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0001193125-07-213122.txt : 20071004
0001193125-07-213122.hdr.sgml : 20071004
20071004122536
ACCESSION NUMBER: 0001193125-07-213122
CONFORMED SUBMISSION TYPE: N-CSR
PUBLIC DOCUMENT COUNT: 19
CONFORMED PERIOD OF REPORT: 20070731
FILED AS OF DATE: 20071004
DATE AS OF CHANGE: 20071004
EFFECTIVENESS DATE: 20071004
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-CSR
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-09729
FILM NUMBER: 071155917
BUSINESS ADDRESS:
STREET 1: 45 FREMONT STREET
CITY: SAN FRANCISCO
STATE: CA
ZIP: 94105
BUSINESS PHONE: 6179375525
MAIL ADDRESS:
STREET 1: 200 CLARENDON
CITY: BOSTON
STATE: MA
ZIP: 02116
FORMER COMPANY:
FORMER CONFORMED NAME: ISHARES TRUST
DATE OF NAME CHANGE: 19991213
0001100663
S000004351
iShares MCSI EAFE Index Fund
C000012081
iShares MCSI EAFE Index Fund
EFA
0001100663
S000004352
iShares Goldman Sachs Technology Index Fund
C000012082
iShares Goldman Sachs Technology Index Fund
IGM
0001100663
S000004353
iShares Goldman Sachs Networking Index Fund
C000012083
iShares Goldman Sachs Networking Index Fund
IGN
0001100663
S000004354
iShares Goldman Sachs Semiconductor Index Fund
C000012084
iShares Goldman Sachs Semiconductor Index Fund
IGW
0001100663
S000004355
iShares Goldman Sachs Software Index Fund
C000012085
iShares Goldman Sachs Software Index Fund
IGV
0001100663
S000004356
iShares Goldman Sachs Natural Resources Index Fund
C000012086
iShares Goldman Sachs Natural Resources Index Fund
IGE
0001100663
S000004364
iShares FTSE/Xinhua China 25 Index Fund
C000012094
iShares FTSE/Xinhua China 25 Index Fund
FXI
0001100663
S000004365
iShares NYSE Composite Index Fund
C000012095
iShares NYSE Composite Index Fund
NYC
0001100663
S000004366
iShares NYSE 100 Index Fund
C000012096
iShares NYSE 100 Index Fund
NY
0001100663
S000004437
iShares MCSI EAFE Growth Index Fund
C000012200
iShares MCSI EAFE Growth Index Fund
EFG
0001100663
S000004438
iShares MCSI EAFE Value Index Fund
C000012201
iShares MCSI EAFE Value Index Fund
EFV
N-CSR
1
dncsr.htm
FORM N-CSR
Form N-CSR
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER
REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09729
iShares Trust
(Exact name of registrant as specified in charter)
c/o: State Street Bank and Trust Company
200 Clarendon Street, Boston, MA 02116
(Address of principal executive offices) (Zip code)
CT Corporation System
1209 Orange Street, Wilmington, DE 19801
(Name and address of agent for service)
Registrants telephone number, including area code: 1-800-474-2737
Date of fiscal year end: July 31, 2007
Date of reporting period: July 31, 2007
Item 1. |
Reports to Stockholders. |
iShares®
iShares Trust
Supplement dated
September 28, 2007
to the Prospectus dated December 1, 2006
for the iShares FTSE/Xinhua China 25 Index Fund (the Prospectus)
The
information in this Supplement updates the information in, and should be read in conjunction with, the Prospectus for the iShares FTSE/Xinhua China 25 Index Fund.
The following information supplements the information found under the heading Investment Adviser on page 9:
Effective August 1, 2007, for its investment advisory services to the iShares FTSE/Xinhua China 25 Index Fund, BGFA is paid management fees equal to 0.74% per year of the Funds net assets less than or equal to $6 billion,
plus 0.67% per year of the Funds net assets between $6 billion and $12 billion, plus 0.60% per year of the Funds net assets in excess of $12 billion.
If you have any additional questions, please call 1-800-iShares (1-800-474-2737).
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iShares® is a registered trademark of Barclays Global Investors,
N.A. |
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PLEASE RETAIN THIS SUPPLEMENT
FOR FUTURE REFERENCE
Table of Contents
Managements Discussion of Fund Performance
iSHARES®
FTSE/XINHUA CHINA 25 INDEX FUND
Performance as of July 31, 2007
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Inception to 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
82.72% |
|
79.24% |
|
82.81% |
|
42.51% |
|
41.85% |
|
43.21% |
|
171.75% |
|
168.20% |
|
175.32% |
Total returns for the periods since inception are calculated from the inception date of the Fund (10/5/04).
Average Annual Total Returns represent the average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns
involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
The Funds per share net asset value
or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per
share of the Fund. The price used to calculate market return (Market Price) is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange on which shares of the Fund are listed for trading, as of
the time that the Funds NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares
of the Fund (10/8/04), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market
Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not
actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on
secondary market transactions. If brokerage commissions were included, market returns would be lower. The returns shown in the tables 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
Funds past performance is no guarantee of future results.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption of fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of
securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past performance is no guarantee of future results.
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MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
1 |
Managements Discussion of Fund Performance (Continued)
iSHARES® FTSE/XINHUA
CHINA 25 INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Sector |
|
Percentage of Net Assets |
|
Financial |
|
40.94 |
% |
|
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Energy |
|
23.17 |
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|
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Communications |
|
17.54 |
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|
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Diversified |
|
6.90 |
|
|
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Industrial |
|
4.33 |
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|
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Basic Materials |
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4.27 |
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Utilities |
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2.60 |
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Short-Term and Other Net Assets |
|
0.25 |
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TOTAL |
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100.00 |
% |
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TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
China Mobile Ltd. |
|
9.50 |
% |
|
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PetroChina Co. Ltd. Class H |
|
8.47 |
|
|
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China Life Insurance Co. Ltd. Class H |
|
8.47 |
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Industrial & Commercial Bank of China Class H |
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5.88 |
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China Construction Bank Class H |
|
5.56 |
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Ping An Insurance (Group) Co. of China Ltd. Class H |
|
4.75 |
|
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China Shenhua Energy Co. Ltd. Class H |
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4.45 |
|
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China Communications Construction Co. Ltd. Class H |
|
4.33 |
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China Merchants Bank Co. Ltd. Class H |
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4.23 |
|
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CNOOC Ltd. |
|
4.15 |
|
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TOTAL |
|
59.79 |
% |
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|
|
The iShares
FTSE/Xinhua China 25 Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/Xinhua China 25 Index (the Index). The Index is
designed to represent the performance of the largest companies in the China equity market that are available to international investors. The Index consists of Class H and Red Chip shares of 25 of the largest and most liquid Chinese
companies. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the
securities that are included in the Index. For the 12-month period ended July 31, 2007 (the reporting period), the Fund returned 82.72%, while the Index returned 82.81%.
Chinas market performance was robust during the reporting period, reflecting continued strong economic growth. The annualized gross domestic product (GDP) growth rate reached 11.9% in the second quarter of 2007,
its fastest pace since 1995. In July 2007, export levels climbed by more than 34% from a year earlier, their fastest pace in five months. Additionally, industrial output grew by more than 19%.
The Peoples Bank of China responded to the strong economic growth by continuing to raise its key interest rate in an attempt to prevent the economy from
overheating. An appreciating Chinese currency, the yuan, also helped to relieve some inflationary pressure from the surging economy. Even so, inflation was on the rise toward the end of the reporting period, reaching 4.4% in June 2007.
The ten largest holdings of the Fund represented approximately 60% of the net assets of the Fund as of July 31, 2007. Among the Funds ten
largest holdings as of July 31, 2007, performance was positive for the reporting period. Ping An Insurance (Group) Co. of China Ltd. Class H, China Life Insurance Co. Ltd. Class H and China Shenhua Energy Co. Ltd. Class H were the strongest
performers for the reporting period. China Mobile Ltd. also performed strongly, as did China Construction Bank Class H. The most modest return among the Funds ten largest holdings came from PetroChina Co. Ltd. Class H.
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2 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® MSCI EAFE INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
|
|
|
|
|
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
23.75% |
|
22.30% |
|
23.91% |
|
19.62% |
|
19.14% |
|
19.85% |
|
12.72% |
|
12.55% |
|
12.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Total Returns |
|
|
|
|
|
|
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
23.75% |
|
22.30% |
|
23.91% |
|
144.90% |
|
140.08% |
|
147.26% |
|
104.29% |
|
102.43% |
|
105.97% |
Total returns for the periods since inception are calculated from the inception date of the Fund (8/14/01).
Average Annual Total Returns represent the average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula
for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to calculate market return (Market Price) is determined by using the
midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did not trade in the secondary market
until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (8/17/01), the NAV of the Fund is used as a proxy for secondary market trading price to calculate
market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The
returns shown in the tables 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 Funds past performance is no guarantee of future results.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption of fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of
securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past performance is no guarantee of future results.
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|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
3 |
Managements Discussion of Fund Performance (Continued)
iSHARES® MSCI EAFE
INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Sector |
|
Percentage of Net Assets |
|
Financial |
|
28.28 |
% |
|
|
Consumer Non-Cyclical |
|
14.96 |
|
|
|
Industrial |
|
12.33 |
|
|
|
Consumer Cyclical |
|
11.21 |
|
|
|
Communications |
|
8.92 |
|
|
|
Basic Materials |
|
8.28 |
|
|
|
Energy |
|
7.48 |
|
|
|
Utilities |
|
5.19 |
|
|
|
Technology |
|
2.24 |
|
|
|
Diversified |
|
0.78 |
|
|
|
Short-Term and Other Net Assets |
|
0.33 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
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TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of
Net Assets |
|
BP PLC (United Kingdom) |
|
1.63 |
% |
|
|
HSBC Holdings PLC (United Kingdom) |
|
1.52 |
|
|
|
Total SA (France) |
|
1.23 |
|
|
|
Toyota Motor Corp. (Japan) |
|
1.20 |
|
|
|
Vodafone Group PLC (United Kingdom) |
|
1.16 |
|
|
|
Nestle SA Registered (Switzerland) |
|
1.09 |
|
|
|
GlaxoSmithKline PLC (United Kingdom) |
|
1.04 |
|
|
|
Royal Dutch Shell PLC Class A (United Kingdom) |
|
1.04 |
|
|
|
Roche Holding AG (Switzerland) |
|
0.91 |
|
|
|
Novartis AG Registered (Switzerland) |
|
0.90 |
|
|
|
|
|
|
|
TOTAL |
|
11.72 |
% |
|
|
|
|
The iShares
MSCI EAFE Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Index (the Index). The Index has been developed by Morgan
Stanley Capital International, Inc. as an equity benchmark for international stock performance. The Index includes stocks from Europe, Australasia and the Far East. The Fund invests in a representative sample of securities included in the Index that
collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the 12-month period ended July 31, 2007 (the
reporting period), the Fund returned 23.75%, while the Index returned 23.91%.
International markets generally delivered solid gains for the
reporting period, driven by sound global economic growth. Around the world, strong demand, relatively low inflation levels, and improving employment rates supported economic growth. Healthy economic growth in Europe led the European Central Bank to
raise rates five times during the reporting period. Germany registered annualized gross domestic product (GDP) growth of 3% for the first calendar quarter of 2007, its highest rate since 2000. France also witnessed economic expansion, although GDP
growth in France slowed for the second quarter as business investment slipped. In the United Kingdom, sound economic growth and declining unemployment rates led the Bank of England to raise its base rate during the reporting period from 4.50% to
5.75%, its highest rate in six years.
Japan, which appeared to emerge from its long-standing deflationary environment, also experienced economic
expansion. The Bank of Japan raised rates once during the reporting period, from 0.25% to 0.50%. However, at its July 2007 meeting, the Bank of Japan held rates steady, saying it would await additional evidence that economic growth would be
sustained and inflation would take hold.
The ten largest holdings of the Fund represented approximately 12% of the net assets of the Fund as of
July 31, 2007. Among the Funds ten largest holdings as of July 31, 2007, performance was mostly positive for the reporting period. Wireless telecommunications company Vodafone Group PLC (United Kingdom) was the strongest performer
among the ten largest holdings. High energy prices benefited Total SA (France) and the Class A shares of Royal Dutch Shell PLC (United Kingdom). Toyota Motor Corp. (Japan) and Nestle SA (Switzerland) also performed well. Pharmaceutical
companies Novartis AG (Switzerland) and GlaxoSmithKline PLC (United Kingdom) both declined for the reporting period.
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4 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® MSCI EAFE GROWTH INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Inception to 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
23.28% |
|
22.06% |
|
23.70% |
|
22.54% |
|
22.14% |
|
22.93% |
|
50.16% |
|
49.19% |
|
51.11% |
Total returns for the periods since inception are calculated from the inception date of the Fund (8/1/05).
Average Annual Total Returns represent the average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula
for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to calculate market return (Market Price) is determined by using the
midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did not trade in the secondary market
until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (8/5/05), the NAV of the Fund is used as a proxy for secondary market trading price to calculate
market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The
returns shown in the tables 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 Funds past performance is no guarantee of future results.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption of fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of
securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
5 |
Managements Discussion of Fund Performance (Continued)
iSHARES® MSCI EAFE
GROWTH INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Sector |
|
Percentage of Net Assets |
|
Consumer Non-Cyclical |
|
22.66 |
% |
|
|
Industrial |
|
17.89 |
|
|
|
Financial |
|
15.19 |
|
|
|
Basic Materials |
|
12.81 |
|
|
|
Consumer Cyclical |
|
10.41 |
|
|
|
Communications |
|
9.85 |
|
|
|
Technology |
|
3.90 |
|
|
|
Utilities |
|
3.89 |
|
|
|
Energy |
|
2.44 |
|
|
|
Diversified |
|
0.72 |
|
|
|
Short-Term and Other Net Assets |
|
0.24 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
GlaxoSmithKline PLC (United Kingdom) |
|
2.07 |
% |
|
|
Novartis AG Registered (Switzerland) |
|
1.79 |
|
|
|
Roche Holding AG (Switzerland) |
|
1.78 |
|
|
|
Nokia OYJ (Finland) |
|
1.69 |
|
|
|
BHP Billiton Ltd. (Australia) |
|
1.57 |
|
|
|
Siemens AG (Germany) |
|
1.54 |
|
|
|
Telefonica SA (Spain) |
|
1.51 |
|
|
|
AstraZeneca PLC (United Kingdom) |
|
1.14 |
|
|
|
Anglo American PLC (United Kingdom) |
|
1.12 |
|
|
|
Rio Tinto PLC (United Kingdom) |
|
1.03 |
|
|
|
|
|
|
|
TOTAL |
|
15.24 |
% |
|
|
|
|
The iShares
MSCI EAFE Growth Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Growth Index (the Index). The Index is a subset of
the MSCI EAFE Index and consists of those securities classified by Morgan Stanley Capital International, Inc. as most representing the growth style. The Fund invests in a representative sample of securities included in the Index that collectively
has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the 12-month period ended July 31, 2007 (the reporting
period), the Fund returned 23.28%, while the Index returned 23.70%.
International markets generally delivered solid gains for the reporting period,
driven by sound global economic growth. Around the world, strong demand, relatively low inflation levels, and improving employment rates supported economic growth. Healthy economic growth in Europe led the European Central Bank to raise rates five
times during the reporting period. Germany registered annualized gross domestic product (GDP) growth of 3% for the first calendar quarter of 2007, its highest rate since 2000. France also witnessed economic expansion, although GDP growth in France
slowed for the second quarter as business investment slipped. In the United Kingdom, sound economic growth and declining unemployment rates led the Bank of England to raise its base rate during the reporting period from 4.50% to 5.75%, its highest
rate in six years.
Japan, which appeared to emerge from its long-standing deflationary environment, also experienced economic expansion. The Bank of Japan
raised rates once during the reporting period, from 0.25% to 0.50%. However, at its July 2007 meeting, the Bank of Japan held rates steady, saying it would await additional evidence that economic growth would be sustained and inflation would take
hold.
The ten largest holdings of the Fund represented approximately 15% of the net assets of the Fund as of July 31, 2007. Among the Funds ten
largest holdings as of July 31, 2007, performance was mostly positive for the reporting period. Siemens AG (Germany) was the strongest performer, followed by mining company BHP Billiton Ltd. (Australia) and mobile phone company Nokia OYJ
(Finland). Pharmaceutical companies AstraZeneca PLC (United Kingdom), Novartis AG (Switzerland) and GlaxoSmithKline PLC (United Kingdom) all declined for the reporting period.
|
|
|
6 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® MSCI EAFE VALUE INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Inception to 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
23.70% |
|
22.18% |
|
24.03% |
|
23.94% |
|
23.54% |
|
24.26% |
|
53.62% |
|
52.62% |
|
54.40% |
Total returns for the periods since inception are calculated from the inception date of the Fund (8/1/05).
Average Annual Total Returns represent the average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula
for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to calculate market return (Market Price) is determined by using the
midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did not trade in the secondary market
until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (8/5/05), the NAV of the Fund is used as a proxy for secondary market trading price to calculate
market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The
returns shown in the tables 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 Funds past performance is no guarantee of future results.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption of fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of
securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
7 |
Managements Discussion of Fund Performance (Continued)
iSHARES® MSCI EAFE
VALUE INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Sector |
|
Percentage of Net Assets |
|
Financial |
|
41.59 |
% |
|
|
Energy |
|
12.74 |
|
|
|
Consumer Cyclical |
|
11.53 |
|
|
|
Communications |
|
7.78 |
|
|
|
Consumer Non-Cyclical |
|
7.52 |
|
|
|
Industrial |
|
6.70 |
|
|
|
Utilities |
|
6.37 |
|
|
|
Basic Materials |
|
4.43 |
|
|
|
Diversified |
|
0.52 |
|
|
|
Technology |
|
0.46 |
|
|
|
Short-Term and Other Net Assets |
|
0.36 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
BP PLC (United Kingdom) |
|
3.36 |
% |
|
|
HSBC Holdings PLC (United Kingdom) |
|
3.16 |
|
|
|
Toyota Motor Corp. (Japan) |
|
2.40 |
|
|
|
Vodafone Group PLC (United Kingdom) |
|
2.35 |
|
|
|
Total SA (France) |
|
2.33 |
|
|
|
Nestle SA Registered (Switzerland) |
|
2.27 |
|
|
|
Royal Dutch Shell PLC Class A (United Kingdom) |
|
2.13 |
|
|
|
Banco Santander Central Hispano SA (Spain) |
|
1.77 |
|
|
|
Royal Bank of Scotland Group PLC (United Kingdom) |
|
1.67 |
|
|
|
Royal Dutch Shell PLC Class B (United Kingdom) |
|
1.61 |
|
|
|
|
|
|
|
TOTAL |
|
23.05 |
% |
|
|
|
|
The iShares
MSCI EAFE Value Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI EAFE Value Index (the Index). The Index is a subset of the
MSCI EAFE Index and consists of those securities classified by Morgan Stanley Capital International, Inc. as most representing the value style. The Fund invests in a representative sample of securities included in the Index that collectively has an
investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the 12-month period ended July 31, 2007 (the reporting
period), the Fund returned 23.70%, while the Index returned 24.03%.
International markets generally delivered solid gains for the reporting period,
driven by sound global economic growth. Around the world, strong demand, relatively low inflation levels, and improving employment rates supported economic growth. Healthy economic growth in Europe led the European Central Bank to raise rates five
times during the reporting period. Germany registered annualized gross domestic product (GDP) growth of 3% for the first calendar quarter of 2007, its highest rate since 2000. France also witnessed economic expansion, although GDP growth in France
slowed for the second quarter as business investment slipped. In the United Kingdom, sound economic growth and declining unemployment rates led the Bank of England to raise its base rate during the reporting period from 4.50% to 5.75%, its highest
rate in six years.
Japan, which appeared to emerge from its long-standing deflationary environment, also experienced economic expansion. The Bank of Japan
raised rates once during the reporting period, from 0.25% to 0.50%. However, at its July 2007 meeting, the Bank of Japan held rates steady, saying it would await additional evidence that economic growth would be sustained and inflation would take
hold.
The ten largest holdings of the Fund represented approximately 23% of the net assets of the Fund as of July 31, 2007. Among the Funds ten
largest holdings as of July 31, 2007, performance was positive for the reporting period. Wireless telecommunications company Vodafone Group PLC (United Kingdom) was the strongest performer among the ten largest holdings. Banco Santander Central
Hispano SA (Spain) also posted sound gains. Total SA (France) and Nestle SA (Switzerland) both performed well, as did Royal Bank of Scotland Group PLC (United Kingdom). The Funds largest holding at July 31, 2007, oil company BP PLC
(United Kingdom), posted a slight gain for the reporting period.
|
|
|
8 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Shareholder Expenses (Unaudited)
iSHARES® TRUST
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions
on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to
compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from February 1, 2007 to July 31, 2007.
ACTUAL EXPENSES
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first
line for your Fund under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line under each Fund in the table below provides information about hypothetical
account values and hypothetical expenses based on each Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may
not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with
the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing costs only
and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Beginning Account Value (2/1/07) |
|
Ending Account Value (7/31/07) |
|
Annualized Expense Ratio |
|
|
Expenses Paid During Perioda (2/1/07 to 7/31/07) |
FTSE/Xinhua China 25 |
|
|
|
|
|
|
|
|
|
Actual |
|
$ 1,000.00 |
|
$ 1,356.80 |
|
0.74 |
% |
|
$ 4.32 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,021.10 |
|
0.74 |
|
|
3.71 |
MSCI EAFE |
|
|
|
|
|
|
|
|
|
Actual |
|
1,000.00 |
|
1,083.90 |
|
0.34 |
|
|
1.76 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,023.10 |
|
0.34 |
|
|
1.71 |
MSCI EAFE Growth |
|
|
|
|
|
|
|
|
|
Actual |
|
1,000.00 |
|
1,100.50 |
|
0.40 |
|
|
2.08 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,022.80 |
|
0.40 |
|
|
2.01 |
MSCI EAFE Value |
|
|
|
|
|
|
|
|
|
Actual |
|
1,000.00 |
|
1,066.40 |
|
0.40 |
|
|
2.05 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,022.80 |
|
0.40 |
|
|
2.01 |
a |
Expenses are calculated using each Funds annualized expense ratio (as disclosed in the table), multiplied by the
average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). |
Schedule of Investments
iSHARES® FTSE/XINHUA CHINA 25 INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.75% |
|
|
|
|
|
|
|
|
BANKS 25.82% |
|
|
|
|
|
Bank of China Ltd. Class Ha |
|
349,430,000 |
|
$ |
185,737,588 |
Bank of Communications Co. Ltd. Class Ha
|
|
171,235,000 |
|
|
188,601,911 |
BOC Hong Kong Holdings Ltd. |
|
83,013,000 |
|
|
215,322,012 |
China CITIC Bank Class Ha,b |
|
5,810,000 |
|
|
4,483,935 |
China Construction Bank Class Ha
|
|
431,600,000 |
|
|
325,371,665 |
China Merchants Bank Co. Ltd. Class Ha |
|
67,880,000 |
|
|
247,191,184 |
Industrial & Commercial Bank of China Class Ha |
|
556,100,000 |
|
|
343,909,791 |
|
|
|
|
|
|
|
|
|
|
|
1,510,618,086 |
|
|
|
COAL 6.80% |
|
|
|
|
|
China Coal Energy Co. Class Hb |
|
72,485,000 |
|
|
137,259,569 |
China Shenhua Energy Co. Ltd. Class Ha |
|
64,708,000 |
|
|
260,444,274 |
|
|
|
|
|
|
|
|
|
|
|
397,703,843 |
|
|
|
ELECTRIC 2.60% |
|
|
|
|
|
Datang International Power Generation Co. Ltd. Class Ha |
|
76,676,000 |
|
|
66,327,618 |
Huaneng Power International Inc. Class Ha
|
|
75,960,000 |
|
|
85,702,194 |
|
|
|
|
|
|
|
|
|
|
|
152,029,812 |
|
ENGINEERING & CONSTRUCTION 4.33% |
China Communications Construction Co. Ltd. Class H |
|
110,845,000 |
|
|
253,238,601 |
|
|
|
|
|
|
|
|
|
|
|
253,238,601 |
|
HOLDING COMPANIES - DIVERSIFIED 6.90% |
China Merchants Holdings International Co. Ltd.a
|
|
28,924,000 |
|
|
142,102,258 |
China Resources Enterprises Ltd. |
|
29,310,000 |
|
|
118,532,055 |
Citic Pacific Ltd.a |
|
27,409,000 |
|
|
142,889,276 |
|
|
|
|
|
|
|
|
|
|
|
403,523,589 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
INSURANCE 15.12% |
|
|
|
|
|
China Life Insurance Co. Ltd. Class Ha |
|
114,540,000 |
|
$ |
495,406,996 |
PICC Property & Casualty Co. Ltd. Class Ha,b
|
|
86,018,000 |
|
|
111,008,695 |
Ping An Insurance (Group) Co. of China Ltd. Class Ha |
|
32,021,500 |
|
|
278,225,459 |
|
|
|
|
|
|
|
|
|
|
|
884,641,150 |
|
|
|
MINING 4.27% |
|
|
|
|
|
Aluminum Corporation of China Ltd. Class Ha |
|
73,266,000 |
|
|
148,848,989 |
Zijin Mining Group Co. Ltd. Class Ha
|
|
129,430,000 |
|
|
100,881,393 |
|
|
|
|
|
|
|
|
|
|
|
249,730,382 |
|
|
|
OIL & GAS 16.37% |
|
|
|
|
|
China Petroleum & Chemical Corp. Class H |
|
207,500,000 |
|
|
219,265,294 |
CNOOC Ltd.a |
|
202,663,000 |
|
|
242,897,805 |
PetroChina Co. Ltd. Class H |
|
332,720,000 |
|
|
495,705,504 |
|
|
|
|
|
|
|
|
|
|
|
957,868,603 |
|
|
TELECOMMUNICATIONS 17.54% |
|
|
|
China Mobile Ltd. |
|
47,725,000 |
|
|
555,838,843 |
China Netcom Group Corp. Ltd.a |
|
32,653,000 |
|
|
84,696,489 |
China Telecom Corp. Ltd. Class Ha
|
|
348,600,000 |
|
|
203,113,369 |
China Unicom Ltd.a |
|
101,260,000 |
|
|
182,950,507 |
|
|
|
|
|
|
|
|
|
|
|
1,026,599,208 |
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $3,952,990,220) |
|
|
5,835,953,274 |
|
SHORT-TERM INVESTMENTS 18.30% |
|
MONEY MARKET FUNDS 18.30% |
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares |
|
|
|
|
|
5.31%c,d |
|
3,027,118 |
|
|
3,027,118 |
|
|
|
10 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® FTSE/XINHUA CHINA 25 INDEX FUND
July 31, 2007
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
BGI Cash Premier Fund LLC 5.34%c,d,e
|
|
1,067,799,739 |
|
$ |
1,067,799,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,070,826,857 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,070,826,857) |
|
|
|
|
1,070,826,857 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 118.05% (Cost: $5,023,817,077) |
|
|
|
|
6,906,780,131 |
|
|
|
Other Assets, Less Liabilities (18.05)% |
|
|
(1,055,921,550 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
|
|
$ |
5,850,858,581 |
|
|
|
|
|
|
|
|
a |
All or a portion of this security represents a security on loan. See Note 5. |
b |
Non-income earning security. |
c |
Affiliated issuer. See Note 2. |
d |
The rate quoted is the annualized seven-day yield of the fund at period end. |
e |
This security represents an investment of securities lending collateral. See Note 5.
|
See notes to financial statements.
|
|
|
SCHEDULES OF INVESTMENTS |
|
11 |
Schedule of Investments
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.19% |
|
|
|
AUSTRALIA 6.28% |
|
|
|
|
|
AGL Energy Ltd. |
|
1,633,811 |
|
$ |
21,655,668 |
Alinta Ltd. |
|
1,500,590 |
|
|
19,015,585 |
Alumina Ltd. |
|
4,759,792 |
|
|
29,770,785 |
Amcor Ltd. |
|
3,326,130 |
|
|
19,521,323 |
AMP Ltd. |
|
6,366,110 |
|
|
54,872,099 |
Aristocrat Leisure Ltd. |
|
1,373,520 |
|
|
16,063,756 |
Asciano Groupa |
|
2,178,940 |
|
|
17,773,038 |
ASX Ltd. |
|
760,480 |
|
|
31,959,963 |
Australia & New Zealand Banking Group Ltd. |
|
6,152,056 |
|
|
149,171,609 |
Babcock & Brown Ltd. |
|
795,400 |
|
|
19,211,449 |
BHP Billiton Ltd. |
|
11,631,036 |
|
|
368,722,451 |
BlueScope Steel Ltd. |
|
3,184,015 |
|
|
29,872,302 |
Boral Ltd.b |
|
3,030,280 |
|
|
20,121,665 |
Brambles Ltd.a |
|
5,717,180 |
|
|
54,275,156 |
Caltex Australia Ltd. |
|
748,840 |
|
|
16,027,321 |
Centro Properties Group |
|
4,168,090 |
|
|
28,426,907 |
Coca-Cola Amatil Ltd. |
|
2,806,210 |
|
|
22,023,944 |
Coles Group Ltd. |
|
4,265,090 |
|
|
53,024,316 |
Commonwealth Bank of Australia |
|
4,241,355 |
|
|
197,180,458 |
Commonwealth Property Office Fund |
|
37,862,010 |
|
|
51,904,273 |
Computershare Ltd. |
|
1,979,221 |
|
|
16,941,008 |
CSL Ltd. |
|
677,060 |
|
|
51,600,340 |
CSR Ltd. |
|
5,504,750 |
|
|
15,800,174 |
DB RREEF Trust |
|
18,150,640 |
|
|
28,225,915 |
Fortescue Metals Group Ltd.a,b |
|
405,460 |
|
|
11,474,560 |
Fosters Group Ltd. |
|
8,260,651 |
|
|
41,829,360 |
Futuris Corp. Ltd. |
|
5,362,349 |
|
|
11,072,650 |
Goodman Group |
|
3,037,572 |
|
|
15,823,757 |
GPT Group |
|
8,390,500 |
|
|
32,422,301 |
Harvey Norman Holdings Ltd. |
|
3,701,520 |
|
|
16,777,036 |
Insurance Australia Group Ltd. |
|
6,538,770 |
|
|
31,933,783 |
Investa Property Group |
|
12,122,090 |
|
|
30,431,586 |
James Hardie Industries NV |
|
2,215,480 |
|
|
14,312,603 |
John Fairfax Holdings Ltd. |
|
4,180,700 |
|
|
17,336,995 |
Lend Lease Corp. Ltd. |
|
1,583,040 |
|
|
25,268,776 |
Macquarie Airports |
|
2,538,490 |
|
|
9,504,655 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Macquarie Bank Ltd. |
|
821,908 |
|
$ |
58,097,389 |
Macquarie Infrastructure Group |
|
10,058,900 |
|
|
28,182,382 |
Mirvac Group |
|
6,143,980 |
|
|
27,057,793 |
Multiplex Group |
|
3,375,600 |
|
|
14,345,382 |
National Australia Bank Ltd. |
|
5,271,950 |
|
|
173,272,380 |
Newcrest Mining Ltd. |
|
1,265,385 |
|
|
26,996,129 |
Orica Ltd. |
|
1,080,045 |
|
|
25,864,442 |
Origin Energy Ltd. |
|
4,848,606 |
|
|
40,836,628 |
Paladin Resources Ltd.a,b |
|
2,013,720 |
|
|
12,388,051 |
Qantas Airways Ltd. |
|
4,154,275 |
|
|
20,430,857 |
QBE Insurance Group Ltd. |
|
2,708,240 |
|
|
69,542,988 |
Rio Tinto Ltd. |
|
1,016,615 |
|
|
81,076,006 |
Santos Ltd. |
|
3,205,850 |
|
|
36,532,072 |
Stockland |
|
5,868,500 |
|
|
38,867,451 |
Suncorp-Metway Ltd. |
|
3,043,860 |
|
|
50,594,797 |
Symbion Health Ltd. |
|
3,921,139 |
|
|
13,942,472 |
Tabcorp Holdings Ltd. |
|
2,382,320 |
|
|
33,169,042 |
Tattersalls Ltd. |
|
3,425,070 |
|
|
14,408,886 |
Telstra Corp. Ltd. |
|
8,378,860 |
|
|
33,023,433 |
Telstra Corp. Ltd. Installment Receipt |
|
5,012,754 |
|
|
13,400,174 |
Toll Holdings Ltd.b |
|
2,153,922 |
|
|
26,261,186 |
Transurban Group |
|
4,381,007 |
|
|
26,951,184 |
Wesfarmers Ltd. |
|
1,196,010 |
|
|
39,954,666 |
Westfield Group |
|
5,129,341 |
|
|
83,721,309 |
Westfield Group New |
|
438,666 |
|
|
6,960,724 |
Westpac Banking Corp. |
|
6,194,921 |
|
|
139,064,578 |
Woodside Petroleum Ltd. |
|
1,797,670 |
|
|
66,677,148 |
Woolworths Ltd. |
|
3,838,290 |
|
|
89,747,173 |
Zinifex Ltd. |
|
1,581,100 |
|
|
26,971,808 |
|
|
|
|
|
|
|
|
|
|
|
2,909,688,097 |
|
|
|
AUSTRIA 0.59% |
|
|
|
|
|
Erste Bank der Oesterreichischen Sparkassen AGb |
|
906,970 |
|
|
68,866,332 |
Immoeast AGa |
|
607,220 |
|
|
7,979,454 |
Meinl European Land Ltd.a |
|
653,243 |
|
|
15,245,968 |
Oesterreichische Elektrizitaetswirtschafts AG Class A |
|
526,570 |
|
|
25,948,632 |
OMV AG |
|
439,484 |
|
|
27,805,382 |
|
|
|
12 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Raiffeisen International Bank Holding AG |
|
186,240 |
|
$ |
28,593,467 |
RHI AGa |
|
246,817 |
|
|
12,824,993 |
Telekom Austria AG |
|
1,689,350 |
|
|
41,601,277 |
Wiener Staedtische Allgemeine Versicherung AG |
|
266,570 |
|
|
18,835,846 |
Wienerberger AG |
|
338,661 |
|
|
23,804,633 |
|
|
|
|
|
|
|
|
|
|
|
271,505,984 |
|
|
|
BELGIUM 1.27% |
|
|
|
|
|
AGFA-Gevaert NV |
|
519,920 |
|
|
11,031,234 |
Cofinimmo |
|
160,713 |
|
|
28,873,949 |
Colruyt SA |
|
94,141 |
|
|
20,148,028 |
Delhaize Group |
|
280,330 |
|
|
26,285,486 |
Dexia SA |
|
1,927,171 |
|
|
55,793,870 |
Euronav SA |
|
166,766 |
|
|
6,008,268 |
Fortis |
|
3,852,371 |
|
|
154,086,353 |
Groupe Bruxelles Lambert SA |
|
344,814 |
|
|
42,309,959 |
InBev |
|
571,227 |
|
|
46,422,832 |
KBC Group NV |
|
614,980 |
|
|
80,890,039 |
Mobistar SA |
|
134,830 |
|
|
10,669,532 |
NV Bekaert SA |
|
110,600 |
|
|
15,981,236 |
Omega Pharma SA |
|
101,271 |
|
|
8,777,723 |
Solvay SA |
|
240,560 |
|
|
36,814,684 |
UCB SAb |
|
377,330 |
|
|
21,347,283 |
Umicore |
|
106,994 |
|
|
24,605,068 |
|
|
|
|
|
|
|
|
|
|
|
590,045,544 |
|
|
|
DENMARK 0.87% |
|
|
|
|
|
A.P. Moller Maersk A/S |
|
3,880 |
|
|
51,749,989 |
A/S Dampskibsselskabet TORM |
|
291,000 |
|
|
11,724,049 |
Carlsberg A/S Class B |
|
187,280 |
|
|
24,255,185 |
Coloplast A/S Class Bb |
|
214,370 |
|
|
17,943,862 |
Danisco A/Sb |
|
258,020 |
|
|
19,342,896 |
Danske Bank A/S |
|
1,732,420 |
|
|
73,701,352 |
GN Store Nord A/Sa |
|
999,100 |
|
|
11,947,110 |
Novo Nordisk A/S Class B |
|
847,780 |
|
|
89,679,161 |
Novozymes A/S Class Bb |
|
284,210 |
|
|
33,880,896 |
Topdanmark A/Sa |
|
138,765 |
|
|
23,741,241 |
Vestas Wind Systems A/Sa |
|
661,540 |
|
|
44,786,225 |
|
|
|
|
|
|
|
|
|
|
|
402,751,966 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
FINLAND 1.69% |
|
|
|
|
|
Cargotec Corp. Class B |
|
235,710 |
|
$ |
12,380,143 |
Elisa OYJ Class A |
|
731,380 |
|
|
20,873,967 |
Fortum OYJ |
|
1,620,870 |
|
|
52,783,537 |
Kone OYJ Class B |
|
424,860 |
|
|
28,840,037 |
Metso OYJ |
|
562,600 |
|
|
36,195,405 |
Neste Oil OYJ |
|
611,100 |
|
|
22,083,712 |
Nokia OYJ |
|
13,282,907 |
|
|
384,919,444 |
Nokian Renkaat OYJ |
|
626,620 |
|
|
20,911,915 |
Outokumpu OYJb |
|
380,240 |
|
|
11,971,305 |
Rautaruukki OYJ |
|
444,260 |
|
|
29,755,571 |
Sampo OYJ |
|
1,551,030 |
|
|
46,921,116 |
Stora Enso OYJ Class Rb |
|
2,079,680 |
|
|
36,011,640 |
TietoEnator OYJb |
|
515,070 |
|
|
12,761,470 |
UPM-Kymmene OYJ |
|
1,774,130 |
|
|
39,779,123 |
YIT OYJ |
|
799,280 |
|
|
25,612,750 |
|
|
|
|
|
|
|
|
|
|
|
781,801,135 |
|
|
|
FRANCE 10.10% |
|
|
|
|
|
Accor SA |
|
758,540 |
|
|
65,726,129 |
Air France-KLM |
|
524,964 |
|
|
23,922,093 |
Alcatel-Lucent |
|
7,871,550 |
|
|
93,742,250 |
ALSTOM |
|
370,600 |
|
|
67,876,179 |
Arcelor Mittal |
|
2,911,940 |
|
|
182,280,195 |
Atos Origin SAa,b |
|
297,790 |
|
|
17,682,983 |
AXA |
|
5,482,440 |
|
|
217,859,641 |
BNP Paribas |
|
2,748,370 |
|
|
307,476,946 |
Bouygues SA |
|
712,065 |
|
|
57,644,360 |
Business Objects SAa |
|
384,120 |
|
|
17,556,551 |
Cap Gemini SA |
|
476,270 |
|
|
31,749,585 |
Carrefour SA |
|
2,003,050 |
|
|
143,537,156 |
Compagnie de Saint-Gobain |
|
1,090,280 |
|
|
122,379,242 |
Compagnie Generale des Etablissements Michelin Class B |
|
517,980 |
|
|
69,365,082 |
Credit Agricole SA |
|
2,208,833 |
|
|
85,717,956 |
Dassault Systemes SAb |
|
242,500 |
|
|
14,708,533 |
Essilor International SA |
|
716,980 |
|
|
44,115,642 |
European Aeronautic Defence and Space Co.b |
|
1,145,570 |
|
|
34,921,888 |
France Telecom SA |
|
5,692,930 |
|
|
154,764,357 |
Gaz de France |
|
610,130 |
|
|
28,688,311 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
13 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Groupe Danone |
|
1,515,460 |
|
$ |
111,418,034 |
Lafarge SA |
|
518,165 |
|
|
88,888,243 |
Lagardere SCA |
|
468,719 |
|
|
37,418,462 |
LAir Liquide SA |
|
803,160 |
|
|
105,224,107 |
LOreal SA |
|
956,420 |
|
|
110,509,194 |
LVMH Moet Hennessy Louis Vuitton SA |
|
782,009 |
|
|
88,590,692 |
Neopost SA |
|
175,902 |
|
|
25,749,382 |
PagesJaunes SA |
|
502,887 |
|
|
10,146,675 |
Pernod Ricard SA |
|
309,786 |
|
|
65,668,471 |
PPR SAb |
|
255,110 |
|
|
44,883,617 |
PSA Peugeot Citroen SA |
|
565,690 |
|
|
48,272,652 |
Publicis Groupe SA |
|
549,990 |
|
|
23,903,109 |
Renault SA |
|
612,596 |
|
|
89,775,381 |
Safran SAb |
|
649,485 |
|
|
16,394,037 |
Sanofi-Aventis |
|
3,426,040 |
|
|
288,418,693 |
Schneider Electric SA |
|
858,203 |
|
|
116,464,832 |
SCOR SEb |
|
634,380 |
|
|
16,368,795 |
Societe BIC |
|
196,910 |
|
|
14,320,673 |
Societe Generale Class A |
|
1,204,740 |
|
|
210,162,368 |
Societe Television Francaise 1 |
|
499,550 |
|
|
16,890,083 |
Sodexho Alliance SA |
|
421,950 |
|
|
28,163,106 |
STMicroelectronics NV |
|
2,444,400 |
|
|
42,561,336 |
Suez SA |
|
3,352,320 |
|
|
178,826,441 |
Technip SA |
|
372,480 |
|
|
30,745,115 |
Thales SA |
|
347,828 |
|
|
20,111,493 |
Thomson |
|
1,123,260 |
|
|
18,558,524 |
Total SA |
|
7,137,105 |
|
|
569,373,814 |
Unibail-Rodamco |
|
242,500 |
|
|
58,190,156 |
Valeo SA |
|
340,470 |
|
|
17,700,669 |
Vallourec SA |
|
163,930 |
|
|
43,326,299 |
Veolia Environnement |
|
1,136,617 |
|
|
84,778,712 |
Vinci SA |
|
1,344,420 |
|
|
97,683,618 |
Vivendi |
|
3,845,260 |
|
|
164,855,456 |
Zodiac SA |
|
154,747 |
|
|
11,055,169 |
|
|
|
|
|
|
|
|
|
|
|
4,677,112,487 |
|
|
|
GERMANY 7.75% |
|
|
|
|
|
Adidas AG |
|
793,460 |
|
|
48,680,244 |
Allianz SEb |
|
1,510,290 |
|
|
323,314,503 |
BASF AG |
|
1,636,390 |
|
|
213,469,375 |
Bayer AG |
|
2,423,060 |
|
|
173,369,433 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Celesio AG |
|
405,460 |
|
$ |
24,648,168 |
Commerzbank AG |
|
2,144,670 |
|
|
93,003,975 |
Continental AG |
|
465,600 |
|
|
67,564,049 |
DaimlerChrysler AG Registered |
|
3,109,820 |
|
|
284,742,510 |
Deutsche Bank AG |
|
1,739,210 |
|
|
240,214,407 |
Deutsche Boerse AG |
|
745,180 |
|
|
87,182,788 |
Deutsche Lufthansa AG |
|
929,740 |
|
|
26,318,911 |
Deutsche Post AG |
|
2,628,700 |
|
|
77,219,432 |
Deutsche Telekom AG |
|
9,583,600 |
|
|
165,817,977 |
Douglas Holding AG |
|
350,455 |
|
|
22,023,960 |
E.ON AG |
|
2,066,210 |
|
|
327,520,794 |
Fresenius Medical Care AG & Co. KGaA |
|
686,970 |
|
|
32,479,996 |
Hochtief AG |
|
219,330 |
|
|
22,340,105 |
Hypo Real Estate Holding AG |
|
578,120 |
|
|
35,650,748 |
Infineon Technologies AGa |
|
2,685,930 |
|
|
44,707,885 |
Linde AG |
|
428,740 |
|
|
50,976,462 |
MAN AG |
|
467,620 |
|
|
68,567,687 |
Merck KGaA |
|
242,698 |
|
|
30,494,213 |
METRO AG |
|
622,740 |
|
|
48,819,104 |
Muenchener Rueckversicherungs-Gesellschaft AG |
|
733,320 |
|
|
127,322,637 |
Puma AG |
|
49,887 |
|
|
20,086,179 |
RWE AG |
|
1,482,160 |
|
|
158,514,419 |
Salzgitter AG |
|
134,830 |
|
|
27,898,399 |
SAP AG |
|
3,058,410 |
|
|
166,622,880 |
Siemens AG |
|
2,791,660 |
|
|
357,565,010 |
SolarWorld AGb |
|
320,100 |
|
|
15,590,049 |
ThyssenKrupp AG |
|
1,324,130 |
|
|
74,332,075 |
TUI AGa |
|
999,100 |
|
|
28,378,074 |
Volkswagen AGb |
|
589,910 |
|
|
107,025,825 |
|
|
|
|
|
|
|
|
|
|
|
3,592,462,273 |
|
|
|
GREECE 0.50% |
|
|
|
|
|
Hellenic Telecommunications Organization SA SP ADR |
|
5,137,180 |
|
|
77,263,187 |
National Bank of Greece SA ADR |
|
13,104,702 |
|
|
155,028,625 |
|
|
|
|
|
|
|
|
|
|
|
232,291,812 |
|
|
|
HONG KONG 1.88% |
|
|
|
|
|
Bank of East Asia Ltd. |
|
6,596,000 |
|
|
39,948,941 |
BOC Hong Kong Holdings Ltd. |
|
13,095,000 |
|
|
33,966,267 |
Cheung Kong (Holdings) Ltd. |
|
5,820,000 |
|
|
82,545,280 |
|
|
|
14 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
CLP Holdings Ltd. |
|
5,335,000 |
|
$ |
36,094,969 |
Esprit Holdings Ltd. |
|
3,880,000 |
|
|
52,551,350 |
Foxconn International Holdings Ltd.a,b
|
|
7,760,000 |
|
|
22,606,996 |
Hang Lung Properties Ltd. |
|
9,700,000 |
|
|
36,191,024 |
Hang Seng Bank Ltd. |
|
2,716,000 |
|
|
43,032,614 |
Henderson Land Development Co. Ltd.b |
|
4,850,000 |
|
|
35,323,431 |
Hong Kong & China Gas Co. Ltd. (The)b
|
|
13,863,120 |
|
|
32,380,493 |
Hong Kong Exchanges & Clearing Ltd. |
|
5,335,000 |
|
|
88,686,600 |
Hongkong Electric Holdings Ltd. |
|
4,850,000 |
|
|
24,168,663 |
Hutchison Telecommunications International Ltd.b
|
|
2,596,000 |
|
|
3,250,701 |
Hutchison Whampoa Ltd. |
|
6,790,000 |
|
|
72,964,574 |
Li & Fung Ltd. |
|
7,962,200 |
|
|
28,130,309 |
Link REIT (The) |
|
9,215,000 |
|
|
19,286,593 |
MTR Corp. Ltd.b |
|
8,245,000 |
|
|
20,775,135 |
New World Development Co. Ltd.b |
|
10,871,599 |
|
|
26,948,925 |
PCCW Ltd. |
|
26,190,000 |
|
|
16,163,258 |
Sun Hung Kai Properties Ltd. |
|
5,820,000 |
|
|
74,811,308 |
Swire Pacific Ltd. Class A |
|
3,880,000 |
|
|
44,272,033 |
Techtronic Industries Co. Ltd. |
|
5,108,500 |
|
|
6,070,474 |
Wharf Holdings Ltd. (The)b |
|
6,790,000 |
|
|
28,413,672 |
|
|
|
|
|
|
|
|
|
|
|
868,583,610 |
|
|
|
IRELAND 0.86% |
|
|
|
|
|
Allied Irish Banks PLC |
|
3,110,790 |
|
|
81,970,444 |
Bank of Ireland |
|
3,585,120 |
|
|
68,459,506 |
C&C Group PLC |
|
3,372 |
|
|
27,695 |
CRH PLC |
|
1,844,575 |
|
|
82,944,492 |
DCC PLC |
|
539,320 |
|
|
15,983,073 |
DEPFA Bank PLC |
|
1,413,290 |
|
|
28,960,693 |
Elan Corp. PLCa |
|
1,622,810 |
|
|
29,366,689 |
Grafton Group PLCa |
|
1,448,210 |
|
|
20,101,356 |
Independent News & Media PLC |
|
3,762,630 |
|
|
16,739,048 |
Irish Life & Permanent PLC |
|
1,358,970 |
|
|
33,019,013 |
Kerry Group PLC Class A |
|
687,260 |
|
|
18,335,331 |
Ryanair Holdings PLCa |
|
177,504 |
|
|
1,287,775 |
|
|
|
|
|
|
|
|
|
|
|
397,195,115 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
ITALY 3.67% |
|
|
|
|
|
Alleanza Assicurazioni SpAb |
|
1,766,626 |
|
$ |
22,441,323 |
Arnoldo Mondadori Editore SpAb |
|
1,154,300 |
|
|
10,839,236 |
Assicurazioni Generali SpAb |
|
3,398,383 |
|
|
134,857,902 |
Atlantia SpA |
|
930,958 |
|
|
31,616,422 |
Autogrill SpAb |
|
956,183 |
|
|
20,078,083 |
Banca Monte dei Paschi di Siena SpAb
|
|
4,521,603 |
|
|
29,028,269 |
Banca Popolare di Milano Scrl |
|
1,785,770 |
|
|
25,935,628 |
Banco Popolare SpAa,b |
|
2,408,510 |
|
|
59,508,845 |
Bulgari SpA |
|
735,208 |
|
|
10,788,495 |
Capitalia SpA |
|
5,923,790 |
|
|
56,518,196 |
Enel SpA |
|
14,150,854 |
|
|
146,924,457 |
Eni SpA |
|
8,583,094 |
|
|
302,888,401 |
Fiat SpA |
|
2,268,830 |
|
|
67,610,827 |
Finmeccanica SpA |
|
1,183,140 |
|
|
35,953,814 |
Intesa Sanpaolo SpA |
|
25,891,240 |
|
|
197,939,235 |
Italcementi SpA |
|
468,218 |
|
|
12,978,634 |
Luxottica Group SpAb |
|
496,894 |
|
|
18,187,835 |
Mediaset SpA |
|
3,311,580 |
|
|
34,700,546 |
Mediobanca SpAb |
|
1,815,970 |
|
|
38,480,037 |
Mediolanum SpAb |
|
1,141,777 |
|
|
8,674,214 |
Parmalat SpA |
|
5,461,100 |
|
|
19,585,618 |
Pirelli & C. SpAa |
|
11,769,194 |
|
|
13,403,737 |
Snam Rete Gas SpAb |
|
3,902,102 |
|
|
21,686,053 |
Telecom Italia SpA |
|
35,349,710 |
|
|
95,422,024 |
UniCredito Italiano SpA German |
|
26,536,740 |
|
|
227,938,224 |
Unione di Banche Italiane ScpA |
|
2,310,540 |
|
|
57,467,761 |
|
|
|
|
|
|
|
|
|
|
|
1,701,453,816 |
|
|
|
JAPAN 21.33% |
|
|
|
|
|
Acom Co. Ltd.b |
|
291,000 |
|
|
10,387,183 |
Aderans Co. Ltd. |
|
291,000 |
|
|
5,437,996 |
Advantest Corp. |
|
582,000 |
|
|
22,680,721 |
AEON Co. Ltd. |
|
2,280,200 |
|
|
36,559,038 |
Aeon Credit Service Co. Ltd. |
|
582,090 |
|
|
8,267,032 |
AIFUL Corp.b |
|
485,000 |
|
|
12,179,482 |
Aisin Seiki Co. Ltd. |
|
776,000 |
|
|
30,697,182 |
Ajinomoto Co. Inc. |
|
1,940,000 |
|
|
23,527,989 |
All Nippon Airways Co. Ltd. |
|
1,940,000 |
|
|
7,332,129 |
Alps Electric Co. Ltd. |
|
1,067,000 |
|
|
10,610,406 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
15 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Amada Co. Ltd. |
|
1,940,000 |
|
$ |
22,745,895 |
Asahi Breweries Ltd. |
|
1,580,500 |
|
|
22,473,326 |
Asahi Glass Co. Ltd. |
|
3,313,000 |
|
|
44,520,220 |
Asahi Kasei Corp. |
|
3,880,000 |
|
|
27,796,917 |
Astellas Pharma Inc. |
|
1,746,090 |
|
|
71,858,572 |
Bank of Kyoto Ltd. (The) |
|
1,940,000 |
|
|
26,265,317 |
Bank of Yokohama Ltd. (The) |
|
3,880,000 |
|
|
27,112,586 |
Benesse Corp. |
|
291,000 |
|
|
8,994,079 |
Bridgestone Corp. |
|
1,940,000 |
|
|
41,059,925 |
Canon Inc. |
|
3,625,600 |
|
|
190,925,226 |
Casio Computer Co. Ltd.b |
|
1,164,000 |
|
|
17,812,187 |
Central Japan Railway Co. |
|
4,850 |
|
|
50,102,885 |
Chiba Bank Ltd. (The) |
|
2,910,000 |
|
|
24,611,515 |
Chubu Electric Power Co. Inc. |
|
2,037,000 |
|
|
51,153,823 |
Chugai Pharmaceutical Co. Ltd. |
|
970,000 |
|
|
16,741,696 |
Citizen Watch Co. Ltd. |
|
1,552,000 |
|
|
14,338,387 |
Coca-Cola West Japan Co. Ltd.b |
|
348,600 |
|
|
7,260,975 |
Credit Saison Co. Ltd. |
|
776,000 |
|
|
19,096,124 |
CSK Corp. |
|
291,000 |
|
|
9,409,566 |
Dai Nippon Printing Co. Ltd. |
|
1,940,000 |
|
|
28,497,543 |
Daicel Chemical Industries Ltd. |
|
970,000 |
|
|
6,501,154 |
Daido Steel Co. Ltd.b |
|
1,333,000 |
|
|
9,706,555 |
Daiichi Sankyo Co. Ltd. |
|
2,328,095 |
|
|
64,329,841 |
Daikin Industries Ltd. |
|
970,000 |
|
|
37,964,137 |
Daimaru Inc. (The) |
|
970,000 |
|
|
10,949,313 |
Dainippon Ink & Chemical Inc. |
|
2,910,000 |
|
|
11,413,681 |
Dainippon Screen Manufacturing Co. Ltd.b
|
|
970,000 |
|
|
7,144,753 |
Daito Trust Construction Co. Ltd. |
|
388,000 |
|
|
19,356,822 |
Daiwa House Industry Co. Ltd. |
|
1,940,000 |
|
|
25,532,104 |
Daiwa Securities Group Inc. |
|
4,850,000 |
|
|
51,895,183 |
Denso Corp. |
|
1,650,500 |
|
|
62,241,171 |
Dentsu Inc. |
|
5,820 |
|
|
14,859,783 |
DOWA HOLDINGS Co. Ltd. |
|
970,000 |
|
|
11,715,113 |
E*Trade Securities Co. Ltd.b |
|
6,800 |
|
|
7,424,516 |
East Japan Railway Co. |
|
11,640 |
|
|
86,421,366 |
Ebara Corp.b |
|
1,940,000 |
|
|
9,319,951 |
Eisai Co. Ltd. |
|
873,000 |
|
|
36,880,612 |
Electric Power Development Co. Ltd. |
|
485,000 |
|
|
16,660,227 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Elpida Memory Inc.a |
|
388,000 |
|
$ |
17,336,413 |
FamilyMart Co. Ltd. |
|
291,000 |
|
|
7,552,094 |
Fanuc Ltd. |
|
582,500 |
|
|
63,257,254 |
Fast Retailing Co. Ltd. |
|
35,400 |
|
|
2,006,887 |
Fuji Electric Holdings Co. Ltd. |
|
1,940,000 |
|
|
8,097,929 |
Fuji Television Network Inc. |
|
1,922 |
|
|
3,890,329 |
FUJIFILM Holdings Corp. |
|
1,746,000 |
|
|
76,107,504 |
Fujikura Ltd. |
|
1,940,000 |
|
|
12,073,573 |
Fujitsu Ltd. |
|
6,790,000 |
|
|
44,937,807 |
Fukuoka Financial Group Inc.a |
|
2,910,000 |
|
|
18,599,168 |
Furukawa Electric Co. Ltd. (The) |
|
1,180,000 |
|
|
6,550,876 |
Gunma Bank Ltd. |
|
1,940,000 |
|
|
12,920,842 |
Hankyu Hanshin Holdings Inc. |
|
3,880,000 |
|
|
19,584,933 |
Haseko Corp.a |
|
3,880,000 |
|
|
10,362,743 |
Hino Motors Ltd. |
|
970,000 |
|
|
6,827,027 |
Hirose Electric Co. Ltd. |
|
97,500 |
|
|
12,103,053 |
Hitachi Cable Ltd. |
|
970,000 |
|
|
5,987,906 |
Hitachi Ltd. |
|
10,672,000 |
|
|
76,455,852 |
Hokuhoku Financial Group Inc. |
|
4,850,000 |
|
|
15,478,940 |
Honda Motor Co. Ltd. |
|
5,173,800 |
|
|
186,850,376 |
Hoya Corp. |
|
1,415,400 |
|
|
44,935,220 |
IBIDEN Co. Ltd. |
|
485,000 |
|
|
35,764,498 |
IHI Corp.b |
|
4,850,000 |
|
|
18,615,462 |
INPEX Holdings Inc. |
|
3,170 |
|
|
31,948,935 |
Isetan Co. Ltd. |
|
970,500 |
|
|
15,478,768 |
Ito En Ltd. |
|
194,000 |
|
|
5,898,291 |
ITOCHU Corp. |
|
4,850,000 |
|
|
61,223,281 |
Itochu Techno-Science Corp. |
|
194,000 |
|
|
7,071,432 |
Japan Airlines Corp.a,b |
|
1,940,000 |
|
|
3,780,120 |
Japan Steel Works Ltd. (The) |
|
1,940,000 |
|
|
31,153,404 |
Japan Tobacco Inc. |
|
14,550 |
|
|
74,176,711 |
JFE Holdings Inc. |
|
1,940,875 |
|
|
133,830,964 |
JGC Corp. |
|
970,000 |
|
|
20,081,888 |
Joyo Bank Ltd. (The) |
|
2,910,000 |
|
|
16,986,100 |
JS Group Corp. |
|
970,480 |
|
|
18,339,394 |
JSR Corp. |
|
610,900 |
|
|
15,392,433 |
Kajima Corp. |
|
2,910,000 |
|
|
11,951,371 |
Kamigumi Co. Ltd. |
|
970,000 |
|
|
8,407,508 |
Kaneka Corp. |
|
198,000 |
|
|
1,619,720 |
Kansai Electric Power Co. Inc. (The) |
|
2,522,000 |
|
|
56,025,616 |
|
|
|
16 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Kao Corp. |
|
1,940,000 |
|
$ |
53,443,077 |
Kawasaki Heavy Industries Ltd. |
|
4,850,000 |
|
|
21,629,782 |
Kawasaki Kisen Kaisha Ltd. |
|
2,910,000 |
|
|
40,253,391 |
KDDI Corp. |
|
8,730 |
|
|
57,923,823 |
Keihin Electric Express Railway Co. Ltd.b
|
|
1,940,000 |
|
|
11,812,875 |
Keio Corp. |
|
1,940,000 |
|
|
12,203,922 |
Keyence Corp. |
|
194,081 |
|
|
41,745,386 |
Kikkoman Corp.b |
|
970,000 |
|
|
13,189,686 |
Kinden Corp. |
|
970,000 |
|
|
8,603,033 |
Kintetsu Corp.b |
|
5,820,000 |
|
|
17,206,064 |
Kirin Holdings Co. Ltd. |
|
2,910,000 |
|
|
41,279,889 |
Kobe Steel Ltd. |
|
9,700,000 |
|
|
37,882,669 |
Komatsu Ltd. |
|
2,910,000 |
|
|
92,873,640 |
Konami Corp. |
|
388,000 |
|
|
8,814,849 |
Konica Minolta Holdings Inc. |
|
1,940,000 |
|
|
28,856,003 |
Kubota Corp. |
|
3,880,000 |
|
|
32,456,893 |
Kuraray Co. Ltd. |
|
1,455,000 |
|
|
16,778,356 |
Kyocera Corp. |
|
582,000 |
|
|
56,212,993 |
Kyowa Hakko Kogyo Co. Ltd. |
|
1,940,000 |
|
|
19,552,345 |
Kyushu Electric Power Co. Inc. |
|
1,358,000 |
|
|
32,220,636 |
Lawson Inc. |
|
291,000 |
|
|
9,971,696 |
Leopalace21 Corp. |
|
485,000 |
|
|
15,356,738 |
Marubeni Corp. |
|
5,820,000 |
|
|
56,359,635 |
Marui Co. Ltd. |
|
1,358,000 |
|
|
15,351,850 |
Matsushita Electric Industrial Co. Ltd. |
|
6,790,868 |
|
|
124,051,047 |
Meiji Dairies Corp. |
|
1,940,000 |
|
|
11,454,416 |
Meiji Seika Kaisha Ltd. |
|
1,940,000 |
|
|
8,554,151 |
Meitec Corp.b |
|
194,000 |
|
|
5,539,831 |
Millea Holdings Inc. |
|
2,425,000 |
|
|
96,336,035 |
Minebea Co. Ltd. |
|
1,940,000 |
|
|
10,574,560 |
Mitsubishi Chemical Holdings Corp. |
|
3,670,500 |
|
|
33,478,881 |
Mitsubishi Corp. |
|
4,365,000 |
|
|
129,778,692 |
Mitsubishi Electric Corp. |
|
7,158,000 |
|
|
76,290,279 |
Mitsubishi Estate Co. Ltd. |
|
3,880,000 |
|
|
99,716,961 |
Mitsubishi Heavy Industries Ltd. |
|
10,670,000 |
|
|
75,545,375 |
Mitsubishi Materials Corp. |
|
4,850,000 |
|
|
31,283,753 |
Mitsubishi Rayon Co. Ltd. |
|
1,940,000 |
|
|
14,599,085 |
Mitsubishi UFJ Financial Group Inc. |
|
28,135 |
|
|
300,100,365 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Mitsubishi UFJ Securities Co. Ltd. |
|
970,000 |
|
$ |
10,517,532 |
Mitsui & Co. Ltd. |
|
4,850,000 |
|
|
114,462,688 |
Mitsui Chemicals Inc. |
|
1,940,000 |
|
|
15,104,187 |
Mitsui Engineering & Shipbuilding Co. Ltd. |
|
2,910,000 |
|
|
16,032,923 |
Mitsui Fudosan Co. Ltd. |
|
2,910,000 |
|
|
76,742,956 |
Mitsui Mining & Smelting Co. Ltd. |
|
2,910,000 |
|
|
14,077,688 |
Mitsui O.S.K. Lines Ltd. |
|
4,850,000 |
|
|
76,335,615 |
Mitsui Sumitomo Insurance Co. Ltd. |
|
3,880,160 |
|
|
44,972,249 |
Mitsui Trust Holdings Inc. |
|
2,910,000 |
|
|
25,882,417 |
Mitsukoshi Ltd.b |
|
1,940,000 |
|
|
9,271,070 |
Mizuho Financial Group Inc. |
|
32,015 |
|
|
226,402,637 |
Murata Manufacturing Co. Ltd. |
|
776,000 |
|
|
58,396,338 |
Namco Bandai Holdings Inc. |
|
873,000 |
|
|
13,689,086 |
NEC Corp. |
|
6,790,000 |
|
|
33,475,244 |
NGK Insulators Ltd. |
|
970,000 |
|
|
29,817,327 |
NGK Spark Plug Co. Ltd. |
|
970,000 |
|
|
17,760,047 |
Nichirei Corp. |
|
1,940,000 |
|
|
9,319,951 |
Nidec Corp. |
|
388,000 |
|
|
25,743,922 |
Nikko Cordial Corp. |
|
1,940,000 |
|
|
26,086,087 |
Nikon Corp. |
|
970,000 |
|
|
31,120,817 |
Nintendo Co. Ltd. |
|
316,200 |
|
|
154,561,290 |
Nippon Electric Glass Co. Ltd. |
|
970,500 |
|
|
15,169,029 |
Nippon Express Co. Ltd. |
|
2,910,000 |
|
|
15,812,959 |
Nippon Meat Packers Inc. |
|
970,000 |
|
|
10,517,532 |
Nippon Mining Holdings Inc. |
|
3,113,000 |
|
|
31,557,477 |
Nippon Oil Corp. |
|
4,850,000 |
|
|
43,463,234 |
Nippon Sheet Glass Co. Ltd. |
|
2,910,000 |
|
|
15,348,591 |
Nippon Steel Corp. |
|
21,340,000 |
|
|
161,306,849 |
Nippon Telegraph and Telephone Corp. |
|
16,976 |
|
|
73,427,455 |
Nippon Yusen Kabushiki Kaisha |
|
4,850,000 |
|
|
49,084,534 |
Nishimatsu Construction Co. Ltd.b |
|
1,940,000 |
|
|
6,696,678 |
Nissan Motor Co. Ltd. |
|
7,441,300 |
|
|
79,497,196 |
Nisshin Seifun Group Inc. |
|
1,027,200 |
|
|
9,584,842 |
Nisshin Steel Co. Ltd. |
|
3,880,000 |
|
|
17,075,715 |
Nissin Food Products Co. Ltd.b |
|
291,000 |
|
|
8,896,317 |
Nitto Denko Corp. |
|
582,000 |
|
|
30,697,182 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
17 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
NOK Corp. |
|
485,000 |
|
$ |
9,857,641 |
Nomura Holdings Inc. |
|
5,820,000 |
|
|
111,937,177 |
NSK Ltd. |
|
1,940,000 |
|
|
18,688,783 |
NTN Corp. |
|
1,940,000 |
|
|
16,000,336 |
NTT Data Corp. |
|
3,880 |
|
|
16,293,621 |
NTT DoCoMo Inc. |
|
62,085 |
|
|
86,037,249 |
Obayashi Corp. |
|
2,910,000 |
|
|
15,470,793 |
Oji Paper Co. Ltd. |
|
2,910,000 |
|
|
14,004,367 |
Okumura Corp.b |
|
970,000 |
|
|
5,173,225 |
Olympus Corp. |
|
970,000 |
|
|
40,000,840 |
Omron Corp. |
|
804,900 |
|
|
21,497,350 |
Oracle Corp. Japanb |
|
97,000 |
|
|
4,309,663 |
Oriental Land Co. Ltd. |
|
194,000 |
|
|
10,069,458 |
ORIX Corp. |
|
291,000 |
|
|
70,315,122 |
Osaka Gas Co. Ltd. |
|
6,790,000 |
|
|
23,381,346 |
Resona Holdings Inc.b |
|
19,400 |
|
|
42,037,543 |
Ricoh Co. Ltd. |
|
1,940,000 |
|
|
42,119,010 |
Rohm Co. Ltd. |
|
388,000 |
|
|
32,978,289 |
Sankyo Co. Ltd. |
|
291,000 |
|
|
11,633,646 |
SANYO Electric Co. Ltd.a,b |
|
8,730,000 |
|
|
13,564,440 |
Sapporo Hokuyo Holdings Inc. |
|
970 |
|
|
10,346,449 |
Sapporo Holdings Ltd.b |
|
1,940,000 |
|
|
11,666,233 |
SBI Holdings Inc. |
|
35,890 |
|
|
11,092,697 |
Secom Co. Ltd. |
|
873,500 |
|
|
38,515,727 |
Sega Sammy Holdings Inc. |
|
538 |
|
|
7,754 |
Seiko Epson Corp. |
|
582,000 |
|
|
17,059,421 |
Seino Holdings Co. Ltd. |
|
970,000 |
|
|
9,425,860 |
Sekisui Chemical Co. Ltd. |
|
1,940,000 |
|
|
15,201,949 |
Sekisui House Ltd. |
|
1,940,000 |
|
|
24,196,027 |
Seven & I Holdings Co. Ltd. |
|
2,773,280 |
|
|
77,795,785 |
77 Bank Ltd. (The) |
|
1,940,000 |
|
|
12,823,080 |
Sharp Corp. |
|
3,880,000 |
|
|
67,292,655 |
Shimano Inc. |
|
291,000 |
|
|
9,287,364 |
Shimizu Corp. |
|
1,940,000 |
|
|
11,617,352 |
Shin-Etsu Chemical Co. Ltd. |
|
1,261,000 |
|
|
93,517,238 |
Shinsei Bank Ltd. |
|
6,790,000 |
|
|
25,548,398 |
Shionogi & Co. Ltd. |
|
970,000 |
|
|
15,511,528 |
Shiseido Co. Ltd. |
|
970,000 |
|
|
20,692,899 |
Shizuoka Bank Ltd. (The) |
|
1,940,000 |
|
|
19,536,052 |
Showa Denko K.K. |
|
3,880,000 |
|
|
13,654,054 |
Showa Shell Sekiyu K.K. |
|
1,067,000 |
|
|
13,245,085 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
SMC Corp. |
|
194,000 |
|
$ |
25,841,683 |
SoftBank Corp.b |
|
2,522,000 |
|
|
53,271,994 |
Sojitz Corp. |
|
3,492,000 |
|
|
17,655,768 |
Sompo Japan Insurance Inc. |
|
2,910,000 |
|
|
33,947,759 |
Sony Corp. |
|
3,395,000 |
|
|
179,922,312 |
Stanley Electric Co. Ltd. |
|
610,900 |
|
|
14,545,849 |
Sumco Corp. |
|
485,000 |
|
|
25,173,645 |
Sumitomo Chemical Co. Ltd. |
|
5,820,000 |
|
|
43,601,730 |
Sumitomo Corp. |
|
3,880,000 |
|
|
75,928,274 |
Sumitomo Electric Industries Ltd. |
|
2,619,000 |
|
|
42,804,972 |
Sumitomo Heavy Industries Ltd. |
|
1,940,000 |
|
|
24,000,504 |
Sumitomo Metal Industries Ltd. |
|
14,550,000 |
|
|
84,563,894 |
Sumitomo Metal Mining Co. Ltd. |
|
1,940,000 |
|
|
47,414,438 |
Sumitomo Mitsui Financial Group Inc. |
|
22,310 |
|
|
202,366,775 |
Sumitomo Osaka Cement Co. Ltd. |
|
2,910,000 |
|
|
7,429,891 |
Sumitomo Realty & Development Co. Ltd. |
|
1,363,000 |
|
|
40,867,677 |
Sumitomo Trust and Banking Co. Ltd. (The) |
|
4,850,000 |
|
|
41,100,659 |
Suruga Bank Ltd. |
|
970,000 |
|
|
12,114,307 |
Suzuken Co. Ltd. |
|
291,040 |
|
|
9,044,203 |
T&D Holdings Inc. |
|
679,000 |
|
|
44,595,641 |
Taiheiyo Cement Corp. |
|
2,910,000 |
|
|
12,440,180 |
Taisei Corp. |
|
3,880,000 |
|
|
13,751,816 |
Taisho Pharmaceutical Co. Ltd. |
|
970,000 |
|
|
18,819,132 |
Taiyo Nippon Sanso Corp. |
|
970,000 |
|
|
8,757,821 |
Takara Holdings Inc. |
|
970,000 |
|
|
6,012,347 |
Takashimaya Co. Ltd. |
|
975,000 |
|
|
10,989,376 |
Takeda Pharmaceutical Co. Ltd. |
|
2,813,000 |
|
|
183,335,825 |
Takefuji Corp. |
|
475,300 |
|
|
14,770,167 |
TDK Corp. |
|
388,000 |
|
|
33,727,796 |
Teijin Ltd. |
|
2,910,000 |
|
|
15,837,400 |
Terumo Corp. |
|
582,000 |
|
|
24,733,717 |
THK Co. Ltd. |
|
485,000 |
|
|
11,507,370 |
Tobu Railway Co. Ltd. |
|
2,910,000 |
|
|
12,733,465 |
Toda Corp. |
|
1,940,000 |
|
|
10,607,147 |
Toho Co. Ltd. |
|
776,000 |
|
|
14,273,212 |
Tohoku Electric Power Co. Inc. |
|
1,552,000 |
|
|
34,412,127 |
Tokuyama Corp. |
|
970,000 |
|
|
14,256,918 |
|
|
|
18 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Tokyo Broadcasting System Inc.b |
|
169,100 |
|
$ |
4,573,149 |
Tokyo Electric Power Co. Inc. (The) |
|
3,880,000 |
|
|
103,301,558 |
Tokyo Electron Ltd. |
|
582,000 |
|
|
42,135,304 |
Tokyo Gas Co. Ltd. |
|
8,730,000 |
|
|
38,053,752 |
Tokyo Steel Manufacturing Co. Ltd. |
|
485,000 |
|
|
7,967,581 |
Tokyo Tatemono Co. Ltd. |
|
1,940,000 |
|
|
23,642,044 |
Tokyu Corp. |
|
3,880,000 |
|
|
24,147,147 |
Tokyu Land Corp. |
|
1,940,000 |
|
|
18,379,205 |
TonenGeneral Sekiyu K.K. |
|
1,940,000 |
|
|
18,949,481 |
Toppan Printing Co. Ltd. |
|
1,940,000 |
|
|
21,067,653 |
Toray Industries Inc. |
|
4,850,000 |
|
|
38,819,552 |
Toshiba Corp. |
|
9,700,000 |
|
|
91,407,215 |
Tosoh Corp. |
|
1,940,000 |
|
|
11,601,058 |
TOTO Ltd.b |
|
1,940,000 |
|
|
16,489,145 |
Toyo Seikan Kaisha Ltd. |
|
679,000 |
|
|
11,918,784 |
Toyobo Co. Ltd. |
|
2,910,000 |
|
|
7,869,819 |
Toyoda Gosei Co. Ltd. |
|
291,000 |
|
|
9,287,364 |
Toyota Industries Corp. |
|
873,500 |
|
|
39,689,539 |
Toyota Motor Corp. |
|
9,215,000 |
|
|
557,241,843 |
Toyota Tsusho Corp. |
|
679,000 |
|
|
17,792,634 |
Trend Micro Inc. |
|
485,000 |
|
|
14,908,663 |
Ube Industries Ltd. |
|
3,880,000 |
|
|
11,731,407 |
Uni-Charm Corp. |
|
194,000 |
|
|
10,574,561 |
UNY Co. Ltd. |
|
972,000 |
|
|
10,310,637 |
USS Co. Ltd. |
|
135,800 |
|
|
9,078,806 |
West Japan Railway Co. |
|
6,790 |
|
|
30,737,916 |
Yahoo! Japan Corp. |
|
58,200 |
|
|
18,159,241 |
Yamada Denki Co. Ltd. |
|
291,000 |
|
|
29,059,673 |
Yamaha Corp. |
|
610,700 |
|
|
13,335,741 |
Yamaha Motor Co. Ltd. |
|
873,000 |
|
|
24,709,276 |
Yamato Holdings Co. Ltd. |
|
1,940,000 |
|
|
28,921,177 |
Yaskawa Electric Corp. |
|
970,000 |
|
|
11,861,756 |
Yokogawa Electric Corp. |
|
970,000 |
|
|
13,263,008 |
|
|
|
|
|
|
|
|
|
|
|
9,879,172,135 |
|
|
|
NETHERLANDS 3.58% |
|
|
|
|
|
ABN AMRO Holding NV |
|
5,985,224 |
|
|
289,945,806 |
Aegon NV |
|
4,929,540 |
|
|
90,690,443 |
Akzo Nobel NV |
|
887,155 |
|
|
73,530,837 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
ASML Holding NVa |
|
1,622,810 |
|
$ |
48,648,298 |
Corporate Express NVb |
|
717,800 |
|
|
9,864,908 |
Hagemeyer NV |
|
2,213,540 |
|
|
11,786,716 |
Heineken NV |
|
821,325 |
|
|
52,458,472 |
ING Groep NV |
|
6,252,620 |
|
|
268,064,713 |
Koninklijke Ahold NVa |
|
5,318,408 |
|
|
67,996,160 |
Koninklijke DSM NV |
|
576,180 |
|
|
30,010,187 |
Koninklijke KPN NV |
|
6,621,516 |
|
|
103,599,945 |
Koninklijke Philips |
|
|
|
|
|
Electronics NV |
|
4,020,867 |
|
|
164,623,557 |
QIAGEN NVa,b |
|
724,590 |
|
|
12,636,233 |
Randstad Holding NVb |
|
170,720 |
|
|
11,294,241 |
Reed Elsevier NV |
|
2,444,400 |
|
|
45,104,308 |
Royal Numico NV |
|
592,670 |
|
|
43,451,960 |
SBM Offshore NV |
|
712,062 |
|
|
29,553,088 |
TNT NV |
|
1,485,070 |
|
|
64,156,370 |
Unilever NV |
|
5,446,363 |
|
|
166,699,479 |
Vedior NV |
|
654,182 |
|
|
17,193,159 |
Wereldhave NV |
|
213,400 |
|
|
27,394,319 |
Wolters Kluwer NV CVA |
|
1,034,020 |
|
|
30,573,035 |
|
|
|
|
|
|
|
|
|
|
|
1,659,276,234 |
|
|
|
NORWAY 1.04% |
|
|
|
|
|
DnB NOR ASA |
|
2,988,570 |
|
|
39,881,134 |
Frontline Ltd.b |
|
228,920 |
|
|
10,811,837 |
Marine Harvest ASAa,b |
|
9,725,220 |
|
|
12,309,771 |
Norsk Hydro ASA |
|
2,551,564 |
|
|
99,037,108 |
Ocean Rig ASAa,b |
|
929,260 |
|
|
6,591,289 |
Orkla ASA |
|
2,834,246 |
|
|
54,274,453 |
Petroleum Geo-Services ASAa |
|
632,440 |
|
|
15,152,231 |
Renewable Energy Corp. ASAa |
|
579,164 |
|
|
23,176,109 |
Schibsted ASA |
|
393,463 |
|
|
17,434,386 |
SeaDrill Ltd.a |
|
908,890 |
|
|
18,536,511 |
Statoil ASA |
|
2,406,232 |
|
|
71,906,772 |
Storebrand ASA |
|
1,020,980 |
|
|
15,570,883 |
Tandberg ASA |
|
419,040 |
|
|
9,679,676 |
Telenor ASAa |
|
2,838,220 |
|
|
52,278,895 |
TGS-NOPEC Geophysical Co. ASAa,b |
|
523,800 |
|
|
10,277,909 |
Tomra Systems ASAb |
|
900,337 |
|
|
7,058,768 |
Yara International ASA |
|
736,619 |
|
|
19,957,003 |
|
|
|
|
|
|
|
|
|
|
|
483,934,735 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
19 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
PORTUGAL 0.48% |
|
|
|
|
|
Banco Comercial Portugues SA Class Rb |
|
8,351,828 |
|
$ |
42,985,823 |
Banco Espirito Santo SA |
|
1,619,719 |
|
|
38,157,192 |
Brisa-Auto Estradas de Portugal SAb
|
|
2,100,827 |
|
|
28,785,928 |
Energias de Portugal SA |
|
7,702,869 |
|
|
43,968,781 |
Portugal Telecom SGPS SA |
|
2,819,094 |
|
|
39,669,665 |
PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SAb |
|
442,355 |
|
|
7,151,164 |
Sonae Industria SGPS SAa |
|
598,490 |
|
|
8,503,743 |
Sonae SGPS SA |
|
5,150,930 |
|
|
15,159,329 |
|
|
|
|
|
|
|
|
|
|
|
224,381,625 |
|
|
|
SINGAPORE 1.11% |
|
|
|
|
|
CapitaLand Ltd.b |
|
5,820,000 |
|
|
28,765,363 |
Chartered Semiconductor Manufacturing Ltd.a,b
|
|
8,730,000 |
|
|
6,500,972 |
City Developments Ltd.b |
|
2,910,000 |
|
|
29,148,901 |
ComfortDelGro Corp. Ltd. |
|
10,670,000 |
|
|
14,555,273 |
DBS Group Holdings Ltd. |
|
3,880,000 |
|
|
59,064,878 |
Fraser and Neave Ltd. |
|
9,700,150 |
|
|
33,560,109 |
Haw Par Corp. Ltd. |
|
2,934,775 |
|
|
15,568,841 |
Keppel Corp Ltd. |
|
3,880,000 |
|
|
34,518,436 |
Oversea-Chinese Banking Corp. |
|
9,701,200 |
|
|
58,177,152 |
Singapore Airlines Ltd. |
|
2,910,000 |
|
|
37,203,203 |
Singapore Press Holdings Ltd. |
|
10,670,750 |
|
|
31,644,123 |
Singapore Technologies Engineering Ltd. |
|
7,760,000 |
|
|
18,921,217 |
Singapore Telecommunications Ltd. |
|
26,190,285 |
|
|
60,407,920 |
United Overseas Bank Ltd. |
|
4,850,000 |
|
|
71,913,407 |
UOL Group Ltd. |
|
4,125,000 |
|
|
14,679,232 |
|
|
|
|
|
|
|
|
|
|
|
514,629,027 |
|
|
|
SPAIN 4.23% |
|
|
|
|
|
Abertis Infraestructuras SAb |
|
1,175,840 |
|
|
34,798,440 |
Abertis Infraestructuras SA Temporaryb,c
|
|
57,944 |
|
|
1,714,826 |
Acciona SA |
|
139,680 |
|
|
36,471,585 |
Acerinox SAb |
|
1,016,560 |
|
|
26,689,318 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Actividades de Construcciones y Servicios SA |
|
963,210 |
|
$ |
57,934,451 |
Altadis SA |
|
1,008,800 |
|
|
66,462,518 |
Antena 3 de Television SAa,b |
|
778,910 |
|
|
15,022,912 |
Banco Bilbao Vizcaya Argentaria SA |
|
11,352,880 |
|
|
281,747,267 |
Banco Popular Espanol SA |
|
3,363,960 |
|
|
60,920,930 |
Banco Santander Central Hispano SA |
|
20,058,630 |
|
|
382,204,999 |
Cintra Concesiones de Infraestructuras de Transporte SAb |
|
1,290,474 |
|
|
19,837,406 |
Endesa SAb |
|
2,750,920 |
|
|
148,778,731 |
Gas Natural SDG SA |
|
809,950 |
|
|
47,042,144 |
Grupo Ferrovial SAb |
|
283,240 |
|
|
25,608,448 |
Iberdrola SAb |
|
3,137,950 |
|
|
177,098,635 |
Iberia Lineas Aereas de Espana SAb
|
|
3,208,336 |
|
|
15,195,388 |
Industria de Diseno Textil SAa |
|
786,670 |
|
|
47,779,090 |
Repsol YPF SA |
|
3,067,776 |
|
|
117,329,145 |
Telefonica SA |
|
14,769,257 |
|
|
349,550,157 |
Union Fenosa SA |
|
608,795 |
|
|
33,600,633 |
Zeltia SAb |
|
1,100,950 |
|
|
12,478,253 |
|
|
|
|
|
|
|
|
|
|
|
1,958,265,276 |
|
|
|
SWEDEN 2.63% |
|
|
|
|
|
Assa Abloy AB Class B |
|
1,167,074 |
|
|
25,548,526 |
Atlas Copco AB Class A |
|
2,402,917 |
|
|
42,171,141 |
Atlas Copco AB Class B |
|
1,597,877 |
|
|
26,086,239 |
Boliden AB |
|
974,850 |
|
|
22,715,008 |
Electrolux AB Series B |
|
1,039,161 |
|
|
26,372,687 |
Eniro ABb |
|
700,499 |
|
|
8,732,976 |
Hennes & Mauritz AB Class B |
|
1,637,425 |
|
|
95,141,199 |
Hoganas AB Class Bb |
|
258,990 |
|
|
7,476,151 |
Holmen AB Class Bb |
|
286,150 |
|
|
12,124,820 |
Husqvarna AB |
|
1,039,161 |
|
|
14,535,824 |
Lundin Petroleum ABa,b |
|
1,121,320 |
|
|
12,023,831 |
Modern Times Group MTG AB Class B |
|
194,000 |
|
|
12,006,412 |
Nordea Bank AB |
|
7,019,073 |
|
|
114,381,961 |
Oriflame Cosmetics SA |
|
250,940 |
|
|
12,830,234 |
Sandvik AB |
|
3,451,260 |
|
|
70,941,912 |
Scania AB Class B |
|
1,662,095 |
|
|
40,208,594 |
|
|
|
20 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Securitas AB Class B |
|
1,330,840 |
|
$ |
20,541,617 |
Securitas Direct AB Class Ba,b |
|
1,224,140 |
|
|
3,324,740 |
Securitas Systems AB Class B |
|
1,188,250 |
|
|
4,197,205 |
Skandinaviska Enskilda Banken AB Class A |
|
1,752,650 |
|
|
60,867,644 |
Skanska AB Class B |
|
1,441,420 |
|
|
31,393,815 |
SKF AB |
|
1,340,540 |
|
|
28,450,589 |
SSAB Svenskt Stal AB Class Ab |
|
887,550 |
|
|
32,601,942 |
Svenska Cellulosa AB Class B |
|
1,888,590 |
|
|
33,705,301 |
Svenska Handelsbanken AB Class A |
|
1,895,750 |
|
|
55,005,139 |
Swedish Match AB |
|
1,390,716 |
|
|
27,348,264 |
Tele2 AB Class B |
|
1,257,120 |
|
|
22,155,716 |
Telefonaktiebolaget LM Ericsson AB Class B |
|
49,563,120 |
|
|
188,310,285 |
TeliaSonera AB |
|
6,948,110 |
|
|
53,364,504 |
Trelleborg AB Class B |
|
646,155 |
|
|
16,590,453 |
Volvo AB Class A |
|
1,726,571 |
|
|
32,479,389 |
Volvo AB Class B |
|
3,560,335 |
|
|
66,314,734 |
|
|
|
|
|
|
|
|
|
|
|
1,219,948,852 |
|
|
|
SWITZERLAND 6.60% |
|
|
|
|
|
ABB Ltd. Registered |
|
6,974,300 |
|
|
171,256,910 |
Adecco SA Registered |
|
467,748 |
|
|
32,785,893 |
Ciba Specialty Chemicals AG Registered |
|
433,590 |
|
|
26,536,400 |
Clariant AG Registereda |
|
959,330 |
|
|
15,026,899 |
Compagnie Financiere Richemont AG Class A |
|
1,787,306 |
|
|
113,321,795 |
Credit Suisse Group Registered |
|
3,828,493 |
|
|
254,511,750 |
Geberit AG Registered |
|
169,965 |
|
|
27,908,496 |
Givaudan SA Registered |
|
32,980 |
|
|
31,078,046 |
Holcim Ltd. Registered |
|
706,197 |
|
|
75,643,006 |
Kuoni Reisen Holding AG Registered |
|
19,400 |
|
|
11,542,629 |
Logitech International SA Registereda
|
|
717,967 |
|
|
19,568,986 |
Lonza Group AG Registered |
|
203,545 |
|
|
19,315,971 |
Nestle SA Registered |
|
1,312,410 |
|
|
507,122,029 |
Nobel Biocare Holding AG |
|
85,269 |
|
|
25,862,710 |
Novartis AG Registered |
|
7,704,710 |
|
|
418,080,075 |
OC Oerlikon Corp. AG Registereda,b |
|
37,830 |
|
|
16,943,967 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Phonak Holding AG Registered |
|
175,570 |
|
$ |
17,011,353 |
Roche Holding AG |
|
2,366,800 |
|
|
422,066,877 |
SGS SA Registered |
|
17,275 |
|
|
20,958,534 |
Sulzer AG Registered |
|
16,301 |
|
|
21,700,351 |
Swatch Group AG (The) Class B |
|
133,581 |
|
|
40,682,596 |
Swatch Group AG (The) Registered |
|
373,781 |
|
|
22,037,362 |
Swiss Life Holding |
|
120,280 |
|
|
29,935,067 |
Swiss Reinsurance Co. Registered |
|
1,185,340 |
|
|
102,439,222 |
Syngenta AG Registered |
|
363,163 |
|
|
68,806,019 |
Synthes Inc. |
|
234,740 |
|
|
27,543,035 |
UBS AG Registered |
|
6,696,880 |
|
|
375,913,449 |
Zurich Financial Services AG Registered |
|
486,060 |
|
|
142,982,583 |
|
|
|
|
|
|
|
|
|
|
|
3,058,582,010 |
|
|
|
UNITED KINGDOM 22.73% |
|
|
|
|
|
Acergy SA |
|
776,970 |
|
|
20,983,501 |
Aegis Group PLC |
|
4,441,677 |
|
|
11,552,909 |
Aggreko PLC |
|
1,457,910 |
|
|
16,338,441 |
AMEC PLC |
|
1,392,920 |
|
|
18,171,702 |
Anglo American PLC |
|
4,502,640 |
|
|
265,704,082 |
ARM Holdings PLC |
|
5,641,520 |
|
|
16,995,159 |
AstraZeneca PLC |
|
5,112,330 |
|
|
265,841,975 |
Aviva PLC |
|
8,415,720 |
|
|
118,169,042 |
BAE Systems PLC |
|
10,888,250 |
|
|
93,480,104 |
Balfour Beatty PLC |
|
1,786,740 |
|
|
15,820,972 |
Barclays PLCd |
|
21,121,080 |
|
|
300,004,443 |
Barratt Developments PLC |
|
982,610 |
|
|
18,669,263 |
BBA Aviation PLC |
|
1,821,660 |
|
|
9,124,701 |
Berkeley Group Holdings PLC (The)a |
|
496,775 |
|
|
16,636,092 |
BG Group PLC |
|
11,379,295 |
|
|
186,836,235 |
BHP Billiton PLC |
|
8,015,391 |
|
|
239,917,457 |
Biffa PLC |
|
1,277,490 |
|
|
6,470,339 |
BP PLC |
|
64,529,964 |
|
|
757,264,869 |
British Airways PLCa |
|
2,054,460 |
|
|
16,605,130 |
British American Tobacco PLC |
|
5,027,631 |
|
|
163,462,361 |
British Energy Group PLC |
|
3,589,000 |
|
|
36,501,602 |
British Land Co. PLC |
|
2,032,320 |
|
|
51,333,114 |
British Sky Broadcasting Group PLC |
|
3,796,082 |
|
|
51,296,959 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
21 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
BT Group PLC |
|
27,403,908 |
|
$ |
175,411,250 |
Bunzl PLC |
|
1,521,930 |
|
|
20,380,484 |
Burberry Group PLC |
|
1,736,300 |
|
|
22,580,790 |
Cable & Wireless PLC |
|
8,250,820 |
|
|
28,468,802 |
Cadbury Schweppes PLC |
|
6,460,841 |
|
|
81,398,262 |
Capita Group PLC |
|
2,279,500 |
|
|
33,373,978 |
Carnival PLC |
|
629,530 |
|
|
27,810,600 |
Cattles PLC |
|
1,691,680 |
|
|
12,753,415 |
Centrica PLC |
|
12,337,146 |
|
|
90,313,585 |
Charter PLCa |
|
644,080 |
|
|
15,142,848 |
Close Brothers Group PLC |
|
733,320 |
|
|
12,137,214 |
Cobham PLC |
|
4,953,512 |
|
|
19,351,470 |
Compass Group PLC |
|
7,753,210 |
|
|
52,857,725 |
Cookson Group PLC |
|
808,010 |
|
|
11,386,692 |
Daily Mail & General Trust PLC Class A |
|
1,194,290 |
|
|
17,485,505 |
De La Rue PLC |
|
756,858 |
|
|
11,488,661 |
Diageo PLC |
|
8,899,034 |
|
|
183,002,814 |
DSG International PLC |
|
8,133,450 |
|
|
25,865,658 |
Electrocomponents PLC |
|
1,795,470 |
|
|
9,267,151 |
Emap PLC |
|
958,360 |
|
|
16,436,355 |
EMI Group PLCb |
|
3,211,670 |
|
|
16,576,736 |
Enterprise Inns PLC |
|
2,571,981 |
|
|
35,461,083 |
Experian Group Ltd. |
|
3,522,070 |
|
|
40,795,027 |
First Choice Holidays PLC |
|
2,589,900 |
|
|
16,314,700 |
FKI PLC |
|
2,909,030 |
|
|
6,591,093 |
Friends Provident PLC |
|
6,319,754 |
|
|
24,014,645 |
G4S PLC |
|
3,843,140 |
|
|
17,044,130 |
GKN PLC |
|
2,898,360 |
|
|
22,792,800 |
GlaxoSmithKline PLC |
|
18,943,130 |
|
|
483,092,011 |
Great Portland Estates PLC |
|
1,801,290 |
|
|
23,773,723 |
Hammerson PLC |
|
1,299,800 |
|
|
31,695,103 |
Hanson PLC |
|
2,557,545 |
|
|
56,492,035 |
Hays PLC |
|
5,939,586 |
|
|
19,552,648 |
HBOS PLC |
|
12,510,171 |
|
|
246,459,435 |
Home Retail Group PLC |
|
3,229,130 |
|
|
27,034,425 |
HSBC Holdings PLC |
|
37,878,500 |
|
|
703,514,994 |
ICAP PLC |
|
2,117,077 |
|
|
20,638,875 |
IMI PLC |
|
1,584,010 |
|
|
18,990,846 |
Imperial Chemical Industries PLC |
|
4,067,560 |
|
|
51,576,628 |
Imperial Tobacco Group PLC |
|
2,259,276 |
|
|
99,577,961 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Inchcape PLC |
|
2,254,635 |
|
$ |
21,338,481 |
InterContinental Hotels Group PLC |
|
1,225,015 |
|
|
28,228,568 |
International Personal Finance PLCa |
|
980,345 |
|
|
4,382,642 |
International Power PLC |
|
5,242,850 |
|
|
44,079,822 |
Invensys PLCa |
|
2,838,527 |
|
|
22,005,030 |
INVESCO PLC |
|
2,749,515 |
|
|
34,807,957 |
Investec PLC |
|
1,219,290 |
|
|
15,349,093 |
ITV PLC |
|
13,805,621 |
|
|
28,698,948 |
J Sainsbury PLC |
|
5,034,455 |
|
|
58,670,566 |
Johnson Matthey PLC |
|
824,500 |
|
|
28,616,263 |
Kesa Electricals PLC |
|
2,417,240 |
|
|
15,914,726 |
Kingfisher PLC |
|
8,769,770 |
|
|
38,002,453 |
Land Securities Group PLC |
|
1,718,840 |
|
|
59,097,648 |
Legal & General Group PLC |
|
22,220,760 |
|
|
63,350,635 |
Lloyds TSB Group PLC |
|
18,530,289 |
|
|
210,111,963 |
LogicaCMG PLC |
|
6,110,030 |
|
|
19,213,584 |
London Stock Exchange Group PLCb |
|
947,690 |
|
|
26,055,445 |
Man Group PLC |
|
6,082,372 |
|
|
70,203,005 |
Marks & Spencer Group PLC |
|
5,785,390 |
|
|
74,299,195 |
Meggitt PLC |
|
2,790,874 |
|
|
17,523,994 |
Misys PLC |
|
2,078,710 |
|
|
10,137,702 |
Mitchells & Butlers PLC |
|
2,578,747 |
|
|
40,951,716 |
Mondi PLCa |
|
1,222,919 |
|
|
10,729,128 |
National Express Group PLC |
|
594,610 |
|
|
14,003,933 |
National Grid PLC |
|
8,848,145 |
|
|
126,308,608 |
Next PLC |
|
905,100 |
|
|
34,926,568 |
Old Mutual PLC |
|
17,660,297 |
|
|
58,710,488 |
Pearson PLC |
|
2,756,740 |
|
|
44,646,613 |
Persimmon PLC |
|
1,048,570 |
|
|
24,737,969 |
Provident Financial PLC |
|
506,173 |
|
|
9,359,976 |
Prudential PLC |
|
8,004,440 |
|
|
111,174,162 |
Punch Taverns PLC |
|
1,056,330 |
|
|
24,921,043 |
Reckitt Benckiser PLC |
|
1,937,300 |
|
|
104,401,031 |
Reed Elsevier PLC |
|
4,606,530 |
|
|
57,334,283 |
Rentokil Initial PLC |
|
6,265,230 |
|
|
19,956,251 |
Resolution PLC |
|
2,360,980 |
|
|
31,664,354 |
Reuters Group PLC |
|
4,437,206 |
|
|
55,993,238 |
Rexam PLC |
|
1,750,850 |
|
|
17,895,808 |
|
|
|
22 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Rio Tinto PLC |
|
3,386,040 |
|
$ |
248,114,529 |
Rolls-Royce Group PLCa |
|
5,899,921 |
|
|
61,143,566 |
Royal & Sun Alliance Insurance Group PLC |
|
10,771,850 |
|
|
29,199,843 |
Royal Bank of Scotland Group PLC |
|
31,172,922 |
|
|
375,318,747 |
Royal Dutch Shell PLC Class A |
|
12,233,988 |
|
|
480,048,054 |
Royal Dutch Shell PLC Class B |
|
9,008,390 |
|
|
358,787,778 |
SABMiller PLC |
|
2,909,030 |
|
|
75,250,778 |
Sage Group PLC |
|
4,482,370 |
|
|
21,063,175 |
Scottish & Newcastle PLC |
|
2,954,375 |
|
|
35,600,386 |
Scottish & Southern Energy PLC |
|
2,816,880 |
|
|
82,941,354 |
Serco Group PLC |
|
1,890,530 |
|
|
16,903,266 |
Sergo PLC |
|
2,202,870 |
|
|
24,217,010 |
Severn Trent PLC |
|
799,961 |
|
|
20,969,734 |
Signet Group PLC |
|
7,382,670 |
|
|
14,739,420 |
Smith & Nephew PLC |
|
3,231,070 |
|
|
38,704,776 |
Smiths Group PLC |
|
1,246,412 |
|
|
26,518,118 |
Smiths Group PLC Deferredc |
|
1,829,173 |
|
|
372 |
Stagecoach Group PLC |
|
1,892,384 |
|
|
8,190,742 |
Stagecoach Group PLC Class C Deferredc |
|
3,270,720 |
|
|
665 |
Standard Life PLC |
|
6,866,630 |
|
|
43,046,040 |
Tate & Lyle PLC |
|
1,722,720 |
|
|
19,901,213 |
TaylorWimpey PLC |
|
4,589,969 |
|
|
30,802,571 |
Tesco PLC |
|
26,237,970 |
|
|
217,399,525 |
3i Group PLC |
|
1,458,938 |
|
|
31,958,765 |
Tomkins PLC |
|
3,064,230 |
|
|
14,772,771 |
Trinity Mirror PLC |
|
1,267,790 |
|
|
13,190,209 |
Unilever PLC |
|
3,957,975 |
|
|
124,663,448 |
United Business Media PLC |
|
1,000,330 |
|
|
15,702,766 |
United Utilities PLC |
|
2,953,650 |
|
|
40,363,211 |
Vodafone Group PLC |
|
175,859,060 |
|
|
536,031,604 |
Whitbread PLC |
|
946,738 |
|
|
32,223,968 |
William Hill PLC |
|
1,990,831 |
|
|
24,596,446 |
Wolseley PLC |
|
2,167,950 |
|
|
47,710,296 |
WPP Group PLC |
|
3,875,150 |
|
|
56,105,802 |
Xstrata PLC |
|
2,030,355 |
|
|
131,942,537 |
Yell Group PLC |
|
2,802,330 |
|
|
26,479,307 |
|
|
|
|
|
|
|
|
|
|
|
10,528,488,290 |
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $33,606,645,852) |
|
|
45,951,570,023 |
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
PREFERRED STOCKS 0.48% |
|
|
GERMANY 0.32% |
|
Henkel KGaA |
|
655,305 |
|
$ |
35,737,048 |
|
Porsche AG |
|
30,070 |
|
|
55,087,840 |
|
ProSiebenSat.1 Media AG |
|
341,440 |
|
|
12,436,986 |
|
Volkswagen AG |
|
388,090 |
|
|
44,119,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
147,381,106 |
|
|
|
|
ITALY 0.16% |
|
|
|
|
|
|
Intesa Sanpaolo SpA RNC |
|
3,334,960 |
|
|
23,966,565 |
|
Telecom Italia SpA RNC |
|
22,806,640 |
|
|
49,606,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
73,573,348 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS (Cost: $143,674,371) |
|
|
220,954,454 |
|
|
RIGHTS 0.00% |
|
|
SWEDEN 0.00% |
|
SSAB Svenskt Stal AB Class Ac |
|
884,805 |
|
|
3,036,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,036,719 |
|
|
|
|
|
|
|
|
|
|
TOTAL RIGHTS (Cost: $0) |
|
|
3,036,719 |
|
|
SHORT-TERM INVESTMENTS 2.81% |
|
|
|
MONEY MARKET FUNDS 2.81% |
|
|
|
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%d,e |
|
186,002 |
|
|
186,002 |
|
BGI Cash Premier Fund LLC 5.34%d,e,f
|
|
1,301,813,682 |
|
|
1,301,813,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,301,999,684 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $1,301,999,684) |
|
|
1,301,999,684 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 102.48% (Cost: $35,052,319,907) |
|
|
47,477,560,880 |
|
|
|
Other Assets, Less Liabilities (2.48)% |
|
|
(1,151,007,680 |
) |
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
$ |
46,326,553,200 |
|
|
|
|
|
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
23 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE INDEX FUND
July 31, 2007
ADR American Depositary Receipts
SP ADR Sponsored American Depositary Receipts
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Security valued at fair value in accordance with procedures approved by the Board of Trustees. See Note 1.
|
d |
Affiliated issuer. See Note 2. |
e |
The rate quoted is the annualized seven-day yield of the fund at period end. |
f |
This security represents an investment of securities lending collateral. See Note 5.
|
See notes to financial statements.
|
|
|
24 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.34% |
|
|
|
|
|
|
|
|
AUSTRALIA 6.16% |
|
|
|
|
|
Alinta Ltd. |
|
45,570 |
|
$ |
577,466 |
Alumina Ltd. |
|
88,400 |
|
|
552,910 |
AMP Ltd. |
|
65,392 |
|
|
563,640 |
Aristocrat Leisure Ltd. |
|
28,448 |
|
|
332,708 |
Asciano Groupa |
|
44,511 |
|
|
363,064 |
ASX Ltd. |
|
12,325 |
|
|
517,971 |
AXA Asia Pacific Holdings Ltd. |
|
50,463 |
|
|
317,790 |
Babcock & Brown Ltd. |
|
18,751 |
|
|
452,897 |
BHP Billiton Ltd. |
|
253,113 |
|
|
8,024,087 |
Billabong International Ltd. |
|
14,952 |
|
|
207,792 |
Brambles Ltd.a |
|
128,080 |
|
|
1,215,907 |
Cochlear Ltd. |
|
4,641 |
|
|
245,742 |
Coles Group Ltd. |
|
91,375 |
|
|
1,135,989 |
Computershare Ltd. |
|
37,056 |
|
|
317,178 |
CSL Ltd. |
|
13,583 |
|
|
1,035,193 |
Fortescue Metals Group Ltd.a |
|
8,768 |
|
|
248,135 |
Fosters Group Ltd. |
|
167,779 |
|
|
849,581 |
Harvey Norman Holdings Ltd. |
|
59,364 |
|
|
269,066 |
James Hardie Industries NV |
|
33,473 |
|
|
216,245 |
Leighton Holdings Ltd. |
|
14,144 |
|
|
475,048 |
Lend Lease Corp. Ltd. |
|
34,068 |
|
|
543,800 |
Macquarie Bank Ltd. |
|
18,519 |
|
|
1,309,034 |
Macquarie Communications Infrastructure Group |
|
31,472 |
|
|
160,982 |
National Australia Bank Ltd. |
|
59,184 |
|
|
1,945,192 |
Newcrest Mining Ltd. |
|
25,891 |
|
|
552,367 |
Orica Ltd. |
|
24,685 |
|
|
591,146 |
Origin Energy Ltd. |
|
78,187 |
|
|
658,518 |
Paladin Resources Ltd.a |
|
39,648 |
|
|
243,908 |
Publishing & Broadcasting Ltd. |
|
13,376 |
|
|
212,249 |
QBE Insurance Group Ltd. |
|
58,633 |
|
|
1,505,596 |
Rio Tinto Ltd. |
|
20,859 |
|
|
1,663,525 |
Toll Holdings Ltd. |
|
44,511 |
|
|
542,690 |
Woodside Petroleum Ltd. |
|
34,143 |
|
|
1,266,394 |
Woolworths Ltd. |
|
90,089 |
|
|
2,106,467 |
WorleyParsons Ltd. |
|
11,164 |
|
|
324,264 |
|
|
|
|
|
|
|
|
|
|
|
31,544,541 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
AUSTRIA 0.70% |
|
|
|
|
|
Andritz AG |
|
3,740 |
|
$ |
259,303 |
Erste Bank der Oesterreichischen Sparkassen AG |
|
6,944 |
|
|
527,259 |
Oesterreichische Elektrizitaetswirtschafts AG Class A |
|
7,140 |
|
|
351,849 |
Raiffeisen International Bank Holding AG |
|
3,179 |
|
|
488,073 |
RHI AGa |
|
3,716 |
|
|
193,089 |
Telekom Austria AG |
|
27,024 |
|
|
665,483 |
voestalpine AG |
|
9,931 |
|
|
841,879 |
Wienerberger AG |
|
3,888 |
|
|
273,289 |
|
|
|
|
|
|
|
|
|
|
|
3,600,224 |
|
|
|
BELGIUM 1.23% |
|
|
|
|
|
Delhaize Group |
|
5,920 |
|
|
555,096 |
Groupe Bruxelles Lambert SA |
|
6,272 |
|
|
769,598 |
InBev |
|
13,532 |
|
|
1,099,727 |
KBC Group NV |
|
13,957 |
|
|
1,835,803 |
Mobistar SA |
|
2,870 |
|
|
227,112 |
Omega Pharma SA |
|
1,921 |
|
|
166,504 |
Solvay SA |
|
5,243 |
|
|
802,375 |
UCB SA |
|
6,025 |
|
|
340,862 |
Umicore |
|
2,160 |
|
|
496,728 |
|
|
|
|
|
|
|
|
|
|
|
6,293,805 |
|
|
|
DENMARK 0.96% |
|
|
|
|
|
DSV A/S |
|
14,960 |
|
|
339,891 |
FLS Industries A/S Class B |
|
3,701 |
|
|
331,580 |
GN Store Nord A/Sa |
|
18,615 |
|
|
222,596 |
Novo Nordisk A/S Class B |
|
17,697 |
|
|
1,872,009 |
Novozymes A/S Class B |
|
4,420 |
|
|
526,912 |
Topdanmark A/Sa |
|
1,958 |
|
|
334,993 |
Vestas Wind Systems A/Sa |
|
14,018 |
|
|
949,018 |
William Demant Holding A/Sa |
|
3,094 |
|
|
310,211 |
|
|
|
|
|
|
|
|
|
|
|
4,887,210 |
|
|
|
FINLAND 2.01% |
|
|
|
|
|
Cargotec Corp. Class B |
|
5,236 |
|
|
275,009 |
Elisa OYJ Class A |
|
14,471 |
|
|
413,010 |
Kone OYJ Class B |
|
5,899 |
|
|
400,432 |
Konecranes OYJ |
|
6,544 |
|
|
269,181 |
Nokia OYJ |
|
298,192 |
|
|
8,641,173 |
Nokian Renkaat OYJ |
|
9,299 |
|
|
310,331 |
|
|
|
|
|
|
|
|
|
|
|
10,309,136 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
25 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
FRANCE 9.53% |
|
|
|
|
|
Accor SA |
|
15,283 |
|
$ |
1,324,245 |
Aeroports de Paris |
|
2,544 |
|
|
286,981 |
ALSTOM |
|
8,024 |
|
|
1,469,613 |
Atos Origin SAa |
|
5,525 |
|
|
328,078 |
Bouygues SA |
|
15,909 |
|
|
1,287,894 |
Business Objects SAa |
|
8,024 |
|
|
366,744 |
Cap Gemini SA |
|
9,968 |
|
|
664,497 |
Carrefour SA |
|
42,516 |
|
|
3,046,667 |
Compagnie de Saint-Gobain |
|
23,568 |
|
|
2,645,407 |
Compagnie Generale des Etablissements Michelin Class B |
|
10,523 |
|
|
1,409,183 |
Dassault Systemes SA |
|
4,677 |
|
|
283,678 |
Essilor International SA |
|
15,368 |
|
|
945,590 |
European Aeronautic Defence and Space Co. |
|
9,808 |
|
|
298,990 |
Gaz de France |
|
13,192 |
|
|
620,288 |
Groupe Danone |
|
34,934 |
|
|
2,568,380 |
Hermes International |
|
4,992 |
|
|
507,509 |
Lagardere SCA |
|
8,976 |
|
|
716,566 |
LAir Liquide SA |
|
17,204 |
|
|
2,253,941 |
LOreal SA |
|
20,010 |
|
|
2,312,048 |
LVMH Moet Hennessy Louis Vuitton SA |
|
17,495 |
|
|
1,981,939 |
Neopost SA |
|
2,754 |
|
|
403,144 |
Pernod Ricard SA |
|
6,588 |
|
|
1,396,525 |
PPR SA |
|
5,344 |
|
|
940,214 |
Publicis Groupe SA |
|
10,507 |
|
|
456,645 |
Safran SAb |
|
14,280 |
|
|
360,450 |
Sanofi-Aventis |
|
47,072 |
|
|
3,962,722 |
Schneider Electric SA |
|
16,806 |
|
|
2,280,705 |
Societe Television Francaise 1 |
|
10,286 |
|
|
347,776 |
Sodexho Alliance SA |
|
7,939 |
|
|
529,890 |
STMicroelectronics NV |
|
50,388 |
|
|
877,344 |
Suez SA |
|
73,776 |
|
|
3,935,513 |
Technip SA |
|
7,735 |
|
|
638,460 |
Thales SA |
|
7,497 |
|
|
433,478 |
Thomson |
|
21,607 |
|
|
356,991 |
Unibail-Rodamco |
|
5,472 |
|
|
1,313,058 |
Vallourec SA |
|
3,216 |
|
|
849,981 |
Veolia Environnement |
|
24,704 |
|
|
1,842,638 |
Vinci SA |
|
31,242 |
|
|
2,269,999 |
Zodiac SA |
|
4,097 |
|
|
292,691 |
|
|
|
|
|
|
|
|
|
|
|
48,806,462 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
GERMANY 7.79% |
|
|
|
|
|
Adidas AG |
|
15,470 |
|
$ |
949,113 |
Arcandor AGa,b |
|
4,960 |
|
|
152,967 |
BASF AG |
|
33,984 |
|
|
4,433,261 |
Bayer AG |
|
52,513 |
|
|
3,757,294 |
Beiersdorf AG |
|
6,375 |
|
|
447,665 |
Bilfinger Berger AG |
|
3,520 |
|
|
304,520 |
Celesio AG |
|
6,953 |
|
|
422,677 |
Commerzbank AG |
|
16,303 |
|
|
706,982 |
Continental AG |
|
9,646 |
|
|
1,399,748 |
Deutsche Boerse AG |
|
15,810 |
|
|
1,849,701 |
Deutsche Postbank AG |
|
5,117 |
|
|
398,831 |
Fresenius Medical Care AG & Co. KGaA |
|
14,433 |
|
|
682,393 |
Hochtief AG |
|
3,384 |
|
|
344,681 |
Infineon Technologies AGa |
|
57,018 |
|
|
949,077 |
IVG Immobilien AG |
|
7,984 |
|
|
294,315 |
Linde AG |
|
8,129 |
|
|
966,524 |
MAN AG |
|
9,289 |
|
|
1,362,057 |
Merck KGaA |
|
4,656 |
|
|
585,011 |
METRO AG |
|
11,687 |
|
|
916,191 |
Premiere AGa |
|
7,296 |
|
|
186,160 |
Puma AG |
|
901 |
|
|
362,773 |
Rheinmetall AG |
|
3,351 |
|
|
301,413 |
RWE AG |
|
31,909 |
|
|
3,412,612 |
Salzgitter AG |
|
2,064 |
|
|
427,073 |
SAP AG |
|
65,120 |
|
|
3,547,753 |
Siemens AG |
|
61,470 |
|
|
7,873,280 |
SolarWorld AG |
|
6,176 |
|
|
300,794 |
Volkswagen AG |
|
12,257 |
|
|
2,223,755 |
Wincor Nixdorf AG |
|
3,904 |
|
|
349,818 |
|
|
|
|
|
|
|
|
|
|
|
39,908,439 |
|
|
|
GREECE 0.55% |
|
|
|
|
|
Coca-Cola Hellenic Bottling Co. SA ADR |
|
11,628 |
|
|
520,818 |
Hellenic Telecommunications Organization SA SP ADR |
|
46,665 |
|
|
701,842 |
National Bank of Greece SA ADR |
|
134,472 |
|
|
1,590,804 |
|
|
|
|
|
|
|
|
|
|
|
2,813,464 |
|
|
|
26 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
HONG KONG 1.85% |
|
|
|
|
|
Bank of East Asia Ltd. |
|
125,800 |
|
$ |
761,913 |
Belle International Holdings Ltd.a |
|
224,000 |
|
|
260,457 |
Esprit Holdings Ltd.b |
|
76,500 |
|
|
1,036,128 |
Foxconn International Holdings Ltd.a |
|
155,000 |
|
|
451,557 |
Hang Lung Properties Ltd. |
|
153,000 |
|
|
570,848 |
Hong Kong & China Gas Co. Ltd. (The) |
|
248,300 |
|
|
579,962 |
Hong Kong Exchanges & Clearing Ltd. |
|
79,500 |
|
|
1,321,572 |
Kingboard Chemical Holdings Co. Ltd. |
|
51,000 |
|
|
283,795 |
Li & Fung Ltd.b |
|
171,200 |
|
|
604,847 |
Link REIT (The) |
|
192,000 |
|
|
401,848 |
Melco International Development Ltd.b
|
|
3,000 |
|
|
4,355 |
New World Development Co. Ltd. |
|
192,000 |
|
|
475,937 |
PCCW Ltd.b |
|
480,000 |
|
|
296,234 |
Shangri-La Asia Ltd.b |
|
136,000 |
|
|
323,915 |
Sun Hung Kai Properties Ltd. |
|
102,000 |
|
|
1,311,126 |
Television Broadcasts Ltd. |
|
37,000 |
|
|
254,349 |
Tencent Holdings Ltd. |
|
80,000 |
|
|
370,037 |
Tingyi (Cayman Islands) Holding Corp. |
|
128,000 |
|
|
151,613 |
|
|
|
|
|
|
|
|
|
|
|
9,460,493 |
|
|
|
IRELAND 0.73% |
|
|
|
|
|
C&C Group PLC |
|
25,704 |
|
|
211,110 |
CRH PLC |
|
40,124 |
|
|
1,804,245 |
Elan Corp. PLCa |
|
16,677 |
|
|
301,790 |
Grafton Group PLCa |
|
21,301 |
|
|
295,661 |
IAWS Group PLC |
|
10,799 |
|
|
226,168 |
Independent News & Media PLC |
|
61,904 |
|
|
275,396 |
Kerry Group PLC Class A |
|
13,107 |
|
|
349,680 |
Kingspan Group PLC |
|
12,020 |
|
|
290,406 |
|
|
|
|
|
|
|
|
|
|
|
3,754,456 |
|
|
|
ITALY 3.67% |
|
|
|
|
|
Alleanza Assicurazioni SpA |
|
33,694 |
|
|
428,012 |
Assicurazioni Generali SpA |
|
76,503 |
|
|
3,035,866 |
Atlantia SpA |
|
22,457 |
|
|
762,666 |
Autogrill SpA |
|
11,985 |
|
|
251,663 |
Banca Monte dei Paschi di Siena SpAb |
|
87,363 |
|
|
560,862 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Banca Popolare di Milano Scrl |
|
32,555 |
|
$ |
472,812 |
Bulgari SpA |
|
21,086 |
|
|
309,417 |
Capitalia SpA |
|
128,741 |
|
|
1,228,303 |
Fiat SpA |
|
49,465 |
|
|
1,474,050 |
Finmeccanica SpA |
|
25,120 |
|
|
763,358 |
Intesa Sanpaolo SpA |
|
487,568 |
|
|
3,727,471 |
Luxottica Group SpA |
|
10,999 |
|
|
402,597 |
Mediaset SpA |
|
60,435 |
|
|
633,271 |
Mediobanca SpA |
|
40,664 |
|
|
861,662 |
Parmalat SpA |
|
101,168 |
|
|
362,828 |
Seat Pagine Gialle SpA |
|
491,393 |
|
|
274,438 |
Telecom Italia SpAb |
|
692,352 |
|
|
1,868,916 |
Terna SpA |
|
84,856 |
|
|
291,259 |
Unione di Banche Italiane ScpA |
|
43,911 |
|
|
1,092,155 |
|
|
|
|
|
|
|
|
|
|
|
18,801,606 |
|
|
|
JAPAN 21.51% |
|
|
|
|
|
Advantest Corp. |
|
11,200 |
|
|
436,467 |
Aeon Mall Co. Ltd. |
|
6,400 |
|
|
192,433 |
Aisin Seiki Co. Ltd. |
|
14,200 |
|
|
561,727 |
All Nippon Airways Co. Ltd. |
|
68,000 |
|
|
257,002 |
Asahi Glass Co. Ltd. |
|
68,000 |
|
|
913,787 |
Asahi Kasei Corp. |
|
57,000 |
|
|
408,357 |
ASICS Corp. |
|
17,000 |
|
|
232,444 |
Canon Inc. |
|
74,800 |
|
|
3,938,991 |
Casio Computer Co. Ltd. |
|
19,100 |
|
|
292,279 |
Central Japan Railway Co. |
|
109 |
|
|
1,126,024 |
Chiba Bank Ltd. (The) |
|
64,000 |
|
|
541,284 |
Chiyoda Corp. |
|
17,000 |
|
|
337,673 |
Chugai Pharmaceutical Co. Ltd. |
|
22,400 |
|
|
386,612 |
Daifuku Co. Ltd. |
|
8,500 |
|
|
105,585 |
Daikin Industries Ltd. |
|
17,600 |
|
|
688,834 |
Daimaru Inc. (The) |
|
32,000 |
|
|
361,214 |
Dainippon Screen Manufacturing Co. Ltd. |
|
17,000 |
|
|
125,217 |
Daiwa Securities Group Inc. |
|
64,000 |
|
|
684,802 |
Denso Corp. |
|
35,700 |
|
|
1,346,265 |
DOWA HOLDINGS Co. Ltd. |
|
34,000 |
|
|
410,633 |
E*Trade Securities Co. Ltd. |
|
136 |
|
|
148,490 |
East Japan Railway Co. |
|
144 |
|
|
1,069,130 |
Elpida Memory Inc.a |
|
8,500 |
|
|
379,793 |
Fanuc Ltd. |
|
14,300 |
|
|
1,552,925 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
27 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
FUJIFILM Holdings Corp. |
|
37,400 |
|
$ |
1,630,252 |
Fujitsu Ltd. |
|
136,000 |
|
|
900,080 |
Furukawa Electric Co. Ltd. (The) |
|
22,000 |
|
|
122,135 |
Hankyu Hanshin Holdings Inc. |
|
85,000 |
|
|
429,051 |
Haseko Corp.a |
|
88,000 |
|
|
235,031 |
Hikari Tsushin Inc. |
|
3,300 |
|
|
131,928 |
Hirose Electric Co. Ltd. |
|
2,200 |
|
|
273,095 |
Hitachi Chemical Co. Ltd. |
|
9,100 |
|
|
193,747 |
Hitachi Construction Machinery Co. Ltd. |
|
8,500 |
|
|
340,528 |
Hitachi Ltd. |
|
76,000 |
|
|
544,476 |
Hoya Corp. |
|
31,000 |
|
|
984,168 |
IBIDEN Co. Ltd. |
|
10,200 |
|
|
752,161 |
IHI Corp. |
|
91,000 |
|
|
349,280 |
INPEX Holdings Inc. |
|
53 |
|
|
534,162 |
Isetan Co. Ltd. |
|
17,600 |
|
|
280,707 |
JAFCO Co. Ltd. |
|
300 |
|
|
13,808 |
Japan Steel Works Ltd. (The) |
|
23,000 |
|
|
369,344 |
Japan Tobacco Inc. |
|
317 |
|
|
1,616,084 |
JFE Holdings Inc. |
|
21,600 |
|
|
1,489,405 |
JGC Corp. |
|
16,000 |
|
|
331,248 |
JSR Corp. |
|
13,600 |
|
|
342,670 |
JTEKT Corp. |
|
17,000 |
|
|
296,267 |
Kawasaki Heavy Industries Ltd. |
|
103,000 |
|
|
459,354 |
KDDI Corp. |
|
192 |
|
|
1,273,926 |
Keihin Electric Express Railway Co. Ltd.b
|
|
48,000 |
|
|
292,277 |
Keisei Electric Railway Co. Ltd. |
|
34,000 |
|
|
174,476 |
Keyence Corp. |
|
4,050 |
|
|
871,125 |
Kintetsu Corp. |
|
144,000 |
|
|
425,717 |
KK DaVinci Advisorsa |
|
128 |
|
|
105,784 |
Kobe Steel Ltd. |
|
136,000 |
|
|
531,138 |
Komatsu Ltd. |
|
66,300 |
|
|
2,115,987 |
Konami Corp. |
|
9,600 |
|
|
218,099 |
Konica Minolta Holdings Inc. |
|
36,500 |
|
|
542,909 |
Kubota Corp. |
|
80,000 |
|
|
669,214 |
Kuraray Co. Ltd. |
|
17,000 |
|
|
196,036 |
Kurita Water Industries Ltd. |
|
12,800 |
|
|
407,441 |
Leopalace21 Corp. |
|
6,800 |
|
|
215,311 |
Matsushita Electric Industrial Co. Ltd. |
|
153,000 |
|
|
2,794,902 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Mediceo Paltac Holdings Co. Ltd. |
|
8,500 |
|
$ |
125,360 |
Millea Holdings Inc. |
|
57,500 |
|
|
2,284,256 |
Minebea Co. Ltd. |
|
34,000 |
|
|
185,327 |
Mitsubishi Chemical Holdings Corp. |
|
32,000 |
|
|
291,874 |
Mitsubishi Electric Corp. |
|
134,000 |
|
|
1,428,178 |
Mitsubishi Estate Co. Ltd. |
|
96,000 |
|
|
2,467,224 |
Mitsubishi Heavy Industries Ltd. |
|
151,000 |
|
|
1,069,105 |
Mitsubishi Rayon Co. Ltd. |
|
39,000 |
|
|
293,487 |
Mitsubishi UFJ Lease & Finance Co. Ltd. |
|
4,320 |
|
|
192,661 |
Mitsui Chemicals Inc. |
|
56,000 |
|
|
435,997 |
Mitsui Engineering & Shipbuilding Co. Ltd. |
|
57,000 |
|
|
314,047 |
Mitsui Fudosan Co. Ltd. |
|
68,500 |
|
|
1,806,492 |
Mitsui Mining & Smelting Co. Ltd. |
|
34,000 |
|
|
164,482 |
Mitsukoshi Ltd. |
|
64,000 |
|
|
305,850 |
Mizuho Financial Group Inc. |
|
704 |
|
|
4,978,524 |
Murata Manufacturing Co. Ltd. |
|
15,300 |
|
|
1,151,371 |
NGK Insulators Ltd. |
|
16,000 |
|
|
491,832 |
NGK Spark Plug Co. Ltd. |
|
17,000 |
|
|
311,259 |
NHK Spring Co. Ltd. |
|
17,000 |
|
|
153,773 |
Nidec Corp. |
|
9,600 |
|
|
636,963 |
Nikon Corp. |
|
20,000 |
|
|
641,666 |
Nintendo Co. Ltd. |
|
7,300 |
|
|
3,568,303 |
Nippon Electric Glass Co. Ltd. |
|
24,500 |
|
|
382,938 |
Nissan Chemical Industries Ltd. |
|
17,000 |
|
|
212,027 |
Nitori Co. Ltd. |
|
3,400 |
|
|
175,047 |
Nitto Denko Corp. |
|
13,600 |
|
|
717,322 |
NOK Corp. |
|
10,200 |
|
|
207,315 |
Nomura Holdings Inc. |
|
124,800 |
|
|
2,400,302 |
Nomura Research Institute Ltd. |
|
8,500 |
|
|
270,566 |
NTT Data Corp. |
|
91 |
|
|
382,144 |
Odakyu Electric Railway Co. Ltd. |
|
89,000 |
|
|
522,496 |
Oki Electric Industry Co. Ltd.a |
|
64,000 |
|
|
123,630 |
Okuma Corp. |
|
16,000 |
|
|
263,520 |
Olympus Corp. |
|
17,000 |
|
|
701,046 |
Omron Corp. |
|
12,800 |
|
|
341,864 |
Oriental Land Co. Ltd. |
|
4,100 |
|
|
212,808 |
ORIX Corp. |
|
6,630 |
|
|
1,602,025 |
OSG Corp. |
|
7,500 |
|
|
105,825 |
Otsuka Corp. |
|
1,600 |
|
|
151,178 |
|
|
|
28 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Rakuten Inc. |
|
31 |
|
$ |
9,555 |
Resona Holdings Inc. |
|
26 |
|
|
56,339 |
Round One Corp. |
|
80 |
|
|
180,070 |
Ryohin Keikaku Co. Ltd. |
|
4,800 |
|
|
287,843 |
SANYO Electric Co. Ltd.a,b |
|
8,000 |
|
|
12,430 |
Secom Co. Ltd. |
|
15,300 |
|
|
674,631 |
Seiko Epson Corp. |
|
7,400 |
|
|
216,907 |
Seven & I Holdings Co. Ltd. |
|
73,600 |
|
|
2,064,620 |
Shimamura Co. Ltd. |
|
1,700 |
|
|
164,624 |
Shimano Inc. |
|
6,800 |
|
|
217,024 |
Shimizu Corp. |
|
64,000 |
|
|
383,253 |
Shin-Etsu Chemical Co. Ltd. |
|
28,900 |
|
|
2,143,258 |
Shinko Electric Industries Co. Ltd. |
|
6,400 |
|
|
156,688 |
Shionogi & Co. Ltd. |
|
33,000 |
|
|
527,712 |
Shiseido Co. Ltd. |
|
24,000 |
|
|
511,989 |
Showa Denko K.K. |
|
85,000 |
|
|
299,122 |
SMC Corp. |
|
3,900 |
|
|
519,498 |
SoftBank Corp.b |
|
56,000 |
|
|
1,182,883 |
Sony Corp. |
|
73,600 |
|
|
3,900,525 |
Stanley Electric Co. Ltd. |
|
11,900 |
|
|
283,345 |
Sumco Corp. |
|
8,400 |
|
|
435,997 |
Sumitomo Chemical Co. Ltd. |
|
128,000 |
|
|
958,938 |
Sumitomo Electric Industries Ltd. |
|
52,900 |
|
|
864,598 |
Sumitomo Heavy Industries Ltd. |
|
48,000 |
|
|
593,827 |
Sumitomo Metal Industries Ltd. |
|
319,000 |
|
|
1,854,013 |
Sumitomo Metal Mining Co. Ltd. |
|
53,500 |
|
|
1,307,563 |
Sumitomo Mitsui Financial Group Inc. |
|
496 |
|
|
4,499,055 |
Sumitomo Realty & Development Co. Ltd. |
|
43,000 |
|
|
1,289,296 |
Sumitomo Titanium Corp. |
|
1,600 |
|
|
139,487 |
Suruga Bank Ltd. |
|
17,000 |
|
|
212,313 |
T&D Holdings Inc. |
|
11,900 |
|
|
781,573 |
Taiyo Nippon Sanso Corp. |
|
48,000 |
|
|
433,377 |
Takashimaya Co. Ltd. |
|
32,000 |
|
|
360,677 |
TDK Corp. |
|
8,500 |
|
|
738,882 |
Teijin Ltd. |
|
61,000 |
|
|
331,987 |
Terumo Corp. |
|
13,600 |
|
|
577,970 |
THK Co. Ltd. |
|
6,900 |
|
|
163,713 |
Tobu Railway Co. Ltd. |
|
80,000 |
|
|
350,061 |
Toho Titanium Co. Ltd.b |
|
1,800 |
|
|
67,274 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Tokuyama Corp. |
|
17,000 |
|
$ |
249,863 |
Tokyo Electron Ltd. |
|
11,900 |
|
|
861,529 |
Tokyo Seimitsu Co. Ltd.b |
|
3,200 |
|
|
108,848 |
Tokyo Tatemono Co. Ltd. |
|
32,000 |
|
|
389,972 |
Tokyu Corp. |
|
75,000 |
|
|
466,762 |
Tokyu Land Corp. |
|
41,000 |
|
|
388,426 |
TonenGeneral Sekiyu K.K. |
|
19,000 |
|
|
185,588 |
Toray Industries Inc. |
|
96,000 |
|
|
768,387 |
Toshiba Corp. |
|
209,000 |
|
|
1,969,496 |
Toyoda Gosei Co. Ltd. |
|
5,100 |
|
|
162,768 |
Toyota Tsusho Corp. |
|
15,400 |
|
|
403,544 |
Trend Micro Inc. |
|
8,500 |
|
|
261,286 |
Ube Industries Ltd. |
|
74,000 |
|
|
223,743 |
Ushio Inc. |
|
10,200 |
|
|
194,894 |
USS Co. Ltd. |
|
3,280 |
|
|
219,282 |
Yahoo! Japan Corp. |
|
422 |
|
|
131,670 |
Yakult Honsha Co. Ltd. |
|
8,500 |
|
|
200,962 |
Yamada Denki Co. Ltd. |
|
7,140 |
|
|
713,011 |
Yaskawa Electric Corp. |
|
17,000 |
|
|
207,886 |
Yokogawa Electric Corp. |
|
12,800 |
|
|
175,017 |
Zeon Corp. |
|
11,000 |
|
|
116,315 |
|
|
|
|
|
|
|
|
|
|
|
110,173,541 |
|
|
|
NETHERLANDS 4.23% |
|
|
|
|
|
Akzo Nobel NV |
|
19,992 |
|
|
1,657,014 |
Arcelor Mittal |
|
41,424 |
|
|
2,593,039 |
ASML Holding NVa |
|
36,320 |
|
|
1,088,794 |
Fugro NV |
|
4,454 |
|
|
299,478 |
Hagemeyer NV |
|
26,468 |
|
|
140,937 |
Heineken NV |
|
18,054 |
|
|
1,153,119 |
Koninklijke Ahold NVa |
|
114,801 |
|
|
1,467,738 |
Koninklijke KPN NV |
|
84,464 |
|
|
1,321,520 |
Koninklijke Philips Electronics NV |
|
85,323 |
|
|
3,493,320 |
QIAGEN NVa |
|
11,934 |
|
|
208,119 |
Randstad Holding NV |
|
3,455 |
|
|
228,571 |
Reed Elsevier NV |
|
55,981 |
|
|
1,032,967 |
Royal Numico NV |
|
12,835 |
|
|
941,006 |
SBM Offshore NV |
|
10,918 |
|
|
453,136 |
TNT NV |
|
30,927 |
|
|
1,336,074 |
Unilever NV |
|
107,194 |
|
|
3,280,939 |
Vedior NV |
|
12,737 |
|
|
334,753 |
Wolters Kluwer NV CVA |
|
21,981 |
|
|
649,916 |
|
|
|
|
|
|
|
|
|
|
|
21,680,440 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
29 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
NEW ZEALAND 0.16% |
|
|
|
|
|
Fisher & Paykel Healthcare Corp. Ltd. |
|
68,462 |
|
$ |
177,925 |
Fletcher Building Ltd. |
|
29,472 |
|
|
283,263 |
Sky City Entertainment Group Ltd. |
|
89,614 |
|
|
335,563 |
|
|
|
|
|
|
|
|
|
|
|
796,751 |
|
|
|
NORWAY 1.07% |
|
|
|
|
|
Aker Kvaerner ASA |
|
11,900 |
|
|
310,652 |
Det Norske Oljeselskap ASa |
|
68,906 |
|
|
129,822 |
Ocean Rig ASAa |
|
24,864 |
|
|
176,362 |
Orkla ASA |
|
33,405 |
|
|
639,690 |
Petroleum Geo-Services ASAa |
|
13,770 |
|
|
329,907 |
Renewable Energy Corp. ASAa |
|
17,088 |
|
|
683,802 |
SeaDrill Ltd.a |
|
17,760 |
|
|
362,209 |
Statoil ASA |
|
30,040 |
|
|
897,702 |
Storebrand ASA |
|
18,688 |
|
|
285,009 |
Tandberg ASA |
|
9,952 |
|
|
229,888 |
Telenor ASAa |
|
61,872 |
|
|
1,139,658 |
TGS-NOPEC Geophysical Co. ASAa |
|
8,500 |
|
|
166,785 |
Tomra Systems ASA |
|
16,270 |
|
|
127,559 |
|
|
|
|
|
|
|
|
|
|
|
5,479,045 |
|
|
|
PORTUGAL 0.37% |
|
|
|
|
|
Banco BPI SA Registered |
|
39,703 |
|
|
367,932 |
Brisa-Auto Estradas de Portugal SA |
|
35,107 |
|
|
481,043 |
Energias de Portugal SA |
|
133,005 |
|
|
759,206 |
Sonae SGPS SA |
|
95,504 |
|
|
281,071 |
|
|
|
|
|
|
|
|
|
|
|
1,889,252 |
|
|
|
SINGAPORE 1.08% |
|
|
|
|
|
CapitaLand Ltd. |
|
108,000 |
|
|
533,790 |
City Developments Ltd. |
|
41,000 |
|
|
410,689 |
Keppel Corp Ltd. |
|
102,000 |
|
|
907,443 |
Keppel Land Ltd.b |
|
32,000 |
|
|
176,085 |
SembCorp Industries Ltd. |
|
102,000 |
|
|
386,504 |
Singapore Exchange Ltd. |
|
127,000 |
|
|
828,561 |
Singapore Press Holdings Ltd. |
|
224,000 |
|
|
664,272 |
Singapore Telecommunications Ltd. |
|
544,000 |
|
|
1,254,737 |
Venture Corp. Ltd. |
|
34,000 |
|
|
342,812 |
|
|
|
|
|
|
|
|
|
|
|
5,504,893 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
SPAIN 4.09% |
|
|
|
|
|
Abertis Infraestructuras SAb |
|
18,479 |
|
$ |
546,877 |
Abertis Infraestructuras SA Temporaryc
|
|
924 |
|
|
27,345 |
Acciona SA |
|
2,244 |
|
|
585,927 |
Acerinox SAb |
|
18,819 |
|
|
494,084 |
Actividades de Construcciones y Servicios SA |
|
18,479 |
|
|
1,111,461 |
Altadis SA |
|
19,890 |
|
|
1,310,408 |
Antena 3 de Television SAa,b |
|
12,544 |
|
|
241,937 |
Banco Bilbao Vizcaya Argentaria SA |
|
158,384 |
|
|
3,930,655 |
Banco Popular Espanol SA |
|
35,123 |
|
|
636,073 |
Cintra Concesiones de Infraestructuras de Transporte SA |
|
17,434 |
|
|
267,999 |
Fomento de Construcciones y |
|
|
|
|
|
Contratas SA |
|
4,064 |
|
|
371,887 |
Gamesa Corporacion Tecnologica SA |
|
15,951 |
|
|
654,162 |
Grupo Ferrovial SAb |
|
4,879 |
|
|
441,123 |
Indra Sistemas SA |
|
15,410 |
|
|
405,004 |
Industria de Diseno Textil SAa |
|
17,102 |
|
|
1,038,705 |
Mapfre SA |
|
50,490 |
|
|
237,058 |
SacyrVallehermoso SAb |
|
6,272 |
|
|
291,905 |
Sogecable SAa,b |
|
4,377 |
|
|
171,655 |
Telefonica SA |
|
326,192 |
|
|
7,720,122 |
Union Fenosa SA |
|
7,984 |
|
|
440,653 |
Zardoya Otis SA Temporaryc |
|
734 |
|
|
22,757 |
|
|
|
|
|
|
|
|
|
|
|
20,947,797 |
|
|
|
SWEDEN 2.58% |
|
|
|
|
|
Alfa Laval AB |
|
7,888 |
|
|
503,983 |
Assa Abloy AB Class B |
|
25,776 |
|
|
564,265 |
Atlas Copco AB Class A |
|
50,286 |
|
|
882,518 |
Atlas Copco AB Class B |
|
33,050 |
|
|
539,560 |
Boliden AB |
|
22,219 |
|
|
517,726 |
Getinge AB Class B |
|
17,392 |
|
|
387,183 |
Hennes & Mauritz AB Class B |
|
35,938 |
|
|
2,088,147 |
Husqvarna AB |
|
25,280 |
|
|
353,618 |
Lundin Petroleum ABa |
|
19,465 |
|
|
208,722 |
Modern Times Group MTG AB Class B |
|
4,471 |
|
|
276,704 |
Sandvik AB |
|
64,896 |
|
|
1,333,961 |
|
|
|
30 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Securitas AB Class B |
|
17,520 |
|
$ |
270,423 |
Securitas Direct AB Class Ba |
|
51,952 |
|
|
141,101 |
Securitas Systems AB Class B |
|
46,864 |
|
|
165,536 |
Swedish Match AB |
|
30,634 |
|
|
602,414 |
Tele2 AB Class B |
|
27,328 |
|
|
481,634 |
Telefonaktiebolaget LM Ericsson AB Class B |
|
744,506 |
|
|
2,828,679 |
TeliaSonera AB |
|
63,918 |
|
|
490,918 |
Volvo AB Class A |
|
30,864 |
|
|
580,598 |
|
|
|
|
|
|
|
|
|
|
|
13,217,690 |
|
|
|
SWITZERLAND 6.69% |
|
|
|
|
|
ABB Ltd. Registered |
|
152,528 |
|
|
3,745,390 |
Adecco SA Registered |
|
9,947 |
|
|
697,216 |
Clariant AG Registereda |
|
13,634 |
|
|
213,562 |
Compagnie Financiere Richemont AG Class A |
|
11,840 |
|
|
750,700 |
Geberit AG Registered |
|
3,251 |
|
|
533,819 |
Holcim Ltd. Registered |
|
14,208 |
|
|
1,521,864 |
Kuehne & Nagel International AG Registered |
|
5,100 |
|
|
501,354 |
Logitech International SA Registereda
|
|
14,084 |
|
|
383,875 |
Lonza Group AG Registered |
|
3,168 |
|
|
300,636 |
Nobel Biocare Holding AG |
|
1,904 |
|
|
577,497 |
Novartis AG Registered |
|
168,810 |
|
|
9,160,124 |
OC Oerlikon Corp. AG Registereda |
|
533 |
|
|
238,729 |
Phonak Holding AG Registered |
|
3,808 |
|
|
368,965 |
Roche Holding AG |
|
51,085 |
|
|
9,109,889 |
Schindler Holding AG Participation Certificates |
|
4,828 |
|
|
309,523 |
SGS SA Registered |
|
373 |
|
|
452,534 |
Straumann Holding AG Registered |
|
656 |
|
|
183,161 |
Sulzer AG Registered |
|
289 |
|
|
384,725 |
Syngenta AG Registered |
|
8,177 |
|
|
1,549,240 |
Synthes Inc. |
|
4,640 |
|
|
544,431 |
UBS AG Registered |
|
48,992 |
|
|
2,750,050 |
|
|
|
|
|
|
|
|
|
|
|
34,277,284 |
|
|
|
UNITED KINGDOM 22.38% |
|
|
|
|
|
Acergy SA |
|
14,790 |
|
|
399,431 |
Aegis Group PLC |
|
74,496 |
|
|
193,766 |
Aggreko PLC |
|
19,618 |
|
|
219,854 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Anglo American PLC |
|
97,508 |
|
$ |
5,754,018 |
ARM Holdings PLC |
|
112,129 |
|
|
337,790 |
AstraZeneca PLC |
|
112,523 |
|
|
5,851,214 |
BAE Systems PLC |
|
236,538 |
|
|
2,030,776 |
Balfour Beatty PLC |
|
31,288 |
|
|
277,045 |
BG Group PLC |
|
251,600 |
|
|
4,131,011 |
BHP Billiton PLC |
|
175,610 |
|
|
5,256,375 |
British Airways PLCa |
|
46,138 |
|
|
372,909 |
British American Tobacco PLC |
|
109,242 |
|
|
3,551,763 |
British Land Co. PLC |
|
38,239 |
|
|
965,855 |
British Sky Broadcasting Group PLC |
|
87,601 |
|
|
1,183,764 |
BT Group PLC |
|
580,754 |
|
|
3,717,382 |
Bunzl PLC |
|
25,218 |
|
|
337,699 |
Burberry Group PLC |
|
36,856 |
|
|
479,317 |
Cable & Wireless PLC |
|
179,945 |
|
|
620,886 |
Cadbury Schweppes PLC |
|
148,500 |
|
|
1,870,908 |
Capita Group PLC |
|
50,919 |
|
|
745,501 |
Carnival PLC |
|
12,971 |
|
|
573,017 |
Carphone Warehouse Group PLC (The) |
|
32,149 |
|
|
234,039 |
Centrica PLC |
|
260,967 |
|
|
1,910,399 |
Charter PLCa |
|
12,730 |
|
|
299,293 |
Close Brothers Group PLC |
|
12,257 |
|
|
202,866 |
Cobham PLC |
|
98,158 |
|
|
383,466 |
Compass Group PLC |
|
161,092 |
|
|
1,098,249 |
CSR PLCa |
|
12,220 |
|
|
181,023 |
Daily Mail & General Trust PLC Class A |
|
26,588 |
|
|
389,273 |
Diageo PLC |
|
192,015 |
|
|
3,948,663 |
EMI Group PLCb |
|
55,280 |
|
|
285,323 |
Enterprise Inns PLC |
|
53,214 |
|
|
733,686 |
Experian Group Ltd. |
|
76,359 |
|
|
884,442 |
First Choice Holidays PLC |
|
43,282 |
|
|
272,649 |
FirstGroup PLC |
|
22,933 |
|
|
298,712 |
G4S PLC |
|
89,182 |
|
|
395,518 |
GlaxoSmithKline PLC |
|
414,936 |
|
|
10,581,792 |
Hammerson PLC |
|
21,284 |
|
|
519,002 |
Hays PLC |
|
115,878 |
|
|
381,461 |
ICAP PLC |
|
39,055 |
|
|
380,738 |
Imperial Chemical Industries PLC |
|
51,232 |
|
|
649,621 |
Imperial Tobacco Group PLC |
|
50,184 |
|
|
2,211,868 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
31 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Inchcape PLC |
|
36,388 |
|
$ |
344,386 |
InterContinental Hotels Group PLC |
|
24,184 |
|
|
557,283 |
International Power PLC |
|
109,752 |
|
|
922,752 |
Intertek Group PLC |
|
14,348 |
|
|
288,789 |
Invensys PLCa |
|
60,408 |
|
|
468,299 |
INVESCO PLC |
|
57,069 |
|
|
722,475 |
Investec PLC |
|
27,115 |
|
|
341,339 |
J Sainsbury PLC |
|
109,480 |
|
|
1,275,859 |
Johnson Matthey PLC |
|
14,127 |
|
|
490,312 |
Kesa Electricals PLC |
|
44,489 |
|
|
292,909 |
Ladbrokes PLC |
|
37,387 |
|
|
311,676 |
Land Securities Group PLC |
|
17,599 |
|
|
605,094 |
Liberty International PLC |
|
21,762 |
|
|
459,019 |
LogicaCMG PLC |
|
114,478 |
|
|
359,987 |
London Stock Exchange Group PLC |
|
13,725 |
|
|
377,350 |
Man Group PLC |
|
131,928 |
|
|
1,522,719 |
Marks & Spencer Group PLC |
|
125,823 |
|
|
1,615,889 |
Michael Page International PLC |
|
26,928 |
|
|
299,313 |
Misys PLC |
|
42,041 |
|
|
205,031 |
Mondi PLCa |
|
26,788 |
|
|
235,021 |
National Grid PLC |
|
174,806 |
|
|
2,495,382 |
Next PLC |
|
18,615 |
|
|
718,327 |
Prudential PLC |
|
175,746 |
|
|
2,440,947 |
Punch Taverns PLC |
|
20,281 |
|
|
478,471 |
Reckitt Benckiser PLC |
|
45,271 |
|
|
2,439,653 |
Reed Elsevier PLC |
|
93,557 |
|
|
1,164,439 |
Reuters Group PLC |
|
96,626 |
|
|
1,219,326 |
Rio Tinto PLC |
|
72,026 |
|
|
5,277,756 |
Rolls-Royce Group PLCa |
|
132,228 |
|
|
1,370,339 |
SABMiller PLC |
|
65,229 |
|
|
1,687,344 |
Sage Group PLC |
|
95,463 |
|
|
448,592 |
Schroders PLC |
|
10,525 |
|
|
265,203 |
Scottish & Southern Energy PLC |
|
60,775 |
|
|
1,789,484 |
Serco Group PLC |
|
36,315 |
|
|
324,693 |
Smith & Nephew PLC |
|
72,862 |
|
|
872,809 |
Smiths Group PLC |
|
13,879 |
|
|
295,284 |
Smiths Group PLC Deferredc |
|
20,819 |
|
|
4 |
Stagecoach Group PLC |
|
30,730 |
|
|
133,008 |
Stagecoach Group PLC Class C Deferredc |
|
44,992 |
|
|
9 |
Standard Life PLC |
|
145,554 |
|
|
912,460 |
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Tesco PLC |
|
566,406 |
|
$ |
4,693,061 |
|
Travis Perkins PLC |
|
10,472 |
|
|
403,462 |
|
Tullett Prebon PLC |
|
13,095 |
|
|
109,100 |
|
Unilever PLC |
|
78,793 |
|
|
2,481,725 |
|
United Business Media PLC |
|
19,570 |
|
|
307,202 |
|
Whitbread PLC |
|
10,048 |
|
|
342,002 |
|
William Hill PLC |
|
33,201 |
|
|
410,194 |
|
WPP Group PLC |
|
88,826 |
|
|
1,286,054 |
|
Xstrata PLC |
|
44,957 |
|
|
2,921,529 |
|
Yell Group PLC |
|
56,780 |
|
|
536,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
114,632,241 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $426,138,627) |
|
|
508,778,770 |
|
|
PREFERRED STOCKS 0.42% |
|
|
GERMANY 0.42% |
|
Henkel KGaA |
|
14,541 |
|
|
792,993 |
|
Porsche AG |
|
602 |
|
|
1,102,856 |
|
ProSiebenSat.1 Media AG |
|
6,936 |
|
|
252,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,148,494 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS (Cost: $1,384,461) |
|
|
2,148,494 |
|
|
SHORT-TERM INVESTMENTS 0.98% |
|
|
MONEY MARKET FUNDS 0.98% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%d,e |
|
62,243 |
|
|
62,243 |
|
BGI Cash Premier Fund LLC |
|
|
|
|
|
|
5.34%d,e,f |
|
4,977,430 |
|
|
4,977,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,039,673 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $5,039,673) |
|
|
5,039,673 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 100.74% (Cost: $432,562,761) |
|
|
|
|
515,966,937 |
|
|
|
Other Assets, Less Liabilities (0.74)% |
|
|
(3,812,693 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
|
|
$ |
512,154,244 |
|
|
|
|
|
|
|
|
|
|
|
32 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE GROWTH INDEX FUND
July 31, 2007
ADR American Depositary Receipts
SP ADR Sponsored American Depositary Receipts
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Security valued at fair value in accordance with procedures approved by the Board of Trustees. See Note 1.
|
d |
Affiliated issuer. See Note 2. |
e |
The rate quoted is the annualized seven-day yield of the fund at period end. |
f |
This security represents an investment of securities lending collateral. See Note 5.
|
See notes to financial statements.
|
|
|
SCHEDULES OF INVESTMENTS |
|
33 |
Schedule of Investments
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.16% |
|
|
|
|
|
|
|
|
AUSTRALIA 6.09% |
|
|
|
|
|
AGL Energy Ltd. |
|
75,426 |
|
$ |
999,749 |
Alinta Ltd. |
|
9,087 |
|
|
115,151 |
Amcor Ltd. |
|
169,143 |
|
|
992,714 |
AMP Ltd. |
|
217,893 |
|
|
1,878,109 |
Ansell Ltd. |
|
31,473 |
|
|
319,818 |
APN News & Media Ltd. |
|
19,851 |
|
|
97,628 |
Australia & New Zealand Banking Group Ltd. |
|
325,416 |
|
|
7,890,505 |
AXA Asia Pacific Holdings Ltd. |
|
56,277 |
|
|
354,403 |
BlueScope Steel Ltd. |
|
126,282 |
|
|
1,184,773 |
Boral Ltd. |
|
111,930 |
|
|
743,237 |
Caltex Australia Ltd. |
|
23,127 |
|
|
494,984 |
Centro Properties Group |
|
155,922 |
|
|
1,063,408 |
CFS Retail Property Trust |
|
233,493 |
|
|
430,122 |
Coca-Cola Amatil Ltd. |
|
77,454 |
|
|
607,881 |
Commonwealth Bank of Australia |
|
227,136 |
|
|
10,559,545 |
Commonwealth Property Office Fund |
|
318,942 |
|
|
437,231 |
CSR Ltd. |
|
116,454 |
|
|
334,256 |
DB RREEF Trust |
|
445,926 |
|
|
693,456 |
Downer EDI Ltd. |
|
21,918 |
|
|
131,643 |
Futuris Corp. Ltd. |
|
102,453 |
|
|
211,554 |
Goodman Fielder Ltd. |
|
180,648 |
|
|
394,687 |
Goodman Group |
|
188,760 |
|
|
983,316 |
GPT Group |
|
347,373 |
|
|
1,342,308 |
Iluka Resources Ltd. |
|
51,441 |
|
|
262,685 |
Insurance Australia Group Ltd. |
|
277,875 |
|
|
1,357,075 |
Investa Property Group |
|
314,340 |
|
|
789,127 |
James Hardie Industries NV |
|
40,560 |
|
|
262,029 |
John Fairfax Holdings Ltd. |
|
156,351 |
|
|
648,374 |
Lion Nathan Ltd. |
|
66,807 |
|
|
486,542 |
Macquarie Airports |
|
122,928 |
|
|
460,269 |
Macquarie Infrastructure Group |
|
512,655 |
|
|
1,436,324 |
Mirvac Group |
|
180,258 |
|
|
793,848 |
Multiplex Group |
|
106,080 |
|
|
450,811 |
National Australia Bank Ltd. |
|
143,598 |
|
|
4,719,614 |
OneSteel Ltd. |
|
95,472 |
|
|
548,881 |
Pacific Brands Ltd. |
|
94,224 |
|
|
290,632 |
PaperlinX Ltd. |
|
22,620 |
|
|
62,019 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Qantas Airways Ltd. |
|
137,475 |
|
$ |
676,106 |
Santos Ltd. |
|
123,084 |
|
|
1,402,596 |
Stockland |
|
246,870 |
|
|
1,635,036 |
Suncorp-Metway Ltd. |
|
149,307 |
|
|
2,481,769 |
Symbion Health Ltd. |
|
42,120 |
|
|
149,767 |
Tabcorp Holdings Ltd. |
|
106,392 |
|
|
1,481,296 |
Tattersalls Ltd. |
|
195,507 |
|
|
822,476 |
Telstra Corp. Ltd. |
|
479,544 |
|
|
1,890,017 |
Telstra Corp. Ltd. Installment Receipt |
|
254,007 |
|
|
679,016 |
Transurban Group |
|
174,759 |
|
|
1,075,087 |
Wesfarmers Ltd. |
|
66,027 |
|
|
2,205,740 |
Westfield Group |
|
271,245 |
|
|
4,427,272 |
Westfield Group New |
|
22,376 |
|
|
355,061 |
Westpac Banking Corp. |
|
325,806 |
|
|
7,313,745 |
Zinifex Ltd. |
|
87,126 |
|
|
1,486,273 |
|
|
|
|
|
|
|
|
|
|
|
72,909,965 |
|
|
|
AUSTRIA 0.74% |
|
|
|
|
|
Erste Bank der Oesterreichischen Sparkassen AG |
|
22,652 |
|
|
1,719,969 |
Flughafen Wien AG |
|
451 |
|
|
47,604 |
IMMOFINANZ AGa |
|
112,203 |
|
|
1,428,378 |
Mayr-Melnhof Karton AG |
|
4,312 |
|
|
483,708 |
Meinl European Land Ltd.a |
|
58,566 |
|
|
1,366,866 |
Oesterreichische Elektrizitaetswirtschafts AG Class A |
|
9,516 |
|
|
468,935 |
OMV AG |
|
34,610 |
|
|
2,189,714 |
Wienerberger AG |
|
16,029 |
|
|
1,126,685 |
|
|
|
|
|
|
|
|
|
|
|
8,831,859 |
|
|
|
BELGIUM 1.21% |
|
|
|
|
|
AGFA-Gevaert NV |
|
16,614 |
|
|
352,502 |
Barco NV |
|
4,680 |
|
|
470,216 |
Belgacom SA |
|
28,314 |
|
|
1,156,527 |
Cofinimmo |
|
4,359 |
|
|
783,145 |
Compagnie Maritime Belge SA |
|
5,187 |
|
|
364,526 |
Dexia SA |
|
98,124 |
|
|
2,840,805 |
Euronav SA |
|
2,460 |
|
|
88,629 |
Fortis |
|
195,619 |
|
|
7,824,329 |
UCB SA |
|
11,037 |
|
|
624,413 |
|
|
|
|
|
|
|
|
|
|
|
14,505,092 |
|
|
|
34 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
DENMARK 0.85% |
|
|
|
|
|
A.P. Moller-Maersk A/S |
|
195 |
|
$ |
2,600,837 |
A/S Dampskibsselskabet TORM |
|
3,900 |
|
|
157,126 |
Bang & Olufsen A/S Class B |
|
2,574 |
|
|
300,693 |
Carlsberg A/S Class B |
|
5,733 |
|
|
742,498 |
Danisco A/S |
|
8,853 |
|
|
663,680 |
Danske Bank A/S |
|
83,421 |
|
|
3,548,932 |
East Asiatic Co. Ltd. A/S |
|
3,705 |
|
|
216,067 |
Jyske Bank A/Sa |
|
12,714 |
|
|
1,012,770 |
Lundbeck (H.) A/S |
|
6,006 |
|
|
156,068 |
Sydbank A/S |
|
8,385 |
|
|
429,604 |
Trygvesta A/S |
|
3,900 |
|
|
314,253 |
|
|
|
|
|
|
|
|
|
|
|
10,142,528 |
|
|
|
FINLAND 1.32% |
|
|
|
|
|
Amer Group OYJb |
|
10,413 |
|
|
256,569 |
Fortum OYJ |
|
76,089 |
|
|
2,477,834 |
Kesko OYJ Class B |
|
11,466 |
|
|
614,311 |
Metso OYJ |
|
21,801 |
|
|
1,402,588 |
Neste Oil OYJ |
|
26,481 |
|
|
956,961 |
OKO Bank PLC Class A |
|
14,703 |
|
|
258,219 |
Orion OYJ |
|
14,586 |
|
|
385,544 |
Outokumpu OYJ |
|
19,617 |
|
|
617,613 |
Rautaruukki OYJ |
|
15,210 |
|
|
1,018,733 |
Sampo OYJ |
|
69,537 |
|
|
2,103,604 |
SanomaWSOY OYJ Class B |
|
10,803 |
|
|
348,546 |
Stora Enso OYJ Class R |
|
108,849 |
|
|
1,884,824 |
TietoEnator OYJ |
|
7,722 |
|
|
191,322 |
UPM-Kymmene OYJ |
|
97,227 |
|
|
2,180,001 |
Uponor OYJ |
|
8,112 |
|
|
298,923 |
Wartsila OYJ Class B |
|
11,154 |
|
|
787,837 |
|
|
|
|
|
|
|
|
|
|
|
15,783,429 |
|
|
|
FRANCE 10.47% |
|
|
|
|
|
Air France-KLM |
|
17,316 |
|
|
789,073 |
Alcatel-Lucent |
|
404,040 |
|
|
4,811,710 |
Arcelor Mittal |
|
135,954 |
|
|
8,510,382 |
Atos Origin SAa |
|
1,989 |
|
|
118,108 |
AXA |
|
274,599 |
|
|
10,911,937 |
BNP Paribas |
|
147,732 |
|
|
16,527,682 |
Casino Guichard-Perrachon SA |
|
8,619 |
|
|
846,515 |
CNP Assurances SA |
|
7,917 |
|
|
1,049,690 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Compagnie Generale des Etablissements Michelin Class B |
|
5,460 |
|
$ |
731,174 |
Credit Agricole SA |
|
116,883 |
|
|
4,535,867 |
European Aeronautic Defence and Space Co. |
|
37,752 |
|
|
1,150,843 |
France Telecom SA |
|
296,751 |
|
|
8,067,283 |
Gecina SA |
|
2,496 |
|
|
409,998 |
Imerys SA |
|
4,797 |
|
|
473,698 |
Lafarge SA |
|
19,500 |
|
|
3,345,113 |
M6-Metropole Television |
|
4,446 |
|
|
136,203 |
PagesJaunes SA |
|
10,336 |
|
|
208,548 |
PSA Peugeot Citroen SA |
|
28,509 |
|
|
2,432,790 |
Renault SA |
|
32,643 |
|
|
4,783,802 |
Sanofi-Aventis |
|
68,640 |
|
|
5,778,409 |
SCOR SEb |
|
26,013 |
|
|
671,209 |
Societe BIC |
|
3,666 |
|
|
266,617 |
Societe Generale Class A |
|
65,403 |
|
|
11,409,308 |
Total SA |
|
348,855 |
|
|
27,830,458 |
Valeo SA |
|
16,185 |
|
|
841,441 |
Vivendi |
|
201,942 |
|
|
8,657,734 |
|
|
|
|
|
|
|
|
|
|
|
125,295,592 |
|
|
|
GERMANY 7.83% |
|
|
|
|
|
Allianz SE |
|
79,755 |
|
|
17,073,508 |
ALTANA AG |
|
8,385 |
|
|
198,107 |
Commerzbank AG |
|
73,554 |
|
|
3,189,682 |
DaimlerChrysler AG Registered |
|
163,020 |
|
|
14,926,499 |
Deutsche Bank AG |
|
91,143 |
|
|
12,588,395 |
Deutsche Post AG |
|
136,344 |
|
|
4,005,176 |
Deutsche Telekom AG |
|
494,637 |
|
|
8,558,340 |
E.ON AG |
|
110,409 |
|
|
17,501,243 |
Heidelberger Druckmaschinen AG |
|
8,385 |
|
|
412,627 |
Hypo Real Estate Holding AG |
|
27,729 |
|
|
1,709,956 |
Muenchener Rueckversicherungs- Gesellschaft AG |
|
36,933 |
|
|
6,412,490 |
Salzgitter AG |
|
2,691 |
|
|
556,809 |
Suedzucker AG |
|
30,069 |
|
|
577,474 |
ThyssenKrupp AG |
|
64,935 |
|
|
3,645,226 |
TUI AGa |
|
45,084 |
|
|
1,280,550 |
Volkswagen AG |
|
5,850 |
|
|
1,061,350 |
|
|
|
|
|
|
|
|
|
|
|
93,697,432 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
35 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
HONG KONG 1.80% |
|
|
|
|
|
BOC Hong Kong Holdings Ltd. |
|
604,500 |
|
$ |
1,567,973 |
Cathay Pacific Airways Ltd. |
|
156,000 |
|
|
410,618 |
Cheung Kong (Holdings) Ltd. |
|
273,000 |
|
|
3,871,969 |
Cheung Kong Infrastructure Holdings Ltd.b
|
|
78,000 |
|
|
280,057 |
CLP Holdings Ltd. |
|
273,000 |
|
|
1,847,034 |
Giordano International Ltd. |
|
546,000 |
|
|
241,388 |
Hang Lung Properties Ltd. |
|
234,000 |
|
|
873,062 |
Hang Seng Bank Ltd. |
|
140,400 |
|
|
2,224,514 |
Henderson Land Development Co. Ltd. |
|
145,000 |
|
|
1,056,061 |
Hongkong Electric Holdings Ltd. |
|
234,000 |
|
|
1,166,076 |
Hopewell Holdings Ltd. |
|
117,000 |
|
|
509,037 |
Hutchison Whampoa Ltd. |
|
195,000 |
|
|
2,095,448 |
Hysan Development Co. Ltd. |
|
195,000 |
|
|
507,044 |
Johnson Electric Holdings Ltd.b |
|
682,500 |
|
|
362,779 |
Kingboard Chemical Holdings Co. Ltd. |
|
19,500 |
|
|
108,510 |
MTR Corp. Ltd. |
|
234,000 |
|
|
589,616 |
Noble Group Ltd. |
|
195,000 |
|
|
218,459 |
Orient Overseas International Ltd.b |
|
39,000 |
|
|
468,174 |
Swire Pacific Ltd. Class Ab |
|
156,000 |
|
|
1,780,010 |
Techtronic Industries Co. Ltd. |
|
253,500 |
|
|
301,236 |
Wharf Holdings Ltd. (The) |
|
234,000 |
|
|
979,205 |
Yue Yuen Industrial Holdings Ltd.b |
|
39,000 |
|
|
122,587 |
|
|
|
|
|
|
|
|
|
|
|
21,580,857 |
|
|
|
IRELAND 0.98% |
|
|
|
|
|
Allied Irish Banks PLC |
|
166,257 |
|
|
4,380,932 |
Bank of Ireland |
|
186,849 |
|
|
3,567,967 |
DEPFA Bank PLC |
|
67,509 |
|
|
1,383,373 |
Elan Corp. PLCa |
|
40,911 |
|
|
740,333 |
Greencore Group PLC |
|
59,748 |
|
|
411,384 |
Irish Life & Permanent PLC |
|
51,090 |
|
|
1,241,338 |
|
|
|
|
|
|
|
|
|
|
|
11,725,327 |
|
|
|
ITALY 3.74% |
|
|
|
|
|
Banco Popolare SpAa |
|
131,118 |
|
|
3,239,630 |
Enel SpA |
|
746,724 |
|
|
7,753,032 |
Eni SpA |
|
459,966 |
|
|
16,231,718 |
Intesa Sanpaolo SpA |
|
615,849 |
|
|
4,708,182 |
Pirelli & C. SpAa |
|
663,446 |
|
|
755,587 |
Snam Rete Gas SpA |
|
172,757 |
|
|
960,102 |
UniCredito Italiano SpA German |
|
1,295,344 |
|
|
11,126,401 |
|
|
|
|
|
|
|
|
|
|
|
44,774,652 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
JAPAN 21.10% |
|
|
|
|
|
Acom Co. Ltd.b |
|
15,210 |
|
$ |
542,918 |
Aderans Co. Ltd. |
|
7,800 |
|
|
145,761 |
Aeon Credit Service Co. Ltd. |
|
15,600 |
|
|
221,556 |
AIFUL Corp. |
|
19,500 |
|
|
489,691 |
Ajinomoto Co. Inc. |
|
117,000 |
|
|
1,418,956 |
Alps Electric Co. Ltd. |
|
35,100 |
|
|
349,040 |
Amada Co. Ltd. |
|
78,000 |
|
|
914,526 |
Aoyama Trading Co. Ltd. |
|
11,700 |
|
|
336,068 |
Asahi Breweries Ltd. |
|
66,300 |
|
|
942,728 |
Asahi Kasei Corp. |
|
78,000 |
|
|
558,804 |
Astellas Pharma Inc. |
|
93,600 |
|
|
3,852,014 |
Bank of Kyoto Ltd. (The) |
|
78,000 |
|
|
1,056,028 |
Bank of Yokohama Ltd. (The) |
|
156,000 |
|
|
1,090,094 |
Benesse Corp. |
|
11,700 |
|
|
361,618 |
Bridgestone Corp. |
|
113,100 |
|
|
2,393,751 |
Canon Marketing Japan Inc. |
|
15,600 |
|
|
282,350 |
Central Glass Co. Ltd. |
|
39,000 |
|
|
217,495 |
Chubu Electric Power Co. Inc. |
|
113,100 |
|
|
2,840,205 |
Circle K Sunkus Co. Ltd. |
|
15,600 |
|
|
265,317 |
Citizen Watch Co. Ltd. |
|
62,400 |
|
|
576,492 |
Coca-Cola West Japan Co. Ltd. |
|
7,800 |
|
|
162,466 |
COMSYS Holdings Corp. |
|
39,000 |
|
|
433,024 |
CSK Corp. |
|
3,900 |
|
|
126,108 |
Dai Nippon Printing Co. Ltd. |
|
117,000 |
|
|
1,718,666 |
Daicel Chemical Industries Ltd. |
|
39,000 |
|
|
261,387 |
Daiichi Sankyo Co. Ltd. |
|
124,818 |
|
|
3,448,967 |
Daito Trust Construction Co. Ltd. |
|
7,800 |
|
|
389,132 |
Daiwa House Industry Co. Ltd. |
|
78,000 |
|
|
1,026,549 |
Daiwa Securities Group Inc. |
|
195,000 |
|
|
2,086,507 |
Denki Kagaku Kogyo Kabushiki Kaisha |
|
78,000 |
|
|
390,442 |
Dentsu Inc. |
|
273 |
|
|
697,031 |
East Japan Railway Co. |
|
273 |
|
|
2,026,893 |
Edion Corp. |
|
19,500 |
|
|
212,254 |
Eisai Co. Ltd. |
|
27,300 |
|
|
1,153,311 |
Electric Power Development Co. Ltd. |
|
27,320 |
|
|
938,469 |
FamilyMart Co. Ltd. |
|
11,700 |
|
|
303,641 |
Fuji Electric Holdings Co. Ltd. |
|
78,000 |
|
|
325,587 |
Fuji Television Network Inc. |
|
117 |
|
|
236,820 |
|
|
|
36 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Fujikura Ltd. |
|
78,000 |
|
$ |
485,432 |
Fukuoka Financial Group Inc.a |
|
39,000 |
|
|
249,267 |
Glory Ltd. |
|
11,700 |
|
|
313,467 |
Gunma Bank Ltd. |
|
39,000 |
|
|
259,749 |
Hakuhodo DY Holdings Inc. |
|
780 |
|
|
50,377 |
Hankyu Department Stores Inc. |
|
39,000 |
|
|
377,340 |
Hino Motors Ltd. |
|
39,000 |
|
|
274,489 |
Hiroshima Bank Ltd. (The) |
|
78,000 |
|
|
442,195 |
Hitachi Cable Ltd. |
|
39,000 |
|
|
240,751 |
Hitachi Credit Corp. |
|
11,700 |
|
|
164,202 |
Hitachi Ltd. |
|
390,000 |
|
|
2,794,020 |
Hokkaido Electric Power Co. Inc. |
|
31,200 |
|
|
644,623 |
Honda Motor Co. Ltd. |
|
273,000 |
|
|
9,859,321 |
Idemitsu Kosan Co. Ltd. |
|
3,900 |
|
|
463,814 |
ITOCHU Corp. |
|
273,000 |
|
|
3,446,176 |
Itochu Techno-Science Corp. |
|
3,900 |
|
|
142,158 |
JAFCO Co. Ltd. |
|
3,900 |
|
|
179,499 |
Japan Prime Realty Investment Corp. |
|
78 |
|
|
300,038 |
Japan Real Estate Investment Corp. |
|
78 |
|
|
890,942 |
Japan Retail Fund Investment Corp. |
|
39 |
|
|
317,070 |
JFE Holdings Inc. |
|
42,900 |
|
|
2,958,124 |
Joyo Bank Ltd. (The) |
|
117,000 |
|
|
682,946 |
JS Group Corp. |
|
46,800 |
|
|
884,391 |
Kamigumi Co. Ltd. |
|
39,000 |
|
|
338,034 |
Kaneka Corp. |
|
78,000 |
|
|
638,072 |
Kansai Electric Power Co. Inc. (The) |
|
128,700 |
|
|
2,859,039 |
Kansai Paint Co. Ltd. |
|
39,000 |
|
|
338,689 |
Kao Corp. |
|
78,000 |
|
|
2,148,742 |
Kawasaki Kisen Kaisha Ltd. |
|
117,000 |
|
|
1,618,435 |
Keio Corp. |
|
117,000 |
|
|
736,010 |
Keisei Electric Railway Co. Ltd. |
|
39,000 |
|
|
200,134 |
Kinden Corp. |
|
39,000 |
|
|
345,895 |
Kirin Holdings Co. Ltd. |
|
156,000 |
|
|
2,212,943 |
Kobe Steel Ltd. |
|
195,000 |
|
|
761,559 |
Kokuyo Co. Ltd. |
|
11,700 |
|
|
129,514 |
Komori Corp. |
|
9,000 |
|
|
207,492 |
Kuraray Co. Ltd. |
|
39,000 |
|
|
449,729 |
Kyocera Corp. |
|
27,300 |
|
|
2,636,795 |
Kyowa Hakko Kogyo Co. Ltd. |
|
39,000 |
|
|
393,063 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Kyushu Electric Power Co. Inc. |
|
58,500 |
|
$ |
1,388,002 |
Lawson Inc. |
|
11,700 |
|
|
400,924 |
Leopalace21 Corp. |
|
11,700 |
|
|
370,461 |
Mabuchi Motor Co. Ltd. |
|
3,900 |
|
|
237,148 |
Makita Corp. |
|
11,700 |
|
|
540,461 |
Marubeni Corp. |
|
273,000 |
|
|
2,643,674 |
Marui Co. Ltd. |
|
46,800 |
|
|
529,062 |
Matsumotokiyoshi Co. Ltd. |
|
3,900 |
|
|
86,965 |
Matsushita Electric Works Ltd. |
|
39,000 |
|
|
490,673 |
Mediceo Paltac Holdings Co. Ltd. |
|
15,600 |
|
|
230,073 |
Meiji Seika Kaisha Ltd. |
|
39,000 |
|
|
171,965 |
Mitsubishi Chemical Holdings Corp. |
|
195,000 |
|
|
1,778,608 |
Mitsubishi Corp. |
|
230,100 |
|
|
6,841,255 |
Mitsubishi Gas Chemical Co. Inc. |
|
39,000 |
|
|
341,964 |
Mitsubishi Heavy Industries Ltd. |
|
351,000 |
|
|
2,485,138 |
Mitsubishi Materials Corp. |
|
195,000 |
|
|
1,257,800 |
Mitsubishi Rayon Co. Ltd. |
|
39,000 |
|
|
293,487 |
Mitsubishi UFJ Financial Group Inc. |
|
1,404 |
|
|
14,975,686 |
Mitsubishi UFJ Securities Co. Ltd. |
|
39,000 |
|
|
422,870 |
Mitsui & Co. Ltd. |
|
273,000 |
|
|
6,442,951 |
Mitsui Mining & Smelting Co. Ltd. |
|
39,000 |
|
|
188,670 |
Mitsui O.S.K. Lines Ltd. |
|
195,000 |
|
|
3,069,164 |
Mitsui Sumitomo Insurance Co. Ltd. |
|
234,000 |
|
|
2,712,132 |
Mitsui Trust Holdings Inc. |
|
117,000 |
|
|
1,040,633 |
Mitsumi Electric Co. Ltd. |
|
11,700 |
|
|
458,900 |
Namco Bandai Holdings Inc. |
|
39,000 |
|
|
611,540 |
NEC Corp. |
|
273,000 |
|
|
1,345,912 |
Nichirei Corp. |
|
39,000 |
|
|
187,360 |
Nikko Cordial Corp. |
|
78,000 |
|
|
1,048,822 |
Nippon Building Fund Inc. |
|
78 |
|
|
1,035,065 |
Nippon Express Co. Ltd. |
|
156,000 |
|
|
847,705 |
Nippon Kayaku Co. Ltd. |
|
39,000 |
|
|
339,672 |
Nippon Light Metal Co. Ltd. |
|
117,000 |
|
|
303,641 |
Nippon Meat Packers Inc. |
|
39,000 |
|
|
422,870 |
Nippon Mining Holdings Inc. |
|
156,000 |
|
|
1,581,422 |
Nippon Oil Corp. |
|
234,000 |
|
|
2,096,989 |
Nippon Paper Group Inc. |
|
195 |
|
|
632,176 |
Nippon Sheet Glass Co. Ltd. |
|
78,000 |
|
|
411,406 |
Nippon Shokubai Co. Ltd. |
|
39,000 |
|
|
344,585 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
37 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Nippon Steel Corp. |
|
936,000 |
|
$ |
7,075,127 |
Nippon Telegraph and Telephone Corp. |
|
897 |
|
|
3,879,856 |
Nippon Yusen Kabushiki Kaisha |
|
195,000 |
|
|
1,973,502 |
Nissan Motor Co. Ltd. |
|
397,800 |
|
|
4,249,793 |
Nisshin Seifun Group Inc. |
|
19,700 |
|
|
183,821 |
Nisshin Steel Co. Ltd. |
|
117,000 |
|
|
514,912 |
Nissin Food Products Co. Ltd. |
|
15,600 |
|
|
476,916 |
Nomura Real Estate Office Fund Inc. |
|
39 |
|
|
360,307 |
NSK Ltd. |
|
78,000 |
|
|
751,405 |
NTN Corp. |
|
78,000 |
|
|
643,312 |
NTT DoCoMo Inc. |
|
2,886 |
|
|
3,999,412 |
Obayashi Corp. |
|
117,000 |
|
|
622,022 |
Oji Paper Co. Ltd. |
|
156,000 |
|
|
750,750 |
Okumura Corp.b |
|
39,000 |
|
|
207,996 |
Oracle Corp. Japan |
|
3,900 |
|
|
173,275 |
Oriental Land Co. Ltd. |
|
3,900 |
|
|
202,427 |
Osaka Gas Co. Ltd. |
|
351,000 |
|
|
1,208,668 |
Pioneer Corp. |
|
23,400 |
|
|
315,826 |
Promise Co. Ltd.b |
|
17,550 |
|
|
474,623 |
Resona Holdings Inc.b |
|
468 |
|
|
1,014,102 |
Ricoh Co. Ltd. |
|
117,000 |
|
|
2,540,167 |
Rinnai Corp. |
|
7,800 |
|
|
233,217 |
Rohm Co. Ltd. |
|
19,500 |
|
|
1,657,414 |
Sankyo Co. Ltd. |
|
3,900 |
|
|
155,915 |
Santen Pharmaceutical Co. Ltd. |
|
11,700 |
|
|
275,635 |
Sanwa Shutter Corp. |
|
39,000 |
|
|
231,579 |
Sapporo Hokuyo Holdings Inc. |
|
78 |
|
|
831,983 |
Sapporo Holdings Ltd.b |
|
39,000 |
|
|
234,527 |
SBI Holdings Inc. |
|
1,677 |
|
|
518,319 |
Sega Sammy Holdings Inc. |
|
35,100 |
|
|
505,872 |
Seiko Epson Corp. |
|
11,700 |
|
|
342,947 |
Seino Holdings Co. Ltd. |
|
39,000 |
|
|
378,978 |
Sekisui Chemical Co. Ltd. |
|
78,000 |
|
|
611,212 |
77 Bank Ltd. (The) |
|
78,000 |
|
|
515,567 |
Sharp Corp. |
|
172,000 |
|
|
2,983,076 |
Shimachu Co. Ltd. |
|
7,800 |
|
|
222,736 |
Shinko Securities Co. Ltd. |
|
78,000 |
|
|
381,926 |
Shinsei Bank Ltd. |
|
273,000 |
|
|
1,027,204 |
Shizuoka Bank Ltd. (The) |
|
117,000 |
|
|
1,178,205 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Showa Shell Sekiyu K.K. |
|
42,900 |
|
$ |
532,534 |
Sojitz Corp. |
|
120,900 |
|
|
611,278 |
Sompo Japan Insurance Inc. |
|
156,000 |
|
|
1,819,880 |
Sumitomo Bakelite Co. Ltd. |
|
39,000 |
|
|
279,075 |
Sumitomo Corp. |
|
187,200 |
|
|
3,663,344 |
Sumitomo Osaka Cement Co. Ltd. |
|
78,000 |
|
|
199,152 |
Sumitomo Rubber Industries Inc. |
|
35,100 |
|
|
420,675 |
Sumitomo Trust and Banking Co. Ltd. (The) |
|
234,000 |
|
|
1,983,001 |
Suzuken Co. Ltd. |
|
11,700 |
|
|
363,583 |
T&D Holdings Inc. |
|
13,650 |
|
|
896,510 |
Taiheiyo Cement Corp. |
|
78,000 |
|
|
333,448 |
Taisei Corp. |
|
117,000 |
|
|
414,681 |
Taisho Pharmaceutical Co. Ltd. |
|
39,000 |
|
|
756,646 |
Takara Holdings Inc. |
|
39,000 |
|
|
241,734 |
Takeda Pharmaceutical Co. Ltd. |
|
148,200 |
|
|
9,658,859 |
Takefuji Corp. |
|
21,060 |
|
|
654,449 |
Tanabe Seiyaku Co. Ltd. |
|
39,000 |
|
|
458,573 |
Teijin Ltd. |
|
78,000 |
|
|
424,508 |
THK Co. Ltd. |
|
3,900 |
|
|
92,533 |
Toda Corp. |
|
39,000 |
|
|
213,236 |
Toho Co. Ltd. |
|
3,900 |
|
|
71,734 |
Tohoku Electric Power Co. Inc. |
|
70,200 |
|
|
1,556,528 |
Tokai Rika Co. Ltd. |
|
15,600 |
|
|
415,336 |
Tokyo Electric Power Co. Inc. (The) |
|
210,600 |
|
|
5,607,038 |
Tokyo Gas Co. Ltd. |
|
390,000 |
|
|
1,699,996 |
Tokyo Steel Manufacturing Co. Ltd. |
|
11,700 |
|
|
192,208 |
TonenGeneral Sekiyu K.K. |
|
39,000 |
|
|
380,943 |
Toppan Printing Co. Ltd. |
|
78,000 |
|
|
847,050 |
Tosoh Corp. |
|
39,000 |
|
|
233,217 |
TOTO Ltd. |
|
39,000 |
|
|
331,483 |
Toyo Seikan Kaisha Ltd. |
|
27,300 |
|
|
479,209 |
Toyota Industries Corp. |
|
39,000 |
|
|
1,772,057 |
Toyota Motor Corp. |
|
475,800 |
|
|
28,772,183 |
UNY Co. Ltd. |
|
39,000 |
|
|
413,698 |
West Japan Railway Co. |
|
312 |
|
|
1,412,405 |
Yamaha Corp. |
|
27,300 |
|
|
596,145 |
Yamaha Motor Co. Ltd. |
|
27,300 |
|
|
772,696 |
Yamato Holdings Co. Ltd. |
|
78,000 |
|
|
1,162,810 |
|
|
|
|
|
|
|
|
|
|
|
252,473,999 |
|
|
|
38 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
NETHERLANDS 3.58% |
|
|
|
|
|
ABN AMRO Holding NV |
|
315,783 |
|
$ |
15,297,666 |
Aegon NV |
|
260,598 |
|
|
4,794,311 |
Corio NV |
|
6,962 |
|
|
503,180 |
Corporate Express NV |
|
32,740 |
|
|
449,954 |
Hagemeyer NV |
|
45,864 |
|
|
244,218 |
ING Groep NV |
|
329,121 |
|
|
14,110,201 |
Koninklijke DSM NV |
|
22,581 |
|
|
1,176,126 |
Koninklijke KPN NV |
|
214,422 |
|
|
3,354,837 |
Oce NV |
|
12,324 |
|
|
288,809 |
Unilever NV |
|
73,398 |
|
|
2,246,528 |
Wereldhave NV |
|
3,471 |
|
|
445,575 |
|
|
|
|
|
|
|
|
|
|
|
42,911,405 |
|
|
|
NEW ZEALAND 0.14% |
|
|
|
|
|
Fisher & Paykel Appliances Holdings Ltd. |
|
98,319 |
|
|
269,883 |
Sky City Entertainment Group Ltd. |
|
73,905 |
|
|
276,740 |
Telecom Corp. of New Zealand Ltd. |
|
319,488 |
|
|
1,115,271 |
|
|
|
|
|
|
|
|
|
|
|
1,661,894 |
|
|
|
NORWAY 1.11% |
|
|
|
|
|
DnB NOR ASA |
|
142,857 |
|
|
1,906,363 |
Frontline Ltd. |
|
10,335 |
|
|
488,120 |
Marine Harvest ASAa |
|
495,105 |
|
|
626,683 |
Norsk Hydro ASA |
|
127,257 |
|
|
4,939,388 |
Norske Skogindustrier ASA |
|
43,368 |
|
|
610,754 |
Orkla ASA |
|
101,010 |
|
|
1,934,293 |
ProSafe SE |
|
23,556 |
|
|
368,151 |
Statoil ASA |
|
44,343 |
|
|
1,325,126 |
Yara International ASA |
|
39,078 |
|
|
1,058,729 |
|
|
|
|
|
|
|
|
|
|
|
13,257,607 |
|
|
|
PORTUGAL 0.48% |
|
|
|
|
|
Banco Comercial Portugues SA Class Rb
|
|
464,856 |
|
|
2,392,556 |
Banco Espirito Santo SA |
|
49,379 |
|
|
1,163,266 |
Brisa-Auto Estradas de Portugal SA |
|
60,762 |
|
|
832,572 |
Portugal Telecom SGPS SA |
|
99,996 |
|
|
1,407,121 |
|
|
|
|
|
|
|
|
|
|
|
5,795,515 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
SINGAPORE 1.16% |
|
|
|
|
|
Ascendas Real Estate Investment Trustb
|
|
234,000 |
|
$ |
417,898 |
CapitaCommercial Trust |
|
195,000 |
|
|
341,823 |
CapitaLand Ltd. |
|
39,000 |
|
|
192,758 |
CapitaMall Trust Management Ltd.b |
|
195,000 |
|
|
483,179 |
ComfortDelGro Corp. Ltd. |
|
390,000 |
|
|
532,011 |
DBS Group Holdings Ltd. |
|
195,000 |
|
|
2,968,467 |
Fraser and Neave Ltd. |
|
117,000 |
|
|
404,791 |
Haw Par Corp. Ltd. |
|
39,000 |
|
|
206,893 |
Jardine Cycle & Carriage Ltd. |
|
39,000 |
|
|
413,786 |
Neptune Orient Lines Ltd. |
|
117,000 |
|
|
435,632 |
Oversea-Chinese Banking Corp.b |
|
429,000 |
|
|
2,572,671 |
Singapore Airlines Ltd. |
|
78,000 |
|
|
997,199 |
Singapore Land Ltd. |
|
39,000 |
|
|
269,861 |
Singapore Petroleum Co. Ltd. |
|
117,000 |
|
|
501,170 |
Suntec REIT |
|
195,000 |
|
|
244,160 |
United Overseas Bank Ltd. |
|
195,000 |
|
|
2,891,364 |
|
|
|
|
|
|
|
|
|
|
|
13,873,663 |
|
|
|
SPAIN 4.52% |
|
|
|
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
254,748 |
|
|
6,322,145 |
Banco Popular Espanol SA |
|
92,547 |
|
|
1,676,016 |
Banco Santander Central Hispano SA |
|
1,109,160 |
|
|
21,134,369 |
Ebro Puleva SA |
|
29,133 |
|
|
652,017 |
Endesa SA |
|
132,756 |
|
|
7,179,878 |
Gas Natural SDG SA |
|
39,000 |
|
|
2,265,132 |
Gestevision Telecinco SA |
|
8,697 |
|
|
239,526 |
Iberdrola SA |
|
142,467 |
|
|
8,040,508 |
Iberia Lineas Aereas de Espana SA |
|
24,258 |
|
|
114,891 |
Repsol YPF SA |
|
158,808 |
|
|
6,073,718 |
Zeltia SAb |
|
31,239 |
|
|
354,065 |
|
|
|
|
|
|
|
|
|
|
|
54,052,265 |
|
|
|
SWEDEN 2.54% |
|
|
|
|
|
Axfood AB |
|
5,460 |
|
|
190,835 |
Billerud AB |
|
14,469 |
|
|
220,109 |
Castellum AB |
|
26,793 |
|
|
327,064 |
D. Carnegie & Co. ABb |
|
15,600 |
|
|
308,509 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
39 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Electrolux AB Series B |
|
44,382 |
|
$ |
1,126,363 |
Eniro AB |
|
9,867 |
|
|
123,010 |
Fabege AB |
|
21,528 |
|
|
231,642 |
Hoganas AB Class B |
|
4,407 |
|
|
127,215 |
Holmen AB Class B |
|
9,750 |
|
|
413,129 |
Nordea Bank AB |
|
364,886 |
|
|
5,946,138 |
Scania AB Class B |
|
35,880 |
|
|
867,991 |
Securitas AB Class B |
|
23,712 |
|
|
365,997 |
Skandinaviska Enskilda Banken AB Class A |
|
78,819 |
|
|
2,737,299 |
Skanska AB Class B |
|
62,361 |
|
|
1,358,209 |
SKF AB |
|
65,481 |
|
|
1,389,718 |
SSAB Svenskt Stal AB Class A |
|
27,729 |
|
|
1,018,556 |
SSAB Svenskt Stal AB Class B |
|
6,903 |
|
|
240,246 |
Svenska Cellulosa AB Class B |
|
104,559 |
|
|
1,866,044 |
Svenska Handelsbanken AB Class A |
|
90,675 |
|
|
2,630,933 |
Telefonaktiebolaget LM Ericsson AB Class B |
|
830,934 |
|
|
3,157,053 |
TeliaSonera AB |
|
230,256 |
|
|
1,768,466 |
Trelleborg AB Class B |
|
13,104 |
|
|
336,454 |
Volvo AB Class B |
|
191,190 |
|
|
3,561,101 |
Wihlborgs Fastigheter AB |
|
3,822 |
|
|
64,807 |
|
|
|
|
|
|
|
|
|
|
|
30,376,888 |
|
|
|
SWITZERLAND 6.53% |
|
|
|
|
|
Ciba Specialty Chemicals AG Registered |
|
13,962 |
|
|
854,497 |
Clariant AG Registereda |
|
20,287 |
|
|
317,775 |
Compagnie Financiere Richemont AG Class A |
|
81,705 |
|
|
5,180,398 |
Credit Suisse Group Registered |
|
196,020 |
|
|
13,031,079 |
Givaudan SA Registered |
|
1,209 |
|
|
1,139,277 |
Nestle SA Registered |
|
70,356 |
|
|
27,185,923 |
PSP Swiss Property AGa |
|
12,129 |
|
|
643,037 |
Rieter Holding AG |
|
1,287 |
|
|
680,183 |
Swatch Group AG (The) Class B |
|
3,354 |
|
|
1,021,473 |
Swiss Life Holding |
|
5,850 |
|
|
1,455,937 |
Swiss Reinsurance Co. Registered |
|
59,436 |
|
|
5,136,566 |
Swisscom AG Registered |
|
3,471 |
|
|
1,186,901 |
UBS AG Registered |
|
229,125 |
|
|
12,861,387 |
Zurich Financial Services AG Registered |
|
25,428 |
|
|
7,480,066 |
|
|
|
|
|
|
|
|
|
|
|
78,174,499 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
UNITED KINGDOM 22.97% |
|
|
|
Arriva PLC |
|
30,732 |
|
$ |
496,781 |
Aviva PLC |
|
445,263 |
|
|
6,252,145 |
Barclays PLCc |
|
1,121,835 |
|
|
15,934,577 |
Barratt Developments PLC |
|
47,034 |
|
|
893,630 |
BBA Aviation PLC |
|
63,375 |
|
|
317,446 |
Bellway PLC |
|
16,146 |
|
|
409,134 |
Berkeley Group Holdings PLC (The)a |
|
10,179 |
|
|
340,876 |
Bovis Homes Group PLC |
|
16,068 |
|
|
253,045 |
BP PLC |
|
3,423,381 |
|
|
40,173,680 |
British Energy Group PLC |
|
198,315 |
|
|
2,016,945 |
Brixton PLC |
|
76,479 |
|
|
588,612 |
Cattles PLC |
|
61,971 |
|
|
467,193 |
Compass Group PLC |
|
81,120 |
|
|
553,038 |
Cookson Group PLC |
|
21,177 |
|
|
298,432 |
Davis Service Group PLC (The) |
|
17,160 |
|
|
205,733 |
De La Rue PLC |
|
10,556 |
|
|
160,234 |
Diageo PLC |
|
124,917 |
|
|
2,568,836 |
DSG International PLC |
|
375,999 |
|
|
1,195,736 |
Electrocomponents PLC |
|
68,562 |
|
|
353,876 |
Emap PLC |
|
39,390 |
|
|
675,558 |
FKI PLC |
|
108,654 |
|
|
246,181 |
Friends Provident PLC |
|
307,554 |
|
|
1,168,685 |
GKN PLC |
|
145,782 |
|
|
1,146,434 |
Hanson PLC |
|
123,708 |
|
|
2,732,510 |
HBOS PLC |
|
657,969 |
|
|
12,962,466 |
Home Retail Group PLC |
|
149,370 |
|
|
1,250,532 |
HSBC Holdings PLC |
|
2,038,530 |
|
|
37,861,489 |
IMI PLC |
|
30,108 |
|
|
360,968 |
Imperial Chemical Industries PLC |
|
105,066 |
|
|
1,332,236 |
International Personal Finance PLCa |
|
45,917 |
|
|
205,272 |
ITV PLC |
|
723,021 |
|
|
1,503,007 |
Kelda Group PLC |
|
33,449 |
|
|
571,628 |
Kelda Group PLC Deferredd |
|
41,255 |
|
|
8 |
Kesa Electricals PLC |
|
6,162 |
|
|
40,570 |
Kingfisher PLC |
|
406,185 |
|
|
1,760,140 |
Land Securities Group PLC |
|
49,959 |
|
|
1,717,705 |
Legal & General Group PLC |
|
1,100,619 |
|
|
3,137,828 |
Lloyds TSB Group PLC |
|
983,190 |
|
|
11,148,233 |
|
|
|
40 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Meggitt PLC |
|
96,878 |
|
$ |
608,300 |
National Express Group PLC |
|
21,606 |
|
|
508,853 |
National Grid PLC |
|
86,658 |
|
|
1,237,056 |
Old Mutual PLC |
|
917,202 |
|
|
3,049,177 |
Pearson PLC |
|
112,164 |
|
|
1,816,545 |
Persimmon PLC |
|
49,101 |
|
|
1,158,396 |
Premier Farnell PLC |
|
38,142 |
|
|
147,068 |
Provident Financial PLC |
|
22,959 |
|
|
424,550 |
Rank Group PLC |
|
169,494 |
|
|
582,931 |
Rentokil Initial PLC |
|
291,798 |
|
|
929,446 |
Resolution PLC |
|
121,485 |
|
|
1,629,300 |
Rexam PLC |
|
80,964 |
|
|
827,550 |
Royal Bank of Scotland Group PLC |
|
1,662,258 |
|
|
20,013,414 |
Royal Dutch Shell PLC Class A |
|
649,974 |
|
|
25,504,254 |
Royal Dutch Shell PLC Class B |
|
483,561 |
|
|
19,259,354 |
Scottish & Newcastle PLC |
|
141,648 |
|
|
1,706,866 |
Sergo PLC |
|
71,097 |
|
|
781,597 |
Severn Trent PLC |
|
38,454 |
|
|
1,008,012 |
Signet Group PLC |
|
247,845 |
|
|
494,820 |
Stagecoach Group PLC |
|
43,395 |
|
|
187,825 |
Stagecoach Group PLC Class C Deferredd
|
|
58,854 |
|
|
12 |
Standard Life PLC |
|
83,655 |
|
|
524,423 |
Stolt-Nielsen SA |
|
7,488 |
|
|
259,134 |
Tate & Lyle PLC |
|
80,964 |
|
|
935,313 |
TaylorWimpey PLC |
|
187,980 |
|
|
1,261,505 |
Thomas Cook Group PLCa |
|
42,794 |
|
|
268,705 |
3i Group PLC |
|
63,514 |
|
|
1,391,306 |
Tomkins PLC |
|
175,344 |
|
|
845,340 |
Trinity Mirror PLC |
|
59,748 |
|
|
621,624 |
Tullett Prebon PLC |
|
41,457 |
|
|
345,395 |
Unilever PLC |
|
50,622 |
|
|
1,594,430 |
United Utilities PLC |
|
140,478 |
|
|
1,919,707 |
Vodafone Group PLC |
|
9,208,290 |
|
|
28,067,559 |
Wolseley PLC |
|
73,632 |
|
|
1,620,427 |
|
|
|
|
|
|
|
|
|
|
|
274,831,593 |
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $1,086,563,645) |
|
|
1,186,656,061 |
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
PREFERRED STOCKS 0.47% |
|
|
|
|
|
|
|
GERMANY 0.18% |
|
|
|
|
|
|
Volkswagen AG |
|
19,227 |
|
$ |
2,185,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,185,783 |
|
|
|
|
ITALY 0.29% |
|
|
|
|
|
|
Intesa Sanpaolo SpA RNC |
|
72,751 |
|
|
522,822 |
|
Telecom Italia SpA RNC |
|
1,106,703 |
|
|
2,407,193 |
|
Unipol SpA |
|
154,293 |
|
|
494,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,424,232 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS (Cost: $4,984,672) |
|
|
5,610,015 |
|
|
|
|
RIGHTS 0.01% |
|
|
|
|
|
|
|
|
|
SWEDEN 0.01% |
|
|
|
|
|
|
SSAB Svenskt Stal AB Class Ad |
|
27,729 |
|
|
95,168 |
|
SSAB Svenskt Stal AB Class Bd |
|
6,903 |
|
|
20,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
115,530 |
|
|
|
|
|
|
|
|
|
|
TOTAL RIGHTS (Cost: $0) |
|
|
115,530 |
|
|
SHORT-TERM INVESTMENTS 0.58% |
|
|
MONEY MARKET FUNDS 0.58% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%c,e |
|
493,118 |
|
|
493,118 |
|
BGI Cash Premier Fund LLC 5.34%c,e,f |
|
6,402,735 |
|
|
6,402,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,895,853 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $6,895,853) |
|
|
6,895,853 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 100.22% (Cost: $1,098,444,170) |
|
|
1,199,277,459 |
|
|
|
Other Assets, Less Liabilities (0.22)% |
|
|
(2,619,722 |
) |
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
$ |
1,196,657,737 |
|
|
|
|
|
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
41 |
Schedule of Investments (Continued)
iSHARES® MSCI EAFE VALUE INDEX FUND
July 31, 2007
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Affiliated issuer. See Note 2. |
d |
Security valued at fair value in accordance with procedures approved by the Board of Trustees. See Note 1.
|
e |
The rate quoted is the annualized seven-day yield of the fund at period end. |
f |
This security represents an investment of securities lending collateral. See Note 5.
|
See notes to financial statements.
|
|
|
42 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities
iSHARES® TRUST
July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares FTSE/Xinhua China 25 Index Fund |
|
|
iShares MSCI EAFE Index Fund |
|
|
iShares MSCI EAFE Growth Index Fund |
|
|
iShares MSCI EAFE Value Index Fund |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
$ |
3,952,990,220 |
|
|
$ |
33,520,505,714 |
|
|
$ |
427,523,088 |
|
|
$ |
1,076,956,697 |
Affiliated issuers (Note 2) |
|
|
1,070,826,857 |
|
|
|
1,531,814,193 |
|
|
|
5,039,673 |
|
|
|
21,487,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of investments |
|
$ |
5,023,817,077 |
|
|
$ |
35,052,319,907 |
|
|
$ |
432,562,761 |
|
|
$ |
1,098,444,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at value (including securities on loana) (Note 1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
$ |
5,835,953,274 |
|
|
$ |
45,875,556,753 |
|
|
$ |
510,927,264 |
|
|
$ |
1,176,447,029 |
Affiliated issuers (Note 2) |
|
|
1,070,826,857 |
|
|
|
1,602,004,127 |
|
|
|
5,039,673 |
|
|
|
22,830,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments |
|
|
6,906,780,131 |
|
|
|
47,477,560,880 |
|
|
|
515,966,937 |
|
|
|
1,199,277,459 |
Foreign currencies, at valueb |
|
|
9,293,494 |
|
|
|
88,020,483 |
|
|
|
916,913 |
|
|
|
2,410,429 |
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities sold |
|
|
|
|
|
|
32,088,580 |
|
|
|
342,339 |
|
|
|
|
Due from custodian |
|
|
7,556,836 |
|
|
|
2,033,160 |
|
|
|
|
|
|
|
1,768,758 |
Dividends and interest |
|
|
7,868,934 |
|
|
|
73,144,977 |
|
|
|
490,635 |
|
|
|
2,149,352 |
Capital shares sold |
|
|
42,001 |
|
|
|
1,413,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
6,931,541,396 |
|
|
|
47,674,261,581 |
|
|
|
517,716,824 |
|
|
|
1,205,605,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
|
7,556,836 |
|
|
|
32,295,982 |
|
|
|
406,901 |
|
|
|
2,142,625 |
Collateral for securities on loan (Note 5) |
|
|
1,067,799,739 |
|
|
|
1,301,813,682 |
|
|
|
4,977,430 |
|
|
|
6,402,735 |
Capital shares redeemed |
|
|
1,739,581 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees (Note 2) |
|
|
3,586,659 |
|
|
|
13,598,717 |
|
|
|
178,249 |
|
|
|
402,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
1,080,682,815 |
|
|
|
1,347,708,381 |
|
|
|
5,562,580 |
|
|
|
8,948,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
$ |
5,850,858,581 |
|
|
$ |
46,326,553,200 |
|
|
$ |
512,154,244 |
|
|
$ |
1,196,657,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
3,944,316,713 |
|
|
$ |
33,349,165,812 |
|
|
$ |
422,310,591 |
|
|
$ |
1,062,907,758 |
Undistributed net investment income |
|
|
52,087,836 |
|
|
|
685,879,058 |
|
|
|
6,629,658 |
|
|
|
18,741,510 |
Undistributed net realized gain (accumulated net realized loss) |
|
|
(28,518,625 |
) |
|
|
(135,706,376 |
) |
|
|
(205,039 |
) |
|
|
14,128,072 |
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies |
|
|
1,882,972,657 |
|
|
|
12,427,214,706 |
|
|
|
83,419,034 |
|
|
|
100,880,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
$ |
5,850,858,581 |
|
|
$ |
46,326,553,200 |
|
|
$ |
512,154,244 |
|
|
$ |
1,196,657,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstandingc |
|
|
41,500,000 |
|
|
|
582,000,000 |
|
|
|
6,800,000 |
|
|
|
15,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value per share |
|
$ |
140.98 |
|
|
$ |
79.60 |
|
|
$ |
75.32 |
|
|
$ |
76.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Securities on loan with market values of $990,953,607, $1,254,772,740, $4,924,722 and $6,073,303, respectively. See Note
5. |
b |
Cost of foreign currencies: $9,297,569, $87,377,180, $910,828 and $2,393,777, respectively.
|
c |
No par value, unlimited number of shares authorized. |
See notes to financial statements.
Statements of Operations
iSHARES® TRUST
Year ended July 31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares FTSE/Xinhua China 25 Index Fund |
|
iShares MSCI EAFE Index Fund |
|
|
iShares MSCI EAFE Growth Index Fund |
|
iShares MSCI EAFE Value Index Fund |
|
NET INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from unaffiliated issuersa |
|
$ |
102,133,242 |
|
$ |
1,065,125,399 |
|
|
$ |
9,536,798 |
|
$ |
26,193,428 |
Dividends from affiliated issuers (Note 2) |
|
|
|
|
|
10,959,992 |
|
|
|
|
|
|
420,348 |
Interest from affiliated issuers (Note 2) |
|
|
169,735 |
|
|
756,887 |
|
|
|
8,962 |
|
|
16,791 |
Securities lending income from unaffiliated issuers |
|
|
7,112,766 |
|
|
2,695,586 |
|
|
|
19,504 |
|
|
10,956 |
Securities lending income from affiliated issuers (Note 2) |
|
|
1,415,130 |
|
|
949,952 |
|
|
|
5,787 |
|
|
4,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment income |
|
|
110,830,873 |
|
|
1,080,487,816 |
|
|
|
9,571,051 |
|
|
26,646,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES (Note 2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees |
|
|
33,072,709 |
|
|
131,359,287 |
|
|
|
1,641,713 |
|
|
3,181,820 |
Interest expenses |
|
|
|
|
|
86,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
33,072,709 |
|
|
131,446,213 |
|
|
|
1,641,713 |
|
|
3,181,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
77,758,164 |
|
|
949,041,603 |
|
|
|
7,929,338 |
|
|
23,464,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in unaffiliated issuers |
|
|
31,882,705 |
|
|
(85,065 |
) |
|
|
1,390,209 |
|
|
15,947,134 |
Investments in affiliated issuers (Note 2) |
|
|
|
|
|
265,622 |
|
|
|
|
|
|
5,112 |
In-kind redemptions |
|
|
1,094,979,091 |
|
|
52,410,245 |
|
|
|
|
|
|
8,809,485 |
Foreign currency transactions |
|
|
12,467 |
|
|
7,781,418 |
|
|
|
81,296 |
|
|
174,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
1,126,874,263 |
|
|
60,372,220 |
|
|
|
1,471,505 |
|
|
24,935,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
1,427,333,811 |
|
|
6,662,478,751 |
|
|
|
73,922,137 |
|
|
92,607,174 |
Translation of assets and liabilities in foreign currencies |
|
|
9,984 |
|
|
805,665 |
|
|
|
6,362 |
|
|
22,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) |
|
|
1,427,343,795 |
|
|
6,663,284,416 |
|
|
|
73,928,499 |
|
|
92,630,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain |
|
|
2,554,218,058 |
|
|
6,723,656,636 |
|
|
|
75,400,004 |
|
|
117,566,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
2,631,976,222 |
|
$ |
7,672,698,239 |
|
|
$ |
83,329,342 |
|
$ |
141,030,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Net of foreign withholding tax of $, $96,517,243, $831,357 and $2,593,481, respectively.
|
See notes to financial statements.
|
|
|
44 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets
iSHARES® TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares FTSE/Xinhua China 25 Index Fund |
|
|
iShares MSCI EAFE Index Fund |
|
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
77,758,164 |
|
|
$ |
50,847,625 |
|
|
$ |
949,041,603 |
|
|
$ |
663,739,560 |
|
Net realized gain |
|
|
1,126,874,263 |
|
|
|
48,136,877 |
|
|
|
60,372,220 |
|
|
|
679,430,810 |
|
Net change in unrealized appreciation (depreciation) |
|
|
1,427,343,795 |
|
|
|
358,547,348 |
|
|
|
6,663,284,416 |
|
|
|
3,521,912,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
|
2,631,976,222 |
|
|
|
457,531,850 |
|
|
|
7,672,698,239 |
|
|
|
4,865,082,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
|
(65,514,203 |
) |
|
|
(27,301,474 |
) |
|
|
(769,182,031 |
) |
|
|
(426,787,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders |
|
|
(65,514,203 |
) |
|
|
(27,301,474 |
) |
|
|
(769,182,031 |
) |
|
|
(426,787,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
|
2,989,557,517 |
|
|
|
1,933,830,791 |
|
|
|
10,201,668,788 |
|
|
|
8,873,661,857 |
|
Cost of shares redeemed |
|
|
(2,678,572,825 |
) |
|
|
(391,601,168 |
) |
|
|
(99,448,531 |
) |
|
|
(1,712,628,875 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from capital share transactions |
|
|
310,984,692 |
|
|
|
1,542,229,623 |
|
|
|
10,102,220,257 |
|
|
|
7,161,032,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE IN NET ASSETS |
|
|
2,877,446,711 |
|
|
|
1,972,459,999 |
|
|
|
17,005,736,465 |
|
|
|
11,599,327,878 |
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
|
2,973,411,870 |
|
|
|
1,000,951,871 |
|
|
|
29,320,816,735 |
|
|
|
17,721,488,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year |
|
$ |
5,850,858,581 |
|
|
$ |
2,973,411,870 |
|
|
$ |
46,326,553,200 |
|
|
$ |
29,320,816,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income included in net assets at end of year |
|
$ |
52,087,836 |
|
|
$ |
39,831,408 |
|
|
$ |
685,879,058 |
|
|
$ |
497,902,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES ISSUED AND REDEEMED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
28,200,000 |
|
|
|
27,150,000 |
|
|
|
136,800,000 |
|
|
|
146,400,000 |
|
Shares redeemed |
|
|
(24,750,000 |
) |
|
|
(5,400,000 |
) |
|
|
(1,200,000 |
) |
|
|
(28,200,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in shares outstanding |
|
|
3,450,000 |
|
|
|
21,750,000 |
|
|
|
135,600,000 |
|
|
|
118,200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES® TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares MSCI EAFE Growth Index Fund |
|
|
iShares MSCI EAFE Value Index Fund |
|
|
|
Year ended July 31, 2007 |
|
|
Period from August 1, 2005a to July 31, 2006 |
|
|
Year ended July 31, 2007 |
|
|
Period from August 1, 2005a to July 31, 2006 |
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
7,929,338 |
|
|
$ |
2,714,386 |
|
|
$ |
23,464,340 |
|
|
$ |
6,919,493 |
|
Net realized gain |
|
|
1,471,505 |
|
|
|
221,471 |
|
|
|
24,935,964 |
|
|
|
3,528,693 |
|
Net change in unrealized appreciation (depreciation) |
|
|
73,928,499 |
|
|
|
9,490,535 |
|
|
|
92,630,101 |
|
|
|
8,250,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
|
83,329,342 |
|
|
|
12,426,392 |
|
|
|
141,030,405 |
|
|
|
18,698,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
|
(4,132,532 |
) |
|
|
(185,328 |
) |
|
|
(11,447,878 |
) |
|
|
(406,634 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders |
|
|
(4,132,532 |
) |
|
|
(185,328 |
) |
|
|
(11,447,878 |
) |
|
|
(406,634 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
|
186,093,474 |
|
|
|
259,573,684 |
|
|
|
770,306,651 |
|
|
|
405,595,376 |
|
Cost of shares redeemed |
|
|
|
|
|
|
(24,950,788 |
) |
|
|
(56,337,675 |
) |
|
|
(70,780,990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from capital share transactions |
|
|
186,093,474 |
|
|
|
234,622,896 |
|
|
|
713,968,976 |
|
|
|
334,814,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE IN NET ASSETS |
|
|
265,290,284 |
|
|
|
246,863,960 |
|
|
|
843,551,503 |
|
|
|
353,106,234 |
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
246,863,960 |
|
|
|
|
|
|
|
353,106,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
512,154,244 |
|
|
$ |
246,863,960 |
|
|
$ |
1,196,657,737 |
|
|
$ |
353,106,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income included in net assets at end of period |
|
$ |
6,629,658 |
|
|
$ |
2,558,228 |
|
|
$ |
18,741,510 |
|
|
$ |
6,531,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES ISSUED AND REDEEMED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
2,800,000 |
|
|
|
4,400,000 |
|
|
|
10,800,000 |
|
|
|
6,800,000 |
|
Shares redeemed |
|
|
|
|
|
|
(400,000 |
) |
|
|
(800,000 |
) |
|
|
(1,200,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in shares outstanding |
|
|
2,800,000 |
|
|
|
4,000,000 |
|
|
|
10,000,000 |
|
|
|
5,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Commencement of operations. |
See notes to financial statements.
|
|
|
46 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares FTSE/Xinhua China 25 Index Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Period from Oct. 5, 2004a to Jul. 31, 2005 |
|
|
|
Net asset value, beginning of period |
|
$ |
78.14 |
|
|
$ |
61.41 |
|
|
$ |
53.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
1.78 |
b |
|
|
1.84 |
b |
|
|
0.99 |
|
Net realized and unrealized gainc |
|
|
62.37 |
|
|
|
16.14 |
|
|
|
6.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
64.15 |
|
|
|
17.98 |
|
|
|
7.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(1.31 |
) |
|
|
(1.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(1.31 |
) |
|
|
(1.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
140.98 |
|
|
$ |
78.14 |
|
|
$ |
61.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
82.72 |
% |
|
|
29.81 |
% |
|
|
14.57 |
%d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000s) |
|
$ |
5,850,859 |
|
|
$ |
2,973,412 |
|
|
$ |
1,000,952 |
|
Ratio of expenses to average net assetse
|
|
|
0.74 |
% |
|
|
0.74 |
% |
|
|
0.78 |
% |
Ratio of net investment income to average net assetse |
|
|
1.74 |
% |
|
|
2.62 |
% |
|
|
2.97 |
% |
Portfolio turnover ratef |
|
|
36 |
% |
|
|
45 |
% |
|
|
13 |
% |
a |
Commencement of operations. |
b |
Based on average shares outstanding throughout the period. |
c |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of
capital share transactions. |
e |
Annualized for periods of less than one year. |
f |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share
transactions in Creation Units. |
See notes to financial
statements.
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares MSCI EAFE Index Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Year ended Jul. 31, 2005 |
|
|
Year ended Jul. 31, 2004 |
|
|
Year ended Jul. 31, 2003 |
|
|
|
Net asset value, beginning of year |
|
$ |
65.68 |
|
|
$ |
54.00 |
|
|
$ |
45.49 |
|
|
$ |
36.88 |
|
|
$ |
35.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
1.85 |
a |
|
|
1.70 |
a |
|
|
0.97 |
|
|
|
0.65 |
|
|
|
0.86 |
|
Net realized and unrealized gainb |
|
|
13.60 |
|
|
|
11.09 |
|
|
|
8.34 |
|
|
|
8.48 |
|
|
|
1.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
15.45 |
|
|
|
12.79 |
|
|
|
9.31 |
|
|
|
9.13 |
|
|
|
2.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(1.53 |
) |
|
|
(1.11 |
) |
|
|
(0.80 |
) |
|
|
(0.52 |
) |
|
|
(0.63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(1.53 |
) |
|
|
(1.11 |
) |
|
|
(0.80 |
) |
|
|
(0.52 |
) |
|
|
(0.63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year |
|
$ |
79.60 |
|
|
$ |
65.68 |
|
|
$ |
54.00 |
|
|
$ |
45.49 |
|
|
$ |
36.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
23.75 |
% |
|
|
23.91 |
% |
|
|
20.53 |
% |
|
|
24.81 |
% |
|
|
6.17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s) |
|
$ |
46,326,553 |
|
|
$ |
29,320,817 |
|
|
$ |
17,721,489 |
|
|
$ |
8,733,741 |
|
|
$ |
3,009,772 |
|
Ratio of expenses to average net assets |
|
|
0.34 |
% |
|
|
0.35 |
% |
|
|
0.36 |
% |
|
|
0.35 |
% |
|
|
0.35 |
% |
Ratio of net investment income to average net assets |
|
|
2.48 |
% |
|
|
2.77 |
% |
|
|
2.57 |
% |
|
|
2.34 |
% |
|
|
2.31 |
% |
Portfolio turnover ratec |
|
|
5 |
% |
|
|
7 |
% |
|
|
8 |
% |
|
|
7 |
% |
|
|
8 |
% |
a |
Based on average shares outstanding throughout the period. |
b |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the
timing of capital share transactions. |
c |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital
share transactions in Creation Units. |
See notes to
financial statements.
|
|
|
48 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
iShares MSCI EAFE Growth Index Fund |
|
|
|
Year ended
Jul. 31, 2007 |
|
|
Period from
Aug. 1, 2005a to
Jul. 31, 2006 |
|
|
|
Net asset value, beginning of period |
|
$ |
61.72 |
|
|
$ |
50.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
Net investment incomeb |
|
|
1.35 |
|
|
|
1.34 |
|
Net realized and unrealized gainc |
|
|
12.94 |
|
|
|
9.73 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
14.29 |
|
|
|
11.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.69 |
) |
|
|
(0.23 |
) |
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(0.69 |
) |
|
|
(0.23 |
) |
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
75.32 |
|
|
$ |
61.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
23.28 |
% |
|
|
21.80 |
%d |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000s) |
|
$ |
512,154 |
|
|
$ |
246,864 |
|
Ratio of expenses to average net assetse
|
|
|
0.40 |
% |
|
|
0.40 |
% |
Ratio of net investment income to average net assetse |
|
|
1.93 |
% |
|
|
2.25 |
% |
Portfolio turnover ratef |
|
|
28 |
% |
|
|
35 |
% |
a |
Commencement of operations. |
b |
Based on average shares outstanding throughout each period. |
c |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the
timing of capital share transactions. |
e |
Annualized for periods of less than one year. |
f |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital
share transactions in Creation Units. |
See notes to
financial statements.
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
iShares MSCI EAFE Value Index Fund |
|
|
|
Year ended
Jul. 31, 2007 |
|
|
Period from
Aug. 1, 2005a to
Jul. 31, 2006 |
|
|
|
Net asset value, beginning of period |
|
$ |
63.05 |
|
|
$ |
51.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
Net investment incomeb |
|
|
2.16 |
|
|
|
2.61 |
|
Net realized and unrealized gainc |
|
|
12.69 |
|
|
|
9.69 |
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
14.85 |
|
|
|
12.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
Net investment income |
|
|
(1.19 |
) |
|
|
(0.25 |
) |
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(1.19 |
) |
|
|
(0.25 |
) |
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
76.71 |
|
|
$ |
63.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
23.70 |
% |
|
|
24.18 |
%d |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
Net assets, end of period (000s) |
|
$ |
1,196,658 |
|
|
$ |
353,106 |
|
Ratio of expenses to average net assetse
|
|
|
0.40 |
% |
|
|
0.40 |
% |
Ratio of net investment income to average net assetse |
|
|
2.95 |
% |
|
|
4.34 |
% |
Portfolio turnover ratef |
|
|
21 |
% |
|
|
31 |
% |
a |
Commencement of operations. |
b |
Based on average shares outstanding throughout each period. |
c |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the
timing of capital share transactions. |
e |
Annualized for periods of less than one year. |
f |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital
share transactions in Creation Units. |
See notes to
financial statements.
|
|
|
50 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements
iSHARES® TRUST
iShares Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated December 16, 1999. As of July 31, 2007, the Trust offered
111 investment portfolios or funds.
These financial statements relate only to the iShares FTSE/Xinhua China 25, iShares MSCI EAFE, iShares MSCI EAFE
Growth and iShares MSCI EAFE Value Index Funds (each, a Fund, collectively, the Funds).
The investment objective of each Fund is
to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a passive or index approach to achieve each Funds investment
objective. Each of the Funds is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities 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 affecting these companies.
Each Fund invests in the securities of
non-U.S. issuers that may trade in non-U.S. markets. This may involve certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient
securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the
imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets;
different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of
assets and the risk of war.
Pursuant to the Trusts organizational documents, the Funds officers and trustees are indemnified against certain
liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds
maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.
1. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are consistently followed by the 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 that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual results could differ from those estimates.
SECURITY VALUATION
The securities and other assets of each Fund are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an
exchange, a pricing service or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker (or dealer) or (iii) based on
amortized cost. In the case of shares of funds that are not traded on an exchange, a market valuation means such funds published net asset value per share. The investment adviser may use various pricing services or discontinue the use of any
pricing service. A price obtained from a pricing service based on such pricing services valuation matrix may be considered a market valuation. In the event that current market valuations are not readily available or such valuations do not
reflect current market values, the affected investments will be valued using fair value pricing pursuant to the pricing policy and procedures approved by the Board of Trustees of the Trust (the Board).
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
51 |
Notes to Financial Statements (Continued)
iSHARES® TRUST
Investments that may be valued using fair value pricing include, but are not limited to: (i) an unlisted
security related to corporate actions; (ii) a restricted security (i.e., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or
which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by
currency controls or restrictions; and (vii) a security affected by a significant event (i.e., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Funds NAV is
computed and that may materially affect the value of the Funds investments). Examples of events that may be significant events are government actions, natural disasters, armed conflict, acts of terrorism, and significant market
fluctuations.
Valuing a Funds investments using fair value pricing will result in using prices for those investments that may differ from current
market valuations. Accordingly, fair value pricing could result in a difference between the prices used to calculate a Funds net asset value and the prices used by the Funds benchmark index, which, in turn, could result in a difference
between the Funds performance and the performance of the Funds benchmark index.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net of any foreign taxes withheld at
source, and interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment
securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments
are translated into U.S. dollars on the respective dates of such transactions.
Each Fund does not isolate the effect of fluctuations in foreign exchange
rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.
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. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
|
|
|
52 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (Continued)
iSHARES® TRUST
As of July 31, 2007, the tax year-end of the Funds, the components of net distributable earnings on a tax basis
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Undistributed Ordinary Income |
|
Undistributed Long Term Capital Gains |
|
Unrealized Appreciation |
|
Capital and Other Losses |
|
|
Net Distributable Earnings |
FTSE/Xinhua China 25 |
|
$ |
52,087,836 |
|
$ |
|
|
$ |
1,857,786,743 |
|
$ |
(3,332,711 |
) |
|
$ |
1,906,541,868 |
MSCI EAFE |
|
|
804,458,879 |
|
|
|
|
|
12,199,758,669 |
|
|
(26,830,160 |
) |
|
|
12,977,387,388 |
MSCI EAFE Growth |
|
|
6,997,693 |
|
|
90,576 |
|
|
82,755,384 |
|
|
|
|
|
|
89,843,653 |
MSCI EAFE Value |
|
|
31,788,617 |
|
|
4,801,512 |
|
|
97,159,850 |
|
|
|
|
|
|
133,749,979 |
For the years ended July 31, 2007 and July 31, 2006, the tax characterization of distributions paid for
each Fund was equal to the book characterization of distributions paid. 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 July 31, 2007.
Certain Funds had tax basis net capital loss
carryforwards as of July 31, 2007, the tax year-end of the Funds, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Expiring
2012 |
|
Expiring
2013 |
|
Expiring
2014 |
|
Total |
FTSE/Xinhua China 25 |
|
$ |
|
|
$ |
|
|
$ |
3,332,711 |
|
$ |
3,332,711 |
MSCI EAFE |
|
|
26,679,808 |
|
|
150,352 |
|
|
|
|
|
26,830,160 |
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.
The Funds may own shares in certain foreign investment entities, referred to, under U.S.
tax law, as passive foreign investment companies. The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such mark-to-market gains.
For the year ended July 31, 2007, certain Funds realized net capital gains or losses resulting from in-kind redemptions of large blocks of shares or
multiples thereof (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. These reclassifications have no effect on net assets or net asset values per share. The net realized in-kind gains or losses for the year ended July 31, 2007 are disclosed in the
Funds Statements of Operations.
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
53 |
Notes to Financial Statements (Continued)
iSHARES® TRUST
As of July 31, 2007, gross unrealized appreciation and gross unrealized depreciation based on cost for federal
income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Tax Cost |
|
Gross Unrealized Appreciation |
|
Gross Unrealized Depreciation |
|
|
Net Unrealized Appreciation |
FTSE/Xinhua China 25 |
|
$ |
5,049,002,991 |
|
$ |
1,863,935,195 |
|
$ |
(6,158,055 |
) |
|
$ |
1,857,777,140 |
MSCI EAFE |
|
|
35,279,775,944 |
|
|
12,393,670,295 |
|
|
(195,885,359 |
) |
|
|
12,197,784,936 |
MSCI EAFE Growth |
|
|
433,226,411 |
|
|
90,283,493 |
|
|
(7,542,967 |
) |
|
|
82,740,526 |
MSCI EAFE Value |
|
|
1,102,164,717 |
|
|
115,049,792 |
|
|
(17,937,050 |
) |
|
|
97,112,742 |
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 an investment by the Fund, 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.
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 Funds 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 execution of portfolio
transactions, distribution fees and extraordinary expenses.
For its investment advisory services to the iShares FTSE/Xinhua China 25, iShares MSCI EAFE
Growth and iShares MSCI EAFE Value Index Funds, BGFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:
|
|
|
|
iShares Index Fund |
|
Investment Advisory Fee |
|
|
|
FTSE/Xinhua China 25 |
|
0.74 |
% |
|
|
MSCI EAFE Growth |
|
0.40 |
|
|
|
MSCI EAFE Value |
|
0.40 |
|
|
|
|
54 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (Continued)
iSHARES® TRUST
The Board approved a change to the investment advisory fee structure for the iShares FTSE/Xinhua China 25 Index Fund
effective August 1, 2007. For its investment advisory services to the iShares FTSE/Xinhua China 25 Index Fund, BGFA will be entitled to an annual investment advisory fee based on the average daily net assets of the Fund as follows:
|
|
|
Investment Advisory Fee |
|
Average Daily Net Assets |
|
|
0.74% |
|
First $6 billion |
|
|
0.67 |
|
Over $6 billion, up to and including $12 billion |
|
|
0.60 |
|
Over $12 billion |
For its investment advisory services to the iShares MSCI EAFE Index Fund, BGFA is entitled to an annual investment advisory fee based on the
average daily net assets of the Fund as follows:
|
|
|
Investment Advisory Fee |
|
Average Daily Net Assets |
|
|
0.35% |
|
First $30 billion |
|
|
0.32 |
|
Over $30 billion, up to and including $60 billion |
|
|
0.28 |
|
Over $60 billion |
State Street Bank and Trust Company (State Street) serves as administrator, custodian and transfer agent for the Trust. As
compensation for its services, State Street receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly. These fees and expenses are Covered Expenses as defined above.
SEI Investments Distribution Co. (SEI) serves as each Funds underwriter and distributor of the shares of each Fund, pursuant to a Distribution
Agreement with the Trust. SEI does not receive a fee from the Funds for its distribution services.
Pursuant to an exemptive order issued by the U.S.
Securities and Exchange Commission (SEC), the Funds are permitted to lend portfolio securities to Barclays Capital Inc. (BarCap). Pursuant to the same exemptive order, Barclays Global Investors, N.A. (BGI) serves
as securities lending agent for the Trust. BarCap and BGI are affiliates of BGFA, the Funds investment adviser. As securities lending agent, BGI receives, as fees, a share of the income earned on investment of the cash collateral received for
the loan of securities. For the year ended July 31, 2007, BGI earned securities lending agent fees as follows:
|
|
|
|
iShares Index Fund |
|
Securities Lending Agent Fees |
|
|
FTSE/Xinhua China 25 |
|
$ |
8,527,896 |
|
|
MSCI EAFE |
|
|
3,645,538 |
|
|
MSCI EAFE Growth |
|
|
25,291 |
|
|
MSCI EAFE Value |
|
|
15,593 |
Each Fund may invest in the Institutional Shares of certain money market funds managed by BGFA, the Funds investment adviser,
including the Government Money Market Fund (GMMF), Institutional Money Market Fund (IMMF), Prime Money Market Fund (PMMF) and Treasury Money Market Fund (TMMF) of Barclays Global Investors Funds. The
GMMF, IMMF, PMMF and TMMF are feeder funds in a master/feeder fund structure that invest substantially all of their assets in the Government Money Market Master Portfolio, Money Market Master Portfolio, Prime Money Market Master Portfolio and
Treasury Money Market Master Portfolio (collectively, the Money Market Master
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
55 |
Notes to Financial Statements (Continued)
iSHARES® TRUST
Portfolios), respectively, which are also managed by BGFA. While the GMMF, IMMF, PMMF and TMMF do not directly
charge an investment advisory fee, the Money Market Master Portfolios in which they invest do charge an investment advisory fee. Income distributions from the GMMF, IMMF, PMMF and TMMF are declared daily and paid monthly from net investment income.
Income distributions earned by the Funds from temporary cash investments are recorded as interest from affiliated issuers in the accompanying Statements of Operations. Income distributions earned by the Funds from the investment of securities
lending collateral, if any, are included in securities lending income in the accompanying Statements of Operations.
Each Fund may invest its securities
lending cash collateral, if any, in the BGI Cash Premier Fund LLC (Premier Fund), an affiliated private money market fund managed by BGFA. Although the Premier Fund is not registered as an investment company under the 1940 Act, it
intends to operate as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 5 for additional information regarding the Premier Fund.
For the year ended July 31, 2007, certain Funds had direct investments (exclusive of short-term investments) in issuers of which BGFA is an affiliate or issuers of which the Fund owns 5% or more of the outstanding voting securities as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Index Fund and Name of Affiliated Issuer |
|
Number of Shares Held Beginning of Year (in 000s) |
|
Gross Additions (in 000s) |
|
Gross Reductions (in 000s) |
|
Number of Shares Held End of Year (in 000s) |
|
Value at End of Year |
|
Dividend Income |
|
Net Realized Gain |
MSCI EAFE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays PLC |
|
16,388 |
|
4,906 |
|
173 |
|
21,121 |
|
$ |
300,004,443 |
|
$ |
10,959,992 |
|
$ |
265,622 |
MSCI EAFE Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barclays PLC |
|
396 |
|
733 |
|
7 |
|
1,122 |
|
|
15,934,577 |
|
|
420,348 |
|
|
5,112 |
As of July 31, 2007, certain trustees and officers of the Trust are also officers of BGI and/or BGFA.
3. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases
and sales of investments (excluding in-kind transactions and short-term investments) for the year ended July 31, 2007 were as follows:
|
|
|
|
|
|
|
iShares Index Fund |
|
Purchases |
|
Sales |
FTSE/Xinhua China 25 |
|
$ |
1,661,550,864 |
|
$ |
1,601,663,218 |
MSCI EAFE |
|
|
2,251,292,749 |
|
|
1,821,549,672 |
MSCI EAFE Growth |
|
|
120,957,821 |
|
|
111,065,206 |
MSCI EAFE Value |
|
|
232,278,209 |
|
|
166,465,414 |
|
|
|
56 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (Continued)
iSHARES® TRUST
In-kind transactions (see Note 4) for the year ended July 31, 2007 were as follows:
|
|
|
|
|
|
|
iShares Index Fund |
|
In-kind Purchases |
|
In-kind Sales |
FTSE/Xinhua China 25 |
|
$ |
2,915,401,162 |
|
$ |
2,660,660,695 |
MSCI EAFE |
|
|
10,006,570,792 |
|
|
98,269,698 |
MSCI EAFE Growth |
|
|
181,546,837 |
|
|
|
MSCI EAFE Value |
|
|
704,916,855 |
|
|
46,335,087 |
4. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for
each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund generally
consists of the in-kind deposit of a designated portfolio of equity securities, which constitutes a substantial replication, or a portfolio sampling representation, of the securities involved in the relevant Funds underlying index and an
amount of cash. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street, the administrator, to offset transfer and other transaction costs associated with the
issuance and redemption of Creation Units.
5. LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an
irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the market value of the loaned securities for
securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current 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 may not return the securities when due.
During the year
ended July 31, 2007, the Funds received cash as collateral for securities loaned. The cash collateral received was invested in a joint account and in the Premier Fund. Pursuant to an exemptive order issued by the SEC, a portion of the cash
collateral received was invested in a joint account with other investment funds managed by BGFA. The joint account invests in securities with remaining maturities of 397 days or less, repurchase agreements and money market mutual funds, including
money market funds managed by BGFA. Repurchase agreements are fully collateralized by U.S. government securities or non-U.S. government debt securities. The Premier Fund seeks to achieve its investment objective by investing in a portfolio of
high-quality, short-term fixed-income instruments, including money market funds (which may be managed by BGFA or its affiliate) and other instruments that, at the time of investment, have remaining maturities of 397 calendar days or less from the
date of acquisition.
The market value of the securities on loan as of July 31, 2007 and the value of the related collateral are disclosed in the
Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers
and less the fees paid to BGI as securities lending agent.
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
57 |
Notes to Financial Statements (Continued)
iSHARES® TRUST
6. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in
Income Taxes an interpretation of FASB Statement No. 109. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, Accounting for Income Taxes. This
interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition,
classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The SEC staff has stated that it would not object if a fund does not
implement FIN 48 in its NAV calculation until the date of the funds last NAV calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. The Trust is currently evaluating
the impact of applying the various provisions of FIN 48.
In September 2006, FASB issued Statement of Financial Accounting Standards No. 157
(FAS 157), Fair Value Measurements. FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value
measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. The Trust is currently evaluating the impact the adoption of FAS 157 will have on the Funds financial statement disclosures.
|
|
|
58 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Report of Independent Registered Public Accounting Firm
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 iShares FTSE/Xinhua China 25 Index Fund, iShares MSCI EAFE Index
Fund, iShares MSCI EAFE Growth Index Fund and iShares MSCI EAFE Value Index Fund, each a fund of iShares Trust (the Funds), at July 31, 2007, the results of each of their operations, the changes in each of 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 the
standards of the Public Company Accounting Oversight Board (United States). Those standards 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 July 31, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
San Francisco, California
September 21, 2007
|
|
|
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM |
|
59 |
Tax Information (Unaudited)
iSHARES® TRUST
For the fiscal year ended July 31, 2007, certain Funds earned foreign source income and paid foreign taxes which
they intend to pass through to their shareholders pursuant to Section 853 of the Internal Revenue Code (the Code) as follows:
|
|
|
|
|
|
|
iShares Index Fund |
|
Foreign Source Income Earned |
|
Foreign Taxes Paid |
|
|
|
MSCI EAFE |
|
$ |
1,172,490,457 |
|
$ |
93,227,296 |
|
|
|
MSCI EAFE Growth |
|
|
10,366,004 |
|
|
792,264 |
|
|
|
MSCI EAFE Value |
|
|
29,207,256 |
|
|
2,524,371 |
Under Section 854(b)(2) of the Code, the Funds hereby designate the following maximum amounts as qualified dividend income for purposes
of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended July 31, 2007:
|
|
|
|
iShares Index Fund |
|
Qualified Dividend Income |
|
|
FTSE/Xinhua China 25 |
|
$ |
40,818,431 |
|
|
MSCI EAFE |
|
|
769,182,031 |
|
|
MSCI EAFE Growth |
|
|
4,132,532 |
|
|
MSCI EAFE Value |
|
|
11,447,878 |
In January 2008, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the
calendar year 2007. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.
|
|
|
60 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Board Review and Approval of Investment Advisory Contract (Unaudited)
iSHARES® TRUST
Under Section 15(c) of the Investment Company Act of 1940 (the 1940 Act), the Trusts Board of
Trustees (the Board), including a majority of Trustees who are not interested persons of the Trust (as that term is defined in the 1940 Act) (the Independent Trustees), is required annually to consider the
Investment Advisory Contract between the Trust and BGFA (the Advisory Contract) on behalf of the Funds. As required by Section 15(c), the Board requested and BGFA provided such information as the Board deemed reasonably necessary to
evaluate the terms of the Advisory Contract. At a meeting held on June 13, 2007, the Board approved the selection of BGFA and the continuance of the Advisory Contract, based on its review of qualitative and quantitative information provided by
BGFA. In selecting BGFA and approving the Advisory Contract for the Funds, the Board, including the Independent Trustees, advised by their independent counsel, considered the following factors, none of which was controlling, and made the following
conclusions:
NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY BGFA
The Board determined that there would be no diminution in the scope of services required of BGFA under the Advisory Contract for the coming year as compared to the scope of services provided by BGFA over the past
year. In reviewing the scope of these services, the Board considered BGFAs investment philosophy and experience, noting that BGFA and its affiliates have committed significant resources over time, including over the past year, including
investment in technology and increasing the number of their employees supporting the Funds. The Board also considered BGFAs compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BGFA
reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and has made appropriate officers available as needed to provide further assistance with these
matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds. In addition to the above considerations, the Board considered BGFAs investment processes and strategies, and
matters related to BGFAs portfolio transaction policies and procedures. The Board also reviewed the performance of other series of registered investment companies with substantially similar investment objectives and strategies as the iShares
MSCI EAFE Index Fund (the EAFE Fund) for which BGFA provides investment advisory services, noting that BGFA generally performed in line with its various benchmarks over relevant periods. The Board further noted that BGFA does not serve
as investment adviser for any other series of registered investment companies with substantially similar investment objectives and strategies as the iShares FTSE/Xinhua China 25 Index, iShares MSCI EAFE Value Index and iShares MSCI EAFE Growth Index
Funds; therefore, comparative performance information was generally not available for those particular Funds. The Board also noted that the Funds had met their investment objectives consistently since their respective inception dates. Based on
review of this information, the Board concluded that the nature, extent and quality of services to be provided by BGFA to the Funds under the Advisory Contract were appropriate and mitigated in favor of the Boards approval of the Advisory
Contract for the coming year.
FUNDS EXPENSES AND PERFORMANCE OF THE FUNDS
The Board reviewed statistical information prepared by Lipper Inc. (Lipper), an independent provider of investment company data, regarding the expense ratio components, including advisory fees,
waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other funds registered under the 1940 Act objectively selected solely by Lipper as comprising each Funds applicable peer group
(the Lipper Group). In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, and five-year and last quarter periods ended March 31, 2007, as
applicable, and a comparison of each Funds performance to that of the funds in its Lipper Group for the same periods. Because there are few, if any, exchange traded funds or index funds that track indexes similar to those tracked by the Funds,
the Lipper Groups included in part, at the request of BGFA, mutual funds, closed-end funds, exchange traded funds, and funds with differing investment objective classifications, investment focuses and other characteristics (e.g., actively managed
funds and funds sponsored by at cost service providers). In support of its review of the statistical information, the Board was provided with a detailed description of the methodology used by Lipper to determine the applicable Lipper
Groups and to prepare this information. The Board further noted that due to the limitations in providing
|
|
|
BOARD REVIEW AND APPROVAL OF INVESTMENT
ADVISORY CONTRACT |
|
61 |
Board Review and Approval of Investment Advisory Contract (Unaudited)
(Continued)
iSHARES® TRUST
comparable funds in the various Lipper Groups, the statistical information may or may not provide meaningful direct
comparisons to the Funds. The Board noted that most of the Funds generally performed in line with the funds in their respective Lipper Groups over the relevant periods; however, certain of the Funds may have underperformed or outperformed funds in
their respective Lipper Groups over such periods. In considering this information, the Board noted that the Lipper Groups include funds that may have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that
each Fund seeks to track an index and that during the prior year the Board received periodic reports on the Funds performance in comparison with their relevant benchmark indexes. Such comparative performance information was also considered by
the Board.
The Board also noted that the investment advisory fees and overall expenses for the Funds were generally lower than the median or average
investment advisory fee rates and overall expense components of the funds in their respective Lipper Groups. The Board also reviewed statistical information from Lipper displaying the effects of the current breakpoints in the investment advisory fee
rates for the EAFE Fund and the effects of the proposed breakpoints in the investment advisory fee rates for the iShares FTSE/Xinhua China 25 Index Fund (the Xinhua Fund) (as discussed below) at various assets levels of such Funds as
compared to their Lipper Group. Based on this review, the Board concluded that the investment advisory fees and expense levels and the historical performance of each Fund, as managed by BGFA, as compared to the investment advisory fees and expense
levels and performance of the funds in the relevant Lipper Group, were satisfactory for the purposes of approving the Advisory Contract for the coming year.
COSTS OF SERVICES PROVIDED TO FUNDS AND PROFITS REALIZED BY BGFA AND AFFILIATES
The Board reviewed information about the profitability to
BGFA of the Funds based on the fees payable to BGFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BGFA and its affiliates for the last calendar year. The Board discussed the sources
of direct and ancillary revenue with management, including the revenues to BGI from securities lending by the Trust (including any securities lending by the Funds). The Board also discussed BGFAs profit margin as reflected in the Funds
profitability analysis and reviewed information regarding economies of scale (as discussed below). Based on this review, the Board concluded that the profits to be realized by BGFA and its affiliates under the Advisory Contract and from other
relationships between the Funds and BGFA and/or its affiliates, if any, were within the range the Board considered reasonable and appropriate.
ECONOMIES OF SCALE
In connection with its review of the Funds profitability analysis, the Board reviewed information regarding
economies of scale or other efficiencies that may result from increases in the Funds assets. The Board was also presented with materials regarding the current breakpoints in the investment advisory fee rates for the EAFE Fund and the proposed
breakpoints in the investment advisory fee rates at certain asset levels of the Xinhua Fund. The Board noted that the Advisory Contract did not provide for any breakpoints in the other Funds investment advisory fee rates as the assets of the
Funds increase. However, the Board further noted that possible future economies of scale for the other Funds had been taken into consideration by fixing the investment advisory fees at rates at the lower end of the marketplace, effectively giving
Fund shareholders, from inception, the benefits of the lower average fee shareholders would have received from a fee structure with declining breakpoints where the initial fee was higher. The Board discussed the substantial growth in assets of
certain iShares funds, including the EAFE Fund, over the last few years. The Board also reviewed BGFAs historic profitability as investment adviser to the iShares fund complex and noted that BGFA had made a significant investment in the
iShares funds and had incurred operating losses during earlier years when the iShares funds, including the Funds, had not yet reached scale. In light of this history, the Board determined that the current breakpoints for the EAFE Fund and the
proposed breakpoints for the Xinhua Fund were appropriate and warranted for these Funds but that reductions in fee rates or additions of breakpoints were not warranted at this juncture for the other Funds. Based on this review, as well as the
discussions described above in connection with the Lipper Group comparisons, the Board, recognizing its responsibility to consider this issue at least annually, concluded that the structure of the investment advisory fees, with
|
|
|
62 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Board Review and Approval of Investment Advisory Contract (Unaudited)
(Continued)
iSHARES® TRUST
the current breakpoints for the EAFE Fund and the proposed breakpoints for the Xinhua Fund, reflects the current
sharing and potential further sharing of economies of scale with the Funds shareholders.
FEES AND SERVICES PROVIDED FOR OTHER COMPARABLE
FUNDS/ACCOUNTS MANAGED BY BGFA AND ITS AFFILIATES
The Board received and considered information regarding the Funds annual investment advisory
fee rates under the Advisory Contract in comparison to the investment advisory/management fee rates for other funds/accounts for which BGFA or BGI, an affiliate of BGFA, provides investment advisory/management services, including other funds
registered under the 1940 Act, collective funds and separate accounts (together, the Other Accounts). The Board noted that comparative investment advisory/management fee information was available for the EAFE Fund but not the other
Funds, as BGFA and its affiliates do not manage any Other Accounts with substantially similar investment objectives and strategies as those Funds. However, the Board also noted that BGFA provided the Board with general information regarding how the
level of services provided to the Other Accounts differed from the level of services provided to the Funds. In reviewing the comparative investment advisory/management fee information for the EAFE Fund, the Board considered the general structure of
investment advisory/management fees in relation to the nature and extent of services provided to the EAFE Fund in comparison with the nature and extent of services provided to the Other Accounts, including, among other things, the level of
complexity in managing the EAFE Fund and the Other Accounts under differing regulatory requirements and client guidelines. The Board noted that the investment advisory fee rate for the EAFE Fund under the Advisory Contract was generally higher than
the investment advisory/management fee rates for the Other Accounts for which BGFA or BGI provides investment advisory/management services, but that the differences appeared to be attributable to, among other things, the type and level of services
provided and/or the asset levels of the Other Accounts. Based on this review, the Board determined that the investment advisory fee rates under the Advisory Contract, with the current breakpoints for the EAFE Fund and the proposed breakpoints for
the Xinhua Fund, do not constitute fees that are so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arms-length bargaining, and concluded that the investment
advisory fee rates under the Advisory Contract are fair and reasonable.
OTHER BENEFITS TO BGFA AND/OR ITS AFFILIATES
The Board reviewed any ancillary revenue received by BGFA and/or its affiliates in connection with the services provided to the Funds by BGFA, such as any payment of
revenue to BGI, the Trusts securities lending agent, for loaning any portfolio securities, and payment of advisory fees and/or administration fees to BGFA and BGI in connection with any investments by the Funds in other funds for which BGFA
provides investment advisory services and/or BGI provides administration services. The Board noted that BGFA does not use soft dollars or consider the value of research or other services that may be provided to BGFA (including its affiliates) in
selecting brokers for portfolio transactions for the Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BGFA affiliate are reported to the Board pursuant to Rule 10f-3 and Rule 17e-1, as
applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Funds shareholders.
Based
on this analysis, the Board determined that the Advisory Contract, including the investment advisory fee rates, with the current breakpoints for the EAFE Fund and the proposed breakpoints for the Xinhua Fund, is fair and reasonable in light of all
relevant circumstances, and concluded that it is in the best interest of the Funds and their shareholders to approve the Advisory Contract, with the fee schedule to the Advisory Contract as proposed to be amended to reflect the addition of
breakpoints for the Xinhua Fund, for the coming year.
|
|
|
BOARD REVIEW AND APPROVAL OF INVESTMENT
ADVISORY CONTRACT |
|
63 |
Supplemental Information (Unaudited)
iSHARES® TRUST
The tables that follow present information about the differences between the daily market price on secondary markets
for shares of a Fund and that Funds 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. The Market Price of each Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of such Fund is listed for trading, as of the time that the
Funds NAV is calculated. Each Funds Market 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 Market 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 (expressed as a percentage) between the
NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. 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.
The following information shows the frequency distributions of premiums and discounts for
each of the Funds included in this report. The information shown for each Fund is for five calendar years (or for each full calendar quarter completed after the inception date of such Fund if less than five years) through the date of the most recent
calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.
Each line in the table shows the number of
trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All
data presented here represents past performance, which cannot be used to predict future results.
iShares FTSE/Xinhua China 25 Index Fund
Period Covered: January 1, 2005 through June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 4.0% and Less than 4.5% |
|
2 |
|
0.32 |
% |
Greater than 3.5% and Less than 4.0% |
|
1 |
|
0.16 |
|
Greater than 3.0% and Less than 3.5% |
|
1 |
|
0.16 |
|
Greater than 2.5% and Less than 3.0% |
|
4 |
|
0.64 |
|
Greater than 2.0% and Less than 2.5% |
|
5 |
|
0.80 |
|
Greater than 1.5% and Less than 2.0% |
|
17 |
|
2.71 |
|
Greater than 1.0% and Less than 1.5% |
|
64 |
|
10.21 |
|
Greater than 0.5% and Less than 1.0% |
|
158 |
|
25.20 |
|
Between 0.5% and 0.5% |
|
248 |
|
39.54 |
|
Less than 0.5% and Greater than 1.0% |
|
65 |
|
10.37 |
|
Less than 1.0% and Greater than 1.5% |
|
30 |
|
4.78 |
|
Less than 1.5% and Greater than 2.0% |
|
13 |
|
2.07 |
|
Less than 2.0% and Greater than 2.5% |
|
8 |
|
1.28 |
|
Less than 2.5% and Greater than 3.0% |
|
4 |
|
0.64 |
|
Less than 3.0% and Greater than 3.5% |
|
2 |
|
0.32 |
|
Less than 3.5% |
|
5 |
|
0.80 |
|
|
|
|
|
|
|
|
|
627 |
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
64 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (Unaudited) (Continued)
iSHARES® TRUST
iShares MSCI EAFE Index Fund
Period Covered: January 1, 2002 through June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 2.5% and Less than 3.0% |
|
4 |
|
0.29 |
% |
Greater than 2.0% and Less than 2.5% |
|
3 |
|
0.22 |
|
Greater than 1.5% and Less than 2.0% |
|
17 |
|
1.23 |
|
Greater than 1.0% and Less than 1.5% |
|
104 |
|
7.53 |
|
Greater than 0.5% and Less than 1.0% |
|
395 |
|
28.60 |
|
Between 0.5% and 0.5% |
|
762 |
|
55.18 |
|
Less than 0.5% and Greater than 1.0% |
|
75 |
|
5.43 |
|
Less than 1.0% and Greater than 1.5% |
|
17 |
|
1.23 |
|
Less than 1.5% and Greater than 2.0% |
|
3 |
|
0.22 |
|
Less than 2.0% and Greater than 2.5% |
|
1 |
|
0.07 |
|
|
|
|
|
|
|
|
|
1,381 |
|
100.00 |
% |
|
|
|
|
|
|
iShares MSCI EAFE Growth Index Fund
Period Covered: October 1, 2005 through June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 2.5% and Less than 3.0% |
|
1 |
|
0.23 |
% |
Greater than 2.0% and Less than 2.5% |
|
1 |
|
0.23 |
|
Greater than 1.5% and Less than 2.0% |
|
1 |
|
0.23 |
|
Greater than 1.0% and Less than 1.5% |
|
25 |
|
5.72 |
|
Greater than 0.5% and Less than 1.0% |
|
129 |
|
29.52 |
|
Between 0.5% and 0.5% |
|
267 |
|
61.09 |
|
Less than 0.5% and Greater than 1.0% |
|
10 |
|
2.29 |
|
Less than 1.0% and Greater than 1.5% |
|
2 |
|
0.46 |
|
Less than 1.5% |
|
1 |
|
0.23 |
|
|
|
|
|
|
|
|
|
437 |
|
100.00 |
% |
|
|
|
|
|
|
iShares MSCI EAFE Value Index Fund
Period Covered: October 1, 2005 through June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 2.5% and Less than 3.0% |
|
1 |
|
0.23 |
% |
Greater than 2.0% and Less than 2.5% |
|
1 |
|
0.23 |
|
Greater than 1.5% and Less than 2.0% |
|
5 |
|
1.14 |
|
Greater than 1.0% and Less than 1.5% |
|
24 |
|
5.49 |
|
Greater than 0.5% and Less than 1.0% |
|
137 |
|
31.35 |
|
Between 0.5% and 0.5% |
|
253 |
|
57.89 |
|
Less than 0.5% and Greater than 1.0% |
|
12 |
|
2.75 |
|
Less than 1.0% and Greater than 1.5% |
|
2 |
|
0.46 |
|
Less than 1.5% |
|
2 |
|
0.46 |
|
|
|
|
|
|
|
|
|
437 |
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
65 |
Trustee and Officer Information (Unaudited)
iSHARES® TRUST
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 he or she resigns, is removed, dies, retires or becomes incapacitated. Each Officer serves until he or she resigns, is removed, dies, retires or
becomes disqualified.
iShares Trust, iShares, Inc., Barclays Global Investors Funds (BGIF), Master Investment Portfolio (MIP) and
Barclays Foundry Investment Trust (BFIT) are considered to be members of the same fund complex, as defined in Form N-1A under the 1940 Act. Each Trustee of iShares Trust also serves as a Director for iShares, Inc. and oversees 135
portfolios within the fund complex. In addition, Lee T. Kranefuss serves as a Trustee for BGIF, MIP and BFIT and oversees an additional 24 portfolios within the fund complex.
Unless otherwise noted in the tables below, the address for each Trustee and Officer is c/o Barclays Global Investors, N.A., 45 Fremont Street, San Francisco, California 94105. The Board has designated George G.C.
Parker as its Lead Independent Trustee. Additional information about the Funds Trustees and Officers may be found in the Funds combined Statement of Additional Information, which is available without charge, upon request, by calling
toll-free 1-800-474-2737.
Interested Trustees and Officers
|
|
|
|
|
|
|
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
*Lee T. Kranefuss, 1961 |
|
Trustee and Chairman (since 2003). |
|
Chief Executive Officer of the Intermediary Investor and Exchange Traded Products Business of BGI (since 2003); Director of Barclays Global Fund Advisors (since 2005); Director, President and
Chief Executive Officer of Barclays Global Investors International, Inc. (since 2005); Director, Chairman and Chief Executive Officer of Barclays Global Investors Services (since 2005); Chief Executive Officer of the Individual Investor Business of
BGI (1999-2003). |
|
Director (since 2003) of iShares, Inc.; Trustee (since 2001) of BGlF and MIP; Trustee (since 2007) of BFIT; Director (since 2003) of BGI Cayman Prime Money Market Fund, Ltd. |
|
|
|
|
*John E. Martinez, 1962 |
|
Trustee (since 2003). |
|
Co-Chief Executive Officer of Global Index and Markets Group of BGI (2001-2003); Chairman of Barclays Global Investors Services (2000-2003). |
|
Director (since 2003) of iShares, Inc.; Director (since 2005) of Real Estate Equity Exchange. |
* |
Lee T. Kranefuss and John E. Martinez are deemed to be interested persons (as defined in the 1940 Act) of the Trust due to their affiliations with BGFA, the Funds
investment adviser, BGI, the parent company of BGFA, and Barclays Global Investors Services, an affiliate of BGFA and BGI. |
|
|
|
66 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (Unaudited) (Continued)
iSHARES® TRUST
Independent Trustees
|
|
|
|
|
|
|
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
George G.C. Parker, 1939 |
|
Trustee (since 2000); Lead Independent Trustee (since 2006). |
|
Dean Witter Distinguished Professor of Finance, Emeritus (since 1994); Formerly Senior Associate Dean for Academic Affairs, Director of MBA Program, Stanford University: Graduate School of
Business (1993-2001). |
|
Director (since 2002) of iShares, Inc.; Director (since 1996) of Continental Airlines, Inc.; Director (since 1995) of Community First Financial Group; Director (since 1999) of Tejon Ranch
Company; Director (since 2003) of First Republic Bank; Director (since 2004) of Threshold Pharmaceuticals; Director (since 2007) of NETGEAR, Inc. |
|
|
|
|
Cecilia H. Herbert, 1949 |
|
Trustee (since 2005). |
|
Member of Finance Council, Archdiocese of San Francisco (1999-2006); Chair of Investment Committee, Archdiocese of San Francisco (1994-2005); Director (since 1998) and President (since 2007) of
the Board of Directors, Catholic Charities CYO; Trustee (2004-2005) of Pacific Select Funds; Trustee (1992-2003) of the Montgomery Funds; Trustee (since 2002) and chair of Finance and Investment Committee (since 2006) of the Thacher
School. |
|
Director (since 2005) of iShares, Inc. |
|
|
|
|
Charles A. Hurty, 1943 |
|
Trustee (since 2005). |
|
Retired; Partner, KPMG LLP (1968-2001). |
|
Director (since 2005) of iShares, Inc.; Director (since 2002) of GMAM Absolute Return Strategy Fund (1 portfolio); Director (since 2002) of Citigroup Alternative Investments Multi-Adviser Hedge
Fund Portfolios LLC (1 portfolio); Director (since 2005) of CSFB Alternative Investments Fund (6 portfolios). |
|
|
|
|
John E. Kerrigan, 1955 |
|
Trustee (since 2005). |
|
Chief Investment Officer, Santa Clara University (since 2002); Managing Director, Merrill Lynch (1994-2002). |
|
Director (since 2005) of iShares, Inc.; Member (since 2004) of Advisory Council for Commonfund Distressed Debt Partners II. |
|
|
|
TRUSTEE AND OFFICER INFORMATION |
|
67 |
Trustee and Officer Information (Unaudited) (Continued)
iSHARES® TRUST
Independent Trustees (Continued)
|
|
|
|
|
|
|
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
Robert H. Silver, 1955 |
|
Trustee (since 2007). |
|
President and Co-Founder of The Bravitas Group, Inc. (since 2006); Member, Non- Investor Advisory Board of Russia Partners II, LP (since 2006); President and Chief Operating Officer (2003-2005)
and Director (1999-2005) of UBS Financial Services, Inc.; President and Chief Executive Officer of UBS Services USA, LLC (1999-2005); Managing Director, UBS America, Inc. (2000-2005); Director and Vice Chairman of the YMCA of Greater NYC (since
2001); Broadway Producer (since 2006). |
|
Director (since 2007) of iShares, Inc.; Director and Member (since 2006) of the Audit and Compensation Committee of EPAM Systems, Inc. |
|
Officers |
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
Michael A. Latham, 1965 |
|
President (since 2007). |
|
Head of Americas iShares (since 2007); Chief Operating Officer of the Intermediary Investor and Exchange Traded Products Business of BGI (2003-2007); Director and Chief Financial Officer of
Barclays Global Investors International, Inc. (since 2005); Director of Mutual Fund Delivery in the U.S. Individual Investor Business of BGI (2000-2003). |
|
None. |
|
|
|
|
Geoffrey D. Flynn, 1956 |
|
Treasurer and Chief Financial Officer (since 2007). |
|
Director of Mutual Fund Operations of BGI (since 2007); President of Van Kampen Investor Services (2003-2007); Managing Director of Morgan Stanley
(2002-2007); President of Morgan Stanley Trust, FSB (2002- 2007). |
|
None. |
|
|
|
68 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (Unaudited) (Continued)
iSHARES® TRUST
Officers (Continued)
|
|
|
|
|
|
|
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
Eilleen M. Clavere, 1952 |
|
Secretary (since 2007). |
|
Head of Legal Administration of Intermediary Investor Business of BGI (since 2006); Legal Counsel and Vice President of Atlas Funds, Atlas Advisers, Inc. and Atlas Securities, Inc. (2005-2006);
Counsel of Kirkpatrick & Lockhart LLP (2001-2005). |
|
None. |
|
|
|
|
Ira P. Shapiro, 1963 |
|
Vice President and Chief Legal Officer (since 2007). |
|
Associate General Counsel of BGI (since 2004); First Vice President of Merrill Lynch Investment Managers (1993-2004). |
|
None. |
|
|
|
|
Amy Schioldager, 1962 |
|
Executive Vice President (since 2007). |
|
Head of U.S. Indexing of BGI (since 2006); Head of Domestic Equity Portfolio Management of BGI (2001-2006). |
|
None. |
|
|
|
|
H. Michael Williams, 1960 |
|
Executive Vice President (since 2007). |
|
Head of Global Index and Markets Group of BGI (since 2006); Global Head of Securities Lending of BGI (2002-2006). |
|
Trustee (since 2007) of BFIT. |
|
|
|
|
Patrick OConnor, 1967 |
|
Vice President (since 2007). |
|
Head of iShares Portfolio Management of BGI (since 2006); Senior Portfolio Manager of BGI (1999-2006). |
|
None. |
|
|
|
|
Lee Sterne, 1965 |
|
Vice President (since 2007). |
|
Senior Portfolio Manager of BGI (since 2004); Portfolio Manager of BGI (2001-2004). |
|
None. |
|
|
|
|
Matt Tucker, 1972 |
|
Vice President (since 2007). |
|
Head of U.S. Fixed-Income Investment Solutions of BGI (since 2005); Fixed- Income Investment Strategist of BGI (2003-2005); Fixed-Income Portfolio Manager
of BGI (1997-2003). |
|
None. |
|
|
|
TRUSTEE AND OFFICER INFORMATION |
|
69 |
Notes:
|
|
|
70 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes:
The iShares® Family of Funds
The following is a list of iShares Funds being offered, along with their respective exchange trading symbols.
Please call 1-800-iShares (1-800-474-2737) to obtain a prospectus for any iShares Fund. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to
determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.
iShares S&P Domestic Index
Funds
iShares S&P 1500 (ISI)
iShares S&P 100 (OEF)
iShares S&P 500 (IVV)
iShares S&P 500 Growth (IVW)
iShares S&P 500 Value (IVE)
iShares S&P MidCap 400 (IJH)
iShares S&P MidCap 400 Growth (IJK)
iShares S&P MidCap 400 Value (IJJ)
iShares S&P SmallCap 600 (IJR)
iShares S&P SmallCap 600 Growth (IJT)
iShares S&P SmallCap 600 Value (IJS)
iShares S&P GSSI Natural Resources (IGE)
iShares S&P GSTI Networking (IGN)
iShares S&P GSTI Semiconductor (IGW)
iShares S&P GSTI Software (IGV)
iShares S&P GSTI Technology (IGM)
iShares Domestic Sector Index Funds
iShares Cohen & Steers Realty Majors (ICF)
iShares Dow Jones U.S. Basic Materials Sector (IYM)
iShares Dow Jones U.S. Consumer Services Sector (IYC)
iShares Dow Jones U.S. Consumer Goods Sector (IYK)
iShares Dow Jones U.S. Energy Sector (IYE)
iShares Dow Jones U.S. Financial Sector (IYF)
iShares Dow Jones U.S. Financial Services
(IYG)
iShares Dow Jones U.S. Healthcare Sector (IYH)
iShares Dow Jones U.S. Industrial Sector (IYJ)
iShares Dow Jones U.S. Real Estate (IYR)
iShares Dow Jones U.S. Technology Sector (IYW)
iShares Dow Jones U.S. Telecommunications
Sector (IYZ)
iShares Dow Jones Transportation Average (IYT)
iShares Dow Jones U.S. Utilities Sector (IDU)
iShares Dow Jones U.S. Total Market (IYY)
iShares Nasdaq Biotechnology (IBB)
iShares Domestic Subsector Index Funds
iShares Dow Jones U.S. Aerospace & Defense (ITA)
iShares Dow Jones U.S. Broker-Dealers (IAI)
iShares Dow Jones U.S. Healthcare Providers (IHF)
iShares Dow Jones U.S. Home Construction (ITB)
iShares Dow Jones U.S. Insurance (IAK)
iShares Dow Jones U.S. Medical Devices (IHI)
iShares Dow Jones U.S. Oil & Gas
Exploration & Production (IEO)
iShares Dow Jones U.S. Oil Equipment & Services (IEZ)
iShares Dow Jones U.S. Pharmaceuticals (IHE)
iShares Dow Jones U.S. Regional Banks (IAT)
iShares FTSE NAREIT Industrial/Office (FIO)
iShares FTSE NAREIT Mortgage REITs (REM)
iShares FTSE NAREIT Real Estate 50 (FTY)
iShares FTSE NAREIT Residential (REZ)
iShares FTSE NAREIT Retail (RTL)
iShares Global Index Funds
iShares S&P Global 100 (IOO)
iShares S&P Global Consumer Discretionary Sector (RXI)
iShares S&P Global Consumer
Staples Sector (KXI)
iShares S&P Global Energy Sector (IXC)
iShares S&P Global Financials Sector (IXG)
iShares S&P Global Healthcare Sector (IXJ)
iShares S&P Global Industrials Sector (EXI)
iShares S&P Global Materials Sector (MXI)
iShares S&P Global Technology Sector (IXN)
iShares S&P Global Telecommunications Sector (IXP)
iShares S&P Global Utilities Sector (JXI)
iShares Russell Index Funds
iShares Russell 3000 (IWV)
iShares Russell 3000 Growth (IWZ)
iShares Russell 3000 Value (IWW)
iShares Russell 1000 (IWB)
iShares Russell 1000 Growth (IWF)
iShares Russell 1000 Value (IWD)
iShares Russell Midcap (IWR)
iShares Russell Midcap Growth (IWP)
iShares Russell Midcap Value (IWS)
iShares Russell 2000 (IWM)
iShares Russell 2000 Growth (IWO)
iShares Russell 2000 Value (IWN)
iShares Russell Microcap (IWC)
iShares International Country Index Funds
iShares FTSE/Xinhua China 25 (FXI)
iShares MSCI Australia (EWA)
iShares MSCI Austria (EWO)
iShares MSCI Belgium (EWK)
iShares MSCI Brazil (EWZ)
iShares MSCI Canada (EWC)
iShares MSCI France (EWQ)
iShares MSCI Germany (EWG)
iShares MSCI Hong Kong (EWH)
iShares MSCI Italy (EWI)
iShares MSCI Japan (EWJ)
iShares MSCI Malaysia (EWM)
iShares MSCI Mexico (EWW)
iShares MSCI Netherlands (EWN)
iShares MSCI Singapore (EWS)
iShares MSCI South Africa (EZA)
iShares MSCI South Korea (EWY)
iShares MSCI Spain (EWP)
iShares MSCI Sweden (EWD)
iShares MSCI Switzerland (EWL)
iShares MSCI Taiwan (EWT)
iShares MSCI United Kingdom (EWU)
iShares S&P/TOPIX 150 (ITF)
iShares Bond Funds
iShares Lehman Aggregate (AGG)
iShares Lehman Short Treasury (SHV)
iShares Lehman 1-3 Year Treasury (SHY)
iShares Lehman 3-7 Year Treasury (IEI)
iShares Lehman 7-10 Year Treasury (IEF)
iShares Lehman 10-20 Year Treasury (TLH)
iShares Lehman 20+ Year Treasury (TLT)
iShares Lehman TIPS (TIP)
iShares Lehman Credit (CFT)
iShares Lehman 1-3 Year Credit (CSJ)
iShares Lehman Intermediate Credit (CIU)
iShares iBoxx $ Investment Grade Corporate (LQD)
iShares Lehman Government/Credit (GBF)
iShares Lehman Intermediate Government/Credit (GVI)
iShares Lehman MBS Fixed-Rate (MBB)
iShares iBoxx $ High Yield Corporate (HYG)
iShares Specialty Index Funds
iShares KLD Select SocialSM (KLD)
iShares KLD 400 Social (DSI)
iShares Dow Jones Select Dividend (DVY)
iShares Dow Jones EPAC Select Dividend (IDV)
iShares S&P U.S. Preferred Stock (PFF)
iShares International Index Funds
iShares MSCI EAFE (EFA)
iShares MSCI EAFE Growth (EFG)
iShares MSCI EAFE Value (EFV)
iShares MSCI Emerging Markets (EEM)
iShares MSCI EMU (EZU)
iShares MSCI Pacific ex-Japan (EPP)
iShares S&P Europe 350 (IEV)
iShares S&P Latin America 40 (ILF)
iShares S&P World ex-U.S. Property (WPS)
iShares Morningstar Index Funds
iShares Morningstar Large Core (JKD)
iShares Morningstar Large Growth (JKE)
iShares Morningstar Large Value (JKF)
iShares Morningstar Mid Core (JKG)
iShares Morningstar Mid Growth (JKH)
iShares Morningstar Mid Value (JKI)
iShares Morningstar Small Core (JKJ)
iShares Morningstar Small Growth (JKK)
iShares Morningstar Small Value (JKL)
iShares NYSE Index Funds
iShares
NYSE Composite (NYC)
iShares NYSE 100 (NY)
iShares® is a registered
trade mark of Barclays Global Investors, N.A. The iShares Funds are not sponsored, endorsed or issued by Lehman Brothers, nor are they sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow
Jones & Company, Inc., FTSE International Limited (FTSE), FTSE/Xinhua Index Limited (FXI), iBoxx, KLD Research & Analytics, Inc., Morgan Stanley Capital International, Morningstar, Inc., The NASDAQ Stock
Market, Inc., National Association of Real Estate Investment Trusts (NAREIT), New York Stock Exchange, Inc., Frank Russell Company, or Standard & Poors. None of these companies make any representation regarding the
advisability of investing in the iShares Funds. Neither SEI nor BGI, nor any of their affiliates, are affiliated with the companies listed above. iBoxx is a registered trademark of International Index Company Limited. FXI does not make any warranty
regarding the FTSE/Xinhua Index. All rights in the FTSE/Xinhua Index vest in FXI. Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT Residential Index, FTSE NAREIT Retail Index, FTSE NAREIT
Mortgage REITs Index or FTSE NAREIT Industrial/Office Index; all rights vest in NAREIT. FTSE is a trade and service mark of London Stock Exchange and The Financial Times; Xinhua is a trade and service mark of Xinhua Financial
Network Limited. NAREIT® is a trademark of NAREIT.
An investment in the Fund(s) is not a deposit of a bank and it is not insured
or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
This advertising section does not constitute part of the 2007
Annual Report.
5241-iS-0907
|
|
|
72 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Table of Contents
Managements Discussion of Fund Performance
iSHARES®
S&P GSTI TECHNOLOGY INDEX FUND
Performance as of
July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
31.09% |
|
31.25% |
|
31.68% |
|
13.36% |
|
13.44% |
|
13.92% |
|
0.00% |
|
0.01% |
|
0.48% |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
31.09% |
|
31.25% |
|
31.68% |
|
87.23% |
|
87.87% |
|
91.84% |
|
(0.02)% |
|
0.05% |
|
3.11% |
Effective May 9, 2007, the Fund and the Index changed
their names from the iShares Goldman Sachs Technology Index Fund and the Goldman Sachs Technology Sector Index to the iShares S&P GSTI Technology Index Fund and the S&P GSTI Technology Index, respectively.
On June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Total returns for the periods since inception are calculated from the inception date of the Fund (3/13/01). Average Annual Total Returns represent the
average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing
mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to calculate market return (Market Price) is determined by using the midpoint
between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/19/01), the NAV of the Fund is used as a proxy for secondary market trading price to calculate market
returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The
returns shown in the tables 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 Funds past performance is no guarantee of future results.
Effective May 9, 2007, the Fund and the Index changed their
names from the iShares Goldman Sachs Technology Index Fund and the Goldman Sachs Technology Sector Index to the iShares S&P GSTI Technology Index Fund and the S&P GSTI Technology Index, respectively. On
June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the
expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
1 |
Managements Discussion of Fund Performance (Continued)
iSHARES® S&P
GSTI TECHNOLOGY INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Industry |
|
Percentage of Net Assets |
|
Computers |
|
27.52 |
% |
|
|
Software |
|
21.50 |
|
|
|
Semiconductors |
|
17.02 |
|
|
|
Telecommunications |
|
16.67 |
|
|
|
Internet |
|
11.59 |
|
|
|
Electronics |
|
2.69 |
|
|
|
Commercial Services |
|
1.47 |
|
|
|
Office & Business Equipment |
|
0.69 |
|
|
|
Distribution & Wholesale |
|
0.42 |
|
|
|
Electrical Components & Equipment |
|
0.17 |
|
|
|
Machinery |
|
0.16 |
|
|
|
Entertainment |
|
0.05 |
|
|
|
Short-Term and Other Net Assets |
|
0.05 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
Microsoft Corp. |
|
8.17 |
% |
|
|
Cisco Systems Inc. |
|
7.14 |
|
|
|
International Business Machines Corp. |
|
6.24 |
|
|
|
Intel Corp. |
|
5.38 |
|
|
|
Hewlett-Packard Co. |
|
5.04 |
|
|
|
Apple Inc. |
|
4.68 |
|
|
|
Google Inc. Class A |
|
4.67 |
|
|
|
Oracle Corp. |
|
3.10 |
|
|
|
QUALCOMM Inc. |
|
2.91 |
|
|
|
Dell Inc. |
|
2.62 |
|
|
|
|
|
|
|
TOTAL |
|
49.95 |
% |
|
|
|
|
The iShares S&P GSTI Technology Index Fund
(the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P GSTI Technology Index (the
Index). The Index has been developed as an equity benchmark for U.S.-traded technology-related stocks. The Index includes companies in the following categories: producers of sophisticated computer-related devices; electronics networking
and internet services; producers of computer and internet software; consultants for information technology; and providers of computer services. The Fund invests in a representative sample of securities included in the Index that collectively has an
investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the 12-month period ended July 31, 2007 (the reporting
period), the Fund returned 31.09%, while the Index returned 31.68%.
Domestic equity markets delivered solid gains for the reporting period. A pause
in interest-rate moves by the Federal Reserve Board (the Fed), sound economic growth, slowing inflation, and healthy corporate earnings levels all contributed to equity market strength during the reporting period. After raising rates
eight times in the previous reporting period, the Fed held rates steady at 5.25% during the entire 12-month period ended July 31, 2007. Economic growth, as measured by gross domestic product (GDP) growth, continued to be healthy. Although
growth slowed somewhat in the first calendar quarter of 2007, GDP growth rebounded in the second quarter to an annualized rate of 3.4%, its highest rate since the first quarter of 2006. Inflation levels provided another source of encouraging data,
as core inflation declined during the second quarter of 2007, reaching its lowest level in three years. Corporate earnings levels remained healthy and continued to exceed many analysts expectations. Countering those factors, a slowing housing
market and concerns surrounding lenders of sub-prime mortgages weighed on market performance in the final months of the reporting period, causing the markets to give back some of the strong gains achieved earlier in the reporting period.
Performance within the technology sector was very strong for the reporting period. Computer companies, chip makers and software producers all benefited from increased
levels of spending on computers during the period. Select companies within the sector also enjoyed gains from high consumer demand for innovative new products.
All of the Funds ten largest holdings as of July 31, 2007 delivered double-digit gains for the
reporting period. The strongest performer was Apple Inc., which introduced its popular iPhone® product during the reporting period. Cisco Systems Inc. and Hewlett-Packard Co. also performed
well, as did computer maker International Business Machines Corp. QUALCOMM Inc. posted the most modest gain among the ten largest holdings for the reporting period.
|
|
|
2 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® S&P GSTI NETWORKING INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
34.59% |
|
34.96% |
|
37.90% |
|
21.97% |
|
21.88% |
|
22.70% |
|
(0.46)% |
|
(0.42)% |
|
0.18% |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
34.59% |
|
34.96% |
|
37.90% |
|
169.90% |
|
169.00% |
|
178.15% |
|
(2.73)% |
|
(2.53)% |
|
1.09% |
Effective May 9, 2007, the Fund and the Index changed
their names from the iShares Goldman Sachs Networking Index Fund and the Goldman Sachs Technology Industry Multimedia Networking Index to the iShares S&P GSTI Networking Index Fund and the S&P GSTI
Multimedia Networking Index, respectively. On June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Total returns for the periods since inception are calculated from the inception date of the Fund (7/10/01). Average Annual Total Returns
represent the average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
For purposes of calculating the total return of the Index, dividends and distributions made by companies included in the Index generally are assumed to be reinvested in
the securities issued by those companies. However, prior to December 31, 2002, the total returns of the Index did not reflect reinvestment of dividends and distributions. The performance of the Index would have been higher for periods prior to
that date had dividends and distributions been assumed to be reinvested.
The Funds per share net asset value or NAV is the value of one
share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to
calculate market return (Market Price) is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV
is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/13/01), the NAV of
the Fund is used as a proxy for secondary market trading price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of
securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions.
If brokerage commissions were included, market returns would be lower. The returns shown in the tables 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 Funds past
performance is no guarantee of future results.
Effective May 9, 2007, the Fund and the Index changed their names
from the iShares Goldman Sachs Networking Index Fund and the Goldman Sachs Technology Industry Multimedia Networking Index to the iShares S&P GSTI Networking Index Fund and the S&P GSTI Multimedia Networking
Index, respectively. On June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. However, prior to December 31, 2002, the total returns of the Index did not reflect reinvestment of dividends and distributions. An index is a statistical composite that tracks a specified
financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past
performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
3 |
Managements Discussion of Fund Performance (Continued)
iSHARES® S&P
GSTI NETWORKING INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Industry |
|
Percentage of Net Assets |
|
Telecommunications |
|
86.53 |
% |
|
|
Computers |
|
7.95 |
|
|
|
Internet |
|
5.45 |
|
|
|
Short-Term and Other Net Assets |
|
0.07 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
Cisco Systems Inc. |
|
8.52 |
% |
|
|
Research in Motion Ltd. |
|
7.44 |
|
|
|
QUALCOMM Inc. |
|
7.38 |
|
|
|
Motorola Inc. |
|
6.54 |
|
|
|
Juniper Networks Inc. |
|
6.50 |
|
|
|
Corning Inc. |
|
5.92 |
|
|
|
Harris Corp. |
|
4.73 |
|
|
|
Tellabs Inc. |
|
4.71 |
|
|
|
Avaya Inc. |
|
4.37 |
|
|
|
Nortel Networks Corp. |
|
4.27 |
|
|
|
|
|
|
|
TOTAL |
|
60.38 |
% |
|
|
|
|
The iShares S&P GSTI Networking Index Fund
(the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P GSTI Multimedia Networking Index
(the Index). The Index has been developed as an equity benchmark for U.S.-traded multimedia networking stocks. The Index includes companies that are producers of telecom equipment, data networking and wireless equipment. The Fund invests
in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the
Index. For the 12-month period ended July 31, 2007 (the reporting period), the Fund returned 34.59%, while the Index returned 37.90%.
Domestic equity markets delivered solid gains for the reporting period. A pause in interest-rate moves by the Federal Reserve Board (the Fed), sound economic growth, slowing inflation, and healthy corporate earnings levels all
contributed to equity market strength during the reporting period. After raising rates eight times in the previous reporting period, the Fed held rates steady at 5.25% during the entire 12-month period ended July 31, 2007. Economic growth, as
measured by gross domestic product (GDP) growth, continued to be healthy. Although growth slowed some what in the first calendar quarter of 2007, GDP growth rebounded in the second quarter to an annualized rate of 3.4%, its highest rate since the
first quarter of 2006. Inflation levels provided another source of encouraging data, as core inflation declined during the second quarter of 2007, reaching its lowest level in three years. Corporate earnings levels remained healthy and continued to
exceed many analysts expectations. Countering those factors, a slowing housing market and concerns surrounding lenders of sub-prime mortgages weighed on market performance in the final months of the reporting period, causing the markets to
give back some of the strong gains achieved earlier in the reporting period.
Networking stocks as a group posted healthy gains for the reporting period as
increased global demand and innovative products translated into strong performance for many companies in the group. Additionally, buyouts by private equity firms drove up stock prices for some companies.
Most of the Funds ten largest holdings as of July 31, 2007 posted gains for the reporting period.
Research in Motion Ltd., maker of BlackBerry® devices, delivered triple-digit gains for the reporting period, as did Juniper Networks Inc. Avaya Inc. and Cisco Systems Inc. also logged
strong gains. Motorola Inc. posted a decline for the reporting period.
|
|
|
4 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® S&P GSTI SEMICONDUCTOR INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
19.16% |
|
19.26% |
|
19.82% |
|
9.73% |
|
9.78% |
|
10.27% |
|
0.14% |
|
0.15% |
|
0.61% |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
19.16% |
|
19.26% |
|
19.82% |
|
59.09% |
|
59.47% |
|
63.02% |
|
0.88% |
|
0.92% |
|
3.72% |
Effective May 9, 2007, the Fund and the Index changed
their names from the iShares Goldman Sachs Semiconductor Index Fund and the Goldman Sachs Technology Industry Semiconductor Index to the iShares S&P GSTI Semiconductor Index Fund and the S&P GSTI
Semiconductor Index, respectively. On June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Total returns for the periods since inception are calculated from the inception date of the Fund (7/10/01). Average Annual Total Returns
represent the average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
For purposes of calculating the total return of the Index, dividends and distributions made by companies included in the Index generally are assumed to be reinvested in
the securities issued by those companies. However, prior to December 31, 2002, the total returns of the Index did not reflect reinvestment of dividends and distributions. The performance of the Index would have been higher for periods prior to
that date had dividends and distributions been assumed to be reinvested.
The Funds per share net asset value or NAV is the value of one
share of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to
calculate market return (Market Price) is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV
is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/13/01), the NAV of
the Fund is used as a proxy for secondary market trading price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of
securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions.
If brokerage commissions were included, market returns would be lower. The returns shown in the tables 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 Funds past
performance is no guarantee of future results.
Effective May 9, 2007, the Fund and the Index changed their
names from the iShares Goldman Sachs Semiconductor Index Fund and the Goldman Sachs Technology Industry Semiconductor Index to the iShares S&P GSTI Semiconductor Index Fund and the S&P GSTI Semiconductor
Index, respectively. On June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. However, prior to December 31, 2002, the total returns of the Index did not reflect reinvestment of dividends and distributions. An index is a statistical composite that tracks a specified
financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past
performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
5 |
Managements Discussion of Fund Performance (Continued)
iSHARES® S&P
GSTI SEMICONDUCTOR INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Industry |
|
Percentage of Net Assets |
|
Semiconductors |
|
97.95 |
% |
|
|
Telecommunications |
|
1.06 |
|
|
|
Electronics |
|
0.56 |
|
|
|
Software |
|
0.34 |
|
|
|
Short-Term and Other Net Assets |
|
0.09 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
Applied Materials Inc. |
|
9.51 |
% |
|
|
Intel Corp. |
|
8.34 |
|
|
|
Texas Instruments Inc. |
|
8.18 |
|
|
|
NVIDIA Corp. |
|
5.87 |
|
|
|
Broadcom Corp. Class A |
|
5.58 |
|
|
|
Analog Devices Inc. |
|
4.25 |
|
|
|
KLA-Tencor Corp. |
|
3.98 |
|
|
|
MEMC Electronic Materials Inc. |
|
3.80 |
|
|
|
Maxim Integrated Products Inc. |
|
3.67 |
|
|
|
Linear Technology Corp. |
|
3.34 |
|
|
|
|
|
|
|
TOTAL |
|
56.52 |
% |
|
|
|
|
The iShares S&P GSTI Semiconductor Index Fund
(the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P GSTI Semiconductor Index (the
Index). The Index has been developed as an equity benchmark for U.S-traded semiconductor stocks. The Index includes companies that are producers of capital equipment or manufacturers of wafers and chips. The Fund invests in a
representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
For the 12-month period ended July 31, 2007 (the reporting period), the Fund returned 19.16%, while the Index returned 19.82%.
Domestic
equity markets delivered solid gains for the reporting period. A pause in interest-rate moves by the Federal Reserve Board (the Fed), sound economic growth, slowing inflation, and healthy corporate earnings levels all contributed to
equity market strength during the reporting period. After raising rates eight times in the previous reporting period, the Fed held rates steady at 5.25% during the entire 12-month period ended July 31, 2007. Economic growth, as measured by
gross domestic product (GDP) growth, continued to be healthy. Although growth slowed somewhat in the first calendar quarter of 2007, GDP growth rebounded in the second quarter to an annualized rate of 3.4%, its highest rate since the first quarter
of 2006. Inflation levels provided another source of encouraging data, as core inflation declined during the second quarter of 2007, reaching its lowest level in three years. Corporate earnings levels remained healthy and continued to exceed many
analysts expectations. Countering those factors, a slowing housing market and concerns surrounding lenders of sub-prime mortgages weighed on market performance in the final months of the reporting period, causing the markets to give back some
of the strong gains achieved earlier in the reporting period.
The semiconductor group as a whole delivered solid gains for the reporting period, although
performance within the group was mixed. In general, demand for electronics equipment helped to drive up share prices for chip makers. Companies involved in innovative areas, including solar applications, also performed well during the reporting
period.
All of the Funds ten largest holdings as of July 31, 2007 posted gains for the reporting period. Graphics chip maker NVIDIA Corp. and
wafer producer MEMC Electronic Materials Inc. both logged triple-digit gains for the reporting period. Applied Materials Inc. and the Class A shares of Broadcom Corp. also performed well, as did KLA-Tencor Corp. and Intel Corp. Maxim Integrated
Products Inc. posted the most modest return among the Funds ten largest holdings, yet still produced a double-digit gain.
|
|
|
6 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® S&P GSTI SOFTWARE INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
21.79% |
|
22.19% |
|
22.15% |
|
14.32% |
|
14.47% |
|
14.92% |
|
(1.04)% |
|
(0.99)% |
|
(0.52)% |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
21.79% |
|
22.19% |
|
22.15% |
|
95.25% |
|
96.55% |
|
100.46% |
|
(6.15)% |
|
(5.85)% |
|
(3.11)% |
Effective May 9, 2007, the Fund and the Index changed
their names from the iShares Goldman Sachs Software Index Fund and the Goldman Sachs Technology Industry Software Index to the iShares S&P GSTI Software Index Fund and the S&P GSTI Software Index,
respectively. On June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Total returns for the periods since inception are calculated from the inception date of the Fund (7/10/01). Average Annual Total Returns represent the
average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
For purposes of calculating the total return of the Index, dividends and distributions made by companies included in the Index generally are assumed to be reinvested in
the securities issued by those companies. However, prior to December 31, 2002, the total returns of the Index did not reflect reinvestment of dividends and distributions. The performance of the Index would have been higher for periods prior to that
date had dividends and distributions been assumed to be reinvested.
The Funds per share net asset value or NAV is the value of one share
of the Fund as calculated in accordance with the standard formula for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to calculate
market return (Market Price) is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV is
calculated. Since shares of the Fund did not trade in the secondary market until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/13/01), the NAV of the
Fund is used as a proxy for secondary market trading price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and
therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage
commissions were included, market returns would be lower. The returns shown in the tables 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 Funds past performance is no
guarantee of future results.
Effective May 9, 2007, the Fund and the Index changed their
names from the iShares Goldman Sachs Software Index Fund and the Goldman Sachs Technology Industry Software Index to the iShares S&P GSTI Software Index Fund and the S&P GSTI Software Index, respectively. On
June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. However, prior to December 31, 2002, the total returns of the Index did not reflect reinvestment of dividends and distributions. An index is a statistical composite that tracks a specified
financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past
performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
7 |
Managements Discussion of Fund Performance (Continued)
iSHARES® S&P
GSTI SOFTWARE INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Industry |
|
Percentage of Net Assets |
|
Software |
|
78.72 |
% |
|
|
Internet |
|
10.86 |
|
|
|
Computers |
|
9.66 |
|
|
|
Entertainment |
|
0.72 |
|
|
|
Short-Term and Other Net Assets |
|
0.04 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
Microsoft Corp. |
|
7.99 |
% |
|
|
Oracle Corp. |
|
7.62 |
|
|
|
Adobe Systems Inc. |
|
6.91 |
|
|
|
Symantec Corp. |
|
6.65 |
|
|
|
Electronic Arts Inc. |
|
6.10 |
|
|
|
CA Inc. |
|
5.60 |
|
|
|
Autodesk Inc. |
|
4.93 |
|
|
|
Intuit Inc. |
|
4.55 |
|
|
|
Citrix Systems Inc. |
|
3.74 |
|
|
|
Cadence Design Systems Inc. |
|
3.40 |
|
|
|
|
|
|
|
TOTAL |
|
57.49 |
% |
|
|
|
|
The iShares S&P GSTI Software Index Fund
(the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P GSTI Software Index (the
Index). The Index has been developed as an equity benchmark for U.S.-traded software-related stocks. The Index includes companies that are producers of client/server applications, enterprise software, internet software, PC and
entertainment software. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of
the securities included in the Index. For the 12-month period ended July 31, 2007 (the reporting period), the Fund returned 21.79%, while the Index returned 22.15%.
Domestic equity markets delivered solid gains for the reporting period. A pause in interest-rate moves by the Federal Reserve Board (the Fed), sound economic growth, slowing inflation, and healthy
corporate earnings levels all contributed to equity market strength during the reporting period. After raising rates eight times in the previous reporting period, the Fed held rates steady at 5.25% during the entire 12-month period ended
July 31, 2007. Economic growth, as measured by gross domestic product (GDP) growth, continued to be healthy. Although growth slowed somewhat in the first calendar quarter of 2007, GDP growth rebounded in the second quarter to an annualized rate
of 3.4%, its highest rate since the first quarter of 2006. Inflation levels provided another source of encouraging data, as core inflation declined during the second quarter of 2007, reaching its lowest level in three years. Corporate earnings
levels remained healthy and continued to exceed many analysts expectations. Countering those factors, a slowing housing market and concerns surrounding lenders of sub-prime mortgages weighed on market performance in the final months of the
reporting period, causing the markets to give back some of the strong gains achieved earlier in the reporting period.
The software market segment
generally delivered strong gains for the reporting period, amid growing global consumer and business demand for computers and mobile devices. Demand for these products, in turn, translated into demand for software.
Nine of the Funds ten largest holdings as of July 31, 2007 delivered gains for the reporting period. Adobe Systems Inc. was the strongest performer, followed
by Cadence Design Systems Inc. Software firms Oracle Corp. and Microsoft Corp. both performed well, as did Autodesk Inc. Intuit Inc. was the lone decliner amongst the ten largest holdings for the reporting period.
|
|
|
8 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® S&P GSSI NATURAL RESOURCES INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
19.56% |
|
19.66% |
|
20.17% |
|
25.21% |
|
25.26% |
|
25.83% |
|
19.00% |
|
19.00% |
|
19.53% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Total Returns |
|
|
|
|
|
|
|
|
|
Year Ended 7/31/07 |
|
Five Years Ended 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
19.56% |
|
19.66% |
|
20.17% |
|
207.76% |
|
208.35% |
|
215.46% |
|
173.05% |
|
173.12% |
|
180.38% |
Effective May 9, 2007, the Fund and the Index changed
their names from the iShares Goldman Sachs Natural Resources Index Fund and the Goldman Sachs Natural Resources Sector Index to the iShares S&P GSSI Natural Resources Index Fund and the S&P GSSI Natural
Resources Index, respectively. On June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Total returns for the periods since inception are calculated from the inception date of the Fund (10/22/01). Average Annual Total Returns represent the
average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing
mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to calculate market return (Market Price) is determined by using the midpoint
between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did not trade in the secondary market until
several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/26/01), the NAV of the Fund is used as a proxy for secondary market trading price to calculate market
returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The
returns shown in the tables 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 Funds past performance is no guarantee of future results.
Effective May 9, 2007, the Fund and the Index changed their
names from the iShares Goldman Sachs Natural Resources Index Fund and the Goldman Sachs Natural Resources Sector Index to the iShares S&P GSSI Natural Resources Index Fund and the S&P GSSI Natural Resources
Index, respectively. On June 15, 2007, S&P changed the underlying methodology of the Index. Performance shown reflects the Goldman Sachs methodology through June 14, 2007 and the S&P methodology thereafter.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the
expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
9 |
Managements Discussion of Fund Performance (Continued)
iSHARES® S&P
GSSI NATURAL RESOURCES INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Industry |
|
Percentage of Net Assets |
|
Oil & Gas |
|
60.97 |
% |
|
|
Oil & Gas Services |
|
15.63 |
|
|
|
Mining |
|
13.04 |
|
|
|
Forest Products & Paper |
|
3.15 |
|
|
|
Pipelines |
|
2.65 |
|
|
|
Packaging & Containers |
|
2.02 |
|
|
|
Coal |
|
1.51 |
|
|
|
Building Materials |
|
0.67 |
|
|
|
Manufacturing |
|
0.14 |
|
|
|
Transportation |
|
0.11 |
|
|
|
Short-Term and Other Net Assets |
|
0.11 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
Chevron Corp. |
|
7.89 |
% |
|
|
Exxon Mobil Corp. |
|
7.64 |
|
|
|
Conoco Phillips |
|
7.41 |
|
|
|
Schlumberger Ltd. |
|
6.28 |
|
|
|
Occidental Petroleum Corp. |
|
2.66 |
|
|
|
EnCana Corp. |
|
2.59 |
|
|
|
Suncor Energy Inc. |
|
2.31 |
|
|
|
Marathon Oil Corp. |
|
2.10 |
|
|
|
Alcan Inc. |
|
2.09 |
|
|
|
Valero Energy Corp. |
|
2.08 |
|
|
|
|
|
|
|
TOTAL |
|
43.05 |
% |
|
|
|
|
The iShares S&P GSSI Natural Resources Index
Fund (the Fund) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P GSSI Natural Resources
Index (the Index). The Index has been developed as an equity benchmark for U.S.-traded natural resource-related stocks. The Index includes companies in the following categories: extractive industries, energy companies, owners and
operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index.
Due to the use of representative sampling, the Fund may or may not hold all of the securities included in the Index. For the 12-month period ended July 31, 2007 (the reporting period), the Fund returned 19.56%, while the Index
returned 20.17%.
Domestic equity markets delivered solid gains for the reporting period. A pause in interest-rate moves by the Federal Reserve Board (the
Fed), sound economic growth, slowing inflation, and healthy corporate earnings levels all contributed to equity market strength during the reporting period. After raising rates eight times in the previous reporting period, the Fed held
rates steady at 5.25% during the entire 12-month period ended July 31, 2007. Economic growth, as measured by gross domestic product (GDP) growth, continued to be healthy. Although growth slowed somewhat in the first calendar quarter of 2007, GDP
growth rebounded in the second quarter to an annualized rate of 3.4%, its highest rate since the first quarter of 2006. Inflation levels provided another source of encouraging data, as core inflation declined during the second quarter of 2007,
reaching its lowest level in three years. Corporate earnings levels remained healthy and continued to exceed many analysts expectations. Countering those factors, a slowing housing market and concerns surrounding lenders of sub-prime mortgages
weighed on market performance in the final months of the reporting period, causing the markets to give back some of the strong gains achieved earlier in the reporting period.
Natural resources as a group performed strongly during the reporting period. High oil prices continued to benefit the share prices of oil companies. In addition, increased global demand for, and low inventories of,
metals drove up prices of many metals and mining companies during the reporting period.
All of the Funds ten largest holdings as of July 31,
2007 delivered gains for the reporting period. Metals company Alcan Inc. was the strongest performer, logging triple-digit gains. Oil exploration and service company Schlumberger Ltd. also performed well. In addition, oil companies Chevron Corp. and
Exxon Mobil Corp. both delivered solid gains. Valero Energy Corp. posted a slight gain for the reporting period.
|
|
|
10 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® NYSE COMPOSITE INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Inception to 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
18.10% |
|
17.86% |
|
18.42% |
|
13.95% |
|
13.91% |
|
14.25% |
|
54.66% |
|
54.50% |
|
56.04% |
Total returns for the periods since inception are calculated from the inception date of the Fund (3/30/04).
Average Annual Total Returns represent the average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula
for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to calculate market return (Market Price) is determined by using the
midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did not trade in the secondary market
until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/2/04), the NAV of the Fund is used as a proxy for secondary market trading price to calculate
market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The
returns shown in the tables 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 Funds past performance is no guarantee of future results.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption of fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of
securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
11 |
Managements Discussion of Fund Performance (Continued)
iSHARES® NYSE
COMPOSITE INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Sector* |
|
Percentage of Net Assets |
|
Financial |
|
23.65 |
% |
|
|
Consumer Non-Cyclical |
|
16.61 |
|
|
|
Energy |
|
14.36 |
|
|
|
Industrial |
|
11.12 |
|
|
|
Communications |
|
9.95 |
|
|
|
Consumer Cyclical |
|
8.27 |
|
|
|
Basic Materials |
|
6.15 |
|
|
|
Technology |
|
4.67 |
|
|
|
Utilities |
|
4.46 |
|
|
|
Diversified |
|
0.62 |
|
|
|
Short-Term and Other Net Assets |
|
0.14 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
Exxon Mobil Corp. |
|
2.34 |
% |
|
|
General Electric Co. |
|
1.94 |
|
|
|
AT&T Inc. |
|
1.18 |
|
|
|
Citigroup Inc. |
|
1.14 |
|
|
|
BP PLC SP ADR |
|
1.09 |
|
|
|
HSBC Holdings PLC SP ADR |
|
1.07 |
|
|
|
Bank of America Corp. |
|
1.06 |
|
|
|
Procter & Gamble Co. |
|
0.94 |
|
|
|
Chevron Corp. |
|
0.90 |
|
|
|
Toyota Motor Corp. SP ADR |
|
0.89 |
|
|
|
|
|
|
|
TOTAL |
|
12.55 |
% |
|
|
|
|
The iShares NYSE Composite Index Fund (the Fund) seeks investment results that correspond
generally to the price and yield performance, before fees and expenses, of the NYSE Composite Index® (the Index). The Index measures the performance of all common stocks,
American Depositary Receipts (ADRs), real estate investment trusts (REITs) and tracking stocks listed on the NYSE. The securities in the Index represent a broad spectrum of large-, mid- and small-capitalization companies. The
Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities included in
the Index. For the 12-month period ended July 31, 2007 (the reporting period), the Fund returned 18.10%, while the Index returned 18.42%.
Domestic equity markets delivered solid gains for the reporting period. A pause in interest-rate moves by the Federal Reserve Board (the Fed), sound economic growth, slowing inflation, and healthy corporate earnings levels all
contributed to equity market strength during the reporting period. After raising rates eight times in the previous reporting period, the Fed held rates steady at 5.25% during the entire 12-month period ended July 31, 2007. Economic growth, as
measured by gross domestic product (GDP) growth, continued to be healthy. Although growth slowed somewhat in the first calendar quarter of 2007, GDP growth rebounded in the second quarter to an annualized rate of 3.4%, its highest rate since the
first quarter of 2006. Inflation levels provided another source of encouraging data, as core inflation declined during the second quarter of 2007, reaching its lowest level in three years. Corporate earnings levels remained healthy and continued to
exceed many analysts expectations. Countering those factors, a slowing housing market and concerns surrounding lenders of sub-prime mortgages weighed on market performance in the final months of the reporting period, causing the markets to
give back some of the strong gains achieved earlier in the reporting period.
All of the Indexs ten sectors posted positive returns for the reporting
period. The materials sector and telecommunications services sector were the two strongest performers, although combined they represented less than 14% of the Index as of July 31, 2007. Industrials and information technology both also performed
well, as did energy. Healthcare delivered the most modest gains among the sectors for the reporting period.
Among the Funds ten largest holdings as
of July 31, 2007, performance was mostly positive for the reporting period. The strongest performer was telecommunications company AT&T Inc. Oil companies Chevron Corp. and Exxon Mobil Corp. both performed well, as did General Electric Co.
Bank of America Corp. and BP PLC SP ADR both declined for the reporting period.
* |
Sector classifications used to describe the portfolio may differ from sector classifications used to describe the Funds corresponding index elsewhere in this report.
|
|
|
|
12 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Managements Discussion of Fund Performance
iSHARES® NYSE 100 INDEX FUND
Performance as of July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns |
|
Cumulative Total Returns |
|
|
|
Year Ended 7/31/07 |
|
Inception to 7/31/07 |
|
Inception to 7/31/07 |
|
|
|
|
|
|
|
|
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
|
NAV |
|
MARKET |
|
INDEX |
13.73% |
|
13.12% |
|
13.94% |
|
8.99% |
|
8.93% |
|
9.20% |
|
33.33% |
|
33.08% |
|
34.18% |
Total returns for the periods since inception are calculated from the inception date of the Fund (3/29/04).
Average Annual Total Returns represent the average annual change in value of an investment over the periods indicated. Cumulative Total Returns represent the total change in value of an investment over the periods indicated.
The Funds per share net asset value or NAV is the value of one share of the Fund as calculated in accordance with the standard formula
for valuing mutual fund shares. The NAV return is based on the NAV of the Fund, and the market return is based on the market price per share of the Fund. The price used to calculate market return (Market Price) is determined by using the
midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of the Fund are listed for trading, as of the time that the Funds NAV is calculated. Since shares of the Fund did not trade in the secondary market
until several days after the Funds inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/2/04), the NAV of the Fund is used as a proxy for secondary market trading price to calculate
market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by the Fund. These
expenses negatively impact the performance of the Fund. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. The
returns shown in the tables 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 Funds past performance is no guarantee of future results.
Performance figures assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption of fund shares. An index is a statistical composite that tracks a specified financial market or sector. Unlike the Fund, an index does not actually hold a portfolio of
securities and therefore does not incur the expenses incurred by the Fund. These expenses negatively impact the performance of the Fund. The Funds past performance is no guarantee of future results.
|
|
|
MANAGEMENTS DISCUSSIONS OF FUND
PERFORMANCE |
|
13 |
Managements Discussion of Fund Performance (Continued)
iSHARES® NYSE 100
INDEX FUND
|
|
|
|
PORTFOLIO ALLOCATION As of 7/31/07 |
|
Sector* |
|
Percentage of Net Assets |
|
Consumer Non-Cyclical |
|
23.81 |
% |
|
|
Financial |
|
23.14 |
|
|
|
Energy |
|
15.01 |
|
|
|
Industrial |
|
13.29 |
|
|
|
Communications |
|
9.19 |
|
|
|
Consumer Cyclical |
|
6.38 |
|
|
|
Technology |
|
5.51 |
|
|
|
Utilities |
|
1.84 |
|
|
|
Basic Materials |
|
1.71 |
|
|
|
Short-Term and Other Net Assets |
|
0.12 |
|
|
|
|
|
|
|
TOTAL |
|
100.00 |
% |
|
|
|
|
|
|
|
|
TEN LARGEST FUND HOLDINGS As of 7/31/07 |
|
Security |
|
Percentage of Net Assets |
|
Exxon Mobil Corp. |
|
6.66 |
% |
|
|
General Electric Co. |
|
5.50 |
|
|
|
Citigroup Inc. |
|
3.34 |
|
|
|
AT&T Inc. |
|
3.32 |
|
|
|
Bank of America Corp. |
|
3.14 |
|
|
|
Procter & Gamble Co. |
|
2.70 |
|
|
|
Chevron Corp. |
|
2.53 |
|
|
|
Johnson & Johnson |
|
2.41 |
|
|
|
JPMorgan Chase & Co. |
|
2.30 |
|
|
|
Pfizer Inc. |
|
2.30 |
|
|
|
|
|
|
|
TOTAL |
|
34.20 |
% |
|
|
|
|
The iShares NYSE 100 Index Fund (the Fund) seeks investment results that correspond generally to
the price and yield performance, before fees and expenses, of the NYSE U.S.100 Index® (the Index). The Index measures the performance of the largest 100 U.S. companies, based on
market capitalization, listed on the NYSE. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or
may not hold all of the securities included in the Index. For the 12-month period ended July 31, 2007 (the reporting period), the Fund returned 13.73%, while the Index returned 13.94%.
Domestic equity markets delivered solid gains for the reporting period. A pause in interest-rate moves by the Federal Reserve Board (the Fed), sound economic
growth, slowing inflation, and healthy corporate earnings levels all contributed to equity market strength during the reporting period. After raising rates eight times in the previous reporting period, the Fed held rates steady at 5.25% during the
entire 12-month period ended July 31, 2007. Economic growth, as measured by gross domestic product (GDP) growth, continued to be healthy. Although growth slowed somewhat in the first calendar quarter of 2007, GDP growth rebounded in the second
quarter to an annualized rate of 3.4%, its highest rate since the first quarter of 2006. Inflation levels provided another source of encouraging data, as core inflation declined during the second quarter of 2007, reaching its lowest level in three
years. Corporate earnings levels remained healthy and continued to exceed many analysts expectations. Countering those factors, a slowing housing market and concerns surrounding lenders of sub-prime mortgages weighed on market performance in
the final months of the reporting period, causing the markets to give back some of the strong gains achieved earlier in the reporting period.
All of the
Indexs ten sectors posted positive returns for the reporting period. The telecommunications services and information technology sectors were the two strongest performing sectors, although they combined to represent less than 13% of the Index
at July 31, 2007. Additionally, energy and industrials both performed well. The largest sector weighting in the Index, financials, delivered the most modest gain amongst the sectors for the reporting period.
Among the Funds ten largest holdings as of July 31, 2007, performance was mostly positive for the reporting period. The strongest performer was
telecommunications company AT&T Inc. Oil companies Chevron Corp. and Exxon Mobil Corp. both performed well, as did General Electric Co. Pharmaceutical company Pfizer Inc. and Bank of America Corp. both declined for the reporting period.
* |
Sector classifications used to describe the portfolio may differ from sector classifications used to describe the Funds corresponding index elsewhere in this report.
|
|
|
|
14 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Shareholder Expenses (Unaudited)
iSHARES® TRUST
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions
on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The following Example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to
compare these costs with the ongoing costs of investing in other funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from February 1, 2007 to July 31, 2007.
ACTUAL EXPENSES
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first
line for your Fund under the heading entitled Expenses Paid During Period to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line under each Fund in the table below provides information about hypothetical
account values and hypothetical expenses based on each Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account values and expenses may
not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with
the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing costs only
and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Beginning Account Value (2/1/07) |
|
Ending Account Value (7/31/07) |
|
Annualized Expense Ratio |
|
|
Expenses Paid During Perioda (2/1/07 to 7/31/07) |
S&P GSTI Technology |
|
|
|
|
|
|
|
|
|
Actual |
|
$ 1,000.00 |
|
$ 1,076.70 |
|
0.48 |
% |
|
$ 2.47 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,022.40 |
|
0.48 |
|
|
2.41 |
S&P GSTI Networking |
|
|
|
|
|
|
|
|
|
Actual |
|
1,000.00 |
|
1,103.70 |
|
0.48 |
|
|
2.50 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,022.40 |
|
0.48 |
|
|
2.41 |
S&P GSTI Semiconductor |
|
|
|
|
|
|
|
|
|
Actual |
|
1,000.00 |
|
1,086.70 |
|
0.48 |
|
|
2.48 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,022.40 |
|
0.48 |
|
|
2.41 |
S&P GSTI Software |
|
|
|
|
|
|
|
|
|
Actual |
|
1,000.00 |
|
1,020.70 |
|
0.48 |
|
|
2.40 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,022.40 |
|
0.48 |
|
|
2.41 |
S&P GSSI Natural Resources |
|
|
|
|
|
|
|
|
|
Actual |
|
1,000.00 |
|
1,198.10 |
|
0.48 |
|
|
2.62 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,022.40 |
|
0.48 |
|
|
2.41 |
Shareholder Expenses (Unaudited) (Continued)
iSHARES® TRUST
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Beginning Account Value (2/1/07) |
|
Ending Account Value (7/31/07) |
|
Annualized Expense Ratio |
|
|
Expenses Paid During Perioda (2/1/07 to 7/31/07) |
NYSE Composite |
|
|
|
|
|
|
|
|
|
Actual |
|
$ 1,000.00 |
|
$ 1,043.20 |
|
0.25 |
% |
|
$ 1.27 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,023.60 |
|
0.25 |
|
|
1.25 |
NYSE 100 |
|
|
|
|
|
|
|
|
|
Actual |
|
1,000.00 |
|
1,018.30 |
|
0.20 |
|
|
1.00 |
Hypothetical (5% return before expenses) |
|
1,000.00 |
|
1,023.80 |
|
0.20 |
|
|
1.00 |
a |
Expenses are calculated using each Funds annualized expense ratio (as disclosed in the table), multiplied by the
average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). |
|
|
|
16 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments
iSHARES® S&P GSTI TECHNOLOGY INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.95% |
|
COMMERCIAL SERVICES 1.47% |
Alliance Data Systems Corp.a |
|
10,068 |
|
$ |
773,222 |
Bearing Point Inc.a |
|
29,199 |
|
|
190,377 |
Convergys Corp.a |
|
21,135 |
|
|
402,622 |
Euronet Worldwide Inc.a |
|
6,980 |
|
|
177,362 |
Gartner Inc.a |
|
7,630 |
|
|
159,696 |
Hewitt Associates Inc. Class Aa |
|
7,551 |
|
|
225,926 |
Iron Mountain Inc.a |
|
26,419 |
|
|
707,765 |
MPS Group Inc.a |
|
15,042 |
|
|
200,510 |
Western Union Co. |
|
118,943 |
|
|
2,372,913 |
Wright Express Corp.a |
|
5,922 |
|
|
201,703 |
|
|
|
|
|
|
|
|
|
|
|
5,412,096 |
|
COMPUTERS 27.52% |
Affiliated Computer Services Inc. Class Aa |
|
15,633 |
|
|
838,867 |
Apple Inc.a |
|
130,434 |
|
|
17,185,984 |
BISYS Group Inc. (The)a |
|
17,516 |
|
|
209,667 |
Brocade Communications Systems Inc.a |
|
59,712 |
|
|
420,372 |
CACI International Inc. Class Aa |
|
4,476 |
|
|
198,913 |
Cadence Design Systems Inc.a |
|
42,676 |
|
|
913,266 |
Ceridian Corp.a |
|
21,701 |
|
|
735,664 |
Cognizant Technology Solutions Corp.a
|
|
22,035 |
|
|
1,784,394 |
Computer Sciences Corp.a |
|
27,013 |
|
|
1,504,084 |
Dell Inc.a |
|
344,393 |
|
|
9,632,672 |
Diebold Inc. |
|
9,943 |
|
|
503,812 |
DST Systems Inc.a |
|
8,642 |
|
|
655,669 |
Electronic Data Systems Corp. |
|
78,157 |
|
|
2,109,457 |
Electronics For Imaging Inc.a |
|
8,494 |
|
|
223,052 |
EMC Corp.a |
|
311,397 |
|
|
5,763,958 |
FactSet Research Systems Inc. |
|
5,640 |
|
|
372,184 |
Henry (Jack) & Associates Inc. |
|
12,755 |
|
|
306,375 |
Hewlett-Packard Co. |
|
402,314 |
|
|
18,518,513 |
Imation Corp. |
|
5,080 |
|
|
158,902 |
International Business Machines Corp. |
|
207,155 |
|
|
22,921,701 |
Komag Inc.a |
|
4,364 |
|
|
139,692 |
Lexmark International Inc. Class Aa
|
|
14,137 |
|
|
558,977 |
Mentor Graphics Corp.a |
|
12,685 |
|
|
152,347 |
MICROS Systems Inc.a |
|
6,052 |
|
|
322,451 |
NCR Corp.a |
|
27,690 |
|
|
1,445,972 |
Network Appliance Inc.a |
|
55,966 |
|
|
1,586,076 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Palm Inc.a |
|
15,489 |
|
$ |
231,096 |
Perot Systems Corp. Class Aa |
|
10,786 |
|
|
164,163 |
Research in Motion Ltd.a |
|
23,961 |
|
|
5,127,654 |
Riverbed Technology Inc.a |
|
2,351 |
|
|
103,820 |
SanDisk Corp.a,b |
|
32,624 |
|
|
1,749,625 |
SRA International Inc. Class Aa |
|
6,145 |
|
|
146,374 |
Sun Microsystems Inc.a |
|
542,449 |
|
|
2,766,490 |
Synopsys Inc.a |
|
21,614 |
|
|
528,678 |
Unisys Corp.a |
|
51,494 |
|
|
416,586 |
Western Digital Corp.a |
|
34,322 |
|
|
732,775 |
|
|
|
|
|
|
|
|
|
|
|
101,130,282 |
|
DISTRIBUTION & WHOLESALE 0.42% |
CDW Corp.a |
|
9,651 |
|
|
812,325 |
Ingram Micro Inc. Class Aa |
|
21,569 |
|
|
432,458 |
Tech Data Corp.a |
|
8,219 |
|
|
307,966 |
|
|
|
|
|
|
|
|
|
|
|
1,552,749 |
|
ELECTRICAL COMPONENTS & EQUIPMENT 0.17% |
Molex Inc. |
|
21,602 |
|
|
612,201 |
|
|
|
|
|
|
|
|
|
|
|
612,201 |
|
ELECTRONICS 2.69% |
Agilent Technologies Inc.a |
|
60,489 |
|
|
2,307,655 |
Amphenol Corp. Class A |
|
26,871 |
|
|
920,600 |
Arrow Electronics Inc.a |
|
18,386 |
|
|
702,713 |
Avnet Inc.a |
|
20,408 |
|
|
773,055 |
AVX Corp. |
|
9,298 |
|
|
148,675 |
Benchmark Electronics Inc.a |
|
10,585 |
|
|
234,987 |
Celestica Inc.a |
|
29,721 |
|
|
175,651 |
Cogent Inc.a |
|
6,016 |
|
|
80,073 |
Cymer Inc.a |
|
5,222 |
|
|
223,241 |
Dolby Laboratories Inc. Class Aa
|
|
5,246 |
|
|
174,482 |
FLIR Systems Inc.a |
|
9,982 |
|
|
435,714 |
Itron Inc.a |
|
4,484 |
|
|
356,164 |
Jabil Circuit Inc. |
|
28,941 |
|
|
652,041 |
L-1 Identity Solutions Inc.a |
|
6,003 |
|
|
102,891 |
National Instruments Corp. |
|
9,781 |
|
|
316,415 |
Plexus Corp.a |
|
6,468 |
|
|
156,849 |
Sanmina-SCI Corp.a |
|
77,387 |
|
|
212,814 |
Solectron Corp.a |
|
136,911 |
|
|
514,785 |
Tektronix Inc. |
|
12,062 |
|
|
396,237 |
Trimble Navigation Ltd.a |
|
17,799 |
|
|
587,901 |
Vishay Intertechnology Inc.a |
|
27,502 |
|
|
426,556 |
|
|
|
|
|
|
|
|
|
|
|
9,899,499 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
17 |
Schedule of Investments (Continued)
iSHARES® S&P GSTI
TECHNOLOGY INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
ENTERTAINMENT 0.05% |
Macrovision Corp.a |
|
7,905 |
|
$ |
187,981 |
|
|
|
|
|
|
|
|
|
|
|
187,981 |
INTERNET 11.59% |
Akamai Technologies Inc.a |
|
24,845 |
|
|
843,736 |
Amazon.com Inc.a |
|
47,444 |
|
|
3,726,252 |
aQuantive Inc.a |
|
12,172 |
|
|
805,178 |
Avocent Corp.a |
|
7,349 |
|
|
200,995 |
CheckFree Corp.a |
|
13,081 |
|
|
481,904 |
CNET Networks Inc.a |
|
21,789 |
|
|
164,071 |
Digital River Inc.a |
|
5,915 |
|
|
266,234 |
EarthLink Inc.a |
|
17,252 |
|
|
119,901 |
eBay Inc.a |
|
172,276 |
|
|
5,581,742 |
Equinix Inc.a |
|
4,103 |
|
|
356,592 |
Expedia Inc.a |
|
27,795 |
|
|
739,625 |
F5 Networks Inc.a |
|
6,200 |
|
|
537,478 |
Google Inc. Class Aa |
|
33,633 |
|
|
17,152,830 |
IAC/InterActiveCorpa |
|
31,786 |
|
|
913,530 |
j2 Global Communications Inc.a |
|
7,308 |
|
|
238,533 |
McAfee Inc.a |
|
24,096 |
|
|
864,083 |
NetFlix Inc.a,b |
|
9,611 |
|
|
165,598 |
NutriSystem Inc.a,b |
|
4,501 |
|
|
250,796 |
Openwave Systems Inc. |
|
13,313 |
|
|
70,026 |
Priceline.com Inc.a |
|
1,550 |
|
|
98,890 |
RealNetworks Inc.a |
|
19,873 |
|
|
141,496 |
Symantec Corp.a |
|
140,965 |
|
|
2,706,528 |
TIBCO Software Inc.a |
|
31,342 |
|
|
254,810 |
ValueClick Inc.a |
|
14,799 |
|
|
316,403 |
VeriSign Inc.a |
|
37,336 |
|
|
1,108,506 |
Websense Inc.a |
|
6,378 |
|
|
127,305 |
Yahoo! Inc.a |
|
186,841 |
|
|
4,344,053 |
|
|
|
|
|
|
|
|
|
|
|
42,577,095 |
MACHINERY 0.16% |
Intermec Inc.a,b |
|
8,747 |
|
|
224,186 |
Zebra Technologies Corp. Class Aa
|
|
10,203 |
|
|
369,655 |
|
|
|
|
|
|
|
|
|
|
|
593,841 |
OFFICE & BUSINESS EQUIPMENT 0.69% |
Xerox Corp.a |
|
146,284 |
|
|
2,554,119 |
|
|
|
|
|
|
|
|
|
|
|
2,554,119 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
SEMICONDUCTORS 17.02% |
Advanced Micro Devices Inc.a |
|
86,445 |
|
$ |
1,170,465 |
Altera Corp. |
|
53,414 |
|
|
1,239,205 |
AMIS Holdings Inc.a |
|
8,557 |
|
|
88,223 |
Amkor Technology Inc.a |
|
13,664 |
|
|
168,887 |
Analog Devices Inc. |
|
49,305 |
|
|
1,747,862 |
Applied Materials Inc. |
|
207,140 |
|
|
4,565,366 |
Applied Micro Circuits Corp.a |
|
42,148 |
|
|
123,072 |
Atmel Corp.a |
|
68,430 |
|
|
368,838 |
Broadcom Corp. Class Aa |
|
70,249 |
|
|
2,304,870 |
Conexant Systems Inc.a |
|
67,940 |
|
|
89,001 |
Cree Inc.a,b |
|
12,399 |
|
|
317,662 |
Cypress Semiconductor Corp.a |
|
22,495 |
|
|
563,725 |
Emulex Corp.a |
|
12,459 |
|
|
246,688 |
Entegris Inc.a |
|
18,762 |
|
|
202,254 |
Fairchild Semiconductor International Inc. Class Aa |
|
18,218 |
|
|
332,479 |
FormFactor Inc.a |
|
6,990 |
|
|
268,346 |
Integrated Device Technology Inc.a |
|
29,317 |
|
|
476,988 |
Intel Corp. |
|
837,856 |
|
|
19,790,159 |
International Rectifier Corp.a |
|
10,711 |
|
|
393,201 |
Intersil Corp. Class A |
|
20,177 |
|
|
590,177 |
KLA-Tencor Corp. |
|
28,862 |
|
|
1,639,073 |
Lam Research Corp.a |
|
20,287 |
|
|
1,173,400 |
Linear Technology Corp. |
|
37,215 |
|
|
1,326,715 |
LSI Corp.a |
|
117,267 |
|
|
844,322 |
Maxim Integrated Products Inc. |
|
48,342 |
|
|
1,532,441 |
MEMC Electronic Materials Inc.a |
|
26,034 |
|
|
1,596,405 |
Micrel Inc. |
|
11,022 |
|
|
114,078 |
Microchip Technology Inc. |
|
32,532 |
|
|
1,181,237 |
Micron Technology Inc.a |
|
107,442 |
|
|
1,275,337 |
Microsemi Corp.a |
|
11,133 |
|
|
259,510 |
MKS Instruments Inc.a |
|
6,939 |
|
|
157,515 |
National Semiconductor Corp. |
|
43,503 |
|
|
1,130,643 |
Novellus Systems Inc.a |
|
18,838 |
|
|
537,260 |
NVIDIA Corp.a |
|
53,478 |
|
|
2,447,153 |
OmniVision Technologies Inc.a,b |
|
7,567 |
|
|
129,925 |
ON Semiconductor Corp.a |
|
16,613 |
|
|
196,366 |
PMC-Sierra Inc.a |
|
31,036 |
|
|
236,494 |
QLogic Corp.a |
|
24,147 |
|
|
320,914 |
Rambus Inc.a |
|
14,451 |
|
|
195,233 |
|
|
|
18 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® S&P GSTI
TECHNOLOGY INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Semtech Corp.a |
|
10,252 |
|
$ |
166,595 |
Silicon Image Inc.a |
|
12,014 |
|
|
81,935 |
Silicon Laboratories Inc.a |
|
7,996 |
|
|
278,501 |
SiRF Technology Holdings Inc.a |
|
7,581 |
|
|
177,699 |
Skyworks Solutions Inc.a |
|
23,531 |
|
|
186,366 |
Spansion Inc. Class Aa |
|
10,606 |
|
|
112,530 |
Teradyne Inc.a |
|
28,171 |
|
|
442,003 |
Tessera Technologies Inc.a |
|
7,313 |
|
|
300,784 |
Texas Instruments Inc. |
|
216,036 |
|
|
7,602,307 |
Varian Semiconductor Equipment Associates Inc.a
|
|
11,772 |
|
|
553,284 |
Xilinx Inc. |
|
46,465 |
|
|
1,161,625 |
Zoran Corp.a |
|
6,898 |
|
|
130,027 |
|
|
|
|
|
|
|
|
|
|
|
62,535,145 |
|
SOFTWARE 21.50% |
ACI Worldwide Inc.a |
|
5,487 |
|
|
167,518 |
Activision Inc.a |
|
35,540 |
|
|
608,089 |
Acxiom Corp. |
|
10,954 |
|
|
275,603 |
Adobe Systems Inc.a |
|
93,641 |
|
|
3,772,796 |
Advent Software Inc.a |
|
3,893 |
|
|
148,051 |
ANSYS Inc.a |
|
11,384 |
|
|
296,439 |
Autodesk Inc.a |
|
37,198 |
|
|
1,576,079 |
Automatic Data Processing Inc. |
|
85,164 |
|
|
3,953,313 |
Avid Technology Inc.a |
|
5,944 |
|
|
190,802 |
BEA Systems Inc.a |
|
60,289 |
|
|
746,378 |
BMC Software Inc.a |
|
31,330 |
|
|
899,798 |
Broadridge Financial Solutions Inc. |
|
20,953 |
|
|
368,563 |
CA Inc. |
|
63,556 |
|
|
1,593,984 |
Citrix Systems Inc.a |
|
27,785 |
|
|
1,004,983 |
Cognos Inc.a |
|
13,374 |
|
|
536,565 |
Compuware Corp.a |
|
48,703 |
|
|
454,399 |
CSG Systems International Inc.a |
|
6,672 |
|
|
166,933 |
eFunds Corp.a |
|
6,979 |
|
|
249,499 |
Electronic Arts Inc.a |
|
46,854 |
|
|
2,278,979 |
Fair Isaac Corp. |
|
8,825 |
|
|
346,470 |
Fidelity National Information Services Inc. |
|
25,289 |
|
|
1,255,093 |
First Data Corp. |
|
116,499 |
|
|
3,703,503 |
Fiserv Inc.a |
|
25,631 |
|
|
1,266,684 |
Global Payments Inc. |
|
9,335 |
|
|
349,129 |
Informatica Corp.a |
|
12,450 |
|
|
173,553 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Intuit Inc.a |
|
52,370 |
|
$ |
1,499,877 |
Lawson Software Inc.a |
|
11,284 |
|
|
107,537 |
MasterCard Inc. Class A |
|
9,957 |
|
|
1,601,086 |
Microsoft Corp. |
|
1,035,826 |
|
|
30,028,596 |
MicroStrategy Inc. Class Aa |
|
1,339 |
|
|
97,894 |
MoneyGram International Inc. |
|
12,528 |
|
|
320,592 |
NAVTEQ Corp.a |
|
14,585 |
|
|
789,486 |
Novell Inc.a |
|
53,798 |
|
|
360,985 |
Nuance Communications Inc.a |
|
19,126 |
|
|
315,196 |
Open Text Corp.a |
|
7,083 |
|
|
133,019 |
Oracle Corp.a |
|
595,219 |
|
|
11,380,587 |
Parametric Technology Corp.a |
|
16,910 |
|
|
298,123 |
Paychex Inc. |
|
52,402 |
|
|
2,168,395 |
Quest Software Inc.a |
|
12,481 |
|
|
184,719 |
Red Hat Inc.a |
|
29,478 |
|
|
613,732 |
Salesforce.com Inc.a |
|
14,059 |
|
|
546,333 |
Sybase Inc.a |
|
13,406 |
|
|
317,990 |
Take-Two Interactive Software Inc.a,b
|
|
10,574 |
|
|
186,420 |
THQ Inc.a |
|
9,652 |
|
|
277,592 |
Total System Services Inc. |
|
30,365 |
|
|
854,167 |
Trident Microsystems Inc.a |
|
8,760 |
|
|
133,240 |
VeriFone Holdings Inc.a |
|
8,273 |
|
|
301,220 |
Wind River Systems Inc.a |
|
12,141 |
|
|
116,068 |
|
|
|
|
|
|
|
|
|
|
|
79,016,057 |
|
TELECOMMUNICATIONS 16.67% |
ADC Telecommunications Inc.a |
|
17,264 |
|
|
322,664 |
ADTRAN Inc. |
|
9,948 |
|
|
259,543 |
Andrew Corp.a |
|
22,927 |
|
|
322,354 |
Anixter International Inc.a |
|
4,718 |
|
|
389,943 |
Arris Group Inc.a |
|
15,888 |
|
|
235,460 |
Atheros Communications Inc.a |
|
8,040 |
|
|
224,155 |
Avaya Inc.a |
|
68,891 |
|
|
1,139,457 |
Black Box Corp. |
|
2,463 |
|
|
99,136 |
Ciena Corp.a |
|
12,993 |
|
|
474,634 |
Cisco Systems Inc.a |
|
907,989 |
|
|
26,249,962 |
CommScope Inc.a |
|
9,269 |
|
|
504,512 |
Corning Inc.a |
|
239,209 |
|
|
5,702,743 |
Foundry Networks Inc.a |
|
21,492 |
|
|
378,044 |
Harris Corp. |
|
20,304 |
|
|
1,114,284 |
InterDigital Inc.a |
|
7,384 |
|
|
206,383 |
JDS Uniphase Corp.a |
|
31,294 |
|
|
448,443 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
19 |
Schedule of Investments (Continued)
iSHARES® S&P GSTI
TECHNOLOGY INDEX FUND
July 31, 2007
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Juniper Networks Inc.a |
|
86,618 |
|
$ |
2,595,075 |
|
Motorola Inc. |
|
351,186 |
|
|
5,966,650 |
|
Nortel Networks Corp.a |
|
66,124 |
|
|
1,430,923 |
|
Polycom Inc.a |
|
13,612 |
|
|
421,564 |
|
Powerwave Technologies Inc.a |
|
18,303 |
|
|
119,702 |
|
QUALCOMM Inc. |
|
257,008 |
|
|
10,704,383 |
|
RF Micro Devices Inc.a |
|
27,078 |
|
|
187,921 |
|
SAVVIS Inc.a |
|
6,861 |
|
|
257,699 |
|
Sonus Networks Inc.a |
|
37,116 |
|
|
253,873 |
|
Sycamore Networks Inc.a |
|
16,982 |
|
|
70,645 |
|
Tekeleca |
|
10,003 |
|
|
128,138 |
|
Tellabs Inc.a |
|
65,460 |
|
|
742,971 |
|
3Com Corp.a |
|
59,567 |
|
|
238,268 |
|
UTStarcom Inc.a,b |
|
17,052 |
|
|
54,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
61,244,436 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $377,630,019) |
|
|
367,315,501 |
|
|
SHORT-TERM INVESTMENTS 0.82% |
|
|
MONEY MARKET FUNDS 0.82% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%c,d |
|
289,483 |
|
|
289,483 |
|
BGI Cash Premier Fund LLC 5.34%c,d,e |
|
2,725,785 |
|
|
2,725,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,015,268 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $3,015,268) |
|
|
3,015,268 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 100.77% (Cost: $380,645,287) |
|
|
370,330,769 |
|
|
|
Other Assets, Less Liabilities (0.77)% |
|
|
(2,832,582 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
|
|
$ |
367,498,187 |
|
|
|
|
|
|
|
|
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Affiliated issuer. See Note 2. |
d |
The rate quoted is the annualized seven-day yield of the fund at period end. |
e |
This security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
|
|
|
20 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments
iSHARES® S&P GSTI NETWORKING INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.93% |
|
|
|
COMPUTERS 7.95% |
|
|
|
|
|
Research in Motion Ltd.a,b |
|
78,623 |
|
$ |
16,825,322 |
Riverbed Technology Inc.a |
|
26,236 |
|
|
1,158,582 |
|
|
|
|
|
|
|
|
|
|
|
17,983,904 |
|
INTERNET 5.45% |
Avocent Corp.a |
|
128,522 |
|
|
3,515,077 |
F5 Networks Inc.a |
|
101,513 |
|
|
8,800,162 |
|
|
|
|
|
|
|
|
|
|
|
12,315,239 |
|
TELECOMMUNICATIONS 86.53% |
ADC Telecommunications Inc.a |
|
299,738 |
|
|
5,602,103 |
ADTRAN Inc. |
|
156,391 |
|
|
4,080,241 |
Andrew Corp.a |
|
396,899 |
|
|
5,580,400 |
Arris Group Inc.a |
|
273,640 |
|
|
4,055,345 |
Avaya Inc.a |
|
597,484 |
|
|
9,882,385 |
Ciena Corp.a |
|
222,618 |
|
|
8,132,236 |
Cisco Systems Inc.a |
|
666,101 |
|
|
19,256,980 |
CommScope Inc.a |
|
151,900 |
|
|
8,267,917 |
Corning Inc.a |
|
562,010 |
|
|
13,398,318 |
Foundry Networks Inc.a |
|
368,600 |
|
|
6,483,674 |
Harris Corp. |
|
194,707 |
|
|
10,685,520 |
InterDigital Inc.a |
|
120,942 |
|
|
3,380,329 |
JDS Uniphase Corp.a,b |
|
532,955 |
|
|
7,637,245 |
Juniper Networks Inc.a |
|
490,987 |
|
|
14,709,970 |
Motorola Inc. |
|
870,294 |
|
|
14,786,295 |
Nortel Networks Corp.a |
|
446,499 |
|
|
9,662,238 |
Polycom Inc.a |
|
224,669 |
|
|
6,957,999 |
Powerwave Technologies Inc.a |
|
331,395 |
|
|
2,167,323 |
QUALCOMM Inc. |
|
400,921 |
|
|
16,698,360 |
Sonus Networks Inc.a |
|
645,753 |
|
|
4,416,951 |
Sycamore Networks Inc.a |
|
459,516 |
|
|
1,911,587 |
Tekeleca |
|
178,333 |
|
|
2,284,446 |
Tellabs Inc.a |
|
939,032 |
|
|
10,658,013 |
3Com Corp.a |
|
1,028,632 |
|
|
4,114,528 |
UTStarcom Inc.a,b |
|
270,335 |
|
|
870,479 |
|
|
|
|
|
|
|
|
|
|
|
195,680,882 |
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $241,883,512) |
|
|
225,980,025 |
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
SHORT-TERM INVESTMENTS 6.28% |
|
|
MONEY MARKET FUNDS 6.28% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%c,d |
|
220,901 |
|
$ |
220,901 |
|
BGI Cash Premier Fund LLC 5.34%c,d,e |
|
13,966,245 |
|
|
13,966,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
14,187,146 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $14,187,146) |
|
|
14,187,146 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 106.21% (Cost: $256,070,658) |
|
|
|
|
240,167,171 |
|
|
|
Other Assets, Less Liabilities (6.21)% |
|
|
(14,035,616 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
|
|
$ |
226,131,555 |
|
|
|
|
|
|
|
|
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Affiliated issuer. See Note 2. |
d |
The rate quoted is the annualized seven-day yield of the fund at period end. |
e |
This security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
|
|
|
SCHEDULES OF INVESTMENTS |
|
21 |
Schedule of Investments
iSHARES® S&P GSTI SEMICONDUCTOR INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.91% |
|
|
|
|
|
|
ELECTRONICS 0.56% |
|
|
|
|
|
Cymer Inc.a |
|
40,018 |
|
$ |
1,710,770 |
|
|
|
|
|
|
|
|
|
|
|
1,710,770 |
|
SEMICONDUCTORS 97.95% |
Advanced Micro Devices Inc.a,b |
|
643,687 |
|
|
8,715,522 |
Altera Corp. |
|
396,861 |
|
|
9,207,175 |
AMIS Holdings Inc.a |
|
44,315 |
|
|
456,888 |
Amkor Technology Inc.a |
|
122,440 |
|
|
1,513,358 |
Analog Devices Inc. |
|
363,843 |
|
|
12,898,234 |
Applied Materials Inc. |
|
1,308,221 |
|
|
28,833,191 |
Applied Micro Circuits Corp.a |
|
322,808 |
|
|
942,599 |
Atmel Corp.a |
|
485,909 |
|
|
2,619,050 |
Broadcom Corp. Class Aa |
|
515,777 |
|
|
16,922,643 |
Conexant Systems Inc.a |
|
550,080 |
|
|
720,605 |
Cree Inc.a,b |
|
93,115 |
|
|
2,385,606 |
Cypress Semiconductor Corp.a,b |
|
167,576 |
|
|
4,199,455 |
Entegris Inc.a |
|
128,887 |
|
|
1,389,402 |
Fairchild Semiconductor International Inc. Class Aa |
|
133,760 |
|
|
2,441,120 |
FormFactor Inc.a |
|
51,342 |
|
|
1,971,019 |
Integrated Device Technology Inc.a |
|
219,483 |
|
|
3,570,988 |
Intel Corp. |
|
1,070,580 |
|
|
25,287,100 |
International Rectifier Corp.a |
|
80,267 |
|
|
2,946,602 |
Intersil Corp. Class A |
|
144,101 |
|
|
4,214,954 |
KLA-Tencor Corp. |
|
212,324 |
|
|
12,057,880 |
Lam Research Corp.a |
|
149,687 |
|
|
8,657,896 |
Linear Technology Corp. |
|
283,756 |
|
|
10,115,901 |
LSI Corp.a |
|
876,091 |
|
|
6,307,855 |
Maxim Integrated Products Inc. |
|
351,495 |
|
|
11,142,392 |
MEMC Electronic Materials Inc.a |
|
187,890 |
|
|
11,521,415 |
Micrel Inc. |
|
63,018 |
|
|
652,236 |
Microchip Technology Inc. |
|
242,333 |
|
|
8,799,111 |
Micron Technology Inc.a |
|
819,445 |
|
|
9,726,812 |
Microsemi Corp.a |
|
84,737 |
|
|
1,975,220 |
MKS Instruments Inc.a |
|
42,147 |
|
|
956,737 |
National Semiconductor Corp. |
|
316,591 |
|
|
8,228,200 |
Novellus Systems Inc.a |
|
141,291 |
|
|
4,029,619 |
NVIDIA Corp.a |
|
389,126 |
|
|
17,806,406 |
ON Semiconductor Corp.a |
|
147,493 |
|
|
1,743,367 |
PMC-Sierra Inc.a |
|
240,920 |
|
|
1,835,810 |
Rambus Inc.a |
|
99,728 |
|
|
1,347,325 |
Semtech Corp.a |
|
69,620 |
|
|
1,131,325 |
Silicon Image Inc.a |
|
97,123 |
|
|
662,379 |
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Silicon Laboratories Inc.a |
|
60,815 |
|
$ |
2,118,187 |
|
Skyworks Solutions Inc.a |
|
184,834 |
|
|
1,463,885 |
|
Spansion Inc. Class Aa |
|
57,412 |
|
|
609,141 |
|
Teradyne Inc.a |
|
210,607 |
|
|
3,304,424 |
|
Tessera Technologies Inc.a |
|
55,284 |
|
|
2,273,831 |
|
Texas Instruments Inc. |
|
704,446 |
|
|
24,789,455 |
|
Varian Semiconductor Equipment Associates Inc.a
|
|
85,586 |
|
|
4,022,542 |
|
Xilinx Inc. |
|
338,546 |
|
|
8,463,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
296,978,512 |
|
SOFTWARE 0.34% |
|
|
|
|
|
|
Trident Microsystems Inc.a |
|
68,098 |
|
|
1,035,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,035,771 |
|
TELECOMMUNICATIONS 1.06% |
|
Atheros Communications Inc.a |
|
61,224 |
|
|
1,706,925 |
|
RF Micro Devices Inc.a |
|
218,655 |
|
|
1,517,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,224,391 |
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $328,257,735) |
|
|
302,949,444 |
|
|
SHORT-TERM INVESTMENTS 3.95% |
|
|
MONEY MARKET FUNDS 3.95% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%c,d |
|
294,195 |
|
|
294,195 |
|
BGI Cash Premier Fund LLC 5.34%c,d,e |
|
11,664,559 |
|
|
11,664,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
11,958,754 |
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $11,958,754) |
|
|
11,958,754 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 103.86% (Cost: $340,216,489) |
|
|
314,908,198 |
|
Other Assets, Less Liabilities (3.86)% |
|
|
(11,697,810 |
) |
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
|
|
$ |
303,210,388 |
|
|
|
|
|
|
|
|
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Affiliated issuer. See Note 2. |
d |
The rate quoted is the annualized seven-day yield of the fund at period end. |
e |
This security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
|
|
|
22 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments
iSHARES® S&P GSTI SOFTWARE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.96% |
|
|
|
|
|
|
|
|
COMPUTERS 9.66% |
|
|
|
|
|
Cadence Design Systems Inc.a |
|
302,461 |
|
$ |
6,472,665 |
FactSet Research Systems Inc. |
|
40,507 |
|
|
2,673,057 |
Henry (Jack) & Associates Inc. |
|
82,772 |
|
|
1,988,183 |
Mentor Graphics Corp.a,b |
|
92,461 |
|
|
1,110,457 |
MICROS Systems Inc.a |
|
43,678 |
|
|
2,327,164 |
Synopsys Inc.a |
|
155,223 |
|
|
3,796,755 |
|
|
|
|
|
|
|
|
|
|
|
18,368,281 |
|
ENTERTAINMENT 0.72% |
Macrovision Corp.a |
|
57,505 |
|
|
1,367,469 |
|
|
|
|
|
|
|
|
|
|
|
1,367,469 |
|
|
|
INTERNET 10.86% |
|
|
|
|
|
McAfee Inc.a |
|
172,070 |
|
|
6,170,430 |
Symantec Corp.a |
|
658,256 |
|
|
12,638,515 |
TIBCO Software Inc.a |
|
226,693 |
|
|
1,843,014 |
|
|
|
|
|
|
|
|
|
|
|
20,651,959 |
|
|
|
SOFTWARE 78.72% |
|
|
|
|
|
Activision Inc.a |
|
266,782 |
|
|
4,564,640 |
Adobe Systems Inc.a |
|
326,299 |
|
|
13,146,587 |
Advent Software Inc.a |
|
20,610 |
|
|
783,798 |
ANSYS Inc.a |
|
84,099 |
|
|
2,189,938 |
Autodesk Inc.a |
|
221,180 |
|
|
9,371,397 |
BEA Systems Inc.a |
|
427,586 |
|
|
5,293,515 |
BMC Software Inc.a |
|
221,871 |
|
|
6,372,135 |
CA Inc. |
|
424,971 |
|
|
10,658,273 |
Citrix Systems Inc.a |
|
196,783 |
|
|
7,117,641 |
Cognos Inc.a |
|
95,638 |
|
|
3,836,997 |
Compuware Corp.a |
|
326,383 |
|
|
3,045,153 |
Electronic Arts Inc.a |
|
238,459 |
|
|
11,598,646 |
Fair Isaac Corp. |
|
62,159 |
|
|
2,440,362 |
Informatica Corp.a |
|
91,792 |
|
|
1,279,580 |
Intuit Inc.a |
|
302,356 |
|
|
8,659,476 |
Lawson Software Inc.a |
|
57,519 |
|
|
548,156 |
Microsoft Corp. |
|
524,335 |
|
|
15,200,472 |
Micro Strategy Inc. Class Aa |
|
10,304 |
|
|
753,325 |
NAVTEQ Corp.a |
|
102,561 |
|
|
5,551,627 |
Novell Inc.a |
|
383,822 |
|
|
2,575,446 |
Nuance Communications Inc.a |
|
152,575 |
|
|
2,514,436 |
Oracle Corp.a |
|
757,515 |
|
|
14,483,687 |
Parametric Technology Corp.a |
|
119,754 |
|
|
2,111,263 |
Quest Software Inc.a |
|
73,693 |
|
|
1,090,656 |
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Red Hat Inc.a |
|
209,854 |
|
$ |
4,369,160 |
|
Salesforce.com Inc.a,b |
|
95,024 |
|
|
3,692,633 |
|
Sybase Inc.a |
|
99,079 |
|
|
2,350,154 |
|
Take-Two Interactive Software Inc.a,b
|
|
76,326 |
|
|
1,345,627 |
|
THQ Inc.a |
|
70,192 |
|
|
2,018,722 |
|
Wind River Systems Inc.a |
|
81,061 |
|
|
774,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
149,738,445 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $205,033,733) |
|
|
|
|
190,126,154 |
|
|
SHORT-TERM INVESTMENTS 1.31% |
|
|
MONEY MARKET FUNDS 1.31% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%c,d |
|
151,456 |
|
|
151,456 |
|
BGI Cash Premier Fund LLC 5.34%c,d,e |
|
2,337,284 |
|
|
2,337,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,488,740 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $2,488,740) |
|
|
2,488,740 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 101.27% (Cost: $207,522,473) |
|
|
|
|
192,614,894 |
|
|
|
Other Assets, Less Liabilities (1.27)% |
|
|
(2,412,824 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
|
|
$ |
190,202,070 |
|
|
|
|
|
|
|
|
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Affiliated issuer. See Note 2. |
d |
The rate quoted is the annualized seven-day yield of the fund at period end. |
e |
This security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
|
|
|
SCHEDULES OF INVESTMENTS |
|
23 |
Schedule of Investments
iSHARES® S&P GSSI NATURAL RESOURCES INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.89% |
|
|
|
|
|
|
BUILDING MATERIALS 0.67% |
Eagle Materials Inc. |
|
25,217 |
|
$ |
1,102,739 |
Florida Rock Industries Inc. |
|
51,468 |
|
|
3,268,733 |
Martin Marietta Materials Inc. |
|
44,066 |
|
|
6,037,042 |
Texas Industries Inc. |
|
27,556 |
|
|
2,171,688 |
|
|
|
|
|
|
|
|
|
|
|
12,580,202 |
|
COAL 1.51% |
Alpha Natural Resources Inc.a |
|
50,669 |
|
|
904,442 |
Arch Coal Inc. |
|
147,419 |
|
|
4,406,354 |
CONSOL Energy Inc. |
|
190,082 |
|
|
7,916,915 |
Foundation Coal Holdings Inc. |
|
45,194 |
|
|
1,575,011 |
Massey Energy Co. |
|
81,393 |
|
|
1,737,741 |
Peabody Energy Corp. |
|
277,466 |
|
|
11,725,713 |
|
|
|
|
|
|
|
|
|
|
|
28,266,176 |
|
FOREST PRODUCTS & PAPER 3.15% |
Abitibi-Consolidated Inc.a |
|
441,512 |
|
|
1,046,383 |
Bowater Inc.b |
|
60,757 |
|
|
1,192,052 |
Domtar Corp.a |
|
462,282 |
|
|
4,396,302 |
International Paper Co. |
|
463,092 |
|
|
17,166,820 |
Louisiana-Pacific Corp.b |
|
111,732 |
|
|
2,069,277 |
MeadWestvaco Corp. |
|
197,447 |
|
|
6,424,925 |
Smurfit-Stone Container Corp.a |
|
280,803 |
|
|
3,310,667 |
Temple-Inland Inc. |
|
114,336 |
|
|
6,646,352 |
Weyerhaeuser Co. |
|
233,754 |
|
|
16,652,635 |
|
|
|
|
|
|
|
|
|
|
|
58,905,413 |
|
MANUFACTURING 0.14% |
AptarGroup Inc. |
|
69,971 |
|
|
2,546,944 |
|
|
|
|
|
|
|
|
|
|
|
2,546,944 |
|
MINING 13.04% |
Agnico-Eagle Mines Ltd. |
|
137,844 |
|
|
5,863,884 |
Alcan Inc. |
|
400,883 |
|
|
39,046,004 |
Alcoa Inc. |
|
911,938 |
|
|
34,836,032 |
Barrick Gold Corp. |
|
915,630 |
|
|
30,124,227 |
Cameco Corp. |
|
362,898 |
|
|
14,798,980 |
Freeport-McMoRan Copper & Gold Inc. |
|
393,478 |
|
|
36,979,062 |
Goldcorp Inc. |
|
737,624 |
|
|
18,743,026 |
IAMGOLD Corp. |
|
333,635 |
|
|
2,765,834 |
Ivanhoe Mines Ltd.a |
|
299,560 |
|
|
4,283,708 |
Kinross Gold Corp.a |
|
613,601 |
|
|
7,964,541 |
Lundin Mining Corp.a |
|
393,785 |
|
|
5,142,832 |
Meridian Gold Inc.a |
|
113,645 |
|
|
3,208,198 |
Newmont Mining Corp. |
|
473,867 |
|
|
19,783,947 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Silver Standard Resources Inc.a |
|
62,296 |
|
$ |
2,153,573 |
Silver Wheaton Corp.a,b |
|
116,797 |
|
|
1,601,287 |
Titanium Metals Corp.a |
|
96,028 |
|
|
3,209,256 |
Vulcan Materials Co. |
|
99,686 |
|
|
9,541,944 |
Yamana Gold Inc. |
|
317,891 |
|
|
3,519,053 |
|
|
|
|
|
|
|
|
|
|
|
243,565,388 |
|
OIL & GAS 60.97% |
Anadarko Petroleum Corp. |
|
484,225 |
|
|
24,371,044 |
Apache Corp. |
|
347,037 |
|
|
28,054,471 |
Bill Barrett Corp.a |
|
24,741 |
|
|
849,111 |
Cabot Oil & Gas Corp. |
|
100,278 |
|
|
3,429,508 |
Canadian Natural Resources Ltd. |
|
559,501 |
|
|
38,275,463 |
Cheniere Energy Inc.a,b |
|
63,739 |
|
|
2,397,861 |
Chesapeake Energy Corp. |
|
435,690 |
|
|
14,830,888 |
Chevron Corp. |
|
1,728,088 |
|
|
147,336,783 |
Cimarex Energy Co. |
|
85,019 |
|
|
3,217,969 |
ConocoPhillips |
|
1,711,466 |
|
|
138,354,911 |
Denbury Resources Inc.a |
|
124,689 |
|
|
4,987,560 |
Devon Energy Corp. |
|
466,451 |
|
|
34,801,909 |
Diamond Offshore Drilling Inc. |
|
67,766 |
|
|
6,992,096 |
EnCana Corp. |
|
794,477 |
|
|
48,447,208 |
ENSCO International Inc. |
|
156,786 |
|
|
9,574,921 |
EOG Resources Inc. |
|
255,955 |
|
|
17,942,446 |
Exxon Mobil Corp. |
|
1,676,349 |
|
|
142,707,590 |
Forest Oil Corp.a |
|
77,386 |
|
|
3,131,811 |
Frontier Oil Corp. |
|
115,822 |
|
|
4,485,786 |
GlobalSantaFe Corp. |
|
242,026 |
|
|
17,355,685 |
Grey Wolf Inc.a,b |
|
196,218 |
|
|
1,453,975 |
Helmerich & Payne Inc. |
|
105,652 |
|
|
3,419,955 |
Hess Corp. |
|
285,251 |
|
|
17,457,361 |
Holly Corp. |
|
38,532 |
|
|
2,596,672 |
Marathon Oil Corp. |
|
710,574 |
|
|
39,223,685 |
Mariner Energy Inc.a |
|
87,626 |
|
|
1,851,537 |
Murphy Oil Corp. |
|
196,733 |
|
|
12,205,315 |
Nabors Industries Ltd.a,b |
|
301,483 |
|
|
8,815,363 |
Newfield Exploration Co.a |
|
137,690 |
|
|
6,616,005 |
Nexen Inc. |
|
545,739 |
|
|
16,983,398 |
Noble Corp. |
|
141,080 |
|
|
14,455,057 |
Noble Energy Inc. |
|
179,935 |
|
|
11,001,226 |
Occidental Petroleum Corp. |
|
875,074 |
|
|
49,634,197 |
Patterson-UTI Energy Inc. |
|
161,046 |
|
|
3,687,953 |
Petro-Canada |
|
519,277 |
|
|
28,352,524 |
Petrohawk Energy Corp.a |
|
189,714 |
|
|
2,843,813 |
Pioneer Natural Resources Co. |
|
133,375 |
|
|
6,068,563 |
|
|
|
24 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® S&P GSSI
NATURAL RESOURCES INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Plains Exploration & Production Co.a
|
|
78,431 |
|
$ |
3,389,004 |
Pogo Producing Co. |
|
62,012 |
|
|
3,302,759 |
Pride International Inc.a |
|
171,663 |
|
|
6,016,788 |
Quicksilver Resources Inc.a |
|
62,337 |
|
|
2,625,634 |
Range Resources Corp. |
|
153,156 |
|
|
5,688,214 |
Rowan Companies Inc. |
|
113,840 |
|
|
4,802,910 |
Southwestern Energy Co.a |
|
174,348 |
|
|
7,083,759 |
St. Mary Land & Exploration Co. |
|
63,403 |
|
|
2,110,686 |
Suncor Energy Inc. |
|
476,948 |
|
|
43,149,486 |
Sunoco Inc. |
|
128,710 |
|
|
8,587,531 |
Talisman Energy Inc. |
|
1,103,411 |
|
|
20,203,455 |
Tesoro Corp. |
|
143,780 |
|
|
7,160,244 |
Transocean Inc.a |
|
302,629 |
|
|
32,517,486 |
Ultra Petroleum Corp.a |
|
161,396 |
|
|
8,923,585 |
Unit Corp.a |
|
48,694 |
|
|
2,681,092 |
Valero Energy Corp. |
|
579,989 |
|
|
38,865,063 |
Western Refining Inc. |
|
26,672 |
|
|
1,480,296 |
XTO Energy Inc. |
|
401,458 |
|
|
21,891,505 |
|
|
|
|
|
|
|
|
|
|
|
1,138,691,117 |
|
OIL & GAS SERVICES 15.63% |
Baker Hughes Inc. |
|
333,769 |
|
|
26,384,440 |
BJ Services Co. |
|
306,515 |
|
|
8,015,367 |
Cameron International Corp.a |
|
118,432 |
|
|
9,237,696 |
Dresser-Rand Group Inc.a |
|
38,475 |
|
|
1,427,423 |
FMC Technologies Inc.a |
|
70,740 |
|
|
6,474,125 |
Global Industries Ltd.a |
|
102,304 |
|
|
2,649,674 |
Grant Prideco Inc.a |
|
133,924 |
|
|
7,513,136 |
Halliburton Co. |
|
961,702 |
|
|
34,640,506 |
Hanover Compressor Co.a |
|
113,312 |
|
|
2,700,225 |
Helix Energy Solutions Group Inc.a |
|
96,637 |
|
|
3,764,011 |
National Oilwell Varco Inc.a |
|
185,133 |
|
|
22,236,325 |
Oceaneering International Inc.a |
|
56,879 |
|
|
3,194,325 |
Oil States International Inc.a |
|
49,319 |
|
|
2,157,213 |
Schlumberger Ltd. |
|
1,238,087 |
|
|
117,271,601 |
SEACOR Holdings Inc.a |
|
24,114 |
|
|
2,103,223 |
Smith International Inc. |
|
213,785 |
|
|
13,128,537 |
Superior Energy Services Inc.a |
|
82,343 |
|
|
3,320,070 |
Tetra Technologies Inc.a |
|
74,416 |
|
|
2,069,509 |
Tidewater Inc. |
|
59,886 |
|
|
4,097,400 |
Weatherford International Ltd.a
|
|
352,355 |
|
|
19,495,802 |
|
|
|
|
|
|
|
|
|
|
|
291,880,608 |
|
PACKAGING & CONTAINERS 2.02% |
Ball Corp. |
|
105,164 |
|
|
5,391,758 |
Bemis Co. Inc. |
|
115,301 |
|
|
3,397,921 |
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Crown Holdings Inc.a |
|
167,292 |
|
$ |
4,108,692 |
|
Greif Inc. Class A |
|
31,014 |
|
|
1,705,770 |
|
Owens-Illinois Inc.a |
|
159,185 |
|
|
6,364,216 |
|
Packaging Corp. of America |
|
93,720 |
|
|
2,391,734 |
|
Pactiv Corp. a |
|
142,202 |
|
|
4,495,005 |
|
Sealed Air Corp. |
|
174,084 |
|
|
4,743,789 |
|
Silgan Holdings Inc. |
|
23,463 |
|
|
1,211,160 |
|
Sonoco Products Co. |
|
107,257 |
|
|
3,933,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
37,743,159 |
|
|
PIPELINES 2.65% |
|
El Paso Corp. |
|
732,803 |
|
|
12,201,170 |
|
Spectra Energy Corp. |
|
669,160 |
|
|
17,043,505 |
|
Williams Companies Inc. (The) |
|
626,532 |
|
|
20,205,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
49,450,332 |
|
|
TRANSPORTATION 0.11% |
|
Overseas Shipholding Group Inc. |
|
25,087 |
|
|
1,946,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,946,500 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $1,504,589,427) |
|
|
|
|
1,865,575,839 |
|
|
SHORT-TERM INVESTMENTS 0.77% |
|
|
MONEY MARKET FUNDS 0.77% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%c,d |
|
1,977,948 |
|
|
1,977,948 |
|
BGI Cash Premier Fund LLC 5.34%c,d,e |
|
12,479,267 |
|
|
12,479,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
14,457,215 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $14,457,215) |
|
|
14,457,215 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 100.66% (Cost: $1,519,046,642) |
|
|
1,880,033,054 |
|
|
|
Other Assets, Less Liabilities (0.66)% |
|
|
(12,354,008 |
) |
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
$ |
1,867,679,046 |
|
|
|
|
|
|
|
|
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Affiliated issuer. See Note 2. |
d |
The rate quoted is the annualized seven-day yield of the fund at period end. |
e |
This security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
|
|
|
SCHEDULES OF INVESTMENTS |
|
25 |
Schedule of Investments
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.82% |
|
|
|
|
|
|
ADVERTISING 0.19% |
Catalina Marketing Corp. |
|
270 |
|
$ |
8,151 |
Donnelley (R.H.) Corpa |
|
490 |
|
|
30,640 |
Getty Images Inc.a |
|
304 |
|
|
13,659 |
Harte-Hanks Inc. |
|
297 |
|
|
6,994 |
Interpublic Group of Companies Inc. (The)a |
|
2,672 |
|
|
28,029 |
Omnicom Group Inc. |
|
2,050 |
|
|
106,333 |
Publicis Groupe ADR |
|
759 |
|
|
32,106 |
|
|
|
|
|
|
|
|
|
|
|
225,912 |
|
AEROSPACE & DEFENSE 1.49% |
AAR Corp.a |
|
240 |
|
|
7,159 |
Alliant Techsystems Inc.a |
|
216 |
|
|
21,408 |
Armor Holdings Inc.a |
|
289 |
|
|
25,426 |
Boeing Co. (The) |
|
4,077 |
|
|
421,684 |
CAE Inc. |
|
1,377 |
|
|
17,791 |
Curtiss-Wright Corp. |
|
320 |
|
|
13,942 |
DRS Technologies Inc. |
|
279 |
|
|
14,608 |
EDO Corp. |
|
81 |
|
|
2,677 |
Esterline Technologies Corp.a |
|
297 |
|
|
13,748 |
GenCorp Inc.a |
|
404 |
|
|
4,775 |
General Dynamics Corp. |
|
1,836 |
|
|
144,236 |
Goodrich Corp. |
|
648 |
|
|
40,766 |
L-3 Communications Holdings Inc. |
|
647 |
|
|
63,121 |
Lockheed Martin Corp. |
|
1,861 |
|
|
183,271 |
Moog Inc. Class Aa |
|
162 |
|
|
6,937 |
Northrop Grumman Corp. |
|
1,889 |
|
|
143,753 |
Orbital Sciences Corp.a |
|
383 |
|
|
8,116 |
Raytheon Co. |
|
2,322 |
|
|
128,546 |
Rockwell Collins Inc. |
|
918 |
|
|
63,067 |
Sequa Corp. Class Aa |
|
82 |
|
|
13,538 |
Spirit AeroSystems Holdings Inc. Class Aa
|
|
285 |
|
|
10,345 |
Teledyne Technologies Inc.a |
|
276 |
|
|
12,246 |
Triumph Group Inc. |
|
162 |
|
|
12,346 |
United Industrial Corp. |
|
177 |
|
|
11,179 |
United Technologies Corp. |
|
5,183 |
|
|
378,204 |
|
|
|
|
|
|
|
|
|
|
|
1,762,889 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
AGRICULTURE 1.29% |
Altria Group Inc. |
|
11,717 |
|
$ |
778,829 |
Archer-Daniels-Midland Co. |
|
3,630 |
|
|
121,968 |
Bunge Ltd. |
|
674 |
|
|
61,071 |
Carolina Group |
|
670 |
|
|
50,779 |
Imperial Tobacco Group ADR |
|
2,063 |
|
|
180,843 |
Monsanto Co. |
|
3,055 |
|
|
196,895 |
Reynolds American Inc. |
|
918 |
|
|
56,154 |
Tejon Ranch Co.a |
|
156 |
|
|
6,189 |
Universal Corp. |
|
243 |
|
|
13,416 |
UST Inc. |
|
890 |
|
|
47,659 |
Vector Group Ltd.b |
|
313 |
|
|
6,698 |
|
|
|
|
|
|
|
|
|
|
|
1,520,501 |
|
AIRLINES 0.26% |
Air France-KLM ADR |
|
1,217 |
|
|
54,887 |
AirTran Holdings Inc.a |
|
980 |
|
|
9,643 |
AMR Corp.a |
|
1,454 |
|
|
35,885 |
China Eastern Airlines Corp. Ltd. ADRa,c
|
|
240 |
|
|
11,530 |
China Southern Airlines Co. Ltd. SP ADRa
|
|
485 |
|
|
20,486 |
Continental Airlines Inc. Class Ba |
|
718 |
|
|
22,624 |
Delta Air Lines Inc.a |
|
1,582 |
|
|
28,191 |
ExpressJet Holdings Inc.a |
|
872 |
|
|
4,561 |
LAN Airlines SA SP ADR |
|
216 |
|
|
17,295 |
Southwest Airlines Co. |
|
5,624 |
|
|
88,072 |
TAM SA ADR |
|
344 |
|
|
9,322 |
|
|
|
|
|
|
|
|
|
|
|
302,496 |
|
APPAREL 0.36% |
Benetton Group SpA SP ADR |
|
220 |
|
|
7,330 |
Carters Inc.a |
|
509 |
|
|
10,776 |
Coach Inc.a |
|
2,052 |
|
|
93,284 |
Gildan Activewear Inc.a |
|
644 |
|
|
22,044 |
Guess? Inc. |
|
108 |
|
|
5,129 |
Hanesbrands Inc.a |
|
548 |
|
|
16,993 |
Hartmarx Corp.a |
|
493 |
|
|
4,215 |
Kellwood Co. |
|
162 |
|
|
4,154 |
Liz Claiborne Inc. |
|
757 |
|
|
26,601 |
Nike Inc. Class B |
|
1,944 |
|
|
109,739 |
Oxford Industries Inc. |
|
209 |
|
|
8,444 |
Phillips-Van Heusen Corp. |
|
333 |
|
|
17,336 |
|
|
|
26 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Polo Ralph Lauren Corp. |
|
297 |
|
$ |
26,537 |
Quiksilver Inc.a |
|
919 |
|
|
11,791 |
Stride Rite Corp. |
|
216 |
|
|
4,400 |
VF Corp. |
|
486 |
|
|
41,694 |
Wolverine World Wide Inc. |
|
518 |
|
|
14,017 |
|
|
|
|
|
|
|
|
|
|
|
424,484 |
|
AUTO MANUFACTURERS 1.95% |
DaimlerChrysler AG |
|
5,539 |
|
|
502,664 |
Fiat SpA SP ADR |
|
3,853 |
|
|
113,702 |
Ford Motor Co.a |
|
10,965 |
|
|
93,312 |
General Motors Corp. |
|
3,046 |
|
|
98,690 |
Honda Motor Co. Ltd. SP ADR |
|
10,566 |
|
|
380,587 |
Oshkosh Truck Corp. |
|
461 |
|
|
26,392 |
Tata Motors Ltd. SP ADR |
|
1,635 |
|
|
28,040 |
Toyota Motor Corp. SP ADR |
|
8,735 |
|
|
1,053,703 |
|
|
|
|
|
|
|
|
|
|
|
2,297,090 |
|
AUTO PARTS & EQUIPMENT 0.30% |
American Axle & Manufacturing Holdings Inc. |
|
838 |
|
|
20,280 |
ArvinMeritor Inc. |
|
648 |
|
|
12,850 |
Autoliv Inc. |
|
540 |
|
|
30,202 |
BorgWarner Inc. |
|
324 |
|
|
28,010 |
Goodyear Tire & Rubber Co. (The)a |
|
1,371 |
|
|
39,375 |
Johnson Controls Inc. |
|
1,053 |
|
|
119,147 |
Magna International Inc. Class A |
|
632 |
|
|
55,433 |
Modine Manufacturing Co. |
|
194 |
|
|
4,966 |
Superior Industries International Inc.b
|
|
378 |
|
|
6,993 |
Tenneco Inc.a |
|
326 |
|
|
11,508 |
TRW Automotive Holdings Corp.a |
|
275 |
|
|
9,039 |
Visteon Corp.a |
|
1,890 |
|
|
12,134 |
|
|
|
|
|
|
|
|
|
|
|
349,937 |
|
BANKS 10.32% |
ABN AMRO Holding NV SP ADR |
|
10,503 |
|
|
523,049 |
Allied Irish Banks PLC SP ADR |
|
2,651 |
|
|
138,462 |
Banco Bilbao Vizcaya Argentaria SA SP ADR |
|
21,352 |
|
|
521,416 |
Banco de Chile ADR |
|
304 |
|
|
15,182 |
Banco Latinoamericano de Exportaciones SA |
|
593 |
|
|
11,030 |
Banco Santander Central Hispano SA SP ADR |
|
36,962 |
|
|
687,493 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Banco Santander Chile SA ADR |
|
351 |
|
$ |
16,736 |
BancorpSouth Inc. |
|
654 |
|
|
15,271 |
Bank of America Corp. |
|
26,435 |
|
|
1,253,548 |
Bank of Hawaii Corp. |
|
297 |
|
|
14,262 |
Bank of Ireland SP ADR |
|
1,598 |
|
|
119,850 |
Bank of Montreal |
|
2,887 |
|
|
180,466 |
Bank of New York Mellon Corp. (The) |
|
6,882 |
|
|
292,829 |
Bank of Nova Scotia |
|
5,616 |
|
|
261,256 |
Barclays PLC SP ADRd |
|
9,694 |
|
|
542,767 |
BB&T Corp. |
|
3,731 |
|
|
139,614 |
Canadian Imperial Bank of Commerce |
|
1,944 |
|
|
169,167 |
Chittenden Corp. |
|
531 |
|
|
17,762 |
City National Corp. |
|
243 |
|
|
17,202 |
Colonial BancGroup Inc. (The) |
|
1,109 |
|
|
24,187 |
Comerica Inc. |
|
891 |
|
|
46,920 |
Commerce Bancorp Inc. |
|
1,999 |
|
|
66,867 |
Community Bank System Inc. |
|
432 |
|
|
7,772 |
Credicorp Ltd. |
|
189 |
|
|
12,160 |
Credit Suisse Group PLC SP ADR |
|
6,131 |
|
|
395,695 |
Cullen/Frost Bankers Inc. |
|
430 |
|
|
21,358 |
Deutsche Bank AG |
|
3,061 |
|
|
417,153 |
Discover Financial Services LLCa |
|
2,982 |
|
|
68,735 |
F.N.B. Corp. (Pennsylvania) |
|
270 |
|
|
4,053 |
First BanCorp (Puerto Rico) |
|
481 |
|
|
4,425 |
First Horizon National Corp. |
|
1,391 |
|
|
44,123 |
First Republic Bank |
|
232 |
|
|
12,702 |
HDFC Bank Ltd. ADR |
|
540 |
|
|
46,769 |
HSBC Holdings PLC SP ADR |
|
13,564 |
|
|
1,263,622 |
ICICI Bank Ltd. SP ADR |
|
1,981 |
|
|
87,798 |
KeyCorp |
|
2,784 |
|
|
96,577 |
Kookmin Bank SP ADR |
|
2,096 |
|
|
179,816 |
Lloyds TSB Group PLC SP ADR |
|
8,443 |
|
|
381,961 |
M&T Bank Corp. |
|
691 |
|
|
73,446 |
Marshall & Ilsley Corp. |
|
1,607 |
|
|
66,224 |
Mizuho Financial Group Inc. ADR |
|
33,443 |
|
|
471,546 |
National Bank of Greece SA ADR |
|
12,711 |
|
|
150,371 |
National City Corp. |
|
4,495 |
|
|
132,108 |
PNC Financial Services Group Inc. (The) |
|
2,163 |
|
|
144,164 |
Regions Financial Corp. |
|
4,774 |
|
|
143,554 |
Royal Bank of Canada |
|
7,290 |
|
|
372,082 |
Santander BanCorp |
|
863 |
|
|
10,227 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
27 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
State Street Corp. |
|
2,303 |
|
$ |
154,370 |
SunTrust Banks Inc. |
|
2,143 |
|
|
167,797 |
Synovus Financial Corp. |
|
1,753 |
|
|
49,014 |
TCF Financial Corp. |
|
977 |
|
|
24,024 |
Toronto-Dominion Bank |
|
4,044 |
|
|
259,301 |
U.S. Bancorp |
|
10,412 |
|
|
311,839 |
UnionBanCal Corp. |
|
732 |
|
|
40,450 |
Valley National Bancorp |
|
1,303 |
|
|
27,585 |
Wachovia Corp. |
|
11,749 |
|
|
554,670 |
Webster Financial Corp. |
|
427 |
|
|
18,557 |
Wells Fargo & Co. |
|
18,569 |
|
|
627,075 |
Westpac Banking Corp. SP ADR |
|
2,187 |
|
|
241,773 |
Wilmington Trust Corp. |
|
550 |
|
|
21,417 |
|
|
|
|
|
|
|
|
|
|
|
12,181,649 |
|
BEVERAGES 1.70% |
Anheuser-Busch Companies Inc. |
|
4,236 |
|
|
206,590 |
Brown-Forman Corp. Class B |
|
324 |
|
|
21,527 |
Coca-Cola Co. (The) |
|
12,009 |
|
|
625,789 |
Coca-Cola Enterprises Inc. |
|
1,323 |
|
|
29,979 |
Coca-Cola FEMSA SAB de CV SP ADR |
|
192 |
|
|
8,723 |
Coca-Cola Hellenic Bottling Co. SA ADR |
|
651 |
|
|
29,158 |
Compania Cervecerias Unidas ADR |
|
383 |
|
|
14,228 |
Constellation Brands Inc. Class Aa |
|
1,506 |
|
|
33,027 |
Cott Corp.a |
|
351 |
|
|
4,321 |
Diageo PLC SP ADR |
|
3,800 |
|
|
310,384 |
Embotelladora Andina SA Class A ADR |
|
324 |
|
|
5,978 |
Embotelladora Andina SA Class B ADR |
|
593 |
|
|
11,682 |
Molson Coors Brewing Co. Class B |
|
438 |
|
|
38,956 |
Pepsi Bottling Group Inc. |
|
918 |
|
|
30,716 |
PepsiAmericas Inc. |
|
459 |
|
|
12,701 |
PepsiCo Inc. |
|
9,388 |
|
|
616,041 |
Vina Concha y Toro SA SP ADR |
|
220 |
|
|
10,670 |
|
|
|
|
|
|
|
|
|
|
|
2,010,470 |
|
BIOTECHNOLOGY 0.22% |
Celera Groupa |
|
864 |
|
|
10,385 |
Charles River Laboratories International Inca
|
|
459 |
|
|
23,492 |
Enzo Biochem Inc.a |
|
592 |
|
|
7,566 |
Genentech Inc.a |
|
2,689 |
|
|
200,008 |
Millipore Corp.a |
|
294 |
|
|
23,111 |
|
|
|
|
|
|
|
|
|
|
|
264,562 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
BUILDING MATERIALS 0.75% |
American Standard Companies Inc. |
|
972 |
|
$ |
52,537 |
Cemex SAB de CV SP ADRa |
|
4,150 |
|
|
134,211 |
Comfort Systems USA Inc. |
|
516 |
|
|
6,677 |
CRH PLC SP ADR |
|
2,933 |
|
|
131,604 |
Eagle Materials Inc. |
|
353 |
|
|
15,437 |
Florida Rock Industries Inc. |
|
374 |
|
|
23,753 |
Goodman Global Inc.a |
|
490 |
|
|
11,819 |
Hanson PLC SP ADR |
|
945 |
|
|
104,394 |
Lafarge SA SP ADR |
|
3,594 |
|
|
152,098 |
Lennox International Inc. |
|
326 |
|
|
12,486 |
Martin Marietta Materials Inc. |
|
270 |
|
|
36,990 |
Masco Corp. |
|
2,647 |
|
|
72,025 |
NCI Building Systems Inc.a |
|
158 |
|
|
7,641 |
Owens Corninga |
|
517 |
|
|
15,732 |
Rinker Group Ltd. ADRc |
|
1,080 |
|
|
85,860 |
Simpson Manufacturing Co. Inc.b |
|
216 |
|
|
7,307 |
Texas Industries Inc. |
|
192 |
|
|
15,132 |
Trex Co. Inc.a,b |
|
270 |
|
|
4,509 |
|
|
|
|
|
|
|
|
|
|
|
890,212 |
|
CHEMICALS 2.10% |
Agrium Inc. |
|
702 |
|
|
29,428 |
Air Products and Chemicals Inc. |
|
1,188 |
|
|
102,608 |
Airgas Inc. |
|
351 |
|
|
16,392 |
Albemarle Corp. |
|
378 |
|
|
15,207 |
Arch Chemicals Inc. |
|
135 |
|
|
4,776 |
Ashland Inc. |
|
378 |
|
|
23,081 |
BASF AG SP ADR |
|
2,940 |
|
|
380,583 |
Bayer AG ADR |
|
4,393 |
|
|
310,893 |
Cabot Corp. |
|
351 |
|
|
14,173 |
Celanese Corp. Class A |
|
549 |
|
|
20,587 |
Chemtura Corp. |
|
1,807 |
|
|
18,847 |
Cytec Industries Inc. |
|
189 |
|
|
12,661 |
Dow Chemical Co. (The) |
|
5,648 |
|
|
245,575 |
Du Pont (E.I.) de Nemours and Co. |
|
5,308 |
|
|
248,043 |
Eastman Chemical Co. |
|
432 |
|
|
29,730 |
Ecolab Inc. |
|
1,026 |
|
|
43,205 |
Ferro Corp. |
|
216 |
|
|
4,828 |
FMC Corp. |
|
189 |
|
|
16,846 |
Fuller (H.B.) Co. |
|
324 |
|
|
8,952 |
Georgia Gulf Corp. |
|
564 |
|
|
9,131 |
|
|
|
28 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Grace (W.R.) & Co.a |
|
510 |
|
$ |
10,531 |
Hercules Inc.a |
|
567 |
|
|
11,771 |
Huntsman Corp. |
|
621 |
|
|
15,811 |
International Flavors & Fragrances Inc. |
|
567 |
|
|
28,412 |
Lubrizol Corp. |
|
389 |
|
|
24,375 |
Lyondell Chemical Co. |
|
1,322 |
|
|
59,358 |
Minerals Technologies Inc. |
|
108 |
|
|
6,984 |
Mosaic Co. (The)a |
|
788 |
|
|
29,597 |
Nova Chemicals Corp. |
|
486 |
|
|
18,546 |
Olin Corp. |
|
378 |
|
|
7,889 |
OM Group Inc.a |
|
294 |
|
|
14,241 |
PolyOne Corp.a |
|
1,073 |
|
|
8,069 |
Potash Corp. of Saskatchewan |
|
1,860 |
|
|
150,176 |
PPG Industries Inc. |
|
945 |
|
|
72,075 |
Praxair Inc. |
|
1,754 |
|
|
134,391 |
Rhodia SA SP ADRa |
|
714 |
|
|
32,930 |
Rohm & Haas Co. |
|
810 |
|
|
45,781 |
RPM International Inc. |
|
648 |
|
|
15,234 |
Sensient Technologies Corp. |
|
668 |
|
|
16,967 |
Sherwin-Williams Co. (The) |
|
674 |
|
|
46,971 |
Sinopec Shanghai Petrochemical Co. Ltd. SP ADR |
|
135 |
|
|
8,404 |
Sociedad Quimica y Minera de Chile SA SP ADR |
|
87 |
|
|
14,230 |
Spartech Corp. |
|
162 |
|
|
3,572 |
Syngenta AG ADR |
|
2,835 |
|
|
106,851 |
Terra Industries Inc.a |
|
197 |
|
|
4,832 |
Tronox Inc. Class B |
|
452 |
|
|
5,560 |
Valspar Corp. (The) |
|
828 |
|
|
22,845 |
Westlake Chemical Corp. |
|
191 |
|
|
4,771 |
|
|
|
|
|
|
|
|
|
|
|
2,476,720 |
|
COAL 0.16% |
Alpha Natural Resources Inc.a |
|
625 |
|
|
11,156 |
Arch Coal Inc. |
|
1,008 |
|
|
30,129 |
CONSOL Energy Inc. |
|
1,026 |
|
|
42,733 |
Foundation Coal Holdings Inc. |
|
265 |
|
|
9,235 |
Massey Energy Co. |
|
694 |
|
|
14,817 |
Peabody Energy Corp. |
|
1,597 |
|
|
67,489 |
Yanzhou Coal Mining Co. Ltd. SP ADR |
|
163 |
|
|
14,520 |
|
|
|
|
|
|
|
|
|
|
|
190,079 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMERCIAL SERVICES 0.99% |
Aaron Rents Inc. |
|
216 |
|
$ |
4,994 |
ABM Industries Inc. |
|
216 |
|
|
5,435 |
Accenture Ltd. |
|
3,190 |
|
|
134,395 |
Advance America Cash Advance Centers Inc. |
|
283 |
|
|
4,152 |
Alliance Data Systems Corp.a |
|
379 |
|
|
29,107 |
AMN Healthcare Services Inc.a |
|
233 |
|
|
5,003 |
Arbitron Inc. |
|
276 |
|
|
13,745 |
Avis Budget Group Inc.a |
|
366 |
|
|
9,395 |
BearingPoint Inc.a |
|
2,116 |
|
|
13,796 |
Block (H & R) Inc. |
|
1,993 |
|
|
39,760 |
Bowne & Co. Inc. |
|
348 |
|
|
6,034 |
Chemed Corp. |
|
294 |
|
|
18,604 |
ChoicePoint Inc.a |
|
486 |
|
|
18,828 |
Consolidated Graphics Inc.a |
|
109 |
|
|
7,184 |
Convergys Corp.a |
|
783 |
|
|
14,916 |
Corrections Corp. of Americaa |
|
812 |
|
|
23,426 |
DeVry Inc. |
|
568 |
|
|
18,403 |
Dollar Thrifty Automotive Group Inc.a
|
|
135 |
|
|
4,984 |
Donnelley (R.R.) & Sons Co. |
|
1,188 |
|
|
50,205 |
Equifax Inc. |
|
783 |
|
|
31,680 |
FTI Consulting Inc.a |
|
243 |
|
|
9,970 |
Gartner Inc.a |
|
459 |
|
|
9,607 |
Geo Group Inc. (The)a |
|
460 |
|
|
12,724 |
Global Cash Access Inc.a |
|
313 |
|
|
4,276 |
HealthSpring Inc.a |
|
547 |
|
|
9,354 |
Hertz Global Holdings Inc.a |
|
812 |
|
|
18,181 |
Hewitt Associates Inc. Class Aa |
|
522 |
|
|
15,618 |
Interactive Data Corp. |
|
189 |
|
|
5,169 |
Iron Mountain Inc.a |
|
972 |
|
|
26,040 |
ITT Educational Services Inc.a |
|
243 |
|
|
25,675 |
Jackson Hewitt Tax Service Inc. |
|
168 |
|
|
4,570 |
Korn/Ferry Internationala |
|
189 |
|
|
4,466 |
Labor Ready Inc.a |
|
622 |
|
|
14,654 |
Landauer Inc. |
|
54 |
|
|
2,570 |
Live Nation Inc.a |
|
375 |
|
|
7,447 |
Manpower Inc. |
|
486 |
|
|
38,418 |
MAXIMUS Inc. |
|
192 |
|
|
8,024 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
29 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
McKesson Corp. |
|
1,697 |
|
$ |
98,019 |
Midas Inc.a |
|
190 |
|
|
3,452 |
Moodys Corp. |
|
1,409 |
|
|
75,804 |
MPS Group Inc.a |
|
594 |
|
|
7,918 |
Navigant Consulting Inc.a |
|
243 |
|
|
3,827 |
New Oriental Education & Technology Group Inc. ADRa |
|
89 |
|
|
4,608 |
PHH Corp.a |
|
296 |
|
|
8,625 |
Pre-Paid Legal Services Inc.a,b |
|
82 |
|
|
4,321 |
Quanta Services Inc.a |
|
1,000 |
|
|
28,430 |
Quebecor World Inc. |
|
838 |
|
|
9,687 |
Robert Half International Inc. |
|
1,107 |
|
|
37,627 |
Rollins Inc. |
|
215 |
|
|
5,117 |
SAIC Inc.a |
|
301 |
|
|
5,045 |
Service Corp. International |
|
1,674 |
|
|
20,289 |
Sothebys Holdings Inc. Class A |
|
413 |
|
|
17,656 |
Spherion Corp.a |
|
901 |
|
|
7,956 |
United Rentals Inc.a |
|
702 |
|
|
22,562 |
Viad Corp. |
|
135 |
|
|
4,853 |
Volt Information Sciences Inc.a |
|
558 |
|
|
8,694 |
Watson Wyatt Worldwide Inc. |
|
303 |
|
|
13,499 |
Weight Watchers International Inc. |
|
243 |
|
|
11,790 |
Western Union Co. |
|
4,690 |
|
|
93,565 |
|
|
|
|
|
|
|
|
|
|
|
1,164,153 |
|
COMPUTERS 2.16% |
Affiliated Computer Services Inc. Class Aa |
|
675 |
|
|
36,220 |
BISYS Group Inc. (The)a |
|
1,718 |
|
|
20,564 |
Ceridian Corp.a |
|
837 |
|
|
28,374 |
CGI Group Inc.a |
|
1,890 |
|
|
19,524 |
CIBER Inc.a |
|
588 |
|
|
4,463 |
Computer Sciences Corp.a |
|
1,026 |
|
|
57,128 |
Diebold Inc. |
|
486 |
|
|
24,626 |
DST Systems Inc.a |
|
404 |
|
|
30,651 |
Electronic Data Systems Corp. |
|
2,886 |
|
|
77,893 |
EMC Corp.a |
|
13,473 |
|
|
249,385 |
FactSet Research Systems Inc. |
|
215 |
|
|
14,188 |
Gateway Inc.a |
|
3,195 |
|
|
4,537 |
Hewlett-Packard Co. |
|
15,609 |
|
|
718,482 |
International Business Machines Corp. |
|
8,543 |
|
|
945,283 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
NCR Corp.a |
|
1,080 |
|
$ |
56,398 |
Perot Systems Corp. Class Aa |
|
405 |
|
|
6,164 |
Quantum Corp.a |
|
3,100 |
|
|
8,773 |
Seagate Technology |
|
3,363 |
|
|
79,064 |
TDK Corp. SP ADR |
|
729 |
|
|
61,980 |
Thomson Corp. |
|
1,053 |
|
|
43,815 |
Tyler Technologies Inc.a |
|
435 |
|
|
5,233 |
Unisys Corp.a |
|
1,648 |
|
|
13,332 |
Western Digital Corp.a |
|
1,781 |
|
|
38,024 |
|
|
|
|
|
|
|
|
|
|
|
2,544,101 |
|
COSMETICS & PERSONAL CARE 1.21% |
Avon Products Inc. |
|
2,523 |
|
|
90,853 |
Colgate-Palmolive Co. |
|
2,915 |
|
|
192,390 |
Estee Lauder Companies Inc. (The) Class A |
|
753 |
|
|
33,900 |
Procter & Gamble Co. |
|
18,014 |
|
|
1,114,346 |
|
|
|
|
|
|
|
|
|
|
|
1,431,489 |
|
DISTRIBUTION & WHOLESALE 0.20% |
Building Materials Holding Corp. |
|
637 |
|
|
8,848 |
Corporate Express NV SP ADR |
|
1,128 |
|
|
15,510 |
Genuine Parts Co. |
|
972 |
|
|
46,248 |
Grainger (W.W.) Inc. |
|
459 |
|
|
40,098 |
Ingram Micro Inc. Class Aa |
|
675 |
|
|
13,534 |
Owens & Minor Inc. |
|
216 |
|
|
8,305 |
Watsco Inc. |
|
207 |
|
|
10,331 |
WESCO International Inc.a |
|
322 |
|
|
17,243 |
Wolseley PLC ADR |
|
3,240 |
|
|
71,636 |
|
|
|
|
|
|
|
|
|
|
|
231,753 |
|
DIVERSIFIED FINANCIAL SERVICES 5.88% |
Affiliated Managers Group Inc.a |
|
189 |
|
|
21,357 |
American Express Co. |
|
6,128 |
|
|
358,733 |
AmeriCredit Corp.a |
|
1,070 |
|
|
21,764 |
Ameriprise Financial Inc. |
|
1,217 |
|
|
73,349 |
Bear Stearns Companies Inc. (The) |
|
793 |
|
|
96,127 |
BlackRock Inc. |
|
140 |
|
|
22,330 |
Capital One Financial Corp. |
|
2,692 |
|
|
190,486 |
CIT Group Inc. |
|
1,188 |
|
|
48,922 |
Citigroup Inc. |
|
28,925 |
|
|
1,347,037 |
CME Group Inc. |
|
258 |
|
|
142,545 |
Doral Financial Corp.a,b |
|
9,886 |
|
|
11,369 |
Eaton Vance Corp. |
|
843 |
|
|
35,288 |
|
|
|
30 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Edwards (A.G.) Inc. |
|
459 |
|
$ |
37,115 |
Federal Home Loan Mortgage Corp. |
|
3,917 |
|
|
224,327 |
Federal National Mortgage Association |
|
5,536 |
|
|
331,274 |
Federated Investors Inc. Class B |
|
540 |
|
|
19,445 |
Financial Federal Corp. |
|
294 |
|
|
8,335 |
First Marblehead Corp. (The) |
|
451 |
|
|
14,865 |
Franklin Resources Inc. |
|
934 |
|
|
118,964 |
Friedman, Billings, Ramsey Group Inc. Class A |
|
4,290 |
|
|
21,107 |
GAMCO Investors Inc. Class A |
|
216 |
|
|
11,219 |
Goldman Sachs Group Inc. (The) |
|
2,095 |
|
|
394,572 |
IntercontinentalExchange Inc.a |
|
357 |
|
|
53,953 |
International Securities Exchange Holdings Inc. |
|
116 |
|
|
7,621 |
INVESCO PLC SP ADR |
|
2,726 |
|
|
68,668 |
Investment Technology Group Inc.a |
|
506 |
|
|
20,220 |
Janus Capital Group Inc. |
|
1,350 |
|
|
40,581 |
Jefferies Group Inc. |
|
995 |
|
|
26,139 |
JPMorgan Chase & Co. |
|
20,438 |
|
|
899,476 |
Lazard Ltd. Class A |
|
434 |
|
|
16,071 |
Legg Mason Inc. |
|
840 |
|
|
75,600 |
Lehman Brothers Holdings Inc. |
|
3,224 |
|
|
199,888 |
Merrill Lynch & Co. Inc. |
|
4,990 |
|
|
370,258 |
Morgan Stanley |
|
5,508 |
|
|
351,796 |
National Financial Partners Corp. |
|
273 |
|
|
12,656 |
Nomura Holdings Inc. ADR |
|
11,497 |
|
|
218,098 |
Nuveen Investments Inc. Class A |
|
406 |
|
|
24,823 |
NYMEX Holdings Inc. |
|
220 |
|
|
27,390 |
Petrobras Energia Participaciones SA SP ADRa
|
|
1,032 |
|
|
11,342 |
Raymond James Financial Inc. |
|
486 |
|
|
14,906 |
Ritchie Bros. Auctioneers Inc. |
|
212 |
|
|
13,822 |
Shinhan Financial Group Co. Ltd. ADR |
|
1,089 |
|
|
147,897 |
SLM Corp. |
|
2,429 |
|
|
119,434 |
Student Loan Corp. (The) |
|
27 |
|
|
5,022 |
SWS Group Inc. |
|
275 |
|
|
4,854 |
UBS AG |
|
11,206 |
|
|
617,114 |
Waddell & Reed Financial Inc. Class A |
|
773 |
|
|
19,487 |
Woori Finance Holdings Co. Ltd. ADR |
|
296 |
|
|
22,825 |
|
|
|
|
|
|
|
|
|
|
|
6,940,471 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
ELECTRIC 3.73% |
AES Corp. (The)a |
|
3,887 |
|
$ |
76,380 |
Allegheny Energy Inc.a |
|
973 |
|
|
50,820 |
ALLETE Inc. |
|
324 |
|
|
14,204 |
Alliant Energy Corp. |
|
700 |
|
|
25,865 |
Ameren Corp. |
|
1,192 |
|
|
57,192 |
American Electric Power Co. Inc. |
|
2,187 |
|
|
95,113 |
Aquila Inc.a |
|
2,856 |
|
|
10,796 |
Avista Corp. |
|
430 |
|
|
8,523 |
Black Hills Corp. |
|
215 |
|
|
8,019 |
CenterPoint Energy Inc. |
|
1,512 |
|
|
24,918 |
Central Vermont Public Service Corp. |
|
319 |
|
|
10,846 |
CH Energy Group Inc. |
|
269 |
|
|
11,930 |
Cleco Corp. |
|
431 |
|
|
10,236 |
CMS Energy Corp. |
|
1,296 |
|
|
20,943 |
Consolidated Edison Inc. |
|
1,372 |
|
|
59,929 |
Constellation Energy Group Inc. |
|
999 |
|
|
83,716 |
Dominion Resources Inc. |
|
1,893 |
|
|
159,428 |
DPL Inc. |
|
890 |
|
|
23,656 |
DTE Energy Co. |
|
945 |
|
|
43,829 |
Duke Energy Corp. |
|
6,749 |
|
|
114,935 |
Dynegy Inc. Class Aa |
|
3,316 |
|
|
29,546 |
E.ON AG SP ADR |
|
11,693 |
|
|
611,895 |
Edison International |
|
1,655 |
|
|
87,533 |
El Paso Electric Co.a |
|
403 |
|
|
9,378 |
Empire District Electric Co. (The) |
|
562 |
|
|
12,190 |
Empresa Nacional de Electricidad SA SP ADR |
|
912 |
|
|
39,991 |
Endesa SA SP ADR |
|
4,032 |
|
|
217,728 |
Enel SpA SP ADR |
|
4,782 |
|
|
246,034 |
Energy East Corp. |
|
810 |
|
|
20,501 |
Enersis SA SP ADR |
|
1,676 |
|
|
29,699 |
Entergy Corp. |
|
1,185 |
|
|
118,453 |
Exelon Corp. |
|
3,749 |
|
|
262,992 |
FirstEnergy Corp. |
|
1,771 |
|
|
107,588 |
FPL Group Inc. |
|
2,076 |
|
|
119,847 |
Great Plains Energy Inc. |
|
594 |
|
|
16,489 |
Hawaiian Electric Industries Inc. |
|
432 |
|
|
9,854 |
Huaneng Power International Inc. SP ADR |
|
676 |
|
|
30,271 |
IDACORP Inc. |
|
326 |
|
|
10,093 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
31 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Integrys Energy Group Inc. |
|
442 |
|
$ |
21,875 |
Korea Electric Power Corp. SP ADR |
|
3,047 |
|
|
72,305 |
MDU Resources Group Inc. |
|
891 |
|
|
24,289 |
Mirant Corp.a |
|
1,261 |
|
|
47,704 |
National Grid PLC SP ADR |
|
2,998 |
|
|
213,098 |
Northeast Utilities |
|
1,052 |
|
|
28,762 |
NRG Energy Inc.a |
|
1,259 |
|
|
48,534 |
NSTAR |
|
679 |
|
|
21,355 |
OGE Energy Corp. |
|
596 |
|
|
19,757 |
Pepco Holdings Inc. |
|
1,162 |
|
|
31,455 |
PG&E Corp. |
|
2,187 |
|
|
93,625 |
Pinnacle West Capital Corp. |
|
513 |
|
|
19,227 |
PNM Resources Inc. |
|
324 |
|
|
8,369 |
PPL Corp. |
|
2,160 |
|
|
101,822 |
Progress Energy Inc. |
|
1,377 |
|
|
60,120 |
Public Service Enterprise Group Inc. |
|
1,403 |
|
|
120,868 |
Puget Energy Inc. |
|
653 |
|
|
15,117 |
Reliant Energy Inc.a |
|
2,135 |
|
|
54,827 |
SCANA Corp. |
|
648 |
|
|
24,222 |
Sierra Pacific Resources Corp.a |
|
1,247 |
|
|
19,815 |
Southern Co. (The) |
|
3,923 |
|
|
131,970 |
TECO Energy Inc. |
|
1,053 |
|
|
16,995 |
TransAlta Corp. |
|
1,536 |
|
|
43,976 |
TXU Corp. |
|
2,567 |
|
|
167,497 |
UIL Holdings Corp. |
|
374 |
|
|
11,063 |
UniSource Energy Corp. |
|
299 |
|
|
9,099 |
Westar Energy Inc. |
|
543 |
|
|
12,500 |
Wisconsin Energy Corp. |
|
703 |
|
|
30,180 |
Xcel Energy Inc. |
|
2,214 |
|
|
44,944 |
|
|
|
|
|
|
|
|
|
|
|
4,406,730 |
|
ELECTRICAL COMPONENTS & EQUIPMENT 0.42% |
AMETEK Inc. |
|
567 |
|
|
22,124 |
Belden Inc. |
|
270 |
|
|
14,791 |
C&D Technologies Inc.a |
|
901 |
|
|
4,343 |
Emerson Electric Co. |
|
4,590 |
|
|
216,051 |
Energizer Holdings Inc.a |
|
459 |
|
|
46,313 |
General Cable Corp.a |
|
428 |
|
|
34,026 |
GrafTech International Ltd.a |
|
330 |
|
|
5,112 |
Hitachi Ltd. SP ADR |
|
1,862 |
|
|
132,388 |
Hubbell Inc. Class B |
|
270 |
|
|
15,565 |
|
|
|
|
|
|
|
|
|
|
|
490,713 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
ELECTRONICS 1.03% |
Advantest Corp. ADR |
|
1,187 |
|
$ |
46,151 |
Agilent Technologies Inc.a |
|
2,565 |
|
|
97,855 |
Amphenol Corp. Class A |
|
864 |
|
|
29,601 |
Applied Biosystems Group |
|
1,161 |
|
|
36,246 |
Arrow Electronics Inc.a |
|
621 |
|
|
23,735 |
AU Optronics Corp. SP ADR |
|
3,672 |
|
|
62,130 |
Avnet Inc.a |
|
819 |
|
|
31,024 |
AVX Corp. |
|
429 |
|
|
6,860 |
Benchmark Electronics Inc.a |
|
616 |
|
|
13,675 |
Brady Corp. Class A |
|
404 |
|
|
14,136 |
Celestica Inc.a |
|
3,799 |
|
|
22,452 |
Checkpoint Systems Inc.a |
|
191 |
|
|
4,406 |
CTS Corp. |
|
323 |
|
|
4,115 |
Epcos AG SP ADR |
|
564 |
|
|
11,500 |
KEMET Corp.a |
|
1,460 |
|
|
10,278 |
Koninklijke Philips Electronics NV NYS |
|
6,688 |
|
|
270,195 |
Kyocera Corp. SP ADR |
|
971 |
|
|
93,313 |
LG.Philips LCD Co. Ltd. ADRa |
|
1,171 |
|
|
27,062 |
Mettler-Toledo International Inc.a |
|
243 |
|
|
23,124 |
Park Electrochemical Corp. |
|
187 |
|
|
5,545 |
PerkinElmer Inc. |
|
648 |
|
|
18,034 |
Solectron Corp.a |
|
8,903 |
|
|
33,475 |
Technitrol Inc. |
|
304 |
|
|
7,904 |
Tektronix Inc. |
|
459 |
|
|
15,078 |
Thermo Fisher Scientific Inc.a |
|
2,329 |
|
|
121,597 |
Thomas & Betts Corp.a |
|
324 |
|
|
20,023 |
Tyco Electronics Ltd.a |
|
2,802 |
|
|
100,368 |
Vishay Intertechnology Inc.a |
|
1,380 |
|
|
21,404 |
Waters Corp.a |
|
675 |
|
|
39,325 |
Watts Water Technologies Inc. Class A |
|
303 |
|
|
10,578 |
|
|
|
|
|
|
|
|
|
|
|
1,221,189 |
|
ENERGY - ALTERNATE SOURCES 0.07% |
Aventine Renewable |
|
|
|
|
|
Energy Holdings Inc.a |
|
1,207 |
|
|
19,481 |
Headwaters Inc.a |
|
997 |
|
|
16,082 |
LDK Solar Co. Ltd. SP ADRa |
|
129 |
|
|
5,779 |
Suntech Power Holdings Co. Ltd. ADRa |
|
626 |
|
|
25,247 |
VeraSun Energy Corp.a |
|
1,115 |
|
|
15,833 |
|
|
|
|
|
|
|
|
|
|
|
82,422 |
|
|
|
32 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
ENGINEERING & CONSTRUCTION 0.56% |
ABB Ltd. SP ADR |
|
12,868 |
|
$ |
309,733 |
AECOM Technology Corp.a |
|
414 |
|
|
10,743 |
Chicago Bridge & Iron Co. NV NYS |
|
540 |
|
|
21,924 |
Dycom Industries Inc.a |
|
400 |
|
|
11,180 |
EMCOR Group Inc.a |
|
430 |
|
|
15,437 |
Empresas ICA Sociedad Controladora SA de CV SP ADRa |
|
265 |
|
|
20,061 |
Fluor Corp. |
|
486 |
|
|
56,138 |
Granite Construction Inc. |
|
247 |
|
|
16,053 |
Grupo Aeroportuario del Sureste SA de CV ADRb |
|
386 |
|
|
20,292 |
Jacobs Engineering Group Inc.a |
|
698 |
|
|
43,018 |
KBR Inc.a |
|
1,102 |
|
|
35,363 |
McDermott International Inc.a |
|
652 |
|
|
54,077 |
Shaw Group Inc. (The)a |
|
430 |
|
|
22,885 |
URS Corp.a |
|
374 |
|
|
18,423 |
|
|
|
|
|
|
|
|
|
|
|
655,327 |
|
|
|
ENTERTAINMENT 0.10% |
|
|
|
|
|
DreamWorks Animation |
|
|
|
|
|
SKG Inc. Class Aa |
|
243 |
|
|
7,533 |
International Game Technology Inc. |
|
1,944 |
|
|
68,662 |
Pinnacle Entertainment Inc.a |
|
296 |
|
|
7,847 |
Regal Entertainment Group Class A |
|
216 |
|
|
4,620 |
Speedway Motorsports Inc. |
|
164 |
|
|
6,063 |
Vail Resorts Inc.a |
|
215 |
|
|
11,513 |
Warner Music Group Corp. |
|
1,280 |
|
|
15,859 |
|
|
|
|
|
|
|
|
|
|
|
122,097 |
|
ENVIRONMENTAL CONTROL 0.19% |
Allied Waste Industries Inc.a |
|
1,896 |
|
|
24,402 |
Mine Safety Appliances Co. |
|
188 |
|
|
8,582 |
Nalco Holding Co. |
|
686 |
|
|
15,805 |
Republic Services Inc. |
|
1,010 |
|
|
32,270 |
Waste Connections Inc.a |
|
543 |
|
|
16,833 |
Waste Management Inc. |
|
3,187 |
|
|
121,202 |
|
|
|
|
|
|
|
|
|
|
|
219,094 |
|
|
|
FOOD 1.88% |
|
|
|
|
|
Cadbury Schweppes PLC SP ADR |
|
2,944 |
|
|
146,405 |
Campbell Soup Co. |
|
1,431 |
|
|
52,704 |
ConAgra Foods Inc. |
|
2,997 |
|
|
75,974 |
Corn Products International Inc. |
|
378 |
|
|
16,866 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Del Monte Foods Co. |
|
1,107 |
|
$ |
12,841 |
Distribucion y Servicio D&S SA ADR |
|
412 |
|
|
13,122 |
Flowers Foods Inc. |
|
564 |
|
|
11,562 |
General Mills Inc. |
|
1,944 |
|
|
108,125 |
Gruma SAB de CV SP ADR |
|
189 |
|
|
2,835 |
Heinz (H.J.) Co. |
|
1,864 |
|
|
81,569 |
Hershey Co. (The) |
|
972 |
|
|
44,809 |
Hormel Foods Corp. |
|
405 |
|
|
13,940 |
Kellogg Co. |
|
1,114 |
|
|
57,716 |
Koninklijke Ahold NV SP ADRa |
|
9,053 |
|
|
114,611 |
Kraft Foods Inc. |
|
9,304 |
|
|
304,706 |
Kroger Co. |
|
3,866 |
|
|
100,361 |
McCormick & Co. Inc. NVS |
|
675 |
|
|
23,058 |
Pilgrims Pride Corp. |
|
265 |
|
|
8,925 |
Ralcorp Holdings Inc.a |
|
162 |
|
|
8,418 |
Ruddick Corp. |
|
216 |
|
|
6,005 |
Safeway Inc. |
|
2,457 |
|
|
78,305 |
Sara Lee Corp. |
|
4,401 |
|
|
69,756 |
Smithfield Foods Inc.a |
|
675 |
|
|
20,966 |
Smucker (J.M.) Co. (The) |
|
402 |
|
|
22,436 |
SUPERVALU Inc. |
|
1,080 |
|
|
45,004 |
Sysco Corp. |
|
3,563 |
|
|
113,588 |
Tootsie Roll Industries Inc. |
|
139 |
|
|
3,479 |
TreeHouse Foods Inc.a |
|
378 |
|
|
8,471 |
Tyson Foods Inc. Class A |
|
1,296 |
|
|
27,605 |
Unilever NV NYS |
|
9,875 |
|
|
298,818 |
Unilever PLC SP ADR |
|
7,441 |
|
|
232,085 |
Weis Markets Inc. |
|
54 |
|
|
2,122 |
Wimm-Bill-Dann Foods OJSC ADR |
|
190 |
|
|
17,860 |
Wrigley (William Jr.) Co. |
|
1,303 |
|
|
75,157 |
|
|
|
|
|
|
|
|
|
|
|
2,220,204 |
|
FOREST PRODUCTS & PAPER 0.49% |
Abitibi-Consolidated Inc.a |
|
5,959 |
|
|
14,123 |
Bowater Inc.b |
|
701 |
|
|
13,754 |
Buckeye Technologies Inc.a |
|
189 |
|
|
2,897 |
Deltic Timber Corp. |
|
189 |
|
|
9,826 |
Domtar Corp.a |
|
2,367 |
|
|
22,510 |
Glatfelter Co. |
|
521 |
|
|
6,997 |
International Paper Co. |
|
2,672 |
|
|
99,051 |
MeadWestvaco Corp. |
|
1,350 |
|
|
43,929 |
Neenah Paper Inc. |
|
81 |
|
|
3,137 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
33 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Plum Creek Timber Co. Inc. |
|
1,026 |
|
$ |
39,870 |
Pope & Talbot Inc.a |
|
1,347 |
|
|
3,543 |
Potlatch Corp. |
|
373 |
|
|
16,296 |
Rayonier Inc. |
|
405 |
|
|
17,148 |
Rock-Tenn Co. Class A |
|
135 |
|
|
4,147 |
Sappi Ltd. SP ADR |
|
1,161 |
|
|
18,878 |
Schweitzer-Mauduit International Inc. |
|
81 |
|
|
1,849 |
Stora Enso OYJ SP ADR |
|
3,564 |
|
|
61,051 |
Temple-Inland Inc. |
|
594 |
|
|
34,529 |
UPM-Kymmene OYJ SP ADR |
|
2,916 |
|
|
64,677 |
Weyerhaeuser Co. |
|
1,328 |
|
|
94,607 |
|
|
|
|
|
|
|
|
|
|
|
572,819 |
|
|
|
GAS 0.25% |
|
|
|
|
|
AGL Resources Inc. |
|
324 |
|
|
12,215 |
Atmos Energy Corp. |
|
407 |
|
|
11,424 |
Energen Corp. |
|
378 |
|
|
20,000 |
KeySpan Corp. |
|
891 |
|
|
37,021 |
Laclede Group Inc. (The) |
|
186 |
|
|
5,496 |
New Jersey Resources Corp. |
|
350 |
|
|
16,450 |
Nicor Inc. |
|
162 |
|
|
6,384 |
NiSource Inc. |
|
1,458 |
|
|
27,804 |
Northwest Natural Gas Co. |
|
405 |
|
|
16,876 |
Piedmont Natural Gas Co. |
|
378 |
|
|
8,766 |
Sempra Energy |
|
1,189 |
|
|
62,684 |
South Jersey Industries Inc. |
|
430 |
|
|
14,091 |
Southern Union Co. |
|
596 |
|
|
18,404 |
Southwest Gas Corp. |
|
324 |
|
|
10,070 |
UGI Corp. |
|
540 |
|
|
13,937 |
Vectren Corp. |
|
432 |
|
|
10,787 |
WGL Holdings Inc. |
|
270 |
|
|
8,084 |
|
|
|
|
|
|
|
|
|
|
|
300,493 |
|
HAND & MACHINE TOOLS 0.09% |
Baldor Electric Co. |
|
162 |
|
|
7,394 |
Black & Decker Corp. |
|
432 |
|
|
37,398 |
Kennametal Inc. |
|
189 |
|
|
14,489 |
Regal-Beloit Corp. |
|
104 |
|
|
5,275 |
Snap-On Inc. |
|
297 |
|
|
15,542 |
Stanley Works (The) |
|
459 |
|
|
25,396 |
|
|
|
|
|
|
|
|
|
|
|
105,494 |
|
HEALTH CARE - PRODUCTS 2.10% |
Alcon Inc. |
|
454 |
|
|
61,971 |
Bard (C.R.) Inc. |
|
594 |
|
|
46,611 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Bausch & Lomb Inc. |
|
292 |
|
$ |
18,668 |
Baxter International Inc. |
|
3,513 |
|
|
184,784 |
Beckman Coulter Inc. |
|
351 |
|
|
24,858 |
Becton, Dickinson and Co. |
|
1,296 |
|
|
98,963 |
Boston Scientific Corp.a |
|
8,453 |
|
|
111,157 |
Cantel Medical Corp.a |
|
104 |
|
|
1,506 |
Cooper Companies Inc. |
|
293 |
|
|
14,688 |
DJO Inc.a |
|
108 |
|
|
5,128 |
Edwards Lifesciences Corp.a |
|
324 |
|
|
14,891 |
Fresenius Medical Care AG & Co. KGaA ADR |
|
1,031 |
|
|
48,560 |
Haemonetics Corp.a |
|
135 |
|
|
6,672 |
Hillenbrand Industries Inc. |
|
344 |
|
|
21,686 |
Invacare Corp. |
|
303 |
|
|
6,227 |
Johnson & Johnson |
|
16,439 |
|
|
994,560 |
Kinetic Concepts Inc.a |
|
357 |
|
|
21,948 |
Luxottica Group SpA SP ADR |
|
1,021 |
|
|
36,797 |
Medtronic Inc. |
|
6,646 |
|
|
336,753 |
Mindray Medical International Ltd. ADR |
|
172 |
|
|
5,332 |
Oakley Inc. |
|
135 |
|
|
3,807 |
ResMed Inc.a |
|
500 |
|
|
21,490 |
Smith & Nephew PLC SP ADR |
|
1,144 |
|
|
68,377 |
St. Jude Medical Inc.a |
|
2,002 |
|
|
86,366 |
Steris Corp. |
|
378 |
|
|
10,338 |
Stryker Corp. |
|
1,565 |
|
|
97,703 |
Symmetry Medical Inc.a |
|
313 |
|
|
4,673 |
West Pharmaceutical Services Inc. |
|
292 |
|
|
13,514 |
Zimmer Holdings Inc.a |
|
1,413 |
|
|
109,875 |
|
|
|
|
|
|
|
|
|
|
|
2,477,903 |
|
HEALTH CARE - SERVICES 1.11% |
Aetna Inc. |
|
3,270 |
|
|
157,189 |
Assisted Living Concepts Inc.a |
|
404 |
|
|
3,636 |
Centene Corp.a |
|
318 |
|
|
6,872 |
Community Health Systems Inc.a |
|
757 |
|
|
29,447 |
Covance Inc.a |
|
448 |
|
|
31,615 |
Coventry Health Care Inc.a |
|
990 |
|
|
55,252 |
DaVita Inc.a |
|
651 |
|
|
34,464 |
Health Management Associates Inc. Class A |
|
1,350 |
|
|
10,881 |
Health Net Inc.a |
|
621 |
|
|
30,764 |
|
|
|
34 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
HealthSouth Corp.a |
|
291 |
|
$ |
4,598 |
Humana Inc.a |
|
891 |
|
|
57,104 |
Laboratory Corp. of America Holdingsa
|
|
676 |
|
|
49,923 |
Manor Care Inc. |
|
486 |
|
|
30,788 |
MDS Inc. |
|
1,131 |
|
|
21,591 |
Molina Healthcare Inc.a |
|
81 |
|
|
2,543 |
Pediatrix Medical Group Inc.a |
|
375 |
|
|
20,235 |
Quest Diagnostics Inc. |
|
864 |
|
|
47,926 |
Sierra Health Services Inc.a |
|
374 |
|
|
15,199 |
Sunrise Senior Living Inc.a |
|
368 |
|
|
14,632 |
Tenet Healthcare Corp.a |
|
3,143 |
|
|
16,281 |
UnitedHealth Group Inc. |
|
7,664 |
|
|
371,168 |
Universal Health Services Inc. Class B |
|
371 |
|
|
19,455 |
WellPoint Inc.a |
|
3,645 |
|
|
273,812 |
|
|
|
|
|
|
|
|
|
|
|
1,305,375 |
|
HOLDING COMPANIES - DIVERSIFIED 0.62% |
Berkshire Hathaway Inc. Class Ba |
|
184 |
|
|
663,136 |
Leucadia National Corp. |
|
864 |
|
|
32,486 |
Tomkins PLC SP ADR |
|
1,343 |
|
|
24,510 |
Walter Industries Inc. |
|
502 |
|
|
12,550 |
|
|
|
|
|
|
|
|
|
|
|
732,682 |
|
|
|
HOME BUILDERS 0.08% |
|
|
|
|
|
Champion Enterprises Inc.a |
|
1,696 |
|
|
19,877 |
Fleetwood Enterprises Inc.a |
|
1,347 |
|
|
12,743 |
Lennar Corp. Class B |
|
315 |
|
|
9,233 |
Levitt Corp. Class A |
|
952 |
|
|
7,768 |
M/I Homes Inc. |
|
198 |
|
|
4,861 |
Monaco Coach Corp. |
|
485 |
|
|
6,766 |
Ryland Group Inc. |
|
492 |
|
|
16,359 |
Thor Industries Inc. |
|
329 |
|
|
13,496 |
Winnebago Industries Inc.b |
|
321 |
|
|
8,661 |
|
|
|
|
|
|
|
|
|
|
|
99,764 |
|
HOME FURNISHINGS 0.58% |
Furniture Brands International Inc. |
|
1,451 |
|
|
15,990 |
Harman International Industries Inc. |
|
378 |
|
|
43,848 |
Matsushita Electric Industrial Co. Ltd. SP ADR |
|
13,130 |
|
|
239,623 |
Sony Corp. SP ADR |
|
5,838 |
|
|
307,896 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Thomson SA SP ADR |
|
1,845 |
|
$ |
30,221 |
Whirlpool Corp. |
|
477 |
|
|
48,706 |
|
|
|
|
|
|
|
|
|
|
|
686,284 |
|
HOUSEHOLD PRODUCTS & WARES 0.36% |
ACCO Brands Corp.a |
|
486 |
|
|
10,050 |
American Greetings Corp. Class A |
|
351 |
|
|
8,680 |
Avery Dennison Corp. |
|
540 |
|
|
33,124 |
Blyth Inc. |
|
189 |
|
|
4,218 |
Church & Dwight Co. Inc. |
|
511 |
|
|
25,070 |
Clorox Co. (The) |
|
892 |
|
|
53,930 |
Ennis Inc. |
|
270 |
|
|
5,449 |
Fortune Brands Inc. |
|
810 |
|
|
65,853 |
Jarden Corp.a |
|
431 |
|
|
15,572 |
Kimberly-Clark Corp. |
|
2,589 |
|
|
174,162 |
Playtex Products Inc.a |
|
216 |
|
|
3,869 |
Scotts Miracle-Gro Co. (The) Class A |
|
216 |
|
|
8,854 |
Tupperware Brands Corp. |
|
434 |
|
|
11,288 |
|
|
|
|
|
|
|
|
|
|
|
420,119 |
|
|
|
HOUSEWARES 0.05% |
|
|
|
|
|
Newell Rubbermaid Inc. |
|
1,539 |
|
|
40,707 |
Toro Co. (The) |
|
270 |
|
|
15,179 |
|
|
|
|
|
|
|
|
|
|
|
55,886 |
|
|
|
INSURANCE 5.47% |
|
|
|
|
|
ACE Ltd. |
|
1,696 |
|
|
97,893 |
Aegon NV ADR |
|
9,250 |
|
|
167,240 |
AFLAC Inc. |
|
2,781 |
|
|
144,946 |
Alleghany Corp.a |
|
43 |
|
|
18,060 |
Allianz SE ADR |
|
26,225 |
|
|
555,970 |
Allstate Corp. (The) |
|
3,673 |
|
|
195,220 |
Ambac Financial Group Inc. |
|
680 |
|
|
45,662 |
American Financial Group Inc. |
|
484 |
|
|
13,596 |
American International Group Inc. |
|
13,258 |
|
|
850,898 |
Aon Corp. |
|
1,539 |
|
|
61,622 |
Aspen Insurance Holdings Ltd. |
|
547 |
|
|
13,374 |
Assurant Inc. |
|
571 |
|
|
28,961 |
Assured Guaranty Ltd. |
|
405 |
|
|
9,858 |
AXA SP ADR |
|
10,359 |
|
|
405,658 |
Axis Capital Holdings Ltd. |
|
675 |
|
|
24,874 |
Berkley (W.R.) Corp. |
|
1,081 |
|
|
31,803 |
China Life Insurance Co. Ltd. ADR |
|
2,899 |
|
|
187,507 |
Chubb Corp. |
|
2,366 |
|
|
119,270 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
35 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
CIGNA Corp. |
|
2,002 |
|
$ |
103,383 |
CNA Financial Corp. |
|
291 |
|
|
12,082 |
Commerce Group Inc. |
|
512 |
|
|
14,710 |
Conseco Inc.a |
|
1,286 |
|
|
23,392 |
Converium Holding AG ADR |
|
536 |
|
|
4,315 |
Delphi Financial Group Inc. Class A |
|
383 |
|
|
15,385 |
Endurance Specialty Holdings Ltd. |
|
325 |
|
|
12,155 |
Everest Re Group Ltd. |
|
297 |
|
|
29,180 |
Fairfax Financial Holdings Ltd. |
|
125 |
|
|
24,188 |
FBL Financial Group Inc. Class A |
|
307 |
|
|
10,803 |
Fidelity National Financial Inc. |
|
1,693 |
|
|
35,367 |
First American Corp. |
|
491 |
|
|
22,728 |
Gallagher (ArthurJ.) & Co. |
|
513 |
|
|
14,149 |
Genworth Financial Inc. Class A |
|
2,344 |
|
|
71,539 |
Hanover Insurance Group Inc. (The) |
|
433 |
|
|
19,004 |
Hartford Financial Services Group Inc. (The) |
|
1,704 |
|
|
156,546 |
HCC Insurance Holdings Inc. |
|
571 |
|
|
16,719 |
Hilb, Rogal & Hobbs Co. |
|
279 |
|
|
12,081 |
Horace Mann Educators Corp. |
|
243 |
|
|
4,333 |
ING Groep NV SP ADR |
|
12,305 |
|
|
519,025 |
Kingsway Financial Services Inc. |
|
324 |
|
|
5,919 |
KMG America Corp.a |
|
1,038 |
|
|
4,858 |
LandAmerica Financial Group Inc. |
|
188 |
|
|
14,399 |
Lincoln National Corp. |
|
1,649 |
|
|
99,468 |
Loews Corp. |
|
2,589 |
|
|
122,719 |
Manulife Financial Corp. |
|
8,993 |
|
|
328,604 |
Markel Corp.a |
|
65 |
|
|
30,258 |
Marsh & McLennan Companies Inc. |
|
3,167 |
|
|
87,251 |
MBIA Inc. |
|
998 |
|
|
55,988 |
Mercury General Corp. |
|
243 |
|
|
12,583 |
MetLife Inc. |
|
2,535 |
|
|
152,658 |
Montpelier Re Holdings Ltd. |
|
1,084 |
|
|
17,181 |
Nationwide Financial Services Inc. |
|
324 |
|
|
18,439 |
Old Republic International Corp. |
|
1,185 |
|
|
21,757 |
PartnerRe Ltd. |
|
297 |
|
|
21,096 |
Phoenix Companies Inc. |
|
513 |
|
|
7,074 |
Platinum Underwriters Holdings Ltd. |
|
520 |
|
|
17,264 |
PMI Group Inc. (The) |
|
863 |
|
|
29,402 |
Primus Guaranty Ltd.a |
|
954 |
|
|
9,063 |
Principal Financial Group Inc. |
|
1,674 |
|
|
94,397 |
ProAssurance Corp.a |
|
214 |
|
|
10,567 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Protective Life Corp. |
|
351 |
|
$ |
15,100 |
Prudential Financial Inc. |
|
2,754 |
|
|
244,087 |
Prudential PLC ADR |
|
6,999 |
|
|
202,621 |
Reinsurance Group of America Inc. |
|
236 |
|
|
12,581 |
RenaissanceRe Holdings Ltd. |
|
412 |
|
|
23,690 |
RLI Corp. |
|
108 |
|
|
6,264 |
SAFECO Corp. |
|
576 |
|
|
33,679 |
Scottish Re Group Ltd.a |
|
2,689 |
|
|
11,025 |
Security Capital Assurance Ltd. |
|
172 |
|
|
3,987 |
StanCorp Financial Group Inc. |
|
324 |
|
|
15,215 |
Stewart Information Services Corp. |
|
224 |
|
|
8,172 |
Sun Life Financial Services of Canada Inc. |
|
3,267 |
|
|
155,640 |
Torchmark Corp. |
|
565 |
|
|
34,770 |
Transatlantic Holdings Inc. |
|
217 |
|
|
15,874 |
Travelers Companies Inc. (The) |
|
3,940 |
|
|
200,073 |
21st Century Insurance Group |
|
135 |
|
|
2,957 |
Unitrin Inc. |
|
243 |
|
|
10,298 |
Unum Group |
|
2,097 |
|
|
50,957 |
White Mountains Insurance Group Ltd. |
|
53 |
|
|
29,124 |
Willis Group Holdings Ltd. |
|
810 |
|
|
32,878 |
XL Capital Ltd. Class A |
|
1,030 |
|
|
80,196 |
Zenith National Insurance Corp. |
|
278 |
|
|
11,220 |
|
|
|
|
|
|
|
|
|
|
|
6,454,849 |
|
|
|
INTERNET 0.03% |
|
|
|
|
|
McAfee Inc.a |
|
891 |
|
|
31,951 |
|
|
|
|
|
|
|
|
|
|
|
31,951 |
|
|
|
IRON & STEEL 0.78% |
|
|
|
|
|
AK Steel Holding Corp.a |
|
1,188 |
|
|
47,484 |
Allegheny Technologies Inc. |
|
541 |
|
|
56,767 |
Arcelor Mittal Class A ADR |
|
4,409 |
|
|
269,037 |
Carpenter Technology Corp. |
|
162 |
|
|
19,228 |
Cleveland-Cliffs Inc. |
|
322 |
|
|
22,305 |
Companhia Siderurgica Nacional SA SP ADR |
|
864 |
|
|
49,818 |
Nucor Corp. |
|
1,618 |
|
|
81,224 |
POSCO ADR |
|
1,881 |
|
|
267,948 |
Reliance Steel & Aluminum Co. |
|
427 |
|
|
22,435 |
Ryerson Inc. |
|
326 |
|
|
10,461 |
United States Steel Corp. |
|
701 |
|
|
68,901 |
|
|
|
|
|
|
|
|
|
|
|
915,608 |
|
|
|
36 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
LEISURE TIME 0.21% |
|
|
|
|
|
Carnival Corp. |
|
2,319 |
|
$ |
102,755 |
Harley-Davidson Inc. |
|
1,576 |
|
|
90,336 |
K2 Inc.a |
|
560 |
|
|
8,182 |
Polaris Industries Inc.b |
|
243 |
|
|
11,994 |
Royal Caribbean Cruises Ltd. |
|
702 |
|
|
27,048 |
WMS Industries Inc.a |
|
443 |
|
|
11,558 |
|
|
|
|
|
|
|
|
|
|
|
251,873 |
|
|
|
LODGING 0.51% |
|
|
|
|
|
Boyd Gaming Corp. |
|
295 |
|
|
13,010 |
Choice Hotels International Inc. |
|
216 |
|
|
7,815 |
Gaylord Entertainment Co.a |
|
297 |
|
|
14,844 |
Harrahs Entertainment Inc. |
|
971 |
|
|
82,234 |
Hilton Hotels Corp. |
|
2,106 |
|
|
93,106 |
InterContinental Hotels Group PLC SP ADR |
|
1,964 |
|
|
44,917 |
Las Vegas Sands Corp.a |
|
705 |
|
|
61,511 |
Marcus Corp. |
|
108 |
|
|
2,125 |
Marriott International Inc. Class A |
|
2,052 |
|
|
85,261 |
MGM MIRAGEa |
|
702 |
|
|
51,323 |
Orient-Express Hotels Ltd. |
|
269 |
|
|
12,495 |
Starwood Hotels & Resorts Worldwide Inc. |
|
1,162 |
|
|
73,160 |
Station Casinos Inc. |
|
297 |
|
|
25,699 |
Wyndham Worldwide Corp.a |
|
1,155 |
|
|
38,866 |
|
|
|
|
|
|
|
|
|
|
|
606,366 |
|
|
|
MACHINERY 0.78% |
|
|
|
|
|
AGCO Corp.a |
|
432 |
|
|
16,602 |
Albany International Corp. Class A |
|
348 |
|
|
13,043 |
Applied Industrial Technologies Inc. |
|
243 |
|
|
6,899 |
Briggs & Stratton Corp. |
|
348 |
|
|
9,869 |
Cascade Corp. |
|
108 |
|
|
7,321 |
Caterpillar Inc. |
|
3,789 |
|
|
298,573 |
CNH Global NV |
|
108 |
|
|
5,716 |
Cummins Inc. |
|
517 |
|
|
61,368 |
Deere & Co. |
|
1,377 |
|
|
165,818 |
Flowserve Corp. |
|
297 |
|
|
21,464 |
Gardner Denver Inc.a |
|
326 |
|
|
13,558 |
Graco Inc. |
|
405 |
|
|
16,621 |
IDEX Corp. |
|
362 |
|
|
13,108 |
Kadant Inc.a |
|
81 |
|
|
2,183 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Kubota Corp. SP ADR |
|
1,377 |
|
$ |
57,448 |
Manitowoc Co. Inc. (The) |
|
375 |
|
|
29,126 |
Metso OYJ SP ADR |
|
676 |
|
|
43,115 |
NACCO Industries Inc. |
|
27 |
|
|
3,551 |
Pfeiffer Vacuum Technology AG SP ADR |
|
54 |
|
|
5,313 |
Rockwell Automation Inc. |
|
918 |
|
|
64,251 |
Terex Corp.a |
|
540 |
|
|
46,575 |
Wabtec Corp. |
|
380 |
|
|
15,519 |
|
|
|
|
|
|
|
|
|
|
|
917,041 |
|
|
|
MANUFACTURING 4.17% |
|
|
|
|
|
Acuity Brands Inc. |
|
243 |
|
|
14,361 |
Ameron International Corp. |
|
134 |
|
|
13,109 |
AptarGroup Inc. |
|
378 |
|
|
13,759 |
Barnes Group Inc. |
|
216 |
|
|
6,739 |
Blount International Inc.a |
|
550 |
|
|
6,254 |
Brinks Co. (The) |
|
297 |
|
|
18,162 |
Carlisle Companies Inc. |
|
324 |
|
|
14,671 |
CLARCOR Inc. |
|
270 |
|
|
9,393 |
Cooper Industries Ltd. |
|
1,024 |
|
|
54,190 |
Covidien Ltd.a |
|
2,802 |
|
|
114,742 |
Crane Co. |
|
324 |
|
|
14,859 |
Danaher Corp. |
|
1,376 |
|
|
102,760 |
Donaldson Co. Inc. |
|
432 |
|
|
15,720 |
Dover Corp. |
|
1,226 |
|
|
62,526 |
Eastman Kodak Co. |
|
1,778 |
|
|
44,895 |
Eaton Corp. |
|
837 |
|
|
81,340 |
EnPro Industries Inc.a |
|
108 |
|
|
4,253 |
Federal Signal Corp. |
|
405 |
|
|
5,447 |
General Electric Co. |
|
59,025 |
|
|
2,287,809 |
Harsco Corp. |
|
432 |
|
|
22,749 |
Hexcel Corp.a |
|
858 |
|
|
18,653 |
Honeywell International Inc. |
|
4,373 |
|
|
251,491 |
Illinois Tool Works Inc. |
|
2,750 |
|
|
151,388 |
Ingersoll-Rand Co. Class A |
|
1,890 |
|
|
95,105 |
ITT Industries Inc. |
|
1,026 |
|
|
64,515 |
Leggett & Platt Inc. |
|
1,526 |
|
|
31,634 |
Myers Industries Inc. |
|
162 |
|
|
3,465 |
Pall Corp. |
|
702 |
|
|
29,147 |
Parker Hannifin Corp. |
|
675 |
|
|
66,609 |
Pentair Inc. |
|
540 |
|
|
19,548 |
Roper Industries Inc. |
|
594 |
|
|
35,628 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
37 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Siemens AG SP ADR |
|
4,809 |
|
$ |
608,964 |
Smith (A.O.) Corp. |
|
108 |
|
|
5,243 |
SPX Corp. |
|
486 |
|
|
45,621 |
Teleflex Inc. |
|
189 |
|
|
14,445 |
Textron Inc. |
|
648 |
|
|
73,153 |
3M Co. |
|
3,806 |
|
|
338,430 |
Tredegar Corp. |
|
135 |
|
|
2,479 |
Trinity Industries Inc. |
|
549 |
|
|
20,988 |
Tyco International Ltd. |
|
2,802 |
|
|
132,507 |
|
|
|
|
|
|
|
|
|
|
|
4,916,751 |
|
|
|
MEDIA 2.19% |
|
|
|
|
|
Belo Corp. |
|
540 |
|
|
9,666 |
British Sky Broadcasting Group PLC SP ADR |
|
1,755 |
|
|
94,437 |
Cablevision Systems Corp.a |
|
1,424 |
|
|
50,680 |
CBS Corp. Class B |
|
3,914 |
|
|
124,152 |
Citadel Broadcasting Corp. |
|
1,709 |
|
|
8,579 |
Clear Channel Communications Inc. |
|
2,649 |
|
|
97,748 |
Corus Entertainment Inc. Class B |
|
216 |
|
|
9,893 |
DIRECTV Group Inc. (The)a |
|
5,076 |
|
|
113,753 |
Dow Jones & Co. Inc. |
|
306 |
|
|
17,558 |
Entravision Communications Corp.a |
|
568 |
|
|
5,316 |
Grupo Televisa SA SP ADR |
|
2,568 |
|
|
64,842 |
Hearst-Argyle Television Inc. |
|
162 |
|
|
3,402 |
Idearc Inc. |
|
808 |
|
|
28,046 |
McClatchy Co. (The) Class A |
|
1,081 |
|
|
26,398 |
McGraw-Hill Companies Inc. (The) |
|
2,080 |
|
|
125,840 |
Media General Inc. Class A |
|
193 |
|
|
5,443 |
Meredith Corp. |
|
216 |
|
|
12,202 |
News Corp. Class A |
|
10,957 |
|
|
231,412 |
News Corp. Class B |
|
3,564 |
|
|
80,760 |
Pearson PLC SP ADR |
|
4,455 |
|
|
71,235 |
PRIMEDIA Inc.a |
|
4,539 |
|
|
10,712 |
Reed Elsevier NV SP ADR |
|
1,836 |
|
|
67,473 |
Reed Elsevier PLC SP ADR |
|
1,782 |
|
|
87,977 |
Rogers Communications Inc. Class B |
|
2,698 |
|
|
122,192 |
Scripps (E.W.) Co. Class A |
|
432 |
|
|
17,699 |
Shaw Communications Inc. Class B |
|
1,107 |
|
|
52,616 |
Sun-Times Media Group Inc. Class A |
|
1,009 |
|
|
4,228 |
Time Warner Cable Inc. Class Aa |
|
516 |
|
|
19,722 |
Time Warner Inc. |
|
22,162 |
|
|
426,840 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Tribune Co. |
|
1,161 |
|
$ |
32,462 |
Viacom Inc. Class Ba |
|
3,694 |
|
|
141,480 |
Walt Disney Co. (The) |
|
10,933 |
|
|
360,789 |
Washington Post Co. (The) Class B |
|
52 |
|
|
41,119 |
Wiley (John) & Sons Inc. Class A |
|
330 |
|
|
13,956 |
|
|
|
|
|
|
|
|
|
|
|
2,580,627 |
|
METAL FABRICATE & HARDWARE 0.19% |
CIRCOR International Inc. |
|
81 |
|
|
3,230 |
Commercial Metals Co. |
|
701 |
|
|
21,619 |
Kaydon Corp. |
|
405 |
|
|
21,550 |
Mueller Industries Inc. |
|
189 |
|
|
6,970 |
Mueller Water Products Inc. Class Ab
|
|
307 |
|
|
4,310 |
Mueller Water Products Inc. Class B |
|
840 |
|
|
11,088 |
Precision Castparts Corp. |
|
767 |
|
|
105,125 |
Quanex Corp. |
|
275 |
|
|
12,392 |
Timken Co. (The) |
|
378 |
|
|
12,625 |
Valmont Industries Inc. |
|
160 |
|
|
12,094 |
Worthington Industries Inc. |
|
378 |
|
|
7,825 |
|
|
|
|
|
|
|
|
|
|
|
218,828 |
|
|
|
MINING 2.75% |
|
|
|
|
|
Agnico-Eagle Mines Ltd. |
|
1,076 |
|
|
45,773 |
Alcan Inc. |
|
2,129 |
|
|
207,365 |
Alcoa Inc. |
|
4,855 |
|
|
185,461 |
Alumina Ltd. SP ADR |
|
1,620 |
|
|
40,370 |
Aluminum Corp. of China Ltd. ADR |
|
640 |
|
|
32,230 |
AMCOL International Corp. |
|
135 |
|
|
3,865 |
Barrick Gold Corp. |
|
6,180 |
|
|
203,322 |
BHP Billiton Ltd. SP ADR |
|
9,963 |
|
|
635,440 |
BHP Billiton PLC ADR |
|
6,885 |
|
|
408,281 |
Cameco Corp. |
|
1,944 |
|
|
79,276 |
Coeur dAlene Mines Corp.a,b |
|
4,489 |
|
|
17,552 |
Companhia Vale do Rio Doce ADR |
|
3,402 |
|
|
166,732 |
Compania de Minas Buenaventura SA ADR |
|
675 |
|
|
26,939 |
Compass Minerals International Inc. |
|
240 |
|
|
7,882 |
Freeport-McMoRan Copper& Gold Inc. |
|
2,163 |
|
|
203,279 |
Goldcorp Inc. |
|
5,284 |
|
|
134,266 |
Harmony Gold Mining Co. Ltd. SP ADRa
|
|
3,132 |
|
|
43,347 |
Hecla Mining Co.a |
|
2,183 |
|
|
17,137 |
IAMGOLD Corp. |
|
4,204 |
|
|
34,851 |
Kinross Gold Corp.a |
|
4,109 |
|
|
53,335 |
|
|
|
38 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Meridian Gold Inc.a |
|
1,344 |
|
$ |
37,941 |
Rio Tinto PLC SP ADR |
|
1,434 |
|
|
414,598 |
RTI International Metals Inc.a |
|
156 |
|
|
12,361 |
Southern Copper Corp.b |
|
430 |
|
|
48,465 |
Stillwater Mining Co.a |
|
972 |
|
|
8,845 |
Teck Cominco Ltd. Class B |
|
1,918 |
|
|
85,159 |
Titanium Metals Corp.a |
|
717 |
|
|
23,962 |
USEC Inc.a |
|
921 |
|
|
15,464 |
Vulcan Materials Co. |
|
536 |
|
|
51,306 |
|
|
|
|
|
|
|
|
|
|
|
3,244,804 |
|
OFFICE & BUSINESS EQUIPMENT 0.44% |
Canon Inc. SP ADR |
|
6,888 |
|
|
365,615 |
IKON Office Solutions Inc. |
|
810 |
|
|
11,227 |
Pitney Bowes Inc. |
|
1,296 |
|
|
59,746 |
Xerox Corp.a |
|
5,021 |
|
|
87,667 |
|
|
|
|
|
|
|
|
|
|
|
524,255 |
|
OFFICE FURNISHINGS 0.00% |
Steelcase Inc. Class A |
|
243 |
|
|
4,231 |
|
|
|
|
|
|
|
|
|
|
|
4,231 |
|
|
|
OIL & GAS 12.13% |
|
|
|
|
|
Anadarko Petroleum Corp. |
|
2,687 |
|
|
135,237 |
Apache Corp. |
|
1,782 |
|
|
144,057 |
Atwood Oceanics Inc.a |
|
430 |
|
|
29,498 |
Berry Petroleum Co. Class A |
|
358 |
|
|
13,321 |
BG Group PLC SP ADR |
|
3,993 |
|
|
324,032 |
BP PLC SP ADR |
|
18,527 |
|
|
1,285,774 |
Cabot Oil & Gas Corp. |
|
592 |
|
|
20,246 |
Canadian Natural Resources Ltd. |
|
3,024 |
|
|
206,872 |
Chesapeake Energy Corp. |
|
2,379 |
|
|
80,981 |
Chevron Corp. |
|
12,501 |
|
|
1,065,835 |
China Petroleum & Chemical Corp. ADR |
|
975 |
|
|
102,346 |
Cimarex Energy Co. |
|
744 |
|
|
28,160 |
CNOOC Ltd. ADR |
|
854 |
|
|
101,284 |
Comstock Resources Inc.a |
|
189 |
|
|
5,077 |
ConocoPhillips |
|
8,608 |
|
|
695,871 |
Denbury Resources Inc.a |
|
594 |
|
|
23,760 |
Devon Energy Corp. |
|
2,537 |
|
|
189,286 |
Diamond Offshore Drilling Inc. |
|
351 |
|
|
36,216 |
EnCana Corp. |
|
4,715 |
|
|
287,521 |
Encore Acquisition Co.a |
|
637 |
|
|
16,479 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
ENI Ente Nazionale Idrocarburi SpA SP ADR |
|
6,973 |
|
$ |
486,436 |
ENSCO International Inc. |
|
837 |
|
|
51,116 |
EOG Resources Inc. |
|
1,296 |
|
|
90,850 |
Exxon Mobil Corp. |
|
32,376 |
|
|
2,756,169 |
Forest Oil Corp.a |
|
460 |
|
|
18,616 |
Frontier Oil Corp. |
|
650 |
|
|
25,175 |
GlobalSantaFe Corp. |
|
1,372 |
|
|
98,386 |
Helmerich & Payne Inc. |
|
700 |
|
|
22,659 |
Hess Corp. |
|
1,555 |
|
|
95,166 |
Marathon Oil Corp. |
|
3,942 |
|
|
217,598 |
Mariner Energy Inc.a |
|
485 |
|
|
10,248 |
Murphy Oil Corp. |
|
972 |
|
|
60,303 |
Nabors Industries Ltd.a |
|
1,896 |
|
|
55,439 |
Newfield Exploration Co.a |
|
854 |
|
|
41,035 |
Nexen Inc. |
|
2,924 |
|
|
90,995 |
Noble Corp. |
|
755 |
|
|
77,357 |
Noble Energy Inc. |
|
893 |
|
|
54,598 |
Norsk Hydro ASA SP ADR |
|
4,180 |
|
|
161,264 |
Occidental Petroleum Corp. |
|
4,582 |
|
|
259,891 |
Parker Drilling Co.a |
|
1,346 |
|
|
12,679 |
Penn Virginia Corp. |
|
396 |
|
|
15,325 |
Penn West Energy Trust |
|
642 |
|
|
19,960 |
Petro-Canada |
|
2,864 |
|
|
156,374 |
PetroChina Co. Ltd. ADR |
|
1,124 |
|
|
165,520 |
Petrohawk Energy Corp.a |
|
661 |
|
|
9,908 |
Petroleo Brasileiro SA ADR |
|
3,228 |
|
|
209,497 |
Pioneer Natural Resources Co. |
|
863 |
|
|
39,267 |
Plains Exploration & Production Co.a
|
|
459 |
|
|
19,833 |
Pogo Producing Co. |
|
324 |
|
|
17,256 |
Pride International Inc.a |
|
835 |
|
|
29,267 |
Quicksilver Resources Inc.a |
|
383 |
|
|
16,132 |
Range Resources Corp. |
|
908 |
|
|
33,723 |
Repsol YPF SA SP ADR |
|
5,211 |
|
|
196,090 |
Rowan Companies Inc. |
|
719 |
|
|
30,335 |
Royal Dutch Shell PLC Class A ADR |
|
10,555 |
|
|
818,962 |
Royal Dutch Shell PLC Class B ADR |
|
7,972 |
|
|
632,020 |
Sasol Ltd. SP ADR |
|
2,801 |
|
|
105,346 |
Southwestern Energy Co.a |
|
941 |
|
|
38,233 |
St. Mary Land & Exploration Co. |
|
324 |
|
|
10,786 |
Statoil ASA SP ADR |
|
3,623 |
|
|
107,241 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
39 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Stone Energy Corp.a |
|
301 |
|
$ |
9,783 |
Suncor Energy Inc. |
|
2,564 |
|
|
231,965 |
Sunoco Inc. |
|
864 |
|
|
57,646 |
Swift Energy Co.a |
|
162 |
|
|
6,924 |
Talisman Energy Inc. |
|
6,318 |
|
|
115,683 |
Tesoro Corp. |
|
806 |
|
|
40,139 |
Total SA SP ADR |
|
12,936 |
|
|
1,016,899 |
Transocean Inc.a |
|
1,808 |
|
|
194,270 |
Unit Corp.a |
|
216 |
|
|
11,893 |
VAALCO Energy Inc.a |
|
925 |
|
|
4,403 |
Valero Energy Corp. |
|
3,397 |
|
|
227,633 |
W&T Offshore Inc. |
|
589 |
|
|
13,794 |
Whiting Petroleum Corp.a |
|
341 |
|
|
14,005 |
XTO Energy Inc. |
|
2,220 |
|
|
121,057 |
Yacimientos Petroliferos Fiscales SA SP ADR |
|
2,365 |
|
|
103,421 |
|
|
|
|
|
|
|
|
|
|
|
14,318,423 |
|
OIL & GAS SERVICES 1.52% |
Baker Hughes Inc. |
|
1,888 |
|
|
149,246 |
Cameron International Corp.a |
|
594 |
|
|
46,332 |
Compagnie Generale de Geophysique-Veritas SP ADRa |
|
775 |
|
|
39,099 |
Complete Production Services Inc.a |
|
242 |
|
|
5,612 |
Core Laboratories NVa |
|
162 |
|
|
17,436 |
Dril-Quip Inc.a |
|
378 |
|
|
18,140 |
FMC Technologies Inc.a |
|
378 |
|
|
34,595 |
Grant Prideco Inc.a |
|
752 |
|
|
42,187 |
Halliburton Co. |
|
5,457 |
|
|
196,561 |
Hanover Compressor Co.a |
|
588 |
|
|
14,012 |
Helix Energy Solutions Group Inc.a |
|
520 |
|
|
20,254 |
Input/Output Inc.a |
|
1,268 |
|
|
18,069 |
National Oilwell Varco Inc.a |
|
972 |
|
|
116,747 |
Newpark Resources Inc.a |
|
1,590 |
|
|
10,065 |
Oceaneering International Inc.a |
|
270 |
|
|
15,163 |
Oil States International Inc.a |
|
395 |
|
|
17,277 |
Schlumberger Ltd. |
|
6,630 |
|
|
627,994 |
SEACOR Holdings Inc.a |
|
108 |
|
|
9,420 |
Smith International Inc. |
|
1,134 |
|
|
69,639 |
Superior Energy Services Inc.a |
|
457 |
|
|
18,426 |
Technip SA SP ADR |
|
652 |
|
|
53,138 |
Tenaris SA ADR |
|
1,485 |
|
|
71,532 |
Tetra Technologies Inc.a |
|
426 |
|
|
11,847 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Tidewater Inc. |
|
297 |
|
$ |
20,321 |
Universal Compression Holdings Inc.a |
|
163 |
|
|
11,906 |
Weatherford International Ltd.a |
|
2,051 |
|
|
113,482 |
W-H Energy Services Inc.a |
|
269 |
|
|
17,238 |
Willbros Group Inc.a |
|
357 |
|
|
11,253 |
|
|
|
|
|
|
|
|
|
|
|
1,796,991 |
|
PACKAGING & CONTAINERS 0.17% |
Ball Corp. |
|
567 |
|
|
29,070 |
Bemis Co. Inc. |
|
594 |
|
|
17,505 |
Crown Holdings Inc.a |
|
918 |
|
|
22,546 |
Greif Inc. Class A |
|
108 |
|
|
5,940 |
Intertape Polymer Group Inc.a |
|
1,238 |
|
|
4,147 |
Owens-Illinois Inc.a |
|
1,109 |
|
|
44,338 |
Packaging Corp. of America |
|
351 |
|
|
8,958 |
Pactiv Corp.a |
|
864 |
|
|
27,311 |
Sealed Air Corp. |
|
972 |
|
|
26,487 |
Sonoco Products Co. |
|
540 |
|
|
19,802 |
|
|
|
|
|
|
|
|
|
|
|
206,104 |
|
|
|
PHARMACEUTICALS 5.75% |
|
|
|
|
|
Abbott Laboratories |
|
8,704 |
|
|
441,206 |
Allergan Inc. |
|
1,764 |
|
|
102,541 |
Alpharma Inc. Class A |
|
593 |
|
|
14,700 |
AmerisourceBergen Corp. |
|
1,242 |
|
|
58,511 |
AstraZeneca PLC SP ADR |
|
8,809 |
|
|
456,570 |
Barr Pharmaceuticals Inc.a |
|
638 |
|
|
32,678 |
Bristol-Myers Squibb Co. |
|
11,283 |
|
|
320,550 |
Cardinal Health Inc. |
|
2,375 |
|
|
156,109 |
Dr. Reddys Laboratories Ltd. ADR |
|
1,018 |
|
|
15,952 |
Elan Corp. PLC SP ADRa |
|
2,819 |
|
|
52,800 |
Forest Laboratories Inc.a |
|
2,026 |
|
|
81,445 |
GlaxoSmithKline PLC SP ADR |
|
17,324 |
|
|
884,910 |
Herbalife Ltd. |
|
121 |
|
|
4,959 |
Hospira Inc.a |
|
988 |
|
|
38,206 |
King Pharmaceuticals Inc.a |
|
1,186 |
|
|
20,174 |
K-V Pharmaceutical Co. Class Aa |
|
404 |
|
|
11,045 |
Lilly (Eli) & Co. |
|
5,492 |
|
|
297,062 |
Medco Health Solutions Inc.a |
|
1,680 |
|
|
136,534 |
Medicis Pharmaceutical Corp. Class A |
|
372 |
|
|
10,613 |
Merck & Co. Inc. |
|
12,392 |
|
|
615,263 |
NBTY Inc.a |
|
486 |
|
|
21,160 |
Novartis AG ADR |
|
14,166 |
|
|
764,256 |
Novo-Nordisk A/S SP ADR |
|
1,263 |
|
|
132,501 |
|
|
|
40 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Pfizer Inc. |
|
40,929 |
|
$ |
962,241 |
Sanofi-Aventis ADR |
|
12,251 |
|
|
511,479 |
Schering-Plough Corp. |
|
8,362 |
|
|
238,651 |
Valeant Pharmaceuticals International |
|
595 |
|
|
9,336 |
Watson Pharmaceuticals Inc.a |
|
820 |
|
|
24,944 |
Wyeth |
|
7,518 |
|
|
364,773 |
|
|
|
|
|
|
|
|
|
|
|
6,781,169 |
|
|
|
PIPELINES 0.48% |
|
|
|
|
|
El Paso Corp. |
|
3,915 |
|
|
65,185 |
Enbridge Inc. |
|
1,808 |
|
|
64,003 |
Equitable Resources Inc. |
|
702 |
|
|
33,071 |
National Fuel Gas Co. |
|
432 |
|
|
18,727 |
ONEOK Inc. |
|
540 |
|
|
27,405 |
Questar Corp. |
|
1,022 |
|
|
52,623 |
Spectra Energy Corp. |
|
3,374 |
|
|
85,936 |
TransCanada Corp. |
|
2,700 |
|
|
97,740 |
Transportadora de Gas del Sur SA SP ADRa
|
|
1,259 |
|
|
9,191 |
Williams Companies Inc. (The) |
|
3,670 |
|
|
118,358 |
|
|
|
|
|
|
|
|
|
|
|
572,239 |
|
|
|
REAL ESTATE 0.19% |
|
|
|
|
|
Brookfield Asset Management Inc. Class A |
|
3,292 |
|
|
115,681 |
Brookfield Properties Corp. |
|
1,169 |
|
|
26,419 |
CB Richard Ellis Group Inc. Class Aa
|
|
1,078 |
|
|
37,644 |
Forest City Enterprises Inc. Class A |
|
324 |
|
|
17,629 |
Jones Lang LaSalle Inc. |
|
194 |
|
|
21,297 |
MI Developments Inc. Class A |
|
320 |
|
|
10,336 |
|
|
|
|
|
|
|
|
|
|
|
229,006 |
|
REAL ESTATE INVESTMENT TRUSTS 1.52% |
Affordable Residential Communities Inc.a
|
|
703 |
|
|
7,986 |
Alesco Financial Inc. |
|
1,624 |
|
|
7,617 |
Alexandria Real Estate Equities Inc. |
|
216 |
|
|
18,604 |
AMB Property Corp. |
|
571 |
|
|
30,423 |
American Financial Realty Trust |
|
2,424 |
|
|
21,258 |
Annaly Capital Management Inc. |
|
2,058 |
|
|
29,738 |
Anworth Mortgage Asset Corp.b |
|
1,278 |
|
|
10,096 |
Apartment Investment & Management Co. Class A |
|
621 |
|
|
26,237 |
Archstone-Smith Trust |
|
1,143 |
|
|
65,620 |
Ashford Hospitality Trust Inc. |
|
954 |
|
|
9,750 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
AvalonBay Communities Inc. |
|
405 |
|
$ |
43,728 |
BioMed Realty Trust Inc. |
|
985 |
|
|
21,512 |
Boston Properties Inc. |
|
594 |
|
|
56,127 |
BRE Properties Inc. Class A |
|
270 |
|
|
13,643 |
Camden Property Trust |
|
373 |
|
|
20,500 |
Capital Lease Funding Inc. |
|
1,177 |
|
|
10,911 |
CapitalSource Inc. |
|
1,362 |
|
|
25,878 |
Crescent Real Estate Equities Co. |
|
513 |
|
|
11,584 |
DCT Industrial Trust Inc. |
|
463 |
|
|
4,537 |
Developers Diversified Realty Corp. |
|
629 |
|
|
30,192 |
Douglas Emmett Inc. |
|
325 |
|
|
7,495 |
Duke Realty Corp. |
|
702 |
|
|
22,948 |
EastGroup Properties Inc. |
|
270 |
|
|
11,135 |
Entertainment Properties Trust |
|
281 |
|
|
12,519 |
Equity Inns Inc. |
|
596 |
|
|
13,327 |
Equity Lifestyle Properties Inc. |
|
323 |
|
|
14,651 |
Equity One Inc. |
|
441 |
|
|
10,178 |
Equity Residential |
|
1,726 |
|
|
68,712 |
Essex Property Trust Inc. |
|
108 |
|
|
11,619 |
Extra Space Storage Inc. |
|
380 |
|
|
5,335 |
Federal Realty Investment Trust |
|
270 |
|
|
20,288 |
FelCor Lodging Trust Inc. |
|
518 |
|
|
11,375 |
First Industrial Realty Trust Inc. |
|
352 |
|
|
13,626 |
General Growth Properties Inc. |
|
1,294 |
|
|
62,086 |
Getty Realty Corp. |
|
267 |
|
|
6,728 |
Glimcher Realty Trust |
|
459 |
|
|
9,758 |
GMH Communities Trust |
|
755 |
|
|
6,342 |
Health Care Property Investors Inc. |
|
1,232 |
|
|
33,560 |
Health Care REIT Inc. |
|
458 |
|
|
16,813 |
Highwoods Properties Inc. |
|
297 |
|
|
9,661 |
Home Properties Inc. |
|
324 |
|
|
15,001 |
Hospitality Properties Trust |
|
351 |
|
|
13,464 |
Host Hotels & Resorts Inc. |
|
2,426 |
|
|
51,237 |
HRPT Properties Trust |
|
1,480 |
|
|
13,838 |
Inland Real Estate Corp. |
|
459 |
|
|
6,940 |
iStar Financial Inc. |
|
567 |
|
|
20,599 |
JER Investors Trust Inc. |
|
352 |
|
|
3,861 |
Kilroy Realty Corp. |
|
162 |
|
|
10,438 |
Kimco Realty Corp. |
|
1,253 |
|
|
46,774 |
LaSalle Hotel Properties |
|
430 |
|
|
17,213 |
Lexington Realty Trust |
|
646 |
|
|
12,190 |
Liberty Property Trust |
|
432 |
|
|
16,204 |
Macerich Co. (The) |
|
396 |
|
|
28,967 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
41 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Maguire Properties Inc. |
|
486 |
|
$ |
13,904 |
MFA Mortgage Investments Inc. |
|
1,047 |
|
|
7,350 |
National Health Investors Inc. |
|
216 |
|
|
6,826 |
National Retail Properties Inc. |
|
270 |
|
|
5,848 |
Nationwide Health Properties Inc. |
|
534 |
|
|
12,725 |
NorthStar Realty Finance Corp. |
|
860 |
|
|
8,677 |
Omega Healthcare Investors Inc. |
|
731 |
|
|
9,452 |
Parkway Properties Inc. |
|
350 |
|
|
14,203 |
Pennsylvania Real Estate Investment Trust |
|
404 |
|
|
15,732 |
Post Properties Inc. |
|
343 |
|
|
15,106 |
ProLogis |
|
1,436 |
|
|
81,708 |
Ramco-Gershenson Properties Trust |
|
195 |
|
|
6,279 |
Realty Income Corp. |
|
646 |
|
|
15,162 |
Regency Centers Corp. |
|
297 |
|
|
19,266 |
Saul Centers Inc. |
|
161 |
|
|
6,983 |
Senior Housing Properties Trust |
|
270 |
|
|
4,666 |
Simon Property Group Inc. |
|
1,219 |
|
|
105,480 |
SL Green Realty Corp. |
|
327 |
|
|
39,704 |
Sovran Self Storage Inc. |
|
216 |
|
|
9,310 |
Strategic Hotels & Resorts Inc. |
|
340 |
|
|
7,235 |
Sun Communities Inc. |
|
381 |
|
|
10,371 |
Sunstone Hotel Investors Inc. |
|
231 |
|
|
5,733 |
Tanger Factory Outlet Centers Inc. |
|
459 |
|
|
15,344 |
Taubman Centers Inc. |
|
270 |
|
|
12,984 |
Thornburg Mortgage Inc.b |
|
1,214 |
|
|
30,860 |
UDR Inc. |
|
949 |
|
|
21,912 |
Universal Health Realty Income Trust |
|
690 |
|
|
20,183 |
U-Store-It Trust |
|
980 |
|
|
14,024 |
Ventas Inc. |
|
993 |
|
|
32,392 |
Vornado Realty Trust |
|
880 |
|
|
94,186 |
Washington Real Estate Investment Trust |
|
627 |
|
|
18,710 |
Weingarten Realty Investors |
|
639 |
|
|
23,394 |
|
|
|
|
|
|
|
|
|
|
|
1,796,532 |
|
|
|
RETAIL 3.55% |
|
|
|
|
|
Abercrombie & Fitch Co. Class A |
|
540 |
|
|
37,746 |
Advance Auto Parts Inc. |
|
610 |
|
|
21,210 |
Aeropostale Inc.a |
|
385 |
|
|
14,661 |
American Eagle Outfitters Inc. |
|
1,007 |
|
|
24,430 |
AnnTaylor Stores Corp.a |
|
548 |
|
|
17,218 |
AutoNation Inc.a |
|
1,134 |
|
|
22,090 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
AutoZone Inc.a |
|
378 |
|
$ |
47,934 |
Barnes & Noble Inc. |
|
297 |
|
|
9,964 |
Best Buy Co. Inc. |
|
2,538 |
|
|
113,169 |
Big Lots Inc.a,b |
|
648 |
|
|
16,757 |
BJs Wholesale Club Inc.a |
|
378 |
|
|
12,837 |
Blockbuster Inc. Class Aa |
|
1,287 |
|
|
5,521 |
Brinker International Inc. |
|
810 |
|
|
21,821 |
Brown Shoe Co. Inc. |
|
433 |
|
|
9,067 |
Buckle Inc. (The) |
|
81 |
|
|
2,831 |
Build-A-Bear Workshop Inc.a |
|
241 |
|
|
4,820 |
Cabelas Inc. Class Aa |
|
232 |
|
|
4,735 |
CarMax Inc.a |
|
1,456 |
|
|
34,842 |
Cash America International Inc. |
|
218 |
|
|
7,983 |
Cato Corp. Class A |
|
162 |
|
|
3,350 |
CEC Entertainment Inc.a |
|
216 |
|
|
6,374 |
Chipotle Mexican Grill Inc. Class Ba |
|
63 |
|
|
5,117 |
CKE Restaurants Inc. |
|
270 |
|
|
4,668 |
CSK Auto Corp.a |
|
403 |
|
|
5,497 |
CVS Caremark Corp. |
|
8,915 |
|
|
313,719 |
Darden Restaurants Inc. |
|
837 |
|
|
35,631 |
Delhaize Group SP ADR |
|
513 |
|
|
47,688 |
Dicks Sporting Goods Inc.a |
|
264 |
|
|
14,845 |
Dillards Inc. Class A |
|
378 |
|
|
11,298 |
DSW Inc. Class Aa |
|
131 |
|
|
4,354 |
Family Dollar Stores Inc. |
|
918 |
|
|
27,191 |
Foot Locker Inc. |
|
1,077 |
|
|
19,989 |
GameStop Corp. Class Aa |
|
536 |
|
|
21,628 |
Gap Inc. (The) |
|
3,645 |
|
|
62,694 |
Genesco Inc.a |
|
108 |
|
|
5,459 |
Home Depot Inc. |
|
11,769 |
|
|
437,454 |
IHOP Corp. |
|
108 |
|
|
7,045 |
Jack in the Box Inc.a |
|
216 |
|
|
13,822 |
Kenneth Cole Productions Inc. Class A |
|
242 |
|
|
5,118 |
Kohls Corp.a |
|
1,701 |
|
|
103,421 |
Landrys Restaurants Inc. |
|
135 |
|
|
3,576 |
Limited Brands Inc. |
|
2,079 |
|
|
50,208 |
Longs Drug Stores Corp. |
|
162 |
|
|
7,834 |
Lowes Companies Inc. |
|
8,953 |
|
|
250,774 |
Macys Inc. |
|
3,020 |
|
|
108,931 |
McDonalds Corp. |
|
7,155 |
|
|
342,510 |
Mens Wearhouse Inc. (The) |
|
295 |
|
|
14,573 |
Movado Group Inc. |
|
108 |
|
|
3,050 |
MSC Industrial Direct Co. Inc. Class A |
|
347 |
|
|
17,451 |
|
|
|
42 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
New York & Co. Inc.a |
|
496 |
|
$ |
4,836 |
99 Cents Only Storesa |
|
422 |
|
|
5,136 |
Nordstrom Inc. |
|
1,404 |
|
|
66,802 |
Nu Skin Enterprises Inc. Class A |
|
297 |
|
|
4,609 |
OfficeMax Inc. |
|
615 |
|
|
20,221 |
Payless ShoeSource Inc.a |
|
378 |
|
|
10,062 |
Penney (J.C.) Co. Inc. |
|
1,242 |
|
|
84,506 |
Penske Automotive Group Inc. |
|
216 |
|
|
4,208 |
RadioShack Corp. |
|
570 |
|
|
14,324 |
Regis Corp. |
|
243 |
|
|
8,471 |
Retail Ventures Inc.a |
|
482 |
|
|
6,276 |
Rite Aid Corp.a |
|
3,349 |
|
|
18,453 |
Saks Inc. |
|
675 |
|
|
12,494 |
Sonic Automotive Inc. |
|
162 |
|
|
4,439 |
Stage Stores Inc. |
|
241 |
|
|
4,299 |
Steak n Shake Co. (The)a |
|
460 |
|
|
6,900 |
Talbots Inc. (The)b |
|
243 |
|
|
5,587 |
Target Corp. |
|
4,508 |
|
|
273,050 |
Tiffany & Co. |
|
810 |
|
|
39,083 |
Tim Hortons Inc. |
|
843 |
|
|
26,023 |
TJX Companies Inc. |
|
2,808 |
|
|
77,922 |
Triarc Companies Inc. Class B |
|
273 |
|
|
3,907 |
Tween Brands Inc.a |
|
352 |
|
|
13,468 |
Under Armour Inc. Class Aa |
|
104 |
|
|
6,387 |
Walgreen Co. |
|
6,042 |
|
|
266,936 |
Wal-Mart Stores Inc. |
|
14,801 |
|
|
680,106 |
Wendys International Inc. |
|
623 |
|
|
21,824 |
World Fuel Services Corp. |
|
214 |
|
|
8,750 |
Yum! Brands Inc. |
|
3,240 |
|
|
103,810 |
|
|
|
|
|
|
|
|
|
|
|
4,187,794 |
|
|
|
SAVINGS & LOANS 0.27% |
|
|
|
|
|
FirstFed Financial Corp.a,b |
|
254 |
|
|
11,481 |
New York Community Bancorp Inc. |
|
1,594 |
|
|
25,871 |
NewAlliance Bancshares Inc. |
|
1,160 |
|
|
15,672 |
Sovereign Bancorp Inc. |
|
2,510 |
|
|
48,041 |
Washington Mutual Inc. |
|
5,747 |
|
|
215,685 |
|
|
|
|
|
|
|
|
|
|
|
316,750 |
|
|
|
SEMICONDUCTORS 1.07% |
|
|
|
|
|
Advanced Micro Devices Inc.a |
|
3,779 |
|
|
51,168 |
Advanced Semiconductor Engineering Inc. ADRa,b
|
|
5,509 |
|
|
36,139 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Analog Devices Inc. |
|
1,699 |
|
$ |
60,230 |
Emulex Corp.a |
|
475 |
|
|
9,405 |
Fairchild Semiconductor International Inc. Class Aa |
|
1,294 |
|
|
23,616 |
Infineon Technologies AG ADRa |
|
5,027 |
|
|
82,292 |
International Rectifier Corp.a |
|
709 |
|
|
26,027 |
LSI Corp.a |
|
6,480 |
|
|
46,656 |
MEMC Electronic Materials Inc.a |
|
1,107 |
|
|
67,881 |
Micron Technology Inc.a |
|
4,501 |
|
|
53,427 |
National Semiconductor Corp. |
|
2,288 |
|
|
59,465 |
Semiconductor Manufacturing International Corp. ADRa |
|
3,101 |
|
|
19,939 |
STMicroelectronics NV NYS |
|
3,751 |
|
|
64,367 |
Taiwan Semiconductor Manufacturing Co. Ltd. SP ADR |
|
23,986 |
|
|
243,458 |
Teradyne Inc.a |
|
1,782 |
|
|
27,960 |
Texas Instruments Inc. |
|
8,690 |
|
|
305,801 |
United Microelectronics Corp. SP ADR |
|
25,135 |
|
|
81,186 |
|
|
|
|
|
|
|
|
|
|
|
1,259,017 |
|
|
|
SOFTWARE 1.00% |
|
|
|
|
|
American Reprographics Co.a |
|
210 |
|
|
5,233 |
Automatic Data Processing Inc. |
|
3,159 |
|
|
146,641 |
BMC Software Inc.a |
|
1,242 |
|
|
35,670 |
Broadridge Financial Solutions Inc. |
|
1,050 |
|
|
18,470 |
CA Inc. |
|
2,592 |
|
|
65,007 |
Dun & Bradstreet Corp. (The) |
|
404 |
|
|
39,495 |
eFunds Corp.a |
|
270 |
|
|
9,653 |
Fair Isaac Corp. |
|
458 |
|
|
17,981 |
Fidelity National Information Services Inc. |
|
1,654 |
|
|
82,088 |
First Data Corp. |
|
4,453 |
|
|
141,561 |
Global Payments Inc. |
|
432 |
|
|
16,157 |
IMS Health Inc. |
|
1,323 |
|
|
37,216 |
Konami Corp. ADR |
|
591 |
|
|
13,481 |
MasterCard Inc. Class A |
|
381 |
|
|
61,265 |
MoneyGram International Inc. |
|
660 |
|
|
16,889 |
NAVTEQ Corp.a |
|
747 |
|
|
40,435 |
Red Hat Inc.a |
|
1,076 |
|
|
22,402 |
Salesforce.com Inc.a |
|
533 |
|
|
20,712 |
SAP AG SP ADR |
|
5,038 |
|
|
271,649 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
43 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
Satyam Computer Services Ltd. ADR |
|
1,934 |
|
$ |
51,560 |
Sybase Inc.a |
|
540 |
|
|
12,809 |
SYNNEX Corp.a |
|
223 |
|
|
4,531 |
Total System Services Inc. |
|
216 |
|
|
6,076 |
VeriFone Holdings Inc.a |
|
133 |
|
|
4,843 |
Wipro Ltd. ADR |
|
2,458 |
|
|
35,887 |
|
|
|
|
|
|
|
|
|
|
|
1,177,711 |
|
TELECOMMUNICATIONS 7.54% |
Alcatel-Lucent SP ADR |
|
13,585 |
|
|
157,586 |
Alltel Corp. |
|
2,079 |
|
|
137,110 |
Amdocs Ltd.a |
|
1,052 |
|
|
38,072 |
America Movil SAB de CV Series L ADR |
|
4,944 |
|
|
296,047 |
American Tower Corp. Class Aa |
|
2,373 |
|
|
98,859 |
Anixter International Inc.a |
|
189 |
|
|
15,621 |
AT&T Inc. |
|
35,466 |
|
|
1,388,849 |
Avaya Inc.a |
|
3,024 |
|
|
50,017 |
BCE Inc. |
|
4,809 |
|
|
181,973 |
British Telecom PLC SP ADR |
|
4,854 |
|
|
308,617 |
CenturyTel Inc. |
|
756 |
|
|
34,678 |
China Mobile Hong Kong Ltd. SP ADR |
|
4,774 |
|
|
273,980 |
China Netcom Group Corp. Ltd. SP ADR |
|
378 |
|
|
19,410 |
China Telecom Corp. Ltd. ADR |
|
873 |
|
|
50,372 |
China Unicom Ltd. ADR |
|
3,383 |
|
|
59,879 |
Cincinnati Bell Inc.a |
|
2,403 |
|
|
12,399 |
Citizens Communications Co. |
|
1,914 |
|
|
27,619 |
CommScope Inc.a |
|
427 |
|
|
23,242 |
Corning Inc.a |
|
8,906 |
|
|
212,319 |
Crown Castle International Corp.a |
|
1,327 |
|
|
48,104 |
Deutsche Telekom AG SP ADR |
|
16,704 |
|
|
286,975 |
Embarq Corp. |
|
867 |
|
|
53,572 |
France Telecom SA SP ADR |
|
9,856 |
|
|
267,788 |
Harris Corp. |
|
756 |
|
|
41,489 |
Hellenic Telecommunications Organization SA SP ADR |
|
3,592 |
|
|
54,024 |
Hypercom Corp.a |
|
873 |
|
|
4,487 |
KT Corp. SP ADR |
|
1,566 |
|
|
36,832 |
Magyar Telekom Telecommunications PLC SP ADR |
|
596 |
|
|
15,419 |
MasTec Inc.a |
|
597 |
|
|
8,161 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
MetroPCS Communications Inc.a |
|
127 |
|
$ |
4,651 |
Mobile TeleSystems SP ADR |
|
1,131 |
|
|
72,327 |
NeuStar Inc. Class Aa |
|
574 |
|
|
16,554 |
Nippon Telegraph and Telephone Corp. ADR |
|
5,838 |
|
|
125,926 |
Nokia OYJ SP ADR |
|
23,482 |
|
|
672,524 |
Nortel Networks Corp.a |
|
2,964 |
|
|
64,141 |
NTT DoCoMo Inc. SP ADR |
|
10,122 |
|
|
139,785 |
Philippine Long Distance Telephone Co. SP ADR |
|
675 |
|
|
38,583 |
Plantronics Inc. |
|
651 |
|
|
18,241 |
Portugal Telecom SGPS SP ADR |
|
6,318 |
|
|
88,452 |
PT Indosat Tbk ADR |
|
326 |
|
|
13,122 |
PT Telekomunikasi Indonesia SP ADR |
|
1,485 |
|
|
70,671 |
Qwest Communications International Inc.a
|
|
8,858 |
|
|
75,559 |
Rostelecom SP ADR |
|
412 |
|
|
23,484 |
Royal KPN NV SP ADR |
|
11,335 |
|
|
175,579 |
SK Telecom Co. Ltd. ADR |
|
2,098 |
|
|
59,038 |
Sprint Nextel Corp. |
|
16,063 |
|
|
329,773 |
Swisscom AG SP ADR |
|
760 |
|
|
25,688 |
Syniverse Holdings Inc.a |
|
420 |
|
|
5,649 |
Telecom Argentina SA SP ADRa |
|
620 |
|
|
13,367 |
Telecom Corp. of New Zealand Ltd. SP ADR |
|
1,164 |
|
|
32,254 |
Telecom Italia SpA SP ADR |
|
6,239 |
|
|
166,581 |
Telefonica SA SP ADR |
|
8,131 |
|
|
571,040 |
Telefonos de Mexico SP ADR |
|
2,269 |
|
|
77,532 |
Telkom SA Ltd. SP ADR |
|
302 |
|
|
28,385 |
TELUS Corp. |
|
1,029 |
|
|
56,286 |
Turkcell Iletisim Hizmetleri AS ADR |
|
1,083 |
|
|
19,147 |
Verizon Communications Inc. |
|
16,292 |
|
|
694,365 |
Videsh Sanchar Nigam Ltd. ADR |
|
327 |
|
|
7,521 |
Vimpel-Communications SP ADR |
|
544 |
|
|
57,610 |
Vodafone Group PLC SP ADR |
|
29,864 |
|
|
906,372 |
Windstream Corp. |
|
3,006 |
|
|
41,363 |
|
|
|
|
|
|
|
|
|
|
|
8,895,070 |
|
|
|
TEXTILES 0.03% |
|
|
|
|
|
Mohawk Industries Inc.a |
|
297 |
|
|
26,733 |
UniFirst Corp. |
|
159 |
|
|
5,972 |
|
|
|
|
|
|
|
|
|
|
|
32,705 |
|
|
|
44 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
TOYS, GAMES & HOBBIES 0.09% |
Hasbro Inc. |
|
864 |
|
$ |
24,209 |
LeapFrog Enterprises Inc.a |
|
862 |
|
|
7,792 |
Lenox Group Inc.a |
|
793 |
|
|
4,964 |
Marvel Entertainment Inc.a |
|
513 |
|
|
12,430 |
Mattel Inc. |
|
2,403 |
|
|
55,053 |
|
|
|
|
|
|
|
|
|
|
|
104,448 |
|
|
|
TRANSPORTATION 1.27% |
|
|
|
|
|
Bristow Group Inc.a |
|
234 |
|
|
11,099 |
Burlington Northern Santa Fe Corp. |
|
2,049 |
|
|
168,305 |
Canadian National Railway Co. |
|
2,923 |
|
|
152,376 |
Canadian Pacific Railway Ltd. |
|
891 |
|
|
65,872 |
CHC Helicopter Corp. Class A |
|
216 |
|
|
5,815 |
Con-way Inc. |
|
468 |
|
|
23,115 |
CSX Corp. |
|
2,376 |
|
|
112,646 |
FedEx Corp. |
|
1,700 |
|
|
188,258 |
Frontline Ltd. |
|
325 |
|
|
14,963 |
Genesee & Wyoming Inc. Class Aa
|
|
238 |
|
|
6,105 |
Guangshen Railway Co. Ltd. SP ADR |
|
293 |
|
|
11,263 |
Kansas City Southern Industries Inc.a
|
|
351 |
|
|
12,113 |
Kirby Corp.a |
|
370 |
|
|
14,989 |
Knight Transportation Inc. |
|
285 |
|
|
5,027 |
Laidlaw International Inc. |
|
567 |
|
|
19,278 |
Norfolk Southern Corp. |
|
2,480 |
|
|
133,374 |
Overseas Shipholding Group Inc. |
|
135 |
|
|
10,475 |
Ryder System Inc. |
|
351 |
|
|
19,084 |
Ship Finance International Ltd. |
|
461 |
|
|
12,885 |
Teekay Corp. |
|
378 |
|
|
21,194 |
Tsakos Energy Navigation Ltd. |
|
108 |
|
|
7,851 |
Union Pacific Corp. |
|
1,497 |
|
|
178,353 |
United Parcel Service Inc. Class B |
|
3,960 |
|
|
299,851 |
|
|
|
|
|
|
|
|
|
|
|
1,494,291 |
|
|
TRUCKING & LEASING 0.01% |
|
|
|
GATX Corp. |
|
298 |
|
|
13,517 |
|
|
|
|
|
|
|
|
|
|
|
13,517 |
|
|
|
WATER 0.47% |
|
|
|
|
|
American States Water Co. |
|
272 |
|
|
10,034 |
Aqua America Inc.b |
|
677 |
|
|
14,813 |
California Water Service Group |
|
239 |
|
|
8,843 |
Companhia de Saneamento Basico do Estado de Sao Paulo ADR |
|
322 |
|
|
15,398 |
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
Suez SA ADR |
|
6,561 |
|
$ |
345,109 |
|
Veolia Environnement ADR |
|
2,129 |
|
|
158,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
552,446 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $109,359,271) |
|
|
|
|
117,784,960 |
|
|
PREFERRED STOCKS 0.04% |
|
|
ELECTRIC 0.01% |
|
Companhia Paranaense de Energia SP ADR |
|
832 |
|
|
13,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
13,645 |
|
|
FOREST PRODUCTS & PAPER 0.03% |
|
Aracruz Celulose SA SP ADR |
|
346 |
|
|
21,874 |
|
Votorantim Celulose e Papel SA SP ADR |
|
217 |
|
|
5,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
27,032 |
|
|
REAL ESTATE INVESTMENT TRUSTS 0.00% |
|
Public Storage Class A, 6.13% |
|
54 |
|
|
1,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,390 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS (Cost: $36,451) |
|
|
|
|
42,067 |
|
|
SHORT-TERM INVESTMENTS 0.21% |
|
|
MONEY MARKET FUNDS 0.21% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%d,e |
|
48,887 |
|
|
48,887 |
|
BGI Cash Premier Fund LLC 5.34%d,e,f |
|
201,529 |
|
|
201,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
250,416 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $250,416) |
|
|
250,416 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 100.07% (Cost: $109,646,138) |
|
|
118,077,443 |
|
|
|
Other Assets, Less Liabilities (0.07)% |
|
|
(79,832 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
|
|
$ |
117,997,611 |
|
|
|
|
|
|
|
|
|
|
|
SCHEDULES OF INVESTMENTS |
|
45 |
Schedule of Investments (Continued)
iSHARES® NYSE COMPOSITE INDEX FUND
July 31, 2007
ADR American Depositary Receipts
NVS Non-Voting Shares
NYS New York Registered Shares
SP ADR Sponsored American Depositary Receipts
a |
Non-income earning security. |
b |
All or a portion of this security represents a security on loan. See Note 5. |
c |
Security valued at fair value in accordance with procedures approved by the Board of Trustees. See Note 1.
|
d |
Affiliated issuer. See Note 2. |
e |
The rate quoted is the annualized seven-day yield of the fund at period end. |
f |
This security represents an investment of securities lending collateral. See Note 5. |
See notes to financial statements.
|
|
|
46 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments
iSHARES® NYSE 100 INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
COMMON STOCKS 99.88% |
|
|
|
|
|
|
AEROSPACE & DEFENSE 2.80% |
Boeing Co. (The) |
|
25,060 |
|
$ |
2,591,956 |
General Dynamics Corp. |
|
12,777 |
|
|
1,003,761 |
Lockheed Martin Corp. |
|
12,023 |
|
|
1,184,025 |
United Technologies Corp. |
|
32,442 |
|
|
2,367,293 |
|
|
|
|
|
|
|
|
|
|
|
7,147,035 |
|
|
|
AGRICULTURE 1.92% |
|
|
|
|
|
Altria Group Inc. |
|
73,787 |
|
|
4,904,622 |
|
|
|
|
|
|
|
|
|
|
|
4,904,622 |
|
|
|
BANKS 6.89% |
|
|
|
|
|
Bank of America Corp. |
|
169,204 |
|
|
8,023,654 |
Bank of New York Mellon Corp. (The) |
|
38,549 |
|
|
1,640,260 |
SunTrust Banks Inc. |
|
18,843 |
|
|
1,475,407 |
U.S. Bancorp |
|
75,920 |
|
|
2,273,804 |
Wells Fargo & Co. |
|
124,132 |
|
|
4,191,938 |
|
|
|
|
|
|
|
|
|
|
|
17,605,063 |
|
|
|
BEVERAGES 3.49% |
|
|
|
|
|
Anheuser-Busch Companies Inc. |
|
25,720 |
|
|
1,254,364 |
Coca-Cola Co. (The) |
|
74,912 |
|
|
3,903,664 |
PepsiCo Inc. |
|
57,458 |
|
|
3,770,394 |
|
|
|
|
|
|
|
|
|
|
|
8,928,422 |
|
|
|
BIOTECHNOLOGY 0.48% |
|
|
|
|
|
Genentech Inc.a |
|
16,431 |
|
|
1,222,138 |
|
|
|
|
|
|
|
|
|
|
|
1,222,138 |
|
|
|
CHEMICALS 1.21% |
|
|
|
|
|
Dow Chemical Co. (The) |
|
35,719 |
|
|
1,553,062 |
Du Pont (E.I.) de Nemours and Co. |
|
33,201 |
|
|
1,551,483 |
|
|
|
|
|
|
|
|
|
|
|
3,104,545 |
|
|
|
COMPUTERS 4.39% |
|
|
|
|
|
EMC Corp.a |
|
81,948 |
|
|
1,516,857 |
Hewlett-Packard Co. |
|
94,981 |
|
|
4,371,975 |
International Business Machines Corp. |
|
48,024 |
|
|
5,313,856 |
|
|
|
|
|
|
|
|
|
|
|
11,202,688 |
|
COSMETICS & PERSONAL CARE 3.18% |
Colgate-Palmolive Co. |
|
18,343 |
|
|
1,210,638 |
Procter & Gamble Co. |
|
111,593 |
|
|
6,903,143 |
|
|
|
|
|
|
|
|
|
|
|
8,113,781 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
DIVERSIFIED FINANCIAL SERVICES 11.87% |
American Express Co. |
|
37,744 |
|
$ |
2,209,534 |
Capital One Financial Corp. |
|
17,105 |
|
|
1,210,350 |
Citigroup Inc. |
|
183,004 |
|
|
8,522,496 |
Federal Home Loan Mortgage Corp. |
|
25,159 |
|
|
1,440,856 |
Federal National Mortgage Association |
|
35,166 |
|
|
2,104,333 |
Franklin Resources Inc. |
|
5,975 |
|
|
761,036 |
Goldman Sachs Group Inc. (The) |
|
13,105 |
|
|
2,468,196 |
JPMorgan Chase & Co. |
|
133,244 |
|
|
5,864,068 |
Lehman Brothers Holdings Inc. |
|
20,386 |
|
|
1,263,932 |
Merrill Lynch & Co. Inc. |
|
30,309 |
|
|
2,248,928 |
Morgan Stanley |
|
34,880 |
|
|
2,227,786 |
|
|
|
|
|
|
|
|
|
|
|
30,321,515 |
|
|
|
ELECTRIC 1.84% |
|
|
|
|
|
Dominion Resources Inc. |
|
12,490 |
|
|
1,051,908 |
Exelon Corp. |
|
23,719 |
|
|
1,663,888 |
Southern Co. (The) |
|
26,946 |
|
|
906,463 |
TXU Corp. |
|
16,378 |
|
|
1,068,664 |
|
|
|
|
|
|
|
|
|
|
|
4,690,923 |
|
ELECTRICAL COMPONENTS & EQUIPMENT 0.57% |
Emerson Electric Co. |
|
30,708 |
|
|
1,445,426 |
|
|
|
|
|
|
|
|
|
|
|
1,445,426 |
|
|
|
FOOD 0.74% |
|
|
|
|
|
Kraft Foods Inc. |
|
57,922 |
|
|
1,896,945 |
|
|
|
|
|
|
|
|
|
|
|
1,896,945 |
|
HEALTH CARE - PRODUCTS 3.84% |
Alcon Inc. |
|
2,715 |
|
|
370,597 |
Baxter International Inc. |
|
22,909 |
|
|
1,205,013 |
Johnson & Johnson |
|
101,872 |
|
|
6,163,256 |
Medtronic Inc. |
|
40,816 |
|
|
2,068,147 |
|
|
|
|
|
|
|
|
|
|
|
9,807,013 |
|
HEALTH CARE - SERVICES 1.55% |
UnitedHealth Group Inc. |
|
47,486 |
|
|
2,299,747 |
WellPoint Inc.a |
|
21,944 |
|
|
1,648,433 |
|
|
|
|
|
|
|
|
|
|
|
3,948,180 |
|
HOUSEHOLD PRODUCTS & WARES 0.43% |
Kimberly-Clark Corp. |
|
16,186 |
|
|
1,088,832 |
|
|
|
|
|
|
|
|
|
|
|
1,088,832 |
|
|
|
SCHEDULES OF INVESTMENTS |
|
47 |
Schedule of Investments (Continued)
iSHARES® NYSE 100 INDEX FUND
July 31, 2007
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
INSURANCE 4.38% |
|
|
|
|
|
Allstate Corp. (The) |
|
21,844 |
|
$ |
1,161,009 |
American International Group Inc. |
|
80,884 |
|
|
5,191,135 |
Hartford Financial Services Group Inc. (The) |
|
11,908 |
|
|
1,093,988 |
MetLife Inc. |
|
15,980 |
|
|
962,316 |
Prudential Financial Inc. |
|
16,888 |
|
|
1,496,783 |
Travelers Companies Inc. (The) |
|
25,275 |
|
|
1,283,464 |
|
|
|
|
|
|
|
|
|
|
|
11,188,695 |
|
|
|
LEISURE TIME 0.27% |
|
|
|
|
|
Carnival Corp. |
|
15,687 |
|
|
695,091 |
|
|
|
|
|
|
|
|
|
|
|
695,091 |
|
|
|
MACHINERY 0.72% |
|
|
|
|
|
Caterpillar Inc. |
|
23,373 |
|
|
1,841,792 |
|
|
|
|
|
|
|
|
|
|
|
1,841,792 |
|
|
|
MANUFACTURING 7.61% |
|
|
|
|
|
General Electric Co. |
|
362,223 |
|
|
14,039,763 |
Honeywell International Inc. |
|
26,127 |
|
|
1,502,564 |
Illinois Tool Works Inc. |
|
18,013 |
|
|
991,616 |
3M Co. |
|
23,354 |
|
|
2,076,638 |
Tyco International Ltd. |
|
17,560 |
|
|
830,412 |
|
|
|
|
|
|
|
|
|
|
|
19,440,993 |
|
|
|
MEDIA 2.78% |
|
|
|
|
|
News Corp. Class A |
|
67,297 |
|
|
1,421,313 |
Time Warner Inc. |
|
136,688 |
|
|
2,632,611 |
Viacom Inc. Class Ba |
|
23,009 |
|
|
881,245 |
Walt Disney Co. (The) |
|
65,948 |
|
|
2,176,284 |
|
|
|
|
|
|
|
|
|
|
|
7,111,453 |
|
|
|
MINING 0.50% |
|
|
|
|
|
Alcoa Inc. |
|
33,297 |
|
|
1,271,945 |
|
|
|
|
|
|
|
|
|
|
|
1,271,945 |
|
|
|
OIL & GAS 13.01% |
|
|
|
|
|
Chevron Corp. |
|
75,639 |
|
|
6,448,981 |
ConocoPhillips |
|
53,528 |
|
|
4,327,204 |
Devon Energy Corp. |
|
14,895 |
|
|
1,111,316 |
Exxon Mobil Corp. |
|
199,874 |
|
|
17,015,274 |
Marathon Oil Corp. |
|
24,411 |
|
|
1,347,487 |
Occidental Petroleum Corp. |
|
29,361 |
|
|
1,665,356 |
Valero Energy Corp. |
|
19,468 |
|
|
1,304,551 |
|
|
|
|
|
|
|
|
|
|
|
33,220,169 |
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
OIL & GAS SERVICES 2.00% |
Halliburton Co. |
|
32,341 |
|
$ |
1,164,923 |
Schlumberger Ltd. |
|
41,538 |
|
|
3,934,479 |
|
|
|
|
|
|
|
|
|
|
|
5,099,402 |
|
PHARMACEUTICALS 8.18% |
Abbott Laboratories |
|
54,182 |
|
|
2,746,486 |
Bristol-Myers Squibb Co. |
|
69,243 |
|
|
1,967,194 |
Cardinal Health Inc. |
|
13,598 |
|
|
893,797 |
Lilly (Eli) & Co. |
|
34,139 |
|
|
1,846,578 |
Merck & Co. Inc. |
|
76,561 |
|
|
3,801,254 |
Pfizer Inc. |
|
249,319 |
|
|
5,861,490 |
Schering-Plough Corp. |
|
52,200 |
|
|
1,489,788 |
Wyeth |
|
47,043 |
|
|
2,282,526 |
|
|
|
|
|
|
|
|
|
|
|
20,889,113 |
|
|
|
RETAIL 6.11% |
|
|
|
|
|
CVS Caremark Corp. |
|
55,259 |
|
|
1,944,564 |
Home Depot Inc. |
|
71,177 |
|
|
2,645,649 |
Lowes Companies Inc. |
|
54,822 |
|
|
1,535,564 |
McDonalds Corp. |
|
42,495 |
|
|
2,034,236 |
Target Corp. |
|
27,443 |
|
|
1,662,223 |
Walgreen Co. |
|
36,079 |
|
|
1,593,970 |
Wal-Mart Stores Inc. |
|
91,348 |
|
|
4,197,441 |
|
|
|
|
|
|
|
|
|
|
|
15,613,647 |
|
SEMICONDUCTORS 0.76% |
Texas Instruments Inc. |
|
55,322 |
|
|
1,946,781 |
|
|
|
|
|
|
|
|
|
|
|
1,946,781 |
|
|
|
SOFTWARE 0.36% |
|
|
|
|
|
Automatic Data Processing Inc. |
|
19,644 |
|
|
911,874 |
|
|
|
|
|
|
|
|
|
|
|
911,874 |
|
TELECOMMUNICATIONS 6.41% |
AT&T Inc. |
|
216,278 |
|
|
8,469,446 |
Corning Inc.a |
|
61,307 |
|
|
1,461,559 |
Sprint Nextel Corp. |
|
101,472 |
|
|
2,083,220 |
Verizon Communications Inc. |
|
102,541 |
|
|
4,370,297 |
|
|
|
|
|
|
|
|
|
|
|
16,384,522 |
|
|
|
TRANSPORTATION 1.59% |
|
|
|
|
|
Burlington Northern Santa Fe Corp. |
|
13,143 |
|
|
1,079,566 |
FedEx Corp. |
|
10,216 |
|
|
1,131,320 |
United Parcel Service Inc. Class B |
|
24,367 |
|
|
1,845,069 |
|
|
|
|
|
|
|
|
|
|
|
4,055,955 |
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost: $247,314,247) |
|
|
|
|
255,098,560 |
|
|
|
48 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (Continued)
iSHARES® NYSE 100 INDEX FUND
July 31, 2007
|
|
|
|
|
|
|
Security |
|
Shares |
|
Value |
|
SHORT-TERM INVESTMENTS 0.14% |
|
|
MONEY MARKET FUNDS 0.14% |
|
Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares 5.31%b,c |
|
363,500 |
|
$ |
363,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
363,500 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost: $363,500) |
|
|
363,500 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES 100.02% (Cost: $247,677,747) |
|
|
255,462,060 |
|
|
|
Other Assets, Less Liabilities (0.02)% |
|
|
(57,554 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.00% |
|
|
|
$ |
255,404,506 |
|
|
|
|
|
|
|
|
a |
Non-income earning security. |
b |
Affiliated issuer. See Note 2. |
c |
The rate quoted is the annualized seven-day yield of the fund at period end. |
See notes to financial statements.
|
|
|
SCHEDULES OF INVESTMENTS |
|
49 |
Statements of Assets and Liabilities
iSHARES® TRUST
July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSTI |
|
|
|
Technology Index Fund |
|
|
Networking Index Fund |
|
|
Semiconductor Index Fund |
|
|
Software Index Fund |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
$ |
377,630,019 |
|
|
$ |
241,883,512 |
|
|
$ |
328,257,735 |
|
|
$ |
205,033,733 |
|
Affiliated issuers (Note 2) |
|
|
3,015,268 |
|
|
|
14,187,146 |
|
|
|
11,958,754 |
|
|
|
2,488,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of investments |
|
$ |
380,645,287 |
|
|
$ |
256,070,658 |
|
|
$ |
340,216,489 |
|
|
$ |
207,522,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at value (including securities on loana) (Note 1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
$ |
367,315,501 |
|
|
$ |
225,980,025 |
|
|
$ |
302,949,444 |
|
|
$ |
190,126,154 |
|
Affiliated issuers (Note 2) |
|
|
3,015,268 |
|
|
|
14,187,146 |
|
|
|
11,958,754 |
|
|
|
2,488,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments |
|
|
370,330,769 |
|
|
|
240,167,171 |
|
|
|
314,908,198 |
|
|
|
192,614,894 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and interest |
|
|
43,407 |
|
|
|
16,031 |
|
|
|
93,485 |
|
|
|
3,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
370,374,176 |
|
|
|
240,183,202 |
|
|
|
315,001,683 |
|
|
|
192,618,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral for securities on loan (Note 5) |
|
|
2,725,785 |
|
|
|
13,966,245 |
|
|
|
11,664,559 |
|
|
|
2,337,284 |
|
Capital shares redeemed |
|
|
4,101 |
|
|
|
4,553 |
|
|
|
|
|
|
|
|
|
Investment advisory fees (Note 2) |
|
|
146,103 |
|
|
|
80,849 |
|
|
|
126,736 |
|
|
|
79,499 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
2,875,989 |
|
|
|
14,051,647 |
|
|
|
11,791,295 |
|
|
|
2,416,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
$ |
367,498,187 |
|
|
$ |
226,131,555 |
|
|
$ |
303,210,388 |
|
|
$ |
190,202,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
388,344,612 |
|
|
$ |
289,576,120 |
|
|
$ |
353,179,034 |
|
|
$ |
210,392,525 |
|
Accumulated net realized loss |
|
|
(10,531,907 |
) |
|
|
(47,541,078 |
) |
|
|
(24,660,355 |
) |
|
|
(5,282,876 |
) |
Net unrealized depreciation |
|
|
(10,314,518 |
) |
|
|
(15,903,487 |
) |
|
|
(25,308,291 |
) |
|
|
(14,907,579 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
$ |
367,498,187 |
|
|
$ |
226,131,555 |
|
|
$ |
303,210,388 |
|
|
$ |
190,202,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstandingb |
|
|
6,550,000 |
|
|
|
6,400,000 |
|
|
|
4,600,000 |
|
|
|
4,150,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value per share |
|
$ |
56.11 |
|
|
$ |
35.33 |
|
|
$ |
65.92 |
|
|
$ |
45.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Securities on loan with market values of $2,570,414, $13,332,971, $11,110,385 and $2,196,356, respectively. See Note 5.
|
b |
No par value, unlimited number of shares authorized. |
See notes to financial statements.
|
|
|
50 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (Continued)
iSHARES® TRUST
July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSSI |
|
|
iShares NYSE |
|
|
|
Natural Resources Index Fund |
|
|
Composite Index Fund |
|
|
100 Index Fund |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at cost: |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
$ |
1,504,589,427 |
|
|
$ |
108,878,876 |
|
|
$ |
247,314,247 |
|
Affiliated issuers (Note 2) |
|
|
14,457,215 |
|
|
|
767,262 |
|
|
|
363,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of investments |
|
$ |
1,519,046,642 |
|
|
$ |
109,646,138 |
|
|
$ |
247,677,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at value (including securities on loana) (Note 1): |
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated issuers |
|
$ |
1,865,575,839 |
|
|
$ |
117,284,260 |
|
|
$ |
255,098,560 |
|
Affiliated issuers (Note 2) |
|
|
14,457,215 |
|
|
|
793,183 |
|
|
|
363,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments |
|
|
1,880,033,054 |
|
|
|
118,077,443 |
|
|
|
255,462,060 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities sold |
|
|
|
|
|
|
13,003 |
|
|
|
|
|
Dividends and interest |
|
|
895,371 |
|
|
|
146,747 |
|
|
|
357,241 |
|
Capital shares sold |
|
|
6,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
1,880,934,836 |
|
|
|
118,237,193 |
|
|
|
255,819,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
|
|
|
|
|
7,955 |
|
|
|
358,009 |
|
Due to custodian |
|
|
|
|
|
|
5,048 |
|
|
|
|
|
Collateral for securities on loan (Note 5) |
|
|
12,479,267 |
|
|
|
201,529 |
|
|
|
|
|
Investment advisory fees (Note 2) |
|
|
776,523 |
|
|
|
25,050 |
|
|
|
56,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
13,255,790 |
|
|
|
239,582 |
|
|
|
414,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
$ |
1,867,679,046 |
|
|
$ |
117,997,611 |
|
|
$ |
255,404,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$ |
1,520,810,118 |
|
|
$ |
109,741,746 |
|
|
$ |
248,193,865 |
|
Undistributed net investment income |
|
|
|
|
|
|
93,831 |
|
|
|
378,394 |
|
Accumulated net realized loss |
|
|
(14,117,484 |
) |
|
|
(269,271 |
) |
|
|
(952,066 |
) |
Net unrealized appreciation |
|
|
360,986,412 |
|
|
|
8,431,305 |
|
|
|
7,784,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
$ |
1,867,679,046 |
|
|
$ |
117,997,611 |
|
|
$ |
255,404,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstandingb |
|
|
15,550,000 |
|
|
|
1,350,000 |
|
|
|
3,350,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value per share |
|
$ |
120.11 |
|
|
$ |
87.41 |
|
|
$ |
76.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Securities on loan with market values of $12,019,918, $191,700 and $, respectively. See Note 5.
|
b |
No par value, unlimited number of shares authorized. |
See notes to financial statements.
Statements of Operations
iSHARES® TRUST
Year ended July 31,
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSTI |
|
|
|
Technology Index Fund |
|
|
Networking Index Fund |
|
|
Semiconductor Index Fund |
|
|
Software Index Fund |
|
|
|
NET INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from unaffiliated issuersa |
|
$ |
1,702,212 |
|
|
$ |
384,387 |
|
|
$ |
2,361,445 |
|
|
$ |
366,855 |
|
Interest from affiliated issuers (Note 2) |
|
|
15,852 |
|
|
|
7,414 |
|
|
|
12,214 |
|
|
|
10,370 |
|
Securities lending income from unaffiliated issuers |
|
|
10,746 |
|
|
|
41,269 |
|
|
|
6,330 |
|
|
|
43,004 |
|
Securities lending income from affiliated issuers (Note 2) |
|
|
8,033 |
|
|
|
3,336 |
|
|
|
16,029 |
|
|
|
14,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment income |
|
|
1,736,843 |
|
|
|
436,406 |
|
|
|
2,396,018 |
|
|
|
434,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees (Note 2) |
|
|
1,452,126 |
|
|
|
922,362 |
|
|
|
1,433,489 |
|
|
|
955,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
1,452,126 |
|
|
|
922,362 |
|
|
|
1,433,489 |
|
|
|
955,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
284,717 |
|
|
|
(485,956 |
) |
|
|
962,529 |
|
|
|
(521,010 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in unaffiliated issuers |
|
|
(6,037,364 |
) |
|
|
(25,748,296 |
) |
|
|
(20,381,096 |
) |
|
|
(3,073,136 |
) |
In-kind redemptions |
|
|
41,399,115 |
|
|
|
17,803,610 |
|
|
|
24,136,736 |
|
|
|
24,180,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) |
|
|
35,361,751 |
|
|
|
(7,944,686 |
) |
|
|
3,755,640 |
|
|
|
21,107,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) |
|
|
32,776,681 |
|
|
|
56,346,484 |
|
|
|
41,872,219 |
|
|
|
3,402,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain |
|
|
68,138,432 |
|
|
|
48,401,798 |
|
|
|
45,627,859 |
|
|
|
24,509,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
68,423,149 |
|
|
$ |
47,915,842 |
|
|
$ |
46,590,388 |
|
|
$ |
23,988,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Net of foreign withholding tax of $4,835, $, $34,014 and $, respectively.
|
See notes to financial statements.
|
|
|
52 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Operations (Continued)
iSHARES® TRUST
Year ended July 31, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSSI |
|
|
iShares NYSE |
|
|
|
Natural Resources Index Fund |
|
|
Composite Index Fund |
|
|
100 Index Fund |
|
|
|
NET INVESTMENT INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from unaffiliated issuersa |
|
$ |
23,922,625 |
|
|
$ |
2,286,858 |
|
|
$ |
8,039,849 |
|
Dividends from affiliated issuers (Note 2) |
|
|
|
|
|
|
16,874 |
|
|
|
|
|
Interest from affiliated issuers (Note 2) |
|
|
101,980 |
|
|
|
7,993 |
|
|
|
22,903 |
|
Securities lending income from unaffiliated issuers |
|
|
242,435 |
|
|
|
3,036 |
|
|
|
|
|
Securities lending income from affiliated issuers (Note 2) |
|
|
51,440 |
|
|
|
1,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment income |
|
|
24,318,480 |
|
|
|
2,316,393 |
|
|
|
8,062,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees (Note 2) |
|
|
7,215,169 |
|
|
|
255,569 |
|
|
|
703,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
7,215,169 |
|
|
|
255,569 |
|
|
|
703,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
17,103,311 |
|
|
|
2,060,824 |
|
|
|
7,358,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in unaffiliated issuers |
|
|
(6,737,784 |
) |
|
|
(324,023 |
) |
|
|
(587,470 |
) |
Investments in affiliated issuers (Note 2) |
|
|
|
|
|
|
47,992 |
|
|
|
|
|
In-kind redemptions |
|
|
173,189,605 |
|
|
|
7,841,779 |
|
|
|
46,395,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain |
|
|
166,451,821 |
|
|
|
7,565,748 |
|
|
|
45,807,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) |
|
|
74,275,458 |
|
|
|
4,917,546 |
|
|
|
(1,471,063 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain |
|
|
240,727,279 |
|
|
|
12,483,294 |
|
|
|
44,336,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
257,830,590 |
|
|
$ |
14,544,118 |
|
|
$ |
51,695,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a |
Net of foreign withholding tax of $385,608, $98,564 and $964, respectively. |
See notes to financial statements.
Statements of Changes in Net Assets
iSHARES® TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSTI Technology Index Fund
|
|
|
iShares S&P GSTI Networking Index Fund
|
|
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
$ |
284,717 |
|
|
$ |
122,956 |
|
|
$ |
(485,956 |
) |
|
$ |
(789,826 |
) |
Net realized gain (loss) |
|
|
35,361,751 |
|
|
|
16,248,166 |
|
|
|
(7,944,686 |
) |
|
|
4,764,830 |
|
Net change in unrealized appreciation (depreciation) |
|
|
32,776,681 |
|
|
|
(37,980,008 |
) |
|
|
56,346,484 |
|
|
|
(56,067,931 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
68,423,149 |
|
|
|
(21,608,886 |
) |
|
|
47,915,842 |
|
|
|
(52,092,927 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
|
(281,985 |
) |
|
|
(217,577 |
) |
|
|
|
|
|
|
|
|
Return of capital |
|
|
(116,401 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders |
|
|
(398,386 |
) |
|
|
(217,577 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
|
475,606,798 |
|
|
|
122,820,443 |
|
|
|
249,021,810 |
|
|
|
292,116,819 |
|
Cost of shares redeemed |
|
|
(377,591,377 |
) |
|
|
(194,240,812 |
) |
|
|
(228,323,892 |
) |
|
|
(230,492,029 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets from capital share transactions |
|
|
98,015,421 |
|
|
|
(71,420,369 |
) |
|
|
20,697,918 |
|
|
|
61,624,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
166,040,184 |
|
|
|
(93,246,832 |
) |
|
|
68,613,760 |
|
|
|
9,531,863 |
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
|
201,458,003 |
|
|
|
294,704,835 |
|
|
|
157,517,795 |
|
|
|
147,985,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year |
|
$ |
367,498,187 |
|
|
$ |
201,458,003 |
|
|
$ |
226,131,555 |
|
|
$ |
157,517,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES ISSUED AND REDEEMED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
9,100,000 |
|
|
|
2,500,000 |
|
|
|
7,450,000 |
|
|
|
8,550,000 |
|
Shares redeemed |
|
|
(7,250,000 |
) |
|
|
(4,200,000 |
) |
|
|
(7,050,000 |
) |
|
|
(7,500,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
|
1,850,000 |
|
|
|
(1,700,000 |
) |
|
|
400,000 |
|
|
|
1,050,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
54 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES® TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSTI Semiconductor Index Fund
|
|
|
iShares S&P GSTI Software Index
Fund |
|
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
$ |
962,529 |
|
|
$ |
300,331 |
|
|
$ |
(521,010 |
) |
|
$ |
(550,685 |
) |
Net realized gain (loss) |
|
|
3,755,640 |
|
|
|
56,846,932 |
|
|
|
21,107,019 |
|
|
|
(4,669,025 |
) |
Net change in unrealized appreciation (depreciation) |
|
|
41,872,219 |
|
|
|
(89,017,891 |
) |
|
|
3,402,542 |
|
|
|
(5,512,402 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
46,590,388 |
|
|
|
(31,870,628 |
) |
|
|
23,988,551 |
|
|
|
(10,732,112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
|
(962,529 |
) |
|
|
(300,331 |
) |
|
|
|
|
|
|
|
|
Return of capital |
|
|
(69,405 |
) |
|
|
(129,193 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders |
|
|
(1,031,934 |
) |
|
|
(429,524 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
|
563,361,788 |
|
|
|
419,456,784 |
|
|
|
472,172,671 |
|
|
|
247,903,295 |
|
Cost of shares redeemed |
|
|
(569,388,021 |
) |
|
|
(667,794,134 |
) |
|
|
(386,859,411 |
) |
|
|
(385,912,331 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets from capital share transactions |
|
|
(6,026,233 |
) |
|
|
(248,337,350 |
) |
|
|
85,313,260 |
|
|
|
(138,009,036 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
39,532,221 |
|
|
|
(280,637,502 |
) |
|
|
109,301,811 |
|
|
|
(148,741,148 |
) |
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
|
263,678,167 |
|
|
|
544,315,669 |
|
|
|
80,900,259 |
|
|
|
229,641,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year |
|
$ |
303,210,388 |
|
|
$ |
263,678,167 |
|
|
$ |
190,202,070 |
|
|
$ |
80,900,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES ISSUED AND REDEEMED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
8,900,000 |
|
|
|
6,650,000 |
|
|
|
10,500,000 |
|
|
|
6,100,000 |
|
Shares redeemed |
|
|
(9,050,000 |
) |
|
|
(11,150,000 |
) |
|
|
(8,500,000 |
) |
|
|
(9,650,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
|
(150,000 |
) |
|
|
(4,500,000 |
) |
|
|
2,000,000 |
|
|
|
(3,550,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
Statements of Changes in Net Assets (Continued)
iSHARES® TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSSI Natural Resources Index Fund
|
|
|
iShares NYSE Composite Index Fund |
|
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
17,103,311 |
|
|
$ |
13,414,750 |
|
|
$ |
2,060,824 |
|
|
$ |
768,216 |
|
Net realized gain |
|
|
166,451,821 |
|
|
|
126,163,040 |
|
|
|
7,565,748 |
|
|
|
4,444 |
|
Net change in unrealized appreciation (depreciation) |
|
|
74,275,458 |
|
|
|
117,296,207 |
|
|
|
4,917,546 |
|
|
|
2,459,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
|
257,830,590 |
|
|
|
256,873,997 |
|
|
|
14,544,118 |
|
|
|
3,232,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
|
(17,216,999 |
) |
|
|
(12,876,808 |
) |
|
|
(2,083,187 |
) |
|
|
(650,906 |
) |
Return of capital |
|
|
(74,715 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions to shareholders |
|
|
(17,291,714 |
) |
|
|
(12,876,808 |
) |
|
|
(2,083,187 |
) |
|
|
(650,906 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
|
736,865,560 |
|
|
|
654,898,497 |
|
|
|
82,437,231 |
|
|
|
40,405,675 |
|
Cost of shares redeemed |
|
|
(562,841,466 |
) |
|
|
(246,665,878 |
) |
|
|
(33,548,345 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from capital share transactions |
|
|
174,024,094 |
|
|
|
408,232,619 |
|
|
|
48,888,886 |
|
|
|
40,405,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE IN NET ASSETS |
|
|
414,562,970 |
|
|
|
652,229,808 |
|
|
|
61,349,817 |
|
|
|
42,987,258 |
|
|
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year |
|
|
1,453,116,076 |
|
|
|
800,886,268 |
|
|
|
56,647,794 |
|
|
|
13,660,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of year |
|
$ |
1,867,679,046 |
|
|
$ |
1,453,116,076 |
|
|
$ |
117,997,611 |
|
|
$ |
56,647,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income included in net assets at end of year |
|
$ |
|
|
|
$ |
279,339 |
|
|
$ |
93,831 |
|
|
$ |
129,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES ISSUED AND REDEEMED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
|
6,650,000 |
|
|
|
7,000,000 |
|
|
|
1,000,000 |
|
|
|
550,000 |
|
Shares redeemed |
|
|
(5,400,000 |
) |
|
|
(2,600,000 |
) |
|
|
(400,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in shares outstanding |
|
|
1,250,000 |
|
|
|
4,400,000 |
|
|
|
600,000 |
|
|
|
550,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
56 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (Continued)
iSHARES® TRUST
|
|
|
|
|
|
|
|
|
|
|
iShares NYSE 100 Index Fund |
|
|
|
Year ended July 31, 2007 |
|
|
Year ended July 31, 2006 |
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
7,358,947 |
|
|
$ |
1,080,280 |
|
Net realized gain |
|
|
45,807,855 |
|
|
|
47,306 |
|
Net change in unrealized appreciation (depreciation) |
|
|
(1,471,063 |
) |
|
|
7,919,247 |
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations |
|
|
51,695,739 |
|
|
|
9,046,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
From net investment income |
|
|
(7,354,788 |
) |
|
|
(773,733 |
) |
|
|
|
|
|
|
|
|
|
Total distributions to shareholders |
|
|
(7,354,788 |
) |
|
|
(773,733 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
Proceeds from shares sold |
|
|
172,836,575 |
|
|
|
280,783,091 |
|
Cost of shares redeemed |
|
|
(279,887,723 |
) |
|
|
(3,212,892 |
) |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets from capital share transactions |
|
|
(107,051,148 |
) |
|
|
277,570,199 |
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN NET ASSETS |
|
|
(62,710,197 |
) |
|
|
285,843,299 |
|
|
|
|
NET ASSETS |
|
|
|
|
|
|
|
|
Beginning of year |
|
|
318,114,703 |
|
|
|
32,271,404 |
|
|
|
|
|
|
|
|
|
|
End of year |
|
$ |
255,404,506 |
|
|
$ |
318,114,703 |
|
|
|
|
|
|
|
|
|
|
Undistributed net investment income included in net assets at end of year |
|
$ |
378,394 |
|
|
$ |
374,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES ISSUED AND REDEEMED |
|
|
|
|
|
|
|
|
Shares sold |
|
|
2,300,000 |
|
|
|
4,200,000 |
|
Shares redeemed |
|
|
(3,600,000 |
) |
|
|
(50,000 |
) |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in shares outstanding |
|
|
(1,300,000 |
) |
|
|
4,150,000 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
Financial Highlights
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSTI Technology Index Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Year ended Jul. 31, 2005 |
|
|
Year ended Jul. 31, 2004 |
|
|
Year ended Jul. 31, 2003 |
|
|
|
Net asset value, beginning of year |
|
$ |
42.86 |
|
|
$ |
46.05 |
|
|
$ |
41.79 |
|
|
$ |
38.51 |
|
|
$ |
30.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
0.05 |
a |
|
|
0.02 |
a |
|
|
0.35 |
|
|
|
(0.06 |
) |
|
|
(0.04 |
) |
Net realized and unrealized gain (loss)b
|
|
|
13.27 |
|
|
|
(3.17 |
) |
|
|
4.28 |
|
|
|
3.34 |
|
|
|
8.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
13.32 |
|
|
|
(3.15 |
) |
|
|
4.63 |
|
|
|
3.28 |
|
|
|
8.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.05 |
) |
|
|
(0.04 |
) |
|
|
(0.34 |
) |
|
|
|
|
|
|
|
|
Return of capital |
|
|
(0.02 |
) |
|
|
|
|
|
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(0.07 |
) |
|
|
(0.04 |
) |
|
|
(0.37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year |
|
$ |
56.11 |
|
|
$ |
42.86 |
|
|
$ |
46.05 |
|
|
$ |
41.79 |
|
|
$ |
38.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
31.09 |
% |
|
|
(6.85 |
)% |
|
|
11.10 |
% |
|
|
8.52 |
% |
|
|
27.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s) |
|
$ |
367,498 |
|
|
$ |
201,458 |
|
|
$ |
294,705 |
|
|
$ |
185,966 |
|
|
$ |
103,984 |
|
Ratio of expenses to average net assets |
|
|
0.48 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
Ratio of net investment income (loss) to average net assets |
|
|
0.09 |
% |
|
|
0.04 |
% |
|
|
0.81 |
% |
|
|
(0.20 |
)% |
|
|
(0.18 |
)% |
Portfolio turnover ratec |
|
|
20 |
% |
|
|
5 |
% |
|
|
7 |
% |
|
|
5 |
% |
|
|
11 |
% |
a |
Based on average shares outstanding throughout the period. |
b |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of
capital share transactions. |
c |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share
transactions in Creation Units. |
See notes to financial
statements.
|
|
|
58 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSTI Networking Index Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Year ended Jul. 31, 2005 |
|
|
Year ended Jul. 31, 2004 |
|
|
Year ended Jul. 31, 2003 |
|
|
|
Net asset value, beginning of year |
|
$ |
26.25 |
|
|
$ |
29.90 |
|
|
$ |
26.97 |
|
|
$ |
20.75 |
|
|
$ |
13.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss |
|
|
(0.08 |
)a |
|
|
(0.10 |
)a |
|
|
(0.08 |
) |
|
|
(0.07 |
) |
|
|
(0.01 |
) |
Net realized and unrealized gain (loss)b
|
|
|
9.16 |
|
|
|
(3.55 |
) |
|
|
3.01 |
|
|
|
6.29 |
|
|
|
7.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
9.08 |
|
|
|
(3.65 |
) |
|
|
2.93 |
|
|
|
6.22 |
|
|
|
7.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year |
|
$ |
35.33 |
|
|
$ |
26.25 |
|
|
$ |
29.90 |
|
|
$ |
26.97 |
|
|
$ |
20.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
34.59 |
% |
|
|
(12.21 |
)% |
|
|
10.86 |
% |
|
|
29.98 |
% |
|
|
58.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s) |
|
$ |
226,132 |
|
|
$ |
157,518 |
|
|
$ |
147,986 |
|
|
$ |
146,986 |
|
|
$ |
80,917 |
|
Ratio of expenses to average net assets |
|
|
0.48 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
Ratio of net investment loss to average net assets |
|
|
(0.25 |
)% |
|
|
(0.31 |
)% |
|
|
(0.26 |
)% |
|
|
(0.31 |
)% |
|
|
(0.17 |
)% |
Portfolio turnover ratec |
|
|
53 |
% |
|
|
32 |
% |
|
|
16 |
% |
|
|
12 |
% |
|
|
26 |
% |
a |
Based on average shares outstanding throughout the period. |
b |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of
capital share transactions. |
c |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share
transactions in Creation Units. |
See notes to financial
statements.
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSTI Semiconductor Index
Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Year ended Jul. 31, 2005 |
|
|
Year ended Jul. 31, 2004 |
|
|
Year ended Jul. 31, 2003 |
|
|
|
Net asset value, beginning of year |
|
$ |
55.51 |
|
|
$ |
58.84 |
|
|
$ |
50.64 |
|
|
$ |
48.34 |
|
|
$ |
41.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
0.20 |
a |
|
|
0.04 |
a |
|
|
(0.03 |
) |
|
|
(0.16 |
) |
|
|
(0.06 |
) |
Net realized and unrealized gain (loss)b
|
|
|
10.43 |
|
|
|
(3.30 |
) |
|
|
8.23 |
|
|
|
2.46 |
|
|
|
6.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
10.63 |
|
|
|
(3.26 |
) |
|
|
8.20 |
|
|
|
2.30 |
|
|
|
6.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.21 |
) |
|
|
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Return of capital |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
|
|
|
|
(0.00 |
)c |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(0.22 |
) |
|
|
(0.07 |
) |
|
|
|
|
|
|
(0.00 |
)c |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year |
|
$ |
65.92 |
|
|
$ |
55.51 |
|
|
$ |
58.84 |
|
|
$ |
50.64 |
|
|
$ |
48.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
19.16 |
% |
|
|
(5.56 |
)% |
|
|
16.19 |
% |
|
|
4.76 |
% |
|
|
16.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s) |
|
$ |
303,210 |
|
|
$ |
263,678 |
|
|
$ |
544,316 |
|
|
$ |
124,066 |
|
|
$ |
101,516 |
|
Ratio of expenses to average net assets |
|
|
0.48 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
Ratio of net investment income (loss) to average net assets |
|
|
0.32 |
% |
|
|
0.07 |
% |
|
|
(0.09 |
)% |
|
|
(0.20 |
)% |
|
|
(0.20 |
)% |
Portfolio turnover rated |
|
|
25 |
% |
|
|
6 |
% |
|
|
10 |
% |
|
|
6 |
% |
|
|
11 |
% |
a |
Based on average shares outstanding throught the period. |
b |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of
capital share transactions. |
c |
Rounds to less than $0.01. |
d |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share
transactions in Creation Units. |
See notes to financial
statements.
|
|
|
60 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSTI Software Index Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Year ended Jul. 31, 2005 |
|
|
Year ended Jul. 31, 2004 |
|
|
Year ended Jul. 31, 2003 |
|
|
|
Net asset value, beginning of year |
|
$ |
37.63 |
|
|
$ |
40.29 |
|
|
$ |
33.85 |
|
|
$ |
31.56 |
|
|
$ |
23.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
|
|
(0.12 |
)a |
|
|
(0.13 |
)a |
|
|
0.20 |
|
|
|
(0.15 |
) |
|
|
(0.06 |
) |
Net realized and unrealized gain (loss)b
|
|
|
8.32 |
|
|
|
(2.53 |
) |
|
|
6.48 |
|
|
|
2.44 |
|
|
|
8.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
8.20 |
|
|
|
(2.66 |
) |
|
|
6.68 |
|
|
|
2.29 |
|
|
|
7.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
|
|
|
|
|
|
|
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
|
|
|
|
|
|
|
|
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year |
|
$ |
45.83 |
|
|
$ |
37.63 |
|
|
$ |
40.29 |
|
|
$ |
33.85 |
|
|
$ |
31.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
21.79 |
% |
|
|
(6.60 |
)% |
|
|
19.72 |
% |
|
|
7.26 |
% |
|
|
33.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s) |
|
$ |
190,202 |
|
|
$ |
80,900 |
|
|
$ |
229,641 |
|
|
$ |
115,077 |
|
|
$ |
115,197 |
|
Ratio of expenses to average net assets |
|
|
0.48 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
Ratio of net investment income (loss) to average net assets |
|
|
(0.26 |
)% |
|
|
(0.31 |
)% |
|
|
0.59 |
% |
|
|
(0.40 |
)% |
|
|
(0.43 |
)% |
Portfolio turnover ratec |
|
|
25 |
% |
|
|
16 |
% |
|
|
13 |
% |
|
|
11 |
% |
|
|
9 |
% |
a |
Based on average shares outstanding throughout the period. |
b |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of
capital share transactions. |
c |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share
transactions in Creation Units. |
See notes to financial
statements.
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares S&P GSSI Natural Resources Index
Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Year ended Jul. 31, 2005 |
|
|
Year ended Jul. 31, 2004 |
|
|
Year ended Jul. 31, 2003 |
|
|
|
Net asset value, beginning of year |
|
$ |
101.62 |
|
|
$ |
80.90 |
|
|
$ |
58.51 |
|
|
$ |
43.52 |
|
|
$ |
41.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
1.20 |
a |
|
|
1.04 |
a |
|
|
0.81 |
|
|
|
0.67 |
|
|
|
0.76 |
|
Net realized and unrealized gainb |
|
|
18.49 |
|
|
|
20.67 |
|
|
|
22.39 |
|
|
|
15.04 |
|
|
|
1.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
19.69 |
|
|
|
21.71 |
|
|
|
23.20 |
|
|
|
15.71 |
|
|
|
2.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(1.19 |
) |
|
|
(0.99 |
) |
|
|
(0.81 |
) |
|
|
(0.72 |
) |
|
|
(0.71 |
) |
Return of capital |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(1.20 |
) |
|
|
(0.99 |
) |
|
|
(0.81 |
) |
|
|
(0.72 |
) |
|
|
(0.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year |
|
$ |
120.11 |
|
|
$ |
101.62 |
|
|
$ |
80.90 |
|
|
$ |
58.51 |
|
|
$ |
43.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
19.56 |
% |
|
|
26.96 |
% |
|
|
39.92 |
% |
|
|
36.34 |
% |
|
|
6.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000s) |
|
$ |
1,867,679 |
|
|
$ |
1,453,116 |
|
|
$ |
800,886 |
|
|
$ |
263,270 |
|
|
$ |
52,219 |
|
Ratio of expenses to average net assets |
|
|
0.48 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
Ratio of net investment income to average net assets |
|
|
1.14 |
% |
|
|
1.12 |
% |
|
|
1.20 |
% |
|
|
1.33 |
% |
|
|
1.92 |
% |
Portfolio turnover ratec |
|
|
18 |
% |
|
|
7 |
% |
|
|
8 |
% |
|
|
7 |
% |
|
|
7 |
% |
a |
Based on average shares outstanding throughout the period. |
b |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of
capital share transactions. |
c |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share
transactions in Creation Units. |
See notes to financial
statements.
|
|
|
62 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares NYSE Composite Index Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Year ended Jul. 31, 2005 |
|
|
Period from Mar. 30, 2004a to Jul. 31, 2004 |
|
|
|
Net asset value, beginning of period |
|
$ |
75.53 |
|
|
$ |
68.30 |
|
|
$ |
58.82 |
|
|
$ |
60.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
1.70 |
b |
|
|
1.66 |
b |
|
|
1.63 |
|
|
|
0.34 |
|
Net realized and unrealized gain (loss)c
|
|
|
11.90 |
|
|
|
6.74 |
|
|
|
9.46 |
|
|
|
(1.60 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
13.60 |
|
|
|
8.40 |
|
|
|
11.09 |
|
|
|
(1.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(1.72 |
) |
|
|
(1.17 |
) |
|
|
(1.61 |
) |
|
|
(0.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(1.72 |
) |
|
|
(1.17 |
) |
|
|
(1.61 |
) |
|
|
(0.26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
87.41 |
|
|
$ |
75.53 |
|
|
$ |
68.30 |
|
|
$ |
58.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
18.10 |
% |
|
|
12.40 |
% |
|
|
19.03 |
% |
|
|
(2.10 |
)%d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000s) |
|
$ |
117,998 |
|
|
$ |
56,648 |
|
|
$ |
13,661 |
|
|
$ |
14,705 |
|
Ratio of expenses to average net assetse
|
|
|
0.25 |
% |
|
|
0.25 |
% |
|
|
0.25 |
% |
|
|
0.25 |
% |
Ratio of net investment income to average net assetse |
|
|
2.02 |
% |
|
|
2.26 |
% |
|
|
2.01 |
% |
|
|
1.98 |
% |
Portfolio turnover ratef |
|
|
7 |
% |
|
|
4 |
% |
|
|
5 |
% |
|
|
1 |
% |
a |
Commencement of operations. |
b |
Based on average shares outstanding throughout the period. |
c |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of
capital share transactions. |
e |
Annualized for periods of less than one year. |
f |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share
transactions in Creation Units. |
See notes to financial
statements.
Financial Highlights (Continued)
iSHARES® TRUST
(For a share outstanding throughout each period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares NYSE 100 Index Fund |
|
|
|
Year ended Jul. 31, 2007 |
|
|
Year ended Jul. 31, 2006 |
|
|
Year ended Jul. 31, 2005 |
|
|
Period from Mar. 29, 2004a to Jul. 31, 2004 |
|
|
|
Net asset value, beginning of period |
|
$ |
68.41 |
|
|
$ |
64.54 |
|
|
$ |
59.80 |
|
|
$ |
60.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
1.56 |
b |
|
|
1.21 |
b |
|
|
1.25 |
|
|
|
0.33 |
|
Net realized and unrealized gain (loss)c
|
|
|
7.79 |
|
|
|
3.85 |
|
|
|
4.73 |
|
|
|
(1.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment operations |
|
|
9.35 |
|
|
|
5.06 |
|
|
|
5.98 |
|
|
|
(0.80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(1.52 |
) |
|
|
(1.19 |
) |
|
|
(1.24 |
) |
|
|
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total distributions |
|
|
(1.52 |
) |
|
|
(1.19 |
) |
|
|
(1.24 |
) |
|
|
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of period |
|
$ |
76.24 |
|
|
$ |
68.41 |
|
|
$ |
64.54 |
|
|
$ |
59.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return |
|
|
13.73 |
% |
|
|
7.93 |
% |
|
|
10.06 |
% |
|
|
(1.32 |
)%d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000s) |
|
$ |
255,405 |
|
|
$ |
318,115 |
|
|
$ |
32,271 |
|
|
$ |
32,888 |
|
Ratio of expenses to average net assetse
|
|
|
0.20 |
% |
|
|
0.20 |
% |
|
|
0.20 |
% |
|
|
0.20 |
% |
Ratio of net investment income to average net assetse |
|
|
2.09 |
% |
|
|
1.83 |
% |
|
|
2.03 |
% |
|
|
1.89 |
% |
Portfolio turnover ratef |
|
|
10 |
% |
|
|
6 |
% |
|
|
7 |
% |
|
|
3 |
% |
a |
Commencement of operations. |
b |
Based on average shares outstanding throughout the period. |
c |
The amounts reported may not accord with the change in aggregate gains and losses in securities due to the timing of
capital share transactions. |
e |
Annualized for periods of less than one year. |
f |
Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share
transactions in Creation Units. |
See notes to financial
statements.
|
|
|
64 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements
iSHARES® TRUST
iShares Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated December 16, 1999. As of July 31, 2007, the Trust offered
111 investment portfolios or funds.
These financial statements relate only to the iShares S&P
GSTI Technology (formerly iShares Goldman Sachs Technology Index Fund), iShares S&P GSTI Networking (formerly iShares
Goldman Sachs Networking Index Fund), iShares S&P GSTI Semiconductor (formerly iShares Goldman Sachs Semiconductor Index Fund), iShares S&P GSTI Software (formerly iShares Goldman Sachs Software Index Fund), iShares S&P GSSI Natural Resources (formerly iShares Goldman Sachs Natural Resources
Index Fund), iShares NYSE Composite and iShares NYSE 100 Index Funds (each, a Fund, collectively, the Funds).
The investment
objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a passive or index approach to achieve each
Funds investment objective. Each of the Funds is classified as a non-diversified fund under the 1940 Act, except for the iShares NYSE Composite and iShares NYSE 100 Index Funds, which are classified as diversified funds. Non-diversified funds
generally hold securities 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 affecting these companies.
Pursuant to the Trusts organizational documents, the Funds officers and trustees are indemnified against certain liabilities that may arise
out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds maximum exposure under these
arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.
1. SIGNIFICANT ACCOUNTING
POLICIES
The following significant accounting policies are consistently followed by the 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 that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
SECURITY VALUATION
The securities and other assets of each Fund are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service or a major market maker
(or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of funds that are
not traded on an exchange, a market valuation means such funds published net asset value per share. The investment adviser may use various pricing services or discontinue the use of any pricing service. A price obtained from a pricing service
based on such pricing services valuation matrix may be considered a market valuation. In the event that current market valuations are not readily available or such valuations do not reflect current market values, the affected investments will
be valued using fair value pricing pursuant to the pricing policy and procedures approved by the Board of Trustees of the Trust (the Board).
Investments that may be valued using fair value pricing include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (i.e., one that may not be publicly sold without
registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
65 |
Notes to Financial Statements (Continued)
iSHARES® TRUST
traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation;
(vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (i.e., an event that occurs after the close of the markets on which the security is traded but before the time as of
which the Funds NAV is computed and that may materially affect the value of the Funds investments). Examples of events that may be significant events are government actions, natural disasters, armed conflict, acts of
terrorism, and significant market fluctuations.
Valuing a Funds investments using fair value pricing will result in using prices for those
investments that may differ from current market valuations. Accordingly, fair value pricing could result in a difference between the prices used to calculate a Funds net asset value and the prices used by the Funds benchmark index,
which, in turn, could result in a difference between the Funds performance and the performance of the Funds benchmark index.
SECURITY
TRANSACTIONS AND INCOME RECOGNITION
Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, net
of any foreign taxes withheld at source, and interest income is accrued daily. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments
or reclassified to capital gains. 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. Dividends and distributions cannot be automatically reinvested in additional shares of the Funds.
As of July 31, 2007,
the tax year-end of the Funds, the components of net distributable earnings (accumulated losses) on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Undistributed Ordinary Income |
|
Unrealized Appreciation (Depreciation) |
|
|
Capital and Other Losses |
|
|
Net Distributable Earnings (Accumulated Losses) |
|
S&P GSTI Technology |
|
$ |
|
|
$ |
(13,346,662 |
) |
|
$ |
(7,499,763 |
) |
|
$ |
(20,846,425 |
) |
S&P GSTI Networking |
|
|
|
|
|
(20,071,167 |
) |
|
|
(43,373,398 |
) |
|
|
(63,444,565 |
) |
S&P GSTI Semiconductor |
|
|
|
|
|
(28,144,281 |
) |
|
|
(21,824,365 |
) |
|
|
(49,968,646 |
) |
S&P GSTI Software |
|
|
|
|
|
(15,473,321 |
) |
|
|
(4,717,134 |
) |
|
|
(20,190,455 |
) |
S&P GSSI Natural Resources |
|
|
|
|
|
352,571,939 |
|
|
|
(5,703,011 |
) |
|
|
346,868,928 |
|
NYSE Composite |
|
|
93,831 |
|
|
8,421,535 |
|
|
|
(259,501 |
) |
|
|
8,255,865 |
|
NYSE 100 |
|
|
378,394 |
|
|
7,456,056 |
|
|
|
(623,809 |
) |
|
|
7,210,641 |
|
For the years ended July 31, 2007 and July 31, 2006, the tax characterization of distributions paid for
each Fund was equal to the book characterization of distributions paid. 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.
|
|
|
66 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (Continued)
iSHARES® TRUST
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 carry forwards) 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 July 31, 2007.
From November 1, 2006 to July 31, 2007, the Funds incurred net realized capital losses. As permitted by tax regulations, the Funds have elected to defer those losses and treat them as arising in the year ending July 31, 2008,
as follows:
|
|
|
|
iShares Index Fund |
|
Deferred Net Realized Capital Losses |
|
|
S&P GSTI Technology |
|
$ |
849,240 |
|
|
S&P GSTI Networking |
|
|
20,448,431 |
|
|
S&P GSTI Semiconductor |
|
|
13,718,573 |
|
|
S&P GSTI Software |
|
|
291,761 |
|
|
S&P GSSI Natural Resources |
|
|
2,602,379 |
|
|
NYSE Composite |
|
|
250,814 |
|
|
NYSE 100 |
|
|
266,585 |
The Funds had tax basis net capital loss carry forwards as of July 31, 2007, the tax year-end of the Funds, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Expiring 2010 |
|
Expiring 2011 |
|
Expiring 2012 |
|
Expiring 2013 |
|
Expiring 2014 |
|
Expiring 2015 |
|
Total |
S&P GSTI Technology |
|
$ |
638,692 |
|
$ |
1,579,887 |
|
$ |
2,523,700 |
|
$ |
143,622 |
|
$ |
184,019 |
|
$ |
1,580,603 |
|
$ |
6,650,523 |
S&P GSTI Networking |
|
|
130,370 |
|
|
5,798,354 |
|
|
3,242,309 |
|
|
981,871 |
|
|
4,629,661 |
|
|
8,142,402 |
|
|
22,924,967 |
S&P GSTI Semiconductor |
|
|
175,882 |
|
|
472,453 |
|
|
510,075 |
|
|
2,373 |
|
|
1,635,360 |
|
|
5,309,649 |
|
|
8,105,792 |
S&P GSTI Software |
|
|
|
|
|
797,714 |
|
|
761,567 |
|
|
|
|
|
38,268 |
|
|
2,827,824 |
|
|
4,425,373 |
S&P GSSI Natural Resources |
|
|
|
|
|
256,427 |
|
|
187,450 |
|
|
|
|
|
1,870,831 |
|
|
785,924 |
|
|
3,100,632 |
NYSE Composite |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,687 |
|
|
8,687 |
NYSE 100 |
|
|
|
|
|
|
|
|
25,021 |
|
|
|
|
|
208,513 |
|
|
123,690 |
|
|
357,224 |
Net capital loss carry forwards 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 July 31, 2007, the Funds realized net capital gains or losses
resulting from in-kind redemptions of large blocks of shares or multiples thereof (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. These reclassifications have no effect on net assets or net asset values per share. The net realized in-kind gains or losses for
the year ended July 31, 2007 are disclosed in the Funds Statements of Operations.
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
67 |
Notes to Financial Statements (Continued)
iSHARES® TRUST
As of July 31, 2007, gross unrealized appreciation and gross unrealized depreciation based on cost for federal
income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Index Fund |
|
Tax Cost |
|
Gross Unrealized Appreciation |
|
Gross Unrealized Depreciation |
|
|
Net Unrealized Appreciation (Depreciation) |
|
S&P GSTI Technology |
|
$ |
383,677,431 |
|
$ |
14,192,494 |
|
$ |
(27,539,156 |
) |
|
$ |
(13,346,662 |
) |
S&P GSTI Networking |
|
|
260,238,338 |
|
|
5,291,535 |
|
|
(25,362,702 |
) |
|
|
(20,071,167 |
) |
S&P GSTI Semiconductor |
|
|
343,052,479 |
|
|
5,243,233 |
|
|
(33,387,514 |
) |
|
|
(28,144,281 |
) |
S&P GSTI Software |
|
|
208,088,215 |
|
|
1,375,680 |
|
|
(16,849,001 |
) |
|
|
(15,473,321 |
) |
S&P GSSI Natural Resources |
|
|
1,527,461,115 |
|
|
368,712,470 |
|
|
(16,140,531 |
) |
|
|
352,571,939 |
|
NYSE Composite |
|
|
109,655,908 |
|
|
11,286,476 |
|
|
(2,864,941 |
) |
|
|
8,421,535 |
|
NYSE 100 |
|
|
248,006,004 |
|
|
13,769,222 |
|
|
(6,313,166 |
) |
|
|
7,456,056 |
|
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 an investment by the Fund, 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.
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 Funds 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 execution of portfolio
transactions, distribution fees and extraordinary expenses.
For its investment advisory services to each Fund, BGFA is entitled to an annual investment
advisory fee based on the average daily net assets of each Fund as follows:
|
|
|
|
iShares Index Fund |
|
Investment Advisory Fee |
|
|
|
S&P GSTI Technology |
|
0.48 |
% |
|
|
S&P GSTI Networking |
|
0.48 |
|
|
|
S&P GSTI Semiconductor |
|
0.48 |
|
|
|
S&P GSTI Software |
|
0.48 |
|
|
|
S&P GSSI Natural Resources |
|
0.48 |
|
|
|
NYSE Composite |
|
0.25 |
|
|
|
NYSE 100 |
|
0.20 |
|
|
|
|
68 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (Continued)
iSHARES® TRUST
State Street Bank and Trust Company (State Street) serves as administrator, custodian and transfer agent
for the Trust. As compensation for its services, State Street receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly. These fees and expenses are Covered Expenses as defined above.
SEI Investments Distribution Co. (SEI) serves as each Funds underwriter and distributor of the shares of each Fund, pursuant to a
Distribution Agreement with the Trust. SEI does not receive a fee from the Funds for its distribution services.
Pursuant to an exemptive order issued by
the U.S. Securities and Exchange Commission (SEC), the Funds are permitted to lend portfolio securities to Barclays Capital Inc. (BarCap). Pursuant to the same exemptive order, Barclays Global Investors, N.A.
(BGI) serves as securities lending agent for the Trust. BarCap and BGI are affiliates of BGFA, the Funds investment adviser. As securities lending agent, BGI receives, as fees, a share of the income earned on investment of the cash
collateral received for the loan of securities. For the year ended July 31, 2007, BGI earned securities lending agent fees as follows:
|
|
|
|
iShares Index Fund |
|
Securities Lending Agent Fees |
|
|
S&P GSTI Technology |
|
$ |
18,779 |
|
|
S&P GSTI Networking |
|
|
44,605 |
|
|
S&P GSTI Semiconductor |
|
|
22,359 |
|
|
S&P GSTI Software |
|
|
57,057 |
|
|
S&P GSSI Natural Resources |
|
|
293,875 |
|
|
NYSE Composite |
|
|
4,668 |
Cross trades for the year ended July 31, 2007, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross
trading is the buying or selling of portfolio securities between funds to which BGFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar
quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
Each Fund may invest in the Institutional Shares of certain money
market funds managed by BGFA, the Funds investment adviser, including the Government Money Market Fund (GMMF), Institutional Money Market Fund (IMMF), Prime Money Market Fund (PMMF) and Treasury Money Market
Fund (TMMF) of Barclays Global Investors Funds. The GMMF, IMMF, PMMF and TMMF are feeder funds in a master/feeder fund structure that invest substantially all of their assets in the Government Money Market Master Portfolio, Money Market
Master Portfolio, Prime Money Market Master Portfolio and Treasury Money Market Master Portfolio (collectively, the Money Market Master Portfolios), respectively, which are also managed by BGFA. While the GMMF, IMMF, PMMF and TMMF do not
directly charge an investment advisory fee, the Money Market Master Portfolios in which they invest do charge an investment advisory fee. Income distributions from the GMMF, IMMF, PMMF and TMMF are declared daily and paid monthly from net investment
income. Income distributions earned by the Funds from temporary cash investments are recorded as interest from affiliated issuers in the accompanying Statements of Operations. Income distributions earned by the Funds from the investment of
securities lending collateral, if any, are included in securities lending income in the accompanying Statements of Operations.
Each Fund may invest its
securities lending cash collateral, if any, in the BGI Cash Premier Fund LLC (Premier Fund), an affiliated private money market fund managed by BGFA. Although the Premier Fund is not registered as an investment company under the 1940
Act, it intends to operate as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 5 for additional information regarding the Premier Fund.
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
69 |
Notes to Financial Statements (Continued)
iSHARES® TRUST
For the year ended July 31, 2007, the iShares NYSE Composite Index Fund had direct investments (exclusive of
short-term investments) in issuers of which BGFA is an affiliate or issuers of which the Fund owns 5% or more of the outstanding voting securities as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Affiliated Issuer |
|
Number of Shares Held Beginning of Year (in 000s) |
|
Gross Additions (in 000s) |
|
Gross Reductions (in 000s) |
|
Number of Shares Held End of Year (in 000s) |
|
Value at End of Year |
|
Dividend Income |
|
Net Realized Gain |
Barclays PLC SP ADR |
|
5 |
|
8 |
|
3 |
|
10 |
|
$ |
542,767 |
|
$ |
16,874 |
|
$ |
47,992 |
As of July 31, 2007, certain trustees and officers of the Trust are also officers of BGI and/or BGFA.
3. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases
and sales of investments (excluding in-kind transactions and short-term investments) for the year ended July 31, 2007 were as follows:
|
|
|
|
|
|
|
iShares Index Fund |
|
Purchases |
|
Sales |
S&P GSTI Technology |
|
$ |
61,628,308 |
|
$ |
58,997,738 |
S&P GSTI Networking |
|
|
100,838,796 |
|
|
101,667,542 |
S&P GSTI Semiconductor |
|
|
73,555,912 |
|
|
73,660,942 |
S&P GSTI Software |
|
|
51,917,479 |
|
|
48,045,245 |
S&P GSSI Natural Resources |
|
|
276,260,434 |
|
|
266,920,760 |
NYSE Composite |
|
|
8,579,924 |
|
|
7,005,488 |
NYSE 100 |
|
|
33,635,337 |
|
|
37,001,286 |
In-kind transactions (see Note 4) for the year ended July 31, 2007 were as follows:
|
|
|
|
|
|
|
iShares Index Fund |
|
In-kind Purchases |
|
In-kind Sales |
S&P GSTI Technology |
|
$ |
475,109,981 |
|
$ |
376,868,001 |
S&P GSTI Networking |
|
|
248,847,010 |
|
|
227,907,784 |
S&P GSTI Semiconductor |
|
|
562,376,473 |
|
|
568,589,464 |
S&P GSTI Software |
|
|
471,388,187 |
|
|
385,733,200 |
S&P GSSI Natural Resources |
|
|
733,862,531 |
|
|
558,143,874 |
NYSE Composite |
|
|
82,169,425 |
|
|
33,347,045 |
NYSE 100 |
|
|
172,485,109 |
|
|
276,137,055 |
4. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for
each Fund are disclosed in detail in the Statements of Changes in Net Assets.
|
|
|
70 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (Continued)
iSHARES® TRUST
The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a
designated portfolio of equity securities, which constitutes a substantial replication, or a portfolio sampling representation, of the securities involved in the relevant Funds underlying index and an amount of cash. Investors purchasing and
redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee directly to State Street, the administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
5. LOANS OF PORTFOLIO SECURITIES
Each Fund may
lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or
securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at
least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current 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 may not return the securities when due.
During the year ended July 31, 2007, certain Funds received cash as
collateral for securities loaned. The cash collateral received was invested in a joint account and in the Premier Fund. Pursuant to an exemptive order issued by the SEC, a portion of the cash collateral received was invested in a joint account with
other investment funds managed by BGFA. The joint account invests in securities with remaining maturities of 397 days or less, repurchase agreements and money market mutual funds, including money market funds managed by BGFA. Repurchase agreements
are fully collateralized by U.S. government securities or non-U.S. government debt securities. The Premier Fund seeks to achieve its investment objective by investing in a portfolio of high-quality, short-term fixed-income instruments, including
money market funds (which may be managed by BGFA or its affiliate) and other instruments that, at the time of investment, have remaining maturities of 397 calendar days or less from the date of acquisition.
The market value of the securities on loan as of July 31, 2007 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending income, as disclosed in the Funds Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to BGI as
securities lending agent.
6. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes an interpretation of FASB
Statement No. 109. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, Accounting for Income Taxes. This interpretation prescribes a recognition threshold
and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in
interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The SEC staff has stated that it would not object if a fund does not implement FIN 48 in its NAV calculation until the date of
the funds last NAV calculation in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. The Trust is currently evaluating the impact of applying the various provisions of FIN 48.
In September 2006, FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), Fair Value Measurements. FAS
157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after
November 15, 2007. The Trust is currently evaluating the impact the adoption of FAS 157 will have on the Funds financial statement disclosures.
|
|
|
NOTES TO FINANCIAL STATEMENTS |
|
71 |
Report of Independent Registered Public Accounting Firm
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 iShares
S&P GSTI Technology Index Fund (formerly iShares Goldman Sachs Technology Index Fund), iShares S&P GSTI Networking
Index Fund (formerly iShares Goldman Sachs Networking Index Fund), iShares S&P GSTI Semiconductor Index Fund (formerly iShares Goldman Sachs Semiconductor Index Fund), iShares S&P
GSTI Software Index Fund (formerly iShares Goldman Sachs Software Index Fund), iShares S&P GSSI Natural Resources Index
Fund (formerly iShares Goldman Sachs Natural Resources Index Fund), iShares NYSE Composite Index Fund and iShares NYSE 100 Index Fund, each a fund of iShares Trust (the Funds), at July 31, 2007, the results of each of their
operations, the changes in each of 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 standards of the Public Company Accounting Oversight Board (United States). Those standards 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 July 31, 2007 by correspondence with the custodian and brokers, provide a reasonable basis
for our opinion.
PricewaterhouseCoopers LLP
San Francisco,
California
September 21, 2007
|
|
|
72 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Tax Information (Unaudited)
iSHARES® TRUST
For corporate shareholders, the following percentages of the income dividends paid by certain Funds during the fiscal
year ended July 31, 2007 qualified for the dividends-received deduction:
|
|
|
|
iShares Index Fund |
|
Dividends- Received Deduction |
|
|
|
S&P GSTI Technology |
|
100.00 |
% |
|
|
S&P GSTI Semiconductor |
|
100.00 |
|
|
|
S&P GSSI Natural Resources |
|
100.00 |
|
|
|
NYSE Composite |
|
61.20 |
|
|
|
NYSE 100 |
|
100.00 |
|
Under Section 854(b)(2) of the
Internal Revenue Code (the Code), certain Funds hereby designate the following maximum amounts as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended July 31,
2007:
|
|
|
|
iShares Index Fund |
|
Qualified Dividend Income |
|
|
S&P GSTI Technology |
|
$ |
281,985 |
|
|
S&P GSTI Semiconductor |
|
|
962,529 |
|
|
S&P GSSI Natural Resources |
|
|
16,914,681 |
|
|
NYSE Composite |
|
|
2,048,445 |
|
|
NYSE 100 |
|
|
7,354,788 |
In January 2008, shareholders will receive
Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2007. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax
returns.
Board Review and Approval of Investment Advisory Contract (Unaudited)
iSHARES TRUST
Under Section 15(c) of the Investment Company Act of 1940 (the 1940 Act), the Trusts Board of
Trustees (the Board), including a majority of Trustees who are not interested persons of the Trust (as that term is defined in the 1940 Act) (the Independent Trustees), is required annually to consider the
Investment Advisory Contract between the Trust and BGFA (the Advisory Contract) on behalf of the Funds. As required by Section 15(c), the Board requested and BGFA provided such information as the Board deemed reasonably necessary to
evaluate the terms of the Advisory Contract. At a meeting held on June 13, 2007, the Board approved the selection of BGFA and the continuance of the Advisory Contract, based on its review of qualitative and quantitative information provided by
BGFA. In selecting BGFA and approving the Advisory Contract for the Funds, the Board, including the Independent Trustees, advised by their independent counsel, considered the following factors, none of which was controlling, and made the following
conclusions:
NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED BY BGFA
The Board determined that there would be no diminution in the scope of services required of BGFA under the Advisory Contract for the coming year as compared to the scope of services provided by BGFA over the past
year. In reviewing the scope of these services, the Board considered BGFAs investment philosophy and experience, noting that BGFA and its affiliates have committed significant resources over time, including over the past year, including
investment in technology and increasing the number of their employees supporting the Funds. The Board also considered BGFAs compliance program and its compliance record with respect to the Funds. In that regard, the Board noted that BGFA
reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and has made appropriate officers available as needed to provide further assistance with these
matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Funds. In addition to the above considerations, the Board considered BGFAs investment processes and strategies, and
matters related to BGFAs portfolio transaction policies and procedures. The Board further noted that BGFA does not serve as investment adviser for any other series of registered investment companies with substantially similar investment
objectives and strategies as the Funds; therefore, comparative performance information was generally not available. However, the Board also noted that the Funds had met their investment objectives consistently since their respective inception dates.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BGFA to the Funds under the Advisory Contract were appropriate and mitigated in favor of the Boards approval of the
Advisory Contract for the coming year.
FUNDS EXPENSES AND PERFORMANCE OF THE FUNDS
The Board reviewed statistical information prepared by Lipper Inc. (Lipper), an independent provider of investment company data, regarding the expense ratio
components, including advisory fees, waivers/reimbursements, and gross and net total expenses of each Fund in comparison with the same information for other funds registered under the 1940 Act objectively selected solely by Lipper as comprising each
Funds applicable peer group (the Lipper Group). In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three- and five-year periods, as applicable, and the
last quarter period ended March 31, 2007, and a comparison of each Funds performance to that of the funds in its Lipper Group for the same periods. Because there are few, if any, exchange traded funds or index funds that track
indexes similar to those tracked by the Funds, the Lipper Groups included in part, at the request of BGFA, mutual funds, closed-end funds, exchange traded funds, and funds with differing investment objective classifications, investment focuses and
other characteristics (e.g., actively managed funds and funds sponsored by at cost service providers). In support of its review of the statistical information, the Board was provided with a detailed description of the methodology used by
Lipper to determine the applicable Lipper Groups and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information may or may not provide
meaningful direct comparisons to the Funds. The Board noted that most of the Funds generally performed in line with the funds in their respective Lipper Groups over the relevant periods; however, certain of the Funds may have underperformed or
outperformed funds in their respective Lipper Groups over such periods. In considering this information, the Board noted that the Lipper Groups include funds that may have different investment
|
|
|
74 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Board Review and Approval of Investment Advisory Contract (Unaudited)
(Continued)
iSHARES TRUST
objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track an index and
that during the prior year the Board received periodic reports on the Funds performance in comparison with their relevant benchmark indexes. Such comparative performance information was also considered by the Board.
The Board also noted that the investment advisory fees and overall expenses for the Funds were generally lower than the median or average investment advisory fee rates
and overall expense components of the funds in their respective Lipper Groups. Based on this review, the Board concluded that the investment advisory fees and expense levels and the historical performance of each Fund, as managed by BGFA, as
compared to the investment advisory fees and expense levels and performance of the funds in the relevant Lipper Group, were satisfactory for the purposes of approving the Advisory Contract for the coming year.
COSTS OF SERVICES PROVIDED TO FUNDS AND PROFITS REALIZED BY BGFA AND AFFILIATES
The Board reviewed information about the profitability to BGFA of the Funds based on the fees payable to BGFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and
expense to BGFA and its affiliates for the last calendar year. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BGI from securities lending by the Trust (including any securities lending by
the Funds). The Board also discussed BGFAs profit margin as reflected in the Funds profitability analysis and reviewed information regarding economies of scale (as discussed below). Based on this review, the Board concluded that the
profits to be realized by BGFA and its affiliates under the Advisory Contract and from other relationships between the Funds and BGFA and/or its affiliates, if any, were within the range the Board considered reasonable and appropriate.
ECONOMIES OF SCALE
In connection with its review of the Funds profitability analysis, the Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Funds assets. The Board noted that the
Advisory Contract did not provide for any breakpoints in the Funds investment advisory fee rates as the assets of the Funds increase. However, the Board further noted that possible future economies of scale for the Funds had been taken into
consideration by fixing the investment advisory fees at rates at the lower end of the marketplace, effectively giving Fund shareholders, from inception, the benefits of the lower average fee shareholders would have received from a fee structure with
declining breakpoints where the initial fee was higher. In addition, the Board noted that at its meeting held on March 9, 2006, it approved a reduction in the investment advisory fee rates for the iShares S&P GSSI/GSTI series sector Funds. The Board also reviewed BGFAs historic profitability as investment adviser to the iShares fund
complex and noted that BGFA had made a significant investment in the iShares funds and had incurred operating losses during earlier years when the iShares funds, including the Funds, had not yet reached scale. In light of this history, the Board
determined that further reductions in fee rates or additions of breakpoints were not warranted at this juncture for the Funds. Based on this review, as well as the discussions described above in connection with the Lipper Group comparisons, the
Board, recognizing its responsibility to consider this issue at least annually, concluded that the structure of the investment advisory fees reflects the sharing of economies of scale with the Funds shareholders.
FEES AND SERVICES PROVIDED FOR OTHER COMPARABLE FUNDS/ACCOUNTS MANAGED BY BGFA AND ITS AFFILIATES
The Board received and considered information regarding the Funds annual investment advisory fee rates under the Advisory Contract in comparison to the investment advisory/management fee rates for other
funds/accounts for which BGFA or BGI, an affiliate of BGFA, provides investment advisory/management services, including other funds registered under the 1940 Act, collective funds and separate accounts (together, the Other Accounts). The
Board noted that comparative investment advisory/management fee information was not available, as BGFA and its affiliates do not manage any Other Accounts with substantially similar investment objectives and strategies as
|
|
|
BOARD REVIEW AND APPROVAL OF INVESTMENT
ADVISORY CONTRACT |
|
75 |
Board Review and Approval of Investment Advisory Contract (Unaudited)
(Continued)
iSHARES TRUST
the Funds. However, the Board noted that BGFA provided the Board with general information regarding how the level of
services provided to the Other Accounts differed from the level of services provided to the Funds. Based on this review, the Board determined that the investment advisory fee rates under the Advisory Contract do not constitute fees that are so
disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arms-length bargaining, and concluded that the investment advisory fee rates under the Advisory Contract are
fair and reasonable.
OTHER BENEFITS TO BGFA AND/OR ITS AFFILIATES
The Board reviewed any ancillary revenue received by BGFA and/or its affiliates in connection with the services provided to the Funds by BGFA, such as any payment of revenue to BGI, the Trusts securities lending
agent, for loaning any portfolio securities, and the payment of advisory fees and/or administration fees to BGFA and BGI in connection with any investment by the Funds in other funds for which BGFA provides investment advisory services and/or BGI
provides administration services. The Board noted that BGFA does not use soft dollars or consider the value of research or other services that may be provided to BGFA (including its affiliates) in selecting brokers for portfolio transactions for the
Funds. The Board further noted that any portfolio transactions on behalf of the Funds placed through a BGFA affiliate are reported to the Board pursuant to Rule 10f-3 and Rule 17e-1, as applicable, under the 1940 Act. The Board concluded that any
such ancillary benefits would not be disadvantageous to the Funds shareholders.
Based on this analysis, the Board determined that the Advisory
Contract, including the investment advisory fee rates there under, is fair and reasonable in light of all relevant circumstances, and concluded that it is in the best interest of the Funds and their shareholders to approve the Advisory Contract for
the coming year.
|
|
|
76 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (Unaudited)
iSHARES® TRUST
The tables that follow present information about the differences between the daily market price on secondary markets
for shares of a Fund and that Funds 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. The Market Price of each Fund generally is determined using the midpoint between the highest bid and the lowest offer on the stock exchange on which the shares of such Fund is listed for trading, as of the time that the
Funds NAV is calculated. Each Funds Market 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 Market 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 (expressed as a percentage) between the
NAV and Market Price of a Fund on a given day, generally at the time NAV is calculated. 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.
The following information shows the frequency distributions of premiums and discounts for
each of the Funds included in this report. The information shown for each Fund is for five calendar years (or for each full calendar quarter completed after the inception date of such Fund if less than five years) through the date of the most recent
calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.
Each line in the table shows the number of
trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All
data presented here represents past performance, which cannot be used to predict future results.
iShares S&P GSTI Technology Index Fund
Period Covered: January 1, 2002 through
June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 1.5% and Less than 2.0% |
|
1 |
|
0.07 |
% |
Greater than 1.0% and Less than 1.5% |
|
1 |
|
0.07 |
|
Greater than 0.5% and Less than 1.0% |
|
8 |
|
0.58 |
|
Between 0.5% and 0.5% |
|
1,352 |
|
97.91 |
|
Less than 0.5% and Greater than 1.0% |
|
14 |
|
1.01 |
|
Less than 1.0% and Greater than 1.5% |
|
4 |
|
0.29 |
|
Less than 1.5% and Greater than 2.0% |
|
1 |
|
0.07 |
|
|
|
|
|
|
|
|
|
1,381 |
|
100.00 |
% |
|
|
|
|
|
|
iShares S&P GSTI Networking
Index Fund
Period Covered: January 1, 2002 through June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 1.5% |
|
1 |
|
0.07 |
% |
Greater than 1.0% and Less than 1.5% |
|
3 |
|
0.22 |
|
Greater than 0.5% and Less than 1.0% |
|
37 |
|
2.68 |
|
Between 0.5% and 0.5% |
|
1,288 |
|
93.27 |
|
Less than 0.5% and Greater than 1.0% |
|
40 |
|
2.90 |
|
Less than 1.0% and Greater than 1.5% |
|
6 |
|
0.43 |
|
Less than 1.5% and Greater than 2.0% |
|
4 |
|
0.29 |
|
Less than 2.0% |
|
2 |
|
0.14 |
|
|
|
|
|
|
|
|
|
1,381 |
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
77 |
Supplemental Information (Unaudited) (Continued)
iSHARES® TRUST
iShares S&P GSTI Semiconductor
Index Fund
Period Covered: January 1, 2002 through June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 1.0% and Less than 1.5% |
|
3 |
|
0.22 |
% |
Greater than 0.5% and Less than 1.0% |
|
13 |
|
0.94 |
|
Between 0.5% and 0.5% |
|
1,339 |
|
96.95 |
|
Less than 0.5% and Greater than 1.0% |
|
20 |
|
1.45 |
|
Less than 1.0% and Greater than 1.5% |
|
3 |
|
0.22 |
|
Less than 1.5% and Greater than 2.0% |
|
3 |
|
0.22 |
|
|
|
|
|
|
|
|
|
1,381 |
|
100.00 |
% |
|
|
|
|
|
|
iShares S&P GSTI Software
Index Fund
Period Covered: January 1, 2002 through June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 2.0% and Less than 2.5% |
|
1 |
|
0.07 |
% |
Greater than 1.5% and Less than 2.0% |
|
1 |
|
0.07 |
|
Greater than 1.0% and Less than 1.5% |
|
1 |
|
0.07 |
|
Greater than 0.5% and Less than 1.0% |
|
13 |
|
0.94 |
|
Between 0.5% and 0.5% |
|
1,342 |
|
97.19 |
|
Less than 0.5% and Greater than 1.0% |
|
19 |
|
1.38 |
|
Less than 1.0% and Greater than 1.5% |
|
2 |
|
0.14 |
|
Less than 1.5% and Greater than 2.0% |
|
2 |
|
0.14 |
|
|
|
|
|
|
|
|
|
1,381 |
|
100.00 |
% |
|
|
|
|
|
|
iShares S&P GSSI Natural
Resources Index Fund
Period Covered: January 1, 2002 through June 30, 2007
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 0.5% |
|
1 |
|
0.07 |
% |
Between 0.5% and 0.5% |
|
1,373 |
|
99.43 |
|
Less than 0.5% and Greater than 1.0% |
|
5 |
|
0.36 |
|
Less than 1.0% and Greater than 1.5% |
|
2 |
|
0.14 |
|
|
|
|
|
|
|
|
|
1,381 |
|
100.00 |
% |
|
|
|
|
|
|
|
|
|
78 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (Unaudited) (Continued)
iSHARES® TRUST
iShares NYSE Composite Index Fund
Period Covered: April 2, 2004 through June 30, 2007*
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 1.0% and Less than 1.5% |
|
1 |
|
0.12 |
% |
Greater than 0.5% and Less than 1.0% |
|
42 |
|
5.15 |
|
Between 0.5% and 0.5% |
|
769 |
|
94.24 |
|
Less than 0.5% and Greater than 1.0% |
|
3 |
|
0.37 |
|
Less than 1.0% |
|
1 |
|
0.12 |
|
|
|
|
|
|
|
|
|
816 |
|
100.00 |
% |
|
|
|
|
|
|
iShares NYSE 100 Index Fund
Period Covered: April 2, 2004 through June 30, 2007*
|
|
|
|
|
|
Premium/Discount Range |
|
Number of Days |
|
Percentage of Total Days |
|
Greater than 1.0% |
|
1 |
|
0.12 |
% |
Greater than 0.5% and Less than 1.0% |
|
6 |
|
0.74 |
|
Between 0.5% and 0.5% |
|
804 |
|
98.53 |
|
Less than 0.5% and Greater than 1.0% |
|
5 |
|
0.61 |
|
|
|
|
|
|
|
|
|
816 |
|
100.00 |
% |
|
|
|
|
|
|
* |
April 2, 2004 is the first day of trading on the stock exchange on which the shares of the Fund are listed for trading. |
|
|
|
SUPPLEMENTAL INFORMATION |
|
79 |
Trustee and Officer Information (Unaudited)
iSHARES® TRUST
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 he or she resigns, is removed, dies, retires or becomes incapacitated. Each Officer serves until he or she resigns, is removed, dies, retires or
becomes disqualified.
iShares Trust, iShares, Inc., Barclays Global Investors Funds (BGIF), Master Investment Portfolio (MIP) and
Barclays Foundry Investment Trust (BFIT) are considered to be members of the same fund complex, as defined in Form N-1A under the 1940 Act. Each Trustee of iShares Trust also serves as a Director for iShares, Inc. and oversees 135
portfolios within the fund complex. In addition, Lee T. Kranefuss serves as a Trustee for BGIF, MIP and BFIT and oversees an additional 24 portfolios within the fund complex.
Unless otherwise noted in the tables below, the address for each Trustee and Officer is c/o Barclays Global Investors, N.A., 45 Fremont Street, San Francisco, California 94105. The Board has designated George G.C.
Parker as its Lead Independent Trustee. Additional information about the Funds Trustees and Officers may be found in the Funds combined Statement of Additional Information, which is available without charge, upon request, by calling
toll-free 1-800-474-2737.
Interested Trustees and Officers
|
|
|
|
|
|
|
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s)
During Past 5 Years |
|
Other Directorships Held |
*Lee T. Kranefuss, 1961 |
|
Trustee and Chairman
(since
2003). |
|
Chief Executive Officer of the Intermediary Investor and Exchange Traded Products Business of BGI (since 2003); Director of Barclays Global Fund Advisors (since 2005); Director, President and
Chief Executive Officer of Barclays Global Investors International, Inc. (since 2005); Director, Chairman and Chief Executive Officer of Barclays Global Investors Services (since 2005); Chief Executive Officer of the Individual Investor Business of
BGI (1999-2003). |
|
Director (since 2003) of iShares, Inc.; Trustee (since 2001) of BGlF and MIP; Trustee (since 2007) of BFIT; Director (since 2003) of BGI Cayman Prime Money Market Fund, Ltd. |
|
|
|
|
*John E. Martinez, 1962 |
|
Trustee
(since 2003). |
|
Co-Chief Executive Officer of Global Index and Markets Group of BGI (2001-2003); Chairman of Barclays Global Investors Services (2000-2003). |
|
Director (since 2003) of iShares, Inc.; Director (since 2005) of Real Estate Equity Exchange. |
* |
Lee T. Kranefuss and John E. Martinez are deemed to be interested persons (as defined in the 1940 Act) of the Trust due to their affiliations with BGFA, the Funds
investment adviser, BGI, the parent company of BGFA, and Barclays Global Investors Services, an affiliate of BGFA and BGI. |
|
|
|
80 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (Unaudited) (Continued)
iSHARES® TRUST
Independent Trustees
|
|
|
|
|
|
|
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
George G.C. Parker, 1939 |
|
Trustee (since 2000); Lead Independent Trustee (since 2006). |
|
Dean Witter Distinguished Professor of Finance, Emeritus (since 1994); Formerly Senior Associate Dean for Academic Affairs, Director of MBA Program, Stanford University: Graduate School of
Business (1993-2001). |
|
Director (since 2002) of iShares, Inc.; Director (since 1996) of Continental Airlines, Inc.; Director (since 1995) of Community First Financial Group; Director (since 1999) of Tejon Ranch
Company; Director (since 2003) of First Republic Bank; Director (since 2004) of Threshold Pharmaceuticals; Director (since 2007) of NETGEAR, Inc. |
|
|
|
|
Cecilia H. Herbert, 1949 |
|
Trustee (since 2005). |
|
Member of Finance Council, Archdiocese of San Francisco (1999-2006); Chair of Investment Committee, Archdiocese of San Francisco (1994-2005); Director (since 1998) and President (since 2007) of
the Board of Directors, Catholic Charities CYO; Trustee (2004-2005) of Pacific Select Funds; Trustee (1992-2003) of the Montgomery Funds; Trustee (since 2002) and chair of Finance and Investment Committee (since 2006) of the Thacher
School. |
|
Director (since 2005) of iShares, Inc. |
|
|
|
|
Charles A. Hurty, 1943 |
|
Trustee (since 2005). |
|
Retired; Partner, KPMG LLP (1968-2001). |
|
Director (since 2005) of iShares, Inc.; Director (since 2002) of GMAM Absolute Return Strategy Fund (1 portfolio); Director (since 2002) of Citigroup Alternative Investments Multi-Adviser Hedge
Fund Portfolios LLC (1 portfolio); Director (since 2005) of CSFB Alternative Investments Fund (6 portfolios). |
|
|
|
|
John E. Kerrigan, 1955 |
|
Trustee (since 2005). |
|
Chief Investment Officer, Santa Clara University (since 2002); Managing Director, Merrill Lynch (1994-2002). |
|
Director (since 2005) of iShares, Inc.; Member (since 2004) of Advisory Council for Commonfund Distressed Debt Partners II. |
|
|
|
TRUSTEE AND OFFICER INFORMATION |
|
81 |
Trustee and Officer
Information (Unaudited) (Continued)
iSHARES® TRUST
Independent Trustees (Continued)
|
|
|
|
|
|
|
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
Robert H. Silver, 1955 |
|
Trustee (since 2007). |
|
President and Co-Founder of The Bravitas Group, Inc. (since 2006); Member, Non-Investor Advisory Board of Russia Partners II, LP (since 2006); President and Chief Operating Officer (2003-2005)
and Director (1999-2005) of UBS Financial Services, Inc.; President and Chief Executive Officer of UBS Services USA, LLC (1999-2005); Managing Director, UBS America, Inc. (2000-2005); Director and Vice Chairman of the YMCA of Greater NYC (since
2001); Broadway Producer (since 2006). |
|
Director (since 2007) of iShares, Inc.; Director and Member (since 2006) of the Audit and Compensation Committee of EPAM Systems, Inc. |
|
Officers |
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
Michael A. Latham, 1965 |
|
President (since 2007). |
|
Head of Americas iShares (since 2007); Chief Operating Officer of the Intermediary Investor and Exchange Traded Products Business of BGI (2003-2007); Director and Chief Financial Officer of
Barclays Global Investors International, Inc. (Since 2005); Director of Mutual Fund Delivery in the U.S. Individual Investor Business of BGI (2000-2003). |
|
None. |
|
|
|
|
Geoffrey D. Flynn, 1956 |
|
Treasurer and Chief Financial Officer (since 2007). |
|
Director of Mutual Fund Operations of BGI (since 2007); President of Van Kampen Investor Services (2003-2007); Managing Director of Morgan Stanley
(2002-2007); President of Morgan Stanley Trust, FSB (2002-2007). |
|
None. |
|
|
|
82 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Trustee and Officer Information (Unaudited) (Continued)
iSHARES® TRUST
Officers (Continued)
|
|
|
|
|
|
|
Name, Year of Birth |
|
Position(s), Length of Service |
|
Principal Occupation(s) During Past 5 Years |
|
Other Directorships Held |
Eilleen M. Clavere, 1952 |
|
Secretary (since 2007). |
|
Head of Legal Administration of Intermediary Investor Business of BGI (since 2006); Legal Counsel and Vice President of Atlas Funds, Atlas Advisers, Inc. and Atlas Securities, Inc. (2005-2006);
Counsel of Kirkpatrick & Lockhart LLP (2001-2005). |
|
None. |
|
|
|
|
Ira P. Shapiro, 1963 |
|
Vice President and Chief Legal Officer (since 2007). |
|
Associate General Counsel of BGI (since 2004); First Vice President of Merrill Lynch Investment Managers (1993-2004). |
|
None. |
|
|
|
|
Amy Schioldager, 1962 |
|
Executive Vice President (since 2007). |
|
Head of U.S. Indexing of BGI (since 2006); Head of Domestic Equity Portfolio Management of BGI (2001-2006). |
|
None. |
|
|
|
|
H. Michael Williams, 1960 |
|
Executive Vice President (since 2007). |
|
Head of Global Index and Markets Group of BGI (since
2006); Global Head of Securities Lending of BGI (2002-2006).
|
|
Trustee (since 2007) of BFIT. |
|
|
|
|
Patrick OConnor, 1967 |
|
Vice President (since 2007). |
|
Head of iShares Portfolio Management of BGI (since 2006); Senior Portfolio Manager of BGI (1999-2006). |
|
None. |
|
|
|
|
Lee Sterne, 1965 |
|
Vice President (since 2007). |
|
Senior Portfolio Manager of BGI (since 2004); Portfolio Manager of BGI (2001-2004). |
|
None. |
|
|
|
|
Matt Tucker, 1972 |
|
Vice President (since 2007). |
|
Head of U.S. Fixed-Income Investment Solutions of BGI (since 2005); Fixed- Income Investment Strategist of BGI (2003-2005); Fixed-Income Portfolio Manager
of BGI (1997-2003). |
|
None. |
|
|
|
TRUSTEE AND OFFICER INFORMATION |
|
83 |
Notes:
|
|
|
84 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
Notes:
The iShares® Family of Funds
The following is a list of iShares Funds being offered, along with their respective exchange trading symbols.
Please call 1-800-iShares (1-800-474-2737) to obtain a prospectus for any iShares Fund. The prospectus contains more complete information, including charges, expenses, investment objectives and risk factors that should be carefully considered to
determine if the Fund(s) are an appropriate investment for you. Read the prospectus(es) carefully before investing. Investing involves risk, including possible loss of principal.
iShares S&P Domestic Index
Funds
iShares S&P 1500 (ISI)
iShares S&P 100 (OEF)
iShares S&P 500 (IVV)
iShares S&P 500 Growth (IVW)
iShares S&P 500 Value (IVE)
iShares S&P MidCap 400 (IJH)
iShares S&P MidCap 400 Growth (IJK)
iShares S&P MidCap 400 Value (IJJ)
iShares S&P SmallCap 600 (IJR)
iShares S&P SmallCap 600 Growth (IJT)
iShares S&P SmallCap 600 Value (IJS)
iShares S&P GSSI Natural Resources (IGE)
iShares S&P GSTI Networking (IGN)
iShares S&P GSTI Semiconductor (IGW)
iShares S&P GSTI Software (IGV)
iShares S&P GSTI Technology (IGM)
iShares Domestic Sector Index Funds
iShares Cohen & Steers Realty Majors (ICF)
iShares Dow Jones U.S. Basic Materials Sector (IYM)
iShares Dow Jones U.S. Consumer Services Sector (IYC)
iShares Dow Jones U.S. Consumer Goods Sector (IYK)
iShares Dow Jones U.S. Energy Sector (IYE)
iShares Dow Jones U.S. Financial Sector (IYF)
iShares Dow Jones U.S. Financial Services
(IYG)
iShares Dow Jones U.S. Healthcare Sector (IYH)
iShares Dow Jones U.S. Industrial Sector (IYJ)
iShares Dow Jones U.S. Real Estate (IYR)
iShares Dow Jones U.S. Technology Sector (IYW)
iShares Dow Jones U.S. Telecommunications
Sector (IYZ)
iShares Dow Jones Transportation Average (IYT)
iShares Dow Jones U.S. Utilities Sector (IDU)
iShares Dow Jones U.S. Total Market (IYY)
iShares Nasdaq Biotechnology (IBB)
iShares Domestic Subsector Index Funds
iShares Dow Jones U.S. Aerospace & Defense (ITA)
iShares Dow Jones U.S. Broker-Dealers (IAI)
iShares Dow Jones U.S. Healthcare Providers (IHF)
iShares Dow Jones U.S. Home Construction (ITB)
iShares Dow Jones U.S. Insurance (IAK)
iShares Dow Jones U.S. Medical Devices (IHI)
iShares Dow Jones U.S. Oil & Gas
Exploration & Production (IEO)
iShares Dow Jones U.S. Oil Equipment & Services (IEZ)
iShares Dow Jones U.S. Pharmaceuticals (IHE)
iShares Dow Jones U.S. Regional Banks (IAT)
iShares FTSE NAREIT Industrial/Office (FIO)
iShares FTSE NAREIT Mortgage REITs (REM)
iShares FTSE NAREIT Real Estate 50 (FTY)
iShares FTSE NAREIT Residential (REZ)
iShares FTSE NAREIT Retail (RTL)
iShares Global Index Funds
iShares S&P Global 100 (IOO)
iShares S&P Global Consumer Discretionary Sector (RXI)
iShares S&P Global Consumer
Staples Sector (KXI)
iShares S&P Global Energy Sector (IXC)
iShares S&P Global Financials Sector (IXG)
iShares S&P Global Healthcare Sector (IXJ)
iShares S&P Global Industrials Sector (EXI)
iShares S&P Global Materials Sector (MXI)
iShares S&P Global Technology Sector (IXN)
iShares S&P Global Telecommunications Sector (IXP)
iShares S&P Global Utilities Sector (JXI)
iShares Russell Index Funds
iShares Russell 3000 (IWV)
iShares Russell 3000 Growth (IWZ)
iShares Russell 3000 Value (IWW)
iShares Russell 1000 (IWB)
iShares Russell 1000 Growth (IWF)
iShares Russell 1000 Value (IWD)
iShares Russell Midcap (IWR)
iShares Russell Midcap Growth (IWP)
iShares Russell Midcap Value (IWS)
iShares Russell 2000 (IWM)
iShares Russell 2000 Growth (IWO)
iShares Russell 2000 Value (IWN)
iShares Russell Microcap (IWC)
iShares International Country Index Funds
iShares FTSE/Xinhua China 25 (FXI)
iShares MSCI Australia (EWA)
iShares MSCI Austria (EWO)
iShares MSCI Belgium (EWK)
iShares MSCI Brazil (EWZ)
iShares MSCI Canada (EWC)
iShares MSCI France (EWQ)
iShares MSCI Germany (EWG)
iShares MSCI Hong Kong (EWH)
iShares MSCI Italy (EWI)
iShares MSCI Japan (EWJ)
iShares MSCI Malaysia (EWM)
iShares MSCI Mexico (EWW)
iShares MSCI Netherlands (EWN)
iShares MSCI Singapore (EWS)
iShares MSCI South Africa (EZA)
iShares MSCI South Korea (EWY)
iShares MSCI Spain (EWP)
iShares MSCI Sweden (EWD)
iShares MSCI Switzerland (EWL)
iShares MSCI Taiwan (EWT)
iShares MSCI United Kingdom (EWU)
iShares S&P/TOPIX 150 (ITF)
iShares Bond Funds
iShares Lehman Aggregate (AGG)
iShares Lehman Short Treasury (SHV)
iShares Lehman 1-3 Year Treasury (SHY)
iShares Lehman 3-7 Year Treasury (IEI)
iShares Lehman 7-10 Year Treasury (IEF)
iShares Lehman 10-20 Year Treasury (TLH)
iShares Lehman 20+ Year Treasury (TLT)
iShares Lehman TIPS (TIP)
iShares Lehman Credit (CFT)
iShares Lehman 1-3 Year Credit (CSJ)
iShares Lehman Intermediate Credit (CIU)
iShares iBoxx $ Investment Grade Corporate (LQD)
iShares Lehman Government/Credit (GBF)
iShares Lehman Intermediate Government/Credit (GVI)
iShares Lehman MBS Fixed-Rate (MBB)
iShares iBoxx $ High Yield Corporate (HYG)
iShares Specialty Index Funds
iShares KLD Select SocialSM (KLD)
iShares KLD 400 Social (DSI)
iShares Dow Jones Select Dividend (DVY)
iShares Dow Jones EPAC Select Dividend (IDV)
iShares S&P U.S. Preferred Stock (PFF)
iShares International Index Funds
iShares MSCI EAFE (EFA)
iShares MSCI EAFE Growth (EFG)
iShares MSCI EAFE Value (EFV)
iShares MSCI Emerging Markets (EEM)
iShares MSCI EMU (EZU)
iShares MSCI Pacific ex-Japan (EPP)
iShares S&P Europe 350 (IEV)
iShares S&P Latin America 40 (ILF)
iShares S&P World ex-U.S. Property (WPS)
iShares Morningstar Index Funds
iShares Morningstar Large Core (JKD)
iShares Morningstar Large Growth (JKE)
iShares Morningstar Large Value (JKF)
iShares Morningstar Mid Core (JKG)
iShares Morningstar Mid Growth (JKH)
iShares Morningstar Mid Value (JKI)
iShares Morningstar Small Core (JKJ)
iShares Morningstar Small Growth (JKK)
iShares Morningstar Small Value (JKL)
iShares NYSE Index Funds
iShares
NYSE Composite (NYC)
iShares NYSE 100 (NY)
iShares® is a registered trademark of Barclays Global Investors, N.A. The iShares Funds are not
sponsored, endorsed or issued by Lehman Brothers, nor are they sponsored, endorsed, issued, sold or promoted by Cohen & Steers Capital Management, Inc., Dow Jones & Company, Inc., FTSE International Limited (FTSE),
FTSE/Xinhua Index Limited (FXI), iBoxx, KLD Research & Analytics, Inc., Morgan Stanley Capital International, Morningstar, Inc., The NASDAQ Stock Market, Inc., National Association of Real Estate Investment Trusts
(NAREIT), New York Stock Exchange, Inc., Frank Russell Company, or Standard & Poors. None of these companies make any representation regarding the advisability of investing in the iShares Funds. Neither SEI nor BGI, nor
any of their affiliates, are affiliated with the companies listed above. iBoxx is a registered trademark of International Index Company Limited. FXI does not make any warranty regarding the FTSE/Xinhua Index. All rights in the FTSE/Xinhua Index vest
in FXI. Neither FTSE nor NAREIT makes any warranty regarding the FTSENAREIT Real Estate 50 Index, FTSENAREIT Residential Index, FTSENAREIT Retail Index, FTSENAREIT Mortgage REITs Index or FTSENAREIT Industrial/Office Index; all rights vest in
NAREIT. FTSE is a trade and service mark of London Stock Exchange and The Financial Times; Xinhua is a trade and service mark of Xinhua Financial Network Limited. NAREIT® is a trademark of NAREIT.
An investment in the Fund(s) is not a deposit of a bank and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
This advertising section does not constitute part of the 2007 Annual Report.
5241-iS-0907
|
|
|
86 |
|
2007 iSHARES ANNUAL REPORT TO SHAREHOLDERS |
As of July 31, 2007, iShares
Trust (the Registrant) had adopted a code of ethics that applies to persons appointed by the Registrants Board of Trustees as the President and/or Chief Financial Officer, and any persons performing similar functions. For the
fiscal year ended July 31, 2007, there were no amendments to any provision of this code of ethics, nor were there any waivers granted from any provision of this code of ethics. A copy of this code of ethics is filed with this Form N-CSR under
Item 12(a)(1).
Item 3. |
Audit Committee Financial Expert. |
The
Registrants Board of Trustees has determined that the Registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts
serving on the Registrants audit committee are Charles A. Hurty, John E. Kerrigan, George G.C. Parker and Robert H. Silver, all of whom are independent, as that term is defined under Item 3(a)(2).
Item 4. |
Principal Accountant Fees and Services. |
The principal accountant
fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for eleven series of the Registrant for which the fiscal year-end is July 31, 2007 (the Funds), and whose annual financial statements are reported in Item 1.
|
(a) |
Audit Fees The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the
Funds annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years, were $158,616 for the fiscal year ended July 31, 2006
and $165,347 for the fiscal year ended July 31, 2007. |
|
(b) |
Audit-Related Fees There were no fees billed for the fiscal years ended July 31, 2006 and July 31, 2007 for assurance and related services by the principal
accountant that were reasonably related to the performance of the audit of the Funds financial statements and are not reported under (a) of this Item. |
|
(c) |
Tax Fees The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for the review of the
Funds tax returns and excise tax calculations, were $66,438 for the fiscal year ended July 31, 2006 and $70,965 for the fiscal year ended July 31, 2007. |
|
(d) |
All Other Fees There were no other fees billed for the fiscal years ended July 31, 2006 and July 31, 2007 for products and services provided by the principal
accountant, other than the services reported in (a) through (c) of this Item. |
|
(e) |
(1) The Registrants audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the
principal accountant to annually audit and provide their opinion on the Registrants financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to
the Registrant or to any entity controlling, controlled by or under common control with the Registrants investment adviser (Adviser Affiliate) that provides ongoing services to the Registrant, if the engagement relates directly to
the operations and financial reporting of the Registrant. |
|
|
(2) There were no services described in (b) through (d) above (including services required by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
|
(f) |
None of the hours expended on the principal accountants engagement to audit the Funds financial statements for the fiscal year ended July 31, 2007 were attributable
to work performed by persons other than the principal accountants full-time, permanent employees. |
|
(g) |
The aggregate non-audit fees billed by the Registrants principal accountant for services rendered to the Funds, and rendered to the Registrants investment adviser, and
any Adviser Affiliate that provides ongoing services to the Registrant for the last two fiscal years, were $1,590,313 for the fiscal year ended July 31, 2006 and $2,247,779 for the fiscal year ended July 31, 2007. |
|
(h) |
The Registrants audit committee has considered whether the provision of non-audit services rendered to the Registrants investment adviser and any Adviser Affiliate that
were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, are compatible with maintaining the principal accountants independence, and has determined that the provision of these services do not compromise
the principal accountants independence. |
Item 5. |
Audit Committee of Listed Registrants. |
The
Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrants audit committee
members are George G.C. Parker, Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan and Robert H. Silver.
Item 6. |
Schedule of Investments. |
The Funds full
schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
Item 7. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the Registrant.
Item 8. |
Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to the Registrant.
Item 9. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the Registrant.
Item 10. |
Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrants Board of Trustees.
Item 11. |
Controls and Procedures. |
(a) The President (the
Registrants Principal Executive Officer) and Chief Financial Officer (the Registrants Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the
disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification.
(b) There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
Act of 1940) that occurred during the Registrants second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrants internal control over financial
reporting.
(a) (1) Code of Ethics for Senior
Officers that is the subject of Item 2 is attached.
(a) (2) Section 302 Certifications are attached.
(a) (3) Not applicable to the Registrant.
(b) Section 906 Certifications are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of
1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
iShares Trust |
|
|
By: |
|
/s/ Michael A. Latham |
|
|
Michael A. Latham, President (Principal Executive Officer) |
|
|
Date: September 24, 2007 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
|
|
|
|
|
By: |
|
/s/ Michael A. Latham |
|
|
Michael A. Latham, President (Principal Executive Officer) |
|
|
Date: September 24, 2007 |
|
|
|
By: |
|
/s/ Geoffrey D. Flynn |
|
|
Geoffrey D. Flynn, Treasurer and Chief Financial Officer (Principal Financial Officer) |
|
|
Date: September 24, 2007 |
EX-99.(A)(1)
2
dex99a1.htm
CODE OF ETHICS FOR SENIOR OFFICERS THAT IS THE SUBJECT OF ITEM 2 IS ATTACHED.
Code of Ethics for Senior Officers that is the subject of Item 2 is attached.
|
|
|
N-CSR Exhibit for Item 12(a)(1): CODE OF ETHICS |
|
EX99.CODE ETHICS |
iShares Trust and iShares, Inc.
CODE OF ETHICS FOR SENIOR OFFICERS
INTRODUCTION
Section 406 of the Sarbanes-Oxley Act of 2002 directed the Securities and Exchange Commission (the SEC) to adopt rules requiring
companies to disclose whether or not they have adopted a code of ethics for senior financial officers, and if not, why not. The SEC has adopted rules requiring registered investment companies to make such disclosures. These rules extend coverage to
chief executive officers as well as senior financial officers, and require disclosure of waivers or substantive changes in any code. This Code of Ethics (this Code) addresses these new requirements, and is different in nature and scope
from the code of ethics that was previously adopted as required under Section 17(j) of the Investment Company Act of 1940 (the 1940 Act) and Rule 17j-1 thereunder, which focuses on personal trading activities.
POLICY STATEMENT
It is the
policy of iShares Trust and iShares, Inc. (collectively the Funds or each individually a Fund) to conduct its affairs in accordance with all applicable laws and governmental rules and regulations. This Code has been adopted
by the Funds Board of Trustees and Board of Directors (together, the Board) and applies to the persons appointed by the Board as Chief Executive Officer, President, Chief Financial Officer, Treasurer and/or Chief Accounting
Officer, and any persons performing similar functions, all as identified in Exhibit A, as modified from time to time (Covered Officers). Each Covered Officer is personally responsible for adhering to the standards and restrictions
imposed by applicable laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters. This Code is designed to promote:
|
|
|
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
|
|
|
full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public
communications made by the Fund; |
|
|
|
compliance with applicable governmental laws, rules and regulations; |
|
|
|
prompt internal reporting to the appropriate person of violations of this Code; and |
|
|
|
accountability for adherence to this Code. |
This Code covers a wide range of business practices and procedures. It does not cover every issue that may arise, but it sets out basic principles to guide Covered Officers. In this regard, each Covered Officer must:
|
|
|
act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds policies;
|
|
|
|
observe both the form and spirit of laws and governmental rules and regulations, and accounting standards; |
|
|
|
adhere to high standards of business ethics; and |
|
|
|
place the interests of the Fund and its shareholders before the Covered Officers own personal interests. |
All activities of Covered Officers should be guided by and adhere to these fiduciary standards. Covered
Officers should not hesitate to use available resources whenever it is desirable to seek clarification. Covered Officers are encouraged to consult with the Funds chief legal officer or, if none, legal counsel to the Funds investment
adviser (Adviser) (Legal Counsel), or other appropriate resources, when in doubt about the best course of action in a particular situation.
CONFLICTS OF INTEREST
Covered Officers should handle ethically actual and apparent conflicts
of interest. A conflict of interest occurs when an individuals personal interests actually or potentially interfere with the interests of the Fund or its shareholders. A conflict of interest can arise when a Covered Officer takes
actions or has interests that may make it difficult to perform his duties as a Fund officer objectively and effectively. Service to the Fund should never be subordinated to either a direct or indirect personal gain or advantage.
Certain conflicts of interests arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest
provisions in the 1940 Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as
affiliated persons of the Fund. The Funds and the Advisers compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to,
repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Actual or apparent conflicts may arise from, or as a result of, the contractual relationship between the Fund and the Adviser,
administrator or other service provider of which the Covered Officers are also officers or employees (the Employer). It is recognized by the Board that the Covered Officers will, in the normal course of their duties, be involved in
establishing policies and implementing decisions that will have different effects on the Employer and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship
between the Fund and the Employer, and is consistent with the Boards understanding of the performance by the Covered Officers of their duties as officers of the Fund. In addition, it is recognized by the Board that the Covered Officers may
also be officers or employees of other investment companies advised or serviced by the Employer and the codes of those investment companies will apply to the Covered Officers acting in those distinct capacities. Nonetheless, each Covered Officer
recognizes that, as an Officer of the Fund, he or she has a duty to act in the best interests of the Fund and its shareholders.
If a
Covered Officer believes that his or her responsibilities as an officer or employee of the Employer are likely to materially compromise his or her objectivity or ability to perform the duties of his role as an officer of the Fund, he or she should
consult with Legal Counsel, the Funds outside counsel, or counsel to the Trustees who are not interested persons of the Fund as defined in the 1940 Act (Independent Trustees), as appropriate. Under appropriate
circumstances, a Covered Officer should also consider whether to present the matter to the Board or an appropriate committee thereof.
In
addition, each Covered Officer must:
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avoid conflicts of interest wherever possible; |
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not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Fund whereby the Covered Officer
would benefit personally to the detriment of the Fund; |
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not engage in personal, business or professional relationships or dealings which would impair his or her independence of judgment or adversely affect the
performance of his or her duties in the best interests of the Fund and its shareholders; and |
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not cause the Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit the Fund.
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ACCURACY OF REPORTS, RECORDS AND ACCOUNTS
All Covered Officers are responsible for the accuracy of the records and reports that they are responsible for maintaining. Each Covered Officer shall
seek to obtain additional resources if he believes that existing resources are inadequate to enable the Fund to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders. Accurate information is
essential to the Funds ability to meet legal and regulatory obligations. The books and records of the Fund shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not
create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the
public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Legal Counsel for a determination as to what, if any, corrective action is necessary or appropriate.
No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in the Funds books
or records for any reason. No disbursement of Fund assets shall be made without adequate supporting documentation or for any purpose other than as described in the Funds documents or contracts.
FUNDS DISCLOSURE CONTROLS AND PROCEDURES
Each Covered Officer is required to be familiar, and comply, with the Funds disclosure controls and procedures. In addition, each Covered Officer having direct or supervisory authority regarding SEC filings or
the Funds other public communications should, to the extent appropriate within his area of responsibility, consult with other Fund officers and take other appropriate steps regarding these disclosures with the goal of making full, fair,
accurate, timely and understandable disclosure.
Each Covered Officer must:
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familiarize him- or herself with the disclosure requirements applicable to the Fund as well as the business and financial operations of the Fund;
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ensure that reasonable steps are taken within his or her areas of responsibility to promote full, fair, accurate, timely and understable disclosure in all
regulatory filings, as well as when communicating with the Funds shareholders or the general public, in accordance with applicable law; |
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consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Fund service providers in developing financial information
and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner; and |
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not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Fund, whether to persons within or outside the
Fund, including to outside counsel, independent auditors and governmental regulators. |
CONFIDENTIAL INFORMATION
Covered Officers who have access to confidential information are not permitted to use or share that information for their personal
benefit or for any other purpose except the conduct of the Funds business. Covered Officers should maintain the confidentiality of information entrusted to them by the Fund or its shareholders, except when disclosure is authorized or legally
mandated. Confidential information includes all non-public information, including information that might be of use to competitors, or harmful to the Fund or its shareholders if disclosed.
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly by
the Fund. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel.
COMPLIANCE, REPORTING AND RECORDKEEPING
Compliance
Any Covered Officer
who violates the provisions of this Code will be subject to disciplinary action and appropriate sanctions, up to and including termination. Sanctions shall be imposed by the Audit Committee, subject to review by the full Board, in their sole
discretion. Depending on the nature and severity of the violation, the Fund may refer such violation to appropriate authorities for civil action or criminal prosecution.
All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by the law or this Code, such
reports and records shall not be disclosed to anyone other than the Funds Adviser, the Trustees, the Funds outside counsel or counsel to the Independent Trustees.
Reporting
Each Covered Officer shall:
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upon receipt of the Code or upon becoming a Covered Officer, sign and submit an Initial Acknowledgement (form attached) confirming that he has received, read and
understands the Code; |
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annually, sign and submit an Annual Acknowledgement (form attached) confirming that he has complied with the requirements of the Code; |
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not retaliate against any Covered Officer or other person for making reports of violations in good faith; and |
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notify Legal Counsel, the Funds outside counsel or counsel to the Independent Trustees, as appropriate, of any actual or potential violation of this Code.
Failure to do so is itself a violation of this Code. The Fund will not retaliate against any Covered Officer for making reports of violations in good faith, but will not be precluded from taking appropriate disciplinary action for the violations
themselves. |
Except as described otherwise below, Legal Counsel is authorized to apply this Code to situations presented
to it and has the authority to interpret this Code in any particular situation. Legal Counsel shall take all action it considers appropriate to investigate any actual or potential violations reported to it, and Legal Counsel is authorized and
encouraged to consult, as appropriate, with the chair of the Audit Committee, the Funds outside counsel or counsel to the Independent Trustees. The Funds Audit Committee is responsible for granting waivers from the terms and provisions
of this Code, as it deems appropriate.
Recordkeeping
The Fund will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in
an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such
violation, together with a written record of the approval or action taken by the Audit Committee and/or Board.
EXHIBIT A
Covered Officers covered by this Code of Ethics for Senior Officers:
1. Michael A. Latham, President (Principal Executive Officer)
2. Geoffrey D. Flynn, Treasurer and Chief Financial Officer (Principal Financial Officer)
Current as
of: September 21, 2007
Form of
INITIAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics
for Senior Officers (the Code) and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I also acknowledge my responsibility to report any violation of the Code to Legal Counsel, as defined in the Code.
I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I
also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
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Covered Officer Name and Title: |
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(please print) |
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Signature |
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Date |
Form of
ANNUAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for
Senior Officers (the Code) and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I also acknowledge that I have fully complied with the terms and provisions of the Code during the period of time since the most recent
Initial or Annual Acknowledgement provided by me.
I further acknowledge that the policies contained in the Code are not intended to create
any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion,
with or without notice.
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Covered Officer Name and Title: |
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(please print) |
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Signature |
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Date |
EX-99.(A)(2)
3
dex99a2.htm
SECTION 302 CERTIFICATIONS
Section 302 Certifications
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N-CSR Exhibit for Item 12(a)(2): SECTION 302 CERTIFICATIONS |
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EX-99.CERT |
I, Michael A. Latham, certify that:
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1. |
I have reviewed this report on Form N-CSR of iShares Trust for the following eleven series of iShares Trust: iShares
S&P GSTI Technology Index Fund (formerly iShares Goldman Sachs Technology Index Fund),
iShares S&P GSTI Networking Index Fund (formerly iShares Goldman Sachs Networking Index
Fund), iShares S&P GSTI Semiconductor Index Fund (formerly iShares Goldman Sachs
Semiconductor Index Fund), iShares S&P GSTI Software Index Fund (formerly iShares Goldman
Sachs Software Index Fund), iShares S&P GSSI Natural Resources Index Fund (formerly
iShares Goldman Sachs Natural Resources Index Fund), iShares NYSE Composite Index Fund, iShares NYSE 100 Index Fund, iShares MSCI EAFE Index Fund, iShares MSCI EAFE Growth Index Fund, iShares MSCI EAFE Value Index Fund and iShares FTSE/Xinhua China
25 Index Fund; |
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2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; |
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4. |
The Registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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c) |
Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
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d) |
Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the Registrants second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and |
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5. |
The Registrants other certifying officer and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (or persons
performing the equivalent functions): |
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a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Registrants ability to record, process, summarize, and report financial information; and |
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b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
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Date: September 24, 2007 |
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/s/ Michael A. Latham |
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President (Principal Executive Officer) |
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Michael A. Latham [Signature] |
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[Title] |
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N-CSR Exhibit for Item 12(a)(2): SECTION 302 CERTIFICATIONS |
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EX-99.CERT |
I, Geoffrey D. Flynn, certify that:
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1. |
I have reviewed this report on Form N-CSR of iShares Trust for the following eleven series of iShares Trust: iShares
S&P GSTI Technology Index Fund (formerly iShares Goldman Sachs Technology Index Fund),
iShares S&P GSTI Networking Index Fund (formerly iShares Goldman Sachs Networking Index
Fund), iShares S&P GSTI Semiconductor Index Fund (formerly iShares Goldman Sachs Semiconductor Index Fund), iShares S&P GSTI
Software Index Fund (formerly iShares Goldman Sachs Software Index Fund), iShares S&P GSSI Natural Resources Index Fund (formerly iShares Goldman Sachs Natural Resources Index
Fund), iShares NYSE Composite Index Fund, iShares NYSE 100 Index Fund, iShares MSCI EAFE Index Fund, iShares MSCI EAFE Growth Index Fund, iShares MSCI EAFE Value Index Fund and iShares FTSE/Xinhua China 25 Index Fund;
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2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report; |
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4. |
The Registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c) |
Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
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d) |
Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the Registrants second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and |
|
5. |
The Registrants other certifying officer and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of directors (or persons
performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
Registrants ability to record, process, summarize, and report financial information; and |
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
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Date: September 24, 2007 |
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/s/ Geoffrey D. Flynn |
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Treasurer and Chief Financial Officer (Principal Financial Officer) |
|
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Geoffrey D. Flynn [Signature] |
|
[Title] |
EX-99.(B)
4
dex99b.htm
SECTION 906 CERTIFICATIONS ARE ATTACHED.
Section 906 Certifications are attached.
EX.99.906 CERT
N-CSR Exhibit for Item 12(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Michael A. Latham, President (Principal Executive Officer), and Geoffrey D. Flynn, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the Registrant), each certify that:
|
1. |
The Registrants periodic report on Form N-CSR for the period ended July 31, 2007 (the Form N-CSR) fully complies with the requirements of Section 15(d)
of the Securities Exchange Act of 1934, as amended; and |
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2. |
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
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Date: September 24, 2007 |
|
/s/ Michael A. Latham |
|
President (Principal Executive Officer) |
|
|
Michael A. Latham [Signature] |
|
[Title] |
|
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Date: September 24, 2007 |
|
/s/ Geoffrey D. Flynn |
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Treasurer and Chief Financial Officer (Principal Financial Officer) |
|
|
Geoffrey D. Flynn [Signature] |
|
[Title] |
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