTORS — 0.18% |
| |||||||
Fastenal Co. | 713 | $ | 29,625 | |||||
United Rentals Inc.a,b | 245 | 22,800 | ||||||
WW Grainger Inc. | 157 | 37,195 | ||||||
|
| |||||||
89,620 | ||||||||
WATER UTILITIES — 0.05% | ||||||||
American Water Works Co. Inc. | 434 | 23,471 | ||||||
|
| |||||||
23,471 | ||||||||
WIRELESS TELECOMMUNICATION SERVICES — 0.14% |
| |||||||
SBA Communications Corp. Class Aa | 326 | 40,655 | ||||||
Sprint Corp.a | 1,804 | 9,237 | ||||||
T-Mobile U.S. Inc.a | 630 | 20,809 | ||||||
|
| |||||||
70,701 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $45,530,665) |
| 49,711,144 | ||||||
SHORT-TERM INVESTMENTS — 1.21% |
| |||||||
MONEY MARKET FUNDS — 1.21% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.16%c,d,e | 502,250 | 502,250 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%c,d,e | 29,312 | 29,312 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%c,d | 69,685 | 69,685 | ||||||
|
| |||||||
601,247 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $601,247) |
| 601,247 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $46,131,912) |
| 50,312,391 | ||||||
Other Assets, Less Liabilities — (1.01)% |
| (501,854 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 49,810,537 | |||||
|
|
NVS — Non-Voting Shares
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 45 |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2015
iShares Capped ETF | iShares MSCI | iShares MSCI Chile Capped ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 2,935,224,634 | $ | 2,934,940,975 | $ | 185,653,494 | ||||||
Affiliated (Note 2) | 797,245 | 43,426,192 | 423,207 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 2,936,021,879 | $ | 2,978,367,167 | $ | 186,076,701 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 3,537,030,242 | $ | 2,490,150,990 | $ | 225,883,751 | ||||||
Affiliated (Note 2) | 797,245 | 43,426,192 | 423,207 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 3,537,827,487 | 2,533,577,182 | 226,306,958 | |||||||||
Foreign currency, at valueb | 15,120,593 | 6,592,396 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 7,270,956 | 18,617,956 | 1,665,884 | |||||||||
Dividends | 16,189,249 | 3,079,965 | — | |||||||||
Futures variation margin | — | 573,217 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 3,576,408,285 | 2,562,440,716 | 227,972,842 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 17,822,633 | 21,571,414 | 1,627,762 | |||||||||
Due to broker for foreign currency pledged for futures, at valueb | — | 231,377 | — | |||||||||
Collateral for securities on loan (Note 1) | — | 42,881,919 | — | |||||||||
Capital shares redeemed | — | 328,473 | — | |||||||||
Investment advisory fees (Note 2) | 1,676,757 | 934,566 | 108,391 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 19,499,390 | 65,947,749 | 1,736,153 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 3,556,908,895 | $ | 2,496,492,967 | $ | 226,236,689 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 5,139,596,809 | $ | 3,261,873,097 | $ | 356,018,846 | ||||||
Undistributed (distributions in excess of) net investment income | 16,508,774 | (5,071,119 | ) | 154,973 | ||||||||
Accumulated net realized loss | (2,200,195,117 | ) | (316,103,306 | ) | (170,167,387 | ) | ||||||
Net unrealized appreciation (depreciation) | 600,998,429 | (444,205,705 | ) | 40,230,257 | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 3,556,908,895 | $ | 2,496,492,967 | $ | 226,236,689 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 100,950,000 | 89,000,000 | 5,500,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 35.23 | $ | 28.05 | $ | 41.13 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $ —, $40,773,170 and $ —, respectively. See Note 1. |
b | Cost of foreign currency including currency at broker, if any: $15,116,941, $6,329,926 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.
46 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares Capped ETF | iShares MSCI Israel Capped ETF | iShares MSCI Mexico Capped ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 21,666,841 | $ | 136,486,330 | $ | 2,321,525,094 | ||||||
Affiliated (Note 2) | 22,282 | 3,926,325 | 88,877,876 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 21,689,123 | $ | 140,412,655 | $ | 2,410,402,970 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 15,237,522 | $ | 113,858,678 | $ | 1,946,515,909 | ||||||
Affiliated (Note 2) | 22,282 | 3,926,325 | 88,877,876 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 15,259,804 | 117,785,003 | 2,035,393,785 | |||||||||
Foreign currency, at valueb | 2,985 | 53,311 | 3,189,012 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 2,677,524 | 1,201,022 | 107,520,264 | |||||||||
Due from custodian (Note 4) | — | — | 306,446 | |||||||||
Dividends and interest | 4,848 | 179,306 | 637,062 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 17,945,161 | 119,218,642 | 2,147,046,569 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 2,689,801 | 1,125,244 | 107,109,008 | |||||||||
Collateral for securities on loan (Note 1) | 2,660 | 3,917,973 | 88,249,382 | |||||||||
Investment advisory fees (Note 2) | 7,253 | 54,096 | 719,220 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 2,699,714 | 5,097,313 | 196,077,610 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 15,245,447 | $ | 114,121,329 | $ | 1,950,968,959 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 23,930,945 | $ | 173,831,222 | $ | 2,635,691,454 | ||||||
Undistributed (distributions in excess of) net investment income | (4,056 | ) | 591,234 | (5,849,184 | ) | |||||||
Accumulated net realized loss | (2,251,140 | ) | (37,665,531 | ) | (303,773,578 | ) | ||||||
Net unrealized depreciation | (6,430,302 | ) | (22,635,596 | ) | (375,099,733 | ) | ||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 15,245,447 | $ | 114,121,329 | $ | 1,950,968,959 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 950,000 | 2,400,000 | 32,400,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 16.05 | $ | 47.55 | $ | 60.22 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $2,540, $3,739,025 and $82,515,442, respectively. See Note 1. |
b | Cost of foreign currency: $3,276, $54,989 and $3,196,972, respectively. |
c | $0.001 par value, number of shares authorized: 25 million, 500 million and 255 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 47 |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares Capped ETF | iShares MSCI South Africa ETF | iShares MSCI Turkey ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 399,069,129 | $ | 551,070,173 | $ | 696,689,543 | ||||||
Affiliated (Note 2) | 365,828 | 938,629 | 34,358,955 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 399,434,957 | $ | 552,008,802 | $ | 731,048,498 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 272,070,371 | $ | 499,765,317 | $ | 540,377,663 | ||||||
Affiliated (Note 2) | 365,828 | 938,629 | 34,358,955 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 272,436,199 | 500,703,946 | 574,736,618 | |||||||||
Foreign currency, at valueb | — | 471,262 | 98,253 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 6,359,749 | 2,954,382 | — | |||||||||
Dividends | 53,936 | 53,432 | 91,183 | |||||||||
Capital shares sold | — | — | 694 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 278,849,884 | 504,183,022 | 574,926,748 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 5,975,412 | 3,039,026 | — | |||||||||
Collateral for securities on loan (Note 1) | — | 898,997 | 34,213,930 | |||||||||
Investment advisory fees (Note 2) | 123,694 | 239,863 | 265,237 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 6,099,106 | 4,177,886 | 34,479,167 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 272,750,778 | $ | 500,005,136 | $ | 540,447,581 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 436,503,519 | $ | 636,850,534 | $ | 753,514,156 | ||||||
Distributions in excess of net investment income | (156,511 | ) | (511,026 | ) | (493,070 | ) | ||||||
Accumulated net realized loss | (36,588,488 | ) | (85,026,249 | ) | (56,250,403 | ) | ||||||
Net unrealized depreciation | (127,007,742 | ) | (51,308,123 | ) | (156,323,102 | ) | ||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 272,750,778 | $ | 500,005,136 | $ | 540,447,581 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 20,200,000 | 7,300,000 | 10,900,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 13.50 | $ | 68.49 | $ | 49.58 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $ —, $848,168 and $32,035,901, respectively. See Note 1. |
b | Cost of foreign currency: $ —, $474,392 and $109,401, respectively. |
c | $0.001 par value, number of shares authorized: 1 billion, 400 million and 200 million, respectively. |
See notes to financial statements.
48 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares MSCI USA ETF | ||||
ASSETS | ||||
Investments, at cost: | ||||
Unaffiliated | $ | 45,316,337 | ||
Affiliated (Note 2) | 815,575 | |||
|
| |||
Total cost of investments | $ | 46,131,912 | ||
|
| |||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||
Unaffiliated | $ | 49,465,430 | ||
Affiliated (Note 2) | 846,961 | |||
|
| |||
Total fair value of investments | 50,312,391 | |||
Receivables: | ||||
Investment securities sold | 119,475 | |||
Dividends and interest | 105,305 | |||
|
| |||
Total Assets | 50,537,171 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investment securities purchased | 189,179 | |||
Collateral for securities on loan (Note 1) | 531,562 | |||
Investment advisory fees (Note 2) | 5,893 | |||
|
| |||
Total Liabilities | 726,634 | |||
|
| |||
NET ASSETS | $ | 49,810,537 | ||
|
| |||
Net assets consist of: | ||||
Paid-in capital | $ | 43,042,363 | ||
Undistributed net investment income | 178,713 | |||
Undistributed net realized gain | 2,408,982 | |||
Net unrealized appreciation | 4,180,479 | |||
|
| |||
NET ASSETS | $ | 49,810,537 | ||
|
| |||
Shares outstandingb | 1,100,000 | |||
|
| |||
Net asset value per share | $ | 45.28 | ||
|
|
a | Securities on loan with a value of $520,355. See Note 1. |
b | $0.001 par value, number of shares authorized: 500 million. |
See notes to financial statements.
FINANCIAL STATEMENTS | 49 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2015
iShares Capped ETF | iShares MSCI Canada ETF | iShares MSCI Chile Capped ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 79,134,409 | $ | 34,674,432 | $ | 1,470,278 | ||||||
Interest — affiliated (Note 2) | 90 | 36 | 22 | |||||||||
Securities lending income — affiliated (Note 2) | — | 34,757 | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 79,134,499 | 34,709,225 | 1,470,300 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 13,867,297 | 7,034,572 | 935,384 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 13,867,297 | 7,034,572 | 935,384 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 65,267,202 | 27,674,653 | 534,916 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (391,156,332 | ) | (66,054,849 | ) | (18,873,608 | ) | ||||||
In-kind redemptions — unaffiliated | — | 96,737,881 | — | |||||||||
Futures contracts | — | 282,321 | — | |||||||||
Foreign currency transactions | (3,542,963 | ) | (251,940 | ) | (6,599 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (394,699,295 | ) | 30,713,413 | (18,880,207 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (1,680,211,262 | ) | (553,653,691 | ) | (4,719,464 | ) | ||||||
Futures contracts | — | (319,873 | ) | — | ||||||||
Translation of assets and liabilities in foreign currencies | 58,793 | 140,476 | 175 | |||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (1,680,152,469 | ) | (553,833,088 | ) | (4,719,289 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (2,074,851,764 | ) | (523,119,675 | ) | (23,599,496 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,009,584,562 | ) | $ | (495,445,022 | ) | $ | (23,064,580 | ) | |||
|
|
|
|
|
|
a | Net of foreign withholding tax of $6,398,065, $6,224,058 and $375,348, respectively. |
See notes to financial statements.
50 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares Capped ETF | iShares Capped ETF | iShares Capped ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 166,692 | $ | 2,110,140 | $ | 13,511,396 | ||||||
Interest — affiliated (Note 2) | 2 | 2 | 28 | |||||||||
Securities lending income — affiliated (Note 2) | 464 | 23,107 | 455,370 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 167,158 | 2,133,249 | 13,966,794 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 57,104 | 370,776 | 6,208,859 | |||||||||
Commitment fees (Note 8) | 30 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 57,134 | 370,776 | 6,208,859 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 110,024 | 1,762,473 | 7,757,935 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (2,068,826 | ) | (3,306,839 | ) | (40,853,698 | ) | ||||||
In-kind redemptions — unaffiliated | — | 206,938 | (40,277,879 | ) | ||||||||
Foreign currency transactions | (24,585 | ) | (27,842 | ) | (600,560 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized loss | (2,093,411 | ) | (3,127,743 | ) | (81,732,137 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (8,893,869 | ) | (5,745,554 | ) | (424,814,902 | ) | ||||||
Translation of assets and liabilities in foreign currencies | (944 | ) | (5,862 | ) | (92,572 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (8,894,813 | ) | (5,751,416 | ) | (424,907,474 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (10,988,224 | ) | (8,879,159 | ) | (506,639,611 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (10,878,200 | ) | $ | (7,116,686 | ) | $ | (498,881,676 | ) | |||
|
|
|
|
|
|
a | Net of foreign withholding tax of $4,334, $424,509 and $192,285, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 51 |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares Capped ETF | iShares Africa ETF | iShares MSCI Turkey ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 2,809,939 | $ | 5,479,181 | $ | 445,217 | ||||||
Interest — affiliated (Note 2) | 562 | 3 | 6 | |||||||||
Securities lending income — affiliated (Note 2) | — | 7,920 | 567,479 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 2,810,501 | 5,487,104 | 1,012,702 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 777,167 | 1,453,680 | 1,505,772 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 777,167 | 1,453,680 | 1,505,772 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 2,033,334 | 4,033,424 | (493,070 | ) | ||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (5,147,754 | ) | (13,042,533 | ) | (4,920,474 | ) | ||||||
In-kind redemptions — unaffiliated | (441,278 | ) | 9,951,574 | 5,301,698 | ||||||||
Foreign currency transactions | (130,464 | ) | (148,019 | ) | (29,342 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (5,719,496 | ) | (3,238,978 | ) | 351,882 | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (57,534,947 | ) | (24,027,596 | ) | (72,871,137 | ) | ||||||
Translation of assets and liabilities in foreign currencies | (1,741 | ) | (8,326 | ) | (5,494 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (57,536,688 | ) | (24,035,922 | ) | (72,876,631 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (63,256,184 | ) | (27,274,900 | ) | (72,524,749 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (61,222,850 | ) | $ | (23,241,476 | ) | $ | (73,017,819 | ) | |||
|
|
|
|
|
|
a | Net of foreign withholding tax of $302,779, $885,221 and $74,457, respectively. |
See notes to financial statements.
52 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares USA ETF | ||||
NET INVESTMENT INCOME | ||||
Dividends — unaffiliateda | $ | 570,130 | ||
Dividends — affiliated (Note 2) | 2,201 | |||
Interest — affiliated (Note 2) | 2 | |||
Securities lending income — affiliated (Note 2) | 1,932 | |||
|
| |||
Total investment income | 574,265 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees (Note 2) | 40,692 | |||
|
| |||
Total expenses | 40,692 | |||
|
| |||
Net investment income | 533,573 | |||
|
| |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (118,646 | ) | ||
Investments — affiliated (Note 2) | 390 | |||
In-kind redemptions — unaffiliated | 2,771,829 | |||
In-kind redemptions — affiliated (Note 2) | 14,774 | |||
|
| |||
Net realized gain | 2,668,347 | |||
|
| |||
Net change in unrealized appreciation/depreciation | 375,127 | |||
|
| |||
Net realized and unrealized gain | 3,043,474 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,577,047 | ||
|
|
a | Net of foreign withholding tax of $60. |
See notes to financial statements.
FINANCIAL STATEMENTS | 53 |
Table of Contents
Statements of Changes in Net Assets
iSHARES® , INC.
iShares MSCI Brazil Capped ETF | iShares MSCI Canada ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 65,267,202 | $ | 158,393,234 | $ | 27,674,653 | $ | 66,432,321 | ||||||||
Net realized gain (loss) | (394,699,295 | ) | (24,456,910 | ) | 30,713,413 | 6,264,667 | ||||||||||
Net change in unrealized appreciation/depreciation | (1,680,152,469 | ) | 1,185,606,681 | (553,833,088 | ) | 621,918,423 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (2,009,584,562 | ) | 1,319,543,005 | (495,445,022 | ) | 694,615,411 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (45,472,254 | ) | (151,885,117 | ) | (36,394,890 | ) | (71,105,660 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (45,472,254 | ) | (151,885,117 | ) | (36,394,890 | ) | (71,105,660 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 1,599,836,734 | 2,103,462,834 | 188,209,487 | 537,013,459 | ||||||||||||
Cost of shares redeemed | (1,437,556,358 | ) | (2,805,065,721 | ) | (946,782,838 | ) | (801,840,234 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 162,280,376 | (701,602,887 | ) | (758,573,351 | ) | (264,826,775 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (1,892,776,440 | ) | 466,055,001 | (1,290,413,263 | ) | 358,682,976 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 5,449,685,335 | 4,983,630,334 | 3,786,906,230 | 3,428,223,254 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,556,908,895 | $ | 5,449,685,335 | $ | 2,496,492,967 | $ | 3,786,906,230 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | 16,508,774 | $ | (3,286,174 | ) | $ | (5,071,119 | ) | $ | 3,649,118 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 36,000,000 | 45,450,000 | 6,100,000 | 17,400,000 | ||||||||||||
Shares redeemed | (36,700,000 | ) | (61,000,000 | ) | (32,100,000 | ) | (27,800,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net decrease in shares outstanding | (700,000 | ) | (15,550,000 | ) | (26,000,000 | ) | (10,400,000 | ) | ||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
54 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Chile Capped ETF | iShares MSCI Colombia Capped ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 534,916 | $ | 5,077,041 | $ | 110,024 | $ | 537,807 | ||||||||
Net realized loss | (18,880,207 | ) | (41,001,966 | ) | (2,093,411 | ) | (126,286 | ) | ||||||||
Net change in unrealized appreciation/depreciation | (4,719,289 | ) | (2,259,337 | ) | (8,894,813 | ) | 2,091,159 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (23,064,580 | ) | (38,184,262 | ) | (10,878,200 | ) | 2,502,680 | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (401,526 | ) | (4,758,168 | ) | (114,080 | ) | (523,757 | ) | ||||||||
From net realized gain | — | — | — | (24,565 | ) | |||||||||||
Return of capital | — | — | — | (10,400 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (401,526 | ) | (4,758,168 | ) | (114,080 | ) | (558,722 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 71,965,297 | 306,288,062 | 842,055 | 5,263,753 | ||||||||||||
Cost of shares redeemed | (174,761,955 | ) | (275,735,795 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (102,796,658 | ) | 30,552,267 | 842,055 | 5,263,753 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (126,262,764 | ) | (12,390,163 | ) | (10,150,225 | ) | 7,207,711 | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 352,499,453 | 364,889,616 | 25,395,672 | 18,187,961 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 226,236,689 | $ | 352,499,453 | $ | 15,245,447 | $ | 25,395,672 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | 154,973 | $ | 21,583 | $ | (4,056 | ) | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 1,700,000 | 6,450,000 | 50,000 | 200,000 | ||||||||||||
Shares redeemed | (4,300,000 | ) | (6,000,000 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (2,600,000 | ) | 450,000 | 50,000 | 200,000 | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 55 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Israel Capped ETF | iShares MSCI Mexico Capped ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,762,473 | $ | 1,855,705 | $ | 7,757,935 | $ | 43,179,073 | ||||||||
Net realized gain (loss) | (3,127,743 | ) | 10,422,925 | (81,732,137 | ) | (49,805,879 | ) | |||||||||
Net change in unrealized appreciation/depreciation | (5,751,416 | ) | 4,245,175 | (424,907,474 | ) | 416,649,115 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (7,116,686 | ) | 16,523,805 | (498,881,676 | ) | 410,022,309 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (1,141,753 | ) | (2,015,418 | ) | (19,398,319 | ) | (41,504,491 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,141,753 | ) | (2,015,418 | ) | (19,398,319 | ) | (41,504,491 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 14,908,298 | 124,975,600 | 427,292,875 | 2,034,431,562 | ||||||||||||
Cost of shares redeemed | (14,173,838 | ) | (88,548,464 | ) | (1,233,196,013 | ) | (1,344,849,484 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 734,460 | 36,427,136 | (805,903,138 | ) | 689,582,078 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (7,523,979 | ) | 50,935,523 | (1,324,183,133 | ) | 1,058,099,896 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 121,645,308 | 70,709,785 | 3,275,152,092 | 2,217,052,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 114,121,329 | $ | 121,645,308 | $ | 1,950,968,959 | $ | 3,275,152,092 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | 591,234 | $ | (29,486 | ) | $ | (5,849,184 | ) | $ | 5,791,200 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 300,000 | 2,500,000 | 6,800,000 | 31,000,000 | ||||||||||||
Shares redeemed | (300,000 | ) | (1,750,000 | ) | (20,200,000 | ) | (21,000,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | — | 750,000 | (13,400,000 | ) | 10,000,000 | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
56 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Russia Capped ETF | iShares MSCI South Africa ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,033,334 | $ | 9,621,213 | $ | 4,033,424 | $ | 13,130,204 | ||||||||
Net realized gain (loss) | (5,719,496 | ) | (22,363,897 | ) | (3,238,978 | ) | 38,061,399 | |||||||||
Net change in unrealized appreciation/depreciation | (57,536,688 | ) | (21,103,770 | ) | (24,035,922 | ) | 57,102,013 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (61,222,850 | ) | (33,846,454 | ) | (23,241,476 | ) | 108,293,616 | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (9,840,701 | ) | (2,160,831 | ) | (5,380,757 | ) | (12,294,677 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (9,840,701 | ) | (2,160,831 | ) | (5,380,757 | ) | (12,294,677 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 59,657,410 | 333,077,754 | 121,555,085 | 281,249,453 | ||||||||||||
Cost of shares redeemed | (5,618,368 | ) | (317,805,980 | ) | (180,323,354 | ) | (337,422,079 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 54,039,042 | 15,271,774 | (58,768,269 | ) | (56,172,626 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (17,024,509 | ) | (20,735,511 | ) | (87,390,502 | ) | 39,826,313 | |||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 289,775,287 | 310,510,798 | 587,395,638 | 547,569,325 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 272,750,778 | $ | 289,775,287 | $ | 500,005,136 | $ | 587,395,638 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (156,511 | ) | $ | 7,650,856 | $ | (511,026 | ) | $ | 836,307 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 4,800,000 | 16,800,000 | 1,800,000 | 4,300,000 | ||||||||||||
Shares redeemed | (400,000 | ) | (16,650,000 | ) | (2,800,000 | ) | (5,300,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | 4,400,000 | 150,000 | (1,000,000 | ) | (1,000,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 57 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Turkey ETF | iShares MSCI USA ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (493,070 | ) | $ | 8,452,557 | $ | 533,573 | $ | 2,391,477 | |||||||
Net realized gain | 351,882 | 4,401,805 | 2,668,347 | 56,924,794 | ||||||||||||
Net change in unrealized appreciation/depreciation | (72,876,631 | ) | 93,555,911 | 375,127 | (29,707,398 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (73,017,819 | ) | 106,410,273 | 3,577,047 | 29,608,873 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | — | (8,703,391 | ) | (488,843 | ) | (2,876,350 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | — | (8,703,391 | ) | (488,843 | ) | (2,876,350 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 197,037,653 | 364,224,026 | 16,944,592 | 48,587,993 | ||||||||||||
Cost of shares redeemed | (98,939,089 | ) | (382,640,118 | ) | (17,613,751 | ) | (207,759,194 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 98,098,564 | (18,416,092 | ) | (669,159 | ) | (159,171,201 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | 25,080,745 | 79,290,790 | 2,419,045 | (132,438,678 | ) | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 515,366,836 | 436,076,046 | 47,391,492 | 179,830,170 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 540,447,581 | $ | 515,366,836 | $ | 49,810,537 | $ | 47,391,492 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (493,070 | ) | $ | — | $ | 178,713 | $ | 133,983 | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 3,550,000 | 7,500,000 | 400,000 | 1,250,000 | ||||||||||||
Shares redeemed | (1,900,000 | ) | (7,150,000 | ) | (400,000 | ) | (5,250,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | 1,650,000 | 350,000 | — | (4,000,000 | ) | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
58 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Brazil Capped ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 53.61 | $ | 42.52 | $ | 52.61 | $ | 65.00 | $ | 68.07 | $ | 58.26 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.58 | 1.56 | 1.59 | 1.73 | 2.24 | 1.56 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (18.54 | ) | 11.08 | (10.32 | ) | (12.64 | ) | (1.69 | ) | 10.83 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (17.96 | ) | 12.64 | (8.73 | ) | (10.91 | ) | 0.55 | 12.39 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.42 | ) | (1.55 | ) | (1.36 | ) | (0.56 | ) | (3.62 | ) | (2.58 | ) | ||||||||||||
Return of capital | — | — | — | (0.92 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.42 | ) | (1.55 | ) | (1.36 | ) | (1.48 | ) | (3.62 | ) | (2.58 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 35.23 | $ | 53.61 | $ | 42.52 | $ | 52.61 | $ | 65.00 | $ | 68.07 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (33.49 | )%c | 30.33 | % | (16.85 | )% | (16.79 | )% | 0.36 | % | 21.12 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 3,556,909 | $ | 5,449,685 | $ | 4,983,630 | $ | 7,370,617 | $ | 11,332,121 | $ | 9,240,453 | ||||||||||||
Ratio of expenses to average net assetsd | 0.61 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 2.89 | % | 3.37 | % | 3.02 | % | 2.92 | % | 3.08 | % | 2.24 | % | ||||||||||||
Portfolio turnover ratee | 38 | % | 54 | % | 56 | % | 7 | % | 11 | % | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2015, the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011 and August 31, 2010 were 8%, 11%, 20%, 6%, 11% and 13%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 59 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Canada ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 32.93 | $ | 27.34 | $ | 27.52 | $ | 29.89 | $ | 26.10 | $ | 23.70 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.28 | 0.59 | 0.60 | 0.53 | 0.53 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (4.78 | ) | 5.62 | (0.10 | ) | (2.33 | ) | 3.78 | 2.39 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (4.50 | ) | 6.21 | 0.50 | (1.80 | ) | 4.31 | 2.82 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.38 | ) | (0.62 | ) | (0.68 | ) | (0.57 | ) | (0.52 | ) | (0.42 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.38 | ) | (0.62 | ) | (0.68 | ) | (0.57 | ) | (0.52 | ) | (0.42 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 28.05 | $ | 32.93 | $ | 27.34 | $ | 27.52 | $ | 29.89 | $ | 26.10 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (13.64 | )%c | 23.00 | % | 1.84 | % | (5.87 | )% | 16.50 | % | 11.91 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 2,496,493 | $ | 3,786,906 | $ | 3,428,223 | $ | 4,254,544 | $ | 5,092,547 | $ | 3,447,242 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.51 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.90 | % | 1.97 | % | 2.12 | % | 1.94 | % | 1.70 | % | 1.63 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 6 | % | 7 | % | 5 | % | 8 | % | 6 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
60 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Chile Capped ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 43.52 | $ | 47.70 | $ | 60.31 | $ | 67.11 | $ | 67.37 | $ | 44.61 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.07 | 0.69 | 0.68 | 0.97 | 0.95 | 0.59 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (2.40 | ) | (4.18 | ) | (12.58 | ) | (6.80 | ) | (0.23 | ) | 22.86 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (2.33 | ) | (3.49 | ) | (11.90 | ) | (5.83 | ) | 0.72 | 23.45 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.69 | ) | (0.68 | ) | (0.92 | ) | (0.98 | ) | (0.66 | ) | ||||||||||||
Return of capital | — | — | (0.03 | ) | (0.05 | ) | (0.00 | )c | (0.03 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.06 | ) | (0.69 | ) | (0.71 | ) | (0.97 | ) | (0.98 | ) | (0.69 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 41.13 | $ | 43.52 | $ | 47.70 | $ | 60.31 | $ | 67.11 | $ | 67.37 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (5.35 | )%d | (7.40 | )% | (19.87 | )% | (8.68 | )% | 0.93 | % | 52.88 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 226,237 | $ | 352,499 | $ | 364,890 | $ | 548,797 | $ | 708,018 | $ | 670,350 | ||||||||||||
Ratio of expenses to average net assetse | 0.61 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
Ratio of net investment income to average net assetse | 0.35 | % | 1.49 | % | 1.12 | % | 1.55 | % | 1.30 | % | 1.05 | % | ||||||||||||
Portfolio turnover ratef | 26 | % | 91 | % | 34 | % | 48 | % | 38 | % | 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. |
c | Rounds to less than $0.01. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such transactions, the portfolio turnover rates for the six months ended February 28, 2015, the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011, and August 31, 2010 were 2%, 11%, 16%, 20%, 12%, and 9%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 61 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Colombia Capped ETF | ||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Period from to | ||||||||||
Net asset value, beginning of period | $ | 28.22 | $ | 25.98 | $ | 25.28 | ||||||
|
|
|
|
|
| |||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 0.12 | 0.67 | 0.03 | |||||||||
Net realized and unrealized gain (loss)c | (12.16 | ) | 2.24 | 0.67 | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | (12.04 | ) | 2.91 | 0.70 | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.13 | ) | (0.63 | ) | — | |||||||
Net realized gain | — | (0.03 | ) | — | ||||||||
Return of capital | — | (0.01 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.13 | ) | (0.67 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 16.05 | $ | 28.22 | $ | 25.98 | ||||||
|
|
|
|
|
| |||||||
Total return | (42.78 | )%d | 11.44 | % | 2.77 | %d | ||||||
|
|
|
|
|
| |||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000s) | $ | 15,245 | $ | 25,396 | $ | 18,188 | ||||||
Ratio of expenses to average net assetse | 0.61 | % | 0.61 | % | 0.61 | % | ||||||
Ratio of net investment income to average net assetse | 1.18 | % | 2.54 | % | 0.61 | % | ||||||
Portfolio turnover ratef | 39 | % | 34 | % | 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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2015, the year ended August 31, 2014 and for the period ended August 31, 2013 were 22%, 33% and 2%, respectively. See Note 4. |
See notes to financial statements.
62 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Israel Capped ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 50.69 | $ | 42.85 | $ | 37.25 | $ | 45.89 | $ | 49.41 | $ | 46.87 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.70 | 0.87 | 0.95 | 1.12 | 1.39 | 1.40 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (3.38 | ) | 7.95 | 5.68 | (8.66 | ) | (3.18 | ) | 2.63 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (2.68 | ) | 8.82 | 6.63 | (7.54 | ) | (1.79 | ) | 4.03 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.46 | ) | (0.98 | ) | (1.03 | ) | (1.07 | ) | (1.73 | ) | (1.49 | ) | ||||||||||||
Return of capital | — | — | — | (0.03 | ) | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.46 | ) | (0.98 | ) | (1.03 | ) | (1.10 | ) | (1.73 | ) | (1.49 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 47.55 | $ | 50.69 | $ | 42.85 | $ | 37.25 | $ | 45.89 | $ | 49.41 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (5.28 | )%c | 20.67 | % | 17.82 | % | (16.52 | )% | (4.26 | )% | 8.57 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 114,121 | $ | 121,645 | $ | 70,710 | $ | 68,912 | $ | 78,018 | $ | 128,473 | ||||||||||||
Ratio of expenses to average net assetsd | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 2.93 | % | 1.74 | % | 2.20 | % | 2.75 | % | 2.49 | % | 2.64 | % | ||||||||||||
Portfolio turnover ratee | 6 | % | 15 | % | 14 | % | 20 | % | 17 | % | 21 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 63 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Mexico Capped ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 71.51 | $ | 61.93 | $ | 60.96 | $ | 58.39 | $ | 48.17 | $ | 42.59 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.19 | 1.06 | 0.75 | 0.73 | 0.80 | 0.72 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (10.97 | ) | 9.61 | 0.85 | 2.76 | 10.15 | 5.61 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (10.78 | ) | 10.67 | 1.60 | 3.49 | 10.95 | 6.33 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.51 | ) | (1.09 | ) | (0.63 | ) | (0.92 | ) | (0.73 | ) | (0.75 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.51 | ) | (1.09 | ) | (0.63 | ) | (0.92 | ) | (0.73 | ) | (0.75 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 60.22 | $ | 71.51 | $ | 61.93 | $ | 60.96 | $ | 58.39 | $ | 48.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (15.04 | )%c | 17.42 | % | 2.53 | % | 6.13 | % | 22.67 | % | 14.83 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,950,969 | $ | 3,275,152 | $ | 2,217,052 | $ | 1,182,700 | $ | 1,243,731 | $ | 1,450,039 | ||||||||||||
Ratio of expenses to average net assetsd | 0.48 | % | 0.48 | % | 0.50 | % | 0.53 | % | 0.52 | % | 0.53 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.60 | % | 1.61 | % | 1.09 | % | 1.26 | % | 1.35 | % | 1.46 | % | ||||||||||||
Portfolio turnover ratee | 7 | % | 19 | % | 32 | % | 10 | % | 5 | % | 11 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
64 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Russia Capped ETF | ||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Period from to Aug. 31, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 18.34 | $ | 19.84 | $ | 21.15 | $ | 25.13 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomeb | 0.12 | 0.63 | 0.62 | 0.50 | 0.45 | |||||||||||||||
Net realized and unrealized gain (loss)c | (4.36 | ) | (2.00 | ) | (1.35 | ) | (4.00 | ) | 0.03 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (4.24 | ) | (1.37 | ) | (0.73 | ) | (3.50 | ) | 0.48 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.60 | ) | (0.13 | ) | (0.58 | ) | (0.48 | ) | (0.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.60 | ) | (0.13 | ) | (0.58 | ) | (0.48 | ) | (0.35 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 13.50 | $ | 18.34 | $ | 19.84 | $ | 21.15 | $ | 25.13 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return | (22.16 | )%d | (7.00 | )% | (3.40 | )% | (13.75 | )% | 1.76 | %d | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 272,751 | $ | 289,775 | $ | 310,511 | $ | 147,026 | $ | 111,835 | ||||||||||
Ratio of expenses to average net assetse | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.58 | % | ||||||||||
Ratio of net investment income to average net assetse | 1.61 | % | 3.14 | % | 2.87 | % | 2.22 | % | 1.99 | % | ||||||||||
Portfolio turnover ratef | 5 | % | 15 | % | 14 | % | 16 | % | 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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 65 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI South Africa ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 70.77 | $ | 58.88 | $ | 64.65 | $ | 69.06 | $ | 58.74 | $ | 51.99 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.57 | 1.57 | 1.32 | 2.10 | 1.65 | 1.18 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (2.05 | ) | 11.86 | (5.31 | ) | (4.41 | ) | 11.08 | 6.92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (1.48 | ) | 13.43 | (3.99 | ) | (2.31 | ) | 12.73 | 8.10 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.80 | ) | (1.54 | ) | (1.78 | ) | (2.10 | ) | (2.41 | ) | (1.35 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.80 | ) | (1.54 | ) | (1.78 | ) | (2.10 | ) | (2.41 | ) | (1.35 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 68.49 | $ | 70.77 | $ | 58.88 | $ | 64.65 | $ | 69.06 | $ | 58.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (1.94 | )%c | 23.13 | % | (6.35 | )% | (3.17 | )% | 21.58 | % | 15.80 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 500,005 | $ | 587,396 | $ | 547,569 | $ | 471,922 | $ | 504,102 | $ | 505,191 | ||||||||||||
Ratio of expenses to average net assetsd | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 1.71 | % | 2.40 | % | 2.08 | % | 3.26 | % | 2.38 | % | 2.09 | % | ||||||||||||
Portfolio turnover ratee | 4 | % | 6 | % | 5 | % | 4 | % | 4 | % | 5 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
66 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Turkey ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 55.72 | $ | 49.00 | $ | 56.13 | $ | 47.73 | $ | 60.81 | $ | 48.01 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment income (loss)a | (0.05 | ) | 0.85 | 1.07 | 0.86 | 0.84 | 1.00 | |||||||||||||||||
Net realized and unrealized gain (loss)b | (6.09 | ) | 6.75 | (7.08 | ) | 8.70 | (12.59 | ) | 13.02 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (6.14 | ) | 7.60 | (6.01 | ) | 9.56 | (11.75 | ) | 14.02 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | — | (0.88 | ) | (1.12 | ) | (1.16 | ) | (1.33 | ) | (1.22 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | — | (0.88 | ) | (1.12 | ) | (1.16 | ) | (1.33 | ) | (1.22 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 49.58 | $ | 55.72 | $ | 49.00 | $ | 56.13 | $ | 47.73 | $ | 60.81 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (11.02 | )%c | 15.52 | % | (11.05 | )% | 20.37 | % | (19.74 | )% | 29.55 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 540,448 | $ | 515,367 | $ | 436,076 | $ | 561,284 | $ | 448,677 | $ | 601,988 | ||||||||||||
Ratio of expenses to average net assetsd | 0.62 | % | 0.62 | % | 0.61 | % | 0.61 | % | 0.59 | % | 0.61 | % | ||||||||||||
Ratio of net investment income (loss) to average net assetsd | (0.20 | )% | 1.64 | % | 1.67 | % | 1.75 | % | 1.30 | % | 1.81 | % | ||||||||||||
Portfolio turnover ratee | 1 | % | 8 | % | 9 | % | 9 | % | 12 | % | 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. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 67 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI USA ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Year ended Aug. 31, 2011 | Period from to | |||||||||||||||||||
Net asset value, beginning of period | $ | 43.08 | $ | 35.26 | $ | 30.31 | $ | 26.17 | $ | 22.44 | $ | 24.83 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomeb | 0.42 | 0.71 | 0.69 | 0.59 | 0.51 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss)c | 2.17 | 8.01 | 4.96 | 3.94 | 3.73 | (2.49 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 2.59 | 8.72 | 5.65 | 4.53 | 4.24 | (2.32 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.90 | ) | (0.70 | ) | (0.39 | ) | (0.51 | ) | (0.07 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.39 | ) | (0.90 | ) | (0.70 | ) | (0.39 | ) | (0.51 | ) | (0.07 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 45.28 | $ | 43.08 | $ | 35.26 | $ | 30.31 | $ | 26.17 | $ | 22.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | 6.06 | %d | 24.98 | % | 18.85 | % | 17.44 | % | 18.89 | % | (9.37 | )%d | ||||||||||||
|
|
|
|
|
| �� |
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 49,811 | $ | 47,391 | $ | 179,830 | $ | 145,470 | $ | 5,233 | $ | 2,244 | ||||||||||||
Ratio of expenses to average net assetse | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||||
Ratio of net investment income to average net assetse | 1.97 | % | 1.82 | % | 2.10 | % | 2.04 | % | 1.90 | % | 2.21 | % | ||||||||||||
Portfolio turnover ratef | 3 | % | 6 | % | 5 | % | 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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
68 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
MSCI Brazil Capped | Non-diversified | |||
MSCI Canada | Diversified | |||
MSCI Chile Capped | Non-diversified | |||
MSCI Colombia Capped | Non-diversified | |||
MSCI Israel Capped | Non-diversified |
iShares ETF | Diversification Classification | |||
MSCI Mexico Capped | Non-diversified | |||
MSCI Russia Capped | Non-diversified | |||
MSCI South Africa | Non-diversified | |||
MSCI Turkey | Non-diversified | |||
MSCI USA | Diversified |
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.
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.
FUND REORGANIZATION
On January 26, 2015, the iShares MSCI Russia Capped ETF, a series of iShares, Inc. (the “Successor Fund”), acquired all the net assets of the iShares MSCI Russia Capped ETF, which operated as a series of iShares MSCI Russia Capped ETF, Inc. (the “Predecessor Fund”), pursuant to a plan of reorganization approved by the shareholders of the Predecessor Fund on January 16, 2015 (the “Reorganization”). The U.S. Securities and Exchange Commission (“SEC”) staff expressed the view that, as a result of the Predecessor Fund being a series of iShares MSCI Russia Capped ETF Inc., the Predecessor Fund was not covered by the iShares exemptive relief that permits various iShares funds to operate as exchange-traded funds. The purpose of the Reorganization was to address the SEC staff’s concerns on a going forward basis. The Successor Fund has the same investment objective, investment strategy, index methodology, risks, policies and expenses as the Predecessor Fund.
Each shareholder of the Predecessor Fund received shares of the Successor Fund in an amount equal to the aggregate net asset value of such shareholder’s Predecessor Fund shares, as determined before market open of business on January 26, 2015. The Reorganization was accomplished by a tax-free exchange of 19,900,000 shares of the Successor Fund for 19,900,000 shares of the Predecessor Fund at a conversion rate of 1.0.
The Predecessor Fund’s fair value and cost of investments prior to the Reorganization was $245,761,700 and $398,080,360, respectively. Prior to the Reorganization, the Successor Fund had not yet commenced operations and had no assets or liabilities. As a result of the Reorganization, the Successor Fund assumed the performance and accounting history of the Predecessor Fund. The aggregate net assets of the Successor Fund immediately after the Reorganization amounted to $246,588,913.
Since this was a non-taxable merger, for financial reporting purposes, assets received and shares issued by the Successor Fund were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward. The Successor Fund retained, without limitation, all the loss carryforwards of the Predecessor Fund.
NOTESTO FINANCIAL STATEMENTS | 69 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
1. | SIGNIFICANT ACCOUNTING POLICIES |
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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). |
• | 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 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, reviews of 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
70 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the 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, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
iShares ETF and | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Brazil Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 2,148,114,872 | $ | — | $ | — | $ | 2,148,114,872 | ||||||||
Preferred Stocks | 1,388,661,489 | — | — | 1,388,661,489 | ||||||||||||
Rights | 253,881 | — | — | 253,881 | ||||||||||||
Money Market Funds | 797,245 | — | — | 797,245 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,537,827,487 | $ | — | $ | — | $ | 3,537,827,487 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Canada | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 2,490,150,990 | $ | — | $ | — | $ | 2,490,150,990 | ||||||||
Money Market Funds | 43,426,192 | — | — | 43,426,192 | ||||||||||||
Futures Contractsa | 573,217 | — | — | 573,217 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,534,150,399 | $ | — | $ | — | $ | 2,534,150,399 | |||||||||
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|
| |||||||||
NOTESTO FINANCIAL STATEMENTS | 71 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
iShares ETF and | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Chile Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 211,246,046 | $ | — | $ | — | $ | 211,246,046 | ||||||||
Preferred Stocks | 14,637,705 | — | — | 14,637,705 | ||||||||||||
Money Market Funds | 423,207 | — | — | 423,207 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 226,306,958 | $ | — | $ | — | $ | 226,306,958 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Colombia Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 11,623,227 | $ | — | $ | — | $ | 11,623,227 | ||||||||
Preferred Stocks | 3,614,295 | — | — | 3,614,295 | ||||||||||||
Money Market Funds | 22,282 | — | — | 22,282 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
$ | 15,259,804 | $ | — | $ | — | $ | 15,259,804 | |||||||||
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|
| |||||||||
MSCI Israel Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 113,858,678 | $ | — | $ | — | $ | 113,858,678 | ||||||||
Money Market Funds | 3,926,325 | — | — | 3,926,325 | ||||||||||||
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| |||||||||
$ | 117,785,003 | $ | — | $ | — | $ | 117,785,003 | |||||||||
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| |||||||||
MSCI Mexico Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 1,946,515,879 | $ | — | $ | 30 | $ | 1,946,515,909 | ||||||||
Money Market Funds | 88,877,876 | — | — | �� | 88,877,876 | |||||||||||
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|
|
|
|
|
|
| |||||||||
$ | 2,035,393,755 | $ | — | $ | 30 | $ | 2,035,393,785 | |||||||||
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|
|
| |||||||||
MSCI Russia Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 255,130,198 | $ | — | $ | — | $ | 255,130,198 | ||||||||
Preferred Stocks | 16,940,173 | — | — | 16,940,173 | ||||||||||||
Money Market Funds | 365,828 | — | — | 365,828 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 272,436,199 | $ | — | $ | — | $ | 272,436,199 | |||||||||
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| |||||||||
MSCI South Africa | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 499,763,064 | $ | — | $ | 2,253 | $ | 499,765,317 | ||||||||
Money Market Funds | 938,629 | — | — | 938,629 | ||||||||||||
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|
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| |||||||||
$ | 500,701,693 | $ | — | $ | 2,253 | $ | 500,703,946 | |||||||||
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72 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
iShares ETF and | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Turkey | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 540,332,166 | $ | — | $ | — | $ | 540,332,166 | ||||||||
Rights | 45,497 | — | — | 45,497 | ||||||||||||
Money Market Funds | 34,358,955 | — | — | 34,358,955 | ||||||||||||
|
|
|
|
|
|
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| |||||||||
$ | 574,736,618 | $ | — | $ | — | $ | 574,736,618 | |||||||||
|
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|
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| |||||||||
MSCI USA | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 49,711,144 | $ | — | $ | — | $ | 49,711,144 | ||||||||
Money Market Funds | 601,247 | — | — | 601,247 | ||||||||||||
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| |||||||||
$ | 50,312,391 | $ | — | $ | — | $ | 50,312,391 | |||||||||
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| |||||||||
a | Shown at the unrealized appreciation (depreciation) on the contracts. |
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
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 or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.
NOTESTO FINANCIAL STATEMENTS | 73 |
Table of Contents
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.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
74 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
MSCI Canada | $ | 40,773,170 | $ | 40,773,170 | $ | — | ||||||
MSCI Colombia Capped | 2,540 | 2,540 | — | |||||||||
MSCI Israel Capped | 3,739,025 | 3,739,025 | — | |||||||||
MSCI Mexico Capped | 82,515,442 | 82,515,442 | — | |||||||||
MSCI South Africa | 848,168 | 848,168 | — | |||||||||
MSCI Turkey | 32,035,901 | 32,035,901 | — | |||||||||
MSCI USA | 520,355 | 520,355 | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each of the iShares MSCI Brazil Capped, iShares MSCI Chile Capped, iShares MSCI Israel Capped, iShares MSCI Russia Capped, iShares MSCI South Africa and iShares MSCI Turkey ETFs, 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 |
NOTESTO FINANCIAL STATEMENTS | 75 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For its investment advisory services to each of the iShares MSCI Canada and iShares MSCI Mexico Capped ETFs, 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, up to and including $72 billion | ||||
0.36 | Over $72 billion |
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
MSCI Colombia Capped | 0.61 | % | ||
MSCI USA | 0.15 |
The SEC has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, the iShares MSCI USA ETF (the “Group 1 Fund”), retains 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.
Pursuant to a securities lending agreement, the iShares MSCI Brazil Capped, iShares MSCI Canada, iShares MSCI Chile Capped, iShares MSCI Colombia Capped, iShares MSCI Israel Capped, iShares MSCI Mexico Capped, iShares Russia Capped, iShares MSCI South Africa and iShares MSCI Turkey ETFs (the “Group 2 Funds”), retain 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, the Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
76 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Prior to January 1, 2015, the Group 1 Fund retained 70% of securities lending income and each Group 2 Fund retained 75% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, the Group 1 Fund retained for the remainder of calendar year 2014, 75% of securities lending income and each Group 2 Fund retained 80% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
For the six months ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
iShares ETF | Fees Paid to BTC | |||
MSCI Canada | $ | 16,165 | ||
MSCI Colombia Capped | 132 | |||
MSCI Israel Capped | 6,908 | |||
MSCI Mexico Capped | 161,659 | |||
MSCI South Africa | 2,640 | |||
MSCI Turkey | 176,811 | |||
MSCI USA | 898 |
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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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 money market funds) during the six months ended February 28, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
iShares ETF and Name of Affiliated Issuer | Shares Held at Beginning of Period | Shares Purchased | Shares Sold | Shares Held at End of Period | Value at End of Period | Dividend Income | Net Realized Gain (Loss) | |||||||||||||||||||||
MSCI USA | ||||||||||||||||||||||||||||
BlackRock Inc. | 338 | 126 | (131 | ) | 333 | $ | 123,683 | $ | 814 | $ | 8,621 | |||||||||||||||||
PNC Financial Services Group Inc. (The) | 1,343 | 512 | (528 | ) | 1,327 | 122,031 | 1,387 | 6,543 | ||||||||||||||||||||
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$ | 245,714 | $ | 2,201 | $ | 15,164 | |||||||||||||||||||||||
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NOTESTO FINANCIAL STATEMENTS | 77 |
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iSHARES®, INC.
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, 2015 were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Brazil Capped | $ | 1,933,945,161 | $ | 1,759,202,665 | ||||
MSCI Canada | 81,209,962 | 79,335,399 | ||||||
MSCI Chile Capped | 78,692,656 | 180,881,189 | ||||||
MSCI Colombia Capped | 8,500,796 | 7,378,129 | ||||||
MSCI Israel Capped | 9,217,700 | 7,409,954 | ||||||
MSCI Mexico Capped | 181,405,944 | 183,502,820 | ||||||
MSCI Russia Capped | 22,398,192 | 11,806,854 | ||||||
MSCI South Africa | 17,203,909 | 17,332,752 | ||||||
MSCI Turkey | 3,973,470 | 4,246,354 | ||||||
MSCI USA | 1,666,983 | 1,639,771 |
In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Canada | $ | 186,571,377 | $ | 937,774,062 | ||||
MSCI Colombia Capped | 180,777 | — | ||||||
MSCI Israel Capped | 13,719,198 | 14,133,006 | ||||||
MSCI Mexico Capped | 414,691,476 | 1,229,164,236 | ||||||
MSCI Russia Capped | 40,827,221 | 5,575,026 | ||||||
MSCI South Africa | 121,343,305 | 179,663,219 | ||||||
MSCI Turkey | 196,812,861 | 98,639,695 | ||||||
MSCI USA | 16,888,707 | 17,506,459 |
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 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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. | FUTURES CONTRACTS |
Each Fund may purchase or sell 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 ETF as of February 28, 2015 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 appreciationa | $ | 573,217 | ||
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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 ETF during the six months ended February 28, 2015 and the related locations in the statements of operations, presented by risk exposure category:
Net Realized Gain (Loss) | Net Change in Unrealized | |||||||
Equity contracts: | ||||||||
Futures contracts | $ | 282,321 | $ | (319,873 | ) | |||
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The following table shows the average quarter-end balances of open futures contracts held by the iShares MSCI Canada ETF for the six months ended February 28, 2015:
Average value of contracts purchased | $ | 12,516,448 | ||
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NOTESTO FINANCIAL STATEMENTS | 79 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
6. | MARKET AND CREDIT RISK |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity and financial derivative instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
Each Fund, except for the iShares MSCI USA ETF, invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
Each Fund, except for the iShares MSCI USA ETF, invests all or substantially all of its assets in issuers located in a single country other than the U.S. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI Russia Capped ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
7. | INCOME TAX INFORMATION |
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.
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, 2014, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non- Expiring a | Expiring 2015 | Expiring 2016 | Expiring 2017 | Expiring 2018 | Expiring 2019 | Total | |||||||||||||||||||||
MSCI Brazil Capped | $ | 989,412,231 | $ | — | $ | — | $ | — | $ | 198,226,310 | $ | — | $ | 1,187,638,541 | ||||||||||||||
MSCI Canada | 142,622,027 | 5,363,291 | 5,107,471 | 27,886,883 | 68,928,677 | 14,903,919 | 264,812,268 | |||||||||||||||||||||
MSCI Chile Capped | 65,990,195 | — | — | 1,886,881 | 11,712,090 | 976,991 | 80,566,157 | |||||||||||||||||||||
MSCI Israel Capped | 13,480,809 | — | — | 784,479 | 10,801,191 | 7,130,249 | 32,196,728 | |||||||||||||||||||||
MSCI Mexico Capped | 42,455,837 | — | 853,150 | 8,973,988 | 2,789,471 | 22,863,665 | 77,936,111 | |||||||||||||||||||||
MSCI Russia Capped | 8,260,181 | — | — | — | — | — | 8,260,181 | |||||||||||||||||||||
MSCI South Africa | 27,277,976 | 1,607,845 | 972,024 | 15,339,464 | 14,856,365 | 6,137,142 | 66,190,816 | |||||||||||||||||||||
MSCI Turkey | 21,835,364 | — | — | 720,636 | 5,982,737 | 3,859,184 | 32,397,921 | |||||||||||||||||||||
MSCI USA | 56,840 | — | — | — | — | — | 56,840 |
a | Must be utilized prior to losses subject to expiration. |
NOTESTO FINANCIAL STATEMENTS | 81 |
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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, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Brazil Capped | $ | 3,513,297,498 | $ | 1,001,876,563 | $ | (977,346,574 | ) | $ | 24,529,989 | |||||||
MSCI Canada | 3,032,764,554 | 292,820,133 | (792,007,505 | ) | (499,187,372 | ) | ||||||||||
MSCI Chile Capped | 232,435,848 | 45,590,198 | (51,719,088 | ) | (6,128,890 | ) | ||||||||||
MSCI Colombia Capped | 21,806,513 | — | (6,546,709 | ) | (6,546,709 | ) | ||||||||||
MSCI Israel Capped | 141,691,054 | 5,331,932 | (29,237,983 | ) | (23,906,051 | ) | ||||||||||
MSCI Mexico Capped | 2,495,863,135 | 18,874,138 | (479,343,488 | ) | (460,469,350 | ) | ||||||||||
MSCI Russia Capped | 410,009,295 | 3,117,712 | (140,690,808 | ) | (137,573,096 | ) | ||||||||||
MSCI South Africa | 561,930,473 | 53,740,184 | (114,966,711 | ) | (61,226,527 | ) | ||||||||||
MSCI Turkey | 747,286,636 | 2,791,161 | (175,341,179 | ) | (172,550,018 | ) | ||||||||||
MSCI USA | 46,265,642 | 5,242,495 | (1,195,746 | ) | 4,046,749 |
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
8. | LINE OF CREDIT |
The iShares MSCI Colombia Capped ETF, along with certain other iShares funds, are parties to a $150 million credit agreement with State Street Bank and Trust Company, which expires on October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. 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 securities of certain foreign markets.
The Fund did not borrow under the credit agreement during the six months ended February 28, 2015.
9. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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Board Review and Approval of Investment Advisory Contract
iSHARES®, INC.
iShares MSCI Russia Capped 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 proposed 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 May 15-16, 2014, the Board, including a majority of the Independent Directors, approved the establishment of the Fund as a new series of iShares, Inc. and the proposed Advisory Contract for the Fund. The Board, including the Independent Directors, reviewed the information provided by management in response to requests for information. 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. At a meeting held on August 14, 2014, the Board approved a plan of reorganization pursuant to which iShares MSCI Russia Capped ETF (the “Predecessor Fund”), the sole series of iShares MSCI Russia Capped ETF, Inc., would be reorganized with the Fund, which would carry on the Predecessor Fund’s business as an exchange traded fund. The Fund has the same investment objective, investment strategy, risks and policies, operating expenses, investment adviser, portfolio managers and directors as the Predecessor Fund. The Independent Directors were advised by their independent counsel throughout the process.
In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered that the Fund had not yet commenced operations, but that it would be appropriate to review information concerning the Predecessor Fund. Accordingly, references in the following discussion to the Fund and Advisory Contract include the Predecessor Fund and its Advisory Contract, respectively, to the extent the context requires. The Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:
Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board noted that, prior to 2014, Lipper had used a different methodology to determine the Fund’s Lipper group, which included mutual funds, closed-end funds, exchange traded funds, and/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. The Board further noted that, after consideration by the 15(c) Committee, the Board determined to use instead Lipper’s proprietary ETF methodology to determine the Fund’s Lipper Group. This determination was based on, among other considerations, the increased number and types of ETFs available for comparative purposes than was the case in prior years. The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. At the Board’s request, Lipper provided, and the Board considered, information on the impact to the iShares funds’ comparative fee rankings that were attributable to the change from a pure index group methodology to Lipper’s proprietary ETF methodology. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.
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Board Review and Approval of Investment Advisory Contract (Continued)
iSHARES®, INC.
The Board also noted that the investment advisory fee rate and overall expenses for the Fund were lower than the median of the investment advisory fee rates and overall expenses of the funds in its Lipper Group.
In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2013, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its respective performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that are not exchange traded funds or index funds, and that may have different investment objectives and/or benchmarks from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its relevant benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Board, was also considered.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the Advisory Contract.
Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract as compared to the scope of services provided by BFA during prior years. 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 the Fund and its shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years, including in such areas as investor education, product management, customized portfolio consulting support, capital markets support, and proprietary risk and performance analytics tools. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund supported the Fund Board’s approval of the Advisory Contract.
Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including advisory fees), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that a committee of Independent Directors (the “15(c) Committee”) had focused on the methodology and proposed presentation during its meetings during 2014. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund.
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Board Review and Approval of Investment Advisory Contract (Continued)
iSHARES®, INC.
The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.
Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, 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 and the 15(c) Committee received information regarding BlackRock’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 level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised 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, concluded that the structure of the investment advisory fee rate reflects appropriate sharing of potential economies of scale with the Fund’s shareholders and supported the Board’s approval of the Advisory Contract.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board 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, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with a substantially similar investment objective and strategy as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, 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 and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the 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 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 — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and 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
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Board Review and Approval of Investment Advisory Contract (Continued)
iSHARES®, INC.
and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.
Based on the considerations described above, the Board determined that the Fund’s 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 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.
86 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Supplemental Information (Unaudited)
iSHARES®, INC.
Shareholder Meeting Results
A special meeting of shareholders of the iShares MSCI Russia Capped ETF was held on January 16, 2015. Shareholders were asked to approve an agreement and plan of reorganization for the Fund, which was the sole series of iShares MSCI Russia Capped ETF, Inc., that would result in the Fund becoming a new series of iShares, Inc.
The shareholders approved the proposal and the results of the shareholder vote were as follows:
Votes For | Votes Against | Votes Abstaining | ||||||
8,260,542 | 29,095 | 103,757 |
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Brazil Capped | $ | 0.375306 | $ | — | $ | 0.043022 | $ | 0.418328 | 90 | % | — | % | 10 | % | 100 | % | ||||||||||||||||
MSCI Canada | 0.272687 | — | 0.112037 | 0.384724 | 71 | — | 29 | 100 | ||||||||||||||||||||||||
MSCI Chile Capped | 0.041806 | — | 0.015148 | 0.056954 | 73 | — | 27 | 100 | ||||||||||||||||||||||||
MSCI Colombia Capped | 0.122755 | — | 0.004001 | 0.126756 | 97 | — | 3 | 100 | ||||||||||||||||||||||||
MSCI Israel Capped | 0.346906 | — | 0.109795 | 0.456701 | 76 | — | 24 | 100 | ||||||||||||||||||||||||
MSCI Mexico Capped | 0.423904 | — | 0.087925 | 0.511829 | 83 | — | 17 | 100 | ||||||||||||||||||||||||
MSCI Russia Capped | 0.527547 | — | 0.076177 | 0.603724 | 87 | — | 13 | 100 | ||||||||||||||||||||||||
MSCI South Africa | 0.751421 | — | 0.051677 | 0.803098 | 94 | — | 6 | 100 | ||||||||||||||||||||||||
MSCI USA | 0.376053 | — | 0.017505 | 0.393558 | 96 | — | 4 | 100 |
SUPPLEMENTAL INFORMATION | 87 |
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Notes:
88 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes:
NOTES | 89 |
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Notes:
90 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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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 basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-84-0215
![]() | ![]() |
Table of Contents
FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
Ø | iShares MSCI BRIC ETF | BKF | NYSE Arca |
Ø | iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ |
Ø | iShares MSCI Emerging Markets Consumer Discretionary ETF | EMDI | NASDAQ |
Ø | iShares MSCI Emerging Markets Energy Capped ETF | EMEY | NASDAQ |
Ø | iShares MSCI Emerging Markets Growth ETF | EGRW | NASDAQ |
Ø | iShares MSCI Emerging Markets Minimum Volatility ETF | EEMV | NYSE Arca |
Ø | iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca |
Ø | iShares MSCI Emerging Markets Value ETF | EVAL | NASDAQ |
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Table of Contents
iSHARES® MSCI BRIC ETF
Performance as of February 28, 2015
The iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -8.13%, net of fees, while the total return for the Index was -7.99%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 8.14% | 9.28% | 8.68% | 8.14% | 9.28% | 8.68% | ||||||||||||||||||||
5 Years | (0.55)% | (0.52)% | 0.35% | (2.74)% | (2.58)% | 1.75% | ||||||||||||||||||||
Since Inception | (3.69)% | (3.67)% | (3.26)% | (23.98)% | (23.88)% | (21.47)% |
The inception date of the Fund was 11/12/07. The first day of secondary market trading was 11/16/07.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 918.70 | $ | 3.28 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.46 | 0.69% |
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). See “Shareholder Expenses” on page 13 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 33.08 | % | ||
Energy | 14.61 | |||
Information Technology | 12.57 | |||
Consumer Staples | 8.74 | |||
Telecommunication Services | 7.93 | |||
Materials | 5.98 | |||
Industrials | 5.62 | |||
Consumer Discretionary | 5.20 | |||
Utilities | 3.34 | |||
Health Care | 2.93 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
COUNTRY ALLOCATION
As of 2/28/15
Country | Percentage of Total Investments* |
China | 53.28 | % | ||
Brazil | 19.40 | |||
India | 18.41 | |||
Russia | 8.91 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS ASIA ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI Emerging Markets Asia Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -1.60%, net of fees, while the total return for the Index was -1.49%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 11.29% | 12.39% | 11.86% | 11.29% | 12.39% | 11.86% | ||||||||||||||||||||
Since Inception | 5.29% | 5.57% | 5.64% | 17.09% | 18.02% | 18.28% |
The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 984.00 | $ | 2.41 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Information Technology | 27.06 | % | ||
Financials | 26.63 | |||
Consumer Discretionary | 8.16 | |||
Industrials | 7.58 | |||
Telecommunication Services | 7.16 | |||
Energy | 6.12 | |||
Consumer Staples | 6.06 | |||
Materials | 5.80 | |||
Utilities | 3.11 | |||
Health Care | 2.32 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
COUNTRY ALLOCATION
As of 2/28/15
Country | Percentage of Total Investments* |
China | 33.05 | % | ||
South Korea | 21.68 | |||
Taiwan | 18.91 | |||
India | 11.47 | |||
Malaysia | 5.27 | |||
Indonesia | 4.01 | |||
Thailand | 3.61 | |||
Philippines | 2.00 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
* | Excludes money market funds. |
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities in the consumer discretionary sector, as represented by the MSCI Emerging Markets Consumer Discretionary Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -10.55%, net of fees, while the total return for the Index was -10.17%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (0.44)% | (0.38)% | 0.35% | (0.44)% | (0.38)% | 0.35% | ||||||||||||||||||||
Since Inception | 2.80% | 2.73% | 3.60% | 8.82% | 8.58% | 11.43% |
The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 894.50 | $ | 3.19 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.41 | 0.68% |
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). See “Shareholder Expenses” on page 13 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments |
Automobiles & Components | 36.89 | % | ||
Media | 24.56 | |||
Retailing | 16.58 | |||
Consumer Durables & Apparel | 14.38 | |||
Consumer Services | 7.59 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
South Africa | 25.52 | % | ||
South Korea | 24.31 | |||
China | 11.26 | |||
India | 7.48 | |||
Taiwan | 5.92 | |||
Mexico | 5.38 | |||
Indonesia | 5.20 | |||
Brazil | 4.67 | |||
Malaysia | 3.40 | |||
Chile | 1.94 | |||
|
| |||
TOTAL | 95.08 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS ENERGY CAPPED ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Energy Capped ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities in the energy sector, as represented by the MSCI Emerging Markets Energy 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -26.24%, net of fees, while the total return for the Index was -26.01%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (14.60)% | (14.70)% | (13.92)% | (14.60)% | (14.70)% | (13.92)% | ||||||||||||||||||||
Since Inception | (14.92)% | (14.97)% | (14.40)% | (38.99)% | (39.09)% | (37.87)% |
The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 737.60 | $ | 2.93 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.41 | 0.68% |
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). See “Shareholder Expenses” on page 13 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Integrated Oil & Gas | 49.23 | % | ||
Oil & Gas Refining & Marketing | 18.80 | |||
Oil & Gas Exploration & Production | 16.32 | |||
Coal & Consumable Fuels | 9.50 | |||
Oil & Gas Storage & Transportation | 3.31 | |||
Oil & Gas Drilling | 1.42 | |||
Oil & Gas Equipment & Services | 1.42 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
Russia | 25.84 | % | ||
China | 25.55 | |||
India | 9.74 | |||
Brazil | 9.21 | |||
Thailand | 6.47 | |||
South Africa | 5.82 | |||
South Korea | 4.04 | |||
Poland | 3.19 | |||
Malaysia | 2.14 | |||
Chile | 1.91 | |||
|
| |||
TOTAL | 93.91 | % | ||
|
|
* | Excludes money market funds. |
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS GROWTH ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Growth ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that exhibit growth characteristics, as represented by the MSCI Emerging Markets Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -5.12%, net of fees, while the total return for the Index was -4.84%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 5.58% | 5.41% | 6.52% | 5.58% | 5.41% | 6.52% | ||||||||||||||||||||
Since Inception | 2.69% | 2.52% | 3.39% | 8.44% | 7.89% | 10.76% |
The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 948.80 | $ | 2.37 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Information Technology | 27.43 | % | ||
Financials | 24.56 | |||
Consumer Staples | 12.20 | |||
Consumer Discretionary | 10.79 | |||
Industrials | 6.74 | |||
Health Care | 4.18 | |||
Energy | 3.91 | |||
Materials | 3.86 | |||
Telecommunication Services | 3.26 | |||
Utilities | 3.07 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
China | 21.49 | % | ||
South Korea | 15.75 | |||
Taiwan | 12.13 | |||
Brazil | 9.02 | |||
South Africa | 8.51 | |||
India | 7.80 | |||
Mexico | 4.58 | |||
Russia | 3.46 | |||
Malaysia | 3.44 | |||
Indonesia | 2.57 | |||
|
| |||
TOTAL | 88.75 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregated, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -4.97%, net of fees, while the total return for the Index was -4.87%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 7.70% | 8.87% | 7.86% | 7.70% | 8.87% | 7.86% | ||||||||||||||||||||
Since Inception | 7.89% | 8.01% | 8.13% | 29.14% | 29.60% | 30.12% |
The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 950.30 | $ | 1.21 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.25 | 0.25% |
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). See “Shareholder Expenses” on page 13 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 27.42 | % | ||
Information Technology | 13.50 | |||
Consumer Staples | 13.46 | |||
Telecommunication Services | 12.81 | |||
Utilities | 8.45 | |||
Industrials | 6.95 | |||
Health Care | 6.59 | |||
Consumer Discretionary | 4.07 | |||
Energy | 3.83 | |||
Materials | 2.92 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
China | 23.86 | % | ||
Taiwan | 17.98 | |||
South Korea | 9.00 | |||
Malaysia | 8.50 | |||
South Africa | 5.58 | |||
Indonesia | 4.98 | |||
Chile | 4.28 | |||
Brazil | 4.08 | |||
Philippines | 3.99 | |||
Qatar | 2.70 | |||
|
| |||
TOTAL | 84.95 | % | ||
|
|
* | Excludes money market funds. |
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -6.73%, net of fees, while the total return for the Index was -6.75%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 2.23% | 3.60% | 3.36% | 2.23% | 3.60% | 3.36% | ||||||||||||||||||||
Since Inception | 1.01% | 1.20% | 1.70% | 3.61% | 4.32% | 6.15% |
The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 932.70 | $ | 3.26 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.41 | 0.68% |
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). See “Shareholder Expenses” on page 13 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 20.80 | % | ||
Consumer Discretionary | 16.16 | |||
Information Technology | 15.55 | |||
Industrials | 14.89 | |||
Materials | 12.48 | |||
Consumer Staples | 7.52 | |||
Health Care | 5.60 | |||
Utilities | 3.90 | |||
Energy | 1.60 | |||
Telecommunication Services | 1.50 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
China | 19.95 | % | ||
Taiwan | 18.38 | |||
South Korea | 16.61 | |||
India | 9.84 | |||
South Africa | 7.55 | |||
Thailand | 4.30 | |||
Malaysia | 4.17 | |||
Brazil | 3.77 | |||
Indonesia | 3.58 | |||
Mexico | 2.73 | |||
|
| |||
TOTAL | 90.88 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 11 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS VALUE ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Value ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that exhibit value characteristics, as represented by the MSCI Emerging Markets Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -11.97%, net of fees, while the total return for the Index was -11.77%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 2.83% | 4.73% | 3.41% | 2.83% | 4.73% | 3.41% | ||||||||||||||||||||
Since Inception | (3.31)% | (2.75)% | (2.88)% | (9.78)% | (8.18)% | (8.56)% |
The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 880.30 | $ | 2.28 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 13 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 32.88 | % | ||
Energy | 12.91 | |||
Telecommunication Services | 12.22 | |||
Materials | 11.41 | |||
Information Technology | 9.09 | |||
Consumer Discretionary | 7.14 | |||
Industrials | 6.71 | |||
Consumer Staples | 3.92 | |||
Utilities | 3.59 | |||
Health Care | 0.13 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
China | 23.18 | % | ||
Taiwan | 13.32 | |||
South Korea | 13.28 | |||
India | 7.66 | |||
South Africa | 7.47 | |||
Brazil | 7.22 | |||
Mexico | 5.07 | |||
Russia | 4.02 | |||
Malaysia | 3.61 | |||
Indonesia | 2.86 | |||
|
| |||
TOTAL | 87.69 | % | ||
|
|
* | Excludes money market funds. |
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES | 13 |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 91.52% |
| |||||||
BRAZIL — 11.54% |
| |||||||
Ambev SA | 853,565 | �� | $ | 5,474,804 | ||||
B2W Cia. Digitala | 15,800 | 110,791 | ||||||
Banco Bradesco SA | 110,690 | 1,445,491 | ||||||
Banco do Brasil SA | 158,089 | 1,311,442 | ||||||
Banco Santander Brasil SA Units | 79,000 | 390,393 | ||||||
BB Seguridade Participacoes SA | 126,400 | 1,432,270 | ||||||
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros | 347,669 | 1,220,766 | ||||||
BR Malls Participacoes SA | 79,000 | 467,201 | ||||||
BRF SA | 110,600 | 2,492,160 | ||||||
CCR SA | 158,000 | 921,139 | ||||||
Centrais Eletricas Brasileiras SA | 47,400 | 88,688 | ||||||
CETIP SA – Mercados Organizados | 32,147 | 386,751 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 63,200 | 374,424 | ||||||
Cia. Siderurgica Nacional SA | 126,400 | 227,660 | ||||||
Cielo SA | 126,568 | 1,979,070 | ||||||
Cosan SA Industria e Comercio | 15,800 | 156,323 | ||||||
CPFL Energia SA | 47,400 | 307,838 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 47,400 | 191,964 | ||||||
Duratex SA | 53,848 | 142,937 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 31,600 | 116,482 | ||||||
EDP – Energias do Brasil SA | 47,400 | 149,361 | ||||||
Embraer SA | 110,600 | 963,135 | ||||||
Estacio Participacoes SA | 47,400 | 319,940 | ||||||
Fibria Celulose SAa | 47,441 | 611,564 | ||||||
Hypermarcas SAa | 63,200 | 422,166 | ||||||
JBS SA | 142,252 | 622,867 | ||||||
Klabin SA Units | 94,800 | 530,470 | ||||||
Kroton Educacional SA | 252,864 | 918,830 | ||||||
Localiza Rent A Car SA | 31,660 | 387,536 | ||||||
Lojas Americanas SA | 21,100 | 94,455 | ||||||
Lojas Renner SA | 15,800 | 464,659 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 15,800 | 301,429 | ||||||
Natura Cosmeticos SA | 31,600 | 310,767 | ||||||
Odontoprev SA | 47,400 | 173,232 | ||||||
Petroleo Brasileiro SA | 521,400 | 1,728,670 | ||||||
Porto Seguro SA | 15,800 | 173,066 |
Security | Shares | Value | ||||||
Qualicorp SAa | 31,600 | $ | 287,338 | |||||
Raia Drogasil SA | 47,450 | 472,948 | ||||||
Souza Cruz SA | 63,200 | 560,530 | ||||||
Sul America SA | 31,672 | 144,882 | ||||||
TIM Participacoes SA | 158,069 | 658,955 | ||||||
TOTVS SA | 15,800 | 189,588 | ||||||
Tractebel Energia SA | 31,600 | 369,119 | ||||||
Transmissora Alianca de Energia Eletrica SA Units | 16,400 | 120,045 | ||||||
Ultrapar Participacoes SA | 63,200 | 1,316,892 | ||||||
Vale SA | 237,000 | 1,761,327 | ||||||
Via Varejo SAa | 17,100 | 101,068 | ||||||
WEG SA | 44,320 | 475,851 | ||||||
|
| |||||||
33,869,284 | ||||||||
CHINA — 53.16% |
| |||||||
AAC Technologies Holdings Inc.b | 158,000 | 1,046,142 | ||||||
Agricultural Bank of China Ltd. Class H | 3,792,000 | 1,882,444 | ||||||
Air China Ltd. Class H | 324,000 | 287,426 | ||||||
Alibaba Health Information Technology Ltd.a | 390,000 | 266,522 | ||||||
Alibaba Pictures Group Ltd.a | 1,580,000 | 366,710 | ||||||
Aluminum Corp. of China Ltd. Class Ha,b | 632,000 | 306,406 | ||||||
Anhui Conch Cement Co. Ltd. Class H | 237,000 | 805,234 | ||||||
Anta Sports Products Ltd. | 158,040 | 317,896 | ||||||
Bank of China Ltd. Class H | 14,062,000 | 8,086,767 | ||||||
Bank of Communications Co. Ltd. Class H | 1,584,200 | 1,366,561 | ||||||
BBMG Corp. Class H | 237,000 | 207,497 | ||||||
Beijing Capital International Airport Co. Ltd. Class H | 316,000 | 297,850 | ||||||
Beijing Enterprises Holdings Ltd. | 79,000 | 586,736 | ||||||
Beijing Enterprises Water Group Ltd.b | 632,000 | 392,787 | ||||||
Belle International Holdings Ltd. | 790,000 | 854,638 | ||||||
Brilliance China Automotive Holdings Ltd. | 632,000 | 1,240,294 | ||||||
Byd Co. Ltd. Class Hb | 79,000 | 344,300 | ||||||
CGN Power Co. Ltd. Class Ha,c | 948,000 | 382,601 | ||||||
China Agri-Industries Holdings Ltd.b | 331,800 | 133,482 | ||||||
China Cinda Asset Management Co. Ltd. Class Ha | 948,000 | 466,944 |
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC ETF
February 28, 2015
Security | Shares | Value | ||||||
China CITIC Bank Corp. Ltd. Class H | 1,422,000 | $ | 1,078,127 | |||||
China CNR Corp. Ltd. Class Ha,c | 316,000 | 434,347 | ||||||
China Coal Energy Co. Ltd. Class Hb | 632,000 | 340,633 | ||||||
China Communications Construction Co. Ltd. Class H | 790,000 | 965,669 | ||||||
China Communications Services Corp. Ltd. Class H | 316,800 | 145,421 | ||||||
China Construction Bank Corp. Class H | 12,798,370 | 10,644,061 | ||||||
China COSCO Holdings Co. Ltd. Class Ha,b | 474,000 | 235,917 | ||||||
China Everbright Bank Co. Ltd. Class H | 474,000 | 249,974 | ||||||
China Everbright International Ltd.b | 474,000 | 661,300 | ||||||
China Everbright Ltd. | 316,000 | 774,165 | ||||||
China Galaxy Securities Co. Ltd. Class Hb | 237,000 | 282,672 | ||||||
China Gas Holdings Ltd. | 316,000 | 491,391 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 790,000 | 136,498 | ||||||
China International Marine Containers Group Co. Ltd. Class H | 94,800 | 179,688 | ||||||
China Life Insurance Co. Ltd. Class H | 1,264,000 | 5,419,157 | ||||||
China Longyuan Power Group Corp. Ltd. | 474,000 | 508,504 | ||||||
China Medical System Holdings Ltd. | 158,000 | 261,586 | ||||||
China Mengniu Dairy Co. Ltd. | 158,000 | 713,047 | ||||||
China Merchants Bank Co. Ltd. Class H | 790,456 | 1,804,031 | ||||||
China Merchants Holdings International Co. Ltd.b | 316,000 | 1,201,993 | ||||||
China Minsheng Banking Corp. Ltd. Class H | 1,106,000 | 1,336,250 | ||||||
China Mobile Ltd. | 1,106,000 | 15,031,030 | ||||||
China National Building Material Co. Ltd. Class H | 632,000 | 618,517 | ||||||
China Oilfield Services Ltd. Class H | 316,000 | 479,982 | ||||||
China Overseas Land & Investment Ltd. | 632,800 | 1,929,704 |
Security | Shares | Value | ||||||
China Pacific Insurance Group Co. Ltd. Class H | 474,000 | $ | 2,475,292 | |||||
China Petroleum & Chemical Corp. Class H | 4,530,600 | 3,797,188 | ||||||
China Railway Construction Corp. Ltd. Class H | 328,000 | 400,513 | ||||||
China Railway Group Ltd. Class H | 632,000 | 513,394 | ||||||
China Resources Cement Holdings Ltd. | 316,000 | 187,429 | ||||||
China Resources Enterprise Ltd. | 316,000 | 659,263 | ||||||
China Resources Gas Group Ltd.b | 171,000 | 422,900 | ||||||
China Resources Land Ltd. | 344,444 | 914,911 | ||||||
China Resources Power Holdings Co. Ltd. | 316,200 | 837,851 | ||||||
China Shenhua Energy Co. Ltd. | 632,000 | 1,654,269 | ||||||
China Shipping Container Lines Co. Ltd. Class Ha | 632,000 | 196,394 | ||||||
China South City Holdings Ltd.b | 316,000 | 99,827 | ||||||
China State Construction International Holdings Ltd. | 316,000 | 449,831 | ||||||
China Taiping Insurance Holdings Co. Ltd.a,b | 191,440 | 666,484 | ||||||
China Telecom Corp. Ltd. Class H | 2,528,000 | 1,636,341 | ||||||
China Unicom Hong Kong Ltd. | 949,900 | 1,599,610 | ||||||
China Vanke Co. Ltd. Class Ha,b | 237,301 | 544,644 | ||||||
Chongqing Changan Automobile Co. Ltd. | 158,000 | 429,254 | ||||||
Chongqing Rural Commercial Bank Co. Ltd. Class H | 474,000 | 295,201 | ||||||
CITIC Ltd. | 319,000 | 560,223 | ||||||
CITIC Securities Co. Ltd. Class Hb | 158,000 | 560,251 | ||||||
CNOOC Ltd. | 3,160,000 | 4,539,053 | ||||||
COSCO Pacific Ltd. | 316,000 | 455,535 | ||||||
Country Garden Holdings Co. Ltd.b | 948,046 | 377,729 | ||||||
CSPC Pharmaceutical Group Ltd. | 316,000 | 258,327 | ||||||
CSR Corp. Ltd. Class Hb | 343,000 | 444,039 | ||||||
Datang International Power Generation Co. Ltd. Class H | 316,000 | 158,093 | ||||||
Dongfeng Motor Group Co. Ltd. Class H | 632,000 | 1,005,600 | ||||||
ENN Energy Holdings Ltd. | 124,000 | 657,937 | ||||||
Evergrande Real Estate Group Ltd.b | 948,000 | 418,049 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC ETF
February 28, 2015
Security | Shares | Value | ||||||
Far East Horizon Ltd. | 158,000 | $ | 147,295 | |||||
Fosun International Ltd.b | 316,000 | 510,949 | ||||||
Franshion Properties China Ltd.b | 632,000 | 185,800 | ||||||
GCL-Poly Energy Holdings Ltd.a,b | 1,580,000 | 378,934 | ||||||
Geely Automobile Holdings Ltd. | 790,000 | 353,468 | ||||||
GOME Electrical Appliances Holding Ltd.b | 1,580,400 | 213,968 | ||||||
Great Wall Motor Co. Ltd. Class H | 185,500 | 1,181,582 | ||||||
Guangdong Investment Ltd. | 316,000 | 407,048 | ||||||
Guangzhou Automobile Group Co. Ltd. Class H | 316,454 | 303,582 | ||||||
Guangzhou R&F Properties Co. Ltd. Class H | 189,600 | 220,515 | ||||||
Haier Electronics Group Co. Ltd. | 178,000 | 469,360 | ||||||
Haitian International Holdings Ltd.b | 158,000 | 341,855 | ||||||
Haitong Securities Co. Ltd. Class Hb | 189,600 | 452,275 | ||||||
Hanergy Thin Film Power Group Ltd.a,b | 2,212,000 | 1,289,189 | ||||||
Hengan International Group Co. Ltd. | 158,000 | 1,812,158 | ||||||
Huadian Power International Corp. Ltd. Class H | 316,000 | 265,661 | ||||||
Huaneng Power International Inc. Class H | 632,000 | 794,538 | ||||||
Industrial & Commercial Bank of China Ltd. Class H | 12,956,050 | 9,455,447 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 205,470 | 279,234 | ||||||
Jiangsu Expressway Co. Ltd. Class H | 316,000 | 389,935 | ||||||
Jiangxi Copper Co. Ltd. Class H | 158,000 | 269,735 | ||||||
Kingboard Chemical Holdings Ltd. | 79,100 | 136,670 | ||||||
Kingsoft Corp. Ltd.b | 158,000 | 363,043 | ||||||
Kunlun Energy Co. Ltd. | 632,000 | 621,777 | ||||||
Lee & Man Paper Manufacturing Ltd. | 316,000 | 162,982 | ||||||
Lenovo Group Ltd. | 1,264,000 | 1,949,267 | ||||||
Longfor Properties Co. Ltd. | 237,000 | 311,703 | ||||||
New China Life Insurance Co. Ltd. Class H | 149,400 | 860,132 | ||||||
New World China Land Ltd. | 316,000 | 206,987 | ||||||
Nine Dragons Paper (Holdings) Ltd. | 316,000 | 204,950 |
Security | Shares | Value | ||||||
People’s Insurance Co. Group of China Ltd. Class H | 1,106,000 | $ | 571,864 | |||||
PetroChina Co. Ltd. Class H | 3,792,000 | 4,400,518 | ||||||
PICC Property & Casualty Co. Ltd. Class H | 633,548 | 1,357,699 | ||||||
Ping An Insurance Group Co. of China Ltd. Class H | 474,000 | 5,271,454 | ||||||
Semiconductor Manufacturing International Corp.a | 4,424,000 | 387,898 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 408,000 | 336,166 | ||||||
Shanghai Electric Group Co. Ltd. Class H | 316,000 | 187,837 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 79,000 | 262,809 | ||||||
Shanghai Industrial Holdings Ltd. | 158,000 | 478,760 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 126,400 | 264,031 | ||||||
Shenzhou International Group Holdings Ltd. | 158,000 | 625,444 | ||||||
Shimao Property Holdings Ltd. | 237,000 | 503,004 | ||||||
Shui On Land Ltd. | 395,333 | 91,755 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 746,000 | 444,400 | ||||||
Sino Biopharmaceutical Ltd. | 632,000 | 600,589 | ||||||
Sino-Ocean Land Holdings Ltd. | 553,000 | 345,115 | ||||||
Sinopec Engineering Group Co. Ltd. Class H | 158,000 | 128,145 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. | 633,000 | 216,293 | ||||||
Sinopharm Group Co. Ltd. Class H | 189,600 | 663,745 | ||||||
Sinotrans Ltd. Class H | 316,000 | 209,025 | ||||||
SOHO China Ltd. | 316,000 | 226,138 | ||||||
Sun Art Retail Group Ltd.b | 395,000 | 354,486 | ||||||
Tencent Holdings Ltd. | 916,400 | 16,058,225 | ||||||
Tingyi Cayman Islands Holding Corp. | 316,000 | 794,538 | ||||||
Tsingtao Brewery Co. Ltd. Class H | 40,000 | 252,983 | ||||||
Uni-President China Holdings Ltd.b | 200,400 | 157,623 | ||||||
Want Want China Holdings Ltd. | 1,106,000 | 1,219,310 | ||||||
Weichai Power Co. Ltd. Class H | 85,775 | 348,389 | ||||||
Yanzhou Coal Mining Co. Ltd. Class Hb | 316,000 | 260,771 |
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC ETF
February 28, 2015
Security | Shares | Value | ||||||
Yuexiu Property Co. Ltd.b | 1,265,920 | $ | 254,638 | |||||
Zhejiang Expressway Co. Ltd. Class H | 316,000 | 388,712 | ||||||
Zhuzhou CSR Times Electric Co. Ltd. Class H | 85,000 | 478,954 | ||||||
Zijin Mining Group Co. Ltd. Class H | 949,000 | 281,441 | ||||||
ZTE Corp. Class H | 126,440 | 281,722 | ||||||
|
| |||||||
156,022,853 | ||||||||
INDIA — 18.37% |
| |||||||
Adani Ports & Special Economic Zone Ltd. | 90,156 | 482,471 | ||||||
ACC Ltd. | 7,900 | 214,497 | ||||||
Adani Enterprises Ltd. | 23,545 | 265,717 | ||||||
Aditya Birla Nuvo Ltd. | 6,162 | 171,580 | ||||||
Ambuja Cements Ltd. | 116,762 | 514,051 | ||||||
Apollo Hospitals Enterprise Ltd. | 13,746 | 292,290 | ||||||
Asian Paints Ltd. | 53,088 | 703,144 | ||||||
Aurobindo Pharma Ltd. | 23,530 | 412,484 | ||||||
Bajaj Auto Ltd. | 14,694 | 511,978 | ||||||
Bharat Heavy Electricals Ltd. | 103,806 | 440,300 | ||||||
Bharat Petroleum Corp. Ltd. | 31,442 | 379,614 | ||||||
Bharti Airtel Ltd. | 107,440 | 619,295 | ||||||
Bosch Ltd. | 1,264 | 529,403 | ||||||
Cairn India Ltd. | 79,790 | 328,946 | ||||||
Cipla Ltd. | 61,462 | 678,265 | ||||||
Coal India Ltd. | 122,766 | 782,520 | ||||||
Dabur India Ltd. | 80,106 | 341,654 | ||||||
Divi’s Laboratories Ltd. | 7,110 | 198,000 | ||||||
DLF Ltd. | 78,052 | 196,251 | ||||||
Dr. Reddy’s Laboratories Ltd. | 20,644 | 1,118,644 | ||||||
GAIL (India) Ltd. | 56,564 | 378,207 | ||||||
GlaxoSmithKline Consumer Healthcare Ltd. | 1,896 | 177,975 | ||||||
Godrej Consumer Products Ltd. | 20,856 | 383,004 | ||||||
HCL Technologies Ltd. | 43,608 | 1,425,753 | ||||||
Hero Motocorp Ltd. | 8,848 | 384,334 | ||||||
Hindalco Industries Ltd. | 197,659 | 488,831 | ||||||
Hindustan Unilever Ltd. | 132,001 | 1,943,760 | ||||||
Housing Development Finance Corp. Ltd. | 263,860 | 5,700,068 | ||||||
ICICI Bank Ltd. | 193,392 | 1,083,127 | ||||||
Idea Cellular Ltd. | 185,176 | 458,109 | ||||||
Infosys Ltd. | 163,056 | 6,058,571 | ||||||
ITC Ltd. | 395,790 | 2,314,031 |
Security | Shares | Value | ||||||
Jindal Steel & Power Ltd. | 55,300 | $ | 175,147 | |||||
JSW Steel Ltd. | 13,272 | 217,070 | ||||||
Larsen & Toubro Ltd. | 56,090 | 1,604,607 | ||||||
LIC Housing Finance Ltd. | 49,612 | 384,502 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 47,015 | 188,615 | ||||||
Mahindra & Mahindra Ltd. | 58,934 | 1,231,936 | ||||||
Motherson Sumi Systems Ltd. | 37,920 | 277,383 | ||||||
Nestle India Ltd. | 4,044 | 459,585 | ||||||
NTPC Ltd. | 289,931 | 731,336 | ||||||
Oil & Natural Gas Corp. Ltd. | 138,882 | 730,195 | ||||||
Oil India Ltd. | 21,488 | 173,020 | ||||||
Piramal Enterprises Ltd. | 11,850 | 170,728 | ||||||
Power Finance Corp. Ltd. | 47,088 | 223,307 | ||||||
Ranbaxy Laboratories Ltd.a | 22,910 | 263,944 | ||||||
Reliance Communications Ltd.a | 140,304 | 155,502 | ||||||
Reliance Industries Ltd. | 231,628 | 3,242,342 | ||||||
Reliance Infrastructure Ltd. | 20,066 | 154,363 | ||||||
Rural Electrification Corp. Ltd. | 51,517 | 275,527 | ||||||
Sesa Sterlite Ltd. | 205,558 | 723,718 | ||||||
Shriram Transport Finance Co. Ltd. | 26,119 | 515,323 | ||||||
Siemens Ltd. | 12,959 | 280,368 | ||||||
State Bank of India | 258,340 | 1,260,873 | ||||||
Sun Pharmaceuticals Industries Ltd. | 128,311 | 1,891,292 | ||||||
Tata Consultancy Services Ltd. | 83,582 | 3,617,875 | ||||||
Tata Motors Ltd. | 134,142 | 1,287,811 | ||||||
Tata Power Co. Ltd. | 211,985 | 297,887 | ||||||
Tata Steel Ltd. | 49,138 | 282,441 | ||||||
Tech Mahindra Ltd. | 10,112 | 468,468 | ||||||
Ultratech Cement Ltd. | 6,162 | 312,636 | ||||||
United Breweries Ltd. | 11,692 | 188,958 | ||||||
United Spirits Ltd.a | 8,216 | 454,655 | ||||||
Wipro Ltd. | 109,020 | 1,162,786 | ||||||
Zee Entertainment Enterprises Ltd. | 95,590 | 535,833 | ||||||
|
| |||||||
53,916,907 | ||||||||
RUSSIA — 8.45% |
| |||||||
Alrosa AO | 288,400 | 327,758 | ||||||
Gazprom OAO | 1,055,444 | 2,611,536 | ||||||
Gazprom OAO ADR | 515,240 | 2,571,048 | ||||||
Lukoil OAO | 45,820 | 2,220,424 | ||||||
Lukoil OAO ADR (London) | 45,030 | 2,179,452 | ||||||
Magnit PJSC GDRd | 46,456 | 2,214,558 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC ETF
February 28, 2015
Security | Shares | Value | ||||||
MegaFon OAO GDRd | 17,538 | $ | 308,844 | |||||
MMC Norilsk Nickel OJSC | 9,958 | 1,816,191 | ||||||
Mobile TeleSystems OJSC ADR | 94,326 | 933,827 | ||||||
Moscow Exchange MICEX-RTS OAO | 192,760 | 239,460 | ||||||
NOVATEK OAO GDRd | 16,590 | 1,391,072 | ||||||
Rosneft OAO | 210,182 | 903,948 | ||||||
Rostelecom OJSC | 147,580 | 215,446 | ||||||
RusHydro JSC | 20,698,200 | 215,942 | ||||||
Sberbank of Russia | 1,949,360 | 2,396,403 | ||||||
Severstal PAO | 36,340 | 406,908 | ||||||
Sistema JSFC GDRd | 31,284 | 222,116 | ||||||
Surgutneftegas OAO | 624,810 | 352,714 | ||||||
Surgutneftegas OAO ADR | 62,411 | 346,693 | ||||||
Tatneft OAO Class S | 255,963 | 1,320,307 | ||||||
Uralkali PJSC | 121,660 | 336,554 | ||||||
Uralkali PJSC GDRd | 24,332 | 341,135 | ||||||
VTB Bank OJSC | 825,936,001 | 911,794 | ||||||
|
| |||||||
24,784,130 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $262,579,461) |
| 268,593,174 | ||||||
PREFERRED STOCKS — 8.25% |
| |||||||
BRAZIL — 7.81% |
| |||||||
AES Tiete SA | 15,800 | 95,595 | ||||||
Banco Bradesco SA | 379,208 | 4,986,525 | ||||||
Banco do Estado do Rio Grande do Sul SA Class B | 31,600 | 140,685 | ||||||
Bradespar SA | 47,400 | 219,482 | ||||||
Braskem SA Class A | 31,600 | 141,459 | ||||||
Centrais Eletricas Brasileiras SA Class B | 31,682 | 76,785 | ||||||
Cia. Brasileira de Distribuicao | 15,856 | 538,727 | ||||||
Cia. Energetica de Minas Gerais | 142,232 | 645,661 | ||||||
Cia. Energetica de Sao Paulo Class B | 31,600 | 260,262 | ||||||
Cia. Paranaense de Energia Class B | 15,800 | 190,638 | ||||||
Gerdau SA | 158,000 | 561,967 | ||||||
Itau Unibanco Holding SA | 489,827 | 6,252,710 | ||||||
Itausa – Investimentos Itau SA | 584,985 | 2,064,280 | ||||||
Lojas Americanas SA | 94,887 | 553,855 | ||||||
Metalurgica Gerdau SA | 47,400 | 185,001 | ||||||
Oi SA | 49,130 | 102,062 | ||||||
Petroleo Brasileiro SA | 758,414 | 2,538,347 |
Security | Shares | Value | ||||||
Suzano Papel e Celulose SA Class A | 63,200 | $ | 266,561 | |||||
Telefonica Brasil SA | 47,464 | 878,284 | ||||||
Usinas Siderurgicas de Minas Gerais SA Class A | 63,200 | 91,285 | ||||||
Vale SA | 331,800 | 2,147,907 | ||||||
|
| |||||||
22,938,078 | ||||||||
RUSSIA — 0.44% |
| |||||||
AK Transneft OAO | 158 | 352,760 | ||||||
Sberbank of Russia | 165,930 | 144,310 | ||||||
Surgutneftegas OAO | 1,264,000 | 791,351 | ||||||
|
| |||||||
1,288,421 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $33,487,909) |
| 24,226,499 | ||||||
RIGHTS — 0.00% |
| |||||||
BRAZIL — 0.00% |
| |||||||
Itausa – Investimentos Itau SAa | 4,293 | 5,105 | ||||||
|
| |||||||
5,105 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 5,105 | ||||||
SHORT-TERM INVESTMENTS — 3.50% |
| |||||||
MONEY MARKET FUNDS — 3.50% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%e,f,g | 9,693,162 | 9,693,162 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%e,f,g | 565,717 | 565,717 | ||||||
|
| |||||||
10,258,879 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $10,258,879) |
| 10,258,879 | ||||||
|
|
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRIC ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $306,326,249) | $ | 303,083,657 | ||||
Other Assets, Less Liabilities — (3.27)% | (9,607,634 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 293,476,023 | ||||
|
|
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
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 1. |
See notes to consolidated financial statements.
CONSOLIDATED SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS ASIA ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 98.62% |
| |||||||
CHINA — 32.94% |
| |||||||
AAC Technologies Holdings Inc.a | 37,000 | $ | 244,983 | |||||
Agricultural Bank of China Ltd. Class H | 1,100,000 | 546,068 | ||||||
Air China Ltd. Class H | 90,000 | 79,841 | ||||||
Alibaba Health Information Technology Ltd.b | 114,000 | 77,906 | ||||||
Alibaba Pictures Group Ltd.a,b | 230,000 | 53,382 | ||||||
Aluminum Corp. of China Ltd. Class Ha,b | 184,000 | 89,207 | ||||||
Anhui Conch Cement Co. Ltd. Class Ha | 61,500 | 208,953 | ||||||
Anta Sports Products Ltd.a | 46,000 | 92,528 | ||||||
AviChina Industry & Technology Co. Ltd. Class H | 96,000 | 62,511 | ||||||
Bank of China Ltd. Class H | 3,960,000 | 2,277,315 | ||||||
Bank of Communications Co. Ltd. Class H | 449,000 | 387,316 | ||||||
BBMG Corp. Class H | 53,000 | 46,402 | ||||||
Beijing Capital International Airport Co. Ltd. Class H | 74,000 | 69,750 | ||||||
Beijing Enterprises Holdings Ltd. | 26,000 | 193,103 | ||||||
Beijing Enterprises Water Group Ltd. | 208,000 | 129,272 | ||||||
Belle International Holdings Ltd. | 232,000 | 250,982 | ||||||
Brilliance China Automotive Holdings Ltd. | 150,000 | 294,374 | ||||||
Byd Co. Ltd. Class Ha | 31,000 | 135,105 | ||||||
CGN Power Co. Ltd. Class Hb,c | 262,000 | 105,740 | ||||||
China Agri-Industries Holdings Ltd.a | 104,800 | 42,161 | ||||||
China Cinda Asset Management Co. Ltd. | 263,000 | 129,542 | ||||||
China CITIC Bank Corp. Ltd. Class H | 419,000 | 317,676 | ||||||
China CNR Corp. Ltd. Class Hb,c | 91,500 | 125,768 | ||||||
China Coal Energy Co. Ltd. Class Ha | 198,000 | 106,717 | ||||||
China Communications Construction Co. Ltd. Class H | 221,000 | 270,143 | ||||||
China Communications Services Corp. Ltd. | 118,000 | 54,166 | ||||||
China Construction Bank Corp. Class H | 3,608,000 | 3,000,677 |
Security | Shares | Value | ||||||
China COSCO Holdings Co. Ltd. Class Ha,b | 134,000 | $ | 66,694 | |||||
China Everbright Bank Co. Ltd. Class H | 141,000 | 74,359 | ||||||
China Everbright International Ltd.a | 125,000 | 174,393 | ||||||
China Everbright Ltd.a | 42,000 | 102,895 | ||||||
China Galaxy Securities Co. Ltd. Class H | 81,500 | 97,206 | ||||||
China Gas Holdings Ltd. | 102,000 | 158,614 | ||||||
China Huishan Dairy Holdings Co. Ltd.a | 252,000 | 43,541 | ||||||
China International Marine Containers Group Co. Ltd. Class H | 23,400 | 44,353 | ||||||
China Life Insurance Co. Ltd. Class H | 373,000 | 1,599,166 | ||||||
China Longyuan Power Group Corp. Ltd. | 153,000 | 164,137 | ||||||
China Medical System Holdings Ltd. | 55,000 | 91,059 | ||||||
China Mengniu Dairy Co. Ltd. | 68,000 | 306,881 | ||||||
China Merchants Bank Co. Ltd. Class H | 232,331 | 530,241 | ||||||
China Merchants Holdings International Co. Ltd.a | 58,000 | 220,619 | ||||||
China Minsheng Banking Corp. Ltd. Class H | 316,300 | 382,148 | ||||||
China Mobile Ltd. | 305,000 | 4,145,085 | ||||||
China National Building Material Co. Ltd. Class H | 144,000 | 140,928 | ||||||
China Oilfield Services Ltd. Class Ha | 86,000 | 130,628 | ||||||
China Overseas Land & Investment Ltd.a | 204,000 | 622,092 | ||||||
China Pacific Insurance Group Co. Ltd. Class H | 132,400 | 691,411 | ||||||
China Petroleum & Chemical Corp. Class H | 1,278,600 | 1,071,621 | ||||||
China Railway Construction Corp. Ltd. Class H | 95,000 | 116,002 | ||||||
China Railway Group Ltd. Class H | 192,000 | 155,968 | ||||||
China Resources Cement Holdings Ltd. | 96,000 | 56,941 | ||||||
China Resources Enterprise Ltd.a | 60,000 | 125,176 | ||||||
China Resources Gas Group Ltd.a | 44,000 | 108,816 | ||||||
China Resources Land Ltd.a | 109,777 | 291,589 | ||||||
China Resources Power Holdings Co. Ltd.a | 96,000 | 254,376 |
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA ETF
February 28, 2015
Security | Shares | Value | ||||||
China Shenhua Energy Co. Ltd. Class H | 170,000 | $ | 444,977 | |||||
China Shipping Container Lines Co. Ltd. Class Hb | 193,000 | 59,975 | ||||||
China South City Holdings Ltd.a | 122,000 | 38,541 | ||||||
China State Construction International Holdings Ltd. | 86,000 | 122,422 | ||||||
China Taiping Insurance Holdings Co. Ltd.b | 55,300 | 192,523 | ||||||
China Telecom Corp. Ltd. Class H | 696,000 | 450,512 | ||||||
China Unicom Hong Kong Ltd. | 300,000 | 505,193 | ||||||
China Vanke Co. Ltd. Class Ha,b | 67,500 | 154,923 | ||||||
Chongqing Changan Automobile Co. Ltd. Class B | 42,300 | 114,921 | ||||||
Chongqing Rural Commercial Bank Co. Ltd. | 132,000 | 82,208 | ||||||
CITIC Ltd. | 114,000 | 200,205 | ||||||
CITIC Securities Co. Ltd. Class Ha | 54,500 | 193,251 | ||||||
CNOOC Ltd. | 896,000 | 1,287,023 | ||||||
COSCO Pacific Ltd. | 88,000 | 126,858 | ||||||
Country Garden Holdings Co. Ltd.a | 251,828 | 100,336 | ||||||
CSPC Pharmaceutical Group Ltd. | 146,000 | 119,353 | ||||||
CSR Corp. Ltd. Class H | 101,000 | 130,752 | ||||||
Datang International Power Generation Co. Ltd. Class H | 130,000 | 65,038 | ||||||
Dongfeng Motor Group Co. Ltd. Class H | 136,000 | 216,395 | ||||||
ENN Energy Holdings Ltd.a | 38,000 | 201,626 | ||||||
Evergrande Real Estate Group Ltd.a | 297,000 | 130,971 | ||||||
Far East Horizon Ltd. | 72,000 | 67,122 | ||||||
Fosun International Ltd.a | 82,500 | 133,396 | ||||||
Franshion Properties China Ltd.a | 190,000 | 55,857 | ||||||
GCL-Poly Energy Holdings Ltd.a,b | 548,000 | 131,428 | ||||||
Geely Automobile Holdings Ltd.a | 260,000 | 116,331 | ||||||
GOME Electrical Appliances Holding Ltd.a | 523,000 | 70,808 | ||||||
Great Wall Motor Co. Ltd. Class H | 51,500 | 328,040 | ||||||
Guangdong Investment Ltd. | 120,000 | 154,575 | ||||||
Guangzhou Automobile Group Co. Ltd. Class H | 108,000 | 103,607 | ||||||
Guangzhou R&F Properties Co. Ltd. Class H | 54,000 | 62,805 | ||||||
Haier Electronics Group Co. Ltd. | 53,000 | 139,753 | ||||||
Haitian International Holdings Ltd.a | 28,000 | 60,582 | ||||||
Haitong Securities Co. Ltd. Class H | 64,000 | 152,667 |
Security | Shares | Value | ||||||
Hanergy Thin Film Power Group Ltd.a,b | 632,000 | $ | 368,340 | |||||
Hengan International Group Co. Ltd. | 36,500 | 418,631 | ||||||
Huadian Power International Corp. Ltd. Class H | 84,000 | 70,619 | ||||||
Huaneng Power International Inc. Class H | 176,000 | 221,264 | ||||||
Industrial & Commercial Bank of China Ltd. | 3,696,000 | 2,697,375 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 47,600 | 64,688 | ||||||
Jiangsu Expressway Co. Ltd. Class H | 60,000 | 74,038 | ||||||
Jiangxi Copper Co. Ltd. Class H | 62,000 | 105,846 | ||||||
Kingboard Chemical Holdings Ltd. | 36,700 | 63,411 | ||||||
Kingsoft Corp. Ltd.a | 34,000 | 78,123 | ||||||
Kunlun Energy Co. Ltd.a | 154,000 | 151,509 | ||||||
Lee & Man Paper Manufacturing Ltd. | 64,000 | 33,009 | ||||||
Lenovo Group Ltd.a | 334,000 | 515,075 | ||||||
Longfor Properties Co. Ltd.a | 70,500 | 92,722 | ||||||
New China Life Insurance Co. Ltd. Class H | 34,800 | 200,352 | ||||||
New World China Land Ltd. | 134,000 | 87,773 | ||||||
Nine Dragons Paper (Holdings) Ltd. | 74,000 | 47,995 | ||||||
People’s Insurance Co. Group of China Ltd. Class H | 340,000 | 175,799 | ||||||
PetroChina Co. Ltd. Class H | 1,058,000 | 1,227,782 | ||||||
PICC Property & Casualty Co. Ltd. Class H | 173,160 | 371,083 | ||||||
Ping An Insurance Group Co. of China Ltd. | 131,000 | 1,456,879 | ||||||
Semiconductor Manufacturing International Corp.a,b | 1,334,000 | 116,965 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 96,000 | 79,098 | ||||||
Shanghai Electric Group Co. Ltd. Class H | 146,000 | 86,785 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 21,000 | 69,861 | ||||||
Shanghai Industrial Holdings Ltd. | 22,000 | 66,663 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 33,400 | 69,768 | ||||||
Shenzhou International Group Holdings Ltd. | 26,000 | 102,921 | ||||||
Shimao Property Holdings Ltd. | 71,500 | 151,750 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA ETF
February 28, 2015
Security | Shares | Value | ||||||
Shui On Land Ltd. | 175,500 | $ | 40,733 | |||||
Sihuan Pharmaceutical Holdings Group Ltd.a | 200,000 | 119,142 | ||||||
Sino Biopharmaceutical Ltd. | 148,000 | 140,644 | ||||||
Sino-Ocean Land Holdings Ltd. | 167,000 | 104,221 | ||||||
Sinopec Engineering Group Co. Ltd. Class H | 57,000 | 46,229 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. | 151,000 | 51,596 | ||||||
Sinopharm Group Co. Ltd. Class H | 59,600 | 208,646 | ||||||
Sinotrans Ltd. Class H | 86,000 | 56,886 | ||||||
SOHO China Ltd. | 94,000 | 67,269 | ||||||
Sun Art Retail Group Ltd.a | 115,000 | 103,205 | ||||||
Tencent Holdings Ltd. | 255,200 | 4,471,911 | ||||||
Tingyi Cayman Islands Holding Corp.a | 98,000 | 246,407 | ||||||
Tsingtao Brewery Co. Ltd. Class H | 18,000 | 113,842 | ||||||
Uni-President China Holdings Ltd.a | 61,600 | 48,451 | ||||||
Want Want China Holdings Ltd.a | 297,000 | 327,428 | ||||||
Weichai Power Co. Ltd. Class H | 22,800 | 92,606 | ||||||
Yanzhou Coal Mining Co. Ltd. Class H | 92,000 | 75,921 | ||||||
Yuexiu Property Co. Ltd.a | 354,140 | 71,235 | ||||||
Zhejiang Expressway Co. Ltd. Class H | 74,000 | 91,028 | ||||||
Zhuzhou CSR Times Electric Co. Ltd. Class H | 25,500 | 143,686 | ||||||
Zijin Mining Group Co. Ltd. Class H | 266,000 | 78,886 | ||||||
ZTE Corp. Class H | 33,800 | 75,310 | ||||||
|
| |||||||
43,914,907 | ||||||||
INDIA — 11.43% |
| |||||||
Adani Ports & Special Economic Zone Ltd. | 23,924 | 128,030 | ||||||
ACC Ltd. | 1,026 | 27,857 | ||||||
Adani Enterprises Ltd. | 6,755 | 76,234 | ||||||
Aditya Birla Nuvo Ltd. | 1,975 | 54,994 | ||||||
Ambuja Cements Ltd. | 34,696 | 152,751 | ||||||
Apollo Hospitals Enterprise Ltd. | 4,026 | 85,607 | ||||||
Asian Paints Ltd. | 14,315 | 189,601 | ||||||
Aurobindo Pharma Ltd. | 6,424 | 112,614 | ||||||
Bajaj Auto Ltd. | 4,238 | 147,663 | ||||||
Bharat Heavy Electricals Ltd. | 28,231 | 119,744 | ||||||
Bharat Petroleum Corp. Ltd. | 8,816 | 106,440 | ||||||
Bharti Airtel Ltd. | 30,355 | 174,969 | ||||||
Bosch Ltd. | 396 | 165,857 |
Security | Shares | Value | ||||||
Cairn India Ltd. | 22,728 | $ | 93,699 | |||||
Cipla Ltd. | 17,479 | 192,890 | ||||||
Coal India Ltd. | 34,628 | 220,722 | ||||||
Dabur India Ltd. | 25,670 | 109,483 | ||||||
Divi’s Laboratories Ltd. | 2,066 | 57,534 | ||||||
DLF Ltd. | 21,575 | 54,247 | ||||||
Dr. Reddy’s Laboratories Ltd. | 5,894 | 319,380 | ||||||
GAIL (India) Ltd. | 15,356 | 102,676 | ||||||
GlaxoSmithKline Consumer Healthcare Ltd. | 514 | 48,248 | ||||||
Godrej Consumer Products Ltd. | 5,981 | 109,836 | ||||||
HCL Technologies Ltd. | 12,279 | 401,459 | ||||||
Hero Motocorp Ltd. | 1,864 | 80,967 | ||||||
Hindalco Industries Ltd. | 53,262 | 131,722 | ||||||
Hindustan Unilever Ltd. | 37,816 | 556,854 | ||||||
Housing Development Finance Corp. Ltd. | 74,899 | 1,618,015 | ||||||
ICICI Bank Ltd. | 56,880 | 318,567 | ||||||
Idea Cellular Ltd. | 55,239 | 136,656 | ||||||
Infosys Ltd. | 46,002 | 1,709,268 | ||||||
ITC Ltd. | 111,597 | 652,465 | ||||||
Jindal Steel & Power Ltd. | 19,043 | 60,313 | ||||||
JSW Steel Ltd. | 3,863 | 63,181 | ||||||
Larsen & Toubro Ltd. | 15,874 | 454,119 | ||||||
LIC Housing Finance Ltd. | 14,198 | 110,037 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 13,478 | 54,071 | ||||||
Mahindra & Mahindra Ltd. | 16,981 | 354,965 | ||||||
Motherson Sumi Systems Ltd. | 10,536 | 77,070 | ||||||
Nestle India Ltd. | 1,118 | 127,056 | ||||||
NTPC Ltd. | 83,335 | 210,208 | ||||||
Oil & Natural Gas Corp. Ltd. | 38,904 | 204,544 | ||||||
Oil India Ltd. | 5,370 | 43,239 | ||||||
Piramal Enterprises Ltd. | 3,143 | 45,283 | ||||||
Power Finance Corp. Ltd. | 13,458 | 63,822 | ||||||
Ranbaxy Laboratories Ltd.b | 6,290 | 72,467 | ||||||
Reliance Communications Ltd.b | 42,690 | 47,314 | ||||||
Reliance Industries Ltd. | 65,134 | 911,750 | ||||||
Reliance Infrastructure Ltd. | 5,268 | 40,525 | ||||||
Rural Electrification Corp. Ltd. | 14,803 | 79,170 | ||||||
Sesa Sterlite Ltd. | 59,786 | 210,492 | ||||||
Shriram Transport Finance Co. Ltd. | 7,125 | 140,575 | ||||||
Siemens Ltd. | 3,559 | 76,999 | ||||||
State Bank of India | 76,900 | 375,324 | ||||||
Sun Pharmaceuticals Industries Ltd. | 36,377 | 536,194 |
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA ETF
February 28, 2015
Security | Shares | Value | ||||||
Tata Consultancy Services Ltd. | 23,578 | $ | 1,020,582 | |||||
Tata Motors Ltd. | 38,671 | 371,255 | ||||||
Tata Power Co. Ltd. | 56,089 | 78,818 | ||||||
Tata Steel Ltd. | 14,364 | 82,563 | ||||||
Tech Mahindra Ltd. | 2,742 | 127,031 | ||||||
Ultratech Cement Ltd. | 1,693 | 85,896 | ||||||
United Breweries Ltd. | 3,019 | 48,791 | ||||||
United Spirits Ltd.b | 2,232 | 123,514 | ||||||
Wipro Ltd. | 31,021 | 330,864 | ||||||
Zee Entertainment Enterprises Ltd. | 26,771 | 150,066 | ||||||
|
| |||||||
15,235,147 | ||||||||
INDONESIA — 4.00% |
| |||||||
Adaro Energy Tbk PT | 684,500 | 50,841 | ||||||
Astra Agro Lestari Tbk PT | 18,900 | 36,045 | ||||||
Astra International Tbk PT | 1,013,400 | 615,489 | ||||||
Bank Central Asia Tbk PT | 630,900 | 688,255 | ||||||
Bank Danamon Indonesia Tbk PT | 176,400 | 65,510 | ||||||
Bank Mandiri Persero Tbk PT | 477,700 | 443,513 | ||||||
Bank Negara Indonesia Persero Tbk PT | 385,600 | 205,106 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 556,500 | 554,347 | ||||||
Bumi Serpong Damai Tbk PT | 376,200 | 64,616 | ||||||
Charoen Pokphand Indonesia Tbk PT | 369,500 | 108,206 | ||||||
Global Mediacom Tbk PT | 331,900 | 51,743 | ||||||
Gudang Garam Tbk PT | 23,300 | 96,310 | ||||||
Indo Tambangraya Megah Tbk PT | 13,700 | 17,913 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 74,600 | 138,811 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 54,500 | 60,298 | ||||||
Indofood Sukses Makmur Tbk PT | 220,000 | 125,957 | ||||||
Jasa Marga Persero Tbk PT | 101,400 | 55,701 | ||||||
Kalbe Farma Tbk PT | 1,072,100 | 149,721 | ||||||
Lippo Karawaci Tbk PT | 923,000 | 84,266 | ||||||
Matahari Department Store Tbk PT | 101,200 | 139,762 | ||||||
Media Nusantara Citra Tbk PT | 251,000 | 61,172 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 545,000 | 219,265 | ||||||
Semen Indonesia Persero Tbk PT | 148,900 | 171,365 | ||||||
Surya Citra Media Tbk PT | 213,800 | 60,377 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 34,000 | 28,081 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 2,514,000 | 570,877 |
Security | Shares | Value | ||||||
Tower Bersama Infrastructure Tbk PT | 95,900 | $ | 68,818 | |||||
Unilever Indonesia Tbk PT | 76,500 | 213,075 | ||||||
United Tractors Tbk PT | 85,600 | 137,424 | ||||||
XL Axiata Tbk PT | 137,600 | 51,048 | ||||||
|
| |||||||
5,333,912 | ||||||||
MALAYSIA — 5.25% |
| |||||||
AirAsia Bhd | 65,800 | 47,835 | ||||||
Alliance Financial Group Bhd | 56,900 | 76,098 | ||||||
AMMB Holdings Bhd | 109,000 | 193,260 | ||||||
Astro Malaysia Holdings Bhd | 74,100 | 67,233 | ||||||
Axiata Group Bhd | 127,900 | 254,097 | ||||||
Berjaya Sports Toto Bhd | 19,237 | 17,935 | ||||||
British American Tobacco Malaysia Bhd | 5,800 | 111,204 | ||||||
Bumi Armada Bhdb | 65,200 | 20,624 | ||||||
CIMB Group Holdings Bhd | 256,100 | 422,807 | ||||||
Dialog Group Bhd | 158,878 | 71,857 | ||||||
DiGi.Com Bhd | 152,900 | 269,399 | ||||||
Felda Global Ventures Holdings Bhd | 53,500 | 34,439 | ||||||
Gamuda Bhd | 80,200 | 117,051 | ||||||
Genting Bhd | 104,200 | 255,874 | ||||||
Genting Malaysia Bhd | 149,100 | 170,034 | ||||||
Genting Plantations Bhd | 9,300 | 26,837 | ||||||
Hong Leong Bank Bhd | 32,600 | 129,893 | ||||||
Hong Leong Financial Group Bhd | 13,500 | 63,005 | ||||||
IHH Healthcare Bhd | 126,700 | 195,815 | ||||||
IJM Corp. Bhd | 54,300 | 108,178 | ||||||
IOI Corp. Bhd | 145,700 | 190,413 | ||||||
IOI Properties Group Bhd | 75,715 | 44,748 | ||||||
Kuala Lumpur Kepong Bhd | 24,200 | 152,425 | ||||||
Lafarge Malaysia Bhd | 19,400 | 54,367 | ||||||
Malayan Banking Bhd | 240,000 | 612,653 | ||||||
Malaysia Airports Holdings Bhd | 32,600 | 66,484 | ||||||
Maxis Bhd | 92,800 | 181,532 | ||||||
MISC Bhd | 57,700 | 134,804 | ||||||
Petronas Chemicals Group Bhd | 139,200 | 211,272 | ||||||
Petronas Dagangan Bhd | 12,200 | 66,281 | ||||||
Petronas Gas Bhd | 34,400 | 220,106 | ||||||
PPB Group Bhd | 22,500 | 91,024 | ||||||
Public Bank Bhd | 140,110 | 712,213 | ||||||
RHB Capital Bhd | 32,500 | 71,781 | ||||||
Sapurakencana Petroleum Bhd | 183,100 | 144,793 | ||||||
Sime Darby Bhd | 149,400 | 386,765 | ||||||
Telekom Malaysia Bhd | 52,700 | 104,113 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA ETF
February 28, 2015
Security | Shares | Value | ||||||
Tenaga Nasional Bhd | 162,800 | $ | 664,932 | |||||
UEM Sunrise Bhd | 80,600 | 31,757 | ||||||
UMW Holdings Bhd | 26,100 | 80,241 | ||||||
YTL Corp. Bhd | 213,153 | 97,587 | ||||||
YTL Power International Bhd | 60,315 | 26,275 | ||||||
|
| |||||||
7,000,041 | ||||||||
PHILIPPINES — 2.00% |
| |||||||
Aboitiz Equity Ventures Inc. | 96,950 | 125,008 | ||||||
Aboitiz Power Corp. | 76,800 | 77,340 | ||||||
Alliance Global Group Inc. | 90,900 | 49,068 | ||||||
Ayala Corp. | 11,000 | 178,884 | ||||||
Ayala Land Inc. | 353,800 | 290,888 | ||||||
Bank of the Philippine Islands | 46,200 | 101,066 | ||||||
BDO Unibank Inc. | 84,080 | 211,678 | ||||||
DMCI Holdings Inc. | 201,000 | 72,030 | ||||||
Energy Development Corp. | 472,500 | 94,843 | ||||||
Globe Telecom Inc. | 1,510 | 65,243 | ||||||
International Container Terminal Services Inc. | 25,580 | 65,038 | ||||||
JG Summit Holdings Inc. | 124,406 | 189,050 | ||||||
Jollibee Foods Corp. | 20,080 | 100,104 | ||||||
Megaworld Corp. | 569,600 | 70,667 | ||||||
Metro Pacific Investments Corp. | 574,500 | 70,363 | ||||||
Metropolitan Bank & Trust Co. | 18,614 | 39,073 | ||||||
Philippine Long Distance Telephone Co. | 4,775 | 342,448 | ||||||
SM Investments Corp. | 7,783 | 155,342 | ||||||
SM Prime Holdings Inc. | 329,250 | 147,561 | ||||||
Universal Robina Corp. | 43,530 | 215,231 | ||||||
|
| |||||||
2,660,925 | ||||||||
SOUTH KOREA — 20.56% |
| |||||||
AmorePacific Corp. | 166 | 431,807 | ||||||
AmorePacific Group | 151 | 183,806 | ||||||
BS Financial Group Inc. | 9,972 | 135,377 | ||||||
Celltrion Inc.a,b | 3,562 | 212,574 | ||||||
Cheil Industries Inc.b | 880 | 129,889 | ||||||
Cheil Worldwide Inc.b | 4,031 | 76,760 | ||||||
CJ CheilJedang Corp. | 427 | 139,085 | ||||||
CJ Corp. | 774 | 122,353 | ||||||
CJ Korea Express Co. Ltd.b | 382 | 62,997 | ||||||
Coway Co. Ltd. | 2,702 | 212,211 | ||||||
Daelim Industrial Co. Ltd. | 1,332 | 78,642 | ||||||
Daewoo Engineering & Construction Co. Ltd.b | 7,472 | 53,850 | ||||||
Daewoo International Corp. | 2,656 | 70,178 |
Security | Shares | Value | ||||||
Daewoo Securities Co. Ltd.b | 9,944 | $ | 96,491 | |||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a | 5,459 | 100,720 | ||||||
Daum Kakao Corp.a,b | 1,329 | 161,168 | ||||||
DGB Financial Group Inc. | 8,096 | 85,567 | ||||||
Dongbu Insurance Co. Ltd. | 2,421 | 116,909 | ||||||
Doosan Corp. | 606 | 65,981 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 3,236 | 85,651 | ||||||
Doosan Infracore Co. Ltd.a,b | 7,975 | 93,734 | ||||||
E-Mart Co. Ltd. | 1,147 | 224,164 | ||||||
GS Engineering & Construction Corp.b | 2,928 | 80,833 | ||||||
GS Holdings Corp. | 2,684 | 108,211 | ||||||
Halla Visteon Climate Control Corp.b | 1,976 | 77,146 | ||||||
Hana Financial Group Inc. | 14,511 | 397,960 | ||||||
Hankook Tire Co. Ltd. | 3,720 | 162,690 | ||||||
Hanssem Co. Ltd.b | 528 | 84,909 | ||||||
Hanwha Chemical Corp. | 6,035 | 77,530 | ||||||
Hanwha Corp. | 2,524 | 70,370 | ||||||
Hanwha Life Insurance Co. Ltd. | 12,232 | 87,041 | ||||||
Hite Jinro Co. Ltd.b | 2,054 | 42,762 | ||||||
Hotel Shilla Co. Ltd. | 1,670 | 150,636 | ||||||
Hyosung Corp. | 1,348 | 89,904 | ||||||
Hyundai Department Store Co. Ltd. | 946 | 115,497 | ||||||
Hyundai Development Co. Engineering & Construction | 2,816 | 128,286 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 3,608 | 162,394 | ||||||
Hyundai Glovis Co. Ltd. | 924 | 200,787 | ||||||
Hyundai Heavy Industries Co. Ltd.a,b | 2,194 | 239,880 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 840 | 20,856 | ||||||
Hyundai Merchant Marine Co. Ltd.a,b | 3,699 | 30,467 | ||||||
Hyundai Mipo Dockyard Co. Ltd.b | 568 | 39,797 | ||||||
Hyundai Mobis Co. Ltd. | 3,501 | 795,863 | ||||||
Hyundai Motor Co. | 7,718 | 1,128,640 | ||||||
Hyundai Steel Co. | 3,923 | 239,480 | ||||||
Hyundai Wia Corp. | 817 | 104,586 | ||||||
Industrial Bank of Korea | 14,403 | 177,159 | ||||||
Kangwon Land Inc.b | 6,703 | 207,646 | ||||||
KB Financial Group Inc. | 13,008 | 462,222 | ||||||
KCC Corp. | 294 | 158,311 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.b | 1,156 | 97,110 | ||||||
Kia Motors Corp. | 13,189 | 546,763 |
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA ETF
February 28, 2015
Security | Shares | Value | ||||||
Korea Aerospace Industries Ltd. | 2,474 | $ | 113,607 | |||||
Korea Electric Power Corp. | 12,854 | 523,506 | ||||||
Korea Gas Corp. | 1,869 | 72,202 | ||||||
Korea Investment Holdings Co. Ltd.b | 2,293 | 114,070 | ||||||
Korea Zinc Co. Ltd. | 467 | 174,239 | ||||||
Korean Air Lines Co. Ltd.b | 1,627 | 74,416 | ||||||
KT Corp.b | 1,848 | 51,523 | ||||||
KT&G Corp. | 5,498 | 400,747 | ||||||
Kumho Petrochemical Co. Ltd. | 876 | 68,800 | ||||||
LG Chem Ltd. | 2,425 | 508,177 | ||||||
LG Corp. | 4,884 | 283,014 | ||||||
LG Display Co. Ltd. | 12,288 | 380,659 | ||||||
LG Electronics Inc. | 5,735 | 322,922 | ||||||
LG Household & Health Care Ltd. | 487 | 297,289 | ||||||
LG Innotek Co. Ltd. | 720 | 68,881 | ||||||
LG Uplus Corp. | 12,000 | 129,561 | ||||||
Lotte Chemical Corp. | 849 | 147,360 | ||||||
Lotte Confectionery Co. Ltd. | 44 | 72,922 | ||||||
Lotte Shopping Co. Ltd. | 669 | 152,385 | ||||||
LS Corp. | 1,251 | 58,700 | ||||||
LS Industrial Systems Co. Ltd. | 1,135 | 63,909 | ||||||
Mirae Asset Securities Co. Ltd.b | 1,457 | 64,317 | ||||||
NAVER Corp. | 1,403 | 844,957 | ||||||
NCsoft Corp. | 748 | 121,651 | ||||||
NH Investment & Securities Co. Ltd. | 8,064 | 90,371 | ||||||
OCI Co. Ltd.b | 919 | 82,057 | ||||||
Orion Corp./Republic of Korea | 176 | 154,584 | ||||||
Paradise Co. Ltd. | 2,652 | 51,105 | ||||||
POSCO | 3,273 | 797,711 | ||||||
S-1 Corp. | 968 | 70,557 | ||||||
S-Oil Corp. | 2,371 | 139,985 | ||||||
Samsung C&T Corp. | 6,256 | 345,418 | ||||||
Samsung Card Co. Ltd. | 2,208 | 75,441 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 2,992 | 187,826 | ||||||
Samsung Electronics Co. Ltd. | 5,530 | 6,837,237 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 1,771 | 411,466 | ||||||
Samsung Heavy Industries Co. Ltd.a | 8,052 | 144,526 | ||||||
Samsung Life Insurance Co. Ltd. | 3,280 | 297,652 | ||||||
Samsung SDI Co. Ltd. | 2,754 | 342,509 | ||||||
Samsung SDS Co. Ltd. | 1,376 | 362,947 | ||||||
Samsung Securities Co. Ltd. | 3,036 | 131,946 | ||||||
Shinhan Financial Group Co. Ltd. | 11,855 | 472,018 | ||||||
Shinsegae Co. Ltd. | 427 | 67,111 |
Security | Shares | Value | ||||||
SK C&C Co. Ltd. | 1,057 | $ | 208,983 | |||||
SK Holdings Co. Ltd. | 1,452 | 246,068 | ||||||
SK Hynix Inc. | 21,209 | 900,496 | ||||||
SK Innovation Co. Ltd.b | 3,175 | 299,406 | ||||||
SK Networks Co. Ltd. | 6,042 | 52,022 | ||||||
SK Telecom Co. Ltd. | 547 | 142,787 | ||||||
Woori Bankb | 16,964 | 146,525 | ||||||
Yuhan Corp. | 107 | 16,671 | ||||||
|
| |||||||
27,410,889 | ||||||||
TAIWAN — 18.85% |
| |||||||
Acer Inc.b | 127,062 | 83,144 | ||||||
Advanced Semiconductor Engineering Inc. | 308,434 | 415,436 | ||||||
Advantech Co. Ltd. | 14,894 | 113,821 | ||||||
Asia Cement Corp. | 106,229 | 130,905 | ||||||
Asia Pacific Telecom Co. Ltd. | 84,000 | 40,923 | ||||||
ASUSTeK Computer Inc. | 35,000 | 363,875 | ||||||
AU Optronics Corp. | 437,000 | 230,293 | ||||||
Catcher Technology Co. Ltd. | 33,000 | 301,576 | ||||||
Cathay Financial Holding Co. Ltd. | 412,944 | 628,522 | ||||||
Chailease Holding Co. Ltd. | 44,170 | 107,454 | ||||||
Chang Hwa Commercial Bank Ltd. | 220,655 | 129,632 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 81,776 | 197,377 | ||||||
Chicony Electronics Co. Ltd. | 23,599 | 65,601 | ||||||
China Airlines Ltd.b | 118,000 | 57,863 | ||||||
China Development Financial Holding Corp. | 677,200 | 235,042 | ||||||
China Life Insurance Co. Ltd./Taiwan | 137,388 | 118,117 | ||||||
China Motor Corp. | 25,000 | 21,533 | ||||||
China Steel Corp. | 589,867 | 490,225 | ||||||
Chunghwa Telecom Co. Ltd. | 190,000 | 594,109 | ||||||
Clevo Co. | 25,322 | 38,945 | ||||||
Compal Electronics Inc. | 215,000 | 167,043 | ||||||
CTBC Financial Holding Co. Ltd. | 704,429 | 468,797 | ||||||
CTCI Corp. | 26,000 | 42,885 | ||||||
Delta Electronics Inc. | 92,000 | 594,682 | ||||||
E.Sun Financial Holding Co. Ltd. | 303,295 | 189,288 | ||||||
Eclat Textile Co. Ltd. | 9,200 | 105,461 | ||||||
Epistar Corp. | 55,000 | 105,254 | ||||||
EVA Airways Corp.b | 94,426 | 69,155 | ||||||
Evergreen Marine Corp. Taiwan Ltd.b | 86,000 | 63,120 | ||||||
Far Eastern Department Stores Ltd. | 50,546 | 43,456 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA ETF
February 28, 2015
Security | Shares | Value | ||||||
Far Eastern New Century Corp. | 155,589 | $ | 161,509 | |||||
Far EasTone Telecommunications Co. Ltd. | 80,000 | 197,676 | ||||||
Farglory Land Development Co. Ltd. | 16,530 | 19,738 | ||||||
First Financial Holding Co. Ltd. | 353,885 | 209,029 | ||||||
Formosa Chemicals & Fibre Corp. | 162,950 | 365,282 | ||||||
Formosa International Hotels Corp. | 1,210 | 12,657 | ||||||
Formosa Petrochemical Corp. | 56,000 | 122,681 | ||||||
Formosa Plastics Corp. | 208,400 | 514,281 | ||||||
Formosa Taffeta Co. Ltd. | 35,000 | 37,000 | ||||||
Foxconn Technology Co. Ltd. | 43,370 | 111,584 | ||||||
Fubon Financial Holding Co. Ltd. | 338,396 | 603,413 | ||||||
Giant Manufacturing Co. Ltd. | 14,000 | 135,966 | ||||||
Hermes Microvision Inc. | 2,000 | 99,984 | ||||||
Highwealth Construction Corp. | 28,800 | 61,351 | ||||||
Hiwin Technologies Corp. | 9,348 | 75,457 | ||||||
Hon Hai Precision Industry Co. Ltd. | 628,528 | 1,743,187 | ||||||
Hotai Motor Co. Ltd. | 12,000 | 182,646 | ||||||
HTC Corp.b | 34,000 | 165,642 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 308,093 | 176,586 | ||||||
Innolux Corp. | 403,620 | 206,919 | ||||||
Inotera Memories Inc.b | 119,000 | 175,630 | ||||||
Inventec Corp. | 108,980 | 83,631 | ||||||
Kinsus Interconnect Technology Corp. | 17,000 | 54,943 | ||||||
Largan Precision Co. Ltd. | 5,000 | 426,684 | ||||||
Lite-On Technology Corp. | 102,615 | 130,372 | ||||||
MediaTek Inc. | 71,176 | 1,072,003 | ||||||
Mega Financial Holding Co. Ltd. | 498,542 | 396,071 | ||||||
Merida Industry Co. Ltd. | 9,350 | 75,473 | ||||||
Nan Ya Plastics Corp. | 240,090 | 521,386 | ||||||
Novatek Microelectronics Corp. | 31,000 | 166,821 | ||||||
Pegatron Corp. | 82,000 | 225,072 | ||||||
Pou Chen Corp. | 99,000 | 142,802 | ||||||
Powertech Technology Inc. | 43,000 | 73,526 | ||||||
President Chain Store Corp. | 30,000 | 233,084 | ||||||
Quanta Computer Inc. | 137,000 | 346,372 | ||||||
Radiant Opto-Electronics Corp. | 23,363 | 76,996 | ||||||
Realtek Semiconductor Corp. | 23,140 | 72,504 | ||||||
Ruentex Development Co. Ltd. | 37,633 | 56,321 | ||||||
Ruentex Industries Ltd. | 24,855 | 53,659 | ||||||
ScinoPharm Taiwan Ltd. | 9,526 | 14,651 | ||||||
Shin Kong Financial Holding Co. Ltd. | 393,343 | 112,974 | ||||||
Siliconware Precision Industries Co. Ltd. | 132,000 | 234,956 |
Security | Shares | Value | ||||||
Simplo Technology Co. Ltd. | 14,200 | $ | 70,537 | |||||
SinoPac Financial Holdings Co. Ltd. | 373,841 | 152,965 | ||||||
Standard Foods Corp. | 14,103 | 33,411 | ||||||
Synnex Technology International Corp. | 64,000 | 93,437 | ||||||
Taishin Financial Holding Co. Ltd. | 380,067 | 162,773 | ||||||
Taiwan Business Bankb | 176,864 | 52,544 | ||||||
Taiwan Cement Corp. | 167,000 | 228,392 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 308,832 | 158,817 | ||||||
Taiwan Fertilizer Co. Ltd. | 36,000 | 62,474 | ||||||
Taiwan Glass Industry Corp. | 42,450 | 31,494 | ||||||
Taiwan Mobile Co. Ltd. | 83,000 | 284,111 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,232,000 | 5,904,028 | ||||||
Teco Electric and Machinery Co. Ltd. | 93,000 | 95,206 | ||||||
TPK Holding Co. Ltd. | 12,591 | 91,010 | ||||||
Transcend Information Inc. | 16,000 | 52,730 | ||||||
U-Ming Marine Transport Corp. | 22,000 | 33,310 | ||||||
Uni-President Enterprises Corp. | 234,241 | 393,820 | ||||||
Unimicron Technology Corp. | 68,000 | 45,795 | ||||||
United Microelectronics Corp. | 616,000 | 313,835 | ||||||
Vanguard International Semiconductor Corp. | 43,000 | 74,896 | ||||||
Walsin Lihwa Corp.b | 157,000 | 50,242 | ||||||
Wan Hai Lines Ltd. | 44,000 | 49,037 | ||||||
Wistron Corp. | 111,105 | 104,896 | ||||||
WPG Holdings Ltd. | 67,000 | 85,977 | ||||||
Yang Ming Marine Transport Corp.b | 61,000 | 33,020 | ||||||
Yuanta Financial Holding Co. Ltd. | 396,350 | 200,668 | ||||||
Yulon Motor Co. Ltd. | 42,000 | 60,048 | ||||||
Zhen Ding Technology Holding Ltd. | 14,455 | 45,061 | ||||||
|
| |||||||
25,126,587 | ||||||||
THAILAND — 3.59% |
| |||||||
Advanced Info Service PCL NVDR | 51,700 | 372,598 | ||||||
Airports of Thailand PCL NVDR | 21,500 | 205,490 | ||||||
Bangkok Bank PCL Foreign | 12,400 | 70,572 | ||||||
Bangkok Bank PCL NVDR | 19,200 | 108,679 | ||||||
Bangkok Dusit Medical Services PCL NVDRa | 145,500 | 96,760 | ||||||
Banpu PCL NVDRa | 53,300 | 49,871 | ||||||
BEC World PCL NVDRa | 46,200 | 67,164 | ||||||
BTS Group Holdings PCL NVDR | 271,200 | 80,530 | ||||||
Bumrungrad Hospital PCL NVDR | 16,900 | 81,285 |
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ASIA ETF
February 28, 2015
Security | Shares | Value | ||||||
Central Pattana PCL NVDR | 66,300 | $ | 90,232 | |||||
Charoen Pokphand Foods PCL NVDR | 138,200 | 102,165 | ||||||
CP ALL PCL NVDR | 219,700 | 271,822 | ||||||
Delta Electronics Thailand PCL NVDRa | 26,500 | 57,172 | ||||||
Energy Absolute PCL NVDR | 51,800 | 48,467 | ||||||
Glow Energy PCL NVDR | 25,400 | 66,976 | ||||||
Home Product Center PCL NVDRa | 151,611 | 40,095 | ||||||
Indorama Ventures PCL NVDR | 49,700 | 39,969 | ||||||
IRPC PCL NVDR | 401,200 | 55,346 | ||||||
Kasikornbank PCL Foreign | 58,700 | 392,181 | ||||||
Kasikornbank PCL NVDR | 32,300 | 216,799 | ||||||
Krung Thai Bank PCL NVDRa | 197,950 | 139,600 | ||||||
Minor International PCL NVDR | 77,600 | 81,608 | ||||||
PTT Exploration & Production PCL NVDR | 70,810 | 247,496 | ||||||
PTT Global Chemical PCL NVDR | 82,500 | 142,901 | ||||||
PTT PCL NVDR | 50,300 | 533,650 | ||||||
Siam Cement PCL (The) Foreign | 14,800 | 235,298 | ||||||
Siam Cement PCL (The) NVDR | 6,100 | 98,868 | ||||||
Siam Commercial Bank PCL (The) NVDR | 80,700 | 423,095 | ||||||
Thai Oil PCL NVDR | 37,100 | 60,246 | ||||||
Thai Union Frozen Products PCL NVDR | 85,600 | 56,661 | ||||||
TMB Bank PCL NVDR | 666,800 | 62,287 | ||||||
True Corp. PCL NVDRb | 434,990 | 196,438 | ||||||
|
| |||||||
4,792,321 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $124,448,762) |
| 131,474,729 | ||||||
PREFERRED STOCKS — 1.04% |
| |||||||
SOUTH KOREA — 1.04% |
| |||||||
Hyundai Motor Co. | 1,320 | 131,693 | ||||||
Hyundai Motor Co. Series 2 | 1,979 | 204,653 | ||||||
LG Chem Ltd. | 360 | 53,136 | ||||||
Samsung Electronics Co. Ltd. | 1,049 | 1,001,642 | ||||||
|
| |||||||
1,391,124 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $1,371,601) |
| 1,391,124 |
Security | Shares | Value | ||||||
RIGHTS — 0.01% |
| |||||||
MALAYSIA — 0.00% |
| |||||||
Malaysia Airports Holdings Bhdb | 6,520 | $ | 3,419 | |||||
|
| |||||||
3,419 | ||||||||
SOUTH KOREA — 0.01% |
| |||||||
Hyundai Merchant Marine Co. Ltd.b | 567 | 915 | ||||||
Korean Air Lines Co. Ltd.b | 308 | 4,013 | ||||||
|
| |||||||
4,928 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 8,347 | ||||||
SHORT-TERM INVESTMENTS — 4.93% |
| |||||||
MONEY MARKET FUNDS — 4.93% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%d,e,f | 6,218,269 | 6,218,269 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%d,e,f | 362,913 | 362,913 | ||||||
|
| |||||||
6,581,182 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $6,581,182) |
| 6,581,182 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $132,401,545) | 139,455,382 | |||||||
Other Assets, Less Liabilities — (4.60)% |
| (6,138,465 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 133,316,917 | |||||
|
|
NVDR — Non-Voting Depositary Receipts
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
d | 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 1. |
See notes to consolidated financial statements.
CONSOLIDATED SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 97.12% |
| |||||||
BRAZIL — 3.88% |
| |||||||
B2W Cia. Digitala | 1,800 | $ | 12,622 | |||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 4,000 | 16,199 | ||||||
Estacio Participacoes SA | 4,600 | 31,049 | ||||||
Kroton Educacional SA | 20,888 | 75,900 | ||||||
Lojas Americanas SA | 2,550 | 11,415 | ||||||
Lojas Renner SA | 1,802 | 52,995 | ||||||
Via Varejo SAa | 2,000 | 11,821 | ||||||
|
| |||||||
212,001 | ||||||||
CHILE — 1.94% |
| |||||||
SACI Falabella | 14,568 | 105,827 | ||||||
|
| |||||||
105,827 | ||||||||
CHINA — 11.22% |
| |||||||
Alibaba Pictures Group Ltd.a | 80,000 | 18,568 | ||||||
Anta Sports Products Ltd. | 16,002 | 32,188 | ||||||
Belle International Holdings Ltd. | 70,001 | 75,728 | ||||||
Brilliance China Automotive Holdings Ltd. | 44,000 | 86,350 | ||||||
Byd Co. Ltd. Class H | 10,000 | 43,582 | ||||||
Chongqing Changan Automobile Co. Ltd. Class B | 13,200 | 35,862 | ||||||
Dongfeng Motor Group Co. Ltd. Class H | 40,001 | 63,647 | ||||||
Geely Automobile Holdings Ltd. | 80,001 | 35,795 | ||||||
GOME Electrical Appliances Holding Ltd.b | 154,000 | 20,850 | ||||||
Great Wall Motor Co. Ltd. Class H | 15,002 | 95,558 | ||||||
Guangzhou Automobile Group Co. Ltd. Class H | 32,001 | 30,699 | ||||||
Haier Electronics Group Co. Ltd. | 16,001 | 42,192 | ||||||
Shenzhou International Group Holdings Ltd. | 8,000 | 31,668 | ||||||
|
| |||||||
612,687 | ||||||||
GREECE — 1.18% |
| |||||||
FF Groupa | 480 | 15,237 | ||||||
JUMBO SA | 1,486 | 17,001 | ||||||
OPAP SA | 3,500 | 32,309 | ||||||
|
| |||||||
64,547 | ||||||||
INDIA — 7.45% |
| |||||||
Bajaj Auto Ltd. | 1,268 | 44,180 | ||||||
Bosch Ltd. | 110 | 46,072 | ||||||
Hero Motocorp Ltd. | 714 | 31,014 | ||||||
Mahindra & Mahindra Ltd. | 5,174 | 108,155 |
Security | Shares | Value | ||||||
Motherson Sumi Systems Ltd. | 3,106 | $ | 22,720 | |||||
Tata Motors Ltd. | 11,544 | 110,827 | ||||||
Zee Entertainment Enterprises Ltd. | 7,870 | 44,116 | ||||||
|
| |||||||
407,084 | ||||||||
INDONESIA — 5.18% |
| |||||||
Astra International Tbk PT | 304,000 | 184,635 | ||||||
Global Mediacom Tbk PT | 101,000 | 15,746 | ||||||
Matahari Department Store Tbk PT | 29,400 | 40,603 | ||||||
Media Nusantara Citra Tbk PT | 75,200 | 18,327 | ||||||
Surya Citra Media Tbk PT | 84,400 | 23,834 | ||||||
|
| |||||||
283,145 | ||||||||
MALAYSIA — 3.39% |
| |||||||
Astro Malaysia Holdings Bhd | 24,200 | 21,957 | ||||||
Berjaya Sports Toto Bhd | 8,065 | 7,519 | ||||||
Genting Bhd | 31,200 | 76,615 | ||||||
Genting Malaysia Bhd | 45,001 | 51,319 | ||||||
UMW Holdings Bhd | 9,001 | 27,673 | ||||||
|
| |||||||
185,083 | ||||||||
MEXICO — 5.36% |
| |||||||
El Puerto de Liverpool SAB de CV Series C1a | 2,801 | 31,641 | ||||||
Grupo Televisa SAB CPOa | 38,402 | 260,970 | ||||||
|
| |||||||
292,611 | ||||||||
PHILIPPINES — 0.59% |
| |||||||
Jollibee Foods Corp. | 6,481 | 32,309 | ||||||
|
| |||||||
32,309 | ||||||||
POLAND — 1.14% |
| |||||||
CCC SA | 332 | 16,299 | ||||||
Cyfrowy Polsat SA | 2,860 | 18,612 | ||||||
LPP SA | 14 | 27,354 | ||||||
|
| |||||||
62,265 | ||||||||
SOUTH AFRICA — 25.42% |
| |||||||
Foschini Group Ltd. (The) | 2,870 | 40,741 | ||||||
Imperial Holdings Ltd. | 2,772 | 46,748 | ||||||
Mr. Price Group Ltd. | 3,657 | 84,654 | ||||||
Naspers Ltd. Class N | 5,926 | 870,745 | ||||||
Steinhoff International Holdings Ltd. | 31,674 | 182,847 | ||||||
Truworths International Ltd. | 5,754 | 43,887 | ||||||
Tsogo Sun Holdings Ltd. | 5,636 | 13,726 | ||||||
Woolworths Holdings Ltd./South Africa | 13,650 | 105,318 | ||||||
|
| |||||||
1,388,666 | ||||||||
SOUTH KOREA — 22.49% |
| |||||||
Cheil Worldwide Inc.a | 1,142 | 21,746 | ||||||
Coway Co. Ltd. | 803 | 63,067 |
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF
February 28, 2015
Security | Shares | Value | ||||||
Halla Visteon Climate Control Corp.a | 580 | $ | 22,644 | |||||
Hankook Tire Co. Ltd. | 1,094 | 47,845 | ||||||
Hanssem Co. Ltd.a | 156 | 25,087 | ||||||
Hotel Shilla Co. Ltd. | 502 | 45,281 | ||||||
Hyundai Department Store Co. Ltd. | 236 | 28,813 | ||||||
Hyundai Mobis Co. Ltd. | 1,020 | 231,871 | ||||||
Hyundai Motor Co. | 2,300 | 336,340 | ||||||
Hyundai Wia Corp. | 236 | 30,211 | ||||||
Kangwon Land Inc. | 1,776 | 55,017 | ||||||
Kia Motors Corp. | 3,942 | 163,419 | ||||||
LG Electronics Inc. | 1,584 | 89,191 | ||||||
Lotte Shopping Co. Ltd. | 168 | 38,267 | ||||||
Paradise Co. Ltd. | 674 | 12,988 | ||||||
Shinsegae Co. Ltd. | 106 | 16,660 | ||||||
|
| |||||||
1,228,447 | ||||||||
TAIWAN — 5.89% | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 24,754 | 59,747 | ||||||
China Motor Corp. | 10,002 | 8,615 | ||||||
Eclat Textile Co. Ltd. | 2,080 | 23,843 | ||||||
Far Eastern Department Stores Ltd. | 16,900 | 14,530 | ||||||
Formosa International Hotels Corp. | 1 | 11 | ||||||
Formosa Taffeta Co. Ltd. | 12,002 | 12,688 | ||||||
Giant Manufacturing Co. Ltd. | 4,001 | 38,857 | ||||||
Hotai Motor Co. Ltd. | 4,001 | 60,897 | ||||||
Merida Industry Co. Ltd. | 2,200 | 17,758 | ||||||
Pou Chen Corp. | 32,000 | 46,158 | ||||||
Ruentex Industries Ltd. | 8,760 | 18,912 | ||||||
Yulon Motor Co. Ltd. | 14,001 | 20,017 | ||||||
|
| |||||||
322,033 | ||||||||
THAILAND — 1.11% | ||||||||
BEC World PCL NVDRb | 15,001 | 21,808 | ||||||
Home Product Center PCL NVDRb | 54,099 | 14,307 | ||||||
Minor International PCL NVDRb | 23,400 | 24,609 | ||||||
|
| |||||||
60,724 | ||||||||
TURKEY — 0.88% | ||||||||
Arcelik AS | 3,758 | 22,638 | ||||||
Ford Otomotiv Sanayi AS | 1,002 | 13,526 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,820 | 11,868 | ||||||
|
| |||||||
48,032 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $5,000,032) |
| 5,305,461 |
Security | Shares | Value | ||||||
PREFERRED STOCKS — 2.50% |
| |||||||
BRAZIL — 0.77% |
| |||||||
Lojas Americanas SA | 7,201 | $ | 42,032 | |||||
|
| |||||||
42,032 | ||||||||
SOUTH KOREA — 1.73% | ||||||||
Hyundai Motor Co. | 362 | 36,116 | ||||||
Hyundai Motor Co. Series 2 | 566 | 58,531 | ||||||
|
| |||||||
94,647 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $120,512) |
| 136,679 | ||||||
SHORT-TERM INVESTMENTS — 1.43% |
| |||||||
MONEY MARKET FUNDS — 1.43% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.16%c,d,e | 73,742 | 73,742 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%c,d,e | 4,304 | 4,304 | ||||||
|
| |||||||
78,046 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $78,046) |
| 78,046 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $5,198,590) | 5,520,186 | |||||||
Other Assets, Less Liabilities — (1.05)% |
| (57,216 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 5,462,970 | |||||
|
|
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 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to consolidated financial statements.
CONSOLIDATED SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS ENERGY CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 93.68% |
| |||||||
BRAZIL — 5.52% |
| |||||||
Cosan SA Industria e Comercio | 1,600 | $ | 15,830 | |||||
Petroleo Brasileiro SA | 20,602 | 68,305 | ||||||
Ultrapar Participacoes SA | 3,601 | 75,034 | ||||||
|
| |||||||
159,169 | ||||||||
CHILE — 1.90% |
| |||||||
Empresas COPEC SA | 4,674 | 54,817 | ||||||
|
| |||||||
54,817 | ||||||||
CHINA — 25.48% |
| |||||||
China Coal Energy Co. Ltd. Class Ha | 52,000 | 28,028 | ||||||
China Oilfield Services Ltd. Class H | 20,001 | 30,380 | ||||||
China Petroleum & Chemical Corp. Class H | 192,402 | 161,256 | ||||||
China Shenhua Energy Co. Ltd. Class H | 33,000 | 86,378 | ||||||
CNOOC Ltd. | 136,001 | 195,353 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 15,200 | 20,657 | ||||||
Kunlun Energy Co. Ltd.a | 4,000 | 3,935 | ||||||
PetroChina Co. Ltd. Class H | 160,000 | 185,676 | ||||||
Yanzhou Coal Mining Co. Ltd. Class Ha | 28,002 | 23,108 | ||||||
|
| |||||||
734,771 | ||||||||
COLOMBIA — 1.38% |
| |||||||
Ecopetrol SA | 47,560 | 39,758 | ||||||
|
| |||||||
39,758 | ||||||||
HUNGARY — 0.82% |
| |||||||
MOL Hungarian Oil & Gas PLC | 534 | 23,699 | ||||||
|
| |||||||
23,699 | ||||||||
INDIA — 9.71% |
| |||||||
Bharat Petroleum Corp. Ltd. | 2,212 | 26,706 | ||||||
Cairn India Ltd. | 5,596 | 23,070 | ||||||
Coal India Ltd. | 6,238 | 39,762 | ||||||
Oil & Natural Gas Corp. Ltd. | 8,048 | 42,314 | ||||||
Oil India Ltd. | 1,954 | 15,733 | ||||||
Reliance Industries Ltd. | 9,458 | 132,394 | ||||||
|
| |||||||
279,979 | ||||||||
INDONESIA — 1.37% |
| |||||||
Adaro Energy Tbk PT | 220,202 | 16,355 | ||||||
Indo Tambangraya Megah Tbk PT | 7,600 | 9,937 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 16,000 | 13,215 | ||||||
|
| |||||||
39,507 |
Security | Shares | Value | ||||||
MALAYSIA — 2.13% |
| |||||||
Bumi Armada Bhdb | 34,801 | $ | 11,008 | |||||
Petronas Dagangan Bhd | 3,801 | 20,650 | ||||||
Sapurakencana Petroleum Bhd | 37,601 | 29,735 | ||||||
|
| |||||||
61,393 | ||||||||
POLAND — 3.19% |
| |||||||
Grupa Lotos SAb | 1,958 | 13,780 | ||||||
Polski Koncern Naftowy Orlen SA | 3,328 | 49,117 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 21,296 | 28,950 | ||||||
|
| |||||||
91,847 | ||||||||
QATAR — 0.36% |
| |||||||
Gulf International Services QSC | 398 | 10,427 | ||||||
|
| |||||||
10,427 | ||||||||
RUSSIA — 23.40% |
| |||||||
Gazprom OAO | 47,270 | 116,962 | ||||||
Gazprom OAO ADR | 23,635 | 117,939 | ||||||
Lukoil OAO | 1,913 | 92,703 | ||||||
Lukoil OAO ADR (London) | 2,020 | 97,768 | ||||||
NOVATEK OAO GDRc | 920 | 77,142 | ||||||
Rosneft OAO | 5,942 | 25,555 | ||||||
Rosneft OAO GDRc | 3,900 | 16,848 | ||||||
Surgutneftegas OAO | 47,552 | 26,844 | ||||||
Surgutneftegas OAO ADR | 4,755 | 26,414 | ||||||
Tatneft OAO Class S | 14,841 | 76,553 | ||||||
|
| |||||||
674,728 | ||||||||
SOUTH AFRICA — 5.80% |
| |||||||
Exxaro Resources Ltd. | 1,944 | 19,061 | ||||||
Sasol Ltd. | 4,078 | 148,282 | ||||||
|
| |||||||
167,343 | ||||||||
SOUTH KOREA — 4.03% |
| |||||||
GS Holdings Corp. | 670 | 27,012 | ||||||
S-Oil Corp. | 532 | 31,410 | ||||||
SK Innovation Co. Ltd.b | 612 | 57,712 | ||||||
|
| |||||||
116,134 | ||||||||
TAIWAN — 1.06% |
| |||||||
Formosa Petrochemical Corp. | 14,000 | 30,670 | ||||||
|
| |||||||
30,670 | ||||||||
THAILAND — 6.45% |
| |||||||
Banpu PCL NVDRa | 18,000 | 16,842 | ||||||
Energy Absolute PCL NVDR | 9,200 | 8,608 | ||||||
IRPC PCL NVDR | 145,000 | 20,003 |
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ENERGY CAPPED ETF
February 28, 2015
Security | Shares | Value | ||||||
PTT Exploration & Production PCL NVDR | 10,033 | $ | 35,067 | |||||
PTT PCL NVDR | 8,002 | 84,896 | ||||||
Thai Oil PCL NVDR | 12,701 | 20,625 | ||||||
|
| |||||||
186,041 | ||||||||
TURKEY — 1.08% |
| |||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,478 | 31,147 | ||||||
|
| |||||||
31,147 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $3,620,316) |
| 2,701,430 | ||||||
PREFERRED STOCKS — 6.03% |
| |||||||
BRAZIL — 3.67% |
| |||||||
Petroleo Brasileiro SA | 31,600 | 105,763 | ||||||
|
| |||||||
105,763 | ||||||||
RUSSIA — 2.36% |
| |||||||
AK Transneft OAO | 9 | 20,094 | ||||||
Surgutneftegas OAO | 76,802 | 48,083 | ||||||
|
| |||||||
68,177 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $425,456) |
| 173,940 | ||||||
SHORT-TERM INVESTMENTS — 2.25% |
| |||||||
MONEY MARKET FUNDS — 2.25% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.16%d,e,f | 59,161 | 59,161 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%d,e,f | 3,453 | 3,453 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%d,e | 2,294 | 2,294 | ||||||
|
| |||||||
64,908 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $64,908) |
| 64,908 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $4,110,680) |
| 2,940,278 | ||||||
Other Assets, Less Liabilities — (1.96)% |
| (56,544 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 2,883,734 | |||||
|
|
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
NVDR — Non-Voting Depositary Receipts
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
d | 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 1. |
See notes to consolidated financial statements.
CONSOLIDATED SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS GROWTH ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 96.26% |
| |||||||
BRAZIL — 6.32% |
| |||||||
Ambev SA | 8,400 | $ | 53,878 | |||||
B2W Cia. Digitala | 400 | 2,805 | ||||||
Banco Bradesco SA | 1,680 | 21,939 | ||||||
BB Seguridade Participacoes SA | 2,000 | 22,662 | ||||||
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros | 1,800 | 6,320 | ||||||
BR Malls Participacoes SA | 1,200 | 7,097 | ||||||
BRF SA | 1,800 | 40,560 | ||||||
CCR SA | 2,200 | 12,826 | ||||||
CETIP SA – Mercados Organizados | 600 | 7,218 | ||||||
Cielo SA | 1,960 | 30,647 | ||||||
Cosan SA Industria e Comercio | 400 | 3,957 | ||||||
Embraer SA | 1,800 | 15,675 | ||||||
Estacio Participacoes SA | 1,000 | 6,750 | ||||||
Fibria Celulose SAa | 600 | 7,735 | ||||||
Hypermarcas SAa | 1,000 | 6,680 | ||||||
JBS SA | 1,800 | 7,881 | ||||||
Klabin SA Units | 1,400 | 7,834 | ||||||
Kroton Educacional SA | 3,884 | 14,113 | ||||||
Localiza Rent A Car SA | 410 | 5,019 | ||||||
Lojas Americanas SA | 500 | 2,238 | ||||||
Lojas Renner SA | 400 | 11,763 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 200 | 3,816 | ||||||
Natura Cosmeticos SA | 400 | 3,934 | ||||||
Odontoprev SA | 800 | 2,924 | ||||||
Qualicorp SAa | 400 | 3,637 | ||||||
Raia Drogasil SA | 600 | 5,980 | ||||||
Souza Cruz SA | 200 | 1,774 | ||||||
TOTVS SA | 400 | 4,800 | ||||||
Ultrapar Participacoes SA | 1,000 | 20,837 | ||||||
WEG SA | 780 | 8,375 | ||||||
|
| |||||||
351,674 | ||||||||
CHILE — 1.20% |
| |||||||
Banco de Credito e Inversiones | 48 | 2,218 | ||||||
Cencosud SA | 3,256 | 8,055 | ||||||
Cia. Cervecerias Unidas SA | 340 | 3,223 | ||||||
Empresa Nacional de Electricidad SA/Chile | 4,034 | 6,062 | ||||||
Empresas CMPC SA | 1,976 | 5,144 | ||||||
Empresas COPEC SA | 804 | 9,429 | ||||||
LATAM Airlines Group SAa | 932 | 9,916 |
Security | Shares | Value | ||||||
SACI Falabella | 2,658 | $ | 19,309 | |||||
Vina Concha y Toro SA | 1,795 | 3,578 | ||||||
|
| |||||||
66,934 | ||||||||
CHINA — 21.41% |
| |||||||
AAC Technologies Holdings Inc. | 2,000 | 13,242 | ||||||
Aluminum Corp. of China Ltd. Class Ha | 12,000 | 5,818 | ||||||
Anhui Conch Cement Co. Ltd. Class H | 4,000 | 13,590 | ||||||
Anta Sports Products Ltd. | 4,000 | 8,046 | ||||||
AviChina Industry & Technology Co. Ltd. Class H | 8,000 | 5,209 | ||||||
Beijing Capital International Airport Co. Ltd. Class H | 4,000 | 3,770 | ||||||
Beijing Enterprises Holdings Ltd. | 1,000 | 7,427 | ||||||
Beijing Enterprises Water Group Ltd. | 12,000 | 7,458 | ||||||
Belle International Holdings Ltd. | 12,000 | 12,982 | ||||||
Brilliance China Automotive Holdings Ltd. | 8,000 | 15,700 | ||||||
Byd Co. Ltd. Class H | 2,000 | 8,716 | ||||||
China Cinda Asset Management Co. Ltd. Class Ha | 10,000 | 4,926 | ||||||
China CNR Corp. Ltd. Class Ha,b | 5,000 | 6,873 | ||||||
China Everbright International Ltd. | 8,000 | 11,161 | ||||||
China Gas Holdings Ltd. | 4,000 | 6,220 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 12,000 | 2,073 | ||||||
China Life Insurance Co. Ltd. Class H | 20,000 | 85,746 | ||||||
China Longyuan Power Group Corp. Ltd. | 8,000 | 8,582 | ||||||
China Medical System Holdings Ltd. | 4,000 | 6,622 | ||||||
China Mengniu Dairy Co. Ltd. | 4,000 | 18,052 | ||||||
China Minsheng Banking Corp. Ltd. Class H | 6,300 | 7,612 | ||||||
China Oilfield Services Ltd. Class H | 4,000 | 6,076 | ||||||
China Overseas Land & Investment Ltd. | 12,000 | 36,594 | ||||||
China Pacific Insurance Group Co. Ltd. Class H | 7,200 | 37,599 | ||||||
China Resources Cement Holdings Ltd. | 8,000 | 4,745 | ||||||
China Resources Gas Group Ltd.c | 4,000 | 9,892 | ||||||
China Resources Land Ltd. | 4,888 | 12,984 | ||||||
China Resources Power Holdings Co. Ltd. | 4,000 | 10,599 |
32 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH ETF
February 28, 2015
Security | Shares | Value | ||||||
China Shipping Container Lines Co. Ltd. Class Ha | 14,000 | $ | 4,350 | |||||
China State Construction International Holdings Ltd. | 4,000 | 5,694 | ||||||
China Taiping Insurance Holdings Co. Ltd.a | 2,904 | 10,110 | ||||||
China Unicom Hong Kong Ltd. | 16,000 | 26,944 | ||||||
China Vanke Co. Ltd. Class Ha,c | 3,800 | 8,722 | ||||||
Chongqing Changan Automobile Co. Ltd. Class B | 2,200 | 5,977 | ||||||
CITIC Securities Co. Ltd. Class H | 3,000 | 10,638 | ||||||
CSPC Pharmaceutical Group Ltd. | 4,000 | 3,270 | ||||||
CSR Corp. Ltd. Class H | 6,000 | 7,767 | ||||||
Dongfeng Motor Group Co. Ltd. Class H | 8,000 | 12,729 | ||||||
ENN Energy Holdings Ltd. | 4,000 | 21,224 | ||||||
GCL-Poly Energy Holdings Ltd.a,c | 24,000 | 5,756 | ||||||
Geely Automobile Holdings Ltd.c | 20,000 | 8,949 | ||||||
GOME Electrical Appliances Holding Ltd.c | 30,000 | 4,062 | ||||||
Great Wall Motor Co. Ltd. Class H | 3,000 | 19,109 | ||||||
Guangdong Investment Ltd. | 8,000 | 10,305 | ||||||
Guangzhou Automobile Group Co. Ltd. Class H | 4,000 | 3,837 | ||||||
Haier Electronics Group Co. Ltd. | 2,000 | 5,274 | ||||||
Haitian International Holdings Ltd. | 2,000 | 4,327 | ||||||
Haitong Securities Co. Ltd. Class H | 2,400 | 5,725 | ||||||
Hanergy Thin Film Power Group Ltd.a,c | 24,000 | 13,988 | ||||||
Hengan International Group Co. Ltd. | 2,000 | 22,939 | ||||||
Huaneng Power International Inc. Class H | 8,000 | 10,057 | ||||||
Kingsoft Corp. Ltd. | 2,000 | 4,595 | ||||||
Kunlun Energy Co. Ltd. | 8,000 | 7,871 | ||||||
Lenovo Group Ltd. | 20,000 | 30,843 | ||||||
Longfor Properties Co. Ltd. | 2,000 | 2,630 | ||||||
New China Life Insurance Co. Ltd. Class H | 2,200 | 12,666 | ||||||
Nine Dragons Paper (Holdings) Ltd. | 6,000 | 3,891 | ||||||
People’s Insurance Co. Group of China Ltd. Class H | 14,000 | 7,239 | ||||||
PetroChina Co. Ltd. Class H | 56,000 | 64,987 | ||||||
PICC Property & Casualty Co. Ltd. Class H | 8,720 | 18,687 | ||||||
Ping An Insurance Group Co. of China Ltd. Class H | 7,000 | 77,848 |
Security | Shares | Value | ||||||
Semiconductor Manufacturing International Corp.a | 76,000 | $ | 6,664 | |||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 8,000 | 6,592 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 1,000 | 3,327 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 800 | 1,671 | ||||||
Shenzhou International Group Holdings Ltd. | 2,000 | 7,917 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 12,000 | 7,149 | ||||||
Sino Biopharmaceutical Ltd. | 8,000 | 7,602 | ||||||
Sinopharm Group Co. Ltd. Class H | 3,200 | 11,202 | ||||||
Sinotrans Ltd. Class H | 4,000 | 2,646 | ||||||
Sun Art Retail Group Ltd.c | 7,000 | 6,282 | ||||||
Tencent Holdings Ltd. | 13,800 | 241,820 | ||||||
Tingyi Cayman Islands Holding Corp.c | 4,000 | 10,057 | ||||||
Uni-President China Holdings Ltd.c | 4,800 | 3,775 | ||||||
Want Want China Holdings Ltd.c | 16,000 | 17,639 | ||||||
Zhuzhou CSR Times Electric Co. Ltd. Class H | 2,000 | 11,270 | ||||||
ZTE Corp. Class H | 1,600 | 3,565 | ||||||
|
| |||||||
1,190,502 | ||||||||
COLOMBIA — 0.27% |
| |||||||
Almacenes Exito SA | 404 | 4,001 | ||||||
Cementos Argos SA | 1,006 | 3,614 | ||||||
Cemex Latam Holdings SAa | 424 | 2,550 | ||||||
Corp. Financiera Colombiana SA | 176 | 2,646 | ||||||
Corp. Financiera Colombiana SA Newa | 3 | 45 | ||||||
Isagen SA ESP | 1,960 | 2,294 | ||||||
|
| |||||||
15,150 | ||||||||
CZECH REPUBLIC — 0.23% |
| |||||||
CEZ AS | 164 | 4,157 | ||||||
Komercni Banka AS | 40 | 8,657 | ||||||
|
| |||||||
12,814 | ||||||||
GREECE — 0.40% |
| |||||||
Alpha Bank AEa | 4,027 | 1,671 | ||||||
Eurobank Ergasias SAa | 14,120 | 2,170 | ||||||
FF Groupa | 118 | 3,746 | ||||||
Hellenic Telecommunications Organization SAa | 770 | 7,687 | ||||||
JUMBO SA | 288 | 3,295 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH ETF
February 28, 2015
Security | Shares | Value | ||||||
Titan Cement Co. SA | 140 | $ | 3,547 | |||||
|
| |||||||
22,116 | ||||||||
HUNGARY — 0.17% |
| |||||||
OTP Bank PLC | 322 | 5,107 | ||||||
Richter Gedeon Nyrt | 306 | 4,452 | ||||||
|
| |||||||
9,559 | ||||||||
INDIA — 7.78% |
| |||||||
Adani Ports & Special Economic Zone Ltd. | 1,216 | 6,507 | ||||||
Apollo Hospitals Enterprise Ltd. | 113 | 2,403 | ||||||
Asian Paints Ltd. | 800 | 10,596 | ||||||
Aurobindo Pharma Ltd. | 408 | 7,152 | ||||||
Bharti Airtel Ltd. | 816 | 4,704 | ||||||
Bosch Ltd. | 20 | 8,377 | ||||||
Cipla Ltd. | 972 | 10,727 | ||||||
Dabur India Ltd. | 1,222 | 5,212 | ||||||
Divi’s Laboratories Ltd. | 190 | 5,291 | ||||||
Dr. Reddy’s Laboratories Ltd. | 290 | 15,714 | ||||||
GlaxoSmithKline Consumer Healthcare Ltd. | 32 | 3,004 | ||||||
Godrej Consumer Products Ltd. | 338 | 6,207 | ||||||
HCL Technologies Ltd. | 624 | 20,402 | ||||||
Hindustan Unilever Ltd. | 1,866 | 27,477 | ||||||
Housing Development Finance Corp. Ltd. | 2,656 | 57,377 | ||||||
Idea Cellular Ltd. | 2,042 | 5,052 | ||||||
Infosys Ltd. | 892 | 33,143 | ||||||
ITC Ltd. | 6,034 | 35,278 | ||||||
Larsen & Toubro Ltd. | 430 | 12,301 | ||||||
Motherson Sumi Systems Ltd. | 722 | 5,281 | ||||||
Nestle India Ltd. | 36 | 4,091 | ||||||
Ranbaxy Laboratories Ltd.a | 198 | 2,281 | ||||||
Siemens Ltd. | 251 | 5,430 | ||||||
State Bank of India | 1,740 | 8,492 | ||||||
Sun Pharmaceuticals Industries Ltd. | 1,850 | 27,269 | ||||||
Tata Consultancy Services Ltd. | 1,290 | 55,838 | ||||||
Tata Motors Ltd. | 1,354 | 12,999 | ||||||
Tech Mahindra Ltd. | 194 | 8,988 | ||||||
Ultratech Cement Ltd. | 96 | 4,871 | ||||||
United Breweries Ltd. | 263 | 4,250 | ||||||
United Spirits Ltd.a | 120 | 6,641 | ||||||
Zee Entertainment Enterprises Ltd. | 1,608 | 9,014 | ||||||
|
| |||||||
432,369 | ||||||||
INDONESIA — 2.57% |
| |||||||
Bank Central Asia Tbk PT | 33,400 | 36,436 |
Security | Shares | Value | ||||||
Bank Mandiri Persero Tbk PT | 8,000 | $ | 7,427 | |||||
Bank Rakyat Indonesia Persero Tbk PT | 15,000 | 14,942 | ||||||
Bumi Serpong Damai Tbk PT | 24,000 | 4,122 | ||||||
Charoen Pokphand Indonesia Tbk PT | 21,000 | 6,150 | ||||||
Global Mediacom Tbk PT | 18,000 | 2,806 | ||||||
Gudang Garam Tbk PT | 1,400 | 5,787 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 4,000 | 4,425 | ||||||
Indofood Sukses Makmur Tbk PT | 9,400 | 5,382 | ||||||
Jasa Marga Persero Tbk PT | 6,000 | 3,296 | ||||||
Kalbe Farma Tbk PT | 70,000 | 9,776 | ||||||
Lippo Karawaci Tbk PT | 44,400 | 4,054 | ||||||
Matahari Department Store Tbk PT | 4,000 | 5,524 | ||||||
Media Nusantara Citra Tbk PT | 16,000 | 3,899 | ||||||
Semen Indonesia Persero Tbk PT | 8,000 | 9,207 | ||||||
Surya Citra Media Tbk PT | 14,000 | 3,954 | ||||||
Tower Bersama Infrastructure Tbk PT | 6,000 | 4,306 | ||||||
Unilever Indonesia Tbk PT | 4,000 | 11,141 | ||||||
|
| |||||||
142,634 | ||||||||
MALAYSIA — 3.43% |
| |||||||
Axiata Group Bhd | 6,200 | 12,317 | ||||||
British American Tobacco Malaysia Bhd | 200 | 3,835 | ||||||
Bumi Armada Bhda | 7,200 | 2,277 | ||||||
Dialog Group Bhd | 10,886 | 4,923 | ||||||
DiGi.Com Bhd | 5,400 | 9,514 | ||||||
Felda Global Ventures Holdings Bhd | 3,400 | 2,189 | ||||||
Gamuda Bhd | 4,500 | 6,568 | ||||||
Genting Bhd | 3,200 | 7,858 | ||||||
Genting Plantations Bhd | 800 | 2,308 | ||||||
IHH Healthcare Bhd | 6,000 | 9,273 | ||||||
IJM Corp. Bhd | 1,400 | 2,789 | ||||||
IOI Corp. Bhd | 7,800 | 10,194 | ||||||
Kuala Lumpur Kepong Bhd | 1,600 | 10,078 | ||||||
Malaysia Airports Holdings Bhd | 1,600 | 3,263 | ||||||
MISC Bhd | 3,200 | 7,476 | ||||||
Petronas Dagangan Bhd | 600 | 3,260 | ||||||
Petronas Gas Bhd | 1,400 | 8,958 | ||||||
PPB Group Bhd | 1,200 | 4,855 | ||||||
Public Bank Bhd | 7,260 | 36,904 | ||||||
Sapurakencana Petroleum Bhd | 10,400 | 8,224 | ||||||
Tenaga Nasional Bhd | 8,200 | 33,492 | ||||||
|
| |||||||
190,555 |
34 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH ETF
February 28, 2015
Security | Shares | Value | ||||||
MEXICO — 4.57% |
| |||||||
Alfa SAB de CV Series Aa | 7,400 | $ | 16,030 | |||||
America Movil SAB de CV Series L | 44,400 | 47,512 | ||||||
Cemex SAB de CV CPOa | 16,200 | 16,415 | ||||||
El Puerto de Liverpool SAB de CV Series C1a | 600 | 6,778 | ||||||
Genomma Lab Internacional SAB de CV Series Ba,c | 2,200 | 2,401 | ||||||
Gentera SAB de CVa | 3,000 | 5,750 | ||||||
Gruma SAB de CV Series B | 600 | 7,349 | ||||||
Grupo Bimbo SAB de CVa | 4,800 | 13,554 | ||||||
Grupo Carso SAB de CV Series A1 | 1,000 | 4,513 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 2,400 | 13,032 | ||||||
Grupo Financiero Inbursa SAB de CV Series O | 6,000 | 16,846 | ||||||
Grupo Televisa SAB CPOa | 7,200 | 48,929 | ||||||
Mexichem SAB de CV | 2,600 | 7,578 | ||||||
Minera Frisco SAB de CV Series A1a | 1,800 | 2,396 | ||||||
Promotora y Operadora de Infraestructura SAB de CVa | 800 | 9,578 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 14,400 | 35,239 | ||||||
|
| |||||||
253,900 | ||||||||
PERU — 0.44% |
| |||||||
Credicorp Ltd. | 124 | 18,007 | ||||||
Southern Copper Corp. | 226 | 6,728 | ||||||
|
| |||||||
24,735 | ||||||||
PHILIPPINES — 1.27% |
| |||||||
Alliance Global Group Inc. | 5,000 | 2,699 | ||||||
Ayala Corp. | 600 | 9,757 | ||||||
Ayala Land Inc. | 16,000 | 13,155 | ||||||
BDO Unibank Inc. | 2,160 | 5,438 | ||||||
DMCI Holdings Inc. | 20,000 | 7,167 | ||||||
Energy Development Corp. | 26,600 | 5,339 | ||||||
International Container Terminal Services Inc. | 1,400 | 3,560 | ||||||
Jollibee Foods Corp. | 1,240 | 6,182 | ||||||
SM Investments Corp. | 148 | 2,954 | ||||||
SM Prime Holdings Inc. | 7,200 | 3,227 | ||||||
Universal Robina Corp. | 2,200 | 10,878 | ||||||
|
| |||||||
70,356 | ||||||||
POLAND — 1.41% |
| |||||||
Alior Bank SAa | 118 | 2,640 |
Security | Shares | Value | ||||||
Bank Millennium SA | 1,094 | $ | 2,084 | |||||
Bank Pekao SA | 232 | 11,634 | ||||||
Bank Zachodni WBK SA | 98 | 8,873 | ||||||
CCC SA | 84 | 4,124 | ||||||
Cyfrowy Polsat SA | 644 | 4,191 | ||||||
Eurocash SA | 200 | 1,805 | ||||||
Grupa Azoty SA | 124 | 2,580 | ||||||
LPP SA | 2 | 3,908 | ||||||
mBank | 40 | 4,944 | ||||||
Polski Koncern Naftowy Orlen SA | 674 | 9,948 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 2,472 | 21,779 | ||||||
|
| |||||||
78,510 | ||||||||
QATAR — 0.88% |
| |||||||
Gulf International Services QSC | 138 | 3,615 | ||||||
Masraf Al Rayan | 1,066 | 14,081 | ||||||
Qatar National Bank SAQ | 462 | 25,793 | ||||||
Vodafone Qatar QSC | 1,164 | 5,667 | ||||||
|
| |||||||
49,156 | ||||||||
RUSSIA — 3.23% |
| |||||||
Alrosa AO | 5,000 | 5,682 | ||||||
Lukoil OAO | 200 | 9,692 | ||||||
Lukoil OAO ADR (London) | 200 | 9,680 | ||||||
Magnit PJSC GDRd | 748 | 35,657 | ||||||
Mobile TeleSystems OJSC ADR | 1,474 | 14,593 | ||||||
Moscow Exchange MICEX-RTS OAO | 2,500 | 3,106 | ||||||
NOVATEK OAO GDRd | 260 | 21,801 | ||||||
Rosneft OAO | 780 | 3,355 | ||||||
Rostelecom OJSC | 3,420 | 4,993 | ||||||
Sberbank of Russia | 29,060 | 35,724 | ||||||
Severstal PAO | 380 | 4,255 | ||||||
Tatneft OAO Class S | 1,920 | 9,904 | ||||||
Uralkali PJSC | 1,070 | 2,960 | ||||||
Uralkali PJSC GDRd | 214 | 3,000 | ||||||
VTB Bank OJSC | 13,960,000 | 15,411 | ||||||
|
| |||||||
179,813 | ||||||||
SOUTH AFRICA — 8.48% |
| |||||||
Anglo American Platinum Ltd.a | 150 | 4,781 | ||||||
Aspen Pharmacare Holdings Ltd. | 810 | 28,763 | ||||||
Bidvest Group Ltd. (The) | 853 | 23,547 | ||||||
Brait SEa | 1,038 | 6,967 | ||||||
Coronation Fund Managers Ltd. | 704 | 6,245 | ||||||
Discovery Ltd. | 1,046 | 10,753 | ||||||
FirstRand Ltd. | 8,672 | 39,814 | ||||||
Foschini Group Ltd. (The) | 576 | 8,176 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH ETF
February 28, 2015
Security | Shares | Value | ||||||
Life Healthcare Group Holdings Ltd. | 2,630 | $ | 10,224 | |||||
Massmart Holdings Ltd. | 160 | 2,289 | ||||||
Mediclinic International Ltd. | 1,042 | 11,014 | ||||||
Mr. Price Group Ltd. | 692 | 16,019 | ||||||
Nampak Ltd. | 1,646 | 5,747 | ||||||
Naspers Ltd. Class N | 1,066 | 156,634 | ||||||
Netcare Ltd. | 2,136 | 7,528 | ||||||
Pick n Pay Stores Ltd. | 754 | 3,418 | ||||||
Rand Merchant Insurance Holdings Ltd. | 1,164 | 4,495 | ||||||
Remgro Ltd. | 1,278 | 30,379 | ||||||
Resilient Property Income Fund Ltd. | 616 | 4,956 | ||||||
RMB Holdings Ltd. | 2,064 | 12,023 | ||||||
Sanlam Ltd. | 5,160 | 33,476 | ||||||
Sappi Ltd.a | 985 | 4,142 | ||||||
Shoprite Holdings Ltd. | 810 | 11,539 | ||||||
SPAR Group Ltd. (The) | 516 | 7,911 | ||||||
Woolworths Holdings Ltd./South Africa | 2,662 | 20,539 | ||||||
|
| |||||||
471,379 | ||||||||
SOUTH KOREA — 15.69% |
| |||||||
AmorePacific Corp. | 10 | 26,012 | ||||||
AmorePacific Group | 8 | 9,738 | ||||||
Celltrion Inc.a | 187 | 11,160 | ||||||
Cheil Industries Inc.a | 44 | 6,494 | ||||||
Cheil Worldwide Inc.a | 180 | 3,428 | ||||||
CJ CheilJedang Corp. | 24 | 7,817 | ||||||
CJ Corp. | 44 | 6,955 | ||||||
CJ Korea Express Co. Ltd.a | 24 | 3,958 | ||||||
Coway Co. Ltd. | 132 | 10,367 | ||||||
Daewoo Engineering & Construction Co. Ltd.a | 420 | 3,027 | ||||||
Daewoo International Corp. | 100 | 2,642 | ||||||
Daewoo Securities Co. Ltd.a | 420 | 4,075 | ||||||
Daum Kakao Corp. | 50 | 6,064 | ||||||
Doosan Infracore Co. Ltd.a | 370 | 4,349 | ||||||
Halla Visteon Climate Control Corp.a | 80 | 3,123 | ||||||
Hankook Tire Co. Ltd. | 198 | 8,659 | ||||||
Hotel Shilla Co. Ltd. | 84 | 7,577 | ||||||
Hyundai Glovis Co. Ltd. | 48 | 10,430 | ||||||
Hyundai Mipo Dockyard Co. Ltd.a | 18 | 1,261 | ||||||
Hyundai Wia Corp. | 44 | 5,633 | ||||||
Kangwon Land Inc. | 208 | 6,443 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 70 | 5,880 |
Security | Shares | Value | ||||||
Korea Aerospace Industries Ltd. | 134 | $ | 6,153 | |||||
Korea Electric Power Corp. | 454 | 18,490 | ||||||
Korea Gas Corp. | 81 | 3,129 | ||||||
Korea Investment Holdings Co. Ltd. | 100 | 4,975 | ||||||
Korea Zinc Co. Ltd. | 26 | 9,701 | ||||||
Korean Air Lines Co. Ltd.a | 124 | 5,672 | ||||||
LG Display Co. Ltd. | 700 | 21,685 | ||||||
LG Electronics Inc. | 302 | 17,005 | ||||||
LG Household & Health Care Ltd. | 26 | 15,872 | ||||||
LG Innotek Co. Ltd. | 30 | 2,870 | ||||||
Lotte Confectionery Co. Ltd. | 2 | 3,315 | ||||||
NAVER Corp. | 74 | 44,567 | ||||||
NCsoft Corp. | 40 | 6,505 | ||||||
OCI Co. Ltd.a | 50 | 4,464 | ||||||
Orion Corp./Republic of Korea | 8 | 7,027 | ||||||
Paradise Co. Ltd. | 154 | 2,968 | ||||||
S-1 Corp. | 48 | 3,499 | ||||||
Samsung C&T Corp. | 329 | 18,165 | ||||||
Samsung Electronics Co. Ltd. | 298 | 368,444 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 91 | 21,143 | ||||||
Samsung Life Insurance Co. Ltd. | 164 | 14,883 | ||||||
Samsung SDI Co. Ltd. | 150 | 18,655 | ||||||
Samsung SDS Co. Ltd. | 74 | 19,519 | ||||||
Samsung Securities Co. Ltd. | 58 | 2,521 | ||||||
SK C&C Co. Ltd. | 52 | 10,281 | ||||||
SK Hynix Inc. | 1,554 | 65,980 | ||||||
|
| |||||||
872,580 | ||||||||
TAIWAN — 12.08% |
| |||||||
Acer Inc.a | 4,344 | 2,843 | ||||||
Advantech Co. Ltd. | 2,000 | 15,284 | ||||||
AU Optronics Corp. | 12,000 | 6,324 | ||||||
Catcher Technology Co. Ltd. | 2,000 | 18,277 | ||||||
Cathay Financial Holding Co. Ltd. | 23,920 | 36,407 | ||||||
Chailease Holding Co. Ltd. | 2,420 | 5,887 | ||||||
Chang Hwa Commercial Bank Ltd. | 20,000 | 11,750 | ||||||
China Airlines Ltd.a | 10,000 | 4,904 | ||||||
China Steel Corp. | 14,560 | 12,100 | ||||||
CTBC Financial Holding Co. Ltd. | 10,000 | 6,655 | ||||||
Delta Electronics Inc. | 6,000 | 38,784 | ||||||
E.Sun Financial Holding Co. Ltd. | 16,000 | 9,986 | ||||||
Epistar Corp. | 2,000 | 3,827 | ||||||
EVA Airways Corp.a | 6,883 | 5,041 | ||||||
Evergreen Marine Corp. Taiwan Ltd.a | 10,000 | 7,340 | ||||||
Formosa Chemicals & Fibre Corp. | 10,000 | 22,417 |
36 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH ETF
February 28, 2015
Security | Shares | Value | ||||||
Formosa Petrochemical Corp. | 2,000 | $ | 4,381 | |||||
Highwealth Construction Corp. | 2,000 | 4,260 | ||||||
Hiwin Technologies Corp. | 52 | 420 | ||||||
HTC Corp.a | 2,000 | 9,744 | ||||||
Innolux Corp. | 12,000 | 6,152 | ||||||
MediaTek Inc. | 4,000 | 60,245 | ||||||
President Chain Store Corp. | 2,000 | 15,539 | ||||||
Standard Foods Corp. | 2,507 | 5,939 | ||||||
Taiwan Business Banka | 30,000 | 8,913 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 66,000 | 316,287 | ||||||
Uni-President Enterprises Corp. | 13,483 | 22,668 | ||||||
Vanguard International Semiconductor Corp. | 2,000 | 3,484 | ||||||
Yang Ming Marine Transport Corp.a | 6,000 | 3,248 | ||||||
Yulon Motor Co. Ltd. | 2,000 | 2,859 | ||||||
|
| |||||||
671,965 | ||||||||
THAILAND — 2.40% |
| |||||||
Advanced Info Service PCL NVDR | 2,800 | 20,179 | ||||||
Airports of Thailand PCL NVDR | 1,400 | 13,381 | ||||||
Bangkok Dusit Medical Services PCL NVDR | 10,000 | 6,650 | ||||||
Bumrungrad Hospital PCL NVDR | 1,200 | 5,772 | ||||||
Central Pattana PCL NVDR | 4,400 | 5,988 | ||||||
Charoen Pokphand Foods PCL NVDR | 5,600 | 4,140 | ||||||
CP ALL PCL NVDR | 12,800 | 15,837 | ||||||
Glow Energy PCL NVDR | 1,400 | 3,692 | ||||||
Home Product Center PCL NVDR | 13,799 | 3,649 | ||||||
Indorama Ventures PCL NVDR | 4,200 | 3,378 | ||||||
IRPC PCL NVDR | 30,000 | 4,138 | ||||||
Kasikornbank PCL Foreign | 3,000 | 20,043 | ||||||
Minor International PCL NVDRc | 4,800 | 5,048 | ||||||
Siam Commercial Bank PCL (The) NVDR | 2,400 | 12,583 | ||||||
TMB Bank PCL NVDR | 34,800 | 3,251 | ||||||
True Corp. PCL NVDRa | 12,376 | 5,589 | ||||||
|
| |||||||
133,318 | ||||||||
TURKEY — 1.48% |
| |||||||
Akbank TAS | 3,174 | 10,349 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii ASa | 198 | 1,614 | ||||||
BIM Birlesik Magazalar AS | 620 | 11,586 | ||||||
Coca-Cola Icecek AS | 196 | 3,799 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,332 | 2,235 |
Security | Shares | Value | ||||||
Haci Omer Sabanci Holding AS | 1,049 | $ | 4,038 | |||||
TAV Havalimanlari Holding AS | 512 | 4,082 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 206 | 4,341 | ||||||
Turk Hava Yollaria | 586 | 2,109 | ||||||
Turk Telekomunikasyon AS | 1,620 | 4,696 | ||||||
Turkcell Iletisim Hizmetleri ASa | 1,274 | 6,661 | ||||||
Turkiye Garanti Bankasi AS | 6,594 | 23,544 | ||||||
Ulker Biskuvi Sanayi AS | 386 | 2,985 | ||||||
|
| |||||||
82,039 | ||||||||
UNITED ARAB EMIRATES — 0.55% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 339 | 711 | ||||||
Arabtec Holding PJSCa | 5,606 | 4,823 | ||||||
DP World Ltd. | 189 | 4,007 | ||||||
Dubai Financial Market | 6,389 | 3,427 | ||||||
Dubai Islamic Bank PJSC | 2,082 | 3,798 | ||||||
Emaar Properties PJSC | 6,774 | 13,925 | ||||||
|
| |||||||
30,691 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $4,771,109) |
| 5,352,749 | ||||||
PREFERRED STOCKS — 3.37% |
| |||||||
BRAZIL — 2.66% |
| |||||||
Banco Bradesco SA | 2,070 | 27,220 | ||||||
Cia. Brasileira de Distribuicao | 400 | 13,591 | ||||||
Itau Unibanco Holding SA | 7,442 | 94,998 | ||||||
Lojas Americanas SA | 1,500 | 8,755 | ||||||
Suzano Papel e Celulose SA Class A | 800 | 3,374 | ||||||
|
| |||||||
147,938 | ||||||||
CHILE — 0.12% |
| |||||||
Sociedad Quimica y Minera de Chile SA | 262 | 6,734 | ||||||
|
| |||||||
6,734 | ||||||||
COLOMBIA — 0.38% |
| |||||||
Banco Davivienda SA | 342 | 3,620 | ||||||
Bancolombia SA | 1,202 | 12,434 | ||||||
Grupo Aval Acciones y Valores | 10,148 | 4,984 | ||||||
|
| |||||||
21,038 | ||||||||
RUSSIA — 0.21% |
| |||||||
AK Transneft OAO | 4 | 8,931 | ||||||
Sberbank of Russia | 3,400 | 2,957 | ||||||
|
| |||||||
11,888 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $240,498) |
| 187,598 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS GROWTH ETF
February 28, 2015
Security | Shares | Value | ||||||
RIGHTS — 0.01% |
| |||||||
MALAYSIA — 0.00% |
| |||||||
Malaysia Airports Holdings Bhda | 320 | $ | 168 | |||||
|
| |||||||
168 | ||||||||
SOUTH KOREA — 0.01% |
| |||||||
Korean Air Lines Co. Ltd.a | 23 | 299 | ||||||
|
| |||||||
299 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 467 | ||||||
SHORT-TERM INVESTMENTS — 1.75% |
| |||||||
MONEY MARKET FUNDS — 1.75% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.16%e,f,g | 91,860 | 91,860 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%e,f,g | 5,361 | 5,361 | ||||||
|
| |||||||
97,221 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $97,221) |
| 97,221 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $5,108,828) |
| 5,638,035 | ||||||
Other Assets, Less Liabilities — (1.39)% |
| (77,565 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 5,560,470 | |||||
|
|
ADR — American Depositary Receipts
CPO — Certificates of Participation (Ordinary)
GDR — Global Depositary Receipts
NVDR — Non-Voting Depositary Receipts
a | Non-income earning security. |
b | This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933. |
c | All or a portion of this security represents a security on loan. 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 1. |
See notes to consolidated financial statements.
38 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 97.56% |
| |||||||
BRAZIL — 3.78% |
| |||||||
Ambev SA | 1,892,800 | $ | 12,140,505 | |||||
BRF SA | 145,600 | 3,280,818 | ||||||
CCR SA | 182,000 | 1,061,059 | ||||||
Cielo SA | 1,168,440 | 18,270,220 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 618,800 | 2,280,991 | ||||||
Estacio Participacoes SA | 145,600 | 982,769 | ||||||
Kroton Educacional SA | 436,800 | 1,587,197 | ||||||
Natura Cosmeticos SA | 293,000 | 2,881,480 | ||||||
Souza Cruz SA | 1,019,200 | 9,039,436 | ||||||
TOTVS SA | 622,400 | 7,468,321 | ||||||
Tractebel Energia SA | 800,800 | 9,354,126 | ||||||
Transmissora Alianca de Energia Eletrica SA Units | 622,200 | 4,554,408 | ||||||
Ultrapar Participacoes SA | 364,400 | 7,592,968 | ||||||
|
| |||||||
80,494,298 | ||||||||
CHILE — 4.26% |
| |||||||
AES Gener SA | 5,854,212 | 3,122,973 | ||||||
Aguas Andinas SA Series A | 22,960,392 | 13,648,899 | ||||||
Banco de Chile | 216,468,252 | 25,293,040 | ||||||
Banco de Credito e Inversiones | 145,236 | 6,711,322 | ||||||
Cia. Cervecerias Unidas SA | 293,020 | 2,777,635 | ||||||
Colbun SA | 49,413,000 | 13,881,166 | ||||||
CorpBanca SA | 174,275,192 | 2,106,005 | ||||||
Empresa Nacional de Electricidad SA/Chile | 8,470,644 | 12,729,935 | ||||||
Empresas COPEC SA | 175,812 | 2,061,946 | ||||||
ENTEL Chile SA | 97,245 | 1,023,082 | ||||||
SACI Falabella | 266,448 | 1,935,580 | ||||||
Vina Concha y Toro SA | 2,734,732 | 5,450,644 | ||||||
|
| |||||||
90,742,227 | ||||||||
CHINA — 23.75% |
| |||||||
AAC Technologies Holdings Inc.a | 1,092,000 | 7,230,296 | ||||||
Agricultural Bank of China Ltd. Class H | 15,288,000 | 7,589,347 | ||||||
Bank of China Ltd. Class H | 41,496,000 | 23,863,497 | ||||||
Bank of Communications Co. Ltd. Class H | 2,562,000 | 2,210,030 | ||||||
Beijing Enterprises Holdings Ltd. | 2,002,000 | 14,868,924 |
Security | Shares | Value | ||||||
Beijing Enterprises Water Group Ltd. | 9,464,000 | $ | 5,881,861 | |||||
China CITIC Bank Corp. Ltd. Class H | 4,004,000 | 3,035,739 | ||||||
China Communications Services Corp. Ltd. Class H | 13,104,000 | 6,015,156 | ||||||
China Construction Bank Corp. Class H | 21,112,000 | 17,558,285 | ||||||
China Everbright Bank Co. Ltd. Class H | 14,560,000 | 7,678,523 | ||||||
China Gas Holdings Ltd. | 3,640,000 | 5,660,329 | ||||||
China Life Insurance Co. Ltd. Class H | 1,464,000 | 6,276,618 | ||||||
China Medical System Holdings Ltd. | 4,368,000 | 7,231,704 | ||||||
China Mengniu Dairy Co. Ltd. | 2,562,000 | 11,562,192 | ||||||
China Merchants Holdings International Co. Ltd.a | 728,000 | 2,769,149 | ||||||
China Minsheng Banking Corp. Ltd. Class H | 1,274,100 | 1,539,345 | ||||||
China Mobile Ltd. | 2,563,000 | 34,832,305 | ||||||
China Pacific Insurance Group Co. Ltd. Class H | 728,000 | 3,801,714 | ||||||
China Petroleum & Chemical Corp. Class H | 13,566,000 | 11,369,940 | ||||||
China Resources Enterprise Ltd.a | 732,000 | 1,527,153 | ||||||
China Resources Gas Group Ltd.a | 8,008,000 | 19,804,581 | ||||||
China Resources Power Holdings Co. Ltd. | 3,640,000 | 9,645,088 | ||||||
China Telecom Corp. Ltd. Class H | 7,324,000 | 4,740,728 | ||||||
China Vanke Co. Ltd. Class Ha,b | 1,098,576 | 2,521,408 | ||||||
CSPC Pharmaceutical Group Ltd. | 5,824,000 | 4,761,060 | ||||||
ENN Energy Holdings Ltd. | 332,000 | 1,761,574 | ||||||
Guangdong Investment Ltd. | 12,376,000 | 15,941,853 | ||||||
Haier Electronics Group Co. Ltd. | 1,145,000 | 3,019,199 | ||||||
Hanergy Thin Film Power Group Ltd.a,b | 33,488,000 | 19,517,341 | ||||||
Hengan International Group Co. Ltd. | 1,831,000 | 21,000,387 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 39 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
Huaneng Power International Inc. Class H | 1,456,000 | $ | 1,830,455 | |||||
Industrial & Commercial Bank of China Ltd. Class H | 18,928,000 | 13,813,832 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 4,695,627 | 6,381,357 | ||||||
Jiangsu Expressway Co. Ltd. Class H | 11,716,000 | 14,457,204 | ||||||
Kunlun Energy Co. Ltd.a | 3,714,000 | 3,653,923 | ||||||
Lenovo Group Ltd.a | 15,516,000 | 23,927,865 | ||||||
PetroChina Co. Ltd. Class H | 3,646,000 | 4,231,089 | ||||||
Semiconductor Manufacturing International Corp.b | 20,384,000 | 1,787,275 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 1,456,000 | 1,199,652 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 6,988,800 | 14,598,580 | ||||||
Shenzhou International Group Holdings Ltd. | 3,640,000 | 14,408,964 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.a | 10,556,000 | 6,288,316 | ||||||
Sino Biopharmaceutical Ltd. | 11,696,000 | 11,114,703 | ||||||
Sinopec Engineering Group Co. Ltd. Class H | 1,820,000 | 1,476,097 | ||||||
Sinopharm Group Co. Ltd. Class H | 436,800 | 1,529,134 | ||||||
SOHO China Ltd. | 16,198,000 | 11,591,706 | ||||||
Sun Art Retail Group Ltd.a | 25,116,000 | 22,539,938 | ||||||
Tencent Holdings Ltd. | 1,055,600 | 18,497,449 | ||||||
Tingyi Cayman Islands Holding Corp.a | 6,044,000 | 15,196,797 | ||||||
Tsingtao Brewery Co. Ltd. Class H | 1,002,000 | 6,337,234 | ||||||
Uni-President China Holdings Ltd. | 3,276,000 | 2,576,717 | ||||||
Want Want China Holdings Ltd.a | 2,184,000 | 2,407,752 | ||||||
Zhejiang Expressway Co. Ltd. Class H | 13,832,000 | 17,014,781 | ||||||
ZTE Corp. Class H | 1,674,400 | 3,730,748 | ||||||
|
| |||||||
505,806,894 | ||||||||
COLOMBIA — 0.79% |
| |||||||
Almacenes Exito SA | 420,056 | 4,159,837 |
Security | Shares | Value | ||||||
Corp. Financiera Colombiana SA | 225,757 | $ | 3,394,257 | |||||
Corp. Financiera Colombiana SA Newb | 3,857 | 57,371 | ||||||
Ecopetrol SA | 6,850,480 | 5,726,632 | ||||||
Grupo Argos SA/Colombia | 455,728 | 3,471,615 | ||||||
|
| |||||||
16,809,712 | ||||||||
CZECH REPUBLIC — 0.52% |
| |||||||
CEZ AS | 152,152 | 3,856,217 | ||||||
O2 Czech Republic AS | 857,584 | 7,278,841 | ||||||
|
| |||||||
11,135,058 | ||||||||
EGYPT — 0.74% |
| |||||||
Commercial International Bank Egypt SAE | 2,037,866 | 14,753,732 | ||||||
Telecom Egypt Co. | 693,944 | 1,061,373 | ||||||
|
| |||||||
15,815,105 | ||||||||
HUNGARY — 0.07% |
| |||||||
Richter Gedeon Nyrt | 104,104 | 1,514,369 | ||||||
|
| |||||||
1,514,369 | ||||||||
INDIA — 2.46% |
| |||||||
Cipla Ltd. | 158,340 | 1,747,363 | ||||||
Dabur India Ltd. | 3,243,240 | 13,832,507 | ||||||
Divi’s Laboratories Ltd. | 199,108 | 5,544,774 | ||||||
Dr. Reddy’s Laboratories Ltd. | 126,672 | 6,864,022 | ||||||
Hindustan Unilever Ltd. | 256,256 | 3,773,458 | ||||||
Infosys Ltd. | 41,860 | 1,555,366 | ||||||
Sun Pharmaceuticals Industries Ltd. | 627,900 | 9,255,188 | ||||||
Tata Consultancy Services Ltd. | 54,964 | 2,379,135 | ||||||
Wipro Ltd. | 696,332 | 7,426,940 | ||||||
|
| |||||||
52,378,753 | ||||||||
INDONESIA — 4.96% |
| |||||||
Astra Agro Lestari Tbk PT | 1,820,000 | 3,471,025 | ||||||
Bank Central Asia Tbk PT | 29,047,200 | 31,687,855 | ||||||
Bank Danamon Indonesia Tbk PT | 15,761,200 | 5,853,289 | ||||||
Bank Mandiri Persero Tbk PT | 8,517,600 | 7,908,023 | ||||||
Bank Negara Indonesia Persero Tbk PT | 8,299,200 | 4,414,468 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 585,400 | 1,089,274 | ||||||
Indofood Sukses Makmur Tbk PT | 8,190,000 | 4,689,052 | ||||||
Jasa Marga Persero Tbk PT | 21,403,200 | 11,757,271 |
40 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
Kalbe Farma Tbk PT | 20,311,200 | $ | 2,836,496 | |||||
Perusahaan Gas Negara Persero Tbk PT | 5,096,000 | 2,050,228 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 62,426,000 | 14,175,653 | ||||||
Unilever Indonesia Tbk PT | 5,605,600 | 15,613,277 | ||||||
|
| |||||||
105,545,911 | ||||||||
MALAYSIA — 8.46% |
| |||||||
Astro Malaysia Holdings Bhd | 1,170,600 | 1,062,115 | ||||||
Axiata Group Bhda | 10,264,800 | 20,392,888 | ||||||
Berjaya Sports Toto Bhd | 1,310,497 | 1,221,773 | ||||||
DiGi.Com Bhd | 1,601,600 | 2,821,909 | ||||||
Hong Leong Bank Bhd | 4,186,000 | 16,678,957 | ||||||
IHH Healthcare Bhd | 17,362,800 | 26,834,294 | ||||||
Malayan Banking Bhd | 10,556,000 | 26,946,504 | ||||||
Maxis Bhda | 10,774,400 | 21,076,448 | ||||||
Petronas Chemicals Group Bhda | 3,640,000 | 5,524,639 | ||||||
Petronas Dagangan Bhda | 291,200 | 1,582,047 | ||||||
Petronas Gas Bhda | 1,820,000 | 11,645,172 | ||||||
Public Bank Bhd | 5,642,080 | 28,680,051 | ||||||
Sime Darby Bhd | 2,599,400 | 6,729,301 | ||||||
Telekom Malaysia Bhd | 1,674,400 | 3,307,916 | ||||||
Tenaga Nasional Bhd | 1,383,200 | 5,649,474 | ||||||
|
| |||||||
180,153,488 | ||||||||
MEXICO — 2.32% |
| |||||||
Arca Continental SAB de CVb | 1,093,600 | 6,932,277 | ||||||
Coca-Cola Femsa SAB de CV Series L | 327,600 | 2,828,157 | ||||||
El Puerto de Liverpool SAB de CV | 1,747,200 | 19,736,629 | ||||||
Fibra Uno Administracion SA de CV | 728,000 | 2,041,536 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Series B | 800,800 | 5,428,109 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Series Bb | 254,800 | 3,493,957 | ||||||
Grupo Bimbo SAB de CVb | 364,000 | 1,027,828 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 3,203,200 | 7,838,756 | ||||||
|
| |||||||
49,327,249 | ||||||||
PERU — 1.25% |
| |||||||
Cia. de Minas Buenaventura SA ADR | 230,048 | 2,663,956 | ||||||
Credicorp Ltd. | 164,528 | 23,892,756 | ||||||
|
| |||||||
26,556,712 |
Security | Shares | Value | ||||||
PHILIPPINES — 3.97% |
| |||||||
Aboitiz Power Corp. | 11,029,200 | $ | 11,106,747 | |||||
Bank of the Philippine Islands | 6,908,724 | 15,113,323 | ||||||
BDO Unibank Inc. | 3,214,120 | 8,091,797 | ||||||
International Container Terminal Services Inc. | 3,745,560 | 9,523,186 | ||||||
Jollibee Foods Corp. | 1,787,250 | 8,909,901 | ||||||
Metropolitan Bank & Trust Co. | 2,895,210 | 6,077,380 | ||||||
Philippine Long Distance Telephone Co. | 358,544 | 25,713,680 | ||||||
|
| |||||||
84,536,014 | ||||||||
POLAND — 0.24% |
| |||||||
Bank Zachodni WBK SA | 45,136 | 4,086,472 | ||||||
PGE Polska Grupa Energetyczna SA | 172,900 | 968,201 | ||||||
|
| |||||||
5,054,673 | ||||||||
QATAR — 2.69% |
| |||||||
Commercial Bank of Qatar QSC (The) | 541,632 | 10,262,971 | ||||||
Doha Bank QSC | 269,724 | 4,303,437 | ||||||
Industries Qatar QSC | 86,996 | 3,702,974 | ||||||
Masraf Al Rayan | 78,988 | 1,043,340 | ||||||
Ooredoo QSC | 157,248 | 4,944,363 | ||||||
Qatar Electricity & Water Co. QSC | 284,284 | 14,871,921 | ||||||
Qatar Islamic Bank SAQ | 335,972 | 9,567,567 | ||||||
Qatar National Bank SAQ | 133,952 | 7,478,358 | ||||||
Vodafone Qatar QSC | 202,748 | 987,154 | ||||||
|
| |||||||
57,162,085 | ||||||||
RUSSIA — 0.37% |
| |||||||
Lukoil OAO | 41,239 | 1,998,430 | ||||||
Lukoil OAO ADR (London) | 41,724 | 2,019,442 | ||||||
Rosneft OAO | 906,120 | 3,897,030 | ||||||
|
| |||||||
7,914,902 | ||||||||
SOUTH AFRICA — 5.55% |
| |||||||
Aspen Pharmacare Holdings Ltd. | 143,052 | 5,079,801 | ||||||
Bidvest Group Ltd. (The) | 206,521 | 5,700,993 | ||||||
Discovery Ltd. | 440,804 | 4,531,358 | ||||||
Foschini Group Ltd. (The) | 193,648 | 2,748,927 | ||||||
Liberty Holdings Ltd. | 378,196 | 4,587,813 | ||||||
Life Healthcare Group Holdings Ltd. | 2,252,068 | 8,754,714 | ||||||
Mediclinic International Ltd. | 145,964 | 1,542,812 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
Mr. Price Group Ltd. | 165,984 | $ | 3,842,288 | |||||
MTN Group Ltd. | 61,516 | 1,090,849 | ||||||
Nedbank Group Ltd. | 421,148 | 9,245,523 | ||||||
Pick n Pay Stores Ltd. | 954,772 | 4,327,732 | ||||||
PPC Ltd. | 1,116,388 | 1,735,944 | ||||||
Redefine Properties Ltd. | 8,597,680 | 8,735,650 | ||||||
Sasol Ltd. | 110,656 | 4,023,613 | ||||||
Shoprite Holdings Ltd. | 596,232 | 8,493,479 | ||||||
SPAR Group Ltd. (The) | 436,436 | 6,690,920 | ||||||
Standard Bank Group Ltd. | 1,835,652 | 24,024,310 | ||||||
Tiger Brands Ltd. | 132,860 | 3,961,971 | ||||||
Tsogo Sun Holdings Ltd. | 383,656 | 934,365 | ||||||
Vodacom Group Ltd. | 703,976 | 8,203,891 | ||||||
|
| |||||||
118,256,953 | ||||||||
SOUTH KOREA — 8.89% |
| |||||||
AmorePacific Corp. | 4,732 | 12,309,107 | ||||||
AmorePacific Group | 5,824 | 7,089,303 | ||||||
CJ CheilJedang Corp. | 13,468 | 4,386,871 | ||||||
Dongbu Insurance Co. Ltd. | 261,716 | 12,638,101 | ||||||
E-Mart Co. Ltd. | 14,924 | 2,916,676 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd.a | 458,541 | 11,384,668 | ||||||
Hyundai Wia Corp. | 13,104 | 1,677,474 | ||||||
Kangwon Land Inc. | 398,944 | 12,358,522 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 26,208 | 2,201,611 | ||||||
Korea Electric Power Corp. | 128,492 | 5,233,103 | ||||||
KT Corp.b | 182,728 | 5,094,508 | ||||||
KT&G Corp. | 279,552 | 20,376,439 | ||||||
Lotte Shopping Co. Ltd. | 9,828 | 2,238,622 | ||||||
NAVER Corp. | 3,190 | 1,921,179 | ||||||
Orion Corp./Republic of Korea | 9,100 | 7,992,711 | ||||||
S-1 Corp. | 164,892 | 12,018,915 | ||||||
Samsung Electronics Co. Ltd. | 7,344 | 9,080,049 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 51,324 | 11,924,395 | ||||||
Samsung Life Insurance Co. Ltd. | 119,028 | 10,801,502 | ||||||
SK C&C Co. Ltd. | 44,772 | 8,852,010 | ||||||
SK Telecom Co. Ltd. | 59,332 | 15,487,785 | ||||||
Yuhan Corp. | 72,576 | 11,307,454 | ||||||
|
| |||||||
189,291,005 | ||||||||
TAIWAN — 17.89% |
| |||||||
Advanced Semiconductor Engineering Inc. | 1,465,000 | 1,973,237 |
Security | Shares | Value | ||||||
Advantech Co. Ltd. | 1,456,481 | $ | 11,130,566 | |||||
Asia Cement Corp. | 10,350,125 | 12,754,333 | ||||||
ASUSTeK Computer Inc. | 865,000 | 8,992,915 | ||||||
Chicony Electronics Co. Ltd. | 2,924,960 | 8,130,839 | ||||||
China Airlines Ltd.b | 19,656,828 | 9,639,075 | ||||||
China Steel Corp. | 18,200,517 | 15,126,047 | ||||||
Chunghwa Telecom Co. Ltd. | 10,556,000 | 33,007,457 | ||||||
Delta Electronics Inc. | 1,460,000 | 9,437,351 | ||||||
EVA Airways Corp.b | 3,361,899 | 2,462,145 | ||||||
Far EasTone Telecommunications Co. Ltd. | 10,285,000 | 25,413,660 | ||||||
First Financial Holding Co. Ltd. | 15,652,119 | 9,245,241 | ||||||
Formosa Chemicals & Fibre Corp. | 364,300 | 816,644 | ||||||
Formosa International Hotels Corp. | 364,000 | 3,807,483 | ||||||
Formosa Petrochemical Corp. | 3,640,000 | 7,974,272 | ||||||
Formosa Plastics Corp. | 3,071,840 | 7,580,564 | ||||||
Formosa Taffeta Co. Ltd. | 5,490,000 | 5,803,789 | ||||||
Foxconn Technology Co. Ltd. | 3,640,850 | 9,367,320 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,820,000 | 5,047,668 | ||||||
HTC Corp.b | 2,548,000 | 12,413,437 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 23,971,474 | 13,739,422 | ||||||
Kinsus Interconnect Technology Corp. | 2,184,000 | 7,058,621 | ||||||
Lite-On Technology Corp. | 12,376,511 | 15,724,337 | ||||||
MediaTek Inc. | 364,000 | 5,482,312 | ||||||
Novatek Microelectronics Corp. | 200,000 | 1,076,262 | ||||||
President Chain Store Corp. | 1,464,000 | 11,374,495 | ||||||
Quanta Computer Inc. | 364,000 | 920,287 | ||||||
ScinoPharm Taiwan Ltd. | 2,184,814 | 3,360,182 | ||||||
Standard Foods Corp. | 799,400 | 1,893,818 | ||||||
Synnex Technology International Corp. | 7,280,000 | 10,628,499 | ||||||
Taiwan Cement Corp. | 5,460,000 | 7,467,187 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 42,224,769 | 21,714,059 | ||||||
Taiwan Mobile Co. Ltd. | 8,054,000 | 27,569,018 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 7,280,000 | 34,887,438 | ||||||
Transcend Information Inc. | 2,184,000 | 7,197,707 | ||||||
U-Ming Marine Transport Corp. | 4,732,000 | 7,164,674 | ||||||
United Microelectronics Corp. | 4,368,000 | 2,225,378 |
42 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
WPG Holdings Ltd. | 1,092,000 | $ | 1,401,293 | |||||
|
| |||||||
381,009,032 | ||||||||
THAILAND — 2.29% |
| |||||||
Advanced Info Service PCL NVDR | 1,020,900 | 7,357,553 | ||||||
Bangkok Bank PCL NVDR | 873,600 | 4,944,906 | ||||||
Bangkok Dusit Medical Services PCL NVDRa | 12,430,200 | 8,266,295 | ||||||
BTS Group Holdings PCL NVDR | 3,348,800 | 994,385 | ||||||
CP ALL PCL NVDR | 8,476,100 | 10,486,978 | ||||||
Kasikornbank PCL NVDR | 820,500 | 5,507,222 | ||||||
PTT Exploration & Production PCL NVDR | 869,400 | 3,038,732 | ||||||
PTT PCL NVDR | 774,100 | 8,212,691 | ||||||
|
| |||||||
48,808,762 | ||||||||
UNITED ARAB EMIRATES — 2.31% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 1,173,536 | 2,460,344 | ||||||
DP World Ltd. | 594,048 | 12,593,818 | ||||||
First Gulf Bank PJSC | 3,063,424 | 14,888,603 | ||||||
National Bank of Abu Dhabi PJSC | 5,187,364 | 19,279,155 | ||||||
|
| |||||||
49,221,920 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,014,161,787) |
| 2,077,535,122 | ||||||
PREFERRED STOCKS — 1.96% |
| |||||||
BRAZIL — 0.28% |
| |||||||
AES Tiete SA | 846,400 | 5,120,996 | ||||||
Cia. Energetica de Minas Gerais | 182,085 | 826,574 | ||||||
|
| |||||||
5,947,570 | ||||||||
COLOMBIA — 1.27% |
| |||||||
Banco Davivienda SA | 889,252 | 9,412,413 | ||||||
Grupo Argos SA/Colombia | 481,208 | 3,588,542 | ||||||
Grupo de Inversiones Suramericana SA | 1,005,732 | 14,072,780 | ||||||
|
| |||||||
27,073,735 | ||||||||
RUSSIA — 0.35% |
| |||||||
AK Transneft OAO | 1,899 | 4,239,815 | ||||||
Surgutneftegas OAO | 5,023,200 | 3,144,871 | ||||||
|
| |||||||
7,384,686 |
Security | Shares | Value | ||||||
SOUTH KOREA — 0.06% |
| |||||||
Samsung Electronics Co. Ltd. | 1,456 | $ | 1,390,267 | |||||
|
| |||||||
1,390,267 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $54,281,066) |
| 41,796,258 | ||||||
SHORT-TERM INVESTMENTS — 3.57% |
| |||||||
MONEY MARKET FUNDS — 3.57% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 67,133,649 | 67,133,649 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 3,918,081 | 3,918,081 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 4,970,642 | 4,970,642 | ||||||
|
| |||||||
76,022,372 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $76,022,372) |
| 76,022,372 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $2,144,465,225) |
| 2,195,353,752 | ||||||
Other Assets, Less Liabilities — (3.09)% |
| (65,815,861 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 2,129,537,891 | |||||
|
|
ADR — American Depositary Receipts
NVDR — Non-Voting Depositary Receipts
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to consolidated financial statements.
CONSOLIDATED SCHEDULESOF INVESTMENTS | 43 |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.15% | ||||||||
BRAZIL — 3.40% | ||||||||
Aliansce Shopping Centers SA | 12,500 | $ | 71,257 | |||||
ALL – America Latina Logistica SA | 52,400 | 102,258 | ||||||
Alupar Investimento SA Units | 10,900 | 69,761 | ||||||
Arezzo Industria e Comercio SA | 5,700 | 50,634 | ||||||
Banco ABC Brasil SAa | 182 | 748 | ||||||
BR Properties SA | 20,000 | 81,067 | ||||||
Brasil Brokers Participacoes SA | 37,200 | 38,379 | ||||||
Brasil Insurance Participacoes e Administracao SA | 21,900 | 23,743 | ||||||
Brasil Pharma SAa | 40,800 | 13,984 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 6,500 | 45,738 | ||||||
Cia. Hering | 16,800 | 104,642 | ||||||
Direcional Engenharia SA | 13,100 | 25,702 | ||||||
Equatorial Energia SA | 20,542 | 199,073 | ||||||
Eternit SA | 51,100 | 54,865 | ||||||
Even Construtora e Incorporadora SA | 29,600 | 47,516 | ||||||
EZ TEC Empreendimentos e Participacoes SA | 8,500 | 52,617 | ||||||
Fleury SA | 9,700 | 46,849 | ||||||
Gafisa SA | 37,800 | 27,762 | ||||||
Helbor Empreendimentos SA | 20,740 | 28,941 | ||||||
Iguatemi Empresa de Shopping Centers SA | 10,300 | 98,160 | ||||||
International Meal Co. Holdings SA | 11,000 | 27,122 | ||||||
Iochpe-Maxion SA | 9,500 | 40,201 | ||||||
JSL SA | 9,400 | 37,148 | ||||||
Light SA | 6,400 | 31,246 | ||||||
Linx SA | 4,000 | 61,552 | ||||||
LPS Brasil Consultoria de Imoveis SA | 13,900 | 29,459 | ||||||
Marfrig Global Foods SAa | 36,000 | 60,685 | ||||||
Marisa Lojas SA | 8,000 | 41,828 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 23,500 | 55,887 | ||||||
MRV Engenharia e Participacoes SA | 36,400 | 86,565 | ||||||
Multiplus SA | 6,400 | 78,272 | ||||||
PDG Realty SA Empreendimentos e Participacoesa | 138,200 | 22,716 | ||||||
Restoque Comercio e Confeccoes de Roupas SA | 14,900 | 37,780 | ||||||
Santos Brasil Participacoes SA Units | 4,400 | 18,866 | ||||||
Sao Martinho SA | 5,900 | 78,409 |
Security | Shares | Value | ||||||
SLC Agricola SA | 7,600 | $ | 36,706 | |||||
Smiles SA | 10,800 | 179,525 | ||||||
Tecnisa SA | 16,500 | 21,236 | ||||||
Tegma Gestao Logistica | 5,400 | 26,440 | ||||||
TPI – Triunfo Participacoes e Investimentos SAa | 12,800 | 17,682 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 8,000 | 116,054 | ||||||
Vanguarda Agro SAa | 66,810 | 21,964 | ||||||
Vanguarda Agro SA Newa | 15,219 | 4,950 | ||||||
|
| |||||||
2,315,989 | ||||||||
CHILE — 1.13% |
| |||||||
Administradora de Fondos de Pensiones Habitat SA | 24,998 | 36,531 | ||||||
Besalco SA | 96,399 | 55,881 | ||||||
Cia. Sud Americana de Vapores SAa | 1,887,421 | 77,902 | ||||||
E.CL SA | 76,993 | 127,176 | ||||||
Inversiones Aguas Metropolitanas SA | 55,181 | 88,448 | ||||||
Inversiones La Construccion SA | 2,987 | 37,049 | ||||||
Parque Arauco SA | 84,409 | 166,091 | ||||||
Ripley Corp. SA | 80,011 | 39,959 | ||||||
SalfaCorp SA | 86,221 | 64,780 | ||||||
Sociedad Matriz SAAM SA | 948,276 | 75,193 | ||||||
|
| |||||||
769,010 | ||||||||
CHINA — 19.88% |
| |||||||
361 Degrees International Ltd. | 195,000 | 58,082 | ||||||
Agile Property Holdings Ltd. | 220,000 | 130,773 | ||||||
Ajisen China Holdings Ltd. | 142,000 | 86,605 | ||||||
Anhui Expressway Co. Ltd. Class H | 136,000 | 94,695 | ||||||
Anton Oilfield Services Group/Hong Kongb | 198,000 | 39,572 | ||||||
Anxin-China Holdings Ltd.b | 764,000 | 48,271 | ||||||
Asia Cement China Holdings Corp. | 121,500 | 65,172 | ||||||
Asian Citrus Holdings Ltd.a | 312,000 | 34,195 | ||||||
Beijing Capital Land Ltd. Class H | 254,000 | 130,350 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 64,000 | 88,134 | ||||||
Biostime International Holdings Ltd.b | 32,000 | 98,615 | ||||||
Boshiwa International Holding Ltd.a | 32,000 | 619 | ||||||
Bosideng International Holdings Ltd.b | 692,000 | 78,520 | ||||||
BYD Electronic International Co. Ltd. | 122,000 | 136,229 | ||||||
C C Land Holdings Ltd. | 424,000 | 76,540 | ||||||
Carnival Group International Holdings Ltd.a,b | 1,062,000 | 172,539 |
44 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Central China Securities Co. Ltd. Class Ha,b | 70,000 | $ | 65,618 | |||||
China Animal Healthcare Ltd.b | 126,000 | 71,323 | ||||||
China BlueChemical Ltd. Class H | 236,000 | 94,942 | ||||||
China Datang Corp. Renewable Power Co. Ltd. Class H | 642,000 | 88,575 | ||||||
China Dongxiang Group Co. Ltd.b | 555,000 | 93,031 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.a | 142,000 | 93,379 | ||||||
China Huiyuan Juice Group Ltd.a | 109,000 | 31,342 | ||||||
China Innovationpay Group Ltd.a | 648,000 | 55,146 | ||||||
China Lesso Group Holdings Ltd. | 264,000 | 127,652 | ||||||
China Lilang Ltd.b | 109,000 | 74,911 | ||||||
China LotSynergy Holdings Ltd. | 900,000 | 67,308 | ||||||
China Lumena New Materials Corp.a | 210,000 | 3,385 | ||||||
China Merchants Land Ltd.b | 264,000 | 38,806 | ||||||
China Metal Recycling Holdings Ltd.a | 12,000 | — | ||||||
China Modern Dairy Holdings Ltd.a | 274,000 | 99,277 | ||||||
China Oil & Gas Group Ltd. | 820,000 | 112,076 | ||||||
China Overseas Grand Oceans Group Ltd. | 116,000 | 59,679 | ||||||
China Power International Development Ltd. | 414,000 | 215,129 | ||||||
China Power New Energy Development Co. Ltd.a,b | 740,000 | 45,323 | ||||||
China Precious Metal Resources Holdings Co. Ltd.a,b | 798,000 | 61,737 | ||||||
China Rare Earth Holdings Ltd.a,b | 544,000 | 88,382 | ||||||
China Resources and Transportation Group Ltd.a,b | 2,400,000 | 49,514 | ||||||
China Rongsheng Heavy Industries Group Holdings Ltd.a,b | 535,500 | 52,477 | ||||||
China Shanshui Cement Group Ltd.b | 253,000 | 140,276 | ||||||
China Shineway Pharmaceutical Group Ltd.b | 56,000 | 85,349 | ||||||
China Singyes Solar Technologies Holdings Ltd.b | 66,000 | 87,995 | ||||||
China Suntien Green Energy Corp. Ltd. Class H | 370,000 | 72,040 | ||||||
China Travel International Investment Hong Kong Ltd. | 414,000 | 130,252 | ||||||
China Vanadium Titano-Magnetite Mining Co. Ltd.b | 731,000 | 65,037 | ||||||
China Water Affairs Group Ltd.b | 224,000 | 103,401 |
Security | Shares | Value | ||||||
China Yurun Food Group Ltd.a,b | 281,000 | $ | 107,611 | |||||
China ZhengTong Auto Services Holdings Ltd.b | 136,000 | 71,547 | ||||||
Chinasoft International Ltd.a | 270,000 | 84,250 | ||||||
Chongqing Machinery & Electric Co. Ltd. Class H | 502,000 | 78,969 | ||||||
CIMC Enric Holdings Ltd. | 112,000 | 82,894 | ||||||
CITIC Dameng Holdings Ltd.a | 646,000 | 59,973 | ||||||
CITIC Resources Holdings Ltd.a,b | 412,000 | 55,780 | ||||||
Comba Telecom Systems Holdings Ltd. | 277,300 | 80,807 | ||||||
Coolpad Group Ltd. | 492,000 | 92,621 | ||||||
COSCO International Holdings Ltd. | 262,000 | 116,550 | ||||||
CT Environmental Group Ltd.b | 82,000 | 82,471 | ||||||
Dah Chong Hong Holdings Ltd.b | 147,000 | 87,948 | ||||||
Dazhong Transportation Group Co. Ltd. Class B | 136,700 | 119,886 | ||||||
Digital China Holdings Ltd. | 159,000 | 154,788 | ||||||
Dongyue Group Ltd. | 258,000 | 90,486 | ||||||
EverChina International Holdings Co. Ltd.a | 1,445,000 | 55,896 | ||||||
Fantasia Holdings Group Co. Ltd.b | 466,500 | 51,129 | ||||||
FDG Electric Vehicles Ltd.a,b | 1,240,000 | 77,545 | ||||||
First Tractor Co. Ltd. Class Hb | 112,000 | 79,139 | ||||||
Fufeng Group Ltd. | 209,400 | 105,031 | ||||||
Golden Eagle Retail Group Ltd. | 29,000 | 35,149 | ||||||
Goldin Properties Holdings Ltd.a,b | 176,000 | 94,633 | ||||||
Greatview Aseptic Packaging Co. Ltd.b | 224,000 | 95,025 | ||||||
Hangzhou Steam Turbine Co. Class B | 85,280 | 98,196 | ||||||
Harbin Electric Co. Ltd. Class H | 132,000 | 90,037 | ||||||
HC International Inc.a,b | 64,000 | 45,222 | ||||||
Hengdeli Holdings Ltd. | 553,600 | 103,504 | ||||||
Hi Sun Technology China Ltd.a | 258,000 | 67,865 | ||||||
Hisense Kelon Electrical Holdings Co. Ltd. | 62,000 | 57,320 | ||||||
Hopewell Highway Infrastructure Ltd. | 302,500 | 146,268 | ||||||
Hopson Development Holdings Ltd.a,b | 98,000 | 80,999 | ||||||
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H | 645,600 | 141,516 | ||||||
Huabao International Holdings Ltd. | 278,000 | 210,773 | ||||||
Hunan Nonferrous Metal Corp. Ltd. Class Ha | 212,000 | 110,983 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 45 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Imperial Pacific International Holdings Ltd.a,b | 340,000 | $ | 65,760 | |||||
Jiangsu Future Land Co. Ltd. Class B | 74,700 | 37,873 | ||||||
Ju Teng International Holdings Ltd. | 164,000 | 96,851 | ||||||
Kaisa Group Holdings Ltd.b | 170,000 | 34,195 | ||||||
Kingdee International Software Group Co. Ltd.a,b | 298,000 | 97,983 | ||||||
KWG Property Holding Ltd. | 187,000 | 121,525 | ||||||
Lao Feng Xiang Co. Ltd. Class B | 37,800 | 121,489 | ||||||
Li Ning Co. Ltd.a,b | 192,000 | 76,003 | ||||||
Lijun International Pharmaceutical Holding Co. Ltd. | 314,000 | 133,609 | ||||||
Lonking Holdings Ltd. | 522,000 | 102,307 | ||||||
Luthai Textile Co. Ltd. Class B | 53,200 | 72,713 | ||||||
MIE Holdings Corp. | 316,000 | 35,449 | ||||||
Mingfa Group International Co. Ltd.a | 433,000 | 146,279 | ||||||
Minth Group Ltd. | 88,000 | 184,727 | ||||||
MMG Ltd. | 240,000 | 71,485 | ||||||
NetDragon Websoft Inc. | 38,000 | 64,579 | ||||||
New World Department Store China Ltd. | 188,000 | 48,240 | ||||||
Nexteer Automotive Group Ltd. | 114,000 | 114,361 | ||||||
North Mining Shares Co. Ltd.a,b | 1,450,000 | 67,308 | ||||||
NVC Lighting Holding Ltd. | 108,000 | 24,509 | ||||||
PAX Global Technology Ltd.a | 103,000 | 93,897 | ||||||
Peak Sport Products Co. Ltd. | 276,000 | 78,649 | ||||||
Phoenix Healthcare Group Co. Ltd. | 57,000 | 96,428 | ||||||
Phoenix Satellite Television Holdings Ltd.b | 266,000 | 79,572 | ||||||
Poly Property Group Co. Ltd. | 279,000 | 135,984 | ||||||
Ports Design Ltd.a,b | 226,500 | 87,908 | ||||||
Renhe Commercial Holdings Co. Ltd.a | 2,098,000 | 94,682 | ||||||
REXLot Holdings Ltd.b | 1,100,000 | 86,520 | ||||||
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H | 48,000 | 78,974 | ||||||
Shenguan Holdings Group Ltd. | 278,000 | 81,011 | ||||||
Shenzhen Expressway Co. Ltd. Class H | 174,000 | 129,230 | ||||||
Shenzhen International Holdings Ltd. | 160,500 | 224,335 | ||||||
Shenzhen Investment Ltd. | 398,000 | 125,731 | ||||||
Shougang Concord International Enterprises Co. Ltd.a | 3,240,000 | 137,864 | ||||||
Shougang Fushan Resources Group Ltd. | 270,000 | 52,918 |
Security | Shares | Value | ||||||
Shunfeng International Clean Energy Ltd.a,b | 116,000 | $ | 77,628 | |||||
Sino Oil And Gas Holdings Ltd.a,b | 2,715,000 | 65,464 | ||||||
Sinopec Kantons Holdings Ltd.b | 144,000 | 107,135 | ||||||
Sinotrans Shipping Ltd.a,b | 280,500 | 60,762 | ||||||
Skyworth Digital Holdings Ltd.b | 254,000 | 181,114 | ||||||
Sound Global Ltd.a,b | 80,000 | 67,978 | ||||||
Springland International Holdings Ltd. | 238,000 | 74,265 | ||||||
Sunac China Holdings Ltd. | 207,000 | 191,641 | ||||||
Sunny Optical Technology Group Co. Ltd.b | 92,000 | 152,079 | ||||||
Superb Summit International Group Ltd.a,b | 450,000 | 84,715 | ||||||
TCL Communication Technology Holdings Ltd.b | 83,000 | 78,661 | ||||||
Tech Pro Technology Development Ltd.a,b | 229,600 | 175,262 | ||||||
Texhong Textile Group Ltd. | 55,000 | 58,933 | ||||||
Tianjin Development Holdings Ltd. | 174,000 | 120,032 | ||||||
Tianjin Port Development Holdings Ltd. | 372,000 | 75,787 | ||||||
Tianneng Power International Ltd.b | 278,000 | 77,068 | ||||||
Tibet 5100 Water Resources Holdings Ltd.b | 234,000 | 79,052 | ||||||
Tong Ren Tang Technologies Co. Ltd. Class H | 109,000 | 134,362 | ||||||
Towngas China Co. Ltd.b | 145,000 | 131,997 | ||||||
TravelSky Technology Ltd. Class H | 136,000 | 146,426 | ||||||
V1 Group Ltd.a | 670,000 | 53,562 | ||||||
Vinda International Holdings Ltd. | 50,000 | 84,972 | ||||||
West China Cement Ltd. | 914,000 | 119,031 | ||||||
Wisdom Holdings Group | 126,000 | 65,149 | ||||||
Xingda International Holdings Ltd. | 212,000 | 61,505 | ||||||
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha | 204,000 | 37,878 | ||||||
Xinyi Solar Holdings Ltd.b | 326,000 | 96,680 | ||||||
XTEP International Holdings Ltd.b | 161,000 | 53,145 | ||||||
Yanchang Petroleum International Ltd.a,b | 1,320,000 | 49,359 | ||||||
Yingde Gases Group Co. Ltd. | 150,000 | 108,311 | ||||||
Yip’s Chemical Holdings Ltd. | 210,000 | 119,684 | ||||||
Yuexiu REIT | 204,000 | 114,949 | ||||||
Yuexiu Transport Infrastructure Ltd.b | 172,000 | 117,321 | ||||||
Zhaojin Mining Industry Co. Ltd. Class Hb | 168,000 | 101,812 |
46 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Zhongsheng Group Holdings Ltd. | 87,000 | $ | 74,936 | |||||
|
| |||||||
13,524,687 | ||||||||
CZECH REPUBLIC — 0.13% |
| |||||||
Pegas Nonwovens SA | 2,375 | 67,811 | ||||||
Philip Morris CR AS | 42 | 19,486 | ||||||
|
| |||||||
87,297 | ||||||||
EGYPT — 0.48% |
| |||||||
Orascom Telecom Media And Technology Holding SAE GDRa | 379,722 | 329,978 | ||||||
|
| |||||||
329,978 | ||||||||
GREECE — 0.67% |
| |||||||
Aegean Airlines SAa | 3,625 | 30,495 | ||||||
Ellaktor SAa | 17,260 | 47,625 | ||||||
Frigoglass SAICa | 15,844 | 32,522 | ||||||
Grivalia Properties REIC | 5,610 | 55,374 | ||||||
Hellenic Exchanges – Athens Stock Exchange SA Holding | 8,730 | 61,004 | ||||||
Intralot SA-Integrated Lottery Systems & Servicesa | 20,130 | 40,416 | ||||||
Marfin Investment Group Holdings SAa | 106,397 | 23,629 | ||||||
Metka SA | 3,912 | 40,149 | ||||||
Motor Oil Hellas Corinth Refineries SA | 6,691 | 60,040 | ||||||
Mytilineos Holdings SAa | 8,895 | 62,456 | ||||||
|
| |||||||
453,710 | ||||||||
HUNGARY — 0.11% |
| |||||||
Magyar Telekom Telecommunications PLCa | 50,815 | 72,038 | ||||||
|
| |||||||
72,038 | ||||||||
INDIA — 9.81% |
| |||||||
AIA Engineering Ltd. | 7,723 | 141,802 | ||||||
Amara Raja Batteries Ltd. | 10,923 | 155,384 | ||||||
Amtek Auto Ltd. | 15,708 | 39,089 | ||||||
Andhra Banka | 52,100 | 72,032 | ||||||
Arvind Ltd. | 28,416 | 140,942 | ||||||
Ashok Leyland Ltd.a | 195,807 | 221,295 | ||||||
Bajaj Finance Ltd. | 3,074 | 218,095 | ||||||
Bayer CropScience Ltd./India | 1,189 | 65,688 | ||||||
Berger Paints India Ltd. | 33,092 | 119,909 | ||||||
Bharat Forge Ltd. | 15,759 | 319,833 | ||||||
Biocon Ltd. | 13,808 | 95,386 | ||||||
CESC Ltd. | 12,785 | 122,875 | ||||||
Cox & Kings Ltd. | 22,208 | 115,091 |
Security | Shares | Value | ||||||
Cyient Ltd. | 16,917 | $ | 150,694 | |||||
EID Parry India Ltd.a | 33,538 | 95,532 | ||||||
Federal Bank Ltd. | 100,073 | 231,056 | ||||||
Gujarat Fluorochemicals Ltd. | 8,684 | 105,541 | ||||||
Gujarat Gas Co. Ltd.a | 7,043 | 65,205 | ||||||
Gujarat Mineral Development Corp. Ltd. | 42,087 | 79,571 | ||||||
Gujarat Pipavav Port Ltd.a | 40,875 | 143,547 | ||||||
Gujarat State Petronet Ltd. | 47,500 | 90,150 | ||||||
GVK Power & Infrastructure Ltd.a | 287,273 | 46,248 | ||||||
Havells India Ltd. | 41,957 | 183,462 | ||||||
Hexaware Technologies Ltd. | 32,206 | 141,007 | ||||||
Housing Development & Infrastructure Ltd.a | 49,906 | 96,170 | ||||||
IIFL Holdings Ltd. | 49,018 | 137,644 | ||||||
Indiabulls Housing Finance Ltd. | 24,159 | 243,584 | ||||||
Indian Hotels Co. Ltd.a | 70,733 | 128,179 | ||||||
Indraprastha Gas Ltd. | 20,001 | 141,387 | ||||||
Jaiprakash Associates Ltd.a | 212,402 | 87,119 | ||||||
Jammu & Kashmir Bank Ltd. (The) | 43,023 | 79,043 | ||||||
Jindal Saw Ltd. | 38,264 | 48,321 | ||||||
Just Dial Ltd. | 4,253 | 92,657 | ||||||
Manappuram Finance Ltd. | 82,057 | 46,270 | ||||||
MAX India Ltd. | 22,746 | 169,459 | ||||||
MindTree Ltd. | 8,034 | 188,147 | ||||||
MRF Ltd. | 237 | 157,989 | ||||||
Page Industries Ltd. | 855 | 163,561 | ||||||
PI Industries Ltd. | 6,003 | 59,083 | ||||||
PTC India Ltd. | 85,292 | 119,993 | ||||||
Redington India Ltd. | 56,216 | 111,832 | ||||||
Reliance Capital Ltd. | 18,543 | 136,961 | ||||||
SKS Microfinance Ltd.a | 19,205 | 135,822 | ||||||
Sundaram Finance Ltd. | 6,783 | 166,883 | ||||||
Suzlon Energy Ltd.a | 149,988 | 66,130 | ||||||
Syndicate Bank | 36,247 | 69,878 | ||||||
Tata Global Beverages Ltd. | 71,816 | 179,990 | ||||||
Thermax Ltd. | 10,018 | 187,604 | ||||||
Torrent Pharmaceuticals Ltd. | 9,472 | 164,658 | ||||||
TVS Motor Co. Ltd. | 25,000 | 112,592 | ||||||
Voltas Ltd. | 26,270 | 107,962 | ||||||
Wockhardt Ltd. | 4,418 | 113,207 | ||||||
|
| |||||||
6,671,559 | ||||||||
INDONESIA — 3.57% |
| |||||||
Ace Hardware Indonesia Tbk PT | 1,240,000 | 81,068 | ||||||
Agung Podomoro Land Tbk PT | 1,351,500 | 47,995 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 47 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Alam Sutera Realty Tbk PT | 1,734,600 | $ | 89,917 | |||||
Arwana Citramulia Tbk PT | 1,265,700 | 93,520 | ||||||
Bank Bukopin Tbk PT | 1,249,600 | 76,861 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 308,000 | 23,353 | ||||||
Bank Tabungan Negara Persero Tbk PT | 537,223 | 44,474 | ||||||
Ciputra Development Tbk PT | 1,467,900 | 168,652 | ||||||
Eagle High Plantations Tbk PT | 1,500,000 | 42,476 | ||||||
Gajah Tunggal Tbk PT | 355,100 | 38,464 | ||||||
Garuda Indonesia Persero Tbk PTa | 1,024,909 | 41,631 | ||||||
Hanson International Tbk PTa | 1,197,300 | 69,939 | ||||||
Japfa Comfeed Indonesia Tbk PT | 766,200 | 53,353 | ||||||
Kawasan Industri Jababeka Tbk PT | 3,590,475 | 100,561 | ||||||
Medco Energi Internasional Tbk PT | 254,600 | 59,095 | ||||||
Mitra Adiperkasa Tbk PT | 162,100 | 68,665 | ||||||
MNC Investama Tbk PT | 3,198,500 | 84,139 | ||||||
MNC Sky Vision Tbk PTa | 112,985 | 14,904 | ||||||
Multipolar Tbk PT | 998,513 | 71,460 | ||||||
Pakuwon Jati Tbk PT | 3,259,200 | 138,689 | ||||||
Pembangunan Perumahan Persero Tbk PT | 430,200 | 135,134 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 390,100 | 56,742 | ||||||
Ramayana Lestari Sentosa Tbk PT | 585,100 | 32,367 | ||||||
Sampoerna Agro PT | 347,100 | 55,321 | ||||||
Sentul City Tbk PTa | 4,953,700 | 55,574 | ||||||
Sigmagold Inti Perkasa Tbk PTa | 4,370,600 | 158,931 | ||||||
Sugih Energy Tbk PTa | 2,664,200 | 85,749 | ||||||
Summarecon Agung Tbk PT | 1,480,600 | 207,914 | ||||||
Surya Semesta Internusa Tbk PT | 668,950 | 69,612 | ||||||
Timah Persero Tbk PT | 503,196 | 39,711 | ||||||
Wijaya Karya Persero Tbk PT | 427,200 | 120,971 | ||||||
|
| |||||||
2,427,242 | ||||||||
MALAYSIA — 4.15% |
| |||||||
Bursa Malaysia Bhd | 91,900 | 211,645 | ||||||
Carlsberg Brewery Malaysia Bhd | 35,800 | 127,744 | ||||||
DRB-Hicom Bhd | 151,900 | 82,188 | ||||||
Eastern & Oriental Bhd | 151,350 | 94,489 | ||||||
Hartalega Holdings Bhd | 89,200 | 199,240 | ||||||
Hibiscus Petroleum Bhda | 121,300 | 30,964 | ||||||
IGB REIT | 317,000 | 118,743 | ||||||
IJM Land Bhd | 146,400 | 150,300 | ||||||
KNM Group Bhda | 403,600 | 78,951 | ||||||
KPJ Healthcare Bhd | 130,750 | 145,117 |
Security | Shares | Value | ||||||
Magnum Bhd | 121,400 | $ | 92,296 | |||||
Mah Sing Group Bhd | 264,446 | 148,953 | ||||||
Malaysian Pacific Industries Bhd | 42,500 | 73,703 | ||||||
Malaysian Resources Corp. Bhd | 323,400 | 122,935 | ||||||
Media Prima Bhd | 206,500 | 103,135 | ||||||
OSK Holdings Bhd | 131,687 | 79,655 | ||||||
POS Malaysia Bhd | 86,800 | 116,087 | ||||||
QL Resources Bhd | 145,900 | 152,620 | ||||||
Sarawak Oil Palms Bhd | 33,500 | 51,589 | ||||||
Sunway Bhd | 122,900 | 115,261 | ||||||
Sunway REIT | 292,400 | 132,245 | ||||||
TIME dotCom Bhda | 88,400 | 137,113 | ||||||
Top Glove Corp. Bhd | 92,100 | 129,308 | ||||||
Wah Seong Corp. Bhd | 137,546 | 51,904 | ||||||
WCT Holdings Bhd | 171,688 | 79,079 | ||||||
|
| |||||||
2,825,264 | ||||||||
MEXICO — 2.72% |
| |||||||
Alsea SAB de CVa,b | 58,559 | 179,570 | ||||||
Axtel SAB de CV CPOa,b | 209,600 | 61,820 | ||||||
Banregio Grupo Financiero SAB de CVa | 29,900 | 158,779 | ||||||
Bolsa Mexicana de Valores SAB de CV | 51,300 | 92,534 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV | 75,000 | 112,259 | ||||||
Consorcio ARA SAB de CVa | 144,100 | 68,137 | ||||||
Corp GEO SAB de CVa | 38,700 | — | ||||||
Corp Inmobiliaria Vesta SAB de CVb | 63,800 | 122,505 | ||||||
Empresas ICA SAB de CVa,b | 84,400 | 76,260 | ||||||
Grupo Aeromexico SAB de CVa,b | 73,300 | 123,490 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 32,400 | 153,744 | ||||||
Grupo Herdez SAB de CVa,b | 36,200 | 90,573 | ||||||
Industrias CH SAB de CV Series Ba,b | 22,000 | 100,274 | ||||||
Mexico Real Estate Management SA de CVa,b | 92,600 | 159,288 | ||||||
PLA Administradora Industrial S. de RL de CVa | 88,700 | 190,961 | ||||||
Prologis Property Mexico SA de CV | 44,400 | 85,255 | ||||||
TV Azteca SAB de CV CPOa,b | 179,400 | 76,430 | ||||||
Urbi Desarrollos Urbanos SAB de CVa,b | 124,600 | — | ||||||
|
| |||||||
1,851,879 | ||||||||
PHILIPPINES — 1.76% |
| |||||||
Belle Corp. | 780,933 | 75,986 |
48 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Cebu Air Inc. | 54,230 | $ | 110,699 | |||||
Cosco Capital Inc. | 271,400 | 59,832 | ||||||
EEI Corp. | 211,772 | 50,914 | ||||||
Filinvest Land Inc. | 1,572,000 | 59,899 | ||||||
First Gen Corp. | 208,600 | 137,915 | ||||||
First Philippine Holdings Corp. | 24,370 | 57,042 | ||||||
Manila Water Co. Inc. | 179,900 | 129,957 | ||||||
Melco Crown Philippines Resorts Corp.a | 238,500 | 55,176 | ||||||
Nickel Asia Corp. | 167,800 | 110,370 | ||||||
Philippine National Banka | 19,043 | 36,043 | ||||||
Security Bank Corp. | 60,000 | 217,736 | ||||||
Vista Land & Lifescapes Inc. | 580,600 | 94,155 | ||||||
|
| |||||||
1,195,724 | ||||||||
POLAND — 1.28% |
| |||||||
Asseco Poland SA | 10,605 | 155,056 | ||||||
Budimex SA | 2,065 | 90,968 | ||||||
Globe Trade Centre SAa | 42,300 | 55,674 | ||||||
Kernel Holding SAa | 7,004 | 60,573 | ||||||
Lubelski Wegiel Bogdanka SA | 3,798 | 99,894 | ||||||
Netia SA | 57,558 | 91,311 | ||||||
PKP Cargo SA | 3,669 | 86,763 | ||||||
TVN SAa | 28,626 | 137,167 | ||||||
Warsaw Stock Exchange | 7,200 | 93,927 | ||||||
|
| |||||||
871,333 | ||||||||
QATAR — 0.59% |
| |||||||
Al Khalij Commercial Bank | 16,845 | 100,797 | ||||||
Qatar National Cement Co. QSC | 2,786 | 104,814 | ||||||
Qatari Investors Group QSC | 4,916 | 60,615 | ||||||
Salam International Investment Co. | 14,702 | 58,340 | ||||||
United Development Co. PSC | 11,525 | 76,812 | ||||||
|
| |||||||
401,378 | ||||||||
RUSSIA — 0.51% |
| |||||||
Acron JSC | 1,321 | 53,341 | ||||||
Aeroflot – Russian Airlines OJSC | 63,656 | 40,214 | ||||||
DIXY Group OJSCa | 10,160 | 77,727 | ||||||
LSR Group GDRc | 31,349 | 67,087 | ||||||
M Video OJSC | 12,870 | 34,624 | ||||||
Pharmstandard OJSC GDRa,c | 4,832 | 37,448 | ||||||
TMK OAO GDRc | 11,908 | 37,272 | ||||||
|
| |||||||
347,713 | ||||||||
SOUTH AFRICA — 7.52% |
| |||||||
Acucap Properties Ltd. | 17,167 | 83,898 | ||||||
Adcock Ingram Holdings Ltd.a | 17,714 | 79,806 |
Security | Shares | Value | ||||||
Aeci Ltd. | 15,477 | $ | 172,129 | |||||
Alexander Forbes Group Holdings Ltd.a | 117,997 | 109,056 | ||||||
ArcelorMittal South Africa Ltd.a | 18,217 | 40,645 | ||||||
Astral Foods Ltd. | 8,017 | 120,169 | ||||||
Attacq Ltd.a | 51,354 | 101,580 | ||||||
Aveng Ltd.a | 43,599 | 58,404 | ||||||
AVI Ltd. | 39,239 | 282,212 | ||||||
Capital Property Funda | 164,384 | 199,185 | ||||||
City Lodge Hotels Ltd. | 7,939 | 93,411 | ||||||
Clicks Group Ltd. | 33,181 | 254,987 | ||||||
Clover Industries Ltd. | 57,980 | 99,362 | ||||||
DataTec Ltd. | 19,394 | 99,941 | ||||||
Emira Property Fund | 53,548 | 84,322 | ||||||
EOH Holdings Ltd. | 15,594 | 181,312 | ||||||
Famous Brands Ltd. | 9,090 | 87,366 | ||||||
Fountainhead Property Trust | 76,450 | 61,407 | ||||||
Grindrod Ltd. | 55,680 | 87,154 | ||||||
Group Five Ltd./South Africa | 26,786 | 57,466 | ||||||
Harmony Gold Mining Co. Ltd.a | 51,674 | 127,444 | ||||||
Hosken Consolidated Investments Ltd. | 5,006 | 66,805 | ||||||
Hyprop Investments Ltd. | 29,186 | 278,761 | ||||||
Illovo Sugar Ltd. | 25,897 | 54,870 | ||||||
JSE Ltd. | 12,934 | 134,912 | ||||||
Lewis Group Ltd. | 11,395 | 89,699 | ||||||
Mondi Ltd. | 13,730 | 280,267 | ||||||
Murray & Roberts Holdings Ltd. | 44,536 | 66,462 | ||||||
Northam Platinum Ltd.a | 46,725 | 207,101 | ||||||
Omnia Holdings Ltd. | 6,099 | 99,443 | ||||||
Pick n Pay Holdings Ltd. | 38,661 | 75,809 | ||||||
Reunert Ltd. | 18,659 | 99,676 | ||||||
Royal Bafokeng Platinum Ltd.a | 9,927 | 49,409 | ||||||
SA Corporate Real Estate Fund Nominees Pty Ltd. | 226,305 | 99,044 | ||||||
Sibanye Gold Ltd. | 91,831 | 242,797 | ||||||
Sun International Ltd./South Africa | 12,811 | 144,755 | ||||||
Super Group Ltd./South Africaa | 40,160 | 121,552 | ||||||
Tongaat Hulett Ltd. | 12,455 | 164,877 | ||||||
Trencor Ltd. | 17,139 | 99,645 | ||||||
Vukile Property Fund Ltd. | 53,432 | 90,375 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 6,059 | 59,389 | ||||||
Zeder Investments Ltd. | 164,340 | 107,181 | ||||||
|
| |||||||
5,114,085 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 49 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
SOUTH KOREA — 16.54% |
| |||||||
Able C&C Co. Ltd.b | 2,270 | $ | 61,013 | |||||
Ahnlab Inc. | 2,230 | 98,339 | ||||||
Asiana Airlines Inc.a | 16,045 | 127,769 | ||||||
BGF retail Co. Ltd. | 1,640 | 134,183 | ||||||
Binggrae Co. Ltd. | 1,170 | 78,139 | ||||||
Chabiotech Co. Ltd.a | 6,104 | 92,877 | ||||||
Chong Kun Dang Pharmaceutical Corp. | 1,763 | 93,808 | ||||||
CJ CGV Co. Ltd. | 2,386 | 139,784 | ||||||
CJ E&M Corp.a | 3,278 | 146,047 | ||||||
CJ O Shopping Co. Ltd. | 445 | 95,280 | ||||||
Com2uSCorp.a | 898 | 145,228 | ||||||
Cosmax Inc.b | 1,175 | 138,638 | ||||||
CrucialTec Co. Ltd.a | 4,486 | 43,938 | ||||||
D.I Corp. | 5,869 | 43,581 | ||||||
Daesang Corp. | 3,154 | 107,332 | ||||||
Daishin Securities Co. Ltd. | 7,793 | 78,104 | ||||||
Dong-A Socio Holdings Co. Ltd. | 667 | 72,926 | ||||||
Dong-A ST Co. Ltd. | 851 | 73,117 | ||||||
Dongsuh Co. Inc. | 5,001 | 131,455 | ||||||
Doosan Engine Co. Ltd.a,b | 8,680 | 59,709 | ||||||
Duksan Hi-Metal Co. Ltd.a,b | 6,278 | 50,050 | ||||||
DY Corp. | 15,728 | 96,442 | ||||||
EO Technics Co. Ltd. | 1,432 | 187,228 | ||||||
Fila Korea Ltd. | 1,639 | 138,879 | ||||||
Gamevil Inc.a | 696 | 79,838 | ||||||
GemVax & Kael Co. Ltd.a,b | 4,589 | 79,442 | ||||||
Grand Korea Leisure Co. Ltd. | 4,518 | 143,046 | ||||||
Green Cross Corp./South Korea | 1,124 | 142,862 | ||||||
GS Home Shopping Inc. | 500 | 106,601 | ||||||
Halla Holdings Corp. | 1,289 | 76,338 | ||||||
Hana Tour Service Inc. | 1,956 | 173,938 | ||||||
Handsome Co. Ltd. | 3,639 | 103,611 | ||||||
Hanjin Heavy Industries & Construction Co. Ltd.a,b | 11,453 | 49,514 | ||||||
Hanjin Kal Corp.a | 4,696 | 133,921 | ||||||
Hanjin Shipping Co. Ltd.a,b | 13,911 | 98,355 | ||||||
Hankook Tire Worldwide Co. Ltd. | 4,661 | 100,648 | ||||||
Hanmi Pharm Co. Ltd.a | 1,291 | 126,448 | ||||||
Hansae Co. Ltd. | 3,570 | 133,198 | ||||||
Hansol Holdings Co. Ltd.a | 10,660 | 73,038 | ||||||
Hanwha Investment & Securities Co. Ltd.a | 19,646 | 76,790 | ||||||
Huchems Fine Chemical Corp. | 4,856 | 113,486 |
Security | Shares | Value | ||||||
Hwa Shin Co. Ltd. | 9,930 | $ | 66,499 | |||||
Hyundai Corp. | 2,721 | 64,210 | ||||||
Hyundai Greenfood Co. Ltd. | 6,403 | 108,511 | ||||||
Hyundai Home Shopping Network Corp. | 903 | 110,247 | ||||||
Hyundai Hysco Co. Ltd.a | 1,636 | 96,292 | ||||||
Hyundai Securities Co. Ltd. | 22,134 | 155,284 | ||||||
Ilyang Pharmaceutical Co. Ltd.b | 4,128 | 110,953 | ||||||
KIWOOM Securities Co. Ltd. | 1,933 | 110,603 | ||||||
Kolao Holdingsb | 4,757 | 80,833 | ||||||
Kolon Industries Inc. | 2,027 | 93,450 | ||||||
Komipharm International Co. Ltd.a,b | 9,843 | 85,467 | ||||||
Korea Kolmar Co. Ltd. | 2,225 | 124,473 | ||||||
Korea Petrochemical Ind Co. Ltd. | 765 | 65,519 | ||||||
Korean Reinsurance Co. | 13,063 | 123,780 | ||||||
KT Skylife Co. Ltd. | 4,267 | 64,342 | ||||||
Kumho Tire Co. Inc.a | 10,400 | 90,682 | ||||||
LF Corp. | 3,400 | 97,581 | ||||||
LG Hausys Ltd. | 945 | 167,036 | ||||||
LG International Corp. | 3,732 | 126,151 | ||||||
LG Life Sciences Ltd.a | 3,101 | 126,012 | ||||||
LIG Insurance Co. Ltd. | 4,990 | 109,116 | ||||||
Lock&Lock Co. Ltd. | 5,365 | 51,081 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 78 | 125,292 | ||||||
Lotte Food Co. Ltd. | 131 | 75,911 | ||||||
Lumens Co. Ltd.a,b | 9,377 | 54,679 | ||||||
Mando Corp. | 879 | 124,937 | ||||||
Medipost Co. Ltd.a,b | 1,875 | 133,251 | ||||||
Medy-Tox Inc. | 650 | 209,590 | ||||||
MegaStudy Co. Ltd. | 1,221 | 72,867 | ||||||
Meritz Financial Group Inc. | 11,112 | 119,468 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 8,270 | 98,708 | ||||||
Meritz Securities Co. Ltd. | 32,575 | 135,933 | ||||||
Namhae Chemical Corp. | 12,375 | 99,108 | ||||||
Namyang Dairy Products Co. Ltd. | 177 | 118,532 | ||||||
Naturalendo Tech Co. Ltd.a | 2,248 | 106,916 | ||||||
Nexen Tire Corp. | 5,936 | 83,019 | ||||||
NHN Entertainment Corp.a | 1,848 | 119,883 | ||||||
NongShim Co. Ltd. | 462 | 106,708 | ||||||
OCI Materials Co. Ltd. | 1,946 | 142,907 | ||||||
Ottogi Corp.a | 206 | 111,864 | ||||||
Partron Co. Ltd.b | 6,264 | 73,053 | ||||||
Poongsan Corp. | 2,828 | 66,091 | ||||||
POSCO Chemtech Co. Ltd. | 635 | 84,065 |
50 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
POSCO ICT Co. Ltd. | 12,645 | $ | 67,283 | |||||
S&T Dynamics Co. Ltd. | 6,110 | 60,958 | ||||||
Samsung Engineering Co. Ltd.a | 2,001 | 76,572 | ||||||
Samsung Fine Chemicals Co. Ltd. | 3,041 | 99,884 | ||||||
Samsung Techwin Co. Ltd.a | 5,431 | 123,213 | ||||||
Samyang Holdings Corp. | 882 | 72,646 | ||||||
SeAH Besteel Corp. | 2,458 | 77,712 | ||||||
Seegene Inc.a,b | 2,897 | 97,662 | ||||||
Seoul Semiconductor Co. Ltd.a,b | 4,159 | 68,966 | ||||||
SFA Engineering Corp.b | 2,107 | 97,906 | ||||||
SK Broadband Co. Ltd.a | 21,271 | 88,084 | ||||||
SK Chemicals Co. Ltd. | 2,154 | 119,323 | ||||||
SK Securities Co. Ltd.a | 123,439 | 116,404 | ||||||
SKC Co. Ltd. | 2,970 | 91,599 | ||||||
SM Entertainment Co.a | 3,125 | 94,244 | ||||||
Soulbrain Co. Ltd. | 2,263 | 82,268 | ||||||
Sung Kwang Bend Co. Ltd. | 4,870 | 65,448 | ||||||
Sungwoo Hitech Co. Ltd. | 5,466 | 61,505 | ||||||
Suprema Inc.a | 4,113 | 93,873 | ||||||
Taekwang Industrial Co. Ltd. | 67 | 71,118 | ||||||
Taewoong Co. Ltd.a | 4,721 | 77,425 | ||||||
Taihan Electric Wire Co. Ltd.a | 9,521 | 10,410 | ||||||
TK Corp.a | 6,243 | 65,698 | ||||||
Tongyang Life Insurance | 9,523 | 103,252 | ||||||
ViroMed Co. Ltd.a | 2,505 | 133,061 | ||||||
Wonik IPS Co. Ltd.a | 7,803 | 90,290 | ||||||
Woongjin Thinkbig Co. Ltd.a | 10,454 | 73,627 | ||||||
YESCO Co. Ltd. | 1,482 | 47,665 | ||||||
Youngone Corp. | 2,979 | 137,069 | ||||||
Yuanta Securities Koreaa | 13,417 | 54,705 | ||||||
|
| |||||||
11,255,714 | ||||||||
TAIWAN — 18.31% |
| |||||||
Ability Enterprise Co. Ltd. | 81,000 | 49,005 | ||||||
Airtac International Group | 17,000 | 146,155 | ||||||
ALI Corp. | 130,000 | 113,628 | ||||||
Altek Corp.a | 48,793 | 57,796 | ||||||
Ambassador Hotel (The) | 140,000 | 123,038 | ||||||
AmTRAN Technology Co. Ltd. | 78,312 | 43,763 | ||||||
Asia Optical Co. Inc.a | 45,000 | 65,053 | ||||||
Asia Polymer Corp. | 95,400 | 65,615 | ||||||
BES Engineering Corp. | 301,000 | 73,704 | ||||||
Career Technology MFG. Co. Ltd. | 64,000 | 71,530 | ||||||
Cathay Real Estate Development Co. Ltd. | 84,000 | 47,075 | ||||||
Cheng Loong Corp. | 219,000 | 88,562 |
Security | Shares | Value | ||||||
Cheng Uei Precision Industry Co. Ltd. | 64,000 | $ | 115,141 | |||||
China Bills Finance Corp. | 85,000 | 31,938 | ||||||
China Man-Made Fiber Corp.a | 251,000 | 87,516 | ||||||
China Petrochemical Development Corp.a | 346,000 | 130,556 | ||||||
China Steel Chemical Corp. | 22,000 | 102,977 | ||||||
China Synthetic Rubber Corp. | 94,000 | 95,781 | ||||||
Chipbond Technology Corp. | 79,000 | 153,447 | ||||||
Chong Hong Construction Co. Ltd. | 35,642 | 73,769 | ||||||
Chroma ATE Inc. | 45,000 | 115,634 | ||||||
Chung Hung Steel Corp.a | 384,000 | 87,303 | ||||||
Compeq Manufacturing Co. Ltd. | 158,000 | 88,043 | ||||||
Coretronic Corp. | 73,000 | 112,504 | ||||||
CSBC Corp. Taiwan | 258,420 | 136,184 | ||||||
Cyberlink Corp. | 40,125 | 116,012 | ||||||
CyberTAN Technology Inc. | 149,000 | 111,495 | ||||||
D-Link Corp. | 143,520 | 81,574 | ||||||
Dynapack International Technology Corp. | 32,000 | 75,504 | ||||||
Elan Microelectronics Corp. | 54,000 | 91,476 | ||||||
Eternal Materials Co. Ltd. | 84,440 | 85,636 | ||||||
Everlight Electronics Co. Ltd. | 52,000 | 133,953 | ||||||
Far Eastern International Bank | 203,000 | 68,518 | ||||||
Faraday Technology Corp. | 68,000 | 88,018 | ||||||
Feng Hsin Iron & Steel Co. | 60,000 | 74,510 | ||||||
Feng TAY Enterprise Co. Ltd. | 42,240 | 176,196 | ||||||
Firich Enterprises Co. Ltd. | 25,295 | 86,183 | ||||||
FLEXium Interconnect Inc. | 32,610 | 81,200 | ||||||
Formosan Rubber Group Inc. | 85,000 | 88,099 | ||||||
Gallop No. 1 REIT | 246,000 | 147,576 | ||||||
Gemtek Technology Corp. | 105,000 | 77,902 | ||||||
Genius Electronic Optical Co. Ltd.a | 12,357 | 41,511 | ||||||
Gigabyte Technology Co. Ltd. | 77,000 | 98,074 | ||||||
Gigastorage Corp.a | 69,400 | 57,345 | ||||||
Gintech Energy Corp.a | 93,000 | 66,926 | ||||||
Global Unichip Corp. | 28,000 | 77,835 | ||||||
Gloria Material Technology Corp. | 148,818 | 103,303 | ||||||
Goldsun Development & Construction Co. Ltd.a | 255,000 | 84,445 | ||||||
Grand Pacific Petrochemical | 127,000 | 68,140 | ||||||
Great Wall Enterprise Co. Ltd. | 89,128 | 78,046 | ||||||
Greatek Electronics Inc. | 71,000 | 86,249 | ||||||
Green Energy Technology Inc.a | 88,125 | 53,596 | ||||||
HannStar Display Corp. | 281,320 | 70,319 | ||||||
HannsTouch Solution Inc.a | 329,000 | 80,770 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 51 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Hey Song Corp. | 65,500 | $ | 79,046 | |||||
Ho Tung Chemical Corp.a | 233,548 | 75,482 | ||||||
Holy Stone Enterprise Co. Ltd. | 118,500 | 166,402 | ||||||
Huaku Development Co. Ltd. | 31,080 | 58,884 | ||||||
Huang Hsiang Construction Corp. | 37,000 | 53,547 | ||||||
Hung Sheng Construction Ltd. | 114,000 | 71,148 | ||||||
ITEQ Corp. | 89,600 | 71,041 | ||||||
Jih Sun Financial Holdings Co. Ltd. | 145,197 | 39,160 | ||||||
Kenda Rubber Industrial Co. Ltd. | 58,198 | 118,787 | ||||||
Kerry TJ Logistics Co. Ltd. | 85,000 | 105,150 | ||||||
Kindom Construction Corp. | 54,000 | 54,507 | ||||||
King Slide Works Co. Ltd. | 8,000 | 129,661 | ||||||
King Yuan Electronics Co. Ltd. | 169,000 | 143,143 | ||||||
King’s Town Bank Co. Ltd. | 114,000 | 123,057 | ||||||
Kinpo Electronicsa | 186,000 | 87,359 | ||||||
Lealea Enterprise Co. Ltd.a | 415,590 | 125,716 | ||||||
Lien Hwa Industrial Corp. | 79,000 | 52,197 | ||||||
Macronix Internationala | 388,000 | 84,383 | ||||||
Makalot Industrial Co. Ltd. | 22,231 | 138,745 | ||||||
Masterlink Securities Corp. | 255,496 | 84,609 | ||||||
Medigen Biotechnology Corp.a | 10,397 | 53,466 | ||||||
Mercuries & Associates Holding Ltd. | 155,548 | 104,508 | ||||||
Merry Electronics Co. Ltd. | 22,000 | 75,657 | ||||||
Micro-Star International Co. Ltd. | 83,000 | 100,430 | ||||||
Microbio Co. Ltd.a | 121,727 | 103,878 | ||||||
MIN AIK Technology Co. Ltd. | 14,000 | 67,537 | ||||||
Mitac Holdings Corp. | 51,000 | 38,487 | ||||||
Motech Industries Inc. | 47,000 | 62,108 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 80,000 | 82,152 | ||||||
Neo Solar Power Corp. | 83,364 | 71,538 | ||||||
Pan-International Industrial Corp. | 183,722 | 105,009 | ||||||
PChome Online Inc. | 10,774 | 127,621 | ||||||
Pixart Imaging Inc. | 26,635 | 77,433 | ||||||
President Securities Corp. | 154,510 | 79,457 | ||||||
Primax Electronics Ltd. | 66,000 | 92,890 | ||||||
Prince Housing & Development Corp. | 162,917 | 66,401 | ||||||
Qisda Corp.a | 220,000 | 100,876 | ||||||
Radium Life Tech Co. Ltd. | 105,968 | 55,338 | ||||||
Richtek Technology Corp. | 22,000 | 115,587 | ||||||
Ritek Corp.a | 805,000 | 94,329 | ||||||
Sanyang Motor Co. Ltd.a | 82,820 | 73,972 | ||||||
Senao International Co. Ltd. | 19,000 | 30,855 | ||||||
Shihlin Electric & Engineering Corp. | 68,000 | 86,394 | ||||||
Shining Building Business Co. Ltd.a | 137,280 | 79,339 | ||||||
Shinkong Synthetic Fibers Corp. | 230,135 | 81,340 |
Security | Shares | Value | ||||||
Shinkong Textile Co. Ltd. | 69,000 | $ | 86,566 | |||||
Sino-American Silicon Products Inc.a | 63,000 | 102,309 | ||||||
Sinyi Realty Inc. | 40,879 | 46,600 | ||||||
Soft-World International Corp. | 26,140 | 80,738 | ||||||
Solar Applied Materials Technology Co. | 112,799 | 92,847 | ||||||
Solartech Energy Corp.a | 124,744 | 78,250 | ||||||
St. Shine Optical Co. Ltd. | 6,000 | 97,246 | ||||||
TA Chen Stainless Pipe | 124,600 | 84,905 | ||||||
Ta Chong Bank Ltd.a | 250,552 | 84,568 | ||||||
Taichung Commercial Bank Co. Ltd. | 173,694 | 57,797 | ||||||
Taiflex Scientific Co. Ltd. | 47,000 | 68,244 | ||||||
Tainan Spinning Co. Ltd. | 119,000 | 65,932 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 52,000 | 93,552 | ||||||
Taiwan Life Insurance Co. Ltd.a | 94,599 | 73,197 | ||||||
Taiwan Paiho Ltd. | 68,050 | 134,128 | ||||||
Taiwan Secom Co. Ltd. | 37,450 | 99,811 | ||||||
Taiwan Sogo Shin Kong SEC | 85,640 | 107,169 | ||||||
Taiwan Surface Mounting Technology Co. Ltd. | 58,746 | 76,788 | ||||||
Taiwan TEA Corp. | 91,000 | 51,578 | ||||||
Tatung Co. Ltd.a | 177,000 | 48,752 | ||||||
Ton Yi Industrial Corp. | 84,000 | 62,455 | ||||||
Tong Hsing Electronic Industries Ltd. | 19,000 | 73,205 | ||||||
Tong Yang Industry Co. Ltd. | 57,133 | 71,132 | ||||||
Tripod Technology Corp. | 58,000 | 127,986 | ||||||
TTY Biopharm Co. Ltd. | 50,450 | 107,310 | ||||||
Tung Ho Steel Enterprise Corp. | 87,000 | 65,794 | ||||||
TXC Corp. | 64,000 | 77,949 | ||||||
Union Bank of Taiwana | 119,546 | 40,160 | ||||||
Unity Opto Technology Co. Ltd.a | 62,679 | 69,854 | ||||||
UPC Technology Corp. | 199,661 | 73,430 | ||||||
USI Corp. | 126,950 | 69,731 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 124,900 | 130,846 | ||||||
Wah Lee Industrial Corp. | 62,000 | 107,397 | ||||||
Waterland Financial Holdings Co. Ltd. | 231,826 | 63,115 | ||||||
Win Semiconductors Corp. | 121,000 | 138,319 | ||||||
Winbond Electronics Corp.a | 351,000 | 119,030 | ||||||
WT Microelectronics Co. Ltd. | 76,943 | 119,316 | ||||||
Yageo Corp. | 79,467 | 150,811 | ||||||
YFY Inc. | 186,000 | 74,921 | ||||||
Yieh Phui Enterprise Co. Ltd. | 153,034 | 45,416 | ||||||
YungShin Global Holding Corp. | 53,000 | 91,976 | ||||||
Yungtay Engineering Co. Ltd. | 49,000 | 113,587 |
52 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
Zinwell Corp. | 113,000 | $ | 117,480 | |||||
|
| |||||||
12,456,951 | ||||||||
THAILAND — 4.28% |
| |||||||
Amata Corp. PCL NVDRb | 223,200 | 128,411 | ||||||
Bangkok Expressway PCL NVDR | 90,200 | 127,641 | ||||||
Bangkok Land PCL NVDR | 2,253,400 | 118,490 | ||||||
CH Karnchang PCL NVDR | 105,800 | 89,994 | ||||||
Esso Thailand PCL NVDRa | 353,400 | 70,505 | ||||||
Hana Microelectronics PCL NVDR | 102,800 | 131,163 | ||||||
Hemaraj Land and Development PCL NVDRb | 974,500 | 133,229 | ||||||
Italian-Thai Development PCL NVDRa,b | 332,900 | 95,247 | ||||||
Jasmine International PCL NVDR | 539,200 | 147,600 | ||||||
KCE Electronics PCL NVDR | 64,000 | 108,877 | ||||||
Khon Kaen Sugar Industry PCL NVDR | 288,500 | 110,653 | ||||||
Kiatnakin Bank PCL NVDRb | 61,232 | 74,338 | ||||||
LPN Development PCL NVDR | 167,700 | 102,187 | ||||||
Quality Houses PCL NVDR | 909,100 | 115,289 | ||||||
Samart Corp. PCL NVDRb | 102,800 | 118,444 | ||||||
Siam Global House PCL NVDRb | 246,300 | 89,896 | ||||||
Sino-Thai Engineering & Construction PCL NVDRb | 137,728 | 105,224 | ||||||
Sri Trang Agro-Industry PCL NVDR | 178,000 | 77,080 | ||||||
Supalai PCL NVDR | 181,500 | 132,490 | ||||||
Superblock PCL NVDRa | 137,400 | 100,723 | ||||||
Thai Airways International PCL NVDRa | 90,200 | 37,107 | ||||||
Thai Vegetable Oil PCL NVDR | 143,900 | 101,927 | ||||||
Thaicom PCL NVDRb | 81,200 | 87,906 | ||||||
Thanachart Capital PCL NVDR | 73,200 | 79,245 | ||||||
Tisco Financial Group PCL NVDR | 88,340 | 128,425 | ||||||
TPI Polene PCL NVDR | 542,300 | 56,696 | ||||||
TTW PCL NVDR | 321,200 | 123,195 | ||||||
VGI Global Media PCL NVDRb | 332,200 | 120,221 | ||||||
|
| |||||||
2,912,203 | ||||||||
TURKEY — 1.61% |
| |||||||
Akcansa Cimento ASb | 12,493 | 83,701 | ||||||
Aksa Akrilik Kimya Sanayii AS | 12,000 | 45,948 | ||||||
Asya Katilim Bankasi ASa,b | 70,006 | 17,815 | ||||||
Bizim Toptan Satis Magazalari ASb | 7,297 | 47,438 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS | 14,053 | 93,035 | ||||||
Dogan Sirketler Grubu Holding ASa,b | 170,000 | 47,316 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 10,768 | 54,803 |
Security | Shares | Value | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da,b | 135,421 | $ | 97,998 | |||||
Koza Altin Isletmeleri AS | 6,374 | 56,263 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri ASa,b | 25,802 | 17,235 | ||||||
NET Holding ASa,b | 56,336 | 84,672 | ||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 2,201 | 82,702 | ||||||
Sekerbank TASa | 64,518 | 47,972 | ||||||
Tekfen Holding ASa | 33,559 | 74,057 | ||||||
Trakya Cam Sanayii AS | 72,648 | 106,300 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 117,233 | 92,295 | ||||||
Yazicilar Holding AS | 5,474 | 45,163 | ||||||
|
| |||||||
1,094,713 | ||||||||
UNITED ARAB EMIRATES — 0.70% |
| |||||||
Air Arabia PJSC | 314,778 | 139,701 | ||||||
Ajman Bank PJSCa | 99,026 | 65,518 | ||||||
Al Waha Capital PJSC | 124,673 | 101,157 | ||||||
Dana Gas PJSCa | 502,497 | 62,936 | ||||||
Deyaar Development PJSCa | 125,000 | 26,343 | ||||||
Eshraq Properties Co. PJSCa | 187,251 | 42,317 | ||||||
Union Properties PJSCa | 135,024 | 39,705 | ||||||
|
| |||||||
477,677 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $67,303,920) |
| 67,456,144 | ||||||
PREFERRED STOCKS — 0.47% |
| |||||||
BRAZIL — 0.35% |
| |||||||
Banco ABC Brasil SA | 6,601 | 27,588 | ||||||
Banco Daycoval SA | 6,000 | 16,619 | ||||||
Banco Pan SA | 32,400 | 21,303 | ||||||
Cia. Ferro Ligas da Bahia-Ferbasa | 10,800 | 23,229 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 13,200 | 40,809 | ||||||
GOL Linhas Aereas Inteligentes SA | 10,100 | 35,499 | ||||||
Marcopolo SA | 55,600 | 43,557 | ||||||
Randon Participacoes SA | 20,425 | 27,573 | ||||||
|
| |||||||
236,177 | ||||||||
COLOMBIA — 0.12% |
| |||||||
Avianca Holdings SA | 54,422 | 83,351 | ||||||
|
| |||||||
83,351 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $565,207) |
| 319,528 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 53 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS SMALL-CAP ETF
February 28, 2015
Security | Shares | Value | ||||||
RIGHTS — 0.01% |
| |||||||
SOUTH KOREA — 0.01% |
| |||||||
NHN Entertainment Corp.a | 549 | $ | 4,552 | |||||
|
| |||||||
4,552 | ||||||||
THAILAND — 0.00% |
| |||||||
Superblock PCL NVDRa | 6,870 | 1,423 | ||||||
|
| |||||||
1,423 | ||||||||
TURKEY — 0.00% |
| |||||||
Sekerbank TASa | 33,750 | 537 | ||||||
|
| |||||||
537 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 6,512 | ||||||
WARRANTS — 0.00% |
| |||||||
MALAYSIA — 0.00% |
| |||||||
Mah Sing Group Bhd (Expires 02/21/20)a | 18,308 | 1,727 | ||||||
|
| |||||||
1,727 | ||||||||
THAILAND — 0.00% |
| |||||||
Samart Corp. PCL NVDR (Expires 02/19/18)a | 20,560 | — | ||||||
|
| |||||||
— | ||||||||
|
| |||||||
TOTAL WARRANTS |
| |||||||
(Cost: $0) |
| 1,727 | ||||||
SHORT-TERM INVESTMENTS — 9.56% |
| |||||||
MONEY MARKET FUNDS — 9.56% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | ||||||||
0.16%d,e,f | 6,143,414 | 6,143,414 | ||||||
BlackRock Cash Funds: Prime, SL Agency Shares | ||||||||
0.15%d,e,f | 358,545 | 358,545 | ||||||
|
| |||||||
6,501,959 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $6,501,959) |
| 6,501,959 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $74,371,086) |
| 74,285,870 | ||||||
Other Assets, Less Liabilities — (9.19)% |
| (6,250,264 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 68,035,606 | |||||
|
|
CPO — Certificates of Participation (Ordinary)
GDR — Global Depositary Receipts
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 1. |
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 1. |
See notes to consolidated financial statements.
54 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS VALUE ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 93.80% |
| |||||||
BRAZIL — 3.18% |
| |||||||
Ambev SA | 19,000 | $ | 121,867 | |||||
Banco do Brasil SA | 10,000 | 82,956 | ||||||
Banco Santander Brasil SA Units | 5,000 | 24,708 | ||||||
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros | 14,000 | 49,158 | ||||||
Centrais Eletricas Brasileiras SA | 3,000 | 5,613 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 2,800 | 16,588 | ||||||
Cia. Siderurgica Nacional SA | 6,000 | 10,807 | ||||||
CPFL Energia SA | 2,000 | 12,989 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 3,400 | 13,770 | ||||||
Duratex SA | 4,000 | 10,618 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 3,000 | 11,059 | ||||||
EDP – Energias do Brasil SA | 3,000 | 9,453 | ||||||
Petroleo Brasileiro SA | 35,000 | 116,040 | ||||||
Souza Cruz SA | 2,000 | 17,738 | ||||||
Sul America SA | 1,000 | 4,575 | ||||||
TIM Participacoes SA | 10,000 | 41,688 | ||||||
Tractebel Energia SA | 2,000 | 23,362 | ||||||
Transmissora Alianca de Energia Eletrica SA Units | 1,000 | 7,320 | ||||||
Vale SA | 15,000 | 111,476 | ||||||
|
| |||||||
691,785 | ||||||||
CHILE — 1.41% |
| |||||||
AES Gener SA | 25,036 | 13,356 | ||||||
Aguas Andinas SA Series A | 33,240 | 19,760 | ||||||
Banco de Chile | 237,634 | 27,766 | ||||||
Banco de Credito e Inversiones | 200 | 9,242 | ||||||
Banco Santander Chile | 808,230 | 42,415 | ||||||
Colbun SA | 76,698 | 21,546 | ||||||
CorpBanca SA | 1,657,274 | 20,027 | ||||||
Empresa Nacional de Electricidad SA/Chile | 19,230 | 28,899 | ||||||
Empresas CMPC SA | 8,046 | 20,947 | ||||||
Empresas COPEC SA | 1,870 | 21,932 | ||||||
Enersis SA | 203,046 | 66,752 | ||||||
ENTEL Chile SA | 1,450 | 15,255 | ||||||
|
| |||||||
307,897 |
Security | Shares | Value | ||||||
CHINA — 23.10% |
| |||||||
Agricultural Bank of China Ltd. Class H | 256,000 | $ | 127,085 | |||||
Alibaba Health Information Technology Ltd.a | 20,000 | 13,668 | ||||||
Bank of China Ltd. Class H | 926,000 | 532,524 | ||||||
Bank of Communications Co. Ltd. Class H | 104,000 | 89,712 | ||||||
BBMG Corp. Class H | 15,000 | 13,133 | ||||||
China Agri-Industries Holdings Ltd.b | 30,800 | 12,391 | ||||||
China CITIC Bank Corp. Ltd. Class H | 98,000 | 74,301 | ||||||
China Coal Energy Co. Ltd. | 50,000 | 26,949 | ||||||
China Communications Construction Co. Ltd. Class H | 50,000 | 61,118 | ||||||
China Communications Services Corp. Ltd. Class H | 32,000 | 14,689 | ||||||
China Construction Bank Corp. Class H | 828,000 | 688,625 | ||||||
China COSCO Holdings Co. Ltd. Class Ha,b | 15,000 | 7,466 | ||||||
China Everbright Bank Co. Ltd. Class H | 30,000 | 15,821 | ||||||
China Galaxy Securities Co. Ltd. Class H | 20,000 | 23,854 | ||||||
China International Marine Containers Group Co. Ltd. Class H | 3,000 | 5,686 | ||||||
China Merchants Bank Co. Ltd. Class H | 54,000 | 123,242 | ||||||
China Merchants Holdings International Co. Ltd.b | 16,000 | 60,860 | ||||||
China Minsheng Banking Corp. Ltd. Class H | 47,400 | 57,268 | ||||||
China Mobile Ltd. | 70,000 | 951,331 | ||||||
China National Building Material Co. Ltd. Class H | 36,000 | 35,232 | ||||||
China Petroleum & Chemical Corp. Class H | 296,000 | 248,084 | ||||||
China Railway Construction Corp. Ltd. Class H | 25,000 | 30,527 | ||||||
China Railway Group Ltd. Class H | 50,000 | 40,617 | ||||||
China Resources Enterprise Ltd.b | 16,000 | 33,380 | ||||||
China Shenhua Energy Co. Ltd. Class H | 40,000 | 104,701 | ||||||
China South City Holdings Ltd.b | 12,000 | 3,791 | ||||||
China Telecom Corp. Ltd. Class H | 160,000 | 103,566 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 55 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE ETF
February 28, 2015
Security | Shares | Value | ||||||
Chongqing Rural Commercial Bank Co. Ltd. | 30,000 | $ | 18,684 | |||||
CITIC Ltd. | 22,000 | 38,636 | ||||||
CNOOC Ltd. | 210,000 | 301,646 | ||||||
COSCO Pacific Ltd.b | 20,000 | 28,831 | ||||||
Country Garden Holdings Co. Ltd.b | 50,666 | 20,187 | ||||||
Datang International Power Generation Co. Ltd. Class H | 20,000 | 10,006 | ||||||
Evergrande Real Estate Group Ltd.b | 70,000 | 30,869 | ||||||
Far East Horizon Ltd. | 10,000 | 9,323 | ||||||
Fosun International Ltd.b | 17,000 | 27,488 | ||||||
Franshion Properties China Ltd.b | 40,000 | 11,759 | ||||||
Guangzhou R&F Properties Co. Ltd. Class H | 12,000 | 13,957 | ||||||
Haitong Securities Co. Ltd. Class Hb | 7,200 | 17,175 | ||||||
Hanergy Thin Film Power Group Ltd.a,b | 52,000 | 30,306 | ||||||
Huadian Power International Corp. Ltd. Class H | 20,000 | 16,814 | ||||||
Industrial & Commercial Bank of China Ltd. | 860,000 | 627,636 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 13,000 | 17,667 | ||||||
Jiangsu Expressway Co. Ltd. Class H | 16,000 | 19,744 | ||||||
Jiangxi Copper Co. Ltd. Class H | 18,000 | 30,729 | ||||||
Kingboard Chemical Holdings Ltd. | 10,000 | 17,278 | ||||||
Lee & Man Paper Manufacturing Ltd. | 20,000 | 10,315 | ||||||
New World China Land Ltd. | 36,000 | 23,581 | ||||||
Shanghai Electric Group Co. Ltd. Class H | 36,000 | 21,399 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd. | 4,000 | 8,355 | ||||||
Shimao Property Holdings Ltd. | 15,000 | 31,836 | ||||||
Shui On Land Ltd. | 45,833 | 10,638 | ||||||
Sino-Ocean Land Holdings Ltd. | 40,000 | 24,963 | ||||||
Sinopec Engineering Group Co. Ltd. Class H | 10,000 | 8,110 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 40,000 | 13,668 | ||||||
SOHO China Ltd. | 25,000 | 17,891 | ||||||
Yuexiu Property Co. Ltd.b | 106,400 | 21,402 | ||||||
Zhejiang Expressway Co. Ltd. Class H | 20,000 | 24,602 | ||||||
Zijin Mining Group Co. Ltd. Class H | 68,000 | 20,166 | ||||||
ZTE Corp. Class H | 2,000 | 4,456 | ||||||
|
| |||||||
5,029,738 |
Security | Shares | Value | ||||||
COLOMBIA — 0.58% |
| |||||||
Almacenes Exito SA | 844 | $ | 8,358 | |||||
Ecopetrol SA | 55,732 | 46,589 | ||||||
Grupo Argos SA/Colombia | 1,914 | 14,580 | ||||||
Grupo de Inversiones Suramericana SA | 2,790 | 39,196 | ||||||
Interconexion Electrica SA ESP | 4,180 | 13,089 | ||||||
Isagen SA ESP | 4,790 | 5,608 | ||||||
|
| |||||||
127,420 | ||||||||
CZECH REPUBLIC — 0.18% |
| |||||||
CEZ AS | 1,230 | 31,174 | ||||||
O2 Czech Republic AS | 920 | 7,808 | ||||||
|
| |||||||
38,982 | ||||||||
EGYPT — 0.15% |
| |||||||
Global Telecom Holding SAE GDRa | 12,530 | 31,952 | ||||||
|
| |||||||
31,952 | ||||||||
GREECE — 0.38% |
| |||||||
Eurobank Ergasias SAa | 33,190 | 5,100 | ||||||
National Bank of Greece SAa | 18,640 | 28,016 | ||||||
OPAP SA | 2,635 | 24,324 | ||||||
Piraeus Bank SAa | 25,030 | 15,947 | ||||||
Public Power Corp. SAa | 1,310 | 10,286 | ||||||
|
| |||||||
83,673 | ||||||||
HUNGARY — 0.18% |
| |||||||
MOL Hungarian Oil & Gas PLC | 464 | 20,593 | ||||||
OTP Bank PLC | 1,210 | 19,191 | ||||||
|
| |||||||
39,784 | ||||||||
INDIA — 7.63% |
| |||||||
ACC Ltd. | 518 | 14,064 | ||||||
Adani Enterprises Ltd. | 1,550 | 17,493 | ||||||
Aditya Birla Nuvo Ltd. | 440 | 12,252 | ||||||
Ambuja Cements Ltd. | 7,990 | 35,176 | ||||||
Bajaj Auto Ltd. | 980 | 34,146 | ||||||
Bharat Heavy Electricals Ltd. | 7,000 | 29,691 | ||||||
Bharat Petroleum Corp. Ltd. | 1,960 | 23,664 | ||||||
Bharti Airtel Ltd. | 3,510 | 20,232 | ||||||
Cairn India Ltd. | 4,894 | 20,176 | ||||||
Coal India Ltd. | 7,986 | 50,903 | ||||||
DLF Ltd. | 4,270 | 10,736 | ||||||
GAIL (India) Ltd. | 3,430 | 22,934 | ||||||
GlaxoSmithKline Consumer Healthcare Ltd. | 40 | 3,755 | ||||||
Hero Motocorp Ltd. | 574 | 24,933 | ||||||
Hindalco Industries Ltd. | 12,510 | 30,938 |
56 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE ETF
February 28, 2015
Security | Shares | Value | ||||||
Housing Development Finance Corp. Ltd. | 6,004 | $ | 129,702 | |||||
ICICI Bank Ltd. | 12,900 | 72,249 | ||||||
Infosys Ltd. | 6,886 | 255,859 | ||||||
Jindal Steel & Power Ltd. | 3,730 | 11,814 | ||||||
JSW Steel Ltd. | 640 | 10,468 | ||||||
Larsen & Toubro Ltd. | 1,850 | 52,924 | ||||||
LIC Housing Finance Ltd. | 2,110 | 16,353 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 3,270 | 13,119 | ||||||
Mahindra & Mahindra Ltd. | 3,950 | 82,569 | ||||||
NTPC Ltd. | 18,520 | 46,716 | ||||||
Oil & Natural Gas Corp. Ltd. | 8,940 | 47,004 | ||||||
Oil India Ltd. | 1,318 | 10,612 | ||||||
Piramal Enterprises Ltd. | 850 | 12,246 | ||||||
Power Finance Corp. Ltd. | 2,900 | 13,753 | ||||||
Ranbaxy Laboratories Ltd.a | 740 | 8,525 | ||||||
Reliance Communications Ltd.a | 8,720 | 9,665 | ||||||
Reliance Industries Ltd. | 14,878 | 208,263 | ||||||
Reliance Infrastructure Ltd. | 1,190 | 9,154 | ||||||
Rural Electrification Corp. Ltd. | 3,110 | 16,633 | ||||||
Sesa Sterlite Ltd. | 13,954 | 49,129 | ||||||
Shriram Transport Finance Co. Ltd. | 1,730 | 34,133 | ||||||
State Bank of India | 11,400 | 55,640 | ||||||
Tata Motors Ltd. | 3,140 | 30,145 | ||||||
Tata Power Co. Ltd. | 13,051 | 18,340 | ||||||
Tata Steel Ltd. | 3,430 | 19,715 | ||||||
Wipro Ltd. | 7,076 | 75,471 | ||||||
|
| |||||||
1,661,294 | ||||||||
INDONESIA — 2.85% |
| |||||||
Adaro Energy Tbk PT | 168,000 | 12,478 | ||||||
Astra Agro Lestari Tbk PT | 5,000 | 9,536 | ||||||
Astra International Tbk PT | 233,600 | 141,877 | ||||||
Bank Danamon Indonesia Tbk PT | 39,000 | 14,484 | ||||||
Bank Mandiri Persero Tbk PT | 68,800 | 63,876 | ||||||
Bank Negara Indonesia Persero Tbk PT | 87,000 | 46,277 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 65,000 | 64,748 | ||||||
Indo Tambangraya Megah Tbk PT | 5,000 | 6,538 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 17,000 | 31,632 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 124,600 | 50,129 |
Security | Shares | Value | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 10,000 | $ | 8,259 | |||||
Telekomunikasi Indonesia Persero Tbk PT | 576,000 | 130,798 | ||||||
United Tractors Tbk PT | 20,000 | 32,108 | ||||||
XL Axiata Tbk PT | 20,000 | 7,420 | ||||||
|
| |||||||
620,160 | ||||||||
MALAYSIA — 3.60% |
| |||||||
AirAsia Bhd | 6,400 | 4,653 | ||||||
Alliance Financial Group Bhd | 14,000 | 18,724 | ||||||
AMMB Holdings Bhd | 18,000 | 31,915 | ||||||
Astro Malaysia Holdings Bhd | 18,000 | 16,332 | ||||||
British American Tobacco Malaysia Bhd | 800 | 15,338 | ||||||
Bumi Armada Bhda | 13,000 | 4,112 | ||||||
CIMB Group Holdings Bhd | 57,700 | 95,259 | ||||||
DiGi.Com Bhd | 13,000 | 22,905 | ||||||
Felda Global Ventures Holdings Bhd | 10,000 | 6,437 | ||||||
Genting Bhd | 12,000 | 29,467 | ||||||
Genting Malaysia Bhd | 34,000 | 38,774 | ||||||
Hong Leong Bank Bhd | 7,000 | 27,891 | ||||||
Hong Leong Financial Group Bhd | 1,000 | 4,667 | ||||||
IJM Corp. Bhd | 7,000 | 13,946 | ||||||
IOI Properties Group Bhd | 18,200 | 10,756 | ||||||
Lafarge Malaysia Bhd | 5,200 | 14,573 | ||||||
Malayan Banking Bhd | 52,000 | 132,741 | ||||||
Malaysia Airports Holdings Bhd | 3,000 | 6,118 | ||||||
Maxis Bhd | 22,000 | 43,035 | ||||||
Petronas Chemicals Group Bhd | 33,000 | 50,086 | ||||||
Petronas Gas Bhd | 3,000 | 19,195 | ||||||
RHB Capital Bhd | 7,000 | 15,461 | ||||||
Sime Darby Bhd | 35,000 | 90,608 | ||||||
Telekom Malaysia Bhd | 7,000 | 13,829 | ||||||
UEM Sunrise Bhd | 9,000 | 3,546 | ||||||
UMW Holdings Bhd | 7,000 | 21,521 | ||||||
YTL Corp. Bhd | 52,000 | 23,807 | ||||||
YTL Power International Bhd | 18,440 | 8,033 | ||||||
|
| |||||||
783,729 | ||||||||
MEXICO — 5.05% |
| |||||||
America Movil SAB de CV Series L | 191,000 | 204,387 | ||||||
Arca Continental SAB de CVa | 4,600 | 29,159 | ||||||
Cemex SAB de CV CPOa | 71,001 | 71,941 | ||||||
Coca-Cola Femsa SAB de CV Series L | 5,000 | 43,165 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 57 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE ETF
February 28, 2015
Security | Shares | Value | ||||||
Controladora Comercial Mexicana SAB de CV BC Units | 5,000 | $ | 16,038 | |||||
Fibra Uno Administracion SA de CV | 27,000 | 75,716 | ||||||
Fomento Economico Mexicano SAB de CVa | 22,600 | 215,737 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Series B | 3,600 | 24,402 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Series Ba | 2,000 | 27,425 | ||||||
Grupo Comercial Chedraui SA de CVa | 4,000 | 13,098 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 19,000 | 103,171 | ||||||
Grupo Financiero Santander Mexico SAB de CV Series Bb | 21,000 | 46,320 | ||||||
Grupo Lala SAB de CVb | 4,000 | 7,978 | ||||||
Grupo Mexico SAB de CV Series B | 44,000 | 133,071 | ||||||
Industrias Penoles SAB de CV | 1,530 | 32,512 | ||||||
Kimberly-Clark de Mexico SAB de CV Series Ab | 18,000 | 36,657 | ||||||
OHL Mexico SAB de CVa | 9,000 | 18,576 | ||||||
|
| |||||||
1,099,353 | ||||||||
PERU — 0.44% |
| |||||||
Cia. de Minas Buenaventura SA ADR | 2,240 | 25,939 | ||||||
Credicorp Ltd. | 280 | 40,661 | ||||||
Southern Copper Corp. | 980 | 29,175 | ||||||
|
| |||||||
95,775 | ||||||||
PHILIPPINES — 1.42% |
| |||||||
Aboitiz Equity Ventures Inc. | 22,120 | 28,522 | ||||||
Aboitiz Power Corp. | 17,000 | 17,120 | ||||||
Alliance Global Group Inc. | 8,000 | 4,318 | ||||||
Bank of the Philippine Islands | 9,200 | 20,126 | ||||||
BDO Unibank Inc. | 11,000 | 27,693 | ||||||
Globe Telecom Inc. | 390 | 16,851 | ||||||
JG Summit Holdings Inc. | 19,840 | 30,149 | ||||||
Megaworld Corp. | 130,000 | 16,128 | ||||||
Metro Pacific Investments Corp. | 123,600 | 15,138 | ||||||
Metropolitan Bank & Trust Co. | 3,340 | 7,011 | ||||||
Philippine Long Distance Telephone Co. | 1,150 | 82,474 | ||||||
SM Investments Corp. | 1,123 | 22,414 | ||||||
SM Prime Holdings Inc. | 49,000 | 21,961 | ||||||
|
| |||||||
309,905 |
Security | Shares | Value | ||||||
POLAND — 1.58% |
| |||||||
Bank Handlowy w Warszawie SA | 400 | $ | 11,443 | |||||
Bank Pekao SA | 540 | 27,079 | ||||||
ENEA SA | 2,592 | 11,355 | ||||||
Energa SA | 2,200 | 13,378 | ||||||
Grupa Lotos SAa | 952 | 6,700 | ||||||
KGHM Polska Miedz SA | 1,650 | 53,957 | ||||||
Orange Polska SA | 5,240 | 13,978 | ||||||
PGE Polska Grupa Energetyczna SA | 9,550 | 53,478 | ||||||
Polski Koncern Naftowy Orlen SA | 1,320 | 19,482 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 20,300 | 27,596 | ||||||
Powszechny Zaklad Ubezpieczen SA | 644 | 85,057 | ||||||
Synthos SA | 4,880 | 5,829 | ||||||
Tauron Polska Energia SA | 12,050 | 15,957 | ||||||
|
| |||||||
345,289 | ||||||||
QATAR — 0.85% |
| |||||||
Barwa Real Estate Co. | 1,140 | 15,246 | ||||||
Commercial Bank of Qatar QSC (The) | 870 | 16,485 | ||||||
Doha Bank QSC | 660 | 10,530 | ||||||
Industries Qatar QSC | 1,770 | 75,340 | ||||||
Ooredoo QSC | 940 | 29,556 | ||||||
Qatar Electricity & Water Co. QSC | 320 | 16,740 | ||||||
Qatar Islamic Bank SAQ | 720 | 20,504 | ||||||
|
| |||||||
184,401 | ||||||||
RUSSIA — 3.77% |
| |||||||
Gazprom OAO | 67,850 | 167,884 | ||||||
Gazprom OAO ADR | 33,925 | 169,286 | ||||||
Lukoil OAO | 1,914 | 92,752 | ||||||
Lukoil OAO ADR (London) | 1,914 | 92,638 | ||||||
MegaFon OAO GDRc | 1,090 | 19,195 | ||||||
MMC Norilsk Nickel OJSC | 636 | 115,997 | ||||||
Rosneft OAO | 8,200 | 35,266 | ||||||
RusHydro JSC | 1,300,000 | 13,563 | ||||||
Severstal PAO | 900 | 10,077 | ||||||
Sistema JSFC GDR | 1,980 | 14,058 | ||||||
Surgutneftegas OAO | 42,000 | 23,710 | ||||||
Surgutneftegas OAO ADR | 4,200 | 23,331 | ||||||
Tatneft OAO Class S | 8,300 | 42,813 | ||||||
|
| |||||||
820,570 | ||||||||
SOUTH AFRICA — 7.44% |
| |||||||
African Bank Investments Ltd.a,b | 17,203 | 15 | ||||||
African Rainbow Minerals Ltd. | 1,270 | 13,341 |
58 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE ETF
February 28, 2015
Security | Shares | Value | ||||||
AngloGold Ashanti Ltd.a | 4,730 | $ | 53,222 | |||||
Assore Ltd. | 410 | 5,351 | ||||||
Barclays Africa Group Ltd. | 3,894 | 64,403 | ||||||
Barloworld Ltd. | 2,740 | 21,028 | ||||||
Exxaro Resources Ltd. | 1,680 | 16,473 | ||||||
Gold Fields Ltd. | 8,604 | 40,063 | ||||||
Growthpoint Properties Ltd. | 25,890 | 65,941 | ||||||
Impala Platinum Holdings Ltd.a | 6,330 | 38,953 | ||||||
Imperial Holdings Ltd. | 2,190 | 36,933 | ||||||
Investec Ltd. | 2,790 | 24,661 | ||||||
Kumba Iron Ore Ltd. | 750 | 14,739 | ||||||
Liberty Holdings Ltd. | 914 | 11,087 | ||||||
Massmart Holdings Ltd. | 640 | 9,156 | ||||||
MMI Holdings Ltd./South Africa | 12,150 | 33,938 | ||||||
MTN Group Ltd. | 18,820 | 333,731 | ||||||
Nedbank Group Ltd. | 2,334 | 51,239 | ||||||
PPC Ltd. | 6,250 | 9,718 | ||||||
Redefine Properties Ltd. | 36,648 | 37,236 | ||||||
Sasol Ltd. | 6,438 | 234,095 | ||||||
Shoprite Holdings Ltd. | 1,880 | 26,781 | ||||||
Standard Bank Group Ltd. | 13,942 | 182,468 | ||||||
Steinhoff International Holdings Ltd. | 24,232 | 139,886 | ||||||
Telkom SA SOC Ltd.a | 2,750 | 19,351 | ||||||
Tiger Brands Ltd. | 1,870 | 55,765 | ||||||
Truworths International Ltd. | 4,460 | 34,017 | ||||||
Vodacom Group Ltd. | 4,112 | 47,920 | ||||||
|
| |||||||
1,621,511 | ||||||||
SOUTH KOREA — 11.81% |
| |||||||
BS Financial Group Inc. | 2,185 | 29,663 | ||||||
Daelim Industrial Co. Ltd. | 326 | 19,247 | ||||||
Daewoo International Corp. | 190 | 5,020 | ||||||
Daewoo Securities Co. Ltd.a | 1,370 | 13,294 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd. | 1,140 | 21,033 | ||||||
Daum Kakao Corp. | 100 | 12,127 | ||||||
DGB Financial Group Inc. | 1,885 | 19,923 | ||||||
Dongbu Insurance Co. Ltd. | 510 | 24,628 | ||||||
Doosan Corp. | 90 | 9,799 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 706 | 18,686 | ||||||
E-Mart Co. Ltd. | 240 | 46,905 | ||||||
GS Engineering & Construction Corp.a | 394 | 10,877 | ||||||
GS Holdings Corp. | 612 | 24,674 | ||||||
Hana Financial Group Inc. | 3,330 | 91,324 |
Security | Shares | Value | ||||||
Hanwha Chemical Corp. | 900 | $ | 11,562 | |||||
Hanwha Corp. | 600 | 16,728 | ||||||
Hanwha Life Insurance Co. Ltd. | 2,728 | 19,412 | ||||||
Hite Jinro Co. Ltd.a | 300 | 6,246 | ||||||
Hyosung Corp. | 258 | 17,207 | ||||||
Hyundai Department Store Co. Ltd. | 126 | 15,383 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 840 | 37,808 | ||||||
Hyundai Heavy Industries Co. Ltd.a | 490 | 53,574 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 252 | 6,257 | ||||||
Hyundai Merchant Marine Co. Ltd.a | 306 | 2,520 | ||||||
Hyundai Mipo Dockyard Co. Ltd.a | 60 | 4,204 | ||||||
Hyundai Mobis Co. Ltd. | 788 | 179,132 | ||||||
Hyundai Motor Co. | 1,778 | 260,006 | ||||||
Hyundai Steel Co. | 830 | 50,667 | ||||||
Industrial Bank of Korea | 2,960 | 36,408 | ||||||
Kangwon Land Inc.a | 690 | 21,375 | ||||||
KB Financial Group Inc. | 4,454 | 158,267 | ||||||
KCC Corp. | 40 | 21,539 | ||||||
Kia Motors Corp. | 3,020 | 125,197 | ||||||
Korea Electric Power Corp. | 1,050 | 42,763 | ||||||
Korea Gas Corp. | 110 | 4,249 | ||||||
KT Corp.a | 360 | 10,037 | ||||||
KT&G Corp. | 1,260 | 91,841 | ||||||
Kumho Petrochemical Co. Ltd. | 160 | 12,566 | ||||||
LG Chem Ltd. | 534 | 111,904 | ||||||
LG Corp. | 1,116 | 64,669 | ||||||
LG Uplus Corp. | 2,510 | 27,100 | ||||||
Lotte Chemical Corp. | 180 | 31,242 | ||||||
Lotte Shopping Co. Ltd. | 130 | 29,611 | ||||||
LS Corp. | 230 | 10,792 | ||||||
LS Industrial Systems Co. Ltd. | 150 | 8,446 | ||||||
Mirae Asset Securities Co. Ltd.a | 315 | 13,905 | ||||||
NH Investment & Securities Co. Ltd. | 482 | 5,402 | ||||||
OCI Co. Ltd.a | 70 | 6,250 | ||||||
POSCO | 760 | 185,231 | ||||||
S-Oil Corp. | 530 | 31,292 | ||||||
Samsung Card Co. Ltd. | 400 | 13,667 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 640 | 40,177 | ||||||
Samsung Heavy Industries Co. Ltd. | 1,850 | 33,206 | ||||||
Samsung Securities Co. Ltd. | 420 | 18,253 | ||||||
Shinhan Financial Group Co. Ltd. | 4,906 | 195,337 | ||||||
Shinsegae Co. Ltd. | 80 | 12,574 | ||||||
SK Holdings Co. Ltd. | 310 | 52,535 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 59 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE ETF
February 28, 2015
Security | Shares | Value | ||||||
SK Innovation Co. Ltd.a | 720 | $ | 67,897 | |||||
SK Telecom Co. Ltd. | 110 | �� | 28,714 | |||||
Woori Banka | 3,570 | 30,836 | ||||||
|
| |||||||
2,571,188 | ||||||||
TAIWAN — 13.28% |
| |||||||
Advanced Semiconductor Engineering Inc. | 70,000 | 94,284 | ||||||
Asia Cement Corp. | 30,706 | 37,839 | ||||||
Asia Pacific Telecom Co. Ltd. | 20,000 | 9,744 | ||||||
ASUSTeK Computer Inc. | 8,000 | 83,171 | ||||||
AU Optronics Corp. | 70,000 | 36,889 | ||||||
Chang Hwa Commercial Bank Ltd. | 31,671 | 18,606 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 20,000 | 48,273 | ||||||
Chicony Electronics Co. Ltd. | 10,095 | 28,062 | ||||||
China Development Financial Holding Corp. | 150,000 | 52,062 | ||||||
China Life Insurance Co. Ltd./Taiwan | 33,000 | 28,371 | ||||||
China Motor Corp. | 10,000 | 8,613 | ||||||
China Steel Corp. | 90,856 | 75,508 | ||||||
Chunghwa Telecom Co. Ltd. | 46,000 | 143,837 | ||||||
Clevo Co. | 8,000 | 12,304 | ||||||
Compal Electronics Inc. | 50,000 | 38,847 | ||||||
CTBC Financial Holding Co. Ltd. | 80,098 | 53,305 | ||||||
CTCI Corp. | 10,000 | 16,494 | ||||||
Far Eastern Department Stores Ltd. | 10,200 | 8,769 | ||||||
Far Eastern New Century Corp. | 40,208 | 41,738 | ||||||
Far EasTone Telecommunications Co. Ltd. | 20,000 | 49,419 | ||||||
First Financial Holding Co. Ltd. | 80,355 | 47,463 | ||||||
Formosa Plastics Corp. | 50,000 | 123,388 | ||||||
Formosa Taffeta Co. Ltd. | 10,000 | 10,572 | ||||||
Foxconn Technology Co. Ltd. | 10,500 | 27,015 | ||||||
Fubon Financial Holding Co. Ltd. | 74,000 | 131,954 | ||||||
Hon Hai Precision Industry Co. Ltd. | 147,776 | 409,848 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 74,263 | 42,564 | ||||||
Innolux Corp. | 64,774 | 33,207 | ||||||
Inotera Memories Inc.a | 28,000 | 41,325 | ||||||
Inventec Corp. | 30,000 | 23,022 | ||||||
Lite-On Technology Corp. | 20,189 | 25,650 | ||||||
Mega Financial Holding Co. Ltd. | 116,130 | 92,261 | ||||||
Nan Ya Plastics Corp. | 50,000 | 108,581 | ||||||
Novatek Microelectronics Corp. | 10,000 | 53,813 | ||||||
Pegatron Corp. | 20,000 | 54,896 | ||||||
Pou Chen Corp. | 20,000 | 28,849 | ||||||
Powertech Technology Inc. | 10,000 | 17,099 |
Security | Shares | Value | ||||||
Quanta Computer Inc. | 30,000 | $ | 75,848 | |||||
Realtek Semiconductor Corp. | 6,060 | 18,988 | ||||||
Ruentex Development Co. Ltd. | 10,586 | 15,843 | ||||||
Ruentex Industries Ltd. | 8,000 | 17,271 | ||||||
Shin Kong Financial Holding Co. Ltd. | 90,154 | 25,894 | ||||||
Siliconware Precision Industries Co. Ltd. | 40,000 | 71,199 | ||||||
SinoPac Financial Holdings Co. Ltd. | 70,656 | 28,910 | ||||||
Synnex Technology International Corp. | 18,000 | 26,279 | ||||||
Taishin Financial Holding Co. Ltd. | 90,023 | 38,555 | ||||||
Taiwan Cement Corp. | 40,000 | 54,705 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 73,660 | 37,880 | ||||||
Taiwan Fertilizer Co. Ltd. | 10,000 | 17,354 | ||||||
Taiwan Glass Industry Corp. | 10,000 | 7,419 | ||||||
Taiwan Mobile Co. Ltd. | 20,000 | 68,460 | ||||||
Teco Electric and Machinery Co. Ltd. | 20,000 | 20,474 | ||||||
U-Ming Marine Transport Corp. | 10,000 | 15,141 | ||||||
Unimicron Technology Corp. | 20,000 | 13,469 | ||||||
United Microelectronics Corp. | 140,000 | 71,326 | ||||||
Walsin Lihwa Corp.a | 50,000 | 16,001 | ||||||
Wistron Corp. | 31,518 | 29,757 | ||||||
WPG Holdings Ltd. | 10,000 | 12,832 | ||||||
Yuanta Financial Holding Co. Ltd. | 98,500 | 49,869 | ||||||
|
| |||||||
2,891,116 | ||||||||
THAILAND — 2.47% |
| |||||||
Bangkok Bank PCL Foreign | 3,000 | 17,074 | ||||||
Bangkok Bank PCL NVDR | 3,600 | 20,377 | ||||||
Banpu PCL NVDR | 12,300 | 11,509 | ||||||
BEC World PCL NVDRb | 11,000 | 15,991 | ||||||
BTS Group Holdings PCL NVDR | 65,000 | 19,301 | ||||||
Delta Electronics Thailand PCL NVDR | 6,000 | 12,945 | ||||||
Kasikornbank PCL NVDR | 7,000 | 46,984 | ||||||
Krung Thai Bank PCL NVDRb | 46,000 | 32,441 | ||||||
PTT Exploration & Production PCL NVDR | 16,400 | 57,321 | ||||||
PTT Global Chemical PCL NVDR | 19,200 | 33,257 | ||||||
PTT PCL NVDR | 11,000 | 116,703 | ||||||
Siam Cement PCL (The) Foreign | 3,800 | 60,415 | ||||||
Siam Cement PCL (The) NVDR | 1,000 | 16,208 | ||||||
Siam Commercial Bank PCL (The) NVDR | 9,000 | 47,185 | ||||||
Thai Oil PCL NVDR | 9,400 | 15,264 |
60 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE ETF
February 28, 2015
Security | Shares | Value | ||||||
True Corp. PCL NVDRa | 35,492 | $ | 16,028 | |||||
|
| |||||||
539,003 | ||||||||
TURKEY — 1.66% |
| |||||||
Akbank TAS | 7,254 | 23,651 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii ASa | 1,580 | 12,879 | ||||||
Arcelik AS | 2,770 | 16,686 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 22,280 | 27,728 | ||||||
Enka Insaat ve Sanayi AS | 5,433 | 11,060 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 10,670 | 17,904 | ||||||
Haci Omer Sabanci Holding AS | 7,360 | 28,328 | ||||||
KOC Holding AS | 7,630 | 35,495 | ||||||
Petkim Petrokimya Holding AS | 4,690 | 7,124 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,420 | 9,260 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 730 | 15,384 | ||||||
Turkcell Iletisim Hizmetleri ASa | 4,790 | 25,045 | ||||||
Turkiye Halk Bankasi AS | 6,950 | 41,313 | ||||||
Turkiye Is Bankasi Class C | 18,100 | 45,268 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 5,268 | 7,750 | ||||||
Turkiye Vakiflar Bankasi Tao Class D | 8,488 | 17,752 | ||||||
Yapi ve Kredi Bankasi AS | 9,970 | 18,394 | ||||||
|
| |||||||
361,021 | ||||||||
UNITED ARAB EMIRATES — 0.79% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 8,530 | 17,883 | ||||||
Aldar Properties PJSC | 36,860 | 26,395 | ||||||
DP World Ltd. | 970 | 20,564 | ||||||
Dubai Islamic Bank PJSC | 5,940 | 10,836 | ||||||
Emaar Properties PJSC | 13,640 | 28,039 | ||||||
First Gulf Bank PJSC | 8,410 | 40,874 | ||||||
National Bank of Abu Dhabi PJSC | 7,340 | 27,280 | ||||||
|
| |||||||
171,871 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $21,450,118) |
| 20,427,417 | ||||||
PREFERRED STOCKS — 5.83% |
| |||||||
BRAZIL — 4.02% |
| |||||||
AES Tiete SA | 1,000 | 6,050 | ||||||
Banco Bradesco SA | 16,000 | 210,398 | ||||||
Banco do Estado do Rio Grande do Sul SA Class B | 2,000 | 8,904 | ||||||
Bradespar SA | 3,000 | 13,891 | ||||||
Braskem SA Class A | 2,000 | 8,953 |
Security | Shares | Value | ||||||
Centrais Eletricas Brasileiras SA Class B | 3,000 | $ | 7,271 | |||||
Cia. Energetica de Minas Gerais | 8,395 | 38,109 | ||||||
Cia. Energetica de Sao Paulo Class B | 2,000 | 16,472 | ||||||
Cia. Paranaense de Energia Class B | 1,000 | 12,066 | ||||||
Gerdau SA | 10,000 | 35,568 | ||||||
Itausa – Investimentos Itau SA | 37,496 | 132,315 | ||||||
Metalurgica Gerdau SA | 3,000 | 11,709 | ||||||
Oi SA | 3,500 | 7,271 | ||||||
Petroleo Brasileiro SA | 48,200 | 161,321 | ||||||
Telefonica Brasil SA | 3,000 | 55,513 | ||||||
Usinas Siderurgicas de Minas Gerais SA Class A | 3,000 | 4,333 | ||||||
Vale SA | 22,400 | 145,006 | ||||||
|
| |||||||
875,150 | ||||||||
CHILE — 0.04% |
| |||||||
Embotelladora Andina SA Class B | 3,330 | 9,288 | ||||||
|
| |||||||
9,288 | ||||||||
COLOMBIA — 0.11% |
| |||||||
Grupo Argos SA/Colombia | 1,108 | 8,263 | ||||||
Grupo de Inversiones Suramericana SA | 1,150 | 16,091 | ||||||
|
| |||||||
24,354 | ||||||||
RUSSIA — 0.24% |
| |||||||
Surgutneftegas OAO | 81,000 | 50,712 | ||||||
|
| |||||||
50,712 | ||||||||
SOUTH KOREA — 1.42% |
| |||||||
Hyundai Motor Co. | 272 | 27,137 | ||||||
Hyundai Motor Co. Series 2 | 440 | 45,501 | ||||||
LG Chem Ltd. | 80 | 11,808 | ||||||
Samsung Electronics Co. Ltd. | 236 | 225,346 | ||||||
|
| |||||||
309,792 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $1,945,140) |
| 1,269,296 | ||||||
RIGHTS — 0.00% |
| |||||||
BRAZIL — 0.00% |
| |||||||
Itausa – Investimentos Itau SAa | 275 | 327 | ||||||
|
| |||||||
327 | ||||||||
MALAYSIA — 0.00% |
| |||||||
Malaysia Airports Holdings Bhda | 600 | 314 | ||||||
|
| |||||||
314 |
CONSOLIDATED SCHEDULESOF INVESTMENTS | 61 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS VALUE ETF
February 28, 2015
Security | Shares | Value | ||||||
SOUTH KOREA — 0.00% |
| |||||||
Hyundai Merchant Marine Co. Ltd.a | 47 | $ | 76 | |||||
|
| |||||||
76 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 717 | ||||||
SHORT-TERM INVESTMENTS — 2.20% |
| |||||||
MONEY MARKET FUNDS — 2.20% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | ||||||||
0.16%d,e,f | 452,008 | 452,008 | ||||||
BlackRock Cash Funds: Prime, SL Agency Shares | ||||||||
0.15%d,e,f | 26,381 | 26,381 | ||||||
|
| |||||||
478,389 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $478,389) |
| 478,389 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $23,873,647) |
| 22,175,819 | ||||||
Other Assets, Less Liabilities — (1.83)% |
| (399,256 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 21,776,563 | |||||
|
|
ADR — American Depositary Receipts
CPO — Certificates of Participation (Ordinary)
GDR — Global Depositary Receipts
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 1. |
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 1. |
See notes to consolidated financial statements.
62 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Statements of Assets and Liabilities (Unaudited)
iSHARES® , INC.
February 28, 2015
iShares MSCI BRIC ETF | iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Consumer Discretionary ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 296,067,370 | $ | 125,820,363 | $ | 5,120,544 | ||||||
Affiliated (Note 2) | 10,258,879 | 6,581,182 | 78,046 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 306,326,249 | $ | 132,401,545 | $ | 5,198,590 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 292,824,778 | $ | 132,874,200 | $ | 5,442,140 | ||||||
Affiliated (Note 2) | 10,258,879 | 6,581,182 | 78,046 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 303,083,657 | 139,455,382 | 5,520,186 | |||||||||
Foreign currency, at valueb | 374,185 | 96,498 | 7,262 | |||||||||
Cash | 129,624 | 107,469 | 314 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 973,474 | 700,119 | 80,711 | |||||||||
Dividends and interest | 281,395 | 321,468 | 17,182 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 304,842,335 | 140,680,936 | 5,625,655 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 955,704 | 733,277 | 81,793 | |||||||||
Collateral for securities on loan (Note 1) | 10,258,879 | 6,581,182 | 78,046 | |||||||||
Foreign taxes (Note 1) | — | 87 | — | |||||||||
Investment advisory fees (Note 2) | 151,729 | 49,473 | 2,846 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 11,366,312 | 7,364,019 | 162,685 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 293,476,023 | $ | 133,316,917 | $ | 5,462,970 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 493,146,689 | $ | 137,084,633 | $ | 6,088,418 | ||||||
Distributions in excess of net investment income | (429,001 | ) | (36,160 | ) | (35 | ) | ||||||
Accumulated net realized loss | (195,977,506 | ) | (10,785,728 | ) | (946,646 | ) | ||||||
Net unrealized appreciation (depreciation) | (3,264,159 | ) | 7,054,172 | 321,233 | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 293,476,023 | $ | 133,316,917 | $ | 5,462,970 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 7,900,000 | 2,200,000 | 100,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 37.15 | $ | 60.60 | $ | 54.63 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $9,590,341, $6,180,768 and $72,459, respectively. See Note 1. |
b | Cost of foreign currency: $382,439, $96,261 and $7,515, 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 | 63 |
Table of Contents
Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares MSCI Emerging Markets Energy Capped ETF | iShares MSCI Emerging Markets Growth ETF | iShares MSCI Emerging Markets Minimum Volatility ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 4,045,772 | $ | 5,011,607 | $ | 2,068,442,853 | ||||||
Affiliated (Note 2) | 64,908 | 97,221 | 76,022,372 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 4,110,680 | $ | 5,108,828 | $ | 2,144,465,225 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 2,875,370 | $ | 5,540,814 | $ | 2,119,331,380 | ||||||
Affiliated (Note 2) | 64,908 | 97,221 | 76,022,372 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 2,940,278 | 5,638,035 | 2,195,353,752 | |||||||||
Foreign currency, at valueb | 884 | 7,549 | 4,506,141 | |||||||||
Cash | — | 3,620 | 146,528 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 56,029 | 31,846 | 6,063,092 | |||||||||
Due from custodian (Note 4) | — | — | 186,332 | |||||||||
Dividends and interest | 3,748 | 10,080 | 4,123,547 | |||||||||
Capital shares sold | — | — | 6,574,801 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 3,000,939 | 5,691,130 | 2,216,954,193 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 53,085 | 31,374 | 12,829,230 | |||||||||
Deposit for capital contribution | — | — | 3,134,832 | |||||||||
Collateral for securities on loan (Note 1) | 62,614 | 97,221 | 71,051,730 | |||||||||
Investment advisory fees (Note 2) | 1,506 | 2,065 | 400,510 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 117,205 | 130,660 | 87,416,302 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 2,883,734 | $ | 5,560,470 | $ | 2,129,537,891 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 5,227,225 | $ | 5,931,623 | $ | 2,229,826,049 | ||||||
Undistributed (distributions in excess of) net investment income | (2,990 | ) | 1,037 | 466,532 | ||||||||
Accumulated net realized loss | (1,170,047 | ) | (901,083 | ) | (151,617,310 | ) | ||||||
Net unrealized appreciation (depreciation) | (1,170,454 | ) | 528,893 | 50,862,620 | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 2,883,734 | $ | 5,560,470 | $ | 2,129,537,891 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 100,000 | 100,000 | 36,400,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 28.84 | $ | 55.60 | $ | 58.50 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $58,314, $91,181 and $66,544,140, respectively. See Note 1. |
b | Cost of foreign currency: $916, $7,798 and $4,508,808, 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 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares MSCI Emerging Markets Small-Cap ETF | iShares MSCI Emerging Markets Value ETF | |||||||
ASSETS | ||||||||
Investments, at cost: | ||||||||
Unaffiliated | $ | 67,869,127 | $ | 23,395,258 | ||||
Affiliated (Note 2) | 6,501,959 | 478,389 | ||||||
|
|
|
| |||||
Total cost of investments | $ | 74,371,086 | $ | 23,873,647 | ||||
|
|
|
| |||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||
Unaffiliated | $ | 67,783,911 | $ | 21,697,430 | ||||
Affiliated (Note 2) | 6,501,959 | 478,389 | ||||||
|
|
|
| |||||
Total fair value of investments | 74,285,870 | 22,175,819 | ||||||
Foreign currency, at valueb | 66,813 | 23,468 | ||||||
Cash | 140,702 | 10,081 | ||||||
Receivables: | ||||||||
Investment securities sold | 662,981 | 33,282 | ||||||
Dividends and interest | 76,874 | 56,085 | ||||||
|
|
|
| |||||
Total Assets | 75,233,240 | 22,298,735 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Payables: | ||||||||
Investment securities purchased | 661,136 | 35,673 | ||||||
Collateral for securities on loan (Note 1) | 6,501,959 | 478,389 | ||||||
Foreign taxes (Note 1) | 20 | — | ||||||
Investment advisory fees (Note 2) | 34,519 | 8,110 | ||||||
|
|
|
| |||||
Total Liabilities | 7,197,634 | 522,172 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 68,035,606 | $ | 21,776,563 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 76,659,948 | $ | 24,845,732 | ||||
Distributions in excess of net investment income | (339,835 | ) | (24,567 | ) | ||||
Accumulated net realized loss | (8,198,619 | ) | (1,345,480 | ) | ||||
Net unrealized depreciation | (85,888 | ) | (1,699,122 | ) | ||||
|
|
|
| |||||
NET ASSETS | $ | 68,035,606 | $ | 21,776,563 | ||||
|
|
|
| |||||
Shares outstandingc | 1,450,000 | 500,000 | ||||||
|
|
|
| |||||
Net asset value per share | $ | 46.92 | $ | 43.55 | ||||
|
|
|
|
a | Securities on loan with values of $5,859,857 and $443,949, respectively. See Note 1. |
b | Cost of foreign currency: $66,817 and $24,122, respectively. |
c | $0.001 par value, number of shares authorized: 500 million and 500 million, respectively. |
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL STATEMENTS | 65 |
Table of Contents
Consolidated Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI BRIC ETF | iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Consumer Discretionary ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 2,782,022 | $ | 583,233 | $ | 40,174 | ||||||
Interest — unaffiliated | — | 3 | — | |||||||||
Interest — affiliated (Note 2) | 82 | 12 | — | |||||||||
Securities lending income — affiliated (Note 2) | 130,854 | 38,072 | 559 | |||||||||
|
|
|
|
|
| |||||||
2,912,958 | 621,320 | 40,733 | ||||||||||
Less: Other foreign taxes (Note 1) | — | (2,002 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 2,912,958 | 619,318 | 40,733 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 1,118,436 | 353,966 | 18,451 | |||||||||
Mauritius income taxes (Note 1) | 19,363 | — | — | |||||||||
Commitment fees (Note 7) | 1,618 | 211 | 8 | |||||||||
Interest expense (Note 7) | 234 | — | 17 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,139,651 | 354,177 | 18,476 | |||||||||
Less investment advisory fees waived (Note 2) | — | (98,902 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net expenses | 1,139,651 | 255,275 | 18,476 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 1,773,307 | 364,043 | 22,257 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (7,563,553 | ) | (342,197 | ) | (42,833 | ) | ||||||
In-kind redemptions — unaffiliated | 1,805,265 | — | — | |||||||||
Foreign currency transactions | (112,806 | ) | (13,906 | ) | (1,382 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized loss | (5,871,094 | ) | (356,103 | ) | (44,215 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (30,086,923 | ) | 722,283 | (626,637 | ) | |||||||
Translation of assets and liabilities in foreign currencies | (25,492 | ) | (92 | ) | (333 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (30,112,415 | ) | 722,191 | (626,970 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | (35,983,509 | ) | 366,088 | (671,185 | ) | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (34,210,202 | ) | $ | 730,131 | $ | (648,928 | ) | ||||
|
|
|
|
|
|
a | Net of foreign withholding tax of $218,290, $97,950 and $7,404, respectively. |
See notes to consolidated financial statements.
66 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI Emerging Markets Energy Capped ETF | iShares MSCI Emerging Markets Growth ETF | iShares MSCI Emerging Markets Minimum Volatility ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 19,664 | $ | 35,165 | $ | 15,836,812 | ||||||
Interest — unaffiliated | — | — | 163 | |||||||||
Interest — affiliated (Note 2) | — | — | 238 | |||||||||
Securities lending income — affiliated (Note 2) | 493 | 1,391 | 1,173,059 | |||||||||
|
|
|
|
|
| |||||||
20,157 | 36,556 | 17,010,272 | ||||||||||
Less: Other foreign taxes (Note 1) | — | — | (7,573 | ) | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 20,157 | 36,556 | 17,002,699 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 9,281 | 18,541 | 6,895,767 | |||||||||
Mauritius income taxes (Note 1) | — | — | 5,052 | |||||||||
Commitment fees (Note 7) | 6 | 10 | 1,095 | |||||||||
Interest expense (Note 7) | — | — | 3,155 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 9,287 | 18,551 | 6,905,069 | |||||||||
Less investment advisory fees waived (Note 2) | — | (5,181 | ) | (4,361,568 | ) | |||||||
|
|
|
|
|
| |||||||
Net expenses | 9,287 | 13,370 | 2,543,501 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 10,870 | 23,186 | 14,459,198 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (72,965 | ) | (146,391 | ) | (19,839,205 | ) | ||||||
In-kind redemptions — unaffiliated | — | — | 7,795,576 | |||||||||
Foreign currency transactions | (332 | ) | (975 | ) | (630,085 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized loss | (73,297 | ) | (147,366 | ) | (12,673,714 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (804,157 | ) | (183,285 | ) | (115,197,060 | ) | ||||||
Translation of assets and liabilities in foreign currencies | (12 | ) | (242 | ) | (36,058 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (804,169 | ) | (183,527 | ) | (115,233,118 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized loss | (877,466 | ) | (330,893 | ) | (127,906,832 | ) | ||||||
|
|
|
|
|
| |||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (866,596 | ) | $ | (307,707 | ) | $ | (113,447,634 | ) | |||
|
|
|
|
|
|
a | Net of foreign withholding tax of $2,760, $3,901 and $1,641,991, respectively. |
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL STATEMENTS | 67 |
Table of Contents
Consolidated Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI Emerging Markets Small-Cap ETF | iShares MSCI Emerging Markets Value ETF | |||||||
NET INVESTMENT INCOME | ||||||||
Dividends — unaffiliateda | $ | 288,953 | $ | 208,683 | ||||
Interest — unaffiliated | 2 | 2 | ||||||
Interest — affiliated (Note 2) | 4 | 1 | ||||||
Securities lending income — affiliated (Note 2) | 52,887 | 2,580 | ||||||
|
|
|
| |||||
341,846 | 211,266 | |||||||
Less: Other foreign taxes (Note 1) | (619 | ) | (645 | ) | ||||
|
|
|
| |||||
Total investment income | 341,227 | 210,621 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees (Note 2) | 156,563 | 75,615 | ||||||
Commitment fees (Note 7) | 75 | 41 | ||||||
Interest expense (Note 7) | 135 | 34 | ||||||
|
|
|
| |||||
Total expenses | 156,773 | 75,690 | ||||||
Less investment advisory fees waived (Note 2) | — | (21,128 | ) | |||||
|
|
|
| |||||
Net expenses | 156,773 | 54,562 | ||||||
|
|
|
| |||||
Net investment income | 184,454 | 156,059 | ||||||
|
|
|
| |||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated | (13,390 | ) | (111,272 | ) | ||||
Foreign currency transactions | (8,837 | ) | (5,666 | ) | ||||
|
|
|
| |||||
Net realized loss | (22,227 | ) | (116,938 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation on: | ||||||||
Investments | (2,428,488 | ) | (3,067,635 | ) | ||||
Translation of assets and liabilities in foreign currencies | (832 | ) | (1,080 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation | (2,429,320 | ) | (3,068,715 | ) | ||||
|
|
|
| |||||
Net realized and unrealized loss | (2,451,547 | ) | (3,185,653 | ) | ||||
|
|
|
| |||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,267,093 | ) | $ | (3,029,594 | ) | ||
|
|
|
|
a | Net of foreign withholding tax of $27,852 and $28,595, respectively. |
See notes to consolidated financial statements.
68 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI BRIC ETF | iShares MSCI Emerging Markets Asia ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,773,307 | $ | 10,441,817 | $ | 364,043 | $ | 1,029,865 | ||||||||
Net realized loss | (5,871,094 | ) | (15,454,106 | ) | (356,103 | ) | (135,653 | ) | ||||||||
Net change in unrealized appreciation/depreciation | (30,112,415 | ) | 84,789,618 | 722,191 | 7,842,979 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (34,210,202 | ) | 79,777,329 | 730,131 | 8,737,191 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (4,958,330 | ) | (7,905,401 | ) | (833,965 | ) | (898,216 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (4,958,330 | ) | (7,905,401 | ) | (833,965 | ) | (898,216 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 64,282 | 38,350,012 | 52,714,515 | 59,268,915 | ||||||||||||
Cost of shares redeemed | (78,584,226 | ) | (173,918,382 | ) | — | (17,742,448 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (78,519,944 | ) | (135,568,370 | ) | 52,714,515 | 41,526,467 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (117,688,476 | ) | (63,696,442 | ) | 52,610,681 | 49,365,442 | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 411,164,499 | 474,860,941 | 80,706,236 | 31,340,794 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 293,476,023 | $ | 411,164,499 | $ | 133,316,917 | $ | 80,706,236 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (429,001 | ) | $ | 2,756,022 | $ | (36,160 | ) | $ | 433,762 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | — | 950,000 | 900,000 | 1,000,000 | ||||||||||||
Shares redeemed | (2,100,000 | ) | (4,750,000 | ) | — | (300,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (2,100,000 | ) | (3,800,000 | ) | 900,000 | 700,000 | ||||||||||
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL STATEMENTS | 69 |
Table of Contents
Consolidated Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Emerging Markets Consumer Discretionary ETF | iShares MSCI Emerging Markets Energy Capped ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 22,257 | $ | 40,952 | $ | 10,870 | $ | 52,396 | ||||||||
Net realized loss | (44,215 | ) | (88,056 | ) | (73,297 | ) | (93,856 | ) | ||||||||
Net change in unrealized appreciation/depreciation | (626,970 | ) | 897,935 | (804,169 | ) | 249,936 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (648,928 | ) | 850,831 | (866,596 | ) | 208,476 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (34,054 | ) | (29,115 | ) | (33,981 | ) | (34,812 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (34,054 | ) | (29,115 | ) | (33,981 | ) | (34,812 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | — | 2,816,123 | 1,805,531 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets from capital share transactions | — | 2,816,123 | 1,805,531 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (682,982 | ) | 3,637,839 | 904,954 | 173,664 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 6,145,952 | 2,508,113 | 1,978,780 | 1,805,116 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,462,970 | $ | 6,145,952 | $ | 2,883,734 | $ | 1,978,780 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (35 | ) | $ | 11,762 | $ | (2,990 | ) | $ | 20,121 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED | ||||||||||||||||
Shares sold | — | 50,000 | 50,000 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares outstanding | — | 50,000 | 50,000 | — | ||||||||||||
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
70 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Emerging Markets Growth ETF | iShares MSCI Emerging Markets Minimum Volatility ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 23,186 | $ | 81,041 | $ | 14,459,198 | $ | 57,548,609 | ||||||||
Net realized loss | (147,366 | ) | (106,978 | ) | (12,673,714 | ) | (80,037,690 | ) | ||||||||
Net change in unrealized appreciation/depreciation | (183,527 | ) | 992,519 | (115,233,118 | ) | 311,606,077 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (307,707 | ) | 966,582 | (113,447,634 | ) | 289,116,996 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (49,536 | ) | (75,147 | ) | (28,501,574 | ) | (58,169,702 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (49,536 | ) | (75,147 | ) | (28,501,574 | ) | (58,169,702 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | — | — | 378,070,274 | 323,291,843 | ||||||||||||
Cost of shares redeemed | — | — | (186,946,485 | ) | (929,603,299 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | — | — | 191,123,789 | (606,311,456 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (357,243 | ) | 891,435 | 49,174,581 | (375,364,162 | ) | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 5,917,713 | 5,026,278 | 2,080,363,310 | 2,455,727,472 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,560,470 | $ | 5,917,713 | $ | 2,129,537,891 | $ | 2,080,363,310 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 1,037 | $ | 27,387 | $ | 466,532 | $ | 14,508,908 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | — | — | 6,400,000 | 5,300,000 | ||||||||||||
Shares redeemed | — | — | (3,300,000 | ) | (16,200,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | — | — | 3,100,000 | (10,900,000 | ) | |||||||||||
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL STATEMENTS | 71 |
Table of Contents
Consolidated Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Emerging Markets Small-Cap ETF | iShares MSCI Emerging Markets Value ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 184,454 | $ | 706,744 | $ | 156,059 | $ | 533,777 | ||||||||
Net realized gain (loss) | (22,227 | ) | 338,522 | (116,938 | ) | (258,642 | ) | |||||||||
Net change in unrealized appreciation/depreciation | (2,429,320 | ) | 5,681,431 | (3,068,715 | ) | 2,860,897 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (2,267,093 | ) | 6,726,697 | (3,029,594 | ) | 3,136,032 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (786,482 | ) | (736,376 | ) | (379,744 | ) | (388,580 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (786,482 | ) | (736,376 | ) | (379,744 | ) | (388,580 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 27,423,296 | 7,031,811 | — | 11,651,839 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets from capital share transactions | 27,423,296 | 7,031,811 | — | 11,651,839 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | 24,369,721 | 13,022,132 | (3,409,338 | ) | 14,399,291 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 43,665,885 | 30,643,753 | 25,185,901 | 10,786,610 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 68,035,606 | $ | 43,665,885 | $ | 21,776,563 | $ | 25,185,901 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (339,835 | ) | $ | 262,193 | $ | (24,567 | ) | $ | 199,118 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED | ||||||||||||||||
Shares sold | 600,000 | 150,000 | — | 250,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares outstanding | 600,000 | 150,000 | — | 250,000 | ||||||||||||
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
72 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI BRIC ETF | ||||||||||||||||||||||||
Six months (Unaudited) | Year ended (Consolidated) | Year ended (Consolidated) | Year ended (Consolidated) | Year ended (Consolidated) | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 41.12 | $ | 34.41 | $ | 35.68 | $ | 42.25 | $ | 42.94 | $ | 37.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.20 | 0.89 | 0.84 | 0.98 | 0.89 | 0.66 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (3.59 | ) | 6.53 | (1.25 | ) | (6.62 | ) | (0.58 | ) | 5.35 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (3.39 | ) | 7.42 | (0.41 | ) | (5.64 | ) | 0.31 | 6.01 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.58 | ) | (0.71 | ) | (0.86 | ) | (0.93 | ) | (1.00 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.58 | ) | (0.71 | ) | (0.86 | ) | (0.93 | ) | (1.00 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 37.15 | $ | 41.12 | $ | 34.41 | $ | 35.68 | $ | 42.25 | $ | 42.94 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (8.13 | )%c | �� | 21.73 | % | (1.17 | )% | (13.33 | )% | 0.49 | % | 15.95 | % | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 293,476 | $ | 411,164 | $ | 474,861 | $ | 685,149 | $ | 866,194 | $ | 946,814 | ||||||||||||
Ratio of expenses to average net assetsd | 0.69 | % | 0.68 | % | 0.67 | % | 0.69 | % | 0.67 | % | 0.69 | % | ||||||||||||
Ratio of expenses to average net assets prior to waived feesd | n/a | n/a | n/a | n/a | 0.67 | % | n/a | |||||||||||||||||
Ratio of net investment income to average net assetsd | 1.08 | % | 2.38 | % | 2.18 | % | 2.55 | % | 1.86 | % | 1.52 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 10 | % | 10 | % | 32 | % | 13 | % | 9 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | 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, 2015, the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011 and August 31, 2010 were 3%, 6%, 9%, 20%, 10% and 8%, respectively. See Note 4. |
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL HIGHLIGHTS | 73 |
Table of Contents
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Asia ETF | ||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 62.08 | $ | 52.23 | $ | 50.18 | $ | 54.71 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.20 | 1.36 | 1.15 | 0.87 | ||||||||||||
Net realized and unrealized gain (loss)c | (1.22 | ) | 9.75 | 1.82 | (4.99 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (1.02 | ) | 11.11 | 2.97 | (4.12 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.46 | ) | (1.26 | ) | (0.92 | ) | (0.41 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.46 | ) | (1.26 | ) | (0.92 | ) | (0.41 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 60.60 | $ | 62.08 | $ | 52.23 | $ | 50.18 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (1.60 | )%d | 21.54 | %e | 5.88 | % | (7.52 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 133,317 | $ | 80,706 | $ | 31,341 | $ | 20,071 | ||||||||
Ratio of expenses to average net assetsf | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||
Ratio of expenses to average net assets prior to waived feesf | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||
Ratio of net investment income to average net assetsf | 0.70 | % | 2.36 | % | 2.09 | % | 3.05 | % | ||||||||
Portfolio turnover rateg | 3 | % | 33 | % | 174 | % | 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. |
d | Not annualized. |
e | Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 21.46%. |
f | Annualized for periods of less than one year. |
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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012, were 3%, 33%, 21% and 3%, respectively. See Note 4. |
See notes to consolidated financial statements.
74 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Consumer Discretionary ETF |
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 61.46 | $ | 50.16 | $ | 48.48 | $ | 51.54 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.22 | 0.44 | 0.39 | 0.26 | ||||||||||||
Net realized and unrealized gain (loss)c | (6.71 | ) | 11.15 | 1.90 | (3.19 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (6.49 | ) | 11.59 | 2.29 | (2.93 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.34 | ) | (0.29 | ) | (0.61 | ) | (0.13 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.34 | ) | (0.29 | ) | (0.61 | ) | (0.13 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 54.63 | $ | 61.46 | $ | 50.16 | $ | 48.48 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (10.55 | )%d | 23.16 | % | 4.73 | % | (5.68 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 5,463 | $ | 6,146 | $ | 2,508 | $ | 2,424 | ||||||||
Ratio of expenses to average net assetse | 0.68 | % | 0.67 | % | 0.67 | % | 0.68 | % | ||||||||
Ratio of net investment income to average net assetse | 0.82 | % | 0.79 | % | 0.76 | % | 0.94 | % | ||||||||
Portfolio turnover ratef | 4 | % | 10 | % | 10 | % | 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. |
d | Not annualized. |
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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 4%, 10%, 10%, and 5%, respectively. See Note 4. |
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL HIGHLIGHTS | 75 |
Table of Contents
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Energy Capped ETF |
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 39.58 | $ | 36.10 | $ | 40.16 | $ | 51.12 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.12 | 1.05 | 1.04 | 1.05 | ||||||||||||
Net realized and unrealized gain (loss)c | (10.52 | ) | 3.13 | (4.16 | ) | (11.14 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (10.40 | ) | 4.18 | (3.12 | ) | (10.09 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.34 | ) | (0.70 | ) | (0.94 | ) | (0.84 | ) | ||||||||
Return of capital | — | — | — | (0.03 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.34 | ) | (0.70 | ) | (0.94 | ) | (0.87 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 28.84 | $ | 39.58 | $ | 36.10 | $ | 40.16 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (26.24 | )%d | 11.65 | % | (7.73 | )% | (19.71 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 2,884 | $ | 1,979 | $ | 1,805 | $ | 2,008 | ||||||||
Ratio of expenses to average net assetse | 0.68 | % | 0.67 | % | 0.67 | % | 0.68 | % | ||||||||
Ratio of net investment income to average net assetse | 0.80 | % | 2.79 | % | 2.56 | % | 4.23 | % | ||||||||
Portfolio turnover ratef | 5 | % | 15 | % | 7 | % | 29 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered 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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 5%, 15%, 7% and 3%, respectively. See Note 4. |
See notes to consolidated financial statements.
76 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Growth ETF | ||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 59.18 | $ | 50.26 | $ | 50.60 | $ | 54.24 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.23 | 0.81 | 0.85 | 0.66 | ||||||||||||
Net realized and unrealized gain (loss)c | (3.31 | ) | 8.86 | 0.13 | (3.87 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (3.08 | ) | 9.67 | 0.98 | (3.21 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.50 | ) | (0.75 | ) | (1.32 | ) | (0.43 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.50 | ) | (0.75 | ) | (1.32 | ) | (0.43 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 55.60 | $ | 59.18 | $ | 50.26 | $ | 50.60 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (5.12 | )%d | 19.36 | % | 1.76 | % | (5.90 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 5,560 | $ | 5,918 | $ | 5,026 | $ | 10,121 | ||||||||
Ratio of expenses to average net assetse | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||
Ratio of expenses to average net assets prior to waived feese | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||
Ratio of net investment income to average net assetse | 0.85 | % | 1.47 | % | 1.59 | % | 2.27 | % | ||||||||
Portfolio turnover ratef | 15 | % | 26 | % | 64 | % | 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. |
d | Not annualized. |
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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 15%, 26%, 28% and 12%, respectively. See Note 4. |
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL HIGHLIGHTS | 77 |
Table of Contents
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Minimum Volatility ETF |
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 62.47 | $ | 55.56 | $ | 55.32 | $ | 49.30 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.42 | 1.51 | 1.85 | 1.93 | ||||||||||||
Net realized and unrealized gain (loss)c | (3.57 | ) | 6.94 | (0.60 | ) | 5.41 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (3.15 | ) | 8.45 | 1.25 | 7.34 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.82 | ) | (1.54 | ) | (1.01 | ) | (1.32 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.82 | ) | (1.54 | ) | (1.01 | ) | (1.32 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 58.50 | $ | 62.47 | $ | 55.56 | $ | 55.32 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (4.97 | )%d | 15.44 | % | 2.22 | % | 15.16 | %d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 2,129,538 | $ | 2,080,363 | $ | 2,455,727 | $ | 387,227 | ||||||||
Ratio of expenses to average net assetse | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||
Ratio of expenses to average net assets prior to waived feese | 0.68 | % | 0.67 | % | 0.67 | % | 0.69 | % | ||||||||
Ratio of net investment income to average net assetse | 1.43 | % | 2.58 | % | 3.13 | % | 4.08 | % | ||||||||
Portfolio turnover ratef | 17 | % | 34 | % | 23 | % | 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. |
d | Not annualized. |
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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 12%, 26%, 23% and 16%, respectively. See Note 4. |
See notes to consolidated financial statements.
78 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Small-Cap ETF | ||||||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Year ended Aug. 31, 2012 | Period from to Aug. 31, 2011 | ||||||||||||||||
Net asset value, beginning of period | $ | 51.37 | $ | 43.78 | $ | 43.44 | $ | 49.60 | $ | 50.54 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income from investment operations: | ||||||||||||||||||||
Net investment incomeb | 0.19 | 0.93 | 1.07 | 0.50 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss)c | (3.71 | ) | 7.67 | 1.13 | (5.52 | ) | (1.01 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (3.52 | ) | 8.60 | 2.20 | (5.02 | ) | (0.94 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.93 | ) | (1.01 | ) | (1.86 | ) | (1.14 | ) | – | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.93 | ) | (1.01 | ) | (1.86 | ) | (1.14 | ) | – | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, end of period | $ | 46.92 | $ | 51.37 | $ | 43.78 | $ | 43.44 | $ | 49.60 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total return | (6.73 | )%d | 19.92 | %e | 4.85 | % | (9.98 | )% | (1.86 | )%d | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 68,036 | $ | 43,666 | $ | 30,644 | $ | 8,689 | $ | 69,443 | ||||||||||
Ratio of expenses to average net assetsf | 0.68 | % | 0.67 | % | 0.67 | % | 0.69 | % | 0.69 | % | ||||||||||
Ratio of net investment income to average net assetsf | 0.80 | % | 1.93 | % | 2.26 | % | 1.13 | % | 3.33 | % | ||||||||||
Portfolio turnover rateg | 10 | % | 20 | % | 21 | % | 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. |
d | Not annualized. |
e | Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 19.73%. |
f | Annualized for periods of less than one year. |
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, 2015, the years ended August 31, 2014, August 31, 2013, August 31, 2012 and the period ended August 31, 2011 were 10%, 20%, 21%, 17% and 2%, respectively. See Note 4. |
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL HIGHLIGHTS | 79 |
Table of Contents
Consolidated Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Value ETF | ||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 50.37 | $ | 43.15 | $ | 45.30 | $ | 52.58 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.31 | 1.36 | 1.34 | 1.00 | ||||||||||||
Net realized and unrealized gain (loss)c | (6.37 | ) | 6.83 | (2.11 | ) | (7.54 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (6.06 | ) | 8.19 | (0.77 | ) | (6.54 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.76 | ) | (0.97 | ) | (1.38 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.76 | ) | (0.97 | ) | (1.38 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 43.55 | $ | 50.37 | $ | 43.15 | $ | 45.30 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (11.97 | )%d | 19.20 | % | (1.83 | )% | (12.41 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 21,777 | $ | 25,186 | $ | 10,787 | $ | 9,061 | ||||||||
Ratio of expenses to average net assetse | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||
Ratio of expenses to average net assets prior to waived feese | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||
Ratio of net investment income to average net assetse | 1.40 | % | 2.94 | % | 2.84 | % | 3.73 | % | ||||||||
Portfolio turnover ratef | 14 | % | 25 | % | 47 | % | 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. |
d | Not annualized. |
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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 14%, 25%, 26% and 12%, respectively. See Note 4. |
See notes to consolidated financial statements.
80 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
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 ETF | Diversification Classification | |||
MSCI BRIC | Diversified | |||
MSCI Emerging Markets Asia | Diversified | |||
MSCI Emerging Markets Consumer Discretionary | Non-diversified | |||
MSCI Emerging Markets Energy Capped | Non-diversified |
iShares ETF | Diversification Classification | |||
MSCI Emerging Markets Growth | Non-diversified | |||
MSCI Emerging Markets Minimum Volatility | Diversified | |||
MSCI Emerging Markets Small-Cap | Diversified | |||
MSCI Emerging Markets Value | Non-diversified |
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. Intercompany accounts and transactions, if any, have been eliminated.
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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant
81 |
Table of Contents
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
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 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, reviews of 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 is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
82 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective consolidated schedule of investments.
iShares ETF and
| Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI BRIC | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 267,733,042 | $ | 860,132 | $ | — | $ | 268,593,174 | ||||||||
Preferred Stocks | 24,226,499 | — | — | 24,226,499 | ||||||||||||
Rights | 5,105 | — | — | 5,105 | ||||||||||||
Money Market Funds | 10,258,879 | — | — | 10,258,879 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 302,223,525 | $ | 860,132 | $ | — | $ | 303,083,657 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Emerging Markets Asia | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 131,274,377 | $ | 200,352 | $ | — | $ | 131,474,729 | ||||||||
Preferred Stocks | 1,391,124 | — | — | 1,391,124 | ||||||||||||
Rights | 8,347 | — | — | 8,347 | ||||||||||||
Money Market Funds | 6,581,182 | — | — | 6,581,182 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 139,255,030 | $ | 200,352 | $ | — | $ | 139,455,382 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Emerging Markets Consumer Discretionary | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 5,305,461 | $ | — | $ | — | $ | 5,305,461 | ||||||||
Preferred Stocks | 136,679 | — | — | 136,679 | ||||||||||||
Money Market Funds | 78,046 | — | — | 78,046 | ||||||||||||
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|
|
|
|
|
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| |||||||||
$ | 5,520,186 | $ | — | $ | — | $ | 5,520,186 | |||||||||
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MSCI Emerging Markets Energy Capped | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 2,701,430 | $ | — | $ | — | $ | 2,701,430 | ||||||||
Preferred Stocks | 173,940 | — | — | 173,940 | ||||||||||||
Money Market Funds | 64,908 | — | — | 64,908 | ||||||||||||
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|
| |||||||||
$ | 2,940,278 | $ | — | $ | — | $ | 2,940,278 | |||||||||
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MSCI Emerging Markets Growth | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 5,340,083 | $ | 12,666 | $ | — | $ | 5,352,749 | ||||||||
Preferred Stocks | 187,598 | — | — | 187,598 | ||||||||||||
Rights | 467 | — | — | 467 | ||||||||||||
Money Market Funds | 97,221 | — | — | 97,221 | ||||||||||||
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$ | 5,625,369 | $ | 12,666 | $ | — | $ | 5,638,035 | |||||||||
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| |||||||||
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iSHARES®, INC.
iShares ETF and
| Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Emerging Markets Minimum Volatility | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 2,077,535,122 | $ | — | $ | — | $ | 2,077,535,122 | ||||||||
Preferred Stocks | 41,796,258 | — | — | 41,796,258 | ||||||||||||
Money Market Funds | 76,022,372 | — | — | 76,022,372 | ||||||||||||
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| |||||||||
$ | 2,195,353,752 | $ | — | $ | — | $ | 2,195,353,752 | |||||||||
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| |||||||||
MSCI Emerging Markets Small-Cap | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 67,294,633 | $ | 157,507 | $ | 4,004 | $ | 67,456,144 | ||||||||
Preferred Stocks | 319,528 | — | — | 319,528 | ||||||||||||
Rights | 537 | 5,975 | — | 6,512 | ||||||||||||
Warrants | 1,727 | 0 | a | — | 1,727 | |||||||||||
Money Market Funds | 6,501,959 | — | — | 6,501,959 | ||||||||||||
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|
|
|
|
| |||||||||
$ | 74,118,384 | $ | 163,482 | $ | 4,004 | $ | 74,285,870 | |||||||||
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|
| |||||||||
MSCI Emerging Markets Value | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 20,427,402 | $ | — | $ | 15 | $ | 20,427,417 | ||||||||
Preferred Stocks | 1,269,296 | — | — | 1,269,296 | ||||||||||||
Rights | 717 | — | — | 717 | ||||||||||||
Money Market Funds | 478,389 | — | — | 478,389 | ||||||||||||
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| |||||||||
$ | 22,175,804 | $ | — | $ | 15 | $ | 22,175,819 | |||||||||
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a | Rounds to less than $1. |
The iShares MSCI Emerging Markets Small-Cap ETF had transfers from Level 2 to Level 1 during the six months ended February 28, 2015 in the amount of $547,036, resulting from the resumption of trading after temporary suspensions.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
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iSHARES®, INC.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, 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 or deferred as of February 28, 2015, 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”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a tax residence certificate from the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, 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. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Further, each Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.
However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Funds’ investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of each Fund, such an interpretation, amendment, or override renegotiation may cause the Funds to incur capital gains tax in India.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and
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iSHARES®, INC.
any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the consolidated statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the consolidated statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
MSCI BRIC | $ | 9,590,341 | $ | 9,590,341 | $ | — | ||||||
MSCI Emerging Markets Asia | 6,180,768 | 6,180,768 | — | |||||||||
MSCI Emerging Markets Consumer Discretionary | 72,459 | 72,459 | — | |||||||||
MSCI Emerging Markets Energy Capped | 58,314 | 58,314 | — | |||||||||
MSCI Emerging Markets Growth | 91,181 | 91,181 | — | |||||||||
MSCI Emerging Markets Minimum Volatility | 66,544,140 | 66,544,140 | — | |||||||||
MSCI Emerging Markets Small-Cap | 5,859,857 | 5,859,857 | — | |||||||||
MSCI Emerging Markets Value | 443,949 | 443,949 | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s consolidated statement of assets and liabilities. |
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iSHARES®, INC.
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
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, iShares MSCI Emerging Markets Energy Capped, iShares MSCI Emerging Markets Minimum Volatility and iShares MSCI Emerging Markets Small-Cap ETFs, 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 | ||||
0.54 | Over $42 billion, up to and including $56 billion | ||||
0.47 | Over $56 billion, up to and including $70 billion | ||||
0.41 | Over $70 billion, up to and including $84 billion | ||||
0.35 | Over $84 billion |
The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expense. For the iShares MSCI Emerging Markets Minimum Volatility ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in order to limit total annual operating expenses to 0.25% of average daily net assets.
For its investment advisory services to each of the iShares MSCI Emerging Markets Asia, iShares MSCI Emerging Markets Growth and iShares MSCI Emerging Markets Value ETFs, BFA is entitled to an annual investment advisory fee of 0.68% based on the average daily net assets of each Fund. BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through December 31, 2015 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”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As
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iSHARES®, INC.
securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
For the six months ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
iShares ETF | Fees Paid to BTC | |||
MSCI BRIC | $ | 40,342 | ||
MSCI Emerging Markets Asia | 11,325 | |||
MSCI Emerging Markets Consumer Discretionary | 178 | |||
MSCI Emerging Markets Energy Capped | 151 |
iShares ETF | Fees Paid to BTC | |||
MSCI Emerging Markets Growth | $ | 423 | ||
MSCI Emerging Markets Minimum Volatility | 342,556 | |||
MSCI Emerging Markets Small-Cap | 15,980 | |||
MSCI Emerging Markets Value | 769 |
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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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.
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iSHARES®, INC.
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, 2015 were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI BRIC | $ | 10,709,232 | $ | 47,356,021 | ||||
MSCI Emerging Markets Asia | 50,573,870 | 2,792,612 | ||||||
MSCI Emerging Markets Consumer Discretionary | 206,763 | 222,365 | ||||||
MSCI Emerging Markets Energy Capped | 802,657 | 129,596 | ||||||
MSCI Emerging Markets Growth | 828,446 | 854,972 | ||||||
MSCI Emerging Markets Minimum Volatility | 449,828,296 | 355,409,599 | ||||||
MSCI Emerging Markets Small-Cap | 31,513,642 | 4,735,144 | ||||||
MSCI Emerging Markets Value | 3,084,132 | 3,310,511 |
In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI BRIC | $ | — | $ | 44,911,846 | ||||
MSCI Emerging Markets Asia | 4,267,388 | — | ||||||
MSCI Emerging Markets Energy Capped | 1,103,340 | — | ||||||
MSCI Emerging Markets Minimum Volatility | 165,978,918 | 83,239,261 |
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 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the consolidated statements of changes in net assets.
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.
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iSHARES®, INC.
5. | MARKET AND CREDIT RISK |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s consolidated schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its consolidated schedule of investments.
Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
The iShares MSCI Emerging Markets Consumer Discretionary ETF and iShares MSCI Emerging Markets Energy Capped ETF each invests substantially all of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Energy Capped ETF, iShares MSCI Emerging Markets Growth ETF, iShares MSCI Emerging Markets Minimum Volatility ETF, iShares MSCI Emerging Markets Small-Cap ETF and iShares MSCI Emerging Markets Value ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of
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iSHARES®, INC.
further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its consolidated statement of assets and liabilities.
6. | INCOME TAX INFORMATION |
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.
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, 2014, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non- Expiring a | Expiring 2017 | Expiring 2018 | Expiring 2019 | Total | |||||||||||||||
MSCI BRIC | $ | 141,120,103 | $ | 1,540,740 | $ | 11,268,086 | $ | 7,760,558 | $ | 161,689,487 | ||||||||||
MSCI Emerging Markets Asia | 9,289,694 | — | — | — | 9,289,694 | |||||||||||||||
MSCI Emerging Markets Consumer Discretionary | 811,736 | — | — | — | 811,736 | |||||||||||||||
MSCI Emerging Markets Energy Capped | 996,570 | — | — | — | 996,570 | |||||||||||||||
MSCI Emerging Markets Growth | 627,663 | — | — | — | 627,663 | |||||||||||||||
MSCI Emerging Markets Minimum Volatility | 15,978,688 | — | — | — | 15,978,688 | |||||||||||||||
MSCI Emerging Markets Small-Cap | 8,080,278 | — | — | — | 8,080,278 | |||||||||||||||
MSCI Emerging Markets Value | 511,452 | — | — | — | 511,452 |
a | Must be utilized prior to losses subject to expiration. |
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Notes to Consolidated 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, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI BRIC | $ | 318,315,268 | $ | 57,702,439 | $ | (72,934,050 | ) | $ | (15,231,611 | ) | ||||||
MSCI Emerging Markets Asia | 133,630,661 | 12,554,684 | (6,729,963 | ) | 5,824,721 | |||||||||||
MSCI Emerging Markets Consumer Discretionary | 5,205,126 | 985,333 | (670,273 | ) | 315,060 | |||||||||||
MSCI Emerging Markets Energy Capped | 4,129,379 | 27,390 | (1,216,491 | ) | (1,189,101 | ) | ||||||||||
MSCI Emerging Markets Growth | 5,133,474 | 1,020,846 | (516,285 | ) | 504,561 | |||||||||||
MSCI Emerging Markets Minimum Volatility | 2,172,567,759 | 198,834,313 | (176,048,320 | ) | 22,785,993 | |||||||||||
MSCI Emerging Markets Small-Cap | 74,844,160 | 6,484,031 | (7,042,321 | ) | (558,290 | ) | ||||||||||
MSCI Emerging Markets Value | 24,449,585 | 1,639,300 | (3,913,066 | ) | (2,273,766 | ) |
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.
7. | LINE OF CREDIT |
The Funds, along with certain other iShares funds, are parties to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. 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 securities of certain foreign markets.
For the six months ended February 28, 2015, the maximum amounts borrowed, the average borrowings and the weighted average interest rates, if any, under the credit agreement were as follows:
iShares ETF | Maximum Amount Borrowed | Average Borrowings | Weighted Average Interest Rates | |||||||||
MSCI BRIC | $ | 1,035,600 | $ | 40,051 | 1.16 | % | ||||||
MSCI Emerging Markets Consumer Discretionary | 75,500 | 2,920 | 1.16 | |||||||||
MSCI Emerging Markets Minimum Volatility | 11,704,000 | 541,039 | 1.16 | |||||||||
MSCI Emerging Markets Small-Cap | 600,000 | 23,204 | 1.16 | |||||||||
MSCI Emerging Markets Value | 150,000 | 5,801 | 1.16 |
92 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The iShares MSCI Emerging Markets Asia ETF, the iShares MSCI Emerging Markets Energy Capped ETF, and the iShares MSCI Emerging Markets Growth ETF did not borrow under the credit agreement during the six months ended February 28, 2015.
8. | SUBSEQUENT EVENTS |
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.
93 |
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Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI BRIC | $ | 0.530924 | $ | — | $ | 0.045626 | $ | 0.576550 | 92 | % | — | % | 8 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets Asia | 0.386083 | — | 0.077231 | 0.463314 | 83 | — | 17 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Consumer Discretionary | 0.230353 | — | 0.110187 | 0.340540 | 68 | — | 32 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Energy Capped | 0.289606 | — | 0.050204 | 0.339810 | 85 | — | 15 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Growth | 0.474443 | — | 0.020917 | 0.495360 | 96 | — | 4 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Minimum Volatility | 0.720185 | — | 0.101186 | 0.821371 | 88 | — | 12 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Small-Cap | 0.885678 | — | 0.039595 | 0.925273 | 96 | — | 4 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Value | 0.669960 | — | 0.089528 | 0.759488 | 88 | — | 12 | 100 |
94 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
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 basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-810-0215
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Table of Contents
FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
Ø | iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | NYSE Arca |
Ø | iShares MSCI Emerging Markets ETF | EEM | NYSE Arca |
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Table of Contents
iSHARES® CURRENCY HEDGED MSCI EMERGING MARKETS ETF
Performance as of February 28, 2015
The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”).
The Index applies a one-month forward rate to the total value of the non-U.S. dollar denominated securities included in the Index to effectively create a “hedge” against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the “hedging” component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund’s exposure to the component currencies.
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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF. For the period from September 23, 2014 (inception date of the Fund) through February 28, 2015, the total return for the Fund was 2.08%, net of fees, while the total return for the Index was 1.69%.
Cumulative Total Returns | ||||||||||||
NAV | MARKET | INDEX | ||||||||||
Since Inception | 2.08% | 2.20% | 1.69% |
The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/23/14) a | Ending Account Value (2/28/15) | Expenses Paid During Period b,c | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period b,c | Annualized Expense Ratio b | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,020.80 | $ | 0.17 | $ | 1,000.00 | $ | 1,024.60 | $ | 0.20 | 0.04% |
a | The beginning of the period (commencement of operations) is September 23, 2014. |
b | Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
c | 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 (158 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information. |
PORTFOLIO ALLOCATION1
As of 2/28/15
Sector | Percentage of Total Investments 2 |
Financials | 28.54 | % | ||
Information Technology | 18.66 | |||
Consumer Discretionary | 9.19 | |||
Energy | 8.21 | |||
Consumer Staples | 8.15 | |||
Telecommunication Services | 7.58 | |||
Materials | 7.31 | |||
Industrials | 6.72 | |||
Utilities | 3.35 | |||
Health Care | 2.29 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS1
As of 2/28/15
Country | Percentage of Total Investments 2 |
China | 22.24 | % | ||
South Korea | 14.59 | |||
Taiwan | 12.73 | |||
Brazil | 8.15 | |||
South Africa | 8.03 | |||
India | 7.72 | |||
Mexico | 4.78 | |||
Russia | 3.73 | |||
Malaysia | 3.55 | |||
Indonesia | 2.70 | |||
|
| |||
TOTAL | 88.22 | % | ||
|
|
1 | Reflects the portfolio allocation and ten largest countries of the iShares MSCI Emerging Markets ETF, the underlying fund in which the Fund invests. |
2 | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -8.61%, net of fees, while the total return for the Index was -8.30%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 4.49% | 5.47% | 5.01% | 4.49% | 5.47% | 5.01% | ||||||||||||||||||||
5 Years | 2.81% | 2.86% | 3.64% | 14.85% | 15.12% | 19.55% | ||||||||||||||||||||
10 Years | 7.08% | 7.09% | 7.89% | 98.15% | 98.34% | 113.72% |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 913.90 | $ | 3.23 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.41 | 0.68% |
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). See “Shareholder Expenses” on page 7 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 28.54 | % | ||
Information Technology | 18.66 | |||
Consumer Discretionary | 9.19 | |||
Energy | 8.21 | |||
Consumer Staples | 8.15 | |||
Telecommunication Services | 7.58 | |||
Materials | 7.31 | |||
Industrials | 6.72 | |||
Utilities | 3.35 | |||
Health Care | 2.29 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
China | 22.24 | % | ||
South Korea | 14.59 | |||
Taiwan | 12.73 | |||
Brazil | 8.15 | |||
South Africa | 8.03 | |||
India | 7.72 | |||
Mexico | 4.78 | |||
Russia | 3.73 | |||
Malaysia | 3.55 | |||
Indonesia | 2.70 | |||
|
| |||
TOTAL | 88.22 | % | ||
|
|
* | Excludes money market funds. |
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2014 (or commencement of operations, as applicable) and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES | 7 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® CURRENCY HEDGED MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
INVESTMENT COMPANIES — 99.86% |
| |||||||
EXCHANGE-TRADED FUNDS — 99.86% |
| |||||||
iShares MSCI Emerging Markets ETFa | 959,976 | $ | 39,061,423 | |||||
|
| |||||||
39,061,423 | ||||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES |
| |||||||
(Cost: $38,958,625) |
| 39,061,423 | ||||||
SHORT-TERM INVESTMENTS — 0.20% |
| |||||||
MONEY MARKET FUNDS — 0.20% |
| |||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%a,b | 78,035 | 78,035 | ||||||
|
| |||||||
78,035 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $78,035) |
| 78,035 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $39,036,660) |
| 39,139,458 | ||||||
Other Assets, Less Liabilities — (0.06)% |
| (22,086 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 39,117,372 | |||||
|
|
a | Affiliated issuer. See Note 2. |
b | The rate quoted is the annualized seven-day yield of the fund at period end. |
Forward currency contracts as of February 28, 2015 were as follows:
Currency Sold | Currency Purchased | Settlement Date | Counter- party | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
BRL | 540,000 | USD | 193,654 | 3/4/2015 | BNP | $ | 3,496 | |||||||||||||||||
BRL | 54,000 | USD | 19,868 | 3/4/2015 | CITI | 852 | ||||||||||||||||||
BRL | 6,810,000 | USD | 2,597,650 | 3/4/2015 | SCB | 199,552 | ||||||||||||||||||
EUR | 122,000 | USD | 138,225 | 3/4/2015 | BNP | 1,699 | ||||||||||||||||||
EUR | 48,000 | USD | 54,372 | 3/4/2015 | DB | 657 | ||||||||||||||||||
EUR | 605,000 | USD | 686,157 | 3/4/2015 | MS | 9,124 | ||||||||||||||||||
HKD | 4,046,000 | USD | 521,794 | 3/4/2015 | BNP | 121 | ||||||||||||||||||
HKD | 52,005,000 | USD | 6,708,274 | 3/4/2015 | MS | 2,983 | ||||||||||||||||||
KRW | 491,321,000 | USD | 448,040 | 3/4/2015 | BNP | 618 | ||||||||||||||||||
MXN | 2,437,000 | USD | 164,199 | 3/4/2015 | CITI | 954 | ||||||||||||||||||
MXN | 30,534,000 | USD | 2,054,930 | 3/4/2015 | MS | 9,586 | ||||||||||||||||||
TRY | 342,000 | USD | 137,614 | 3/4/2015 | BNP | 1,361 | ||||||||||||||||||
TRY | 1,309,000 | USD | 540,030 | 3/4/2015 | HSBC | 18,525 | ||||||||||||||||||
USD | 3,004,171 | BRL | 8,643,000 | 3/4/2015 | RBS | 39,407 | ||||||||||||||||||
USD | 49,974 | INR | 3,098,000 | 3/4/2015 | CITI | 168 | ||||||||||||||||||
USD | 2,876,263 | INR | 177,848,000 | 3/4/2015 | UBS | 2,235 | ||||||||||||||||||
USD | 67,206 | KRW | 73,952,000 | 3/4/2015 | CITI | 138 | ||||||||||||||||||
USD | 7,125,720 | KRW | 7,840,073,000 | 3/4/2015 | UBS | 13,859 | ||||||||||||||||||
USD | 2,588,071 | MXN | 38,637,000 | 3/4/2015 | BNP | 59 | ||||||||||||||||||
USD | 34,797 | MXN | 522,000 | 3/4/2015 | SSB | 170 | ||||||||||||||||||
USD | 114,415 | TWD | 3,613,000 | 3/4/2015 | CITI | 607 | ||||||||||||||||||
USD | 13,705 | TWD | 435,000 | 3/4/2015 | SCB | 143 | ||||||||||||||||||
ZAR | 5,686,000 | USD | 487,537 | 3/4/2015 | BNP | 236 | ||||||||||||||||||
ZAR | 27,423,000 | USD | 2,370,658 | 3/4/2015 | CITI | 20,454 | ||||||||||||||||||
ZAR | 2,270,000 | USD | 195,100 | 3/4/2015 | DB | 556 |
Currency Sold | Currency Purchased | Settlement Date | Counter- party | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
EUR | 66,000 | USD | 74,058 | 4/8/2015 | BBP | $ | 171 | |||||||||||||||||
EUR | 736,000 | USD | 830,564 | 4/8/2015 | SCB | 6,609 | ||||||||||||||||||
HKD | 67,038,000 | USD | 8,644,552 | 4/8/2015 | BBP | 1,157 | ||||||||||||||||||
KRW | 7,840,073,000 | USD | 7,114,856 | 4/8/2015 | UBS | 5,727 | ||||||||||||||||||
MXN | 38,637,000 | USD | 2,581,948 | 4/8/2015 | BNP | 98 | ||||||||||||||||||
RUB | 75,383,000 | USD | 1,219,001 | 4/8/2015 | SCB | 18,649 | ||||||||||||||||||
TRY | 1,640,000 | USD | 651,012 | 4/8/2015 | SCB | 3,623 | ||||||||||||||||||
TWD | 220,890,000 | USD | 7,030,459 | 4/8/2015 | RBS | 8,005 | ||||||||||||||||||
USD | 6,921 | BRL | 20,000 | 4/8/2015 | UBS | 49 | ||||||||||||||||||
USD | 3,357 | EUR | 3,000 | 4/8/2015 | UBS | 2 | ||||||||||||||||||
USD | 6,820 | KRW | 7,528,000 | 4/8/2015 | UBS | 6 | ||||||||||||||||||
USD | 24,105 | RUB | 1,517,000 | 4/8/2015 | UBS | 51 | ||||||||||||||||||
USD | 10,240 | TRY | 26,000 | 4/8/2015 | BBP | 23 | ||||||||||||||||||
USD | 7,105 | TRY | 18,000 | 4/8/2015 | UBS | 1 | ||||||||||||||||||
USD | 4,257 | ZAR | 50,000 | 4/8/2015 | UBS | 4 | ||||||||||||||||||
ZAR | 1,837,000 | USD | 156,724 | 4/8/2015 | BBP | 173 | ||||||||||||||||||
ZAR | 35,034,000 | USD | 3,027,651 | 4/8/2015 | SSB | 42,030 | ||||||||||||||||||
|
| |||||||||||||||||||||||
413,938 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
BRL | 1,410,000 | USD | 488,464 | 3/4/2015 | CITI | (8,059) | ||||||||||||||||||
HKD | 10,349,000 | USD | 1,334,204 | 3/4/2015 | BNP | (150) | ||||||||||||||||||
INR | 11,102,000 | USD | 177,803 | 3/4/2015 | BNP | (1,885) | ||||||||||||||||||
INR | 28,395,000 | USD | 455,879 | 3/4/2015 | CITI | (3,699) | ||||||||||||||||||
INR | 141,449,000 | USD | 2,278,782 | 3/4/2015 | SCB | (10,592) | ||||||||||||||||||
KRW | 1,244,035,000 | USD | 1,121,227 | 3/4/2015 | CITI | (11,656) | ||||||||||||||||||
KRW | 6,178,669,000 | USD | 5,616,462 | 3/4/2015 | SCB | (10,155) | ||||||||||||||||||
MXN | 6,203,000 | USD | 411,042 | 3/4/2015 | BNP | (4,471) | ||||||||||||||||||
RUB | 4,576,000 | USD | 68,433 | 3/4/2015 | BNP | (5,774) | ||||||||||||||||||
RUB | 70,807,000 | USD | 1,027,776 | 3/4/2015 | CITI | (120,479) | ||||||||||||||||||
TWD | 14,058,000 | USD | 444,592 | 3/4/2015 | BNP | (2,952) | ||||||||||||||||||
TWD | 35,544,000 | USD | 1,118,552 | 3/4/2015 | CITI | (13,011) | ||||||||||||||||||
TWD | 175,336,000 | USD | 5,557,753 | 3/4/2015 | SCB | (24,164) | ||||||||||||||||||
USD | 63,228 | BRL | 171,000 | 3/4/2015 | UBS | (3,011) | ||||||||||||||||||
USD | 830,241 | EUR | 736,000 | 3/4/2015 | SCB | (6,611) | ||||||||||||||||||
USD | 44,020 | EUR | 39,000 | 3/4/2015 | WBC | (377) | ||||||||||||||||||
USD | 8,293,542 | HKD | 64,314,000 | 3/4/2015 | BBP | (1,185) | ||||||||||||||||||
USD | 193,733 | HKD | 1,502,000 | 3/4/2015 | BNP | (72) | ||||||||||||||||||
USD | 75,318 | HKD | 584,000 | 3/4/2015 | SSB | (20) | ||||||||||||||||||
USD | 1,007 | MXN | 15,000 | 3/4/2015 | BNP | (2) | ||||||||||||||||||
USD | 1,241,486 | RUB | 75,383,000 | 3/4/2015 | SCB | (19,022) | ||||||||||||||||||
USD | 2,865 | TRY | 7,000 | 3/4/2015 | BNP | (76) | ||||||||||||||||||
USD | 656,859 | TRY | 1,640,000 | 3/4/2015 | SCB | (3,483) | ||||||||||||||||||
USD | 1,629 | TRY | 4,000 | 3/4/2015 | SSB | (36) | ||||||||||||||||||
USD | 7,032,474 | TWD | 220,890,000 | 3/4/2015 | RBS | (320) | ||||||||||||||||||
USD | 92,409 | ZAR | 1,066,000 | 3/4/2015 | BNP | (1,051) | ||||||||||||||||||
ZAR | 721,000 | USD | 61,702 | 3/4/2015 | SSB | (89) | ||||||||||||||||||
BRL | 8,643,000 | USD | 2,972,657 | 4/8/2015 | RBS | (39,126) | ||||||||||||||||||
BRL | 638,000 | USD | 220,528 | 4/8/2015 | UBS | (1,793) | ||||||||||||||||||
HKD | 626,000 | USD | 80,708 | 4/8/2015 | UBS | (4) | ||||||||||||||||||
INR | 182,728,000 | USD | 2,938,571 | 4/8/2015 | UBS | (10,387) | ||||||||||||||||||
KRW | 239,823,000 | USD | 217,325 | 4/8/2015 | UBS | (139) | ||||||||||||||||||
MXN | 1,380,000 | USD | 92,063 | 4/8/2015 | BBP | (153) | ||||||||||||||||||
MXN | 357,000 | USD | 23,837 | 4/8/2015 | UBS | (19) | ||||||||||||||||||
RUB | 258,000 | USD | 4,088 | 4/8/2015 | UBS | (20) | ||||||||||||||||||
TWD | 9,754,000 | USD | 309,849 | 4/8/2015 | UBS | (246) | ||||||||||||||||||
USD | 24,620 | INR | 1,525,000 | 4/8/2015 | UBS | (8) | ||||||||||||||||||
USD | 37,908 | TWD | 1,192,000 | 4/8/2015 | UBS | (12) | ||||||||||||||||||
|
| |||||||||||||||||||||||
(304,309) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Net Unrealized Appreciation | $ | 109,629 | ||||||||||||||||||||||
|
|
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® CURRENCY HEDGED MSCI EMERGING MARKETS ETF
February 28, 2015
Counterparties:
BBP — Barclays Bank PLC Wholesale
BNP — BNP Paribas SA
CITI — Citibank N.A. London
DB — Deutsche Bank AG London
HSBC — HSBC Bank PLC
MS — Morgan Stanley and Co. International PLC
RBS — Royal Bank of Scotland PLC
SCB — Standard Chartered Bank, London
SSB — State Street Bank London
UBS — UBS AG London
WBC — Westpac Banking Corporation
Currency abbreviations:
BRL — Brazilian Real
EUR — Euro
HKD — Hong Kong Dollar
INR — Indian Rupee
KRW — South Korean Won
MXN — Mexican Peso
RUB — New Russian Ruble
TRY — Turkish Lira
TWD — Taiwan Dollar
USD — United States Dollar
ZAR — South African Rand
See notes to financial statements
SCHEDULESOF INVESTMENTS | 9 |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 95.05% |
| |||||||
BRAZIL — 4.84% |
| |||||||
Ambev SA | 38,232,415 | $ | 245,224,436 | |||||
B2W Cia. Digitala | 834,900 | 5,854,388 | ||||||
Banco Bradesco SA | 5,235,040 | 68,363,927 | ||||||
Banco do Brasil SA | 6,979,774 | 57,901,355 | ||||||
Banco Santander Brasil SA Units | 2,834,600 | 14,007,693 | ||||||
BB Seguridade Participacoes SA | 5,819,500 | 65,942,190 | ||||||
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros | 14,903,700 | 52,331,176 | ||||||
BR Malls Participacoes SA | 3,625,500 | 21,440,959 | ||||||
BRF SA | 5,408,785 | 121,876,656 | ||||||
CCR SA | 7,231,600 | 42,160,201 | ||||||
Centrais Eletricas Brasileiras SA | 2,235,737 | 4,183,186 | ||||||
CETIP SA — Mercados Organizados | 1,776,734 | 21,375,365 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 2,818,724 | 16,699,314 | ||||||
Cia. Siderurgica Nacional SA | 5,509,628 | 9,923,439 | ||||||
Cielo SA | 5,822,124 | 91,037,181 | ||||||
Cosan SA Industria e Comercio | 1,044,700 | 10,336,112 | ||||||
CPFL Energia SA | 1,944,736 | 12,630,055 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 2,157,800 | 8,738,813 | ||||||
Duratex SA | 2,634,655 | 6,993,558 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 1,605,200 | 5,917,012 | ||||||
EDP — Energias do Brasil SA | 2,160,800 | 6,808,823 | ||||||
Embraer SA | 5,298,100 | 46,137,300 | ||||||
Estacio Participacoes SA | 2,405,500 | 16,236,610 | ||||||
Fibria Celulose SAa | 2,106,661 | 27,157,055 | ||||||
Hypermarcas SAa | 2,825,300 | 18,872,551 | ||||||
JBS SA | 5,868,065 | 25,694,012 | ||||||
Klabin SA Units | 3,887,500 | 21,753,196 | ||||||
Kroton Educacional SA | 11,318,080 | 41,126,428 | ||||||
Localiza Rent A Car SA | 1,118,889 | 13,695,810 | ||||||
Lojas Americanas SA | 1,070,175 | 4,790,683 |
Security | Shares | Value | ||||||
Lojas Renner SA | 1,060,800 | $ | 31,196,836 | |||||
M. Dias Branco SA | 200,300 | 5,814,224 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 662,600 | 12,640,925 | ||||||
Natura Cosmeticos SA | 1,421,200 | 13,976,653 | ||||||
Odontoprev SA | 2,475,000 | 9,045,325 | ||||||
Petroleo Brasileiro SA | 24,604,574 | 81,574,960 | ||||||
Porto Seguro SA | 1,000,700 | 10,961,206 | ||||||
Qualicorp SAa | 1,683,500 | 15,308,025 | ||||||
Raia Drogasil SA | 1,611,200 | 16,059,314 | ||||||
Souza Cruz SA | 3,143,600 | 27,881,056 | ||||||
Sul America SA | 1,269,165 | 5,805,752 | ||||||
TIM Participacoes SA | 6,915,476 | 28,829,095 | ||||||
TOTVS SA | 1,063,400 | 12,759,982 | ||||||
Tractebel Energia SA | 1,374,600 | 16,056,670 | ||||||
Transmissora Alianca de Energia Eletrica SA Units | 499,100 | 3,653,335 | ||||||
Ultrapar Participacoes SA | 2,865,800 | 59,714,398 | ||||||
Vale SA | 10,808,648 | 80,327,267 | ||||||
Via Varejo SAa | 592,000 | 3,498,977 | ||||||
WEG SA | 2,359,910 | 25,337,660 | ||||||
|
| |||||||
1,565,651,144 | �� | |||||||
CHILE — 1.33% |
| |||||||
AES Gener SA | 21,353,039 | 11,390,938 | ||||||
Aguas Andinas SA Series A | 20,700,961 | 12,305,771 | ||||||
Banco de Chile | 197,991,522 | 23,134,143 | ||||||
Banco de Credito e Inversiones | 287,502 | 13,285,402 | ||||||
Banco Santander Chile | 565,766,253 | 29,691,105 | ||||||
Cencosud SA | 9,923,605 | 24,549,704 | ||||||
Cia. Cervecerias Unidas SA | 1,091,732 | 10,348,893 | ||||||
Colbun SA | 58,568,116 | 16,453,034 | ||||||
CorpBanca SA | 1,241,425,150 | 15,001,831 | ||||||
Empresa Nacional de Electricidad SA/Chile | 28,286,264 | 42,509,435 | ||||||
Empresas CMPC SA | 10,598,496 | 27,592,215 | ||||||
Empresas COPEC SA | 3,720,808 | 43,638,121 | ||||||
Enersis SA | 167,906,635 | 55,199,909 | ||||||
ENTEL Chile SA | 1,010,516 | 10,631,301 | ||||||
LATAM Airlines Group SAa | 2,654,602 | 28,243,255 | ||||||
SACI Falabella | 7,605,329 | 55,248,006 | ||||||
SONDA SA | 1,637,251 | 4,097,005 | ||||||
Vina Concha y Toro SA | 2,694,526 | 5,370,509 | ||||||
|
| |||||||
428,690,577 |
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
CHINA — 22.14% |
| |||||||
AAC Technologies Holdings Inc.b | 6,040,500 | $ | 39,995,058 | |||||
Agricultural Bank of China Ltd. Class H | 174,519,000 | 86,635,611 | ||||||
Air China Ltd. Class H | 16,046,000 | 14,234,697 | ||||||
Alibaba Health Information Technology Ltd.a | 19,410,000 | 13,264,607 | ||||||
Alibaba Pictures Group Ltd.a,b | 43,320,000 | 10,054,349 | ||||||
Aluminum Corp. of China Ltd. Class Ha,b | 31,812,000 | 15,423,105 | ||||||
Anhui Conch Cement Co. Ltd. Class Hb | 9,995,500 | 33,960,818 | ||||||
Anta Sports Products Ltd. | 8,471,402 | 17,040,129 | ||||||
AviChina Industry & Technology Co. Ltd. Class H | 17,244,000 | 11,228,517 | ||||||
Bank of China Ltd. Class H | 648,887,000 | 373,161,586 | ||||||
Bank of Communications Co. Ltd. Class H | 72,197,600 | 62,279,035 | ||||||
BBMG Corp. Class H | 9,197,500 | 8,052,534 | ||||||
Beijing Capital International Airport Co. Ltd. Class H | 14,918,000 | 14,061,154 | ||||||
Beijing Enterprises Holdings Ltd. | 4,363,500 | 32,407,868 | ||||||
Beijing Enterprises Water Group Ltd.b | 32,276,000 | 20,059,483 | ||||||
Belle International Holdings Ltd. | 37,889,000 | 40,989,074 | ||||||
Brilliance China Automotive Holdings Ltd. | 24,726,000 | 48,524,550 | ||||||
Byd Co. Ltd. Class Hb | 5,226,000 | 22,776,087 | ||||||
CGN Power Co. Ltd. Class Ha,c | 40,804,000 | 16,467,970 | ||||||
China Agri-Industries Holdings Ltd.b | 22,371,600 | 9,000,044 | ||||||
China Cinda Asset Management Co. Ltd. Class Ha | 35,722,000 | 17,595,116 | ||||||
China CITIC Bank Corp. Ltd. Class H | 67,979,800 | 51,540,687 | ||||||
China CNR Corp. Ltd. Class Ha,c | 15,019,500 | 20,644,562 |
Security | Shares | Value | ||||||
China Coal Energy Co. Ltd. Class Hb | 33,575,000 | $ | 18,096,113 | |||||
China Communications Construction Co. Ltd. Class H | 36,670,000 | 44,824,169 | ||||||
China Communications Services Corp. Ltd. Class H | 16,314,000 | 7,488,649 | ||||||
China Construction Bank Corp. Class H | 587,018,760 | 488,207,777 | ||||||
China COSCO Holdings Co. Ltd. Class Ha,b | 22,479,500 | 11,188,373 | ||||||
China Everbright Bank Co. Ltd. Class H | 13,980,000 | 7,372,648 | ||||||
China Everbright International Ltd.b | 21,047,000 | 29,363,678 | ||||||
China Everbright Ltd. | 7,570,000 | 18,545,668 | ||||||
China Galaxy Securities Co. Ltd. Class Hb | 12,218,000 | 14,572,526 | ||||||
China Gas Holdings Ltd. | 17,162,000 | 26,687,519 | ||||||
China Huishan Dairy Holdings Co. Ltd.b | 32,370,000 | 5,592,944 | ||||||
China International Marine Containers Group Co. Ltd. Class H | 2,664,500 | 5,050,403 | ||||||
China Life Insurance Co. Ltd. Class H | 60,650,000 | 260,025,208 | ||||||
China Longyuan Power Group Corp. Ltd. | 22,911,000 | 24,578,783 | ||||||
China Medical System Holdings Ltd. | 7,567,000 | 12,528,000 | ||||||
China Mengniu Dairy Co. Ltd. | 11,337,000 | 51,163,375 | ||||||
China Merchants Bank Co. Ltd. Class H | 37,449,967 | 85,470,787 | ||||||
China Merchants Holdings International Co. Ltd.b | 9,924,000 | 37,748,680 | ||||||
China Minsheng Banking Corp. Ltd. Class H | 51,655,040 | 62,408,722 | ||||||
China Mobile Ltd. | 49,690,500 | 675,315,900 | ||||||
China National Building Material Co. Ltd. Class H | 23,262,000 | 22,765,743 | ||||||
China Oilfield Services Ltd. Class H | 14,662,000 | 22,270,579 |
SCHEDULESOF INVESTMENTS | 11 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
China Overseas Land & Investment Ltd. | 33,484,960 | $ | 102,111,329 | |||||
China Pacific Insurance Group Co. Ltd. Class H | 21,618,600 | 112,895,229 | ||||||
China Petroleum & Chemical Corp. Class H | 206,934,800 | 173,436,255 | ||||||
China Railway Construction Corp. Ltd. Class H | 17,078,500 | 20,854,160 | ||||||
China Railway Group Ltd. Class H | 31,834,000 | 25,859,776 | ||||||
China Resources Cement Holdings Ltd. | 17,440,000 | 10,344,210 | ||||||
China Resources Enterprise Ltd.b | 10,140,000 | 21,154,827 | ||||||
China Resources Gas Group Ltd.b | 7,588,000 | 18,765,879 | ||||||
China Resources Land Ltd.b | 18,037,333 | 47,910,703 | ||||||
China Resources Power Holdings Co. Ltd. | 16,152,999 | 42,801,402 | ||||||
China Shenhua Energy Co. Ltd. Class H | 27,616,500 | 72,286,579 | ||||||
China Shipping Container Lines Co. Ltd. Class Ha | 33,928,000 | 10,543,099 | ||||||
China South City Holdings Ltd.b | 15,576,000 | 4,920,566 | ||||||
China State Construction International Holdings Ltd. | 14,576,000 | 20,749,156 | ||||||
China Taiping Insurance Holdings Co. Ltd.a | 8,299,060 | 28,892,536 | ||||||
China Telecom Corp. Ltd. Class H | 112,902,000 | 73,079,968 | ||||||
China Unicom Hong Kong Ltd. | 46,018,000 | 77,493,257 | ||||||
China Vanke Co. Ltd. Class Ha,b | 9,768,631 | 22,420,573 | ||||||
Chongqing Changan Automobile Co. Ltd. Class B | 6,009,016 | 16,325,290 | ||||||
Chongqing Rural Commercial Bank Co. Ltd. Class H | 21,216,000 | 13,213,067 | ||||||
CITIC Ltd. | 18,480,000 | 32,454,287 | ||||||
CITIC Securities Co. Ltd. Class Hb | 8,858,000 | 31,409,525 |
Security | Shares | Value | ||||||
CNOOC Ltd. | 145,362,000 | $ | 208,799,319 | |||||
COSCO Pacific Ltd. | 13,586,000 | 19,585,128 | ||||||
Country Garden Holdings Co. Ltd.b | 40,576,939 | 16,167,049 | ||||||
CSPC Pharmaceutical Group Ltd. | 20,238,000 | 16,544,355 | ||||||
CSR Corp. Ltd. Class Hb | 16,644,000 | 21,546,881 | ||||||
Datang International Power Generation Co. Ltd. Class H | 23,120,000 | 11,566,782 | ||||||
Dongfeng Motor Group Co. Ltd. Class H | 22,060,000 | 35,100,529 | ||||||
ENN Energy Holdings Ltd. | 6,402,000 | 33,968,667 | ||||||
Evergrande Real Estate Group Ltd.b | 50,764,388 | 22,386,091 | ||||||
Far East Horizon Ltd. | 11,226,000 | 10,465,412 | ||||||
Fosun International Ltd.b | 13,257,500 | 21,436,416 | ||||||
Franshion Properties China Ltd.b | 22,544,000 | 6,627,639 | ||||||
GCL-Poly Energy Holdings Ltd.a,b | 82,046,000 | 19,677,203 | ||||||
Geely Automobile Holdings Ltd.b | 40,195,000 | 17,984,340 | ||||||
GOME Electrical Appliances Holding Ltd.b | 84,199,200 | 11,399,617 | ||||||
Great Wall Motor Co. Ltd. Class H | 8,494,500 | 54,107,537 | ||||||
Guangdong Investment Ltd. | 22,622,110 | 29,140,137 | ||||||
Guangzhou Automobile Group Co. Ltd. Class H | 18,190,742 | 17,450,840 | ||||||
Guangzhou R&F Properties Co. Ltd. Class H | 7,940,000 | 9,234,641 | ||||||
Haier Electronics Group Co. Ltd. | 8,488,000 | 22,381,628 | ||||||
Haitian International Holdings Ltd.b | 3,507,000 | 7,587,885 | ||||||
Haitong Securities Co. Ltd. Class Hb | 10,310,800 | 24,595,581 | ||||||
Hanergy Thin Film Power Group Ltd.b | 100,590,000 | 58,625,457 | ||||||
Hengan International Group Co. Ltd. | 6,117,000 | 70,158,037 | ||||||
Huadian Power International Corp. Ltd. Class H | 11,540,000 | 9,701,668 |
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Huaneng Power International Inc. Class H | 28,632,000 | $ | 35,995,590 | |||||
Industrial & Commercial Bank of China Ltd. Class H | 599,843,085 | 437,771,098 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 8,399,854 | 11,415,402 | ||||||
Jiangsu Expressway Co. Ltd. Class H | 9,328,000 | 11,510,481 | ||||||
Jiangxi Copper Co. Ltd. Class H | 11,042,000 | 18,850,754 | ||||||
Kingboard Chemical Holdings Ltd. | 5,306,100 | 9,167,971 | ||||||
Kingsoft Corp. Ltd.b | 5,322,000 | 12,228,567 | ||||||
Kunlun Energy Co. Ltd.b | 26,306,000 | 25,880,481 | ||||||
Lee & Man Paper Manufacturing Ltd.b | 12,295,000 | 6,341,347 | ||||||
Lenovo Group Ltd.b | 54,110,000 | 83,445,268 | ||||||
Longfor Properties Co. Ltd. | 12,271,500 | 16,139,528 | ||||||
New China Life Insurance Co. Ltd. Class H | 6,155,200 | 35,436,974 | ||||||
New World China Land Ltd. | 13,652,000 | 8,942,377 | ||||||
Nine Dragons Paper Holdings Ltd. | 13,978,000 | 9,065,798 | ||||||
People’s Insurance Co. Group of China Ltd. Class H | 42,679,000 | 22,067,422 | ||||||
PetroChina Co. Ltd. Class H | 171,076,000 | 198,529,292 | ||||||
PICC Property & Casualty Co. Ltd. Class H | 28,836,128 | 61,796,085 | ||||||
Ping An Insurance Group Co. of China Ltd. Class H | 21,269,000 | 236,537,048 | ||||||
Semiconductor Manufacturing International Corp.a,b | 185,136,000 | 16,232,776 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 14,388,000 | 11,854,801 | ||||||
Shanghai Electric Group Co. Ltd. Class H | 20,100,000 | 11,947,856 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 2,718,500 | 9,043,615 | ||||||
Shanghai Industrial Holdings Ltd. | 5,389,000 | 16,329,356 |
Security | Shares | Value | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 5,684,500 | $ | 11,874,089 | |||||
Shenzhou International Group Holdings Ltd. | 3,819,000 | 15,117,537 | ||||||
Shimao Property Holdings Ltd. | 11,486,500 | 24,378,700 | ||||||
Shui On Land Ltd. | 43,791,600 | 10,163,805 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.b | 36,003,000 | 21,447,351 | ||||||
Sino Biopharmaceutical Ltd. | 26,236,000 | 24,932,057 | ||||||
Sino-Ocean Land Holdings Ltd. | 32,335,000 | 20,179,538 | ||||||
Sinopec Engineering Group Co. Ltd. Class H | 6,937,000 | 5,626,202 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 31,285,000 | 10,689,934 | ||||||
Sinopharm Group Co. Ltd. Class H | 9,196,400 | 32,194,426 | ||||||
Sinotrans Ltd. Class H | 13,444,000 | 8,892,807 | ||||||
SOHO China Ltd. | 20,647,000 | 14,775,526 | ||||||
Sun Art Retail Group Ltd.b | 19,350,000 | 17,365,337 | ||||||
Tencent Holdings Ltd. | 41,877,000 | 733,817,419 | ||||||
Tingyi Cayman Islands Holding Corp.b | 16,174,000 | 40,667,273 | ||||||
Tsingtao Brewery Co. Ltd. Class H | 3,254,000 | 20,580,198 | ||||||
Uni-President China Holdings Ltd.b | 8,824,800 | 6,941,090 | ||||||
Want Want China Holdings Ltd. | 48,689,000 | 53,677,214 | ||||||
Weichai Power Co. Ltd. Class H | 3,753,200 | 15,244,222 | ||||||
Yanzhou Coal Mining Co. Ltd. Class Hb | 16,076,800 | 13,266,995 | ||||||
Yuexiu Property Co. Ltd. | 61,317,420 | 12,333,930 | ||||||
Zhejiang Expressway Co. Ltd. Class H | 13,934,000 | 17,140,251 | ||||||
Zhuzhou CSR Times Electric Co. Ltd. Class H | 4,423,500 | 24,925,304 | ||||||
Zijin Mining Group Co. Ltd. Class H | 50,096,000 | 14,856,752 | ||||||
ZTE Corp. Class H | 5,493,400 | 12,239,903 | ||||||
|
| |||||||
7,156,681,144 |
SCHEDULESOF INVESTMENTS | 13 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
COLOMBIA — 0.44% |
| |||||||
Almacenes Exito SA | 1,679,893 | $ | 16,636,072 | |||||
Bancolombia SA ADR | 29,287 | 1,203,696 | ||||||
Cementos Argos SA | 3,448,506 | 12,388,285 | ||||||
Cemex Latam Holdings SAa | 1,049,435 | 6,311,303 | ||||||
Corp. Financiera Colombiana SA | 742,141 | 11,158,091 | ||||||
Corp. Financiera Colombiana SA Newa | 13,462 | 200,242 | ||||||
Ecopetrol SA | 40,217,010 | 33,619,252 | ||||||
Grupo Argos SA/Colombia | 2,275,209 | 17,331,937 | ||||||
Grupo de Inversiones Suramericana SA | 2,007,115 | 28,197,367 | ||||||
Interconexion Electrica SA ESP | 2,795,239 | 8,752,703 | ||||||
Isagen SA ESP | 6,848,844 | 8,018,116 | ||||||
|
| |||||||
143,817,064 | ||||||||
CZECH REPUBLIC — 0.22% |
| |||||||
CEZ AS | 1,392,246 | 35,285,783 | ||||||
Komercni Banka AS | 137,972 | 29,861,852 | ||||||
O2 Czech Republic AS | 530,164 | 4,499,827 | ||||||
|
| |||||||
69,647,462 | ||||||||
EGYPT — 0.12% |
| |||||||
Global Telecom Holding SAE GDRa | 15,434,400 | 39,357,720 | ||||||
|
| |||||||
39,357,720 | ||||||||
GREECE — 0.39% |
| |||||||
Alpha Bank AEa,b | 31,104,926 | 12,908,867 | ||||||
Eurobank Ergasias SAa,b | 65,684,313 | 10,093,446 | ||||||
FF Groupa | 273,531 | 8,682,608 | ||||||
Hellenic Telecommunications Organization SAa | 1,989,978 | 19,865,317 | ||||||
JUMBO SA | 828,591 | 9,479,766 | ||||||
National Bank of Greece SAa,b | 12,909,920 | 19,403,745 | ||||||
OPAP SA | 1,813,167 | 16,737,664 | ||||||
Piraeus Bank SAa,b | 17,341,546 | 11,048,247 | ||||||
Public Power Corp. SAa | 941,910 | 7,395,451 | ||||||
Titan Cement Co. SA | 394,571 | 9,997,666 | ||||||
|
| |||||||
125,612,777 | ||||||||
HUNGARY — 0.18% |
| |||||||
MOL Hungarian Oil & Gas PLC | 356,828 | 15,836,155 |
Security | Shares | Value | ||||||
OTP Bank PLC | 1,753,429 | $ | 27,810,619 | |||||
Richter Gedeon Nyrt | 985,967 | 14,342,556 | ||||||
|
| |||||||
57,989,330 | ||||||||
INDIA — 7.69% |
| |||||||
Adani Ports & Special Economic Zone Ltd. | 3,754,069 | 20,089,933 | ||||||
ACC Ltd. | 308,000 | 8,362,670 | ||||||
Adani Enterprises Ltd. | 1,122,054 | 12,662,934 | ||||||
Aditya Birla Nuvo Ltd. | 275,575 | 7,673,340 | ||||||
Ambuja Cements Ltd. | 5,710,019 | 25,138,681 | ||||||
Apollo Hospitals Enterprise Ltd. | 610,258 | 12,976,314 | ||||||
Asian Paints Ltd. | 2,477,305 | 32,811,615 | ||||||
Aurobindo Pharma Ltd. | 1,082,840 | 18,982,331 | ||||||
Bajaj Auto Ltd. | 683,793 | 23,825,160 | ||||||
Bharat Heavy Electricals Ltd. | 4,877,563 | 20,688,506 | ||||||
Bharat Petroleum Corp. Ltd. | 1,521,750 | 18,372,783 | ||||||
Bharti Airtel Ltd. | 5,061,520 | 29,175,091 | ||||||
Bosch Ltd. | 58,181 | 24,368,053 | ||||||
Cairn India Ltd. | 3,736,198 | 15,403,014 | ||||||
Cipla Ltd. | 2,992,528 | 33,024,087 | ||||||
Coal India Ltd. | 5,197,536 | 33,129,509 | ||||||
Dabur India Ltd. | 3,508,788 | 14,965,076 | ||||||
Divi’s Laboratories Ltd. | 362,223 | 10,087,212 | ||||||
DLF Ltd. | 3,577,154 | 8,994,252 | ||||||
Dr. Reddy’s Laboratories Ltd. | 937,968 | 50,826,013 | ||||||
GAIL (India) Ltd. | 2,845,565 | 19,026,450 | ||||||
GlaxoSmithKline Consumer Healthcare Ltd. | 54,639 | 5,128,887 | ||||||
Godrej Consumer Products Ltd. | 973,017 | 17,868,689 | ||||||
HCL Technologies Ltd. | 2,044,668 | 66,849,941 | ||||||
Hero Motocorp Ltd. | 375,281 | 16,301,240 | ||||||
Hindalco Industries Ltd. | 9,178,960 | 22,700,494 | ||||||
Hindustan Unilever Ltd. | 6,033,411 | 88,844,064 | ||||||
Housing Development Finance Corp. Ltd. | 12,265,458 | 264,966,042 | ||||||
ICICI Bank Ltd. | 9,272,973 | 51,934,950 | ||||||
Idea Cellular Ltd. | 7,761,792 | 19,201,974 | ||||||
Infosys Ltd. | 7,527,248 | 279,685,279 | ||||||
ITC Ltd. | 18,292,625 | 106,949,924 | ||||||
Jindal Steel & Power Ltd. | 3,035,346 | 9,613,607 | ||||||
JSW Steel Ltd. | 739,848 | 12,100,564 |
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Larsen & Toubro Ltd. | 2,659,900 | $ | 76,093,669 | |||||
LIC Housing Finance Ltd. | 2,701,318 | 20,935,706 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 2,054,138 | 8,240,814 | ||||||
Mahindra & Mahindra Ltd. | 2,721,926 | 56,898,185 | ||||||
Motherson Sumi Systems Ltd. | 1,521,673 | 11,130,950 | ||||||
Nestle India Ltd. | 143,893 | 16,352,885 | ||||||
NTPC Ltd. | 12,100,598 | 30,523,149 | ||||||
Oil & Natural Gas Corp. Ltd. | 6,410,774 | 33,705,704 | ||||||
Oil India Ltd. | 747,276 | 6,017,020 | ||||||
Piramal Enterprises Ltd. | 391,691 | 5,643,253 | ||||||
Power Finance Corp. Ltd. | 2,099,213 | 9,955,171 | ||||||
Ranbaxy Laboratories Ltd.a | 1,117,185 | 12,870,991 | ||||||
Reliance Communications Ltd.a | 5,409,396 | 5,995,366 | ||||||
Reliance Industries Ltd. | 10,626,284 | 148,747,344 | ||||||
Reliance Infrastructure Ltd. | 771,046 | 5,931,459 | ||||||
Rural Electrification Corp. Ltd. | 2,486,527 | 13,298,625 | ||||||
Sesa Sterlite Ltd. | 9,399,390 | 33,092,909 | ||||||
Shriram Transport Finance Co. Ltd. | 1,158,325 | 22,853,515 | ||||||
Siemens Ltd. | 516,147 | 11,166,831 | ||||||
State Bank of India | 12,261,291 | 59,843,353 | ||||||
Sun Pharmaceuticals Industries Ltd. | 5,907,525 | 87,076,374 | ||||||
Tata Consultancy Services Ltd. | 3,866,187 | 167,349,191 | ||||||
Tata Motors Ltd. | 6,387,297 | 61,320,325 | ||||||
Tata Power Co. Ltd. | 8,837,216 | 12,418,287 | ||||||
Tata Steel Ltd. | 2,514,244 | 14,451,665 | ||||||
Tech Mahindra Ltd. | 527,454 | 24,435,871 | ||||||
Ultratech Cement Ltd. | 346,148 | 17,562,229 | ||||||
United Breweries Ltd. | 561,662 | 9,077,196 | ||||||
United Spirits Ltd.a | 395,548 | 21,888,739 | ||||||
Wipro Ltd. | 5,143,759 | 54,862,324 | ||||||
Zee Entertainment Enterprises Ltd. | 4,021,894 | 22,544,862 | ||||||
|
| |||||||
2,485,012,641 | ||||||||
INDONESIA — 2.69% |
| |||||||
Adaro Energy Tbk PT | 108,842,900 | 8,084,270 | ||||||
Astra Agro Lestari Tbk PT | 3,349,800 | 6,388,593 | ||||||
Astra International Tbk PT | 166,398,300 | 101,062,024 | ||||||
Bank Central Asia Tbk PT | 105,478,100 | 115,067,018 |
Security | Shares | Value | ||||||
Bank Danamon Indonesia Tbk PT | 32,247,516 | $ | 11,975,867 | |||||
Bank Mandiri Persero Tbk PT | 78,702,500 | 73,070,019 | ||||||
Bank Negara Indonesia Persero Tbk PT | 63,382,676 | 33,714,189 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 92,453,822 | 92,096,167 | ||||||
Bumi Serpong Damai Tbk PT | 56,021,900 | 9,622,330 | ||||||
Charoen Pokphand Indonesia Tbk PT | 65,167,745 | 19,083,939 | ||||||
Global Mediacom Tbk PT | 48,219,000 | 7,517,314 | ||||||
Gudang Garam Tbk PT | 4,492,700 | 18,570,406 | ||||||
Indo Tambangraya Megah Tbk PT | 2,887,400 | 3,775,401 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 11,165,900 | 20,776,781 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 6,673,000 | 7,382,894 | ||||||
Indofood Sukses Makmur Tbk PT | 40,087,600 | 22,951,508 | ||||||
Jasa Marga Persero Tbk PT | 15,146,100 | 8,320,101 | ||||||
Kalbe Farma Tbk PT | 185,026,915 | 25,839,349 | ||||||
Lippo Karawaci Tbk PT | 160,903,900 | 14,689,873 | ||||||
Matahari Department Store Tbk PT | 14,906,500 | 20,586,540 | ||||||
Media Nusantara Citra Tbk PT | 34,444,000 | 8,394,476 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 93,184,100 | 37,489,928 | ||||||
Semen Indonesia Persero Tbk PT | 23,529,100 | 27,078,945 | ||||||
Surya Citra Media Tbk PT | 27,941,100 | 7,890,523 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 5,471,100 | 4,518,684 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 406,484,800 | 92,304,285 | ||||||
Tower Bersama Infrastructure Tbk PT | 10,692,500 | 7,672,955 | ||||||
Unilever Indonesia Tbk PT | 12,121,000 | 33,760,619 | ||||||
United Tractors Tbk PT | 14,320,253 | 22,989,961 | ||||||
XL Axiata Tbk PT | 19,107,500 | 7,088,624 | ||||||
|
| |||||||
869,763,583 |
SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
MALAYSIA — 3.53% |
| |||||||
AirAsia Bhdb | 10,425,400 | $ | 7,578,953 | |||||
Alliance Financial Group Bhdb | 7,640,900 | 10,218,962 | ||||||
AMMB Holdings Bhdb | 17,630,175 | 31,258,829 | ||||||
Astro Malaysia Holdings Bhd | 7,875,500 | 7,145,640 | ||||||
Axiata Group Bhdb | 20,744,300 | 41,212,316 | ||||||
Berjaya Sports Toto Bhdb | 8,990,363 | 8,381,692 | ||||||
British American Tobacco Malaysia Bhd | 1,233,000 | 23,640,483 | ||||||
Bumi Armada Bhdb | 13,893,500 | 4,394,725 | ||||||
CIMB Group Holdings Bhdb | 39,649,000 | 65,458,255 | ||||||
Dialog Group Bhdb | 22,119,112 | 10,003,927 | ||||||
DiGi.Com Bhd | 25,748,000 | 45,366,204 | ||||||
Felda Global Ventures Holdings Bhdb | 9,555,400 | 6,151,090 | ||||||
Gamuda Bhdb | 14,451,300 | 21,091,520 | ||||||
Genting Bhdb | 18,014,000 | 44,235,266 | ||||||
Genting Malaysia Bhdb | 27,549,600 | 31,417,552 | ||||||
Genting Plantations Bhd | 3,349,200 | 9,664,728 | ||||||
Hong Leong Bank Bhd | 3,711,800 | 14,789,525 | ||||||
Hong Leong Financial Group Bhd | 799,200 | 3,729,896 | ||||||
IHH Healthcare Bhd | 18,379,100 | 28,404,991 | ||||||
IJM Corp. Bhdb | 11,835,620 | 23,579,287 | ||||||
IOI Corp. Bhdb | 25,880,420 | 33,822,635 | ||||||
IOI Properties Group Bhd | 18,303,085 | 10,817,306 | ||||||
Kuala Lumpur Kepong Bhdb | 4,625,100 | 29,131,457 | ||||||
Lafarge Malaysia Bhdb | 3,181,100 | 8,914,847 | ||||||
Malayan Banking Bhd | 36,044,600 | 92,011,743 | ||||||
Malaysia Airports Holdings Bhdb | 4,817,300 | 9,824,405 | ||||||
Maxis Bhdb | 15,225,600 | 29,783,707 | ||||||
MISC Bhdb | 8,754,600 | 20,453,311 | ||||||
Petronas Chemicals Group Bhd | 21,002,700 | 31,877,017 | ||||||
Petronas Dagangan Bhdb | 1,618,200 | 8,791,442 | ||||||
Petronas Gas Bhd | 5,209,800 | 33,334,625 | ||||||
PPB Group Bhd | 4,390,100 | 17,760,171 | ||||||
Public Bank Bhdb | 21,812,730 | 110,879,360 | ||||||
RHB Capital Bhdb | 3,591,200 | 7,931,729 | ||||||
Sapurakencana Petroleum Bhdb | 28,104,200 | 22,224,465 | ||||||
Sime Darby Bhd | 23,881,373 | 61,823,865 |
Security | Shares | Value | ||||||
Telekom Malaysia Bhd | 9,312,600 | $ | 18,397,811 | |||||
Tenaga Nasional Bhd | 26,743,250 | 109,228,812 | ||||||
UEM Sunrise Bhd | 9,528,800 | 3,754,411 | ||||||
UMW Holdings Bhdb | 5,373,300 | 16,519,468 | ||||||
YTL Corp. Bhdb | 37,025,762 | 16,951,306 | ||||||
YTL Power International Bhd | 23,349,143 | 10,171,519 | ||||||
|
| |||||||
1,142,129,253 | ||||||||
MEXICO — 4.75% |
| |||||||
Alfa SAB de CV Series Aa | 23,276,300 | 50,422,643 | ||||||
America Movil SAB de CV Series L | 271,331,700 | 290,349,599 | ||||||
Arca Continental SAB de CVa | 3,601,436 | 22,829,327 | ||||||
Cemex SAB de CV CPOa | 99,805,460 | 101,127,121 | ||||||
Coca-Cola Femsa SAB de CV Series L | 3,472,793 | 29,980,479 | ||||||
Controladora Comercial Mexicana SAB de CV BC Units | 3,182,600 | 10,208,500 | ||||||
El Puerto de Liverpool SAB de CV Series C1a | 1,735,600 | 19,605,594 | ||||||
Fibra Uno Administracion SA de CV | 18,377,400 | 51,535,874 | ||||||
Fomento Economico Mexicano SAB de CVa | 16,235,100 | 154,978,319 | ||||||
Genomma Lab Internacional SAB de CV Series Ba,b | 6,145,600 | 6,707,878 | ||||||
Gentera SAB de CVa,b | 9,380,800 | 17,981,121 | ||||||
Gruma SAB de CV Series B | 1,415,800 | 17,340,520 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Series B | 2,079,800 | 14,097,628 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Series Ba | 1,801,600 | 24,704,524 | ||||||
Grupo Bimbo SAB de CVa | 12,491,700 | 35,272,845 | ||||||
Grupo Carso SAB de CV Series A1 | 3,906,041 | 17,628,387 | ||||||
Grupo Comercial Chedraui SA de CVa,b | 1,312,300 | 4,297,098 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 20,523,556 | 111,443,788 |
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Grupo Financiero Inbursa SAB de CV Series O | 19,125,000 | $ | 53,696,328 | |||||
Grupo Financiero Santander Mexico SAB de CV Series Bb | 15,097,300 | 33,300,492 | ||||||
Grupo Lala SAB de CVb | 3,220,900 | 6,423,705 | ||||||
Grupo Mexico SAB de CV Series B | 31,329,788 | 94,752,074 | ||||||
Grupo Televisa SAB CPOa | 21,473,700 | 145,929,819 | ||||||
Industrias Penoles SAB de CV | 1,176,748 | 25,005,108 | ||||||
Kimberly-Clark de Mexico SAB de CV Series Ab | 13,385,600 | 27,260,000 | ||||||
Mexichem SAB de CVb | 8,293,992 | 24,174,169 | ||||||
Minera Frisco SAB de CV Series A1a,b | 3,833,741 | 5,102,424 | ||||||
OHL Mexico SAB de CVa | 4,957,800 | 10,232,592 | ||||||
Promotora y Operadora de Infraestructura SAB de CVa | 2,057,200 | 24,629,439 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 42,833,000 | 104,819,387 | ||||||
|
| |||||||
1,535,836,782 | ||||||||
PERU — 0.43% |
| |||||||
Cia. de Minas Buenaventura SA ADR | 1,603,485 | 18,568,356 | ||||||
Credicorp Ltd. | 558,817 | 81,151,405 | ||||||
Southern Copper Corp. | 1,298,099 | 38,644,407 | ||||||
|
| |||||||
138,364,168 | ||||||||
PHILIPPINES — 1.35% |
| |||||||
Aboitiz Equity Ventures Inc. | 16,850,580 | 21,727,273 | ||||||
Aboitiz Power Corp. | 6,975,764 | 7,024,811 | ||||||
Alliance Global Group Inc. | 17,141,080 | 9,252,840 | ||||||
Ayala Corp. | 1,991,136 | 32,380,234 | ||||||
Ayala Land Inc. | 56,179,300 | 46,189,604 | ||||||
Bank of the Philippine Islands | 9,096,792 | 19,899,877 | ||||||
BDO Unibank Inc. | 11,372,986 | 28,632,376 | ||||||
DMCI Holdings Inc. | 20,090,000 | 7,199,410 | ||||||
Energy Development Corp. | 62,090,300 | 12,463,124 | ||||||
Globe Telecom Inc. | 375,750 | 16,235,059 | ||||||
International Container Terminal Services Inc. | 6,366,610 | 16,187,276 | ||||||
JG Summit Holdings Inc. | 16,620,774 | 25,257,243 | ||||||
Jollibee Foods Corp. | 4,535,429 | 22,610,281 |
Security | Shares | Value | ||||||
Megaworld Corp. | 63,334,300 | $ | 7,857,533 | |||||
Metro Pacific Investments Corp. | 57,144,600 | 6,998,885 | ||||||
Metropolitan Bank & Trust Co. | 2,473,378 | 5,191,906 | ||||||
Philippine Long Distance Telephone Co. | 787,433 | 56,472,287 | ||||||
SM Investments Corp. | 1,565,965 | 31,255,369 | ||||||
SM Prime Holdings Inc. | 61,702,425 | 27,653,434 | ||||||
Universal Robina Corp. | 7,376,420 | 36,472,206 | ||||||
|
| |||||||
436,961,028 | ||||||||
POLAND — 1.48% |
| |||||||
Alior Bank SAa,b | 376,388 | 8,421,594 | ||||||
Bank Handlowy w Warszawie SA | 300,392 | 8,593,299 | ||||||
Bank Millennium SA | 3,864,429 | 7,363,005 | ||||||
Bank Pekao SA | 1,116,391 | 55,983,230 | ||||||
Bank Zachodni WBK SA | 268,132 | 24,275,832 | ||||||
CCC SA | 74,115 | 3,638,498 | ||||||
Cyfrowy Polsat SA | 1,830,647 | 11,913,566 | ||||||
ENEA SA | 1,257,407 | 5,508,579 | ||||||
Energa SA | 1,196,056 | 7,273,019 | ||||||
Eurocash SA | 649,494 | 5,862,762 | ||||||
Getin Noble Bank SAa | 6,079,264 | 3,055,939 | ||||||
Grupa Azoty SA | 226,923 | 4,722,260 | ||||||
Grupa Lotos SAa,b | 581,366 | 4,091,394 | ||||||
KGHM Polska Miedz SA | 1,128,994 | 36,919,658 | ||||||
LPP SA | 7,072 | 13,817,746 | ||||||
mBankb | 133,732 | 16,527,882 | ||||||
Orange Polska SA | 5,630,494 | 15,019,114 | ||||||
PGE Polska Grupa Energetyczna SA | 6,706,679 | 37,555,880 | ||||||
Polski Koncern Naftowy Orlen SA | 2,722,272 | 40,177,634 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 15,353,806 | 20,872,031 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 7,316,597 | 64,462,539 | ||||||
Powszechny Zaklad Ubezpieczen SA | 479,581 | 63,341,009 | ||||||
Synthos SA | 5,179,521 | 6,187,177 | ||||||
Tauron Polska Energia SA | 9,681,200 | 12,820,529 | ||||||
|
| |||||||
478,404,176 |
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
QATAR — 0.84% |
| |||||||
Barwa Real Estate Co. | 1,066,809 | $ | 14,267,087 | |||||
Commercial Bank of Qatar QSC (The) | 569,000 | 10,781,546 | ||||||
Doha Bank QSC | 407,453 | 6,500,898 | ||||||
Gulf International Services QSC | 381,085 | 9,983,663 | ||||||
Industries Qatar QSC | 1,242,480 | 52,886,008 | ||||||
Masraf Al Rayan | 3,147,736 | 41,577,949 | ||||||
Ooredoo QSC | 552,481 | 17,371,708 | ||||||
Qatar Electricity & Water Co. QSC | 237,973 | 12,449,226 | ||||||
Qatar Islamic Bank SAQ | 401,063 | 11,421,182 | ||||||
Qatar National Bank SAQ | 1,440,206 | 80,404,745 | ||||||
Vodafone Qatar QSC | 3,202,791 | 15,593,982 | ||||||
|
| |||||||
273,237,994 | ||||||||
RUSSIA — 3.49% |
| |||||||
Alrosa AO | 10,490,800 | 11,922,473 | ||||||
Gazprom OAO | 48,306,739 | 119,527,710 | ||||||
Gazprom OAO ADR | 24,020,974 | 119,864,660 | ||||||
Lukoil OAO | 2,051,095 | 99,395,448 | ||||||
Lukoil OAO ADR (London) | 2,089,230 | 101,118,732 | ||||||
Magnit PJSC GDRd | 2,153,938 | 102,678,224 | ||||||
MegaFon OAO GDRd | 746,879 | 13,152,539 | ||||||
MMC Norilsk Nickel OJSC | 456,790 | 83,311,703 | ||||||
Mobile TeleSystems OJSC ADR | 4,247,490 | 42,050,151 | ||||||
Moscow Exchange MICEX-RTS OAO | 8,242,730 | 10,239,698 | ||||||
NOVATEK OAO GDRd | 743,374 | 62,331,910 | ||||||
Rosneft OAO | 9,334,737 | 40,146,727 | ||||||
Rostelecom OJSC | 7,739,650 | 11,298,787 | ||||||
RusHydro JSC | 997,024,100 | 10,401,822 | ||||||
Sberbank of Russia | 86,029,051 | 105,757,938 | ||||||
Severstal PAO | 1,767,703 | 19,793,424 | ||||||
Sistema JSFC GDRd | 1,194,054 | 8,477,783 | ||||||
Surgutneftegas OAO | 29,365,060 | 16,576,983 | ||||||
Surgutneftegas OAO ADR | 2,920,395 | 16,222,794 | ||||||
Tatneft OAO Class S | 11,498,940 | 59,313,783 | ||||||
Uralkali PJSC | 5,506,815 | 15,233,791 | ||||||
Uralkali PJSC GDRd | 1,095,317 | 15,356,344 | ||||||
VTB Bank OJSC | 41,086,082,000 | 45,357,086 | ||||||
|
| |||||||
1,129,530,510 |
Security | Shares | Value | ||||||
SOUTH AFRICA — 7.99% |
| |||||||
African Bank Investments Ltd.a,b | 14,665,413 | $ | 12,585 | |||||
African Rainbow Minerals Ltd. | 673,634 | 7,076,250 | ||||||
Anglo American Platinum Ltd.a | 467,210 | 14,892,745 | ||||||
AngloGold Ashanti Ltd.a | 3,315,747 | 37,308,912 | ||||||
Aspen Pharmacare Holdings Ltd. | 2,708,654 | 96,184,762 | ||||||
Assore Ltd. | 189,633 | 2,475,172 | ||||||
Barclays Africa Group Ltd. | 2,752,869 | 45,529,944 | ||||||
Barloworld Ltd. | 1,858,810 | 14,265,286 | ||||||
Bidvest Group Ltd. (The) | 2,744,170 | 75,752,562 | ||||||
Brait SEa | 2,521,039 | 16,922,309 | ||||||
Coronation Fund Managers Ltd. | 1,539,075 | 13,652,637 | ||||||
Discovery Ltd. | 2,527,032 | 25,977,273 | ||||||
Exxaro Resources Ltd.b | 1,248,144 | 12,238,302 | ||||||
FirstRand Ltd. | 27,323,223 | 125,443,442 | ||||||
Foschini Group Ltd. (The) | 1,771,037 | 25,140,731 | ||||||
Gold Fields Ltd. | 6,455,048 | 30,056,715 | ||||||
Growthpoint Properties Ltd. | 17,394,945 | 44,304,640 | ||||||
Impala Platinum Holdings Ltd.a | 4,385,234 | 26,985,766 | ||||||
Imperial Holdings Ltd. | 1,583,123 | 26,698,304 | ||||||
Investec Ltd. | 2,625,488 | 23,206,493 | ||||||
Kumba Iron Ore Ltd. | 508,901 | 10,000,715 | ||||||
Liberty Holdings Ltd. | 1,083,042 | 13,138,146 | ||||||
Life Healthcare Group Holdings Ltd. | 7,611,786 | 29,590,140 | ||||||
Massmart Holdings Ltd. | 672,135 | 9,615,689 | ||||||
Mediclinic International Ltd. | 2,837,478 | 29,991,604 | ||||||
MMI Holdings Ltd./South Africa | 7,615,787 | 21,272,966 | ||||||
Mr. Price Group Ltd. | 1,916,865 | 44,372,637 | ||||||
MTN Group Ltd. | 13,521,924 | 239,781,205 | ||||||
Nampak Ltd. | 4,023,484 | 14,049,220 | ||||||
Naspers Ltd. Class N | 3,234,229 | 475,226,002 | ||||||
Nedbank Group Ltd. | 1,846,781 | 40,542,651 | ||||||
Netcare Ltd. | 9,336,463 | 32,905,564 | ||||||
Pick n Pay Stores Ltd. | 2,610,727 | 11,833,742 | ||||||
PPC Ltd. | 5,032,859 | 7,825,917 | ||||||
Rand Merchant Insurance Holdings Ltd. | 4,396,768 | 16,978,852 |
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Redefine Properties Ltd. | 23,296,364 | $ | 23,670,209 | |||||
Remgro Ltd. | 3,886,317 | 92,380,487 | ||||||
Resilient Property Income Fund Ltd. | 1,480,234 | 11,908,688 | ||||||
RMB Holdings Ltd. | 5,127,835 | 29,870,200 | ||||||
Sanlam Ltd. | 15,503,173 | 100,578,381 | ||||||
Sappi Ltd.a | 3,805,657 | 16,002,505 | ||||||
Sasol Ltd. | 4,468,773 | 162,491,075 | ||||||
Shoprite Holdings Ltd. | 3,804,027 | 54,189,349 | ||||||
SPAR Group Ltd. (The) | 1,544,546 | 23,679,151 | ||||||
Standard Bank Group Ltd. | 10,005,000 | 130,941,607 | ||||||
Steinhoff International Holdings Ltd. | 17,299,432 | 99,865,510 | ||||||
Telkom SA SOC Ltd.a | 1,589,694 | 11,186,382 | ||||||
Tiger Brands Ltd. | 1,431,381 | 42,684,708 | ||||||
Truworths International Ltd. | 3,183,520 | 24,281,409 | ||||||
Tsogo Sun Holdings Ltd. | 1,516,889 | 3,694,268 | ||||||
Vodacom Group Ltd. | 2,893,451 | 33,719,269 | ||||||
Woolworths Holdings Ltd./South Africa | 7,720,537 | 59,568,650 | ||||||
|
| |||||||
2,581,961,728 | ||||||||
SOUTH KOREA — 13.85% |
| |||||||
AmorePacific Corp. | 26,943 | 70,085,431 | ||||||
AmorePacific Group | 22,911 | 27,888,566 | ||||||
BS Financial Group Inc. | 1,649,646 | 22,395,085 | ||||||
Celltrion Inc.a,b | 539,451 | 32,193,559 | ||||||
Cheil Industries Inc.a,b | 136,650 | 20,169,742 | ||||||
Cheil Worldwide Inc.a,b | 697,294 | 13,278,160 | ||||||
CJ CheilJedang Corp. | 67,169 | 21,878,655 | ||||||
CJ Corp. | 128,684 | 20,342,284 | ||||||
CJ Korea Express Co. Ltd.a,b | 47,366 | 7,811,258 | ||||||
Coway Co. Ltd. | 457,296 | 35,915,371 | ||||||
Daelim Industrial Co. Ltd. | 233,422 | 13,781,373 | ||||||
Daewoo Engineering & Construction Co. Ltd.a,b | 680,886 | 4,907,119 | ||||||
Daewoo International Corp.b | 344,365 | 9,098,980 | ||||||
Daewoo Securities Co. Ltd.a | 1,321,742 | 12,825,431 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b | 843,775 | 15,567,804 | ||||||
Daum Kakao Corp.b | 201,539 | 24,440,655 | ||||||
DGB Financial Group Inc. | 1,365,376 | 14,430,652 | ||||||
Dongbu Insurance Co. Ltd. | 365,069 | 17,628,953 |
Security | Shares | Value | ||||||
Doosan Corp. | 73,667 | $ | 8,020,779 | |||||
Doosan Heavy Industries & Construction Co. Ltd.b | 406,922 | 10,770,429 | ||||||
Doosan Infracore Co. Ltd.a,b | 1,024,539 | 12,041,869 | ||||||
E-Mart Co. Ltd. | 175,388 | 34,277,004 | ||||||
GS Engineering & Construction Corp.a,b | 389,350 | 10,748,763 | ||||||
GS Holdings Corp. | 410,712 | 16,558,704 | ||||||
Halla Visteon Climate Control Corp.a,b | 277,445 | 10,831,869 | ||||||
Hana Financial Group Inc. | 2,361,096 | 64,752,394 | ||||||
Hankook Tire Co. Ltd. | 607,785 | 26,580,730 | ||||||
Hanssem Co. Ltd.a | 60,441 | 9,719,682 | ||||||
Hanwha Chemical Corp. | 734,733 | 9,438,964 | ||||||
Hanwha Corp. | 344,244 | 9,597,619 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,889,478 | 13,445,240 | ||||||
Hite Jinro Co. Ltd.b | 110,435 | 2,299,157 | ||||||
Hotel Shilla Co. Ltd.b | 275,162 | 24,819,861 | ||||||
Hyosung Corp. | 194,613 | 12,979,519 | ||||||
Hyundai Department Store Co. Ltd. | 119,043 | 14,533,973 | ||||||
Hyundai Development Co. Engineering & Construction | 451,152 | 20,552,685 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 591,779 | 26,635,582 | ||||||
Hyundai Glovis Co. Ltd.b | 141,892 | 30,833,440 | ||||||
Hyundai Heavy Industries Co. Ltd.a,b | 338,089 | 36,964,767 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd.b | 597,462 | 14,833,802 | ||||||
Hyundai Merchant Marine Co. Ltd.a,b | 529,589 | 4,361,974 | ||||||
Hyundai Mipo Dockyard Co. Ltd.a,b | 92,344 | 6,470,096 | ||||||
Hyundai Mobis Co. Ltd. | 552,585 | 125,616,106 | ||||||
Hyundai Motor Co. | 1,260,508 | 184,330,130 | ||||||
Hyundai Steel Co. | 554,366 | 33,841,303 | ||||||
Hyundai Wia Corp. | 130,766 | 16,739,668 | ||||||
Industrial Bank of Korea | 1,970,020 | 24,231,488 | ||||||
Kangwon Land Inc. | 898,020 | 27,818,942 | ||||||
KB Financial Group Inc. | 3,189,987 | 113,352,005 | ||||||
KCC Corp. | 47,728 | 25,700,194 |
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 131,032 | $ | 11,007,380 | |||||
Kia Motors Corp. | 2,139,326 | 88,687,835 | ||||||
Korea Aerospace Industries Ltd.b | 390,524 | 17,933,041 | ||||||
Korea Electric Power Corp. | 2,112,912 | 86,052,723 | ||||||
Korea Gas Corp. | 236,447 | 9,134,302 | ||||||
Korea Investment Holdings Co. Ltd. | 276,959 | 13,777,925 | ||||||
Korea Zinc Co. Ltd. | 72,841 | 27,177,249 | ||||||
Korean Air Lines Co. Ltd.a | 210,071 | 9,608,277 | ||||||
KT Corp.a | 243,680 | 6,793,866 | ||||||
KT Corp. ADR | 177,519 | 2,487,041 | ||||||
KT&G Corp. | 904,108 | 65,900,087 | ||||||
Kumho Petrochemical Co. Ltd.b | 115,997 | 9,110,238 | ||||||
LG Chem Ltd. | 375,380 | 78,663,751 | ||||||
LG Corp. | 801,640 | 46,452,830 | ||||||
LG Display Co. Ltd. | 1,939,190 | 60,072,398 | ||||||
LG Electronics Inc.b | 866,812 | 48,807,782 | ||||||
LG Household & Health Care Ltd. | 78,138 | 47,699,385 | ||||||
LG Innotek Co. Ltd.b | 99,495 | 9,518,450 | ||||||
LG Uplus Corp. | 1,763,704 | 19,042,315 | ||||||
Lotte Chemical Corp. | 128,400 | 22,286,183 | ||||||
Lotte Confectionery Co. Ltd. | 4,292 | 7,113,250 | ||||||
Lotte Shopping Co. Ltd. | 86,238 | 19,643,296 | ||||||
LS Corp. | 132,055 | 6,196,376 | ||||||
LS Industrial Systems Co. Ltd. | 144,449 | 8,133,523 | ||||||
Mirae Asset Securities Co. Ltd. | 177,645 | 7,841,921 | ||||||
NAVER Corp. | 229,292 | 138,091,214 | ||||||
NCsoft Corp. | 127,991 | 20,815,811 | ||||||
NH Investment & Securities Co. Ltd.b | 955,748 | 10,710,856 | ||||||
OCI Co. Ltd.a,b | 130,235 | 11,628,655 | ||||||
Orion Corp./Republic of Koreab | 29,105 | 25,563,500 | ||||||
Paradise Co. Ltd.b | 330,574 | 6,370,225 | ||||||
POSCO | 530,649 | 129,332,247 | ||||||
S-1 Corp. | 173,986 | 12,681,773 | ||||||
S-Oil Corp.b | 360,013 | 21,255,380 | ||||||
Samsung C&T Corp. | 1,026,240 | 56,662,698 |
Security | Shares | Value | ||||||
Samsung Card Co. Ltd. | 298,742 | $ | 10,207,120 | |||||
Samsung Electro-Mechanics Co. Ltd. | 486,648 | 30,549,904 | ||||||
Samsung Electronics Co. Ltd. | 897,249 | 1,109,349,818 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 276,997 | 64,356,280 | ||||||
Samsung Heavy Industries Co. Ltd.b | 1,289,212 | 23,140,154 | ||||||
Samsung Life Insurance Co. Ltd. | 507,232 | 46,030,073 | ||||||
Samsung SDI Co. Ltd. | 449,997 | 55,965,187 | ||||||
Samsung SDS Co. Ltd.b | 212,853 | 56,144,088 | ||||||
Samsung Securities Co. Ltd. | 494,762 | 21,502,572 | ||||||
Shinhan Financial Group Co. Ltd. | 3,503,328 | 139,488,345 | ||||||
Shinsegae Co. Ltd. | 58,999 | 9,272,769 | ||||||
SK C&C Co. Ltd.b | 171,279 | 33,864,100 | ||||||
SK Holdings Co. Ltd. | 211,494 | 35,841,542 | ||||||
SK Hynix Inc.b | 4,729,026 | 200,785,943 | ||||||
SK Innovation Co. Ltd.a | 484,712 | 45,708,799 | ||||||
SK Networks Co. Ltd. | 847,093 | 7,293,544 | ||||||
SK Telecom Co. Ltd. | 73,796 | 19,263,408 | ||||||
SK Telecom Co. Ltd. ADR | 80,009 | 2,325,862 | ||||||
Woori Banka | 2,501,196 | 21,603,880 | ||||||
Yuhan Corp. | 84,886 | 13,225,371 | ||||||
|
| |||||||
4,476,510,358 | ||||||||
TAIWAN — 12.67% |
| |||||||
Acer Inc.a,b | 23,258,121 | 15,219,054 | ||||||
Advanced Semiconductor Engineering Inc.b | 51,198,701 | 68,960,517 | ||||||
Advantech Co. Ltd.b | 2,703,370 | 20,659,411 | ||||||
Asia Cement Corp.b | 19,194,077 | 23,652,628 | ||||||
Asia Pacific Telecom Co. Ltd.b | 11,912,000 | 5,803,331 | ||||||
ASUSTeK Computer Inc.b | 5,793,968 | 60,236,604 | ||||||
AU Optronics Corp.b | 71,609,000 | 37,736,951 | ||||||
Catcher Technology Co. Ltd.b | 5,301,210 | 48,446,020 | ||||||
Cathay Financial Holding Co. Ltd. | 67,302,644 | 102,438,032 | ||||||
Chailease Holding Co. Ltd.b | 7,773,820 | 18,911,633 | ||||||
Chang Hwa Commercial Bank Ltd. | 37,333,996 | 21,933,203 |
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Cheng Shin Rubber Industry Co. Ltd.b | 13,074,128 | $ | 31,556,087 | |||||
Chicony Electronics Co. Ltd. | 4,984,088 | 13,854,828 | ||||||
China Airlines Ltd.a | 18,405,347 | 9,025,389 | ||||||
China Development Financial Holding Corp. | 119,760,848 | 41,566,414 | ||||||
China Life Insurance Co. Ltd./Taiwan | 20,735,803 | 17,827,310 | ||||||
China Motor Corp. | 4,073,000 | 3,508,188 | ||||||
China Steel Corp.b | 97,460,313 | 80,997,108 | ||||||
Chunghwa Telecom Co. Ltd. | 31,247,410 | 97,707,233 | ||||||
Clevo Co. | 4,904,553 | 7,543,064 | ||||||
Compal Electronics Inc. | 34,143,908 | 26,527,985 | ||||||
CTBC Financial Holding Co. Ltd. | 115,863,494 | 77,107,054 | ||||||
CTCI Corp. | 2,668,000 | 4,400,650 | ||||||
Delta Electronics Inc. | 14,965,000 | 96,732,845 | ||||||
E.Sun Financial Holding Co. Ltd. | 48,846,232 | 30,485,150 | ||||||
Eclat Textile Co. Ltd.b | 1,437,360 | 16,476,663 | ||||||
Epistar Corp.b | 7,095,345 | 13,578,419 | ||||||
EVA Airways Corp.a | 13,110,360 | 9,601,601 | ||||||
Evergreen Marine Corp. Taiwan Ltd.a | 15,005,325 | 11,013,302 | ||||||
Far Eastern Department Stores Ltd.b | 10,002,191 | 8,599,241 | ||||||
Far Eastern New Century Corp. | 25,652,763 | 26,628,883 | ||||||
Far EasTone Telecommunications Co. Ltd. | 12,894,000 | 31,860,353 | ||||||
Farglory Land Development Co. Ltd. | 6,036,727 | 7,208,319 | ||||||
First Financial Holding Co. Ltd. | 59,626,706 | 35,219,723 | ||||||
Formosa Chemicals & Fibre Corp.b | 26,292,090 | 58,938,485 | ||||||
Formosa International Hotels Corp. | 265,015 | 2,772,088 | ||||||
Formosa Petrochemical Corp.b | 7,647,000 | 16,752,543 | ||||||
Formosa Plastics Corp. | 33,525,280 | 82,732,342 | ||||||
Formosa Taffeta Co. Ltd. | 7,646,000 | 8,083,019 |
Security | Shares | Value | ||||||
Foxconn Technology Co. Ltd. | 7,168,659 | $ | 18,443,803 | |||||
Fubon Financial Holding Co. Ltd. | 55,409,969 | 98,804,594 | ||||||
Giant Manufacturing Co. Ltd. | 2,659,203 | 25,825,726 | ||||||
Hermes Microvision Inc.b | 342,000 | 17,097,277 | ||||||
Highwealth Construction Corp. | 4,223,900 | 8,997,896 | ||||||
Hiwin Technologies Corp.b | 1,700,449 | 13,725,962 | ||||||
Hon Hai Precision Industry Co. Ltd.b | 102,107,812 | 283,190,270 | ||||||
Hotai Motor Co. Ltd.b | 2,091,000 | 31,826,079 | ||||||
HTC Corp.a,b | 5,500,708 | 26,798,546 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 41,836,636 | 23,978,967 | ||||||
Innolux Corp.b | 64,159,002 | 32,891,576 | ||||||
Inotera Memories Inc.a,b | 18,911,000 | 27,910,360 | ||||||
Inventec Corp.b | 19,101,281 | 14,658,203 | ||||||
Kinsus Interconnect Technology Corp.b | 2,117,000 | 6,842,079 | ||||||
Largan Precision Co. Ltd. | 830,000 | 70,829,486 | ||||||
Lite-On Technology Corp. | 16,429,157 | 20,873,216 | ||||||
MediaTek Inc.b | 11,513,338 | 173,405,791 | ||||||
Mega Financial Holding Co. Ltd. | 78,345,162 | 62,242,057 | ||||||
Merida Industry Co. Ltd. | 1,786,500 | 14,420,562 | ||||||
Nan Ya Plastics Corp. | 38,846,160 | 84,359,437 | ||||||
Novatek Microelectronics Corp. | 4,766,000 | 25,647,317 | ||||||
Pegatron Corp. | 12,845,414 | 35,257,911 | ||||||
Phison Electronics Corp. | 1,194,535 | 9,052,677 | ||||||
Pou Chen Corp.b | 17,541,220 | 25,302,253 | ||||||
Powertech Technology Inc.b | 5,069,300 | 8,668,091 | ||||||
President Chain Store Corp. | 4,865,000 | 37,798,440 | ||||||
Quanta Computer Inc. | 21,639,000 | 54,709,014 | ||||||
Radiant Opto-Electronics Corp.b | 3,611,240 | 11,901,396 | ||||||
Realtek Semiconductor Corp.b | 3,628,637 | 11,369,460 | ||||||
Ruentex Development Co. Ltd.b | 5,327,337 | 7,972,770 | ||||||
Ruentex Industries Ltd.b | 4,370,598 | 9,435,649 | ||||||
ScinoPharm Taiwan Ltd.b | 2,294,545 | 3,528,945 | ||||||
Shin Kong Financial Holding Co. Ltd. | 53,034,074 | 15,232,203 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Siliconware Precision Industries Co. Ltd.b | 24,729,190 | $ | 44,017,250 | |||||
Simplo Technology Co. Ltd.b | 2,672,202 | 13,273,794 | ||||||
SinoPac Financial Holdings Co. Ltd. | 60,744,001 | 24,854,654 | ||||||
Standard Foods Corp.b | 2,987,066 | 7,076,507 | ||||||
Synnex Technology International Corp. | 10,672,985 | 15,582,116 | ||||||
Taishin Financial Holding Co. Ltd. | 60,224,025 | 25,792,490 | ||||||
Taiwan Business Banka | 22,503,723 | 6,685,551 | ||||||
Taiwan Cement Corp. | 27,633,296 | 37,791,755 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 40,986,808 | 21,077,438 | ||||||
Taiwan Fertilizer Co. Ltd.b | 5,556,000 | 9,641,840 | ||||||
Taiwan Glass Industry Corp.b | 4,714,176 | 3,497,542 | ||||||
Taiwan Mobile Co. Ltd. | 13,897,600 | 47,571,788 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 200,206,000 | 959,433,307 | ||||||
Teco Electric and Machinery Co. Ltd. | 16,624,000 | 17,018,360 | ||||||
TPK Holding Co. Ltd.b | 2,037,827 | 14,729,716 | ||||||
Transcend Information Inc. | 872,000 | 2,873,810 | ||||||
U-Ming Marine Transport Corp. | 3,538,000 | 5,356,851 | ||||||
Uni-President Enterprises Corp. | 37,917,576 | 63,749,340 | ||||||
Unimicron Technology Corp.b | 9,332,000 | 6,284,725 | ||||||
United Microelectronics Corp.b | 98,603,000 | 50,235,568 | ||||||
Vanguard International Semiconductor Corp.b | 6,692,000 | 11,655,864 | ||||||
Walsin Lihwa Corp.a | 19,462,000 | 6,228,088 | ||||||
Wan Hai Lines Ltd. | 2,972,000 | 3,312,211 | ||||||
Wistron Corp. | 17,620,560 | 16,635,873 | ||||||
WPG Holdings Ltd. | 10,281,532 | 13,193,623 | ||||||
Yang Ming Marine Transport Corp.a | 17,163,075 | 9,290,631 | ||||||
Yuanta Financial Holding Co. Ltd. | 70,790,343 | 35,840,358 | ||||||
Yulon Motor Co. Ltd. | 8,268,000 | 11,820,831 |
Security | Shares | Value | ||||||
Zhen Ding Technology Holding Ltd.b | 2,073,075 | $ | 6,462,475 | |||||
|
| |||||||
4,096,284,039 | ||||||||
THAILAND — 2.41% |
| |||||||
Advanced Info Service PCL NVDR | 8,590,300 | 61,909,678 | ||||||
Airports of Thailand PCL NVDR | 3,744,900 | 35,792,580 | ||||||
Bangkok Bank PCL Foreign | 2,298,800 | 13,083,180 | ||||||
Bangkok Bank PCL NVDR | 2,534,400 | 14,345,660 | ||||||
Bangkok Dusit Medical Services PCL NVDRb | 27,068,500 | 18,001,013 | ||||||
Banpu PCL NVDRb | 9,208,400 | 8,615,963 | ||||||
BEC World PCL NVDRb | 8,491,400 | 12,344,442 | ||||||
BTS Group Holdings PCL NVDR | 39,872,100 | 11,839,535 | ||||||
Bumrungrad Hospital PCL NVDR | 1,802,300 | 8,668,656 | ||||||
Central Pattana PCL NVDR | 11,378,700 | 15,486,013 | ||||||
Charoen Pokphand Foods PCL NVDR | 23,016,900 | 17,015,277 | ||||||
CP ALL PCL NVDR | 36,647,800 | 45,342,159 | ||||||
Delta Electronics Thailand PCL NVDR | 2,116,900 | 4,567,082 | ||||||
Energy Absolute PCL NVDRb | 5,582,100 | 5,222,967 | ||||||
Glow Energy PCL NVDR | 4,721,600 | 12,450,244 | ||||||
Home Product Center PCL NVDRb | 21,460,107 | 5,675,345 | ||||||
Indorama Ventures PCL NVDR | 11,229,280 | 9,030,661 | ||||||
IRPC PCL NVDR | 82,696,100 | 11,408,123 | ||||||
Kasikornbank PCL Foreign | 9,661,100 | 64,546,786 | ||||||
Kasikornbank PCL NVDR | 5,396,100 | 36,218,797 | ||||||
Krung Thai Bank PCL NVDR | 31,370,200 | 22,123,123 | ||||||
Minor International PCL NVDRb | 11,496,200 | 12,090,034 | ||||||
PTT Exploration & Production PCL NVDR | 11,066,639 | 38,680,180 | ||||||
PTT Global Chemical PCL NVDR | 13,139,730 | 22,759,817 | ||||||
PTT PCL NVDR | 8,184,600 | 86,833,214 | ||||||
Siam Cement PCL (The) Foreign | 2,535,900 | 40,317,123 |
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Siam Cement PCL (The) NVDR | 932,700 | $ | 15,117,068 | |||||
Siam Commercial Bank PCL (The) NVDR | 13,127,400 | 68,824,445 | ||||||
Thai Oil PCL NVDR | 7,003,500 | 11,372,835 | ||||||
Thai Union Frozen Products PCL NVDR | 11,729,500 | 7,764,036 | ||||||
TMB Bank PCL NVDR | 99,491,900 | 9,293,707 | ||||||
True Corp. PCL NVDRa,b | 71,404,821 | 32,245,914 | ||||||
|
| |||||||
778,985,657 | ||||||||
TURKEY — 1.56% |
| |||||||
Akbank TAS | 15,199,615 | 49,557,393 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii ASa | 1,466,499 | 11,953,570 | ||||||
Arcelik AS | 1,548,678 | 9,329,015 | ||||||
BIM Birlesik Magazalar AS | 1,750,821 | 32,719,120 | ||||||
Coca-Cola Icecek ASb | 467,764 | 9,066,996 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 16,642,713 | 20,712,402 | ||||||
Enka Insaat ve Sanayi AS | 3,185,905 | 6,485,818 | ||||||
Eregli Demir ve Celik Fabrikalari TASb | 12,247,513 | 20,550,498 | ||||||
Ford Otomotiv Sanayi AS | 640,030 | 8,639,769 | ||||||
Haci Omer Sabanci Holding AS | 7,532,804 | 28,993,059 | ||||||
KOC Holding ASb | 5,217,970 | 24,274,453 | ||||||
Petkim Petrokimya Holding ASb | 1,167,859 | 1,773,846 | ||||||
TAV Havalimanlari Holding AS | 1,434,848 | 11,438,848 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 909,668 | 5,931,831 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,066,643 | 22,477,964 | ||||||
Turk Hava Yollaria | 4,947,214 | 17,802,102 | ||||||
Turk Telekomunikasyon AS | 3,556,987 | 10,310,312 | ||||||
Turkcell Iletisim Hizmetleri ASa | 6,808,850 | 35,600,945 | ||||||
Turkiye Garanti Bankasi AS | 19,217,331 | 68,616,951 | ||||||
Turkiye Halk Bankasi AS | 5,228,169 | 31,077,983 | ||||||
Turkiye Is Bankasi Class C | 13,442,515 | 33,619,650 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 4,508,340 | 6,632,548 | ||||||
Turkiye Vakiflar Bankasi Tao Class D | 6,940,134 | 14,514,952 |
Security | Shares | Value | ||||||
Ulker Biskuvi Sanayi ASb | 994,595 | $ | 7,691,798 | |||||
Yapi ve Kredi Bankasi AS | 8,284,990 | 15,285,230 | ||||||
|
| |||||||
505,057,053 | ||||||||
UNITED ARAB EMIRATES — 0.66% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 8,705,878 | 18,252,062 | ||||||
Aldar Properties PJSC | 27,748,572 | 19,870,327 | ||||||
Arabtec Holding PJSCa | 16,980,084 | 14,609,507 | ||||||
DP World Ltd. | 1,286,075 | 27,264,790 | ||||||
Dubai Financial Market | 16,746,125 | 8,982,334 | ||||||
Dubai Islamic Bank PJSC | 8,808,884 | 16,069,572 | ||||||
Emaar Properties PJSC | 30,280,108 | 62,246,223 | ||||||
First Gulf Bank PJSC | 6,226,219 | 30,260,162 | ||||||
National Bank of Abu Dhabi PJSC | 4,614,335 | 17,149,458 | ||||||
|
| |||||||
214,704,435 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $29,860,683,130) |
| 30,730,190,623 | ||||||
PREFERRED STOCKS — 4.47% |
| |||||||
BRAZIL — 3.27% |
| |||||||
AES Tiete SA | 903,800 | 5,468,285 | ||||||
Banco Bradesco SA | 17,060,758 | 224,346,268 | ||||||
Banco do Estado do Rio Grande do Sul SA Class B | 1,604,100 | 7,141,551 | ||||||
Bradespar SA | 1,804,600 | 8,356,061 | ||||||
Braskem SA Class A | 1,347,600 | 6,032,588 | ||||||
Centrais Eletricas Brasileiras SA Class B | 1,933,737 | 4,686,659 | ||||||
Cia. Brasileira de Distribuicao | 1,094,086 | 37,172,943 | ||||||
Cia. Energetica de Minas Gerais | 6,172,302 | 28,019,123 | ||||||
Cia. Energetica de Sao Paulo Class B | 1,546,300 | 12,735,540 | ||||||
Cia. Paranaense de Energia Class B | 884,875 | 10,676,618 | ||||||
Gerdau SA | 6,894,185 | 24,520,909 | ||||||
Itau Unibanco Holding SA | 22,463,352 | 286,747,809 | ||||||
Itausa — Investimentos Itau SA | 26,281,765 | 92,742,410 | ||||||
Lojas Americanas SA | 4,229,070 | 24,685,043 | ||||||
Metalurgica Gerdau SA | 2,246,700 | 8,768,836 | ||||||
Oi SA | 2,031,477 | 4,220,180 |
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Petroleo Brasileiro SA | 33,498,927 | $ | 112,118,045 | |||||
Suzano Papel e Celulose SA Class A | 2,557,300 | 10,786,031 | ||||||
Telefonica Brasil SA | 2,476,267 | 45,821,353 | ||||||
Usinas Siderurgicas de Minas Gerais SA Class Aa | 2,986,900 | 4,314,231 | ||||||
Vale SA | 15,090,651 | 97,689,317 | ||||||
|
| |||||||
1,057,049,800 | ||||||||
CHILE — 0.08% |
| |||||||
Embotelladora Andina SA Class B | 1,861,604 | 5,192,566 | ||||||
Sociedad Quimica y Minera de Chile SA Series B | 796,324 | 20,467,232 | ||||||
|
| |||||||
25,659,798 | ||||||||
COLOMBIA — 0.23% |
| |||||||
Banco Davivienda SA | 820,067 | 8,680,115 | ||||||
Bancolombia SA | 3,714,840 | 38,426,606 | ||||||
Grupo Argos SA/Colombia | 915,309 | 6,825,789 | ||||||
Grupo Aval Acciones y Valores | 23,361,013 | 11,473,607 | ||||||
Grupo de Inversiones Suramericana SA | 655,215 | 9,168,145 | ||||||
|
| |||||||
74,574,262 | ||||||||
RUSSIA — 0.22% |
| |||||||
AK Transneft OAO | 12,839 | 28,665,080 | ||||||
Sberbank of Russia | 7,861,538 | 6,837,198 | ||||||
Surgutneftegas OAO | 56,568,100 | 35,415,547 | ||||||
|
| |||||||
70,917,825 | ||||||||
SOUTH KOREA — 0.67% |
| |||||||
Hyundai Motor Co. | 170,059 | 16,966,389 | ||||||
Hyundai Motor Co. Series 2 | 300,042 | 31,027,987 | ||||||
LG Chem Ltd. | 64,317 | 9,493,284 | ||||||
Samsung Electronics Co. Ltd. | 167,325 | 159,770,945 | ||||||
|
| |||||||
217,258,605 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $1,849,145,310) |
| 1,445,460,290 | ||||||
RIGHTS — 0.00% |
| |||||||
BRAZIL — 0.00% |
| |||||||
Itausa — Investimentos Itau SAa | 194,566 | 231,355 | ||||||
|
| |||||||
231,355 |
Security | Shares | Value | ||||||
MALAYSIA — 0.00% |
| |||||||
Malaysia Airports Holdings Bhda,b | 910,960 | $ | 477,723 | |||||
|
| |||||||
477,723 | ||||||||
SOUTH KOREA — 0.00% |
| |||||||
Hyundai Merchant Marine Co. Ltd.a | 81,350 | 131,192 | ||||||
Korean Air Lines Co. Ltd.a | 22,375 | 291,524 | ||||||
|
| |||||||
422,716 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 1,131,794 | ||||||
SHORT-TERM INVESTMENTS — 3.64% |
| |||||||
MONEY MARKET FUNDS —3.64% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%e,f,g | 1,080,189,990 | 1,080,189,990 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%e,f,g | 63,042,488 | 63,042,488 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%e,f | 33,319,358 | 33,319,358 | ||||||
|
| |||||||
1,176,551,836 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,176,551,836) |
| 1,176,551,836 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $32,886,380,276) |
| 33,353,334,543 | ||||||
Other Assets, Less Liabilities — (3.16)% |
| (1,022,832,373 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 32,330,502,170 | |||||
|
|
ADR — American Depositary Receipts
CPO — Certificates of Participation (Ordinary)
GDR — Global Depositary Receipts
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 1. |
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 1. |
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS ETF
February 28, 2015
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
MSCI Emerging Markets E-Mini | 2,805 | Mar. 2015 | NYSE Liffe | $ | 139,113,975 | $ | 7,157,688 | |||||||||||||
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2015
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging | |||||||
ASSETS | ||||||||
Investments, at cost: | ||||||||
Unaffiliated | $ | — | $ | 31,709,828,440 | ||||
Affiliated (Note 2) | 39,036,660 | 1,176,551,836 | ||||||
|
|
|
| |||||
Total cost of investments | $ | 39,036,660 | $ | 32,886,380,276 | ||||
|
|
|
| |||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||
Unaffiliated | $ | — | $ | 32,176,782,707 | ||||
Affiliated (Note 2) | 39,139,458 | 1,176,551,836 | ||||||
|
|
|
| |||||
Total fair value of investments | 39,139,458 | 33,353,334,543 | ||||||
Foreign currency, at valueb | — | 25,302,700 | ||||||
Cash | — | 40,333,238 | ||||||
Cash pledged to broker | — | 5,198,010 | ||||||
Receivables: | ||||||||
Investment securities sold | — | 137,665,944 | ||||||
Dividends and interest | 15,719 | 72,923,621 | ||||||
Unrealized appreciation on forward currency contracts (Note 1) | 413,938 | — | ||||||
|
|
|
| |||||
Total Assets | 39,569,115 | 33,634,758,056 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Payables: | ||||||||
Investment securities purchased | 146,577 | 143,983,220 | ||||||
Collateral for securities on loan (Note 1) | — | 1,143,232,478 | ||||||
Futures variation margin | — | 121,184 | ||||||
Foreign taxes (Note 1) | — | 59,717 | ||||||
Unrealized depreciation on forward currency contracts (Note 1) | 304,309 | — | ||||||
Investment advisory fees (Note 2) | 857 | 16,859,287 | ||||||
|
|
|
| |||||
Total Liabilities | 451,743 | 1,304,255,886 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 39,117,372 | $ | 32,330,502,170 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 38,715,588 | $ | 40,522,361,568 | ||||
Distributions in excess of net investment income | (26,322 | ) | (90,255,758 | ) | ||||
Undistributed net realized gain (accumulated net realized loss) | 257,420 | (8,574,709,007 | ) | |||||
Net unrealized appreciation | 170,686 | 473,105,367 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 39,117,372 | $ | 32,330,502,170 | ||||
|
|
|
| |||||
Shares outstandingc | 1,600,000 | 795,150,000 | ||||||
|
|
|
| |||||
Net asset value per share | $ | 24.45 | $ | 40.66 | ||||
|
|
|
|
a | Securities on loan with values of $ — and $1,073,579,143, respectively. See Note 1. |
b | Cost of foreign currency: $ — and $25,597,876, respectively. |
c | $0.001 par value, number of shares authorized: 250 million and 2 billion, respectively. |
See notes to financial statements.
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2015
iShares Currency Hedged MSCI Emerging Markets ETFa | iShares MSCI Emerging | |||||||
NET INVESTMENT INCOME | ||||||||
Dividends — unaffiliatedb | $ | — | $ | 282,694,069 | ||||
Dividends — affiliated (Note 2) | 47,158 | — | ||||||
Interest — unaffiliated | — | 574 | ||||||
Interest — affiliated (Note 2) | — | 6,136 | ||||||
Securities lending income — affiliated (Note 2)c | — | 11,822,910 | ||||||
|
|
|
| |||||
47,158 | 294,523,689 | |||||||
Less: Other foreign taxes (Note 1) | — | (499,082 | ) | |||||
|
|
|
| |||||
Total investment income | 47,158 | 294,024,607 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees (Note 2) | 30,097 | 119,767,378 | ||||||
Mauritius income taxes (Note 1) | — | 846,395 | ||||||
Commitment fees (Note 9) | — | 69,630 | ||||||
|
|
|
| |||||
Total expenses | 30,097 | 120,683,403 | ||||||
Less investment advisory fees waived (Note 2) | (28,695 | ) | — | |||||
|
|
|
| |||||
Net expenses | 1,402 | 120,683,403 | ||||||
|
|
|
| |||||
Net investment income | 45,756 | 173,341,204 | ||||||
|
|
|
| |||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated | — | (1,169,050,543 | ) | |||||
In-kind redemptions — unaffiliated | — | 519,518,526 | ||||||
Futures contracts | — | (12,798,226 | ) | |||||
Foreign currency transactions | 257,420 | (12,127,072 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) | 257,420 | (674,457,315 | ) | |||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation on: | ||||||||
Investments | 102,798 | (3,446,791,958 | ) | |||||
Forward currency contracts | 109,629 | — | ||||||
Futures contracts | — | 858,162 | ||||||
Translation of assets and liabilities in foreign currencies | (41,741 | ) | (1,032,976 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation | 170,686 | (3,446,966,772 | ) | |||||
|
|
|
| |||||
Net realized and unrealized gain (loss) | 428,106 | (4,121,424,087 | ) | |||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 473,862 | $ | (3,948,082,883 | ) | |||
|
|
|
|
a | For the period from September 23, 2014 (commencement of operations) to February 28, 2015. |
b | Net of foreign withholding tax of $ — and $34,673,070, respectively. |
c | Net of securities lending income tax paid of $ — and $446,840, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 27 |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF (Consolidated) | |||||||||||
Period from to | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 45,756 | $ | 173,341,204 | $ | 758,783,170 | ||||||
Net realized gain (loss) | 257,420 | (674,457,315 | ) | (970,499,346 | ) | |||||||
Net change in unrealized appreciation/depreciation | 170,686 | (3,446,966,772 | ) | 6,267,266,623 | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | 473,862 | (3,948,082,883 | ) | 6,055,550,447 | ||||||||
|
|
|
|
|
| |||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
From net investment income | (72,078 | ) | (437,459,921 | ) | (673,353,625 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions to shareholders | (72,078 | ) | (437,459,921 | ) | (673,353,625 | ) | ||||||
|
|
|
|
|
| |||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Proceeds from shares sold | 38,715,588 | 290,876,114 | 16,425,662,994 | |||||||||
Cost of shares redeemed | — | (7,911,231,783 | ) | (12,275,651,505 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets from capital share transactions | 38,715,588 | (7,620,355,669 | ) | 4,150,011,489 | ||||||||
|
|
|
|
|
| |||||||
INCREASE (DECREASE) IN NET ASSETS | 39,117,372 | (12,005,898,473 | ) | 9,532,208,311 | ||||||||
NET ASSETS | ||||||||||||
Beginning of period | — | 44,336,400,643 | 34,804,192,332 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 39,117,372 | $ | 32,330,502,170 | $ | 44,336,400,643 | ||||||
|
|
|
|
|
| |||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (26,322 | ) | $ | (90,255,758 | ) | $ | 173,862,959 | ||||
|
|
|
|
|
| |||||||
SHARES ISSUED AND REDEEMED | ||||||||||||
Shares sold | 1,600,000 | 6,750,000 | 388,800,000 | |||||||||
Shares redeemed | — | (194,400,000 | ) | (311,400,000 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in shares outstanding | 1,600,000 | (187,650,000 | ) | 77,400,000 | ||||||||
|
|
|
|
|
|
a | Commencement of operations. |
See notes to financial statements.
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares Currency Hedged MSCI Emerging Markets ETF
Period from Sep. 23, 2014a to Feb. 28, 2015 | ||||
Net asset value, beginning of period | $ | 24.44 | ||
|
| |||
Income from investment operations: | ||||
Net investment incomeb | 0.12 | |||
Net realized and unrealized gainc | 0.37 | |||
|
| |||
Total from investment operations | 0.49 | |||
|
| |||
Less distributions from: | ||||
Net investment income | (0.48 | ) | ||
|
| |||
Total distributions | (0.48 | ) | ||
|
| |||
Net asset value, end of period | $ | 24.45 | ||
|
| |||
Total return | 2.08 | %d | ||
|
| |||
Ratios/Supplemental data: | ||||
Net assets, end of period (000s) | $ | 39,117 | ||
Ratio of expenses to average net assetse,f | 0.04 | % | ||
Ratio of expenses to average net assets prior to waived feese,f | 0.78 | % | ||
Ratio of net investment income to average net assetse,f | 1.19 | % | ||
Portfolio turnover rateg,h | 0 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout the period. |
c | The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
f | Annualized for periods of less than one year. |
g | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
h | Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See page 30 for the portfolio turnover rates of the underlying fund. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 29 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ETF | ||||||||||||||||||||||||
Six months ended Feb. 28, 2015 (Consolidated) (Unaudited) | Year ended Aug. 31, 2014 (Consolidated) | Year ended Aug. 31, 2013 (Consolidated) | Year ended Aug. 31, 2012 (Consolidated) | Year ended Aug. 31, 2011 (Consolidated) | Year ended Aug. 31, 2010 | |||||||||||||||||||
Net asset value, beginning of period | $ | 45.11 | $ | 38.44 | $ | 39.22 | $ | 42.71 | $ | 40.19 | $ | 35.48 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Income from investment operations: | ||||||||||||||||||||||||
Net investment incomea | 0.20 | 0.83 | 0.75 | 0.86 | 0.81 | 0.58 | ||||||||||||||||||
Net realized and unrealized gain (loss)b | (4.11 | ) | 6.55 | (0.76 | ) | (3.53 | ) | 2.56 | 4.73 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | (3.91 | ) | 7.38 | (0.01 | ) | (2.67 | ) | 3.37 | 5.31 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||||||
Net investment income | (0.54 | ) | (0.71 | ) | (0.77 | ) | (0.82 | ) | (0.85 | ) | (0.60 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.54 | ) | (0.71 | ) | (0.77 | ) | (0.82 | ) | (0.85 | ) | (0.60 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 40.66 | $ | 45.11 | $ | 38.44 | $ | 39.22 | $ | 42.71 | $ | 40.19 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total return | (8.61 | )%c | 19.34 | % | (0.08 | )% | (6.18 | )% | 8.23 | % | 14.97 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios/Supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 32,330,502 | $ | 44,336,401 | $ | 34,804,192 | $ | 34,256,628 | $ | 33,496,549 | $ | 39,766,955 | ||||||||||||
Ratio of expenses to average net assetsd | 0.68 | % | 0.67 | % | 0.67 | % | 0.68 | % | 0.67 | % | 0.68 | % | ||||||||||||
Ratio of expenses to average net assets prior to waived feesd | 0.68 | % | 0.68 | % | 0.67 | % | 0.69 | % | 0.67 | % | 0.68 | % | ||||||||||||
Ratio of net investment income to average net assetsd | 0.98 | % | 1.98 | % | 1.78 | % | 2.13 | % | 1.76 | % | 1.45 | % | ||||||||||||
Portfolio turnover ratee | 3 | % | 22 | % | 24 | % | 15 | % | 17 | % | 14 | % |
a | Based on average shares outstanding throughout each period. |
b | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
c | Not annualized. |
d | Annualized for periods of less than one year. |
e | Portfolio turnover rates exclude portfolio securities received or delivered 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, 2015 and the years ended August 31, 2014, August 31, 2013, August 31, 2012 and August 31, 2011 were 3%, 7%, 9%, 10% and 15%, respectively. See Note 4. |
See notes to financial statements.
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
Currency Hedged MSCI Emerging Marketsa | Non-diversified | |||
MSCI Emerging Markets | Diversified |
a | The Fund commenced operations on September 23, 2014. |
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. Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF. The financial statements and schedule of investments for the iShares MSCI Emerging Markets ETF are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.
The iShares MSCI Emerging Markets ETF 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. Intercompany accounts and transactions, if any, have been eliminated.
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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation
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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). |
• | Futures contracts are valued at that day’s last reported settlement price on the exchange where the contract is traded. |
• | Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. |
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 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, reviews of 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 is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
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• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the 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, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
iShares ETF and | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Currency Hedged MSCI Emerging Markets | ||||||||||||||||
Assets: | ||||||||||||||||
Exchange-Traded Funds | $ | 39,061,423 | $ | — | $ | — | $ | 39,061,423 | ||||||||
Money Market Funds | 78,035 | — | — | 78,035 | ||||||||||||
Forward Currency Contractsa | — | 413,938 | — | 413,938 | ||||||||||||
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$ | 39,139,458 | $ | 413,938 | $ | — | $ | 39,553,396 | |||||||||
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Liabilities: | ||||||||||||||||
Forward Currency Contractsa | $ | — | $ | (304,309 | ) | $ | — | $ | (304,309 | ) | ||||||
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MSCI Emerging Markets | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 30,694,741,064 | $ | 35,436,974 | $ | 12,585 | $ | 30,730,190,623 | ||||||||
Preferred Stocks | 1,445,460,290 | — | — | 1,445,460,290 | ||||||||||||
Rights | 1,131,794 | — | — | 1,131,794 | ||||||||||||
Money Market Funds | 1,176,551,836 | — | — | 1,176,551,836 | ||||||||||||
Futures Contractsa | 7,157,688 | — | — | 7,157,688 | ||||||||||||
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$ | 33,325,042,672 | $ | 35,436,974 | $ | 12,585 | $ | 33,360,492,231 | |||||||||
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a | Shown at the unrealized appreciation (depreciation) on the contracts. |
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified
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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. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes. The iShares Currency Hedged MSCI Emerging Markets ETF has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for federal income tax 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 or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.
The iShares MSCI Emerging Markets ETF conducts its investment activities in India through the Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a tax residence certificate from the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, 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. Any dividends paid by the Subsidiary to the Fund are not subject to tax in Mauritius. Further, the Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.
However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Fund’s investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of the Fund, such an interpretation, amendment, or override renegotiation may cause the Fund to incur capital gains tax in India.
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DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
MSCI Emerging Markets | $ | 1,073,579,143 | $ | 1,073,579,143 | $ | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
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RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
With respect to the iShares MSCI Emerging Markets ETF, 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 iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2020 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI Emerging Markets ETF (“EEM”) (and those assets used to hedge the securities in EEM against the U.S. dollar) such that the investment advisory fee on such assets is equal to the investment advisory fee of EEM plus 0.03%.
For its investment advisory services to EEM, 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 | ||||
0.54 | Over $42 billion, up to and including $56 billion | ||||
0.47 | Over $56 billion, up to and including $70 billion | ||||
0.41 | Over $70 billion, up to and including $84 billion | ||||
0.35 | Over $84 billion |
BFA has contractually agreed to waive a portion of its investment advisory fees for EEM through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA,
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however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
For the six months ended February 28, 2015, the iShares MSCI Emerging Markets ETF paid to BTC securities lending agent services and collateral investment fees in the amount of $8,714,344.
For the six months ended February 28, 2015, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Emerging Markets ETF in the amount of $102,952, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income — affiliated” in the Fund’s consolidated 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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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.
Each 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.
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Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended February 28, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
iShares ETF 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) | |||||||||||||||||||||
Currency Hedged MSCI Emerging Markets | ||||||||||||||||||||||||||||
iShares MSCI Emerging Markets ETF | — | 959,976 | — | 959,976 | $ | 39,061,423 | $ | 47,158 | $ | — | ||||||||||||||||||
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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, 2015 were as follows:
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 238,869 | $ | — | ||||
MSCI Emerging Markets | 1,135,026,908 | 5,449,058,186 |
In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 38,719,756 | $ | — | ||||
MSCI Emerging Markets | 130,341,577 | 3,691,755,388 |
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 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
5. | FUTURES CONTRACTS |
Each Fund may purchase or sell 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
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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 Emerging Markets ETF as of February 28, 2015 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 appreciationa | $ | 7,157,688 |
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 iShares MSCI Emerging Markets ETF during the six months ended February 28, 2015 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 | $ | (12,798,226 | ) | $ | 858,162 | |||
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The following table shows the average quarter-end balances of open futures contracts held by the iShares MSCI Emerging Markets ETF for the six months ended February 28, 2015:
Average value of contracts purchased | $ | 138,721,017 |
6. | FORWARD CURRENCY CONTRACTS |
The iShares Currency Hedged MSCI Emerging Markets ETF may enter into forward currency contracts for the purpose of hedging against the effects of foreign currencies on the value of the Fund’s assets that are denominated in a non-U.S. currency. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter (“OTC”) and not on an organized exchange. The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. The Fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the Fund failing to close out its position due to an illiquid market.
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The following table shows the value of forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF as of February 28, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:
Assets | ||||
Forward currency contracts: | ||||
Unrealized appreciation on forward currency contracts/Net assets consist of – net unrealized appreciation | $ | 413,938 | ||
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Liabilities | ||||
Forward currency contracts: | ||||
Unrealized depreciation on forward currency contracts/Net assets consist of –net unrealized depreciation | $ | 304,309 | ||
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The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF during the six months ended February 28, 2015 and the related locations in the statement of operations, presented by risk exposure category:
Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/Depreciation | |||||||
Forward currency contracts: | ||||||||
Foreign currency transactions/Forward currency contracts | $ | 257,420 | $ | 109,629 | ||||
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The following table shows the average quarter-end balances of outstanding forward currency contracts for the six months ended February 28, 2015:
iShares Currency Hedged MSCI Emerging Markets ETF | ||||
Average amounts purchased in U.S. dollars | $ | 18,446,586 | ||
Average amounts sold in U.S. dollars | $ | 40,232,457 |
The iShares Currency Hedged MSCI Emerging Markets ETF’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. In order to better define its contractual rights and to secure rights that will help the Fund to mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by the parties. Forward currency contracts held by the Fund generally do not require collateral. To the extent amounts due to the Fund from the counterparty are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to netting arrangements in the statements of assets and liabilities.
The following table presents the exposure of the open forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF that are subject to potential offset on the statement of assets and liabilities as of February 28, 2015:
Derivative Assets Subject to Offsetting | Derivatives Available for Offset | Net Amount of Derivative Assets | ||||||||||
Forward currency contracts | $ | 413,938 | $ | (161,456 | ) | $ | 252,482 | |||||
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Derivative Liabilities | Derivatives Available | Net Amount of | ||||||||||
Forward currency contracts | $ | 304,309 | $ | (161,456 | ) | $ | 142,853 | |||||
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7. | MARKET AND CREDIT RISK |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its direct or indirect investment in equity and financial derivative instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.
NOTESTO FINANCIAL STATEMENTS | 41 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
Each Fund invests a substantial amount of its assets, with the iShares Currency Hedged MSCI Emerging Markets ETF investing indirectly, in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the 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. These risks are heightened for investments in issuers from countries with less developed markets.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI Emerging Markets ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
8. | INCOME TAX INFORMATION |
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.
42 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
As of August 31, 2014, the Funds’ fiscal year-end, the following Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
iShares ETF | Non- Expiring a | Expiring 2015 | Expiring 2016 | Expiring 2017 | Expiring 2018 | Expiring 2019 | Total | |||||||||||||||||||||
MSCI Emerging Markets | $ | 3,444,042,588 | $ | 29,973,301 | $ | 13,844,901 | $ | 228,196,854 | $ | 1,201,366,175 | $ | 873,167,649 | $ | 5,790,591,468 |
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, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Currency Hedged MSCI Emerging Markets | $ | 39,036,660 | $ | 102,798 | $ | — | $ | 102,798 | ||||||||
MSCI Emerging Markets | 34,103,717,143 | 5,745,707,966 | (6,496,090,566 | ) | (750,382,600 | ) |
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
9. | LINE OF CREDIT |
The iShares MSCI Emerging Markets ETF, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. 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 securities of certain foreign markets.
The iShares MSCI Emerging Markets ETF did not borrow under the credit agreement during the six months ended February 28, 2015.
NOTESTO FINANCIAL STATEMENTS | 43 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
10. | LEGAL PROCEEDINGS |
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 (the “Plaintiffs”) 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 Mid-Cap ETF; iShares MSCI EAFE ETF; iShares MSCI Emerging Markets ETF; iShares Russell 2000 Growth ETF; iShares Russell 2000 Value ETF; iShares Core S&P Mid-Cap ETF; iShares Core S&P Small-Cap ETF; and iShares U.S. Real Estate ETF. 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. The Court dismissed the complaint with prejudice on October 24, 2013. The Plaintiffs filed a notice of appeal on November 8, 2013. On February 13, 2014, the Plaintiffs filed an appeal brief with the United States Court of Appeals for the Sixth Circuit (the “Sixth Circuit”). Oral argument of the Plaintiff’s appeal was heard by the Sixth Circuit on July 30, 2014. On September 30, 2014, the Sixth Circuit affirmed the dismissal of the lawsuit. On December 29, 2014, the Plaintiffs filed a petition for a writ of certiorari asking the U.S. Supreme Court to hear their appeal of the Sixth Circuit’s ruling.
11. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
44 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Board Review and Approval of Investment Advisory
Contract
iSHARES®, INC.
iShares Currency Hedged 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 proposed 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 March 18-19, 2014, the Board, including all of the Independent Directors, approved the selection of BFA as investment adviser and approved the proposed 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 the size, sponsor, inception date, or other differentiating factors included in Lipper’s proprietary selection methodology, 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, exchange traded funds, or funds with differing investment objective classifications, investment focuses and other characteristics (e.g., actively managed funds and funds sponsored by an “at cost” service provider), 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 Group 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 identifying 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 fee rate and overall expenses for the Fund compared favorably to the investment advisory fee rates 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 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 is an indirect wholly-owned subsidiary of BlackRock. The Board acknowledged that additional resources to support iShares funds and their shareholders have been added
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | 45 |
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Board Review and Approval of Investment Advisory
Contract (Continued)
iSHARES®, INC.
or enhanced since BlackRock’s acquisition of BFA in December 2009, including in such areas as risk management, 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 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 relationship 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 the Fund’s 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 noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate. 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 considered certain information received at previous meetings 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 that track the same underlying index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different, generally more extensive, services provided to the iShares funds, as well as other significant differences in the approach of BFA and its affiliates to the iShares funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks of managing and providing other services to the 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
46 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Board Review and Approval of Investment Advisory
Contract (Continued)
iSHARES®, INC.
“all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses to be borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for investment companies, including the Fund, were 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 considered the proposed investment advisory fee rate for the Fund in relation to that of iShares MSCI Emerging Markets ETF. The Board noted that the Fund’s proposed investment advisory fee rate is higher than that of iShares MSCI Emerging Markets ETF, which invests in similar underlying securities but unlike the Fund, is not currency rate hedged, and concluded that the Fund’s higher relative fee is appropriate.
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 the existence of any such ancillary benefits 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 | 47 |
Table of Contents
Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
Currency Hedged MSCI Emerging Markets | $ | 0.312356 | $ | — | $ | 0.168164 | $ | 0.480520 | 65 | % | — | % | 35 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets | 0.449492 | — | 0.085529 | 0.535021 | 84 | — | 16 | 100 |
48 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes:
NOTES | 49 |
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Notes:
50 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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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 basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-85-0215
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Table of Contents
FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED)
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iShares, Inc.
Ø | iShares MSCI All Country World Minimum Volatility ETF | ACWV | NYSE Arca |
Ø | iShares MSCI Emerging Markets EMEA ETF | EEME | NASDAQ |
Ø | iShares MSCI Emerging Markets Horizon ETF | EMHZ | BATS |
Ø | iShares MSCI Frontier 100 ETF | FM | NYSE Arca |
Ø | iShares MSCI World ETF | URTH | NYSE Arca |
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iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF
Performance as of February 28, 2015
The iShares MSCI All Country World Minimum Volatility ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 6.17%, net of fees, while the total return for the Index was 6.10%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 15.12% | 15.52% | 14.97% | 15.12% | 15.52% | 14.97% | ||||||||||||||||||||
Since Inception | 13.72% | 13.77% | 13.43% | 54.16% | 54.39% | 52.88% |
The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,061.70 | $ | 1.02 | $ | 1,000.00 | $ | 1,023.80 | $ | 1.00 | 0.20% |
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). See “Shareholder Expenses” on page 10 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Health Care | 17.08 | % | ||
Financials | 16.88 | |||
Consumer Staples | 14.59 | |||
Consumer Discretionary | 10.17 | |||
Information Technology | 8.86 | |||
Telecommunication Services | 8.51 | |||
Utilities | 8.18 | |||
Industrials | 8.08 | |||
Materials | 4.47 | |||
Energy | 3.18 | |||
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TOTAL | 100.00 | % | ||
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TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
United States | 50.14 | % | ||
Japan | 13.03 | |||
Canada | 7.81 | |||
China | 5.78 | |||
Switzerland | 5.23 | |||
Taiwan | 3.88 | |||
Hong Kong | 3.40 | |||
United Kingdom | 2.64 | |||
Singapore | 1.29 | |||
Malaysia | 1.09 | |||
|
| |||
Total | 94.29 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS EMEA ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets EMEA ETF (the “Fund”) seeks to track the investment results of an index composed of European, Middle Eastern and African emerging market equities, as represented by the MSCI Emerging Markets EMEA Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -12.09%, net of fees, while the total return for the Index was -11.78%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (6.80)% | (5.94)% | (6.47)% | (6.80)% | (5.94)% | (6.47)% | ||||||||||||||||||||
Since Inception | (1.55)% | (1.35)% | (1.09)% | (4.75)% | (4.13)% | (3.35)% |
The inception date of the Fund was 1/18/12. The first day of secondary market trading was 1/19/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 879.10 | $ | 2.28 | $ | 1,000.00 | $ | 1,022.40 | $ | 2.46 | 0.49% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 34.99 | % | ||
Energy | 17.59 | |||
Consumer Discretionary | 15.21 | |||
Telecommunication Services | 9.02 | |||
Materials | 7.29 | |||
Consumer Staples | 5.54 | |||
Industrials | 4.43 | |||
Health Care | 3.57 | |||
Utilities | 2.36 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
South Africa | 46.23 | % | ||
Russia | 21.59 | |||
Turkey | 9.06 | |||
Poland | 8.62 | |||
Qatar | 4.85 | |||
United Arab Emirates | 3.82 | |||
Greece | 2.24 | |||
Egypt | 1.30 | |||
Czech Republic | 1.20 | |||
Hungary | 1.09 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
* | Excludes money market funds. |
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI EMERGING MARKETS HORIZON ETF
Performance as of February 28, 2015
The iShares MSCI Emerging Markets Horizon ETF (the “Fund”) seeks to track the investment results of an index that takes the smallest 25% of countries by market capitalization from the universe of an index of emerging markets countries, and then excludes Brazil, China, India, and Russia, as represented by the MSCI Emerging Markets Horizon Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the period from October 14, 2014 (inception date of the Fund) through February 28, 2015, the total return for the Fund was -5.05%, net of fees, while the total return for the Index was -4.81%.
Cumulative Total Returns | ||||||||||||
NAV | MARKET | INDEX | ||||||||||
Since Inception | (5.05)% | (4.14)% | (4.81)% |
The inception date of the Fund was 10/14/14. The first day of secondary market trading was 10/16/14.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (10/14/14) a | Ending Account Value (2/28/15) | Expenses Paid During Period b | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period b | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 949.50 | $ | 1.83 | $ | 1,000.00 | $ | 1,022.30 | $ | 2.51 | 0.50% |
a | The beginning of the period (commencement of operations) is October 14, 2014. |
b | 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 (137 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 36.93 | % | ||
Consumer Staples | 11.96 | |||
Telecommunication Services | 11.78 | |||
Industrials | 9.40 | |||
Materials | 9.24 | |||
Consumer Discretionary | 7.58 | |||
Utilities | 6.61 | |||
Energy | 4.96 | |||
Health Care | 1.54 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRIES ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
Mexico | 21.06 | % | ||
Malaysia | 15.68 | |||
Indonesia | 11.92 | |||
Thailand | 10.28 | |||
Turkey | 6.89 | |||
Poland | 6.30 | |||
Chile | 6.14 | |||
Philippines | 5.98 | |||
Qatar | 3.54 | |||
Colombia | 2.95 | |||
|
| |||
TOTAL | 90.74 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI FRONTIER 100 ETF
Performance as of February 28, 2015
The iShares MSCI Frontier 100 ETF (the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -11.27%, net of fees, while the total return for the Index was -10.48%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (0.32)% | (0.55)% | 0.93% | (0.32)% | (0.55)% | 0.93% | ||||||||||||||||||||
Since Inception | 13.79% | 14.27% | 14.64% | 37.50% | 38.95% | 40.08% |
The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 887.30 | $ | 3.70 | $ | 1,000.00 | $ | 1,020.90 | $ | 3.96 | 0.79% |
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). See “Shareholder Expenses” on page 10 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 50.99 | % | ||
Telecommunication Services | 16.19 | |||
Energy | 12.41 | |||
Consumer Staples | 6.73 | |||
Materials | 5.93 | |||
Industrials | 5.25 | |||
Utilities | 1.32 | |||
Health Care | 1.18 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
Kuwait | 26.43 | % | ||
Argentina | 13.09 | |||
Pakistan | 10.75 | |||
Nigeria | 10.70 | |||
Kenya | 8.17 | |||
Oman | 6.28 | |||
Morocco | 5.65 | |||
Vietnam | 3.86 | |||
Kazakhstan | 3.78 | |||
Romania | 3.28 | |||
|
| |||
TOTAL | 91.99 | % | ||
|
|
* | Excludes money market funds. |
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI WORLD ETF
Performance as of February 28, 2015
The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 2.13%, net of fees, while the total return for the Index was 2.14%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 7.83% | 7.87% | 7.87% | 7.83% | 7.87% | 7.87% | ||||||||||||||||||||
Since Inception | 15.47% | 15.57% | 15.37% | 57.01% | 57.44% | 56.67% |
The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,021.30 | $ | 1.20 | $ | 1,000.00 | $ | 1,023.60 | $ | 1.20 | 0.24% |
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). See “Shareholder Expenses” on page 10 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 20.29 | % | ||
Information Technology | 13.45 | |||
Health Care | 13.17 | |||
Consumer Discretionary | 12.86 | |||
Industrials | 10.91 | |||
Consumer Staples | 9.89 | |||
Energy | 7.56 | |||
Materials | 5.35 | |||
Telecommunication Services | 3.32 | |||
Utilities | 3.20 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
United States | 57.18 | % | ||
Japan | 8.33 | |||
United Kingdom | 8.00 | |||
France | 3.75 | |||
Canada | 3.68 | |||
Switzerland | 3.66 | |||
Germany | 3.54 | |||
Australia | 2.88 | |||
Spain | 1.33 | |||
Sweden | 1.23 | |||
|
| |||
TOTAL | 93.58 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2014 (or commencement of operations, as applicable) and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.48% |
| |||||||
CANADA — 7.82% |
| |||||||
Agnico Eagle Mines Ltd. | 153,703 | $ | 4,944,740 | |||||
Bank of Montreal | 87,884 | 5,451,884 | ||||||
Bank of Nova Scotia (The) | 134,366 | 7,189,358 | ||||||
Barrick Gold Corp. | 79,346 | 1,033,249 | ||||||
BCE Inc. | 129,540 | 5,675,837 | ||||||
Canadian Imperial Bank of Commerce/Canada | 62,992 | 4,826,368 | ||||||
Dollarama Inc. | 124,825 | 6,249,997 | ||||||
Eldorado Gold Corp. | 147,112 | 849,459 | ||||||
Enbridge Inc. | 360,172 | 16,767,548 | ||||||
Fairfax Financial Holdings Ltd. | 7,639 | 4,013,282 | ||||||
First Capital Realty Inc. | 88,493 | 1,391,905 | ||||||
Franco-Nevada Corp. | 147,828 | 7,809,022 | ||||||
Goldcorp Inc. | 577,088 | 12,723,527 | ||||||
H&R REIT | 48,945 | 947,816 | ||||||
Intact Financial Corp. | 124,206 | 8,947,527 | ||||||
National Bank of Canadaa | 291,846 | 11,244,713 | ||||||
Pembina Pipeline Corp. | 30,738 | 984,187 | ||||||
RioCan REIT | 93,773 | 2,198,163 | ||||||
Rogers Communications Inc. Class B | 52,832 | 1,870,582 | ||||||
Royal Bank of Canada | 71,628 | 4,492,202 | ||||||
Shaw Communications Inc. Class B | 357,886 | 8,311,932 | ||||||
Silver Wheaton Corp. | 255,778 | 5,530,778 | ||||||
TELUS Corp. | 161,856 | 5,760,526 | ||||||
Thomson Reuters Corp. | 133,096 | 5,229,400 | ||||||
Toronto-Dominion Bank (The) | 20,320 | 891,792 | ||||||
TransCanada Corp. | 158,168 | 6,940,315 | ||||||
|
| |||||||
142,276,109 | ||||||||
CHILE — 0.42% |
| |||||||
Aguas Andinas SA Series A | 2,284,730 | 1,358,167 | ||||||
Banco de Chile | 22,565,798 | 2,636,681 | ||||||
Empresa Nacional de Electricidad SA/Chile | 592,692 | 890,715 | ||||||
Empresas COPEC SA | 238,252 | 2,794,250 | ||||||
|
| |||||||
7,679,813 | ||||||||
CHINA — 5.78% |
| |||||||
Bank of China Ltd. Class H | 9,473,000 | 5,447,728 | ||||||
Beijing Capital International Airport Co. Ltd. Class H | 948,000 | 893,550 |
Security | Shares | Value | ||||||
Beijing Enterprises Holdings Ltd. | 524,000 | $ | 3,891,766 | |||||
Beijing Enterprises Water Group Ltd. | 3,144,000 | 1,953,991 | ||||||
China Communications Services Corp. Ltd. Class H | 2,096,000 | 962,131 | ||||||
China Construction Bank Corp. Class H | 11,580,000 | 9,630,776 | ||||||
China Everbright Bank Co. Ltd. Class H | 2,358,000 | 1,243,541 | ||||||
China Medical System Holdings Ltd. | 1,048,000 | 1,735,079 | ||||||
China Mengniu Dairy Co. Ltd. | 524,000 | 2,364,789 | ||||||
China Merchants Holdings International Co. Ltd.a | 1,048,000 | 3,986,358 | ||||||
China Mobile Ltd. | 1,048,000 | 14,242,784 | ||||||
China Resources Gas Group Ltd.a | 1,048,000 | 2,591,808 | ||||||
China Resources Power Holdings Co. Ltd.a | 524,000 | 1,388,469 | ||||||
China South City Holdings Ltd.a | 1,572,000 | 496,606 | ||||||
China Unicom Hong Kong Ltd. | 2,096,000 | 3,529,616 | ||||||
Guangdong Investment Ltd. | 1,572,000 | 2,024,935 | ||||||
Haier Electronics Group Co. Ltd. | 524,000 | 1,381,712 | ||||||
Hanergy Thin Film Power Group Ltd.a | 9,012,000 | 5,252,337 | ||||||
Hengan International Group Co. Ltd. | 393,000 | 4,507,456 | ||||||
Industrial & Commercial Bank of China Ltd. Class H | 2,358,000 | 1,720,890 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 911,036 | 1,238,098 | ||||||
Jiangsu Expressway Co. Ltd. Class H | 1,048,000 | 1,293,202 | ||||||
Kunlun Energy Co. Ltd.a | 1,572,000 | 1,546,572 | ||||||
Lenovo Group Ltd.a | 5,588,000 | 8,617,486 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 2,096,000 | 1,726,971 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 650,400 | 1,358,590 | ||||||
Shenzhou International Group Holdings Ltd.a | 524,000 | 2,074,257 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.a | 4,002,000 | 2,384,032 |
SCHEDULESOF INVESTMENTS | 11 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
Sino Biopharmaceutical Ltd. | 3,144,000 | $ | 2,987,742 | |||||
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 2,096,000 | 716,193 | ||||||
Sinopharm Group Co. Ltd. Class H | 290,400 | 1,016,622 | ||||||
SOHO China Ltd. | 1,287,500 | 921,368 | ||||||
Sun Art Retail Group Ltd.a | 2,204,500 | 1,978,392 | ||||||
Tingyi Cayman Islands Holding Corp.a | 1,572,000 | 3,952,575 | ||||||
Uni-President China Holdings Ltd.a | 1,048,000 | 824,298 | ||||||
Zhejiang Expressway Co. Ltd. Class H | 1,452,000 | 1,786,109 | ||||||
Zijin Mining Group Co. Ltd. Class H | 5,240,000 | 1,554,004 | ||||||
|
| |||||||
105,222,833 | ||||||||
COLOMBIA — 0.08% |
| |||||||
Corp. Financiera Colombiana SA | 45,567 | 685,100 | ||||||
Corp. Financiera Colombiana SA Newb | 757 | 11,260 | ||||||
Ecopetrol SA | 925,960 | 774,053 | ||||||
|
| |||||||
1,470,413 | ||||||||
EGYPT — 0.08% |
| |||||||
Commercial International Bank Egypt SAE | 192,278 | 1,392,053 | ||||||
|
| |||||||
1,392,053 | ||||||||
GERMANY — 0.62% |
| |||||||
Celesio AG | 48,768 | 1,509,463 | ||||||
Fresenius Medical Care AG & Co. KGaA | 38,100 | 3,126,909 | ||||||
Kabel Deutschland Holding AGb | 21,590 | 3,002,836 | ||||||
MAN SE | 33,782 | 3,630,012 | ||||||
|
| |||||||
11,269,220 | ||||||||
HONG KONG — 3.40% |
| |||||||
Cheung Kong Infrastructure Holdings Ltd. | 524,000 | 4,469,450 | ||||||
CLP Holdings Ltd. | 1,572,000 | 14,138,058 | ||||||
Hang Seng Bank Ltd. | 703,900 | 12,833,744 | ||||||
Hong Kong & China Gas Co. Ltd.a | 278,600 | 628,655 | ||||||
Link REIT (The) | 2,127,000 | 13,575,808 | ||||||
MTR Corp. Ltd. | 1,441,000 | 6,688,973 | ||||||
Power Assets Holdings Ltd. | 655,000 | 6,739,648 |
Security | Shares | Value | ||||||
Swire Pacific Ltd. Class A | 131,000 | $ | 1,790,483 | |||||
Yue Yuen Industrial Holdings Ltd. | 262,000 | 1,016,859 | ||||||
|
| |||||||
61,881,678 | ||||||||
INDONESIA — 0.81% |
| |||||||
Bank Central Asia Tbk PT | 5,851,400 | 6,383,345 | ||||||
Indofood Sukses Makmur Tbk PT | 1,600,200 | 916,169 | ||||||
Jasa Marga Persero Tbk PT | 1,948,100 | 1,070,136 | ||||||
Kalbe Farma Tbk PT | 12,126,100 | 1,693,432 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 6,327,100 | 1,436,753 | ||||||
Tower Bersama Infrastructure Tbk PT | 1,441,400 | 1,034,351 | ||||||
Unilever Indonesia Tbk PT | 482,600 | 1,344,186 | ||||||
XL Axiata Tbk PT | 2,502,400 | 928,357 | ||||||
|
| |||||||
14,806,729 | ||||||||
IRELAND — 0.20% |
| |||||||
Kerry Group PLC Class A | 28,117 | 2,049,932 | ||||||
Ryanair Holdings PLC ADR | 25,613 | 1,622,584 | ||||||
|
| |||||||
3,672,516 | ||||||||
ISRAEL — 0.59% |
| |||||||
Bank Leumi le-Israel BMa,b | 302,660 | 1,050,460 | ||||||
Mizrahi Tefahot Bank Ltd.b | 82,550 | 856,015 | ||||||
NICE-Systems Ltd. | 52,185 | 3,023,055 | ||||||
Teva Pharmaceutical Industries Ltd. | 102,274 | 5,732,330 | ||||||
|
| |||||||
10,661,860 | ||||||||
JAPAN — 13.03% |
| |||||||
ABC-Mart Inc. | 26,200 | 1,472,784 | ||||||
Ajinomoto Co. Inc. | 54,000 | 1,037,584 | ||||||
ANA Holdings Inc. | 978,000 | 2,657,195 | ||||||
Aozora Bank Ltd. | 786,000 | 2,833,795 | ||||||
Astellas Pharma Inc. | 257,500 | 4,094,755 | ||||||
Benesse Holdings Inc. | 52,400 | 1,670,032 | ||||||
Calbee Inc. | 78,600 | 2,971,868 | ||||||
Canon Inc. | 203,200 | 6,610,438 | ||||||
Chugai Pharmaceutical Co. Ltd. | 26,200 | 798,854 | ||||||
East Japan Railway Co. | 26,200 | 2,199,314 | ||||||
Eisai Co. Ltd. | 235,800 | 12,312,214 | ||||||
FamilyMart Co. Ltd. | 52,400 | 2,366,975 | ||||||
Hikari Tsushin Inc. | 26,200 | 1,700,715 | ||||||
ITOCHU Techno-Solutions Corp. | 26,200 | 1,030,072 | ||||||
Japan Airlines Co. Ltd. | 109,800 | 3,380,016 |
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
Japan Prime Realty Investment Corp. | 786 | $ | 2,823,932 | |||||
Japan Real Estate Investment Corp. | 762 | 3,799,005 | ||||||
Japan Retail Fund Investment Corp. | 2,286 | 4,904,923 | ||||||
Kakaku.com Inc. | 131,000 | 2,174,110 | ||||||
Kamigumi Co. Ltd. | 262,000 | 2,555,456 | ||||||
Kintetsu Corp. | 262,000 | 1,016,923 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 262,000 | 3,166,925 | ||||||
Lawson Inc. | 52,400 | 3,427,730 | ||||||
M3 Inc. | 183,400 | 4,077,772 | ||||||
McDonald’s Holdings Co. Japan Ltd.a | 52,400 | 1,156,749 | ||||||
Miraca Holdings Inc. | 52,400 | 2,516,007 | ||||||
Mitsubishi Tanabe Pharma Corp. | 209,600 | 3,531,176 | ||||||
Nagoya Railroad Co. Ltd. | 524,000 | 2,217,943 | ||||||
Nippon Building Fund Inc. | 786 | 3,944,958 | ||||||
Nippon Prologis REIT Inc. | 1,235 | 2,851,311 | ||||||
Nippon Telegraph & Telephone Corp. | 52,400 | 3,252,399 | ||||||
Nissin Foods Holdings Co. Ltd. | 52,400 | 2,599,289 | ||||||
Nitori Holdings Co. Ltd. | 52,400 | 3,471,563 | ||||||
Nomura Research Institute Ltd. | 104,800 | 3,668,811 | ||||||
NTT DOCOMO Inc. | 929,400 | 16,516,879 | ||||||
Oracle Corp. Japan | 32,900 | 1,439,349 | ||||||
Oriental Land Co. Ltd./Japan | 52,400 | 14,127,333 | ||||||
Osaka Gas Co. Ltd. | 786,000 | 3,244,070 | ||||||
Otsuka Corp. | 52,400 | 2,077,678 | ||||||
Otsuka Holdings Co. Ltd. | 314,400 | 9,427,135 | ||||||
Park24 Co. Ltd. | 97,800 | 1,845,638 | ||||||
Sankyo Co. Ltd. | 26,200 | 988,431 | ||||||
Santen Pharmaceutical Co. Ltd. | 78,600 | 5,266,519 | ||||||
Secom Co. Ltd. | 131,000 | 8,160,584 | ||||||
Shimamura Co. Ltd. | 26,200 | 2,540,115 | ||||||
Showa Shell Sekiyu KK | 104,800 | 1,004,649 | ||||||
Suntory Beverage & Food Ltd. | 131,000 | 4,920,239 | ||||||
Takeda Pharmaceutical Co. Ltd. | 450,600 | 23,079,374 | ||||||
Tobu Railway Co. Ltd. | 786,000 | 3,905,508 | ||||||
Toho Co. Ltd./Tokyo | 97,800 | 2,376,586 | ||||||
Tokyo Gas Co. Ltd. | 262,000 | 1,595,955 | ||||||
TonenGeneral Sekiyu KK | 262,000 | 2,476,557 | ||||||
Unicharm Corp. | 104,800 | 2,901,297 | ||||||
United Urban Investment Corp. | 2,358 | 3,830,554 |
Security | Shares | Value | ||||||
USS Co. Ltd. | 205,100 | $ | 3,626,930 | |||||
West Japan Railway Co. | 157,200 | 8,962,945 | ||||||
Yamato Holdings Co. Ltd. | 336,100 | 7,872,182 | ||||||
Yamazaki Baking Co. Ltd. | 48,000 | 799,030 | ||||||
|
| |||||||
237,279,130 | ||||||||
MALAYSIA — 1.09% |
| |||||||
Axiata Group Bhd | 2,159,000 | 4,289,245 | ||||||
Hong Leong Bank Bhd | 183,400 | 730,750 | ||||||
IHH Healthcare Bhd | 1,423,000 | 2,199,254 | ||||||
Malayan Banking Bhd | 1,210,400 | 3,089,811 | ||||||
Maxis Bhd | 1,712,300 | 3,349,533 | ||||||
Public Bank Bhd | 868,760 | 4,416,117 | ||||||
Telekom Malaysia Bhd | 921,100 | 1,819,709 | ||||||
|
| |||||||
19,894,419 | ||||||||
NEW ZEALAND — 0.16% |
| |||||||
Auckland International Airport Ltd. | 852,170 | 2,805,227 | ||||||
|
| |||||||
2,805,227 | ||||||||
PERU — 0.15% |
| |||||||
Cia. de Minas Buenaventura SA ADR | 179,324 | 2,076,572 | ||||||
Credicorp Ltd. | 4,978 | 722,905 | ||||||
|
| |||||||
2,799,477 | ||||||||
PHILIPPINES — 0.40% |
| |||||||
Bank of the Philippine Islands | 729,459 | 1,595,743 | ||||||
BDO Unibank Inc. | 1,305,560 | 3,286,849 | ||||||
International Container Terminal Services Inc. | 482,140 | 1,225,854 | ||||||
Philippine Long Distance Telephone Co. | 15,720 | 1,127,390 | ||||||
|
| |||||||
7,235,836 | ||||||||
QATAR — 0.26% |
| |||||||
Ooredoo QSC | 22,860 | 718,789 | ||||||
Qatar National Bank SAQ | 73,017 | 4,076,440 | ||||||
|
| |||||||
4,795,229 | ||||||||
RUSSIA — 0.11% |
| |||||||
Alrosa AO | 1,723,400 | 1,958,591 | ||||||
|
| |||||||
1,958,591 | ||||||||
SINGAPORE — 1.29% |
| |||||||
Oversea-Chinese Banking Corp. Ltd. | 685,800 | 5,284,306 | ||||||
Singapore Airlines Ltd.a | 524,000 | 4,623,189 | ||||||
Singapore Press Holdings Ltd.a | 1,030,000 | 3,097,346 |
SCHEDULESOF INVESTMENTS | 13 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
Singapore Technologies Engineering Ltd. | 524,000 | $ | 1,352,283 | |||||
Singapore Telecommunications Ltd. | 2,364,600 | 7,336,675 | ||||||
StarHub Ltd.a | 584,200 | 1,842,672 | ||||||
|
| |||||||
23,536,471 | ||||||||
SOUTH KOREA — 0.39% |
| |||||||
Dongbu Insurance Co. Ltd. | 39,265 | 1,896,082 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 15,748 | 3,658,822 | ||||||
Samsung Life Insurance Co. Ltd. | 9,211 | 835,876 | ||||||
Yuhan Corp. | 4,900 | 763,428 | ||||||
|
| |||||||
7,154,208 | ||||||||
SWITZERLAND — 5.23% |
| |||||||
Barry Callebaut AG Registered | 2,051 | 2,138,622 | ||||||
Chocoladefabriken Lindt & Sprungli AG Registered | 86 | 5,635,359 | ||||||
Givaudan SA Registeredb | 5,010 | 9,676,487 | ||||||
Kuehne + Nagel International AG Registered | 7,620 | 1,115,671 | ||||||
Nestle SA Registered | 261,874 | 20,552,137 | ||||||
Novartis AG Registered | 189,738 | 19,504,186 | ||||||
Partners Group Holding AG | 9,211 | 2,844,430 | ||||||
Roche Holding AG | 25,908 | 7,072,775 | ||||||
Schindler Holding AG Registered | 19,558 | 3,193,648 | ||||||
SGS SA Registered | 3,144 | 6,397,443 | ||||||
Swiss Prime Site AG Registeredb | 52,185 | 4,778,120 | ||||||
Swisscom AG Registered | 21,336 | 12,299,709 | ||||||
|
| |||||||
95,208,587 | ||||||||
TAIWAN — 3.88% |
| |||||||
Advanced Semiconductor Engineering Inc. | 978,000 | 1,317,287 | ||||||
Asia Cement Corp. | 1,016,000 | 1,252,004 | ||||||
Chang Hwa Commercial Bank Ltd. | 4,517,096 | 2,653,731 | ||||||
Chicony Electronics Co. Ltd. | 524,930 | 1,459,207 | ||||||
China Development Financial Holding Corp. | 3,623,000 | 1,257,465 | ||||||
Chunghwa Telecom Co. Ltd. | 3,750,000 | 11,725,840 | ||||||
Delta Electronics Inc. | 260,000 | 1,680,624 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,527,000 | 3,773,132 | ||||||
First Financial Holding Co. Ltd. | 6,979,232 | 4,122,425 | ||||||
Foxconn Technology Co. Ltd. | 530,200 | 1,364,119 | ||||||
HTC Corp.b | 520,000 | 2,533,355 |
Security | Shares | Value | ||||||
Hua Nan Financial Holdings Co. Ltd. | 5,648,050 | $ | 3,237,220 | |||||
Kinsus Interconnect Technology Corp. | 262,000 | 846,776 | ||||||
Lite-On Technology Corp. | 1,796,261 | 2,282,147 | ||||||
MediaTek Inc. | 262,760 | 3,957,506 | ||||||
SinoPac Financial Holdings Co. Ltd. | 6,823,330 | 2,791,905 | ||||||
Synnex Technology International Corp. | 1,040,000 | 1,518,357 | ||||||
Taiwan Business Bankb | 3,771,800 | 1,120,551 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 5,514,062 | 2,835,603 | ||||||
Taiwan Mobile Co. Ltd. | 1,572,000 | 5,380,990 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,620,000 | 12,555,644 | ||||||
Yulon Motor Co. Ltd. | 726,000 | 1,037,968 | ||||||
|
| |||||||
70,703,856 | ||||||||
THAILAND — 0.68% |
| |||||||
Advanced Info Service PCL NVDR | 438,600 | 3,160,959 | ||||||
BTS Group Holdings PCL NVDR | 5,054,600 | 1,500,902 | ||||||
CP ALL PCL NVDR | 1,828,800 | 2,262,666 | ||||||
PTT Exploration & Production PCL NVDR | 543,300 | 1,898,945 | ||||||
PTT PCL NVDR | 340,600 | 3,613,542 | ||||||
|
| |||||||
12,437,014 | ||||||||
UNITED ARAB EMIRATES — 0.23% |
| |||||||
DP World Ltd. | 47,902 | 1,015,522 | ||||||
First Gulf Bank PJSC | 222,758 | 1,082,630 | ||||||
National Bank of Abu Dhabi PJSC | 578,034 | 2,148,299 | ||||||
|
| |||||||
4,246,451 | ||||||||
UNITED KINGDOM — 2.64% |
| |||||||
Capita PLC | 53,177 | 976,295 | ||||||
Compass Group PLC | 505,404 | 8,997,707 | ||||||
Fresnillo PLC | 206,502 | 2,620,041 | ||||||
GlaxoSmithKline PLC | 294,748 | 7,021,584 | ||||||
Inmarsat PLC | 272,034 | 3,682,714 | ||||||
Randgold Resources Ltd. | 80,010 | 6,404,935 | ||||||
Reckitt Benckiser Group PLC | 66,415 | 6,014,568 | ||||||
Royal Dutch Shell PLC Class B | 43,956 | 1,498,187 | ||||||
Sky PLC | 470,080 | 7,239,186 |
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
SSE PLC | 144,724 | $ | 3,518,114 | |||||
|
| |||||||
47,973,331 | ||||||||
UNITED STATES — 50.14% |
| |||||||
Abbott Laboratories | 297,117 | 14,074,432 | ||||||
Accenture PLC Class A | 17,748 | 1,597,852 | ||||||
Actavis PLCb | 3,668 | 1,068,709 | ||||||
Airgas Inc. | 8,345 | 978,201 | ||||||
Alleghany Corp.b | 12,366 | 5,843,430 | ||||||
Altria Group Inc. | 181,864 | 10,237,125 | ||||||
American Tower Corp. | 46,380 | 4,598,113 | ||||||
American Water Works Co. Inc. | 33,460 | 1,809,517 | ||||||
AmerisourceBergen Corp. | 180,309 | 18,528,553 | ||||||
Arch Capital Group Ltd.b | 121,261 | 7,173,801 | ||||||
AT&T Inc. | 293,878 | 10,156,424 | ||||||
Automatic Data Processing Inc. | 305,816 | 27,168,693 | ||||||
AutoZone Inc.b | 23,452 | 15,072,131 | ||||||
Becton Dickinson and Co. | 92,004 | 13,498,827 | ||||||
Berkshire Hathaway Inc. Class Bb | 47,690 | 7,029,983 | ||||||
Bristol-Myers Squibb Co. | 171,088 | 10,422,681 | ||||||
CH Robinson Worldwide Inc. | 19,432 | 1,443,798 | ||||||
Chevron Corp. | 7,825 | 834,771 | ||||||
Chipotle Mexican Grill Inc.b | 4,543 | 3,020,959 | ||||||
Chubb Corp. (The) | 117,563 | 11,809,203 | ||||||
Church & Dwight Co. Inc. | 123,952 | 10,553,273 | ||||||
Clorox Co. (The) | 98,044 | 10,651,500 | ||||||
Coca-Cola Co. (The) | 151,130 | 6,543,929 | ||||||
Colgate-Palmolive Co. | 252,486 | 17,881,059 | ||||||
Consolidated Edison Inc. | 264,668 | 16,711,138 | ||||||
Costco Wholesale Corp. | 13,628 | 2,002,771 | ||||||
CR Bard Inc. | 53,757 | 9,092,459 | ||||||
Crown Castle International Corp. | 59,300 | 5,118,183 | ||||||
DaVita HealthCare Partners Inc.b | 55,085 | 4,109,341 | ||||||
Dollar General Corp.b | 58,081 | 4,217,842 | ||||||
Dollar Tree Inc.b | 75,375 | 6,005,880 | ||||||
Dominion Resources Inc./VA | 175,514 | 12,652,804 | ||||||
Duke Energy Corp. | 182,118 | 14,305,369 | ||||||
Ecolab Inc. | 95,421 | 11,024,942 | ||||||
Eli Lilly & Co. | 201,390 | 14,131,536 | ||||||
Everest Re Group Ltd. | 41,361 | 7,338,682 | ||||||
Express Scripts Holding Co.b | 60,673 | 5,144,464 | ||||||
Exxon Mobil Corp. | 163,449 | 14,471,775 | ||||||
Facebook Inc. Class Ab | 12,669 | 1,000,471 | ||||||
Family Dollar Stores Inc. | 92,266 | 7,265,025 |
Security | Shares | Value | ||||||
Federal Realty Investment Trust | 58,252 | $ | 8,273,532 | |||||
General Mills Inc. | 433,070 | 23,294,835 | ||||||
Genuine Parts Co. | 21,390 | 2,055,151 | ||||||
Health Care REIT Inc. | 107,696 | 8,304,439 | ||||||
Henry Schein Inc.b | 79,468 | 11,129,493 | ||||||
Hershey Co. (The) | 77,470 | 8,039,837 | ||||||
Hormel Foods Corp. | 88,033 | 5,150,811 | ||||||
Intel Corp. | 45,974 | 1,528,636 | ||||||
International Business Machines Corp. | 45,594 | 7,383,492 | ||||||
Intuit Inc. | 98,806 | 9,646,430 | ||||||
JB Hunt Transport Services Inc. | 36,634 | 3,132,207 | ||||||
JM Smucker Co. (The) | 41,148 | 4,746,422 | ||||||
Johnson & Johnson | 239,236 | 24,524,082 | ||||||
Kellogg Co. | 195,846 | 12,628,150 | ||||||
Kimberly-Clark Corp. | 148,844 | 16,322,233 | ||||||
Laboratory Corp. of America Holdingsb | 79,502 | 9,781,131 | ||||||
Marsh & McLennan Companies Inc. | 252,698 | 14,375,989 | ||||||
McCormick & Co. Inc./MD | 107,442 | 8,098,978 | ||||||
McDonald’s Corp. | 241,223 | 23,856,955 | ||||||
McKesson Corp. | 18,695 | 4,275,547 | ||||||
Merck & Co. Inc. | 263,365 | 15,417,387 | ||||||
Microsoft Corp. | 131,531 | 5,767,634 | ||||||
Motorola Solutions Inc. | 81,026 | 5,504,906 | ||||||
Newmont Mining Corp. | 304,800 | 8,025,384 | ||||||
NextEra Energy Inc. | 19,432 | 2,010,435 | ||||||
O’Reilly Automotive Inc.b | 29,178 | 6,072,817 | ||||||
OGE Energy Corp. | 23,714 | 770,942 | ||||||
Omnicare Inc. | 48,479 | 3,720,278 | ||||||
PartnerRe Ltd. | 41,402 | 4,740,529 | ||||||
Patterson Companies Inc. | 77,432 | 3,877,407 | ||||||
Paychex Inc. | 295,656 | 14,734,017 | ||||||
People’s United Financial Inc. | 284,430 | 4,303,426 | ||||||
PepsiCo Inc. | 164,338 | 16,266,175 | ||||||
Perrigo Co. PLC | 17,526 | 2,707,241 | ||||||
PetSmart Inc. | 63,533 | 5,267,521 | ||||||
Pfizer Inc. | 210,645 | 7,229,336 | ||||||
PG&E Corp. | 202,184 | 10,863,346 | ||||||
Procter & Gamble Co. (The) | 197,104 | 16,779,464 | ||||||
Public Storage | 16,732 | 3,299,885 | ||||||
QUALCOMM Inc. | 153,670 | 11,142,612 | ||||||
Range Resources Corp. | 17,123 | 848,273 |
SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF
February 28, 2015
Security | Shares | Value | ||||||
RenaissanceRe Holdings Ltd.a | 36,372 | $ | 3,729,221 | |||||
Republic Services Inc. | 123,630 | 5,058,940 | ||||||
Reynolds American Inc. | 27,186 | 2,055,805 | ||||||
Ross Stores Inc. | 17,801 | 1,883,524 | ||||||
SBA Communications Corp. Class Ab | 74,930 | 9,344,520 | ||||||
SCANA Corp. | 21,869 | 1,245,440 | ||||||
Sherwin-Williams Co. (The) | 6,561 | 1,871,197 | ||||||
Southern Co. (The) | 525,272 | 24,052,205 | ||||||
Starbucks Corp. | 76,161 | 7,119,911 | ||||||
Stericycle Inc.b | 76,161 | 10,279,450 | ||||||
Synopsys Inc.b | 140,259 | 6,509,420 | ||||||
Sysco Corp. | 32,196 | 1,255,322 | ||||||
Target Corp. | 161,353 | 12,396,751 | ||||||
TJX Companies Inc. (The) | 100,877 | 6,924,197 | ||||||
Travelers Companies Inc. (The) | 67,212 | 7,221,257 | ||||||
Union Pacific Corp. | 26,948 | 3,240,767 | ||||||
United Parcel Service Inc. Class B | 81,180 | 8,258,441 | ||||||
UnitedHealth Group Inc. | 50,613 | 5,751,155 | ||||||
Varian Medical Systems Inc.b | 35,019 | 3,255,716 | ||||||
Verisk Analytics Inc. Class Ab | 113,622 | 8,159,196 | ||||||
Verizon Communications Inc. | 386,080 | 19,091,656 | ||||||
VF Corp. | 17,358 | 1,330,664 | ||||||
Visa Inc. Class A | 19,219 | 5,214,307 | ||||||
Wal-Mart Stores Inc. | 197,106 | 16,543,107 | ||||||
Waste Management Inc. | 239,522 | 13,049,159 | ||||||
Wisconsin Energy Corp. | 203,962 | 10,397,983 | ||||||
WR Berkley Corp. | 97,547 | 4,868,571 | ||||||
Xcel Energy Inc. | 255,715 | 9,021,625 | ||||||
Yum! Brands Inc. | 15,016 | 1,217,948 | ||||||
|
| |||||||
912,834,466 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $1,571,549,310) |
| 1,811,195,517 | ||||||
PREFERRED STOCKS — 0.13% |
| |||||||
COLOMBIA — 0.13% |
| |||||||
Grupo Aval Acciones y Valores | 3,022,883 | 1,484,669 | ||||||
Grupo de Inversiones Suramericana SA | 57,466 | 804,097 | ||||||
|
| |||||||
2,288,766 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $3,106,658) |
| 2,288,766 |
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS — 2.32% |
| |||||||
MONEY MARKET FUNDS — 2.32% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 37,044,316 | $ | 37,044,316 | |||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 2,161,996 | 2,161,996 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 3,083,292 | 3,083,292 | ||||||
|
| |||||||
42,289,604 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $42,289,604) |
| 42,289,604 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $1,616,945,572) |
| 1,855,773,887 | ||||||
Other Assets, Less Liabilities — (1.93)% |
| (35,067,313 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 1,820,706,574 | |||||
|
|
ADR — American Depositary Receipts
NVDR — Non-Voting Depositary Receipts
a | All or a portion of this security represents a security on loan. See Note 1. |
b | Non-income earning security. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS EMEA ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 98.64% |
| |||||||
CZECH REPUBLIC — 1.19% |
| |||||||
CEZ AS | 2,154 | $ | 54,592 | |||||
Komercni Banka AS | 198 | 42,854 | ||||||
O2 Czech Republic AS | 1,076 | 9,133 | ||||||
|
| |||||||
106,579 | ||||||||
EGYPT — 1.30% |
| |||||||
Commercial International Bank Egypt SAE GDR | 13,300 | 88,977 | ||||||
Global Telecom Holding SAE GDRa | 10,546 | 26,892 | ||||||
|
| |||||||
115,869 | ||||||||
GREECE — 2.24% |
| |||||||
Alpha Bank AEa | 48,296 | 20,043 | ||||||
Eurobank Ergasias SAa,b | 107,048 | 16,450 | ||||||
FF Groupa | 428 | 13,586 | ||||||
Hellenic Telecommunications Organization SAa | 3,126 | 31,206 | ||||||
JUMBO SA | 1,334 | 15,262 | ||||||
National Bank of Greece SAa | 20,198 | 30,358 | ||||||
OPAP SA | 2,958 | 27,306 | ||||||
Piraeus Bank SAa | 28,300 | 18,030 | ||||||
Public Power Corp. SAa | 1,620 | 12,719 | ||||||
Titan Cement Co. SA | 600 | 15,203 | ||||||
|
| |||||||
200,163 | ||||||||
HUNGARY — 1.09% |
| |||||||
MOL Hungarian Oil & Gas PLC | 548 | 24,320 | ||||||
OTP Bank PLC | 2,910 | 46,155 | ||||||
Richter Gedeon Nyrt | 1,836 | 26,708 | ||||||
|
| |||||||
97,183 | ||||||||
POLAND — 8.61% |
| |||||||
Alior Bank SAa | 594 | 13,291 | ||||||
Bank Handlowy w Warszawie SA | 422 | 12,072 | ||||||
Bank Millennium SA | 5,792 | 11,036 | ||||||
Bank Pekao SA | 1,702 | 85,350 | ||||||
Bank Zachodni WBK SA | 454 | 41,104 | ||||||
CCC SA | 300 | 14,728 | ||||||
Cyfrowy Polsat SA | 2,422 | 15,762 | ||||||
ENEA SA | 2,766 | 12,118 | ||||||
Energa SA | 2,754 | 16,747 | ||||||
Eurocash SA | 1,048 | 9,460 | ||||||
Getin Noble Bank SAa | 14,168 | 7,122 | ||||||
Grupa Azoty SA | 604 | 12,569 | ||||||
Grupa Lotos SAa | 1,222 | 8,600 |
Security | Shares | Value | ||||||
KGHM Polska Miedz SA | 1,856 | $ | 60,694 | |||||
LPP SA | 12 | 23,446 | ||||||
mBank | 194 | 23,976 | ||||||
Orange Polska SA | 8,568 | 22,855 | ||||||
PGE Polska Grupa Energetyczna SA | 10,860 | 60,813 | ||||||
Polski Koncern Naftowy Orlen SA | 4,154 | 61,308 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 23,376 | 31,777 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 11,348 | 99,981 | ||||||
Powszechny Zaklad Ubezpieczen SA | 728 | 96,151 | ||||||
Synthos SA | 7,360 | 8,792 | ||||||
Tauron Polska Energia SA | 13,980 | 18,513 | ||||||
|
| |||||||
768,265 | ||||||||
QATAR — 4.85% |
| |||||||
Barwa Real Estate Co. | 1,328 | 17,760 | ||||||
Commercial Bank of Qatar QSC (The) | 934 | 17,698 | ||||||
Doha Bank QSC | 784 | 12,509 | ||||||
Gulf International Services QSC | 616 | 16,138 | ||||||
Industries Qatar QSC | 1,976 | 84,108 | ||||||
Masraf Al Rayan | 4,762 | 62,900 | ||||||
Ooredoo QSC | 1,044 | 32,827 | ||||||
Qatar Electricity & Water Co. QSC | 358 | 18,728 | ||||||
Qatar Islamic Bank SAQ | 768 | 21,870 | ||||||
Qatar National Bank SAQ | 2,270 | 126,731 | ||||||
Vodafone Qatar QSC | 4,340 | 21,131 | ||||||
|
| |||||||
432,400 | ||||||||
RUSSIA — 20.31% |
| |||||||
Alrosa AO | 23,200 | 26,366 | ||||||
Gazprom OAO | 76,710 | 189,807 | ||||||
Gazprom OAO ADR | 38,355 | 191,392 | ||||||
Lukoil OAO | 3,310 | 160,402 | ||||||
Lukoil OAO ADR | 3,310 | 160,204 | ||||||
Magnit PJSC GDRc | 3,376 | 160,934 | ||||||
MegaFon OAO GDRc | 1,222 | 21,519 | ||||||
MMC Norilsk Nickel OJSC | 718 | 130,953 | ||||||
Mobile TeleSystems OJSC ADR | 6,620 | 65,538 | ||||||
Moscow Exchange MICEX-RTS OAO | 18,060 | 22,435 | ||||||
NOVATEK OAO GDRc | 1,184 | 99,278 | ||||||
Rosneft OAO | 14,980 | 64,426 | ||||||
Rostelecom OJSC | 10,380 | 15,153 | ||||||
RusHydro JSC | 1,530,000 | 15,962 | ||||||
Sberbank of Russia | 138,920 | 170,778 |
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EMEA ETF
February 28, 2015
Security | Shares | Value | ||||||
Severstal PAO | 2,760 | $ | 30,905 | |||||
Sistema JSFC GDRc | 2,304 | 16,358 | ||||||
Surgutneftegas OAO | 45,300 | 25,573 | ||||||
Surgutneftegas OAO ADR | 4,530 | 25,164 | ||||||
Tatneft OAO Class S | 18,320 | 94,498 | ||||||
Uralkali PJSC | 8,730 | 24,150 | ||||||
Uralkali PJSC GDRc | 1,746 | 24,479 | ||||||
VTB Bank OJSC | 68,480,000 | 75,599 | ||||||
|
| |||||||
1,811,873 | ||||||||
SOUTH AFRICA — 46.19% |
| |||||||
African Bank Investments Ltd.a,b | 19,726 | 17 | ||||||
African Rainbow Minerals Ltd. | 1,424 | 14,959 | ||||||
Anglo American Platinum Ltd.a | 706 | 22,504 | ||||||
AngloGold Ashanti Ltd.a | 5,254 | 59,118 | ||||||
Aspen Pharmacare Holdings Ltd. | 4,142 | 147,083 | ||||||
Assore Ltd. | 486 | 6,343 | ||||||
Barclays Africa Group Ltd. | 4,360 | 72,110 | ||||||
Barloworld Ltd. | 2,906 | 22,302 | ||||||
Bidvest Group Ltd. (The) | 4,132 | 114,063 | ||||||
Brait SEa | 4,448 | 29,857 | ||||||
Coronation Fund Managers Ltd. | 2,984 | 26,470 | ||||||
Discovery Ltd. | 4,164 | 42,805 | ||||||
Exxaro Resources Ltd. | 1,910 | 18,728 | ||||||
FirstRand Ltd. | 43,654 | 200,420 | ||||||
Foschini Group Ltd. (The) | 2,464 | 34,978 | ||||||
Gold Fields Ltd. | 10,130 | 47,168 | ||||||
Growthpoint Properties Ltd. | 28,720 | 73,149 | ||||||
Impala Platinum Holdings Ltd.a | 7,094 | 43,655 | ||||||
Imperial Holdings Ltd. | 2,428 | 40,947 | ||||||
Investec Ltd. | 3,150 | 27,843 | ||||||
Kumba Iron Ore Ltd. | 846 | 16,625 | ||||||
Liberty Holdings Ltd. | 1,404 | 17,032 | ||||||
Life Healthcare Group Holdings Ltd. | 11,988 | 46,602 | ||||||
Massmart Holdings Ltd. | 1,424 | 20,372 | ||||||
Mediclinic International Ltd. | 5,076 | 53,652 | ||||||
MMI Holdings Ltd./South Africa | 14,262 | 39,838 | ||||||
Mr. Price Group Ltd. | 3,086 | 71,436 | ||||||
MTN Group Ltd. | 21,584 | 382,744 | ||||||
Nampak Ltd. | 7,504 | 26,203 | ||||||
Naspers Ltd. Class N | 5,148 | 756,429 | ||||||
Nedbank Group Ltd. | 2,626 | 57,649 | ||||||
Netcare Ltd. | 12,468 | 43,942 | ||||||
Pick n Pay Stores Ltd. | 3,340 | 15,139 | ||||||
PPC Ltd. | 6,754 | 10,502 |
Security | Shares | Value | ||||||
Rand Merchant Insurance Holdings Ltd. | 8,672 | $ | 33,488 | |||||
Redefine Properties Ltd. | 45,102 | 45,826 | ||||||
Remgro Ltd. | 6,238 | 148,282 | ||||||
Resilient Property Income Fund Ltd. | 3,292 | 26,485 | ||||||
RMB Holdings Ltd. | 9,140 | 53,242 | ||||||
Sanlam Ltd. | 23,842 | 154,677 | ||||||
Sappi Ltd.a | 7,116 | 29,922 | ||||||
Sasol Ltd. | 7,178 | 261,003 | ||||||
Shoprite Holdings Ltd. | 5,928 | 84,446 | ||||||
SPAR Group Ltd. (The) | 2,160 | 33,115 | ||||||
Standard Bank Group Ltd. | 15,724 | 205,790 | ||||||
Steinhoff International Holdings Ltd. | 27,658 | 159,663 | ||||||
Telkom SA SOC Ltd.a | 3,100 | 21,814 | ||||||
Tiger Brands Ltd. | 2,106 | 62,802 | ||||||
Truworths International Ltd. | 5,004 | 38,167 | ||||||
Tsogo Sun Holdings Ltd. | 4,762 | 11,597 | ||||||
Vodacom Group Ltd. | 4,850 | 56,520 | ||||||
Woolworths Holdings Ltd./South Africa | 11,846 | 91,399 | ||||||
|
| |||||||
4,120,922 | ||||||||
TURKEY — 9.05% |
| |||||||
Akbank TAS | 23,300 | 75,968 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii ASa | 2,736 | 22,301 | ||||||
Arcelik AS | 3,116 | 18,770 | ||||||
BIM Birlesik Magazalar AS | 2,738 | 51,167 | ||||||
Coca-Cola Icecek ASb | 1,012 | 19,616 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 24,616 | 30,636 | ||||||
Enka Insaat ve Sanayi AS | 6,082 | 12,382 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 18,488 | 31,022 | ||||||
Ford Otomotiv Sanayi AS | 896 | 12,095 | ||||||
Haci Omer Sabanci Holding AS | 11,830 | 45,533 | ||||||
KOC Holding AS | 8,224 | 38,259 | ||||||
Petkim Petrokimya Holding AS | 5,264 | 7,996 | ||||||
TAV Havalimanlari Holding AS | 2,110 | 16,821 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,588 | 10,355 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,656 | 34,898 | ||||||
Turk Hava Yollaria | 7,324 | 26,355 | ||||||
Turk Telekomunikasyon AS | 6,764 | 19,606 | ||||||
Turkcell Iletisim Hizmetleri ASa | 11,536 | 60,318 | ||||||
Turkiye Garanti Bankasi AS | 29,960 | 106,975 | ||||||
Turkiye Halk Bankasi AS | 7,992 | 47,507 |
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS EMEA ETF
February 28, 2015
Security | Shares | Value | ||||||
Turkiye Is Bankasi Class C | 20,420 | $ | 51,070 | |||||
Turkiye Sise ve Cam Fabrikalari AS | 7,496 | 11,028 | ||||||
Turkiye Vakiflar Bankasi Tao Class D | 9,922 | 20,751 | ||||||
Ulker Biskuvi Sanayi AS | 1,902 | 14,709 | ||||||
Yapi ve Kredi Bankasi AS | 11,548 | 21,305 | ||||||
|
| |||||||
807,443 | ||||||||
UNITED ARAB EMIRATES — 3.81% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 15,046 | 31,544 | ||||||
Aldar Properties PJSC | 40,792 | 29,211 | ||||||
Arabtec Holding PJSCa | 27,932 | 24,032 | ||||||
DP World Ltd. | 2,134 | 45,241 | ||||||
Dubai Financial Market | 26,366 | 14,142 | ||||||
Dubai Islamic Bank PJSC | 12,750 | 23,259 | ||||||
Emaar Properties PJSC | 45,502 | 93,538 | ||||||
First Gulf Bank PJSC | 10,156 | 49,359 | ||||||
National Bank of Abu Dhabi PJSC | 8,048 | 29,911 | ||||||
|
| |||||||
340,237 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $10,125,641) |
| 8,800,934 | ||||||
PREFERRED STOCKS — 1.27% |
| |||||||
RUSSIA — 1.27% |
| |||||||
AK Transneft OAO | 20 | 44,653 | ||||||
Sberbank of Russia | 13,600 | 11,828 | ||||||
Surgutneftegas OAO | 89,800 | 56,221 | ||||||
|
| |||||||
112,702 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $138,572) |
| 112,702 | ||||||
SHORT-TERM INVESTMENTS — 0.26% |
| |||||||
MONEY MARKET FUNDS — 0.26% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%d,e,f | 17,060 | 17,060 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%d,e,f | 996 | 996 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%d,e | 5,276 | 5,276 | ||||||
|
| |||||||
23,332 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $23,332) |
| 23,332 | ||||||
|
|
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $10,287,545) | $ | 8,936,968 | ||||
Other Assets, Less Liabilities — (0.17)% | (14,919 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 8,922,049 | ||||
|
|
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
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 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI EMERGING MARKETS HORIZON ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.01% |
| |||||||
CHILE — 5.80% |
| |||||||
Banco de Chile | 64,654 | $ | 7,554 | |||||
Banco de Credito e Inversiones | 100 | 4,621 | ||||||
Banco Santander Chile | 197,062 | 10,342 | ||||||
Cencosud SA | 3,862 | 9,554 | ||||||
Cia. Cervecerias Unidas SA | 568 | 5,384 | ||||||
Colbun SA | 28,352 | 7,965 | ||||||
CorpBanca SA | 353,940 | 4,277 | ||||||
Empresa Nacional de Electricidad SA/Chile | 9,022 | 13,559 | ||||||
Empresas CMPC SA | 3,446 | 8,971 | ||||||
Empresas COPEC SA | 1,398 | 16,396 | ||||||
Enersis SA | 51,746 | 17,012 | ||||||
LATAM Airlines Group SAa | 924 | 9,831 | ||||||
SACI Falabella | 2,542 | 18,466 | ||||||
|
| |||||||
133,932 | ||||||||
COLOMBIA — 2.41% |
| |||||||
Almacenes Exito SA | 644 | 6,378 | ||||||
Cementos Argos SA | 1,464 | 5,259 | ||||||
Cemex Latam Holdings SAa | 494 | 2,971 | ||||||
Corp. Financiera Colombiana SA | 308 | 4,631 | ||||||
Corp. Financiera Colombiana SA Newa | 5 | 74 | ||||||
Ecopetrol SA | 13,040 | 10,901 | ||||||
Grupo Argos SA/Colombia | 1,100 | 8,379 | ||||||
Grupo de Inversiones Suramericana SA | 888 | 12,475 | ||||||
Interconexion Electrica SA ESP | 1,446 | 4,528 | ||||||
|
| |||||||
55,596 | ||||||||
CZECH REPUBLIC — 0.92% |
| |||||||
CEZ AS | 460 | 11,659 | ||||||
Komercni Banka AS | 44 | 9,523 | ||||||
|
| |||||||
21,182 | ||||||||
EGYPT — 1.00% |
| |||||||
Commercial International Bank Egypt SAE GDR | 2,600 | 17,394 | ||||||
Global Telecom Holding SAE GDRa | 2,240 | 5,712 | ||||||
|
| |||||||
23,106 | ||||||||
GREECE — 1.69% |
| |||||||
Alpha Bank AEa | 14,546 | 6,037 | ||||||
Eurobank Ergasias SAa | 28,858 | 4,434 | ||||||
Hellenic Telecommunications Organization SA | 942 | 9,404 | ||||||
National Bank of Greece SAa | 4,456 | 6,697 |
Security | Shares | Value | ||||||
OPAP SA | 778 | $ | 7,182 | |||||
Public Power Corp. SAa | 660 | 5,182 | ||||||
|
| |||||||
38,936 | ||||||||
HUNGARY — 0.86% |
| |||||||
MOL Hungarian Oil & Gas PLC | 116 | 5,148 | ||||||
OTP Bank PLC | 588 | 9,326 | ||||||
Richter Gedeon Nyrt | 368 | 5,353 | ||||||
|
| |||||||
19,827 | ||||||||
INDONESIA — 11.90% |
| |||||||
Astra International Tbk PT | 57,800 | 35,105 | ||||||
Bank Central Asia Tbk PT | 33,600 | 36,655 | ||||||
Bank Mandiri Persero Tbk PT | 26,600 | 24,696 | ||||||
Bank Negara Indonesia Persero Tbk PT | 24,800 | 13,191 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 30,000 | 29,884 | ||||||
Charoen Pokphand Indonesia Tbk PT | 22,800 | 6,677 | ||||||
Gudang Garam Tbk PT | 1,600 | 6,614 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 5,200 | 9,676 | ||||||
Indofood Sukses Makmur Tbk PT | 16,600 | 9,504 | ||||||
Kalbe Farma Tbk PT | 75,200 | 10,502 | ||||||
Lippo Karawaci Tbk PT | 50,800 | 4,638 | ||||||
Matahari Department Store Tbk PT | 5,200 | 7,181 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 31,000 | 12,472 | ||||||
Semen Indonesia Persero Tbk PT | 9,600 | 11,048 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 135,400 | 30,747 | ||||||
Unilever Indonesia Tbk PT | 4,600 | 12,812 | ||||||
United Tractors Tbk PT | 5,600 | 8,990 | ||||||
XL Axiata Tbk PT | 11,600 | 4,303 | ||||||
|
| |||||||
274,695 | ||||||||
MALAYSIA — 15.67% |
| |||||||
Alliance Financial Group Bhd | 4,200 | 5,617 | ||||||
AMMB Holdings Bhd | 5,800 | 10,284 | ||||||
Astro Malaysia Holdings Bhd | 7,400 | 6,714 | ||||||
Axiata Group Bhd | 6,600 | 13,112 | ||||||
British American Tobacco Malaysia Bhd | 400 | 7,669 | ||||||
CIMB Group Holdings Bhd | 13,200 | 21,792 | ||||||
Dialog Group Bhd | 14,600 | 6,603 | ||||||
DiGi.Com Bhd | 8,200 | 14,448 | ||||||
Gamuda Bhd | 6,000 | 8,757 | ||||||
Genting Bhd | 5,400 | 13,260 | ||||||
Genting Malaysia Bhd | 8,600 | 9,807 | ||||||
Hong Leong Bank Bhd | 1,800 | 7,172 | ||||||
IHH Healthcare Bhd | 6,200 | 9,582 |
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS HORIZON ETF
February 28, 2015
Security | Shares | Value | ||||||
IJM Corp. Bhd | 4,400 | $ | 8,766 | |||||
IOI Corp. Bhd | 8,200 | 10,716 | ||||||
Kuala Lumpur Kepong Bhd | 1,600 | 10,078 | ||||||
Malayan Banking Bhd | 11,600 | 29,611 | ||||||
Maxis Bhd | 5,200 | 10,172 | ||||||
MISC Bhd | 3,000 | 7,009 | ||||||
Petronas Chemicals Group Bhd | 8,000 | 12,142 | ||||||
Petronas Gas Bhd | 2,000 | 12,797 | ||||||
PPB Group Bhd | 1,800 | 7,282 | ||||||
Public Bank Bhd | 7,000 | 35,583 | ||||||
Sapurakencana Petroleum Bhd | 10,800 | 8,540 | ||||||
Sime Darby Bhd | 7,800 | 20,193 | ||||||
Telekom Malaysia Bhd | 2,800 | 5,532 | ||||||
Tenaga Nasional Bhd | 8,400 | 34,309 | ||||||
UMW Holdings Bhd | 2,200 | 6,764 | ||||||
YTL Corp. Bhd | 15,600 | 7,142 | ||||||
|
| |||||||
361,453 | ||||||||
MEXICO — 21.03% |
| |||||||
Alfa SAB de CV Series Aa | 7,400 | 16,030 | ||||||
America Movil SAB de CV Series L | 85,800 | 91,814 | ||||||
Arca Continental SAB de CVa | 1,000 | 6,339 | ||||||
Cemex SAB de CV CPOa | 31,600 | 32,018 | ||||||
Coca-Cola Femsa SAB de CV Series L | 1,200 | 10,360 | ||||||
Controladora Comercial Mexicana SAB de CV BC Units | 1,200 | 3,849 | ||||||
El Puerto de Liverpool SAB de CV Series C1a | 600 | 6,778 | ||||||
Fibra Uno Administracion SA de CV | 6,200 | 17,387 | ||||||
Fomento Economico Mexicano SAB de CVa | 5,000 | 47,729 | ||||||
Genomma Lab Internacional SAB de CV Series Ba | 2,200 | 2,401 | ||||||
Gentera SAB de CV | 2,800 | 5,367 | ||||||
Gruma SAB de CV Series B | 400 | 4,899 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Series B | 800 | 5,423 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Series Ba | 600 | 8,228 | ||||||
Grupo Bimbo SAB de CVa | 4,400 | 12,424 | ||||||
Grupo Carso SAB de CV Series A1 | 1,600 | 7,221 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 6,400 | 34,752 | ||||||
Grupo Financiero Inbursa SAB de CV Series O | 5,800 | 16,284 |
Security | Shares | Value | ||||||
Grupo Financiero Santander Mexico SAB de CV Series B | 4,800 | $ | 10,588 | |||||
Grupo Mexico SAB de CV Series B | 10,000 | 30,243 | ||||||
Grupo Televisa SAB CPOa | 6,600 | 44,852 | ||||||
Industrias Penoles SAB de CV | 410 | 8,712 | ||||||
Kimberly-Clark de Mexico SAB de CV Series A | 4,000 | 8,146 | ||||||
Mexichem SAB de CV | 2,400 | 6,995 | ||||||
OHL Mexico SAB de CVa | 2,200 | 4,541 | ||||||
Promotora y Operadora de Infraestructura SAB de CVa | 800 | 9,578 | ||||||
Wal-Mart de Mexico SAB de CV Series V | 13,200 | 32,303 | ||||||
|
| |||||||
485,261 | ||||||||
PERU — 1.93% |
| |||||||
Cia. de Minas Buenaventura SA ADR | 480 | 5,559 | ||||||
Credicorp Ltd. | 178 | 25,849 | ||||||
Southern Copper Corp. | 438 | 13,039 | ||||||
|
| |||||||
44,447 | ||||||||
PHILIPPINES — 5.97% |
| |||||||
Aboitiz Equity Ventures Inc. | 7,440 | 9,593 | ||||||
Ayala Corp. | 740 | 12,034 | ||||||
Ayala Land Inc. | 20,600 | 16,937 | ||||||
Bank of the Philippine Islands | 2,960 | 6,475 | ||||||
BDO Unibank Inc. | 4,960 | 12,487 | ||||||
Energy Development Corp. | 32,400 | 6,503 | ||||||
JG Summit Holdings Inc. | 7,080 | 10,759 | ||||||
Jollibee Foods Corp. | 1,580 | 7,877 | ||||||
Philippine Long Distance Telephone Co. | 280 | 20,081 | ||||||
SM Investments Corp. | 540 | 10,778 | ||||||
SM Prime Holdings Inc. | 23,200 | 10,398 | ||||||
Universal Robina Corp. | 2,800 | 13,844 | ||||||
|
| |||||||
137,766 | ||||||||
POLAND — 6.30% |
| |||||||
Bank Pekao SA | 378 | 18,955 | ||||||
Bank Zachodni WBK SA | 102 | 9,235 | ||||||
Cyfrowy Polsat SA | 700 | 4,555 | ||||||
KGHM Polska Miedz SA | 432 | 14,127 | ||||||
mBank | 54 | 6,674 | ||||||
Orange Polska SA | 1,992 | 5,314 | ||||||
PGE Polska Grupa Energetyczna SA | 2,304 | 12,902 | ||||||
Polski Koncern Naftowy Orlen SA | 1,044 | 15,408 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 6,288 | 8,548 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS HORIZON ETF
February 28, 2015
Security | Shares | Value | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 2,538 | $ | 22,361 | |||||
Powszechny Zaklad Ubezpieczen SA | 158 | 20,868 | ||||||
Tauron Polska Energia SA | 4,782 | 6,333 | ||||||
|
| |||||||
145,280 | ||||||||
QATAR — 3.53% |
| |||||||
Industries Qatar QSC | 430 | 18,303 | ||||||
Masraf Al Rayan | 1,090 | 14,398 | ||||||
Ooredoo QSC | 276 | 8,678 | ||||||
Qatar Islamic Bank SAQ | 218 | 6,208 | ||||||
Qatar National Bank SAQ | 500 | 27,914 | ||||||
Vodafone Qatar QSC | 1,236 | 6,018 | ||||||
|
| |||||||
81,519 | ||||||||
THAILAND — 10.26% |
| |||||||
Advanced Info Service PCL NVDR | 3,000 | 21,621 | ||||||
Airports of Thailand PCL NVDR | 1,400 | 13,381 | ||||||
Bangkok Bank PCL Foreign | 1,200 | 6,830 | ||||||
Bangkok Dusit Medical Services PCL NVDR | 11,600 | 7,714 | ||||||
BTS Group Holdings PCL NVDR | 18,600 | 5,523 | ||||||
Central Pattana PCL NVDR | 6,000 | 8,166 | ||||||
Charoen Pokphand Foods PCL NVDR | 9,200 | 6,801 | ||||||
CP ALL PCL NVDR | 12,800 | 15,837 | ||||||
Kasikornbank PCL Foreign | 3,000 | 20,043 | ||||||
Kasikornbank PCL NVDR | 1,600 | 10,739 | ||||||
Krung Thai Bank PCL NVDR | 12,000 | 8,463 | ||||||
Minor International PCL NVDR | 5,800 | 6,100 | ||||||
PTT Exploration & Production PCL NVDR | 4,000 | 13,981 | ||||||
PTT Global Chemical PCL NVDR | 6,000 | 10,393 | ||||||
PTT PCL NVDR | 2,600 | 27,584 | ||||||
Siam Cement PCL (The) Foreign | 1,200 | 19,078 | ||||||
Siam Commercial Bank PCL (The) NVDR | 4,400 | 23,068 | ||||||
True Corp. PCL NVDRa | 25,400 | 11,470 | ||||||
|
| |||||||
236,792 | ||||||||
TURKEY — 6.88% |
| |||||||
Akbank TAS | 5,000 | 16,302 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii ASa | 648 | 5,282 | ||||||
BIM Birlesik Magazalar AS | 576 | 10,764 | ||||||
Coca-Cola Icecek AS | 222 | 4,303 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 6,738 | 8,386 |
Security | Shares | Value | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 4,024 | $ | 6,752 | |||||
Haci Omer Sabanci Holding AS | 3,036 | 11,685 | ||||||
KOC Holding AS | 1,852 | 8,616 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 374 | 7,881 | ||||||
Turk Hava Yollaria | 2,130 | 7,665 | ||||||
Turkcell Iletisim Hizmetleri ASa | 2,500 | 13,071 | ||||||
Turkiye Garanti Bankasi AS | 6,330 | 22,602 | ||||||
Turkiye Halk Bankasi AS | 1,678 | 9,975 | ||||||
Turkiye Is Bankasi Class C | 5,188 | 12,975 | ||||||
Turkiye Vakiflar Bankasi Tao Class D | 3,036 | 6,350 | ||||||
Yapi ve Kredi Bankasi AS | 3,298 | 6,085 | ||||||
|
| |||||||
158,694 | ||||||||
UNITED ARAB EMIRATES — 2.86% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 3,282 | 6,881 | ||||||
Aldar Properties PJSC | 9,916 | 7,101 | ||||||
DP World Ltd. | 506 | 10,727 | ||||||
Dubai Financial Market | 5,422 | 2,908 | ||||||
Emaar Properties PJSC | 9,518 | 19,566 | ||||||
First Gulf Bank PJSC | 2,316 | 11,256 | ||||||
National Bank of Abu Dhabi PJSC | 2,012 | 7,478 | ||||||
|
| |||||||
65,917 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $2,407,715) |
| 2,284,403 | ||||||
PREFERRED STOCKS — 0.87% |
| |||||||
CHILE — 0.33% |
| |||||||
Sociedad Quimica y Minera de Chile SA Series B | 296 | 7,608 | ||||||
|
| |||||||
7,608 | ||||||||
COLOMBIA — 0.54% |
| |||||||
Bancolombia SA | 1,206 | 12,475 | ||||||
|
| |||||||
12,475 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $23,764) |
| 20,083 | ||||||
SHORT-TERM INVESTMENTS — 0.07% |
| |||||||
MONEY MARKET FUNDS — 0.07% |
| |||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%b,c | 1,588 | 1,588 | ||||||
|
| |||||||
1,588 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $1,588) |
| 1,588 | ||||||
|
|
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI EMERGING MARKETS HORIZON ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $2,433,067) | $ | 2,306,074 | ||||
Other Assets, Less Liabilities — 0.05% | 1,122 | |||||
|
| |||||
NET ASSETS — 100.00% | $ | 2,307,196 | ||||
|
|
ADR — American Depositary Receipts
CPO — Certificates of Participation (Ordinary)
GDR — Global Depositary Receipts
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.
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI FRONTIER 100 ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.60% |
| |||||||
ARGENTINA — 13.04% |
| |||||||
Banco Macro SA ADR | 292,995 | $ | 14,825,547 | |||||
BBVA Banco Frances SA ADR | 343,551 | 5,792,270 | ||||||
Cresud SACIF y A ADRa | 257,376 | 3,213,339 | ||||||
Grupo Financiero Galicia SA ADR | 671,782 | 13,912,605 | ||||||
Pampa Energia SA ADRa | 322,486 | 4,150,395 | ||||||
Petrobras Argentina SA ADR | 546,541 | 3,175,403 | ||||||
Telecom Argentina SA ADR | 669,484 | 15,029,916 | ||||||
YPF SA ADR | 606,289 | 15,575,565 | ||||||
|
| |||||||
75,675,040 | ||||||||
BAHRAIN — 0.18% |
| |||||||
Al-Salam Bank | 3,142,055 | 1,075,133 | ||||||
|
| |||||||
1,075,133 | ||||||||
BANGLADESH — 3.17% |
| |||||||
GrameenPhone Ltd. | 1,149,000 | 4,945,250 | ||||||
Islami Bank Bangladesh Ltd. | 1 | — | ||||||
Lafarge Surma Cement Ltd. | 3,198,050 | 4,778,294 | ||||||
Square Pharmaceuticals Ltd. | 2,018,418 | 6,834,718 | ||||||
Titas Gas Transmission & Distribution Co. Ltd. | 1,915,400 | 1,846,435 | ||||||
|
| |||||||
18,404,697 | ||||||||
ESTONIA — 0.25% |
| |||||||
Tallink Group AS | 1,518,595 | 1,447,832 | ||||||
|
| |||||||
1,447,832 | ||||||||
JORDAN — 0.77% |
| |||||||
Arab Bank PLC | 465,728 | 4,491,242 | ||||||
|
| |||||||
4,491,242 | ||||||||
KAZAKHSTAN — 3.77% |
| |||||||
Halyk Savings Bank of Kazakhstan JSC GDRb | 551,137 | 3,631,993 | ||||||
KazMunaiGas Exploration Production JSC GDRb | 1,297,221 | 14,853,180 | ||||||
KCell JSC GDRb | 410,959 | 3,382,193 | ||||||
|
| |||||||
21,867,366 | ||||||||
KENYA — 8.14% |
| |||||||
Co-operative Bank of Kenya Ltd. (The) | 11,606,432 | 2,857,163 | ||||||
East African Breweries Ltd. | 3,027,442 | 10,235,007 | ||||||
Equity Group Holdings Ltd./Kenya | 15,550,900 | 9,102,551 | ||||||
Kenya Commercial Bank Ltd. | 17,273,360 | 11,339,186 | ||||||
Safaricom Ltd. | 79,357,600 | 13,718,272 | ||||||
|
| |||||||
47,252,179 |
Security | Shares | Value | ||||||
KUWAIT — 26.32% |
| |||||||
Agility Public Warehousing Co. KSC | 4,195,382 | $ | 11,336,955 | |||||
ALAFCO Aviation Lease & Finance Co. KSCP | 1,629,088 | 1,265,632 | ||||||
Burgan Bank SAK | 4,189,637 | 6,792,858 | ||||||
Commercial Real Estate Co. KSC | 6,400,396 | 2,097,073 | ||||||
Jazeera Airways | 974,735 | 1,679,158 | ||||||
Kuwait Finance House KSCP | 11,974,878 | 31,145,604 | ||||||
Kuwait International Bank KSCP | 2,890,501 | 2,538,525 | ||||||
Kuwait Projects Co. Holding KSCP | 3,563,049 | 8,665,412 | ||||||
Mabanee Co. SAK | 2,261,000 | 8,095,457 | ||||||
Mobile Telecommunications Co. KSC | 14,662,006 | 28,724,754 | ||||||
National Bank of Kuwait SAKP | 13,083,663 | 41,542,453 | ||||||
National Industries Group Holding KPSCa | 6,035,314 | 3,914,137 | ||||||
National Real Estate Co. KSCa | 3,232,903 | 1,528,818 | ||||||
Qurain Petrochemical Co. KSC | 1,848,741 | 1,236,449 | ||||||
Warba Bank KSCPa | 2,919,226 | 2,228,492 | ||||||
|
| |||||||
152,791,777 | ||||||||
MAURITIUS — 0.93% |
| |||||||
MCB Group Ltd. | 880,134 | 5,374,964 | ||||||
|
| |||||||
5,374,964 | ||||||||
MOROCCO — 5.63% |
| |||||||
Attijariwafa Bank | 276,143 | 10,811,895 | ||||||
Banque Centrale Populaire | 217,927 | 5,343,457 | ||||||
Douja Promotion Groupe Addoha SA | 935,782 | 3,068,392 | ||||||
Maroc Telecom | 976,600 | 13,464,397 | ||||||
|
| |||||||
32,688,141 | ||||||||
NIGERIA — 10.66% |
| |||||||
Access Bank PLC | 65,091,999 | 2,056,721 | ||||||
Afriland Properties PLCa | 7,291 | 79 | ||||||
Dangote Cement PLC | 4,027,628 | 3,042,346 | ||||||
Diamond Bank PLC | 53,838,310 | 1,036,630 | ||||||
Ecobank Transnational Inc.a | 39,527,487 | 3,200,448 | ||||||
FBN Holdings PLC | 96,673,413 | 3,675,069 | ||||||
Guaranty Trust Bank PLC | 83,975,814 | 9,742,936 | ||||||
Lafarge Africa PLC | 5,921,563 | 2,484,981 | ||||||
Nestle Nigeria PLC | 1,792,057 | 7,254,933 | ||||||
Nigerian Breweries PLC | 20,888,054 | 14,437,559 | ||||||
Oando PLC | 22,619,597 | 1,562,321 |
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRONTIER 100 ETF
February 28, 2015
Security | Shares | Value | ||||||
SEPLAT Petroleum Development Co. PLC | 985,872 | $ | 2,287,632 | |||||
Transnational Corp. of Nigeria PLC | 140,912,594 | 1,864,457 | ||||||
United Bank for Africa PLC | 79,451,398 | 1,361,127 | ||||||
Zenith Bank PLC | 90,400,256 | 7,855,070 | ||||||
|
| |||||||
61,862,309 | ||||||||
OMAN — 6.25% |
| |||||||
Bank Muscat SAOG | 6,813,570 | 10,615,793 | ||||||
Bank Sohar SAOG | 3,497,939 | 1,961,971 | ||||||
HSBC Bank Oman SAOG | 4,694,298 | 1,694,384 | ||||||
National Bank of Oman SAOG | 2,050,199 | 1,905,924 | ||||||
Oman Cables Industry | 379,936 | 1,968,248 | ||||||
Oman Cement Co. | 897,978 | 1,203,211 | ||||||
Oman Telecommunications Co. SAOG | 1,846,443 | 8,462,664 | ||||||
Ooredoo QSC | 2,254,338 | 4,167,979 | ||||||
Raysut Cement Co. SAOG | 558,826 | 2,532,203 | ||||||
Renaissance Services SAOG | 1,509,020 | 1,763,332 | ||||||
|
| |||||||
36,275,709 | ||||||||
PAKISTAN — 10.71% |
| |||||||
Bank Al Habib Ltd. | 4,213,000 | 2,069,783 | ||||||
Engro Corp. Ltd./Pakistan | 1,915,461 | 5,697,008 | ||||||
Fauji Fertilizer Co. Ltd. | 4,825,850 | 6,683,258 | ||||||
Hub Power Co. Ltd. (The) | 4,021,530 | 3,507,559 | ||||||
Lucky Cement Ltd. | 1,340,798 | 6,606,493 | ||||||
MCB Bank Ltd. | 3,002,066 | 8,960,357 | ||||||
National Bank of Pakistan | 4,787,626 | 3,179,057 | ||||||
Oil & Gas Development Co. Ltd. | 4,940,700 | 10,244,305 | ||||||
Pakistan Oilfields Ltd. | 574,500 | 2,081,706 | ||||||
Pakistan Petroleum Ltd. | 1,149,150 | 1,947,354 | ||||||
Pakistan State Oil Co. Ltd. | 1,149,000 | 4,324,194 | ||||||
United Bank Ltd./Pakistan | 4,136,467 | 6,856,133 | ||||||
|
| |||||||
62,157,207 | ||||||||
ROMANIA — 3.26% |
| |||||||
Banca Transilvaniaa | 10,815,920 | 5,797,904 | ||||||
BRD-Groupe Societe Generalea | 1,283,050 | 3,087,076 | ||||||
OMV Petrom SA | 36,806,300 | 3,488,352 | ||||||
Societatea Nationala de Gaze Naturale ROMGAZ SA | 441,982 | 3,770,034 | ||||||
Transgaz SA Medias | 39,832 | 2,788,552 | ||||||
|
| |||||||
18,931,918 | ||||||||
SLOVENIA — 0.30% |
| |||||||
Telekom Slovenije DD | 10,724 | 1,735,723 | ||||||
|
| |||||||
1,735,723 |
Security | Shares or Principal | Value | ||||||
SRI LANKA — 2.37% |
| |||||||
Commercial Bank of Ceylon PLC | 3,749,570 | $ | 5,026,648 | |||||
John Keells Holdings PLC | 5,680,273 | 8,732,647 | ||||||
|
| |||||||
13,759,295 | ||||||||
VIETNAM — 3.85% |
| |||||||
Bank for Foreign Trade of Vietnam JSC | 1,784,780 | 3,210,472 | ||||||
Masan Group Corp.a | 1,736,950 | 6,956,750 | ||||||
PetroVietnam Drilling and Well Services JSC | 746,850 | 2,029,151 | ||||||
Saigon Thuong Tin Commercial JSBa | 2,972,086 | 2,700,947 | ||||||
Vingroup JSC | 3,205,715 | 7,433,325 | ||||||
|
| |||||||
22,330,645 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $595,706,580) |
| 578,121,177 | ||||||
CONVERTIBLE BONDS — 0.00% |
| |||||||
OMAN — 0.00% |
| |||||||
Bank Muscat SAOG | ||||||||
4.50%, 03/20/17 | $ | 540,521 | — | |||||
|
| |||||||
— | ||||||||
|
| |||||||
TOTAL CONVERTIBLE BONDS |
| |||||||
(Cost: $0) |
| — | ||||||
RIGHTS — 0.00% |
| |||||||
NIGERIA — 0.00% |
| |||||||
Access Bank PLCa | 24,827,146 | 1 | ||||||
|
| |||||||
1 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 1 | ||||||
SHORT-TERM INVESTMENTS — 0.66% |
| |||||||
MONEY MARKET FUNDS — 0.66% |
| |||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 3,829,274 | 3,829,274 | ||||||
|
| |||||||
3,829,274 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $3,829,274) |
| 3,829,274 | ||||||
|
|
SCHEDULESOF INVESTMENTS | 25 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI FRONTIER 100 ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $599,535,854) | $ | 581,950,452 | ||||
Other Assets, Less Liabilities — (0.26)% | (1,499,641 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 580,450,811 | ||||
|
|
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
a | Non-income earning security. |
b | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.53% |
| |||||||
AUSTRALIA — 2.87% |
| |||||||
AGL Energy Ltd. | 5,166 | $ | 60,857 | |||||
Amcor Ltd./Australia | 9,796 | 104,742 | ||||||
AMP Ltd. | 21,080 | 110,553 | ||||||
APA Group | 9,748 | 70,122 | ||||||
Asciano Ltd. | 9,238 | 46,857 | ||||||
ASX Ltd. | 1,863 | 64,368 | ||||||
Aurizon Holdings Ltd. | 15,686 | 58,076 | ||||||
Australia & New Zealand Banking Group Ltd. | 17,763 | 491,367 | ||||||
Bendigo & Adelaide Bank Ltd. | 3,782 | 37,952 | ||||||
BHP Billiton Ltd. | 21,638 | 569,935 | ||||||
Brambles Ltd. | 11,563 | 100,465 | ||||||
Cochlear Ltd. | 446 | 31,566 | ||||||
Commonwealth Bank of Australia | 10,416 | 749,434 | ||||||
Computershare Ltd. | 4,433 | 43,652 | ||||||
Crown Resorts Ltd. | 4,588 | 54,946 | ||||||
CSL Ltd. | 3,317 | 239,490 | ||||||
Dexus Property Group | 9,716 | 60,081 | ||||||
Fortescue Metals Group Ltd. | 16,691 | 32,532 | ||||||
Goodman Group | 15,810 | 77,222 | ||||||
GPT Group (The) | 18,538 | 68,200 | ||||||
Iluka Resources Ltd. | 3,941 | 24,247 | ||||||
Incitec Pivot Ltd. | 13,702 | 43,652 | ||||||
Insurance Australia Group Ltd. | 16,647 | 79,486 | ||||||
James Hardie Industries PLC | 4,596 | 54,466 | ||||||
Lend Lease Group | 6,541 | 88,831 | ||||||
Macquarie Group Ltd. | 2,211 | 126,096 | ||||||
Mirvac Group | 42,036 | 68,440 | ||||||
National Australia Bank Ltd. | 15,252 | 452,469 | ||||||
Newcrest Mining Ltd.a | 6,727 | 75,771 | ||||||
Novion Property Group | 25,482 | 49,067 | ||||||
Orica Ltd. | 2,945 | 45,689 | ||||||
Origin Energy Ltd. | 7,967 | 76,144 | ||||||
QBE Insurance Group Ltd. | 9,889 | 100,551 | ||||||
Ramsay Health Care Ltd. | 1,271 | 66,557 | ||||||
Rio Tinto Ltd. | 3,224 | 162,544 | ||||||
Santos Ltd. | 8,401 | 52,213 | ||||||
Scentre Group | 44,909 | 135,689 | ||||||
Sonic Healthcare Ltd. | 3,164 | 48,146 | ||||||
Stockland | 19,164 | 70,353 | ||||||
Suncorp Group Ltd. | 8,356 | 91,438 | ||||||
Sydney Airport | 6,064 | 24,492 |
Security | Shares | Value | ||||||
Tatts Group Ltd. | 15,314 | $ | 47,708 | |||||
Telstra Corp. Ltd. | 26,714 | 133,199 | ||||||
Toll Holdings Ltd. | 5,878 | 41,133 | ||||||
Transurban Group | 12,728 | 91,160 | ||||||
Wesfarmers Ltd. | 6,855 | 235,288 | ||||||
Westfield Corp. | 16,399 | 125,924 | ||||||
Westpac Banking Corp. | 20,057 | 596,586 | ||||||
Woodside Petroleum Ltd. | 4,433 | 122,072 | ||||||
Woolworths Ltd. | 8,587 | 206,417 | ||||||
|
| |||||||
6,608,245 | ||||||||
AUSTRIA — 0.09% |
| |||||||
ANDRITZ AG | 899 | 51,981 | ||||||
Erste Group Bank AG | 2,542 | 66,776 | ||||||
IMMOFINANZ AGa | 14,990 | 45,851 | ||||||
OMV AG | 1,209 | 34,912 | ||||||
|
| |||||||
199,520 | ||||||||
BELGIUM — 0.52% |
| |||||||
Ageas | 2,170 | 78,362 | ||||||
Anheuser-Busch InBev NV | 5,332 | 679,998 | ||||||
Belgacom SA | 1,023 | 38,571 | ||||||
Colruyt SA | 651 | 30,544 | ||||||
Groupe Bruxelles Lambert SA | 527 | 46,231 | ||||||
KBC Groep NVa | 2,123 | 129,112 | ||||||
Solvay SA | 434 | 64,647 | ||||||
UCB SA | 899 | 68,922 | ||||||
Umicore SA | 1,147 | 50,181 | ||||||
|
| |||||||
1,186,568 | ||||||||
CANADA — 3.67% |
| |||||||
Agnico Eagle Mines Ltd. | 1,984 | 63,827 | ||||||
Agrium Inc. | 1,085 | 125,457 | ||||||
Alimentation Couche-Tard Inc. Class B | 3,613 | 139,584 | ||||||
ARC Resources Ltd. | 2,201 | 42,569 | ||||||
Bank of Montreal | 3,968 | 246,155 | ||||||
Bank of Nova Scotia (The) | 8,029 | 429,598 | ||||||
Barrick Gold Corp. | 7,781 | 101,325 | ||||||
BCE Inc. | 1,333 | 58,406 | ||||||
BlackBerry Ltd.a,b | 3,224 | 34,960 | ||||||
Bombardier Inc. Class Bb | 12,059 | 25,110 | ||||||
Brookfield Asset Management Inc. Class A | 4,340 | 235,830 | ||||||
Cameco Corp. | 2,976 | 45,999 | ||||||
Canadian Imperial Bank of Commerce/Canada | 2,821 | 216,141 |
SCHEDULESOF INVESTMENTS | 27 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Canadian National Railway Co. | 5,828 | $ | 403,033 | |||||
Canadian Natural Resources Ltd. | 7,440 | 216,649 | ||||||
Canadian Oil Sands Ltd. | 4,619 | 41,468 | ||||||
Canadian Pacific Railway Ltd. | 1,426 | 267,350 | ||||||
Canadian Tire Corp. Ltd. Class A | 589 | 62,134 | ||||||
Canadian Utilities Ltd. Class A | 992 | 33,010 | ||||||
Catamaran Corp.a,b | 1,519 | 75,923 | ||||||
Cenovus Energy Inc. | 5,208 | 89,966 | ||||||
CGI Group Inc. Class Aa,b | 1,860 | 77,921 | ||||||
CI Financial Corp. | 1,674 | 47,084 | ||||||
Crescent Point Energy Corp. | 2,883 | 71,229 | ||||||
Eldorado Gold Corp. | 4,412 | 25,476 | ||||||
Enbridge Inc. | 5,053 | 235,239 | ||||||
Encana Corp. | 5,301 | 69,157 | ||||||
Fairfax Financial Holdings Ltd. | 124 | 65,146 | ||||||
Finning International Inc. | 1,643 | 33,145 | ||||||
First Quantum Minerals Ltd. | 5,061 | 64,243 | ||||||
Fortis Inc./Canada | 1,643 | 52,080 | ||||||
Franco-Nevada Corp. | 1,767 | 93,342 | ||||||
George Weston Ltd. | 527 | 44,759 | ||||||
Gildan Activewear Inc. | 899 | 54,740 | ||||||
Goldcorp Inc. | 5,952 | 131,229 | ||||||
Great-West Lifeco Inc. | 1,457 | 41,143 | ||||||
Husky Energy Inc. | 2,418 | 54,396 | ||||||
IGM Financial Inc. | 899 | 31,888 | ||||||
Imperial Oil Ltd. | 2,046 | 79,045 | ||||||
Intact Financial Corp. | 1,147 | 82,627 | ||||||
Inter Pipeline Ltd. | 1,876 | 49,880 | ||||||
Loblaw Companies Ltd. | 1,891 | 96,606 | ||||||
Magna International Inc. Class A | 1,581 | 172,047 | ||||||
Manulife Financial Corp. | 11,935 | 208,085 | ||||||
Metro Inc. | 2,976 | 82,751 | ||||||
National Bank of Canada | 2,232 | 85,998 | ||||||
Onex Corp. | 868 | 49,057 | ||||||
Open Text Corp. | 992 | 57,852 | ||||||
Pembina Pipeline Corp. | 2,356 | 75,436 | ||||||
Potash Corp. of Saskatchewan Inc. | 5,797 | 208,221 | ||||||
Power Corp. of Canada | 2,108 | 56,927 | ||||||
Power Financial Corp. | 1,116 | 33,302 | ||||||
Restaurant Brands International Inc. | 1,118 | 49,478 | ||||||
RioCan REIT | 2,077 | 48,688 | ||||||
Rogers Communications Inc. Class B | 2,480 | 87,807 | ||||||
Royal Bank of Canada | 9,207 | 577,424 |
Security | Shares | Value | ||||||
Saputo Inc. | 2,232 | $ | 64,923 | |||||
Shaw Communications Inc. Class B | 2,641 | 61,337 | ||||||
Silver Wheaton Corp. | 4,030 | 87,142 | ||||||
SNC-Lavalin Group Inc. | 1,271 | 40,044 | ||||||
Sun Life Financial Inc. | 3,875 | 119,479 | ||||||
Suncor Energy Inc. | 10,385 | 312,136 | ||||||
Talisman Energy Inc. | 7,099 | 55,318 | ||||||
Teck Resources Ltd. Class B | 4,340 | 69,793 | ||||||
TELUS Corp. | 64 | 2,278 | ||||||
Thomson Reuters Corp. | 2,356 | 92,568 | ||||||
Toronto-Dominion Bank (The) | 11,966 | 525,157 | ||||||
Tourmaline Oil Corp.a,b | 1,457 | 45,344 | ||||||
TransCanada Corp. | 4,588 | 201,319 | ||||||
Valeant Pharmaceuticals International Inc.a,b | 2,309 | 455,402 | ||||||
Vermilion Energy Inc. | 1,178 | 53,039 | ||||||
|
| |||||||
8,433,221 | ||||||||
DENMARK — 0.68% |
| |||||||
AP Moeller – Maersk A/S Class A | 62 | 138,297 | ||||||
AP Moeller – Maersk A/S Class B | 31 | 71,618 | ||||||
Carlsberg A/S Class B | 930 | 79,749 | ||||||
Coloplast A/S Class B | 1,147 | 91,805 | ||||||
Danske Bank A/S | 5,363 | 142,359 | ||||||
DSV A/S | 2,604 | 84,309 | ||||||
Novo Nordisk A/S Class B | 13,795 | 662,903 | ||||||
Novozymes A/S Class B | 2,139 | 104,009 | ||||||
Pandora A/S | 589 | 53,872 | ||||||
Vestas Wind Systems A/Sa | 2,046 | 86,447 | ||||||
William Demant Holding A/Sa,b | 589 | 48,427 | ||||||
|
| |||||||
1,563,795 | ||||||||
FINLAND — 0.34% |
| |||||||
Elisa OYJ | 1,209 | 32,966 | ||||||
Fortum OYJ | 2,728 | 62,299 | ||||||
Kone OYJ Class B | 2,418 | 111,686 | ||||||
Metso OYJ | 1,116 | 35,988 | ||||||
Nokia OYJ | 25,699 | 207,110 | ||||||
Sampo OYJ Class A | 2,604 | 131,727 | ||||||
Stora Enso OYJ Class R | 5,022 | 48,331 | ||||||
UPM-Kymmene OYJ | 4,123 | 77,554 | ||||||
Wartsila OYJ Abp | 1,364 | 61,977 | ||||||
|
| |||||||
769,638 | ||||||||
FRANCE — 3.74% |
| |||||||
Accor SA | 1,240 | 65,126 | ||||||
Air Liquide SA | 2,277 | 301,627 |
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Airbus Group NV | 4,172 | $ | 258,918 | |||||
Alcatel-Lucenta,b | 23,467 | 92,047 | ||||||
Alstom SAa | 1,581 | 52,402 | ||||||
ArcelorMittalb | 6,200 | 67,943 | ||||||
AtoS | 527 | 37,636 | ||||||
AXA SA | 11,501 | 292,703 | ||||||
BNP Paribas SA | 7,006 | 409,338 | ||||||
Bollore SA | 5,968 | 32,827 | ||||||
Bouygues SA | 1,426 | 56,669 | ||||||
Bureau Veritas SA | 1,984 | 46,866 | ||||||
Cap Gemini SA | 1,147 | 92,978 | ||||||
Carrefour SA | 4,247 | 140,837 | ||||||
Casino Guichard Perrachon SA | 496 | 46,788 | ||||||
Christian Dior SA | 341 | 66,303 | ||||||
Cie. de Saint-Gobain | 2,790 | 125,911 | ||||||
Cie. Generale des Etablissements Michelin Class B | 1,085 | 104,637 | ||||||
Credit Agricole SA | 8,401 | 118,447 | ||||||
Danone SA | 3,906 | 273,078 | ||||||
Dassault Systemes | 992 | 69,576 | ||||||
Edenred | 1,705 | 46,625 | ||||||
Electricite de France SA | 1,519 | 42,084 | ||||||
Essilor International SA | 1,395 | 163,433 | ||||||
Eutelsat Communications SA | 1,178 | 40,346 | ||||||
GDF Suez | 9,331 | 208,014 | ||||||
Groupe Eurotunnel SE Registered | 5,897 | 80,828 | ||||||
Hermes International | 102 | 32,990 | ||||||
Iliad SA | 248 | 64,549 | ||||||
Kering | 558 | 113,910 | ||||||
Klepierre | 2,132 | 104,478 | ||||||
L’Oreal SA | 1,612 | 293,364 | ||||||
Lafarge SA | 1,457 | 108,416 | ||||||
Lagardere SCA | 1,209 | 34,838 | ||||||
Legrand SA | 1,953 | 108,215 | ||||||
LVMH Moet Hennessy Louis Vuitton SA | 1,798 | 330,541 | ||||||
Numericable-SFR SASa | 651 | 40,453 | ||||||
Orange SA | 12,958 | 236,910 | ||||||
Pernod Ricard SA | 1,488 | 176,832 | ||||||
Peugeot SAa | 3,689 | 61,922 | ||||||
Publicis Groupe SA | 1,302 | 106,418 | ||||||
Renault SA | 1,347 | 129,707 | ||||||
Safran SA | 1,767 | 124,665 | ||||||
Sanofi | 7,812 | 768,456 |
Security | Shares | Value | ||||||
Schneider Electric SE | 3,708 | $ | 299,370 | |||||
SCOR SE | 1,364 | 45,072 | ||||||
SES SA | 2,604 | 89,960 | ||||||
Societe BIC SA | 310 | 46,489 | ||||||
Societe Generale SA | 5,091 | 235,922 | ||||||
Sodexo SA | 775 | 78,287 | ||||||
STMicroelectronics NV | 4,867 | 43,563 | ||||||
Suez Environnement Co. | 2,201 | 39,364 | ||||||
Technip SA | 868 | 56,683 | ||||||
Thales SA | 961 | 55,415 | ||||||
Total SA | 14,291 | 773,183 | ||||||
Unibail-Rodamco SE | 744 | 214,969 | ||||||
Veolia Environnement SA | 3,255 | 63,527 | ||||||
Vinci SA | 3,193 | 189,887 | ||||||
Vivendi SA | 8,463 | 207,079 | ||||||
|
| |||||||
8,609,421 | ||||||||
GERMANY — 3.31% | ||||||||
adidas AGb | 1,519 | 118,294 | ||||||
Allianz SE Registered | 2,945 | 494,167 | ||||||
BASF SE | 6,262 | 601,586 | ||||||
Bayer AG Registered | 5,549 | 821,884 | ||||||
Bayerische Motoren Werke AG | 2,170 | 275,040 | ||||||
Beiersdorf AG | 837 | 72,881 | ||||||
Brenntag AG | 1,674 | 98,107 | ||||||
Commerzbank AGa | 7,781 | 105,211 | ||||||
Continental AG | 824 | 197,140 | ||||||
Daimler AG Registered | 6,355 | 616,650 | ||||||
Deutsche Annington Immobilien SE | 1,705 | 65,930 | ||||||
Deutsche Bank AG Registered | 9,209 | 303,422 | ||||||
Deutsche Boerse AG | 1,519 | 124,206 | ||||||
Deutsche Post AG Registered | 7,099 | 242,302 | ||||||
Deutsche Telekom AG Registered | 20,832 | 389,515 | ||||||
E.ON SE | 12,369 | 200,405 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,550 | 127,210 | ||||||
Fresenius SE & Co. KGaA | 2,790 | 160,163 | ||||||
GEA Group AG | 1,891 | 93,750 | ||||||
Hannover Rueck SE | 620 | 59,911 | ||||||
HeidelbergCement AG | 1,116 | 89,038 | ||||||
Henkel AG & Co. KGaA | 992 | 104,603 | ||||||
Infineon Technologies AG | 8,370 | 97,121 | ||||||
Kabel Deutschland Holding AGa | 341 | 47,428 | ||||||
Lanxess AG | 744 | 38,416 | ||||||
Linde AG | 1,364 | 278,141 |
SCHEDULESOF INVESTMENTS | 29 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
MAN SE | 403 | $ | 43,304 | |||||
Merck KGaA | 930 | 96,177 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered | 1,209 | 251,552 | ||||||
Osram Licht AG | 1,116 | 51,297 | ||||||
QIAGEN NVa,b | 2,263 | 57,048 | ||||||
RWE AG | 3,658 | 102,513 | ||||||
SAP SE | 6,293 | 443,559 | ||||||
Siemens AG Registered | 5,456 | 610,870 | ||||||
ThyssenKrupp AG | 3,793 | 101,213 | ||||||
Volkswagen AG | 124 | 30,786 | ||||||
|
| |||||||
7,610,840 | ||||||||
HONG KONG — 1.20% |
| |||||||
AIA Group Ltd. | 99,200 | 583,909 | ||||||
Bank of East Asia Ltd. | 31,000 | 127,510 | ||||||
BOC Hong Kong Holdings Ltd. | 46,500 | 163,985 | ||||||
CLP Holdings Ltd. | 31,000 | 278,804 | ||||||
Galaxy Entertainment Group Ltd.b | 31,000 | 157,489 | ||||||
Hang Seng Bank Ltd. | 15,500 | 282,601 | ||||||
Hong Kong & China Gas Co. Ltd.b | 93,464 | 210,900 | ||||||
Hong Kong Exchanges and Clearing Ltd.b | 5,500 | 126,943 | ||||||
Li & Fung Ltd.b | 62,000 | 63,395 | ||||||
Link REIT (The) | 31,000 | 197,861 | ||||||
Michael Kors Holdings Ltd.a | 1,426 | 96,127 | ||||||
MTR Corp. Ltd. | 46,500 | 215,848 | ||||||
New World Development Co. Ltd. | 62,333 | 73,542 | ||||||
Sands China Ltd.b | 24,800 | 113,200 | ||||||
Wynn Macau Ltd.b | 24,800 | 65,074 | ||||||
|
| |||||||
2,757,188 | ||||||||
IRELAND — 0.61% |
| |||||||
Bank of Irelanda | 198,090 | 75,544 | ||||||
CRH PLC | 5,270 | 149,639 | ||||||
Endo International PLCa | 620 | 53,072 | ||||||
Jazz Pharmaceuticals PLCa | 186 | 31,637 | ||||||
Kerry Group PLC Class A | 1,364 | 99,445 | ||||||
Medtronic PLC | 9,445 | 732,838 | ||||||
Pentair PLC | 1,581 | 105,089 | ||||||
Tyco International PLC | 3,441 | 145,279 | ||||||
|
| |||||||
1,392,543 | ||||||||
ISRAEL — 0.18% |
| |||||||
Bank Hapoalim BM | 15,500 | 70,200 | ||||||
Teva Pharmaceutical Industries Ltd. | 6,324 | 354,452 | ||||||
|
| |||||||
424,652 |
Security | Shares | Value | ||||||
ITALY — 0.88% |
| |||||||
Assicurazioni Generali SpA | 8,432 | $ | 174,023 | |||||
Atlantia SpA | 3,942 | 104,083 | ||||||
Banca Monte dei Paschi di Siena SpAa,b | 45,209 | 31,236 | ||||||
Banco Popolare SCa | 1,377 | 21,283 | ||||||
CNH Industrial NV | 8,184 | 67,929 | ||||||
Enel Green Power SpA | 15,004 | 32,177 | ||||||
Enel SpA | 45,880 | 211,917 | ||||||
Eni SpA | 16,585 | 310,291 | ||||||
Finmeccanica SpAa | 1,457 | 17,682 | ||||||
Intesa Sanpaolo SpA | 89,621 | 299,962 | ||||||
Intesa Sanpaolo SpA RSP | 13,485 | 40,839 | ||||||
Luxottica Group SpA | 1,364 | 84,376 | ||||||
Saipem SpAa | 3,441 | 35,450 | ||||||
Snam SpA | 14,477 | 73,429 | ||||||
Telecom Italia SpAa | 86,397 | 103,303 | ||||||
Telecom Italia SpA RSP | 35,681 | 35,039 | ||||||
Tenaris SA | 3,472 | 49,809 | ||||||
Terna Rete Elettrica Nazionale SpA | 11,346 | 51,287 | ||||||
UniCredit SpA | 33,356 | 222,425 | ||||||
Unione di Banche Italiane SpA | 7,812 | 61,424 | ||||||
|
| |||||||
2,027,964 | ||||||||
JAPAN — 8.31% |
| |||||||
Aeon Co. Ltd. | 9,300 | 99,539 | ||||||
ANA Holdings Inc. | 31,000 | 84,226 | ||||||
Asahi Group Holdings Ltd. | 6,200 | 191,713 | ||||||
Astellas Pharma Inc. | 21,700 | 345,073 | ||||||
Bridgestone Corp. | 6,200 | 237,741 | ||||||
Canon Inc. | 9,300 | 302,545 | ||||||
Casio Computer Co. Ltd. | 3,100 | 54,301 | ||||||
Chubu Electric Power Co. Inc.a | 6,200 | 76,447 | ||||||
Chugai Pharmaceutical Co. Ltd. | 3,100 | 94,521 | ||||||
Chugoku Electric Power Co. Inc. (The) | 6,200 | 81,685 | ||||||
Dai-ichi Life Insurance Co. Ltd. (The) | 9,300 | 140,692 | ||||||
Daiichi Sankyo Co. Ltd. | 9,300 | 145,632 | ||||||
Daikin Industries Ltd. | 3,100 | 202,189 | ||||||
Daiwa House Industry Co. Ltd. | 6,200 | 122,008 | ||||||
Denso Corp. | 6,200 | 291,368 | ||||||
East Japan Railway Co. | 3,100 | 260,224 | ||||||
Eisai Co. Ltd. | 3,100 | 161,865 | ||||||
FANUC Corp. | 1,100 | 211,130 |
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Fast Retailing Co. Ltd. | 200 | $ | 77,511 | |||||
Fuji Heavy Industries Ltd. | 6,200 | 210,617 | ||||||
FUJIFILM Holdings Corp. | 3,100 | 106,903 | ||||||
Fujitsu Ltd. | 9,000 | 54,273 | ||||||
Hakuhodo DY Holdings Inc. | 12,400 | 137,127 | ||||||
Hitachi Ltd. | 31,000 | 212,121 | ||||||
Honda Motor Co. Ltd. | 15,500 | 512,085 | ||||||
Hoya Corp. | 6,200 | 250,370 | ||||||
Iida Group Holdings Co. Ltd. | 3,100 | 42,969 | ||||||
INPEX Corp. | 9,300 | 110,352 | ||||||
ITOCHU Corp. | 15,500 | 173,742 | ||||||
Japan Airlines Co. Ltd. | 3,100 | 95,428 | ||||||
Japan Display Inc.a | 6,200 | 25,361 | ||||||
Japan Retail Fund Investment Corp. | 62 | 133,029 | ||||||
Japan Tobacco Inc. | 9,300 | 293,443 | ||||||
JFE Holdings Inc. | 6,200 | 154,942 | ||||||
JTEKT Corp. | 6,200 | 97,244 | ||||||
JX Holdings Inc. | 31,000 | 125,743 | ||||||
Kansai Electric Power Co. Inc. (The)a | 9,300 | 83,513 | ||||||
Kao Corp. | 6,200 | 277,469 | ||||||
KDDI Corp. | 6,200 | 429,947 | ||||||
Kirin Holdings Co. Ltd. | 9,300 | 121,710 | ||||||
Kobe Steel Ltd. | 31,000 | 61,199 | ||||||
Komatsu Ltd. | 9,300 | 193,671 | ||||||
Konica Minolta Inc. | 9,300 | 94,910 | ||||||
Kuraray Co. Ltd. | 9,300 | 127,973 | ||||||
Kyocera Corp. | 3,100 | 156,653 | ||||||
Kyushu Electric Power Co. Inc.a | 3,100 | 26,787 | ||||||
Marubeni Corp. | 12,400 | 76,239 | ||||||
Marui Group Co. Ltd. | 6,200 | 72,660 | ||||||
Mazda Motor Corp. | 6,200 | 132,563 | ||||||
Mitsubishi Chemical Holdings Corp. | 21,700 | 120,875 | ||||||
Mitsubishi Corp. | 15,500 | 309,948 | ||||||
Mitsubishi Electric Corp. | 8,000 | 93,755 | ||||||
Mitsubishi Estate Co. Ltd. | 5,000 | 116,839 | ||||||
Mitsubishi Heavy Industries Ltd. | 31,000 | 171,849 | ||||||
Mitsubishi Motors Corp. | 6,200 | 54,923 | ||||||
Mitsubishi UFJ Financial Group Inc. | 106,000 | 689,583 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 21,700 | 104,919 | ||||||
Mitsui & Co. Ltd. | 18,700 | 260,059 | ||||||
Mitsui Fudosan Co. Ltd. | 4,000 | 109,967 | ||||||
Mizuho Financial Group Inc. | 214,000 | 394,722 |
Security | Shares | Value | ||||||
MS&AD Insurance Group Holdings Inc. | 5,000 | $ | 138,149 | |||||
Murata Manufacturing Co. Ltd. | 800 | 98,674 | ||||||
Nagoya Railroad Co. Ltd. | 31,000 | 131,214 | ||||||
NEC Corp. | 15,000 | 45,673 | ||||||
Nidec Corp. | 3,100 | 209,320 | ||||||
Nikon Corp. | 6,200 | 80,129 | ||||||
Nintendo Co. Ltd. | 500 | 53,453 | ||||||
Nippon Paint Holdings Co. Ltd. | 3,100 | 107,616 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 62,470 | 166,071 | ||||||
Nippon Telegraph & Telephone Corp. | 3,100 | 192,413 | ||||||
Nissan Motor Co. Ltd. | 24,800 | 262,221 | ||||||
Nomura Holdings Inc. | 34,100 | 209,657 | ||||||
NTT DOCOMO Inc. | 18,600 | 330,551 | ||||||
Olympus Corp.a | 3,100 | 112,414 | ||||||
Omron Corp. | 3,100 | 136,919 | ||||||
ORIX Corp. | 12,400 | 175,972 | ||||||
Otsuka Holdings Co. Ltd. | 6,200 | 185,904 | ||||||
Panasonic Corp. | 18,600 | 232,607 | ||||||
Rakuten Inc. | 9,300 | 154,968 | ||||||
Resona Holdings Inc. | 34,100 | 191,573 | ||||||
Ricoh Co. Ltd. | 6,200 | 61,640 | ||||||
Sekisui House Ltd. | 4,900 | 66,094 | ||||||
Seven & I Holdings Co. Ltd. | 6,200 | 237,197 | ||||||
Seven Bank Ltd. | 24,800 | 120,323 | ||||||
Shin-Etsu Chemical Co. Ltd. | 3,100 | 212,717 | ||||||
Shionogi & Co. Ltd. | 6,200 | 182,300 | ||||||
Shiseido Co. Ltd. | 6,200 | 108,576 | ||||||
SoftBank Corp. | 6,200 | 382,077 | ||||||
Sompo Japan Nipponkoa Holdings Inc. | 3,100 | 96,518 | ||||||
Sony Corp. | 9,300 | 265,631 | ||||||
Sumitomo Corp. | 12,400 | 136,400 | ||||||
Sumitomo Electric Industries Ltd. | 12,400 | 160,880 | ||||||
Sumitomo Mitsui Financial Group Inc. | 9,300 | 370,265 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 31,000 | 128,491 | ||||||
Sumitomo Realty & Development Co. Ltd. | 2,000 | 68,777 | ||||||
Suzuki Motor Corp. | 3,100 | 98,022 | ||||||
T&D Holdings Inc. | 9,300 | 120,854 | ||||||
Takeda Pharmaceutical Co. Ltd. | 6,200 | 317,559 |
SCHEDULESOF INVESTMENTS | 31 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Tohoku Electric Power Co. Inc. | 6,200 | $ | 72,660 | |||||
Tokio Marine Holdings Inc. | 6,200 | 225,631 | ||||||
Tokyo Electric Power Co. Inc.a | 13,900 | 54,533 | ||||||
Tokyo Electron Ltd. | 3,100 | 233,126 | ||||||
Tokyu Fudosan Holdings Corp. | 9,300 | 63,558 | ||||||
Toshiba Corp. | 31,000 | 128,206 | ||||||
Toyota Motor Corp. | 18,600 | 1,254,522 | ||||||
Unicharm Corp. | 3,100 | 85,821 | ||||||
USS Co. Ltd. | 9,300 | 164,459 | ||||||
Yahoo Japan Corp. | 21,800 | 87,714 | ||||||
Yamada Denki Co. Ltd. | 12,400 | 53,834 | ||||||
Yamato Holdings Co. Ltd. | 3,100 | 72,609 | ||||||
Yokogawa Electric Corp. | 6,200 | 65,763 | ||||||
|
| |||||||
19,111,147 | ||||||||
NETHERLANDS — 1.08% |
| |||||||
Aegon NV | 12,896 | 100,096 | ||||||
Akzo Nobel NV | 1,674 | 124,675 | ||||||
Altice SAa,b | 806 | 80,551 | ||||||
ASML Holding NV | 2,356 | 255,302 | ||||||
Fiat Chrysler Automobiles NVa,b | 6,851 | 105,968 | ||||||
Gemalto NVb | 643 | 52,317 | ||||||
Heineken Holding NV | 744 | 51,881 | ||||||
Heineken NV | 1,519 | 118,993 | ||||||
ING Groep NV CVAa | 27,249 | 408,180 | ||||||
Koninklijke Ahold NV | 6,460 | 121,477 | ||||||
Koninklijke DSM NV | 1,396 | 78,135 | ||||||
Koninklijke KPN NV | 22,052 | 75,490 | ||||||
Koninklijke Philips NV | 6,897 | 207,093 | ||||||
Randstad Holding NV | 1,069 | 63,130 | ||||||
Reed Elsevier NV | 4,588 | 114,244 | ||||||
Unilever NV CVA | 10,540 | 459,883 | ||||||
Wolters Kluwer NV | 2,046 | 66,518 | ||||||
|
| |||||||
2,483,933 | ||||||||
NEW ZEALAND — 0.04% |
| |||||||
Fletcher Building Ltd. | 7,564 | 49,456 | ||||||
Spark New Zealand Ltd. | 18,941 | 46,871 | ||||||
|
| |||||||
96,327 | ||||||||
NORWAY — 0.26% |
| |||||||
DNB ASA | 7,037 | 115,097 | ||||||
Norsk Hydro ASA | 9,641 | 55,342 | ||||||
Orkla ASA | 7,006 | 55,275 | ||||||
Seadrill Ltd.b | 2,976 | 34,517 | ||||||
Statoil ASA | 8,277 | 156,748 | ||||||
Telenor ASA | 4,743 | 95,603 |
Security | Shares | Value | ||||||
Yara International ASA | 1,395 | $ | 77,152 | |||||
|
| |||||||
589,734 | ||||||||
PORTUGAL — 0.06% |
| |||||||
Banco Comercial Portugues SA Registereda,b | 167,555 | 15,636 | ||||||
EDP – Energias de Portugal SA | 21,080 | 83,370 | ||||||
Galp Energia SGPS SA | 4,123 | 48,581 | ||||||
|
| |||||||
147,587 | ||||||||
SINGAPORE — 0.47% |
| |||||||
Ascendas REIT | 62,000 | 112,595 | ||||||
CapitaLand Ltd.b | 62,000 | 163,650 | ||||||
CapitaMall Trustb | 93,000 | 144,276 | ||||||
Genting Singapore PLC | 124,000 | 89,802 | ||||||
Global Logistic Properties Ltd. | 62,000 | 118,065 | ||||||
Hutchison Port Holdings Trustb | 124,000 | 86,180 | ||||||
Noble Group Ltd. | 93,000 | 66,668 | ||||||
Singapore Press Holdings Ltd.b | 7,000 | 21,050 | ||||||
Singapore Telecommunications Ltd. | 93,000 | 288,552 | ||||||
|
| |||||||
1,090,838 | ||||||||
SPAIN — 1.32% |
| |||||||
Abertis Infraestructuras SA | 3,875 | 75,845 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,641 | 61,146 | ||||||
Amadeus IT Holding SA Class A | 2,759 | 114,037 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 41,219 | 415,175 | ||||||
Banco de Sabadell SA | 29,946 | 82,461 | ||||||
Banco Popular Espanol SA | 16,678 | 76,960 | ||||||
Banco Santander SA | 93,965 | 688,551 | ||||||
Bankia SAa | 42,098 | 61,291 | ||||||
Bankinter SA | 2,945 | 23,086 | ||||||
CaixaBank SA | 14,613 | 68,021 | ||||||
Distribuidora Internacional de Alimentacion SA | 5,921 | 45,181 | ||||||
Enagas SA | 236 | 7,258 | ||||||
Ferrovial SA | 3,782 | 80,345 | ||||||
Gas Natural SDG SA | 2,573 | 62,323 | ||||||
Grifols SA | 1,302 | 52,946 | ||||||
Iberdrola SA | 30,829 | 211,176 | ||||||
Inditex SA | 7,130 | 224,606 | ||||||
International Consolidated Airlines Group SAa | 16,740 | 150,155 | ||||||
Red Electrica Corp. SA | 112 | 9,565 | ||||||
Repsol SA | 5,891 | 114,147 | ||||||
Telefonica SA | 26,681 | 415,832 | ||||||
|
| |||||||
3,040,107 |
32 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
SWEDEN — 1.23% |
| |||||||
Alfa Laval AB | 2,883 | $ | 57,862 | |||||
Assa Abloy AB Class B | 2,852 | 171,139 | ||||||
Atlas Copco AB Class A | 4,061 | 130,924 | ||||||
Atlas Copco AB Class B | 3,472 | 103,276 | ||||||
Boliden AB | 3,414 | 69,092 | ||||||
Electrolux AB Class B | 1,767 | 57,687 | ||||||
Elekta AB Class Bb | 3,038 | 31,707 | ||||||
Hennes & Mauritz AB Class B | 6,200 | 270,426 | ||||||
Hexagon AB Class B | 1,798 | 64,908 | ||||||
Investment AB Kinnevik Class B | 1,984 | 66,770 | ||||||
Investor AB Class B | 3,813 | 151,638 | ||||||
Lundin Petroleum ABa,b | 2,325 | 34,259 | ||||||
Millicom International Cellular SA SDR | 434 | 30,284 | ||||||
Nordea Bank AB | 19,003 | 256,312 | ||||||
Sandvik AB | 8,096 | 90,853 | ||||||
Skandinaviska Enskilda Banken AB Class A | 9,796 | 123,555 | ||||||
Skanska AB Class B | 3,472 | 86,542 | ||||||
SKF AB Class B | 3,100 | 78,050 | ||||||
Svenska Cellulosa AB SCA Class B | 3,782 | 94,043 | ||||||
Svenska Handelsbanken AB Class A | 3,069 | 154,540 | ||||||
Swedbank AB Class A | 6,169 | 160,498 | ||||||
Swedish Match AB | 1,643 | 51,748 | ||||||
Tele2 AB Class B | 2,108 | 24,730 | ||||||
Telefonaktiebolaget LM Ericsson Class B | 20,367 | 263,966 | ||||||
TeliaSonera AB | 12,245 | 77,736 | ||||||
Volvo AB Class B | 10,861 | 130,997 | ||||||
|
| |||||||
2,833,542 | ||||||||
SWITZERLAND — 3.65% |
| |||||||
ABB Ltd. Registereda | 15,469 | 333,693 | ||||||
Actelion Ltd. Registereda | 899 | 108,203 | ||||||
Adecco SA Registereda | 1,116 | 88,291 | ||||||
Aryzta AGa | 1,085 | 87,212 | ||||||
Baloise Holding AG Registered | 589 | 77,042 | ||||||
Cie. Financiere Richemont SA Class A Registered | 3,627 | 321,380 | ||||||
Credit Suisse Group AG Registered | 10,540 | 258,719 | ||||||
Geberit AG Registered | 372 | 133,261 | ||||||
Givaudan SA Registereda | 93 | 179,623 | ||||||
Holcim Ltd. Registereda | 1,705 | 132,281 |
Security | Shares | Value | ||||||
Julius Baer Group Ltd.a | 1,829 | $ | 84,910 | |||||
Kuehne + Nagel International AG Registered | 465 | 68,082 | ||||||
Nestle SA Registered | 21,204 | 1,664,111 | ||||||
Novartis AG Registered | 15,531 | 1,596,515 | ||||||
Partners Group Holding AG | 248 | 76,584 | ||||||
Roche Holding AG | 4,588 | 1,252,505 | ||||||
Schindler Holding AG Participation Certificates | 372 | 61,725 | ||||||
Schindler Holding AG Registered | 279 | 45,558 | ||||||
SGS SA Registered | 62 | 126,158 | ||||||
Sonova Holding AG Registered | 403 | 56,156 | ||||||
Sulzer AG Registered | 279 | 34,110 | ||||||
Swatch Group AG (The) Bearer | 310 | 142,083 | ||||||
Swiss Life Holding AG Registereda | 279 | 66,601 | ||||||
Swiss Prime Site AG Registereda | 620 | 56,768 | ||||||
Swiss Re AG | 2,356 | 217,831 | ||||||
Swisscom AG Registered | 155 | 89,354 | ||||||
Syngenta AG Registered | 682 | 241,578 | ||||||
Transocean Ltd.b | 2,759 | 44,441 | ||||||
UBS Group AGa | 22,059 | 389,756 | ||||||
Weatherford International PLCa | 5,332 | 67,663 | ||||||
Zurich Insurance Group AGa | 930 | 299,013 | ||||||
|
| |||||||
8,401,207 | ||||||||
UNITED KINGDOM — 7.98% |
| |||||||
3i Group PLC | 9,269 | 70,705 | ||||||
Aberdeen Asset Management PLC | 8,277 | 59,940 | ||||||
Admiral Group PLC | 1,457 | 33,212 | ||||||
Aggreko PLC | 1,999 | 52,764 | ||||||
Amec Foster Wheeler PLC | 2,449 | 33,324 | ||||||
Anglo American PLC | 9,300 | 173,904 | ||||||
Antofagasta PLC | 3,069 | 36,378 | ||||||
ARM Holdings PLC | 9,858 | 176,568 | ||||||
Associated British Foods PLC | 2,883 | 139,231 | ||||||
AstraZeneca PLC | 8,587 | 593,118 | ||||||
Aviva PLC | 21,204 | 176,623 | ||||||
Babcock International Group PLC | 4,656 | 72,673 | ||||||
BAE Systems PLC | 23,095 | 189,876 | ||||||
Barclays PLC | 108,066 | 429,036 | ||||||
BG Group PLC | 22,661 | 335,494 | ||||||
BHP Billiton PLC | 14,198 | 354,686 | ||||||
BP PLC | 122,078 | 845,288 | ||||||
British American Tobacco PLC | 12,617 | 737,426 | ||||||
British Land Co. PLC (The) | 8,339 | 106,770 |
SCHEDULESOF INVESTMENTS | 33 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
BT Group PLC | 50,375 | $ | 354,760 | |||||
Bunzl PLC | 3,379 | 99,007 | ||||||
Burberry Group PLC | 3,069 | 88,786 | ||||||
Capita PLC | 4,743 | 87,078 | ||||||
Carnival PLC | 1,426 | 64,393 | ||||||
Centrica PLC | 34,100 | 128,741 | ||||||
Cobham PLC | 10,881 | 57,391 | ||||||
Compass Group PLC | 12,162 | 216,520 | ||||||
Croda International PLC | 1,209 | 50,988 | ||||||
Diageo PLC | 16,678 | 498,859 | ||||||
Experian PLC | 7,316 | 135,448 | ||||||
Friends Life Group Ltd. | 7,573 | 48,112 | ||||||
G4S PLC | 10,695 | 49,254 | ||||||
GKN PLC | 8,835 | 49,863 | ||||||
GlaxoSmithKline PLC | 31,620 | 753,262 | ||||||
Glencore PLCa | 69,161 | 320,911 | ||||||
Hammerson PLC | 8,525 | 88,994 | ||||||
HSBC Holdings PLC | 124,589 | 1,111,532 | ||||||
ICAP PLC | 4,960 | 41,085 | ||||||
IMI PLC | 2,604 | 55,574 | ||||||
Imperial Tobacco Group PLC | 6,603 | 325,822 | ||||||
Inmarsat PLC | 3,503 | 47,423 | ||||||
InterContinental Hotels Group PLC | 2,173 | 88,991 | ||||||
Intertek Group PLC | 1,333 | 52,118 | ||||||
Intu Properties PLC | 9,536 | 52,095 | ||||||
Investec PLC | 4,991 | 44,582 | ||||||
ITV PLC | 28,365 | 98,761 | ||||||
J Sainsbury PLC | 10,058 | 42,263 | ||||||
Johnson Matthey PLC | 1,705 | 89,824 | ||||||
Kingfisher PLC | 15,996 | 90,328 | ||||||
Land Securities Group PLC | 7,006 | 135,988 | ||||||
Legal & General Group PLC | 38,843 | 167,778 | ||||||
Lloyds Banking Group PLCa | 391,034 | 477,400 | ||||||
London Stock Exchange Group PLC | 2,050 | 78,568 | ||||||
Marks & Spencer Group PLC | 10,571 | 82,417 | ||||||
Meggitt PLC | 8,060 | 67,885 | ||||||
National Grid PLC | 22,692 | 310,915 | ||||||
Next PLC | 1,147 | 132,854 | ||||||
Noble Corp. PLC | 1,705 | 28,371 | ||||||
Old Mutual PLC | 30,659 | 106,653 | ||||||
Pearson PLC | 5,332 | 117,009 | ||||||
Petrofac Ltd. | 1,891 | 25,702 | ||||||
Prudential PLC | 16,337 | 411,403 | ||||||
Randgold Resources Ltd. | 620 | 49,632 |
Security | Shares | Value | ||||||
Reckitt Benckiser Group PLC | 4,061 | $ | 367,766 | |||||
Reed Elsevier PLC | 8,432 | 145,684 | ||||||
Rexam PLC | 5,443 | 46,769 | ||||||
Rio Tinto PLC | 8,959 | 441,940 | ||||||
Rolls-Royce Holdings PLCa | 13,206 | 193,677 | ||||||
Royal Bank of Scotland Group PLCa | 16,647 | 94,467 | ||||||
Royal Dutch Shell PLC Class A | 26,474 | 866,535 | ||||||
Royal Dutch Shell PLC Class B | 17,329 | 590,638 | ||||||
RSA Insurance Group PLCa | 7,767 | 51,481 | ||||||
SABMiller PLC | 6,386 | 362,683 | ||||||
Sage Group PLC (The) | 9,798 | 73,362 | ||||||
SEGRO PLC | 10,075 | 67,028 | ||||||
Severn Trent PLC | 1,736 | 54,488 | ||||||
Shire PLC | 4,216 | 343,688 | ||||||
Sky PLC | 6,789 | 104,550 | ||||||
Smith & Nephew PLC | 6,479 | 118,750 | ||||||
Smiths Group PLC | 3,348 | 59,760 | ||||||
SSE PLC | 6,373 | 154,922 | ||||||
Standard Chartered PLC | 15,438 | 236,432 | ||||||
Standard Life PLC | 15,376 | 101,179 | ||||||
Tate & Lyle PLC | 4,247 | 39,085 | ||||||
Tesco PLC | 53,568 | 203,152 | ||||||
Tullow Oil PLC | 7,781 | 46,572 | ||||||
Unilever PLC | 8,494 | 376,209 | ||||||
United Utilities Group PLC | 4,774 | 69,793 | ||||||
Vodafone Group PLC | 174,161 | 603,969 | ||||||
Weir Group PLC (The) | 1,767 | 46,531 | ||||||
Whitbread PLC | 1,612 | 130,912 | ||||||
Wolseley PLC | 2,026 | 124,331 | ||||||
WPP PLC | 8,463 | 200,758 | ||||||
|
| |||||||
18,359,467 | ||||||||
UNITED STATES — 57.04% |
| |||||||
3M Co. | 4,092 | 690,116 | ||||||
Abbott Laboratories | 9,889 | 468,442 | ||||||
AbbVie Inc. | 10,447 | 632,043 | ||||||
Accenture PLC Class A | 4,123 | 371,194 | ||||||
ACE Ltd. | 2,077 | 236,799 | ||||||
Actavis PLCa | 1,922 | 559,994 | ||||||
Activision Blizzard Inc. | 3,565 | 83,136 | ||||||
Adobe Systems Inc.a | 3,379 | 267,279 | ||||||
ADT Corp. (The) | 1,240 | 48,633 | ||||||
Advance Auto Parts Inc. | 527 | 81,648 | ||||||
AES Corp./VA | 4,557 | 59,104 | ||||||
Aetna Inc. | 2,635 | 262,314 |
34 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Affiliated Managers Group Inc.a | 558 | $ | 120,762 | |||||
Aflac Inc. | 2,387 | 148,591 | ||||||
AGCO Corp. | 868 | 43,174 | ||||||
Agilent Technologies Inc. | 2,325 | 98,138 | ||||||
Air Products & Chemicals Inc. | 1,426 | 222,656 | ||||||
Airgas Inc. | 558 | 65,409 | ||||||
Akamai Technologies Inc.a | 1,333 | 92,657 | ||||||
Albemarle Corp. | 744 | 42,088 | ||||||
Alcoa Inc. | 8,494 | 125,626 | ||||||
Alexion Pharmaceuticals Inc.a | 1,364 | 246,025 | ||||||
Alleghany Corp.a | 124 | 58,595 | ||||||
Allergan Inc./U.S. | 2,077 | 483,401 | ||||||
Alliance Data Systems Corp.a | 403 | 112,240 | ||||||
Alliant Energy Corp. | 1,023 | 65,063 | ||||||
Allstate Corp. (The) | 2,821 | 199,163 | ||||||
Altera Corp. | 2,356 | 87,196 | ||||||
Altria Group Inc. | 12,989 | 731,151 | ||||||
Amazon.com Inc.a | 2,635 | 1,001,722 | ||||||
Ameren Corp. | 1,922 | 81,512 | ||||||
American Airlines Group Inc. | 775 | 37,123 | ||||||
American Capital Agency Corp. | 2,356 | 50,501 | ||||||
American Electric Power Co. Inc. | 3,286 | 189,208 | ||||||
American Express Co. | 6,200 | 505,858 | ||||||
American International Group Inc. | 8,866 | 490,556 | ||||||
American Realty Capital Properties Inc. | 6,014 | 58,997 | ||||||
American Tower Corp. | 2,790 | 276,601 | ||||||
American Water Works Co. Inc. | 1,457 | 78,795 | ||||||
Ameriprise Financial Inc. | 1,488 | 198,841 | ||||||
AmerisourceBergen Corp. | 1,767 | 181,577 | ||||||
AMETEK Inc. | 2,077 | 110,372 | ||||||
Amgen Inc. | 5,022 | 792,070 | ||||||
Amphenol Corp. Class A | 2,108 | 119,018 | ||||||
Anadarko Petroleum Corp. | 3,348 | 282,002 | ||||||
Analog Devices Inc. | 2,142 | 125,393 | ||||||
Annaly Capital Management Inc. | 6,386 | 67,819 | ||||||
ANSYS Inc.a | 775 | 66,627 | ||||||
Anthem Inc. | 2,015 | 295,097 | ||||||
Aon PLC | 1,984 | 199,114 | ||||||
Apache Corp. | 2,449 | 161,242 | ||||||
Apple Inc. | 39,215 | 5,037,559 | ||||||
Applied Materials Inc. | 8,928 | 223,646 | ||||||
Arch Capital Group Ltd.a | 868 | 51,351 | ||||||
Archer-Daniels-Midland Co. | 4,557 | 218,189 |
Security | Shares | Value | ||||||
Arrow Electronics Inc.a | 837 | $ | 51,861 | |||||
Assurant Inc. | 620 | 37,987 | ||||||
AT&T Inc. | 32,426 | 1,120,643 | ||||||
Autodesk Inc.a | 1,674 | 107,538 | ||||||
Autoliv Inc. | 682 | 76,725 | ||||||
Automatic Data Processing Inc. | 3,162 | 280,912 | ||||||
AutoZone Inc.a | 217 | 139,462 | ||||||
Avago Technologies Ltd. | 1,891 | 241,329 | ||||||
AvalonBay Communities Inc. | 899 | 151,338 | ||||||
Avery Dennison Corp. | 992 | 53,122 | ||||||
Avnet Inc. | 1,085 | 49,704 | ||||||
Axis Capital Holdings Ltd. | 744 | 38,562 | ||||||
Baker Hughes Inc. | 2,883 | 180,216 | ||||||
Ball Corp. | 1,302 | 93,366 | ||||||
Bank of America Corp. | 69,502 | 1,098,827 | ||||||
Bank of New York Mellon Corp. (The) | 7,843 | 306,975 | ||||||
Baxter International Inc. | 3,224 | 222,940 | ||||||
BB&T Corp. | 4,247 | 161,598 | ||||||
Becton Dickinson and Co. | 1,147 | 168,288 | ||||||
Bed Bath & Beyond Inc.a | 1,550 | 115,723 | ||||||
Berkshire Hathaway Inc. Class Ba | 7,564 | 1,115,009 | ||||||
Best Buy Co. Inc. | 2,325 | 88,583 | ||||||
Biogen Idec Inc.a | 1,581 | 647,562 | ||||||
BioMarin Pharmaceutical Inc.a | 992 | 106,213 | ||||||
BlackRock Inc.c | 930 | 345,421 | ||||||
Boeing Co. (The) | 4,557 | 687,423 | ||||||
BorgWarner Inc. | 1,302 | 80,021 | ||||||
Boston Properties Inc. | 1,178 | 161,869 | ||||||
Boston Scientific Corp.a | 10,106 | 170,791 | ||||||
Bristol-Myers Squibb Co. | 11,005 | 670,425 | ||||||
Broadcom Corp. Class A | 3,565 | 161,245 | ||||||
Brown-Forman Corp. Class B | 1,023 | 93,799 | ||||||
Bunge Ltd. | 1,085 | 88,731 | ||||||
CA Inc. | 2,387 | 77,625 | ||||||
Cabot Oil & Gas Corp. | 3,162 | 91,698 | ||||||
Calpine Corp.a | 2,914 | 61,777 | ||||||
Cameron International Corp.a | 1,674 | 78,812 | ||||||
Campbell Soup Co. | 1,395 | 64,993 | ||||||
Capital One Financial Corp. | 3,627 | 285,481 | ||||||
Cardinal Health Inc. | 2,232 | 196,394 | ||||||
CareFusion Corp.a | 1,705 | 102,436 | ||||||
CarMax Inc.a | 1,581 | 106,101 | ||||||
Carnival Corp. | 2,449 | 107,732 |
SCHEDULESOF INVESTMENTS | 35 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Caterpillar Inc. | 4,061 | $ | 336,657 | |||||
CBRE Group Inc. Class Aa | 2,759 | 94,523 | ||||||
CBS Corp. Class B NVS | 3,534 | 208,859 | ||||||
Celanese Corp. Series A | 1,209 | 69,046 | ||||||
Celgene Corp.a | 5,766 | 700,742 | ||||||
CenterPoint Energy Inc. | 2,914 | 60,582 | ||||||
CenturyLink Inc. | 4,061 | 153,749 | ||||||
Cerner Corp.a | 2,108 | 151,902 | ||||||
CF Industries Holdings Inc. | 434 | 132,904 | ||||||
CH Robinson Worldwide Inc. | 1,178 | 87,525 | ||||||
Charles Schwab Corp. (The) | 8,432 | 247,395 | ||||||
Charter Communications Inc. Class Aa | 589 | 106,373 | ||||||
Cheniere Energy Inc.a | 1,736 | 139,974 | ||||||
Chesapeake Energy Corp. | 4,154 | 69,289 | ||||||
Chevron Corp. | 12,059 | 1,286,454 | ||||||
Chipotle Mexican Grill Inc.a | 248 | 164,913 | ||||||
Chubb Corp. (The) | 1,550 | 155,698 | ||||||
Church & Dwight Co. Inc. | 961 | 81,820 | ||||||
Cigna Corp. | 1,953 | 237,543 | ||||||
Cimarex Energy Co. | 682 | 74,802 | ||||||
Cincinnati Financial Corp. | 868 | 45,796 | ||||||
Cintas Corp. | 1,085 | 90,576 | ||||||
Cisco Systems Inc. | 33,759 | 996,228 | ||||||
CIT Group Inc. | 1,271 | 58,784 | ||||||
Citigroup Inc. | 19,933 | 1,044,888 | ||||||
Citrix Systems Inc.a | 1,333 | 84,879 | ||||||
Clorox Co. (The) | 713 | 77,460 | ||||||
CME Group Inc./IL | 2,139 | 205,194 | ||||||
CMS Energy Corp. | 2,139 | 75,143 | ||||||
Coach Inc. | 1,860 | 81,003 | ||||||
Coca-Cola Co. (The) | 25,544 | 1,106,055 | ||||||
Coca-Cola Enterprises Inc. | 1,953 | 90,229 | ||||||
Cognizant Technology Solutions Corp. Class Aa | 4,154 | 259,563 | ||||||
Colgate-Palmolive Co. | 5,642 | 399,566 | ||||||
Comcast Corp. Class A | 14,384 | 854,122 | ||||||
Comcast Corp. Class A Special NVS | 2,759 | 162,629 | ||||||
Comerica Inc. | 1,271 | 58,186 | ||||||
Computer Sciences Corp. | 1,116 | 79,147 | ||||||
ConAgra Foods Inc. | 3,038 | 106,269 | ||||||
Concho Resources Inc.a | 837 | 91,166 | ||||||
ConocoPhillips | 7,967 | 519,448 |
Security | Shares | Value | ||||||
CONSOL Energy Inc. | 1,860 | $ | 59,892 | |||||
Consolidated Edison Inc. | 1,798 | 113,526 | ||||||
Constellation Brands Inc. Class Aa | 1,178 | 135,140 | ||||||
Continental Resources Inc./OKa,b | 969 | 43,111 | ||||||
Core Laboratories NV | 341 | 37,483 | ||||||
Corning Inc. | 9,300 | 226,920 | ||||||
Costco Wholesale Corp. | 2,914 | 428,241 | ||||||
CR Bard Inc. | 558 | 94,380 | ||||||
Cree Inc.a,b | 806 | 31,644 | ||||||
Crown Castle International Corp. | 2,294 | 197,995 | ||||||
Crown Holdings Inc.a | 1,302 | 69,006 | ||||||
CSX Corp. | 7,068 | 242,503 | ||||||
Cummins Inc. | 1,271 | 180,774 | ||||||
CVS Health Corp. | 7,874 | 817,872 | ||||||
Danaher Corp. | 4,061 | 354,444 | ||||||
Darden Restaurants Inc. | 1,085 | 69,440 | ||||||
DaVita HealthCare Partners Inc.a | 1,240 | 92,504 | ||||||
Deere & Co. | 2,201 | 199,411 | ||||||
Delphi Automotive PLC | 1,767 | 139,310 | ||||||
DENTSPLY International Inc. | 1,147 | 60,802 | ||||||
Devon Energy Corp. | 2,480 | 152,743 | ||||||
Dick’s Sporting Goods Inc. | 775 | 41,920 | ||||||
Digital Realty Trust Inc. | 1,085 | 72,022 | ||||||
DIRECTVa | 3,348 | 296,633 | ||||||
Discover Financial Services | 3,472 | 211,723 | ||||||
Discovery Communications Inc. Class Aa,b | 1,054 | 34,044 | ||||||
Discovery Communications Inc. Class Ca | 2,356 | 71,882 | ||||||
DISH Network Corp. Class Aa | 1,736 | 130,269 | ||||||
Dollar General Corp.a | 2,139 | 155,334 | ||||||
Dollar Tree Inc.a | 1,612 | 128,444 | ||||||
Dominion Resources Inc./VA | 3,689 | 265,940 | ||||||
Dover Corp. | 1,395 | 100,510 | ||||||
Dow Chemical Co. (The) | 7,936 | 390,769 | ||||||
DR Horton Inc. | 2,108 | 57,569 | ||||||
Dr. Pepper Snapple Group Inc. | 1,612 | 127,009 | ||||||
DTE Energy Co. | 1,209 | 99,174 | ||||||
Duke Energy Corp. | 4,309 | 338,472 | ||||||
Duke Realty Corp. | 3,844 | 82,108 | ||||||
Dun & Bradstreet Corp. (The) | 434 | 57,496 | ||||||
Eastman Chemical Co. | 1,178 | 87,714 | ||||||
Eaton Corp. PLC | 3,038 | 215,728 | ||||||
Eaton Vance Corp. | 1,240 | 52,204 |
36 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
eBay Inc.a | 7,688 | $ | 445,212 | |||||
Ecolab Inc. | 2,046 | 236,395 | ||||||
Edison International | 2,449 | 157,348 | ||||||
Edwards Lifesciences Corp.a | 837 | 111,338 | ||||||
EI du Pont de Nemours & Co. | 6,045 | 470,603 | ||||||
Electronic Arts Inc.a | 2,480 | 141,806 | ||||||
Eli Lilly & Co. | 6,386 | 448,106 | ||||||
EMC Corp./MA | 13,113 | 379,490 | ||||||
Emerson Electric Co. | 4,371 | 253,168 | ||||||
Energen Corp. | 651 | 42,081 | ||||||
Energizer Holdings Inc. | 434 | 58,082 | ||||||
Ensco PLC Class A | 1,612 | 39,446 | ||||||
Entergy Corp. | 1,395 | 110,916 | ||||||
EOG Resources Inc. | 3,720 | 333,758 | ||||||
EQT Corp. | 1,147 | 91,542 | ||||||
Equifax Inc. | 1,054 | 98,412 | ||||||
Equinix Inc. | 379 | 84,962 | ||||||
Equity Residential | 2,294 | 176,707 | ||||||
Essex Property Trust Inc. | 409 | 90,974 | ||||||
Estee Lauder Companies Inc. (The) Class A | 1,550 | 128,139 | ||||||
Everest Re Group Ltd. | 341 | 60,504 | ||||||
Eversource Energy | 2,139 | 110,693 | ||||||
Exelon Corp. | 6,293 | 213,459 | ||||||
Expedia Inc. | 837 | 76,795 | ||||||
Expeditors International of Washington Inc. | 1,612 | 77,860 | ||||||
Express Scripts Holding Co.a | 5,146 | 436,329 | ||||||
Exxon Mobil Corp. | 27,900 | 2,470,266 | ||||||
F5 Networks Inc.a | 589 | 69,570 | ||||||
Facebook Inc. Class Aa | 13,454 | 1,062,462 | ||||||
Family Dollar Stores Inc. | 713 | 56,142 | ||||||
Fastenal Co. | 2,139 | 88,875 | ||||||
Federal Realty Investment Trust | 775 | 110,073 | ||||||
FedEx Corp. | 1,984 | 351,128 | ||||||
Fidelity National Information Services Inc. | 1,767 | 119,432 | ||||||
Fifth Third Bancorp | 5,518 | 106,828 | ||||||
First Republic Bank/CA | 1,240 | 70,680 | ||||||
FirstEnergy Corp. | 3,069 | 107,354 | ||||||
Fiserv Inc.a | 1,984 | 154,891 | ||||||
FleetCor Technologies Inc.a | 527 | 80,858 | ||||||
Flextronics International Ltd.a | 5,363 | 65,321 | ||||||
FLIR Systems Inc. | 1,364 | 44,030 |
Security | Shares | Value | ||||||
Flowserve Corp. | 1,395 | $ | 86,671 | |||||
Fluor Corp. | 1,333 | 77,314 | ||||||
FMC Corp. | 1,147 | 72,731 | ||||||
FMC Technologies Inc.a | 1,643 | 65,605 | ||||||
FNF Group | 1,674 | 61,469 | ||||||
Ford Motor Co. | 22,413 | 366,228 | ||||||
Fossil Group Inc.a | 434 | 37,328 | ||||||
Franklin Resources Inc. | 3,038 | 163,536 | ||||||
Freeport-McMoRan Inc. | 6,200 | 134,106 | ||||||
Frontier Communications Corp. | 8,153 | 65,061 | ||||||
Gap Inc. (The) | 1,891 | 78,666 | ||||||
Garmin Ltd. | 837 | 41,540 | ||||||
General Dynamics Corp. | 2,046 | 283,944 | ||||||
General Electric Co. | 63,891 | 1,660,527 | ||||||
General Growth Properties Inc. | 3,627 | 105,219 | ||||||
General Mills Inc. | 3,782 | 203,434 | ||||||
General Motors Co. | 7,507 | 280,086 | ||||||
Genuine Parts Co. | 1,023 | 98,290 | ||||||
Gilead Sciences Inc.a | 10,323 | 1,068,740 | ||||||
Goldman Sachs Group Inc. (The) | 2,564 | 486,622 | ||||||
Google Inc. Class Aa | 1,891 | 1,063,933 | ||||||
Google Inc. Class Ca | 1,860 | 1,038,624 | ||||||
H&R Block Inc. | 2,449 | 83,633 | ||||||
Halliburton Co. | 6,045 | 259,572 | ||||||
Hanesbrands Inc. | 682 | 86,982 | ||||||
Harley-Davidson Inc. | 1,271 | 80,797 | ||||||
Harris Corp. | 930 | 72,242 | ||||||
Hartford Financial Services Group Inc. (The) | 2,883 | 118,088 | ||||||
Hasbro Inc. | 775 | 48,294 | ||||||
HCA Holdings Inc.a | 2,170 | 155,242 | ||||||
HCP Inc. | 3,503 | 148,387 | ||||||
Health Care REIT Inc. | 2,108 | 162,548 | ||||||
Helmerich & Payne Inc. | 1,023 | 68,602 | ||||||
Henry Schein Inc.a,b | 713 | 99,856 | ||||||
Hershey Co. (The) | 1,147 | 119,036 | ||||||
Hertz Global Holdings Inc.a | 3,605 | 83,167 | ||||||
Hess Corp. | 2,077 | 155,941 | ||||||
Hewlett-Packard Co. | 12,617 | 439,576 | ||||||
HollyFrontier Corp. | 1,364 | 60,002 | ||||||
Hologic Inc.a | 2,139 | 69,261 | ||||||
Home Depot Inc. (The) | 9,114 | 1,045,831 | ||||||
Honeywell International Inc. | 4,712 | 484,299 | ||||||
Hormel Foods Corp. | 1,302 | 76,180 |
SCHEDULESOF INVESTMENTS | 37 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Hospira Inc.a | 1,240 | $ | 108,550 | |||||
Host Hotels & Resorts Inc. | 6,665 | 139,965 | ||||||
Humana Inc. | 1,054 | 173,257 | ||||||
IHS Inc. Class Aa | 558 | 65,582 | ||||||
Illinois Tool Works Inc. | 2,759 | 272,755 | ||||||
Illumina Inc.a | 1,023 | 199,956 | ||||||
Incyte Corp.a | 837 | 71,856 | ||||||
Ingersoll-Rand PLC | 2,263 | 152,051 | ||||||
Integrys Energy Group Inc. | 744 | 55,599 | ||||||
Intel Corp. | 31,744 | 1,055,488 | ||||||
Intercontinental Exchange Inc. | 843 | 198,408 | ||||||
International Business Machines Corp. | 6,107 | 988,968 | ||||||
International Flavors & Fragrances Inc. | 713 | 86,936 | ||||||
International Paper Co. | 2,728 | 153,886 | ||||||
Interpublic Group of Companies Inc. (The) | 3,441 | 76,734 | ||||||
Intuit Inc. | 1,953 | 190,671 | ||||||
Intuitive Surgical Inc.a | 225 | 112,500 | ||||||
Invesco Ltd. | 3,255 | 131,079 | ||||||
Iron Mountain Inc. | 1,259 | 46,268 | ||||||
Jacobs Engineering Group Inc.a | 1,240 | 54,982 | ||||||
JB Hunt Transport Services Inc. | 806 | 68,913 | ||||||
JM Smucker Co. (The) | 682 | 78,669 | ||||||
Johnson & Johnson | 18,507 | 1,897,153 | ||||||
Johnson Controls Inc. | 4,123 | 209,490 | ||||||
Joy Global Inc. | 868 | 38,470 | ||||||
JPMorgan Chase & Co. | 24,428 | 1,496,948 | ||||||
Juniper Networks Inc. | 3,720 | 88,945 | ||||||
Kansas City Southern | 837 | 96,958 | ||||||
Kellogg Co. | 1,643 | 105,941 | ||||||
Keurig Green Mountain Inc. | 868 | 110,739 | ||||||
KeyCorp | 5,983 | 83,343 | ||||||
Kimberly-Clark Corp. | 2,325 | 254,959 | ||||||
Kimco Realty Corp. | 2,759 | 72,507 | ||||||
Kinder Morgan Inc./DE | 12,121 | 497,082 | ||||||
KLA-Tencor Corp. | 1,302 | 84,571 | ||||||
Kohl’s Corp. | 1,488 | 109,814 | ||||||
Kraft Foods Group Inc. | 3,689 | 236,317 | ||||||
Kroger Co. (The) | 3,782 | 269,089 | ||||||
L Brands Inc. | 1,643 | 150,926 | ||||||
L-3 Communications Holdings Inc. | 775 | 100,308 | ||||||
Laboratory Corp. of America Holdingsa | 682 | 83,906 |
Security | Shares | Value | ||||||
Lam Research Corp. | 1,240 | $ | 102,250 | |||||
Las Vegas Sands Corp. | 2,821 | 160,515 | ||||||
Legg Mason Inc. | 1,178 | 67,464 | ||||||
Leggett & Platt Inc. | 1,178 | 53,069 | ||||||
Leucadia National Corp. | 2,418 | 57,379 | ||||||
Level 3 Communications Inc.a | 1,240 | 66,786 | ||||||
Liberty Global PLC Series Aa | 1,922 | 103,903 | ||||||
Liberty Global PLC Series Ca | 3,689 | 192,455 | ||||||
Liberty Interactive Corp. Series Aa | 3,720 | 109,852 | ||||||
Liberty Media Corp. Class Aa | 806 | 31,083 | ||||||
Liberty Media Corp. Class Ca | 1,144 | 44,158 | ||||||
Liberty Property Trust | 961 | 35,768 | ||||||
Lincoln National Corp. | 2,077 | 119,718 | ||||||
Linear Technology Corp. | 1,550 | 74,687 | ||||||
LinkedIn Corp. Class Aa | 713 | 190,514 | ||||||
Lockheed Martin Corp. | 1,860 | 372,093 | ||||||
Loews Corp. | 1,860 | 76,279 | ||||||
Lorillard Inc. | 2,349 | 160,719 | ||||||
Lowe’s Companies Inc. | 7,130 | 528,262 | ||||||
lululemon athletica Inc.a | 797 | 54,547 | ||||||
LyondellBasell Industries NV Class A | 2,666 | 229,036 | ||||||
M&T Bank Corp. | 744 | 90,024 | ||||||
Macerich Co. (The) | 1,333 | 111,505 | ||||||
Macy’s Inc. | 2,697 | 171,853 | ||||||
Mallinckrodt PLCa | 744 | 86,840 | ||||||
ManpowerGroup Inc. | 620 | 49,885 | ||||||
Marathon Oil Corp. | 4,185 | 116,594 | ||||||
Marathon Petroleum Corp. | 2,170 | 227,850 | ||||||
Marriott International Inc./MD Class A | 2,015 | 167,447 | ||||||
Marsh & McLennan Companies Inc. | 3,100 | 176,359 | ||||||
Martin Marietta Materials Inc. | 434 | 61,771 | ||||||
Marvell Technology Group Ltd. | 3,720 | 59,966 | ||||||
Masco Corp. | 2,852 | 74,694 | ||||||
MasterCard Inc. Class A | 6,913 | 623,069 | ||||||
Mattel Inc. | 2,170 | 57,114 | ||||||
Maxim Integrated Products Inc. | 2,325 | 79,968 | ||||||
McCormick & Co. Inc./MD | 1,054 | 79,451 | ||||||
McDonald’s Corp. | 5,890 | 582,521 | ||||||
McGraw Hill Financial Inc. | 1,829 | 188,570 | ||||||
McKesson Corp. | 1,581 | 361,575 | ||||||
MDU Resources Group Inc. | 1,953 | 43,552 | ||||||
Mead Johnson Nutrition Co. | 1,395 | 146,140 | ||||||
MeadWestvaco Corp. | 1,798 | 95,402 |
38 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Medivation Inc.a | 372 | $ | 43,721 | |||||
Merck & Co. Inc. | 18,910 | 1,106,991 | ||||||
MetLife Inc. | 6,107 | 310,419 | ||||||
MGM Resorts Internationala | 3,255 | 70,731 | ||||||
Microchip Technology Inc.b | 1,612 | 82,647 | ||||||
Micron Technology Inc.a | 6,851 | 210,120 | ||||||
Microsoft Corp. | 52,421 | 2,298,661 | ||||||
Mohawk Industries Inc.a | 465 | 85,723 | ||||||
Molson Coors Brewing Co. Class B | 1,178 | 89,398 | ||||||
Mondelez International Inc. Class A | 11,129 | 411,050 | ||||||
Monsanto Co. | 3,565 | 429,333 | ||||||
Monster Beverage Corp.a | 1,116 | 157,490 | ||||||
Moody’s Corp. | 1,457 | 141,242 | ||||||
Morgan Stanley | 9,951 | 356,146 | ||||||
Mosaic Co. (The) | 2,077 | 110,621 | ||||||
Motorola Solutions Inc. | 1,612 | 109,519 | ||||||
Murphy Oil Corp. | 1,209 | 61,526 | ||||||
Mylan Inc./PAa | 2,697 | 154,606 | ||||||
Nabors Industries Ltd. | 2,170 | 27,798 | ||||||
NASDAQ OMX Group Inc. (The) | 1,085 | 54,424 | ||||||
National Oilwell Varco Inc. | 2,573 | 139,843 | ||||||
Navient Corp. | 3,472 | 74,301 | ||||||
NetApp Inc. | 2,480 | 95,852 | ||||||
Netflix Inc.a | 403 | 191,389 | ||||||
New York Community Bancorp Inc. | 2,542 | 42,223 | ||||||
Newell Rubbermaid Inc. | 2,015 | 79,169 | ||||||
Newmont Mining Corp. | 2,418 | 63,666 | ||||||
News Corp. Class Aa | 2,638 | 45,571 | ||||||
NextEra Energy Inc. | 2,994 | 309,759 | ||||||
Nielsen NV | 1,705 | 77,083 | ||||||
NIKE Inc. Class B | 4,960 | 481,715 | ||||||
NiSource Inc. | 2,263 | 97,105 | ||||||
Noble Energy Inc. | 2,418 | 114,202 | ||||||
Nordstrom Inc. | 1,085 | 87,267 | ||||||
Norfolk Southern Corp. | 2,170 | 236,877 | ||||||
Northern Trust Corp. | 1,550 | 108,237 | ||||||
Northrop Grumman Corp. | 1,426 | 236,302 | ||||||
NRG Energy Inc. | 2,635 | 63,187 | ||||||
Nucor Corp. | 2,170 | 102,055 | ||||||
NVIDIA Corp. | 2,914 | 64,283 | ||||||
O’Reilly Automotive Inc.a,b | 806 | 167,753 | ||||||
Occidental Petroleum Corp. | 5,022 | 391,113 | ||||||
Omnicare Inc. | 961 | 73,747 | ||||||
Omnicom Group Inc. | 1,767 | 140,547 |
Security | Shares | Value | ||||||
ONEOK Inc. | 1,521 | $ | 67,319 | |||||
Oracle Corp. | 23,529 | 1,031,041 | ||||||
Owens-Illinois Inc.a | 1,395 | 36,493 | ||||||
PACCAR Inc. | 2,449 | 156,858 | ||||||
Pall Corp. | 992 | 100,004 | ||||||
Palo Alto Networks Inc.a | 279 | 39,679 | ||||||
Parker-Hannifin Corp. | 1,116 | 136,922 | ||||||
PartnerRe Ltd. | 372 | 42,594 | ||||||
Patterson Companies Inc. | 868 | 43,465 | ||||||
Paychex Inc. | 2,356 | 117,411 | ||||||
People’s United Financial Inc. | 2,666 | 40,337 | ||||||
Pepco Holdings Inc. | 2,108 | 57,211 | ||||||
PepsiCo Inc. | 9,734 | 963,471 | ||||||
Perrigo Co. PLC | 992 | 153,234 | ||||||
PetSmart Inc. | 806 | 66,825 | ||||||
Pfizer Inc. | 40,393 | 1,386,288 | ||||||
PG&E Corp. | 3,379 | 181,554 | ||||||
Pharmacyclics Inc.a,b | 403 | 87,020 | ||||||
Philip Morris International Inc. | 9,713 | 805,790 | ||||||
Phillips 66 | 4,030 | 316,194 | ||||||
Pinnacle West Capital Corp. | 961 | 61,581 | ||||||
Pioneer Natural Resources Co. | 1,023 | 156,028 | ||||||
Plum Creek Timber Co. Inc. | 1,178 | 51,172 | ||||||
PNC Financial Services Group Inc. (The)c | 3,379 | 310,733 | ||||||
PPG Industries Inc. | 1,085 | 255,387 | ||||||
PPL Corp. | 4,402 | 150,108 | ||||||
Praxair Inc. | 1,767 | 225,999 | ||||||
Precision Castparts Corp. | 961 | 207,864 | ||||||
Priceline Group Inc. (The)a | 372 | 460,343 | ||||||
Principal Financial Group Inc. | 2,077 | 106,280 | ||||||
Procter & Gamble Co. (The) | 17,298 | 1,472,579 | ||||||
Progressive Corp. (The) | 3,379 | 90,050 | ||||||
Prologis Inc. | 3,782 | 161,529 | ||||||
Prudential Financial Inc. | 2,945 | 238,103 | ||||||
Public Service Enterprise Group Inc. | 4,278 | 179,933 | ||||||
Public Storage | 1,023 | 201,756 | ||||||
PulteGroup Inc. | 2,790 | 62,942 | ||||||
PVH Corp. | 620 | 66,049 | ||||||
QEP Resources Inc. | 1,364 | 29,299 | ||||||
Qorvo Inc.a | 974 | 67,596 | ||||||
QUALCOMM Inc. | 10,757 | 779,990 | ||||||
Quanta Services Inc.a | 1,953 | 56,207 | ||||||
Quest Diagnostics Inc. | 1,116 | 78,276 |
SCHEDULESOF INVESTMENTS | 39 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Rackspace Hosting Inc.a | 217 | $ | 10,778 | |||||
Ralph Lauren Corp. | 403 | 55,376 | ||||||
Range Resources Corp. | 1,116 | 55,287 | ||||||
Raytheon Co. | 2,201 | 239,403 | ||||||
Realty Income Corp. | 1,488 | 74,489 | ||||||
Red Hat Inc.a | 1,395 | 96,422 | ||||||
Regency Centers Corp. | 1,023 | 67,139 | ||||||
Regeneron Pharmaceuticals Inc.a | 589 | 243,752 | ||||||
Regions Financial Corp. | 9,486 | 91,160 | ||||||
RenaissanceRe Holdings Ltd. | 403 | 41,320 | ||||||
Republic Services Inc. | 2,108 | 86,259 | ||||||
Reynolds American Inc. | 2,294 | 173,472 | ||||||
Robert Half International Inc. | 1,302 | 80,672 | ||||||
Rock-Tenn Co. Class A | 1,240 | 85,114 | ||||||
Rockwell Automation Inc. | 1,054 | 123,360 | ||||||
Rockwell Collins Inc. | 1,116 | 99,413 | ||||||
Roper Industries Inc. | 837 | 140,256 | ||||||
Ross Stores Inc. | 1,550 | 164,006 | ||||||
Royal Caribbean Cruises Ltd. | 1,147 | 87,654 | ||||||
salesforce.com inc.a | 4,371 | 303,260 | ||||||
Salix Pharmaceuticals Ltd.a | 279 | 43,859 | ||||||
SanDisk Corp. | 1,488 | 118,936 | ||||||
SBA Communications Corp. Class Aa | 1,147 | 143,042 | ||||||
SCANA Corp. | 1,023 | 58,260 | ||||||
Schlumberger Ltd. | 8,711 | 733,118 | ||||||
Scripps Networks Interactive Inc. Class A | 682 | 49,309 | ||||||
Seagate Technology PLC | 2,449 | 149,683 | ||||||
SEI Investments Co. | 1,674 | 72,049 | ||||||
Sempra Energy | 1,581 | 171,064 | ||||||
ServiceNow Inc.a | 496 | 37,825 | ||||||
Sherwin-Williams Co. (The) | 651 | 185,665 | ||||||
Sigma-Aldrich Corp. | 961 | 132,676 | ||||||
Simon Property Group Inc. | 2,080 | 395,949 | ||||||
Sirius XM Holdings Inc.a | 28,148 | 109,496 | ||||||
Skyworks Solutions Inc. | 496 | 43,524 | ||||||
SL Green Realty Corp. | 538 | 68,288 | ||||||
Southern Co. (The) | 5,332 | 244,152 | ||||||
Southwestern Energy Co.a | 2,418 | 60,643 | ||||||
Spectra Energy Corp. | 4,154 | 147,425 | ||||||
Sprint Corp.a | 7,663 | 39,235 | ||||||
SPX Corp. | 372 | 33,156 | ||||||
St. Jude Medical Inc. | 2,139 | 142,629 |
Security | Shares | Value | ||||||
Stanley Black & Decker Inc. | 1,178 | $ | 115,845 | |||||
Staples Inc. | 3,937 | 66,004 | ||||||
Starbucks Corp. | 5,146 | 481,074 | ||||||
Starwood Hotels & Resorts Worldwide Inc. | 1,488 | 119,531 | ||||||
State Street Corp. | 3,131 | 233,103 | ||||||
Stericycle Inc.a | 682 | 92,050 | ||||||
Stryker Corp. | 1,984 | 187,984 | ||||||
SunTrust Banks Inc. | 3,627 | 148,707 | ||||||
Superior Energy Services Inc. | 1,271 | 28,445 | ||||||
Symantec Corp. | 4,867 | 122,454 | ||||||
Synopsys Inc.a | 1,395 | 64,742 | ||||||
Sysco Corp. | 3,596 | 140,208 | ||||||
T Rowe Price Group Inc. | 1,798 | 148,515 | ||||||
Target Corp. | 3,844 | 295,335 | ||||||
TD Ameritrade Holding Corp. | 1,891 | 68,587 | ||||||
TE Connectivity Ltd. | 2,728 | 196,771 | ||||||
Teradata Corp.a,b | 1,333 | 59,345 | ||||||
Tesla Motors Inc.a,b | 620 | 126,071 | ||||||
Tesoro Corp. | 620 | 56,941 | ||||||
Texas Instruments Inc. | 7,006 | 411,953 | ||||||
Textron Inc. | 2,263 | 100,274 | ||||||
Thermo Fisher Scientific Inc. | 2,542 | 330,460 | ||||||
Tiffany & Co. | 868 | 76,575 | ||||||
Time Warner Cable Inc. | 1,891 | 291,309 | ||||||
Time Warner Inc. | 6,014 | 492,306 | ||||||
TJX Companies Inc. (The) | 4,805 | 329,815 | ||||||
Toll Brothers Inc.a | 1,085 | 41,566 | ||||||
Torchmark Corp. | 972 | 51,759 | ||||||
Total System Services Inc. | 1,643 | 62,763 | ||||||
Tractor Supply Co. | 1,054 | 92,878 | ||||||
TransDigm Group Inc. | 465 | 100,840 | ||||||
Travelers Companies Inc. (The) | 2,108 | 226,484 | ||||||
Trimble Navigation Ltd.a | 1,860 | 48,620 | ||||||
TripAdvisor Inc.a | 372 | 33,201 | ||||||
TRW Automotive Holdings Corp.a | 806 | 84,017 | ||||||
Twenty-First Century Fox Inc. Class A | 10,633 | 372,155 | ||||||
Twenty-First Century Fox Inc. Class B | 1,860 | 63,314 | ||||||
Twitter Inc.a | 2,181 | 104,862 | ||||||
Tyson Foods Inc. Class A | 2,387 | 98,607 | ||||||
U.S. Bancorp/MN | 11,625 | 518,591 | ||||||
UDR Inc. | 2,449 | 78,221 |
40 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Security | Shares | Value | ||||||
Ulta Salon Cosmetics & Fragrance Inc.a | 496 | $ | 69,817 | |||||
Under Armour Inc. Class Aa | 1,116 | 85,943 | ||||||
Union Pacific Corp. | 6,169 | 741,884 | ||||||
United Continental Holdings Inc.a | 465 | 30,309 | ||||||
United Parcel Service Inc. Class B | 4,557 | 463,584 | ||||||
United Rentals Inc.a | 651 | 60,582 | ||||||
United Technologies Corp. Class B | 5,394 | 657,583 | ||||||
UnitedHealth Group Inc. | 6,572 | 746,776 | ||||||
Unum Group | 1,705 | 57,220 | ||||||
Urban Outfitters Inc.a | 899 | 35,025 | ||||||
Valero Energy Corp. | 3,782 | 233,312 | ||||||
Varian Medical Systems Inc.a | 806 | 74,934 | ||||||
Ventas Inc. | 1,617 | 120,418 | ||||||
VeriSign Inc.a,b | 1,240 | 79,385 | ||||||
Verisk Analytics Inc. Class Aa | 1,147 | 82,366 | ||||||
Verizon Communications Inc. | 26,753 | 1,322,936 | ||||||
Vertex Pharmaceuticals Inc.a | 1,612 | 192,521 | ||||||
VF Corp. | 2,604 | 199,623 | ||||||
Viacom Inc. Class B | 2,480 | 173,451 | ||||||
Visa Inc. Class A | 3,348 | 908,346 | ||||||
VMware Inc. Class Aa | 589 | 50,106 | ||||||
Vornado Realty Trust | 1,302 | 143,272 | ||||||
Vulcan Materials Co. | 961 | 79,763 | ||||||
Wal-Mart Stores Inc. | 10,416 | 874,215 | ||||||
Walgreens Boots Alliance Inc. | 6,076 | 504,794 | ||||||
Walt Disney Co. (The) | 10,974 | 1,142,174 | ||||||
Waste Management Inc. | 2,821 | 153,688 | ||||||
Waters Corp.a | 589 | 70,904 | ||||||
Wells Fargo & Co. | 32,364 | 1,773,224 | ||||||
Western Digital Corp. | 1,519 | 162,503 | ||||||
Western Union Co. (The) | 4,185 | 81,691 | ||||||
Weyerhaeuser Co. | 4,340 | 152,377 | ||||||
Whirlpool Corp. | 589 | 124,839 | ||||||
Whiting Petroleum Corp.a | 1,209 | 40,900 | ||||||
Whole Foods Market Inc. | 2,418 | 136,593 | ||||||
Williams Companies Inc. (The) | 4,650 | 228,036 | ||||||
Willis Group Holdings PLC | 1,054 | 50,297 | ||||||
Windstream Holdings Inc. | 3,751 | 29,595 | ||||||
Wisconsin Energy Corp. | 1,674 | 85,341 | ||||||
WR Berkley Corp. | 682 | 34,039 | ||||||
WW Grainger Inc. | 465 | 110,163 | ||||||
Wyndham Worldwide Corp. | 1,209 | 110,599 | ||||||
Wynn Resorts Ltd. | 638 | 90,915 |
Security | Shares | Value | ||||||
Xcel Energy Inc. | 3,162 | $ | 111,555 | |||||
Xerox Corp. | 8,773 | 119,751 | ||||||
Xilinx Inc. | 2,015 | 85,376 | ||||||
XL Group PLC | 1,953 | 70,699 | ||||||
Xylem Inc./NY | 1,612 | 57,548 | ||||||
Yahoo! Inc.a | 7,130 | 315,716 | ||||||
Yum! Brands Inc. | 3,100 | 251,441 | ||||||
Zillow Group Inc. Class Aa | 186 | 21,344 | ||||||
Zimmer Holdings Inc. | 1,210 | 145,672 | ||||||
Zoetis Inc. | 3,720 | 171,455 | ||||||
|
| |||||||
131,216,724 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $214,223,492) |
| 228,954,208 | ||||||
PREFERRED STOCKS — 0.23% |
| |||||||
GERMANY — 0.23% |
| |||||||
Henkel AG & Co. KGaA | 1,209 | 143,541 | ||||||
Porsche Automobil Holding SE | 992 | 92,074 | ||||||
Volkswagen AG | 1,116 | 282,272 | ||||||
|
| |||||||
517,887 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $500,494) |
| 517,887 | ||||||
SHORT-TERM INVESTMENTS — 1.46% |
| |||||||
MONEY MARKET FUNDS — 1.46% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%c,d,e | 2,731,642 | 2,731,642 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%c,d,e | 159,425 | 159,425 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%c,d | 471,027 | 471,027 | ||||||
|
| |||||||
3,362,094 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $3,362,094) |
| 3,362,094 | ||||||
|
|
SCHEDULESOF INVESTMENTS | 41 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI WORLD ETF
February 28, 2015
Value | ||||||
TOTAL INVESTMENTS | ||||||
(Cost: $218,086,080) | $ | 232,834,189 | ||||
Other Assets, Less Liabilities — (1.22)% | (2,804,549 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 230,029,640 | ||||
|
|
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 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
42 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2015
iShares MSCI All Country World Minimum Volatility ETF | iShares MSCI Emerging | iShares MSCI Emerging Markets Horizon ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 1,574,655,968 | $ | 10,264,213 | $ | 2,431,479 | ||||||
Affiliated (Note 2) | 42,289,604 | 23,332 | 1,588 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 1,616,945,572 | $ | 10,287,545 | $ | 2,433,067 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 1,813,484,283 | $ | 8,913,636 | $ | 2,304,486 | ||||||
Affiliated (Note 2) | 42,289,604 | 23,332 | 1,588 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 1,855,773,887 | 8,936,968 | 2,306,074 | |||||||||
Foreign currency, at valueb | 1,334,389 | 8,330 | 1,604 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 6,051,178 | 35,846 | 11,193 | |||||||||
Dividends and interest | 3,881,973 | 1,564 | 1,669 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 1,867,041,427 | 8,982,708 | 2,320,540 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 6,855,994 | 39,256 | 12,462 | |||||||||
Collateral for securities on loan (Note 1) | 39,206,312 | 18,056 | — | |||||||||
Investment advisory fees (Note 2) | 272,547 | 3,347 | 882 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 46,334,853 | 60,659 | 13,344 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,820,706,574 | $ | 8,922,049 | $ | 2,307,196 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 1,577,877,673 | $ | 10,937,826 | $ | 2,439,470 | ||||||
Undistributed net investment income | 3,172,382 | 2,804 | 845 | |||||||||
Undistributed net realized gain (accumulated net realized loss) | 865,474 | (667,666 | ) | (6,108 | ) | |||||||
Net unrealized appreciation (depreciation) | 238,791,045 | (1,350,915 | ) | (127,011 | ) | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 1,820,706,574 | $ | 8,922,049 | $ | 2,307,196 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 25,400,000 | 200,000 | 100,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 71.68 | $ | 44.61 | $ | 23.07 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $37,043,331, $15,102 and $ —, respectively. See Note 1. |
b | Cost of foreign currency: $1,350,419, $8,647 and $1,635, respectively. |
c | $0.001 par value, number of shares authorized: 500 million, 500 million and 25 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 43 |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
100 ETF | iShares MSCI World ETF | |||||||
ASSETS | ||||||||
Investments, at cost: | ||||||||
Unaffiliated | $ | 595,706,580 | $ | 214,165,411 | ||||
Affiliated (Note 2) | 3,829,274 | 3,920,669 | ||||||
|
|
|
| |||||
Total cost of investments | $ | 599,535,854 | $ | 218,086,080 | ||||
|
|
|
| |||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||
Unaffiliated | $ | 578,121,178 | $ | 228,815,941 | ||||
Affiliated (Note 2) | 3,829,274 | 4,018,248 | ||||||
|
|
|
| |||||
Total fair value of investments | 581,950,452 | 232,834,189 | ||||||
Foreign currency, at valueb | 52,866 | 150,457 | ||||||
Cash | 274,320 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 2,152,275 | 771,955 | ||||||
Due from custodian (Note 4) | — | 654,162 | ||||||
Dividends and interest | 237,197 | 421,581 | ||||||
|
|
|
| |||||
Total Assets | 584,667,110 | 234,832,344 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Payables: | ||||||||
Investment securities purchased | — | 1,875,065 | ||||||
Collateral for securities on loan (Note 1) | — | 2,891,067 | ||||||
Deferred foreign capital gains taxes (Note 1) | 3,869,573 | — | ||||||
Investment advisory fees (Note 2) | 346,726 | 36,572 | ||||||
|
|
|
| |||||
Total Liabilities | 4,216,299 | 4,802,704 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 580,450,811 | $ | 230,029,640 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 624,428,631 | $ | 214,155,800 | ||||
Undistributed (distributions in excess) of net investment income | (1,376,022 | ) | 541,983 | |||||
Undistributed net realized gain (accumulated net realized loss) | (22,551,331 | ) | 589,607 | |||||
Net unrealized appreciation (depreciation) | (20,050,467 | ) | 14,742,250 | |||||
|
|
|
| |||||
NET ASSETS | $ | 580,450,811 | $ | 230,029,640 | ||||
|
|
|
| |||||
Shares outstandingc | 19,150,000 | 3,100,000 | ||||||
|
|
|
| |||||
Net asset value per share | $ | 30.31 | $ | 74.20 | ||||
|
|
|
|
a | Securities on loan with values of $ — and $2,762,425, respectively. See Note 1. |
b | Cost of foreign currency: $53,531 and $152,241, respectively. |
c | $0.001 par value, number of shares authorized: 500 million and 500 million, respectively. |
See notes to financial statements.
44 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI All Country World Minimum Volatility ETF | iShares MSCI Emerging | iShares MSCI Emerging Markets Horizon ETFa | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliatedb | $ | 14,708,606 | $ | 107,928 | $ | 13,858 | ||||||
Interest — unaffiliated | 4 | — | — | |||||||||
Interest — affiliated (Note 2) | 121 | — | — | |||||||||
Securities lending income — affiliated (Note 2) | 272,663 | 1,140 | — | |||||||||
|
|
|
|
|
| |||||||
14,981,394 | 109,068 | 13,858 | ||||||||||
Less: Other foreign taxes (Note 1) | (1,205 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 14,980,189 | 109,068 | 13,858 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 2,421,396 | 31,323 | 4,437 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 2,421,396 | 31,323 | 4,437 | |||||||||
Less investment advisory fees waived (Note 2) | (958,490 | ) | (8,752 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 1,462,906 | 22,571 | 4,437 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 13,517,283 | 86,497 | 9,421 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | 1,353,719 | (195,528 | ) | (6,465 | ) | |||||||
In-kind redemptions — unaffiliated | 20,490,008 | — | — | |||||||||
Foreign currency transactions | (324,446 | ) | (1,853 | ) | 357 | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 21,519,281 | (197,381 | ) | (6,108 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | 63,462,731 | (1,158,670 | ) | (126,993 | ) | |||||||
Translation of assets and liabilities in foreign currencies | (13,525 | ) | (208 | ) | (18 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | 63,449,206 | (1,158,878 | ) | (127,011 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | 84,968,487 | (1,356,259 | ) | (133,119 | ) | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 98,485,770 | $ | (1,269,762 | ) | $ | (123,698 | ) | ||||
|
|
|
|
|
|
a | For the period from October 14, 2014 (commencement of operations) to February 28, 2015. |
b | Net of foreign withholding tax of $593,483, $12,801 and $521, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 45 |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
100 ETF | iShares MSCI World ETF | |||||||
NET INVESTMENT INCOME | ||||||||
Dividends — unaffiliateda | $ | 3,960,648 | $ | 1,876,637 | ||||
Dividends — affiliated (Note 2) | — | 4,221 | ||||||
Interest — unaffiliated | 3,618 | — | ||||||
Interest — affiliated (Note 2) | 55 | 5 | ||||||
Securities lending income — affiliated (Note 2) | — | 7,345 | ||||||
|
|
|
| |||||
Total investment income | 3,964,321 | 1,888,208 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees (Note 2) | 2,576,823 | 221,988 | ||||||
Commitment fees (Note 7) | 1,512 | — | ||||||
Interest expense (Note 7) | 451 | — | ||||||
|
|
|
| |||||
Total expenses | 2,578,786 | 221,988 | ||||||
|
|
|
| |||||
Net investment income | 1,385,535 | 1,666,220 | ||||||
|
|
|
| |||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliatedb | 6,536,831 | (153,094 | ) | |||||
In-kind redemptions — unaffiliated | 6,500,423 | 1,273,522 | ||||||
In-kind redemptions — affiliated (Note 2) | — | 4,808 | ||||||
Foreign currency transactions | (1,009,603 | ) | (35,282 | ) | ||||
|
|
|
| |||||
Net realized gain | 12,027,651 | 1,089,954 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation on: | ||||||||
Investmentsc | (100,478,778 | ) | 1,518,019 | |||||
Translation of assets and liabilities in foreign currencies | (4,735 | ) | (3,231 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation | (100,483,513 | ) | 1,514,788 | |||||
|
|
|
| |||||
Net realized and unrealized gain (loss) | (88,455,862 | ) | 2,604,742 | |||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (87,070,327 | ) | $ | 4,270,962 | |||
|
|
|
|
a | Net of foreign withholding tax of $472,691 and $58,218, respectively. |
b | Net of foreign capital gains taxes of $942,711 and $ —, respectively. |
c | Net of deferred foreign capital gains taxes of $2,455,770 and $ —, respectively. |
See notes to financial statements.
46 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI All Country World Minimum Volatility ETF | iShares MSCI Emerging Markets EMEA ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 13,517,283 | $ | 30,124,824 | $ | 86,497 | $ | 234,643 | ||||||||
Net realized gain (loss) | 21,519,281 | 15,721,199 | (197,381 | ) | (328,838 | ) | ||||||||||
Net change in unrealized appreciation/depreciation | 63,449,206 | 127,042,867 | (1,158,878 | ) | 562,912 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 98,485,770 | 172,888,890 | (1,269,762 | ) | 468,717 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (16,328,988 | ) | (29,115,840 | ) | (167,765 | ) | (158,907 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (16,328,988 | ) | (29,115,840 | ) | (167,765 | ) | (158,907 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 525,164,176 | 261,249,242 | — | 5,251,709 | ||||||||||||
Cost of shares redeemed | (69,626,848 | ) | (129,769,428 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets from capital share transactions | 455,537,328 | 131,479,814 | — | 5,251,709 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | 537,694,110 | 275,252,864 | (1,437,527 | ) | 5,561,519 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 1,283,012,464 | 1,007,759,600 | 10,359,576 | 4,798,057 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,820,706,574 | $ | 1,283,012,464 | $ | 8,922,049 | $ | 10,359,576 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 3,172,382 | $ | 5,984,087 | $ | 2,804 | $ | 84,072 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 7,600,000 | 4,000,000 | — | 100,000 | ||||||||||||
Shares redeemed | (1,000,000 | ) | (2,000,000 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares outstanding | 6,600,000 | 2,000,000 | — | 100,000 | ||||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 47 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Emerging Markets Horizon ETF | iShares MSCI Frontier 100 ETF | |||||||||||
Period from to | Six months February 28, 2015 (Unaudited) | Year ended August 31, 2014 | ||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
OPERATIONS: | ||||||||||||
Net investment income | $ | 9,421 | $ | 1,385,535 | $ | 17,022,836 | ||||||
Net realized gain (loss) | (6,108 | ) | 12,027,651 | 20,048,604 | ||||||||
Net change in unrealized appreciation/depreciation | (127,011 | ) | (100,483,513 | ) | 81,912,759 | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets resulting from operations | (123,698 | ) | (87,070,327 | ) | 118,984,199 | |||||||
|
|
|
|
|
| |||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
From net investment income | (8,576 | ) | (2,591,702 | ) | (15,334,501 | ) | ||||||
From net realized gain | — | (47,428,853 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions to shareholders | (8,576 | ) | (50,020,555 | ) | (15,334,501 | ) | ||||||
|
|
|
|
|
| |||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||
Proceeds from shares sold | 2,439,470 | 76,869,619 | 581,098,884 | |||||||||
Cost of shares redeemed | — | (158,676,689 | ) | (165,483,378 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in net assets from capital share transactions | 2,439,470 | (81,807,070 | ) | 415,615,506 | ||||||||
|
|
|
|
|
| |||||||
INCREASE (DECREASE) IN NET ASSETS | 2,307,196 | (218,897,952 | ) | 519,265,204 | ||||||||
NET ASSETS | ||||||||||||
Beginning of period | — | 799,348,763 | 280,083,559 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 2,307,196 | $ | 580,450,811 | $ | 799,348,763 | ||||||
|
|
|
|
|
| |||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | 845 | $ | (1,376,022 | ) | $ | (169,855 | ) | ||||
|
|
|
|
|
| |||||||
SHARES ISSUED AND REDEEMED | ||||||||||||
Shares sold | 100,000 | 2,500,000 | 16,150,000 | |||||||||
Shares redeemed | — | (4,500,000 | ) | (4,300,000 | ) | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in shares outstanding | 100,000 | (2,000,000 | ) | 11,850,000 | ||||||||
|
|
|
|
|
|
a | Commencement of operations. |
See notes to financial statements.
48 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI World ETF | ||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 1,666,220 | $ | 3,214,395 | ||||
Net realized gain | 1,089,954 | 3,038,160 | ||||||
Net change in unrealized appreciation/depreciation | 1,514,788 | 13,581,244 | ||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | 4,270,962 | 19,833,799 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (1,692,658 | ) | (2,735,328 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (1,692,658 | ) | (2,735,328 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 66,065,774 | 148,427,324 | ||||||
Cost of shares redeemed | (7,342,851 | ) | (21,501,639 | ) | ||||
|
|
|
| |||||
Net increase in net assets from capital share transactions | 58,722,923 | 126,925,685 | ||||||
|
|
|
| |||||
INCREASE IN NET ASSETS | 61,301,227 | 144,024,156 | ||||||
NET ASSETS | ||||||||
Beginning of period | 168,728,413 | 24,704,257 | ||||||
|
|
|
| |||||
End of period | $ | 230,029,640 | $ | 168,728,413 | ||||
|
|
|
| |||||
Undistributed net investment income included in net assets at end of period | $ | 541,983 | $ | 568,421 | ||||
|
|
|
| |||||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | 900,000 | 2,200,000 | ||||||
Shares redeemed | (100,000 | ) | (300,000 | ) | ||||
|
|
|
| |||||
Net increase in shares outstanding | 800,000 | 1,900,000 | ||||||
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 49 |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI All Country World Minimum Volatility ETF |
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 68.25 | $ | 59.99 | $ | 55.65 | $ | 50.02 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.63 | 1.72 | 1.68 | 1.49 | ||||||||||||
Net realized and unrealized gainc | 3.54 | 8.18 | 4.20 | 4.67 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 4.17 | 9.90 | 5.88 | 6.16 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.74 | ) | (1.64 | ) | (1.54 | ) | (0.53 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.74 | ) | (1.64 | ) | (1.54 | ) | (0.53 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 71.68 | $ | 68.25 | $ | 59.99 | $ | 55.65 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | 6.17 | %d | 16.70 | % | 10.69 | % | 12.41 | %d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 1,820,707 | $ | 1,283,012 | $ | 1,007,760 | $ | 578,776 | ||||||||
Ratio of expenses to average net assetse | 0.20 | % | 0.20 | % | 0.20 | % | 0.23 | % | ||||||||
Ratio of expenses to average net assets prior to waived feese | 0.33 | % | 0.33 | % | 0.34 | % | 0.34 | % | ||||||||
Ratio of net investment income to average net assetse | 1.85 | % | 2.67 | % | 2.83 | % | 3.17 | % | ||||||||
Portfolio turnover ratef | 9 | % | 24 | % | 13 | % | 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. |
d | Not annualized. |
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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 9%, 23%, 13% and 22%, respectively. See Note 4. |
See notes to financial statements.
50 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets EMEA ETF |
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 51.80 | $ | 47.98 | $ | 51.72 | $ | 51.16 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.43 | 1.23 | 1.26 | 1.43 | ||||||||||||
Net realized and unrealized gain (loss)c | (6.78 | ) | 3.38 | (3.22 | ) | 0.02 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (6.35 | ) | 4.61 | (1.96 | ) | 1.45 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.84 | ) | (0.79 | ) | (1.78 | ) | (0.89 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.84 | ) | (0.79 | ) | (1.78 | ) | (0.89 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 44.61 | $ | 51.80 | $ | 47.98 | $ | 51.72 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (12.09 | )%d | 9.61 | % | (3.95 | )% | 2.91 | %d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 8,922 | $ | 10,360 | $ | 4,798 | $ | 10,343 | ||||||||
Ratio of expenses to average net assetse | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||
Ratio of expenses to average net assets prior to waived feese | 0.68 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||||||
Ratio of net investment income to average net assetse | 1.88 | % | 2.39 | % | 2.39 | % | 4.46 | % | ||||||||
Portfolio turnover ratef | 5 | % | 18 | % | 8 | % | 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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 51 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout the period)
iShares MSCI Emerging Markets Horizon ETF |
Period from to (Unaudited) | ||||
Net asset value, beginning of period | $ | 24.39 | ||
|
| |||
Income from investment operations: | ||||
Net investment incomeb | 0.09 | |||
Net realized and unrealized lossc | (1.32 | ) | ||
|
| |||
Total from investment operations | (1.23 | ) | ||
|
| |||
Less distributions from: | ||||
Net investment income | (0.09 | ) | ||
|
| |||
Total distributions | (0.09 | ) | ||
|
| |||
Net asset value, end of period | $ | 23.07 | ||
|
| |||
Total return | (5.05 | )%d | ||
|
| |||
Ratios/Supplemental data: | ||||
Net assets, end of period (000s) | $ | 2,307 | ||
Ratio of expenses to average net assetse | 0.50 | % | ||
Ratio of net investment income to average net assetse | 1.06 | % | ||
Portfolio turnover ratef | 3 | % |
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. |
d | Not annualized. |
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, 2015 was 3%. See Note 4. |
See notes to financial statements.
52 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Frontier 100 ETF |
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Period from Sep. 12, 2012a to Aug. 31, 2013 | ||||||||||
Net asset value, beginning of period | $ | 37.79 | $ | 30.12 | $ | 25.25 | ||||||
|
|
|
|
|
| |||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 0.07 | 1.09 | 0.67 | |||||||||
Net realized and unrealized gain (loss)c | (4.57 | ) | 7.47 | 4.51 | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | (4.50 | ) | 8.56 | 5.18 | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.16 | ) | (0.89 | ) | (0.28 | ) | ||||||
Net realized gain | (2.82 | ) | — | — | ||||||||
Return of capital | — | — | (0.03 | ) | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (2.98 | ) | (0.89 | ) | (0.31 | ) | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 30.31 | $ | 37.79 | $ | 30.12 | ||||||
|
|
|
|
|
| |||||||
Total return | (11.27 | )%d | 28.56 | % | 20.54 | %d | ||||||
|
|
|
|
|
| |||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000s) | $ | 580,451 | $ | 799,349 | $ | 280,084 | ||||||
Ratio of expenses to average net assetse | 0.79 | % | 0.79 | % | 0.79 | % | ||||||
Ratio of net investment income to average net assetse | 0.42 | % | 3.07 | % | 2.32 | % | ||||||
Portfolio turnover ratef | 30 | % | 61 | % | 18 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered 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, 2015, the year ended August 31, 2014 and the period ended August 31, 2013 were 27%, 42% and 10%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 53 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI World ETF |
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to Aug. 31, 2012 | |||||||||||||
Net asset value, beginning of period | $ | 73.36 | $ | 61.76 | $ | 53.45 | $ | 50.32 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.64 | 1.81 | 1.40 | 0.98 | ||||||||||||
Net realized and unrealized gainc | 0.88 | 11.16 | 8.03 | 2.89 | ||||||||||||
�� |
|
|
|
|
|
|
|
| ||||||||
Total from investment operations | 1.52 | 12.97 | 9.43 | 3.87 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.68 | ) | (1.37 | ) | (1.12 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.68 | ) | (1.37 | ) | (1.12 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 74.20 | $ | 73.36 | $ | 61.76 | $ | 53.45 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | 2.13 | %d | 21.07 | % | 17.84 | % | 7.76 | %d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 230,030 | $ | 168,728 | $ | 24,704 | $ | 10,689 | ||||||||
Ratio of expenses to average net assetse | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | ||||||||
Ratio of net investment income to average net assetse | 1.80 | % | 2.57 | % | 2.34 | % | 2.91 | % | ||||||||
Portfolio turnover ratef | 2 | % | 5 | % | 5 | % | 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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
54 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
MSCI All Country World Minimum Volatility | Diversified | |
MSCI Emerging Markets EMEA | Non-diversified | |
MSCI Emerging Markets Horizona | Non-diversified | |
MSCI Frontier 100 | Non-diversified | |
MSCI World | Diversified |
a | The Fund commenced operations on October 14, 2014. |
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.
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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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. |
NOTESTO FINANCIAL STATEMENTS | 55 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
• | 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 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, reviews of 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 is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the 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.
56 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
iShares ETF and
| Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI All Country World Minimum Volatility | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 1,811,195,517 | $ | — | $ | — | $ | 1,811,195,517 | ||||||||
Preferred Stocks | 2,288,766 | — | — | 2,288,766 | ||||||||||||
Money Market Funds | 42,289,604 | — | — | 42,289,604 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,855,773,887 | $ | — | $ | — | $ | 1,855,773,887 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Emerging Markets EMEA | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 8,800,917 | $ | — | $ | 17 | $ | 8,800,934 | ||||||||
Preferred Stocks | 112,702 | — | — | 112,702 | ||||||||||||
Money Market Funds | 23,332 | — | — | 23,332 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 8,936,951 | $ | — | $ | 17 | $ | 8,936,968 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Emerging Markets Horizon | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 2,284,403 | $ | — | $ | — | $ | 2,284,403 | ||||||||
Preferred Stocks | 20,083 | — | — | 20,083 | ||||||||||||
Money Market Funds | 1,588 | — | — | 1,588 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,306,074 | $ | — | $ | — | $ | 2,306,074 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Frontier 100 | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 578,121,098 | $ | 79 | $ | — | $ | 578,121,177 | ||||||||
Convertible Bonds | — | — | 0 | a | 0 | a | ||||||||||
Rights | — | 1 | — | 1 | ||||||||||||
Money Market Funds | 3,829,274 | — | — | 3,829,274 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 581,950,372 | $ | 80 | $ | 0 | a | $ | 581,950,452 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI World | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 228,954,208 | $ | — | $ | — | $ | 228,954,208 | ||||||||
Preferred Stocks | 517,887 | — | — | 517,887 | ||||||||||||
Money Market Funds | 3,362,094 | — | — | 3,362,094 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 232,834,189 | $ | — | $ | — | $ | 232,834,189 | |||||||||
|
|
|
|
|
|
|
| |||||||||
a | Rounds to less than $1. |
NOTESTO FINANCIAL STATEMENTS | 57 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
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 or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the
58 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
MSCI All Country World Minimum Volatility | $ | 37,043,331 | $ | 37,043,331 | $ | — | ||||||
MSCI Emerging Markets EMEA | 15,102 | 15,102 | — | |||||||||
MSCI World | 2,762,425 | 2,762,425 | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
NOTESTO FINANCIAL STATEMENTS | 59 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA, manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to the iShares MSCI All Country World Minimum Volatility ETF, 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 | ||||
0.350 | % | First $30 billion | |||
0.320 | Over $30 billion, up to and including $60 billion | ||||
0.280 | Over $60 billion, up to and including $90 billion | ||||
0.252 | Over $90 billion |
In addition, the iShares MSCI All Country World Minimum Volatility ETF indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expense. BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any. Effective September 12, 2014, BFA has contractually agreed to waive an additional portion of its investment advisory fees for the Fund through December 31, 2015 in order to limit total annual operating expenses to 0.20% 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 ETF | Investment Advisory Fee | |||
MSCI Emerging Markets EMEA | 0.68 | % | ||
MSCI Emerging Markets Horizon | 0.50 | |||
MSCI Frontier 100 | 0.79 | |||
MSCI World | 0.24 |
BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares MSCI Emerging Markets EMEA ETF through December 31, 2015 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”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015 each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
For the six months ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
iShares ETF | Fees Paid to BTC | |||
MSCI All Country World Minimum Volatility | $ | 81,681 | ||
MSCI Emerging Markets EMEA | 377 | |||
MSCI World | 2,552 |
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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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 Funds, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.
NOTESTO FINANCIAL STATEMENTS | 61 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended February 28, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
iShares ETF and Name of Affiliated Issuer | Shares Held at Beginning of Period | Shares Purchased | Shares Sold | Shares Held of Period | Value at End of Period | Dividend Income | Net Realized Gain (Loss) | |||||||||||||||||||||
MSCI World | ||||||||||||||||||||||||||||
BlackRock Inc. | 690 | 270 | (30 | ) | 930 | $ | 345,421 | $ | 1,448 | $ | 2,695 | |||||||||||||||||
PNC Financial Services Group Inc. (The) | 2,507 | 981 | (109 | ) | 3,379 | 310,733 | 2,773 | 2,113 | ||||||||||||||||||||
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$ | 656,154 | $ | 4,221 | $ | 4,808 | |||||||||||||||||||||||
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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, 2015 were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI All Country World Minimum Volatility | $ | 256,705,952 | $ | 138,868,066 | ||||
MSCI Emerging Markets EMEA | 450,246 | 525,205 | ||||||
MSCI Emerging Markets Horizon | 899,199 | 60,990 | ||||||
MSCI Frontier 100 | 195,996,441 | 309,456,663 | ||||||
MSCI World | 3,917,955 | 2,999,935 |
In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI All Country World Minimum Volatility | $ | 402,399,547 | $ | 68,824,687 | ||||
MSCI Emerging Markets Horizon | 1,599,734 | — | ||||||
MSCI Frontier 100 | 5,021,622 | 24,993,944 | ||||||
MSCI World | 65,166,951 | 7,218,455 |
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 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
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
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. | MARKET AND CREDIT RISK |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in equity instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI All Country World Minimum Volatility ETF and iShares MSCI Emerging Markets EMEA ETF issued prior to the date of the sanctions being imposed are not currently subject to
NOTESTO FINANCIAL STATEMENTS | 63 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
6. | INCOME TAX INFORMATION |
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.
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, 2014, the Funds’ fiscal year-end, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non- Expiring | |||
MSCI All Country World Minimum Volatility | $ | 5,163,254 | ||
MSCI Emerging Markets EMEA | 138,849 | |||
MSCI World | 82,372 |
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.
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iSHARES®, INC.
As of February 28, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI All Country World Minimum Volatility | $ | 1,622,467,166 | $ | 257,681,080 | $ | (24,374,359 | ) | $ | 233,306,721 | |||||||
MSCI Emerging Markets EMEA | 10,307,957 | 933,193 | (2,304,182 | ) | (1,370,989 | ) | ||||||||||
MSCI Emerging Markets Horizon | 2,433,067 | 78,405 | (205,398 | ) | (126,993 | ) | ||||||||||
MSCI Frontier 100 | 611,521,503 | 51,716,110 | (81,287,161 | ) | (29,571,051 | ) | ||||||||||
MSCI World | 218,254,111 | 22,563,838 | (7,983,760 | ) | 14,580,078 |
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
7. | LINE OF CREDIT |
The iShares MSCI Frontier 100 ETF, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. 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 securities of certain foreign markets.
For the six months ended February 28, 2015, the Fund’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $2,000,000, $77,348 and 1.16%, respectively.
8. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
NOTESTO FINANCIAL STATEMENTS | 65 |
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Board Review and Approval of Investment Advisory
Contract
iSHARES® , INC.
iShares MSCI Emerging Markets Horizon 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 proposed 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 September 10-11, 2014, the Board, including all of the Independent Directors, approved the selection of BFA as investment adviser and approved the proposed 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 Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review.
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 actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including a fund sponsored by an “at cost” service provider) (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.
The Board also noted that the proposed investment advisory fee rate and overall expenses for the Fund were lower than the median of the investment advisory fee rates 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 fund pricing, the Board concluded that the proposed investment advisory fee 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 acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years, including in such areas as investor education, product management, customized portfolio consulting support, capital markets support, and proprietary risk and performance analytics tools. 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 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
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Board Review and Approval of Investment Advisory
Contract (Continued)
iSHARES®, INC.
background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided throughout the previous year, 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 relationship 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 the Fund’s 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 noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and 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, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts that track the same underlying index that serves as the underlying index for the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares Funds, including in terms of the different, generally more extensive services to be provided to the iShares funds, as well as other significant differences in the approach of BFA and its affiliates to the iShares funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the 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.
BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT | 67 |
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Board Review and Approval of Investment Advisory
Contract (Continued)
iSHARES®, INC.
Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider the “fallout” benefits or 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 does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, 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 the existence of any such ancillary benefits 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.
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Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI All Country World Minimum Volatility | $ | 0.643163 | $ | — | $ | 0.092377 | $ | 0.735540 | 87 | % | — | % | 13 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets EMEA | 0.782420 | — | 0.056405 | 0.838825 | 93 | — | 7 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Horizon | 0.064904 | — | 0.020856 | 0.085760 | 76 | — | 24 | 100 | ||||||||||||||||||||||||
MSCI Frontier 100 | 0.125389 | 2.823146 | 0.028879 | 2.977414 | 4 | 95 | 1 | 100 | ||||||||||||||||||||||||
MSCI World | 0.654846 | — | 0.022217 | 0.677063 | 97 | — | 3 | 100 |
SUPPLEMENTAL INFORMATION | 69 |
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Notes:
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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 basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-811-0215
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Table of Contents
FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
iShares, Inc.
Ø | iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca |
Ø | iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca |
Ø | iShares MSCI Global Gold Miners ETF | RING | NYSE Arca |
Ø | iShares MSCI Global Metals & Mining Producers ETF | PICK | NYSE Arca |
Ø | iShares MSCI Global Silver Miners ETF | SLVP | NYSE Arca |
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iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS ETF
Performance as of February 28, 2015
The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was 1.59%, net of fees, while the total return for the Index was 1.50%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 6.90% | 6.23% | 6.77% | 6.90% | 6.23% | 6.77% | ||||||||||||||||||||
Since Inception | 4.96% | 4.80% | 5.12% | 16.07% | 15.54% | 16.65% |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 1,015.90 | $ | 1.90 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.91 | 0.38% |
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). See “Shareholder Expenses” on page 10 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector/Investment Type | Percentage of Total Investments* |
Materials | 52.15 | % | ||
Food, Beverage & Tobacco | 29.67 | |||
Capital Goods | 17.35 | |||
Investment Companies | 0.83 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
United States | 48.33 | % | ||
Canada | 12.00 | |||
Switzerland | 8.30 | |||
Japan | 6.52 | |||
Norway | 4.25 | |||
Malaysia | 2.61 | |||
Singapore | 2.06 | |||
Italy | 1.97 | |||
Germany | 1.89 | |||
China | 1.74 | |||
|
| |||
TOTAL | 89.67 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 5 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI GLOBAL ENERGY PRODUCERS ETF
Performance as of February 28, 2015
The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -22.40%, net of fees, while the total return for the Index was -22.49%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (13.78)% | (13.34)% | (13.74)% | (13.78)% | (13.34)% | (13.74)% | ||||||||||||||||||||
Since Inception | (2.08)% | (1.90)% | (2.12)% | (6.26)% | (5.75)% | (6.38)% |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 776.00 | $ | 1.72 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39% |
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). See “Shareholder Expenses” on page 10 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Integrated Oil & Gas | 62.26 | % | ||
Oil & Gas Exploration & Production | 29.26 | |||
Oil & Gas Refining & Marketing | 6.84 | |||
Coal & Consumable Fuels | 1.64 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
United States | 52.24 | % | ||
United Kingdom | 17.48 | |||
Canada | 8.81 | |||
France | 5.07 | |||
China | 2.96 | |||
Russia | 2.22 | |||
Italy | 2.11 | |||
Australia | 1.35 | |||
Japan | 1.16 | |||
Brazil | 1.08 | |||
|
| |||
TOTAL | 94.48 | % | ||
|
|
* | Excludes money market funds. |
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI GLOBAL GOLD MINERS ETF
Performance as of February 28, 2015
The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -22.13%, net of fees, while the total return for the Index was -22.09%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (19.75)% | (19.64)% | (19.64)% | (19.75)% | (19.64)% | (19.64)% | ||||||||||||||||||||
Since Inception | (28.18)% | (28.12)% | (28.07)% | (63.91)% | (63.83)% | (63.79)% |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 778.70 | $ | 1.72 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39% |
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). See “Shareholder Expenses” on page 10 for more information. |
COUNTRY ALLOCATION
As of 2/28/15
Country | Percentage of Total Investments* |
Canada | 57.28 | % | ||
United States | 12.60 | |||
South Africa | 12.26 | |||
Australia | 6.21 | |||
United Kingdom | 6.18 | |||
Peru | 2.60 | |||
Hong Kong | 1.25 | |||
Turkey | 0.91 | |||
China | 0.71 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Goldcorp Inc. (Canada) | 15.46 | % | ||
Barrick Gold Corp. (Canada) | 12.61 | |||
Newmont Mining Corp. | 10.66 | |||
Newcrest Mining Ltd. (Australia) | 6.21 | |||
Randgold Resources Ltd. (United Kingdom) | 4.51 | |||
Agnico Eagle Mines Ltd. (Canada) | 4.48 | |||
Eldorado Gold Corp. (Canada) | 4.47 | |||
Yamana Gold Inc. (Canada) | 4.26 | |||
AngloGold Ashanti Ltd. (South Africa) | 4.11 | |||
Gold Fields Ltd. (South Africa) | 4.07 | |||
|
| |||
TOTAL | 70.84 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 7 |
Table of Contents
Fund Performance Overview
iSHARES® MSCI GLOBAL METALS & MINING PRODUCERS ETF
Performance as of February 28, 2015
The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -19.46%, net of fees, while the total return for the Index was -19.34%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (15.11)% | (15.36)% | (14.94)% | (15.11)% | (15.36)% | (14.94)% | ||||||||||||||||||||
Since Inception | (11.01)% | (10.86)% | (10.99)% | (30.18)% | (29.81)% | (30.17)% |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 805.40 | $ | 1.75 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39% |
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). See “Shareholder Expenses” on page 10 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Diversified Metals & Mining | 61.46 | % | ||
Steel | 31.26 | |||
Aluminum | 5.09 | |||
Precious Metals & Minerals | 2.19 | |||
|
| |||
TOTAL | 100.00 | % | ||
| �� |
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
United Kingdom | 27.80 | % | ||
Australia | 17.44 | |||
United States | 12.93 | |||
Japan | 9.41 | |||
Canada | 4.25 | |||
Brazil | 4.08 | |||
South Korea | 3.73 | |||
Germany | 2.17 | |||
Russia | 2.02 | |||
Taiwan | 1.96 | |||
|
| |||
TOTAL | 85.79 | % | ||
|
|
* | Excludes money market funds. |
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Fund Performance Overview
iSHARES® MSCI GLOBAL SILVER MINERS ETF
Performance as of February 28, 2015
The iShares MSCI Global Silver Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -25.05%, net of fees, while the total return for the Index was -25.14%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | (27.33)% | (27.57)% | (27.28)% | (27.33)% | (27.57)% | (27.28)% | ||||||||||||||||||||
Since Inception | (25.92)% | (25.87)% | (25.83)% | (60.30)% | (60.22)% | (60.20)% |
The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 749.50 | $ | 1.69 | $ | 1,000.00 | $ | 1,022.90 | $ | 1.96 | 0.39% |
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). See “Shareholder Expenses” on page 10 for more information. |
COUNTRY ALLOCATION
As of 2/28/15
Country | Percentage of Total Investments* |
Canada | 57.68 | % | ||
United States | 12.21 | |||
United Kingdom | 11.16 | |||
Mexico | 8.99 | |||
Peru | 5.82 | |||
Hong Kong | 4.00 | |||
Australia | 0.14 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST FUND HOLDINGS
As of 2/28/15
Security | Percentage of Total Investments* |
Silver Wheaton Corp. (Canada) | 22.41 | % | ||
Industrias Penoles SAB de CV (Mexico) | 8.99 | |||
Fresnillo PLC (United Kingdom) | 8.55 | |||
Cia. de Minas Buenaventura SAA ADR (Peru) | 5.82 | |||
Tahoe Resources Inc. (Canada) | 4.79 | |||
Hecla Mining Co. | 4.67 | |||
G-Resources Group Ltd. (Hong Kong) | 4.00 | |||
First Majestic Silver Corp. (Canada) | 3.87 | |||
Pan American Silver Corp. (Canada) | 3.87 | |||
Coeur Mining Inc. | 3.49 | |||
|
| |||
TOTAL | 70.46 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEWS | 9 |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on September 1, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 98.24% |
| |||||||
AUSTRALIA — 0.84% |
| |||||||
Australian Agricultural Co. Ltd.a | 40,230 | $ | 50,384 | |||||
GrainCorp Ltd. Class A | 18,840 | 145,553 | ||||||
Nufarm Ltd./Australia | 18,660 | 106,040 | ||||||
Tassal Group Ltd. | 14,580 | 42,797 | ||||||
|
| |||||||
344,774 | ||||||||
BRAZIL — 0.27% |
| |||||||
Sao Martinho SA | 4,100 | 54,488 | ||||||
SLC Agricola SA | 6,000 | 28,979 | ||||||
Tereos Internacional SA | 39,000 | 13,776 | ||||||
Vanguarda Agro SAa | 39,195 | 12,842 | ||||||
|
| |||||||
110,085 | ||||||||
CANADA — 11.96% |
| |||||||
Ag Growth International Inc. | 1,470 | 63,726 | ||||||
Agrium Inc. | 14,910 | 1,724,027 | ||||||
Clearwater Seafoods Inc. | 2,070 | 23,093 | ||||||
Potash Corp. of Saskatchewan Inc. | 86,010 | 3,089,375 | ||||||
Rogers Sugar Inc.b | 8,790 | 32,945 | ||||||
|
| |||||||
4,933,166 | ||||||||
CHILE — 0.11% |
| |||||||
Empresas Aquachile SAa | 43,425 | 30,587 | ||||||
Multiexport Foods SAa | 70,140 | 16,324 | ||||||
|
| |||||||
46,911 | ||||||||
CHINA — 1.73% |
| |||||||
Asian Citrus Holdings Ltd.a | 90,000 | 9,864 | ||||||
Century Sunshine Group Holdings Ltd. | 150,000 | 14,313 | ||||||
China Agri-Industries Holdings Ltd.b | 211,200 | 84,965 | ||||||
China BlueChemical Ltd. Class H | 180,000 | 72,414 | ||||||
China Huishan Dairy Holdings Co. Ltd. | 600,000 | 103,669 | ||||||
China Modern Dairy Holdings Ltd.a | 191,000 | 69,204 | ||||||
First Tractor Co. Ltd. Class Hb | 60,000 | 42,396 | ||||||
Hubei Sanonda Co. Ltd. Class B | 18,000 | 21,121 | ||||||
Sinofert Holdings Ltd.a | 240,000 | 54,155 | ||||||
WH Group Ltd.a,c | 375,000 | 207,918 | ||||||
YuanShengTai Dairy Farm Ltd.a,b | 270,000 | 35,162 | ||||||
|
| |||||||
715,181 | ||||||||
DENMARK — 0.17% |
| |||||||
Auriga Industries A/S Class Ba | 1,530 | 71,292 | ||||||
|
| |||||||
71,292 | ||||||||
FINLAND — 0.05% |
| |||||||
HKScan OYJ Class A | 3,090 | 19,132 | ||||||
|
| |||||||
19,132 |
Security | Shares | Value | ||||||
FRANCE — 0.22% |
| |||||||
Naturexb | 591 | $ | 37,116 | |||||
Vilmorin & Cie SA | 594 | 52,301 | ||||||
|
| |||||||
89,417 | ||||||||
GERMANY — 1.88% |
| |||||||
K+S AG Registered | 17,970 | 580,998 | ||||||
KWS Saat AG | 210 | 64,069 | ||||||
Suedzucker AGb | 8,610 | 131,582 | ||||||
|
| |||||||
776,649 | ||||||||
INDONESIA — 1.15% |
| |||||||
Astra Agro Lestari Tbk PT | 42,000 | 80,101 | ||||||
Charoen Pokphand Indonesia Tbk PT | 765,000 | 224,025 | ||||||
Eagle High Plantations Tbk PT | 1,308,000 | 37,039 | ||||||
Japfa Comfeed Indonesia Tbk PT | 519,000 | 36,139 | ||||||
Malindo Feedmill Tbk PT | 92,300 | 15,282 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 318,000 | 46,254 | ||||||
Salim Ivomas Pratama Tbk PT | 420,000 | 24,209 | ||||||
Sampoerna Agro PT | 68,300 | 10,886 | ||||||
|
| |||||||
473,935 | ||||||||
IRELAND — 0.07% |
| |||||||
Origin Enterprises PLCa | 3,030 | 28,888 | ||||||
|
| |||||||
28,888 | ||||||||
ISRAEL — 1.01% |
| |||||||
Israel Chemicals Ltd. | 45,900 | 320,572 | ||||||
Israel Corp. Ltd. (The) | 281 | 95,485 | ||||||
|
| |||||||
416,057 | ||||||||
ITALY — 1.97% |
| |||||||
CNH Industrial NV | 97,800 | 811,760 | ||||||
|
| |||||||
811,760 | ||||||||
JAPAN — 6.50% |
| |||||||
Hokuto Corp. | 4,100 | 84,096 | ||||||
Iseki & Co. Ltd. | 30,000 | 60,730 | ||||||
Kubota Corp. | 120,000 | 1,951,901 | ||||||
Maruha Nichiro Corp. | 6,000 | 89,138 | ||||||
Mitsui Sugar Co. Ltd. | 11,000 | 39,107 | ||||||
NH Foods Ltd. | 14,000 | 318,893 | ||||||
Nihon Nohyaku Co. Ltd. | 6,000 | 70,166 | ||||||
Nippon Beet Sugar Manufacturing Co. Ltd. | 11,000 | 19,231 | ||||||
Sakata Seed Corp. | 3,000 | 48,383 | ||||||
|
| |||||||
2,681,645 | ||||||||
MALAYSIA — 2.60% |
| |||||||
Boustead Plantations Bhd | 45,000 | 18,230 |
SCHEDULESOF INVESTMENTS | 11 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
Felda Global Ventures Holdings Bhd | 135,000 | $ | 86,903 | |||||
Genting Plantations Bhd | 24,000 | 69,256 | ||||||
IJM Plantations Bhd | 36,000 | 37,958 | ||||||
IOI Corp. Bhd | 294,000 | 384,223 | ||||||
Kim Loong Resources Bhd | 15,000 | 10,905 | ||||||
Kuala Lumpur Kepong Bhd | 48,000 | 302,331 | ||||||
QL Resources Bhd | 55,450 | 58,004 | ||||||
Rimbunan Sawit Bhda | 82,100 | 13,440 | ||||||
Sarawak Oil Palms Bhd | 15,000 | 23,099 | ||||||
TDM Bhd | 62,200 | 14,929 | ||||||
TH Plantations Bhd | 33,000 | 14,925 | ||||||
TSH Resources Bhd | 63,000 | 39,506 | ||||||
|
| |||||||
1,073,709 | ||||||||
MEXICO — 0.44% |
| |||||||
Grupo Lala SAB de CV | 66,000 | 131,629 | ||||||
Industrias Bachoco SAB de CV Series Ba | 12,000 | 51,108 | ||||||
|
| |||||||
182,737 | ||||||||
NETHERLANDS — 0.88% |
| |||||||
Nutreco NV | 7,200 | 364,989 | ||||||
|
| |||||||
364,989 | ||||||||
NORWAY — 4.24% |
| |||||||
Austevoll Seafood ASA | 9,420 | 57,284 | ||||||
Bakkafrost P/F | 3,900 | 90,980 | ||||||
Leroy Seafood Group ASA | 2,220 | 76,519 | ||||||
Marine Harvest ASA | 31,860 | 403,978 | ||||||
Salmar ASA | 5,340 | 87,831 | ||||||
Yara International ASA | 18,630 | 1,030,354 | ||||||
|
| |||||||
1,746,946 | ||||||||
POLAND — 0.38% |
| |||||||
Grupa Azoty SA | 5,250 | 109,253 | ||||||
Kernel Holding SAa | 5,430 | 46,960 | ||||||
|
| |||||||
156,213 | ||||||||
RUSSIA — 0.99% |
| |||||||
Acron JSC | 872 | 35,210 | ||||||
Uralkali PJSC | 67,200 | 185,899 | ||||||
Uralkali PJSC GDRd | 13,440 | 188,429 | ||||||
|
| |||||||
409,538 | ||||||||
SINGAPORE — 2.06% |
| |||||||
Bumitama Agri Ltd.b | 41,000 | 31,351 | ||||||
First Resources Ltd.b | 60,000 | 81,391 | ||||||
GMG Global Ltd.b | 450,000 | 19,521 | ||||||
Golden Agri-Resources Ltd. | 720,000 | 214,396 | ||||||
Indofood Agri Resources Ltd. | 60,000 | 30,880 |
Security | Shares | Value | ||||||
Japfa Ltd.a | 39,000 | $ | 15,197 | |||||
Wilmar International Ltd. | 191,000 | 454,996 | ||||||
|
| |||||||
847,732 | ||||||||
SOUTH AFRICA — 0.69% |
| |||||||
Astral Foods Ltd. | 4,200 | 62,955 | ||||||
Illovo Sugar Ltd. | 21,480 | 45,511 | ||||||
Oceana Group Ltd. | 3,060 | 28,885 | ||||||
Tongaat Hulett Ltd. | 11,100 | 146,940 | ||||||
|
| |||||||
284,291 | ||||||||
SOUTH KOREA — 0.34% |
| |||||||
Dongwon Industries Co. Ltd. | 120 | 35,807 | ||||||
Farmscoa | 1,260 | 15,900 | ||||||
Harim Co. Ltd.a | 3,881 | 17,928 | ||||||
Namhae Chemical Corp. | 2,820 | 22,585 | ||||||
Nong Woo Bio Co. Ltd. | 870 | 18,113 | ||||||
Silla Co. Ltd. | 710 | 14,005 | ||||||
TS Corp./Korea | 600 | 14,377 | ||||||
|
| |||||||
138,715 | ||||||||
SPAIN — 0.00% |
| |||||||
Pescanova SAa | 414 | — | ||||||
|
| |||||||
— | ||||||||
SWEDEN — 0.25% |
| |||||||
Cloetta AB Class Ba | 24,300 | 74,875 | ||||||
Scandi Standard ABa,b | 4,410 | 27,758 | ||||||
|
| |||||||
102,633 | ||||||||
SWITZERLAND — 8.27% |
| |||||||
Syngenta AG Registered | 9,630 | 3,411,133 | ||||||
|
| |||||||
3,411,133 | ||||||||
TAIWAN — 0.30% |
| |||||||
Taiwan Fertilizer Co. Ltd. | 71,000 | 123,213 | ||||||
|
| |||||||
123,213 | ||||||||
THAILAND — 0.68% |
| |||||||
Charoen Pokphand Foods PCL NVDR | 277,100 | 204,847 | ||||||
GFPT PCL NVDR | 58,100 | 24,261 | ||||||
Kaset Thai International Sugar Corp. PCL NVDR | 72,000 | 23,606 | ||||||
Khon Kaen Sugar Industry PCL NVDR | 76,100 | 29,188 | ||||||
|
| |||||||
281,902 | ||||||||
TURKEY — 0.06% |
| |||||||
Gubre Fabrikalari TAS | 9,210 | 22,997 | ||||||
|
| |||||||
22,997 | ||||||||
UNITED STATES — 48.13% |
| |||||||
AGCO Corp. | 9,120 | 453,629 | ||||||
Alico Inc. | 420 | 19,181 |
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL AGRICULTURE PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
American Vanguard Corp. | 3,210 | $ | 36,177 | |||||
Archer-Daniels-Midland Co. | 66,690 | 3,193,117 | ||||||
Bunge Ltd. | 14,940 | 1,221,793 | ||||||
Cal-Maine Foods Inc. | 3,030 | 114,019 | ||||||
CF Industries Holdings Inc. | 5,160 | 1,580,147 | ||||||
Darling Ingredients Inc.a | 16,920 | 294,746 | ||||||
Deere & Co. | 35,130 | 3,182,778 | ||||||
Fresh Del Monte Produce Inc. | 4,590 | 161,614 | ||||||
Ingredion Inc. | 7,590 | 623,974 | ||||||
Intrepid Potash Inc.a | 6,330 | 89,380 | ||||||
Lindsay Corp. | 1,350 | 118,233 | ||||||
Monsanto Co. | 50,220 | 6,047,994 | ||||||
Mosaic Co. (The) | 33,210 | 1,768,764 | ||||||
Sanderson Farms Inc. | 2,190 | 186,610 | ||||||
Scotts Miracle-Gro Co. (The) Class A | 4,770 | 312,483 | ||||||
Titan International Inc. | 6,120 | 61,078 | ||||||
Toro Co. (The) | 5,700 | 385,605 | ||||||
|
| |||||||
19,851,322 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $40,764,885) |
| 40,516,962 | ||||||
INVESTMENT COMPANIES — 0.83% |
| |||||||
INDIA — 0.83% | ||||||||
iShares India 50 ETFe | 10,251 | 340,026 | ||||||
|
| |||||||
340,026 | ||||||||
|
| |||||||
TOTAL INVESTMENT COMPANIES |
| |||||||
(Cost: $253,657) |
| 340,026 | ||||||
PREFERRED STOCKS — 0.63% |
| |||||||
CHILE — 0.63% | ||||||||
Sociedad Quimica y Minera de Chile SA Series B | 10,050 | 258,306 | ||||||
|
| |||||||
258,306 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $274,594) |
| 258,306 | ||||||
SHORT-TERM INVESTMENTS — 1.26% |
| |||||||
MONEY MARKET FUNDS — 1.26% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%e,f,g | 473,329 | 473,329 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%e,f,g | 27,625 | 27,625 |
Security | Shares | Value | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%e,f | 19,954 | $ | 19,954 | |||||
|
| |||||||
520,908 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $520,908) |
| 520,908 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $41,814,044) |
| 41,636,202 | ||||||
Other Assets, Less Liabilities — (0.96)% |
| (394,175 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 41,242,027 | |||||
|
|
GDR — Global Depositary Receipts
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 1. |
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 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 13 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 98.60% |
| |||||||
AUSTRALIA — 1.35% |
| |||||||
AWE Ltd.a,b | 6,097 | $ | 5,918 | |||||
Beach Energy Ltd. | 14,366 | 11,920 | ||||||
Drillsearch Energy Ltd.a | 5,278 | 4,049 | ||||||
Karoon Gas Australia Ltd.a,b | 3,406 | 6,985 | ||||||
Santos Ltd. | 11,895 | 73,928 | ||||||
Senex Energy Ltd.a,b | 8,347 | 2,221 | ||||||
Sundance Energy Australia Ltd.a,b | 13,455 | 5,845 | ||||||
Whitehaven Coal Ltd.a,b | 8,840 | 11,140 | ||||||
Woodside Petroleum Ltd. | 9,282 | 255,600 | ||||||
|
| |||||||
377,606 | ||||||||
AUSTRIA — 0.20% |
| |||||||
OMV AG | 1,924 | 55,559 | ||||||
|
| |||||||
55,559 | ||||||||
BRAZIL — 0.47% |
| |||||||
Petroleo Brasileiro SA | 37,700 | 124,992 | ||||||
QGEP Participacoes SA | 2,600 | 6,229 | ||||||
|
| |||||||
131,221 | ||||||||
CANADA — 8.75% |
| |||||||
Advantage Oil & Gas Ltd.a | 2,249 | 11,689 | ||||||
ARC Resources Ltd. | 3,809 | 73,669 | ||||||
Bankers Petroleum Ltd.a | 2,743 | 6,634 | ||||||
Baytex Energy Corp. | 1,991 | 32,544 | ||||||
Bellatrix Exploration Ltd.a,b | 2,964 | 8,593 | ||||||
Birchcliff Energy Ltd.a,b | 1,365 | 7,543 | ||||||
BlackPearl Resources Inc.a | 3,263 | 2,273 | ||||||
Bonavista Energy Corp. | 2,028 | 11,629 | ||||||
Bonterra Energy Corp. | 364 | 12,655 | ||||||
Cameco Corp. | 4,667 | 72,136 | ||||||
Canadian Natural Resources Ltd. | 13,494 | 392,938 | ||||||
Canadian Oil Sands Ltd. | 5,733 | 51,469 | ||||||
Cenovus Energy Inc. | 9,425 | 162,814 | ||||||
Crescent Point Energy Corp. | 5,200 | 128,475 | ||||||
Crew Energy Inc.a | 2,301 | 10,541 | ||||||
DeeThree Exploration Ltd.a | 1,092 | 5,720 | ||||||
Denison Mines Corp.a,b | 3,497 | 3,137 | ||||||
Encana Corp. | 9,126 | 119,059 | ||||||
Enerplus Corp. | 2,730 | 27,526 | ||||||
Freehold Royalties Ltd. | 664 | 10,077 | ||||||
Husky Energy Inc. | 4,290 | 96,509 | ||||||
Imperial Oil Ltd. | 3,588 | 138,618 | ||||||
Ithaca Energy Inc.a | 3,497 | 2,296 | ||||||
Kelt Exploration Ltd.a | 1,092 | 7,128 |
Security | Shares | Value | ||||||
Long Run Exploration Ltd. | 1,482 | $ | 1,317 | |||||
MEG Energy Corp.a,b | 2,002 | 33,526 | ||||||
NuVista Energy Ltd.a | 1,898 | 12,449 | ||||||
Painted Pony Petroleum Ltd.a | 1,261 | 7,089 | ||||||
Paramount Resources Ltd. Class Aa,b | 884 | 22,025 | ||||||
Parex Resources Inc.a | 1,300 | 8,194 | ||||||
Pengrowth Energy Corp. | 7,307 | 24,227 | ||||||
Penn West Petroleum Ltd.b | 5,850 | 11,759 | ||||||
Peyto Exploration & Development Corp. | 1,820 | 50,957 | ||||||
PrairieSky Royalty Ltd. | 1,573 | 39,834 | ||||||
Raging River Exploration Inc.a | 2,509 | 15,673 | ||||||
RMP Energy Inc.a | 1,703 | 6,233 | ||||||
Suncor Energy Inc. | 18,044 | 542,339 | ||||||
Surge Energy Inc. | 3,536 | 8,892 | ||||||
Talisman Energy Inc. | 12,558 | 97,857 | ||||||
TORC Oil & Gas Ltd. | 1,014 | 7,349 | ||||||
Tourmaline Oil Corp.a | 2,132 | 66,351 | ||||||
TransGlobe Energy Corp. | 754 | 2,204 | ||||||
Trilogy Energy Corp.b | 1,157 | 6,848 | ||||||
Twin Butte Energy Ltd. | 3,900 | 2,780 | ||||||
Vermilion Energy Inc. | 1,365 | 61,459 | ||||||
Whitecap Resources Inc. | 2,873 | 31,062 | ||||||
|
| |||||||
2,456,096 | ||||||||
CHINA — 2.94% |
| |||||||
China Coal Energy Co. Ltd. Class Hb | 52,000 | 28,027 | ||||||
China Shenhua Energy Co. Ltd. Class H | 39,000 | 102,083 | ||||||
CNOOC Ltd. | 221,000 | 317,446 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 100 | 136 | ||||||
Kunlun Energy Co. Ltd.b | 52,000 | 51,159 | ||||||
MIE Holdings Corp.b | 26,000 | 2,917 | ||||||
PetroChina Co. Ltd. Class H | 260,000 | 301,723 | ||||||
Yanzhou Coal Mining Co. Ltd. Class Hb | 26,000 | 21,456 | ||||||
|
| |||||||
824,947 | ||||||||
COLOMBIA — 0.20% |
| |||||||
Ecopetrol SA | 68,094 | 56,923 | ||||||
|
| |||||||
56,923 | ||||||||
FINLAND — 0.15% |
| |||||||
Neste Oil OYJ | 1,586 | 41,431 | ||||||
|
| |||||||
41,431 | ||||||||
FRANCE — 5.04% |
| |||||||
Etablissements Maurel et Proma | 962 | 8,288 |
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
MPI | 2,314 | $ | 8,383 | |||||
Total SA | 25,844 | 1,398,232 | ||||||
|
| |||||||
1,414,903 | ||||||||
GREECE — 0.01% |
| |||||||
Motor Oil Hellas Corinth Refineries SA | 176 | 1,579 | ||||||
|
| |||||||
1,579 | ||||||||
HUNGARY — 0.09% |
| |||||||
MOL Hungarian Oil & Gas PLC | 559 | 24,808 | ||||||
|
| |||||||
24,808 | ||||||||
INDIA — 1.03% |
| |||||||
Reliance Industries Ltd. GDRc | 10,322 | 287,984 | ||||||
|
| |||||||
287,984 | ||||||||
INDONESIA — 0.20% |
| |||||||
Adaro Energy Tbk PT | 163,800 | 12,166 | ||||||
Energi Mega Persada Tbk PTa | 1,006,200 | 7,474 | ||||||
Indo Tambangraya Megah Tbk PT | 6,500 | 8,499 | ||||||
Medco Energi Internasional Tbk PT | 23,400 | 5,431 | ||||||
Sugih Energy Tbk PTa | 401,700 | 12,929 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 13,000 | 10,737 | ||||||
|
| |||||||
57,236 | ||||||||
ISRAEL — 0.04% |
| |||||||
Naphtha Israel Petroleum Corp. Ltd.a | 794 | 4,400 | ||||||
Oil Refineries Ltd.a | 18,916 | 5,806 | ||||||
|
| |||||||
10,206 | ||||||||
ITALY — 2.10% |
| |||||||
Eni SpA | 30,732 | 574,969 | ||||||
ERG SpA | 702 | 8,858 | ||||||
Saras SpAa | 3,783 | 5,372 | ||||||
|
| |||||||
589,199 | ||||||||
JAPAN — 1.16% |
| |||||||
Cosmo Oil Co. Ltd. | 13,000 | 18,704 | ||||||
Idemitsu Kosan Co. Ltd. | 1,300 | 22,869 | ||||||
INPEX Corp. | 11,700 | 138,830 | ||||||
Japan Petroleum Exploration Co. Ltd. | 100 | 3,354 | ||||||
JX Holdings Inc. | 28,600 | 116,008 | ||||||
Showa Shell Sekiyu KK | 2,600 | 24,925 | ||||||
|
| |||||||
324,690 | ||||||||
NORWAY — 1.02% |
| |||||||
Det Norske Oljeselskap ASAa,b | 1,274 | 6,522 | ||||||
DNO ASAa,b | 7,488 | 14,700 | ||||||
Statoil ASA | 13,949 | 264,163 | ||||||
|
| |||||||
285,385 |
Security | Shares | Value | ||||||
POLAND — 0.29% |
| |||||||
Grupa Lotos SAa | 1,456 | $ | 10,247 | |||||
Lubelski Wegiel Bogdanka SA | 416 | 10,941 | ||||||
Polski Koncern Naftowy Orlen SA | 4,069 | 60,054 | ||||||
|
| |||||||
81,242 | ||||||||
PORTUGAL — 0.20% |
| |||||||
Galp Energia SGPS SA | 4,654 | 54,838 | ||||||
|
| |||||||
54,838 | ||||||||
RUSSIA — 2.01% |
| |||||||
Lukoil OAO | 3,045 | 147,560 | ||||||
Lukoil OAO ADR (London) | 3,045 | 147,378 | ||||||
NOVATEK OAO GDRd | 1,157 | 97,014 | ||||||
Rosneft OAO | 9,280 | 39,911 | ||||||
Surgutneftegas OAO | 41,600 | 23,484 | ||||||
Surgutneftegas OAO ADR | 4,160 | 23,109 | ||||||
Tatneft OAO Class S | 16,900 | 87,174 | ||||||
|
| |||||||
565,630 | ||||||||
SOUTH AFRICA — 0.08% |
| |||||||
Exxaro Resources Ltd. | 2,301 | 22,562 | ||||||
|
| |||||||
22,562 | ||||||||
SOUTH KOREA — 0.39% |
| |||||||
S-Oil Corp. | 663 | 39,144 | ||||||
SK Innovation Co. Ltd.a | 754 | 71,103 | ||||||
|
| |||||||
110,247 | ||||||||
SPAIN — 0.87% |
| |||||||
Repsol SA | 12,642 | 244,958 | ||||||
|
| |||||||
244,958 | ||||||||
SWEDEN — 0.13% |
| |||||||
Lundin Petroleum ABa,b | 2,561 | 37,736 | ||||||
|
| |||||||
37,736 | ||||||||
THAILAND — 0.48% |
| |||||||
Bangchak Petroleum PCL (The) NVDRb | 6,500 | 6,786 | ||||||
Banpu PCL NVDR | 19,500 | 18,246 | ||||||
Esso Thailand PCL NVDRa | 41,600 | 8,299 | ||||||
IRPC PCL NVDR | 193,700 | 26,721 | ||||||
PTT Exploration & Production PCL NVDR | 15,631 | 54,634 | ||||||
Thai Oil PCL NVDR | 13,000 | 21,110 | ||||||
|
| |||||||
135,796 | ||||||||
TURKEY — 0.11% |
| |||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,482 | 31,231 | ||||||
|
| |||||||
31,231 |
SCHEDULESOF INVESTMENTS | 15 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
UNITED KINGDOM — 17.37% |
| |||||||
Afren PLCa,b | 12,272 | $ | 1,632 | |||||
Amerisur Resources PLCa | 16,952 | 8,645 | ||||||
Anglo Pacific Group PLC | 1,378 | 1,970 | ||||||
BG Group PLC | 41,379 | 612,613 | ||||||
BP PLC | 222,703 | 1,542,031 | ||||||
Cairn Energy PLCa | 6,565 | 20,646 | ||||||
EnQuest PLCa | 11,479 | 7,406 | ||||||
Faroe Petroleum PLCa | 2,132 | 2,471 | ||||||
Hargreaves Services PLC | 351 | 2,577 | ||||||
Ophir Energy PLCa | 6,266 | 13,489 | ||||||
Premier Oil PLC | 6,409 | 16,689 | ||||||
Royal Dutch Shell PLC Class A | 47,684 | 1,560,771 | ||||||
Royal Dutch Shell PLC Class B | 29,525 | 1,006,324 | ||||||
SOCO International PLCa | 2,821 | 12,229 | ||||||
Tullow Oil PLC | 11,206 | 67,072 | ||||||
|
| |||||||
4,876,565 | ||||||||
UNITED STATES — 51.92% |
| |||||||
Abraxas Petroleum Corp.a | 2,548 | 7,771 | ||||||
Alpha Natural Resources Inc.a | 3,497 | 4,441 | ||||||
Anadarko Petroleum Corp. | 6,175 | 520,120 | ||||||
Antero Resources Corp.a | 637 | 25,130 | ||||||
Apache Corp. | 4,745 | 312,411 | ||||||
Arch Coal Inc.a | 3,523 | 4,615 | ||||||
Bill Barrett Corp.a | 611 | 6,134 | ||||||
Bonanza Creek Energy Inc.a | 377 | 10,160 | ||||||
Cabot Oil & Gas Corp. | 5,174 | 150,046 | ||||||
California Resources Corp.a | 3,822 | 27,366 | ||||||
Callon Petroleum Co.a | 1,287 | 9,421 | ||||||
Carrizo Oil & Gas Inc.a | 598 | 28,459 | ||||||
Chesapeake Energy Corp. | 6,526 | 108,854 | ||||||
Chevron Corp. | 22,919 | 2,444,999 | ||||||
Cimarex Energy Co. | 1,118 | 122,622 | ||||||
Clayton Williams Energy Inc.a | 78 | 3,827 | ||||||
Cloud Peak Energy Inc.a | 429 | 3,556 | ||||||
Cobalt International Energy Inc.a | 3,510 | 35,942 | ||||||
Comstock Resources Inc. | 546 | 2,839 | ||||||
Concho Resources Inc.a | 1,404 | 152,924 | ||||||
ConocoPhillips | 14,937 | 973,892 | ||||||
CONSOL Energy Inc. | 2,834 | 91,255 | ||||||
Contango Oil & Gas Co.a | 286 | 6,730 | ||||||
Continental Resources Inc./OKa | 1,066 | 47,426 | ||||||
CVR Energy Inc. | 208 | 8,734 | ||||||
Delek U.S. Holdings Inc. | 611 | 22,778 | ||||||
Denbury Resources Inc. | 4,732 | 39,749 | ||||||
Devon Energy Corp. | 4,758 | 293,045 |
Security | Shares | Value | ||||||
Diamondback Energy Inc.a | 638 | $ | 45,432 | |||||
Energen Corp. | 871 | 56,301 | ||||||
EOG Resources Inc. | 6,708 | 601,842 | ||||||
EQT Corp. | 1,885 | 150,442 | ||||||
EXCO Resources Inc. | 1,912 | 4,015 | ||||||
Exxon Mobil Corp. | 51,547 | 4,563,971 | ||||||
Gulfport Energy Corp.a | 1,118 | 51,216 | ||||||
Halcon Resources Corp.a | 3,380 | 6,490 | ||||||
Hess Corp. | 3,367 | 252,794 | ||||||
HollyFrontier Corp. | 2,262 | 99,505 | ||||||
Kosmos Energy Ltd.a | 1,261 | 11,324 | ||||||
Laredo Petroleum Inc.a | 832 | 9,926 | ||||||
LinnCo LLC | 1,288 | 14,207 | ||||||
Magnum Hunter Resources Corp.a | 2,093 | 5,526 | ||||||
Marathon Oil Corp. | 8,476 | 236,141 | ||||||
Marathon Petroleum Corp. | 3,419 | 358,995 | ||||||
Matador Resources Co.a | 741 | 16,050 | ||||||
Memorial Resource Development Corp.a | 936 | 19,197 | ||||||
Murphy Oil Corp. | 2,223 | 113,129 | ||||||
Newfield Exploration Co.a | 1,586 | 52,386 | ||||||
Noble Energy Inc. | 4,316 | 203,845 | ||||||
Northern Oil and Gas Inc.a | 1,105 | 9,525 | ||||||
Oasis Petroleum Inc.a | 1,443 | 20,678 | ||||||
Occidental Petroleum Corp. | 9,399 | 731,994 | ||||||
Parsley Energy Inc. Class Aa | 351 | 5,226 | ||||||
PBF Energy Inc. | 1,066 | 33,227 | ||||||
PDC Energy Inc.a | 442 | 22,843 | ||||||
Peabody Energy Corp. | 3,562 | 28,140 | ||||||
Penn Virginia Corp.a | 858 | 5,697 | ||||||
Pioneer Natural Resources Co. | 1,833 | 279,569 | ||||||
QEP Resources Inc. | 2,106 | 45,237 | ||||||
Range Resources Corp. | 2,067 | 102,399 | ||||||
Rex Energy Corp.a | 429 | 2,102 | ||||||
Rosetta Resources Inc.a | 806 | 14,290 | ||||||
RSP Permian Inc.a | 468 | 12,711 | ||||||
Sanchez Energy Corp.a | 611 | 8,187 | ||||||
SandRidge Energy Inc.a | 4,264 | 7,547 | ||||||
SM Energy Co. | 897 | 43,522 | ||||||
Southwestern Energy Co.a | 4,511 | 113,136 | ||||||
Stone Energy Corp.a | 702 | 11,892 | ||||||
Synergy Resources Corp.a | 546 | 6,525 | ||||||
Tesoro Corp. | 1,573 | 144,464 | ||||||
Triangle Petroleum Corp.a | 1,313 | 6,513 | ||||||
Ultra Petroleum Corp.a | 1,859 | 30,246 | ||||||
VAALCO Energy Inc.a | 1,794 | 8,683 | ||||||
Valero Energy Corp. | 6,409 | 395,371 |
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL ENERGY PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
W&T Offshore Inc. | 780 | $ | 4,657 | |||||
Western Refining Inc. | 949 | 44,698 | ||||||
Whiting Petroleum Corp.a | 2,134 | 72,193 | ||||||
WPX Energy Inc.a | 2,314 | 24,945 | ||||||
|
| |||||||
14,574,197 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $28,614,440) |
| 27,674,775 | ||||||
PREFERRED STOCKS — 0.79% |
| |||||||
BRAZIL — 0.60% |
| |||||||
Petroleo Brasileiro SA | 50,700 | 169,688 | ||||||
|
| |||||||
169,688 | ||||||||
RUSSIA — 0.19% |
| |||||||
Surgutneftegas OAO | 83,200 | 52,089 | ||||||
|
| |||||||
52,089 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $342,117) |
| 221,777 | ||||||
WARRANTS — 0.00% |
| |||||||
UNITED STATES — 0.00% |
| |||||||
Magnum Hunter Resources Corp. (Expires 04/15/16)a | 50 | — | ||||||
|
| |||||||
— | ||||||||
|
| |||||||
TOTAL WARRANTS |
| |||||||
(Cost: $0) |
| — | ||||||
SHORT-TERM INVESTMENTS — 0.72% |
| |||||||
MONEY MARKET FUNDS — 0.72% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%e,f,g | 171,497 | 171,497 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%e,f,g | 10,009 | 10,009 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%e,f | 20,576 | 20,576 | ||||||
|
| |||||||
202,082 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $202,082) |
| 202,082 | ||||||
|
|
Value | ||||||
TOTAL INVESTMENTS |
| |||||
(Cost: $29,158,639) | $ | 28,098,634 | ||||
Other Assets, Less Liabilities — (0.11)% | (30,946 | ) | ||||
|
| |||||
NET ASSETS — 100.00% | $ | 28,067,688 | ||||
|
|
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
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 1. |
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 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 17 |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL GOLD MINERS ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 99.95% |
| |||||||
AUSTRALIA — 6.20% |
| |||||||
Newcrest Mining Ltd.a | 348,870 | $ | 3,929,593 | |||||
|
| |||||||
3,929,593 | ||||||||
CANADA — 57.25% | ||||||||
Agnico Eagle Mines Ltd. | 88,160 | 2,836,173 | ||||||
Alacer Gold Corp. | 296,380 | 643,247 | ||||||
Argonaut Gold Inc.a,b | 262,015 | 436,464 | ||||||
AuRico Gold Inc. | 232,435 | 820,917 | ||||||
Barrick Gold Corp. | 612,915 | 7,981,418 | ||||||
Centerra Gold Inc. | 166,170 | 813,117 | ||||||
China Gold International Resources Corp. Ltd.a | 275,065 | 407,536 | ||||||
Eldorado Gold Corp. | 490,535 | 2,832,465 | ||||||
Goldcorp Inc. | 443,990 | 9,789,008 | ||||||
Kinross Gold Corp.a | 798,225 | 2,250,232 | ||||||
Lake Shore Gold Corp.a | 580,725 | 530,194 | ||||||
New Gold Inc.a | 383,235 | 1,470,144 | ||||||
Primero Mining Corp.a,b | 184,150 | 654,808 | ||||||
Rio Alto Mining Ltd.a,b | 298,845 | 938,191 | ||||||
SEMAFO Inc.a | 261,000 | 808,930 | ||||||
Timmins Gold Corp.a | 403,970 | 352,643 | ||||||
Yamana Gold Inc. | 634,810 | 2,699,588 | ||||||
|
| |||||||
36,265,075 | ||||||||
CHINA — 0.71% | ||||||||
China Precious Metal Resources Holdings Co. Ltd.a,b | 5,801,000 | 448,794 | ||||||
|
| |||||||
448,794 | ||||||||
HONG KONG — 1.25% | ||||||||
G-Resources Group Ltd.a | 25,665,000 | 794,229 | ||||||
|
| |||||||
794,229 | ||||||||
PERU — 2.60% | ||||||||
Cia. de Minas Buenaventura SA ADR | 142,390 | 1,648,876 | ||||||
|
| |||||||
1,648,876 | ||||||||
SOUTH AFRICA — 12.26% | ||||||||
AngloGold Ashanti Ltd.a | 231,130 | 2,600,684 | ||||||
Gold Fields Ltd. | 554,045 | 2,579,806 | ||||||
Harmony Gold Mining Co. Ltd.a | 374,680 | 924,080 | ||||||
Sibanye Gold Ltd. | 627,125 | 1,658,090 | ||||||
|
| |||||||
7,762,660 | ||||||||
TURKEY — 0.91% | ||||||||
Koza Altin Isletmeleri AS | 65,105 | 574,684 | ||||||
|
| |||||||
574,684 |
Security | Shares | Value | ||||||
UNITED KINGDOM — 6.18% | ||||||||
Acacia Mining PLC | 15,660 | $ | 66,601 | |||||
Centamin PLC | 974,835 | 991,283 | ||||||
Randgold Resources Ltd. | 35,670 | 2,855,443 | ||||||
|
| |||||||
3,913,327 | ||||||||
UNITED STATES — 12.59% | ||||||||
Allied Nevada Gold Corp.a | 385,265 | 385,265 | ||||||
Gold Resource Corp. | 113,100 | 391,326 | ||||||
McEwen Mining Inc.a | 402,085 | 454,356 | ||||||
Newmont Mining Corp. | 256,215 | 6,746,141 | ||||||
|
| |||||||
7,977,088 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $78,454,539) | 63,314,326 | |||||||
SHORT-TERM INVESTMENTS — 0.65% |
| |||||||
MONEY MARKET FUNDS — 0.65% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.16%c,d,e | 358,770 | 358,770 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%c,d,e | 20,939 | 20,939 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%c,d | 29,164 | 29,164 | ||||||
|
| |||||||
408,873 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $408,873) | 408,873 | |||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $78,863,412) | 63,723,199 | |||||||
Other Assets, Less Liabilities — (0.60)% |
| (380,428 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% | $ | 63,342,771 | ||||||
|
|
ADR — American Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL METALS & MINING PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 97.25% | ||||||||
AUSTRALIA — 17.40% | ||||||||
Alumina Ltd.a | 693,843 | $ | 999,314 | |||||
Arrium Ltd. | 834,470 | 143,700 | ||||||
Atlas Iron Ltd.b | 242,795 | 36,109 | ||||||
BC Iron Ltd.b | 43,365 | 16,633 | ||||||
BHP Billiton Ltd. | 869,216 | 22,894,749 | ||||||
BlueScope Steel Ltd.a | 156,433 | 590,199 | ||||||
CuDeco Ltd.a,b | 37,847 | 41,771 | ||||||
Fortescue Metals Group Ltd. | 421,157 | 820,855 | ||||||
Iluka Resources Ltd. | 114,660 | 705,436 | ||||||
Independence Group NL | 64,436 | 286,988 | ||||||
Jacana Minerals Ltd.b | 6,808 | — | ||||||
Lynas Corp. Ltd.a,b | 855,540 | 38,841 | ||||||
Metals X Ltd. | 60,828 | 58,802 | ||||||
Mount Gibson Iron Ltd. | 181,791 | 35,574 | ||||||
OZ Minerals Ltd. | 83,790 | 249,885 | ||||||
PanAust Ltd. | 140,140 | 143,700 | ||||||
Rio Tinto Ltd. | 118,580 | 5,978,440 | ||||||
Sandfire Resources NL | 25,480 | 87,556 | ||||||
Sims Metal Management Ltd.b | 49,002 | 468,331 | ||||||
Sirius Resources NLa,b | 77,910 | 195,149 | ||||||
Syrah Resources Ltd.a,b | 29,892 | 103,653 | ||||||
Western Areas Ltd. | 56,026 | 185,504 | ||||||
Western Desert Resources Ltd.a | 84,631 | 1 | ||||||
|
| |||||||
34,081,190 | ||||||||
AUSTRIA — 0.65% | ||||||||
AMAG Austria Metall AGc | 1,715 | 60,719 | ||||||
Voestalpine AG | 30,870 | 1,209,463 | ||||||
|
| |||||||
1,270,182 | ||||||||
BELGIUM — 0.32% | ||||||||
NV Bekaert SA | 11,025 | 335,247 | ||||||
Nyrstar NVa,b | 80,456 | 298,977 | ||||||
|
| |||||||
634,224 | ||||||||
BRAZIL — 1.53% | ||||||||
Cia. Siderurgica Nacional SA | 196,000 | 353,017 | ||||||
Paranapanema SAa | 49,200 | 41,296 | ||||||
Vale SA | 350,100 | 2,601,859 | ||||||
|
| |||||||
2,996,172 | ||||||||
CANADA — 4.25% | ||||||||
Canam Group Inc. | 10,780 | 113,528 | ||||||
Capstone Mining Corp.a | 96,531 | 109,778 | ||||||
Dominion Diamond Corp.a | 23,275 | 396,476 | ||||||
Dundee Precious Metals Inc.a,b | 32,095 | 76,597 |
Security | Shares | Value | ||||||
First Quantum Minerals Ltd. | 162,190 | $ | 2,058,793 | |||||
HudBay Minerals Inc. | 63,210 | 551,787 | ||||||
Imperial Metals Corp.a | 12,987 | 122,210 | ||||||
Ivanhoe Mines Ltd. Class Aa | 138,180 | 91,851 | ||||||
Labrador Iron Ore Royalty Corp.b | 18,130 | 263,677 | ||||||
Lundin Mining Corp.a | 177,625 | 775,282 | ||||||
Major Drilling Group International Inc. | 21,927 | 122,573 | ||||||
Nevsun Resources Ltd. | 53,704 | 191,393 | ||||||
Sherritt International Corp. | 79,870 | 160,552 | ||||||
Taseko Mines Ltd.a,b | 57,085 | 48,918 | ||||||
Teck Resources Ltd. Class B | 153,125 | 2,462,459 | ||||||
Thompson Creek Metals Co. Inc.a | 54,145 | 86,292 | ||||||
Turquoise Hill Resources Ltd.a,b | 218,540 | 684,332 | ||||||
|
| |||||||
8,316,498 | ||||||||
CHILE — 0.04% | ||||||||
CAP SA | 19,722 | 80,878 | ||||||
|
| |||||||
80,878 | ||||||||
CHINA — 1.56% | ||||||||
Aluminum Corp. of China Ltd. Class Ha,b | 980,000 | 475,124 | ||||||
China Metal Recycling Holdings Ltd.a | 132,000 | — | ||||||
China Rare Earth Holdings Ltd.a,b | 490,000 | 79,609 | ||||||
China Vanadium Titano-Magnetite Mining Co. Ltd. | 245,000 | 21,798 | ||||||
Chongqing Iron & Steel Co. Ltd. Class Ha | 244,000 | 49,080 | ||||||
CITIC Dameng Holdings Ltd.a | 245,000 | 22,745 | ||||||
Fosun International Ltd.b | 490,000 | 792,294 | ||||||
Honbridge Holdings Ltd.a | 490,000 | 79,609 | ||||||
Hunan Nonferrous Metal Corp. Ltd. Class Ha | 384,000 | 201,025 | ||||||
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B | 32,774 | 29,497 | ||||||
Jiangxi Copper Co. Ltd. Class H | 367,000 | 626,537 | ||||||
MMG Ltd. | 980,000 | 291,898 | ||||||
North Mining Shares Co. Ltd.a,b | 1,750,000 | 81,233 | ||||||
Shougang Concord International Enterprises Co. Ltd.a | 1,960,000 | 83,399 | ||||||
Shougang Fushan Resources Group Ltd. | 490,000 | 96,036 | ||||||
Tiangong International Co. Ltd. | 490,000 | 78,345 | ||||||
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha | 245,000 | 45,491 | ||||||
|
| |||||||
3,053,720 |
SCHEDULESOF INVESTMENTS | 19 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL METALS & MINING PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
FINLAND — 0.17% | ||||||||
Outokumpu OYJa,b | 50,471 | $ | 331,739 | |||||
|
| |||||||
331,739 | ||||||||
FRANCE — 1.84% | ||||||||
APERAM SAa,b | 12,740 | 452,916 | ||||||
ArcelorMittal | 272,930 | 2,990,908 | ||||||
Erameta | 1,470 | 152,417 | ||||||
|
| |||||||
3,596,241 | ||||||||
GERMANY — 2.16% | ||||||||
Aurubis AG | 9,772 | 590,675 | ||||||
Salzgitter AG | 10,535 | 301,618 | ||||||
ThyssenKrupp AG | 125,151 | 3,339,535 | ||||||
|
| |||||||
4,231,828 | ||||||||
GREECE — 0.06% | ||||||||
Mytilineos Holdings SAa | 17,544 | 123,186 | ||||||
|
| |||||||
123,186 | ||||||||
HONG KONG — 0.01% | ||||||||
IRC Ltd.a,b | 490,000 | 27,800 | ||||||
|
| |||||||
27,800 | ||||||||
INDIA — 1.37% | ||||||||
Sesa Sterlite Ltd. ADR | 116,725 | 1,660,997 | ||||||
Tata Steel Ltd. GDRd | 178,850 | 1,012,291 | ||||||
|
| |||||||
2,673,288 | ||||||||
INDONESIA — 0.11% | ||||||||
Aneka Tambang Persero Tbk PT | 1,200,500 | 93,346 | ||||||
Krakatau Steel Persero Tbk PTa | 1,450,100 | 51,946 | ||||||
Timah Persero Tbk PT | 986,067 | 77,817 | ||||||
|
| |||||||
223,109 | ||||||||
JAPAN — 9.39% | ||||||||
Asahi Holdings Inc. | 12,200 | 206,965 | ||||||
Dowa Holdings Co. Ltd. | 43,000 | 355,021 | ||||||
Hitachi Metals Ltd. | 31,000 | 499,703 | ||||||
JFE Holdings Inc. | 147,000 | 3,673,617 | ||||||
Kobe Steel Ltd. | 980,000 | 1,934,669 | ||||||
Maruichi Steel Tube Ltd. | 12,200 | 290,853 | ||||||
Mitsubishi Materials Corp. | 344,000 | 1,185,562 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 122,000 | 277,586 | ||||||
Neturen Co. Ltd. | 12,200 | 88,787 | ||||||
Nippon Denko Co. Ltd. | 73,500 | 194,901 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 220,500 | 333,853 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 2,205,400 | 5,862,864 | ||||||
Nippon Yakin Kogyo Co. Ltd.a,b | 49,000 | 99,603 |
Security | Shares | Value | ||||||
Nisshin Steel Co. Ltd. | 24,500 | $ | 341,641 | |||||
OSAKA Titanium Technologies Co. Ltd. | 12,200 | 256,154 | ||||||
Sumitomo Metal Mining Co. Ltd. | 111,000 | 1,753,511 | ||||||
Toho Titanium Co. Ltd.a | 24,500 | 163,545 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 24,500 | 182,195 | ||||||
TOPY Industries Ltd. | 52,000 | 130,060 | ||||||
UACJ Corp. | 83,386 | 230,882 | ||||||
Yamato Kogyo Co. Ltd. | 12,200 | 329,123 | ||||||
|
| |||||||
18,391,095 | ||||||||
MALAYSIA — 0.04% | ||||||||
Press Metal Bhd | 98,000 | 81,848 | ||||||
|
| |||||||
81,848 | ||||||||
MEXICO — 1.84% | ||||||||
Grupo Mexico SAB de CV Series B | 1,029,000 | 3,112,051 | ||||||
Grupo Simec SAB de CV Series Ba,b | 24,500 | 73,375 | ||||||
Industrias CH SAB de CV Series Ba,b | 39,900 | 181,861 | ||||||
Minera Frisco SAB de CV Series A1a,b | 171,500 | 228,254 | ||||||
|
| |||||||
3,595,541 | ||||||||
NORWAY — 1.12% | ||||||||
Norsk Hydro ASA | 383,302 | 2,200,272 | ||||||
|
| |||||||
2,200,272 | ||||||||
PERU — 0.72% | ||||||||
Southern Copper Corp. | 46,988 | 1,398,833 | ||||||
|
| |||||||
1,398,833 | ||||||||
PHILIPPINES — 0.14% | ||||||||
Atlas Consolidated Mining & Development | 245,000 | 55,401 | ||||||
Nickel Asia Corp. | 328,700 | 216,201 | ||||||
|
| |||||||
271,602 | ||||||||
POLAND — 0.68% | ||||||||
Jastrzebska Spolka Weglowa SAa | 15,191 | 90,321 | ||||||
KGHM Polska Miedz SA | 37,975 | 1,241,835 | ||||||
|
| |||||||
1,332,156 | ||||||||
RUSSIA — 2.02% | ||||||||
Alrosa AO | 465,500 | 529,026 | ||||||
Mechel ADRa | 39,935 | 65,893 | ||||||
MMC Norilsk Nickel OJSC | 14,945 | 2,725,746 | ||||||
Severstal PAO | 56,350 | 630,965 | ||||||
|
| |||||||
3,951,630 | ||||||||
SINGAPORE — 0.04% | ||||||||
Midas Holdings Ltd.b | 377,000 | 85,928 | ||||||
|
| |||||||
85,928 |
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL METALS & MINING PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
SOUTH AFRICA — 1.43% | ||||||||
African Rainbow Minerals Ltd. | 28,175 | $ | 295,967 | |||||
Anglo American Platinum Ltd.a | 14,700 | 468,576 | ||||||
ArcelorMittal South Africa Ltd.a | 54,390 | 121,354 | ||||||
Assore Ltd. | 9,065 | 118,320 | ||||||
Impala Platinum Holdings Ltd.a | 145,775 | 897,067 | ||||||
Kumba Iron Ore Ltd. | 16,905 | 332,210 | ||||||
Merafe Resources Ltd. | 437,571 | 34,171 | ||||||
Northam Platinum Ltd.a | 95,795 | 424,595 | ||||||
Royal Bafokeng Platinum Ltd.a | 21,560 | 107,310 | ||||||
|
| |||||||
2,799,570 | ||||||||
SOUTH KOREA — 3.72% | ||||||||
Dongkuk Steel Mill Co. Ltd.a | 16,240 | 93,514 | ||||||
Hyundai BNG Steel Co. Ltd. | 2,696 | 38,074 | ||||||
Hyundai Hysco Co. Ltd. | 2,604 | 153,267 | ||||||
Hyundai Steel Co. | 19,417 | 1,185,312 | ||||||
KISCO Corp. | 1,731 | 48,971 | ||||||
KISWIRE Ltd. | 2,060 | 88,402 | ||||||
Korea Zinc Co. Ltd. | 2,450 | 914,104 | ||||||
Poongsan Corp. | 5,390 | 125,966 | ||||||
Poongsan Holdings Corp. | 1,731 | 65,452 | ||||||
POSCO | 17,395 | 4,239,590 | ||||||
POSCO Chemtech Co. Ltd. | 735 | 97,304 | ||||||
SeAH Besteel Corp. | 4,181 | 132,186 | ||||||
SeAH Holdings Corp. | 245 | 33,595 | ||||||
SeAH Steel Corp. | 857 | 65,902 | ||||||
|
| |||||||
7,281,639 | ||||||||
SPAIN — 0.33% | ||||||||
Acerinox SA | 32,095 | 523,971 | ||||||
Tubacex SA | 23,520 | 75,978 | ||||||
Tubos Reunidos SAb | 22,052 | 42,296 | ||||||
|
| |||||||
642,245 | ||||||||
SWEDEN — 1.10% | ||||||||
Boliden AB | 75,950 | 1,537,075 | ||||||
SSAB AB Class Aa,b | 61,615 | 365,003 | ||||||
SSAB AB Class Ba | 47,285 | 250,236 | ||||||
|
| |||||||
2,152,314 | ||||||||
SWITZERLAND — 0.08% | ||||||||
Schmolz + Bickenbach AG Registereda | 161,210 | 156,449 | ||||||
|
| |||||||
156,449 | ||||||||
TAIWAN — 1.96% | ||||||||
China Metal Products | 127,011 | 133,057 | ||||||
China Steel Corp. | 3,232,612 | 2,686,552 |
Security | Shares | Value | ||||||
Chun Yuan Steel | 245,040 | $ | 90,900 | |||||
Chung Hung Steel Corp.a | 245,000 | 55,701 | ||||||
Feng Hsin Iron & Steel Co. | 122,000 | 151,505 | ||||||
Gloria Material Technology Corp. | 128,201 | 88,992 | ||||||
TA Chen Stainless Pipe | 245,300 | 167,152 | ||||||
Ton Yi Industrial Corp. | 245,000 | 182,161 | ||||||
Tung Ho Steel Enterprise Corp. | 245,000 | 185,281 | ||||||
YC INOX Co. Ltd. | 122,000 | 95,176 | ||||||
|
| |||||||
3,836,477 | ||||||||
THAILAND — 0.05% | ||||||||
STP & I PCL NVDR | 171,500 | 102,911 | ||||||
|
| |||||||
102,911 | ||||||||
TURKEY — 0.48% | ||||||||
Borusan Mannesmann Boru Sanayi ve Ticaret AS | 11,574 | 32,950 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 385,633 | 647,066 | ||||||
Izmir Demir Celik Sanayi ASa | 26,046 | 26,719 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Aa | 42,651 | 39,005 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da | 211,553 | 153,092 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri ASa | 47,632 | 31,818 | ||||||
Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS | 6,629 | 8,118 | ||||||
|
| |||||||
938,768 | ||||||||
UNITED KINGDOM — 27.74% | ||||||||
African Minerals Ltd.a,b | 69,505 | 1 | ||||||
Anglo American PLC | 376,810 | 7,046,095 | ||||||
Antofagasta PLC | 103,390 | 1,225,504 | ||||||
BHP Billiton PLC | 569,135 | 14,217,776 | ||||||
Evraz PLC | 107,803 | 327,866 | ||||||
Ferrexpo PLC | 45,816 | 46,377 | ||||||
Gem Diamonds Ltd.a | 29,400 | 69,061 | ||||||
Glencore PLC | 2,868,705 | 13,310,966 | ||||||
KAZ Minerals PLCa,b | 72,521 | 284,219 | ||||||
Lonmin PLCa,b | 126,175 | 306,525 | ||||||
Petra Diamonds Ltd.a | 108,290 | 313,951 | ||||||
Rio Tinto PLC | 343,735 | 16,956,153 | ||||||
Vedanta Resources PLC | 24,500 | 224,713 | ||||||
|
| |||||||
54,329,207 | ||||||||
UNITED STATES — 12.90% | ||||||||
AK Steel Holding Corp.a,b | 46,795 | 206,834 | ||||||
Alcoa Inc. | 318,010 | 4,703,368 |
SCHEDULESOF INVESTMENTS | 21 |
Table of Contents
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI GLOBAL METALS & MINING PRODUCERS ETF
February 28, 2015
Security | Shares | Value | ||||||
Allegheny Technologies Inc. | 29,400 | $ | 989,604 | |||||
Carpenter Technology Corp. | 14,700 | 622,692 | ||||||
Century Aluminum Co.a | 14,945 | 283,507 | ||||||
Cliffs Natural Resources Inc.b | 38,465 | 263,100 | ||||||
Commercial Metals Co. | 31,115 | 468,281 | ||||||
Compass Minerals International Inc. | 10,736 | 973,433 | ||||||
Freeport-McMoRan Inc. | 280,244 | 6,061,678 | ||||||
Globe Specialty Metals Inc. | 15,435 | 256,993 | ||||||
Haynes International Inc. | 3,307 | 133,537 | ||||||
Horsehead Holding Corp.a | 14,210 | 182,456 | ||||||
Kaiser Aluminum Corp. | 6,579 | 497,043 | ||||||
Materion Corp. | 5,267 | 192,877 | ||||||
Molycorp Inc.a,b | 54,146 | 50,778 | ||||||
Nucor Corp. | 88,417 | 4,158,251 | ||||||
Reliance Steel & Aluminum Co. | 21,805 | 1,243,103 | ||||||
RTI International Metals Inc.a | 7,595 | 211,673 | ||||||
Schnitzer Steel Industries Inc. Class A | 7,350 | 115,395 | ||||||
Steel Dynamics Inc. | 65,660 | 1,196,325 | ||||||
Stillwater Mining Co.a,b | 33,320 | 483,140 | ||||||
SunCoke Energy Inc. | 19,355 | 353,229 | ||||||
TimkenSteel Corp. | 9,800 | 294,588 | ||||||
U.S. Steel Corp. | 39,445 | 944,708 | ||||||
Worthington Industries Inc. | 14,210 | 383,670 | ||||||
|
| |||||||
25,270,263 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $211,425,146) | 190,458,803 | |||||||
PREFERRED STOCKS — 2.55% |
| |||||||
BRAZIL — 2.55% | ||||||||
Bradespar SA | 61,200 | 283,382 | ||||||
Cia. Ferro Ligas da Bahia-Ferbasa | 12,200 | 26,240 | ||||||
Gerdau SA | 245,000 | 871,404 | ||||||
Metalurgica Gerdau SA | 73,500 | 286,870 | ||||||
Usinas Siderurgicas de Minas Gerais SA Class A | 98,000 | 141,550 | ||||||
Vale SA | 521,500 | 3,375,930 | ||||||
|
| |||||||
4,985,376 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $9,554,263) | 4,985,376 |
Security | Shares | Value | ||||||
SHORT-TERM INVESTMENTS — 2.88% |
| |||||||
MONEY MARKET FUNDS — 2.88% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.16%e,f,g | 5,235,018 | $ | 5,235,018 | |||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%e,f,g | 305,528 | 305,528 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%e,f | 106,323 | 106,323 | ||||||
|
| |||||||
5,646,869 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $5,646,869) | 5,646,869 | |||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $226,626,278) | 201,091,048 | |||||||
Other Assets, Less Liabilities — (2.68)% |
| (5,253,845 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% | $ | 195,837,203 | ||||||
|
|
ADR — American Depositary Receipts
GDR — Global Depositary Receipts
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 1. |
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 1. |
See notes to financial statements.
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Schedule of Investments (Unaudited)
iSHARES® MSCI GLOBAL SILVER MINERS ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 100.05% |
| |||||||
AUSTRALIA — 0.14% |
| |||||||
Alcyone Resources Ltd.a | 26,593,384 | $ | 20,816 | |||||
|
| |||||||
20,816 | ||||||||
CANADA — 57.70% | ||||||||
Alexco Resource Corp.a | 261,232 | 112,974 | ||||||
Endeavour Silver Corp.a | 104,240 | 247,942 | ||||||
Excellon Resources Inc.a | 227,072 | 118,205 | ||||||
First Majestic Silver Corp.a,b | 93,712 | 578,641 | ||||||
Fortuna Silver Mines Inc.a | 107,760 | 485,013 | ||||||
GoGold Resources Inc.a | 149,152 | 182,759 | ||||||
Great Panther Silver Ltd.a | 237,344 | 144,461 | ||||||
Klondex Mines Ltd.a,b | 142,432 | 307,986 | ||||||
MAG Silver Corp.a,b | 55,120 | 399,500 | ||||||
Mandalay Resources Corp. | 400,640 | 301,607 | ||||||
Minco Silver Corp.a | 246,528 | 146,102 | ||||||
Pan American Silver Corp. | 59,840 | 577,961 | ||||||
Scorpio Mining Corp.a | 1,357,696 | 201,156 | ||||||
Silver Standard Resources Inc.a,b | 71,584 | 376,652 | ||||||
Silver Wheaton Corp. | 154,992 | 3,351,447 | ||||||
Silvercorp Metals Inc. | 196,720 | 261,527 | ||||||
Tahoe Resources Inc. | 51,136 | 716,268 | ||||||
Wildcat Silver Corp.a | 399,296 | 113,523 | ||||||
|
| |||||||
8,623,724 | ||||||||
HONG KONG — 4.01% | ||||||||
G-Resources Group Ltd.a | 19,344,000 | 598,619 | ||||||
|
| |||||||
598,619 | ||||||||
MEXICO — 9.00% | ||||||||
Industrias Penoles SAB de CV | 63,280 | 1,344,658 | ||||||
|
| |||||||
1,344,658 | ||||||||
PERU — 5.83% | ||||||||
Cia. de Minas Buenaventura SA ADR | 75,184 | 870,631 | ||||||
|
| |||||||
870,631 | ||||||||
UNITED KINGDOM — 11.16% | ||||||||
Arian Silver Corp.a,b | 290,336 | 136,849 | ||||||
Fresnillo PLC | 100,720 | 1,277,908 | ||||||
Hochschild Mining PLCa | 186,688 | 253,886 | ||||||
|
| |||||||
1,668,643 | ||||||||
UNITED STATES — 12.21% | ||||||||
Coeur Mining Inc.a | 89,264 | 521,302 | ||||||
Golden Minerals Co.a | 225,648 | 112,892 | ||||||
Hecla Mining Co. | 210,240 | 697,997 |
Security | Shares | Value | ||||||
McEwen Mining Inc.a | 221,648 | $ | 250,462 | |||||
Paramount Gold and Silver Corp.a | 216,528 | 242,511 | ||||||
|
| |||||||
1,825,164 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $17,834,350) | 14,952,255 | |||||||
SHORT-TERM INVESTMENTS — 6.22% |
| |||||||
MONEY MARKET FUNDS — 6.22% |
| |||||||
BlackRock Cash Funds: Institutional, | ||||||||
0.16%c,d,e | 876,385 | 876,385 | ||||||
BlackRock Cash Funds: Prime, | ||||||||
0.15%c,d,e | 51,148 | 51,148 | ||||||
BlackRock Cash Funds: Treasury, | ||||||||
0.00%c,d | 2,333 | 2,333 | ||||||
|
| |||||||
929,866 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $929,866) | 929,866 | |||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $18,764,216) | 15,882,121 | |||||||
Other Assets, Less Liabilities — (6.27)% |
| (937,658 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% | $ | 14,944,463 | ||||||
|
|
ADR — American Depositary Receipts
a | Non-income earning security. |
b | All or a portion of this security represents a security on loan. See Note 1. |
c | Affiliated issuer. See Note 2. |
d | The rate quoted is the annualized seven-day yield of the fund at period end. |
e | All or a portion of this security represents an investment of securities lending collateral. See Note 1. |
See notes to financial statements.
SCHEDULESOF INVESTMENTS | 23 |
Table of Contents
Statements of Assets and Liabilities (Unaudited)
iSHARES®, INC.
February 28, 2015
iShares MSCI Global Agriculture Producers ETF | iShares MSCI Global Energy Producers ETF | iShares MSCI Global Gold Miners ETF | ||||||||||
ASSETS | ||||||||||||
Investments, at cost: | ||||||||||||
Unaffiliated | $ | 41,039,479 | $ | 28,956,557 | $ | 78,454,539 | ||||||
Affiliated (Note 2) | 774,565 | 202,082 | 408,873 | |||||||||
|
|
|
|
|
| |||||||
Total cost of investments | $ | 41,814,044 | $ | 29,158,639 | $ | 78,863,412 | ||||||
|
|
|
|
|
| |||||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||||||
Unaffiliated | $ | 40,775,268 | $ | 27,896,552 | $ | 63,314,326 | ||||||
Affiliated (Note 2) | 860,934 | 202,082 | 408,873 | |||||||||
|
|
|
|
|
| |||||||
Total fair value of investments | 41,636,202 | 28,098,634 | 63,723,199 | |||||||||
Foreign currency, at valueb | 62,874 | 14,583 | 11,710 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 399,625 | 3,972 | 1,267,786 | |||||||||
Due from custodian (Note 4) | — | 44,546 | — | |||||||||
Dividends and interest | 69,352 | 122,637 | 40,202 | |||||||||
Capital shares sold | — | 43,509 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 42,168,053 | 28,327,881 | 65,042,897 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 413,054 | 71,763 | 1,301,534 | |||||||||
Collateral for securities on loan (Note 1) | 500,954 | 181,506 | 379,709 | |||||||||
Investment advisory fees (Note 2) | 12,018 | 6,924 | 18,883 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 926,026 | 260,193 | 1,700,126 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 41,242,027 | $ | 28,067,688 | $ | 63,342,771 | ||||||
|
|
|
|
|
| |||||||
Net assets consist of: | ||||||||||||
Paid-in capital | $ | 41,533,745 | $ | 29,235,829 | $ | 96,073,459 | ||||||
Undistributed net investment income | 121,171 | 113,866 | 39,710 | |||||||||
Accumulated net realized loss | (232,029 | ) | (221,361 | ) | (17,630,010 | ) | ||||||
Net unrealized depreciation | (180,860 | ) | (1,060,646 | ) | (15,140,388 | ) | ||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 41,242,027 | $ | 28,067,688 | $ | 63,342,771 | ||||||
|
|
|
|
|
| |||||||
Shares outstandingc | 1,500,000 | 1,300,000 | 7,250,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value per share | $ | 27.49 | $ | 21.59 | $ | 8.74 | ||||||
|
|
|
|
|
|
a | Securities on loan with values of $468,059, $170,649 and $351,351, respectively. See Note 1. |
b | Cost of foreign currency: $63,927, $15,203 and $11,718, respectively. |
c | $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively. |
See notes to financial statements.
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.
February 28, 2015
iShares MSCI Global Metals & Mining Producers ETF | iShares MSCI Global Silver Miners ETF | |||||||
ASSETS | ||||||||
Investments, at cost: | ||||||||
Unaffiliated | $ | 220,979,409 | $ | 17,834,350 | ||||
Affiliated (Note 2) | 5,646,869 | 929,866 | ||||||
|
|
|
| |||||
Total cost of investments | $ | 226,626,278 | $ | 18,764,216 | ||||
|
|
|
| |||||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||||||
Unaffiliated | $ | 195,444,179 | $ | 14,952,255 | �� | |||
Affiliated (Note 2) | 5,646,869 | 929,866 | ||||||
|
|
|
| |||||
Total fair value of investments | 201,091,048 | 15,882,121 | ||||||
Foreign currency, at valueb | 103,556 | 4,226 | ||||||
Cash | 1,599 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 305,243 | 360,232 | ||||||
Dividends and interest | 127,570 | 10,648 | ||||||
Capital shares sold | 711,745 | — | ||||||
|
|
|
| |||||
Total Assets | 202,340,761 | 16,257,227 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Payables: | ||||||||
Investment securities purchased | 491,582 | 380,688 | ||||||
Collateral for securities on loan (Note 1) | 5,540,546 | 927,533 | ||||||
Capital shares redeemed | 417,243 | — | ||||||
Investment advisory fees (Note 2) | 54,187 | 4,543 | ||||||
|
|
|
| |||||
Total Liabilities | 6,503,558 | 1,312,764 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 195,837,203 | $ | 14,944,463 | ||||
|
|
|
| |||||
Net assets consist of: | ||||||||
Paid-in capital | $ | 230,986,575 | $ | 20,456,708 | ||||
Distributions in excess of net investment income | (236,550 | ) | (268,555 | ) | ||||
Accumulated net realized loss | (9,373,750 | ) | (2,361,420 | ) | ||||
Net unrealized depreciation | (25,539,072 | ) | (2,882,270 | ) | ||||
|
|
|
| |||||
NET ASSETS | $ | 195,837,203 | $ | 14,944,463 | ||||
|
|
|
| |||||
Shares outstandingc | 12,250,000 | 1,600,000 | ||||||
|
|
|
| |||||
Net asset value per share | $ | 15.99 | $ | 9.34 | ||||
|
|
|
|
a | Securities on loan with values of $5,237,446 and $878,081, respectively. See Note 1. |
b | Cost of foreign currency: $104,546 and $4,391, respectively. |
c | $0.001 par value, number of shares authorized: 500 million and 500 million, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 25 |
Table of Contents
Statements of Operations (Unaudited)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI Global Agriculture Producers ETF | iShares MSCI Global Energy Producers ETF | iShares MSCI Global Gold Miners ETF | ||||||||||
NET INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliateda | $ | 398,291 | $ | 206,713 | $ | 268,181 | ||||||
Dividends — affiliated (Note 2) | 440 | — | — | |||||||||
Interest — affiliated (Note 2) | 2 | — | 1 | |||||||||
Securities lending income — affiliated (Note 2) | 11,159 | 345 | 9,284 | |||||||||
|
|
|
|
|
| |||||||
409,892 | 207,058 | 277,466 | ||||||||||
Less: Other foreign taxes (Note 1) | (4 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 409,888 | 207,058 | 277,466 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory fees (Note 2) | 84,778 | 22,722 | 107,371 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 84,778 | 22,722 | 107,371 | |||||||||
Less investment advisory fees waived (Note 2) | (1,611 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net expenses | 83,167 | 22,722 | 107,371 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 326,721 | 184,336 | 170,095 | |||||||||
|
|
|
|
|
| |||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (86,962 | ) | (71,785 | ) | (4,341,119 | ) | ||||||
Investments — affiliated (Note 2) | 1,895 | — | — | |||||||||
In-kind redemptions — unaffiliated | 803,956 | — | 581,507 | |||||||||
In-kind redemptions — affiliated (Note 2) | 15,865 | — | — | |||||||||
Foreign currency transactions | (10,316 | ) | (2,104 | ) | (3,593 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 724,438 | (73,889 | ) | (3,763,205 | ) | |||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (452,568 | ) | (1,709,232 | ) | (11,258,628 | ) | ||||||
Translation of assets and liabilities in foreign currencies | (2,499 | ) | (570 | ) | (537 | ) | ||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation/depreciation | (455,067 | ) | (1,709,802 | ) | (11,259,165 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | 269,371 | (1,783,691 | ) | (15,022,370 | ) | |||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 596,092 | $ | (1,599,355 | ) | $ | (14,852,275 | ) | ||||
|
|
|
|
|
|
a | Net of foreign withholding tax of $25,455, $10,920 and $40,406, respectively. |
See notes to financial statements.
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.
Six months ended February 28, 2015
iShares MSCI Global Metals & Mining Producers ETF | iShares MSCI Global Silver Miners ETF | |||||||
NET INVESTMENT INCOME | ||||||||
Dividends — unaffiliateda | $ | 1,961,140 | $ | 31,627 | ||||
Interest — affiliated (Note 2) | 7 | — | ||||||
Securities lending income — affiliated (Note 2) | 37,363 | 3,611 | ||||||
|
|
|
| |||||
1,998,510 | 35,238 | |||||||
Less: Other foreign taxes (Note 1) | (20 | ) | — | |||||
|
|
|
| |||||
Total investment income | 1,998,490 | 35,238 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory fees (Note 2) | 323,260 | 26,177 | ||||||
|
|
|
| |||||
Total expenses | 323,260 | 26,177 | ||||||
|
|
|
| |||||
Net investment income | 1,675,230 | 9,061 | ||||||
|
|
|
| |||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated | (1,949,149 | ) | (905,344 | ) | ||||
In-kind redemptions — unaffiliated | 815,031 | 171,327 | ||||||
Foreign currency transactions | (75,465 | ) | (655 | ) | ||||
|
|
|
| |||||
Net realized loss | (1,209,583 | ) | (734,672 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation on: | ||||||||
Investments | (34,784,919 | ) | (2,912,401 | ) | ||||
Translation of assets and liabilities in foreign currencies | (394 | ) | (135 | ) | ||||
|
|
|
| |||||
Net change in unrealized appreciation/depreciation | (34,785,313 | ) | (2,912,536 | ) | ||||
|
|
|
| |||||
Net realized and unrealized loss | (35,994,896 | ) | (3,647,208 | ) | ||||
|
|
|
| |||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (34,319,666 | ) | $ | (3,638,147 | ) | ||
|
|
|
|
a | Net of foreign withholding tax of $103,696 and $5,300, respectively. |
See notes to financial statements.
FINANCIAL STATEMENTS | 27 |
Table of Contents
Statements of Changes in Net Assets
iSHARES®, INC.
iShares MSCI Global Agriculture Producers ETF | iShares MSCI Global Energy Producers ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 326,721 | $ | 903,316 | $ | 184,336 | $ | 143,021 | ||||||||
Net realized gain (loss) | 724,438 | (54,954 | ) | (73,889 | ) | (96,577 | ) | |||||||||
Net change in unrealized appreciation/depreciation | (455,067 | ) | 3,654,533 | (1,709,802 | ) | 849,565 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 596,092 | 4,502,895 | (1,599,355 | ) | 896,009 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (351,717 | ) | (869,161 | ) | (106,952 | ) | (128,943 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (351,717 | ) | (869,161 | ) | (106,952 | ) | (128,943 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 1,260,245 | 12,206,285 | 21,355,405 | 2,840,186 | ||||||||||||
Cost of shares redeemed | (6,657,304 | ) | (5,161,272 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | (5,397,059 | ) | 7,045,013 | 21,355,405 | 2,840,186 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (5,152,684 | ) | 10,678,747 | 19,649,098 | 3,607,252 | |||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 46,394,711 | 35,715,964 | 8,418,590 | 4,811,338 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 41,242,027 | $ | 46,394,711 | $ | 28,067,688 | $ | 8,418,590 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income included in net assets at end of period | $ | 121,171 | $ | 146,167 | $ | 113,866 | $ | 36,482 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 50,000 | 450,000 | 1,000,000 | 100,000 | ||||||||||||
Shares redeemed | (250,000 | ) | (200,000 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | (200,000 | ) | 250,000 | 1,000,000 | 100,000 | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Global Gold Miners ETF | iShares MSCI Global Metals & Mining Producers ETF | |||||||||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 170,095 | $ | 419,898 | $ | 1,675,230 | $ | 4,351,654 | ||||||||
Net realized gain (loss) | (3,763,205 | ) | (9,562,667 | ) | (1,209,583 | ) | 5,287,882 | |||||||||
Net change in unrealized appreciation/depreciation | (11,259,165 | ) | 11,792,558 | (34,785,313 | ) | 24,025,906 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (14,852,275 | ) | 2,649,789 | (34,319,666 | ) | 33,665,442 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
From net investment income | (187,852 | ) | (410,920 | ) | (2,429,443 | ) | (4,935,233 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (187,852 | ) | (410,920 | ) | (2,429,443 | ) | (4,935,233 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from shares sold | 11,396,957 | 33,392,792 | 54,828,814 | 51,854,849 | ||||||||||||
Cost of shares redeemed | (3,990,530 | ) | (2,940,209 | ) | (5,941,724 | ) | (119,693,896 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets from capital share transactions | 7,406,427 | 30,452,583 | 48,887,090 | (67,839,047 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
INCREASE (DECREASE) IN NET ASSETS | (7,633,700 | ) | 32,691,452 | 12,137,981 | (39,108,838 | ) | ||||||||||
NET ASSETS | ||||||||||||||||
Beginning of period | 70,976,471 | 38,285,019 | 183,699,222 | 222,808,060 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 63,342,771 | $ | 70,976,471 | $ | 195,837,203 | $ | 183,699,222 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | 39,710 | $ | 57,467 | $ | (236,550 | ) | $ | 517,663 | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARES ISSUED AND REDEEMED | ||||||||||||||||
Shares sold | 1,400,000 | 3,300,000 | 3,500,000 | 2,650,000 | ||||||||||||
Shares redeemed | (450,000 | ) | (300,000 | ) | (350,000 | ) | (5,850,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares outstanding | 950,000 | 3,000,000 | 3,150,000 | (3,200,000 | ) | |||||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
FINANCIAL STATEMENTS | 29 |
Table of Contents
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iShares MSCI Global Silver Miners ETF | ||||||||
Six months ended February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 9,061 | $ | 55,868 | ||||
Net realized loss | (734,672 | ) | (1,309,004 | ) | ||||
Net change in unrealized appreciation/depreciation | (2,912,536 | ) | 1,092,563 | |||||
|
|
|
| |||||
Net decrease in net assets resulting from operations | (3,638,147 | ) | (160,573 | ) | ||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (234,737 | ) | (104,622 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (234,737 | ) | (104,622 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 5,799,772 | 7,281,618 | ||||||
Cost of shares redeemed | (957,750 | ) | — | |||||
|
|
|
| |||||
Net increase in net assets from capital share transactions | 4,842,022 | 7,281,618 | ||||||
|
|
|
| |||||
INCREASE IN NET ASSETS | 969,138 | 7,016,423 | ||||||
NET ASSETS | ||||||||
Beginning of period | 13,975,325 | 6,958,902 | ||||||
|
|
|
| |||||
End of period | $ | 14,944,463 | $ | 13,975,325 | ||||
|
|
|
| |||||
Distributions in excess of net investment income included in net assets at end of period | $ | (268,555 | ) | $ | (42,879 | ) | ||
|
|
|
| |||||
SHARES ISSUED AND REDEEMED | ||||||||
Shares sold | 600,000 | 600,000 | ||||||
Shares redeemed | (100,000 | ) | — | |||||
|
|
|
| |||||
Net increase in shares outstanding | 500,000 | 600,000 | ||||||
|
|
|
|
See notes to financial statements.
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Global Agriculture Producers ETF | ||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to | |||||||||||||
Net asset value, beginning of period | $ | 27.29 | $ | 24.63 | $ | 24.91 | $ | 24.88 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.20 | 0.58 | 0.50 | 0.28 | ||||||||||||
Net realized and unrealized gain (loss)c | 0.22 | 2.63 | (0.46 | ) | (0.05 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.42 | 3.21 | 0.04 | 0.23 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.22 | ) | (0.55 | ) | (0.32 | ) | (0.20 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.22 | ) | (0.55 | ) | (0.32 | ) | (0.20 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 27.49 | $ | 27.29 | $ | 24.63 | $ | 24.91 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | 1.59 | %d | 13.05 | % | 0.10 | % | 0.97 | %d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 41,242 | $ | 46,395 | $ | 35,716 | $ | 9,965 | ||||||||
Ratio of expenses to average net assetse | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||
Ratio of expenses to average net assets prior to waived feese | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||
Ratio of net investment income to average net assetse | 1.50 | % | 2.17 | % | 1.87 | % | 1.93 | % | ||||||||
Portfolio turnover ratef | 4 | % | 14 | % | 6 | % | 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. |
d | Not annualized. |
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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 3%, 13%, 6% and 6%, respectively. See Note 4. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 31 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Global Energy Producers ETF | ||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to | |||||||||||||
Net asset value, beginning of period | $ | 28.06 | $ | 24.06 | $ | 23.51 | $ | 24.79 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.35 | 0.68 | 0.63 | 0.43 | ||||||||||||
Net realized and unrealized gain (loss)c | (6.64 | ) | 3.96 | 0.55 | (1.39 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (6.29 | ) | 4.64 | 1.18 | (0.96 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.18 | ) | (0.64 | ) | (0.63 | ) | (0.32 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.18 | ) | (0.64 | ) | (0.63 | ) | (0.32 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 21.59 | $ | 28.06 | $ | 24.06 | $ | 23.51 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (22.40 | )%d | 19.44 | % | 5.10 | % | (3.77 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 28,068 | $ | 8,419 | $ | 4,811 | $ | 4,701 | ||||||||
Ratio of expenses to average net assetse | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||
Ratio of net investment income to average net assetse | 3.16 | % | 2.57 | % | 2.61 | % | 3.16 | % | ||||||||
Portfolio turnover ratef | 1 | % | 8 | % | 6 | % | 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. |
d | Not annualized. |
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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 1%, 8%, 6% and 5%, respectively. See Note 4. |
See notes to financial statements.
32 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Global Gold Miners ETF | ||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to | |||||||||||||
Net asset value, beginning of period | $ | 11.27 | $ | 11.60 | $ | 20.05 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.03 | 0.08 | 0.21 | 0.15 | ||||||||||||
Net realized and unrealized lossc | (2.53 | ) | (0.33 | ) | (8.47 | ) | (5.02 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (2.50 | ) | (0.25 | ) | (8.26 | ) | (4.87 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.03 | ) | (0.08 | ) | (0.19 | ) | (0.08 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.03 | ) | (0.08 | ) | (0.19 | ) | (0.08 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 8.74 | $ | 11.27 | $ | 11.60 | $ | 20.05 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (22.13 | )%d | (2.01 | )% | (41.28 | )% | (19.45 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 63,343 | $ | 70,976 | $ | 38,285 | $ | 32,084 | ||||||||
Ratio of expenses to average net assetse | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||
Ratio of net investment income to average net assetse | 0.62 | % | 0.81 | % | 1.37 | % | 1.25 | % | ||||||||
Portfolio turnover ratef | 8 | % | 22 | % | 19 | % | 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. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 33 |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Global Metals & Mining Producers ETF | ||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to | |||||||||||||
Net asset value, beginning of period | $ | 20.19 | $ | 18.11 | $ | 19.00 | $ | 24.76 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.17 | 0.50 | 0.50 | 0.37 | ||||||||||||
Net realized and unrealized gain (loss)c | (4.12 | ) | 2.23 | (1.00 | ) | (6.00 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (3.95 | ) | 2.73 | (0.50 | ) | (5.63 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.25 | ) | (0.65 | ) | (0.39 | ) | (0.13 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.25 | ) | (0.65 | ) | (0.39 | ) | (0.13 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 15.99 | $ | 20.19 | $ | 18.11 | $ | 19.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (19.46 | )%d | 15.32 | % | (2.68 | )% | (22.76 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 195,837 | $ | 183,699 | $ | 222,808 | $ | 123,524 | ||||||||
Ratio of expenses to average net assetse | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||
Ratio of expenses to average net assets prior to waived feese | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||
Ratio of net investment income to average net assetse | 2.02 | % | 2.53 | % | 2.51 | % | 2.98 | % | ||||||||
Portfolio turnover ratef | 2 | % | 18 | % | 11 | % | 1 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered 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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 2%, 15%, 7% and 1%, respectively. See Note 4. |
See notes to financial statements.
34 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Financial Highlights (Continued)
iSHARES®, INC.
(For a share outstanding throughout each period)
iShares MSCI Global Silver Miners ETF | ||||||||||||||||
Six months ended Feb. 28, 2015 (Unaudited) | Year ended Aug. 31, 2014 | Year ended Aug. 31, 2013 | Period from to | |||||||||||||
Net asset value, beginning of period | $ | 12.70 | $ | 13.92 | $ | 20.94 | $ | 24.87 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income from investment operations: | ||||||||||||||||
Net investment incomeb | 0.01 | 0.08 | 0.16 | 0.11 | ||||||||||||
Net realized and unrealized lossc | (3.21 | ) | (1.15 | ) | (6.90 | ) | (3.90 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | (3.20 | ) | (1.07 | ) | (6.74 | ) | (3.79 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (0.16 | ) | (0.15 | ) | (0.28 | ) | (0.14 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (0.16 | ) | (0.15 | ) | (0.28 | ) | (0.14 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, end of period | $ | 9.34 | $ | 12.70 | $ | 13.92 | $ | 20.94 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total return | (25.05 | )%d | (7.48 | )% | (32.49 | )% | (15.18 | )%d | ||||||||
|
|
|
|
|
|
|
| |||||||||
Ratios/Supplemental data: | ||||||||||||||||
Net assets, end of period (000s) | $ | 14,944 | $ | 13,975 | $ | 6,959 | $ | 2,094 | ||||||||
Ratio of expenses to average net assetse | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||
Ratio of net investment income to average net assetse | 0.13 | % | 0.63 | % | 1.03 | % | 0.86 | % | ||||||||
Portfolio turnover ratef | 9 | % | 22 | % | 13 | % | 9 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 35 |
Table of Contents
Notes to Financial Statements (Unaudited)
iSHARES®, INC.
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |
MSCI Global Agriculture Producers | Non-diversified | |
MSCI Global Energy Producers | Non-diversified | |
MSCI Global Gold Miners | Non-diversified | |
MSCI Global Metals & Mining Producers | Non-diversified | |
MSCI Global Silver Miners | Non-diversified |
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.
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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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. |
36 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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iSHARES®, INC.
• | 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 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, reviews of 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 is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the 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.
NOTESTO FINANCIAL STATEMENTS | 37 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.
iShares ETF and | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
MSCI Global Agriculture Producers | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 40,516,962 | $ | — | $ | 0 | a | $ | 40,516,962 | |||||||
Investment Companies | 340,026 | — | — | 340,026 | ||||||||||||
Preferred Stocks | 258,306 | — | — | 258,306 | ||||||||||||
Money Market Funds | 520,908 | — | — | 520,908 | ||||||||||||
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|
|
|
|
|
| |||||||||
$ | 41,636,202 | $ | — | $ | 0 | a | $ | 41,636,202 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Energy Producers | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 27,674,775 | $ | — | $ | — | $ | 27,674,775 | ||||||||
Preferred Stocks | 221,777 | — | — | 221,777 | ||||||||||||
Warrants | — | 0 | a | — | 0 | a | ||||||||||
Money Market Funds | 202,082 | — | — | 202,082 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 28,098,634 | $ | 0 | a | $ | — | $ | 28,098,634 | ||||||||
|
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|
|
|
|
|
| |||||||||
MSCI Global Gold Miners | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 63,314,326 | $ | — | $ | — | $ | 63,314,326 | ||||||||
Money Market Funds | 408,873 | — | — | 408,873 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 63,723,199 | $ | — | $ | — | $ | 63,723,199 | |||||||||
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| |||||||||
MSCI Global Metals & Mining Producers | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 190,417,030 | $ | 41,771 | $ | 2 | $ | 190,458,803 | ||||||||
Preferred Stocks | 4,985,376 | — | — | 4,985,376 | ||||||||||||
Money Market Funds | 5,646,869 | — | — | 5,646,869 | ||||||||||||
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|
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|
|
| |||||||||
$ | 201,049,275 | $ | 41,771 | $ | 2 | $ | 201,091,048 | |||||||||
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|
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| |||||||||
MSCI Global Silver Miners | ||||||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 14,931,439 | $ | 20,816 | $ | — | $ | 14,952,255 | ||||||||
Money Market Funds | 929,866 | — | — | 929,866 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
$ | 15,861,305 | $ | 20,816 | $ | — | $ | 15,882,121 | |||||||||
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|
|
| |||||||||
a | Rounds to less than $1. |
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax
38 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
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 or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
NOTESTO FINANCIAL STATEMENTS | 39 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
iShares ETF | Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | |||||||||
MSCI Global Agriculture Producers | $ | 468,059 | $ | 468,059 | $ | — | ||||||
MSCI Global Energy Producers | 170,649 | 170,649 | — | |||||||||
MSCI Global Gold Miners | 351,351 | 351,351 | — | |||||||||
MSCI Global Metals & Mining Producers | 5,237,446 | 5,237,446 | — | |||||||||
MSCI Global Silver Miners | 878,081 | 878,081 | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
40 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39% based on the average daily net assets of each Fund.
In addition, each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to each Fund’s investments in other iShares funds, if any.
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
NOTESTO FINANCIAL STATEMENTS | 41 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
For the six months ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:
iShares ETF | Fees Paid to BTC | |||
MSCI Global Agriculture Producers | $ | 3,482 | ||
MSCI Global Energy Producers | 109 | |||
MSCI Global Gold Miners | 3,001 | |||
MSCI Global Metals & Mining Producers | 11,933 | |||
MSCI Global Silver Miners | 1,221 |
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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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 Metals & Mining Producers ETFs, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.
Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended February 28, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
iShares ETF and Name of Affiliated Issuer | Shares Held at Beginning of Period | Shares Purchased | Shares Sold | Shares Held at End of Period | Value at End of Period | Dividend Income | Net Realized Gain (Loss) | |||||||||||||||||||||
MSCI Global Agriculture Producers |
| |||||||||||||||||||||||||||
iShares India 50 ETF | 12,183 | 358 | (2,290 | ) | 10,251 | $ | 340,026 | $ | 440 | $ | 17,760 | |||||||||||||||||
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Certain directors and officers of the Company are also officers of BTC and/or BFA.
42 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
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, 2015 were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Global Agriculture Producers | $ | 1,565,268 | $ | 1,868,968 | ||||
MSCI Global Energy Producers | 706,265 | 141,711 | ||||||
MSCI Global Gold Miners | 4,603,031 | 4,479,551 | ||||||
MSCI Global Metals & Mining Producers | 10,770,053 | 4,114,123 | ||||||
MSCI Global Silver Miners | 1,246,173 | 1,447,646 |
In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Global Agriculture Producers | $ | 1,175,785 | $ | 6,274,579 | ||||
MSCI Global Energy Producers | 20,740,582 | — | ||||||
MSCI Global Gold Miners | 11,285,033 | 3,955,997 | ||||||
MSCI Global Metals & Mining Producers | 46,839,680 | 5,105,782 | ||||||
MSCI Global Silver Miners | 5,782,384 | 955,883 |
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 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.
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. | MARKET AND CREDIT RISK |
In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.
NOTESTO FINANCIAL STATEMENTS | 43 |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its direct or indirect investment in equity instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.
Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
Each Fund invests all or substantially all of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF and iShares MSCI Global Metals & Mining Producers ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.
44 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.
6. | INCOME TAX INFORMATION |
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.
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, 2014, the Funds’ fiscal year end, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non- Expiring | |||
MSCI Global Agriculture Producers | $ | 17,007 | ||
MSCI Global Energy Producers | 38,653 | |||
MSCI Global Gold Miners | 1,723,545 | |||
MSCI Global Metals & Mining Producers | 1,369,119 | |||
MSCI Global Silver Miners | 112,746 |
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 | 45 |
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Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
As of February 28, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Global Agriculture Producers | $ | 42,218,725 | $ | 3,697,640 | $ | (4,280,163 | ) | $ | (582,523 | ) | ||||||
MSCI Global Energy Producers | 29,181,283 | 351,419 | (1,434,068 | ) | (1,082,649 | ) | ||||||||||
MSCI Global Gold Miners | 88,253,917 | 1,664,821 | (26,195,539 | ) | (24,530,718 | ) | ||||||||||
MSCI Global Metals & Mining Producers | 230,284,815 | 9,156,039 | (38,349,806 | ) | (29,193,767 | ) | ||||||||||
MSCI Global Silver Miners | 20,051,377 | 225,673 | (4,394,929 | ) | (4,169,256 | ) |
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
7. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
46 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Supplemental Information (Unaudited)
iSHARES®, INC.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions for the Fiscal Year-to-Date | % Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date | |||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | Net Investment Income | Net Realized Capital Gains | Return of Capital | Total Per Share | ||||||||||||||||||||||||
MSCI Global Agriculture Producers | $ | 0.192497 | $ | — | $ | 0.027326 | $ | 0.219823 | 88 | % | — | % | 12 | % | 100 | % | ||||||||||||||||
MSCI Global Energy Producers | 0.169263 | — | 0.008990 | 0.178253 | 95 | — | 5 | 100 | ||||||||||||||||||||||||
MSCI Global Gold Miners | 0.029108 | — | 0.000475 | 0.029583 | 98 | — | 2 | 100 | ||||||||||||||||||||||||
MSCI Global Metals & Mining Producers | 0.216352 | — | 0.036715 | 0.253067 | 85 | — | 15 | 100 |
SUPPLEMENTAL INFORMATION | 47 |
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Notes:
48 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes:
NOTES | 49 |
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Notes:
50 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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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 basis on the Funds’ website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-812-0215
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FEBRUARY 28, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED)
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iShares, Inc.
Ø | iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca |
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iSHARES® CORE MSCI EMERGING MARKETS ETF
Performance as of February 28, 2015
The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -8.11%, net of fees, while the total return for the Index was -8.10%.
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
NAV | MARKET | INDEX | NAV | MARKET | INDEX | |||||||||||||||||||||
1 Year | 4.78% | 5.67% | 4.81% | 4.78% | 5.67% | 4.81% | ||||||||||||||||||||
Since Inception | 1.66% | 1.79% | 1.66% | 3.98% | 4.28% | 3.97% |
The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.
Shareholder Expenses | ||||||||||||||||||||||||||
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Beginning Account Value (9/1/14) | Ending Account Value (2/28/15) | Expenses Paid During Period a | Annualized Expense Ratio | ||||||||||||||||||||
$ | 1,000.00 | $ | 918.90 | $ | 0.86 | $ | 1,000.00 | $ | 1,023.90 | $ | 0.90 | 0.18% |
a | Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 6 for more information. |
PORTFOLIO ALLOCATION
As of 2/28/15
Sector | Percentage of Total Investments* |
Financials | 27.50 | % | ||
Information Technology | 18.18 | |||
Consumer Discretionary | 10.23 | |||
Consumer Staples | 8.12 | |||
Materials | 8.05 | |||
Industrials | 7.76 | |||
Energy | 7.42 | |||
Telecommunication Services | 6.66 | |||
Utilities | 3.34 | |||
Health Care | 2.74 | |||
|
| |||
TOTAL | 100.00 | % | ||
|
|
TEN LARGEST COUNTRY ALLOCATIONS
As of 2/28/15
Country | Percentage of Total Investments* |
China | 21.90 | % | ||
South Korea | 14.85 | |||
Taiwan | 13.47 | |||
India | 8.00 | |||
South Africa | 7.95 | |||
Brazil | 7.55 | |||
Mexico | 4.50 | |||
Malaysia | 3.61 | |||
Russia | 3.31 | |||
Indonesia | 2.81 | |||
|
| |||
TOTAL | 87.95 | % | ||
|
|
* | Excludes money market funds. |
FUND PERFORMANCE OVERVIEW | 5 |
Table of Contents
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. 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.
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 expense example, which is based on an investment of $1,000 invested on September 1, 2014 and held through February 28, 2015, 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.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
6 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
COMMON STOCKS — 95.54% |
| |||||||
BRAZIL — 4.65% | ||||||||
Abril Educacao SAa | 173,000 | $ | 715,149 | |||||
Aliansce Shopping Centers SA | 143,200 | 816,325 | ||||||
ALL – America Latina Logistica SA | 677,800 | 1,322,722 | ||||||
Alupar Investimento SA Units | 113,100 | 723,846 | ||||||
Ambev SA | 6,789,500 | 43,548,160 | ||||||
Arezzo Industria e Comercio SA | 130,800 | 1,161,914 | ||||||
B2W Cia. Digitala | 201,951 | 1,416,097 | ||||||
Banco ABC Brasil SAa | 3,717 | 15,274 | ||||||
Banco Bradesco SA | 911,460 | 11,902,676 | ||||||
Banco do Brasil SA | 1,208,100 | 10,021,904 | ||||||
Banco Santander Brasil SA Units | 537,100 | 2,654,178 | ||||||
BB Seguridade Participacoes SA | 1,015,000 | 11,501,215 | ||||||
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros | 2,536,500 | 8,906,381 | ||||||
BR Malls Participacoes SA | 620,000 | 3,666,638 | ||||||
Brasil Brokers Participacoes SA | 484,000 | 499,344 | ||||||
BRF SA | 948,800 | 21,379,399 | ||||||
CCR SA | 1,207,700 | 7,040,887 | ||||||
Centrais Eletricas Brasileiras SA | 370,200 | 692,664 | ||||||
CETIP SA – Mercados Organizados | 288,662 | 3,472,808 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 447,500 | 2,651,179 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 96,200 | 676,917 | ||||||
Cia. Hering | 377,300 | 2,350,084 | ||||||
Cia. Siderurgica Nacional SA | 995,200 | 1,792,463 | ||||||
Cielo SA | 1,025,860 | 16,040,779 | ||||||
Cosan Logistica SAa | 334,600 | 384,994 | ||||||
Cosan SA Industria e Comercio | 196,200 | 1,941,175 | ||||||
CPFL Energia SA | 319,000 | 2,071,740 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 646,400 | 2,617,837 |
Security | Shares | Value | ||||||
Duratex SA | 419,329 | $ | 1,113,088 | |||||
EcoRodovias Infraestrutura e Logistica SA | 295,100 | 1,087,784 | ||||||
EDP – Energias do Brasil SA | 335,100 | 1,055,922 | ||||||
Embraer SA | 940,100 | 8,186,647 | ||||||
Equatorial Energia SA | 213,276 | 2,066,861 | ||||||
Estacio Participacoes SA | 435,900 | 2,942,232 | ||||||
Eternit SA | 478,800 | 514,073 | ||||||
Even Construtora e Incorporadora SA | 814,500 | 1,307,484 | ||||||
EZ TEC Empreendimentos e Participacoes SA | 79,000 | 489,027 | ||||||
Fibria Celulose SAa | 346,000 | 4,460,300 | ||||||
Fleury SA | 136,000 | 656,849 | ||||||
GAEC Educacao SA | 55,400 | 310,388 | ||||||
Gafisa SA | 684,400 | 502,646 | ||||||
Helbor Empreendimentos SA | 278,270 | 388,304 | ||||||
Hypermarcas SAa | 445,600 | 2,976,537 | ||||||
Iguatemi Empresa de Shopping Centers SA | 124,800 | 1,189,361 | ||||||
Iochpe-Maxion SA | 139,600 | 590,750 | ||||||
JBS SA | 1,064,400 | 4,660,601 | ||||||
JSL SA | 118,400 | 467,911 | ||||||
Klabin SA Units | 611,000 | 3,418,959 | ||||||
Kroton Educacional SA | 1,983,756 | 7,208,360 | ||||||
Light SA | 108,700 | 530,698 | ||||||
Linx SA | 39,700 | 610,908 | ||||||
Localiza Rent A Car SA | 261,635 | 3,202,555 | ||||||
Lojas Americanas SA | 205,825 | 921,384 | ||||||
Lojas Renner SA | 196,200 | 5,770,003 | ||||||
LPS Brasil Consultoria de Imoveis SA | 135,500 | 287,174 | ||||||
M. Dias Branco SA | 65,400 | 1,898,403 | ||||||
Magazine Luiza SA | 131,300 | 279,191 | ||||||
Magnesita Refratarios SA | 385,300 | 254,679 | ||||||
Marfrig Global Foods SAa | 433,900 | 731,424 | ||||||
Minerva SA/Brazila | 177,400 | 557,758 | ||||||
MRV Engenharia e Participacoes SA | 468,900 | 1,115,121 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 130,800 | 2,495,371 | ||||||
Multiplus SA | 68,700 | 840,205 | ||||||
Natura Cosmeticos SA | 261,600 | 2,572,680 | ||||||
Odontoprev SA | 594,500 | 2,172,705 | ||||||
Petroleo Brasileiro SA | 4,207,200 | 13,948,714 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 7 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Porto Seguro SA | 151,700 | $ | 1,661,652 | |||||
Qualicorp SAa | 286,900 | 2,608,775 | ||||||
Raia Drogasil SA | 303,900 | 3,029,063 | ||||||
Restoque Comercio e Confeccoes de Roupas SA | 187,800 | 476,175 | ||||||
Santos Brasil Participacoes SA Units | 70,900 | 303,997 | ||||||
Sao Martinho SA | 79,700 | 1,059,192 | ||||||
SLC Agricola SA | 97,600 | 471,385 | ||||||
Smiles SA | 109,800 | 1,825,168 | ||||||
Sonae Sierra Brasil SA | 58,400 | 362,938 | ||||||
Souza Cruz SA | 517,800 | 4,592,445 | ||||||
Sul America SA | 245,089 | 1,121,151 | ||||||
Technos SA | 140,600 | 279,789 | ||||||
Tecnisa SA | 281,500 | 362,292 | ||||||
Tegma Gestao Logistica | 59,200 | 289,856 | ||||||
TIM Participacoes SA | 1,147,200 | 4,782,424 | ||||||
TOTVS SA | 196,200 | 2,354,249 | ||||||
TPI – Triunfo Participacoes e Investimentos SAa | 160,700 | 221,996 | ||||||
Tractebel Energia SA | 261,600 | 3,055,743 | ||||||
Transmissora Alianca de Energia Eletrica SA Units | 119,500 | 874,722 | ||||||
Ultrapar Participacoes SA | 524,400 | 10,926,872 | ||||||
Vale SA | 1,896,600 | 14,095,074 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 142,600 | 2,068,669 | ||||||
Vanguarda Agro SAa | 1,081,541 | 354,505 | ||||||
Via Varejo SAa | 165,200 | 976,404 | ||||||
WEG SA | 387,930 | 4,165,090 | ||||||
|
| |||||||
308,087,432 | ||||||||
CHILE — 1.29% |
| |||||||
AES Gener SA | 3,529,988 | 1,883,098 | ||||||
Aguas Andinas SA Series A | 3,634,639 | 2,160,626 | ||||||
Banco de Chile | 32,747,384 | 3,826,339 | ||||||
Banco de Credito e Inversiones | 51,866 | 2,396,716 | ||||||
Banco Santander Chile | 104,141,703 | 5,465,300 | ||||||
Besalco SA | 612,717 | 355,184 | ||||||
CAP SA | 120,480 | 494,074 | ||||||
Cencosud SA | 1,845,697 | 4,566,014 | ||||||
Cia. Cervecerias Unidas SA | 226,956 | 2,151,392 |
Security | Shares | Value | ||||||
Cia. Sud Americana de Vapores SAa | 18,487,091 | $ | 763,042 | |||||
Colbun SA | 11,401,792 | 3,203,007 | ||||||
CorpBanca SA | 233,095,098 | 2,816,806 | ||||||
E.CL SA | 847,741 | 1,400,284 | ||||||
Empresa Nacional de Electricidad SA/Chile | 4,558,943 | 6,851,314 | ||||||
Empresas CMPC SA | 1,752,446 | 4,562,333 | ||||||
Empresas COPEC SA | 630,983 | 7,400,251 | ||||||
Enersis SA | 28,473,105 | 9,360,635 | ||||||
ENTEL Chile SA | 194,315 | 2,044,323 | ||||||
Inversiones Aguas Metropolitanas SA | 614,767 | 985,389 | ||||||
Inversiones La Construccion SA | 64,038 | 794,286 | ||||||
LATAM Airlines Group SAa | 474,624 | 5,049,693 | ||||||
Parque Arauco SA | 939,212 | 1,848,084 | ||||||
SACI Falabella | 1,411,955 | 10,256,979 | ||||||
SalfaCorp SA | 814,981 | 612,316 | ||||||
Sociedad Matriz SAAM SA | 10,369,744 | 822,259 | ||||||
SONDA SA | 803,826 | 2,011,469 | ||||||
Vina Concha y Toro SA | 760,278 | 1,515,324 | ||||||
|
| |||||||
85,596,537 | ||||||||
CHINA — 21.78% | ||||||||
361 Degrees International Ltd. | 1,923,000 | 572,775 | ||||||
AAC Technologies Holdings Inc.b | 1,068,500 | 7,074,699 | ||||||
Agile Property Holdings Ltd. | 3,748,500 | 2,228,186 | ||||||
Agricultural Bank of China Ltd. Class H | 30,275,000 | 15,029,270 | ||||||
AGTech Holdings Ltd.a,b | 3,948,000 | 381,796 | ||||||
Air China Ltd. Class H | 2,718,000 | 2,411,187 | ||||||
Ajisen (China) Holdings Ltd. | 1,341,000 | 817,867 | ||||||
Alibaba Health Information Technology Ltd.a | 3,546,000 | 2,423,302 | ||||||
Alibaba Pictures Group Ltd.a | 7,530,000 | 1,747,674 | ||||||
Aluminum Corp. of China Ltd. Class Ha | 5,536,000 | 2,683,965 | ||||||
Anhui Conch Cement Co. Ltd. Class H | 1,865,000 | 6,336,544 | ||||||
Anhui Expressway Co. Ltd. Class H | 1,122,000 | 781,231 | ||||||
Anta Sports Products Ltd. | 1,526,000 | 3,069,532 | ||||||
APT Satellite Holdings Ltd. | 482,000 | 598,503 |
8 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Asia Cement China Holdings Corp. | 973,500 | $ | 522,182 | |||||
Asian Citrus Holdings Ltd.a,b | 3,225,000 | 353,461 | ||||||
AVIC International Holding HK Ltd.a,b | 6,222,000 | 585,660 | ||||||
AviChina Industry & Technology Co. Ltd. Class H | 3,288,000 | 2,140,998 | ||||||
Bank of China Ltd. Class H | 114,612,000 | 65,911,007 | ||||||
Bank of Communications Co. Ltd. Class H | 12,638,000 | 10,901,781 | ||||||
BBMG Corp. Class H | 2,248,000 | 1,968,154 | ||||||
Beijing Capital International Airport Co. Ltd. Class H | 2,250,000 | 2,120,767 | ||||||
Beijing Capital Land Ltd. Class H | 2,316,000 | 1,188,542 | ||||||
Beijing Enterprises Holdings Ltd. | 727,000 | 5,399,455 | ||||||
Beijing Enterprises Water Group Ltd.b | 6,300,000 | 3,915,440 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.b | 521,000 | 717,467 | ||||||
Belle International Holdings Ltd. | 6,726,000 | 7,276,321 | ||||||
Bosideng International Holdings Ltd.b | 4,492,000 | 509,701 | ||||||
Brilliance China Automotive Holdings Ltd. | 4,504,000 | 8,839,059 | ||||||
Byd Co. Ltd. Class Hb | 905,000 | 3,944,194 | ||||||
BYD Electronic International Co. Ltd.b | 1,292,500 | 1,443,250 | ||||||
C C Land Holdings Ltd. | 3,807,000 | 687,233 | ||||||
Carnival Group International Holdings Ltd.a,b | 11,817,000 | 1,919,865 | ||||||
CGN Power Co. Ltd. Class Ha,c | 7,430,000 | 2,998,653 | ||||||
Chaowei Power Holdings Ltd.b | 1,228,000 | 566,858 | ||||||
China Agri-Industries Holdings Ltd.b | 3,202,200 | 1,288,238 | ||||||
China Aircraft Leasing Group Holdings Ltd.a | 396,500 | 509,720 | ||||||
China Animal Healthcare Ltd.b | 1,076,000 | 609,074 | ||||||
China Aoyuan Property Group Ltd.b | 3,743,000 | 612,938 |
Security | Shares | Value | ||||||
China BlueChemical Ltd. Class H | 2,938,000 | $ | 1,181,951 | |||||
China Cinda Asset Management Co. Ltd. Class Ha | 7,227,000 | 3,559,708 | ||||||
China CITIC Bank Corp. Ltd. Class H | 11,868,000 | 8,998,039 | ||||||
China CNR Corp. Ltd. Class Ha,c | 2,739,500 | 3,765,490 | ||||||
China Coal Energy Co. Ltd. Class Hb | 5,806,000 | 3,129,294 | ||||||
China Communications Construction Co. Ltd. Class H | 6,358,000 | 7,771,804 | ||||||
China Communications Services Corp. Ltd. Class H | 3,432,000 | 1,575,398 | ||||||
China Construction Bank Corp. Class H | 103,487,000 | 86,067,366 | ||||||
China COSCO Holdings Co. Ltd. Class Ha,b | 3,697,500 | 1,840,299 | ||||||
China Datang Corp. Renewable Power Co. Ltd. Class H | 4,294,000 | 592,432 | ||||||
China Dongxiang Group Co. Ltd.b | 5,363,000 | 898,968 | ||||||
China Dynamics Holdings Ltd.a,b | 5,380,000 | 381,538 | ||||||
China Everbright Bank Co. Ltd. Class H | 4,850,000 | 2,557,750 | ||||||
China Everbright International Ltd. | 3,601,000 | 5,023,928 | ||||||
China Everbright Ltd.b | 1,308,000 | 3,204,456 | ||||||
China Galaxy Securities Co. Ltd. Class Hb | 2,403,000 | 2,866,081 | ||||||
China Gas Holdings Ltd. | 2,898,000 | 4,506,493 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.a | 1,693,000 | 1,113,320 | ||||||
China Household Holdings Ltd.a | 5,275,000 | 360,488 | ||||||
China Huishan Dairy Holdings Co. Ltd.b | 8,632,000 | 1,491,452 | ||||||
China Huiyuan Juice Group Ltd.a | 943,000 | 271,150 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 9 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
China Innovationpay Group Ltd.a,b | 7,164,000 | $ | 609,667 | |||||
China International Marine Containers Group Co. Ltd. Class H | 740,400 | 1,403,385 | ||||||
China Life Insurance Co. Ltd. Class H | 10,789,000 | 46,255,762 | ||||||
China Lilang Ltd.b | 906,000 | 622,656 | ||||||
China Longyuan Power Group Corp. Ltd. | 4,192,000 | 4,497,152 | ||||||
China LotSynergy Holdings Ltd.b | 11,360,000 | 849,570 | ||||||
China Lumena New Materials Corp.a,b | 2,584,000 | 41,648 | ||||||
China Medical System Holdings Ltd. | 1,687,000 | 2,793,014 | ||||||
China Mengniu Dairy Co. Ltd. | 2,026,000 | 9,143,248 | ||||||
China Merchants Bank Co. Ltd. Class H | 6,700,464 | 15,292,241 | ||||||
China Merchants Holdings International Co. Ltd.b | 1,662,000 | 6,321,877 | ||||||
China Metal Recycling Holdings Ltd.a | 62,400 | — | ||||||
China Minsheng Banking Corp. Ltd. Class H | 9,048,100 | 10,931,757 | ||||||
China Mobile Ltd. | 8,860,500 | 120,418,119 | ||||||
China Modern Dairy Holdings Ltd.a | 3,195,000 | 1,157,631 | ||||||
China National Building Material Co. Ltd. Class H | 4,174,000 | 4,084,954 | ||||||
China National Materials Co. Ltd. Class H | 2,685,000 | 675,106 | ||||||
China New Town Development Co. Ltd.a | 6,720,000 | 350,927 | ||||||
China Oil and Gas Group Ltd. | 13,080,000 | 1,787,749 | ||||||
China Oilfield Services Ltd. Class H | 2,616,000 | 3,973,526 | ||||||
China Overseas Land & Investment Ltd. | 5,926,000 | 18,071,150 | ||||||
China Pacific Insurance Group Co. Ltd. Class H | 3,884,400 | 20,284,858 | ||||||
China Petroleum & Chemical Corp. Class H | 37,874,200 | 31,743,135 | ||||||
China Power International Development Ltd. | 4,077,000 | 2,118,550 |
Security | Shares | Value | ||||||
China Power New Energy Development Co. Ltd.a,b | 7,340,000 | $ | 449,555 | |||||
China Precious Metal Resources Holdings Co. Ltd.a,b | 8,558,000 | 662,089 | ||||||
China Railway Construction Corp. Ltd. Class H | 2,840,500 | 3,468,469 | ||||||
China Railway Group Ltd. Class H | 5,872,000 | 4,770,013 | ||||||
China Rare Earth Holdings Ltd.a,b | 5,452,000 | 885,767 | ||||||
China Resources and Transportation Group Ltd.a,b | 29,400,000 | 606,541 | ||||||
China Resources Cement Holdings Ltd. | 2,766,000 | 1,640,601 | ||||||
China Resources Enterprise Ltd. | 1,898,000 | 3,959,750 | ||||||
China Resources Gas Group Ltd.b | 1,308,000 | 3,234,814 | ||||||
China Resources Land Ltd. | 3,495,777 | 9,285,471 | ||||||
China Resources Power Holdings Co. Ltd.b | 3,206,000 | 8,495,097 | ||||||
China Rongsheng Heavy Industries Group Holdings Ltd.a,b | 7,366,000 | 721,836 | ||||||
China SCE Property Holdings Ltd.a,b | 4,309,200 | 811,227 | ||||||
China Shanshui Cement Group Ltd.b | 3,521,000 | 1,952,214 | ||||||
China Shenhua Energy Co. Ltd. Class H | 4,928,000 | 12,899,110 | ||||||
China Shineway Pharmaceutical Group Ltd. | 654,000 | 996,755 | ||||||
China Shipping Container Lines Co. Ltd. Class Ha | 5,476,000 | 1,701,663 | ||||||
China Singyes Solar Technologies Holdings Ltd.b | 806,000 | 1,074,604 | ||||||
China South City Holdings Ltd. | 3,534,000 | 1,116,415 | ||||||
China State Construction International Holdings Ltd. | 2,528,000 | 3,598,646 | ||||||
China Suntien Green Energy Corp. Ltd. Class H | 3,207,000 | 624,409 |
10 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
China Taiping Insurance Holdings Co. Ltd.a | 1,576,108 | $ | 5,487,098 | |||||
China Telecom Corp. Ltd. Class H | 21,128,000 | 13,675,874 | ||||||
China Traditional Chinese Medicine Co. Ltd.a,b | 1,386,000 | 852,461 | ||||||
China Travel International Investment Hong Kong Ltd.b | 5,256,000 | 1,653,629 | ||||||
China Unicom Hong Kong Ltd. | 8,658,000 | 14,579,874 | ||||||
China Vanke Co. Ltd. Class Ha,b | 1,843,687 | 4,231,557 | ||||||
China Water Affairs Group Ltd.b | 2,198,000 | 1,014,621 | ||||||
China Yurun Food Group Ltd.a,b | 2,667,000 | 1,021,345 | ||||||
China ZhengTong Auto Services Holdings Ltd.b | 1,494,000 | 785,966 | ||||||
Chinasoft International Ltd.a,b | 2,796,000 | 872,460 | ||||||
Chongqing Changan Automobile Co. Ltd. Class B | 1,182,000 | 3,211,257 | ||||||
Chongqing Rural Commercial Bank Co. Ltd. Class H | 3,863,000 | 2,405,829 | ||||||
CIMC Enric Holdings Ltd. | 1,308,000 | 968,083 | ||||||
CITIC Ltd. | 3,366,000 | 5,911,317 | ||||||
CITIC Resources Holdings Ltd.a,b | 3,960,000 | 536,139 | ||||||
CITIC Securities Co. Ltd. Class H | 1,537,500 | 5,451,811 | ||||||
CNOOC Ltd. | 25,506,000 | 36,637,054 | ||||||
Comba Telecom Systems Holdings Ltd. | 2,391,150 | 696,800 | ||||||
Coolpad Group Ltd. | 5,232,000 | 984,949 | ||||||
COSCO International Holdings Ltd.b | 2,020,000 | 898,594 | ||||||
COSCO Pacific Ltd.b | 2,616,000 | 3,771,139 | ||||||
Country Garden Holdings Co. Ltd.b | 8,877,733 | 3,537,151 | ||||||
CPMC Holdings Ltd. | 1,302,000 | 668,170 | ||||||
Credit China Holdings Ltd.b | 2,164,000 | 477,141 | ||||||
CSPC Pharmaceutical Group Ltd. | 4,364,000 | 3,567,525 | ||||||
CSR Corp. Ltd. Class Hb | 2,878,000 | 3,725,783 | ||||||
CT Environmental Group Ltd.b | 950,000 | 955,457 | ||||||
Dah Chong Hong Holdings Ltd.b | 1,452,000 | 868,716 |
Security | Shares | Value | ||||||
Daphne International Holdings Ltd. | 1,914,000 | $ | 510,864 | |||||
Datang International Power Generation Co. Ltd. Class H | 3,692,000 | 1,847,083 | ||||||
Dawnrays Pharmaceutical Holdings Ltd.b | 844,000 | 507,132 | ||||||
Dazhong Transportation Group Co. Ltd. Class B | 1,168,100 | 1,024,424 | ||||||
Digital China Holdings Ltd. | 1,377,000 | 1,340,522 | ||||||
Dongfeng Motor Group Co. Ltd. Class H | 3,934,000 | 6,259,541 | ||||||
Dongyue Group Ltd. | 2,097,000 | 735,462 | ||||||
ENN Energy Holdings Ltd. | 1,308,000 | 6,940,178 | ||||||
EverChina International Holdings Co. Ltd.a,b | 11,765,000 | 455,099 | ||||||
Evergrande Real Estate Group Ltd.b | 9,516,000 | 4,196,368 | ||||||
Fantasia Holdings Group Co. Ltd.b | 4,437,000 | 486,297 | ||||||
Far East Horizon Ltd. | 2,037,000 | 1,898,988 | ||||||
FDG Electric Vehicles Ltd.a,b | 14,000,000 | 875,513 | ||||||
First Tractor Co. Ltd. Class Hb | 858,000 | 606,263 | ||||||
Fosun International Ltd.b | 2,467,500 | 3,989,768 | ||||||
Franshion Properties China Ltd.b | 5,324,000 | 1,565,186 | ||||||
Fufeng Group Ltd.b | 1,928,400 | 967,252 | ||||||
GCL-Poly Energy Holdings Ltd.a,b | 14,580,000 | 3,496,741 | ||||||
Geely Automobile Holdings Ltd.b | 7,655,000 | 3,425,056 | ||||||
Glorious Property Holdings Ltd.a | 4,684,000 | 573,764 | ||||||
Golden Eagle Retail Group Ltd.b | 1,111,000 | 1,346,589 | ||||||
Goldin Properties Holdings Ltd.a,b | 2,086,000 | 1,121,614 | ||||||
GOME Electrical Appliances Holding Ltd.b | 14,435,000 | 1,954,335 | ||||||
Goodbaby International Holdings Ltd.b | 2,043,000 | 690,180 | ||||||
Great Wall Motor Co. Ltd. Class H | 1,464,000 | 9,325,262 | ||||||
Greatview Aseptic Packaging Co. Ltd. | 2,525,000 | 1,071,150 | ||||||
Guangdong Investment Ltd. | 3,924,000 | 5,054,608 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 11 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Guangdong Land Holdings Ltd.a | 2,038,000 | $ | 528,194 | |||||
Guangzhou Automobile Group Co. Ltd. Class H | 3,924,000 | 3,764,393 | ||||||
Guangzhou R&F Properties Co. Ltd. Class H | 1,394,000 | 1,621,296 | ||||||
Haier Electronics Group Co. Ltd. | 1,934,000 | 5,099,678 | ||||||
Haitian International Holdings Ltd.b | 932,000 | 2,016,512 | ||||||
Haitong Securities Co. Ltd. Class Hb | 1,931,200 | 4,606,722 | ||||||
Hanergy Thin Film Power Group Ltd.b | 18,264,000 | 10,644,551 | ||||||
Hangzhou Steam Turbine Co. Class B | 738,300 | 850,114 | ||||||
Harbin Electric Co. Ltd. Class H | 1,338,000 | 912,651 | ||||||
Hengan International Group Co. Ltd. | 1,067,500 | 12,243,535 | ||||||
Hengdeli Holdings Ltd.b | 5,746,800 | 1,074,452 | ||||||
Hi Sun Technology (China) Ltd.a,b | 3,048,000 | 801,748 | ||||||
Hisense Kelon Electrical Holdings Co. Ltd. Class Ha | 662,000 | 612,026 | ||||||
Honbridge Holdings Ltd.a | 3,438,000 | 558,559 | ||||||
Honghua Group Ltd.b | 4,101,000 | 528,789 | ||||||
Hopson Development Holdings Ltd.a,b | 1,308,000 | 1,081,082 | ||||||
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H | 4,736,192 | 1,038,177 | ||||||
Huabao International Holdings Ltd.b | 3,086,000 | 2,339,733 | ||||||
Huadian Power International Corp. Ltd. Class H | 2,352,000 | 1,977,324 | ||||||
Huaneng Power International Inc. Class H | 5,232,000 | 6,577,568 | ||||||
Hunan Nonferrous Metal Corp. Ltd. Class Ha | 2,746,000 | 1,437,539 | ||||||
Imperial Pacific International Holdings Ltd.a,b | 3,780,000 | 731,099 | ||||||
Industrial & Commercial Bank of China Ltd. Class H | 105,907,000 | 77,291,920 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. Class B | 1,537,700 | 2,089,734 |
Security | Shares | Value | ||||||
Intime Retail Group Co. Ltd. | 1,898,500 | $ | 1,042,829 | |||||
Jiangsu Expressway Co. Ltd. Class H | 1,706,000 | 2,105,154 | ||||||
Jiangsu Future Land Co. Ltd. Class B | 1,203,100 | 609,972 | ||||||
Jiangxi Copper Co. Ltd. Class H | 2,061,000 | 3,518,512 | ||||||
Ju Teng International Holdings Ltd.b | 1,482,000 | 875,199 | ||||||
Kaisa Group Holdings Ltd.b | 2,773,000 | 557,786 | ||||||
Kingboard Chemical Holdings Ltd. | 920,200 | 1,589,937 | ||||||
Kingboard Laminates Holdings Ltd. | 1,952,000 | 850,726 | ||||||
Kingdee International Software Group Co. Ltd.a,b | 3,156,000 | 1,037,696 | ||||||
Kingsoft Corp. Ltd.b | 978,000 | 2,247,189 | ||||||
Kunlun Energy Co. Ltd.b | 5,232,000 | 5,147,369 | ||||||
KWG Property Holding Ltd. | 1,825,000 | 1,186,005 | ||||||
Landing International Development Ltd.a | 11,250,000 | 361,198 | ||||||
Lao Feng Xiang Co. Ltd. Class B | 389,106 | 1,250,587 | ||||||
Lee & Man Paper Manufacturing Ltd. | 2,392,000 | 1,233,713 | ||||||
Lenovo Group Ltd.b | 9,664,000 | 14,903,254 | ||||||
Li Ning Co. Ltd.a,b | 2,191,500 | 867,507 | ||||||
Lianhua Supermarket Holdings Co. Ltd. Class Ha,b | 840,000 | 389,919 | ||||||
Lijun International Pharmaceutical Holding Co. Ltd. | 3,460,000 | 1,472,255 | ||||||
Livzon Pharmaceutical Group Inc. Class H | 79,700 | 411,066 | ||||||
Longfor Properties Co. Ltd. | 1,860,500 | 2,446,937 | ||||||
Lonking Holdings Ltd. | 5,077,000 | 995,047 | ||||||
Luthai Textile Co. Ltd. Class B | 526,469 | 719,568 | ||||||
Microport Scientific Corp.a | 1,089,000 | 488,653 | ||||||
MIE Holdings Corp. | 3,388,000 | 380,063 | ||||||
Mingfa Group International Co. Ltd.a | 4,273,000 | 1,443,535 | ||||||
Minth Group Ltd. | 1,308,000 | 2,745,713 | ||||||
MMG Ltd. | 2,664,000 | 793,486 | ||||||
NetDragon Websoft Inc.b | 332,500 | 565,067 |
12 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
New China Life Insurance Co. Ltd. Class H | 1,144,300 | $ | 6,588,012 | |||||
New World China Land Ltd. | 3,610,000 | 2,364,634 | ||||||
New World Department Store China Ltd.b | 1,437,000 | 368,725 | ||||||
Nexteer Automotive Group Ltd. | 1,540,000 | 1,544,875 | ||||||
Nine Dragons Paper (Holdings) Ltd. | 2,398,000 | 1,555,286 | ||||||
North Mining Shares Co. Ltd.a,b | 16,140,000 | 749,202 | ||||||
NVC Lighting Holdings Ltd.b | 1,831,000 | 415,522 | ||||||
Parkson Retail Group Ltd.b | 2,052,000 | 441,862 | ||||||
PAX Global Technology Ltd.a | 979,000 | 892,473 | ||||||
People’s Insurance Co. Group of China Ltd. Class H | 9,137,000 | 4,724,338 | ||||||
PetroChina Co. Ltd. Class H | 31,226,000 | 36,236,969 | ||||||
Phoenix Satellite Television Holdings Ltd.b | 2,372,000 | 709,571 | ||||||
PICC Property & Casualty Co. Ltd. Class H | 5,233,360 | 11,215,138 | ||||||
Ping An Insurance Group Co. of China Ltd. Class H | 3,779,500 | 42,032,619 | ||||||
Poly Property Group Co. Ltd. | 2,934,000 | 1,430,029 | ||||||
Ports Design Ltd.a,b | 1,887,500 | 732,565 | ||||||
Real Nutriceutical Group Ltd. | 2,934,000 | 809,593 | ||||||
Renhe Commercial Holdings Co. Ltd.a,b | 26,194,000 | 1,182,124 | ||||||
REXLot Holdings Ltd.b | 16,350,000 | 1,285,999 | ||||||
Road King Infrastructure Ltd.b | 806,000 | 678,643 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd.a,b | 2,503,000 | 535,750 | ||||||
Semiconductor Manufacturing International Corp.a,b | 35,881,000 | 3,146,056 | ||||||
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H | 308,000 | 506,751 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 3,624,000 | 2,985,947 | ||||||
Shanghai Electric Group Co. Ltd. Class H | 4,212,000 | 2,503,700 |
Security | Shares | Value | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H | 587,500 | $ | 1,954,432 | |||||
Shanghai Industrial Holdings Ltd. | 687,000 | 2,081,697 | ||||||
Shanghai Industrial Urban Development Group Ltd.a,b | 3,300,000 | 616,985 | ||||||
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H | 2,444,000 | 731,109 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B | 409,000 | 1,038,860 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H | 1,001,100 | 2,091,151 | ||||||
Shenzhen Expressway Co. Ltd. Class H | 1,574,000 | 1,169,015 | ||||||
Shenzhen International Holdings Ltd. | 1,676,250 | 2,342,939 | ||||||
Shenzhen Investment Ltd.b | 3,204,000 | 1,012,166 | ||||||
Shenzhou International Group Holdings Ltd. | 799,000 | 3,162,847 | ||||||
Shimao Property Holdings Ltd. | 1,940,500 | 4,118,475 | ||||||
Shougang Concord International Enterprises Co. Ltd.a,b | 20,656,000 | 878,928 | ||||||
Shui On Land Ltd. | 5,147,166 | 1,194,631 | ||||||
Shunfeng International Clean Energy Ltd.a,b | 1,742,000 | 1,165,758 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 6,285,000 | 3,744,038 | ||||||
Sino Biopharmaceutical Ltd. | 5,232,000 | 4,971,967 | ||||||
Sino Oil And Gas Holdings Ltd.a,b | 22,570,000 | 544,210 | ||||||
Sino-Ocean Land Holdings Ltd. | 5,262,000 | 3,283,895 | ||||||
Sinofert Holdings Ltd.a | 4,660,000 | 1,051,519 | ||||||
Sinopec Engineering Group Co. Ltd. Class H | 1,693,500 | 1,373,501 | ||||||
Sinopec Kantons Holdings Ltd.b | 1,572,000 | 1,169,557 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. Class H | 5,117,000 | 1,748,454 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 13 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Sinopharm Group Co. Ltd. Class H | 1,694,400 | $ | 5,931,695 | |||||
Sinotrans Ltd. Class H | 2,772,000 | 1,833,596 | ||||||
Sinotrans Shipping Ltd.a,b | 2,623,000 | 568,199 | ||||||
Skyworth Digital Holdings Ltd.b | 2,872,000 | 2,047,871 | ||||||
SOHO China Ltd. | 2,428,000 | 1,737,539 | ||||||
Sound Global Ltd.a,b | 908,000 | 771,550 | ||||||
Sun Art Retail Group Ltd.b | 3,311,500 | 2,971,851 | ||||||
Sunac China Holdings Ltd. | 2,265,000 | 2,096,938 | ||||||
Sunny Optical Technology Group Co. Ltd.b | 1,022,000 | 1,689,398 | ||||||
Superb Summit International Group Ltd.a,b | 6,035,000 | 1,136,117 | ||||||
TCC International Holdings Ltd. | 1,712,000 | 626,924 | ||||||
TCL Communication Technology Holdings Ltd.b | 879,000 | 833,046 | ||||||
TCL Multimedia Technology Holdings Ltd.a,b | 1,198,000 | 710,571 | ||||||
Tech Pro Technology Development Ltd.a,b | 2,484,000 | 1,896,122 | ||||||
Tencent Holdings Ltd. | 7,467,500 | 130,854,206 | ||||||
Tiangong International Co. Ltd.b | 3,290,000 | 526,030 | ||||||
Tianjin Development Holdings Ltd. | 1,066,000 | 735,367 | ||||||
Tianjin Port Development Holdings Ltd. | 3,572,000 | 727,715 | ||||||
Tianneng Power International Ltd.b | 2,246,000 | 622,646 | ||||||
Tibet 5100 Water Resources Holdings Ltd.b | 2,366,000 | 799,299 | ||||||
Tingyi Cayman Islands Holding Corp.b | 3,114,000 | 7,829,720 | ||||||
Tong Ren Tang Technologies Co. Ltd. Class H | 1,308,000 | 1,612,347 | ||||||
Tongda Group Holdings Ltd.b | 4,630,000 | 650,729 | ||||||
Towngas China Co. Ltd.b | 1,555,000 | 1,415,559 | ||||||
TravelSky Technology Ltd. Class H | 1,504,000 | 1,619,300 | ||||||
Tsingtao Brewery Co. Ltd. Class H | 670,000 | 4,237,472 | ||||||
Uni-President China Holdings Ltd. | 2,014,200 | 1,584,256 |
Security | Shares | Value | ||||||
V1 Group Ltd.a | 7,382,000 | $ | 590,145 | |||||
Vinda International Holdings Ltd. | 543,000 | 922,801 | ||||||
Wanda Hotel Development Co. Ltd.a,b | 2,001,000 | 392,178 | ||||||
Want Want China Holdings Ltd.b | 8,920,000 | 9,833,859 | ||||||
Wasion Group Holdings Ltd. | 920,000 | 912,236 | ||||||
Weichai Power Co. Ltd. Class H | 689,000 | 2,798,484 | ||||||
Weiqiao Textile Co. Class H | 1,152,500 | 628,600 | ||||||
Welling Holding Ltd.b | 1,996,000 | 414,362 | ||||||
West China Cement Ltd. | 6,220,000 | 810,037 | ||||||
Wisdom Holdings Groupb | 1,298,000 | 671,138 | ||||||
Wumart Stores Inc. Class Hb | 733,000 | 533,060 | ||||||
Xingda International Holdings Ltd.b | 1,982,000 | 575,015 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd. Class H | 1,244,000 | 1,101,971 | ||||||
Xinyi Solar Holdings Ltd. | 3,720,000 | 1,103,224 | ||||||
XTEP International Holdings Ltd.b | 1,396,500 | 460,971 | ||||||
Yanchang Petroleum International Ltd.a,b | 11,910,000 | 445,351 | ||||||
Yanzhou Coal Mining Co. Ltd. Class Hb | 2,670,000 | 2,203,354 | ||||||
Yingde Gases Group Co. Ltd.b | 1,844,500 | 1,331,863 | ||||||
Yuanda China Holdings Ltd. | 6,250,000 | 346,531 | ||||||
YuanShengTai Dairy Farm Ltd.a,b | 5,139,000 | 669,257 | ||||||
Yuexiu Property Co. Ltd. | 9,638,880 | 1,938,850 | ||||||
Yuexiu Real Estate Investment Trustb | 2,306,000 | 1,299,373 | ||||||
Yuexiu Transport Infrastructure Ltd.b | 1,618,000 | 1,103,639 | ||||||
Yuzhou Properties Co. Ltd.b | 2,843,400 | 667,271 | ||||||
Zhejiang Expressway Co. Ltd. Class H | 2,616,000 | 3,217,949 | ||||||
Zhongsheng Group Holdings Ltd. | 966,000 | 832,045 | ||||||
Zhuzhou CSR Times Electric Co. Ltd. Class H | 760,000 | 4,282,408 | ||||||
Zijin Mining Group Co. Ltd. Class H | 8,918,000 | 2,644,772 | ||||||
ZTE Corp. Class H | 856,800 | 1,909,045 | ||||||
|
| |||||||
1,444,791,428 |
14 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
COLOMBIA — 0.39% |
| |||||||
Almacenes Exito SA | 270,411 | $ | 2,677,895 | |||||
Cementos Argos SA | 578,105 | 2,076,763 | ||||||
Cemex Latam Holdings SAa | 265,416 | 1,596,212 | ||||||
Corp. Financiera Colombiana SA | 125,639 | 1,888,982 | ||||||
Corp. Financiera Colombiana SA Newa | 2,250 | 33,468 | ||||||
Ecopetrol SA | 8,468,382 | 7,079,111 | ||||||
Grupo Argos SA/Colombia | 374,329 | 2,851,539 | ||||||
Grupo de Inversiones Suramericana SA | 325,490 | 4,572,713 | ||||||
Interconexion Electrica SA ESP | 568,679 | 1,780,699 | ||||||
Isagen SA ESP | 1,203,273 | 1,408,702 | ||||||
|
| |||||||
25,966,084 | ||||||||
CZECH REPUBLIC — 0.18% | ||||||||
CEZ AS | 216,456 | 5,485,970 | ||||||
Komercni Banka AS | 22,117 | 4,786,874 | ||||||
O2 Czech Republic AS | 104,393 | 886,047 | ||||||
Pegas Nonwovens SA | 19,823 | 565,983 | ||||||
Philip Morris CR AS | 889 | 412,463 | ||||||
|
| |||||||
12,137,337 | ||||||||
EGYPT — 0.33% | ||||||||
Citadel Capital SAEa | 1,411,453 | 523,511 | ||||||
Commercial International Bank Egypt SAE | 1,238,753 | 8,968,318 | ||||||
Egypt Kuwait Holding Co. SAEa | 1,131,509 | 769,426 | ||||||
Egyptian Financial Group-Hermes Holding Co.a | 669,459 | 1,383,656 | ||||||
Ezz Steela | 441,906 | 911,027 | ||||||
Global Telecom Holding SAEa | 3,803,032 | 1,884,059 | ||||||
Global Telecom Holding SAE GDRa | 209,442 | 534,077 | ||||||
Juhayna Food Industriesa | 457,488 | 594,790 | ||||||
Orascom Telecom Media And Technology Holding SAEa | 2,097,276 | 335,342 | ||||||
Orascom Telecom Media And Technology Holding SAE GDRa | 50,000 | 43,450 | ||||||
Palm Hills Developments SAEa | 1,908,226 | 972,864 | ||||||
Pioneers Holding For Financial Investments SAEa | 426,854 | 650,067 |
Security | Shares | Value | ||||||
Six of October Development & Investmenta | 430,386 | $ | 753,594 | |||||
South Valley Cement | 551,183 | 493,389 | ||||||
Talaat Moustafa Group | 1,729,683 | 2,409,752 | ||||||
Telecom Egypt Co. | 470,960 | 720,323 | ||||||
|
| |||||||
21,947,645 | ||||||||
GREECE — 0.42% | ||||||||
Alpha Bank AEa | 5,505,298 | 2,284,756 | ||||||
Athens Water Supply & Sewage Co. SA (The) | 48,053 | 382,680 | ||||||
Ellaktor SAa | 219,670 | 606,126 | ||||||
Eurobank Ergasias SAa | 11,203,439 | 1,721,588 | ||||||
FF Groupa | 46,984 | 1,491,398 | ||||||
Frigoglass SAICa | 97,884 | 200,918 | ||||||
Hellenic Exchanges – Athens Stock Exchange SA Holding | 162,170 | 1,133,224 | ||||||
Hellenic Telecommunications Organization SAa | 352,763 | 3,521,521 | ||||||
Intralot SA-Integrated Lottery Systems & Servicesa | 259,880 | 521,775 | ||||||
JUMBO SA | 147,434 | 1,686,767 | ||||||
Marfin Investment Group Holdings SAa | 1,382,363 | 307,004 | ||||||
Metka SA | 50,422 | 517,486 | ||||||
Motor Oil Hellas Corinth Refineries SA | 82,906 | 743,932 | ||||||
Mytilineos Holdings SAa | 121,131 | 850,524 | ||||||
National Bank of Greece SAa | 2,193,262 | 3,296,496 | ||||||
OPAP SA | 320,460 | 2,958,223 | ||||||
Piraeus Bank SAa,b | 3,005,635 | 1,914,881 | ||||||
Piraeus Port Authority SA | 13,844 | 231,990 | ||||||
Public Power Corp. SAa | 235,220 | 1,846,841 | ||||||
Titan Cement Co. SA | 62,970 | 1,595,538 | ||||||
|
| |||||||
27,813,668 | ||||||||
HUNGARY — 0.18% | ||||||||
Magyar Telekom Telecommunications PLCa | 725,150 | 1,028,012 | ||||||
MOL Hungarian Oil & Gas PLC | 55,786 | 2,475,803 | ||||||
OTP Bank PLC | 327,434 | 5,193,334 | ||||||
Richter Gedeon Nyrt | 204,816 | 2,979,395 | ||||||
|
| |||||||
11,676,544 | ||||||||
INDIA — 7.96% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 734,600 | 3,931,218 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 15 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
ACC Ltd. | 87,602 | $ | 2,378,528 | |||||
Adani Enterprises Ltd. | 204,539 | 2,308,324 | ||||||
Aditya Birla Nuvo Ltd. | 67,607 | 1,882,506 | ||||||
AIA Engineering Ltd. | 56,795 | 1,042,812 | ||||||
Amara Raja Batteries Ltd. | 87,807 | 1,249,088 | ||||||
Ambuja Cements Ltd. | 974,046 | 4,288,292 | ||||||
Apollo Hospitals Enterprise Ltd. | 115,578 | 2,457,610 | ||||||
Apollo Tyres Ltd. | 225,812 | 639,384 | ||||||
Arvind Ltd. | 232,450 | 1,152,941 | ||||||
Ashok Leyland Ltd.a | 1,955,773 | 2,210,351 | ||||||
Asian Paints Ltd. | 428,601 | 5,676,770 | ||||||
Aurobindo Pharma Ltd. | 200,389 | 3,512,846 | ||||||
Bajaj Auto Ltd. | 117,320 | 4,087,740 | ||||||
Bajaj Finance Ltd. | 31,886 | 2,262,253 | ||||||
Balkrishna Industries Ltd. | 69,874 | 677,655 | ||||||
Balrampur Chini Mills Ltd.a | 580,247 | 548,749 | ||||||
Bayer CropScience Ltd./India | 21,465 | 1,185,863 | ||||||
Berger Paints India Ltd. | 339,630 | 1,230,647 | ||||||
Bharat Forge Ltd. | 137,010 | 2,780,657 | ||||||
Bharat Heavy Electricals Ltd. | 865,860 | 3,672,603 | ||||||
Bharat Petroleum Corp. Ltd. | 270,123 | 3,261,318 | ||||||
Bharti Airtel Ltd. | 841,375 | 4,849,767 | ||||||
Biocon Ltd. | 97,224 | 671,625 | ||||||
Bosch Ltd. | 10,827 | 4,534,692 | ||||||
Britannia Industries Ltd. | 38,370 | 1,300,874 | ||||||
Cairn India Ltd. | 567,792 | 2,340,804 | ||||||
Century Textiles & Industries Ltd. | 78,929 | 677,930 | ||||||
CESC Ltd. | 114,475 | 1,100,205 | ||||||
Cipla Ltd. | 500,136 | 5,519,258 | ||||||
Coal India Ltd. | 1,004,102 | 6,400,226 | ||||||
Dabur India Ltd. | 757,299 | 3,229,901 | ||||||
DCB Bank Ltd.a | 760,349 | 1,402,472 | ||||||
Dewan Housing Finance Corp. Ltd. | 114,777 | 916,749 | ||||||
Divi’s Laboratories Ltd. | 63,513 | 1,768,715 | ||||||
DLF Ltd. | 662,478 | 1,665,708 | ||||||
Dr. Reddy’s Laboratories Ltd. | 168,191 | 9,113,827 | ||||||
Federal Bank Ltd. | 975,704 | 2,252,778 | ||||||
Finolex Cables Ltd. | 177,678 | 769,444 | ||||||
GAIL (India) Ltd. | 448,359 | 2,997,886 | ||||||
Gateway Distriparks Ltd. | 205,211 | 1,375,267 | ||||||
GlaxoSmithKline Consumer Healthcare Ltd. | 17,670 | 1,658,659 |
Security | Shares | Value | ||||||
GMR Infrastructure Ltd. | 4,682,767 | $ | 1,420,627 | |||||
Godrej Consumer Products Ltd. | 171,958 | 3,157,873 | ||||||
Godrej Industries Ltd. | 150,817 | 811,613 | ||||||
GRUH Finance Ltd. | 231,268 | 993,287 | ||||||
Gujarat Pipavav Port Ltd.a | 406,952 | 1,429,155 | ||||||
Havells India Ltd. | 411,328 | 1,798,583 | ||||||
HCL Technologies Ltd. | 353,830 | 11,568,389 | ||||||
Hero Motocorp Ltd. | 62,617 | 2,719,921 | ||||||
Hexaware Technologies Ltd. | 229,632 | 1,005,395 | ||||||
Hindalco Industries Ltd. | 1,612,038 | 3,986,733 | ||||||
Hindustan Unilever Ltd. | 1,137,141 | 16,744,794 | ||||||
Housing Development & Infrastructure Ltd.a | 533,962 | 1,028,960 | ||||||
Housing Development Finance Corp. Ltd. | 2,186,750 | 47,239,532 | ||||||
ICICI Bank Ltd. | 1,573,468 | 8,812,490 | ||||||
Idea Cellular Ltd. | 1,536,981 | 3,802,352 | ||||||
IFCI Ltd. | 1,088,340 | 679,717 | ||||||
Indiabulls Housing Finance Ltd. | 259,413 | 2,615,536 | ||||||
Indiabulls Real Estate Ltd. | 420,722 | 544,240 | ||||||
Indian Hotels Co. Ltd.a | 579,200 | 1,049,598 | ||||||
Infosys Ltd. | 1,318,039 | 48,973,557 | ||||||
IRB Infrastructure Developers Ltd. | 236,172 | 981,104 | ||||||
ITC Ltd. | 3,311,060 | 19,358,491 | ||||||
Jain Irrigation Systems Ltd. | 762,768 | 892,909 | ||||||
Jaiprakash Associates Ltd.a | 3,313,799 | 1,359,191 | ||||||
Jammu & Kashmir Bank Ltd. (The) | 397,974 | 731,170 | ||||||
Jindal Steel & Power Ltd. | 549,193 | 1,739,415 | ||||||
JSW Steel Ltd. | 129,264 | 2,114,174 | ||||||
Jubilant Foodworks Ltd.a | 33,501 | 893,234 | ||||||
Just Dial Ltd. | 39,378 | 857,899 | ||||||
Kajaria Ceramics Ltd. | 74,562 | 966,031 | ||||||
Karur Vysya Bank Ltd. (The) | 123,853 | 1,177,510 | ||||||
Kaveri Seed Co. Ltd. | 40,575 | 604,046 | ||||||
KPIT Technologies Ltd. | 271,249 | 927,570 | ||||||
Larsen & Toubro Ltd. | 452,726 | 12,951,458 | ||||||
LIC Housing Finance Ltd. | 449,798 | 3,486,016 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 432,283 | 1,734,238 | ||||||
Mahindra & Mahindra Ltd. | 475,049 | 9,930,257 | ||||||
MAX India Ltd. | 221,037 | 1,646,735 |
16 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
MindTree Ltd. | 80,839 | $ | 1,893,154 | |||||
Motherson Sumi Systems Ltd. | 315,721 | 2,309,481 | ||||||
Mphasis Ltd. | 115,446 | 709,151 | ||||||
MRF Ltd. | 3,340 | 2,226,505 | ||||||
NCC Ltd./India | 917,791 | 1,173,133 | ||||||
Nestle India Ltd. | 38,324 | 4,355,375 | ||||||
NIIT Technologies Ltd. | 88,418 | 571,166 | ||||||
NTPC Ltd. | 2,239,061 | 5,647,919 | ||||||
Oil & Natural Gas Corp. Ltd. | 1,059,804 | 5,572,095 | ||||||
Oil India Ltd. | 159,002 | 1,280,274 | ||||||
Page Industries Ltd. | 10,461 | 2,001,181 | ||||||
Piramal Enterprises Ltd. | 103,800 | 1,495,489 | ||||||
Power Finance Corp. Ltd. | 400,263 | 1,898,181 | ||||||
Prestige Estates Projects Ltd. | 169,854 | 781,458 | ||||||
PTC India Ltd. | 531,882 | 748,275 | ||||||
Rallis India Ltd. | 176,427 | 698,229 | ||||||
Ramco Cements Ltd. (The) | 128,431 | 695,923 | ||||||
Ranbaxy Laboratories Ltd.a | 189,281 | 2,180,690 | ||||||
Raymond Ltd. | 88,895 | 725,198 | ||||||
Redington India Ltd. | 430,150 | 855,707 | ||||||
Reliance Capital Ltd. | 167,004 | 1,233,514 | ||||||
Reliance Communications Ltd.a | 1,305,120 | 1,446,497 | ||||||
Reliance Industries Ltd. | 1,905,247 | 26,669,759 | ||||||
Reliance Infrastructure Ltd. | 162,785 | 1,252,263 | ||||||
Rural Electrification Corp. Ltd. | 444,485 | 2,377,227 | ||||||
Sesa Sterlite Ltd. | 1,656,408 | 5,831,800 | ||||||
Shree Renuka Sugars Ltd.a | 1,821,657 | 467,167 | ||||||
Shriram Transport Finance Co. Ltd. | 222,412 | 4,388,143 | ||||||
Siemens Ltd. | 114,618 | 2,479,758 | ||||||
SKS Microfinance Ltd.a | 169,251 | 1,196,984 | ||||||
Sobha Ltd. | 93,489 | 721,078 | ||||||
State Bank of India | 2,170,921 | 10,595,556 | ||||||
Sun Pharma Advanced Research Co. Ltd.a | 158,582 | 1,051,226 | ||||||
Sun Pharmaceuticals Industries Ltd. | 1,033,114 | 15,228,005 | ||||||
Sundaram Finance Ltd. | 57,328 | 1,410,452 | ||||||
Supreme Industries Ltd. | 70,405 | 752,293 | ||||||
Suzlon Energy Ltd.a | 2,238,494 | 986,958 | ||||||
Tata Consultancy Services Ltd. | 679,365 | 29,406,540 | ||||||
Tata Global Beverages Ltd. | 491,915 | 1,232,872 | ||||||
Tata Motors Ltd. | 1,148,324 | 11,024,319 | ||||||
Tata Power Co. Ltd. | 1,574,926 | 2,213,127 |
Security | Shares | Value | ||||||
Tata Steel Ltd. | 437,759 | $ | 2,516,202 | |||||
Tech Mahindra Ltd. | 84,174 | 3,899,610 | ||||||
Thermax Ltd. | 66,139 | 1,238,561 | ||||||
Torrent Pharmaceuticals Ltd. | 74,894 | 1,301,935 | ||||||
TTK Prestige Ltd. | 6,515 | 323,120 | ||||||
Tube Investments of India Ltd. | 75,860 | 431,250 | ||||||
TV18 Broadcast Ltd.a | 1,131,552 | 609,670 | ||||||
TVS Motor Co. Ltd. | 206,021 | 927,853 | ||||||
Ultratech Cement Ltd. | 72,078 | 3,656,963 | ||||||
Unitech Ltd.a | 2,436,197 | 813,971 | ||||||
United Breweries Ltd. | 101,511 | 1,640,551 | ||||||
United Spirits Ltd.a | 73,503 | 4,067,491 | ||||||
VA Tech Wabag Ltd. | 26,259 | 743,690 | ||||||
Vijaya Bank | 849,147 | 662,913 | ||||||
Voltas Ltd. | 223,754 | 919,562 | ||||||
Wipro Ltd. | 869,294 | 9,271,719 | ||||||
Wockhardt Ltd. | 43,981 | 1,126,975 | ||||||
Zee Entertainment Enterprises Ltd. | 773,779 | 4,337,444 | ||||||
|
| |||||||
527,992,344 | ||||||||
INDONESIA — 2.79% |
| |||||||
Ace Hardware Indonesia Tbk PT | 13,102,300 | 856,591 | ||||||
Adaro Energy Tbk PT | 19,969,800 | 1,483,250 | ||||||
Alam Sutera Realty Tbk PT | 34,539,800 | 1,790,458 | ||||||
Aneka Tambang Persero Tbk PT | 6,282,100 | 488,473 | ||||||
Arwana Citramulia Tbk PT | 9,951,400 | 735,287 | ||||||
Astra Agro Lestari Tbk PT | 739,800 | 1,410,914 | ||||||
Astra International Tbk PT | 29,349,800 | 17,825,604 | ||||||
Bank Bukopin Tbk PT | 10,385,500 | 638,799 | ||||||
Bank Central Asia Tbk PT | 17,639,600 | 19,243,200 | ||||||
Bank Danamon Indonesia Tbk PT | 4,801,300 | 1,783,075 | ||||||
Bank Mandiri Persero Tbk PT | 13,533,000 | 12,564,487 | ||||||
Bank Negara Indonesia Persero Tbk PT | 11,197,100 | 5,955,904 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 6,205,700 | 470,529 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 15,773,400 | 15,712,381 | ||||||
Bank Tabungan Negara Persero Tbk PT | 8,050,276 | 666,445 | ||||||
Benakat Integra Tbk PT | 44,301,800 | 380,464 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 17 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Bumi Serpong Damai Tbk PT | 11,410,000 | $ | 1,959,783 | |||||
Charoen Pokphand Indonesia Tbk PT | 10,552,900 | 3,090,346 | ||||||
Ciputra Development Tbk PT | 16,241,800 | 1,866,079 | ||||||
Ciputra Property Tbk PT | 7,975,000 | 459,681 | ||||||
Energi Mega Persada Tbk PTa | 67,471,000 | 501,139 | ||||||
Gajah Tunggal Tbk PT | 3,717,400 | 402,658 | ||||||
Global Mediacom Tbk PT | 9,535,100 | 1,486,517 | ||||||
Gudang Garam Tbk PT | 842,800 | 3,483,682 | ||||||
Hanson International Tbk PTa | 14,223,700 | 830,862 | ||||||
Indo Tambangraya Megah Tbk PT | 840,200 | 1,098,598 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 2,394,100 | 4,454,786 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 1,830,200 | 2,024,902 | ||||||
Indofood Sukses Makmur Tbk PT | 6,265,200 | 3,587,039 | ||||||
Japfa Comfeed Indonesia Tbk PT | 8,507,000 | 592,364 | ||||||
Jasa Marga Persero Tbk PT | 3,134,000 | 1,721,578 | ||||||
Kalbe Farma Tbk PT | 31,447,800 | 4,391,743 | ||||||
Kawasan Industri Jababeka Tbk PT | 36,687,723 | 1,027,540 | ||||||
Krakatau Steel Persero Tbk PTa | 4,667,400 | 167,196 | ||||||
Lippo Cikarang Tbk PTa | 878,400 | 810,439 | ||||||
Lippo Karawaci Tbk PT | 28,263,600 | 2,580,352 | ||||||
Matahari Department Store Tbk PT | 2,852,000 | 3,938,739 | ||||||
Medco Energi Internasional Tbk PT | 2,446,400 | 567,830 | ||||||
Media Nusantara Citra Tbk PT | 7,626,900 | 1,858,780 | ||||||
Mitra Adiperkasa Tbk PT | 1,296,500 | 549,194 | ||||||
MNC Investama Tbk PT | 43,102,100 | 1,133,827 | ||||||
MNC Sky Vision Tbk PTa | 2,265,800 | 298,893 | ||||||
Modernland Realty Tbk PT | 23,475,300 | 1,062,518 | ||||||
Multipolar Tbk PT | 10,980,315 | 785,825 | ||||||
Pakuwon Jati Tbk PT | 35,362,300 | 1,504,779 | ||||||
Panin Financial Tbk PTa | 26,387,900 | 632,901 | ||||||
Pembangunan Perumahan Persero Tbk PT | 4,174,300 | 1,311,231 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 15,230,400 | 6,127,511 |
Security | Shares | Value | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 4,696,100 | $ | 683,069 | |||||
Ramayana Lestari Sentosa Tbk PT | 6,925,200 | 383,096 | ||||||
Salim Ivomas Pratama Tbk PT | 7,288,200 | 420,094 | ||||||
Semen Indonesia Persero Tbk PT | 4,878,400 | 5,614,406 | ||||||
Sigmagold Inti Perkasa Tbk PTa | 17,105,400 | 622,015 | ||||||
Sugih Energy Tbk PTa | 29,334,600 | 944,154 | ||||||
Summarecon Agung Tbk PT | 15,887,500 | 2,231,011 | ||||||
Surya Citra Media Tbk PT | 7,707,200 | 2,176,501 | ||||||
Tambang Batubara Bukit Asam Persero Tbk PT | 1,215,600 | 1,003,987 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 73,078,200 | 16,594,547 | ||||||
Timah Persero Tbk PT | 5,757,052 | 454,328 | ||||||
Tower Bersama Infrastructure Tbk PT | 2,861,600 | 2,053,489 | ||||||
Unilever Indonesia Tbk PT | 2,321,400 | 6,465,795 | ||||||
United Tractors Tbk PT | 2,777,600 | 4,459,203 | ||||||
Wijaya Karya Persero Tbk PT | 4,404,600 | 1,247,260 | ||||||
XL Axiata Tbk PT | 4,477,700 | 1,661,166 | ||||||
|
| |||||||
185,329,294 | ||||||||
MALAYSIA — 3.59% | ||||||||
AEON Credit Service M Bhd | 152,900 | 564,254 | ||||||
AirAsia Bhdb | 1,927,300 | 1,401,089 | ||||||
Alliance Financial Group Bhd | 1,702,300 | 2,276,661 | ||||||
AMMB Holdings Bhd | 2,810,900 | 4,983,810 | ||||||
Astro Malaysia Holdings Bhd | 3,023,300 | 2,743,116 | ||||||
Axiata Group Bhd | 3,729,100 | 7,408,534 | ||||||
Berjaya Corp. Bhd | 5,404,800 | 674,850 | ||||||
Berjaya Sports Toto Bhd | 910,945 | 849,272 | ||||||
British American Tobacco Malaysia Bhd | 224,800 | 4,310,122 | ||||||
Bumi Armada Bhda,b | 3,291,800 | 1,041,246 | ||||||
Bursa Malaysia Bhd | 619,500 | 1,426,706 | ||||||
Cahya Mata Sarawak Bhdb | 817,300 | 977,404 | ||||||
CapitaMalls Malaysia Trust | 2,077,200 | 864,539 | ||||||
Carlsberg Brewery Malaysia Bhd | 284,000 | 1,013,385 | ||||||
CIMB Group Holdings Bhdb | 7,252,600 | 11,973,632 | ||||||
Dialog Group Bhdb | 5,841,696 | 2,642,055 | ||||||
DiGi.Com Bhd | 4,420,000 | 7,787,736 |
18 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
DRB-Hicom Bhdb | 1,342,500 | $ | 726,380 | |||||
Eastern & Oriental Bhd | 1,351,590 | 843,806 | ||||||
Felda Global Ventures Holdings Bhd | 1,886,500 | 1,214,395 | ||||||
Gamuda Bhdb | 2,528,100 | 3,689,735 | ||||||
Genting Bhd | 3,065,900 | 7,528,639 | ||||||
Genting Malaysia Bhd | 4,231,100 | 4,825,145 | ||||||
Genting Plantations Bhd | 390,500 | 1,126,859 | ||||||
Hartalega Holdings Bhdb | 554,900 | 1,239,441 | ||||||
Hong Leong Bank Bhd | 858,000 | 3,418,668 | ||||||
Hong Leong Financial Group Bhd | 440,900 | 2,057,696 | ||||||
IHH Healthcare Bhd | 3,689,000 | 5,701,368 | ||||||
IJM Corp. Bhdb | 1,642,400 | 3,272,040 | ||||||
IJM Land Bhd | 1,068,300 | 1,096,756 | ||||||
IOI Corp. Bhd | 4,166,500 | 5,445,121 | ||||||
IOI Properties Group Bhd | 2,575,873 | 1,522,367 | ||||||
KPJ Healthcare Bhdb | 949,550 | 1,053,885 | ||||||
Kuala Lumpur Kepong Bhdb | 780,900 | 4,918,543 | ||||||
Lafarge Malaysia Bhdb | 651,400 | 1,825,511 | ||||||
Magnum Bhd | 988,000 | 751,143 | ||||||
Mah Sing Group Bhd | 2,032,438 | 1,144,797 | ||||||
Malayan Banking Bhd | 6,627,900 | 16,919,168 | ||||||
Malaysia Airports Holdings Bhd | 1,039,600 | 2,120,161 | ||||||
Malaysia Building Society Bhd | 1,550,500 | 946,476 | ||||||
Malaysian Resources Corp. Bhd | 2,771,300 | 1,053,463 | ||||||
Maxis Bhd | 2,720,900 | 5,322,515 | ||||||
Media Chinese International Ltd. | 1,363,400 | 270,486 | ||||||
Media Prima Bhd | 1,964,700 | 981,260 | ||||||
MISC Bhd | 1,621,600 | 3,788,533 | ||||||
OSK Holdings Bhd | 1,075,100 | 650,310 | ||||||
Parkson Holdings Bhda | 902,389 | 588,406 | ||||||
Pavilion REIT | 1,462,800 | 608,824 | ||||||
Petronas Chemicals Group Bhd | 3,989,700 | 6,055,399 | ||||||
Petronas Dagangan Bhdb | 466,400 | 2,533,882 | ||||||
Petronas Gas Bhd | 1,138,400 | 7,283,991 | ||||||
POS Malaysia Bhdb | 626,700 | 838,150 | ||||||
PPB Group Bhd | 719,000 | 2,908,718 | ||||||
Public Bank Bhd | 4,095,160 | 20,816,685 | ||||||
QL Resources Bhd | 1,007,550 | 1,053,958 | ||||||
RHB Capital Bhdb | 876,400 | 1,935,667 |
Security | Shares | Value | ||||||
Sapurakencana Petroleum Bhdb | 5,622,600 | $ | 4,446,285 | |||||
Sarawak Oil Palms Bhd | 263,200 | 405,316 | ||||||
Sime Darby Bhd | 4,396,400 | 11,381,357 | ||||||
Sunway Bhd | 1,104,500 | 1,035,852 | ||||||
Sunway REIT | 2,591,700 | 1,172,162 | ||||||
Supermax Corp. Bhdb | 1,216,400 | 739,155 | ||||||
Ta Ann Holdings Bhd | 645,400 | 684,081 | ||||||
TA Enterprise Bhd | 2,425,200 | 514,783 | ||||||
Telekom Malaysia Bhd | 1,677,500 | 3,314,040 | ||||||
Tenaga Nasional Bhd | 4,703,600 | 19,211,152 | ||||||
TIME dotCom Bhda | 718,000 | 1,113,657 | ||||||
Top Glove Corp. Bhdb | 794,300 | 1,115,194 | ||||||
TSH Resources Bhd | 1,321,300 | 828,562 | ||||||
UEM Sunrise Bhdb | 2,648,600 | 1,043,566 | ||||||
UMW Holdings Bhd | 910,400 | 2,798,899 | ||||||
UOA Development Bhd | 879,600 | 529,615 | ||||||
WCT Holdings Bhd | 1,795,384 | 826,953 | ||||||
YTL Corp. Bhdb | 6,015,600 | 2,754,090 | ||||||
YTL Power International Bhd | 2,244,735 | 977,867 | ||||||
|
| |||||||
237,909,344 | ||||||||
MEXICO — 4.47% |
| |||||||
Alfa SAB de CV Series Aa | 4,054,400 | 8,782,906 | ||||||
Alsea SAB de CVa,b | 734,600 | 2,252,636 | ||||||
America Movil SAB de CV Series L | 46,973,900 | 50,266,346 | ||||||
Arca Continental SAB de CVa | 567,600 | 3,597,989 | ||||||
Axtel SAB de CV CPOa,b | 2,029,600 | 598,618 | ||||||
Banregio Grupo Financiero SAB de CVa,b | 398,600 | 2,116,696 | ||||||
Bolsa Mexicana de Valores SAB de CV | 677,200 | 1,221,514 | ||||||
Cemex SAB de CV CPOa | 17,602,891 | 17,835,995 | ||||||
Coca-Cola Femsa SAB de CV Series L | 628,800 | 5,428,405 | ||||||
Concentradora Fibra Hotelera Mexicana SA de CV | 776,700 | 1,162,557 | ||||||
Consorcio ARA SAB de CVa | 1,435,600 | 678,818 | ||||||
Controladora Comercial Mexicana SAB de CV BC Units | 596,300 | 1,912,691 | ||||||
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa | 710,200 | 712,480 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 19 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Corp Inmobiliaria Vesta SAB de CV | 665,500 | $ | 1,277,856 | |||||
El Puerto de Liverpool SAB de CV Series C1a | 250,200 | 2,826,296 | ||||||
Fibra Uno Administracion SA de CV | 3,367,500 | 9,443,504 | ||||||
Fomento Economico Mexicano SAB de CVa | 2,820,300 | 26,922,246 | ||||||
Genomma Lab Internacional SAB de CV Series Ba,b | 1,179,300 | 1,287,197 | ||||||
Gentera SAB de CVa | 1,560,300 | 2,990,784 | ||||||
Gruma SAB de CV Series B | 264,800 | 3,243,233 | ||||||
Grupo Aeromexico SAB de CVa,b | 755,800 | 1,273,315 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 376,100 | 1,784,664 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV Series B | 471,600 | 3,196,673 | ||||||
Grupo Aeroportuario del Sureste SAB de CV Series Ba | 334,000 | 4,579,991 | ||||||
Grupo Bimbo SAB de CVa | 2,569,800 | 7,256,351 | ||||||
Grupo Carso SAB de CV Series A1 | 824,000 | 3,718,802 | ||||||
Grupo Comercial Chedraui SA de CVa | 495,600 | 1,622,832 | ||||||
Grupo Famsa SAB de CV Series Aa,b | 779,753 | 637,278 | ||||||
Grupo Financiero Banorte SAB de CV Series O | 3,637,100 | 19,749,609 | ||||||
Grupo Financiero Inbursa SAB de CV Series O | 3,350,300 | 9,406,474 | ||||||
Grupo Financiero Santander Mexico SAB de CV Series B | 2,680,900 | 5,913,328 | ||||||
Grupo Herdez SAB de CVa,b | 409,400 | 1,024,321 | ||||||
Grupo Lala SAB de CV | 865,000 | 1,725,140 | ||||||
Grupo Mexico SAB de CV Series B | 5,531,100 | 16,727,952 | ||||||
Grupo Simec SAB de CV Series Ba,b | 201,500 | 603,476 | ||||||
Grupo Televisa SAB CPOa | 3,793,500 | 25,779,664 | ||||||
Industrias CH SAB de CV Series Ba,b | 246,100 | 1,121,704 | ||||||
Industrias Penoles SAB de CV | 203,805 | 4,330,720 |
Security | Shares | Value | ||||||
Kimberly-Clark de Mexico SAB de CV Series A | 2,286,600 | $ | 4,656,699 | |||||
Mexichem SAB de CVb | 1,333,100 | 3,885,534 | ||||||
Mexico Real Estate Management SA de CVb | 1,199,100 | 2,062,657 | ||||||
Minera Frisco SAB de CV Series A1a | 922,500 | 1,227,779 | ||||||
OHL Mexico SAB de CVa | 1,091,800 | 2,253,407 | ||||||
PLA Administradora Industrial S. de RL de CVa | 941,800 | 2,027,591 | ||||||
Promotora y Operadora de Infraestructura SAB de CVa | 443,400 | 5,308,523 | ||||||
Qualitas Controladora SAB de CVa | 376,900 | 762,774 | ||||||
TV Azteca SAB de CV CPOa | 2,002,400 | 853,082 | ||||||
Urbi Desarrollos Urbanos SAB de CVa,b | 558,900 | — | ||||||
Wal-Mart de Mexico SAB de CV Series V | 7,628,200 | 18,667,458 | ||||||
|
| |||||||
296,716,565 | ||||||||
PERU — 0.39% | ||||||||
Cia. de Minas Buenaventura SA ADR | 309,762 | 3,587,044 | ||||||
Credicorp Ltd. | 102,237 | 14,846,857 | ||||||
Southern Copper Corp. | 244,436 | 7,276,860 | ||||||
|
| |||||||
25,710,761 | ||||||||
PHILIPPINES — 1.40% | ||||||||
Aboitiz Equity Ventures Inc. | 2,802,260 | 3,613,257 | ||||||
Aboitiz Power Corp. | 2,133,900 | 2,148,904 | ||||||
Alliance Global Group Inc. | 2,906,000 | 1,568,673 | ||||||
Atlas Consolidated Mining & Development | 1,660,000 | 375,373 | ||||||
Ayala Corp. | 304,750 | 4,955,903 | ||||||
Ayala Land Inc. | 10,287,200 | 8,457,950 | ||||||
Bank of the Philippine Islands | 1,092,275 | 2,389,429 | ||||||
BDO Unibank Inc. | 2,377,100 | 5,984,534 | ||||||
Belle Corp. | 6,789,600 | 660,635 | ||||||
Cebu Air Inc. | 406,360 | 829,494 | ||||||
Cosco Capital Inc. | 3,020,400 | 665,872 | ||||||
DMCI Holdings Inc. | 5,776,000 | 2,069,875 | ||||||
East West Banking Corp.a | 742,000 | 429,145 | ||||||
Energy Development Corp. | 13,580,000 | 2,725,856 | ||||||
Filinvest Land Inc. | 15,483,000 | 589,962 | ||||||
First Gen Corp. | 1,927,200 | 1,274,164 | ||||||
First Philippine Holdings Corp. | 348,820 | 816,471 |
20 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Globe Telecom Inc. | 50,795 | $ | 2,194,703 | |||||
International Container Terminal Services Inc. | 738,060 | 1,876,537 | ||||||
JG Summit Holdings Inc. | 3,503,983 | 5,324,719 | ||||||
Jollibee Foods Corp. | 600,800 | 2,995,143 | ||||||
Lopez Holdings Corp. | 3,781,400 | 766,743 | ||||||
Manila Water Co. Inc. | 1,740,500 | 1,257,313 | ||||||
Megaworld Corp. | 17,493,000 | 2,170,259 | ||||||
Melco Crown Philippines Resorts Corp.a | 2,592,600 | 599,785 | ||||||
Metro Pacific Investments Corp. | 15,944,400 | 1,952,818 | ||||||
Metropolitan Bank & Trust Co. | 402,000 | 843,844 | ||||||
Nickel Asia Corp. | 1,755,812 | 1,154,877 | ||||||
Philippine Long Distance Telephone Co. | 152,930 | 10,967,672 | ||||||
Philippine National Banka | 332,176 | 628,716 | ||||||
Rizal Commercial Banking Corp. | 613,890 | 641,876 | ||||||
Security Bank Corp. | 655,600 | 2,379,134 | ||||||
SM Investments Corp. | 275,575 | 5,500,250 | ||||||
SM Prime Holdings Inc. | 9,909,096 | 4,441,001 | ||||||
Universal Robina Corp. | 1,269,440 | 6,276,660 | ||||||
Vista Land & Lifescapes Inc. | 6,757,300 | 1,095,820 | ||||||
|
| |||||||
92,623,367 | ||||||||
POLAND — 1.46% | ||||||||
Alior Bank SAa | 75,196 | 1,682,493 | ||||||
Asseco Poland SA | 112,706 | 1,647,878 | ||||||
Bank Handlowy w Warszawie SA | 50,226 | 1,436,813 | ||||||
Bank Millennium SA | 666,014 | 1,268,975 | ||||||
Bank Pekao SA | 188,305 | 9,442,858 | ||||||
Bank Zachodni WBK SA | 54,476 | 4,932,087 | ||||||
Budimex SA | 21,555 | 949,547 | ||||||
CCC SA | 31,733 | 1,557,856 | ||||||
Ciech SA | 66,540 | 935,119 | ||||||
Cyfrowy Polsat SA | 291,799 | 1,898,982 | ||||||
ENEA SA | 316,162 | 1,385,075 | ||||||
Energa SA | 306,357 | 1,862,906 | ||||||
Eurocash SA | 124,830 | 1,126,798 | ||||||
Getin Holding SAa | 731,485 | 395,381 | ||||||
Getin Noble Bank SAa | 1,852,534 | 931,236 | ||||||
Globe Trade Centre SAa,b | 458,824 | 603,887 | ||||||
Grupa Azoty SA | 71,342 | 1,484,625 | ||||||
Grupa Lotos SAa | 137,694 | 969,029 |
Security | Shares | Value | ||||||
Kernel Holding SAa | 78,568 | $ | 679,480 | |||||
KGHM Polska Miedz SA | 197,627 | 6,462,675 | ||||||
LPP SA | 1,417 | 2,768,629 | ||||||
Lubelski Wegiel Bogdanka SA | 54,511 | 1,433,729 | ||||||
mBank | 25,757 | 3,183,297 | ||||||
Netia SA | 539,685 | 856,168 | ||||||
Orange Polska SA | 902,263 | 2,406,750 | ||||||
PGE Polska Grupa Energetyczna SA | 1,219,989 | 6,831,661 | ||||||
Polski Koncern Naftowy Orlen SA | 456,729 | 6,740,800 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 2,887,341 | 3,925,064 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 1,268,719 | 11,177,990 | ||||||
Powszechny Zaklad Ubezpieczen SA | 77,744 | 10,268,095 | ||||||
Synthos SA | 1,031,755 | 1,232,479 | ||||||
Tauron Polska Energia SA | 1,434,664 | 1,899,883 | ||||||
TVN SAa | 273,447 | 1,310,275 | ||||||
Warsaw Stock Exchange | 65,286 | 851,683 | ||||||
|
| |||||||
96,540,203 | ||||||||
QATAR — 0.80% | ||||||||
Al Khalij Commercial Bank | 132,982 | 795,737 | ||||||
Al Meera Consumer Goods Co. QSC | 15,874 | 950,304 | ||||||
Barwa Real Estate Co. | 143,942 | 1,925,024 | ||||||
Commercial Bank of Qatar QSC (The) | 87,012 | 1,648,724 | ||||||
Doha Bank QSC | 57,899 | 923,777 | ||||||
Gulf International Services QSC | 77,533 | 2,031,209 | ||||||
Industries Qatar QSC | 202,610 | 8,624,070 | ||||||
Masraf Al Rayan | 517,354 | 6,833,648 | ||||||
Mazaya Qatar Real Estate Development QSC | 87,866 | 470,517 | ||||||
Medicare Group | 16,103 | 686,749 | ||||||
Ooredoo QSC | 103,942 | 3,268,257 | ||||||
Qatar Electricity & Water Co. QSC | 35,440 | 1,853,994 | ||||||
Qatar Industrial Manufacturing Co.a | 41,680 | 570,575 | ||||||
Qatar Islamic Bank SAQ | 87,445 | 2,490,195 | ||||||
Qatar National Bank SAQ | 265,925 | 14,846,232 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 21 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Qatar National Cement Co. QSC | 17,038 | $ | 641,001 | |||||
Qatari Investors Group QSC | 48,330 | 595,913 | ||||||
Salam International Investment Co. | 153,583 | 609,440 | ||||||
United Development Co. PSC | 109,411 | 729,206 | ||||||
Vodafone Qatar QSC | 489,104 | 2,381,385 | ||||||
|
| |||||||
52,875,957 | ||||||||
RUSSIA — 3.11% | ||||||||
Alrosa AO | 3,597,300 | 4,088,221 | ||||||
Gazprom OAO | 8,515,620 | 21,070,612 | ||||||
Gazprom OAO ADR | 4,257,810 | 21,246,472 | ||||||
Inter RAO UES JSCa | 41,077,000 | 607,573 | ||||||
LSR Group GDRd | 374,464 | 801,353 | ||||||
Lukoil OAO | 362,707 | 17,576,672 | ||||||
Lukoil OAO ADR (London) | 380,707 | 18,426,219 | ||||||
M Video OJSC | 177,030 | 476,267 | ||||||
Magnit PJSC GDRd | 374,358 | 17,845,646 | ||||||
Mechel ADRa | 360,367 | 594,606 | ||||||
MegaFon OAO GDRd | 142,420 | 2,508,016 | ||||||
MMC Norilsk Nickel OJSC | 80,308 | 14,646,985 | ||||||
Mobile TeleSystems OJSC ADR | 709,324 | 7,022,308 | ||||||
Moscow Exchange MICEX-RTS OAO | 2,257,520 | 2,804,450 | ||||||
NOVATEK OAO GDRd | 132,076 | 11,074,573 | ||||||
Rosneft OAO | 1,356,660 | 5,834,707 | ||||||
Rosneft OAO GDRd | 200,000 | 864,000 | ||||||
Rostelecom OJSC | 1,231,690 | 1,798,092 | ||||||
RusHydro JSC | 182,453,000 | 1,903,508 | ||||||
Sberbank of Russia | 13,291,030 | 16,339,038 | ||||||
Sberbank of Russia ADR | 550,000 | 2,795,650 | ||||||
Severstal PAO | 378,690 | 4,240,289 | ||||||
Sistema JSFC GDRd | 244,863 | 1,738,527 | ||||||
Surgutneftegas OAO | 5,220,950 | 2,947,299 | ||||||
Surgutneftegas OAO ADR | 522,159 | 2,900,593 | ||||||
Tatneft OAO Class S | 2,053,370 | 10,591,684 | ||||||
TMK OAO GDRd | 119,763 | 374,858 | ||||||
Uralkali PJSC | 937,640 | 2,593,843 | ||||||
Uralkali PJSC GDRd | 187,528 | 2,629,143 | ||||||
VTB Bank OJSC | 5,671,870,000 | 6,261,475 | ||||||
VTB Bank OJSC GDRd | 800,000 | 1,760,000 | ||||||
|
| |||||||
206,362,679 | ||||||||
SOUTH AFRICA — 7.90% |
| |||||||
Acucap Properties Ltd. | 188,593 | 921,683 |
Security | Shares | Value | ||||||
Adcock Ingram Holdings Ltd.a,b | 199,322 | $ | 898,001 | |||||
Adcorp Holdings Ltd. | 306,527 | 830,698 | ||||||
Advtech Ltd. | 808,685 | 669,683 | ||||||
Aeci Ltd. | 190,872 | 2,122,802 | ||||||
African Oxygen Ltd. | 306,503 | 378,756 | ||||||
African Rainbow Minerals Ltd. | 185,616 | 1,949,820 | ||||||
Anglo American Platinum Ltd.a | 81,488 | 2,597,504 | ||||||
AngloGold Ashanti Ltd.a | 591,986 | 6,661,049 | ||||||
ArcelorMittal South Africa Ltd.a | 292,815 | 653,324 | ||||||
Aspen Pharmacare Holdings Ltd. | 447,339 | 15,885,084 | ||||||
Assore Ltd. | 73,233 | 955,869 | ||||||
Astral Foods Ltd. | 80,659 | 1,209,020 | ||||||
Attacq Ltd.a | 750,368 | 1,484,251 | ||||||
Aveng Ltd.a,b | 650,083 | 870,831 | ||||||
AVI Ltd. | 448,082 | 3,222,668 | ||||||
Barclays Africa Group Ltd. | 475,959 | 7,871,928 | ||||||
Barloworld Ltd. | 378,046 | 2,901,283 | ||||||
Bidvest Group Ltd. (The) | 463,340 | 12,790,458 | ||||||
Blue Label Telecoms Ltd. | 826,372 | 638,235 | ||||||
Brait SEa | 566,763 | 3,804,360 | ||||||
Capital Property Funda | 2,033,584 | 2,464,104 | ||||||
Cashbuild Ltd. | 56,672 | 1,060,150 | ||||||
City Lodge Hotels Ltd. | 75,775 | 891,574 | ||||||
Clicks Group Ltd. | 461,038 | 3,542,946 | ||||||
Clover Industries Ltd. | 488,937 | 837,902 | ||||||
Coronation Fund Managers Ltd. | 329,678 | 2,924,467 | ||||||
DataTec Ltd. | 255,774 | 1,318,049 | ||||||
Discovery Ltd. | 472,007 | 4,852,117 | ||||||
Emira Property Fund | 768,864 | 1,210,732 | ||||||
EOH Holdings Ltd. | 156,745 | 1,822,482 | ||||||
Exxaro Resources Ltd.b | 190,206 | 1,865,008 | ||||||
Famous Brands Ltd. | 92,373 | 887,821 | ||||||
FirstRand Ltd. | 4,584,140 | 21,046,210 | ||||||
Foschini Group Ltd. (The) | 285,263 | 4,049,447 | ||||||
Fountainhead Property Trust | 656,091 | 526,990 | ||||||
Gold Fields Ltd. | 1,150,473 | 5,356,961 | ||||||
Grindrod Ltd. | 636,787 | 996,739 | ||||||
Group Five Ltd./South Africa | 282,241 | 605,511 | ||||||
Growthpoint Properties Ltd. | 3,032,367 | 7,723,389 | ||||||
Harmony Gold Mining Co. Ltd.a | 447,898 | 1,104,659 |
22 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Hosken Consolidated Investments Ltd. | 84,078 | $ | 1,122,026 | |||||
Hudaco Industries Ltd. | 125,586 | 1,337,982 | ||||||
Hyprop Investments Ltd. | 416,369 | 3,976,819 | ||||||
Illovo Sugar Ltd. | 345,708 | 732,475 | ||||||
Impala Platinum Holdings Ltd.a | 766,437 | 4,716,485 | ||||||
Imperial Holdings Ltd. | 255,961 | 4,316,610 | ||||||
Investec Ltd. | 407,438 | 3,601,314 | ||||||
JSE Ltd. | 148,072 | 1,544,508 | ||||||
Kumba Iron Ore Ltd. | 88,999 | 1,748,972 | ||||||
Lewis Group Ltd.b | 151,656 | 1,193,805 | ||||||
Liberty Holdings Ltd. | 183,773 | 2,229,310 | ||||||
Life Healthcare Group Holdings Ltd. | 1,299,447 | 5,051,485 | ||||||
Massmart Holdings Ltd. | 153,512 | 2,196,171 | ||||||
Mediclinic International Ltd. | 566,328 | 5,985,980 | ||||||
Metair Investments Ltd.b | 235,878 | 696,319 | ||||||
MMI Holdings Ltd./ | 1,382,043 | 3,860,422 | ||||||
Mondi Ltd. | 202,216 | 4,127,789 | ||||||
Mpact Ltd. | 324,219 | 1,094,270 | ||||||
Mr. Price Group Ltd. | 340,723 | 7,887,242 | ||||||
MTN Group Ltd. | 2,333,901 | 41,386,536 | ||||||
Murray & Roberts Holdings Ltd. | 672,222 | 1,003,170 | ||||||
Nampak Ltd. | 833,474 | 2,910,328 | ||||||
Naspers Ltd. Class N | 574,145 | 84,362,806 | ||||||
Nedbank Group Ltd. | 269,925 | 5,925,703 | ||||||
Netcare Ltd. | 1,383,891 | 4,877,405 | ||||||
Northam Platinum Ltd.a,b | 573,115 | 2,540,238 | ||||||
Omnia Holdings Ltd.b | 114,001 | 1,858,765 | ||||||
Pick n Pay Holdings Ltd. | 392,835 | 770,298 | ||||||
Pick n Pay Stores Ltd. | 347,301 | 1,574,225 | ||||||
PPC Ltd. | 759,155 | 1,180,459 | ||||||
Rand Merchant Insurance Holdings Ltd. | 981,875 | 3,791,674 | ||||||
Redefine Properties Ltd. | 4,005,479 | 4,069,756 | ||||||
Remgro Ltd. | 697,587 | 16,582,133 | ||||||
Resilient Property Income Fund Ltd. | 481,136 | 3,870,806 | ||||||
Reunert Ltd. | 260,926 | 1,393,859 | ||||||
RMB Holdings Ltd. | 966,734 | 5,631,331 | ||||||
Royal Bafokeng Platinum Ltd.a | 144,310 | 718,268 |
Security | Shares | Value | ||||||
SA Corporate Real Estate Fund Nominees Pty Ltd. | 2,487,463 | $ | 1,088,652 | |||||
Sanlam Ltd. | 2,670,111 | 17,322,611 | ||||||
Sappi Ltd.a | 771,068 | 3,242,284 | ||||||
Sasol Ltd. | 801,895 | 29,158,067 | ||||||
Shoprite Holdings Ltd. | 664,515 | 9,466,188 | ||||||
Sibanye Gold Ltd. | 1,188,367 | 3,141,988 | ||||||
SPAR Group Ltd. (The) | 300,817 | 4,611,770 | ||||||
Standard Bank Group Ltd. | 1,702,768 | 22,285,175 | ||||||
Steinhoff International Holdings Ltd. | 2,889,908 | 16,682,752 | ||||||
Sun International Ltd./ | 154,106 | 1,741,280 | ||||||
Super Group Ltd./ | 452,706 | 1,370,200 | ||||||
Telkom SA SOC Ltd.a | 365,715 | 2,573,469 | ||||||
Tiger Brands Ltd. | 229,841 | 6,854,007 | ||||||
Tongaat Hulett Ltd. | 156,915 | 2,077,208 | ||||||
Trencor Ltd. | 243,933 | 1,418,215 | ||||||
Truworths International Ltd. | 557,177 | 4,249,712 | ||||||
Tsogo Sun Holdings Ltd. | 720,646 | 1,755,079 | ||||||
Vodacom Group Ltd. | 492,925 | 5,744,376 | ||||||
Vukile Property Fund Ltd. | 732,901 | 1,239,636 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 102,132 | 1,001,074 | ||||||
Woolworths Holdings Ltd./ | 1,277,530 | 9,856,923 | ||||||
Zeder Investments Ltd. | 1,688,347 | 1,101,127 | ||||||
|
| |||||||
524,254,102 | ||||||||
SOUTH KOREA — 14.18% | ||||||||
Ahnlab Inc. | 16,757 | 738,954 | ||||||
AmorePacific Corp. | 4,624 | 12,028,172 | ||||||
AmorePacific Group | 4,140 | 5,039,442 | ||||||
Asia Cement Co. Ltd. | 5,609 | 597,925 | ||||||
Asiana Airlines Inc.a | 175,737 | 1,399,427 | ||||||
ATLASBX Co. Ltd.b | 19,759 | 733,615 | ||||||
Binggrae Co. Ltd. | 10,301 | 687,953 | ||||||
Bioland Ltd.b | 30,224 | 623,729 | ||||||
BS Financial Group Inc. | 258,557 | 3,510,090 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 53,856 | 1,165,396 | ||||||
Cell Biotech Co. Ltd. | 13,989 | 903,667 | ||||||
Celltrion Inc.a,b | 91,815 | 5,479,370 | ||||||
Chabiotech Co. Ltd.a,b | 60,863 | 926,074 | ||||||
Cheil Industries Inc.a,b | 22,610 | 3,337,269 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 23 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Cheil Worldwide Inc.a | 110,069 | $ | 2,095,979 | |||||
Chong Kun Dang Pharmaceutical Corp. | 13,892 | 739,185 | ||||||
CJ CGV Co. Ltd. | 32,620 | 1,911,044 | ||||||
CJ CheilJedang Corp. | 12,024 | 3,916,523 | ||||||
CJ Corp. | 21,982 | 3,474,900 | ||||||
CJ E&M Corp.a | 30,819 | 1,373,103 | ||||||
CJ Freshway Corp.b | 16,923 | 781,738 | ||||||
CJ Hellovision Co. Ltd. | 62,563 | 604,226 | ||||||
CJ Korea Express Co. Ltd.a | 11,104 | 1,831,191 | ||||||
CJ O Shopping Co. Ltd. | 4,693 | 1,004,833 | ||||||
Com2uSCorp.a,b | 10,700 | 1,730,445 | ||||||
Cosmax Inc. | 11,718 | 1,382,608 | ||||||
Coway Co. Ltd. | 75,393 | 5,921,258 | ||||||
Daeduck Electronics Co. | 84,636 | 724,868 | ||||||
Daeduck GDS Co. Ltd. | 35,045 | 431,058 | ||||||
Daekyo Co. Ltd. | 77,832 | 486,472 | ||||||
Daelim Industrial Co. Ltd. | 38,052 | 2,246,613 | ||||||
Daesang Corp. | 34,838 | 1,185,549 | ||||||
Daewoo Engineering & Construction Co. Ltd.a | 165,448 | 1,192,377 | ||||||
Daewoo International Corp. | 68,584 | 1,812,160 | ||||||
Daewoo Securities Co. Ltd.a | 267,911 | 2,599,656 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b | 150,502 | 2,776,790 | ||||||
Daewoong Pharmaceutical Co. Ltd. | 9,756 | 517,333 | ||||||
Daishin Securities Co. Ltd. | 86,941 | 871,351 | ||||||
Daou Technology Inc. | 65,915 | 909,856 | ||||||
Daum Kakao Corp.b | 36,311 | 4,403,439 | ||||||
DGB Financial Group Inc. | 209,386 | 2,212,999 | ||||||
Dong-A Socio Holdings Co. Ltd. | 4,935 | 539,565 | ||||||
Dong-A ST Co. Ltd. | 7,175 | 616,466 | ||||||
Dongbu Insurance Co. Ltd. | 61,953 | 2,991,671 | ||||||
Dongkuk Steel Mill Co. Ltd.a,b | 105,174 | 605,621 | ||||||
Dongsuh Co. Inc. | 50,109 | 1,317,156 | ||||||
Dongwon Industries Co. Ltd. | 2,620 | 781,787 | ||||||
Doosan Corp. | 11,090 | 1,207,467 | ||||||
Doosan Engine Co. Ltd.a,b | 85,974 | 591,412 | ||||||
Doosan Heavy Industries & Construction Co. Ltd. | 81,668 | 2,161,592 | ||||||
Doosan Infracore Co. Ltd.a | 202,634 | 2,381,649 | ||||||
Duksan Hi-Metal Co. Ltd.a,b | 21,409 | 170,679 |
Security | Shares | Value | ||||||
DuzonBIzon Co. Ltd. | 76,738 | $ | 898,440 | |||||
DY Corp. | 60,207 | 369,180 | ||||||
E-Mart Co. Ltd. | 29,193 | 5,705,342 | ||||||
E1 Corp. | 6,936 | 417,721 | ||||||
EO Technics Co. Ltd. | 14,451 | 1,889,407 | ||||||
Fila Korea Ltd. | 15,855 | 1,343,460 | ||||||
Gamevil Inc.a,b | 7,908 | 907,127 | ||||||
GemVax & Kael Co. Ltd.a | 41,399 | 716,670 | ||||||
Global & Yuasa Battery Co. Ltd. | 12,833 | 478,219 | ||||||
Golfzon Co. Ltd. | 30,061 | 818,937 | ||||||
Grand Korea Leisure Co. Ltd.b | 46,836 | 1,482,895 | ||||||
Green Cross Corp./ | 9,856 | 1,252,710 | ||||||
Green Cross Holdings Corp. | 42,297 | 847,828 | ||||||
GS Engineering & Construction Corp.a | 73,137 | 2,019,089 | ||||||
GS Holdings Corp. | 78,759 | 3,175,332 | ||||||
GS Home Shopping Inc. | 5,119 | 1,091,382 | ||||||
Gwangju Shinsegae Co. Ltd. | 1,969 | 560,624 | ||||||
Halla Corp.a | 78,566 | 449,542 | ||||||
Halla Holdings Corp. | 12,390 | 733,771 | ||||||
Halla Visteon Climate Control Corp.a | 54,315 | 2,120,539 | ||||||
Hana Financial Group Inc. | 402,300 | 11,032,964 | ||||||
Hana Tour Service Inc. | 17,405 | 1,547,745 | ||||||
Hancom Inc. | 34,360 | 569,771 | ||||||
Handsome Co. Ltd. | 28,824 | 820,692 | ||||||
Hanil Cement Co. Ltd. | 5,511 | 848,580 | ||||||
Hanjin Heavy Industries & Construction Co. Ltd.a,b | 121,015 | 523,180 | ||||||
Hanjin Kal Corp.a | 67,015 | 1,911,138 | ||||||
Hanjin Shipping Co. Ltd.a,b | 138,923 | 982,226 | ||||||
Hanjin Transportation Co. Ltd. | 16,631 | 898,563 | ||||||
Hankook Shell Oil Co. Ltd. | 1,575 | 652,214 | ||||||
Hankook Tire Co. Ltd. | 107,414 | 4,697,619 | ||||||
Hankook Tire Worldwide Co. Ltd. | 33,584 | 725,198 | ||||||
Hanmi Pharm Co. Ltd.a,b | 10,378 | 1,016,478 | ||||||
Hansae Co. Ltd. | 33,340 | 1,243,928 | ||||||
Hansol Chemical Co. Ltd. | 24,707 | 1,181,830 | ||||||
Hansol Holdings Co. Ltd.a | 73,713 | 505,054 | ||||||
Hanssem Co. Ltd. | 15,065 | 2,422,644 | ||||||
Hanwha Chemical Corp. | 151,086 | 1,940,971 | ||||||
Hanwha Corp. | 66,127 | 1,843,639 |
24 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Hanwha General Insurance Co. Ltd.a | 134,161 | $ | 545,787 | |||||
Hanwha Investment & Securities Co. Ltd.a | 165,590 | 647,243 | ||||||
Hanwha Life Insurance Co. Ltd. | 309,582 | 2,202,939 | ||||||
Hite Jinro Co. Ltd. | 37,141 | 773,242 | ||||||
HMC Investment Securities Co. Ltd. | 63,376 | 623,626 | ||||||
Hotel Shilla Co. Ltd. | 46,604 | 4,203,723 | ||||||
Huchems Fine Chemical Corp. | 43,666 | 1,020,485 | ||||||
Hwa Shin Co. Ltd.b | 62,498 | 418,532 | ||||||
Hy-Lok Corp. | 24,680 | 637,491 | ||||||
Hyosung Corp. | 31,873 | 2,125,738 | ||||||
Hyundai Corp. | 21,949 | 517,953 | ||||||
Hyundai Department Store Co. Ltd. | 21,658 | 2,644,228 | ||||||
Hyundai Development Co. Engineering & Construction | 78,954 | 3,596,829 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 101,079 | 4,549,499 | ||||||
Hyundai Glovis Co. Ltd. | 21,890 | 4,756,745 | ||||||
Hyundai Greenfood Co. Ltd. | 68,517 | 1,161,146 | ||||||
Hyundai Heavy Industries Co. Ltd.a,b | 64,262 | 7,026,049 | ||||||
Hyundai Home Shopping Network Corp. | 9,322 | 1,138,124 | ||||||
Hyundai Hysco Co. Ltd. | 15,644 | 920,780 | ||||||
Hyundai Livart Furniture Co. Ltd. | 20,808 | 787,729 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 58,740 | 1,458,398 | ||||||
Hyundai Merchant Marine Co. Ltd.a,b | 104,735 | 862,653 | ||||||
Hyundai Mipo Dockyard Co. Ltd.a,b | 16,897 | 1,183,891 | ||||||
Hyundai Mobis Co. Ltd. | 98,802 | 22,460,115 | ||||||
Hyundai Motor Co. | 214,692 | 31,395,441 | ||||||
Hyundai Securities Co. Ltd. | 197,897 | 1,388,371 | ||||||
Hyundai Steel Co. | 97,884 | 5,975,334 | ||||||
Hyundai Wia Corp. | 22,781 | 2,916,250 | ||||||
Ilyang Pharmaceutical Co. Ltd.b | 33,789 | 908,182 | ||||||
iMarketKorea Inc. | 31,105 | 783,612 |
Security | Shares | Value | ||||||
Industrial Bank of Korea | 358,134 | $ | 4,405,092 | |||||
Interpark Corp. | 67,899 | 621,735 | ||||||
JB Financial Group Co. Ltd. | 128,424 | 798,006 | ||||||
JoyCity Corp.a,b | 21,148 | 545,295 | ||||||
Kangwon Land Inc. | 165,560 | 5,128,732 | ||||||
KB Capital Co. Ltd. | 32,332 | 676,069 | ||||||
KB Financial Group Inc. | 551,760 | 19,606,068 | ||||||
KCC Corp. | 9,663 | 5,203,255 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 32,328 | 2,715,723 | ||||||
Kia Motors Corp. | 380,788 | 15,785,936 | ||||||
KISWIRE Ltd.b | 15,774 | 676,922 | ||||||
KIWOOM Securities Co. Ltd. | 18,637 | 1,066,378 | ||||||
Koh Young Technology Inc. | 31,729 | 1,312,466 | ||||||
Kolon Industries Inc.b | 25,443 | 1,172,991 | ||||||
Komipharm International Co. Ltd.a,b | 68,623 | 595,852 | ||||||
Korea Aerospace Industries Ltd.b | 72,563 | 3,332,126 | ||||||
Korea District Heating Corp. | 5,260 | 266,463 | ||||||
Korea Electric Power Corp. | 358,610 | 14,605,136 | ||||||
Korea Gas Corp. | 37,148 | 1,435,083 | ||||||
Korea Investment Holdings Co. Ltd.a | 59,253 | 2,947,669 | ||||||
Korea Kolmar Co. Ltd.b | 23,299 | 1,303,411 | ||||||
Korea Zinc Co. Ltd. | 12,564 | 4,687,675 | ||||||
Korean Air Lines Co. Ltd.a | 40,791 | 1,865,708 | ||||||
Korean Reinsurance Co. | 144,987 | 1,373,846 | ||||||
KT Corp.a | 57,904 | 1,614,380 | ||||||
KT Skylife Co. Ltd. | 35,438 | 534,371 | ||||||
KT&G Corp. | 153,865 | 11,215,161 | ||||||
Kukdo Chemical Co. Ltd.b | 16,812 | 740,613 | ||||||
Kumho Petrochemical Co. Ltd. | 20,407 | 1,602,736 | ||||||
Kumho Tire Co. Inc.a | 103,959 | 906,462 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 85,828 | 981,405 | ||||||
Kwangju Banka | 73,173 | 620,025 | ||||||
Kyongnam Banka | 57,615 | 551,189 | ||||||
LF Corp. | 35,111 | 1,007,696 | ||||||
LG Chem Ltd. | 69,285 | 14,519,202 | ||||||
LG Corp. | 135,242 | 7,836,901 | ||||||
LG Display Co. Ltd. | 347,132 | 10,753,485 | ||||||
LG Electronics Inc. | 154,234 | 8,684,489 | ||||||
LG Hausys Ltd. | 10,617 | 1,876,632 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 25 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
LG Household & Health Care Ltd. | 14,132 | $ | 8,626,887 | |||||
LG Innotek Co. Ltd. | 18,684 | 1,787,454 | ||||||
LG International Corp. | 47,093 | 1,591,864 | ||||||
LG Life Sciences Ltd.a,b | 26,928 | 1,094,245 | ||||||
LG Uplus Corp. | 307,284 | 3,317,676 | ||||||
LIG Insurance Co. Ltd. | 58,415 | 1,277,354 | ||||||
Lock&Lock Co. Ltd.b | 42,586 | 405,470 | ||||||
Lotte Chemical Corp. | 22,186 | 3,850,789 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 964 | 1,548,478 | ||||||
Lotte Confectionery Co. Ltd. | 979 | 1,622,524 | ||||||
Lotte Food Co. Ltd. | 1,662 | 963,083 | ||||||
Lotte Shopping Co. Ltd. | 14,960 | 3,407,590 | ||||||
LS Corp. | 25,352 | 1,189,584 | ||||||
LS Industrial Systems Co. Ltd. | 22,760 | 1,281,553 | ||||||
Lumens Co. Ltd.a,b | 92,679 | 540,427 | ||||||
Maeil Dairy Industry Co. Ltd.b | 18,527 | 599,252 | ||||||
Mando Corp. | 9,535 | 1,355,255 | ||||||
Medipost Co. Ltd.a,b | 16,512 | 1,173,465 | ||||||
Medy-Tox Inc. | 6,706 | 2,162,319 | ||||||
MegaStudy Co. Ltd. | 11,935 | 712,261 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 90,998 | 1,086,123 | ||||||
Meritz Securities Co. Ltd.b | 323,065 | 1,348,128 | ||||||
Mirae Asset Securities Co. Ltd. | 38,231 | 1,687,661 | ||||||
Modetour Network Inc.b | 33,824 | 933,777 | ||||||
Muhak Co. Ltd.a | 26,213 | 1,055,637 | ||||||
Namhae Chemical Corp. | 78,165 | 626,004 | ||||||
Namyang Dairy Products Co. Ltd. | 1,046 | 700,478 | ||||||
Naturalendo Tech Co. Ltd.a,b | 18,380 | 874,162 | ||||||
NAVER Corp. | 39,141 | 23,572,686 | ||||||
NCsoft Corp. | 21,431 | 3,485,430 | ||||||
Neowiz Games Corp.a | 36,815 | 722,849 | ||||||
Nexen Corp. | 5,106 | 411,718 | ||||||
Nexen Tire Corp. | 54,332 | 759,871 | ||||||
NH Investment & Securities Co. Ltd. | 220,269 | 2,468,506 | ||||||
NHN Entertainment Corp.a,b | 17,848 | 1,157,831 | ||||||
NICE Holdings Co. Ltd.b | 43,036 | 762,653 | ||||||
Nong Shim Holdings Co. Ltd. | 5,748 | 602,269 | ||||||
NongShim Co. Ltd. | 5,277 | 1,218,823 | ||||||
OCI Co. Ltd.a | 23,487 | 2,097,149 |
Security | Shares | Value | ||||||
OCI Materials Co. Ltd. | 15,754 | $ | 1,156,915 | |||||
Orion Corp./Republic of Korea | 5,001 | 4,392,478 | ||||||
Osstem Implant Co. Ltd.a | 21,757 | 907,904 | ||||||
Ottogi Corp. | 2,114 | 1,147,960 | ||||||
Paradise Co. Ltd. | 68,357 | 1,317,253 | ||||||
Partron Co. Ltd.b | 53,234 | 620,833 | ||||||
Poongsan Corp. | 39,141 | 914,734 | ||||||
POSCO | 94,186 | 22,955,451 | ||||||
POSCO Chemtech Co. Ltd. | 4,794 | 634,657 | ||||||
POSCO ICT Co. Ltd.b | 106,324 | 565,744 | ||||||
Pyeong Hwa Automotive Co. Ltd.b | 32,726 | 494,968 | ||||||
S&T Dynamics Co. Ltd. | 80,430 | 802,431 | ||||||
S-1 Corp. | 26,899 | 1,960,658 | ||||||
S-Oil Corp. | 64,376 | 3,800,797 | ||||||
Samchully Co. Ltd. | 4,487 | 504,892 | ||||||
Samkwang Glass | 10,072 | 757,086 | ||||||
Samsung C&T Corp. | 181,208 | 10,005,198 | ||||||
Samsung Card Co. Ltd. | 51,545 | 1,761,138 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 86,643 | 5,439,117 | ||||||
Samsung Electronics Co. Ltd. | 159,576 | 197,298,193 | ||||||
Samsung Engineering Co. Ltd.a | 41,547 | 1,589,881 | ||||||
Samsung Fine Chemicals Co. Ltd.b | 31,207 | 1,025,021 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 51,100 | 11,872,352 | ||||||
Samsung Heavy Industries Co. Ltd. | 225,699 | 4,051,087 | ||||||
Samsung Life Insurance Co. Ltd. | 84,991 | 7,712,727 | ||||||
Samsung SDI Co. Ltd. | 79,765 | 9,920,206 | ||||||
Samsung SDS Co. Ltd. | 40,991 | 10,812,168 | ||||||
Samsung Securities Co. Ltd. | 83,575 | 3,632,206 | ||||||
SBS Media Holdings Co. Ltd. | 112,696 | 523,666 | ||||||
SeAH Besteel Corp. | 26,819 | 847,906 | ||||||
SeAH Steel Corp. | 5,762 | 443,089 | ||||||
Sebang Co. Ltd. | 33,211 | 594,594 | ||||||
Seegene Inc.a,b | 25,514 | 860,114 | ||||||
Seobu T&Da | 33,052 | 517,967 | ||||||
Seoyeon Co. Ltd. | 38,160 | 554,555 | ||||||
SFA Engineering Corp. | 16,251 | 755,137 | ||||||
Shinhan Financial Group Co. Ltd. | 599,861 | 23,884,038 |
26 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Shinsegae Co. Ltd. | 9,907 | $ | 1,557,066 | |||||
Shinsegae Food Co. Ltd. | 5,664 | 639,913 | ||||||
Shinsegae International Co. Ltd.b | 5,447 | 445,170 | ||||||
Simm Tech Co. Ltd.a,b | 74,810 | 780,442 | ||||||
Sindoh Co. Ltd. | 10,327 | 672,753 | ||||||
SK Broadband Co. Ltd.a | 220,540 | 913,265 | ||||||
SK C&C Co. Ltd. | 29,339 | 5,800,704 | ||||||
SK Chemicals Co. Ltd. | 24,024 | 1,330,836 | ||||||
SK Gas Ltd. | 8,122 | 681,551 | ||||||
SK Holdings Co. Ltd. | 39,466 | 6,688,238 | ||||||
SK Hynix Inc. | 836,578 | 35,519,598 | ||||||
SK Innovation Co. Ltd.a | 90,824 | 8,564,789 | ||||||
SK Networks Co. Ltd. | 178,185 | 1,534,188 | ||||||
SK Securities Co. Ltd.a | 878,596 | 828,524 | ||||||
SK Telecom Co. Ltd. | 15,152 | 3,955,217 | ||||||
SKC Co. Ltd.b | 35,910 | 1,107,515 | ||||||
SL Corp. | 26,570 | 434,542 | ||||||
SM Entertainment Co.a,b | 28,661 | 864,361 | ||||||
Soulbrain Co. Ltd. | 22,094 | 803,199 | ||||||
Ssangyong Motor Co.a,b | 79,407 | 723,493 | ||||||
Sung Kwang Bend Co. Ltd. | 44,380 | 596,424 | ||||||
Sungwoo Hitech Co. Ltd. | 60,357 | 679,157 | ||||||
Suprema Inc.a | 26,934 | 614,730 | ||||||
Taekwang Industrial Co. Ltd. | 551 | 584,862 | ||||||
Taewoong Co. Ltd.a | 31,496 | 516,540 | ||||||
Taeyoung Engineering & Construction Co. Ltd.a | 140,825 | 692,866 | ||||||
Taihan Electric Wire Co. Ltd.a | 200,343 | 219,044 | ||||||
Tera Resource Co. Ltd.a | 49,111 | — | ||||||
TK Corp.a | 51,854 | 545,682 | ||||||
Tongyang Life Insurance | 68,861 | 746,614 | ||||||
ViroMed Co. Ltd.a,b | 21,278 | 1,130,251 | ||||||
WeMade Entertainment Co. Ltd.a,b | 15,119 | 565,473 | ||||||
Wonik IPS Co. Ltd.a | 71,518 | 827,551 | ||||||
Woori Banka | 403,576 | 3,485,855 | ||||||
YG Entertainment Inc.b | 28,028 | 1,188,742 | ||||||
Youlchon Chemical Co. Ltd. | 46,702 | 497,848 | ||||||
Youngone Corp. | 33,953 | 1,562,231 | ||||||
Youngone Holdings Co. Ltd. | 9,860 | 793,256 | ||||||
Yuanta Securities Koreaa | 143,396 | 584,663 | ||||||
Yuhan Corp. | 7,596 | 1,183,469 | ||||||
Yungjin Pharmaceutical Co. Ltd.a,b | 621,343 | 860,500 | ||||||
|
| |||||||
940,354,398 |
Security | Shares | Value | ||||||
TAIWAN — 13.40% |
| |||||||
A-DATA Technology Co. Ltd.b | 324,820 | $ | 557,484 | |||||
Ability Enterprise Co. Ltd. | 1,127,000 | 681,834 | ||||||
AcBel Polytech Inc. | 644,000 | 785,391 | ||||||
Accton Technology Corp. | 1,474,000 | 762,697 | ||||||
Acer Inc.a | 3,788,872 | 2,479,265 | ||||||
Advanced Semiconductor Engineering Inc. | 8,628,000 | 11,621,220 | ||||||
Advantech Co. Ltd. | 603,302 | 4,610,491 | ||||||
Airtac International Groupb | 193,800 | 1,666,168 | ||||||
ALI Corp. | 935,000 | 817,250 | ||||||
Alpha Networks Inc. | 991,000 | 577,465 | ||||||
Altek Corp.a | 490,000 | 580,417 | ||||||
Ambassador Hotel (The) | 805,000 | 707,467 | ||||||
AmTRAN Technology Co. Ltd. | 1,274,000 | 711,947 | ||||||
Ardentec Corp. | 981,912 | 850,438 | ||||||
Asia Cement Corp. | 2,585,050 | 3,185,526 | ||||||
Asia Optical Co. Inc.a | 449,000 | 649,088 | ||||||
Asia Pacific Telecom Co. Ltd. | 3,336,000 | 1,625,244 | ||||||
Asia Polymer Corp. | 926,000 | 636,892 | ||||||
ASUSTeK Computer Inc. | 1,023,000 | 10,635,552 | ||||||
AU Optronics Corp. | 12,434,000 | 6,552,546 | ||||||
Bank of Kaohsiung Co. Ltd. | 2,121,168 | 615,311 | ||||||
BES Engineering Corp. | 2,875,000 | 703,988 | ||||||
Bizlink Holding Inc. | 183,095 | 658,804 | ||||||
Brogent Technologies Inc.a | 73,401 | 923,209 | ||||||
Capital Securities Corp. | 1,920,000 | 632,765 | ||||||
Career Technology MFG. Co. Ltd. | 641,000 | 716,418 | ||||||
Catcher Technology Co. Ltd. | 1,053,000 | 9,623,022 | ||||||
Cathay Financial Holding Co. Ltd. | 11,840,078 | 18,021,198 | ||||||
Cathay Real Estate Development Co. Ltd. | 908,000 | 508,862 | ||||||
Chailease Holding Co. Ltd. | 1,344,640 | 3,271,151 | ||||||
Chang Hwa Commercial Bank Ltd. | 6,043,440 | 3,550,437 | ||||||
Cheng Loong Corp. | 1,415,000 | 572,218 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 2,616,650 | 6,315,621 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 654,000 | 1,176,596 | ||||||
Chia Hsin Cement Corp. | 1,003,000 | 434,351 | ||||||
Chicony Electronics Co. Ltd. | 681,410 | 1,894,192 | ||||||
Chin-Poon Industrial Co. Ltd. | 654,000 | 1,191,173 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 27 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
China Airlines Ltd.a | 3,556,000 | $ | 1,743,748 | |||||
China Bills Finance Corp. | 1,551,000 | 582,767 | ||||||
China Development Financial Holding Corp. | 19,623,000 | 6,810,721 | ||||||
China Life Insurance Co. Ltd./Taiwan | 3,826,044 | 3,289,387 | ||||||
China Man-Made Fiber Corp.a | 2,077,000 | 724,189 | ||||||
China Metal Products | 1,293,146 | 1,354,705 | ||||||
China Motor Corp. | 398,000 | 342,808 | ||||||
China Petrochemical Development Corp.a,b | 3,317,900 | 1,251,938 | ||||||
China Steel Chemical Corp. | 204,000 | 954,880 | ||||||
China Steel Corp. | 17,110,529 | 14,220,182 | ||||||
China Synthetic Rubber Corp. | 783,000 | 797,835 | ||||||
Chipbond Technology Corp. | 868,000 | 1,685,974 | ||||||
Chong Hong Construction Co. Ltd. | 238,450 | 493,528 | ||||||
Chroma ATE Inc. | 654,000 | 1,680,554 | ||||||
Chung Hung Steel Corp.a | 2,981,000 | 677,737 | ||||||
Chunghwa Telecom Co. Ltd. | 5,512,000 | 17,235,421 | ||||||
Clevo Co. | 555,175 | 853,843 | ||||||
CMC Magnetics Corp.a | 3,999,000 | 553,913 | ||||||
Compal Electronics Inc. | 5,743,000 | 4,462,003 | ||||||
Compeq Manufacturing Co. Ltd. | 1,561,000 | 869,846 | ||||||
Continental Holdings Corp. | 1,703,600 | 634,680 | ||||||
Coretronic Corp. | 815,750 | 1,257,198 | ||||||
Coxon Precise Industrial Co. Ltd. | 337,000 | 764,031 | ||||||
CSBC Corp. Taiwan | 1,558,000 | 821,044 | ||||||
CTBC Financial Holding Co. Ltd. | 19,731,241 | 13,131,124 | ||||||
CTCI Corp. | 883,000 | 1,456,437 | ||||||
Cyberlink Corp. | 275,540 | 796,658 | ||||||
CyberTAN Technology Inc. | 877,000 | 656,249 | ||||||
D-Link Corp. | 1,136,420 | 645,919 | ||||||
Darwin Precisions Corp.a | 1,401,000 | 771,766 | ||||||
Delta Electronics Inc. | 2,651,000 | 17,135,902 | ||||||
Depo Auto Parts Ind. Co. Ltd. | 196,000 | 752,046 | ||||||
Dynapack International Technology Corp. | 255,000 | 601,672 | ||||||
E Ink Holdings Inc.a | 1,276,000 | 560,700 | ||||||
E.Sun Financial Holding Co. Ltd. | 8,549,526 | 5,335,797 | ||||||
Eclat Textile Co. Ltd. | 243,062 | 2,786,254 |
Security | Shares | Value | ||||||
Elan Microelectronics Corp. | 654,000 | $ | 1,107,874 | |||||
Elite Material Co. Ltd. | 800,000 | 1,134,851 | ||||||
Elite Semiconductor Memory Technology Inc. | 474,000 | 750,884 | ||||||
Epistar Corp. | 1,541,694 | 2,950,352 | ||||||
Eternal Materials Co. Ltd. | 1,067,030 | 1,082,149 | ||||||
EVA Airways Corp.a | 2,698,279 | 1,976,132 | ||||||
Evergreen Marine Corp. Taiwan Ltd.a | 2,131,000 | 1,564,068 | ||||||
Everlight Chemical Industrial Corp. | 782,192 | 694,894 | ||||||
Everlight Electronics Co. Ltd. | 654,000 | 1,684,719 | ||||||
Far Eastern Department Stores Ltd. | 1,513,167 | 1,300,924 | ||||||
Far Eastern International Bank | 2,403,587 | 811,273 | ||||||
Far Eastern New Century Corp. | 4,565,291 | 4,739,006 | ||||||
Far EasTone Telecommunications Co. Ltd. | 2,149,000 | 5,310,059 | ||||||
Faraday Technology Corp. | 622,000 | 805,104 | ||||||
Farglory Land Development Co. Ltd. | 654,782 | 781,860 | ||||||
Federal Corp. | 1,215,354 | 714,004 | ||||||
Feng Hsin Iron & Steel Co. | 701,000 | 870,530 | ||||||
Feng TAY Enterprise Co. Ltd. | 654,305 | 2,729,309 | ||||||
Firich Enterprises Co. Ltd.b | 293,903 | 1,001,357 | ||||||
First Financial Holding Co. Ltd. | 10,351,272 | 6,114,189 | ||||||
FLEXium Interconnect Inc. | 340,471 | 847,790 | ||||||
Formosa Chemicals & Fibre Corp. | 4,674,210 | 10,478,089 | ||||||
Formosa Petrochemical Corp. | 1,794,000 | 3,930,177 | ||||||
Formosa Plastics Corp. | 6,221,800 | 15,353,909 | ||||||
Formosa Taffeta Co. Ltd. | 856,000 | 904,926 | ||||||
Formosan Rubber Group Inc. | 812,000 | 841,605 | ||||||
Foxconn Technology Co. Ltd. | 1,308,720 | 3,367,125 | ||||||
Fubon Financial Holding Co. Ltd. | 9,645,000 | 17,198,535 | ||||||
Gemtek Technology Corp. | 907,000 | 672,921 | ||||||
Getac Technology Corp. | 1,006,000 | 599,019 | ||||||
Giant Manufacturing Co. Ltd. | 532,000 | 5,166,693 | ||||||
Gigabyte Technology Co. Ltd. | 797,000 | 1,015,125 | ||||||
Gigasolar Materials Corp.b | 39,800 | 629,221 | ||||||
Gigastorage Corp.a,b | 739,000 | 610,637 |
28 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Gintech Energy Corp.a,b | 983,000 | $ | 707,397 | |||||
Global Mixed Mode Technology Inc. | 242,000 | 701,996 | ||||||
Gloria Material Technology Corp. | 1,189,200 | 825,491 | ||||||
Goldsun Development & Construction Co. Ltd.a | 1,535,000 | 508,327 | ||||||
Gourmet Master Co. Ltd. | 93,000 | 490,097 | ||||||
Grand Pacific Petrochemical | 1,403,000 | 752,764 | ||||||
Grape King Bio Ltd. | 158,000 | 659,067 | ||||||
Great Wall Enterprise Co. Ltd. | 917,500 | 803,415 | ||||||
Greatek Electronics Inc. | 543,000 | 659,623 | ||||||
HannStar Display Corp. | 3,699,640 | 924,763 | ||||||
HannsTouch Solution Inc.a | 2,899,000 | 711,711 | ||||||
Hermes Microvision Inc. | 57,000 | 2,849,546 | ||||||
Hey Song Corp. | 543,000 | 655,300 | ||||||
Highwealth Construction Corp. | 838,100 | 1,785,349 | ||||||
Hiwin Technologies Corp.b | 292,770 | 2,363,229 | ||||||
Ho Tung Chemical Corp.a | 2,153,177 | 695,900 | ||||||
Holy Stone Enterprise Co. Ltd. | 686,900 | 964,569 | ||||||
Hon Hai Precision Industry Co. Ltd. | 18,122,568 | 50,261,922 | ||||||
Hotai Motor Co. Ltd. | 369,000 | 5,616,367 | ||||||
HTC Corp.a | 1,176,000 | 5,729,279 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 8,450,116 | 4,843,244 | ||||||
Huaku Development Co. Ltd. | 383,000 | 725,633 | ||||||
Hung Sheng Construction Ltd. | 922,000 | 575,424 | ||||||
Ichia Technologies Inc. | 625,000 | 665,698 | ||||||
IEI Integration Corp. | 368,582 | 602,078 | ||||||
Innolux Corp. | 11,085,241 | 5,682,929 | ||||||
Inotera Memories Inc.a | 3,290,000 | 4,855,644 | ||||||
Inventec Corp. | 3,172,000 | 2,434,173 | ||||||
ITEQ Corp. | 733,000 | 581,172 | ||||||
KEE TAI Properties Co. Ltd. | 1,193,000 | 765,450 | ||||||
Kenda Rubber Industrial Co. Ltd. | 850,744 | 1,736,433 | ||||||
Kerry TJ Logistics Co. Ltd. | 488,000 | 603,687 | ||||||
Kindom Construction Corp.b | 577,000 | 582,420 | ||||||
King Slide Works Co. Ltd. | 91,000 | 1,474,892 | ||||||
King Yuan Electronics Co. Ltd. | 1,617,000 | 1,369,597 | ||||||
King’s Town Bank Co. Ltd. | 1,310,000 | 1,414,074 | ||||||
Kinpo Electronicsa | 1,727,000 | 811,121 | ||||||
Kinsus Interconnect Technology Corp. | 654,000 | 2,113,708 |
Security | Shares | Value | ||||||
Kuoyang Construction Co. Ltd. | 1,892,023 | $ | 843,443 | |||||
Largan Precision Co. Ltd. | 146,000 | 12,459,163 | ||||||
LCY Chemical Corp. | 895,000 | 461,678 | ||||||
Lealea Enterprise Co. Ltd.a | 2,385,173 | 721,514 | ||||||
Lien Hwa Industrial Corp. | 672,000 | 444,006 | ||||||
Lite-On Technology Corp. | 2,636,547 | 3,349,729 | ||||||
Long Bon International Co. Ltd. | 733,000 | 533,324 | ||||||
Macronix Internationala | 4,439,000 | 965,399 | ||||||
Makalot Industrial Co. Ltd. | 217,727 | 1,358,844 | ||||||
Masterlink Securities Corp. | 1,528,592 | 506,205 | ||||||
MediaTek Inc. | 2,050,572 | 30,884,272 | ||||||
Medigen Biotechnology Corp.a,b | 115,088 | 591,839 | ||||||
Mega Financial Holding Co. Ltd. | 13,826,958 | 10,984,958 | ||||||
Merida Industry Co. Ltd. | 282,850 | 2,283,155 | ||||||
Merry Electronics Co. Ltd. | 262,070 | 901,244 | ||||||
Micro-Star International Co. Ltd. | 1,032,000 | 1,248,718 | ||||||
Microbio Co. Ltd.a,b | 850,141 | 725,482 | ||||||
MIN AIK Technology Co. Ltd. | 166,000 | 800,796 | ||||||
Mitac Holdings Corp. | 703,000 | 530,524 | ||||||
Motech Industries Inc.b | 654,000 | 864,225 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 605,000 | 621,278 | ||||||
Nan Ya Plastics Corp. | 6,899,440 | 14,983,022 | ||||||
Nan Ya Printed Circuit Board Corp.a | 348,000 | 490,890 | ||||||
National Petroleum Co. Ltd. | 662,000 | 811,559 | ||||||
Neo Solar Power Corp.b | 963,806 | 827,084 | ||||||
Novatek Microelectronics Corp. | 811,000 | 4,364,241 | ||||||
OptoTech Corp. | 1,618,000 | 680,070 | ||||||
Oriental Union Chemical Corp. | 954,000 | 864,235 | ||||||
Pan-International Industrial Corp. | 1,135,366 | 648,935 | ||||||
Parade Technologies Ltd.b | 88,000 | 826,620 | ||||||
PChome Online Inc. | 118,502 | 1,403,685 | ||||||
Pegatron Corp. | 2,344,000 | 6,433,778 | ||||||
PharmaEngine Inc.a | 88,000 | 767,776 | ||||||
Phison Electronics Corp. | 178,000 | 1,348,957 | ||||||
Pixart Imaging Inc. | 264,000 | 767,496 | ||||||
Pou Chen Corp. | 2,780,000 | 4,009,998 | ||||||
Powertech Technology Inc. | 951,000 | 1,626,133 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 29 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
President Chain Store Corp. | 767,000 | $ | 5,959,178 | |||||
President Securities Corp. | 851,000 | 437,626 | ||||||
Prince Housing & Development Corp. | 1,679,995 | 684,730 | ||||||
Qisda Corp.a | 2,184,000 | 1,001,420 | ||||||
Quanta Computer Inc. | 3,924,000 | 9,920,892 | ||||||
Radiant Opto-Electronics Corp. | 654,940 | 2,158,455 | ||||||
Radium Life Tech Co. Ltd. | 1,130,036 | 590,116 | ||||||
Realtek Semiconductor Corp. | 654,110 | 2,049,496 | ||||||
Rich Development Co. Ltd. | 1,659,770 | 708,197 | ||||||
Richtek Technology Corp. | 207,000 | 1,087,566 | ||||||
Ritek Corp.a,b | 6,038,000 | 707,526 | ||||||
Ruentex Development Co. Ltd. | 849,964 | 1,272,037 | ||||||
Ruentex Industries Ltd. | 1,308,906 | 2,825,787 | ||||||
Sampo Corp. | 2,125,000 | 879,637 | ||||||
Sanyang Motor Co. Ltd.a,b | 700,000 | 625,219 | ||||||
ScinoPharm Taiwan Ltd. | 347,366 | 534,239 | ||||||
Sercomm Corp. | 369,000 | 830,705 | ||||||
Shih Wei Navigation Co. Ltd. | 1,291,675 | 732,107 | ||||||
Shihlin Electric & Engineering Corp. | 470,000 | 597,134 | ||||||
Shihlin Paper Corp.a | 151,000 | 180,546 | ||||||
Shin Kong Financial Holding Co. Ltd. | 9,532,384 | 2,737,848 | ||||||
Shin Zu Shing Co. Ltd. | 284,000 | 704,461 | ||||||
Shining Building Business Co. Ltd.a | 844,910 | 488,302 | ||||||
Shinkong Synthetic Fibers Corp. | 2,327,000 | 822,471 | ||||||
Shinkong Textile Co. Ltd. | 356,000 | 446,629 | ||||||
Sigurd Microelectronics Corp. | 753,000 | 733,698 | ||||||
Siliconware Precision Industries Co. Ltd. | 4,016,000 | 7,148,365 | ||||||
Simplo Technology Co. Ltd. | 654,000 | 3,248,655 | ||||||
Sino-American Silicon Products Inc.a | 690,000 | 1,120,522 | ||||||
SinoPac Financial Holdings Co. Ltd. | 10,771,064 | 4,407,202 | ||||||
Sinyi Realty Inc. | 317,687 | 362,146 | ||||||
Soft-World International Corp. | 194,000 | 599,204 | ||||||
Solar Applied Materials Technology Co. | 801,000 | 659,317 | ||||||
Sonix Technology Co. Ltd. | 503,000 | 779,206 |
Security | Shares | Value | ||||||
St. Shine Optical Co. Ltd.b | 73,000 | $ | 1,183,156 | |||||
Standard Foods Corp. | 669,953 | 1,587,152 | ||||||
Synnex Technology International Corp. | 1,962,000 | 2,864,439 | ||||||
TA Chen Stainless Pipe | 1,329,200 | 905,744 | ||||||
Ta Chong Bank Ltd.a | 2,728,489 | 920,936 | ||||||
Taichung Commercial Bank Co. Ltd. | 2,541,975 | 845,841 | ||||||
Taiflex Scientific Co. Ltd.b | 654,000 | 949,607 | ||||||
Taigen Biopharmaceuticals Holdings Ltd.a | 406,000 | 471,221 | ||||||
Tainan Spinning Co. Ltd. | 1,317,995 | 730,238 | ||||||
Taishin Financial Holding Co. Ltd. | 11,499,316 | 4,924,878 | ||||||
Taiwan Acceptance Corp. | 233,000 | 546,795 | ||||||
Taiwan Business Banka | 5,462,404 | 1,622,806 | ||||||
Taiwan Cement Corp. | 4,377,000 | 5,986,058 | ||||||
Taiwan Cogeneration Corp. | 823,000 | 661,702 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 7,718,872 | 3,969,425 | ||||||
Taiwan Fertilizer Co. Ltd. | 1,308,000 | 2,269,893 | ||||||
Taiwan Glass Industry Corp. | 1,194,000 | 885,853 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 654,000 | 1,176,596 | ||||||
Taiwan Land Development Corp. | 2,880,322 | 1,063,899 | ||||||
Taiwan Life Insurance Co. Ltd.a | 834,674 | 645,839 | ||||||
Taiwan Liposome Co. Ltd.a | 77,000 | 604,378 | ||||||
Taiwan Mobile Co. Ltd. | 2,616,000 | 8,954,625 | ||||||
Taiwan PCB Techvest Co. Ltd. | 540,042 | 935,465 | ||||||
Taiwan Secom Co. Ltd. | 370,185 | 986,610 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd.b | 35,716,000 | 171,159,306 | ||||||
Taiwan Sogo Shin Kong SEC | 708,770 | 886,950 | ||||||
Taiwan Surface Mounting Technology Co. Ltd. | 493,392 | 644,921 | ||||||
Taiwan TEA Corp. | 1,080,000 | 612,132 | ||||||
Tatung Co. Ltd.a | 2,417,000 | 665,724 | ||||||
Teco Electric and Machinery Co. Ltd. | 2,632,000 | 2,694,437 | ||||||
Test Research Inc. | 428,400 | 709,339 | ||||||
Test-Rite International Co. Ltd. | 985,000 | 652,380 |
30 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Ton Yi Industrial Corp.b | 1,093,000 | $ | 812,659 | |||||
Tong Hsing Electronic Industries Ltd. | 219,000 | 843,783 | ||||||
Tong Yang Industry Co. Ltd. | 654,400 | 814,744 | ||||||
Topco Scientific Co. Ltd. | 654,351 | 1,273,073 | ||||||
TPK Holding Co. Ltd. | 366,000 | 2,645,502 | ||||||
Transcend Information Inc. | 227,000 | 748,113 | ||||||
Tripod Technology Corp. | 654,000 | 1,443,152 | ||||||
TSRC Corp. | 857,900 | 906,935 | ||||||
TTY Biopharm Co. Ltd.b | 372,124 | 791,526 | ||||||
Tung Ho Steel Enterprise Corp. | 1,075,000 | 812,968 | ||||||
TWi Pharmaceuticals Inc.a | 59,000 | 462,156 | ||||||
TXC Corp. | 568,000 | 691,801 | ||||||
U-Ming Marine Transport Corp. | 654,000 | 990,215 | ||||||
Uni-President Enterprises Corp. | 6,540,971 | 10,997,079 | ||||||
Unimicron Technology Corp. | 1,696,000 | 1,142,188 | ||||||
Union Bank of Taiwana | 1,807,511 | 607,204 | ||||||
Unitech Printed Circuit Board Corp.a | 1,855,000 | 865,332 | ||||||
United Microelectronics Corp. | 17,503,000 | 8,917,306 | ||||||
Unity Opto Technology Co. Ltd.a | 569,000 | 634,135 | ||||||
UPC Technology Corp. | 1,520,146 | 559,073 | ||||||
USI Corp. | 1,255,000 | 689,341 | ||||||
Vanguard International Semiconductor Corp. | 1,124,000 | 1,957,739 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 815,000 | 853,797 | ||||||
Wah Lee Industrial Corp. | 654,000 | 1,132,864 | ||||||
Walsin Lihwa Corp.a | 4,159,000 | 1,330,933 | ||||||
Wan Hai Lines Ltd. | 1,028,000 | 1,145,677 | ||||||
Waterland Financial Holdings Co. Ltd. | 1,925,293 | 524,160 | ||||||
Wei Chuan Foods Corp. | 654,000 | 526,865 | ||||||
Win Semiconductors Corp. | 893,000 | 1,020,815 | ||||||
Winbond Electronics Corp.a | 4,099,000 | 1,390,045 | ||||||
Wistron Corp. | 3,152,299 | 2,976,140 | ||||||
Wistron NeWeb Corp. | 339,591 | 795,857 | ||||||
Wowprime Corp. | 106,260 | 944,007 | ||||||
WPG Holdings Ltd. | 1,705,000 | 2,187,916 | ||||||
WT Microelectronics Co. Ltd. | 697,997 | 1,082,390 | ||||||
Yageo Corp. | 912,078 | 1,730,930 |
Security | Shares | Value | ||||||
Yang Ming Marine Transport Corp.a | 1,831,000 | $ | 991,148 | |||||
YC Co. Ltd. | 1,683,467 | 822,838 | ||||||
YFY Inc. | 1,308,000 | 526,865 | ||||||
Yieh Phui Enterprise Co. Ltd. | 1,796,340 | 533,096 | ||||||
Youngtek Electronics Corp. | 429,855 | 910,217 | ||||||
Yuanta Financial Holding Co. Ltd. | 12,498,425 | 6,327,813 | ||||||
Yulon Motor Co. Ltd. | 1,308,000 | 1,870,059 | ||||||
YungShin Global Holding Corp. | 654,000 | 1,134,947 | ||||||
Yungtay Engineering Co. Ltd. | 654,000 | 1,516,039 | ||||||
Zhen Ding Technology Holding Ltd. | 419,950 | 1,309,126 | ||||||
Zinwell Corp. | 694,000 | 721,512 | ||||||
|
| |||||||
889,045,292 | ||||||||
THAILAND — 2.64% | ||||||||
Advanced Info Service PCL NVDR | 1,603,400 | 11,555,589 | ||||||
Airports of Thailand PCL NVDR | 634,000 | 6,059,573 | ||||||
Amata Corp. PCL NVDRb | 1,582,400 | 910,382 | ||||||
AP Thailand PCL NVDR | 3,880,990 | 834,299 | ||||||
Bangchak Petroleum PCL (The) NVDRb | 786,800 | 821,358 | ||||||
Bangkok Bank PCL Foreign | 449,300 | 2,557,105 | ||||||
Bangkok Bank PCL NVDR | 308,500 | 1,746,226 | ||||||
Bangkok Chain Hospital PCL NVDRb | 3,189,750 | 838,629 | ||||||
Bangkok Dusit Medical Services PCL NVDR | 4,851,200 | 3,226,130 | ||||||
Bangkok Expressway PCL NVDR | 809,100 | 1,144,953 | ||||||
Bangkok Land PCL NVDR | 19,005,700 | 999,372 | ||||||
Banpu PCL NVDRb | 1,488,200 | 1,392,454 | ||||||
BEC World PCL NVDR | 1,604,600 | 2,332,700 | ||||||
BTS Group Holdings PCL NVDR | 8,294,400 | 2,462,921 | ||||||
Bumrungrad Hospital PCL NVDR | 643,100 | 3,093,166 | ||||||
Central Pattana PCL NVDR | 2,032,500 | 2,766,161 | ||||||
Charoen Pokphand Foods PCL NVDR | 3,895,100 | 2,879,458 | ||||||
CP ALL PCL NVDR | 6,763,700 | 8,368,327 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 31 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Delta Electronics Thailand PCL NVDR | 746,800 | $ | 1,611,175 | |||||
Dynasty Ceramic PCL NVDR | 3,784,600 | 678,957 | ||||||
E for L Aim PCLa | 10,696,400 | 469,808 | ||||||
Energy Absolute PCL NVDR | 2,069,300 | 1,936,168 | ||||||
Esso Thailand PCL NVDRa | 3,253,400 | 649,070 | ||||||
Glow Energy PCL NVDR | 803,300 | 2,118,197 | ||||||
Hana Microelectronics PCL NVDRb | 952,100 | 1,214,789 | ||||||
Hemaraj Land and Development PCL NVDRb | 9,446,100 | 1,291,425 | ||||||
Home Product Center PCL NVDRb | 5,832,156 | 1,542,373 | ||||||
Indorama Ventures PCL NVDR | 1,836,400 | 1,476,845 | ||||||
IRPC PCL NVDR | 15,141,000 | 2,088,737 | ||||||
Jasmine International PCL NVDR | 5,424,900 | 1,485,010 | ||||||
Kasikornbank PCL Foreign | 1,700,400 | 11,360,544 | ||||||
Kasikornbank PCL NVDR | 936,900 | 6,288,503 | ||||||
Khon Kaen Sugar Industry PCL NVDR | 1,663,400 | 637,988 | ||||||
Kiatnakin Bank PCL NVDRb | 726,500 | 882,002 | ||||||
Krung Thai Bank PCL NVDRb | 5,298,500 | 3,736,647 | ||||||
LPN Development PCL NVDRb | 1,318,800 | 803,599 | ||||||
Major Cineplex Group PCL NVDR | 904,300 | 811,157 | ||||||
Minor International PCL NVDRb | 2,439,400 | 2,565,407 | ||||||
Polyplex Thailand PCL NVDRa | 1,091,800 | 347,836 | ||||||
PTT Exploration & Production PCL NVDR | 2,181,101 | 7,623,397 | ||||||
PTT Global Chemical PCL NVDR | 2,329,400 | 4,034,841 | ||||||
PTT PCL NVDR | 1,500,700 | 15,921,438 | ||||||
Quality Houses PCL NVDRb | 13,868,500 | 1,758,764 | ||||||
Samart Corp. PCL NVDRb | 855,200 | 985,345 | ||||||
Siam Cement PCL (The) Foreign | 451,500 | 7,178,194 | ||||||
Siam Cement PCL (The) NVDR | 184,200 | 2,985,487 | ||||||
Siam Commercial Bank PCL (The) NVDR | 2,230,900 | 11,696,182 |
Security | Shares | Value | ||||||
Siam Global House PCL NVDRb | 1,922,158 | $ | 701,561 | |||||
Sino-Thai Engineering & Construction PCL NVDRb | 1,357,128 | 1,036,841 | ||||||
Sri Trang Agro-Industry PCL NVDR | 1,212,800 | 525,184 | ||||||
Supalai PCL NVDR | 1,391,700 | 1,015,902 | ||||||
Superblock PCLa | 1,337,200 | 980,255 | ||||||
Thai Airways International PCL NVDRa,b | 1,188,900 | 489,093 | ||||||
Thai Oil PCL NVDR | 1,163,200 | 1,888,896 | ||||||
Thai Union Frozen Products PCL NVDR | 2,739,600 | 1,813,407 | ||||||
Thai Vegetable Oil PCL NVDR | 1,113,900 | 788,998 | ||||||
Thaicom PCL NVDRb | 778,500 | 842,793 | ||||||
Thanachart Capital PCL NVDR | 1,133,900 | 1,227,544 | ||||||
Thoresen Thai Agencies PCL NVDRb | 1,573,322 | 783,498 | ||||||
TICON Industrial Connection PCL NVDRb | 1,834,560 | 1,010,058 | ||||||
Tisco Financial Group PCL NVDRb | 901,250 | 1,310,199 | ||||||
TMB Bank PCL NVDR | 21,801,100 | 2,036,478 | ||||||
TPI Polene PCL NVDRb | 11,256,900 | 1,176,874 | ||||||
True Corp. PCL NVDRa | 12,340,418 | 5,572,846 | ||||||
TTW PCL NVDRb | 2,743,600 | 1,052,293 | ||||||
VGI Global Media PCL NVDRb | 2,618,700 | 947,689 | ||||||
|
| |||||||
175,369,097 | ||||||||
TURKEY — 1.57% | ||||||||
Akbank TAS | 2,601,263 | 8,481,255 | ||||||
Akfen Holding ASb | 219,408 | 514,715 | ||||||
Akmerkez Gayrimenkul Yatirim Ortakligi AS | 44,457 | 312,878 | ||||||
Aksa Akrilik Kimya Sanayii AS | 134,446 | 514,797 | ||||||
Albaraka Turk Katilim Bankasi AS | 846,368 | 599,020 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii ASa | 335,059 | 2,731,097 | ||||||
Arcelik AS | 336,739 | 2,028,468 | ||||||
BIM Birlesik Magazalar AS | 300,463 | 5,615,014 | ||||||
Bizim Toptan Satis Magazalari ASb | 67,873 | 441,242 |
32 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Cimsa Cimento Sanayi VE Ticaret AS | 137,827 | $ | 912,453 | |||||
Coca-Cola Icecek AS | 135,580 | 2,628,042 | ||||||
Dogan Sirketler Grubu Holding ASa,b | 2,656,962 | 739,512 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 107,746 | 548,369 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 2,808,910 | 3,495,781 | ||||||
Enka Insaat ve Sanayi AS | 701,329 | 1,427,755 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 2,110,102 | 3,540,609 | ||||||
Ford Otomotiv Sanayi AS | 148,667 | 2,006,857 | ||||||
Haci Omer Sabanci Holding AS | 1,314,805 | 5,060,562 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS | 1,262,133 | 898,297 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da,b | 1,534,978 | 1,110,799 | ||||||
KOC Holding AS | 966,916 | 4,498,178 | ||||||
Koza Altin Isletmeleri ASb | 92,214 | 813,976 | ||||||
Sekerbank TASa,b | 706,942 | 525,639 | ||||||
TAV Havalimanlari Holding AS | 236,717 | 1,887,147 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 359,074 | 2,341,477 | ||||||
Trakya Cam Sanayii ASb | 637,259 | 932,451 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 182,975 | 3,855,934 | ||||||
Turk Hava Yollaria | 807,682 | 2,906,371 | ||||||
Turk Telekomunikasyon AS | 755,095 | 2,188,725 | ||||||
Turkcell Iletisim Hizmetleri ASa | 1,212,061 | 6,337,416 | ||||||
Turkiye Garanti Bankasi AS | 3,314,162 | 11,833,469 | ||||||
Turkiye Halk Bankasi AS | 912,920 | 5,426,701 | ||||||
Turkiye Is Bankasi Class C | 2,338,753 | 5,849,207 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 1,371,377 | 1,079,653 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 1,050,143 | 1,544,942 | ||||||
Turkiye Vakiflar Bankasi Tao Class D | 1,207,738 | 2,525,925 | ||||||
Ulker Biskuvi Sanayi AS | 313,803 | 2,426,826 | ||||||
Yapi ve Kredi Bankasi AS | 1,371,219 | 2,529,804 | ||||||
Yazicilar Holding AS | 81,416 | 671,723 | ||||||
|
| |||||||
103,783,086 |
Security | Shares | Value | ||||||
UNITED ARAB EMIRATES — 0.66% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 1,612,345 | $ | 3,380,316 | |||||
Agthia Group PJSC | 296,073 | 551,396 | ||||||
Air Arabia PJSC | 2,988,375 | 1,326,268 | ||||||
Ajman Bank PJSCa | 802,521 | 530,972 | ||||||
Al Waha Capital PJSC | 1,315,611 | 1,067,462 | ||||||
Aldar Properties PJSC | 4,432,614 | 3,174,127 | ||||||
Arabtec Holding PJSCa | 3,082,704 | 2,652,330 | ||||||
Dana Gas PJSCa | 4,478,886 | 560,966 | ||||||
Deyaar Development PJSCa | 2,246,716 | 473,476 | ||||||
DP World Ltd. | 229,167 | 4,858,340 | ||||||
Dubai Financial Market | 2,705,599 | 1,451,237 | ||||||
Dubai Islamic Bank PJSC | 1,974,002 | 3,601,066 | ||||||
Emaar Properties PJSC | 4,991,373 | 10,260,667 | ||||||
Eshraq Properties Co. PJSCa | 1,798,567 | 406,456 | ||||||
First Gulf Bank PJSC | 1,089,715 | 5,296,144 | ||||||
Gulf General Investment Co.a | 1,364,669 | 290,193 | ||||||
National Bank of Abu Dhabi PJSC | 865,100 | 3,215,197 | ||||||
RAK Properties PJSC | 1,540,763 | 323,024 | ||||||
Union Properties PJSCa | 1,460,612 | 429,504 | ||||||
|
| |||||||
43,849,141 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| |||||||
(Cost: $6,289,897,862) |
| 6,336,732,305 | ||||||
PREFERRED STOCKS — 3.92% |
| |||||||
BRAZIL — 2.87% | ||||||||
AES Tiete SA | 138,000 | 834,945 | ||||||
Banco ABC Brasil SA | 136,113 | 568,853 | ||||||
Banco Bradesco SA | 3,050,170 | 40,109,253 | ||||||
Banco Daycoval SA | 143,100 | 396,367 | ||||||
Banco do Estado do Rio Grande do Sul SA Class B | 270,100 | 1,202,502 | ||||||
Banco Industrial e Comercial SA | 122,500 | 242,057 | ||||||
Banco Pan SA | 418,863 | 275,399 | ||||||
Banco Pine SA | 130,933 | 217,508 | ||||||
Bradespar SA | 319,100 | 1,477,568 | ||||||
Braskem SA Class A | 214,100 | 958,428 | ||||||
Centrais Eletricas Brasileiras SA Class B | 270,500 | 655,591 | ||||||
Cia. Brasileira de Distribuicao | 196,200 | 6,666,141 | ||||||
Cia. Energetica de Minas Gerais | 1,034,720 | 4,697,104 |
CONSOLIDATED SCHEDULEOF INVESTMENTS | 33 |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
Cia. Energetica de Sao Paulo Class B | 255,800 | $ | 2,106,804 | |||||
Cia. Energetica do Ceara Class A | 27,100 | 382,140 | ||||||
Cia. Ferro Ligas da Bahia-Ferbasa | 82,300 | 177,014 | ||||||
Cia. Paranaense de Energia Class B | 142,800 | 1,722,979 | ||||||
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA | 174,800 | 540,414 | ||||||
Gerdau SA | 1,177,900 | 4,189,499 | ||||||
GOL Linhas Aereas Inteligentes SA | 152,400 | 535,653 | ||||||
Itau Unibanco Holding SA | 3,997,248 | 51,025,426 | ||||||
Itausa – Investimentos Itau SA | 4,632,398 | 16,346,686 | ||||||
Lojas Americanas SA | 685,475 | 4,001,111 | ||||||
Metalurgica Gerdau SA | 382,500 | 1,492,892 | ||||||
Petroleo Brasileiro SA | 6,096,600 | 20,404,799 | ||||||
Randon Participacoes SA | 382,350 | 516,156 | ||||||
Suzano Papel e Celulose SA Class A | 459,200 | 1,936,787 | ||||||
Telefonica Brasil SA | 457,800 | 8,471,225 | ||||||
Vale SA | 2,792,300 | 18,075,952 | ||||||
|
| |||||||
190,227,253 | ||||||||
CHILE — 0.07% | ||||||||
Bupa Chile SA | 488,801 | 404,662 | ||||||
Embotelladora Andina SA Class B | 400,550 | 1,117,253 | ||||||
Sociedad Quimica y Minera de Chile SA Series B | 136,117 | 3,498,498 | ||||||
|
| |||||||
5,020,413 | ||||||||
COLOMBIA — 0.21% | ||||||||
Avianca Holdings SA | 575,047 | 880,722 | ||||||
Banco Davivienda SA | 163,485 | 1,730,430 | ||||||
Bancolombia SA | 604,696 | 6,255,024 | ||||||
Grupo Argos SA/Colombia | 169,689 | 1,265,432 | ||||||
Grupo Aval Acciones y Valores | 4,609,026 | 2,263,693 | ||||||
Grupo de Inversiones Suramericana SA | 112,903 | 1,579,804 | ||||||
|
| |||||||
13,975,105 | ||||||||
RUSSIA — 0.18% | ||||||||
AK Transneft OAO | 2,068 | 4,617,134 | ||||||
Sberbank of Russia | 1,076,200 | 935,974 |
Security | Shares | Value | ||||||
Surgutneftegas OAO | 9,889,800 | $ | 6,191,699 | |||||
|
| |||||||
11,744,807 | ||||||||
SOUTH KOREA — 0.59% | ||||||||
Hyundai Motor Co. | 32,480 | 3,240,454 | ||||||
Hyundai Motor Co. Series 2 | 58,008 | 5,998,732 | ||||||
LG Chem Ltd. | 10,505 | 1,550,553 | ||||||
Samsung Electronics Co. Ltd. | 29,917 | 28,566,367 | ||||||
|
| |||||||
39,356,106 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS |
| |||||||
(Cost: $340,562,694) |
| 260,323,684 | ||||||
RIGHTS — 0.01% |
| |||||||
BRAZIL — 0.00% | ||||||||
Itausa – Investimentos Itau SAa | 32,854 | 39,066 | ||||||
|
| |||||||
39,066 | ||||||||
MALAYSIA — 0.00% | ||||||||
Malaysia Airports Holdings Bhda | 207,920 | 109,037 | ||||||
|
| |||||||
109,037 | ||||||||
SOUTH KOREA — 0.01% | ||||||||
Hyundai Merchant Marine Co. Ltd.a | 15,891 | 25,627 | ||||||
Korean Air Lines Co. Ltd.a | 7,731 | 100,728 | ||||||
NHN Entertainment Corp.a | 5,302 | 43,960 | ||||||
|
| |||||||
170,315 | ||||||||
THAILAND — 0.00% | ||||||||
Superblock PCL NVDRa | 66,060 | 13,690 | ||||||
Thoresen Thai Agencies PCL NVDRa | 30,372 | — | ||||||
|
| |||||||
13,690 | ||||||||
TURKEY — 0.00% | ||||||||
Sekerbank TASa | 691,052 | 10,991 | ||||||
|
| |||||||
10,991 | ||||||||
|
| |||||||
TOTAL RIGHTS |
| |||||||
(Cost: $0) |
| 343,099 | ||||||
WARRANTS — 0.00% |
| |||||||
MALAYSIA — 0.00% | ||||||||
Mah Sing Group Bhd (Expires 02/21/20)a | 139,434 | 13,154 | ||||||
|
| |||||||
13,154 |
34 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
Security | Shares | Value | ||||||
THAILAND — 0.00% | ||||||||
Samart Corp. PCL NVDR (Expires 02/19/18)a | 168,480 | $ | — | |||||
Thoresen Thai Agencies PCL NVDR (Expires 02/28/17)a | 1 | — | ||||||
|
| |||||||
— | ||||||||
|
| |||||||
TOTAL WARRANTS |
| |||||||
(Cost: $0) |
| 13,154 | ||||||
SHORT-TERM INVESTMENTS — 3.42% |
| |||||||
MONEY MARKET FUNDS — 3.42% |
| |||||||
BlackRock Cash Funds: Institutional, |
| |||||||
0.16%e,f,g | 189,097,352 | 189,097,352 | ||||||
BlackRock Cash Funds: Prime, |
| |||||||
0.15%e,f,g | 11,036,177 | 11,036,177 | ||||||
BlackRock Cash Funds: Treasury, |
| |||||||
0.00%e,f | 26,385,740 | 26,385,740 | ||||||
|
| |||||||
226,519,269 | ||||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS |
| |||||||
(Cost: $226,519,269) |
| 226,519,269 | ||||||
|
| |||||||
TOTAL INVESTMENTS |
| |||||||
(Cost: $6,856,979,825) |
| 6,823,931,511 | ||||||
Other Assets, Less Liabilities — (2.89)% |
| (191,530,374 | ) | |||||
|
| |||||||
NET ASSETS — 100.00% |
| $ | 6,632,401,137 | |||||
|
|
ADR — American Depositary Receipts
CPO — Certificates of Participation (Ordinary)
GDR — Global Depositary Receipts
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 1. |
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 1. |
Open futures contracts as of February 28, 2015 were as follows:
Issue | Number of Contracts Purchased (Sold) | Expiration | Exchange | Notional Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
MSCI Emerging Markets E-Mini | 556 | Mar. 2015 | NYSE Liffe | $ | 27,574,820 | $ | 1,095,397 | |||||||||||||
See notes to consolidated financial statements.
CONSOLIDATED SCHEDULEOF INVESTMENTS | 35 |
Table of Contents
Consolidated Statement of Assets and Liabilities (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
February 28, 2015
ASSETS | ||||
Investments, at cost: | ||||
Unaffiliated | $ | 6,630,460,556 | ||
Affiliated (Note 2) | 226,519,269 | |||
|
| |||
Total cost of investments | $ | 6,856,979,825 | ||
|
| |||
Investments in securities, at fair value (including securities on loana) (Note 1): | ||||
Unaffiliated | $ | 6,597,412,242 | ||
Affiliated (Note 2) | 226,519,269 | |||
|
| |||
Total fair value of investments | 6,823,931,511 | |||
Foreign currency, at valueb | 109,154,606 | |||
Cash | 11,557,016 | |||
Receivables: | ||||
Investment securities sold | 43,200,258 | |||
Dividends and interest | 13,374,304 | |||
Futures variation margin | 1,095,397 | |||
|
| |||
Total Assets | 7,002,313,092 | |||
|
| |||
LIABILITIES | ||||
Payables: | ||||
Investment securities purchased | 168,811,335 | |||
Due to broker for cash pledged for futures, at value | 90,413 | |||
Collateral for securities on loan (Note 1) | 200,133,529 | |||
Foreign taxes (Note 1) | 3,402 | |||
Investment advisory fees (Note 2) | 873,276 | |||
|
| |||
Total Liabilities | 369,911,955 | |||
|
| |||
NET ASSETS | $ | 6,632,401,137 | ||
|
| |||
Net assets consist of: | ||||
Paid-in capital | $ | 6,773,246,334 | ||
Distributions in excess of net investment income | (1,513,441 | ) | ||
Accumulated net realized loss | (107,386,361 | ) | ||
Net unrealized depreciation | (31,945,395 | ) | ||
|
| |||
NET ASSETS | $ | 6,632,401,137 | ||
|
| |||
Shares outstandingc | 135,800,000 | |||
|
| |||
Net asset value per share | $ | 48.84 | ||
|
|
a | Securities on loan with a value of $185,899,487. See Note 1. |
b | Cost of foreign currency: $109,212,166. |
c | $0.001 par value, number of shares authorized: 250 million. |
See notes to consolidated financial statements.
36 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Statement of Operations (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
Six months ended February 28, 2015
NET INVESTMENT INCOME | ||||
Dividends — unaffiliateda | $ | 45,176,854 | ||
Interest — unaffiliated | 294 | |||
Interest — affiliated (Note 2) | 983 | |||
Securities lending income — affiliated (Note 2) | 2,318,276 | |||
|
| |||
47,496,407 | ||||
Less: Other foreign taxes (Note 1) | (79,949 | ) | ||
|
| |||
Total investment income | 47,416,458 | |||
|
| |||
EXPENSES | ||||
Investment advisory fees (Note 2) | 5,337,194 | |||
Mauritius income taxes (Note 1) | 105,154 | |||
Commitment fees (Note 8) | 9,459 | |||
|
| |||
Total expenses | 5,451,807 | |||
|
| |||
Net investment income | 41,964,651 | |||
|
| |||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (43,429,582 | ) | ||
Futures contracts | (2,362,754 | ) | ||
Foreign currency transactions | (2,187,077 | ) | ||
|
| |||
Net realized loss | (47,979,413 | ) | ||
|
| |||
Net change in unrealized appreciation/depreciation on: | ||||
Investments | (466,807,643 | ) | ||
Futures contracts | 724,867 | |||
Translation of assets and liabilities in foreign currencies | 205,512 | |||
|
| |||
Net change in unrealized appreciation/depreciation | (465,877,264 | ) | ||
|
| |||
Net realized and unrealized loss | (513,856,677 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (471,892,026 | ) | |
|
|
a | Net of foreign withholding tax of $5,675,341. |
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL STATEMENTS | 37 |
Table of Contents
Consolidated Statements of Changes in Net Assets
iSHARES® CORE MSCI EMERGING MARKETS ETF
Six months February 28, 2015 (Unaudited) | Year ended August 31, 2014 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS: | ||||||||
Net investment income | $ | 41,964,651 | $ | 95,944,162 | ||||
Net realized loss | (47,979,413 | ) | (50,781,092 | ) | ||||
Net change in unrealized appreciation/depreciation | (465,877,264 | ) | 584,785,351 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | (471,892,026 | ) | 629,948,421 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
From net investment income | (78,618,279 | ) | (69,107,942 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (78,618,279 | ) | (69,107,942 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS: | ||||||||
Proceeds from shares sold | 1,513,744,516 | 3,243,361,038 | ||||||
|
|
|
| |||||
Net increase in net assets from capital share transactions | 1,513,744,516 | 3,243,361,038 | ||||||
|
|
|
| |||||
INCREASE IN NET ASSETS | 963,234,211 | 3,804,201,517 | ||||||
NET ASSETS | ||||||||
Beginning of period | 5,669,166,926 | 1,864,965,409 | ||||||
|
|
|
| |||||
End of period | $ | 6,632,401,137 | $ | 5,669,166,926 | ||||
|
|
|
| |||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ | (1,513,441 | ) | $ | 35,140,187 | |||
|
|
|
| |||||
SHARES ISSUED | ||||||||
Shares sold | 30,600,000 | 64,400,000 | ||||||
|
|
|
| |||||
Net increase in shares outstanding | 30,600,000 | 64,400,000 | ||||||
|
|
|
|
See notes to consolidated financial statements.
38 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Consolidated Financial Highlights
iSHARES® CORE MSCI EMERGING MARKETS ETF
(For a share outstanding throughout each period)
Six months ended | Year ended Aug. 31, 2014 | Period from to Aug. 31, 2013 | ||||||||||
Net asset value, beginning of period | $ | 53.89 | $ | 45.71 | $ | 49.06 | ||||||
|
|
|
|
|
| |||||||
Income from investment operations: | ||||||||||||
Net investment incomeb | 0.34 | 1.31 | 1.33 | |||||||||
Net realized and unrealized gain (loss)c | (4.75 | ) | 7.78 | (4.14 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | (4.41 | ) | 9.09 | (2.81 | ) | |||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.64 | ) | (0.91 | ) | (0.54 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.64 | ) | (0.91 | ) | (0.54 | ) | ||||||
|
|
|
|
|
| |||||||
Net asset value, end of period | $ | 48.84 | $ | 53.89 | $ | 45.71 | ||||||
|
|
|
|
|
| |||||||
Total return | (8.11 | )%d | 20.05 | % | (5.75 | )%d | ||||||
|
|
|
|
|
| |||||||
Ratios/Supplemental data: | ||||||||||||
Net assets, end of period (000s) | $ | 6,632,401 | $ | 5,669,167 | $ | 1,864,965 | ||||||
Ratio of expenses to average net assetse | 0.18 | % | 0.17 | % | 0.05 | % | ||||||
Ratio of expenses to average net assets prior to waived feese | 0.18 | % | 0.18 | % | 0.18 | % | ||||||
Ratio of net investment income to average net assetse | 1.42 | % | 2.61 | % | 3.17 | % | ||||||
Portfolio turnover ratef | 3 | % | 8 | % | 15 | % |
a | Commencement of operations. |
b | Based on average shares outstanding throughout each period. |
c | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
d | Not annualized. |
e | Annualized for periods of less than one year. |
f | Portfolio turnover rates exclude portfolio securities received or delivered 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, 2015, the year ended August 31, 2014 and the period ended August 31, 2013 were 3%, 8% and 15%, respectively. See Note 4. |
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL HIGHLIGHTS | 39 |
Table of Contents
Notes to Consolidated 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 consolidated financial statements relate only to the following fund (the “Fund”):
iShares ETF | Diversification Classification | |
Core MSCI Emerging Markets | Diversified |
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. Intercompany accounts and transactions, if any, have been eliminated.
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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SECURITY VALUATION
The Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the 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”).
40 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
• | 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). |
• | 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 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, reviews of 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 is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:
• | Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments. |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the 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.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | 41 |
Table of Contents
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of February 28, 2015. The breakdown of the Fund’s investments into major categories is disclosed in its consolidated schedule of investments.
Investment Type | Investments | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 6,325,968,801 | $ | 10,721,856 | $ | 41,648 | $ | 6,336,732,305 | ||||||||
Preferred Stocks | 260,323,684 | — | — | 260,323,684 | ||||||||||||
Rights | 285,449 | 57,650 | — | 343,099 | ||||||||||||
Warrants | 13,154 | 0 | a | — | 13,154 | |||||||||||
Money Market Funds | 226,519,269 | — | — | 226,519,269 | ||||||||||||
Futures Contractsb | 1,095,397 | — | — | 1,095,397 | ||||||||||||
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| |||||||||
$ | 6,814,205,754 | $ | 10,779,506 | $ | 41,648 | $ | 6,825,026,908 | |||||||||
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a | Rounds to less than $1. |
b | Shown at the unrealized appreciation (depreciation) on the contracts. |
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the 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 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
42 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2015, 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”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a tax residence certificate from the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, 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. Any dividends paid by the Subsidiary to the Fund are not subject to tax in Mauritius. Further, the Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.
However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Fund’s investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of the Fund, such an interpretation, amendment, or override renegotiation may cause the Fund to incur capital gains tax in India.
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.
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. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedule of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the consolidated statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the consolidated statement of operations.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | 43 |
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Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. The Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.
The following table is a summary of the Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:
Market Value of Securities on Loan | Cash Collateral Received a | Net Amount | ||||||||
$ | 185,899,487 | $ | 185,899,487 | $ | — |
a | Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in the Fund’s consolidated statement of assets and liabilities. |
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.
2. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the 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 of 0.18% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to
44 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.
The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to a securities lending agreement, the Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, the Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2015, the Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, the Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.
For the six months ended February 28, 2015, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $698,365.
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.
Cross trades for the six months ended February 28, 2015, if any, were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
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.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | 45 |
Table of Contents
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
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, 2015, were $1,503,136,940 and $158,229,179, respectively.
In-kind purchases and sales (see Note 4) for the six months ended February 28, 2015, were $125,825,908 and $ —, 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 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the consolidated statements of changes in net assets.
5. | FUTURES CONTRACTS |
The Fund may purchase or sell 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.
46 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
The following table shows the value of futures contracts held by the Fund as of February 28, 2015 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 appreciationa | $ | 1,095,397 | ||
|
| |||
a | Represents cumulative appreciation of futures contracts as reported in the consolidated 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, 2015 and the related locations in the consolidated statement of operations, presented by risk exposure category:
Net Realized Gain (Loss) | Net Change in Unrealized | |||||||
Equity contracts: | ||||||||
Futures contracts | $ | (2,362,754 | ) | $ | 724,867 | |||
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The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2015:
Average value of contracts purchased | $ | 24,905,217 | ||
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| |||
6. | MARKET AND CREDIT RISK |
In the normal course of business, the Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks the Fund is exposed to include market risk and credit risk. The Fund’s prospectus provides details of these and other types of risk.
BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
MARKET RISK
Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss the Fund may suffer through holding market positions in the face of market movements. The Fund is exposed to market risk by virtue of its investment in equity and financial derivative instruments. The fair value of securities held by the Fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of the Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s consolidated schedule of investments.
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its consolidated schedule of investments.
NOTESTO CONSOLIDATED FINANCIAL STATEMENTS | 47 |
Table of Contents
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
The Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.
The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the Fund issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its consolidated statement of assets and liabilities.
7. | INCOME TAX INFORMATION |
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.
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.
48 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® CORE MSCI EMERGING MARKETS ETF
The tax character of current year distributions will be determined at the end of the current fiscal year.
As of August 31, 2014, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $6,567,880 available to offset future realized capital gains.
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, 2015, the cost of investments for federal income tax purposes was $6,900,010,521. Net unrealized depreciation was $76,079,010, of which $640,669,220 represented gross unrealized appreciation on securities and $716,748,230 represented gross unrealized depreciation on securities.
Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements.
8. | LINE OF CREDIT |
The Fund, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 28, 2015. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings. 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 securities of certain foreign markets.
The Fund did not borrow under the credit agreement during the six months ended February 28, 2015.
9. | SUBSEQUENT EVENTS |
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 | 49 |
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Supplemental Information (Unaudited)
iSHARES® CORE MSCI EMERGING MARKETS ETF
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements 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 | |||||||||||||||||||||||
$ | 0.545817 | $ | — | $ | 0.093356 | $ | 0.639173 | 85 | % | — | % | 15 | % | 100 | % |
50 | 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Table of Contents
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 basis on the Fund’s website.
©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-813-0215
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Item 2. | Code of Ethics. |
Not applicable to this semi-annual filing.
Item 3. | Audit Committee Financial Expert. |
Not applicable to this semi-annual filing.
Item 4. | Principal Accountant Fees and Services. |
Not applicable to this semi-annual filing.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this semi-annual filing.
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.
Table of Contents
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/ Manish Mehta | |
Manish Mehta, President (Principal Executive Officer) | ||
Date: April 24, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Manish Mehta | |
Manish Mehta, President (Principal Executive Officer) | ||
Date: April 24, 2015 | ||
By: | /s/ Jack Gee | |
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer) | ||
Date: | April 24, 2015 |