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ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2010 iShares MSCI China Index ETF iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) iShares BSE SENSEX India Index ETF iShares MSCI Asia APEX 50 Index ETF iShares MSCI Asia APEX Mid Cap Index ETF iShares MSCI Asia APEX Small Cap Index ETF iShares MSCI Emerging Asia Index ETF iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF) iShares CSI A-Share Energy Index ETF* (*This is a synthetic ETF) iShares CSI A-Share Materials Index ETF* (*This is a synthetic ETF) iShares CSI A-Share Financials Index ETF* (*This is a synthetic ETF) iShares CSI A-Share Infrastructure Index ETF* (*This is a synthetic ETF) iShares CSI A-Share Consumer Discretionary Index ETF* (*This is a synthetic ETF) iShares CSI A-Share Consumer Staples Index ETF* (*This is a synthetic ETF) (Sub-funds of iShares Asia Trust) 1 iShares Asia Trust Contents Letter to the Unitholders . 3 Report of the Manager to the Unitholders . 5 Report of the Trustee to the Unitholders . 30 Statement of Responsibilities of the Manager and the Trustee . 31 Independent Auditor’s Report . 32 Statement of Financial Position . 34 Statement of Comprehensive Income . 41 Statement of Changes in Net Assets Attributable to Unitholders . 48 Statement of Cash Flows . 55 Notes to the Financial Statements . 62 iShares MSCI China Index ETF . 152 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (formerly known as iShares FTSE/Xinhua A50 China Index ETF) . 161 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares BSE SENSEX India Index ETF . 210 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares MSCI Asia APEX 50 Index ETF . 218 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares MSCI Asia APEX Mid Cap Index ETF . 224 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares MSCI Asia APEX Small Cap Index ETF . 230 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares MSCI Emerging Asia Index ETF . 242 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF) . 250 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares CSI A-Share Energy Index ETF* (*This is a synthetic ETF) . 277 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares Asia Trust Contents (continued) iShares CSI A-Share Materials Index ETF* (*This is a synthetic ETF) . 290 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares CSI A-Share Financials Index ETF* (*This is a synthetic ETF) . 319 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares CSI A-Share Infrastructure Index ETF* (*This is a synthetic ETF) . 337 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares CSI A-Share Consumer Discretionary Index ETF* (*This is a synthetic ETF) . 362 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares CSI A-Share Consumer Staples Index ETF* (*This is a synthetic ETF) . 377 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) Management and Administration . 392 3 LETTER TO THE UNITHOLDERS iShares Asia Trust Dear Unitholders: We are pleased to present the annual report and fi nancial statements for the iShares Asia Trust (the “Trust”) for the period ended 31st December 2010 (the “Year”). This report contains information about the performance of the fi rst 14 Sub-Funds established under the Trust, the portfolio manager’s discussion and analysis, as well as other important fi nancial information. The Sub-Funds include the following: iShares MSCI China Index ETF (the “MSCI China ETF”), iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) (formerly known as iShares FTSE/Xinhua A50 China Index ETF) (the “A50 China ETF”), iShares BSE SENSEX India Index ETF (the “SENSEX India ETF”), iShares MSCI Asia APEX 50 Index ETF (the “MSCI Asia APEX 50 ETF”), iShares MSCI Asia APEX Mid Cap Index ETF (the “MSCI Asia APEX Mid Cap ETF”), iShares MSCI Asia APEX Small Cap Index ETF (the “MSCI Asia APEX Small Cap ETF”), iShares MSCI Emerging Asia Index ETF (the “MSCI Emerging Asia ETF”), iShares CSI 300 A-Share Index ETF* (*This is a synthetic ETF) (the “CSI 300 A-Share ETF”), iShares CSI A-Share Energy Index ETF* (*This is a synthetic ETF) (the “CSI A-Share Energy ETF”), iShares CSI A-Share Materials Index ETF* (*This is a synthetic ETF) (the “CSI A-Share Materials ETF”), iShares CSI A-Share Financials Index ETF* (*This is a synthetic ETF) (the “CSI A-Share Financials ETF”), iShares CSI A-Share Infrastructure Index ETF* (*This is a synthetic ETF) (the “CSI A-Share Infrastructure ETF”), iShares CSI A-Share Consumer Discretionary Index ETF* (*This is a synthetic ETF) (the “CSI A-Share Consumer Discretionary ETF”), and iShares CSI A-Share Consumer Staples Index ETF* (*This is a synthetic ETF) (the “CSI A-Share Consumer Staples ETF”) iShares Asia Trust offers investors seeking to gain exposure to markets in the Asia ex-Japan region cost effective, transparent and convenient choices. The MSCI China ETF, the fi rst of our Hong Kong listed ETFs, commenced trading on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 28th November 2001 and holds H-shares and red chips which are China related stocks listed in Hong Kong. As at 31st December 2010, its AUM stood at approximately HKD1.44 billion. The A50 China ETF which invests in access products linked to the Chinese A-Share market was fi rst traded on the SEHK on 18th November 2004. As at 31st December 2010, its AUM stood at approximately HKD52.1 billion. The SENSEX India ETF provides investors exposure to the performance of the 30 largest companies listed on the Bombay Stock Exchange. The fund was fi rst traded on the SEHK on 2nd November 2006. As at 31st December 2010, its AUM stood at approximately HKD2.32 billion. The Asia ETF Series (namely, the MSCI Emerging Asia Index ETF, the MSCI Asia APEX Small Cap Index ETF, the MSCI Asia APEX 50 Index ETF and the MSCI Asia APEX Mid Cap Index ETF) allow investors to extend their exposure to markets in the emerging Asian region. As at 31st December 2010, the AUM of the Asia ETF Series stood at approximately HKD0.93 billion. LETTER TO THE UNITHOLDERS iShares Asia Trust Riding on the wave of the successful launch of the iShares CSI series in November 2009, iShares introduced two A-Share consumer sector ETFs, namely CSI A-Share Consumer Staples ETF and CSI A-Share Consumer Discretionary ETF, to its family of funds in July 2010, providing more alternatives for investors to tap into China’s amazing growth potential. The iShares CSI series includes the world’s fi rst China A-Share sector ETFs (namely, CSI A-Share Energy ETF, CSI A-Share Materials ETF, CSI A-Share Financials ETF and CSI A-Share Infrastructure ETF) and CSI 300 A-Share ETF. As at 31st December 2010, the AUM of the CSI Series stood at approximately HKD5.42 billion. With over US$3.45 trillion under management globally, BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Thank you for your continuing support and confi dence in the Trust. Sincerely, Nick Good Director BlackRock Asset Management North Asia Limited 5 REPORT OF THE MANAGER TO THE UNITHOLDERS iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Introduction The iShares MSCI China Index ETF (the “MSCI China ETF”), a sub-fund of the iShares Asia Trust (the “Trust”), was launched on 23rd November 2001 and commenced trading under the stock code 2801 on The Stock Exchange of Hong Kong Limited (the “SEHK”) on 28th November 2001. The MSCI China ETF is a Hong Kong unit trust authorized under the Securities and Futures Ordinance (Cap. 571) of Hong Kong. The MSCI China ETF is benchmarked against the MSCI China Index. The Manager of the MSCI China ETF is BlackRock Asset Management North Asia Limited (the “Manager”) and the trustee is HSBC Institutional Trust Services (Asia) Limited (the “Trustee”). The MSCI China ETF invests in shares of companies in People’s Republic of China (“PRC”) listed on overseas stock exchanges including the H-shares listed in Hong Kong on the SEHK (“H-shares”). Under the PRC Corporate Income Tax Law, the MSCI China ETF may be liable to pay PRC tax on the capital gains realized in the trading of H-shares. However, no provision was made for taxation from such gains in the fi nancial statements as the Manager believes that the MSCI China ETF can sustain a position for not fi ling a tax return based on the existing tax regulations and that the enforcement of such PRC tax on capital gains is not probable. Fund Performance The MSCI China ETF seeks to provide investment results, before fees and taxes, that closely correspond to the performance of the MSCI China Index in Hong Kong dollar (“HKD”) terms. As at 31st December 2010, the Dealing Net Asset Value (“Dealing NAV”) per unit of the MSCI China ETF was HKD21.88, and 66,000,000 units were outstanding.
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