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2016 SEMI-Annual Report

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2016 SEMI-Annual Report 2016 S 2016 2016 Semi-AnnuAl Report emi -A nn u A l R iShares MSCI China Index ETF ep iShares MSCI China A International Index ETF o iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) rt iShares S&P BSE SENSEX India Index ETF iShares MSCI AC Asia ex Japan Index ETF June 30, 2016 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) iShares RMB Bond Index ETF (Sub-funds of iShares Asia Trust) June 30, 2016 1 iShares Asia Trust Contents Report of the Manager to the Unitholders . 3 Condensed Statement of Financial Position . 32 Condensed Statement of Comprehensive Income . 41 Condensed Statement of Changes in Net Assets Attributable to Unitholders . 49 Condensed Statement of Cash Flows . 57 Notes to the Unaudited Condensed Financial Statements . 66 iShares MSCI China Index ETF . 122 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares MSCI China A International Index ETF . 133 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares FTSE A50 China Index ETF* (*This is a synthetic ETF) . 158 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Holdings of Collateral (unaudited) – Performance Record (unaudited) iShares S&P BSE SENSEX India Index ETF . 191 – Investment Portfolio (unaudited) – Investment Portfolio of iShares BSE SENSEX Mauritius Company (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares MSCI AC Asia ex Japan Index ETF . 195 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) iShares MSCI Emerging Asia Index ETF . 229 – 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) . 252 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Holdings of Collateral (unaudited) – Performance Record (unaudited) iShares Asia Trust Contents (continued) iShares CSI A-Share Energy Index ETF* (*This is a synthetic ETF) . 277 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Holdings of Collateral (unaudited) – Performance Record (unaudited) iShares CSI A-Share Materials Index ETF* (*This is a synthetic ETF) . 281 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Holdings of Collateral (unaudited) – Performance Record (unaudited) iShares CSI A-Share Financials Index ETF* (*This is a synthetic ETF) . 289 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Holdings of Collateral (unaudited) – Performance Record (unaudited) iShares CSI A-Share Infrastructure Index ETF* (*This is a synthetic ETF) . 297 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Holdings of Collateral (unaudited) – Performance Record (unaudited) iShares CSI A-Share Consumer Discretionary Index ETF* (*This is a synthetic ETF) . 304 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Holdings of Collateral (unaudited) – Performance Record (unaudited) iShares CSI A-Share Consumer Staples Index ETF* (*This is a synthetic ETF) . 310 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Holdings of Collateral (unaudited) – Performance Record (unaudited) iShares RMB Bond Index ETF . 316 – Investment Portfolio (unaudited) – Statement of Movements in Investment Portfolio (unaudited) – Performance Record (unaudited) Management and Administration . 324 3 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”) (the “Sub-Fund”), 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”) . As of 30th June 2016, the MSCI China ETF may invest in Chinese securities (including H-shares, Red Chips and P Chips) listed on the SEHK, B-shares of Chinese securities listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange and depositary receipts . 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 these securities . However, no provision was made for taxation from such gains in the financial statements as the Manager believes that the MSCI China ETF can sustain a position for not filing 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 that, before fees and expenses, closely correspond to the performance of the MSCI China Index in Hong Kong dollar (“HK$”) terms . As at 30th June 2016, the net asset value, applicable to primary market creations and redemptions (“Dealing NAV”) per unit of the MSCI China ETF was HK$17 .97, and there were 107,400,000 units outstanding . The total size of the Sub-Fund was approximately HK$1 .9 billion . A summary of the performance of the MSCI China ETF(a) is given below . 23.11.2001 01.01.2016 01.01.2015 01.01.2014 01.01.2013 01.01.2012 01.01.2011 01.01.2010 01.01.2009 (date of to to to to to to to to inception) to Total Return(b) in HK$ 30.06.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 31.12.2009 30.06.2016(f) MSCI China Index(c) -4 .60% -7 .88% 7 .98% 3 .68% 22 .50% -18 .48% 4 .89% 62 .37% 11 .65% MSCI China ETF NAV-to-NAV(d) -4.82% -8.18% 7.33% 3.06% 21.46% -18.87% 3.96% 59.16% 10.71% MSCI China ETF Market-to-Market (MKT)(e) -4 .76% -7 .28% 6 .98% 2 .43% 21 .88% -18 .99% 4 .50% 56 .86% 10 .51% The MSCI China Index is a free-float adjusted market capitalization-weighted index that is compiled and published by MSCI Inc . It is designed to track the equity market performance of (i) Chinese securities (H-shares, Red Chips and P Chips) listed on the SEHK (ii) B-shares of Chinese securities listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange and (iii) companies traded outside the country of classification (i .e . foreign listed companies) including those traded by way of depositary receipts . The difference in performance between the MSCI China Index and the MSCI China ETF is mainly attributed to fees and expenses, and security misweights . (a) Past performance figures shown are not indicative of the future performance of the Sub-Fund. (b) Total return represents the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Calculated as at 30th June/31st December. (c) An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the Sub-Fund. (d) Units in the Sub-Fund are issued and redeemed at NAV. Therefore, the Sub-Fund does not publish a bid price and the Sub-Fund’s returns have been calculated from NAV. (e) Market returns are calculated using historical market closing prices (when NAV is normally determined for the Sub-Fund), and do not represent the returns you would receive if you traded units at other times. (f) This is the annualized return since fund inception. The Sub-Fund inception date is 23rd November 2001. Source: BlackRock, MSCI Barra and WM/Reuters Report of The MAnAgeR To The UniTholdeRS iShares MSCI China Index ETF (a Sub-Fund of iShares Asia Trust) Fund Activities The average daily trading volume for the MSCI China ETF during the period was reported by Bloomberg to be approximately 155,433 units . As at 30th June 2016, the MSCI China ETF comprised 107,400,000 outstanding units . Index Activities The MSCI China Index underwent two regular reviews during the period . As at 30th June 2016, the MSCI China ETF held 150 constituents versus the 151 constituents in the MSCI China Index . MSCI Inc . implemented a change in the index methodology of its MSCI Global Investable Market Indexes (“MSCI GIMI”) . Effective from 1st December 2015, MSCI Inc . enhanced the coverage of the MSCI GIMI by including companies traded outside the country of classification (i .e . foreign listed companies) as eligible for inclusion in the MSCI GIMI . Such foreign listed companies
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