JANUARY 31, 2015
2015 SEMI-ANNUAL REPORT (UNAUDITED)
iShares Trust
쑺 iShares MSCI All Country Asia ex Japan ETF | AAXJ | NASDAQ
쑺 iShares MSCI All Country Asia ex Japan Small-Cap ETF | AXJS | NASDAQ
쑺 iShares MSCI All Country Asia Information Technology ETF | AAIT | NASDAQ
Table of Contents
Fund Performance Overviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholder Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iShares MSCI All Country Asia ex Japan ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iShares MSCI All Country Asia ex Japan Small-Cap ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
iShares MSCI All Country Asia Information Technology ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Fund Performance Overview
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
Performance as of January 31, 2015
The iShares MSCI All Country Asia ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of
Asian equities, excluding Japan, as represented by the MSCI AC Asia 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 January 31, 2015, the total return for the Fund was -3.07%, net of fees, while the total return for
the Index was -2.74%.
Average Annual Total Returns
1 Year
5 Years
Since Inception
Cumulative Total Returns
NAV
MARKET
INDEX
NAV
MARKET
INDEX
12.19%
12.64%
13.09%
12.19%
12.64%
13.09%
5.48%
5.43%
7.36%
30.58%
30.26%
42.63%
5.31%
5.14%
6.01%
39.74%
38.33%
45.85%
The inception date of the Fund was 8/13/08. The first day of secondary market trading was 8/15/08.
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 8 for more information.
Shareholder Expenses
Actual
Beginning
Account Value
(8/1/14)
Ending
Account Value
(1/31/15)
$
$
1,000.00
969.30
Hypothetical 5% Return
Expenses Paid
During Period a
Beginning
Account Value
(8/1/14)
Ending
Account Value
(1/31/15)
Expenses Paid
During Period a
$
$
$
$
3.38
1,000.00
1,021.80
Annualized
Expense Ratio
3.47
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 (184 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 1/31/15
Sector
Financials
Information Technology
Industrials
Consumer Discretionary
Telecommunication Services
Consumer Staples
Energy
Materials
Utilities
Health Care
TOTAL
*
TEN LARGEST COUNTRY ALLOCATIONS
As of 1/31/15
Percentage of
Total Investments*
33.01%
22.19
8.49
8.44
6.83
5.30
4.92
4.64
4.24
1.94
100.00%
Country
China
South Korea
Taiwan
Hong Kong
India
Singapore
Malaysia
Indonesia
Thailand
Philippines
TOTAL
Percentage of
Total Investments*
26.51%
17.95
15.19
13.05
9.22
6.00
4.19
3.28
2.97
1.64
100.00%
Excludes money market funds.
FUND PERFORMANCE OVERVIEWS
5
Fund Performance Overview
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
Performance as of January 31, 2015
The iShares MSCI All Country Asia ex Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index
composed of Asian small-capitalization equities, excluding Japan, as represented by the MSCI AC Asia ex 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 January 31, 2015, the total return for the Fund
was -4.89%, net of fees, while the total return for the Index was -4.92%.
Average Annual Total Returns
1 Year
Since Inception
Cumulative Total Returns
NAV
MARKET
INDEX
NAV
MARKET
INDEX
5.56%
4.61%
6.48%
5.56%
4.61%
6.48%
5.24%
4.65%
6.56%
16.53%
14.58%
20.95%
The inception date of the Fund was 2/2/12. The first day of secondary market trading was 2/3/12.
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 8 for more information.
Shareholder Expenses
Actual
Hypothetical 5% Return
Beginning
Account Value
(8/1/14)
Ending
Account Value
(1/31/15)
Expenses Paid
During Period a
Beginning
Account Value
(8/1/14)
Ending
Account Value
(1/31/15)
Expenses Paid
During Period a
$
$
$
$
$
$
1,000.00
951.10
3.69
1,000.00
1,021.40
Annualized
Expense Ratio
3.82
0.75%
a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied
by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more
information.
PORTFOLIO ALLOCATION
As of 1/31/15
Sector
Financials
Consumer Discretionary
Information Technology
Industrials
Materials
Health Care
Consumer Staples
Utilities
Energy
Telecommunication Services
TOTAL
*
6
TEN LARGEST COUNTRY ALLOCATIONS
As of 1/31/15
Percentage of
Total Investments*
Country
20.83%
18.53
17.69
15.45
9.24
5.95
5.92
2.98
1.97
1.44
Percentage of
Total Investments*
China
Taiwan
South Korea
India
Hong Kong
Singapore
Thailand
Malaysia
Indonesia
Philippines
100.00%
20.35%
20.20
17.56
10.03
9.70
8.17
4.26
4.21
3.68
1.84
TOTAL
100.00%
Excludes money market funds.
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Fund Performance Overview
iSHARES® MSCI ALL COUNTRY ASIA INFORMATION TECHNOLOGY ETF
Performance as of January 31, 2015
The iShares MSCI All Country Asia Information Technology ETF (the “Fund”) seeks to track the investment results of an
index composed of Asian equities in the information technology sector, as represented by the MSCI AC Asia Information
Technology 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 January 31, 2015, the total return for the Fund
was -0.40%, net of fees, while the total return for the Index was -0.41%.
Average Annual Total Returns
1 Year
Since Inception
Cumulative Total Returns
NAV
MARKET
INDEX
NAV
MARKET
INDEX
12.54%
10.99%
13.19%
12.54%
10.99%
13.19%
10.65%
9.94%
11.35%
35.22%
32.64%
37.73%
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 8 for more information.
Shareholder Expenses
Actual
Hypothetical 5% Return
Beginning
Account Value
(8/1/14)
Ending
Account Value
(1/31/15)
Expenses Paid
During Period a
Beginning
Account Value
(8/1/14)
Ending
Account Value
(1/31/15)
Expenses Paid
During Period a
$
$
$
$
$
$
1,000.00
996.00
3.47
1,000.00
1,021.70
Annualized
Expense Ratio
3.52
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 (184 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 1/31/15
Sector
Percentage of
Total Investments*
Computers & Peripherals
Electronic Equipment, Instruments & Components
Semiconductors & Semiconductor Equipment
Internet Software & Services
IT Services
Software
Communications Equipment
TOTAL
*
TEN LARGEST COUNTRY ALLOCATIONS
As of 1/31/15
29.24%
24.21
22.26
11.99
9.51
2.61
0.18
Country
Japan
Taiwan
South Korea
China
India
Hong Kong
TOTAL
Percentage of
Total Investments*
30.15%
27.71
23.60
11.14
6.70
0.70
100.00%
100.00%
Excludes money market funds.
FUND PERFORMANCE OVERVIEWS
7
About Fund Performance
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data
quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume
reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary
with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in
the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver,
performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing
mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the
highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that
such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s
inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market
Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been
reinvested at Market Price and NAV, respectively.
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.
Shareholder Expenses
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases
and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example,
which is based on an investment of $1,000 invested on August 1, 2014 and held through January 31, 2015, is intended to help
you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing
costs of investing in other funds.
Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense
ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the
period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply
the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and
hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before
expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any
transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical
examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different
funds. In addition, if these transactional costs were included, your costs would have been higher.
8
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
Shares
Value
COMMON STOCKS — 98.77%
CHINA — 26.42%
AAC Technologies Holdings Inc.
802,000 $
Agricultural Bank of China Ltd.
Class H
22,386,000
Air China Ltd. Class H
2,132,000
Alibaba Pictures Group Ltd.a
4,250,000
Aluminum Corp. of China Ltd.
Class Ha,b
4,266,000
Anhui Conch Cement Co. Ltd.
1,352,000
Class Hb
Anta Sports Products Ltd.
1,066,000
AviChina Industry & Technology
Co. Ltd. Class H
2,144,000
Bank of China Ltd. Class H
83,148,000
Bank of Communications Co. Ltd.
Class H
9,061,100
BBMG Corp. Class H
1,334,500
Beijing Capital International
Airport Co. Ltd. Class H
2,132,000
Beijing Enterprises Holdings Ltd.b
533,000
Beijing Enterprises Water
Group Ltd.
4,274,000
Belle International Holdings Ltd.
4,797,000
Brilliance China Automotive
Holdings Ltd.
3,208,000
BYD Co. Ltd. Class Hb
533,000
CGN Power Co. Ltd.a,c
5,330,000
China Agri-Industries
Holdings Ltd.b
2,132,100
China Cinda Asset Management
Co. Ltd.a
5,330,000
China CITIC Bank Corp. Ltd.
Class H
8,545,200
China CNR Corp. Ltd.a,c
1,865,500
China Coal Energy Co. Class Hb
4,267,000
China Communications
Construction Co. Ltd. Class H
4,806,000
China Communications Services
Corp. Ltd. Class H
2,132,000
China Construction Bank Corp.
Class H
75,686,390
China COSCO Holdings Co. Ltd.
Class Ha,b
2,665,000
China Everbright Bank Co. Ltd.
2,665,000
CONSOLIDATED SCHEDULES
OF
5,140,926
10,971,619
2,045,836
844,151
1,958,761
4,559,939
1,878,099
1,390,924
46,542,762
7,619,722
1,170,410
2,026,587
4,079,985
2,827,890
5,438,376
5,883,619
1,948,906
2,261,693
863,471
2,529,797
6,337,248
2,398,839
2,349,964
5,237,826
962,423
60,815,803
1,323,331
1,423,011
INVESTMENTS
Security
Shares
China Everbright
International Ltd.
2,665,000 $
China Everbright Ltd.
1,066,000
China Galaxy Securities Co. Ltd.
Class Hb
1,599,000
China Gas Holdings Ltd.
2,132,000
China Huishan Dairy Holdings
Co. Ltd.b
5,863,000
China International Marine
Containers (Group) Co. Ltd.
Class H
586,783
China Life Insurance Co. Ltd.
Class H
7,462,000
China Longyuan Power Group
Corp. Ltd.
3,198,000
China Medical System
Holdings Ltd.
1,066,000
China Mengniu Dairy Co. Ltd.
1,066,000
China Merchants Bank Co. Ltd.
Class H
4,908,946
China Merchants Holdings
International Co. Ltd.
1,066,000
China Minsheng Banking Corp.
Ltd. Class H
6,703,600
China Mobile Ltd.
6,396,000
China National Building Material
Co. Ltd. Class H
3,208,000
China Oilfield Services Ltd.
Class H
2,132,000
China Overseas Land &
Investment Ltd.
4,265,760
China Pacific Insurance (Group)
Co. Ltd. Class H
2,771,600
China Petroleum & Chemical
Corp. Class H
26,650,000
China Railway Construction
Corp. Ltd. Class H
2,071,500
China Railway Group Ltd.
Class H
4,267,000
China Resources Cement
Holdings Ltd.
2,132,000
China Resources Enterprise Ltd.
1,066,000
China Resources Gas Group Ltd. 1,066,000
China Resources Land Ltd.
2,559,555
Value
3,945,933
2,309,814
1,707,613
3,310,734
937,675
1,129,164
29,450,134
3,456,472
1,839,602
4,860,235
10,991,288
3,925,310
8,170,535
84,555,708
3,099,037
3,508,718
12,351,604
13,405,173
21,070,183
2,380,528
3,131,450
1,270,398
2,337,312
2,604,041
6,562,835
9
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
China Resources Power
Holdings Co. Ltd.
China Shenhua Energy Co. Ltd.
Class H
China Shipping Container Lines
Co. Ltd. Class Ha
China South City Holdings Ltd.
China State Construction
International Holdings Ltd.
China Taiping Insurance
Holdings Co. Ltd.a
China Telecom Corp. Ltd.
Class H
China Unicom Hong Kong Ltd.
China Vanke Co. Ltd.a,b
Chongqing Changan Automobile
Co. Ltd.
Chongqing Rural Commercial
Bank Co. Ltd.
CITIC Ltd.
CITIC Securities Co. Ltd. Class H
CNOOC Ltd.
COSCO Pacific Ltd.
Country Garden Holdings
Co. Ltd.
CSPC Pharmaceutical
Group Ltd.
CSR Corp Ltd. Class Hb
Datang International Power
Generation Co. Ltd. Class H
Dongfeng Motor Group Co. Ltd.
Class H
ENN Energy Holdings Ltd.
Evergrande Real Estate
Group Ltd.b
Far East Horizon Ltd.
Fosun International Ltd.
Franshion Properties
(China) Ltd.b
GCL-Poly Energy Holdings Ltd.a,b
Geely Automobile Holdings Ltd.
GOME Electrical Appliances
Holdings Ltd.
Great Wall Motor Co. Ltd.
Class H
10
Shares
Value
2,132,000 $
6,022,016
3,464,500
9,495,331
3,991,000
2,132,000
1,255,978
701,194
2,132,000
3,277,737
1,123,790
3,478,620
14,942,000
5,338,000
1,370,084
8,864,968
8,068,946
2,982,842
897,963
2,238,726
2,669,000
2,132,000
1,067,000
18,655,000
2,132,000
1,638,574
3,662,706
3,433,567
24,493,658
3,096,251
5,063,838
2,024,660
3,198,000
1,905,000
2,701,658
2,316,953
3,028,000
1,648,082
3,198,000
1,066,000
4,660,876
6,317,618
6,396,000
1,599,000
1,724,000
2,664,536
1,365,265
2,419,228
3,208,000
10,661,000
5,330,000
943,365
2,310,031
2,192,949
10,922,160
1,507,311
1,066,000
6,125,133
Security
Shares
Guangdong Investment Ltd.
3,198,000 $
Guangzhou Automobile Group
Co. Ltd.
2,132,855
Guangzhou R&F Properties Co.
Ltd. Class H
1,066,000
Haier Electronics Group Co. Ltd.
1,077,000
Haitian International
Holdings Ltd.
533,000
Haitong Securities Co. Ltd.
Class Hb
1,251,200
Hengan International Group
Co. Ltd.
799,500
Huadian Power International
Corp. Ltd. Class H
2,132,000
Huaneng Power International Inc.
Class H
3,208,000
Industrial and Commercial Bank
of China Ltd. Class H
77,285,350
Inner Mongolia Yitai Coal Co.
Ltd. Class B
1,172,770
Intime Retail Group Co. Ltd.
1,332,500
Jiangsu Expressway Co. Ltd.
Class H
1,072,000
Jiangxi Copper Co. Ltd. Class H
1,066,000
Kingboard Chemical Holdings
Co. Ltd.
802,000
Kingsoft Corp. Ltd.b
533,000
Kunlun Energy Co. Ltd.
3,198,000
Lee & Man Paper
Manufacturing Ltd.
1,604,000
Lenovo Group Ltd.
6,396,000
Longfor Properties Co. Ltd.
1,599,500
New China Life Insurance Co.
Ltd. Class H
738,000
New World China Land Ltd.
2,138,000
Nine Dragons Paper
(Holdings) Ltd.b
1,604,000
People’s Insurance Co. Group of
China Ltd.
6,396,000
PetroChina Co. Ltd. Class H
22,388,000
PICC Property and Casualty Co.
Ltd. Class H
3,433,876
Ping An Insurance (Group) Co. of
China Ltd. Class H
2,665,000
2015
iSHARES SEMI-ANNUAL REPORT
TO
Value
4,289,655
1,942,123
1,211,278
2,903,171
1,035,292
2,724,017
9,512,517
1,946,844
4,551,323
55,621,409
1,654,778
821,497
1,331,471
1,740,610
1,301,265
1,280,022
3,328,608
844,064
8,282,335
2,104,239
4,249,995
1,331,881
1,181,275
3,126,499
24,226,343
6,731,918
28,391,470
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
Shares
Semiconductor Manufacturing
International Corp.a
25,584,000 $
Shandong Weigao Group
Medical Polymer Co. Ltd.
Class H
2,132,000
Shanghai Electric Group Co. Ltd.
Class H
3,208,000
Shanghai Fosun Pharmaceutical
(Group) Co. Ltd.
533,000
Shanghai Industrial Holdings Ltd.
533,000
Shanghai Pharmaceuticals
Holding Co. Ltd. Class H
746,800
Shenzhou International Group
Holdings Ltd.
533,000
Shimao Property Holdings Ltd.
1,333,000
Shui On Land Ltd.
3,471,233
Sihuan Pharmaceutical Holdings
Group Ltd.
4,268,000
Sino Biopharmaceutical Ltd.
2,132,000
Sino-Ocean Land Holdings Ltd.
3,464,500
Sinopec Engineering Group
Co. Ltd.
1,067,000
Sinopec Shanghai Petrochemical
Co. Ltd. Class H
3,198,000
Sinopharm Group Co. Ltd.
Class H
1,279,200
Sinotrans Ltd. Class H
2,132,000
SOHO China Ltd.
1,868,500
Sun Art Retail Group Ltd.b
2,665,000
Tencent Holdings Ltd.
5,383,300
Tingyi Cayman Islands
Holding Corp.
2,132,000
Tsingtao Brewery Co. Ltd.
Class H
326,000
Uni-President China
Holdings Ltd.
1,220,800
Want Want China Holdings Ltd.
6,397,000
Weichai Power Co. Ltd. Class H
533,400
Yanzhou Coal Mining Co. Ltd.
Class Hb
2,132,000
Yuexiu Property Co. Ltd.
6,996,540
Zhejiang Expressway Co. Ltd.
Class H
1,072,000
Zhuzhou CSR Times Electric Co.
Ltd. Class H
464,000
CONSOLIDATED SCHEDULES
OF
Value
2,243,820
Security
Zijin Mining Group Co. Ltd.
Class H
ZTE Corp. Class H
Shares
6,396,000 $
639,600
Value
1,938,594
1,404,037
880,304,667
1,674,615
1,969,482
1,928,283
1,577,686
1,618,170
1,938,594
2,812,704
783,488
2,757,863
2,136,578
2,220,790
763,780
928,050
4,677,374
1,512,379
1,298,950
2,409,494
91,650,138
5,263,077
2,188,512
1,054,945
7,689,585
2,118,919
1,699,364
1,362,608
1,367,419
2,597,277
INVESTMENTS
HONG KONG — 13.01%
AIA Group Ltd.
12,792,000
Alibaba Health Information
Technology Ltd.a
2,824,000
213,200
ASM Pacific Technology Ltd.b
Bank of East Asia Ltd. (The)
1,385,800
BOC Hong Kong (Holdings) Ltd.b
3,731,000
Cathay Pacific Airways Ltd.b
1,066,000
Cheung Kong Holdings Ltd.
1,402,000
Cheung Kong Infrastructure
Holdings Ltd.
533,000
CLP Holdings Ltd.
2,132,000
First Pacific Co. Ltd./Hong Kongb 2,133,000
Galaxy Entertainment
Group Ltd.b
2,665,000
Hanergy Thin Film Power
Group Ltd.b
12,792,000
Hang Lung Properties Ltd.
2,665,000
Hang Seng Bank Ltd.
799,500
Henderson Land Development
Co. Ltd.
1,066,400
HKT Trust & HKT Ltd.
2,665,640
Hong Kong & China Gas
Co. Ltd.b
6,434,964
Hong Kong Exchanges and
Clearing Ltd.
1,042,200
Hutchison Whampoa Ltd.
2,132,000
Hysan Development Co. Ltd.b
533,000
Kerry Properties Ltd.
799,500
Li & Fung Ltd.b
6,092,000
Link REIT (The)
2,398,500
MGM China Holdings Ltd.b
1,066,000
MTR Corp. Ltd.
1,599,000
New World Development Co. Ltd. 5,330,666
NWS Holdings Ltd.
1,604,500
PCCW Ltd.
4,268,000
Power Assets Holdings Ltd.
1,333,500
Sands China Ltd.
2,558,400
Shangri-La Asia Ltd.
1,066,333
Sino Land Co. Ltd.b
3,209,200
SJM Holdings Ltd.b
2,134,000
74,656,503
1,864,856
1,934,470
5,755,288
13,113,009
2,488,550
26,852,522
4,389,335
19,028,472
2,173,345
14,058,246
5,956,022
7,854,057
14,003,250
7,619,746
3,493,058
14,773,274
24,007,290
28,295,227
2,581,355
2,835,710
6,042,224
16,240,883
2,601,291
7,104,742
6,366,534
2,984,115
2,840,434
13,982,801
12,555,492
1,389,072
5,380,848
3,148,698
11
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
Sun Hung Kai Properties Ltd.
Swire Pacific Ltd. Class A
Swire Properties Ltd.
Techtronic Industries Co. Ltd.
WH Group Ltd.a,b,c
Wharf Holdings Ltd. (The)b
Wheelock and Co. Ltd.
Wynn Macau Ltd.b
Yue Yuen Industrial Holdings Ltd.
Shares
1,683,000 $
799,500
1,279,200
1,332,500
3,731,000
1,599,000
1,066,000
1,492,400
802,500
Value
Security
27,480,741
10,734,450
4,116,419
4,365,274
2,117,330
12,992,706
6,049,514
4,167,290
2,986,080
Jindal Steel & Power Ltd.
JSW Steel Ltd.
Larsen & Toubro Ltd.
LIC Housing Finance Ltd.
Mahindra & Mahindra Financial
Services Ltd.
Mahindra & Mahindra Ltd.
Motherson Sumi Systems Ltd.
Nestle India Ltd.
NTPC Ltd.
Oil & Natural Gas Corp. Ltd.
Oil India Ltd.
Piramal Enterprises Ltd.
Power Finance Corp. Ltd.
Ranbaxy Laboratories Ltd.a
Reliance Communications Ltd.a
Reliance Industries Ltd.
Reliance Infrastructure Ltd.
Rural Electrification Corp. Ltd.
Sesa Sterlite Ltd.
Shriram Transport Finance
Co. Ltd.
Siemens Ltd.
State Bank of India
Sun Pharmaceuticals
Industries Ltd.
Tata Consultancy Services Ltd.
Tata Motors Ltd.
Tata Power Co. Ltd.
Tata Steel Ltd.
Tech Mahindra Ltd.
Ultratech Cement Ltd.
United Breweries Ltd.
United Spirits Ltd.a
Wipro Ltd.
Zee Entertainment
Enterprises Ltd.
433,380,523
INDIA — 9.19%
Adani Ports & Special Economic
Zone Ltd.
ACC Ltd.
Adani Enterprises Ltd.
Aditya Birla Nuvo Ltd.
Ambuja Cements Ltd.
Apollo Hospitals Enterprise Ltd.
Asian Paints Ltd.
Aurobindo Pharma Ltd.
Bajaj Auto Ltd.
Bharat Heavy Electricals Ltd.
Bharat Petroleum Corp. Ltd.
Bharti Airtel Ltd.
Cairn India Ltd.
Cipla Ltd.
Coal India Ltd.
Dabur India Ltd.
Divi’s Laboratories Ltd.
DLF Ltd.
Dr. Reddy’s Laboratories Ltd.
GAIL (India) Ltd.
GlaxoSmithKline Consumer
Healthcare Ltd.
Godrej Consumer Products Ltd.
HCL Technologies Ltd.
Hero Motocorp Ltd.
Hindalco Industries Ltd.
Hindustan Unilever Ltd.
Housing Development Finance
Corp. Ltd.
ICICI Bank Ltd.
Idea Cellular Ltd.
Infosys Ltd.
ITC Ltd.
12
515,944
23,452
135,915
36,780
700,964
82,615
310,206
139,646
87,945
619,346
174,374
636,402
438,126
369,902
522,873
450,385
43,906
430,664
123,656
333,658
2,841,087
590,872
1,376,596
1,067,472
2,815,287
1,752,142
4,296,104
2,813,325
3,396,110
2,917,481
2,108,339
3,839,887
1,647,173
4,155,313
3,046,399
1,863,424
1,235,160
1,181,397
6,455,328
2,278,798
10,800
125,255
257,972
43,173
1,162,473
791,505
980,684
2,146,131
7,463,007
1,997,453
2,622,063
11,917,623
1,558,492
1,151,280
1,080,924
961,532
2,333,474
31,768,728
6,704,879
2,702,528
33,252,691
13,885,555
Shares
357,643 $
87,412
330,993
287,454
Value
916,123
1,379,525
9,088,079
2,220,824
284,938
353,912
219,423
23,452
1,686,412
801,632
123,656
68,224
270,231
133,538
848,003
1,347,957
99,671
304,876
1,222,169
1,174,302
7,229,096
1,598,155
2,693,392
3,911,408
4,547,564
1,067,153
918,521
1,302,179
1,514,875
1,089,869
19,919,555
817,918
1,639,690
3,985,098
149,773
68,757
1,572,350
2,762,464
1,156,940
7,843,344
763,256
491,959
796,302
1,161,940
318,201
61,295
37,310
70,356
46,371
647,062
11,309,892
19,715,296
7,523,308
1,697,838
2,005,999
2,838,859
1,891,765
1,107,623
2,584,040
6,336,893
547,314
3,329,306
306,235,929
INDONESIA — 3.26%
PT Adaro Energy Tbk
PT Astra Agro Lestari Tbk
PT Astra International Tbk
PT Bank Central Asia Tbk
PT Bank Danamon
Indonesia Tbk
2015
14,657,500
426,400
21,106,800
12,792,000
1,157,095
782,617
13,079,801
13,506,453
3,411,246
1,184,881
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia
(Persero) Tbk
PT Bank Rakyat Indonesia
(Persero) Tbk
PT Bukit Asam (Persero) Tbk
PT Bumi Serpong Damai Tbk
PT Charoen Pokphand
Indonesia Tbk
PT Global Mediacom Tbk
PT Gudang Garam Tbk
PT Indo Tambangraya
Megah Tbk
PT Indocement Tunggal
Prakarsa Tbk
PT Indofood CBP Sukses
Makmur Tbk
PT Indofood Sukses Makmur Tbk
PT Jasa Marga (Persero) Tbk
PT Kalbe Farma Tbk
PT Lippo Karawaci Tbk
PT Matahari Department
Store Tbk
PT Media Nusantara Citra Tbk
PT Perusahaan Gas Negara
(Persero) Tbk
PT Semen Gresik (Persero) Tbk
PT Surya Citra Media Tbk
PT Telekomunikasi Indonesia
(Persero) Tbk
PT Tower Bersama
Infrastructure Tbk
PT Unilever Indonesia Tbk
PT United Tractors Tbk
PT XL Axiata Tbk
Shares
Value
9,753,951 $
8,469,979
7,888,415
3,892,054
11,672,700
799,500
7,675,400
10,758,143
717,925
1,223,944
7,781,800
6,502,600
533,000
2,429,605
952,226
2,432,003
373,100
493,343
1,545,700
2,806,481
1,279,200
4,477,200
2,110,000
21,746,400
20,413,900
1,464,251
2,668,471
1,199,290
3,201,661
1,829,073
2,078,700
4,956,900
2,547,607
1,119,142
11,352,900
3,144,700
4,760,000
4,525,924
3,618,236
1,283,237
53,140,100
11,871,836
1,972,100
1,599,000
1,705,643
2,984,800
1,478,978
4,522,137
2,410,184
1,131,008
108,757,585
MALAYSIA — 4.17%
AirAsia Bhd
Alliance Financial Group Bhd
AMMB Holdings Bhd
Astro Malaysia Holdings Bhd
Axiata Group Bhd
Berjaya Sports Toto Bhd
British American Tobacco
Malaysia Bhd
CONSOLIDATED SCHEDULES
Security
Shares
a
Bumi Armada Bhd
CIMB Group Holdings Bhdb
Dialog Group Bhd
DiGi.Com Bhd
Felda Global Ventures
Holdings Bhd
Gamuda Bhd
Genting Bhd
Genting Malaysia Bhd
Genting Plantations Bhd
Hong Leong Bank Bhd
Hong Leong Financial Group Bhd
IHH Healthcare Bhd
IJM Corp. Bhdb
IOI Corp. Bhd
IOI Properties Group Bhd
Kuala Lumpur Kepong Bhd
Lafarge Malaysia Bhd
Malayan Banking Bhd
Malaysia Airports Holdings Bhd
Maxis Bhd
MISC Bhd
Petronas Chemicals Group Bhd
Petronas Dagangan Bhdb
Petronas Gas Bhd
PPB Group Bhd
Public Bank Bhd
RHB Capital Bhdb
Sapurakencana Petroleum Bhd
Sime Darby Bhd
Telekom Malaysia Bhd
Tenaga Nasional Bhd
UEM Sunrise Bhd
UMW Holdings Bhd
YTL Corp. Bhd
YTL Power International Bhd
1,812,200 $
5,170,100
3,837,662
3,304,600
1,172,700
1,812,200
2,185,300
3,144,700
213,400
588,300
213,400
2,505,100
1,177,100
3,144,700
1,808,933
533,700
456,100
4,690,400
639,600
1,972,100
1,172,700
2,959,600
266,900
692,900
533,700
2,858,130
586,300
3,731,000
3,038,100
1,173,000
2,959,600
1,553,800
586,300
4,530,500
1,705,620
Value
599,405
7,837,803
1,713,620
5,838,612
788,696
2,532,484
5,318,688
3,519,152
597,614
2,273,419
995,239
3,590,551
2,238,696
4,082,563
1,027,123
3,333,418
1,245,852
11,273,508
1,262,276
3,859,402
2,505,079
4,160,408
1,297,717
4,239,906
2,141,861
14,290,650
1,318,690
2,745,802
7,871,593
2,259,997
11,828,611
543,916
1,761,486
2,197,817
752,203
138,969,223
1,332,500
1,172,600
1,972,100
1,762,200
2,611,700
639,690
1,028,390
1,544,936
3,413,668
1,418,309
5,183,087
597,726
106,600
1,939,250
OF
INVESTMENTS
PHILIPPINES — 1.64%
Aboitiz Equity Ventures Inc.
Aboitiz Power Corp.
Alliance Global Group Inc.
Ayala Corp.
Ayala Land Inc.
Bank of the Philippine Islands
BDO Unibank Inc.
1,972,520
1,652,300
2,132,000
205,868
7,462,000
900,779
1,705,609
2,532,026
1,667,552
1,211,226
3,391,992
6,109,319
2,022,478
4,429,098
13
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
DMCI Holdings Inc.
Energy Development Corp.
Globe Telecom Inc.
International Container Terminal
Services Inc.
JG Summit Holdings Inc.
Jollibee Foods Corp.
Megaworld Corp.
Metro Pacific Investments Corp.
Metropolitan Bank & Trust Co.
Philippine Long Distance
Telephone Co.
SM Investments Corp.
SM Prime Holdings Inc.
Universal Robina Corp.
Shares
3,731,000 $
9,540,700
34,705
Value
Security
1,303,096
1,850,021
1,374,253
538,330
2,553,077
479,700
12,792,000
10,660,000
357,112
1,391,822
3,792,587
2,523,992
1,508,593
1,249,908
771,841
101,270
159,900
6,994,725
914,060
6,821,307
3,368,950
2,950,625
4,291,167
United Overseas Bank Ltd.
UOL Group Ltd.
Wilmar International Ltd.
Yangzijiang Shipbuilding
Holdings Ltd.b
14
2,132,535
2,132,000
2,665,500
3,877,050
2,788,885
6,855,325
2,665,800
533,000
2,132,000
1,820,900
6,396,600
3,198,000
6,929,707
6,396,371
75,100
1,599,600
533,000
4,797,364
4,117,598
3,958,798
4,522,090
26,631,890
5,105,556
5,979,558
2,150,970
4,573,405
2,347,742
10,284,916
1,788,353
3,775,916
3,013,175
1,066,000
1,066,000
533,000
1,066,000
1,161,000
23,159,426
3,395,507
2,363,462
4,982,965
6,121,366
3,543,663
1,599,000
8,208,200
533,000
2,665,000
3,970,616
24,750,171
1,646,545
3,702,757
1,348,500 $
533,000
2,132,000
2,132,000
Value
23,101,197
2,844,032
5,073,564
1,953,795
199,367,118
SOUTH KOREA — 17.01%
AmorePacific Corp.
AmorePacific Group
BS Financial Group Inc.
Celltrion Inc.a,b
Cheil Industries Inc.a
Cheil Worldwide Inc.a
CJ CheilJedang Corp.
CJ Corp.
CJ Korea Express Co. Ltd.a
Coway Co. Ltd.
Daelim Industrial Co. Ltd.
Daewoo Engineering &
Construction Co. Ltd.a,b
Daewoo International Corp.
Daewoo Securities Co. Ltd.a
Daewoo Shipbuilding & Marine
Engineering Co. Ltd.b
Daum Kakao Corp.b
DGB Financial Group Inc.
Dongbu Insurance Co. Ltd.
Doosan Corp.
Doosan Heavy Industries &
Construction Co. Ltd.
Doosan Infracore Co. Ltd.a
E-Mart Co. Ltd.
GS Engineering &
Construction Corp.a
GS Holdings Corp.
Halla Visteon Climate
Control Corp.
Hana Financial Group Inc.
Hankook Tire Co. Ltd.
Hanwha Chemical Corp.
Hanwha Corp.
Hanwha Life Insurance Co. Ltd.
Hite Jinro Co. Ltd.
Hotel Shilla Co. Ltd.
Hyosung Corp.
54,561,853
SINGAPORE — 5.98%
Ascendas REIT
CapitaCommercial Trustb
CapitaLand Ltd.b
CapitaMall Trust
Management Ltd.b
City Developments Ltd.b
ComfortDelGro Corp. Ltd.
DBS Group Holdings Ltd.b
Genting Singapore PLC
Global Logistic Properties Ltd.b
Golden Agri-Resources Ltd.
Hutchison Port Holdings Trustb
Jardine Cycle & Carriage Ltd.b
Keppel Corp. Ltd.
Keppel Land Ltd.b
Noble Group Ltd.
Oversea-Chinese Banking
Corp. Ltd.b
SembCorp Industries Ltd.
SembCorp Marine Ltd.b
Singapore Airlines Ltd.
Singapore Exchange Ltd.b
Singapore Press Holdings Ltd.b
Singapore Technologies
Engineering Ltd.
Singapore Telecommunications Ltd.
StarHub Ltd.
Suntec REITb
Shares
2015
3,393
3,198
207,353
69,943
15,566
89,011
8,531
15,990
7,814
55,965
28,782
8,224,984
3,664,131
2,626,041
2,603,036
1,935,786
1,607,505
2,745,896
2,522,197
1,368,307
4,493,167
1,447,522
118,859
50,990
221,195
736,891
1,282,210
2,042,858
113,529
27,183
168,174
47,437
8,528
2,024,337
3,795,578
1,630,070
2,307,652
811,002
63,427
143,377
21,966
1,351,362
1,337,276
4,177,878
53,300
54,899
1,220,890
2,093,351
41,041
303,810
77,285
111,397
47,970
256,906
32,040
35,711
23,452
1,743,192
8,973,174
3,724,323
1,252,911
1,201,882
1,827,660
681,172
3,330,763
1,556,890
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
Shares
Hyundai Department Store Co. Ltd.
Hyundai Development Co.
Engineering & Construction
Hyundai Engineering & Construction
Co. Ltd.
Hyundai Glovis Co. Ltd.
Hyundai Heavy Industries Co. Ltd.b
Hyundai Marine & Fire Insurance
Co. Ltd.
Hyundai Merchant Marine Co. Ltd.a,b
Hyundai Mipo Dockyard Co. Ltd.b
Hyundai Mobis Co. Ltd.
Hyundai Motor Co.
Hyundai Steel Co.
Hyundai Wia Corp.
Industrial Bank of Korea
Kangwon Land Inc.
KB Financial Group Inc.
KCC Corp.
KEPCO Plant Service & Engineering
Co. Ltd.
Kia Motors Corp.
Korea Aerospace Industries Ltd.
Korea Electric Power Corp.
Korea Gas Corp.a
Korea Investment Holdings Co. Ltd.
Korea Zinc Co. Ltd.
Korean Air Lines Co. Ltd.a
KT Corp.
KT&G Corp.
Kumho Petrochemical Co. Ltd.
LG Chem Ltd.
LG Corp.
LG Display Co. Ltd.
LG Electronics Inc.
LG Household & Health Care Ltd.
LG Innotek Co. Ltd.b
LG Uplus Corp.
Lotte Chemical Corp.
Lotte Confectionery Co. Ltd.
Lotte Shopping Co. Ltd.
LS Corp.
LS Industrial Systems Co. Ltd.
Mirae Asset Securities Co. Ltd.
NAVER Corp.
16,884 $
1,844,951
58,097
2,292,324
75,686
14,226
44,239
3,020,934
3,180,557
4,571,148
43,830
69,823
11,726
71,955
160,433
75,727
16,981
274,495
127,920
341,110
6,396
1,046,052
654,431
827,768
16,317,520
24,865,941
4,563,286
2,391,253
3,250,467
3,789,876
11,478,464
3,222,564
21,997
278,226
49,036
271,297
30,455
45,305
9,082
30,381
72,488
116,194
15,459
49,036
102,336
249,977
114,595
10,128
13,858
229,723
16,523
533
12,259
19,188
17,589
29,064
29,155
1,776,093
11,702,996
2,100,710
10,716,926
1,258,747
2,154,225
3,566,861
1,319,584
1,985,201
8,521,177
1,267,989
8,900,554
5,792,427
8,240,372
6,371,046
6,371,675
1,240,580
2,541,741
2,636,488
910,915
2,662,319
844,826
974,665
1,233,147
19,088,314
CONSOLIDATED SCHEDULES
INVESTMENTS
OF
Value
Security
Shares
NCsoft Corp.
NH Investment & Securities
Co. Ltd.
OCI Co. Ltd.a,b
ORION Corp.
Paradise Co. Ltd.
POSCO
S-Oil Corp.
S1 Corp.
Samsung C&T Corp.
Samsung Card Co. Ltd.
Samsung Electro-Mechanics
Co. Ltd.
Samsung Electronics Co. Ltd.
Samsung Engineering Co. Ltd.a,b
Samsung Fire & Marine Insurance
Co. Ltd.
Samsung Heavy Industries
Co. Ltd.
Samsung Life Insurance Co. Ltd.
Samsung SDI Co. Ltd.
Samsung SDS Co. Ltd.
Samsung Securities Co. Ltd.
Shinhan Financial Group Co. Ltd.
Shinsegae Co. Ltd.
SK C&C Co. Ltd.
SK Holdings Co. Ltd.
SK Hynix Inc.
SK Innovation Co. Ltd.
SK Networks Co. Ltd.a
SK Telecom Co. Ltd.
Woori Banka
Yuhan Corp.
15,990 $
Value
2,953,530
160,433
18,122
3,731
46,371
68,066
47,437
21,320
131,118
43,173
1,628,389
1,295,849
3,582,251
1,115,177
15,715,678
2,624,304
1,559,620
6,690,183
1,508,055
61,828
115,128
29,848
3,787,926
143,699,451
1,037,147
34,645
9,345,533
168,428
65,026
57,099
29,848
62,904
341,700
7,696
21,320
27,716
530,712
62,894
124,722
10,660
328,861
5,811
2,756,823
6,689,306
6,735,343
7,219,089
2,737,958
14,060,442
1,133,007
4,581,383
4,333,793
23,124,019
5,388,778
1,073,184
2,817,063
2,646,284
908,633
566,587,206
TAIWAN — 15.14%
Acer Inc.a
Advanced Semiconductor
Engineering Inc.
Advantech Co. Ltd.
Asia Cement Corp.
Asia Pacific Telecom Co. Ltd.
ASUSTeK Computer Inc.
AU Optronics Corp.
Catcher Technology Co. Ltd.
Cathay Financial Holding Co. Ltd.
2,871,830
1,881,838
6,929,863
235,278
2,188,448
2,132,000
688,100
9,595,580
533,000
8,528,722
8,774,066
1,776,894
2,645,846
1,021,569
7,260,166
5,267,696
4,710,378
12,313,988
15
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
Shares
Chailease Holding Co. Ltd.
1,066,280 $
Chang Hwa Commercial
Bank Ltd.
5,411,386
Cheng Shin Rubber Industry
Co. Ltd.
1,599,303
Chicony Electronics Co. Ltd.
537,112
China Airlines Ltd.a
3,199,330
China Development Financial
Holding Corp.
14,223,734
China Life Insurance Co. Ltd.
2,965,459
China Motor Co. Ltd.
538,000
China Steel Corp.
12,454,484
Chunghwa Telecom Co. Ltd.
4,264,110
Clevo Co.
533,228
Compal Electronics Inc.
4,797,000
CTBC Financial Holding Co. Ltd. 11,762,823
CTCI Corp.
536,000
Delta Electronics Inc.
2,132,000
E.Sun Financial Holding Co. Ltd.
6,426,918
Eclat Textile Co. Ltd.
140,400
Epistar Corp.
1,066,000
EVA Airways Corp.a
2,419,962
Evergreen Marine Corp. Ltd.a
1,599,095
Far Eastern Department
Stores Ltd.
1,084,298
Far Eastern New Century Corp.
3,251,922
Far EasTone Telecommunications
Co. Ltd.
1,599,000
Farglory Land Development
Co. Ltd.
533,468
First Financial Holding Co. Ltd.
7,706,937
Formosa Chemicals &
Fibre Corp.
3,397,740
Formosa International
Hotels Corp.
29,681
Formosa Petrochemical Corp.
1,066,000
Formosa Plastics Corp.
4,264,400
Formosa Taffeta Co. Ltd.
1,066,000
Foxconn Technology Co. Ltd.
1,066,301
Fubon Financial Holding Co. Ltd.
6,929,111
Giant Manufacturing Co. Ltd.
214,000
Hermes Microvision Inc.
40,000
Highwealth Construction Corp.
533,600
Hiwin Technologies Corp.
126,554
16
Value
Security
2,527,524
Hon Hai Precision Industry
Co. Ltd.
Hotai Motor Co. Ltd.
HTC Corp.a
Hua Nan Financial Holdings
Co. Ltd.
Innolux Corp.
Inotera Memories Inc.a
Inventec Corp.
Kinsus Interconnect
Technology Corp.
Largan Precision Co. Ltd.
Lite-On Technology Corp.
MediaTek Inc.
Mega Financial Holding Co. Ltd.
Merida Industry Co. Ltd.
Nan Ya Plastics Corp.
Novatek Microelectronics Corp.
Pegatron Corp.
Phison Electronics Corp.
Pou Chen Corp.
Powertech Technology Inc.
President Chain Store Corp.
Quanta Computer Inc.
Radiant Opto-Electronics Corp.
Realtek Semiconductor Corp.
Ruentex Development Co. Ltd.
Ruentex Industries Ltd.
ScinoPharm Taiwan Ltd.
Shin Kong Financial Holding
Co. Ltd.
Siliconware Precision Industries
Co. Ltd.
Simplo Technology Co. Ltd.
SinoPac Financial Holdings
Co. Ltd.
Standard Foods Corp.
Synnex Technology
International Corp.
Taishin Financial Holdings
Co. Ltd.
Taiwan Business Bank Ltd.a
Taiwan Cement Corp.
Taiwan Cooperative Financial
Holding Co. Ltd.
3,065,138
3,856,983
1,491,339
1,614,208
4,694,078
2,498,388
463,506
10,552,135
12,922,160
812,190
3,523,904
7,502,586
850,429
13,090,961
3,956,470
1,459,089
1,901,065
1,858,349
1,136,647
929,000
3,281,486
3,917,140
626,345
4,512,129
7,310,098
301,392
2,273,159
10,351,963
1,080,765
2,906,540
11,059,840
1,867,454
1,916,639
1,088,755
1,052,157
2015
Shares
13,075,556 $
209,000
732,450
Value
35,973,494
3,010,964
3,649,060
6,396,497
8,536,981
2,132,000
2,362,460
3,562,236
4,171,847
3,135,742
1,761,715
533,000
87,000
2,143,193
1,599,391
10,364,827
147,000
4,797,000
536,000
1,604,000
86,000
2,134,000
536,200
533,000
2,665,000
533,167
533,642
580,237
533,195
533,992
1,733,622
7,288,305
2,652,340
24,513,490
7,959,408
1,016,898
9,666,000
2,985,006
4,326,400
616,752
2,928,761
896,687
4,109,953
6,511,654
1,700,328
1,644,268
874,586
1,152,223
898,078
7,798,740
2,177,762
3,199,575
250,550
5,401,412
1,240,287
8,426,658
262,683
3,436,069
564,318
1,285,000
1,855,316
8,277,008
4,264,311
3,737,000
3,401,312
1,240,856
5,051,683
6,451,149
3,336,784
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
Shares
Value
Taiwan Fertilizer Co. Ltd.
1,066,000 $
1,860,472
Taiwan Glass Industry Corp.
1,066,780
778,585
Taiwan Mobile Co. Ltd.
1,599,000
5,276,977
Taiwan Semiconductor
Manufacturing Co. Ltd.
25,584,670
114,472,796
Teco Electric and Machinery
Co. Ltd.
2,134,000
2,004,423
TPK Holding Co. Ltd.
212,974
1,388,807
Transcend Information Inc.
137,000
436,908
TSRC Corp.
555,815
662,283
U-Ming Marine Transport Corp.
536,000
828,318
Uni-President Enterprises Co.
5,015,475
8,037,238
Unimicron Technology Corp.
1,295,000
899,948
United Microelectronics Corp.
13,163,000
6,432,488
Vanguard International
Semiconductor Corp.
1,066,000
1,823,263
Walsin Lihwa Corp.a
3,737,000
1,156,195
Wistron Corp.
2,665,521
2,452,920
WPG Holdings Co. Ltd.
1,604,240
2,000,623
Yang Ming Marine
Transport Corp.a
1,621,300
869,468
Yuanta Financial Holding Co. Ltd. 7,472,304
3,604,139
Yulon Motor Co. Ltd.
1,066,000
1,562,797
Zhen Ding Technology
Holding Ltd.
533,097
1,510,640
504,409,356
THAILAND — 2.95%
Advanced Information Service
PCL NVDR
Airports of Thailand PCL NVDR
Bangkok Bank PCL Foreign
Bangkok Bank PCL NVDR
Bangkok Dusit Medical Services
PCL NVDR
Banpu PCL NVDR
BEC World PCL NVDR
BTS Group Holdings PCL NVDR
Bumrungrad Hospital PCL NVDR
Central Pattana PCL NVDR
Charoen Pokphand Foods
PCL NVDR
CP All PCL NVDR
Delta Electronics Thailand
PCL NVDR
CONSOLIDATED SCHEDULES
Security
Shares
Energy Absolute PCL NVDR
1,172,600 $
Glow Energy PCL NVDR
560,100
Home Product Center
PCL NVDRb
4,122,091
Indorama Ventures PCL NVDR
1,187,700
IRPC PCL NVDR
10,660,000
Kasikornbank PCL Foreign
1,210,300
Kasikornbank PCL NVDR
640,575
Krung Thai Bank PCL NVDR
3,731,075
Minor International PCL NVDR
1,687,600
PTT Exploration & Production
PCL NVDR
1,385,884
PTT Global Chemical PCL NVDR 1,713,676
PTT PCL NVDR
1,066,000
Siam Cement (The) PCL Foreign
319,900
Siam Cement (The) PCL NVDR
53,300
Siam Commercial Bank
PCL NVDR
1,652,300
Thai Oil PCL NVDR
800,300
Thai Union Frozen Products
PCL NVDR
1,918,800
TMB Bank PCL NVDR
14,028,200
True Corp. PCL NVDRa
8,901,911
Value
895,661
1,561,538
1,026,430
791,074
1,113,877
8,283,141
4,344,872
2,587,699
1,869,096
4,615,379
2,958,225
11,269,050
4,867,406
807,724
9,061,651
1,253,143
1,278,028
1,328,672
3,698,930
98,453,702
TOTAL COMMON STOCKS
(Cost: $3,018,659,872)
3,291,027,162
PREFERRED STOCKS — 0.88%
1,066,000
426,400
266,500
324,425
7,979,529
4,221,008
1,563,336
1,888,267
3,199,000
1,066,000
1,088,300
6,022,900
373,100
1,422,600
1,817,947
791,439
1,712,418
1,812,575
1,778,295
1,945,046
2,908,100
4,637,100
2,243,493
5,879,610
533,000
1,209,143
SOUTH KOREA — 0.88%
Hyundai Motor Co. Ltd.
Hyundai Motor Co. Ltd. Series 2
LG Chem Ltd.
Samsung Electronics Co. Ltd.
25,584
39,975
8,004
21,853
2,690,344
4,386,430
1,068,566
21,301,479
29,446,819
TOTAL PREFERRED STOCKS
(Cost: $21,032,445)
29,446,819
RIGHTS — 0.00%
SOUTH KOREA — 0.00%
Hyundai Merchant Marine
Co. Ltd.a
10,605
28,898
28,898
OF
INVESTMENTS
TOTAL RIGHTS
(Cost: $0)
28,898
17
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN ETF
January 31, 2015
Security
Shares
Value
SHORT-TERM INVESTMENTS — 3.24%
MONEY MARKET FUNDS — 3.24%
BlackRock Cash Funds: Institutional,
SL Agency Shares
0.15%d,e,f
97,752,436 $
BlackRock Cash Funds: Prime,
SL Agency Shares
0.14%d,e,f
5,880,290
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.00%d,e
4,165,620
97,752,436
5,880,290
4,165,620
107,798,346
TOTAL SHORT-TERM INVESTMENTS
(Cost: $107,798,346)
107,798,346
TOTAL INVESTMENTS
IN SECURITIES — 102.89%
(Cost: $3,147,490,663)
Other Assets, Less Liabilities — (2.89)%
NET ASSETS — 100.00%
3,428,301,225
(96,434,728)
$3,331,866,497
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 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.
18
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
Shares
Value
COMMON STOCKS — 99.69%
CHINA — 20.29%
Agile Property Holdings Ltd.
16,000 $
Ajisen (China) Holdings Ltd.a
10,000
Anton Oilfield Services Groupa
8,000
Anxin-China Holdings Ltd.
32,000
APT Satellite Holdings Ltd.
5,000
Asian Citrus Holdings Ltd.b
14,000
Baoye Group Co. Ltd. Class H
8,000
Beijing Capital Land Ltd. Class H
16,000
Beijing Tong Ren Tang Chinese
Medicine Co. Ltd.
4,000
Biostime International Holdings Ltd.a
2,000
Bosideng International Holdings Ltd.
32,000
BYD Electronic International Co. Ltd.
14,000
C C Land Holdings Ltd.
8,000
Capital Environment Holdings Ltd.b
40,000
Carnival Group International
Holdings Ltd.b
100,000
Changshouhua Food Co. Ltd.
8,000
a
12,000
Chaowei Power Holdings Ltd.
China Aerospace International
Holdings Ltd.a
48,000
China Animal Healthcare Ltd.a
8,000
China Aoyuan Property Group Ltd.
22,000
China Datang Corp. Renewable Power
Co. Ltd. Class H
18,000
China Dongxiang Group Co. Ltd.
44,000
China Foods Ltd.b
16,000
China High Speed Transmission
Equipment Group Co. Ltd.b
18,000
China Lilang Ltd.
10,000
China LotSynergy Holdings Ltd.
80,000
a,b
China Lumena New Materials Corp.
40,000
China Metal Recycling Holdings Ltd.b
4,200
China Modern Dairy Holdings Ltd.a,b
30,000
China New Town Development Co. Ltd.b 55,000
China Oil and Gas Group Ltd.
40,000
China Power International
Development Ltd.
36,000
China Power New Energy Development
Co. Ltd.b
80,000
China Precious Metal Resources
Holdings Co. Ltd.a,b
72,000
China Rare Earth Holdings Ltd.a,b
52,000
CONSOLIDATED SCHEDULES
OF
INVESTMENTS
9,761
5,804
1,558
2,187
6,823
1,499
4,643
7,347
5,231
5,443
4,127
14,680
1,383
2,322
16,122
5,469
5,077
6,129
5,396
3,547
2,577
7,491
5,283
12,745
6,294
5,778
645
—
9,712
3,086
5,159
20,476
4,901
6,315
8,652
Security
Shares
China Resources and Transportation
Group Ltd.b
200,000 $
China Rongsheng Heavy Industries
39,000
Group Holdings Ltd.a,b
China Ruifeng Renewable Energy Ltd.b
32,000
China Sanjiang Fine Chemicals Co. Ltd.a 14,000
China SCE Property Holdings Ltd.b
36,000
China Shanshui Cement Group Ltd.a
26,000
China Shineway Pharmaceutical
Group Ltd.a
6,000
China Singyes Solar Technologies
Holdings Ltd.
8,000
China Suntien Green Energy Corp. Ltd.
Class H
30,000
China Traditional Chinese Medicine
Co. Ltd.a,b
16,000
China Travel International Investment
Hong Kong Ltd.
52,000
China Vanadium Titano-Magnetite
Mining Co. Ltd.
46,000
China Water Affairs Group Ltd.a
20,000
16,000
China Yurun Food Group Ltd.a,b
China ZhengTong Auto Services
Holdings Ltd.a
13,000
CIMC Enric Holdings Ltd.a
8,000
CITIC Resources Holdings Ltd.a,b
40,000
Comba Telecom Systems Holdings Ltd.
27,500
Coolpad Group Ltd.
40,000
Cosco International Holdings Ltd.
16,000
8,000
CT Environmental Group Ltd.a
Dah Chong Hong Holdings Ltd.
12,000
Daphne International Holdings Ltd.
16,000
Digital China Holdings Ltd.
10,000
Dongyue Group Ltd.
20,000
EverChina International Holdings
Co. Ltd.b
100,000
Fantasia Holdings Group Co. Ltd.a
36,000
FDG Electric Vehicles Ltd.b
120,000
First Tractor Co. Ltd. Class Ha
8,000
Freetech Road Recycling Technology
Holdings Ltd.
20,000
Fufeng Group Ltd.
13,600
Glorious Property Holdings Ltd.b
20,000
Golden Eagle Retail Group Ltd.a
6,000
Golden Meditech Holdings Ltd.
26,000
Value
4,308
3,571
4,499
4,135
6,918
11,435
9,410
11,226
6,733
10,483
17,102
4,212
9,389
6,170
6,522
6,170
5,262
6,633
8,100
6,562
8,038
7,042
5,097
9,441
7,016
3,869
3,668
6,810
5,892
2,760
6,876
2,296
7,158
3,655
19
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
Shares
b
16,000 $
Goldin Properties Holdings Ltd.
Goldlion Holdings Ltd.
8,000
Greatview Aseptic Packaging Co. Ltd.a
18,000
6,000
Greenland Hong Kong Holdings Ltd.a
Guangdong Land Holdings Ltd.b
16,000
Guangzhou Shipyard International Co.
Ltd. Class Ha
4,000
Harbin Electric Co. Ltd. Class H
16,000
HC International Inc.a,b
4,000
Henderson Investment Ltd.
102,000
Hengdeli Holdings Ltd.
26,400
Hi Sun Technology (China) Ltd.b
18,000
Hisense Kelon Electrical Holdings Co.
Ltd. Class Hb
6,000
HKC (Holdings) Ltd.a,b
158,000
Honghua Group Ltd.a
18,000
Hopewell Highway Infrastructure Ltd.
11,300
a,b
Hopson Development Holdings Ltd.
8,000
Hosa International Ltd.
12,000
Hua Han Bio-Pharmaceutical Holdings
Ltd. Class H
50,688
Huabao International Holdings Ltd.
26,000
Hunan Nonferrous Metal Corp. Ltd.
Class Ha,b
20,000
Ju Teng International Holdings Ltd.
12,000
a
Kaisa Group Holdings Ltd.
20,000
Kingboard Laminates Holdings Ltd.
16,000
Kingdee International Software Group
28,000
Co. Ltd.b
KWG Property Holdings Ltd.
15,000
Landing International Development Ltd.b
90,000
Li Ning Co. Ltd.a,b
13,000
Lianhua Supermarket Holdings Co. Ltd.
Class Hb
8,000
Lijun International Pharmaceutical
(Holding) Co. Ltd.
32,000
Lonking Holdings Ltd.
22,000
Maoye International Holdings Ltd.
14,000
Mingfa Group International Co. Ltd.b
36,000
Minth Group Ltd.
8,000
MMG Ltd.
16,000
NetDragon Websoft Inc.
3,000
New World Department Store China Ltd.
12,000
Nexteer Automotive Group Ltd.
8,000
North Mining Shares Co. Ltd.a,b
200,000
20
Value
Security
9,142
3,436
8,242
2,345
4,107
NVC Lighting Holdings Ltd.
22,000 $
Pacific Online Ltd.
10,000
Parkson Retail Group Ltd.
6,000
PAX Global Technology Ltd.b
6,000
Phoenix Satellite Television
Holdings Ltd.
20,000
Poly Property Group Co. Ltd.
20,000
Qingling Motors Co. Ltd. Class H
28,000
Real Nutriceutical Group Ltd.
16,000
b
Renhe Commercial Holdings Co. Ltd.
148,000
REXLot Holdings Ltd.a
100,000
Sany Heavy Equipment International
Holdings Co. Ltd.a,b
18,000
Shanghai Industrial Urban Development
Group Ltd.b
32,000
Shanghai Youngsun Investment Co. Ltd.
Class B
7,400
Shenguan Holdings Group Ltd.
20,000
Shenzhen Expressway Co. Ltd. Class H
20,000
Shenzhen International Holdings Ltd.
12,500
Shenzhen Investment Ltd.
20,000
Shunfeng International Clean
Energy Ltd.b
12,000
Sino Oil And Gas Holdings Ltd.b
80,000
Sinofert Holdings Ltd.a,b
32,000
Sinolink Worldwide Holdings Ltd.b
68,000
Sinopec Kantons Holdings Ltd.
16,000
30,000
Sinotrans Shipping Ltd.b
Sinotruk (Hong Kong) Ltd.
14,000
Skyworth Digital Holdings Ltd.
28,000
Sound Global Ltd.a,b
6,000
Springland International Holdings
20,000
Sunac China Holdings Ltd.
18,000
Sunny Optical Technology Group
Co. Ltd.a
8,000
TCC International Holdings Ltd.
16,000
TCL Communication Technology
Holdings Ltd.a
10,000
Tech Pro Technology
Development Ltd.a,b
19,600
Texhong Textile Group Ltd.
4,000
a
Tianjin Port Development Holdings Ltd.
48,000
Tianneng Power International Ltd.a
12,000
Tibet 5100 Water Resources
Holdings Ltd.a
24,000
12,279
11,494
2,972
9,077
4,937
4,945
4,891
5,196
2,206
5,465
7,120
4,922
12,160
20,489
10,370
6,315
2,051
6,789
9,101
9,615
3,250
5,701
3,880
14,982
4,171
2,113
11,794
16,715
4,581
5,239
3,312
7,904
8,641
2015
iSHARES SEMI-ANNUAL REPORT
Shares
TO
Value
4,994
3,689
1,439
5,626
6,268
9,235
9,389
4,540
6,681
7,868
3,877
5,118
8,525
5,572
15,529
18,024
5,778
9,271
1,682
5,861
5,262
12,691
6,810
7,692
15,818
6,098
6,165
16,112
12,237
5,819
8,848
14,788
3,018
9,720
2,941
8,048
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
Shares
Tong Ren Tang Technologies Co. Ltd.
Class H
Towngas China Co. Ltd.
Travelsky Technology Ltd. Class H
Trony Solar Holdings Co. Ltd.b
V1 Group Ltd.b
Vinda International Holdings Ltd.
Wasion Group Holdings Ltd.
West China Cement Ltd.
Wisdom Holdings Group
Wumart Stores Inc. Class H
Xiamen International Port Co. Ltd.
Class H
Xinchen China Power Holdings Ltd.a,b
Xingda International Holdings Ltd.
Xinhua Winshare Publishing and Media
Co. Ltd. Class H
Xinyi Solar Holdings Ltd.
XTEP International Holdings Ltd.
Yanchang Petroleum International Ltd.b
Yashili International Holdings Ltd.a
Yingde Gases Group Co. Ltd.a
Yuexiu Real Estate Investment Trust
Yuexiu Transport Infrastructure Ltd.
Zhongsheng Group Holdings Ltd.
Value
8,000 $
16,000
16,000
94,000
52,000
4,000
8,000
68,000
16,000
6,000
10,009
13,991
16,922
6,062
4,024
6,624
7,450
7,630
9,699
4,248
28,000
12,000
8,000
7,150
4,597
2,507
14,000
32,000
15,000
65,000
16,000
7,000
18,000
8,000
5,000
12,694
8,874
5,262
2,557
4,973
4,731
9,495
5,417
4,359
1,154,377
HONG KONG — 9.67%
Brightoil Petroleum (Holdings) Ltd.a,b
Cafe de Coral Holdings Ltd.a
Champion REITa
China LNG Group Ltd.a
China Merchants Land Ltd.
Chow Sang Sang Holdings
International Ltd.
CIFI Holdings Group Co. Ltd.
CSI Properties Ltd.a
Dah Sing Banking Group Ltd.
Dah Sing Financial Holdings Ltd.
Emperor Watch & Jewellery Ltd.a
Esprit Holdings Ltd.a
EVA Precision Industrial Holdings Ltd.
FIH Mobile Ltd.a,b
G-Resources Group Ltd.b
Giordano International Ltd.
Global Brands Group Holding Ltd.b
CONSOLIDATED SCHEDULES
OF
34,000
4,000
14,000
40,000
20,000
8,376
14,755
6,862
6,913
2,863
4,000
40,000
146,000
5,600
1,600
40,000
21,200
36,000
32,000
248,400
16,000
72,000
10,602
8,048
5,649
9,361
9,266
1,728
23,925
8,590
14,280
7,080
7,573
13,651
INVESTMENTS
Security
Great Eagle Holdings Ltd.
Hilong Holding Ltd.a
Hopewell Holdings Ltd.
Hutchison Telecommunications Hong
Kong Holdings Ltd.a
Johnson Electric Holdings Ltd.a
K. Wah International Holdings Ltd.a
Kerry Logistics Network Ltd.
Kowloon Development Co. Ltd.
Luk Fook Holdings International Ltd.a
Lung Cheong International
Holdings Ltd.a,b
Macau Legend Development Ltd.a,b
Man Wah Holdings Ltd.
Melco International Development Ltd.a
Midland Holdings Ltd.b
Newocean Energy Holdings Ltd.a
Orient Overseas International Ltd.
Pacific Basin Shipping Ltd.
Pacific Textiles Holdings Ltd.
Playmates Toys Ltd.
Prosperity REIT
Regal Hotels International Holdings Ltd.
Regal REITa
Road King Infrastructure Ltd.
Sa Sa International Holdings Ltd.a
Shun Tak Holdings Ltd.
Singamas Container Holdings Ltd.
SITC International Holdings Co. Ltd.
SmarTone Telecommunications
Holding Ltd.a
SOCAM Development Ltd.b
SPT Energy Group Inc.a
Stella International Holdings Ltd.a
Sunlight REITa
Television Broadcasts Ltd.
Texwinca Holdings Ltd.
Trinity Ltd.
Truly International Holdings Ltd.
Tsui Wah Holdings Ltd.a
Value Partners Group Ltd.
VTech Holdings Ltd.a
Xinyi Glass Holdings Co. Ltd.a
Yip’s Chemical Holdings Ltd.
Shares
2,000 $
8,000
6,000
Value
6,668
2,487
22,558
20,000
5,750
16,000
6,000
2,000
4,000
9,132
20,988
8,647
9,178
2,334
14,884
40,000
20,000
11,200
10,000
20,000
12,000
3,000
26,000
8,000
8,000
26,000
12,000
6,000
6,000
12,000
20,000
28,000
18,000
4,488
7,352
9,592
20,094
10,086
4,380
19,695
9,624
11,040
1,692
9,658
7,460
1,695
5,131
7,770
9,157
4,550
9,936
5,000
4,000
8,000
5,000
18,000
3,808
8,000
12,000
20,000
12,000
18,000
2,000
24,000
8,000
8,770
3,627
1,279
13,220
9,101
23,624
6,542
2,352
7,223
3,916
15,369
28,194
12,660
4,643
550,318
21
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
INDIA — 10.00%
AIA Engineering Ltd.
Amtek Auto Ltd.
Arvind Ltd.
Ashok Leyland Ltd.b
Bajaj Finance Ltd.
Bata India Ltd.
Berger Paints India Ltd.
Bharat Forge Ltd.
Biocon Ltd.
Britannia Industries Ltd.
Century Textiles & Industries Ltd.
CESC Ltd.
Cyient Ltd.
eClerx Services Ltd.
Federal Bank Ltd.
Gateway Distriparks Ltd.
GMR Infrastructure Ltd.
Godrej Industries Ltd.
Gujarat Gas Co. Ltd.b
Gujarat Pipavav Port Ltd.b
Hathway Cable & Datacom Ltd.b
Havells India Ltd.
Hexaware Technologies Ltd.
Housing Development &
Infrastructure Ltd.b
IFCI Ltd.
Indiabulls Housing Finance Ltd.
Indiabulls Real Estate Ltd.
Indian Hotels Co. Ltd.b
Indraprastha Gas Ltd.
Jain Irrigation Systems Ltd.
Jaiprakash Associates Ltd.b
Jammu & Kashmir Bank Ltd. (The)
Jindal Saw Ltd.
Just Dial Ltd.
Karnataka Bank Ltd. (The)
Maharashtra Seamless Ltd.
Manappuram Finance Ltd.
MAX India Ltd.
McLeod Russel India Ltd.
MindTree Ltd.
Page Industries Ltd.
Rajesh Exports Ltd.
Raymond Ltd.
22
Shares
Value
642 $
2,038
2,920
18,280
350
378
4,348
1,428
1,272
414
1,068
1,144
1,412
322
7,808
1,455
20,610
1,550
732
4,520
7,880
3,680
2,850
11,791
5,719
13,708
19,391
22,890
8,685
16,073
23,851
8,518
12,627
9,902
13,508
12,140
6,665
17,883
9,014
6,422
7,777
7,771
15,048
8,117
15,356
10,383
4,994
13,038
2,210
4,430
6,606
1,344
5,334
12,000
4,940
2,842
370
2,492
946
9,732
2,424
1,451
944
102
1,836
978
8,874
7,915
21,006
5,969
12,906
10,082
6,003
5,532
12,160
3,696
9,292
5,750
3,154
5,013
18,573
4,823
20,136
19,425
5,036
8,053
Security
Shares
Redington India Ltd.
Reliance Capital Ltd.
Shree Renuka Sugars Ltd.b
Tata Global Beverages Ltd.
Thermax Ltd.
Torrent Pharmaceuticals Ltd.
TV18 Broadcast Ltd.b
Unitech Ltd.b
Voltas Ltd.
4,453 $
1,178
20,470
5,458
626
952
12,512
20,088
3,030
Value
8,754
9,246
5,387
13,985
11,575
16,903
7,081
6,049
13,140
568,757
INDONESIA — 3.67%
PT ACE Hardware Indonesia Tbk
PT Alam Sutera Realty Tbk
PT Aneka Tambang (Persero) Tbk
PT Arwana Citramulia Tbk
PT Bank Bukopin Tbk
PT Bank Pembangunan Daerah Jawa
Barat dan Banten Tbk
PT Bank Tabungan Negara
(Persero) Tbk
PT Benakat Integra Tbk
PT Bumi Resources Tbkb
PT BW Plantation Tbk
PT Ciputra Development Tbk
PT Ciputra Property Tbk
PT Energi Mega Persada Tbkb
PT Erajaya Swasembada Tbkb
PT Gajah Tunggal Tbk
PT Garuda Indonesia (Persero) Tbkb
PT Indika Energy Tbkb
PT Japfa Comfeed Indonesia Tbk
PT Kawasan Industri Jababeka Tbk
PT Lippo Cikarang Tbkb
PT Medco Energi Internasional Tbk
PT Mitra Adiperkasa Tbk
PT MNC Investama Tbk
PT MNC Sky Vision Tbk
PT Modernland Realty Tbk
PT Nippon Indosari Corpindo Tbk
PT Pakuwon Jati Tbk
PT Pembangunan Perumahan
(Persero) Tbk
PT Perusahaan Perkebunan London
Sumatra Indonesia Tbk
PT Ramayana Lestari Sentosa Tbk
2015
iSHARES SEMI-ANNUAL REPORT
97,200
132,000
22,800
80,000
90,000
5,678
6,200
1,917
6,315
5,471
59,000
3,842
51,263
331,000
405,000
40,000
140,000
47,000
622,000
21,000
24,000
42,173
38,000
65,000
317,565
6,000
22,400
6,200
322,000
21,000
216,312
35,000
349,400
4,027
3,005
3,229
1,121
15,915
3,042
5,107
1,998
2,766
1,981
1,476
4,567
7,621
5,447
5,526
2,875
7,143
2,818
9,050
3,799
13,764
28,200
8,715
38,000
56,000
5,520
3,625
TO
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
Shares
PT Salim Ivomas Pratama Tbk
PT Sentul City Tbkb
PT Sigmagold Inti Perkasa Tbkb
PT Sugih Energy Tbkb
PT Summarecon Agung Tbk
PT Surya Semesta Internusa Tbk
PT Timah (Persero) Tbk
PT Wijaya Karya (Persero) Tbk
17,800 $
300,000
94,000
272,600
142,800
30,292
66,590
39,000
Value
970
2,724
3,473
8,952
18,600
2,630
6,177
11,530
208,616
MALAYSIA — 4.19%
AEON Credit Service (M) Bhd
Bursa Malaysia Bhd
CapitaMalls Malaysia Trust Bhd
Carlsberg Brewery Malaysia Bhd
DRB-Hicom Bhd
Eastern & Oriental Bhd
Hartalega Holdings Bhd
IGB Real Estate Investment Trust
IJM Land Bhd
Kian Joo Can Factory Bhd
KNM Group Bhdb
Kossan Rubber Industries Bhd
KPJ Healthcare Bhd
Magnum Bhd
Mah Sing Group Bhd
Malaysia Building Society Bhd
Malaysian Resources Corp. Bhd
Media Prima Bhd
Naim Holdings Bhd
OSK Holdings Bhd
Pavilion Real Estate Investment
Trust Bhd
Perisai Petroleum Teknologi Bhdb
POS Malaysia Bhd
QL Resources Bhd
Sarawak Oil Palms Bhd
Sunway Bhd
Sunway Real Estate Investment
Trust Bhd
Supermax Corp. Bhd
TA Enterprise Bhd
TIME dotCom Bhdb
Top Glove Corp. Bhd
TSH Resources Bhd
Wah Seong Corp. Bhd
CONSOLIDATED SCHEDULES
OF
1,660
4,200
11,600
1,600
5,400
16,060
4,200
18,000
11,000
7,200
28,200
8,200
9,000
3,400
11,000
12,300
25,200
10,200
3,600
13,000
5,719
9,493
4,604
5,195
2,664
10,137
8,787
6,599
10,824
5,855
4,625
11,798
9,749
2,615
5,791
7,154
9,377
5,258
2,977
6,952
15,400
13,200
6,000
11,700
2,800
11,733
6,579
1,728
7,773
11,287
4,322
10,769
20,000
9,400
35,800
8,000
4,200
15,600
10,563
8,545
5,830
7,351
11,907
5,765
9,675
3,785
INVESTMENTS
Security
Shares
WCT Holdings Bhd
15,023 $
Value
6,625
238,114
PHILIPPINES — 1.84%
Belle Corp.
Cebu Air Inc.
Cosco Capital Inc.
Filinvest Land Inc.
First Gen Corp.
First Philippine Holdings Corp.
Lopez Holdings Corp.
Manila Water Co. Inc.
Melco Crown Philippines Resorts Corp.b
Nickel Asia Corp.
Philippine National Bankb
Security Bank Corp.
Vista Land & Lifescapes Inc.
56,000
4,300
33,600
198,000
15,400
2,340
17,400
13,000
16,600
20,475
2,139
4,600
60,000
5,829
9,235
6,843
7,544
10,862
5,248
2,940
9,523
4,488
12,654
4,085
15,857
9,376
104,484
SINGAPORE — 8.14%
AIMS AMP Capital Industrial REIT
ARA Asset Management Ltd.
Ascendas India Trust
Ascott Residence Trusta
Asian Pay Television Trust
Biosensors International Group Ltd.a,b
Boustead Singapore Ltd.
Cache Logistics Trust
Cambridge Industrial Trusta
CapitaRetail China Trust
CDL Hospitality Trustsa
COSCO Corp. (Singapore) Ltd.a
Ezion Holdings Ltd.a
Ezra Holdings Ltd.a
First REITa
First Resources Ltd.a
Frasers Centrepoint Trusta
Frasers Commercial Trust
GMG Global Ltd.
Hyflux Ltd.
Indofood Agri Resources Ltd.a
Keppel REITa
KrisEnergy Ltd.a,b
Lippo Malls Indonesia Retail Trust
M1 Ltd./Singapore
Mapletree Commercial Trust
9,400
6,600
10,000
7,200
16,000
12,000
6,000
10,000
20,000
6,360
8,000
4,000
14,400
8,320
10,000
8,000
6,000
10,000
62,000
6,000
6,000
18,000
6,000
22,000
4,000
12,000
10,212
8,292
6,319
6,731
10,760
5,720
7,982
8,758
10,051
8,061
10,642
1,596
13,516
3,259
9,718
11,027
9,179
10,975
2,933
4,235
3,148
16,429
2,749
5,772
11,086
13,436
23
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
Mapletree Greater China
Commercial Trusta
Mapletree Industrial Trust
Mapletree Logistics Trust
Midas Holdings Ltd.a
Neptune Orient Lines Ltd.a,b
OSIM International Ltd.a
OUE Hospitality Trusta
OUE Ltd.
Parkway Life REIT
Perennial Real Estate Holdings Ltd.a,b
Raffles Education Corp. Ltd.
Raffles Medical Group Ltd.a
Sabana Shari’ah Compliant
Industrial REITa
SATS Ltd.
Silverlake Axis Ltd.a
Singapore Post Ltd.
SMRT Corp. Ltd.
Starhill Global REIT
Super Group Ltd.a
Tat Hong Holdings Ltd.
Tiger Airways Holdings Ltd.b
United Engineers Ltd.
United Envirotech Ltd.
Vard Holdings Ltd.a,b
Venture Corp. Ltd.a
Wheelock Properties (Singapore) Ltd.
Wing Tai Holdings Ltd.
Yanlord Land Group Ltd.a
Yoma Strategic Holdings Ltd.a,b
Shares
Value
18,000 $
12,000
16,000
22,000
10,000
4,000
8,666
4,000
6,000
8,387
26,200
4,000
13,569
13,569
14,190
5,528
7,464
5,735
5,988
6,504
10,775
6,477
6,390
11,736
10,000
8,000
10,000
16,000
8,000
16,000
6,000
4,000
26,640
6,000
4,000
2,000
2,000
2,000
4,000
8,000
10,000
6,762
17,501
9,681
25,305
10,347
9,814
4,922
2,188
6,595
13,480
4,789
746
12,017
2,771
5,410
5,971
3,991
Security
Daeduck Electronics Co.
Daesang Corp.
Daewoong Pharmaceutical Co. Ltd.
Daishin Securities Co. Ltd.
Daou Technology Inc.
Dong-A Socio Holdings Co. Ltd.
Dong-A ST Co. Ltd.
Dongsuh Companies Inc.
Dongwon Industries Co. Ltd.
Doosan Engine Co. Ltd.b
Duksan Hi-Metal Co. Ltd.b
DY Corp.
EO Technics Co. Ltd.
Eugene Technology Co. Ltd.
Fila Korea Ltd.
Gamevil Inc.a,b
GemVax & Kael Co. Ltd.b
Grand Korea Leisure Co. Ltd.
Green Cross Corp.
Green Cross Holdings Corp.
GS Home Shopping Inc.
Halla Holdings Corp.
Hana Tour Service Inc.
Hancom Inc.
Handsome Co. Ltd.
Hanjin Heavy Industries & Construction
Co. Ltd.b
Hanjin Kal Corp.b
Hanjin Shipping Co. Ltd.b
Hankook Tire Worldwide Co. Ltd.
Hanmi Pharm Co. Ltd.a,b
Hansae Co. Ltd.
Hansol Holdings Co. Ltd.
Hanssem Co. Ltd.
Huchems Fine Chemical Corp.
Hyundai Corp.
Hyundai Greenfood Co. Ltd.
Hyundai Home Shopping Network Corp.
Hyundai Hysco Co. Ltd.
Hyundai Securities Co. Ltd.b
Ilyang Pharmaceutical Co. Ltd.
iMarketKorea Inc.
JB Financial Group Co. Ltd.
JoyCity Corp.b
KIWOOM Securities Co. Ltd.
462,801
SOUTH KOREA — 17.51%
Able C&C Co. Ltd.
Ahnlab Inc.
Asiana Airlines Inc.b
Binggrae Co. Ltd.
Chabiotech Co. Ltd.b
Chong Kun Dang Pharmaceutical Corp.
CJ CGV Co. Ltd.
CJ E&M Corp.b
CJ O Shopping Co. Ltd.
Com2uS Corp.b
Cosmax Inc.b
CTCBIO Inc.a,b
24
135
102
1,280
80
560
129
260
302
40
100
119
236
Shares
2,722
4,216
10,101
5,443
7,271
6,606
14,503
10,521
8,113
16,231
11,861
3,830
2015
iSHARES SEMI-ANNUAL REPORT
140 $
280
122
840
520
44
66
496
10
680
344
351
124
364
128
90
204
400
122
462
42
72
160
370
260
563
360
1,140
320
104
310
347
156
340
220
580
60
92
1,064
280
280
1,660
186
172
TO
Value
1,191
9,742
6,917
7,067
6,966
5,049
5,347
10,522
2,972
4,881
3,507
2,125
14,514
4,743
12,816
15,101
3,190
14,667
15,507
9,252
8,096
4,187
12,495
6,902
7,275
2,003
10,748
6,202
7,374
9,301
10,814
2,513
22,110
8,239
5,522
9,175
6,584
6,478
7,307
7,220
7,015
8,849
4,269
9,201
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
Shares
a
Koh Young Technology Inc.
Kolao Holdings
Kolon Industries Inc.
Komipharm International Co. Ltd.b
Korea Kolmar Co. Ltd.
Korea Petrochemical Industrial Co. Ltd.
Korean Reinsurance Co.
KT Skylife Co. Ltd.
Kumho Tire Co. Inc.b
Kyobo Securities Co. Ltd.b
LF Corp.
LG Hausys Ltd.
LG International Corp.
LG Life Sciences Ltd.b
LIG Insurance Co. Ltd.
Lock&Lock Co. Ltd.a
Lotte Chilsung Beverage Co. Ltd.
Lotte Food Co. Ltd.
Lumens Co. Ltd.b
Mando Corp.
Medipost Co. Ltd.a,b
Medy-Tox Inc.
MegaStudy Co. Ltd.
Meritz Fire & Marine Insurance Co. Ltd.
Meritz Securities Co. Ltd.
Namhae Chemical Corp.
Namyang Dairy Products Co. Ltd.
Naturalendo Tech Co. Ltd.b
Neowiz Games Corp.b
Nexen Tire Corp.
NHN Entertainment Corp.b
NongShim Co. Ltd.
OCI Materials Co. Ltd.
Osstem Implant Co. Ltd.b
Ottogi Corp.
Partron Co. Ltd.
Poongsan Corp.
POSCO Chemtech Co. Ltd.
POSCO ICT Co. Ltd.
S&T Dynamics Co. Ltd.
S.M. Entertainment Co.b
Samchully Co. Ltd.
Samsung Fine Chemicals Co. Ltd.
Samsung Techwin Co. Ltd.
SeAH Besteel Corp.
CONSOLIDATED SCHEDULES
OF
330 $
360
208
726
220
53
999
280
1,020
580
260
106
240
180
500
280
8
12
384
79
100
62
20
620
2,730
1,040
10
114
430
460
150
42
148
270
22
599
260
46
1,074
560
262
56
234
310
224
INVESTMENTS
Value
14,333
5,596
8,835
5,975
11,608
3,984
9,318
4,148
9,057
5,187
7,489
17,398
8,065
7,687
10,516
2,663
12,187
6,814
2,303
11,955
4,311
20,988
1,090
6,917
9,598
8,416
6,611
5,421
8,808
6,562
10,219
8,891
8,743
10,937
11,447
6,819
5,409
5,700
5,401
5,146
8,768
7,067
7,307
6,506
6,524
Security
Shares
b
Seegene Inc.
Seoul Semiconductor Co. Ltd.a
Seoyeon Co. Ltd.
SFA Engineering Corp.
Silicon Works Co. Ltd.
SK Broadband Co. Ltd.b
SK Chemicals Co. Ltd.
SK Securities Co. Ltd.b
SKC Co. Ltd.
SL Corp.
Soulbrain Co. Ltd.
Sung Kwang Bend Co. Ltd.
Sungwoo Hitech Co. Ltd.
Suprema Inc.b
Taewoong Co. Ltd.b
Tera Resource Co. Ltd.b
TK Corp.b
TONGYANG Life Insurance Co.
Toray Chemical Korea Inc.b
ViroMed Co. Ltd.b
WeMade Entertainment Co. Ltd.b
Wonik IPS Co. Ltd.b
Woongjin Thinkbig Co. Ltd.b
YG Entertainment Inc.
Youngone Corp.
Youngone Holdings Co. Ltd.
Yuanta Securities Koreab
270 $
412
467
142
232
2,154
222
10,620
260
320
190
168
604
392
178
1,634
260
680
472
218
184
816
860
157
280
112
1,760
Value
8,098
7,346
6,021
5,992
6,152
8,361
12,403
9,109
7,192
5,179
6,341
2,035
6,711
9,660
2,441
—
2,508
6,840
6,086
10,465
7,958
9,999
5,929
6,819
14,440
9,217
6,389
995,788
TAIWAN — 20.14%
A-DATA Technology Co. Ltd.
Ability Enterprise Co. Ltd.
AcBel Polytech Inc.
Airtac International Group
ALI Corp.
Alpha Networks Inc.
Altek Corp.b
Ambassador Hotel Ltd. (The)
AmTRAN Technology Co. Ltd.
Ardentec Corp.
Asia Polymer Corp.
BES Engineering Corp.
Career Technology (MFG.) Co. Ltd.
Center Laboratories Inc.b
CHC Resources Corp.
Cheng Loong Corp.
2,014
8,000
10,000
2,000
6,000
10,000
5,600
6,000
10,000
14,240
8,600
26,000
6,000
2,300
4,000
18,000
3,496
4,760
11,535
17,453
4,788
5,553
6,628
5,360
5,664
12,155
6,386
6,237
6,407
6,496
9,063
7,311
25
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
Shares
Cheng Uei Precision Industry Co. Ltd.
Chin-Poon Industrial Co. Ltd.
China Bills Finance Corp.
China Man-Made Fibers Corp.b
China Metal Products Co. Ltd.
China Petrochemical Development Corp.b
China Steel Chemical Corp.
China Synthetic Rubber Corp.
Chipbond Technology Corp.
Chong Hong Construction Co.
Chroma ATE Inc.
Chung Hsin Electric & Machinery
Manufacturing Corp.
Chung Hung Steel Corp.b
CMC Magnetics Corp.b
Compeq Manufacturing Co. Ltd.
Coretronic Corp.b
CSBC Corp. Taiwan
CyberTAN Technology Inc.
D-Link Corp.
Darwin Precisions Corp.b
Depo Auto Parts Industrial Co. Ltd.
Dynapack International Technology Corp.
E Ink Holdings Inc.b
Elan Microelectronics Corp.
Eternal Materials Co. Ltd.
Evergreen International Storage &
Transport Corp.
Everlight Electronics Co. Ltd.
Far Eastern International Bank Ltd.
Faraday Technology Corp.
Feng TAY Enterprise Co. Ltd.
Firich Enterprises Co. Ltd.
FLEXium Interconnect Inc.
Formosan Rubber Group Inc.
Gemtek Technology Corp.
Gigabyte Technology Co. Ltd.
Gigastorage Corp.b
Gintech Energy Corp.b
Global Unichip Corp.
Gloria Material Technology Corp.
Goldsun Development & Construction
Co. Ltd.b
Grand Pacific Petrochemical Corp.
Great Wall Enterprise Co. Ltd.
4,000 $
6,000
18,000
18,000
4,243
28,000
2,000
8,000
8,000
2,100
4,000
7,108
10,205
6,483
6,540
4,295
10,529
9,710
8,174
16,450
4,312
10,015
10,500
26,000
38,000
16,000
9,000
10,000
6,000
10,200
12,000
2,000
2,000
12,000
6,000
8,000
6,830
5,982
5,354
9,215
12,737
5,252
4,569
5,745
5,693
7,679
4,569
5,445
9,482
7,895
12,000
6,000
19,992
6,000
4,326
2,285
2,590
10,000
6,000
10,000
8,000
8,000
2,000
12,400
7,007
14,470
6,693
7,368
16,267
7,867
6,197
10,250
4,427
12,407
6,499
5,407
5,604
8,775
14,000
14,000
10,400
4,776
7,708
9,224
26
Value
2015
Security
Shares
HannStar Display Corp.
HannsTouch Solution Inc.b
Ho Tung Chemical Corp.b
Holy Stone Enterprise Co. Ltd.
Huaku Development Co. Ltd.
Ichia Technologies Inc.
IEI Integration Corp.
ITEQ Corp.
Jih Sun Financial Holdings Co. Ltd.
Kenda Rubber Industrial Co. Ltd.
Kerry TJ Logistics Co. Ltd.
Kindom Construction Corp.
King Yuan Electronics Co. Ltd.
King’s Town Bank Co. Ltd.
Kinpo Electronics Inc.b
Lien Hwa Industrial Corp.
Macronix International Co. Ltd.b
Makalot Industrial Co. Ltd.
Masterlink Securities Corp.
Medigen Biotechnology Corp.b
Mercuries & Associates Holding Ltd.
Merry Electronics Co. Ltd.
Micro-Star International Co. Ltd.
Microbio Co. Ltd.b
MIN AIK Technology Co. Ltd.
Mitac Holdings Corp.
Motech Industries Inc.
National Petroleum Co. Ltd.
Neo Solar Power Corp.
Nien Hsing Textile Co. Ltd.
Pan-International Industrial Corp.
Pixart Imaging Inc.
President Securities Corp.
Prince Housing & Development Corp.
Qisda Corp.b
Radium Life Tech Co. Ltd.
Rechi Precision Co. Ltd.
Richtek Technology Corp.
Ritek Corp.b
Sanyang Motor Co. Ltd.b
Senao International Co. Ltd.
Sheng Yu Steel Co. Ltd.
Shih Wei Navigation Co. Ltd.
Shihlin Electric & Engineering Corp.
Shin Zu Shing Co. Ltd.
31,777 $
16,000
10,023
5,600
4,000
6,000
5,119
6,000
26,199
6,676
4,000
6,000
14,000
10,000
20,000
8,000
38,000
2,176
22,264
346
8,640
2,100
12,000
7,378
2,000
6,000
2,000
6,000
10,630
5,235
8,120
4,000
12,000
14,068
30,000
10,321
8,487
2,000
46,000
8,000
2,000
10,000
8,323
6,000
2,000
iSHARES SEMI-ANNUAL REPORT
TO
Value
7,875
3,823
3,419
7,588
7,375
6,388
8,106
4,988
6,917
13,558
5,026
5,379
11,817
10,630
9,456
5,255
8,320
12,256
7,277
1,795
5,620
7,030
13,480
6,321
9,456
4,579
2,704
6,883
9,226
4,303
4,818
11,348
6,150
5,379
13,708
5,355
8,551
10,218
5,415
7,019
3,243
6,410
4,807
7,559
4,481
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
Shares
Shinkong Synthetic Fibers Corp.
Sincere Navigation Corp.
Sino-American Silicon Products Inc.b
Solar Applied Materials Technology Corp.
Ta Chen Stainless Pipe Co. Ltd.
Ta Chong Bank Ltd.b
Taichung Commercial Bank Co. Ltd.
Tainan Spinning Co. Ltd.
Taiwan Cogeneration Corp.
Taiwan Hon Chuan Enterprise Co. Ltd.
Taiwan Land Development Corp.
Taiwan Paiho Ltd.
Taiwan Secom Co. Ltd.
Taiwan Surface Mounting Technology
Co. Ltd.
Taiwan TEA Corp.
Taiwan-Sogo Shinkong Security Corp.
Tatung Co. Ltd.b
Test-Rite International Co. Ltd.
Ton Yi Industrial Corp.
Tong Hsing Electronic Industries Ltd.
Tong Yang Industry Co. Ltd.
Tripod Technology Corp.
TTY Biopharm Co. Ltd.
Tung Ho Steel Enterprise Corp.
TXC Corp.
Union Bank of Taiwanb
Unitech Printed Circuit Board Corp.b
Unity Opto Technology Co. Ltd.b
Universal Cement Corp.
UPC Technology Corp.
USI Corp.
Visual Photonics Epitaxy Co. Ltd.
Wah Lee Industrial Corp.
Waterland Financial Holdings Co. Ltd.
Wei Chuan Foods Corp.
Win Semiconductors Corp.
Winbond Electronics Corp.b
Wisdom Marine Lines Co. Ltd.
Wistron NeWeb Corp.
WT Microelectronics Co. Ltd.
Yageo Corp.
YC INOX Co. Ltd.
Yem Chio Co. Ltd.
YFY Inc.
20,000 $
2,000
6,000
10,000
15,400
23,004
15,197
14,636
10,000
4,000
21,496
6,000
4,060
6,886
1,644
9,453
8,377
10,311
7,738
5,015
7,942
7,838
7,298
7,810
10,186
10,564
4,368
12,000
8,080
32,000
4,000
12,000
2,000
6,200
6,000
4,457
8,000
6,000
17,811
20,000
8,000
10,200
12,239
6,000
6,000
6,000
27,395
6,000
6,000
36,000
2,798
4,201
6,300
8,927
12,000
17,415
16,000
5,690
6,740
9,871
8,977
2,647
7,749
7,298
7,348
13,042
9,221
6,017
7,340
5,934
8,790
7,502
8,739
4,563
3,399
6,131
10,281
7,276
4,931
6,340
11,481
3,290
9,065
9,236
16,118
9,272
8,731
6,626
CONSOLIDATED SCHEDULES
OF
INVESTMENTS
Value
Security
Shares
Yieh Phui Enterprise Co. Ltd.
YungShin Global Holding Corp.
Yungtay Engineering Co. Ltd.
Zinwell Corp.
14,604 $
4,000
6,000
8,000
Value
4,259
6,829
13,956
8,073
1,145,641
THAILAND — 4.24%
Amata Corp. PCL NVDR
11,000
AP (Thailand) PCL NVDR
25,740
Bangkok Chain Hospital PCL NVDR
26,000
Bangkok Expressway PCL NVDR
4,600
Bangkok Land PCL NVDR
120,000
Cal-Comp Electronics (Thailand)
PCL NVDR
28,152
CH. Karnchang PCL NVDRa
9,910
Country Group Development
PCL NVDRb
20,000
Dynasty Ceramic PCL NVDR
14,000
E for L Aim PCLb
79,600
Esso (Thailand) PCL NVDRb
18,000
Hana Microelectronics PCL NVDR
9,400
Hemaraj Land and Development
PCL NVDR
63,200
b
Italian-Thai Development PCL NVDR
30,365
Jasmine International PCL NVDR
52,000
Khon Kaen Sugar Industry PCL NVDR
11,000
Kiatnakin Bank PCL NVDRa
4,600
LPN Development PCL NVDR
11,200
Major Cineplex Group PCL NVDR
11,000
Natural Park PCL NVDRa,b
1,302,200
Quality Houses PCL NVDR
56,200
Samart Corp. PCL NVDR
8,000
Samart Telcoms PCL NVDR
7,000
Siam Global House PCL NVDR
18,700
Sino-Thai Engineering & Construction
PCL NVDR
14,400
Sri Trang Agro-Industry PCL NVDR
1,200
STP & I PCL NVDRa
5,000
Supalai PCL NVDR
10,400
b
Superblock PCL
10,300
Thai Airways International
PCL NVDRa,b
5,600
Thai Tap Water Supply PCL NVDR
17,200
Thai Vegetable Oil PCL NVDR
7,400
Thaicom PCL NVDR
6,000
Thanachart Capital PCL NVDR
7,000
5,579
5,033
6,792
5,481
6,453
3,183
8,856
1,039
2,545
3,599
2,832
11,560
8,573
8,257
13,187
4,403
5,692
7,186
9,074
1,989
6,731
9,960
5,454
6,742
11,549
499
3,040
7,753
6,042
2,618
6,464
5,042
7,149
7,111
27
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA EX JAPAN SMALL-CAP ETF
January 31, 2015
Security
b
Thoresen Thai Agencies PCL NVDR
Ticon Industrial Connection PCL NVDRa
TISCO Financial Group PCL NVDR
Univentures PCL NVDR
VGI Global Media PCL NVDRa
WHA Corp. PCL NVDRa
Shares
Value
Security
14,872 $
3,680
5,280
12,200
26,136
2,810
7,815
2,001
7,501
3,523
9,982
3,177
SHORT-TERM INVESTMENTS — 14.90%
MONEY MARKET FUNDS — 14.90%
BlackRock Cash Funds: Institutional,
SL Agency Shares
0.15%c,d,e
BlackRock Cash Funds: Prime,
SL Agency Shares
0.14%c,d,e
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.00%c,d
241,466
TOTAL COMMON STOCKS
(Cost: $5,536,901)
5,670,362
RIGHTS — 0.01%
MALAYSIA — 0.01%
Mah Sing Group Bhdb
47,696
47,696
6,717
6,717
TOTAL SHORT-TERM INVESTMENTS
(Cost: $847,290)
3,333
515
TOTAL RIGHTS
(Cost: $0)
847,290
TOTAL INVESTMENTS
IN SECURITIES — 114.60%
(Cost: $6,384,191)
Other Assets, Less Liabilities — (14.60)%
394
35
6,518,736
(830,534)
NET ASSETS — 100.00%
35
$5,688,202
NVDR — Non-Voting Depositary Receipts
838
a
b
c
d
e
246
See notes to consolidated financial statements.
WARRANTS — 0.00%
MALAYSIA — 0.00%
Eastern & Oriental Bhd
(Expires 7/21/19)b
792,877 $ 792,877
409
394
THAILAND — 0.00%
Superblock PCL NVDRb
Value
847,290
3,300
409
SINGAPORE — 0.00%
Yoma Strategic Holdings Ltd.b
Shares
2,920
All or a portion of this security represents a security on loan. See Note 1.
Non-income earning security.
Affiliated issuer. See Note 2.
The rate quoted is the annualized seven-day yield of the fund at period end.
All or a portion of this security represents an investment of securities lending
collateral. See Note 1.
246
THAILAND — 0.00%
Thoresen Thai Agencies PCL NVDR
(Expires 2/28/17)b
VGI Global Media PCL NVDR
(Expires 8/1/18)b
1
1
—
—
—
TOTAL WARRANTS
(Cost: $0)
28
246
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Schedule of Investments (Unaudited)
iSHARES® MSCI ALL COUNTRY ASIA INFORMATION TECHNOLOGY ETF
January 31, 2015
Security
Shares
Value
COMMON STOCKS — 97.66%
CHINA — 11.10%
AAC Technologies Holdings Inc.a
GCL-Poly Energy Holdings Ltd.a,b
Kingboard Chemical Holdings Co. Ltd.
Kingsoft Corp. Ltd.
Lenovo Group Ltd.a
Semiconductor Manufacturing
International Corp.a,b
Tencent Holdings Ltd.
ZTE Corp. Class H
6,000 $
60,000
2,400
4,000
48,000
128,000
36,000
5,600
38,461
13,001
3,894
9,606
62,156
11,226
612,896
12,293
763,533
HONG KONG — 0.70%
ASM Pacific Technology Ltd.a
Hanergy Thin Film Power Group Ltd.a,b
2,000
64,000
18,147
29,799
47,946
INDIA — 6.68%
HCL Technologies Ltd.
Infosys Ltd.
Tata Consultancy Services Ltd.
Tech Mahindra Ltd.
Wipro Ltd.
1,544
6,396
3,252
420
4,444
44,667
221,193
130,324
19,452
43,522
459,158
JAPAN — 30.04%
Advantest Corp.
Brother Industries Ltd.
Canon Inc.
Citizen Holdings Co. Ltd.
COLOPL Inc.a
FUJIFILM Holdings Corp.
Fujitsu Ltd.
GungHo Online Entertainment Inc.a,b
Hamamatsu Photonics K.K.
Hitachi High-Technologies Corp.
Hitachi Ltd.
Hoya Corp.
IBIDEN Co. Ltd.
Japan Display Inc.b
Kakaku.com Inc.
Keyence Corp.
Konami Corp.
Konica Minolta Holdings Inc.
Kyocera Corp.
Mixi Inc.a
CONSOLIDATED SCHEDULES
OF
1,200
1,600
8,000
2,400
400
3,200
12,000
1,600
400
400
32,000
3,200
800
2,400
800
400
400
2,000
2,400
400
INVESTMENTS
15,446
27,705
254,748
19,328
9,218
108,914
63,910
5,544
19,035
12,583
244,444
125,287
12,150
8,459
11,435
188,958
7,522
22,236
106,735
14,285
Security
Shares
Value
Murata Manufacturing Co. Ltd.
NEC Corp.
Nexon Co. Ltd.
Nintendo Co. Ltd.
Nippon Electric Glass Co. Ltd.
Nomura Research Institute Ltd.
NTT Data Corp.
Omron Corp.
Oracle Corp. Japan
Ricoh Co. Ltd.
Rohm Co. Ltd.
Seiko Epson Corp.
TDK Corp.
Tokyo Electron Ltd.
Trend Micro Inc.
Yahoo! Japan Corp.
Yaskawa Electric Corp.
Yokogawa Electric Corp.
1,200 $ 130,967
20,000
56,868
800
7,928
800
77,844
4,000
20,840
800
27,412
800
30,750
1,600
64,768
400
16,720
4,800
47,279
800
52,101
800
32,861
800
50,466
1,200
86,589
800
22,781
10,000
33,968
800
10,359
1,600
16,945
2,065,388
SOUTH KOREA — 21.53%
Daum Kakao Corp.
LG Display Co. Ltd.
LG Innotek Co. Ltd.
NAVER Corp.
NCsoft Corp.
Samsung Electro-Mechanics Co. Ltd.
Samsung Electronics Co. Ltd.
Samsung SDI Co. Ltd.
Samsung SDS Co. Ltd.
SK C&C Co. Ltd.
SK Hynix Inc.
160
1,600
84
193
116
440
756
344
152
156
3,868
22,341
52,743
7,520
126,361
21,427
26,957
943,617
40,578
36,763
33,522
168,535
1,480,364
TAIWAN — 27.61%
Acer Inc.b
Advanced Semiconductor
Engineering Inc.
ASUSTeK Computer Inc.
AU Optronics Corp.
Catcher Technology Co. Ltd.
Chicony Electronics Co. Ltd.
Clevo Co.
Compal Electronics Inc.
Delta Electronics Inc.
Epistar Corp.
Foxconn Technology Co. Ltd.
26,064
17,079
48,000
4,000
64,000
4,000
4,050
4,000
32,000
12,000
8,000
8,715
60,774
42,204
35,134
35,350
11,245
6,093
23,507
73,683
14,267
23,756
29
Consolidated Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ALL COUNTRY ASIA INFORMATION TECHNOLOGY ETF
January 31, 2015
Security
Shares
Value
Security
Hon Hai Precision Industry Co. Ltd.
87,808 $ 241,578
HTC Corp.b
4,000
19,928
Innolux Corp.
60,667
29,647
Inotera Memories Inc.b
16,000
23,533
Inventec Corp.
20,000
14,914
Lite-On Technology Corp.
16,139
19,973
MediaTek Inc.
8,000
122,614
Novatek Microelectronics Corp.
4,000
22,276
Pegatron Corp.
12,000
32,367
Powertech Technology Inc.
8,000
13,378
Quanta Computer Inc.
20,000
48,868
Radiant Opto-Electronics Corp.
4,090
13,043
Realtek Semiconductor Corp.
4,060
12,510
Siliconware Precision Industries Co. Ltd. 20,000
33,763
Simplo Technology Co. Ltd.
4,000
19,801
Synnex Technology International Corp.
12,000
17,326
Taiwan Semiconductor Manufacturing
Co. Ltd.
168,000
751,678
Unimicron Technology Corp.
12,000
8,339
United Microelectronics Corp.
100,000
48,868
Vanguard International
Semiconductor Corp.
8,000
13,683
Wistron Corp.
16,932
15,582
WPG Holdings Co. Ltd.
16,000
19,953
Zhen Ding Technology Holding Ltd.
4,150
11,760
Shares
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.00%c,d
Value
2,229 $
2,229
209,105
TOTAL SHORT-TERM INVESTMENTS
(Cost: $209,105)
209,105
TOTAL INVESTMENTS
IN SECURITIES — 102.68%
(Cost: $5,717,916)
Other Assets, Less Liabilities — (2.68)%
7,060,435
(184,521)
NET ASSETS — 100.00%
a
b
c
d
e
$6,875,914
All or a portion of this security represents a security on loan. See Note 1.
Non-income earning security.
Affiliated issuer. See Note 2.
The rate quoted is the annualized seven-day yield of the fund at period end.
All or a portion of this security represents an investment of securities lending
collateral. See Note 1.
See notes to consolidated financial statements.
1,898,474
TOTAL COMMON STOCKS
(Cost: $5,400,328)
6,714,863
PREFERRED STOCKS — 1.98%
SOUTH KOREA — 1.98%
Samsung Electronics Co. Ltd.
140
136,467
136,467
TOTAL PREFERRED STOCKS
(Cost: $108,483)
136,467
SHORT-TERM INVESTMENTS — 3.04%
MONEY MARKET FUNDS — 3.04%
BlackRock Cash Funds: Institutional,
SL Agency Shares
0.15%c,d,e
BlackRock Cash Funds: Prime,
SL Agency Shares
0.14%c,d,e
30
195,138
195,138
11,738
11,738
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Statements of Assets and Liabilities (Unaudited)
iSHARES® TRUST
January 31, 2015
iShares
MSCI All Country
Asia ex Japan ETF
iShares
MSCI All Country
Asia ex Japan
Small-Cap ETF
iShares
MSCI All Country
Asia Information
Technology ETF
$3,039,692,317
107,798,346
$5,536,901
847,290
$5,508,811
209,105
$3,147,490,663
$6,384,191
$5,717,916
$3,320,502,879
107,798,346
$5,671,446
847,290
$6,851,330
209,105
Total fair value of investments
Foreign currency, at valueb
Receivables:
Investment securities sold
Due from custodian (Note 4)
Dividends and interest
Capital shares sold
3,428,301,225
806,472
6,518,736
10,624
7,060,435
3,959
—
62,804
6,387,662
3,462,511
68
—
10,826
—
—
—
22,354
—
Total Assets
3,439,020,674
6,540,254
7,086,748
Payables:
Investment securities purchased
Collateral for securities on loan (Note 1)
Foreign taxes (Note 1)
Investment advisory fees (Note 2)
1,726,446
103,632,726
1,809
1,793,196
7,900
840,573
—
3,579
—
206,876
—
3,958
Total Liabilities
107,154,177
852,052
210,834
$3,331,866,497
$5,688,202
$6,875,914
$3,371,342,054
(6,913,026)
(313,395,705)
280,833,174
$5,924,131
(46,422)
(324,012)
134,505
$5,705,312
(16,738)
(155,410)
1,342,750
$3,331,866,497
$5,688,202
$6,875,914
53,300,000
100,000
200,000
ASSETS
Investments, at cost:
Unaffiliated
Affiliated (Note 2)
Total cost of investments
a
Investments in securities, at fair value (including securities on loan ) (Note 1):
Unaffiliated
Affiliated (Note 2)
LIABILITIES
NET ASSETS
Net assets consist of:
Paid-in capital
Distributions in excess of net investment income
Accumulated net realized loss
Net unrealized appreciation
NET ASSETS
Shares outstanding c
Net asset value per share
$
62.51
$
56.88
$
34.38
a Securities on loan with values of $97,493,331, $734,895 and $193,167, respectively. See Note 1.
b Cost of foreign currency: $807,298, $10,667 and $3,931, respectively.
c No par value, unlimited number of shares authorized.
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL STATEMENTS
31
Consolidated Statements of Operations (Unaudited)
iSHARES® TRUST
Six months ended January 31, 2015
iShares
MSCI All Country
Asia ex Japan ETF
iShares
MSCI All Country
Asia ex Japan
Small-Cap ETF
iShares
MSCI All Country
Asia Information
Technology ETF
$ 23,605,041
53
149
824,580
$ 61,102
—
—
6,852
$ 49,511
—
—
1,938
NET INVESTMENT INCOME
Dividends — unaffiliateda
Interest — unaffiliated
Interest — affiliated (Note 2)
Securities lending income — affiliated (Note 2)
24,429,823
(341,102)
67,954
(1,012)
51,449
(657)
24,088,721
66,942
50,792
9,703,172
83,030
6,136
902
22,086
—
11
15
23,495
—
11
—
9,793,240
22,112
23,506
14,295,481
44,830
27,286
Net realized gain (loss) from:
Investments — unaffiliated
In-kind redemptions — unaffiliated
Foreign currency transactions
(26,321,813)
9,512,285
(403,700)
(4,422)
—
(839)
12,548
—
(1,019)
Net realized gain (loss)
(17,213,228)
(5,261)
11,529
Net change in unrealized appreciation/depreciation on:
Investments
Translation of assets and liabilities in foreign currencies
(87,108,294)
20,242
(341,778)
(42)
(71,061)
360
Net change in unrealized appreciation/depreciation
(87,088,052)
(341,820)
(70,701)
(104,301,280)
(347,081)
(59,172)
$ (90,005,799)
$(302,251)
$(31,886)
Less: Other foreign taxes (Note 1)
Total investment income
EXPENSES
Investment advisory fees (Note 2)
Mauritius income taxes (Note 1)
Commitment fees (Note 7)
Interest expense (Note 7)
Total expenses
Net investment income
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized and unrealized loss
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS
a Net of foreign withholding tax of $2,898,070, $5,698 and $9,496, respectively.
See notes to consolidated financial statements.
32
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Statements of Changes in Net Assets
iSHARES® TRUST
iShares
MSCI All Country
Asia ex Japan
Small-Cap ETF
iShares
MSCI All Country
Asia ex Japan ETF
Six months
ended
January 31, 2015
(Unaudited)
Year ended
July 31, 2014
Six months
ended
January 31, 2015
(Unaudited)
Year ended
July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income
Net realized gain (loss)
Net change in unrealized appreciation/depreciation
$
Net increase (decrease) in net assets resulting
from operations
14,295,481
(17,213,228)
(87,088,052)
$
46,505,590
(23,596,562)
356,823,193
$
44,830
(5,261)
(341,820)
$ 115,907
20,285
636,341
(90,005,799)
379,732,221
(302,251)
772,533
From net investment income
(28,587,723)
(43,871,556)
(87,040)
(130,893)
Total distributions to shareholders
(28,587,723)
(43,871,556)
(87,040)
(130,893)
903,629,440
(84,542,130)
457,607,309
(523,693,678)
—
—
—
—
Net increase (decrease) in net assets from capital
share transactions
819,087,310
(66,086,369)
—
—
INCREASE (DECREASE) IN NET ASSETS
700,493,788
269,774,296
2,631,372,709
2,361,598,413
6,077,493
5,435,853
End of period
$3,331,866,497
$2,631,372,709
$5,688,202
$6,077,493
Undistributed (distributions in excess of) net investment
income included in net assets at end of period
$
$
$
$
DISTRIBUTIONS TO SHAREHOLDERS:
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold
Cost of shares redeemed
(389,291)
641,640
NET ASSETS
Beginning of period
(6,913,026)
7,379,216
(46,422)
(4,212)
SHARES ISSUED AND REDEEMED
Shares sold
Shares redeemed
Net increase (decrease) in shares outstanding
14,300,000
(1,400,000)
7,500,000
(9,100,000)
—
—
—
—
12,900,000
(1,600,000)
—
—
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL STATEMENTS
33
Consolidated Statements of Changes in Net Assets (Continued)
iSHARES® TRUST
iShares
MSCI All Country
Asia Information
Technology ETF
Six months
ended
January 31, 2015
(Unaudited)
Year ended
July 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income
Net realized gain (loss)
Net change in unrealized appreciation/depreciation
$
27,286
11,529
(70,701)
Net increase (decrease) in net assets resulting from operations
$
(31,886)
55,900
(49,563)
1,391,494
1,397,831
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
(67,306)
(55,429)
Total distributions to shareholders
(67,306)
(55,429)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold
Net increase in net assets from capital share transactions
INCREASE (DECREASE) IN NET ASSETS
—
1,532,030
—
1,532,030
(99,192)
2,874,432
NET ASSETS
Beginning of period
6,975,106
4,100,674
End of period
$6,875,914
$6,975,106
Undistributed (distributions in excess of) net investment income included in net assets at end
of period
$
$
(16,738)
23,282
SHARES ISSUED
Shares sold
Net increase in shares outstanding
—
50,000
—
50,000
See notes to consolidated financial statements.
34
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Financial Highlights
iSHARES® TRUST
(For a share outstanding throughout each period)
iShares MSCI All Country Asia ex Japan ETF
Six months
ended
Jan. 31, 2015
(Unaudited)
Net asset value, beginning of period
$
65.13
Year ended
Jul. 31, 2014
$
56.23
Year ended
Jul. 31, 2013
$
53.40
Year ended
Jul. 31, 2012
$
62.22
Year ended
Jul. 31, 2011
$
55.95
Year ended
Jul. 31, 2010
$
50.02
Income from investment operations:
Net investment incomea
Net realized and unrealized gain (loss)b
0.31
(2.34)
1.11
8.84
1.04
2.85
0.97
(8.89)
1.09
6.45
0.84
5.95
Total from investment operations
(2.03)
9.95
3.89
(7.92)
7.54
6.79
Less distributions from:
Net investment income
(0.59)
(1.05)
(1.06)
(0.90)
(1.27)
(0.86)
Total distributions
(0.59)
(1.05)
(1.06)
(0.90)
(1.27)
(0.86)
Net asset value, end of period
Total return
Ratios/Supplemental data:
Net assets, end of period (000s)
Ratio of expenses to average net assetsd
Ratio of expenses to average net assets
prior to waived feesd
Ratio of net investment income to average
net assetsd
Portfolio turnover ratee
$
62.51
(3.07)%c
$
65.13
$
17.85%
56.23
7.28%
$
53.40
$
(12.63)%
62.22
13.53%
$
55.95
13.63%
$3,331,866
$2,631,373 $2,361,598 $1,826,440 $1,860,281 $2,025,439
0.68%
0.68%
0.67%
0.69%
0.66%
0.68%
n/a
n/a
n/a
n/a
0.67%
0.69%
1.00%
4%
1.87%
14%
1.80%
13%
1.82%
26%
1.77%
41%
1.55%
3%
a Based on average shares outstanding throughout each period.
b The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of
capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
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 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 January 31, 2015, the years ended July 31, 2014 and July 31, 2013 were 3%, 6% and 7%, respectively. See Note 4.
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL HIGHLIGHTS
35
Consolidated Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
iShares MSCI All Country Asia ex Japan Small-Cap ETF
Six months
ended
Jan. 31, 2015
(Unaudited)
Year ended
Jul. 31, 2014
Year ended
Jul. 31, 2013
$60.77
$54.36
$52.38
Net asset value, beginning of period
Period from
Feb. 2, 2012a
to
Jul. 31, 2012
$ 56.14
Income from investment operations:
Net investment incomeb
Net realized and unrealized gain (loss)c
0.45
(3.47)
1.16
6.56
1.35
5.86
0.71
(4.08)
Total from investment operations
(3.02)
7.72
7.21
(3.37)
Less distributions from:
Net investment income
(0.87)
(1.31)
(5.23)
(0.39)
Total distributions
(0.87)
(1.31)
(5.23)
(0.39)
Net asset value, end of period
$56.88
(4.89)%d
Total return
Ratios/Supplemental data:
Net assets, end of period (000s)
Ratio of expenses to average net assetse
Ratio of net investment income to average net assetse
Portfolio turnover ratef
$5,688
0.75%
1.52%
9%
$60.77
$54.36
14.41%
13.93%
$6,077
0.75%
2.03%
20%
$5,436
0.75%
2.42%
45%
$ 52.38
(6.00)%d
$10,476
0.75%
2.65%
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 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 January 31, 2015, the years ended July 31, 2014, July 31, 2013 and the period ended July 31, 2012 were 9%, 20%, 19% and 5%, respectively.
See Note 4.
See notes to consolidated financial statements.
36
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Consolidated Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
iShares MSCI All Country Asia Information Technology ETF
Six months
ended
Jan. 31, 2015
(Unaudited)
Year ended
Jul. 31, 2014
Year ended
Jul. 31, 2013
$34.88
$27.34
$25.15
Net asset value, beginning of period
Period from
Feb. 8, 2012a
to
Jul. 31, 2012
$26.93
Income from investment operations:
Net investment incomeb
Net realized and unrealized gain (loss)c
0.14
(0.30)
0.30
7.52
0.37
2.85
0.20
(1.96)
Total from investment operations
(0.16)
7.82
3.22
(1.76)
Less distributions from:
Net investment income
(0.34)
(0.28)
(1.03)
(0.02)
Total distributions
(0.34)
(0.28)
(1.03)
(0.02)
Net asset value, end of period
Total return
Ratios/Supplemental data:
Net assets, end of period (000s)
Ratio of expenses to average net assetse
Ratio of net investment income to average net assetse
Portfolio turnover ratef
$34.38
(0.40)%d
$6,876
0.69%
0.80%
3%
$34.88
$27.34
28.72%
12.84%
$6,975
0.69%
0.96%
3%
$4,101
0.69%
1.35%
58%
$25.15
(6.52)%d
$5,030
0.69%
1.56%
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 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 January 31, 2015, the years ended July 31, 2014, July 31, 2013 and the period ended July 31, 2012 were 3%, 3%, 7% and 1%, respectively. See
Note 4.
See notes to consolidated financial statements.
CONSOLIDATED FINANCIAL HIGHLIGHTS
37
Notes to Consolidated Financial Statements (Unaudited)
iSHARES® TRUST
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an
open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement
and Declaration of Trust dated December 16, 1999.
These consolidated financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF
MSCI All Country Asia ex Japan
MSCI All Country Asia ex Japan Small-Cap
MSCI All Country Asia Information Technology
Diversification
Classification
Diversified
Diversified
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 Trust’s organizational documents, the Funds’ officers and trustees are indemnified against certain liabilities that
may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into
contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.
1.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements
in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of
financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those
estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance
applicable to investment companies.
SECURITY VALUATION
Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting
purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP
defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between
market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation
Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant
38
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
to policies and procedures developed by the Global Valuation Committee and approved by the Board of Trustees of the Trust (the
“Board”).
•
Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the
official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a
recognized exchange for which there were no sales on that day are valued at the last traded price.
•
Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV).
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be
representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other
available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These
factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the
customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment,
if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash
flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations
based on such factors are reported to the Board on a quarterly basis.
The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active
market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and
assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and
losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.
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.
NOTES
TO
CONSOLIDATED FINANCIAL STATEMENTS
39
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In
accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as
of the beginning of the reporting period.
The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of
January 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective consolidated
schedule of investments.
Investments
iShares ETF and
Investment Type
MSCI All Country Asia ex Japan
Assets:
Common Stocks
Preferred Stocks
Rights
Money Market Funds
MSCI All Country Asia ex Japan Small-Cap
Assets:
Common Stocks
Rights
Warrants
Money Market Funds
MSCI All Country Asia Information Technology
Assets:
Common Stocks
Preferred Stocks
Money Market Funds
Level 1
Level 2
Level 3
Total
$3,286,777,167
29,446,819
—
107,798,346
$4,249,995
—
28,898
—
$
—
—
—
—
$3,291,027,162
29,446,819
28,898
107,798,346
$3,424,022,332
$4,278,893
$
—
$3,428,301,225
$
5,616,187
409
246
847,290
$
45,417
429
—
—
$ 8,758
—
—
—
$
5,670,362
838
246
847,290
$
6,464,132
$
45,846
$ 8,758
$
6,518,736
$
6,714,863
136,467
209,105
$
—
—
—
$
—
—
—
$
6,714,863
136,467
209,105
$
7,060,435
$
—
$
—
$
7,060,435
The iShares MSCI All Country Asia ex Japan Small-Cap ETF had transfers from Level 2 to Level 1 during the period ended
January 31, 2015 in the amount of $73,945 resulting from the resumption of trading after a temporary suspension.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on
the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax
authorities as of January 31, 2015 are reflected in dividends receivable. Non-cash dividends received in the form of stock in an
elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return
of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified
to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the
specific identification method.
40
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and
other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed
appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated
into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices
of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from
investments for financial reporting purposes.
FOREIGN TAXES
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on
investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax
regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the
Funds and are reflected in their consolidated statements of operations as follows: foreign taxes withheld at source are presented
as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income,
foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of
investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories.
Foreign taxes payable or deferred as of January 31, 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.
NOTES
TO
CONSOLIDATED FINANCIAL STATEMENTS
41
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions.
The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank,
or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value
of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105%
for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the
securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds and
any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is
entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the
borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities
transactions.
Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf
of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors
(“BFA”), the Funds’ investment adviser, or its affiliates. As of January 31, 2015, any securities on loan were collateralized by
cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated
schedules of investments. The value of any securities on loan as of January 31, 2015 and the value of the related collateral are
disclosed in the 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
January 31, 2015:
iShares ETF
MSCI All Country Asia ex Japan
MSCI All Country Asia ex Japan Small-Cap
MSCI All Country Asia Information Technology
a
42
Market Value of
Securities on Loan
Net
Cash Collateral
Received a Amount
$
$
97,493,331
734,895
193,167
97,493,331
734,895
193,167
$
—
—
—
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 Funds’ consolidated statement of assets and liabilities.
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
RECENT ACCOUNTING STANDARD
In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase
agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse
repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance
is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal
years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.
2.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a
California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for
substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the
execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.
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 the iShares MSCI All Country Asia 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
0.75%
0.68
0.61
0.54
0.47
0.41
0.35
Aggregate Average Daily Net Assets
First $14 billion
Over $14 billion, up to and including $28 billion
Over $28 billion, up to and including $42 billion
Over $42 billion, up to and including $56 billion
Over $56 billion, up to and including $70 billion
Over $70 billion, up to and including $84 billion
Over $84 billion
In addition, the iShares MSCI All Country Asia ex Japan ETF 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 November 30, 2015 in an amount equal to the acquired fund fees and
expenses attributable to the Fund’s investments in other iShares funds, if any.
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 All Country Asia ex Japan Small-Cap
MSCI All Country Asia Information Technology
NOTES
TO
CONSOLIDATED FINANCIAL STATEMENTS
0.75%
0.69
43
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
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 January 31, 2015, each Fund paid to BTC the following amounts in total for securities lending agent
services and collateral investment fees:
iShares ETF
Fees Paid
to BTC
MSCI All Country Asia ex Japan
MSCI All Country Asia ex Japan Small-Cap
MSCI All Country Asia Information Technology
$ 266,153
2,256
583
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 January 31, 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.
44
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
The iShares MSCI All Country Asia ex Japan ETF 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 trustees and officers of the Trust are also officers of BTC and/or BFA.
3.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended
January 31, 2015 were as follows:
iShares ETF
MSCI All Country Asia ex Japan
MSCI All Country Asia ex Japan Small-Cap
MSCI All Country Asia Information Technology
Purchases
Sales
$518,577,970
509,685
172,520
$123,505,171
528,015
195,808
In-kind transactions (see Note 4) for the six months ended January 31, 2015 were as follows:
iShares ETF
MSCI All Country Asia ex Japan
4.
In-kind
Purchases
In-kind
Sales
$455,860,526
$ 42,529,739
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 Trust generally consists of the in-kind deposit of a
designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units
solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee
and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and
other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.
Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for
certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market
impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares
sold” in the 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.
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.
NOTES
TO
CONSOLIDATED FINANCIAL STATEMENTS
45
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
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 All Country Asia Information Technology ETF 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.
CREDIT RISK
Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including
derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or
principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into
transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the
financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit
risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to
credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its consolidated
statement of assets and liabilities.
46
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
6.
INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each
Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment
companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute
substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to
relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is
required.
For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to
the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the
gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year.
These reclassifications have no effect on net assets or net asset values per share.
The tax character of current year distributions will be determined at the end of the current fiscal year.
As of July 31, 2014, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized capital
gains through the indicated expiration dates as follows:
NonExpiring a
iShares ETF
MSCI All Country Asia ex Japan
MSCI All Country Asia ex Japan Small-Cap
MSCI All Country Asia Information Technology
a
$183,364,603
313,187
89,747
Expiring
2017
Expiring
2018
Expiring
2019
Total
$114,780
—
—
$5,230,616
—
—
$2,799,079
—
—
$191,509,078
313,187
89,747
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 January 31, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax
purposes were as follows:
iShares ETF
MSCI All Country Asia ex Japan
MSCI All Country Asia ex Japan Small-Cap
MSCI All Country Asia Information Technology
Tax Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
$3,213,488,659
6,440,028
5,750,853
$488,408,556
892,556
1,561,426
$(273,595,990)
(813,848)
(251,844)
$ 214,812,566
78,708
1,309,582
Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2015, inclusive of the
open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the
Funds’ consolidated financial statements.
NOTES
TO
CONSOLIDATED FINANCIAL STATEMENTS
47
Notes to Consolidated Financial Statements (Unaudited) (Continued)
iSHARES® TRUST
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 January 31, 2015, the maximum amounts borrowed, the average borrowings and the weighted average
interest rates under the credit agreement, if any, were as follows:
iShares ETF
MSCI All Country Asia ex Japan
MSCI All Country Asia ex Japan Small-Cap
8.
Maximum
Amount
Borrowed
Average
Borrowings
$4,000,000
90,700
$ 152,174
3,451
Weighted
Average
Interest
Rates
1.16%
1.16
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.
48
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
Supplemental Information (Unaudited)
iSHARES® TRUST
Section 19(a) Notices
The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The
actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience
during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each
calendar year that will inform them how to report distributions for federal income tax purposes.
Total Cumulative Distributions
for the Fiscal Year-to-Date
iShares ETF
MSCI All Country Asia
ex Japan
MSCI All Country Asia
Information Technology
SUPPLEMENTAL INFORMATION
Net
Investment
Income
Net
Realized
Capital
Gains
$ 0.454743
$
0.274816
% Breakdown of the Total Cumulative
Distributions for the Fiscal Year-to-Date
Return
of
Capital
Total
Per
Share
—
$0.131071
$0.585814
—
0.061714
0.336530
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
78%
— %
22%
100%
82
—
18
100
49
Notes:
50
2015
iSHARES SEMI-ANNUAL REPORT
TO
SHAREHOLDERS
For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by
the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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.
IS-SAR-77-0115
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 tollfree 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.