Blackrock Australia Sydney Letterhead
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Level 43, Grosvenor Place 225 George Street, Sydney NSW 2000 PO Box N43, Grosvenor Place, NSW 1220 1300-iShares (1300 474 2737) iShares.com.au ■ ISHARES <GO> 13 May 2011 Company Announcements Office ASX Limited SEMI ANNUAL REPORTS TO SHAREHOLDERS – AS OF 28 FEBRUARY 2011 FOR RELEASE UNDER EACH FUND LISTED BELOW Attached is a copy of the ‘Form N-CSR: Semi-Annual Report to Shareholders’ document which has been lodged with the US Securities and Exchange Commission. This document details the historical portfolio holdings of various iShares funds with a fiscal year end of 31 August. Unless otherwise stated, financial information in the attached report is in US dollars. The table below provides the page references in the document relating to the following funds quoted on the ASX: ASX Issuer Fund First Page Last Page Code IBK iShares, Inc. iShares MSCI BRIC Index Fund 91 166 IHK iShares, Inc. iShares MSCI Hong Kong Index Fund 176 247 ISG iShares, Inc. iShares MSCI Singapore Index Fund 180 247 IKO iShares, Inc. iShares MSCI South Korea Index Fund 181 312 ITW iShares, Inc. iShares MSCI Taiwan Index Fund 182 312 IJP iShares, Inc. iShares MSCI Japan Index Fund 258 276 IEM iShares, Inc. iShares MSCI Emerging Markets Index Fund 281 313 For more recent portfolio holding information for the above funds go to www.iShares.com.au Disclaimer: Before investing in an iShares fund, you should carefully consider the appropriateness of such products to your circumstances, read the applicable Australian prospectus and ASX announcements relating to the fund and consult an investment adviser. For more information about iShares funds (including Australian prospectuses) go to iShares.com.au or call 1300-iShares (1300 474 2737). *** END *** iShares, Inc. ARBN 125 632 279 formed in Maryland USA; iShares Trust ARBN 125 632 411 organised in Delaware USA. The liability of shareholders is limited. c/- BlackRock Asset Management Australia Limited ABN 33 001 804 566 ˆ200F4RGY#zWzqt@G,Š 200F4RGY#zWzqt@G ecrdoc1 BLACKROCK, (WEST) RR Donnelley ProFile10.7.16 ECR pf_rend 27-Apr-2011 06:57 EST 171269 FS 1 4* IS-SAR-82-0211 START PAGE SFF HTM ESS 0C Page 1 of 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09102 iShares, Inc. (Exact name of registrant as specified in charter) c/o: State Street Bank and Trust Company 200 Clarendon Street, Boston, MA 02116 (Address of principal executive offices) (Zip code) The Corporation Trust Incorporated 351 West Camden Street, Baltimore, MD 21201 (Name and address of agent for service) Registrant’s telephone number, including area code: 1-800-474-2737 Date of fiscal year end: August 31, 2011 Date of reporting period: February 28, 2011 ˆ200F4RGY#wawKowG(Š 200F4RGY#wawKowG ecrdoc1 BLACKROCK, (WEST) RR Donnelley ProFile10.7.16 ECR shanr0dc12-Apr-2011 00:43 EST 171269 COV 1 5* IS-SAR-82-0211 SFF g09a61 HTM PMT 1C Page 1 of 1 Item 1. Reports to Stockholders. 2011 SEMI-ANNUAL REPORT TO SHAREHOLDERS iSHARES® MSCI SERIES FEBRUARY 28, 2011 » Would you prefer to receive materials like this electronically? See inside back cover for details. iShares MSCI Austria Investable Market Index Fund | EWO | NYSE Arca iShares MSCI Belgium Investable Market Index Fund | EWK | NYSE Arca iShares MSCI Emerging Markets Eastern Europe Index Fund | ESR | NYSE Arca iShares MSCI EMU Index Fund | EZU | NYSE Arca iShares MSCI France Index Fund | EWQ | NYSE Arca iShares MSCI Germany Index Fund | EWG | NYSE Arca iShares MSCI Italy Index Fund | EWI | NYSE Arca iShares MSCI Netherlands Investable Market Index Fund | EWN | NYSE Arca iShares MSCI Spain Index Fund | EWP | NYSE Arca iShares MSCI Sweden Index Fund | EWD | NYSE Arca iShares MSCI Switzerland Index Fund | EWL | NYSE Arca iShares MSCI United Kingdom Index Fund | EWU | NYSE Arca ˆ200F4RGY#yr3c2DGQŠ 200F4RGY#yr3c2DG ecrdoc1 BLACKROCK, (WEST) RR Donnelley ProFile10.7.16 ECR raotu0in23-Apr-2011 11:37 EST 171269 TOC 1 2* IS-SAR-82-0211 SFF HTM ESS 0C Page 1 of 1 Table of Contents Fund Performance Overviews 5 Shareholder Expenses 19 Schedules of Investments 21 iShares MSCI Austria Investable Market Index Fund 21 iShares MSCI Belgium Investable Market Index Fund 23 iShares MSCI Emerging Markets Eastern Europe Index Fund 25 iShares MSCI EMU Index Fund 27 iShares MSCI France Index Fund 32 iShares MSCI Germany Index Fund 35 iShares MSCI Italy Index Fund 37 iShares MSCI Netherlands Investable Market Index Fund 39 iShares MSCI Spain Index Fund 41 iShares MSCI Sweden Index Fund 43 iShares MSCI Switzerland Index Fund 45 iShares MSCI United Kingdom Index Fund 47 Financial Statements 50 Financial Highlights 64 Notes to Financial Statements 76 ˆ200F4RGY#yqtqkfGJŠ 200F4RGY#yqtqkfG ecrdoc1 BLACKROCK, (WEST) RR Donnelley ProFile10.7 ECR raotu0in23-Apr-2011 11:04 EST 171269 TX 5 1* IS-SAR-82-0211 SFF HTM IFV 0C Page 1 of 1 Fund Performance Overview iSHARES® MSCI AUSTRIA INVESTABLE MARKET INDEX FUND Performance as of February 28, 2011 Average Annual Total Returns Year Ended 2/28/11 Five Years Ended 2/28/11 Ten Years Ended 2/28/11 NAV MARKET INDEX NAV MARKET INDEX NAV MARKET INDEX 24.93% 25.25% 24.88% (2.61)% (2.67)% (3.73)% 12.62% 12.49% 12.34% Cumulative Total Returns Year Ended 2/28/11 Five Years Ended 2/28/11 Ten Years Ended 2/28/11 NAV MARKET INDEX NAV MARKET INDEX NAV MARKET INDEX 24.93% 25.25% 24.88% (12.37)% (12.65)% (17.31)% 228.16% 224.41% 220.24% Index performance reflects the performance of the MSCI Austria IndexSM through January 31, 2008 and the MSCI Austria Investable Market IndexSM thereafter. “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 six-month period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated. The Fund’s 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 primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. 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 performance shown above assumes reinvestment of all dividends and capital gain distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares. The investment return and principal value of shares of the Fund will vary with changes in market conditions. Shares of the Fund may be worth more or less than their original cost when they are redeemed or sold in the market. The Fund’s past performance is no guarantee of future results. The iShares MSCI Austria Investable Market Index Fund (the “Fund”) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Austria Investable Market IndexSM (the “Index”). The Index consists of stocks traded primarily on the Vienna Stock Exchange. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month period ended February 28, 2011, the total return for the Fund was 32.00%, while the total return for the Index was 32.20%. PORTFOLIO ALLOCATION TEN LARGEST FUND HOLDINGS As of 2/28/11 As of 2/28/11 Percentage of Percentage of Sector Net Assets Security Net Assets Financial 40.68% Erste Group Bank AG 16.62% Industrial 21.06 OMV AG 10.25 Energy 16.84 voestalpine AG 8.32 Basic Materials 9.80 Telekom Austria AG 7.29 Communications 7.29 IMMOFINANZ AG 7.20 Consumer Cyclical 2.33 Andritz AG 4.85 Consumer Non-Cyclical 1.63 Raiffeisen International Bank Short-Term and Other Net Assets 0.37 Holding AG 4.83 Verbund AG 4.76 TOTAL 100.00% Wienerberger AG 4.41 Vienna Insurance Group AG 4.31 TOTAL 72.84% FUND PERFORMANCE OVERVIEWS 5 ˆ200F4RGY#yqt&cooGŠ 200F4RGY#yqt&coo ecrdoc1 BLACKROCK, (WEST) RR Donnelley ProFile10.7 ECR raotu0in23-Apr-2011 11:05 EST 171269 TX 6 1* IS-SAR-82-0211 SFF HTM IFV 0C Page 1 of 1 Fund Performance Overview iSHARES® MSCI BELGIUM INVESTABLE MARKET INDEX FUND Performance as of February 28, 2011 Average Annual Total Returns Year Ended 2/28/11 Five Years Ended 2/28/11 Ten Years Ended 2/28/11 NAV MARKET INDEX NAV MARKET INDEX NAV MARKET INDEX 12.14% 11.79% 12.00% (4.80)% (4.86)% (5.74)% 4.07% 4.09% 2.87% Cumulative Total Returns Year Ended 2/28/11 Five Years Ended 2/28/11 Ten Years Ended 2/28/11 NAV MARKET INDEX NAV MARKET INDEX NAV MARKET INDEX 12.14% 11.79% 12.00% (21.80)% (22.06)% (25.60)% 49.04% 49.31% 32.70% Index performance reflects the performance of the MSCI Belgium IndexSM through November 30, 2007 and the MSCI Belgium Investable Market IndexSM thereafter.