-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SUeYqBvtvej6puEbYBf02kEdWqoA3wztgMzkILHPr3ayLdY8z8B5fdfgmdYl1A5z k5qAcZW04S3XYREfd6OuCg== 0001021408-02-007997.txt : 20020607 0001021408-02-007997.hdr.sgml : 20020607 20020604172859 ACCESSION NUMBER: 0001021408-02-007997 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020604 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ISHARES TRUST CENTRAL INDEX KEY: 0001100663 IRS NUMBER: 943351276 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-09729 FILM NUMBER: 02670322 BUSINESS ADDRESS: STREET 1: 45 FREMONT STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 N-30D 1 dn30d.txt I SHARES RUSSELL SERIES ANNUAL REPORT iShares(R) iShares(R) RUSSELL SERIES [PICTURE] iShares MARCH 31, 2002 2002 ANNUAL REPORT TO SHAREHOLDERS Table of Contents Shareholder Letter............................................... 1 Market Overview.................................................. 3 Managers' Discussion & Analysis.................................. 4 Schedules of Investments......................................... 12 iShares Russell 3000 Index Fund............................... 12 iShares Russell 3000 Growth Index Fund........................ 47 iShares Russell 3000 Value Index Fund......................... 67 iShares Russell 2000 Index Fund............................... 89 iShares Russell 2000 Growth Index Fund........................ 111 iShares Russell 2000 Value Index Fund......................... 126 iShares Russell 1000 Index Fund............................... 141 iShares Russell 1000 Growth Index Fund........................ 153 iShares Russell 1000 Value Index Fund......................... 160 iShares Russell Midcap Index Fund............................. 168 iShares Russell Midcap Growth Index Fund...................... 177 iShares Russell Midcap Value Index Fund....................... 182 Financial Statements............................................. 189 Financial Highlights............................................. 199 Notes to the Financial Statements................................ 203 Report of Independent Accountants................................ 211 Tax Information (Unaudited)...................................... 212 Shareholder Meeting Results (Unaudited).......................... 212 Supplemental Information (Unaudited)............................. 213 Trustees Information (Unaudited)................................. 220
THIS PAGE INTENTIONALLY LEFT BLANK. To Our Shareholders 2001 was a troubling year for us all: as investors, as business people and as human beings. The year was marked by scores of company closings and layoffs, the near-evaporation of IPOs, a plunging euro and rumblings of a recession. Then there was the emotional shock of September 11, which in turn set off deep financial aftershocks still being felt to this day. It was truly a "baptism by fire" for iShares. After all, iShares were launched only a short time before this complicated period began. By the close of our fiscal year, most traditional mutual funds had shrunk in size, hundreds had shut down entirely,/1/ and plans for dozens of new ones were quietly put on hold. But iShares followed a very different course this year. Instead of shrinking in size, iShares' assets under management grew to over $21 billion by the close of fiscal year 2001, up from $9.1 billion at the end of the previous fiscal year. In fact, iShares became the nation's third-fastest growing family of equity funds/2/, surpassing some of the most established and best-known mutual fund groups. And instead of holding back on new offerings in 2001, Barclays Global Investors opened 19 new iShares funds. With a total of 77 different funds, iShares now gives its investors nearly four times more ways to structure their portfolios than any other provider of exchange traded funds (ETFs). How do we explain such success? Typically, investments that achieve sudden popularity in troubling times are those few "hot funds" which managed to outperform the market benchmarks. That's not the case with iShares. Our funds are designed to neither over- nor underperform their benchmarks, but instead, to seek investment results that correspond to their benchmarks. The fundamental appeal of iShares transcends the market's daily ups and downs. We believe that in 2001, investors and their advisors began to recognize iShares as not merely an investment choice, but as a new type of investment tool. We call them "industrial strength" investment tools, and there are four simple reasons which are worth keeping in mind when you and your advisor next rebalance your portfolio. First, iShares embody a key goal of institutional investors: generating additional returns without taking on additional risk. iShares seek to do this by simply taking less of a bite out of a fund's returns through lower capital gains and management fees. These are not insignificant savings. It's estimated that between 1994 and 1999, investors in diversified U.S. stock funds lost, on average, 15% of their annual gains to taxes./3/ iShares, on the other hand, are managed in a way that keeps capital gains to a minimum. (During the calender year 2001, for instance, none of our domestic iShares funds distributed any capital gains.) By the same token, we're also able to keep fund management fees low -- on average, about half that of traditional actively managed mutual funds/4/. Second, iShares embody a key tactic of institutional investors: uncomplicated diversification. The benefits of diversification (as compared to "stock picking") are well documented. It's possible, of course, to diversify by hand-selecting a wide variety of stocks within an asset class. But to do it accurately is complicated and time-consuming -- all to merely approximate what an index fund already does. This is a reason why $1.65 trillion institutional assets are invested in index funds such as iShares/5/. ____________________ /1/John Hechinger, Hey, Where Did My Mutual Fund Go?, The Wall Street Journal, April 17, 2002. /2/Financial Research Corporation (FRC) database, BGI analysis. /3/Jonathan Clements, Fund Distributions are a Taxing Problem; How the Tax Man Dines on Your Funds, The Wall Street Journal, August 1999. /4/Source: Morningstar Principia, BGI analysis 6/01. /5/Source: Pensions & Investments, 9/17/01. Shareholder Letter 1 Third, iShares embody a key strategy of institutional investors: modular asset allocation. With so many different iShares to choose from, each focusing on a very specific slice of the equity market, investors have tremendous flexibility in structuring their portfolios to meet specific needs. The fourth reason we call iShares "industrial strength" is that they come to you from Barclays Global Investors. BGI is the world's largest institutional asset manager/6/, with over two thousand institutional clients around the world. You might also be interested to know that BGI has a longer track record in index-based investing than any other fund manager -- in fact, it was BGI that created the world's first index strategy, over thirty years ago. In 2002 we will be working closely with the financial advisor community to develop new strategies for structuring their clients' portfolios more effectively. And we will continue to improve the online tools and services available to iShares investors and advisors. (If you haven't visited www.iShares.com in a while, we invite you to do so. You'll discover a number of powerful tools and videos, which led Forbes Magazine to name it "Best of the Web" among all ETF sites/7/.) On behalf of iShares Trust and our colleagues at BGI, we thank you for making iShares a part of your portfolio, and look forward to meeting your needs in the year ahead. /s/ Garrett F. Bouton /s/ Lee T. Kranefuss Garrett F. Bouton Lee T. Kranefuss President and Chairman of the Vice President of iShares Trust Board of Trustees of iShares Trust ______________________ /6/Source: Pensions & Investments, 5/14/01. /7/Forbes Winter 2001. 2 2002 iShares Annual Report to Shareholders Market Overview U.S. Equity Markets The U.S. stock market endured another volatile period during the twelve months ended March 31, 2002. For most of the period, earnings disappointments, job cuts, and weak economic indicators continued to plague equity markets. In response to the bleak economic signs and weak markets, the Federal Reserve Board (the "Fed") continued its campaign to stimulate the sagging economy. After eight rate cuts, the Fed had lowered short-term rates a total of 3.75%. By year-end, the federal funds rate stood at 1.75%, its lowest level in 40 years. The Federal government also acted to stimulate the economy. In the second quarter, a $1.35 trillion tax cut was passed, including a tax rebate intended to inject capital into the economy. Despite these actions, discouraging economic signs and poor earnings growth weighed on the markets for much of the year. The events of September 11 accelerated the broad market sell off. After remaining closed for four business days following September 11, equity markets reopened on September 17. Despite the combined effects of monetary stimulus from the Fed and fiscal stimulus from the federal government, equity markets declined sharply through the remainder of the month. The losses resulted in the largest quarterly declines for both the S&P 500 Index and the Dow Jones Industrial Average since the quarter that included the stock market crash of 1987. Finally, in the fourth quarter, markets rallied. Other economic indicators delivered positive news: inventories declined, factory orders surged, housing starts increased, and consumer confidence rose. Although job losses remained high and third quarter GDP shrank, many investors found cause to be optimistic about economic recovery. In January, additional positive news helped to boost consumer confidence. Newly released figures showed that fourth quarter 2001 GDP had grown 0.2%, ahead of the 1.1% decline predicted by many analysts. By the end of January, the jobless rate declined to 5.6%, ending eight straight months of increases. Citing these improvements in the economy, the Fed left short-term rates unchanged at its January meeting. Not all news was positive, however: most notably, accounting concerns resulting from Enron's and Arthur Andersen's problems dominated the news and drove many investors from stock markets. In March, the Fed left rates unchanged for a second time, and also shifted its risk assessment to a neutral stance between weakness and recession. More encouraging data was released in late March: the previously reported 0.2% fourth quarter 2001 GDP growth rate was revised upward again, to a surprising 1.7%. In addition, the Conference Board's consumer-confidence index climbed to 110.2 in March from 95 in February; and statistics from the Department of Commerce indicated that orders for durable goods rose 1.5% from January to February. U.S. Fixed Income Markets Like U.S. equity markets, bond markets experienced a volatile period. However, because what is positive for stocks typically tends to be negative for bonds and vice versa, the bond markets' performance pattern was in opposition to the equities markets' performance. During the second quarter of 2001, the signs of possible economic recovery that had temporarily buoyed equity markets hurt bonds, particularly long-term Treasury bonds. Because the prospect of economic strength brought with it the potential for inflation, long-term rates crept up during the second quarter. The Federal government's tax cut also lowered projections of future government budget surpluses. This led investors to conclude that the Treasury would not be able to buy back as many of its outstanding bonds. Meanwhile, additional Fed rate cuts helped short-term yields to drift lower through the second quarter. In the wake of the September 11 events, the Fed lowered short-term rates in an attempt to boost investor confidence. This move caused a further steepening of the yield curve. A flight to quality that led investors from equities and lower-quality bonds to the safe haven of government securities, particularly short-term issues, contributed to the phenomenon. For Treasury bonds, yields reached their lows in early November before spiking upward as investors began anticipating an economic recovery. The stock market rebounded strongly, and the campaign in Afghanistan progressed successfully. Long-term bonds rallied more than 8.5% in October, when the Treasury announced its suspension of the 30-year bond, but erased those gains in November and December as yields increased. During the first two months of 2002, fixed-income markets posted gains, benefiting from investors' apprehension about equity markets. However, the encouraging economic news released in March renewed the possibility of inflation, and bond yields spiked up during the month, giving up the gains of the previous two months. Market Overview 3 Managers' Discussion & Analysis iShares Russell 3000 Index Funds Performance as of 3/31/02
- ------------------------------------------------------------------------------------------------------------------------ Average Annual Total Returns Cumulative Total Returns ------------------------------------------------------- ---------------------------- Year Ended 3/31/02 Inception to 3/31/02* Inception to 3/31/02* ------------------------- ---------------------------- ---------------------------- iShares Index Fund NAV Market INDEX NAV Market INDEX NAV Market INDEX - -------------------- ------- ------- ------- -------- -------- -------- -------- -------- -------- Russell 3000 1.35 % 1.57 % 1.77 % (8.23)% (7.80)% (7.96)% (14.76)% (13.95)% (14.29)% Russell 3000 Growth (1.95)% (0.15)% (1.47)% (27.42)% (24.60)% (27.34)% (41.77)% (37.72)% (41.53)% Russell 3000 Value 5.34 % 5.79 % 5.67 % 5.32 % 6.27 % 5.62 % 9.13 % 10.73 % 9.61 % - ------------------------------------------------------------------------------------------------------------------------
* Since inception total return periods are calculated from inception date (05/22/00, 07/24/00 and 07/24/00, respectively) for the NAV and Index returns and from the first day of trading (05/26/00, 07/28/00 and 07/28/00, respectively) for the Market return. Average annual total return represents the average annual change in value of an investment over the periods indicated. Cumulative total return represents the change in value of an investment over the periods indicated. A Fund's per share 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 NAV return is based on the NAV per share of the Fund, and the Market return is based on the market price per share of the Fund. The price used to calculate "market" returns ("Market Price") is the price of the last reported trade for shares of the Fund on any national securities exchange or other major U.S. market. Market Price and NAV may be calculated at different times, and this timing difference is one of the reasons that NAV and market price returns may differ. Further discussion of Market Price and NAV can be found in the Supplemental Information, located elsewhere in this report. Market and NAV returns assume that dividends and capital gains distributions have been reinvested in the Fund at market price and net asset value, respectively. An Index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the Index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund's past performance is no guarantee of future results. Sector Breakout RUSSELL 3000 INDEX [GRAPHIC] Autos & Transportation 2.35% Consumer Discretionary 13.53% Consumer Staples 6.99% Financial Services 21.40% Health Care 14.71% Integrated Oils 4.21% Materials & Processing 3.53% Other 4.60% Other Energy 1.84% Producer Durables 3.88% Technology 15.22% Utilities 7.74% RUSSELL 3000 GROWTH INDEX [GRAPHIC] Autos & Transportation 0.82% Consumer Discretionary 15.70% Consumer Staples 7.41% Financial Services 10.49% Health Care 24.83% Integrated Oils 0.06% Materials & Processing 0.76% Other 7.10% Other Energy 2.32% Producer Durables 3.38% Technology 25.48% Utilities 1.65% RUSSELL 3000 VALUE INDEX [GRAPHIC] Autos & Transportation 3.79% Consumer Discretionary 11.50% Consumer Staples 6.59% Financial Services 31.62% Health Care 5.23% Integrated Oils 8.11% Materials & Processing 6.13% Other 2.25% Other Energy 1.39% Producer Durables 4.35% Technology 5.60% Utilities 13.44% 4 2002 iShares Annual Report to Shareholders The broad U.S. equity market, as measured by the Russell 3000 Index, experienced a tumultuous twelve-month period ended March 31, 2002 (the "reporting period"). The iShares Russell 3000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell 3000 Index. The Index returned 1.77% during the reporting period. The Ishares Russell 3000 Growth Index Fund and Ishares Russell 3000 Value Index Fund seek investment results that correspond generally to the price and yield performance, before fees and expenses, of the growth and value components of the Russell 3000 Index, as measured by the Russell 3000 Growth Index and the Russell 3000 Value Index, respectively. For the reporting period, the Russell 3000 Growth Index declined 1.47%, while the Russell 3000 Value Index returned 5.67%. For the same period, the iShares Russell 3000 Index Fund returned 1.35%; the Growth Fund was down 1.95% and the Value Fund returned 5.34%. Volatility and market declines dominated much of the reporting period. The Federal Reserve Board (the "Fed") continued to lower rates to revive the sluggish economy, but results were slow to appear. Early in the period, the federal government's proposed $1.35 trillion tax cut package was followed by news that the GDP growth rate for the first quarter was a higher-than-expected 2%. Markets responded to the positive news, and experienced one of the best Aprils in a decade. However, May 2001 brought another dose of reality, when the first quarter GDP number was revised downward. The summer months brought weak corporate earnings reports, high unemployment claims, and warnings of lower future revenues. The terrorist attacks on September 11 dealt the frail economy another blow. Despite a 0.50% rate cut before markets reopened and fiscal stimulus provided by the federal government, markets slumped through the end of September. By the fourth quarter, however, investor sentiment appeared to have turned positive. Although heavy job losses continued into the fourth quarter and the third quarter GDP figure was revised down to -1.1%, the combined effects of lower interest rates, rising stock prices, and falling oil prices appeared to boost consumer confidence. Leading indicators averaged an increase of 0.5%, with six of the ten components reflecting positive numbers. Further signs of an improving economy emerged in the first quarter of 2002. Fourth quarter 2001 GDP growth, originally estimated at -1.1%, was revised upward in February to 0.2%, and again in March to a robust 1.7%. The unexpected strength led the Fed to leave rates unchanged during the quarter. Also helping to boost markets, the unemployment rate declined during the period, durable goods orders rose, and, in March, consumer confidence jumped a surprising 15%. Keeping with previous trends, growth stocks' performance trailed the performance for value stocks during the reporting period. That trend was reflected in the sector performance within the Russell 3000 Index. Materials and processing (3.53% of the Index as of March 31, 2002) logged the strongest gains over the period, returning 19.68%. Producer durables (3.88% of the Index as of March 31, 2002) and consumer staples (6.99% of the Index as of March 31, 2002) rose 16.48% and 14.70%, respectively. The biggest losses over the period came from the utilities (7.74% of the Index as of March 31, 2002) and energy (1.84% of the Index as of March 31, 2002) sectors, which declined 17.73% and 30.98%, respectively, during the reporting period. Technology shares (15.22% of the Index as of March 31, 2002), fell 7.91%. In terms of individual holdings, Johnson & Johnson (1.73% of the Russell 3000 Index as of March 31, 2002) posted strong gains, climbing 50.46% during the period. Wal-Mart Stores Inc. (1.47% of the Index as of March 31, 2002) gained 22.04%, and Intel (1.77% of the Index) returned 15.88%. On the negative side, American International Group Inc. (1.44% of the Index as of March 31, 2002) fell 10.20%, General Electric Co. (3.23% of the Index as of March 31, 2002) declined 9.02%, and Pfizer Inc. (2.17% of the Index as of March 31, 2002) lost 1.89%. iShares Russell 3000 Index Funds GROWTH OF $10,000 INVESTMENT [GRAPHIC]
iShares iShares Russell iShares Russell Russell 3000 3000 Growth 3000 Value Russell Russell 3000 Russell 3000 Index Fund Index Fund Index Fund 3000 Index Growth Index Value Index 5/22/00 $10,000 - - $10,000 - - 6/30/00 $10,451 - - $10,458 - - 7/24/00 - $10,000 $10,000 $10,000 $10,000 9/30/00 $10,520 $ 9,486 $10,558 $10,536 $ 9,481 $10,555 12/31/00 $ 9,574 $ 7,468 $10,959 $ 9,587 $ 7,464 $10,965 3/31/01 $ 8,410 $ 5,937 $10,361 $ 8,422 $ 5,934 $10,373 6/30/01 $ 8,983 $ 6,474 $10,909 $ 9,001 $ 6,476 $10,928 9/30/01 $ 7,579 $ 5,176 $ 9,695 $ 7,596 $ 5,180 $ 9,714 12/31/01 $ 8,446 $ 5,977 $10,453 $ 8,489 $ 5,999 $10,491 3/31/02 $ 8,523 $ 5,822 $10,915 $ 8,572 $ 5,846 $10,961
Past performance is no guarantee of future results. Managers' Discussion & Analysis 5 Managers' Discussion & Analysis iShares Russell 2000 Index Funds Performance as of 3/31/02
- ------------------------------------------------------------------------------------------------------------------------- Average Annual Total Returns Cumulative Total Returns ---------------------------------------------------------- ---------------------------- Year Ended 3/31/02 Inception to 3/31/02* Inception to 3/31/02* ---------------------------- ---------------------------- ---------------------------- iShares Index Fund Nav Market Index Nav Market Index Nav Market Index - ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- Russell 2000 13.40% 12.90% 13.98% 4.80% 6.22% 5.33% 9.12% 11.81% 10.14% Russell 2000 Growth 4.24% 3.32% 4.95% (19.13)% (15.73)% (18.85)% (30.12)% (24.95)% (29.59)% Russell 2000 Value 23.05% 22.53% 23.74% 22.24% 22.55% 22.90% 40.33% 40.63% 41.41% - -------------------------------------------------------------------------------------------------------------------------
* Since inception total return periods are calculated from inception date (05/22/00, 07/24/00 and 07/24/00, respectively) for the NAV and Index returns and from the first day of trading (05/26/00, 07/28/00 and 07/28/00, respectively) for the Market return. Average annual total return represents the average annual change in value of an investment over the periods indicated. Cumulative total return represents the change in value of an investment over the periods indicated. A Fund's per share 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 NAV return is based on the NAV per share of the Fund, and the Market return is based on the market price per share of the Fund. The price used to calculate "market" returns ("Market Price") is the price of the last reported trade for shares of the Fund on any national securities exchange or other major U.S. market. Market Price and NAV may be calculated at different times, and this timing difference is one of the reasons that NAV and market price returns may differ. Further discussion of Market Price and NAV can be found in the Supplemental Information, located elsewhere in this report. Market and NAV returns assume that dividends and capital gains distributions have been reinvested in the Fund at market price and net asset value, respectively. An Index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the Index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund's past performance is no guarantee of future results. Sector Breakout RUSSELL 2000 INDEX [PIE CHART] Autos & Transportation 3.99% Consumer Discretionary 18.99% Consumer Staples 3.19% Financial Services 22.09% Health Care 11.46% Integrated Oils 0.03% Materials & Processing 9.32% Other 0.82% Other Energy 3.10% Producer Durables 9.69% Technology 12.70% Utilities 4.62% RUSSELL 2000 GROWTH INDEX [PIE CHART] Autos & Transportation 2.13% Consumer Discretionary 21.70% Consumer Staples 2.01% Financial Services 11.01% Health Care 21.24% Integrated Oils 0.04% Materials & Processing 3.50% Other 0.62% Other Energy 5.00% Producer Durables 11.41% Technology 19.66% Utilities 1.68% RUSSELL 2000 VALUE INDEX [PIE CHART] Autos & Transportation 5.57% Consumer Discretionary 16.69% Consumer Staples 4.19% Financial Services 31.48% Health Care 3.16% Integrated Oils 0.02% Materials & Processing 14.26% Other 1.01% Other Energy 1.49% Producer Durables 8.23% Technology 6.79% Utilities 7.11% 6 2002 iShares Annual Report to Shareholders Small capitalization stocks, as measured by the Russell 2000 Index, endured continued market volatility during the twelve-month period ended March 31, 2002 (the "reporting period"). The iSHARES RUSSELL 2000 INDEX FUND seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell 2000 Index. The Russell 2000 Index returned 13.98% during the reporting period. The iSHARES RUSSELL 2000 GROWTH INDEX FUND and iSHARES RUSSELL 2000 VALUE INDEX FUND seek investment results that correspond generally to the price and yield performance, before fees and expenses, of the growth and value components of the Russell 2000 Index, as measured by the Russell 2000 Growth Index and the Russell 2000 Value Index, respectively. For the reporting period, the Russell 2000 Growth Index returned 4.95%, while the Russell 2000 Value Index returned 23.74%. For the same period, the iShares Russell 2000 Index Fund returned 13.40%; the Growth Fund returned 4.24% and the Value Fund returned 23.05%. The reporting period opened amid the same familiar themes of earnings warnings, layoffs, and weak economic reports. On April 4, 2001, the Nasdaq Composite dipped to 1,638, having lost two-thirds of its value since its high on March 10, 2000. In an effort to stimulate the slowing economy, the Federal Reserve Board (the "Fed"), led an aggressive campaign of lowering short-term interest rates throughout much of the period. Initially, the Fed moves, combined with a proposed tax cut in April and some encouraging economic figures, helped drive the equity markets up: the Nasdaq returned 15% for the month of April alone. However, the optimism was short-lived, and stock prices generally drifted lower over the next few months. On September 11, the terrorist attacks that impacted the emotions of all Americans also rattled an already shaky market. Equity prices fell sharply through the end of September. The fourth quarter delivered a dose of optimism to market-weary investors. Newly-released economic indicators revealed encouraging news: factory orders grew as inventories diminished, housing starts climbed, and consumer spending rebounded. In the first quarter of 2002, more positive news provided encouragement. Fourth quarter 2001 GDP growth, originally estimated at -1.1%, was revised upward in February to 0.2%, and again in March to a robust 1.7%. The unexpected strength led the Fed to leave rates unchanged during the quarter. Also helping to boost markets, the unemployment rate declined during the period, durable goods orders rose, and, in March, consumer confidence jumped a surprising 15%. Continuing their trend, value stocks soundly outperformed growth stocks during the reporting period. During the first half of the reporting period, the global economic slowdown led to lower demand for energy. Although demand increased during the second half, conflict in the Middle East hurt energy company shares. As a result, energy stocks (3.10% of the Russell 2000 Index as of March 31, 2002) declined 14.33% as a group. Thanks to strong consumer spending levels, both consumer staples (3.19% of the Index as of March 31, 2002) and consumer discretionary stocks (18.99% of the Index as of March 31, 2002) performed well, returning 33.51% and 26.12%, respectively. Autos and transportation (3.99% of the Index as of March 31, 2002), which enjoyed a surge in sales in the fourth quarter as a result of zero-percent financing campaigns, rose 29.71% over the period. In terms of individual holdings, four of the Russell 2000 Index's ten largest positions delivered triple-digit returns during the period. Michaels Stores Inc. (0.30% of the Index as of March 31, 2002) took the lead with a 152.53% return. Arvinmeritor Inc. (0.23% of the Index as of March 31, 2002) gained 113.94%, while Ball Corp. (0.31% of the Index as of March 31, 2002) and Owens-Illinois Inc. (0.30% of the Index as of March 31, 2002) climbed 108.02% and 100.00%, respectively. iShares Russell 2000 Index Funds GROWTH OF $10,000 INVESTMENT [LINE GRAPH]
iShares iShares Russell iShares Russell Russell 2000 2000 Growth 2000 Value Russell 2000 Russell 2000 Russell 2000 Index Fund Index Fund Index Fund Index Growth Index Value Index 5/22/00 $10,000 $10,000 6/30/00 $10,977 $10,981 7/24/00 $10,000 $10,000 $10,000 $10,000 9/30/00 $11,054 $ 9,910 $10,452 $11,102 $ 9,914 $10,469 12/31/00 $10,294 $ 7,905 $11,298 $10,335 $ 7,912 $11,318 3/31/01 $ 9,622 $ 6,703 $11,405 $ 9,663 $ 6,709 $11,428 6/30/01 $10,983 $ 7,894 $12,723 $11,043 $ 7,915 $12,757 9/30/01 $ 8,690 $ 5,673 $11,014 $ 8,748 $ 5,692 $11,056 12/31/01 $10,497 $ 7,129 $12,815 $10,592 $ 7,182 $12,904 3/31/02 $10,911 $ 6,987 $14,033 $11,013 $ 7,041 $14,139
Past performance is no guarantee of future results. Managers' Discussion & Analysis 7 Managers' Discussion & Analysis iShares Russell 1000 Index Funds Performance as of 3/31/02
- -------------------------------------------------------------------------------------------------------------------------- Average Annual Total Returns Cumulative Total Returns ---------------------------------------------------------- ---------------------------- Year Ended 3/31/02 Inception to 3/31/02* Inception to 3/31/02* ---------------------------- ---------------------------- ---------------------------- iShares Index Fund NAV Market Index NAV Market Index NAV Market Index - ------------------ -------- -------- -------- -------- -------- -------- -------- -------- -------- Russell 1000 0.68% 0.81% 0.87% (10.73)% (9.37)% (10.58)% (19.21)% (16.80)% (18.96)% Russell 1000 Growth (2.30)% (1.66)% (2.00)% (21.96)% (21.38)% (21.75)% (36.95)% (35.91)% (36.63)% Russell 1000 Value 4.22% 4.64% 4.38% 2.92% 3.68% 3.08% 5.49% 6.91% 5.79% - -------------------------------------------------------------------------------------------------------------------------
* Since inception total return periods are calculated from inception date (05/15/00, 05/22/00 and 05/22/00, respectively) for the NAV and Index returns and from the first day of trading (05/19/00, 05/26/00 and 05/26/00, respectively) for the Market return. Average annual total return represents the average annual change in value of an investment over the periods indicated. Cumulative total return represents the change in value of an investment over the periods indicated. A Fund's per share 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 NAV return is based on the NAV per share of the Fund, and the Market return is based on the market price per share of the Fund. The price used to calculate "market" returns ("Market Price") is the price of the last reported trade for shares of the Fund on any national securities exchange or other major U.S. market. Market Price and NAV may be calculated at different times, and this timing difference is one of the reasons that NAV and market price returns may differ. Further discussion of Market Price and NAV can be found in the Supplemental Information, located elsewhere in this report. Market and NAV returns assume that dividends and capital gains distributions have been reinvested in the Fund at market price and net asset value, respectively. An Index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the Index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund's past performance is no guarantee of future results. Sector Breakout RUSSELL 1000 INDEX [PIE CHART] Autos & Transportation 2.23% Consumer Discretionary 13.10% Consumer Staples 7.28% Financial Services 21.34% Health Care 14.97% Integrated Oils 4.54% Materials & Processing 3.08% Other 4.90% Other Energy 1.74% Producer Durables 3.42% Technology 15.42% Utilities 7.98% RUSSELL 1000 GROWTH INDEX [PIE CHART] Autos & Transportation 0.72% Consumer Discretionary 15.25% Consumer Staples 7.81% Financial Services 10.45% Health Care 25.09% Integrated Oils 0.07% Materials & Processing 0.56% Other 7.58% Other Energy 2.12% Producer Durables 2.79% Technology 25.91% Utilities 1.65% RUSSELL 1000 VALUE INDEX Autos & Transportation 3.64% Consumer Discretionary 11.07% Consumer Staples 6.79% Financial Services 31.64% Health Care 5.40% Integrated Oils 8.77% Materials & Processing 5.46% Other 2.36% Other Energy 1.38% Producer Durables 4.03% Technology 5.50% Utilities 13.96% 8 2002 iShares Annual Report to Shareholders The iShares Russell 1000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell 1000 Index. For the twelve-month period ended March 31, 2002 (the "reporting period"), the Index returned 0.87%. The iShares Russell 1000 Growth Index Fund and iShares Russell 1000 Value Index Fund seek investment results that correspond generally to the price and yield performance, before fees and expenses, of the growth and value components of the Russell 1000 Index, as measured by the Russell 1000 Growth Index and the Russell 1000 Value Index, respectively. During the reporting period, the Russell 1000 Growth Index declined 2.00% and the Russell 1000 Value Index returned 4.38%. For the same period, the iShares Russell 1000 Index Fund returned 0.68%; the Growth Fund was down 2.30% and the Value Fund returned 4.22%. Stock markets struggled through the first half of the reporting period, driven by many of the same familiar themes from previous reporting periods: corporations announced layoffs and missed earnings targets, economic signs weakened, and the Federal Reserve Board (the "Fed") continued its aggressive easing of monetary policy in an attempt to help the economy sidestep a recession. By July, second quarter earnings brought another wave of lower earnings reports from Corporate America. Compounding the bleak outlook, second quarter GDP growth was reported at 0.2%, and by August, unemployment claims had risen to 4.9%. The terrorist attacks on September 11 dealt the frail economy another blow, robbing investors of their confidence in the markets. By the fourth quarter, however, hints of recovery emerged. Economic indicators delivered positive news: inventories declined, factory orders surged, housing starts increased, and consumer confidence rose. Although job losses remained high and GDP growth shrank, many investors found cause to be optimistic about economic recovery. In the first quarter of 2002, those signs strengthened: Thanks to consumer spending and inventory building in the fourth quarter of 2001, GDP growth sharply exceeded analysts' expectations. Faced with renewed economic strength, the Fed left rates unchanged during the first quarter of 2002 and changed its risk assessment to a neutral stance. Additional positive news came during the quarter, in the form of increased durable goods orders and a jump in consumer confidence levels. Continuing the trend that began in 2000, value stocks outperformed growth stocks during the reporting period. Within the Russell 1000 Index, the two sectors that were the most adversely affected were energy (1.74% of the Index as of March 31, 2002) and utilities (7.98% of the Index as of March 31, 2002), which declined 32.83% and 18.06%, respectively. Declining demand for energy in the face of slower global economic growth, combined with conflicts in the Middle East hurt these sectors. Technology (15.42% of the Index as of March 31, 2002) continued to be negatively affected by the flight away from "new economy" growth shares, falling 8.12%. The two strongest performers were materials and processing (3.08% of the Index as of March 31, 2002) and consumer staples (7.28% of the Index as of March 31, 2002), which gained 18.80% and 14.04%, respectively. In terms of individual Russell 1000 Index holdings, Johnson & Johnson (1.87% of the Index as of March 31, 2002) delivered impressive gains, rising 50.46%. Wal-Mart Stores Inc. (1.59% of the Index as of March 31, 2002) gained 22.04%, and Intel Corp. (1.91% of the Index as of March 31, 2002) recovered from early losses to post a 15.88% gain. American International Group Inc. (1.55% of the Index as of March 31, 2002) fell 10.20%. iShares Russell 1000 Index Funds GROWTH OF $10,000 INVESTMENT [LINE GRAPH]
iShares iShares Russell iShares Russell Russell Russell Russell 1000 1000 Growth 1000 Value Russell 1000 Growth 1000 Value Index Fund Index Fund Index Fund 1000 Index Index Index 5/15/00 $10,000 $10,000 5/22/00 $10,000 $10,000 $10,000 $10,000 6/30/00 $10,033 $10,987 $ 9,620 $10,043 $10,983 $ 9,634 9/30/00 $10,100 $10,374 $10,382 $10,115 $10,393 $10,392 12/31/00 $ 9,178 $ 8,159 $10,756 $ 9,189 $ 8,174 $10,766 3/31/01 $ 8,025 $ 6,453 $10,122 $ 8,034 $ 6,466 $10,135 6/30/01 $ 8,527 $ 6,993 $10,612 $ 8,541 $ 7,010 $10,630 9/30/01 $ 7,228 $ 5,634 $ 9,448 $ 7,240 $ 5,649 $ 9,466 12/31/01 $ 8,022 $ 6,475 $10,140 $ 8,045 $ 6,505 $10,164 3/31/02 $ 8,079 $ 6,305 $10,550 $ 8,105 $ 6,337 $10,579
Past performance is no guarantee of future results. Managers' Discussion & Analysis 9 Managers' Discussion & Analysis iShares Russell Midcap Index Funds Performance as of 3/31/02 - ----------------------------------------------------- Total Returns ------------------------- Inception to 3/31/02* ------------------------- iShares Index Fund NAV Market Index ------------------ ------- ------- ------- Midcap 3.08% 4.18% 3.19% Midcap Growth (3.75)% (2.51)% (3.55)% Midcap Value 7.14% 7.99% 7.27% - ------------------------------------------------------ * Since inception total return periods are calculated from inception date (07/17/01, 07/17/01 and 07/17/01, respectively) for the NAV and Index returns and from the first day of trading (07/20/01, 07/20/01 and 07/20/01, respectively) for the Market return. Total return represents the change in value of an investment over the periods indicated. A Fund's per share 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 NAV return is based on the NAV per share of the Fund, and the Market return is based on the market price per share of the Fund. The price used to calculate "market" returns ("Market Price") is the price of the last reported trade for shares of the Fund on any national securities exchange or other major U.S. market. Market Price and NAV may be calculated at different times, and this timing difference is one of the reasons that NAV and market price returns may differ. Further discussion of Market Price and NAV can be found in the Supplemental Information, located elsewhere in this report. Market and NAV returns assume that dividends and capital gains distributions have been reinvested in the Fund at market price and net asset value, respectively. An Index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, the Index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund's past performance is no guarantee of future results. Sector Breakout RUSSELL MIDCAP INDEX [PIE CHART] Autos & Transportation 3.24% Consumer Discretionary 17.87% Consumer Staples 4.07% Financial Services 21.10% Health Care 11.52% Integrated Oils 1.71% Materials & Processing 7.04% Other 2.24% Other Energy 4.04% Producer Durables 6.40% Technology 12.21% Utilities 8.56% RUSSELL MIDCAP GROWTH INDEX [PIE CHART] Autos & Transportation 1.07% Consumer Discretionary 21.53% Consumer Staples 2.26% Financial Services 11.42% Health Care 23.31% Integrated Oils 0.37% Materials & Processing 2.78% Other 0.36% Other Energy 6.25% Producer Durables 6.81% Technology 22.95% Utilities 0.89% RUSSELL MIDCAP VALUE INDEX [PIE CHART] Autos & Transportation 4.44% Consumer Discretionary 15.82% Consumer Staples 5.07% Financial Services 26.50% Health Care 4.95% Integrated Oils 2.46% Materials & Processing 9.42% Other 3.29% Other Energy 2.82% Producer Durables 6.17% Technology 6.23% Utilities 12.83% 10 2002 iShares Annual Report to Shareholders The iShares Russell Midcap Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Russell Midcap Index. From its inception on July 17, 2001 through March 31, 2002 (the "reporting period"), the Index returned 3.19%. The iShares Russell Midcap Growth Index Fund and Ishares Russell Midcap Value Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the growth and value components of the Russell Midcap Index, as measured by the Russell Midcap Growth Index and the Russell Midcap Value Index, respectively. During the reporting period, the Russell Midcap Growth Index declined 3.55% and the Russell Midcap Value Index returned 7.27%. For the same period, the iShares Russell Midcap Index Fund returned 3.08%; the Growth Fund was down 3.75% and the Value Fund returned 7.14%. Volatile markets and signs of a weakening economy dominated the first half of the reporting period. The Federal Reserve Board (the "Fed") continued lowering rates in an effort to revive the slowing economy, ultimately bringing the discount rate to 1.75%. Despite the Fed's actions and the federal government's proposed $1.35 trillion tax cut package, the economy was slow to respond. In May, the first quarter GDP number was revised downward. The summer months brought weak corporate earnings reports, high unemployment claims, and warnings of lower future revenues. When second quarter GDP growth was reported to be a mere 0.2%, many investors' hopes for economic recovery in the second half of the year were dashed. The terrorist attacks on September 11 dealt the frail economy another blow. Despite a 0.50% rate cut before markets reopened and fiscal stimulus provided by the federal government, markets slumped through the end of September. Economic conditions began to appear more positive in the fourth quarter of 2001. Although heavy job losses continued into the fourth quarter and the third quarter GDP figure was revised down to -1.1%, the combined effects of lower interest rates, rising stock prices, and falling oil prices appeared to boost consumer confidence. Leading indicators averaged an increase of 0.5%, with six of the ten indicators reflecting positive numbers. Signs of an improving economy strengthened in the first quarter of 2002. Fourth quarter 2001 GDP growth, originally estimated at -1.1%, was revised upward in February to 0.2%, and again in March to a robust 1.7%. The unexpected strength led the Fed to leave rates unchanged during the quarter. Value stocks strongly outperformed growth stocks during the reporting period, and that was reflected in sector performance of the Russell Midcap Index. The worst performing sector by far was technology (12.21% of the Index as of March 31, 2002), which declined 14.64%. The strongest returns came from energy (4.04% of the Index as of March 31, 2002), which gained 22.54%. Consumer staples (4.07% of the Index as of March 31, 2002), returned 17.60%, and materials and processing (7.04% of the Index as of March 31, 2002) rose 14.05%. All of the Russell Midcap Index's ten largest holdings delivered positive returns for the reporting period. Raytheon Co., the largest holding (0.60% of the Index as of March 31, 2002) gained 60.70%. Guidant Corp. (0.51% of the Index as of March 31, 2002) gained 49.95%, and KLA-Tencor Corp. (0.48% of the Index as of March 31, 2002) returned 35.16%. iShares Russell Midcap Index Funds GROWTH OF $10,000 INVESTMENT
iShares iShares Russell iShares Russell Russell Midcap Midcap Growth Midcap Value Russell Midcap Russell Midcap Russell Midcap Index Fund Index Fund Index Fund Index Growth Index Value Index Jul-01 $ 9,988 $9,978 $ 9,992 $ 9,988 $9,981 $ 9,993 Aug-01 $ 9,602 $9,253 $ 9,807 $ 9,603 $9,257 $ 9,810 Sep-01 $ 8,443 $7,721 $ 8,870 $ 8,445 $7,727 $ 8,874 Oct-01 $ 8,778 $8,530 $ 8,919 $ 8,780 $8,539 $ 8,921 Nov-01 $ 9,511 $9,447 $ 9,540 $ 9,515 $9,459 $ 9,546 Dec-01 $ 9,890 $9,805 $ 9,934 $ 9,898 $9,818 $ 9,942 Jan-02 $ 9,829 $9,483 $10,031 $ 9,839 $9,499 $10,042 Feb-02 $ 9,722 $8,945 $10,191 $ 9,734 $8,961 $10,205 Mar-02 $10,307 $9,625 $10,712 $10,318 $9,644 $10,726
Past performance is no guarantee of future results. Managers' Discussion & Analysis 11 iShares Russell 3000 Index Fund Schedule of Investments March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS - 99.84% - ------------------------------------------------------------------------ General Electric Co. 1,173,081 $ 43,931,883 Exxon Mobil Corp. 807,531 35,394,084 Microsoft Corp./(1)/ 519,044 31,303,544 Citigroup Inc. 607,996 30,107,962 Pfizer Inc. 741,198 29,455,209 Intel Corp. 792,326 24,094,634 Johnson & Johnson 360,532 23,416,553 International Business Machines Corp. 203,372 21,150,688 Wal-Mart Stores Inc. 326,789 20,028,898 American International Group Inc. 271,050 19,553,547 Merck & Co. Inc. 268,553 15,463,282 SBC Communications Inc. 396,818 14,856,866 Cisco Systems Inc./(1)/ 865,981 14,661,058 Verizon Communications Inc. 320,445 14,628,314 Procter & Gamble Co. 153,042 13,787,554 Home Depot Inc. 276,674 13,449,123 Philip Morris Companies Inc. 254,545 13,406,885 Coca-Cola Co. (The) 238,709 12,474,932 Bank of America Corp. 182,294 12,399,638 AOL Time Warner Inc./(1)/ 503,209 11,900,893 ChevronTexaco Corp. 125,981 11,372,305 PepsiCo Inc. 207,803 10,701,855 Wyeth 155,917 10,235,951 Wells Fargo & Co. 200,925 9,925,695 Abbott Laboratories 183,765 9,666,039 Fannie Mae 118,136 9,436,704 Bristol-Myers Squibb Co. 228,452 9,250,021 Lilly (Eli) and Co. 113,297 8,633,231 JP Morgan Chase & Co. 234,546 8,361,565 BellSouth Corp. 221,644 8,169,798 Viacom Inc. "B"/(1)/ 156,578 7,573,678 Morgan Stanley Dean Witter & Co. 130,077 7,454,713 Amgen Inc./(1)/ 123,485 7,369,585 Dell Computer Corp./(1)/ 266,529 6,959,072 Pharmacia Corp. 152,409 6,870,598 Texas Instruments Inc. 204,509 6,769,248 AT&T Corp. 418,293 6,567,200 Medtronic Inc. 142,968 6,463,583 American Express Co. 157,539 6,452,797 Oracle Corp./(1)/ 485,473 6,214,054 Wachovia Corp. 160,721 5,959,535 Bank One Corp. 137,925 5,762,506 Du Pont (E.I.) de Nemours & Co. 118,403 5,582,701 Walt Disney Co. (The) 240,755 5,556,625 Merrill Lynch & Co. Inc. 100,267 5,552,786 Anheuser-Busch Companies Inc. 104,363 5,447,749 Schering-Plough Corp. 172,859 5,410,487 3M Co. 46,301 5,325,078 Applied Materials Inc./(1)/ 96,852 5,256,158 Freddie Mac 81,979 5,195,009 U.S. Bancorp 228,195 5,150,361 Walgreen Co. 120,661 4,728,705 Target Corp. 106,653 4,598,877 Boeing Co. (The) 94,204 4,545,343 FleetBoston Financial Corp. 123,356 4,317,460 Automatic Data Processing Inc. 73,235 4,267,403 Baxter International Inc. 71,560 4,259,251 Gillette Co. (The) 124,634 4,238,802 McDonald's Corp. 151,798 4,212,395 United Technologies Corp. 55,830 4,142,586 Kimberly-Clark Corp. 62,017 4,009,399 General Motors Corp. "A" 65,808 3,978,094 Lowe's Companies Inc. 91,418 3,975,769 Fifth Third Bancorp 58,627 3,956,150 First Data Corp. 45,080 3,933,230 Liberty Media Corp. "A"/(1)/ 306,517 3,874,375 Alcoa Inc. 100,307 3,785,586 Washington Mutual Inc. 114,092 3,779,868 Cardinal Health Inc. 53,092 3,763,692 Motorola Inc. 262,896 3,733,123 Colgate-Palmolive Co. 65,126 3,721,951 Duke Energy Corp. 97,239 3,675,634 Honeywell International Inc. 96,026 3,674,915 Marsh & McLennan Companies Inc. 32,465 3,660,104 Bank of New York Co. Inc. (The) 86,993 3,655,446 Comcast Corp. "A"/(1)/ 111,543 3,547,067 Ford Motor Company 213,703 3,523,962 Dow Chemical Co. (The) 106,472 3,483,764 QUALCOMM Inc./(1)/ 90,608 3,410,485 Sun Microsystems Inc./(1)/ 383,703 3,384,260 Hewlett-Packard Co. 186,438 3,344,698 Electronic Data Systems Corp. 56,385 3,269,766 MBNA Corp. 84,534 3,260,476 Allstate Corp. (The) 84,225 3,181,178 EMC Corp./(1)/ 261,718 3,119,679 Household International Inc. 54,093 3,072,482 12 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Phillips Petroleum Co. 48,337 $ 3,035,564 Clear Channel Communications Inc./(1)/ 57,744 2,968,619 Emerson Electric Co. 49,631 2,848,323 UnitedHealth Group Inc. 36,777 2,810,498 El Paso Corp. 62,397 2,747,340 HCA Inc. 60,829 2,681,342 Tenet Healthcare Corp./(1)/ 38,425 2,575,244 Safeway Inc./(1)/ 55,640 2,504,913 Lockheed Martin Corp. 42,895 2,469,894 International Paper Co. 56,954 2,449,592 Kohls Corp./(1)/ 33,800 2,404,870 Gannett Co. Inc. 31,234 2,376,907 WorldCom Corp./(1)/ 349,568 2,356,088 Sysco Corp. 78,599 2,343,822 AT&T Wireless Services Inc./(1)/ 258,307 2,311,848 Caterpillar Inc. 40,528 2,304,017 Goldman Sachs Group Inc. (The) 25,277 2,281,249 General Dynamics Corp. 23,803 2,236,292 National City Corp. 71,737 2,206,630 Southern Co. 82,090 2,174,564 Cendant Corp./(1)/ 112,977 2,169,158 Conoco Inc. 73,983 2,158,824 BB&T Corp. 56,072 2,136,904 State Street Corp. 38,397 2,126,426 Costco Wholesale Corp./(1)/ 53,395 2,126,189 Micron Technology Inc./(1)/ 64,103 2,108,989 General Mills Inc. 43,125 2,106,656 Compaq Computer Corp. 201,338 2,103,982 Kroger Co./(1)/ 94,533 2,094,851 Omnicom Group Inc. 21,994 2,076,234 Veritas Software Corp./(1)/ 47,333 2,074,605 Mellon Financial Corp. 53,688 2,071,820 PNC Financial Services Group (The) 33,560 2,063,604 FedEx Corp./(1)/ 35,271 2,049,245 Alltel Corp. 36,677 2,037,407 Waste Management Inc. 74,147 2,020,506 Dominion Resources Inc. 30,996 2,019,699 Maxim Integrated Products Inc./(1)/ 36,130 2,012,802 Exelon Corp. 37,874 2,006,186 Concord EFS Inc./(1)/ 59,985 1,994,501 Illinois Tool Works Inc. 27,500 1,989,625 Harley-Davidson Inc. 35,757 1,971,283 SunTrust Banks Inc. 29,474 1,966,800 Hartford Financial Services Group Inc. 28,766 1,959,540 Sara Lee Corp. 92,809 1,926,715 Agilent Technologies Inc./(1)/ 54,741 1,913,745 Lucent Technologies Inc./(1)/ 404,366 1,912,651 Lehman Brothers Holdings Inc. 28,534 1,844,438 Analog Devices Inc./(1)/ 40,951 1,844,433 Raytheon Co. 44,767 1,837,685 Union Pacific Corp. 29,347 1,823,623 AFLAC Inc. 61,675 1,819,412 USA Education Inc. 18,559 1,815,070 Sears, Roebuck and Co. 34,273 1,757,177 American Electric Power Co. Inc. 38,094 1,755,752 Southwest Airlines Co. 90,562 1,752,375 CIGNA Corp. 17,095 1,733,262 Forest Laboratories Inc. "A"/(1)/ 21,059 1,720,520 Heinz (H.J.) Co. 41,369 1,716,813 TXU Corp. 31,355 1,709,161 General Motors Corp. "H"/(1)/ 103,602 1,704,253 Schwab (Charles) Corp. (The) 127,186 1,664,865 Linear Technology Corp. 37,525 1,659,355 Anadarko Petroleum Corp. 29,385 1,658,489 United Parcel Service Inc. 26,892 1,635,034 Capital One Financial Corp. 25,586 1,633,666 Weyerhaeuser Co. 25,595 1,608,902 Albertson's Inc. 47,975 1,589,891 CVS Corp. 46,174 1,585,153 Guidant Corp./(1)/ 36,019 1,560,343 McGraw-Hill Companies Inc. (The) 22,842 1,558,967 Best Buy Co. Inc./(1)/ 19,645 1,555,884 ConAgra Foods Inc. 63,475 1,539,269 Interpublic Group of Companies Inc. 44,644 1,530,396 Baker Hughes Inc. 39,661 1,517,033 Xilinx Inc./(1)/ 37,641 1,500,370 Paychex Inc. 37,602 1,492,799 Masco Corp. 54,237 1,488,806 KLA-Tencor Corp./(1)/ 22,098 1,469,517 Equity Office Properties Trust 48,965 1,468,460 Chubb Corp. 20,068 1,466,971 Siebel Systems Inc./(1)/ 44,418 1,448,471 Avon Products Inc. 26,391 1,433,559 Northrop Grumman Corp. 12,603 1,424,769 Sprint Corp. (FON Group) 92,486 1,414,111 Schedules of Investments 13 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Northern Trust Corp. 23,272 $ 1,398,880 Air Products & Chemicals Inc. 26,884 1,388,559 Burlington Northern Santa Fe Corp. 45,434 1,371,198 Hancock (John) Financial Services Inc. 35,321 1,348,909 KeyCorp 50,037 1,333,486 Williams Companies Inc. 56,218 1,324,496 Comerica Inc. 21,065 1,318,037 Qwest Communications International Inc. 159,603 1,311,937 Genentech Inc./(1)/ 25,967 1,310,035 Progress Energy Inc. 25,801 1,291,082 TJX Companies Inc. 32,266 1,290,963 Occidental Petroleum Corp. 44,184 1,287,964 Deere & Co. 28,069 1,278,543 McKesson Corp. 33,986 1,272,096 FPL Group Inc. 20,828 1,240,307 Progressive Corp. (The) 7,395 1,232,155 Pitney Bowes Inc. 28,777 1,231,656 May Department Stores Co. (The) 34,579 1,205,078 FirstEnergy Corp. 34,705 1,200,099 Computer Associates International Inc. 54,071 1,183,614 Bed Bath & Beyond Inc./(1)/ 34,322 1,158,367 MedImmune Inc./(1)/ 29,264 1,150,953 Becton Dickinson & Co. 30,509 1,150,799 Immunex Corp./(1)/ 37,782 1,143,283 Praxair Inc. 19,017 1,137,217 Lincoln National Corp. 22,385 1,135,591 Adobe Systems Inc. 28,006 1,128,362 PeopleSoft Inc./(1)/ 30,871 1,127,718 Public Service Enterprise Group Inc. 24,544 1,124,115 St. Paul Companies Inc. 24,475 1,122,179 Unocal Corp. 28,806 1,121,994 PPG Industries Inc. 19,962 1,096,113 Norfolk Southern Corp. 45,727 1,094,704 MetLife Inc. 34,642 1,091,223 SunGard Data Systems Inc./(1)/ 33,039 1,089,296 Staples Inc./(1)/ 54,544 1,089,244 Gap Inc. (The) 72,314 1,087,603 Xcel Energy Inc. 42,872 1,086,805 WellPoint Health Networks Inc./(1)/ 17,028 1,084,173 PG&E Corp./(1)/ 45,727 1,077,328 SouthTrust Corp. 40,554 1,070,626 Eastman Kodak Co. 34,345 1,070,534 Mattel Inc. 50,881 1,060,360 Delphi Automotive Systems Corp. 66,243 1,059,226 Newmont Mining Corp. 38,219 1,058,284 Consolidated Edison Inc. 25,115 1,052,570 Marathon Oil Corp. 36,519 1,051,747 Starbucks Corp./(1)/ 45,197 1,045,407 Fiserv Inc./(1)/ 22,470 1,033,395 Genzyme Corp. - General Division/(1)/ 23,559 1,028,822 Tribune Co. 22,349 1,015,986 TRICON Global Restaurants Inc./(1)/ 17,236 1,013,132 Marriott International Inc. "A" 22,432 1,008,318 Allergan Inc. 15,487 1,001,235 Entergy Corp. 22,803 989,878 Apple Computer Inc./(1)/ 41,800 989,406 Dover Corp. 23,947 981,827 Wrigley (William Jr.) Co. 18,402 981,011 Computer Sciences Corp./(1)/ 19,210 974,907 Burlington Resources Inc. 24,187 969,657 AON Corp. 27,698 969,430 Block (H & R) Inc. 21,594 959,853 CSX Corp. 25,183 959,724 Newell Rubbermaid Inc. 30,013 959,215 Stryker Corp./(1)/ 15,895 958,945 MBIA Inc. 17,497 956,911 Kellogg Co. 28,496 956,611 eBay Inc./(1)/ 16,869 955,460 Golden West Financial Corp. 15,006 952,881 Archer-Daniels-Midland Co. 68,031 947,672 AmSouth Bancorp 43,058 946,415 Boston Scientific Corp./(1)/ 37,361 937,387 Altera Corp./(1)/ 42,857 937,283 Loews Corp. 15,889 930,778 Regions Financial Corp. 27,026 928,343 Apache Corp. 16,231 923,219 Equity Residential Properties Trust 32,039 920,801 Xerox Corp./(1)/ 85,162 915,492 Johnson Controls Inc. 10,348 913,832 Electronic Arts Inc./(1)/ 14,982 910,906 Limited Inc. (The) 50,769 908,765 Dynegy Inc. "A" 31,084 901,436 Jefferson-Pilot Corp. 17,778 890,322 14 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Synovus Financial Corp. 29,107 $ 887,181 Starwood Hotels & Resorts Worldwide Inc. 23,364 878,720 Lexmark International Inc. "A"/(1)/ 15,343 877,313 DTE Energy Co. 19,227 874,828 Clorox Co. 20,050 874,781 Novellus Systems Inc./(1)/ 16,051 869,001 Fortune Brands Inc. 17,554 866,641 Halliburton Co. 50,699 865,432 Federated Department Stores Inc./(1)/ 21,166 864,631 Biomet Inc. 31,877 862,592 Biogen Inc./(1)/ 17,521 859,580 New York Times Co. "A" 17,870 855,258 Corning Inc. 111,800 851,916 Teradyne Inc./(1)/ 21,580 850,899 Cox Communications Inc. "A"/(1)/ 22,570 849,535 IDEC Pharmaceuticals Corp./(1)/ 13,181 847,538 Franklin Resources Inc. 20,157 844,981 JDS Uniphase Corp./(1)/ 142,245 837,823 Univision Communications Inc./(1)/ 19,842 833,364 Charter One Financial Inc. 26,577 829,734 Danaher Corp. 11,565 821,346 Gilead Sciences Inc./(1)/ 22,792 820,284 Georgia-Pacific Corp. 27,175 813,891 Broadcom Corp. "A"/(1)/ 22,593 811,089 AmerisourceBergen Corp. 11,764 803,481 Reliant Energy Inc. 31,055 800,908 St. Jude Medical Inc./(1)/ 10,277 792,871 Intuit Inc./(1)/ 20,646 791,981 Sprint Corp. (PCS Group)/(1)/ 76,661 788,842 IMS Health Inc. 34,880 783,056 Marshall & Ilsley Corp. 12,547 780,925 King Pharmaceuticals Inc./(1)/ 22,298 780,653 MeadWestvaco Corp. 23,505 779,191 Zimmer Holdings Inc./(1)/ 22,883 779,166 Rohm & Haas Co. "A" 18,349 775,612 M&T Bank Corp. 9,644 775,088 Union Planters Corp. 16,198 767,623 UST Inc. 19,597 762,911 Moody's Corp. 18,500 760,350 MGIC Investment Corp. 11,111 760,326 Genuine Parts Co. 20,488 753,344 Hershey Foods Corp. 10,989 753,186 Yahoo! Inc./(1)/ 40,603 749,937 VeriSign Inc./(1)/ 27,626 745,902 Kerr-McGee Corp. 11,839 744,081 Sabre Holdings Corp./(1)/ 15,834 739,606 R.J. Reynolds Tobacco Holdings Inc. 11,347 734,718 Millennium Pharmaceuticals Inc./(1)/ 32,740 730,423 Devon Energy Corp. 15,102 728,974 Textron Inc. 14,139 722,503 Office Depot Inc./(1)/ 36,220 718,967 EchoStar Communications Corp./(1)/ 25,310 716,779 Sanmina-SCI Corp./(1)/ 60,611 712,179 UNUMProvident Corp. 25,397 709,338 National Semiconductor Corp./(1)/ 21,007 707,726 Avery Dennison Corp. 11,523 703,249 Cincinnati Financial Corp. 16,104 703,101 Brocade Communications Systems Inc./(1)/ 25,979 701,433 Ameren Corp. 16,405 701,314 Network Appliance Inc./(1)/ 34,388 700,827 LSI Logic Corp./(1)/ 40,972 696,524 Symantec Corp./(1)/ 16,872 695,295 Campbell Soup Co. 25,927 694,844 Quest Diagnostics Inc./(1)/ 8,324 689,643 Ecolab Inc. 15,084 689,640 Parker Hannifin Corp. 13,812 689,219 PPL Corp. 17,346 687,075 Mirant Corp./(1)/ 47,445 685,580 Knight Ridder Inc. 9,937 682,573 Cinergy Corp. 19,080 682,110 North Fork Bancorp Inc. 19,148 680,903 Cintas Corp. 13,619 679,043 Solectron Corp./(1)/ 86,270 672,906 National Commerce Financial Corp. 24,019 667,728 Eaton Corp. 8,221 665,737 Aetna Inc. 17,131 665,025 HEALTHSOUTH Corp./(1)/ 46,322 664,721 Microchip Technology Inc./(1)/ 15,773 659,785 AutoZone Inc./(1)/ 9,572 659,032 Cadence Design Systems Inc./(1)/ 28,919 653,859 International Game Technology/(1)/ 10,443 650,808 Countrywide Credit Industries Inc. 14,520 649,770 Noble Drilling Corp./(1)/ 15,610 646,098 Schedules of Investments 15 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Penney (J.C.) Co. Inc. (The) 31,197 $ 646,090 Amerada Hess Corp. 8,132 645,356 Edison International/(1)/ 38,480 644,540 Zions Bancorporation 10,844 642,724 Stilwell Financial Inc. 26,155 640,536 BJ Services Co./(1)/ 18,518 638,315 RadioShack Corp. 21,218 637,389 TRW Inc. 12,289 632,515 Ambac Financial Group Inc. 10,692 631,576 SPX Corp./(1)/ 4,414 624,934 Nabors Industries Inc./(1)/ 14,681 620,272 Valero Energy Corp. 12,517 619,842 Weatherford International Inc./(1)/ 12,958 617,190 Sempra Energy 24,417 614,088 Allegheny Energy Inc. 14,821 612,848 Tiffany & Co. 17,097 607,798 Affiliated Computer Services Inc. "A"/(1)/ 10,806 606,541 Convergys Corp./(1)/ 20,321 600,892 KeySpan Corp. 16,470 599,343 Torchmark Corp. 14,838 597,823 Constellation Energy Group Inc. 19,316 595,899 Health Management Associates Inc. "A"/(1)/ 28,670 594,329 Nucor Corp. 9,210 591,650 Advanced Micro Devices Inc./(1)/ 40,176 590,989 Family Dollar Stores Inc. 17,626 590,647 Harrah's Entertainment Inc./(1)/ 13,320 589,543 Bear Stearns Companies Inc. (The) 9,382 588,720 Huntington Bancshares Inc. 29,744 585,957 Plum Creek Timber Co. Inc. 19,423 577,057 ITT Industries Inc. 9,136 575,933 Leggett & Platt Inc. 23,154 574,219 Molex Inc. 16,487 571,604 CenturyTel Inc. 16,642 565,828 NiSource Inc. 24,562 563,698 Applera Corp. - Applied Biosystems Group 25,208 563,399 Darden Restaurants Inc. 13,837 561,644 Hilton Hotels Corp. 39,173 560,174 PACCAR Inc. 7,589 555,591 Apollo Group Inc. "A"/(1)/ 10,273 550,119 Laboratory Corp. of America Holdings/(1)/ 5,681 544,581 NVIDIA Corp./(1)/ 12,227 542,390 QLogic Corp./(1)/ 10,923 540,907 Robert Half International Inc./(1)/ 18,269 539,301 Pepsi Bottling Group Inc. 20,758 537,009 Express Scripts Inc. "A"/(1)/ 9,310 536,163 Telephone & Data Systems Inc. 6,010 530,383 Nike Inc. "B" 8,811 528,748 BMC Software Inc./(1)/ 27,177 528,593 Vulcan Materials Co. 11,102 527,789 First Tennessee National Corp. 14,959 524,313 Caremark Rx Inc./(1)/ 26,794 522,483 Archstone-Smith Trust 19,495 522,271 Dollar General Corp. 31,764 517,118 Kinder Morgan Inc. 10,568 511,808 Compuware Corp./(1)/ 39,586 511,055 Equifax Inc. 17,081 510,722 Tellabs Inc./(1)/ 48,408 506,832 Whirlpool Corp. 6,665 503,541 BEA Systems Inc./(1)/ 36,589 501,635 EOG Resources Inc. 12,359 501,281 American Standard Companies Inc./(1)/ 7,005 495,604 Grainger (W.W.) Inc. 8,751 492,069 Simon Property Group Inc. 15,041 490,788 ServiceMaster Co. (The) 35,600 489,500 Atmel Corp./(1)/ 47,985 486,568 T. Rowe Price Group Inc. 12,491 486,275 NCR Corp./(1)/ 10,811 483,792 SAFECO Corp. 15,058 482,458 Coca-Cola Enterprises Inc. 25,672 482,120 AMR Corp./(1)/ 18,240 481,718 ENSCO International Inc. 15,890 478,925 Unisys Corp./(1)/ 37,873 478,336 TCF Financial Corp. 9,055 476,384 Delta Air Lines Inc. 14,516 474,964 Engelhard Corp. 15,300 474,759 Banknorth Group Inc. 17,930 472,455 Popular Inc. 16,142 471,669 Chiron Corp./(1)/ 10,277 471,612 TECO Energy Inc. 16,469 471,507 Radian Group Inc. 9,574 469,892 Compass Bancshares Inc. 15,204 469,347 Rockwell Collins Inc. 18,484 466,166 16 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Jones Apparel Group Inc./(1)/ 13,277 $ 464,031 BISYS Group Inc. (The)/(1)/ 13,158 463,819 Sealed Air Corp./(1)/ 9,846 463,550 Calpine Corp./(1)/ 36,044 457,759 AES Corp. (The)/(1)/ 50,539 454,851 Pinnacle West Capital Corp. 9,986 452,865 Old Republic International Corp. 14,035 448,699 USA Networks Inc./(1)/ 14,100 447,957 Eastman Chemical Co. 9,129 445,404 Lam Research Corp./(1)/ 15,036 440,856 VF Corp. 10,187 440,588 Black & Decker Corp. 9,458 440,175 Stanley Works (The) 9,510 439,838 Sherwin-Williams Co. (The) 15,424 439,276 Mylan Laboratories Inc. 14,906 439,131 GreenPoint Financial Corp. 10,026 438,136 Cooper Industries Inc. 10,399 436,238 Thermo Electron Corp./(1)/ 20,990 435,123 Oxford Health Plans Inc./(1)/ 10,393 434,323 Waters Corp./(1)/ 15,481 433,004 Goodyear Tire & Rubber Co. (The) 16,690 426,763 ChoicePoint Inc./(1)/ 7,395 425,952 Scientific-Atlanta Inc. 18,428 425,687 Jabil Circuit Inc./(1)/ 18,067 425,117 McCormick & Co. Inc. 8,226 420,595 Toys R Us Inc./(1)/ 23,290 418,288 Circuit City Stores Inc. - Circuit City Group 23,176 418,095 Estee Lauder Companies Inc. "A" 12,188 416,342 Edwards (A.G.) Inc. 9,409 413,808 Aquila Inc. 16,568 411,549 AutoNation Inc./(1)/ 29,564 411,531 Integrated Device Technology Inc./(1)/ 12,327 409,749 Sovereign Bancorp Inc. 29,149 409,543 Murphy Oil Corp. 4,242 407,232 Fox Entertainment Group Inc. "A"/(1)/ 17,219 407,229 Sigma-Aldrich Corp. 8,667 407,002 Legg Mason Inc. 7,607 403,780 American Water Works Co. Inc. 9,210 403,398 Maytag Corp. 9,073 401,480 Network Associates Inc./(1)/ 16,581 401,260 Ocean Energy Inc. 20,216 400,075 PMI Group Inc. (The) 5,280 400,013 Duke Realty Corp. 15,381 399,906 Smith International Inc./(1)/ 5,871 397,760 Synopsys Inc./(1)/ 7,182 396,159 Public Storage Inc. 10,672 394,971 Phelps Dodge Corp. 9,336 393,046 DST Systems Inc./(1)/ 7,852 391,030 Donnelley (R.R.) & Sons Co. 12,439 386,853 Fluor Corp. 9,471 386,322 Dean Foods Co./(1)/ 5,088 385,263 SUPERVALU Inc. 14,897 384,343 Vornado Realty Trust 8,690 383,750 BJ's Wholesale Club Inc./(1)/ 8,565 382,855 Citrix Systems Inc./(1)/ 22,113 382,113 DPL Inc. 14,940 381,717 ADC Telecommunications Inc./(1)/ 93,781 381,689 Apartment Investment & Management Co. "A" 7,827 378,592 SCANA Corp. 12,368 378,461 Juniper Networks Inc./(1)/ 29,975 378,284 Avnet Inc. 13,970 378,028 Dollar Tree Stores Inc./(1)/ 11,500 377,315 Centex Corp. 7,258 376,908 Pactiv Corp./(1)/ 18,755 375,475 Dana Corp. 17,478 375,253 Brinker International Inc./(1)/ 11,564 374,789 Republic Services Inc. "A"/(1)/ 20,002 373,637 Ashland Inc. 8,176 372,090 Rockwell International Corp. 18,470 370,508 D&B/(1)/ 9,236 369,532 AvalonBay Communities Inc. 7,415 369,267 Mohawk Industries Inc./(1)/ 6,145 369,253 Cytyc Corp./(1)/ 13,687 368,454 Deluxe Corp. 7,891 365,038 Conexant Systems Inc./(1)/ 30,216 364,103 Rational Software Corp./(1)/ 22,971 363,631 Mercantile Bankshares Corp. 8,271 357,803 Hibernia Corp. "A" 18,721 357,571 Ross Stores Inc. 9,451 357,531 Citizens Communications Co./(1)/ 33,142 356,276 CMS Energy Corp. 15,681 354,861 Diebold Inc. 8,690 354,031 Cablevision Systems Corp./(1)/ 10,404 353,736 Liz Claiborne Inc. 12,458 353,309 SEI Investment Co. 8,236 352,583 Sunoco Inc. 8,795 351,888 Schedules of Investments 17 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Wendy's International Inc. 10,033 $ 350,954 CIENA Corp./(1)/ 38,876 349,884 Smurfit-Stone Container Corp./(1)/ 20,386 349,416 Goodrich Co. 11,043 349,401 Manpower Inc. 8,953 348,093 Prologis Trust 14,774 344,973 Intersil Corp. "A"/(1)/ 12,154 344,566 Amkor Technology Inc./(1)/ 15,434 344,333 Nextel Communications Inc. "A"/(1)/ 63,851 343,518 Commerce Bancshares Inc. 7,748 342,617 AmeriCredit Corp./(1)/ 8,994 341,682 Watson Pharmaceuticals Inc./(1)/ 12,597 341,253 Lear Corp./(1)/ 7,158 340,721 International Rectifier Corp./(1)/ 7,483 339,803 Expeditors International Washington Inc. 5,563 339,343 Vishay Intertechnology Inc./(1)/ 16,670 339,068 Beckman Coulter Inc. 6,634 338,798 Cephalon Inc./(1)/ 5,361 337,743 Park Place Entertainment Corp./(1)/ 31,968 337,262 Gemstar-TV Guide International Inc./(1)/ 22,770 336,768 Fairchild Semiconductor International Corp. "A"/(1)/ 11,770 336,622 Abercrombie & Fitch Co. "A"/(1)/ 10,917 336,244 Ceridian Corp./(1)/ 15,176 334,631 Bard (C.R.) Inc. 5,658 334,105 TMP Worldwide Inc./(1)/ 9,692 334,083 Northeast Utilities 16,763 333,081 Boston Properties Inc. 8,441 332,997 Human Genome Sciences Inc./(1)/ 15,143 329,966 E*TRADE Group Inc./(1)/ 35,026 329,945 Tyson Foods Inc. "A" 26,415 329,659 Gallagher (Arthur J.) & Co. 10,045 329,175 International Flavors & Fragrances Inc. 9,405 328,893 Arrow Electronics Inc./(1)/ 11,747 328,564 Kimco Realty Corp. 10,039 328,275 AdvancePCS/(1)/ 10,887 327,590 Hillenbrand Industries Inc. 5,301 326,701 Wisconsin Energy Corp. 13,103 326,003 Varian Medical Systems Inc./(1)/ 7,958 325,482 Hispanic Broadcasting Corp./(1)/ 11,167 325,183 Host Marriott Corp. 27,173 324,717 Lennar Corp. 6,143 324,105 Sonoco Products Co. 11,268 322,377 Brown-Forman Corp. "B" 4,430 322,327 Bemis Co. 5,924 321,969 Certegy Inc./(1)/ 8,097 321,451 Mercury Interactive Corp./(1)/ 8,528 321,079 Allied Capital Corp. 11,672 320,980 Smithfield Foods Inc./(1)/ 12,290 320,769 Amazon.com Inc./(1)/ 22,413 320,506 Valley National Bancorp 9,124 320,435 D.R. Horton Inc. 8,492 320,148 PMC-Sierra Inc./(1)/ 19,505 317,541 Dow Jones & Co. Inc. 5,440 316,717 Emulex Corp./(1)/ 9,604 316,260 Trigon Healthcare Inc./(1)/ 4,282 316,097 General Growth Properties Inc. 7,127 315,013 Temple-Inland Inc. 5,532 313,775 Navistar International Corp. 7,053 312,448 Westwood One Inc./(1)/ 8,136 312,016 Apogent Technologies Inc./(1)/ 12,522 309,043 ICN Pharmaceuticals Inc. 9,712 308,356 Cooper Cameron Corp./(1)/ 6,020 307,682 Ball Corp. 6,488 306,363 First Virginia Banks Inc. 5,695 305,423 Bowater Inc. 6,124 304,975 DENTSPLY International Inc. 8,209 304,226 Nordstrom Inc. 12,382 303,359 Federated Investors Inc. "B" 9,364 302,925 Cypress Semiconductor Corp./(1)/ 13,163 302,749 Autodesk Inc. 6,479 302,505 Symbol Technologies Inc. 26,904 302,401 Neuberger Berman Inc. 6,453 302,323 Commerce Bancorp Inc. 6,702 300,920 Investment Technology Group Inc./(1)/ 5,694 300,302 Lincare Holdings Inc./(1)/ 11,017 298,781 L-3 Communications Holdings Inc./(1)/ 2,663 298,256 Energy East Corp. 13,709 298,171 Astoria Financial Corp. 10,248 297,704 iStar Financial Inc. 10,277 297,005 Health Net Inc./(1)/ 10,799 296,325 Outback Steakhouse Inc./(1)/ 8,276 296,033 Owens-Illinois Inc./(1)/ 17,408 295,936 Scripps (E.W.) Co. 3,592 294,975 18 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Associated Banc-Corp 7,749 $ 294,694 IVAX Corp./(1)/ 18,278 293,362 Triad Hospitals Inc./(1)/ 8,531 293,296 ALLETE Inc. 10,016 291,365 Michaels Stores Inc./(1)/ 7,700 291,060 Investors Financial Services Corp. 3,791 288,306 American Power Conversion Corp./(1)/ 19,448 287,441 NSTAR 6,326 286,821 RF Micro Devices Inc./(1)/ 15,881 284,270 Brunswick Corp. 10,402 284,183 Manor Care Inc./(1)/ 12,196 284,167 Bausch & Lomb Inc. 6,360 283,465 Allmerica Financial Corp. 6,309 283,274 Tidewater Inc. 6,686 283,152 Polycom Inc./(1)/ 11,510 283,146 Alliant Energy Corp. 9,355 282,708 Lamar Advertising Co./(1)/ 6,946 282,147 Harris Corp. 7,838 281,463 Autoliv Inc. 11,533 279,560 Tech Data Corp./(1)/ 6,091 279,516 Potomac Electric Power Co. 11,938 278,752 XTO Energy Inc. 13,892 278,535 Liberty Property Trust 8,634 278,446 Comverse Technology Inc./(1)/ 21,963 278,271 Viad Corp. 9,926 277,928 MGM Mirage/(1)/ 7,667 277,775 Pioneer Natural Resources Co./(1)/ 12,380 275,950 Agere Systems Inc./(1)/ 70,900 275,801 Pall Corp. 13,357 273,685 Eaton Vance Corp. 6,844 273,418 Valspar Corp. (The) 5,802 273,042 UnionBanCal Corp. 6,197 272,792 Cabot Corp. 7,402 272,764 Palm Inc./(1)/ 68,116 271,783 Humana Inc./(1)/ 20,059 271,398 Fidelity National Financial Inc. 10,213 269,317 Semtech Corp./(1)/ 7,364 268,786 Foot Locker Inc./(1)/ 16,606 268,685 Whole Foods Market Inc./(1)/ 5,880 268,657 Applied Micro Circuits Corp./(1)/ 33,564 268,512 CDW Computer Centers Inc./(1)/ 5,319 267,758 KPMG Consulting Inc./(1)/ 13,255 267,751 ICOS Corp./(1)/ 5,791 266,328 Hasbro Inc. 16,794 265,681 Coach Inc./(1)/ 5,238 265,619 Equitable Resources Inc. 7,610 264,904 Pulte Homes Inc. 5,530 264,611 New York Community Bancorp Inc. 9,561 264,362 Readers Digest Association Inc. (The) "A" 11,791 264,236 Storage Technology Corp./(1)/ 12,322 264,184 FirstMerit Corp. 9,174 264,119 Andrx Group/(1)/ 6,957 263,949 Noble Affiliates Inc. 6,749 263,616 Gentex Corp./(1)/ 8,877 263,026 Conectiv 10,564 262,938 Alliant Techsystems Inc./(1)/ 2,566 261,706 CH Robinson Worldwide Inc. 7,702 258,787 Waddell & Reed Financial Inc. "A" 8,449 257,526 Golden State Bancorp Inc. 8,664 257,234 Fastenal Co. 3,408 256,691 Energizer Holdings Inc./(1)/ 10,797 256,429 Rowan Companies Inc./(1)/ 11,116 256,113 PerkinElmer Inc. 13,820 255,670 Visteon Corp. 15,411 255,052 Washington Post Company (The) "B" 420 254,953 Providian Financial Corp. 33,704 254,465 3Com Corp./(1)/ 41,581 254,060 Patterson Dental Co./(1)/ 5,809 254,028 DaVita Inc./(1)/ 10,018 253,455 Hospitality Properties Trust 7,374 253,149 Omnicare Inc. 9,773 253,023 MDU Resources Group Inc. 8,160 252,960 Health Care Property Investors Inc. 6,226 252,464 First Health Group Corp./(1)/ 10,446 252,062 Avaya Inc./(1)/ 34,050 251,289 Millipore Corp. 5,668 250,752 Pride International Inc./(1)/ 15,735 250,187 Fulton Financial Corp. 9,802 245,442 Valassis Communications Inc./(1)/ 6,348 245,223 Vertex Pharmaceuticals Inc./(1)/ 8,760 244,054 Martin Marietta Materials Inc. 5,776 243,863 Tektronix Inc./(1)/ 10,289 243,438 Hormel Foods Corp. 8,875 242,731 Williams-Sonoma Inc./(1)/ 5,252 241,539 Schedules of Investments 19 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- National-Oilwell Inc./(1)/ 9,517 $ 241,066 Nicor Inc. 5,270 240,049 Helmerich & Payne Inc. 5,974 239,498 City National Corp. 4,535 238,586 Alberto-Culver Co. "B" 4,390 237,060 Patterson-UTI Energy Inc./(1)/ 7,934 235,957 OM Group Inc. 3,249 234,903 Snap-On Inc. 6,852 233,311 Amphenol Corp. "A"/(1)/ 4,958 232,034 Pentair Inc. 5,142 231,236 Vitesse Semiconductor Corp./(1)/ 23,580 231,084 Protective Life Corp. 7,392 230,483 Questar Corp. 8,949 230,079 Wilmington Trust Corp. 3,405 229,191 Quintiles Transnational Corp./(1)/ 12,885 228,709 Borders Group Inc./(1)/ 9,551 228,364 National Fuel Gas Co. 9,362 227,965 MONY Group Inc. (The) 5,650 227,808 Pacific Century Financial Corp. 8,735 227,634 Universal Health Services Inc. "B"/(1)/ 5,498 226,793 AMB Property Corp. 8,243 226,682 NVR Inc./(1)/ 717 226,214 Pier 1 Imports Inc. 10,966 225,790 Catellus Development Corp./(1)/ 11,414 224,513 ArvinMeritor Inc. 7,830 223,546 Enzon Inc./(1)/ 5,028 222,690 OGE Energy Corp. 9,287 222,609 New Plan Excel Realty Trust 11,089 222,334 Edwards (J.D.) & Co./(1)/ 12,276 221,459 Unitrin Inc. 5,498 221,020 Constellation Brands Inc./(1)/ 4,018 220,829 Security Capital Group Inc. "B"/(1)/ 8,669 220,799 Celgene Corp./(1)/ 8,911 220,547 Webster Financial Corp. 5,890 220,463 Teleflex Inc. 4,011 219,281 Furniture Brands International Inc./(1)/ 5,964 217,388 Precision Castparts Corp. 6,111 216,391 Cullen/Frost Bankers Inc. 6,032 216,368 Belo Corp. 9,284 215,853 CarrAmerica Realty Corp. 6,871 215,818 Roslyn Bancorp Inc. 10,425 215,798 Continental Airlines Inc. "B"/(1)/ 7,593 215,034 Sky Financial Group Inc. 9,620 214,141 Invitrogen Corp./(1)/ 6,231 213,848 KB HOME 4,909 213,051 Puget Energy Inc. 10,204 212,141 Herman Miller Inc. 8,897 211,571 Rouse Co. (The) 6,809 210,943 Mandalay Resort Group/(1)/ 6,850 210,295 Boise Cascade Corp. 5,772 209,177 Lubrizol Corp. 6,009 209,053 Sybase Inc./(1)/ 11,954 208,836 Iron Mountain Inc./(1)/ 6,571 208,432 Lyondell Chemical Co. 12,536 208,223 Allied Waste Industries Inc./(1)/ 16,011 208,143 Advent Software Inc./(1)/ 3,498 206,942 Vectren Corp. 8,047 206,727 Transatlantic Holdings Inc. 2,512 206,285 WebMD Corp./(1)/ 26,860 206,285 Crescent Real Estate Equities Co. 10,563 204,922 Colonial BancGroup Inc. (The) 13,700 204,404 DeVry Inc./(1)/ 6,774 204,101 Greater Bay Bancorp 5,924 202,127 Pennzoil-Quaker State Co. 9,412 202,076 Diamond Offshore Drilling Inc. 6,456 201,815 Pogo Producing Co. 6,360 201,612 Krispy Kreme Doughnuts Inc./(1)/ 4,925 201,186 Dial Corp. (The) 11,151 200,941 BorgWarner Inc. 3,149 198,135 IKON Office Solutions Inc. 16,878 197,810 HON Industries Inc. 6,962 197,790 Alkermes Inc./(1)/ 7,586 197,691 KEMET Corp./(1)/ 10,193 197,438 Medicis Pharmaceutical Corp. "A"/(1)/ 3,554 197,247 Cabot Microelectronics Corp./(1)/ 2,904 196,456 Barr Laboratories Inc./(1)/ 2,982 196,275 Micrel Inc./(1)/ 7,772 196,010 StanCorp Financial Group Inc. 3,561 195,855 Edwards Lifesciences Corp./(1)/ 6,989 195,343 Career Education Corp./(1)/ 4,909 194,396 Independence Community Bank Corp. 6,897 194,013 Arden Realty Inc. 6,825 193,830 Clayton Homes Inc. 11,536 193,228 United Dominion Realty Trust Inc. 12,162 192,646 Meredith Corp. 4,517 192,018 20 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ United States Steel Corp. 10,568 $ 191,809 Renal Care Group Inc./(1)/ 5,846 191,749 CNF Inc. 5,804 191,474 Big Lots Inc. 13,569 190,644 AmerUs Group Co. 4,955 190,520 Peregrine Systems Inc./(1)/ 19,983 190,238 Lee Enterprises Inc. 5,153 190,146 BancorpSouth Inc. 9,639 190,081 RPM Inc. 12,219 190,005 Markel Corp./(1)/ 932 189,671 Harman International Industries Inc. 3,843 189,652 Cummins Inc. 4,010 189,392 Saks Inc./(1)/ 14,400 189,360 IMC Global Inc. 12,787 188,608 Hubbell Inc. "B" 5,729 188,484 Donaldson Co. Inc. 4,687 188,464 Reynolds & Reynolds Co. (The) "A" 6,233 186,990 Affiliated Managers Group Inc./(1)/ 2,597 186,543 Parametric Technology Corp./(1)/ 30,875 186,485 Advanced Fibre Communications Inc./(1)/ 9,714 186,412 Ryder System Inc. 6,300 186,102 Lattice Semiconductor Corp./(1)/ 10,581 185,485 GlobeSpanVirata Inc./(1)/ 12,421 185,321 Harsco Corp. 4,727 185,015 TriQuint Semiconductor Inc./(1)/ 15,379 184,702 CBRL Group Inc. 6,482 184,543 Jacobs Engineering Group Inc./(1)/ 2,578 183,786 Hawaiian Electric Industries Inc. 4,162 183,170 Six Flags Inc./(1)/ 10,206 182,279 Great Plains Energy Inc. 7,305 182,260 Service Corp. International/(1)/ 34,313 181,859 Broadwing Inc./(1)/ 25,904 181,069 Coventry Health Care Inc./(1)/ 6,960 180,960 Sierra Pacific Resources 11,980 180,778 Scholastic Corp./(1)/ 3,335 180,724 AGCO Corp./(1)/ 7,915 180,620 Henry Schein Inc./(1)/ 4,100 180,605 Sepracor Inc./(1)/ 9,282 180,071 IDACORP Inc. 4,445 180,022 Fisher Scientific International Inc./(1)/ 6,397 179,756 Polo Ralph Lauren Corp./(1)/ 6,155 179,603 Washington Federal Inc. 7,501 179,574 ImClone Systems Inc./(1)/ 7,285 179,430 Accredo Health Inc./(1)/ 3,130 179,255 Varco International Inc./(1)/ 8,915 179,192 Old National Bancorp 7,295 178,582 IndyMac Bancorp Inc./(1)/ 7,228 178,532 Callaway Golf Co. 9,258 178,216 Protein Design Labs Inc./(1)/ 10,378 177,775 Cymer Inc./(1)/ 3,575 177,534 Coors (Adolf) Company "B" 2,630 177,446 Dillards Inc. "A" 7,432 177,328 Acxiom Corp./(1)/ 10,318 176,851 Mack-Cali Realty Corp. 5,088 176,452 Hudson United Bancorp 5,544 176,355 Ruby Tuesday Inc. 7,572 176,049 Roper Industries Inc. 3,533 175,731 SanDisk Corp./(1)/ 8,064 174,989 Highwoods Properties Inc. 6,191 173,905 Entercom Communications Corp./(1)/ 3,168 173,828 Citizens Banking Corp. 5,345 173,552 BRE Properties Inc. "A" 5,338 173,538 Weingarten Realty Investors 3,365 172,961 Rayonier Inc. 3,246 172,947 Barnes & Noble Inc./(1)/ 5,580 172,924 Abgenix Inc./(1)/ 9,128 172,428 Varian Semiconductor Equipment Associates Inc./(1)/ 3,828 172,260 Polaris Industries Inc. 2,704 172,245 HCC Insurance Holdings Inc. 6,136 171,501 First American Corp. 8,029 170,857 LifePoint Hospitals Inc./(1)/ 4,612 170,460 Hercules Inc./(1)/ 12,774 170,022 Zebra Technologies Corp. "A"/(1)/ 3,142 169,951 Mettler Toledo International Inc./(1) 3,747 169,589 Henry (Jack) & Associates Inc. 7,628 169,189 Performance Food Group Co./(1)/ 5,179 169,146 Freeport-McMoRan Copper & Gold Inc./(1) 9,561 168,465 Radio One Inc. "D"/(1)/ 8,167 168,240 Flowserve Corp./(1)/ 5,255 168,213 Applera Corp. - Celera Genomics Group/(1)/ 8,174 167,976 Grant Prideco Inc./(1)/ 12,273 167,895 Schedules of Investments 21 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ OSI Pharmaceuticals Inc./(1)/ 4,283 $ 167,679 Hanover Compressor Co./(1)/ 9,318 167,631 Westamerica Bancorp 3,919 167,537 DoubleClick Inc./(1)/ 13,950 167,260 Crane Co. 6,106 166,938 i2 Technologies Inc./(1)/ 32,946 166,707 First Midwest Bancorp Inc. 5,735 166,544 Adaptec Inc./(1)/ 12,439 166,309 Peoples Energy Corp. 4,220 166,184 Newfield Exploration Co./(1)/ 4,485 165,900 Camden Property Trust 4,237 165,751 York International Corp. 4,609 165,463 Cheesecake Factory (The)/(1)/ 4,463 164,685 Axcelis Technologies Inc./(1)/ 11,492 164,336 Crompton Corp. 13,293 164,169 Steris Corp./(1)/ 7,870 164,168 Novell Inc./(1)/ 42,001 163,384 AK Steel Holding Corp. 11,421 163,320 Andrew Corp./(1)/ 9,705 162,365 McClatchy Co. (The) "A" 2,730 162,080 Mid Atlantic Medical Services Inc./(1)/ 5,687 162,080 Lafarge North America Inc. 3,742 161,804 RGS Energy Group Inc. 4,108 161,239 Reebok International Ltd./(1)/ 5,958 161,045 Mentor Graphics Corp./(1)/ 7,608 160,833 Annaly Mortgage Management Inc. 9,467 160,750 Pittston Brink's Group 6,404 160,740 First Industrial Realty Trust Inc. 4,686 160,495 PETsMART Inc./(1)/ 11,833 160,455 Zale Corp./(1)/ 3,951 160,411 LaBranche & Co. Inc./(1)/ 5,166 160,404 Pharmaceutical Product Development Inc./(1)/ 4,601 160,345 Cooper Tire & Rubber Co. 7,334 158,781 Rite Aid Corp./(1)/ 45,826 158,558 Payless ShoeSource Inc./(1)/ 2,597 158,547 Philadelphia Suburban Corp. 6,728 158,108 Brown & Brown Inc. 5,028 157,879 CSG Systems International Inc./(1)/ 5,526 157,325 Carlisle Companies Inc. 3,597 157,261 Hudson City Bancorp Inc. 4,839 157,074 Whitney Holding Corp. 3,147 156,909 Corporate Executive Board Co. (The)/(1)/ 4,178 156,721 La-Z-Boy Inc. 5,704 156,575 Dole Food Co. 5,041 156,271 Winn-Dixie Stores Inc. 9,728 156,037 Charles River Laboratories International Inc./(1)/ 5,026 155,806 Scios Inc./(1)/ 5,372 155,412 Catalina Marketing Corp./(1)/ 4,257 155,380 GATX Corp. 4,875 155,025 LTX Corp./(1)/ 5,701 155,010 CEC Entertainment Inc./(1)/ 3,353 154,909 Maxtor Corp./(1)/ 22,190 154,221 WGL Holdings Inc. 5,738 154,123 GTECH Holdings Corp./(1)/ 3,154 153,757 AGL Resources Inc. 6,541 153,713 Global Payments Inc. 4,184 153,344 Transkaryotic Therapies Inc./(1)/ 3,547 152,698 Raymond James Financial Inc. 4,445 152,152 Titan Corp. (The)/(1)/ 7,357 151,922 International Speedway Corp. "A" 3,323 151,861 Leucadia National Corp. 4,241 151,616 Swift Transportation Co. Inc./(1)/ 6,904 151,336 Harte-Hanks Inc. 4,782 151,302 Cirrus Logic Inc./(1)/ 8,008 151,111 ResMed Inc./(1)/ 3,764 151,049 United Bancshares Inc. 5,113 150,987 Silicon Valley Bancshares/(1)/ 4,990 150,948 Doral Financial Corp. 4,429 150,365 Graco Inc. 3,675 150,124 Adelphia Communications Corp. "A"/(1)/ 10,062 149,924 Charter Communications Inc./(1)/ 13,268 149,796 Commercial Federal Corp. 5,562 149,618 Crown Castle International Corp./(1)/ 22,619 149,512 Credence Systems Corp./(1)/ 6,792 149,152 Kennametal Inc. 3,674 148,540 Massey Energy Co. 8,784 148,450 Quantum Corp./(1)/ 18,512 147,356 W.R. Berkley Corp. 2,562 147,264 Allegheny Technologies Inc. 8,897 147,156 Healthcare Realty Trust Inc. 4,837 146,851 22 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ SkyWest Inc. 5,878 $ 146,539 Post Properties Inc. 4,355 146,328 CenterPoint Properties Corp. 2,706 146,259 American Eagle Outfitters Inc./(1)/ 5,885 145,771 Retek Inc./(1)/ 5,549 145,661 Neiman-Marcus Group Inc. "A"/(1)/ 4,224 145,517 Steelcase Inc. 8,685 145,474 Perot Systems Corp. "A"/(1)/ 7,287 145,376 Thomas & Betts Corp. 6,867 145,306 American Financial Group Inc. 5,051 145,065 Ingram Micro Inc. "A"/(1)/ 8,761 144,995 AMETEK Inc. 3,874 144,152 Cytec Industries Inc./(1)/ 4,733 143,978 United Stationers Inc./(1)/ 3,769 143,599 Macromedia Inc./(1)/ 6,998 142,899 Monsanto Co. 4,523 142,882 PNM Resources Inc. 4,653 142,661 National Instruments Corp./(1)/ 3,407 142,481 PepsiAmericas Inc. 9,862 142,210 FNB Corp. 4,852 142,164 Western Resources Inc. 8,286 142,105 Varian Inc./(1)/ 3,742 141,971 THQ Inc./(1)/ 2,888 141,801 WPS Resources Corp. 3,592 141,668 DQE Inc. 6,632 141,328 Avocent Corp./(1)/ 5,273 141,264 Applebee's International Inc. 3,888 141,134 Cerner Corp./(1)/ 2,957 141,078 Covance Inc./(1)/ 6,956 141,068 Wiley (John) & Sons Inc. "A" 5,353 140,249 Mercury General Corp. 3,014 140,151 Fair Isaac and Co. Inc. 2,207 139,902 American Greetings Corp. "A" 7,683 139,446 Western Digital Corp./(1)/ 22,341 139,184 Ryland Group Inc. 1,538 138,728 HRPT Properties Trust 15,393 138,537 O'Reilly Automotive Inc./(1)/ 4,378 138,213 NDCHealth Corp. 3,794 138,064 Medarex Inc./(1)/ 8,559 138,048 Developers Diversified Realty Corp. 6,546 137,466 Tupperware Corp. 6,031 137,205 Timken Co. (The) 5,904 136,323 Ethan Allen Interiors Inc. 3,579 136,217 Cablevision Systems Corporation-Rainbow Media Group/(1)/ 5,510 135,987 Techne Corp./(1)/ 4,927 135,837 Corn Products International Inc. 4,213 135,659 Airgas Inc./(1)/ 6,744 135,554 Chico's FAS Inc./(1)/ 4,020 135,474 Toll Brothers Inc./(1)/ 2,707 134,944 Jeffries Group Inc. 2,793 134,623 Gateway Inc./(1)/ 21,266 134,401 AptarGroup Inc. 3,827 134,136 Affymetrix Inc./(1)/ 4,604 133,424 Idex Corp. 3,589 132,793 Louisiana-Pacific Corp. 12,346 132,596 Manugistics Group Inc./(1)/ 6,167 132,467 Direct Focus Inc./(1)/ 3,474 132,186 AVX Corp. 6,309 132,110 Washington Real Estate Investment Trust 4,590 131,963 ONEOK Inc. 6,328 131,939 Trustmark Corp. 5,206 131,504 Park National Corp. 1,331 131,436 Shaw Group Inc. (The)/(1)/ 4,776 131,340 Alfa Corp. 4,686 130,739 Jack in the Box Inc./(1)/ 4,407 130,668 Great Lakes Chemical Corp. 4,634 130,540 Neurocrine Biosciences Inc./(1)/ 3,215 130,497 Alexander & Baldwin Inc. 4,722 130,374 Staten Island Bancorp Inc. 6,620 130,282 Openwave Systems Inc./(1)/ 20,459 130,119 Level 3 Communications Inc./(1)/ 36,550 130,118 United Rentals Inc./(1)/ 4,734 130,090 Linens 'N Things Inc./(1)/ 4,251 129,783 Sensient Technologies Corp. 5,619 129,349 Macrovision Corp./(1)/ 4,848 129,199 Copart Inc./(1)/ 7,193 129,042 Shurgard Storage Centers Inc. "A" 3,797 128,718 Chesapeake Energy Corp./(1)/ 16,573 128,275 Piedmont Natural Gas Co. 3,593 127,911 Ohio Casualty Corp./(1)/ 6,736 127,580 Activision Inc./(1)/ 4,274 127,493 ITT Educational Services Inc./(1)/ 2,829 127,305 Key Energy Services Inc./(1)/ 11,873 127,279 Realty Income Corp. 3,831 127,189 Extended Stay America Inc./(1)/ 7,307 127,142 AnnTaylor Stores Corp./(1)/ 2,927 126,505 Schedules of Investments 23 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Packaging Corp. of America/(1)/ 6,374 $ 126,141 Conseco Inc./(1)/ 34,828 126,077 Church & Dwight Co. Inc. 4,278 126,030 Crown Cork & Seal Co. Inc./(1)/ 14,069 125,918 Cox Radio Inc. "A"/(1)/ 4,433 125,897 Extreme Networks Inc./(1)/ 12,069 125,518 UTStarcom Inc./(1)/ 4,781 125,406 Federal Signal Corp. 5,277 125,170 Orthodontic Centers of America Inc./(1)/ 4,533 125,156 Universal Corp. 3,172 124,850 Lancaster Colony Corp. 3,365 124,640 Nationwide Financial Services Inc. 2,911 124,591 Worthington Industries Inc. 8,030 123,341 Regis Corp. 4,359 122,401 Stericycle Inc./(1)/ 1,949 121,931 99 Cents Only Stores/(1)/ 3,166 121,384 Getty Images Inc./(1)/ 4,020 120,439 Mueller Industries Inc./(1)/ 3,437 120,261 Gartner Inc. "A"/(1)/ 9,286 119,789 Ariba Inc./(1)/ 26,441 119,778 Province Healthcare Co./(1)/ 3,763 119,551 Tootsie Roll Industries Inc. 2,598 119,478 Veeco Instruments Inc./(1)/ 3,411 119,385 Minerals Technologies Inc. 2,273 119,264 Kulicke & Soffa Industries Inc./(1)/ 5,730 119,241 Forest City Enterprises Inc. "A" 3,135 119,130 Electro Scientific Industries Inc./(1)/ 3,248 119,039 Ascential Software Corp./(1)/ 30,865 118,830 Community Health Systems Inc./(1)/ 5,355 118,399 Bob Evans Farms Inc. 4,182 118,016 Briggs & Stratton Corp. 2,557 117,622 American National Insurance Co. 1,243 117,463 Education Management Corp./(1)/ 2,785 117,443 Documentum Inc./(1)/ 4,599 117,045 Plexus Corp./(1)/ 4,948 116,773 Cree Inc./(1)/ 8,558 116,646 Oshkosh Truck Corp. 2,047 116,474 Cleco Corp. 4,868 116,345 Apria Healthcare Group Inc./(1)/ 4,746 116,324 American Capital Strategies Ltd. 3,754 116,224 Respironics Inc./(1)/ 3,587 116,219 Electronics For Imaging Inc./(1)/ 6,345 116,113 Arbitron Inc./(1)/ 3,428 115,866 Elantec Semiconductor Inc./(1)/ 2,705 115,693 Manitowoc Co. Inc. (The) 2,922 115,419 Commerce Group Inc. 2,982 115,403 FMC Corp./(1)/ 2,751 115,322 Finisar Corp./(1)/ 14,899 114,722 Susquehanna Bancshares Inc. 4,686 114,713 Atmos Energy Corp. 4,837 114,153 FMC Technologies Inc./(1)/ 5,726 114,119 Potlatch Corp. 3,375 113,704 Macerich Co. (The) 3,754 113,183 Coherent Inc./(1)/ 3,336 113,090 SICOR Inc./(1)/ 6,608 112,865 Black Box Corp./(1)/ 2,329 112,770 Kansas City Southern Industries Inc. 7,068 112,664 Fleming Companies Inc. 5,019 112,426 Atlantic Coast Airlines Holdings Inc./(1)/ 4,657 111,675 Millennium Chemicals Inc. 7,579 111,639 Community First Bankshares Inc. 4,317 111,638 Nationwide Health Properties Inc. 5,538 111,591 Waste Connections Inc./(1)/ 3,326 111,454 Circuit City Stores Inc. - CarMax Group/(1)/ 4,287 110,862 S1 Corp./(1)/ 7,166 110,643 USFreightways Corp. 3,118 110,502 Cognex Corp./(1)/ 3,795 110,283 Cousins Properties Inc. 4,229 110,165 PolyOne Corp. 9,027 110,129 Hughes Supply Inc. 2,826 110,101 Trinity Industries Inc. 4,526 110,027 American Tower Corp./(1)/ 20,334 110,007 CheckFree Corp./(1)/ 7,172 109,947 Total System Services Inc. 4,344 109,252 Diagnostic Products Corp. 2,527 109,166 Cambrex Corp. 2,593 109,165 La Quinta Corp./(1)/ 15,265 109,145 TrustCo Bank Corp. NY 8,425 108,767 Federal Realty Investment Trust 4,235 108,712 Kronos Inc./(1)/ 2,311 108,571 Horace Mann Educators Corp. 4,822 108,543 Too Inc./(1)/ 3,680 108,523 Prentiss Properties Trust 3,675 108,486 24 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Talbots Inc. (The) 3,057 $ 108,218 NPS Pharmaceuticals Inc./(1)/ 3,315 108,168 Keane Inc./(1)/ 6,342 108,131 Lincoln Electric Holding Inc. 3,775 107,852 Solutia Inc. 12,296 106,975 Northwest Airlines Corp. "A"/(1)/ 5,606 106,906 MSC Industrial Direct Co. Inc. "A"/(1)/ 4,668 106,897 IDEXX Laboratories Inc./(1)/ 3,970 106,555 Health Care REIT Inc. 3,808 106,319 Donnelley (R.H.) Corp./(1)/ 3,492 106,262 Tom Brown Inc./(1)/ 3,880 105,924 Superior Industries International Inc. 2,171 105,901 Photronics Inc./(1)/ 3,133 105,676 Downey Financial Corp. 2,317 105,655 Black Hills Corp. 3,153 105,562 Insight Enterprises Inc./(1)/ 4,657 105,434 Alaska Air Group Inc./(1)/ 3,159 105,163 Banta Corp. 2,942 105,059 Brooks Automation Inc./(1)/ 2,309 104,921 Exult Inc./(1)/ 9,615 104,900 Reliant Resources Inc./(1)/ 6,201 104,859 CommScope Inc./(1)/ 6,021 104,765 NetIQ Corp./(1)/ 4,792 104,514 Photon Dynamics Inc./(1)/ 2,052 104,426 Reckson Associates Realty Corp. 4,234 104,410 Intergraph Corp./(1)/ 5,913 104,128 Chittenden Corp. 3,571 104,095 UAL Corp. 6,332 103,465 SL Green Realty Corp. 3,079 103,454 Internet Security Systems Inc./(1)/ 4,523 103,351 IDT Corp./(1)/ 5,118 103,332 Imation Corp./(1)/ 3,889 103,175 Texas Industries Inc. 2,503 103,124 Hyperion Solutions Corp./(1)/ 3,817 103,097 Hilb Rogal & Hamilton Co. 3,298 102,898 VISX Inc./(1)/ 5,811 102,622 CNA Financial Corp./(1)/ 3,453 102,554 Blyth Inc. 3,849 102,075 Pediatrix Medical Group Inc./(1)/ 2,496 101,737 UGI Corp. 3,244 101,667 ATMI Inc./(1)/ 3,224 101,395 Seacor Smit Inc./(1)/ 2,066 101,234 Wind River Systems Inc./(1)/ 7,410 100,702 Southwest Bancorp of Texas Inc./(1)/ 3,019 100,653 Sylvan Learning Systems Inc./(1)/ 3,562 100,627 InterMune Inc./(1)/ 3,346 100,614 Price Communications Corp./(1)/ 5,689 100,354 Fuller (H.B.) Co. 3,348 100,273 FactSet Research Systems Inc. 2,479 100,028 South Financial Group Inc. (The) 4,912 99,959 Longs Drug Stores Corp. 3,581 99,802 Timberland Co. "A"/(1)/ 2,362 99,795 Vignette Corp./(1)/ 28,987 99,715 Chelsea Property Group Inc. 1,844 99,650 Provident Financial Group Inc. 3,451 99,389 Cell Therapeutics Inc./(1)/ 3,995 99,196 Enterasys Networks Inc./(1)/ 23,439 99,147 Harland (John H.) Co. 3,408 99,071 Charming Shoppes Inc./(1)/ 12,443 98,549 Stone Energy Corp./(1)/ 2,541 98,464 Claire's Stores Inc. 5,043 98,238 Airborne Inc. 5,616 98,224 Silicon Graphics Inc./(1)/ 23,054 97,980 US Oncology Inc./(1)/ 11,121 97,976 Newport Corp. 4,077 97,440 Dreyer's Grand Ice Cream Inc. 2,360 97,208 Sonic Corp./(1)/ 3,765 96,798 Advanced Digital Information Corp./(1)/ 7,440 96,794 New Jersey Resources Corp. 3,200 96,768 St. Joe Co. (The) 3,223 96,690 Insight Communications Co. Inc./(1)/ 4,601 96,391 Ameritrade Holding Corp. "A"/(1)/ 14,794 96,013 CH Energy Group Inc. 2,023 95,991 Spinnaker Exploration Co./(1)/ 2,301 95,837 CV Therapeutics Inc./(1)/ 2,643 95,677 Terex Corp./(1)/ 4,232 95,643 Choice Hotels International Inc./(1)/ 3,958 95,507 CAL Dive International Inc./(1)/ 3,834 95,467 Argosy Gaming Co./(1)/ 2,601 95,431 Legato Systems Inc./(1)/ 10,573 95,263 Forest Oil Corp./(1)/ 3,209 95,051 Silicon Storage Technology Inc./(1)/ 8,990 94,845 Pacific Capital Bancorp 3,068 94,648 Trimeris Inc./(1)/ 2,188 94,522 Schedules of Investments 25 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Ralcorp Holdings Inc./(1)/ 3,475 $ 94,520 Tecumseh Products Co. "A" 1,770 94,341 UCAR International Inc./(1)/ 6,638 94,260 El Paso Electric Co./(1)/ 6,022 94,244 Erie Indemnity Co. "A" 2,316 94,215 Kmart Corp./(1)/ 58,714 93,942 Alleghany Corp./(1)/ 501 93,904 MPS Group Inc./(1)/ 10,731 93,896 Invacare Corp. 2,495 93,812 Werner Enterprises Inc. 4,472 93,688 Media General Inc. "A" 1,470 93,345 M.D.C. Holdings Inc. 2,156 93,139 Incyte Genomics Inc./(1)/ 7,823 93,094 Collins & Aikman Corp./(1)/ 13,854 92,822 Thornbury Mortgage Inc. 4,628 92,745 G&K Services Inc. "A" 2,488 92,703 Ligand Pharmaceuticals Inc. "B"/(1)/ 4,697 92,625 Anixter International Inc./(1)/ 3,123 92,534 American Italian Pasta Co. "A"/(1)/ 2,038 92,525 Granite Construction Inc. 3,759 92,509 EarthLink Inc./(1)/ 9,087 92,233 Mentor Corp. 2,556 92,220 Aeroflex Inc./(1)/ 7,158 92,052 ADVO Inc./(1)/ 2,178 91,999 Myriad Genetics Inc./(1)/ 2,743 91,918 Emmis Communications Corp./(1)/ 3,424 91,558 Arch Coal Inc. 4,279 91,485 Zoran Corp./(1)/ 2,090 91,291 Ferro Corp. 3,169 91,267 Exar Corp./(1)/ 4,442 91,239 Powerwave Technologies Inc./(1)/ 7,082 91,145 Sybron Dental Specialties Inc./(1)/ 4,533 91,113 American Management Systems Inc./(1)/ 4,870 90,976 Ventas Inc. 7,188 90,928 Pep Boys-Manny, Moe & Jack Inc. 5,463 90,904 Primedia Inc./(1)/ 28,674 90,897 First Commonwealth Financial Corp. 6,857 90,787 Men's Wearhouse Inc. (The)/(1)/ 3,886 90,738 Harleysville Group Inc. 3,430 90,621 LNR Property Corp. 2,578 90,410 Otter Tail Corp. 2,925 90,323 Wolverine World Wide Inc. 5,031 90,306 Toro Co. 1,515 90,294 Modine Manufacturing Co. 3,345 90,282 Kaydon Corp. 3,341 90,207 Gables Residential Trust 2,897 89,952 Wallace Computer Services Inc. 4,450 89,890 Ticketmaster "B"/(1)/ 3,036 89,805 Western Gas Resources Inc. 2,405 89,514 Matthews International Corp. "A" 3,551 89,130 Avant! Corp./(1)/ 4,447 89,073 UMB Financial Corp. 2,072 88,847 Digital Insight Corp./(1)/ 3,218 88,656 Essex Property Trust Inc. 1,699 88,654 eFunds Corp./(1)/ 5,510 88,435 Blockbuster Inc. 3,762 88,294 Aztar Corp./(1)/ 4,028 88,213 Ryan's Family Steak Houses Inc./(1)/ 3,674 88,176 Energen Corp. 3,332 88,131 KV Pharmaceuticals Co. "B"/(1)/ 2,695 88,126 Aspen Technology Inc./(1)/ 3,846 88,073 CBL & Associates Properties Inc. 2,479 87,633 Florida Rock Industries Inc. 2,194 87,409 Perrigo Co./(1)/ 7,312 87,378 TIBCO Software Inc./(1)/ 7,423 87,294 Stillwater Mining Co./(1)/ 4,627 87,219 UICI/(1)/ 4,602 87,208 Avista Corp. 5,589 86,797 NBTY Inc./(1)/ 5,077 86,614 Landstar System Inc./(1)/ 933 86,582 Vintage Petroleum Inc. 5,884 86,495 Action Performance Companies Inc./(1)/ 1,756 86,483 Pan Pacific Retail Properties Inc. 2,821 86,238 BARRA Inc./(1)/ 1,423 86,191 Riverstone Networks Inc./(1)/ 14,353 86,118 AmeriPath Inc./(1)/ 3,212 86,082 Take-Two Interactive Software Inc./(1)/ 4,271 85,847 Scotts Co. (The) "A"/(1)/ 1,875 85,838 Eclipsys Corp./(1)/ 5,227 85,775 Technitrol Inc. 3,594 85,681 Hollywood Entertainment Corp./(1)/ 5,096 85,613 Standard-Pacific Corp. 3,039 85,396 Southwest Gas Corp. 3,412 85,300 Oak Technology Inc./(1)/ 5,732 85,292 26 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- American Medical Systems Holdings Inc./(1)/ 3,789 $ 85,290 Cabot Oil & Gas Corp. "A" 3,443 85,249 Christopher & Banks Corp./(1)/ 2,593 85,180 Dycom Industries Inc./(1)/ 5,692 85,095 MKS Instruments Inc./(1)/ 2,485 85,086 InFocus Corp./(1)/ 4,634 84,385 International Bancshares Corp. 1,906 84,112 Meristar Hospitality Corp. 4,606 84,060 Coinstar Inc./(1)/ 2,494 84,023 Immunomedics Inc./(1)/ 4,418 83,765 Pacific Sunwear of California Inc./(1)/ 3,405 83,763 Northwest Natural Gas Co. 2,982 83,526 Pathmark Stores Inc./(1)/ 3,487 83,514 Curtiss Wright Corp. 1,254 83,391 PSS World Medical Inc./(1)/ 8,500 83,300 Acuity Brands Inc. 5,020 82,981 Nordson Corp. 2,747 82,822 Interstate Bakeries Corp. 3,420 82,798 Kilroy Realty Corp. 2,933 82,740 UIL Holdings Corp. 1,424 82,734 WorldCom Inc. - MCI Group 13,998 82,728 CLARCOR Inc. 2,582 82,624 Beverly Enterprises Inc./(1)/ 11,452 82,454 Evergreen Resources Inc./(1)/ 1,977 82,441 UCBH Holdings Inc. 2,290 82,394 Albemarle Corp. 2,982 82,184 JDA Software Group Inc./(1)/ 2,575 82,091 Sonic Automotive Inc./(1)/ 2,735 81,995 Liberty Corp. 2,055 81,830 Tetra Tech Inc./(1)/ 5,723 81,782 Plantronics Inc./(1)/ 3,902 81,630 Chemical Financial Corp. 2,709 81,189 Regeneron Pharmaceuticals Inc./(1)/ 3,243 81,043 Fred's Inc. 2,247 80,892 Overseas Shipholding Group Inc. 3,323 80,749 FreeMarkets Inc./(1)/ 3,513 80,694 East West Bancorp Inc. 2,746 80,430 Beazer Homes USA Inc./(1)/ 1,036 80,342 Metris Companies Inc. 3,997 79,940 Alpha Industries Inc./(1)/ 5,223 79,651 Selective Insurance Group Inc. 2,983 79,646 Republic Bancorp Inc. 5,673 79,422 CACI International Inc. "A"/(1)/ 2,260 79,349 Storage USA Inc. 1,862 79,303 Jones Lang LaSalle Inc./(1)/ 3,554 78,721 DRS Technologies Inc./(1)/ 1,896 78,665 Olin Corp. 4,180 78,584 Isis Pharmaceuticals Inc./(1)/ 4,886 78,567 Owens & Minor Inc. 3,992 78,403 Cooper Companies Inc. 1,654 78,400 Regency Centers Corp. 2,699 78,325 Georgia Gulf Corp. 2,916 78,295 Borland Software Corp./(1)/ 6,012 78,216 ABM Industries Inc. 2,130 78,171 Metro-Goldwyn-Mayer Inc./(1)/ 4,701 78,131 PanAmSat Corp./(1)/ 3,408 77,873 Unit Corp./(1)/ 4,254 77,806 Advanced Energy Industries Inc./(1)/ 2,157 77,566 Brady Corp. "A" 2,130 77,319 Asyst Technologies Inc./(1)/ 4,238 77,132 Alexandria Real Estate Equities Inc. 1,725 76,935 Smucker (J.M.) Co. (The) 2,276 76,929 Yellow Corp./(1)/ 2,915 76,927 Amylin Pharmaceuticals Inc./(1)/ 7,671 76,787 Flowers Foods Inc./(1)/ 3,014 76,767 Impath Inc./(1)/ 1,863 76,458 ESS Technology Inc./(1)/ 3,682 76,365 Charter Municipal Mortgage Acceptance Co. 4,832 76,249 CuraGen Corp./(1)/ 4,744 76,189 Reliance Steel & Aluminum Co. 2,759 76,121 MSC.Software Corp./(1)/ 3,308 76,084 Panera Bread Co. "A"/(1)/ 1,194 76,070 MAF Bancorp Inc. 2,156 75,999 Harmonic Inc./(1)/ 6,542 75,887 Micromuse Inc./(1)/ 8,660 75,862 Rambus Inc./(1)/ 9,694 75,516 Interactive Data Corp./(1)/ 4,295 75,377 Entegris Inc./(1)/ 4,667 75,372 C-COR.net Corp./(1)/ 4,174 75,132 Bio-Rad Laboratories Inc. "A"/(1)/ 1,984 74,499 BlackRock Inc./(1)/ 1,670 74,482 JLG Industries Inc. 5,029 74,429 P.F. Chang's China Bistro Inc./(1)/ 1,115 74,292 Florida East Coast Industries Inc. 2,624 74,285 Schedules of Investments 27 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- CNET Networks Inc./(1)/ 13,540 $ 74,199 Oceaneering International Inc./(1)/ 2,556 74,124 Liberate Technologies/(1)/ 12,446 74,054 Haemonetics Corp./(1)/ 2,333 74,049 FelCor Lodging Trust Inc. 3,479 73,929 UniSource Energy Corp. 3,612 73,902 First Bancorp 2,556 73,868 LandAmerica Financial Group Inc. 2,128 73,693 ONI Systems Inc./(1)/ 11,934 73,633 Triumph Group Inc./(1)/ 1,872 73,382 Knight Trading Group Inc./(1)/ 10,270 73,328 Delta & Pine Land Co. 3,865 73,319 SangStat Medical Corp./(1)/ 2,726 73,220 Provident Bankshares Corp. 3,048 73,152 RealNetworks Inc./(1)/ 10,408 73,064 Summit Properties Inc. 2,982 73,059 Footstar Inc./(1)/ 2,396 73,054 FileNET Corp./(1)/ 4,260 72,803 People's Bank 2,948 72,668 Home Properties of NY Inc. 2,105 72,517 Sun Communities Inc. 1,845 72,509 Texas Regional Bancshares Inc. "A" 1,660 72,476 Pixar Inc./(1)/ 1,966 72,349 Paxar Corp./(1)/ 4,286 72,219 NRG Energy Inc./(1)/ 5,986 72,191 Foundry Networks Inc./(1)/ 10,039 72,180 United States Cellular Corp./(1)/ 1,760 72,160 Group 1 Automotive Inc./(1)/ 1,844 72,008 Cerus Corp./(1)/ 1,341 71,837 St. Mary Land & Exploration Co. 3,308 71,817 Capitol Federal Financial 3,164 71,791 Southern Union Co./(1)/ 3,916 71,741 Brandywine Realty Trust 2,995 71,580 Administaff Inc./(1)/ 2,590 71,562 Woodward Governor Co. 1,038 71,414 EMCOR Group Inc./(1)/ 1,231 71,398 IHOP Corp./(1)/ 2,115 71,297 AMCORE Financial Inc. 3,028 71,188 Hooper Holmes Inc. 6,784 71,164 Expedia Inc. "A"/(1)/ 1,018 71,097 Chateau Communities Inc. 2,473 71,049 OfficeMax Inc./(1)/ 12,697 70,849 Global Industries Ltd./(1)/ 7,585 70,768 Viasys Healthcare Inc./(1)/ 3,141 70,641 SurModics Inc./(1)/ 1,620 70,632 ProQuest Co./(1)/ 1,642 70,590 Cohu Inc. 2,477 70,570 Genesco Inc./(1)/ 2,556 70,469 Wausau-Mosinee Paper Corp. 5,502 70,206 HNC Software Inc./(1)/ 4,173 70,106 Belden Inc. 2,939 70,036 First Citizens BancShares Inc. "A" 680 70,013 Cost Plus Inc./(1)/ 2,556 69,938 Westport Resources Corp./(1)/ 3,556 69,875 Kopin Corp./(1)/ 7,668 69,855 NorthWestern Corp. 3,173 69,806 S&T Bancorp Inc. 2,740 69,733 First Charter Corp. 3,734 69,714 Plains Resource Inc./(1)/ 2,801 69,689 Cell Genesys Inc./(1)/ 4,098 69,461 21st Century Insurance Group 3,834 69,357 Waypoint Financial Corp. 4,190 69,303 Insituform Technologies Inc. "A"/(1)/ 2,742 69,290 Bally Total Fitness Holding Corp./(1)/ 3,156 69,274 Patina Oil & Gas Corp. 2,194 69,155 SCP Pool Corp./(1)/ 2,201 69,096 Mercury Computer Systems Inc./(1)/ 2,156 68,906 CONMED Corp./(1)/ 2,756 68,900 John Nuveen Co. "A" 1,248 68,827 Cable Design Technologies Corp./(1)/ 5,146 68,699 Entravision Communications Corp./(1)/ 4,635 68,598 Armor Holdings Inc./(1)/ 2,529 68,536 Stewart Enterprises Inc. "A"/(1)/ 11,453 68,386 Dianon Systems Inc./(1)/ 1,053 68,297 Prime Hospitality Corp./(1)/ 5,193 68,288 Gaylord Entertainment Co. "A"/(1)/ 2,560 68,096 West Corp./(1)/ 2,148 67,963 Spherion Corp./(1)/ 6,149 67,946 Integrated Circuit Systems Inc./(1)/ 3,324 67,810 Arkansas Best Corp./(1)/ 2,437 67,724 Lone Star Technologies Inc./(1)/ 2,952 67,335 Lennox International Inc. 5,090 67,290 Tower Automotive Inc./(1)/ 4,806 67,236 Libbey Inc. 1,744 67,179 28 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- First Financial Bancorp 4,273 $ 67,172 Carpenter Technology Corp. 2,309 66,822 Information Holdings Inc./(1)/ 2,316 66,701 Station Casinos Inc./(1)/ 3,998 66,567 Hot Topic Inc./(1)/ 3,184 66,546 Ionics Inc./(1)/ 2,070 66,364 Journal Register Co./(1)/ 3,122 66,186 Grey Wolf Inc./(1)/ 16,703 66,144 Frontier Oil Corp. 3,071 65,965 Secure Computing Corp./(1)/ 3,362 65,929 IGEN International Inc./(1)/ 1,736 65,760 Helix Technology Corp. 2,597 65,756 Reinsurance Group of America Inc. 2,100 65,751 FEI Co./(1)/ 1,841 65,448 Consol Energy Inc. 2,492 65,415 Kellwood Co. 2,692 65,389 AmSurg Corp./(1)/ 2,402 65,358 Kimball International Inc. "B" 3,997 65,191 Frontier Airlines Inc./(1)/ 3,557 65,164 EGL Inc./(1)/ 4,099 64,969 Flir Systems Inc./(1)/ 1,360 64,940 CUNO Inc./(1)/ 1,747 64,849 Priority Healthcare Corp. "B"/(1)/ 2,493 64,843 Kirby Corp./(1)/ 2,168 64,823 Charlotte Russe Holding Inc./(1)/ 2,498 64,798 Priceline.com Inc./(1)/ 12,366 64,674 Rare Hospitality International Inc./(1)/ 2,538 64,516 Manhattan Associates Inc./(1)/ 1,692 64,465 Hutchinson Technology Inc./(1)/ 2,982 64,322 Cathay Bancorp Inc. 890 64,169 Benchmark Electronics Inc./(1)/ 2,290 64,120 Exelixis Inc./(1)/ 4,644 64,041 Maverick Tube Corp./(1)/ 3,920 63,974 Sycamore Networks Inc./(1)/ 16,192 63,958 Monaco Coach Corp./(1)/ 2,629 63,885 SonicWALL Inc./(1)/ 4,892 63,792 Winnebago Industries Inc. 1,519 63,783 Overture Services Inc./(1)/ 2,281 63,686 Great Atlantic & Pacific Tea Co./(1)/ 2,283 63,650 C&D Technologies Inc. 3,023 63,543 American Financial Holdings Inc. 2,386 63,491 Teledyne Technologies Inc./(1)/ 3,827 63,452 PRI Automation Inc./(1)/ 2,722 63,447 Delphi Financial Group Inc. "A" 1,615 63,324 Tesoro Petroleum Corp./(1)/ 4,506 63,309 Casey's General Store Inc. 4,677 63,139 CVB Financial Corp. 3,131 63,121 ILEX Oncology Inc./(1)/ 3,657 63,120 Tekelec/(1)/ 5,478 62,778 Western Wireless Corp. "A"/(1)/ 7,167 62,640 Vector Group Ltd. 2,184 62,462 Schulman (A.) Inc. 3,409 62,351 Rogers Corp./(1)/ 1,876 62,302 InterDigital Communications Corp./(1)/ 6,496 62,297 Cornerstone Realty Income Trust Inc. 5,573 62,139 Progress Software Corp./(1)/ 3,420 62,039 Longview Fibre Co. 6,014 61,944 Syncor International Corp./(1)/ 2,272 61,912 Symyx Technologies Inc./(1)/ 2,998 61,909 Baldor Electric Co. 2,737 61,856 Arrow International Inc. 1,308 61,738 ADTRAN Inc./(1)/ 2,556 61,702 Cumulus Media Inc. "A"/(1)/ 3,441 61,594 Veritas DGC Inc./(1)/ 3,642 61,586 Martek Biosciences Corp./(1)/ 1,953 61,479 Grey Global Group Inc. 90 61,290 Terayon Communication Systems Inc./(1)/ 7,195 61,014 Gene Logic Inc./(1)/ 3,133 60,968 AstroPower Inc./(1)/ 1,454 60,719 FuelCell Energy Inc./(1)/ 3,839 60,503 USEC Inc. 9,447 60,461 Albany Molecular Research Inc./(1)/ 2,520 60,404 NCO Group Inc./(1)/ 2,171 60,267 ShopKo Stores Inc./(1)/ 3,327 60,219 Hain Celestial Group Inc./(1)/ 2,696 59,986 Spanish Broadcasting System Inc. "A"/(1)/ 4,427 59,986 Concurrent Computer Corp./(1)/ 7,198 59,815 Verity Inc./(1)/ 3,378 59,723 Newpark Resources Inc./(1)/ 7,701 59,683 Hollinger International Inc. 4,519 59,244 Park Electrochemical Corp. 2,039 59,131 Colonial Properties Trust 1,715 59,082 GenCorp. Inc. 3,756 59,044 Schedules of Investments 29 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Gentiva Health Services Inc./(1)/ 2,378 $ 58,879 Seacoast Financial Services Corp. 2,982 58,716 Mykrolis Corp./(1)/ 3,838 58,683 Alliance Gaming Corp./(1)/ 1,922 58,679 Lands' End Inc./(1)/ 1,303 58,466 InterCept Inc./(1)/ 1,612 58,435 Cubist Pharmaceuticals Inc./(1)/ 3,161 58,415 Quanex Corp. 1,642 58,291 PacifiCare Health Systems Inc. "A"/(1)/ 3,340 58,283 Mills Corp. 2,084 58,269 Ruddick Corp. 3,499 58,223 Quest Software Inc./(1)/ 3,851 58,189 ValueVision International Inc. "A"/(1)/ 2,795 57,996 Presidential Life Corp. 2,545 57,899 DSP Group Inc./(1)/ 2,822 57,766 Power Integrations Inc./(1)/ 3,029 57,702 Wet Seal Inc. "A"/(1)/ 1,652 57,638 PRG-Schultz International Inc./(1)/ 4,081 57,338 Stewart & Stevenson Services Inc. 2,960 57,276 INAMED Corp./(1)/ 1,735 57,081 Commercial Net Lease Realty Inc. 4,062 56,706 TeleTech Holdings Inc./(1)/ 4,219 56,661 Albany International Corp. "A" 1,869 56,631 Sunrise Assisted Living Inc./(1)/ 2,077 56,619 Crawford & Co. "B" 4,173 56,544 WD-40 Co. 1,867 56,234 Sandy Spring Bancorp Inc. 1,732 56,203 Arris Group Inc./(1)/ 6,041 56,181 Koger Equity Inc. 3,141 56,130 Regal-Beloit Corp. 2,195 56,082 Power-One Inc./(1)/ 6,853 56,058 Unifi Inc./(1)/ 5,961 56,033 Frontier Financial Corp. 2,104 55,966 CTS Corp. 3,443 55,949 W Holding Co. Inc. 3,168 55,915 Silicon Image Inc./(1)/ 6,538 55,835 Actel Corp./(1)/ 2,696 55,834 Forward Air Corp./(1)/ 1,762 55,767 RSA Security Inc./(1)/ 6,191 55,719 Quiksilver Inc./(1)/ 2,539 55,553 Dionex Corp./(1)/ 2,274 55,326 Manufactured Home Communities Inc. 1,676 55,308 Informatica Corp./(1)/ 7,639 55,306 Commercial Metals Co. 1,316 55,272 Dollar Thrifty Automotive Group Inc./(1)/ 2,608 55,159 Ocular Sciences Inc./(1)/ 1,968 55,110 Inhale Therapeutic Systems Inc./(1)/ 5,223 55,103 Nu Skin Enterprises Inc. "A" 5,142 55,071 Wesco Financial Corp. 176 55,018 Philadelphia Consolidated Holding Corp./(1)/ 1,382 55,004 General Cable Corp. 3,849 54,964 Boston Private Financial Holdings Inc. 2,054 54,944 Crestline Capital Corp./(1)/ 1,632 54,900 F5 Networks Inc./(1)/ 2,362 54,893 Pegasus Solutions Inc./(1)/ 2,967 54,890 E.piphany Inc./(1)/ 7,246 54,780 Microsemi Corp./(1)/ 3,352 54,705 Wellman Inc. 3,319 54,598 Greif Brothers Corp. "A" 1,528 54,550 Checkpoint Systems Inc./(1)/ 3,416 54,485 FirstFed Financial Corp./(1)/ 2,083 54,470 Bowne & Co. Inc. 3,870 54,451 Heartland Express Inc./(1)/ 2,724 54,371 Pulitzer Inc. 1,016 54,356 Arch Chemicals Inc. 2,465 54,353 Sterling Bancshares Inc. 4,068 54,308 Atrix Laboratories Inc./(1)/ 2,385 54,306 Glimcher Realty Trust 2,923 54,222 MICROS Systems Inc./(1)/ 2,130 54,209 Argonaut Group Inc. 2,564 54,203 CIBER Inc./(1)/ 5,920 54,168 Iomega Corp./(1)/ 6,102 54,064 MacDermid Inc. 2,494 54,020 Oakley Inc./(1)/ 3,013 53,933 Metro One Telecommunications Inc./(1)/ 2,126 53,894 ProBusiness Services Inc./(1)/ 2,497 53,860 Noven Pharmaceuticals Inc./(1)/ 2,596 53,841 Madison Gas & Electric Co. 1,893 53,799 Genlyte Group Inc. (The)/(1)/ 1,429 53,673 Mediacom Communications Corp./(1)/ 3,822 53,546 Swift Energy Co./(1)/ 2,718 53,545 RehabCare Group Inc./(1)/ 1,875 53,438 NACCO Industries Inc. 806 53,430 30 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Peabody Energy Corp. 1,839 $ 53,239 Enzo Biochem Inc./(1)/ 2,621 53,100 National Penn Bancshares Inc. 2,157 52,998 Littelfuse Inc./(1)/ 2,139 52,983 Simpson Manufacturing Co. Inc./(1)/ 863 52,772 Pinnacle Systems Inc./(1)/ 6,617 52,737 Hunt (J.B.) Transport Services Inc./(1)/ 1,853 52,681 W-H Energy Services Inc./(1)/ 2,430 52,488 Griffon Corp./(1)/ 3,133 52,478 Bruker Daltonics Inc./(1)/ 5,466 52,364 DMC Stratex Networks Inc./(1)/ 9,604 52,246 Moog Inc. "A"/(1)/ 1,632 52,224 Microtune Inc./(1)/ 3,631 52,177 OshKosh B'Gosh Inc. "A" 1,217 52,161 Commerce One Inc./(1)/ 33,432 52,154 Redback Networks Inc./(1)/ 15,333 52,132 Kelly Services Inc. "A" 1,846 52,113 Boyd Gaming Corp./(1)/ 3,457 51,993 Interwoven Inc./(1)/ 10,397 51,985 Mobile Mini Inc./(1)/ 1,613 51,906 Rudolph Technologies Inc./(1)/ 1,199 51,749 FTI Consulting Inc./(1)/ 1,670 51,737 BankAtlantic Bancorp Inc. "A" 3,978 51,714 Hotel Reservations Network Inc. "A"/(1)/ 875 51,564 Roxio Inc./(1)/ 2,270 51,506 Superior Energy Services Inc./(1)/ 5,118 51,487 URS Corp./(1)/ 1,623 51,449 Net.B@nk Inc./(1)/ 3,040 51,376 Taubman Centers Inc. 3,406 51,294 Alpharma Inc. "A" 3,585 51,265 Esterline Technologies Corp./(1)/ 2,510 51,204 Inktomi Corp./(1)/ 14,832 51,170 Immunogen Inc./(1)/ 4,616 51,099 SPS Technologies Inc./(1)/ 1,206 51,098 Thomas Industries Inc. 1,745 51,041 Senior Housing Properties Trust 3,544 51,034 WesBanco Inc. 2,131 50,931 U.S. Airways Group Inc./(1)/ 7,887 50,871 Dime Community Bancshares 1,650 50,820 Laclede Group Inc. (The) 2,181 50,817 Hearst-Argyle Television Inc./(1)/ 2,053 50,771 Quanta Services Inc./(1)/ 2,924 50,556 Trust Co. of New Jersey (The) 2,137 50,540 Elcor Corp. 2,276 50,527 Echelon Corp./(1)/ 2,798 50,364 Pre-Paid Legal Services Inc./(1)/ 1,763 50,351 Anthracite Capital Inc. 4,340 49,910 Itron Inc./(1)/ 1,677 49,891 School Specialty Inc./(1)/ 1,867 49,886 RFS Hotel Investors Inc. 3,392 49,862 Ultratech Stepper Inc./(1)/ 2,396 49,837 Bay View Capital Corp./(1)/ 7,283 49,816 Roadway Corp. 1,346 49,802 Bandag Inc. 1,319 49,700 Anchor BanCorp Wisconsin Inc. 2,481 49,694 Mid-State Bancshares 2,804 49,603 JDN Realty Corp. 3,880 49,586 Dress Barn Inc./(1)/ 1,674 49,567 Gymboree Corp./(1)/ 3,360 49,560 Capital Automotive REIT 2,154 49,542 ESCO Technologies Inc./(1)/ 1,274 49,482 Corus Bankshares Inc. 1,041 49,479 Walter Industries Inc. 3,751 49,401 Jakks Pacific Inc./(1)/ 2,170 49,367 Digene Corp./(1)/ 1,378 49,263 Atwood Oceanics Inc./(1)/ 1,073 49,251 Trimble Navigation Ltd./(1)/ 2,956 49,158 Harleysville National Corp. 2,108 49,095 Harbor Florida Bancshares Inc. 2,557 49,043 Commonwealth Telephone Enterprises Inc./(1)/ 1,278 48,883 Websense Inc./(1)/ 1,942 48,861 Steel Dynamics Inc./(1)/ 2,969 48,721 UnitedGlobalCom Inc. "A"/(1)/ 9,003 48,706 Methode Electronics Inc. "A" 3,911 48,692 Midway Games Inc./(1)/ 3,614 48,644 Genta Inc./(1)/ 2,897 48,583 Transaction Systems Architects Inc. "A"/(1)/ 4,246 48,404 Input/Output Inc./(1)/ 5,304 48,266 REMEC Inc./(1)/ 5,202 48,119 SOURCECORP Inc./(1)/ 1,631 48,098 Papa John's International Inc./(1)/ 1,714 47,786 EastGroup Properties Inc. 1,855 47,785 Central Parking Corp. 2,076 47,727 Empire District Electric Co. (The) 2,230 47,700 Glenborough Realty Trust Inc. 2,216 47,644 Schedules of Investments 31 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ webMethods Inc./(1)/ 2,758 $ 47,520 MB Financial Inc. 1,585 47,471 Systems & Computer Technology Corp./(1)/ 3,596 47,431 ProAssurance Corp./(1)/ 2,626 47,399 PAREXEL International Corp./(1)/ 2,944 47,222 Franklin Electric Co. Inc. 932 47,215 Hancock Holding Co. 879 47,202 BOK Financial Corp./(1)/ 1,391 47,155 Pioneer-Standard Electronics Inc. 3,327 47,077 Sonus Networks Inc./(1)/ 17,946 47,019 Chesapeake Corp. 1,730 46,969 Touch America Holdings Inc./(1)/ 12,309 46,897 WMS Industries Inc./(1)/ 2,465 46,835 Computer Network Technology Corp./(1)/ 3,532 46,693 Speedway Motorsports Inc./(1)/ 1,630 46,471 CMGI Inc./(1)/ 34,340 46,359 Pharmaceutical Resources Inc./(1)/ 2,186 46,321 Barnes Group Inc. 1,886 46,207 Hovnanian Enterprises Inc. "A"/(1)/ 1,737 46,187 Thoratec Labs Corp./(1)/ 4,209 46,089 Unizan Financial Corp. 2,429 46,054 ANSYS Inc./(1)/ 1,696 45,962 Kaman Corp. "A" 2,704 45,833 Heidrick & Struggles International Inc./(1)/ 2,201 45,781 Standard Register Co. (The) 1,627 45,751 CIMA Labs Inc./(1)/ 1,711 45,598 On Assignment Inc./(1)/ 2,536 45,394 Bedford Property Investors Inc. 1,770 45,312 PS Business Parks Inc. 1,303 45,279 Parker Drilling Co./(1)/ 10,203 45,199 Corinthian Colleges Inc./(1)/ 891 45,040 Tweeter Home Entertainment Group Inc./(1)/ 2,303 45,024 MAXIMUS Inc./(1)/ 1,463 44,958 Sapient Corp./(1)/ 9,457 44,921 Sovran Self Storage Inc. 1,429 44,913 Champion Enterprises Inc./(1)/ 5,613 44,904 Young Broadcasting Inc. "A"/(1)/ 1,795 44,857 Intermagnetics General Corp./(1)/ 1,646 44,853 Wabtec Corp. 2,990 44,820 Pacific Northwest Bancorp 1,704 44,815 Offshore Logistics Inc./(1)/ 2,079 44,802 Nautica Enterprises Inc./(1)/ 2,955 44,798 South Jersey Industries Inc. 1,419 44,769 Federal Agricultural Mortgage Corp./(1)/ 1,005 44,722 Per-Se Technologies Inc./(1)/ 3,678 44,430 First Financial Holdings Inc. 1,638 44,357 Lone Star Steakhouse & Saloon Inc. 2,123 44,349 Knight Transportation Inc./(1)/ 2,096 44,309 ANADIGICS Inc./(1)/ 3,587 44,264 Vicor Corp./(1)/ 2,618 44,244 Boca Resorts Inc. "A"/(1)/ 3,407 44,087 Mid-America Apartment Communities, Inc. 1,683 44,010 BroadVision Inc./(1)/ 25,337 43,833 Tennant Co. 1,043 43,723 Alexion Pharmaceuticals Inc./(1)/ 1,859 43,705 aaiPharma Inc./(1)/ 1,215 43,667 Farmer Brothers Co. 144 43,632 California Water Service Group 1,704 43,622 Penn National Gaming Inc./(1)/ 1,245 43,600 Fleetwood Enterprises Inc. 4,035 43,578 PMA Capital Corp. "A" 1,896 43,494 American States Water Co. 1,232 43,428 Agile Software Corp./(1)/ 3,588 43,415 InfoSpace Inc./(1)/ 28,536 43,375 Ivex Packaging Corp./(1)/ 1,892 43,365 California Pizza Kitchen Inc./(1)/ 1,731 43,292 Korn/Ferry International/(1)/ 4,347 43,253 IRT Property Co. 3,741 43,209 Electroglas Inc./(1)/ 2,556 43,196 Read-Rite Corp./(1)/ 14,065 43,180 Russell Corp. 2,894 43,121 ArthroCare Corp./(1)/ 2,393 43,098 Rent-A-Center Inc./(1)/ 843 43,069 Entertainment Properties Trust 1,904 43,030 DiamondCluster International Inc. "A"/(1)/ 3,328 42,998 Lexington Corp. Properties Trust 2,678 42,794 Maxygen Inc./(1)/ 3,417 42,781 Ixia/(1)/ 5,028 42,738 NBT Bancorp Inc. 2,893 42,643 Transmeta Corp./(1)/ 10,986 42,626 Edison Schools Inc./(1)/ 3,066 42,617 32 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ NCI Building Systems Inc./(1)/ 1,894 $ 42,615 Headwaters Inc./(1)/ 2,785 42,610 Neose Technologies Inc./(1)/ 1,328 42,562 Topps Co. (The)/(1)/ 4,432 42,547 Airtran Holdings Inc./(1)/ 7,022 42,483 O'Charley's Inc./(1)/ 1,969 42,432 Hudson River Bancorp Inc. 1,758 42,421 Shuffle Master Inc./(1)/ 2,053 42,415 First Financial Bankshares Inc. 1,276 42,376 Schweitzer-Mauduit International Inc. 1,704 42,344 ScanSource Inc./(1)/ 701 42,140 RLI Corp. 814 42,084 American Woodmark Corp. 667 42,072 International Multifoods Corp./(1)/ 1,764 41,913 NYFIX Inc./(1)/ 2,798 41,858 Columbia Sportswear Co./(1)/ 1,246 41,803 Triton PCS Holdings Inc. "A"/(1)/ 4,099 41,769 Gardner Denver Inc./(1)/ 1,704 41,748 Children's Place Retail Stores Inc. (The)/(1)/ 1,263 41,679 University of Phoenix Online/(1)/ 996 41,673 AsiaInfo Holdings Inc./(1)/ 3,164 41,638 Integra Bank Corp. 2,130 41,535 ChipPAC Inc./(1)/ 4,229 41,529 DDi Corp./(1)/ 4,868 41,524 ICU Medical Inc./(1)/ 1,140 41,496 Fremont General Corp. 6,789 41,413 Financial Federal Corp./(1)/ 1,260 41,341 Paxson Communications Corp./(1)/ 3,771 41,330 Lance Inc. 2,889 41,313 Unova Inc./(1)/ 5,189 41,304 Boyds Collection Ltd. (The)/(1)/ 6,302 41,278 Suffolk Bancorp 1,444 41,226 AMLI Residential Properties Trust 1,633 41,184 PFF Bancorp Inc. 1,320 41,184 NUI Corp. 1,654 41,152 Stride Rite Corp. 4,985 41,126 Apogee Enterprises Inc. 3,369 41,102 Time Warner Telecom Inc. "A"/(1)/ 6,753 41,058 Safeguard Scientifics Inc./(1)/ 13,633 41,035 Burlington Coat Factory Warehouse Corp. 2,130 41,002 Duane Reade Inc./(1)/ 1,206 40,980 Weis Markets Inc. 1,349 40,942 Alamosa Holdings Inc./(1)/ 8,139 40,939 Student Loan Corp. 446 40,854 First Sentinel Bancorp Inc. 3,124 40,799 Netegrity Inc./(1)/ 2,758 40,791 Inter-Tel Inc. 2,206 40,745 Indevus Pharmaceuticals Inc./(1)/ 4,651 40,696 Isle of Capri Casinos Inc./(1)/ 2,201 40,608 Silgan Holdings Inc./(1)/ 1,209 40,417 Sirius Satellite Radio Inc./(1)/ 7,596 40,411 Possis Medical Inc./(1)/ 2,051 40,405 Landry's Restaurants Inc. 1,758 40,364 Spartech Corp. 1,640 40,344 Applied Industrial Technologies Inc. 2,092 40,271 Adolor Corp./(1)/ 3,591 40,040 Community Bank System Inc. 1,328 40,039 Sola International Inc./(1)/ 2,708 39,862 AFC Enterprises Inc./(1)/ 1,187 39,705 Sinclair Broadcast Group Inc. "A"/(1)/ 2,927 39,661 United National Bancorp 1,705 39,556 Phoenix Technologies Ltd./(1)/ 2,889 39,435 Independent Bank Corp.(MI) 1,371 39,430 Yankee Candle Co. Inc. (The)/(1)/ 1,704 39,414 Datascope Corp. 1,339 39,300 Integrated Silicon Solution Inc./(1)/ 3,050 39,223 Palm Harbor Homes Inc./(1)/ 1,885 39,208 Standard Microsystems Corp./(1)/ 1,704 39,192 General Communication Inc. "A"/(1)/ 4,496 39,115 Tetra Technologies Inc./(1)/ 1,344 39,043 Alabama National Bancorp 1,058 38,987 Electronics Boutique Holdings Corp./(1)/ 1,127 38,915 Fossil Inc./(1)/ 1,462 38,875 Rayovac Corp./(1)/ 2,516 38,872 Corrections Corp. of America/(1)/ 2,990 38,870 Pennsylvania Real Estate Investment Trust 1,524 38,862 OMNOVA Solutions Inc. 4,682 38,861 CryoLife Inc./(1)/ 1,857 38,811 Artesyn Technologies Inc./(1)/ 4,168 38,804 Advanced Marketing Services Inc. 1,616 38,784 Tanox Inc./(1)/ 2,737 38,756 Finish Line Inc. (The)/(1)/ 2,090 38,560 Schedules of Investments 33 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Skechers U.S.A. Inc. "A"/(1)/ 2,039 $ 38,557 Mesa Air Group Inc./(1)/ 3,440 38,528 Zoll Medical Corp./(1)/ 1,002 38,477 MGI Pharma Inc./(1)/ 2,788 38,363 Phillips-Van Heusen Corp. 2,718 38,351 Mine Safety Appliances Co. 1,018 38,226 Remington Oil & Gas Corp./(1)/ 1,895 38,203 1st Source Corp. 1,612 38,181 Trammell Crow Co./(1)/ 2,633 38,179 Aaron Rents Inc. "B" 1,670 38,159 Independent Bank Corp.(MA) 1,470 38,044 Crown Media Holdings Inc./(1)/ 3,063 37,981 Cato Corp. "A" 1,704 37,965 Arctic Cat Inc. 1,884 37,963 M/I Schottenstein Homes Inc. 669 37,899 Sierra Health Services Inc./(1)/ 2,896 37,880 Three-Five Systems Inc./(1)/ 2,556 37,880 Triarc Companies Inc./(1)/ 1,362 37,864 Diversa Corp./(1)/ 2,974 37,770 Integra LifeSciences Holdings Corp./(1)/ 1,342 37,750 Tularik Inc./(1)/ 2,295 37,730 Thor Industries Inc. 797 37,698 Engineered Support Systems Inc. 813 37,601 Southwestern Energy Co./(1)/ 2,986 37,564 Imagistics International Inc./(1)/ 2,354 37,429 Bright Horizons Family Solutions Inc./(1)/ 1,269 37,399 AirGate PCS Inc./(1)/ 2,670 37,380 Glacier Bancorp Inc. 1,649 37,366 Chemed Corp. 1,000 37,350 Corvis Corp./(1)/ 29,896 37,340 MedQuist Inc./(1)/ 1,244 37,320 Town & Country Trust (The) 1,686 37,277 Houston Exploration Co./(1)/ 1,202 37,262 West Pharmaceutical Services Inc. 1,227 37,239 Sotheby's Holdings Inc. "A"/(1)/ 2,320 37,236 Cubic Corp. 567 37,065 Pure Resources Inc./(1)/ 1,641 37,054 Nortek Inc./(1)/ 1,028 37,008 Deltic Timber Corp. 1,223 36,996 Labor Ready Inc./(1)/ 4,740 36,972 Lexicon Genetics Inc./(1)/ 3,904 36,893 Brown Shoe Co. Inc. 1,894 36,857 Cyberonics Inc./(1)/ 2,305 36,857 Dendrite International Inc./(1)/ 3,441 36,819 Silicon Laboratories Inc./(1)/ 1,042 36,814 Watsco Inc. 2,061 36,789 Crossmann Communities Inc. 811 36,682 Medicines Co. (The)/(1)/ 2,570 36,648 Anaren Microwave Inc./(1)/ 2,521 36,630 Cognizant Technology Solutions Corp./(1)/ 870 36,627 Avid Technology Inc./(1)/ 2,627 36,542 National Health Investors Inc. 2,502 36,529 SERENA Software Inc./(1)/ 1,873 36,524 Actuate Corp./(1)/ 5,031 36,324 Tollgrade Communications Inc./(1)/ 1,481 36,299 Steak n Shake Company (The)/(1)/ 2,583 36,291 RailAmerica Inc./(1)/ 3,448 36,273 Biosite Inc./(1)/ 1,461 36,160 Pericom Semiconductor Corp./(1)/ 2,556 36,142 Centillium Communications Inc./(1)/ 2,982 36,082 Russ Berrie & Co. Inc. 1,119 36,032 Robert Mondavi Corp. (The) "A"/(1)/ 1,002 36,012 Rollins Inc. 1,704 35,954 First Republic Bank/(1)/ 1,265 35,926 Guitar Center Inc./(1)/ 2,049 35,898 IDX Systems Corp./(1)/ 2,043 35,875 Jill (J.) Group Inc. (The)/(1)/ 1,261 35,875 Penn Virginia Corp. 893 35,854 Connecticut Bankshares Inc. 1,304 35,847 Triad Guaranty Inc./(1)/ 824 35,819 American Axle & Manufacturing Holdings Inc./(1)/ 1,235 35,815 First Financial Corp. 820 35,739 Hydril Co./(1)/ 1,464 35,678 First Federal Capital Corp. 1,889 35,608 LSI Industries Inc. 1,797 35,527 American Healthways Inc./(1)/ 1,309 35,526 Universal American Financial Corp./(1)/ 5,150 35,432 Cadiz Inc./(1)/ 3,918 35,262 Intuitive Surgical Inc./(1)/ 3,751 35,259 CoorsTek Inc./(1)/ 917 35,231 Pharmacopeia Inc./(1)/ 2,640 35,138 Lightbridge Inc./(1)/ 3,014 35,053 Alliance Semiconductor Corp./(1)/ 3,037 34,986 34 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Magnum Hunter Resources Inc./(1)/ 4,472 $ 34,922 Connetics Corp./(1)/ 3,599 34,910 Intertan Inc./(1)/ 3,072 34,867 MTR Gaming Group Inc./(1)/ 2,259 34,856 TranSwitch Corp./(1)/ 10,675 34,801 Nash Finch Co. 1,272 34,662 CARBO Ceramics Inc. 846 34,652 Interface Inc. "A" 5,448 34,595 JP Realty Inc. 1,291 34,534 SeaChange International Inc./(1)/ 2,272 34,512 F&M Bancorp 1,278 34,493 MIPS Technologies Inc. "A"/(1)/ 4,686 34,489 Equity Inns Inc. 4,309 34,472 K-Swiss Inc. "A" 820 34,424 Local Financial Corp./(1)/ 2,187 34,423 Wackenhut Corp. (The) "A"/(1)/ 1,038 34,358 Energy Conversion Devices Inc./(1)/ 1,652 34,279 Tompkins Trustco Inc. 811 34,224 Theragenics Corp./(1)/ 3,456 34,214 Analogic Corp. 822 34,187 ChemFirst Inc. 1,278 34,186 Identix Inc./(1)/ 3,853 34,176 U.S. Industries Inc./(1)/ 8,984 34,139 Landauer Inc. 899 34,117 Clark/Bardes Inc./(1)/ 1,182 34,042 PolyMedica Corp./(1)/ 1,336 34,001 WebEx Communications Inc./(1)/ 2,063 33,936 RadiSys Corp./(1)/ 1,884 33,931 Hancock Fabrics Inc. 1,878 33,898 Acterna Corp./(1)/ 22,561 33,841 Marcus Corp. 2,096 33,788 Akamai Technologies Inc./(1)/ 8,432 33,736 Parkway Properties Inc. 923 33,690 Stratos Lightwave Inc./(1)/ 7,620 33,680 Travelocity.com Inc./(1)/ 1,204 33,676 Tredegar Corp. 1,791 33,492 SWS Group Inc. 1,653 33,473 FSI International Inc./(1)/ 2,982 33,428 Playtex Products Inc./(1)/ 3,070 33,340 Bio-Technology General Corp./(1)/ 6,789 33,334 First Merchants Corp. 1,270 33,287 VidaMed Inc./(1)/ 4,220 33,254 Serologicals Corp./(1)/ 2,121 33,236 CoStar Group Inc./(1)/ 1,458 33,184 New England Business Service Inc. 1,292 33,166 BE Aerospace Inc./(1)/ 3,326 33,027 FalconStor Software Inc./(1)/ 5,204 32,993 Pixelworks Inc./(1)/ 2,561 32,986 Sipex Corp./(1)/ 2,966 32,923 DIMON Inc. 4,766 32,885 Nextel Partners Inc. "A"/(1)/ 5,458 32,857 Daisytek International Corp./(1)/ 2,065 32,854 Kana Software Inc./(1)/ 1,824 32,832 Caliper Technologies Corp./(1)/ 2,531 32,827 Advanta Corp. "A" 2,572 32,819 BankUnited Financial Corp. "A"/(1)/ 2,189 32,791 Planar Systems Inc./(1)/ 1,247 32,734 Gold Banc Corp. Inc. 3,635 32,715 Universal Health Realty Income Trust 1,362 32,715 CDI Corp./(1)/ 1,425 32,704 Navigant Consulting Co./(1)/ 5,037 32,640 BioMarin Pharmaceutical Inc./(1)/ 3,117 32,635 Universal Compression Holdings Inc./(1)/ 1,236 32,630 Calgon Carbon Corp. 3,882 32,531 United Industial Corp. 1,458 32,441 Century Business Services Inc./(1)/ 9,347 32,434 Haverty Furniture Companies Inc. 1,883 32,406 Vitria Technology Inc./(1)/ 8,197 32,378 Omega Financial Corp. 993 32,312 Learning Tree International Inc./(1)/ 1,335 32,307 7-Eleven Inc./(1)/ 2,891 32,235 Centex Construction Products Inc. 809 32,182 Fidelity Bankshares Inc. 1,786 32,148 Molecular Devices Corp./(1)/ 1,761 31,997 Community Trust Bancorp Inc. 1,248 31,986 Universal Forest Products Inc. 1,338 31,965 MatrixOne Inc./(1)/ 3,581 31,943 Sterling Bancorp - NY Shares 998 31,836 Berry Petroleum Co. "A" 2,060 31,827 Dura Automotive Systems Inc./(1)/ 1,660 31,822 EDO Corp. 1,176 31,764 Key Productions Co. Inc./(1)/ 1,676 31,760 Vastera Inc./(1)/ 2,138 31,707 Texas Biotech Corp./(1)/ 5,145 31,642 Schedules of Investments 35 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ CSK Auto Corp./(1)/ 3,345 $ 31,610 City Holding Co./(1)/ 2,059 31,606 Caraustar Industries Inc. 3,024 31,601 Leap Wireless International Inc./(1)/ 3,743 31,516 TriZetto Group Inc. (The)/(1)/ 2,583 31,383 Intrado Inc./(1)/ 1,437 31,312 AAR Corp. 2,907 31,307 DuPont Photomasks Inc./(1)/ 602 31,304 Standex International Corp. 1,278 31,209 Praecis Pharmaceuticals Inc./(1)/ 5,985 31,122 Ackerly Group Inc./(1)/ 1,741 31,094 Smith (A.O.) Corp. "B" 1,220 31,049 West Coast Bancorp 2,050 30,965 Forrester Research Inc./(1)/ 1,621 30,961 Interpool Inc. 1,655 30,948 Sterling Financial Corp. - PA Shares 1,304 30,853 Handleman Co./(1)/ 2,989 30,697 Mississippi Valley Bancshares Inc. 763 30,673 Corixa Corp./(1)/ 4,966 30,640 Ameron International Corp. 427 30,637 Dover Motorsports Inc. 1,886 30,629 Saga Communications Inc./(1)/ 1,211 30,517 Astec Industries Inc./(1)/ 1,732 30,431 BSB Bancorp Inc. 1,019 30,417 Proxim Corp. "A"/(1)/ 12,629 30,310 Penwest Pharmaceuticals Co./(1)/ 1,559 30,245 TBC Corp./(1)/ 2,084 30,218 USG Corp./(1)/ 4,313 30,191 Versicor Inc./(1)/ 1,668 30,157 First Community Bancshares Inc. 992 30,129 City Bank 1,217 30,121 Prima Energy Corp./(1)/ 1,209 30,104 Innkeepers USA Trust 2,646 30,032 GBC Bancorp 897 30,005 Acclaim Entertainment Inc./(1)/ 6,608 30,000 Answerthink Inc./(1)/ 4,601 29,953 WFS Financial Inc./(1)/ 1,202 29,942 Right Management Consultants Inc./(1)/ 1,182 29,928 Lindsay Manufacturing Co. 1,228 29,902 Emisphere Technologies Inc./(1)/ 1,757 29,887 NeoPharm Inc./(1)/ 1,389 29,850 United Natural Foods Inc./(1)/ 1,197 29,817 Oriental Financial Group Inc. 1,406 29,803 Myers Industries Inc. 2,053 29,769 Valmont Industries Inc. 1,661 29,732 First Place Financial Corp. 1,763 29,707 MEMC Electronics Materials Inc./(1)/ 5,019 29,612 Watts Industries Inc. "A" 1,760 29,568 Telik Inc./(1)/ 2,439 29,561 Stewart Information Services Corp./(1)/ 1,478 29,560 AMC Entertainment Inc./(1)/ 2,165 29,531 Kramont Realty Trust 2,175 29,471 Ventana Medical Systems Inc./(1)/ 1,454 29,444 Therma-Wave Inc./(1)/ 2,038 29,429 Bank of Granite Corp. 1,278 29,394 Rainbow Technologies Inc./(1)/ 2,920 29,375 Global Sports Inc./(1)/ 1,715 29,326 Sturm Ruger & Co. Inc. 2,273 29,322 Stein Mart Inc./(1)/ 2,928 29,309 CPB Inc. 852 29,266 Allegiance Telecom Inc./(1)/ 9,744 29,232 Numerical Technologies Inc./(1)/ 2,163 29,222 U.S. Restaurant Properties Inc. 2,121 29,164 Genzyme Corp. - Biosurgery Division/(1)/ 4,280 29,147 Ultimate Electronics Inc./(1)/ 1,036 29,060 Information Resources Inc./(1)/ 3,162 29,059 Magnetek Inc./(1)/ 2,480 29,016 Range Resources Corp./(1)/ 5,587 28,997 RTI International Metals Inc./(1)/ 2,510 28,991 Renaissance Learning Inc./(1)/ 886 28,972 DVI Inc./(1)/ 1,572 28,925 ENDOcare Inc./(1)/ 1,467 28,915 Kroll Inc./(1)/ 1,733 28,854 Del Monte Foods Co./(1)/ 2,963 28,830 Wabash National Corp. 2,900 28,710 Zygo Corp./(1)/ 1,770 28,709 PLATO Learning Inc./(1)/ 1,622 28,693 Ocwen Financial Corp./(1)/ 4,339 28,594 United Community Financial Corp. 3,863 28,586 J&J Snack Foods Corp./(1)/ 764 28,558 Merix Corp./(1)/ 1,524 28,484 Ryerson Tull Inc. 2,597 28,437 36 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Watson Wyatt & Co. Holdings/(1)/ 1,039 $ 28,417 Wintrust Financial Corp. 1,237 28,414 Saul Centers Inc. 1,278 28,372 Insignia Financial Group Inc./(1)/ 2,470 28,281 Farmers Capital Bank Corp. 802 28,270 Rock-Tenn Co. "A" 1,317 28,250 3TEC Energy Corp./(1)/ 1,654 28,201 AMERCO/(1)/ 1,618 28,169 Entrust Inc./(1)/ 5,539 28,138 Caminus Corp./(1)/ 1,249 28,102 First Horizon Pharmaceutical Corp./(1)/ 1,255 28,062 Simmons First National Corp. "A" 856 27,863 CCBT Financial Companies Inc. 1,039 27,845 SeeBeyond Technology Corp./(1)/ 3,636 27,815 Arqule Inc./(1)/ 2,200 27,786 Peregrine Pharmaceuticals Inc./(1)/ 12,800 27,776 Coachmen Industries Inc. 1,704 27,775 La Jolla Pharmaceutical Co./(1)/ 3,793 27,765 Banner Corp. 1,265 27,754 SONICblue Inc./(1)/ 11,003 27,728 First Indiana Corp. 1,425 27,716 MCSi Inc./(1)/ 2,322 27,655 Advanced Neuromodulation Systems Inc./(1)/ 820 27,503 Buca Inc./(1)/ 1,511 27,455 MTS Systems Corp. 2,491 27,276 Nabi Biopharmaceuticals/(1)/ 4,421 27,233 Viewpoint Corp./(1)/ 4,499 27,174 Cascade Natural Gas Corp. 1,278 27,119 Triangle Pharmaceuticals Inc./(1)/ 5,316 27,112 Xicor Inc./(1)/ 2,548 27,085 MRV Communications Inc./(1)/ 9,604 27,083 Movado Group Inc. 1,232 27,042 New Century Financial Corp. 1,191 27,036 Meritage Corp./(1)/ 423 27,030 Conestoga Enterprises Inc. 893 27,022 Irwin Financial Corp. 1,444 27,017 Acacia Research Corp./(1)/ 2,366 26,996 Kansas City Life Insurance Co. 695 26,966 Encore Wire Corp./(1)/ 1,622 26,860 OceanFirst Financial Corp. 897 26,802 Midwest Express Holdings Inc./(1)/ 1,462 26,740 Financial Institutions Inc. 918 26,723 EMCORE Corp./(1)/ 2,780 26,716 Old Second Bancorp Inc. 664 26,680 Tejon Ranch Co./(1)/ 852 26,668 Alloy Inc./(1)/ 1,774 26,663 Zenith National Insurance Corp. 913 26,660 FBL Financial Group Inc. "A" 1,419 26,606 Keynote Systems Inc./(1)/ 2,739 26,541 Advanced Tissue Sciences Inc./(1)/ 8,433 26,522 CNA Surety Corp. 1,759 26,473 CT Communications Inc. 1,775 26,447 Pope & Talbot Inc. 1,804 26,447 Brush Engineered Materials Inc. 2,080 26,416 Cleveland-Cliffs Inc. 1,199 26,378 Century Aluminum Co. 1,623 26,374 Westcorp Inc. 1,204 26,307 Mattson Technology Inc./(1)/ 3,756 26,292 Washington Trust Bancorp Inc. 1,353 26,275 United Fire & Casualty Co. 797 26,261 Hickory Tech Corp. 1,611 26,211 Glatfelter Co. 1,461 26,210 Buckeye Technologies Inc./(1)/ 2,540 26,162 Concord Camera Corp./(1)/ 2,891 26,048 Robbins & Myers Inc. 952 26,037 Milacron Inc. 1,782 25,999 Peoples Holding Co. 679 25,938 American Physicians Capital Inc./(1)/ 1,328 25,896 Viasat Inc./(1)/ 1,845 25,867 McDATA Corp. "A"/(1)/ 2,178 25,853 R&G Financial Corp. "B" 1,296 25,829 Trans World Entertainment Corp./(1)/ 3,058 25,687 Avigen Inc./(1)/ 2,312 25,663 Oneida Ltd. 1,704 25,560 Umpqua Holdings Corp. 1,704 25,492 Penn Engineering & Manufacturing Corp. 1,356 25,466 Nuevo Energy Co./(1)/ 1,705 25,405 infoUSA Inc./(1)/ 3,327 25,385 Bassett Furniture Industries Inc. 1,238 25,379 Somera Communications Inc./(1)/ 3,459 25,320 Sykes Enterprises Inc./(1)/ 2,613 25,320 Herbalife International Inc. "A" 1,732 25,305 PLX Technology Inc./(1)/ 2,074 25,303 Schedules of Investments 37 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Wilson Greatbatch Technologies Inc./(1)/ 982 $ 25,247 McGrath Rentcorp 820 25,215 Proton Energy Systems Inc./(1)/ 3,876 25,194 Investors Real Estate Trust 2,512 25,120 XM Satellite Radio Holdings Inc. "A"/(1)/ 1,824 25,116 Playboy Enterprises Inc. "B"/(1)/ 1,469 25,091 SY Bancorp Inc. 688 25,043 Bel Fuse Inc. "B" 1,023 25,023 Array BioPharma Inc./(1)/ 1,930 24,993 Universal Electronics Inc./(1)/ 1,704 24,964 CorVel Corp./(1)/ 836 24,946 Atlas Air Worldwide Holdings Inc./(1)/ 1,891 24,904 United Therapeutics Inc./(1)/ 1,850 24,901 Casella Waste Systems Inc. "A"/(1)/ 2,081 24,806 SPSS Inc./(1)/ 1,414 24,802 Instinet Group Inc./(1)/ 3,808 24,790 Zomax Inc./(1)/ 3,392 24,762 Rent-Way Inc./(1)/ 2,928 24,742 Trico Marine Services Inc./(1)/ 2,820 24,731 Capstone Turbine Corp./(1)/ 7,583 24,721 NaPro BioTherapeutics Inc./(1)/ 2,818 24,658 Crown American Realty Trust 2,525 24,593 Skyline Corp. 792 24,592 Lydall Inc./(1)/ 1,734 24,588 North Pittsburgh Systems Inc. 1,756 24,566 Artisan Components Inc./(1)/ 1,474 24,468 Consolidated Graphics Inc./(1)/ 1,229 24,457 Getty Realty Corp. 1,298 24,402 Pilgrim's Pride Corp. "B" 1,740 24,395 First Essex Bancorp Inc. 801 24,382 Connecticut Water Service Inc. 890 24,377 Gabelli Asset Management Inc. "A"/(1)/ 613 24,336 Midas Inc./(1)/ 1,705 24,313 Liqui-Box Corp. 365 24,309 Semitool Inc./(1)/ 1,867 24,290 Chordiant Software Inc./(1)/ 3,337 24,260 Vesta Insurance Group 4,032 24,192 Integral Systems Inc./(1)/ 1,193 24,158 USB Holding Co. Inc. 1,421 24,129 IBERIABANK Corp. 694 24,061 Second Bancorp Inc. 992 24,056 Salem Communications Corp. "A"/(1)/ 1,014 24,032 Bei Technologies Inc. 1,272 23,977 Pemstar Inc./(1)/ 2,497 23,971 StorageNetworks Inc./(1)/ 6,860 23,941 Digimarc Corp./(1)/ 1,221 23,895 Conceptus Inc./(1)/ 1,108 23,877 Citizens Inc./(1)/ 2,219 23,854 Endo Pharmaceuticals Holdings Inc./(1)/ 2,361 23,846 Luminex Corp./(1)/ 1,896 23,814 SonoSite Inc./(1)/ 1,226 23,784 Standard Commercial Corp. 1,237 23,775 Lakeland Bancorp Inc. 1,340 23,664 Mid Atlantic Realty Trust 1,545 23,639 Central Vermont Public Service Corp. 1,323 23,629 Allscripts Healthcare Solutions Inc./(1)/ 3,749 23,619 dELiA*s Corp. "A"/(1)/ 3,701 23,572 AXT Inc./(1)/ 2,201 23,551 Mail-Well Inc./(1)/ 3,741 23,493 Commonwealth Bancorp Inc. 943 23,396 Electro Rent Corp./(1)/ 1,704 23,379 Resources Connection Inc./(1)/ 808 23,375 Arrow Financial Corp. 808 23,264 Sitel Corp./(1)/ 7,151 23,241 Cole National Corp./(1)/ 1,216 23,226 MRO Software Inc./(1)/ 1,866 23,213 National Processing Inc./(1)/ 812 23,207 Urologix Inc./(1)/ 1,275 23,167 Great Lakes REIT Inc. 1,366 23,140 StarTek Inc./(1)/ 999 23,127 Community Banks Inc. 836 23,099 Antigenics Inc./(1)/ 1,651 23,097 Octel Corp./(1)/ 1,225 23,091 Woodhead Industries Inc. 1,297 23,087 Brookline Bancorp Inc. 1,352 23,065 Siliconix Inc./(1)/ 768 23,040 Sequenom Inc./(1)/ 3,339 23,039 Gorman-Rupp Co. (The) 861 23,032 Aspect Communications Corp./(1)/ 5,887 23,018 Mission West Properties Inc. 1,757 23,017 Garan Inc. 428 23,005 MemberWorks Inc./(1)/ 1,214 22,981 38 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Seitel Inc./(1)/ 2,506 $ 22,930 Oregon Steel Mills Inc./(1)/ 3,016 22,922 MetaSolv Inc./(1)/ 3,036 22,861 OSCA Inc./(1)/ 820 22,845 SpeechWorks International Inc./(1)/ 2,912 22,830 Cash America International Inc. 2,593 22,818 CFS Bancorp Inc. 1,669 22,782 BKF Capital Group Inc./(1)/ 760 22,686 UniFirst Corp. 901 22,660 TRC Companies Inc./(1)/ 920 22,586 Main Street Banks Inc. 1,200 22,500 Kendle International Inc./(1)/ 1,207 22,438 Riggs National Corp. 1,458 22,380 Insurance Auto Auctions Inc./(1)/ 1,335 22,348 Great Southern Bancorp Inc. 700 22,330 ONYX Software Corp./(1)/ 4,467 22,290 National Western Life Insurance Company "A"/(1)/ 195 22,279 Redwood Trust Inc. 817 22,247 InterVoice-Brite Inc./(1)/ 3,472 22,221 Capital City Bank Group Inc. 821 22,167 Comstock Resources Inc./(1)/ 2,899 22,148 LaSalle Hotel Properties 1,365 22,113 Bank Mutual Corp. 1,299 22,083 Movie Gallery Inc./(1)/ 1,284 22,046 TALX Corp. 1,377 22,032 Sequa Corp. "A"/(1)/ 419 21,872 SJW Corp. 269 21,843 Southern Peru Copper Corp. 1,683 21,795 First Busey Corp. "A" 1,018 21,785 Chiles Offshore Inc./(1)/ 945 21,735 American West Holdings Corp. "B"/(1)/ 3,880 21,728 SBS Technologies Inc./(1)/ 1,692 21,624 Columbia Banking System Inc./(1)/ 1,623 21,586 Orbital Sciences Corp./(1)/ 4,105 21,510 Research Frontiers Inc./(1)/ 1,212 21,428 Vical Inc./(1)/ 2,316 21,423 Navigant International Inc./(1)/ 1,477 21,417 Portal Software Inc./(1)/ 11,203 21,398 Flushing Financial Corp. 1,270 21,361 deCODE genetics Inc./(1)/ 3,750 21,337 MasTec Inc./(1)/ 2,643 21,276 Supertex Inc./(1)/ 1,000 21,260 I-many Inc./(1)/ 4,260 21,130 Building Materials Holdings Corp./(1)/ 1,467 21,125 Guilford Pharmaceuticals Inc./(1)/ 2,967 21,125 First Niagara Financial Group Inc. 1,209 21,085 Vital Sign Inc. 571 21,058 PennFed Financial Services Inc. 772 21,037 Centennial Bancorp 2,635 21,027 Port Financial Corp. 665 20,974 Associated Estates Realty Corp. 2,050 20,971 Oplink Communications Inc./(1)/ 13,498 20,922 State Auto Financial Corp. 1,437 20,908 Middlesex Water Co. 898 20,905 Nuance Communications Inc./(1)/ 3,058 20,886 Magna Entertainment Corp. "A"/(1)/ 2,577 20,874 Vans Inc./(1)/ 1,779 20,832 Lufkin Industries Inc. 771 20,817 Kadant Inc./(1)/ 1,457 20,806 Quicksilver Resources Inc./(1)/ 904 20,792 Fisher Communications Inc. 455 20,707 Arena Pharmaceuticals Inc./(1)/ 2,078 20,697 Stellent Inc./(1)/ 2,147 20,676 HEICO Corp. 1,318 20,666 EPIQ Systems Inc./(1)/ 1,296 20,645 Stepan Co. 768 20,621 Quaker Chemical Corp. 883 20,618 Energy Partners Ltd./(1)/ 2,573 20,610 St Francis Capital Corp. 869 20,604 First Consulting Group Inc./(1)/ 2,064 20,578 Meridian Resource Corp. (The)/(1)/ 4,178 20,472 SEMCO Energy Inc. 2,130 20,448 Illumina Inc./(1)/ 2,157 20,405 Excel Technology Inc./(1)/ 928 20,379 Oxford Industries Inc. 769 20,302 Seacoast Banking Corp. of Florida 429 20,292 Friedman Billings Ramsey Group Inc. "A"/(1)/ 2,896 20,272 Presstek Inc./(1)/ 3,491 20,248 Dril-Quip Inc./(1)/ 789 20,238 Hollywood Casino Corp. "A"/(1)/ 1,226 20,217 Championship Auto Racing Teams Inc./(1)/ 1,431 20,191 Capstead Mortgage Corp. 1,042 20,163 Schedules of Investments 39 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Sports Resorts International Inc./(1)/ 2,968 $ 20,153 Aphton Corp./(1)/ 1,703 20,112 Friedman's Inc. 1,868 20,081 Trendwest Resorts Inc./(1)/ 836 20,081 Baldwin & Lyons Inc. "B" 801 20,052 Aksys Ltd./(1)/ 2,282 20,036 NL Industries Inc. 1,207 20,036 Allen Telecom Inc./(1)/ 2,995 20,007 Horizon Offshore Inc./(1)/ 1,704 19,988 Strayer Education Inc. 407 19,984 ParkerVision Inc./(1)/ 982 19,944 QRS Corp./(1)/ 1,689 19,930 SCM Microsystems Inc./(1)/ 1,704 19,920 CYTOGEN Corp./(1)/ 9,287 19,874 Medford Bancorp Inc. 787 19,864 Boykin Lodging Co. 2,130 19,809 Penton Media Inc. 2,623 19,804 Active Power Inc./(1)/ 3,760 19,740 Santander BanCorp 999 19,710 Prosperity Bancshares Inc. 605 19,693 Titan Pharmaceuticals Inc./(1)/ 2,806 19,670 Register.com/(1)/ 2,190 19,666 Indus International Inc./(1)/ 3,753 19,591 Aviall Inc./(1)/ 2,159 19,496 Pain Therapeutics Inc./(1)/ 2,038 19,483 AVANIR Pharmaceuticals "A"/(1)/ 6,809 19,474 Lithia Motors Inc. "A"/(1)/ 788 19,464 Resource America Inc. "A" 1,763 19,446 CIRCOR International Inc. 937 19,443 Midland Co. (The) 456 19,426 NS Group Inc./(1)/ 2,121 19,322 US Unwired Inc. "A"/(1)/ 3,500 19,320 Vasomedical Inc./(1)/ 6,750 19,312 Novavax Inc./(1)/ 1,687 19,299 World Wrestling Federation Entertainment Inc./(1)/ 1,321 19,287 Buckle Inc. (The)/(1)/ 787 19,281 Trex Co. Inc./(1)/ 811 19,188 Tuesday Morning Corp./(1)/ 939 19,157 Packeteer Inc./(1)/ 2,586 19,136 Urban Outfitters Inc./(1)/ 819 19,124 eSpeed, Inc./(1)/ 1,802 19,065 Vail Resorts Inc./(1)/ 896 19,022 II-VI Inc./(1)/ 1,254 18,998 Red Hat Inc./(1)/ 3,319 18,948 Central Coast Bancorp/(1)/ 956 18,924 RPC Inc. 1,270 18,923 ABIOMED Inc./(1)/ 1,704 18,914 PICO Holdings Inc./(1)/ 1,269 18,908 Flagstar Bancorp Inc. 812 18,903 Spectrian Corp./(1)/ 1,319 18,888 Corvas International Inc./(1)/ 3,317 18,874 Factory 2-U Stores Inc./(1)/ 1,462 18,860 Holly Corp. 1,014 18,810 Biopure Corp./(1)/ 1,769 18,751 Geron Corp./(1)/ 2,464 18,751 Neurogen Corp./(1)/ 1,469 18,744 Stanley Furniture Co. Inc./(1)/ 579 18,725 Integrated Electrical Services Inc./(1)/ 3,742 18,710 JNI Corp./(1)/ 2,620 18,654 Witness Systems Inc./(1)/ 1,325 18,643 American Superconductor Corp./(1)/ 2,467 18,626 Denbury Resources Inc./(1)/ 2,193 18,597 Pomeroy Computer Resources/(1)/ 1,222 18,550 Osmonics Inc./(1)/ 1,260 18,522 First Bancorp North Carolina 811 18,507 Datastream Systems Inc./(1)/ 2,050 18,450 German American Bancorp 1,098 18,392 NMS Communications Corp./(1)/ 4,315 18,382 4Kids Entertainment Inc./(1)/ 921 18,346 Stamps.com Inc./(1)/ 4,102 18,336 OraSure Technologies Inc./(1)/ 3,005 18,180 Steven Madden Ltd./(1)/ 1,037 18,148 Trikon Technologies Inc./(1)/ 1,232 18,086 New Focus Inc./(1)/ 6,044 18,072 Boston Beer Co Inc. "A"/(1)/ 1,196 18,060 Carreker Corp./(1)/ 2,071 18,059 Applica Inc./(1)/ 2,089 17,965 BancFirst Corp. 456 17,831 LodgeNet Entertainment Corp./(1)/ 1,037 17,733 Luby's Inc./(1)/ 2,605 17,714 Wilsons The Leather Experts Inc./(1)/ 1,477 17,665 ON Semiconductor Corp./(1)/ 4,197 17,627 Powell Industries Inc./(1)/ 792 17,590 ITXC Corp./(1)/ 2,900 17,545 Genuity Inc./(1)/ 20,165 17,544 40 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ GulfMark Offshore Inc./(1)/ 485 $ 17,523 Lawson Products Inc. 606 17,465 SpectraLink Corp./(1)/ 1,742 17,455 Foamex International Inc./(1)/ 1,787 17,423 Credit Acceptance Corp./(1)/ 1,612 17,410 Spartan Stores Inc./(1)/ 2,315 17,409 Regent Communications Inc./(1)/ 2,110 17,386 WESCO International Inc./(1)/ 2,473 17,311 Universal Display Corp./(1)/ 1,803 17,309 Bell Microproducts Inc./(1)/ 1,664 17,306 NBC Capital Corp. 577 17,287 PetroQuest Energy Inc./(1)/ 3,010 17,247 SCPIE Holdings Inc. 1,014 17,218 Roanoke Electric Steel Corp. 1,283 17,192 Pinnacle Entertainment Inc./(1)/ 2,131 17,176 Micro General Corp./(1)/ 1,239 17,123 Ariad Pharmaceuticals Inc./(1)/ 3,217 17,114 Kenneth Cole Productions "A"/(1)/ 851 17,080 Keithley Instruments Inc. 776 17,049 Durect Corp./(1)/ 2,187 17,037 Symmetricom Inc./(1)/ 2,750 17,023 Midwest Banc Holdings Inc. 765 16,945 X-Rite Inc. 2,114 16,912 Nu Horizons Electronics Corp./(1)/ 1,716 16,903 WSFS Financial Corp. 929 16,833 Gibraltar Steel Corp. 772 16,799 Cygnus Inc./(1)/ 4,287 16,762 Select Medical Corp./(1)/ 1,042 16,682 Kos Pharmaceuticals Inc./(1)/ 598 16,648 LeCroy Corp./(1)/ 943 16,635 Gray Communications Systems Inc. 1,038 16,629 Martha Stewart Living Omnimedia Inc. "A"/(1)/ 929 16,629 Aware Inc./(1)/ 2,618 16,624 Turnstone Systems Inc./(1)/ 3,443 16,561 SciClone Pharmaceuticals Inc./(1)/ 3,803 16,543 Wyndham International Inc. "A"/(1)/ 18,381 16,543 Magellan Health Services Inc./(1)/ 2,890 16,473 Avatar Holdings/(1)/ 608 16,416 Bone Care International Inc./(1)/ 1,194 16,406 Riviana Foods Inc. 764 16,350 National Presto Industries Inc. 567 16,307 Divine Inc. "A"/(1)/ 32,559 16,279 Volt Information Sciences Inc./(1)/ 870 16,226 Applied Molecular Evolution/(1)/ 1,886 16,220 MapInfo Corp./(1)/ 1,621 16,210 TriPath Imaging Inc./(1)/ 2,820 16,159 Northwest Bancorp Inc. 1,360 16,116 Tanger Factory Outlet Centers Inc. 597 15,988 Covansys Corp./(1)/ 2,128 15,960 Coastal Bancorp Inc. 460 15,916 Gerber Scientific Inc./(1)/ 2,162 15,891 Orchid BioSciences Inc./(1)/ 6,129 15,874 WatchGuard Technologies Inc./(1)/ 2,535 15,869 Flow International Corp./(1)/ 1,619 15,834 Winston Hotels Inc. 1,681 15,801 Virage Logic Corp./(1)/ 1,037 15,794 Nanometrics Inc./(1)/ 856 15,785 Radiant Systems Inc./(1)/ 1,744 15,783 UbiquiTel Inc./(1)/ 6,442 15,783 Key3Media Group Inc./(1)/ 3,431 15,748 ADE Corp./(1)/ 1,031 15,743 Golden Telecom Inc./(1)/ 1,017 15,743 Wireless Facilities Inc./(1)/ 2,623 15,738 Esperion Therapeutics Inc./(1)/ 2,571 15,657 PriceSmart Inc./(1)/ 429 15,637 Corporate Office Properties Trust 1,192 15,615 Butler Manufacturing Co. 581 15,600 International Specialty Products Inc./(1)/ 1,622 15,539 Pegasus Communications Corp./(1)/ 5,097 15,393 Salton Inc./(1)/ 771 15,304 Interland Inc./(1)/ 5,952 15,237 SBA Communications Corp./(1)/ 4,629 15,229 Hibbet Sporting Goods Inc./(1)/ 648 15,228 Global Imaging Systems Inc./(1)/ 826 15,198 Kforce Inc./(1)/ 2,944 15,162 Syntroleum Corp./(1)/ 2,547 15,155 Columbia Laboratories Inc./(1)/ 3,059 15,142 Acadia Realty Trust 2,178 15,137 Steinway Musical Instruments Inc./(1)/ 784 15,092 Wild Oats Markets Inc./(1)/ 1,784 15,075 NetScout Systems Inc./(1)/ 2,105 15,072 Impax Laboratories Inc./(1)/ 2,170 15,060 Boston Communications Group Inc./(1)/ 1,741 14,990 Schedules of Investments 41 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (Continued) - ------------------------------------------------------------------------ National Healthcare Corp./(1)/ 910 $ 14,970 PDI Inc./(1)/ 882 14,959 ResortQuest International Inc./(1)/ 2,044 14,921 Audiovox Corp. "A"/(1)/ 2,078 14,920 Scientific Games Corp. "A"/(1)/ 1,777 14,873 Nature's Sunshine Products Inc. 1,325 14,853 i-STAT Corp./(1)/ 2,037 14,850 OTG Software Inc./(1)/ 1,716 14,809 Quaker Fabric Corp./(1)/ 1,323 14,778 Genome Therapeutics Corp./(1)/ 2,607 14,756 Lynch Interactive Corp./(1)/ 335 14,740 PC-Tel Inc./(1)/ 1,703 14,731 Wave Systems Corp. "A"/(1)/ 6,034 14,723 Specialty Laboratories Inc./(1)/ 613 14,645 Quixote Corp. 784 14,623 Multex.com Inc./(1)/ 3,226 14,614 Pharmacyclics Inc./(1)/ 1,871 14,594 CardioDynamics International Corp./(1)/ 3,418 14,526 NN Inc. 1,318 14,498 CSS Industries Inc./(1)/ 444 14,434 Aspect Medical Systems Inc./(1)/ 1,619 14,409 Plug Power Inc./(1)/ 1,387 14,383 Armstrong Holdings Inc./(1)/ 4,608 14,377 Ansoft Corp./(1)/ 782 14,350 3D Systems Corp./(1)/ 902 14,333 IXYS Corp./(1)/ 1,223 14,297 Novoste Corp./(1)/ 1,726 14,240 Option Care Inc./(1)/ 861 14,215 ACLARA BioSciences Inc./(1)/ 4,235 14,145 Embarcadero Technologies Inc./(1)/ 1,034 14,124 U.S. Concrete Inc./(1)/ 2,150 14,083 Celeritek Inc./(1)/ 1,367 14,080 Internet Capital Group Inc./(1)/ 21,933 14,037 AMCOL International Corp. 2,320 14,036 CPI Corp. 852 14,015 Stoneridge Inc./(1)/ 1,420 13,987 Maxim Pharmaceuticals Inc./(1)/ 2,623 13,954 Microvision Inc./(1)/ 1,219 13,921 Great American Financial Resources Inc. 769 13,880 United Auto Group Inc./(1)/ 615 13,862 K2 Inc./(1)/ 2,125 13,855 Elizabeth Arden Inc./(1)/ 1,189 13,852 Genencor International Inc./(1)/ 1,220 13,847 Quaker City Bancorp Inc./(1)/ 435 13,781 Wackenhut Corrections Corp./(1)/ 918 13,770 Cell Pathways Inc./(1)/ 3,346 13,752 CoBiz Inc. 856 13,739 SoundView Technology Group Inc./(1)/ 6,053 13,680 AVI BioPharma Inc./(1)/ 1,684 13,674 Churchill Downs Inc. 372 13,671 Smart & Final Inc./(1)/ 1,313 13,576 Medis Technologies Ltd./(1)/ 1,100 13,519 Progenics Pharmaceuticals Inc./(1)/ 899 13,485 Encompass Services Corp./(1)/ 7,601 13,454 Sanderson Farms Inc. 498 13,446 EntreMed Inc./(1)/ 1,755 13,338 Titanium Metals Corp./(1)/ 2,464 13,306 Avanex Corp./(1)/ 3,309 13,269 Internap Network Services Corp./(1)/ 17,210 13,252 Oil States International Inc./(1)/ 1,227 13,252 Ingles Markets Inc. "A" 1,123 13,139 National Service Industries Inc. 1,255 13,102 Keystone Property Trust 925 13,042 Vion Pharmaceuticals Inc./(1)/ 3,179 13,034 Daktronics Inc./(1)/ 1,628 13,008 TTM Technologies Inc./(1)/ 1,310 12,982 SkillSoft Corp./(1)/ 563 12,977 Transgenomic Inc./(1)/ 1,435 12,972 Beasley Broadcast Group Inc. "A"/(1)/ 869 12,957 Troy Financial Corp. 485 12,904 Arden Group Inc. "A"/(1)/ 192 12,864 POZEN Inc./(1)/ 2,219 12,826 Gulf Island Fabrication Inc./(1)/ 853 12,804 Kosan Biosciences Inc./(1)/ 1,658 12,767 Sauer-Danfoss Inc. 1,236 12,743 Novadigm Inc./(1)/ 1,635 12,688 Art Technology Group Inc./(1)/ 6,152 12,673 Actrade Financial Technologies Ltd./(1)/ 821 12,594 Encore Acquisition Co./(1)/ 848 12,508 Catapult Communications Corp./(1)/ 495 12,494 Standard Motor Products Inc. 852 12,439 Covenant Transport Inc. "A"/(1)/ 847 12,417 Ciphergen Biosystems Inc./(1)/ 2,039 12,275 42 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ CCC Information Services Group Inc./(1)/ 1,347 $ 12,258 Aurora Foods Inc./(1)/ 2,921 12,239 Deb Shops Inc. 456 12,221 Centra Software Inc./(1)/ 2,533 12,209 1-800-FLOWERS.COM Inc./(1)/ 893 12,163 Alico Inc. 417 12,143 Medallion Financial Corp. 1,561 12,129 Infonet Services Corp. "B" ADR/(1)/ 5,471 12,091 Regeneration Technologies Inc./(1)/ 1,664 12,064 Med-Design Corp. (The)/(1)/ 857 12,041 Terra Industries Inc./(1)/ 4,602 12,011 Avant Immunotherapeutics Inc./(1)/ 6,897 11,932 Closure Medical Corp./(1)/ 606 11,926 Netro Corp./(1)/ 4,250 11,900 Ditech Communications Corp./(1)/ 2,647 11,832 hi/fn Inc./(1)/ 999 11,788 Saba Software Inc./(1)/ 2,836 11,769 Bush Industries Inc. "A" 914 11,653 IMPCO Technologies Inc./(1)/ 897 11,625 Tropical Sportswear International Corp./(1)/ 483 11,592 SuperGen Inc./(1)/ 2,048 11,530 Inet Technologies Inc./(1)/ 1,218 11,498 Ladish Co. Inc./(1)/ 1,031 11,496 Alexander's Inc./(1)/ 190 11,485 Valence Technology Inc./(1)/ 3,762 11,474 Maxwell Technologies Inc./(1)/ 1,227 11,411 Sangamo BioSciences Inc./(1)/ 1,214 11,217 Valentis Inc./(1)/ 3,977 11,175 CoSine Communications Inc./(1)/ 9,716 11,173 Handspring Inc./(1)/ 2,366 11,026 Nanophase Technologies Corp./(1)/ 1,326 11,019 MicroStrategy Inc./(1)/ 3,612 11,017 McLeodUSA Inc. "A"/(1)/ 61,151 11,007 Aether Systems Inc./(1)/ 2,513 10,982 Sanchez Computer Associates Inc./(1)/ 1,623 10,955 TiVo Inc./(1)/ 2,067 10,955 North American Scientific Inc./(1)/ 841 10,883 Dendreon Corp./(1)/ 1,756 10,870 Mesaba Holdings Inc./(1)/ 1,220 10,846 Boron, LePore & Associates Inc./(1)/ 892 10,811 Insmed Incorporated/(1)/ 3,858 10,802 Pharmos Corp./(1)/ 6,430 10,802 Consolidated Freightways Corp./(1)/ 2,049 10,737 Rigel Pharmaceuticals Inc./(1)/ 3,022 10,728 Global Power Equipment Group Inc./(1)/ 860 10,724 ViroPharma Inc./(1)/ 2,106 10,720 Avici Systems Inc./(1)/ 5,629 10,695 Net2Phone Inc./(1)/ 2,097 10,653 Infogrames Inc./(1)/ 1,718 10,634 ZixIt Corp./(1)/ 1,623 10,582 Intertrust Technologies Corp./(1)/ 8,372 10,549 Hexcel Corp./(1)/ 2,632 10,528 Provident Bancorp Inc. 397 10,521 Lexar Media Inc./(1)/ 3,865 10,435 McAfee.com Corp./(1)/ 627 10,327 NetRatings Inc./(1)/ 851 10,314 Visual Networks Inc./(1)/ 3,466 10,190 Ameristar Casinos Inc./(1)/ 368 10,113 Schawk Inc. 1,033 10,113 Digital Lightwave Inc./(1)/ 1,622 10,105 Genzyme Corp. - Molecular Oncology/(1)/ 1,739 10,086 VaxGen Inc./(1)/ 877 10,015 KCS Energy Inc./(1)/ 3,177 9,912 Green Mountain Coffee Inc./(1)/ 476 9,882 Onyx Pharmaceuticals Inc./(1)/ 2,155 9,870 Performance Technologies Inc./(1)/ 1,222 9,752 Synplicity Inc./(1)/ 1,246 9,719 New Horizons Worldwide Inc./(1)/ 810 9,712 Fedders Corp./(1)/ 3,220 9,659 Inrange Technologies Corp./(1)/ 1,195 9,656 Valhi Inc. 852 9,585 Private Media Group Inc./(1)/ 1,698 9,577 Alaska Communications Systems Group Inc./(1)/ 1,260 9,450 World Acceptance Corp./(1)/ 1,344 9,435 Xybernaut Corp./(1)/ 5,818 9,309 APAC Customer Services Inc./(1)/ 2,908 9,306 Manufacturers Services Ltd./(1)/ 1,762 9,268 TransMontaigne Inc./(1)/ 1,777 9,240 Dobson Communications Corp. "A"/(1)/ 2,900 9,135 Targeted Genetics Corp./(1)/ 4,338 9,066 National Golf Properties Inc. 1,222 9,043 BriteSmile Inc./(1)/ 1,676 9,000 Schedules of Investments 43 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Xanser Corp./(1)/ 3,358 $ 8,999 Bebe Stores Inc./(1)/ 426 8,967 Keryx Biopharmaceuticals Inc./(1)/ 1,620 8,894 Northfield Laboratories Inc./(1)/ 1,263 8,892 August Technology Corp./(1)/ 609 8,885 Royal Bancshares of Pennsylvania "A" 444 8,880 ICT Group Inc./(1)/ 363 8,875 Republic Bancorp Inc. "A" 838 8,841 Innovative Solutions & Support Inc./(1)/ 896 8,835 Callon Petroleum Co./(1)/ 1,129 8,806 1-800 CONTACTS INC./(1)/ 825 8,786 Castle (A.M.) & Co. 808 8,759 OPNET Technologies Inc./(1)/ 913 8,701 Deltagen Inc./(1)/ 1,284 8,654 U.S. Physical Therapy Inc./(1)/ 479 8,646 Wolverine Tube Inc./(1)/ 988 8,596 SpectraSite Holdings Inc./(1)/ 8,011 8,572 NTELOS Inc./(1)/ 2,084 8,544 Hemispherx Biopharma Inc./(1)/ 2,124 8,496 PC Connection Inc./(1)/ 803 8,480 Genelabs Technologies Inc./(1)/ 4,744 8,349 Cobalt Corp./(1)/ 931 8,332 InteliData Technologies Corp./(1)/ 5,505 8,313 Genzyme Transgenics Corp./(1)/ 2,497 8,240 Mestek Inc./(1)/ 367 8,202 Republic Bancshares Inc./(1)/ 477 8,166 Peco II Inc./(1)/ 1,634 8,137 Dyax Corp./(1)/ 2,204 8,111 Millennium Cell Inc./(1)/ 2,037 8,087 Terremark Worldwide Inc./(1)/ 17,925 8,066 Selectica Inc./(1)/ 2,088 8,060 Curis Inc./(1)/ 3,777 8,045 MacroChem Corp./(1)/ 2,529 7,966 Computerized Thermal Imaging Inc./(1)/ 7,581 7,960 EarthShell Corp./(1)/ 5,445 7,950 Ulticom Inc./(1)/ 1,039 7,938 Hyseq Inc./(1)/ 1,485 7,900 Crossroads Systems Inc./(1)/ 2,195 7,792 EEX Corp./(1)/ 3,775 7,776 SupportSoft Inc./(1)/ 2,562 7,737 NYMAGIC Inc. 407 7,729 AT&T Latin America Corp./(1)/ 5,113 7,669 NATCO Group Inc. "A"/(1)/ 944 7,637 Syntel Inc./(1)/ 543 7,635 Mechanical Technology Inc./(1)/ 2,200 7,634 Docent Inc./(1)/ 4,289 7,592 Coldwater Creek Inc./(1)/ 426 7,566 Measurements Specialties Inc./(1)/ 1,085 7,541 EXE Technologies Inc./(1)/ 3,497 7,519 Value City Department Stores Inc./(1)/ 1,789 7,514 H Power Corp./(1)/ 2,944 7,507 Bethlehem Steel Corp./(1)/ 16,638 7,487 Perini Corp./(1)/ 1,301 7,481 SLI Inc. 2,922 7,451 CompuCredit Corp./(1)/ 1,302 7,447 Universal Access Global Holdings Inc./(1)/ 4,928 7,441 Corillian Corp./(1)/ 2,209 7,290 Harvard Bioscience Inc./(1)/ 818 7,190 ACTV Inc./(1)/ 4,756 7,177 Clayton Williams Energy Inc./(1)/ 574 7,175 MicroFinancial Inc. 839 7,173 Nanogen Inc./(1)/ 1,704 7,157 Ambassadors International Inc./(1)/ 832 7,114 Richardson Electronics Ltd. 582 7,065 Convera Corp./(1)/ 2,012 7,062 Lexent Inc./(1)/ 2,201 7,043 Dynacq International Inc./(1)/ 464 7,039 Guess ? Inc./(1)/ 892 6,940 Value Line Inc. 140 6,860 Maui Land & Pineapple Co. Inc./(1)/ 334 6,847 Digitas Inc./(1)/ 1,247 6,834 DUSA Pharmaceuticals Inc./(1)/ 1,703 6,829 Loudcloud Inc./(1)/ 2,949 6,753 Sirenza Microdevices Inc./(1)/ 1,240 6,721 Sunrise Telecom Inc./(1)/ 2,143 6,643 Align Technology Inc./(1)/ 1,226 6,498 Auspex Systems Inc./(1)/ 5,194 6,492 InKine Pharmaceutical Co. Inc./(1)/ 3,519 6,475 BSQUARE Corp./(1)/ 1,745 6,387 Genaissance Pharmaceuticals Inc./(1)/ 2,136 6,323 Moldflow Corp./(1)/ 467 6,305 Brightpoint Inc./(1)/ 6,876 6,257 Catalytica Energy Systems Inc./(1)/ 1,850 6,234 44 2002 iShares Annual Report to Shareholders iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Metromedia Fiber Network Inc. "A"/(1)/ 60,561 $ 6,056 Federal-Mogul Corp./(1)/ 7,463 6,045 Seaboard Corp. 20 6,000 Brio Software Inc./(1)/ 2,171 5,949 VA Systems Inc./(1)/ 3,499 5,948 EDEN Bioscience Corp./(1)/ 2,476 5,942 Copper Mountain Networks Inc./(1)/ 6,192 5,882 Prime Group Realty Trust 765 5,860 Newmark Homes Corp./(1)/ 344 5,858 America Online Latin America Inc. "A"/(1)/ 2,592 5,832 DigitalThink Inc./(1)/ 2,577 5,798 Revlon Inc. "A"/(1)/ 892 5,789 Lantronix Inc./(1)/ 2,218 5,745 National Beverage Corp./(1)/ 425 5,653 Amtran Inc./(1)/ 400 5,600 Management Network Group Inc. (The)/(1)/ 1,019 5,594 FiberCore Inc./(1)/ 3,490 5,584 WJ Communications Inc./(1)/ 1,709 5,571 BMC Industries Inc. 3,321 5,480 AEP Industries Inc./(1)/ 159 5,470 Pumatech Inc./(1)/ 4,077 5,422 3 Dimensional Pharmaceuticals Inc./(1)/ 784 5,355 McMoRan Exploration Co./(1)/ 1,615 5,330 Recoton Corp./(1)/ 1,189 5,327 CompX International Inc. 426 5,304 Braun Consulting Inc./(1)/ 1,229 5,297 Star Scientific Inc./(1)/ 2,627 5,254 VerticalNet Inc./(1)/ 7,431 5,202 Applied Innovation Inc./(1)/ 1,190 5,200 ATS Medical Inc./(1)/ 2,581 5,162 WestPoint Stevens Inc. 2,323 5,134 FTD.com Inc./(1)/ 914 5,119 Tremont Corp. 179 5,008 RCN Corp./(1)/ 3,532 4,980 Organogenesis Inc./(1)/ 3,568 4,960 Blue Martini Software Inc./(1)/ 3,457 4,909 Coca-Cola Bottling Co. Consolidated 100 4,900 Digital Generation Systems Inc./(1)/ 4,212 4,802 Emex Corp./(1)/ 1,472 4,755 Equity One Inc. 340 4,573 SureBeam Corporation "A"/(1)/ 820 4,543 Large Scale Biology Corp./(1)/ 1,364 4,488 PEC Solutions Inc./(1)/ 182 4,475 Burnham Pacific Properties Inc. 2,647 4,473 Simplex Solutions Inc./(1)/ 450 4,469 Seattle Genetics Inc./(1)/ 839 4,405 Exact Sciences Corp./(1)/ 450 4,378 Covanta Energy Corp./(1)/ 5,964 4,294 Interactive Intelligence Inc./(1)/ 769 4,214 3DO Co. (The)/(1)/ 4,001 4,081 SRI/Surgical Express Inc./(1)/ 265 4,044 Ribozyme Pharmaceuticals Inc./(1)/ 1,377 3,993 V.I. Technologies Inc./(1)/ 763 3,960 SatCon Technology Corp./(1)/ 1,192 3,874 Oglebay Norton Co. 376 3,798 Inspire Pharmaceuticals Inc./(1)/ 1,887 3,793 Carrier Access Corp./(1)/ 1,263 3,789 Rural Cellular Corp. "A"/(1)/ 835 3,741 Paradigm Genetics Inc./(1)/ 2,290 3,710 SignalSoft Corp./(1)/ 2,108 3,649 Centennial Communications Corp. "A"/(1)/ 999 3,596 HealthExtras Inc./(1)/ 1,320 3,590 Ventiv Health Inc./(1)/ 1,791 3,582 Sorrento Networks Corp./(1)/ 1,399 3,581 DuraSwitch Industries Inc./(1)/ 486 3,572 American Realty Investors Inc./(1)/ 502 3,539 Comdisco Inc./(1)/ 10,705 3,533 Fairchild Corp. (The) "A"/(1)/ 1,357 3,420 PYR Energy Corp./(1)/ 1,705 3,274 LightPath Technologies Inc. "A"/(1)/ 2,050 3,177 ATP Oil & Gas Corp./(1)/ 777 3,147 Digex Inc./(1)/ 2,519 3,124 Next Level Communications Inc./(1)/ 2,143 3,086 ROHN Industries Inc./(1)/ 2,070 3,002 Liberty Livewire Corp. "A"/(1)/ 509 2,942 Third Wave Technologies Inc./(1)/ 870 2,915 iBasis Inc./(1)/ 3,396 2,887 BioSphere Medical Inc./(1)/ 393 2,872 NTL Inc./(1)/ 19,085 2,863 Extensity Inc./(1)/ 1,723 2,826 Immune Response Corp./(1)/ 3,441 2,787 Schedules of Investments 45 iShares Russell 3000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Metromedia International Group Inc./(1)/ 8,884 $ 2,754 TradeStation Group Inc./(1)/ 2,473 2,720 Click Commerce Inc./(1)/ 2,079 2,640 Tripath Technology Inc./(1)/ 1,564 2,628 Spiegel Inc. "A" 1,734 2,376 Metawave Communications Corp./(1)/ 4,676 2,338 On Command Corp./(1)/ 509 2,316 StarBase Corp./(1)/ 8,151 2,201 CacheFlow Inc./(1)/ 2,240 2,195 Tellium Inc./(1)/ 933 2,155 Novatel Wireless Inc./(1)/ 3,055 2,016 First Banks America Inc./(1)/ 49 2,008 Choice One Communications Inc./(1)/ 1,222 1,992 Beacon Power Corp./(1)/ 3,819 1,948 NewPower Holdings Inc./(1)/ 5,189 1,920 MEEMIC Holdings Inc./(1)/ 65 1,846 Miravant Medical Technologies/(1)/ 1,704 1,840 Viasystems Group Inc./(1)/ 4,871 1,461 Optical Communication Products Inc./(1)/ 489 1,374 ITC*DeltaCom Inc./(1)/ 4,235 1,355 GenStar Therapeutics Corp./(1)/ 1,313 1,313 Alliance Fiber Optic Products Inc./(1)/ 1,254 1,241 Kaiser Aluminum Corp./(1)/ 3,401 1,224 Uniroyal Technology Corp./(1)/ 1,710 855 Engage Inc./(1)/ 3,036 759 Homestore.com Inc./(1)/ 200 540 Focal Communications Corp./(1)/ 102 436 NEON Communications Inc./(1)/ 923 434 Morgan Group Holding Co./(1)/ 325 374 Adelphia Business Solutions Inc./(1)/ 8,976 359 Optical Cable Corp./(1)/ 340 343 Constellation 3D Inc./(1)/ 696 223 Pinnacle Holdings Inc./(1)/ 2,140 171 GenTek Inc. 456 137 IMPSAT Fiber Networks Inc./(1)/ 1,771 89 - ------------------------------------------------------------------------ TOTAL COMMON STOCKS (Cost: $1,437,459,561) 1,358,771,820 - ------------------------------------------------------------------------ Shares or Security Principal Value - ------------------------------------------------------------------------ SHORT TERM INSTRUMENTS - 3.53% - ------------------------------------------------------------------------ Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 27,273,565 $ 27,273,565 Dreyfus Money Market Fund 7,455,878 7,455,878 General Electric Commercial Paper 1.86%, 05/10/02 $ 9,000,000 9,000,000 Goldman Sachs Financial Square Prime Obligation Fund 486,480 486,480 Providian Temp Cash Money Market Fund 3,794,113 3,794,113 - ------------------------------------------------------------------------ TOTAL SHORT TERM INSTRUMENTS (Cost: $48,010,036) 48,010,036 - ------------------------------------------------------------------------ TOTAL INVESTMENTS IN SECURITIES - 103.37% (Cost $1,485,469,597) 1,406,781,856 - ------------------------------------------------------------------------ Other Assets, Less Liabilities - (3.37%) (45,845,248) - ------------------------------------------------------------------------ NET ASSETS - 100.00% $1,360,936,608 ======================================================================== /(1)/ Non-income earning securities. See notes to financial statements. 46 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS - 99.88% - -------------------------------------------------------------------------------- General Electric Co. 49,541 $ 1,855,310 Microsoft Corp./(1)/ 21,930 1,322,598 Pfizer Inc. 31,226 1,240,921 Intel Corp. 33,399 1,015,664 Wal-Mart Stores Inc. 13,807 846,231 Johnson & Johnson 11,734 762,123 Cisco Systems Inc./(1)/ 36,521 618,301 International Business Machines Corp. 5,924 616,096 American International Group Inc. 7,942 572,936 Home Depot Inc. 11,693 568,397 AOL Time Warner Inc./(1)/ 21,300 503,745 Coca-Cola Co. (The) 8,399 438,932 Wyeth 6,595 432,962 Merck & Co. Inc. 7,017 404,039 Amgen Inc./(1)/ 5,222 311,649 PepsiCo Inc. 5,924 305,086 Lilly (Eli) and Co. 3,955 301,371 Dell Computer Corp./(1)/ 11,276 294,416 Pharmacia Corp. 6,454 290,946 Texas Instruments Inc. 8,657 286,547 Bristol-Myers Squibb Co. 6,833 276,668 Medtronic Inc. 6,045 273,294 Oracle Corp./(1)/ 20,504 262,451 Abbott Laboratories 4,667 245,484 Philip Morris Companies Inc. 4,500 237,015 Schering-Plough Corp. 7,319 229,085 Applied Materials Inc./(1)/ 4,092 222,073 Walgreen Co. 5,101 199,908 Automatic Data Processing Inc. 3,084 179,705 Lowe's Companies Inc. 3,871 168,350 Baxter International Inc. 2,797 166,477 First Data Corp. 1,907 166,386 Freddie Mac 2,617 165,839 Cardinal Health Inc. 2,248 159,361 QUALCOMM Inc./(1)/ 3,828 144,086 Viacom Inc. "B"/(1)/ 2,973 143,804 Sun Microsystems Inc./(1)/ 16,205 142,928 SBC Communications Inc. 3,724 139,427 MBNA Corp. 3,574 137,849 EMC Corp./(1)/ 11,063 131,871 Citigroup Inc. 2,652 131,327 Fifth Third Bancorp 1,932 130,371 Electronic Data Systems Corp. 2,155 124,968 Colgate-Palmolive Co. 2,081 118,929 Procter & Gamble Co. 1,257 113,243 Target Corp. 2,496 107,628 Safeway Inc./(1)/ 2,304 103,726 Kohls Corp./(1)/ 1,431 101,816 Anheuser-Busch Companies Inc. 1,912 99,806 AT&T Wireless Services Inc./(1)/ 10,914 97,680 Boeing Co. (The) 1,940 93,605 UnitedHealth Group Inc. 1,216 92,927 Gillette Co. (The) 2,677 91,045 Kroger Co./(1)/ 4,010 88,862 Veritas Software Corp./(1)/ 1,999 87,616 Omnicom Group Inc. 926 87,414 Concord EFS Inc./(1)/ 2,548 84,721 Maxim Integrated Products Inc./(1)/ 1,520 84,679 Harley-Davidson Inc. 1,516 83,577 Marsh & McLennan Companies Inc. 724 81,624 Analog Devices Inc./(1)/ 1,729 77,874 USA Education Inc. 779 76,186 3M Co. 644 74,066 Sysco Corp. 2,431 72,492 Forest Laboratories Inc. "A"/(1)/ 884 72,223 Schwab (Charles) Corp. (The) 5,402 70,712 Anadarko Petroleum Corp. 1,245 70,268 Linear Technology Corp. 1,588 70,221 Capital One Financial Corp. 1,090 69,596 Guidant Corp./(1)/ 1,524 66,020 Best Buy Co. Inc./(1)/ 833 65,974 Baker Hughes Inc. 1,680 64,260 Paychex Inc. 1,591 63,163 Xilinx Inc./(1)/ 1,582 63,059 KLA-Tencor Corp./(1)/ 931 61,912 United Technologies Corp. 824 61,141 Siebel Systems Inc./(1)/ 1,872 61,046 Bank of New York Co. Inc. (The) 1,442 60,593 CVS Corp. 1,731 59,425 Interpublic Group of Companies Inc. 1,692 58,002 Fannie Mae 714 57,034 Genentech Inc./(1)/ 1,095 55,243 TJX Companies Inc. 1,369 54,774 United Parcel Service Inc. 900 54,720 Clear Channel Communications Inc./(1)/ 1,031 53,004 Bed Bath & Beyond Inc./(1)/ 1,452 49,005 MedImmune Inc./(1)/ 1,234 48,533 PeopleSoft Inc./(1)/ 1,325 48,402 Schedules of Investments 47 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- Immunex Corp./(1)/ 1,586 $ 47,992 Adobe Systems Inc. 1,184 47,703 Gap Inc. (The) 3,068 46,143 SunGard Data Systems Inc./(1)/ 1,395 45,993 Cendant Corp./(1)/ 2,383 45,754 Starbucks Corp./(1)/ 1,906 44,086 Genzyme Corp. - General Division/(1)/ 992 43,321 Fiserv Inc./(1)/ 941 43,277 Micron Technology Inc./(1)/ 1,300 42,770 Allergan Inc. 661 42,734 General Motors Corp. "H"/(1)/ 2,576 42,375 Stryker Corp./(1)/ 675 40,723 State Street Corp. 729 40,372 eBay Inc./(1)/ 712 40,328 Household International Inc. 708 40,214 Altera Corp./(1)/ 1,817 39,738 Electronic Arts Inc./(1)/ 630 38,304 Halliburton Co. 2,201 37,571 AFLAC Inc. 1,264 37,288 Lexmark International Inc. "A"/(1)/ 649 37,110 Comcast Corp. "A"/(1)/ 1,166 37,079 Novellus Systems Inc./(1)/ 682 36,923 Biomet Inc. 1,348 36,477 Dynegy Inc. "A" 1,255 36,395 Biogen Inc./(1)/ 741 36,353 IDEC Pharmaceuticals Corp./(1)/ 558 35,879 Teradyne Inc./(1)/ 897 35,369 Staples Inc./(1)/ 1,759 35,127 Univision Communications Inc./(1)/ 836 35,112 Gilead Sciences Inc./(1)/ 966 34,766 Broadcom Corp. "A"/(1)/ 967 34,715 Sara Lee Corp. 1,667 34,607 Sprint Corp. (PCS Group)/(1)/ 3,237 33,309 IMS Health Inc. 1,473 33,069 King Pharmaceuticals Inc./(1)/ 943 33,003 Yahoo! Inc./(1)/ 1,780 32,877 VeriSign Inc./(1)/ 1,169 31,563 Sabre Holdings Corp./(1)/ 669 31,249 Millennium Pharmaceuticals Inc./(1)/ 1,375 30,681 St. Jude Medical Inc./(1)/ 395 30,474 EchoStar Communications Corp./(1)/ 1,066 30,189 Danaher Corp. 420 29,828 Network Appliance Inc./(1)/ 1,453 29,612 Northern Trust Corp. 492 29,574 Brocade Communications Systems Inc./(1)/ 1,083 29,241 Synovus Financial Corp. 953 29,047 Symantec Corp./(1)/ 703 28,971 Cintas Corp. 577 28,769 Quest Diagnostics Inc./(1)/ 347 28,749 Moody's Corp. 685 28,154 Cadence Design Systems Inc./(1)/ 1,234 27,901 Agilent Technologies Inc./(1)/ 793 27,723 Microchip Technology Inc./(1)/ 661 27,650 BJ Services Co./(1)/ 791 27,266 Kimberly-Clark Corp. 421 27,218 Heinz (H.J.) Co. 654 27,141 RadioShack Corp. 900 27,036 Ecolab Inc. 589 26,929 Nabors Industries Inc./(1)/ 631 26,660 El Paso Corp. 604 26,594 Tiffany & Co. 732 26,023 Affiliated Computer Services Inc. "A"/(1)/ 456 25,595 International Game Technology/(1)/ 410 25,551 Convergys Corp./(1)/ 857 25,341 Family Dollar Stores Inc. 746 24,998 Qwest Communications International Inc. 3,026 24,874 Sanmina-SCI Corp./(1)/ 2,079 24,428 McGraw-Hill Companies Inc. (The) 353 24,092 Noble Drilling Corp./(1)/ 569 23,551 Applera Corp. - Applied Biosystems Group 1,053 23,535 Apollo Group Inc. "A"/(1)/ 436 23,348 Intuit Inc./(1)/ 602 23,093 Solectron Corp./(1)/ 2,958 23,072 QLogic Corp./(1)/ 463 22,928 Robert Half International Inc./(1)/ 773 22,819 Laboratory Corp. of America Holdings/(1)/ 238 22,815 NVIDIA Corp./(1)/ 514 22,801 Express Scripts Inc. "A"/(1)/ 393 22,633 Caremark Rx Inc./(1)/ 1,141 22,249 Newmont Mining Corp. 802 22,207 Dollar General Corp. 1,334 21,718 Equifax Inc. 723 21,618 Tellabs Inc./(1)/ 2,048 21,443 Zimmer Holdings Inc./(1)/ 626 21,315 AmerisourceBergen Corp. 309 21,105 American Express Co. 514 21,053 BEA Systems Inc./(1)/ 1,528 20,949 Pepsi Bottling Group Inc. 788 20,386 48 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- Chiron Corp./(1)/ 437 $ 20,054 American Standard Companies Inc./(1)/ 279 19,739 BISYS Group Inc. (The)/(1)/ 550 19,387 Calpine Corp./(1)/ 1,523 19,342 AES Corp. (The)/(1)/ 2,141 19,269 Sealed Air Corp./(1)/ 401 18,879 Weatherford International Inc./(1)/ 395 18,814 Oxford Health Plans Inc./(1)/ 449 18,764 Mirant Corp./(1)/ 1,294 18,698 Waters Corp./(1)/ 657 18,376 ChoicePoint Inc./(1)/ 317 18,259 Advanced Micro Devices Inc./(1)/ 1,238 18,211 Lam Research Corp./(1)/ 619 18,149 Scientific-Atlanta Inc. 784 18,110 Block (H & R) Inc. 406 18,047 Jabil Circuit Inc./(1)/ 757 17,812 Wrigley (William Jr.) Co. 324 17,272 Morgan Stanley Dean Witter & Co. 297 17,021 Burlington Resources Inc. 421 16,878 Smith International Inc./(1)/ 249 16,870 Cytyc Corp./(1)/ 625 16,825 Synopsys Inc./(1)/ 302 16,658 Integrated Device Technology Inc./(1)/ 494 16,421 Kellogg Co. 488 16,382 ENSCO International Inc. 543 16,366 BJ's Wholesale Club Inc./(1)/ 365 16,315 HCA Inc. 364 16,045 Dollar Tree Stores Inc./(1)/ 489 16,044 Citrix Systems Inc./(1)/ 927 16,019 DST Systems Inc./(1)/ 319 15,886 Juniper Networks Inc./(1)/ 1,255 15,838 JDS Uniphase Corp./(1)/ 2,686 15,821 Rational Software Corp./(1)/ 984 15,577 Corning Inc. 2,040 15,545 EOG Resources Inc. 378 15,332 Estee Lauder Companies Inc. "A" 445 15,201 SEI Investment Co. 349 14,941 Murphy Oil Corp. 154 14,784 CIENA Corp./(1)/ 1,636 14,724 Alcoa Inc. 390 14,719 BMC Software Inc./(1)/ 754 14,665 Expeditors International Washington Inc. 238 14,518 Honeywell International Inc. 379 14,504 International Rectifier Corp./(1)/ 318 14,440 Watson Pharmaceuticals Inc./(1)/ 532 14,412 Intersil Corp. "A"/(1)/ 508 14,402 Nextel Communications Inc. "A"/(1)/ 2,677 14,402 Fairchild Semiconductor International Corp. "A"/(1)/ 501 14,329 Abercrombie & Fitch Co. "A"/(1)/ 463 14,260 AmeriCredit Corp./(1)/ 375 14,246 UST Inc. 364 14,171 Jones Apparel Group Inc./(1)/ 404 14,120 TMP Worldwide Inc./(1)/ 404 13,926 Human Genome Sciences Inc./(1)/ 632 13,771 Gallagher (Arthur J.) & Co. 420 13,763 Mercury Interactive Corp./(1)/ 363 13,667 Varian Medical Systems Inc./(1)/ 334 13,661 AdvancePCS/(1)/ 451 13,571 Emulex Corp./(1)/ 409 13,468 PMC-Sierra Inc./(1)/ 821 13,366 Amazon.com Inc./(1)/ 933 13,342 Cooper Cameron Corp./(1)/ 261 13,340 Campbell Soup Co. 493 13,212 Avery Dennison Corp. 212 12,938 Cephalon Inc./(1)/ 205 12,915 Federated Investors Inc. "B" 399 12,908 Investment Technology Group Inc./(1)/ 244 12,869 Symbol Technologies Inc. 1,138 12,791 Certegy Inc./(1)/ 319 12,664 IVAX Corp./(1)/ 788 12,647 Lincare Holdings Inc./(1)/ 465 12,611 L-3 Communications Holdings Inc./(1)/ 112 12,544 Telephone & Data Systems Inc. 141 12,443 Knight Ridder Inc. 175 12,021 Investors Financial Services Corp. 158 12,016 AutoZone Inc./(1)/ 173 11,911 Comverse Technology Inc./(1)/ 933 11,821 RF Micro Devices Inc./(1)/ 655 11,725 Eaton Vance Corp. 293 11,705 XTO Energy Inc. 577 11,569 Eaton Corp. 141 11,418 Applied Micro Circuits Corp./(1)/ 1,423 11,384 Whole Foods Market Inc./(1)/ 249 11,377 Semtech Corp./(1)/ 309 11,279 Health Management Associates Inc. "A"/(1)/ 543 11,256 Compuware Corp./(1)/ 869 11,219 Coach Inc./(1)/ 221 11,207 Schedules of Investments 49 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- Maytag Corp. 253 $ 11,195 ICOS Corp./(1)/ 243 11,176 Polycom Inc./(1)/ 453 11,144 Gentex Corp./(1)/ 376 11,141 CH Robinson Worldwide Inc. 331 11,122 Andrx Group/(1)/ 293 11,116 CDW Computer Centers Inc./(1)/ 220 11,075 Providian Financial Corp. 1,442 10,887 Patterson Dental Co./(1)/ 247 10,801 Waddell & Reed Financial Inc. "A" 354 10,790 Beckman Coulter Inc. 211 10,776 Fastenal Co. 142 10,695 LSI Logic Corp./(1)/ 627 10,659 PerkinElmer Inc. 576 10,656 Amkor Technology Inc./(1)/ 477 10,642 Apache Corp. 187 10,637 Avaya Inc./(1)/ 1,437 10,605 First Health Group Corp./(1)/ 435 10,497 Millipore Corp. 237 10,485 Vertex Pharmaceuticals Inc./(1)/ 374 10,420 Atmel Corp./(1)/ 1,023 10,373 National-Oilwell Inc./(1)/ 407 10,309 National Semiconductor Corp./(1)/ 303 10,208 Motorola Inc. 717 10,181 NVR Inc./(1)/ 32 10,096 Williams-Sonoma Inc./(1)/ 219 10,072 Ocean Energy Inc. 505 9,994 Patterson-UTI Energy Inc./(1)/ 336 9,993 USA Networks Inc./(1)/ 311 9,880 Amphenol Corp. "A"/(1)/ 210 9,828 WellPoint Health Networks Inc./(1)/ 154 9,805 Network Associates Inc./(1)/ 404 9,777 Costco Wholesale Corp./(1)/ 241 9,597 Agere Systems Inc./(1)/ 2,433 9,464 Enzon Inc./(1)/ 211 9,345 Celgene Corp./(1)/ 376 9,306 Invitrogen Corp./(1)/ 265 9,095 Vitesse Semiconductor Corp./(1)/ 926 9,075 Herman Miller Inc. 381 9,060 Advent Software Inc./(1)/ 152 8,992 Rowan Companies Inc./(1)/ 387 8,916 DeVry Inc./(1)/ 289 8,708 New York Community Bancorp Inc. 312 8,627 Micrel Inc./(1)/ 336 8,474 Krispy Kreme Doughnuts Inc./(1)/ 207 8,456 DENTSPLY International Inc. 227 8,413 Career Education Corp./(1)/ 210 8,316 Alkermes Inc./(1)/ 317 8,261 Cabot Microelectronics Corp./(1)/ 122 8,253 Barr Laboratories Inc./(1)/ 124 8,162 Renal Care Group Inc./(1)/ 247 8,102 Cypress Semiconductor Corp./(1)/ 352 8,096 GlobeSpanVirata Inc./(1)/ 542 8,087 Lee Enterprises Inc. 219 8,081 Palm Inc./(1)/ 2,009 8,016 Peregrine Systems Inc./(1)/ 838 7,978 Parametric Technology Corp./(1)/ 1,320 7,973 TriQuint Semiconductor Inc./(1)/ 654 7,855 Lattice Semiconductor Corp./(1)/ 448 7,853 Tenet Healthcare Corp./(1)/ 116 7,774 Hispanic Broadcasting Corp./(1)/ 266 7,746 Neuberger Berman Inc. 165 7,730 Limited Inc. (The) 430 7,697 Cymer Inc./(1)/ 154 7,648 Citizens Communications Co./(1)/ 710 7,632 Edwards (J.D.) & Co./(1)/ 423 7,631 Sybase Inc./(1)/ 435 7,599 Hudson United Bancorp 237 7,539 Mettler Toledo International Inc./(1)/ 166 7,513 ImClone Systems Inc./(1)/ 305 7,512 Mylan Laboratories Inc. 255 7,512 Protein Design Labs Inc./(1)/ 438 7,503 DaVita Inc./(1)/ 295 7,463 Plum Creek Timber Co. Inc. 251 7,457 Ruby Tuesday Inc. 318 7,394 Accredo Health Inc./(1)/ 129 7,388 McKesson Corp. 196 7,336 Varian Semiconductor Equipment Associates Inc./(1)/ 163 7,335 Affiliated Managers Group Inc./(1)/ 102 7,327 Abgenix Inc./(1)/ 387 7,310 KPMG Consulting Inc./(1)/ 361 7,292 LifePoint Hospitals Inc./(1)/ 195 7,207 Freeport-McMoRan Copper & Gold Inc./(1)/ 408 7,189 Henry (Jack) & Associates Inc. 322 7,142 Hanover Compressor Co./(1)/ 390 7,016 Axcelis Technologies Inc./(1)/ 489 6,993 Brown & Brown Inc. 222 6,971 50 2002 iShares Annual Report To Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Alliant Techsystems Inc./(1)/ 68 $ 6,935 OSI Pharmaceuticals Inc./(1)/ 177 6,930 Performance Food Group Co./(1)/ 212 6,924 i2 Technologies Inc./(1)/ 1,364 6,902 Molex Inc. 199 6,899 Marriott International Inc. "A" 153 6,877 Cheesecake Factory (The)/(1)/ 185 6,826 Sepracor Inc./(1)/ 350 6,790 Mentor Graphics Corp./(1)/ 321 6,786 GTECH Holdings Corp./(1)/ 139 6,776 ICN Pharmaceuticals Inc. 212 6,731 Roper Industries Inc. 135 6,715 DoubleClick Inc./(1)/ 559 6,702 CSG Systems International Inc./(1)/ 235 6,690 Boston Scientific Corp./(1)/ 266 6,674 Pharmaceutical Product Development Inc./(1)/ 191 6,656 Corporate Executive Board Co. (The)/(1)/ 177 6,639 LaBranche & Co. Inc./(1)/ 213 6,614 Catalina Marketing Corp./(1)/ 181 6,606 Zebra Technologies Corp. "A"/(1)/ 122 6,599 Michaels Stores Inc./(1)/ 174 6,577 Newfield Exploration Co./(1)/ 177 6,547 Scios Inc./(1)/ 226 6,538 Dow Jones & Co. Inc. 112 6,521 LTX Corp./(1)/ 238 6,471 CEC Entertainment Inc./(1)/ 140 6,468 Transkaryotic Therapies Inc./(1)/ 150 6,458 Conexant Systems Inc./(1)/ 533 6,423 Gemstar-TV Guide International Inc./(1)/ 432 6,389 Allied Capital Corp. 230 6,325 Devon Energy Corp. 131 6,323 ResMed Inc./(1)/ 157 6,300 Kinder Morgan Inc. 130 6,296 Graco Inc. 154 6,291 E*TRADE Group Inc./(1)/ 665 6,264 AMETEK Inc. 168 6,251 American Eagle Outfitters Inc./(1)/ 252 6,242 Medicis Pharmaceutical Corp. "A"/(1)/ 112 6,216 Charles River Laboratories International Inc./(1)/ 200 6,200 Doral Financial Corp. 182 6,179 Titan Corp. (The)/(1)/ 299 6,174 Perot Systems Corp. "A"/(1)/ 308 6,145 Macromedia Inc./(1)/ 294 6,003 Avocent Corp./(1)/ 224 6,001 Pride International Inc./(1)/ 377 5,994 Retek Inc./(1)/ 228 5,985 National Instruments Corp./(1)/ 143 5,980 Archstone-Smith Trust 223 5,974 Tidewater Inc. 140 5,929 Wiley (John) & Sons Inc. "A" 226 5,921 BB&T Corp. 155 5,907 Williams Companies Inc. 250 5,890 Medarex Inc./(1)/ 365 5,887 Varian Inc./(1)/ 155 5,881 THQ Inc./(1)/ 119 5,843 Iron Mountain Inc./(1)/ 184 5,836 Steris Corp./(1)/ 277 5,778 Direct Focus Inc./(1)/ 151 5,746 Fair Isaac and Co. Inc. 90 5,705 Cirrus Logic Inc./(1)/ 302 5,699 SPX Corp./(1)/ 40 5,663 Chico's FAS Inc./(1)/ 168 5,662 Techne Corp./(1)/ 205 5,652 Hershey Foods Corp. 82 5,620 Mid Atlantic Medical Services Inc./(1)/ 196 5,586 Pitney Bowes Inc. 130 5,564 Neurocrine Biosciences Inc./(1)/ 137 5,561 Affymetrix Inc./(1)/ 191 5,535 Diamond Offshore Drilling Inc. 177 5,533 Chesapeake Energy Corp./(1)/ 714 5,526 Linens 'N Things Inc./(1)/ 181 5,526 Shaw Group Inc. (The)/(1)/ 200 5,500 Global Payments Inc. 150 5,498 Macrovision Corp./(1)/ 206 5,490 McCormick & Co. Inc. 107 5,471 ITT Educational Services Inc./(1)/ 121 5,445 Copart Inc./(1)/ 301 5,400 Federal Signal Corp. 227 5,384 Varco International Inc./(1)/ 267 5,367 Washington Real Estate Investment Trust 186 5,348 Cerner Corp./(1)/ 112 5,344 Orthodontic Centers of America Inc./(1)/ 193 5,329 Manugistics Group Inc./(1)/ 248 5,327 Extreme Networks Inc./(1)/ 508 5,283 Key Energy Services Inc./(1)/ 492 5,274 Coca-Cola Enterprises Inc. 279 5,240 Park National Corp. 53 5,234 Schedules of Investments 51 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Universal Health Services Inc. "B"/(1)/ 126 5,198 ADC Telecommunications Inc./(1)/ 1,277 5,197 Province Healthcare Co./(1)/ 163 5,179 Cox Radio Inc. "A"/(1)/ 182 5,169 Ascential Software Corp./(1)/ 1,339 5,155 Electro Scientific Industries Inc./(1)/ 140 5,131 Activision Inc./(1)/ 169 5,041 Polaris Industries Inc. 79 5,032 Stericycle Inc./(1)/ 80 5,005 Documentum Inc./(1)/ 196 4,988 99 Cents Only Stores/(1)/ 130 4,984 Cree Inc./(1)/ 364 4,961 Plexus Corp./(1)/ 209 4,932 Respironics Inc./(1)/ 149 4,828 Community Health Systems Inc./(1)/ 218 4,820 Finisar Corp./(1)/ 625 4,813 SkyWest Inc. 193 4,811 Apria Healthcare Group Inc./(1)/ 196 4,804 Total System Services Inc. 191 4,804 Elantec Semiconductor Inc./(1)/ 112 4,790 Veeco Instruments Inc./(1)/ 136 4,760 Cousins Properties Inc. 182 4,741 CheckFree Corp./(1)/ 309 4,737 Cognex Corp./(1)/ 163 4,737 Flowserve Corp./(1)/ 148 4,737 Atlantic Coast Airlines Holdings Inc./(1)/ 196 4,700 Black Box Corp./(1)/ 97 4,697 Gartner Inc. "A"/(1)/ 364 4,696 Diagnostic Products Corp. 108 4,666 TrustCo Bank Corp. NY 361 4,661 Kronos Inc./(1)/ 99 4,651 Quintiles Transnational Corp./(1)/ 261 4,633 Covance Inc./(1)/ 228 4,624 SICOR Inc./(1)/ 269 4,595 Waste Connections Inc./(1)/ 137 4,591 Storage Technology Corp./(1)/ 213 4,567 Apogent Technologies Inc./(1)/ 185 4,566 Tom Brown Inc./(1)/ 167 4,559 Scholastic Corp./(1)/ 84 4,552 Too Inc./(1)/ 154 4,541 Keane Inc./(1)/ 266 4,535 Education Management Corp./(1)/ 107 4,512 Donaldson Co. Inc. 112 4,504 MSC Industrial Direct Co. Inc. "A"/(1)/ 196 4,488 VISX Inc./(1)/ 254 4,486 Insight Enterprises Inc./(1)/ 198 4,483 IDEXX Laboratories Inc./(1)/ 166 4,455 Dial Corp. (The) 247 4,451 Black & Decker Corp. 95 4,421 NPS Pharmaceuticals Inc./(1)/ 135 4,405 ATMI Inc./(1)/ 140 4,403 O'Reilly Automotive Inc./(1)/ 139 4,388 Exult Inc./(1)/ 402 4,386 Hilb Rogal & Hamilton Co. 140 4,368 Internet Security Systems Inc./(1)/ 191 4,364 Price Communications Corp./(1)/ 247 4,357 Talbots Inc. (The) 123 4,354 SanDisk Corp./(1)/ 200 4,340 FactSet Research Systems Inc. 107 4,317 Wind River Systems Inc./(1)/ 317 4,308 Stone Energy Corp./(1)/ 111 4,301 Greater Bay Bancorp 126 4,299 CommScope Inc./(1)/ 247 4,298 Fisher Scientific International Inc./(1)/ 149 4,187 Cell Therapeutics Inc./(1)/ 168 4,171 Timberland Co. "A"/(1)/ 98 4,141 Silicon Storage Technology Inc./(1)/ 392 4,136 Sonic Corp./(1)/ 160 4,114 Applebee's International Inc. 113 4,102 InterMune Inc./(1)/ 136 4,090 Myriad Genetics Inc./(1)/ 122 4,088 WebMD Corp./(1)/ 531 4,078 Ligand Pharmaceuticals Inc. "B"/(1)/ 205 4,043 Mentor Corp. 112 4,041 Spinnaker Exploration Co./(1)/ 97 4,040 Legato Systems Inc./(1)/ 447 4,027 Ameritrade Holding Corp. "A"/(1)/ 620 4,024 Photon Dynamics Inc./(1)/ 79 4,020 Intergraph Corp./(1)/ 228 4,015 Newport Corp. 168 4,015 Advanced Digital Information Corp./(1)/ 308 4,007 Incyte Genomics Inc./(1)/ 336 3,998 Mohawk Industries Inc./(1)/ 66 3,966 Northrop Grumman Corp. 35 3,957 Swift Transportation Co. Inc./(1)/ 179 3,924 Tootsie Roll Industries Inc. 85 3,920 Landstar System Inc./(1)/ 42 3,898 Aeroflex Inc./(1)/ 303 3,897 52 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Ventas Inc. 308 $ 3,896 Rite Aid Corp./(1)/ 1,124 3,889 CAL Dive International Inc./(1)/ 156 3,884 Rockwell Collins Inc. 154 3,884 Photronics Inc./(1)/ 115 3,879 3Com Corp./(1)/ 634 3,874 Matthews International Corp. "A" 154 3,865 eFunds Corp./(1)/ 238 3,820 Advanced Fibre Communications Inc./(1)/ 198 3,800 Powerwave Technologies Inc./(1)/ 294 3,784 Getty Images Inc./(1)/ 126 3,775 Primedia Inc./(1)/ 1,190 3,772 Allied Waste Industries Inc./(1)/ 290 3,770 CV Therapeutics Inc./(1)/ 104 3,765 Credence Systems Corp./(1)/ 171 3,755 Take-Two Interactive Software Inc./(1)/ 186 3,739 KV Pharmaceuticals Co. "B"/(1)/ 114 3,728 Jack in the Box Inc./(1)/ 125 3,706 American Management Systems Inc./(1)/ 198 3,699 Stillwater Mining Co./(1)/ 196 3,695 Perrigo Co./(1)/ 307 3,669 Pacific Sunwear of California Inc./(1)/ 149 3,665 Western Digital Corp./(1)/ 583 3,632 Trimeris Inc./(1)/ 84 3,629 Immunomedics Inc./(1)/ 191 3,621 Western Gas Resources Inc. 97 3,610 Coinstar Inc./(1)/ 107 3,605 Westamerica Bancorp 84 3,591 Cambrex Corp. 85 3,578 Plantronics Inc./(1)/ 170 3,556 Aspen Technology Inc./(1)/ 154 3,527 Tupperware Corp. 154 3,504 Evergreen Resources Inc./(1)/ 84 3,503 Choice Hotels International Inc./(1)/ 144 3,475 Digital Insight Corp./(1)/ 126 3,471 Oak Technology Inc./(1)/ 233 3,467 MKS Instruments Inc./(1)/ 101 3,458 UCBH Holdings Inc. 96 3,454 BARRA Inc./(1)/ 57 3,452 Exar Corp./(1)/ 168 3,451 Impath Inc./(1)/ 84 3,447 Eclipsys Corp./(1)/ 210 3,446 Amylin Pharmaceuticals Inc./(1)/ 344 3,443 Cabot Oil & Gas Corp. "A" 139 3,442 Tetra Tech Inc./(1)/ 240 3,430 Argosy Gaming Co./(1)/ 93 3,412 Avant! Corp./(1)/ 170 3,405 FMC Technologies Inc./(1)/ 170 3,388 Christopher & Banks Corp./(1)/ 103 3,384 Metris Companies Inc. 169 3,380 PETsMART Inc./(1)/ 247 3,349 Advanced Energy Industries Inc./(1)/ 93 3,344 Alpha Industries Inc./(1)/ 219 3,340 CuraGen Corp./(1)/ 205 3,292 Panera Bread Co. "A"/(1)/ 51 3,249 RealNetworks Inc./(1)/ 462 3,243 Dover Corp. 79 3,239 Brinker International Inc./(1)/ 99 3,209 Triad Hospitals Inc./(1)/ 93 3,197 AmeriPath Inc./(1)/ 119 3,189 Isis Pharmaceuticals Inc./(1)/ 198 3,184 Entegris Inc./(1)/ 197 3,182 American Italian Pasta Co. "A"/(1)/ 70 3,178 Men's Wearhouse Inc. (The)/(1)/ 135 3,152 Regeneron Pharmaceuticals Inc./(1)/ 126 3,149 Micromuse Inc./(1)/ 359 3,145 TIBCO Software Inc./(1)/ 267 3,140 Rambus Inc./(1)/ 401 3,124 Haemonetics Corp./(1)/ 98 3,111 Kulicke & Soffa Industries Inc./(1)/ 149 3,101 Administaff Inc./(1)/ 112 3,095 Asyst Technologies Inc./(1)/ 170 3,094 NDCHealth Corp. 85 3,093 Pixar Inc./(1)/ 84 3,091 Genesco Inc./(1)/ 112 3,088 MSC.Software Corp./(1)/ 134 3,082 Cooper Companies Inc. 65 3,081 SCP Pool Corp./(1)/ 98 3,077 Unit Corp./(1)/ 168 3,073 Cost Plus Inc./(1)/ 112 3,065 Insituform Technologies Inc. "A"/(1)/ 121 3,058 Mercury Computer Systems Inc./(1)/ 95 3,036 BlackRock Inc./(1)/ 68 3,033 Woodward Governor Co. 44 3,027 Patina Oil & Gas Corp. 96 3,026 FileNET Corp./(1)/ 177 3,025 Foundry Networks Inc./(1)/ 420 3,020 Kopin Corp./(1)/ 331 3,015 Schedules of Investments 53 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Pogo Producing Co. 95 $ 3,012 Plains Resource Inc./(1)/ 121 3,010 Technitrol Inc. 126 3,004 Cerus Corp./(1)/ 56 3,000 HNC Software Inc./(1)/ 177 2,974 Brooks Automation Inc./(1)/ 65 2,954 West Corp./(1)/ 93 2,943 Expedia Inc. "A"/(1)/ 42 2,933 Grey Wolf Inc./(1)/ 739 2,926 Maverick Tube Corp./(1)/ 177 2,889 Dreyer's Grand Ice Cream Inc. 70 2,883 Lone Star Technologies Inc./(1)/ 126 2,874 Chelsea Property Group Inc. 53 2,864 Church & Dwight Co. Inc. 97 2,858 Integrated Circuit Systems Inc./(1)/ 140 2,856 Dianon Systems Inc./(1)/ 44 2,855 Crown Castle International Corp./(1)/ 431 2,849 SangStat Medical Corp./(1)/ 106 2,847 Manitowoc Co. Inc. (The) 72 2,844 Helix Technology Corp. 112 2,836 SurModics Inc./(1)/ 65 2,834 Information Holdings Inc./(1)/ 98 2,822 FEI Co./(1)/ 79 2,808 United Bancshares Inc. 95 2,805 Darden Restaurants Inc. 69 2,801 Southwest Bancorp of Texas Inc./(1)/ 84 2,801 P.F. Chang's China Bistro Inc./(1)/ 42 2,798 American Medical Systems Holdings Inc./(1)/ 124 2,791 Hooper Holmes Inc. 266 2,790 Secure Computing Corp./(1)/ 142 2,785 Commerce Bancorp Inc. 62 2,784 DRS Technologies Inc./(1)/ 67 2,780 Charlotte Russe Holding Inc./(1)/ 107 2,776 InterDigital Communications Corp./(1)/ 289 2,772 Frontier Oil Corp. 129 2,771 Kerr-McGee Corp. 44 2,765 Progress Software Corp./(1)/ 152 2,757 InFocus Corp./(1)/ 151 2,750 Sylvan Learning Systems Inc./(1)/ 97 2,740 Overture Services Inc./(1)/ 98 2,736 Frontier Airlines Inc./(1)/ 149 2,730 Grey Global Group Inc. 4 2,724 Verity Inc./(1)/ 154 2,723 Rare Hospitality International Inc./(1)/ 107 2,720 Manhattan Associates Inc./(1)/ 71 2,705 Teledyne Technologies Inc./(1)/ 163 2,703 Syncor International Corp./(1)/ 99 2,698 Gene Logic Inc./(1)/ 138 2,685 Silicon Image Inc./(1)/ 314 2,682 Callaway Golf Co. 139 2,676 Flir Systems Inc./(1)/ 56 2,674 AmSurg Corp./(1)/ 98 2,667 Western Wireless Corp. "A"/(1)/ 305 2,666 Symyx Technologies Inc./(1)/ 129 2,664 EGL Inc./(1)/ 168 2,663 Exelixis Inc./(1)/ 193 2,661 Olin Corp. 141 2,651 Cohu Inc. 93 2,650 Genta Inc./(1)/ 158 2,650 Hot Topic Inc./(1)/ 126 2,633 CTS Corp. 162 2,632 Fred's Inc. 73 2,628 Rogers Corp./(1)/ 79 2,624 Texas Regional Bancshares Inc. "A" 60 2,620 Priceline.com Inc./(1)/ 499 2,610 INAMED Corp./(1)/ 79 2,599 NCR Corp./(1)/ 58 2,596 Concurrent Computer Corp./(1)/ 311 2,584 Consol Energy Inc. 98 2,572 Power Integrations Inc./(1)/ 135 2,572 NRG Energy Inc./(1)/ 213 2,569 Tekelec/(1)/ 224 2,567 Albany Molecular Research Inc./(1)/ 107 2,565 TeleTech Holdings Inc./(1)/ 191 2,565 Priority Healthcare Corp. "B"/(1)/ 98 2,549 C&D Technologies Inc. 121 2,543 Boston Private Financial Holdings Inc. 95 2,541 InterCept Inc./(1)/ 70 2,538 Veritas DGC Inc./(1)/ 150 2,537 S1 Corp./(1)/ 164 2,532 WD-40 Co. 84 2,530 Mykrolis Corp./(1)/ 165 2,523 Vulcan Materials Co. 53 2,520 ILEX Oncology Inc./(1)/ 145 2,503 Forward Air Corp./(1)/ 79 2,500 Borland Software Corp./(1)/ 192 2,498 Cubist Pharmaceuticals Inc./(1)/ 135 2,495 Quest Software Inc./(1)/ 165 2,493 54 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Martek Biosciences Corp./(1)/ 79 $ 2,487 DSP Group Inc./(1)/ 121 2,477 FuelCell Energy Inc./(1)/ 157 2,474 Openwave Systems Inc./(1)/ 389 2,474 AstroPower Inc./(1)/ 59 2,464 Fox Entertainment Group Inc. "A"/(1)/ 104 2,460 NetIQ Corp./(1)/ 112 2,443 Gentiva Health Services Inc./(1)/ 98 2,426 Owens & Minor Inc. 123 2,416 Donnelley (R.H.) Corp./(1)/ 79 2,404 East West Bancorp Inc. 82 2,402 Newpark Resources Inc./(1)/ 308 2,387 Level 3 Communications Inc./(1)/ 669 2,382 Riverstone Networks Inc./(1)/ 394 2,364 Inhale Therapeutic Systems Inc./(1)/ 224 2,363 Chittenden Corp. 81 2,361 Brady Corp. "A" 65 2,359 FTI Consulting Inc./(1)/ 76 2,354 Mills Corp. 84 2,349 Superior Energy Services Inc./(1)/ 233 2,344 Tech Data Corp./(1)/ 51 2,340 Wet Seal Inc. "A"/(1)/ 67 2,338 Noven Pharmaceuticals Inc./(1)/ 112 2,323 Manufactured Home Communities Inc. 70 2,310 Informatica Corp./(1)/ 317 2,295 Power-One Inc./(1)/ 280 2,290 Microsemi Corp./(1)/ 140 2,285 PRI Automation Inc./(1)/ 98 2,284 F5 Networks Inc./(1)/ 98 2,278 Commerce One Inc./(1)/ 1,454 2,268 Simpson Manufacturing Co. Inc./(1)/ 37 2,263 ValueVision International Inc. "A"/(1)/ 109 2,262 Footstar Inc./(1)/ 74 2,256 Pre-Paid Legal Services Inc./(1)/ 79 2,256 RehabCare Group Inc./(1)/ 79 2,252 Bruker Daltonics Inc./(1)/ 233 2,232 Metro One Telecommunications Inc./(1)/ 88 2,231 Oakley Inc./(1)/ 124 2,220 Enzo Biochem Inc./(1)/ 109 2,208 Ariba Inc./(1)/ 487 2,206 Forest Oil Corp./(1)/ 74 2,192 Pacific Capital Bancorp 71 2,190 OshKosh B'Gosh Inc. "A" 51 2,186 E.piphany Inc./(1)/ 289 2,185 Hotel Reservations Network Inc. "A"/(1)/ 37 2,180 CVB Financial Corp. 108 2,177 Itron Inc./(1)/ 73 2,172 Immunogen Inc./(1)/ 196 2,170 Forest City Enterprises Inc. "A" 57 2,166 Westport Resources Corp./(1)/ 110 2,162 Interwoven Inc./(1)/ 429 2,145 Commonwealth Telephone Enterprises Inc./(1)/ 56 2,142 ANSYS Inc./(1)/ 79 2,141 Franklin Electric Co. Inc. 42 2,128 Corinthian Colleges Inc./(1)/ 42 2,123 AGCO Corp./(1)/ 93 2,122 IGEN International Inc./(1)/ 56 2,121 Atrix Laboratories Inc./(1)/ 93 2,118 Philadelphia Suburban Corp. 90 2,115 Harmonic Inc./(1)/ 182 2,111 Midway Games Inc./(1)/ 156 2,100 Trimble Navigation Ltd./(1)/ 126 2,095 Vishay Intertechnology Inc./(1)/ 103 2,095 Mobile Mini Inc./(1)/ 65 2,092 ONI Systems Inc./(1)/ 339 2,092 Redback Networks Inc./(1)/ 612 2,081 CUNO Inc./(1)/ 56 2,079 WorldCom Inc. - MCI Group 351 2,074 Hain Celestial Group Inc./(1)/ 93 2,069 Invacare Corp. 55 2,068 SOURCECORP Inc./(1)/ 70 2,064 American Tower Corp./(1)/ 381 2,061 Sonus Networks Inc./(1)/ 786 2,059 Solutia Inc. 235 2,045 Vicor Corp./(1)/ 121 2,045 Northwest Airlines Corp. "A"/(1)/ 107 2,040 Computer Network Technology Corp./(1)/ 154 2,036 Quiksilver Inc./(1)/ 93 2,035 Actel Corp./(1)/ 98 2,030 AMC Entertainment Inc./(1)/ 148 2,019 Echelon Corp./(1)/ 112 2,016 Harris Corp. 56 2,011 ProBusiness Services Inc./(1)/ 93 2,006 On Assignment Inc./(1)/ 112 2,005 Digene Corp./(1)/ 56 2,002 Superior Industries International Inc. 41 2,000 MAXIMUS Inc./(1)/ 65 1,997 Schedules of Investments 55 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Transmeta Corp./(1)/ 514 $ 1,994 Group 1 Automotive Inc./(1)/ 51 1,992 Harrah's Entertainment Inc./(1)/ 45 1,992 Knight Trading Group Inc./(1)/ 278 1,985 Alexion Pharmaceuticals Inc./(1)/ 84 1,975 Thoratec Labs Corp./(1)/ 180 1,971 Korn/Ferry International/(1)/ 198 1,970 Ocular Sciences Inc./(1)/ 70 1,960 Vignette Corp./(1)/ 569 1,957 Edwards Lifesciences Corp./(1)/ 70 1,956 Fleming Companies Inc. 87 1,949 CIMA Labs Inc./(1)/ 73 1,945 Heidrick & Struggles International Inc./(1)/ 93 1,934 Identix Inc./(1)/ 218 1,934 Station Casinos Inc./(1)/ 116 1,931 FreeMarkets Inc./(1)/ 84 1,929 Atwood Oceanics Inc./(1)/ 42 1,928 Tweeter Home Entertainment Group Inc./(1)/ 98 1,916 Per-Se Technologies Inc./(1)/ 157 1,897 Rent-A-Center Inc./(1)/ 37 1,890 Read-Rite Corp./(1)/ 613 1,882 Georgia Gulf Corp. 70 1,880 Federal Agricultural Mortgage Corp./(1)/ 42 1,869 Maxygen Inc./(1)/ 149 1,865 BroadVision Inc./(1)/ 1,076 1,861 Fossil Inc./(1)/ 70 1,861 NYFIX Inc./(1)/ 124 1,855 InfoSpace Inc./(1)/ 1,216 1,848 Pharmaceutical Resources Inc./(1)/ 87 1,844 webMethods Inc./(1)/ 107 1,844 NBTY Inc./(1)/ 108 1,842 Paxson Communications Corp./(1)/ 168 1,841 Delta & Pine Land Co. 97 1,840 Walter Industries Inc. 139 1,831 Yankee Candle Co. Inc. (The)/(1)/ 79 1,827 California Pizza Kitchen Inc./(1)/ 73 1,826 Action Performance Companies Inc./(1)/ 37 1,822 Bally Total Fitness Holding Corp./(1)/ 83 1,822 Autodesk Inc. 39 1,821 Viad Corp. 65 1,820 Topps Co. (The)/(1)/ 189 1,814 Rudolph Technologies Inc./(1)/ 42 1,813 ArthroCare Corp./(1)/ 100 1,801 Viasys Healthcare Inc./(1)/ 80 1,799 Neose Technologies Inc./(1)/ 56 1,795 DDi Corp./(1)/ 209 1,783 Children's Place Retail Stores Inc. (The)/(1)/ 54 1,782 St. Mary Land & Exploration Co. 82 1,780 Knight Transportation Inc./(1)/ 84 1,776 Sapient Corp./(1)/ 373 1,772 Cognizant Technology Solutions Corp./(1)/ 42 1,768 American Woodmark Corp. 28 1,766 Electronics Boutique Holdings Corp./(1)/ 51 1,761 Tennant Co. 42 1,761 Headwaters Inc./(1)/ 115 1,760 University of Phoenix Online/(1)/ 42 1,757 Shuffle Master Inc./(1)/ 85 1,756 Edison Schools Inc./(1)/ 126 1,751 Liberate Technologies/(1)/ 294 1,749 Triton PCS Holdings Inc. "A"/(1)/ 171 1,742 Boyds Collection Ltd. (The)/(1)/ 265 1,736 Bio-Rad Laboratories Inc. "A"/(1)/ 46 1,727 Agile Software Corp./(1)/ 142 1,718 Sotheby's Holdings Inc. "A"/(1)/ 107 1,717 Netegrity Inc./(1)/ 116 1,716 Columbia Sportswear Co./(1)/ 51 1,711 UnitedGlobalCom Inc. "A"/(1)/ 315 1,704 Dionex Corp./(1)/ 70 1,703 Time Warner Telecom Inc. "A"/(1)/ 280 1,702 EarthLink Inc./(1)/ 167 1,695 International Speedway Corp. "A" 37 1,691 Arch Coal Inc. 79 1,689 ScanSource Inc./(1)/ 28 1,683 Actuate Corp./(1)/ 233 1,682 MedQuist Inc./(1)/ 56 1,680 Florida Rock Industries Inc. 42 1,673 Adolor Corp./(1)/ 150 1,672 Rollins Inc. 79 1,667 ANADIGICS Inc./(1)/ 135 1,666 Maxtor Corp./(1)/ 239 1,661 Lands' End Inc./(1)/ 37 1,660 Ticketmaster "B"/(1)/ 56 1,656 CryoLife Inc./(1)/ 79 1,651 Bright Horizons Family Solutions Inc./(1)/ 56 1,650 Dendrite International Inc./(1)/ 154 1,648 Stilwell Financial Inc. 67 1,641 SERENA Software Inc./(1)/ 84 1,638 Corvis Corp./(1)/ 1,311 1,637 56 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Integra LifeSciences Holdings Corp./(1)/ 58 $ 1,632 American Healthways Inc./(1)/ 60 1,628 Lincoln Electric Holding Inc. 57 1,628 AirGate PCS Inc./(1)/ 116 1,624 ChipPAC Inc./(1)/ 165 1,620 Carlisle Companies Inc. 37 1,618 First Bancorp 56 1,618 Libbey Inc. 42 1,618 Intertan Inc./(1)/ 142 1,612 Littelfuse Inc./(1)/ 65 1,610 Biosite Inc./(1)/ 65 1,609 Chateau Communities Inc. 56 1,609 Triad Guaranty Inc./(1)/ 37 1,608 Suffolk Bancorp 56 1,599 Landauer Inc. 42 1,594 Cadiz Inc./(1)/ 177 1,593 Tollgrade Communications Inc./(1)/ 65 1,593 Lexicon Genetics Inc./(1)/ 168 1,588 Skechers U.S.A. Inc. "A"/(1)/ 84 1,588 Tanox Inc./(1)/ 112 1,586 Indevus Pharmaceuticals Inc./(1)/ 181 1,584 Houston Exploration Co./(1)/ 51 1,581 Tularik Inc./(1)/ 96 1,578 Outback Steakhouse Inc./(1)/ 44 1,574 Learning Tree International Inc./(1)/ 65 1,573 Vintage Petroleum Inc. 107 1,573 Regis Corp. 56 1,572 Cyberonics Inc./(1)/ 98 1,567 Microtune Inc./(1)/ 109 1,566 Sirius Satellite Radio Inc./(1)/ 294 1,564 Duane Reade Inc./(1)/ 46 1,563 Papa John's International Inc./(1)/ 56 1,561 Advanced Marketing Services Inc. 65 1,560 Cato Corp. "A" 70 1,560 Pure Resources Inc./(1)/ 69 1,558 Possis Medical Inc./(1)/ 79 1,556 NCO Group Inc./(1)/ 56 1,555 Town & Country Trust (The) 70 1,548 CACI International Inc. "A"/(1)/ 44 1,545 VidaMed Inc./(1)/ 196 1,544 ABM Industries Inc. 42 1,541 Penn National Gaming Inc./(1)/ 44 1,541 Nordson Corp. 51 1,538 Centillium Communications Inc./(1)/ 127 1,537 Diversa Corp./(1)/ 121 1,537 Molecular Devices Corp./(1)/ 84 1,526 CARBO Ceramics Inc. 37 1,516 Connetics Corp./(1)/ 156 1,513 RadiSys Corp./(1)/ 84 1,513 Lightbridge Inc./(1)/ 130 1,512 aaiPharma Inc./(1)/ 42 1,509 MIPS Technologies Inc. "A"/(1)/ 205 1,509 Guitar Center Inc./(1)/ 86 1,507 Intermagnetics General Corp./(1)/ 55 1,499 Datascope Corp. 51 1,497 Pharmacopeia Inc./(1)/ 112 1,491 Frontier Financial Corp. 56 1,490 Stratos Lightwave Inc./(1)/ 337 1,490 Acuity Brands Inc. 90 1,488 BioMarin Pharmaceutical Inc./(1)/ 142 1,487 MGI Pharma Inc./(1)/ 108 1,486 Silicon Laboratories Inc./(1)/ 42 1,484 MatrixOne Inc./(1)/ 166 1,481 CoStar Group Inc./(1)/ 65 1,479 Universal Compression Holdings Inc./(1)/ 56 1,478 Granite Construction Inc. 60 1,477 Omnicare Inc. 57 1,476 PolyMedica Corp./(1)/ 58 1,476 Planar Systems Inc./(1)/ 56 1,470 CNET Networks Inc./(1)/ 268 1,469 Ferro Corp. 51 1,469 Student Loan Corp. 16 1,466 General Communication Inc. "A"/(1)/ 168 1,462 SonicWALL Inc./(1)/ 112 1,460 Bio-Technology General Corp./(1)/ 297 1,458 Serologicals Corp./(1)/ 93 1,457 ICU Medical Inc./(1)/ 40 1,456 Jill (J.) Group Inc. (The)/(1)/ 51 1,451 Spanish Broadcasting System Inc. "A"/(1)/ 107 1,450 Alpharma Inc. "A" 101 1,444 RSA Security Inc./(1)/ 160 1,440 Intuitive Surgical Inc./(1)/ 153 1,438 Swift Energy Co./(1)/ 73 1,438 Rayovac Corp./(1)/ 93 1,437 Texas Biotech Corp./(1)/ 233 1,433 Benchmark Electronics Inc./(1)/ 51 1,428 Travelocity.com Inc./(1)/ 51 1,426 Anaren Microwave Inc./(1)/ 98 1,424 Schedules of Investments 57 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Andrew Corp./(1)/ 85 $ 1,422 CoorsTek Inc./(1)/ 37 1,422 Net.B@nk Inc./(1)/ 84 1,420 Scotts Co. (The) "A"/(1)/ 31 1,419 Pixelworks Inc./(1)/ 110 1,417 Caliper Technologies Corp./(1)/ 109 1,414 SeaChange International Inc./(1)/ 93 1,413 Medicines Co. (The)/(1)/ 99 1,412 Praecis Pharmaceuticals Inc./(1)/ 271 1,409 Southwestern Energy Co./(1)/ 112 1,409 Websense Inc./(1)/ 56 1,409 AsiaInfo Holdings Inc./(1)/ 107 1,408 TranSwitch Corp./(1)/ 432 1,408 AFC Enterprises Inc./(1)/ 42 1,405 W-H Energy Services Inc./(1)/ 65 1,404 NeoPharm Inc./(1)/ 65 1,397 Acxiom Corp./(1)/ 81 1,388 Engineered Support Systems Inc. 30 1,388 Theragenics Corp./(1)/ 140 1,386 Harman International Industries Inc. 28 1,382 Inktomi Corp./(1)/ 400 1,380 Nike Inc. "B" 23 1,380 Vastera Inc./(1)/ 93 1,379 Stewart & Stevenson Services Inc. 71 1,374 WMS Industries Inc./(1)/ 72 1,368 DMC Stratex Networks Inc./(1)/ 250 1,360 Airtran Holdings Inc./(1)/ 224 1,355 Clark/Bardes Inc./(1)/ 47 1,354 Enterasys Networks Inc./(1)/ 320 1,354 Forrester Research Inc./(1)/ 70 1,337 Hollywood Entertainment Corp./(1)/ 79 1,327 Prima Energy Corp./(1)/ 53 1,320 Ventana Medical Systems Inc./(1)/ 65 1,316 Remington Oil & Gas Corp./(1)/ 65 1,310 AptarGroup Inc. 37 1,297 CenterPoint Properties Corp. 24 1,297 Leap Wireless International Inc./(1)/ 154 1,297 Otter Tail Corp. 42 1,297 Corixa Corp./(1)/ 210 1,296 MTR Gaming Group Inc./(1)/ 84 1,296 Briggs & Stratton Corp. 28 1,288 Mesa Air Group Inc./(1)/ 115 1,288 Energy Conversion Devices Inc./(1)/ 62 1,286 Xicor Inc./(1)/ 121 1,286 ENDOcare Inc./(1)/ 65 1,281 Zygo Corp./(1)/ 79 1,281 Peabody Energy Corp. 44 1,274 Roxio Inc./(1)/ 56 1,271 WFS Financial Inc./(1)/ 51 1,270 Viewpoint Corp./(1)/ 210 1,268 Ixia/(1)/ 149 1,267 FalconStor Software Inc./(1)/ 199 1,262 Washington Trust Bancorp Inc. 65 1,262 Penwest Pharmaceuticals Co./(1)/ 65 1,261 Vitria Technology Inc./(1)/ 317 1,252 Ackerly Group Inc./(1)/ 70 1,250 Entrust Inc./(1)/ 245 1,245 Lindsay Manufacturing Co. 51 1,242 Ultimate Electronics Inc./(1)/ 44 1,234 Key Productions Co. Inc./(1)/ 65 1,232 Arqule Inc./(1)/ 97 1,225 Berry Petroleum Co. "A" 79 1,221 Chordiant Software Inc./(1)/ 168 1,221 Harland (John H.) Co. 42 1,221 Nabi Biopharmaceuticals/(1)/ 198 1,220 Tetra Technologies Inc./(1)/ 42 1,220 Concord Camera Corp./(1)/ 135 1,216 Metro-Goldwyn-Mayer Inc./(1)/ 73 1,213 AnnTaylor Stores Corp./(1)/ 28 1,210 Renaissance Learning Inc./(1)/ 37 1,210 Magnum Hunter Resources Inc./(1)/ 154 1,203 Intrado Inc./(1)/ 55 1,198 Speedway Motorsports Inc./(1)/ 42 1,197 DuPont Photomasks Inc./(1)/ 23 1,196 Somera Communications Inc./(1)/ 163 1,193 TriZetto Group Inc. (The)/(1)/ 98 1,191 Pinnacle Systems Inc./(1)/ 149 1,188 Acacia Research Corp./(1)/ 104 1,187 First Horizon Pharmaceutical Corp./(1)/ 53 1,185 Electroglas Inc./(1)/ 70 1,183 Mattson Technology Inc./(1)/ 168 1,176 Versicor Inc./(1)/ 65 1,175 Sensient Technologies Corp. 51 1,174 Ivex Packaging Corp./(1)/ 51 1,169 PLATO Learning Inc./(1)/ 66 1,168 Triarc Companies Inc./(1)/ 42 1,168 EMCORE Corp./(1)/ 121 1,163 Heartland Express Inc./(1)/ 58 1,158 58 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Tejon Ranch Co./(1)/ 37 $ 1,158 RailAmerica Inc./(1)/ 109 1,147 McDATA Corp. "A"/(1)/ 96 1,140 EDO Corp. 42 1,134 United Therapeutics Inc./(1)/ 84 1,131 La Jolla Pharmaceutical Co./(1)/ 154 1,127 NaPro BioTherapeutics Inc./(1)/ 128 1,120 Transaction Systems Architects Inc. "A"/(1)/ 98 1,117 Gabelli Asset Management Inc. "A"/(1)/ 28 1,112 Sycamore Networks Inc./(1)/ 280 1,106 BE Aerospace Inc./(1)/ 111 1,102 Universal Corp. 28 1,102 Digimarc Corp./(1)/ 56 1,096 Semitool Inc./(1)/ 84 1,093 First Busey Corp. "A" 51 1,091 Telik Inc./(1)/ 90 1,091 Avigen Inc./(1)/ 98 1,088 SeeBeyond Technology Corp./(1)/ 142 1,086 DiamondCluster International Inc. "A"/(1)/ 84 1,085 ProQuest Co./(1)/ 25 1,075 StorageNetworks Inc./(1)/ 308 1,075 Zoll Medical Corp./(1)/ 28 1,075 Unisys Corp./(1)/ 85 1,074 Right Management Consultants Inc./(1)/ 42 1,063 MemberWorks Inc./(1)/ 56 1,060 Saga Communications Inc./(1)/ 42 1,058 Advanced Tissue Sciences Inc./(1)/ 336 1,057 National Processing Inc./(1)/ 37 1,057 Bei Technologies Inc. 56 1,056 Universal Electronics Inc./(1)/ 72 1,055 Pier 1 Imports Inc. 51 1,050 Young Broadcasting Inc. "A"/(1)/ 42 1,050 AXT Inc./(1)/ 98 1,049 Proxim Corp. "A"/(1)/ 437 1,049 United Natural Foods Inc./(1)/ 42 1,046 City Bank 42 1,039 IndyMac Bancorp Inc./(1)/ 42 1,037 Lancaster Colony Corp. 28 1,037 Entravision Communications Corp./(1)/ 70 1,036 Quicksilver Resources Inc./(1)/ 45 1,035 Trigon Healthcare Inc./(1)/ 14 1,033 TRC Companies Inc./(1)/ 42 1,031 Bel Fuse Inc. "B" 42 1,027 Alexandria Real Estate Equities Inc. 23 1,026 PLX Technology Inc./(1)/ 84 1,025 SY Bancorp Inc. 28 1,019 Buca Inc./(1)/ 56 1,018 Allegiance Telecom Inc./(1)/ 338 1,014 MGM Mirage/(1)/ 28 1,014 Connecticut Water Service Inc. 37 1,013 Henry Schein Inc./(1)/ 23 1,013 Peregrine Pharmaceuticals Inc./(1)/ 467 1,013 MRV Communications Inc./(1)/ 359 1,012 Therma-Wave Inc./(1)/ 70 1,011 Cathay Bancorp Inc. 14 1,009 Packeteer Inc./(1)/ 135 999 Jacobs Engineering Group Inc./(1)/ 14 998 Oplink Communications Inc./(1)/ 644 998 Salem Communications Corp. "A"/(1)/ 42 995 Viasat Inc./(1)/ 71 995 Iomega Corp./(1)/ 112 992 Luminex Corp./(1)/ 79 992 Alamosa Holdings Inc./(1)/ 197 991 Vical Inc./(1)/ 107 990 School Specialty Inc./(1)/ 37 989 Horizon Offshore Inc./(1)/ 84 985 Dean Foods Co./(1)/ 13 984 IDX Systems Corp./(1)/ 56 983 MPS Group Inc./(1)/ 112 980 Antigenics Inc./(1)/ 70 979 GulfMark Offshore Inc./(1)/ 27 976 Presstek Inc./(1)/ 168 974 InterVoice-Brite Inc./(1)/ 152 973 StarTek Inc./(1)/ 42 972 WebEx Communications Inc./(1)/ 59 971 Acterna Corp./(1)/ 646 969 Excel Technology Inc./(1)/ 44 966 EPIQ Systems Inc./(1)/ 61 964 SpeechWorks International Inc./(1)/ 123 964 Barnes & Noble Inc./(1)/ 31 961 PanAmSat Corp./(1)/ 42 960 Getty Realty Corp. 51 959 Gymboree Corp./(1)/ 65 959 First Midwest Bancorp Inc. 33 958 Raymond James Financial Inc. 28 958 Merix Corp./(1)/ 51 953 Dril-Quip Inc./(1)/ 37 949 Offshore Logistics Inc./(1)/ 44 948 Schedules of Investments 59 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Smucker (J.M.) Co. (The) 28 $ 946 Titan Pharmaceuticals Inc./(1)/ 135 946 Stellent Inc./(1)/ 98 944 United States Cellular Corp./(1)/ 23 943 Pemstar Inc./(1)/ 98 941 Advanced Neuromodulation Systems Inc./(1)/ 28 939 Aksys Ltd./(1)/ 107 939 John Nuveen Co. "A" 17 938 Meridian Resource Corp. (The)/(1)/ 191 936 Aphton Corp./(1)/ 79 933 Triangle Pharmaceuticals Inc./(1)/ 183 933 Alloy Inc./(1)/ 62 932 TALX Corp. 58 928 Illumina Inc./(1)/ 98 927 Nuance Communications Inc./(1)/ 135 922 Readers Digest Association Inc. (The) "A" 41 919 Cablevision Systems Corporation-Rainbow Media Group/(1)/ 37 913 PRG-Schultz International Inc./(1)/ 65 913 MetaSolv Inc./(1)/ 121 911 O'Charley's Inc./(1)/ 42 905 Factory 2-U Stores Inc./(1)/ 70 903 Hydril Co./(1)/ 37 902 Triumph Group Inc./(1)/ 23 902 Kana Software Inc./(1)/ 50 900 JNI Corp./(1)/ 126 897 CYTOGEN Corp./(1)/ 418 895 Meritage Corp./(1)/ 14 895 Sterling Bancshares Inc. 67 894 Steven Madden Ltd./(1)/ 51 893 Biopure Corp./(1)/ 84 890 Vasomedical Inc./(1)/ 311 890 Grant Prideco Inc./(1)/ 65 889 Strayer Education Inc. 18 884 Allscripts Healthcare Solutions Inc./(1)/ 140 882 Datastream Systems Inc./(1)/ 98 882 Quanta Services Inc./(1)/ 51 882 7-Eleven Inc./(1)/ 79 881 Numerical Technologies Inc./(1)/ 65 878 UGI Corp. 28 878 ABIOMED Inc./(1)/ 79 877 Trex Co. Inc./(1)/ 37 875 Blockbuster Inc. 37 868 MasTec Inc./(1)/ 107 861 McGrath Rentcorp 28 861 Tuesday Morning Corp./(1)/ 42 857 ParkerVision Inc./(1)/ 42 853 Idex Corp. 23 851 Integral Systems Inc./(1)/ 42 851 Packaging Corp. of America/(1)/ 43 851 Citizens Inc./(1)/ 79 849 Endo Pharmaceuticals Holdings Inc./(1)/ 84 848 II-VI Inc./(1)/ 56 848 Vital Sign Inc. 23 848 Conestoga Enterprises Inc. 28 847 Novavax Inc./(1)/ 74 847 New Focus Inc./(1)/ 283 846 Kenneth Cole Productions "A"/(1)/ 42 843 Array BioPharma Inc./(1)/ 65 842 Siliconix Inc./(1)/ 28 840 Dycom Industries Inc./(1)/ 56 837 4Kids Entertainment Inc./(1)/ 42 837 Urologix Inc./(1)/ 46 836 Durect Corp./(1)/ 107 834 AVANIR Pharmaceuticals "A"/(1)/ 291 832 Denbury Resources Inc./(1)/ 98 831 SciClone Pharmaceuticals Inc./(1)/ 191 831 Hickory Tech Corp. 51 830 Neurogen Corp./(1)/ 65 829 Powell Industries Inc./(1)/ 37 822 Sequenom Inc./(1)/ 119 821 Scientific Games Corp. "A"/(1)/ 98 820 Vans Inc./(1)/ 70 820 Portal Software Inc./(1)/ 429 819 Trendwest Resorts Inc./(1)/ 34 817 Three-Five Systems Inc./(1)/ 55 815 Geron Corp./(1)/ 107 814 Keithley Instruments Inc. 37 813 Guilford Pharmaceuticals Inc./(1)/ 114 812 Oceaneering International Inc./(1)/ 28 812 Homestore.com Inc./(1)/ 300 810 Resources Connection Inc./(1)/ 28 810 Universal Display Corp./(1)/ 84 806 Independent Bank Corp.(MI) 28 805 TriPath Imaging Inc./(1)/ 140 802 Hibbet Sporting Goods Inc./(1)/ 34 799 Red Hat Inc./(1)/ 140 799 60 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (Continued) - --------------------------------------------------------------- WESCO International Inc./(1)/ 114 $ 798 Arena Pharmaceuticals Inc./(1)/ 80 797 Conceptus Inc./(1)/ 37 797 deCODE genetics Inc./(1)/ 140 797 RPM Inc. 51 793 Middlesex Water Co. 34 792 Corvas International Inc./(1)/ 139 791 Stein Mart Inc./(1)/ 79 791 MICROS Systems Inc./(1)/ 31 789 Main Street Banks Inc. 42 788 Martha Stewart Living Omnimedia Inc. "A"/(1)/ 44 788 Symmetricom Inc./(1)/ 126 780 Radiant Systems Inc./(1)/ 86 778 OraSure Technologies Inc./(1)/ 128 774 United Rentals Inc./(1)/ 28 769 Keynote Systems Inc./(1)/ 79 766 Wabtec Corp. 51 764 RPC Inc. 51 760 American Superconductor Corp./(1)/ 100 755 ONYX Software Corp./(1)/ 151 753 CCBT Financial Companies Inc. 28 750 Ariad Pharmaceuticals Inc./(1)/ 140 745 Energy Partners Ltd./(1)/ 93 745 X-Rite Inc. 93 744 Research Frontiers Inc./(1)/ 42 743 Touch America Holdings Inc./(1)/ 195 743 Answerthink Inc./(1)/ 114 742 Systems & Computer Technology Corp./(1)/ 56 739 Great Southern Bancorp Inc. 23 734 Essex Property Trust Inc. 14 731 Sports Resorts International Inc./(1)/ 107 727 MapInfo Corp./(1)/ 72 720 Syntroleum Corp./(1)/ 121 720 Crown Media Holdings Inc./(1)/ 58 719 Federal Realty Investment Trust 28 719 Blyth Inc. 27 716 i-STAT Corp./(1)/ 98 714 Sandy Spring Bancorp Inc. 22 714 Genome Therapeutics Corp./(1)/ 126 713 Alliance Gaming Corp./(1)/ 23 702 SpectraLink Corp./(1)/ 70 701 Acclaim Entertainment Inc./(1)/ 154 699 1-800-FLOWERS.COM Inc./(1)/ 51 695 CardioDynamics International Corp./(1)/ 163 693 Central Coast Bancorp/(1)/ 35 693 Columbia Laboratories Inc./(1)/ 140 693 Novoste Corp./(1)/ 84 693 Steel Dynamics Inc./(1)/ 42 689 eSpeed, Inc./(1)/ 65 688 Kendle International Inc./(1)/ 37 688 CorVel Corp./(1)/ 23 686 Adaptec Inc./(1)/ 51 682 Century Aluminum Co. 42 682 Nanometrics Inc./(1)/ 37 682 Del Monte Foods Co./(1)/ 70 681 Impax Laboratories Inc./(1)/ 98 680 Electronics For Imaging Inc./(1)/ 37 677 Akamai Technologies Inc./(1)/ 168 672 Select Medical Corp./(1)/ 42 672 CCC Information Services Group Inc./(1)/ 73 664 Wave Systems Corp. "A"/(1)/ 272 664 Arrow International Inc. 14 661 Vector Group Ltd. 23 658 Magellan Health Services Inc./(1)/ 115 656 Elizabeth Arden Inc./(1)/ 56 652 Saba Software Inc./(1)/ 156 647 Handspring Inc./(1)/ 138 643 Capstone Turbine Corp./(1)/ 197 642 Kos Pharmaceuticals Inc./(1)/ 23 640 Magna Entertainment Corp. "A"/(1)/ 79 640 Microvision Inc./(1)/ 56 640 EntreMed Inc./(1)/ 84 638 Cell Pathways Inc./(1)/ 154 633 Caminus Corp./(1)/ 28 630 Covansys Corp./(1)/ 84 630 Watson Wyatt & Co. Holdings/(1)/ 23 629 PDI Inc./(1)/ 37 628 Sunrise Assisted Living Inc./(1)/ 23 627 Pain Therapeutics Inc./(1)/ 65 621 I-many Inc./(1)/ 125 620 Artesyn Technologies Inc./(1)/ 66 614 Artisan Components Inc./(1)/ 37 614 Ingram Micro Inc. "A"/(1)/ 37 612 Vion Pharmaceuticals Inc./(1)/ 149 611 Carreker Corp./(1)/ 70 610 Coherent Inc./(1)/ 18 610 Hollywood Casino Corp. "A"/(1)/ 37 610 Schedules of Investments 61 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- National Healthcare Corp./(1)/ 37 $ 609 Kosan Biosciences Inc./(1)/ 79 608 Constellation Brands Inc./(1)/ 11 605 Liqui-Box Corp. 9 599 SBA Communications Corp./(1)/ 182 599 Community First Bankshares Inc. 23 595 Aware Inc./(1)/ 93 591 Catellus Development Corp./(1)/ 30 590 Ciphergen Biosystems Inc./(1)/ 98 590 Med-Design Corp. (The)/(1)/ 42 590 Nextel Partners Inc. "A"/(1)/ 98 590 Imagistics International Inc./(1)/ 37 588 3D Systems Corp./(1)/ 37 588 Pennsylvania Real Estate Investment Trust 23 587 Register.com/(1)/ 65 584 Nanophase Technologies Corp./(1)/ 70 582 Catapult Communications Corp./(1)/ 23 581 Plug Power Inc./(1)/ 56 581 Micro General Corp./(1)/ 42 580 ON Semiconductor Corp./(1)/ 138 580 Bone Care International Inc./(1)/ 42 577 Regent Communications Inc./(1)/ 70 577 Pall Corp. 28 574 Esperion Therapeutics Inc./(1)/ 94 572 United Stationers Inc./(1)/ 15 572 POZEN Inc./(1)/ 98 566 ADE Corp./(1)/ 37 565 Virage Logic Corp./(1)/ 37 564 Mississippi Valley Bancshares Inc. 14 563 Art Technology Group Inc./(1)/ 273 562 PetroQuest Energy Inc./(1)/ 98 562 OTG Software Inc./(1)/ 65 561 Applied Molecular Evolution/(1)/ 65 559 Centennial Bancorp 70 559 Monaco Coach Corp./(1)/ 23 559 C-COR.net Corp./(1)/ 31 558 R&G Financial Corp. "B" 28 558 MicroStrategy Inc./(1)/ 182 555 Progenics Pharmaceuticals Inc./(1)/ 37 555 Valence Technology Inc./(1)/ 182 555 Closure Medical Corp./(1)/ 28 551 Pathmark Stores Inc./(1)/ 23 551 Multex.com Inc./(1)/ 121 548 Alexander's Inc./(1)/ 9 544 Novadigm Inc./(1)/ 70 543 SonoSite Inc./(1)/ 28 543 Trikon Technologies Inc./(1)/ 37 543 Turnstone Systems Inc./(1)/ 112 539 SBS Technologies Inc./(1)/ 42 537 Avici Systems Inc./(1)/ 282 536 Visual Networks Inc./(1)/ 182 535 Avant Immunotherapeutics Inc./(1)/ 308 533 Sanchez Computer Associates Inc./(1)/ 79 533 Genuity Inc./(1)/ 611 532 Active Power Inc./(1)/ 101 530 SkillSoft Corp./(1)/ 23 530 Chiles Offshore Inc./(1)/ 23 529 AVI BioPharma Inc./(1)/ 65 528 NMS Communications Corp./(1)/ 124 528 Orchid BioSciences Inc./(1)/ 204 528 Centra Software Inc./(1)/ 109 525 SuperGen Inc./(1)/ 93 524 AVX Corp. 25 523 MRO Software Inc./(1)/ 42 522 Quixote Corp. 28 522 Baldor Electric Co. 23 520 Big Lots Inc. 37 520 Dendreon Corp./(1)/ 84 520 Holly Corp. 28 519 Manufacturers Services Ltd./(1)/ 98 515 Ansoft Corp./(1)/ 28 514 Instinet Group Inc./(1)/ 79 514 Key3Media Group Inc./(1)/ 112 514 Sterling Bancorp - NY Shares 16 510 Midwest Banc Holdings Inc. 23 509 Avanex Corp./(1)/ 126 505 Fidelity Bankshares Inc. 28 504 Robert Mondavi Corp. (The) "A"/(1)/ 14 503 Crawford & Co. "B" 37 501 NetScout Systems Inc./(1)/ 70 501 APAC Customer Services Inc./(1)/ 156 499 Flow International Corp./(1)/ 51 499 ACLARA BioSciences Inc./(1)/ 149 498 Aspect Medical Systems Inc./(1)/ 56 498 Rigel Pharmaceuticals Inc./(1)/ 140 497 Insmed Incorporated/(1)/ 177 496 LeCroy Corp./(1)/ 28 494 Convera Corp./(1)/ 140 491 62 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Mueller Industries Inc./(1)/ 14 $ 490 International Bancshares Corp. 11 485 Boston Communications Group Inc./(1)/ 56 482 Wintrust Financial Corp. 21 482 IMPCO Technologies Inc./(1)/ 37 480 Option Care Inc./(1)/ 29 479 Genencor International Inc./(1)/ 42 477 Green Mountain Coffee Inc./(1)/ 23 477 Wireless Facilities Inc./(1)/ 79 474 Valentis Inc./(1)/ 168 472 Pharmos Corp./(1)/ 280 470 Black Hills Corp. 14 469 Medis Technologies Ltd./(1)/ 38 467 Measurements Specialties Inc./(1)/ 67 466 Sipex Corp./(1)/ 42 466 NN Inc. 42 462 McAfee.com Corp./(1)/ 28 461 Actrade Financial Technologies Ltd./(1)/ 30 460 Financial Federal Corp./(1)/ 14 459 BriteSmile Inc./(1)/ 85 456 Proton Energy Systems Inc./(1)/ 70 455 Foot Locker Inc./(1)/ 28 453 CoBiz Inc. 28 449 Hemispherx Biopharma Inc./(1)/ 112 448 JDA Software Group Inc./(1)/ 14 446 CoSine Communications Inc./(1)/ 387 445 Harte-Hanks Inc. 14 443 ViroPharma Inc./(1)/ 87 443 Coca-Cola Bottling Co. Consolidated 9 441 MCSi Inc./(1)/ 37 441 Xybernaut Corp./(1)/ 275 440 Cygnus Inc./(1)/ 112 438 WatchGuard Technologies Inc./(1)/ 70 438 Mechanical Technology Inc./(1)/ 126 437 Pharmacyclics Inc./(1)/ 56 437 QRS Corp./(1)/ 37 437 Digital Lightwave Inc./(1)/ 70 436 US Unwired Inc. "A"/(1)/ 79 436 IXYS Corp./(1)/ 37 433 Netro Corp./(1)/ 154 431 Pegasus Solutions Inc./(1)/ 23 426 Gateway Inc./(1)/ 67 423 Pegasus Communications Corp./(1)/ 140 423 VaxGen Inc./(1)/ 37 423 Syntel Inc./(1)/ 30 422 Gulf Island Fabrication Inc./(1)/ 28 420 Sonic Automotive Inc./(1)/ 14 420 Wackenhut Corrections Corp./(1)/ 28 420 Beasley Broadcast Group Inc. "A"/(1)/ 28 417 TTM Technologies Inc./(1)/ 42 416 InKine Pharmaceutical Co. Inc./(1)/ 224 412 UbiquiTel Inc./(1)/ 168 412 Valmont Industries Inc. 23 412 Downey Financial Corp. 9 410 Fisher Communications Inc. 9 410 Financial Institutions Inc. 14 408 Daktronics Inc./(1)/ 51 407 Aether Systems Inc./(1)/ 93 406 Regeneration Technologies Inc./(1)/ 56 406 Hyperion Solutions Corp./(1)/ 15 405 SPSS Inc./(1)/ 23 403 Terremark Worldwide Inc./(1)/ 891 401 CompuCredit Corp./(1)/ 70 400 General Cable Corp. 28 400 UCAR International Inc./(1)/ 28 398 Divine Inc. "A"/(1)/ 793 396 Lynch Interactive Corp./(1)/ 9 396 Phoenix Technologies Ltd./(1)/ 29 396 Witness Systems Inc./(1)/ 28 394 Mediacom Communications Corp./(1)/ 28 392 Arris Group Inc./(1)/ 42 391 OSCA Inc./(1)/ 14 390 EarthShell Corp./(1)/ 266 388 Embarcadero Technologies Inc./(1)/ 28 382 Pericom Semiconductor Corp./(1)/ 27 382 Celeritek Inc./(1)/ 37 381 InteliData Technologies Corp./(1)/ 252 381 Tompkins Trustco Inc. 9 380 Transgenomic Inc./(1)/ 42 380 Lexar Media Inc./(1)/ 140 378 Winnebago Industries Inc. 9 378 Genzyme Corp. - Molecular Oncology/(1)/ 65 377 National Golf Properties Inc. 51 377 Collins & Aikman Corp./(1)/ 56 375 Analogic Corp. 9 374 Genzyme Transgenics Corp./(1)/ 112 370 Atlas Air Worldwide Holdings Inc./(1)/ 28 369 National Penn Bancshares Inc. 15 369 Schedules of Investments 63 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Winn-Dixie Stores Inc. 23 $ 369 Mission West Properties Inc. 28 367 Schawk Inc. 37 362 U.S. Airways Group Inc./(1)/ 56 361 ACTV Inc./(1)/ 238 359 BSQUARE Corp./(1)/ 98 359 Curis Inc./(1)/ 168 358 S&T Bancorp Inc. 14 356 OPNET Technologies Inc./(1)/ 37 353 Clayton Williams Energy Inc./(1)/ 28 350 World Wrestling Federation Entertainment Inc./(1)/ 24 350 Inet Technologies Inc./(1)/ 37 349 Boston Beer Co Inc. "A"/(1)/ 23 347 Dyax Corp./(1)/ 93 342 Sangamo BioSciences Inc./(1)/ 37 342 Performance Technologies Inc./(1)/ 42 335 Specialty Laboratories Inc./(1)/ 14 334 First Community Bancshares Inc. 11 331 Auspex Systems Inc./(1)/ 264 330 Medallion Financial Corp. 42 326 Oriental Financial Group Inc. 15 326 United National Bancorp 14 325 Peco II Inc./(1)/ 65 324 Corillian Corp./(1)/ 98 323 Central Parking Corp. 14 322 North Pittsburgh Systems Inc. 23 322 Targeted Genetics Corp./(1)/ 154 322 New Century Financial Corp. 14 318 DUSA Pharmaceuticals Inc./(1)/ 79 317 Glacier Bancorp Inc. 14 317 EXE Technologies Inc./(1)/ 147 316 LSI Industries Inc. 16 316 Private Media Group Inc./(1)/ 56 316 FTD.com Inc./(1)/ 56 314 Nature's Sunshine Products Inc. 28 314 Zomax Inc./(1)/ 43 314 Genelabs Technologies Inc./(1)/ 177 312 AEP Industries Inc./(1)/ 9 310 Computerized Thermal Imaging Inc./(1)/ 294 309 Loudcloud Inc./(1)/ 135 309 Nanogen Inc./(1)/ 73 307 IDT Corp./(1)/ 15 303 Penn Engineering & Manufacturing Corp. 16 300 First Consulting Group Inc./(1)/ 30 299 Blue Martini Software Inc./(1)/ 210 298 Hyseq Inc./(1)/ 56 298 North American Scientific Inc./(1)/ 23 298 1-800 CONTACTS INC./(1)/ 28 298 Onyx Pharmaceuticals Inc./(1)/ 65 298 Supertex Inc./(1)/ 14 298 Wackenhut Corp. (The) "A"/(1)/ 9 298 Docent Inc./(1)/ 168 297 TiVo Inc./(1)/ 56 297 Northfield Laboratories Inc./(1)/ 42 296 PC Connection Inc./(1)/ 28 296 SupportSoft Inc./(1)/ 98 296 Bebe Stores Inc./(1)/ 14 295 World Acceptance Corp./(1)/ 42 295 Prosperity Bancshares Inc. 9 293 FiberCore Inc./(1)/ 182 291 Palm Harbor Homes Inc./(1)/ 14 291 Stanley Furniture Co. Inc./(1)/ 9 291 ADTRAN Inc./(1)/ 12 290 Genaissance Pharmaceuticals Inc./(1)/ 98 290 KCS Energy Inc./(1)/ 93 290 Universal American Financial Corp./(1)/ 42 289 CLARCOR Inc. 9 288 Deltagen Inc./(1)/ 42 283 Ulticom Inc./(1)/ 37 283 Arctic Cat Inc. 14 282 Apogee Enterprises Inc. 23 281 Keryx Biopharmaceuticals Inc./(1)/ 51 280 Large Scale Biology Corp./(1)/ 84 276 Wilsons The Leather Experts Inc./(1)/ 23 275 Albany International Corp. "A" 9 273 H Power Corp./(1)/ 107 273 NBC Capital Corp. 9 270 Seattle Genetics Inc./(1)/ 51 268 Unizan Financial Corp. 14 265 Thomas Industries Inc. 9 263 Arrow Financial Corp. 9 259 Millennium Cell Inc./(1)/ 65 258 WJ Communications Inc./(1)/ 79 258 Florida East Coast Industries Inc. 9 255 U.S. Physical Therapy Inc./(1)/ 14 253 Star Scientific Inc./(1)/ 126 252 Cobalt Corp./(1)/ 28 251 64 2002 iShares Annual Report to Shareholders iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Coldwater Creek Inc./(1)/ 14 $ 249 Community Banks Inc. 9 249 MacroChem Corp./(1)/ 79 249 Woodhead Industries Inc. 14 249 Oil States International Inc./(1)/ 23 248 Ameristar Casinos Inc./(1)/ 9 247 Kaydon Corp. 9 243 Sykes Enterprises Inc./(1)/ 25 242 Braun Consulting Inc./(1)/ 56 241 Gorman-Rupp Co. (The) 9 241 SpectraSite Holdings Inc./(1)/ 224 240 LodgeNet Entertainment Corp./(1)/ 14 239 Playboy Enterprises Inc. "B"/(1)/ 14 239 Energen Corp. 9 238 MacDermid Inc. 11 238 Rent-Way Inc./(1)/ 28 237 Wild Oats Markets Inc./(1)/ 28 237 Independent Bank Corp.(MA) 9 233 NL Industries Inc. 14 232 Brio Software Inc./(1)/ 84 230 Universal Access Global Holdings Inc./(1)/ 152 230 Innovative Solutions & Support Inc./(1)/ 23 227 Organogenesis Inc./(1)/ 163 227 ATS Medical Inc./(1)/ 112 224 Crown American Realty Trust 23 224 Lexent Inc./(1)/ 70 224 Tripath Technology Inc./(1)/ 133 223 Global Imaging Systems Inc./(1)/ 12 221 PEC Solutions Inc./(1)/ 9 221 Dobson Communications Corp. "A"/(1)/ 70 220 ICT Group Inc./(1)/ 9 220 Synplicity Inc./(1)/ 28 218 CSK Auto Corp./(1)/ 23 217 Sunrise Telecom Inc./(1)/ 70 217 Belden Inc. 9 214 Cable Design Technologies Corp./(1)/ 16 214 Sterling Financial Corp. - PA Shares 9 213 Trust Co. of New Jersey (The) 9 213 Dynacq International Inc./(1)/ 14 212 Internap Network Services Corp./(1)/ 275 212 DigitalThink Inc./(1)/ 94 211 Harleysville National Corp. 9 210 Urban Outfitters Inc./(1)/ 9 210 Lantronix Inc./(1)/ 79 205 Pumatech Inc./(1)/ 154 205 August Technology Corp./(1)/ 14 204 Harvard Bioscience Inc./(1)/ 23 202 MicroFinancial Inc. 23 197 3DO Co. (The)/(1)/ 191 195 Digital Generation Systems Inc./(1)/ 168 192 HealthExtras Inc./(1)/ 70 190 Moldflow Corp./(1)/ 14 189 Ultratech Stepper Inc./(1)/ 9 187 Corrections Corp. of America/(1)/ 14 182 Revlon Inc. "A"/(1)/ 28 182 AT&T Latin America Corp./(1)/ 121 181 Global Power Equipment Group Inc./(1)/ 14 175 America Online Latin America Inc. "A"/(1)/ 77 173 Inspire Pharmaceuticals Inc./(1)/ 86 173 Oshkosh Truck Corp. 3 171 Third Wave Technologies Inc./(1)/ 51 171 SignalSoft Corp./(1)/ 98 170 ZixIt Corp./(1)/ 26 170 New Horizons Worldwide Inc./(1)/ 14 168 Ventiv Health Inc./(1)/ 84 168 Rural Cellular Corp. "A"/(1)/ 37 166 Hancock Fabrics Inc. 9 162 Ribozyme Pharmaceuticals Inc./(1)/ 56 162 Lakeland Bancorp Inc. 9 159 Paradigm Genetics Inc./(1)/ 98 159 ROHN Industries Inc./(1)/ 107 155 Click Commerce Inc./(1)/ 121 154 Management Network Group Inc. (The)/(1)/ 28 154 Interactive Intelligence Inc./(1)/ 28 153 Sirenza Microdevices Inc./(1)/ 28 152 CPI Corp. 9 148 Immune Response Corp./(1)/ 182 147 Dover Motorsports Inc. 9 146 Emex Corp./(1)/ 45 145 Buckeye Technologies Inc./(1)/ 14 144 Infogrames Inc./(1)/ 23 142 StarBase Corp./(1)/ 518 140 SatCon Technology Corp./(1)/ 42 137 SRI/Surgical Express Inc./(1)/ 9 137 Nautica Enterprises Inc./(1)/ 9 136 Oneida Ltd. 9 135 Umpqua Holdings Corp. 9 135 Metawave Communications Corp./(1)/ 247 124 Schedules of Investments 65 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Applied Innovation Inc./(1)/ 28 $ 122 NTELOS Inc./(1)/ 28 115 NATCO Group Inc. "A"/(1)/ 14 113 VerticalNet Inc./(1)/ 161 113 Callon Petroleum Co./(1) 14 109 Covanta Energy Corp./(1)/ 152 109 Richardson Electronics Ltd. 9 109 TradeStation Group Inc./(1)/ 98 108 Copper Mountain Networks Inc./(1)/ 110 104 Wilson Greatbatch Technologies Inc./(1)/ 4 103 Centennial Communications Corp. "A"/(1)/ 28 101 Aspect Communications Corp./(1)/ 25 98 Spartech Corp. 4 98 3 Dimensional Pharmaceuticals Inc./(1)/ 14 96 Catalytica Energy Systems Inc./(1)/ 28 94 Next Level Communications Inc./(1)/ 65 94 Simplex Solutions Inc./(1)/ 9 89 Exact Sciences Corp./(1)/ 9 88 Brightpoint Inc./(1)/ 93 85 Miravant Medical Technologies/(1)/ 79 85 Viasystems Group Inc./(1)/ 250 75 Align Technology Inc./(1)/ 14 74 Inrange Technologies Corp./(1)/ 9 73 V.I. Technologies Inc./(1)/ 14 73 Elcor Corp. 3 67 BioSphere Medical Inc./(1)/ 9 66 DuraSwitch Industries Inc./(1)/ 9 66 Constellation 3D Inc./(1)/ 191 61 Digex Inc./(1)/ 47 58 Spiegel Inc. "A" 42 58 Beacon Power Corp./(1)/ 97 49 Extensity Inc./(1)/ 28 46 ATP Oil & Gas Corp./(1)/ 9 36 Tellium Inc./(1)/ 14 32 Uniroyal Technology Corp./(1)/ 56 28 CacheFlow Inc./(1)/ 28 27 Morgan Group Holding Co./(1)/ 19 22 Pinnacle Holdings Inc./(1)/ 233 19 PYR Energy Corp./(1)/ 9 17 GenStar Therapeutics Corp./(1)/ 9 9 - --------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $33,852,143) 27,772,736 - --------------------------------------------------------------- SHORT TERM INSTRUMENTS - 2.95% - --------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 479,191 $ 479,191 Dreyfus Money Market Fund 145,177 145,177 Goldman Sachs Financial Square Prime Obligation Fund 45,264 45,264 Providian Temp Cash Money Market Fund 150,984 150,984 - --------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $820,616) 820,616 - --------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 102.83% (Cost $34,672,759) 28,593,352 - --------------------------------------------------------------- Other Assets, Less Liabilities -- (2.83%) (787,541) - --------------------------------------------------------------- NET ASSETS -- 100.00% $27,805,811 =============================================================== /(1)/ Non-income earning securities. See notes to financial statements. 66 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS - 99.84% - --------------------------------------------------------------- Exxon Mobil Corp. 76,664 $ 3,360,183 Citigroup Inc. 51,823 2,566,275 Verizon Communications Inc. 30,468 1,390,864 Bank of America Corp. 17,228 1,171,849 SBC Communications Inc. 29,259 1,095,457 ChevronTexaco Corp. 11,950 1,078,727 Procter & Gamble Co. 11,724 1,056,215 Wells Fargo & Co. 19,133 945,170 JP Morgan Chase & Co. 22,160 790,004 BellSouth Corp. 21,037 775,424 Fannie Mae 9,631 769,324 Philip Morris Companies Inc. 13,958 735,168 Morgan Stanley Dean Witter & Co. 11,697 670,355 International Business Machines Corp. 6,014 625,456 AT&T Corp. 39,698 623,259 American International Group Inc. 7,914 570,916 Wachovia Corp. 15,294 567,102 American Express Co. 13,824 566,231 Merck & Co. Inc. 9,679 557,317 Bank One Corp. 13,082 546,566 Merrill Lynch & Co. Inc. 9,562 529,544 Walt Disney Co. (The) 22,852 527,424 Du Pont (E.I.) de Nemours & Co. 11,121 524,355 Johnson & Johnson 7,766 504,402 U.S. Bancorp 21,417 483,382 FleetBoston Financial Corp. 11,730 410,550 McDonald's Corp. 14,403 399,683 Viacom Inc. "B"/(1)/ 8,204 396,827 General Motors Corp. "A" 6,285 379,928 Liberty Media Corp. "A"/(1)/ 29,065 367,382 Abbott Laboratories 6,958 365,991 Washington Mutual Inc. 10,879 360,421 Duke Energy Corp. 9,261 350,066 3M Co. 2,944 338,589 Ford Motor Company 20,283 334,467 Dow Chemical Co. (The) 10,158 332,370 PepsiCo Inc. 6,451 332,227 Motorola Inc. 23,362 331,740 Alcoa Inc. 8,665 327,017 Hewlett-Packard Co. 17,675 317,089 Honeywell International Inc. 8,277 316,761 Kimberly-Clark Corp. 4,896 316,526 Allstate Corp. (The) 7,989 301,745 Anheuser-Busch Companies Inc. 5,562 290,336 Phillips Petroleum Co. 4,603 289,068 Emerson Electric Co. 4,720 270,881 Bristol-Myers Squibb Co. 6,354 257,273 United Technologies Corp. 3,455 256,361 Comcast Corp. "A"/(1)/ 7,980 253,764 Lockheed Martin Corp. 4,094 235,733 International Paper Co. 5,397 232,125 Tenet Healthcare Corp./(1)/ 3,389 227,131 Gannett Co. Inc. 2,972 226,169 WorldCom Corp./(1)/ 33,255 224,139 Boeing Co. (The) 4,630 223,397 Caterpillar Inc. 3,844 218,531 HCA Inc. 4,951 218,240 Goldman Sachs Group Inc. (The) 2,416 218,044 General Dynamics Corp. 2,259 212,233 Bank of New York Co. Inc. (The) 5,032 211,445 National City Corp. 6,836 210,275 Southern Co. 7,814 206,993 Conoco Inc. 7,008 204,493 El Paso Corp. 4,611 203,022 Household International Inc. 3,552 201,754 General Mills Inc. 4,098 200,187 Compaq Computer Corp. 19,091 199,501 Coca-Cola Co. (The) 3,784 197,752 Gillette Co. (The) 5,811 197,632 PNC Financial Services Group (The) 3,184 195,784 Dominion Resources Inc. 2,992 194,959 Target Corp. 4,517 194,773 FedEx Corp./(1)/ 3,347 194,461 Alltel Corp. 3,478 193,203 Waste Management Inc. 7,065 192,521 Mellon Financial Corp. 4,951 191,059 BB&T Corp. 5,006 190,779 Exelon Corp. 3,597 190,533 Illinois Tool Works Inc. 2,606 188,544 Hartford Financial Services Group Inc. 2,766 188,420 SunTrust Banks Inc. 2,794 186,444 Lucent Technologies Inc./(1)/ 38,324 181,273 Costco Wholesale Corp./(1)/ 4,533 180,504 Union Pacific Corp. 2,834 176,105 Lehman Brothers Holdings Inc. 2,719 175,756 Raytheon Co. 4,279 175,653 Southwest Airlines Co. 8,619 166,778 American Electric Power Co. Inc. 3,608 166,293 Schedules of Investments 67 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Marsh & McLennan Companies Inc. 1,457 $ 164,262 Sears, Roebuck and Co. 3,202 164,167 Clear Channel Communications Inc./(1)/ 3,159 162,404 TXU Corp. 2,973 162,058 CIGNA Corp. 1,575 159,689 Weyerhaeuser Co. 2,426 152,498 Albertson's Inc. 4,547 150,688 ConAgra Foods Inc. 6,016 145,888 Lilly (Eli) and Co. 1,878 143,104 Masco Corp. 5,146 141,258 Chubb Corp. 1,909 139,548 Equity Office Properties Trust 4,636 139,034 Avon Products Inc. 2,500 135,800 Sprint Corp. (FON Group) 8,811 134,720 Air Products & Chemicals Inc. 2,542 131,294 Burlington Northern Santa Fe Corp. 4,297 129,683 Hancock (John) Financial Services Inc. 3,355 128,127 Northrop Grumman Corp. 1,128 127,520 KeyCorp 4,752 126,641 Comerica Inc. 1,991 124,577 Progress Energy Inc. 2,445 122,348 Occidental Petroleum Corp. 4,182 121,905 Deere & Co. 2,675 121,846 Freddie Mac 1,907 120,847 Agilent Technologies Inc./(1)/ 3,432 119,983 FPL Group Inc. 1,974 117,552 Progressive Corp. (The) 704 117,300 May Department Stores Co. (The) 3,296 114,866 FirstEnergy Corp. 3,299 114,079 Computer Associates International Inc. 5,156 112,865 Williams Companies Inc. 4,780 112,617 State Street Corp. 2,023 112,034 Becton Dickinson & Co. 2,892 109,086 Praxair Inc. 1,805 107,939 Lincoln National Corp. 2,124 107,751 St. Paul Companies Inc. 2,326 106,647 Public Service Enterprise Group Inc. 2,323 106,393 Unocal Corp. 2,729 106,295 McKesson Corp. 2,810 105,178 Pitney Bowes Inc. 2,446 104,689 Norfolk Southern Corp. 4,361 104,402 Sara Lee Corp. 5,026 104,340 Xcel Energy Inc. 4,113 104,265 PPG Industries Inc. 1,890 103,780 Micron Technology Inc./(1)/ 3,140 103,306 Cendant Corp./(1)/ 5,371 103,123 MetLife Inc. 3,256 102,564 PG&E Corp./(1)/ 4,334 102,109 Heinz (H.J.) Co. 2,457 101,965 SouthTrust Corp. 3,853 101,719 Eastman Kodak Co. 3,259 101,583 Delphi Automotive Systems Corp. 6,314 100,961 Mattel Inc. 4,820 100,449 Marathon Oil Corp. 3,462 99,706 Consolidated Edison Inc. 2,374 99,494 TRICON Global Restaurants Inc./(1)/ 1,640 96,399 Tribune Co. 2,117 96,239 McGraw-Hill Companies Inc. (The) 1,395 95,209 Apple Computer Inc./(1)/ 3,971 93,994 Entergy Corp. 2,152 93,418 AON Corp. 2,628 91,980 Computer Sciences Corp./(1)/ 1,805 91,604 CSX Corp. 2,384 90,854 Newell Rubbermaid Inc. 2,839 90,734 MBIA Inc. 1,656 90,567 AmSouth Bancorp 4,110 90,338 Archer-Daniels-Midland Co. 6,453 89,890 AFLAC Inc. 3,035 89,532 Loews Corp. 1,514 88,690 Golden West Financial Corp. 1,386 88,011 Regions Financial Corp. 2,561 87,970 Equity Residential Properties Trust 3,032 87,140 Xerox Corp./(1)/ 8,100 87,075 Dover Corp. 2,103 86,223 Johnson Controls Inc. 976 86,191 Colgate-Palmolive Co. 1,508 86,182 Jefferson-Pilot Corp. 1,692 84,735 Clorox Co. 1,912 83,421 Starwood Hotels & Resorts Worldwide Inc. 2,218 83,419 DTE Energy Co. 1,830 83,265 Fortune Brands Inc. 1,679 82,892 Federated Department Stores Inc./(1)/ 2,014 82,272 WellPoint Health Networks Inc./(1)/ 1,288 82,007 New York Times Co. "A" 1,703 81,506 Marriott International Inc. "A" 1,804 81,090 Cox Communications Inc. "A"/(1)/ 2,137 80,437 Franklin Resources Inc. 1,912 80,151 Fifth Third Bancorp 1,185 79,964 68 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Georgia-Pacific Corp. 2,571 $ 77,001 Charter One Financial Inc. 2,466 76,989 Reliant Energy Inc. 2,943 75,900 Boston Scientific Corp./(1)/ 2,940 73,765 MeadWestvaco Corp. 2,225 73,759 Marshall & Ilsley Corp. 1,185 73,754 M&T Bank Corp. 917 73,699 Rohm & Haas Co. "A" 1,741 73,592 Union Planters Corp. 1,531 72,554 MGIC Investment Corp. 1,057 72,331 Genuine Parts Co. 1,934 71,113 Limited Inc. (The) 3,847 68,861 Qwest Communications International Inc. 8,369 68,793 Textron Inc. 1,345 68,730 Ameren Corp. 1,592 68,058 Office Depot Inc./(1)/ 3,428 68,046 UNUMProvident Corp. 2,405 67,172 General Motors Corp. "H"/(1)/ 4,055 66,705 Cincinnati Financial Corp. 1,522 66,451 R.J. Reynolds Tobacco Holdings Inc. 1,025 66,369 Northern Trust Corp. 1,098 66,001 Kerr-McGee Corp. 1,043 65,553 Cinergy Corp. 1,829 65,387 Parker Hannifin Corp. 1,309 65,319 PPL Corp. 1,634 64,723 North Fork Bancorp Inc. 1,813 64,470 Apache Corp. 1,123 63,876 National Commerce Financial Corp. 2,292 63,718 HEALTHSOUTH Corp./(1)/ 4,434 63,628 Aetna Inc. 1,600 62,112 Edison International/(1)/ 3,689 61,791 Amerada Hess Corp. 773 61,345 Countrywide Credit Industries Inc. 1,369 61,263 Penney (J.C.) Co. Inc. (The) 2,947 61,032 Zions Bancorporation 1,028 60,930 Sysco Corp. 2,036 60,714 TRW Inc. 1,165 59,963 Ambac Financial Group Inc. 1,011 59,720 Hershey Foods Corp. 862 59,081 Valero Energy Corp. 1,190 58,929 Bear Stearns Companies Inc. (The) 932 58,483 UnitedHealth Group Inc. 765 58,461 Sempra Energy 2,313 58,172 Allegheny Energy Inc. 1,400 57,890 Stilwell Financial Inc. 2,323 56,890 Constellation Energy Group Inc. 1,833 56,548 KeySpan Corp. 1,550 56,404 Torchmark Corp. 1,398 56,325 Nucor Corp. 865 55,568 Devon Energy Corp. 1,147 55,366 Huntington Bancshares Inc. 2,807 55,298 ITT Industries Inc. 874 55,097 Burlington Resources Inc. 1,364 54,683 Leggett & Platt Inc. 2,194 54,411 Wrigley (William Jr.) Co. 1,016 54,163 Kellogg Co. 1,600 53,712 CenturyTel Inc. 1,579 53,686 Hilton Hotels Corp. 3,720 53,196 NiSource Inc. 2,306 52,923 PACCAR Inc. 715 52,345 Harrah's Entertainment Inc./(1)/ 1,175 52,005 Block (H & R) Inc. 1,151 51,162 Newmont Mining Corp. 1,823 50,479 First Tennessee National Corp. 1,427 50,016 Darden Restaurants Inc. 1,169 47,450 Whirlpool Corp. 628 47,445 Nike Inc. "B" 787 47,228 Grainger (W.W.) Inc. 838 47,121 ServiceMaster Co. (The) 3,398 46,723 Simon Property Group Inc. 1,428 46,596 SPX Corp./(1)/ 326 46,155 Corning Inc. 6,035 45,987 SAFECO Corp. 1,425 45,657 T. Rowe Price Group Inc. 1,171 45,587 AMR Corp./(1)/ 1,724 45,531 TCF Financial Corp. 865 45,508 Engelhard Corp. 1,460 45,304 Delta Air Lines Inc. 1,380 45,154 Radian Group Inc. 909 44,614 Popular Inc. 1,525 44,561 Vulcan Materials Co. 936 44,497 TECO Energy Inc. 1,554 44,491 Compass Bancshares Inc. 1,435 44,298 Banknorth Group Inc. 1,660 43,741 National Semiconductor Corp./(1)/ 1,291 43,494 Pinnacle West Capital Corp. 950 43,083 JDS Uniphase Corp./(1)/ 7,282 42,891 Unisys Corp./(1)/ 3,378 42,664 Schedules of Investments 69 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------------------- VF Corp. 985 $ 42,601 LSI Logic Corp./(1)/ 2,503 42,551 Old Republic International Corp. 1,328 42,456 Eastman Chemical Co. 862 42,057 Sherwin-Williams Co. (The) 1,474 41,980 Thermo Electron Corp./(1)/ 2,019 41,854 Stanley Works (The) 903 41,764 GreenPoint Financial Corp. 954 41,690 Cooper Industries Inc. 975 40,901 Goodyear Tire & Rubber Co. (The) 1,574 40,247 Toys R Us Inc./(1)/ 2,221 39,889 UST Inc. 1,016 39,553 Circuit City Stores Inc. - Circuit City Group 2,191 39,526 NCR Corp./(1)/ 883 39,514 Sovereign Bancorp Inc. 2,806 39,424 Aquila Inc. 1,586 39,396 Edwards (A.G.) Inc. 893 39,274 Sigma-Aldrich Corp. 836 39,259 AutoNation Inc./(1)/ 2,803 39,018 Molex Inc. 1,119 38,796 Legg Mason Inc. 717 38,058 Vornado Realty Trust 861 38,022 Apartment Investment & Management Co. "A" 786 38,019 American Water Works Co. Inc. 868 38,018 Duke Realty Corp. 1,460 37,960 PMI Group Inc. (The) 499 37,804 Plum Creek Timber Co. Inc. 1,271 37,761 Donnelley (R.R.) & Sons Co. 1,204 37,444 Knight Ridder Inc. 544 37,367 Public Storage Inc. 1,009 37,343 Avery Dennison Corp. 609 37,167 Phelps Dodge Corp. 880 37,048 Eaton Corp. 457 37,008 Archstone-Smith Trust 1,358 36,381 SUPERVALU Inc. 1,406 36,275 Fluor Corp. 889 36,262 Campbell Soup Co. 1,353 36,260 DPL Inc. 1,418 36,230 AutoZone Inc./(1)/ 526 36,215 Rockwell International Corp. 1,793 35,968 SCANA Corp. 1,170 35,802 Republic Services Inc. "A"/(1)/ 1,907 35,623 Rockwell Collins Inc. 1,411 35,585 Pactiv Corp./(1)/ 1,777 35,576 Avnet Inc. 1,313 35,530 Dana Corp. 1,654 35,511 Ashland Inc. 777 35,361 Centex Corp. 679 35,260 Deluxe Corp. 757 35,019 AvalonBay Communities Inc. 701 34,910 Hibernia Corp. "A" 1,816 34,686 Dean Foods Co./(1)/ 457 34,604 Coca-Cola Enterprises Inc. 1,830 34,367 Ross Stores Inc. 900 34,047 Mercantile Bankshares Corp. 784 33,916 D&B/(1)/ 845 33,808 Wendy's International Inc. 964 33,721 Goodrich Co. 1,064 33,665 CMS Energy Corp. 1,482 33,538 Prologis Trust 1,436 33,531 Cablevision Systems Corp./(1)/ 985 33,490 Liz Claiborne Inc. 1,178 33,408 United Parcel Service Inc. 548 33,318 Diebold Inc. 814 33,162 Smurfit-Stone Container Corp./(1)/ 1,924 32,977 Manpower Inc. 846 32,892 Kinder Morgan Inc. 674 32,642 Commerce Bancshares Inc. 737 32,590 Ceridian Corp./(1)/ 1,476 32,546 Black & Decker Corp. 697 32,438 Fox Entertainment Group Inc. "A"/(1)/ 1,369 32,377 Kimco Realty Corp. 987 32,275 Sunoco Inc. 798 31,928 Park Place Entertainment Corp./(1)/ 3,025 31,914 Lear Corp./(1)/ 668 31,797 Health Management Associates Inc. "A"/(1)/ 1,532 31,758 Smithfield Foods Inc./(1)/ 1,216 31,738 Northeast Utilities 1,586 31,514 Ball Corp. 664 31,354 Bard (C.R.) Inc. 530 31,296 Boston Properties Inc. 791 31,205 Tyson Foods Inc. "A" 2,496 31,150 Arrow Electronics Inc./(1)/ 1,111 31,075 Hillenbrand Industries Inc. 503 31,000 Wisconsin Energy Corp. 1,245 30,976 International Flavors & Fragrances Inc. 883 30,879 70 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Host Marriott Corp. 2,580 $ 30,831 Valley National Bancorp 877 30,800 Electronic Data Systems Corp. 529 30,677 General Growth Properties Inc. 689 30,454 Lennar Corp. 577 30,443 Sonoco Products Co. 1,063 30,412 Brown-Forman Corp. "B" 417 30,341 Bemis Co. 556 30,219 Baxter International Inc. 507 30,177 D.R. Horton Inc. 787 29,670 Westwood One Inc./(1)/ 773 29,645 Temple-Inland Inc. 522 29,608 Navistar International Corp. 664 29,415 Brinker International Inc./(1)/ 894 28,975 Astoria Financial Corp. 994 28,876 First Virginia Banks Inc. 536 28,746 Nordstrom Inc. 1,169 28,641 Bowater Inc. 575 28,635 Energy East Corp. 1,299 28,253 iStar Financial Inc. 974 28,149 Associated Banc-Corp 739 28,104 Trigon Healthcare Inc./(1)/ 380 28,052 AmerisourceBergen Corp. 410 28,003 Scripps (E.W.) Co. 341 28,003 Owens-Illinois Inc./(1)/ 1,640 27,880 Health Net Inc./(1)/ 1,012 27,769 American Power Conversion Corp./(1)/ 1,871 27,653 McCormick & Co. Inc. 537 27,457 Vishay Intertechnology Inc./(1)/ 1,345 27,357 ALLETE Inc. 928 26,996 NSTAR 593 26,887 Manor Care Inc./(1)/ 1,151 26,818 Lamar Advertising Co./(1)/ 659 26,769 Pioneer Natural Resources Co./(1)/ 1,198 26,703 Brunswick Corp. 976 26,664 Alliant Energy Corp. 882 26,654 Bausch & Lomb Inc. 596 26,564 Autoliv Inc. 1,095 26,543 Allmerica Financial Corp. 591 26,536 Zimmer Holdings Inc./(1)/ 774 26,355 Potomac Electric Power Co. 1,126 26,292 Liberty Property Trust 812 26,187 UnionBanCal Corp. 593 26,104 Cabot Corp. 705 25,979 Mohawk Industries Inc./(1)/ 430 25,839 Fidelity National Financial Inc. 977 25,763 Humana Inc./(1)/ 1,903 25,748 Valspar Corp. (The) 546 25,695 FirstMerit Corp. 880 25,335 Hasbro Inc. 1,600 25,312 Equitable Resources Inc. 723 25,168 Pulte Homes Inc. 521 24,930 Staples Inc./(1)/ 1,237 24,703 Foot Locker Inc./(1)/ 1,525 24,674 Noble Affiliates Inc. 631 24,647 Conectiv 990 24,641 Mylan Laboratories Inc. 836 24,629 Pall Corp. 1,201 24,608 ADC Telecommunications Inc./(1)/ 6,030 24,542 Outback Steakhouse Inc./(1)/ 682 24,395 Energizer Holdings Inc./(1)/ 1,025 24,344 Autodesk Inc. 519 24,232 Visteon Corp. 1,461 24,180 MGM Mirage/(1)/ 666 24,129 Hospitality Properties Trust 702 24,100 Golden State Bancorp Inc. 811 24,079 MDU Resources Group Inc. 767 23,777 Health Care Property Investors Inc. 586 23,762 Snap-On Inc. 697 23,733 Readers Digest Association Inc. (The) "A" 1,057 23,687 Atmel Corp./(1)/ 2,330 23,626 Tektronix Inc./(1)/ 982 23,234 Compuware Corp./(1)/ 1,792 23,135 Mirant Corp./(1)/ 1,598 23,091 Washington Post Company (The) "B" 38 23,067 Fulton Financial Corp. 919 23,012 Nicor Inc. 505 23,003 Valassis Communications Inc./(1)/ 595 22,985 Martin Marietta Materials Inc. 543 22,925 Hormel Foods Corp. 831 22,728 Intuit Inc./(1)/ 590 22,632 Helmerich & Payne Inc. 562 22,531 City National Corp. 428 22,517 Telephone & Data Systems Inc. 255 22,504 Commerce Bancorp Inc. 496 22,270 Alberto-Culver Co. "B" 412 22,248 Furniture Brands International Inc./(1)/ 610 22,234 MONY Group Inc. (The) 550 22,176 Schedules of Investments 71 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Viad Corp. 788 $ 22,064 OM Group Inc. 304 21,979 Pentair Inc. 487 21,900 Protective Life Corp. 702 21,888 Harris Corp. 609 21,869 Questar Corp. 846 21,751 Wilmington Trust Corp. 322 21,674 Borders Group Inc./(1)/ 906 21,662 AMB Property Corp. 787 21,642 Pacific Century Financial Corp. 826 21,526 New Plan Excel Realty Trust 1,073 21,514 National Fuel Gas Co. 882 21,477 Tech Data Corp./(1)/ 464 21,293 Roslyn Bancorp Inc. 1,017 21,052 ArvinMeritor Inc. 737 21,041 Unitrin Inc. 521 20,944 OGE Energy Corp. 867 20,782 Security Capital Group Inc. "B"/(1)/ 814 20,733 Webster Financial Corp. 553 20,699 Triad Hospitals Inc./(1)/ 601 20,662 Cullen/Frost Bankers Inc. 576 20,661 Teleflex Inc. 377 20,611 Catellus Development Corp./(1)/ 1,047 20,594 Omnicare Inc. 793 20,531 Sky Financial Group Inc. 922 20,524 CarrAmerica Realty Corp. 651 20,448 Precision Castparts Corp. 574 20,325 Belo Corp. 871 20,251 Continental Airlines Inc. "B"/(1)/ 715 20,249 Crescent Real Estate Equities Co. 1,040 20,176 Puget Energy Inc. 967 20,104 Mandalay Resort Group/(1)/ 652 20,016 Rouse Co. (The) 646 20,013 Lubrizol Corp. 573 19,935 Colonial BancGroup Inc. (The) 1,327 19,799 KB HOME 455 19,747 Lyondell Chemical Co. 1,188 19,733 Boise Cascade Corp. 540 19,570 Conexant Systems Inc./(1)/ 1,623 19,557 Constellation Brands Inc./(1)/ 355 19,511 Vectren Corp. 756 19,422 Pier 1 Imports Inc. 941 19,375 USA Networks Inc./(1)/ 607 19,284 Transatlantic Holdings Inc. 233 19,134 Synovus Financial Corp. 627 19,111 Apogent Technologies Inc./(1)/ 770 19,004 StanCorp Financial Group Inc. 345 18,975 Pennzoil-Quaker State Co. 882 18,937 HON Industries Inc. 664 18,864 IKON Office Solutions Inc. 1,604 18,799 United Dominion Realty Trust Inc. 1,183 18,739 KEMET Corp./(1)/ 966 18,711 Independence Community Bank Corp. 665 18,706 AmerUs Group Co. 482 18,533 Saks Inc./(1)/ 1,405 18,476 BancorpSouth Inc. 934 18,418 Arden Realty Inc. 647 18,375 Clayton Homes Inc. 1,095 18,341 Reynolds & Reynolds Co. (The) "A" 611 18,330 Meredith Corp. 431 18,322 Markel Corp./(1)/ 90 18,316 BorgWarner Inc. 291 18,310 United States Steel Corp. 991 17,987 CNF Inc. 543 17,914 Cummins Inc. 379 17,900 CVS Corp. 520 17,852 IMC Global Inc. 1,208 17,818 Hubbell Inc. "B" 541 17,799 CBRL Group Inc. 623 17,737 Citizens Communications Co./(1)/ 1,648 17,716 Ryder System Inc. 595 17,576 BMC Software Inc./(1)/ 901 17,524 Harsco Corp. 447 17,496 Coventry Health Care Inc./(1)/ 672 17,472 Gemstar-TV Guide International Inc./(1)/ 1,180 17,452 E*TRADE Group Inc./(1)/ 1,852 17,446 Hawaiian Electric Industries Inc. 395 17,384 Service Corp. International/(1)/ 3,263 17,294 Six Flags Inc./(1)/ 967 17,271 Great Plains Energy Inc. 688 17,166 Old National Bancorp 700 17,136 Sierra Pacific Resources 1,135 17,127 Big Lots Inc. 1,215 17,071 Coors (Adolf) Company "B" 253 17,070 Broadwing Inc./(1)/ 2,434 17,014 Washington Federal Inc. 710 16,997 BRE Properties Inc. "A" 520 16,905 Citizens Banking Corp. 520 16,884 72 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Polo Ralph Lauren Corp./(1)/ 578 $ 16,866 IDACORP Inc. 416 16,848 Highwoods Properties Inc. 598 16,798 Dillards Inc. "A" 698 16,654 Mack-Cali Realty Corp. 477 16,542 Entercom Communications Corp./(1)/ 301 16,516 Radio One Inc. "D"/(1)/ 800 16,480 Ocean Energy Inc. 826 16,347 HCC Insurance Holdings Inc. 580 16,211 Rayonier Inc. 304 16,197 Hercules Inc./(1)/ 1,206 16,052 RPM Inc. 1,032 16,048 First American Corp. 754 16,045 Weingarten Realty Investors 310 15,934 Allied Capital Corp. 578 15,895 Dow Jones & Co. Inc. 273 15,894 Crane Co. 578 15,803 Network Associates Inc./(1)/ 646 15,633 Advanced Micro Devices Inc./(1)/ 1,060 15,593 Crompton Corp. 1,262 15,586 Peoples Energy Corp. 395 15,555 Novell Inc./(1)/ 3,996 15,544 Camden Property Trust 397 15,531 Applera Corp. - Celera Genomics Group/(1)/ 752 15,454 Annaly Mortgage Management Inc. 910 15,452 York International Corp. 430 15,437 Weatherford International Inc./(1)/ 323 15,384 3Com Corp./(1)/ 2,505 15,306 First Industrial Realty Trust Inc. 445 15,241 Hudson City Bancorp Inc. 469 15,224 AK Steel Holding Corp. 1,064 15,215 Payless ShoeSource Inc./(1)/ 249 15,201 Cooper Tire & Rubber Co. 701 15,177 Reebok International Ltd./(1)/ 560 15,137 McClatchy Co. (The) "A" 253 15,021 RGS Energy Group Inc. 382 14,994 Pittston Brink's Group 597 14,985 Jacobs Engineering Group Inc./(1)/ 210 14,971 Adaptec Inc./(1)/ 1,116 14,921 Harman International Industries Inc. 302 14,904 Dole Food Co. 480 14,880 Storage Technology Corp./(1)/ 694 14,879 Lafarge North America Inc. 344 14,875 Zale Corp./(1)/ 363 14,738 First Midwest Bancorp Inc. 507 14,723 GATX Corp. 463 14,723 Silicon Valley Bancshares/(1)/ 485 14,671 La-Z-Boy Inc. 533 14,631 Adelphia Communications Corp. "A"/(1)/ 981 14,617 IndyMac Bancorp Inc./(1)/ 590 14,573 Interpublic Group of Companies Inc. 424 14,535 Whitney Holding Corp. 291 14,509 WGL Holdings Inc. 538 14,451 Henry Schein Inc./(1)/ 327 14,404 Commercial Federal Corp. 534 14,365 AGL Resources Inc. 609 14,311 Quantum Corp./(1)/ 1,797 14,304 Edwards Lifesciences Corp./(1)/ 508 14,199 Leucadia National Corp. 397 14,193 Post Properties Inc. 422 14,179 Acxiom Corp./(1)/ 825 14,140 Barnes & Noble Inc./(1)/ 456 14,131 Charter Communications Inc./(1)/ 1,249 14,101 Massey Energy Co. 826 13,959 Harte-Hanks Inc. 437 13,827 Kennametal Inc. 342 13,827 Steelcase Inc. 825 13,819 Grant Prideco Inc./(1)/ 1,010 13,817 Allegheny Technologies Inc. 832 13,761 Thomas & Betts Corp. 649 13,733 Hispanic Broadcasting Corp./(1)/ 471 13,716 ICN Pharmaceuticals Inc. 432 13,716 Healthcare Realty Trust Inc. 451 13,692 Cytec Industries Inc./(1)/ 450 13,689 Neiman-Marcus Group Inc. "A"/(1)/ 396 13,642 Tidewater Inc. 320 13,552 Western Resources Inc. 789 13,531 Winn-Dixie Stores Inc. 843 13,522 PepsiAmericas Inc. 937 13,512 American Financial Group Inc. 470 13,498 Monsanto Co. 427 13,489 FNB Corp. 460 13,478 WPS Resources Corp. 341 13,449 DQE Inc. 627 13,361 Mercury General Corp. 287 13,345 W.R. Berkley Corp. 232 13,335 PNM Resources Inc. 434 13,306 Ryland Group Inc. 147 13,259 Schedules of Investments 73 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Developers Diversified Realty Corp. 628 $ 13,188 Ethan Allen Interiors Inc. 345 13,131 HRPT Properties Trust 1,459 13,131 American Greetings Corp. "A" 720 13,068 EOG Resources Inc. 322 13,060 Airgas Inc./(1)/ 644 12,944 Raymond James Financial Inc. 376 12,870 Timken Co. (The) 555 12,815 Trustmark Corp. 505 12,756 Corn Products International Inc. 395 12,719 Toll Brothers Inc./(1)/ 255 12,712 Sanmina-SCI Corp./(1)/ 1,081 12,702 Maytag Corp. 286 12,655 Jeffries Group Inc. 261 12,580 Ingram Micro Inc. "A"/(1)/ 758 12,545 Louisiana-Pacific Corp. 1,168 12,544 Solectron Corp./(1)/ 1,603 12,503 Alexander & Baldwin Inc. 451 12,452 Great Lakes Chemical Corp. 442 12,451 Pogo Producing Co. 392 12,426 Jones Apparel Group Inc./(1)/ 355 12,407 ONEOK Inc. 593 12,364 Staten Island Bancorp Inc. 622 12,241 United Stationers Inc./(1)/ 321 12,230 Gateway Inc./(1)/ 1,935 12,229 Shurgard Storage Centers Inc. "A" 360 12,204 Michaels Stores Inc./(1)/ 322 12,172 Alfa Corp. 435 12,136 Realty Income Corp. 365 12,118 Extended Stay America Inc./(1)/ 694 12,076 Piedmont Natural Gas Co. 339 12,068 Andrew Corp./(1)/ 720 12,046 Conseco Inc./(1)/ 3,309 11,979 Ohio Casualty Corp./(1)/ 631 11,951 Crown Cork & Seal Co. Inc./(1)/ 1,320 11,814 Worthington Industries Inc. 768 11,796 Carlisle Companies Inc. 267 11,673 Alliant Techsystems Inc./(1)/ 114 11,627 Cypress Semiconductor Corp./(1)/ 504 11,592 Nationwide Financial Services Inc. 269 11,513 AGCO Corp./(1)/ 504 11,501 Minerals Technologies Inc. 219 11,491 UTStarcom Inc./(1)/ 437 11,463 Quintiles Transnational Corp./(1)/ 643 11,413 Trinity Industries Inc. 469 11,401 Danaher Corp. 160 11,363 WebMD Corp./(1)/ 1,465 11,251 AVX Corp. 537 11,245 Cleco Corp. 469 11,209 Allied Waste Industries Inc./(1)/ 862 11,206 Callaway Golf Co. 580 11,165 Neuberger Berman Inc. 237 11,103 Bob Evans Farms Inc. 391 11,034 CenterPoint Properties Corp. 204 11,026 Maxtor Corp./(1)/ 1,582 10,995 Mueller Industries Inc./(1)/ 314 10,987 Arbitron Inc./(1)/ 325 10,985 Commerce Group Inc. 283 10,952 PolyOne Corp. 885 10,797 Potlatch Corp. 319 10,747 Cablevision Systems Corporation-Rainbow Media Group/(1)/ 435 10,736 Macerich Co. (The) 355 10,703 Hughes Supply Inc. 274 10,675 Idex Corp. 288 10,656 American Capital Strategies Ltd. 344 10,650 Susquehanna Bancshares Inc. 435 10,649 FMC Corp./(1)/ 254 10,648 Atmos Energy Corp. 451 10,644 UAL Corp. 645 10,539 International Speedway Corp. "A" 230 10,511 La Quinta Corp./(1)/ 1,469 10,503 American National Insurance Co. 111 10,489 Nationwide Health Properties Inc. 519 10,458 Prentiss Properties Trust 354 10,450 Millennium Chemicals Inc. 705 10,385 Kansas City Southern Industries Inc. 650 10,361 USFreightways Corp. 291 10,313 Circuit City Stores Inc. - CarMax Group/(1)/ 397 10,266 Horace Mann Educators Corp. 451 10,152 Alleghany Corp./(1)/ 54 10,136 Pride International Inc./(1)/ 635 10,097 Health Care REIT Inc. 361 10,079 Oshkosh Truck Corp. 177 10,071 Philadelphia Suburban Corp. 427 10,035 Packaging Corp. of America/(1)/ 505 9,994 AptarGroup Inc. 285 9,989 Imation Corp./(1)/ 376 9,975 74 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Terex Corp./(1)/ 440 $ 9,944 Sensient Technologies Corp. 430 9,899 AnnTaylor Stores Corp./(1)/ 227 9,811 SL Green Realty Corp. 291 9,778 Reliant Resources Inc./(1)/ 578 9,774 United Rentals Inc./(1)/ 354 9,728 Alaska Air Group Inc./(1)/ 292 9,721 Reckson Associates Realty Corp. 394 9,716 Banta Corp. 272 9,713 Airborne Inc. 554 9,689 Texas Industries Inc. 235 9,682 Downey Financial Corp. 212 9,667 South Financial Group Inc. (The) 472 9,605 Universal Corp. 242 9,525 Fuller (H.B.) Co. 318 9,524 Longs Drug Stores Corp. 341 9,504 Electronics For Imaging Inc./(1)/ 519 9,498 ENSCO International Inc. 315 9,494 Moody's Corp. 231 9,494 Universal Health Services Inc. "B"/(1)/ 230 9,488 St. Joe Co. (The) 316 9,480 Seacor Smit Inc./(1)/ 193 9,457 Provident Financial Group Inc. 327 9,418 CNA Financial Corp./(1)/ 317 9,415 Pediatrix Medical Group Inc./(1)/ 230 9,375 KPMG Consulting Inc./(1)/ 463 9,353 Ralcorp Holdings Inc./(1)/ 343 9,330 US Oncology Inc./(1)/ 1,058 9,321 Charming Shoppes Inc./(1)/ 1,171 9,274 El Paso Electric Co./(1)/ 589 9,218 Claire's Stores Inc. 469 9,136 DENTSPLY International Inc. 246 9,117 Silicon Graphics Inc./(1)/ 2,140 9,095 Coherent Inc./(1)/ 268 9,085 Media General Inc. "A" 143 9,080 Lancaster Colony Corp. 245 9,075 M.D.C. Holdings Inc. 210 9,072 Federal Realty Investment Trust 352 9,036 Dial Corp. (The) 500 9,010 Werner Enterprises Inc. 430 9,009 Insight Communications Co. Inc./(1)/ 429 8,988 IDT Corp./(1)/ 445 8,985 New Jersey Resources Corp. 297 8,981 Black Hills Corp. 268 8,973 ADVO Inc./(1)/ 212 8,955 Advanced Fibre Communications Inc./(1)/ 466 8,943 Community First Bankshares Inc. 345 8,922 CH Energy Group Inc. 188 8,921 Tecumseh Products Co. "A" 166 8,848 Noble Drilling Corp./(1)/ 213 8,816 Aztar Corp./(1)/ 402 8,804 Kmart Corp./(1)/ 5,500 8,800 Erie Indemnity Co. "A" 216 8,787 Hyperion Solutions Corp./(1)/ 325 8,778 Greater Bay Bancorp 257 8,769 Wallace Computer Services Inc. 434 8,767 LNR Property Corp. 249 8,732 G&K Services Inc. "A" 233 8,682 Amkor Technology Inc./(1)/ 388 8,656 Pep Boys-Manny, Moe & Jack Inc. 520 8,653 Wolverine World Wide Inc. 479 8,598 First Commonwealth Financial Corp. 649 8,593 Harleysville Group Inc. 325 8,586 Zoran Corp./(1)/ 196 8,561 Anixter International Inc./(1)/ 288 8,533 Toro Co. 142 8,463 Ryan's Family Steak Houses Inc./(1)/ 352 8,448 Emmis Communications Corp./(1)/ 315 8,423 Gables Residential Trust 271 8,415 Sybron Dental Specialties Inc./(1)/ 417 8,382 Southwest Gas Corp. 334 8,350 Modine Manufacturing Co. 309 8,340 Briggs & Stratton Corp. 181 8,326 UCAR International Inc./(1)/ 577 8,193 UIL Holdings Corp. 141 8,192 Westamerica Bancorp 191 8,165 Avista Corp. 525 8,153 Standard-Pacific Corp. 290 8,149 UMB Financial Corp. 190 8,147 Blyth Inc. 307 8,142 UICI/(1)/ 429 8,130 Pan Pacific Retail Properties Inc. 265 8,101 Regis Corp. 288 8,087 PETsMART Inc./(1)/ 596 8,082 CBL & Associates Properties Inc. 228 8,060 Thornbury Mortgage Inc. 402 8,056 Northwest Natural Gas Co. 286 8,011 Albemarle Corp. 290 7,992 Schedules of Investments 75 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- PSS World Medical Inc./(1)/ 815 $ 7,987 Kilroy Realty Corp. 282 7,955 Collins & Aikman Corp./(1)/ 1,185 7,939 SanDisk Corp./(1)/ 365 7,921 Interstate Bakeries Corp. 324 7,844 Selective Insurance Group Inc. 292 7,796 United Bancshares Inc. 263 7,766 Republic Bancorp Inc. 554 7,756 Crown Castle International Corp./(1)/ 1,170 7,734 Chemical Financial Corp. 258 7,732 Jones Lang LaSalle Inc./(1)/ 349 7,730 Palm Inc./(1)/ 1,935 7,721 Beverly Enterprises Inc./(1)/ 1,071 7,711 Energen Corp. 291 7,697 Liberty Corp. 193 7,685 Kaydon Corp. 283 7,641 Meristar Hospitality Corp. 418 7,628 Beckman Coulter Inc. 148 7,558 International Bancshares Corp. 171 7,546 Tesoro Petroleum Corp./(1)/ 531 7,461 Storage USA Inc. 175 7,453 FelCor Lodging Trust Inc. 350 7,437 Regency Centers Corp. 256 7,429 Overseas Shipholding Group Inc. 305 7,412 Yellow Corp./(1)/ 280 7,389 MPS Group Inc./(1)/ 838 7,333 Donaldson Co. Inc. 181 7,278 Flowers Foods Inc./(1)/ 285 7,259 Curtiss Wright Corp. 109 7,248 Iron Mountain Inc./(1)/ 228 7,232 Diamond Offshore Drilling Inc. 231 7,221 Interactive Data Corp./(1)/ 411 7,213 Beazer Homes USA Inc./(1)/ 93 7,212 UGI Corp. 230 7,208 First Citizens BancShares Inc. "A" 70 7,207 Fisher Scientific International Inc./(1)/ 256 7,194 JLG Industries Inc. 483 7,148 Global Industries Ltd./(1)/ 765 7,137 CLARCOR Inc. 223 7,136 Reliance Steel & Aluminum Co. 256 7,063 Openwave Systems Inc./(1)/ 1,105 7,028 ESS Technology Inc./(1)/ 337 6,989 Provident Bankshares Corp. 291 6,984 UniSource Energy Corp. 341 6,977 Paxar Corp./(1)/ 414 6,976 People's Bank 283 6,976 Capitol Federal Financial 307 6,966 Florida East Coast Industries Inc. 246 6,964 Summit Properties Inc. 283 6,934 Brandywine Realty Trust 290 6,931 AMCORE Financial Inc. 294 6,912 MAF Bancorp Inc. 196 6,909 LandAmerica Financial Group Inc. 199 6,891 Southern Union Co./(1)/ 376 6,888 Sonic Automotive Inc./(1)/ 229 6,865 DaVita Inc./(1)/ 271 6,856 Home Properties of NY Inc. 199 6,856 OfficeMax Inc./(1)/ 1,228 6,852 Prime Hospitality Corp./(1)/ 517 6,799 Dynegy Inc. "A" 234 6,786 Level 3 Communications Inc./(1)/ 1,895 6,746 American Financial Holdings Inc. 252 6,706 First Charter Corp. 359 6,703 Sun Communities Inc. 170 6,681 NorthWestern Corp. 302 6,644 Charter Municipal Mortgage Acceptance Co. 421 6,643 Lennox International Inc. 501 6,623 21st Century Insurance Group 366 6,621 Stewart Enterprises Inc. "A"/(1)/ 1,100 6,568 Pathmark Stores Inc./(1)/ 274 6,562 EMCOR Group Inc./(1)/ 113 6,554 Spherion Corp./(1)/ 593 6,553 Harland (John H.) Co. 225 6,541 IHOP Corp./(1)/ 193 6,506 Armor Holdings Inc./(1)/ 240 6,504 Blockbuster Inc. 277 6,501 Waypoint Financial Corp. 392 6,484 First Financial Bancorp 412 6,477 Ionics Inc./(1)/ 202 6,476 JDA Software Group Inc./(1)/ 203 6,472 Cell Genesys Inc./(1)/ 381 6,458 Scholastic Corp./(1)/ 119 6,449 Wausau-Mosinee Paper Corp. 505 6,444 Kellwood Co. 265 6,437 Belden Inc. 268 6,386 Forest City Enterprises Inc. "A" 168 6,384 Carpenter Technology Corp. 220 6,367 Essex Property Trust Inc. 122 6,366 76 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Enterasys Networks Inc./(1)/ 1,500 $ 6,345 Gaylord Entertainment Co. "A"/(1)/ 238 6,331 Great Atlantic & Pacific Tea Co./(1)/ 227 6,329 Kimball International Inc. "B" 387 6,312 Kirby Corp./(1)/ 211 6,309 Superior Industries International Inc. 129 6,293 CONMED Corp./(1)/ 251 6,275 Credence Systems Corp./(1)/ 285 6,259 Schulman (A.) Inc. 341 6,237 Lincoln Electric Holding Inc. 218 6,228 Arkansas Best Corp./(1)/ 224 6,225 Tower Automotive Inc./(1)/ 443 6,198 Cable Design Technologies Corp./(1)/ 464 6,194 GenCorp. Inc. 394 6,194 Rite Aid Corp./(1)/ 1,790 6,193 Ariba Inc./(1)/ 1,365 6,183 Hutchinson Technology Inc./(1)/ 285 6,147 Reinsurance Group of America Inc. 196 6,137 Ferro Corp. 213 6,134 Casey's General Store Inc. 454 6,129 Commercial Net Lease Realty Inc. 438 6,114 Longview Fibre Co. 585 6,025 Journal Register Co./(1)/ 284 6,021 W Holding Co. Inc. 341 6,019 Cumulus Media Inc. "A"/(1)/ 334 5,979 Estee Lauder Companies Inc. "A" 175 5,978 New York Community Bancorp Inc. 216 5,972 NDCHealth Corp. 164 5,968 Fleming Companies Inc. 266 5,958 Hollinger International Inc. 452 5,926 USEC Inc. 920 5,888 Glimcher Realty Trust 317 5,880 Cornerstone Realty Income Trust Inc. 526 5,865 ShopKo Stores Inc./(1)/ 324 5,864 St. Jude Medical Inc./(1)/ 76 5,863 Dycom Industries Inc./(1)/ 390 5,830 Northwest Airlines Corp. "A"/(1)/ 305 5,816 Colonial Properties Trust 168 5,788 Terayon Communication Systems Inc./(1)/ 679 5,758 Polaris Industries Inc. 90 5,733 Presidential Life Corp. 252 5,733 Church & Dwight Co. Inc. 194 5,715 Otter Tail Corp. 184 5,682 American Tower Corp./(1)/ 1,045 5,653 Park Electrochemical Corp. 194 5,626 Tupperware Corp. 247 5,619 Boyd Gaming Corp./(1)/ 372 5,595 Unifi Inc./(1)/ 590 5,546 Delphi Financial Group Inc. "A" 141 5,529 Solutia Inc. 634 5,516 Pepsi Bottling Group Inc. 212 5,484 CIBER Inc./(1)/ 597 5,463 Greif Brothers Corp. "A" 153 5,462 Ruddick Corp. 328 5,458 Checkpoint Systems Inc./(1)/ 341 5,439 S&T Bancorp Inc. 213 5,421 Commercial Metals Co. 129 5,418 Hollywood Entertainment Corp./(1)/ 321 5,393 Taubman Centers Inc. 358 5,391 Granite Construction Inc. 219 5,390 Nu Skin Enterprises Inc. "A" 503 5,387 Mid-State Bancshares 304 5,378 Vignette Corp./(1)/ 1,560 5,366 PacifiCare Health Systems Inc. "A"/(1)/ 305 5,322 Western Digital Corp./(1)/ 854 5,320 PanAmSat Corp./(1)/ 232 5,301 Seacoast Financial Services Corp. 269 5,297 Ticketmaster "B"/(1)/ 179 5,295 BankAtlantic Bancorp Inc. "A" 407 5,291 Regal-Beloit Corp. 207 5,289 Murphy Oil Corp. 55 5,280 FirstFed Financial Corp./(1)/ 201 5,256 Kelly Services Inc. "A" 185 5,223 Argonaut Group Inc. 247 5,222 C-COR.net Corp./(1)/ 289 5,202 Arch Coal Inc. 243 5,195 Koger Equity Inc. 289 5,164 Arch Chemicals Inc. 234 5,160 Swift Transportation Co. Inc./(1)/ 235 5,151 ADTRAN Inc./(1)/ 213 5,142 Laclede Group Inc. (The) 219 5,103 Triumph Group Inc./(1)/ 130 5,096 Bandag Inc. 135 5,087 Dollar Thrifty Automotive Group Inc./(1)/ 240 5,076 Ecolab Inc. 111 5,075 Agere Systems Inc./(1)/ 1,299 5,053 Bowne & Co. Inc. 359 5,051 Donnelley (R.H.) Corp./(1)/ 166 5,051 Schedules of Investments 77 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Medicis Pharmaceutical Corp. "A"/(1)/ 91 $ 5,050 WesBanco Inc. 211 5,043 Quanex Corp. 141 5,006 Oceaneering International Inc./(1)/ 172 4,988 Varco International Inc./(1)/ 248 4,985 Harbor Florida Bancshares Inc. 258 4,948 Bay View Capital Corp./(1)/ 722 4,938 Hearst-Argyle Television Inc./(1)/ 198 4,897 Corus Bankshares Inc. 103 4,896 JDN Realty Corp. 382 4,882 Glenborough Realty Trust Inc. 227 4,880 Edwards (J.D.) & Co./(1)/ 270 4,871 Pulitzer Inc. 91 4,869 Griffon Corp./(1)/ 290 4,857 NACCO Industries Inc. 73 4,839 ProAssurance Corp./(1)/ 268 4,837 Pioneer-Standard Electronics Inc. 341 4,825 Baldor Electric Co. 213 4,814 Flowserve Corp./(1)/ 150 4,801 Smucker (J.M.) Co. (The) 142 4,800 Chesapeake Corp. 176 4,778 Hunt (J.B.) Transport Services Inc./(1)/ 168 4,776 Alexandria Real Estate Equities Inc. 107 4,772 NCI Building Systems Inc./(1)/ 212 4,770 EastGroup Properties Inc. 185 4,766 Monaco Coach Corp./(1)/ 196 4,763 Esterline Technologies Corp./(1)/ 233 4,753 EarthLink Inc./(1)/ 468 4,750 Crestline Capital Corp./(1)/ 141 4,743 Wellman Inc. 288 4,738 Nordson Corp. 157 4,734 Chittenden Corp. 162 4,722 Scotts Co. (The) "A"/(1)/ 103 4,715 Moog Inc. "A"/(1)/ 147 4,704 Genlyte Group Inc. (The)/(1)/ 125 4,695 Methode Electronics Inc. "A" 377 4,694 Wesco Financial Corp. 15 4,689 Anthracite Capital Inc. 406 4,669 Winnebago Industries Inc. 111 4,661 PAREXEL International Corp./(1)/ 290 4,652 REMEC Inc./(1)/ 501 4,634 Input/Output Inc./(1)/ 507 4,614 MacDermid Inc. 213 4,614 United States Cellular Corp./(1)/ 112 4,592 Roadway Corp. 124 4,588 Fleetwood Enterprises Inc. 424 4,579 URS Corp./(1)/ 144 4,565 Hancock Holding Co. 85 4,564 Kulicke & Soffa Industries Inc./(1)/ 219 4,557 Jakks Pacific Inc./(1)/ 200 4,550 Vintage Petroleum Inc. 309 4,542 S1 Corp./(1)/ 294 4,539 Applebee's International Inc. 125 4,537 Capital Automotive REIT 197 4,531 MB Financial Inc. 150 4,492 Madison Gas & Electric Co. 158 4,490 Dress Barn Inc./(1)/ 151 4,471 Trust Co. of New Jersey (The) 189 4,470 Dime Community Bancshares 145 4,466 Elcor Corp. 201 4,462 Philadelphia Consolidated Holding Corp./(1)/ 112 4,458 Kaman Corp. "A" 262 4,441 ProQuest Co./(1)/ 103 4,428 BOK Financial Corp./(1)/ 130 4,407 Cathay Bancorp Inc. 61 4,398 Albany International Corp. "A" 145 4,393 Ultratech Stepper Inc./(1)/ 211 4,389 Empire District Electric Co. (The) 205 4,385 Pacific Capital Bancorp 142 4,381 CMGI Inc./(1)/ 3,225 4,354 Acuity Brands Inc. 263 4,347 Manitowoc Co. Inc. (The) 110 4,345 PS Business Parks Inc. 125 4,344 Crawford & Co. "B" 320 4,336 Arris Group Inc./(1)/ 465 4,324 Brown Shoe Co. Inc. 222 4,320 Parker Drilling Co./(1)/ 975 4,319 Schweitzer-Mauduit International Inc. 173 4,299 NetIQ Corp./(1)/ 197 4,297 Pegasus Solutions Inc./(1)/ 232 4,292 Champion Enterprises Inc./(1)/ 536 4,288 SPS Technologies Inc./(1)/ 101 4,279 Forest Oil Corp./(1)/ 144 4,265 Rowan Companies Inc./(1)/ 185 4,262 First Financial Holdings Inc. 157 4,252 Arrow International Inc. 90 4,248 Gardner Denver Inc./(1)/ 173 4,238 Metro-Goldwyn-Mayer Inc./(1)/ 255 4,238 78 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- ESCO Technologies Inc./(1)/ 109 $ 4,234 California Water Service Group 165 4,224 Florida Rock Industries Inc. 105 4,183 RFS Hotel Investors Inc. 284 4,175 First Federal Capital Corp. 221 4,166 Bedford Property Investors Inc. 162 4,147 General Cable Corp. 290 4,141 Boca Resorts Inc. "A"/(1)/ 319 4,128 Anchor BanCorp Wisconsin Inc. 206 4,126 Thomas Industries Inc. 141 4,124 Jack in the Box Inc./(1)/ 139 4,121 Sunrise Assisted Living Inc./(1)/ 151 4,116 Fremont General Corp. 674 4,111 PMA Capital Corp. "A" 179 4,106 South Jersey Industries Inc. 130 4,102 American States Water Co. 116 4,089 Sovran Self Storage Inc. 130 4,086 National Penn Bancshares Inc. 166 4,079 Stride Rite Corp. 494 4,076 CACI International Inc. "A"/(1)/ 116 4,073 Phillips-Van Heusen Corp. 288 4,064 Invacare Corp. 108 4,061 NBTY Inc./(1)/ 238 4,060 CNET Networks Inc./(1)/ 740 4,055 Mid-America Apartment Communities, Inc. 155 4,053 Harleysville National Corp. 174 4,052 NUI Corp. 162 4,031 Central Parking Corp. 175 4,023 Mediacom Communications Corp./(1)/ 287 4,021 First Sentinel Bancorp Inc. 307 4,009 Hudson River Bancorp Inc. 166 4,006 Sinclair Broadcast Group Inc. "A"/(1)/ 295 3,997 Standard Register Co. (The) 142 3,993 International Multifoods Corp./(1)/ 168 3,992 International Game Technology/(1)/ 64 3,988 Pacific Northwest Bancorp 151 3,971 Isle of Capri Casinos Inc./(1)/ 215 3,967 Lone Star Steakhouse & Saloon Inc. 189 3,948 Vector Group Ltd. 138 3,947 Integra Bank Corp. 202 3,939 NBT Bancorp Inc. 267 3,936 U.S. Airways Group Inc./(1)/ 610 3,935 OMNOVA Solutions Inc. 472 3,918 Weis Markets Inc. 129 3,915 Hovnanian Enterprises Inc. "A"/(1)/ 146 3,882 Barnes Group Inc. 158 3,871 Unova Inc./(1)/ 486 3,869 Safeguard Scientifics Inc./(1)/ 1,280 3,853 M/I Schottenstein Homes Inc. 68 3,852 Chemed Corp. 103 3,847 ABM Industries Inc. 104 3,817 John Nuveen Co. "A" 69 3,805 First Financial Bankshares Inc. 114 3,786 IRT Property Co. 327 3,777 PFF Bancorp Inc. 121 3,775 Unizan Financial Corp. 199 3,773 Russell Corp. 253 3,770 PRG-Schultz International Inc./(1)/ 268 3,765 Entravision Communications Corp./(1)/ 254 3,759 Nautica Enterprises Inc./(1)/ 247 3,745 Integrated Silicon Solution Inc./(1)/ 291 3,742 Landry's Restaurants Inc. 163 3,742 Burlington Coat Factory Warehouse Corp. 194 3,734 Lexington Corp. Properties Trust 233 3,723 Sola International Inc./(1)/ 251 3,695 BankUnited Financial Corp. "A"/(1)/ 246 3,685 AMLI Residential Properties Trust 146 3,682 Steak n Shake Company (The)/(1)/ 262 3,681 Mine Safety Appliances Co. 98 3,680 Community Bank System Inc. 122 3,678 Action Performance Companies Inc./(1)/ 74 3,644 Lance Inc. 254 3,632 Inter-Tel Inc. 196 3,620 Penn Virginia Corp. 90 3,614 West Pharmaceutical Services Inc. 119 3,612 Silgan Holdings Inc./(1)/ 108 3,610 National Health Investors Inc. 247 3,606 Finish Line Inc. (The)/(1)/ 195 3,598 Entertainment Properties Trust 159 3,593 Alabama National Bancorp 97 3,574 Senior Housing Properties Trust 248 3,571 Deltic Timber Corp. 118 3,569 1st Source Corp. 150 3,552 First Financial Corp. 81 3,530 Steel Dynamics Inc./(1)/ 215 3,528 Labor Ready Inc./(1)/ 451 3,518 RLI Corp. 68 3,516 Schedules of Investments 79 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- American Axle & Manufacturing Holdings Inc./(1)/ 121 $ 3,509 Sierra Health Services Inc./(1)/ 268 3,505 Sycamore Networks Inc./(1)/ 885 3,496 Trammell Crow Co./(1)/ 241 3,495 Interface Inc. "A" 547 3,473 American Standard Companies Inc./(1)/ 49 3,467 Westcorp Inc. 158 3,452 Sylvan Learning Systems Inc./(1)/ 122 3,447 Applied Industrial Technologies Inc. 179 3,446 Spartech Corp. 140 3,444 Georgia Gulf Corp. 128 3,437 Playtex Products Inc./(1)/ 316 3,432 ChemFirst Inc. 128 3,424 Standard Microsystems Corp./(1)/ 148 3,404 Advanta Corp. "A" 266 3,394 Benchmark Electronics Inc./(1)/ 121 3,388 3TEC Energy Corp./(1)/ 198 3,376 Iomega Corp./(1)/ 380 3,367 Alliance Gaming Corp./(1)/ 110 3,358 K-Swiss Inc. "A" 80 3,358 Local Financial Corp./(1)/ 213 3,353 Equity Inns Inc. 418 3,344 Alliance Semiconductor Corp./(1)/ 290 3,341 Avid Technology Inc./(1)/ 240 3,338 Myers Industries Inc. 230 3,335 Tredegar Corp. 178 3,329 Connecticut Bankshares Inc. 121 3,326 Nash Finch Co. 122 3,325 Aaron Rents Inc. "B" 145 3,313 Corrections Corp. of America/(1)/ 254 3,302 Sterling Bancshares Inc. 247 3,297 United National Bancorp 142 3,294 Libbey Inc. 85 3,274 WorldCom Inc. - MCI Group 554 3,274 Cubic Corp. 50 3,268 Palm Harbor Homes Inc./(1)/ 157 3,266 Independent Bank Corp.(MA) 126 3,261 Calgon Carbon Corp. 389 3,260 Caraustar Industries Inc. 311 3,250 Financial Federal Corp./(1)/ 99 3,248 Innkeepers USA Trust 285 3,235 Navigant Consulting Co./(1)/ 499 3,234 Gold Banc Corp. Inc. 358 3,222 FSI International Inc./(1)/ 287 3,217 Thor Industries Inc. 68 3,216 DIMON Inc. 466 3,215 First Merchants Corp. 122 3,198 Chateau Communities Inc. 111 3,189 USG Corp./(1)/ 455 3,185 Midwest Express Holdings Inc./(1)/ 174 3,182 MICROS Systems Inc./(1)/ 125 3,181 Watsco Inc. 178 3,177 Cleveland-Cliffs Inc. 144 3,168 Marcus Corp. 196 3,160 Cephalon Inc./(1)/ 50 3,150 Coachmen Industries Inc. 192 3,130 First Republic Bank/(1)/ 110 3,124 Apogee Enterprises Inc. 256 3,123 New England Business Service Inc. 121 3,106 Offshore Logistics Inc./(1)/ 144 3,103 Parkway Properties Inc. 85 3,103 Ryerson Tull Inc. 283 3,099 Universal American Financial Corp./(1)/ 450 3,096 First Bancorp. 107 3,092 SkyWest Inc. 124 3,091 Crossmann Communities Inc. 68 3,076 Nortek Inc./(1)/ 85 3,060 Systems & Computer Technology Corp./(1)/ 232 3,060 Russ Berrie & Co. Inc. 95 3,059 Viasys Healthcare Inc./(1)/ 136 3,059 F&M Bancorp 113 3,050 Rainbow Technologies Inc./(1)/ 302 3,038 Southwest Bancorp of Texas Inc./(1)/ 91 3,034 Universal Forest Products Inc. 127 3,034 Interpool Inc. 162 3,029 Universal Health Realty Income Trust 126 3,027 Sandy Spring Bancorp Inc. 93 3,018 Riverstone Networks Inc./(1)/ 500 3,000 JP Realty Inc. 112 2,996 FreeMarkets Inc./(1)/ 130 2,986 Century Business Services Inc./(1)/ 860 2,984 U.S. Industries Inc./(1)/ 785 2,983 Delta & Pine Land Co. 157 2,978 Haverty Furniture Companies Inc. 173 2,977 Daisytek International Corp./(1)/ 187 2,975 O'Reilly Automotive Inc./(1)/ 94 2,968 Arctic Cat Inc. 147 2,962 80 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- MEMC Electronics Materials Inc./(1)/ 500 $ 2,950 First Place Financial Corp. 175 2,949 Hancock Fabrics Inc. 163 2,942 Spanish Broadcasting System Inc. "A"/(1)/ 217 2,940 Genzyme Corp. - Biosurgery Division/(1)/ 431 2,935 Touch America Holdings Inc./(1)/ 770 2,934 Kroll Inc./(1)/ 176 2,930 Bio-Rad Laboratories Inc. "A"/(1)/ 78 2,929 Liberate Technologies/(1)/ 490 2,915 Transaction Systems Architects Inc. "A"/(1)/ 255 2,907 RTI International Metals Inc./(1)/ 251 2,899 SWS Group Inc. 143 2,896 Kramont Realty Trust 212 2,873 Community Trust Bancorp Inc. 112 2,871 United Industial Corp. 129 2,870 CDI Corp./(1)/ 125 2,869 Pinnacle Systems Inc./(1)/ 360 2,869 AAR Corp. 266 2,865 Covance Inc./(1)/ 141 2,859 TBC Corp./(1)/ 197 2,857 BSB Bancorp Inc. 95 2,836 Brookline Bancorp Inc. 166 2,832 Ocwen Financial Corp./(1)/ 429 2,827 City Holding Co./(1)/ 184 2,824 Emisphere Technologies Inc./(1)/ 166 2,824 St. Mary Land & Exploration Co. 130 2,822 CSK Auto Corp./(1)/ 298 2,816 Sybase Inc./(1)/ 161 2,813 OceanFirst Financial Corp. 94 2,809 United Community Financial Corp. 379 2,805 Astec Industries Inc./(1)/ 159 2,794 Information Resources Inc./(1)/ 304 2,794 Handleman Co./(1)/ 271 2,783 Dura Automotive Systems Inc./(1)/ 145 2,780 Range Resources Corp./(1)/ 535 2,777 Wabash National Corp. 280 2,772 Simmons First National Corp. "A" 85 2,767 Omega Financial Corp. 85 2,766 XM Satellite Radio Holdings Inc. "A"/(1)/ 200 2,754 School Specialty Inc./(1)/ 103 2,752 Artesyn Technologies Inc./(1)/ 295 2,746 SonicWALL Inc./(1)/ 210 2,738 Watts Industries Inc. "A" 163 2,738 U.S. Restaurant Properties Inc. 199 2,736 Standex International Corp. 112 2,735 West Coast Bancorp 181 2,734 Old Second Bancorp Inc. 68 2,732 J&J Snack Foods Corp./(1)/ 73 2,729 Ameron International Corp. 38 2,726 Smith (A.O.) Corp. "B" 107 2,723 ONI Systems Inc./(1)/ 440 2,715 FMC Technologies Inc./(1)/ 136 2,710 Centex Construction Products Inc. 68 2,705 AMERCO/(1)/ 155 2,699 Dover Motorsports Inc. 166 2,696 Insignia Financial Group Inc./(1)/ 235 2,691 DVI Inc./(1)/ 146 2,686 Phoenix Technologies Ltd./(1)/ 196 2,675 Trico Marine Services Inc./(1)/ 305 2,675 Certegy Inc./(1)/ 67 2,660 Sturm Ruger & Co. Inc. 206 2,657 Banner Corp. 121 2,655 Trans World Entertainment Corp./(1)/ 316 2,654 Tootsie Roll Industries Inc. 58 2,653 Investors Real Estate Trust 265 2,650 GBC Bancorp 79 2,643 Kansas City Life Insurance Co. 68 2,638 Peoples Holding Co. 69 2,636 Encore Wire Corp./(1)/ 159 2,633 CT Communications Inc. 176 2,622 Stewart Information Services Corp./(1)/ 131 2,620 Rock-Tenn Co. "A" 122 2,617 Bassett Furniture Industries Inc. 127 2,603 Dreyer's Grand Ice Cream Inc. 63 2,595 Casella Waste Systems Inc. "A"/(1)/ 217 2,587 Polycom Inc./(1)/ 105 2,583 SONICblue Inc./(1)/ 1,025 2,583 Milacron Inc. 177 2,582 Bank of Granite Corp. 112 2,576 Global Payments Inc. 70 2,565 Knight Trading Group Inc./(1)/ 359 2,563 DST Systems Inc./(1)/ 51 2,540 Pilgrim's Pride Corp. "B" 181 2,538 Analogic Corp. 61 2,537 Pericom Semiconductor Corp./(1)/ 179 2,531 MTS Systems Corp. 231 2,529 Port Financial Corp. 80 2,523 Schedules of Investments 81 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- National Western Life Insurance Company "A"/(1)/ 22 $ 2,514 Glatfelter Co. 140 2,512 CPB Inc. 73 2,508 Magnetek Inc./(1)/ 214 2,504 Net.B@nk Inc./(1)/ 148 2,501 Brooks Automation Inc./(1)/ 55 2,499 American Physicians Capital Inc./(1)/ 128 2,496 Sealed Air Corp./(1)/ 53 2,495 UniFirst Corp. 99 2,490 Zenith National Insurance Corp. 85 2,482 Harmonic Inc./(1)/ 212 2,459 Wabtec Corp. 164 2,458 Great Lakes REIT Inc. 145 2,456 CNA Surety Corp. 163 2,453 Glacier Bancorp Inc. 108 2,447 CFS Bancorp Inc. 179 2,443 Farmers Capital Bank Corp. 69 2,432 Farmer Brothers Co. 8 2,424 Quanta Services Inc./(1)/ 140 2,421 HEICO Corp. 154 2,415 Bally Total Fitness Holding Corp./(1)/ 110 2,414 Global Sports Inc./(1)/ 141 2,411 dELiA*s Corp. "A"/(1)/ 378 2,407 First Community Bancshares Inc. 79 2,405 Pope & Talbot Inc. 164 2,404 Getty Images Inc./(1)/ 80 2,397 Pennsylvania Real Estate Investment Trust 94 2,397 infoUSA Inc./(1)/ 314 2,396 IBERIABANK Corp. 69 2,392 Skyline Corp. 77 2,391 Lands' End Inc./(1)/ 53 2,378 Cascade Natural Gas Corp. 112 2,377 Gymboree Corp./(1)/ 161 2,375 Mail-Well Inc./(1)/ 378 2,374 Nuevo Energy Co./(1)/ 159 2,369 Herbalife International Inc. "A" 162 2,367 Garan Inc. 44 2,365 FBL Financial Group Inc. "A" 126 2,362 Stewart & Stevenson Services Inc. 122 2,361 Cirrus Logic Inc./(1)/ 125 2,359 Cambrex Corp. 56 2,358 Midas Inc./(1)/ 165 2,353 Robbins & Myers Inc. 86 2,352 Cole National Corp./(1)/ 123 2,349 Wintrust Financial Corp. 102 2,343 United Fire & Casualty Co. 71 2,339 Allen Telecom Inc./(1)/ 350 2,338 Riggs National Corp. 152 2,333 Imagistics International Inc./(1)/ 146 2,321 Steris Corp./(1)/ 111 2,315 Vesta Insurance Group 385 2,310 Commonwealth Bancorp Inc. 93 2,307 Southern Peru Copper Corp. 178 2,305 Penton Media Inc. 305 2,303 First Indiana Corp. 118 2,295 Valmont Industries Inc. 128 2,291 Saul Centers Inc. 103 2,287 Movie Gallery Inc./(1)/ 133 2,284 Second Bancorp Inc. 94 2,280 Tompkins Trustco Inc. 54 2,279 Central Vermont Public Service Corp. 127 2,268 Robert Mondavi Corp. (The) "A"/(1)/ 63 2,264 Movado Group Inc. 103 2,261 Integrated Device Technology Inc./(1)/ 68 2,260 Lydall Inc./(1)/ 159 2,255 Cash America International Inc. 256 2,253 First Essex Bancorp Inc. 74 2,253 DMC Stratex Networks Inc./(1)/ 414 2,252 Navigant International Inc./(1)/ 155 2,248 Capital City Bank Group Inc. 83 2,241 CIRCOR International Inc. 108 2,241 LSI Industries Inc. 112 2,214 Consolidated Graphics Inc./(1)/ 111 2,209 Frontier Financial Corp. 83 2,208 Sterling Financial Corp. - PA Shares 93 2,200 Brush Engineered Materials Inc. 173 2,197 Heartland Express Inc./(1)/ 110 2,196 Oriental Financial Group Inc. 103 2,192 Oregon Steel Mills Inc./(1)/ 288 2,189 Mid Atlantic Realty Trust 143 2,188 Independent Bank Corp.(MI) 76 2,186 Wackenhut Corp. (The) "A"/(1)/ 66 2,185 Buckeye Technologies Inc./(1)/ 212 2,184 Kadant Inc./(1)/ 152 2,171 East West Bancorp Inc. 74 2,167 Seitel Inc./(1)/ 235 2,150 82 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Vail Resorts Inc./(1)/ 101 $ 2,144 Sequa Corp. "A"/(1)/ 41 2,140 Standard Commercial Corp. 111 2,133 Oneida Ltd. 142 2,130 American West Holdings Corp. "B"/(1)/ 380 2,128 Insurance Auto Auctions Inc./(1)/ 127 2,126 Bank Mutual Corp. 125 2,125 Orbital Sciences Corp./(1)/ 400 2,096 St Francis Capital Corp. 88 2,086 SEMCO Energy Inc. 217 2,083 Owens & Minor Inc. 106 2,082 Electro Rent Corp./(1)/ 151 2,072 Group 1 Automotive Inc./(1)/ 53 2,070 RSA Security Inc./(1)/ 230 2,070 Flushing Financial Corp. 123 2,069 Umpqua Holdings Corp. 138 2,064 Building Materials Holdings Corp./(1)/ 143 2,059 Octel Corp./(1)/ 109 2,055 Peabody Energy Corp. 71 2,055 USB Holding Co. Inc. 121 2,055 Aspect Communications Corp./(1)/ 525 2,053 Nextel Partners Inc. "A"/(1)/ 340 2,047 SCM Microsystems Inc./(1)/ 175 2,046 PennFed Financial Services Inc. 75 2,044 Redwood Trust Inc. 75 2,042 NS Group Inc./(1)/ 223 2,032 Station Casinos Inc./(1)/ 122 2,031 Friedman Billings Ramsey Group Inc. "A"/(1)/ 290 2,030 Mid Atlantic Medical Services Inc./(1)/ 71 2,023 Boykin Lodging Co. 216 2,009 Oxford Industries Inc. 76 2,006 Rent-Way Inc./(1)/ 237 2,003 Sitel Corp./(1)/ 615 1,999 Championship Auto Racing Teams Inc./(1)/ 141 1,990 InFocus Corp./(1)/ 109 1,985 Argosy Gaming Co./(1)/ 54 1,981 Baldwin & Lyons Inc. "B" 79 1,978 LaSalle Hotel Properties 122 1,976 W-H Energy Services Inc./(1)/ 91 1,966 German American Bancorp 117 1,960 Friedman's Inc. 182 1,956 DiamondCluster International Inc. "A"/(1)/ 151 1,951 Fidelity Bankshares Inc. 108 1,944 NCO Group Inc./(1)/ 70 1,943 Flagstar Bancorp Inc. 83 1,932 Resource America Inc. "A" 175 1,930 Columbia Banking System Inc./(1)/ 145 1,928 Sykes Enterprises Inc./(1)/ 199 1,928 Comstock Resources Inc./(1)/ 251 1,918 SPSS Inc./(1)/ 109 1,912 Osmonics Inc./(1)/ 130 1,911 Luby's Inc./(1)/ 280 1,904 Indus International Inc./(1)/ 363 1,895 CUNO Inc./(1)/ 51 1,893 Applica Inc./(1)/ 220 1,892 Financial Institutions Inc. 65 1,892 State Auto Financial Corp. 130 1,892 Chelsea Property Group Inc. 35 1,891 Corporate Office Properties Trust 144 1,886 Pinnacle Entertainment Inc./(1)/ 234 1,886 Integrated Electrical Services Inc./(1)/ 375 1,875 Microtune Inc./(1)/ 130 1,868 Pomeroy Computer Resources/(1)/ 123 1,867 Vitesse Semiconductor Corp./(1)/ 190 1,862 Lakeland Bancorp Inc. 105 1,854 O'Charley's Inc./(1)/ 86 1,853 Associated Estates Realty Corp. 181 1,852 Brady Corp. "A" 51 1,851 Sipex Corp./(1)/ 166 1,843 Spectrian Corp./(1)/ 128 1,833 Aviall Inc./(1)/ 202 1,824 Gorman-Rupp Co. (The) 68 1,819 Sterling Bancorp - NY Shares 57 1,818 Atlas Air Worldwide Holdings Inc./(1)/ 138 1,817 First Niagara Financial Group Inc. 104 1,814 WSFS Financial Corp. 100 1,812 Sanderson Farms Inc. 67 1,809 Supertex Inc./(1)/ 85 1,807 Northwest Bancorp Inc. 152 1,801 Seaboard Corp. 6 1,800 Bell Microproducts Inc./(1)/ 173 1,799 Butler Manufacturing Co. 67 1,799 Coastal Bancorp Inc. 52 1,799 Quaker Chemical Corp. 77 1,798 SJW Corp. 22 1,786 ITXC Corp./(1)/ 295 1,785 Credit Acceptance Corp./(1)/ 165 1,782 Schedules of Investments 83 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- Lufkin Industries Inc. 66 $ 1,782 Wilson Greatbatch Technologies Inc./(1)/ 69 1,774 Swift Energy Co./(1)/ 90 1,773 Stepan Co. 66 1,772 Westport Resources Corp./(1)/ 90 1,769 World Wrestling Federation Entertainment Inc./(1)/ 121 1,767 Irwin Financial Corp. 94 1,759 Littelfuse Inc./(1)/ 71 1,759 Stamps.com Inc./(1)/ 393 1,757 Nu Horizons Electronics Corp./(1)/ 177 1,743 Quaker Fabric Corp./(1)/ 156 1,743 Capstead Mortgage Corp. 90 1,741 Community Banks Inc. 63 1,741 Roper Industries Inc. 35 1,741 Crown Media Holdings Inc./(1)/ 140 1,736 Zebra Technologies Corp. "A"/(1)/ 32 1,731 Crown American Realty Trust 176 1,714 Penn Engineering & Manufacturing Corp. 91 1,709 Seacoast Banking Corp. of Florida 36 1,703 Gray Communications Systems Inc. 106 1,698 Santander BanCorp 86 1,697 Alamosa Holdings Inc./(1)/ 337 1,695 NL Industries Inc. 102 1,693 North Pittsburgh Systems Inc. 121 1,693 Choice Hotels International Inc./(1)/ 70 1,689 Winston Hotels Inc. 179 1,683 Acadia Realty Trust 241 1,675 Avatar Holdings/(1)/ 62 1,674 BKF Capital Group Inc./(1)/ 56 1,672 Salton Inc./(1)/ 84 1,667 Buckle Inc. (The)/(1)/ 68 1,666 First Bancorp North Carolina 73 1,666 Newfield Exploration Co./(1)/ 45 1,665 Midland Co. (The) 39 1,661 Three-Five Systems Inc./(1)/ 112 1,660 CSS Industries Inc./(1)/ 51 1,658 Lithia Motors Inc. "A"/(1)/ 67 1,655 PICO Holdings Inc./(1)/ 111 1,654 Foamex International Inc./(1)/ 169 1,648 Roanoke Electric Steel Corp. 123 1,648 Footstar Inc./(1)/ 54 1,646 Stoneridge Inc./(1)/ 166 1,635 MCSi Inc./(1)/ 137 1,632 Dionex Corp./(1)/ 67 1,630 Spartan Stores Inc./(1)/ 216 1,624 Young Broadcasting Inc. "A"/(1)/ 65 1,624 Kforce Inc./(1)/ 315 1,622 Inktomi Corp./(1)/ 470 1,621 Ixia/(1)/ 190 1,615 Borland Software Corp./(1)/ 124 1,613 Zomax Inc./(1)/ 219 1,599 Volt Information Sciences Inc./(1)/ 85 1,585 Arrow Financial Corp. 55 1,584 Ivex Packaging Corp./(1)/ 69 1,581 United Auto Group Inc./(1)/ 70 1,578 ResortQuest International Inc./(1)/ 215 1,570 Watson Wyatt & Co. Holdings/(1)/ 57 1,559 American Medical Systems Holdings Inc./(1)/ 69 1,553 Quaker City Bancorp Inc./(1)/ 49 1,552 Sepracor Inc./(1)/ 80 1,552 Gerber Scientific Inc./(1)/ 211 1,551 American Italian Pasta Co. "A"/(1)/ 34 1,544 Armstrong Holdings Inc./(1)/ 495 1,544 SoundView Technology Group Inc./(1)/ 681 1,539 Cerner Corp./(1)/ 32 1,527 BancFirst Corp. 39 1,525 Maxim Pharmaceuticals Inc./(1)/ 286 1,522 Woodhead Industries Inc. 85 1,513 Hydril Co./(1)/ 62 1,511 PC-Tel Inc./(1)/ 174 1,505 Answerthink Inc./(1)/ 230 1,497 Proton Energy Systems Inc./(1)/ 230 1,495 Medford Bancorp Inc. 59 1,489 Akamai Technologies Inc./(1)/ 370 1,480 Gibraltar Steel Corp. 68 1,480 Wild Oats Markets Inc./(1)/ 175 1,479 Technitrol Inc. 62 1,478 Lawson Products Inc. 51 1,470 First Consulting Group Inc./(1)/ 147 1,466 PriceSmart Inc./(1)/ 40 1,458 Fisher Communications Inc. 32 1,456 Riviana Foods Inc. 68 1,455 Playboy Enterprises Inc. "B"/(1)/ 85 1,452 Hain Celestial Group Inc./(1)/ 65 1,446 SCPIE Holdings Inc. 85 1,443 Maxwell Technologies Inc./(1)/ 155 1,441 84 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- AMCOL International Corp. 238 $ 1,440 Interland Inc./(1)/ 562 1,439 Zoll Medical Corp./(1)/ 37 1,421 U.S. Concrete Inc./(1)/ 216 1,415 Sauer-Danfoss Inc. 137 1,412 NBC Capital Corp. 47 1,408 New Century Financial Corp. 62 1,407 Wyndham International Inc. "A"/(1)/ 1,555 1,400 Olin Corp. 74 1,391 Instinet Group Inc./(1)/ 213 1,387 Bush Industries Inc. "A" 108 1,377 Electroglas Inc./(1)/ 81 1,369 Tanger Factory Outlet Centers Inc. 51 1,366 Encompass Services Corp./(1)/ 770 1,363 Mission West Properties Inc. 104 1,362 Encore Acquisition Co./(1)/ 92 1,357 Keynote Systems Inc./(1)/ 140 1,357 MRO Software Inc./(1)/ 109 1,356 Prosperity Bancshares Inc. 41 1,335 CVB Financial Corp. 66 1,331 Mississippi Valley Bancshares Inc. 33 1,327 Smart & Final Inc./(1)/ 128 1,324 IDX Systems Corp./(1)/ 75 1,317 Golden Telecom Inc./(1)/ 85 1,316 Deb Shops Inc. 49 1,313 Internet Capital Group Inc./(1)/ 2,045 1,309 Alpharma Inc. "A" 91 1,301 K2 Inc./(1)/ 199 1,297 Tropical Sportswear International Corp./(1)/ 54 1,296 Steinway Musical Instruments Inc./(1)/ 67 1,290 Park National Corp. 13 1,284 Audiovox Corp. "A"/(1)/ 177 1,271 Ladish Co. Inc./(1)/ 114 1,271 Keystone Property Trust 90 1,269 National Presto Industries Inc. 44 1,265 Terra Industries Inc./(1)/ 483 1,261 TIBCO Software Inc./(1)/ 107 1,258 Exar Corp./(1)/ 61 1,253 DoubleClick Inc./(1)/ 104 1,247 Intertrust Technologies Corp./(1)/ 982 1,237 Great American Financial Resources Inc. 68 1,227 Boron, LePore & Associates Inc./(1)/ 101 1,224 Affiliated Managers Group Inc./(1)/ 17 1,221 NRG Energy Inc./(1)/ 101 1,218 Titanium Metals Corp./(1)/ 225 1,215 International Specialty Products Inc./(1)/ 126 1,207 Ingles Markets Inc. "A" 103 1,205 National Service Industries Inc. 115 1,201 R&G Financial Corp. "B" 60 1,196 Ditech Communications Corp./(1)/ 267 1,193 Covenant Transport Inc. "A"/(1)/ 81 1,187 AsiaInfo Holdings Inc./(1)/ 89 1,171 Stanley Furniture Co. Inc./(1)/ 36 1,164 Magna Entertainment Corp. "A"/(1)/ 143 1,158 SBS Technologies Inc./(1)/ 90 1,150 Acterna Corp./(1)/ 765 1,147 SonoSite Inc./(1)/ 59 1,145 BE Aerospace Inc./(1)/ 115 1,142 Triarc Companies Inc./(1)/ 41 1,140 CTS Corp. 70 1,137 Wilsons The Leather Experts Inc./(1)/ 95 1,136 Websense Inc./(1)/ 45 1,132 Consolidated Freightways Corp./(1)/ 215 1,127 Capstone Turbine Corp./(1)/ 345 1,125 Acclaim Entertainment Inc./(1)/ 247 1,121 Men's Wearhouse Inc. (The)/(1)/ 48 1,121 Amtran Inc./(1)/ 80 1,120 Provident Bancorp Inc. 42 1,113 LodgeNet Entertainment Corp./(1)/ 65 1,111 WMS Industries Inc./(1)/ 58 1,102 Del Monte Foods Co./(1)/ 112 1,090 Net2Phone Inc./(1)/ 214 1,087 WebEx Communications Inc./(1)/ 66 1,086 Fred's Inc. 30 1,080 Photronics Inc./(1)/ 32 1,079 Aurora Foods Inc./(1)/ 256 1,073 QRS Corp./(1)/ 90 1,062 TransMontaigne Inc./(1)/ 204 1,061 Hexcel Corp./(1)/ 265 1,060 Actel Corp./(1)/ 51 1,056 McLeodUSA Inc. "A"/(1)/ 5,865 1,056 Standard Motor Products Inc. 72 1,051 Active Power Inc./(1)/ 200 1,050 Heidrick & Struggles International Inc./(1)/ 50 1,040 Infonet Services Corp. "B" ADR/(1)/ 465 1,028 Oak Technology Inc./(1)/ 68 1,012 Fedders Corp./(1)/ 337 1,010 Republic Bancorp Inc. "A" 95 1,002 Schedules of Investments 85 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (Continued) - ------------------------------------------------------------------ Avant! Corp./(1)/ 50 $ 1,001 Anaren Microwave Inc./(1)/ 68 988 Papa John's International Inc./(1)/ 35 976 Airtran Holdings Inc./(1)/ 161 974 Stein Mart Inc./(1)/ 97 971 Urban Outfitters Inc./(1)/ 41 957 Alaska Communications Systems Group Inc./(1)/ 127 952 hi/fn Inc./(1)/ 80 944 Guess ? Inc./(1)/ 119 926 Intermagnetics General Corp./(1)/ 34 926 RailAmerica Inc./(1)/ 88 926 Value City Department Stores Inc./(1)/ 218 916 Artisan Components Inc./(1)/ 55 913 OTG Software Inc./(1)/ 105 906 National Beverage Corp./(1)/ 68 904 Alico Inc. 31 903 CPI Corp. 54 888 Republic Bancshares Inc./(1)/ 51 873 US Unwired Inc. "A"/(1)/ 158 872 IGEN International Inc./(1)/ 23 871 Castle (A.M.) & Co. 80 867 Liqui-Box Corp. 13 866 Regent Communications Inc./(1)/ 105 865 Gartner Inc. "A"/(1)/ 67 864 Intergraph Corp./(1)/ 49 863 NYMAGIC Inc. 45 855 NMS Communications Corp./(1)/ 200 852 NetRatings Inc./(1)/ 70 848 Churchill Downs Inc. 23 845 Numerical Technologies Inc./(1)/ 62 838 Mesaba Holdings Inc./(1)/ 94 836 Selectica Inc./(1)/ 216 834 Value Line Inc. 17 833 Meritage Corp./(1)/ 13 831 Exelixis Inc./(1)/ 60 827 Agile Software Corp./(1)/ 68 823 Asyst Technologies Inc./(1)/ 45 819 Mesa Air Group Inc./(1)/ 73 818 Roxio Inc./(1)/ 36 817 PRI Automation Inc./(1)/ 35 816 ZixIt Corp./(1)/ 125 815 Charles River Laboratories International Inc./(1)/ 26 806 MasTec Inc./(1)/ 100 805 Allscripts Healthcare Solutions Inc./(1)/ 126 794 Newpark Resources Inc./(1)/ 102 791 Mestek Inc./(1)/ 35 782 Crossroads Systems Inc./(1)/ 220 781 Callon Petroleum Co./(1)/ 100 780 WatchGuard Technologies Inc./(1)/ 124 776 Witness Systems Inc./(1)/ 55 774 Rayovac Corp./(1)/ 50 773 EEX Corp./(1)/ 375 772 Speedway Motorsports Inc./(1)/ 27 770 Valhi Inc. 68 765 Royal Bancshares of Pennsylvania "A" 38 760 Wackenhut Corrections Corp./(1)/ 50 750 Xanser Corp./(1)/ 280 750 Wolverine Tube Inc./(1)/ 86 748 DRS Technologies Inc./(1)/ 18 747 Ambassadors International Inc./(1)/ 87 744 Talbots Inc. (The) 21 743 Texas Regional Bancshares Inc. "A" 17 742 Energy Partners Ltd./(1)/ 92 737 Trikon Technologies Inc./(1)/ 50 734 Allegiance Telecom Inc./(1)/ 240 720 Perini Corp./(1)/ 125 719 Chiles Offshore Inc./(1)/ 31 713 TiVo Inc./(1)/ 134 710 NTELOS Inc./(1)/ 170 697 Turnstone Systems Inc./(1)/ 144 693 Oil States International Inc./(1)/ 63 680 7-Eleven Inc./(1)/ 61 680 Arden Group Inc. "A"/(1)/ 10 670 UbiquiTel Inc./(1)/ 273 669 Key3Media Group Inc./(1)/ 145 666 Magnum Hunter Resources Inc./(1)/ 85 664 Pegasus Communications Corp./(1)/ 220 664 McMoRan Exploration Co./(1)/ 200 660 Cohu Inc. 23 655 Prime Group Realty Trust 85 651 UnitedGlobalCom Inc. "A"/(1)/ 120 649 Troy Financial Corp. 24 642 OSCA Inc./(1)/ 23 641 Tennant Co. 15 629 86 2002 iShares Annual Report to Shareholders iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (Continued) - ------------------------------------------------------------------- I-many Inc./(1)/ 126 $ 625 Remington Oil & Gas Corp./(1)/ 31 625 VA Systems Inc./(1)/ 367 624 Infogrames Inc./(1)/ 100 619 Cooper Companies Inc. 13 616 Datascope Corp. 21 616 KCS Energy Inc./(1)/ 197 615 PLX Technology Inc./(1)/ 50 610 Inrange Technologies Corp./(1)/ 75 606 Centennial Bancorp 74 591 Proxim Corp. "A"/(1)/ 244 585 Kendle International Inc./(1)/ 31 576 SLI Inc. 225 574 Federal-Mogul Corp./(1)/ 705 571 Global Imaging Systems Inc./(1)/ 31 570 Metromedia Fiber Network Inc. "A"/(1)/ 5,705 570 Hickory Tech Corp. 35 569 Priceline.com Inc./(1)/ 108 565 WestPoint Stevens Inc. 254 561 Embarcadero Technologies Inc./(1)/ 40 546 Bethlehem Steel Corp./(1)/ 1,205 542 Kana Software Inc./(1)/ 30 540 Internap Network Services Corp./(1)/ 700 539 Citizens Inc./(1)/ 50 537 CorVel Corp./(1)/ 18 537 Celeritek Inc./(1)/ 52 536 CommScope Inc./(1)/ 30 522 Western Gas Resources Inc. 14 521 Walter Industries Inc. 39 514 EDEN Bioscience Corp./(1)/ 213 511 Newmark Homes Corp./(1)/ 30 511 NATCO Group Inc. "A"/(1)/ 63 510 Tremont Corp. 18 504 Burnham Pacific Properties Inc. 294 497 Catalytica Energy Systems Inc./(1)/ 145 489 Peco II Inc./(1)/ 98 488 Recoton Corp./(1)/ 109 488 RCN Corp./(1)/ 344 485 Brightpoint Inc./(1)/ 523 476 Revlon Inc. "A"/(1)/ 72 467 AmeriPath Inc./(1)/ 17 456 On Command Corp./(1)/ 100 455 Medallion Financial Corp. 58 451 BMC Industries Inc. 265 437 Sunrise Telecom Inc./(1)/ 139 431 General Communication Inc. "A"/(1)/ 49 426 Richardson Electronics Ltd. 35 425 Boston Beer Co Inc. "A"/(1)/ 28 423 United Natural Foods Inc./(1)/ 17 423 City Bank 17 421 ANADIGICS Inc./(1)/ 34 420 Lindsay Manufacturing Co. 17 414 Millennium Cell Inc./(1)/ 103 409 Sorrento Networks Corp./(1)/ 155 397 Liberty Livewire Corp. "A"/(1)/ 68 393 InterMune Inc./(1)/ 13 391 Synplicity Inc./(1)/ 50 390 Wireless Facilities Inc./(1)/ 65 390 CompX International Inc. 31 386 Lexicon Genetics Inc./(1)/ 40 378 Tetra Technologies Inc./(1)/ 13 378 Maui Land & Pineapple Co. Inc./(1)/ 18 369 SureBeam Corporation "A"/(1)/ 66 366 Ocular Sciences Inc./(1)/ 13 364 ValueVision International Inc. "A"/(1)/ 17 353 Dobson Communications Corp. "A"/(1)/ 111 350 Quiksilver Inc./(1)/ 16 350 Register.com/(1)/ 39 350 CCBT Financial Companies Inc. 13 348 Nature's Sunshine Products Inc. 31 348 Genuity Inc./(1)/ 395 344 Antigenics Inc./(1)/ 24 336 Holly Corp. 18 334 SpectraSite Holdings Inc./(1)/ 300 321 Comdisco Inc./(1)/ 960 317 Cato Corp. "A" 14 312 Global Power Equipment Group Inc./(1)/ 25 312 Pharmacyclics Inc./(1)/ 40 312 Specialty Laboratories Inc./(1)/ 13 311 Divine Inc. "A"/(1)/ 618 309 Conestoga Enterprises Inc. 10 303 LightPath Technologies Inc. "A"/(1)/ 195 302 AT&T Latin America Corp./(1)/ 200 300 WJ Communications Inc./(1)/ 90 293 Caminus Corp./(1)/ 13 292 Fairchild Corp. (The) "A"/(1)/ 115 290 NTL Inc./(1)/ 1,910 287 Schedules of Investments 87 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------- American Management Systems Inc./(1)/ 15 $ 280 H Power Corp./(1)/ 110 280 Student Loan Corp. 3 275 C&D Technologies Inc. 13 273 SupportSoft Inc./(1)/ 90 272 America Online Latin America Inc. "A"/(1)/ 120 270 Equity One Inc. 20 269 Boston Communications Group Inc./(1)/ 31 267 Cygnus Inc./(1)/ 68 266 Berry Petroleum Co. "A" 17 263 Gulf Island Fabrication Inc./(1)/ 17 255 Lexar Media Inc./(1)/ 90 243 CoSine Communications Inc./(1)/ 200 230 Loudcloud Inc./(1)/ 100 229 Midway Games Inc./(1)/ 17 229 Universal Access Global Holdings Inc./(1)/ 150 227 iBasis Inc./(1)/ 260 221 Tuesday Morning Corp./(1)/ 10 204 Metromedia International Group Inc./(1)/ 655 203 Southwestern Energy Co./(1)/ 16 201 VerticalNet Inc./(1)/ 281 197 EXE Technologies Inc./(1)/ 90 193 Copper Mountain Networks Inc./(1)/ 200 190 Merix Corp./(1)/ 10 187 SignalSoft Corp./(1)/ 108 187 Simpson Manufacturing Co. Inc./(1)/ 3 183 Spiegel Inc. "A" 126 173 FileNET Corp./(1)/ 10 171 Middlesex Water Co. 7 163 Great Southern Bancorp Inc. 5 159 Covanta Energy Corp./(1)/ 218 157 Covansys Corp./(1)/ 18 135 NewPower Holdings Inc./(1)/ 360 133 Oglebay Norton Co. 13 131 American Realty Investors Inc./(1)/ 18 127 National Golf Properties Inc. 17 126 Kaiser Aluminum Corp./(1)/ 340 122 New Horizons Worldwide Inc./(1)/ 10 120 Pumatech Inc./(1)/ 90 120 Choice One Communications Inc./(1)/ 67 109 Peregrine Pharmaceuticals Inc./(1)/ 50 109 Pemstar Inc./(1)/ 10 96 CoStar Group Inc./(1)/ 4 91 Centennial Communications Corp. "A"/(1)/ 17 61 Uniroyal Technology Corp./(1)/ 105 53 NEON Communications Inc./(1)/ 90 42 Engage Inc./(1)/ 150 37 Tellium Inc./(1)/ 13 30 Adelphia Business Solutions Inc./(1)/ 563 23 - --------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $61,616,593) 66,604,892 - --------------------------------------------------------------- SHORT TERM INSTRUMENTS - 2.22% - --------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 875,682 875,682 Dreyfus Money Market Fund 256,999 256,999 Goldman Sachs Financial Square Prime Obligation Fund 80,131 80,131 Providian Temp Cash Money Market Fund 267,279 267,279 - --------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $1,480,091) 1,480,091 - --------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 102.06% (Cost $63,096,684) 68,084,983 - --------------------------------------------------------------- Other Assets, Less Liabilities -- (2.06%) (1,373,049) - --------------------------------------------------------------- NET ASSETS -- 100.00% $66,711,934 =============================================================== /(1)/ Non-income earning securities. See notes to financial statements. 88 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS - 99.83% - ---------------------------------------------------------------------- Dean Foods Co./(1)/ 126,587 $ 9,585,168 Ball Corp. 165,868 7,832,287 Owens-Illinois Inc./(1)/ 426,509 7,250,653 Michaels Stores Inc./(1)/ 191,285 7,230,573 New York Community Bancorp Inc. 235,868 6,521,750 Alliant Techsystems Inc./(1)/ 62,993 6,424,656 Furniture Brands International Inc./(1)/ 157,834 5,753,049 NVR Inc./(1)/ 17,885 5,642,718 Pier 1 Imports Inc. 272,070 5,601,921 ArvinMeritor Inc. 194,268 5,546,351 Edwards (J.D.) & Co./(1)/ 301,905 5,446,366 KB HOME 119,301 5,177,663 Colonial BancGroup Inc. (The) 336,166 5,015,597 Pennzoil-Quaker State Co. 232,331 4,988,147 Dial Corp. (The) 276,441 4,981,467 Greater Bay Bancorp 145,760 4,973,331 IKON Office Solutions Inc. 416,850 4,885,482 Edwards Lifesciences Corp./(1)/ 173,098 4,838,089 BorgWarner Inc. 76,837 4,834,584 Career Education Corp./(1)/ 121,936 4,828,666 Independence Community Bank Corp. 171,298 4,818,613 United Dominion Realty Trust Inc. 302,718 4,795,053 StanCorp Financial Group Inc. 86,549 4,760,195 Lee Enterprises Inc. 128,647 4,747,074 Renal Care Group Inc./(1)/ 143,332 4,701,290 BancorpSouth Inc. 237,081 4,675,237 IMC Global Inc. 315,711 4,656,737 Affiliated Managers Group Inc./(1)/ 64,693 4,646,898 Harman International Industries Inc. 94,160 4,646,796 RPM Inc. 298,514 4,641,893 CBRL Group Inc. 161,968 4,611,229 Donaldson Co. Inc. 113,806 4,576,139 GlobeSpanVirata Inc./(1)/ 306,665 4,575,442 Harsco Corp. 116,718 4,568,343 Ryder System Inc. 154,625 4,567,623 TriQuint Semiconductor Inc./(1)/ 379,547 4,558,359 Hawaiian Electric Industries Inc. 103,388 4,550,106 AmerUs Group Co. 117,214 4,506,878 Sierra Pacific Resources 297,499 4,489,260 Coventry Health Care Inc./(1)/ 171,041 4,447,066 Cymer Inc./(1)/ 89,517 4,445,414 Fisher Scientific International Inc./(1)/ 157,757 4,432,972 Scholastic Corp./(1)/ 81,604 4,422,121 AGCO Corp./(1)/ 193,040 4,405,173 Dillards Inc. "A" 183,410 4,376,163 Ruby Tuesday Inc. 187,924 4,369,233 Weingarten Realty Investors 84,739 4,355,585 Accredo Health Inc./(1)/ 76,049 4,355,326 IndyMac Bancorp Inc./(1)/ 175,450 4,333,615 BRE Properties Inc. "A" 133,248 4,331,892 Highwoods Properties Inc. 154,070 4,327,826 Varian Semiconductor Equipment Associates Inc./(1)/ 95,598 4,301,910 Roper Industries Inc. 86,229 4,289,030 Polaris Industries Inc. 67,111 4,274,971 Citizens Banking Corp. 131,351 4,264,967 Rayonier Inc. 79,818 4,252,703 First American Corp. 199,032 4,235,401 LifePoint Hospitals Inc./(1)/ 114,428 4,229,259 Hudson United Bancorp 132,241 4,206,586 Zebra Technologies Corp. "A"/(1)/ 77,205 4,176,018 Performance Food Group Co./(1)/ 127,539 4,165,424 Flowserve Corp./(1)/ 129,658 4,150,353 Adaptec Inc./(1)/ 308,862 4,129,485 First Midwest Bancorp Inc. 141,693 4,114,765 Brown & Brown Inc. 130,588 4,100,463 Cheesecake Factory (The)/(1)/ 110,814 4,089,037 Camden Property Trust 104,465 4,086,671 Peoples Energy Corp. 103,388 4,071,419 Crompton Corp. 329,416 4,068,288 York International Corp. 113,317 4,068,080 Novell Inc./(1)/ 1,036,935 4,033,677 Westamerica Bancorp 93,926 4,015,337 Steris Corp./(1)/ 191,400 3,992,604 Andrew Corp./(1)/ 238,263 3,986,140 Cooper Tire & Rubber Co. 183,576 3,974,420 Pittston Brink's Group 158,186 3,970,469 RGS Energy Group Inc. 101,024 3,965,192 Annaly Mortgage Management Inc. 232,698 3,951,212 Mid Atlantic Medical Services Inc./(1)/ 138,173 3,937,931 Zale Corp./(1)/ 96,923 3,935,074 PETsMART Inc./(1)/ 288,421 3,910,989 Corporate Executive Board Co. (The)/(1)/ 103,831 3,894,805 Philadelphia Suburban Corp. 165,689 3,893,692 Schedules of Investments 89 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- First Industrial Realty Trust Inc. 113,518 $ 3,887,991 La-Z-Boy Inc. 141,086 3,872,811 LTX Corp./(1)/ 141,973 3,860,246 Carlisle Companies Inc. 88,286 3,859,864 Whitney Holding Corp. 77,182 3,848,295 Scios Inc./(1)/ 132,628 3,836,928 GTECH Holdings Corp./(1)/ 78,537 3,828,679 Raymond James Financial Inc. 111,482 3,816,029 Dole Food Co. 122,809 3,807,079 AGL Resources Inc. 161,978 3,806,483 WGL Holdings Inc. 141,586 3,803,000 Charles River Laboratories International Inc./(1)/ 122,470 3,796,570 Transkaryotic Therapies Inc./(1)/ 87,546 3,768,855 Global Payments Inc. 102,552 3,758,531 CEC Entertainment Inc./(1)/ 81,033 3,743,725 Credence Systems Corp./(1)/ 169,457 3,721,276 Swift Transportation Co. Inc./(1)/ 169,438 3,714,081 United Bancshares Inc. 125,670 3,711,035 Graco Inc. 90,828 3,710,324 Titan Corp. (The)/(1)/ 179,103 3,698,477 Doral Financial Corp. 108,717 3,690,942 Healthcare Realty Trust Inc. 121,201 3,679,662 Kennametal Inc. 90,583 3,662,271 Commercial Federal Corp. 135,131 3,635,024 Perot Systems Corp. "A"/(1)/ 181,891 3,628,725 THQ Inc./(1)/ 73,772 3,622,205 Silicon Valley Bancshares/(1)/ 119,428 3,612,697 Post Properties Inc. 107,345 3,606,792 Thomas & Betts Corp. 169,490 3,586,408 CenterPoint Properties Corp. 66,268 3,581,785 AMETEK Inc. 95,831 3,565,872 FNB Corp. 121,582 3,562,353 WPS Resources Corp. 90,008 3,549,916 W.R. Berkley Corp. 61,670 3,544,792 United Stationers Inc./(1)/ 93,030 3,544,443 Applebee's International Inc. 97,445 3,537,253 Covance Inc./(1)/ 173,761 3,523,873 Cytec Industries Inc./(1)/ 115,742 3,520,872 Macromedia Inc./(1)/ 171,618 3,504,440 PNM Resources Inc. 114,099 3,498,275 Ryland Group Inc. 38,685 3,489,387 Avocent Corp./(1)/ 130,070 3,484,575 DQE Inc. 162,972 3,472,933 Varian Inc./(1)/ 91,388 3,467,261 Wiley (John) & Sons Inc. "A" 132,189 3,463,352 Western Digital Corp./(1)/ 552,347 3,441,122 NDCHealth Corp. 94,437 3,436,562 Tupperware Corp. 150,806 3,430,837 Developers Diversified Realty Corp. 163,162 3,426,402 O'Reilly Automotive Inc./(1)/ 108,003 3,409,655 Fair Isaac and Co. Inc. 53,751 3,407,276 HRPT Properties Trust 375,557 3,380,013 American Greetings Corp. "A" 185,862 3,373,395 Airgas Inc./(1)/ 167,439 3,365,524 Park National Corp. 33,806 3,338,343 Techne Corp./(1)/ 121,011 3,336,273 Timken Co. (The) 144,333 3,332,649 Corn Products International Inc. 103,086 3,319,369 Idex Corp. 89,634 3,316,458 AptarGroup Inc. 94,550 3,313,977 Chico's FAS Inc./(1)/ 98,147 3,307,537 Direct Focus Inc./(1)/ 86,611 3,295,530 Toll Brothers Inc./(1)/ 65,985 3,289,352 Louisiana-Pacific Corp. 304,943 3,275,088 Alexander & Baldwin Inc. 118,406 3,269,190 Staten Island Bancorp Inc. 165,465 3,256,351 Washington Real Estate Investment Trust 113,056 3,250,360 ONEOK Inc. 155,575 3,243,739 Neurocrine Biosciences Inc./(1)/ 79,511 3,227,351 Jack in the Box Inc./(1)/ 108,482 3,216,491 Shurgard Storage Centers Inc. "A" 94,817 3,214,296 Copart Inc./(1)/ 178,898 3,209,430 Linens 'N Things Inc./(1)/ 104,990 3,205,345 Alfa Corp. 114,414 3,192,151 Piedmont Natural Gas Co. 89,526 3,187,126 Realty Income Corp. 95,913 3,184,312 Jeffries Group Inc. 66,059 3,184,044 Sensient Technologies Corp. 138,056 3,178,049 Chesapeake Energy Corp./(1)/ 409,226 3,167,409 Church & Dwight Co. Inc. 106,732 3,144,325 Trinity Industries Inc. 128,626 3,126,898 Key Energy Services Inc./(1)/ 291,631 3,126,284 Federal Signal Corp. 131,739 3,124,849 Crown Cork & Seal Co. Inc./(1)/ 347,434 3,109,534 Activision Inc./(1)/ 104,038 3,103,454 AnnTaylor Stores Corp./(1)/ 71,682 3,098,096 Ohio Casualty Corp./(1)/ 163,465 3,096,027 Regis Corp. 107,969 3,031,770 Universal Corp. 76,939 3,028,319 Worthington Industries Inc. 196,814 3,023,063 99 Cents Only Stores/(1)/ 78,828 3,022,266 90 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- ITT Educational Services Inc./(1)/ 67,060 $ 3,017,700 Mueller Industries Inc./(1)/ 85,758 3,000,672 Lancaster Colony Corp. 80,961 2,998,795 Minerals Technologies Inc. 57,148 2,998,556 Kulicke & Soffa Industries Inc./(1)/ 143,347 2,983,051 Getty Images Inc./(1)/ 99,531 2,981,949 Forest City Enterprises Inc. "A" 78,259 2,973,842 Veeco Instruments Inc./(1)/ 83,905 2,936,675 Province Healthcare Co./(1)/ 92,321 2,933,038 Stericycle Inc./(1)/ 46,844 2,930,608 Gartner Inc. "A"/(1)/ 227,164 2,930,416 Electro Scientific Industries Inc./(1)/ 79,767 2,923,461 Ascential Software Corp./(1)/ 756,481 2,912,452 Apria Healthcare Group Inc./(1)/ 118,757 2,910,734 Briggs & Stratton Corp. 63,108 2,902,968 Cleco Corp. 121,213 2,896,991 Respironics Inc./(1)/ 89,282 2,892,737 Education Management Corp./(1)/ 68,363 2,882,868 Elantec Semiconductor Inc./(1)/ 67,393 2,882,399 Arbitron Inc./(1)/ 85,220 2,880,436 Plexus Corp./(1)/ 121,947 2,877,949 Electronics For Imaging Inc./(1)/ 156,853 2,870,410 Bob Evans Farms Inc. 101,296 2,858,573 American Capital Strategies Ltd. 92,275 2,856,834 Black Box Corp./(1)/ 58,902 2,852,035 Documentum Inc./(1)/ 111,711 2,843,045 Coherent Inc./(1)/ 83,643 2,835,498 Atmos Energy Corp. 119,808 2,827,469 Susquehanna Bancshares Inc. 114,806 2,810,451 Manitowoc Co. Inc. (The) 70,812 2,797,074 Atlantic Coast Airlines Holdings Inc./(1)/ 116,570 2,795,349 Commerce Group Inc. 72,117 2,790,928 Nationwide Health Properties Inc. 138,050 2,781,708 Potlatch Corp. 82,474 2,778,549 Oshkosh Truck Corp. 48,748 2,773,761 Cambrex Corp. 65,391 2,752,961 Macerich Co. (The) 91,301 2,752,725 PolyOne Corp. 225,537 2,751,551 S1 Corp./(1)/ 178,069 2,749,385 Kansas City Southern Industries Inc. 172,321 2,746,797 Circuit City Stores Inc. - CarMax Group/(1)/ 105,860 2,737,540 USFreightways Corp. 77,105 2,732,601 Fleming Companies Inc. 121,825 2,728,880 Cousins Properties Inc. 104,538 2,723,215 Cognex Corp./(1)/ 93,701 2,722,951 Millennium Chemicals Inc. 184,756 2,721,456 Kronos Inc./(1)/ 57,859 2,718,216 Community First Bankshares Inc. 104,465 2,701,465 Federal Realty Investment Trust 105,086 2,697,558 Diagnostic Products Corp. 62,394 2,695,421 Too Inc./(1)/ 91,394 2,695,209 Prentiss Properties Trust 91,150 2,690,748 Waste Connections Inc./(1)/ 80,029 2,681,772 La Quinta Corp./(1)/ 375,041 2,681,543 TrustCo Bank Corp. NY 207,585 2,679,922 Hughes Supply Inc. 68,735 2,677,916 Horace Mann Educators Corp. 118,872 2,675,809 Superior Industries International Inc. 54,789 2,672,607 Health Care REIT Inc. 95,369 2,662,702 Keane Inc./(1)/ 156,134 2,662,085 Brooks Automation Inc./(1)/ 58,503 2,658,376 MSC Industrial Direct Co. Inc. "A"/(1)/ 115,922 2,654,614 Tom Brown Inc./(1)/ 97,104 2,650,939 Downey Financial Corp. 57,908 2,640,605 NPS Pharmaceuticals Inc./(1)/ 80,750 2,634,873 IDEXX Laboratories Inc./(1)/ 98,116 2,633,433 InterMune Inc./(1)/ 87,531 2,632,057 Lincoln Electric Holding Inc. 91,880 2,625,012 Donnelley (R.H.) Corp./(1)/ 86,198 2,623,005 CommScope Inc./(1)/ 150,161 2,612,801 Reckson Associates Realty Corp. 105,903 2,611,568 Insight Enterprises Inc./(1)/ 114,994 2,603,464 Photronics Inc./(1)/ 77,038 2,598,492 NetIQ Corp./(1)/ 118,879 2,592,751 Hyperion Solutions Corp./(1)/ 95,830 2,588,368 Alaska Air Group Inc./(1)/ 77,430 2,577,645 Banta Corp. 72,143 2,576,227 Hilb Rogal & Hamilton Co. 82,482 2,573,438 Chittenden Corp. 88,217 2,571,526 SL Green Realty Corp. 76,258 2,562,269 Intergraph Corp./(1)/ 145,172 2,556,479 Imation Corp./(1)/ 96,323 2,555,449 VISX Inc./(1)/ 143,429 2,532,956 Blyth Inc. 95,387 2,529,663 Southwest Bancorp of Texas Inc./(1)/ 75,753 2,525,605 IDT Corp./(1)/ 124,685 2,517,390 Texas Industries Inc. 61,040 2,514,848 ATMI Inc./(1)/ 79,898 2,512,792 Photon Dynamics Inc./(1)/ 49,365 2,512,185 Schedules of Investments 91 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- UGI Corp. 80,128 $ 2,511,212 Sylvan Learning Systems Inc./(1)/ 88,811 2,508,911 Pediatrix Medical Group Inc./(1)/ 61,400 2,502,664 Price Communications Corp./(1)/ 140,629 2,480,696 Longs Drug Stores Corp. 88,841 2,475,999 Fuller (H.B.) Co. 82,561 2,472,702 Harland (John H.) Co. 84,838 2,466,241 Chelsea Property Group Inc. 45,571 2,462,657 Airborne Inc. 140,550 2,458,219 South Financial Group Inc. (The) 120,584 2,453,884 Cell Therapeutics Inc./(1)/ 98,550 2,446,996 Silicon Graphics Inc./(1)/ 574,541 2,441,799 US Oncology Inc./(1)/ 276,635 2,437,154 Charming Shoppes Inc./(1)/ 307,560 2,435,875 FactSet Research Systems Inc. 60,316 2,433,751 Seacor Smit Inc./(1)/ 49,655 2,433,095 Stone Energy Corp./(1)/ 62,765 2,432,144 Argosy Gaming Co./(1)/ 65,920 2,418,605 Claire's Stores Inc. 123,295 2,401,787 Terex Corp./(1)/ 106,210 2,400,346 Newport Corp. 100,399 2,399,536 Ralcorp Holdings Inc./(1)/ 87,404 2,377,389 New Jersey Resources Corp. 78,432 2,371,784 CAL Dive International Inc./(1)/ 95,129 2,368,712 Ligand Pharmaceuticals Inc. "B"/(1)/ 120,021 2,366,814 Advanced Digital Information Corp./(1)/ 181,807 2,365,309 Silicon Storage Technology Inc./(1)/ 224,037 2,363,590 Dreyer's Grand Ice Cream Inc. 57,338 2,361,752 Tecumseh Products Co. "A" 44,297 2,361,030 Sonic Corp./(1)/ 91,803 2,360,255 Trimeris Inc./(1)/ 54,630 2,360,016 Pacific Capital Bancorp 76,493 2,359,809 Choice Hotels International Inc./(1)/ 97,749 2,358,683 Legato Systems Inc./(1)/ 261,477 2,355,908 MPS Group Inc./(1)/ 268,029 2,345,254 CV Therapeutics Inc./(1)/ 64,646 2,340,185 Spinnaker Exploration Co./(1)/ 56,151 2,338,689 UCAR International Inc./(1)/ 164,520 2,336,184 M.D.C. Holdings Inc. 53,438 2,308,522 Incyte Genomics Inc./(1)/ 193,858 2,306,910 Collins & Aikman Corp./(1)/ 343,999 2,304,793 El Paso Electric Co./(1)/ 147,128 2,302,553 Werner Enterprises Inc. 109,837 2,301,085 Thornbury Mortgage Inc. 114,749 2,299,570 Anixter International Inc./(1)/ 77,567 2,298,310 Hollywood Entertainment Corp./(1)/ 136,099 2,286,463 Media General Inc. "A" 35,942 2,282,317 Invacare Corp. 60,610 2,278,936 LNR Property Corp. 64,975 2,278,673 Exar Corp./(1)/ 110,926 2,278,420 Powerwave Technologies Inc./(1)/ 177,016 2,278,196 ADVO Inc./(1)/ 53,899 2,276,694 Ferro Corp. 79,018 2,275,718 American Management Systems Inc./(1)/ 121,735 2,274,132 Zoran Corp./(1)/ 51,998 2,271,273 Harleysville Group Inc. 85,876 2,268,844 CH Energy Group Inc. 47,785 2,267,398 First Commonwealth Financial Corp. 170,619 2,258,996 Aeroflex Inc./(1)/ 175,082 2,251,555 Wallace Computer Services Inc. 111,322 2,248,704 G&K Services Inc. "A" 60,351 2,248,678 Granite Construction Inc. 91,277 2,246,327 Ventas Inc. 176,773 2,236,178 Men's Wearhouse Inc. (The)/(1)/ 95,740 2,235,529 Digital Insight Corp./(1)/ 81,117 2,234,773 American Italian Pasta Co. "A"/(1)/ 49,121 2,230,093 Sybron Dental Specialties Inc./(1)/ 110,754 2,226,155 KV Pharmaceuticals Co. "B"/(1)/ 67,983 2,223,044 Otter Tail Corp. 71,971 2,222,429 Avant! Corp./(1)/ 110,884 2,221,007 Mentor Corp. 61,428 2,216,322 Pep Boys-Manny, Moe & Jack Inc. 132,722 2,208,494 Gables Residential Trust 70,926 2,202,252 Modine Manufacturing Co. 81,588 2,202,060 Western Gas Resources Inc. 59,119 2,200,409 Matthews International Corp. "A" 87,648 2,199,965 Landstar System Inc./(1)/ 23,656 2,195,277 Florida Rock Industries Inc. 54,945 2,189,009 Aztar Corp./(1)/ 99,868 2,187,109 Kaydon Corp. 80,914 2,184,678 Essex Property Trust Inc. 41,792 2,180,707 CACI International Inc. "A"/(1)/ 62,036 2,178,084 Wolverine World Wide Inc. 121,279 2,176,958 eFunds Corp./(1)/ 135,364 2,172,592 Energen Corp. 81,994 2,168,741 Take-Two Interactive Software Inc./(1)/ 107,495 2,160,650 AmeriPath Inc./(1)/ 80,577 2,159,464 Avista Corp. 138,971 2,158,220 Pan Pacific Retail Properties Inc. 70,357 2,150,813 Cabot Oil & Gas Corp. "A" 86,807 2,149,341 92 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Toro Co. 36,025 $ 2,147,090 UMB Financial Corp. 50,047 2,146,015 NBTY Inc./(1)/ 125,740 2,145,124 Southwest Gas Corp. 85,674 2,141,850 Ryan's Family Steak Houses Inc./(1)/ 89,091 2,138,184 Action Performance Companies Inc./(1)/ 43,388 2,136,859 Stillwater Mining Co./(1)/ 113,218 2,134,159 Aspen Technology Inc./(1)/ 92,824 2,125,670 Eclipsys Corp./(1)/ 129,503 2,125,144 CBL & Associates Properties Inc. 60,068 2,123,404 UICI/(1)/ 111,918 2,120,846 Perrigo Co./(1)/ 177,296 2,118,687 International Bancshares Corp. 47,923 2,114,842 Christopher & Banks Corp./(1)/ 64,349 2,113,865 BARRA Inc./(1)/ 34,895 2,113,590 Scotts Co. (The) "A"/(1)/ 46,152 2,112,839 Technitrol Inc. 88,436 2,108,314 Pathmark Stores Inc./(1)/ 87,910 2,105,445 UIL Holdings Corp. 36,206 2,103,569 American Medical Systems Holdings Inc./(1)/ 93,211 2,098,180 Coinstar Inc./(1)/ 62,193 2,095,282 Vintage Petroleum Inc. 142,480 2,094,456 Oak Technology Inc./(1)/ 140,554 2,091,444 CLARCOR Inc. 65,314 2,090,048 Immunomedics Inc./(1)/ 110,125 2,087,970 Standard-Pacific Corp. 74,287 2,087,465 Dycom Industries Inc./(1)/ 139,525 2,085,899 Pacific Sunwear of California Inc./(1)/ 84,761 2,085,121 InFocus Corp./(1)/ 114,026 2,076,413 Nordson Corp. 68,795 2,074,169 MKS Instruments Inc./(1)/ 60,303 2,064,775 Northwest Natural Gas Co. 73,565 2,060,556 Tetra Tech Inc./(1)/ 143,555 2,051,401 UCBH Holdings Inc. 56,840 2,045,103 Beverly Enterprises Inc./(1)/ 283,482 2,041,070 PSS World Medical Inc./(1)/ 207,979 2,038,194 Regeneron Pharmaceuticals Inc./(1)/ 81,436 2,035,086 Kilroy Realty Corp. 72,052 2,032,587 Tesoro Petroleum Corp./(1)/ 144,406 2,028,904 Sonic Automotive Inc./(1)/ 67,592 2,026,408 Evergreen Resources Inc./(1)/ 48,575 2,025,577 Plantronics Inc./(1)/ 96,724 2,023,466 Albemarle Corp. 73,290 2,019,872 JDA Software Group Inc./(1)/ 63,221 2,015,485 Meristar Hospitality Corp. 110,339 2,013,687 Storage USA Inc. 47,233 2,011,653 Interstate Bakeries Corp. 82,940 2,007,977 DRS Technologies Inc./(1)/ 48,275 2,002,930 East West Bancorp Inc. 68,343 2,001,766 Acuity Brands Inc. 120,718 1,995,469 Selective Insurance Group Inc. 74,400 1,986,480 FreeMarkets Inc./(1)/ 86,447 1,985,688 Chemical Financial Corp. 65,796 1,971,906 Cooper Companies Inc. 41,573 1,970,560 Alpha Industries Inc./(1)/ 129,121 1,969,095 Regency Centers Corp. 67,849 1,968,978 Liberty Corp. 49,248 1,961,055 Curtiss Wright Corp. 29,457 1,958,890 Home Properties of NY Inc. 56,841 1,958,172 Borland Software Corp./(1)/ 150,501 1,958,018 Fred's Inc. 54,353 1,956,708 Beazer Homes USA Inc./(1)/ 25,230 1,956,586 ABM Industries Inc. 53,146 1,950,458 Advanced Energy Industries Inc./(1)/ 54,193 1,948,780 Jones Lang LaSalle Inc./(1)/ 87,906 1,947,118 Owens & Minor Inc. 98,925 1,942,887 Isis Pharmaceuticals Inc./(1)/ 120,794 1,942,368 Overseas Shipholding Group Inc. 79,830 1,939,869 Alexandria Real Estate Equities Inc. 43,461 1,938,361 Republic Bancorp Inc. 138,244 1,935,416 Amylin Pharmaceuticals Inc./(1)/ 192,688 1,928,807 Impath Inc./(1)/ 46,940 1,926,418 Olin Corp. 102,283 1,922,920 Unit Corp./(1)/ 105,111 1,922,480 Reliance Steel & Aluminum Co. 69,591 1,920,016 MSC.Software Corp./(1)/ 83,336 1,916,728 Yellow Corp./(1)/ 72,380 1,910,108 Smucker (J.M.) Co. (The) 56,295 1,902,771 Brady Corp. "A" 52,380 1,901,394 Asyst Technologies Inc./(1)/ 104,283 1,897,951 Georgia Gulf Corp. 70,659 1,897,194 MAF Bancorp Inc. 53,761 1,895,075 Rambus Inc./(1)/ 242,643 1,890,189 Entegris Inc./(1)/ 117,003 1,889,598 Harmonic Inc./(1)/ 162,507 1,885,081 Flowers Foods Inc./(1)/ 74,009 1,885,009 C-COR.net Corp./(1)/ 104,696 1,884,528 ESS Technology Inc./(1)/ 90,784 1,882,860 LandAmerica Financial Group Inc. 54,250 1,878,678 Schedules of Investments 93 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Florida East Coast Industries Inc. 66,326 $ 1,877,689 UniSource Energy Corp. 91,501 1,872,110 Oceaneering International Inc./(1)/ 64,455 1,869,195 Haemonetics Corp./(1)/ 58,744 1,864,535 FelCor Lodging Trust Inc. 87,654 1,862,647 Charter Municipal Mortgage Acceptance Co. 117,890 1,860,304 Liberate Technologies/(1)/ 311,378 1,852,699 Interactive Data Corp./(1)/ 105,070 1,843,978 Delta & Pine Land Co. 96,115 1,823,302 JLG Industries Inc. 123,089 1,821,717 Bio-Rad Laboratories Inc. "A"/(1)/ 48,514 1,821,701 First Citizens BancShares Inc. "A" 17,659 1,818,171 Panera Bread Co. "A"/(1)/ 28,532 1,817,774 Summit Properties Inc. 74,170 1,817,165 EMCOR Group Inc./(1)/ 31,319 1,816,502 Triumph Group Inc./(1)/ 46,201 1,811,079 Administaff Inc./(1)/ 65,406 1,807,168 IHOP Corp./(1)/ 53,406 1,800,316 Group 1 Automotive Inc./(1)/ 45,910 1,792,785 P.F. Chang's China Bistro Inc./(1)/ 26,878 1,790,881 Cerus Corp./(1)/ 33,292 1,783,452 First Bancorp. 61,513 1,777,726 Texas Regional Bancshares Inc. "A" 40,637 1,774,211 Footstar Inc./(1)/ 58,183 1,774,000 Woodward Governor Co. 25,776 1,773,389 SangStat Medical Corp./(1)/ 65,978 1,772,169 Southern Union Co./(1)/ 96,237 1,763,062 NorthWestern Corp. 80,079 1,761,738 Provident Bankshares Corp. 73,348 1,760,352 Helix Technology Corp. 69,515 1,760,120 Sun Communities Inc. 44,755 1,758,872 FileNET Corp./(1)/ 102,901 1,758,578 St. Mary Land & Exploration Co. 80,998 1,758,467 Genesco Inc./(1)/ 63,707 1,756,402 SCP Pool Corp./(1)/ 55,745 1,750,393 Paxar Corp./(1)/ 103,860 1,750,041 Brandywine Realty Trust 73,146 1,748,189 Mercury Computer Systems Inc./(1)/ 54,667 1,747,157 OfficeMax Inc./(1)/ 312,272 1,742,478 HNC Software Inc./(1)/ 103,659 1,741,471 Kopin Corp./(1)/ 191,140 1,741,285 Plains Resource Inc./(1)/ 69,979 1,741,078 Hooper Holmes Inc. 165,915 1,740,448 Patina Oil & Gas Corp. 55,144 1,738,139 Capitol Federal Financial 76,598 1,738,009 CONMED Corp./(1)/ 69,164 1,729,100 Insituform Technologies Inc. "A"/(1)/ 68,373 1,727,786 Westport Resources Corp./(1)/ 87,926 1,727,746 Wausau-Mosinee Paper Corp. 135,247 1,725,752 Libbey Inc. 44,778 1,724,849 S&T Bancorp Inc. 67,742 1,724,034 Cable Design Technologies Corp./(1)/ 128,942 1,721,376 Prime Hospitality Corp./(1)/ 130,786 1,719,836 Cost Plus Inc./(1)/ 62,792 1,718,140 Cell Genesys Inc./(1)/ 101,196 1,715,272 Belden Inc. 71,820 1,711,471 Chateau Communities Inc. 59,423 1,707,223 Bally Total Fitness Holding Corp./(1)/ 77,677 1,705,010 ProQuest Co./(1)/ 39,643 1,704,253 Cohu Inc. 59,798 1,703,645 Armor Holdings Inc./(1)/ 62,729 1,699,956 Gaylord Entertainment Co. "A"/(1)/ 63,836 1,698,038 Waypoint Financial Corp. 102,521 1,695,697 Spherion Corp./(1)/ 153,061 1,691,324 AMCORE Financial Inc. 71,799 1,687,994 Tower Automotive Inc./(1)/ 120,251 1,682,311 Lone Star Technologies Inc./(1)/ 73,671 1,680,436 First Charter Corp. 89,988 1,680,076 SurModics Inc./(1)/ 38,532 1,679,995 Stewart Enterprises Inc. "A"/(1)/ 281,303 1,679,660 Arkansas Best Corp./(1)/ 60,151 1,671,596 Lennox International Inc. 126,300 1,669,686 Integrated Circuit Systems Inc./(1)/ 81,710 1,666,884 Dianon Systems Inc./(1)/ 25,637 1,663,308 Hot Topic Inc./(1)/ 79,461 1,660,724 Flir Systems Inc./(1)/ 34,666 1,655,301 Grey Wolf Inc./(1)/ 417,039 1,651,474 CUNO Inc./(1)/ 44,429 1,649,204 First Financial Bancorp 104,647 1,645,051 Information Holdings Inc./(1)/ 57,068 1,643,558 Carpenter Technology Corp. 56,720 1,641,477 Station Casinos Inc./(1)/ 98,200 1,635,030 Ionics Inc./(1)/ 50,996 1,634,932 Journal Register Co./(1)/ 77,102 1,634,562 Secure Computing Corp./(1)/ 83,328 1,634,062 Manhattan Associates Inc./(1)/ 42,739 1,628,356 Cathay Bancorp Inc. 22,582 1,628,162 Monaco Coach Corp./(1)/ 66,915 1,626,035 Kirby Corp./(1)/ 54,322 1,624,228 Maverick Tube Corp./(1)/ 99,346 1,621,327 American Financial Holdings Inc. 60,822 1,618,473 Kellwood Co. 66,442 1,613,876 94 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- PRI Automation Inc./(1)/ 68,959 $ 1,607,365 Benchmark Electronics Inc./(1)/ 57,381 1,606,668 Frontier Oil Corp. 74,741 1,605,437 C&D Technologies Inc. 76,215 1,602,039 Kimball International Inc. "B" 98,196 1,601,577 FEI Co./(1)/ 44,951 1,598,008 AmSurg Corp./(1)/ 58,694 1,597,064 Overture Services Inc./(1)/ 57,184 1,596,577 Priceline.com Inc./(1)/ 305,254 1,596,478 EGL Inc./(1)/ 100,560 1,593,876 Hutchinson Technology Inc./(1)/ 73,848 1,592,901 Rare Hospitality International Inc./(1)/ 62,629 1,592,029 ILEX Oncology Inc./(1)/ 92,108 1,589,784 Exelixis Inc./(1)/ 115,029 1,586,250 Charlotte Russe Holding Inc./(1)/ 60,978 1,581,769 SonicWALL Inc./(1)/ 120,713 1,574,098 Syncor International Corp./(1)/ 57,701 1,572,352 Great Atlantic & Pacific Tea Co./(1)/ 56,308 1,569,867 Frontier Airlines Inc./(1)/ 85,450 1,565,444 Schulman (A.) Inc. 85,343 1,560,923 Casey's General Store Inc. 115,570 1,560,195 Winnebago Industries Inc. 37,146 1,559,761 InterDigital Communications Corp./(1)/ 162,591 1,559,248 Arrow International Inc. 32,988 1,557,034 Baldor Electric Co. 68,843 1,555,852 IGEN International Inc./(1)/ 41,020 1,553,838 Symyx Technologies Inc./(1)/ 75,030 1,549,370 Progress Software Corp./(1)/ 85,237 1,546,199 Cornerstone Realty Income Trust Inc. 138,559 1,544,933 Teledyne Technologies Inc./(1)/ 93,043 1,542,653 Longview Fibre Co. 149,265 1,537,430 Cumulus Media Inc. "A"/(1)/ 85,837 1,536,482 CVB Financial Corp. 76,141 1,535,003 FuelCell Energy Inc./(1)/ 96,515 1,521,076 Gene Logic Inc./(1)/ 78,086 1,519,554 Hain Celestial Group Inc./(1)/ 68,271 1,519,030 Terayon Communication Systems Inc./(1)/ 179,100 1,518,768 USEC Inc. 236,881 1,516,038 Vector Group Ltd. 52,840 1,511,224 Martek Biosciences Corp./(1)/ 47,924 1,508,600 AstroPower Inc./(1)/ 36,015 1,503,986 Delphi Financial Group Inc. "A" 38,142 1,495,548 Concurrent Computer Corp./(1)/ 179,760 1,493,806 Rogers Corp./(1)/ 44,970 1,493,454 Mills Corp. 53,331 1,491,135 Lands' End Inc./(1)/ 33,199 1,489,639 Newpark Resources Inc./(1)/ 192,171 1,489,325 ADTRAN Inc./(1)/ 61,476 1,484,031 NCO Group Inc./(1)/ 53,358 1,481,218 Verity Inc./(1)/ 83,746 1,480,629 Veritas DGC Inc./(1)/ 87,486 1,479,388 Ruddick Corp. 88,739 1,476,617 Albany Molecular Research Inc./(1)/ 61,578 1,476,025 Gentiva Health Services Inc./(1)/ 59,538 1,474,161 Colonial Properties Trust 42,694 1,470,808 InterCept Inc./(1)/ 40,426 1,465,442 Spanish Broadcasting System Inc. "A"/(1)/ 108,077 1,464,443 Power Integrations Inc./(1)/ 76,749 1,462,068 Cubist Pharmaceuticals Inc./(1)/ 78,788 1,456,002 PacifiCare Health Systems Inc. "A"/(1)/ 83,135 1,450,706 GenCorp. Inc. 91,857 1,443,992 Presidential Life Corp. 63,353 1,441,281 CTS Corp. 88,418 1,436,792 Alliance Gaming Corp./(1)/ 47,036 1,436,009 Wet Seal Inc. "A"/(1)/ 40,940 1,428,397 ShopKo Stores Inc./(1)/ 78,783 1,425,972 DSP Group Inc./(1)/ 69,625 1,425,224 Regal-Beloit Corp. 55,774 1,425,026 Commercial Net Lease Realty Inc. 102,024 1,424,255 Forward Air Corp./(1)/ 44,989 1,423,902 Stewart & Stevenson Services Inc. 73,538 1,422,960 Grey Global Group Inc. 2,088 1,421,928 Commercial Metals Co. 33,803 1,419,726 Seacoast Financial Services Corp. 71,980 1,417,286 TeleTech Holdings Inc./(1)/ 105,338 1,414,689 INAMED Corp./(1)/ 42,857 1,409,995 Park Electrochemical Corp. 48,516 1,406,964 W Holding Co. Inc. 79,531 1,403,722 Quanex Corp. 39,502 1,402,321 Koger Equity Inc. 78,319 1,399,561 Quiksilver Inc./(1)/ 63,846 1,396,950 Sunrise Assisted Living Inc./(1)/ 51,157 1,394,540 Dollar Thrifty Automotive Group Inc./(1)/ 65,844 1,392,601 Silicon Image Inc./(1)/ 162,747 1,389,859 Unifi Inc./(1)/ 147,672 1,388,117 Albany International Corp. "A" 45,761 1,386,558 WD-40 Co. 45,982 1,384,978 Schedules of Investments 95 iShares Russell 2000 Index Fund Schedule of investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- ValueVision International Inc. "A"/(1)/ 66,597 $ 1,381,888 PRG-Schultz International Inc./(1)/ 98,151 1,379,022 Ocular Sciences Inc./(1)/ 49,221 1,378,331 Sterling Bancshares Inc. 103,182 1,377,480 Arris Group Inc./(1)/ 148,060 1,376,958 Checkpoint Systems Inc./(1)/ 86,227 1,375,321 Actel Corp./(1)/ 66,378 1,374,688 Crawford & Co. "B" 101,406 1,374,051 E.piphany Inc./(1)/ 181,457 1,371,815 General Cable Corp. 96,005 1,370,951 Manufactured Home Communities Inc. 41,520 1,370,160 Sandy Spring Bancorp Inc. 42,178 1,368,676 Glimcher Realty Trust 73,780 1,368,619 Heartland Express Inc./(1)/ 68,398 1,365,224 WesBanco Inc. 57,050 1,363,495 Noven Pharmaceuticals Inc./(1)/ 65,672 1,362,037 Bowne & Co. Inc. 96,784 1,361,751 Microsemi Corp./(1)/ 83,335 1,360,027 CIBER Inc./(1)/ 148,485 1,358,638 Enzo Biochem Inc./(1)/ 66,976 1,356,924 Metro One Telecommunications Inc./(1)/ 53,261 1,350,166 Iomega Corp./(1)/ 152,289 1,349,281 Dionex Corp./(1)/ 55,379 1,347,371 MacDermid Inc. 62,134 1,345,822 Greif Brothers Corp. "A" 37,635 1,343,569 Nu Skin Enterprises Inc. "A" 125,404 1,343,077 Atrix Laboratories Inc./(1)/ 58,689 1,336,349 Madison Gas & Electric Co. 46,951 1,334,347 Littelfuse Inc./(1)/ 53,829 1,333,344 Philadelphia Consolidated Holding Corp./(1)/ 33,469 1,332,066 Pinnacle Systems Inc./(1)/ 167,009 1,331,062 Argonaut Group Inc. 62,964 1,331,059 Simpson Manufacturing Co. Inc./(1)/ 21,732 1,328,912 Swift Energy Co./(1)/ 67,446 1,328,686 Pegasus Solutions Inc./(1)/ 71,818 1,328,633 Moog Inc. "A"/(1)/ 41,519 1,328,608 RehabCare Group Inc./(1)/ 46,398 1,322,343 FTI Consulting Inc./(1)/ 42,672 1,321,979 FirstFed Financial Corp./(1)/ 50,492 1,320,366 W-H Energy Services Inc./(1)/ 61,113 1,320,041 Kelly Services Inc. "A" 46,648 1,316,873 Crestline Capital Corp./(1)/ 38,986 1,311,489 Genlyte Group Inc. (The)/(1)/ 34,908 1,311,144 DMC Stratex Networks Inc./(1)/ 240,457 1,308,086 Griffon Corp./(1)/ 77,914 1,305,060 Boyd Gaming Corp./(1)/ 86,657 1,303,321 MICROS Systems Inc./(1)/ 51,206 1,303,193 Commerce One Inc./(1)/ 833,809 1,300,742 Thomas Industries Inc. 44,466 1,300,631 Arch Chemicals Inc. 58,908 1,298,921 Boston Private Financial Holdings Inc. 48,486 1,297,000 F5 Networks Inc./(1)/ 55,713 1,294,770 Superior Energy Services Inc./(1)/ 128,620 1,293,917 Wellman Inc. 78,424 1,290,075 Pulitzer Inc. 24,079 1,288,227 Hunt (J.B.) Transport Services Inc./(1)/ 45,289 1,287,566 Roadway Corp. 34,796 1,287,452 Immunogen Inc./(1)/ 116,289 1,287,319 Laclede Group Inc. (The) 55,184 1,285,787 Trust Co. of New Jersey (The) 54,313 1,284,502 Bruker Daltonics Inc./(1)/ 133,739 1,281,220 ProBusiness Services Inc./(1)/ 59,280 1,278,670 National Penn Bancshares Inc. 52,031 1,278,402 Microtune Inc./(1)/ 88,878 1,277,177 Frontier Financial Corp. 47,982 1,276,321 Taubman Centers Inc. 84,612 1,274,257 Roxio Inc./(1)/ 55,992 1,270,458 Inktomi Corp./(1)/ 367,934 1,269,372 Anthracite Capital Inc. 110,295 1,268,392 Alpharma Inc. "A" 88,458 1,264,949 Dime Community Bancshares 40,962 1,261,630 BankAtlantic Bancorp Inc. "A" 96,976 1,260,688 Corus Bankshares Inc. 26,499 1,259,497 Elcor Corp. 56,693 1,258,585 NACCO Industries Inc. 18,972 1,257,654 URS Corp./(1)/ 39,527 1,253,006 Bay View Capital Corp./(1)/ 182,822 1,250,502 Itron Inc./(1)/ 41,985 1,249,054 Mid-State Bancshares 70,491 1,246,986 Capital Automotive REIT 54,114 1,244,622 Bandag Inc. 33,009 1,243,779 Anchor BanCorp Wisconsin Inc. 62,072 1,243,302 Harleysville National Corp. 53,363 1,242,824 Franklin Electric Co. Inc. 24,410 1,236,611 Esterline Technologies Corp./(1)/ 60,576 1,235,750 School Specialty Inc./(1)/ 46,216 1,234,892 Net.B@nk Inc./(1)/ 73,067 1,234,832 Mobile Mini Inc./(1)/ 38,345 1,233,942 Senior Housing Properties Trust 85,565 1,232,136 96 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Gymboree Corp./(1)/ 83,512 $ 1,231,802 Atwood Oceanics Inc./(1)/ 26,818 1,230,946 Methode Electronics Inc. "A" 98,870 1,230,932 Websense Inc./(1)/ 48,871 1,229,594 Jakks Pacific Inc./(1)/ 54,012 1,228,773 Commonwealth Telephone Enterprises Inc./(1)/ 32,104 1,227,978 JDN Realty Corp. 95,998 1,226,854 Genta Inc./(1)/ 73,081 1,225,568 Echelon Corp./(1)/ 68,074 1,225,332 ESCO Technologies Inc./(1)/ 31,479 1,222,644 Ultratech Stepper Inc./(1)/ 58,763 1,222,270 SOURCECORP Inc./(1)/ 41,358 1,219,647 Unizan Financial Corp. 64,277 1,218,692 REMEC Inc./(1)/ 131,549 1,216,828 Glenborough Realty Trust Inc. 56,578 1,216,427 Digene Corp./(1)/ 34,020 1,216,215 Midway Games Inc./(1)/ 90,345 1,216,044 Pre-Paid Legal Services Inc./(1)/ 42,532 1,214,714 webMethods Inc./(1)/ 70,482 1,214,405 Empire District Electric Co. (The) 56,755 1,213,989 Trimble Navigation Ltd./(1)/ 72,963 1,213,375 MB Financial Inc. 40,511 1,213,304 Input/Output Inc./(1)/ 133,051 1,210,764 Harbor Florida Bancshares Inc. 63,001 1,208,359 OshKosh B'Gosh Inc. "A" 28,189 1,208,181 UnitedGlobalCom Inc. "A"/(1)/ 223,247 1,207,766 Rudolph Technologies Inc./(1)/ 27,946 1,206,149 Steel Dynamics Inc./(1)/ 73,414 1,204,724 Chesapeake Corp. 44,302 1,202,799 ProAssurance Corp./(1)/ 66,617 1,202,437 Papa John's International Inc./(1)/ 43,080 1,201,070 SPS Technologies Inc./(1)/ 28,296 1,198,902 EastGroup Properties Inc. 46,509 1,198,072 Dress Barn Inc./(1)/ 40,451 1,197,754 Systems & Computer Technology Corp./(1)/ 90,778 1,197,362 Hancock Holding Co. 22,052 1,184,192 Transaction Systems Architects Inc. "A"/(1)/ 103,194 1,176,412 Walter Industries Inc. 88,989 1,171,985 PAREXEL International Corp./(1)/ 73,040 1,171,562 Corinthian Colleges Inc./(1)/ 23,137 1,169,575 Barnes Group Inc. 47,602 1,166,249 Thoratec Labs Corp./(1)/ 106,317 1,164,171 Computer Network Technology Corp./(1)/ 87,757 1,160,148 Touch America Holdings Inc./(1)/ 303,340 1,155,725 Pharmaceutical Resources Inc./(1)/ 54,521 1,155,300 BOK Financial Corp./(1)/ 34,006 1,152,803 CIMA Labs Inc./(1)/ 43,080 1,148,082 Central Parking Corp. 49,904 1,147,293 ANSYS Inc./(1)/ 42,211 1,143,918 Pioneer-Standard Electronics Inc. 80,831 1,143,759 RFS Hotel Investors Inc. 77,390 1,137,633 Hovnanian Enterprises Inc. "A"/(1)/ 42,774 1,137,361 Sovran Self Storage Inc. 35,901 1,128,368 Offshore Logistics Inc./(1)/ 52,343 1,127,992 Sapient Corp./(1)/ 237,438 1,127,831 Champion Enterprises Inc./(1)/ 140,927 1,127,416 Intermagnetics General Corp./(1)/ 41,207 1,122,891 MAXIMUS Inc./(1)/ 36,491 1,121,368 Vicor Corp./(1)/ 66,305 1,120,555 Parker Drilling Co./(1)/ 252,315 1,117,755 Tweeter Home Entertainment Group Inc./(1)/ 56,902 1,112,434 Entertainment Properties Trust 49,068 1,108,937 Kaman Corp. "A" 65,304 1,106,903 Tennant Co. 26,401 1,106,730 Nautica Enterprises Inc./(1)/ 72,865 1,104,633 Fleetwood Enterprises Inc. 102,193 1,103,684 Speedway Motorsports Inc./(1)/ 38,699 1,103,308 PMA Capital Corp. "A" 48,013 1,101,418 WMS Industries Inc./(1)/ 57,885 1,099,815 Korn/Ferry International/(1)/ 110,500 1,099,475 Alexion Pharmaceuticals Inc./(1)/ 46,756 1,099,234 Bedford Property Investors Inc. 42,850 1,096,960 Young Broadcasting Inc. "A"/(1)/ 43,835 1,095,437 Heidrick & Struggles International Inc./(1)/ 52,646 1,095,037 ANADIGICS Inc./(1)/ 88,733 1,094,965 California Pizza Kitchen Inc./(1)/ 43,770 1,094,688 Lone Star Steakhouse & Saloon Inc. 52,376 1,094,135 On Assignment Inc./(1)/ 61,116 1,093,976 Neose Technologies Inc./(1)/ 34,048 1,091,238 Headwaters Inc./(1)/ 71,271 1,090,446 South Jersey Industries Inc. 34,499 1,088,443 Standard Register Co. (The) 38,651 1,086,866 PS Business Parks Inc. 31,232 1,085,312 InfoSpace Inc./(1)/ 713,014 1,083,781 Boca Resorts Inc. "A"/(1)/ 83,646 1,082,379 Schedules of Investments 97 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Agile Software Corp./(1)/ 89,345 $ 1,081,074 Read-Rite Corp./(1)/ 351,769 1,079,931 Mid-America Apartment Communities, Inc. 41,262 1,079,001 Airtran Holdings Inc./(1)/ 177,988 1,076,827 International Multifoods Corp./(1)/ 45,308 1,076,518 Schweitzer-Mauduit International Inc. 43,306 1,076,154 Hudson River Bancorp Inc. 44,543 1,074,823 Shuffle Master Inc./(1)/ 51,874 1,071,717 Wabtec Corp. 71,481 1,071,500 Ivex Packaging Corp./(1)/ 46,610 1,068,301 ArthroCare Corp./(1)/ 59,161 1,065,490 Student Loan Corp. 11,629 1,065,216 Federal Agricultural Mortgage Corp./(1)/ 23,922 1,064,529 Maxygen Inc./(1)/ 84,982 1,063,975 Edison Schools Inc./(1)/ 76,413 1,062,141 Pacific Northwest Bancorp 40,319 1,060,390 First Financial Holdings Inc. 39,138 1,059,857 Ixia/(1)/ 124,526 1,058,471 Penn National Gaming Inc./(1)/ 30,222 1,058,374 Per-Se Technologies Inc./(1)/ 87,420 1,056,034 NCI Building Systems Inc./(1)/ 46,852 1,054,170 Rent-A-Center Inc./(1)/ 20,633 1,054,140 California Water Service Group 41,131 1,052,954 PFF Bancorp Inc. 33,743 1,052,782 O'Charley's Inc./(1)/ 48,839 1,052,480 Gardner Denver Inc./(1)/ 42,813 1,048,918 NBT Bancorp Inc. 71,142 1,048,633 First Financial Bankshares Inc. 31,528 1,047,045 Landry's Restaurants Inc. 45,520 1,045,139 Knight Transportation Inc./(1)/ 49,433 1,045,014 Unova Inc./(1)/ 131,111 1,043,644 Electroglas Inc./(1)/ 61,572 1,040,567 Isle of Capri Casinos Inc./(1)/ 56,331 1,039,307 aaiPharma Inc./(1)/ 28,905 1,038,846 AsiaInfo Holdings Inc./(1)/ 78,914 1,038,508 American States Water Co. 29,439 1,037,725 ChipPAC Inc./(1)/ 105,641 1,037,395 DDi Corp./(1)/ 121,397 1,035,516 Safeguard Scientifics Inc./(1)/ 343,946 1,035,277 DiamondCluster International Inc. "A"/(1)/ 80,061 1,034,388 Lexington Corp. Properties Trust 64,608 1,032,436 Topps Co. (The)/(1)/ 107,282 1,029,907 IRT Property Co. 89,129 1,029,440 Children's Place Retail Stores Inc. (The)/(1)/ 31,129 1,027,257 NYFIX Inc./(1)/ 68,657 1,027,109 Netegrity Inc./(1)/ 69,299 1,024,932 Financial Federal Corp./(1)/ 31,171 1,022,721 Tetra Technologies Inc./(1)/ 35,142 1,020,875 Fremont General Corp. 167,267 1,020,329 NUI Corp. 40,886 1,017,244 Alamosa Holdings Inc./(1)/ 202,230 1,017,217 Adolor Corp./(1)/ 90,895 1,013,479 Russell Corp. 67,987 1,013,006 United National Bancorp 43,618 1,011,938 Electronics Boutique Holdings Corp./(1)/ 29,293 1,011,487 Paxson Communications Corp./(1)/ 92,236 1,010,907 Stride Rite Corp. 122,520 1,010,790 Apogee Enterprises Inc. 82,746 1,009,501 Yankee Candle Co. Inc. (The)/(1)/ 43,603 1,008,537 Duane Reade Inc./(1)/ 29,680 1,008,526 ScanSource Inc./(1)/ 16,759 1,007,459 Boyds Collection Ltd. (The)/(1)/ 153,741 1,007,004 Community Bank System Inc. 33,372 1,006,166 Integrated Silicon Solution Inc./(1)/ 78,200 1,005,652 American Woodmark Corp. 15,939 1,005,384 Burlington Coat Factory Warehouse Corp. 52,178 1,004,426 Zoll Medical Corp./(1)/ 26,038 999,859 Engineered Support Systems Inc. 21,617 999,786 RLI Corp. 19,336 999,671 Sirius Satellite Radio Inc./(1)/ 187,789 999,037 Fossil Inc./(1)/ 37,566 998,880 Sola International Inc./(1)/ 67,636 995,602 First Sentinel Bancorp Inc. 76,084 993,657 Lance Inc. 69,433 992,892 Indevus Pharmaceuticals Inc./(1)/ 113,469 992,854 Palm Harbor Homes Inc./(1)/ 47,702 992,202 Independent Bank Corp.(MI) 34,469 991,328 General Communication Inc. "A"/(1)/ 113,832 990,338 Pennsylvania Real Estate Investment Trust 38,669 986,060 Datascope Corp. 33,583 985,661 AMLI Residential Properties Trust 39,076 985,497 Integra Bank Corp. 50,394 982,683 Inter-Tel Inc. 53,171 982,068 Suffolk Bancorp 34,381 981,578 Alabama National Bancorp 26,600 980,210 Cubic Corp. 14,978 979,112 98 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Standard Microsystems Corp./(1)/ 42,519 $ 977,937 Possis Medical Inc./(1)/ 49,500 975,150 Integra LifeSciences Holdings Corp./(1)/ 34,650 974,704 Tanox Inc./(1)/ 68,757 973,599 Spartech Corp. 39,425 969,855 MGI Pharma Inc./(1)/ 70,365 968,222 Trammell Crow Co./(1)/ 66,707 967,252 Remington Oil & Gas Corp./(1)/ 47,913 965,926 Chemed Corp. 25,842 965,199 Sinclair Broadcast Group Inc. "A"/(1)/ 71,189 964,611 Bright Horizons Family Solutions Inc./(1)/ 32,661 962,552 OMNOVA Solutions Inc. 115,781 960,982 Applied Industrial Technologies Inc. 49,917 960,902 Triarc Companies Inc./(1)/ 34,522 959,712 Crown Media Holdings Inc./(1)/ 77,317 958,731 Silgan Holdings Inc./(1)/ 28,594 955,897 Corrections Corp. of America/(1)/ 73,447 954,811 M/I Schottenstein Homes Inc. 16,842 954,099 CryoLife Inc./(1)/ 45,596 952,956 ICU Medical Inc./(1)/ 26,079 949,276 Mine Safety Appliances Co. 25,264 948,663 Cognizant Technology Solutions Corp./(1)/ 22,398 942,956 Sotheby's Holdings Inc. "A"/(1)/ 58,750 942,938 Arctic Cat Inc. 46,761 942,234 Diversa Corp./(1)/ 74,086 940,892 Mesa Air Group Inc./(1)/ 83,965 940,408 Penn Virginia Corp. 23,408 939,831 Lexicon Genetics Inc./(1)/ 99,247 937,884 Phillips-Van Heusen Corp. 66,439 937,454 Brown Shoe Co. Inc. 48,150 936,999 Tularik Inc./(1)/ 56,982 936,784 Independent Bank Corp.(MA) 36,093 934,087 American Healthways Inc./(1)/ 34,417 934,077 Avid Technology Inc./(1)/ 67,078 933,055 AFC Enterprises Inc./(1)/ 27,886 932,787 CoorsTek Inc./(1)/ 24,240 931,301 Aaron Rents Inc. "B" 40,756 931,275 Medicines Co. (The)/(1)/ 65,290 931,035 AirGate PCS Inc./(1)/ 66,435 930,090 Phoenix Technologies Ltd./(1)/ 67,992 928,091 Artesyn Technologies Inc./(1)/ 99,532 926,643 Finish Line Inc. (The)/(1)/ 50,212 926,411 Three-Five Systems Inc./(1)/ 62,463 925,702 Southwestern Energy Co./(1)/ 73,572 925,536 Sierra Health Services Inc./(1)/ 70,724 925,070 Glacier Bancorp Inc. 40,809 924,732 Rayovac Corp./(1)/ 59,852 924,713 Labor Ready Inc./(1)/ 118,499 924,292 Thor Industries Inc. 19,516 923,107 American Axle & Manufacturing Holdings Inc./(1)/ 31,710 919,590 Dendrite International Inc./(1)/ 85,631 916,252 Hydril Co./(1)/ 37,577 915,751 Town & Country Trust (The) 41,394 915,221 Identix Inc./(1)/ 102,965 913,300 First Federal Capital Corp. 48,417 912,660 Tollgrade Communications Inc./(1)/ 37,186 911,429 Universal American Financial Corp./(1)/ 131,839 907,052 Cyberonics Inc./(1)/ 56,630 905,514 Cato Corp. "A" 40,490 902,117 Connecticut Bankshares Inc. 32,816 902,112 MedQuist Inc./(1)/ 30,060 901,800 AMC Entertainment Inc./(1)/ 66,075 901,263 Centillium Communications Inc./(1)/ 74,439 900,712 Silicon Laboratories Inc./(1)/ 25,478 900,138 Anaren Microwave Inc./(1)/ 61,925 899,770 Actuate Corp./(1)/ 124,563 899,345 Crossmann Communities Inc. 19,803 895,690 Cadiz Inc./(1)/ 99,492 895,428 SERENA Software Inc./(1)/ 45,848 894,036 Biosite Inc./(1)/ 36,111 893,747 1st Source Corp. 37,665 891,907 Advanced Marketing Services Inc. 37,114 890,736 Skechers U.S.A. Inc. "A"/(1)/ 47,099 890,642 Nortek Inc./(1)/ 24,729 890,244 Landauer Inc. 23,434 889,320 West Pharmaceutical Services Inc. 29,296 889,134 Magnum Hunter Resources Inc./(1)/ 113,795 888,735 Pure Resources Inc./(1)/ 39,312 887,665 Jill (J.) Group Inc. (The)/(1)/ 31,186 887,242 Rollins Inc. 42,044 887,128 Pericom Semiconductor Corp./(1)/ 62,658 885,984 Robert Mondavi Corp. (The) "A"/(1)/ 24,613 884,591 Clark/Bardes Inc./(1)/ 30,705 884,304 Alliance Semiconductor Corp./(1)/ 76,762 884,298 Parkway Properties Inc. 24,212 883,738 Houston Exploration Co./(1)/ 28,506 883,686 Watsco Inc. 49,454 882,754 Schedules of Investments 99 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- National Health Investors Inc. 60,457 $ 882,672 Triad Guaranty Inc./(1)/ 20,280 881,572 MTR Gaming Group Inc./(1)/ 57,117 881,315 First Republic Bank/(1)/ 31,030 881,252 RailAmerica Inc./(1)/ 83,757 881,124 Steak n Shake Company (The)/(1)/ 62,594 879,446 SeaChange International Inc./(1)/ 57,887 879,304 PolyMedica Corp./(1)/ 34,505 878,152 Deltic Timber Corp. 28,982 876,705 First Financial Corp. 20,021 872,599 First Merchants Corp. 33,073 866,843 Tredegar Corp. 46,288 865,586 Russ Berrie & Co. Inc. 26,873 865,311 Energy Conversion Devices Inc./(1)/ 41,697 865,213 Nash Finch Co. 31,672 863,062 WebEx Communications Inc./(1)/ 52,456 862,901 Pharmacopeia Inc./(1)/ 64,829 862,874 New England Business Service Inc. 33,611 862,794 Equity Inns Inc. 107,745 861,960 Hancock Fabrics Inc. 47,645 859,992 IDX Systems Corp./(1)/ 48,921 859,053 JP Realty Inc. 32,094 858,514 F&M Bancorp 31,798 858,228 Guitar Center Inc./(1)/ 48,976 858,060 Theragenics Corp./(1)/ 86,669 858,023 TranSwitch Corp./(1)/ 263,028 857,471 FSI International Inc./(1)/ 76,191 854,101 Akamai Technologies Inc./(1)/ 212,961 852,057 Lightbridge Inc./(1)/ 73,259 852,002 CoStar Group Inc./(1)/ 37,416 851,588 Connetics Corp./(1)/ 87,787 851,534 CARBO Ceramics Inc. 20,784 851,313 BE Aerospace Inc./(1)/ 85,400 848,022 Playtex Products Inc./(1)/ 78,052 847,645 Intuitive Surgical Inc./(1)/ 90,168 847,579 Serologicals Corp./(1)/ 53,646 840,633 MIPS Technologies Inc. "A"/(1)/ 114,176 840,335 DIMON Inc. 121,666 839,495 VidaMed Inc./(1)/ 106,316 837,770 United Industial Corp. 37,637 837,423 Bio-Technology General Corp./(1)/ 170,285 836,099 ChemFirst Inc. 31,251 835,964 RadiSys Corp./(1)/ 46,398 835,628 BankUnited Financial Corp. "A"/(1)/ 55,749 835,120 Interface Inc. "A" 131,355 834,104 Universal Compression Holdings Inc./(1)/ 31,541 832,682 Wackenhut Corp. (The) "A"/(1)/ 25,125 831,638 Fidelity Bankshares Inc. 46,125 830,250 FalconStor Software Inc./(1)/ 130,847 829,570 Stratos Lightwave Inc./(1)/ 187,360 828,131 Sterling Bancorp - NY Shares 25,913 826,625 U.S. Industries Inc./(1)/ 217,450 826,310 Pixelworks Inc./(1)/ 64,124 825,917 BioMarin Pharmaceutical Inc./(1)/ 78,831 825,361 Kana Software Inc./(1)/ 45,719 822,942 Daisytek International Corp./(1)/ 51,702 822,579 Marcus Corp. 50,990 821,959 LSI Industries Inc. 41,491 820,277 Local Financial Corp./(1)/ 52,023 818,842 Planar Systems Inc./(1)/ 31,174 818,318 Learning Tree International Inc./(1)/ 33,793 817,791 Vitria Technology Inc./(1)/ 206,973 817,543 Intertan Inc./(1)/ 71,850 815,497 Universal Health Realty Income Trust 33,936 815,143 Calgon Carbon Corp. 97,129 813,941 Analogic Corp. 19,563 813,625 Caliper Technologies Corp./(1)/ 62,560 811,403 MatrixOne Inc./(1)/ 90,744 809,436 SWS Group Inc. 39,935 808,684 TriZetto Group Inc. (The)/(1)/ 66,157 803,808 Tompkins Trustco Inc. 19,043 803,615 Sipex Corp./(1)/ 72,383 803,451 Advanta Corp. "A" 62,909 802,719 Haverty Furniture Companies Inc. 46,629 802,485 Vastera Inc./(1)/ 53,836 798,388 Century Business Services Inc./(1)/ 229,886 797,704 Caraustar Industries Inc. 75,729 791,368 EDO Corp. 29,247 789,961 Astec Industries Inc./(1)/ 44,906 788,998 CSK Auto Corp./(1)/ 83,071 785,021 Texas Biotech Corp./(1)/ 127,383 783,405 First Community Bancshares Inc. 25,772 782,423 Omega Financial Corp. 23,947 779,235 CDI Corp./(1)/ 33,952 779,198 Ackerly Group Inc./(1)/ 43,542 777,660 Standex International Corp. 31,824 777,142 Sterling Financial Corp. - PA Shares 32,817 776,450 Proxim Corp. "A"/(1)/ 323,331 775,994 Praecis Pharmaceuticals Inc./(1)/ 149,130 775,476 Key Productions Co. Inc./(1)/ 40,876 774,600 100 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- WFS Financial Inc./(1)/ 31,054 $ 773,555 Dura Automotive Systems Inc./(1)/ 40,303 772,609 Dover Motorsports Inc. 47,468 770,880 Leap Wireless International Inc./(1)/ 91,463 770,118 K-Swiss Inc. "A" 18,273 767,101 Innkeepers USA Trust 67,500 766,125 GBC Bancorp 22,879 765,303 Wintrust Financial Corp. 33,310 765,131 Molecular Devices Corp./(1)/ 41,986 762,886 Penwest Pharmaceuticals Co./(1)/ 39,317 762,750 Intrado Inc./(1)/ 34,998 762,606 Ameron International Corp. 10,613 761,483 Centex Construction Products Inc. 19,130 760,991 Gold Banc Corp. Inc. 84,546 760,914 Emisphere Technologies Inc./(1)/ 44,723 760,738 Community Trust Bancorp Inc. 29,649 759,904 BSB Bancorp Inc. 25,422 758,847 City Holding Co./(1)/ 49,394 758,198 Berry Petroleum Co. "A" 49,055 757,900 USG Corp./(1)/ 108,002 756,014 7-Eleven Inc./(1)/ 67,742 755,323 Watts Industries Inc. "A" 44,910 754,488 AAR Corp. 70,053 754,471 U.S. Restaurant Properties Inc. 54,683 751,891 Forrester Research Inc./(1)/ 39,266 749,981 Corixa Corp./(1)/ 121,479 749,525 ENDOcare Inc./(1)/ 37,988 748,743 Navigant Consulting Co./(1)/ 115,541 748,706 Telik Inc./(1)/ 61,750 748,410 Numerical Technologies Inc./(1)/ 55,350 747,779 Kramont Realty Trust 55,147 747,242 Acclaim Entertainment Inc./(1)/ 164,519 746,916 Handleman Co./(1)/ 72,545 745,037 Renaissance Learning Inc./(1)/ 22,776 744,775 Smith (A.O.) Corp. "B" 29,106 740,748 Bank of Granite Corp. 32,197 740,531 Universal Forest Products Inc. 30,994 740,447 Farmer Brothers Co. 2,441 739,623 Range Resources Corp./(1)/ 142,425 739,186 Sturm Ruger & Co. Inc. 57,287 739,002 Watson Wyatt & Co. Holdings/(1)/ 26,995 738,313 Genzyme Corp. - Biosurgery Division/(1)/ 108,359 737,925 Merix Corp./(1)/ 39,434 737,021 Rock-Tenn Co. "A" 34,298 735,692 Answerthink Inc./(1)/ 113,005 735,663 DuPont Photomasks Inc./(1)/ 14,142 735,384 Information Resources Inc./(1)/ 79,999 735,191 Kroll Inc./(1)/ 44,142 734,964 3TEC Energy Corp./(1)/ 43,075 734,429 Versicor Inc./(1)/ 40,577 733,632 TBC Corp./(1)/ 50,490 732,105 PLATO Learning Inc./(1)/ 41,285 730,332 Stein Mart Inc./(1)/ 72,605 726,776 Stewart Information Services Corp./(1)/ 36,122 722,440 Ventana Medical Systems Inc./(1)/ 35,541 719,705 Saga Communications Inc./(1)/ 28,444 716,789 National Western Life Insurance Company "A"/(1)/ 6,263 715,548 Farmers Capital Bank Corp. 20,299 715,540 Conestoga Enterprises Inc. 23,638 715,286 Ryerson Tull Inc. 65,287 714,893 First Place Financial Corp. 42,387 714,221 First Horizon Pharmaceutical Corp./(1)/ 31,922 713,776 Ultimate Electronics Inc./(1)/ 25,428 713,255 West Coast Bancorp 47,133 711,944 Interpool Inc. 38,065 711,815 SeeBeyond Technology Corp./(1)/ 93,016 711,572 Arqule Inc./(1)/ 56,321 711,334 MEMC Electronics Materials Inc./(1)/ 120,400 710,360 New Century Financial Corp. 31,292 710,328 Del Monte Foods Co./(1)/ 72,958 709,881 Valmont Industries Inc. 39,652 709,771 NeoPharm Inc./(1)/ 32,992 708,998 Ocwen Financial Corp./(1)/ 107,406 707,806 Prima Energy Corp./(1)/ 28,417 707,583 Financial Institutions Inc. 24,255 706,063 Lindsay Manufacturing Co. 28,982 705,712 Entrust Inc./(1)/ 138,817 705,190 Right Management Consultants Inc./(1)/ 27,850 705,162 Zenith National Insurance Corp. 24,070 702,844 CPB Inc. 20,450 702,457 RTI International Metals Inc./(1)/ 60,590 699,815 Peregrine Pharmaceuticals Inc./(1)/ 321,360 697,351 Myers Industries Inc. 48,071 697,030 Kansas City Life Insurance Co. 17,924 695,451 MCSi Inc./(1)/ 58,198 693,138 Triangle Pharmaceuticals Inc./(1)/ 135,864 692,906 Viewpoint Corp./(1)/ 114,651 692,492 Magnetek Inc./(1)/ 59,097 691,435 City Bank 27,852 689,337 Schedules of Investments 101 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- SONICblue Inc./(1)/ 273,380 $ 688,918 Saul Centers Inc. 31,011 688,444 Caminus Corp./(1)/ 30,582 688,095 Westcorp Inc. 31,446 687,095 Cascade Natural Gas Corp. 32,321 685,852 Nabi Biopharmaceuticals/(1)/ 111,293 685,565 Global Sports Inc./(1)/ 40,073 685,248 Washington Trust Bancorp Inc. 35,278 685,099 Xicor Inc./(1)/ 64,307 683,583 Therma-Wave Inc./(1)/ 47,319 683,286 United Community Financial Corp. 92,252 682,665 MRV Communications Inc./(1)/ 242,058 682,604 La Jolla Pharmaceutical Co./(1)/ 93,191 682,158 Rainbow Technologies Inc./(1)/ 67,685 680,911 Coachmen Industries Inc. 41,750 680,525 Zygo Corp./(1)/ 41,893 679,503 Banner Corp. 30,844 676,717 Simmons First National Corp. "A" 20,777 676,291 CCBT Financial Companies Inc. 25,220 675,896 Mississippi Valley Bancshares Inc. 16,783 674,677 Midwest Express Holdings Inc./(1)/ 36,887 674,663 MTS Systems Corp. 61,582 674,323 CT Communications Inc. 45,210 673,629 CNA Surety Corp. 44,722 673,066 Milacron Inc. 46,109 672,730 Advanced Tissue Sciences Inc./(1)/ 213,886 672,671 Oriental Financial Group Inc. 31,694 671,919 Keynote Systems Inc./(1)/ 69,304 671,556 Pope & Talbot Inc. 45,592 668,379 Wabash National Corp. 67,332 666,587 Glatfelter Co. 37,087 665,341 United Natural Foods Inc./(1)/ 26,652 663,901 Old Second Bancorp Inc. 16,509 663,332 First Indiana Corp. 34,031 661,903 DVI Inc./(1)/ 35,897 660,505 Buca Inc./(1)/ 36,109 656,101 Advanced Neuromodulation Systems Inc./(1)/ 19,561 656,076 Penn Engineering & Manufacturing Corp. 34,850 654,483 Buckeye Technologies Inc./(1)/ 63,443 653,463 Alloy Inc./(1)/ 43,475 653,429 Acacia Research Corp./(1)/ 57,141 651,979 Viasat Inc./(1)/ 46,451 651,243 EMCORE Corp./(1)/ 67,717 650,760 Insignia Financial Group Inc./(1)/ 56,825 650,646 Playboy Enterprises Inc. "B"/(1)/ 38,090 650,577 Tejon Ranch Co./(1)/ 20,777 650,320 Trans World Entertainment Corp./(1)/ 77,310 649,404 Avigen Inc./(1)/ 58,352 647,707 AMERCO/(1)/ 37,143 646,660 J&J Snack Foods Corp./(1)/ 17,268 645,478 Sykes Enterprises Inc./(1)/ 66,567 645,034 Herbalife International Inc. "A" 44,118 644,564 Wilson Greatbatch Technologies Inc./(1)/ 25,019 643,238 Investors Real Estate Trust 64,316 643,160 Artisan Components Inc./(1)/ 38,722 642,785 Mattson Technology Inc./(1)/ 91,618 641,326 Array BioPharma Inc./(1)/ 49,414 639,911 Peoples Holding Co. 16,691 637,596 FBL Financial Group Inc. "A" 34,000 637,500 Nuevo Energy Co./(1)/ 42,732 636,707 OceanFirst Financial Corp. 21,222 634,113 Umpqua Holdings Corp. 42,386 634,095 Robbins & Myers Inc. 23,183 634,055 Trico Marine Services Inc./(1)/ 72,262 633,738 Somera Communications Inc./(1)/ 86,485 633,070 Atlas Air Worldwide Holdings Inc./(1)/ 48,049 632,805 Irwin Financial Corp. 33,787 632,155 Encore Wire Corp./(1)/ 38,143 631,648 Proton Energy Systems Inc./(1)/ 97,176 631,644 NaPro BioTherapeutics Inc./(1)/ 72,003 630,026 XM Satellite Radio Holdings Inc. "A"/(1)/ 45,747 629,936 Concord Camera Corp./(1)/ 69,815 629,033 Conceptus Inc./(1)/ 28,985 624,627 American Physicians Capital Inc./(1)/ 31,999 623,980 Casella Waste Systems Inc. "A"/(1)/ 52,312 623,559 Zomax Inc./(1)/ 85,266 622,442 Midas Inc./(1)/ 43,552 621,052 Lydall Inc./(1)/ 43,738 620,205 Movado Group Inc. 28,248 620,044 Oneida Ltd. 41,319 619,785 Hickory Tech Corp. 37,962 617,642 Gabelli Asset Management Inc. "A"/(1)/ 15,554 617,494 Brush Engineered Materials Inc. 48,592 617,118 Second Bancorp Inc. 25,418 616,387 102 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Pilgrim's Pride Corp. "B" 43,952 $ 616,207 Chordiant Software Inc./(1)/ 84,662 615,493 Bel Fuse Inc. "B" 25,140 614,924 North Pittsburgh Systems Inc. 43,844 613,378 Getty Realty Corp. 32,626 613,369 Cleveland-Cliffs Inc. 27,814 611,908 Connecticut Water Service Inc. 22,335 611,756 SPSS Inc./(1)/ 34,851 611,287 Endo Pharmaceuticals Holdings Inc./(1)/ 60,512 611,171 Citizens Inc./(1)/ 56,851 611,148 Salem Communications Corp. "A"/(1)/ 25,763 610,583 McGrath Rentcorp 19,836 609,957 Vesta Insurance Group 101,655 609,930 United Fire & Casualty Co. 18,491 609,278 Bassett Furniture Industries Inc. 29,677 608,378 Rent-Way Inc./(1)/ 71,704 605,899 Pemstar Inc./(1)/ 62,991 604,714 infoUSA Inc./(1)/ 79,126 603,731 PLX Technology Inc./(1)/ 49,473 603,571 Central Vermont Public Service Corp. 33,784 603,382 Urologix Inc./(1)/ 33,196 603,171 Crown American Realty Trust 61,803 601,961 USB Holding Co. Inc. 35,296 599,326 Great Lakes REIT Inc. 35,316 598,253 Lakeland Bancorp Inc. 33,776 596,484 R&G Financial Corp. "B" 29,887 595,648 Century Aluminum Co. 36,655 595,644 AXT Inc./(1)/ 55,662 595,583 Community Banks Inc. 21,503 594,128 Insurance Auto Auctions Inc./(1)/ 35,458 593,567 Aspect Communications Corp./(1)/ 151,780 593,460 Luminex Corp./(1)/ 47,228 593,184 MetaSolv Inc./(1)/ 78,752 593,003 Bei Technologies Inc. 31,414 592,154 United Therapeutics Inc./(1)/ 43,955 591,634 Consolidated Graphics Inc./(1)/ 29,638 589,796 Universal Electronics Inc./(1)/ 40,172 588,520 UniFirst Corp. 23,370 587,756 Semitool Inc./(1)/ 45,159 587,519 Meritage Corp./(1)/ 9,182 586,730 Mid Atlantic Realty Trust 38,345 586,679 Brookline Bancorp Inc. 34,366 586,284 Antigenics Inc./(1)/ 41,852 585,509 SY Bancorp Inc. 16,082 585,385 Mission West Properties Inc. 44,676 585,256 LaSalle Hotel Properties 36,007 583,313 SonoSite Inc./(1)/ 29,978 581,573 ONYX Software Corp./(1)/ 116,454 581,105 Sequenom Inc./(1)/ 84,087 580,200 First Essex Bancorp Inc. 19,048 579,821 dELiA*s Corp. "A"/(1)/ 90,980 579,452 MRO Software Inc./(1)/ 46,537 578,920 National Processing Inc./(1)/ 20,248 578,688 Electro Rent Corp./(1)/ 42,153 578,339 Digimarc Corp./(1)/ 29,493 577,178 Commonwealth Bancorp Inc. 23,248 576,783 TRC Companies Inc./(1)/ 23,463 576,017 Standard Commercial Corp. 29,909 574,851 Gorman-Rupp Co. (The) 21,456 573,948 Allscripts Healthcare Solutions Inc./(1)/ 90,994 573,262 CorVel Corp./(1)/ 19,203 573,018 Oregon Steel Mills Inc./(1)/ 75,389 572,956 Riggs National Corp. 37,257 571,895 Cash America International Inc. 64,850 570,680 Resources Connection Inc./(1)/ 19,714 570,326 InterVoice-Brite Inc./(1)/ 88,637 567,277 Skyline Corp. 18,268 567,221 Redwood Trust Inc. 20,818 566,874 First Busey Corp. "A" 26,243 561,600 Vital Sign Inc. 15,212 561,019 Navigant International Inc./(1)/ 38,658 560,541 SpeechWorks International Inc./(1)/ 71,013 556,742 Cole National Corp./(1)/ 29,120 556,192 Woodhead Industries Inc. 31,137 554,239 Movie Gallery Inc./(1)/ 32,193 552,754 American West Holdings Corp. "B"/(1)/ 98,618 552,261 Bank Mutual Corp. 32,453 551,701 Mail-Well Inc./(1)/ 87,620 550,254 Quicksilver Resources Inc./(1)/ 23,908 549,884 Portal Software Inc./(1)/ 287,570 549,259 Chiles Offshore Inc./(1)/ 23,875 549,125 IBERIABANK Corp. 15,836 549,034 Friedman's Inc. 50,968 547,906 TALX Corp. 34,214 547,424 Vans Inc./(1)/ 46,662 546,412 SBS Technologies Inc./(1)/ 42,711 545,847 Octel Corp./(1)/ 28,928 545,293 CFS Bancorp Inc. 39,948 545,290 Building Materials Holdings Corp./(1)/ 37,836 544,838 Schedules of Investments 103 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Fisher Communications Inc. 11,960 $ 544,300 MasTec Inc./(1)/ 67,570 543,939 OSCA Inc./(1)/ 19,516 543,716 Vical Inc./(1)/ 58,542 541,514 Excel Technology Inc./(1)/ 24,641 541,116 StarTek Inc./(1)/ 23,308 539,580 Integral Systems Inc./(1)/ 26,642 539,500 Magna Entertainment Corp. "A"/(1)/ 66,126 535,621 I-many Inc./(1)/ 107,866 535,015 Nuance Communications Inc./(1)/ 78,223 534,263 Sitel Corp./(1)/ 164,156 533,507 Oplink Communications Inc./(1)/ 344,176 533,473 Sequa Corp. "A"/(1)/ 10,212 533,066 Arrow Financial Corp. 18,506 532,817 Southern Peru Copper Corp. 41,131 532,646 Aksys Ltd./(1)/ 60,541 531,550 Stellent Inc./(1)/ 55,155 531,143 Orbital Sciences Corp./(1)/ 101,259 530,597 Kendle International Inc./(1)/ 28,504 529,889 Great Southern Bancorp Inc. 16,591 529,253 Quaker Chemical Corp. 22,650 528,878 State Auto Financial Corp. 36,289 528,005 Arena Pharmaceuticals Inc./(1)/ 52,958 527,462 Capital City Bank Group Inc. 19,494 526,338 Main Street Banks Inc. 27,955 524,156 Prosperity Bancshares Inc. 16,083 523,502 SCM Microsystems Inc./(1)/ 44,719 522,765 Aphton Corp./(1)/ 44,252 522,616 HEICO Corp. 33,181 520,278 CIRCOR International Inc. 25,073 520,265 Presstek Inc./(1)/ 89,626 519,831 Seitel Inc./(1)/ 56,712 518,915 Flushing Financial Corp. 30,761 517,400 Middlesex Water Co. 22,218 517,235 Energy Partners Ltd./(1)/ 64,386 515,732 Tuesday Morning Corp./(1)/ 25,226 514,636 Penton Media Inc. 68,013 513,498 Illumina Inc./(1)/ 54,107 511,852 Siliconix Inc./(1)/ 17,057 511,710 Kadant Inc./(1)/ 35,790 511,081 Register.com/(1)/ 56,883 510,809 Stanley Furniture Co. Inc./(1)/ 15,793 510,746 Guilford Pharmaceuticals Inc./(1)/ 71,579 509,642 Garan Inc. 9,480 509,550 SEMCO Energy Inc. 53,038 509,165 deCODE genetics Inc./(1)/ 89,468 509,073 Titan Pharmaceuticals Inc./(1)/ 72,285 506,718 St Francis Capital Corp. 21,355 506,327 MemberWorks Inc./(1)/ 26,701 505,450 Centennial Bancorp 63,271 504,903 Research Frontiers Inc./(1)/ 28,542 504,623 Comstock Resources Inc./(1)/ 65,908 503,537 BKF Capital Group Inc./(1)/ 16,868 503,510 Seacoast Banking Corp. of Florida 10,642 503,367 Horizon Offshore Inc./(1)/ 42,906 503,287 Trendwest Resorts Inc./(1)/ 20,952 503,267 CYTOGEN Corp./(1)/ 233,061 498,751 US Unwired Inc. "A"/(1)/ 90,290 498,401 Allen Telecom Inc./(1)/ 74,594 498,288 ParkerVision Inc./(1)/ 24,514 497,879 First Consulting Group Inc./(1)/ 49,821 496,715 First Niagara Financial Group Inc. 28,464 496,412 Vail Resorts Inc./(1)/ 23,373 496,209 Columbia Banking System Inc./(1)/ 37,210 494,893 Resource America Inc. "A" 44,842 494,607 Capstead Mortgage Corp. 25,561 494,605 Novavax Inc./(1)/ 43,079 492,824 Biopure Corp./(1)/ 46,490 492,794 Stepan Co. 18,342 492,483 Lithia Motors Inc. "A"/(1)/ 19,938 492,469 Meridian Resource Corp. (The)/(1)/ 100,457 492,239 Supertex Inc./(1)/ 23,134 491,829 Liqui-Box Corp. 7,383 491,708 Active Power Inc./(1)/ 93,514 490,948 World Wrestling Federation Entertainment Inc./(1)/ 33,626 490,940 Midland Co. (The) 11,504 490,070 4Kids Entertainment Inc./(1)/ 24,575 489,534 Port Financial Corp. 15,490 488,555 eSpeed, Inc./(1)/ 46,164 488,415 Aviall Inc./(1)/ 54,051 488,081 AVANIR Pharmaceuticals "A"/(1)/ 170,148 486,623 Packeteer Inc./(1)/ 65,482 484,567 Factory 2-U Stores Inc./(1)/ 37,443 483,015 Sports Resorts International Inc./(1)/ 71,076 482,606 Hollywood Casino Corp. "A"/(1)/ 29,251 482,349 Associated Estates Realty Corp. 47,147 482,314 Championship Auto Racing Teams Inc./(1)/ 34,179 482,266 Witness Systems Inc./(1)/ 34,229 481,602 Geron Corp./(1)/ 63,029 479,651 Vasomedical Inc./(1)/ 167,354 478,800 GulfMark Offshore Inc./(1)/ 13,251 478,759 Spectrian Corp./(1)/ 33,367 477,815 104 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------ Indus International Inc./(1)/ 90,515 $ 472,488 Denbury Resources Inc./(1)/ 55,696 472,302 SJW Corp. 5,816 472,259 ABIOMED Inc./(1)/ 42,506 471,817 Flagstar Bancorp Inc. 20,228 470,908 RPC Inc. 31,557 470,199 Foamex International Inc./(1)/ 48,118 469,150 Boykin Lodging Co. 50,348 468,236 BancFirst Corp. 11,958 467,606 Trikon Technologies Inc./(1)/ 31,838 467,382 PICO Holdings Inc./(1)/ 31,331 466,832 Dril-Quip Inc./(1)/ 18,173 466,137 NL Industries Inc. 28,015 465,049 QRS Corp./(1)/ 39,375 464,625 Oxford Industries Inc. 17,575 463,980 Baldwin & Lyons Inc. "B" 18,513 463,454 II-VI Inc./(1)/ 30,591 463,454 LodgeNet Entertainment Corp./(1)/ 27,066 462,829 NS Group Inc./(1)/ 50,772 462,533 NBC Capital Corp. 15,436 462,463 OraSure Technologies Inc./(1)/ 76,439 462,456 Neurogen Corp./(1)/ 36,234 462,346 German American Bancorp 27,577 461,915 Regent Communications Inc./(1)/ 56,028 461,671 Stamps.com Inc./(1)/ 103,096 460,839 JNI Corp./(1)/ 64,575 459,774 Holly Corp. 24,777 459,613 NMS Communications Corp./(1)/ 107,682 458,725 New Focus Inc./(1)/ 153,149 457,916 Friedman Billings Ramsey Group Inc. "A"/(1)/ 65,330 457,310 Corvas International Inc./(1)/ 80,337 457,118 First Bancorp North Carolina 20,007 456,560 EPIQ Systems Inc./(1)/ 28,617 455,869 Urban Outfitters Inc./(1)/ 19,497 455,255 Steven Madden Ltd./(1)/ 25,975 454,563 Osmonics Inc./(1)/ 30,878 453,907 Medford Bancorp Inc. 17,979 453,790 Buckle Inc. (The)/(1)/ 18,503 453,323 Santander BanCorp 22,918 452,172 American Superconductor Corp./(1)/ 59,752 451,128 PennFed Financial Services Inc. 16,502 449,680 Red Hat Inc./(1)/ 78,728 449,458 Strayer Education Inc. 9,116 447,596 Genuity Inc./(1)/ 514,005 447,184 Pain Therapeutics Inc./(1)/ 46,729 446,729 Luby's Inc./(1)/ 65,596 446,053 Universal Display Corp./(1)/ 46,450 445,920 Bell Microproducts Inc./(1)/ 42,828 445,411 Martha Stewart Living Omnimedia Inc. "A"/(1)/ 24,799 443,902 Integrated Electrical Services Inc./(1)/ 88,610 443,050 Pomeroy Computer Resources/(1)/ 29,120 442,042 Ariad Pharmaceuticals Inc./(1)/ 82,917 441,118 Volt Information Sciences Inc./(1)/ 23,636 440,811 Lufkin Industries Inc. 16,306 440,262 SpectraLink Corp./(1)/ 43,937 440,249 Applica Inc./(1)/ 51,057 439,090 SCPIE Holdings Inc. 25,722 436,760 Select Medical Corp./(1)/ 27,265 436,513 Carreker Corp./(1)/ 50,047 436,410 Spartan Stores Inc./(1)/ 57,766 434,400 Durect Corp./(1)/ 55,622 433,295 Gray Communications Systems Inc. 26,987 432,332 Pinnacle Entertainment Inc./(1)/ 53,516 431,339 Kenneth Cole Productions "A"/(1)/ 21,462 430,742 Micro General Corp./(1)/ 31,097 429,761 PetroQuest Energy Inc./(1)/ 74,908 429,223 Trex Co. Inc./(1)/ 18,120 428,719 Roanoke Electric Steel Corp. 31,946 428,076 LeCroy Corp./(1)/ 24,255 427,858 Coastal Bancorp Inc. 12,305 425,753 Cygnus Inc./(1)/ 108,753 425,224 Central Coast Bancorp/(1)/ 21,430 424,100 Nu Horizons Electronics Corp./(1)/ 43,037 423,914 Northwest Bancorp Inc. 35,616 422,050 Aware Inc./(1)/ 66,232 420,573 Datastream Systems Inc./(1)/ 46,724 420,516 ITXC Corp./(1)/ 69,327 419,428 TriPath Imaging Inc./(1)/ 73,084 418,771 Wilsons The Leather Experts Inc./(1)/ 34,866 416,997 Boston Beer Co Inc. "A"/(1)/ 27,527 415,658 Turnstone Systems Inc./(1)/ 86,171 414,483 Divine Inc. "A"/(1)/ 828,708 414,354 WSFS Financial Corp. 22,847 413,988 Lawson Products Inc. 14,364 413,970 SciClone Pharmaceuticals Inc./(1)/ 95,101 413,689 Wireless Facilities Inc./(1)/ 68,769 412,614 Key3Media Group Inc./(1)/ 89,417 410,424 Powell Industries Inc./(1)/ 18,475 410,330 Orchid BioSciences Inc./(1)/ 158,266 409,909 Schedules of Investments 105 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- ADE Corp./(1)/ 26,844 $ 409,908 ON Semiconductor Corp./(1)/ 97,558 409,744 Credit Acceptance Corp./(1)/ 37,931 409,655 Applied Molecular Evolution/(1)/ 47,356 407,262 Tanger Factory Outlet Centers Inc. 15,165 406,119 Esperion Therapeutics Inc./(1)/ 66,490 404,924 Symmetricom Inc./(1)/ 65,296 404,182 Interland Inc./(1)/ 157,832 404,050 WESCO International Inc./(1)/ 57,661 403,627 PriceSmart Inc./(1)/ 11,008 401,242 Butler Manufacturing Co. 14,940 401,139 Wild Oats Markets Inc./(1)/ 47,451 400,961 Magellan Health Services Inc./(1)/ 70,213 400,214 Nanometrics Inc./(1)/ 21,662 399,447 Kos Pharmaceuticals Inc./(1)/ 14,346 399,393 Gerber Scientific Inc./(1)/ 54,268 398,870 Wyndham International Inc. "A"/(1)/ 441,928 397,735 UbiquiTel Inc./(1)/ 161,720 396,214 X-Rite Inc. 49,504 396,032 Avatar Holdings/(1)/ 14,661 395,847 Radiant Systems Inc./(1)/ 43,540 394,037 National Presto Industries Inc. 13,682 393,494 Covansys Corp./(1)/ 52,436 393,270 WatchGuard Technologies Inc./(1)/ 62,724 392,652 MapInfo Corp./(1)/ 39,220 392,200 Golden Telecom Inc./(1)/ 25,172 389,663 National Healthcare Corp./(1)/ 23,609 388,368 Virage Logic Corp./(1)/ 25,457 387,710 Acadia Realty Trust 55,773 387,622 OTG Software Inc./(1)/ 44,841 386,978 Winston Hotels Inc. 41,143 386,744 Bone Care International Inc./(1)/ 28,050 385,407 Scientific Games Corp. "A"/(1)/ 45,937 384,493 PDI Inc./(1)/ 22,568 382,753 i-STAT Corp./(1)/ 52,462 382,448 Hibbet Sporting Goods Inc./(1)/ 16,190 380,465 Boston Communications Group Inc./(1)/ 44,176 380,355 Nature's Sunshine Products Inc. 33,918 380,221 SBA Communications Corp./(1)/ 115,500 379,995 Keithley Instruments Inc. 17,290 379,861 Quaker Fabric Corp./(1)/ 33,990 379,668 Pegasus Communications Corp./(1)/ 125,689 379,581 United Auto Group Inc./(1)/ 16,791 378,469 3D Systems Corp./(1)/ 23,797 378,134 Flow International Corp./(1)/ 38,607 377,576 Midwest Banc Holdings Inc. 17,035 377,325 Genome Therapeutics Corp./(1)/ 66,536 376,594 Syntroleum Corp./(1)/ 63,041 375,094 Medis Technologies Ltd./(1)/ 30,405 373,677 Columbia Laboratories Inc./(1)/ 75,470 373,576 CSS Industries Inc./(1)/ 11,465 372,727 NN Inc. 33,593 369,523 Pharmacyclics Inc./(1)/ 47,232 368,410 Celeritek Inc./(1)/ 35,620 366,886 Global Imaging Systems Inc./(1)/ 19,939 366,878 Audiovox Corp. "A"/(1)/ 51,066 366,654 U.S. Concrete Inc./(1)/ 55,614 364,272 Avanex Corp./(1)/ 90,657 363,535 Kforce Inc./(1)/ 70,385 362,483 Wackenhut Corrections Corp./(1)/ 24,162 362,430 Maxim Pharmaceuticals Inc./(1)/ 68,081 362,191 Riviana Foods Inc. 16,919 362,067 CardioDynamics International Corp./(1)/ 85,171 361,977 Multex.com Inc./(1)/ 79,898 361,938 Sanderson Farms Inc. 13,365 360,855 Option Care Inc./(1)/ 21,841 360,595 NetScout Systems Inc./(1)/ 50,358 360,563 Stoneridge Inc./(1)/ 36,548 359,998 Impax Laboratories Inc./(1)/ 51,849 359,832 Wave Systems Corp. "A"/(1)/ 147,471 359,829 Embarcadero Technologies Inc./(1)/ 26,333 359,709 AVI BioPharma Inc./(1)/ 44,271 359,481 Internet Capital Group Inc./(1)/ 560,458 358,693 Microvision Inc./(1)/ 31,336 357,857 Novoste Corp./(1)/ 43,374 357,836 AMCOL International Corp. 59,118 357,664 International Specialty Products Inc./(1)/ 37,302 357,353 Specialty Laboratories Inc./(1)/ 14,939 356,893 Quaker City Bancorp Inc./(1)/ 11,263 356,812 Smart & Final Inc./(1)/ 34,385 355,541 Corporate Office Properties Trust 27,035 354,158 Catapult Communications Corp./(1)/ 13,939 351,820 Armstrong Holdings Inc./(1)/ 112,585 351,265 Gibraltar Steel Corp. 16,073 349,748 Progenics Pharmaceuticals Inc./(1)/ 23,314 349,710 ACLARA BioSciences Inc./(1)/ 104,691 349,668 Quixote Corp. 18,734 349,417 TTM Technologies Inc./(1)/ 35,020 347,048 Steinway Musical Instruments Inc./(1)/ 17,974 346,000 106 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Vion Pharmaceuticals Inc./(1)/ 84,315 $ 345,692 ResortQuest International Inc./(1)/ 47,305 345,327 PC-Tel Inc./(1)/ 39,760 343,924 SkillSoft Corp./(1)/ 14,900 343,445 K2 Inc./(1)/ 52,565 342,724 IXYS Corp./(1)/ 29,187 341,196 Internap Network Services Corp./(1)/ 442,633 340,827 CoBiz Inc. 21,217 340,533 EntreMed Inc./(1)/ 44,625 339,150 Actrade Financial Technologies Ltd./(1)/ 21,894 335,854 Gulf Island Fabrication Inc./(1)/ 22,326 335,113 Transgenomic Inc./(1)/ 37,020 334,661 Ingles Markets Inc. "A" 28,589 334,491 Elizabeth Arden Inc./(1)/ 28,647 333,738 1-800-FLOWERS.COM Inc./(1)/ 24,477 333,377 Beasley Broadcast Group Inc. "A"/(1)/ 22,332 332,970 Ansoft Corp./(1)/ 18,139 332,851 Keystone Property Trust 23,450 330,645 POZEN Inc./(1)/ 57,150 330,327 SoundView Technology Group Inc./(1)/ 145,974 329,901 Encompass Services Corp./(1)/ 186,349 329,838 Salton Inc./(1)/ 16,601 329,530 Genencor International Inc./(1)/ 28,915 328,185 Troy Financial Corp. 12,303 327,269 Art Technology Group Inc./(1)/ 158,704 326,930 Aspect Medical Systems Inc./(1)/ 36,693 326,568 CPI Corp. 19,799 325,694 Cell Pathways Inc./(1)/ 79,073 324,990 Daktronics Inc./(1)/ 40,396 322,764 Deb Shops Inc. 12,030 322,404 Tropical Sportswear International Corp./(1)/ 13,417 322,008 Oil States International Inc./(1)/ 29,254 315,943 National Service Industries Inc. 30,176 315,037 Ditech Communications Corp./(1)/ 70,250 314,017 Saba Software Inc./(1)/ 75,508 313,358 Medallion Financial Corp. 40,199 312,346 Great American Financial Resources Inc. 17,296 312,193 Titanium Metals Corp./(1)/ 57,384 309,874 Kosan Biosciences Inc./(1)/ 40,216 309,663 Netro Corp./(1)/ 110,586 309,641 Standard Motor Products Inc. 21,208 309,637 Med-Design Corp. (The)/(1)/ 21,976 308,763 Encore Acquisition Co./(1)/ 20,911 308,437 Bush Industries Inc. "A" 24,180 308,295 IMPCO Technologies Inc./(1)/ 23,766 308,007 Closure Medical Corp./(1)/ 15,624 307,480 Seaboard Corp. 1,022 306,600 Covenant Transport Inc. "A"/(1)/ 20,888 306,218 Avant Immunotherapeutics Inc./(1)/ 176,739 305,758 Sauer-Danfoss Inc. 29,636 305,547 Centra Software Inc./(1)/ 62,998 303,650 Novadigm Inc./(1)/ 38,811 301,173 Ladish Co. Inc./(1)/ 26,755 298,318 Aurora Foods Inc./(1)/ 71,108 297,943 Valentis Inc./(1)/ 105,834 297,394 Churchill Downs Inc. 8,078 296,866 Alexander's Inc./(1)/ 4,892 295,721 Alico Inc. 10,139 295,248 Terra Industries Inc./(1)/ 113,029 295,006 Ciphergen Biosystems Inc./(1)/ 48,777 293,638 Sangamo BioSciences Inc./(1)/ 31,487 290,940 Handspring Inc./(1)/ 62,384 290,709 MicroStrategy Inc./(1)/ 95,272 290,580 Valence Technology Inc./(1)/ 95,035 289,857 Aether Systems Inc./(1)/ 65,955 288,223 CoSine Communications Inc./(1)/ 250,380 287,937 Nanophase Technologies Corp./(1)/ 34,276 284,834 Arden Group Inc. "A"/(1)/ 4,240 284,080 hi/fn Inc./(1)/ 23,883 281,819 Intertrust Technologies Corp./(1)/ 223,007 280,989 Boron, LePore & Associates Inc./(1)/ 23,114 280,142 Hexcel Corp./(1)/ 69,788 279,152 Green Mountain Coffee Inc./(1)/ 13,405 278,288 Dendreon Corp./(1)/ 44,946 278,216 Avici Systems Inc./(1)/ 146,292 277,955 Pharmos Corp./(1)/ 165,266 277,647 Maxwell Technologies Inc./(1)/ 29,727 276,461 Lynch Interactive Corp./(1)/ 6,275 276,100 VaxGen Inc./(1)/ 24,156 275,862 SuperGen Inc./(1)/ 48,849 275,020 TiVo Inc./(1)/ 51,772 274,392 Rigel Pharmaceuticals Inc./(1)/ 77,027 273,446 Regeneration Technologies Inc./(1)/ 37,531 272,100 Inet Technologies Inc./(1)/ 28,715 271,070 CCC Information Services Group Inc./(1)/ 29,685 270,133 Insmed Incorporated/(1)/ 96,455 270,074 North American Scientific Inc./(1)/ 20,748 268,479 Genzyme Corp. - Molecular Oncology/(1)/ 46,000 266,800 Schedules of Investments 107 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- KCS Energy Inc./(1)/ 85,421 $ 266,514 McAfee.com Corp./(1)/ 16,138 265,793 Infogrames Inc./(1)/ 42,876 265,402 ViroPharma Inc./(1)/ 51,859 263,962 Sanchez Computer Associates Inc./(1)/ 39,098 263,912 Net2Phone Inc./(1)/ 51,218 260,187 Ameristar Casinos Inc./(1)/ 9,455 259,823 Consolidated Freightways Corp./(1)/ 49,493 259,343 Lexar Media Inc./(1)/ 95,902 258,935 NetRatings Inc./(1)/ 21,258 257,647 Mesaba Holdings Inc./(1)/ 28,941 257,285 Schawk Inc. 26,238 256,870 Onyx Pharmaceuticals Inc./(1)/ 54,355 248,946 World Acceptance Corp./(1)/ 35,066 246,163 Visual Networks Inc./(1)/ 83,107 244,335 ZixIt Corp./(1)/ 37,351 243,529 Provident Bancorp Inc. 9,178 243,217 Xybernaut Corp./(1)/ 151,831 242,930 Synplicity Inc./(1)/ 30,953 241,433 TransMontaigne Inc./(1)/ 46,182 240,146 Cobalt Corp./(1)/ 26,773 239,618 OPNET Technologies Inc./(1)/ 25,126 239,451 Republic Bancshares Inc./(1)/ 13,915 238,225 U.S. Physical Therapy Inc./(1)/ 13,181 237,917 Private Media Group Inc./(1)/ 42,176 237,873 Manufacturers Services Ltd./(1)/ 44,933 236,348 Fedders Corp./(1)/ 77,813 233,439 Digital Lightwave Inc./(1)/ 37,453 233,332 New Horizons Worldwide Inc./(1)/ 19,460 233,325 August Technology Corp./(1)/ 15,970 233,002 Bebe Stores Inc./(1)/ 11,009 231,739 Performance Technologies Inc./(1)/ 29,032 231,675 Xanser Corp./(1)/ 86,279 231,228 Innovative Solutions & Support Inc./(1)/ 23,435 231,069 Deltagen Inc./(1)/ 34,268 230,966 APAC Customer Services Inc./(1)/ 71,986 230,355 Targeted Genetics Corp./(1)/ 110,098 230,105 BriteSmile Inc./(1)/ 41,826 224,606 Royal Bancshares of Pennsylvania "A" 11,133 222,660 NATCO Group Inc. "A"/(1)/ 27,200 220,048 Northfield Laboratories Inc./(1)/ 30,975 218,064 Republic Bancorp Inc. "A" 20,648 217,836 National Golf Properties Inc. 29,413 217,656 InteliData Technologies Corp./(1)/ 142,670 215,432 Dobson Communications Corp. "A"/(1)/ 68,301 215,148 Hemispherx Biopharma Inc./(1)/ 53,638 214,552 Value Line Inc. 4,372 214,228 SpectraSite Holdings Inc./(1)/ 200,018 214,019 MacroChem Corp./(1)/ 67,453 212,477 1-800 CONTACTS INC./(1)/ 19,857 211,477 Genelabs Technologies Inc./(1)/ 119,623 210,536 Ulticom Inc./(1)/ 27,327 208,778 Syntel Inc./(1)/ 14,816 208,313 Dyax Corp./(1)/ 56,480 207,846 Castle (A.M.) & Co. 18,995 205,906 EarthShell Corp./(1)/ 140,980 205,831 PC Connection Inc./(1)/ 19,340 204,230 Hyseq Inc./(1)/ 38,247 203,474 Alaska Communications Systems Group Inc./(1)/ 27,070 203,025 NTELOS Inc./(1)/ 49,419 202,618 Keryx Biopharmaceuticals Inc./(1)/ 36,780 201,922 Peco II Inc./(1)/ 40,490 201,640 Curis Inc./(1)/ 94,463 201,206 Computerized Thermal Imaging Inc./(1)/ 191,102 200,657 Coldwater Creek Inc./(1)/ 11,242 199,658 Callon Petroleum Co./(1)/ 25,587 199,579 Terremark Worldwide Inc./(1)/ 443,205 199,442 Wolverine Tube Inc./(1)/ 22,834 198,656 Crossroads Systems Inc./(1)/ 55,705 197,753 Genzyme Transgenics Corp./(1)/ 59,878 197,597 EXE Technologies Inc./(1)/ 91,019 195,691 Value City Department Stores Inc./(1)/ 46,463 195,145 Mechanical Technology Inc./(1)/ 56,060 194,528 Dynacq International Inc./(1)/ 12,782 193,903 SupportSoft Inc./(1)/ 63,753 192,534 Universal Access Global Holdings Inc./(1)/ 126,653 191,246 AT&T Latin America Corp./(1)/ 127,394 191,091 Docent Inc./(1)/ 107,759 190,733 EEX Corp./(1)/ 91,989 189,497 Measurements Specialties Inc./(1)/ 27,222 189,193 Corillian Corp./(1)/ 57,206 188,780 CompuCredit Corp./(1)/ 32,954 188,497 Perini Corp./(1)/ 32,675 187,881 ICT Group Inc./(1)/ 7,681 187,800 H Power Corp./(1)/ 73,353 187,050 Millennium Cell Inc./(1)/ 46,787 185,744 108 2002 iShares Annual Report to Shareholders iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- InKine Pharmaceutical Co. Inc./(1)/ 100,785 $ 185,444 Selectica Inc./(1)/ 47,970 185,164 NYMAGIC Inc. 9,671 183,652 Convera Corp./(1)/ 52,135 182,994 Guess ? Inc./(1)/ 23,397 182,029 Lexent Inc./(1)/ 56,218 179,898 Harvard Bioscience Inc./(1)/ 20,293 178,375 ACTV Inc./(1)/ 116,918 176,429 MicroFinancial Inc. 20,536 175,583 Ambassadors International Inc./(1)/ 20,453 174,873 SLI Inc. 68,209 173,933 Mestek Inc./(1)/ 7,759 173,414 Bethlehem Steel Corp./(1)/ 383,103 172,396 Catalytica Energy Systems Inc./(1)/ 50,686 170,812 Moldflow Corp./(1)/ 12,614 170,289 Clayton Williams Energy Inc./(1)/ 13,464 168,300 Sunrise Telecom Inc./(1)/ 53,986 167,357 Richardson Electronics Ltd. 13,755 166,986 Auspex Systems Inc./(1)/ 133,494 166,867 Loudcloud Inc./(1)/ 72,334 165,645 Nanogen Inc./(1)/ 39,378 165,388 Federal-Mogul Corp./(1)/ 203,676 164,978 Sirenza Microdevices Inc./(1)/ 30,265 164,036 DUSA Pharmaceuticals Inc./(1)/ 40,698 163,199 BSQUARE Corp./(1)/ 44,034 161,164 AEP Industries Inc./(1)/ 4,678 160,923 Genaissance Pharmaceuticals Inc./(1)/ 53,282 157,715 Copper Mountain Networks Inc./(1)/ 165,967 157,669 Brio Software Inc./(1)/ 57,364 157,177 Lantronix Inc./(1)/ 60,459 156,589 Align Technology Inc./(1)/ 29,479 156,239 VA Systems Inc./(1)/ 91,156 154,965 WestPoint Stevens Inc. 68,617 151,644 Revlon Inc. "A"/(1)/ 23,362 151,619 FiberCore Inc./(1)/ 94,593 151,349 Management Network Group Inc. (The)/(1)/ 27,228 149,482 Brightpoint Inc./(1)/ 163,336 148,636 DigitalThink Inc./(1)/ 65,318 146,965 America Online Latin America Inc. "A"/(1)/ 65,031 146,320 Pumatech Inc./(1)/ 109,966 146,255 Digitas Inc./(1)/ 25,943 142,168 National Beverage Corp./(1)/ 10,582 140,741 WJ Communications Inc./(1)/ 43,033 140,288 EDEN Bioscience Corp./(1)/ 58,390 140,136 Coca-Cola Bottling Co. Consolidated 2,858 140,042 VerticalNet Inc./(1)/ 199,844 139,891 FTD.com Inc./(1)/ 24,119 135,091 RCN Corp./(1)/ 95,160 134,176 Amtran Inc./(1)/ 9,541 133,574 CompX International Inc. 10,696 133,165 BMC Industries Inc. 79,585 131,315 Prime Group Realty Trust 17,044 130,557 ATS Medical Inc./(1)/ 65,172 130,344 Organogenesis Inc./(1)/ 93,481 129,939 Maui Land & Pineapple Co. Inc./(1)/ 6,269 128,515 Emex Corp./(1)/ 39,487 127,544 Recoton Corp./(1)/ 28,270 126,650 McMoRan Exploration Co./(1)/ 38,215 126,110 3 Dimensional Pharmaceuticals Inc./(1)/ 18,390 125,604 Large Scale Biology Corp./(1)/ 37,848 124,520 Simplex Solutions Inc./(1)/ 12,288 122,020 Blue Martini Software Inc./(1)/ 84,827 120,454 Digital Generation Systems Inc./(1)/ 104,425 119,044 Star Scientific Inc./(1)/ 59,318 118,636 Braun Consulting Inc./(1)/ 27,377 117,995 Burnham Pacific Properties Inc. 68,458 115,694 Exact Sciences Corp./(1)/ 11,810 114,911 Newmark Homes Corp./(1)/ 6,745 114,861 Applied Innovation Inc./(1)/ 25,733 112,453 SureBeam Corporation "A"/(1)/ 20,241 112,135 Ribozyme Pharmaceuticals Inc./(1)/ 38,448 111,499 3DO Co. (The)/(1)/ 109,072 111,253 PEC Solutions Inc./(1)/ 4,481 110,188 Seattle Genetics Inc./(1)/ 20,732 108,843 Equity One Inc. 8,086 108,757 Tremont Corp. 3,818 106,828 Covanta Energy Corp./(1)/ 145,818 104,989 Comdisco Inc./(1)/ 310,975 102,622 DuraSwitch Industries Inc./(1)/ 13,669 100,467 Paradigm Genetics Inc./(1)/ 61,509 99,645 First Banks America Inc./(1)/ 2,407 98,639 HealthExtras Inc./(1)/ 36,225 98,532 SatCon Technology Corp./(1)/ 29,481 95,813 SignalSoft Corp./(1)/ 55,309 95,740 Liberty Livewire Corp. "A"/(1)/ 16,516 95,462 Sorrento Networks Corp./(1)/ 37,207 95,250 Inspire Pharmaceuticals Inc./(1)/ 47,373 95,220 Fairchild Corp. (The) "A"/(1)/ 37,482 94,455 Ventiv Health Inc./(1)/ 46,916 93,832 Schedules of Investments 109 iShares Russell 2000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ---------------------------------------------------------------------- COMMON STOCKS (continued) - ---------------------------------------------------------------------- Carrier Access Corp./(1)/ 31,211 $ 93,633 Rural Cellular Corp. "A"/(1)/ 20,383 91,316 Interactive Intelligence Inc./(1)/ 16,235 88,968 MEEMIC Holdings Inc./(1)/ 3,110 88,326 Next Level Communications Inc./(1)/ 61,335 88,322 LightPath Technologies Inc. "A"/(1)/ 56,842 88,105 SRI/Surgical Express Inc./(1)/ 5,743 87,638 Centennial Communications Corp. "A"/(1)/ 23,215 83,574 Oglebay Norton Co. 8,207 82,891 iBasis Inc./(1)/ 96,570 82,084 American Realty Investors Inc./(1)/ 11,605 81,815 PYR Energy Corp./(1)/ 42,179 80,984 Digex Inc./(1)/ 64,290 79,720 V.I. Technologies Inc./(1)/ 15,339 79,609 BioSphere Medical Inc./(1)/ 10,757 78,623 Tripath Technology Inc./(1)/ 45,655 76,700 On Command Corp./(1)/ 16,499 75,070 Immune Response Corp./(1)/ 91,031 73,735 Third Wave Technologies Inc./(1)/ 22,003 73,710 ROHN Industries Inc./(1)/ 50,699 73,514 Extensity Inc./(1)/ 44,107 72,335 ATP Oil & Gas Corp./(1)/ 17,860 72,333 Metromedia International Group Inc./(1)/ 217,132 67,311 Click Commerce Inc./(1)/ 52,310 66,434 TradeStation Group Inc./(1)/ 59,258 65,184 CacheFlow Inc./(1)/ 63,428 62,159 Metawave Communications Corp./(1)/ 120,292 60,146 Spiegel Inc. "A" 43,789 59,991 StarBase Corp./(1)/ 218,635 59,031 Novatel Wireless Inc./(1)/ 78,773 51,990 NewPower Holdings Inc./(1)/ 140,019 51,807 Choice One Communications Inc./(1)/ 30,984 50,504 Beacon Power Corp./(1)/ 97,560 49,756 Viasystems Group Inc./(1)/ 159,237 47,771 Miravant Medical Technologies/(1)/ 40,568 43,813 Alliance Fiber Optic Products Inc./(1)/ 42,606 42,180 Optical Communication Products Inc./(1)/ 13,947 39,191 GenStar Therapeutics Corp./(1)/ 34,728 34,728 Shares or Principal Value - ---------------------------------------------------------------------- ITC*DeltaCom Inc./(1)/ 105,990 $ 33,917 Engage Inc./(1)/ 130,301 32,575 Kaiser Aluminum Corp./(1)/ 88,417 31,830 Uniroyal Technology Corp./(1)/ 42,525 21,263 Adelphia Business Solutions Inc./(1)/ 388,972 15,559 Focal Communications Corp./(1)/ 3,531 15,079 Constellation 3D Inc./(1)/ 45,031 14,410 NEON Communications Inc./(1)/ 22,335 10,497 Pinnacle Holdings Inc./(1)/ 122,508 9,801 Morgan Group Holding Co./(1)/ 6,080 6,992 Optical Cable Corp./(1)/ 6,424 6,488 GenTek Inc. 12,792 3,838 IMPSAT Fiber Networks Inc./(1)/ 42,824 2,149 - ---------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $2,397,794,218) 2,434,892,296 - ---------------------------------------------------------------------- SHORT TERM INSTRUMENTS - 10.00% - ---------------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 140,755,887 140,755,887 Dreyfus Money Market Fund 42,130,765 42,130,765 General Electric Commercial Paper 1.86%, 05/10/02 $ 8,000,000 8,000,000 Goldman Sachs Financial Square Prime Obligation Fund 2,603,749 2,603,749 Providian Temp Cash Money Market Fund 50,375,996 50,375,996 - ---------------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $243,866,397) 243,866,397 - ---------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 109.83% (Cost $2,641,660,615) 2,678,758,693 - ---------------------------------------------------------------------- Other Assets, Less Liabilities - (9.83%) (239,858,919) - ---------------------------------------------------------------------- NET ASSETS - 100.00% $2,438,899,774 ====================================================================== /(1)/ Non-income earning securities. See notes to financial statements. 110 2002 iShares Annual Report to Shareholders iShares Russell 2000 Growth Index Fund Schedule of Investments March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS - 99.96% - ------------------------------------------------------------------- NVR Inc./(1)/ 7,016 $ 2,213,247 New York Community Bancorp Inc. 70,695 1,954,717 Career Education Corp./(1)/ 47,810 1,893,276 Lee Enterprises Inc. 50,171 1,851,310 Renal Care Group Inc./(1)/ 55,926 1,834,373 GlobeSpanVirata Inc./(1)/ 119,626 1,784,820 TriQuint Semiconductor Inc./(1)/ 148,058 1,778,177 Cymer Inc./(1)/ 34,903 1,733,283 Ruby Tuesday Inc. 73,263 1,703,365 Accredo Health Inc./(1)/ 29,662 1,698,743 Edwards (J.D.) & Co./(1)/ 93,687 1,690,113 Affiliated Managers Group Inc./(1)/ 23,441 1,683,767 Varian Semiconductor Equipment Associates Inc./(1)/ 37,281 1,677,645 LifePoint Hospitals Inc./(1)/ 44,596 1,648,268 Hudson United Bancorp 51,612 1,641,778 Brown & Brown Inc. 51,804 1,626,646 Performance Food Group Co./(1)/ 49,714 1,623,659 Cheesecake Factory (The)/(1)/ 43,182 1,593,416 Corporate Executive Board Co. (The)/(1)/ 41,242 1,547,029 Michaels Stores Inc./(1)/ 40,828 1,543,298 Roper Industries Inc. 30,391 1,511,648 LTX Corp./(1)/ 55,407 1,506,516 Scios Inc./(1)/ 51,808 1,498,805 GTECH Holdings Corp./(1)/ 30,629 1,493,164 Transkaryotic Therapies Inc./(1)/ 34,140 1,469,727 Zebra Technologies Corp. "A"/(1)/ 27,093 1,465,460 CEC Entertainment Inc./(1)/ 31,558 1,457,980 Alliant Techsystems Inc./(1)/ 14,216 1,449,890 Graco Inc. 35,453 1,448,255 THQ Inc./(1)/ 29,369 1,442,018 Titan Corp. (The)/(1)/ 69,803 1,441,432 Doral Financial Corp. 42,384 1,438,937 Perot Systems Corp. "A"/(1)/ 71,056 1,417,567 Charles River Laboratories International Inc./(1)/ 45,113 1,398,503 AMETEK Inc. 37,418 1,392,324 Macromedia Inc./(1)/ 66,942 1,366,956 Avocent Corp./(1)/ 50,699 1,358,226 Varian Inc./(1)/ 35,575 1,349,716 Wiley (John) & Sons Inc. "A" 51,508 1,349,510 Fair Isaac and Co. Inc. 20,939 1,327,323 Steris Corp./(1)/ 62,870 1,311,468 Techne Corp./(1)/ 47,224 1,301,966 Mid Atlantic Medical Services Inc./(1)/ 45,509 1,297,006 Chico's FAS Inc./(1)/ 38,278 1,289,969 Direct Focus Inc./(1)/ 33,735 1,283,617 Washington Real Estate Investment Trust 44,197 1,270,664 Neurocrine Biosciences Inc./(1)/ 31,020 1,259,102 Copart Inc./(1)/ 69,755 1,251,405 Linens 'N Things Inc./(1)/ 40,881 1,248,097 Chesapeake Energy Corp./(1)/ 159,592 1,235,242 Global Payments Inc. 33,480 1,227,042 Key Energy Services Inc./(1)/ 113,708 1,218,950 Federal Signal Corp. 51,383 1,218,805 Activision Inc./(1)/ 40,489 1,207,787 99 Cents Only Stores/(1)/ 30,763 1,179,453 ITT Educational Services Inc./(1)/ 26,109 1,174,905 Park National Corp. 11,661 1,151,524 Veeco Instruments Inc./(1)/ 32,754 1,146,390 Province Healthcare Co./(1)/ 35,991 1,143,434 Stericycle Inc./(1)/ 18,246 1,141,488 Electro Scientific Industries Inc./(1)/ 31,079 1,139,045 Ascential Software Corp./(1)/ 294,997 1,135,738 Apria Healthcare Group Inc./(1)/ 46,312 1,135,107 Respironics Inc./(1)/ 34,742 1,125,641 Plexus Corp./(1)/ 47,610 1,123,596 Elantec Semiconductor Inc./(1)/ 26,251 1,122,755 Education Management Corp./(1)/ 26,553 1,119,740 Black Box Corp./(1)/ 22,942 1,110,852 Documentum Inc./(1)/ 43,518 1,107,533 Flowserve Corp./(1)/ 34,107 1,091,765 Atlantic Coast Airlines Holdings Inc./(1)/ 45,456 1,090,035 Polaris Industries Inc. 16,997 1,082,709 Covance Inc./(1)/ 53,238 1,079,667 Scholastic Corp./(1)/ 19,678 1,066,351 Donaldson Co. Inc. 26,429 1,062,710 Cousins Properties Inc. 40,792 1,062,632 Cognex Corp./(1)/ 36,528 1,061,504 Kronos Inc./(1)/ 22,465 1,055,406 Too Inc./(1)/ 35,626 1,050,611 Diagnostic Products Corp. 24,302 1,049,846 Waste Connections Inc./(1)/ 31,227 1,046,417 TrustCo Bank Corp. NY 80,976 1,045,400 Keane Inc./(1)/ 60,891 1,038,192 Schedules of Investments 111 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Gartner Inc. "A"/(1)/ 80,352 $ 1,036,541 MSC Industrial Direct Co. Inc. "A"/(1)/ 45,253 1,036,294 Tom Brown Inc./(1)/ 37,906 1,034,834 Greater Bay Bancorp 30,176 1,029,605 IDEXX Laboratories Inc./(1)/ 38,343 1,029,126 NPS Pharmaceuticals Inc./(1)/ 31,480 1,027,192 Dial Corp. (The) 56,853 1,024,491 Insight Enterprises Inc./(1)/ 44,825 1,014,838 O'Reilly Automotive Inc./(1)/ 31,947 1,008,567 Hilb Rogal & Hamilton Co. 32,204 1,004,765 InterMune Inc./(1)/ 33,086 994,896 VISX Inc./(1)/ 55,887 986,964 ATMI Inc./(1)/ 31,191 980,957 Photon Dynamics Inc./(1)/ 19,087 971,337 Fisher Scientific International Inc./(1)/ 34,490 969,169 Price Communications Corp./(1)/ 54,813 966,901 CommScope Inc./(1)/ 54,920 955,608 Cell Therapeutics Inc./(1)/ 38,422 954,018 Ligand Pharmaceuticals Inc. "B"/(1)/ 48,185 950,208 FactSet Research Systems Inc. 23,544 950,000 Stone Energy Corp./(1)/ 24,497 949,259 Newport Corp. 39,127 935,135 Applebee's International Inc. 25,747 934,616 CAL Dive International Inc./(1)/ 37,061 922,819 Advanced Digital Information Corp./(1)/ 70,903 922,448 Silicon Storage Technology Inc./(1)/ 87,313 921,152 Sonic Corp./(1)/ 35,810 920,675 Legato Systems Inc./(1)/ 102,116 920,065 Intergraph Corp./(1)/ 52,066 916,882 Spinnaker Exploration Co./(1)/ 21,990 915,884 CV Therapeutics Inc./(1)/ 25,157 910,683 Trimeris Inc./(1)/ 21,058 909,706 Swift Transportation Co. Inc./(1)/ 41,370 906,830 Incyte Genomics Inc./(1)/ 75,613 899,795 Credence Systems Corp./(1)/ 40,793 895,814 Photronics Inc./(1)/ 26,480 893,170 Getty Images Inc./(1)/ 29,641 888,044 Powerwave Technologies Inc./(1)/ 68,668 883,757 Aeroflex Inc./(1)/ 68,328 878,698 Ventas Inc. 68,944 872,142 KV Pharmaceuticals Co. "B"/(1)/ 26,471 865,602 Mentor Corp. 23,950 864,116 Digital Insight Corp./(1)/ 31,258 861,158 Matthews International Corp. "A" 34,139 856,889 eFunds Corp./(1)/ 52,826 847,857 Landstar System Inc./(1)/ 9,102 844,666 Take-Two Interactive Software Inc./(1)/ 41,925 842,693 Jack in the Box Inc./(1)/ 28,383 841,556 Cabot Oil & Gas Corp. "A" 33,772 836,195 American Management Systems Inc./(1)/ 44,752 836,012 Stillwater Mining Co./(1)/ 44,166 832,529 Eclipsys Corp./(1)/ 50,580 830,018 Aspen Technology Inc./(1)/ 36,173 828,362 Perrigo Co./(1)/ 69,127 826,068 Christopher & Banks Corp./(1)/ 25,094 824,338 BARRA Inc./(1)/ 13,600 823,752 Coinstar Inc./(1)/ 24,300 818,667 Immunomedics Inc./(1)/ 42,937 814,086 Western Gas Resources Inc. 21,871 814,039 Pacific Sunwear of California Inc./(1)/ 33,059 813,251 Cambrex Corp. 19,278 811,604 MKS Instruments Inc./(1)/ 23,556 806,557 Tetra Tech Inc./(1)/ 55,962 799,697 Western Digital Corp./(1)/ 128,139 798,306 UCBH Holdings Inc. 22,162 797,389 Evergreen Resources Inc./(1)/ 19,008 792,634 Tupperware Corp. 34,733 790,176 Plantronics Inc./(1)/ 37,708 788,851 Regeneron Pharmaceuticals Inc./(1)/ 31,473 786,510 AmeriPath Inc./(1)/ 29,283 784,784 Choice Hotels International Inc./(1)/ 32,431 782,560 Exar Corp./(1)/ 38,017 780,869 Westamerica Bancorp 18,142 775,571 Men's Wearhouse Inc. (The)/(1)/ 33,186 774,893 Alpha Industries Inc./(1)/ 50,349 767,822 Avant! Corp./(1)/ 38,283 766,808 Argosy Gaming Co./(1)/ 20,880 766,087 Oak Technology Inc./(1)/ 51,282 763,076 Advanced Energy Industries Inc./(1)/ 21,097 758,648 Isis Pharmaceuticals Inc./(1)/ 47,061 756,741 Unit Corp./(1)/ 41,079 751,335 Impath Inc./(1)/ 18,293 750,745 MSC.Software Corp./(1)/ 32,501 747,523 Amylin Pharmaceuticals Inc./(1)/ 74,140 742,141 Brooks Automation Inc./(1)/ 16,261 738,900 Rambus Inc./(1)/ 94,588 736,841 Entegris Inc./(1)/ 45,593 736,327 112 2002 iShares Annual Report to Shareholders iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- PETsMART Inc./(1)/ 53,891 $ 730,762 Chelsea Property Group Inc. 13,462 727,486 Haemonetics Corp./(1)/ 22,842 725,005 American Italian Pasta Co. "A"/(1)/ 15,739 714,551 Helix Technology Corp. 28,200 714,024 NDCHealth Corp. 19,488 709,168 Administaff Inc./(1)/ 25,635 708,295 Cooper Companies Inc. 14,928 707,587 Panera Bread Co. "A"/(1)/ 11,057 704,441 P.F. Chang's China Bistro Inc./(1)/ 10,425 694,618 Kopin Corp./(1)/ 76,090 693,180 Kulicke & Soffa Industries Inc./(1)/ 33,259 692,120 Technitrol Inc. 28,992 691,169 SangStat Medical Corp./(1)/ 25,726 691,000 Cerus Corp./(1)/ 12,888 690,410 Asyst Technologies Inc./(1)/ 37,728 686,650 Woodward Governor Co. 9,975 686,280 Genesco Inc./(1)/ 24,857 685,307 SCP Pool Corp./(1)/ 21,763 683,358 Mercury Computer Systems Inc./(1)/ 21,324 681,515 Patina Oil & Gas Corp. 21,604 680,958 HNC Software Inc./(1)/ 40,505 680,484 American Medical Systems Holdings Inc./(1)/ 30,225 680,365 Hooper Holmes Inc. 64,664 678,325 Plains Resource Inc./(1)/ 27,261 678,254 Dreyer's Grand Ice Cream Inc. 16,381 674,733 Insituform Technologies Inc. "A"/(1)/ 26,604 672,283 Cost Plus Inc./(1)/ 24,457 669,202 DRS Technologies Inc./(1)/ 15,870 658,446 SurModics Inc./(1)/ 15,043 655,875 Lone Star Technologies Inc./(1)/ 28,677 654,122 FileNET Corp./(1)/ 38,086 650,890 Integrated Circuit Systems Inc./(1)/ 31,829 649,312 Flir Systems Inc./(1)/ 13,583 648,588 Church & Dwight Co. Inc. 21,976 647,413 Hot Topic Inc./(1)/ 30,964 647,148 Grey Wolf Inc./(1)/ 162,708 644,324 United Bancshares Inc. 21,788 643,400 Dianon Systems Inc./(1)/ 9,899 642,247 Information Holdings Inc./(1)/ 22,267 641,290 Southwest Bancorp of Texas Inc./(1)/ 19,217 640,695 Texas Regional Bancshares Inc. "A" 14,655 639,837 Manitowoc Co. Inc. (The) 16,161 638,359 Secure Computing Corp./(1)/ 32,513 637,580 Maverick Tube Corp./(1)/ 38,805 633,298 Manhattan Associates Inc./(1)/ 16,607 632,727 Sylvan Learning Systems Inc./(1)/ 22,169 626,274 Overture Services Inc./(1)/ 22,426 626,134 InFocus Corp./(1)/ 34,328 625,113 Frontier Oil Corp. 29,102 625,111 FEI Co./(1)/ 17,551 623,938 Rare Hospitality International Inc./(1)/ 24,476 622,180 AmSurg Corp./(1)/ 22,847 621,667 EGL Inc./(1)/ 39,167 620,797 Olin Corp. 32,991 620,231 ILEX Oncology Inc./(1)/ 35,929 620,135 Fred's Inc. 17,172 618,192 Charlotte Russe Holding Inc./(1)/ 23,780 616,853 Syncor International Corp./(1)/ 22,495 612,989 InterDigital Communications Corp./(1)/ 63,459 608,572 Symyx Technologies Inc./(1)/ 29,234 603,682 Progress Software Corp./(1)/ 33,247 603,101 Frontier Airlines Inc./(1)/ 32,895 602,636 Teledyne Technologies Inc./(1)/ 36,310 602,020 Veritas DGC Inc./(1)/ 35,540 600,981 S1 Corp./(1)/ 38,803 599,118 Mills Corp. 21,409 598,596 FuelCell Energy Inc./(1)/ 37,690 593,994 Martek Biosciences Corp./(1)/ 18,823 592,529 Gene Logic Inc./(1)/ 30,445 592,460 Borland Software Corp./(1)/ 45,403 590,693 Priceline.com Inc./(1)/ 112,002 585,770 C&D Technologies Inc. 27,782 583,978 AstroPower Inc./(1)/ 13,976 583,638 Exelixis Inc./(1)/ 42,273 582,945 Rogers Corp./(1)/ 17,549 582,802 Concurrent Computer Corp./(1)/ 69,696 579,174 Verity Inc./(1)/ 32,676 577,712 Cohu Inc. 20,251 576,951 Albany Molecular Research Inc./(1)/ 24,029 575,975 Gentiva Health Services Inc./(1)/ 23,220 574,927 InterCept Inc./(1)/ 15,732 570,285 Power Integrations Inc./(1)/ 29,922 570,014 Cubist Pharmaceuticals Inc./(1)/ 30,703 567,391 Grey Global Group Inc. 830 565,230 NetIQ Corp./(1)/ 25,877 564,377 Forward Air Corp./(1)/ 17,603 557,135 Schedules of Investments 113 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- DSP Group Inc./(1)/ 27,106 $ 554,860 INAMED Corp./(1)/ 16,771 551,766 TeleTech Holdings Inc./(1)/ 41,069 551,557 East West Bancorp Inc. 18,634 545,790 Owens & Minor Inc. 27,664 543,321 Silicon Image Inc./(1)/ 63,512 542,392 WD-40 Co. 17,889 538,817 E.piphany Inc./(1)/ 70,977 536,586 Manufactured Home Communities Inc. 16,227 535,491 AGCO Corp./(1)/ 23,360 533,075 Microsemi Corp./(1)/ 32,457 529,698 Enzo Biochem Inc./(1)/ 26,141 529,617 Noven Pharmaceuticals Inc./(1)/ 25,528 529,451 Metro One Telecommunications Inc./(1)/ 20,775 526,646 Brady Corp. "A" 14,487 525,878 Newpark Resources Inc./(1)/ 67,689 524,590 PRI Automation Inc./(1)/ 22,419 522,564 Footstar Inc./(1)/ 17,122 522,050 Wet Seal Inc. "A"/(1)/ 14,960 521,954 Chittenden Corp. 17,807 519,074 FTI Consulting Inc./(1)/ 16,688 516,994 RehabCare Group Inc./(1)/ 18,079 515,252 Donnelley (R.H.) Corp./(1)/ 16,927 515,089 Westport Resources Corp./(1)/ 25,996 510,821 Quiksilver Inc./(1)/ 23,344 510,767 Atrix Laboratories Inc./(1)/ 22,389 509,798 Boston Private Financial Holdings Inc. 19,009 508,491 Commerce One Inc./(1)/ 325,450 507,702 Superior Energy Services Inc./(1)/ 50,396 506,984 F5 Networks Inc./(1)/ 21,670 503,611 Immunogen Inc./(1)/ 45,451 503,143 Bruker Daltonics Inc./(1)/ 52,223 500,296 IGEN International Inc./(1)/ 13,108 496,531 ValueVision International Inc. "A"/(1)/ 23,830 494,473 Philadelphia Suburban Corp. 20,951 492,349 Itron Inc./(1)/ 16,412 488,257 ProBusiness Services Inc./(1)/ 22,597 487,417 Pacific Capital Bancorp 15,795 487,276 Harmonic Inc./(1)/ 41,803 484,915 Ocular Sciences Inc./(1)/ 17,225 482,350 Franklin Electric Co. Inc. 9,496 481,067 Simpson Manufacturing Co. Inc./(1)/ 7,856 480,394 Forest City Enterprises Inc. "A" 12,614 479,332 Mobile Mini Inc./(1)/ 14,889 479,128 Genta Inc./(1)/ 28,503 477,995 Commonwealth Telephone Enterprises Inc./(1)/ 12,463 476,710 SOURCECORP Inc./(1)/ 16,164 476,676 Echelon Corp./(1)/ 26,472 476,496 OshKosh B'Gosh Inc. "A" 11,091 475,360 Pre-Paid Legal Services Inc./(1)/ 16,577 473,439 CTS Corp. 29,121 473,216 Trimble Navigation Ltd./(1)/ 28,402 472,325 Invacare Corp. 12,558 472,181 Rudolph Technologies Inc./(1)/ 10,911 470,919 webMethods Inc./(1)/ 27,188 468,449 Group 1 Automotive Inc./(1)/ 11,877 463,797 Digene Corp./(1)/ 12,956 463,177 Hain Celestial Group Inc./(1)/ 20,780 462,355 Corinthian Colleges Inc./(1)/ 9,037 456,820 Fleming Companies Inc. 20,215 452,816 Computer Network Technology Corp./(1)/ 34,223 452,428 CVB Financial Corp. 22,427 452,128 Thoratec Labs Corp./(1)/ 41,284 452,060 Atwood Oceanics Inc./(1)/ 9,820 450,738 Pharmaceutical Resources Inc./(1)/ 21,230 449,864 Actel Corp./(1)/ 21,712 449,656 CIMA Labs Inc./(1)/ 16,839 448,759 Midway Games Inc./(1)/ 33,256 447,626 ANSYS Inc./(1)/ 16,488 446,825 FreeMarkets Inc./(1)/ 19,289 443,068 Sapient Corp./(1)/ 92,670 440,183 MAXIMUS Inc./(1)/ 14,250 437,902 Vicor Corp./(1)/ 25,878 437,338 Station Casinos Inc./(1)/ 26,186 435,997 Superior Industries International Inc. 8,905 434,386 Tweeter Home Entertainment Group Inc./(1)/ 22,180 433,619 CUNO Inc./(1)/ 11,639 432,040 Alexion Pharmaceuticals Inc./(1)/ 18,274 429,622 Korn/Ferry International/(1)/ 43,079 428,636 Action Performance Companies Inc./(1)/ 8,696 428,278 UnitedGlobalCom Inc. "A"/(1)/ 79,119 428,034 California Pizza Kitchen Inc./(1)/ 17,099 427,646 114 2002 iShares Annual Report to Shareholders iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- On Assignment Inc./(1)/ 23,870 $ 427,273 Florida Rock Industries Inc. 10,716 426,925 Headwaters Inc./(1)/ 27,763 424,774 InfoSpace Inc./(1)/ 278,499 423,318 Neose Technologies Inc./(1)/ 13,194 422,868 Read-Rite Corp./(1)/ 137,419 421,876 Liberate Technologies/(1)/ 70,074 416,940 Shuffle Master Inc./(1)/ 20,160 416,506 NBTY Inc./(1)/ 24,358 415,547 Edison Schools Inc./(1)/ 29,895 415,540 ArthroCare Corp./(1)/ 23,063 415,365 Maxygen Inc./(1)/ 33,155 415,101 Edwards Lifesciences Corp./(1)/ 14,849 415,030 Federal Agricultural Mortgage Corp./(1)/ 9,315 414,517 Georgia Gulf Corp. 15,403 413,571 Delta & Pine Land Co. 21,789 413,337 Bally Total Fitness Holding Corp./(1)/ 18,823 413,165 Per-Se Technologies Inc./(1)/ 34,114 412,097 Rent-A-Center Inc./(1)/ 8,030 410,253 Knight Transportation Inc./(1)/ 19,367 409,418 Netegrity Inc./(1)/ 27,668 409,210 aaiPharma Inc./(1)/ 11,374 408,782 ChipPAC Inc./(1)/ 41,213 404,712 DDi Corp./(1)/ 47,434 404,612 Penn National Gaming Inc./(1)/ 11,540 404,131 Topps Co. (The)/(1)/ 41,926 402,490 Walter Industries Inc. 30,478 401,395 NYFIX Inc./(1)/ 26,732 399,911 Children's Place Retail Stores Inc. (The)/(1)/ 12,106 399,498 Tennant Co. 9,505 398,450 Heidrick & Struggles International Inc./(1)/ 19,155 398,424 Electronics Boutique Holdings Corp./(1)/ 11,481 396,439 Adolor Corp./(1)/ 35,481 395,613 ScanSource Inc./(1)/ 6,570 394,952 St. Mary Land & Exploration Co. 18,174 394,558 Yankee Candle Co. Inc. (The)/(1)/ 17,055 394,482 Paxson Communications Corp./(1)/ 35,981 394,352 Duane Reade Inc./(1)/ 11,593 393,930 Boyds Collection Ltd. (The)/(1)/ 60,047 393,308 Sirius Satellite Radio Inc./(1)/ 73,473 390,876 Fossil Inc./(1)/ 14,679 390,315 Acuity Brands Inc. 23,536 389,050 Indevus Pharmaceuticals Inc./(1)/ 44,280 387,450 American Woodmark Corp. 6,098 384,644 Identix Inc./(1)/ 43,178 382,989 Possis Medical Inc./(1)/ 19,439 382,948 Suffolk Bancorp 13,336 380,743 Agile Software Corp./(1)/ 31,278 378,464 Integra LifeSciences Holdings Corp./(1)/ 13,450 378,348 AMC Entertainment Inc./(1)/ 27,675 377,487 Bio-Rad Laboratories Inc. "A"/(1)/ 10,035 376,814 MGI Pharma Inc./(1)/ 27,371 376,625 Bright Horizons Family Solutions Inc./(1)/ 12,666 373,280 CryoLife Inc./(1)/ 17,817 372,375 Dionex Corp./(1)/ 15,292 372,054 ANADIGICS Inc./(1)/ 30,111 371,570 Cognizant Technology Solutions Corp./(1)/ 8,817 371,196 Engineered Support Systems Inc. 8,021 370,971 CACI International Inc. "A"/(1)/ 10,558 370,691 ICU Medical Inc./(1)/ 10,153 369,569 Sotheby's Holdings Inc. "A"/(1)/ 23,006 369,246 Student Loan Corp. 4,022 368,415 Littelfuse Inc./(1)/ 14,841 367,612 Tularik Inc./(1)/ 22,330 367,105 Papa John's International Inc./(1)/ 13,146 366,510 AFC Enterprises Inc./(1)/ 10,895 364,438 American Healthways Inc./(1)/ 13,404 363,785 Medicines Co. (The)/(1)/ 25,486 363,430 AirGate PCS Inc./(1)/ 25,897 362,558 Lincoln Electric Holding Inc. 12,619 360,525 Intermagnetics General Corp./(1)/ 13,189 359,400 Tanox Inc./(1)/ 25,352 358,984 Town & Country Trust (The) 16,176 357,651 Dendrite International Inc./(1)/ 33,393 357,305 Roxio Inc./(1)/ 15,705 356,346 Tollgrade Communications Inc./(1)/ 14,507 355,567 Websense Inc./(1)/ 14,116 355,159 Cyberonics Inc./(1)/ 22,165 354,418 Chateau Communities Inc. 12,319 353,925 Silicon Laboratories Inc./(1)/ 10,004 353,441 Lands' End Inc./(1)/ 7,860 352,678 MedQuist Inc./(1)/ 11,733 351,990 Schedules of Investments 115 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Actuate Corp./(1)/ 48,608 $ 350,950 Centillium Communications Inc./(1)/ 28,991 350,791 SERENA Software Inc./(1)/ 17,933 349,694 Cadiz Inc./(1)/ 38,837 349,533 Vintage Petroleum Inc. 23,748 349,096 Landauer Inc. 9,198 349,064 Alpharma Inc. "A" 24,404 348,977 Skechers U.S.A. Inc. "A"/(1)/ 18,445 348,795 Houston Exploration Co./(1)/ 11,222 347,882 Clark/Bardes Inc./(1)/ 12,073 347,702 Biosite Inc./(1)/ 14,024 347,094 Diversa Corp./(1)/ 27,327 347,053 First Bancorp. 12,006 346,973 Pure Resources Inc./(1)/ 15,359 346,806 Scotts Co. (The) "A"/(1)/ 7,575 346,784 Rollins Inc. 16,428 346,631 Advanced Marketing Services Inc. 14,427 346,248 Jill (J.) Group Inc. (The)/(1)/ 12,168 346,180 General Communication Inc. "A"/(1)/ 39,772 346,016 Lexicon Genetics Inc./(1)/ 36,564 345,530 Nordson Corp. 11,454 345,338 MTR Gaming Group Inc./(1)/ 22,371 345,185 Carlisle Companies Inc. 7,866 343,902 CoorsTek Inc./(1)/ 8,951 343,897 Southwestern Energy Co./(1)/ 27,280 343,182 SeaChange International Inc./(1)/ 22,563 342,732 Datascope Corp. 11,652 341,986 Triad Guaranty Inc./(1)/ 7,864 341,848 PolyMedica Corp./(1)/ 13,421 341,564 NCO Group Inc./(1)/ 12,282 340,948 Regis Corp. 12,135 340,751 Granite Construction Inc. 13,778 339,077 Rayovac Corp./(1)/ 21,910 338,510 Energy Conversion Devices Inc./(1)/ 16,306 338,349 Pharmacopeia Inc./(1)/ 25,417 338,300 Libbey Inc. 8,772 337,897 Guitar Center Inc./(1)/ 19,180 336,034 Swift Energy Co./(1)/ 17,053 335,944 Microtune Inc./(1)/ 23,370 335,827 CARBO Ceramics Inc. 8,195 335,667 TranSwitch Corp./(1)/ 102,789 335,092 Theragenics Corp./(1)/ 33,808 334,699 Connetics Corp./(1)/ 34,240 332,128 Lightbridge Inc./(1)/ 28,517 331,653 Intuitive Surgical Inc./(1)/ 35,171 330,607 ABM Industries Inc. 9,008 330,594 Serologicals Corp./(1)/ 20,990 328,913 RadiSys Corp./(1)/ 18,206 327,890 Cato Corp. "A" 14,703 327,583 MIPS Technologies Inc. "A"/(1)/ 44,500 327,520 VidaMed Inc./(1)/ 41,479 326,855 Bio-Technology General Corp./(1)/ 66,534 326,682 Harland (John H.) Co. 11,220 326,165 Inktomi Corp./(1)/ 94,346 325,494 Universal Compression Holdings Inc./(1)/ 12,301 324,746 Andrew Corp./(1)/ 19,380 324,227 Stratos Lightwave Inc./(1)/ 73,257 323,796 FalconStor Software Inc./(1)/ 51,069 323,777 Pixelworks Inc./(1)/ 25,117 323,507 BioMarin Pharmaceutical Inc./(1)/ 30,895 323,471 Tetra Technologies Inc./(1)/ 11,115 322,891 SonicWALL Inc./(1)/ 24,553 320,171 Planar Systems Inc./(1)/ 12,171 319,489 Learning Tree International Inc./(1)/ 13,187 319,125 Vitria Technology Inc./(1)/ 80,789 319,117 Speedway Motorsports Inc./(1)/ 11,159 318,143 Intertan Inc./(1)/ 28,027 318,106 Caliper Technologies Corp./(1)/ 24,515 317,960 W-H Energy Services Inc./(1)/ 14,691 317,326 EDO Corp. 11,731 316,854 Stewart & Stevenson Services Inc. 16,336 316,102 Harman International Industries Inc. 6,367 314,211 MatrixOne Inc./(1)/ 35,045 312,601 CoStar Group Inc./(1)/ 13,626 310,128 TriZetto Group Inc. (The)/(1)/ 25,468 309,436 WMS Industries Inc./(1)/ 16,177 307,363 Airtran Holdings Inc./(1)/ 50,735 306,947 Anaren Microwave Inc./(1)/ 21,110 306,728 Otter Tail Corp. 9,913 306,109 Texas Biotech Corp./(1)/ 49,707 305,698 Ackerly Group Inc./(1)/ 17,112 305,620 AptarGroup Inc. 8,719 305,601 Spanish Broadcasting System Inc. "A"/(1)/ 22,524 305,200 Benchmark Electronics Inc./(1)/ 10,870 304,360 Remington Oil & Gas Corp./(1)/ 15,056 303,529 Praecis Pharmaceuticals Inc./(1)/ 58,352 303,430 116 2002 iShares Annual Report to Shareholders iShares Russell 2000 Growth Index Fund Schedule of Investments (Continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- AsiaInfo Holdings Inc./(1)/ 23,037 $ 303,167 Key Productions Co. Inc./(1)/ 15,974 302,707 WFS Financial Inc.(1) 12,117 301,834 Leap Wireless International Inc./(1)/ 35,696 300,560 Frontier Financial Corp. 11,268 299,729 Molecular Devices Corp./(1)/ 16,416 298,279 Penwest Pharmaceuticals Co./(1)/ 15,346 297,712 Vastera Inc./(1)/ 19,965 296,081 Intrado Inc./(1)/ 13,558 295,429 DMC Stratex Networks Inc./(1)/ 54,182 294,750 Hollywood Entertainment Corp./(1)/ 17,468 293,462 Forrester Research Inc./(1)/ 15,351 293,204 Corixa Corp./(1)/ 47,480 292,952 ENDOcare Inc./(1)/ 14,858 292,851 Renaissance Learning Inc./(1)/ 8,953 292,763 Ixia/(1)/ 34,047 289,399 Ferro Corp. 10,029 288,835 PLATO Learning Inc./(1)/ 16,202 286,613 Mesa Air Group Inc./(1)/ 25,375 284,200 Triarc Companies Inc./(1)/ 10,187 283,199 RailAmerica Inc./(1)/ 26,876 282,736 Briggs & Stratton Corp. 6,143 282,578 Pier 1 Imports Inc. 13,702 282,124 Heartland Express Inc./(1)/ 14,087 281,177 Ventana Medical Systems Inc./(1)/ 13,854 280,544 Saga Communications Inc./(1)/ 11,111 279,997 Ultimate Electronics Inc./(1)/ 9,952 279,154 Arqule Inc./(1)/ 22,037 278,327 First Horizon Pharmaceutical Corp./(1)/ 12,439 278,136 Telik Inc./(1)/ 22,854 276,990 Prima Energy Corp./(1)/ 11,064 275,494 Entrust Inc./(1)/ 54,228 275,478 BE Aerospace Inc./(1)/ 27,703 275,091 NeoPharm Inc./(1)/ 12,789 274,836 Right Management Consultants Inc./(1)/ 10,841 274,494 Net.B@nk Inc./(1)/ 16,234 274,355 IDX Systems Corp./(1)/ 15,580 273,585 Lancaster Colony Corp. 7,364 272,763 Triangle Pharmaceuticals Inc./(1)/ 53,151 271,070 Viewpoint Corp./(1)/ 44,844 270,858 Berry Petroleum Co. "A" 17,454 269,664 Gymboree Corp./(1)/ 18,252 269,217 Versicor Inc./(1)/ 14,880 269,030 SeeBeyond Technology Corp./(1)/ 35,134 268,775 Nabi Biopharmaceuticals/(1)/ 43,492 267,911 Xicor Inc./(1)/ 25,178 267,642 Therma-Wave Inc./(1)/ 18,507 267,241 MRV Communications Inc./(1)/ 94,593 266,752 La Jolla Pharmaceutical Co./(1)/ 36,347 266,060 Washington Trust Bancorp Inc. 13,683 265,724 Zygo Corp./(1)/ 16,298 264,354 Zoll Medical Corp./(1)/ 6,858 263,347 Advanced Tissue Sciences Inc./(1)/ 83,670 263,142 Universal Corp. 6,656 261,980 Merix Corp./(1)/ 13,956 260,838 Advanced Neuromodulation Systems Inc./(1)/ 7,723 259,029 Lindsay Manufacturing Co. 10,611 258,378 Tejon Ranch Co./(1)/ 8,202 256,723 EMCORE Corp./(1)/ 26,558 255,222 Acacia Research Corp./(1)/ 22,365 255,185 Peregrine Pharmaceuticals Inc./(1)/ 117,447 254,860 Viasat Inc./(1)/ 18,154 254,519 Buca Inc./(1)/ 13,992 254,235 Avigen Inc./(1)/ 22,855 253,690 CenterPoint Properties Corp. 4,632 250,360 Mattson Technology Inc./(1)/ 35,731 250,117 City Bank 10,095 249,851 Sensient Technologies Corp. 10,834 249,399 Electroglas Inc./(1)/ 14,732 248,971 Ivex Packaging Corp./(1)/ 10,857 248,842 Somera Communications Inc./(1)/ 33,707 246,735 Magnum Hunter Resources Inc./(1)/ 31,512 246,109 Conceptus Inc./(1)/ 11,411 245,907 Conestoga Enterprises Inc. 8,108 245,348 Alloy Inc./(1)/ 16,319 245,275 DuPont Photomasks Inc./(1)/ 4,693 244,036 Kana Software Inc./(1)/ 13,538 243,684 AnnTaylor Stores Corp./(1)/ 5,622 242,983 NaPro BioTherapeutics Inc./(1)/ 27,762 242,917 Pinnacle Systems Inc./(1)/ 30,469 242,838 Gabelli Asset Management Inc. "A"/(1)/ 6,111 242,607 Bel Fuse Inc. "B" 9,908 242,350 Smucker (J.M.) Co. (The) 7,168 242,278 Alexandria Real Estate Equities Inc. 5,410 241,286 Young Broadcasting Inc. "A"/(1)/ 9,626 240,554 Salem Communications Corp. "A"/(1)/ 10,141 240,342 Getty Realty Corp. 12,761 239,907 Schedules of Investments 117 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- McGrath Rentcorp 7,801 $ 239,881 United Natural Foods Inc./(1)/ 9,627 239,809 Chordiant Software Inc./(1)/ 32,982 239,779 Sandy Spring Bancorp Inc. 7,383 239,578 Endo Pharmaceuticals Holdings Inc./(1)/ 23,720 239,572 Connecticut Water Service Inc. 8,687 237,937 Array BioPharma Inc./(1)/ 18,287 236,817 Urologix Inc./(1)/ 13,003 236,265 WebEx Communications Inc./(1)/ 14,357 236,173 IndyMac Bancorp Inc./(1)/ 9,555 236,008 Proxim Corp. "A"/(1)/ 98,256 235,814 Bei Technologies Inc. 12,370 233,174 Concord Camera Corp./(1)/ 25,877 233,152 AXT Inc./(1)/ 21,756 232,789 MetaSolv Inc./(1)/ 30,899 232,669 Luminex Corp./(1)/ 18,466 231,933 SY Bancorp Inc. 6,345 230,958 Semitool Inc./(1)/ 17,721 230,550 United Therapeutics Inc./(1)/ 17,091 230,045 Universal Electronics Inc./(1)/ 15,597 228,496 ONYX Software Corp./(1)/ 45,633 227,709 ProQuest Co./(1)/ 5,293 227,546 Digimarc Corp./(1)/ 11,616 227,325 National Processing Inc./(1)/ 7,942 226,982 Alamosa Holdings Inc./(1)/ 45,009 226,395 TRC Companies Inc./(1)/ 9,190 225,602 DiamondCluster International Inc. "A"/(1)/ 17,289 223,374 Hydril Co./(1)/ 9,158 223,180 Resources Connection Inc./(1)/ 7,704 222,877 InterVoice-Brite Inc./(1)/ 34,687 221,997 Transaction Systems Architects Inc. "A"/(1)/ 19,429 221,491 First Busey Corp. "A" 10,337 221,212 Vital Sign Inc. 5,978 220,469 SpeechWorks International Inc./(1)/ 27,858 218,407 Numerical Technologies Inc./(1)/ 16,021 216,444 Citizens Inc./(1)/ 20,118 216,268 Essex Property Trust Inc. 4,135 215,764 O'Charley's Inc./(1)/ 10,007 215,651 Antigenics Inc./(1)/ 15,386 215,250 Quicksilver Resources Inc./(1)/ 9,351 215,073 UGI Corp. 6,854 214,804 Pemstar Inc./(1)/ 22,372 214,771 Portal Software Inc./(1)/ 112,427 214,736 PLX Technology Inc./(1)/ 17,597 214,683 Excel Technology Inc./(1)/ 9,720 213,451 Sequenom Inc./(1)/ 30,934 213,445 StarTek Inc./(1)/ 9,182 212,563 TALX Corp. 13,283 212,528 7-Eleven Inc./(1)/ 19,053 212,441 Vical Inc./(1)/ 22,961 212,389 Oceaneering International Inc./(1)/ 7,287 211,323 Aphton Corp./(1)/ 17,871 211,057 School Specialty Inc./(1)/ 7,859 209,992 Nuance Communications Inc./(1)/ 30,644 209,299 CCBT Financial Companies Inc. 7,799 209,013 Century Aluminum Co. 12,854 208,877 Aksys Ltd./(1)/ 23,711 208,183 Stein Mart Inc./(1)/ 20,745 207,657 Main Street Banks Inc. 10,998 206,212 Stellent Inc./(1)/ 21,381 205,899 Oplink Communications Inc./(1)/ 131,848 204,364 Iomega Corp./(1)/ 23,037 204,108 Presstek Inc./(1)/ 34,931 202,600 Hickory Tech Corp. 12,437 202,350 Siliconix Inc./(1)/ 6,730 201,900 Dycom Industries Inc./(1)/ 13,467 201,332 GulfMark Offshore Inc./(1)/ 5,546 200,377 deCODE genetics Inc./(1)/ 35,204 200,311 Sterling Bancshares Inc. 14,984 200,036 Offshore Logistics Inc./(1)/ 9,282 200,027 Guilford Pharmaceuticals Inc./(1)/ 28,088 199,987 Illumina Inc./(1)/ 21,105 199,653 Vans Inc./(1)/ 16,994 199,000 MemberWorks Inc./(1)/ 10,490 198,576 Research Frontiers Inc./(1)/ 11,228 198,511 Titan Pharmaceuticals Inc./(1)/ 28,299 198,376 Trendwest Resorts Inc./(1)/ 8,245 198,045 MPS Group Inc./(1)/ 22,492 196,805 ParkerVision Inc./(1)/ 9,652 196,032 Integral Systems Inc./(1)/ 9,669 195,797 RPM Inc. 12,579 195,603 Caminus Corp./(1)/ 8,693 195,592 Artisan Components Inc./(1)/ 11,769 195,365 Horizon Offshore Inc./(1)/ 16,655 195,363 CYTOGEN Corp./(1)/ 91,263 195,303 118 2002 iShares Annual Report to Shareholders iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ Idex Corp. 5,261 $ 194,657 Arena Pharmaceuticals Inc./(1)/ 19,536 194,579 Novavax Inc./(1)/ 16,965 194,080 Biopure Corp./(1)/ 18,191 192,825 4Kids Entertainment Inc./(1)/ 9,666 192,547 Meridian Resource Corp. (The)/(1)/ 39,185 192,006 AVANIR Pharmaceuticals "A"/(1)/ 66,620 190,533 eSpeed, Inc./(1)/ 17,948 189,890 Wabtec Corp. 12,659 189,758 Packeteer Inc./(1)/ 25,631 189,669 Hollywood Casino Corp. "A"/(1)/ 11,494 189,536 Sports Resorts International Inc./(1)/ 27,877 189,285 Dean Foods Co./(1)/ 2,499 189,224 Raymond James Financial Inc. 5,519 188,915 Geron Corp./(1)/ 24,713 188,066 Three-Five Systems Inc./(1)/ 12,669 187,755 Crown Media Holdings Inc./(1)/ 15,137 187,699 Factory 2-U Stores Inc./(1)/ 14,548 187,669 Vasomedical Inc./(1)/ 65,554 187,550 Independent Bank Corp.(MI) 6,507 187,141 Akamai Technologies Inc./(1)/ 46,471 185,930 RPC Inc. 12,433 185,252 Denbury Resources Inc./(1)/ 21,844 185,237 PRG-Schultz International Inc./(1)/ 13,164 184,954 ABIOMED Inc./(1)/ 16,534 183,527 MICROS Systems Inc./(1)/ 7,200 183,240 Dril-Quip Inc./(1)/ 7,140 183,141 Neurogen Corp./(1)/ 14,278 182,187 II-VI Inc./(1)/ 11,960 181,194 OraSure Technologies Inc./(1)/ 29,810 180,350 JNI Corp./(1)/ 25,290 180,065 EPIQ Systems Inc./(1)/ 11,263 179,420 Corvas International Inc./(1)/ 31,495 179,207 Steven Madden Ltd./(1)/ 10,235 179,113 New Focus Inc./(1)/ 59,900 179,101 Meritage Corp./(1)/ 2,765 176,683 Strayer Education Inc. 3,575 175,533 Martha Stewart Living Omnimedia Inc. "A"/(1)/ 9,755 174,614 Cathay Bancorp Inc. 2,421 174,554 Universal Display Corp./(1)/ 18,159 174,326 Pain Therapeutics Inc./(1)/ 18,156 173,571 Ariad Pharmaceuticals Inc./(1)/ 32,485 172,820 Acclaim Entertainment Inc./(1)/ 37,928 172,193 Select Medical Corp./(1)/ 10,739 171,931 SpectraLink Corp./(1)/ 17,109 171,432 Allscripts Healthcare Solutions Inc./(1)/ 27,109 170,787 Kenneth Cole Productions "A"/(1)/ 8,473 170,053 Carreker Corp./(1)/ 19,461 169,700 Micro General Corp./(1)/ 12,276 169,654 Durect Corp./(1)/ 21,748 169,417 Triumph Group Inc./(1)/ 4,311 168,991 Trex Co. Inc./(1)/ 7,117 168,388 LeCroy Corp./(1)/ 9,500 167,580 Great Southern Bancorp Inc. 5,223 166,614 Central Coast Bancorp/(1)/ 8,413 166,493 Tuesday Morning Corp./(1)/ 8,093 165,105 Middlesex Water Co. 7,081 164,846 Aware Inc./(1)/ 25,935 164,687 CorVel Corp./(1)/ 5,517 164,627 American Superconductor Corp./(1)/ 21,783 164,462 TriPath Imaging Inc./(1)/ 28,633 164,067 MasTec Inc./(1)/ 20,283 163,278 Red Hat Inc./(1)/ 28,515 162,792 Monaco Coach Corp./(1)/ 6,664 161,935 SciClone Pharmaceuticals Inc./(1)/ 37,127 161,502 Powell Industries Inc./(1)/ 7,265 161,356 ADE Corp./(1)/ 10,508 160,457 Del Monte Foods Co./(1)/ 16,470 160,253 Sterling Bancorp - NY Shares 4,983 158,958 Esperion Therapeutics Inc./(1)/ 26,097 158,931 First Midwest Bancorp Inc. 5,441 158,007 Symmetricom Inc./(1)/ 25,521 157,975 Pennsylvania Real Estate Investment Trust 6,188 157,794 WESCO International Inc./(1)/ 22,456 157,192 Touch America Holdings Inc./(1)/ 41,118 156,660 Nanometrics Inc./(1)/ 8,487 156,500 I-many Inc./(1)/ 31,550 156,488 Magellan Health Services Inc./(1)/ 27,451 156,471 Kos Pharmaceuticals Inc./(1)/ 5,607 156,099 Alliance Gaming Corp./(1)/ 5,105 155,856 Radiant Systems Inc./(1)/ 17,109 154,836 PetroQuest Energy Inc./(1)/ 27,002 154,721 Blyth Inc. 5,829 154,585 Systems & Computer Technology Corp./(1)/ 11,716 154,534 Centennial Bancorp 19,307 154,070 Schedules of Investments 119 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------------- MapInfo Corp./(1)/ 15,371 $ 153,710 Watson Wyatt & Co. Holdings/(1)/ 5,596 153,051 National Healthcare Corp./(1)/ 9,279 152,640 Datastream Systems Inc./(1)/ 16,842 151,578 Applied Molecular Evolution/(1)/ 17,575 151,145 Virage Logic Corp./(1)/ 9,895 150,701 Kendle International Inc./(1)/ 8,103 150,635 Bone Care International Inc./(1)/ 10,957 150,549 PDI Inc./(1)/ 8,866 150,367 Coherent Inc./(1)/ 4,431 150,211 Hibbet Sporting Goods Inc./(1)/ 6,372 149,742 Scientific Games Corp. "A"/(1)/ 17,865 149,530 Vector Group Ltd. 5,224 149,406 3D Systems Corp./(1)/ 9,363 148,778 i-STAT Corp./(1)/ 20,383 148,592 SBA Communications Corp./(1)/ 45,164 148,590 Federal Realty Investment Trust 5,788 148,578 Electronics For Imaging Inc./(1)/ 8,097 148,175 Register.com/(1)/ 16,494 148,116 Keithley Instruments Inc. 6,729 147,836 Genome Therapeutics Corp./(1)/ 25,986 147,081 Keynote Systems Inc./(1)/ 15,162 146,920 Energy Partners Ltd./(1)/ 18,287 146,479 Syntroleum Corp./(1)/ 24,607 146,412 Columbia Laboratories Inc./(1)/ 29,508 146,065 Medis Technologies Ltd./(1)/ 11,880 146,005 Chiles Offshore Inc./(1)/ 6,347 145,981 Fidelity Bankshares Inc. 8,020 144,360 Mississippi Valley Bancshares Inc. 3,589 144,278 Arrow International Inc. 3,052 144,054 Trikon Technologies Inc./(1)/ 9,779 143,556 ON Semiconductor Corp./(1)/ 34,140 143,388 Answerthink Inc./(1)/ 22,011 143,292 Pathmark Stores Inc./(1)/ 5,950 142,502 X-Rite Inc. 17,808 142,464 New Century Financial Corp./(1)/ 6,249 141,852 CardioDynamics International Corp./(1)/ 33,349 141,733 Option Care Inc./(1)/ 8,578 141,623 Multex.com Inc./(1)/ 31,245 141,540 Adaptec Inc./(1)/ 10,568 141,294 Witness Systems Inc./(1)/ 10,027 141,080 NetScout Systems Inc./(1)/ 19,697 141,031 Novoste Corp./(1)/ 17,081 140,918 Microvision Inc./(1)/ 12,337 140,889 Impax Laboratories Inc./(1)/ 20,296 140,854 Wave Systems Corp. "A"/(1)/ 57,597 140,537 AVI BioPharma Inc./(1)/ 17,252 140,086 Sunrise Assisted Living Inc./(1)/ 5,137 140,035 Flow International Corp./(1)/ 14,316 140,010 Orchid BioSciences Inc./(1)/ 53,935 139,692 Progenics Pharmaceuticals Inc./(1)/ 9,190 137,850 Holly Corp. 7,429 137,808 Catapult Communications Corp./(1)/ 5,453 137,634 Wireless Facilities Inc./(1)/ 22,912 137,472 Artesyn Technologies Inc./(1)/ 14,707 136,922 Avanex Corp./(1)/ 34,134 136,877 SBS Technologies Inc./(1)/ 10,682 136,516 Quixote Corp. 7,310 136,342 EntreMed Inc./(1)/ 17,928 136,253 SkillSoft Corp./(1)/ 5,882 135,580 Vion Pharmaceuticals Inc./(1)/ 32,980 135,218 Steel Dynamics Inc./(1)/ 8,231 135,071 IXYS Corp./(1)/ 11,486 134,271 Midwest Banc Holdings Inc. 6,041 133,808 CoBiz Inc. 8,320 133,536 R&G Financial Corp. "B" 6,697 133,471 Community First Bankshares Inc. 5,146 133,076 OSCA Inc./(1)/ 4,769 132,864 Actrade Financial Technologies Ltd./(1)/ 8,630 132,384 Elizabeth Arden Inc./(1)/ 11,252 131,086 Proton Energy Systems Inc./(1)/ 20,127 130,825 Beasley Broadcast Group Inc. "A"/(1)/ 8,772 130,791 Genuity Inc./(1)/ 149,964 130,469 Ansoft Corp./(1)/ 7,095 130,193 1-800-FLOWERS.COM Inc./(1)/ 9,558 130,180 Arris Group Inc./(1)/ 13,980 130,014 TTM Technologies Inc./(1)/ 13,087 129,692 ACLARA BioSciences Inc./(1)/ 38,749 129,422 C-COR.net Corp./(1)/ 7,171 129,078 Genencor International Inc./(1)/ 11,368 129,027 United Stationers Inc./(1)/ 3,378 128,702 POZEN Inc./(1)/ 22,227 128,472 Aspect Medical Systems Inc./(1)/ 14,425 128,382 Art Technology Group Inc./(1)/ 62,162 128,054 General Cable Corp. 8,955 127,877 Robert Mondavi Corp. (The) "A"/(1)/ 3,549 127,551 Cell Pathways Inc./(1)/ 31,003 127,422 Daktronics Inc./(1)/ 15,907 127,097 120 2002 iShares Annual Report to Shareholders iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------------- Cygnus Inc./(1)/ 32,493 $ 127,048 Covansys Corp./(1)/ 16,850 126,375 NN Inc. 11,435 125,785 Transgenomic Inc./(1)/ 13,781 124,580 Winnebago Industries Inc. 2,929 122,989 Saba Software Inc./(1)/ 29,544 122,608 SonoSite Inc./(1)/ 6,308 122,375 Med-Design Corp. (The)/(1)/ 8,663 121,715 Closure Medical Corp./(1)/ 6,179 121,603 Wackenhut Corrections Corp./(1)/ 8,070 121,050 IMPCO Technologies Inc./(1)/ 9,335 120,982 Netro Corp./(1)/ 43,203 120,968 Divine Inc. "A"/(1)/ 241,633 120,816 LSI Industries Inc. 6,058 119,767 Avant Immunotherapeutics Inc./(1)/ 69,174 119,671 Centra Software Inc./(1)/ 24,716 119,131 Alexander's Inc./(1)/ 1,970 119,086 Baldor Electric Co. 5,231 118,221 Novadigm Inc./(1)/ 15,216 118,076 Regent Communications Inc./(1)/ 14,278 117,651 Boston Communications Group Inc./(1)/ 13,524 116,442 Magna Entertainment Corp. "A"/(1)/ 14,365 116,356 Financial Institutions Inc. 3,993 116,236 Valentis Inc./(1)/ 41,209 115,797 Kosan Biosciences Inc./(1)/ 14,893 114,676 MicroStrategy Inc./(1)/ 37,392 114,046 UCAR International Inc./(1)/ 8,022 113,912 Sipex Corp./(1)/ 10,242 113,686 Valence Technology Inc./(1)/ 37,149 113,304 Handspring Inc./(1)/ 24,290 113,191 Aether Systems Inc./(1)/ 25,829 112,873 MCSi Inc./(1)/ 9,464 112,716 Nanophase Technologies Corp./(1)/ 13,422 111,537 Pegasus Solutions Inc./(1)/ 6,028 111,518 Mission West Properties Inc. 8,504 111,402 US Unwired Inc. "A"/(1)/ 19,927 109,997 Dendreon Corp./(1)/ 17,703 109,582 Avici Systems Inc./(1)/ 57,395 109,050 Ciphergen Biosystems Inc./(1)/ 18,091 108,908 Lynch Interactive Corp./(1)/ 2,473 108,812 JDA Software Group Inc./(1)/ 3,409 108,679 Green Mountain Coffee Inc./(1)/ 5,226 108,492 VaxGen Inc./(1)/ 9,487 108,342 S&T Bancorp Inc. 4,246 108,061 Sangamo BioSciences Inc./(1)/ 11,676 107,886 SuperGen Inc./(1)/ 19,110 107,589 Key3Media Group Inc./(1)/ 23,390 107,360 Pharmos Corp./(1)/ 63,619 106,880 Inet Technologies Inc./(1)/ 11,291 106,587 Active Power Inc./(1)/ 20,180 105,945 Embarcadero Technologies Inc./(1)/ 7,727 105,551 CCC Information Services Group Inc./(1)/ 11,590 105,469 Boston Beer Co Inc. "A"/(1)/ 6,966 105,187 North American Scientific Inc./(1)/ 8,126 105,150 Regeneration Technologies Inc./(1)/ 14,502 105,140 Pharmacyclics Inc./(1)/ 13,426 104,723 McAfee.com Corp./(1)/ 6,349 104,568 Sanchez Computer Associates Inc./(1)/ 15,348 103,599 OTG Software Inc./(1)/ 11,970 103,301 ViroPharma Inc./(1)/ 20,289 103,271 Schawk Inc. 10,351 101,336 Nature's Sunshine Products Inc. 9,020 101,114 Glacier Bancorp Inc. 4,450 100,837 Ameristar Casinos Inc./(1)/ 3,667 100,769 Rigel Pharmaceuticals Inc./(1)/ 28,368 100,706 Specialty Laboratories Inc./(1)/ 4,184 99,956 Insmed Incorporated/(1)/ 35,548 99,534 MRO Software Inc./(1)/ 7,997 99,483 Genzyme Corp. - Molecular Oncology/(1)/ 17,013 98,675 NMS Communications Corp./(1)/ 22,924 97,656 Onyx Pharmaceuticals Inc./(1)/ 21,287 97,494 Crawford & Co. "B" 7,181 97,303 Turnstone Systems Inc./(1)/ 20,172 97,027 Sonic Automotive Inc./(1)/ 3,225 96,686 Pegasus Communications Corp./(1)/ 31,952 96,495 Hyperion Solutions Corp./(1)/ 3,543 95,696 Visual Networks Inc./(1)/ 32,419 95,312 Xybernaut Corp./(1)/ 59,429 95,086 Liqui-Box Corp. 1,425 94,905 U.S. Physical Therapy Inc./(1)/ 5,225 94,311 Playboy Enterprises Inc. "B"/(1)/ 5,515 94,196 OPNET Technologies Inc./(1)/ 9,878 94,137 Cobalt Corp./(1)/ 10,497 93,948 Gulf Island Fabrication Inc./(1)/ 6,247 93,767 SPSS Inc./(1)/ 5,332 93,523 Private Media Group Inc./(1)/ 16,483 92,964 Schedules of Investments 121 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------------- Digital Lightwave Inc./(1)/ 14,745 $ 91,861 Performance Technologies Inc./(1)/ 11,453 91,395 Manufacturers Services Ltd./(1)/ 17,271 90,845 Bebe Stores Inc./(1)/ 4,314 90,810 Financial Federal Corp./(1)/ 2,747 90,129 World Acceptance Corp./(1)/ 12,836 90,109 Targeted Genetics Corp./(1)/ 43,112 90,104 Innovative Solutions & Support Inc./(1)/ 9,124 89,963 Arctic Cat Inc. 4,456 89,788 APAC Customer Services Inc./(1)/ 27,983 89,546 Unizan Financial Corp. 4,711 89,321 BriteSmile Inc./(1)/ 16,483 88,514 UbiquiTel Inc./(1)/ 36,105 88,457 Phoenix Technologies Ltd./(1)/ 6,471 88,329 Wilsons The Leather Experts Inc./(1)/ 7,332 87,691 Prosperity Bancshares Inc. 2,679 87,201 WatchGuard Technologies Inc./(1)/ 13,790 86,325 Northfield Laboratories Inc./(1)/ 12,197 85,867 Deltagen Inc./(1)/ 12,711 85,672 Pericom Semiconductor Corp./(1)/ 6,005 84,911 InteliData Technologies Corp./(1)/ 55,807 84,269 Hemispherx Biopharma Inc./(1)/ 21,010 84,040 International Bancshares Corp. 1,903 83,979 Oriental Financial Group Inc. 3,950 83,742 MacroChem Corp./(1)/ 26,405 83,176 Crown American Realty Trust 8,529 83,072 1-800 CONTACTS INC./(1)/ 7,785 82,909 United National Bancorp 3,571 82,847 Tompkins Trustco Inc. 1,962 82,796 Collins & Aikman Corp./(1)/ 12,343 82,698 Genelabs Technologies Inc./(1)/ 46,676 82,150 Syntel Inc./(1)/ 5,821 81,843 Ulticom Inc./(1)/ 10,684 81,626 IDT Corp./(1)/ 4,040 81,568 National Penn Bancshares Inc. 3,295 80,958 First Community Bancshares Inc. 2,652 80,524 PC Connection Inc./(1)/ 7,622 80,488 EarthShell Corp./(1)/ 55,011 80,316 Hyseq Inc./(1)/ 15,014 79,874 Keryx Biopharmaceuticals Inc./(1)/ 14,416 79,144 CoSine Communications Inc./(1)/ 68,581 78,868 Computerized Thermal Imaging Inc./(1)/ 74,805 78,545 Terremark Worldwide Inc./(1)/ 173,159 77,922 Celeritek Inc./(1)/ 7,544 77,703 Genzyme Transgenics Corp./(1)/ 23,539 77,679 Dyax Corp./(1)/ 20,932 77,030 Oil States International Inc./(1)/ 7,110 76,788 Wintrust Financial Corp. 3,339 76,697 Mechanical Technology Inc./(1)/ 22,039 76,475 Fisher Communications Inc. 1,677 76,320 Atlas Air Worldwide Holdings Inc./(1)/ 5,782 76,149 Dynacq International Inc./(1)/ 5,011 76,017 Community Banks Inc. 2,746 75,872 Arrow Financial Corp. 2,625 75,578 Stanley Furniture Co. Inc./(1)/ 2,312 74,770 Zomax Inc./(1)/ 10,231 74,686 Docent Inc./(1)/ 42,144 74,595 Mueller Industries Inc./(1)/ 2,131 74,564 Internap Network Services Corp./(1)/ 96,830 74,559 Curis Inc./(1)/ 34,944 74,431 Coldwater Creek Inc./(1)/ 4,189 74,397 ICT Group Inc./(1)/ 3,029 74,059 Corillian Corp./(1)/ 22,432 74,026 CompuCredit Corp./(1)/ 12,904 73,811 Measurements Specialties Inc./(1)/ 10,532 73,197 QRS Corp./(1)/ 6,174 72,853 InKine Pharmaceutical Co. Inc./(1)/ 39,509 72,697 National Golf Properties Inc. 9,802 72,535 Convera Corp./(1)/ 20,406 71,625 August Technology Corp./(1)/ 4,907 71,593 Palm Harbor Homes Inc./(1)/ 3,432 71,386 Global Imaging Systems Inc./(1)/ 3,866 71,134 Sterling Financial Corp. - PA Shares 3,002 71,027 Lexent Inc./(1)/ 22,112 70,758 Synplicity Inc./(1)/ 9,035 70,473 Apogee Enterprises Inc. 5,752 70,174 Oshkosh Truck Corp. 1,211 68,906 ACTV Inc./(1)/ 45,606 68,819 Valmont Industries Inc. 3,825 68,468 Urban Outfitters Inc./(1)/ 2,886 67,388 Harleysville National Corp. 2,884 67,168 Moldflow Corp./(1)/ 4,938 66,663 Wackenhut Corp. (The) "A"/(1)/ 1,992 65,935 Harvard Bioscience Inc./(1)/ 7,492 65,855 Clayton Williams Energy Inc./(1)/ 5,235 65,437 Auspex Systems Inc./(1)/ 52,300 65,375 Hancock Fabrics Inc. 3,602 65,016 122 2002 iShares Annual Report to Shareholders iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------------- Nanogen Inc./(1)/ 15,478 $ 65,008 Sirenza Microdevices Inc./(1)/ 11,823 64,081 DUSA Pharmaceuticals Inc./(1)/ 15,937 63,907 Penn Engineering & Manufacturing Corp. 3,379 63,458 World Wrestling Federation Entertainment Inc./(1)/ 4,329 63,203 Medallion Financial Corp. 8,127 63,147 BSQUARE Corp./(1)/ 17,218 63,018 AEP Industries Inc./(1)/ 1,831 62,986 First Consulting Group Inc./(1)/ 6,258 62,392 Arden Group Inc. "A"/(1)/ 923 61,841 New Horizons Worldwide Inc./(1)/ 5,139 61,617 ADTRAN Inc./(1)/ 2,549 61,533 Brio Software Inc./(1)/ 22,376 61,310 Lakeland Bancorp Inc. 3,466 61,210 MicroFinancial Inc. 7,145 61,090 Infogrames Inc./(1)/ 9,866 61,071 Umpqua Holdings Corp. 4,077 60,992 Lexar Media Inc./(1)/ 22,483 60,704 Albany International Corp. "A" 1,969 59,661 FiberCore Inc./(1)/ 37,230 59,568 North Pittsburgh Systems Inc. 4,225 59,108 Downey Financial Corp. 1,296 59,098 Management Network Group Inc. (The)/(1)/ 10,687 58,672 Lantronix Inc./(1)/ 22,598 58,529 Analogic Corp. 1,407 58,517 Woodhead Industries Inc. 3,283 58,437 Genaissance Pharmaceuticals Inc./(1)/ 19,684 58,265 DigitalThink Inc./(1)/ 25,529 57,440 Thomas Industries Inc. 1,962 57,389 EXE Technologies Inc./(1)/ 26,642 57,280 Kaydon Corp. 2,109 56,943 Energen Corp. 2,152 56,920 SupportSoft Inc./(1)/ 18,631 56,266 Digitas Inc./(1)/ 10,143 55,584 Gorman-Rupp Co. (The) 2,065 55,239 Wilson Greatbatch Technologies Inc./(1)/ 2,126 54,659 LodgeNet Entertainment Corp./(1)/ 3,146 53,797 Coca-Cola Bottling Co. Consolidated 1,096 53,704 NATCO Group Inc. "A"/(1)/ 6,599 53,386 FTD.com Inc./(1)/ 9,449 52,924 Universal Access Global Holdings Inc./(1)/ 34,885 52,676 KCS Energy Inc./(1)/ 16,809 52,444 Nautica Enterprises Inc./(1)/ 3,410 51,696 Sykes Enterprises Inc./(1)/ 5,334 51,686 Universal American Financial Corp./(1)/ 7,464 51,352 CLARCOR Inc. 1,602 51,264 Florida East Coast Industries Inc. 1,807 51,156 ATS Medical Inc./(1)/ 25,543 51,086 Align Technology Inc./(1)/ 9,585 50,800 TiVo Inc./(1)/ 9,557 50,652 Peco II Inc./(1)/ 10,063 50,114 Emex Corp./(1)/ 15,514 50,111 Central Parking Corp. 2,116 48,647 Loudcloud Inc./(1)/ 21,147 48,427 Organogenesis Inc./(1)/ 34,769 48,329 ESCO Technologies Inc./(1)/ 1,242 48,239 Dobson Communications Corp. "A"/(1)/ 15,254 48,050 SPS Technologies Inc./(1)/ 1,124 47,624 Corrections Corp. of America/(1)/ 3,649 47,437 SpectraSite Holdings Inc./(1)/ 44,178 47,270 NBC Capital Corp. 1,577 47,247 Blue Martini Software Inc./(1)/ 33,269 47,242 Genlyte Group Inc. (The)/(1)/ 1,251 46,988 Medford Bancorp Inc. 1,853 46,770 Star Scientific Inc./(1)/ 23,367 46,734 Digital Generation Systems Inc./(1)/ 40,815 46,529 3 Dimensional Pharmaceuticals Inc./(1)/ 6,784 46,335 Braun Consulting Inc./(1)/ 10,657 45,932 Large Scale Biology Corp./(1)/ 13,934 45,843 H Power Corp./(1)/ 17,730 45,211 Callon Petroleum Co./(1)/ 5,796 45,209 Millennium Cell Inc./(1)/ 11,334 44,996 MacDermid Inc. 2,074 44,923 IHOP Corp./(1)/ 1,329 44,801 Philadelphia Consolidated Holding Corp./(1)/ 1,119 44,536 Applied Innovation Inc./(1)/ 10,072 44,015 Richardson Electronics Ltd. 3,598 43,680 Ribozyme Pharmaceuticals Inc./(1)/ 14,981 43,445 PEC Solutions Inc./(1)/ 1,756 43,180 Quaker Chemical Corp. 1,842 43,011 Exact Sciences Corp./(1)/ 4,363 42,452 AT&T Latin America Corp./(1)/ 28,219 42,328 Schedules of Investments 123 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------------- Seattle Genetics Inc./(1)/ 7,608 $ 39,942 Trust Co. of New Jersey (The) 1,671 39,519 Cable Design Technologies Corp./(1)/ 2,940 39,249 HealthExtras Inc./(1)/ 14,269 38,812 WJ Communications Inc./(1)/ 11,801 38,471 Foamex International Inc./(1)/ 3,927 38,288 Pumatech Inc./(1)/ 28,485 37,885 3DO Co. (The)/(1)/ 36,836 37,573 Inspire Pharmaceuticals Inc./(1)/ 18,653 37,493 SatCon Technology Corp./(1)/ 11,524 37,453 Paxar Corp./(1)/ 2,206 37,171 Paradigm Genetics Inc./(1)/ 22,638 36,674 Belden Inc. 1,528 36,412 Checkpoint Systems Inc./(1)/ 2,275 36,286 Rural Cellular Corp. "A"/(1)/ 8,015 35,907 NL Industries Inc. 2,161 35,873 Catalytica Energy Systems Inc./(1)/ 10,609 35,752 Simplex Solutions Inc./(1)/ 3,570 35,450 Interactive Intelligence Inc./(1)/ 6,341 34,749 SRI/Surgical Express Inc./(1)/ 2,272 34,671 Copper Mountain Networks Inc./(1)/ 36,482 34,658 Ventiv Health Inc./(1)/ 17,317 34,634 Next Level Communications Inc./(1)/ 24,022 34,592 Sunrise Telecom Inc./(1)/ 11,149 34,562 Cumulus Media Inc. "A"/(1)/ 1,920 34,368 Troy Financial Corp. 1,289 34,279 Avid Technology Inc./(1)/ 2,459 34,205 Saul Centers Inc. 1,539 34,166 Supertex Inc./(1)/ 1,593 33,867 America Online Latin America Inc. "A"/(1)/ 15,032 33,822 Madison Gas & Electric Co. 1,187 33,735 PYR Energy Corp./(1)/ 16,738 32,137 Alabama National Bancorp 865 31,875 Digex Inc./(1)/ 25,154 31,191 V.I. Technologies Inc./(1)/ 6,007 31,176 BioSphere Medical Inc./(1)/ 4,239 30,983 DuraSwitch Industries Inc./(1)/ 4,212 30,958 VerticalNet Inc./(1)/ 44,041 30,829 CSK Auto Corp./(1)/ 3,234 30,561 Tripath Technology Inc./(1)/ 18,016 30,267 Barnes Group Inc. 1,220 29,890 Independent Bank Corp.(MA) 1,144 29,607 Revlon Inc. "A"/(1)/ 4,550 29,530 Carrier Access Corp./(1)/ 9,824 29,472 Third Wave Technologies Inc./(1)/ 8,648 28,971 Immune Response Corp./(1)/ 35,562 28,805 ROHN Industries Inc./(1)/ 19,824 28,745 Ultratech Stepper Inc./(1)/ 1,367 28,434 Rent-Way Inc./(1)/ 3,360 28,392 Spartech Corp. 1,141 28,069 Wild Oats Markets Inc./(1)/ 3,193 26,981 Aaron Rents Inc. "B" 1,176 26,872 SignalSoft Corp./(1)/ 15,211 26,330 NTELOS Inc./(1)/ 6,398 26,232 Click Commerce Inc./(1)/ 20,627 26,196 TradeStation Group Inc./(1)/ 23,456 25,802 ZixIt Corp./(1)/ 3,929 25,617 Covanta Energy Corp./(1)/ 34,508 24,846 Comstock Resources Inc./(1)/ 3,240 24,754 Elcor Corp. 1,105 24,531 Seacoast Banking Corp. of Florida 514 24,312 Connecticut Bankshares Inc. 871 23,944 Metawave Communications Corp./(1)/ 47,136 23,568 Astec Industries Inc./(1)/ 1,332 23,403 StarBase Corp./(1)/ 85,598 23,111 CPI Corp. 1,366 22,471 Trico Marine Services Inc./(1)/ 2,471 21,671 Inter-Tel Inc. 1,146 21,167 Extensity Inc./(1)/ 12,895 21,148 ATP Oil & Gas Corp./(1)/ 5,059 20,489 Aspect Communications Corp./(1)/ 5,199 20,328 Buckeye Technologies Inc./(1)/ 1,973 20,322 infoUSA Inc./(1)/ 2,616 19,960 BKF Capital Group Inc./(1)/ 649 19,373 Dover Motorsports Inc. 1,181 19,179 Irwin Financial Corp. 1,021 19,103 CacheFlow Inc./(1)/ 19,279 18,893 Viasystems Group Inc./(1)/ 62,836 18,851 First Republic Bank/(1)/ 656 18,630 Centennial Communications Corp. "A"/(1)/ 5,162 18,583 JP Realty Inc. 673 18,003 Miravant Medical Technologies/(1)/ 15,935 17,210 United Industial Corp. 770 17,133 Covenant Transport Inc. "A"/(1)/ 1,125 16,492 Maui Land & Pineapple Co. Inc./(1)/ 784 16,072 Interland Inc./(1)/ 6,168 15,790 124 2002 iShares Annual Report to Shareholders iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Perini Corp./(1)/ 2,681 $ 15,416 Buckle Inc. (The)/(1)/ 613 15,018 PriceSmart Inc./(1)/ 402 14,653 Bank Mutual Corp. 860 14,620 Oneida Ltd. 969 14,535 Novatel Wireless Inc./(1)/ 21,516 14,201 Maxwell Technologies Inc./(1)/ 1,501 13,959 SureBeam Corporation "A"/(1)/ 2,517 13,944 Brightpoint Inc.(1) 15,223 13,853 Global Sports Inc.(1) 801 13,697 GenStar Therapeutics Corp./(1)/ 12,727 12,727 Lydall Inc./(1)/ 897 12,719 Deb Shops Inc. 445 11,926 Alliance Fiber Optic Products Inc./(1)/ 11,920 11,801 HEICO Corp. 743 11,650 EDEN Bioscience Corp./(1)/ 4,771 11,450 Liberty Livewire Corp. "A"/(1)/ 1,931 11,161 Tropical Sportswear International Corp./(1)/ 465 11,160 Beacon Power Corp.(1) 20,933 10,676 Optical Communication Products Inc./(1)/ 3,737 10,501 Spiegel Inc. "A" 7,396 10,133 Tanger Factory Outlet Centers Inc. 361 9,668 Ladish Co. Inc./(1)/ 846 9,433 Nu Horizons Electronics Corp./(1)/ 944 9,298 ITC DeltaCom Inc./(1)/ 25,264 8,084 Oglebay Norton Co. 770 7,777 Focal Communications Corp./(1)/ 1,429 6,102 SLI Inc. 2,320 5,916 Constellation 3D Inc./(1)/ 17,300 5,536 American Realty Investors Inc./(1)/ 720 5,076 Value Line Inc. 97 4,753 Ambassadors International Inc./(1)/ 511 4,369 Uniroyal Technology Corp./(1)/ 6,269 3,135 National Beverage Corp./(1)/ 218 2,899 Optical Cable Corp./(1)/ 2,700 2,727 Morgan Group Holding Co./(1)/ 2,361 2,715 LightPath Technologies Inc. "A"/(1)/ 1,518 2,353 Pinnacle Holdings Inc.(1) 21,262 1,701 NewPower Holdings Inc.(1) 3,864 1,430 GenTek Inc. 4,734 1,420 IMPSAT Fiber Networks Inc.(1) 10,277 514 - ------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $446,074,128) 436,228,948 - ------------------------------------------------------------------- SHORT TERM INSTRUMENTS - 11.70% - ------------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 29,509,881 29,509,881 Dreyfus Money Market Fund 11,166,236 11,166,236 Goldman Sachs Financial Square Prime Obligation Fund 857,964 857,964 Providian Temp Cash Money Market Fund 9,532,885 9,532,885 - ------------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $51,066,966) 51,066,966 - ------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 111.66% (Cost $497,141,094) 487,295,914 - ------------------------------------------------------------------- Other Assets, Less Liabilities -- (11.66%) (50,884,341) - ------------------------------------------------------------------- NET ASSETS -- 100.00% $436,411,573 =================================================================== /(1)/ Non-income earning securities. See notes to financial statements. Schedules of Investments 125 iShares Russell 2000 Value Index Fund Schedule of Investments March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS - 99.81% - ------------------------------------------------------------------- Dean Foods Co./(1)/ 76,232 $ 5,772,287 Ball Corp. 106,099 5,009,995 Owens-Illinois Inc./(1)/ 270,668 4,601,356 Furniture Brands International Inc./(1)/ 101,167 3,687,537 ArvinMeritor Inc. 123,203 3,517,446 KB HOME 75,621 3,281,951 Colonial BancGroup Inc. (The) 213,234 3,181,451 Pennzoil-Quaker State Co. 147,363 3,163,884 IKON Office Solutions Inc. 264,407 3,098,850 Pier 1 Imports Inc. 150,463 3,098,033 United Dominion Realty Trust Inc. 194,487 3,080,674 BorgWarner Inc. 48,825 3,072,069 Independence Community Bank Corp. 108,663 3,056,690 StanCorp Financial Group Inc. 54,933 3,021,315 BancorpSouth Inc. 150,391 2,965,711 IMC Global Inc. 200,190 2,952,802 CBRL Group Inc. 102,744 2,925,122 Harsco Corp. 74,012 2,896,830 Ryder System Inc. 98,057 2,896,604 Hawaiian Electric Industries Inc. 65,719 2,892,293 AmerUs Group Co. 74,253 2,855,028 Sierra Pacific Resources 188,732 2,847,966 Coventry Health Care Inc./(1)/ 108,446 2,819,596 Weingarten Realty Investors 54,490 2,800,786 Dillards Inc. "A" 116,353 2,776,183 BRE Properties Inc. "A" 84,592 2,750,086 Highwoods Properties Inc. 97,684 2,743,944 Citizens Banking Corp. 83,262 2,703,517 Rayonier Inc. 50,590 2,695,435 First American Corp. 126,198 2,685,493 RPM Inc. 169,118 2,629,785 Camden Property Trust 66,246 2,591,544 Peoples Energy Corp. 65,551 2,581,398 York International Corp. 71,899 2,581,174 Crompton Corp. 208,839 2,579,162 Novell Inc./(1)/ 657,539 2,557,827 Cooper Tire & Rubber Co. 116,429 2,520,688 Pittston Brink's Group 100,306 2,517,681 RGS Energy Group Inc. 64,040 2,513,570 Annaly Mortgage Management Inc. 147,562 2,505,603 Zale Corp./(1)/ 61,571 2,499,783 First Industrial Realty Trust Inc. 71,983 2,465,418 La-Z-Boy Inc. 89,457 2,455,595 Whitney Holding Corp. 48,916 2,438,952 Harman International Industries Inc. 49,340 2,434,929 AGL Resources Inc. 102,747 2,414,554 Dole Food Co. 77,817 2,412,327 WGL Holdings Inc. 89,725 2,410,014 Edwards Lifesciences Corp./(1)/ 85,544 2,390,955 Adaptec Inc./(1)/ 178,796 2,390,503 IndyMac Bancorp Inc./(1)/ 95,933 2,369,545 First Midwest Bancorp Inc. 81,093 2,354,941 Healthcare Realty Trust Inc. 76,946 2,336,081 Kennametal Inc. 57,467 2,323,391 Commercial Federal Corp. 85,713 2,305,680 Silicon Valley Bancshares/(1)/ 75,703 2,290,016 Post Properties Inc. 68,063 2,286,917 Thomas & Betts Corp. 107,509 2,274,890 FNB Corp. 77,050 2,257,565 WPS Resources Corp. 57,198 2,255,889 W.R. Berkley Corp. 39,167 2,251,319 Cytec Industries Inc./(1)/ 73,428 2,233,680 Ryland Group Inc. 24,651 2,223,520 PNM Resources Inc. 72,345 2,218,098 DQE Inc. 103,314 2,201,621 Developers Diversified Realty Corp. 104,709 2,198,889 HRPT Properties Trust 238,074 2,142,666 American Greetings Corp. "A" 117,797 2,138,016 Airgas Inc./(1)/ 106,118 2,132,972 Raymond James Financial Inc. 61,783 2,114,832 Timken Co. (The) 91,530 2,113,428 Corn Products International Inc. 65,308 2,102,918 Toll Brothers Inc./(1)/ 41,922 2,089,812 Michaels Stores Inc./(1)/ 55,006 2,079,227 Louisiana-Pacific Corp. 193,344 2,076,515 Alexander & Baldwin Inc. 75,082 2,073,014 Staten Island Bancorp Inc. 104,929 2,065,003 ONEOK Inc. 98,831 2,060,626 United Stationers Inc./(1)/ 53,547 2,040,141 Shurgard Storage Centers Inc. "A" 60,086 2,036,915 Alfa Corp. 72,485 2,022,331 Piedmont Natural Gas Co. 56,786 2,021,582 Jeffries Group Inc. 41,933 2,021,171 Trinity Industries Inc. 83,122 2,020,696 Realty Income Corp. 60,861 2,020,585 Andrew Corp./(1)/ 119,835 2,004,840 Crown Cork & Seal Co. Inc./(1)/ 220,194 1,970,736 Ohio Casualty Corp./(1)/ 103,605 1,962,279 AGCO Corp./(1)/ 85,035 1,940,499 126 2002 iShares Annual Report to Shareholders iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Worthington Industries Inc. 124,737 $ 1,915,960 Minerals Technologies Inc. 36,494 1,914,840 Carlisle Companies Inc. 43,190 1,888,267 CenterPoint Properties Corp. 34,610 1,870,670 Cleco Corp. 76,812 1,835,807 Arbitron Inc./(1)/ 54,044 1,826,687 Bob Evans Farms Inc. 64,343 1,815,759 American Capital Strategies Ltd. 58,528 1,812,027 Idex Corp. 48,447 1,792,539 Atmos Energy Corp. 75,936 1,792,090 Nationwide Health Properties Inc. 88,652 1,786,338 Mueller Industries Inc./(1)/ 51,048 1,786,170 Susquehanna Bancshares Inc. 72,725 1,780,308 Commerce Group Inc. 45,652 1,766,732 Potlatch Corp. 52,283 1,761,414 Macerich Co. (The) 57,908 1,745,926 PolyOne Corp. 142,930 1,743,746 Kansas City Southern Industries Inc. 109,304 1,742,306 USFreightways Corp. 48,983 1,735,958 Circuit City Stores Inc. - CarMax Group/(1)/ 67,042 1,733,706 Millennium Chemicals Inc. 117,019 1,723,690 Alliant Techsystems Inc./(1)/ 16,809 1,714,350 Health Care REIT Inc. 61,226 1,709,430 Prentiss Properties Trust 57,758 1,705,016 La Quinta Corp./(1)/ 237,728 1,699,755 Hughes Supply Inc. 43,558 1,697,020 Horace Mann Educators Corp. 75,337 1,695,836 Philadelphia Suburban Corp. 71,146 1,671,931 Reckson Associates Realty Corp. 67,227 1,657,818 Oshkosh Truck Corp. 28,997 1,649,929 Banta Corp. 45,794 1,635,304 Alaska Air Group Inc./(1)/ 49,029 1,632,175 SL Green Realty Corp. 48,314 1,623,350 Imation Corp./(1)/ 61,133 1,621,858 Sensient Technologies Corp. 70,095 1,613,587 AptarGroup Inc. 45,946 1,610,407 Texas Industries Inc. 38,705 1,594,646 Pediatrix Medical Group Inc./(1)/ 38,944 1,587,357 Electronics For Imaging Inc./(1)/ 86,392 1,580,974 Downey Financial Corp. 34,587 1,577,167 AnnTaylor Stores Corp./(1)/ 36,414 1,573,813 Longs Drug Stores Corp. 56,261 1,567,994 Fuller (H.B.) Co. 52,288 1,566,026 Airborne Inc. 89,243 1,560,860 South Financial Group Inc. (The) 76,426 1,555,269 Coherent Inc./(1)/ 45,803 1,552,722 Silicon Graphics Inc./(1)/ 363,973 1,546,885 US Oncology Inc./(1)/ 175,260 1,544,041 Charming Shoppes Inc./(1)/ 194,942 1,543,941 Seacor Smit Inc./(1)/ 31,458 1,541,442 Claire's Stores Inc. 78,160 1,522,557 Terex Corp./(1)/ 67,219 1,519,149 Ralcorp Holdings Inc./(1)/ 55,328 1,504,922 New Jersey Resources Corp. 49,715 1,503,382 Community First Bankshares Inc. 57,997 1,499,802 Tecumseh Products Co. "A" 28,051 1,495,118 IDT Corp./(1)/ 74,034 1,494,746 Dial Corp. (The) 82,944 1,494,651 Universal Corp. 37,848 1,489,697 Hyperion Solutions Corp./(1)/ 55,006 1,485,712 Greater Bay Bancorp 43,400 1,480,808 Federal Realty Investment Trust 57,433 1,474,305 Anixter International Inc./(1)/ 49,302 1,460,818 M.D.C. Holdings Inc. 33,810 1,460,592 Thornbury Mortgage Inc. 72,872 1,460,355 Werner Enterprises Inc. 69,704 1,460,299 El Paso Electric Co./(1)/ 93,194 1,458,486 Lancaster Colony Corp. 39,247 1,453,709 Media General Inc. "A" 22,807 1,448,244 LNR Property Corp. 41,257 1,446,883 ADVO Inc./(1)/ 34,161 1,442,961 Harleysville Group Inc. 54,597 1,442,453 Zoran Corp./(1)/ 32,939 1,438,776 CH Energy Group Inc. 30,257 1,435,695 First Commonwealth Financial Corp. 108,074 1,430,900 Wallace Computer Services Inc. 70,740 1,428,948 G&K Services Inc. "A" 38,197 1,423,220 Sybron Dental Specialties Inc./(1)/ 70,174 1,410,497 Pep Boys-Manny, Moe & Jack Inc. 84,051 1,398,609 Gables Residential Trust 44,997 1,397,157 Modine Manufacturing Co. 51,655 1,394,168 Aztar Corp./(1)/ 63,373 1,387,869 Briggs & Stratton Corp. 30,150 1,386,900 Wolverine World Wide Inc. 76,843 1,379,332 Avista Corp. 88,226 1,370,150 Regis Corp. 48,775 1,369,602 Toro Co. 22,870 1,363,052 Southwest Gas Corp. 54,439 1,360,975 UMB Financial Corp. 31,728 1,360,497 Schedules of Investments 127 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Pan Pacific Retail Properties Inc. 44,491 $ 1,360,090 Ryan's Family Steak Houses Inc./(1)/ 56,415 1,353,960 Blyth Inc. 51,043 1,353,660 CBL & Associates Properties Inc. 38,201 1,350,405 UICI/(1)/ 71,011 1,345,658 UIL Holdings Corp. 22,970 1,334,557 Collins & Aikman Corp./(1)/ 198,147 1,327,585 Tesoro Petroleum Corp./(1)/ 94,228 1,323,903 Standard-Pacific Corp. 47,086 1,323,117 United Bancshares Inc. 44,248 1,306,643 Northwest Natural Gas Co. 46,511 1,302,773 UCAR International Inc./(1)/ 91,352 1,297,198 Kaydon Corp. 48,033 1,296,891 PETsMART Inc./(1)/ 95,597 1,296,295 Beverly Enterprises Inc./(1)/ 179,599 1,293,113 PSS World Medical Inc./(1)/ 131,744 1,291,091 Kilroy Realty Corp. 45,754 1,290,720 Westamerica Bancorp 30,177 1,290,067 Energen Corp. 48,450 1,281,502 Albemarle Corp. 46,483 1,281,071 Home Properties of NY Inc. 37,141 1,279,507 Storage USA Inc. 29,940 1,275,145 Meristar Hospitality Corp. 69,860 1,274,945 Interstate Bakeries Corp. 52,577 1,272,889 Selective Insurance Group Inc. 47,147 1,258,825 Regency Centers Corp. 43,059 1,249,572 Chemical Financial Corp. 41,645 1,248,101 Curtiss Wright Corp. 18,739 1,246,143 UGI Corp. 39,691 1,243,916 CLARCOR Inc. 38,782 1,241,024 Liberty Corp. 31,165 1,240,990 Fisher Scientific International Inc./(1)/ 44,116 1,239,660 Beazer Homes USA Inc./(1)/ 15,969 1,238,396 Jones Lang LaSalle Inc./(1)/ 55,663 1,232,935 Overseas Shipholding Group Inc. 50,543 1,228,195 Republic Bancorp Inc. 87,610 1,226,540 Reliance Steel & Aluminum Co. 44,068 1,215,836 Yellow Corp./(1)/ 45,999 1,213,914 MAF Bancorp Inc. 34,202 1,205,620 International Bancshares Corp. 27,249 1,202,498 Flowers Foods Inc./(1)/ 46,903 1,194,619 ESS Technology Inc./(1)/ 57,541 1,193,400 LandAmerica Financial Group Inc. 34,357 1,189,783 UniSource Energy Corp. 58,040 1,187,498 Donaldson Co. Inc. 29,353 1,180,284 FelCor Lodging Trust Inc. 55,458 1,178,482 Charter Municipal Mortgage Acceptance Co. 74,662 1,178,166 MPS Group Inc./(1)/ 133,472 1,167,880 Interactive Data Corp./(1)/ 66,539 1,167,759 Summit Properties Inc. 47,098 1,153,901 JLG Industries Inc. 77,922 1,153,246 EMCOR Group Inc./(1)/ 19,801 1,148,458 First Citizens BancShares Inc. "A" 11,151 1,148,107 Sonic Automotive Inc./(1)/ 37,635 1,128,297 Southern Union Co./(1)/ 60,910 1,115,871 Provident Bankshares Corp. 46,431 1,114,344 NorthWestern Corp. 50,650 1,114,300 Sun Communities Inc. 28,337 1,113,644 Brandywine Realty Trust 46,372 1,108,291 Florida East Coast Industries Inc. 39,134 1,107,884 Pathmark Stores Inc./(1)/ 46,157 1,105,460 Forest City Enterprises Inc. "A" 29,071 1,104,698 OfficeMax Inc./(1)/ 197,774 1,103,579 Capitol Federal Financial 48,547 1,101,531 JDA Software Group Inc./(1)/ 34,508 1,100,115 CONMED Corp./(1)/ 43,836 1,095,900 Wausau-Mosinee Paper Corp. 85,705 1,093,596 Prime Hospitality Corp./(1)/ 82,843 1,089,385 Cell Genesys Inc./(1)/ 64,116 1,086,766 Armor Holdings Inc./(1)/ 39,764 1,077,604 Gaylord Entertainment Co. "A"/(1)/ 40,423 1,075,252 Lincoln Electric Holding Inc. 37,607 1,074,432 Waypoint Financial Corp. 64,956 1,074,372 Spherion Corp./(1)/ 96,894 1,070,679 IHOP Corp./(1)/ 31,736 1,069,821 Scholastic Corp./(1)/ 19,717 1,068,464 AMCORE Financial Inc. 45,437 1,068,224 Stewart Enterprises Inc. "A"/(1)/ 178,529 1,065,997 Tower Automotive Inc./(1)/ 76,186 1,065,842 First Charter Corp. 56,995 1,064,097 Arkansas Best Corp./(1)/ 38,208 1,061,800 Lennox International Inc. 79,962 1,057,098 Paxar Corp./(1)/ 62,250 1,048,913 First Financial Bancorp 66,271 1,041,780 Harland (John H.) Co. 35,768 1,039,776 Carpenter Technology Corp. 35,895 1,038,801 Journal Register Co./(1)/ 48,890 1,036,468 Essex Property Trust Inc. 19,835 1,034,990 Ionics Inc./(1)/ 32,271 1,034,608 128 2002 iShares Annual Report to Shareholders iShares Russell 2000 Value Index Fund Schedule Of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Kirby Corp./(1)/ 34,573 $ 1,033,733 Cable Design Technologies Corp./(1)/ 77,120 1,029,552 Belden Inc. 43,148 1,028,217 NDCHealth Corp. 28,224 1,027,071 American Financial Holdings Inc. 38,551 1,025,842 Kellwood Co. 42,096 1,022,512 Kimball International Inc. "B" 62,191 1,014,335 Hutchinson Technology Inc./(1)/ 46,751 1,008,419 Great Atlantic & Pacific Tea Co./(1)/ 35,674 994,591 Fleming Companies Inc. 44,370 993,888 Casey's General Store Inc. 73,287 989,374 Schulman (A.) Inc. 54,020 988,026 Superior Industries International Inc. 20,244 987,502 Ferro Corp. 34,220 985,536 Dycom Industries Inc./(1)/ 65,466 978,717 Cornerstone Realty Income Trust Inc. 87,759 978,513 Hollywood Entertainment Corp./(1)/ 58,122 976,450 Longview Fibre Co. 94,582 974,195 C-COR.net Corp./(1)/ 53,475 962,550 Terayon Communication Systems Inc./(1)/ 113,473 962,251 New York Community Bancorp Inc. 34,744 960,672 USEC Inc. 150,047 960,301 Delphi Financial Group Inc. "A" 24,194 948,647 Polaris Industries Inc. 14,888 948,366 Church & Dwight Co. Inc. 32,085 945,224 Ruddick Corp. 56,246 935,933 Colonial Properties Trust 27,150 935,317 Cumulus Media Inc. "A"/(1)/ 51,400 920,060 PacifiCare Health Systems Inc. "A"/(1)/ 52,711 919,807 S&T Bancorp Inc. 36,121 919,279 GenCorp. Inc. 58,375 917,655 Otter Tail Corp. 29,651 915,608 Presidential Life Corp. 40,096 912,184 Credence Systems Corp./(1)/ 41,175 904,203 Regal-Beloit Corp. 35,363 903,525 WesBanco Inc. 37,774 902,799 ShopKo Stores Inc./(1)/ 49,851 902,303 Commercial Net Lease Realty Inc. 64,609 901,942 Seacoast Financial Services Corp. 45,597 897,805 Commercial Metals Co. 21,372 897,624 Tupperware Corp. 39,345 895,099 Park Electrochemical Corp. 30,731 891,199 W Holding Co. Inc. 50,430 890,090 Koger Equity Inc. 49,647 887,192 Quanex Corp. 24,963 886,187 Swift Transportation Co. Inc./(1)/ 40,324 883,902 Dollar Thrifty Automotive Group Inc./(1)/ 41,780 883,647 Unifi Inc./(1)/ 93,596 879,802 Western Digital Corp./(1)/ 140,995 878,399 Triumph Group Inc./(1)/ 22,336 875,571 Granite Construction Inc. 35,307 868,905 Glimcher Realty Trust 46,693 866,155 CIBER Inc./(1)/ 94,308 862,918 Bowne & Co. Inc. 61,291 862,364 Flowserve Corp./(1)/ 26,691 854,379 Greif Brothers Corp. "A" 23,891 852,909 Nu Skin Enterprises Inc. "A" 79,470 851,124 Oceaneering International Inc./(1)/ 29,161 845,669 Argonaut Group Inc. 39,886 843,190 Moog Inc. "A"/(1)/ 26,291 841,312 ADTRAN Inc./(1)/ 34,796 839,975 Alexandria Real Estate Equities Inc. 18,823 839,506 Kelly Services Inc. "A" 29,593 835,410 FirstFed Financial Corp./(1)/ 31,945 835,362 Donnelley (R.H.) Corp./(1)/ 27,336 831,834 Crestline Capital Corp./(1)/ 24,675 830,067 Boyd Gaming Corp./(1)/ 55,014 827,411 Griffon Corp./(1)/ 49,384 827,182 Arch Chemicals Inc. 37,418 825,067 Wellman Inc. 49,707 817,680 Roadway Corp. 22,098 817,626 Hunt (J.B.) Transport Services Inc./(1)/ 28,725 816,652 Smucker (J.M.) Co. (The) 24,126 815,459 Laclede Group Inc. (The) 34,992 815,314 Pulitzer Inc. 15,236 815,126 Checkpoint Systems Inc./(1)/ 50,996 813,386 Taubman Centers Inc. 53,669 808,255 Anthracite Capital Inc. 69,872 803,528 Dime Community Bancshares 25,985 800,338 NACCO Industries Inc. 12,037 797,933 BankAtlantic Bancorp Inc. "A" 61,351 797,563 Baldor Electric Co. 35,225 796,085 Corus Bankshares Inc. 16,747 795,985 Bay View Capital Corp./(1)/ 115,889 792,681 URS Corp./(1)/ 25,005 792,659 Madison Gas & Electric Co. 27,870 792,065 Winnebago Industries Inc. 18,835 790,882 Capital Automotive REIT 34,383 790,809 Schedules of Investments 129 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Mid-State Bancshares 44,661 $ 790,053 Chittenden Corp. 27,065 788,945 Bandag Inc. 20,933 788,755 Anchor BanCorp Wisconsin Inc. 39,304 787,259 Albany International Corp. "A" 25,865 783,709 Esterline Technologies Corp./(1)/ 38,405 783,462 CACI International Inc. "A"/(1)/ 22,314 783,445 MacDermid Inc. 36,166 783,356 Jakks Pacific Inc./(1)/ 34,344 781,326 Methode Electronics Inc. "A" 62,703 780,652 Senior Housing Properties Trust 54,179 780,178 JDN Realty Corp. 61,000 779,580 Philadelphia Consolidated Holding Corp./(1)/ 19,403 772,239 Glenborough Realty Trust Inc. 35,906 771,979 S1 Corp./(1)/ 49,984 771,753 REMEC Inc./(1)/ 83,390 771,358 Scotts Co. (The) "A"/(1)/ 16,835 770,706 Monaco Coach Corp./(1)/ 31,708 770,504 Empire District Electric Co. (The) 36,009 770,233 MB Financial Inc. 25,702 769,775 Input/Output Inc./(1)/ 84,358 767,658 Kulicke & Soffa Industries Inc./(1)/ 36,855 766,953 Harbor Florida Bancshares Inc. 39,904 765,359 ProAssurance Corp./(1)/ 42,173 761,223 Vintage Petroleum Inc. 51,775 761,093 Chesapeake Corp. 28,011 760,499 EastGroup Properties Inc. 29,492 759,714 Genlyte Group Inc. (The)/(1)/ 20,206 758,937 Elcor Corp. 34,108 757,198 Dress Barn Inc./(1)/ 25,548 756,476 Nordson Corp. 25,090 756,464 Cathay Bancorp Inc. 10,448 753,301 Arrow International Inc. 15,940 752,368 Trust Co. of New Jersey (The) 31,763 751,195 Hancock Holding Co. 13,933 748,202 PAREXEL International Corp./(1)/ 46,263 742,059 Manitowoc Co. Inc. (The) 18,584 734,068 Thomas Industries Inc. 25,001 731,279 BOK Financial Corp./(1)/ 21,554 730,681 Ultratech Stepper Inc./(1)/ 35,076 729,581 NetIQ Corp./(1)/ 33,391 728,258 Pioneer-Standard Electronics Inc. 51,205 724,551 Applebee's International Inc. 19,902 722,443 Hovnanian Enterprises Inc. "A"/(1)/ 27,042 719,047 RFS Hotel Investors Inc. 48,855 718,169 Sovran Self Storage Inc. 22,759 715,315 Vector Group Ltd. 25,008 715,229 Champion Enterprises Inc./(1)/ 89,365 714,920 Crawford & Co. "B" 52,719 714,342 ProQuest Co./(1)/ 16,575 712,559 Edwards (J.D.) & Co./(1)/ 39,358 710,018 Parker Drilling Co./(1)/ 160,175 709,575 Pacific Capital Bancorp 22,911 706,804 Entertainment Properties Trust 31,174 704,532 ABM Industries Inc. 19,145 702,621 Fleetwood Enterprises Inc. 64,840 700,272 Kaman Corp. "A" 41,296 699,967 Florida Rock Industries Inc. 17,567 699,869 PMA Capital Corp. "A" 30,438 698,248 ESCO Technologies Inc./(1)/ 17,960 697,566 Lone Star Steakhouse & Saloon Inc. 33,320 696,055 Bedford Property Investors Inc. 27,152 695,091 Barnes Group Inc. 28,231 691,659 South Jersey Industries Inc. 21,870 689,999 NBTY Inc./(1)/ 40,342 688,235 Standard Register Co. (The) 24,468 688,040 PS Business Parks Inc. 19,750 686,313 Boca Resorts Inc. "A"/(1)/ 53,031 686,221 Mid-America Apartment Communities Inc. 26,141 683,587 Schweitzer-Mauduit International Inc. 27,497 683,300 International Multifoods Corp./(1)/ 28,750 683,100 SPS Technologies Inc./(1)/ 16,087 681,606 Hudson River Bancorp Inc. 28,219 680,924 Harleysville National Corp. 29,230 680,767 National Penn Bancshares Inc. 27,623 678,697 Invacare Corp. 18,046 678,530 Pacific Northwest Bancorp 25,583 672,833 First Financial Holdings Inc. 24,842 672,721 NUI Corp. 26,968 670,964 Jack in the Box Inc./(1)/ 22,609 670,357 NCI Building Systems Inc./(1)/ 29,751 669,398 California Water Service Group 26,076 667,546 PFF Bancorp Inc. 21,303 664,654 Gardner Denver Inc./(1)/ 27,123 664,513 NBT Bancorp Inc. 45,076 664,420 Pegasus Solutions Inc./(1)/ 35,897 664,095 General Cable Corp. 46,504 664,077 Arris Group Inc./(1)/ 71,393 663,955 130 2002 iShares Annual Report to Shareholders iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- First Financial Bankshares Inc. 19,975 $ 663,370 Landry's Restaurants Inc. 28,881 663,108 Unova Inc./(1)/ 83,170 662,033 Isle of Capri Casinos Inc./(1)/ 35,761 659,790 Sunrise Assisted Living Inc./(1)/ 24,174 658,983 American States Water Co. 18,647 657,307 Safeguard Scientifics Inc./(1)/ 218,039 656,297 Action Performance Companies Inc./(1)/ 13,300 655,025 Lexington Corp. Properties Trust 40,957 654,493 IRT Property Co. 56,599 653,718 Central Parking Corp. 28,287 650,318 Fremont General Corp. 106,104 647,234 Russell Corp. 43,065 641,669 Stride Rite Corp. 77,660 640,695 Alliance Gaming Corp./(1)/ 20,966 640,092 Community Bank System Inc. 21,144 637,492 Burlington Coat Factory Warehouse Corp. 33,091 637,002 Integrated Silicon Solution Inc./(1)/ 49,514 636,750 RLI Corp. 12,269 634,307 Sola International Inc./(1)/ 42,909 631,620 Acuity Brands Inc. 38,185 631,198 Lance Inc. 44,054 629,972 First Sentinel Bancorp Inc. 48,233 629,923 Integra Bank Corp. 32,056 625,092 AMLI Residential Properties Trust 24,760 624,447 Cubic Corp. 9,538 623,499 Thor Industries Inc. 13,139 621,475 Unizan Financial Corp. 32,749 620,921 Standard Microsystems Corp./(1)/ 26,912 618,976 Nautica Enterprises Inc./(1)/ 40,710 617,164 Chemed Corp. 16,442 614,109 Trammell Crow Co./(1)/ 42,329 613,771 Sinclair Broadcast Group Inc. "A"/(1)/ 45,210 612,596 OMNOVA Solutions Inc. 73,427 609,444 Applied Industrial Technologies Inc. 31,640 609,070 M/I Schottenstein Homes Inc. 10,696 605,928 Silgan Holdings Inc./(1)/ 18,078 604,348 Mine Safety Appliances Co. 16,069 603,391 Brown Shoe Co. Inc. 30,570 594,892 Phillips Van Heusen Corp. 42,116 594,257 Penn Virginia Corp. 14,760 592,614 Inter-Tel Inc. 31,886 588,934 Finish Line Inc. (The)/(1)/ 31,834 587,337 Sierra Health Services Inc./(1)/ 44,851 586,651 Labor Ready Inc./(1)/ 75,062 585,484 American Axle & Manufacturing Holdings Inc./(1)/ 20,093 582,697 PRG-Schultz International Inc./(1)/ 41,083 577,216 First Federal Capital Corp. 30,612 577,036 Sylvan Learning Systems Inc./(1)/ 20,334 574,436 Alabama National Bancorp 15,541 572,686 Spartech Corp. 23,089 567,989 Crossmann Communities Inc. 12,539 567,139 Nortek Inc./(1)/ 15,725 566,100 1st Source Corp. 23,903 566,041 First Bancorp. 19,489 563,232 Parkway Properties Inc. 15,420 562,830 West Pharmaceutical Services Inc. 18,524 562,203 Southwest Bancorp of Texas Inc./(1)/ 16,833 561,212 Alliance Semiconductor Corp./(1)/ 48,698 561,001 National Health Investors Inc. 38,324 559,530 Watsco Inc. 31,334 559,312 Steak n Shake Company (The)/(1)/ 39,752 558,516 Deltic Timber Corp. 18,452 558,173 First Financial Corp. 12,725 554,609 Russ Berrie & Co. Inc. 17,095 550,459 First Merchants Corp. 20,966 549,519 Tredegar Corp. 29,319 548,265 Sterling Bancshares Inc. 40,994 547,270 Aaron Rents Inc. "B" 23,938 546,983 Nash Finch Co. 20,068 546,853 Equity Inns Inc. 68,321 546,568 Steel Dynamics Inc./(1)/ 33,303 546,502 New England Business Service Inc. 21,282 546,309 Corrections Corp. of America/(1)/ 41,856 544,128 Libbey Inc. 14,123 544,018 Independent Bank Corp.(MA) 20,979 542,937 FSI International Inc./(1)/ 48,429 542,889 F&M Bancorp 20,101 542,526 FreeMarkets Inc./(1)/ 23,559 541,150 Bio-Rad Laboratories Inc. "A"/(1)/ 14,384 540,119 Playtex Products Inc./(1)/ 49,511 537,689 Avid Technology Inc./(1)/ 38,633 537,385 Georgia Gulf Corp. 19,855 533,107 Connecticut Bankshares Inc. 19,383 532,839 DIMON Inc. 77,168 532,459 ChemFirst Inc. 19,886 531,950 Benchmark Electronics Inc./(1)/ 18,950 530,600 First Republic Bank/(1)/ 18,651 529,688 Schedules of Investments 131 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- MICROS Systems Inc./(1)/ 20,798 $ 529,309 Interface Inc. "A" 83,255 528,669 BankUnited Financial Corp. "A"/(1)/ 35,288 528,614 O'Reilly Automotive Inc./(1)/ 16,736 528,356 Apogee Enterprises Inc. 43,178 526,772 Iomega Corp./(1)/ 59,326 525,628 U.S. Industries Inc./(1)/ 137,874 523,921 Daisytek International Corp./(1)/ 32,784 521,593 Marcus Corp. 32,354 521,546 JP Realty Inc. 19,334 517,184 Universal Health Realty Income Trust 21,518 516,862 Local Financial Corp./(1)/ 32,801 516,288 Calgon Carbon Corp. 61,599 516,200 Palm Harbor Homes Inc./(1)/ 24,677 513,282 SWS Group Inc. 25,242 511,151 Systems & Computer Technology Corp./(1)/ 38,663 509,965 Chateau Communities Inc. 17,730 509,383 Haverty Furniture Companies Inc. 29,595 509,330 Advanta Corp. "A" 39,859 508,601 United National Bancorp 21,887 507,778 Century Business Services Inc./(1)/ 145,783 505,867 Financial Federal Corp./(1)/ 15,354 503,765 Caraustar Industries Inc. 48,081 502,446 United Industial Corp. 22,580 502,405 Liberate Technologies/(1)/ 83,784 498,515 Omega Financial Corp. 15,248 496,170 CDI Corp./(1)/ 21,526 494,022 Universal American Financial Corp./(1)/ 71,578 492,457 Standex International Corp. 20,139 491,794 Dura Automotive Systems Inc./(1)/ 25,507 488,969 K-Swiss Inc. "A" 11,636 488,479 Innkeepers USA Trust 42,838 486,211 GBC Bancorp 14,533 486,129 Ameron International Corp. 6,764 485,317 Sandy Spring Bancorp Inc. 14,933 484,576 Community Trust Bancorp Inc. 18,895 484,279 Centex Construction Products Inc. 12,153 483,446 Brooks Automation Inc./(1)/ 10,627 482,891 BSB Bancorp Inc. 16,175 482,824 Delta & Pine Land Co. 25,437 482,540 Emisphere Technologies Inc./(1)/ 28,364 482,472 SonicWALL Inc./(1)/ 36,853 480,563 City Holding Co./(1)/ 31,305 480,532 Covance Inc./(1)/ 23,663 479,886 USG Corp./(1)/ 68,508 479,556 Gold Banc Corp. Inc. 53,278 479,502 Touch America Holdings Inc./(1)/ 125,634 478,666 AAR Corp. 44,391 478,091 Watts Industries Inc. "A" 28,456 478,061 U.S. Restaurant Properties Inc. 34,710 477,263 Farmer Brothers Co. 1,574 476,922 St. Mary Land & Exploration Co. 21,912 475,710 Navigant Consulting Co./(1)/ 73,280 474,854 Kramont Realty Trust 34,980 473,979 Handleman Co./(1)/ 45,963 472,040 Smith (A.O.) Corp. "B" 18,522 471,385 Sturm Ruger & Co. Inc. 36,382 469,328 Universal Forest Products Inc. 19,645 469,319 Range Resources Corp./(1)/ 90,337 468,849 Genzyme Corp. - Biosurgery Division/(1)/ 68,784 468,419 Kroll Inc./(1)/ 28,051 467,049 Rock-Tenn Co. "A" 21,754 466,623 Information Resources Inc./(1)/ 50,723 466,144 Bank of Granite Corp. 20,264 466,072 3TEC Energy Corp./(1)/ 27,283 465,175 TBC Corp./(1)/ 32,048 464,696 Astec Industries Inc./(1)/ 26,340 462,794 Dover Motorsports Inc. 28,169 457,465 Stewart Information Services Corp./(1)/ 22,868 457,360 National Western Life Insurance Company "A"/(1)/ 3,999 456,886 Farmers Capital Bank Corp. 12,904 454,866 First Place Financial Corp. 26,902 453,299 Ryerson Tull Inc. 41,384 453,155 Arctic Cat Inc. 22,439 452,146 Interpool Inc. 24,132 451,268 Getty Images Inc./(1)/ 15,017 449,909 MEMC Electronics Materials Inc./(1)/ 76,232 449,769 Ocwen Financial Corp./(1)/ 68,138 449,029 CSK Auto Corp./(1)/ 47,506 448,932 West Coast Bancorp 29,682 448,347 Pinnacle Systems Inc./(1)/ 56,174 447,707 Zenith National Insurance Corp. 15,289 446,439 Phoenix Technologies Ltd./(1)/ 32,678 446,055 CPB Inc. 12,985 446,035 RTI International Metals Inc./(1)/ 38,428 443,843 Kansas City Life Insurance Co. 11,431 443,523 132 2002 iShares Annual Report to Shareholders iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------- School Specialty Inc./(1)/ 16,566 $ 442,644 Myers Industries Inc. 30,500 442,250 Hancock Fabrics Inc. 24,383 440,113 Magnetek Inc./(1)/ 37,483 438,551 SONICblue Inc./(1)/ 173,448 437,089 Westcorp Inc. 19,947 435,842 Spanish Broadcasting System Inc. "A"/(1)/ 32,100 434,955 Cascade Natural Gas Corp. 20,444 433,822 Cambrex Corp. 10,282 432,872 United Community Financial Corp. 58,449 432,523 Rainbow Technologies Inc./(1)/ 42,918 431,755 Coachmen Industries Inc. 26,427 430,760 Banner Corp. 19,625 430,572 Simmons First National Corp. "A" 13,180 429,009 MTS Systems Corp. 39,154 428,736 CT Communications Inc. 28,671 427,198 Midwest Express Holdings Inc./(1)/ 23,348 427,035 CNA Surety Corp. 28,360 426,818 Pericom Semiconductor Corp./(1)/ 30,173 426,646 Milacron Inc. 29,227 426,422 Pope & Talbot Inc. 28,944 424,319 Wackenhut Corp. (The) "A"/(1)/ 12,778 422,952 Analogic Corp. 10,169 422,929 Glacier Bancorp Inc. 18,657 422,768 Wabash National Corp. 42,689 422,621 Glatfelter Co. 23,479 421,213 First Indiana Corp. 21,597 420,062 Old Second Bancorp Inc. 10,426 418,917 DVI Inc./(1)/ 22,743 418,471 Investors Real Estate Trust 41,630 416,300 Bally Total Fitness Holding Corp./(1)/ 18,827 413,253 Insignia Financial Group Inc./(1)/ 36,079 413,105 Trans World Entertainment Corp./(1)/ 49,037 411,911 Global Sports Inc./(1)/ 24,051 411,272 Harmonic Inc./(1)/ 35,310 409,596 AMERCO/(1)/ 23,526 409,588 Herbalife International Inc. "A" 27,929 408,043 J&J Snack Foods Corp./(1)/ 10,909 407,778 Heartland Express Inc./(1)/ 20,328 405,747 FBL Financial Group Inc. "A" 21,554 404,137 Nuevo Energy Co./(1)/ 27,094 403,701 Steris Corp./(1)/ 19,262 401,805 Robbins & Myers Inc. 14,683 401,580 Dreyer's Grand Ice Cream Inc. 9,731 400,820 XM Satellite Radio Holdings Inc. "A"/(1)/ 29,107 400,803 Encore Wire Corp./(1)/ 24,183 400,470 Peoples Holding Co. 10,465 399,763 OceanFirst Financial Corp. 13,288 397,045 Casella Waste Systems Inc. "A"/(1)/ 33,197 395,708 American Physicians Capital Inc./(1)/ 20,227 394,426 Midas Inc./(1)/ 27,619 393,847 Movado Group Inc. 17,925 393,454 Mid Atlantic Realty Trust 25,699 393,195 Global Payments Inc. 10,722 392,961 Brush Engineered Materials Inc. 30,799 391,147 Cleveland-Cliffs Inc. 17,727 389,994 Pilgrim's Pride Corp. "B" 27,816 389,980 Second Bancorp Inc. 16,068 389,649 Stewart & Stevenson Services Inc. 20,112 389,167 Mid Atlantic Medical Services Inc./(1)/ 13,650 389,025 United Fire & Casualty Co. 11,770 387,822 Bassett Furniture Industries Inc. 18,896 387,368 NCO Group Inc./(1)/ 13,946 387,141 Offshore Logistics Inc./(1)/ 17,963 387,103 Transaction Systems Architects Inc. "A"/(1)/ 33,933 386,836 Vesta Insurance Group 64,469 386,814 Saul Centers Inc. 17,244 382,817 Buckeye Technologies Inc./(1)/ 37,125 382,387 Central Vermont Public Service Corp. 21,408 382,347 East West Bancorp Inc. 13,050 382,234 USB Holding Co. Inc. 22,443 381,082 Great Lakes REIT Inc. 22,386 379,219 Group 1 Automotive Inc./(1)/ 9,701 378,824 Sterling Financial Corp. - PA Shares 16,004 378,655 Tompkins Trustco Inc. 8,966 378,365 Insurance Auto Auctions Inc./(1)/ 22,470 376,148 Consolidated Graphics Inc./(1)/ 18,861 375,334 UniFirst Corp. 14,862 373,779 Wabtec Corp. 24,897 373,206 Chelsea Property Group Inc. 6,900 372,876 Lydall Inc./(1)/ 26,257 372,324 Lands' End Inc./(1)/ 8,286 371,793 Brookline Bancorp Inc. 21,782 371,601 Pennsylvania Real Estate Investment Trust 14,571 371,561 First Essex Bancorp Inc. 12,134 369,359 Oneida Ltd. 24,587 368,805 Schedules of Investments 133 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- First Community Bancshares Inc. 12,144 $ 368,686 LaSalle Hotel Properties 22,758 368,680 Electro Rent Corp./(1)/ 26,794 367,614 dELiA*s Corp. "A"/(1)/ 57,696 367,466 Trico Marine Services Inc./(1)/ 41,826 366,814 Artesyn Technologies Inc./(1)/ 39,372 366,553 Standard Commercial Corp. 19,019 365,545 Oregon Steel Mills Inc./(1)/ 47,841 363,592 Wintrust Financial Corp. 15,829 363,592 Commonwealth Bancorp Inc. 14,604 362,325 Cash America International Inc. 41,130 361,944 Riggs National Corp. 23,579 361,938 Irwin Financial Corp. 19,323 361,533 Skyline Corp. 11,640 361,422 Redwood Trust Inc. 13,254 360,906 Robert Mondavi Corp. (The) "A"/(1)/ 9,894 355,590 Navigant International Inc./(1)/ 24,423 354,134 DMC Stratex Networks Inc./(1)/ 64,669 351,799 Brady Corp. "A" 9,685 351,565 Cole National Corp./(1)/ 18,400 351,440 infoUSA Inc./(1)/ 45,899 350,209 IBERIABANK Corp. 10,101 350,202 American West Holdings Corp. "B"/(1)/ 62,522 350,123 Movie Gallery Inc./(1)/ 20,338 349,203 Owens & Minor Inc. 17,748 348,571 Mail-Well Inc./(1)/ 55,462 348,301 Friedman's Inc. 32,359 347,859 Lithia Motors Inc. "A"/(1)/ 14,063 347,356 Building Materials Holdings Corp./(1)/ 24,030 346,032 CFS Bancorp Inc. 25,330 345,754 Octel Corp./(1)/ 18,339 345,690 Gymboree Corp./(1)/ 23,403 345,194 Aspect Communications Corp./(1)/ 87,831 343,419 CUNO Inc./(1)/ 9,240 342,989 Net.B@nk Inc./(1)/ 20,138 340,332 Sequa Corp. "A"/(1)/ 6,518 340,240 Valmont Industries Inc. 18,953 339,259 Rent-Way Inc./(1)/ 40,069 338,583 Southern Peru Copper Corp. 26,083 337,775 Sitel Corp./(1)/ 103,877 337,600 Orbital Sciences Corp./(1)/ 64,206 336,439 Capital City Bank Group Inc. 12,413 335,151 State Auto Financial Corp. 22,999 334,635 CIRCOR International Inc. 15,999 331,979 SCM Microsystems Inc./(1)/ 28,362 331,552 Seitel Inc./(1)/ 35,912 328,595 Station Casinos Inc./(1)/ 19,716 328,271 LSI Industries Inc. 16,534 326,877 Flushing Financial Corp. 19,410 326,476 Sipex Corp./(1)/ 29,353 325,818 Penton Media Inc. 43,143 325,730 Sykes Enterprises Inc./(1)/ 33,583 325,419 Bank Mutual Corp. 19,131 325,227 Independent Bank Corp.(MI) 11,296 324,873 SEMCO Energy Inc. 33,675 323,280 Kadant Inc./(1)/ 22,628 323,128 Frontier Financial Corp. 12,138 322,871 St Francis Capital Corp. 13,593 322,290 Garan Inc. 5,977 321,264 Wilson Greatbatch Technologies Inc./(1)/ 12,470 320,604 O'Charley's Inc./(1)/ 14,860 320,233 W-H Energy Services Inc./(1)/ 14,815 320,004 Allen Telecom Inc./(1)/ 47,216 315,403 Vail Resorts Inc./(1) / 14,842 315,096 Capstead Mortgage Corp. 16,282 315,057 First Niagara Financial Group Inc. 18,050 314,792 Penn Engineering & Manufacturing Corp. 16,725 314,096 Stepan Co. 11,651 312,829 Resource America Inc. "A" 28,360 312,811 Columbia Banking System Inc./(1)/ 23,433 311,659 HEICO Corp. 19,843 311,138 Port Financial Corp. 9,864 311,111 Aviall Inc./(1)/ 34,295 309,684 Young Broadcasting Inc. "A"/(1)/ 12,348 308,577 Midland Co. (The) 7,234 308,168 Associated Estates Realty Corp. 29,879 305,662 Championship Auto Racing Teams Inc./(1)/ 21,636 305,284 Crown Media Holdings Inc./(1)/ 24,466 303,378 Umpqua Holdings Corp. 20,235 302,716 Spectrian Corp./(1)/ 21,132 302,610 InFocus Corp./(1)/ 16,610 302,468 SJW Corp. 3,718 301,902 Indus International Inc./(1)/ 57,456 299,920 Flagstar Bancorp Inc. 12,799 297,961 Swift Energy Co./(1)/ 15,100 297,470 Boykin Lodging Co. 31,875 296,437 BancFirst Corp. 7,580 296,408 134 2002 iShares Annual Report to Shareholders iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Baldwin & Lyons Inc. "B" 11,816 $ 295,802 Oxford Industries Inc. 11,160 294,624 PICO Holdings Inc./(1)/ 19,753 294,320 North Pittsburgh Systems Inc. 20,957 293,188 NS Group Inc./(1)/ 32,156 292,941 Fidelity Bankshares Inc. 16,261 292,698 German American Bancorp 17,465 292,539 Stamps.com Inc./(1)/ 65,275 291,779 DiamondCluster International Inc. "A"/(1)/ 22,578 291,708 Oriental Financial Group Inc. 13,723 290,917 BKF Capital Group Inc./(1)/ 9,714 289,963 Argosy Gaming Co./(1)/ 7,896 289,704 Friedman Billings Ramsey Group Inc. "A"/(1)/ 41,372 289,604 First Bancorp North Carolina 12,684 289,449 Osmonics Inc./(1)/ 19,560 287,532 Santander BanCorp 14,530 286,677 PennFed Financial Services Inc. 10,489 285,825 Three-Five Systems Inc./(1)/ 19,181 284,262 Bell Microproducts Inc./(1)/ 27,213 283,015 Luby's Inc./(1)/ 41,604 282,907 Borland Software Corp./(1)/ 21,650 281,666 Integrated Electrical Services Inc./(1)/ 56,227 281,135 Lufkin Industries Inc. 10,398 280,746 Lakeland Bancorp Inc. 15,885 280,529 Volt Information Sciences Inc./(1)/ 15,012 279,974 Seacoast Banking Corp. of Florida 5,917 279,874 Pomeroy Computer Resources/(1)/ 18,426 279,707 Comstock Resources Inc./(1)/ 36,564 279,349 Applica Inc./(1)/ 32,397 278,614 Alamosa Holdings Inc./(1)/ 55,313 278,224 Atlas Air Worldwide Holdings Inc./(1)/ 21,109 278,006 Ivex Packaging Corp./(1)/ 12,115 277,676 SCPIE Holdings Inc. 16,331 277,300 Inktomi Corp./(1)/ 80,328 277,132 United Auto Group Inc./(1)/ 12,262 276,385 Gorman-Rupp Co. (The) 10,321 276,087 Footstar Inc./(1)/ 9,046 275,813 Spartan Stores Inc./(1)/ 36,659 275,676 Zomax Inc./(1)/ 37,606 274,524 Gray Communications Systems Inc. 17,104 274,006 Pinnacle Entertainment Inc./(1)/ 33,886 273,121 Coastal Bancorp Inc. 7,861 271,991 Roanoke Electric Steel Corp. 20,197 270,640 Zebra Technologies Corp. "A"/(1)/ 4,979 269,314 Quaker Chemical Corp. 11,496 268,432 Sterling Bancorp - NY Shares 8,358 266,620 Northwest Bancorp Inc. 22,484 266,435 Microtune Inc./(1)/ 18,535 266,348 ITXC Corp./(1)/ 43,984 266,103 Littelfuse Inc./(1)/ 10,733 265,856 Buckle Inc. (The)/(1)/ 10,793 264,428 Westport Resources Corp./(1)/ 13,421 263,723 WSFS Financial Corp. 14,538 263,429 Lawson Products Inc. 9,137 263,328 Roper Industries Inc. 5,274 262,329 Financial Institutions Inc. 9,003 262,077 Playboy Enterprises Inc. "B"/(1)/ 15,292 261,187 Credit Acceptance Corp./(1)/ 24,008 259,286 MCSi Inc./(1)/ 21,648 257,828 Supertex Inc./(1)/ 12,106 257,374 Woodhead Industries Inc. 14,433 256,907 Community Banks Inc. 9,294 256,793 Butler Manufacturing Co. 9,508 255,290 Electroglas Inc./(1)/ 15,051 254,362 Gerber Scientific Inc./(1)/ 34,400 252,840 Nu Horizons Electronics Corp./(1)/ 25,664 252,790 Avatar Holdings/(1)/ 9,329 251,883 Wyndham International Inc. "A"/(1)/ 279,571 251,614 National Presto Industries Inc. 8,734 251,190 American Italian Pasta Co. "A"/(1)/ 5,448 247,339 Crown American Realty Trust 25,384 247,240 Golden Telecom Inc./(1)/ 15,900 246,132 Dionex Corp./(1)/ 10,103 245,806 Acadia Realty Trust 35,349 245,676 Winston Hotels Inc. 26,027 244,654 Tanger Factory Outlet Centers Inc. 9,119 244,207 CVB Financial Corp. 12,020 242,316 Quaker Fabric Corp./(1)/ 21,500 240,155 Olin Corp. 12,738 239,474 Akamai Technologies Inc./(1)/ 59,728 238,972 SPSS Inc./(1)/ 13,531 237,334 NL Industries Inc. 14,226 236,152 CSS Industries Inc./(1)/ 7,258 235,958 Foamex International Inc./(1)/ 24,119 235,160 Alpharma Inc. "A" 16,385 234,305 Answerthink Inc./(1)/ 35,822 233,201 Audiovox Corp. "A"/(1)/ 32,335 232,165 Fred's Inc. 6,433 231,588 Schedules of Investments 135 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- U.S. Concrete Inc./(1)/ 35,356 $ 231,582 Riviana Foods Inc. 10,805 231,227 Interland Inc./(1)/ 90,310 231,194 PriceSmart Inc./(1)/ 6,337 230,984 Park National Corp. 2,337 230,779 Maxim Pharmaceuticals Inc./(1)/ 43,155 229,585 Sanderson Farms Inc. 8,487 229,149 Kforce Inc./(1)/ 44,480 229,072 Stoneridge Inc./(1)/ 23,188 228,402 Internet Capital Group Inc./(1)/ 355,452 227,489 AMCOL International Corp. 37,600 227,480 Quaker City Bancorp Inc./(1)/ 7,163 226,924 Gibraltar Steel Corp. 10,422 226,783 International Specialty Products Inc./(1)/ 23,644 226,510 Choice Hotels International Inc./(1)/ 9,357 225,784 Corporate Office Properties Trust 17,231 225,726 Smart & Final Inc./(1)/ 21,762 225,019 American Medical Systems Holdings Inc./(1)/ 9,978 224,605 Watson Wyatt & Co. Holdings/(1)/ 8,169 223,422 Fisher Communications Inc. 4,901 223,045 Hydril Co./(1)/ 9,131 222,522 Armstrong Holdings Inc./(1)/ 71,166 222,038 Steinway Musical Instruments Inc./(1)/ 11,405 219,546 ResortQuest International Inc./(1)/ 29,916 218,387 PC-Tel Inc./(1)/ 25,210 218,067 Arrow Financial Corp. 7,541 217,117 New Century Financial Corp. 9,559 216,989 K2 Inc./(1)/ 33,278 216,973 NBC Capital Corp. 7,240 216,910 First Consulting Group Inc./(1)/ 21,520 214,554 Medford Bancorp Inc. 8,481 214,060 Technitrol Inc. 8,959 213,583 Ingles Markets Inc. "A" 18,168 212,566 Hain Celestial Group Inc./(1)/ 9,496 211,286 Keystone Property Trust 14,942 210,682 Wild Oats Markets Inc./(1)/ 24,881 210,244 World Wrestling Federation Entertainment Inc./(1)/ 14,394 210,152 Salton Inc./(1)/ 10,558 209,576 Encompass Services Corp./(1)/ 117,959 208,787 SoundView Technology Group Inc./(1)/ 92,311 208,623 Zoll Medical Corp./(1)/ 5,429 208,474 Seaboard Corp. 694 208,200 LodgeNet Entertainment Corp./(1)/ 12,122 207,286 Affiliated Managers Group Inc./(1)/ 2,885 207,230 Roxio Inc./(1)/ 9,057 205,503 MRO Software Inc./(1)/ 16,402 204,041 WMS Industries Inc./(1)/ 10,562 200,678 Stanley Furniture Co. Inc./(1)/ 6,198 200,443 Ixia/(1)/ 23,579 200,421 National Service Industries Inc. 19,138 199,796 Websense Inc./(1)/ 7,939 199,745 Ditech Communications Corp./(1)/ 44,402 198,477 Great American Financial Resources Inc. 10,945 197,557 Acclaim Entertainment Inc./(1)/ 43,319 196,668 Standard Motor Products Inc. 13,454 196,428 Titanium Metals Corp./(1)/ 36,316 196,106 Encore Acquisition Co./(1)/ 13,288 195,998 Bush Industries Inc. "A" 15,370 195,967 Mississippi Valley Bancshares Inc. 4,852 195,050 Sauer-Danfoss Inc. 18,776 193,581 Photronics Inc./(1)/ 5,734 193,408 Prosperity Bancshares Inc. 5,905 192,208 Mission West Properties Inc. 14,618 191,496 Aurora Foods Inc./(1)/ 44,954 188,357 Churchill Downs Inc. 5,124 188,307 Keynote Systems Inc./(1)/ 19,432 188,296 Alico Inc. 6,460 188,115 Del Monte Foods Co./(1)/ 19,318 187,964 Proton Energy Systems Inc./(1)/ 28,813 187,285 Terra Industries Inc./(1)/ 71,505 186,628 DRS Technologies Inc./(1)/ 4,495 186,498 Tropical Sportswear International Corp./(1)/ 7,706 184,944 Deb Shops Inc. 6,899 184,893 Airtran Holdings Inc./(1)/ 30,485 184,434 Speedway Motorsports Inc./(1)/ 6,437 183,519 Urban Outfitters Inc./(1)/ 7,770 181,430 hi/fn Inc./(1)/ 15,076 177,897 Boron, LePore & Associates Inc./(1)/ 14,643 177,473 Intertrust Technologies Corp./(1)/ 140,798 177,405 QRS Corp./(1)/ 15,011 177,130 Hexcel Corp./(1)/ 44,251 177,004 Exar Corp./(1)/ 8,548 175,576 Ladish Co. Inc./(1)/ 15,614 174,096 Gartner Inc. "A"/(1)/ 13,440 173,376 CPI Corp. 10,341 170,109 136 2002 iShares Annual Report to Shareholders iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------------- Covenant Transport Inc. "A"/(1)/ 11,515 $ 168,810 Papa John's International Inc./(1)/ 6,024 167,949 SonoSite Inc./(1)/ 8,649 167,791 AsiaInfo Holdings Inc./(1)/ 12,706 167,211 IGEN International Inc./(1)/ 4,390 166,293 PRI Automation Inc./(1)/ 7,122 166,007 CTS Corp. 10,193 165,636 Net2Phone Inc./(1)/ 32,464 164,917 Magnum Hunter Resources Inc./(1)/ 21,116 164,916 WebEx Communications Inc./(1)/ 9,980 164,171 Consolidated Freightways Corp./(1)/ 31,265 163,829 R&G Financial Corp. "B" 8,209 163,605 NetRatings Inc./(1)/ 13,480 163,378 Mesaba Holdings Inc./(1)/ 18,279 162,500 Avant! Corp./(1)/ 8,088 162,003 Liqui-Box Corp. 2,407 160,306 Men's Wearhouse Inc. (The)/(1)/ 6,784 158,406 Provident Bancorp Inc. 5,837 154,681 Troy Financial Corp. 5,783 153,838 Maxwell Technologies Inc./(1)/ 16,384 152,371 TransMontaigne Inc./(1)/ 29,251 152,105 Republic Bancshares Inc./(1)/ 8,854 151,580 Magna Entertainment Corp. "A"/(1)/ 18,699 151,462 Triarc Companies Inc./(1)/ 5,342 148,508 Cohu Inc. 5,194 147,977 Fedders Corp./(1)/ 49,039 147,117 Xanser Corp./(1)/ 54,518 146,108 Royal Bancshares of Pennsylvania "A" 7,094 141,880 Actel Corp./(1)/ 6,805 140,932 Active Power Inc./(1)/ 26,809 140,747 Republic Bancorp Inc. "A" 13,116 138,374 US Unwired Inc. "A"/(1)/ 24,720 136,454 Charles River Laboratories International Inc./(1)/ 4,379 135,749 Mesa Air Group Inc./(1)/ 12,021 134,635 7-Eleven Inc./(1)/ 12,000 133,800 Intergraph Corp./(1)/ 7,590 133,660 NMS Communications Corp./(1)/ 31,339 133,504 OSCA Inc./(1)/ 4,744 132,168 Castle (A.M.) & Co. 12,043 130,546 Value Line Inc. 2,648 129,752 Intermagnetics General Corp./(1)/ 4,744 129,274 Kana Software Inc./(1)/ 7,108 127,944 Alaska Communications Systems Group Inc./(1)/ 17,029 127,717 Wolverine Tube Inc./(1)/ 14,418 125,437 Crossroads Systems Inc./(1)/ 35,082 124,541 SBS Technologies Inc./(1)/ 9,727 124,311 Texas Regional Bancshares Inc. "A" 2,841 124,038 Value City Department Stores Inc./(1)/ 29,351 123,274 Stein Mart Inc./(1)/ 12,235 122,472 Tetra Technologies Inc./(1)/ 4,196 121,894 Numerical Technologies Inc./(1)/ 8,988 121,428 EEX Corp./(1)/ 58,051 119,585 Global Imaging Systems Inc./(1)/ 6,497 119,545 NYMAGIC Inc. 6,207 117,871 Selectica Inc./(1)/ 30,329 117,070 Remington Oil & Gas Corp./(1)/ 5,798 116,888 Guess ? Inc./(1)/ 14,742 114,693 Chiles Offshore Inc./(1)/ 4,970 114,310 ZixIt Corp./(1)/ 17,168 111,935 Caminus Corp./(1)/ 4,949 111,352 Mestek Inc./(1)/ 4,970 111,079 WatchGuard Technologies Inc./(1)/ 17,564 109,951 Bethlehem Steel Corp./(1)/ 241,993 108,897 UbiquiTel Inc./(1)/ 44,138 108,138 Wilsons The Leather Experts Inc./(1)/ 8,924 106,731 Celeritek Inc./(1)/ 10,318 106,275 Turnstone Systems Inc./(1)/ 22,008 105,858 Federal-Mogul Corp./(1)/ 129,348 104,772 Proxim Corp. "A"/(1)/ 43,424 104,217 Ambassadors International Inc./(1)/ 12,181 104,148 CommScope Inc./(1)/ 5,935 103,269 Regent Communications Inc./(1)/ 12,515 103,124 RailAmerica Inc./(1)/ 9,621 101,213 SLI Inc. 39,154 99,843 CorVel Corp./(1)/ 3,324 99,188 IDX Systems Corp./(1)/ 5,635 98,951 VA Systems Inc./(1)/ 57,485 97,725 Medallion Financial Corp. 12,339 95,874 Internap Network Services Corp./(1)/ 123,841 95,358 WestPoint Stevens Inc. 43,117 95,289 Cooper Companies Inc. 2,009 95,227 Boston Beer Co Inc. "A"/(1)/ 6,266 94,617 Perini Corp./(1)/ 16,422 94,427 Kendle International Inc./(1)/ 5,042 93,731 AmeriPath Inc./(1)/ 3,485 93,398 Newpark Resources Inc./(1)/ 12,002 93,016 Ocular Sciences Inc./(1)/ 3,295 92,270 Schedules of Investments 137 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------------- TiVo Inc./(1)/ 17,301 $ 91,695 CCBT Financial Companies Inc. 3,419 91,629 BE Aerospace Inc./(1)/ 9,127 90,631 Meritage Corp./(1)/ 1,418 90,610 ANADIGICS Inc./(1)/ 7,288 89,934 Walter Industries Inc. 6,812 89,714 InterMune Inc./(1)/ 2,964 89,127 Artisan Components Inc./(1)/ 5,271 87,499 Energy Partners Ltd./(1)/ 10,905 87,349 Allscripts Healthcare Solutions Inc./(1)/ 13,807 86,984 Key3Media Group Inc./(1)/ 18,944 86,953 Student Loan Corp. 943 86,379 I-many Inc./(1)/ 17,405 86,329 NTELOS Inc./(1)/ 21,017 86,170 Pegasus Communications Corp./(1)/ 28,058 84,735 RCN Corp./(1)/ 59,981 84,573 KCS Energy Inc./(1)/ 27,092 84,527 CompX International Inc. 6,773 84,324 National Beverage Corp./(1)/ 6,331 84,202 Amtran Inc./(1)/ 5,998 83,972 Register.com/(1)/ 9,249 83,056 Oak Technology Inc./(1)/ 5,577 82,986 Prime Group Realty Trust 10,815 82,843 BMC Industries Inc. 50,111 82,683 Asyst Technologies Inc./(1)/ 4,476 81,463 American Management Systems Inc./(1)/ 4,356 81,374 Recoton Corp./(1)/ 17,956 80,443 McMoRan Exploration Co./(1)/ 24,071 79,434 OTG Software Inc./(1)/ 9,197 79,370 Arden Group Inc. "A"/(1)/ 1,180 79,060 MasTec Inc./(1)/ 9,780 78,729 Nature's Sunshine Products Inc. 6,976 78,201 Witness Systems Inc./(1)/ 5,558 78,201 Oil States International Inc./(1)/ 7,093 76,604 Anaren Microwave Inc./(1)/ 5,088 73,929 DuPont Photomasks Inc./(1)/ 1,413 73,476 Burnham Pacific Properties Inc. 43,415 73,371 Newmark Homes Corp./(1)/ 4,286 72,986 Genuity Inc./(1)/ 83,026 72,233 Brightpoint Inc./(1)/ 78,857 71,760 Western Gas Resources Inc. 1,917 71,351 ValueVision International Inc. "A"/(1)/ 3,404 70,633 Datascope Corp. 2,395 70,293 Centennial Bancorp 8,801 70,232 EDEN Bioscience Corp./(1)/ 29,251 70,202 UnitedGlobalCom Inc. "A"/(1)/ 12,963 70,130 Agile Software Corp./(1)/ 5,792 70,083 Infogrames Inc./(1)/ 11,194 69,291 Holly Corp. 3,725 69,099 Equity One Inc. 5,101 68,608 Great Southern Bancorp Inc. 2,150 68,585 C&D Technologies Inc. 3,254 68,399 General Communication Inc. "A"/(1)/ 7,820 68,034 Divine Inc. "A"/(1)/ 133,867 66,933 Tremont Corp. 2,383 66,676 Specialty Laboratories Inc./(1)/ 2,770 66,175 Lexar Media Inc./(1)/ 24,321 65,667 Hickory Tech Corp. 4,011 65,259 Pharmacyclics Inc./(1)/ 8,320 64,896 First Banks America Inc./(1)/ 1,571 64,380 Comdisco Inc./(1)/ 195,077 64,375 Trikon Technologies Inc./(1)/ 4,383 64,342 Middlesex Water Co. 2,705 62,972 Gulf Island Fabrication Inc./(1)/ 4,083 61,286 Sorrento Networks Corp./(1)/ 23,665 60,582 Tuesday Morning Corp./(1)/ 2,963 60,448 SpectraSite Holdings Inc./(1)/ 55,582 59,473 Fairchild Corp. (The) "A"/(1)/ 23,531 59,298 Priceline.com Inc./(1)/ 11,338 59,298 Dobson Communications Corp. "A"/(1)/ 18,584 58,540 Embarcadero Technologies Inc./(1)/ 4,285 58,533 Simpson Manufacturing Co. Inc./(1)/ 955 58,398 Conestoga Enterprises Inc. 1,898 57,433 Wet Seal Inc. "A"/(1)/ 1,639 57,185 Exelixis Inc./(1)/ 4,132 56,980 FileNET Corp./(1)/ 3,285 56,141 Maui Land & Pineapple Co. Inc./(1)/ 2,719 55,739 MEEMIC Holdings Inc./(1)/ 1,948 55,324 CoSine Communications Inc./(1)/ 47,340 54,441 Quiksilver Inc./(1)/ 2,484 54,350 Boston Communications Group Inc./(1)/ 6,284 54,105 Callon Petroleum Co./(1)/ 6,819 53,188 NATCO Group Inc. "A"/(1)/ 6,567 53,127 Tennant Co. 1,264 52,987 iBasis Inc./(1)/ 61,303 52,108 LightPath Technologies Inc. "A"/(1)/ 33,477 51,889 AT&T Latin America Corp./(1)/ 34,474 51,711 Catalytica Energy Systems Inc./(1)/ 14,991 50,520 New Horizons Worldwide Inc./(1)/ 4,136 49,591 138 2002 iShares Annual Report to Shareholders iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Sunrise Telecom Inc./(1)/ 15,992 $ 49,575 Heidrick & Struggles International Inc./(1)/ 2,383 49,566 SureBeam Corporation "A"/(1/) 8,884 49,217 Atwood Oceanics Inc./(1)/ 1,051 48,241 Revlon Inc. "A"/(1)/ 7,369 47,825 On Command Corp./(1)/ 10,222 46,510 Peco II Inc./(1)/ 9,248 46,055 Cygnus Inc./(1)/ 11,605 45,376 H Power Corp./(1)/ 17,696 45,125 Millennium Cell Inc./(1)/ 11,274 44,758 Merix Corp./(1)/ 2,379 44,464 Copper Mountain Networks Inc./(1)/ 46,762 44,424 American Realty Investors Inc./(1)/ 6,169 43,491 Covansys Corp./(1)/ 5,783 43,372 Midway Games Inc./(1)/ 3,205 43,139 Liberty Livewire Corp. "A"/(1)/ 7,461 43,125 Metromedia International Group Inc./(1)/ 136,566 42,335 Cato Corp. "A" 1,883 41,953 Berry Petroleum Co. "A" 2,658 41,066 Century Aluminum Co. 2,497 40,576 Oglebay Norton Co. 3,973 40,127 Engineered Support Systems Inc. 850 39,312 VerticalNet Inc./(1)/ 56,003 39,202 Synplicity Inc./(1)/ 5,009 39,070 Rayovac Corp./(1)/ 2,486 38,409 America Online Latin America Inc. "A"/(1)/ 17,023 38,302 Wireless Facilities Inc./(1)/ 6,291 37,746 Citizens Inc./(1)/ 3,472 37,324 CoorsTek Inc./(1)/ 956 36,730 Universal Access Global Holdings Inc./(1)/ 24,032 36,288 Pemstar Inc./(1)/ 3,710 35,616 PLX Technology Inc./(1)/ 2,866 34,965 Tanox Inc./(1)/ 2,457 34,791 Wackenhut Corrections Corp./(1)/ 2,308 34,620 Richardson Electronics Ltd. 2,831 34,368 United Natural Foods Inc./(1)/ 1,357 33,803 Diversa Corp./(1)/ 2,639 33,515 Lexicon Genetics Inc./(1)/ 3,540 33,453 CoStar Group Inc./(1)/ 1,431 32,570 Southwestern Energy Co./(1)/ 2,582 32,482 August Technology Corp./(1)/ 2,216 32,331 Choice One Communications Inc./(1)/ 19,734 32,166 Pumatech Inc./(1)/ 24,055 31,993 NN Inc. 2,899 31,889 EXE Technologies Inc./(1)/ 14,636 31,467 Lindsay Manufacturing Co. 1,284 31,265 SupportSoft Inc./(1)/ 10,207 30,825 NewPower Holdings Inc./(1)/ 82,795 30,634 City Bank 1,228 30,393 Vastera Inc./(1)/ 1,811 26,857 ON Semiconductor Corp./(1)/ 6,388 26,830 Telik Inc./(1)/ 2,189 26,531 Loudcloud Inc./(1)/ 11,579 26,516 Covanta Energy Corp./(1)/ 36,665 26,399 WJ Communications Inc./(1)/ 8,018 26,139 Versicor Inc./(1)/ 1,444 26,108 Peregrine Pharmaceuticals Inc./(1)/ 11,386 24,708 Integral Systems Inc./(1)/ 1,187 24,037 Midwest Banc Holdings Inc. 1,039 23,014 Centennial Communications Corp. "A"/(1)/ 6,330 22,788 Vans Inc./(1)/ 1,905 22,308 Spiegel Inc. "A" 15,673 21,472 Concord Camera Corp./(1)/ 2,363 21,291 Antigenics Inc./(1)/ 1,500 20,985 Sequenom Inc./(1)/ 2,995 20,666 National Golf Properties Inc. 2,764 20,454 Engage Inc./(1)/ 80,663 20,166 Red Hat Inc./(1)/ 3,529 20,147 American Superconductor Corp./(1)/ 2,655 20,045 Kaiser Aluminum Corp./(1)/ 55,529 19,990 Simplex Solutions Inc./(1)/ 1,980 19,661 Datastream Systems Inc./(1)/ 2,142 19,278 Arena Pharmaceuticals Inc./(1)/ 1,892 18,844 X-Rite Inc. 2,288 18,304 deCODE genetics Inc./(1)/ 3,198 18,197 SignalSoft Corp./(1)/ 10,371 17,952 Align Technology Inc./(1)/ 3,124 16,557 Applied Molecular Evolution/(1)/ 1,684 14,482 Orchid BioSciences Inc./(1)/ 5,586 14,468 Beacon Power Corp./(1)/ 27,561 14,056 DuraSwitch Industries Inc./(1)/ 1,895 13,928 MicroFinancial Inc. 1,570 13,423 Flow International Corp./(1)/ 1,321 12,919 ACLARA BioSciences Inc./(1)/ 3,722 12,431 ATP Oil & Gas Corp./(1)/ 3,003 12,162 Schedules of Investments 139 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Transgenomic Inc./(1)/ 1,321 $ 11,942 Extensity Inc./(1)/ 6,974 11,437 Carrier Access Corp./(1)/ 3,809 11,427 Kosan Biosciences Inc./(1)/ 1,430 11,011 Ciphergen Biosystems Inc./(1)/ 1,741 10,481 World Acceptance Corp./(1)/ 1,475 10,355 Sangamo BioSciences Inc./(1)/ 1,108 10,238 3DO Co. (The)/(1)/ 9,781 9,977 Adelphia Business Solutions Inc./(1)/ 248,613 9,945 Rigel Pharmaceuticals Inc./(1)/ 2,744 9,741 Novatel Wireless Inc./(1)/ 14,671 9,683 Insmed Incorporated/(1)/ 3,439 9,629 Genzyme Corp. - Molecular Oncology/(1)/ 1,563 9,065 CacheFlow Inc./(1)/ 9,171 8,988 Uniroyal Technology Corp./(1)/ 16,454 8,227 ITC/\DeltaCom Inc./(1)/ 25,571 8,183 Deltagen Inc./(1)/ 1,214 8,182 Alliance Fiber Optic Products Inc./(1)/ 8,044 7,964 Dyax Corp./(1)/ 2,016 7,419 Optical Communication Products Inc./(1)/ 2,582 7,255 Curis Inc./(1)/ 3,359 7,155 Coldwater Creek Inc./(1)/ 368 6,536 NEON Communications Inc./(1)/ 13,815 6,493 Harvard Bioscience Inc./(1)/ 719 6,320 Genaissance Pharmaceuticals Inc./(1)/ 1,895 5,609 Organogenesis Inc./(1/) 3,339 4,641 Large Scale Biology Corp./(1)/ 1,331 4,379 3 Dimensional Pharmaceuticals Inc./(1)/ 636 4,344 Exact Sciences Corp./(1)/ 402 3,911 Seattle Genetics Inc./(1)/ 726 3,812 Pinnacle Holdings Inc./(1)/ 43,986 3,519 Paradigm Genetics Inc./(1)/ 2,159 3,498 Ventiv Health Inc./(1)/ 1,665 3,330 GenStar Therapeutics Corp./(1)/ 1,214 1,214 IMPSAT Fiber Networks Inc./(1)/ 12,355 618 - ------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $743,955,423) 836,364,118 - ------------------------------------------------------------------- SHORT TERM INSTRUMENTS - 7.43% - ------------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 36,017,887 $ 36,017,887 Dreyfus Money Market Fund 13,274,436 13,274,436 Goldman Sachs Financial Square Prime Obligation Fund 1,384,106 1,384,106 Providian Temp Cash Money Market Fund 11,621,414 11,621,414 - ------------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $62,297,843) 62,297,843 - ------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 107.24% (Cost $806,253,266) 898,661,961 - ------------------------------------------------------------------- Other Assets, Less Liabilities -- (7.24%) (60,694,231) - ------------------------------------------------------------------- NET ASSETS -- 100.00% $837,967,730 =================================================================== (1) Non-income earning securities. See notes to financial statements. 140 2002 iShares Annual Report to Shareholders iShares Russell 1000 Index Fund Schedule of Investments March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS - 99.85% - ------------------------------------------------------------------ General Electric Co. 389,964 $ 14,604,151 Exxon Mobil Corp. 268,472 11,767,128 Microsoft Corp.(1) 172,578 10,408,179 Citigroup Inc. 202,316 10,018,688 Pfizer Inc. 245,929 9,773,218 Intel Corp. 263,145 8,002,239 Johnson & Johnson 119,554 7,765,032 International Business Machines Corp. 67,590 7,029,360 Wal-Mart Stores Inc. 108,591 6,655,542 American International Group Inc. 90,144 6,502,988 Merck & Co. Inc. 89,198 5,136,021 SBC Communications Inc. 131,576 4,926,205 Cisco Systems Inc.(1) 287,523 4,867,764 Verizon Communications Inc. 106,550 4,864,008 Procter & Gamble Co. 50,856 4,581,617 Home Depot Inc. 92,007 4,472,460 Philip Morris Companies Inc. 84,277 4,438,870 Coca-Cola Co. (The) 79,273 4,142,807 Bank of America Corp. 60,283 4,100,450 AOL Time Warner Inc./(1)/ 167,448 3,960,145 ChevronTexaco Corp. 41,912 3,783,396 PepsiCo Inc. 69,191 3,563,337 Wyeth 51,975 3,412,159 Wells Fargo & Co. 66,951 3,307,379 Abbott Laboratories 61,056 3,211,546 Fannie Mae 39,303 3,139,524 Bristol-Myers Squibb Co. 75,957 3,075,499 Lilly (Eli) and Co. 37,683 2,871,445 JP Morgan Chase & Co. 77,667 2,768,829 BellSouth Corp. 73,679 2,715,808 Viacom Inc. "B"/(1)/ 52,075 2,518,868 Morgan Stanley Dean Witter & Co. 43,263 2,479,403 Amgen Inc./(1)/ 41,123 2,454,221 Dell Computer Corp./(1)/ 88,611 2,313,633 Pharmacia Corp. 50,803 2,290,199 Texas Instruments Inc. 68,015 2,251,297 AT&T Corp. 139,089 2,183,697 American Express Co. 52,541 2,152,079 Medtronic Inc. 47,557 2,150,052 Oracle Corp./(1)/ 161,454 2,066,611 Wachovia Corp. 53,614 1,988,007 Bank One Corp. 45,847 1,915,488 Merrill Lynch & Co. Inc. 33,480 1,854,122 Walt Disney Co. (The) 80,087 1,848,408 Du Pont (E.I.) de Nemours & Co. 39,054 1,841,396 Anheuser-Busch Companies Inc. 34,584 1,805,285 Schering-Plough Corp. 57,493 1,799,531 3M Co. 15,422 1,773,684 Applied Materials Inc./(1)/ 32,150 1,744,780 Freddie Mac 27,219 1,724,868 U.S. Bancorp 75,051 1,693,901 Walgreen Co. 40,158 1,573,792 Target Corp. 35,407 1,526,750 Boeing Co. (The) 31,362 1,513,216 FleetBoston Financial Corp. 41,003 1,435,105 Baxter International Inc. 23,866 1,420,504 Automatic Data Processing Inc. 24,317 1,416,952 Gillette Co. (The) 41,432 1,409,102 McDonald's Corp. 50,375 1,397,906 United Technologies Corp. 18,561 1,377,226 General Motors Corp. "A" 21,915 1,324,762 Lowe's Companies Inc. 30,435 1,323,618 Kimberly-Clark Corp. 20,397 1,318,666 Fifth Third Bancorp 19,492 1,315,320 First Data Corp. 14,960 1,305,260 Liberty Media Corp. "A"/(1)/ 101,648 1,284,831 Washington Mutual Inc. 38,023 1,259,702 Alcoa Inc. 33,335 1,258,063 Cardinal Health Inc. 17,682 1,253,477 Motorola Inc. 87,362 1,240,540 Colgate-Palmolive Co. 21,549 1,231,525 Duke Energy Corp. 32,477 1,227,631 Honeywell International Inc. 31,953 1,222,841 Bank of New York Co. Inc. (The) 28,909 1,214,756 Marsh & McLennan Companies Inc. 10,770 1,214,210 Comcast Corp. "A"/(1)/ 37,091 1,179,494 Ford Motor Company 71,046 1,171,549 Dow Chemical Co. (The) 35,527 1,162,443 QUALCOMM Inc./(1)/ 30,077 1,132,098 Sun Microsystems Inc./(1)/ 127,592 1,125,361 Hewlett-Packard Co. 61,934 1,111,096 Electronic Data Systems Corp. 18,807 1,090,618 MBNA Corp. 28,081 1,083,084 Allstate Corp. (The) 28,001 1,057,598 EMC Corp./(1)/ 87,039 1,037,505 Household International Inc. 17,955 1,019,844 Phillips Petroleum Co. 16,075 1,009,510 Clear Channel Communications Inc./(1)/ 19,166 985,324 Schedules of Investments 141 iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ Emerson Electric Co. 16,516 $ 947,853 UnitedHealth Group Inc. 12,241 935,457 El Paso Corp. 20,815 916,484 HCA Inc. 20,242 892,267 Tenet Healthcare Corp./(1)/ 12,777 856,315 Lockheed Martin Corp. 14,375 827,713 Safeway Inc./(1)/ 18,122 815,852 International Paper Co. 18,923 813,878 Kohls Corp./(1)/ 11,243 799,939 Gannett Co. Inc. 10,415 792,582 WorldCom Corp./(1)/ 116,225 783,357 Sysco Corp. 26,097 778,213 AT&T Wireless Services Inc./(1)/ 85,838 768,250 Caterpillar Inc. 13,490 766,906 Goldman Sachs Group Inc. (The) 8,450 762,613 General Dynamics Corp. 7,930 745,024 National City Corp. 23,852 733,688 Southern Co. 27,277 722,568 Cendant Corp./(1)/ 37,601 721,939 Conoco Inc. 24,569 716,923 BB&T Corp. 18,792 716,163 Costco Wholesale Corp./(1)/ 17,764 707,362 State Street Corp. 12,728 704,877 Compaq Computer Corp. 66,985 699,993 Micron Technology Inc./(1)/ 21,264 699,586 General Mills Inc. 14,307 698,897 Kroger Co./(1)/ 31,396 695,735 Veritas Software Corp./(1)/ 15,748 690,235 Omnicom Group Inc. 7,294 688,554 PNC Financial Services Group (The) 11,169 686,782 Dominion Resources Inc. 10,430 679,619 FedEx Corp./(1)/ 11,695 679,479 Alltel Corp. 12,173 676,210 Waste Management Inc. 24,651 671,740 Mellon Financial Corp. 17,365 670,115 Exelon Corp. 12,639 669,488 Maxim Integrated Products Inc./(1)/ 11,998 668,409 Concord EFS Inc./(1)/ 19,928 662,606 Illinois Tool Works Inc. 9,114 659,398 Hartford Financial Services Group Inc. 9,656 657,767 Harley-Davidson Inc. 11,893 655,661 SunTrust Banks Inc. 9,780 652,619 Sara Lee Corp. 30,830 640,031 Lucent Technologies Inc./(1)/ 134,523 636,294 Agilent Technologies Inc./(1)/ 18,163 634,978 Lehman Brothers Holdings Inc. 9,553 617,506 Raytheon Co. 14,950 613,698 Union Pacific Corp. 9,865 613,011 Analog Devices Inc./(1)/ 13,610 612,994 AFLAC Inc. 20,435 602,832 USA Education Inc. 6,161 602,546 Southwest Airlines Co. 30,073 581,913 American Electric Power Co. Inc. 12,610 581,195 Sears, Roebuck and Co. 11,254 576,993 Forest Laboratories Inc. "A"/(1)/ 7,034 574,678 Heinz (H.J.) Co. 13,787 572,161 CIGNA Corp. 5,594 567,176 General Motors Corp. "H"/(1)/ 34,455 566,785 TXU Corp. 10,384 566,032 Schwab (Charles) Corp. (The) 42,275 553,380 Linear Technology Corp. 12,441 550,141 Capital One Financial Corp. 8,610 549,748 Anadarko Petroleum Corp. 9,714 548,258 United Parcel Service Inc. 8,892 540,634 Weyerhaeuser Co. 8,491 533,744 Albertson's Inc. 15,988 529,842 CVS Corp. 15,334 526,416 Guidant Corp./(1)/ 12,008 520,187 McGraw-Hill Companies Inc. (The) 7,618 519,929 Best Buy Co. Inc./(1)/ 6,532 517,334 ConAgra Foods Inc. 21,086 511,335 Interpublic Group of Companies Inc. 14,845 508,887 Baker Hughes Inc. 13,181 504,173 Xilinx Inc./(1)/ 12,522 499,127 Paychex Inc. 12,489 495,813 Masco Corp. 18,058 495,692 KLA-Tencor Corp./(1)/ 7,379 490,704 Equity Office Properties Trust 16,279 488,207 Chubb Corp. 6,656 486,554 Siebel Systems Inc./(1)/ 14,769 481,617 Northrop Grumman Corp. 4,251 480,576 Avon Products Inc. 8,800 478,016 Sprint Corp. (FON Group) 30,711 469,571 Northern Trust Corp. 7,730 464,650 Air Products & Chemicals Inc. 8,939 461,699 Burlington Northern Santa Fe Corp. 15,076 454,994 Hancock (John) Financial Services Inc. 11,721 447,625 KeyCorp 16,652 443,776 142 2002 iShares Annual Report to Shareholders iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - --------------------------------------------------------------------------- COMMON STOCKS (continued) - --------------------------------------------------------------------------- Williams Companies Inc. 18,715 $ 440,925 Comerica Inc. 7,006 438,365 Qwest Communications International Inc. 53,107 436,540 Genentech Inc./(1)/ 8,634 435,585 Occidental Petroleum Corp. 14,725 429,234 Progress Energy Inc. 8,546 427,642 TJX Companies Inc. 10,671 426,947 Deere & Co. 9,317 424,389 McKesson Corp. 11,329 424,044 Progressive Corp. (The) 2,476 412,551 FPL Group Inc. 6,896 410,657 Pitney Bowes Inc. 9,550 408,740 May Department Stores Co. (The) 11,535 401,995 FirstEnergy Corp. 11,558 399,676 Computer Associates International Inc. 18,021 394,480 Bed Bath & Beyond Inc./(1)/ 11,439 386,066 MedImmune Inc./(1)/ 9,771 384,293 Becton Dickinson & Co. 10,150 382,858 Immunex Corp./(1)/ 12,562 380,126 Praxair Inc. 6,339 379,072 PeopleSoft Inc./(1)/ 10,374 378,962 St. Paul Companies Inc. 8,167 374,457 Adobe Systems Inc. 9,279 373,851 Unocal Corp. 9,586 373,375 Lincoln National Corp. 7,353 373,018 Public Service Enterprise Group Inc. 8,114 371,621 Norfolk Southern Corp. 15,218 364,319 Xcel Energy Inc. 14,368 364,229 PPG Industries Inc. 6,609 362,900 Staples Inc./(1)/ 18,155 362,555 Gap Inc. (The) 24,070 362,013 SunGard Data Systems Inc./(1)/ 10,964 361,483 WellPoint Health Networks Inc./(1)/ 5,640 359,099 PG&E Corp./(1)/ 15,177 357,570 SouthTrust Corp. 13,493 356,215 Eastman Kodak Co. 11,425 356,117 MetLife Inc. 11,304 356,076 Mattel Inc. 16,958 353,405 Delphi Automotive Systems Corp. 22,040 352,420 Newmont Mining Corp. 12,685 351,248 Consolidated Edison Inc. 8,336 349,362 Marathon Oil Corp. 12,125 349,200 Starbucks Corp./(1)/ 15,020 347,413 Fiserv Inc./(1)/ 7,515 345,615 Genzyme Corp. - General Division/(1)/ 7,827 341,805 TRICON Global Restaurants Inc./(1)/ 5,789 340,277 Allergan Inc. 5,241 338,831 Tribune Co. 7,433 337,904 Marriott International Inc. "A" 7,458 335,237 Apple Computer Inc./(1)/ 13,891 328,800 Entergy Corp. 7,572 328,701 Dover Corp. 7,982 327,262 Wrigley (William Jr.) Co. 6,086 324,445 AON Corp. 9,216 322,560 Burlington Resources Inc. 8,027 321,802 Computer Sciences Corp./(1)/ 6,326 321,044 Block (H & R) Inc. 7,198 319,951 CSX Corp. 8,384 319,514 eBay Inc./(1)/ 5,617 318,147 MBIA Inc. 5,808 317,640 Newell Rubbermaid Inc. 9,938 317,618 Kellogg Co. 9,458 317,505 Stryker Corp./(1)/ 5,262 317,456 Archer-Daniels-Midland Co. 22,663 315,696 AmSouth Bancorp 14,324 314,842 Boston Scientific Corp./(1)/ 12,424 311,718 Golden West Financial Corp. 4,902 311,277 Altera Corp./(1)/ 14,233 311,276 Regions Financial Corp. 8,993 308,910 Loews Corp. 5,253 307,721 Equity Residential Properties Trust 10,630 305,506 Apache Corp. 5,354 304,536 Xerox Corp./(1)/ 28,277 303,978 Johnson Controls Inc. 3,435 303,345 Dynegy Inc. "A" 10,452 303,108 Limited Inc. (The) 16,846 301,543 Electronic Arts Inc./(1)/ 4,949 300,899 Jefferson-Pilot Corp. 5,950 297,976 Synovus Financial Corp. 9,743 296,967 Clorox Co. 6,722 293,281 Starwood Hotels & Resorts Worldwide Inc. 7,761 291,891 Lexmark International Inc. "A"/(1)/ 5,087 290,875 DTE Energy Co. 6,377 290,153 Novellus Systems Inc./(1)/ 5,356 289,974 Halliburton Co. 16,942 289,200 Fortune Brands Inc. 5,826 287,630 Schedules of Investments 143 iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ Biomet Inc. 10,594 $ 286,674 Federated Department Stores Inc./(1)/ 7,000 285,950 Biogen Inc./(1)/ 5,810 285,039 Teradyne Inc./(1)/ 7,190 283,502 Corning Inc. 37,204 283,494 New York Times Co. "A" 5,918 283,235 Franklin Resources Inc. 6,733 282,247 IDEC Pharmaceuticals Corp./(1)/ 4,386 282,020 Cox Communications Inc. "A"/(1)/ 7,469 281,133 Danaher Corp. 3,939 279,748 JDS Uniphase Corp./(1)/ 47,307 278,638 Univision Communications Inc./(1)/ 6,589 276,738 Charter One Financial Inc. 8,723 272,332 Broadcom Corp. "A"/(1)/ 7,580 272,122 Gilead Sciences Inc./(1)/ 7,552 271,796 Georgia-Pacific Corp. 9,053 271,137 Reliant Energy Inc. 10,321 266,179 AmerisourceBergen Corp. 3,868 264,184 St. Jude Medical Inc./(1)/ 3,420 263,853 Intuit Inc./(1)/ 6,875 263,725 Sprint Corp. (PCS Group)/(1)/ 25,453 261,911 King Pharmaceuticals Inc./(1)/ 7,451 260,860 IMS Health Inc. 11,564 259,612 Zimmer Holdings Inc./(1)/ 7,590 258,440 Marshall & Ilsley Corp. 4,142 257,798 MeadWestvaco Corp. 7,767 257,476 M&T Bank Corp. 3,202 257,345 Rohm & Haas Co. "A" 6,086 257,255 UST Inc. 6,586 256,393 Union Planters Corp. 5,382 255,053 MGIC Investment Corp. 3,714 254,149 Yahoo! Inc./(1)/ 13,660 252,300 Hershey Foods Corp. 3,670 251,542 Moody's Corp. 6,113 251,244 Genuine Parts Co. 6,764 248,712 VeriSign Inc./(1)/ 9,198 248,346 Kerr-McGee Corp. 3,915 246,058 Sabre Holdings Corp./(1)/ 5,248 245,134 Millennium Pharmaceuticals Inc./(1)/ 10,925 243,729 Devon Energy Corp. 5,045 243,522 Textron Inc. 4,701 240,221 Office Depot Inc./(1)/ 12,089 239,967 Ameren Corp. 5,580 238,545 EchoStar Communications Corp./(1)/ 8,403 237,973 Sanmina-SCI Corp./(1)/ 20,202 237,374 National Semiconductor Corp./(1)/ 6,993 235,594 UNUMProvident Corp. 8,421 235,199 R.J. Reynolds Tobacco Holdings Inc. 3,629 234,978 Avery Dennison Corp. 3,839 234,294 Cincinnati Financial Corp. 5,354 233,756 Brocade Communications Systems Inc./(1)/ 8,647 233,469 Network Appliance Inc./(1)/ 11,416 232,658 Campbell Soup Co. 8,673 232,436 LSI Logic Corp./(1)/ 13,627 231,659 Symantec Corp./(1)/ 5,576 229,787 Cinergy Corp. 6,424 229,658 Ecolab Inc. 4,992 228,234 PPL Corp. 5,761 228,193 Parker Hannifin Corp. 4,568 227,943 Mirant Corp./(1)/ 15,761 227,746 Quest Diagnostics Inc./(1)/ 2,738 226,843 Cintas Corp. 4,541 226,414 Knight Ridder Inc. 3,291 226,059 North Fork Bancorp Inc. 6,345 225,628 Solectron Corp./(1)/ 28,692 223,798 National Commerce Financial Corp. 8,010 222,678 Aetna Inc. 5,726 222,283 Eaton Corp. 2,739 221,804 HEALTHSOUTH Corp./(1)/ 15,429 221,406 AutoZone Inc./(1)/ 3,205 220,664 Cadence Design Systems Inc./(1)/ 9,667 218,571 Microchip Technology Inc./(1)/ 5,225 218,562 Amerada Hess Corp. 2,739 217,367 Countrywide Credit Industries Inc. 4,831 216,187 Noble Drilling Corp./(1)/ 5,209 215,601 International Game Technology/(1)/ 3,444 214,630 Edison International/(1)/ 12,801 214,417 Penney (J.C.) Co. Inc. (The) 10,333 213,996 Zions Bancorporation 3,605 213,668 BJ Services Co./(1)/ 6,167 212,576 Stilwell Financial Inc. 8,668 212,279 TRW Inc. 4,109 211,490 RadioShack Corp. 7,038 211,422 Ambac Financial Group Inc. 3,574 211,116 SPX Corp./(1)/ 1,487 210,529 Weatherford International Inc./(1)/ 4,346 207,000 Nabors Industries Inc./(1)/ 4,897 206,898 144 2002 iShares Annual Report to Shareholders iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Valero Energy Corp. 4,172 $ 206,597 Bear Stearns Companies Inc. (The) 3,258 204,439 Sempra Energy 8,124 204,319 Allegheny Energy Inc. 4,907 202,904 Tiffany & Co. 5,690 202,280 KeySpan Corp. 5,513 200,618 Affiliated Computer Services Inc. "A"/(1)/ 3,568 200,272 Convergys Corp./(1)/ 6,731 199,036 Constellation Energy Group Inc. 6,451 199,013 Health Management Associates Inc. "A"/(1)/ 9,540 197,764 Family Dollar Stores Inc. 5,865 196,536 Advanced Micro Devices Inc./(1)/ 13,360 196,526 Torchmark Corp. 4,852 195,487 Nucor Corp. 3,042 195,418 Huntington Bancshares Inc. 9,916 195,345 Harrah's Entertainment Inc./(1)/ 4,385 194,080 Leggett & Platt Inc. 7,716 191,357 ITT Industries Inc. 3,034 191,263 Plum Creek Timber Co. Inc. 6,436 191,214 Molex Inc. 5,505 190,858 CenturyTel Inc. 5,524 187,816 Hilton Hotels Corp. 13,075 186,973 NiSource Inc. 8,122 186,400 Applera Corp. - Applied Biosystems Group 8,328 186,131 Darden Restaurants Inc. 4,584 186,065 Apollo Group Inc. "A"/(1)/ 3,423 183,302 PACCAR Inc. 2,492 182,439 NVIDIA Corp./(1)/ 4,112 182,408 Laboratory Corp. of America Holdings/(1)/ 1,897 181,846 Telephone & Data Systems Inc. 2,039 179,942 QLogic Corp./(1)/ 3,630 179,758 Express Scripts Inc. "A"/(1)/ 3,112 179,220 Robert Half International Inc./(1)/ 6,062 178,950 Pepsi Bottling Group Inc. 6,912 178,813 Vulcan Materials Co. 3,709 176,326 BMC Software Inc./(1)/ 9,065 176,314 Nike Inc. "B" 2,911 174,689 First Tennessee National Corp. 4,978 174,479 Caremark Rx Inc./(1)/ 8,938 174,291 Archstone-Smith Trust 6,489 173,840 Dollar General Corp. 10,573 172,128 Kinder Morgan Inc. 3,547 171,781 Equifax Inc. 5,743 171,716 Compuware Corp./(1)/ 13,178 170,128 Tellabs Inc./(1)/ 16,130 168,881 EOG Resources Inc. 4,122 167,188 Whirlpool Corp. 2,209 166,890 BEA Systems Inc./(1)/ 12,157 166,672 American Standard Companies Inc./(1)/ 2,343 165,767 Grainger (W.W.) Inc. 2,917 164,023 ServiceMaster Co. (The) 11,835 162,731 Simon Property Group Inc. 4,975 162,334 Atmel Corp./(1)/ 15,946 161,692 NCR Corp./(1)/ 3,592 160,742 T. Rowe Price Group Inc. 4,128 160,703 TCF Financial Corp. 3,051 160,513 Coca-Cola Enterprises Inc. 8,533 160,250 AMR Corp./(1)/ 6,062 160,097 SAFECO Corp. 4,989 159,848 Engelhard Corp. 5,126 159,060 Unisys Corp./(1)/ 12,554 158,557 ENSCO International Inc. 5,257 158,446 Delta Air Lines Inc. 4,827 157,939 Chiron Corp./(1)/ 3,436 157,678 TECO Energy Inc. 5,492 157,236 Compass Bancshares Inc. 5,091 157,159 Popular Inc. 5,362 156,678 Rockwell Collins Inc. 6,197 156,288 Radian Group Inc. 3,174 155,780 Sealed Air Corp./(1)/ 3,297 155,223 Banknorth Group Inc. 5,865 154,543 Jones Apparel Group Inc./(1)/ 4,403 153,885 BISYS Group Inc. (The)/(1)/ 4,346 153,196 Calpine Corp./(1)/ 11,979 152,133 AES Corp. (The)/(1)/ 16,781 151,029 Pinnacle West Capital Corp. 3,317 150,426 Old Republic International Corp. 4,673 149,396 Eastman Chemical Co. 3,028 147,736 Black & Decker Corp. 3,170 147,532 USA Networks Inc./(1)/ 4,638 147,349 Stanley Works (The) 3,162 146,243 Sherwin-Williams Co. (The) 5,131 146,131 VF Corp. 3,367 145,623 GreenPoint Financial Corp. 3,330 145,521 Mylan Laboratories Inc. 4,939 145,503 Schedules of Investments 145 iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Thermo Electron Corp./(1)/ 7,010 $ 145,317 Lam Research Corp./(1)/ 4,933 144,636 Cooper Industries Inc. 3,441 144,350 Waters Corp./(1)/ 5,116 143,095 Oxford Health Plans Inc./(1)/ 3,408 142,420 ChoicePoint Inc./(1)/ 2,469 142,214 Scientific-Atlanta Inc. 6,147 141,996 Goodyear Tire & Rubber Co. (The) 5,529 141,377 Jabil Circuit Inc./(1)/ 5,999 141,156 McCormick & Co. Inc. 2,733 139,738 Toys R Us Inc./(1)/ 7,750 139,190 Circuit City Stores Inc. - Circuit City Group 7,701 138,926 Edwards (A.G.) Inc. 3,151 138,581 Estee Lauder Companies Inc. "A" 4,029 137,631 Integrated Device Technology Inc./(1)/ 4,139 137,580 Sigma-Aldrich Corp. 2,908 136,560 AutoNation Inc./(1)/ 9,809 136,541 Aquila Inc. 5,494 136,471 Sovereign Bancorp Inc. 9,670 135,864 Fox Entertainment Group Inc. "A"/(1)/ 5,713 135,112 Network Associates Inc./(1)/ 5,582 135,084 PMI Group Inc. (The) 1,768 133,944 Murphy Oil Corp. 1,395 133,920 Ocean Energy Inc. 6,736 133,305 Duke Realty Corp. 5,127 133,302 Maytag Corp. 3,010 133,193 American Water Works Co. Inc. 3,029 132,670 Legg Mason Inc. 2,492 132,275 Public Storage Inc. 3,564 131,904 Vornado Realty Trust 2,986 131,862 Smith International Inc./(1)/ 1,945 131,774 DST Systems Inc./(1)/ 2,638 131,372 Synopsys Inc./(1)/ 2,367 130,564 Donnelley (R.R.) & Sons Co. 4,150 129,065 Phelps Dodge Corp. 3,062 128,910 Fluor Corp. 3,157 128,774 BJ's Wholesale Club Inc./(1)/ 2,877 128,602 Citrix Systems Inc./(1)/ 7,418 128,183 SUPERVALU Inc. 4,956 127,865 ADC Telecommunications Inc./(1)/ 31,165 126,842 DPL Inc. 4,963 126,805 Avnet Inc. 4,675 126,505 Apartment Investment & Management Co. "A" 2,609 126,197 SCANA Corp. 4,122 126,133 Dollar Tree Stores Inc./(1)/ 3,840 125,990 Juniper Networks Inc./(1)/ 9,929 125,304 Cytyc Corp./(1)/ 4,641 124,936 Ashland Inc. 2,742 124,788 Pactiv Corp./(1)/ 6,221 124,544 Dana Corp. 5,797 124,462 Rockwell International Corp. 6,197 124,312 Republic Services Inc. "A"/(1)/ 6,639 124,017 AvalonBay Communities Inc. 2,479 123,454 Brinker International Inc./(1)/ 3,794 122,964 Centex Corp. 2,363 122,711 Mohawk Industries Inc./(1)/ 2,040 122,584 Deluxe Corp. 2,638 122,034 Rational Software Corp./(1)/ 7,669 121,400 Conexant Systems Inc./(1)/ 10,026 120,813 Ross Stores Inc. 3,154 119,316 Mercantile Bankshares Corp. 2,746 118,792 Hibernia Corp. "A" 6,216 118,726 Goodrich Co. 3,747 118,555 Citizens Communications Co./(1)/ 11,027 118,540 D&B/(1)/ 2,962 118,510 CMS Energy Corp. 5,220 118,129 SEI Investment Co. 2,739 117,257 Diebold Inc. 2,878 117,250 Cablevision Systems Corp./(1)/ 3,445 117,130 Liz Claiborne Inc. 4,130 117,127 Manpower Inc. 3,004 116,796 Intersil Corp. "A"/(1)/ 4,108 116,462 CIENA Corp./(1)/ 12,900 116,100 Wendy's International Inc. 3,319 116,099 Smurfit-Stone Container Corp./(1)/ 6,752 115,729 Amkor Technology Inc./(1)/ 5,176 115,477 Prologis Trust 4,945 115,466 Commerce Bancshares Inc. 2,599 114,928 Watson Pharmaceuticals Inc./(1)/ 4,239 114,835 AmeriCredit Corp./(1)/ 3,011 114,388 Kimco Realty Corp. 3,492 114,188 Nextel Communications Inc. "A"/(1)/ 21,203 114,072 Fairchild Semiconductor International Corp. "A"/(1)/ 3,962 113,313 Sunoco Inc. 2,826 113,068 International Rectifier Corp./(1)/ 2,483 112,753 146 2002 iShares Annual Report to Shareholders iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ Ceridian Corp./(1)/ 5,089 $ 112,212 Beckman Coulter Inc. 2,197 112,201 Bard (C.R.) Inc. 1,900 112,195 Gemstar-TV Guide International Inc./(1)/ 7,581 112,123 Park Place Entertainment Corp./(1)/ 10,621 112,052 Vishay Intertechnology Inc./(1)/ 5,502 111,911 Lear Corp./(1)/ 2,349 111,812 Cephalon Inc./(1)/ 1,773 111,699 Arrow Electronics Inc./(1)/ 3,967 110,957 Abercrombie & Fitch Co. "A"/(1)/ 3,602 110,942 AdvancePCS/(1)/ 3,686 110,912 Smithfield Foods Inc./(1)/ 4,226 110,299 Varian Medical Systems Inc./(1)/ 2,696 110,266 Expeditors International Washington Inc. 1,806 110,166 Northeast Utilities 5,544 110,159 International Flavors & Fragrances Inc. 3,146 110,016 E*TRADE Group Inc./(1)/ 11,667 109,903 TMP Worldwide Inc./(1)/ 3,178 109,546 Boston Properties Inc. 2,776 109,513 Hillenbrand Industries Inc. 1,772 109,208 Tyson Foods Inc. "A" 8,742 109,100 Mercury Interactive Corp./(1)/ 2,895 108,997 Human Genome Sciences Inc./(1)/ 4,985 108,623 Hispanic Broadcasting Corp./(1)/ 3,730 108,618 Lennar Corp. 2,054 108,369 Gallagher (Arthur J.) & Co. 3,305 108,305 Certegy Inc./(1)/ 2,725 108,182 Wisconsin Energy Corp. 4,310 107,233 Host Marriott Corp. 8,970 107,192 Valley National Bancorp 3,052 107,186 Allied Capital Corp. 3,888 106,920 Sonoco Products Co. 3,734 106,830 Amazon.com Inc./(1)/ 7,424 106,163 PMC-Sierra Inc./(1)/ 6,484 105,560 Bemis Co. 1,942 105,548 Dow Jones & Co. Inc. 1,808 105,262 Westwood One Inc./(1)/ 2,736 104,926 Emulex Corp./(1)/ 3,181 104,750 Cooper Cameron Corp./(1)/ 2,047 104,622 Apogent Technologies Inc./(1)/ 4,236 104,544 General Growth Properties Inc. 2,350 103,870 Navistar International Corp. 2,337 103,529 Navistar International Corp. 2,337 103,529 Temple-Inland Inc. 1,815 102,947 Trigon Healthcare Inc./(1)/ 1,394 102,905 First Virginia Banks Inc. 1,911 102,487 D.R. Horton Inc. 2,717 102,431 Autodesk Inc. 2,187 102,111 Federated Investors Inc. "B" 3,140 101,579 ICN Pharmaceuticals Inc. 3,184 101,092 Nordstrom Inc. 4,123 101,014 Cypress Semiconductor Corp./(1)/ 4,380 100,740 Symbol Technologies Inc. 8,950 100,598 Bowater Inc. 2,019 100,546 L-3 Communications Holdings Inc./(1)/ 897 100,464 Scripps (E.W.) Co. 1,219 100,104 DENTSPLY International Inc. 2,692 99,766 Astoria Financial Corp. 3,428 99,583 Energy East Corp. 4,571 99,419 Investment Technology Group Inc./(1)/ 1,882 99,257 Commerce Bancorp Inc. 2,208 99,139 Associated Banc-Corp 2,606 99,106 iStar Financial Inc. 3,419 98,809 Outback Steakhouse Inc./(1)/ 2,753 98,475 Neuberger Berman Inc. 2,100 98,385 Health Net Inc./(1)/ 3,579 98,208 IVAX Corp./(1)/ 6,061 97,279 Triad Hospitals Inc./(1)/ 2,827 97,192 American Power Conversion Corp./(1)/ 6,474 95,686 Alliant Energy Corp. 3,162 95,556 ALLETE Inc. 3,280 95,415 Investors Financial Servicess Corp. 1,246 94,758 Tech Data Corp./(1)/ 2,060 94,533 MGM Mirage/(1)/ 2,609 94,524 Lamar Advertising Co./(1)/ 2,327 94,523 Polycom Inc./(1)/ 3,839 94,439 NSTAR 2,075 94,081 RF Micro Devices Inc./(1)/ 5,255 94,065 Brunswick Corp./(1)/ 3,443 94,063 Manor Care Inc./(1)/ 4,023 93,736 Harris Corp. 2,600 93,366 Eaton Vance Corp. 2,336 93,323 Tidewater Inc. 2,203 93,297 Autoliv Inc. 3,848 93,276 Potomac Electric Power Co. 3,992 93,213 Schedules of Investments 147 iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (CONTINUED) - ------------------------------------------------------------------ Bausch & Lomb Inc. 2,087 $ 93,018 Allmerica Financial Corp. 2,070 92,943 Liberty Property Trust 2,876 92,751 Comverse Technology Inc./(1)/ 7,316 92,694 Viad Corp. 3,296 92,288 Whole Foods Market Inc./(1)/ 2,011 91,883 Agere Systems Inc./(1)/ 23,591 91,769 XTO Energy Inc. 4,577 91,769 Valspar Corp. (The) 1,937 91,155 UnionBanCal Corp. 2,070 91,121 Cabot Corp. 2,470 91,019 Pall Corp. 4,430 90,771 Pioneer Natural Resources Co./(1)/ 4,056 90,408 Palm Inc./(1)/ 22,599 90,170 Coach Inc./(1)/ 1,776 90,061 Humana Inc./(1)/ 6,624 89,623 Semtech Corp./(1)/ 2,449 89,389 CDW Computer Centers Inc./(1)/ 1,775 89,353 Applied Micro Circuits Corp./(1)/ 11,156 89,248 Foot Locker Inc./(1)/ 5,492 88,861 Fidelity National Financial Inc. 3,361 88,630 KPMG Consulting Inc./(1)/ 4,383 88,537 ICOS Corp./(1)/ 1,924 88,485 Andrx Group/(1)/ 2,321 88,059 Storage Technology Corp./(1)/ 4,107 88,054 FirstMerit Corp. 3,055 87,953 Readers Digest Association Inc. (The) "A" 3,923 87,914 Hasbro Inc. 5,551 87,817 Equitable Resources Inc. 2,501 87,060 CH Robinson Worldwide Inc. 2,591 87,058 Noble Affiliates Inc. 2,213 86,440 Pulte Homes Inc. 1,806 86,417 Gentex Corp./(1)/ 2,916 86,401 Conectiv 3,464 86,219 Golden State Bancorp Inc. 2,879 85,478 Omnicare Inc. 3,301 85,463 MDU Resources Group Inc. 2,753 85,343 Energizer Holdings Inc./(1)/ 3,592 85,310 Rowan Companies Inc./(1)/ 3,692 85,064 Waddell & Reed Financial Inc. "A" 2,783 84,826 Hospitality Properties Trust 2,467 84,692 Visteon Corp. 5,114 84,637 Fastenal Co. 1,122 84,509 3Com Corp./(1)/ 13,818 84,428 Patterson Dental Co./(1)/ 1,929 84,355 Providian Financial Corp. 11,160 84,258 PerkinElmer Inc. 4,550 84,175 Millipore Corp. 1,898 83,968 Washington Post Company (The) "B" 138 83,770 DaVita Inc./(1)/ 3,301 83,515 Health Care Property Investors Inc. 2,058 83,452 First Health Group Corp./(1)/ 3,451 83,273 Avaya Inc./(1)/ 11,276 83,217 Snap-On Inc. 2,442 83,150 Pride International Inc./(1)/ 5,224 83,062 Fulton Financial Corp. 3,287 82,306 Nicor Inc. 1,798 81,899 Alberto-Culver Co. "B" 1,507 81,378 Tektronix Inc./(1)/ 3,437 81,319 Williams-Sonoma Inc./(1)/ 1,761 80,988 Martin Marietta Materials Inc. 1,912 80,725 Vertex Pharmaceuticals Inc./(1)/ 2,895 80,655 Valassis Communications Inc./(1)/ 2,087 80,621 National-Oilwell Inc./(1)/ 3,173 80,372 Hormel Foods Corp. 2,906 79,479 City National Corp. 1,510 79,441 Helmerich & Payne Inc. 1,958 78,496 Patterson-UTI Energy Inc./(1)/ 2,626 78,097 MONY Group Inc. (The) 1,924 77,576 Questar Corp. 3,003 77,207 Protective Life Corp. 2,476 77,202 Amphenol Corp. "A"/(1)/ 1,645 76,986 Vitesse Semiconductor Corp./(1)/ 7,853 76,959 Pacific Century Financial Corp. 2,937 76,538 National Fuel Gas Co. 3,140 76,459 Quintiles Transnational Corp./(1)/ 4,282 76,006 Constellation Brands Inc./(1)/ 1,382 75,955 Pentair Inc. 1,687 75,864 AMB Property Corp. 2,755 75,762 Catellus Development Corp./(1)/ 3,846 75,651 Borders Group Inc./(1)/ 3,163 75,627 OM Group Inc. 1,046 75,626 Wilmington Trust Corp. 1,119 75,320 Celgene Corp./(1)/ 3,021 74,770 New Plan Excel Realty Trust 3,722 74,626 Universal Health Services Inc. "B"/(1)/ 1,804 74,415 Security Capital Group Inc. "B"/(1)/ 2,915 74,245 148 2002 iShares Annual Report to Shareholders iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Teleflex Inc. 1,354 $ 74,023 Cullen/Frost Bankers Inc. 2,045 73,354 Enzon Inc./(1)/ 1,649 73,034 OGE Energy Corp. 3,046 73,013 Unitrin Inc. 1,810 72,762 Webster Financial Corp. 1,934 72,390 Precision Castparts Corp. 2,044 72,378 Rouse Co. (The) 2,331 72,214 Herman Miller Inc. 3,026 71,958 Lubrizol Corp. 2,060 71,667 Roslyn Bancorp Inc. 3,445 71,312 Crescent Real Estate Equities Co. 3,670 71,198 Sky Financial Group Inc. 3,193 71,076 Puget Energy Inc. 3,418 71,060 Invitrogen Corp./(1)/ 2,069 71,008 Belo Corp. 3,050 70,912 Mandalay Resort Group/(1)/ 2,307 70,825 Iron Mountain Inc./(1)/ 2,229 70,704 CarrAmerica Realty Corp. 2,235 70,201 Allied Waste Industries Inc./(1)/ 5,367 69,771 Continental Airlines Inc. "B"/(1)/ 2,463 69,752 Boise Cascade Corp. 1,920 69,581 Lyondell Chemical Co. 4,154 68,998 WebMD Corp./(1)/ 8,903 68,375 Diamond Offshore Drilling Inc. 2,182 68,209 Sybase Inc./(1)/ 3,898 68,098 Vectren Corp. 2,639 67,796 Medicis Pharmaceutical Corp. "A"/(1)/ 1,217 67,544 Alkermes Inc./(1)/ 2,585 67,365 Advent Software Inc./(1)/ 1,138 67,324 Transatlantic Holdings Inc. 817 67,092 DeVry Inc./(1)/ 2,222 66,949 Krispy Kreme Doughnuts Inc./(1)/ 1,633 66,708 Arden Realty Inc. 2,333 66,257 HON Industries Inc. 2,332 66,252 Pogo Producing Co. 2,086 66,126 Micrel Inc./(1)/ 2,613 65,900 KEMET Corp./(1)/ 3,335 64,599 Barr Laboratories Inc./(1)/ 981 64,569 Cabot Microelectronics Corp./(1)/ 953 64,470 Meredith Corp. 1,515 64,403 Clayton Homes Inc. 3,819 63,968 Peregrine Systems Inc./(1)/ 6,716 63,936 Cummins Inc. 1,353 63,902 Big Lots Inc. 4,527 63,604 CNF Inc. 1,923 63,440 Reynolds & Reynolds Co. (The) "A" 2,099 62,970 Hubbell Inc. "B" 1,913 62,938 United States Steel Corp. 3,465 62,890 Lattice Semiconductor Corp./(1)/ 3,545 62,144 Saks Inc./(1)/ 4,714 61,989 Parametric Technology Corp./(1)/ 10,230 61,789 Advanced Fibre Communications Inc./(1)/ 3,216 61,715 Great Plains Energy Inc. 2,454 61,227 Six Flags Inc./(1)/ 3,415 60,992 ImClone Systems Inc./(1)/ 2,474 60,935 Service Corp. International/(1)/ 11,436 60,611 Mettler Toledo International Inc./(1)/ 1,336 60,467 Markel Corp./(1)/ 297 60,442 Jacobs Engineering Group Inc./(1)/ 846 60,311 Polo Ralph Lauren Corp./(1)/ 2,060 60,111 Henry Schein Inc./(1)/ 1,363 60,040 Old National Bancorp 2,450 59,976 IDACORP Inc. 1,478 59,859 Broadwing Inc./(1)/ 8,562 59,848 Callaway Golf Co. 3,080 59,290 Barnes & Noble Inc./(1)/ 1,911 59,222 Sepracor Inc./(1)/ 3,046 59,092 Protein Design Labs Inc./(1)/ 3,438 58,893 Entercom Communications Corp./(1)/ 1,073 58,876 Varco International Inc./(1)/ 2,926 58,813 Washington Federal Inc. 2,452 58,701 Acxiom Corp./(1)/ 3,423 58,670 SanDisk Corp./(1)/ 2,682 58,199 HCC Insurance Holdings Inc. 2,064 57,689 Henry (Jack) & Associates Inc. 2,597 57,601 Mack-Cali Realty Corp. 1,658 57,499 OSI Pharmaceuticals Inc./(1)/ 1,468 57,472 Abgenix Inc./(1)/ 3,031 57,256 Radio One Inc. D/(1)/ 2,764 56,938 Hercules Inc./(1)/ 4,262 56,727 Hanover Compressor Co./(1)/ 3,144 56,561 Applera Corp. - Celera Genomics Group/(1)/ 2,749 56,492 Coors (Adolf) Company "B" 837 56,472 Crane Co. 2,054 56,156 Schedules of Investments 149 iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Freeport-McMoRan Copper & Gold Inc./(1)/ 3,182 $ 56,067 Newfield Exploration Co./(1)/ 1,514 56,003 DoubleClick Inc./(1)/ 4,643 55,670 i2 Technologies Inc./(1)/ 10,969 55,503 Grant Prideco Inc./(1)/ 4,012 54,884 Axcelis Technologies Inc./(1)/ 3,834 54,826 McClatchy Co. (The) "A" 900 53,433 Hudson City Bancorp Inc. 1,645 53,397 AK Steel Holding Corp. 3,733 53,382 LaBranche & Co. Inc./(1)/ 1,712 53,158 Mentor Graphics Corp./(1)/ 2,510 53,061 Lafarge North America Inc. 1,226 53,012 Reebok International Ltd./(1)/ 1,961 53,006 Pharmaceutical Product Development Inc./(1)/ 1,513 52,728 Rite Aid Corp./(1)/ 15,188 52,550 Payless ShoeSource Inc./(1)/ 852 52,015 GATX Corp. 1,635 51,993 CSG Systems International Inc./(1)/ 1,818 51,758 Harte-Hanks Inc. 1,630 51,573 Maxtor Corp./(1)/ 7,389 51,354 Cirrus Logic Inc./(1)/ 2,719 51,308 Catalina Marketing Corp./(1)/ 1,402 51,173 Winn-Dixie Stores Inc. 3,190 51,168 International Speedway Corp. "A" 1,091 49,859 Retek Inc./(1)/ 1,897 49,796 Crown Castle International Corp./(1)/ 7,527 49,753 Charter Communications Inc./(1)/ 4,405 49,732 Leucadia National Corp. 1,391 49,728 ResMed Inc./(1)/ 1,235 49,561 Adelphia Communications Corp. "A"/(1)/ 3,285 48,946 Massey Energy Co. 2,896 48,942 Quantum Corp./(1)/ 6,106 48,604 Steelcase Inc. 2,890 48,408 Allegheny Technologies Inc. 2,918 48,264 SkyWest Inc. 1,929 48,090 American Eagle Outfitters Inc./(1)/ 1,939 48,029 Ingram Micro Inc. "A"/(1)/ 2,897 47,945 Neiman-Marcus Group Inc. "A"/(1)/ 1,386 47,748 American Financial Group Inc. 1,659 47,646 PepsiAmericas Inc. 3,301 47,600 Monsanto Co. 1,502 47,448 Western Resources Inc. 2,761 47,351 Ethan Allen Interiors Inc. 1,233 46,928 National Instruments Corp./(1)/ 1,118 46,755 Medarex Inc./(1)/ 2,874 46,355 Cerner Corp./(1)/ 971 46,326 Mercury General Corp. 989 45,989 Cablevision Systems Corporation-Rainbow Media Group/(1)/ 1,843 45,485 Shaw Group Inc. (The)/(1)/ 1,631 44,853 Gateway Inc./(1)/ 7,054 44,581 Affymetrix Inc./(1)/ 1,513 43,847 Openwave Systems Inc./(1)/ 6,860 43,630 Macrovision Corp./(1)/ 1,628 43,386 AVX Corp. 2,070 43,346 Level 3 Communications Inc./(1)/ 12,168 43,318 Manugistics Group Inc./(1)/ 1,996 42,874 Trustmark Corp. 1,697 42,866 UTStarcom Inc./(1)/ 1,633 42,834 Great Lakes Chemical Corp. 1,520 42,818 Cox Radio Inc. "A"/(1)/ 1,489 42,288 United Rentals Inc./(1)/ 1,527 41,962 Conseco Inc./(1)/ 11,548 41,804 Orthodontic Centers of America Inc./(1)/ 1,507 41,608 Packaging Corp. of America/(1)/ 2,094 41,440 Extreme Networks Inc./(1)/ 3,967 41,257 Extended Stay America Inc./(1)/ 2,369 41,221 Nationwide Financial Services Inc. 955 40,874 Ariba Inc./(1)/ 8,745 39,615 Cree Inc./(1)/ 2,885 39,323 Tootsie Roll Industries Inc. 854 39,272 Community Health Systems Inc./(1)/ 1,776 39,267 FMC Corp./(1)/ 933 39,111 FMC Technologies Inc./(1)/ 1,942 38,704 American National Insurance Co. 408 38,556 SICOR Inc./(1)/ 2,230 38,088 Finisar Corp./(1)/ 4,904 37,761 Total System Services Inc. 1,491 37,499 CheckFree Corp./(1)/ 2,407 36,899 Black Hills Corp. 1,094 36,627 American Tower Corp./(1)/ 6,724 36,377 Northwest Airlines Corp. "A"/(1)/ 1,876 35,775 Solutia Inc. 4,105 35,714 Talbots Inc. (The) 998 35,329 Internet Security Systems Inc./(1)/ 1,518 34,686 Reliant Resources Inc./(1)/ 2,048 34,632 150 2002 iShares Annual Report to Shareholders iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Exult Inc./(1)/ 3,160 $ 34,476 Timberland Co. "A"/(1)/ 814 34,392 UAL Corp. 2,095 34,232 CNA Financial Corp./(1)/ 1,132 33,620 Wind River Systems Inc./(1)/ 2,456 33,377 Alleghany Corp./(1)/ 177 33,277 Vignette Corp./(1)/ 9,585 32,972 Enterasys Networks Inc./(1)/ 7,791 32,956 St. Joe Co. (The) 1,091 32,730 Forest Oil Corp./(1)/ 1,104 32,700 Provident Financial Group Inc. 1,134 32,659 Erie Indemnity Co. "A" 793 32,259 Ameritrade Holding Corp. "A"/(1)/ 4,958 32,177 Insight Communications Co. Inc./(1)/ 1,510 31,635 Myriad Genetics Inc./(1)/ 938 31,432 Kmart Corp./(1)/ 19,288 30,861 EarthLink Inc./(1)/ 3,007 30,521 Arch Coal Inc. 1,410 30,146 Emmis Communications Corp./(1)/ 1,127 30,136 Primedia Inc./(1)/ 9,503 30,125 Ticketmaster "B"/(1)/ 997 29,491 TIBCO Software Inc./(1)/ 2,458 28,906 Blockbuster Inc. 1,226 28,774 Riverstone Networks Inc./(1)/ 4,749 28,494 Expedia Inc. "A"/(1)/ 402 28,076 WorldCom Inc. - MCI Group 4,633 27,381 Metris Companies Inc. 1,355 27,100 CuraGen Corp./(1)/ 1,624 26,081 Micromuse Inc./(1)/ 2,954 25,877 PanAmSat Corp./(1)/ 1,120 25,592 Metro-Goldwyn-Mayer Inc./(1)/ 1,539 25,578 RealNetworks Inc./(1)/ 3,503 24,591 ONI Systems Inc./(1)/ 3,983 24,575 Knight Trading Group Inc./(1)/ 3,438 24,547 Pixar Inc./(1)/ 667 24,546 CNET Networks Inc./(1)/ 4,468 24,485 BlackRock Inc./(1)/ 548 24,441 People's Bank 967 23,837 Foundry Networks Inc./(1)/ 3,307 23,777 United States Cellular Corp./(1)/ 578 23,698 NRG Energy Inc./(1)/ 1,964 23,686 Global Industries Ltd./(1)/ 2,482 23,157 Viasys Healthcare Inc./(1)/ 1,014 22,805 Entravision Communications Corp./(1)/ 1,521 22,511 John Nuveen Co. "A" 406 22,391 21st Century Insurance Group 1,234 22,323 West Corp./(1)/ 705 22,306 Reinsurance Group of America Inc. 689 21,573 Consol Energy Inc. 818 21,472 Priority Healthcare Corp. "B"/(1)/ 818 21,276 Sycamore Networks Inc./(1)/ 5,338 21,085 Tekelec/(1)/ 1,805 20,685 Western Wireless Corp. "A"/(1)/ 2,357 20,600 Hollinger International Inc. 1,523 19,967 Mykrolis Corp./(1)/ 1,287 19,678 Quest Software Inc./(1)/ 1,285 19,416 Informatica Corp./(1)/ 2,611 18,904 Power-One Inc./(1)/ 2,307 18,871 RSA Security Inc./(1)/ 2,088 18,792 Inhale Therapeutic Systems Inc./(1)/ 1,746 18,420 Oakley Inc./(1)/ 989 17,703 Redback Networks Inc./(1)/ 5,110 17,374 Mediacom Communications Corp./(1)/ 1,239 17,358 Interwoven Inc./(1)/ 3,441 17,205 U.S. Airways Group Inc./(1)/ 2,626 16,938 Peabody Energy Corp. 585 16,936 Hotel Reservations Network Inc. "A"/(1)/ 287 16,913 Hearst-Argyle Television Inc./(1)/ 674 16,668 Quanta Services Inc./(1)/ 960 16,598 University of Phoenix Online/(1)/ 379 15,857 Wesco Financial Corp. 50 15,630 Sonus Networks Inc./(1)/ 5,934 15,547 CMGI Inc./(1)/ 11,343 15,313 BroadVision Inc./(1)/ 8,457 14,631 Transmeta Corp./(1)/ 3,679 14,275 Triton PCS Holdings Inc. "A"/(1)/ 1,375 14,011 Columbia Sportswear Co./(1)/ 417 13,990 Time Warner Telecom Inc. "A"/(1)/ 2,234 13,583 Weis Markets Inc. 426 12,929 Corvis Corp./(1)/ 10,021 12,516 Imagistics International Inc./(1)/ 786 12,497 Acterna Corp./(1)/ 7,717 11,575 Travelocity.com Inc./(1)/ 396 11,076 Nextel Partners Inc. "A"/(1)/ 1,783 10,734 Allegiance Telecom Inc./(1)/ 3,264 9,792 McDATA Corp. "A"/(1)/ 787 9,342 Instinet Group Inc./(1)/ 1,262 8,216 Capstone Turbine Corp./(1)/ 2,470 8,052 Schedules of Investments 151 iShares Russell 1000 Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- StorageNetworks Inc./(1)/ 2,233 $ 7,793 Plug Power Inc./(1)/ 489 5,071 Homestore.com Inc./(1)/ 1,600 4,320 McLeodUSA Inc. "A"/(1)/ 21,438 3,859 Infonet Services Corp. "B" ADR/(1)/ 1,679 3,711 Global Power Equipment Group Inc./(1)/ 282 3,517 Valhi Inc. 275 3,094 Inrange Technologies Corp./(1)/ 327 2,642 Metromedia Fiber Network Inc. "A"/(1)/ 20,443 2,044 NTL Inc./(1)/ 6,446 967 Tellium Inc./(1)/ 265 612 - ------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $461,812,697) 418,943,320 - ------------------------------------------------------------------------------- SHORT TERM INSTRUMENTS - 2.48% - ------------------------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 6,094,983 $ 6,094,983 Dreyfus Money Market Fund 1,828,854 1,828,854 Goldman Sachs Financial Square Prime Obligation Fund 570,223 570,223 Providian Temp Cash Money Market Fund 1,902,009 1,902,009 - ------------------------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $10,396,069) 10,396,069 - ------------------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 102.33% (Cost $472,208,766) 429,339,389 - ------------------------------------------------------------------------------- Other Assets, Less Liabilities -- (2.33%) (9,768,256) - ------------------------------------------------------------------------------- NET ASSETS -- 100.00% $419,571,133 =============================================================================== /(1)/ Non-income earning securities. See notes to financial statements. 152 2002 iShares Annual Report to Shareholders iShares Russell 1000 Growth Index Fund Schedule of Investments March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS - 99.92% - -------------------------------------------------------------------------------- General Electric Co. 925,489 $ 34,659,563 Microsoft Corp./(1)/ 409,602 24,703,097 Pfizer Inc. 583,758 23,198,543 Intel Corp. 624,461 18,989,859 Wal-Mart Stores Inc. 257,810 15,801,175 Johnson & Johnson 219,458 14,253,797 Cisco Systems Inc./(1)/ 682,164 11,549,037 International Business Machines Corp. 110,582 11,500,528 American International Group Inc. 148,209 10,691,797 Home Depot Inc. 218,308 10,611,952 AOL Time Warner Inc./(1)/ 397,651 9,404,446 Coca-Cola Co. (The) 156,800 8,194,368 Wyeth 123,296 8,094,382 Merck & Co. Inc. 130,931 7,539,007 Amgen Inc./(1)/ 97,551 5,821,844 PepsiCo Inc. 110,728 5,702,492 Lilly (Eli) and Co. 73,761 5,620,588 Dell Computer Corp./(1)/ 210,376 5,492,917 Pharmacia Corp. 120,609 5,437,054 Texas Instruments Inc. 161,474 5,344,789 Bristol-Myers Squibb Co. 127,515 5,163,082 Medtronic Inc. 113,061 5,111,488 Oracle Corp./(1)/ 383,286 4,906,061 Abbott Laboratories 87,149 4,584,037 Philip Morris Companies Inc. 84,045 4,426,650 Schering-Plough Corp. 136,522 4,273,139 Applied Materials Inc./(1)/ 76,433 4,148,019 Walgreen Co. 95,252 3,732,926 Automatic Data Processing Inc. 57,769 3,366,200 Lowe's Companies Inc. 72,230 3,141,283 Baxter International Inc. 52,279 3,111,646 First Data Corp. 35,543 3,101,127 Freddie Mac 48,835 3,094,674 Cardinal Health Inc. 41,845 2,966,392 QUALCOMM Inc./(1)/ 71,555 2,693,330 Viacom Inc. "B"/(1)/ 55,555 2,687,195 Sun Microsystems Inc./(1)/ 302,403 2,667,194 SBC Communications Inc. 69,403 2,598,448 MBNA Corp. 66,735 2,573,969 EMC Corp./(1)/ 206,681 2,463,638 Citigroup Inc. 49,445 2,448,516 Fifth Third Bancorp 36,123 2,437,580 Electronic Data Systems Corp. 40,306 2,337,345 Colgate-Palmolive Co. 38,761 2,215,191 Procter & Gamble Co. 23,445 2,112,160 Target Corp. 46,628 2,010,599 Safeway Inc./(1)/ 42,922 1,932,348 Kohls Corp./(1)/ 26,676 1,897,997 Anheuser-Busch Companies Inc. 35,584 1,857,485 AT&T Wireless Services Inc./(1)/ 203,532 1,821,611 Boeing Co. (The) 36,080 1,740,860 UnitedHealth Group Inc. 22,681 1,733,282 Gillette Co. (The) 49,998 1,700,432 Kroger Co./(1)/ 74,683 1,654,975 Veritas Software Corp./(1)/ 37,402 1,639,330 Omnicom Group Inc. 17,320 1,635,008 Maxim Integrated Products Inc./(1)/ 28,456 1,585,284 Concord EFS Inc./(1)/ 47,428 1,576,981 Harley-Davidson Inc. 28,245 1,557,147 Marsh & McLennan Companies Inc. 13,505 1,522,554 Analog Devices Inc./(1)/ 32,262 1,453,080 USA Education Inc. 14,620 1,429,836 3M Co. 12,047 1,385,525 Forest Laboratories Inc. "A"/(1)/ 16,645 1,359,897 Sysco Corp. 45,299 1,350,816 Schwab (Charles) Corp. (The) 100,469 1,315,139 Anadarko Petroleum Corp. 23,179 1,308,223 Linear Technology Corp. 29,565 1,307,364 Capital One Financial Corp. 20,470 1,307,009 Guidant Corp./(1)/ 28,485 1,233,970 Best Buy Co. Inc./(1)/ 15,528 1,229,818 Baker Hughes Inc. 31,316 1,197,837 Paychex Inc. 29,769 1,181,829 Xilinx Inc./(1)/ 29,606 1,180,095 KLA-Tencor Corp./(1)/ 17,419 1,158,364 United Technologies Corp. 15,477 1,148,393 Siebel Systems Inc./(1)/ 35,025 1,142,165 Bank of New York Co. Inc. (The) 26,873 1,129,203 CVS Corp. 32,108 1,102,268 Interpublic Group of Companies Inc. 31,643 1,084,722 Fannie Mae 13,376 1,068,475 Genentech Inc./(1)/ 20,511 1,034,780 United Parcel Service Inc. 16,745 1,018,096 TJX Companies Inc. 25,443 1,017,974 Clear Channel Communications Inc./(1)/ 19,382 996,429 Bed Bath & Beyond Inc./(1)/ 27,072 913,680 MedImmune Inc./(1)/ 23,069 907,304 Immunex Corp./(1)/ 29,888 904,411 Schedules of Investments 153 iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- PeopleSoft Inc./(1)/ 24,758 $ 904,410 Adobe Systems Inc. 22,080 889,603 SunGard Data Systems Inc./(1)/ 26,078 859,792 Cendant Corp./(1)/ 44,665 857,568 Gap Inc. (The) 56,983 857,024 Starbucks Corp./(1)/ 35,555 822,387 Fiserv Inc./(1)/ 17,704 814,207 Genzyme Corp. - General Division/(1)/ 18,638 813,921 Allergan Inc. 12,518 809,289 Micron Technology Inc./(1)/ 24,394 802,563 General Motors Corp. "H"/(1)/ 47,993 789,485 eBay Inc./(1)/ 13,370 757,277 Stryker Corp./(1)/ 12,548 757,021 State Street Corp. 13,511 748,239 Household International Inc. 13,115 744,932 Altera Corp./(1)/ 33,781 738,790 Electronic Arts Inc./(1)/ 11,834 719,507 Comcast Corp. "A"/(1)/ 21,793 693,017 Novellus Systems Inc./(1)/ 12,788 692,342 AFLAC Inc. 23,418 690,831 Lexmark International Inc. "A"/(1)/ 12,068 690,048 Halliburton Co. 40,374 689,184 Biomet Inc. 25,143 680,370 Biogen Inc./(1)/ 13,854 679,677 IDEC Pharmaceuticals Corp./(1)/ 10,457 672,385 Dynegy Inc. "A" 23,130 670,770 Teradyne Inc./(1)/ 16,883 665,697 Staples Inc./(1)/ 32,814 655,296 Univision Communications Inc./(1)/ 15,602 655,284 Broadcom Corp. "A"/(1)/ 18,088 649,359 Sara Lee Corp. 31,189 647,484 Gilead Sciences Inc./(1)/ 17,990 647,460 Sprint Corp. (PCS Group)/(1)/ 60,473 622,267 King Pharmaceuticals Inc./(1)/ 17,620 616,876 IMS Health Inc. 27,287 612,593 Yahoo! Inc./(1)/ 32,531 600,848 VeriSign Inc./(1)/ 21,813 588,951 Sabre Holdings Corp./(1)/ 12,495 583,641 Millennium Pharmaceuticals Inc./(1)/ 25,743 574,336 St. Jude Medical Inc./(1)/ 7,404 571,219 EchoStar Communications Corp./(1)/ 19,951 565,012 Danaher Corp. 7,898 560,916 Network Appliance Inc./(1)/ 27,217 554,682 Northern Trust Corp. 9,225 554,515 Brocade Communications Systems Inc./(1)/ 20,366 549,882 Quest Diagnostics Inc./(1)/ 6,578 544,987 Synovus Financial Corp. 17,834 543,580 Symantec Corp./(1)/ 13,152 541,994 Cintas Corp. 10,771 537,042 Cadence Design Systems Inc./(1)/ 23,166 523,783 Agilent Technologies Inc./(1)/ 14,890 520,554 Microchip Technology Inc./(1)/ 12,408 519,027 Moody's Corp. 12,620 518,682 BJ Services Co./(1)/ 14,705 506,881 Heinz (H.J.) Co. 12,118 502,897 Ecolab Inc. 10,969 501,503 RadioShack Corp. 16,665 500,617 Kimberly-Clark Corp. 7,725 499,421 El Paso Corp. 11,315 498,199 Nabors Industries Inc./(1)/ 11,605 490,311 Tiffany & Co. 13,615 484,013 Affiliated Computer Services Inc. "A"/(1)/ 8,578 481,483 International Game Technology/(1)/ 7,699 479,802 Convergys Corp./(1)/ 16,057 474,805 Family Dollar Stores Inc. 13,976 468,336 Qwest Communications International Inc. 56,502 464,446 Sanmina-SCI Corp./(1)/ 38,720 454,960 McGraw-Hill Companies Inc. (The) 6,561 447,788 Applera Corp. - Applied Biosystems Group 19,797 442,463 Noble Drilling Corp./(1)/ 10,569 437,451 Intuit Inc./(1)/ 11,317 434,120 Apollo Group Inc. "A"/(1)/ 8,072 432,256 Solectron Corp./(1)/ 55,228 430,778 QLogic Corp./(1)/ 8,625 427,110 NVIDIA Corp./(1)/ 9,628 427,098 Laboratory Corp. of America Holdings/(1)/ 4,449 426,481 Robert Half International Inc./(1)/ 14,409 425,354 Express Scripts Inc. "A"/(1)/ 7,276 419,025 Newmont Mining Corp. 14,974 414,630 Caremark Rx Inc./(1)/ 21,075 410,962 Dollar General Corp. 25,025 407,407 Equifax Inc. 13,529 404,517 Tellabs Inc./(1)/ 38,224 400,205 Zimmer Holdings Inc./(1)/ 11,626 395,865 154 2002 iShares Annual Report to Shareholders iShares Russell 1000 Growth Index Fund Schedule Of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- AmerisourceBergen Corp. 5,781 $ 394,842 American Express Co. 9,614 393,789 BEA Systems Inc./(1)/ 28,696 393,422 Pepsi Bottling Group Inc. 14,650 378,996 Chiron Corp./(1)/ 8,154 374,187 American Standard Companies Inc./(1)/ 5,198 367,758 BISYS Group Inc. (The)/(1)/ 10,396 366,459 Calpine Corp./(1)/ 28,453 361,353 AES Corp. (The)/(1)/ 39,910 359,190 Weatherford International Inc./(1)/ 7,395 352,224 Mirant Corp./(1)/ 24,089 348,086 Sealed Air Corp./(1)/ 7,392 348,015 Lam Research Corp./(1)/ 11,746 344,393 Oxford Health Plans Inc./(1)/ 8,222 343,597 Waters Corp./(1)/ 12,212 341,570 Scientific-Atlanta Inc. 14,602 337,306 ChoicePoint Inc./(1)/ 5,845 336,672 Block (H & R) Inc. 7,562 336,131 Jabil Circuit Inc./(1)/ 14,285 336,126 Advanced Micro Devices Inc./(1)/ 22,772 334,976 Wrigley (William Jr.) Co. 6,085 324,391 Morgan Stanley Dean Witter & Co. 5,613 321,681 Smith International Inc./(1)/ 4,661 315,783 Burlington Resources Inc. 7,824 313,664 Synopsys Inc./(1)/ 5,673 312,923 Kellogg Co. 9,128 306,427 Integrated Device Technology Inc./(1)/ 9,193 305,575 BJ's Wholesale Club Inc./(1)/ 6,804 304,139 Citrix Systems Inc./(1)/ 17,524 302,815 Cytyc Corp./(1)/ 11,171 300,723 HCA Inc. 6,807 300,053 Dollar Tree Stores Inc./(1)/ 9,098 298,505 Juniper Networks Inc./(1)/ 23,514 296,747 ENSCO International Inc. 9,807 295,583 JDS Uniphase Corp./(1)/ 49,511 291,620 Corning Inc. 37,911 288,882 DST Systems Inc./(1)/ 5,793 288,491 EOG Resources Inc. 7,075 286,962 Rational Software Corp./(1)/ 18,085 286,286 Estee Lauder Companies Inc. "A" 8,216 280,659 SEI Investment Co. 6,468 276,895 Murphy Oil Corp. 2,877 276,192 CIENA Corp./(1)/ 30,570 275,130 Alcoa Inc. 7,270 274,370 Intersil Corp. "A"/(1)/ 9,621 272,755 BMC Software Inc./(1)/ 13,981 271,930 Nextel Communications Inc. "A"/(1)/ 50,329 270,770 UST Inc. 6,955 270,758 International Rectifier Corp./(1)/ 5,941 269,781 Honeywell International Inc. 7,038 269,344 Watson Pharmaceuticals Inc./(1)/ 9,886 267,812 AmeriCredit Corp./(1)/ 7,017 266,576 Fairchild Semiconductor International Corp. "A"/(1)/ 9,294 265,808 Expeditors International Washington Inc. 4,354 265,594 Abercrombie & Fitch Co. "A"/(1)/ 8,598 264,818 Jones Apparel Group Inc./(1)/ 7,545 263,698 TMP Worldwide Inc./(1)/ 7,575 261,110 Gallagher (Arthur J.) & Co. 7,932 259,932 Human Genome Sciences Inc./(1)/ 11,897 259,236 AdvancePCS/(1)/ 8,606 258,955 Varian Medical Systems Inc./(1)/ 6,274 256,607 Mercury Interactive Corp./(1)/ 6,792 255,719 Amazon.com Inc./(1)/ 17,605 251,751 PMC-Sierra Inc./(1)/ 15,452 251,559 Emulex Corp./(1)/ 7,618 250,861 Cooper Cameron Corp./(1)/ 4,829 246,810 Campbell Soup Co. 9,186 246,185 Avery Dennison Corp. 4,033 246,134 Cephalon Inc./(1)/ 3,882 244,566 Investment Technology Group Inc./(1)/ 4,558 240,389 Symbol Technologies Inc. 21,237 238,704 Federated Investors Inc. "B" 7,296 236,026 Lincare Holdings Inc./(1)/ 8,702 235,998 L-3 Communications Holdings Inc./(1)/ 2,095 234,640 Certegy Inc./(1)/ 5,905 234,429 IVAX Corp./(1)/ 14,423 231,489 Telephone & Data Systems Inc. 2,609 230,244 AutoZone Inc./(1)/ 3,324 228,857 Investors Financial Services Corp. 2,966 225,564 Knight Ridder Inc. 3,253 223,449 RF Micro Devices Inc./(1)/ 12,375 221,513 Comverse Technology Inc./(1)/ 17,398 220,433 XTO Energy Inc. 10,938 219,307 Eaton Vance Corp. 5,427 216,809 Eaton Corp. 2,660 215,407 Whole Foods Market Inc./(1)/ 4,714 215,383 Schedules of Investments 155 iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- Semtech Corp./(1)/ 5,859 $ 213,854 ICOS Corp./(1)/ 4,615 212,244 Applied Micro Circuits Corp./(1)/ 26,452 211,616 Compuware Corp./(1)/ 16,232 209,555 Maytag Corp. 4,714 208,595 Andrx Group/(1)/ 5,468 207,456 Gentex Corp./(1)/ 6,986 206,995 Coach Inc./(1)/ 4,065 206,136 CH Robinson Worldwide Inc. 6,089 204,590 Health Management Associates Inc. "A"/(1)/ 9,869 204,584 CDW Computer Centers Inc./(1)/ 4,062 204,481 Fastenal Co. 2,711 204,193 Amkor Technology Inc./(1)/ 9,113 203,311 Waddell & Reed Financial Inc. "A" 6,665 203,149 LSI Logic Corp./(1)/ 11,834 201,178 Beckman Coulter Inc. 3,924 200,399 PerkinElmer Inc. 10,804 199,874 Patterson Dental Co./(1)/ 4,566 199,671 Providian Financial Corp. 26,314 198,671 First Health Group Corp./(1)/ 8,213 198,180 Polycom Inc./(1)/ 8,035 197,661 Avaya Inc./(1)/ 26,737 197,319 Millipore Corp. 4,449 196,824 Apache Corp. 3,435 195,383 National Semiconductor Corp./(1)/ 5,755 193,886 Vertex Pharmaceuticals Inc./(1)/ 6,876 191,565 Atmel Corp./(1)/ 18,881 191,453 Motorola Inc. 13,473 191,317 National-Oilwell Inc./(1)/ 7,539 190,963 Williams-Sonoma Inc./(1)/ 4,112 189,111 Network Associates Inc./(1)/ 7,737 187,235 USA Networks Inc./(1)/ 5,886 186,998 Amphenol Corp. "A"/(1)/ 3,991 186,779 Ocean Energy Inc. 9,429 186,600 Patterson-UTI Energy Inc./(1)/ 6,256 186,053 WellPoint Health Networks Inc./(1)/ 2,840 180,823 Costco Wholesale Corp./(1)/ 4,498 179,110 Enzon Inc./(1)/ 4,020 178,046 Agere Systems Inc./(1)/ 45,106 175,462 Celgene Corp./(1)/ 7,026 173,894 Vitesse Semiconductor Corp./(1)/ 17,370 170,226 Invitrogen Corp./(1)/ 4,913 168,614 Herman Miller Inc. 7,053 167,720 Advent Software Inc./(1)/ 2,782 164,583 Rowan Companies Inc./(1)/ 7,061 162,685 DENTSPLY International Inc. 4,343 160,952 DeVry Inc./(1)/ 5,308 159,930 Krispy Kreme Doughnuts Inc./(1)/ 3,846 157,109 Alkermes Inc./(1)/ 6,019 156,855 Micrel Inc./(1)/ 6,204 156,465 Cabot Microelectronics Corp./(1)/ 2,258 152,754 Peregrine Systems Inc./(1)/ 15,759 150,026 Palm Inc./(1)/ 37,388 149,178 Barr Laboratories Inc./(1)/ 2,263 148,951 Parametric Technology Corp./(1)/ 24,503 147,998 Cypress Semiconductor Corp./(1)/ 6,401 147,223 Lattice Semiconductor Corp./(1)/ 8,352 146,411 Neuberger Berman Inc. 3,123 146,313 Tenet Healthcare Corp./(1)/ 2,183 146,305 Hispanic Broadcasting Corp./(1)/ 4,905 142,834 ImClone Systems Inc./(1)/ 5,785 142,485 Limited Inc. (The) 7,955 142,395 Mettler Toledo International Inc./(1)/ 3,126 141,483 Sybase Inc./(1) 8,095 141,420 Plum Creek Timber Co. Inc. 4,732 140,588 Protein Design Labs Inc./(1)/ 8,180 140,123 DaVita Inc./(1)/ 5,538 140,111 Mylan Laboratories Inc. 4,736 139,523 Citizens Communications Co./(1)/ 12,777 137,353 Abgenix Inc./(1)/ 7,203 136,065 McKesson Corp. 3,635 136,058 KPMG Consulting Inc./(1)/ 6,643 134,189 Freeport-McMoRan Copper & Gold Inc./(1)/ 7,591 133,753 Henry (Jack) & Associates Inc. 6,006 133,213 Hanover Compressor Co./(1)/ 7,334 131,939 OSI Pharmaceuticals Inc./(1)/ 3,364 131,701 i2 Technologies Inc./(1)/ 25,886 130,983 Axcelis Technologies Inc./(1)/ 9,047 129,372 Molex Inc. 3,699 128,244 Sepracor Inc./(1)/ 6,572 127,497 Mentor Graphics Corp./(1)/ 6,014 127,136 LaBranche & Co. Inc./(1)/ 4,073 126,467 Marriott International Inc. "A" 2,807 126,175 ICN Pharmaceuticals Inc. 3,956 125,603 Pharmaceutical Product Development Inc./(1)/ 3,578 124,693 156 2002 iShares Annual Report to Shareholders iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- CSG Systems International Inc./(1)/ 4,365 $ 124,272 Kinder Morgan Inc. 2,565 124,223 Boston Scientific Corp./(1)/ 4,928 123,644 Catalina Marketing Corp./(1)/ 3,373 123,114 Conexant Systems Inc./(1)/ 10,203 122,946 DoubleClick Inc./(1)/ 10,181 122,070 ResMed Inc./(1)/ 3,021 121,233 Devon Energy Corp. 2,503 120,820 Newfield Exploration Co./(1)/ 3,254 120,365 Allied Capital Corp. 4,312 118,580 Gemstar-TV Guide International Inc./(1)/ 8,004 118,379 Dow Jones & Co. Inc. 2,031 118,245 E*TRADE Group Inc./(1)/ 12,329 116,139 Retek Inc./(1)/ 4,423 116,104 Medicis Pharmaceutical Corp. "A"/(1)/ 2,083 115,607 American Eagle Outfitters Inc./(1)/ 4,635 114,809 National Instruments Corp./(1)/ 2,695 112,705 Pride International Inc./(1)/ 7,000 111,300 BB&T Corp. 2,897 110,405 Tidewater Inc. 2,594 109,856 Medarex Inc./(1)/ 6,791 109,532 SPX Corp./(1)/ 766 108,450 Williams Companies Inc. 4,584 107,999 Archstone-Smith Trust 4,030 107,964 Shaw Group Inc. (The)/(1)/ 3,819 105,023 Iron Mountain Inc./(1)/ 3,277 103,946 Affymetrix Inc./(1)/ 3,576 103,632 Pitney Bowes Inc. 2,415 103,362 Hershey Foods Corp. 1,507 103,290 Macrovision Corp./(1)/ 3,825 101,936 Manugistics Group Inc./(1)/ 4,704 101,042 McCormick & Co. Inc. 1,964 100,419 Varco International Inc./(1)/ 4,970 99,897 Coca-Cola Enterprises Inc. 5,318 99,872 Cerner Corp./(1)/ 2,067 98,617 Cox Radio Inc. "A"/(1)/ 3,471 98,576 Orthodontic Centers of America Inc./(1)/ 3,555 98,154 Universal Health Services Inc. "B"/(1)/ 2,378 98,093 Extreme Networks Inc./(1)/ 9,424 98,010 Diamond Offshore Drilling Inc. 3,129 97,813 ADC Telecommunications Inc./(1)/ 23,568 95,922 Community Health Systems Inc./(1)/ 4,201 92,884 Cirrus Logic Inc./(1)/ 4,865 91,803 Cree Inc./(1)/ 6,701 91,335 Finisar Corp./(1)/ 11,604 89,351 SICOR Inc./(1)/ 5,220 89,158 SkyWest Inc. 3,572 89,050 Total System Services Inc. 3,476 87,421 Quintiles Transnational Corp./(1)/ 4,910 87,153 CheckFree Corp./(1)/ 5,617 86,109 Storage Technology Corp./(1)/ 3,974 85,203 Apogent Technologies Inc./(1)/ 3,444 84,998 Exult Inc./(1)/ 7,567 82,556 Internet Security Systems Inc./(1)/ 3,540 80,889 Black & Decker Corp. 1,737 80,840 Timberland Co. "A"/(1)/ 1,912 80,782 Mohawk Industries Inc./(1)/ 1,341 80,581 Talbots Inc. (The) 2,262 80,075 Wind River Systems Inc./(1)/ 5,892 80,072 SanDisk Corp./(1)/ 3,610 78,337 Ameritrade Holding Corp. "A"/(1)/ 11,733 76,147 Rite Aid Corp./(1)/ 21,659 74,940 Myriad Genetics Inc./(1)/ 2,166 72,583 WebMD Corp./(1)/ 9,412 72,284 Northrop Grumman Corp. 637 72,013 Primedia Inc./(1)/ 22,589 71,607 3Com Corp./(1)/ 11,692 71,438 Advanced Fibre Communications Inc./(1)/ 3,709 71,176 Tootsie Roll Industries Inc. 1,539 70,789 FMC Technologies Inc./(1)/ 3,532 70,393 Rockwell Collins Inc. 2,790 70,364 Allied Waste Industries Inc./(1)/ 5,344 69,472 Metris Companies Inc. 3,148 62,960 CuraGen Corp./(1)/ 3,781 60,723 TIBCO Software Inc./(1)/ 5,122 60,235 Micromuse Inc./(1)/ 6,834 59,866 Brinker International Inc./(1)/ 1,813 58,759 BlackRock Inc./(1)/ 1,306 58,248 Triad Hospitals Inc./(1)/ 1,692 58,171 Dover Corp. 1,412 57,892 RealNetworks Inc./(1)/ 8,218 57,690 Foundry Networks Inc./(1)/ 7,914 56,902 Pixar Inc./(1)/ 1,541 56,709 Expedia Inc. "A"/(1)/ 799 55,802 Pogo Producing Co. 1,746 55,348 West Corp./(1)/ 1,721 54,452 Commerce Bancorp Inc. 1,188 53,341 Schedules of Investments 157 iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - -------------------------------------------------------------------------------- COMMON STOCKS (continued) - -------------------------------------------------------------------------------- Crown Castle International Corp./(1)/ 7,989 $ 52,807 Fox Entertainment Group Inc. "A"/(1)/ 2,203 52,101 NCR Corp./(1)/ 1,136 50,836 Darden Restaurants Inc. 1,248 50,656 Consol Energy Inc. 1,910 50,138 Priority Healthcare Corp. "B"/(1)/ 1,927 50,121 Tekelec/(1)/ 4,315 49,450 Callaway Golf Co. 2,562 49,318 Western Wireless Corp. "A"/(1)/ 5,635 49,250 NRG Energy Inc./(1)/ 3,962 47,782 Quest Software Inc./(1)/ 3,065 46,312 Mykrolis Corp./(1)/ 3,014 46,084 Level 3 Communications Inc./(1)/ 12,851 45,750 Openwave Systems Inc./(1)/ 7,184 45,690 Vulcan Materials Co. 961 45,686 Power-One Inc./(1)/ 5,460 44,663 Informatica Corp./(1)/ 6,114 44,265 Inhale Therapeutic Systems Inc./(1)/ 4,146 43,740 Riverstone Networks Inc./(1)/ 7,238 43,428 Kerr-McGee Corp. 685 43,052 Oakley Inc./(1)/ 2,378 42,566 Hotel Reservations Network Inc. "A"/(1)/ 719 42,371 Forest Oil Corp./(1)/ 1,427 42,268 Ariba Inc./(1)/ 9,261 41,952 Tech Data Corp./(1)/ 902 41,393 Northwest Airlines Corp. "A"/(1)/ 2,164 41,267 Interwoven Inc./(1)/ 8,244 41,220 Redback Networks Inc./(1)/ 12,084 41,086 Harris Corp. 1,089 39,106 American Tower Corp./(1)/ 7,171 38,795 WorldCom Inc. - MCI Group 6,488 38,344 Solutia Inc. 4,339 37,749 Sonus Networks Inc./(1)/ 14,397 37,720 Harrah's Entertainment Inc./(1)/ 851 37,665 ONI Systems Inc./(1)/ 5,982 36,909 Knight Trading Group Inc./(1)/ 5,142 36,714 Vishay Intertechnology Inc./(1)/ 1,768 35,961 Vignette Corp./(1)/ 10,138 34,875 BroadVision Inc./(1)/ 20,030 34,652 Viasys Healthcare Inc./(1)/ 1,524 34,275 Transmeta Corp./(1)/ 8,740 33,911 Viad Corp. 1,211 33,908 University of Phoenix Online/(1)/ 810 33,890 Autodesk Inc. 716 33,430 Columbia Sportswear Co./(1)/ 995 33,382 Triton PCS Holdings Inc. "A"/(1)/ 3,271 33,331 Time Warner Telecom Inc. "A"/(1)/ 5,310 32,285 EarthLink Inc./(1)/ 3,138 31,851 Arch Coal Inc. 1,435 30,680 International Speedway Corp. "A" 657 30,025 Outback Steakhouse Inc./(1)/ 839 30,011 Corvis Corp./(1)/ 23,827 29,760 Stilwell Financial Inc. 1,207 29,559 Maxtor Corp./(1)/ 4,147 28,822 Omnicare Inc. 1,050 27,185 Ticketmaster "B"/(1)/ 910 26,918 CNET Networks Inc./(1)/ 4,800 26,304 Travelocity.com Inc./(1)/ 914 25,565 RSA Security Inc./(1)/ 2,837 25,533 Metro-Goldwyn-Mayer Inc./(1)/ 1,504 24,996 Enterasys Networks Inc./(1)/ 5,900 24,957 Peabody Energy Corp. 831 24,057 Acxiom Corp./(1)/ 1,380 23,653 Jacobs Engineering Group Inc./(1)/ 331 23,597 Nike Inc. "B" 384 23,044 Sycamore Networks Inc./(1)/ 5,698 22,507 McDATA Corp. "A"/(1)/ 1,758 20,867 John Nuveen Co. "A" 376 20,736 Entravision Communications Corp./(1)/ 1,396 20,661 Unisys Corp./(1)/ 1,596 20,157 StorageNetworks Inc./(1)/ 5,475 19,108 Grant Prideco Inc./(1)/ 1,392 19,043 Henry Schein Inc./(1)/ 426 18,765 United States Cellular Corp./(1)/ 447 18,327 Allegiance Telecom Inc./()/ 6,096 18,288 Barnes & Noble Inc./(/1)/ 586 18,160 Quanta Services Inc./(1)/ 1,012 17,497 United Rentals Inc./(1)/ 631 17,340 Acterna Corp./(1)/ 11,479 17,218 PanAmSat Corp./(1)/ 748 17,092 Readers Digest Association Inc. (The) "A" 752 16,852 MGM Mirage/(1)/ 465 16,847 Packaging Corp. of America/(1)/ 776 15,357 Cablevision Systems Corporation-Rainbow Media Group/(1)/ 610 15,055 Trigon Healthcare Inc./(1)/ 200 14,764 Homestore.com Inc./(1)/ 5,300 14,310 158 2002 iShares Annual Report to Shareholders iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- Blockbuster Inc. 607 $ 14,246 Pall Corp. 600 12,294 Plug Power Inc./(1)/ 1,058 10,971 Capstone Turbine Corp./(1)/ 3,331 10,859 Catellus Development Corp./(1)/ 551 10,838 Foot Locker Inc./(1)/ 641 10,371 Winn-Dixie Stores Inc. 607 9,736 Nextel Partners Inc. "A"/(1)/ 1,595 9,602 AVX Corp. 444 9,297 Constellation Brands Inc./(1)/ 166 9,123 Ingram Micro Inc. "A"/(1)/ 551 9,119 Big Lots Inc. 637 8,950 U.S. Airways Group Inc./(1)/ 1,378 8,888 Instinet Group Inc./(1)/ 1,237 8,053 Imagistics International Inc./(1)/ 483 7,680 Black Hills Corp. 220 7,366 Harte-Hanks Inc. 221 6,992 Gateway Inc./(1)/ 972 6,143 Mediacom Communications Corp./(1)/ 433 6,066 Global Power Equipment Group Inc./(1)/ 393 4,901 Inrange Technologies Corp./(1)/ 436 3,523 Tellium Inc./(1)/ 549 1,268 - ------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $533,354,369) 483,094,297 - ------------------------------------------------------------------------------- SHORT TERM INSTRUMENTS - 3.07% - ------------------------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares $8,278,273 $ 8,278,273 Dreyfus Money Market Fund 3,710,894 3,710,894 Goldman Sachs Financial Square Prime Obligation Fund 79,642 79,642 Providian Temp Cash Money Market Fund 2,767,326 2,767,326 - ------------------------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $14,836,135) 14,836,135 =============================================================================== TOTAL INVESTMENTS IN SECURITIES -- 102.99% (Cost $548,190,504) 497,930,432 - -------------------------------------------------------------------------------- Other Assets, Less Liabilities -- (2.99%) (14,465,588) - ------------------------------------------------------------------------------- NET ASSETS -- 100.00% $483,464,844 =============================================================================== (/1/) Non-income earning securities. See notes to financial statements. Schedules of Investments 159 iShares Russell 1000 Value Index Fund Schedule of Investments March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS - 99.85% - ------------------------------------------------------------------------------ Exxon Mobil Corp. 860,230 $ 37,703,881 Citigroup Inc. 581,553 28,798,505 Verizon Communications Inc. 341,601 15,594,086 Bank of America Corp. 193,265 13,145,885 SBC Communications Inc. 328,162 12,286,385 ChevronTexaco Corp. 134,242 12,118,025 Procter & Gamble Co. 131,351 11,833,412 Wells Fargo & Co. 214,492 10,595,905 JP Morgan Chase & Co. 248,812 8,870,148 BellSouth Corp. 236,057 8,701,061 Fannie Mae 107,869 8,616,576 Philip Morris Companies Inc. 156,708 8,253,810 Morgan Stanley Dean Witter & Co. 131,044 7,510,132 International Business Machines Corp. 67,339 7,003,256 AT&T Corp. 445,268 6,990,708 American International Group Inc. 88,572 6,389,584 Wachovia Corp. 171,789 6,369,936 American Express Co. 155,373 6,364,078 Merck & Co. Inc. 108,866 6,268,504 Bank One Corp. 146,874 6,136,396 Merrill Lynch & Co. Inc. 107,179 5,935,573 Walt Disney Co. (The) 256,399 5,917,689 Du Pont (E.I.) de Nemours & Co. 125,006 5,894,033 Johnson & Johnson 87,070 5,655,197 U.S. Bancorp 240,326 5,424,158 FleetBoston Financial Corp. 131,389 4,598,615 McDonald's Corp. 161,316 4,476,519 Viacom Inc. "B"(1) 91,859 4,443,220 General Motors Corp. "A" 70,326 4,251,207 Liberty Media Corp. "A"/(1)/ 325,933 4,119,793 Abbott Laboratories 78,044 4,105,114 Washington Mutual Inc. 122,033 4,042,953 Duke Energy Corp. 104,014 3,931,729 3M Co. 33,021 3,797,745 Ford Motor Company 227,443 3,750,535 Dow Chemical Co. (The) 113,894 3,726,612 PepsiCo Inc. 72,252 3,720,978 Motorola Inc. 261,673 3,715,757 Alcoa Inc. 96,992 3,660,478 Hewlett-Packard Co. 198,448 3,560,157 Honeywell International Inc. 92,869 3,554,097 Kimberly-Clark Corp. 54,969 3,553,746 Allstate Corp. (The) 89,596 3,384,041 Anheuser-Busch Companies Inc. 62,691 3,272,470 Phillips Petroleum Co. 51,513 3,235,016 Emerson Electric Co. 52,877 3,034,611 Bristol-Myers Squibb Co. 71,262 2,885,398 United Technologies Corp. 38,598 2,863,972 Comcast Corp. "A"/(1)/ 89,455 2,844,669 Lockheed Martin Corp. 45,942 2,645,340 International Paper Co. 60,584 2,605,718 Gannett Co. Inc. 33,517 2,550,644 Tenet Healthcare Corp.(1) 38,009 2,547,363 WorldCom Corp./(1)/ 372,056 2,507,657 Boeing Co. (The) 51,669 2,493,029 Caterpillar Inc. 43,179 2,454,726 HCA Inc. 55,528 2,447,674 Goldman Sachs Group Inc. (The) 26,940 2,431,335 General Dynamics Corp. 25,341 2,380,787 Bank of New York Co. Inc. (The) 56,372 2,368,751 National City Corp. 76,375 2,349,295 Southern Co. 87,410 2,315,491 Conoco Inc. 78,659 2,295,270 Household International Inc. 39,903 2,266,490 El Paso Corp. 51,470 2,266,224 General Mills Inc. 45,916 2,242,997 Compaq Computer Corp. 214,338 2,239,832 Gillette Co. (The) 65,242 2,218,880 Coca-Cola Co. (The) 42,436 2,217,705 PNC Financial Services Group (The) 35,742 2,197,776 Target Corp. 50,630 2,183,166 FedEx Corp./(1)/ 37,499 2,178,692 Dominion Resources Inc. 33,354 2,173,347 Alltel Corp. 39,028 2,168,005 Waste Management Inc. 78,943 2,151,197 Mellon Financial Corp. 55,696 2,149,309 BB&T Corp. 56,278 2,144,755 Exelon Corp. 40,355 2,137,604 Illinois Tool Works Inc. 29,314 2,120,868 Hartford Financial Services Group Inc. 30,963 2,109,200 SunTrust Banks Inc. 31,255 2,085,646 Lucent Technologies Inc./(1)/ 430,301 2,035,324 Costco Wholesale Corp./(1)/ 50,838 2,024,369 Lehman Brothers Holdings Inc. 30,683 1,983,349 Raytheon Co. 48,069 1,973,232 Union Pacific Corp. 31,573 1,961,946 American Electric Power Co. Inc. 40,535 1,868,258 Southwest Airlines Co. 96,430 1,865,921 Sears, Roebuck and Co. 36,064 1,849,001 Marsh & McLennan Companies Inc. 16,296 1,837,211 Clear Channel Communications Inc./(1)/ 35,439 1,821,919 TXU Corp. 33,345 1,817,636 160 2002 iShares Annual Report to Shareholders iShares Russell 1000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- CIGNA Corp. 17,794 $ 1,804,134 Weyerhaeuser Co. 27,325 1,717,650 Albertson's Inc. 51,116 1,693,984 ConAgra Foods Inc. 67,600 1,639,300 Lilly (Eli) and Co. 21,154 1,611,935 Masco Corp. 57,687 1,583,508 Chubb Corp. 21,491 1,570,992 Equity Office Properties Trust 52,156 1,564,158 Avon Products Inc. 28,180 1,530,738 Sprint Corp. (FON Group) 98,488 1,505,882 Air Products & Chemicals Inc. 28,596 1,476,983 Burlington Northern Santa Fe Corp. 48,302 1,457,754 Northrop Grumman Corp. 12,736 1,439,805 Hancock (John) Financial Services Inc. 37,592 1,435,638 KeyCorp 53,310 1,420,711 Comerica Inc. 22,356 1,398,815 Progress Energy Inc. 27,566 1,379,403 Occidental Petroleum Corp. 47,032 1,370,983 Deere & Co. 29,859 1,360,077 Freddie Mac 21,338 1,352,189 Agilent Technologies Inc./(1)/ 38,260 1,337,570 FPL Group Inc. 22,159 1,319,568 Progressive Corp. (The) 7,900 1,316,298 May Department Stores Co. (The) 36,903 1,286,070 FirstEnergy Corp. 36,921 1,276,728 Williams Companies Inc. 53,738 1,266,067 Computer Associates International Inc. 57,540 1,259,551 State Street Corp. 22,641 1,253,859 Becton Dickinson & Co. 32,535 1,227,220 Praxair Inc. 20,412 1,220,638 Lincoln National Corp. 23,684 1,201,489 St. Paul Companies Inc. 26,104 1,196,868 Unocal Corp. 30,707 1,196,038 Public Service Enterprise Group Inc. 26,001 1,190,846 Sara Lee Corp. 56,612 1,175,265 Xcel Energy Inc. 46,232 1,171,981 Pitney Bowes Inc. 27,322 1,169,382 PPG Industries Inc. 21,254 1,167,057 McKesson Corp. 31,133 1,165,308 Norfolk Southern Corp. 48,648 1,164,633 Micron Technology Inc./(1)/ 35,310 1,161,699 Cendant Corp./(1)/ 60,207 1,155,974 PG&E Corp./(1)/ 48,769 1,148,998 Heinz (H.J.) Co. 27,665 1,148,097 SouthTrust Corp. 43,411 1,146,050 MetLife Inc. 36,227 1,141,150 Eastman Kodak Co. 36,593 1,140,604 Mattel Inc. 54,181 1,129,132 Delphi Automotive Systems Corp. 70,447 1,126,448 Marathon Oil Corp. 38,919 1,120,867 Consolidated Edison Inc. 26,706 1,119,248 TRICON Global Restaurants Inc./(1)/ 18,517 1,088,429 Tribune Co. 23,854 1,084,403 McGraw-Hill Companies Inc. (The) 15,519 1,059,172 Entergy Corp. 24,243 1,052,389 Apple Computer Inc./(1)/ 44,327 1,049,220 AON Corp. 29,625 1,036,875 Computer Sciences Corp./(1)/ 20,402 1,035,401 CSX Corp. 26,858 1,023,558 MBIA Inc. 18,673 1,021,226 Newell Rubbermaid Inc. 31,892 1,019,268 AmSouth Bancorp 45,906 1,009,014 Archer-Daniels-Midland Co. 72,401 1,008,546 Golden West Financial Corp. 15,881 1,008,443 AFLAC Inc. 33,866 999,047 Loews Corp. 16,959 993,458 Regions Financial Corp. 28,834 990,448 Equity Residential Properties Trust 34,062 978,942 Johnson Controls Inc. 11,068 977,415 Xerox Corp./(1)/ 90,685 974,864 Dover Corp. 23,563 966,083 Colgate-Palmolive Co. 16,858 963,435 Jefferson-Pilot Corp. 18,902 946,612 Starwood Hotels & Resorts Worldwide Inc. 24,920 937,241 Clorox Co. 21,401 933,726 DTE Energy Co. 20,326 924,833 Fortune Brands Inc. 18,677 922,083 Federated Department Stores Inc./(1)/ 22,458 917,409 New York Times Co. "A" 18,944 906,660 Cox Communications Inc. "A"/(1)/ 24,038 904,790 WellPoint Health Networks Inc./(1)/ 14,210 904,751 Marriott International Inc. "A" 20,091 903,090 Fifth Third Bancorp 13,371 902,275 Franklin Resources Inc. 21,505 901,490 Georgia-Pacific Corp. 28,904 865,675 Charter One Financial Inc. 27,710 865,106 Reliant Energy Inc. 33,061 852,643 Boston Scientific Corp./(1)/ 33,046 829,124 MeadWestvaco Corp. 24,980 828,087 Rohm & Haas Co. "A" 19,536 825,787 Union Planters Corp. 17,325 821,032 Schedules of Investments 161 iShares Russell 1000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------------------ Marshall & Ilsley Corp. 13,172 $ 819,825 M&T Bank Corp. 10,098 811,576 MGIC Investment Corp. 11,822 808,979 Genuine Parts Co. 21,838 802,983 Limited Inc. (The) 43,346 775,893 Textron Inc. 15,071 770,128 Qwest Communications International Inc. 93,639 769,713 Ameren Corp. 17,847 762,959 Office Depot Inc./(1)/ 38,370 761,645 R.J. Reynolds Tobacco Holdings Inc. 11,747 760,618 UNUMProvident Corp. 27,077 756,261 General Motors Corp. "H"/(1)/ 45,583 749,840 Cincinnati Financial Corp. 17,088 746,062 Cinergy Corp. 20,759 742,134 Northern Trust Corp. 12,330 741,156 Parker Hannifin Corp. 14,735 735,277 Kerr-McGee Corp. 11,615 730,003 PPL Corp. 18,405 729,022 North Fork Bancorp Inc. 20,439 726,811 Apache Corp. 12,627 718,224 National Commerce Financial Corp. 25,641 712,820 HEALTHSOUTH Corp./(1)/ 49,376 708,546 Aetna Inc. 18,140 704,195 Countrywide Credit Industries Inc. 15,415 689,821 Penney (J.C.) Co. Inc. (The) 33,272 689,063 Amerada Hess Corp. 8,672 688,210 Edison International/(1)/ 41,039 687,403 Zions Bancorporation 11,552 684,687 TRW Inc. 13,143 676,470 Sysco Corp. 22,665 675,870 Ambac Financial Group Inc. 11,350 670,445 Hershey Foods Corp. 9,753 668,471 Valero Energy Corp. 13,259 656,586 UnitedHealth Group Inc. 8,579 655,607 Sempra Energy 26,060 655,409 Allegheny Energy Inc. 15,745 651,056 Bear Stearns Companies Inc. (The) 10,368 650,592 Stilwell Financial Inc. 26,194 641,491 KeySpan Corp. 17,547 638,535 Constellation Energy Group Inc. 20,637 636,651 Nucor Corp. 9,773 627,818 Torchmark Corp. 15,501 624,535 Huntington Bancshares Inc. 31,594 622,402 ITT Industries Inc. 9,791 617,225 Leggett & Platt Inc. 24,730 613,304 Devon Energy Corp. 12,700 613,029 Wrigley (William Jr.) Co. 11,432 609,440 Burlington Resources Inc. 15,191 609,007 Kellogg Co. 18,045 605,771 CenturyTel Inc. 17,793 604,962 NiSource Inc. 26,107 599,156 Hilton Hotels Corp. 41,803 597,783 PACCAR Inc. 8,011 586,485 Harrah's Entertainment Inc./(1)/ 13,087 579,231 Block (H & R) Inc. 12,846 571,005 Newmont Mining Corp. 20,232 560,224 First Tennessee National Corp. 15,909 557,610 Whirlpool Corp. 7,061 533,459 Nike Inc. "B" 8,844 530,728 Darden Restaurants Inc. 13,020 528,482 Grainger (W.W.) Inc. 9,371 526,931 Simon Property Group Inc. 16,122 526,061 SPX Corp./(1)/ 3,676 520,448 ServiceMaster Co. (The) 37,831 520,176 Corning Inc. 67,878 517,230 SAFECO Corp. 16,128 516,741 T. Rowe Price Group Inc. 13,270 516,601 AMR Corp./(1)/ 19,451 513,701 Delta Air Lines Inc. 15,572 509,516 TCF Financial Corp. 9,676 509,054 Engelhard Corp. 16,394 508,706 Vulcan Materials Co. 10,631 505,398 TECO Energy Inc. 17,594 503,716 Popular Inc. 17,235 503,607 Radian Group Inc. 10,242 502,677 Compass Bancshares Inc. 16,169 499,137 Banknorth Group Inc. 18,792 495,169 National Semiconductor Corp./(1)/ 14,653 493,660 Pinnacle West Capital Corp. 10,721 486,197 JDS Uniphase Corp./(1)/ 82,216 484,252 Unisys Corp./(1)/ 38,123 481,493 Old Republic International Corp. 14,977 478,815 Eastman Chemical Co. 9,765 476,434 LSI Logic Corp./(1)/ 27,785 472,345 Stanley Works (The) 10,173 470,501 VF Corp. 10,844 469,003 GreenPoint Financial Corp. 10,730 468,901 Cooper Industries Inc. 11,091 465,267 Sherwin-Williams Co. (The) 16,287 463,854 Thermo Electron Corp./(1)/ 22,314 462,569 Goodyear Tire & Rubber Co. (The) 17,822 455,709 162 2002 iShares Annual Report to Shareholders iShares Russell 1000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ UST Inc. 11,526 $ 448,707 NCR Corp./(1)/ 10,008 447,858 Circuit City Stores Inc. - Circuit City Group 24,797 447,338 Toys R Us Inc./(1)/ 24,812 445,624 Aquila Inc. 17,779 441,630 Edwards (A.G.) Inc. 10,005 440,020 AutoNation Inc./(1)/ 31,533 438,939 Sovereign Bancorp Inc. 31,140 437,517 Molex Inc. 12,563 435,559 Sigma-Aldrich Corp. 9,221 433,018 American Water Works Co. Inc. 9,869 432,262 Legg Mason Inc. 8,129 431,487 Vornado Realty Trust 9,764 431,178 Duke Realty Corp. 16,477 428,402 Plum Creek Timber Co. Inc. 14,297 424,764 Public Storage Inc. 11,471 424,542 Knight Ridder Inc. 6,155 422,787 PMI Group Inc. (The) 5,562 421,377 Phelps Dodge Corp. 9,869 415,485 Eaton Corp. 5,111 413,889 Avery Dennison Corp. 6,774 413,417 Apartment Investment & Management Co. "A" 8,533 412,741 Archstone-Smith Trust 15,334 410,798 Fluor Corp. 10,050 409,939 Campbell Soup Co. 15,261 408,995 Donnelley (R.R.) & Sons Co. 13,141 408,685 SUPERVALU Inc. 15,812 407,950 DPL Inc. 15,941 407,293 SCANA Corp. 13,244 405,266 Avnet Inc. 14,932 404,060 Dana Corp. 18,771 403,013 Pactiv Corp./(1)/ 20,079 401,982 Rockwell Collins Inc. 15,931 401,780 Republic Services Inc. "A"/(1)/ 21,282 397,548 Rockwell International Corp. 19,816 397,509 AutoZone Inc./(1)/ 5,769 397,196 Centex Corp. 7,627 396,070 Ashland Inc. 8,684 395,209 AvalonBay Communities Inc. 7,909 393,868 Deluxe Corp. 8,348 386,178 Hibernia Corp. "A" 20,099 383,891 D&B/(1)/ 9,494 379,855 Mercantile Bankshares Corp. 8,780 379,823 Coca-Cola Enterprises Inc. 20,222 379,769 Ross Stores Inc. 10,037 379,700 CMS Energy Corp. 16,701 377,944 Cablevision Systems Corp./(1)/ 11,108 377,672 Liz Claiborne Inc. 13,307 377,387 Manpower Inc. 9,639 374,764 Wendy's International Inc. 10,693 374,041 Goodrich Co. 11,813 373,763 Diebold Inc. 9,165 373,382 Smurfit-Stone Container Corp./(1)/ 21,757 372,915 Kinder Morgan Inc. 7,639 369,957 Prologis Trust 15,834 369,724 Kimco Realty Corp. 11,260 368,202 United Parcel Service Inc. 6,054 368,083 Sunoco Inc. 9,190 367,692 Fox Entertainment Group Inc. "A"/(1)/ 15,502 366,622 Commerce Bancshares Inc. 8,223 363,621 Park Place Entertainment Corp./(1)/ 34,239 361,221 Black & Decker Corp. 7,753 360,825 Bard (C.R.) Inc. 6,088 359,496 Lear Corp./(1)/ 7,548 359,285 Smithfield Foods Inc./(1)/ 13,660 356,526 Ceridian Corp./(1)/ 16,154 356,196 Northeast Utilities 17,902 355,713 Health Management Associates Inc. "A"/(1)/ 17,112 354,732 Boston Properties Inc. 8,984 354,419 Arrow Electronics Inc./(1)/ 12,566 351,471 Tyson Foods Inc. "A" 28,051 350,076 International Flavors & Fragrances Inc. 10,007 349,945 Hillenbrand Industries Inc. 5,654 348,456 Baxter International Inc. 5,804 345,454 Wisconsin Energy Corp. 13,881 345,359 Sonoco Products Co. 12,071 345,351 Host Marriott Corp. 28,883 345,152 Electronic Data Systems Corp. 5,945 344,751 Lennar Corp. 6,518 343,890 General Growth Properties Inc. 7,740 342,108 D.R. Horton Inc. 9,054 341,336 Valley National Bancorp 9,702 340,734 Brown-Forman Corp. "B" 4,663 339,280 Bemis Co. 6,234 338,818 Temple-Inland Inc. 5,900 334,648 Navistar International Corp. 7,538 333,933 Westwood One Inc./(1)/ 8,659 332,073 Associated Banc-Corp 8,538 324,700 Schedules of Investments 163 iShares Russell 1000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ Nordstrom Inc. 13,250 $ 324,625 Bowater Inc. 6,518 324,596 First Virginia Banks Inc. 6,030 323,389 AmerisourceBergen Corp./(1)/ 4,732 323,196 Energy East Corp. 14,750 320,812 Brinker International Inc./(1)/ 9,864 319,692 Health Net Inc./(1)/ 11,547 316,850 Astoria Financial Corp. 10,897 316,558 iStar Financial Inc. 10,905 315,154 Scripps (E.W.) Co. 3,830 314,520 Trigon Healthcare Inc./(1)/ 4,258 314,326 McCormick & Co. Inc. 6,090 311,382 Vishay Intertechnology Inc./(1)/ 15,258 310,348 ALLETE Inc. 10,532 306,376 NSTAR 6,738 305,501 Alliant Energy Corp. 10,087 304,829 American Power Conversion Corp./(1)/ 20,617 304,719 Bausch & Lomb Inc. 6,816 303,789 Brunswick Corp. 11,103 303,334 Manor Care Inc./(1)/ 12,928 301,222 Lamar Advertising Co./(1)/ 7,398 300,507 Liberty Property Trust 9,300 299,925 Autoliv Inc. 12,345 299,243 Zimmer Holdings Inc./(1)/ 8,778 298,891 Allmerica Financial Corp. 6,650 298,585 Potomac Electric Power Co. 12,654 295,471 Mohawk Industries Inc./(1)/ 4,905 294,741 Pioneer Natural Resources Co./(1)/ 13,153 293,180 UnionBanCal Corp. 6,651 292,777 Valspar Corp. (The) 6,214 292,431 Cabot Corp. 7,875 290,194 Humana Inc./(1)/ 21,304 288,243 Hasbro Inc. 18,014 284,981 Fidelity National Financial Inc. 10,789 284,506 FirstMerit Corp. 9,825 282,862 Pulte Homes Inc. 5,899 282,267 Autodesk Inc. 5,999 280,093 Conectiv 11,213 279,092 Noble Affiliates Inc. 7,125 278,303 Mylan Laboratories Inc. 9,436 277,985 Staples Inc./(1)/ 13,920 277,982 Equitable Resources Inc. 7,981 277,819 ADC Telecommunications Inc./(1)/ 68,169 277,448 Outback Steakhouse Inc./(1)/ 7,747 277,110 Pall Corp. 13,504 276,697 Golden State Bancorp Inc. 9,261 274,959 MGM Mirage/(1)/ 7,589 274,949 Energizer Holdings Inc./(1)/ 11,497 273,054 Visteon Corp. 16,466 272,512 MDU Resources Group Inc. 8,779 272,149 Foot Locker Inc./(1)/ 16,782 271,533 Health Care Property Investors Inc. 6,689 271,239 Hospitality Properties Trust 7,860 269,834 Washington Post Company (The) "B" 441 267,700 Snap-On Inc. 7,859 267,599 Fulton Financial Corp. 10,463 261,994 Atmel Corp./(1)/ 25,749 261,095 Compuware Corp./(1)/ 20,156 260,214 Intuit Inc./(1)/ 6,780 260,081 Tektronix Inc./(1)/ 10,974 259,645 Mirant Corp./(1)/ 17,960 259,522 Valassis Communications Inc./(1)/ 6,716 259,439 Readers Digest Association Inc. (The) "A" 11,574 259,373 Nicor Inc. 5,688 259,088 Hormel Foods Corp. 9,430 257,910 City National Corp. 4,901 257,842 Martin Marietta Materials Inc. 6,082 256,782 Telephone & Data Systems Inc. 2,895 255,484 OM Group Inc. 3,529 255,147 Alberto-Culver Co. "B" 4,708 254,232 Helmerich & Payne Inc. 6,301 252,607 Viad Corp. 8,958 250,824 Protective Life Corp. 7,994 249,253 Commerce Bancorp Inc. 5,542 248,836 Harris Corp. 6,902 247,851 Questar Corp. 9,634 247,690 Borders Group Inc./(1)/ 10,336 247,134 Pentair Inc. 5,495 247,110 MONY Group Inc. (The) 6,053 244,057 Tech Data Corp./(1)/ 5,318 244,043 National Fuel Gas Co. 10,013 243,817 Wilmington Trust Corp. 3,611 243,056 Pacific Century Financial Corp. 9,228 240,482 AMB Property Corp. 8,705 239,387 Security Capital Group Inc. "B"/(1)/ 9,371 238,679 Unitrin Inc. 5,910 237,582 New Plan Excel Realty Trust 11,846 237,512 OGE Energy Corp. 9,886 236,967 Triad Hospitals Inc./(1)/ 6,851 235,537 Omnicare Inc. 9,032 233,838 Teleflex Inc. 4,272 233,550 164 2002 iShares Annual Report to Shareholders iShares Russell 1000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ Crescent Real Estate Equities Co. 12,020 $ 233,188 Precision Castparts Corp. 6,562 232,360 Webster Financial Corp. 6,204 232,216 Cullen/Frost Bankers Inc. 6,467 231,971 Sky Financial Group Inc. 10,358 230,569 Belo Corp. 9,904 230,268 CarrAmerica Realty Corp. 7,295 229,136 Constellation Brands Inc./(1)/ 4,160 228,634 Roslyn Bancorp Inc. 11,017 228,052 Rouse Co. (The) 7,348 227,641 Continental Airlines Inc. "B"/(1)/ 8,021 227,155 Puget Energy Inc. 10,899 226,590 Catellus Development Corp./(1)/ 11,483 225,871 Lubrizol Corp. 6,414 223,143 Boise Cascade Corp. 6,142 222,586 Lyondell Chemical Co. 13,400 222,574 Mandalay Resort Group/(1)/ 7,240 222,268 Conexant Systems Inc./(1)/ 18,406 221,792 USA Networks Inc./(1)/ 6,959 221,087 Vectren Corp. 8,580 220,420 Synovus Financial Corp. 7,138 217,566 Transatlantic Holdings Inc. 2,637 216,550 Apogent Technologies Inc./(1)/ 8,716 215,111 HON Industries Inc. 7,419 210,774 KEMET Corp./(1)/ 10,790 209,002 Arden Realty Inc. 7,351 208,768 Clayton Homes Inc. 12,348 206,829 United States Steel Corp. 11,318 205,422 Meredith Corp. 4,817 204,771 CNF Inc. 6,205 204,703 Markel Corp./(1)/ 1,003 204,121 Hubbell Inc. "B" 6,157 202,565 Saks Inc./(1)/ 15,341 201,734 Cummins Inc. 4,271 201,719 Reynolds & Reynolds Co. (The) "A" 6,668 200,040 CVS Corp. 5,785 198,599 Gemstar-TV Guide International Inc./(1)/ 13,399 198,171 BMC Software Inc./(1)/ 10,124 196,912 Six Flags Inc./(1)/ 11,014 196,710 Great Plains Energy Inc. 7,852 195,907 Service Corp. International/(1)/ 36,929 195,724 E*TRADE Group Inc./(1)/ 20,692 194,919 Entercom Communications Corp./(1)/ 3,545 194,514 Polo Ralph Lauren Corp./(1)/ 6,645 193,901 Citizens Communications Co./(1)/ 18,015 193,661 Broadwing Inc./(1)/ 27,650 193,273 Old National Bancorp 7,819 191,409 Big Lots Inc. 13,596 191,024 Washington Federal Inc. 7,958 190,515 IDACORP Inc. 4,700 190,350 Mack-Cali Realty Corp. 5,463 189,457 Coors (Adolf) Company "B" 2,782 187,702 HCC Insurance Holdings Inc. 6,694 187,097 Hercules Inc./(1)/ 13,708 182,453 Allied Capital Corp. 6,585 181,087 Crane Co. 6,618 180,936 Dow Jones & Co. Inc. 3,089 179,842 Radio One Inc. "D"/(1)/ 8,711 179,447 Network Associates Inc./(1)/ 7,345 177,749 Advanced Micro Devices Inc./(1)/ 12,062 177,432 Ocean Energy Inc. 8,908 176,289 Applera Corp. - Celera Genomics Group/(1)/ 8,575 176,216 Weatherford International Inc./(1)/ 3,668 174,707 3Com Corp./(1)/ 28,573 174,581 Reebok International Ltd./(1)/ 6,431 173,830 AK Steel Holding Corp. 12,063 172,501 Payless ShoeSource Inc./(1)/ 2,819 172,100 Lafarge North America Inc. 3,979 172,052 Hudson City Bancorp Inc. 5,243 170,188 McClatchy Co. (The) "A" 2,848 169,086 Interpublic Group of Companies Inc. 4,896 167,835 Jacobs Engineering Group Inc./(1)/ 2,349 167,460 Storage Technology Corp./(1)/ 7,774 166,675 Henry Schein Inc./(1)/ 3,762 165,716 GATX Corp. 5,202 165,424 Barnes & Noble Inc./(1)/ 5,199 161,117 Leucadia National Corp. 4,504 161,018 Massey Energy Co. 9,503 160,601 Charter Communications Inc./(1)/ 14,220 160,544 Adelphia Communications Corp. "A"/(1)/ 10,648 158,655 ICN Pharmaceuticals Inc. 4,968 157,734 Acxiom Corp./(1)/ 9,143 156,711 Quantum Corp./(1)/ 19,687 156,709 Allegheny Technologies Inc. 9,470 156,634 Steelcase Inc. 9,305 155,859 American Financial Group Inc. 5,415 155,519 Neiman-Marcus Group Inc. "A"/(1)/ 4,482 154,405 Hispanic Broadcasting Corp./(1)/ 5,297 154,249 Mercury General Corp. 3,306 153,729 PepsiAmericas Inc. 10,627 153,241 Tidewater Inc. 3,611 152,926 Schedules of Investments 165 iShares Russell 1000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ Winn-Dixie Stores Inc. 9,527 $ 152,813 Harte-Hanks Inc. 4,819 152,473 Grant Prideco Inc./(1)/ 11,113 152,026 Western Resources Inc. 8,844 151,675 Monsanto Co. 4,767 150,590 Ethan Allen Interiors Inc. 3,884 147,825 Maytag Corp. 3,305 146,246 EOG Resources Inc. 3,605 146,219 Ingram Micro Inc. "A"/(1)/ 8,728 144,448 Sanmina-SCI Corp./(1)/ 12,080 141,940 Pogo Producing Co. 4,469 141,667 Trustmark Corp. 5,548 140,142 Jones Apparel Group Inc./(1)/ 4,007 140,045 Great Lakes Chemical Corp. 4,958 139,667 Solectron Corp./(1)/ 17,689 137,974 Gateway Inc./(1)/ 21,513 135,962 Conseco Inc./(1)/ 37,367 135,269 Extended Stay America Inc./(1)/ 7,749 134,833 Danaher Corp. 1,850 131,387 UTStarcom Inc./(1)/ 4,991 130,914 Nationwide Financial Services Inc. 3,053 130,668 Allied Waste Industries Inc./(1)/ 9,935 129,155 Quintiles Transnational Corp./(1)/ 7,230 128,333 AVX Corp. 6,104 127,818 American National Insurance Co. 1,348 127,386 Maxtor Corp./(1)/ 18,076 125,628 FMC Corp./(1)/ 2,979 124,880 Cablevision Systems Corporation - Rainbow Media Group/(1)/ 5,029 124,116 Cypress Semiconductor Corp./(1)/ 5,379 123,717 Neuberger Berman Inc. 2,616 122,560 Callaway Golf Co. 6,344 122,122 WebMD Corp./(1)/ 15,845 121,690 International Speedway Corp. "A" 2,577 117,769 Pride International Inc./(1)/ 7,350 116,865 United Rentals Inc./(1)/ 4,157 114,234 UAL Corp. 6,977 114,004 Packaging Corp. of America/(1)/ 5,714 113,080 Reliant Resources Inc./(1)/ 6,555 110,845 Alleghany Corp./(1)/ 584 109,586 ENSCO International Inc. 3,630 109,408 Provident Financial Group Inc. 3,791 109,181 CNA Financial Corp./(1)/ 3,647 108,316 Universal Health Services Inc. "B"/(1)/ 2,606 107,498 Moody's Corp. 2,599 106,819 St. Joe Co. (The) 3,537 106,110 KPMG Consulting Inc./(1)/ 5,225 105,545 DENTSPLY International Inc. 2,829 104,843 Insight Communications Co. Inc./(1)/ 4,897 102,592 Advanced Fibre Communications Inc./(1)/ 5,312 101,937 Black Hills Corp. 3,044 101,913 Kmart Corp./(1)/ 63,512 101,619 Emmis Communications Corp./(1)/ 3,742 100,061 Noble Drilling Corp./(1)/ 2,414 99,915 Erie Indemnity Co. "A" 2,419 98,405 Amkor Technology Inc./(1)/ 3,991 89,039 Palm Inc.(1) 22,242 88,746 Crown Castle International Corp./(1)/ 13,388 88,495 Beckman Coulter Inc. 1,701 86,870 Iron Mountain Inc./(1)/ 2,635 83,582 Diamond Offshore Drilling Inc. 2,635 82,370 DaVita Inc./(1)/ 3,209 81,188 SanDisk Corp./(1)/ 3,738 81,115 People's Bank 3,201 78,905 Level 3 Communications Inc./(1)/ 21,918 78,028 Openwave Systems Inc./(1)/ 12,158 77,325 Global Industries Ltd./(1)/ 8,125 75,806 Blockbuster Inc. 3,174 74,494 21st Century Insurance Group 4,082 73,843 Enterasys Networks Inc./(1)/ 17,098 72,325 Ariba Inc./(1)/ 15,735 71,280 St. Jude Medical Inc./(1)/ 920 70,978 Reinsurance Group of America Inc. 2,254 70,573 Rite Aid Corp./(1)/ 19,772 68,411 Dynegy Inc. "A" 2,339 67,831 American Tower Corp./(1)/ 12,140 65,677 Estee Lauder Companies Inc. "A" 1,918 65,519 Murphy Oil Corp. 672 64,512 Solutia Inc. 7,276 63,301 Hollinger International Inc. 4,825 63,256 Ticketmaster "B"/(1)/ 2,135 63,153 Pepsi Bottling Group Inc. 2,348 60,743 Northwest Airlines Corp. "A"/(1)/ 3,167 60,395 PanAmSat Corp./(1)/ 2,613 59,707 Vignette Corp./(1)/ 17,308 59,540 Agere Systems Inc./(1)/ 14,873 57,856 Ecolab Inc. 1,254 57,333 United States Cellular Corp./(1)/ 1,392 57,072 Varco International Inc./(1)/ 2,833 56,943 Arch Coal Inc. 2,647 56,593 EarthLink Inc./(1)/ 5,502 55,845 166 2002 iShares Annual Report to Shareholders iShares Russell 1000 Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------ COMMON STOCKS (continued) - ------------------------------------------------------------------ Medicis Pharmaceutical Corp. "A"/(1)/ 1,005 $ 55,777 Wesco Financial Corp. 171 53,455 Hearst-Argyle Television Inc./(1)/ 2,122 52,477 Rowan Companies Inc./(1)/ 2,248 51,794 CMGI Inc./(1)/ 37,472 50,587 Metro-Goldwyn-Mayer Inc./(1)/ 3,042 50,558 Mediacom Communications Corp./(1)/ 3,457 48,433 Forest Oil Corp./(1)/ 1,607 47,599 Entravision Communications Corp./(1)/ 3,035 44,918 CNET Networks Inc./(1)/ 8,076 44,256 International Game Technology/(1)/ 700 43,624 U.S. Airways Group Inc./(1)/ 6,671 43,028 Weis Markets Inc. 1,412 42,854 John Nuveen Co. "A" 757 41,749 Sycamore Networks Inc./(1)/ 9,778 38,623 WorldCom Inc. - MCI Group 6,246 36,914 American Standard Companies Inc./(1)/ 504 35,658 SkyWest Inc. 1,406 35,052 Cephalon Inc./(1)/ 530 33,390 Riverstone Networks Inc./(1)/ 5,474 32,844 Tootsie Roll Industries Inc. 697 32,042 Quanta Services Inc./(1)/ 1,824 31,537 Sybase Inc./(1)/ 1,761 30,765 Knight Trading Group Inc./(1)/ 4,101 29,281 Polycom Inc./(1)/ 1,181 29,053 ONI Systems Inc./(1)/ 4,698 28,987 Cirrus Logic Inc./(1)/ 1,534 28,947 Imagistics International Inc./(1)/ 1,757 27,936 FMC Technologies Inc./(1)/ 1,399 27,882 Certegy Inc./(1)/ 676 26,837 Peabody Energy Corp. 914 26,460 DST Systems Inc./(1)/ 526 26,195 Viasys Healthcare Inc./(1)/ 1,156 25,998 Sealed Air Corp./(1)/ 536 25,235 Integrated Device Technology Inc./(1)/ 756 25,129 RSA Security Inc./(1)/ 2,723 24,507 Nextel Partners Inc. "A"/(1)/ 3,498 21,058 Cerner Corp./(1)/ 402 19,179 Sepracor Inc./(1)/ 970 18,818 Newfield Exploration Co./(1)/ 475 17,570 Vitesse Semiconductor Corp./(1)/ 1,784 17,483 Instinet Group Inc./(1)/ 2,508 16,327 NRG Energy Inc./(1)/ 1,125 13,568 Infonet Services Corp. "B" ADR(1) 6,093 13,466 Acterna Corp./(1)/ 8,878 13,317 DoubleClick Inc./(1)/ 1,048 12,566 TIBCO Software Inc./(1)/ 1,041 12,242 Capstone Turbine Corp./(1)/ 3,637 11,857 McLeodUSA Inc. "A"/(1)/ 59,330 10,679 Valhi Inc. 878 9,878 Talbots Inc. (The) 255 9,027 Allegiance Telecom Inc./(1)/ 2,317 6,951 Metromedia Fiber Network Inc. "A"/(1)/ 68,382 6,838 Global Power Equipment Group Inc./(1)/ 462 5,761 Inrange Technologies Corp./(1)/ 493 3,983 NTL Inc./(1)/ 23,389 3,508 Tellium Inc./(1)/ 670 1,548 - ------------------------------------------------------------------ TOTAL COMMON STOCKS (Cost: $695,597,297) 690,357,307 - ------------------------------------------------------------------ SHORT TERM INSTRUMENTS - 1.92% - ------------------------------------------------------------------ Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 7,492,390 7,492,390 Dreyfus Money Market Fund 3,268,103 3,268,103 Goldman Sachs Financial Square Prime Obligation Fund 122,767 122,767 Providian Temp Cash Money Market Fund 2,410,827 2,410,827 - ------------------------------------------------------------------ TOTAL SHORT TERM INSTRUMENTS (Cost: $13,294,087) 13,294,087 - ------------------------------------------------------------------ TOTAL INVESTMENTS IN SECURITIES - 101.77% (Cost $708,891,384) 703,651,394 - ------------------------------------------------------------------ Other Assets, Less Liabilities - (1.77%) (12,262,245) - ------------------------------------------------------------------ NET ASSETS - 100.00% $691,389,149 ================================================================== /(1)/ Non-income earning securities. See notes to financial statements. Schedules of Investments 167 iShares Russell Midcap Index Fund Schedule of Investments March 31, 2002
Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS - 99.84% - ----------------------------------------------------------------- Raytheon Co. 7,057 $ 289,690 USA Education Inc. 2,926 286,163 Albertson's Inc. 7,585 251,367 Guidant Corp./(1)/ 5,696 246,751 Best Buy Co. Inc./(1)/ 3,105 245,916 ConAgra Foods Inc. 10,032 243,276 Interpublic Group of Companies Inc. 7,057 241,914 Equity Office Properties Trust 7,845 235,272 Masco Corp. 8,562 235,027 KLA-Tencor Corp./(1)/ 3,493 232,285 Avon Products Inc. 4,175 226,786 Northrop Grumman Corp. 2,001 226,213 Air Products & Chemicals Inc. 4,239 218,944 KeyCorp 7,906 210,695 Comerica Inc. 3,325 208,045 Progress Energy Inc. 4,081 204,213 TJX Companies Inc. 5,087 203,531 Occidental Petroleum Corp. 6,976 203,350 Deere & Co. 4,432 201,878 McKesson Corp. 5,360 200,625 FPL Group Inc. 3,279 195,264 Pitney Bowes Inc. 4,560 195,168 May Department Stores Co. (The) 5,585 194,637 Progressive Corp. (The) 1,168 194,612 FirstEnergy Corp. 5,473 189,256 Bed Bath & Beyond Inc./(1)/ 5,423 183,026 Becton Dickinson & Co. 4,834 182,338 MedImmune Inc./(1)/ 4,621 181,744 Immunex Corp./(1)/ 5,982 181,015 Praxair Inc. 3,005 179,699 Lincoln National Corp. 3,536 179,381 Adobe Systems Inc. 4,418 178,001 Unocal Corp. 4,562 177,690 St. Paul Companies Inc. 3,871 177,485 Public Service Enterprise Group Inc. 3,871 177,292 Xcel Energy Inc. 6,846 173,546 PPG Industries Inc. 3,151 173,021 Norfolk Southern Corp. 7,219 172,823 Staples Inc./(1)/ 8,609 171,922 SunGard Data Systems Inc./(1)/ 5,214 171,906 WellPoint Health Networks Inc./(1)/ 2,690 171,272 PG&E Corp./(1)/ 7,237 170,504 SouthTrust Corp. 6,401 168,986 Mattel Inc. 8,051 167,783 Newmont Mining Corp. 6,033 167,054 Delphi Automotive Systems Corp. 10,414 166,520 Marathon Oil Corp. 5,777 166,378 Consolidated Edison Inc. 3,954 165,712 Starbucks Corp./(1)/ 7,125 164,801 Fiserv Inc./(1)/ 3,554 163,448 Genzyme Corp. - General Division/(1)/ 3,726 162,714 TRICON Global Restaurants Inc./(1)/ 2,720 159,882 Marriott International Inc. "A" 3,535 158,898 Entergy Corp. 3,597 156,146 Apple Computer Inc./(1)/ 6,596 156,127 Wrigley (William Jr.) Co. 2,910 155,132 Dover Corp. 3,777 154,857 Computer Sciences Corp./(1)/ 3,022 153,367 AON Corp. 4,381 153,335 Burlington Resources Inc. 3,822 153,224 CSX Corp. 3,984 151,830 Stryker Corp./(1)/ 2,513 151,609 Block (H & R) Inc. 3,407 151,441 Newell Rubbermaid Inc. 4,736 151,363 MBIA Inc. 2,767 151,327 Golden West Financial Corp. 2,383 151,321 Kellogg Co. 4,498 150,998 Archer-Daniels-Midland Co. 10,757 149,845 AmSouth Bancorp 6,797 149,398 Altera Corp./(1)/ 6,783 148,344 Boston Scientific Corp./(1)/ 5,904 148,131 Regions Financial Corp. 4,288 147,293 Apache Corp. 2,559 145,556 Equity Residential Properties Trust 5,053 145,223 Xerox Corp./(1)/ 13,441 144,491 Electronic Arts Inc./(1)/ 2,372 144,218 Johnson Controls Inc. 1,631 144,034 Limited Inc. (The) 8,026 143,665 Federated Department Stores Inc./(1)/ 3,457 141,218 Jefferson-Pilot Corp. 2,811 140,775 Synovus Financial Corp. 4,609 140,482 Lexmark International Inc. "A"/(1)/ 2,432 139,062 Starwood Hotels & Resorts Worldwide Inc. 3,695 138,969 Clorox Co. 3,182 138,831 DTE Energy Co. 3,036 138,138 Novellus Systems Inc./(1)/ 2,542 137,624 Fortune Brands Inc. 2,770 136,755 Biomet Inc. 5,041 136,409 Biogen Inc./(1)/ 2,767 135,749
168 2002 iShares Annual Report to Shareholders iShares Russell Midcap Index Fund Schedule of Investments (continued) March 31, 2002
Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- New York Times Co. "A" 2,817 $ 134,822 Teradyne Inc./(1)/ 3,408 134,377 Franklin Resources Inc. 3,188 133,641 IDEC Pharmaceuticals Corp./(1)/ 2,078 133,615 Univision Communications Inc./(1)/ 3,135 131,670 Charter One Financial Inc. 4,208 131,374 Gilead Sciences Inc./(1)/ 3,612 129,996 Georgia-Pacific Corp. 4,305 128,935 Broadcom Corp. "A"/(1)/ 3,584 128,666 Danaher Corp. 1,789 127,055 AmerisourceBergen Corp. 1,857 126,833 Intuit Inc./(1)/ 3,280 125,821 St. Jude Medical Inc./(1)/ 1,629 125,677 IMS Health Inc. 5,534 124,238 King Pharmaceuticals Inc./(1)/ 3,536 123,795 Marshall & Ilsley Corp. 1,984 123,484 MeadWestvaco Corp. 3,712 123,053 Rohm & Haas Co. "A" 2,911 123,048 M&T Bank Corp. 1,520 122,162 Union Planters Corp. 2,560 121,318 MGIC Investment Corp. 1,759 120,368 UST Inc. 3,088 120,216 Moody's Corp. 2,912 119,683 Hershey Foods Corp. 1,745 119,602 Genuine Parts Co. 3,233 118,877 Yahoo! Inc./(1)/ 6,416 118,504 Kerr-McGee Corp. 1,872 117,655 VeriSign Inc./(1)/ 4,315 116,505 Sabre Holdings Corp./(1)/ 2,492 116,401 R.J. Reynolds Tobacco Holdings Inc. 1,792 116,032 Millennium Pharmaceuticals Inc./(1)/ 5,166 115,262 Devon Energy Corp. 2,387 115,220 Textron Inc. 2,240 114,464 Office Depot Inc./(1)/ 5,746 114,058 Sanmina-SCI Corp./(1)/ 9,668 113,599 UNUMProvident Corp. 4,016 112,167 National Semiconductor Corp./(1)/ 3,311 111,548 Avery Dennison Corp. 1,821 111,136 Network Appliance Inc./(1)/ 5,439 110,847 Brocade Communications Systems Inc./(1)/ 4,092 110,484 LSI Logic Corp./(1)/ 6,498 110,466 Cincinnati Financial Corp. 2,529 110,416 Ameren Corp. 2,571 109,910 Symantec Corp./(1)/ 2,652 109,289 Parker Hannifin Corp. 2,190 109,281 Ecolab Inc. 2,386 109,088 Quest Diagnostics Inc./(1)/ 1,312 108,699 PPL Corp. 2,734 108,294 North Fork Bancorp Inc. 3,041 108,138 Cintas Corp. 2,159 107,648 Knight Ridder Inc. 1,567 107,637 Cinergy Corp. 2,978 106,463 National Commerce Financial Corp. 3,808 105,862 HEALTHSOUTH Corp./(1)/ 7,327 105,142 Eaton Corp. 1,297 105,031 AutoZone Inc./(1)/ 1,519 104,583 Microchip Technology Inc./(1)/ 2,479 103,697 Cadence Design Systems Inc./(1)/ 4,577 103,486 International Game Technology/(1)/ 1,646 102,579 Countrywide Credit Industries Inc. 2,287 102,343 Penney (J.C.) Co. Inc. (The) 4,941 102,328 Noble Drilling Corp./(1)/ 2,467 102,109 Edison International/(1)/ 6,095 102,091 Amerada Hess Corp. 1,280 101,581 Stilwell Financial Inc. 4,146 101,536 Zions Bancorporation 1,712 101,470 BJ Services Co./(1)/ 2,932 101,066 Aetna Inc. 2,602 101,010 RadioShack Corp. 3,360 100,934 TRW Inc. 1,950 100,367 Ambac Financial Group Inc. 1,693 100,006 SPX Corp./(1)/ 702 99,389 Nabors Industries Inc./(1)/ 2,334 98,612 Valero Energy Corp. 1,982 98,149 Sempra Energy 3,887 97,758 Weatherford International Inc./(1)/ 2,050 97,642 Allegheny Energy Inc. 2,333 96,470 Tiffany & Co. 2,703 96,092 Affiliated Computer Services Inc. "A"/(1)/ 1,710 95,982 Convergys Corp./(1)/ 3,213 95,008 KeySpan Corp. 2,608 94,905 Torchmark Corp. 2,353 94,802 Constellation Energy Group Inc. 3,071 94,740 Health Management Associates Inc. "A"/(1)/ 4,529 93,886 Family Dollar Stores Inc. 2,800 93,828 Nucor Corp. 1,455 93,469 Advanced Micro Devices Inc./(1)/ 6,354 93,467 Harrah's Entertainment Inc./(1)/ 2,097 92,813 Huntington Bancshares Inc. 4,704 92,669
Schedules of Investments 169 iShares Russell Midcap Index Fund Schedule of Investments (continued) March 31, 2002
Security Shares Value - ------------------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------------------- ITT Industries Inc. 1,454 $ 91,660 Plum Creek Timber Co. Inc. 3,074 91,329 Bear Stearns Companies Inc. (The) 1,455 91,301 Leggett & Platt Inc. 3,681 91,289 Molex Inc. 2,609 90,454 CenturyTel Inc. 2,639 89,726 Darden Restaurants Inc. 2,193 89,014 NiSource Inc. 3,873 88,885 Applera Corp. - Applied Biosystems Group 3,967 88,662 Hilton Hotels Corp. 6,192 88,546 Apollo Group Inc. "A"/(1)/ 1,632 87,394 PACCAR Inc. 1,185 86,754 QLogic Corp./(1)/ 1,741 86,214 NVIDIA Corp./(1)/ 1,934 85,792 Laboratory Corp. of America Holdings/(1)/ 894 85,699 Express Scripts Inc. "A"/(1)/ 1,486 85,579 Robert Half International Inc./(1)/ 2,895 85,460 Pepsi Bottling Group Inc. 3,297 85,293 Telephone & Data Systems Inc. 960 84,720 BMC Software Inc./(1)/ 4,308 83,791 Vulcan Materials Co. 1,759 83,623 Nike Inc. "B" 1,392 83,534 Archstone-Smith Trust 3,103 83,129 First Tennessee National Corp. 2,367 82,963 Caremark Rx Inc./(1)/ 4,241 82,699 Dollar General Corp. 5,006 81,498 Equifax Inc. 2,706 80,909 Compuware Corp./(1)/ 6,255 80,752 Kinder Morgan Inc. 1,664 80,588 Whirlpool Corp. 1,057 79,856 EOG Resources Inc. 1,954 79,254 American Standard Companies Inc./(1)/ 1,118 79,098 Grainger (W.W.) Inc. 1,392 78,272 Simon Property Group Inc. 2,383 77,757 ServiceMaster Co. (The) 5,630 77,413 Atmel Corp./(1)/ 7,585 76,912 NCR Corp./(1)/ 1,712 76,612 T. Rowe Price Group Inc. 1,967 76,575 Coca-Cola Enterprises Inc. 4,065 76,341 AMR Corp./(1)/ 2,881 76,087 ENSCO International Inc. 2,509 75,621 TCF Financial Corp. 1,436 75,548 Unisys Corp./(1)/ 5,981 75,540 Delta Air Lines Inc. 2,304 75,387 Engelhard Corp. 2,427 75,310 TECO Energy Inc. 2,623 75,096 Chiron Corp./(1)/ 1,633 74,938 Popular Inc. 2,560 74,803 Banknorth Group Inc. 2,837 74,755 Radian Group Inc. 1,519 74,553 Compass Bancshares Inc. 2,402 74,150 Sealed Air Corp./(1)/ 1,568 73,821 Rockwell Collins Inc. 2,912 73,441 BISYS Group Inc. (The)/(1)/ 2,078 73,249 Jones Apparel Group Inc./(1)/ 2,095 73,220 SAFECO Corp. 2,283 73,147 Pinnacle West Capital Corp. 1,580 71,653 Old Republic International Corp. 2,224 71,101 USA Networks Inc./(1)/ 2,210 70,212 Eastman Chemical Co. 1,437 70,111 VF Corp. 1,618 69,979 Stanley Works (The) 1,504 69,560 Lam Research Corp./(1)/ 2,366 69,371 GreenPoint Financial Corp. 1,584 69,221 Black & Decker Corp. 1,487 69,205 Sherwin-Williams Co. (The) 2,429 69,178 Mylan Laboratories Inc. 2,348 69,172 Oxford Health Plans Inc./(1)/ 1,645 68,745 Waters Corp./(1)/ 2,452 68,582 Cooper Industries Inc. 1,632 68,462 Goodyear Tire & Rubber Co. (The) 2,640 67,505 ChoicePoint Inc./(1)/ 1,169 67,334 Scientific-Atlanta Inc. 2,914 67,313 Thermo Electron Corp./(1)/ 3,228 66,916 Circuit City Stores Inc. - Circuit City Group 3,681 66,405 Toys R Us Inc./(1)/ 3,695 66,362 McCormick & Co. Inc. 1,295 66,213 Jabil Circuit Inc./(1)/ 2,812 66,166 Estee Lauder Companies Inc. "A" 1,933 66,031 Edwards (A.G.) Inc. 1,487 65,398 Aquila Inc. 2,622 65,130 Sovereign Bancorp Inc. 4,625 64,981 Integrated Device Technology Inc./(1)/ 1,950 64,818 Murphy Oil Corp. 673 64,608 AutoNation Inc./(1)/ 4,639 64,575 Sigma-Aldrich Corp. 1,371 64,382 American Water Works Co. Inc. 1,455 63,729 Duke Realty Corp. 2,450 63,700
170 2002 iShares Annual Report to Shareholders iShares Russell Midcap Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Maytag Corp. 1,436 $ 63,543 Legg Mason Inc. 1,197 63,537 Network Associates Inc./(1)/ 2,622 63,452 PMI Group Inc. (The) 834 63,184 Smith International Inc./(1)/ 928 62,872 Public Storage Inc. 1,696 62,769 Synopsys Inc./(1)/ 1,136 62,662 Ocean Energy Inc. 3,166 62,655 Phelps Dodge Corp. 1,471 61,929 DST Systems Inc./(1)/ 1,232 61,354 Fluor Corp. 1,503 61,307 ADC Telecommunications Inc./(1)/ 15,061 61,298 Donnelley (R.R.) & Sons Co. 1,956 60,832 Vornado Realty Trust 1,374 60,676 BJ's Wholesale Club Inc./(1)/ 1,357 60,658 SUPERVALU Inc. 2,350 60,630 DPL Inc. 2,366 60,451 Apartment Investment & Management Co. "A" 1,247 60,317 Avnet Inc. 2,221 60,100 Citrix Systems Inc./(1)/ 3,467 59,910 Dana Corp. 2,787 59,837 Dollar Tree Stores Inc./(1)/ 1,823 59,813 SCANA Corp. 1,952 59,731 Centex Corp. 1,149 59,668 Pactiv Corp./(1)/ 2,973 59,519 Ashland Inc. 1,301 59,209 Rockwell International Corp. 2,945 59,077 Brinker International Inc./(1)/ 1,818 58,921 Citizens Communications Co./(1)/ 5,474 58,845 Cytyc Corp./(1)/ 2,172 58,470 Republic Services Inc. "A"/(1)/ 3,116 58,207 AvalonBay Communities Inc. 1,166 58,067 Rational Software Corp./(1)/ 3,646 57,716 Conexant Systems Inc./(1)/ 4,784 57,647 Hibernia Corp. "A" 2,991 57,128 Deluxe Corp. 1,233 57,039 Mercantile Bankshares Corp. 1,311 56,714 CMS Energy Corp. 2,495 56,462 Ross Stores Inc. 1,487 56,253 Cablevision Systems Corp./(1)/ 1,645 55,930 Liz Claiborne Inc. 1,968 55,812 Goodrich Co. 1,757 55,591 Sunoco Inc. 1,389 55,574 SEI Investment Co. 1,295 55,439 Smurfit-Stone Container Corp./(1)/ 3,232 55,396 Wendy's International Inc. 1,582 55,338 Diebold Inc. 1,358 55,325 Manpower Inc. 1,422 55,287 Prologis Trust 2,355 54,989 D&B/(1)/ 1,369 54,774 Intersil Corp. "A"/(1)/ 1,932 54,772 Amkor Technology Inc./(1)/ 2,445 54,548 Commerce Bancshares Inc. 1,226 54,214 Watson Pharmaceuticals Inc./(1)/ 1,995 54,045 AmeriCredit Corp./(1)/ 1,422 54,022 Beckman Coulter Inc. 1,053 53,777 International Rectifier Corp./(1)/ 1,182 53,675 Expeditors International Washington Inc. 877 53,497 Cephalon Inc./(1)/ 848 53,424 Lear Corp./(1)/ 1,120 53,312 Ceridian Corp./(1)/ 2,417 53,295 Fairchild Semiconductor International Corp. "A"/(1)/ 1,856 53,082 Boston Properties Inc. 1,344 53,021 TMP Worldwide Inc./(1)/ 1,534 52,877 Bard (C.R.) Inc. 895 52,850 Northeast Utilities 2,653 52,715 Abercrombie & Fitch Co. "A"/(1)/ 1,711 52,699 Vishay Intertechnology Inc./(1)/ 2,576 52,396 Human Genome Sciences Inc./(1)/ 2,400 52,296 Hillenbrand Industries Inc. 846 52,139 E*TRADE Group Inc./(1)/ 5,532 52,111 AdvancePCS/(1)/ 1,730 52,056 Tyson Foods Inc. "A" 4,158 51,892 Arrow Electronics Inc./(1)/ 1,855 51,884 Gallagher (Arthur J.) & Co. 1,582 51,842 International Flavors & Fragrances Inc. 1,472 51,476 Varian Medical Systems Inc./(1)/ 1,258 51,452 Wisconsin Energy Corp. 2,067 51,427 Lennar Corp. 974 51,388 Kimco Realty Corp. 1,567 51,241 Host Marriott Corp. 4,286 51,218 Sonoco Products Co. 1,790 51,212 Certegy Inc./(1)/ 1,279 50,776 Mercury Interactive Corp./(1)/ 1,344 50,602 Allied Capital Corp. 1,840 50,600 Amazon.com Inc./(1)/ 3,538 50,593 D.R. Horton Inc. 1,342 50,593 Schedules of Investments 171 iShares Russell Midcap Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Smithfield Foods Inc./(1)/ 1,936 $ 50,530 Valley National Bancorp 1,436 50,432 Bemis Co. 927 50,382 Park Place Entertainment Corp./(1)/ 4,771 50,334 Dow Jones & Co. Inc. 864 50,302 General Growth Properties Inc. 1,136 50,211 Emulex Corp./(1)/ 1,520 50,054 Brown-Forman Corp. "B" 687 49,986 Temple-Inland Inc. 877 49,743 PMC-Sierra Inc./(1)/ 3,051 49,670 Trigon Healthcare Inc./(1)/ 672 49,607 Navistar International Corp. 1,118 49,527 Westwood One Inc./(1)/ 1,282 49,165 Cooper Cameron Corp./(1)/ 958 48,963 Apogent Technologies Inc./(1)/ 1,981 48,891 Hispanic Broadcasting Corp./(1)/ 1,676 48,805 ICN Pharmaceuticals Inc. 1,519 48,228 Symbol Technologies Inc. 4,290 48,220 Cypress Semiconductor Corp./(1)/ 2,095 48,185 Nordstrom Inc. 1,965 48,143 First Virginia Banks Inc. 895 47,999 DENTSPLY International Inc. 1,295 47,993 Investment Technology Group Inc./(1)/ 909 47,941 Bowater Inc. 959 47,758 Energy East Corp. 2,194 47,720 Autodesk Inc. 1,022 47,717 Federated Investors Inc. "B" 1,470 47,555 Outback Steakhouse Inc./(1)/ 1,327 47,467 Commerce Bancorp Inc. 1,055 47,370 Lincare Holdings Inc./(1)/ 1,740 47,189 Neuberger Berman Inc. 1,007 47,178 Scripps (E.W.) Co. 574 47,137 Health Net Inc./(1)/ 1,714 47,032 Astoria Financial Corp. 1,614 46,887 Associated Banc-Corp 1,230 46,777 L-3 Communications Holdings Inc./(1)/ 417 46,704 iStar Financial Inc. 1,616 46,702 IVAX Corp./(1)/ 2,900 46,545 Triad Hospitals Inc./(1)/ 1,343 46,172 Investors Financial Services Corp. 605 46,010 Comverse Technology Inc./(1)/ 3,600 45,612 American Power Conversion Corp./(1)/ 3,086 45,611 ALLETE Inc. 1,564 45,497 Manor Care Inc./(1)/ 1,935 45,086 Mohawk Industries Inc./(1)/ 750 45,068 Palm Inc./(1)/ 11,276 44,991 RF Micro Devices Inc./(1)/ 2,513 44,983 Brunswick Corp. 1,645 44,941 NSTAR 991 44,932 Alliant Energy Corp. 1,486 44,907 Bausch & Lomb Inc. 1,007 44,882 Lamar Advertising Co./(1)/ 1,101 44,723 Harris Corp. 1,243 44,636 Polycom Inc./(1)/ 1,813 44,600 Tidewater Inc. 1,053 44,595 Allmerica Financial Corp. 989 44,406 Liberty Property Trust 1,373 44,279 XTO Energy Inc. 2,207 44,250 Autoliv Inc. 1,822 44,165 MGM Mirage/(1)/ 1,216 44,056 Viad Corp. 1,567 43,876 Potomac Electric Power Co. 1,877 43,828 Agere Systems Inc./(1)/ 11,241 43,727 Eaton Vance Corp. 1,092 43,625 Valspar Corp. (The) 927 43,625 Pall Corp. 2,128 43,603 UnionBanCal Corp. 988 43,492 Semtech Corp./(1)/ 1,184 43,216 Whole Foods Market Inc./(1)/ 945 43,177 Cabot Corp. 1,166 42,967 ICOS Corp./(1)/ 928 42,679 Foot Locker Inc./(1)/ 2,625 42,473 Hasbro Inc. 2,675 42,319 Fidelity National Financial Inc. 1,600 42,192 Humana Inc./(1)/ 3,117 42,173 Readers Digest Association Inc. (The) "A" 1,875 42,019 Coach Inc./(1)/ 828 41,988 Andrx Group/(1)/ 1,103 41,848 CDW Computer Centers Inc./(1)/ 831 41,833 FirstMerit Corp. 1,453 41,832 Storage Technology Corp./(1)/ 1,950 41,808 Applied Micro Circuits Corp./(1)/ 5,213 41,704 Equitable Resources Inc. 1,198 41,702 Gentex Corp./(1)/ 1,404 41,601 Conectiv 1,666 41,467 KPMG Consulting Inc./(1)/ 2,048 41,370 Pulte Homes Inc. 863 41,295 Noble Affiliates Inc. 1,057 41,286 Fastenal Co. 545 41,049 Golden State Bancorp Inc. 1,377 40,883 172 2002 iShares Annual Report to Shareholders iShares Russell Midcap Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Waddell & Reed Financial Inc. "A" 1,341 $ 40,874 CH Robinson Worldwide Inc. 1,215 40,824 Visteon Corp. 2,463 40,763 Rowan Companies Inc./(1)/ 1,763 40,620 Energizer Holdings Inc./(1)/ 1,709 40,589 Avaya Inc./(1)/ 5,487 40,494 3Com Corp./(1)/ 6,609 40,381 PerkinElmer Inc. 2,172 40,182 Tech Data Corp./(1)/ 875 40,154 Health Care Property Investors Inc. 990 40,145 MDU Resources Group Inc. 1,294 40,114 Hospitality Properties Trust 1,167 40,063 Omnicare Inc. 1,547 40,052 DaVita Inc./(1)/ 1,581 39,999 Patterson Dental Co./(1)/ 910 39,794 First Health Group Corp./(1)/ 1,647 39,742 Pride International Inc./(1)/ 2,498 39,718 Millipore Corp. 894 39,551 Washington Post Company (The) "B" 65 39,457 Fulton Financial Corp. 1,556 38,962 Valassis Communications Inc./(1)/ 1,006 38,862 Vitesse Semiconductor Corp./(1)/ 3,957 38,779 Pioneer Natural Resources Co./(1)/ 1,733 38,629 National-Oilwell Inc./(1)/ 1,523 38,578 Martin Marietta Materials Inc. 912 38,505 Nicor Inc. 844 38,444 Vertex Pharmaceuticals Inc./(1)/ 1,376 38,335 Tektronix Inc./(1)/ 1,617 38,258 Williams-Sonoma Inc./(1)/ 831 38,218 Hormel Foods Corp. 1,390 38,017 Alberto-Culver Co. "B" 703 37,962 City National Corp. 718 37,774 Patterson-UTI Energy Inc./(1)/ 1,265 37,621 Amphenol Corp. "A"/(1)/ 797 37,300 Helmerich & Payne Inc. 927 37,163 OM Group Inc. 513 37,090 Snap-On Inc. 1,086 36,978 Protective Life Corp. 1,180 36,792 Wilmington Trust Corp. 545 36,684 Quintiles Transnational Corp./(1)/ 2,065 36,654 Pentair Inc. 815 36,651 Questar Corp. 1,423 36,585 National Fuel Gas Co. 1,492 36,330 Borders Group Inc./(1)/ 1,518 36,295 Enzon Inc./(1)/ 813 36,008 Pacific Century Financial Corp. 1,380 35,963 Universal Health Services Inc. "B"/(1)/ 864 35,640 Catellus Development Corp./(1)/ 1,808 35,563 AMB Property Corp. 1,293 35,557 OGE Energy Corp. 1,473 35,308 Unitrin Inc. 877 35,255 Constellation Brands Inc./(1)/ 640 35,174 Security Capital Group Inc. "B"/(1)/ 1,375 35,021 New Plan Excel Realty Trust 1,745 34,987 Teleflex Inc. 638 34,879 Celgene Corp./(1)/ 1,407 34,823 Webster Financial Corp. 926 34,660 Crescent Real Estate Equities Co. 1,781 34,551 Precision Castparts Corp. 973 34,454 Cullen/Frost Bankers Inc. 957 34,328 Belo Corp. 1,474 34,270 Sky Financial Group Inc. 1,538 34,236 Roslyn Bancorp Inc. 1,643 34,010 Invitrogen Corp./(1)/ 990 33,977 Puget Energy Inc. 1,629 33,867 Herman Miller Inc. 1,423 33,839 Continental Airlines Inc. "B"/(1)/ 1,194 33,814 Rouse Co. (The) 1,087 33,675 CarrAmerica Realty Corp. 1,071 33,640 Mandalay Resort Group/(1)/ 1,089 33,432 Lubrizol Corp. 960 33,398 Allied Waste Industries Inc./(1)/ 2,561 33,293 Advent Software Inc./(1)/ 561 33,189 Sybase Inc./(1)/ 1,891 33,036 Boise Cascade Corp. 910 32,978 Iron Mountain Inc./(1)/ 1,039 32,957 Lyondell Chemical Co. 1,982 32,921 Vectren Corp. 1,281 32,909 Broadwing Inc./(1)/ 4,670 32,643 Transatlantic Holdings Inc. 397 32,602 DeVry Inc./(1)/ 1,070 32,239 Diamond Offshore Drilling Inc. 1,024 32,010 Krispy Kreme Doughnuts Inc./(1)/ 780 31,863 Pogo Producing Co. 1,005 31,859 Medicis Pharmaceutical Corp. "A"/(1)/ 574 31,857 Micrel Inc./(1)/ 1,249 31,500 Peregrine Systems Inc./(1)/ 3,300 31,416 Alkermes Inc./(1)/ 1,200 31,272 HON Industries Inc. 1,100 31,251 Cabot Microelectronics Corp./(1)/ 460 31,119 Schedules of Investments 173 iShares Russell Midcap Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Clayton Homes Inc. 1,853 $ 31,038 KEMET Corp./(1)/ 1,597 30,934 WebMD Corp./(1)/ 4,023 30,897 Arden Realty Inc. 1,087 30,871 CNF Inc. 927 30,582 Barr Laboratories Inc./(1)/ 464 30,540 Meredith Corp. 718 30,522 Big Lots Inc. 2,146 30,151 Reynolds & Reynolds Co. (The) "A" 1,005 30,150 United States Steel Corp. 1,661 30,147 Markel Corp./(1)/ 148 30,119 Cummins Inc. 637 30,086 Saks Inc./(1)/ 2,286 30,061 Parametric Technology Corp./(1)/ 4,960 29,958 Hubbell Inc. "B" 909 29,906 Jacobs Engineering Group Inc./(1)/ 416 29,657 Lattice Semiconductor Corp./(1)/ 1,679 29,433 Advanced Fibre Communications Inc./(1)/ 1,532 29,399 Six Flags Inc./(1)/ 1,634 29,183 Polo Ralph Lauren Corp./(1)/ 992 28,947 Service Corp. International/(1)/ 5,438 28,821 Great Plains Energy Inc. 1,150 28,693 Protein Design Labs Inc./(1)/ 1,665 28,521 Sepracor Inc./(1)/ 1,469 28,499 IDACORP Inc. 703 28,472 ImClone Systems Inc./(1)/ 1,151 28,349 Old National Bancorp 1,156 28,299 Washington Federal Inc. 1,181 28,273 Acxiom Corp./(1)/ 1,648 28,247 Henry Schein Inc./(1)/ 639 28,148 Mack-Cali Realty Corp. 810 28,091 MONY Group Inc. (The) 695 28,022 Callaway Golf Co. 1,454 27,989 Coors (Adolf) Company "B" 413 27,865 SanDisk Corp./(1)/ 1,277 27,711 Abgenix Inc./(1)/ 1,458 27,542 i2 Technologies Inc./(1)/ 5,427 27,461 HCC Insurance Holdings Inc. 975 27,251 Barnes & Noble Inc./(1)/ 878 27,209 Entercom Communications Corp./(1)/ 494 27,106 Henry (Jack) & Associates Inc. 1,214 26,927 Hanover Compressor Co./(1)/ 1,491 26,823 Mettler Toledo International Inc./(1)/ 591 26,749 Freeport-McMoRan Copper & Gold Inc./(1)/ 1,518 26,747 Grant Prideco Inc./(1)/ 1,950 26,676 Radio One Inc. "D"/(1)/ 1,294 26,656 Crane Co. 974 26,629 Newfield Exploration Co./(1)/ 719 26,596 Hercules Inc./(1)/ 1,996 26,567 DoubleClick Inc./(1)/ 2,207 26,462 Axcelis Technologies Inc./(1)/ 1,842 26,341 OSI Pharmaceuticals Inc./(1)/ 671 26,270 Varco International Inc./(1)/ 1,306 26,251 Applera Corp. - Celera Genomics Group/(1)/ 1,276 26,222 Rite Aid Corp./(1)/ 7,478 25,874 AK Steel Holding Corp. 1,805 25,811 Pharmaceutical Product Development Inc./(1)/ 734 25,580 McClatchy Co. (The) "A" 429 25,470 Reebok International Ltd./(1)/ 942 25,462 Lafarge North America Inc. 588 25,425 Mentor Graphics Corp./(1)/ 1,199 25,347 Crown Castle International Corp./(1)/ 3,829 25,310 LaBranche & Co. Inc./(1)/ 815 25,306 Payless ShoeSource Inc./(1)/ 413 25,214 CSG Systems International Inc./(1)/ 880 25,054 Catalina Marketing Corp./(1)/ 671 24,491 Maxtor Corp./(1)/ 3,517 24,443 GATX Corp. 767 24,391 ResMed Inc./(1)/ 604 24,239 Harte-Hanks Inc. 766 24,236 Massey Energy Co. 1,426 24,099 Leucadia National Corp. 672 24,024 Charter Communications Inc./(1)/ 2,127 24,014 Winn-Dixie Stores Inc. 1,488 23,868 Cirrus Logic Inc./(1)/ 1,264 23,852 Adelphia Communications Corp. "A"/(1)/ 1,585 23,616 Allegheny Technologies Inc. 1,425 23,569 Quantum Corp./(1)/ 2,927 23,299 International Speedway Corp. "A" 509 23,261 SkyWest Inc. 929 23,160 Retek Inc./(1)/ 880 23,100 Neiman-Marcus Group Inc. "A"/(1)/ 669 23,047 American Financial Group Inc. 801 23,005 Steelcase Inc. 1,373 22,998 American Eagle Outfitters Inc./(1)/ 927 22,962 174 2002 iShares Annual Report to Shareholders iShares Russell Midcap Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- PepsiAmericas Inc. 1,584 $ 22,841 National Instruments Corp./(1)/ 543 22,708 Western Resources Inc. 1,310 22,467 Level 3 Communications Inc./(1)/ 6,305 22,446 Medarex Inc./(1)/ 1,377 22,210 Monsanto Co. 703 22,208 Cerner Corp./(1)/ 465 22,185 Mercury General Corp. 477 22,181 Gateway Inc./(1)/ 3,489 22,050 Ethan Allen Interiors Inc. 576 21,923 Cablevision Systems Corporation-Rainbow Media Group/(1)/ 877 21,644 Hudson City Bancorp Inc. 666 21,618 Openwave Systems Inc./(1)/ 3,364 21,395 Conseco Inc./(1)/ 5,834 21,119 Extreme Networks Inc./(1)/ 2,001 20,810 Affymetrix Inc./(1)/ 718 20,808 Shaw Group Inc. (The)/(1)/ 755 20,763 AVX Corp. 988 20,689 Trustmark Corp. 815 20,587 Manugistics Group Inc./(1)/ 958 20,578 Macrovision Corp./(1)/ 766 20,414 Great Lakes Chemical Corp. 720 20,282 United Rentals Inc./(1)/ 738 20,280 Extended Stay America Inc./(1)/ 1,156 20,114 Cox Radio Inc. "A"/(1)/ 705 20,022 Ingram Micro Inc. "A"/(1)/ 1,209 20,009 Orthodontic Centers of America Inc./(1)/ 720 19,879 UTStarcom Inc./(1)/ 751 19,699 Solutia Inc. 2,257 19,636 American Tower Corp./(1)/ 3,593 19,438 Ariba Inc./(1)/ 4,269 19,339 Nationwide Financial Services Inc. 447 19,132 Tootsie Roll Industries Inc. 413 18,994 Community Health Systems Inc./(1)/ 844 18,661 Cree Inc./(1)/ 1,358 18,510 SICOR Inc./(1)/ 1,071 18,293 FMC Corp./(1)/ 432 18,109 Total System Services Inc. 718 18,058 Packaging Corp. of America/(1)/ 912 18,048 Finisar Corp./(1)/ 2,335 17,980 American National Insurance Co. 190 17,955 FMC Technologies Inc./(1)/ 895 17,837 Northwest Airlines Corp. "A"/(1)/ 914 17,430 CheckFree Corp./(1)/ 1,131 17,338 Primedia Inc./(1)/ 5,398 17,112 Vignette Corp./(1)/ 4,972 17,104 Talbots Inc. (The) 480 16,992 UAL Corp. 1,021 16,683 Provident Financial Group Inc. 575 16,560 Exult Inc./(1)/ 1,517 16,550 Black Hills Corp. 494 16,539 Internet Security Systems Inc./(1)/ 718 16,406 Wind River Systems Inc./(1)/ 1,202 16,335 Timberland Co. "A"/(1)/ 385 16,266 Reliant Resources Inc./(1)/ 958 16,200 Enterasys Networks Inc./(1)/ 3,825 16,180 CNA Financial Corp./(1)/ 541 16,068 John Nuveen Co. "A" 289 15,938 Alleghany Corp./(1)/ 84 15,682 Riverstone Networks Inc./(1)/ 2,574 15,444 Insight Communications Co. Inc./(1)/ 736 15,419 Ameritrade Holding Corp. "A"/(1)/ 2,372 15,394 St. Joe Co. (The) 510 15,300 Forest Oil Corp./(1)/ 510 15,106 EarthLink Inc./(1)/ 1,485 15,073 Erie Indemnity Co. "A" 369 15,011 Myriad Genetics Inc./(1)/ 445 14,912 Emmis Communications Corp./(1)/ 556 14,867 Ticketmaster "B"/(1)/ 495 14,642 Arch Coal Inc. 672 14,367 Blockbuster Inc. 587 13,777 WorldCom Inc. - MCI Group 2,319 13,705 TIBCO Software Inc./(1)/ 1,148 13,500 ONI Systems Inc./(1)/ 2,146 13,241 Micromuse Inc./(1)/ 1,494 13,087 Viasys Healthcare Inc./(1)/ 579 13,022 Western Wireless Corp. "A"/(1)/ 1,447 12,647 Metro-Goldwyn-Mayer Inc./(1)/ 748 12,432 Mykrolis Corp./(1)/ 805 12,308 Expedia Inc. "A"/(1)/ 176 12,292 CNET Networks Inc./(1)/ 2,238 12,264 Foundry Networks Inc./(1)/ 1,704 12,252 CuraGen Corp./(1)/ 752 12,077 Sycamore Networks Inc./(1)/ 3,026 11,953 Metris Companies Inc. 591 11,820 Pixar Inc./(1)/ 321 11,813 United States Cellular Corp./(1)/ 288 11,808 U.S. Airways Group Inc./(1)/ 1,814 11,700 Schedules of Investments 175 iShares Russell Midcap Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- RealNetworks Inc./(1)/ 1,666 $ 11,695 Knight Trading Group Inc./(1)/ 1,626 11,610 BlackRock Inc./(1)/ 257 11,462 NRG Energy Inc./(1)/ 944 11,385 People's Bank 461 11,364 Global Industries Ltd./(1)/ 1,199 11,187 West Corp./(1)/ 351 11,106 21st Century Insurance Group 589 10,655 Entravision Communications Corp./(1)/ 718 10,626 Imagistics International Inc./(1)/ 664 10,558 PanAmSat Corp./(1)/ 461 10,534 Reinsurance Group of America Inc. 335 10,489 Tekelec/(1)/ 898 10,291 Consol Energy Inc. 384 10,080 Priority Healthcare Corp. "B"/(1)/ 384 9,988 Redback Networks Inc./(1)/ 2,877 9,782 Quest Software Inc./(1)/ 642 9,701 RSA Security Inc./(1)/ 1,075 9,675 Hollinger International Inc. 702 9,203 Inhale Therapeutic Systems Inc./(1)/ 865 9,126 Transmeta Corp./(1)/ 2,313 8,974 Power-One Inc./(1)/ 1,086 8,883 Informatica Corp./(1)/ 1,213 8,782 Interwoven Inc./(1)/ 1,752 8,760 Oakley Inc./(1)/ 477 8,538 Mediacom Communications Corp./(1)/ 609 8,532 Hotel Reservations Network Inc. "A"/(1)/ 144 8,486 Peabody Energy Corp. 288 8,338 Corvis Corp./(1)/ 6,580 8,218 Quanta Services Inc./(1)/ 461 7,971 CMGI Inc./(1)/ 5,833 7,875 Travelocity.com Inc./(1)/ 276 7,720 StorageNetworks Inc./(1)/ 2,175 7,591 BroadVision Inc./(1)/ 4,374 7,567 University of Phoenix Online/(1)/ 173 7,238 Columbia Sportswear Co./(1)/ 210 7,046 Weis Markets Inc. 208 6,313 Wesco Financial Corp. 20 6,252 Nextel Partners Inc. "A"/(1)/ 975 5,870 Hearst-Argyle Television Inc./(1)/ 236 5,836 Global Power Equipment Group Inc./(1)/ 428 5,337 McDATA Corp. "A"/(1)/ 350 4,155 Instinet Group Inc./(1)/ 611 3,978 Tellium Inc./(1)/ 1,571 3,629 Infonet Services Corp. "B" ADR/(1)/ 1,541 3,406 Plug Power Inc./(1)/ 320 3,318 Valhi Inc. 127 1,429 Inrange Technologies Corp./(1)/ 142 1,147 McLeodUSA Inc. "A"/(1)/ 3,687 664 - ----------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $47,334,202) 48,661,340 - ----------------------------------------------------------------- SHORT TERM INSTRUMENTS - 5.26% - ----------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 1,494,028 1,494,028 Dreyfus Money Market Fund 455,791 455,791 Goldman Sachs Financial Square Prime Obligation Fund 142,112 142,112 Providian Temp Cash Money Market Fund 474,022 474,022 - ----------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $2,565,953) 2,565,953 - ----------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES -- 105.10% (Cost $49,900,155) 51,227,293 - ----------------------------------------------------------------- Other Assets, Less Liabilities -- (5.10%) (2,486,313) - ----------------------------------------------------------------- NET ASSETS -- 100.00% $48,740,980 ================================================================= /(1)/ Non-income earning securities. See notes to financial statements. 176 2002 iShares Annual Report to Shareholders iShares Russell Midcap Growth Index Fund Schedule of Investments March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS - 99.93% - ------------------------------------------------------------------- USA Education Inc. 13,595 $ 1,329,591 Guidant Corp./(1)/ 26,428 1,144,861 Best Buy Co. Inc./(1)/ 14,442 1,143,806 KLA-Tencor Corp./(1)/ 16,237 1,079,760 Interpublic Group of Companies Inc. 29,439 1,009,169 TJX Companies Inc. 23,647 946,116 Bed Bath & Beyond Inc./(1)/ 25,184 849,960 MedImmune Inc./(1)/ 21,482 844,887 Immunex Corp./(1)/ 27,759 839,987 Adobe Systems Inc. 20,537 827,436 SunGard Data Systems Inc./(1)/ 24,241 799,226 Starbucks Corp./(1)/ 33,122 766,112 Fiserv Inc./(1)/ 16,469 757,409 Genzyme Corp. - General Division/(1)/ 17,296 755,316 Stryker Corp./(1)/ 11,687 705,077 Altera Corp./(1)/ 31,363 685,909 Electronic Arts Inc./(1)/ 11,016 669,773 Novellus Systems Inc./(1)/ 11,801 638,906 Lexmark International Inc. "A"/(1)/ 11,170 638,701 Biomet Inc. 23,414 633,583 Biogen Inc./(1)/ 12,731 624,583 Teradyne Inc./(1)/ 15,801 623,033 IDEC Pharmaceuticals Corp./(1)/ 9,684 622,681 Univision Communications Inc./(1)/ 14,536 610,512 Staples Inc./(1)/ 30,521 609,504 Gilead Sciences Inc./(1)/ 16,768 603,480 Broadcom Corp. "A"/(1)/ 16,805 603,299 King Pharmaceuticals Inc./(1)/ 16,377 573,359 IMS Health Inc. 25,165 564,954 Yahoo! Inc./(1)/ 30,231 558,367 VeriSign Inc./(1)/ 20,365 549,855 Sabre Holdings Corp./(1)/ 11,571 540,481 St. Jude Medical Inc./(1)/ 6,924 534,187 Millennium Pharmaceuticals Inc./(1)/ 23,932 533,932 Network Appliance Inc./(1)/ 25,276 515,125 Brocade Communications Systems Inc./(1)/ 19,021 513,567 Danaher Corp. 7,182 510,066 Symantec Corp./(1)/ 12,308 507,213 Synovus Financial Corp. 16,515 503,377 Quest Diagnostics Inc./(1)/ 6,075 503,314 Cintas Corp. 10,026 499,896 Cadence Design Systems Inc./(1)/ 21,205 479,445 Microchip Technology Inc./(1)/ 11,424 477,866 Moody's Corp. 11,574 475,691 BJ Services Co./(1)/ 13,592 468,516 RadioShack Corp. 15,546 467,002 Ecolab Inc. 10,192 465,978 Nabors Industries Inc./(1)/ 10,810 456,722 International Game Technology/(1)/ 7,201 448,766 Tiffany & Co. 12,561 446,544 Affiliated Computer Services Inc. "A"/(1)/ 7,910 443,988 Convergys Corp./(1)/ 14,951 442,101 Family Dollar Stores Inc. 12,948 433,887 Sanmina-SCI Corp./(1)/ 36,180 425,115 Applera Corp. - Applied Biosystems Group 18,302 409,050 Intuit Inc./(1)/ 10,554 404,851 Apollo Group Inc. "A"/(1)/ 7,546 404,088 Noble Drilling Corp./(1)/ 9,746 403,387 Laboratory Corp. of America Holdings/(1)/ 4,163 399,065 NVIDIA Corp./(1)/ 8,996 399,063 QLogic Corp./(1)/ 8,050 398,636 Robert Half International Inc./(1)/ 13,364 394,505 Express Scripts Inc. "A"/(1)/ 6,778 390,345 Newmont Mining Corp. 14,052 389,100 Caremark Rx Inc./(1)/ 19,517 380,581 Dollar General Corp. 23,324 379,715 Equifax Inc. 12,459 372,524 AmerisourceBergen Corp. 5,406 369,230 Pepsi Bottling Group Inc. 13,638 352,815 Chiron Corp./(1)/ 7,565 347,158 American Standard Companies Inc./(1)/ 4,827 341,510 BISYS Group Inc. (The)/(1)/ 9,580 337,695 Weatherford International Inc./(1)/ 6,903 328,790 Sealed Air Corp./(1)/ 6,879 323,863 Lam Research Corp./(1)/ 10,972 321,699 Oxford Health Plans Inc./(1)/ 7,611 318,064 Waters Corp./(1)/ 11,340 317,180 Scientific-Atlanta Inc. 13,590 313,929 Jabil Circuit Inc./(1)/ 13,295 312,831 Advanced Micro Devices Inc./(1)/ 21,251 312,602 Block (H & R) Inc. 6,968 309,728 ChoicePoint Inc./(1)/ 5,371 309,370 Wrigley (William Jr.) Co. 5,659 301,681 Burlington Resources Inc. 7,271 291,494 Smith International Inc./(1)/ 4,299 291,257 Synopsys Inc./(1)/ 5,243 289,204 Integrated Device Technology Inc./(1)/ 8,601 285,897 Kellogg Co. 8,487 284,909 Schedules of Investments 177 iShares Russell Midcap Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Citrix Systems Inc./(1)/ 16,208 $ 280,074 Dollar Tree Stores Inc./(1)/ 8,441 276,949 BJ's Wholesale Club Inc./(1)/ 6,178 276,157 ENSCO International Inc. 9,076 273,551 Cytyc Corp./(1)/ 10,154 273,346 DST Systems Inc./(1)/ 5,381 267,974 Rational Software Corp./(1)/ 16,861 266,910 EOG Resources Inc. 6,553 265,790 SEI Investment Co. 6,028 258,059 Estee Lauder Companies Inc. "A" 7,516 256,747 Murphy Oil Corp. 2,668 256,128 Intersil Corp. "A"/(1)/ 8,949 253,704 UST Inc. 6,440 250,709 AmeriCredit Corp./(1)/ 6,580 249,974 BMC Software Inc./(1)/ 12,851 249,952 International Rectifier Corp./(1)/ 5,498 249,664 Expeditors International Washington Inc. 4,071 248,331 Fairchild Semiconductor International Corp. "A"/(1)/ 8,648 247,333 Watson Pharmaceuticals Inc./(1)/ 9,126 247,223 Jones Apparel Group Inc./(1)/ 7,012 245,069 TMP Worldwide Inc./(1)/ 7,105 244,909 Abercrombie & Fitch Co. "A"/(1)/ 7,881 242,735 Human Genome Sciences Inc./(1)/ 11,085 241,542 AdvancePCS/(1)/ 8,025 241,472 Gallagher (Arthur J.) & Co. 7,339 240,499 Varian Medical Systems Inc./(1)/ 5,840 238,856 Mercury Interactive Corp./(1)/ 6,280 236,442 Amazon.com Inc./(1)/ 16,470 235,521 PMC-Sierra Inc./(1)/ 14,376 234,041 Emulex Corp./(1)/ 7,040 231,827 Avery Dennison Corp. 3,726 227,398 Cephalon Inc./(1)/ 3,587 225,981 Symbol Technologies Inc. 19,846 223,069 Cooper Cameron Corp./(1)/ 4,359 222,788 Federated Investors Inc. "B" 6,811 220,336 Certegy Inc./(1)/ 5,521 219,184 L-3 Communications Holdings Inc./(1)/ 1,953 218,736 Investment Technology Group Inc./(1)/ 4,129 217,763 Lincare Holdings Inc./(1)/ 7,975 216,282 IVAX Corp./(1)/ 13,433 215,600 Telephone & Data Systems Inc. 2,435 214,889 Investors Financial Services Corp. 2,780 211,419 Knight Ridder Inc. 3,058 210,054 AutoZone Inc./(1)/ 3,034 208,891 RF Micro Devices Inc./(1)/ 11,593 207,515 Comverse Technology Inc./(1)/ 16,189 205,115 XTO Energy Inc. 10,167 203,848 Eaton Vance Corp. 5,061 202,187 Eaton Corp. 2,460 199,211 Whole Foods Market Inc./(1)/ 4,346 198,569 ICOS Corp./(1)/ 4,299 197,711 Applied Micro Circuits Corp./(1)/ 24,679 197,432 Compuware Corp./(1)/ 15,205 196,297 Semtech Corp./(1)/ 5,372 196,078 Maytag Corp. 4,417 195,452 Andrx Group/(1)/ 5,109 193,835 Coach Inc./(1)/ 3,816 193,509 Gentex Corp./(1)/ 6,509 192,862 Health Management Associates Inc. "A"/(1)/ 9,249 191,732 Amkor Technology Inc./(1)/ 8,533 190,371 CH Robinson Worldwide Inc. 5,660 190,176 CDW Computer Centers Inc./(1)/ 3,764 189,480 Waddell & Reed Financial Inc. "A" 6,212 189,342 Fastenal Co. 2,510 189,053 Beckman Coulter Inc. 3,680 187,938 LSI Logic Corp./(1)/ 10,997 186,949 Avaya Inc./(1)/ 25,157 185,659 Polycom Inc./(1)/ 7,524 185,090 PerkinElmer Inc. 9,999 184,982 First Health Group Corp./(1)/ 7,662 184,884 Millipore Corp. 4,143 183,286 Patterson Dental Co./(1)/ 4,175 182,573 Apache Corp. 3,196 181,788 Vertex Pharmaceuticals Inc./(1)/ 6,460 179,976 National Semiconductor Corp./(1)/ 5,334 179,702 Atmel Corp./(1)/ 17,618 178,647 National-Oilwell Inc./(1)/ 7,015 177,690 Ocean Energy Inc. 8,834 174,825 USA Networks Inc./(1)/ 5,477 174,004 Network Associates Inc./(1)/ 7,177 173,683 Patterson-UTI Energy Inc./(1)/ 5,821 173,117 Williams-Sonoma Inc./(1)/ 3,764 173,106 Amphenol Corp. "A"/(1)/ 3,679 172,177 WellPoint Health Networks Inc./(1)/ 2,648 168,598 Enzon Inc./(1)/ 3,723 164,892 Agere Systems Inc./(1)/ 42,196 164,142 Celgene Corp./(1)/ 6,552 162,162 178 2002 iShares Annual Report to Shareholders iShares Russell Midcap Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Vitesse Semiconductor Corp./(1)/ 16,490 $ 161,602 Invitrogen Corp./(1)/ 4,601 157,906 Herman Miller Inc. 6,598 156,900 Rowan Companies Inc./(1)/ 6,627 152,686 Advent Software Inc./(1)/ 2,579 152,574 Krispy Kreme Doughnuts Inc./(1)/ 3,613 147,591 Alkermes Inc./(1)/ 5,612 146,249 DENTSPLY International Inc. 3,946 146,239 DeVry Inc./(1)/ 4,845 145,980 Micrel Inc./(1)/ 5,748 144,965 Barr Laboratories Inc./(1)/ 2,162 142,303 Cabot Microelectronics Corp./(1)/ 2,091 141,456 Palm Inc./(1)/ 35,407 141,274 Peregrine Systems Inc./(1)/ 14,800 140,896 Cypress Semiconductor Corp./(1)/ 6,028 138,644 Lattice Semiconductor Corp./(1)/ 7,822 137,120 Parametric Technology Corp./(1)/ 22,464 135,683 Neuberger Berman Inc. 2,896 135,678 Limited Inc. (The) 7,415 132,730 Hispanic Broadcasting Corp./(1)/ 4,555 132,642 Sybase Inc./(1)/ 7,564 132,143 ImClone Systems Inc./(1)/ 5,339 131,500 DaVita Inc./(1)/ 5,176 130,953 Protein Design Labs Inc./(1)/ 7,633 130,753 Mylan Laboratories Inc. 4,438 130,743 Plum Creek Timber Co. Inc. 4,370 129,833 Citizens Communications Co./(1)/ 11,982 128,806 Abgenix Inc./(1)/ 6,737 127,262 Axcelis Technologies Inc./(1)/ 8,884 127,041 McKesson Corp. 3,382 126,588 Henry (Jack) & Associates Inc. 5,634 124,962 Freeport-McMoRan Copper & Gold Inc./(1)/ 7,085 124,838 KPMG Consulting Inc./(1)/ 6,164 124,513 Hanover Compressor Co./(1)/ 6,897 124,077 Mettler Toledo International Inc./(1)/ 2,717 122,971 i2 Technologies Inc./(1)/ 24,275 122,831 OSI Pharmaceuticals Inc./(1)/ 3,127 122,422 Molex Inc. 3,427 118,814 Sepracor Inc./(1)/ 6,097 118,282 Mentor Graphics Corp./(1)/ 5,590 118,173 ICN Pharmaceuticals Inc. 3,703 117,570 LaBranche & Co. Inc./(1)/ 3,772 117,121 Kinder Morgan Inc. 2,418 117,104 Pharmaceutical Product Development Inc./(1)/ 3,356 116,957 Marriott International Inc. "A" 2,596 116,690 CSG Systems International Inc./(1)/ 4,070 115,873 Boston Scientific Corp./(1)/ 4,601 115,439 DoubleClick Inc./(1)/ 9,568 114,720 Conexant Systems Inc./(1)/ 9,520 114,716 Catalina Marketing Corp./(1)/ 3,106 113,369 ResMed Inc./(1)/ 2,803 112,484 Allied Capital Corp. 4,068 111,870 Newfield Exploration Co./(1)/ 3,013 111,451 Devon Energy Corp. 2,301 111,069 Dow Jones & Co. Inc. 1,886 109,803 Retek Inc./(1)/ 4,160 109,200 E*TRADE Group Inc./(1)/ 11,590 109,178 Medicis Pharmaceutical Corp. "A"/(1)/ 1,954 108,447 American Eagle Outfitters Inc./(1)/ 4,326 107,155 National Instruments Corp./(1)/ 2,505 104,759 Pride International Inc./(1)/ 6,534 103,891 Tidewater Inc. 2,417 102,360 Archstone-Smith Trust 3,796 101,695 Medarex Inc./(1)/ 6,305 101,693 SPX Corp./(1)/ 713 100,947 Iron Mountain Inc./(1)/ 3,059 97,031 Affymetrix Inc./(1)/ 3,337 96,706 Hershey Foods Corp. 1,400 95,956 Manugistics Group Inc./(1)/ 4,463 95,865 Pitney Bowes Inc. 2,234 95,615 Macrovision Corp./(1)/ 3,585 95,540 Shaw Group Inc. The/(1)/ 3,473 95,508 Extreme Networks Inc./(1)/ 9,084 94,474 McCormick & Co. Inc. 1,837 93,926 Varco International Inc./(1)/ 4,667 93,807 Coca-Cola Enterprises Inc. 4,988 93,675 Diamond Offshore Drilling Inc. 2,966 92,717 Orthodontic Centers of America Inc./(1)/ 3,358 92,714 ADC Telecommunications Inc./(1)/ 22,685 92,328 Cox Radio Inc. "A"/(1)/ 3,241 92,044 Cerner Corp./(1)/ 1,912 91,222 Universal Health Services Inc. "B"/(1)/ 2,210 91,163 Cirrus Logic Inc./(1)/ 4,735 89,349 Community Health Systems Inc./(1)/ 3,890 86,008 Cree Inc./(1)/ 6,303 85,910 SICOR Inc./(1)/ 4,923 84,085 Finisar Corp./(1)/ 10,903 83,953 SkyWest Inc. 3,336 83,166 Schedules of Investments 179 iShares Russell Midcap Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Quintiles Transnational Corp./(1)/ 4,601 $ 81,668 Total System Services Inc. 3,243 81,561 CheckFree Corp./(1)/ 5,268 80,758 Apogent Technologies Inc./(1)/ 3,242 80,013 Storage Technology Corp./(1)/ 3,729 79,950 Exult Inc./(1)/ 7,082 77,265 Internet Security Systems Inc./(1)/ 3,336 76,228 SanDisk Corp./(1)/ 3,460 75,082 Wind River Systems Inc./(1)/ 5,476 74,419 Black & Decker Corp. 1,588 73,906 Timberland Co. "A"/(1)/ 1,749 73,895 Primedia Inc./(1)/ 22,561 71,518 Ameritrade Holding Corp. "A"/(1)/ 11,017 71,500 Rite Aid Corp./(1)/ 20,612 71,318 Talbots Inc. (The) 2,004 70,942 Northrop Grumman Corp. 622 70,317 3Com Corp./(1)/ 11,272 68,872 Myriad Genetics Inc./(1)/ 2,045 68,528 WebMD Corp./(1)/ 8,829 67,807 Advanced Fibre Communications Inc./(1)/ 3,495 67,069 Allied Waste Industries Inc./(1)/ 5,081 66,053 Rockwell Collins Inc. 2,600 65,572 Tootsie Roll Industries Inc. 1,424 65,470 FMC Technologies Inc./(1)/ 3,246 64,693 Metris Companies Inc. 2,942 58,840 BlackRock Inc./(1)/ 1,299 57,935 CuraGen Corp./(1)/ 3,565 57,254 Micromuse Inc./(1)/ 6,518 57,098 TIBCO Software Inc./(1)/ 4,764 56,025 Foundry Networks Inc./(1)/ 7,728 55,564 RealNetworks Inc./(1)/ 7,828 54,953 Expedia Inc. "A"/(1)/ 785 54,824 Triad Hospitals Inc./(1)/ 1,585 54,492 Dover Corp. 1,313 53,833 Pixar Inc./(1)/ 1,446 53,213 Crown Castle International Corp./(1)/ 8,007 52,926 Pogo Producing Co. 1,630 51,671 Western Wireless Corp. "A"/(1)/ 5,877 51,365 Brinker International Inc./(1)/ 1,576 51,078 West Corp./(1)/ 1,590 50,308 NRG Energy Inc./(1)/ 4,126 49,760 Commerce Bancorp Inc. 1,106 49,659 Mohawk Industries Inc./(1)/ 800 48,072 Darden Restaurants Inc. 1,170 47,490 NCR Corp./(1)/ 1,055 47,211 Consol Energy Inc. 1,792 47,040 Callaway Golf Co. 2,438 46,931 Tekelec/(1)/ 4,050 46,413 Level 3 Communications Inc./(1)/ 12,951 46,106 Openwave Systems Inc./(1)/ 7,061 44,908 Power-One Inc./(1)/ 5,382 44,025 Priority Healthcare Corp. "B"/(1)/ 1,692 44,009 Quest Software Inc./(1)/ 2,895 43,743 Mykrolis Corp./(1)/ 2,802 42,843 Vulcan Materials Co. 896 42,596 Riverstone Networks Inc./(1)/ 7,059 42,354 Informatica Corp./(1)/ 5,725 41,449 American Tower Corp./(1)/ 7,624 41,246 Inhale Therapeutic Systems Inc./(1)/ 3,907 41,219 Ariba Inc./(1)/ 9,017 40,847 Kerr-McGee Corp. 646 40,601 Northwest Airlines Corp. "A"/(1)/ 2,121 40,447 Redback Networks Inc./(1)/ 11,859 40,321 Interwoven Inc./(1)/ 8,002 40,010 Oakley Inc./(1)/ 2,229 39,899 Hotel Reservations Network Inc. "A"/(1)/ 666 39,247 Forest Oil Corp./(1)/ 1,313 38,891 Tech Data Corp./(1)/ 828 37,997 Time Warner Telecom Inc. "A"/(1)/ 6,243 37,957 WorldCom Inc. - MCI Group 6,326 37,387 Solutia Inc. 4,293 37,349 ONI Systems Inc./(1)/ 6,002 37,032 Sonus Networks Inc./(1)/ 13,865 36,326 University of Phoenix Online/(1)/ 861 36,024 Harris Corp. 992 35,623 Transmeta Corp./(1)/ 9,012 34,967 Vishay Intertechnology Inc./(1)/ 1,705 34,680 BroadVision Inc./(1)/ 19,939 34,494 Knight Trading Group Inc./(1)/ 4,829 34,479 Vignette Corp./(1)/ 9,890 34,022 Harrah's Entertainment Inc./(1)/ 737 32,620 Viasys Healthcare Inc./(1)/ 1,449 32,588 Viad Corp. 1,129 31,612 Columbia Sportswear Co./(1)/ 923 30,967 EarthLink Inc./(1)/ 3,038 30,836 Corvis Corp./(1)/ 24,309 30,362 Autodesk Inc. 647 30,208 Maxtor Corp./(1)/ 4,186 29,093 Arch Coal Inc. 1,335 28,542 International Speedway Corp. "A" 622 28,425 180 2002 iShares Annual Report to Shareholders iShares Russell Midcap Growth Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (continued) - ------------------------------------------------------------------- Stilwell Financial Inc. 1,129 $ 27,649 CNET Networks Inc./(1)/ 4,941 27,077 Travelocity.com Inc./(1)/ 948 26,516 Omnicare Inc. 989 25,605 RSA Security Inc./(1)/ 2,837 25,533 Ticketmaster "B"/(1)/ 852 25,202 Outback Steakhouse Inc./(1)/ 702 25,111 Sycamore Networks Inc./(1)/ 6,189 24,447 Metro-Goldwyn-Mayer Inc./(1)/ 1,404 23,334 StorageNetworks Inc./(1)/ 6,657 23,233 Peabody Energy Corp. 782 22,639 Acxiom Corp./(1)/ 1,313 22,505 Jacobs Engineering Group Inc./(1)/ 299 21,316 Nike Inc. "B" 348 20,883 Entravision Communications Corp./(1)/ 1,382 20,454 McDATA Corp. "A"/(1)/ 1,653 19,621 John Nuveen Co. "A" 346 19,082 Unisys Corp./(1)/ 1,495 18,882 Henry Schein Inc./(1)/ 411 18,105 Grant Prideco Inc./(1)/ 1,308 17,893 United States Cellular Corp./(1)/ 417 17,097 Barnes & Noble Inc./(1)/ 551 17,075 Quanta Services Inc./(1)/ 968 16,737 United Rentals Inc./(1)/ 598 16,433 PanAmSat Corp./(1)/ 712 16,269 Imagistics International Inc./(1)/ 1,007 16,011 MGM Mirage/(1)/ 439 15,905 Capstone Turbine Corp./(1)/ 4,829 15,743 Readers Digest Association Inc. (The) "A" 691 15,485 Cablevision Systems Corporation-Rainbow Media Group/(1)/ 601 14,833 Packaging Corp. of America/(1)/ 734 14,526 Trigon Healthcare Inc./(1)/ 184 13,583 Blockbuster Inc. 574 13,472 Plug Power Inc./(1)/ 1,282 13,294 Nextel Partners Inc. "A"/(1)/ 2,089 12,576 Pall Corp. 554 11,351 U.S. Airways Group Inc./(1)/ 1,758 11,339 Catellus Development Corp./(1)/ 508 9,992 Foot Locker Inc./(1)/ 600 9,708 Global Power Equipment Group Inc./(1)/ 767 9,564 Winn-Dixie Stores Inc. 573 9,191 Constellation Brands Inc./(1)/ 159 8,739 AVX Corp. 416 8,711 Big Lots Inc. 599 8,416 Ingram Micro Inc. "A"/(1)/ 507 8,391 Instinet Group Inc./(1)/ 1,176 7,656 Gateway Inc./(1)/ 1,154 7,293 Black Hills Corp. 207 6,930 Harte-Hanks Inc. 208 6,581 Mediacom Communications Corp./(1)/ 413 5,786 Inrange Technologies Corp./(1)/ 503 4,064 Valhi Inc. 68 765 - ------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $81,295,719) 80,793,589 - ------------------------------------------------------------------- SHORT TERM INSTRUMENTS - 6.17% - ------------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 2,894,681 2,894,681 Dreyfus Money Market Fund 888,360 888,360 Goldman Sachs Financial Square Prime Obligation Fund 276,984 276,984 Providian Temp Cash Money Market Fund 923,895 923,895 - ------------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $4,983,920) 4,983,920 - ------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 106.10% (Cost $86,279,639) 85,777,509 - ------------------------------------------------------------------- Other Assets, Less Liabilities - (6.10%) (4,930,933) - ------------------------------------------------------------------- NET ASSETS - 100.00% $80,846,576 =================================================================== /(1)/ Non-income earning securities. See notes to financial statements. Schedules of Investments 181 iShares Russell Midcap Value Index Fund Schedule of Investments March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS - 99.77% - ----------------------------------------------------------------- Raytheon Co. 12,192 $ 500,482 Albertson's Inc. 13,116 434,664 ConAgra Foods Inc. 17,355 420,859 Masco Corp. 14,820 406,809 Equity Office Properties Trust 13,377 401,176 Avon Products Inc. 7,231 392,788 Air Products & Chemicals Inc. 7,319 378,026 Northrop Grumman Corp. 3,234 365,604 KeyCorp 13,660 364,039 Comerica Inc. 5,757 360,215 Progress Energy Inc. 7,074 353,983 Occidental Petroleum Corp. 12,063 351,636 Deere & Co. 7,668 349,277 May Department Stores Co. (The) 9,778 340,763 FPL Group Inc. 5,684 338,482 Progressive Corp. (The) 2,027 337,739 FirstEnergy Corp. 9,474 327,611 Becton Dickinson & Co. 8,343 314,698 Praxair Inc. 5,183 309,943 Lincoln National Corp. 6,108 309,859 St. Paul Companies Inc. 6,683 306,416 Unocal Corp. 7,866 306,381 Public Service Enterprise Group Inc. 6,686 306,219 Xcel Energy Inc. 12,066 305,873 McKesson Corp. 8,034 300,713 Pitney Bowes Inc. 7,023 300,584 Norfolk Southern Corp. 12,483 298,843 PPG Industries Inc. 5,431 298,216 PG&E Corp./(1)/ 12,517 294,901 SouthTrust Corp. 11,075 292,380 Mattel Inc. 13,910 289,884 Delphi Automotive Systems Corp. 18,087 289,211 Marathon Oil Corp. 9,996 287,885 Consolidated Edison Inc. 6,840 286,664 TRICON Global Restaurants Inc./(1)/ 4,696 276,031 Apple Computer Inc./(1)/ 11,405 269,956 Entergy Corp. 6,211 269,620 Computer Sciences Corp./(1)/ 5,226 265,219 AON Corp. 7,575 265,125 MBIA Inc. 4,797 262,348 CSX Corp. 6,868 261,739 Newell Rubbermaid Inc. 8,186 261,625 Golden West Financial Corp. 4,095 260,032 Archer-Daniels-Midland Co. 18,587 258,917 AmSouth Bancorp 11,775 258,814 Regions Financial Corp. 7,388 253,778 Equity Residential Properties Trust 8,747 251,389 Johnson Controls Inc. 2,836 250,447 Xerox Corp./(1)/ 23,266 250,110 Dover Corp. 6,035 247,435 Federated Department Stores Inc./(1)/ 6,004 245,263 Jefferson-Pilot Corp. 4,865 243,639 Clorox Co. 5,497 239,834 Starwood Hotels & Resorts Worldwide Inc. 6,374 239,726 DTE Energy Co. 5,241 238,465 Fortune Brands Inc. 4,806 237,272 WellPoint Health Networks Inc./(1)/ 3,674 233,924 New York Times Co. "A" 4,875 233,318 Marriott International Inc. "A" 5,149 231,448 Franklin Resources Inc. 5,508 230,895 Charter One Financial Inc. 7,252 226,407 Georgia-Pacific Corp. 7,411 221,959 Marshall & Ilsley Corp. 3,449 214,666 MeadWestvaco Corp. 6,425 212,989 M&T Bank Corp. 2,650 212,981 Boston Scientific Corp./(1)/ 8,485 212,889 Rohm & Haas Co. "A" 5,014 211,942 Union Planters Corp. 4,420 209,464 MGIC Investment Corp. 3,029 207,274 Genuine Parts Co. 5,579 205,140 R.J. Reynolds Tobacco Holdings Inc. 3,080 199,430 Limited Inc. (The) 11,113 198,923 Textron Inc. 3,864 197,450 Office Depot Inc./(1)/ 9,918 196,872 UNUMProvident Corp. 6,939 193,806 Cincinnati Financial Corp. 4,397 191,973 Ameren Corp. 4,455 190,451 Parker Hannifin Corp. 3,770 188,123 Kerr-McGee Corp. 2,977 187,104 PPL Corp. 4,721 186,999 North Fork Bancorp Inc. 5,228 185,908 Apache Corp. 3,249 184,803 Cinergy Corp. 5,139 183,719 National Commerce Financial Corp. 6,589 183,174 HEALTHSOUTH Corp./(1)/ 12,689 182,087 Penney (J.C.) Co. Inc. (The) 8,735 180,902 Countrywide Credit Industries Inc. 3,976 177,926 Aetna Inc. 4,565 177,213 Edison International/(1)/ 10,540 176,545 Amerada Hess Corp. 2,222 176,338 182 2002 iShares Annual Report to Shareholders iShares Russell Midcap Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Zions Bancorporation 2,973 $ 176,210 TRW Inc. 3,381 174,020 Ambac Financial Group Inc. 2,936 173,430 Hershey Foods Corp. 2,506 171,761 Valero Energy Corp. 3,419 169,309 Sempra Energy 6,692 168,304 Stilwell Financial Inc. 6,851 167,781 Allegheny Energy Inc. 4,046 167,302 KeySpan Corp. 4,515 164,301 Torchmark Corp. 4,066 163,819 Constellation Energy Group Inc. 5,302 163,567 Bear Stearns Companies Inc. (The) 2,606 163,526 Nucor Corp. 2,523 162,078 Huntington Bancshares Inc. 8,111 159,787 ITT Industries Inc. 2,523 159,050 Devon Energy Corp. 3,259 157,312 Leggett & Platt Inc. 6,334 157,083 Burlington Resources Inc. 3,917 157,033 Kellogg Co. 4,631 155,463 Wrigley (William Jr.) Co. 2,913 155,292 CenturyTel Inc. 4,566 155,244 NiSource Inc. 6,693 153,604 Hilton Hotels Corp. 10,709 153,139 PACCAR Inc. 2,057 150,593 Harrah's Entertainment Inc./(1)/ 3,353 148,404 Block (H & R) Inc. 3,316 147,396 Newmont Mining Corp. 5,217 144,459 First Tennessee National Corp. 4,104 143,845 Whirlpool Corp. 1,822 137,652 Darden Restaurants Inc. 3,356 136,220 Nike Inc. "B" 2,265 135,923 Simon Property Group Inc. 4,131 134,795 Grainger (W.W.) Inc. 2,396 134,727 SPX Corp./(1)/ 948 134,218 ServiceMaster Co. (The) 9,707 133,471 T. Rowe Price Group Inc. 3,408 132,673 Delta Air Lines Inc. 3,994 130,684 TCF Financial Corp. 2,483 130,631 Engelhard Corp. 4,203 130,419 Vulcan Materials Co. 2,726 129,594 Banknorth Group Inc. 4,902 129,168 Radian Group Inc. 2,627 128,933 Popular Inc. 4,411 128,889 TECO Energy Inc. 4,500 128,835 Compass Bancshares Inc. 4,173 128,821 National Semiconductor Corp./(1)/ 3,768 126,944 AMR Corp./(1)/ 4,780 126,240 SAFECO Corp. 3,938 126,174 Unisys Corp./(1)/ 9,927 125,378 Pinnacle West Capital Corp. 2,746 124,531 Old Republic International Corp. 3,857 123,308 Eastman Chemical Co. 2,505 122,219 VF Corp. 2,804 121,273 LSI Logic Corp./(1)/ 7,122 121,074 Stanley Works (The) 2,615 120,944 GreenPoint Financial Corp. 2,759 120,568 Goodyear Tire & Rubber Co. (The) 4,687 119,847 Sherwin-Williams Co. (The) 4,208 119,844 Thermo Electron Corp./(1)/ 5,737 118,928 Cooper Industries Inc. 2,824 118,467 Aquila Inc. 4,640 115,258 NCR Corp./(1)/ 2,574 115,187 UST Inc. 2,954 114,999 Circuit City Stores Inc. - Circuit City Group 6,353 114,608 Toys R Us Inc./(1)/ 6,371 114,423 Edwards (A.G.) Inc. 2,585 113,688 AutoNation Inc./(1)/ 8,097 112,710 Sovereign Bancorp Inc. 8,008 112,512 Molex Inc. 3,213 111,395 Sigma-Aldrich Corp. 2,370 111,295 American Water Works Co. Inc. 2,537 111,121 Legg Mason Inc. 2,082 110,513 Duke Realty Corp. 4,229 109,954 PMI Group Inc. (The) 1,441 109,170 Plum Creek Timber Co. Inc. 3,666 108,917 Public Storage Inc. 2,939 108,772 Knight Ridder Inc. 1,575 108,187 Phelps Dodge Corp. 2,557 107,650 Eaton Corp. 1,324 107,218 Avery Dennison Corp. 1,746 106,558 Fluor Corp. 2,602 106,136 Archstone-Smith Trust 3,943 105,633 Donnelley (R.R.) & Sons Co. 3,391 105,460 Vornado Realty Trust 2,376 104,924 DPL Inc. 4,098 104,704 SUPERVALU Inc. 4,046 104,387 Avnet Inc. 3,839 103,883 Apartment Investment & Management Co. "A" 2,146 103,802 Schedules of Investments 183 iShares Russell Midcap Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Rockwell Collins Inc. 4,097 $ 103,326 SCANA Corp. 3,371 103,153 Dana Corp. 4,801 103,077 Pactiv Corp./(1)/ 5,145 103,003 Centex Corp. 1,977 102,666 Ashland Inc. 2,250 102,397 Rockwell International Corp. 5,092 102,146 AutoZone Inc./(1)/ 1,483 102,105 Republic Services Inc. "A"/(1)/ 5,462 102,030 AvalonBay Communities Inc. 2,017 100,447 Cablevision Systems Corp./(1)/ 2,949 100,266 Deluxe Corp. 2,147 99,320 Mercantile Bankshares Corp. 2,271 98,243 Hibernia Corp. "A" 5,138 98,136 D&B/(1)/ 2,451 98,065 CMS Energy Corp. 4,293 97,151 Coca-Cola Enterprises Inc. 5,165 96,999 Ross Stores Inc. 2,559 96,807 Liz Claiborne Inc. 3,408 96,651 Goodrich Co. 3,046 96,375 Diebold Inc. 2,365 96,350 Sunoco Inc. 2,408 96,344 Kinder Morgan Inc. 1,988 96,279 Manpower Inc. 2,472 96,111 Wendy's International Inc. 2,734 95,635 Smurfit-Stone Container Corp./(1)/ 5,560 95,298 Prologis Trust 4,059 94,778 Commerce Bancshares Inc. 2,122 93,835 Lear Corp./(1)/ 1,952 92,915 Black & Decker Corp. 1,991 92,661 Park Place Entertainment Corp./(1)/ 8,773 92,555 Northeast Utilities 4,606 91,521 Boston Properties Inc. 2,318 91,445 Ceridian Corp./(1)/ 4,138 91,243 Bard (C.R.) Inc. 1,544 91,173 Health Management Associates Inc. "A"/(1)/ 4,369 90,569 Arrow Electronics Inc./(1)/ 3,213 89,868 Tyson Foods Inc. "A" 7,199 89,844 Hillenbrand Industries Inc. 1,457 89,795 International Flavors & Fragrances Inc. 2,565 89,698 Kimco Realty Corp. 2,717 88,846 Lennar Corp. 1,681 88,690 Wisconsin Energy Corp. 3,562 88,623 Host Marriott Corp. 7,414 88,597 Sonoco Products Co. 3,096 88,577 Smithfield Foods Inc./(1)/ 3,371 87,983 Bemis Co. 1,612 87,612 D.R. Horton Inc. 2,317 87,351 General Growth Properties Inc. 1,976 87,339 Valley National Bancorp 2,483 87,203 Brown-Forman Corp. "B" 1,197 87,094 Navistar International Corp. 1,950 86,385 Temple-Inland Inc. 1,511 85,704 Westwood One Inc./(1)/ 2,224 85,290 iStar Financial Inc. 2,912 84,157 First Virginia Banks Inc. 1,557 83,502 Nordstrom Inc. 3,408 83,496 Bowater Inc. 1,663 82,817 AmerisourceBergen Corp. 1,210 82,643 Energy East Corp. 3,780 82,215 Brinker International Inc./(1)/ 2,536 82,192 Astoria Financial Corp. 2,810 81,630 Associated Banc-Corp 2,123 80,738 Health Net Inc./(1)/ 2,942 80,728 Trigon Healthcare Inc./(1)/ 1,088 80,316 McCormick & Co. Inc. 1,562 79,865 ALLETE Inc. 2,728 79,358 Vishay Intertechnology Inc./(1)/ 3,897 79,265 American Power Conversion Corp./(1)/ 5,287 78,142 Alliant Energy Corp. 2,583 78,058 Mohawk Industries Inc./(1)/ 1,299 78,057 NSTAR 1,717 77,849 Brunswick Corp. 2,848 77,807 Lamar Advertising Co./(1)/ 1,912 77,665 Bausch & Lomb Inc. 1,742 77,641 Allmerica Financial Corp. 1,714 76,959 Manor Care Inc./(1)/ 3,302 76,937 Liberty Property Trust 2,383 76,852 Autoliv Inc. 3,159 76,574 Potomac Electric Power Co. 3,259 76,098 Valspar Corp. (The) 1,612 75,861 UnionBanCal Corp. 1,706 75,098 Cabot Corp. 2,016 74,290 Humana Inc./(1)/ 5,477 74,104 ADC Telecommunications Inc./(1)/ 18,042 73,431 Fidelity National Financial Inc. 2,783 73,388 Hasbro Inc. 4,611 72,946 Scripps (E.W.) Co. 885 72,676 FirstMerit Corp. 2,522 72,608 184 2002 iShares Annual Report to Shareholders iShares Russell Midcap Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Pulte Homes Inc. 1,509 $ 72,206 Equitable Resources Inc. 2,070 72,057 Noble Affiliates Inc. 1,835 71,675 Autodesk Inc. 1,535 71,669 Conectiv 2,876 71,584 Mylan Laboratories Inc. 2,422 71,352 Staples Inc./(1)/ 3,564 71,173 Outback Steakhouse Inc./(1)/ 1,980 70,825 Pall Corp. 3,455 70,793 Energizer Holdings Inc./(1)/ 2,973 70,609 Golden State Bancorp Inc. 2,375 70,514 MGM Mirage/(1)/ 1,938 70,214 Washington Post Company (The) "B" 115 69,808 Hospitality Properties Trust 2,028 69,621 Foot Locker Inc./(1)/ 4,300 69,574 MDU Resources Group Inc. 2,238 69,378 Health Care Property Investors Inc. 1,707 69,219 Compuware Corp./(1)/ 5,295 68,358 Pioneer Natural Resources Co./(1)/ 3,066 68,341 Visteon Corp. 4,127 68,302 Atmel Corp./(1)/ 6,698 67,918 Valassis Communications Inc./(1)/ 1,742 67,293 Fulton Financial Corp. 2,680 67,107 Tektronix Inc./(1)/ 2,812 66,532 Martin Marietta Materials Inc. 1,573 66,412 Nicor Inc. 1,458 66,412 Intuit Inc./(1)/ 1,730 66,363 Readers Digest Association Inc. (The) "A" 2,953 66,177 Hormel Foods Corp. 2,418 66,132 Crescent Real Estate Equities Co. 3,408 66,115 Telephone & Data Systems Inc. 744 65,658 City National Corp. 1,248 65,657 Alberto-Culver Co. "B" 1,209 65,286 Helmerich & Payne Inc. 1,613 64,665 OM Group Inc. 894 64,636 Viad Corp. 2,303 64,484 Commerce Bancorp Inc. 1,430 64,207 Pentair Inc. 1,421 63,902 Snap-On Inc. 1,876 63,878 Harris Corp. 1,777 63,812 Protective Life Corp. 2,041 63,638 Questar Corp. 2,461 63,272 National Fuel Gas Co. 2,591 63,091 Wilmington Trust Corp. 935 62,935 Borders Group Inc./(1)/ 2,627 62,812 Tech Data Corp./(1)/ 1,368 62,778 Pacific Century Financial Corp. 2,382 62,075 AMB Property Corp. 2,237 61,517 Security Capital Group Inc. "B"/(1)/ 2,407 61,306 New Plan Excel Realty Trust 3,039 60,932 Unitrin Inc. 1,511 60,742 OGE Energy Corp. 2,513 60,237 Omnicare Inc. 2,318 60,013 Triad Hospitals Inc./(1)/ 1,745 59,993 Webster Financial Corp. 1,602 59,963 Precision Castparts Corp. 1,691 59,878 Teleflex Inc. 1,095 59,864 Cullen/Frost Bankers Inc. 1,667 59,795 Lyondell Chemical Co. 3,562 59,165 Sky Financial Group Inc. 2,641 58,789 Puget Energy Inc. 2,825 58,732 Belo Corp. 2,525 58,706 Roslyn Bancorp Inc. 2,836 58,705 Constellation Brands Inc./(1)/ 1,067 58,642 CarrAmerica Realty Corp. 1,863 58,517 Continental Airlines Inc. "B"/(1)/ 2,057 58,254 Rouse Co. (The) 1,875 58,088 Lubrizol Corp. 1,664 57,891 Catellus Development Corp./(1)/ 2,938 57,790 Boise Cascade Corp. 1,588 57,549 Mandalay Resort Group/(1)/ 1,874 57,532 USA Networks Inc./(1)/ 1,797 57,091 Vectren Corp. 2,201 56,544 Conexant Systems Inc./(1)/ 4,632 55,816 Apogent Technologies Inc./(1)/ 2,252 55,579 Synovus Financial Corp. 1,823 55,565 Transatlantic Holdings Inc. 673 55,267 BMC Software Inc./(1)/ 2,817 54,791 MONY Group Inc. (The) 1,349 54,392 KEMET Corp./(1)/ 2,792 54,081 HON Industries Inc. 1,901 54,007 Arden Realty Inc. 1,875 53,250 Clayton Homes Inc. 3,174 53,164 Meredith Corp. 1,250 53,138 Saks Inc./(1)/ 4,026 52,942 United States Steel Corp. 2,890 52,454 CNF Inc. 1,588 52,388 Cummins Inc. 1,108 52,331 Markel Corp./(1)/ 256 52,099 Schedules of Investments 185 iShares Russell Midcap Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (continued) - ----------------------------------------------------------------- Allied Capital Corp. 1,890 $ 51,975 Reynolds & Reynolds Co. (The) "A" 1,730 51,900 Hubbell Inc. "B" 1,575 51,817 E*TRADE Group Inc./(1)/ 5,429 51,141 Broadwing Inc./(1)/ 7,314 51,125 Six Flags Inc./(1)/ 2,825 50,455 Service Corp. International/(1)/ 9,462 50,149 Great Plains Energy Inc. 2,004 50,000 Citizens Communications Co./(1)/ 4,637 49,848 Hercules Inc./(1)/ 3,742 49,806 Polo Ralph Lauren Corp./(1)/ 1,703 49,694 IDACORP Inc. 1,224 49,572 Washington Federal Inc. 2,063 49,388 Big Lots Inc. 3,473 48,796 Old National Bancorp 1,992 48,764 Coors (Adolf) Company "B" 717 48,376 Mack-Cali Realty Corp. 1,394 48,344 Entercom Communications Corp./(1)/ 871 47,792 Advanced Micro Devices Inc./(1)/ 3,206 47,160 Weatherford International Inc./(1)/ 976 46,487 Crane Co. 1,690 46,205 Dow Jones & Co. Inc. 793 46,168 Applera Corp. - Celera Genomics Group/(1)/ 2,233 45,888 Network Associates Inc./(1)/ 1,882 45,544 Ocean Energy Inc. 2,289 45,299 HCC Insurance Holdings Inc. 1,613 45,083 3Com Corp./(1)/ 7,371 45,037 Payless ShoeSource Inc./(1)/ 727 44,383 Reebok International Ltd./(1)/ 1,642 44,383 AK Steel Holding Corp. 3,103 44,373 McClatchy Co. (The) "A" 743 44,112 Radio One Inc. "D"/(1)/ 2,138 44,043 Lafarge North America Inc. 1,014 43,845 Interpublic Group of Companies Inc. 1,261 43,227 Henry Schein Inc./(1)/ 975 42,949 Storage Technology Corp./(1)/ 2,002 42,923 Massey Energy Co. 2,534 42,825 GATX Corp. 1,343 42,707 Jacobs Engineering Group Inc./(1)/ 598 42,631 Acxiom Corp./(1)/ 2,457 42,113 Leucadia National Corp. 1,171 41,863 Charter Communications Inc./(1)/ 3,652 41,231 Barnes & Noble Inc./(1)/ 1,329 41,186 Quantum Corp./(1)/ 5,162 41,090 Adelphia Communications Corp. "A"/(1)/ 2,752 41,005 Winn-Dixie Stores Inc. 2,540 40,742 ICN Pharmaceuticals Inc. 1,275 40,481 Hispanic Broadcasting Corp./(1)/ 1,378 40,127 Allegheny Technologies Inc. 2,420 40,027 Neiman-Marcus Group Inc. "A"/(1)/ 1,160 39,962 American Financial Group Inc. 1,382 39,691 Harte-Hanks Inc. 1,252 39,613 PepsiAmericas Inc. 2,733 39,410 Monsanto Co. 1,238 39,108 Grant Prideco Inc./(1)/ 2,857 39,084 Western Resources Inc. 2,265 38,845 Mercury General Corp. 834 38,781 Great Lakes Chemical Corp. 1,373 38,677 Tidewater Inc. 912 38,623 Ethan Allen Interiors Inc. 1,002 38,136 Sanmina-SCI Corp./(1)/ 3,233 37,988 EOG Resources Inc. 935 37,924 Conseco Inc./(1)/ 10,355 37,485 Maytag Corp. 834 36,905 Pogo Producing Co. 1,145 36,297 Trustmark Corp. 1,429 36,097 Jones Apparel Group Inc./(1)/ 1,014 35,439 Gateway Inc./(1)/ 5,562 35,152 Steelcase Inc. 2,079 34,823 Extended Stay America Inc./(1)/ 1,979 34,435 UTStarcom Inc./(1)/ 1,310 34,361 Hudson City Bancorp Inc. 1,043 33,856 Reliant Resources Inc./(1)/ 1,981 33,499 Ingram Micro Inc. "A"/(1)/ 2,023 33,481 Danaher Corp. 469 33,308 Callaway Golf Co. 1,725 33,206 Allied Waste Industries Inc./(1)/ 2,550 33,150 Quintiles Transnational Corp./(1)/ 1,849 32,820 AVX Corp. 1,560 32,666 Maxtor Corp./(1)/ 4,637 32,227 Cablevision Systems Corporation-Rainbow Media Group/(1)/ 1,300 32,084 Cypress Semiconductor Corp./(1)/ 1,394 32,062 Neuberger Berman Inc. 677 31,717 FMC Corp./(1)/ 753 31,566 Pride International Inc./(1)/ 1,981 31,498 American National Insurance Co. 326 30,807 UAL Corp. 1,877 30,670 International Speedway Corp. "A" 663 30,299 United Rentals Inc./(1)/ 1,057 29,046 186 2002 iShares Annual Report to Shareholders iShares Russell Midcap Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ----------------------------------------------------------------- COMMON STOCKS (Continued) - ----------------------------------------------------------------- WebMD Corp./(1)/ 3,778 $ 29,015 Packaging Corp. of America/(1)/ 1,460 28,893 ENSCO International Inc. 950 28,633 CNA Financial Corp./(1)/ 953 28,304 Provident Financial Group Inc. 977 28,138 Alleghany Corp./(1)/ 149 27,922 Universal Health Services Inc. "B"/(1)/ 676 27,885 Moody's Corp. 663 27,249 DENTSPLY International Inc. 730 27,054 St. Joe Co. (The) 901 27,030 KPMG Consulting Inc./(1)/ 1,330 26,866 Black Hills Corp. 796 26,650 Palm Inc./(1)/ 6,582 26,262 Advanced Fibre Communications Inc./(1)/ 1,368 26,252 Insight Communications Co. Inc./(1)/ 1,250 26,187 Erie Indemnity Co. "A" 636 25,872 Emmis Communications Corp./(1)/ 964 25,777 Noble Drilling Corp./(1)/ 611 25,289 Nationwide Financial Services Inc. 582 24,910 Crown Castle International Corp./(1)/ 3,552 23,479 Amkor Technology Inc./(1)/ 1,049 23,403 Beckman Coulter Inc. 454 23,186 Level 3 Communications Inc./(1)/ 6,033 21,477 Iron Mountain Inc./(1)/ 675 21,411 SanDisk Corp./(1)/ 966 20,962 DaVita Inc./(1)/ 821 20,771 Diamond Offshore Drilling Inc. 664 20,757 Openwave Systems Inc./(1)/ 3,259 20,727 People's Bank 820 20,213 Enterasys Networks Inc./(1)/ 4,719 19,961 Ariba Inc./(1)/ 4,376 19,823 Global Industries Ltd./(1)/ 2,077 19,378 Blockbuster Inc. 808 18,964 21st Century Insurance Group 1,044 18,886 Rite Aid Corp./(1)/ 5,435 18,805 Reinsurance Group of America Inc. 573 17,941 St. Jude Medical Inc./(1)/ 232 17,899 Estee Lauder Companies Inc. "A" 506 17,285 John Nuveen Co. "A" 310 17,097 American Tower Corp./(1)/ 3,155 17,069 Hollinger International Inc. 1,239 16,243 Ticketmaster "B"/(1)/ 548 16,210 Murphy Oil Corp. 167 16,032 PanAmSat Corp./(1)/ 691 15,789 Pepsi Bottling Group Inc. 610 15,781 Northwest Airlines Corp. "A"/(1)/ 820 15,637 Ecolab Inc. 340 15,545 Medicis Pharmaceutical Corp. "A"/(1)/ 275 15,263 Arch Coal Inc. 702 15,009 U.S. Airways Group Inc./(1)/ 2,266 14,616 United States Cellular Corp./(1)/ 351 14,391 CNET Networks Inc./(1)/ 2,611 14,308 EarthLink Inc./(1)/ 1,391 14,119 Rowan Companies Inc./(1)/ 589 13,571 CMGI Inc./(1)/ 9,985 13,480 Agere Systems Inc./(1)/ 3,434 13,358 Varco International Inc./(1)/ 630 12,663 Mediacom Communications Corp./(1)/ 885 12,399 Imagistics International Inc./(1)/ 755 12,004 Forest Oil Corp./(1)/ 404 11,966 Viasys Healthcare Inc./(1)/ 512 11,515 Hearst-Argyle Television Inc./(1)/ 462 11,425 Entravision Communications Corp./(1)/ 757 11,204 Weis Markets Inc. 367 11,138 International Game Technology/(1)/ 172 10,719 Wesco Financial Corp. 32 10,003 Quanta Services Inc./(1)/ 577 9,976 Sybase Inc./(1)/ 566 9,888 Sycamore Networks Inc./(1)/ 2,491 9,839 Metro-Goldwyn-Mayer Inc./(1)/ 581 9,656 ONI Systems Inc./(1)/ 1,538 9,489 American Standard Companies Inc./(1)/ 131 9,268 Knight Trading Group Inc./(1)/ 1,292 9,225 Cephalon Inc./(1)/ 146 9,198 SkyWest Inc. 366 9,124 Polycom Inc./(1)/ 340 8,364 WorldCom Inc. - MCI Group 1,396 8,250 Cirrus Logic Inc./(1)/ 433 8,171 Infonet Services Corp. "B" ADR/(1)/ 3,569 7,887 Tootsie Roll Industries Inc. 171 7,886 Global Power Equipment Group Inc./(1)/ 630 7,856 Sealed Air Corp./(1)/ 157 7,392 Certegy Inc./(1)/ 182 7,225 FMC Technologies Inc./(1)/ 360 7,175 DST Systems Inc./(1)/ 141 7,022 Capstone Turbine Corp./(1)/ 2,092 6,820 Vitesse Semiconductor Corp./(1)/ 681 6,674 Peabody Energy Corp. 224 6,485 Nextel Partners Inc. "A"/(1)/ 1,023 6,158 Integrated Device Technology Inc./(1)/ 185 6,149 Schedules of Investments 187 iShares Russell Midcap Value Index Fund Schedule of Investments (continued) March 31, 2002 Security Shares Value - ------------------------------------------------------------------- COMMON STOCKS (Continued) - ------------------------------------------------------------------- Cerner Corp./(1)/ 105 $ 5,010 Newfield Exploration Co./(1)/ 132 4,883 NRG Energy Inc./(1)/ 398 4,800 Instinet Group Inc./(1)/ 685 4,459 TIBCO Software Inc./(1)/ 375 4,410 Mykrolis Corp./(1)/ 288 4,404 Acterna Corp./(1)/ 2,839 4,258 Tellium Inc./(1)/ 1,500 3,465 DoubleClick Inc./(1)/ 262 3,141 Valhi Inc. 225 2,531 Talbots Inc. (The) 66 2,336 McLeodUSA Inc. "A"/(1)/ 12,263 2,207 Inrange Technologies Corp./(1)/ 231 1,866 - ------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $50,731,884) 54,121,666 - ------------------------------------------------------------------- SHORT TERM INSTRUMENTS - 3.30% - ------------------------------------------------------------------- Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 1,052,901 1,052,901 Dreyfus Money Market Fund 312,715 312,715 Goldman Sachs Financial Square Prime Obligation Fund 97,502 97,502 Providian Temp Cash Money Market Fund 325,223 325,223 - ------------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $1,788,341) 1,788,341 - ------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 103.07% (Cost $52,520,225) 55,910,007 - ------------------------------------------------------------------- Other Assets, Less Liabilities - (3.07%) (1,667,153) - ------------------------------------------------------------------- NET ASSETS - 100.00% $54,242,854 =================================================================== /(1)/ Non-income earning securities. See notes to financial statements. 188 2002 iSHARES ANNUAL REPORT TO SHAREHOLDERS iShares Trust Statements of Assets and Liabilities March 31, 2002
iShares Russell -------------------------------------------------------- 3000 3000 GROWTH 3000 VALUE 2000 Index Fund Index Fund Index Fund Index Fund - -------------------------------------------------------------------------------------------------- ASSETS Investments at cost $1,485,469,597 $34,672,759 $63,096,684 $2,641,660,615 -------------------------------------------------------- Investments in securities, at value (including securities on loan/(1)/) (Note 1) $1,406,781,856 $28,593,352 $68,084,983 $2,678,758,693 Receivables: Investment securities sold 774,705 30,332 124,599 3,684,301 Dividends and interest 1,537,231 33,639 93,339 2,897,264 -------------------------------------------------------- Total Assets 1,409,093,792 28,657,323 68,302,921 2,685,340,258 -------------------------------------------------------- LIABILITIES Payables: Investment securities purchased 786,668 29,692 138,084 3,478,174 Collateral for securities on loan (Note 5) 46,945,280 805,990 1,426,806 242,228,955 Advisory fees (Note 2) 425,236 15,830 26,097 733,355 -------------------------------------------------------- Total Liabilities 48,157,184 851,512 1,590,987 246,440,484 -------------------------------------------------------- NET ASSETS $1,360,936,608 $27,805,811 $66,711,934 $2,438,899,774 ======================================================== Net Assets Consist of: Paid-in capital $1,473,863,203 $38,632,122 $62,788,310 $2,465,717,950 Undistributed net investment income 800,060 5,775 59,622 3,184,433 Undistributed net realized loss (35,038,914) (4,752,679) (1,124,297) (67,100,687) Net unrealized appreciation (depreciation) (78,687,741) (6,079,407) 4,988,299 37,098,078 -------------------------------------------------------- NET ASSETS $1,360,936,608 $27,805,811 $66,711,934 $2,438,899,774 ======================================================== iShares outstanding 21,300,000 700,000 900,000 24,200,000 ======================================================== Net asset value per iShare $ 63.89 $ 39.72 $ 74.12 $ 100.78 ========================================================
- -------------------------------------------------------------------------------- /(1)/ Securities on loan with market values of $44,692,541, $768,119, $1,344,716 and $229,709,798, respectively. See Note 5. See notes to financial statements. Financial Statements 189 iShares Trust Statements of Assets and Liabilities (continued) March 31, 2002
iShares Russell ------------------------------------------------------ 2000 Growth 2000 Value 1000 1000 Growth Index Fund Index Fund Index Fund Index Fund - ----------------------------------------------------------------------------------------------------------- ASSETS Investments at cost $497,141,094 $806,253,266 $472,208,766 $548,190,504 ------------------------------------------------------ Investments in securities, at value (including securities on loan/(1)/) (Note 1) $487,295,914 $898,661,961 $429,339,389 $497,930,432 Receivables: Investment securities sold 836,570 2,304,017 562,391 521,935 Dividends and interest 183,327 1,465,937 492,552 445,260 ------------------------------------------------------ Total Assets 488,315,811 902,431,915 430,394,332 498,897,627 ------------------------------------------------------ LIABILITIES Payables: Investment securities purchased 850,444 2,147,664 566,745 500,903 Collateral for securities on loan (Note 5) 50,889,039 62,038,153 10,153,420 14,772,710 Advisory fees (Note 2) 164,755 278,368 103,034 159,170 ------------------------------------------------------ Total Liabilities 51,904,238 64,464,185 10,823,199 15,432,783 ------------------------------------------------------ NET ASSETS $436,411,573 $837,967,730 $419,571,133 $483,464,844 ====================================================== Net Assets Consist of: Paid-in capital $480,218,254 $755,721,839 $478,526,640 $580,900,768 Undistributed net investment income 108,563 1,779,180 238,683 124,675 Undistributed net realized loss (34,070,064) (11,941,984) (16,324,813) (47,300,527) Net unrealized appreciation (depreciation) (9,845,180) 92,408,695 (42,869,377) (50,260,072) ------------------------------------------------------ NET ASSETS $436,411,573 $837,967,730 $419,571,133 $483,464,844 ====================================================== iShares outstanding 7,700,000 5,950,000 6,900,000 9,750,000 ====================================================== Net asset value per iShare $ 56.68 $ 140.83 $ 60.81 $ 49.59 ======================================================
- -------------------------------------------------------------------------------- /(1)/ Securities on loan with market values of $48,472,703, $59,579,103, $9,629,650 and $14,083,882, respectively. See Note 5. See notes to financial statements. 190 2002 iShares Annual Report to Shareholders iShares Trust Statements of Assets and Liabilities (continued) March 31, 2002
iShares Russell ------------------------------------------------------ 1000 Value Midcap Midcap Growth Midcap Value Index Fund Index Fund Index Fund Index Fund - ------------------------------------------------------------------------------------------------ ASSETS Investments at cost $708,891,384 $49,900,155 $86,279,639 $52,520,225 ------------------------------------------------------ Investments in securities, at value (including securities on loan/(1)/) (Note 1) $703,651,394 $51,227,293 $85,777,509 $55,910,007 Receivables: Investment securities sold 1,272,094 56,377 140,262 98,544 Dividends and interest 901,379 54,643 16,174 85,421 ------------------------------------------------------ Total Assets 705,824,867 51,338,313 85,933,945 56,093,972 ------------------------------------------------------ LIABILITIES Payables: Investment securities purchased 1,363,153 56,782 140,823 98,400 Collateral for securities on loan (Note 5) 12,869,627 2,530,455 4,931,991 1,736,127 Advisory fees (Note 2) 202,938 10,096 14,555 16,591 ------------------------------------------------------ Total Liabilities 14,435,718 2,597,333 5,087,369 1,851,118 ------------------------------------------------------ NET ASSETS $691,389,149 $48,740,980 $80,846,576 $54,242,854 ====================================================== Net Assets Consist of: Paid-in capital $708,582,884 $47,601,969 $81,578,815 $51,012,637 Undistributed net investment income 531,962 40,104 4,922 62,019 Undistributed net realized loss (12,485,707) (228,231) (235,031) (221,584) Net unrealized appreciation (depreciation) (5,239,990) 1,327,138 (502,130) 3,389,782 ------------------------------------------------------ NET ASSETS $691,389,149 $48,740,980 $80,846,576 $54,242,854 ====================================================== iShares outstanding 12,000,000 800,000 1,150,000 650,000 ====================================================== Net asset value per iShare $ 57.62 $ 60.93 $ 70.30 $ 83.45 ======================================================
- -------------------------------------------------------------------------------- /(1)/ Securities on loan with market values of $12,109,281, $2,425,632, $4,727,729 and $1,666,730, respectively. See Note 5. See notes to financial statements. Financial Statements 191 iShares Trust Statements of Operations Year Ended March 31, 2002
iShares Russell ---------------------------------------------------- 3000 3000 Growth 3000 Value 2000 Index Fund Index Fund Index Fund Index Fund - ---------------------------------------------------------------------------------------------- NET INVESTMENT INCOME Dividends/(1)/ $ 13,131,500 $ 211,165 $ 978,447 $ 22,223,335 Interest 24,370 503 1,263 50,351 Securities lending income 115,351 4,044 3,617 705,625 ---------------------------------------------------- Total investment income 13,271,221 215,712 983,327 22,979,311 ---------------------------------------------------- EXPENSES (NOTE 2) Advisory fees 1,891,266 75,137 120,817 3,173,356 ---------------------------------------------------- Total expenses 1,891,266 75,137 120,817 3,173,356 ---------------------------------------------------- Net investment income 11,379,955 140,575 862,510 19,805,955 ---------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments (38,874,684) (4,895,700) (1,026,946) (79,680,702) In-kind redemptions 89,461,450 1,967,827 183,524 133,568,350 ---------------------------------------------------- Net realized gain (loss) 50,586,766 (2,927,873) (843,422) 53,887,648 ---------------------------------------------------- Net change in unrealized appreciation (depreciation) on investments 662,437 3,033,329 4,925,088 106,656,881 ---------------------------------------------------- Net realized and unrealized gain 51,249,203 105,456 4,081,666 160,544,529 ---------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 62,629,158 $ 246,031 $ 4,944,176 $180,350,484 ====================================================
- -------------------------------------------------------------------------------- /(1)/ Net of foreign withholding tax of: $351, $ -, $64 and $847, respectively. See notes to financial statements. 192 2002 iShares Annual Report to Shareholders iShares Trust Statements of Operations (continued) Year Ended March 31, 2002
iShares Russell ------------------------------------------------------ 2000 Growth 2000 Value 1000 1000 Growth Index Fund Index Fund Index Fund Index Fund - ------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME Dividends/(1)/ $ 1,267,617 $ 11,482,737 $ 4,100,052 $ 2,865,597 Interest 6,743 20,155 6,339 6,846 Securities lending income 174,200 127,129 27,753 51,037 ------------------------------------------------------ Total investment income 1,448,560 11,630,021 4,134,144 2,923,480 ------------------------------------------------------ EXPENSES (NOTE 2) Advisory fees 769,356 1,254,820 449,693 808,826 ------------------------------------------------------ Total expenses 769,356 1,254,820 449,693 808,826 ------------------------------------------------------ Net investment income 679,204 10,375,201 3,684,451 2,114,654 ------------------------------------------------------ NET REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments (32,896,482) (13,900,715) (18,821,763) (51,049,332) In-kind redemptions 8,793,432 25,880,613 21,233,725 8,781,770 ------------------------------------------------------ Net realized gain (loss) (24,103,050) 11,979,898 2,411,962 (42,267,562) ------------------------------------------------------ Net change in unrealized appreciation (depreciation) on investments 23,140,519 82,906,789 494,427 1,378,927 ------------------------------------------------------ Net realized and unrealized gain (loss) (962,531) 94,886,687 2,906,389 (40,888,635) ------------------------------------------------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (283,327) $105,261,888 $ 6,590,840 $(38,773,981) ======================================================
- -------------------------------------------------------------------------------- /(1)/ Net of foreign withholding tax of $54, $434, $257 and $ -, respectively. See notes to financial statements. Financial Statements 193 iShares Trust Statements of Operations (continued) Year Ended March 31, 2002
iShares Russell ------------------------------------------------------------------------ 1000 Value Midcap Midcap Growth Midcap Value Index Fund Index Fund/(2)/ Index Fund/(2)/ Index Fund/(2)/ - ------------------------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME Dividends/(1)/ $ 9,298,692 $ 360,987 $ 48,619 $ 372,400 Interest 12,280 790 672 592 Securities lending income 38,504 4,269 979 959 ------------------------------------------------------------------------ Total investment income 9,349,476 366,046 50,270 373,951 ------------------------------------------------------------------------ EXPENSES (NOTE 2) Advisory fees 926,158 45,722 38,286 43,121 ------------------------------------------------------------------------ Total expenses 926,158 45,722 38,286 43,121 ------------------------------------------------------------------------ Net investment income 8,423,318 320,324 11,984 330,830 ------------------------------------------------------------------------ NET REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments (13,929,631) (308,459) (235,733) (225,321) In-kind redemptions 21,327,054 (118,792) - 5,875 ------------------------------------------------------------------------ Net realized gain (loss) 7,397,423 (427,251) (235,733) (219,446) ------------------------------------------------------------------------ Net change in unrealized appreciation (depreciation) on investments 4,575,129 1,327,138 (502,130) 3,389,782 ------------------------------------------------------------------------ Net realized and unrealized gain (loss) 11,972,552 899,887 (737,863) 3,170,336 ------------------------------------------------------------------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 20,395,870 $1,220,211 $(725,879) $3,501,166 ========================================================================
- -------------------------------------------------------------------------------- /(1)/ Net of foreign withholding tax of: $631, $94, $ -, and $95, respectively. /(2)/ For the period from July 17, 2001 (commencement of operations) to March 31, 2002. See notes to financial statements. 194 2002 iShares Annual Report to Shareholders iShares Trust Statements of Changes in Net Assets
iShares Russell 3000 iShares Russell 3000 Index Fund Growth Index Fund -------------------------------------- --------------------------------- For the period For the period For the May 22, 2000/(1)/ For the July 24, 2000/(1)/ year ended to year ended to March 31, 2002 March 31, 2001 March 31, 2002 March 31, 2001 - ------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 11,379,955 $ 1,676,254 $ 140,575 $ 25,132 Net realized gain (loss) 50,586,766 (1,098,311) (2,927,873) (134,320) Net change in unrealized appreciation (depreciation) 662,437 (79,350,178) 3,033,329 (9,112,736) ----------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 62,629,158 (78,772,235) 246,031 (9,221,924) ----------------------------------------------------------------------- Distributions to iShareholders: From net investment income (10,680,502) (1,485,754) (134,625) (24,738) From net realized gain - (62,630) - (580) ----------------------------------------------------------------------- Total distributions to iShareholders (10,680,502) (1,548,384) (134,625) (25,318) ----------------------------------------------------------------------- iShares Transactions: iShares sold 1,578,633,222 468,829,839 27,600,774 29,598,326 iShares redeemed (658,154,490) - (20,257,453) - ----------------------------------------------------------------------- Net increase in net assets from iShares transactions 920,478,732 468,829,839 7,343,321 29,598,326 ----------------------------------------------------------------------- Increase in net assets 972,427,388 388,509,220 7,454,727 20,351,084 NET ASSETS: Beginning of period 388,509,220 - 20,351,084 - ----------------------------------------------------------------------- End of period $1,360,936,608 $388,509,220 $27,805,811 $20,351,084 ======================================================================= Undistributed net investment income included in net assets at end of period $ 800,060 $ 176,041 $ 5,775 $ 389 ======================================================================= iSHARES ISSUED AND REDEEMED: iShares sold 25,500,000 6,100,000 700,000 500,000 iShares redeemed (10,300,000) - (500,000) - ----------------------------------------------------------------------- Net increase in iShares outstanding 15,200,000 6,100,000 200,000 500,000 ======================================================================= IShares Russell 3000 Value Index Fund --------------------------------- For the period For the July 24, 2000/(1)/ year ended to March 31, 2002 March 31, 2001 - --------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 862,510 $ 262,996 Net realized gain (loss) (843,422) (85,834) Net change in unrealized appreciation (depreciation) 4,925,088 63,211 --------------------------------- Net increase (decrease) in net assets resulting from operations 4,944,176 240,373 --------------------------------- DISTRIBUTIONS TO iSHAREHOLDERS: From net investment income (819,516) (238,362) From net realized gain - (21,819) --------------------------------- Total distributions to iShareholders (819,516) (260,181) --------------------------------- iSHARES TRANSACTIONS: iShares sold 30,371,648 32,235,434 iShares redeemed - - --------------------------------- Net increase in net assets from iShares transactions 30,371,648 32,235,434 --------------------------------- Increase in net assets 34,496,308 32,215,626 NET ASSETS: Beginning of period 32,215,626 - --------------------------------- End of period $66,711,934 $32,215,626 ================================= Undistributed net investment income included in net assets at end of period $ 59,622 $ 23,465 ================================= iSHARES ISSUED AND REDEEMED: iShares sold 450,000 450,000 iShares redeemed - - --------------------------------- Net increase in iShares outstanding 450,000 450,000 =================================
- -------------------------------------------------------------------------------- /(1)/ Commencement of operations. See notes to financial statements. Financial Statements 195 iShares Trust Statements of Changes in Net Assets (continued)
iShares Russell 2000 iShares Russell 2000 Index Fund Growth Index Fund -------------------------------------- ---------------------------------- For the Period For the Period For the May 22, 2000/(1)/ For the July 24, 2000/(1)/ year ended to year ended to March 31, 2002 March 31, 2001 March 31, 2002 March 31, 2001 - -------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 19,805,955 $ 4,098,260 $ 679,204 $ 74,296 Net realized gain (loss) 53,887,648 32,124,626 (24,103,050) (1,259,134) Net change in unrealized appreciation (depreciation) 106,656,881 (69,558,803) 23,140,519 (32,985,699) --------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 180,350,484 (33,335,917) (283,327) (34,170,537) --------------------------------------------------------------------------- Distributions to iShareholders: From net investment income (16,627,178) (3,293,260) (566,781) (59,813) From net realized gain - (560,014) - (61,203) --------------------------------------------------------------------------- Total distributions to iShareholders (16,627,178) (3,853,274) (566,781) (121,016) --------------------------------------------------------------------------- iShares Transactions: iShares sold 2,328,641,415 914,187,530 314,890,447 195,422,879 iShares redeemed (767,404,281) (163,059,005) (32,887,260) (5,872,832) --------------------------------------------------------------------------- Net increase in net assets from iShares transactions 1,561,237,134 751,128,525 282,003,187 189,550,047 --------------------------------------------------------------------------- Increase in net assets 1,724,960,440 713,939,334 281,153,079 155,258,494 NET ASSETS: Beginning of period 713,939,334 - 155,258,494 - --------------------------------------------------------------------------- End of period $2,438,899,774 $713,939,334 $436,411,573 $155,258,494 =========================================================================== Undistributed net investment income included in net assets at end of period $ 3,184,433 $ 685,957 $ 108,563 $ 13,626 =========================================================================== iSHARES ISSUED AND REDEEMED: iShares sold 24,450,000 9,650,000 5,550,000 2,950,000 iShares redeemed (8,200,000) (1,700,000) (700,000) (100,000) --------------------------------------------------------------------------- Net increase in iShares outstanding 16,250,000 7,950,000 4,850,000 2,850,000 =========================================================================== iShares Russell 2000 Value Index Fund ----------------------------------- For the period For the July 24, 2000/(1)/ year ended to March 31, 2002 March 31, 2001 ----------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 10,375,201 $ 2,067,018 Net realized gain (loss) 11,979,898 5,459,417 Net change in unrealized appreciation (depreciation) 82,906,789 9,501,906 ---------------------------------- Net increase (decrease) in net assets resulting from operations 105,261,888 17,028,341 ---------------------------------- Distributions to iShareholders: From net investment income (8,688,498) (1,582,249) From net realized gain - (31,344) ---------------------------------- Total distributions to iShareholders (8,688,498) (1,613,593) ---------------------------------- iShares Transactions: iShares sold 544,536,783 282,606,517 iShares redeemed (76,905,774) (24,257,934) ---------------------------------- Net increase in net assets from iShares transactions 467,631,009 258,348,583 ---------------------------------- Increase in net assets 564,204,399 273,763,331 NET ASSETS: Beginning of period 273,763,331 - ---------------------------------- End of period $837,967,730 $273,763,331 ================================== Undistributed net investment income included in net assets at end of period $ 1,779,180 $ 446,588 ================================== iSHARES ISSUED AND REDEEMED: iShares sold 4,250,000 2,550,000 iShares redeemed (650,000) (200,000) ---------------------------------- Net increase in iShares outstanding 3,600,000 2,350,000 ==================================
- -------------------------------------------------------------------------------- /(1)/ Commencement of operations. See notes to financial statements. 196 2002 iShares Annual Report to Shareholders iShares Trust Statements of Changes in Net Assets (continued)
iShares Russell 1000 iShares Russell 1000 Index Fund Growth Index Fund -------------------------------------- ------------------------------------- For the period For the period For the May 15, 2000/(1)/ For the May 22, 2000/(1)/ year ended to year ended to March 31, 2002 March 31, 2001 March 31, 2002 March 31, 2001 - ---------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 3,684,451 $ 2,180,181 $ 2,114,654 $ 184,289 Net realized gain (loss) 2,411,962 45,380 (42,267,562) (951,935) Net change in unrealized appreciation (depreciation) 494,427 (43,363,804) 1,378,927 (51,638,999) ---------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 6,590,840 (41,138,243) (38,773,981) (52,406,645) ---------------------------------------------------------------------------- Distributions to iShareholders: From net investment income (3,516,544) (2,081,133) (1,993,842) (177,939) From net realized gain - (4,709) - (152,079) ---------------------------------------------------------------------------- Total distributions to iShareholders (3,516,544) (2,085,842) (1,993,842) (330,018) ---------------------------------------------------------------------------- iShares Transactions: iShares sold 386,533,984 274,084,836 432,772,933 261,814,210 iShares redeemed (177,760,490) (23,137,408) (117,617,813) - ---------------------------------------------------------------------------- Net increase in net assets from iShares transactions 208,773,494 250,947,428 315,155,120 261,814,210 ---------------------------------------------------------------------------- Increase in net assets 211,847,790 207,723,343 274,387,297 209,077,547 NET ASSETS: Beginning of period 207,723,343 - 209,077,547 - ---------------------------------------------------------------------------- End of period $ 419,571,133 $207,723,343 $ 483,464,844 $209,077,547 ============================================================================ Undistributed net investment income included in net assets at end of period $ 238,683 $ 92,638 $ 124,675 $ 6,350 ============================================================================ iSHARES ISSUED AND REDEEMED: iShares sold 6,450,000 3,700,000 8,000,000 4,100,000 iShares redeemed (2,950,000) (300,000) (2,350,000) - ---------------------------------------------------------------------------- Net increase in iShares outstanding 3,500,000 3,400,000 5,650,000 4,100,000 ============================================================================ iShares Russell 1000 Value Index Fund -------------------------------------- For the period For the May 22, 2000/(1)/ year ended to March 31, 2002 March 31, 2001 -------------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 8,423,318 $ 1,419,312 Net realized gain (loss) 7,397,423 10,244,219 Net change in unrealized appreciation (depreciation) 4,575,129 (9,815,119) -------------------------------------- Net increase (decrease) in net assets resulting from operations 20,395,870 1,848,412 -------------------------------------- Distributions to iShareholders: From net investment income (7,968,208) (1,295,030) From net realized gain - - -------------------------------------- Total distributions to iShareholders (7,968,208) (1,295,030) -------------------------------------- iShares Transactions: iShares sold 687,791,275 281,586,524 iShares redeemed (199,834,895) (91,134,799) -------------------------------------- Net increase in net assets from iShares transactions 487,956,380 190,451,725 -------------------------------------- Increase in net assets 500,384,042 191,005,107 NET ASSETS: Beginning of period 191,005,107 - -------------------------------------- End of period $ 691,389,149 $191,005,107 ====================================== Undistributed net investment income included in net assets at end of period $ 531,962 $ 119,653 ====================================== iSHARES ISSUED AND REDEEMED: iShares sold 12,200,000 4,950,000 iShares redeemed (3,600,000) (1,550,000) -------------------------------------- Net increase in iShares outstanding 8,600,000 3,400,000 ======================================
- -------------------------------------------------------------------------------- /(1)/ Commencement of operations. See notes to financial statements. Financial Statements 197 iShares Trust Statements of Changes in Net Assets (continued)
iShares Russell Midcap iShares Russell Midcap iShares Russell Midcap Index Fund Growth Index Fund Value Index Fund ---------------------- ---------------------- ---------------------- For the period For the period For the period July 17, 2001 July 17, 2001 July 17, 2001 to to to March 31, 2002/(1)/ March 31, 2002/(1)/ March 31, 2002/(1)/ - ---------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 320,324 $ 11,984 $ 330,830 Net realized loss (427,251) (235,733) (219,446) Net change in unrealized appreciation (depreciation) 1,327,138 (502,130) 3,389,782 ---------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 1,220,211 (725,879) 3,501,166 ---------------------------------------------------------------------- Distributions to iShareholders: From net investment income (272,904) (6,155) (265,079) ---------------------------------------------------------------------- Total distributions to iShareholders (272,904) (6,155) (265,079) ---------------------------------------------------------------------- iShares Transactions: iShares sold 79,684,124 81,578,610 51,006,767 iShares redeemed (31,890,451) - - ---------------------------------------------------------------------- Net increase in net assets from iShares transactions 47,793,673 81,578,610 51,006,767 ---------------------------------------------------------------------- Increase in net assets 48,740,980 80,846,576 54,242,854 NET ASSETS: Beginning of period - - - ---------------------------------------------------------------------- End of period $ 48,740,980 $80,846,576 $54,242,854 ====================================================================== Undistributed net investment income included in net assets at end of period $ 40,104 $ 4,922 $ 62,019 ====================================================================== iSHARES ISSUED AND REDEEMED: iShares sold 1,350,000 1,150,000 650,000 iShares redeemed (550,000) - - ---------------------------------------------------------------------- Net increase in iShares outstanding 800,000 1,150,000 650,000 ====================================================================== - ----------------------------------------------------------------------------------------------------------------
(1) Commencement of operations. See notes to financial statements. 198 2002 iShares Annual Report to Shareholders iShares Trust Financial Highlights (For a share outstanding throughout each period)
iShares Russell 3000 iShares Russell 3000 Index Fund Growth Index Fund --------------------------------------- ---------------------------------------- Period from Period from May 22, 2000/(1)/ Jul. 24, 2000/(1)/ Year ended to Year ended to Mar. 31, 2002 Mar. 31, 2001 Mar. 31, 2002 Mar. 31, 2001 - ------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 63.69 $ 76.23 $ 40.70 $ 68.63 ----------------------------------------------------------------------------------- Income from investment operations: Net investment income 0.65 0.51 0.20 0.06 Net realized and unrealized gain (loss) 0.19 (12.56) (0.99) (27.93) ----------------------------------------------------------------------------------- Total from investment operations 0.84 (12.05) (0.79) (27.87) ----------------------------------------------------------------------------------- Less distributions from: Net investment income (0.64) (0.48) (0.19) (0.06) Net realized gain - (0.01) - (0.00)/(5)/ ----------------------------------------------------------------------------------- Total distributions (0.64) (0.49) (0.19) (0.06) ----------------------------------------------------------------------------------- Net asset value, end of period $ 63.89 $ 63.69 $ 39.72 $ 40.70 =================================================================================== Total return 1.35% (15.90)%/(2)/ (1.95)% (40.62)%/(2)/ =================================================================================== Ratios/Supplemental Data: Net assets, end of period (000s) $1,360,937 $388,509 $27,806 $20,351 Ratio of expenses to average net assets/(3)/ 0.20% 0.20% 0.25% 0.25% Ratio of net investment income to average net assets/(3)/ 1.20% 1.09% 0.47% 0.20% Portfolio turnover rate/(4)/ 6% 3% 18% 3% iShares Russell 3000 Value Index Fund ---------------------------------------- Period from Jul. 24, 2000/(1)/ Year ended to Mar. 31, 2002 Mar. 31, 2001 ---------------------------------------- Net asset value, beginning of period $ 71.59 $ 69.91 ---------------------------------------- Income from investment operations: Net investment income 1.25 0.83 Net realized and unrealized gain (loss) 2.50 1.71 ---------------------------------------- Total from investment operations 3.75 2.54 ---------------------------------------- Less distributions from: Net investment income (1.22) (0.77) Net realized gain - (0.09) ---------------------------------------- Total distributions (1.22) (0.86) ---------------------------------------- Net asset value, end of period $ 74.12 $ 71.59 ======================================== Total return 5.34% 3.60%/(2)/ ======================================== Ratios/Supplemental Data: Net assets, end of period (000s) $66,712 $32,216 Ratio of expenses to average net assets/(3)/ 0.25% 0.25% Ratio of net investment income to average net assets/(3)/ 1.79% 1.67% Portfolio turnover rate/(4)/ 15% 4% - --------------------------------------------------------------------------------
/(1)/ Commencement of operations. /(2)/ Not annualized. /(3)/ Annualized for periods of less than one year. /(4)/ Excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. /(5)/ Rounds to less than $0.01. See notes to financial statements. Financial Highlights 199 iShares Trust Financial Highlights (continued) (For a share outstanding throughout each period)
iShares Russell 2000 iShares Russell 2000 Index Fund Growth Index Fund --------------------------------------- ---------------------------------------- Period from Period from May 22, 2000/(1)/ Jul. 24, 2000/(1)/ Year ended to Year ended to Mar. 31, 2002 Mar. 31, 2001 Mar. 31, 2002 Mar. 31, 2001 - ------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 89.80 $ 94.33 $ 54.48 $ 81.36 ----------------------------------------------------------------------------------- Income from investment operations: Net investment income 1.04 0.98 0.11 0.05 Net realized and unrealized gain (loss) 10.90 (4.47) 2.19 (26.85) ----------------------------------------------------------------------------------- Total from investment operations 11.94 (3.49) 2.30 (26.80) ----------------------------------------------------------------------------------- Less distributions from: Net investment income (0.96) (0.88) (0.10) (0.04) Net realized gain - (0.16) - (0.04) ----------------------------------------------------------------------------------- Total distributions (0.96) (1.04) (0.10) (0.08) ----------------------------------------------------------------------------------- Net asset value, end of period $ 100.78 $ 89.80 $ 56.68 $ 54.48 =================================================================================== Total return 13.40% (3.77)%/(2)/ 4.24% (32.96)%/(2)/ =================================================================================== Ratios/Supplemental Data: Net assets, end of period (000s) $2,438,900 $713,939 $436,412 $155,258 Ratio of expenses to average net assets/(3)/ 0.20% 0.20% 0.25% 0.25% Ratio of net investment income to average net assets/(3)/ 1.25% 1.39% 0.22% 0.14% Portfolio turnover rate/(4)/ 20% 39% 28% 9% iShares Russell 2000 Value Index Fund ---------------------------------------- Period from Jul. 24, 2000/(1)/ Year ended to Mar. 31, 2002 Mar. 31, 2001 - ---------------------------------------------------------------------------------- Net asset value, beginning of period $ 116.50 $ 103.35 ---------------------------------------- Income from investment operations: Net investment income 2.30 1.49 Net realized and unrealized gain (loss) 24.16 12.97 ---------------------------------------- Total from investment operations 26.46 14.46 ---------------------------------------- Less distributions from: Net investment income (2.13) (1.28) Net realized gain - (0.03) ---------------------------------------- Total distributions (2.13) (1.31) ---------------------------------------- Net asset value, end of period $ 140.83 $ 116.50 ======================================== Total return 23.05% 14.05%(2) ======================================== Ratios/Supplemental Data: Net assets, end of period (000s) $837,968 $273,763 Ratio of expenses to average net assets/(3)/ 0.25% 0.25% Ratio of net investment income to average net assets/(3)/ 2.07% 2.40% Portfolio turnover rate/(4)/ 26% 9%
- -------------------------------------------------------------------------------- /(1)/ Commencement of operations. /(2)/ Not annualized. /(3)/ Annualized for periods of less than one year. /(4)/ Excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. See notes to financial statements. 200 2002 iShares Annual Report to Shareholders iShares Trust Financial Highlights (continued) (For a share outstanding throughout each period)
iShares Russell 1000 iShares Russell 1000 Index Fund Growth Index Fund --------------------------------------- --------------------------------------- Period from Period from May 15, 2000/(1)/ May 22, 2000/(1)/ Year ended to Year ended to Mar. 31, 2002 Mar. 31, 2001 Mar. 31, 2002 Mar. 31, 2001 - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 61.10 $ 76.78 $ 50.99 $ 79.30 ---------------------------------------------------------------------------------- Income from investment operations: Net investment income 0.70 0.64 0.23 0.14 Net realized and unrealized gain (loss) (0.30) (15.71) (1.41) (28.20) ---------------------------------------------------------------------------------- Total from investment operations 0.40 (15.07) (1.18) (28.06) ---------------------------------------------------------------------------------- Less distributions from: Net investment income (0.69) (0.61) (0.22) (0.14) Net realized gain - (0.00)/(5)/ - (0.11) ---------------------------------------------------------------------------------- Total distributions (0.69) (0.61) (0.22) (0.25) ---------------------------------------------------------------------------------- Net asset value, end of period $ 60.81 $ 61.10 $ 49.59 $ 50.99 ================================================================================== Total return 0.68% (19.75)%/(2)/ (2.30)% (35.47)%/(2)/ ================================================================================== Ratios/Supplemental data: Net assets, end of period (000s) $419,571 $207,723 $483,465 $209,078 Ratio of expenses to average net assets/(3)/ 0.15% 0.15% 0.20% 0.20% Ratio of net investment income to average net assets/(3)/ 1.23% 1.01% 0.52% 0.26% Portfolio turnover rate/(4)/ 8% 9% 22% 11% iShares Russell 1000 Value Index Fund --------------------------------------- Period From May 22, 2000/(1)/ Year ended to Mar. 31, 2002 Mar. 31, 2001 - --------------------------------------------------------------------------------- Net asset value, beginning of period $ 56.18 $ 56.10 --------------------------------------- Income from investment operations: Net investment income 0.90 0.66 Net realized and unrealized gain (loss) 1.43 0.04 --------------------------------------- Total from investment operations 2.33 0.70 --------------------------------------- Less distributions from: Net investment income (0.89) (0.62) Net realized gain - - --------------------------------------- Total distributions (0.89) (0.62) --------------------------------------- Net asset value, end of period $ 57.62 $ 56.18 ======================================= Total return 4.22% 1.22%/(2)/ ======================================= Ratios/Supplemental data: Net assets, end of period (000s) $691,389 $191,005 Ratio of expenses to average net assets/(3)/ 0.20% 0.20% Ratio of net investment income to average net assets/(3)/ 1.82% 1.64% Portfolio turnover rate/(4)/ 16% 9%
- -------------------------------------------------------------------------------- /(1)/ Commencement of operations. /(2)/ Not annualized. /(3)/ Annualized for periods of less than one year. /(4)/ Excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. /(5)/ Rounds to less than $0.01. See notes to financial statements. Financial Highlights 201 iShares Trust Financial Highlights (continued) (For a share outstanding throughout each period)
iShares Russell Midcap iShares Russell Midcap iShares Russell Midcap Index Fund Growth Index Fund Value Index Fund ---------------------- ---------------------- ---------------------- Period from Period from Period from Jul. 17, 2001/(1)/ Jul. 17, 2001/(1)/ Jul. 17, 2001/(1)/ to to to Mar. 31, 2002 Mar. 31, 2002 Mar. 31, 2002 - ---------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 59.55 $ 73.06 $ 78.86 -------------------------------------------------------------------------- Income from investment operations: Net investment income 0.46 0.03 1.02 Net realized and unrealized gain (loss) 1.32 (2.77) 4.49 -------------------------------------------------------------------------- Total from investment operations 1.78 (2.74) 5.51 -------------------------------------------------------------------------- Less distributions from: Net investment income (0.40) (0.02) (0.92) -------------------------------------------------------------------------- Total distributions (0.40) (0.02) (0.92) -------------------------------------------------------------------------- Net asset value, end of period $ 60.93 $ 70.30 $ 83.45 ========================================================================== Total return/(2)/ 3.08% (3.75)% 7.14% ========================================================================== Ratios/Supplemental data: Net assets, end of period (000s) $48,741 $80,847 $54,243 Ratio of expenses to average net assets/(3)/ 0.20% 0.25% 0.25% Ratio of net investment income to average net assets/(3)/ 1.40% 0.08% 1.91% Portfolio turnover rate/(4)/ 7% 5% 6%
- -------------------------------------------------------------------------------- /(1)/ Commencement of operations. /(2)/ Not annualized. /(3)/ Annualized for periods of less than one year. /(4)/ Excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. See notes to financial statements. 202 2002 iShares Annual Report to Shareholders iShares Trust Notes to the Financial Statements 1. SIGNIFICANT ACCOUNTING POLICIES 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 business trust pursuant to an Agreement and Declaration of Trust dated December 16, 1999. As of March 31, 2002, the Trust offered 55 investment portfolios or funds. The funds offered by the Trust, along with their respective exchange trading symbols are: iShares S&P Series ------------------ . iShares S&P 100 Index Fund (OEF) . iShares S&P 500 Index Fund (IVV) . iShares S&P 500/BARRA Growth Index Fund (IVW) . iShares S&P 500/BARRA Value Index Fund (IVE) . iShares S&P Midcap 400 Index Fund (IJH) . iShares S&P Midcap 400/BARRA Growth Index Fund (IJK) . iShares S&P Midcap 400/BARRA Value Index Fund (IJJ) . iShares S&P SmallCap 600 Index Fund (IJR) . iShares S&P SmallCap 600/BARRA Growth Index Fund (IJT) . iShares S&P SmallCap 600/BARRA Value Index Fund (IJS) . iShares S&P Global 100 Index Fund (IOO) . iShares S&P Global Energy Sector Index Fund (IXC) . iShares S&P Global Financials Sector Index Fund (IXG) . iShares S&P Global Healthcare Sector Index Fund (IXJ) . iShares S&P Global Technology Sector Index Fund (IXN) . iShares S&P Global Telecommunications Sector Index Fund (IXP) . iShares S&P Europe 350 Index Fund (IEV) . iShares S&P/TSE 60 Index Fund (IKC) . iShares S&P Latin America 40 Index Fund (ILF) . iShares S&P/TOPIX 150 Index Fund (ITF) iShares Nasdaq Series --------------------- . iShares Nasdaq Biotechnology Index Fund (IBB) iShares Dow Jones Series ------------------------ . iShares Dow Jones U.S. Total Market Index Fund (IYY) . iShares Dow Jones U.S. Basic Materials Sector Index Fund (IYM) . iShares Dow Jones U.S. Consumer Cyclical Sector Index Fund (IYC) . iShares Dow Jones U.S. Consumer Non-Cyclical Sector Index Fund (IYK) . iShares Dow Jones U.S. Energy Sector Index Fund (IYE) . iShares Dow Jones U.S. Financial Sector Index Fund (IYF) . iShares Dow Jones U.S. Healthcare Sector Index Fund (IYH) . iShares Dow Jones U.S. Industrial Sector Index Fund (IYJ) . iShares Dow Jones U.S. Technology Sector Index Fund (IYW) . iShares Dow Jones U.S. Telecommunications Sector Index Fund (IYZ) . iShares Dow Jones U.S. Utilities Sector Index Fund (IDU) . iShares Dow Jones U.S. Chemicals Index Fund (IYD) . iShares Dow Jones U.S. Financial Services Index Fund (IYG) . iShares Dow Jones U.S. Internet Index Fund (IYV) . iShares Dow Jones U.S. Real Estate Index Fund (IYR) iShares MSCI Series ------------------- . iShares MSCI EAFE Index Fund (EFA) iShares Cohen & Steers Series ----------------------------- . iShares Cohen & Steers Realty Majors Index Fund (ICF) iShares Russell Series ---------------------- . iShares Russell 3000 Index Fund (IWV) . iShares Russell 3000 Growth Index Fund (IWZ) . iShares Russell 3000 Value Index Fund (IWW) . iShares Russell 2000 Index Fund (IWM) . iShares Russell 2000 Growth Index Fund (IWO) . iShares Russell 2000 Value Index Fund (IWN) . iShares Russell 1000 Index Fund (IWB) . iShares Russell 1000 Growth Index Fund (IWF) . iShares Russell 1000 Value Index Fund (IWD) . iShares Russell Midcap Index Fund (IWR) . iShares Russell Midcap Growth Index Fund (IWP) . iShares Russell Midcap Value Index Fund (IWS) iShares Goldman Sachs Series ---------------------------- . iShares Goldman Sachs Technology Index Fund (IGM) . iShares Goldman Sachs Networking Index Fund (IGN) . iShares Goldman Sachs Semiconductor Index Fund (IGW) . iShares Goldman Sachs Software Index Fund (IGV) . iShares Goldman Sachs Natural Resources Index Fund (IGE) Notes to the Financial Statements 203 iShares Trust Notes to the Financial Statements (continued) 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, as indicated in the name of each fund. The investment advisor uses a "passive" or index approach to achieve each fund's investment objective. These financial statements relate only to the iShares Russell Series Funds (each a "Fund", collectively the "Funds"). Each of the Funds is classified as a diversified fund under the 1940 Act, except for the iShares Russell 1000 Growth Index Fund, which is classified as a non-diversified fund. Non-diversified funds generally hold stocks of fewer companies than diversified funds and may be more susceptible to the risks associated with these particular companies, or to a single economic, political or regulatory occurrence. The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. Actual results could differ from those estimates. SECURITY VALUATION Equity securities are valued at the last sales price on the primary securities exchange or national securities market on which such securities are traded. Securities not listed on an exchange or national securities market, or securities for which there were no sales prices, are valued at the latest quoted bid prices. U.S. Government obligations are valued at the latest quoted bid price. Debt securities maturing in 60 days or less are valued at amortized cost, which approximates market value. Mutual fund shares are valued at net asset value. Any securities, including restricted securities or other assets for which market quotations are not readily available, or for which a significant event has occurred since the time of the most recent market quotation, are valued in accordance with fair value pricing policies approved by the Board of Trustees of the Trust. SECURITY TRANSACTIONS AND INCOME RECOGNITION Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method. DISTRIBUTIONS TO SHAREHOLDERS Distributions to shareholders from net investment income, if any, are declared and distributed at least annually by each Fund. Distributions of net realized capital gains, if any, generally are declared and distributed once a year. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. 204 2002 iShares Annual Report to Shareholders iShares Trust Notes to the Financial Statements (continued) At March 31, 2002, the components of distributable earnings on a tax basis were as follows: ----------------------------------------------------------------------- Total Undistributed Undistributed Distributable iShares Index Fund Ordinary Income Long Term Gain Earnings ----------------------------------------------------------------------- Russell 3000 $ 743,363 $ - $ 743,363 Russell 3000 Growth 5,712 - 5,712 Russell 3000 Value 52,863 - 52,863 Russell 2000 2,515,585 - 2,515,585 Russell 2000 Growth 77,172 - 77,172 Russell 2000 Value 1,355,213 - 1,355,213 Russell 1000 232,270 - 232,270 Russell 1000 Growth 124,072 - 124,072 Russell 1000 Value 503,928 - 503,928 Russell Midcap 38,464 - 38,464 Russell Midcap Growth 4,922 - 4,922 Russell Midcap Value 59,626 - 59,626 ----------------------------------------------------------------------- For the year ended March 31, 2002, the tax characterization of distributions paid was equal to the book characterization of distributions paid for all of the Funds. The total distributions and distributions per share are disclosed in the accompanying Statements of Changes in Net Assets and the Financial Highlights for all Funds. FEDERAL INCOME TAXES Each Fund is treated as a separate entity for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its net income and any net gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes was required for the year ended March 31, 2002. From November 1, 2001 to March 31, 2002, certain of the Funds incurred net realized capital losses. As permitted by tax regulations, the Funds have elected to defer these losses and treat them as arising in the year ending March 31, 2003. ----------------------------------------------------------------------- Deferred Net Realized iShares Index Fund Capital Losses ----------------------------------------------------------------------- Russell 3000 $2,957,349 Russell 3000 Growth 383,983 Russell 3000 Value 209,947 Russell 2000 549,613 Russell 2000 Growth 974,960 Russell 1000 1,727,841 Russell 1000 Growth 1,386,436 Russell 1000 Value 1,924,741 Russell Midcap 113,763 Russell Midcap Growth 85,552 Russell Midcap Value 122,684 ----------------------------------------------------------------------- Notes to the Financial Statements 205 iShares Trust Notes to the Financial Statements (continued) The following Funds had tax basis net capital loss carryforwards at March 31, 2002, the tax year end of the Funds: ------------------------------------------------------ Expiring Expiring iShares Index Fund 2009 2010 ------------------------------------------------------ Russell 3000 $ - $21,820,617 Russell 3000 Growth - 4,176,050 Russell 3000 Value - 605,073 Russell 2000 - 47,681,248 Russell 2000 Growth - 14,797,300 Russell 2000 Value - 6,838,382 Russell 1000 - 12,325,552 Russell 1000 Growth - 20,107,067 Russell 1000 Value 99,151 5,765,240 Russell Midcap - 66,369 Russell Midcap Growth - 40,231 Russell Midcap Value - 30,986 ------------------------------------------------------ Net capital loss carryforwards may be applied against any net realized taxable gains in each succeeding year, or until their respective expiration dates, whichever occurs first. For the year ended March 31, 2002, certain Funds realized net capital gains or losses resulting from in-kind redemptions of large blocks of 50,000 iShares ("Creation Units"). 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 gains or losses to paid-in-capital at the end of the Funds' tax year end. The in-kind gains or losses for the year ended March 31, 2002 are disclosed in the Statements of Operations. REPURCHASE AGREEMENTS Each Fund may enter into repurchase agreements with banks and securities dealers. These transactions involve the purchase of securities with a simultaneous commitment to resell the securities to the bank or the dealer at an agreed-upon date and price. A repurchase agreement is accounted for as a loan by the Fund to the seller, collateralized by securities, which are delivered to the Funds' custodian or to an agent bank under a tri-party agreement. The securities are marked-to-market daily and additional securities are acquired as needed, to ensure that their value equals or exceeds the repurchase price plus accrued interest. None of the Funds held repurchase agreements at March 31, 2002. 2. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES Pursuant to an Investment Advisory Agreement with the Trust, Barclays Global Fund Advisors ("BGFA") manages the investment of each Fund's assets. BGFA is a California corporation indirectly owned by Barclays Bank PLC. Under the Investment Advisory Agreement, BGFA is responsible for all expenses ("Covered Expenses") of the Trust, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses connected with the executions of portfolio transactions, distribution fees and extraordinary expenses. Expenses related to the organization and initial registration of the Trust were borne by BGFA. 206 2002 iShares Annual Report to Shareholders iShares Trust Notes to the Financial Statements (continued) For its investment management services to each Fund, BGFA is entitled to an annual advisory fee based on the average daily net assets of each Fund as follows: -------------------------------------------------------------------------- Advisory iShares Index Fund Fee ------------------------------------------------------------------------- Russell 3000 0.20% Russell 3000 Growth 0.25 Russell 3000 Value 0.25 Russell 2000 0.20 Russell 2000 Growth 0.25 Russell 2000 Value 0.25 Russell 1000 0.15 Russell 1000 Growth 0.20 Russell 1000 Value 0.20 Russell Midcap 0.20 Russell Midcap Growth 0.25 Russell Midcap Value 0.25 ------------------------------------------------------------------------- Investors Bank & Trust Company ("Investors Bank") serves as administrator, custodian, transfer agent and securities lending agent for the Funds. As compensation for its services, Investors Bank receives certain out-of-pocket costs, transaction fees, and asset-based fees, which are accrued daily and paid monthly. These fees are Covered Expenses as defined above. SEI Investments Distribution Company serves as each Fund's underwriter and distributor of the shares of each Fund, pursuant to a Distribution Agreement with the Trust. The distributor will deliver the Prospectus and Statement of Additional Information, if so requested, to persons purchasing Creation Units and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. Barclays Global Investors Services ("BGIS"), a subsidiary of Barclays Global Investors, N.A., may serve as a broker-dealer for the Funds. For the year ended March 31, 2002, BGIS received the following amounts in brokerage commissions: ------------------------------------------------------------------------- Commissions Paid to iShares Index Fund Bgis ------------------------------------------------------------------------- Russell 3000 $ 6,966 Russell 3000 Growth 35 Russell 3000 Value 68 Russell 2000 4,185 Russell 2000 Growth 589 Russell 2000 Value 429 Russell 1000 5,573 Russell 1000 Growth 8,374 Russell 1000 Value 29,171 Russell Midcap 53 Russell Midcap Growth 233 Russell Midcap Value 54 ------------------------------------------------------------------------- Pursuant to an exemptive order issued by the Securities and Exchange Commission, each Fund may invest in the Institutional Shares of the Institutional Money Market Fund ("IMMF") of Barclays Global Investors Funds. The IMMF is a feeder fund in a master/feeder fund structure that invests substantially all of its assets in the Money Market Master Portfolio, which is managed by BGFA, the Funds' investment advisor. The IMMF is an open-end money market fund available only to institutional investors, including investment companies managed by BGFA. The IMMF seeks a high level of income consistent with liquidity and the preservation of capital. While the IMMF does not directly charge an advisory fee, the master portfolio in which it invests does charge an advisory fee. Income distributions from the IMMF are declared daily and paid monthly from net investment income. Income distributions earned by the Funds are recorded as either interest income or securities lending income in the accompanying Statements of Operations. Notes to the Financial Statements 207 iShares Trust Notes to the Financial Statements (continued) Pursuant to Rule 17a-7 of the 1940 Act, certain Funds executed cross trades for the year ended March 31, 2002. Cross trading is the buying or selling of portfolio securities between funds to which BGFA serves as investment advisor. In management's opinion, all transactions were in compliance with the requirements and restrictions set forth by Rule 17a-7. As of March 31, 2002, certain trustees and officers of the Trust are also employees of BGFA and its affiliates or employees of Investors Bank. 3. INVESTMENT PORTFOLIO TRANSACTIONS Purchases and sales of investments (excluding in-kind transactions and short-term securities) for the year ended March 31, 2002 were as follows: --------------------------------------------------------------- iShares Index Fund Purchases Sales --------------------------------------------------------------- Russell 3000 $ 61,894,015 $ 60,372,123 Russell 3000 Growth 5,435,407 5,493,781 Russell 3000 Value 7,224,112 7,262,825 Russell 2000 312,499,775 321,875,625 Russell 2000 Growth 86,663,019 91,092,180 Russell 2000 Value 130,564,370 135,105,619 Russell 1000 23,866,944 23,668,316 Russell 1000 Growth 89,671,526 89,467,705 Russell 1000 Value 75,398,113 75,383,424 Russell Midcap 1,921,135 1,922,263 Russell Midcap Growth 1,114,180 1,253,221 Russell Midcap Value 1,675,943 1,580,435 --------------------------------------------------------------- In-kind transactions for the year ended March 31, 2002 were as follows: --------------------------------------------------------------- In-kind In-kind iShares Index Fund Purchases Sales --------------------------------------------------------------- Russell 3000 $1,575,200,612 $657,073,853 Russell 3000 Growth 27,643,747 20,251,213 Russell 3000 Value 31,398,888 996,794 Russell 2000 2,464,064,411 892,541,128 Russell 2000 Growth 353,971,145 67,411,482 Russell 2000 Value 623,924,373 150,693,144 Russell 1000 385,949,624 177,538,877 Russell 1000 Growth 432,375,939 117,539,035 Russell 1000 Value 695,271,446 207,533,588 Russell Midcap 79,597,814 31,835,233 Russell Midcap Growth 81,670,493 - Russell Midcap Value 50,883,235 27,413 --------------------------------------------------------------- 208 2002 iShares Annual Report to Shareholders iShares Trust Notes to the Financial Statements (continued) At March 31, 2002, the aggregate unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
------------------------------------------------------------------------------- Net Unrealized Tax Unrealized Unrealized Appreciation iShares Index Fund Cost Appreciation Depreciation (Depreciation) ------------------------------------------------------------------------------- Russell 3000 $1,495,673,848 $ 62,814,674 $(151,706,666) $ (88,891,992) Russell 3000 Growth 34,865,342 949,990 (7,221,980) (6,271,990) Russell 3000 Value 63,412,719 7,830,668 (3,158,404) 4,672,264 Russell 2000 2,661,199,291 241,120,053 (223,560,651) 17,559,402 Russell 2000 Growth 515,407,508 33,625,765 (61,737,359) (28,111,594) Russell 2000 Value 810,932,901 110,879,387 (23,150,327) 87,729,060 Russell 1000 474,473,773 20,334,628 (65,469,012) (45,134,384) Russell 1000 Growth 573,996,926 - (76,066,494) (76,066,494) Russell 1000 Value 713,559,925 30,813,972 (40,722,503) (9,908,531) Russell Midcap 49,946,613 2,673,393 (1,392,713) 1,280,680 Russell Midcap Growth 86,388,887 3,011,455 (3,622,833) (611,378) Russell Midcap Value 52,585,746 3,963,185 (638,924) 3,324,261 -------------------------------------------------------------------------------
4. iSHARES TRANSACTIONS At March 31, 2002, there were an unlimited number of no par value shares of beneficial interest ("iShares") authorized. iShares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, iShares are not redeemable. Transactions in iShares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of equity securities constituting a substantial replication, or a portfolio sampling representation, of the stocks involved in the relevant Fund's underlying index and an amount of cash. A purchase transaction fee and a redemption transaction fee are charged to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units of iShares. 5. LOANS OF PORTFOLIO SECURITIES Each Fund may lend its investment securities to approved borrowers such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received is required to have a value of at least 102% of the market value of the loaned securities for securities denominated in U.S. dollars 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 market value of the securities on loan. The risks to the Funds of securities lending are that the borrower may not provide additional collateral when required or return the securities when due. As of March 31, 2002, the Funds had loaned securities which were collateralized by cash. The cash collateral received was invested in commercial paper and money market mutual funds. The market value of the securities on loan at March 31, 2002 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Notes to the Financial Statements 209 iShares Trust Notes to the Financial Statements (continued) 6. LEGAL PROCEEDINGS In April 2002, the judge overseeing an ongoing action in the U.S. District Court for the Northern District of Illinois granted leave for a United States patentholder named MOPEX, Inc. to amend its complaint to add the Trust, along with seven other parties, as a defendant. There are now a total of twenty defendants, including the Trust's investment advisor, other exchange traded funds, various fund service providers and market makers, and the Chicago Stock Exchange, Inc. In the action, the plaintiff alleges that the actions of the parties, now including the Trust, infringed their patent. In addition, the plaintiff alleges that the parties engaged in a "conspiracy" amongst themselves to infringe the patent. Although this is the only case to which the Trust has been named as a party, this action is one of three involving related issues. The Trust believes that it has valid defenses to all claims raised by the patentholder. However, a resolution of this case may impose increased costs on the Trust and thus raise the expense ratios of the Funds, adversely affecting performance. 210 2002 iShares Annual Report to Shareholders Report of Independent Accountants To the Shareholders and Board of Trustees of iShares Trust: In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the funds comprising the iShares Russell Series Funds (the "Funds"), as listed on the table of contents at March 31, 2002, the results of each of their operations for the periods then ended, and the changes in their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2002 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP San Francisco, California April 26, 2002 Report of Independent Accountants 211 iShares Trust Tax Information (Unaudited) For corporate shareholders, a portion of the income dividends paid by certain of the Funds during the year ended March 31, 2002 qualified for the dividends received deduction: ----------------------------------------------- Dividends- Received iShares Index Fund Deduction ----------------------------------------------- Russell 3000 99.93% Russell 3000 Growth 99.99 Russell 3000 Value 99.77 Russell 2000 73.59 Russell 2000 Growth 99.01 Russell 2000 Value 67.71 Russell 1000 100.00% Russell 1000 Growth 98.84 Russell 1000 Value 100.00 Russell Midcap 85.95 Russell Midcap Growth 100.00 Russell Midcap Value 91.74 ----------------------------------------------- Shareholder Meeting Results (Unaudited) A special meeting of shareholders of the iShares Trust was held on November 15, 2001. At the meeting, the following matter was voted upon and approved by the shareholders. The matter voted upon was a Trust-wide proposal and the voting results are presented below. Proposal: To elect the six nominees specified below as Trustees, to hold -------- office until their successors are duly elected and qualified. -------------------------------------------------- Trustee Votes For Votes Withheld -------------------------------------------------- Nathan Most 99,539,634 163,697 Richard K. Lyons 99,539,634 163,697 George G.C. Parker 99,539,634 163,697 John B. Carroll 99,539,634 163,697 W. Allen Reed 99,539,634 163,697 Garrett F. Bouton 99,539,634 163,697 -------------------------------------------------- Messrs. Most, Lyons, and Parker previously served as Trustees of the Trust and were reelected. Messrs. Carroll, Reed and Bouton were newly elected. 212 2002 iShares Annual Report to ShareholderS iShares Trust Supplemental Information (Unaudited) The charts below present information about the differences between the daily closing price on secondary markets for shares of an iShares Fund and that Fund's net asset value. Net asset value, or "NAV", is the price per share at which each Fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares as of the close of regular trading (normally 4:00 p.m. Eastern time) every day the New York Stock Exchange is open. The "Closing Price" of each iShares Fund is the price of the last reported trade for shares of such Fund on any major U.S. market. Each Fund's Closing Price may be at, above or below its NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The trading price of each Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand. Premiums or discounts are the differences (generally expressed as a percentage) between the NAV and Closing Price of a Fund on a given day. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV. One reason for differences is that timing discrepancies can exist between the determination of NAV and Closing Price of a Fund. Trading activity varies and it is important to note that the date/time of the last trade (which is recorded as the Closing Price) may not take place at the time when the Funds normally calculated NAV. Each Fund normally trades on its respective stock exchange until 4:00 p.m. (Eastern Time). Price Discovery, the constant flow of information among investors, corporations and financial institutions, causes market prices to change and evolve throughout the trading day, even after non-U.S. markets are closed. Price Discovery between the time that each Fund calculates its NAV and the date/time of the last trade may contribute to any difference between the NAV and the Closing Price of each Fund. The following information shows the frequency distributions of premiums and discounts for each of the iShares Funds included in this report. The information shown for each Fund is for each full calendar quarter completed after the inception date of such Fund through the date of this report (March 31, 2002). The specific periods covered for each Fund is disclosed in the chart for such Fund. The vertical column of each chart shows the premium or discount expressed as a Percentage of NAV. The horizontal column indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the iShares Fund traded within the premium/discount range indicated. All data presented here represents past performance, which cannot be used to predict future results. SUPPLEMENTAL Information 213 iShares Trust Supplemental Information (Unaudited) (continued) iShares Russell 3000 Index Fund PERIOD COVERED: JULY 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 0 GT 1.50%_LT 2.00% 0 GT 1.00%_LT 1.50% 1 GT 0.50%_LT 1.00% 15 LT 0.50%_GT (0.50)% 407 LT (0.50)%_GT (1.00)% 7 LT (1.00)%_GT (1.50)% 2 LT (1.50)%_GT (2.00)% 1 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 iShares Russell 3000 Growth Index Fund PERIOD COVERED: OCTOBER 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 1 GT 3.00%_LT 3.50% 2 GT 2.50%_LT 3.00% 1 GT 2.00%_LT 2.50% 7 GT 1.50%_LT 2.00% 10 GT 1.00%_LT 1.50% 11 GT 0.50%_LT 1.00% 20 LT 0.50%_GT (0.50)% 265 LT (0.50)%_GT (1.00)% 27 LT (1.00)%_GT (1.50)% 10 LT (1.50)%_GT (2.00)% 7 LT (2.00)%_GT (2.50)% 5 LT (2.50)%_GT (3.00)% 2 LT (3.00)%_GT (3.50)% 2 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 214 2002 iShares Annual Report to Shareholders iShares Trust Supplemental Information (Unaudited) (continued) iShares Russell 3000 Value Index Fund PERIOD COVERED: OCTOBER 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 0 GT 1.50%_LT 2.00% 0 GT 1.00%_LT 1.50% 3 GT 0.50%_LT 1.00% 20 LT 0.50%_GT (0.50)% 316 LT (0.50)%_GT (1.00)% 23 LT (1.00)%_GT (1.50)% 5 LT (1.50)%_GT (2.00)% 2 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 1 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 iShares Russell 2000 Index Fund PERIOD COVERED: JULY 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 0 GT 1.50%_LT 2.00% 0 GT 1.00%_LT 1.50% 1 GT 0.50%_LT 1.00% 6 LT 0.50%_GT (0.50)% 403 LT (0.50)%_GT (1.00)% 22 LT (1.00)%_GT (1.50)% 2 LT (1.50)%_GT (2.00)% 0 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 1 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 Supplemental Information 215 iShares Trust Supplemental Information (Unaudited) (continued) iShares Russell 2000 Growth Index Fund PERIOD COVERED: OCTOBER 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 1 GT 1.50%_LT 2.00% 0 GT 1.00%_LT 1.50% 3 GT 0.50%_LT 1.00% 25 LT 0.50%_GT (0.50)% 319 LT (0.50)%_GT (1.00)% 20 LT (1.00)%_GT (1.50)% 4 LT (1.50)%_GT (2.00)% 0 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 iShares Russell 2000 Value Index Fund PERIOD COVERED: OCTOBER 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 0 GT 1.50%_LT 2.00% 0 GT 1.00%_LT 1.50% 1 GT 0.50%_LT 1.00% 6 LT 0.50%_GT (0.50)% 354 LT (0.50)%_GT (1.00)% 11 LT (1.00)%_GT (1.50)% 0 LT (1.50)%_GT (2.00)% 0 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 216 2002 iShares Annual Report to Shareholders iShares Trust Supplemental Information (Unaudited) (continued) iShares Russell 1000 Index Fund PERIOD COVERED: JULY 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 0 GT 1.50%_LT 2.00% 0 GT 1.00%_LT 1.50% 2 GT 0.50%_LT 1.00% 19 LT 0.50%_GT (0.50)% 405 LT (0.50)%_GT (1.00)% 7 LT (1.00)%_GT (1.50)% 1 LT (1.50)%_GT (2.00)% 1 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 iShares Russell 1000 Growth Index Fund PERIOD COVERED: JULY 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 0 GT 1.50%_LT 2.00% 1 GT 1.00%_LT 1.50% 6 GT 0.50%_LT 1.00% 18 LT 0.50%_GT (0.50)% 399 LT (0.50)%_GT (1.00)% 9 LT (1.00)%_GT (1.50)% 1 LT (1.50)%_GT (2.00)% 1 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 Supplemental Information 217 iShares Trust Supplemental Information (Unaudited) (continued) iShares Russell 1000 Value Index Fund PERIOD COVERED: JULY 1, 2000 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 1 GT 1.50%_LT 2.00% 0 GT 1.00%_LT 1.50% 0 GT 0.50%_LT 1.00% 3 LT 0.50%_GT (0.50)% 430 LT (0.50)%_GT (1.00)% 1 LT (1.00)%_GT (1.50)% 0 LT (1.50)%_GT (2.00)% 0 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 iShares Russell Midcap Index Fund PERIOD COVERED: OCTOBER 1, 2001 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 2 GT 1.50%_LT 2.00% 0 GT 1.00%_LT 1.50% 4 GT 0.50%_LT 1.00% 9 LT 0.50%_GT (0.50)% 94 LT (0.50)%_GT (1.00)% 12 LT (1.00)%_GT (1.50)% 2 LT (1.50)%_GT (2.00)% 1 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 218 2002 iShares Annual Report to Shareholders iShares Trust Supplemental Information (Unaudited) (continued) iShares Russell Midcap Growth Index Fund PERIOD COVERED: OCTOBER 1, 2001 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 0 GT 1.50%_LT 2.00% 1 GT 1.00%_LT 1.50% 3 GT 0.50%_LT 1.00% 11 LT 0.50%_GT (0.50)% 97 LT (0.50)%_GT (1.00)% 8 LT (1.00)%_GT (1.50)% 1 LT (1.50)%_GT (2.00)% 2 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 1 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 iShares Russell Midcap Value Index Fund PERIOD COVERED: OCTOBER 1, 2001 THROUGH MARCH 31, 2002 PERCENT PREMIUMS/DISCOUNTS NUMBER OF DAYS GT 6.00% 0 GT 5.50%_LT 6.00% 0 GT 5.00%_LT 5.50% 0 GT 4.50%_LT 5.00% 0 GT 4 00%_LT 4.50% 0 GT 3.50%_LT 4.00% 0 GT 3.00%_LT 3.50% 0 GT 2.50%_LT 3.00% 0 GT 2.00%_LT 2.50% 0 GT 1.50%_LT 2.00% 1 GT 1.00%_LT 1.50% 0 GT 0.50%_LT 1.00% 5 LT 0.50%_GT (0.50)% 109 LT (0.50)%_GT (1.00)% 7 LT (1.00)%_GT (1.50)% 1 LT (1.50)%_GT (2.00)% 1 LT (2.00)%_GT (2.50)% 0 LT (2.50)%_GT (3.00)% 0 LT (3.00)%_GT (3.50)% 0 LT (3.50)%_GT (4.00)% 0 LT (4.00)%_GT (4.50)% 0 LT (4.50)%_GT (5.00)% 0 LT (5.00)%_GT (5.50)% 0 LT (5.50)%_GT (6.00)% 0 LT (6.00)% 0 Supplemental Information 219 iShares Trust Trustees Information (Unaudited) The Board of Trustees has responsibility for the overall management and operations of the Trust, including general supervision of the duties performed by BGFA and other service providers. Each Trustee serves until his or her successor is duly elected and qualified. iShares Trust, iShares, Inc., Barclays Global Investors Funds and Master Investment Portfolio are considered to be members of the same fund complex, as defined in Form N-1A under the 1940 Act. Each Trustee also serves as a Director for iShares, Inc. and oversees 77 portfolios within the fund complex. In addition, Richard K. Lyons serves as a Trustee for Barclays Global Investors Funds and Master Investment Portfolio and oversees 100 portfolios within the fund complex. Additional information about the Funds' Trustees may be found in the Funds' Statement of Additional Information, which is available without charge upon request by calling toll-free 1-800-474-2737.
Interested Trustees ------------------------------------------------------------------------------------------------------- Position(s), Principal Occupation(s) Name, Age and Address Length of Service During Past 5 Years Other Directorships Held ------------------------------------------------------------------------------------------------------- *Garrett F. Bouton (56) Chairman (since Managing Director and Chairman of the Board of Barclays Global Investors February 28, 2002), Chief Executive Officer Directors (since 1998) 45 Fremont Street San Trustee (since (since 1999) for of BGFA; Director (since Francisco, CA 94105 January 1, 2002) Barclays Global 1998) of BGI; Director and President. Investors, N.A. ("BGI") of various Barclays Global Individual subsidiaries (since Investor Business; 1997). Global H.R. Director (from 1996-1999) for BGI. *Nathan Most (87) Trustee (since Consultant to BGI None. P.O. Box 193 February 15, 2000) (1998-present), Burlingame, CA 94011 American Stock Exchange (1996-2000) and the Hong Kong Stock Exchange (1998 to present); Consultant to the Amsterdam Stock Exchange (1997-1998); Consultant to the Pacific Stock Exchange (1997-1998); Formerly Senior Vice President American Stock Exchange (New Product Development) (1976-1996).
________________________ * Garrett F. Bouton and Nathan Most are deemed to be "interested persons" (as defined in the 1940 Act) of the Trust due to their affiliations with BGFA, the Funds' investment advisor and BGI, the parent company of BGFA.
Independent Trustees ------------------------------------------------------------------------------------------------------- Position(s), Principal Occupation(s) Name, Age and Address Length of Service During Past 5 Years Other Directorships Held ------------------------------------------------------------------------------------------------------- John B. Carroll (65) Trustee (since Retired Vice President Former Trustee and 520 Main Street January 1, 2002) of Investment member of the Executive Ridgefield, CT 06877 Management (1984-2000) Committee (since 1991) of Verizon Corporation; of The Common Fund Advisory Board member Institutional Funds, a of Ibbotson Associates non-profit organization; (1992-1998); former Member of the Board of Vice Chairman and Managers of JP Morgan Executive Committee Private Equity Funds. Member (1994-1998) of the Committee on Investment of Employee Benefit Assets of the Financial Executive Institute. Richard K. Lyons (41) Trustee (since Professor, University Board of Trustees: Haas School of Business, February 15, 2000) of California, Matthews Asian Funds UC Berkeley Berkeley: Haas School since 1995 (oversees 6 Berkeley, CA 94720 of Business (since portfolios). 1993); Consultant for IMF World Bank, Federal Reserve Bank, and Citibank N.A. (since 2000)
220 2002 iShares Annual Report to Shareholders iShares Trust TRUSTEES INFORMATION (UNAUDITED) (CONTINUED)
Independent Trustees (Continued) ------------------------------------------------------------------------------------------------------- Position(s), Principal Occupation(s) Name, Age and Address Length of Service During Past 5 Years Other Directorships Held ------------------------------------------------------------------------------------------------------- George G. C. Parker (60) Trustee (since Dean Witter Board of Directors: Graduate School of Business February 15, 2000) Distinguished Professor Affinity Group (since (Room K301) of Finance (since 1998); Bailard, Biehl Stanford University 1994); Associate Dean and Kaiser, Inc. (since 521 Memorial Way for Academic Affairs, 1985); California Stanford, CA 94305 Director of MBA Casualty Group of Program, and Professor, Insurance Companies Stanford University: (since 1978); Continental Graduate School of Airlines, Inc. (since Business (1993-2001). 1996); Community First Financial Group (since 1995); Dresdner/RCM Mutual Funds (oversees 10 portfolios) (1994-2002); Tyon Ranch Company (since 1999). W. Allen Reed (54) Trustee (since President and Chief Director (since 1994) of General Motors Investment January 1, 2002) Executive Officer General Motors Management Corp. (since 1994) of General Investment Management 767 Fifth Avenue Motors Investment Corporation; Director New York, NY 10153 Management Corporation. (1995-1998) of Taubman Centers, Inc. (a real estate investment trust); Director (since 1992) of FLIR Systems (an imaging technology company); Director (since 1994) of General Motors Acceptance Corporation; Director (since 1994) of GMAC Insurance Holdings, Inc.; Director (since 1995) of Global Emerging Markets Fund; Director (since 2000) of Temple Inland Industries; Chairman (since 1995) of the Investment Advisory Committee of Howard Hughes Medical Institute. Officers Who are Not Trustees ------------------------------------------------------------------------------------------------------------- Principal Occupation(s) Name, Age and Address Position During Past 5 Years Directorships Held by Officers ------------------------------------------------------------------------------------------------------------- Lee T. Kranefuss (39) Vice President Chief Executive Officer Board of Trustees for Barclays Barclays Global Investors of the Individual Global Investors Funds and 45 Fremont Street Investor Business of Master Investment Portfolio San Francisco, CA 94105 BGI.; The Boston (since 2001). Consulting Group (until 1997). Michael Latham (35) Secretary, Treasurer Director of Mutual Fund None. Barclays Global Investors and Principal Delivery in the U.S. 45 Fremont Street Financial Officer Individual Investor San Francisco, CA 94105 Business of BGI (since 2000); Head of Operations, BGI Europe (1997-2000); Manager, Portfolio Accounting Group of BGI (1994-1997). Donna M. McCarthy (34) Assistant Treasurer Unit Director (formerly None. Investors Bank & Trust Co. Director), Mutual Fund 200 Clarendon Street Administration at Boston, MA 02116 Investors Bank & Trust Co. ("IBT"); Manager, Business Assurance Group, Coopers & Lybrand (1988-1994). Sandra I. Madden (34) Assistant Secretary Associate Counsel, None. Investors Bank & Trust Co. Mutual Fund 200 Clarendon Street Administration, IBT Boston, MA 02116 (since 1999); Associate, Scudder Kemper Investments, Inc. (1996-1999). Susan C. Mosher (45) Assistant Secretary Senior Director & None. Investors Bank & Trust Co. Senior Counsel, Mutual 200 Clarendon Street Fund Administration, Boston, MA 02116 IBT (since 1995).
Trustees Information 221 iShares are distributed by SEI Investments iShares(R) Distribution Co. (SEI). Barclays Global 45 Fremont Street Fund Advisors (BGFA) serves as an adviser San Francisco, CA 94105 to iShares. Barclays Global Investors Services (BGIS) assists in the marketing of iShares. BGFA and BGIS are subsidiaries of Barclays Global Investors, N.A., neither of which is affiliated with SEI. IBT serves as administrator, custodian, securities lending agent and transfer agent for the iShares Russell Series. iShares are not sponsored, endorsed, issued, sold or promoted by Frank Russell Company, nor does this company make any representation regarding the advisability of investing in iShares. (C)2002 Barclays Global Investors. All rights reserved. iShares is a registered trademark of Barclays Global Investors, N.A. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. 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. iShares(R) Industrial strength investment tools from BARCLAYS GLOBAL INVESTORS 1-800-iShares 1-800-474-2737 www.iShares.com -----END PRIVACY-ENHANCED MESSAGE-----