0001193125-11-265899.txt : 20120103 0001193125-11-265899.hdr.sgml : 20120102 20111006172814 ACCESSION NUMBER: 0001193125-11-265899 CONFORMED SUBMISSION TYPE: CORRESP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20111006 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iSHARES INC CENTRAL INDEX KEY: 0000930667 IRS NUMBER: 510396525 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: CORRESP BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 6176621504 MAIL ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: ISHARES INC DATE OF NAME CHANGE: 20000516 FORMER COMPANY: FORMER CONFORMED NAME: WEBS INDEX FUND INC DATE OF NAME CHANGE: 19970211 FORMER COMPANY: FORMER CONFORMED NAME: FOREIGN FUND INC DATE OF NAME CHANGE: 19950524 CORRESP 1 filename1.htm SEC Response Letter
LOGO    

 

1875 K Street, N.W.

    Washington, DC 20006-1238
   

 

Tel: 202 303 1000

    Fax: 202 303 2000

October 6, 2011

VIA EDGAR

Ms. Mary A. Cole

Division of Investment Management

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

 

Re: iShares, Inc. (“Company”)

(Securities Act File No. 33-97598;

Investment Company Act File No. 811-09102)

Post-Effective Amendment No. 125

Dear Ms. Cole:

This letter responds to comments provided by the staff of the Securities and Exchange Commission (the “SEC”) with respect to Post-Effective Amendment No. 125 to the Company’s Registration Statement, filed on February 17, 2011 on behalf of its series, iShares MSCI Emerging Markets Minimum Volatility Index Fund (the “Fund”) pursuant to Rule 485(a) under the Securities Act of 1933. The comments were provided in a telephone conversation on April 7, 2011. For your convenience, your comments are summarized below and each comment is followed by our response.

Comment No. 1: The servicemark paragraph under the Table of Contents should be deleted or moved to the Principal Investment Strategies section of the prospectus.

Response: The Company has determined that the servicemark paragraph is required under the Company’s license agreement with the underlying index provider for the Fund and, therefore, the Company is contractually obligated to include the paragraph in its registration statement.

Comment No. 2: The exchange ticker symbol should appear on the cover page, not the first page.

Response: The Fund’s exchange ticker symbol will be disclosed on the cover page of the prospectus in accordance with Item 1(a)(2) of Form N-1A. As the Company has previously noted, the Company also intends to disclose the Fund’s exchange ticker symbol in the heading of the summary section of the prospectus.

NEW YORK    WASHINGTON    PARIS    LONDON    MILAN    ROME     FRANKFURT    BRUSSELS

in alliance with Dickson Minto W.S., London and Edinburgh


Securities and Exchange Commission

October 6, 2011

Page 2

 

Comment No. 3: All language after the first sentence of the “Fees and Expenses” section and before the fee table should be deleted.

Response: As we discussed, this language before the fee table had previously been disclosed in footnotes to the fee table, but the Staff told the Company that such disclosure could be placed in the text of the summary section, rather than in a footnote. The Company included this language in other prospectuses before the fee table as a result of this discussion with the Staff.

Comment No. 4: The second sentence of the Management section should be deleted. The sentence reads: “Each Portfolio Manager supervises a portfolio management team.”

Response: The Company respectfully declines to make the requested change. The Company believes Form N-1A permits the disclosure of this information and that the current disclosure is appropriate for describing the management of the Fund.

Comment No. 5: Please delete the language not permitted by Item 8 of Form N-1A in the Payments to Broker-Dealers and other Financial Intermediaries section of the prospectus.

Response: Item 8 of Form N-1A states that a fund may modify the statement contained in Item 8 so long as the modified statement contains comparable information. The Company respectfully submits that the modified information disclosed in the Payments to Broker-Dealers and other Financial Intermediaries section is compliant with Item 8 of Form N-1A.

Comment No. 6: Please file the Fund’s Participation Agreement as an exhibit.

Response: The Company has filed its form of Participation Agreement as an exhibit to Post Effective Amendment No. 133 to its registration statement, which was filed on July 25, 2011.

Comment No. 7: The principal investment strategies for the Fund should include securities lending if securities lending is identified as a principal risk of the Fund.

Response: The Company will disclose the Fund’s ability to lend portfolio securities in the principal investment strategies section of its prospectus as long as securities lending remains a principal risk of the Fund.

Comment No. 8: Please confirm that the variable transaction fee and the standard transaction fee that may be charged on redemption transactions will not amount to more than 2% of the redemption.

Response: The Company confirms that the variable transaction fee and the standard transaction fee for the Fund will not amount to more than 2% of the amount being redeemed and has clarified this disclosure in the prospectus and statement of additional information.

*****

The Company has authorized us to represent on its behalf that, with respect to filings made by the Company with the SEC and reviewed by the Staff, it acknowledges that:

 

  (a) the Company is responsible for the adequacy and accuracy of the disclosure in the filings;


Securities and Exchange Commission

October 6, 2011

Page 3

 

  (b) Staff comments or changes to disclosure in response to Staff comments in the filings reviewed by the Staff do not foreclose the SEC from taking any action with respect to the filings; and

 

  (c) the Company may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal securities laws of the United States.

If you have any questions or need further information, please call me at (202) 303-1124.

 

Sincerely,

/s/ Benjamin J. Haskin

Benjamin J. Haskin

 

cc: Ed Baer

Andrew Josef

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