N-30D 1 0001.txt RUSSELL ANNUAL REPORT I SHARE iShares Russell Series SEMIANNUAL REPORT September 30, 2000 i Shares The way you invest now. ------------------------- BARCLAYS GLOBAL INVESTORS Only better. TABLE OF CONTENTS Shareholder Letter............................................... 1 Market Overview.................................................. 2 Managers' Discussion & Analysis.................................. 3 Schedules of Investments......................................... 9 iShares Russell 3000 Index Fund............................... 9 iShares Russell 3000 Growth Index Fund........................ 42 iShares Russell 3000 Value Index Fund......................... 62 iShares Russell 2000 Index Fund............................... 84 iShares Russell 2000 Growth Index Fund........................ 104 iShares Russell 2000 Value Index Fund......................... 119 iShares Russell 1000 Index Fund............................... 133 iShares Russell 1000 Growth Index Fund........................ 144 iShares Russell 1000 Value Index Fund......................... 150 Financial Statements............................................. 159 Financial Highlights............................................. 165 Notes to Financial Statements.................................... 167
To Our Shareholders The iShares Funds' semiannual period ended September 30, 2000 was one of continued market volatility. Significant events during this period include: [_] The Federal Reserve Board raised rates 0.50% at its May 16 meeting. This increase was the sixth in 12 months and brought the Federal Funds rate to 6.5%. This is the rate's highest level since it was 6.75% in January of 1991. [_] The price of crude oil rose to $37.20 a barrel, the highest level since November of 1990. [_] The euro sank to a 21-month low since its introduction in January 1999. [_] More than 50 IPOs occurred in August, representing 25% of the IPOs launched so far in 2000. As you read through this report and review the performance of the funds in your portfolio, we encourage you to keep long-term goals in mind when making investment decisions. While one fund's recent performance may be better than another's, it is important to remember that past performance is no guarantee of future results. Even as market conditions change, you should maintain your investment strategy as long as it remains appropriate for your short- or long-term objectives. One trait many successful investors share is the ability to stay focused on their personal financial goals and fundamental long term market opinions, while ignoring temporary market swings. We trust that the Funds are fulfilling your expectations as a simple, cost-effective way for you to invest in your future, and will continue to do so. We also encourage you to consider the appropriateness of other iShares Funds as part of your long-term investment program. iShares Funds offer investors a wide range of indexed investment choices based on market capitalization, investment style, and sector exposure. We appreciate your confidence and look forward to helping you meet your investment goals. iShares Funds November 2000 -------------------------------------------------------------------------------- iShares Shareholder Letter page 1 Market Overview Despite a bumpy ride, US equity markets delivered positive returns during the six-months ended September 30, 2000. Mid-capitalization stocks were the performance leaders for the period: The S&P MidCap 400 Index returned 16.82% for the period. Small-capitalization stocks also fared well, advancing 11.20% and 11.02% in the S&P 600 Index and the Russell 2000 Index, respectively. Conversely, large-capitalization stocks were flatter: the S&P 500 Index and the Russell 1000 Index returned (0.68)% and 1.15%, respectively. Value stocks outperformed growth stocks across all indices in this period. The S&P 500/BARRA Value Index increased by 5.10%, and the S&P 600 Value/BARRA Index increased by 5.68%. Both the S&P 500/BARRA Growth Index and the S&P 600/BARRA Growth Index were relatively flat, returning 0.83% and 1.37%, respectively. Interest rate concerns dominated investors' attention at the beginning of the period. On May 16, the Federal reserve instituted its sixth interest rate hike in 12 months, amid continued signs of an overheated economy. However, by the end of May, economic figures began to reveal signs of a slowing economy. Lower durable goods orders and new home sales suggested that the economy might be approaching the Fed's desired "soft landing", and the Fed chose to leave rates unchanged at its June meeting. Less optimistic news arrived in July, however, in the form of higher-than-expected figures for both the Gross Domestic Product (GDP) and Consumer Price Index (CPI). Investors responded by selling off technology stocks and other high-valuation shares, and buying more defensive stocks. August brought more encouraging economic reports: US factory orders (excluding transportation equipment) had fallen 4.8% in July, compared with a 0.5% increase in June. Meanwhile, both the CPI and the core rate, which exclude food and energy, had risen 0.2% in July, reflecting no acceleration in inflation. Finally, a record drop in durable goods orders and an increase in jobless claims in July suggested that the demand for workers and goods was slowing enough to relieve inflationary pressures. The positive data led to another pause in Fed tightening, and markets welcomed the news with a strong rally. With concerns about inflation apparently behind them, investors began to focus on new areas for worry. The price of crude oil, which had been climbing during the year, reached a 10-year high in September. At the same time, the euro dipped to an all-time low since its introduction in January 1999. Investors' concerns about the impact that these factors would have on corporate earnings were realized when Intel announced that it would fail to meet its third quarter earnings expectations, citing the weakness of the euro. Investors began to shift from growth stocks, particularly technology companies, and buy shares of more value-oriented stocks. -------------------------------------------------------------------------------- page 2 iShares Managers' Discussion & Analysis iShares Russell 3000 Index Funds Performance as of 9/30/00 -------------------------------------------------------------------------------- Total Returns -------------------------------------------------------------------------------- Inception to Fund Inception Date September 30, 2000 ---- -------------- ------------------ iShares Russell 3000 Index Fund 05/22/00 5.20% iShares Russell 3000 Growth Index Fund 07/24/00 (5.13)% iShares Russell 3000 Value Index Fund 07/24/00 5.58% -------------------------------------------------------------------------------- Total returns represent the iShares Funds' change in value during the time periods noted above. These figures assume that dividends and capital gains distributions have been reinvested in the Funds at net asset value. The Funds' past performance is no guarantee of future results. The investment return and principal value of shares of the Funds will vary with changes in market conditions. Shares of the Funds may be worth more or less than their original cost when they are redeemed or sold in the market. [PIE CHART] Sector Breakout --------------- Russell 3000 Index Autos and Transportation 1.7% Consumer Discretionary and Services 11.0% Consumer Staples 5.0% Financial Services 17.5% Health Care 12.5% Integrated Oils 3.4% Materials and Processing 2.2% Other 4.8% Other Energy 2.4% Producer Durables 3.2% Technology 27.5% Utilities 8.8% [PIE CHART] Russell 3000 Growth Index Autos and Transportation 0.4% Consumer Discretionary and Services 12.3% Consumer Staples 2.9% Financial Services 3.4% Health Care 16.6% Integrated Oils 0.0% Materials and Processing 0.4% Other 7.3% Other Energy 2.2% Producer Durables 2.7% Technology 49.1% Utilities 2.7% [PIE CHART] Russell 3000 Value Index Autos and Transportation 3.1% Consumer Discretionary and Services 9.6% Consumer Staples 7.1% Financial Services 32.1% Health Care 8.2% Integrated Oils 6.9% Materials and Processing 4.1% Other 2.5% Other Energy 2.7% Producer Durables 3.7% Technology 4.8% Utilities 15.2% -------------------------------------------------------------------------------- iShares Managers' Discussion & Analyses page 3 The broad US equity market, as measured by the Russell 3000 Index, rose moderately over the period May 22 through September 30, 2000. The iShares Russell 3000 Index Fund, which commenced operations on May 22, 2000, seeks to track the performance of the Russell 3000 Index. From the Fund's inception date through September 30, the Index rose 5.36%. The iShares Russell 3000 Growth Index Fund and Russell 3000 Value Index Fund, which commenced operations on July 24, 2000, seek to track the value and growth components, respectively, of the Russell 3000 Index. From July 24 through September 30, the Russell 3000 Growth Index returned (5.19)%, while the Russell 3000 Value Index gained 5.55%. The period May 22 through September 30, 2000 was marked by continued market volatility. Throughout the period, market performance was a barometer of investors' confidence level about the state of the US economy, and stock prices rose and sank in response to the most recent economic reports. By the end of the period, the effects of global economic events -- higher domestic interest rates, a declining European currency, and increasing oil prices -- combined to wreak havoc on markets and create fears about the prospects for future economic growth in the US. After raising rates at its May 16 meeting, the Federal Reserve elected not to raise them again at the June and August meetings. Despite a jump in the Consumer Price Index for July, which tested investors' concerns about the economy and briefly pushed down stock prices, the Fed's pause in tightening brought relief to investors and lifted equity markets. However, investors found new concerns. As oil prices reached historic highs, investors became anxious about the sustainability of corporate earnings levels. Adding to investor concern, the euro sank to record lows, and those companies with exposure to European markets came under fire. In particular, Intel announced in September that it would not meet its revenue forecasts for the third quarter, blaming the weakness in European markets due to the declining euro. Within the Russell 3000 Index, value stocks have outperformed growth stocks in six of the nine months of 2000. This trend held true for the period since inceptions of the iShares Funds, as the more defensive "old economy" stocks held more appeal for investors than "new economy" growth companies. From an industry standpoint, the technology sector, which had been the leader for 2000, became the worst performing industry during the reporting period. Led by Intel's decline of more than 32% for the period, the technology group lost 9%. Defensive, "old economy" stocks were the performance leaders: financial services companies the best performing group, returning more than 21%. The Russell 3000 Index's heavy weighting in financial services companies (17%), including top ten holding Citigroup, helped performance. Oil companies also delivered strong returns, posting an 11% gain for the period. The Russell 3000 Index benefited from strong performance by Exxon, which is its third largest holding. -------------------------------------------------------------------------------- page 4 iShares Managers' Discussion & Analysis iShares Russell 2000 Index Funds Performance as of 9/30/00 -------------------------------------------------------------------------------- Total Returns -------------------------------------------------------------------------------- Inception to Fund Inception Date September 30, 2000 ---- -------------- ------------------ iShares Russell 2000 Index Fund 05/22/00 10.55% iShares Russell 2000 Growth Index Fund 07/24/00 (0.90)% iShares Russell 2000 Value Index Fund 07/24/00 4.52% -------------------------------------------------------------------------------- Total returns represent the iShares Funds' change in value during the time periods noted above. These figures assume that dividends and capital gains distributions have been reinvested in the Funds at net asset value. The Funds' past performance is no guarantee of future results. The investment return and principal value of shares of the Funds will vary with changes in market conditions. Shares of the Funds may be worth more or less than their original cost when they are redeemed or sold in the market. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC Sector Breakout --------------- Russell 2000 Index Autos and Transportation 2.8% Consumer Discretionary and Services 15.6% Consumer Staples 2.3% Financial Services 19.8% Health Care 14.5% Integrated Oils 0.0% Materials and Processing 8.0% Other 1.0% Other Energy 3.5% Producer Durables 8.3% Technology 18.0% Utilities 6.2% EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC Russell 2000 Growth Index Autos and Transportation 1.2% Consumer Discretionary and Services 15.8% Consumer Staples 1.2% Financial Services 8.2% Health Care 22.0% Integrated Oils 0.0% Materials and Processing 3.9% Other 0.3% Other Energy 4.5% Producer Durables 9.2% Technology 30.5% Utilities 3.2% EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC Russell 2000 Value Index Autos and Transportation 4.7% Consumer Discretionary and Services 15.4% Consumer Staples 3.5% Financial Services 32.8% Health Care 6.0% Integrated Oils 0.1% Materials and Processing 12.6% Other 2.0% Other Energy 2.3% Producer Durables 7.3% Technology 3.8% Utilities 9.5% -------------------------------------------------------------------------------- iShares Managers' Discussion & Analyses page 5 Small capitalization stocks, as measured by the Russell 2000 Index, performed strongly over the period May 22 through September 30, 2000. The iShares Russell 2000 Fund, which commenced operations on May 22, 2000, seeks to track the Russell 2000 Index. From the Fund's inception date through September 30, the Russell 2000 Index gained an impressive 11.02%. The iShares Russell 2000 Growth Index Fund and iShares Russell 2000 Value Index Fund, which commenced operations on July 22, seek to track the growth and value components of the Russell 2000 Index, respectively. From July 22 through September 30, the Russell 2000 Growth Index returned (0.86)% while the Russell 2000 Value Index rose 4.69%. The May 22 inception of the iShares Russell 2000 Index Fund could not have been timed better: on May 23, the Nasdaq reached a year low of 3164.55, representing a 37.32% drop from its historic high on March 10. By month end, the economic picture was rosy, and market sentiment had turned positive. Economic reports released in late May indicated a slowdown in new home sales and durable goods orders, causing markets to rebound. The Federal Reserve's decision in June to leave rates unchanged buoyed the markets again. The Nasdaq, in particular, rose 16.62% for the month of June while the Russell 2000 Index was up 8.71%. Throughout the summer, market performance continued to reflect sentiment about the state of the economy. In July, markets slumped on the news of a large jump in the Consumer Price Index, followed by the release of strong Gross Domestic Product figures. When more encouraging reports released in August pointed to a decrease in inflationary pressures, the Fed left rates unchanged and equity markets rallied in response. By September, three factors that had been mounting for more than a year (i.e. rising interest rates, a weakening euro, and higher oil prices) culminated to raise concerns about corporate earnings prospects and drive stock prices lower. When Intel announced that its third quarter revenues had been adversely affected by the weak euro's effect on European demand and would not meet forecasts, the share price dropped 22% for the day. Other technology stocks fell in response, and the Russell 2000 Index lost 2.94% for the month. In a reversal of past performance, value stocks strongly outperformed growth issues during the period. The divergence between the performance of "old economy" value stocks and "new economy" growth stocks was reflected in sector performance. Technology stocks, previously the leading sector, pulled the Russell 2000 Index down during the third quarter, declining 10.8%. More defensive sectors, such as financial services, health care, and energy, gained 13.8%, 14.7%, and 12.7%, respectively. The Russell 2000 Index's heavy weighting in financial services (20%) helped performance, with top 10 holdings Silicon Valley Bancshares and Metris Companies contributing. Similarly, a 15% weighting in health care, including Enzon, Amerisource Health Corp., Caremark, and Invitrogen, also contributed to index performance. From the period from May 22 through September 30, 2000, Enzon returned 122%, Amerisource Health Corp. was up 115%, Caremark rose 83%, and Invitrogen returned 75%. -------------------------------------------------------------------------------- page 6 iShares Managers' Discussion & Analysis iShares Russell 1000 Index Funds Performance as of 9/30/00 -------------------------------------------------------------------------------- Total Returns -------------------------------------------------------------------------------- Inception to Fund Inception Date September 30, 2000 ---- -------------- ------------------ iShares Russell 1000 Index Fund 05/15/00 0.99% iShares Russell 1000 Growth Index Fund 05/22/00 3.74% iShares Russell 1000 Value Index Fund 05/22/00 3.82% -------------------------------------------------------------------------------- Total returns represent the iShares Funds' change in value during the time periods noted above. These figures assume that dividends and capital gains distributions have been reinvested in the Funds at net asset value. The Funds' past performance is no guarantee of future results. The investment return and principal value of shares of the Funds will vary with changes in market conditions. Shares of the Funds may be worth more or less than their original cost when they are redeemed or sold in the market. EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC Sector Breakout --------------- Russell 1000 Index Autos and Transportation 1.7% Consumer Discretionary and Services 10.7% Consumer Staples 5.2% Financial Services 17.3% Health Care 12.3% Integrated Oils 3.6% Materials and Processing 1.8% Other 5.2% Other Energy 2.3% Producer Durables 2.8% Technology 28.1% Utilities 9.0% EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC Russell 1000 Growth Index Autos and Transportation 0.3% Consumer Discretionary and Services 12.1% Consumer Staples 3.1% Financial Services 3.1% Health Care 16.2% Integrated Oils 0.0% Materials and Processing 0.1% Other 7.8% Other Energy 2.0% Producer Durables 2.2% Technology 50.5% Utilities 2.6% EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC Russell 1000 Value Index Autos and Transportation 3.0% Consumer Discretionary and Services 9.2% Consumer Staples 7.4% Financial Serivces 32.0% Health Care 8.3% Integrated Oils 7.3% Materials and Processing 3.6% Other 2.6% Other Energy 2.7% Producer Durables 3.4% Technology 4.9% Utilities 15.6% -------------------------------------------------------------------------------- iShares Managers' Discussion & Analyses page 7 The Russell 1000 Index, including its value and growth components, showed moderate growth for the semiannual reporting period ended September 30, 2000. The iShares Russell 1000 Index Fund, which commenced operations on May 15, seeks to track the Russell 1000 Index. For the period May 15 through September 30, the Index rose 1.15%. The iShares Russell 1000 Growth Index Fund and iShares Russell 1000 Value Fund, which commenced operations on May 22, seek to track the growth and value components of the Russell 1000 Index, respectively. From May 22 through September 30, the Russell 1000 Growth Index returned 3.93%, and the Russell 1000 Value Index gained 3.92%. The somewhat flat performance of large cap stocks for the period May 15 through September 30 conceals substantial underlying month-to-month volatility. The period opened with a 0.50% interest rate increase by the Federal Reserve on May 16. This increase, the sixth in a year, came in response to continued signs of an overheated economy. Economic news released in late May indicated lower existing home sales and durable goods orders. This news began to point to a slowing economy, and the Fed left rates unchanged at its June meeting. In July, a large jump in the Consumer Price Index, combined with the release of strong Gross Domestic Product figures, renewed inflation fears, and stocks slumped once again. More benign reports released in August, including an increase in jobless claims and a record drop in durable goods orders, which suggested a decrease in inflationary pressures. When the Fed left rates unchanged at its August 22 meeting, equity markets rallied. Finally, in September, the combined pressures of rising crude oil prices, an increasingly weak euro, and expectations of slower economic growth drove stock prices down, and the Russell 1000 Index finished the month down 4.64%. As with the ups and downs of the market, growth stocks and value stocks fell alternately in and out of favor throughout the period. Investors generally expressed concerns over the state of the economy by retreating to "old economy" value stocks, only to return to "new economy" growth stocks when confidence was renewed. For the overall period, however, value stocks slightly outpaced growth, returning 3.97% versus 3.16%. From an industry standpoint, the Russell 1000 Index's heavy weighting in technology companies (28%), dragged down performance. Intel's announcement in September that it would not meet third quarter revenues sent its share price tumbling 22% for the day and more than 32% for the period. Other technology stocks fell in sympathy: Apple Computer shares dropped nearly 55% and Yahoo lost more than 45% for the period. However, "old economy" value sectors such as financial services and oil stocks offset those losses, rising 22% and 11%, respectively, during the third quarter of the year. In particular, large integrated oil company Exxon, which is the third largest holding in the iShares Russell 1000 Index Fund, benefited from the rise in oil prices. Financial Services Citigroup, among the iShares Russell 1000 Index Fund's ten largest holdings, also gained as a result of the shift toward "old economy" companies. -------------------------------------------------------------------------------- page 8 iShares iShares Russell 3000 Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS - 99.92% --------------------------------------------------------------- General Electric Co. 44,633 $ 2,574,760 Cisco Systems Inc.+ 32,003 1,768,166 Exxon Mobil Corp. 15,700 1,399,262 Pfizer Inc. 28,451 1,278,517 Intel Corp. 30,210 1,257,491 Citigroup Inc. 20,288 1,096,820 Microsoft Corp.+ 17,631 1,062,268 EMC Corp.+ 9,824 973,804 International Business Machines Corp. 7,938 893,025 American International Group Inc. 9,000 861,188 Sun Microsystems Inc.+ 7,147 834,412 Merck & Co. Inc. 10,371 771,991 SBC Communications Inc. 15,337 766,850 Oracle Corp.+ 9,721 765,529 Verizon Communications 12,291 595,345 Wal-Mart Stores Inc. 12,305 592,178 Johnson & Johnson 6,266 588,612 America Online Inc.+ 10,409 559,484 Home Depot Inc. 10,435 553,707 Bristol-Myers Squibb Co. 8,861 506,185 Coca-Cola Co. 9,022 497,338 AT&T Corp. 16,899 496,408 Morgan Stanley Dean Witter & Co. 5,137 469,714 Lucent Technologies Inc. 15,037 459,568 Procter & Gamble Co. 5,984 400,928 Corning Inc. 1,321 392,337 WorldCom Inc.+ 12,903 391,929 Bank of America Corp. 7,389 386,999 Time Warner Inc. 4,912 384,364 Texas Instruments Inc. 7,741 365,278 Hewlett-Packard Co. 3,759 364,623 American Express Co. 5,999 364,439 Disney (Walt) Co. 9,394 359,320 Pharmacia & Upjohn Inc. 5,852 352,217 Lilly (Eli) and Company 4,273 346,647 Wells Fargo & Company 7,438 341,683 BellSouth Corp. 8,415 338,704 American Home Products Corp. 5,888 333,040 Abbott Laboratories 6,992 332,557 Fannie Mae 4,607 329,400 Amgen Inc.+ 4,639 323,933 JDS Uniphase Corp.+ 3,367 318,813 Schering-Plough Corp. 6,608 307,272 Dell Computer Corp.+ 9,841 303,226 PepsiCo Inc. 6,511 299,506 Philip Morris Companies Inc. 10,142 298,555 Enron Corp. 3,311 290,126 Viacom Inc. "B"+ 4,834 282,789 Medtronic Inc. 5,408 280,202 Motorola Inc. 9,810 277,133 Chase Manhattan Corp. 5,868 271,028 Veritas Software Corp.+ 1,811 257,162 Boeing Co. 4,034 254,142 Chevron Corp. 2,944 250,976 Merrill Lynch & Co. Inc. 3,602 237,732 Qwest Communications International Inc.+ 4,593 220,751 Ford Motor Company+ 8,558 216,624 Applied Materials Inc.+ 3,616 214,474 QUALCOMM Inc.+ 2,991 213,109 Compaq Computer Corp. 7,682 211,870 AT&T - Liberty Media Group "A"+ 11,649 209,682 Bank One Corp. 5,183 200,193 Juniper Networks Inc.+ 913 199,890 Automatic Data Processing Inc. 2,832 189,390 Bank of New York Co. Inc. 3,328 186,576 Du Pont (E.I.) de Nemours 4,385 181,703 Network Appliance Inc.+ 1,420 180,873 McDonald's Corp. 5,934 179,133 VeriSign Inc.+ 865 175,217 Schwab (Charles) Corp. 4,864 172,672 Walgreen Co. 4,545 172,426 Anheuser-Busch Companies Inc. 4,066 172,043 Freddie Mac 3,135 169,486 Siebel Systems Inc.+ 1,510 168,082 Comcast Corp. "A"+ 4,060 166,206 Minnesota Mining & Manufacturing Co. 1,793 163,387 Marsh & McLennan Companies Inc. 1,216 161,424 FleetBoston Financial Corp. 4,065 158,535 Broadcom Corp.+ 649 158,194 Ciena Corp.+ 1,276 156,709 General Motors Corp. "A" 2,401 156,065 PMC - Sierra Inc.+ 711 153,043 Gillette Co. 4,705 145,267 First Union Corp. 4,431 142,623 Duke Energy Corp. 1,663 142,602 United Technologies Corp. 1,984 137,392 Kimberly-Clark Corp. 2,428 135,513 Palm Inc.+ 2,545 134,726 BEA Systems Inc.+ 1,715 133,556 Analog Devices Inc.+ 1,599 132,017 -------------------------------------------------------------------------------- iShares Schedules of Investments page 9 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Texaco Inc. 2,495 $ 130,988 Emerson Electric Co. 1,921 128,707 Honeywell International Inc. 3,600 128,250 MBNA Corp. 3,311 127,474 Associates First Capital Corp. 3,295 125,210 Colgate-Palmolive Co. 2,607 123,050 Clear Channel Communications Inc.+ 2,160 122,040 Household International Inc. 2,129 120,555 Morgan (J.P.) & Co. Inc. 715 116,813 Hughes Electronics Corp.+ 3,120 116,002 Brocade Communications System Inc.+ 485 114,460 Allstate Corp. 3,262 113,354 Voicestream Wireless Corp.+ 960 111,420 Xilinx Inc.+ 1,292 110,628 Cardinal Health Inc. 1,247 109,970 PE Corp. (Biosystems Group) 943 109,860 Solectron Corp.+ 2,368 109,224 Nextel Communications Inc. "A"+ 2,290 107,058 SDL Inc.+ 346 106,568 Target Corporation 4,111 105,344 Baxter International Inc. 1,312 104,714 Mellon Financial Corp. 2,223 103,092 Maxim Integrated Products Inc.+ 1,279 102,880 AES Corp.+ 1,501 102,818 Yahoo! Inc.+ 1,119 101,829 Level 3 Communications Inc.+ 1,311 101,111 Ariba Inc.+ 705 101,002 Agilent Technologies Inc.+ 2,047 100,175 Applied Micro Circuits Corp.+ 480 99,390 Micron Technology Inc.+ 2,157 99,222 Alcoa Inc. 3,903 98,795 Halliburton Co. 2,001 97,924 Safeway Inc.+ 2,097 97,904 Firstar Corp. 4,369 97,756 Guidant Corp.+ 1,377 97,337 Washington Mutual Inc. 2,435 96,943 Southern Co. 2,928 94,977 State Street Corp. 721 93,730 Sprint Corp. (FON Group) 3,168 92,862 Fifth Third Bancorp 1,712 92,234 Exodus Communications Inc.+ 1,857 91,689 Linear Technology Corp. 1,391 90,067 HCA - The Healthcare Company 2,417 89,731 Bestfoods 1,233 89,701 Genentech Inc.+ 481 89,316 American General Corp. 1,120 87,360 ADC Telecommunications Inc.+ 3,187 85,700 Altera Corp.+ 1,792 85,568 Goldman Sachs Group Inc. (The) 751 85,567 PNC Bank Corp. 1,307 84,955 Kroger Co.+ 3,745 84,497 Williams Companies Inc. 1,999 84,458 Adobe Systems Inc. 543 84,301 Northern Trust Corp. 944 83,898 CVS Corp. 1,760 81,510 Providian Financial Corp. 641 81,407 Sprint Corp. (PCS Group)+ 2,320 81,345 i2 Technologies Inc.+ 432 80,811 Lehman Brothers Holdings Inc. 544 80,376 Sara Lee Corp. 3,921 79,645 Paychex Inc. 1,487 78,068 Kohls Corp.+ 1,343 77,474 US Bancorp Inc. 3,392 77,168 AFLAC Inc. 1,200 76,875 Dow Chemical Co. 3,055 76,184 Comverse Technology Inc.+ 704 76,032 Redback Networks Inc.+ 463 75,903 Conoco Inc. 2,816 75,856 Electronic Data Systems Corp. 1,824 75,696 CIGNA Corp. 716 74,750 Alltel Corp. 1,424 74,315 Hartford Financial Services Group Inc. 1,011 73,740 Anadarko Petroleum Corp. 1,104 73,372 Tellabs Inc.+ 1,535 73,296 MedImmune Inc.+ 944 72,924 UnitedHealth Group Inc. 735 72,581 Vitesse Semiconductor Corp.+ 816 72,573 First Data Corp. 1,857 72,539 Seagate Technology Inc.+ 1,024 70,656 Costco Wholesale Corp.+ 2,001 69,910 Sysco Corp. 1,504 69,654 Lowe's Companies Inc. 1,551 69,601 Commerce One Inc.+ 866 67,981 Calpine Corp.+ 634 66,174 Harley-Davidson Inc. 1,377 65,924 Coastal Corp. 864 64,044 Gannett Co. Inc. 1,201 63,653 Sanmina Corp.+ 671 62,822 International Paper Co. 2,177 62,453 Dominion Resources Inc. 1,072 62,243 -------------------------------------------------------------------------------- page 10 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Chubb Corp. 785 $ 62,113 Capital One Financial Corp. 881 61,725 Illinois Tool Works Inc. 1,104 61,686 National City Corp. 2,736 60,534 Phillips Petroleum Co. 959 60,177 El Paso Energy Corp. 976 60,146 Heinz (H.J.) Co. 1,585 58,744 Rational Software Corp.+ 846 58,691 Omnicom Group Inc. 800 58,350 FedEx Corp.+ 1,296 57,465 SunTrust Banks Inc. 1,153 57,434 Eastman Kodak Co. 1,393 56,939 American Electric Power Inc. 1,455 56,927 Dynegy Inc. 990 56,430 McGraw-Hill Companies Inc. 880 55,935 Lockheed Martin Corp. 1,694 55,834 Mercury Interactive Corp.+ 353 55,333 RadioShack Corp. 847 54,737 Southwest Airlines Co. 2,240 54,320 NEXTLINK Communications Inc.+ 1,536 54,048 Millennium Pharmaceuticals Inc.+ 368 53,751 BB&T Corp. 1,776 53,502 Computer Sciences Corp.+ 719 53,386 Caterpillar Inc. 1,569 52,954 FPL Group Inc. 801 52,666 Computer Associates International Inc. 2,063 51,962 Wachovia Corp. 912 51,699 Reliant Energy Inc. 1,103 51,290 Waters Corp.+ 576 51,264 Tenet Healthcare Corp. 1,409 51,252 Gap Inc. 2,481 49,930 Allergan Inc. 591 49,903 KeyCorp 1,967 49,790 Baker Hughes Inc. 1,329 49,339 Waste Management Inc. 2,801 48,842 Best Buy Co. Inc.+ 753 47,910 St. Paul Companies Inc. 959 47,291 TIBCO Software Inc.+ 560 47,285 General Dynamics Corp. 751 47,172 TXU Corporation 1,185 46,956 ConAgra Inc. 2,335 46,846 Quaker Oats Co. 592 46,842 General Mills Inc. 1,313 46,611 Infinity Broadcasting Corp.+ 1,408 46,464 Interpublic Group of Companies Inc. 1,360 46,325 Pitney Bowes Inc. 1,167 46,024 Scientific-Atlanta Inc. 720 45,810 PECO Energy Co. 755 45,725 Sears, Roebuck and Co. 1,399 45,356 Xerox Corp. 3,008 45,308 Unicom Corp. 800 44,950 Forest Laboratories Inc. "A"+ 384 44,040 Immunex Corp.+ 1,008 43,848 Intuit Inc.+ 769 43,833 Avon Products Inc. 1,072 43,818 Stilwell Financial Inc.+ 1,007 43,805 Public Service Enterprise Group Inc. 976 43,615 Union Pacific Corp. 1,120 43,540 Conexant Systems Inc.+ 1,039 43,508 Raytheon Co. "B" 1,521 43,253 Sycamore Networks Inc.+ 400 43,200 Integrated Device Technology Inc.+ 477 43,168 Dover Corp. 913 42,854 Equity Office Properties Trust 1,361 42,276 PG&E Corp. 1,743 42,159 Nabisco Group Holdings Corp. "A" 1,472 41,952 Xcel Energy Inc. 1,522 41,855 Clorox Co. 1,057 41,818 Lincoln National Corp. 864 41,580 Human Genome Sciences Inc.+ 240 41,550 AXA Financial Inc. 815 41,514 Comerica Inc. 704 41,140 Biogen Inc.+ 667 40,687 LSI Logic Corp.+ 1,391 40,687 AON Corp. 1,023 40,153 Inktomi Corp.+ 351 40,014 USX-Marathon Group Inc. 1,407 39,924 Tribune Co. 911 39,742 Unocal Corp. 1,103 39,088 Burlington Northern Santa Fe Corp. 1,806 38,942 Gateway Inc.+ 831 38,849 Entergy Corp. 1,040 38,740 McKesson HBOC Inc. 1,265 38,662 Weyerhaeuser Co. 957 38,639 Delphi Automotive Systems Corp. 2,543 38,463 Apple Computer Inc.+ 1,471 37,878 Masco Corp. 2,031 37,827 Metromedia Fiber Network Inc.+ 1,553 37,757 Sepracor Inc.+ 305 37,420 Air Products & Chemicals Inc. 1,039 37,404 -------------------------------------------------------------------------------- iShares Schedules of Investments page 11 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- eBay Inc.+ 544 $ 37,332 Aetna Inc. 639 37,102 Occidental Petroleum Corp. 1,664 36,296 Thermo Electron Corp.+ 1,391 36,166 Burlington Resources Inc. 975 35,892 Cendant Corp.+ 3,267 35,529 QLogic Corp.+ 401 35,288 Deere & Co. 1,056 35,112 Paine Webber Group Inc. 512 34,880 Campbell Soup Co. 1,329 34,388 KLA-Tencor Corp.+ 831 34,227 Concord EFS Inc.+ 960 34,095 AT&T Wireless Group+ 1,631 34,047 Molex Inc. 625 34,023 USA Education Inc. 705 33,972 MetLife Inc.+ 1,297 33,965 Constellation Energy Group Inc. 673 33,482 Fiserv Inc.+ 559 33,470 Starbucks Corp.+ 831 33,292 Ralston Purina Co. 1,391 32,949 Consolidated Edison Inc. 959 32,726 Nabors Industries Inc.+ 624 32,698 Advanced Micro Devices Inc.+ 1,376 32,508 Limited Inc. 1,471 32,454 National Semiconductor Corp.+ 799 32,160 Franklin Resources Inc. 721 32,034 Marriott International Inc. 879 32,029 Micromuse Inc.+ 159 31,949 Amazon.com Inc.+ 831 31,942 ALZA Corp.+ 369 31,918 MBIA Inc. 447 31,793 Jefferson-Pilot Corp. 464 31,494 Bear Stearns Companies Inc. 497 31,311 PPG Industries Inc. 784 31,115 Golden West Financial Corp. 576 30,888 Noble Drilling Corp.+ 607 30,502 3Com Corp.+ 1,584 30,393 TJX Companies Inc. 1,344 30,240 New York Times Co. "A" 767 30,153 Apache Corp. 509 30,095 Becton Dickinson & Co. 1,137 30,059 CP&L Energy Inc. 720 30,015 Jabil Circuit Inc.+ 525 29,794 NTL Inc.+ 640 29,640 May Department Stores Co. 1,441 29,541 MGIC Investment Corp. 480 29,340 Staples Inc.+ 2,065 29,297 Northrop Grumman Corp. 320 29,080 Edison International 1,503 29,027 Watson Pharmaceutical Inc.+ 447 28,999 Kerr-McGee Corp. 431 28,554 Electronic Arts Inc.+ 576 28,440 Cadence Design Systems Inc.+ 1,105 28,385 Fort James Corp. 928 28,362 Stryker Corp. 655 28,124 FirstEnergy Corp. 1,040 28,015 IVAX Corporation+ 609 28,014 IMS Health Inc. 1,344 27,888 Rambus Inc.+ 352 27,786 Robert Half International Inc.+ 800 27,750 Cablevision Systems Corp.+ 417 27,652 Equity Residential Properties Trust 576 27,648 Wellpoint Health Networks Inc.+ 288 27,648 Wrigley (William Jr.) Co. 369 27,629 Summit Bancorp 799 27,566 Albertson's Inc. 1,311 27,531 Univision Communications Inc.+ 736 27,508 Teradyne Inc.+ 784 27,440 Novellus Systems Inc.+ 589 27,425 Newell Rubbermaid Inc. 1,201 27,398 PP&L Resources Inc. 655 27,346 Vignette Corp.+ 909 27,156 SCI Systems Inc.+ 656 26,896 United Parcel Service Inc. 476 26,835 PeopleSoft Inc.+ 959 26,792 Telephone & Data Systems Inc. 241 26,679 Starwood Hotels & Resorts Worldwide Inc. 849 26,531 Lycos Inc.+ 384 26,406 Praxair Inc. 705 26,349 McLeodUSA Inc. "A"+ 1,839 26,321 Biomet Inc. 751 26,285 Atmel Corp.+ 1,730 26,274 Genzyme General Division+ 384 26,184 Columbia Energy Group 368 26,128 Ameren Corp. 623 26,088 Software.com Inc.+ 143 25,946 UNUMProvident Corp. 945 25,751 Bed Bath & Beyond Inc.+ 1,054 25,708 SunGard Data Systems Inc.+ 592 25,345 Dun & Bradstreet Corp. 735 25,312 -------------------------------------------------------------------------------- page 12 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Norfolk Southern Corp. 1,728 $ 25,272 Loews Corp. 303 25,263 IDEC Pharmaceuticals Corp.+ 144 25,252 Textron Inc. 545 25,138 Federated Department Stores Inc.+ 959 25,054 Devon Energy Corp. 414 24,902 Archer-Daniels-Midland Co. 2,879 24,827 Delta Air Lines Inc. 559 24,806 Tiffany & Co. 642 24,757 Broadwing Inc.+ 961 24,566 CMGI Inc.+ 879 24,557 DTE Energy Co. 641 24,518 Extreme Networks Inc.+ 214 24,503 Cincinnati Financial Corp. 687 24,388 KeySpan Corp. 607 24,356 Charter One Financial Inc. 992 24,170 American Tower Corp.+ 641 24,158 Synovus Financial Corp. 1,136 24,069 Kellogg Co. 992 23,994 PE Corp. (Celera Genomics Group)+ 240 23,910 ENSCO International Inc. 624 23,868 Cypress Semiconductor Corp.+ 574 23,857 SouthTrust Corp. 753 23,672 Amerada Hess Corp. 353 23,629 PerkinElmer Inc. 224 23,380 Cox Communications Inc. "A"+ 611 23,371 Health Management Associates Inc. "A"+ 1,121 23,331 Hershey Foods Corp. 431 23,328 Marshall & Ilsley Corp. 465 23,308 Ingersoll-Rand Co. 688 23,306 Abgenix Inc.+ 288 23,274 TMP Worldwide Inc.+ 287 23,104 Cintas Corp. 529 23,045 Echostar Communications Corp.+ 433 22,841 Art Technology Group Inc.+ 240 22,740 Transwitch Corp.+ 354 22,568 Regions Financial Corp. 993 22,529 BroadVision Inc.+ 881 22,521 Symbol Technologies Inc. 624 22,425 Global Marine Inc.+ 721 22,261 Cinergy Corp. 673 22,251 Amsouth Bancorp 1,775 22,187 Florida Progress Corp. 417 22,075 AMR Corp.+ 673 21,999 Price (T. Rowe) Associates 464 21,779 Gilead Sciences Inc.+ 198 21,718 Lexmark International Group Inc. "A"+ 577 21,637 CSX Corp. 991 21,616 Mattel Inc. 1,920 21,480 Danaher Corp. 431 21,442 Circuit City Stores Inc. 927 21,321 Rockwell International Corp. 704 21,296 Weatherford International Inc.+ 495 21,285 Cabletron Systems Inc.+ 721 21,179 BMC Software Inc.+ 1,104 21,114 Ambac Financial Group Inc. 288 21,096 Boston Scientific Corp.+ 1,280 21,040 Kinder Morgan Inc. 513 21,001 Newport Corp. 131 20,864 Chiron Corp.+ 463 20,835 Protein Design Labs Inc.+ 172 20,726 Eaton Corp. 336 20,706 Tricon Global Restaurants Inc.+ 671 20,549 BJ Services Co.+ 336 20,538 R&B Falcon Corporation+ 736 20,516 Union Carbide Corp. 543 20,498 Johnson Controls Inc. 385 20,477 SPX Corp.+ 144 20,439 Tosco Corp. 655 20,428 Union Planters Corp. 609 20,135 Edwards (A.G.) Inc. 384 20,088 Avery Dennison Corp. 433 20,080 Zions Bancorp 385 19,689 Progressive Corporation 240 19,650 Emulex Corp.+ 160 19,600 Pinnacle West Capital Corp. 384 19,536 St. Jude Medical Inc.+ 383 19,533 Foundry Networks Inc.+ 289 19,345 Countrywide Credit Industries Inc. 512 19,328 Sempra Energy 927 19,293 National Commerce Bancorp 963 19,200 Vertex Pharmaceuticals Inc.+ 226 19,097 Fortune Brands Inc. 719 19,053 Allegheny Energy Inc. 496 18,941 DST Systems Inc.+ 161 18,917 Dollar Tree Stores Inc.+ 464 18,821 Medarex Inc.+ 160 18,770 King Pharmaceuticals Inc.+ 561 18,758 EOG Resources Inc. 480 18,660 Finisar Corp.+ 383 18,528 -------------------------------------------------------------------------------- iShares Schedules of Investments page 13 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Ecolab Inc. 512 $ 18,464 Allegiance Telecom Inc.+ 495 18,439 Infospace.com Inc.+ 607 18,362 Smith International Inc.+ 225 18,352 TRW Inc. 449 18,241 Goodrich (B.F.) Co. 463 18,144 Macromedia Inc.+ 224 18,102 Coca-Cola Enterprises Inc. 1,135 18,089 Georgia-Pacific Corp. 768 18,048 Old Kent Financial Corp. 623 18,028 Park Place Entertainment Corp.+ 1,183 17,893 Cooper Cameron Corp.+ 240 17,685 GPU Inc. 545 17,678 DPL Inc. 593 17,642 Microchip Technology Inc.+ 528 17,457 GlobeSpan Inc.+ 143 17,446 Hilton Hotels Corp. 1,507 17,425 CenturyTel Inc. 639 17,413 Sealed Air Corp.+ 383 17,331 Parker Hannifin Corp. 511 17,246 Micrel Inc.+ 257 17,219 Equifax Inc. 639 17,213 Celgene Corp.+ 289 17,195 Minimed Inc.+ 192 17,160 North Fork Bancorp 784 16,954 Readers Digest Association Inc. (The) "A" 479 16,915 Imclone Systems Inc.+ 144 16,857 UST Inc. 735 16,813 Vulcan Materials Co. 417 16,758 Sabre Holdings Corp. 577 16,697 Huntington Bancshares Inc. 1,136 16,685 Portal Software Inc.+ 415 16,600 Block (H & R) Inc. 447 16,567 Popular Inc. 609 16,481 Toys R Us Inc.+ 1,009 16,396 Interwoven Inc.+ 145 16,394 NCR Corp.+ 432 16,335 M&T Bank Corp. 32 16,320 MMC Networks Inc.+ 129 16,319 WebMD Corp.+ 1,070 16,318 Knight Ridder Inc. 321 16,311 Ceridian Corp.+ 576 16,164 TECO Energy Inc. 561 16,129 RF Micro Devices Inc.+ 512 16,064 SanDisk Corp.+ 240 16,020 Torchmark Corp. 576 16,020 Montana Power Co. 479 15,987 CIT Group Inc. (The) 912 15,960 Citizen Communications Co.+ 1,185 15,923 Unisys Corp.+ 1,408 15,840 Legg Mason Inc. 272 15,810 E*trade Group Inc.+ 959 15,764 Citrix Systems Inc.+ 785 15,749 NVIDIA Corp.+ 192 15,720 SAFECO Corp. 576 15,696 Spieker Properties Inc. 271 15,599 Mylan Laboratories Inc. 577 15,543 CDW Computer Centers Inc.+ 224 15,456 Allmerica Financial Corp. 240 15,345 Genuine Parts Co. 800 15,250 Estee Lauder Companies Inc. "A" 416 15,236 Dana Corp. 705 15,157 Harcourt General Inc. 255 15,045 Harrah's Entertainment Inc.+ 545 14,987 Novell Inc.+ 1,506 14,966 R.J. Reynolds Tobacco Holdings Inc. 464 14,964 Andrx Group+ 160 14,940 Cree Inc.+ 128 14,880 Fox Entertainment Group Inc.+ 561 14,866 DoubleClick Inc.+ 464 14,848 Arrow Electronics Inc.+ 433 14,749 Tektronix Inc. 192 14,748 Phelps Dodge Corp. 353 14,738 Nike Inc. "B" 367 14,703 Quest Diagnostics Inc.+ 128 14,688 Northeast Utilities 672 14,574 AvalonBay Communities Inc. 304 14,497 LG&E Energy Corp. 591 14,443 First Security Corp. 881 14,371 Knight Trading Group Inc.+ 399 14,364 Donaldson, Lufkin & Jenrette Inc. 160 14,310 Healthsouth Corp.+ 1,761 14,308 Power-One Inc.+ 236 14,282 At Home Corp. "A"+ 1,007 14,224 American Standard Companies Inc.+ 319 14,176 Vitria Technology Inc.+ 303 14,127 American Power Conversion Corp.+ 736 14,122 Network Associates Inc.+ 624 14,118 Apartment Investment & Management Co. "A" 304 14,003 Alteon Websystems Inc.+ 129 13,982 -------------------------------------------------------------------------------- page 14 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Penney (J.C.) Company Inc. 1,183 $ 13,974 Internet Capital Group LLC+ 801 13,967 COR Therapeutics Inc.+ 224 13,958 Crown Castle International Corp.+ 449 13,947 Leggett & Platt Inc. 881 13,931 Dollar General Corp. 831 13,919 Duke-Weeks Realty Corp. 575 13,872 Mallinckrodt Group Inc. 304 13,870 TCF Financial Corp. 367 13,808 International Rectifier Corp.+ 273 13,804 AutoZone Inc.+ 607 13,771 Servicemaster Co. 1,394 13,766 Kmart Corp.+ 2,257 13,542 Cooper Industries Inc. 384 13,536 Murphy Oil Corp. 208 13,481 Apollo Group Inc.+ 336 13,398 Amkor Technology Inc.+ 512 13,376 CMS Energy Corp. 496 13,361 Sherwin-Williams Co. 625 13,359 Potomac Electric Power Co. 529 13,324 SCANA Corp. 431 13,307 NiSource Inc. 544 13,260 Black & Decker Corp. 384 13,128 Sapient Corp.+ 322 13,101 Rohm & Haas Co. "A" 448 13,020 Polycom Inc.+ 194 12,992 Pepsi Bottling Group Inc. 432 12,987 Eastman Chemical Co. 351 12,965 Willamette Industries Inc. 463 12,964 Newmont Mining Corp. 753 12,801 Old Republic International Corp. 529 12,729 Advanced Fibre Communications Inc.+ 336 12,726 Goodyear Tire & Rubber Co. 704 12,672 Sigma-Aldrich Corp. 384 12,672 Young & Rubicam Inc. 255 12,623 Family Dollar Stores Inc. 655 12,609 Niagara Mohawk Holdings Inc.+ 800 12,600 Diamond Offshore Drilling Inc. 304 12,464 Semtech Corp.+ 288 12,420 SEI Investment Co. 175 12,381 VerticalNet Inc.+ 352 12,364 American Water Works Inc. 447 12,320 Wind River Systems Inc.+ 257 12,320 Compuware Corp.+ 1,457 12,202 Nabisco Holdings Corp. 225 12,094 RealNetworks Inc.+ 304 12,084 First Tennessee National Corp. 591 12,079 Parametric Technology Corp.+ 1,104 12,075 Hancock (John) Financial Services Inc.+ 449 12,067 Westvaco Corp. 449 11,983 ITT Industries Inc. 368 11,937 KEMET Corp.+ 432 11,934 Waddell & Reed Financial Inc. "A" 383 11,873 Jones Apparel Group Inc.+ 448 11,872 PACCAR Inc. 320 11,860 Whirlpool Corp. 305 11,857 Greenpoint Financial Corp. 400 11,850 Peregrine Systems Inc.+ 625 11,836 Veeco Instruments Inc.+ 111 11,795 Primedia Inc.+ 719 11,774 ICN Pharmaceuticals Inc. 353 11,737 Lam Research Corp.+ 560 11,725 Dow Jones & Co. Inc. 193 11,676 Darden Restaurants Inc. 560 11,655 Tidewater Inc. 256 11,648 Time Warner Telecom Inc. "A"+ 241 11,643 Ocean Energy Inc.+ 753 11,624 Enzon Inc.+ 176 11,616 Nucor Corp. 384 11,568 Banknorth Group Inc. 641 11,458 Brown-Forman Corp. "B" 209 11,443 Southdown Inc. 160 11,400 Conseco Inc. 1,489 11,354 Oxford Health Plans Inc.+ 369 11,341 Miller (Herman) Inc. 353 11,318 Plexus Corp.+ 160 11,280 Office Depot Inc.+ 1,443 11,273 Symantec Corp.+ 256 11,264 Simon Property Group Inc. 479 11,227 Pall Corp. 560 11,165 Sybron International Corp.+ 465 11,160 Bowater Inc. 240 11,145 Viad Corp. 417 11,077 Mercantile Bankshares Corp. 305 11,071 Dime Bancorp Inc. 511 11,018 DQE Inc. 274 10,994 Avnet Inc. 386 10,953 Maytag Corp. 352 10,934 E.piphany Inc.+ 141 10,866 Quantum DLT & Storage Group+ 721 10,860 -------------------------------------------------------------------------------- iShares Schedules of Investments page 15 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Grant Prideco Inc.+ 495 $ 10,859 Wisconsin Energy Corp. 544 10,846 Energy East Corp. 479 10,837 CH Robinson Worldwide Inc. 192 10,821 Radian Group Inc. 160 10,800 International Game Technology Inc.+ 321 10,794 Utilicorp United Inc. 417 10,790 Ashland Inc. 320 10,780 Sunoco Inc. 400 10,775 Manpower Inc. 337 10,763 Neuberger Berman Inc. 175 10,763 Hispanic Broadcasting Corp.+ 384 10,704 Critical Path Inc.+ 176 10,692 Rowan Companies Inc.+ 368 10,672 Compass Bancshares Inc. 544 10,608 Energizer Holdings Inc.+ 432 10,584 Fluor Corp. 352 10,560 Safeguard Scientifics Inc.+ 529 10,547 Amerisource Health Corp. "A"+ 224 10,528 Incyte Pharmaceuticals Inc.+ 256 10,528 TriQuint Semiconductor Inc.+ 288 10,494 Republic Services Inc. "A"+ 799 10,487 BJ's Wholesale Club Inc.+ 305 10,408 Alliant Energy Corp. 353 10,369 Macrovision Corp.+ 128 10,368 Informatica Corp.+ 111 10,351 MGM Grand Inc. 271 10,349 Synopsys Inc.+ 273 10,340 Lattice Semiconductor Corp.+ 192 10,320 Internap Network Services Corp.+ 319 10,308 MarchFirst Inc.+ 657 10,307 Silicon Valley Bancshares+ 177 10,307 Boston Properties Inc. 240 10,305 Caremark Rx Inc.+ 915 10,294 Cirrus Logic Inc.+ 255 10,280 NSTAR 255 10,264 Tech Data Corp.+ 240 10,260 VF Corp. 415 10,245 DeVry Inc.+ 272 10,234 Questar Corp. 367 10,207 USA Networks Inc.+ 465 10,201 Donnelley (R.R.) & Sons Co. 415 10,193 Metris Companies Inc. 257 10,152 MRV Communications Inc.+ 224 10,150 Vornado Realty Trust 273 10,135 Coors (Adolph) Company "B" 160 10,110 Mead Corp. 432 10,098 Akamai Technologies Inc.+ 192 10,083 UnitedGlobalCom Inc. "A"+ 336 10,080 Millipore Corp. 208 10,075 Agile Software Corp.+ 112 10,073 Commerce Bancshares Inc. 273 10,050 Aether Systems Inc.+ 95 10,022 Amphenol Corp. "A"+ 176 10,021 Bisys Group Inc.+ 128 9,896 Georgia-Pacific (Timber Group) 368 9,890 Beckman Coulter Inc. 128 9,872 National Fuel Gas Co. 176 9,867 Prologis Trust 415 9,856 MCN Energy Group Inc. 384 9,840 Comdisco Inc. 513 9,779 Ultramar Diamond Shamrock Corp. 385 9,769 Puget Sound Energy Inc. 384 9,744 Host Marriott Corp. 864 9,720 AmeriCredit Corp.+ 337 9,710 Exar Corp.+ 80 9,680 Homestore.com Inc.+ 207 9,677 Acxiom Corp.+ 304 9,652 Avocent Corporation+ 175 9,647 Cabot Corp. 304 9,633 Sovereign Bancorp Inc. 1,041 9,629 Crescent Real Estate Equities Co. 431 9,617 Andrew Corp.+ 367 9,611 Universal Health Services Inc. "B"+ 112 9,590 ICOS Corp.+ 177 9,580 Public Storage Inc. 400 9,575 First Virginia Banks Inc. 224 9,548 Gallagher (Arthur J.) & Co. 161 9,519 Bard (C.R.) Inc. 225 9,506 Federated Investors Inc. "B" 384 9,504 Noble Affiliates Inc. 256 9,504 Elantec Semiconductor Inc.+ 95 9,464 Archstone Communities Trust 385 9,457 Shaw Industries Inc. 511 9,454 Netro Corp.+ 159 9,421 Manugistics Group Inc.+ 96 9,420 Expeditors International Washington Inc. 209 9,418 UAL Corp. 224 9,408 Engelhard Corp. 576 9,360 Adaptec Inc.+ 465 9,300 -------------------------------------------------------------------------------- page 16 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Techne Corp.+ 83 $ 9,296 Liz Claiborne Inc. 241 9,279 Hillenbrand Industries Inc. 207 9,263 Trigon Healthcare Inc.+ 176 9,251 AutoNation Inc.+ 1,538 9,228 Sybase Inc.+ 401 9,223 CarrAmerica Realty Corp. 304 9,196 Equitable Resources Inc. 145 9,189 HNC Software Inc.+ 112 9,163 Western Wireless Corp. "A"+ 257 9,156 CacheFlow Inc.+ 64 9,152 Plantronics Inc.+ 240 9,120 Laboratory Corp. of America Holdings+ 76 9,101 Harris Corp. 320 9,100 McCormick & Co. Inc. 305 9,074 Silicon Storage Technology Inc.+ 333 9,053 Autoliv Inc. 464 9,048 Inhale Therapeutic Systems Inc.+ 160 9,020 BancWest Corporation 463 9,000 Phone.com Inc.+ 79 8,976 Hasbro Inc. 783 8,956 Dallas Semiconductor Corp. 272 8,942 Visteon Corp. 591 8,939 Super Value Inc. 592 8,917 Actuate Software Corp.+ 256 8,844 Grainger (W.W.) Inc. 336 8,841 Kimco Realty Corp. 209 8,830 Delhaize America Inc. "B" 527 8,827 Hibernia Corp. "A" 720 8,820 Pactiv Corp.+ 785 8,782 Flowers Industries Inc. 449 8,755 GATX Corporation 209 8,752 PMI Group Inc. (The) 129 8,740 Centex Corp. 272 8,738 US Airways Group Inc.+ 287 8,736 Bausch & Lomb Inc. 224 8,722 Brinker International Inc.+ 289 8,706 Alkermes Inc.+ 225 8,691 Netegrity Inc.+ 124 8,680 Outback Steakhouse Inc.+ 320 8,680 iStar Financial Inc. 384 8,616 Precision Castparts Corp. 224 8,596 Powertel Inc.+ 113 8,595 CheckFree Corp.+ 205 8,588 Stanley Works (The) 369 8,510 Diebold Inc. 320 8,500 Natural Microsystems Corp.+ 158 8,500 Erie Indemnity Co. "A" 289 8,489 Internet Security Systems Inc.+ 113 8,489 International Flavors & Fragrances Inc. 464 8,468 Lamar Advertising Co.+ 223 8,446 Washington Post Company (The) "B" 16 8,446 FirstMerit Corp. 368 8,441 Hanover Compressor Co.+ 256 8,432 Catellus Development Corp.+ 480 8,400 Quintiles Transnational Corp.+ 527 8,399 Commerce Bancorp Inc. 144 8,379 Gentex Corp.+ 335 8,375 Associated Bancorp 319 8,374 Liberty Property Trust 304 8,360 Wendy's International Inc. 416 8,346 MONY Group Inc. 208 8,294 Belo (A.H.) Corp. 449 8,278 Infocus Corp.+ 156 8,268 Newfield Exploration Co.+ 176 8,217 Abercrombie & Fitch Co.+ 431 8,216 Navistar International Corp.+ 273 8,173 Eastern Enterprises 128 8,168 IDACorp Inc. 176 8,140 Covad Communications Group Inc.+ 608 8,132 ChoicePoint Inc.+ 177 8,120 MIPS Technologies Inc. "A"+ 176 8,096 Helmerich & Payne Inc. 224 8,092 MDU Resources Group Inc. 272 8,092 Sonoco Products Co. 448 8,092 Myriad Genetics Inc.+ 94 8,084 Investors Financial Services Corp. 128 8,080 L-3 Communications Holdings Inc.+ 143 8,079 Astoria Financial Corp. 208 8,034 IPALCO Enterprises Inc. 351 8,029 True North Communications Inc. 224 8,008 Martin Marietta Materials Inc. 209 8,001 Affiliated Computer Services Inc.+ 160 7,980 Affymetrix Inc.+ 160 7,980 National-Oilwell Inc.+ 255 7,969 Rouse Co. 319 7,955 Humana Inc.+ 737 7,923 Temple-Inland Inc. 208 7,878 Medicis Pharmaceutical Corp. "A"+ 128 7,872 Valero Energy Corp. 223 7,847 -------------------------------------------------------------------------------- iShares Schedules of Investments page 17 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- AMB Property Corp. 319 $ 7,835 Advent Software Inc.+ 112 7,826 Allied Waste Industries Inc.+ 849 7,800 Cullen/Frost Bankers Inc. 240 7,800 OSI Pharmaceuticals Inc.+ 111 7,770 Mettler Toledo International Inc.+ 176 7,744 Old National Bancorp 256 7,744 Foundation Health Systems Inc.+ 465 7,731 General Growth Properties Inc. 240 7,725 Venator Group Inc.+ 624 7,722 Wilmington Trust Corp. 144 7,722 Post Properties Inc. 176 7,667 Pride International Inc.+ 288 7,632 Coherent Inc.+ 112 7,616 Sirius Satellite Radio Inc.+ 144 7,614 NICOR Inc. 208 7,527 FMC Corp.+ 112 7,511 OGE Energy Corp. 352 7,502 Adelphia Communications Corp. "A"+ 272 7,497 Kana Communications Inc.+ 335 7,454 ALLETE 336 7,434 Valley National Bancorp 272 7,429 Conectiv Inc. 415 7,418 Cobalt Networks Inc.+ 128 7,408 Virata Corp.+ 112 7,406 Cell Therapeutics Inc.+ 111 7,402 Transatlantic Holdings Inc. 80 7,400 Vishay Intertechnology Inc.+ 240 7,380 Fastenal Co. 128 7,376 Dura Pharmaceuticals Inc.+ 208 7,358 Marine Drilling Co. Inc.+ 257 7,341 Catalina Marketing Corp.+ 195 7,337 Powerwave Technologies Inc.+ 193 7,328 Dycom Industries Inc.+ 176 7,326 Bergen Brunswig Corp. "A" 626 7,316 Continental Airlines Inc. "B"+ 161 7,315 Bank United Corp. "A" 144 7,299 NetIQ Corp.+ 111 7,291 Kansas City Power & Light Co. 273 7,286 Arden Realty Inc. 271 7,266 Copper Mountain Networks Inc.+ 193 7,237 Nordstrom Inc. 463 7,205 Fairchild Semiconductor Corp. "A"+ 256 7,200 Bemis Co. 224 7,196 Golden State Bancorp Inc. 304 7,182 Intimate Brands Inc. 384 7,176 Protective Life Corp. 240 7,170 webMethods Inc.+ 62 7,138 Methode Electronics Inc. "A" 160 7,090 Diamond Technology Partners Inc.+ 95 7,054 Whitman Corp. 609 7,042 CNET Networks Inc.+ 288 7,015 IBP Inc. 383 7,014 Leap Wireless International Inc.+ 112 7,007 Mandalay Resort Group Inc.+ 273 6,996 Cephalon Inc.+ 144 6,984 Cytyc Corp.+ 161 6,943 RSA Security Inc.+ 161 6,943 Express Scripts Inc. "A"+ 96 6,936 CSG Systems International Inc.+ 239 6,931 Go2Net Inc.+ 127 6,892 City National Corp. 177 6,837 Mentor Graphics Corp.+ 289 6,810 Tollgrade Communications Inc.+ 49 6,802 Hercules Inc. 481 6,794 Hubbell Inc. "B" 271 6,792 Centura Banks Inc. 177 6,781 Roslyn Bancorp Inc. 303 6,780 Dentsply International Inc. 193 6,743 First Health Group Corp.+ 209 6,740 Brunswick Corp. 369 6,734 Consolidated Stores Corp.+ 497 6,709 Omnicare Inc. 416 6,708 Homestake Mining Company 1,293 6,707 Iomega Corp.+ 1,341 6,705 Reynolds & Reynolds Co. "A" 336 6,678 Williams-Sonoma Inc.+ 192 6,672 BRE Properties Inc. 208 6,656 Allied Capital Corp. 320 6,640 Lennar Corp. 223 6,620 Cubist Pharmaceuticals Inc.+ 127 6,612 Intermedia Communications Inc.+ 224 6,608 Health Care Property Investors Inc. 223 6,606 Western Resources Inc. 305 6,596 Unitrin Inc. 208 6,591 Chris-Craft Industries Inc.+ 80 6,590 Eaton Vance Corp. 129 6,579 Suiza Foods Corp.+ 129 6,539 Deluxe Corp. 321 6,520 Anaren Microwave Inc.+ 48 6,510 -------------------------------------------------------------------------------- page 18 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Varian Medical Systems Inc.+ 144 $ 6,507 Autodesk Inc. 256 6,496 VISX Inc.+ 241 6,492 CTS Corp. 128 6,480 Litton Industries Inc.+ 145 6,480 Aurora Biosciences Corp.+ 95 6,460 Cytec Industries Inc.+ 192 6,420 C&D Technologies Inc. 113 6,413 Snap-On Inc. 272 6,409 Highwoods Properties Inc. 271 6,402 Boise Cascade Corp. 240 6,375 Barr Laboratories Inc.+ 96 6,366 Pioneer Natural Resources Co.+ 448 6,356 Tekelec+ 193 6,345 Fulton Financial Corp. 320 6,340 Sierra Pacific Resources Corp. 352 6,336 Smurfit-Stone Container Corp.+ 528 6,336 Smithfield Foods Inc.+ 241 6,326 Saks Inc.+ 640 6,320 Cognex Corp.+ 160 6,310 Titan Pharmaceuticals Inc.+ 97 6,305 Tootsie Roll Industries Inc. 160 6,280 IMC Global Inc. 433 6,278 Harman International Industries Inc. 160 6,256 IndyMac Mortgage Holdings Inc. 304 6,251 Lear Corp.+ 304 6,251 Charter Communications Inc.+ 384 6,246 Pegasus Communications Corp.+ 129 6,232 Sky Financial Group Inc. 351 6,230 Hudson United Bancorp 225 6,216 Edwards (J.D.) & Co.+ 240 6,210 Varian Inc.+ 144 6,201 PSINET Inc.+ 640 6,160 Crown Cork & Seal Co. Inc. 576 6,156 StanCorp Financial Group Inc. 144 6,156 Credence Systems Corp.+ 205 6,150 Great Lakes Chemical Corp. 209 6,126 Allegheny Technologies Inc. 337 6,108 Scripps (E.W.) Company 113 6,102 Korn/Ferry International+ 161 6,088 Owens-Illinois Inc.+ 657 6,077 Pier 1 Imports Inc. 448 6,076 Whole Foods Market Inc.+ 113 6,067 Cross Timbers Oil Co. 316 6,063 Electronics For Imaging Inc.+ 240 6,060 Teleflex Inc. 176 6,050 Pacific Century Financial Corp. 353 6,045 Alexion Pharmaceuticals Inc.+ 53 6,042 Kaufman & Broad Home Corp. 224 6,034 Red Hat Inc.+ 352 6,006 UnionBanCal Corporation 257 5,991 Carlisle Companies Inc. 144 5,976 Fisher Scientific International Inc.+ 177 5,974 CuraGen Corp.+ 112 5,967 Pentair Inc. 223 5,965 Dain Rauscher Corp. 64 5,952 Winstar Communications Inc.+ 384 5,952 Fidelity National Financial Inc. 240 5,940 Iron Mountain Inc.+ 160 5,920 HON Industries Inc. 240 5,910 Florida East Coast Industries Inc. 144 5,904 Orthodontic Centers of America+ 177 5,896 Steelcase Inc. 352 5,896 Hormel Foods Corp. 352 5,874 Alpharma Inc. 96 5,868 Mack-Cali Realty Corp. 208 5,863 Westwood One Inc.+ 272 5,831 Raymond James Financial Corp. 176 5,797 Maxim Pharmaceuticals Inc.+ 95 5,771 Franchise Finance Corporation of America 256 5,760 Manor Care Inc.+ 367 5,757 Cummins Engine Company Inc. 192 5,748 Winn-Dixie Stores Inc. 399 5,736 ACNielsen Corp.+ 240 5,715 Province Healthcare Co.+ 143 5,691 Ameritrade Holding Corp. "A"+ 320 5,680 Neiman-Marcus Group Inc. "A"+ 175 5,677 Varco International Inc.+ 272 5,661 Storage Technology Corp.+ 417 5,656 Solutia Inc. 495 5,631 Tut Systems Inc.+ 65 5,610 Edwards Lifesciences Corp.+ 257 5,606 National Instruments Corp.+ 127 5,604 Newport News Shipbuilding Inc. 129 5,595 Tyson Foods Inc. "A" 559 5,590 Washington Gas Light Co. 208 5,590 USX-U.S. Steel Group Inc. 368 5,589 Lee Enterprises Inc. 193 5,573 Greater Bay Bancorp 80 5,555 Jack Henry & Associates Inc. 128 5,552 -------------------------------------------------------------------------------- iShares Schedules of Investments page 19 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Vectren Corporation 273 $ 5,545 Liberate Technologies Inc.+ 191 5,527 Affiliated Managers Group Inc.+ 97 5,523 Freeport-McMoRan Copper & Gold Inc.+ 625 5,508 Bancorp South Inc. 383 5,506 Ross Stores Inc. 383 5,506 United Therapeutics Inc.+ 63 5,505 Aeroflex Inc.+ 113 5,495 Crane Co. 240 5,490 Commscope Inc.+ 224 5,488 Washington Federal Inc. 241 5,483 Zygo Corp.+ 63 5,481 Lincare Holdings Inc.+ 191 5,479 Six Flags Inc.+ 353 5,472 New Plan Excel Realty Trust 399 5,461 Camden Property Trust 176 5,456 Alpha Industries Inc.+ 160 5,450 Payless Shoesource Inc.+ 97 5,432 Terayon Communications Systems Inc.+ 160 5,430 Digital Island Inc.+ 289 5,419 First Industrial Realty Trust 176 5,412 Callaway Golf Co. 351 5,397 Varian Semiconductor Equipment Associates Inc.+ 144 5,391 Westamerica Bancorp 161 5,383 Zebra Technologies Corp. "A"+ 112 5,383 Harmonic Inc.+ 224 5,376 Labranche & Co. Inc.+ 161 5,373 Valassis Communications Inc.+ 241 5,362 Peoples Energy Corp. 160 5,340 Trustmark Corp. 273 5,324 Dean Foods Co. 160 5,320 Grey Wolf Inc.+ 925 5,319 Documentum Inc.+ 65 5,277 Hospitality Properties Trust 225 5,259 USG Corp. 209 5,238 Harte-Hanks Inc. 192 5,232 Oak Technology Inc.+ 191 5,229 Weingarten Realty Investors 128 5,216 Vicor Corp.+ 96 5,208 Cerner Corp.+ 112 5,201 Meredith Corp. 176 5,192 Zale Corp.+ 160 5,190 Kopin Corp.+ 288 5,184 HSB Group Inc. 129 5,176 Legato Systems Inc.+ 385 5,173 Webster Financial Corp. 192 5,172 Lone Star Technologies Inc.+ 112 5,169 Rite Aid Corp. 1,292 5,168 ONEOK Inc. 129 5,128 Michaels Stores Inc.+ 128 5,120 Aspen Technology Inc.+ 113 5,099 Scholastic Corp.+ 64 5,092 Informix Corp.+ 1,234 5,090 First Midwest Bancorp Inc. 191 5,085 LifePoint Hospitals Inc.+ 143 5,076 Vintage Petroleum Inc. 223 5,073 Investment Technology Group Inc.+ 127 5,072 CV Therapeutics Inc.+ 65 5,056 United Dominion Realty Trust 464 5,046 American Greetings Corp. "A" 288 5,040 Patterson Dental Co.+ 224 5,040 First American Financial Corp. 241 5,031 Quest Software Inc.+ 81 5,031 Houghton Mifflin Co. 128 5,024 Hawaiian Electric Industries Inc. 144 5,022 Plum Creek Timber Co. Inc. 225 5,020 Ryder System Inc. 272 5,015 Alexander & Baldwin Inc. 192 4,992 International Speedway Corp. "A" 128 4,992 Patterson Energy Inc.+ 145 4,984 Ethan Allen Interiors Inc. 176 4,983 CNF Transportation Inc. 223 4,962 Immunogen Inc.+ 145 4,957 ArvinMeritor Inc. 335 4,920 SkyWest Inc. 96 4,920 Borders Group Inc.+ 352 4,906 DMC Stratex Networks Inc.+ 305 4,899 Commercial Federal Corp. 256 4,896 Reckson Associates Realty Corp. 192 4,896 Cheesecake Factory (The)+ 113 4,887 OM Group Inc. 112 4,886 Pioneer Group Inc. (The)+ 111 4,881 Keystone Financial Inc. 224 4,872 Getty Images Inc.+ 160 4,870 Technitrol Inc. 48 4,848 Barrett Resources Corp.+ 128 4,840 AGL Resources Inc. 241 4,835 FelCor Lodging Trust Inc. 209 4,833 Cousins Properties Inc. 112 4,823 -------------------------------------------------------------------------------- page 20 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Citizens Banking Corp. 209 $ 4,807 Sensormatic Electronics Corp.+ 320 4,800 Roper Industries Inc. 144 4,779 Sotheby's Holdings Inc. 192 4,776 Wiley (John) & Sons Inc. "A" 208 4,771 Stillwater Mining Co.+ 176 4,764 Ilex Oncology Inc.+ 158 4,760 National Data Corp. 145 4,758 Pulte Corp. 144 4,752 Pure Resources Inc.+ 224 4,746 Efficient Networks Inc.+ 127 4,739 REMEC Inc.+ 161 4,739 Intersil Holding Corp.+ 95 4,738 Keane Inc.+ 272 4,733 Lubrizol Corp. 240 4,725 Molecular Devices Corp.+ 48 4,716 Leucadia National Corp. 176 4,708 Enzo Biochem Inc.+ 97 4,704 Avista Corp. 209 4,702 Triad Hospitals Inc.+ 160 4,700 NRG Energy Inc.+ 128 4,672 Cable Design Technologies Corp.+ 192 4,668 Aviron+ 80 4,665 Nextel Partners Inc. "A"+ 160 4,660 SBA Communications Corp.+ 111 4,655 Aspect Communications Corp.+ 225 4,641 Tupperware Corp. 257 4,626 AVX Corp. 177 4,613 Alberto-Culver Co. "B" 160 4,610 Rayonier Inc. 128 4,600 Heller Financial Inc. 161 4,599 Ditech Communications Corp.+ 112 4,592 NPS Pharmaceuticals Inc.+ 81 4,582 Tetra Tech Inc.+ 160 4,570 Concurrent Computer Corp.+ 240 4,560 Digex Inc.+ 97 4,547 Trimeris Inc.+ 65 4,546 Cleco Corp. 97 4,535 Verity Inc.+ 127 4,532 Hain Celestial Group Inc.+ 129 4,531 Delta & Pine Land Co. 176 4,521 Linens 'N Things Inc.+ 177 4,514 RGS Energy Group Inc. 160 4,510 Electro Scientific Industries Inc.+ 128 4,496 PacifiCare Health Systems Inc. "A"+ 129 4,491 Pogo Producing Co. 177 4,491 Millennium Chemicals Inc. 303 4,488 Colonial BancGroup Inc. 432 4,482 Thomas & Betts Corp. 257 4,481 Clayton Homes Inc. 448 4,480 United States Cellular Corp.+ 64 4,480 Mitchell Energy & Development Corp. "A" 96 4,476 Dial Corp. 384 4,464 Entrust Technologies Inc.+ 161 4,448 Shaw Group Inc.+ 63 4,442 Dillards Inc. "A" 417 4,431 Essex Property Trust Inc. 80 4,430 Centerpoint Properties Corp. 96 4,422 Valuevision International Inc. "A"+ 176 4,422 Barnes & Noble Inc.+ 224 4,410 Piedmont Natural Gas Co. 144 4,410 Stone Energy Corp.+ 80 4,400 Triton PCS Holdings Inc. "A"+ 160 4,400 Western Digital Corp.+ 749 4,400 York International Corp. 176 4,378 Minerals Technologies Inc. 95 4,370 Proxim Inc.+ 98 4,361 Smith (Charles E) Residential Realty Inc. 96 4,356 Cell Genesys Inc.+ 145 4,350 RPM Inc. 479 4,341 Sawtek Inc.+ 112 4,314 AnnTaylor Stores Corp.+ 112 4,305 Next Level Communications Inc.+ 65 4,298 NYFIX Inc.+ 96 4,296 IDEXX Laboratories Inc.+ 160 4,280 HRPT Properties Trust 611 4,277 Neurocrine Biosciences Inc.+ 95 4,275 Louisiana-Pacific Corp. 465 4,272 Pinnacle Holdings Inc.+ 160 4,260 Independence Community Bank Corp. 304 4,256 CNA Financial Corp.+ 111 4,246 Extended Stay America Inc.+ 320 4,240 Universal Foods Corp. 208 4,238 DSP Group Inc.+ 113 4,223 PurchasePro.com Inc.+ 48 4,218 Prentiss Properties Trust 161 4,206 Artesyn Technologies Inc.+ 144 4,194 Nationwide Financial Services Inc. 112 4,186 Southwest Bancorp of Texas Inc.+ 128 4,184 Career Education Corp.+ 94 4,183 -------------------------------------------------------------------------------- iShares Schedules of Investments page 21 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Spectrasite Holdings Inc.+ 225 $ 4,177 Impath Inc.+ 66 4,166 Mohawk Industries Inc.+ 191 4,166 Symyx Technologies Inc.+ 96 4,164 Benchmark Electronics Inc.+ 80 4,160 Quorum Health Group Inc.+ 320 4,160 Lyondell Chemical Co. 352 4,158 Cambrex Corp. 112 4,144 D.R. Horton Inc. 241 4,142 Public Service Company of New Mexico 160 4,140 S3 Inc.+ 401 4,135 Federal Signal Corp. 208 4,134 Transkaryotic Therapies Inc.+ 96 4,134 Media General Inc. "A" 96 4,128 Coventry Health Care Inc.+ 272 4,114 Trinity Industries Inc. 176 4,114 Heidrick & Struggles International Inc.+ 80 4,110 NOVA Corporation+ 240 4,110 Hudson City Bancorp Inc. 241 4,097 CEC Entertainment Inc.+ 128 4,096 Ball Corp. 129 4,088 PanAmSat Corp.+ 128 4,088 ADTRAN Inc.+ 96 4,084 Men's Wearhouse Inc. (The)+ 144 4,077 Corixa Corp.+ 81 4,070 Price Communications Corp.+ 208 4,069 Potlatch Corp. 128 4,048 SIPEX Corp.+ 96 4,038 Crompton Corp. 512 4,032 Keebler Foods Co. 96 4,032 Resmed Inc.+ 129 4,031 Global Telesystems Group Inc. 881 4,020 St. Joe Company (The) 144 3,996 Emcore Corp.+ 96 3,991 Quantum Hard Disk Drive Group+ 401 3,985 RCN Corp.+ 192 3,984 Ingram Micro Inc. "A"+ 288 3,960 Cymer Inc.+ 129 3,959 Key Energy Group Inc.+ 403 3,954 Community First Bankshares Inc. 225 3,952 Polaris Industries Partners LP "A" 112 3,948 Silicon Graphics Inc.+ 956 3,944 Alliant Techsystems Inc.+ 48 3,942 LTX Corp.+ 208 3,939 American Superconductor Corp.+ 80 3,932 Insight Enterprises Inc.+ 144 3,924 Pharmacyclics Inc.+ 79 3,920 CBRL Group Inc. 272 3,910 Harsco Corp. 177 3,905 Northwest Airlines Corp. "A"+ 159 3,905 Storage USA Inc. 128 3,904 HCC Insurance Holdings Inc. 192 3,900 Donaldson Co. Inc. 177 3,894 Gartner Group Inc. "A"+ 335 3,894 Reebok International Ltd.+ 207 3,894 NVR Inc.+ 48 3,888 Polo Ralph Lauren Corp.+ 241 3,886 Renal Care Group Inc.+ 208 3,874 Jacobs Engineering Group Inc.+ 96 3,870 United Stationers Inc.+ 144 3,870 Corporate Executive Board Co. (The)+ 96 3,864 Steris Corp.+ 322 3,864 Dendrite International Inc.+ 144 3,861 Computer Network Technology Corp.+ 112 3,850 AptarGroup Inc. 160 3,830 Silicon Valley Group Inc.+ 145 3,815 Energen Corp. 128 3,808 Louis Dreyfus Natural Gas Corp.+ 96 3,804 Entercom Communications Corp.+ 127 3,802 Downey Financial Corp. 96 3,792 Black Box Corp.+ 81 3,777 Universal Corporation 128 3,760 Jack in the Box Inc.+ 175 3,752 Blyth Industries Inc. 160 3,750 Healthcare Realty Trust 177 3,739 IDT Corp.+ 96 3,732 Hyperion Solutions Corp.+ 144 3,726 Furniture Brands International Inc.+ 224 3,724 Galileo International Inc. 240 3,720 Titan Corp. (The)+ 225 3,713 Borg-Warner Automotive Inc. 112 3,710 Philadelphia Suburban Corp. 160 3,710 Pittston Brink's Group 239 3,705 Valspar Corp. 161 3,701 WPS Resources Corp. 113 3,701 Teledyne Technologies Inc.+ 127 3,699 Pennzoil-Quaker State Co. 352 3,696 Kennametal Inc. 143 3,682 Briggs & Stratton Corp. 97 3,668 Priority Healthcare Corp. "B"+ 48 3,660 -------------------------------------------------------------------------------- page 22 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- U.S. Industries Inc. 368 $ 3,657 Advanced Digital Information Corp.+ 240 3,645 Corn Products International Inc. 160 3,640 Nordson Corp. 128 3,640 Administaff Inc.+ 48 3,634 Wireless Facilities Inc.+ 63 3,634 C-Cube Microsystems Inc.+ 177 3,628 Mercury General Corp. 128 3,624 FactSet Research Systems Inc. 96 3,610 Idex Corp. 129 3,604 AK Steel Holding Corp. 384 3,600 Global Industries Ltd.+ 288 3,600 Invacare Corp. 112 3,598 Albany Molecular Research Inc.+ 64 3,596 TD Waterhouse Group Inc.+ 193 3,595 Mueller Industries Inc.+ 160 3,590 Emmis Communications Corp.+ 145 3,589 Bindley Western Industries Inc. 112 3,584 Pericom Semiconductor Corp.+ 96 3,552 Earthgrains Company (The) 192 3,540 Lancaster Colony Corp. 144 3,537 Syncor International Corp.+ 96 3,534 Constellation Brands Inc.+ 65 3,530 Cabot Industrial Trust 177 3,529 Whitney Holding Corp. 97 3,522 Quanta Services Inc.+ 128 3,520 Williams Communications Group Inc.+ 176 3,520 La-Z-Boy Chair Co. 240 3,495 Digital Lightware Inc.+ 48 3,486 Wave Systems Corp. "A"+ 208 3,484 Richmond County Financial Corp. 144 3,483 United Rentals Inc.+ 144 3,474 National Service Industries Inc. 177 3,463 Noven Pharmaceuticals Inc.+ 81 3,463 Actel Corp.+ 96 3,450 Journal Register Co.+ 207 3,441 Beverly Enterprises Inc.+ 579 3,438 Advance Paradigm Inc.+ 81 3,417 Adaptive Broadband Corp.+ 175 3,412 NorthPoint Communications Group Inc.+ 384 3,408 Priceline.com Inc.+ 287 3,408 Too Inc.+ 143 3,396 Rent-Way Inc.+ 111 3,372 Swift Energy Co.+ 81 3,367 Federal Realty Investment Trust 176 3,366 Imperial Bancorp+ 176 3,366 American Financial Group Inc. 145 3,362 Dexter Corp. (The) 56 3,360 InterDigital Communications Corp.+ 240 3,360 Tecumseh Products Co. "A" 80 3,350 AXT Inc.+ 80 3,345 Avanex Corp.+ 31 3,338 El Paso Electric Co.+ 241 3,319 Nationwide Health Properties Inc. 208 3,315 Developers Diversified Realty Corp. 257 3,309 American Management Systems Inc.+ 192 3,300 Toll Brothers Inc.+ 96 3,300 Intertrust Technologies Corp.+ 273 3,293 UIL Holdings Corporation 64 3,292 Chittenden Corp. 128 3,288 Service Corp. International 1,347 3,283 Viasystems Group Inc.+ 193 3,281 Regency Realty Corp. 143 3,280 Encompass Service Corp.+ 403 3,274 FuelCell Energy Inc.+ 34 3,272 Veritas DGC Inc.+ 113 3,270 Bob Evans Farms Inc. 176 3,256 Intranet Solutions Inc.+ 65 3,250 New Jersey Resources Corp. 80 3,250 Commerce Group Inc. 112 3,241 Brandywine Realty Trust 160 3,240 Meristar Hospitality Corp. 160 3,240 Timberland Co.+ 79 3,239 RadiSys Corp.+ 64 3,236 Church & Dwight Co. Inc. 176 3,234 AGCO Corp. 272 3,230 Silicon Image Inc.+ 130 3,226 Excalibur Technologies Corp.+ 48 3,225 Staten Island Bancorp Inc. 161 3,220 Maxtor Corp.+ 306 3,213 Avant! Corp.+ 176 3,212 Washington Trust Bancorp Inc. 160 3,210 Rural Cellular Corp. "A"+ 47 3,202 Florida Rock Industries Inc. 81 3,194 CH Energy Group Inc. 80 3,190 Clarent Corp.+ 81 3,189 Alliance Pharmaceutical Corp.+ 209 3,187 Markel Corp.+ 21 3,187 Claire's Stores Inc. 177 3,186 Talbots Inc. (The) 48 3,180 -------------------------------------------------------------------------------- iShares Schedules of Investments page 23 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Weis Markets Inc. 80 $ 3,175 Mid Atlantic Medical Services Inc.+ 208 3,146 Horace Mann Educators Corp. 192 3,144 Alleghany Corp.+ 16 3,136 IKON Office Solutions Inc. 796 3,134 Glenayre Technologies Inc.+ 288 3,132 Chesapeake Energy Corp.+ 435 3,127 Dole Food Co. 208 3,120 United Bancshares Inc. 159 3,120 Zoran Corp.+ 64 3,120 Texas Biotech Corp.+ 191 3,113 Tom Brown Inc.+ 127 3,112 Lafarge Corp. 143 3,110 SPS Technologies Inc.+ 64 3,104 Microstrategy Inc.+ 113 3,086 Aware Inc.+ 80 3,080 UGI Corp. 127 3,080 Ligand Pharmaceuticals Inc. "B"+ 240 3,075 Wesley Jessen VisionCare Inc.+ 80 3,075 Park National Corp. 32 3,072 Ruby Tuesday Inc. 273 3,071 Alfa Corp. 176 3,069 American National Insurance Co. 48 3,066 Timken Co. 224 3,066 Connetics Corp.+ 127 3,064 Graco Inc. 95 3,064 Forrester Research Inc.+ 48 3,060 Macerich Co. (The) 144 3,060 Texas Industries Inc. 96 3,060 Kent Electronics Corp.+ 128 3,056 Spherion Corporation+ 256 3,056 Brown & Brown Inc. 96 3,054 PS Business Parks Inc. 112 3,052 AMETEK Inc. 144 3,051 Wit Soundview Group Inc.+ 339 3,051 Ferro Corp. 160 3,050 Hertz Corp. 96 3,048 Gables Residential Trust 112 3,045 Geltex Pharmaceuticals Inc.+ 65 3,043 Donnelley (R.H.) Co.+ 144 3,042 Ogden Corp.+ 224 3,038 Seacor Smit Inc.+ 65 3,031 American Eagle Outfitters Inc.+ 96 3,024 Kilroy Realty Corp. 113 3,016 Southwest Gas Co. 144 3,015 PolyOne Corp.+ 412 3,013 Dal-Tile International Inc.+ 241 3,012 On Assignment Inc.+ 96 3,012 Jeffries Group Inc. 112 3,010 Worthington Industries Inc. 320 3,000 Packeteer Inc.+ 79 2,997 Pacific Capital Bancorp 112 2,996 Scient Corp.+ 143 2,994 Phoenix Investment Partners Ltd. 193 2,992 Realty Income Corp. 128 2,984 Kulicke & Soffa Industries Inc.+ 224 2,982 Imation Corp.+ 160 2,980 UMB Financial Corp. 80 2,980 BARRA Inc.+ 48 2,979 Atmos Energy Corp. 144 2,970 Kaydon Corp. 129 2,967 Newpark Resources Inc.+ 320 2,960 Total System Services Inc. 176 2,959 TrustCo Bank Corp. 240 2,955 St. Mary Land & Exploration Co. 128 2,952 SERENA Software Inc.+ 64 2,948 Petsmart Inc.+ 627 2,939 Hollinger International Inc. 175 2,931 EarthLink Inc.+ 320 2,920 Secure Computing Corp.+ 112 2,919 Shurgard Storage Centers Inc. 129 2,911 FileNET Corp.+ 160 2,910 Puma Technology Inc.+ 143 2,905 US Freightways Corp. 128 2,904 Cooper Tire & Rubber Co. 288 2,898 Helix Technology Corp. 97 2,898 Flowserve Corp. 176 2,893 Cost Plus Inc.+ 96 2,892 Hooper Holmes Inc. 304 2,891 Haemonetics Corp.+ 113 2,881 Longview Fibre Co. 240 2,880 WatchGuard Technologies Inc.+ 48 2,880 Home Properties of NY Inc. 96 2,868 S1 Corp.+ 240 2,865 ANTEC Corp.+ 97 2,861 Lilly Industries Inc. "B" 97 2,861 UTI Energy Corp.+ 64 2,856 Charming Shoppes Inc.+ 547 2,855 Genzyme Transgenics Corp.+ 81 2,855 Xircom Inc.+ 113 2,853 -------------------------------------------------------------------------------- page 24 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Littelfuse Inc.+ 96 $ 2,850 McClatchy Co. (The) "A" 81 2,850 Avis Rent A Car Inc.+ 96 2,844 Choice Hotels International Inc.+ 258 2,838 Digital Insight Corp.+ 79 2,834 Southern Union Co.+ 143 2,833 ANADIGICS Inc.+ 128 2,832 Provident Financial Group Inc. 96 2,820 Three-Five Systems Inc.+ 96 2,808 CBL & Associates Properties Inc. 112 2,807 Cal Dive International Inc.+ 49 2,802 Bally Total Fitness Holding Corp.+ 112 2,800 Anixter International Inc.+ 96 2,796 Polaroid Corp. 208 2,795 Insight Communications Co. Inc.+ 176 2,794 SonicWALL Inc.+ 98 2,793 MAF Bancorp Inc. 112 2,786 Rent-A-Center Inc.+ 80 2,775 Teletech Holdings Inc.+ 112 2,772 W.R. Berkley Corp. 80 2,765 Perot Systems Corp. "A"+ 257 2,763 AXENT Technologies Inc.+ 128 2,760 JNI Corp.+ 31 2,759 Bio-Technology General Corp.+ 241 2,756 Longs Drug Stores Inc. 144 2,754 Amylin Pharmaceuticals Inc.+ 255 2,741 Reinsurance Group of America Inc. 80 2,740 Citadel Communications Corp.+ 161 2,737 F&M National Corp. 112 2,737 Modine Manufacturing Co. 97 2,733 Banta Corp. 112 2,730 New Era of Networks Inc.+ 112 2,725 Geron Corp.+ 96 2,724 Insituform Technologies Inc. "A"+ 81 2,724 Smucker (J.M) Company (The)+ 112 2,723 Novoste Corp.+ 64 2,720 Security Capital Group "B"+ 143 2,708 Aztar Corp.+ 176 2,706 Atlas Air Inc.+ 64 2,704 Immunomedics Inc.+ 129 2,701 Pacific Sunwear of California Inc.+ 144 2,700 People's Bank 128 2,696 Summit Properties Inc. 112 2,695 Black Hills Corp. 96 2,694 G&K Services Inc. "A" 96 2,694 SI Green Realty Corp. 96 2,694 CompuCredit Corp.+ 48 2,692 Casey's General Store Inc. 207 2,691 HS Resources Inc.+ 80 2,690 Alaska Air Group Inc.+ 112 2,688 F5 Networks Inc.+ 79 2,686 Susquehanna Bancshares Inc. 176 2,684 Wallace Computer Services Inc. 176 2,684 Rehabcare Corp.+ 63 2,678 Mercury Computer Systems Inc.+ 96 2,670 Park Electrochemical Corp. 48 2,670 Hilb Rogal & Hamilton Co. 64 2,668 MascoTech Inc. 161 2,667 eLoyalty Corp.+ 209 2,665 Illuminet Holdings Inc.+ 96 2,664 Dionex Corp.+ 96 2,652 Total Renal Care Holdings+ 353 2,648 Belden Inc. 112 2,646 ADVO Inc.+ 80 2,640 Buffetts Inc.+ 192 2,640 Penton Media Inc. 96 2,640 UCAR International Inc.+ 208 2,639 Seachange International Inc.+ 79 2,637 Buckeye Technologies Inc.+ 127 2,635 GTECH Holdings Corp.+ 159 2,633 KV Pharmaceuticals Co.+ 76 2,622 Structural Dynamics Research Corp.+ 160 2,620 Brooks Automation Inc.+ 79 2,617 Pre-Paid Legal Services Inc.+ 81 2,617 Asyst Technologies Inc.+ 129 2,612 Regeneron Pharmaceuticals Inc.+ 80 2,610 Cerus Corp.+ 47 2,608 Syntroleum Corp.+ 128 2,608 Unifi Inc.+ 256 2,608 Olin Corp. 161 2,606 Gene Logic Inc.+ 113 2,599 Delphi Financial Group Inc.+ 64 2,592 Otter Tail Power Co. 112 2,590 Education Management Corp.+ 96 2,586 Footstar Inc.+ 80 2,585 Guilford Pharmaceuticals Inc.+ 112 2,583 Applebee's International Inc. 112 2,576 Eclipsys Corp.+ 161 2,576 ITC DeltaCom Inc.+ 224 2,576 Chateau Communities Inc. 96 2,574 -------------------------------------------------------------------------------- iShares Schedules of Investments page 25 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Diagnostic Products Corp. 48 $ 2,574 Interstate Bakeries Corp. 176 2,574 Kimball International Inc. "B" 144 2,574 BlackRock Inc.+ 80 2,560 Forcenergy Inc.+ 98 2,560 Biosite Diagnostics Inc.+ 64 2,552 Northwest Natural Gas Co. 112 2,548 Anchor Gaming+ 32 2,546 Avigen Inc.+ 64 2,544 Hearst-Argyle Television Inc.+ 127 2,540 Act Manufacturing Inc.+ 48 2,532 Mastec Inc.+ 81 2,531 Sun Communities Inc. 80 2,530 Systems & Computer Technology Corp.+ 144 2,529 First Financial Bancorp 160 2,520 Sonic Corp.+ 80 2,520 BHC Communications Inc. "A" 16 2,518 AMCORE Financial Inc. 128 2,512 Swift Transportation Co. Inc.+ 192 2,508 M.D.C. Holdings Inc. 96 2,496 Proxicom Inc.+ 128 2,496 First Commonwealth Financial Corp. 257 2,490 Convergys Corp.+ 64 2,488 Vical Inc.+ 96 2,484 Oshkosh Truck Corp. 64 2,480 Metricom Inc.+ 96 2,472 Colonial Properties Trust 96 2,466 99 Cents Only Stores+ 49 2,459 Presstek Inc.+ 128 2,456 Apria Healthcare Group Inc.+ 176 2,453 P-Com Inc.+ 369 2,445 MSC Industrial Direct Co. Inc. "A"+ 160 2,440 ZixIt Corp.+ 80 2,440 21st Century Insurance Group 144 2,439 Concord Camera Corp.+ 95 2,434 Avant Immunotherapeutics Inc.+ 225 2,433 S&T Bancorp Inc. 128 2,432 TeleCorp PCS Inc.+ 128 2,432 Superior Industries International Inc. 81 2,430 SCM Microsystems Inc.+ 64 2,428 South Financial Group Inc. (The) 192 2,424 Brady Corp. "A" 80 2,420 Respironics Inc.+ 145 2,420 Webvan Group Inc.+ 1,042 2,410 WebTrends Corp.+ 64 2,392 Regis Corp. 159 2,385 Western Gas Resources Inc. 95 2,381 Infonet Services Corp. "B"+ 225 2,377 Wisconsin Central Transportation Corp.+ 225 2,377 Pinnacle Systems Inc.+ 211 2,374 Kansas City Southern Industries Inc. 273 2,372 MGI Pharma Inc.+ 79 2,370 Sodexho Marriott Services Inc. 144 2,367 Tweeter Home Entertainment Group Inc.+ 65 2,360 Hutchinson Technology Inc.+ 112 2,359 UniSource Energy Corp. 144 2,358 AnswerThink Consulting Group Inc.+ 145 2,356 Transaction Systems Architects Inc. "A"+ 145 2,356 Organogenesis Inc.+ 160 2,352 United Television Inc. 16 2,352 Echelon Corp.+ 80 2,350 Forest Oil Corp.+ 145 2,347 Carter-Wallace Inc. 96 2,346 Firstbank Corp. 96 2,346 Capitol Federal Financial 160 2,340 Cathay Bancorp Inc. 48 2,340 Forest City Enterprises Inc. "A" 65 2,340 O'Reilly Automotive Inc.+ 160 2,340 Doral Financial Corp. 144 2,331 Carpenter Technology Corp. 80 2,330 JLG Industries Inc. 191 2,328 NEO RX Corporation+ 95 2,328 Lightpath Technologies Inc. "B"+ 49 2,327 Glenborough Realty Trust Inc. 129 2,322 Neose Technologies Inc.+ 48 2,322 Coulter Pharmaceutical Inc.+ 80 2,310 Keithley Instruments Inc. 33 2,310 Queens County Bancorp Inc. 80 2,310 Packaging Corporation of America+ 208 2,301 Fleming Companies Inc. 176 2,299 Accredo Health Inc.+ 47 2,297 Viatel Inc.+ 224 2,296 First Citizens Bancshares Inc. 32 2,290 Learning Tree International Inc.+ 48 2,286 Owens & Minor Inc. 145 2,284 Chelsea GCA Realty Inc. 65 2,283 Airborne Freight Corp. 224 2,282 Urban Shopping Centers Inc. 48 2,280 Invitrogen Corp.+ 32 2,276 American Capital Strategies Ltd. 96 2,274 -------------------------------------------------------------------------------- page 26 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Health Care Inc. 128 $ 2,272 Radio One Inc.+ 273 2,269 Cooper Companies Inc. 64 2,264 Sinclair Broadcast Group "A"+ 207 2,264 Albemarle Corp. 112 2,261 American Financial Holdings Inc. 128 2,256 Baldor Electric Co. 111 2,255 Forward Air Corp.+ 64 2,252 Liberty Corp. 65 2,251 Meditrust Corp. 765 2,247 Modis Professional Services Inc.+ 433 2,246 ATMI Inc.+ 96 2,244 Copart Inc.+ 161 2,234 OfficeMax Inc.+ 627 2,234 Acacia Research Corp.+ 64 2,232 Cox Radio Inc. "A"+ 128 2,232 Stewart & Stevenson Services Inc. 128 2,232 Alliance Semiconductor Corp.+ 112 2,226 Evergreen Resources Inc.+ 64 2,224 Dollar Thrifty Automotive Group Inc.+ 112 2,212 MapInfo Corp.+ 71 2,208 Valence Technology Inc.+ 128 2,208 E-Town Corp. 33 2,207 Kirby Corp.+ 112 2,198 Hughes Supply Inc. 112 2,197 Del Webb Corp.+ 79 2,192 Rayovac Corp.+ 128 2,192 Acuson Corp.+ 96 2,184 CLARCOR Inc. 112 2,184 NorthWestern Corp. 112 2,184 WMS Industries Inc.+ 97 2,183 Abiomed Inc.+ 32 2,180 HI/FN Inc.+ 32 2,180 Progress Software Corp.+ 160 2,180 Scotts Co. (The) "A"+ 65 2,178 Xtra Corp.+ 49 2,177 Chico's FAS Inc.+ 64 2,176 ABM Industries Inc. 80 2,175 Superior Energy Services Inc.+ 207 2,174 Allen Telecom Inc.+ 128 2,168 DDi Corp.+ 49 2,168 Supergen Inc.+ 113 2,168 USEC Inc. 509 2,163 Mynd Corp.+ 160 2,160 Advanced Tissue Sciences Inc.+ 290 2,157 Manitowoc Co. Inc. 112 2,156 Maverick Tube Corp.+ 80 2,155 Bethlehem Steel Corp.+ 717 2,151 Parker Drilling Co.+ 307 2,149 Sonus Networks Inc.+ 17 2,148 Trimble Navigation Ltd.+ 96 2,148 LNR Property Corp. 97 2,146 Landstar System Inc.+ 48 2,142 Cytogen Corp.+ 339 2,140 Pacific Gulf Properties Inc. 80 2,140 Lincoln Electric Holding Inc. 160 2,130 Milacron Inc. 160 2,130 Greif Brothers Corp. "A" 64 2,128 Pharmaceutical Product Development Inc.+ 80 2,125 Tennant Co. 48 2,124 Unit Corp.+ 144 2,124 Concord Communications Inc.+ 80 2,120 Sylvan Learning Systems Inc.+ 143 2,118 Fairfield Communities Inc.+ 209 2,116 Remedy Corp.+ 112 2,114 XM Satellite Radio Holdings Inc. "A"+ 49 2,110 AirGate PCS Inc.+ 47 2,109 Armstrong Holdings Inc. 176 2,101 Empire District Electric Co. (The) 80 2,100 Covance Inc.+ 256 2,096 Prime Hospitality Corp.+ 207 2,096 Agribrands International Inc.+ 48 2,094 PETCO Animal Supplies Inc.+ 96 2,094 Photronics Inc.+ 96 2,094 Atlantic Coast Airlines Holdings+ 65 2,092 First Charter Corp. 144 2,079 Wellman Inc. 144 2,079 About.com Inc.+ 64 2,072 Nuance Communications Inc.+ 17 2,069 Station Casinos Inc.+ 145 2,066 Children's Place Retail Stores Inc.+ 80 2,060 Polymedica Industries Inc.+ 48 2,058 Pixar Inc.+ 64 2,056 F.N.B. Corp. 96 2,052 Waste Connections Inc.+ 80 2,050 Fair Isaac and Co. Inc. 48 2,049 Motient Corp.+ 145 2,048 Kellwood Co. 112 2,044 Pharmacopeia Inc.+ 80 2,040 eToys Inc.+ 381 2,036 -------------------------------------------------------------------------------- iShares Schedules of Investments page 27 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- NL Industries Inc. 96 $ 2,034 Edison Schools Inc.+ 64 2,032 Russell Corp. 128 2,032 Papa John's International Inc.+ 81 2,030 Tucker Anthony Sutro Corporation 80 2,030 Block Drug Co. Inc. "A" 47 2,027 7-Eleven Inc.+ 159 2,027 Manufactured Home Communities Inc. 81 2,025 Rogers Corp.+ 64 2,024 Reliance Steel & Aluminum Co. 96 2,022 Selective Insurance Group Inc. 113 2,020 Standard-Pacific Corp. 112 2,016 US Oncology Inc.+ 445 2,016 Rhythms Netconnections Inc.+ 273 2,013 Boyds Collection Ltd. (The)+ 271 1,999 Libbey Inc. 64 1,992 Neurogen Corp.+ 64 1,992 Perrigo Co.+ 291 1,992 International Bancshares Corp. 65 1,991 Grace (W.R.) & Company+ 289 1,987 Ryland Group Inc. 64 1,984 ACTV Inc.+ 144 1,980 LookSmart Ltd.+ 177 1,980 Ventas Inc. 396 1,980 Finova Group Inc. 273 1,979 ADAC Laboratories Inc.+ 95 1,977 Cabot Oil & Gas Corp. "A" 97 1,976 Republic Bancorp Inc. 208 1,976 Direct Focus Inc.+ 50 1,968 Fleetwood Enterprises Inc. 145 1,967 Granite Construction Inc. 81 1,964 Harland (John H.) Co. 128 1,960 ONYX Software Corp.+ 95 1,959 SICOR Inc.+ 191 1,958 Factory 2-U Stores Inc.+ 64 1,956 Tredegar Corporation 113 1,956 Genome Therapeutics Corp.+ 95 1,953 American West Holdings Corp. "B"+ 160 1,950 Crawford & Co. "B" 160 1,950 General Semiconductor Inc.+ 160 1,950 Inprise Corp.+ 365 1,950 C-COR Electronics Inc.+ 127 1,945 DUSA Pharmaceuticals Inc.+ 63 1,941 Duane Reade Inc.+ 80 1,940 SCP Pool Corp.+ 66 1,940 Broadbase Software Inc.+ 143 1,939 Circle International Group Inc. 64 1,936 EGL Inc.+ 64 1,936 ProBusiness Services Inc.+ 64 1,936 Henry Schein Inc.+ 97 1,934 NUI Corp. 64 1,932 Koger Equity Inc. 113 1,921 Metasolv Software Inc.+ 47 1,921 Mpower Communications Corp.+ 220 1,918 Emisphere Technologies Inc.+ 64 1,916 Mid-America Apartment Communities Inc. 80 1,915 Dril-Quip Inc.+ 48 1,914 Gaylord Entertainment Co. "A" 80 1,910 Triad Guaranty Inc.+ 64 1,904 Southwest Securities Group Inc. 65 1,901 East West Bancorp Inc. 97 1,898 Metro-Goldwyn-Mayer Inc.+ 79 1,896 Kelly Services Inc. "A" 80 1,890 Profit Recovery Group International Inc. (The)+ 191 1,886 GO.com (Walt Disney)+ 177 1,881 Matthews International Corp. 64 1,880 Pegasus Systems Inc.+ 96 1,878 Provident Bankshares Corp. 112 1,876 Jones Lang LaSalle Inc.+ 144 1,872 Cornerstone Realty Income Trust 176 1,870 MEMC Electronics Materials Inc.+ 145 1,867 Globix Corp.+ 80 1,865 Nautica Enterprises Inc.+ 144 1,863 Collins & Aikman Corp.+ 397 1,861 THQ Inc.+ 80 1,860 Mercator Software Inc.+ 112 1,855 Wausau-Mosinee Paper Corp. 239 1,852 Photon Dynamics Inc.+ 49 1,850 Taubman Centers Inc. 160 1,850 GoTo.com Inc.+ 112 1,848 Intertan Inc.+ 128 1,848 Quiksilver Inc.+ 96 1,848 Performance Food Group Co.+ 49 1,844 Frontline Capital Group Inc.+ 112 1,841 FirstFed Financial Corp.+ 80 1,840 Fuller (H. B.) Co. 64 1,840 Isis Pharmaceuticals Inc.+ 160 1,840 IHOP Corp.+ 96 1,836 Aradigm Corp.+ 80 1,835 -------------------------------------------------------------------------------- page 28 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Beringer Wine Estates Holdings Inc. "B"+ 33 $ 1,834 Microvision Inc.+ 48 1,833 FYI Inc.+ 49 1,831 Microsemi Corp.+ 48 1,830 Ask Jeeves Inc.+ 95 1,823 Energy Conversion Devices Inc.+ 49 1,822 Madison Gas & Electric Co. 80 1,820 Texas Regional Bancshares "A" 64 1,816 CoStar Group Inc.+ 49 1,813 Aphton Corp.+ 63 1,811 JDN Realty Corp. 160 1,810 Ralcorp Holdings Inc.+ 128 1,808 Interface Inc. 226 1,801 CONSOL Energy Inc. 112 1,799 NBTY Inc.+ 274 1,790 Ruddick Corp. 129 1,790 Wolverine World Wide Inc. 192 1,788 I-Stat Corp.+ 79 1,787 EntreMed Inc.+ 64 1,784 Cuno Inc.+ 80 1,780 Springs Industries Inc. "A" 63 1,776 Westpoint Stevens Inc. 145 1,776 Integra Bank Corp. 80 1,775 Topps Co. (The)+ 193 1,773 INAMED Corp.+ 63 1,772 Celeritek Inc.+ 47 1,771 Catalytica Inc.+ 143 1,770 Commonwealth Telephone Enterprises Inc.+ 48 1,770 Power Integrations Inc.+ 127 1,770 Airgas Inc.+ 259 1,764 Steel Dynamics Inc.+ 192 1,764 AremisSoft Corp.+ 47 1,762 Pinnacle Entertainment Inc.+ 81 1,762 Bandag Inc. 49 1,761 Westfield America Inc. 128 1,760 Anchor Bancorp Wisconsin Inc. 112 1,757 Laclede Gas Co. 81 1,752 PRI Automation Inc.+ 96 1,752 Isle of Capris Casinos Inc.+ 113 1,751 Arrow International Inc. 48 1,746 Terremark Worldwide Inc.+ 684 1,744 Arch Wireless Inc.+ 348 1,740 Argosy Gaming Co.+ 96 1,740 Federal-Mogul Corp. 320 1,740 Keynote Systems Inc.+ 65 1,739 Intermune Pharmaceuticals Inc.+ 32 1,736 ITT Educational Services Inc.+ 64 1,736 Southern Peru Copper Corp. 112 1,736 WesBanco Inc. 81 1,736 Adept Technology Inc.+ 33 1,735 Sunrise Assisted Living Inc.+ 80 1,735 CORUS Bankshares Inc. 48 1,732 Brush Wellman Inc. 80 1,730 CFW Communications Co. 64 1,728 Digene Corp.+ 48 1,728 Ohio Casualty Corp. 272 1,726 Sterling Bancshares Inc. 113 1,723 Pioneer-Standard Electronics Inc. 127 1,722 Triumph Group Inc.+ 48 1,722 Extended Systems Inc.+ 32 1,720 PLX Technology Inc.+ 64 1,720 Hyseq Inc.+ 47 1,718 Republic Security Financial Corp. 348 1,718 Ciber Inc.+ 208 1,716 Friede Goldman Halter Inc.+ 243 1,716 Offshore Logistics Inc.+ 96 1,716 Radiant Systems Inc.+ 80 1,710 Ionics Inc.+ 80 1,705 School Specialty Inc.+ 80 1,705 Oakley Inc.+ 97 1,704 Dreyer's Grand Ice Cream Inc. 79 1,703 Morgan Keegan Inc. 97 1,698 Rainbow Technologies Inc.+ 48 1,698 Surmodics Inc.+ 31 1,697 Vasomedical Inc.+ 348 1,697 Retek Inc.+ 32 1,696 Input/Output Inc.+ 176 1,694 Yellow Corporation+ 112 1,694 Airtran Holdings Inc.+ 381 1,691 Advantage Learning Systems Inc.+ 48 1,683 Tumbleweed Communications Corp.+ 33 1,683 UCBH Holdings Inc. 47 1,683 Alexandria Real Estate Equities Inc. 49 1,681 Spanish Broadcasting System Inc. "A"+ 143 1,680 Trammell Crow Co.+ 112 1,680 Glimcher Realty Trust 112 1,673 Interliant Inc.+ 209 1,672 Overseas Shipholding Group Inc. 61 1,670 Information Holdings Inc.+ 47 1,666 Merchants New York Bancorp Inc. 81 1,666 -------------------------------------------------------------------------------- iShares Schedules of Investments page 29 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Cryolife Inc.+ 48 $ 1,665 Enhance Financial Services Group Inc. 128 1,664 Applied Industrial Technologies Inc. 96 1,662 Supertex Inc.+ 33 1,662 Metromedia International Group Inc.+ 444 1,661 Maxygen Inc.+ 32 1,660 Lennox International Inc. 177 1,659 Tower Automotive Inc.+ 177 1,659 Paxson Communications Corp.+ 144 1,656 International Fibercom Inc.+ 113 1,653 Prima Energy Corp.+ 31 1,651 Georgia Gulf Corp. 144 1,647 Washington Group International Inc.+ 144 1,647 Bedford Property Investors Inc. 81 1,645 Dobson Communications Corp. "A"+ 112 1,645 Datascope Corp. 49 1,641 Innkeepers USA Trust 160 1,640 Electroglas Inc.+ 96 1,638 GBC Bancorp 48 1,635 Commercial Metals Co. 64 1,632 Johns Manville Corp. 144 1,629 Regal-Beloit Corp. 96 1,628 Ampal-American Israel Corp. "A"+ 124 1,627 Genesco Inc.+ 96 1,626 Per-Se Technologies Inc.+ 128 1,624 Sunrise Technologies International Inc.+ 226 1,624 eXcelon Corp.+ 131 1,621 Arnold Industries Inc. 96 1,620 ESS Technology Inc.+ 113 1,617 Brooktrout Technology Inc.+ 49 1,614 MCSi Inc.+ 48 1,614 Ticketmaster Online-CitySearch Inc. "B"+ 95 1,609 Zoll Medical Corp.+ 33 1,609 Genrad Inc.+ 146 1,606 CT Communications Inc. 79 1,605 Cadiz Inc.+ 160 1,600 WebLink Wireless Inc.+ 208 1,599 Del Monte Foods Co.+ 258 1,596 FSI International Inc.+ 112 1,596 Oceaneering International Inc.+ 96 1,596 Advanced Energy Industries Inc.+ 48 1,584 Dime Community Bancshares 64 1,584 Tularik Inc.+ 48 1,584 Allied Riser Communications Corp.+ 239 1,583 Ocwen Financial Corp.+ 269 1,580 Triarc Companies Inc.+ 64 1,576 Esterline Corp.+ 80 1,575 Integrated Silicon Solution Inc.+ 111 1,575 Arthocare Corp.+ 81 1,574 Paxar Corp.+ 176 1,573 NS Group Inc.+ 79 1,569 Avid Technology Inc.+ 112 1,568 Stericycle Inc.+ 64 1,568 World Access Inc.+ 290 1,568 Bowne & Co. Inc. 160 1,560 Martek Biosciences Corp.+ 80 1,560 Frontier Airlines Inc.+ 80 1,555 ON Semiconductor Corp.+ 143 1,555 Sciclone Pharmaceuticals Inc.+ 143 1,555 Salton/Maxim Corp.+ 48 1,551 Rare Hospitality International Inc.+ 76 1,549 John Nuveen Co. "A" 32 1,548 Universal Electronics Inc.+ 64 1,548 Phoenix Technologies Ltd.+ 97 1,546 Memberworks Inc.+ 47 1,545 Ultratech Stepper Inc.+ 96 1,542 Chesapeake Corp. 80 1,540 Parkervision Inc.+ 32 1,540 Trico Marine Services Inc.+ 97 1,540 First Financial Bankshares Inc. 48 1,539 National Penn Bancshares Inc. 80 1,539 AMLI Residential Properties Trust 64 1,536 Centillium Communications Inc.+ 16 1,536 American Italian Pasta Co.+ 80 1,535 First Sentinel Bancorp Inc. 161 1,535 Kaiser Aluminum Corp.+ 253 1,534 Mediacom Communications Corp.+ 95 1,532 Bush Boake Allen Inc.+ 32 1,530 Chemed Corp. 48 1,527 VA Linux Systems Inc.+ 33 1,526 American Freightways Corp.+ 96 1,524 Ha-Lo Industries Inc.+ 380 1,520 Intergraph Corp.+ 211 1,517 Symmetricom Inc.+ 97 1,516 Adelphia Business Solutions Inc.+ 128 1,512 Complete Business Solutions Inc.+ 112 1,512 InterVoice Inc.+ 144 1,512 Mentor Corp. 96 1,512 Playtex Products Inc.+ 128 1,512 Toro Co. 48 1,512 -------------------------------------------------------------------------------- page 30 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Matrix Pharmaceutical Inc.+ 97 $ 1,510 Plains Resource Inc.+ 80 1,510 Siliconix Inc.+ 32 1,510 Young Broadcasting Corp. "A"+ 48 1,509 Targeted Genetics Corp.+ 127 1,508 Excel Technology Inc.+ 47 1,507 Chemical Financial Corp. 64 1,504 Liberty Financial Companies Inc. 64 1,504 Mesa Air Group Inc.+ 275 1,504 Werner Enterprises Inc. 128 1,504 Mid-State Bancshares 48 1,500 Nu Skin Asia Pacific Inc. "A"+ 226 1,497 General Communication Inc. "A"+ 209 1,496 Michael Foods Inc. 64 1,496 NetScout Systems Inc.+ 63 1,496 Commercial Net Lease Realty Inc. 144 1,494 Lexicon Genetics Inc.+ 47 1,486 Hancock Holding Co. 48 1,485 internet.com LLC+ 48 1,485 Jupiter Media Metrix Inc.+ 93 1,485 National Discounts Brokers Group Inc.+ 48 1,485 Turnstone Systems Inc.+ 32 1,484 Boyd Gaming Corp.+ 300 1,481 BT Financial Corp. 80 1,480 Arch Chemicals Inc. 81 1,478 Pixelworks Inc.+ 31 1,478 Viasat Inc.+ 66 1,477 SilverStream Software Inc.+ 49 1,476 Exelixis Inc.+ 47 1,475 Orbital Sciences Corp.+ 176 1,474 Lynx Therapeutics Inc.+ 47 1,472 Barnes Group Inc. 80 1,470 Cohu Inc. 96 1,470 PC-Tel Inc.+ 63 1,465 AAR Corp. 128 1,464 Parkway Properties Inc. 48 1,464 Ames Department Stores Inc.+ 253 1,463 Terex Corp.+ 112 1,463 Clarus Corp.+ 64 1,460 Warnaco Group Inc. "A" 364 1,456 American States Water Co. 48 1,452 BioMarin Pharmaceutical Inc.+ 79 1,452 Morrison Management Specialist Inc. 49 1,448 Eastgroup Properties Inc. 65 1,446 Berry Petroleum Co. 80 1,445 Superconductor Technologies Inc.+ 80 1,445 Wyndham International Inc. "A"+ 797 1,445 SBS Technologies Inc.+ 62 1,442 Kronos Inc.+ 48 1,440 Micron Electronics Inc.+ 160 1,440 PMA Capital Corp. "A" 80 1,440 Trans World Entertainment Corp.+ 144 1,440 Playboy Enterprises Inc. "B"+ 96 1,434 Rollins Truck Leasing Corp. 227 1,433 Cyber-Care Inc.+ 225 1,431 Tesoro Petroleum Corp.+ 144 1,431 Simpson Manufacturing Co. Inc.+ 32 1,430 South Jersey Industries 49 1,430 Thoratec Labs Corp.+ 65 1,430 ACLARA BioSciences Inc.+ 47 1,428 Woodward Governor Co. 32 1,426 Hickory Tech Corp. 64 1,424 Columbia Sportswear Co.+ 31 1,422 Presidential Life Corp. 95 1,419 Schulman (A.) Inc. 129 1,419 LodgeNet Entertainment Corp.+ 49 1,415 RFS Hotel Investors Inc. 112 1,414 Network Commerce Inc.+ 252 1,410 Salem Communications Corp. "A"+ 111 1,408 Praecis Pharmaceuticals Inc.+ 33 1,403 Argonaut Group Inc. 80 1,400 Bell & Howell Co.+ 64 1,400 Foster Wheeler Corp. 193 1,399 Handleman Co.+ 113 1,398 Standard Microsystems Corp.+ 64 1,396 Primex Technologies Inc. 48 1,395 Ariad Pharmaceuticals Inc.+ 111 1,394 Cyberonics+ 65 1,393 AmeriPath Inc.+ 96 1,392 Elcor Corp. 96 1,392 Miravant Medical Technologies+ 64 1,392 PFF Bancorp Inc. 64 1,392 Great Lakes Inc. 80 1,390 International Multifoods Corp. 80 1,390 Universal Display Corp.+ 63 1,390 Boca Resorts Inc. "A"+ 127 1,389 FEI Co.+ 64 1,388 Stein Mart Inc.+ 128 1,384 Metrocall Inc.+ 460 1,380 Therma-Wave Inc.+ 48 1,380 -------------------------------------------------------------------------------- iShares Schedules of Investments page 31 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Atwood Oceanics Inc.+ 33 $ 1,376 Bay View Capital Corp. 128 1,376 Pulitzer Inc. 32 1,374 Glatfelter (P.H.) Co. 113 1,370 Data Broadcasting Corp.+ 429 1,367 Ribozyme Pharmaceuticals Inc.+ 47 1,363 WD-40 Company 64 1,360 UICI+ 194 1,358 Ultimate Electronics Inc.+ 33 1,357 BindView Development Corp.+ 179 1,354 ChemFirst Inc. 65 1,353 Great Plains Software Inc.+ 48 1,350 HotJobs.com Ltd.+ 79 1,348 CVB Financial Corp. 80 1,345 Dress Barn Inc.+ 64 1,344 Lands' End Inc.+ 64 1,344 MacDermid Inc. 64 1,344 NACCO Industries Inc. 32 1,344 New Focus Inc.+ 17 1,344 Saga Systems Inc.+ 128 1,344 LandAmerica Financial Group Inc. 47 1,342 Vertel Corp.+ 145 1,341 Krispy Kreme Doughnuts Inc.+ 16 1,340 Trust Company of New Jersey (The) 80 1,340 Shopko Stores Inc.+ 129 1,338 eSPEED Inc. "A"+ 47 1,337 Hall Kinion & Associates Inc.+ 47 1,337 QuickLogic Corp.+ 81 1,337 Speedway Motorsports Inc.+ 64 1,332 Charter Municipal Mortgage Acceptance Corp. 96 1,329 E.W. Blanch Holdings Inc. 64 1,328 NextCard Inc.+ 146 1,328 GenCorp. Inc. 163 1,324 Net.B@nk Inc.+ 112 1,323 WorldGate Communications Inc.+ 63 1,323 National Golf Properties Inc. 64 1,320 NaviSite Inc.+ 49 1,320 Sequa Corp. "A"+ 31 1,318 Liberty Digital Inc. "A"+ 65 1,316 Premier National Bancorp Inc. 65 1,316 Thomas Industries Inc. 65 1,316 Vail Resorts Inc.+ 65 1,316 Biocryst Pharmaceuticals Inc.+ 63 1,311 Fremont General Corp. 381 1,310 Com21 Inc.+ 97 1,309 Alexander's Inc.+ 16 1,308 Robert Mondavi Corp. (The) "A"+ 32 1,308 Comfort Systems USA Inc.+ 252 1,307 Crestline Capital Corp.+ 65 1,304 Coinstar Inc.+ 96 1,302 Gold Bancorp Inc. 253 1,297 CTC Communications Group Inc.+ 64 1,296 W Holding Co. Inc. 127 1,294 Brightpoint Inc.+ 257 1,293 Midwest Express Holdings Inc.+ 64 1,288 Yankee Candle Co. Inc. (The)+ 64 1,288 Walter Industries Inc. 145 1,287 Wabtec Corporation 127 1,286 Columbia Laboratories Inc.+ 221 1,285 California Water Service Group 48 1,284 SpeedFam-IPEC Inc.+ 112 1,281 Data Return Corp.+ 63 1,276 Talk.com Inc.+ 289 1,273 Valmont Industries Inc. 64 1,272 Bel Fuse Inc. "B" 33 1,270 Sunglass Hut International Inc.+ 194 1,267 Datastream Systems Inc.+ 98 1,262 Blockbuster Inc. 143 1,260 IRT Property Co. 144 1,260 TiVo Inc.+ 65 1,259 Battle Mountain Gold Co.+ 716 1,253 Genlyte Group Inc. (The)+ 49 1,253 First Indiana Corp. 48 1,251 Caraustar Industries Inc. 113 1,250 Basin Exploration Inc.+ 64 1,248 Capital Automotive REIT 96 1,248 Cognizant Technology Solutions Corp.+ 32 1,248 EMCOR Group Inc.+ 48 1,248 Matrixone Inc.+ 31 1,240 Nanogen Inc.+ 64 1,240 Martha Stewart Living Omnimedia Inc. "A"+ 47 1,234 RLI Corp. 32 1,234 EEX Corp.+ 253 1,233 Seacoast Financial Services Corp. 112 1,232 Analogic Corp. 32 1,230 Ryan's Family Steak Houses Inc.+ 160 1,230 Semco Energy Inc. 80 1,230 Plug Power Inc.+ 33 1,229 AMCOL International Corp. 252 1,228 Imatron Inc.+ 531 1,228 -------------------------------------------------------------------------------- page 32 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Bright Horizons Family Solutions Inc.+ 48 $ 1,227 Somera Communications Inc.+ 129 1,226 Kaman Corp. "A" 97 1,225 PSS World Medical Inc.+ 338 1,225 JDA Software Group Inc.+ 96 1,224 Triangle Pharmaceuticals Inc.+ 145 1,223 ATS Medical Inc.+ 81 1,220 Quanex Corp. 64 1,220 Harleysville Group Inc. 64 1,217 eMagin Corporation+ 113 1,214 Calgon Carbon Corp. 178 1,213 Mills Corp. 64 1,212 Friedman Billings Ramsey Group Inc. "A"+ 130 1,211 Mechanical Technology Inc.+ 112 1,211 Specialty Equipment Co.+ 49 1,210 StarMedia Network Inc.+ 161 1,208 Worldpages.com Inc.+ 284 1,207 AO Smith Corp. "B" 96 1,206 Take-Two Interactive Software Inc.+ 96 1,206 Hollywood Entertainment Corp.+ 162 1,205 MICROS Systems Inc.+ 80 1,205 Frontier Financial Corp. 64 1,204 ANC Rental Corp.+ 209 1,202 Sandy Spring Bancorp Inc. 48 1,200 StarBase Corp.+ 211 1,200 Ibis Technology Corp.+ 33 1,198 Bottomline Technologies Inc.+ 32 1,194 Nuevo Energy Co.+ 65 1,194 Ventana Medical Systems Inc.+ 47 1,193 Labor Ready Inc.+ 284 1,189 Osicom Technologies Inc.+ 48 1,188 Equity Inns Inc. 179 1,186 Armor Holdings Inc.+ 79 1,185 Rollins Inc. 80 1,185 Guitar Center Inc.+ 96 1,182 Actuant Corp. "A" 300 1,181 Tricord Systems Inc.+ 79 1,180 Identix Inc.+ 97 1,179 CB Richard Ellis Services Inc.+ 96 1,176 Telcom Semiconductor Inc.+ 79 1,175 Luby's Inc. 221 1,174 Nx Networks Inc.+ 177 1,173 Championship Auto Racing Teams Inc.+ 48 1,170 Harbor Florida Bancshares Inc. 97 1,170 NCI Building Systems Inc.+ 80 1,170 Town & Country Trust 65 1,170 Transmontaigne Inc.+ 237 1,170 Ziff-Davis Inc. 144 1,170 RTI International Metals Inc.+ 81 1,169 National Western Life Insurance Company "A"+ 16 1,168 Integrated Circuit Systems Inc.+ 63 1,165 Techniclone Corp.+ 477 1,163 Financial Federal Corp.+ 48 1,161 New England Business Service Inc. 64 1,160 United National Bancorp 65 1,154 Fritz Companies Inc.+ 96 1,152 Wink Communications Inc.+ 96 1,152 Farmers Capital Bank Corp. 32 1,150 Seitel Inc.+ 80 1,150 Roadway Express Inc. 64 1,148 Accrue Software Inc.+ 96 1,146 Burlington Coat Factory Warehouse Corp. 80 1,145 Satcon Technology Corp.+ 32 1,144 NABI Inc.+ 163 1,141 American Industrial Properties 80 1,140 VIVUS Inc.+ 268 1,139 Biopure Corp.+ 63 1,138 Southwestern Energy Company 130 1,138 Hotel Reservations Network Inc.+ 31 1,135 Pep Boys-Manny Moe & Jack Inc. 227 1,135 Scott Technologies Inc.+ 64 1,134 Internet Pictures Corp.+ 208 1,131 Allscripts Inc.+ 80 1,130 Pennaco Energy Inc.+ 65 1,129 Anesta Corp.+ 49 1,127 California Amplifier Inc.+ 49 1,127 Comstock Resources Inc.+ 99 1,126 Prosoft I-Net Solutions Inc.+ 79 1,126 Cambridge Technology Partners Inc.+ 257 1,124 LifeMinders Inc.+ 49 1,124 NationsRent Inc.+ 285 1,122 Biomatrix Inc.+ 64 1,120 CyberSource Corp.+ 99 1,120 Telxon Corp.+ 64 1,120 Open Market Inc.+ 178 1,118 IMRglobal Corp.+ 96 1,116 Spinnaker Exploration Co.+ 32 1,116 West Pharmaceutical Services Inc. 48 1,116 Integrated Electrical Services Inc.+ 162 1,114 -------------------------------------------------------------------------------- iShares Schedules of Investments page 33 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- General Cable Corp. 147 $ 1,112 Heartland Express Inc.+ 64 1,112 P.F. Chang's China Bistro Inc.+ 32 1,106 Network Peripherals Inc.+ 65 1,105 SportsLine USA Inc.+ 80 1,105 Checkpoint Systems Inc.+ 146 1,104 Franklin Electric Co. Inc. 16 1,104 Bank of Granite Corp. 48 1,101 Palm Harbor Homes Inc.+ 80 1,100 Cleveland-Cliffs Inc. 48 1,098 Multex.com Inc.+ 64 1,096 Bluestone Software Inc.+ 63 1,095 Kenneth Cole Productions "A"+ 31 1,095 Inter-Tel Inc. 96 1,092 Lance Inc. 112 1,088 Tanox Inc.+ 32 1,084 Hexcel Corp.+ 81 1,083 Advanta Corp. "A" 96 1,080 MetaCreations Corp.+ 96 1,080 Stewart Enterprises Inc. "A" 556 1,077 Monaco Coach Corp.+ 65 1,073 3Dfx Interactive Inc.+ 220 1,072 Azurix Corp.+ 300 1,069 e.spire Communications Inc.+ 364 1,069 Frontier Oil Corp.+ 145 1,069 Stride Rite Corp. 211 1,068 Cygnus Inc.+ 97 1,067 Area Bancshares Corp. 48 1,065 Primus Telecommunications Group Inc.+ 112 1,064 Valentis Inc.+ 129 1,064 MCK Communications Inc.+ 47 1,063 First Merchants Corp. 48 1,062 MAXIMUS Inc.+ 48 1,062 Mine Safety Appliances Co. 48 1,059 United Community Financial Corp. 161 1,057 Kansas City Life Insurance Co. 32 1,056 Ventro Corporation+ 96 1,056 West Teleservices Corp.+ 48 1,056 Orchid Biosciences Inc.+ 31 1,054 BSB Bancorp Inc. 47 1,052 Magnetek Inc.+ 99 1,052 kForce.com Inc.+ 300 1,050 Zenith National Insurance Corp. 48 1,050 Sauer Inc. 95 1,045 Diametrics Medical Inc.+ 130 1,044 NBC Internet Inc. "A"+ 159 1,043 Gardner Denver Inc.+ 64 1,040 Teligent Inc. "A"+ 80 1,040 Key Productions Co. Inc.+ 47 1,037 IDX Systems Corp.+ 64 1,032 Musicland Stores Corp.+ 146 1,031 Aaron Rents Inc. "B" 80 1,030 Westell Technologies Inc.+ 80 1,030 CACI International Inc. "A"+ 48 1,029 1st Source Corp. 49 1,029 Midway Games Inc.+ 147 1,029 Viant Corp.+ 175 1,028 Network Equipment Technologies Inc.+ 96 1,026 Standard Register Co. 64 1,024 Hunt (J.B.) Transport Services Inc. 80 1,020 Woodhead Industries Inc. 49 1,020 Marcus Corp. 97 1,019 Mail.com Inc.+ 195 1,018 OceanFirst Financial Corp. 49 1,017 Arctic Cat Inc. 80 1,010 InteliData Technologies Corp.+ 193 1,010 International Specialty Products Inc.+ 188 1,010 MedQuist Inc.+ 50 1,009 Billing Concepts Corp.+ 316 1,007 Sovran Self Storage Inc. 49 1,005 Focal Communications Corp.+ 65 1,003 Mail-Well Inc.+ 226 1,003 Cylink Corp.+ 96 1,002 Arkansas Best Corp.+ 65 999 Omega Financial Corp. 33 998 Spartech Corp. 64 996 Project Software & Development Inc.+ 64 995 Medical Assurance Inc.+ 81 992 Riggs National Corp. 81 992 Sanchez Computer Associates Inc.+ 64 992 Griffon Corporation+ 131 991 Hot Topic Inc.+ 33 990 Phillips-Van Heusen Corporation 96 990 Universal Compression Holdings Inc.+ 32 990 Midcoast Energy Resources Inc. 48 987 Caliper Technologies Corp.+ 17 985 Omnova Solutions Inc. 177 985 Western Properties Trust 80 985 UTStarcom Inc.+ 47 984 Burnham Pacific Properties Inc. 162 982 -------------------------------------------------------------------------------- page 34 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Arguss Holdings Inc.+ 48 $ 981 Computer Horizons Corp.+ 144 981 Cumulus Media Inc.+ 160 980 First Financial Holdings Inc. 64 980 Manhattan Associates Inc.+ 16 980 Navigant Consulting Co.+ 285 980 Audiovox Corp. "A"+ 65 979 Watsco Inc. 95 978 TriZetto Group Inc. (The)+ 63 977 Andover Bancorp Inc. 32 976 First Financial Corp. 32 976 Immersion Corp.+ 63 976 Penn Engineering & Manufacturing Corp. 31 975 Sitel Corp.+ 332 975 High Speed Access Corp.+ 268 972 Central Parking Corp. 49 971 EnergyNorth Inc. 16 971 Arch Coal Inc. 97 970 DSET Corporation+ 47 969 PC Connection Inc.+ 17 969 Skechers U.S.A. Inc.+ 64 968 Mattson Technology Inc.+ 65 967 Harleysville National Corp. 32 966 IGEN International Inc.+ 48 966 Lone Star Steakhouse & Saloon Inc. 131 966 SCPIE Holdings Inc. 48 966 Champion Enterprises Inc.+ 227 965 Moog Inc. "A"+ 32 964 ADE Corp.+ 47 963 Twinlab Corp.+ 220 963 Casella Waste Systems Inc. "A"+ 95 962 NCO Group Inc.+ 81 962 Albany International Corp.+ 80 960 NBT Bancorp Inc. 80 960 Pan Pacific Retail Properties Inc. 48 960 Patina Oil & Gas Corp. 48 960 Uniroyal Technology Corp.+ 64 960 Vyyo Inc.+ 32 960 iGate Capital Corp.+ 178 957 Packard BioScience Company+ 49 956 Xybernaut Corp.+ 161 956 Advanced Radio Telecom Corp.+ 112 952 Parexel International Corp.+ 112 952 Rare Medium Group Inc.+ 128 952 Wild Oats Markets Inc.+ 81 $ 952 Carrier Access Corp.+ 48 951 Cash American Investments Inc. 130 951 F&M Bancorp 48 951 Baldwin & Lyons Inc. "B" 49 949 QRS Corp.+ 63 949 Robotic Vision Systems Inc.+ 159 949 Russ Berrie & Co. Inc. 48 948 Corinthian Colleges Inc.+ 16 944 Fedders Corp. 243 942 Ivex Packaging Corp.+ 96 942 DuPont Photomasks Inc.+ 16 940 Trex Co. Inc.+ 31 940 Inet Technologies Inc.+ 32 936 Res-Care Inc.+ 205 935 DVI Inc.+ 48 933 Gabelli Asset Management Inc. "A"+ 31 930 Interlink Electronics Inc.+ 48 930 SVI Holdings Inc.+ 188 929 Endocare Inc.+ 47 928 Kos Pharmaceuticals Inc.+ 47 928 Startek Inc.+ 32 928 Standex International Corp. 48 927 Collateral Therapeutics Inc.+ 32 926 Tenneco Automotive Inc. 178 923 Research Frontiers Inc.+ 48 921 Surety Corp. 80 920 Engage Technologies Inc.+ 113 918 Lightbridge Inc.+ 79 918 Carreker-Antinori Inc.+ 47 916 Owens Corning 349 916 Pope & Talbot Inc. 64 916 Ryerson Tull Inc. 97 915 FreeMarkets Inc.+ 16 914 Lindsay Manufacturing Co. 49 913 McGrath Rentcorp 48 912 Professional Detailing Inc.+ 16 912 Midas Inc. 65 910 Chiquita Brands International Inc. 291 909 Nanometrics Inc.+ 17 908 Travelocity.com Inc.+ 64 908 Mobile Mini Inc.+ 47 905 Lexington Corp. 80 900 Exide Corp. 99 897 Vertex Interactive Inc.+ 49 897 Consolidated Products Inc.+ 112 896 -------------------------------------------------------------------------------- iShares Schedules of Investments page 35 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) SECURITY SHARES VALUE --------------------------------------------------------------- COMMON STOCKS (CONTINUED) --------------------------------------------------------------- Zomax Optical Media Inc.+ 128 $ 896 eGain Communications Corp.+ 95 894 Numerical Technologies Inc.+ 31 893 BOK Financial Corp.+ 48 888 First Busey Corp. "A" 48 888 Oneida Ltd. 64 888 Immune Response Corp.+ 129 887 Landry's Seafood Restaurants Inc. 130 886 Great Atlantic & Pacific Tea Co. 80 885 SPSS Inc.+ 33 885 Century South Banks Inc. 48 882 Sonosite Inc.+ 47 878 ePresence Inc.+ 130 877 Conmed Corp.+ 64 876 3DO Co. (The)+ 131 876 Wabash National Corp. 96 876 Haverty Furniture Companies Inc. 80 875 Vector Group Ltd. 50 873 North Pittsburgh Systems Inc. 64 872 SoftNet Systems Inc.+ 146 871 FutureLink Corp.+ 284 870 Group 1 Automotive Inc.+ 80 870 Delco Remy International Inc.+ 114 869 Columbus McKinnon Corp. 64 868 JP Realty Inc. 48 867 CPB Inc. 32 864 Diversa Corp.+ 32 864 Corvel Corp.+ 31 862 Vialink Co. (The)+ 97 861 Hayes Lemmerz International Inc.+ 80 860 American TeleSource International Inc.+ 371 858 ESCO Technologies Inc.+ 49 857 Spectra-Physics Lasers Inc.+ 16 857 Brio Technology Inc.+ 81 856 Schweitzer-Mauduit International Inc. 64 856 Stanford Microdevices Inc.+ 16 856 Churchill Downs Inc. 33 854 Fossil Inc.+ 64 852 Theragenics Corp.+ 131 852 Myers Industries Inc. 67 850 Netcentives Inc.+ 111 850 Wilsons The Leather Experts Inc.+ 47 849 Staar Surgical Co.+ 49 848 URS Corp.+ 64 848 Vital Sign Inc. 32 $ 848 Nucentrix Broadband Networks Inc.+ 33 846 barnesandnoble.com Inc.+ 172 844 Star Scientific Inc.+ 211 844 Polymer Group Inc. 114 841 Cascade Natural Gas Corp. 48 840 Nortek Inc.+ 48 840 First Washington Realty Trust 33 837 Pennsylvania Real Estate Investment Trust 48 837 iXL Enterprises Inc.+ 191 836 MidAmerica Bancorp 32 836 PICO Holdings Inc.+ 64 836 Digitas Inc.+ 47 834 Sangstat Medical Corp.+ 65 833 Semitool Inc.+ 65 833 Penn Virginia Corp. 32 832 Key3Media Group Inc.+ 76 831 Boykin Lodging Co. 80 830 CapRock Communications Corp.+ 163 830 Gerber Scientific Inc. 96 828 Horizon Offshore Inc.+ 47 828 Pacific Northwest Bancorp 64 828 Unova Inc.+ 210 827 Celsion Corporation+ 339 826 Mississippi Valley Bancshares Inc. 32 826 PepsiAmericas Inc.+ 236 826 Objective Systems Integrator Inc.+ 95 825 Allaire Corp.+ 97 824 Embarcadero Technologies Inc.+ 16 822 Ventiv Health Inc.+ 65 821 Insignia Financial Group Inc.+ 80 820 Golden Telecom Inc.+ 47 817 Electro Rent Corp.+ 64 816 Deltic Timber Corp. 48 813 City Bank 47 811 Sturm Ruger & Co. Inc. 99 811 Tejon Ranch Co. 32 810 Houston Exploration Co.+ 32 808 Medallion Financial Corp. 48 807 24/7 Media Inc.+ 80 807 Closure Medical Corp.+ 32 806 CSK Auto Corp.+ 179 805 Niku Corp.+ 33 804 Cato Corp. "A" 64 800 Watts Industries Inc. "A" 80 800 Winnebago Industries Inc. 64 800 -------------------------------------------------------------------------------- page 36 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Nhancement Technologies Inc.+ 47 $ 799 FBL Financial Group Inc. "A" 49 796 WFS Financial Inc. 47 796 Centex Construction Products Inc. 32 794 4Kids Entertainment Inc.+ 47 793 Technology Solutions Co.+ 317 793 Advanced Lighting Technologies Inc.+ 64 792 Sonic Automotive Inc.+ 95 790 First Federal Capital Corp. 64 788 O'Charleys Inc.+ 64 788 Irwin Financial Corp. 48 786 IXYS Corporation+ 30 784 1-800-FLOWERS.com Inc.+ 157 783 CCC Information Services Group Inc.+ 97 782 Marimba Inc.+ 64 782 Student Loan Corp. 16 781 Vasco Data Security International Inc.+ 49 781 Cell Pathways Inc.+ 96 780 Ocular Sciences Inc.+ 65 780 Alamosa PCS Holdings Inc.+ 48 777 Prison Realty Trust Inc.+ 653 775 Lawson Products Inc. 32 774 NetManage Inc.+ 364 774 Arch Capital Group Ltd.+ 49 772 Brenton Banks Inc. 64 772 Gasonics International Corp.+ 63 772 Intrusion.com Inc.+ 65 772 VaxGen Inc.+ 33 771 InterCept Group Inc. (The)+ 33 769 Cabot Microelectronics Corp.+ 16 768 CDI Corp.+ 48 768 White Electronic Designs Corp. 64 768 Saul Centers Inc. 48 765 e.MedSoft.com+ 291 764 CardioDynamics International Corp.+ 146 762 ibasis Inc.+ 48 762 WESCO International Inc.+ 95 760 BSQUARE Corp.+ 49 759 Novadigm Inc.+ 49 759 National Health Investors Inc. 112 756 Prime Group Realty Trust 48 756 Robbins & Myers Inc. 32 756 Curtiss Wright Corp. 16 755 McMoRan Exploration Co.+ 65 754 Ulticom Inc.+ 16 $ 754 Vans Inc.+ 49 753 Jakks Pacific Inc.+ 80 752 LTV Corp. 573 752 RPC Inc. 64 752 USinternetworking Inc.+ 112 747 U.S. Wireless Corp.+ 47 746 Oriental Financial Group Inc. 48 744 World Wrestling Federation Entertainment Inc.+ 49 744 Fred's Inc. 33 740 Thor Industries Inc. 32 740 Stewart Information Services Corp. 48 738 Belco Oil & Gas Corp.+ 83 737 Brown Shoe Company Inc. 80 735 Visual Networks Inc.+ 112 735 Brookline Bancorp Inc. 64 732 Oshkosh B'gosh Inc. "A" 48 731 Detroit Diesel Corp. 32 730 Pac-West Telecomm Inc.+ 80 730 AVT Corp.+ 131 729 LaSalle Hotel Properties 48 726 Primus Knowledge Solutions Inc.+ 49 726 infoUSA Inc.+ 145 725 Applied Science & Technology Inc.+ 49 723 Bio-Rad Laboratories Inc. "A"+ 32 720 Capstead Mortgage Corp. 80 720 Net2Phone Inc.+ 32 720 DigitalThink Inc.+ 17 716 Sequenom Inc.+ 17 716 Alabama National Bancorp 33 714 SJW Corp. 6 713 Savvis Communications Corp.+ 79 711 Centennial Cellular Corp. "A"+ 32 704 American Classic Voyages Co.+ 48 702 Astec Industries Inc.+ 64 700 Interact Commerce Corporation+ 64 700 Strayer Education Inc. 32 700 Wackenhut Corp.+ 47 699 Daleen Technologies Inc.+ 47 696 LCC International Inc. "A"+ 48 696 OTG Software Inc.+ 17 695 Analysts International Corp. 96 693 Metals USA Inc. 236 693 Neotopia Inc.+ 63 693 Airnet Communications Corp.+ 31 692 -------------------------------------------------------------------------------- iShares Schedules of Investments page 37 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- X-Rite Inc. 79 $ 691 click2learn.com Inc.+ 47 690 Aurora Foods Inc.+ 204 689 Clayton Williams Energy Inc.+ 17 688 Electronics Boutique Holdings Corp.+ 32 688 Volt Information Sciences Inc.+ 32 688 Northwest Bancorp Inc. 82 687 Tritel Inc.+ 48 687 CTG Resources Inc. 17 685 Quintus Corp.+ 80 685 E-LOAN Inc.+ 163 683 Skyline Corp. 32 682 Crown Media Holdings Inc.+ 48 681 CPI Corp. 32 680 Entertainment Properties Trust 64 680 Denbury Resources Inc.+ 97 679 Selectica Inc.+ 17 678 Caminus Corp.+ 17 676 DLJdirect Inc.+ 98 674 Pilgrim's Pride Corp. "B" 98 674 Tanning Technology Corp.+ 49 674 Weirton Steel Corp.+ 268 670 Coachmen Industries Inc. 64 668 Interactive Intelligence Inc.+ 17 668 Philadelphia Consolidated Holding Corp.+ 32 668 Meade Instruments Corp.+ 33 666 Bone Care International Inc.+ 32 664 Hypercom Corp.+ 64 664 Ramp Networks Inc.+ 188 664 Intelect Communications Inc.+ 461 663 National Steel Corp. "B" 220 660 Dover Downs Entertainment Inc. 49 658 Silicon Laboratories Inc.+ 16 656 Braun Consulting Inc.+ 33 654 U.S. Can Corp.+ 33 654 Thermo Fibertek Inc.+ 156 653 NETsilicon Inc.+ 31 649 Management Network Group Inc. (The)+ 31 647 AMERCO+ 33 646 Luminex Corp.+ 17 646 State Auto Financial Corp. 49 643 CSS Industries Inc.+ 32 642 Stepan Co. 32 642 Gaylord Container Corporation "A"+ 380 641 Genta Inc.+ 67 $ 641 USB Holding Co. Inc. 48 639 II-VI Inc.+ 34 635 Crossmann Communities Inc.+ 32 632 Digital River Inc.+ 98 631 Latitude Communications Inc.+ 81 628 VIA NET.WORKS Inc.+ 65 626 Cosair Communications Inc.+ 80 625 Grey Global Group Inc. 1 620 MTI Technology Corp.+ 162 618 Stoneridge Inc.+ 64 616 Digimarc Corp.+ 33 615 Sunbeam Corp.+ 467 613 Century Aluminum Co. 49 612 Credit Acceptance Corp.+ 97 612 Intraware Inc.+ 82 612 ChromaVision Medical Systems Inc.+ 64 608 Aperian Inc.+ 95 606 GlobalNet Financial.com Inc.+ 96 606 Century Business Services+ 460 604 Applica Inc.+ 97 600 Sykes Enterprises Inc.+ 111 597 Calico Commerce Inc.+ 97 594 NEON Communications Inc.+ 17 593 Ethyl Corp. 412 592 Herbalife International Inc. "A" 64 592 APAC Customer Services Inc.+ 111 590 Senior Housing Properties Trust 63 587 Cyberoptics Corp.+ 32 586 Great American Financial Resources Inc. 32 586 Optical Cable Corp.+ 24 585 Prodigy Communications Corp. "A"+ 114 585 SLI Inc. 80 585 Advanced Marketing Services Inc. 33 582 Gulf Island Fabrication Inc.+ 33 582 Spiegel Inc. "A" 83 581 Neoforma.com Inc.+ 156 580 CoorsTek Inc.+ 15 574 Thermo Cardiosystems Inc.+ 65 573 SmartServ Online Inc.+ 16 572 Convergent Communications Inc.+ 179 571 Meridian Resource Corp. (The)+ 83 571 Level 8 Systems Inc.+ 31 570 NetZero Inc.+ 268 570 Central Garden & Pet Co.+ 82 569 Metawave Communications Corp.+ 31 568 -------------------------------------------------------------------------------- page 38 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Rudolph Technologies Inc.+ 17 $ 568 NCH Corp. 16 565 Stamps.com Inc.+ 147 565 Telocity Inc.+ 172 564 Universal Access Inc.+ 48 564 Value Line Inc. 16 561 Interpool Inc. 49 560 Fibernet Telecom Group Inc.+ 33 559 SciQuest.com Inc.+ 80 553 Be Free Inc.+ 129 548 GetThere.com Inc.+ 31 548 Universal Forest Products Inc. 48 548 First Consulting Group Inc.+ 98 545 IMPSAT Fiber Networks Inc.+ 49 539 Insurance Auto Auctions Inc.+ 33 534 Riviana Foods Inc. 32 534 Women.com Networks Inc.+ 195 533 Gibraltar Steel Corp. 32 528 Ingles Markets Inc. 48 528 Media 100 Inc.+ 48 528 Rica Foods Inc.+ 32 528 Saga Communications Inc.+ 32 528 Santander Bancorp 32 528 Value City Department Stores Inc.+ 64 528 Inforte Corp.+ 15 527 Mesaba Holdings Inc.+ 49 527 Persistence Software Inc.+ 48 525 Stockwalk.com Group Inc.+ 124 525 buy.com Inc.+ 188 523 Intrabiotics Pharmaceuticals Inc.+ 32 520 Liqui-Box Corp. 16 518 American Axle & Manufacturing Holdings Inc.+ 48 516 M.S. Carriers Inc.+ 33 516 BancFirst Corp. 16 510 On2.com Inc.+ 205 510 National Presto Industries Inc. 17 509 NetObjects Inc.+ 163 509 eMerge Interactive Inc. "A"+ 32 508 Whitehall Jewellers Inc.+ 64 508 Exchange Applications Inc.+ 112 507 Razorfish Inc.+ 49 506 Procom Technology Inc.+ 17 503 Penn National Gaming Inc.+ 33 502 Gliatech Inc.+ 80 500 Deltek Systems Inc.+ 65 $ 498 Knight Transportation Inc.+ 32 498 WestCorp Inc. 33 495 Sagent Technology Inc.+ 65 492 Wolverine Tube Inc.+ 33 491 Callon Petroleum Corp.+ 31 490 Cheap Tickets Inc.+ 47 488 Rock-Tenn Company "A" 49 487 Digital Courier Technologies Inc.+ 268 486 Davox Corp.+ 48 483 Ackerly Group Inc. (The) 48 480 Gentek Inc. 31 473 Smart & Final Inc.+ 67 473 NPC International Inc.+ 48 470 MKS Instruments Inc.+ 17 465 eGlobe Inc.+ 381 464 AGENCY.com Inc.+ 31 463 Gadzoox Networks Inc.+ 65 463 R&G Financial Corp. "B" 48 462 Regent Communications Inc.+ 83 462 Spectralink Corp.+ 49 462 Liberty Livewire Corporation "A"+ 15 461 McAfee.com Corp.+ 31 461 IMPCO Technologies Inc.+ 16 460 SmartDisk Corp.+ 32 460 Private Media Group Ltd.+ 81 456 First Niagara Financial Group Inc. 49 453 ITXC Corp.+ 31 453 Dura Automotive Systems Inc.+ 49 452 Quokka Sports Inc.+ 114 452 Source Information Management Co.+ 66 450 Hanover Direct Inc.+ 796 448 Saba Software Inc.+ 16 448 Systemax Inc.+ 163 448 National Processing Inc.+ 32 446 MP3.com Inc.+ 113 445 DSL.net Inc.+ 145 444 MyPoints.com Inc.+ 80 440 Interlogix Inc.+ 33 438 iVillage Inc.+ 113 438 Cypress Communications Inc.+ 163 433 Coldwater Creek Inc.+ 16 432 Breakaway Solutions Inc.+ 48 427 Paradyne Networks Inc.+ 79 427 Sonic Foundry Inc.+ 48 426 CARBO Ceramics Inc. 16 425 -------------------------------------------------------------------------------- iShares Schedules of Investments page 39 iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Midland Co. 16 $ 424 Versata Inc.+ 16 424 Acme Communications Inc.+ 47 423 Viador Inc.+ 48 420 GoAmerica Inc.+ 47 416 HEICO Corp. 32 416 Bacou USA Inc.+ 16 415 US LEC Corp. "A"+ 48 411 BankAtlantic Bancorp Inc. "A" 98 410 Electric Lightwave Inc. "A"+ 48 408 META Group Inc.+ 33 408 United Natural Foods Inc.+ 33 408 Paradigm Genetics Inc.+ 17 406 Network Plus Corp.+ 47 405 On Command Corp.+ 33 405 Steven Madden Ltd.+ 47 405 United Auto Group Inc.+ 49 404 Expedia Inc. "A"+ 31 403 Valhi Inc. 32 402 Indus International Inc.+ 82 400 Crossroads Systems Inc.+ 47 399 Superior Telecom Inc. 66 396 Hollywood.com Inc.+ 65 392 Juno Online Services Inc.+ 98 392 Voyager.net Inc.+ 65 392 Choice One Communications Inc.+ 32 390 Rightchoice Managed Care Inc. "A"+ 16 388 Harris Financial Inc. 50 387 National Information Consortium Inc.+ 97 385 Coolsavings.com Inc.+ 140 383 Blount International Inc.+ 34 382 Bush Industries Inc. "A" 33 382 Websense Inc.+ 16 381 Lightspan Inc.+ 156 380 Tuesday Morning Corp.+ 48 375 Information Architects Corp.+ 113 374 Tanger Factory Outlet Centers Inc. 17 374 Buckle Inc. (The)+ 32 372 Software Technologies Corp.+ 16 366 Geoworks Corp.+ 49 361 Opus360 Corp.+ 156 361 Guess ? Inc.+ 32 360 TenFold Corp.+ 81 359 Vicinity Corp.+ 32 352 ePlus Inc.+ 17 $ 348 Revlon Inc. "A"+ 51 341 Buca Inc.+ 32 340 CompX International Inc. 16 336 Extensity Inc.+ 16 336 Drugstore.com Inc.+ 98 331 FirstWorld Communications Inc. "B"+ 163 329 iBeam Broadcasting Corp.+ 48 327 Network Access Solutions Corp.+ 79 326 AsiaInfo Holdings Inc.+ 17 322 Beasley Broadcast Group Inc. "A"+ 33 320 Lante Corp.+ 64 320 Switchboard Inc.+ 49 319 EarthShell Corp.+ 252 315 Unigraphics Solutions Inc.+ 16 314 Capital City Bank Group Inc. 16 313 Dot Hill Systems Corp.+ 48 312 Predictive Systems Inc.+ 16 309 Alaska Communications Systems Holdings Inc.+ 48 306 NET2000 Communications Inc.+ 48 306 InterWorld Corp.+ 80 305 Protection One Inc.+ 220 303 Net Perceptions Inc.+ 64 302 C-bridge Internet Solutions Inc.+ 16 300 NetRatings Inc.+ 16 300 Nexell Therapeutics Inc.+ 32 294 netGuru Inc.+ 17 289 Prize Energy Corp.+ 15 283 U.S. Aggregates Inc. 17 282 Mediaplex Inc.+ 67 276 Photogen Technologies Inc.+ 65 276 Gaiam Inc.+ 15 275 Trendwest Resorts Inc.+ 16 266 Infogrames Inc.+ 36 258 Wesco Financial Corp. 1 251 American Technical Ceramics Corp.+ 16 249 FirePond Inc.+ 17 246 NetSol International Inc.+ 16 242 Bebe Stores Inc.+ 16 238 Antigenics Inc.+ 16 236 Deltathree.com Inc.+ 65 236 Netpliance Inc.+ 157 236 MedicaLogic Inc.+ 65 232 Onvia.com Inc.+ 51 226 Z-Tel Technologies Inc.+ 31 225 -------------------------------------------------------------------------------- page 40 iShares iShares Russell 3000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- NetSolve Inc.+ 31 $ 221 Organic Inc.+ 49 221 PEC Solutions Inc.+ 34 219 eMachines Inc.+ 211 218 Seminis Inc. "A"+ 173 216 Digital Impact Inc.+ 32 211 Oratec Interventions Inc.+ 17 208 Modem Media Inc.+ 48 207 Xceed Inc.+ 82 205 U.S. Interactive Inc.+ 80 203 Blaze Software Inc.+ 16 202 Aspect Medical Systems Inc.+ 16 198 AppliedTheory Corp.+ 32 196 eBenx Inc.+ 17 192 Scientific Learning Corp.+ 34 185 Farmer Brothers Co. 1 180 Envision Development Corp.+ 16 176 NEON Systems+ 16 176 NetCreations Inc.+ 16 171 Sonic Innovations Inc.+ 16 168 Register.com+ 17 162 CAIS Internet Inc.+ 32 156 Allos Therapeutics Inc.+ 17 154 Corillian Corp.+ 16 154 Preview Systems Inc.+ 16 152 Unify Corp.+ 39 151 Net.Genesis Corp.+ 17 148 Eprise Corp.+ 17 147 Caldera Systems Inc.+ 35 143 Syntel Inc.+ 17 133 Chordiant Software Inc.+ 17 132 EpicEdge Inc.+ 47 129 MarketWatch.com Inc.+ 16 128 Uproar Inc.+ 33 124 GRIC Communications Inc.+ 17 123 Loudeye Technologies Inc.+ 17 116 Cysive Inc.+ 16 107 Xpedior Inc.+ 33 107 Sequoia Software Corp.+ 16 104 ValueClick Inc.+ 16 103 ICG Communications Inc.+ 224 98 Telaxis Communications Corp.+ 16 98 GC Companies Inc.+ 32 96 Shares or Security Principal Value ---------------------------------------------------------------- Avenue A Inc.+ 17 $ 85 Reliance Group Holdings Inc. 413 84 LivePerson Inc.+ 16 70 Coca-Cola Bottling Co. 1 42 COPE Inc.+ 1 39 Pricesmart Inc.+ 1 39 Genomic Solutions Inc.+ 1 17 Curis Inc.+ 1 16 Prison Realty Trust Inc. "B"+ 1 12 ---------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $64,134,445) 63,934,561 ---------------------------------------------------------------- SHORT TERM INSTRUMENTS - 1.42% ---------------------------------------------------------------- Freddie Mac Discount Note 6.46%, 10/24/00++ $125,348 125,348 Goldman Sachs Financial Square Prime Obligation Fund++ 211,605 211,605 Providian Temp Cash Money Market Fund++ 153,971 153,971 Short Term Investment Company Liquid Assets Portfolio++ 419,921 419,921 ---------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $910,845) 910,845 ---------------------------------------------------------------- REPURCHASE AGREEMENT - 0.04% ---------------------------------------------------------------- Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $25,733 and an effective yield of 6.25%. 25,720 25,720 ---------------------------------------------------------------- TOTAL REPURCHASE AGREEMENT (Cost: $25,720) 25,720 ---------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 101.38% (Cost: $65,071,010) 64,871,126 ---------------------------------------------------------------- Other Assets, Less Liabilities - (1.38%) (881,806) ---------------------------------------------------------------- NET ASSETS - 100.00% $63,989,320 ================================================================ + Non-income earning securities. ++ Represents investment of collateral received from securities lending transactions. See Note 5. See notes to financial statements. -------------------------------------------------------------------------------- iShares Schedules of Investments page 41 iShares Russell 3000 Growth Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS - 99.94% -------------------------------------------------------------- General Electric Co. 20,261 $ 1,168,805 Cisco Systems Inc.+ 15,967 882,177 Pfizer Inc. 14,177 637,079 Intel Corp. 15,070 627,289 Microsoft Corp.+ 8,790 529,598 EMC Corporation+ 4,891 484,820 Sun Microsystems Inc.+ 3,581 418,082 Oracle Corp.+ 4,844 381,465 International Business Machines Corp. 2,911 327,487 America Online Inc.+ 5,204 279,715 Home Depot Inc. 5,204 276,137 Wal-Mart Stores Inc. 5,559 267,527 Lucent Technologies Inc. 7,507 229,433 Corning Inc. 658 195,426 Merck & Co. Inc. 2,576 191,751 Texas Instruments Inc. 3,861 182,191 Coca-Cola Co. 3,181 175,353 Lilly (Eli) and Company 2,123 172,228 Amgen Inc.+ 2,323 162,211 JDS Uniphase Corp.+ 1,673 158,412 Time Warner Inc. 1,993 155,952 Schering-Plough Corp. 3,286 152,799 Dell Computer Corp.+ 4,884 150,488 Medtronic Inc. 2,706 140,205 Pharmacia & Upjohn Inc. 2,308 138,913 Veritas Software Corp.+ 903 128,226 Bristol-Myers Squibb Co. 2,146 122,590 American Home Products Corp. 1,933 109,335 Applied Materials Inc.+ 1,813 107,534 QUALCOMM Inc.+ 1,498 106,733 Juniper Networks Inc.+ 460 100,711 Network Appliance Inc.+ 710 90,436 VeriSign Inc.+ 438 88,722 Viacom Inc. "B"+ 1,500 87,750 Siebel Systems Inc.+ 766 85,265 Schwab (Charles) Corp. 2,398 85,129 WorldCom Inc.+ 2,761 83,865 Broadcom Corp.+ 325 79,219 Ciena Corp.+ 630 77,372 PMC - Sierra Inc.+ 353 75,983 Walgreen Co. 1,978 75,040 Hewlett-Packard Co. 715 69,355 Automatic Data Processing Inc. 1,018 68,079 Palm Inc.+ 1,273 67,389 BEA Systems Inc.+ 860 66,972 Enron Corp. 763 66,858 Analog Devices Inc.+ 800 66,050 Motorola Inc. 2,123 59,975 Brocade Communications System Inc.+ 245 57,820 Voicestream Wireless Corp.+ 480 55,710 Xilinx Inc.+ 648 55,485 PE Corp. (Biosystems Group) 470 54,755 SDL Inc.+ 175 53,900 Nextel Communications Inc. "A"+ 1,138 53,202 Gillette Co. 1,688 52,117 Maxim Integrated Products Inc.+ 640 51,480 Solectron Corp.+ 1,110 51,199 Yahoo! Inc.+ 560 50,960 Ariba Inc.+ 355 50,859 Qwest Communications International Inc.+ 1,045 50,225 Agilent Technologies Inc.+ 1,023 50,063 Micron Technology Inc.+ 1,083 49,818 Applied Micro Circuits Corp.+ 240 49,695 Guidant Corp.+ 693 48,986 AES Corp.+ 700 47,950 Exodus Communications Inc.+ 933 46,067 Linear Technology Corp. 695 45,001 Hughes Electronics Corp.+ 1,163 43,240 MBNA Corp. 1,123 43,236 ADC Telecommunications Inc.+ 1,603 43,106 Altera Corp.+ 900 42,975 Adobe Systems Inc. 270 41,917 Providian Financial Corp. 323 41,021 Sprint Corp. (PCS Group)+ 1,163 40,778 i2 Technologies Inc.+ 215 40,218 Colgate-Palmolive Co. 848 40,026 Comverse Technology Inc.+ 370 39,960 Cardinal Health Inc. 450 39,684 Paychex Inc. 745 39,113 Kohls Corp.+ 673 38,824 Genentech Inc.+ 205 38,066 Redback Networks Inc.+ 230 37,706 Vitesse Semiconductor Corp.+ 413 36,731 Tellabs Inc.+ 768 36,672 MedImmune Inc.+ 473 36,539 Commerce One Inc.+ 430 33,755 Level 3 Communications Inc.+ 430 33,164 Harley-Davidson Inc. 690 33,034 Sanmina Corp.+ 335 31,364 Calpine Corp.+ 293 30,582 Rational Software Corp.+ 430 29,831 Mercury Interactive Corp.+ 180 28,215 -------------------------------------------------------------------------------- page 42 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Omnicom Group Inc. 380 $ 27,716 RadioShack Corp. 423 27,336 Capital One Financial Corp. 390 27,324 Millennium Pharmaceuticals Inc.+ 185 27,022 Computer Associates International Inc. 1,033 26,019 Waters Corp.+ 290 25,810 Halliburton Co. 518 25,350 Gap Inc. 1,248 25,116 Allergan Inc. 295 24,909 Best Buy Co. Inc.+ 380 24,177 Forest Laboratories Inc. "A"+ 210 24,084 TIBCO Software Inc.+ 280 23,643 Scientific-Atlanta Inc. 360 22,905 Dynegy Inc. 400 22,800 Immunex Corp.+ 505 21,967 Human Genome Sciences Inc.+ 125 21,641 Sycamore Networks Inc.+ 200 21,600 Safeway Inc.+ 460 21,476 Integrated Device Technology Inc.+ 235 21,267 Inktomi Corp.+ 185 21,090 Biogen Inc.+ 340 20,740 Conexant Systems Inc.+ 495 20,728 Electronic Data Systems Corp. 498 20,667 Kroger Co.+ 905 20,419 LSI Logic Corp.+ 695 20,329 Bestfoods 278 20,224 Gateway Inc.+ 415 19,401 eBay Inc.+ 275 18,872 Lowe's Companies Inc. 415 18,623 Compaq Computer Corp. 673 18,561 American Express Co. 305 18,529 Sysco Corp. 400 18,525 Computer Sciences Corp.+ 245 18,191 QLogic Corp.+ 199 17,512 Concord EFS Inc.+ 480 17,047 Johnson & Johnson 175 16,439 Metromedia Fiber Network Inc.+ 673 16,362 KLA-Tencor Corp.+ 393 16,187 National Semiconductor Corp.+ 400 16,100 Micromuse Inc.+ 80 16,075 Amazon.com Inc.+ 415 15,952 Abbott Laboratories 335 15,933 NEXTLINK Communications Inc.+ 445 15,658 PepsiCo Inc. 340 15,640 Starbucks Corp.+ 383 15,344 Clear Channel Communications Inc.+ 270 15,255 Sara Lee Corp. 750 15,234 Intuit Inc.+ 265 15,105 Jabil Circuit Inc.+ 260 14,755 Sepracor Inc.+ 120 14,723 ALZA Corp.+ 170 14,705 IVAX Corporation+ 310 14,260 IMS Health Inc. 675 14,006 Stryker Corp. 325 13,955 CVS Corp. 300 13,894 Robert Half International Inc.+ 400 13,875 Univision Communications Inc.+ 370 13,829 Rambus Inc.+ 175 13,814 Seagate Technology Inc.+ 200 13,800 Novellus Systems Inc.+ 295 13,736 Teradyne Inc.+ 390 13,650 Vignette Corp.+ 450 13,444 Lycos Inc.+ 195 13,409 Atmel Corp.+ 870 13,213 Interpublic Group of Companies Inc. 385 13,114 Electronic Arts Inc.+ 260 12,837 Bed Bath & Beyond Inc.+ 526 12,829 IDEC Pharmaceuticals Corp.+ 73 12,801 Molex Inc. 235 12,793 Software.com Inc.+ 70 12,701 CMGI Inc.+ 445 12,432 McLeodUSA Inc. "A"+ 863 12,352 Stilwell Financial Inc.+ 283 12,311 Extreme Networks Inc.+ 106 12,137 Abgenix Inc.+ 145 11,718 Echostar Communications Corp.+ 220 11,605 Fiserv Inc.+ 193 11,556 Cintas Corp. 265 11,544 Nabors Industries Inc.+ 220 11,528 Transwitch Corp.+ 180 11,475 Art Technology Group Inc.+ 120 11,370 TMP Worldwide Inc.+ 140 11,270 Newport Corp. 70 11,149 Symbol Technologies Inc. 310 11,141 Quaker Oats Co. 140 11,078 BroadVision Inc.+ 433 11,069 Lexmark International Group Inc. "A"+ 293 10,988 SCI Systems Inc.+ 265 10,865 Protein Design Labs Inc.+ 90 10,845 General Mills Inc. 300 10,650 BMC Software Inc.+ 553 10,576 Macromedia Inc.+ 130 10,506 -------------------------------------------------------------------------------- iShares Schedules of Investments page 43 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- PE Corp. (Celera Genomics Group)+ 105 $ 10,461 Vertex Pharmaceuticals Inc.+ 120 10,140 Noble Drilling Corp.+ 200 10,050 Anheuser-Busch Companies Inc. 236 9,986 Emulex Corp.+ 80 9,800 Staples Inc.+ 690 9,789 3Com Corp.+ 510 9,786 Infinity Broadcasting Corp.+ 295 9,735 Foundry Networks Inc.+ 145 9,706 Advanced Micro Devices Inc.+ 410 9,686 Dollar Tree Stores Inc.+ 233 9,451 Medarex Inc.+ 80 9,385 King Pharmaceuticals Inc.+ 280 9,363 Cypress Semiconductor Corp.+ 225 9,352 Andrx Group+ 100 9,337 PeopleSoft Inc.+ 330 9,219 Finisar Corp.+ 190 9,191 BJ Services Co.+ 150 9,169 Health Management Associates Inc. "A"+ 440 9,157 Allegiance Telecom Inc.+ 245 9,126 Infospace.com Inc.+ 300 9,075 Anadarko Petroleum Corp. 135 8,972 Target Corporation 348 8,918 Apache Corp. 148 8,750 Baker Hughes Inc. 235 8,724 Micrel Inc.+ 130 8,710 Microchip Technology Inc.+ 263 8,679 Equifax Inc. 320 8,620 Minimed Inc.+ 96 8,580 GlobeSpan Inc.+ 70 8,540 Interwoven Inc.+ 75 8,480 Tiffany & Co. 215 8,291 MMC Networks Inc.+ 65 8,223 Boston Scientific Corp.+ 500 8,219 Portal Software Inc.+ 205 8,200 Imclone Systems Inc.+ 70 8,194 RF Micro Devices Inc.+ 260 8,158 AT&T Wireless Group+ 390 8,141 Polycom Inc.+ 120 8,036 Honeywell International Inc. 225 8,016 Citrix Systems Inc.+ 395 7,925 Campbell Soup Co. 303 7,840 NVIDIA Corp.+ 95 7,778 Sealed Air Corp.+ 170 7,693 Readers Digest Association Inc. (The) "A" 215 7,592 CDW Computer Centers Inc.+ 110 7,590 Cree Inc.+ 65 7,556 DoubleClick Inc.+ 235 7,520 TJX Companies Inc. 330 7,425 Watson Pharmaceutical Inc.+ 114 7,396 SanDisk Corp.+ 110 7,343 Estee Lauder Companies Inc. "A" 200 7,325 Alteon Websystems Inc.+ 65 7,045 Celgene Corp.+ 118 7,021 Circuit City Stores Inc. 305 7,015 Cooper Cameron Corp.+ 95 7,000 Vitria Technology Inc.+ 150 6,994 Sapient Corp.+ 170 6,917 Chiron Corp.+ 153 6,885 COR Therapeutics Inc.+ 110 6,854 Apollo Group Inc.+ 170 6,779 Knight Trading Group Inc.+ 185 6,660 Power-One Inc.+ 110 6,657 American Power Conversion Corp.+ 345 6,620 American Tower Corp.+ 175 6,595 Amkor Technology Inc.+ 250 6,531 Smith International Inc.+ 80 6,525 Boeing Co. 103 6,489 Semtech Corp.+ 150 6,469 Cablevision Systems Corp.+ 95 6,300 R&B Falcon Corporation+ 225 6,272 Wind River Systems Inc.+ 130 6,232 Dollar General Corp. 370 6,197 Young & Rubicam Inc. 125 6,188 VerticalNet Inc.+ 175 6,147 Time Warner Telecom Inc. "A"+ 125 6,039 SEI Investment Co. 85 6,014 Peregrine Systems Inc.+ 315 5,965 RealNetworks Inc.+ 150 5,963 Enzon Inc.+ 90 5,940 Fifth Third Bancorp 110 5,926 Waddell & Reed Financial Inc. "A" 190 5,890 Lam Research Corp.+ 280 5,863 Veeco Instruments Inc.+ 55 5,845 Cox Communications Inc. "A"+ 150 5,737 Oxford Health Plans Inc.+ 185 5,686 Advanced Fibre Communications Inc.+ 150 5,681 E*trade Group Inc.+ 345 5,671 Plexus Corp.+ 80 5,640 International Rectifier Corp.+ 110 5,562 Symantec Corp.+ 125 5,500 Miller (Herman) Inc. 170 5,451 -------------------------------------------------------------------------------- page 44 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Network Associates Inc.+ 240 $ 5,430 Amerisource Health Corp. "A"+ 115 5,405 E.piphany Inc.+ 70 5,394 TriQuint Semiconductor Inc.+ 145 5,283 Macrovision Corp.+ 65 5,265 Global Marine Inc.+ 170 5,249 EOG Resources Inc. 135 5,248 Avocent Corporation+ 95 5,237 Internap Network Services Corp.+ 160 5,170 Metris Companies Inc. 130 5,135 Informatica Corp.+ 55 5,129 MRV Communications Inc.+ 113 5,120 Genzyme General Division+ 75 5,114 Coherent Inc.+ 75 5,100 Caremark Rx Inc.+ 453 5,096 Millipore Corp. 105 5,086 DeVry Inc.+ 135 5,079 International Game Technology Inc.+ 150 5,044 Techne Corp.+ 45 5,040 Akamai Technologies Inc.+ 95 4,989 Agile Software Corp.+ 55 4,947 Incyte Pharmaceuticals Inc.+ 120 4,935 HNC Software Inc.+ 60 4,909 Manugistics Group Inc.+ 50 4,906 AmeriCredit Corp.+ 170 4,898 Hispanic Broadcasting Corp.+ 175 4,878 ICOS Corp.+ 90 4,871 Amphenol Corp. "A"+ 85 4,840 Exar Corp.+ 40 4,840 Federated Investors Inc. "B" 195 4,826 Laboratory Corp. of America Holdings+ 40 4,790 Infocus Corp.+ 90 4,770 Aether Systems Inc.+ 45 4,747 KEMET Corp.+ 170 4,696 Homestore.com Inc.+ 100 4,675 Parametric Technology Corp.+ 425 4,648 Western Wireless Corp. "A"+ 130 4,631 Family Dollar Stores Inc. 240 4,620 Lattice Semiconductor Corp.+ 85 4,569 Powertel Inc.+ 60 4,564 Cabletron Systems Inc.+ 155 4,553 Internet Security Systems Inc.+ 60 4,507 Actuate Software Corp.+ 130 4,491 Affymetrix Inc.+ 90 4,489 Silicon Storage Technology+ 165 4,486 Elantec Semiconductor Inc.+ 45 4,483 Acxiom Corp.+ 140 4,445 Netro Corp.+ 75 4,444 Alkermes Inc.+ 115 4,442 Cirrus Logic Inc.+ 110 4,434 Costco Wholesale Corp.+ 125 4,367 Kellogg Co. 178 4,305 CacheFlow Inc.+ 30 4,290 WebMD Corp.+ 281 4,285 Expeditors International Washington Inc. 95 4,281 Cendant Corp.+ 390 4,241 CH Robinson Worldwide Inc. 75 4,227 Netegrity Inc.+ 60 4,200 Advent Software Inc.+ 60 4,192 Investors Financial Services Corp. 65 4,103 Abercrombie & Fitch Co.+ 215 4,098 Quest Diagnostics Inc.+ 35 4,016 Medicis Pharmaceutical Corp. "A"+ 65 3,998 Plantronics Inc.+ 105 3,990 Price (T. Rowe) Associates 85 3,990 Phone.com Inc.+ 35 3,977 Sirius Satellite Radio Inc.+ 75 3,966 Sybron International Corp.+ 165 3,960 Catalina Marketing Corp.+ 105 3,951 Inhale Therapeutic Systems Inc.+ 70 3,946 Apple Computer Inc.+ 153 3,940 Unisys Corp.+ 350 3,938 Alltel Corp. 75 3,914 MIPS Technologies Inc. "A"+ 85 3,910 State Street Corp. 30 3,900 Gentex Corp.+ 155 3,875 Mettler Toledo International Inc.+ 88 3,872 Bisys Group Inc.+ 50 3,866 Cadence Design Systems Inc.+ 150 3,853 OSI Pharmaceuticals Inc.+ 55 3,850 Powerwave Technologies Inc.+ 100 3,797 Silicon Valley Bancshares+ 65 3,785 CheckFree Corp.+ 90 3,770 Natural Microsystems Corp.+ 70 3,766 Cobalt Networks Inc.+ 65 3,762 Copper Mountain Networks Inc.+ 100 3,750 Fastenal Co. 65 3,746 Firstar Corp. 165 3,692 Kana Communications Inc.+ 165 3,671 Cell Therapeutics Inc.+ 55 3,668 Cytyc Corp.+ 85 3,666 Fairchild Semiconductor Corp. "A"+ 130 3,656 -------------------------------------------------------------------------------- iShares Schedules of Investments page 45 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- SunGard Data Systems Inc.+ 85 $ 3,639 Virata Corp.+ 55 3,637 NetIQ Corp.+ 55 3,613 webMethods Inc.+ 31 3,569 Intimate Brands Inc. 190 3,551 First Health Group Corp.+ 110 3,547 Dycom Industries Inc.+ 85 3,538 Mentor Graphics Corp.+ 150 3,534 Compuware Corp.+ 420 3,517 CSG Systems International Inc.+ 120 3,480 Coca-Cola Enterprises Inc. 218 3,474 Tollgrade Communications Inc.+ 25 3,470 ENSCO International Inc. 90 3,442 ChoicePoint Inc.+ 75 3,441 Leap Wireless International Inc.+ 55 3,441 Myriad Genetics Inc.+ 40 3,440 Molecular Devices Corp.+ 35 3,439 Alexion Pharmaceuticals Inc.+ 30 3,420 C&D Technologies Inc. 60 3,405 Anaren Microwave Inc.+ 25 3,391 Credence Systems Corp.+ 113 3,390 USA Education Inc. 70 3,373 Tricon Global Restaurants Inc.+ 110 3,369 Diamond Technology Partners Inc.+ 45 3,341 Eaton Vance Corp. 65 3,315 Hanover Compressor Co.+ 100 3,294 CTS Corp. 65 3,291 Tekelec+ 100 3,288 Newfield Exploration Co.+ 70 3,268 Go2Net Inc.+ 60 3,256 Titan Pharmaceuticals Inc.+ 50 3,250 At Home Corp. "A"+ 230 3,249 Murphy Oil Corp. 50 3,241 VISX Inc.+ 120 3,233 Varian Inc.+ 75 3,230 Korn/Ferry International+ 85 3,214 Rowan Companies Inc.+ 110 3,190 Varian Medical Systems Inc.+ 70 3,163 Cognex Corp.+ 80 3,155 Cubist Pharmaceuticals Inc.+ 60 3,124 Methode Electronics Inc. "A" 70 3,102 UST Inc. 135 3,088 PSINET Inc.+ 320 3,080 Aurora Biosciences Corp.+ 45 3,060 Alpharma Inc. 50 3,056 Winstar Communications Inc.+ 195 3,023 Tut Systems Inc.+ 35 3,021 Orthodontic Centers of America+ 90 2,998 Barr Laboratories Inc.+ 45 2,984 UnitedHealth Group Inc. 30 2,963 Dallas Semiconductor Corp. 90 2,959 Whole Foods Market Inc.+ 55 2,953 DST Systems Inc.+ 25 2,937 CuraGen Corp.+ 55 2,930 Aeroflex Inc.+ 60 2,917 Cephalon Inc.+ 60 2,910 Terayon Communications Systems Inc.+ 85 2,885 Zebra Technologies Corp. "A"+ 60 2,884 Andrew Corp.+ 110 2,881 Documentum Inc.+ 35 2,842 Synopsys Inc.+ 75 2,841 Ameritrade Holding Corp. "A"+ 160 2,840 Jack Henry & Associates Inc. 65 2,819 Quest Software Inc.+ 45 2,795 Fox Entertainment Group Inc.+ 105 2,782 Greater Bay Bancorp 40 2,777 Harmonic Inc.+ 115 2,760 Critical Path Inc.+ 45 2,734 Maxim Pharmaceuticals Inc.+ 45 2,734 CV Therapeutics Inc.+ 35 2,722 Digital Island Inc.+ 145 2,719 Edwards (J.D.) & Co.+ 105 2,717 Catellus Development Corp.+ 155 2,712 Aspen Technology Inc.+ 60 2,707 Pepsi Bottling Group Inc. 90 2,706 Proxim Inc.+ 60 2,670 Lincare Holdings Inc.+ 93 2,668 Gallagher (Arthur J.) & Co. 45 2,661 DMC Stratex Networks Inc.+ 165 2,650 Limited Inc. 120 2,648 Freeport-McMoRan Copper & Gold Inc.+ 300 2,644 United Therapeutics Inc.+ 30 2,621 Varian Semiconductor Equipment Associates Inc.+ 70 2,621 Legato Systems Inc.+ 195 2,620 Zygo Corp.+ 30 2,610 Williams-Sonoma Inc.+ 75 2,606 Oak Technology Inc.+ 95 2,601 Cheesecake Factory (The)+ 60 2,595 MarchFirst Inc.+ 165 2,588 Patterson Energy Inc.+ 75 2,578 Immunogen Inc.+ 75 2,564 -------------------------------------------------------------------------------- page 46 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- AFLAC Inc. 40 $ 2,562 National Instruments Corp.+ 58 2,559 Valassis Communications Inc.+ 115 2,559 Alpha Industries Inc.+ 75 2,555 NPS Pharmaceuticals Inc.+ 45 2,545 Lone Star Technologies Inc.+ 55 2,538 Technitrol Inc. 25 2,525 Kopin Corp.+ 140 2,520 Intermedia Communications Inc.+ 85 2,507 Tidewater Inc. 55 2,503 REMEC Inc.+ 85 2,502 LifePoint Hospitals Inc.+ 70 2,485 Red Hat Inc.+ 145 2,474 Trimeris Inc.+ 35 2,448 Vicor Corp.+ 45 2,441 Iomega Corp.+ 488 2,440 Enzo Biochem Inc.+ 50 2,425 Pioneer Group Inc. (The)+ 55 2,418 Wiley (John) & Sons Inc. "A" 105 2,408 Investment Technology Group Inc.+ 60 2,396 Province Healthcare Co.+ 60 2,396 ACNielsen Corp.+ 100 2,381 Primedia Inc.+ 145 2,374 RSA Security Inc.+ 55 2,372 Weatherford International Inc.+ 55 2,365 Entrust Technologies Inc.+ 85 2,348 Digex Inc.+ 50 2,344 Grey Wolf Inc.+ 405 2,329 Commerce Bancorp Inc. 40 2,327 Roper Industries Inc. 70 2,323 Liberate Technologies Inc.+ 80 2,315 CNET Networks Inc.+ 95 2,314 Next Level Communications Inc.+ 35 2,314 Heidrick & Struggles International Inc.+ 45 2,312 Lee Enterprises Inc. 80 2,310 SBA Communications Corp.+ 55 2,307 SkyWest Inc. 45 2,306 Stillwater Mining Co.+ 85 2,301 Linens 'N Things Inc.+ 90 2,295 McKesson HBOC Inc. 75 2,292 Marine Drilling Co. Inc.+ 80 2,285 Tetra Tech Inc.+ 80 2,285 Pogo Producing Co. 90 2,284 Hain Celestial Group Inc.+ 65 2,283 Barrett Resources Corp.+ 60 2,269 Corixa Corp.+ 45 2,261 Albany Molecular Research Inc.+ 40 2,247 Intersil Holding Corp.+ 45 2,244 Concurrent Computer Corp.+ 118 2,242 DSP Group Inc.+ 60 2,242 Efficient Networks Inc.+ 60 2,239 American Superconductor Corp.+ 45 2,212 Commscope Inc.+ 90 2,205 Michaels Stores Inc.+ 55 2,200 Triton PCS Holdings Inc. "A"+ 80 2,200 PurchasePro.com Inc.+ 25 2,197 Smith (Charles E) Residential Realty Inc. 48 2,178 Cross Timbers Oil Co. 113 2,159 Cousins Properties Inc. 50 2,153 Callaway Golf Co. 140 2,152 NYFIX Inc.+ 48 2,148 Universal Health Services Inc. "B"+ 25 2,141 Verity Inc.+ 60 2,141 IDEXX Laboratories Inc.+ 80 2,140 IDT Corp.+ 55 2,138 Sawtek Inc.+ 55 2,118 Dow Jones & Co. Inc. 35 2,117 S3 Inc.+ 205 2,114 Key Energy Group Inc.+ 215 2,110 Electro Scientific Industries Inc.+ 60 2,107 Ceridian Corp.+ 75 2,105 SIPEX Corp.+ 50 2,103 Black Box Corp.+ 45 2,098 Mitchell Energy & Development Corp. "A" 45 2,098 Stone Energy Corp.+ 38 2,090 Lamar Advertising Co.+ 55 2,083 Symyx Technologies Inc.+ 48 2,082 Emcore Corp.+ 50 2,079 Price Communications Corp.+ 105 2,054 Insight Enterprises Inc.+ 75 2,044 Aviron+ 35 2,041 Artesyn Technologies Inc.+ 70 2,039 Novell Inc.+ 205 2,037 Resmed Inc.+ 65 2,031 Global Telesystems Group Inc. 445 2,030 Neurocrine Biosciences Inc.+ 45 2,025 Patterson Dental Co.+ 90 2,025 Georgia-Pacific (Timber Group) 75 2,016 Valuevision International Inc. "A"+ 80 2,010 Cymer Inc.+ 65 1,995 LTX Corp.+ 105 1,988 Aspect Communications Corp.+ 95 1,959 -------------------------------------------------------------------------------- iShares Schedules of Investments page 47 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Hyperion Solutions Corp.+ 75 $ 1,941 Delta & Pine Land Co. 75 1,927 FuelCell Energy Inc.+ 20 1,925 Noven Pharmaceuticals Inc.+ 45 1,924 Park National Corp. 20 1,920 Gartner Group Inc. "A"+ 165 1,918 Priority Healthcare Corp. "B"+ 25 1,906 Advance Paradigm Inc.+ 45 1,898 Titan Corp. (The)+ 115 1,898 Impath Inc.+ 30 1,894 Computer Network Technology Corp.+ 55 1,891 Dendrite International Inc.+ 70 1,877 Swift Energy Co.+ 45 1,870 Renal Care Group Inc.+ 100 1,863 Cerner Corp.+ 40 1,857 Pericom Semiconductor Corp.+ 50 1,850 Ditech Communications Corp.+ 45 1,845 Biomet Inc. 52 1,820 Digital Lightware Inc.+ 25 1,816 Ilex Oncology Inc.+ 60 1,807 Express Scripts Inc. "A"+ 25 1,806 Actel Corp.+ 50 1,797 Louis Dreyfus Natural Gas Corp.+ 45 1,783 Career Education Corp.+ 40 1,780 Clarent Corp.+ 45 1,772 Dura Pharmaceuticals Inc.+ 50 1,769 Electronics For Imaging Inc.+ 70 1,767 Shaw Group Inc.+ 25 1,763 CEC Entertainment Inc.+ 55 1,760 Wave Systems Corp. "A"+ 105 1,759 Intranet Solutions Inc.+ 35 1,750 Teledyne Technologies Inc.+ 60 1,748 Pharmacyclics Inc.+ 35 1,737 Silicon Image Inc.+ 70 1,737 Wireless Facilities Inc.+ 30 1,731 Transkaryotic Therapies Inc.+ 40 1,723 Jack in the Box Inc.+ 80 1,715 NOVA Corporation+ 100 1,713 Blyth Industries Inc. 73 1,711 ADTRAN Inc.+ 40 1,702 FactSet Research Systems Inc. 45 1,692 Intertrust Technologies Corp.+ 140 1,689 Devon Energy Corp. 28 1,684 CompuCredit Corp.+ 30 1,683 Excalibur Technologies Corp.+ 25 1,680 InterDigital Communications Corp.+ 120 1,680 Cambrex Corp. 45 1,665 Priceline.com Inc.+ 140 1,663 Too Inc.+ 70 1,663 Adaptive Broadband Corp.+ 85 1,657 Gilead Sciences Inc.+ 15 1,645 Timberland Co.+ 40 1,640 Microstrategy Inc.+ 60 1,639 Geltex Pharmaceuticals Inc.+ 35 1,638 Ecolab Inc. 45 1,623 Consolidated Stores Corp.+ 120 1,620 Avanex Corp.+ 15 1,615 Corporate Executive Board Co. (The)+ 40 1,610 Alliance Pharmaceutical Corp.+ 105 1,601 Forrester Research Inc.+ 25 1,594 Brown & Brown Inc. 50 1,591 Scholastic Corp.+ 20 1,591 Synovus Financial Corp. 75 1,589 Polaris Industries Partners LP "A" 45 1,586 American Eagle Outfitters Inc.+ 50 1,575 On Assignment Inc.+ 50 1,569 Church & Dwight Co. Inc. 85 1,562 Dal-Tile International Inc.+ 125 1,562 Benchmark Electronics Inc.+ 30 1,560 BARRA Inc.+ 25 1,552 Aware Inc.+ 40 1,540 Viasystems Group Inc.+ 90 1,530 Syntroleum Corp.+ 75 1,528 Maxtor Corp.+ 145 1,523 US Airways Group Inc.+ 50 1,522 Fisher Scientific International Inc.+ 45 1,519 RadiSys Corp.+ 30 1,517 Xircom Inc.+ 60 1,515 Administaff Inc.+ 20 1,514 Insituform Technologies Inc. "A"+ 45 1,513 Chesapeake Energy Corp.+ 210 1,509 WatchGuard Technologies Inc.+ 25 1,500 Williams Communications Group Inc.+ 75 1,500 Helix Technology Corp. 50 1,494 Quantum Hard Disk Drive Group+ 150 1,491 AutoNation Inc.+ 248 1,488 Novoste Corp.+ 35 1,488 AMETEK Inc. 70 1,483 Pure Resources Inc.+ 70 1,483 Iron Mountain Inc.+ 40 1,480 Keane Inc.+ 85 1,479 Solutia Inc. 130 1,479 -------------------------------------------------------------------------------- page 48 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- TrustCo Bank Corp. 120 $ 1,478 Syncor International Corp.+ 40 1,473 United Television Inc. 10 1,470 Texas Biotech Corp.+ 90 1,467 Wit Soundview Group Inc.+ 163 1,467 Immunomedics Inc.+ 70 1,466 Scient Corp.+ 70 1,466 AXT Inc.+ 35 1,463 Three-Five Systems Inc.+ 50 1,463 Zoran Corp.+ 30 1,463 Jones Apparel Group Inc.+ 55 1,457 Pre-Paid Legal Services Inc.+ 45 1,454 Graco Inc. 45 1,451 Connetics Corp.+ 60 1,447 Citadel Communications Corp.+ 85 1,445 ANADIGICS Inc.+ 65 1,438 Digital Insight Corp.+ 40 1,435 Quintiles Transnational Corp.+ 90 1,434 Secure Computing Corp.+ 55 1,433 Cal Dive International Inc.+ 25 1,430 Total System Services Inc. 85 1,429 Hooper Holmes Inc. 150 1,426 SonicWALL Inc.+ 50 1,425 Affiliated Managers Group Inc.+ 25 1,423 Invitrogen Corp.+ 20 1,422 Puma Technology Inc.+ 70 1,422 Geron Corp.+ 50 1,419 Asyst Technologies Inc.+ 70 1,417 Crompton Corp. 180 1,417 Genzyme Transgenics Corp.+ 40 1,410 Bio-Technology General Corp.+ 123 1,407 Mastec Inc.+ 45 1,406 AXENT Technologies Inc.+ 65 1,402 Keithley Instruments Inc. 20 1,400 Perot Systems Corp. "A"+ 130 1,398 Avigen Inc.+ 35 1,391 St. Mary Land & Exploration Co. 60 1,384 SERENA Software Inc.+ 30 1,382 Dionex Corp.+ 50 1,381 American Management Systems Inc.+ 80 1,375 Bally Total Fitness Holding Corp.+ 55 1,375 Houghton Mifflin Co. 35 1,374 Avant! Corp.+ 75 1,369 Advanced Digital Information Corp.+ 90 1,367 FileNET Corp.+ 75 1,364 Rural Cellular Corp. "A"+ 20 1,363 Teletech Holdings Inc.+ 55 1,361 F5 Networks Inc.+ 40 1,360 Cost Plus Inc.+ 45 1,356 HON Industries Inc. 55 1,354 HS Resources Inc.+ 40 1,345 Newpark Resources Inc.+ 145 1,341 eLoyalty Corp.+ 105 1,339 UTI Energy Corp.+ 30 1,339 Pacific Capital Bancorp 50 1,338 JNI Corp.+ 15 1,335 Seachange International Inc.+ 40 1,335 Gene Logic Inc.+ 58 1,334 Kulicke & Soffa Industries Inc.+ 100 1,331 Meredith Corp. 45 1,328 Packeteer Inc.+ 35 1,328 ANTEC Corp.+ 45 1,327 Brooks Automation Inc.+ 40 1,325 ITC DeltaCom Inc.+ 115 1,322 Triad Hospitals Inc.+ 45 1,322 Choice Hotels International Inc.+ 120 1,320 Act Manufacturing Inc.+ 25 1,319 Systems & Computer Technology Corp.+ 75 1,317 Pacific Sunwear of California Inc.+ 70 1,313 Regeneron Pharmaceuticals Inc.+ 40 1,305 AVX Corp. 50 1,303 Veritas DGC Inc.+ 45 1,302 Newport News Shipbuilding Inc. 30 1,301 Tech Data Corp.+ 30 1,283 Concord Camera Corp.+ 50 1,281 Ligand Pharmaceuticals Inc. "B"+ 100 1,281 Rehabcare Corp.+ 30 1,275 Men's Wearhouse Inc. (The)+ 45 1,274 Tweeter Home Entertainment Group Inc.+ 35 1,271 Proxicom Inc.+ 65 1,268 Atlas Air Inc.+ 30 1,267 Donnelley (R.H.) Co.+ 60 1,267 Sonus Networks Inc.+ 10 1,264 Sonic Corp.+ 40 1,260 Tupperware Corp. 70 1,260 99 Cents Only Stores+ 25 1,255 Mercury Computer Systems Inc.+ 45 1,252 Hilb Rogal & Hamilton Co. 30 1,251 Vintage Petroleum Inc. 55 1,251 Illuminet Holdings Inc.+ 45 1,249 Affiliated Computer Services Inc.+ 25 1,247 Presstek Inc.+ 65 1,247 -------------------------------------------------------------------------------- iShares Schedules of Investments page 49 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- KV Pharmaceuticals Co.+ 36 $ 1,245 Danaher Corp. 25 1,244 Sotheby's Holdings Inc. 50 1,244 Ruby Tuesday Inc. 110 1,238 AnswerThink Consulting Group Inc.+ 75 1,219 Nuance Communications Inc.+ 10 1,217 New Era of Networks Inc.+ 50 1,216 Rent-Way Inc.+ 40 1,215 Education Management Corp.+ 45 1,212 Neose Technologies Inc.+ 25 1,209 United Stationers Inc.+ 45 1,209 Pegasus Communications Corp.+ 25 1,208 Biosite Diagnostics Inc.+ 30 1,196 Alliance Semiconductor Corp.+ 60 1,192 Direct Focus Inc.+ 30 1,192 Learning Tree International Inc.+ 25 1,191 Fulton Financial Corp. 60 1,189 Lightpath Technologies Inc. "B"+ 25 1,188 Amylin Pharmaceuticals Inc.+ 110 1,182 Copart Inc.+ 85 1,179 Echelon Corp.+ 40 1,175 Claire's Stores Inc. 65 1,170 ATMI Inc.+ 50 1,169 Labranche & Co. Inc.+ 35 1,168 Convergys Corp.+ 30 1,166 Vical Inc.+ 45 1,164 P-Com Inc.+ 175 1,159 ZixIt Corp.+ 38 1,159 Photronics Inc.+ 53 1,156 Coulter Pharmaceutical Inc.+ 40 1,155 Acacia Research Corp.+ 33 1,151 Supergen Inc.+ 60 1,151 Valspar Corp. 50 1,150 Pharmacopeia Inc.+ 45 1,148 Kent Electronics Corp.+ 48 1,146 Station Casinos Inc.+ 80 1,140 SCM Microsystems Inc.+ 30 1,138 Zale Corp.+ 35 1,135 NCR Corp.+ 30 1,134 Cox Radio Inc. "A"+ 65 1,133 Remedy Corp.+ 60 1,133 Atlantic Coast Airlines Holdings+ 35 1,127 Pinnacle Systems Inc.+ 100 1,125 Valence Technology Inc.+ 65 1,121 WebTrends Corp.+ 30 1,121 BlackRock Inc.+ 35 1,120 Eclipsys Corp.+ 70 1,120 Trimble Navigation Ltd.+ 50 1,119 Energy Conversion Devices Inc.+ 30 1,116 Apria Healthcare Group Inc.+ 80 1,115 Rogers Corp.+ 35 1,107 NEO RX Corporation+ 45 1,103 Organogenesis Inc.+ 75 1,103 Quanta Services Inc.+ 40 1,100 Avant Immunotherapeutics Inc.+ 100 1,081 Maverick Tube Corp.+ 40 1,078 Polymedica Industries Inc.+ 25 1,072 Fair Isaac and Co. Inc. 25 1,067 Getty Images Inc.+ 35 1,065 Viad Corp. 40 1,063 Cooper Companies Inc. 30 1,061 ProBusiness Services Inc.+ 35 1,059 Forward Air Corp.+ 30 1,056 Adept Technology Inc.+ 20 1,051 MGI Pharma Inc.+ 35 1,050 Superior Energy Services Inc.+ 100 1,050 United States Cellular Corp.+ 15 1,050 PacifiCare Health Systems Inc. "A"+ 30 1,044 PerkinElmer Inc. 10 1,044 Littelfuse Inc.+ 35 1,039 SCP Pool Corp.+ 35 1,037 Infonet Services Corp. "B"+ 98 1,035 Rhythms Netconnections Inc.+ 140 1,033 ACTV Inc.+ 75 1,031 Children's Place Retail Stores Inc.+ 40 1,030 Cytogen Corp.+ 163 1,029 Rayovac Corp.+ 60 1,028 Abiomed Inc.+ 15 1,022 HI/FN Inc.+ 15 1,022 Chico's FAS Inc.+ 30 1,020 Haemonetics Corp.+ 40 1,020 St. Jude Medical Inc.+ 20 1,020 Tumbleweed Communications Corp.+ 20 1,020 Six Flags Inc.+ 65 1,008 LookSmart Ltd.+ 90 1,007 Advanced Tissue Sciences Inc.+ 135 1,004 Papa John's International Inc.+ 40 1,003 Westamerica Bancorp 30 1,003 Boyds Collection Ltd. (The)+ 135 996 Progress Software Corp.+ 73 995 Brooktrout Technology Inc.+ 30 988 Accredo Health Inc.+ 20 977 -------------------------------------------------------------------------------- page 50 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- General Semiconductor Inc.+ 80 $ 975 Zoll Medical Corp.+ 20 975 SICOR Inc.+ 95 974 About.com Inc.+ 30 971 Duane Reade Inc.+ 40 970 Pixar Inc.+ 30 964 Parkervision Inc.+ 20 963 Microvision Inc.+ 25 955 Broadbase Software Inc.+ 70 949 Photon Dynamics Inc.+ 25 944 Mylan Laboratories Inc. 35 943 Celeritek Inc.+ 25 942 PLX Technology Inc.+ 35 941 MapInfo Corp.+ 30 939 Profit Recovery Group International Inc. (The)+ 95 938 ADAC Laboratories Inc.+ 45 937 Keynote Systems Inc.+ 35 936 FYI Inc.+ 25 934 Neurogen Corp.+ 30 934 Globix Corp.+ 40 932 Isle of Capris Casinos Inc.+ 60 930 ONYX Software Corp.+ 45 928 Concord Communications Inc.+ 35 927 Genome Therapeutics Corp.+ 45 925 Merchants New York Bancorp Inc. 45 925 VA Linux Systems Inc.+ 20 925 DUSA Pharmaceuticals Inc.+ 30 924 Vishay Intertechnology Inc.+ 30 923 Applebee's International Inc. 40 920 C-COR Electronics Inc.+ 60 919 Topps Co. (The)+ 100 919 Aradigm Corp.+ 40 917 Factory 2-U Stores Inc.+ 30 917 Mpower Communications Corp.+ 105 915 Marriott International Inc. 25 911 Mercator Software Inc.+ 55 911 EGL Inc.+ 30 907 GoTo.com Inc.+ 55 907 Frontline Capital Group Inc.+ 55 904 GO.com (Walt Disney)+ 85 903 Helmerich & Payne Inc. 25 903 Viatel Inc.+ 88 902 Metricom Inc.+ 35 901 Adaptec Inc.+ 45 900 Digene Corp.+ 25 900 Kronos Inc.+ 30 900 UnitedGlobalCom Inc. "A"+ 30 900 Emisphere Technologies Inc.+ 30 898 AirGate PCS Inc.+ 20 897 Landstar System Inc.+ 20 893 Morrison Management Specialist Inc. 30 887 Omnicare Inc. 55 887 DDi Corp.+ 20 885 Rainbow Technologies Inc.+ 25 884 CONSOL Energy Inc. 55 883 Matthews International Corp. 30 881 Donaldson Co. Inc. 40 880 International Fibercom Inc.+ 60 877 Arthocare Corp.+ 45 875 Rent-A-Center Inc.+ 25 867 Ask Jeeves Inc.+ 45 863 Paxson Communications Corp.+ 75 863 Per-Se Technologies Inc.+ 68 863 Aphton Corp.+ 30 862 XM Satellite Radio Holdings Inc. "A"+ 20 861 Northwest Airlines Corp. "A"+ 35 860 Newmont Mining Corp. 50 850 Ethan Allen Interiors Inc. 30 849 L-3 Communications Holdings Inc.+ 15 848 Motient Corp.+ 60 848 Genesco Inc.+ 50 847 United Parcel Service Inc. 15 846 INAMED Corp.+ 30 844 Interliant Inc.+ 105 840 MacDermid Inc. 40 840 Scotts Co. (The) "A"+ 25 838 EntreMed Inc.+ 30 836 Power Integrations Inc.+ 60 836 Atwood Oceanics Inc.+ 20 834 Beringer Wine Estates Holdings Inc. "B"+ 15 833 Cerus Corp.+ 15 832 Mid Atlantic Medical Services Inc.+ 55 832 GTECH Holdings Corp.+ 50 828 Advanced Energy Industries Inc.+ 25 825 QuickLogic Corp.+ 50 825 Tularik Inc.+ 25 825 Spanish Broadcasting System Inc. "A"+ 70 823 Ultimate Electronics Inc.+ 20 823 Alliant Techsystems Inc.+ 10 821 PRI Automation Inc.+ 45 821 Surmodics Inc.+ 15 821 Metasolv Software Inc.+ 20 818 -------------------------------------------------------------------------------- iShares Schedules of Investments page 51 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Alexander's Inc.+ 10 $ 817 Southwest Bancorp of Texas Inc.+ 25 817 Argosy Gaming Co.+ 45 816 NBTY Inc.+ 125 816 Dial Corp. 70 814 Intermune Pharmaceuticals Inc.+ 15 814 ITT Educational Services Inc.+ 30 814 Transaction Systems Architects Inc. "A"+ 50 813 CFW Communications Co. 30 810 Complete Business Solutions Inc.+ 60 810 NVR Inc.+ 10 810 Ciber Inc.+ 98 808 Extended Systems Inc.+ 15 806 Viasat Inc.+ 36 806 Isis Pharmaceuticals Inc.+ 70 805 Catalytica Inc.+ 65 804 TD Waterhouse Group Inc.+ 43 801 Cadiz Inc.+ 80 800 Prima Energy Corp.+ 15 799 PanAmSat Corp.+ 25 798 Dril-Quip Inc.+ 20 797 Pharmaceutical Product Development Inc.+ 30 797 Phoenix Technologies Ltd.+ 50 797 Westpoint Stevens Inc. 65 796 Retek Inc.+ 15 795 Intertan Inc.+ 55 794 I-Stat Corp.+ 35 792 New Focus Inc.+ 10 791 Mentor Corp. 50 788 ESS Technology Inc.+ 55 787 Harman International Industries Inc. 20 782 Integrated Silicon Solution Inc.+ 55 780 International Speedway Corp. "A" 20 780 Martek Biosciences Corp.+ 40 780 Matrix Pharmaceutical Inc.+ 50 778 Maxygen Inc.+ 15 778 Frontier Airlines Inc.+ 40 777 internet.com LLC+ 25 773 Manitowoc Co. Inc. 40 770 Thoratec Labs Corp.+ 35 770 Wesley Jessen VisionCare Inc.+ 20 769 Bright Horizons Family Solutions Inc.+ 30 767 InterVoice Inc.+ 73 766 Microsemi Corp.+ 20 763 Autodesk Inc. 30 761 Pinnacle Entertainment Inc.+ 35 761 Sciclone Pharmaceuticals Inc.+ 70 761 Brady Corp. "A" 25 756 Briggs & Stratton Corp. 20 756 Supertex Inc.+ 15 756 Dreyer's Grand Ice Cream Inc. 35 755 Oakley Inc.+ 43 755 Sunrise Technologies International Inc.+ 105 755 Performance Food Group Co.+ 20 753 SilverStream Software Inc.+ 25 753 Packaging Corporation of America+ 68 752 Respironics Inc.+ 45 751 AremisSoft Corp.+ 20 750 Cyberonics+ 35 750 Radiant Systems Inc.+ 35 748 Plug Power Inc.+ 20 745 BioMarin Pharmaceutical Inc.+ 40 735 Stericycle Inc.+ 30 735 Hyseq Inc.+ 20 731 NRG Energy Inc.+ 20 730 Identix Inc.+ 60 729 Ibis Technology Corp.+ 20 726 John Nuveen Co. "A" 15 726 Universal Electronics Inc.+ 30 726 United Rentals Inc.+ 30 724 Berry Petroleum Co. 40 722 EarthLink Inc.+ 79 721 eXcelon Corp.+ 58 718 Insight Communications Co. Inc.+ 45 714 Terremark Worldwide Inc.+ 280 714 CT Communications Inc. 35 711 Adelphia Business Solutions Inc.+ 60 709 Information Holdings Inc.+ 20 709 Liberty Digital Inc. "A"+ 35 709 ON Semiconductor Corp.+ 65 707 Jupiter Media Metrix Inc.+ 44 704 Yankee Candle Co. Inc. (The)+ 35 704 Great Plains Software Inc.+ 25 703 Symmetricom Inc.+ 45 703 Advantage Learning Systems Inc.+ 20 701 PC-Tel Inc.+ 30 698 eToys Inc.+ 130 695 Evergreen Resources Inc.+ 20 695 Cryolife Inc.+ 20 694 California Amplifier Inc.+ 30 690 Franklin Electric Co. Inc. 10 690 Cohu Inc. 45 689 -------------------------------------------------------------------------------- page 52 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Columbia Sportswear Co.+ 15 $ 688 Teleflex Inc. 20 688 Clarus Corp.+ 30 684 Saga Systems Inc.+ 65 683 BJ's Wholesale Club Inc.+ 20 682 Electroglas Inc.+ 40 682 Outback Steakhouse Inc.+ 25 678 TiVo Inc.+ 35 678 Com21 Inc.+ 50 675 Sensormatic Electronics Corp.+ 45 675 Ventas Inc. 135 675 Datascope Corp. 20 670 E-Town Corp. 10 669 Unit Corp.+ 45 664 Mills Corp. 35 663 Universal Display Corp.+ 30 662 Plains Resource Inc.+ 35 661 ADVO Inc.+ 20 660 Memberworks Inc.+ 20 658 S1 Corp.+ 55 657 Bell & Howell Co.+ 30 656 Miravant Medical Technologies+ 30 653 Targeted Genetics Corp.+ 55 653 FEI Co.+ 30 651 Forest Oil Corp.+ 40 647 Salton/Maxim Corp.+ 20 646 BindView Development Corp.+ 85 643 Excel Technology Inc.+ 20 641 Waste Connections Inc.+ 25 641 Nanogen Inc.+ 33 639 WD-40 Company 30 638 Cyber-Care Inc.+ 100 636 Ventana Medical Systems Inc.+ 25 634 Lexicon Genetics Inc.+ 20 633 Superconductor Technologies Inc.+ 35 632 Town & Country Trust 35 630 WorldGate Communications Inc.+ 30 630 Ariad Pharmaceuticals Inc.+ 50 628 Exelixis Inc.+ 20 627 Lynx Therapeutics Inc.+ 20 626 Manufactured Home Communities Inc. 25 625 Biocryst Pharmaceuticals Inc.+ 30 624 Emmis Communications Corp.+ 25 619 Somera Communications Inc.+ 65 618 Specialty Equipment Co.+ 25 617 Guitar Center Inc.+ 50 616 Diamond Offshore Drilling Inc. 15 615 WebLink Wireless Inc.+ 80 615 Manhattan Associates Inc.+ 10 613 Telxon Corp.+ 35 613 Biomatrix Inc.+ 35 612 Rare Hospitality International Inc.+ 30 611 Coinstar Inc.+ 45 610 MSC Industrial Direct Co. Inc. "A"+ 40 610 Championship Auto Racing Teams Inc.+ 25 609 Engage Technologies Inc.+ 75 609 Kansas City Southern Industries Inc. 70 608 Pennaco Energy Inc.+ 35 608 ACLARA BioSciences Inc.+ 20 607 EnergyNorth Inc. 10 607 MedQuist Inc.+ 30 606 Tredegar Corporation 35 606 CTG Resources Inc. 15 605 MICROS Systems Inc.+ 40 603 ATS Medical Inc.+ 40 602 Hot Topic Inc.+ 20 600 StarMedia Network Inc.+ 80 600 Wink Communications Inc.+ 50 600 Multex.com Inc.+ 35 599 Tricord Systems Inc.+ 40 598 Accrue Software Inc.+ 50 597 HotJobs.com Ltd.+ 35 597 Network Peripherals Inc.+ 35 595 Talk.com Inc.+ 135 595 NetScout Systems Inc.+ 25 594 Rollins Inc. 40 593 Corinthian Colleges Inc.+ 10 590 DuPont Photomasks Inc.+ 10 587 Cognizant Technology Solutions Corp.+ 15 585 Inet Technologies Inc.+ 20 585 Elcor Corp. 40 580 Ribozyme Pharmaceuticals Inc.+ 20 580 Brightpoint Inc.+ 115 579 Caliper Technologies Corp.+ 10 579 Sabre Holdings Corp. 20 579 Sunglass Hut International Inc.+ 88 575 Therma-Wave Inc.+ 20 575 LifeMinders Inc.+ 25 573 MGM Grand Inc. 15 573 Internet Pictures Corp.+ 105 571 PC Connection Inc.+ 10 570 Primus Telecommunications Group Inc.+ 60 570 -------------------------------------------------------------------------------- iShares Schedules of Investments page 53 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Professional Detailing Inc.+ 10 $ 570 TeleCorp PCS Inc.+ 30 570 eSPEED Inc. "A"+ 20 569 Hall Kinion & Associates Inc.+ 20 569 Harris Corp. 20 569 Nordson Corp. 20 569 StarBase Corp.+ 100 569 Allscripts Inc.+ 40 565 MetaCreations Corp.+ 50 563 Bottomline Technologies Inc.+ 15 560 Idex Corp. 20 559 Western Digital Corp.+ 95 558 Cuno Inc.+ 25 556 Vertel Corp.+ 60 555 Commonwealth Telephone Enterprises Inc.+ 15 553 MAXIMUS Inc.+ 25 553 Vasomedical Inc.+ 113 551 USA Networks Inc.+ 25 548 Edwards Lifesciences Corp.+ 25 545 Constellation Brands Inc.+ 10 543 Biopure Corp.+ 30 542 Mechanical Technology Inc.+ 50 541 Focal Communications Corp.+ 35 540 NaviSite Inc.+ 20 539 eMagin Corporation+ 50 537 Satcon Technology Corp.+ 15 536 Spectra-Physics Lasers Inc.+ 10 536 SPSS Inc.+ 20 536 Valentis Inc.+ 65 536 Cable Design Technologies Corp.+ 22 535 Stanford Microdevices Inc.+ 10 535 Nanometrics Inc.+ 10 534 Scott Technologies Inc.+ 30 532 Kenneth Cole Productions "A"+ 15 530 Lands' End Inc.+ 25 525 Martha Stewart Living Omnimedia Inc. "A"+ 20 525 NABI Inc.+ 75 525 IMRglobal Corp.+ 45 523 Spinnaker Exploration Co.+ 15 523 Cylink Corp.+ 50 522 Battle Mountain Gold Co.+ 298 521 Bluestone Software Inc.+ 30 521 Mattson Technology Inc.+ 35 521 Telcom Semiconductor Inc.+ 35 521 Speedway Motorsports Inc.+ 25 520 P.F. Chang's China Bistro Inc.+ 15 518 Nx Networks Inc.+ 78 517 Petsmart Inc.+ 110 516 Westell Technologies Inc.+ 40 515 Embarcadero Technologies Inc.+ 10 514 Tanox Inc.+ 15 508 CTC Communications Group Inc.+ 25 506 Data Return Corp.+ 25 506 Houston Exploration Co.+ 20 505 CVB Financial Corp. 30 504 MCSi Inc.+ 15 504 Open Market Inc.+ 80 503 Washington Trust Bancorp Inc. 25 502 FSI International Inc.+ 35 499 Prosoft I-Net Solutions Inc.+ 35 499 Viant Corp.+ 85 499 Safeguard Scientifics Inc.+ 25 498 Valmont Industries Inc. 25 497 Central Parking Corp. 25 495 Micron Electronics Inc.+ 55 495 Ventro Corporation+ 45 495 Endocare Inc.+ 25 494 Barnes & Noble Inc.+ 25 492 Midas Inc. 35 490 Firstbank Corp. 20 489 Cullen/Frost Bankers Inc. 15 487 Interlink Electronics Inc.+ 25 484 Rare Medium Group Inc.+ 65 483 National Penn Bancshares Inc. 25 481 Bindley Western Industries Inc. 15 480 Centillium Communications Inc.+ 5 480 Research Frontiers Inc.+ 25 480 Robotic Vision Systems Inc.+ 80 478 Pixelworks Inc.+ 10 477 Arch Wireless Inc.+ 95 475 Imatron Inc.+ 205 474 Siliconix Inc.+ 10 472 Young Broadcasting Corp. "A"+ 15 472 Ulticom Inc.+ 10 471 Office Depot Inc.+ 60 469 Advanced Radio Telecom Corp.+ 55 467 Libbey Inc. 15 467 InterCept Group Inc. (The)+ 20 466 Lindsay Manufacturing Co. 25 466 Project Software & Development Inc.+ 30 466 Immersion Corp.+ 30 465 Lightbridge Inc.+ 40 465 -------------------------------------------------------------------------------- page 54 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Sanchez Computer Associates Inc.+ 30 $ 465 TriZetto Group Inc. (The)+ 30 465 Avery Dennison Corp. 10 464 Turnstone Systems Inc.+ 10 464 Integrated Circuit Systems Inc.+ 25 462 Orbital Sciences Corp.+ 55 461 Vertex Interactive Inc.+ 25 458 Inter-Tel Inc. 40 455 Trex Co. Inc.+ 15 455 Zomax Optical Media Inc.+ 65 455 Skechers U.S.A. Inc.+ 30 454 MCK Communications Inc.+ 20 453 CyberSource Corp.+ 40 452 QRS Corp.+ 30 452 Datastream Systems Inc.+ 35 451 MEMC Electronics Materials Inc.+ 35 451 Net2Phone Inc.+ 20 450 Regis Corp. 30 450 Uniroyal Technology Corp.+ 30 450 Vyyo Inc.+ 15 450 Sangstat Medical Corp.+ 35 448 Semitool Inc.+ 35 448 Simpson Manufacturing Co. Inc.+ 10 447 Gentiva Health Services Inc.+ 35 446 InteliData Technologies Corp.+ 85 445 Diametrics Medical Inc.+ 55 442 Frontier Oil Corp.+ 60 442 West Teleservices Corp.+ 20 440 Webvan Group Inc.+ 190 439 Startek Inc.+ 15 435 Collateral Therapeutics Inc.+ 15 434 CapRock Communications Corp.+ 85 433 LodgeNet Entertainment Corp.+ 15 433 Staar Surgical Co.+ 25 433 Numerical Technologies Inc.+ 15 432 iGate Capital Corp.+ 80 430 Allaire Corp.+ 50 425 eGain Communications Corp.+ 45 423 Black Hills Corp. 15 421 DigitalThink Inc.+ 10 421 Sequenom Inc.+ 10 421 Corvel Corp.+ 15 417 Intrusion.com Inc.+ 35 416 iXL Enterprises Inc.+ 95 416 Buckeye Technologies Inc.+ 20 415 Carlisle Companies Inc. 10 $ 415 Tanning Technology Corp.+ 30 413 DSET Corporation+ 20 412 NextCard Inc.+ 45 409 OTG Software Inc.+ 10 409 Cabot Oil & Gas Corp. "A" 20 407 Cell Pathways Inc.+ 50 406 Clayton Williams Energy Inc.+ 10 405 Diversa Corp.+ 15 405 World Access Inc.+ 75 405 Meade Instruments Corp.+ 20 404 CCC Information Services Group Inc.+ 50 403 IGEN International Inc.+ 20 402 Techniclone Corp.+ 165 402 Ultratech Stepper Inc.+ 25 402 HSB Group Inc. 10 401 Nike Inc. "B" 10 401 3DO Co. (The)+ 60 401 Georgia Gulf Corp. 35 400 Matrixone Inc.+ 10 400 Fossil Inc.+ 30 399 Selectica Inc.+ 10 399 Pride International Inc.+ 15 398 Vasco Data Security International Inc.+ 25 398 Caminus Corp.+ 10 397 ibasis Inc.+ 25 397 Braun Consulting Inc.+ 20 396 Carrier Access Corp.+ 20 396 Kos Pharmaceuticals Inc.+ 20 395 Florida Rock Industries Inc. 10 394 Republic Services Inc. "A"+ 30 394 Interactive Intelligence Inc.+ 10 393 Kirby Corp.+ 20 393 Objective Systems Integrator Inc.+ 45 391 Carreker-Antinori Inc.+ 20 390 Metrocall Inc.+ 130 390 Packard BioScience Company+ 20 390 Teligent Inc. "A"+ 30 390 Spartech Corp. 25 389 BSQUARE Corp.+ 25 387 Novadigm Inc.+ 25 387 Beckman Coulter Inc. 5 386 Xybernaut Corp.+ 65 386 Cygnus Inc.+ 35 385 Mobile Mini Inc.+ 20 385 Quiksilver Inc.+ 20 385 AnnTaylor Stores Corp.+ 10 384 -------------------------------------------------------------------------------- iShares Schedules of Investments page 55 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Netcentives Inc.+ 50 $ 383 Comdisco Inc. 20 381 Ferro Corp. 20 381 Luminex Corp.+ 10 380 Oshkosh B'gosh Inc. "A" 25 380 Tejon Ranch Co. 15 380 Ventiv Health Inc.+ 30 379 Closure Medical Corp.+ 15 378 Immune Response Corp.+ 55 378 Armor Holdings Inc.+ 25 375 Sonosite Inc.+ 20 374 II-VI Inc.+ 20 373 Digimarc Corp.+ 20 372 Block (H & R) Inc. 10 371 First Busey Corp. "A" 20 370 Primus Knowledge Solutions Inc.+ 25 370 Applied Science & Technology Inc.+ 25 369 Triarc Companies Inc.+ 15 369 Carter-Wallace Inc. 15 367 Dobson Communications Corp. "A"+ 25 367 Gasonics International Corp.+ 30 367 Marimba Inc.+ 30 367 USinternetworking Inc.+ 55 367 Crawford & Co. "B" 30 366 Hotel Reservations Network Inc.+ 10 366 Niku Corp.+ 15 366 O'Reilly Automotive Inc.+ 25 366 LCC International Inc. "A"+ 25 363 Visual Networks Inc.+ 55 361 Forest City Enterprises Inc. "A" 10 360 WESCO International Inc.+ 45 360 White Electronic Designs Corp. 30 360 Spherion Corporation+ 30 358 True North Communications Inc. 10 358 NCO Group Inc.+ 30 356 Digitas Inc.+ 20 355 Vialink Co. (The)+ 40 355 Net.B@nk Inc.+ 30 354 Cambridge Technology Partners Inc.+ 80 350 NEON Communications Inc.+ 10 349 THQ Inc.+ 15 349 SportsLine USA Inc.+ 25 345 SpeedFam-IPEC Inc.+ 30 343 GBC Bancorp 10 341 Nhancement Technologies Inc.+ 20 340 Orchid Biosciences Inc.+ 10 $ 340 CardioDynamics International Corp.+ 65 339 Ticketmaster Online-CitySearch Inc. "B"+ 20 339 4Kids Entertainment Inc.+ 20 337 Medallion Financial Corp. 20 336 Network Commerce Inc.+ 60 336 Labor Ready Inc.+ 80 335 Hickory Tech Corp. 15 334 Rudolph Technologies Inc.+ 10 334 Talbots Inc. (The) 5 331 Centennial Cellular Corp. "A"+ 15 330 Neotopia Inc.+ 30 330 Ampal-American Israel Corp. "A"+ 25 328 Astec Industries Inc.+ 30 328 National Data Corp. 10 328 Strayer Education Inc. 15 328 Sunrise Assisted Living Inc.+ 15 325 Alamosa PCS Holdings Inc.+ 20 324 IDX Systems Corp.+ 20 322 School Specialty Inc.+ 15 320 Manpower Inc. 10 319 VIVUS Inc.+ 75 319 U.S. Wireless Corp.+ 20 318 Brio Technology Inc.+ 30 317 Cabot Corp. 10 317 Take-Two Interactive Software Inc.+ 25 314 Cosair Communications Inc.+ 40 312 Airtran Holdings Inc.+ 70 311 Bone Care International Inc.+ 15 311 Modis Professional Services Inc.+ 60 311 NorthPoint Communications Group Inc.+ 35 311 Advanced Lighting Technologies Inc.+ 25 309 National Discounts Brokers Group Inc.+ 10 309 Universal Compression Holdings Inc.+ 10 309 Thermo Cardiosystems Inc.+ 35 308 Vans Inc.+ 20 308 Aztar Corp.+ 20 307 AVT Corp.+ 55 306 X-Rite Inc. 35 306 Sterling Bancshares Inc. 20 305 Fairfield Communities Inc.+ 30 304 Penn National Gaming Inc.+ 20 304 World Wrestling Federation Entertainment Inc.+ 20 304 Dexter Corp. (The) 5 300 Gabelli Asset Management Inc. "A"+ 10 300 Independent Bank Corp. 25 300 Quintus Corp.+ 35 300 -------------------------------------------------------------------------------- page 56 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- kForce.com Inc.+ 85 $ 297 Daleen Technologies Inc.+ 20 296 Health Care Property Investors Inc. 10 296 Procom Technology Inc.+ 10 296 Sykes Enterprises Inc.+ 55 296 click2learn.com Inc.+ 20 294 Ivex Packaging Corp.+ 30 294 American Classic Voyages Co.+ 20 292 APAC Customer Services Inc.+ 55 292 Basin Exploration Inc.+ 15 292 Digital River Inc.+ 45 290 Queens County Bancorp Inc. 10 289 VIA NET.WORKS Inc.+ 30 289 American Italian Pasta Co.+ 15 288 Federal Realty Investment Trust 15 287 Genta Inc.+ 30 287 IMPCO Technologies Inc.+ 10 287 Imperial Bancorp+ 15 287 Mail.com Inc.+ 55 287 FreeMarkets Inc.+ 5 286 ChromaVision Medical Systems Inc.+ 30 285 Homestake Mining Company 55 285 Travelocity.com Inc.+ 20 284 Saba Software Inc.+ 10 280 Willamette Industries Inc. 10 280 Borders Group Inc.+ 20 279 Sitel Corp.+ 95 279 Level 8 Systems Inc.+ 15 276 Cyberoptics Corp.+ 15 275 IMPSAT Fiber Networks Inc.+ 25 275 Ingram Micro Inc. "A"+ 20 275 Media 100 Inc.+ 25 275 Penton Media Inc. 10 275 MKS Instruments Inc.+ 10 274 Pac-West Telecomm Inc.+ 30 274 Persistence Software Inc.+ 25 273 Exchange Applications Inc.+ 60 272 Savvis Communications Corp.+ 30 270 Dover Downs Entertainment Inc. 20 269 Celsion Corporation+ 110 268 Diagnostic Products Corp. 5 268 MTI Technology Corp.+ 70 267 CARBO Ceramics Inc. 10 266 First Midwest Bancorp Inc. 10 266 United National Bancorp 15 266 Extended Stay America Inc.+ 20 $ 265 Sagent Technology Inc.+ 35 265 Versata Inc.+ 10 265 Advanced Marketing Services Inc. 15 264 e.spire Communications Inc.+ 90 264 Horizon Offshore Inc.+ 15 264 Silicon Valley Group Inc.+ 10 263 Columbia Laboratories Inc.+ 45 262 Intraware Inc.+ 35 261 IXYS Corporation+ 10 261 Swift Transportation Co. Inc.+ 20 261 Penn Virginia Corp. 10 260 Theragenics Corp.+ 40 260 Razorfish Inc.+ 25 258 Chittenden Corp. 10 257 Fibernet Telecom Group Inc.+ 15 254 Davox Corp.+ 25 252 24/7 Media Inc.+ 25 252 Ackerly Group Inc. (The) 25 250 META Group Inc.+ 20 248 Osicom Technologies Inc.+ 10 248 Rica Foods Inc.+ 15 248 Saga Communications Inc.+ 15 248 On Command Corp.+ 20 246 Cathay Bancorp Inc. 5 244 Intelect Communications Inc.+ 170 244 Mediacom Communications Corp.+ 15 242 DLJdirect Inc.+ 35 241 Meridian Resource Corp. (The)+ 35 241 Fritz Companies Inc.+ 20 240 Paradigm Genetics Inc.+ 10 239 eMerge Interactive Inc. "A"+ 15 238 Websense Inc.+ 10 238 Whitehall Jewellers Inc.+ 30 238 First Financial Bancorp 15 236 Playtex Products Inc.+ 20 236 Spectralink Corp.+ 25 236 Jakks Pacific Inc.+ 25 235 Universal Access Inc.+ 20 235 Wild Oats Markets Inc.+ 20 235 Be Free Inc.+ 55 234 VaxGen Inc.+ 10 234 Knight Transportation Inc.+ 15 233 Latitude Communications Inc.+ 30 233 SBS Technologies Inc.+ 10 233 Philadelphia Suburban Corp. 10 232 Guilford Pharmaceuticals Inc.+ 10 231 -------------------------------------------------------------------------------- iShares Schedules of Investments page 57 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Prodigy Communications Corp. "A"+ 45 $ 231 Anesta Corp.+ 10 230 Steel Dynamics Inc.+ 25 230 Gentek Inc. 15 229 Software Technologies Corp.+ 10 229 American TeleSource International Inc.+ 98 227 WMS Industries Inc.+ 10 225 Roslyn Bancorp Inc. 10 224 Airnet Communications Corp.+ 10 223 Breakaway Solutions Inc.+ 25 223 Century Business Services+ 170 223 Hollywood Entertainment Corp.+ 30 223 McAfee.com Corp.+ 15 223 Sonic Foundry Inc.+ 25 222 Key Productions Co. Inc.+ 10 221 Tennant Co. 5 221 MyPoints.com Inc.+ 40 220 Grant Prideco Inc.+ 10 219 ITXC Corp.+ 15 219 OM Group Inc. 5 218 PETCO Animal Supplies Inc.+ 10 218 Actuant Corp. "A" 55 217 Network Plus Corp.+ 25 216 SmartDisk Corp.+ 15 216 Electronics Boutique Holdings Corp.+ 10 215 Calico Commerce Inc.+ 35 214 NetManage Inc.+ 100 213 Skyline Corp. 10 213 CPI Corp. 10 212 NL Industries Inc. 10 212 Hutchinson Technology Inc.+ 10 211 Coca-Cola Bottling Co. 5 210 e.MedSoft.com+ 80 210 Extensity Inc.+ 10 210 Keebler Foods Co. 5 210 Management Network Group Inc. (The)+ 10 209 NETsilicon Inc.+ 10 209 Mesa Air Group Inc.+ 38 208 Grace (W.R.) & Company+ 30 206 ePlus Inc.+ 10 205 Silicon Laboratories Inc.+ 5 205 North Pittsburgh Systems Inc. 15 204 Pier 1 Imports Inc. 15 203 CSK Auto Corp.+ 45 202 U.S. Can Corp.+ 10 198 Unigraphics Solutions Inc.+ 10 $ 196 Bausch & Lomb Inc. 5 195 Casey's General Store Inc. 15 195 COPE Inc.+ 5 195 Tuesday Morning Corp.+ 25 195 Oshkosh Truck Corp. 5 194 Predictive Systems Inc.+ 10 193 CoorsTek Inc.+ 5 191 7-Eleven Inc.+ 15 191 AsiaInfo Holdings Inc.+ 10 189 Paradyne Networks Inc.+ 35 189 Hanover Direct Inc.+ 335 188 C-bridge Internet Solutions Inc.+ 10 187 United Natural Foods Inc.+ 15 186 CoStar Group Inc.+ 5 185 O'Charleys Inc.+ 15 185 DSL.net Inc.+ 60 184 Geoworks Corp.+ 25 184 Choice One Communications Inc.+ 15 183 Metawave Communications Corp.+ 10 183 Optical Cable Corp.+ 8 183 Arrow International Inc. 5 182 Vector Group Ltd. 11 182 Juno Online Services Inc.+ 45 180 Ocular Sciences Inc.+ 15 180 Star Scientific Inc.+ 45 180 SmartServ Online Inc.+ 5 179 UCBH Holdings Inc. 5 179 Blockbuster Inc. 20 176 Gulf Island Fabrication Inc.+ 10 176 Inforte Corp.+ 5 176 Denbury Resources Inc.+ 25 175 Lante Corp.+ 35 175 Viador Inc.+ 20 175 Golden Telecom Inc.+ 10 174 SciQuest.com Inc.+ 25 173 Steven Madden Ltd.+ 20 173 Alexandria Real Estate Equities Inc. 5 172 eGlobe Inc.+ 140 171 US LEC Corp. "A"+ 20 171 Crossroads Systems Inc.+ 20 170 Electric Lightwave Inc. "A"+ 20 170 netGuru Inc.+ 10 170 Guess ? Inc.+ 15 169 Private Media Group Ltd.+ 30 169 Furniture Brands International Inc.+ 10 166 Sonic Automotive Inc.+ 20 166 -------------------------------------------------------------------------------- page 58 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Vicinity Corp.+ 15 $ 165 Collins & Aikman Corp.+ 35 164 Interact Commerce Corporation+ 15 164 Footstar Inc.+ 5 162 Liqui-Box Corp. 5 162 Olin Corp. 10 162 Invacare Corp. 5 161 Ha-Lo Industries Inc.+ 40 160 Aperian Inc.+ 25 159 Buca Inc.+ 15 159 Edison Schools Inc.+ 5 159 Quokka Sports Inc.+ 40 159 Penn Engineering & Manufacturing Corp. 5 157 Liberty Livewire Corporation "A"+ 5 154 Deltek Systems Inc.+ 20 153 International Bancshares Corp. 5 153 Casella Waste Systems Inc. "A"+ 15 152 InterWorld Corp.+ 40 152 Wabtec Corporation 15 152 infoUSA Inc.+ 30 150 Information Architects Corp.+ 45 149 Triad Guaranty Inc.+ 5 149 Avis Rent A Car Inc.+ 5 148 SVI Holdings Inc.+ 30 148 ArvinMeritor Inc. 10 147 Anixter International Inc.+ 5 146 Beasley Broadcast Group Inc. "A"+ 15 145 FirePond Inc.+ 10 145 Alberto-Culver Co. "B" 5 144 Network Access Solutions Corp.+ 35 144 Tritel Inc.+ 10 143 Crown Media Holdings Inc.+ 10 142 Gadzoox Networks Inc.+ 20 142 Net Perceptions Inc.+ 30 142 Texas Regional Bancshares "A" 5 142 G&K Services Inc. "A" 5 140 Midway Games Inc.+ 20 140 First Consulting Group Inc.+ 25 139 National Information Consortium Inc.+ 35 139 Regent Communications Inc.+ 25 139 NetZero Inc.+ 65 138 Nexell Therapeutics Inc.+ 15 138 Harte-Hanks Inc. 5 136 Unify Corp.+ 35 136 Coldwater Creek Inc.+ 5 135 Chateau Communities Inc. 5 $ 134 Inprise Corp.+ 25 134 GoAmerica Inc.+ 15 133 TenFold Corp.+ 30 133 Forcenergy Inc.+ 5 131 Expedia Inc. "A"+ 10 130 Jones Lang LaSalle Inc.+ 10 130 NET2000 Communications Inc.+ 20 128 Nucentrix Broadband Networks Inc.+ 5 128 GlobalNet Financial.com Inc.+ 20 126 Gliatech Inc.+ 20 125 Global Industries Ltd.+ 10 125 Ramp Networks Inc.+ 35 124 Covance Inc.+ 15 123 PepsiAmericas Inc.+ 35 123 Financial Federal Corp.+ 5 121 Hollywood.com Inc.+ 20 121 Voyager.net Inc.+ 20 121 AptarGroup Inc. 5 120 Cubic Corp. 5 119 American Capital Strategies Ltd. 5 118 Belden Inc. 5 118 Gaylord Container Corporation "A"+ 70 118 Otter Tail Power Co. 5 116 eBenx Inc.+ 10 113 Griffon Corporation+ 15 113 Metromedia International Group Inc.+ 30 112 Mueller Industries Inc.+ 5 112 Mail-Well Inc.+ 25 111 NEON Systems+ 10 110 SLI Inc. 15 110 Glenayre Technologies Inc.+ 10 109 Group 1 Automotive Inc.+ 10 109 Mohawk Industries Inc.+ 5 109 Sinclair Broadcast Group "A"+ 10 109 Z-Tel Technologies Inc.+ 15 109 Stein Mart Inc.+ 10 108 CACI International Inc. "A"+ 5 107 NetCreations Inc.+ 10 107 Reliance Steel & Aluminum Co. 5 105 E.W. Blanch Holdings Inc. 5 104 Woodhead Industries Inc. 5 104 Mediaplex Inc.+ 25 103 Navigant Consulting Co.+ 30 103 Arguss Holdings Inc.+ 5 102 Computer Horizons Corp.+ 15 102 iBeam Broadcasting Corp.+ 15 102 -------------------------------------------------------------------------------- iShares Schedules of Investments page 59 iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- U.S. Interactive Inc.+ 40 $ 101 Vail Resorts Inc.+ 5 101 Cysive Inc.+ 15 100 Hearst-Argyle Television Inc.+ 5 100 On2.com Inc.+ 40 100 Technology Solutions Co.+ 40 100 Digital Impact Inc.+ 15 99 F&M Bancorp 5 99 United Bancshares Inc. 5 98 AMCOL International Corp. 20 97 First Commonwealth Financial Corp. 10 97 Convergent Communications Inc.+ 30 96 Corillian Corp.+ 10 96 Preview Systems Inc.+ 10 95 Register.com+ 10 95 S&T Bancorp Inc. 5 95 D.R. Horton Inc. 5 94 Frontier Financial Corp. 5 94 Del Monte Foods Co.+ 15 93 AppliedTheory Corp.+ 15 92 Earthgrains Company (The) 5 92 Gaiam Inc.+ 5 92 Exide Corp. 10 91 GetThere.com Inc.+ 5 88 Xceed Inc.+ 35 88 ESCO Technologies Inc.+ 5 87 Heartland Express Inc.+ 5 87 Net.Genesis Corp.+ 10 87 City Bank 5 86 Eprise Corp.+ 10 86 Photogen Technologies Inc.+ 20 85 Oceaneering International Inc.+ 5 83 Trendwest Resorts Inc.+ 5 83 EarthShell Corp.+ 65 81 Encompass Service Corp.+ 10 81 Polo Ralph Lauren Corp.+ 5 81 Callon Petroleum Corp.+ 5 79 American Technical Ceramics Corp.+ 5 78 Anchor Bancorp Wisconsin Inc. 5 78 NetObjects Inc.+ 25 78 Syntel Inc.+ 10 78 Chordiant Software Inc.+ 10 77 Harland (John H.) Co. 5 77 NetSol International Inc.+ 5 76 AGENCY.com Inc.+ 5 75 Playboy Enterprises Inc. "B"+ 5 $ 75 Total Renal Care Holdings+ 10 75 Bebe Stores Inc.+ 5 74 Sylvan Learning Systems Inc.+ 5 74 Wackenhut Corp.+ 5 74 AmeriPath Inc.+ 5 72 GRIC Communications Inc.+ 10 72 Azurix Corp.+ 20 71 NetSolve Inc.+ 10 71 Spiegel Inc. "A" 10 70 Oneida Ltd. 5 69 Conmed Corp.+ 5 68 Res-Care Inc.+ 15 68 Onvia.com Inc.+ 15 67 USB Holding Co. Inc. 5 67 Telocity Inc.+ 20 66 Sequoia Software Corp.+ 10 65 Switchboard Inc.+ 10 65 Xpedior Inc.+ 20 65 JDA Software Group Inc.+ 5 64 ValueClick Inc.+ 10 64 Blaze Software Inc.+ 5 63 CAIS Internet Inc.+ 13 63 Aspect Medical Systems Inc.+ 5 62 Oratec Interventions Inc.+ 5 61 Telaxis Communications Corp.+ 10 61 NBT Bancorp Inc. 5 60 RPC Inc. 5 59 ANC Rental Corp.+ 10 57 Blount International Inc.+ 5 56 Neoforma.com Inc.+ 15 56 Envision Development Corp.+ 5 55 EpicEdge Inc.+ 20 55 American Axle & Manufacturing Holdings Inc.+ 5 54 Deltathree.com Inc.+ 15 54 Hayes Lemmerz International Inc.+ 5 54 Sonic Innovations Inc.+ 5 53 Genomic Solutions Inc.+ 3 52 Stride Rite Corp. 10 51 Watsco Inc. 5 51 1-800-FLOWERS.com Inc.+ 10 50 Avenue A Inc.+ 10 50 Trans World Entertainment Corp.+ 5 50 NPC International Inc.+ 5 49 Billing Concepts Corp.+ 15 48 Wabash National Corp. 5 46 Capstead Mortgage Corp. 5 45 -------------------------------------------------------------------------------- page 60 iShares iShares Russell 3000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Belco Oil & Gas Corp.+ 5 $ 44 ICG Communications Inc.+ 100 44 LivePerson Inc.+ 10 44 Modem Media Inc.+ 10 43 Parexel International Corp.+ 5 43 buy.com Inc.+ 15 42 Stockwalk.com Group Inc.+ 10 42 Triangle Pharmaceuticals Inc.+ 5 42 Caldera Systems Inc.+ 10 41 FirstWorld Communications Inc. "B"+ 20 40 MarketWatch.com Inc.+ 5 40 Analysts International Corp. 5 36 eMachines Inc.+ 35 36 Musicland Stores Corp.+ 5 35 Integrated Electrical Services Inc.+ 5 34 Landry's Seafood Restaurants Inc. 5 34 Source Information Management Co.+ 5 34 PEC Solutions Inc.+ 5 32 FutureLink Corp.+ 10 31 Metals USA Inc. 10 29 Cypress Communications Inc.+ 10 27 Digital Courier Technologies Inc.+ 15 27 Scientific Learning Corp.+ 5 27 Gold Bancorp Inc. 5 26 Sema Group PLC+ 1 26 barnesandnoble.com Inc.+ 5 25 EEX Corp.+ 5 24 Netpliance Inc.+ 15 23 Thermo Fibertek Inc.+ 5 21 Fedders Corp. 5 19 Uproar Inc.+ 5 19 Coolsavings.com Inc.+ 5 14 -------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $16,761,715) 16,266,043 -------------------------------------------------------------- REPURCHASE AGREEMENT - 0.07% ---------------------------------------------------------------- Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $10,655 and an effective yield of 6.25%. $10,649 $ 10,649 ---------------------------------------------------------------- TOTAL REPURCHASE AGREEMENT (Cost: $10,649) 10,649 ---------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 100.01% (Cost: $16,772,364) 16,276,692 ---------------------------------------------------------------- Other Assets, Less Liabilities - (0.01%) (1,154) ---------------------------------------------------------------- NET ASSETS - 100.00% $16,275,538 ================================================================ + Non-income earning securities. SEE NOTES TO FINANCIAL STATEMENTS. -------------------------------------------------------------------------------- iShares Schedules Of Investments page 61 iShares Russell 3000 Value Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS - 99.91% -------------------------------------------------------------- Exxon Mobil Corp. 9,203 $ 820,207 Citigroup Inc. 11,887 642,641 American International Group Inc. 5,275 504,752 SBC Communications Inc. 9,003 450,150 Verizon Communications 7,180 347,781 Johnson & Johnson 3,470 325,963 AT&T Corp. 9,938 291,929 Morgan Stanley Dean Witter & Co. 3,010 275,227 Procter & Gamble Co. 3,513 235,371 Bank of America Corp. 4,333 226,941 Merck & Co. Inc. 3,043 226,513 Disney (Walt) Co. 5,508 210,681 Wells Fargo & Company 4,350 199,828 BellSouth Corp. 4,963 199,761 American Express Co. 3,173 192,760 Fannie Mae 2,693 192,549 Abbott Laboratories 3,700 175,981 Philip Morris Companies Inc. 5,948 175,094 Chase Manhattan Corp. 3,445 159,116 PepsiCo Inc. 3,408 156,768 Bristol-Myers Squibb Co. 2,685 153,381 Chevron Corp. 1,715 146,204 Boeing Co. 2,260 142,380 Merrill Lynch & Co. Inc. 2,110 139,260 International Business Machines Corp. 1,223 137,587 General Electric Co. 2,353 135,739 Hewlett-Packard Co. 1,355 131,435 WorldCom Inc.+ 4,310 130,916 Ford Motor Company+ 4,999 126,537 AT&T - Liberty Media Group "A"+ 6,798 122,364 Bank One Corp. 3,060 118,192 Bank of New York Co. Inc. 1,960 109,882 Du Pont (E.I.) de Nemours 2,568 106,412 McDonald's Corp. 3,488 105,294 Compaq Computer Corp. 3,698 101,991 Freddie Mac 1,825 98,664 Comcast Corp. "A"+ 2,368 96,940 Minnesota Mining & Manufacturing Co. 1,050 95,681 Marsh & McLennan Companies Inc. 720 95,580 FleetBoston Financial Corp. 2,383 92,937 Enron Corp. 1,060 92,882 General Motors Corp. "A" 1,425 92,625 Motorola Inc. 3,245 91,671 Anheuser-Busch Companies Inc. 2,116 89,533 Coca-Cola Co. 1,543 85,058 First Union Corp. 2,590 83,366 Duke Energy Corp. 968 83,006 United Technologies Corp. 1,160 80,330 Kimberly-Clark Corp. 1,430 79,812 Texaco Inc. 1,455 76,388 Emerson Electric Co. 1,125 75,375 Associates First Capital Corp. 1,930 73,340 Qwest Communications International Inc.+ 1,480 71,133 Household International Inc. 1,245 70,498 Morgan (J.P.) & Co. Inc. 425 69,434 Allstate Corp. 1,970 68,457 American Home Products Corp. 1,165 65,895 Honeywell International Inc. 1,840 65,550 Viacom Inc. "B"+ 1,090 63,765 Baxter International Inc. 765 61,057 Mellon Financial Corp. 1,295 60,056 Alcoa Inc. 2,285 57,839 Washington Mutual Inc. 1,410 56,136 Southern Co. 1,718 55,728 Sprint Corp. (FON Group) 1,860 54,521 Clear Channel Communications Inc.+ 945 53,392 American General Corp. 675 52,650 HCA - The Healthcare Company 1,413 52,458 Firstar Corp. 2,318 51,865 Target Corporation 1,998 51,199 Goldman Sachs Group Inc. (The) 445 50,702 State Street Corp. 390 50,700 PNC Bank Corp. 770 50,050 Williams Companies Inc. 1,163 49,137 Northern Trust Corp. 550 48,881 Lehman Brothers Holdings Inc. 320 47,280 Fifth Third Bancorp 870 46,871 US Bancorp Inc. 1,990 45,273 Dow Chemical Co. 1,790 44,638 Conoco Inc. 1,655 44,582 CIGNA Corp. 420 43,848 Pharmacia & Upjohn Inc. 720 43,335 Hartford Financial Services Group Inc. 585 42,668 Time Warner Inc. 545 42,646 First Data Corp. 1,085 42,383 AFLAC Inc. 655 41,961 Alltel Corp. 745 38,880 UnitedHealth Group Inc. 393 38,809 Coastal Corp. 505 37,433 Gannett Co. Inc. 700 37,100 -------------------------------------------------------------------------------- page 62 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- International Paper Co. 1,270 $ 36,433 Chubb Corp. 460 36,397 Dominion Resources Inc. 625 36,289 Illinois Tool Works Inc. 645 36,039 Costco Wholesale Corp.+ 1,025 35,811 National City Corp. 1,605 35,511 Phillips Petroleum Co. 560 35,140 El Paso Energy Corp. 570 35,126 Heinz (H.J.) Co. 925 34,283 SunTrust Banks Inc. 685 34,122 FedEx Corp.+ 755 33,477 Eastman Kodak Co. 815 33,313 American Electric Power Inc. 845 33,061 Wal-Mart Stores Inc. 675 32,484 Lockheed Martin Corp. 985 32,466 McGraw-Hill Companies Inc. 510 32,417 BB&T Corp. 1,070 32,234 Safeway Inc.+ 690 32,214 Anadarko Petroleum Corp. 480 31,901 Southwest Airlines Co. 1,305 31,646 CVS Corp. 680 31,492 Automatic Data Processing Inc. 465 31,097 Caterpillar Inc. 918 30,982 FPL Group Inc. 470 30,902 Wachovia Corp. 535 30,328 Tenet Healthcare Corp. 825 30,009 Reliant Energy Inc. 640 29,760 Bestfoods 400 29,100 KeyCorp 1,145 28,983 Sara Lee Corp. 1,425 28,945 Waste Management Inc. 1,645 28,685 ConAgra Inc. 1,405 28,188 Halliburton Co. 565 27,650 St. Paul Companies Inc. 560 27,615 TXU Corporation 695 27,539 General Dynamics Corp. 435 27,323 PECO Energy Co. 445 26,950 Pitney Bowes Inc. 680 26,818 Xerox Corp. 1,765 26,585 Unicom Corp. 470 26,408 Sears, Roebuck and Co. 805 26,098 Kroger Co.+ 1,133 25,563 Avon Products Inc. 625 25,547 Public Service Enterprise Group Inc. 570 25,472 Union Pacific Corp. 653 $ 25,385 Raytheon Co. "B" 890 25,309 Colgate-Palmolive Co. 535 25,252 Seagate Technology Inc.+ 365 25,185 Dover Corp. 535 25,112 Equity Office Properties Trust 800 24,850 MBNA Corp. 640 24,640 PG&E Corp. 1,015 24,550 Clorox Co. 620 24,529 Nabisco Group Holdings Corp. "A" 860 24,510 Xcel Energy Inc. 887 24,393 Lincoln National Corp. 505 24,303 Gillette Co. 785 24,237 AXA Financial Inc. 475 24,195 Comerica Inc. 410 23,959 AON Corp. 593 23,275 USX-Marathon Group Inc. 820 23,268 Tribune Co. 525 22,903 Burlington Northern Santa Fe Corp. 1,060 22,856 Unocal Corp. 640 22,680 Delphi Automotive Systems Corp. 1,490 22,536 Entergy Corp. 605 22,536 Weyerhaeuser Co. 555 22,408 Masco Corp. 1,180 21,978 Air Products & Chemicals Inc. 605 21,780 Aetna Inc. 370 21,483 Thermo Electron Corp.+ 822 21,372 Occidental Petroleum Corp. 970 21,158 Burlington Resources Inc. 565 20,799 Deere & Co. 615 20,449 Paine Webber Group Inc. 300 20,438 Electronic Data Systems Corp. 485 20,127 Level 3 Communications Inc.+ 260 20,053 McKesson HBOC Inc. 653 19,957 MetLife Inc.+ 760 19,903 Constellation Energy Group Inc. 395 19,651 Ralston Purina Co. 808 19,140 Consolidated Edison Inc. 560 19,110 Sysco Corp. 410 18,988 Lowe's Companies Inc. 420 18,848 Baker Hughes Inc. 505 18,748 Franklin Resources Inc. 420 18,661 MBIA Inc. 260 18,493 Jefferson-Pilot Corp. 270 18,326 Bear Stearns Companies Inc. 290 18,270 PPG Industries Inc. 460 18,256 -------------------------------------------------------------------------------- iShares Schedules Of Investments page 63 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (Continued) -------------------------------------------------------------- Golden West Financial Corp. 335 $ 17,964 Cardinal Health Inc. 200 17,637 Marriott International Inc. 483 17,599 Becton Dickinson & Co. 665 17,581 Apple Computer Inc.+ 680 17,510 CP&L Energy Inc. 420 17,509 New York Times Co. "A" 445 17,494 NTL Inc.+ 375 17,367 Hughes Electronics Corp.+ 465 17,289 May Department Stores Co. 843 17,282 MGIC Investment Corp. 280 17,115 Equity Residential Properties Trust 355 17,040 Northrop Grumman Corp. 185 16,812 Edison International 865 16,705 Kerr-McGee Corp. 250 16,563 Fort James Corp. 540 16,504 FirstEnergy Corp. 605 16,297 Wrigley (William Jr.) Co. 215 16,098 Summit Bancorp 465 16,043 Newell Rubbermaid Inc. 700 15,969 Albertson's Inc. 760 15,960 USA Education Inc. 330 15,902 PP&L Resources Inc. 380 15,865 Wellpoint Health Networks Inc.+ 165 15,840 Cendant Corp.+ 1,455 15,823 Limited Inc. 715 15,775 Infinity Broadcasting Corp.+ 475 15,675 Starwood Hotels & Resorts Worldwide Inc. 500 15,625 Praxair Inc. 415 15,511 Columbia Energy Group 215 15,265 UNUMProvident Corp. 555 15,124 Ameren Corp. 360 15,075 Telephone & Data Systems Inc. 135 14,945 General Mills Inc. 420 14,910 Norfolk Southern Corp. 1,010 14,771 Textron Inc. 320 14,760 United Parcel Service Inc. 260 14,658 Quaker Oats Co. 185 14,638 Dun & Bradstreet Corp. 425 14,636 Loews Corp. 175 14,591 Federated Department Stores Inc.+ 555 14,499 Archer-Daniels-Midland Co. 1,675 14,445 DTE Energy Co. 375 14,344 Broadwing Inc.+ 560 14,315 Cincinnati Financial Corp. 400 $ 14,200 Delta Air Lines Inc. 320 14,200 Charter One Financial Inc. 578 14,077 Amerada Hess Corp. 210 14,057 KeySpan Corp. 350 14,044 SouthTrust Corp. 443 13,927 Marshall & Ilsley Corp. 275 13,784 Ingersoll-Rand Co. 400 13,550 Hershey Foods Corp. 250 13,531 Walgreen Co. 355 13,468 NEXTLINK Communications Inc.+ 378 13,301 Regions Financial Corp. 580 13,159 Cinergy Corp. 395 13,060 Florida Progress Corp. 245 12,970 Biomet Inc. 370 12,950 AMR Corp.+ 395 12,912 Mattel Inc. 1,130 12,642 CSX Corp. 575 12,542 PerkinElmer Inc. 120 12,525 Rockwell International Corp. 410 12,403 Devon Energy Corp. 206 12,391 Synovus Financial Corp. 580 12,289 Kinder Morgan Inc. 300 12,281 Cadence Design Systems Inc.+ 475 12,202 Ambac Financial Group Inc. 165 12,086 SPX Corp.+ 85 12,065 Johnson Controls Inc. 225 11,967 Amsouth Bancorp 955 11,937 Union Carbide Corp. 315 11,891 Tosco Corp. 380 11,851 Edwards (A.G.) Inc. 225 11,770 Interpublic Group of Companies Inc. 345 11,752 Union Planters Corp. 355 11,737 Eaton Corp. 190 11,709 Zions Bancorp 225 11,507 Progressive Corporation 140 11,463 Pinnacle West Capital Corp. 225 11,447 Avery Dennison Corp. 245 11,362 Countrywide Credit Industries Inc. 300 11,325 Stilwell Financial Inc.+ 260 11,310 Sempra Energy 540 11,239 Allegheny Energy Inc. 290 11,074 Campbell Soup Co. 425 10,997 Fortune Brands Inc. 415 10,997 Gilead Sciences Inc.+ 100 10,969 Danaher Corp. 220 10,945 -------------------------------------------------------------------------------- page 64 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- TRW Inc. 265 $ 10,766 SunGard Data Systems Inc.+ 250 10,703 National Commerce Bancorp 535 10,667 Georgia-Pacific Corp. 450 10,575 Park Place Entertainment Corp.+ 690 10,436 Old Kent Financial Corp. 360 10,418 DPL Inc. 350 10,412 Goodrich (B.F.) Co. 265 10,385 GPU Inc. 320 10,380 AT&T Wireless Group+ 495 10,340 M&T Bank Corp. 20 10,200 Hilton Hotels Corp. 880 10,175 CenturyTel Inc. 370 10,082 Computer Sciences Corp.+ 135 10,024 Parker Hannifin Corp. 295 9,956 ENSCO International Inc. 260 9,945 St. Jude Medical Inc.+ 195 9,945 Vulcan Materials Co. 245 9,846 North Fork Bancorp 455 9,839 Huntington Bancshares Inc. 665 9,767 Knight Ridder Inc. 190 9,654 Popular Inc. 355 9,607 Toys R Us Inc.+ 590 9,588 TECO Energy Inc. 330 9,488 Weatherford International Inc.+ 220 9,460 Montana Power Co. 280 9,345 Citizen Communications Co.+ 695 9,339 Torchmark Corp. 335 9,317 CIT Group Inc. (The) 530 9,275 Genzyme General Division+ 135 9,205 SAFECO Corp. 335 9,129 Sabre Holdings Corp. 315 9,115 Block (H & R) Inc. 245 9,080 Legg Mason Inc. 155 9,009 TJX Companies Inc. 400 9,000 Cablevision Systems Corp.+ 135 8,952 Allmerica Financial Corp. 140 8,951 Kellogg Co. 370 8,949 Dana Corp. 415 8,922 Spieker Properties Inc. 155 8,922 Genuine Parts Co. 465 8,864 Harcourt General Inc. 150 8,850 Ecolab Inc. 245 8,835 Harrah's Entertainment Inc.+ 320 8,800 R.J. Reynolds Tobacco Holdings Inc. 270 $ 8,708 Arrow Electronics Inc.+ 255 8,686 Phelps Dodge Corp. 205 8,559 Donaldson, Lufkin & Jenrette Inc. 95 8,497 Northeast Utilities 390 8,458 Tektronix Inc. 110 8,449 First Security Corp. 515 8,401 Genentech Inc.+ 45 8,356 AvalonBay Communities Inc. 175 8,345 Healthsouth Corp.+ 1,025 8,328 LG&E Energy Corp. 340 8,309 Intuit Inc.+ 145 8,265 DST Systems Inc.+ 70 8,225 American Standard Companies Inc.+ 185 8,221 Price (T. Rowe) Associates 175 8,214 Internet Capital Group LLC+ 470 8,196 Leggett & Platt Inc. 515 8,143 NCR Corp.+ 215 8,130 Penney (J.C.) Company Inc. 688 8,127 Watson Pharmaceutical Inc.+ 125 8,109 Cooper Industries Inc. 230 8,107 Duke-Weeks Realty Corp. 335 8,082 Mylan Laboratories Inc. 300 8,081 Crown Castle International Corp.+ 260 8,076 Apartment Investment & Management Co. "A" 175 8,061 Servicemaster Co. 815 8,048 Nike Inc. "B" 200 8,013 Mallinckrodt Group Inc. 175 7,984 Tricon Global Restaurants Inc.+ 260 7,963 AutoZone Inc.+ 350 7,941 TCF Financial Corp. 210 7,901 Kmart Corp.+ 1,315 7,890 CMS Energy Corp. 290 7,812 Potomac Electric Power Co. 310 7,808 Sherwin-Williams Co. 365 7,802 NiSource Inc. 320 7,800 Advanced Micro Devices Inc.+ 330 7,796 SCANA Corp. 250 7,719 Black & Decker Corp. 225 7,692 Cox Communications Inc. "A"+ 200 7,650 Rohm & Haas Co. "A" 260 7,556 Old Republic International Corp. 310 7,459 Sigma-Aldrich Corp. 225 7,425 Apache Corp. 125 7,391 Eastman Chemical Co. 200 7,387 Goodyear Tire & Rubber Co. 410 7,380 -------------------------------------------------------------------------------- iShares Schedules Of Investments page 65 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Nabisco Holdings Corp. 135 $ 7,256 Cabletron Systems Inc.+ 245 7,197 American Tower Corp.+ 190 7,161 Willamette Industries Inc. 255 7,140 Hancock (John) Financial Services Inc.+ 265 7,122 Westvaco Corp. 265 7,072 American Water Works Inc. 255 7,028 Ceridian Corp.+ 250 7,016 Whirlpool Corp. 180 6,998 ICN Pharmaceuticals Inc. 210 6,982 ITT Industries Inc. 215 6,974 Greenpoint Financial Corp. 235 6,962 First Tennessee National Corp. 340 6,949 Global Marine Inc.+ 225 6,947 PACCAR Inc. 185 6,857 Brown-Forman Corp. "B" 125 6,844 Ocean Energy Inc.+ 440 6,793 Energy East Corp. 300 6,787 Nucor Corp. 225 6,778 Southdown Inc. 95 6,769 Darden Restaurants Inc. 325 6,764 Banknorth Group Inc. 375 6,703 Conseco Inc. 865 6,596 Coca-Cola Enterprises Inc. 410 6,534 Mercantile Bankshares Corp. 180 6,533 Avnet Inc. 230 6,526 Pall Corp. 325 6,480 Newmont Mining Corp. 380 6,460 Simon Property Group Inc. 275 6,445 Maytag Corp. 205 6,368 Dime Bancorp Inc. 295 6,361 Diamond Offshore Drilling Inc. 155 6,355 Utilicorp United Inc. 245 6,339 3Com Corp.+ 330 6,332 Sunoco Inc. 235 6,330 Novell Inc.+ 635 6,310 Wisconsin Energy Corp. 315 6,280 Bowater Inc. 135 6,269 Ashland Inc. 185 6,232 Niagara Mohawk Holdings Inc.+ 395 6,221 UST Inc. 270 6,176 Alliant Energy Corp. 210 6,169 Neuberger Berman Inc. 100 6,150 Compass Bancshares Inc. 315 6,142 Vornado Realty Trust 165 $ 6,126 Energizer Holdings Inc.+ 250 6,125 Radian Group Inc. 90 6,075 Office Depot Inc.+ 775 6,055 DQE Inc. 150 6,019 Boston Properties Inc. 140 6,011 Coors (Adolph) Company "B" 95 6,003 Fluor Corp. 200 6,000 Fiserv Inc.+ 100 5,987 Mead Corp. 255 5,961 Quantum DLT & Storage Group+ 395 5,950 VF Corp. 240 5,925 Grant Prideco Inc.+ 270 5,923 Manpower Inc. 185 5,908 Donnelley (R.R.) & Sons Co. 240 5,895 Commerce Bancshares Inc. 160 5,890 National Fuel Gas Co. 105 5,887 Questar Corp. 210 5,841 NSTAR 145 5,836 Ultramar Diamond Shamrock Corp. 230 5,836 Noble Drilling Corp.+ 115 5,779 MCN Energy Group Inc. 225 5,766 Staples Inc.+ 403 5,718 Puget Sound Energy Inc. 225 5,709 Bard (C.R.) Inc. 135 5,704 Dynegy Inc. 100 5,700 Prologis Trust 240 5,700 Safeguard Scientifics Inc.+ 285 5,682 Host Marriott Corp. 505 5,681 Sovereign Bancorp Inc. 605 5,596 Liz Claiborne Inc. 145 5,583 Crescent Real Estate Equities Co. 250 5,578 Republic Services Inc. "A"+ 425 5,578 Fox Entertainment Group Inc.+ 210 5,565 First Virginia Banks Inc. 130 5,541 Public Storage Inc. 230 5,506 Nabors Industries Inc.+ 105 5,502 UAL Corp. 130 5,460 Shaw Industries Inc. 295 5,458 Engelhard Corp. 335 5,444 PMI Group Inc. (The) 80 5,420 Sybase Inc.+ 235 5,405 Equitable Resources Inc. 85 5,387 Noble Affiliates Inc. 145 5,383 USA Networks Inc.+ 245 5,375 Hillenbrand Industries Inc. 120 5,370 -------------------------------------------------------------------------------- page 66 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- McCormick & Co. Inc. 180 $ 5,355 MGM Grand Inc. 140 5,346 Comdisco Inc. 280 5,337 Viad Corp. 200 5,313 CarrAmerica Realty Corp. 175 5,294 BJ's Wholesale Club Inc.+ 155 5,289 Kimco Realty Corp. 125 5,281 Washington Post Company (The) "B" 10 5,279 Autoliv Inc. 270 5,265 Trigon Healthcare Inc.+ 100 5,256 BancWest Corporation 270 5,248 GATX Corporation 125 5,234 Cabot Corp. 165 5,228 Tiffany & Co. 135 5,206 Hasbro Inc. 455 5,204 Super Value Inc. 345 5,197 Molex Inc. 95 5,172 Flowers Industries Inc. 265 5,167 Jones Apparel Group Inc.+ 195 5,167 Hibernia Corp. "A" 420 5,145 Visteon Corp. 340 5,143 Grainger (W.W.) Inc. 195 5,131 Brinker International Inc.+ 170 5,121 Delhaize America Inc. "B" 305 5,109 Pactiv Corp.+ 455 5,090 Stanley Works (The) 220 5,074 iStar Financial Inc. 225 5,048 Covad Communications Group Inc.+ 375 5,016 Beckman Coulter Inc. 65 5,013 Erie Indemnity Co. "A" 170 4,994 Precision Castparts Corp. 130 4,989 Centex Corp. 155 4,979 UnitedGlobalCom Inc. "A"+ 165 4,950 Navistar International Corp.+ 165 4,940 FirstMerit Corp. 215 4,932 International Flavors & Fragrances Inc. 270 4,927 Valero Energy Corp. 140 4,926 Wendy's International Inc. 245 4,915 Diebold Inc. 185 4,914 Sepracor Inc.+ 40 4,908 Belo (A.H.) Corp. 265 4,886 Bausch & Lomb Inc. 125 4,867 EOG Resources Inc. 125 4,859 Associated Bancorp 185 4,856 Liberty Property Trust 175 4,813 Martin Marietta Materials Inc. 125 4,785 MONY Group Inc. 120 4,785 MDU Resources Group Inc. 160 4,760 PeopleSoft Inc.+ 170 4,749 Temple-Inland Inc. 125 4,734 Sonoco Products Co. 260 4,696 Unisys Corp.+ 415 4,669 WebMD Corp.+ 305 4,651 Astoria Financial Corp. 120 4,635 IDACorp Inc. 100 4,625 Rouse Co. 185 4,613 R&B Falcon Corporation+ 165 4,599 IPALCO Enterprises Inc. 200 4,575 Post Properties Inc. 105 4,574 Humana Inc.+ 425 4,569 Wilmington Trust Corp. 85 4,558 Harris Corp. 160 4,550 Adelphia Communications Corp. "A"+ 165 4,548 Allied Waste Industries Inc.+ 495 4,548 Dow Jones & Co. Inc. 75 4,537 National-Oilwell Inc.+ 145 4,531 At Home Corp. "A"+ 320 4,520 Foundation Health Systems Inc.+ 270 4,489 Tech Data Corp.+ 105 4,489 Eastern Enterprises 70 4,467 Venator Group Inc.+ 360 4,455 AMB Property Corp. 180 4,421 Kansas City Power & Light Co. 165 4,403 Adaptec Inc.+ 220 4,400 Old National Bancorp 145 4,386 Solectron Corp.+ 95 4,382 Valley National Bancorp 160 4,370 OGE Energy Corp. 205 4,369 FMC Corp.+ 65 4,359 Pepsi Bottling Group Inc. 145 4,359 General Growth Properties Inc. 135 4,345 NICOR Inc. 120 4,343 Tidewater Inc. 95 4,323 Continental Airlines Inc. "B"+ 95 4,317 ALLETE 195 4,314 Bank United Corp. "A" 85 4,308 Archstone Communities Trust 175 4,298 Conectiv Inc. 240 4,290 True North Communications Inc. 120 4,290 Bergen Brunswig Corp. "A" 365 4,266 -------------------------------------------------------------------------------- iShares Schedules of Investments page 67 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Circuit City Stores Inc. 185 $ 4,255 Capital One Financial Corp. 60 4,204 Outback Steakhouse Inc.+ 155 4,204 Protective Life Corp. 140 4,183 Bemis Co. 130 4,176 Transatlantic Holdings Inc. 45 4,163 Whitman Corp. 360 4,163 Arden Realty Inc. 155 4,156 Golden State Bancorp Inc. 175 4,134 Nordstrom Inc. 265 4,124 Pride International Inc.+ 155 4,108 Mandalay Resort Group Inc.+ 160 4,100 City National Corp. 105 4,056 Chiron Corp.+ 90 4,050 IBP Inc. 220 4,029 Reckson Associates Realty Corp. 158 4,029 Centura Banks Inc. 105 4,023 Dentsply International Inc. 115 4,018 Quest Diagnostics Inc.+ 35 4,016 Brunswick Corp. 220 4,015 Primedia Inc.+ 245 4,012 Hercules Inc. 280 3,955 Rite Aid Corp. 980 3,920 Cullen/Frost Bankers Inc. 120 3,900 Western Resources Inc. 180 3,893 Murphy Oil Corp. 60 3,889 Hubbell Inc. "B" 155 3,885 Reynolds & Reynolds Co. "A" 195 3,876 Deluxe Corp. 190 3,859 Boise Cascade Corp. 145 3,852 BRE Properties Inc. 120 3,840 Smithfield Foods Inc.+ 145 3,806 Unitrin Inc. 120 3,803 Suiza Foods Corp.+ 75 3,802 Litton Industries Inc.+ 85 3,798 Scripps (E.W.) Company 70 3,780 AES Corp.+ 55 3,767 Allied Capital Corp. 180 3,735 Hudson United Bancorp 135 3,729 Lennar Corp. 125 3,711 Chris-Craft Industries Inc.+ 45 3,707 Saks Inc.+ 375 3,703 IndyMac Mortgage Holdings Inc. 180 3,701 IMC Global Inc. 255 3,697 Roslyn Bancorp Inc. 165 3,692 Sierra Pacific Resources Corp. 205 3,690 Pioneer Natural Resources Co.+ 260 3,689 Cytec Industries Inc.+ 110 3,678 Great Lakes Chemical Corp. 125 3,664 Highwoods Properties Inc. 155 3,662 AutoNation Inc.+ 610 3,660 Charter Communications Inc.+ 225 3,660 Smurfit-Stone Container Corp.+ 305 3,660 Snap-On Inc. 155 3,652 Sky Financial Group Inc. 205 3,639 StanCorp Financial Group Inc. 85 3,634 Allegheny Technologies Inc. 200 3,625 Helmerich & Payne Inc. 100 3,612 Lear Corp.+ 175 3,598 Pacific Century Financial Corp. 210 3,596 Crown Cork & Seal Co. Inc. 335 3,580 Owens-Illinois Inc.+ 385 3,561 Tootsie Roll Industries Inc. 90 3,533 Homestake Mining Company 680 3,528 Webster Financial Corp. 130 3,502 UnionBanCal Corporation 150 3,497 Georgia-Pacific (Timber Group) 130 3,494 Pentair Inc. 130 3,478 Fidelity National Financial Inc. 140 3,465 Raymond James Financial Corp. 105 3,458 Steelcase Inc. 205 3,434 Westwood One Inc.+ 160 3,430 Hormel Foods Corp. 205 3,421 Health Care Property Investors Inc. 115 3,407 L-3 Communications Holdings Inc.+ 60 3,390 Mack-Cali Realty Corp. 120 3,383 Franchise Finance Corporation of America 150 3,375 Kaufman & Broad Home Corp. 125 3,367 Payless Shoesource Inc.+ 60 3,360 Tyson Foods Inc. "A" 335 3,350 Critical Path Inc.+ 55 3,341 Varco International Inc.+ 160 3,330 Pier 1 Imports Inc. 245 3,323 Storage Technology Corp.+ 245 3,323 Winn-Dixie Stores Inc. 230 3,306 Dexter Corp. (The) 55 3,300 Washington Federal Inc. 145 3,299 Manor Care Inc.+ 210 3,294 Cummins Engine Company Inc. 110 3,293 Metromedia Fiber Network Inc.+ 135 3,282 -------------------------------------------------------------------------------- page 68 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Florida East Coast Industries Inc. 80 $ 3,280 USX-U.S. Steel Group Inc. 215 3,265 Smith International Inc.+ 40 3,263 Vectren Corporation 160 3,250 Neiman-Marcus Group Inc. "A"+ 100 3,244 Affiliated Computer Services Inc.+ 65 3,242 Vishay Intertechnology Inc.+ 105 3,229 Washington Gas Light Co. 120 3,225 Bancorp South Inc. 223 3,206 Crane Co. 140 3,202 US Airways Group Inc.+ 105 3,196 Quintiles Transnational Corp.+ 200 3,188 Peoples Energy Corp. 95 3,171 Ross Stores Inc. 220 3,163 Dean Foods Co. 95 3,159 Hospitality Properties Trust 135 3,156 New Plan Excel Realty Trust 230 3,148 USG Corp. 125 3,133 Trustmark Corp. 160 3,120 Camden Property Trust 100 3,100 First Industrial Realty Trust 100 3,075 SCI Systems Inc.+ 75 3,075 First American Financial Corp. 145 3,027 Health Management Associates Inc. "A"+ 145 3,018 Compuware Corp.+ 360 3,015 Universal Health Services Inc. "B"+ 35 2,997 MarchFirst Inc.+ 190 2,981 ONEOK Inc. 75 2,981 American Greetings Corp. "A" 170 2,975 Informix Corp.+ 720 2,970 Plum Creek Timber Co. Inc. 133 2,968 Hawaiian Electric Industries Inc. 85 2,964 Alleghany Corp.+ 15 2,940 United Dominion Realty Trust 270 2,936 AGL Resources Inc. 145 2,909 Omnicare Inc. 180 2,903 CNF Transportation Inc. 130 2,892 FelCor Lodging Trust Inc. 125 2,891 Citizens Banking Corp. 125 2,875 Commercial Federal Corp. 150 2,869 Harte-Hanks Inc. 105 2,861 Alexander & Baldwin Inc. 110 2,860 Ryder System Inc. 155 2,858 Weingarten Realty Investors 70 2,853 Synopsys Inc.+ 75 2,841 Keystone Financial Inc. 130 2,828 Avista Corp. 125 2,812 Cleco Corp. 60 2,805 Dain Rauscher Corp. 30 2,790 Essex Property Trust Inc. 50 2,769 Nextel Partners Inc. "A"+ 95 2,767 Lubrizol Corp. 140 2,756 Edwards Lifesciences Corp.+ 125 2,727 Heller Financial Inc. 95 2,713 Boston Scientific Corp.+ 165 2,712 Thomas & Betts Corp. 155 2,703 Cell Genesys Inc.+ 90 2,700 Clayton Homes Inc. 270 2,700 Carlisle Companies Inc. 65 2,697 RGS Energy Group Inc. 95 2,678 Leucadia National Corp. 100 2,675 First Midwest Bancorp Inc. 100 2,662 Gallagher (Arthur J.) & Co. 45 2,661 Colonial BancGroup Inc. 255 2,646 Pulte Corp. 80 2,640 Rowan Companies Inc.+ 90 2,610 HSB Group Inc. 65 2,608 Dillards Inc. "A" 245 2,603 Alberto-Culver Co. "B" 90 2,593 Millennium Chemicals Inc. 175 2,592 RPM Inc. 285 2,583 Teleflex Inc. 75 2,578 ArvinMeritor Inc. 175 2,570 E*trade Group Inc.+ 155 2,548 Autodesk Inc. 100 2,537 Ball Corp. 80 2,535 Centerpoint Properties Corp. 55 2,533 Minerals Technologies Inc. 55 2,530 Louisiana-Pacific Corp. 275 2,527 Rayonier Inc. 70 2,516 Borders Group Inc.+ 180 2,509 Spectrasite Holdings Inc.+ 135 2,506 PE Corp. (Celera Genomics Group)+ 25 2,491 York International Corp. 100 2,488 CNA Financial Corp.+ 65 2,486 HRPT Properties Trust 355 2,485 Prentiss Properties Trust 95 2,482 Hudson City Bancorp Inc. 145 2,465 Lamar Advertising Co.+ 65 2,462 National Data Corp. 75 2,461 -------------------------------------------------------------------------------- iShares Schedules of Investments page 69 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Trinity Industries Inc. 105 $ 2,454 Independence Community Bank Corp. 175 2,450 Piedmont Natural Gas Co. 80 2,450 Wesco Financial Corp. 10 2,450 Universal Foods Corp. 120 2,445 Nationwide Financial Services Inc. 65 2,429 Lyondell Chemical Co. 205 2,422 Jacobs Engineering Group Inc.+ 60 2,419 Pegasus Communications Corp.+ 50 2,416 Quorum Health Group Inc.+ 185 2,405 OM Group Inc. 55 2,399 Pinnacle Holdings Inc.+ 90 2,396 RCN Corp.+ 115 2,386 Federal Signal Corp. 120 2,385 Fulton Financial Corp. 120 2,377 Potlatch Corp. 75 2,372 Community First Bankshares Inc. 135 2,371 Media General Inc. "A" 55 2,365 C-Cube Microsystems Inc.+ 115 2,357 Harman International Industries Inc. 60 2,346 Coventry Health Care Inc.+ 155 2,344 Public Service Company of New Mexico 90 2,329 Harsco Corp. 105 2,317 WPS Resources Corp. 70 2,293 Storage USA Inc. 75 2,288 Cypress Semiconductor Corp.+ 55 2,286 Steris Corp.+ 190 2,280 Markel Corp.+ 15 2,276 D.R. Horton Inc. 131 2,248 Silicon Graphics Inc.+ 545 2,248 HCC Insurance Holdings Inc. 110 2,234 CBRL Group Inc. 155 2,228 Andrew Corp.+ 85 2,226 St. Joe Company (The) 80 2,220 Healthcare Realty Trust 105 2,218 Cooper Cameron Corp.+ 30 2,211 Universal Corporation 75 2,203 Mohawk Industries Inc.+ 100 2,181 Whitney Holding Corp. 60 2,179 Polo Ralph Lauren Corp.+ 135 2,177 Downey Financial Corp. 55 2,172 Galileo International Inc. 140 2,170 Reebok International Ltd.+ 115 2,163 Corn Products International Inc. 95 2,161 AptarGroup Inc. 90 2,154 Borg-Warner Automotive Inc. 65 2,153 Pennzoil-Quaker State Co. 205 2,153 U.S. Industries Inc. 215 2,137 Dura Pharmaceuticals Inc.+ 60 2,122 Extended Stay America Inc.+ 160 2,120 AnnTaylor Stores Corp.+ 55 2,114 AK Steel Holding Corp. 225 2,109 Silicon Valley Group Inc.+ 80 2,105 Keebler Foods Co. 50 2,100 Seacor Smit Inc.+ 45 2,098 Entercom Communications Corp.+ 70 2,096 Cabot Industrial Trust 105 2,093 Pittston Brink's Group 135 2,093 Lancaster Colony Corp. 85 2,088 Calpine Corp.+ 20 2,087 Celgene Corp.+ 35 2,082 Energen Corp. 70 2,082 Barnes & Noble Inc.+ 105 2,067 Ingram Micro Inc. "A"+ 150 2,062 Developers Diversified Realty Corp. 160 2,060 Kennametal Inc. 80 2,060 UIL Holdings Corporation 40 2,058 National Service Industries Inc. 105 2,054 Commerce Bancorp Inc. 35 2,037 Consolidated Stores Corp.+ 150 2,025 Six Flags Inc.+ 130 2,015 Westamerica Bancorp 60 2,006 Global Industries Ltd.+ 160 2,000 El Paso Electric Co.+ 145 1,997 Furniture Brands International Inc.+ 120 1,995 Journal Register Co.+ 120 1,995 Cable Design Technologies Corp.+ 82 1,994 Beverly Enterprises Inc.+ 335 1,989 Ethan Allen Interiors Inc. 70 1,982 Mercury General Corp. 70 1,982 Electronic Arts Inc.+ 40 1,975 American Financial Group Inc. 85 1,971 Newport News Shipbuilding Inc. 45 1,952 International Speedway Corp. "A" 50 1,950 Sensormatic Electronics Corp.+ 130 1,950 Earthgrains Company (The) 105 1,936 Family Dollar Stores Inc. 100 1,925 Meristar Hospitality Corp. 95 1,924 Network Associates Inc.+ 85 1,923 Sybron International Corp.+ 80 1,920 -------------------------------------------------------------------------------- page 70 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Nationwide Health Properties Inc. 120 $ 1,913 Mueller Industries Inc.+ 85 1,907 Staten Island Bancorp Inc. 95 1,900 Toll Brothers Inc.+ 55 1,891 Service Corp. International 775 1,889 Commerce Group Inc. 65 1,881 Kilroy Realty Corp. 70 1,868 La-Z-Boy Chair Co. 128 1,864 Fisher Scientific International Inc.+ 55 1,856 Philadelphia Suburban Corp. 80 1,855 Bob Evans Farms Inc. 100 1,850 Iron Mountain Inc.+ 50 1,850 HON Industries Inc. 75 1,847 AGCO Corp. 155 1,841 Kaydon Corp. 80 1,840 Labranche & Co. Inc.+ 55 1,836 Regency Realty Corp. 80 1,835 Alfa Corp. 105 1,831 New Jersey Resources Corp. 45 1,828 NRG Energy Inc.+ 50 1,825 Omnicom Group Inc. 25 1,823 Brandywine Realty Trust 90 1,822 Richmond County Financial Corp. 75 1,814 Dallas Semiconductor Corp. 55 1,808 Express Scripts Inc. "A"+ 25 1,806 Macerich Co. (The) 85 1,806 Horace Mann Educators Corp. 110 1,801 Dole Food Co. 120 1,800 CH Energy Group Inc. 45 1,794 IKON Office Solutions Inc. 455 1,792 Weis Markets Inc. 45 1,786 Zale Corp.+ 55 1,784 Phoenix Investment Partners Ltd. 115 1,783 Timken Co. 130 1,779 International Rectifier Corp.+ 35 1,770 Lilly Industries Inc. "B" 60 1,770 Imation Corp.+ 95 1,769 Gables Residential Trust 65 1,767 Invacare Corp. 55 1,767 Ogden Corp.+ 130 1,763 Provident Financial Group Inc. 60 1,763 McClatchy Co. (The) "A" 50 1,759 PolyOne Corp.+ 240 1,755 Atmos Energy Corp. 85 1,753 Texas Industries Inc. 55 1,753 Catellus Development Corp.+ 100 1,750 Encompass Service Corp.+ 215 1,747 Jeffries Group Inc. 65 1,747 Silicon Valley Bancshares+ 30 1,747 Hertz Corp. 55 1,746 Lafarge Corp. 80 1,740 Worthington Industries Inc. 185 1,734 ALZA Corp.+ 20 1,730 Tom Brown Inc.+ 70 1,715 Marine Drilling Co. Inc.+ 60 1,714 Cooper Tire & Rubber Co. 170 1,711 Affiliated Managers Group Inc.+ 30 1,708 SPS Technologies Inc.+ 35 1,698 UGI Corp. 70 1,698 Shurgard Storage Centers Inc. 75 1,692 Modine Manufacturing Co. 60 1,690 Dial Corp. 145 1,686 Glenayre Technologies Inc.+ 155 1,686 Hollinger International Inc. 100 1,675 Southwest Gas Co. 80 1,675 Tecumseh Products Co. "A" 40 1,675 Chittenden Corp. 65 1,670 United Bancshares Inc. 85 1,668 Talbots Inc. (The) 25 1,656 Flowserve Corp. 100 1,644 Home Properties of NY Inc. 55 1,643 PS Business Parks Inc. 60 1,635 Realty Income Corp. 70 1,632 Avis Rent A Car Inc.+ 55 1,629 CBL & Associates Properties Inc. 65 1,629 Federal Realty Investment Trust 85 1,626 Delphi Financial Group Inc.+ 40 1,620 Idex Corp. 58 1,620 Longview Fibre Co. 135 1,620 Charming Shoppes Inc.+ 310 1,618 Polaroid Corp. 120 1,613 Starbucks Corp.+ 40 1,603 Susquehanna Bancshares Inc. 105 1,601 NorthPoint Communications Group Inc.+ 180 1,598 American National Insurance Co. 25 1,597 Anchor Gaming+ 20 1,591 F&M National Corp. 65 1,588 US Freightways Corp. 70 1,588 Parametric Technology Corp.+ 145 1,586 UCAR International Inc.+ 125 1,586 -------------------------------------------------------------------------------- iShares Schedules of Investments page 71 iShares Russell 3000 Value Index Fund Schedule of Investments (Continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Southern Union Co.+ 80 $ 1,585 Banta Corp. 65 1,584 People's Bank 75 1,580 Smucker (J.M) Company (The)+ 65 1,580 Florida Rock Industries Inc. 40 1,577 BHC Communications Inc. "A" 10 1,574 MascoTech Inc. 95 1,573 PacifiCare Health Systems Inc. "A"+ 45 1,567 Summit Properties Inc. 65 1,564 Alaska Air Group Inc.+ 65 1,560 Western Digital Corp.+ 265 1,557 Structural Dynamics Research Corp.+ 95 1,556 W.R. Berkley Corp. 45 1,555 Sl Green Realty Corp. 55 1,543 Colonial Properties Trust 60 1,541 Reinsurance Group of America Inc. 45 1,541 Solutia Inc. 135 1,536 Imperial Bancorp+ 80 1,530 Longs Drug Stores Inc. 80 1,530 Unifi Inc.+ 150 1,528 Wallace Computer Services Inc. 100 1,525 Getty Images Inc.+ 50 1,522 Kimball International Inc. "B" 85 1,519 Security Capital Group "B"+ 80 1,515 Briggs & Stratton Corp. 40 1,512 Buffetts Inc.+ 110 1,512 RSA Security Inc.+ 35 1,509 Superior Industries International Inc. 50 1,500 MAF Bancorp Inc. 60 1,493 UMB Financial Corp. 40 1,490 Northwest Natural Gas Co. 65 1,479 Vintage Petroleum Inc. 65 1,479 Southwest Bancorp of Texas Inc.+ 45 1,471 CNET Networks Inc.+ 60 1,462 Interstate Bakeries Corp. 100 1,462 Anixter International Inc.+ 50 1,456 Carpenter Technology Corp. 50 1,456 South Financial Group Inc. (The) 115 1,452 Total Renal Care Holdings+ 193 1,448 Bindley Western Industries Inc. 45 1,440 21st Century Insurance Group 85 1,440 PanAmSat Corp.+ 45 1,437 Spherion Corporation+ 120 1,433 M.D.C. Holdings Inc. 55 1,430 Wisconsin Central Transportation Corp.+ 135 1,426 Sun Communities Inc. 45 1,423 Nordson Corp. 50 1,422 Belden Inc. 60 1,417 CH Robinson Worldwide Inc. 25 1,409 Chelsea GCA Realty Inc. 40 1,405 First Commonwealth Financial Corp. 145 1,405 G&K Services Inc. "A" 50 1,403 United States Cellular Corp.+ 20 1,400 Sodexho Marriott Services Inc. 85 1,397 Park Electrochemical Corp. 25 1,391 Capitol Federal Financial 95 1,389 Electronics For Imaging Inc.+ 55 1,389 Liberty Corp. 40 1,385 Doral Financial Corp. 85 1,376 Olin Corp. 85 1,376 AMCORE Financial Inc. 70 1,374 Fleming Companies Inc. 105 1,372 Overseas Shipholding Group Inc. 50 1,369 Emmis Communications Corp.+ 55 1,361 Constellation Brands Inc.+ 25 1,358 Glenborough Realty Trust Inc. 75 1,350 Tupperware Corp. 75 1,350 Chateau Communities Inc. 50 1,341 JLG Industries Inc. 110 1,341 Otter Tail Power Co. 58 1,341 Owens & Minor Inc. 85 1,339 Pacific Gulf Properties Inc. 50 1,338 Xtra Corp.+ 30 1,333 Health Care Inc. 75 1,331 Radio One Inc.+ 160 1,330 LNR Property Corp. 60 1,328 Meredith Corp. 45 1,328 United Rentals Inc.+ 55 1,327 Airborne Freight Corp. 130 1,324 American Financial Holdings Inc. 75 1,322 Baldor Electric Co. 65 1,320 Donaldson Co. Inc. 60 1,320 Albemarle Corp. 65 1,312 UniSource Energy Corp. 80 1,310 Stewart & Stevenson Services Inc. 75 1,308 Washington Trust Bancorp Inc. 65 1,304 AVX Corp. 50 1,303 Casey's General Store Inc. 100 1,300 Hearst-Argyle Television Inc.+ 65 1,300 Footstar Inc.+ 40 1,292 -------------------------------------------------------------------------------- page 72 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Dollar Thrifty Automotive Group Inc.+ 65 $ 1,284 Mynd Corp.+ 95 1,283 F.N.B. Corp. 60 1,282 Meditrust Corp. 435 1,278 Pegasus Systems Inc.+ 65 1,272 Allen Telecom Inc.+ 75 1,270 CLARCOR Inc. 65 1,267 Milacron Inc. 95 1,265 OfficeMax Inc.+ 355 1,265 Parker Drilling Co.+ 180 1,260 Conexant Systems Inc.+ 30 1,256 Western Gas Resources Inc. 50 1,253 Acuson Corp.+ 55 1,251 Selective Insurance Group Inc. 70 1,251 Del Webb Corp.+ 45 1,249 Sotheby's Holdings Inc. 50 1,244 Ferro Corp. 65 1,239 Penton Media Inc. 45 1,238 S&T Bancorp Inc. 65 1,235 Alliant Techsystems Inc.+ 15 1,232 Aztar Corp.+ 80 1,230 Northwest Airlines Corp. "A"+ 50 1,228 First Charter Corp. 85 1,227 Wellman Inc. 85 1,227 ABM Industries Inc. 45 1,223 BJ Services Co.+ 20 1,222 Fleetwood Enterprises Inc. 90 1,221 Bethlehem Steel Corp.+ 405 1,215 Prime Hospitality Corp.+ 120 1,215 Granite Construction Inc. 50 1,212 TD Waterhouse Group Inc.+ 65 1,211 USEC Inc. 285 1,211 Sinclair Broadcast Group "A"+ 110 1,203 Lincoln Electric Holding Inc. 90 1,198 Henry Schein Inc.+ 60 1,196 Armstrong Holdings Inc. 100 1,194 Scholastic Corp.+ 15 1,193 Koger Equity Inc. 70 1,190 Urban Shopping Centers Inc. 25 1,188 Kellwood Co. 65 1,186 American Capital Strategies Ltd. 50 1,184 Empire District Electric Co. (The) 45 1,181 First Financial Bancorp 75 1,181 Houghton Mifflin Co. 30 1,177 Hughes Supply Inc. 60 1,177 Swift Transportation Co. Inc.+ 90 1,176 East West Bancorp Inc. 60 1,174 NorthWestern Corp. 60 1,170 Southwest Securities Group Inc. 40 1,170 Standard-Pacific Corp. 65 1,170 Greif Brothers Corp. "A" 35 1,164 Oshkosh Truck Corp. 30 1,163 Perrigo Co.+ 170 1,163 Bisys Group Inc.+ 15 1,160 Finova Group Inc. 160 1,160 American West Holdings Corp. "B"+ 95 1,158 Hutchinson Technology Inc.+ 55 1,158 Guilford Pharmaceuticals Inc.+ 50 1,153 Hanover Compressor Co.+ 35 1,153 Pioneer-Standard Electronics Inc. 85 1,153 Tucker Anthony Sutro Corporation 45 1,142 Republic Bancorp Inc. 120 1,140 US Oncology Inc.+ 250 1,133 WMS Industries Inc.+ 50 1,125 Wausau-Mosinee Paper Corp. 145 1,124 Black Hills Corp. 40 1,122 Cornerstone Realty Income Trust 105 1,116 Edison Schools Inc.+ 35 1,111 Russell Corp. 70 1,111 Sylvan Learning Systems Inc.+ 75 1,111 Ruddick Corp. 80 1,110 Covance Inc.+ 135 1,105 Petsmart Inc.+ 235 1,102 Agribrands International Inc.+ 25 1,091 Provident Bankshares Corp. 65 1,089 Ryland Group Inc. 35 1,085 Laclede Gas Co. 50 1,081 Forest City Enterprises Inc. "A" 30 1,080 Metro-Goldwyn-Mayer Inc.+ 45 1,080 Bandag Inc. 30 1,078 Block Drug Co. Inc. "A" 25 1,078 Ohio Casualty Corp. 170 1,078 Mid-America Apartment Communities Inc. 45 1,077 Triumph Group Inc.+ 30 1,076 Gaylord Entertainment Co. "A" 45 1,074 Pulitzer Inc. 25 1,074 First Citizens Bancshares Inc. 15 1,073 Diagnostic Products Corp. 20 1,072 Harland (John H.) Co. 70 1,072 International Bancshares Corp. 35 1,072 -------------------------------------------------------------------------------- iShares Schedules of Investments page 73 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- WesBanco Inc. 50 $ 1,072 Kelly Services Inc. "A" 45 1,063 Circle International Group Inc. 35 1,059 Input/Output Inc.+ 110 1,059 Pure Resources Inc.+ 50 1,059 Ralcorp Holdings Inc.+ 75 1,059 NUI Corp. 35 1,057 Reliance Steel & Aluminum Co. 50 1,053 Morgan Keegan Inc. 60 1,050 Taubman Centers Inc. 90 1,041 Interface Inc. 130 1,036 FirstFed Financial Corp.+ 45 1,035 Westfield America Inc. 75 1,031 KLA-Tencor Corp.+ 25 1,030 Alexandria Real Estate Equities Inc. 30 1,029 Triad Hospitals Inc.+ 35 1,028 Iomega Corp.+ 205 1,025 Bowne & Co. Inc. 105 1,024 Madison Gas & Electric Co. 45 1,024 Wolverine World Wide Inc. 110 1,024 JDN Realty Corp. 90 1,018 Bedford Property Investors Inc. 50 1,016 Queens County Bancorp Inc. 35 1,011 Southern Peru Copper Corp. 65 1,008 Cross Timbers Oil Co. 53 1,007 Federal-Mogul Corp. 185 1,006 Fuller (H.B.) Co. 35 1,006 Integra Bank Corp. 45 998 Texas Regional Bancshares "A" 35 993 Springs Industries Inc. "A" 35 987 Lennox International Inc. 105 984 Tower Automotive Inc.+ 105 984 Offshore Logistics Inc.+ 55 983 Yellow Corporation+ 65 983 PETCO Animal Supplies Inc.+ 45 982 Carter-Wallace Inc. 40 977 Trammell Crow Co.+ 65 975 Brush Wellman Inc. 45 973 Washington Group International Inc.+ 85 972 Glimcher Realty Trust 65 971 Nautica Enterprises Inc.+ 75 970 Johns Manville Corp. 85 962 AMLI Residential Properties Trust 40 960 Ionics Inc.+ 45 959 Keane Inc.+ 55 957 IHOP Corp.+ 50 956 S1 Corp.+ 80 955 Airgas Inc.+ 140 954 Friede Goldman Halter Inc.+ 135 953 NL Industries Inc. 45 953 Trico Marine Services Inc.+ 60 953 Applied Industrial Technologies Inc. 55 952 O'Reilly Automotive Inc.+ 65 951 Toro Co. 30 945 Anchor Bancorp Wisconsin Inc. 60 941 United Stationers Inc.+ 35 941 Mid-State Bancshares 30 938 Paxar Corp.+ 105 938 Republic Security Financial Corp. 190 938 Buckeye Technologies Inc.+ 45 934 Modis Professional Services Inc.+ 180 934 Newfield Exploration Co.+ 20 934 Regal-Beloit Corp. 55 933 McLeodUSA Inc. "A"+ 65 930 Cerner Corp.+ 20 929 Arnold Industries Inc. 55 928 Grace (W.R.) & Company+ 135 928 CoStar Group Inc.+ 25 925 Innkeepers USA Trust 90 922 Dollar General Corp. 55 921 Valspar Corp. 40 920 ChoicePoint Inc.+ 20 917 Allied Riser Communications Corp.+ 138 914 Terex Corp.+ 70 914 Arch Chemicals Inc. 50 912 Enhance Financial Services Group Inc. 70 910 Jones Lang LaSalle Inc.+ 70 910 Arrow International Inc. 25 909 First Sentinel Bancorp Inc. 95 905 Sealed Air Corp.+ 20 905 CORUS Bankshares Inc. 25 902 Intergraph Corp.+ 125 898 NS Group Inc.+ 45 894 Triad Guaranty Inc.+ 30 893 Commercial Metals Co. 35 892 Woodward Governor Co. 20 891 Eastgroup Properties Inc. 40 890 Esterline Corp.+ 45 886 Intermedia Communications Inc.+ 30 885 Readers Digest Association Inc. (The) "A" 25 883 -------------------------------------------------------------------------------- page 74 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Werner Enterprises Inc. 75 $ 881 Genrad Inc.+ 80 880 Schulman (A.) Inc. 80 880 South Jersey Industries 30 876 American Freightways Corp.+ 55 873 Williams-Sonoma Inc.+ 25 869 Collins & Aikman Corp.+ 185 867 Webvan Group Inc.+ 375 867 Handleman Co.+ 70 866 Nu Skin Asia Pacific Inc. "A"+ 130 861 General Communication Inc. "A"+ 120 859 Ocwen Financial Corp.+ 145 852 Rollins Truck Leasing Corp. 135 852 Praecis Pharmaceuticals Inc.+ 20 850 EarthLink Inc.+ 93 849 Glatfelter (P.H.) Co. 70 849 Men's Wearhouse Inc. (The)+ 30 849 Tesoro Petroleum Corp.+ 85 845 Avid Technology Inc.+ 60 840 Dress Barn Inc.+ 40 840 Krispy Kreme Doughnuts Inc.+ 10 838 BT Financial Corp. 45 832 ChemFirst Inc. 40 832 Mid Atlantic Medical Services Inc.+ 55 832 Oceaneering International Inc.+ 50 831 Commercial Net Lease Realty Inc. 80 830 Shopko Stores Inc.+ 80 830 KEMET Corp.+ 30 829 7-Eleven Inc.+ 65 829 Barnes Group Inc. 45 827 ADVO Inc.+ 25 825 Quanta Services Inc.+ 30 825 Regis Corp. 55 825 Wyndham International Inc. "A"+ 455 825 Liberty Financial Companies Inc. 35 823 Chemical Financial Corp. 35 822 Presidential Life Corp. 55 822 RFS Hotel Investors Inc. 65 821 Boca Resorts Inc. "A"+ 75 820 Kaiser Aluminum Corp.+ 135 818 Michael Foods Inc. 35 818 Robert Mondavi Corp. (The) "A"+ 20 818 Cabot Oil & Gas Corp. "A" 40 815 THQ Inc.+ 35 814 GenCorp. Inc. 100 812 Fairfield Communities Inc.+ 80 810 NVR Inc.+ 10 810 PMA Capital Corp. "A" 45 810 Premier National Bancorp Inc. 40 810 Thomas Industries Inc. 40 810 Bay View Capital Corp. 75 806 Lattice Semiconductor Corp.+ 15 806 Del Monte Foods Co.+ 130 804 California Water Service Group 30 802 Crestline Capital Corp.+ 40 802 First Financial Bankshares Inc. 25 802 AAR Corp. 70 801 Warnaco Group Inc. "A" 200 800 AmeriPath Inc.+ 55 797 Foster Wheeler Corp. 110 797 Chemed Corp. 25 795 Insight Communications Co. Inc.+ 50 794 Boyd Gaming Corp.+ 160 790 Argonaut Group Inc. 45 787 Kirby Corp.+ 40 785 Metromedia International Group Inc.+ 210 785 Forcenergy Inc.+ 30 784 Great Lakes Inc. 45 782 International Multifoods Corp. 45 782 Steel Dynamics Inc.+ 85 781 Ames Department Stores Inc.+ 135 780 Libbey Inc. 25 778 Caraustar Industries Inc. 70 774 Hancock Holding Co. 25 773 RLI Corp. 20 771 Bel Fuse Inc. "B" 20 770 Chesapeake Corp. 40 770 UICI+ 110 770 Genlyte Group Inc. (The)+ 30 767 Data Broadcasting Corp.+ 240 765 W Holding Co. Inc. 75 764 MSC Industrial Direct Co. Inc. "A"+ 50 763 Parkway Properties Inc. 25 763 Quanex Corp. 40 763 Standard Microsystems Corp.+ 35 763 Sterling Bancshares Inc. 50 763 Charter Municipal Mortgage Acceptance Corp. 55 761 PFF Bancorp Inc. 35 761 Salem Communications Corp. "A"+ 60 761 TeleCorp PCS Inc.+ 40 760 -------------------------------------------------------------------------------- iShares Schedules of Investments page 75 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Kaman Corp. "A" 60 $ 758 Advanced Fibre Communications Inc.+ 20 757 American States Water Co. 25 756 Omega Financial Corp. 25 756 Harleysville National Corp. 25 755 Trust Company of New Jersey (The) 45 754 Walter Industries Inc. 85 754 Playboy Enterprises Inc. "B"+ 50 747 IRT Property Co. 85 744 Dime Community Bancshares 30 742 Fremont General Corp. 215 739 Nuevo Energy Co.+ 40 735 Firstbank Corp. 30 733 Cathay Bancorp Inc. 15 731 Crawford & Co. "B" 60 731 NCI Building Systems Inc.+ 50 731 Cephalon Inc.+ 15 727 Primex Technologies Inc. 25 727 Harbor Florida Bancshares Inc. 60 724 Lee Enterprises Inc. 25 722 National Golf Properties Inc. 35 722 RTI International Metals Inc.+ 50 722 Seitel Inc.+ 50 719 Bush Boake Allen Inc.+ 15 717 UCBH Holdings Inc. 20 716 CacheFlow Inc.+ 5 715 Capital Automotive REIT 55 715 Seacoast Financial Services Corp. 65 715 LandAmerica Financial Group Inc. 25 714 Crompton Corp. 90 709 Vail Resorts Inc.+ 35 709 Curtiss Wright Corp. 15 708 PSS World Medical Inc.+ 195 707 Midwest Express Holdings Inc.+ 35 704 Comfort Systems USA Inc.+ 135 700 Trans World Entertainment Corp.+ 70 700 CMGI Inc.+ 25 698 Friedman Billings Ramsey Group Inc. "A"+ 75 698 Equity Inns Inc. 105 696 Gold Bancorp Inc. 135 692 Semco Energy Inc. 45 692 AO Smith Corp. "B" 55 691 Ziff-Davis Inc. 85 691 Bank of Granite Corp. 30 688 Palm Harbor Homes Inc.+ 50 688 Cleveland-Cliffs Inc. 30 686 Comstock Resources Inc.+ 60 682 Calgon Carbon Corp. 100 681 General Cable Corp. 90 681 Pep Boys-Manny Moe & Jack Inc. 135 675 Triangle Pharmaceuticals Inc.+ 80 675 CB Richard Ellis Services Inc.+ 55 674 Quiksilver Inc.+ 35 674 American Italian Pasta Co.+ 35 672 E-Town Corp. 10 669 Hexcel Corp.+ 50 669 Inprise Corp.+ 125 668 SanDisk Corp.+ 10 668 Harleysville Group Inc. 35 666 Methode Electronics Inc. "A" 15 665 First Merchants Corp. 30 664 Tennant Co. 15 664 Ha-Lo Industries Inc.+ 165 660 Kansas City Life Insurance Co. 20 660 Monaco Coach Corp.+ 40 660 Worldpages.com Inc.+ 155 659 Frontier Financial Corp. 35 658 Southwestern Energy Company 75 656 Ryan's Family Steak Houses Inc.+ 85 653 First Indiana Corp. 25 652 Kansas City Southern Industries Inc. 75 652 1st Source Corp. 31 651 Sunrise Assisted Living Inc.+ 30 651 EMCOR Group Inc.+ 25 650 Churchill Downs Inc. 25 647 Forest Oil Corp.+ 40 647 Burlington Coat Factory Warehouse Corp. 45 644 MEMC Electronics Materials Inc.+ 50 644 Checkpoint Systems Inc.+ 85 643 Transmontaigne Inc.+ 130 642 American Industrial Properties 45 641 Luby's Inc. 120 638 Magnetek Inc.+ 60 638 Sequa Corp. "A"+ 15 638 Haemonetics Corp.+ 25 637 JDA Software Group Inc.+ 50 637 EEX Corp.+ 130 634 New England Business Service Inc. 35 634 Lance Inc. 65 632 Arctic Cat Inc. 50 631 -------------------------------------------------------------------------------- page 76 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Claire's Stores Inc. 35 $ 630 Marcus Corp. 60 630 NACCO Industries Inc. 15 630 Roadway Express Inc. 35 628 Stein Mart Inc.+ 58 627 Sandy Spring Bancorp Inc. 25 625 OceanFirst Financial Corp. 30 623 E.W. Blanch Holdings Inc. 30 622 Advanta Corp. "A" 55 619 Integrated Electrical Services Inc.+ 90 619 Midcoast Energy Resources Inc. 30 617 Arkansas Best Corp.+ 40 615 Callaway Golf Co. 40 615 Sovran Self Storage Inc. 30 615 Medical Assurance Inc.+ 50 613 Riggs National Corp. 50 613 First Financial Corp. 20 610 NationsRent Inc.+ 155 610 Heartland Express Inc.+ 35 608 Cirrus Logic Inc.+ 15 605 ANC Rental Corp.+ 105 604 Moog Inc. "A"+ 20 603 Audiovox Corp. "A"+ 40 602 Stewart Enterprises Inc. "A" 310 601 Michaels Stores Inc.+ 15 600 Patina Oil & Gas Corp. 30 600 Red Hat Inc.+ 35 597 ACNielsen Corp.+ 25 595 SJW Corp. 5 594 NBC Internet Inc. "A"+ 90 591 Playtex Products Inc.+ 50 591 United Community Financial Corp. 90 591 Lone Star Steakhouse & Saloon Inc. 80 590 Network Equipment Technologies Inc.+ 55 588 Cash American Investments Inc. 80 585 Respironics Inc.+ 35 584 Cumulus Media Inc.+ 95 582 Stride Rite Corp. 115 582 Baldwin & Lyons Inc. "B" 30 581 West Pharmaceutical Services Inc. 25 581 GTECH Holdings Corp.+ 35 580 Aaron Rents Inc. "B" 45 579 Liberate Technologies Inc.+ 20 579 Standex International Corp. 30 579 Airtran Holdings Inc.+ 130 577 Analogic Corp. 15 577 American Power Conversion Corp.+ 30 576 Burnham Pacific Properties Inc. 95 576 Champion Enterprises Inc.+ 135 574 Hunt (J.B.) Transport Services Inc. 45 574 Mesa Air Group Inc.+ 105 574 Pope & Talbot Inc. 40 573 Gardner Denver Inc.+ 35 569 Phillips-Van Heusen Corporation 55 567 Ryerson Tull Inc. 60 566 Mediacom Communications Corp.+ 35 564 Fred's Inc. 25 561 3Dfx Interactive Inc.+ 115 561 Standard Register Co. 35 560 BSB Bancorp Inc. 25 559 Myers Industries Inc. 44 558 Hispanic Broadcasting Corp.+ 20 557 Wabtec Corporation 55 557 Omnova Solutions Inc. 100 556 Area Bancshares Corp. 25 555 BOK Financial Corp.+ 30 555 Cambrex Corp. 15 555 Western Properties Trust 45 554 Mine Safety Appliances Co. 25 552 Arch Capital Group Ltd.+ 35 551 Century South Banks Inc. 30 551 Arch Coal Inc. 55 550 Sauer Inc. 50 550 Estee Lauder Companies Inc. "A" 15 549 Quantum Hard Disk Drive Group+ 55 547 Zenith National Insurance Corp. 25 547 JP Realty Inc. 30 542 Albany International Corp.+ 45 540 CPB Inc. 20 540 Knight Trading Group Inc.+ 15 540 Farmers Capital Bank Corp. 15 539 First Financial Holdings Inc. 35 536 Schweitzer-Mauduit International Inc. 40 535 School Specialty Inc.+ 25 533 Musicland Stores Corp.+ 75 530 Blockbuster Inc. 60 529 High Speed Access Corp.+ 145 526 Cascade Natural Gas Corp. 30 525 MidAmerica Bancorp 20 523 Pennsylvania Real Estate Investment Trust 30 523 -------------------------------------------------------------------------------- iShares Schedules of Investments page 77 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- UTStarcom Inc.+ 25 $ 523 Benchmark Electronics Inc.+ 10 520 Consolidated Products Inc.+ 65 520 Woodhead Industries Inc. 25 520 Tenneco Automotive Inc. 100 519 Surety Corp. 45 518 Edwards (J.D.) & Co.+ 20 517 Aspect Communications Corp.+ 25 516 Dobson Communications Corp. "A"+ 35 514 ADE Corp.+ 25 512 AMCOL International Corp. 105 512 Owens Corning 195 512 Arguss Holdings Inc.+ 25 511 GBC Bancorp 15 511 Electro Rent Corp.+ 40 510 Parexel International Corp.+ 60 510 Ticketmaster Online-CitySearch Inc. "B"+ 30 508 First Washington Realty Trust 20 507 SoftNet Systems Inc.+ 85 507 Lexington Corp. 45 506 International Game Technology Inc.+ 15 504 SCPIE Holdings Inc. 25 503 Take-Two Interactive Software Inc.+ 40 503 Twinlab Corp.+ 115 503 Chiquita Brands International Inc. 160 500 Manufactured Home Communities Inc. 20 500 Pan Pacific Retail Properties Inc. 25 500 Azurix Corp.+ 140 499 Great Atlantic & Pacific Tea Co. 45 498 Packaging Corporation of America+ 45 498 Centex Construction Products Inc. 20 496 Delco Remy International Inc.+ 65 496 F&M Bancorp 25 495 Billing Concepts Corp.+ 155 494 Russ Berrie & Co. Inc. 25 494 First Federal Capital Corp. 40 492 Haverty Furniture Companies Inc. 45 492 Unova Inc.+ 125 492 Irwin Financial Corp. 30 491 Sturm Ruger & Co. Inc. 60 491 Commscope Inc.+ 20 490 AMERCO+ 25 489 Student Loan Corp. 10 488 Transaction Systems Architects Inc. "A"+ 30 488 FBL Financial Group Inc. "A" 30 487 DVI Inc.+ 25 486 Oneida Ltd. 35 486 Fedders Corp. 125 484 Financial Federal Corp.+ 20 484 Hayes Lemmerz International Inc.+ 45 484 Cabot Microelectronics Corp.+ 10 480 CDI Corp.+ 30 480 NBT Bancorp Inc. 40 480 Polymer Group Inc. 65 479 Kent Electronics Corp.+ 20 478 Landry's Seafood Restaurants Inc. 70 477 Acxiom Corp.+ 15 476 Columbus McKinnon Corp. 35 475 Robbins & Myers Inc. 20 473 ePresence Inc.+ 70 472 Boykin Lodging Co. 45 467 Homestore.com Inc.+ 10 467 Mail-Well Inc.+ 105 466 Arch Wireless Inc.+ 93 465 Oriental Financial Group Inc. 30 465 SBS Technologies Inc.+ 20 465 McMoRan Exploration Co.+ 40 464 National Discounts Brokers Group Inc.+ 15 464 URS Corp.+ 35 464 Thor Industries Inc. 20 463 Watsco Inc. 45 463 Insignia Financial Group Inc.+ 45 461 Anesta Corp.+ 20 460 Brown Shoe Company Inc. 50 459 Key3Media Group Inc.+ 42 459 Brenton Banks Inc. 38 458 Andover Bancorp Inc. 15 457 Georgia Gulf Corp. 40 457 PICO Holdings Inc.+ 35 457 Advanced Digital Information Corp.+ 30 456 Detroit Diesel Corp. 20 456 Rent-Way Inc.+ 15 456 Vector Group Ltd. 26 456 Wabash National Corp. 50 456 Midway Games Inc.+ 65 455 Brady Corp. "A" 15 454 Griffon Corporation+ 60 454 LaSalle Hotel Properties 30 454 Exide Corp. 50 453 Pacific Northwest Bancorp 35 453 -------------------------------------------------------------------------------- page 78 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Wilsons The Leather Experts Inc.+ 25 $ 452 Expeditors International Washington Inc. 10 451 Bio-Rad Laboratories Inc. "A"+ 20 450 Capstead Mortgage Corp. 50 450 Patterson Dental Co.+ 20 450 Watts Industries Inc. "A" 45 450 Hickory Tech Corp. 20 445 FutureLink Corp.+ 145 444 United National Bancorp 25 444 Computer Horizons Corp.+ 65 443 Unit Corp.+ 30 443 National Health Investors Inc. 65 439 Prison Realty Trust Inc.+ 370 439 Nortek Inc.+ 25 438 Winnebago Industries Inc. 35 438 Cato Corp. "A" 35 437 ESCO Technologies Inc.+ 25 437 Veritas DGC Inc.+ 15 434 LodgeNet Entertainment Corp.+ 15 433 Res-Care Inc.+ 95 433 Tredegar Corporation 25 433 World Access Inc.+ 80 433 Alabama National Bancorp 20 432 Cousins Properties Inc. 10 431 Gerber Scientific Inc. 50 431 Volt Information Sciences Inc.+ 20 430 CACI International Inc. "A"+ 20 429 NOVA Corporation+ 25 428 LTV Corp. 325 427 Entertainment Properties Trust 40 425 Deltic Timber Corp. 25 423 WFS Financial Inc. 25 423 Northwest Bancorp Inc. 50 419 Dycom Industries Inc.+ 10 416 Navigant Consulting Co.+ 120 413 Conmed Corp.+ 30 411 Ditech Communications Corp.+ 10 410 Hollywood Entertainment Corp.+ 55 409 Columbia Laboratories Inc.+ 70 407 Ultratech Stepper Inc.+ 25 402 Brookline Bancorp Inc. 35 400 Belco Oil & Gas Corp.+ 45 399 Pharmaceutical Product Development Inc.+ 15 398 Saul Centers Inc. 25 398 Vital Sign Inc. 15 398 Crossmann Communities Inc.+ 20 395 Actuant Corp. "A" 100 394 Prime Group Realty Trust 25 394 State Auto Financial Corp. 30 394 barnesandnoble.com Inc.+ 80 392 M.S. Carriers Inc.+ 25 391 Basin Exploration Inc.+ 20 390 Bacou USA Inc.+ 15 389 Mississippi Valley Bancshares Inc. 15 387 Metricom Inc.+ 15 386 Delta & Pine Land Co. 15 385 Nucentrix Broadband Networks Inc.+ 15 384 Stewart Information Services Corp. 25 384 McGrath Rentcorp 20 380 Pilgrim's Pride Corp. "B" 55 378 Performance Food Group Co.+ 10 376 Century Aluminum Co. 30 375 Gentex Corp.+ 15 375 WestCorp Inc. 25 375 Applica Inc.+ 60 371 Osicom Technologies Inc.+ 15 371 Commonwealth Telephone Enterprises Inc.+ 10 369 Triarc Companies Inc.+ 15 369 Great American Financial Resources Inc. 20 366 Coachmen Industries Inc. 35 365 National Western Life Insurance Company "A"+ 5 365 Network Commerce Inc.+ 65 364 NextCard Inc.+ 40 364 Hypercom Corp.+ 35 363 Lawson Products Inc. 15 363 Weirton Steel Corp.+ 145 363 Analysts International Corp. 50 361 Fritz Companies Inc.+ 30 360 E-LOAN Inc.+ 85 356 FSI International Inc.+ 25 356 Aurora Foods Inc.+ 105 354 Casella Waste Systems Inc. "A"+ 35 354 Polaris Industries Partners LP "A" 10 353 RPC Inc. 30 353 Shaw Group Inc.+ 5 353 Wild Oats Markets Inc.+ 30 353 1-800-FLOWERS.com Inc.+ 70 349 Sunbeam Corp.+ 265 348 Credit Acceptance Corp.+ 55 347 Evergreen Resources Inc.+ 10 347 -------------------------------------------------------------------------------- iShares Schedules of Investments page 79 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Rent-A-Center Inc.+ 10 $ 347 Stamps.com Inc.+ 90 346 Applebee's International Inc. 15 345 City Bank 20 345 National Steel Corp. "B" 115 345 American Management Systems Inc.+ 20 344 Interpool Inc. 30 343 SpeedFam-IPEC Inc.+ 30 343 Universal Forest Products Inc. 30 343 North Pittsburgh Systems Inc. 25 341 Metals USA Inc. 115 338 Ruby Tuesday Inc. 30 338 Stoneridge Inc.+ 35 337 MCSi Inc.+ 10 336 Datascope Corp. 10 335 Scotts Co. (The) "A"+ 10 335 Cuno Inc.+ 15 334 Riviana Foods Inc. 20 334 Key Productions Co. Inc.+ 15 331 Virata Corp.+ 5 331 Gibraltar Steel Corp. 20 330 Santander Bancorp 20 330 Tanger Factory Outlet Centers Inc. 15 330 Value City Department Stores Inc.+ 40 330 Group 1 Automotive Inc.+ 30 326 Intrabiotics Pharmaceuticals Inc.+ 20 325 Technology Solutions Co.+ 130 325 Herbalife International Inc. "A" 35 324 Insurance Auto Auctions Inc.+ 20 324 Ethyl Corp. 225 323 Mesaba Holdings Inc.+ 30 323 Miller (Herman) Inc. 10 321 Pixar Inc.+ 10 321 CEC Entertainment Inc.+ 10 320 BancFirst Corp. 10 319 Donnelley (R.H.) Co.+ 15 317 Metrocall Inc.+ 105 315 Penn Engineering & Manufacturing Corp. 10 314 Philadelphia Consolidated Holding Corp.+ 15 313 Central Garden & Pet Co.+ 45 312 Universal Compression Holdings Inc.+ 10 309 Viatel Inc.+ 30 308 24/7 Media Inc.+ 30 303 CSS Industries Inc.+ 15 301 Stepan Co. 15 301 Ocular Sciences Inc.+ 25 300 Province Healthcare Co.+ 8 300 Williams Communications Group Inc.+ 15 300 National Presto Industries Inc. 10 299 PepsiAmericas Inc.+ 85 298 Rock-Tenn Company "A" 30 298 Wolverine Tube Inc.+ 20 298 Littelfuse Inc.+ 10 297 ANTEC Corp.+ 10 295 Net.B@nk Inc.+ 25 295 Orbital Sciences Corp.+ 35 293 Thermo Fibertek Inc.+ 70 293 Aviron+ 5 292 Manitowoc Co. Inc. 15 289 National Penn Bancshares Inc. 15 289 Women.com Networks Inc.+ 105 287 FreeMarkets Inc.+ 5 286 Motient Corp.+ 20 283 Smart & Final Inc.+ 40 283 Spiegel Inc. "A" 40 280 Senior Housing Properties Trust 30 279 Cerus Corp.+ 5 277 Dura Automotive Systems Inc.+ 30 277 First Niagara Financial Group Inc. 30 277 SportsLine USA Inc.+ 20 276 Ingles Markets Inc. 25 275 Stockwalk.com Group Inc.+ 65 275 Avant! Corp.+ 15 274 Micron Electronics Inc.+ 30 270 International Specialty Products Inc.+ 50 269 Whole Foods Market Inc.+ 5 268 USB Holding Co. Inc. 20 266 Interlogix Inc.+ 20 265 Midland Co. 10 265 e.spire Communications Inc.+ 90 264 Ampal-American Israel Corp. "A"+ 20 262 Golden Telecom Inc.+ 15 261 Mail.com Inc.+ 50 261 HEICO Corp. 20 260 Penn Virginia Corp. 10 260 Ligand Pharmaceuticals Inc. "B"+ 20 256 MP3.com Inc.+ 65 256 SkyWest Inc. 5 256 Waste Connections Inc.+ 10 256 iVillage Inc.+ 65 252 -------------------------------------------------------------------------------- page 80 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Valhi Inc. 20 $ 251 Sonic Automotive Inc.+ 30 249 U.S. Aggregates Inc. 15 248 O'Charleys Inc.+ 20 246 Rightchoice Managed Care Inc. "A"+ 10 243 IDX Systems Corp.+ 15 242 Cambridge Technology Partners Inc.+ 55 241 R&G Financial Corp. "B" 25 241 Eclipsys Corp.+ 15 240 NCO Group Inc.+ 20 238 Digital Courier Technologies Inc.+ 130 236 Systemax Inc.+ 85 234 VaxGen Inc.+ 10 234 Buckle Inc. (The)+ 20 232 Harris Financial Inc. 30 232 Bush Industries Inc. "A" 20 231 WebLink Wireless Inc.+ 30 231 SERENA Software Inc.+ 5 230 kForce.com Inc.+ 65 228 Theragenics Corp.+ 35 228 Acme Communications Inc.+ 25 225 Armor Holdings Inc.+ 15 225 infoUSA Inc.+ 45 225 AirGate PCS Inc.+ 5 224 Neoforma.com Inc.+ 60 223 Simpson Manufacturing Co. Inc.+ 5 223 Valassis Communications Inc.+ 10 223 Wackenhut Corp.+ 15 223 buy.com Inc.+ 80 222 DDi Corp.+ 5 221 GlobalNet Financial.com Inc.+ 35 221 National Instruments Corp.+ 5 221 American TeleSource International Inc.+ 95 220 Cygnus Inc.+ 20 220 Indus International Inc.+ 45 219 Interact Commerce Corporation+ 20 219 SLI Inc. 30 219 Pinnacle Entertainment Inc.+ 10 218 American Axle & Manufacturing Holdings Inc.+ 20 215 Amylin Pharmaceuticals Inc.+ 20 215 Transkaryotic Therapies Inc.+ 5 215 Tritel Inc.+ 15 215 XM Satellite Radio Holdings Inc. "A"+ 5 215 ADTRAN Inc.+ 5 $ 213 Crown Media Holdings Inc.+ 15 213 Skyline Corp. 10 213 Telocity Inc.+ 65 213 Travelocity.com Inc.+ 15 213 CPI Corp. 10 212 GO.com (Walt Disney)+ 20 212 Atlas Air Inc.+ 5 211 Gaylord Container Corporation "A"+ 125 211 Infonet Services Corp. "B"+ 20 211 Sequenom Inc.+ 5 211 CompX International Inc. 10 210 Superior Telecom Inc. 35 210 BankAtlantic Bancorp Inc. "A" 50 209 National Processing Inc.+ 15 209 Cheap Tickets Inc.+ 20 207 United Auto Group Inc.+ 25 206 Source Information Management Co.+ 30 204 CTC Communications Group Inc.+ 10 202 CTG Resources Inc. 5 202 Revlon Inc. "A"+ 30 201 Cypress Communications Inc.+ 75 199 Valmont Industries Inc. 10 199 Louis Dreyfus Natural Gas Corp.+ 5 198 U.S. Can Corp.+ 10 198 Capital City Bank Group Inc. 10 196 NPC International Inc.+ 20 196 Dot Hill Systems Corp.+ 30 195 Lightspan Inc.+ 80 195 Packard BioScience Company+ 10 195 Convergys Corp.+ 5 194 Datastream Systems Inc.+ 15 193 Microsemi Corp.+ 5 191 Barrett Resources Corp.+ 5 189 Prize Energy Corp.+ 10 189 Jakks Pacific Inc.+ 20 188 NetRatings Inc.+ 10 188 FYI Inc.+ 5 187 Drugstore.com Inc.+ 55 186 Opus360 Corp.+ 80 185 e.MedSoft.com+ 70 184 Westpoint Stevens Inc. 15 184 Techniclone Corp.+ 75 183 SmartServ Online Inc.+ 5 179 GetThere.com Inc.+ 10 177 NCH Corp. 5 177 -------------------------------------------------------------------------------- iShares Schedules of Investments page 81 iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Horizon Offshore Inc.+ 10 $ 176 Oakley Inc.+ 10 176 Denbury Resources Inc.+ 25 175 Value Line Inc. 5 175 Cox Radio Inc. "A"+ 10 174 Isis Pharmaceuticals Inc.+ 15 172 CyberSource Corp.+ 15 170 NetManage Inc.+ 80 170 Blount International Inc.+ 15 169 CVB Financial Corp. 10 168 Coolsavings.com Inc.+ 60 164 eMagin Corporation+ 15 161 BlackRock Inc.+ 5 160 Alaska Communications Systems Holdings Inc.+ 25 159 Callon Petroleum Corp.+ 10 158 Young Broadcasting Corp. "A"+ 5 157 Spartech Corp. 10 156 Vans Inc.+ 10 154 Rare Hospitality International Inc.+ 8 153 World Wrestling Federation Entertainment Inc.+ 10 152 Protection One Inc.+ 110 151 Gabelli Asset Management Inc. "A"+ 5 150 Vyyo Inc.+ 5 150 AGENCY.com Inc.+ 10 149 Antigenics Inc.+ 10 147 Aperian Inc.+ 23 147 Ivex Packaging Corp.+ 15 147 Infogrames Inc.+ 20 145 Intertan Inc.+ 10 144 Therma-Wave Inc.+ 5 144 Apria Healthcare Group Inc.+ 10 139 First Consulting Group Inc.+ 25 139 Illuminet Holdings Inc.+ 5 139 NetZero Inc.+ 65 138 SciQuest.com Inc.+ 20 138 NaviSite Inc.+ 5 135 Dover Downs Entertainment Inc. 10 134 Pacific Capital Bancorp 5 134 Kulicke & Soffa Industries Inc.+ 10 133 Teligent Inc. "A"+ 10 130 Valuevision International Inc. "A"+ 5 126 Ventiv Health Inc.+ 10 126 MedicaLogic Inc.+ 35 $ 125 Papa John's International Inc.+ 5 125 Advanced Lighting Technologies Inc.+ 10 124 Stericycle Inc.+ 5 123 Championship Auto Racing Teams Inc.+ 5 122 New Era of Networks Inc.+ 5 122 FirstWorld Communications Inc. "B"+ 60 121 Cubic Corp. 5 119 NetScout Systems Inc.+ 5 119 Seminis Inc. "A"+ 95 119 Blyth Industries Inc. 5 117 Net2Phone Inc.+ 5 113 Organic Inc.+ 25 113 Airnet Communications Corp.+ 5 112 Regent Communications Inc.+ 20 111 Centennial Cellular Corp. "A"+ 5 110 West Teleservices Corp.+ 5 110 ON Semiconductor Corp.+ 10 109 Photronics Inc.+ 5 109 Symmetricom Inc.+ 7 109 Electronics Boutique Holdings Corp.+ 5 107 Jack in the Box Inc.+ 5 107 Lands' End Inc.+ 5 105 Speedway Motorsports Inc.+ 5 104 Loudeye Technologies Inc.+ 15 102 Data Return Corp.+ 5 101 Central Parking Corp. 5 99 Kos Pharmaceuticals Inc.+ 5 99 Lindsay Manufacturing Co. 5 93 Newpark Resources Inc.+ 10 93 Calico Commerce Inc.+ 15 92 Integrated Circuit Systems Inc.+ 5 92 Metawave Communications Corp.+ 5 92 Allos Therapeutics Inc.+ 10 91 Pac-West Telecomm Inc.+ 10 91 Berry Petroleum Co. 5 90 Hollywood.com Inc.+ 15 90 Netpliance Inc.+ 60 90 Superconductor Technologies Inc.+ 5 90 Xybernaut Corp.+ 15 89 Gulf Island Fabrication Inc.+ 5 88 Electroglas Inc.+ 5 85 Fibernet Telecom Group Inc.+ 5 85 Viasystems Group Inc.+ 5 85 Medallion Financial Corp. 5 84 AVT Corp.+ 15 83 -------------------------------------------------------------------------------- page 82 iShares iShares Russell 3000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------- Ciber Inc.+ 10 $ 82 Scientific Learning Corp.+ 15 82 Alamosa PCS Holdings Inc.+ 5 81 Vasco Data Security International Inc.+ 5 80 Quokka Sports Inc.+ 20 79 Knight Transportation Inc.+ 5 78 Deltek Systems Inc.+ 10 77 eMachines Inc.+ 75 77 ATS Medical Inc.+ 5 75 American Classic Voyages Co.+ 5 73 Elcor Corp. 5 72 ESS Technology Inc.+ 5 72 iBeam Broadcasting Corp.+ 10 68 Progress Software Corp.+ 5 68 Expedia Inc. "A"+ 5 65 Modem Media Inc.+ 15 65 Switchboard Inc.+ 10 65 Gentiva Health Services Inc.+ 5 64 PEC Solutions Inc.+ 10 64 Photogen Technologies Inc.+ 15 64 Catalytica Inc.+ 5 62 United Natural Foods Inc.+ 5 62 Oratec Interventions Inc.+ 5 61 Independent Bank Corp. 5 60 White Electronic Designs Corp. 5 60 Sitel Corp.+ 20 59 Targeted Genetics Corp.+ 5 59 Universal Access Inc.+ 5 59 Inter-Tel Inc. 5 57 Uproar Inc.+ 15 56 Astec Industries Inc.+ 5 55 Ventro Corporation+ 5 55 Deltathree.com Inc.+ 15 54 Sonic Innovations Inc.+ 5 53 Beasley Broadcast Group Inc. "A"+ 5 48 VIA NET.WORKS Inc.+ 5 48 Reliance Group Holdings Inc. 230 47 GC Companies Inc.+ 15 45 Savvis Communications Corp.+ 5 45 GoAmerica Inc.+ 5 44 Shares or Security Principal Value -------------------------------------------------------------------- Onvia.com Inc.+ 10 $ 44 Viador Inc.+ 5 44 Quintus Corp.+ 5 43 Whitehall Jewellers Inc.+ 5 40 GRIC Communications Inc.+ 5 36 NetSolve Inc.+ 5 36 Digital Impact Inc.+ 5 33 NET2000 Communications Inc.+ 5 32 Prison Realty Trust Inc. "B"+ 1 10 ICG Communications Inc.+ 10 4 -------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $17,402,613) 18,382,362 -------------------------------------------------------------------- REPURCHASE AGREEMENT - 0.06% -------------------------------------------------------------------- Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $10,963 and an effective yield of 6.25%. $10,958 10,958 -------------------------------------------------------------------- TOTAL REPURCHASE AGREEMENT (Cost: $10,958) 10,958 -------------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 99.97% (Cost: $17,413,571) 18,393,320 -------------------------------------------------------------------- Other Assets, Less Liabilities - 0.03% 5,508 -------------------------------------------------------------------- NET ASSETS - 100.00% $18,398,828 ==================================================================== + Non-income earning securities. See notes to financial statements. -------------------------------------------------------------------------------- iShares Schedules of Investments page 83 iShares Russell 2000 Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS - 99.86% ------------------------------------------------------------------ Interwoven Inc.+ 8,926 $ 1,009,189 MMC Networks Inc.+ 7,641 966,587 Veeco Instruments Inc.+ 6,502 690,939 Enzon Inc.+ 10,204 673,464 Plexus Corp.+ 9,496 669,468 Silicon Valley Bancshares+ 11,283 657,058 Amerisource Health Corp. "A"+ 13,599 639,153 Metris Companies Inc. 15,867 626,746 Caremark Rx Inc.+ 54,395 611,944 Invitrogen Corp.+ 8,585 610,608 Cirrus Logic Inc.+ 15,101 608,759 MRV Communications Inc.+ 13,426 608,366 Exar Corp.+ 5,012 606,452 Manugistics Group Inc.+ 6,051 593,754 Avocent Corporation+ 10,743 592,208 Informatica Corp.+ 6,208 578,896 HNC Software Inc.+ 7,042 576,124 AmeriCredit Corp.+ 19,676 566,915 Gallagher (Arthur J.) & Co. 9,396 555,539 Laboratory Corp. of America Holdings+ 4,595 550,251 Infocus Corp.+ 10,287 545,211 Elantec Semiconductor Inc.+ 5,470 544,949 Netro Corp.+ 9,079 537,931 Pactiv Corp.+ 46,865 524,302 Centex Corp. 16,187 520,007 Precision Castparts Corp. 13,128 503,787 Actuate Software Corp.+ 14,408 497,751 Astoria Financial Corp. 12,667 489,263 Plantronics Inc.+ 12,725 483,550 Sirius Satellite Radio Inc.+ 9,110 481,691 Coherent Inc.+ 7,059 480,012 Inhale Therapeutic Systems Inc.+ 8,422 474,790 Abercrombie & Fitch Co.+ 24,880 474,275 MIPS Technologies Inc. "A"+ 10,266 472,236 Cell Therapeutics Inc.+ 7,066 471,214 Medicis Pharmaceutical Corp. "A"+ 7,645 470,167 Western Resources Inc. 21,488 464,678 Investors Financial Services Corp. 7,359 464,537 Leap Wireless International Inc.+ 7,407 463,400 Netegrity Inc.+ 6,611 462,770 Natural Microsystems Corp.+ 8,596 462,438 Tollgrade Communications Inc.+ 3,322 461,135 MDU Resources Group Inc. 15,430 459,042 Intermedia Communications Inc.+ 15,487 456,866 Catellus Development Corp.+ 26,083 456,452 Advent Software Inc.+ 6,516 $ 455,305 Foundation Health Systems Inc.+ 27,371 455,043 Humana Inc.+ 42,188 453,521 Mettler Toledo International Inc.+ 10,262 451,528 Bank United Corp. "A" 8,882 450,206 Alpharma Inc. 7,334 448,291 Commerce Bancorp Inc. 7,677 446,705 Cobalt Networks Inc.+ 7,654 442,975 Myriad Genetics Inc.+ 5,116 439,976 Dura Pharmaceuticals Inc.+ 12,304 435,254 Venator Group Inc.+ 35,022 433,397 Methode Electronics Inc. "A" 9,776 433,199 Bergen Brunswig Corp. "A" 37,042 432,928 OSI Pharmaceuticals Inc.+ 6,179 432,530 Cytec Industries Inc.+ 12,792 427,733 IDACorp Inc. 9,234 427,072 Cullen/Frost Bankers Inc. 12,796 415,870 Go2Net Inc.+ 7,644 414,806 VISX Inc.+ 15,391 414,595 C&D Technologies Inc. 7,289 413,651 OGE Energy Corp. 19,147 408,070 Kansas City Power & Light Co. 15,236 406,611 ALLETE 18,293 404,733 Anaren Microwave Inc.+ 2,979 404,027 Omnicare Inc. 24,896 401,448 Titan Pharmaceuticals Inc.+ 6,122 397,930 CTS Corp. 7,854 397,609 NetIQ Corp.+ 6,053 397,606 Molecular Devices Corp.+ 4,045 397,421 Barr Laboratories Inc.+ 5,952 394,692 Lubrizol Corp. 19,960 392,963 Arden Realty Inc. 14,653 392,884 Conectiv Inc. 21,969 392,696 Lennar Corp. 13,223 392,558 Whole Foods Market Inc.+ 7,255 389,503 Carlisle Companies Inc. 9,360 388,440 Suiza Foods Corp.+ 7,656 388,064 Lear Corp.+ 18,828 387,151 Allied Capital Corp. 18,638 386,738 Edwards (J.D.) & Co.+ 14,921 386,081 Mentor Graphics Corp.+ 16,383 386,024 Tut Systems Inc.+ 4,460 384,954 Iomega Corp.+ 76,215 381,075 Diamond Technology Partners Inc.+ 5,073 376,670 Varian Inc.+ 8,727 375,806 Cummins Engine Company Inc. 12,465 373,171 Sierra Pacific Resources Corp. 20,728 373,104 -------------------------------------------------------------------------------- page 84 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Eaton Vance Corp. 7,301 $ 372,351 Aeroflex Inc.+ 7,595 369,307 Alexion Pharmaceuticals Inc.+ 3,211 366,054 Varian Medical Systems Inc.+ 7,998 361,410 Smithfield Foods Inc.+ 13,754 361,043 Storage Technology Corp.+ 26,609 360,885 Fulton Financial Corp. 18,143 359,458 BRE Properties Inc. 11,205 358,560 Cubist Pharmaceuticals Inc.+ 6,866 357,461 Roslyn Bancorp Inc. 15,945 356,769 Pier 1 Imports Inc. 26,234 355,799 Documentum Inc.+ 4,345 352,760 CuraGen Corp.+ 6,607 352,029 Health Care Property Investors Inc. 11,882 352,004 Varian Semiconductor Equipment Associates Inc.+ 9,402 351,987 Orthodontic Centers of America+ 10,566 351,980 Maxim Pharmaceuticals Inc.+ 5,790 351,742 Korn/Ferry International+ 9,295 351,467 Reckson Associates Realty Corp. 13,621 347,336 Pioneer Natural Resources Co.+ 24,471 347,182 Kaufman & Broad Home Corp. 12,882 347,009 Legato Systems Inc.+ 25,379 341,030 Highwoods Properties Inc. 14,430 340,909 IndyMac Mortgage Holdings Inc. 16,551 340,330 Greater Bay Bancorp 4,878 338,716 Cross Timbers Oil Co. 17,645 338,554 Shaw Group Inc.+ 4,800 338,400 Dexter Corp. (The) 5,635 338,100 Sky Financial Group Inc. 18,993 337,126 StanCorp Financial Group Inc. 7,885 337,084 Minerals Technologies Inc. 7,316 336,536 American Greetings Corp. "A" 19,125 334,687 Webster Financial Corp. 12,395 333,890 Fisher Scientific International Inc.+ 9,886 333,652 Technitrol Inc. 3,285 331,785 York International Corp. 13,335 331,708 CNF Transportation Inc. 14,892 331,347 Edwards Lifesciences Corp.+ 15,186 331,245 Manor Care Inc.+ 21,109 331,147 Fidelity National Financial Inc. 13,374 331,006 Ryder System Inc. 17,898 329,994 Hudson United Bancorp 11,914 329,124 Oak Technology Inc.+ 11,976 327,843 OM Group Inc. 7,495 326,969 HON Industries Inc. 13,206 $ 325,198 Teleflex Inc. 9,423 323,916 ACNielsen Corp.+ 13,547 322,588 Proxim Inc.+ 7,182 319,599 Harman International Industries Inc. 8,164 319,212 Raymond James Financial Corp. 9,680 318,835 Aspen Technology Inc.+ 7,013 316,462 Lee Enterprises Inc. 10,845 313,149 Franchise Finance Corporation of America 13,908 312,930 Affiliated Managers Group Inc.+ 5,453 310,480 Payless Shoesource Inc.+ 5,507 308,392 Washington Gas Light Co. 11,432 307,235 Ethan Allen Interiors Inc. 10,838 306,851 Vectren Corporation 15,028 305,256 Newport News Shipbuilding Inc. 7,020 304,493 Zale Corp.+ 9,381 304,296 Lincare Holdings Inc.+ 10,607 304,288 Labranche & Co. Inc.+ 9,088 303,312 Benchmark Electronics Inc.+ 5,830 303,160 New Plan Excel Realty Trust 22,141 303,055 Westamerica Bancorp 9,051 302,643 SkyWest Inc. 5,905 302,631 Enzo Biochem Inc.+ 6,238 302,543 Zebra Technologies Corp. "A"+ 6,293 302,457 Michaels Stores Inc.+ 7,559 302,360 CV Therapeutics Inc.+ 3,875 301,402 REMEC Inc.+ 10,213 300,645 Province Healthcare Co.+ 7,485 298,932 Sensormatic Electronics Corp.+ 19,895 298,425 Dial Corp. 25,668 298,390 Cerner Corp.+ 6,414 297,850 National Data Corp. 9,072 297,675 Bancorp South Inc. 20,691 297,433 Freeport-McMoRan Copper & Gold Inc.+ 33,609 296,179 Briggs & Stratton Corp. 7,816 295,543 HSB Group Inc. 7,362 295,400 Verity Inc.+ 8,254 294,565 Dain Rauscher Corp. 3,164 294,252 First Industrial Realty Trust 9,557 293,878 Trustmark Corp. 15,013 292,754 Stillwater Mining Co.+ 10,804 292,464 Cheesecake Factory (The)+ 6,762 292,456 DSP Group Inc.+ 7,813 292,011 Camden Property Trust 9,411 291,741 Washington Federal Inc. 12,809 291,405 Dean Foods Co. 8,756 291,137 Neiman-Marcus Group Inc. "A"+ 8,975 291,127 -------------------------------------------------------------------------------- iShares Schedules of Investments page 85 iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ AnnTaylor Stores Corp.+ 7,570 $ 290,972 Hospitality Properties Trust 12,441 290,808 NPS Pharmaceuticals Inc.+ 5,135 290,448 Linens 'N Things Inc.+ 11,379 290,164 Cell Genesys Inc.+ 9,663 289,890 Peoples Energy Corp. 8,680 289,695 IDT Corp.+ 7,427 288,725 Patterson Energy Inc.+ 8,365 287,547 Cable Design Technologies Corp.+ 11,815 287,252 ONEOK Inc. 7,211 286,637 Immunogen Inc.+ 8,352 285,534 C-Cube Microsystems Inc.+ 13,921 285,380 Avista Corp. 12,650 284,625 PurchasePro.com Inc.+ 3,234 284,188 ArvinMeritor Inc. 19,320 283,763 Vintage Petroleum Inc. 12,468 283,647 First American Financial Corp. 13,580 283,482 Lone Star Technologies Inc.+ 6,122 282,530 AptarGroup Inc. 11,775 281,864 Hawaiian Electric Industries Inc. 8,025 279,872 Rayonier Inc. 7,786 279,809 Scholastic Corp.+ 3,510 279,264 Borders Group Inc.+ 20,035 279,238 Concurrent Computer Corp.+ 14,686 279,034 Aviron+ 4,772 278,267 Cousins Properties Inc. 6,450 277,753 United Dominion Realty Trust 25,505 277,367 Cymer Inc.+ 9,034 277,231 LifePoint Hospitals Inc.+ 7,757 275,373 Commercial Federal Corp. 14,370 274,826 LTX Corp.+ 14,508 274,745 Investment Technology Group Inc.+ 6,781 270,816 Pulte Corp. 8,203 270,699 First Midwest Bancorp Inc. 10,142 270,031 Dillards Inc. "A" 25,414 270,024 Barrett Resources Corp.+ 7,134 269,754 Citizens Banking Corp. 11,727 269,721 Weingarten Realty Investors 6,598 268,869 FelCor Lodging Trust Inc. 11,612 268,528 Trimeris Inc.+ 3,827 267,651 AGL Resources Inc. 13,317 267,172 Sotheby's Holdings Inc. 10,721 266,685 American Superconductor Corp.+ 5,422 266,525 HRPT Properties Trust 37,870 265,090 Western Digital Corp.+ 44,905 263,817 FuelCell Energy Inc.+ 2,738 $ 263,490 Keystone Financial Inc. 12,081 262,762 Silicon Valley Group Inc.+ 9,973 262,415 AK Steel Holding Corp. 27,961 262,134 Hain Celestial Group Inc.+ 7,459 261,997 Pure Resources Inc.+ 12,347 261,602 Artesyn Technologies Inc.+ 8,958 260,902 Vicor Corp.+ 4,802 260,509 Teledyne Technologies Inc.+ 8,931 260,115 Cleco Corp. 5,557 259,790 Key Energy Group Inc.+ 26,462 259,658 Alexander & Baldwin Inc. 9,956 258,856 Barnes & Noble Inc.+ 13,143 258,753 Actel Corp.+ 7,198 258,678 Wiley (John) & Sons Inc. "A" 11,269 258,483 Valuevision International Inc. "A"+ 10,276 258,185 Impath Inc.+ 4,088 258,055 Adaptive Broadband Corp.+ 13,224 257,868 SIPEX Corp.+ 6,130 257,843 Trinity Industries Inc. 10,987 256,821 Alberto-Culver Co. "B" 8,876 255,740 Pioneer Group Inc. (The)+ 5,807 255,327 Grey Wolf Inc.+ 44,174 254,000 Emcore Corp.+ 6,098 253,543 Pogo Producing Co. 9,950 252,481 Tetra Tech Inc.+ 8,829 252,178 Ball Corp. 7,954 252,042 Roper Industries Inc. 7,592 251,960 Colonial BancGroup Inc. 24,281 251,915 Essex Property Trust Inc. 4,530 250,849 Advanced Digital Information Corp.+ 16,466 250,077 Delta & Pine Land Co. 9,726 249,837 Leucadia National Corp. 9,297 248,695 Triad Hospitals Inc.+ 8,462 248,571 Furniture Brands International Inc.+ 14,945 248,461 Clayton Homes Inc. 24,605 246,050 Resmed Inc.+ 7,842 245,063 United Stationers Inc.+ 9,105 244,697 IDEXX Laboratories Inc.+ 9,120 243,960 Heidrick & Struggles International Inc.+ 4,746 243,826 RGS Energy Group Inc. 8,616 242,864 Corixa Corp.+ 4,828 242,607 Kennametal Inc. 9,407 242,230 Smith (Charles E) Residential Realty Inc. 5,289 239,988 Extended Stay America Inc.+ 18,100 239,825 Piedmont Natural Gas Co. 7,807 239,089 Silicon Graphics Inc.+ 57,940 239,003 -------------------------------------------------------------------------------- page 86 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Reebok International Ltd.+ 12,631 $ 237,621 Hyperion Solutions Corp.+ 9,071 234,712 D.R. Horton Inc. 13,643 234,495 Centerpoint Properties Corp. 5,089 234,412 Prentiss Properties Trust 8,969 234,315 Symyx Technologies Inc.+ 5,386 233,618 Mitchell Energy & Development Corp. "A" 5,008 233,498 Albany Molecular Research Inc.+ 4,152 233,291 Insight Enterprises Inc.+ 8,545 232,851 Quorum Health Group Inc.+ 17,899 232,687 NYFIX Inc.+ 5,164 231,089 Silicon Image Inc.+ 9,306 230,905 National Service Industries Inc. 11,754 229,938 Neurocrine Biosciences Inc.+ 5,082 228,690 Southwest Bancorp of Texas Inc.+ 6,993 228,584 Chesapeake Energy Corp.+ 31,781 228,426 Alleghany Corp.+ 1,165 228,340 Gartner Group Inc. "A"+ 19,623 228,117 Priority Healthcare Corp. "B"+ 2,985 227,606 Pericom Semiconductor Corp.+ 6,124 226,588 Universal Foods Corp. 11,101 226,183 Independence Community Bank Corp. 16,155 226,170 Microstrategy Inc.+ 8,271 225,902 Donaldson Co. Inc. 10,268 225,896 Transkaryotic Therapies Inc.+ 5,243 225,777 Jacobs Engineering Group Inc.+ 5,563 224,258 Computer Network Technology Corp.+ 6,519 224,091 Park National Corp. 2,328 223,488 Men's Wearhouse Inc. (The)+ 7,890 223,386 Stone Energy Corp.+ 4,059 223,245 Coventry Health Care Inc.+ 14,753 223,139 Helix Technology Corp. 7,466 223,047 Jack in the Box Inc.+ 10,403 223,014 Public Service Company of New Mexico 8,591 222,292 Olin Corp. 13,705 221,850 Ferro Corp. 11,635 221,792 Quantum Hard Disk Drive Group+ 22,317 221,775 Federal Signal Corp. 11,157 221,745 Mohawk Industries Inc.+ 10,116 220,655 Maxtor Corp.+ 20,987 220,363 Pittston Brink's Group 14,144 219,232 Intranet Solutions Inc.+ 4,377 218,850 Community First Bankshares Inc. 12,447 218,600 Lilly Industries Inc. "B" 7,394 218,123 Noven Pharmaceuticals Inc.+ 5,093 217,726 Harsco Corp. 9,840 $ 217,095 La-Z-Boy Chair Co. 14,901 216,996 Polo Ralph Lauren Corp.+ 13,377 215,704 Advance Paradigm Inc.+ 5,092 214,819 Avis Rent A Car Inc.+ 7,240 214,485 Digital Insight Corp.+ 5,974 214,317 WPS Resources Corp. 6,537 214,087 United Rentals Inc.+ 8,870 213,989 Borg-Warner Automotive Inc. 6,454 213,789 Dendrite International Inc.+ 7,968 213,642 Markel Corp.+ 1,405 213,209 InterDigital Communications Corp.+ 15,228 213,192 Steris Corp.+ 17,658 211,896 CEC Entertainment Inc.+ 6,594 211,008 CBRL Group Inc. 14,631 210,321 RadiSys Corp.+ 4,159 210,289 Pharmacyclics Inc.+ 4,230 209,914 American Eagle Outfitters Inc.+ 6,652 209,538 Healthcare Realty Trust 9,863 208,356 Polaris Industries Partners LP "A" 5,894 207,764 Swift Energy Co.+ 4,996 207,646 Viasystems Group Inc.+ 12,206 207,502 Bindley Western Industries Inc. 6,481 207,392 Downey Financial Corp. 5,244 207,138 Media General Inc. "A" 4,804 206,572 HCC Insurance Holdings Inc. 10,169 206,558 Alaska Air Group Inc.+ 8,587 206,088 Timberland Co.+ 5,012 205,492 Constellation Brands Inc.+ 3,782 205,410 Veritas DGC Inc.+ 7,093 205,254 Wave Systems Corp. "A"+ 12,233 204,903 Louis Dreyfus Natural Gas Corp.+ 5,153 204,188 Storage USA Inc. 6,676 203,618 Whitney Holding Corp. 5,606 203,568 Universal Corporation 6,926 203,451 Glenayre Technologies Inc.+ 18,704 203,406 Pennzoil-Quaker State Co. 19,337 203,039 Kent Electronics Corp.+ 8,420 201,028 Career Education Corp.+ 4,516 200,962 Cabot Industrial Trust 10,019 199,754 AGCO Corp. 16,804 199,547 Seacor Smit Inc.+ 4,263 198,762 Tecumseh Products Co. "A" 4,745 198,697 JNI Corp.+ 2,231 198,559 Energen Corp. 6,672 198,492 Claire's Stores Inc. 11,012 198,216 Cooper Tire & Rubber Co. 19,623 197,456 -------------------------------------------------------------------------------- iShares Schedules of Investments page 87 iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ U.S. Industries Inc. 19,828 $ 197,041 Rent-Way Inc.+ 6,485 196,982 Corn Products International Inc. 8,652 196,833 AXT Inc.+ 4,703 196,644 Philadelphia Suburban Corp. 8,457 196,097 Geltex Pharmaceuticals Inc.+ 4,174 195,395 Anixter International Inc.+ 6,687 194,759 Nordson Corp. 6,822 194,001 Polaroid Corp. 14,361 192,976 SERENA Software Inc.+ 4,179 192,495 Earthgrains Company (The) 10,432 192,340 Lancaster Colony Corp. 7,799 191,563 Ilex Oncology Inc.+ 6,347 191,203 Administaff Inc.+ 2,524 191,067 Imperial Bancorp+ 9,978 190,829 Corporate Executive Board Co. (The)+ 4,728 190,302 Horace Mann Educators Corp. 11,603 189,999 Aware Inc.+ 4,914 189,189 Wit Soundview Group Inc.+ 20,935 188,415 Invacare Corp. 5,851 187,963 FactSet Research Systems Inc. 4,994 187,774 Albemarle Corp. 9,300 187,744 US Freightways Corp. 8,265 187,512 Ogden Corp.+ 13,799 187,149 Insight Communications Co. Inc.+ 11,769 186,833 Mercury General Corp. 6,596 186,749 Wallace Computer Services Inc. 12,225 186,431 Journal Register Co.+ 11,172 185,734 Federal Realty Investment Trust 9,710 185,704 Excalibur Technologies Corp.+ 2,763 185,639 El Paso Electric Co.+ 13,477 185,578 Alliance Semiconductor Corp.+ 9,335 185,533 Geron Corp.+ 6,530 185,289 AXENT Technologies Inc.+ 8,574 184,877 Scotts Co. (The) "A"+ 5,517 184,820 Secure Computing Corp.+ 7,079 184,496 Photronics Inc.+ 8,447 184,250 Avant! Corp.+ 10,077 183,905 Alliant Techsystems Inc.+ 2,219 182,235 Perot Systems Corp. "A"+ 16,952 182,234 Alliance Pharmaceutical Corp.+ 11,925 181,856 Nationwide Health Properties Inc. 11,403 181,735 Nuance Communications Inc.+ 1,490 181,314 Lightpath Technologies Inc. "B"+ 3,816 181,260 Pacific Sunwear of California Inc.+ 9,660 181,125 UIL Holdings Corporation 3,519 $ 181,009 Packeteer Inc.+ 4,758 180,507 Florida Rock Industries Inc. 4,577 180,505 Too Inc.+ 7,582 180,073 Metricom Inc.+ 6,976 179,632 Flowserve Corp. 10,920 179,498 Novoste Corp.+ 4,220 179,350 Southwest Securities Group Inc. 6,129 179,273 FileNET Corp.+ 9,849 179,129 Commerce Group Inc. 6,181 178,863 Kaydon Corp. 7,769 178,687 Staten Island Bancorp Inc. 8,927 178,540 Longview Fibre Co. 14,830 177,960 Texas Biotech Corp.+ 10,882 177,377 Washington Trust Bancorp Inc. 8,829 177,132 WatchGuard Technologies Inc.+ 2,947 176,820 NVR Inc.+ 2,178 176,418 Forrester Research Inc.+ 2,763 176,141 New Jersey Resources Corp. 4,332 175,988 Atlas Air Inc.+ 4,154 175,506 Meristar Hospitality Corp. 8,654 175,243 Regency Realty Corp. 7,633 175,082 Hollinger International Inc. 10,430 174,702 Tom Brown Inc.+ 7,119 174,416 Connetics Corp.+ 7,224 174,279 IKON Office Solutions Inc. 44,249 174,230 Kilroy Realty Corp. 6,525 174,136 Brown & Brown Inc. 5,470 174,014 Developers Diversified Realty Corp. 13,496 173,761 Act Manufacturing Inc.+ 3,292 173,653 Toll Brothers Inc.+ 5,028 172,838 Church & Dwight Co. Inc. 9,392 172,578 Phoenix Investment Partners Ltd. 11,074 171,647 Ruby Tuesday Inc. 15,206 171,068 Overseas Shipholding Group Inc. 6,243 170,902 Syncor International Corp.+ 4,642 170,884 Bio-Technology General Corp.+ 14,934 170,808 Dal-Tile International Inc.+ 13,658 170,725 Hooper Holmes Inc. 17,915 170,372 Genzyme Transgenics Corp.+ 4,829 170,222 Insituform Technologies Inc. "A"+ 5,050 169,806 Brandywine Realty Trust 8,361 169,310 Cal Dive International Inc.+ 2,954 168,932 Dole Food Co. 11,255 168,825 Ligand Pharmaceuticals Inc. "B"+ 13,172 168,766 Richmond County Financial Corp. 6,975 168,708 BARRA Inc.+ 2,713 168,376 -------------------------------------------------------------------------------- page 88 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Regeneron Pharmaceuticals Inc.+ 5,154 $ 168,149 CompuCredit Corp.+ 2,993 167,889 On Assignment Inc.+ 5,350 167,856 Chittenden Corp. 6,534 167,842 AMETEK Inc. 7,905 167,487 Alfa Corp. 9,584 167,121 United Bancshares Inc. 8,500 166,813 Beverly Enterprises Inc.+ 28,075 166,695 Interstate Bakeries Corp. 11,394 166,637 Hutchinson Technology Inc.+ 7,910 166,604 Syntroleum Corp.+ 8,147 165,995 Texas Industries Inc. 5,207 165,973 Mercury Computer Systems Inc.+ 5,966 165,929 Donnelley (R.H.) Co.+ 7,826 165,324 Shurgard Storage Centers Inc. 7,319 165,135 CH Energy Group Inc. 4,138 165,003 Macerich Co. (The) 7,752 164,730 Provident Financial Group Inc. 5,606 164,676 Sinclair Broadcast Group "A"+ 14,940 163,406 Eclipsys Corp.+ 10,212 163,392 Packaging Corporation of America+ 14,695 162,563 Gables Residential Trust 5,978 162,527 Pacific Capital Bancorp 6,075 162,506 TrustCo Bank Corp. 13,173 162,193 Brady Corp. "A" 5,361 162,170 Atmos Energy Corp. 7,847 161,844 Southwest Gas Co. 7,729 161,826 McClatchy Co. (The) "A" 4,598 161,792 Mid Atlantic Medical Services Inc.+ 10,697 161,792 MascoTech Inc. 9,725 161,070 UGI Corp. 6,641 161,044 Bob Evans Farms Inc. 8,697 160,894 Jeffries Group Inc. 5,984 160,820 American National Insurance Co. 2,511 160,390 Graco Inc. 4,966 160,153 XM Satellite Radio Holdings Inc. "A"+ 3,703 159,460 Transaction Systems Architects Inc. "A"+ 9,792 159,120 Newpark Resources Inc.+ 17,166 158,786 ZixIt Corp.+ 5,184 $ 158,112 Black Hills Corp. 5,633 158,076 St. Mary Land & Exploration Co. 6,854 158,070 Haemonetics Corp.+ 6,196 157,998 HI/FN Inc.+ 2,290 156,006 PS Business Parks Inc. 5,698 155,271 Pre-Paid Legal Services Inc.+ 4,803 155,197 KV Pharmaceuticals Co.+ 4,496 155,112 National Discounts Brokers Group Inc.+ 5,010 154,997 DDi Corp.+ 3,502 154,963 Bally Total Fitness Holding Corp.+ 6,196 154,900 eLoyalty Corp.+ 12,134 154,708 UTI Energy Corp.+ 3,466 154,670 CBL & Associates Properties Inc. 6,158 154,335 UCAR International Inc.+ 12,142 154,052 Modine Manufacturing Co. 5,462 153,875 Rehabcare Corp.+ 3,620 153,850 Total Renal Care Holdings+ 20,491 153,683 Cost Plus Inc.+ 5,091 153,366 Maverick Tube Corp.+ 5,691 153,301 Home Properties of NY Inc. 5,115 152,811 Realty Income Corp. 6,550 152,697 Structural Dynamics Research Corp.+ 9,300 152,288 NL Industries Inc. 7,186 152,253 Milacron Inc. 11,429 152,149 P-Com Inc.+ 22,929 151,905 SPS Technologies Inc.+ 3,131 151,854 Southern Union Co.+ 7,657 151,704 Security Capital Group "B"+ 7,988 151,273 Sl Green Realty Corp. 5,389 151,229 Station Casinos Inc.+ 10,607 151,150 Rent-A-Center Inc.+ 4,354 151,029 Airgas Inc.+ 22,146 150,870 99 Cents Only Stores+ 2,993 150,211 Banta Corp. 6,157 150,077 Commonwealth Telephone Enterprises Inc.+ 4,066 149,934 F&M National Corp. 6,116 149,460 Buckeye Technologies Inc.+ 7,196 149,317 Presstek Inc.+ 7,774 149,164 Motient Corp.+ 10,540 148,878 Diagnostic Products Corp. 2,769 148,488 Delphi Financial Group Inc.+ 3,657 148,108 Susquehanna Bancshares Inc. 9,705 148,001 Biosite Diagnostics Inc.+ 3,707 147,817 W.R. Berkley Corp. 4,275 147,755 Guilford Pharmaceuticals Inc.+ 6,379 147,116 Summit Properties Inc. 6,110 147,022 AnswerThink Consulting Group Inc.+ 9,039 146,884 Fuller (H. B.) Co. 5,091 146,366 UMB Financial Corp. 3,923 146,132 Aztar Corp.+ 9,454 145,355 Littelfuse Inc.+ 4,888 145,113 G&K Services Inc. "A" 5,171 145,111 -------------------------------------------------------------------------------- iShares Schedules of Investments page 89 iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ E-Town Corp. 2,160 $ 144,450 Accredo Health Inc.+ 2,952 144,279 Footstar Inc.+ 4,464 144,243 GoTo.com Inc.+ 8,731 144,061 Choice Hotels International Inc.+ 13,086 143,946 Penton Media Inc. 5,227 143,743 Armstrong Holdings Inc. 12,030 143,608 United Television Inc. 976 143,472 Unifi Inc.+ 14,050 143,134 People's Bank 6,782 142,846 Pegasus Systems Inc.+ 7,293 142,669 Papa John's International Inc.+ 5,685 142,480 Chateau Communities Inc. 5,299 142,079 BlackRock Inc.+ 4,430 141,760 Cooper Companies Inc. 4,006 141,712 Seachange International Inc.+ 4,246 141,710 Northwest Natural Gas Co. 6,224 141,596 Belden Inc. 5,993 141,585 ADVO Inc.+ 4,282 141,306 Avigen Inc.+ 3,554 141,271 Buffetts Inc.+ 10,266 141,157 Systems & Computer Technology Corp.+ 8,035 141,115 Casey's General Store Inc. 10,841 140,933 MAF Bancorp Inc. 5,664 140,892 Petsmart Inc.+ 30,026 140,747 Longs Drug Stores Inc. 7,358 140,722 Rayovac Corp.+ 8,216 140,699 Mynd Corp.+ 10,409 140,522 Tweeter Home Entertainment Group Inc.+ 3,865 140,348 First Commonwealth Financial Corp. 14,455 140,033 Forest City Enterprises Inc. "A" 3,886 139,896 Polymedica Industries Inc.+ 3,255 139,558 Swift Transportation Co. Inc.+ 10,648 139,090 JLG Industries Inc. 11,386 138,767 Colonial Properties Trust 5,400 138,713 About.com Inc.+ 4,283 138,662 Oshkosh Truck Corp. 3,565 138,144 Kimball International Inc. "B" 7,725 138,084 Bethlehem Steel Corp.+ 45,948 137,844 Acacia Research Corp.+ 3,948 137,686 Celeritek Inc.+ 3,653 137,672 Superior Industries International Inc. 4,588 137,640 WebTrends Corp.+ 3,679 137,503 General Semiconductor Inc.+ 11,258 137,207 First Financial Bancorp 8,699 137,009 Carpenter Technology Corp. 4,704 $ 137,004 Chelsea GCA Realty Inc. 3,894 136,777 Respironics Inc.+ 8,190 136,671 Vical Inc.+ 5,275 136,491 M.D.C. Holdings Inc. 5,246 136,396 Sonic Corp.+ 4,329 136,364 Valence Technology Inc.+ 7,895 136,189 Apria Healthcare Group Inc.+ 9,765 136,100 Liberty Corp. 3,927 135,972 Sun Communities Inc. 4,291 135,703 Globix Corp.+ 5,817 135,609 Coulter Pharmaceutical Inc.+ 4,696 135,597 Otter Tail Power Co. 5,859 135,489 Encompass Service Corp.+ 16,653 135,306 Wausau-Mosinee Paper Corp. 17,450 135,238 Hilb Rogal & Hamilton Co. 3,243 135,193 Concord Camera Corp.+ 5,271 135,069 HS Resources Inc.+ 4,000 134,500 Ask Jeeves Inc.+ 7,006 134,428 South Financial Group Inc. (The) 10,639 134,317 THQ Inc.+ 5,755 133,804 Neose Technologies Inc.+ 2,758 133,418 Supergen Inc.+ 6,952 133,392 Education Management Corp.+ 4,947 133,260 NEO RX Corporation+ 5,437 133,207 Park Electrochemical Corp. 2,393 133,111 Adept Technology Inc.+ 2,527 132,825 Xtra Corp.+ 2,989 132,824 Organogenesis Inc.+ 9,035 132,815 Avant Immunotherapeutics Inc.+ 12,283 132,810 Metasolv Software Inc.+ 3,249 132,803 MacDermid Inc. 6,318 132,678 Regis Corp. 8,841 132,615 Brooktrout Technology Inc.+ 4,022 132,475 Cabot Oil & Gas Corp. "A" 6,496 132,356 Pharmaceutical Product Development Inc.+ 4,982 132,334 Covance Inc.+ 16,139 132,138 Forest Oil Corp.+ 8,154 131,993 Sodexho Marriott Services Inc. 8,024 131,895 Fleetwood Enterprises Inc. 9,713 131,733 International Fibercom Inc.+ 8,982 131,362 Doral Financial Corp. 8,109 131,264 Westell Technologies Inc.+ 10,174 130,990 Tumbleweed Communications Corp.+ 2,568 130,968 Glenborough Realty Trust Inc. 7,255 130,590 Anchor Gaming+ 1,639 130,403 AMCORE Financial Inc. 6,620 129,917 -------------------------------------------------------------------------------- page 90 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Catalytica Inc.+ 10,474 $ 129,616 O'Reilly Automotive Inc.+ 8,820 128,993 Microsemi Corp.+ 3,365 128,291 Smucker (J.M) Company (The)+ 5,276 128,273 Wisconsin Central Transportation Corp.+ 12,120 128,018 Learning Tree International Inc.+ 2,685 127,873 Audiovox Corp. "A"+ 8,476 127,670 Owens & Minor Inc. 8,095 127,496 S&T Bancorp Inc. 6,688 127,072 Direct Focus Inc.+ 3,194 126,961 Fleming Companies Inc. 9,709 126,824 Schulman (A.) Inc. 11,518 126,698 Firstbank Corp. 5,172 126,391 Copart Inc.+ 9,095 126,193 American Capital Strategies Ltd. 5,323 126,089 American Financial Holdings Inc. 7,146 125,948 Tower Automotive Inc.+ 13,403 125,653 Progress Software Corp.+ 9,222 125,650 Health Care Inc. 7,077 125,617 Tredegar Corporation 7,219 124,979 WMS Industries Inc.+ 5,547 124,808 Talk.com Inc.+ 28,283 124,622 Arch Chemicals Inc. 6,823 124,520 LNR Property Corp. 5,612 124,165 Pacific Gulf Properties Inc. 4,638 124,067 Waste Connections Inc.+ 4,835 123,897 Parker Drilling Co.+ 17,693 123,851 UniSource Energy Corp. 7,544 123,533 Microvision Inc.+ 3,225 123,155 Abiomed Inc.+ 1,801 122,693 InterVoice Inc.+ 11,667 122,503 PLX Technology Inc.+ 4,558 122,496 ACTV Inc.+ 8,895 122,306 Western Gas Resources Inc. 4,875 122,180 Charming Shoppes Inc.+ 23,322 121,712 Carter-Wallace Inc. 4,973 121,528 Capitol Federal Financial 8,309 121,519 Atlantic Coast Airlines Holdings+ 3,773 121,443 Edison Schools Inc.+ 3,814 121,094 MGI Pharma Inc.+ 4,035 121,050 Stewart & Stevenson Services Inc. 6,930 120,842 Cerus Corp.+ 2,177 120,823 Salton/Maxim Corp.+ 3,738 120,784 ESS Technology Inc.+ 8,435 120,726 USEC Inc. 28,365 120,551 MEMC Electronics Materials Inc.+ 9,358 120,484 Fair Isaac and Co. Inc. 2,815 120,165 Westpoint Stevens Inc. 9,807 120,136 Lennox International Inc. 12,807 120,066 Meditrust Corp. 40,871 120,059 Forward Air Corp.+ 3,402 119,708 CTC Communications Group Inc.+ 5,886 119,191 Chico's FAS Inc.+ 3,503 119,102 Urban Shopping Centers Inc. 2,501 118,798 Allen Telecom Inc.+ 7,013 118,783 Baldor Electric Co. 5,832 118,463 Symmetricom Inc.+ 7,576 118,375 Isis Pharmaceuticals Inc.+ 10,290 118,335 Kirby Corp.+ 6,027 118,280 Frontline Capital Group Inc.+ 7,178 117,988 Electroglas Inc.+ 6,909 117,885 OfficeMax Inc.+ 33,052 117,748 Advanced Tissue Sciences Inc.+ 15,754 117,170 Libbey Inc. 3,757 116,937 F.N.B. Corp. 5,470 116,921 Dollar Thrifty Automotive Group Inc.+ 5,912 116,762 Concord Communications Inc.+ 4,405 116,732 Arthocare Corp.+ 6,004 116,703 FYI Inc.+ 3,120 116,610 Del Webb Corp.+ 4,199 116,522 Tenneco Automotive Inc. 22,453 116,475 ONYX Software Corp.+ 5,647 116,469 Queens County Bancorp Inc. 4,029 116,337 CLARCOR Inc. 5,964 116,298 EntreMed Inc.+ 4,170 116,239 International Bancshares Corp. 3,795 116,222 Unit Corp.+ 7,877 116,186 Prime Hospitality Corp.+ 11,454 115,972 Acuson Corp.+ 5,094 115,888 Rogers Corp.+ 3,664 115,874 Superior Energy Services Inc.+ 11,016 115,668 Rainbow Technologies Inc.+ 3,264 115,464 EGL Inc.+ 3,809 115,222 Selective Insurance Group Inc. 6,405 114,489 Performance Food Group Co.+ 3,042 114,455 Zoll Medical Corp.+ 2,345 114,319 Quiksilver Inc.+ 5,937 114,287 Paxson Communications Corp.+ 9,925 114,138 Lincoln Electric Holding Inc. 8,562 113,982 Hughes Supply Inc. 5,798 113,757 Granite Construction Inc. 4,687 113,660 NS Group Inc.+ 5,716 113,520 -------------------------------------------------------------------------------- iShares Schedules of Investments page 91 iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Sylvan Learning Systems Inc.+ 7,646 $ 113,256 Advanced Energy Industries Inc.+ 3,431 113,223 Empire District Electric Co. (The) 4,298 112,822 DuPont Photomasks Inc.+ 1,916 112,565 Kellwood Co. 6,167 112,548 PETCO Animal Supplies Inc.+ 5,156 112,465 Manufactured Home Communities Inc. 4,489 112,225 Koger Equity Inc. 6,586 111,962 Sunrise Assisted Living Inc.+ 5,151 111,712 NorthWestern Corp. 5,715 111,443 SICOR Inc.+ 10,868 111,397 Energy Conversion Devices Inc.+ 2,991 111,228 Henry Schein Inc.+ 5,564 110,932 Ariad Pharmaceuticals Inc.+ 8,810 110,676 Great Plains Software Inc.+ 3,925 110,391 First Charter Corp. 7,641 110,317 Young Broadcasting Corp. "A"+ 3,505 110,188 CoStar Group Inc.+ 2,967 109,779 CT Communications Inc. 5,402 109,728 Maxygen Inc.+ 2,109 109,404 Hyseq Inc.+ 2,986 109,176 ADAC Laboratories Inc.+ 5,244 109,141 CFW Communications Co. 4,038 109,026 ABM Industries Inc. 4,009 108,995 Oakley Inc.+ 6,204 108,958 Evergreen Resources Inc.+ 3,135 108,941 Praecis Pharmaceuticals Inc.+ 2,563 108,928 Cathay Bancorp Inc. 2,234 108,907 Boyds Collection Ltd. (The)+ 14,733 108,656 Topps Co. (The)+ 11,821 108,605 ProBusiness Services Inc.+ 3,577 108,204 Children's Place Retail Stores Inc.+ 4,189 107,867 Orbital Sciences Corp.+ 12,859 107,694 MapInfo Corp.+ 3,438 107,652 East West Bancorp Inc. 5,501 107,613 SCP Pool Corp.+ 3,628 107,480 Beringer Wine Estates Holdings Inc. "B"+ 1,933 107,402 Greif Brothers Corp. "A" 3,229 107,364 Harland (John H.) Co. 6,975 106,805 Retek Inc.+ 2,015 106,795 Republic Bancorp Inc. 11,238 106,761 Neurogen Corp.+ 3,422 106,510 Russell Corp. 6,709 106,505 WebLink Wireless Inc.+ 13,821 106,249 Crawford & Co. "B" 8,707 106,117 Clarus Corp.+ 4,649 106,055 Interface Inc. 13,294 105,937 FSI International Inc.+ 7,433 105,920 QuickLogic Corp.+ 6,403 105,650 Pioneer-Standard Electronics Inc. 7,789 105,638 Aradigm Corp.+ 4,595 105,398 Perrigo Co.+ 15,380 105,257 Fairfield Communities Inc.+ 10,387 105,168 Tularik Inc.+ 3,182 105,006 Lands' End Inc.+ 4,991 104,811 Standard-Pacific Corp. 5,819 104,742 Agribrands International Inc.+ 2,399 104,656 Duane Reade Inc.+ 4,312 104,566 Provident Bankshares Corp. 6,236 104,453 First Citizens Bancshares Inc. 1,455 104,123 Centillium Communications Inc.+ 1,083 103,968 Gaylord Entertainment Co. "A" 4,350 103,856 Net2Phone Inc.+ 4,607 103,658 DUSA Pharmaceuticals Inc.+ 3,356 103,407 internet.com LLC+ 3,342 103,393 Intertan Inc.+ 7,159 103,358 Matrix Pharmaceutical Inc.+ 6,639 103,319 ChemFirst Inc. 4,959 103,209 Mid-America Apartment Communities Inc. 4,308 103,123 Ruddick Corp. 7,429 103,077 Wolverine World Wide Inc. 11,068 103,071 Trico Marine Services Inc.+ 6,489 103,013 Circle International Group Inc. 3,405 103,001 Mediacom Communications Corp.+ 6,382 102,910 Supertex Inc.+ 2,040 102,765 Ventro Corporation+ 9,330 102,630 Alexandria Real Estate Equities Inc. 2,990 102,594 Reliance Steel & Aluminum Co. 4,865 102,469 Triumph Group Inc.+ 2,853 102,351 Cornerstone Realty Income Trust 9,616 102,170 Terex Corp.+ 7,815 102,083 Tucker Anthony Sutro Corporation 4,022 102,058 Texas Regional Bancshares "A" 3,584 101,696 Bandag Inc. 2,817 101,236 E.W. Blanch Holdings Inc. 4,877 101,198 Matthews International Corp. 3,443 101,138 Pinnacle Entertainment Inc.+ 4,647 101,072 Grey Global Group Inc. 163 101,024 Arrow International Inc. 2,776 100,977 CONSOL Energy Inc. 6,281 100,889 WesBanco Inc. 4,706 100,885 Block Drug Co. Inc. "A" 2,333 100,611 -------------------------------------------------------------------------------- page 92 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Bush Boake Allen Inc.+ 2,094 $ 100,119 Aphton Corp.+ 3,482 100,107 Laclede Gas Co. 4,624 99,994 SpeedFam-IPEC Inc.+ 8,712 99,644 Lexicon Genetics Inc.+ 3,148 99,555 Jones Lang LaSalle Inc.+ 7,636 99,268 Datascope Corp. 2,962 99,227 Ryland Group Inc. 3,200 99,200 Kelly Services Inc. "A" 4,189 98,965 Sterling Bancshares Inc. 6,483 98,866 Elcor Corp. 6,816 98,832 General Communication Inc. "A"+ 13,808 98,814 Calgon Carbon Corp. 14,492 98,727 eSPEED Inc. "A"+ 3,465 98,536 Integrated Circuit Systems Inc.+ 5,326 98,531 Therma-Wave Inc.+ 3,424 98,440 Take-Two Interactive Software Inc.+ 7,831 98,377 Input/Output Inc.+ 10,220 98,367 Westfield America Inc. 7,152 98,340 Ralcorp Holdings Inc.+ 6,934 97,943 US Oncology Inc.+ 21,603 97,889 Isle of Capris Casinos Inc.+ 6,305 97,727 Tennant Co. 2,208 97,704 Micron Electronics Inc.+ 10,844 97,596 Omnova Solutions Inc. 17,534 97,533 Net.B@nk Inc.+ 8,253 97,489 Southern Peru Copper Corp. 6,274 97,247 Taubman Centers Inc. 8,410 97,241 FirstFed Financial Corp.+ 4,212 96,876 NUI Corp. 3,209 96,872 Triad Guaranty Inc.+ 3,250 96,688 24/7 Media Inc.+ 9,560 96,496 Sunrise Technologies International Inc.+ 13,402 96,327 Steel Dynamics Inc.+ 10,484 96,322 Landstar System Inc.+ 2,156 96,211 Phoenix Technologies Ltd.+ 6,031 96,119 HotJobs.com Ltd.+ 5,630 96,062 Viasat Inc.+ 4,288 95,944 Open Market Inc.+ 15,267 95,896 Sciclone Pharmaceuticals Inc.+ 8,807 95,776 Telxon Corp.+ 5,450 95,375 Kronos Inc.+ 3,173 95,190 Yellow Corporation+ 6,264 94,743 Integra Bank Corp. 4,270 94,741 Parkervision Inc.+ 1,965 94,566 Genrad Inc.+ 8,576 94,336 Offshore Logistics Inc.+ 5,275 94,291 Merchants New York Bancorp Inc. 4,582 94,217 IHOP Corp.+ 4,915 93,999 eToys Inc.+ 17,581 93,949 ITT Educational Services Inc.+ 3,463 93,934 Factory 2-U Stores Inc.+ 3,073 93,919 Arch Wireless Inc.+ 18,765 93,825 Per-Se Technologies Inc.+ 7,389 93,748 NextCard Inc.+ 10,288 93,557 Alamosa PCS Holdings Inc.+ 5,774 93,467 Morgan Keegan Inc. 5,318 93,065 Digene Corp.+ 2,582 92,952 Morrison Management Specialist Inc. 3,144 92,905 Ultratech Stepper Inc.+ 5,779 92,825 Bedford Property Investors Inc. 4,563 92,686 LifeMinders Inc.+ 4,034 92,530 Argosy Gaming Co.+ 5,100 92,437 Intermune Pharmaceuticals Inc.+ 1,695 91,954 Caliper Technologies Corp.+ 1,584 91,773 Washington Group International Inc.+ 8,016 91,683 Woodward Governor Co. 2,055 91,576 AremisSoft Corp.+ 2,435 91,312 Trammell Crow Co.+ 6,083 91,245 Lynx Therapeutics Inc.+ 2,904 90,932 School Specialty Inc.+ 4,265 90,898 Simpson Manufacturing Co. Inc.+ 2,033 90,850 California Water Service Group 3,393 90,763 Identix Inc.+ 7,447 90,481 JDN Realty Corp. 7,993 90,421 Pulitzer Inc. 2,102 90,281 WorldGate Communications Inc.+ 4,298 90,258 Madison Gas & Electric Co. 3,964 90,181 Atwood Oceanics Inc.+ 2,161 90,087 Dril-Quip Inc.+ 2,259 90,078 Inprise Corp.+ 16,805 89,802 eGain Communications Corp.+ 9,520 89,548 Nautica Enterprises Inc.+ 6,906 89,346 INAMED Corp.+ 3,175 89,297 Anchor Bancorp Wisconsin Inc. 5,691 89,278 Genesco Inc.+ 5,266 89,193 I-Stat Corp.+ 3,941 89,165 GBC Bancorp 2,614 89,039 Targeted Genetics Corp.+ 7,497 89,027 Cuno Inc.+ 3,995 88,889 Cyberonics+ 4,138 88,708 BindView Development Corp.+ 11,651 88,111 -------------------------------------------------------------------------------- iShares Schedules of Investments page 93 iShares Russell 2000 Index Fund Schedule Of Investments (Continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ eXcelon Corp.+ 7,119 $ 88,098 Bay View Capital Corp. 8,188 88,021 PC-Tel Inc.+ 3,777 87,815 Innkeepers USA Trust 8,546 87,596 Cadiz Inc.+ 8,754 87,540 AMLI Residential Properties Trust 3,646 87,504 Somera Communications Inc.+ 9,207 87,467 Enhance Financial Services Group Inc. 6,727 87,451 Saga Systems Inc.+ 8,293 87,077 Regal-Beloit Corp. 5,128 86,971 Toro Co. 2,758 86,877 Glimcher Realty Trust 5,815 86,862 Paxar Corp.+ 9,686 86,569 Cryolife Inc.+ 2,494 86,511 Applied Industrial Technologies Inc. 4,995 86,476 Brush Wellman Inc. 3,997 86,435 Wesley Jessen VisionCare Inc.+ 2,243 86,215 Frontier Airlines Inc.+ 4,430 86,108 Ziff-Davis Inc. 10,590 86,044 American Italian Pasta Co.+ 4,479 85,941 Eastgroup Properties Inc. 3,861 85,907 Mid-State Bancshares 2,745 85,781 LodgeNet Entertainment Corp.+ 2,970 85,759 Bowne & Co. Inc. 8,788 85,683 Anesta Corp.+ 3,723 85,629 Surmodics Inc.+ 1,562 85,520 Network Peripherals Inc.+ 5,025 85,425 Pixelworks Inc.+ 1,791 85,408 Niku Corp.+ 3,501 85,337 Radiant Systems Inc.+ 3,991 85,308 Commercial Metals Co. 3,341 85,195 Forcenergy Inc.+ 3,260 85,167 Glatfelter (P.H.) Co. 7,019 85,105 Stanford Microdevices Inc.+ 1,590 85,065 CTG Resources Inc. 2,110 85,059 Ionics Inc.+ 3,989 85,016 Dreyer's Grand Ice Cream Inc. 3,927 84,676 Oceaneering International Inc.+ 5,093 84,671 Matrixone Inc.+ 2,115 84,600 American Freightways Corp.+ 5,328 84,582 Martek Biosciences Corp.+ 4,330 84,435 NetScout Systems Inc.+ 3,550 84,313 Ultimate Electronics Inc.+ 2,046 84,142 Arnold Industries Inc. 4,984 84,105 National Penn Bancshares Inc. 4,371 84,073 Playtex Products Inc.+ 7,098 83,845 Advantage Learning Systems Inc.+ 2,391 83,834 Esterline Corp.+ 4,254 83,751 Avid Technology Inc.+ 5,957 83,398 QRS Corp.+ 5,524 83,205 MCSi Inc.+ 2,474 83,188 National Health Investors Inc. 12,324 83,187 Actuant Corp. "A" 21,111 83,125 Stericycle Inc.+ 3,386 82,957 NEON Communications Inc.+ 2,378 82,933 Advanced Radio Telecom Corp.+ 9,733 82,730 Rare Hospitality International Inc.+ 4,048 82,468 South Jersey Industries 2,822 82,367 UCBH Holdings Inc. 2,290 82,011 Memberworks Inc.+ 2,494 81,990 CORUS Bankshares Inc. 2,268 81,825 Bottomline Technologies Inc.+ 2,191 81,752 Bell & Howell Co.+ 3,734 81,681 Multex.com Inc.+ 4,769 81,669 Martha Stewart Living Omnimedia Inc. "A"+ 3,106 81,532 Thoratec Labs Corp.+ 3,705 81,510 First Sentinel Bancorp Inc. 8,551 81,502 Universal Electronics Inc.+ 3,368 81,464 Mentor Corp. 5,170 81,427 Del Monte Foods Co.+ 13,128 81,230 Bluestone Software Inc.+ 4,675 81,228 Werner Enterprises Inc. 6,907 81,157 Information Holdings Inc.+ 2,285 80,975 AAR Corp. 7,079 80,966 Great Atlantic & Pacific Tea Co. 7,305 80,812 ATS Medical Inc.+ 5,350 80,584 Bel Fuse Inc. "B" 2,086 80,311 Chemical Financial Corp. 3,417 80,299 Uniroyal Technology Corp.+ 5,344 80,160 Berry Petroleum Co. 4,435 80,107 Robert Mondavi Corp. (The) "A"+ 1,954 79,870 Liberty Financial Companies Inc. 3,396 79,806 SportsLine USA Inc.+ 5,771 79,712 John Nuveen Co. "A" 1,646 79,625 Premier National Bancorp Inc. 3,911 79,198 Manhattan Associates Inc.+ 1,293 79,196 Cambridge Technology Partners Inc.+ 18,099 79,183 NACCO Industries Inc. 1,881 79,002 Spinnaker Exploration Co.+ 2,258 78,748 Handleman Co.+ 6,356 78,655 Intergraph Corp.+ 10,936 78,603 First Financial Bankshares Inc. 2,442 78,297 -------------------------------------------------------------------------------- page 94 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Allscripts Inc.+ 5,537 $ 78,210 Packard BioScience Company+ 4,006 78,117 Michael Foods Inc. 3,341 78,096 Commercial Net Lease Realty Inc. 7,504 77,854 Network Plus Corp.+ 9,010 77,711 Exelixis Inc.+ 2,474 77,622 Myers Industries Inc. 6,107 77,483 Ivex Packaging Corp.+ 7,882 77,342 BioMarin Pharmaceutical Inc.+ 4,203 77,230 Pep Boys-Manny Moe & Jack Inc. 15,439 77,195 Triarc Companies Inc.+ 3,131 77,101 Prima Energy Corp.+ 1,444 76,893 AmeriPath Inc.+ 5,297 76,806 Salem Communications Corp. "A"+ 6,047 76,721 Thomas Industries Inc. 3,783 76,606 4Kids Entertainment Inc.+ 4,525 76,359 Barnes Group Inc. 4,155 76,348 Tesoro Petroleum Corp.+ 7,673 76,250 Playboy Enterprises Inc. "B"+ 5,096 76,122 Cabot Microelectronics Corp.+ 1,585 76,080 Standard Microsystems Corp.+ 3,483 75,973 Genlyte Group Inc. (The)+ 2,970 75,921 Argonaut Group Inc. 4,337 75,897 BT Financial Corp. 4,089 75,646 Trans World Entertainment Corp.+ 7,563 75,630 RFS Hotel Investors Inc. 5,988 75,599 Dress Barn Inc.+ 3,589 75,369 Hickory Tech Corp. 3,385 75,316 Caraustar Industries Inc. 6,798 75,203 Vail Resorts Inc.+ 3,713 75,188 Metromedia International Group Inc.+ 20,096 75,159 Presidential Life Corp. 5,028 75,106 Miravant Medical Technologies+ 3,449 75,016 FEI Co.+ 3,455 74,930 Data Return Corp.+ 3,698 74,884 RLI Corp. 1,938 74,734 Applied Science & Technology Inc.+ 5,059 74,620 ITXC Corp.+ 5,101 74,602 Nu Skin Asia Pacific Inc. "A"+ 11,243 74,485 Rollins Truck Leasing Corp. 11,790 74,424 Prosoft I-Net Solutions Inc.+ 5,222 74,414 Ventas Inc. 14,874 74,370 Plains Resource Inc.+ 3,940 74,368 Bright Horizons Family Solutions Inc.+ 2,908 74,336 Data Broadcasting Corp.+ 23,259 74,138 Boca Resorts Inc. "A"+ 6,770 74,047 Inter-Tel Inc. 6,505 73,994 PMA Capital Corp. "A" 4,106 73,908 MetaCreations Corp.+ 6,559 73,789 American States Water Co. 2,439 73,780 CyberSource Corp.+ 6,500 73,531 Hotel Reservations Network Inc.+ 2,007 73,506 Skechers U.S.A. Inc.+ 4,858 73,477 Dime Community Bancshares 2,961 73,285 Parkway Properties Inc. 2,399 73,170 Golden Telecom Inc.+ 4,210 73,149 Walter Industries Inc. 8,217 72,926 Semitool Inc.+ 5,682 72,801 Universal Display Corp.+ 3,299 72,784 Mail.com Inc.+ 13,928 72,687 Razorfish Inc.+ 7,037 72,679 Yankee Candle Co. Inc. (The)+ 3,611 72,671 CVB Financial Corp. 4,315 72,546 International Multifoods Corp. 4,158 72,245 Columbia Sportswear Co.+ 1,574 72,207 Crestline Capital Corp.+ 3,592 72,064 Specialty Equipment Co.+ 2,918 72,038 II-VI Inc.+ 3,848 71,849 Mills Corp. 3,788 71,735 Franklin Electric Co. Inc. 1,039 71,691 Collins & Aikman Corp.+ 15,291 71,677 Great Lakes Inc. 4,120 71,585 Ryerson Tull Inc. 7,585 71,583 Speedway Motorsports Inc.+ 3,429 71,366 Stein Mart Inc.+ 6,574 71,081 Fremont General Corp. 20,591 70,782 Chemed Corp. 2,220 70,624 Fibernet Telecom Group Inc.+ 4,157 70,409 MCK Communications Inc.+ 3,110 70,364 Town & Country Trust 3,901 70,218 JDA Software Group Inc.+ 5,497 70,087 Satcon Technology Corp.+ 1,960 70,070 North Pittsburgh Systems Inc. 5,136 69,978 Orchid Biosciences Inc.+ 2,058 69,972 DigitalThink Inc.+ 1,659 69,885 W Holding Co. Inc. 6,857 69,856 Charter Municipal Mortgage Acceptance Corp. 5,043 69,795 Centennial Cellular Corp. "A"+ 3,170 69,740 Ribozyme Pharmaceuticals Inc.+ 2,403 69,687 Triangle Pharmaceuticals Inc.+ 8,248 69,593 Tricord Systems Inc.+ 4,658 69,579 -------------------------------------------------------------------------------- iShares Schedules of Investments page 95 iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Kaman Corp. "A" 5,510 $ 69,564 Nanometrics Inc.+ 1,301 69,522 Wabtec Corporation 6,866 69,518 Valmont Industries Inc. 3,497 69,503 Foster Wheeler Corp. 9,583 69,477 LandAmerica Financial Group Inc. 2,431 69,435 Cygnus Inc.+ 6,308 69,388 Kaiser Aluminum Corp.+ 11,437 69,337 Hancock Holding Co. 2,240 69,300 Hall Kinion & Associates Inc.+ 2,435 69,245 Hot Topic Inc.+ 2,306 69,180 Seitel Inc.+ 4,812 69,173 Midwest Express Holdings Inc.+ 3,426 68,948 Nuevo Energy Co.+ 3,744 68,796 GenCorp. Inc. 8,463 68,762 Stewart Enterprises Inc. "A" 35,432 68,650 WD-40 Company 3,224 68,510 Seacoast Financial Services Corp. 6,226 68,486 Wild Oats Markets Inc.+ 5,819 68,373 NBT Bancorp Inc. 5,692 68,304 Exide Corp. 7,533 68,268 IRT Property Co. 7,802 68,267 Championship Auto Racing Teams Inc.+ 2,791 68,031 National Golf Properties Inc. 3,293 67,918 SBS Technologies Inc.+ 2,918 67,844 Semco Energy Inc. 4,412 67,835 Ha-Lo Industries Inc.+ 16,947 67,788 Embarcadero Technologies Inc.+ 1,316 67,609 Harbor Florida Bancshares Inc. 5,604 67,598 General Cable Corp. 8,938 67,594 Frontier Financial Corp. 3,591 67,556 Wyndham International Inc. "A"+ 37,258 67,530 Ventana Medical Systems Inc.+ 2,661 67,523 Coinstar Inc.+ 4,969 67,392 Techniclone Corp.+ 27,594 67,260 Alexander's Inc.+ 819 66,953 PFF Bancorp Inc. 3,070 66,773 United National Bancorp 3,753 66,616 Trust Company of New Jersey (The) 3,973 66,548 Primex Technologies Inc. 2,288 66,495 Guitar Center Inc.+ 5,392 66,389 e.spire Communications Inc.+ 22,554 66,252 PC Connection Inc.+ 1,162 66,234 RTI International Metals Inc.+ 4,583 66,167 Pennaco Energy Inc.+ 3,802 66,060 Project Software & Development Inc.+ 4,246 66,012 Capital Automotive REIT 5,074 65,962 Monaco Coach Corp.+ 3,988 65,802 Biocryst Pharmaceuticals Inc.+ 3,160 65,768 Ulticom Inc.+ 1,393 65,645 eMagin Corporation+ 6,103 65,546 IMRglobal Corp.+ 5,634 65,495 Mechanical Technology Inc.+ 6,056 65,481 Selectica Inc.+ 1,641 65,435 Harleysville National Corp. 2,165 65,356 Basin Exploration Inc.+ 3,343 65,188 Vyyo Inc.+ 2,169 65,070 Digitas Inc.+ 3,653 64,841 Marimba Inc.+ 5,299 64,747 OTG Software Inc.+ 1,584 64,746 UICI+ 9,248 64,736 Xybernaut Corp.+ 10,885 64,630 Computer Horizons Corp.+ 9,460 64,446 NCI Building Systems Inc.+ 4,401 64,365 Omega Financial Corp. 2,125 64,281 Kenneth Cole Productions "A"+ 1,820 64,269 Financial Federal Corp.+ 2,657 64,266 Ethyl Corp. 44,661 64,200 Quintus Corp.+ 7,484 64,082 Quanex Corp. 3,353 63,917 Hexcel Corp.+ 4,774 63,852 Krispy Kreme Doughnuts Inc.+ 762 63,817 Friede Goldman Halter Inc.+ 9,031 63,781 Biomatrix Inc.+ 3,642 63,735 Bank of Granite Corp. 2,767 63,468 Airtran Holdings Inc.+ 14,293 63,425 Heartland Express Inc.+ 3,650 63,419 IDX Systems Corp.+ 3,931 63,387 Advanta Corp. "A" 5,632 63,360 Sequenom Inc.+ 1,502 63,272 First Merchants Corp. 2,859 63,255 Immune Response Corp.+ 9,188 63,167 Corinthian Colleges Inc.+ 1,070 63,130 Sunglass Hut International Inc.+ 9,657 63,072 Palm Harbor Homes Inc.+ 4,580 62,975 Armor Holdings Inc.+ 4,197 62,955 Sequa Corp. "A"+ 1,477 62,773 Rollins Inc. 4,202 62,242 Fritz Companies Inc.+ 5,167 62,004 NABI Inc.+ 8,854 61,978 American Industrial Properties 4,349 61,973 Ryan's Family Steak Houses Inc.+ 8,046 61,854 -------------------------------------------------------------------------------- page 96 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Checkpoint Systems Inc.+ 8,156 $ 61,680 Diversa Corp.+ 2,284 61,668 Biopure Corp.+ 3,413 61,647 MAXIMUS Inc.+ 2,786 61,640 Network Equipment Technologies Inc.+ 5,760 61,560 Ampal-American Israel Corp. "A"+ 4,690 61,556 Harleysville Group Inc. 3,231 61,439 CB Richard Ellis Services Inc.+ 5,013 61,409 Brio Technology Inc.+ 5,806 61,326 Lance Inc. 6,305 61,277 Carrier Access Corp.+ 3,083 61,082 Hollywood Entertainment Corp.+ 8,212 61,077 SoftNet Systems Inc.+ 10,231 61,066 Midway Games Inc.+ 8,706 60,942 Burlington Coat Factory Warehouse Corp. 4,256 60,914 Republic Security Financial Corp. 12,296 60,712 Wabash National Corp. 6,631 60,508 DSET Corporation+ 2,929 60,411 Mail-Well Inc.+ 13,570 60,217 Vasomedical Inc.+ 12,347 60,192 Equity Inns Inc. 9,073 60,109 Sovran Self Storage Inc. 2,923 59,922 OceanFirst Financial Corp. 2,885 59,864 First Indiana Corp. 2,293 59,761 1st Source Corp. 2,843 59,703 Central Parking Corp. 3,001 59,457 LCC International Inc. "A"+ 4,092 59,334 ePresence Inc.+ 8,765 59,164 SJW Corp. 498 59,138 EMCOR Group Inc.+ 2,271 59,046 Cleveland-Cliffs Inc. 2,581 59,040 Valentis Inc.+ 7,145 58,946 Analogic Corp. 1,533 58,925 Sandy Spring Bancorp Inc. 2,356 58,900 AVT Corp.+ 10,571 58,801 Arkansas Best Corp.+ 3,822 58,763 Digital River Inc.+ 9,104 58,607 Conmed Corp.+ 4,278 58,555 West Pharmaceutical Services Inc. 2,512 58,404 Imatron Inc.+ 25,216 58,312 Worldpages.com Inc.+ 13,713 58,280 IMPSAT Fiber Networks Inc.+ 5,285 58,135 Woodhead Industries Inc. 2,789 58,046 Cognizant Technology Solutions Corp.+ 1,479 57,681 Riggs National Corp. 4,689 57,440 Battle Mountain Gold Co.+ 32,774 57,354 Travelocity.com Inc.+ 4,040 57,318 Arguss Holdings Inc.+ 2,804 57,307 Marcus Corp. 5,442 57,141 Jakks Pacific Inc.+ 6,067 57,068 Patina Oil & Gas Corp. 2,850 57,000 Curtiss Wright Corp. 1,202 56,719 DLJdirect Inc.+ 8,239 56,643 Cylink Corp.+ 5,424 56,613 Universal Access Inc.+ 4,814 56,565 SPSS Inc.+ 2,104 56,414 Medical Assurance Inc.+ 4,602 56,374 Arctic Cat Inc. 4,465 56,371 Datastream Systems Inc.+ 4,375 56,328 Professional Detailing Inc.+ 988 56,316 Farmers Capital Bank Corp. 1,557 55,955 Friedman Billings Ramsey Group Inc. "A"+ 5,980 55,689 Integrated Electrical Services Inc.+ 8,098 55,674 Midcoast Energy Resources Inc. 2,707 55,663 New England Business Service Inc. 3,070 55,644 Nucentrix Broadband Networks Inc.+ 2,171 55,632 Key Productions Co. Inc.+ 2,505 55,267 Aaron Rents Inc. "B" 4,289 55,221 Media 100 Inc.+ 5,012 55,132 Southwestern Energy Company 6,287 55,011 Sauer Inc. 4,998 54,978 Churchill Downs Inc. 2,123 54,933 MidAmerica Bancorp 2,099 54,836 Kansas City Life Insurance Co. 1,661 54,813 Scott Technologies Inc.+ 3,093 54,804 Key3Media Group Inc.+ 5,005 54,742 Gentiva Health Services Inc.+ 4,290 54,697 JP Realty Inc. 3,024 54,621 Roadway Express Inc. 3,044 54,602 P.F. Chang's China Bistro Inc.+ 1,579 54,574 Stride Rite Corp. 10,769 54,518 Vector Group Ltd. 3,133 54,439 Comstock Resources Inc.+ 4,773 54,293 Phillips-Van Heusen Corporation 5,251 54,151 Navigant Consulting Co.+ 15,725 54,055 Universal Compression Holdings Inc.+ 1,742 53,893 United Community Financial Corp. 8,209 53,872 VIA NET.WORKS Inc.+ 5,589 53,794 Lindsay Manufacturing Co. 2,885 53,733 Hunt (J.B.) Transport Services Inc. 4,209 53,665 Watsco Inc. 5,215 53,662 Houston Exploration Co.+ 2,124 53,631 -------------------------------------------------------------------------------- iShares Schedules of Investments page 97 iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Pope & Talbot Inc. 3,746 $ 53,615 MKS Instruments Inc.+ 1,958 53,600 World Wrestling Federation Entertainment Inc.+ 3,529 53,597 Parexel International Corp.+ 6,281 53,389 Moog Inc. "A"+ 1,772 53,382 Baldwin & Lyons Inc. "B" 2,755 53,378 Pennsylvania Real Estate Investment Trust 3,060 53,359 SciQuest.com Inc.+ 7,716 53,289 F&M Bancorp 2,688 53,256 White Electronic Designs Corp. 4,438 53,256 Braun Consulting Inc.+ 2,685 53,197 CACI International Inc. "A"+ 2,478 53,122 Be Free Inc.+ 12,460 52,955 Burnham Pacific Properties Inc. 8,734 52,950 Gardner Denver Inc.+ 3,254 52,877 Procom Technology Inc.+ 1,784 52,740 Meade Instruments Corp.+ 2,612 52,730 Standex International Corp. 2,730 52,723 CPB Inc. 1,948 52,596 Intrusion.com Inc.+ 4,418 52,464 Collateral Therapeutics Inc.+ 1,811 52,406 GetThere.com Inc.+ 2,962 52,390 Western Properties Trust 4,253 52,365 3DO Co. (The)+ 7,826 52,336 International Specialty Products Inc.+ 9,723 52,261 Rudolph Technologies Inc.+ 1,556 52,029 SLI Inc. 7,102 51,933 Albany International Corp.+ 4,327 51,924 LTV Corp. 39,556 51,917 First Washington Realty Trust 2,045 51,892 Saba Software Inc.+ 1,853 51,884 Vertex Interactive Inc.+ 2,829 51,806 Area Bancshares Corp. 2,321 51,497 Standard Register Co. 3,215 51,440 Ocwen Financial Corp.+ 8,752 51,418 Century South Banks Inc. 2,789 51,248 Intraware Inc.+ 6,857 51,213 BSB Bancorp Inc. 2,278 50,970 U.S. Wireless Corp.+ 3,210 50,959 First Financial Holdings Inc. 3,320 50,838 Mine Safety Appliances Co. 2,304 50,832 Sagent Technology Inc.+ 6,718 50,805 Luby's Inc. 9,544 50,703 Frontier Oil Corp.+ 6,872 50,681 MTI Technology Corp.+ 13,234 50,455 Sanchez Computer Associates Inc.+ 3,244 50,282 Magnetek Inc.+ 4,725 50,203 TriZetto Group Inc. (The)+ 3,230 50,065 Novadigm Inc.+ 3,229 49,999 Crossroads Systems Inc.+ 5,881 49,988 Andover Bancorp Inc. 1,638 49,959 BSQUARE Corp.+ 3,223 49,956 First Financial Corp. 1,634 49,837 Champion Enterprises Inc.+ 11,722 49,818 Zenith National Insurance Corp. 2,275 49,766 EnergyNorth Inc. 819 49,703 Fred's Inc. 2,215 49,699 Staar Surgical Co.+ 2,868 49,652 Versata Inc.+ 1,873 49,635 Griffon Corporation+ 6,537 49,436 VIVUS Inc.+ 11,610 49,343 Diametrics Medical Inc.+ 6,136 49,280 Genta Inc.+ 5,115 48,912 Ventiv Health Inc.+ 3,873 48,897 Watts Industries Inc. "A" 4,889 48,890 Numerical Technologies Inc.+ 1,691 48,722 SmartServ Online Inc.+ 1,360 48,620 Russ Berrie & Co. Inc. 2,458 48,546 Arch Capital Group Ltd.+ 3,080 48,510 Nhancement Technologies Inc.+ 2,845 48,365 Advanced Lighting Technologies Inc.+ 3,908 48,361 Cascade Natural Gas Corp. 2,758 48,265 ADE Corp.+ 2,355 48,241 Kos Pharmaceuticals Inc.+ 2,440 48,190 Penn Engineering & Manufacturing Corp. 1,530 48,099 ESCO Technologies Inc.+ 2,745 48,037 Musicland Stores Corp.+ 6,790 47,954 IGEN International Inc.+ 2,380 47,897 Consolidated Products Inc.+ 5,984 47,872 Savvis Communications Corp.+ 5,318 47,862 Student Loan Corp. 977 47,690 Casella Waste Systems Inc. "A"+ 4,708 47,669 Research Frontiers Inc.+ 2,483 47,643 Endocare Inc.+ 2,411 47,617 Vans Inc.+ 3,085 47,432 Lexington Corp. 4,212 47,385 Vialink Co. (The)+ 5,339 47,384 Gadzoox Networks Inc.+ 6,650 47,381 Hayes Lemmerz International Inc.+ 4,407 47,375 Objective Systems Integrator Inc.+ 5,451 47,356 Cash American Investments Inc. 6,469 47,305 -------------------------------------------------------------------------------- page 98 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Theragenics Corp.+ 7,258 $ 47,177 Schweitzer-Mauduit International Inc. 3,527 47,174 Lone Star Steakhouse & Saloon Inc. 6,396 47,170 High Speed Access Corp.+ 12,993 47,100 Medallion Financial Corp. 2,797 47,025 Mesa Air Group Inc.+ 8,590 46,977 Network Commerce Inc.+ 8,390 46,932 Carreker-Antinori Inc.+ 2,404 46,878 BOK Financial Corp.+ 2,532 46,842 InterCept Group Inc. (The)+ 2,009 46,835 Surety Corp. 4,070 46,805 Ocular Sciences Inc.+ 3,893 46,716 Trex Co. Inc.+ 1,541 46,712 Register.com+ 4,913 46,674 Spectra-Physics Lasers Inc.+ 870 46,599 SCPIE Holdings Inc. 2,311 46,509 Airnet Communications Corp.+ 2,080 46,410 FBL Financial Group Inc. "A" 2,855 46,394 Fossil Inc.+ 3,475 46,261 Alaska Communications Systems Holdings Inc.+ 7,248 46,206 3Dfx Interactive Inc.+ 9,474 46,186 Vasco Data Security International Inc.+ 2,896 46,155 Boyd Gaming Corp.+ 9,340 46,116 Digimarc Corp.+ 2,476 46,115 Oneida Ltd. 3,322 46,093 Bio-Rad Laboratories Inc. "A"+ 2,045 46,033 Electric Lightwave Inc. "A"+ 5,405 45,942 VaxGen Inc.+ 1,965 45,932 Geoworks Corp.+ 6,224 45,902 Robbins & Myers Inc. 1,938 45,785 IXYS Corporation+ 1,750 45,719 DVI Inc.+ 2,350 45,678 GoAmerica Inc.+ 5,163 45,660 Davox Corp.+ 4,531 45,593 McMoRan Exploration Co.+ 3,925 45,530 Tanning Technology Corp.+ 3,309 45,499 Insignia Financial Group Inc.+ 4,437 45,479 CCC Information Services Group Inc.+ 5,609 45,223 First Federal Capital Corp. 3,645 44,879 Penn Virginia Corp. 1,725 44,850 Alabama National Bancorp 2,070 44,764 Intelect Communications Inc.+ 31,071 44,665 Mobile Mini Inc.+ 2,315 44,564 Electro Rent Corp.+ 3,494 44,548 Pacific Northwest Bancorp 3,423 44,285 Billing Concepts Corp.+ 13,860 44,179 CDI Corp.+ 2,757 44,112 Stamps.com Inc.+ 11,473 44,099 Gerber Scientific Inc. 5,108 44,056 NET2000 Communications Inc.+ 6,909 44,045 Detroit Diesel Corp. 1,924 43,891 Gentek Inc. 2,877 43,874 Haverty Furniture Companies Inc. 4,011 43,870 Pan Pacific Retail Properties Inc. 2,192 43,840 eMerge Interactive Inc. "A"+ 2,760 43,815 Nortek Inc.+ 2,497 43,698 Boykin Lodging Co. 4,195 43,523 Irwin Financial Corp. 2,648 43,361 Clayton Williams Energy Inc.+ 1,070 43,335 Wilsons The Leather Experts Inc.+ 2,389 43,151 Saul Centers Inc. 2,703 43,079 U.S. Can Corp.+ 2,173 43,053 Centex Construction Products Inc. 1,728 42,876 Interactive Intelligence Inc.+ 1,090 42,851 Caminus Corp.+ 1,075 42,731 Sonosite Inc.+ 2,284 42,682 US LEC Corp. "A"+ 4,983 42,667 Volt Information Sciences Inc.+ 1,984 42,656 Oriental Financial Group Inc. 2,747 42,579 Arch Coal Inc. 4,257 42,570 Brenton Banks Inc. 3,529 42,569 Deltic Timber Corp. 2,511 42,530 Prodigy Communications Corp. "A"+ 8,281 42,440 NETsilicon Inc.+ 2,020 42,294 PICO Holdings Inc.+ 3,232 42,218 Columbus McKinnon Corp. 3,112 42,206 Luminex Corp.+ 1,110 42,180 URS Corp.+ 3,182 42,162 O'Charleys Inc.+ 3,421 42,121 iVillage Inc.+ 10,820 41,927 Viador Inc.+ 4,780 41,825 Group 1 Automotive Inc.+ 3,844 41,803 Winnebago Industries Inc. 3,318 41,475 Calico Commerce Inc.+ 6,767 41,448 Steven Madden Ltd.+ 4,805 41,443 McGrath Rentcorp 2,175 41,325 Cato Corp. "A" 3,301 41,262 Brown Shoe Company Inc. 4,491 41,261 Oshkosh B'gosh Inc. "A" 2,710 41,243 Delco Remy International Inc.+ 5,398 41,160 Dover Downs Entertainment Inc. 3,056 41,065 -------------------------------------------------------------------------------- iShares Schedules of Investments page 99 iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ AMERCO+ 2,079 $ 40,670 Columbia Laboratories Inc.+ 6,986 40,606 LaSalle Hotel Properties 2,681 40,550 Sonic Automotive Inc.+ 4,873 40,507 Interact Commerce Corporation+ 3,701 40,480 First Busey Corp. "A" 2,187 40,459 Sturm Ruger & Co. Inc. 4,939 40,438 Gabelli Asset Management Inc. "A"+ 1,344 40,320 Capstead Mortgage Corp. 4,474 40,266 Z-Tel Technologies Inc.+ 5,538 40,151 Technology Solutions Co.+ 16,045 40,113 FutureLink Corp.+ 13,014 39,855 Thor Industries Inc. 1,722 39,821 Stewart Information Services Corp. 2,576 39,606 Entertainment Properties Trust 3,724 39,567 Mississippi Valley Bancshares Inc. 1,532 39,545 Dura Automotive Systems Inc.+ 4,277 39,495 City Bank 2,287 39,451 Strayer Education Inc. 1,803 39,441 Tejon Ranch Co. 1,556 39,367 Valhi Inc. 3,107 39,032 WESCO International Inc.+ 4,870 38,960 Closure Medical Corp.+ 1,546 38,940 Corvel Corp.+ 1,396 38,826 Juno Online Services Inc.+ 9,700 38,800 Azurix Corp.+ 10,864 38,703 IMPCO Technologies Inc.+ 1,345 38,669 Polymer Group Inc. 5,232 38,586 State Auto Financial Corp. 2,924 38,378 National Information Consortium Inc.+ 9,651 38,302 Horizon Offshore Inc.+ 2,164 38,140 Landry's Seafood Restaurants Inc. 5,567 37,925 Comfort Systems USA Inc.+ 7,306 37,900 Gold Bancorp Inc. 7,377 37,807 Analysts International Corp. 5,232 37,769 RPC Inc. 3,204 37,647 McAfee.com Corp.+ 2,523 37,530 FirePond Inc.+ 2,581 37,424 Century Aluminum Co. 2,979 37,237 Gaylord Container Corporation "A"+ 21,909 36,971 Brookline Bancorp Inc. 3,229 36,932 WFS Financial Inc. 2,178 36,890 CPI Corp. 1,735 36,869 X-Rite Inc. 4,204 36,785 CardioDynamics International Corp.+ 7,006 36,563 Persistence Software Inc.+ 3,339 36,520 Prime Group Realty Trust 2,297 36,178 Vital Sign Inc. 1,364 36,146 National Western Life Insurance Company "A"+ 495 36,135 NationsRent Inc.+ 9,167 36,095 WestCorp Inc. 2,404 36,060 American Classic Voyages Co.+ 2,464 36,036 NetManage Inc.+ 16,927 35,970 Independent Bank Corp. 2,990 35,880 Farmer Brothers Co. 199 35,820 Spectralink Corp.+ 3,773 35,608 Coachmen Industries Inc. 3,401 35,498 Sitel Corp.+ 12,075 35,470 Nexell Therapeutics Inc.+ 3,853 35,399 Cysive Inc.+ 5,286 35,350 EEX Corp.+ 7,226 35,227 Exchange Applications Inc.+ 7,753 35,131 Interpool Inc. 3,065 35,056 Daleen Technologies Inc.+ 2,358 34,928 Crown Media Holdings Inc.+ 2,460 34,901 Crossmann Communities Inc.+ 1,767 34,898 Latitude Communications Inc.+ 4,500 34,875 Extensity Inc.+ 1,641 34,461 infoUSA Inc.+ 6,888 34,440 Intrabiotics Pharmaceuticals Inc.+ 2,116 34,385 Sonic Foundry Inc.+ 3,874 34,382 Skyline Corp. 1,598 34,057 Metawave Communications Corp.+ 1,857 34,006 Vicinity Corp.+ 3,072 33,792 Belco Oil & Gas Corp.+ 3,803 33,752 Thermo Cardiosystems Inc.+ 3,825 33,708 AGENCY.com Inc.+ 2,256 33,699 Advanced Marketing Services Inc. 1,909 33,646 ChromaVision Medical Systems Inc.+ 3,512 33,364 National Presto Industries Inc. 1,113 33,320 Websense Inc.+ 1,394 33,195 Insurance Auto Auctions Inc.+ 2,045 33,103 Revlon Inc. "A"+ 4,943 33,056 M.S. Carriers Inc.+ 2,110 32,969 Wackenhut Corp.+ 2,213 32,918 BancFirst Corp. 1,030 32,831 CARBO Ceramics Inc. 1,232 32,725 Hypercom Corp.+ 3,149 32,671 Santander Bancorp 1,980 32,670 Predictive Systems Inc.+ 1,687 32,580 NetZero Inc.+ 15,316 32,547 -------------------------------------------------------------------------------- page 100 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Bone Care International Inc.+ 1,568 $ 32,536 click2learn.com Inc.+ 2,212 32,489 Transmontaigne Inc.+ 6,579 32,484 Mesaba Holdings Inc.+ 3,015 32,411 USB Holding Co. Inc. 2,420 32,216 Lawson Products Inc. 1,331 32,194 Value City Department Stores Inc.+ 3,896 32,142 Philadelphia Consolidated Holding Corp.+ 1,539 32,127 eBenx Inc.+ 2,839 32,116 Software Technologies Corp.+ 1,397 31,978 Great American Financial Resources Inc. 1,739 31,845 Northwest Bancorp Inc. 3,795 31,783 NetSolve Inc.+ 4,453 31,728 Information Architects Corp.+ 9,520 31,535 Management Network Group Inc. (The)+ 1,500 31,312 APAC Customer Services Inc.+ 5,874 31,206 CoorsTek Inc.+ 812 31,059 Paradigm Genetics Inc.+ 1,300 31,038 Sunbeam Corp.+ 23,578 30,946 NetRatings Inc.+ 1,646 30,863 Expedia Inc. "A"+ 2,372 30,836 Cubic Corp. 1,290 30,799 Stoneridge Inc.+ 3,180 30,608 Senior Housing Properties Trust 3,279 30,536 Gibraltar Steel Corp. 1,848 30,492 Network Access Solutions Corp.+ 7,390 30,484 Whitehall Jewellers Inc.+ 3,827 30,377 Bacou USA Inc.+ 1,170 30,347 iBeam Broadcasting Corp.+ 4,429 30,173 Universal Forest Products Inc. 2,636 30,108 Celsion Corporation+ 12,337 30,071 Wolverine Tube Inc.+ 2,011 29,914 Denbury Resources Inc.+ 4,249 29,743 Penn National Gaming Inc.+ 1,951 29,692 Herbalife International Inc. "A" 3,201 29,609 Gliatech Inc.+ 4,705 29,406 Rock-Tenn Company "A" 2,954 29,355 Regent Communications Inc.+ 5,221 29,042 Electronics Boutique Holdings Corp.+ 1,350 29,025 eGlobe Inc.+ 23,808 29,016 First Consulting Group Inc.+ 5,215 29,008 American Technical Ceramics Corp.+ 1,859 28,982 Pilgrim's Pride Corp. "B" 4,211 28,951 Oratec Interventions Inc.+ 2,361 28,922 Interlogix Inc.+ 2,180 28,919 Security Shares Value ------------------------------------------------------------------ Chiquita Brands International Inc. 9,234 $ 28,856 Century Business Services+ 21,816 28,634 Rica Foods Inc.+ 1,724 28,446 CSS Industries Inc.+ 1,417 28,429 barnesandnoble.com Inc.+ 5,793 28,422 Inforte Corp.+ 807 28,346 Cheap Tickets Inc.+ 2,728 28,303 Telocity Inc.+ 8,623 28,294 First Niagara Financial Group Inc. 3,058 28,286 Midland Co. 1,065 28,223 Source Information Management Co.+ 4,135 28,170 Metals USA Inc. 9,578 28,135 Tanger Factory Outlet Centers Inc. 1,278 28,116 Xceed Inc.+ 11,238 28,095 Riviana Foods Inc. 1,675 27,952 Credit Acceptance Corp.+ 4,422 27,914 Meridian Resource Corp. (The)+ 4,059 27,906 Gulf Island Fabrication Inc.+ 1,580 27,847 Ackerly Group Inc. (The) 2,784 27,840 Quokka Sports Inc.+ 6,981 27,706 Stepan Co. 1,365 27,385 Spiegel Inc. "A" 3,912 27,384 Ramp Networks Inc.+ 7,714 27,240 Net Perceptions Inc.+ 5,634 26,585 GRIC Communications Inc.+ 3,662 26,549 United Natural Foods Inc.+ 2,138 26,458 Knight Transportation Inc.+ 1,700 26,456 Central Garden & Pet Co.+ 3,799 26,356 Ingles Markets Inc. 2,385 26,235 Acme Communications Inc.+ 2,913 26,217 Organic Inc.+ 5,826 26,217 Weirton Steel Corp.+ 10,457 26,143 Fedders Corp. 6,668 25,838 META Group Inc.+ 2,080 25,740 Saga Communications Inc.+ 1,558 25,707 C-bridge Internet Solutions Inc.+ 1,362 25,537 ePlus Inc.+ 1,239 25,399 On Command Corp.+ 2,067 25,385 Level 8 Systems Inc.+ 1,374 25,247 R&G Financial Corp. "B" 2,564 24,679 Liqui-Box Corp. 757 24,508 Onvia.com Inc.+ 5,517 24,482 BankAtlantic Bancorp Inc. "A" 5,755 24,099 Hollywood.com Inc.+ 3,965 23,914 American Axle & Manufacturing Holdings Inc.+ 2,220 23,865 SmartDisk Corp.+ 1,649 23,704 -------------------------------------------------------------------------------- iShares Schedules of Investments page 101 iSHares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Twinlab Corp.+ 5,411 $ 23,673 Res-Care Inc.+ 5,171 23,593 HEICO Corp. 1,814 23,582 Bush Industries Inc. "A" 2,032 23,495 Callon Petroleum Corp.+ 1,483 23,450 Buckle Inc. (The)+ 1,984 23,064 Unigraphics Solutions Inc.+ 1,157 22,706 Rightchoice Managed Care Inc. "A"+ 935 22,674 Digital Impact Inc.+ 3,436 22,656 EarthShell Corp.+ 18,005 22,506 PepsiAmericas Inc.+ 6,421 22,474 Smart & Final Inc.+ 3,173 22,409 Superior Telecom Inc. 3,721 22,326 CompX International Inc. 1,062 22,302 Women.com Networks Inc.+ 8,148 22,280 NCH Corp. 630 22,247 Neoforma.com Inc.+ 5,891 21,907 NPC International Inc.+ 2,212 21,636 Optical Cable Corp.+ 878 21,389 netGuru Inc.+ 1,253 21,301 National Processing Inc.+ 1,528 21,297 AppliedTheory Corp.+ 3,433 21,027 Convergent Communications Inc.+ 6,526 20,802 Loudeye Technologies Inc.+ 3,053 20,799 U.S. Aggregates Inc. 1,254 20,769 Drugstore.com Inc.+ 6,128 20,682 Chordiant Software Inc.+ 2,650 20,537 On2.com Inc.+ 8,244 20,528 Avenue A Inc.+ 4,104 20,520 Star Scientific Inc.+ 5,109 20,436 Hanover Direct Inc.+ 36,294 20,415 National Steel Corp. "B" 6,780 20,340 MedicaLogic Inc.+ 5,669 20,196 Pricesmart Inc.+ 520 20,085 Capital City Bank Group Inc. 1,023 20,012 Xpedior Inc.+ 6,142 19,962 Guess ? Inc.+ 1,758 19,777 NetObjects Inc.+ 6,299 19,684 Beasley Broadcast Group Inc. "A"+ 2,031 19,675 Net.Genesis Corp.+ 2,246 19,512 Cypress Communications Inc.+ 7,317 19,436 Private Media Group Ltd.+ 3,438 19,339 Tuesday Morning Corp.+ 2,463 19,242 Modem Media Inc.+ 4,393 18,945 CAIS Internet Inc.+ 3,848 18,759 Security Shares Value ------------------------------------------------------------------ Buca Inc.+ 1,741 $ 18,498 Coldwater Creek Inc.+ 670 18,090 Dot Hill Systems Corp.+ 2,769 17,998 Liberty Livewire Corporation "A"+ 584 17,958 SVI Holdings Inc.+ 3,609 17,828 Deltathree.com Inc.+ 4,896 17,748 Lightspan Inc.+ 7,281 17,747 Deltek Systems Inc.+ 2,316 17,732 Caldera Systems Inc.+ 4,314 17,660 Indus International Inc.+ 3,563 17,370 Switchboard Inc.+ 2,670 17,355 Harris Financial Inc. 2,200 17,050 Preview Systems Inc.+ 1,796 17,006 ValueClick Inc.+ 2,625 16,898 NEON Systems+ 1,525 16,775 FirstWorld Communications Inc. "B"+ 8,312 16,754 buy.com Inc.+ 5,943 16,529 Eprise Corp.+ 1,880 16,215 Value Line Inc. 455 15,961 Prize Energy Corp.+ 840 15,855 Unify Corp.+ 4,011 15,543 Infogrames Inc.+ 2,141 15,522 Coca-Cola Bottling Co. 370 15,517 Aurora Foods Inc.+ 4,505 15,204 Genomic Solutions Inc.+ 882 15,159 NetCreations Inc.+ 1,415 15,123 Trendwest Resorts Inc.+ 900 14,963 Voyager.net Inc.+ 2,431 14,662 Seaboard Corp. 90 14,625 Digital Courier Technologies Inc.+ 7,825 14,183 Antigenics Inc.+ 931 13,732 NetSol International Inc.+ 885 13,386 Aspect Medical Systems Inc.+ 1,046 12,944 eMachines Inc.+ 12,517 12,908 Sequoia Software Corp.+ 1,975 12,776 Netpliance Inc.+ 8,379 12,569 Opus360 Corp.+ 5,006 11,576 1-800-FLOWERS.com Inc.+ 2,300 11,464 United Auto Group Inc.+ 1,375 11,344 Allos Therapeutics Inc.+ 1,247 11,301 E-LOAN Inc.+ 2,681 11,227 Blount International Inc.+ 997 11,216 Sonic Innovations Inc.+ 1,055 11,078 Telaxis Communications Corp.+ 1,711 10,426 Corillian Corp.+ 1,081 10,405 Photogen Technologies Inc.+ 2,438 10,362 Blaze Software Inc.+ 809 10,214 -------------------------------------------------------------------------------- page 102 iShares iShares Russell 2000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Shares or Security Principal Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Syntel Inc.+ 1,260 $ 9,863 Bebe Stores Inc.+ 640 9,520 Uproar Inc.+ 2,418 9,068 MarketWatch.com Inc.+ 1,110 8,880 Scientific Learning Corp.+ 1,608 8,744 Seminis Inc. "A"+ 6,932 8,665 Systemax Inc.+ 2,909 8,000 Stockwalk.com Group Inc.+ 1,740 7,368 Thermo Fibertek Inc.+ 1,735 7,265 Protection One Inc.+ 5,000 6,875 Envision Development Corp.+ 574 6,314 PEC Solutions Inc.+ 889 5,723 LivePerson Inc.+ 1,122 4,909 Gaiam Inc.+ 264 4,834 GC Companies Inc.+ 1,428 4,284 COPE Inc.+ 95 3,699 Reliance Group Holdings Inc. 16,255 3,302 Coolsavings.com Inc.+ 979 2,677 Policy Management Systems Corp.+ 20 270 Curis Inc.+ 1 14 Prison Realty Trust Inc. "B"+ 1 10 ------------------------------------------------------------------ TOTAL COMMON STOCKS (Cost: $205,740,575) 233,389,232 ------------------------------------------------------------------ SHORT TERM INSTRUMENTS - 5.44% ------------------------------------------------------------------ Freddie Mac Discount Note 6.46%, 10/24/00++ $1,747,692 1,747,692 Goldman Sachs Financial Square Prime Obligation Fund++ 4,734,653 4,734,653 Providian Temp Cash Money Market Fund++ 2,146,796 2,146,796 Short Term Investment Company Liquid Assets Portfolio++ 4,070,636 4,070,636 ------------------------------------------------------------------ TOTAL SHORT TERM INSTRUMENTS (Cost: $12,699,777) 12,699,777 ------------------------------------------------------------------ Security Principal Value ------------------------------------------------------------------ REPURCHASE AGREEMENT - 0.09% ------------------------------------------------------------------ Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $216,063 and an effective yield of 6.25%. $ 215,950 $ 215,950 ------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENT (Cost: $215,950) 215,950 ------------------------------------------------------------------ TOTAL INVESTMENTS IN SECURITIES - 105.39% (Cost: $218,656,302) 246,304,959 ------------------------------------------------------------------ Other Assets, Less Liabilities - (5.39%) (12,587,775) ------------------------------------------------------------------ NET ASSETS - 100.00% $233,717,184 ================================================================== + Non-income earning securities. ++ Represents investment of collateral received from securities lending transactions. See Note 5. See notes to financial statements. -------------------------------------------------------------------------------- iShares Schedules of Investments page 103 iSHares Russell 2000 Growth Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS - 99.98% --------------------------------------------------------------- Interwoven Inc.+ 3,049 $ 344,726 MMC Networks Inc.+ 2,586 327,129 Enzon Inc.+ 3,574 235,884 Plexus Corp.+ 3,224 227,292 Veeco Instruments Inc.+ 2,077 220,714 Amerisource Health Corp. "A"+ 4,562 214,414 Metris Companies Inc. 5,346 211,167 Caremark Rx Inc.+ 18,622 209,497 Avocent Corporation+ 3,764 207,490 Informatica Corp.+ 2,175 202,819 Exar Corp.+ 1,660 200,860 Manugistics Group Inc.+ 2,023 198,507 MRV Communications Inc.+ 4,366 197,834 HNC Software Inc.+ 2,354 192,587 AmeriCredit Corp.+ 6,677 192,381 Laboratory Corp. of America Holdings+ 1,548 185,373 Netro Corp.+ 3,025 179,231 Cirrus Logic Inc.+ 4,406 177,617 Infocus Corp.+ 3,331 176,543 Elantec Semiconductor Inc.+ 1,737 173,049 Actuate Software Corp.+ 4,984 172,182 Investors Financial Services Corp. 2,637 166,461 Plantronics Inc.+ 4,304 163,552 Inhale Therapeutic Systems Inc.+ 2,880 162,360 Advent Software Inc.+ 2,318 161,970 Coherent Inc.+ 2,374 161,432 Netegrity Inc.+ 2,299 160,930 Sirius Satellite Radio Inc.+ 3,002 158,731 Abercrombie & Fitch Co.+ 8,269 157,628 Medicis Pharmaceutical Corp. "A"+ 2,551 156,886 Natural Microsystems Corp.+ 2,902 156,119 MIPS Technologies Inc. "A"+ 3,387 155,802 Cell Therapeutics Inc.+ 2,332 155,515 Silicon Valley Bancshares+ 2,610 151,992 Mettler Toledo International Inc.+ 3,423 150,612 Leap Wireless International Inc.+ 2,353 147,210 Tollgrade Communications Inc.+ 1,058 146,864 Myriad Genetics Inc.+ 1,702 146,372 OSI Pharmaceuticals Inc.+ 2,067 144,690 Cobalt Networks Inc.+ 2,463 142,546 Molecular Devices Corp.+ 1,419 139,417 NetIQ Corp.+ 2,099 137,878 Alpharma Inc. 2,214 135,331 Titan Pharmaceuticals Inc.+ 2,054 133,510 Security Shares Value --------------------------------------------------------------- Mentor Graphics Corp.+ 5,633 $ 132,728 Eaton Vance Corp. 2,596 132,396 Anaren Microwave Inc.+ 971 131,692 Go2Net Inc.+ 2,408 130,672 C&D Technologies Inc. 2,254 127,914 Alexion Pharmaceuticals Inc.+ 1,114 126,996 Korn/Ferry International+ 3,336 126,142 Diamond Technology Partners Inc.+ 1,694 125,779 VISX Inc.+ 4,655 125,394 Varian Medical Systems Inc.+ 2,774 125,350 Varian Inc.+ 2,869 123,546 CTS Corp. 2,431 123,069 Cubist Pharmaceuticals Inc.+ 2,353 122,503 Maxim Pharmaceuticals Inc.+ 2,003 121,682 Aurora Biosciences Corp.+ 1,780 121,040 Greater Bay Bancorp 1,739 120,752 Orthodontic Centers of America+ 3,617 120,491 Methode Electronics Inc. "A" 2,704 119,821 Tut Systems Inc.+ 1,384 119,457 CuraGen Corp.+ 2,220 118,284 Barr Laboratories Inc.+ 1,749 115,981 Documentum Inc.+ 1,418 115,124 Whole Foods Market Inc.+ 2,143 115,052 Aeroflex Inc.+ 2,332 113,393 United Therapeutics Inc.+ 1,290 112,714 Digital Island Inc.+ 5,930 111,187 Varian Semiconductor Equipment Associates Inc.+ 2,830 105,948 Edwards (J.D.) & Co.+ 4,091 105,855 Zebra Technologies Corp. "A"+ 2,201 105,786 Catellus Development Corp.+ 6,025 105,437 Technitrol Inc. 1,037 104,737 Gallagher (Arthur J.) & Co. 1,769 104,592 Legato Systems Inc.+ 7,776 104,490 Aspen Technology Inc.+ 2,309 104,194 Lincare Holdings Inc.+ 3,628 104,078 CV Therapeutics Inc.+ 1,331 103,527 SkyWest Inc. 2,011 103,064 Cheesecake Factory (The)+ 2,345 101,421 Oak Technology Inc.+ 3,696 101,178 SBA Communications Corp.+ 2,409 101,027 Intermedia Communications Inc.+ 3,407 100,506 Patterson Energy Inc.+ 2,906 99,894 Immunogen Inc.+ 2,916 99,691 Proxim Inc.+ 2,232 99,324 LifePoint Hospitals Inc.+ 2,792 99,116 -------------------------------------------------------------------------------- Page 104 iShares iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Freeport-McMoRan Copper & Gold Inc.+ 11,140 $ 98,171 Zygo Corp.+ 1,122 97,614 Investment Technology Group Inc.+ 2,444 97,607 REMEC Inc.+ 3,309 97,409 Trimeris Inc.+ 1,384 96,794 NPS Pharmaceuticals Inc.+ 1,703 96,326 Enzo Biochem Inc.+ 1,979 95,981 Lone Star Technologies Inc.+ 2,065 95,300 Iomega Corp.+ 19,007 95,035 Province Healthcare Co.+ 2,375 94,832 Wiley (John) & Sons Inc. "A" 4,034 92,530 Vicor Corp.+ 1,705 92,496 ACNielsen Corp.+ 3,881 92,416 Pioneer Group Inc. (The)+ 2,092 91,983 Stillwater Mining Co.+ 3,387 91,686 Emcore Corp.+ 2,186 90,890 Grey Wolf Inc.+ 15,784 90,758 Verity Inc.+ 2,538 90,575 Concurrent Computer Corp.+ 4,754 90,326 Hain Celestial Group Inc.+ 2,571 90,306 Commerce Bancorp Inc. 1,550 90,191 Barrett Resources Corp.+ 2,385 90,183 Pogo Producing Co. 3,552 90,132 Linens 'N Things Inc.+ 3,529 89,989 Roper Industries Inc. 2,704 89,739 FuelCell Energy Inc.+ 922 88,728 Lee Enterprises Inc. 3,058 88,300 DSP Group Inc.+ 2,351 87,869 Tetra Tech Inc.+ 3,070 87,687 American Superconductor Corp.+ 1,759 86,466 Heidrick & Struggles International Inc.+ 1,672 85,899 Aviron+ 1,471 85,778 Smith (Charles E) Residential Realty Inc. 1,883 85,441 Albany Molecular Research Inc.+ 1,516 85,180 Michaels Stores Inc.+ 2,120 84,800 Impath Inc.+ 1,342 84,714 Mitchell Energy & Development Corp. "A" 1,812 84,485 Corixa Corp.+ 1,680 84,420 Cousins Properties Inc. 1,958 84,316 Key Energy Group Inc.+ 8,568 84,074 Callaway Golf Co. 5,465 84,024 IDEXX Laboratories Inc.+ 3,123 83,540 Electro Scientific Industries Inc.+ 2,378 83,527 Cross Timbers Oil Co. 4,353 83,523 PurchasePro.com Inc.+ 948 $ 83,306 S3 Inc.+ 8,065 83,170 Resmed Inc.+ 2,636 82,375 Artesyn Technologies Inc.+ 2,823 82,220 NYFIX Inc.+ 1,837 82,206 SIPEX Corp.+ 1,944 81,770 Neurocrine Biosciences Inc.+ 1,806 81,270 IDT Corp.+ 2,087 81,132 Stone Energy Corp.+ 1,473 81,015 Park National Corp. 833 79,968 Symyx Technologies Inc.+ 1,837 79,680 LTX Corp.+ 4,201 79,556 Teledyne Technologies Inc.+ 2,719 79,191 Cymer Inc.+ 2,570 78,867 Valuevision International Inc. "A"+ 3,124 78,491 Shaw Group Inc.+ 1,113 78,467 Price Communications Corp.+ 3,971 77,683 Black Box Corp.+ 1,658 77,304 Priority Healthcare Corp. "B"+ 1,011 77,089 Insight Enterprises Inc.+ 2,787 75,932 Clarent Corp.+ 1,917 75,482 Gartner Group Inc. "A"+ 6,455 75,039 Swift Energy Co.+ 1,796 74,646 Renal Care Group Inc.+ 3,998 74,463 Hyperion Solutions Corp.+ 2,838 73,433 Dendrite International Inc.+ 2,736 73,359 Noven Pharmaceuticals Inc.+ 1,714 73,274 Delta & Pine Land Co. 2,849 73,184 Computer Network Technology Corp.+ 2,120 72,875 Chesapeake Energy Corp.+ 10,135 72,845 Intranet Solutions Inc.+ 1,449 72,450 Advance Paradigm Inc.+ 1,717 72,436 Actel Corp.+ 1,982 71,228 Benchmark Electronics Inc.+ 1,353 70,356 Pharmacyclics Inc.+ 1,405 69,723 Silicon Image Inc.+ 2,782 69,028 Jack in the Box Inc.+ 3,206 68,729 Pericom Semiconductor Corp.+ 1,852 68,524 Cerner Corp.+ 1,474 68,449 Intertrust Technologies Corp.+ 5,642 68,057 Louis Dreyfus Natural Gas Corp.+ 1,716 67,996 Career Education Corp.+ 1,526 67,907 FactSet Research Systems Inc. 1,806 67,906 Dura Pharmaceuticals Inc.+ 1,916 67,778 Geltex Pharmaceuticals Inc.+ 1,440 67,410 Wave Systems Corp. "A"+ 4,023 67,385 -------------------------------------------------------------------------------- iShares Schedules of Investments page 105 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- Common Stocks (continued) --------------------------------------------------------------- Corporate Executive Board Co. (The)+ 1,672 $ 67,298 Transkaryotic Therapies Inc.+ 1,562 67,264 Ilex Oncology Inc.+ 2,223 66,968 Digital Insight Corp.+ 1,860 66,727 Cambrex Corp. 1,802 66,674 Excalibur Technologies Corp.+ 989 66,448 InterDigital Communications Corp.+ 4,698 65,772 Blyth Industries Inc. 2,794 65,484 CEC Entertainment Inc.+ 2,035 65,120 Adaptive Broadband Corp.+ 3,317 64,681 Microstrategy Inc.+ 2,352 64,239 RadiSys Corp.+ 1,264 63,911 Too Inc.+ 2,684 63,745 Timberland Co.+ 1,551 63,591 Zoran Corp.+ 1,296 63,180 Connetics Corp.+ 2,614 63,063 Forrester Research Inc.+ 989 63,049 Alliance Pharmaceutical Corp.+ 4,134 63,043 Polaris Industries Partners LP "A" 1,782 62,816 Brown & Brown Inc. 1,974 62,798 Viasystems Group Inc.+ 3,688 62,696 Church & Dwight Co. Inc. 3,382 62,144 AXT Inc.+ 1,476 61,715 American Eagle Outfitters Inc.+ 1,947 61,330 CompuCredit Corp.+ 1,087 60,974 Cal Dive International Inc.+ 1,065 60,905 BARRA Inc.+ 979 60,759 Syncor International Corp.+ 1,650 60,741 Dal-Tile International Inc.+ 4,837 60,462 Maxtor Corp.+ 5,741 60,280 Xircom Inc.+ 2,385 60,221 Novoste Corp.+ 1,416 60,180 Syntroleum Corp.+ 2,945 60,004 Administaff Inc.+ 792 59,954 Genzyme Transgenics Corp.+ 1,692 59,643 Scholastic Corp.+ 748 59,513 On Assignment Inc.+ 1,892 59,362 AMETEK Inc. 2,794 59,198 ANADIGICS Inc.+ 2,660 58,852 Helix Technology Corp. 1,969 58,824 Texas Biotech Corp.+ 3,598 58,647 Pure Resources Inc.+ 2,761 58,499 TrustCo Bank Corp. 4,744 58,411 Wit Soundview Group Inc.+ 6,478 58,302 Immunomedics Inc.+ 2,783 $ 58,269 SonicWALL Inc.+ 2,044 58,254 WatchGuard Technologies Inc.+ 968 58,080 Secure Computing Corp.+ 2,220 57,859 Puma Technology Inc.+ 2,813 57,139 Graco Inc. 1,771 57,115 Aware Inc.+ 1,482 57,057 Asyst Technologies Inc.+ 2,813 56,963 Rural Cellular Corp. "A"+ 836 56,953 Fisher Scientific International Inc.+ 1,683 56,801 St. Mary Land & Exploration Co. 2,442 56,319 Hooper Holmes Inc. 5,921 56,309 Perot Systems Corp. "A"+ 5,235 56,276 SERENA Software Inc.+ 1,221 56,242 Three-Five Systems Inc.+ 1,912 55,926 Crompton Corp. 7,094 55,865 FileNET Corp.+ 3,066 55,763 KV Pharmaceuticals Co.+ 1,615 55,717 Packeteer Inc.+ 1,460 55,389 Solutia Inc. 4,864 55,328 Quantum Hard Disk Drive Group+ 5,565 55,302 Insituform Technologies Inc. "A"+ 1,639 55,111 UTI Energy Corp.+ 1,232 54,978 Cost Plus Inc.+ 1,823 54,918 Geron Corp.+ 1,934 54,877 Veritas DGC Inc.+ 1,893 54,779 Bio-Technology General Corp.+ 4,782 54,694 Citadel Communications Corp.+ 3,212 54,604 99 Cents Only Stores+ 1,088 54,604 Atlas Air Inc.+ 1,289 54,460 HON Industries Inc. 2,211 54,446 Newpark Resources Inc.+ 5,862 54,224 AXENT Technologies Inc.+ 2,508 54,079 Pre-Paid Legal Services Inc.+ 1,672 54,027 Bally Total Fitness Holding Corp.+ 2,157 53,925 Houghton Mifflin Co. 1,372 53,851 Triad Hospitals Inc.+ 1,822 53,521 Regeneron Pharmaceuticals Inc.+ 1,637 53,407 Dionex Corp.+ 1,925 53,178 eLoyalty Corp.+ 4,169 53,155 Keithley Instruments Inc. 757 52,990 Avant! Corp.+ 2,898 52,888 Advanced Digital Information Corp.+ 3,466 52,640 Ligand Pharmaceuticals Inc. "B"+ 4,103 52,570 ITC DeltaCom Inc.+ 4,562 52,463 Invitrogen Corp.+ 737 52,419 -------------------------------------------------------------------------------- page 106 iShares iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Nuance Communications Inc.+ 429 $ 52,204 Meredith Corp. 1,760 51,920 Pacific Sunwear of California Inc.+ 2,761 51,769 Choice Hotels International Inc.+ 4,705 51,755 Act Manufacturing Inc.+ 981 51,748 United Television Inc. 352 51,744 Mercury Computer Systems Inc.+ 1,860 51,731 Accredo Health Inc.+ 1,053 51,465 Illuminet Holdings Inc.+ 1,852 51,393 Affiliated Managers Group Inc.+ 902 51,358 F5 Networks Inc.+ 1,509 51,306 Gene Logic Inc.+ 2,222 51,106 Rent-Way Inc.+ 1,681 51,060 Pacific Capital Bancorp 1,903 50,905 Brooks Automation Inc.+ 1,530 50,681 Kulicke & Soffa Industries Inc.+ 3,806 50,667 Men's Wearhouse Inc. (The)+ 1,789 50,651 Lightpath Technologies Inc. "B"+ 1,066 50,635 New Era of Networks Inc.+ 2,077 50,530 Acacia Research Corp.+ 1,442 50,290 Avigen Inc.+ 1,265 50,284 Tweeter Home Entertainment Group Inc.+ 1,375 49,930 Systems & Computer Technology Corp.+ 2,838 49,842 JNI Corp.+ 560 49,840 HS Resources Inc.+ 1,474 49,563 Sonic Corp.+ 1,562 49,203 Seachange International Inc.+ 1,474 49,195 Ruby Tuesday Inc. 4,364 49,095 Biosite Diagnostics Inc.+ 1,231 49,086 Vintage Petroleum Inc. 2,134 48,549 Donnelley (R.H.) Co.+ 2,277 48,102 Neose Technologies Inc.+ 992 47,988 Newport News Shipbuilding Inc. 1,100 47,713 Education Management Corp.+ 1,771 47,706 Hilb Rogal & Hamilton Co. 1,144 47,690 Sotheby's Holdings Inc. 1,914 47,611 Tupperware Corp. 2,629 47,322 Concord Camera Corp.+ 1,837 47,073 AnswerThink Consulting Group Inc.+ 2,893 47,011 ATMI Inc.+ 2,002 46,797 Rehabcare Corp.+ 1,100 46,750 BlackRock Inc.+ 1,460 46,720 Fulton Financial Corp. 2,355 46,658 Presstek Inc.+ 2,420 46,434 Security Shares Value --------------------------------------------------------------- Avant Immunotherapeutics Inc.+ 4,287 $ 46,353 Trimble Navigation Ltd.+ 2,066 46,227 Learning Tree International Inc.+ 967 46,053 P-Com Inc.+ 6,929 45,905 Amylin Pharmaceuticals Inc.+ 4,265 45,849 Valence Technology Inc.+ 2,640 45,540 Alliance Semiconductor Corp.+ 2,281 45,335 Pinnacle Systems Inc.+ 4,013 45,146 Kent Electronics Corp.+ 1,890 45,124 Valspar Corp. 1,958 45,014 Eclipsys Corp.+ 2,806 44,896 Copart Inc.+ 3,235 44,886 Pharmacopeia Inc.+ 1,760 44,880 Vical Inc.+ 1,727 44,686 United Stationers Inc.+ 1,661 44,639 Direct Focus Inc.+ 1,122 44,599 Remedy Corp.+ 2,362 44,583 Supergen Inc.+ 2,318 44,477 Photronics Inc.+ 2,024 44,149 Labranche & Co. Inc.+ 1,320 44,055 Organogenesis Inc.+ 2,993 43,997 ZixIt Corp.+ 1,441 43,951 Claire's Stores Inc. 2,431 43,758 Abiomed Inc.+ 638 43,464 Forward Air Corp.+ 1,234 43,421 Station Casinos Inc.+ 3,026 43,121 Apria Healthcare Group Inc.+ 3,091 43,081 MGI Pharma Inc.+ 1,430 42,900 Coulter Pharmaceutical Inc.+ 1,485 42,879 HI/FN Inc.+ 626 42,646 SCM Microsystems Inc.+ 1,122 42,566 WebTrends Corp.+ 1,133 42,346 Zale Corp.+ 1,298 42,104 Maverick Tube Corp.+ 1,562 42,076 NEO RX Corporation+ 1,716 42,042 Atlantic Coast Airlines Holdings+ 1,298 41,779 Superior Energy Services Inc.+ 3,924 41,202 Fair Isaac and Co. Inc. 965 41,193 Adept Technology Inc.+ 783 41,156 Rayovac Corp.+ 2,398 41,066 Rogers Corp.+ 1,298 41,049 Cytogen Corp.+ 6,467 40,823 Westamerica Bancorp 1,219 40,760 Rhythms Netconnections Inc.+ 5,519 40,703 SICOR Inc.+ 3,961 40,600 About.com Inc.+ 1,252 40,533 -------------------------------------------------------------------------------- iShares Schedules of Investments page 107 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Cooper Companies Inc. 1,144 $ 40,469 LookSmart Ltd.+ 3,616 40,454 Advanced Tissue Sciences Inc.+ 5,433 40,408 ACTV Inc.+ 2,929 40,274 Genome Therapeutics Corp.+ 1,935 39,788 Tumbleweed Communications Corp.+ 780 39,780 Chico's FAS Inc.+ 1,166 39,644 Boyds Collection Ltd. (The)+ 5,367 39,582 Littelfuse Inc.+ 1,331 39,514 FYI Inc.+ 1,054 39,393 Photon Dynamics Inc.+ 1,042 39,336 ADAC Laboratories Inc.+ 1,889 39,315 Papa John's International Inc.+ 1,562 39,148 Celeritek Inc.+ 1,036 39,044 Microvision Inc.+ 1,012 38,646 ProBusiness Services Inc.+ 1,276 38,599 Emisphere Technologies Inc.+ 1,289 38,589 GoTo.com Inc.+ 2,333 38,494 Keynote Systems Inc.+ 1,432 38,306 Children's Place Retail Stores Inc.+ 1,485 38,239 Polymedica Industries Inc.+ 891 38,202 Broadbase Software Inc.+ 2,813 38,151 ONYX Software Corp.+ 1,849 38,136 Progress Software Corp.+ 2,794 38,068 SCP Pool Corp.+ 1,276 37,802 Neurogen Corp.+ 1,213 37,755 MapInfo Corp.+ 1,205 37,716 Energy Conversion Devices Inc.+ 1,014 37,708 Concord Communications Inc.+ 1,419 37,603 General Semiconductor Inc.+ 3,080 37,537 DDi Corp.+ 847 37,480 Zoll Medical Corp.+ 767 37,391 Applebee's International Inc. 1,617 37,191 Duane Reade Inc.+ 1,529 37,078 Aradigm Corp.+ 1,614 37,021 EGL Inc.+ 1,221 36,935 C-COR Electronics Inc.+ 2,409 36,888 Haemonetics Corp.+ 1,443 36,796 Rent-A-Center Inc.+ 1,056 36,630 DUSA Pharmaceuticals Inc.+ 1,188 36,605 Metricom Inc.+ 1,419 36,539 XM Satellite Radio Holdings Inc. "A"+ 847 36,474 EntreMed Inc.+ 1,307 36,433 Frontline Capital Group Inc.+ 2,208 36,294 Security Shares Value --------------------------------------------------------------- Mpower Communications Corp.+ 4,158 $ 36,253 Matthews International Corp. 1,232 36,190 Globix Corp.+ 1,551 36,158 Profit Recovery Group International Inc. (The)+ 3,660 36,143 Aphton Corp.+ 1,252 35,995 Viatel Inc.+ 3,501 35,885 PLX Technology Inc.+ 1,331 35,771 Matrix Pharmaceutical Inc.+ 2,297 35,747 Topps Co. (The)+ 3,872 35,574 Mercator Software Inc.+ 2,145 35,527 CONSOL Energy Inc. 2,211 35,514 Supertex Inc.+ 703 35,414 Brooktrout Technology Inc.+ 1,067 35,144 Isis Pharmaceuticals Inc.+ 3,005 34,557 Isle of Capris Casinos Inc.+ 2,222 34,441 Advanced Energy Industries Inc.+ 1,043 34,419 Ask Jeeves Inc.+ 1,793 34,403 Extended Systems Inc.+ 638 34,292 Omnicare Inc. 2,120 34,185 Metasolv Software Inc.+ 836 34,171 Donaldson Co. Inc. 1,551 34,122 Grey Global Group Inc. 55 34,088 Merchants New York Bancorp Inc. 1,650 33,928 Paxson Communications Corp.+ 2,934 33,741 Per-Se Technologies Inc.+ 2,659 33,736 ITT Educational Services Inc.+ 1,243 33,716 Maxygen Inc.+ 649 33,667 Ethan Allen Interiors Inc. 1,188 33,635 Interliant Inc.+ 4,202 33,616 Beringer Wine Estates Holdings Inc. "B"+ 605 33,615 Phoenix Technologies Ltd.+ 2,101 33,485 International Fibercom Inc.+ 2,288 33,462 Parkervision Inc.+ 693 33,351 PRI Automation Inc.+ 1,827 33,343 Factory 2-U Stores Inc.+ 1,089 33,283 NBTY Inc.+ 5,092 33,257 Waste Connections Inc.+ 1,297 33,236 Morrison Management Specialist Inc. 1,122 33,155 Arthocare Corp.+ 1,705 33,141 Power Integrations Inc.+ 2,376 33,116 Rainbow Technologies Inc.+ 932 32,970 Digene Corp.+ 913 32,868 MacDermid Inc. 1,562 32,802 Microsemi Corp.+ 860 32,788 Alliant Techsystems Inc.+ 399 32,768 Intertan Inc.+ 2,263 32,672 -------------------------------------------------------------------------------- page 108 [iSHARES LOGO] iShares Russell 2000 Growth Index Fund Schedule of Investments (Continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (CONTINUED) --------------------------------------------------------------- Kronos Inc.+ 1,089 $ 32,670 AirGate PCS Inc.+ 725 32,534 Integrated Silicon Solution Inc.+ 2,278 32,319 Argosy Gaming Co.+ 1,782 32,299 AremisSoft Corp.+ 858 32,175 Spanish Broadcasting System Inc. "A"+ 2,736 32,148 Cyberonics+ 1,499 32,135 Atwood Oceanics Inc.+ 770 32,099 NVR Inc.+ 396 32,076 Scotts Co. (The) "A"+ 957 32,060 Motient Corp.+ 2,269 32,050 Dril-Quip Inc.+ 803 32,020 Landstar System Inc.+ 716 31,951 Genesco Inc.+ 1,881 31,859 I-Stat Corp.+ 1,408 31,856 Pharmaceutical Product Development Inc.+ 1,199 31,848 ESS Technology Inc.+ 2,222 31,802 Viasat Inc.+ 1,420 31,773 Dial Corp. 2,731 31,748 Complete Business Solutions Inc.+ 2,346 31,671 Westell Technologies Inc.+ 2,455 31,608 Frontier Airlines Inc.+ 1,625 31,586 Ciber Inc.+ 3,828 31,581 Tularik Inc.+ 957 31,581 INAMED Corp.+ 1,122 31,556 Hyseq Inc.+ 858 31,371 Cadiz Inc.+ 3,132 31,320 Sunrise Technologies International Inc.+ 4,320 31,050 Great Plains Software Inc.+ 1,103 31,022 Sciclone Pharmaceuticals Inc.+ 2,841 30,896 CFW Communications Co. 1,144 30,888 SilverStream Software Inc.+ 1,023 30,818 Mid Atlantic Medical Services Inc.+ 2,035 30,779 Catalytica Inc.+ 2,487 30,777 Brady Corp. "A" 1,012 30,613 Transaction Systems Architects Inc. "A"+ 1,881 30,566 Cerus Corp.+ 550 30,525 GTECH Holdings Corp.+ 1,837 30,425 Dreyer's Grand Ice Cream Inc. 1,408 30,360 Radiant Systems Inc.+ 1,419 30,331 Retek Inc.+ 572 30,316 Ultimate Electronics Inc.+ 737 30,309 internet.com LLC+ 979 30,288 Manitowoc Co. Inc. 1,573 30,280 Security Shares Value --------------------------------------------------------------- Southwest Bancorp of Texas Inc.+ 924 $ 30,203 Westpoint Stevens Inc. 2,454 30,062 Memberworks Inc.+ 911 29,949 QuickLogic Corp.+ 1,812 29,898 InterVoice Inc.+ 2,846 29,883 Intermune Pharmaceuticals Inc.+ 550 29,837 Martek Biosciences Corp.+ 1,529 29,815 Cryolife Inc.+ 858 29,762 Pinnacle Entertainment Inc.+ 1,364 29,667 Thoratec Labs Corp.+ 1,348 29,656 Mentor Corp. 1,878 29,578 Adelphia Business Solutions Inc.+ 2,500 29,531 Packaging Corporation of America+ 2,648 29,294 Respironics Inc.+ 1,749 29,186 Teleflex Inc. 847 29,116 Universal Electronics Inc.+ 1,199 29,001 Insight Communications Co. Inc.+ 1,826 28,988 Information Holdings Inc.+ 814 28,846 Oakley Inc.+ 1,639 28,785 Wesley Jessen VisionCare Inc.+ 748 28,751 CT Communications Inc. 1,408 28,600 United Rentals Inc.+ 1,177 28,395 Surmodics Inc.+ 517 28,306 ATS Medical Inc.+ 1,878 28,287 John Nuveen Co. "A" 583 28,203 Advantage Learning Systems Inc.+ 803 28,155 eXcelon Corp.+ 2,274 28,141 Talk.com Inc.+ 6,381 28,116 Terremark Worldwide Inc.+ 11,025 28,114 Clarus Corp.+ 1,232 28,105 PC-Tel Inc.+ 1,202 27,947 Identix Inc.+ 2,299 27,933 eToys Inc.+ 5,213 27,857 Electroglas Inc.+ 1,617 27,590 Bright Horizons Family Solutions Inc.+ 1,078 27,556 Prima Energy Corp.+ 517 27,530 Centillium Communications Inc.+ 286 27,456 Berry Petroleum Co. 1,520 27,455 Sensormatic Electronics Corp.+ 1,826 27,390 Ventas Inc. 5,455 27,275 Spinnaker Exploration Co.+ 782 27,272 DuPont Photomasks Inc.+ 464 27,260 Saga Systems Inc.+ 2,593 27,227 Salton/Maxim Corp.+ 836 27,013 Cohu Inc. 1,760 26,950 NetScout Systems Inc.+ 1,133 26,909 -------------------------------------------------------------------------------- iShares Schedules of Investments PAGE 109 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (CONTINUED) --------------------------------------------------------------- BioMarin Pharmaceutical Inc.+ 1,463 $ 26,883 Cyber-Care Inc.+ 4,224 26,862 Jupiter Media Metrix Inc.+ 1,685 26,862 Bell & Howell Co.+ 1,221 26,709 Stericycle Inc.+ 1,089 26,681 California Amplifier Inc.+ 1,155 26,565 Young Broadcasting Corp. "A"+ 845 26,565 Specialty Equipment Co.+ 1,076 26,564 Performance Food Group Co.+ 704 26,488 FEI Co.+ 1,221 26,480 Plains Resource Inc.+ 1,397 26,368 Ibis Technology Corp.+ 726 26,363 Miravant Medical Technologies+ 1,210 26,318 Briggs & Stratton Corp. 693 26,204 Ariad Pharmaceuticals Inc.+ 2,076 26,080 Symmetricom Inc.+ 1,664 26,000 Targeted Genetics Corp.+ 2,186 25,959 Com21 Inc.+ 1,914 25,839 Franklin Electric Co. Inc. 374 25,806 Harman International Industries Inc. 660 25,806 Datascope Corp. 770 25,795 E-Town Corp. 385 25,747 Nordson Corp. 902 25,651 Forest Oil Corp.+ 1,584 25,641 Mills Corp. 1,353 25,622 Yankee Candle Co. Inc. (The)+ 1,265 25,458 Lexicon Genetics Inc.+ 803 25,395 TiVo Inc.+ 1,309 25,362 Manufactured Home Communities Inc. 1,012 25,300 Unit Corp.+ 1,705 25,149 Accrue Software Inc.+ 2,104 25,117 Excel Technology Inc.+ 781 25,041 Town & Country Trust 1,386 24,948 MedQuist Inc.+ 1,232 24,871 BindView Development Corp.+ 3,286 24,850 Evergreen Resources Inc.+ 715 24,846 Lynx Therapeutics Inc.+ 792 24,799 Prosoft I-Net Solutions Inc.+ 1,739 24,781 Somera Communications Inc.+ 2,593 24,634 Coinstar Inc.+ 1,812 24,575 WorldGate Communications Inc.+ 1,167 24,507 Multex.com Inc.+ 1,430 24,489 Superconductor Technologies Inc.+ 1,353 24,439 Allscripts Inc.+ 1,729 24,422 Security Shares Value --------------------------------------------------------------- WebLink Wireless Inc.+ 3,176 $ 24,416 ACLARA BioSciences Inc.+ 803 24,391 Therma-Wave Inc.+ 848 24,380 WD-40 Company 1,144 24,310 Nanogen Inc.+ 1,254 24,296 Alexander's Inc.+ 297 24,280 Telxon Corp.+ 1,383 24,203 Manhattan Associates Inc.+ 394 24,132 Universal Display Corp.+ 1,089 24,026 Exelixis Inc.+ 761 23,876 HotJobs.com Ltd.+ 1,397 23,836 PC Connection Inc.+ 418 23,826 Bottomline Technologies Inc.+ 638 23,805 Columbia Sportswear Co.+ 517 23,717 Guitar Center Inc.+ 1,925 23,702 StarMedia Network Inc.+ 3,157 23,678 Satcon Technology Corp.+ 660 23,595 Pennaco Energy Inc.+ 1,342 23,317 Constellation Brands Inc.+ 429 23,300 Internet Pictures Corp.+ 4,277 23,256 ADVO Inc.+ 704 23,232 Kenneth Cole Productions "A"+ 655 23,130 Biocryst Pharmaceuticals Inc.+ 1,111 23,123 StarBase Corp.+ 4,056 23,069 Brightpoint Inc.+ 4,573 23,008 Network Peripherals Inc.+ 1,353 23,001 LifeMinders Inc.+ 1,001 22,960 Cable Design Technologies Corp.+ 938 22,805 Rare Hospitality International Inc.+ 1,119 22,800 Vertel Corp.+ 2,461 22,764 Corinthian Colleges Inc.+ 385 22,715 MICROS Systems Inc.+ 1,507 22,699 Tredegar Corporation 1,309 22,662 Ribozyme Pharmaceuticals Inc.+ 781 22,649 Wink Communications Inc.+ 1,881 22,572 Biomatrix Inc.+ 1,287 22,522 Hot Topic Inc.+ 748 22,440 Primus Telecommunications Group Inc.+ 2,354 22,363 Ventana Medical Systems Inc.+ 880 22,330 Caliper Technologies Corp.+ 385 22,306 Western Digital Corp.+ 3,792 22,278 NABI Inc.+ 3,177 22,239 Hall Kinion & Associates Inc.+ 781 22,210 Tricord Systems Inc.+ 1,474 22,018 Rollins Inc. 1,485 21,997 MetaCreations Corp.+ 1,955 21,994 -------------------------------------------------------------------------------- PAGE 110 iShares iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Mechanical Technology Inc.+ 2,027 $ 21,917 Commonwealth Telephone Enterprises Inc.+ 594 21,904 Martha Stewart Living Omnimedia Inc. "A"+ 825 21,656 IMRglobal Corp.+ 1,858 21,599 MCSi Inc.+ 638 21,453 Championship Auto Racing Teams Inc.+ 880 21,450 CTC Communications Group Inc.+ 1,056 21,384 Vasomedical Inc.+ 4,386 21,382 Elcor Corp. 1,474 21,373 Valentis Inc.+ 2,582 21,302 Speedway Motorsports Inc.+ 1,023 21,291 Mattson Technology Inc.+ 1,431 21,286 Biopure Corp.+ 1,177 21,260 Lands' End Inc.+ 1,012 21,252 eMagin Corporation+ 1,977 21,233 Simpson Manufacturing Co. Inc.+ 473 21,137 Telcom Semiconductor Inc.+ 1,419 21,108 Cullen/Frost Bankers Inc. 649 21,092 Pixelworks Inc.+ 440 20,983 Firstbank Corp. 858 20,967 Sunglass Hut International Inc.+ 3,209 20,959 Cuno Inc.+ 935 20,804 Bindley Western Industries Inc. 649 20,768 Edwards Lifesciences Corp.+ 946 20,635 Cognizant Technology Solutions Corp.+ 528 20,592 Nanometrics Inc.+ 385 20,573 Battle Mountain Gold Co.+ 11,681 20,442 MCK Communications Inc.+ 900 20,362 eSPEED Inc. "A"+ 715 20,333 National Penn Bancshares Inc. 1,056 20,312 MAXIMUS Inc.+ 913 20,200 Petsmart Inc.+ 4,287 20,095 Nx Networks Inc.+ 3,033 20,094 Professional Detailing Inc.+ 352 20,064 SPSS Inc.+ 748 20,056 Bluestone Software Inc.+ 1,144 19,877 Cylink Corp.+ 1,903 19,863 Open Market Inc.+ 3,154 19,811 eGain Communications Corp.+ 2,098 19,734 Embarcadero Technologies Inc.+ 382 19,625 FSI International Inc.+ 1,375 19,594 Scott Technologies Inc.+ 1,100 19,491 Rare Medium Group Inc.+ 2,619 19,479 Washington Trust Bancorp Inc. 968 19,421 Micron Electronics Inc.+ 2,153 19,377 Viant Corp.+ 3,289 19,323 Advanced Radio Telecom Corp.+ 2,263 19,235 CVB Financial Corp. 1,144 19,233 Carlisle Companies Inc. 462 19,173 Vertex Interactive Inc.+ 1,046 19,155 Ventro Corporation+ 1,738 19,118 Midas Inc. 1,364 19,096 Black Hills Corp. 680 19,082 Idex Corp. 682 19,053 P.F. Chang's China Bistro Inc.+ 550 19,009 Houston Exploration Co.+ 748 18,887 Valmont Industries Inc. 946 18,802 Imatron Inc.+ 8,128 18,796 Central Parking Corp. 946 18,743 Novadigm Inc.+ 1,201 18,597 Data Return Corp.+ 913 18,488 Arch Wireless Inc.+ 3,694 18,470 Skechers U.S.A. Inc.+ 1,221 18,468 Collateral Therapeutics Inc.+ 638 18,462 Barnes & Noble Inc.+ 935 18,408 Integrated Circuit Systems Inc.+ 990 18,315 Visual Networks Inc.+ 2,784 18,270 Startek Inc.+ 627 18,183 Robotic Vision Systems Inc.+ 3,044 18,169 U.S. Wireless Corp.+ 1,143 18,145 Inter-Tel Inc. 1,595 18,143 Frontier Oil Corp.+ 2,450 18,069 Uniroyal Technology Corp.+ 1,199 17,985 Project Software & Development Inc.+ 1,155 17,957 Staar Surgical Co.+ 1,034 17,901 CyberSource Corp.+ 1,581 17,885 Libbey Inc. 572 17,803 InteliData Technologies Corp.+ 3,396 17,776 Net2Phone Inc.+ 790 17,775 Datastream Systems Inc.+ 1,372 17,664 HSB Group Inc. 440 17,655 Sangstat Medical Corp.+ 1,375 17,617 Orbital Sciences Corp.+ 2,101 17,596 Buckeye Technologies Inc.+ 847 17,575 TriZetto Group Inc. (The)+ 1,133 17,562 Orchid Biosciences Inc.+ 516 17,544 Gentiva Health Services Inc.+ 1,372 17,493 Diametrics Medical Inc.+ 2,175 17,468 Sanchez Computer Associates Inc.+ 1,122 17,391 EnergyNorth Inc. 286 17,357 -------------------------------------------------------------------------------- iShares Schedules of Investments page 111 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Techniclone Corp.+ 7,115 $ 17,343 Regis Corp. 1,155 17,325 Hotel Reservations Network Inc.+ 473 17,324 DSET Corporation+ 839 17,304 Lightbridge Inc.+ 1,485 17,263 Zomax Optical Media Inc.+ 2,464 17,248 Lindsay Manufacturing Co. 924 17,209 Endocare Inc.+ 869 17,163 Matrixone Inc.+ 429 17,160 CapRock Communications Corp.+ 3,363 17,130 Immersion Corp.+ 1,100 17,050 NextCard Inc.+ 1,867 16,978 Cabot Oil & Gas Corp. "A" 833 16,972 Semitool Inc.+ 1,320 16,913 Research Frontiers Inc.+ 880 16,885 Allaire Corp.+ 1,980 16,830 IGEN International Inc.+ 836 16,824 QRS Corp.+ 1,111 16,734 OTG Software Inc.+ 407 16,636 Ultratech Stepper Inc.+ 1,034 16,609 Ulticom Inc.+ 352 16,588 Carrier Access Corp.+ 836 16,563 Fossil Inc.+ 1,243 16,547 Carreker-Antinori Inc.+ 847 16,516 Spectra-Physics Lasers Inc.+ 308 16,497 AnnTaylor Stores Corp.+ 429 16,490 iGate Capital Corp.+ 3,066 16,480 InterCept Group Inc. (The)+ 704 16,412 Georgia Gulf Corp. 1,430 16,356 Diversa Corp.+ 605 16,335 Genta Inc.+ 1,695 16,208 MEMC Electronics Materials Inc.+ 1,254 16,145 Kos Pharmaceuticals Inc.+ 817 16,136 CCC Information Services Group Inc.+ 1,999 16,117 NEON Communications Inc.+ 462 16,112 World Access Inc.+ 2,978 16,100 Niku Corp.+ 660 16,088 Spartech Corp. 1,023 15,920 Stanford Microdevices Inc.+ 297 15,890 Immune Response Corp.+ 2,311 15,888 Cygnus Inc.+ 1,442 15,862 iXL Enterprises Inc.+ 3,622 15,846 Ferro Corp. 825 15,727 Triarc Companies Inc.+ 638 15,711 Metrocall Inc.+ 5,224 15,672 Quiksilver Inc.+ 814 15,670 Clayton Williams Energy Inc.+ 385 15,592 Intrusion.com Inc.+ 1,309 15,544 Cell Pathways Inc.+ 1,912 15,535 Vyyo Inc.+ 517 15,510 Mobile Mini Inc.+ 803 15,458 Netcentives Inc.+ 2,013 15,412 BSQUARE Corp.+ 990 15,345 Primus Knowledge Solutions Inc.+ 1,034 15,316 Caminus Corp.+ 385 15,304 National Discounts Brokers Group Inc.+ 493 15,252 3DO Co. (The)+ 2,274 15,207 Marimba Inc.+ 1,243 15,188 Teligent Inc. "A"+ 1,166 15,158 Meade Instruments Corp.+ 748 15,100 Braun Consulting Inc.+ 759 15,038 ibasis Inc.+ 946 15,018 Objective Systems Integrator Inc.+ 1,727 15,003 Net.B@nk Inc.+ 1,266 14,955 Xybernaut Corp.+ 2,516 14,939 Kirby Corp.+ 759 14,895 II-VI Inc.+ 792 14,788 Diagnostic Products Corp. 275 14,747 Oshkosh B'gosh Inc. "A" 968 14,732 Vasco Data Security International Inc.+ 924 14,726 Rudolph Technologies Inc.+ 440 14,713 Interactive Intelligence Inc.+ 374 14,703 Corvel Corp.+ 528 14,685 Tanning Technology Corp.+ 1,067 14,671 Trex Co. Inc.+ 484 14,671 First Busey Corp. "A" 792 14,652 GBC Bancorp 429 14,613 LodgeNet Entertainment Corp.+ 506 14,611 Applied Science & Technology Inc.+ 990 14,602 Nhancement Technologies Inc.+ 855 14,535 Interlink Electronics Inc.+ 748 14,492 Packard BioScience Company+ 737 14,372 Sequenom Inc.+ 341 14,365 O'Reilly Automotive Inc.+ 979 14,318 Sunrise Assisted Living Inc.+ 660 14,314 Numerical Technologies Inc.+ 495 14,262 Vialink Co. (The)+ 1,603 14,227 SpeedFam-IPEC Inc.+ 1,243 14,217 Tejon Ranch Co. 561 14,193 WESCO International Inc.+ 1,768 14,144 -------------------------------------------------------------------------------- page 112 iShares iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (CONTINUED) --------------------------------------------------------------- National Data Corp. 429 $ 14,077 Digitas Inc.+ 792 14,058 Gasonics International Corp.+ 1,144 14,014 Strayer Education Inc. 638 13,956 Cambridge Technology Partners Inc.+ 3,176 13,895 Ventiv Health Inc.+ 1,100 13,888 Closure Medical Corp.+ 550 13,853 School Specialty Inc.+ 649 13,832 CTG Resources Inc. 343 13,827 Lurninex Corp.+ 363 13,794 Armor Holdings Inc.+ 913 13,695 IDX Systems Corp.+ 847 13,658 White Electronic Designs Corp. 1,133 13,596 Sonosite Inc.+ 726 13,567 Neotopia Inc.+ 1,232 13,552 Forest City Enterprises Inc. "A" 374 13,464 Digimarc Corp.+ 715 13,317 Ampal-American Israel Corp. "A"+ 1,012 13,282 Crawford & Co. "B" 1,089 13,272 Astec Industries Inc.+ 1,210 13,234 Advanced Lighting Technologies Inc.+ 1,067 13,204 4Kids Entertainment Inc.+ 781 13,179 Selectica Inc.+ 330 13,159 LCC International Inc. "A"+ 902 13,079 CardioDynamics International Corp.+ 2,505 13,073 Spherion Corporation+ 1,089 13,000 DigitalThink Inc.+ 308 12,974 Hickory Tech Corp. 583 12,972 Medallion Financial Corp. 770 12,946 NCO Group Inc.+ 1,089 12,932 Labor Ready Inc.+ 3,044 12,747 Network Commerce Inc.+ 2,274 12,720 X-Rite Inc. 1,449 12,679 Fairfield Communities Inc.+ 1,251 12,666 Imperial Bancorp+ 660 12,622 SportsLine USA Inc.+ 913 12,611 Take-Two Interactive Software Inc.+ 1,002 12,588 Daleen Technologies Inc.+ 847 12,546 World Wrestling Federation Entertainment Inc.+ 822 12,484 Procom Technology Inc.+ 418 12,357 Bone Care International Inc.+ 594 12,325 Thermo Cardiosystems Inc.+ 1,394 12,285 Ivex Packaging Corp.+ 1,244 12,207 VIVUS Inc.+ 2,868 12,189 Brio Technology Inc.+ 1,152 $ 12,168 MyPoints.com Inc.+ 2,210 12,155 Cosair Communications Inc.+ 1,554 12,141 Fibernet Telecom Group Inc.+ 715 12,110 AVT Corp.+ 2,175 12,098 Carter-Wallace Inc. 495 12,097 IMPCO Technologies Inc.+ 419 12,046 MKS Instruments Inc.+ 440 12,045 Modis Professional Services Inc.+ 2,318 12,025 Airtran Holdings Inc.+ 2,681 11,897 Quintus Corp.+ 1,386 11,868 CoorsTek Inc.+ 310 11,857 click2learn.com Inc.+ 803 11,794 THQ Inc.+ 506 11,765 Mail.com Inc.+ 2,252 11,753 SBS Technologies Inc.+ 504 11,718 Florida Rock Industries Inc. 297 11,713 ChromaVision Medical Systems Inc.+ 1,232 11,704 Basin Exploration Inc.+ 594 11,583 Federal Realty Investment Trust 605 11,571 Alamosa PCS Holdings Inc.+ 704 11,396 CARBO Ceramics Inc. 429 11,395 kForce.com Inc.+ 3,253 11,385 Centennial Cellular Corp. "A"+ 517 11,374 IMPSAT Fiber Networks Inc.+ 1,034 11,374 Extended Stay America Inc.+ 858 11,368 Sykes Enterprises Inc.+ 2,112 11,352 Borders Group Inc.+ 814 11,345 VIA NET.WORKS Inc.+ 1,177 11,329 Digital River Inc.+ 1,735 11,169 APAC Customer Services Inc.+ 2,098 11,146 Savvis Communications Corp.+ 1,235 11,115 Travelocity.com Inc.+ 781 11,080 Advanced Marketing Services Inc. 627 11,051 Sitel Corp.+ 3,715 10,913 Celsion Corporation+ 4,454 10,857 Pac-West Telecomm Inc.+ 1,188 10,841 MTI Technology Corp.+ 2,835 10,808 Cathay Bancorp Inc. 220 10,725 Cyberoptics Corp.+ 583 10,676 Key3Media Group Inc.+ 976 10,675 Vans Inc.+ 693 10,655 Breakaway Solutions Inc.+ 1,196 10,652 Swift Transportation Co. Inc.+ 814 10,633 Independent Bank Corp. 880 10,560 OM Group Inc. 242 10,557 -------------------------------------------------------------------------------- iShares Schedules of Investments page 113 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Universal Compression Holdings Inc.+ 341 $ 10,550 Penn National Gaming Inc.+ 693 10,547 e.spire Communications Inc.+ 3,572 10,493 Aztar Corp.+ 682 10,486 Universal Access Inc.+ 892 10,481 24/7 Media Inc.+ 1,037 10,467 Columbia Laboratories Inc.+ 1,790 10,404 United National Bancorp 583 10,348 Rica Foods Inc.+ 627 10,346 Paradigm Genetics Inc.+ 429 10,242 Sterling Bancshares Inc. 671 10,233 Persistence Software Inc.+ 935 10,227 Intraware Inc.+ 1,367 10,210 Exchange Applications Inc.+ 2,244 10,168 Ackerly Group Inc. (The) 1,012 10,120 Razorfish Inc.+ 979 10,111 Health Care Property Investors Inc. 341 10,102 Dover Downs Entertainment Inc. 748 10,051 First Financial Bancorp 638 10,048 Media 100 Inc.+ 913 10,043 Geoworks Corp.+ 1,354 9,986 American Classic Voyages Co.+ 682 9,974 DLJdirect Inc.+ 1,449 9,962 NETsilicon Inc.+ 473 9,903 Chittenden Corp. 385 9,890 Davox Corp.+ 982 9,881 Management Network Group Inc. (The)+ 473 9,874 Theragenics Corp.+ 1,515 9,848 Intelect Communications Inc.+ 6,819 9,802 Spectralink Corp.+ 1,034 9,758 Mediacom Communications Corp.+ 605 9,756 Tennant Co. 220 9,735 Jakks Pacific Inc.+ 1,034 9,726 Dexter Corp. (The) 161 9,660 Prodigy Communications Corp. "A"+ 1,878 9,625 Anesta Corp.+ 418 9,614 Meridian Resource Corp. (The)+ 1,394 9,584 Hollywood Entertainment Corp.+ 1,284 9,550 American Italian Pasta Co.+ 495 9,498 Guilford Pharmaceuticals Inc.+ 407 9,386 Fritz Companies Inc.+ 781 9,372 U.S. Can Corp.+ 473 9,371 CoStar Group Inc.+ 253 9,361 Versata Inc.+ 352 9,328 Sagent Technology Inc.+ 1,231 $ 9,309 Saga Communications Inc.+ 561 9,257 Queens County Bancorp Inc. 319 9,211 IXYS Corporation+ 352 9,196 Choice One Communications Inc.+ 751 9,153 Penn Virginia Corp. 352 9,152 Steel Dynamics Inc.+ 991 9,105 Latitude Communications Inc.+ 1,174 9,098 Level 8 Systems Inc.+ 495 9,096 Playtex Products Inc.+ 770 9,096 eMerge Interactive Inc. "A"+ 572 9,080 First Midwest Bancorp Inc. 341 9,079 ePlus Inc.+ 440 9,020 VaxGen Inc.+ 385 8,999 Whitehall Jewellers Inc.+ 1,130 8,969 Gabelli Asset Management Inc. "A"+ 297 8,910 Be Free Inc.+ 2,087 8,870 META Group Inc.+ 715 8,848 Airnet Communications Corp.+ 396 8,836 Invacare Corp. 275 8,834 American TeleSource International Inc.+ 3,814 8,820 On Command Corp.+ 716 8,793 Century Business Services+ 6,676 8,762 Saba Software Inc.+ 308 8,624 Liqui-Box Corp. 264 8,547 SmartDisk Corp.+ 594 8,539 Horizon Offshore Inc.+ 484 8,530 Grace (W.R.) & Company+ 1,240 8,525 Oshkosh Truck Corp. 220 8,525 Penton Media Inc. 308 8,470 Osicom Technologies Inc.+ 341 8,440 Wild Oats Markets Inc.+ 718 8,437 Silicon Valley Group Inc.+ 319 8,394 Gentek Inc. 550 8,387 Websense Inc.+ 352 8,382 NetManage Inc.+ 3,935 8,362 Hutchinson Technology Inc.+ 396 8,341 Electronics Boutique Holdings Corp.+ 385 8,277 Actuant Corp. "A" 2,093 8,241 Mesa Air Group Inc.+ 1,504 8,225 United Natural Foods Inc.+ 660 8,168 Sonic Foundry Inc.+ 916 8,130 e.MedSoft.com+ 3,077 8,077 Network Plus Corp.+ 935 8,064 C-bridge Internet Solutions Inc.+ 430 8,062 Calico Commerce Inc.+ 1,312 8,036 -------------------------------------------------------------------------------- page 114 iShares iShares Russell 2000 Growth Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- McAfee.com Corp.+ 539 $ 8,018 Unigraphics Solutions Inc.+ 407 7,987 Gulf Island Fabrication Inc.+ 451 7,949 ITXC Corp.+ 539 7,883 SJW Corp. 66 7,838 Steven Madden Ltd.+ 899 7,754 Paradyne Networks Inc.+ 1,430 7,731 netGuru Inc.+ 451 7,667 CSK Auto Corp.+ 1,702 7,659 Optical Cable Corp.+ 314 7,642 Viador Inc.+ 872 7,630 Pier 1 Imports Inc. 561 7,609 Software Technologies Corp.+ 330 7,554 Knight Transportation Inc.+ 484 7,532 SmartServ Online Inc.+ 209 7,472 DSL.net Inc.+ 2,439 7,469 Hanover Direct Inc.+ 13,177 7,412 Philadelphia Suburban Corp. 319 7,397 US LEC Corp. "A"+ 858 7,347 North Pittsburgh Systems Inc. 539 7,344 Key Productions Co. Inc.+ 330 7,281 NL Industries Inc. 341 7,225 SciQuest.com Inc.+ 1,037 7,162 Tuesday Morning Corp.+ 914 7,141 ArvinMeritor Inc. 484 7,109 Interact Commerce Corporation+ 649 7,098 Star Scientific Inc.+ 1,768 7,072 Guess ? Inc.+ 627 7,054 Metawave Communications Corp.+ 385 7,050 CPI Corp. 330 7,012 Juno Online Services Inc.+ 1,735 6,940 Extensity Inc.+ 330 6,930 Casey's General Store Inc. 528 6,864 eGlobe Inc.+ 5,598 6,823 Predictive Systems Inc.+ 352 6,798 Nucentrix Broadband Networks Inc.+ 264 6,765 Crossroads Systems Inc.+ 795 6,757 InterWorld Corp.+ 1,769 6,744 Electric Lightwave Inc. "A"+ 792 6,732 Private Media Group Ltd.+ 1,196 6,728 Crown Media Holdings Inc.+ 473 6,711 WMS Industries Inc.+ 297 6,683 Denbury Resources Inc.+ 954 6,678 Ocular Sciences Inc.+ 550 6,600 Quokka Sports Inc.+ 1,658 6,580 Inforte Corp.+ 187 6,568 Skyline Corp. 308 6,564 Golden Telecom Inc.+ 374 6,498 Chateau Communities Inc. 242 6,489 PETCO Animal Supplies Inc.+ 297 6,478 Wabtec Corporation 639 6,470 Lante Corp.+ 1,287 6,435 Liberty Livewire Corporation "A"+ 209 6,427 infoUSA Inc.+ 1,284 6,420 Roslyn Bancorp Inc. 286 6,399 Footstar Inc.+ 198 6,398 O'Charleys Inc.+ 517 6,366 Aperian Inc.+ 982 6,260 Coldwater Creek Inc.+ 231 6,237 FirePond Inc.+ 429 6,220 Sonic Automotive Inc.+ 748 6,218 Triad Guaranty Inc.+ 209 6,218 Buca Inc.+ 583 6,194 Collins & Aikman Corp.+ 1,317 6,173 Ha-Lo Industries Inc.+ 1,537 6,148 SVI Holdings Inc.+ 1,240 6,126 Financial Federal Corp.+ 253 6,119 Network Access Solutions Corp.+ 1,482 6,113 Information Architects Corp.+ 1,845 6,112 International Bancshares Corp. 198 6,064 GoAmerica Inc.+ 685 6,058 Vicinity Corp.+ 550 6,050 Furniture Brands International Inc.+ 363 6,035 Coca-Cola Bottling Co. 143 5,997 Gadzoox Networks Inc.+ 828 5,899 Deltek Systems Inc.+ 767 5,872 Regent Communications Inc.+ 1,053 5,857 Nexell Therapeutics Inc.+ 630 5,788 Olin Corp. 352 5,698 First Consulting Group Inc.+ 1,020 5,674 National Information Consortium Inc.+ 1,422 5,644 Vector Group Ltd. 322 5,591 COPE Inc.+ 143 5,568 Midway Games Inc.+ 789 5,523 Mohawk Industries Inc.+ 253 5,519 Casella Waste Systems Inc. "A"+ 539 5,457 NetZero Inc.+ 2,549 5,417 TenFold Corp.+ 1,207 5,356 Net Perceptions Inc.+ 1,133 5,346 Cubic Corp. 220 5,252 -------------------------------------------------------------------------------- iShares Schedules of Investments Page 115 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Hollywood.com Inc.+ 866 5,223 Forcenergy Inc.+ 198 5,173 Inprise Corp.+ 965 5,157 Beasley Broadcast Group Inc. "A"+ 528 5,115 Dain Rauscher Corp. 55 5,115 Voyager.net Inc.+ 844 5,090 GlobalNet Financial.com Inc.+ 803 5,069 NET2000 Communications Inc.+ 789 5,030 Markel Corp.+ 33 5,008 United Bancshares Inc. 253 4,965 PepsiAmericas Inc.+ 1,383 4,841 Metromedia International Group Inc.+ 1,284 4,802 Group 1 Automotive Inc.+ 440 4,785 Covance Inc.+ 584 4,782 Stein Mart Inc.+ 440 4,758 Trendwest Resorts Inc.+ 286 4,755 Alberto-Culver Co. "B" 165 4,754 Gliatech Inc.+ 759 4,744 Earthgrains Company (The) 253 4,665 Glenayre Technologies Inc.+ 429 4,665 Ramp Networks Inc.+ 1,317 4,651 eBenx Inc.+ 407 4,604 Gaylord Container Corporation "A"+ 2,714 4,580 iBeam Broadcasting Corp.+ 671 4,571 Edison Schools Inc.+ 143 4,540 D.R. Horton Inc. 264 4,535 Anixter International Inc.+ 154 4,485 Mediaplex Inc.+ 1,086 4,480 GetThere.com Inc.+ 253 4,475 Griffon Corporation+ 591 4,469 AMCOL International Corp. 910 4,436 Navigant Consulting Co.+ 1,273 4,376 Z-Tel Technologies Inc.+ 602 4,365 Mail-Well Inc.+ 965 4,282 Polo Ralph Lauren Corp.+ 264 4,257 Cabot Microelectronics Corp.+ 88 4,224 AptarGroup Inc. 176 4,213 NetSol International Inc.+ 275 4,159 On2.com Inc.+ 1,669 4,156 Expedia Inc. "A"+ 319 4,147 Jones Lang LaSalle Inc.+ 319 4,147 SLI Inc. 564 4,124 American Technical Ceramics Corp.+ 264 4,116 NEON Systems+ 374 4,114 Register.com+ 429 $ 4,076 Sylvan Learning Systems Inc.+ 275 4,073 Otter Tail Power Co. 176 4,070 Gaiam Inc.+ 220 4,029 Arrow International Inc. 110 4,001 Del Monte Foods Co.+ 646 3,997 UCBH Holdings Inc. 110 3,939 Syntel Inc.+ 503 3,938 Cysive Inc.+ 583 3,899 Computer Horizons Corp.+ 572 3,897 Technology Solutions Co.+ 1,548 3,870 U.S. Interactive Inc.+ 1,507 3,815 Penn Engineering & Manufacturing Corp. 121 3,804 Xceed Inc.+ 1,516 3,790 Alexandria Real Estate Equities Inc. 110 3,774 Texas Regional Bancshares "A" 132 3,746 AppliedTheory Corp.+ 608 3,724 G&K Services Inc. "A" 132 3,704 Woodhead Industries Inc. 176 3,663 Encompass Service Corp.+ 448 3,640 Convergent Communications Inc.+ 1,141 3,637 Conmed Corp.+ 264 3,613 Avis Rent A Car Inc.+ 121 3,585 Unify Corp.+ 925 3,584 NBT Bancorp Inc. 298 3,576 S&T Bancorp Inc. 187 3,553 Mueller Industries Inc.+ 154 3,455 Digital Impact Inc.+ 517 3,409 Belden Inc. 143 3,378 Oratec Interventions Inc.+ 275 3,369 Exide Corp. 371 3,362 First Commonwealth Financial Corp. 342 3,313 CACI International Inc. "A"+ 154 3,301 Bebe Stores Inc.+ 221 3,287 Wackenhut Corp.+ 220 3,273 Aspect Medical Systems Inc.+ 264 3,267 Chordiant Software Inc.+ 418 3,239 EarthShell Corp.+ 2,571 3,214 Photogen Technologies Inc.+ 756 3,213 Blaze Software Inc.+ 253 3,194 NetObjects Inc.+ 1,020 3,188 NetCreations Inc.+ 297 3,174 Spiegel Inc. "A" 448 3,136 NetSolve Inc.+ 440 3,135 Sinclair Broadcast Group "A"+ 286 3,128 Switchboard Inc.+ 481 3,127 -------------------------------------------------------------------------------- page 116 iShares iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Net.Genesis Corp.+ 352 $ 3,058 F&M Bancorp 154 3,051 Onvia.com Inc.+ 679 3,013 Pricesmart Inc.+ 77 2,974 Corillian Corp.+ 308 2,964 Total Renal Care Holdings+ 393 2,948 Eprise Corp.+ 341 2,941 Preview Systems Inc.+ 308 2,916 Envision Development Corp.+ 264 2,904 Heartland Express Inc.+ 165 2,867 Watsco Inc. 275 2,830 JDA Software Group Inc.+ 220 2,805 Telocity Inc.+ 855 2,805 Callon Petroleum Corp.+ 176 2,783 Trans World Entertainment Corp.+ 275 2,750 Oceaneering International Inc.+ 165 2,743 Azurix Corp.+ 767 2,732 AGENCY.com Inc.+ 176 2,629 Deltathree.com Inc.+ 723 2,621 Blount International Inc.+ 228 2,565 Reliance Steel & Aluminum Co. 121 2,549 ESCO Technologies Inc.+ 143 2,502 Triangle Pharmaceuticals Inc.+ 294 2,481 Avenue A Inc.+ 492 2,460 Vail Resorts Inc.+ 121 2,450 Res-Care Inc.+ 536 2,446 Neoforma.com Inc.+ 657 2,443 CAIS Internet Inc.+ 498 2,428 Xpedior Inc.+ 737 2,395 American Capital Strategies Ltd. 99 2,345 Chelsea GCA Realty Inc. 66 2,318 GRIC Communications Inc.+ 319 2,313 E.W. Blanch Holdings Inc. 110 2,282 City Bank 132 2,277 Sequoia Software Corp.+ 352 2,277 Arguss Holdings Inc.+ 110 2,248 EpicEdge Inc.+ 803 2,208 Wabash National Corp. 242 2,208 Sonic Innovations Inc.+ 209 2,195 ValueClick Inc.+ 341 2,195 Harland (John H.) Co. 143 2,190 NPC International Inc.+ 221 2,162 Parexel International Corp.+ 254 2,159 Musicland Stores Corp.+ 294 2,076 1-800-FLOWERS.com Inc.+ 415 $ 2,069 Belco Oil & Gas Corp.+ 228 2,023 Caldera Systems Inc.+ 481 1,969 PEC Solutions Inc.+ 305 1,963 Billing Concepts Corp.+ 613 1,954 Integrated Electrical Services Inc.+ 283 1,946 MarketWatch.com Inc.+ 242 1,936 Stride Rite Corp. 371 1,878 Rightchoice Managed Care Inc. "A"+ 77 1,867 Frontier Financial Corp. 99 1,862 Modem Media Inc.+ 429 1,850 buy.com Inc.+ 657 1,827 Telaxis Communications Corp.+ 297 1,810 Playboy Enterprises Inc. "B"+ 121 1,807 Analysts International Corp. 250 1,805 Anchor Bancorp Wisconsin Inc. 110 1,726 Genomic Solutions Inc.+ 99 1,702 FirstWorld Communications Inc. "B"+ 844 1,701 ICG Communications Inc.+ 3,872 1,694 Oneida Ltd. 121 1,679 LivePerson Inc.+ 382 1,671 Landry's Seafood Restaurants Inc. 239 1,628 USB Holding Co. Inc. 121 1,611 AmeriPath Inc.+ 110 1,595 Capstead Mortgage Corp. 173 1,557 RPC Inc. 132 1,551 Stockwalk.com Group Inc.+ 360 1,524 Deltic Timber Corp. 88 1,490 eMachines Inc.+ 1,383 1,426 Hayes Lemmerz International Inc.+ 132 1,419 EEX Corp.+ 272 1,326 Mesaba Holdings Inc.+ 122 1,311 Senior Housing Properties Trust 140 1,304 Scientific Learning Corp.+ 239 1,300 Source Information Management Co.+ 190 1,294 barnesandnoble.com Inc.+ 261 1,281 Bank of Granite Corp. 55 1,262 McGrath Rentcorp 66 1,254 Saul Centers Inc. 77 1,227 American Axle & Manufacturing Holdings Inc.+ 110 1,182 Cypress Communications Inc.+ 437 1,161 FutureLink Corp.+ 371 1,136 Metals USA Inc. 382 1,122 Gold Bancorp Inc. 217 1,112 Netpliance Inc.+ 679 1,019 Wilsons The Leather Experts Inc.+ 55 993 -------------------------------------------------------------------------------- iShares Schedules of Investments page 117 iShares Russell 2000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Shares or Security Principal Value ---------------------------------------------------------------- COMMON STOCKS (continued) ---------------------------------------------------------------- Digital Courier Technologies Inc.+ 547 $ 991 Central Garden & Pet Co.+ 140 971 Revlon Inc. "A"+ 140 936 Cheap Tickets Inc.+ 88 913 Vital Sign Inc. 33 875 Oriental Financial Group Inc. 55 853 Mississippi Valley Bancshares Inc. 33 852 Fedders Corp. 217 841 Thermo Fibertek Inc.+ 184 771 Coolsavings.com Inc.+ 272 744 Gibraltar Steel Corp. 44 726 CompX International Inc. 33 693 Uproar Inc.+ 151 566 Valhi Inc. 33 415 E-LOAN Inc.+ 96 402 Allos Therapeutics Inc.+ 44 399 Value Line Inc. 11 386 U.S. Aggregates Inc. 22 364 Opus360 Corp.+ 85 197 ---------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $42,988,834) 44,334,219 ---------------------------------------------------------------- SHORT TERM INSTRUMENTS - 4.05% ---------------------------------------------------------------- Freddie Mac Discount Note 6.46%, 10/24/00++ $246,894 246,894 Goldman Sachs Financial Square Prime Obligation Fund++ 416,797 416,797 Providian Temp Cash Money Market Fund++ 303,274 303,274 Short Term Investment Company Liquid Assets Portfolio++ 827,112 827,112 ---------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $1,794,077) 1,794,077 ---------------------------------------------------------------- REPURCHASE AGREEMENT - 0.10% ---------------------------------------------------------------- Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $44,759 and an effective yield of 6.25%. $ 44,736 $ 44,736 ---------------------------------------------------------------- TOTAL REPURCHASE AGREEMENT (Cost: $44,736) 44,736 ---------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 104.13% (Cost: $44,827,647) 46,173,032 ---------------------------------------------------------------- Other Assets, Less Liabilities - (4.13%) (1,832,316) ---------------------------------------------------------------- NET ASSETS - 100.00% $44,340,716 ================================================================ + Non-income earning securities. ++ Represents investment of collateral received from securities lending transactions. See Note 5. SEE NOTES TO FINANCIAL STATEMENTS. -------------------------------------------------------------------------------- PAGE 118 iShares iShares Russell 2000 Value Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS - 99.82% --------------------------------------------------------------- Pactiv Corp.+ 14,217 $ 159,053 Precision Castparts Corp. 4,144 159,026 Centex Corp. 4,938 158,633 MDU Resources Group Inc. 5,261 156,515 Astoria Financial Corp. 3,806 147,007 IDACorp Inc. 3,140 145,225 Foundation Health Systems Inc.+ 8,682 144,338 Venator Group Inc.+ 11,555 142,993 Humana Inc.+ 13,066 140,459 Kansas City Power & Light Co. 5,191 138,535 OGE Energy Corp. 6,476 138,020 Bank United Corp. "A" 2,716 137,667 ALLETE 6,204 137,263 Arden Realty Inc. 4,981 133,553 Conectiv Inc. 7,412 132,489 Bergen Brunswig Corp. "A" 11,320 132,303 Allied Capital Corp. 6,316 131,057 Western Resources Inc. 5,784 125,079 BRE Properties Inc. 3,794 121,408 Cullen/Frost Bankers Inc. 3,726 121,095 Smithfield Foods Inc.+ 4,577 120,146 Lennar Corp. 4,010 119,047 Reckson Associates Realty Corp. 4,652 118,626 Suiza Foods Corp.+ 2,328 118,001 Pioneer Natural Resources Co.+ 8,311 117,912 Sierra Pacific Resources Corp. 6,548 117,864 Highwoods Properties Inc. 4,918 116,188 Snap-On Inc. 4,911 115,715 Roslyn Bancorp Inc. 5,170 115,679 StanCorp Financial Group Inc. 2,690 114,998 Sky Financial Group Inc. 6,477 114,967 Webster Financial Corp. 4,202 113,191 Lear Corp.+ 5,487 112,826 Cytec Industries Inc.+ 3,374 112,818 IndyMac Mortgage Holdings Inc. 5,450 112,066 Great Lakes Chemical Corp. 3,805 111,534 Hudson United Bancorp 4,037 111,522 Fidelity National Financial Inc. 4,470 110,632 Health Care Property Investors Inc. 3,713 109,998 Kaufman & Broad Home Corp. 4,037 108,747 Raymond James Financial Corp. 3,296 108,562 Storage Technology Corp.+ 7,922 107,442 Franchise Finance Corporation of America 4,719 106,177 Manor Care Inc.+ 6,749 105,875 Vectren Corporation 5,145 104,508 Washington Gas Light Co. 3,874 104,114 Payless Shoesource Inc.+ 1,857 103,992 Cummins Engine Company Inc. 3,468 103,823 Pier 1 Imports Inc. 7,546 102,343 Dexter Corp. (The) 1,685 101,100 Bancorp South Inc. 7,029 101,042 Trustmark Corp. 5,136 100,152 New Plan Excel Realty Trust 7,314 100,110 First Industrial Realty Trust 3,241 99,661 Hospitality Properties Trust 4,240 99,110 Camden Property Trust 3,195 99,045 Neiman-Marcus Group Inc. "A"+ 3,053 99,032 Peoples Energy Corp. 2,961 98,823 Dean Foods Co. 2,963 98,520 Washington Federal Inc. 4,319 98,257 ONEOK Inc. 2,450 97,388 First American Financial Corp. 4,610 96,234 Hawaiian Electric Industries Inc. 2,719 94,825 United Dominion Realty Trust 8,678 94,373 Dain Rauscher Corp. 1,014 94,302 American Greetings Corp. "A" 5,369 93,957 Omnicare Inc. 5,721 92,251 Citizens Banking Corp. 4,009 92,207 Weingarten Realty Investors 2,254 91,851 FelCor Lodging Trust Inc. 3,960 91,575 Ryder System Inc. 4,965 91,542 Commercial Federal Corp. 4,726 90,385 Keystone Financial Inc. 4,143 90,110 AGL Resources Inc. 4,491 90,101 CNF Transportation Inc. 4,042 89,934 Avista Corp. 3,963 89,167 Gallagher (Arthur J.) & Co. 1,502 88,806 Cleco Corp. 1,894 88,544 Alexander & Baldwin Inc. 3,375 87,750 Lubrizol Corp. 4,452 87,649 Carlisle Companies Inc. 2,104 87,316 Edwards Lifesciences Corp.+ 3,974 86,683 Colonial BancGroup Inc. 8,244 85,531 Essex Property Trust Inc. 1,537 85,111 Leucadia National Corp. 3,181 85,092 Cell Genesys Inc.+ 2,827 84,810 First Midwest Bancorp Inc. 3,118 83,017 RGS Energy Group Inc. 2,938 82,815 Clayton Homes Inc. 8,275 82,750 Pulte Corp. 2,506 82,698 Alberto-Culver Co. "B" 2,856 82,288 Teleflex Inc. 2,387 82,053 Rayonier Inc. 2,263 81,327 Piedmont Natural Gas Co. 2,644 80,973 HSB Group Inc. 2,013 80,772 ArvinMeritor Inc. 5,487 80,591 -------------------------------------------------------------------------------- iShares Schedules of Investments page 119 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Borders Group Inc.+ 5,764 $ 80,336 Louisiana-Pacific Corp. 8,722 80,133 York International Corp. 3,205 79,724 Dillards Inc. "A" 7,497 79,656 Centerpoint Properties Corp. 1,724 79,412 Millennium Chemicals Inc. 5,355 79,321 Harman International Industries Inc. 2,028 79,295 Minerals Technologies Inc. 1,720 79,120 Prentiss Properties Trust 3,027 79,080 Alleghany Corp.+ 402 78,792 Ball Corp. 2,456 77,825 Fulton Financial Corp. 3,926 77,784 Independence Community Bank Corp. 5,540 77,560 Quorum Health Group Inc.+ 5,958 77,454 RPM Inc. 8,536 77,358 National Data Corp. 2,345 76,945 HRPT Properties Trust 10,990 76,930 OM Group Inc. 1,759 76,736 C-Cube Microsystems Inc.+ 3,739 76,649 Universal Foods Corp. 3,748 76,366 Jacobs Engineering Group Inc.+ 1,894 76,352 Federal Signal Corp. 3,816 75,843 Public Service Company of New Mexico 2,909 75,270 Potlatch Corp. 2,368 74,888 Coventry Health Care Inc.+ 4,931 74,581 Community First Bankshares Inc. 4,246 74,570 Harsco Corp. 3,342 73,733 La-Z-Boy Chair Co. 5,063 73,730 Trinity Industries Inc. 3,153 73,701 WPS Resources Corp. 2,203 72,148 D.R. Horton Inc. 4,151 71,340 Healthcare Realty Trust 3,376 71,318 Reebok International Ltd.+ 3,757 70,679 Downey Financial Corp. 1,789 70,665 HCC Insurance Holdings Inc. 3,460 70,281 Media General Inc. "A" 1,627 69,961 Whitney Holding Corp. 1,905 69,175 Mohawk Industries Inc.+ 3,171 69,167 Universal Corporation 2,353 69,119 Storage USA Inc. 2,261 68,961 Pennzoil-Quaker State Co. 6,538 68,649 CBRL Group Inc. 4,775 68,641 Markel Corp.+ 451 68,439 Cabot Industrial Trust 3,425 68,286 Steris Corp.+ 5,679 68,148 Extended Stay America Inc.+ 5,131 67,986 Polo Ralph Lauren Corp.+ 4,214 67,951 AptarGroup Inc. 2,822 67,552 Pittston Brink's Group 4,358 67,549 Dura Pharmaceuticals Inc.+ 1,909 67,531 Borg-Warner Automotive Inc. 2,035 67,409 Corn Products International Inc. 2,960 67,340 Energen Corp. 2,252 66,997 Silicon Valley Group Inc.+ 2,542 66,886 Seacor Smit Inc.+ 1,434 66,860 National Service Industries Inc. 3,385 66,219 AK Steel Holding Corp. 6,997 65,597 Commerce Bancorp Inc. 1,125 65,461 AnnTaylor Stores Corp.+ 1,703 65,459 Westamerica Bancorp 1,956 65,404 Cable Design Technologies Corp.+ 2,689 65,376 Kennametal Inc. 2,532 65,199 Lancaster Colony Corp. 2,633 64,673 Barnes & Noble Inc.+ 3,280 64,575 U.S. Industries Inc. 6,418 63,779 Furniture Brands International Inc.+ 3,836 63,773 Silicon Graphics Inc.+ 15,342 63,286 Mercury General Corp. 2,224 62,967 Journal Register Co.+ 3,773 62,726 Sensormatic Electronics Corp.+ 4,176 62,640 El Paso Electric Co.+ 4,540 62,516 Nationwide Health Properties Inc. 3,903 62,204 UIL Holdings Corporation 1,209 62,188 Mueller Industries Inc.+ 2,747 61,636 Ethan Allen Interiors Inc. 2,154 60,985 Labranche & Co. Inc.+ 1,818 60,676 Commerce Group Inc. 2,091 60,508 Silicon Valley Bancshares+ 1,039 60,506 Earthgrains Company (The) 3,270 60,291 Regency Realty Corp. 2,620 60,096 Staten Island Bancorp Inc. 3,003 60,060 Tom Brown Inc.+ 2,447 59,952 New Jersey Resources Corp. 1,472 59,800 AGCO Corp. 5,035 59,795 PolyOne Corp.+ 8,157 59,648 Meristar Hospitality Corp. 2,934 59,414 Kilroy Realty Corp. 2,222 59,300 Philadelphia Suburban Corp. 2,553 59,198 Toll Brothers Inc.+ 1,720 59,125 Developers Diversified Realty Corp. 4,586 59,045 Fisher Scientific International Inc.+ 1,741 58,759 Newport News Shipbuilding Inc. 1,344 58,296 Overseas Shipholding Group Inc. 2,120 58,035 Dole Food Co. 3,868 58,020 Phoenix Investment Partners Ltd. 3,742 58,001 Kaydon Corp. 2,507 57,661 -------------------------------------------------------------------------------- page 120 iShares iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- HON Industries Inc. 2,336 $ 57,524 Brandywine Realty Trust 2,822 57,145 Timken Co. 4,173 57,118 Richmond County Financial Corp. 2,360 57,083 Affiliated Managers Group Inc.+ 1,000 56,937 Alfa Corp. 3,259 56,829 Ogden Corp.+ 4,149 56,271 Shurgard Storage Centers Inc. 2,490 56,181 Hollinger International Inc. 3,349 56,096 Catellus Development Corp.+ 3,200 56,000 Horace Mann Educators Corp. 3,419 55,986 Service Corp. International 22,938 55,911 CH Energy Group Inc. 1,402 55,905 Lilly Industries Inc. "B" 1,895 55,903 Tecumseh Products Co. "A" 1,334 55,861 Texas Industries Inc. 1,752 55,845 Worthington Industries Inc. 5,945 55,734 Macerich Co. (The) 2,612 55,505 Imation Corp.+ 2,969 55,298 Atmos Energy Corp. 2,680 55,275 Invacare Corp. 1,720 55,255 Bob Evans Farms Inc. 2,980 55,130 UGI Corp. 2,269 55,023 Zale Corp.+ 1,696 55,014 Gables Residential Trust 2,018 54,864 Jeffries Group Inc. 2,035 54,691 Southwest Gas Co. 2,610 54,647 McClatchy Co. (The) "A" 1,553 54,646 American National Insurance Co. 853 54,485 Glenayre Technologies Inc.+ 4,987 54,234 Provident Financial Group Inc. 1,829 53,727 Cooper Tire & Rubber Co. 5,324 53,573 PS Business Parks Inc. 1,951 53,165 Dial Corp. 4,557 52,975 Modine Manufacturing Co. 1,860 52,400 SPS Technologies Inc.+ 1,076 52,186 Security Capital Group "B"+ 2,752 52,116 Idex Corp. 1,860 51,964 Realty Income Corp. 2,226 51,894 CBL & Associates Properties Inc. 2,067 51,804 United Bancshares Inc. 2,638 51,771 Southern Union Co.+ 2,605 51,612 Federal Realty Investment Trust 2,696 51,561 Home Properties of NY Inc. 1,725 51,534 Longview Fibre Co. 4,288 51,456 Banta Corp. 2,108 51,382 MascoTech Inc. 3,100 51,344 Flowserve Corp. 3,122 51,318 Polaroid Corp. 3,805 51,130 Avis Rent A Car Inc.+ 1,720 50,955 Delphi Financial Group Inc.+ 1,255 50,827 Sl Green Realty Corp. 1,811 50,821 F&M National Corp. 2,075 50,708 W.R. Berkley Corp. 1,461 50,496 Beverly Enterprises Inc.+ 8,491 50,415 Susquehanna Bancshares Inc. 3,296 50,264 US Freightways Corp. 2,210 50,139 UMB Financial Corp. 1,339 49,878 Summit Properties Inc. 2,072 49,858 Florida Rock Industries Inc. 1,257 49,573 Alaska Air Group Inc.+ 2,056 49,344 Structural Dynamics Research Corp.+ 3,010 49,289 Anixter International Inc.+ 1,676 48,813 Southwest Bancorp of Texas Inc.+ 1,489 48,672 People's Bank 2,301 48,465 Longs Drug Stores Inc. 2,534 48,463 Western Digital Corp.+ 8,248 48,457 Chittenden Corp. 1,880 48,292 UCAR International Inc.+ 3,791 48,098 MAF Bancorp Inc. 1,932 48,059 Unifi Inc.+ 4,711 47,993 Solutia Inc. 4,212 47,912 IKON Office Solutions Inc. 12,154 47,856 Northwest Natural Gas Co. 2,100 47,775 Wallace Computer Services Inc. 3,129 47,717 Buffetts Inc.+ 3,458 47,547 Bindley Western Industries Inc. 1,475 47,200 Superior Industries International Inc. 1,573 47,190 Kimball International Inc. "B" 2,629 46,993 Colonial Properties Trust 1,825 46,880 M.D.C. Holdings Inc. 1,794 46,644 Imperial Bancorp+ 2,434 46,550 Liberty Corp. 1,344 46,536 Vintage Petroleum Inc. 2,041 46,433 Sun Communities Inc. 1,468 46,426 Briggs & Stratton Corp. 1,216 45,980 Anchor Gaming+ 574 45,669 Spherion Corporation+ 3,802 45,386 Doral Financial Corp. 2,800 45,325 South Financial Group Inc. (The) 3,574 45,122 Carpenter Technology Corp. 1,540 44,853 Sodexho Marriott Services Inc. 2,723 44,759 Belden Inc. 1,888 44,604 AMCORE Financial Inc. 2,272 44,588 G&K Services Inc. "A" 1,587 44,535 Constellation Brands Inc.+ 819 44,482 -------------------------------------------------------------------------------- iShares Schedules of Investments page 121 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Chelsea GCA Realty Inc. 1,262 $ 44,328 Xtra Corp.+ 997 44,304 Interstate Bakeries Corp. 3,019 44,153 Glenborough Realty Trust Inc. 2,449 44,082 Footstar Inc.+ 1,356 43,816 First Commonwealth Financial Corp. 4,522 43,807 Olin Corp. 2,703 43,755 Owens & Minor Inc. 2,761 43,486 Park Electrochemical Corp. 780 43,388 Total Renal Care Holdings+ 5,780 43,350 Wisconsin Central Transportation Corp.+ 4,073 43,021 Smucker (J.M) Company (The)+ 1,761 42,814 Fleming Companies Inc. 3,276 42,793 LNR Property Corp. 1,930 42,701 Otter Tail Power Co. 1,845 42,666 American Financial Holdings Inc. 2,419 42,635 Meredith Corp. 1,440 42,480 Pacific Gulf Properties Inc. 1,585 42,399 Health Care Inc. 2,386 42,351 Capitol Federal Financial 2,887 42,222 UniSource Energy Corp. 2,572 42,117 Chateau Communities Inc. 1,559 41,801 Western Gas Resources Inc. 1,667 41,779 Washington Trust Bancorp Inc. 2,069 41,509 Tupperware Corp. 2,304 41,472 Urban Shopping Centers Inc. 873 41,468 Nordson Corp. 1,456 41,405 Charming Shoppes Inc.+ 7,910 41,280 Stewart & Stevenson Services Inc. 2,362 41,187 Airborne Freight Corp. 4,031 41,066 JLG Industries Inc. 3,365 41,011 Casey's General Store Inc. 3,147 40,911 Baldor Electric Co. 2,003 40,686 Penton Media Inc. 1,479 40,673 Sotheby's Holdings Inc. 1,632 40,596 Donaldson Co. Inc. 1,834 40,348 Mynd Corp.+ 2,985 40,298 Ferro Corp. 2,108 40,184 Dollar Thrifty Automotive Group Inc.+ 2,034 40,171 Acuson Corp.+ 1,764 40,131 Albemarle Corp. 1,983 40,032 Pegasus Systems Inc.+ 2,041 39,927 American Capital Strategies Ltd. 1,683 39,866 S&T Bancorp Inc. 2,090 39,710 Encompass Service Corp.+ 4,884 39,682 CLARCOR Inc. 2,031 39,604 United Rentals Inc.+ 1,638 39,517 Allen Telecom Inc.+ 2,329 39,447 F.N.B. Corp. 1,845 39,437 Selective Insurance Group Inc. 2,202 39,361 Granite Construction Inc. 1,614 39,139 Southwest Securities Group Inc. 1,335 39,049 Milacron Inc. 2,919 38,859 Lincoln Electric Holding Inc. 2,911 38,753 Hughes Supply Inc. 1,975 38,749 Wellman Inc. 2,676 38,635 Del Webb Corp.+ 1,387 38,489 Sinclair Broadcast Group "A"+ 3,511 38,402 Oshkosh Truck Corp. 990 38,363 Empire District Electric Co. (The) 1,461 38,351 Scholastic Corp.+ 482 38,349 Parker Drilling Co.+ 5,468 38,276 Houghton Mifflin Co. 973 38,190 Henry Schein Inc.+ 1,915 38,180 First Charter Corp. 2,642 38,144 Koger Equity Inc. 2,230 37,910 Aztar Corp.+ 2,457 37,776 Prime Hospitality Corp.+ 3,731 37,776 NorthWestern Corp. 1,933 37,694 Armstrong Holdings Inc. 3,150 37,603 ABM Industries Inc. 1,380 37,519 Finova Group Inc. 5,122 37,134 East West Bancorp Inc. 1,894 37,051 First Financial Bancorp 2,349 36,997 Swift Transportation Co. Inc.+ 2,828 36,941 Fleetwood Enterprises Inc. 2,723 36,931 Diagnostic Products Corp. 685 36,733 WMS Industries Inc.+ 1,628 36,630 Kellwood Co. 2,006 36,610 Guilford Pharmaceuticals Inc.+ 1,586 36,577 Greif Brothers Corp. "A" 1,099 36,542 Hutchinson Technology Inc.+ 1,719 36,206 Agribrands International Inc.+ 826 36,034 Pioneer-Standard Electronics Inc. 2,656 36,022 Russell Corp. 2,269 36,020 First Citizens Bancshares Inc. 503 35,996 Standard-Pacific Corp. 1,999 35,982 Mid-America Apartment Communities Inc. 1,492 35,715 Republic Bancorp Inc. 3,759 35,711 Provident Bankshares Corp. 2,131 35,694 Black Hills Corp. 1,269 35,611 Triumph Group Inc.+ 992 35,588 Wolverine World Wide Inc. 3,805 35,434 Meditrust Corp. 12,061 35,429 Tucker Anthony Sutro Corporation 1,394 35,373 Ruddick Corp. 2,547 35,340 -------------------------------------------------------------------------------- page 122 iShares iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Gaylord Entertainment Co. "A" 1,479 $ 35,311 Perrigo Co.+ 5,157 35,293 Bandag Inc. 978 35,147 Forest City Enterprises Inc. "A" 975 35,100 Circle International Group Inc. 1,160 35,090 WesBanco Inc. 1,635 35,050 Sylvan Learning Systems Inc.+ 2,349 34,795 Cornerstone Realty Income Trust 3,262 34,659 Laclede Gas Co. 1,600 34,600 Covance Inc.+ 4,221 34,559 Harland (John H.) Co. 2,247 34,407 Ryland Group Inc. 1,104 34,224 American West Holdings Corp. "B"+ 2,804 34,174 Kelly Services Inc. "A" 1,446 34,162 Triad Hospitals Inc.+ 1,153 33,869 Block Drug Co. Inc. "A" 784 33,810 Edison Schools Inc.+ 1,062 33,718 Bethlehem Steel Corp.+ 11,209 33,627 OfficeMax Inc.+ 9,422 33,566 Westfield America Inc. 2,439 33,536 FirstFed Financial Corp.+ 1,457 33,511 International Bancshares Corp. 1,092 33,443 Ralcorp Holdings Inc.+ 2,366 33,420 Southern Peru Copper Corp. 2,145 33,248 NUI Corp. 1,097 33,116 Wausau-Mosinee Paper Corp. 4,267 33,069 Taubman Centers Inc. 2,853 32,988 Reliance Steel & Aluminum Co. 1,565 32,963 PETCO Animal Supplies Inc.+ 1,509 32,915 Pure Resources Inc.+ 1,551 32,862 Cross Timbers Oil Co. 1,709 32,782 Yellow Corporation+ 2,138 32,337 IHOP Corp.+ 1,684 32,206 Federal-Mogul Corp. 5,904 32,103 Bedford Property Investors Inc. 1,579 32,073 Integra Bank Corp. 1,445 32,061 Fuller (H.B.) Co. 1,115 32,056 Woodward Governor Co. 716 31,907 Alexandria Real Estate Equities Inc. 929 31,876 Ohio Casualty Corp. 5,024 31,871 Offshore Logistics Inc.+ 1,782 31,853 Lennox International Inc. 3,371 31,603 Tower Automotive Inc.+ 3,360 31,500 Morgan Keegan Inc. 1,799 31,483 Pulitzer Inc. 730 31,354 Texas Regional Bancshares "A" 1,104 31,326 Arrow International Inc. 860 31,282 Queens County Bancorp Inc. 1,083 31,272 Madison Gas & Electric Co. 1,373 31,236 Alliant Techsystems Inc.+ 379 31,125 Trammell Crow Co.+ 2,075 31,125 Washington Group International Inc.+ 2,716 31,064 Interface Inc. 3,897 31,054 JDN Realty Corp. 2,735 30,940 Input/Output Inc.+ 3,213 30,925 USEC Inc. 7,234 30,745 Buckeye Technologies Inc.+ 1,481 30,731 Springs Industries Inc. "A" 1,090 30,724 California Water Service Group 1,146 30,655 NVR Inc.+ 378 30,618 United Stationers Inc.+ 1,132 30,423 O'Reilly Automotive Inc.+ 2,075 30,347 Carter-Wallace Inc. 1,240 30,303 Trico Marine Services Inc.+ 1,907 30,274 Cerner Corp.+ 651 30,231 Glimcher Realty Trust 2,019 30,159 Nautica Enterprises Inc.+ 2,331 30,157 Regal-Beloit Corp. 1,775 30,104 Brush Wellman Inc. 1,390 30,059 NL Industries Inc. 1,418 30,044 AMLI Residential Properties Trust 1,250 30,000 Mid-State Bancshares 957 29,906 Enhance Financial Services Group Inc. 2,292 29,796 Applied Industrial Technologies Inc. 1,719 29,760 Innkeepers USA Trust 2,898 29,704 Eastgroup Properties Inc. 1,334 29,681 Commercial Metals Co. 1,162 29,631 American Freightways Corp.+ 1,858 29,496 Praecis Pharmaceuticals Inc.+ 691 29,368 Jones Lang LaSalle Inc.+ 2,257 29,341 Paxar Corp.+ 3,277 29,288 Arch Chemicals Inc. 1,597 29,145 Cabot Oil & Gas Corp. "A" 1,430 29,136 Toro Co. 924 29,106 Ionics Inc.+ 1,363 29,049 Allied Riser Communications Corp.+ 4,383 29,037 Esterline Corp.+ 1,474 29,019 Arnold Industries Inc. 1,719 29,008 CoStar Group Inc.+ 779 28,823 Anchor Bancorp Wisconsin Inc. 1,834 28,771 Bowne & Co. Inc. 2,947 28,733 Men's Wearhouse Inc. (The)+ 1,006 28,482 US Oncology Inc.+ 6,277 28,443 Valspar Corp. 1,237 28,439 Terex Corp.+ 2,171 28,359 CORUS Bankshares Inc. 786 28,357 -------------------------------------------------------------------------------- iShares Schedules of Investments Page 123 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Airgas Inc.+ 4,162 $ 28,354 NS Group Inc.+ 1,425 28,301 Modis Professional Services Inc.+ 5,426 28,147 South Jersey Industries 964 28,137 Intermedia Communications Inc.+ 950 28,025 Triad Guaranty Inc.+ 936 27,846 Robert Mondavi Corp. (The) "A"+ 681 27,836 Bel Fuse Inc. "B" 723 27,835 First Sentinel Bancorp Inc. 2,904 27,679 Werner Enterprises Inc. 2,355 27,671 Liberty Financial Companies Inc. 1,177 27,660 Avid Technology Inc.+ 1,963 27,482 Grace (W.R.) & Company+ 3,988 27,417 First Financial Bankshares Inc. 852 27,317 Premier National Bancorp Inc. 1,345 27,236 Michael Foods Inc. 1,163 27,185 Cathay Bancorp Inc. 555 27,056 ChemFirst Inc. 1,299 27,035 Chemical Financial Corp. 1,148 26,978 Schulman (A.) Inc. 2,450 26,950 Regis Corp. 1,792 26,880 Handleman Co.+ 2,170 26,854 Intergraph Corp.+ 3,711 26,673 Thomas Industries Inc. 1,317 26,669 Kirby Corp.+ 1,355 26,592 Tesoro Petroleum Corp.+ 2,660 26,434 BT Financial Corp. 1,422 26,307 Commercial Net Lease Realty Inc. 2,535 26,301 Glatfelter (P.H.) Co. 2,167 26,275 Standard Microsystems Corp.+ 1,204 26,262 RFS Hotel Investors Inc. 2,079 26,247 ADVO Inc.+ 793 26,169 THQ Inc.+ 1,125 26,156 Shopko Stores Inc.+ 2,515 26,093 AAR Corp. 2,278 26,055 Argonaut Group Inc. 1,488 26,040 RLI Corp. 674 25,991 Mid Atlantic Medical Services Inc.+ 1,715 25,939 Barnes Group Inc. 1,411 25,927 Presidential Life Corp. 1,733 25,887 Oceaneering International Inc.+ 1,554 25,835 Dress Barn Inc.+ 1,218 25,578 Bay View Capital Corp. 2,373 25,510 Salem Communications Corp. "A"+ 2,005 25,438 Nu Skin Asia Pacific Inc. "A"+ 3,813 25,261 General Communication Inc. "A"+ 3,529 25,254 Rollins Truck Leasing Corp. 3,998 25,237 Genlyte Group Inc. (The)+ 987 25,230 International Multifoods Corp. 1,446 25,124 Boca Resorts Inc. "A"+ 2,281 24,948 Genrad Inc.+ 2,268 24,948 PMA Capital Corp. "A" 1,386 24,948 UCBH Holdings Inc. 695 24,890 Petsmart Inc.+ 5,300 24,844 American States Water Co. 818 24,744 Insight Communications Co. Inc.+ 1,558 24,733 Parkway Properties Inc. 805 24,553 Walter Industries Inc. 2,762 24,513 Crestline Capital Corp.+ 1,218 24,436 Fairfield Communities Inc.+ 2,413 24,432 Charter Municipal Mortgage Acceptance Corp. 1,760 24,358 Caraustar Industries Inc. 2,200 24,337 Great Lakes Inc. 1,397 24,273 Playboy Enterprises Inc. "B"+ 1,624 24,259 Dime Community Bancshares 980 24,255 Chesapeake Corp. 1,259 24,236 Kaman Corp. "A" 1,914 24,164 LandAmerica Financial Group Inc. 845 24,135 Bush Boake Allen Inc.+ 504 24,097 Forcenergy Inc.+ 922 24,087 AmeriPath Inc.+ 1,659 24,055 Nuevo Energy Co.+ 1,306 23,998 Steel Dynamics Inc.+ 2,607 23,952 Sterling Bancshares Inc. 1,568 23,912 Crawford & Co. "B" 1,959 23,875 E-Town Corp. 357 23,874 Semco Energy Inc. 1,543 23,724 National Golf Properties Inc. 1,149 23,698 Vail Resorts Inc.+ 1,170 23,693 W Holding Co. Inc. 2,324 23,676 Del Monte Foods Co.+ 3,823 23,655 Seacoast Financial Services Corp. 2,149 23,639 Chemed Corp. 742 23,605 Foster Wheeler Corp. 3,249 23,555 Tennant Co. 532 23,541 IRT Property Co. 2,667 23,336 Trust Company of New Jersey (The) 1,393 23,333 NACCO Industries Inc. 555 23,310 PFF Bancorp Inc. 1,071 23,294 Iomega Corp.+ 4,625 23,125 Crompton Corp. 2,933 23,097 Hancock Holding Co. 746 23,079 Midwest Express Holdings Inc.+ 1,145 23,043 Capital Automotive REIT 1,771 23,023 Trans World Entertainment Corp.+ 2,290 22,900 GenCorp. Inc. 2,807 22,807 -------------------------------------------------------------------------------- Page 124 iShares iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------------------------- Firstbank Corp. 931 $ 22,751 Wyndham International Inc. "A"+ 12,508 22,671 Seitel Inc.+ 1,571 22,583 AO Smith Corp. "B" 1,795 22,550 Harbor Florida Bancshares Inc. 1,862 22,460 Libbey Inc. 714 22,223 UICI+ 3,172 22,204 Krispy Kreme Doughnuts Inc.+ 265 22,194 Primex Technologies Inc. 763 22,175 First Merchants Corp. 1,002 22,169 Quanex Corp. 1,162 22,151 Ziff-Davis Inc. 2,713 22,043 RTI International Metals Inc.+ 1,526 22,032 Omega Financial Corp. 721 21,810 American Industrial Properties 1,529 21,788 Harleysville National Corp. 721 21,765 NCI Building Systems Inc.+ 1,481 21,660 Quiksilver Inc.+ 1,124 21,637 Lee Enterprises Inc. 749 21,627 Palm Harbor Homes Inc.+ 1,571 21,601 PSS World Medical Inc.+ 5,916 21,446 Hexcel Corp.+ 1,599 21,387 Burlington Coat Factory Warehouse Corp. 1,491 21,340 Cirrus Logic Inc.+ 527 21,245 Triangle Pharmaceuticals Inc.+ 2,517 21,237 Monaco Coach Corp.+ 1,274 21,021 Ryan's Family Steak Houses Inc.+ 2,720 20,910 MEMC Electronics Materials Inc.+ 1,620 20,858 Sequa Corp. "A"+ 490 20,825 Frontier Financial Corp. 1,106 20,807 Equity Inns Inc. 3,113 20,624 Lance Inc. 2,121 20,613 E.W. Blanch Holdings Inc. 987 20,480 Harleysville Group Inc. 1,075 20,442 CB Richard Ellis Services Inc.+ 1,666 20,408 OceanFirst Financial Corp. 980 20,335 Republic Security Financial Corp. 4,100 20,244 Forest Oil Corp.+ 1,250 20,234 Sovran Self Storage Inc. 987 20,234 Bank of Granite Corp. 882 20,231 JDA Software Group Inc.+ 1,585 20,209 Methode Electronics Inc. "A" 454 20,118 Cleveland-Cliffs Inc. 875 20,016 Advanta Corp. "A" 1,778 20,002 Inprise Corp.+ 3,739 19,980 1st Source Corp. 948 19,908 First Indiana Corp. 763 19,886 American Italian Pasta Co.+ 1,036 $ 19,878 West Pharmaceutical Services Inc. 851 19,786 Friede Goldman Halter Inc.+ 2,801 19,782 Sunrise Assisted Living Inc.+ 910 19,736 Claire's Stores Inc. 1,096 19,728 Pep Boys-Manny Moe & Jack Inc. 3,942 19,710 EMCOR Group Inc.+ 756 19,656 Analogic Corp. 511 19,642 Sandy Spring Bancorp Inc. 784 19,600 Arkansas Best Corp.+ 1,274 19,588 Calgon Carbon Corp. 2,856 19,457 Patina Oil & Gas Corp. 970 19,400 NBC Internet Inc. "A"+ 2,955 19,392 ACNielsen Corp.+ 812 19,336 Michaels Stores Inc.+ 483 19,320 Stein Mart Inc.+ 1,785 19,300 Audiovox Corp. "A"+ 1,281 19,291 Heartland Express Inc.+ 1,103 19,165 Riggs National Corp. 1,561 19,122 General Cable Corp. 2,527 19,110 NBT Bancorp Inc. 1,592 19,104 Playtex Products Inc.+ 1,617 19,101 Marcus Corp. 1,813 19,037 Curtiss Wright Corp. 399 18,828 Network Equipment Technologies Inc.+ 1,760 18,810 Friedman Billings Ramsey Group Inc. "A"+ 2,016 18,774 Arctic Cat Inc. 1,484 18,735 Medical Assurance Inc.+ 1,526 18,694 Collins & Aikman Corp.+ 3,984 18,675 Farmers Capital Bank Corp. 518 18,616 Baldwin & Lyons Inc. "B" 959 18,581 GTECH Holdings Corp.+ 1,120 18,550 New England Business Service Inc. 1,022 18,524 Respironics Inc.+ 1,110 18,523 Midcoast Energy Resources Inc. 900 18,506 Pennsylvania Real Estate Investment Trust 1,061 18,501 Southwestern Energy Company 2,114 18,498 Kansas City Life Insurance Co. 560 18,480 Data Broadcasting Corp.+ 5,755 18,344 Phillips-Van Heusen Corporation 1,778 18,336 Cumulus Media Inc.+ 2,990 18,314 Aaron Rents Inc. "B" 1,421 18,295 Checkpoint Systems Inc.+ 2,415 18,263 Sauer Inc. 1,660 18,260 National Discounts Brokers Group Inc.+ 590 18,253 Comstock Resources Inc.+ 1,602 18,223 Roadway Express Inc. 1,015 18,207 Ryerson Tull Inc. 1,925 18,167 JP Realty Inc. 1,005 18,153 -------------------------------------------------------------------------------- iShares Schedules of Investments page 125 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------------------------- CPB Inc. 672 $ 18,144 Callaway Golf Co. 1,180 18,142 United Community Financial Corp. 2,764 18,139 Moog Inc. "A"+ 602 18,135 Churchill Downs Inc. 700 18,112 MidAmerica Bancorp 693 18,105 Haemonetics Corp.+ 707 18,028 Hunt (J.B.) Transport Services Inc. 1,414 18,028 First Washington Realty Trust 708 17,965 Warnaco Group Inc. "A" 4,467 17,868 Standex International Corp. 924 17,845 Metromedia International Group Inc.+ 4,719 17,649 Integrated Electrical Services Inc.+ 2,563 17,621 School Specialty Inc.+ 819 17,455 Western Properties Trust 1,414 17,410 Ocwen Financial Corp.+ 2,960 17,390 Gardner Denver Inc.+ 1,064 17,290 Wabtec Corporation 1,704 17,253 Andover Bancorp Inc. 565 17,232 Mediacom Communications Corp.+ 1,064 17,157 Area Bancshares Corp. 770 17,084 Albany International Corp.+ 1,421 17,052 Pope & Talbot Inc. 1,190 17,032 Arguss Holdings Inc.+ 833 17,024 Myers Industries Inc. 1,339 16,989 Stride Rite Corp. 3,351 16,964 Benchmark Electronics Inc.+ 326 16,952 BSB Bancorp Inc. 756 16,915 Standard Register Co. 1,057 16,912 Champion Enterprises Inc.+ 3,977 16,902 Magnetek Inc.+ 1,588 16,873 First Financial Corp. 553 16,866 Mine Safety Appliances Co. 763 16,834 Burnham Pacific Properties Inc. 2,759 16,726 Century South Banks Inc. 910 16,721 First Financial Holdings Inc. 1,092 16,721 Fremont General Corp. 4,863 16,717 Zenith National Insurance Corp. 756 16,538 Russ Berrie & Co. Inc. 833 16,452 Lone Star Steakhouse & Saloon Inc. 2,219 16,365 Cash American Investments Inc. 2,227 16,285 Parexel International Corp.+ 1,915 16,278 Omnova Solutions Inc. 2,920 16,243 GBC Bancorp 476 16,214 Shaw Group Inc.+ 229 16,145 Consolidated Products Inc.+ 2,016 16,128 Fred's Inc. 718 16,110 Student Loan Corp. 329 $ 16,059 Schweitzer-Mauduit International Inc. 1,194 15,970 Bio-Rad Laboratories Inc. "A"+ 708 15,937 ADE Corp.+ 777 15,916 Woodhead Industries Inc. 763 15,880 Arch Capital Group Ltd.+ 1,008 15,876 BOK Financial Corp.+ 858 15,873 Cambrex Corp. 429 15,873 Cascade Natural Gas Corp. 903 15,802 Boyd Gaming Corp.+ 3,200 15,800 Edwards (J.D.) & Co.+ 609 15,758 Lexington Corp. 1,400 15,750 FBL Financial Group Inc. "A" 966 15,697 Great Atlantic & Pacific Tea Co. 1,414 15,642 Insignia Financial Group Inc.+ 1,520 15,580 Surety Corp. 1,348 15,502 SCPIE Holdings Inc. 770 15,496 Financial Federal Corp.+ 637 15,407 DVI Inc.+ 791 15,375 F&M Bancorp 775 15,355 Kaiser Aluminum Corp.+ 2,507 15,199 LodgeNet Entertainment Corp.+ 525 15,159 Packaging Corporation of America+ 1,369 15,145 Transaction Systems Architects Inc. "A"+ 931 15,129 Electro Rent Corp.+ 1,183 15,083 Robbins & Myers Inc. 637 15,049 Brady Corp. "A" 497 15,034 Tenneco Automotive Inc. 2,892 15,002 Advanced Digital Information Corp.+ 987 14,990 McMoRan Exploration Co.+ 1,288 14,941 First Federal Capital Corp. 1,211 14,910 Unit Corp.+ 1,008 14,868 Centex Construction Products Inc. 599 14,863 URS Corp.+ 1,120 14,840 Alabama National Bancorp 686 14,835 Take-Two Interactive Software Inc.+ 1,176 14,774 Detroit Diesel Corp. 644 14,691 Tredegar Corporation 847 14,664 Stewart Enterprises Inc. "A" 7,547 14,622 Quantum Hard Disk Drive Group+ 1,470 14,608 Musicland Stores Corp.+ 2,065 14,584 Pacific Northwest Bancorp 1,127 14,581 Ames Department Stores Inc.+ 2,521 14,575 Pan Pacific Retail Properties Inc. 728 14,560 CACI International Inc. "A"+ 679 14,556 Watsco Inc. 1,414 14,550 Haverty Furniture Companies Inc. 1,330 14,547 Boykin Lodging Co. 1,400 14,525 CDI Corp.+ 903 14,448 -------------------------------------------------------------------------------- page 126 iShares iShares Russell 2000 Value Index Fund Schedule Of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------------------------- SoftNet Systems Inc.+ 2,416 $ 14,421 Hayes Lemmerz International Inc.+ 1,337 14,373 Kent Electronics Corp.+ 602 14,373 Arch Coal Inc. 1,435 14,350 Volt Information Sciences Inc.+ 665 14,298 Computer Horizons Corp.+ 2,094 14,265 Unova Inc.+ 3,620 14,254 Wabash National Corp. 1,554 14,180 PICO Holdings Inc.+ 1,085 14,173 National Health Investors Inc. 2,098 14,162 Irwin Financial Corp. 861 14,099 Winnebago Industries Inc. 1,127 14,088 Brenton Banks Inc. 1,162 14,017 Anesta Corp.+ 609 14,007 Manufactured Home Communities Inc. 560 14,000 Oneida Ltd. 1,008 13,986 Georgia Gulf Corp. 1,218 13,931 Cato Corp. "A" 1,113 13,912 Columbus McKinnon Corp. 1,022 13,861 ESCO Technologies Inc.+ 791 13,842 Delco Remy International Inc.+ 1,813 13,824 Gerber Scientific Inc. 1,596 13,765 Rent-Way Inc.+ 453 13,760 Brown Shoe Company Inc. 1,491 13,699 AMERCO+ 700 13,694 Wilsons The Leather Experts Inc.+ 756 13,655 Nortek Inc.+ 777 13,598 Ha-Lo Industries Inc.+ 3,396 13,584 Sturm Ruger & Co. Inc. 1,659 13,583 Mail-Well Inc.+ 3,060 13,579 Oriental Financial Group Inc. 875 13,563 Watts Industries Inc. "A" 1,355 13,550 United National Bancorp 756 13,419 Rent-A-Center Inc.+ 385 13,355 ePresence Inc.+ 1,974 13,324 LaSalle Hotel Properties 875 13,234 Thor Industries Inc. 567 13,112 Hickory Tech Corp. 588 13,083 Deltic Timber Corp. 770 13,042 Entertainment Properties Trust 1,225 13,016 Cousins Properties Inc. 301 12,962 Polymer Group Inc. 1,757 12,958 Saul Centers Inc. 812 12,941 State Auto Financial Corp. 984 12,915 Stewart Information Services Corp. 840 12,915 Performance Food Group Co.+ 343 12,905 Vector Group Ltd. 742 12,898 Comfort Systems USA Inc.+ 2,486 $ 12,896 Osicom Technologies Inc.+ 518 12,821 Griffon Corporation+ 1,694 12,811 Conmed Corp.+ 931 12,743 McGrath Rentcorp 665 12,635 Farmer Brothers Co. 70 12,600 Ultratech Stepper Inc.+ 784 12,593 Century Aluminum Co. 1,001 12,512 Capstead Mortgage Corp. 1,386 12,474 SJW Corp. 105 12,469 Mississippi Valley Bancshares Inc. 483 12,467 WFS Financial Inc. 735 12,449 Evergreen Resources Inc.+ 357 12,406 Midway Games Inc.+ 1,771 12,397 Cabot Microelectronics Corp.+ 258 12,384 SBS Technologies Inc.+ 532 12,369 World Access Inc.+ 2,282 12,337 NationsRent Inc.+ 3,130 12,324 Veritas DGC Inc.+ 423 12,241 Prime Group Realty Trust 777 12,238 Delta & Pine Land Co. 476 12,227 Scotts Co. (The) "A"+ 364 12,194 Exide Corp. 1,344 12,180 WestCorp Inc. 812 12,180 Gold Bancorp Inc. 2,374 12,167 Landry's Seafood Restaurants Inc. 1,785 12,160 Penn Engineering & Manufacturing Corp. 385 12,103 Brookline Bancorp Inc. 1,057 12,089 Worldpages.com Inc.+ 2,840 12,070 Cerus Corp.+ 217 12,043 Triarc Companies Inc.+ 489 12,042 Nucentrix Broadband Networks Inc.+ 469 12,018 Crossmann Communities Inc.+ 602 11,889 Fritz Companies Inc.+ 987 11,844 Coachmen Industries Inc. 1,134 11,836 National Western Life Insurance Company "A"+ 161 11,753 Province Healthcare Co.+ 294 11,742 Prison Realty Trust Inc.+ 9,884 11,737 Key Productions Co. Inc.+ 529 11,671 Applica Inc.+ 1,869 11,564 Interpool Inc. 1,008 11,529 Casella Waste Systems Inc. "A"+ 1,134 11,482 Waste Connections Inc.+ 445 11,403 Commonwealth Telephone Enterprises Inc.+ 308 11,357 Analysts International Corp. 1,568 11,319 Vital Sign Inc. 427 11,316 Hollywood Entertainment Corp.+ 1,512 11,246 RPC Inc. 956 11,233 Insurance Auto Auctions Inc.+ 693 11,218 -------------------------------------------------------------------------------- iShares Schedules of Investments page 127 iShares Russell 2000 Value Index Fund Schedule Of Investments (Continued) September 30, 2000 (Unaudited) Security Shares Value -------------------------------------------------------------------------------- COMMON STOCKS (continued) -------------------------------------------------------------------------------- Owens Corning 4,271 $ 11,211 Santander Bancorp 679 11,204 Transmontaigne Inc.+ 2,262 11,169 M.S. Carriers Inc.+ 714 11,156 EEX Corp.+ 2,283 11,130 National Presto Industries Inc. 371 11,107 Ruby Tuesday Inc. 987 11,104 LTV Corp. 8,379 10,997 City Bank 637 10,988 Value City Department Stores Inc.+ 1,330 10,973 Basin Exploration Inc.+ 560 10,920 FSI International Inc.+ 763 10,873 Lawson Products Inc. 448 10,836 Philadelphia Consolidated Holding Corp.+ 518 10,813 Great American Financial Resources Inc. 588 10,768 Hypercom Corp.+ 1,036 10,748 BancFirst Corp. 336 10,710 Wild Oats Markets Inc.+ 910 10,693 Airtran Holdings Inc.+ 2,367 10,504 Northwest Bancorp Inc. 1,246 10,435 Littelfuse Inc.+ 350 10,391 Manitowoc Co. Inc. 539 10,376 Donnelley (R.H.) Co.+ 490 10,351 Luby's Inc. 1,947 10,343 Pharmaceutical Product Development Inc.+ 385 10,227 Bacou USA Inc.+ 392 10,167 Universal Forest Products Inc. 889 10,154 Cuno Inc.+ 455 10,124 Polaris Industries Partners LP "A" 287 10,117 Wolverine Tube Inc.+ 679 10,100 Stoneridge Inc.+ 1,049 10,097 Metricom Inc.+ 392 10,094 Intrabiotics Pharmaceuticals Inc.+ 616 10,010 Simpson Manufacturing Co. Inc.+ 224 10,010 SpeedFam-IPEC Inc.+ 875 10,008 Applebee's International Inc. 434 9,982 Group 1 Automotive Inc.+ 917 9,972 Rock-Tenn Company "A" 1,001 9,947 Chiquita Brands International Inc. 3,158 9,869 Mesaba Holdings Inc.+ 917 9,858 Net.B@nk Inc.+ 833 9,840 North Pittsburgh Systems Inc. 721 9,824 High Speed Access Corp.+ 2,703 9,798 Stamps.com Inc.+ 2,535 9,744 Billing Concepts Corp.+ 3,053 9,731 USB Holding Co. Inc. 731 9,731 Herbalife International Inc. "A" 1,050 9,712 Avant! Corp.+ 532 $ 9,709 24/7 Media Inc.+ 955 9,640 Belco Oil & Gas Corp.+ 1,085 9,629 Riviana Foods Inc. 574 9,579 Pilgrim's Pride Corp. "B" 1,393 9,577 CSS Industries Inc.+ 476 9,550 Gibraltar Steel Corp. 574 9,471 Viatel Inc.+ 924 9,471 Midland Co. 357 9,461 Ocular Sciences Inc.+ 784 9,408 Tanger Factory Outlet Centers Inc. 427 9,394 FutureLink Corp.+ 3,043 9,319 Senior Housing Properties Trust 1,000 9,313 Azurix Corp.+ 2,612 9,305 Interlogix Inc.+ 700 9,286 First Niagara Financial Group Inc. 1,001 9,259 CEC Entertainment Inc.+ 287 9,184 Stepan Co. 455 9,128 Dura Automotive Systems Inc.+ 987 9,114 Orbital Sciences Corp.+ 1,085 9,087 3Dfx Interactive Inc.+ 1,856 9,048 Datascope Corp. 266 8,911 Ingles Markets Inc. 805 8,855 National Penn Bancshares Inc. 455 8,752 NextCard Inc.+ 960 8,730 Motient Corp.+ 616 8,701 Whole Foods Market Inc.+ 161 8,644 SportsLine USA Inc.+ 623 8,605 Sunbeam Corp.+ 6,506 8,539 Credit Acceptance Corp.+ 1,346 8,497 XM Satellite Radio Holdings Inc. "A"+ 196 8,440 Mesa Air Group Inc.+ 1,527 8,351 Fedders Corp. 2,136 8,277 Central Garden & Pet Co.+ 1,183 8,207 CTG Resources Inc. 203 8,183 Twinlab Corp.+ 1,863 8,151 Sonic Automotive Inc.+ 973 8,088 Micron Electronics Inc.+ 896 8,064 R&G Financial Corp. "B" 833 8,018 Wackenhut Corp.+ 539 8,018 O'Charleys Inc.+ 651 8,015 Armor Holdings Inc.+ 532 7,980 Valhi Inc. 630 7,914 Bush Industries Inc. "A" 679 7,851 Universal Compression Holdings Inc.+ 252 7,796 MCSi Inc.+ 231 7,767 Aviron+ 132 7,697 Buckle Inc. (The)+ 658 7,649 Ethyl Corp. 5,309 7,632 -------------------------------------------------------------------------------- page 128 iShares iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- BankAtlantic Bancorp Inc. "A" 1,815 $ 7,600 HEICO Corp. 578 7,514 Ampal-American Israel Corp. "A"+ 571 7,494 Ligand Pharmaceuticals Inc. "B"+ 578 7,406 AMCOL International Corp. 1,513 7,376 Acme Communications Inc.+ 819 7,371 Smart & Final Inc.+ 1,040 7,345 Transkaryotic Therapies Inc.+ 168 7,235 IDX Systems Corp.+ 448 7,224 NCH Corp. 203 7,168 iVillage Inc.+ 1,807 7,002 Young Broadcasting Corp. "A"+ 222 6,979 MP3.com Inc.+ 1,766 6,954 Mail.com Inc.+ 1,331 6,946 National Processing Inc.+ 497 6,927 American Axle & Manufacturing Holdings Inc.+ 644 6,923 Navigant Consulting Co.+ 2,010 6,909 Cheap Tickets Inc.+ 665 6,899 Travelocity.com Inc.+ 483 6,853 Golden Telecom Inc.+ 392 6,811 Weirton Steel Corp.+ 2,700 6,750 VaxGen Inc.+ 287 6,709 Amylin Pharmaceuticals Inc.+ 623 6,697 Rare Hospitality International Inc.+ 326 6,632 WebLink Wireless Inc.+ 861 6,619 CompX International Inc. 315 6,615 Capital City Bank Group Inc. 336 6,573 SLI Inc. 896 6,552 Key3Media Group Inc.+ 596 6,519 Spiegel Inc. "A" 931 6,517 Eclipsys Corp.+ 406 6,496 U.S. Aggregates Inc. 392 6,493 NCO Group Inc.+ 546 6,484 GlobalNet Financial.com Inc.+ 1,022 6,451 Cambridge Technology Partners Inc.+ 1,454 6,361 Barrett Resources Corp.+ 168 6,352 Penn Virginia Corp. 238 6,188 infoUSA Inc.+ 1,219 6,095 Cygnus Inc.+ 553 6,083 Interact Commerce Corporation+ 553 6,048 SkyWest Inc. 118 6,048 International Specialty Products Inc.+ 1,123 6,036 Indus International Inc.+ 1,233 6,011 Pacific Capital Bancorp 224 5,992 Pinnacle Entertainment Inc.+ 273 5,938 NetRatings Inc.+ 315 5,906 DDi Corp.+ 133 5,885 Security Shares Value --------------------------------------------------------------- Dot Hill Systems Corp.+ 903 $ 5,869 CTC Communications Group Inc.+ 287 5,812 Jakks Pacific Inc.+ 616 5,794 Technology Solutions Co.+ 2,311 5,778 CVB Financial Corp. 343 5,767 Packard BioScience Company+ 294 5,733 Valmont Industries Inc. 287 5,704 Harris Financial Inc. 735 5,696 Res-Care Inc.+ 1,247 5,689 CPI Corp. 266 5,652 Valuevision International Inc. "A"+ 224 5,628 Rightchoice Managed Care Inc. "A"+ 231 5,602 Vans Inc.+ 364 5,597 Alaska Communications Systems Holdings Inc.+ 876 5,584 Westpoint Stevens Inc. 455 5,574 Crown Media Holdings Inc.+ 392 5,561 Cubic Corp. 231 5,515 Theragenics Corp.+ 847 5,506 Metals USA Inc. 1,870 5,493 NPC International Inc.+ 553 5,409 U.S. Can Corp.+ 273 5,409 Skyline Corp. 252 5,371 Drugstore.com Inc.+ 1,590 5,366 Actuant Corp. "A" 1,346 5,300 National Steel Corp. "B" 1,765 5,295 Oakley Inc.+ 301 5,286 Prize Energy Corp.+ 280 5,285 Aurora Foods Inc.+ 1,548 5,224 Ivex Packaging Corp.+ 532 5,220 SERENA Software Inc.+ 112 5,159 Value Line Inc. 147 5,156 Callon Petroleum Corp.+ 322 5,092 Gabelli Asset Management Inc. "A"+ 168 5,040 Kulicke & Soffa Industries Inc.+ 378 5,032 Louis Dreyfus Natural Gas Corp.+ 126 4,993 Therma-Wave Inc.+ 168 4,830 GetThere.com Inc.+ 273 4,829 Horizon Offshore Inc.+ 273 4,812 AGENCY.com Inc.+ 322 4,810 Revlon Inc. "A"+ 707 4,728 Sequenom Inc.+ 112 4,718 AirGate PCS Inc.+ 105 4,712 Centillium Communications Inc.+ 49 4,704 World Wrestling Federation Entertainment Inc.+ 309 4,693 Symmetricom Inc.+ 294 4,594 Arch Wireless Inc.+ 918 4,590 Source Information Management Co.+ 672 4,578 Isis Pharmaceuticals Inc.+ 392 4,508 -------------------------------------------------------------------------------- iShares Schedules of Investments Page 129 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- SmartServ Online Inc.+ 126 $ 4,505 Metrocall Inc.+ 1,499 4,497 Superior Telecom Inc. 749 4,494 Apria Healthcare Group Inc.+ 322 4,488 Spartech Corp. 287 4,466 Antigenics Inc.+ 301 4,440 Blyth Industries Inc. 189 4,430 Career Education Corp.+ 98 4,361 Intertan Inc.+ 298 4,302 Beringer Wine Estates Holdings Inc. "B"+ 77 4,278 New Era of Networks Inc.+ 175 4,257 SciQuest.com Inc.+ 609 4,206 Teligent Inc. "A"+ 322 4,186 Atlas Air Inc.+ 98 4,140 Pricesmart Inc.+ 107 4,133 Women.com Networks Inc.+ 1,499 4,099 Dover Downs Entertainment Inc. 305 4,098 Digital Courier Technologies Inc.+ 2,227 4,036 BlackRock Inc.+ 126 4,032 Speedway Motorsports Inc.+ 189 3,934 Viasystems Group Inc.+ 231 3,927 Denbury Resources Inc.+ 553 3,871 United Auto Group Inc.+ 469 3,869 Jack in the Box Inc.+ 175 3,752 Seaboard Corp. 23 3,738 Microsemi Corp.+ 98 3,736 barnesandnoble.com Inc.+ 757 3,714 Gulf Island Fabrication Inc.+ 210 3,701 Gaylord Container Corporation "A"+ 2,136 3,605 E-LOAN Inc.+ 848 3,551 First Consulting Group Inc.+ 624 3,471 Newpark Resources Inc.+ 357 3,302 Allos Therapeutics Inc.+ 364 3,299 Medallion Financial Corp. 196 3,295 MedicaLogic Inc.+ 925 3,295 Data Return Corp.+ 161 3,260 Photronics Inc.+ 147 3,206 e.spire Communications Inc.+ 1,086 3,190 Alamosa PCS Holdings Inc.+ 196 3,173 Papa John's International Inc.+ 126 3,158 PepsiAmericas Inc.+ 901 3,154 Elcor Corp. 217 3,146 Centennial Cellular Corp. "A"+ 140 3,080 Infogrames Inc.+ 420 3,045 Ventiv Health Inc.+ 238 3,005 Stanford Microdevices Inc.+ 56 2,996 Net2Phone Inc.+ 133 2,993 Security Shares Value --------------------------------------------------------------- Hollywood.com Inc.+ 490 $ 2,955 Advanced Lighting Technologies Inc.+ 238 2,945 Pac-West Telecomm Inc.+ 322 2,938 Illuminet Holdings Inc.+ 105 2,914 FYI Inc.+ 77 2,878 Electroglas Inc.+ 168 2,866 Metawave Communications Corp.+ 154 2,820 Superconductor Technologies Inc.+ 154 2,782 Spinnaker Exploration Co.+ 79 2,755 Championship Auto Racing Teams Inc.+ 112 2,730 Vyyo Inc.+ 91 2,730 Cooper Companies Inc. 77 2,724 Organic Inc.+ 597 2,687 Loudeye Technologies Inc.+ 392 2,671 American TeleSource International Inc.+ 1,153 2,666 Intermune Pharmaceuticals Inc.+ 49 2,658 Lands' End Inc.+ 126 2,646 Lindsay Manufacturing Co. 140 2,608 Stericycle Inc.+ 105 2,573 American Classic Voyages Co.+ 175 2,559 Expedia Inc. "A"+ 196 2,548 Systemax Inc.+ 925 2,544 Airnet Communications Corp.+ 112 2,499 eMagin Corporation+ 224 2,406 Inter-Tel Inc. 210 2,389 Protection One Inc.+ 1,727 2,375 Regent Communications Inc.+ 427 2,375 DigitalThink Inc.+ 56 2,359 Pixelworks Inc.+ 49 2,337 Central Parking Corp. 112 2,219 Lexicon Genetics Inc.+ 70 2,214 ESS Technology Inc.+ 154 2,204 Cryolife Inc.+ 63 2,185 Catalytica Inc.+ 175 2,166 Columbia Laboratories Inc.+ 372 2,162 NetScout Systems Inc.+ 91 2,161 ACLARA BioSciences Inc.+ 70 2,126 Fair Isaac and Co. Inc. 49 2,092 Targeted Genetics Corp.+ 175 2,078 Kos Pharmaceuticals Inc.+ 105 2,074 Integrated Circuit Systems Inc.+ 112 2,072 buy.com Inc.+ 736 2,047 Thermo Fibertek Inc.+ 484 2,027 Berry Petroleum Co. 112 2,023 Exelixis Inc.+ 63 1,977 Lynx Therapeutics Inc.+ 63 1,973 Ciber Inc.+ 238 1,963 Savvis Communications Corp.+ 217 1,953 Independent Bank Corp. 161 1,932 -------------------------------------------------------------------------------- Page 130 iShares iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value --------------------------------------------------------------- COMMON STOCKS (continued) --------------------------------------------------------------- Columbia Sportswear Co.+ 42 $ 1,927 Progress Software Corp.+ 140 1,908 Modem Media Inc.+ 441 1,902 Gentiva Health Services Inc.+ 147 1,874 Beasley Broadcast Group Inc. "A"+ 189 1,831 Electronics Boutique Holdings Corp.+ 84 1,806 Lightspan Inc.+ 736 1,794 eSPEED Inc. "A"+ 63 1,792 Fibernet Telecom Group Inc.+ 105 1,778 Knight Transportation Inc.+ 112 1,743 NetManage Inc.+ 813 1,728 Universal Access Inc.+ 147 1,727 Ventro Corporation+ 154 1,694 Matrixone Inc.+ 42 1,680 Xybernaut Corp.+ 274 1,627 iBeam Broadcasting Corp.+ 238 1,621 Opus360 Corp.+ 701 1,621 Blount International Inc.+ 144 1,620 Wesley Jessen VisionCare Inc.+ 42 1,614 GoAmerica Inc.+ 182 1,610 Luminex Corp.+ 42 1,596 White Electronic Designs Corp. 133 1,596 Techniclone Corp.+ 645 1,572 Landstar System Inc.+ 35 1,562 1-800-FLOWERS.com Inc.+ 311 1,550 MAXIMUS Inc.+ 70 1,549 Niku Corp.+ 63 1,536 Bell & Howell Co.+ 70 1,531 Cypress Communications Inc.+ 575 1,527 Sonosite Inc.+ 77 1,439 OTG Software Inc.+ 35 1,431 Orchid Biosciences Inc.+ 42 1,428 Seminis Inc. "A"+ 1,128 1,410 ATS Medical Inc.+ 91 1,371 GC Companies Inc.+ 455 1,365 CyberSource Corp.+ 119 1,346 Vasco Data Security International Inc.+ 84 1,339 AVT Corp.+ 239 1,329 Diversa Corp.+ 49 1,323 Quokka Sports Inc.+ 330 1,310 Astec Industries Inc.+ 119 1,302 United Natural Foods Inc.+ 105 1,299 NET2000 Communications Inc.+ 203 1,294 Oratec Interventions Inc.+ 105 1,286 Sitel Corp.+ 421 1,237 NETsilicon Inc.+ 56 1,173 Datastream Systems Inc.+ 91 1,172 Reliance Group Holdings Inc. 5,561 1,130 Selectica Inc.+ 28 1,117 IXYS Corporation+ 42 1,097 Quintus Corp.+ 126 1,079 e.MedSoft.com+ 393 1,032 Deltek Systems Inc.+ 133 1,018 Stockwalk.com Group Inc.+ 240 1,016 VIA NET.WORKS Inc.+ 105 1,011 Advanced Marketing Services Inc. 56 987 kForce.com Inc.+ 281 984 Sonic Innovations Inc.+ 84 882 Telocity Inc.+ 260 853 Uproar Inc.+ 225 844 Paradigm Genetics Inc.+ 35 836 Whitehall Jewellers Inc.+ 105 833 Network Commerce Inc.+ 143 800 Deltathree.com Inc.+ 219 794 Saba Software Inc.+ 28 784 PEC Solutions Inc.+ 121 779 Digital Impact Inc.+ 112 738 NetZero Inc.+ 344 731 Calico Commerce Inc.+ 119 729 Onvia.com Inc.+ 163 723 Trendwest Resorts Inc.+ 42 698 Aperian Inc.+ 109 695 Viador Inc.+ 77 674 Neoforma.com Inc.+ 176 655 Software Technologies Corp.+ 28 641 Vicinity Corp.+ 56 616 X-Rite Inc. 70 613 On Command Corp.+ 49 602 Extensity Inc.+ 28 588 GRIC Communications Inc.+ 77 558 NetSolve Inc.+ 77 549 eMachines Inc.+ 526 542 Photogen Technologies Inc.+ 127 540 FirePond Inc.+ 35 507 Coolsavings.com Inc.+ 169 462 NetSol International Inc.+ 28 424 Bebe Stores Inc.+ 28 416 Gliatech Inc.+ 63 394 FirstWorld Communications Inc. "B"+ 190 383 Buca Inc.+ 35 372 Aspect Medical Systems Inc.+ 28 346 CAIS Internet Inc.+ 70 341 LivePerson Inc.+ 78 341 Telaxis Communications Corp.+ 56 341 MarketWatch.com Inc.+ 42 336 Nexell Therapeutics Inc.+ 35 322 ________________________________________________________________________________ iShares Schedules of Investments page 131 iShares Russell 2000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Shares or Security Principal Value ------------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------------ eBenx Inc.+ 28 $ 317 Net.Genesis Corp.+ 35 304 Switchboard Inc.+ 42 273 Corillian Corp.+ 28 269 Blaze Software Inc.+ 21 265 Preview Systems Inc.+ 28 265 Eprise Corp.+ 28 241 Netpliance Inc.+ 156 234 Sequoia Software Corp.+ 35 226 ICG Communications Inc.+ 443 194 Scientific Learning Corp.+ 32 174 Genomic Solutions Inc.+ 7 120 ------------------------------------------------------------------------ TOTAL COMMON STOCKS (Cost: $35,959,540) 37,598,072 ------------------------------------------------------------------------ SHORT TERM INSTRUMENTS - 1.81% ------------------------------------------------------------------------ Freddie Mac Discount Note 6.46%, 10/24/00++ $ 94,096 94,096 Goldman Sachs Financial Square Prime Obligation Fund++ 158,847 158,847 Providian Temp Cash Money Market Fund++ 115,582 115,582 Short Term Investment Company Liquid Assets Portfolio++ 315,225 315,225 ------------------------------------------------------------------------ TOTAL SHORT TERM INSTRUMENTS (Cost: $683,750) 683,750 ------------------------------------------------------------------------ REPURCHASE AGREEMENT - 0.22% ------------------------------------------------------------------------ Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $82,956 and an effective yield of 6.25%. 82,913 82,913 ------------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENT (Cost: $82,913) 82,913 ------------------------------------------------------------------------ TOTAL INVESTMENTS IN SECURITIES - 101.85% (Cost: $36,726,203) 38,364,735 ------------------------------------------------------------------------ Other Assets, Less Liabilities - (1.85%) (698,630) ------------------------------------------------------------------------ NET ASSETS - 100.00% $37,666,105 ======================================================================== + Non-income earning securities. ++ Represents investment of collateral received from securities lending transactions. See Note 5. See notes to financial statements. ________________________________________________________________________________ page 132 iShares iShares Russell 1000 Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS - 99.89% ------------------------------------------------------------------ General Electric Co. 196,436 $ 11,331,899 Cisco Systems Inc.+ 140,829 7,780,802 Exxon Mobil Corp. 69,120 6,160,320 Pfizer Inc. 125,266 5,629,141 Intel Corp. 132,884 5,531,296 Citigroup Inc. 89,237 4,824,375 Microsoft Corp.+ 77,567 4,673,412 EMC Corporation+ 43,259 4,288,048 International Business Machines Corp. 34,929 3,929,512 American International Group Inc. 39,611 3,790,278 Sun Microsystems Inc.+ 31,471 3,674,239 Merck & Co. Inc. 45,645 3,397,700 SBC Communications Inc. 67,495 3,374,750 Oracle Corp.+ 42,796 3,370,185 Verizon Communications 53,976 2,614,463 Wal-Mart Stores Inc. 54,131 2,605,054 Johnson & Johnson 27,581 2,590,890 America Online Inc.+ 45,815 2,462,556 Home Depot Inc. 45,952 2,438,328 Bristol-Myers Squibb Co. 38,993 2,227,475 AT&T Corp. 74,527 2,189,231 Coca-Cola Co. 39,706 2,188,793 Morgan Stanley Dean Witter & Co. 22,607 2,067,128 Lucent Technologies Inc. 66,268 2,025,316 Procter & Gamble Co. 26,349 1,765,383 Corning Inc. 5,824 1,729,728 WorldCom Inc.+ 56,811 1,725,634 Bank of America Corp. 32,590 1,706,901 Time Warner Inc. 21,717 1,699,355 Texas Instruments Inc. 34,051 1,606,782 American Express Co. 26,424 1,605,258 Hewlett-Packard Co. 16,531 1,603,507 Disney (Walt) Co. 41,366 1,582,249 Pharmacia & Upjohn Inc. 25,752 1,549,949 Lilly (Eli) and Company 18,801 1,525,231 Wells Fargo & Company 32,669 1,500,732 BellSouth Corp. 37,192 1,496,978 American Home Products Corp. 25,866 1,463,046 Abbott Laboratories 30,755 1,462,785 Fannie Mae 20,230 1,446,445 Amgen Inc.+ 20,397 1,424,284 JDS Uniphase Corp.+ 14,801 1,401,470 Schering-Plough Corp. 29,067 1,351,616 Dell Computer Corp.+ 43,179 1,330,453 PepsiCo Inc. 28,638 1,317,348 Philip Morris Companies Inc. 44,692 1,315,621 Enron Corp. 14,663 1,284,845 Viacom Inc. "B"+ 21,337 1,248,215 Medtronic Inc. 23,776 $ 1,231,894 Motorola Inc. 43,257 1,222,010 Chase Manhattan Corp. 25,874 1,195,055 Veritas Software Corp.+ 7,971 1,131,882 Boeing Co. 17,807 1,121,841 Chevron Corp. 12,951 1,104,073 Merrill Lynch & Co. Inc. 15,838 1,045,308 Qwest Communications International Inc.+ 20,222 971,920 Ford Motor Company+ 37,552 950,535 Applied Materials Inc.+ 16,025 950,483 QUALCOMM Inc.+ 13,195 940,144 Compaq Computer Corp. 33,740 930,549 AT&T - Liberty Media Group "A"+ 51,197 921,546 Juniper Networks Inc.+ 4,049 886,478 Bank One Corp. 22,925 885,478 Automatic Data Processing Inc. 12,448 832,460 Bank of New York Co. Inc. 14,652 821,428 Network Appliance Inc.+ 6,269 798,514 Du Pont (E.I.) de Nemours 19,205 795,807 McDonald's Corp. 26,213 791,305 VeriSign Inc.+ 3,850 779,866 Walgreen Co. 20,050 760,647 Anheuser-Busch Companies Inc. 17,974 760,525 Schwab (Charles) Corp. 21,287 755,689 Freddie Mac 13,770 744,441 Siebel Systems Inc.+ 6,610 735,776 Comcast Corp. "A"+ 17,787 728,155 Minnesota Mining & Manufacturing Co. 7,839 714,329 Marsh & McLennan Companies Inc. 5,373 713,266 FleetBoston Financial Corp. 17,908 698,412 Broadcom Corp.+ 2,839 692,006 General Motors Corp. "A" 10,641 691,665 Ciena Corp.+ 5,600 687,750 PMC - Sierra Inc.+ 3,123 672,226 Gillette Co. 20,867 644,269 First Union Corp. 19,547 629,169 Duke Energy Corp. 7,300 625,975 United Technologies Corp. 8,692 601,921 Kimberly-Clark Corp. 10,683 596,245 Palm Inc.+ 11,186 592,159 BEA Systems Inc.+ 7,522 585,776 Analog Devices Inc.+ 7,059 582,809 Texaco Inc. 10,942 574,455 Emerson Electric Co. 8,479 568,093 Honeywell International Inc. 15,889 566,046 MBNA Corp. 14,667 564,680 Associates First Capital Corp. 14,459 549,442 Clear Channel Communications Inc.+ 9,545 539,292 Colgate-Palmolive Co. 11,402 538,174 Household International Inc. 9,373 530,746 -------------------------------------------------------------------------------- iShares Schedules of Investments page 133 iShares Russell 1000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Morgan (J.P.) & Co. Inc. 3,149 $ 514,468 Hughes Electronics Corp.+ 13,689 508,957 Brocade Communications System Inc.+ 2,155 508,580 Allstate Corp. 14,574 506,446 Voicestream Wireless Corp.+ 4,231 491,060 Solectron Corp.+ 10,532 485,789 PE Corp. (Biosystems Group) 4,144 482,776 Cardinal Health Inc. 5,467 482,121 Xilinx Inc.+ 5,599 479,414 SDL Inc.+ 1,547 476,476 Nextel Communications Inc. "A"+ 10,075 471,006 Target Corporation 18,068 462,993 Baxter International Inc. 5,785 461,715 Maxim Integrated Products Inc.+ 5,613 451,496 Yahoo! Inc.+ 4,957 451,087 Mellon Financial Corp. 9,692 449,467 AES Corp.+ 6,524 446,894 Ariba Inc.+ 3,119 446,845 Level 3 Communications Inc.+ 5,769 444,934 Applied Micro Circuits Corp.+ 2,148 444,770 Agilent Technologies Inc.+ 8,982 439,557 Alcoa Inc. 17,219 435,856 Micron Technology Inc.+ 9,468 435,528 Safeway Inc.+ 9,283 433,400 Halliburton Co. 8,841 432,656 Guidant Corp.+ 6,086 430,204 Washington Mutual Inc. 10,697 425,874 Firstar Corp. 19,033 425,863 Southern Co. 12,884 417,925 State Street Corp. 3,201 416,130 Sprint Corp. (FON Group) 14,049 411,811 Fifth Third Bancorp 7,571 407,888 Exodus Communications Inc.+ 8,253 407,492 Bestfoods 5,491 399,470 HCA - The Healthcare Company 10,686 396,718 Linear Technology Corp. 6,106 395,363 Genentech Inc.+ 2,129 395,329 American General Corp. 5,001 390,078 Altera Corp.+ 7,910 377,702 Goldman Sachs Group Inc. (The) 3,302 376,222 ADC Telecommunications Inc.+ 13,982 375,985 PNC Bank Corp. 5,750 373,750 Williams Companies Inc. 8,788 371,293 Kroger Co.+ 16,408 370,205 Adobe Systems Inc. 2,382 369,805 Northern Trust Corp. 4,156 369,365 Sprint Corp. (PCS Group)+ 10,344 362,687 Providian Financial Corp. 2,835 $ 360,045 CVS Corp. 7,772 359,941 Lehman Brothers Holdings Inc. 2,404 355,191 i2 Technologies Inc.+ 1,884 352,426 Sara Lee Corp. 17,269 350,777 Paychex Inc. 6,554 344,085 Kohls Corp.+ 5,927 341,914 Comverse Technology Inc.+ 3,163 341,604 US Bancorp Inc. 14,817 337,087 AFLAC Inc. 5,260 336,969 Dow Chemical Co. 13,499 336,631 Electronic Data Systems Corp. 8,044 333,826 Conoco Inc. 12,370 333,217 Redback Networks Inc.+ 2,015 330,334 CIGNA Corp. 3,139 327,712 Alltel Corp. 6,263 326,850 Tellabs Inc.+ 6,809 325,130 Hartford Financial Services Group Inc. 4,435 323,478 Anadarko Petroleum Corp. 4,840 321,666 MedImmune Inc.+ 4,151 320,665 Vitesse Semiconductor Corp.+ 3,553 315,995 UnitedHealth Group Inc. 3,191 315,111 First Data Corp. 8,051 314,492 Seagate Technology Inc.+ 4,530 312,570 Costco Wholesale Corp.+ 8,855 309,372 Sysco Corp. 6,638 307,422 Lowe's Companies Inc. 6,817 305,913 Calpine Corp.+ 2,757 287,762 Harley-Davidson Inc. 6,009 287,681 Commerce One Inc.+ 3,649 286,446 Coastal Corp. 3,815 282,787 Gannett Co. Inc. 5,231 277,243 International Paper Co. 9,610 275,687 Chubb Corp. 3,480 275,355 Sanmina Corp.+ 2,939 275,164 Dominion Resources Inc. 4,730 274,636 Capital One Financial Corp. 3,895 272,893 Illinois Tool Works Inc. 4,881 272,726 National City Corp. 12,050 266,606 Phillips Petroleum Co. 4,227 265,244 El Paso Energy Corp. 4,292 264,494 Omnicom Group Inc. 3,534 257,761 Heinz (H.J.) Co. 6,907 255,991 SunTrust Banks Inc. 5,126 255,339 Rational Software Corp.+ 3,680 255,300 FedEx Corp.+ 5,661 251,009 Eastman Kodak Co. 6,113 249,869 American Electric Power Inc. 6,379 249,578 Mercury Interactive Corp.+ 1,574 246,725 McGraw-Hill Companies Inc. 3,869 245,923 -------------------------------------------------------------------------------- page 134 iShares iShares Russell 1000 Index Fund Schedule Of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Dynegy Inc. 4,304 $ 245,328 Lockheed Martin Corp. 7,379 243,212 Southwest Airlines Co. 9,902 240,124 Millennium Pharmaceuticals Inc.+ 1,639 239,396 NEXTLINK Communications Inc.+ 6,794 239,064 RadioShack Corp. 3,693 238,660 BB&T Corp. 7,914 238,409 Computer Sciences Corp.+ 3,149 233,813 FPL Group Inc. 3,544 233,018 Caterpillar Inc. 6,865 231,694 Computer Associates International Inc. 9,103 229,282 Wachovia Corp. 4,027 228,281 Tenet Healthcare Corp. 6,232 226,689 Reliant Energy Inc. 4,855 225,758 Waters Corp.+ 2,518 224,102 Gap Inc. 10,931 219,986 Baker Hughes Inc. 5,896 218,889 Allergan Inc. 2,577 217,595 KeyCorp 8,559 216,650 Waste Management Inc. 12,356 215,458 Best Buy Co. Inc.+ 3,343 212,698 ConAgra Inc. 10,492 210,496 St. Paul Companies Inc. 4,268 210,466 TIBCO Software Inc.+ 2,475 208,983 TXU Corporation 5,256 208,269 Interpublic Group of Companies Inc. 6,062 206,487 Quaker Oats Co. 2,604 206,042 Infinity Broadcasting Corp.+ 6,221 205,293 General Dynamics Corp. 3,261 204,832 PECO Energy Co. 3,369 204,035 General Mills Inc. 5,678 201,569 Scientific-Atlanta Inc. 3,168 201,564 Pitney Bowes Inc. 5,077 200,224 Xerox Corp. 13,255 199,653 Sears, Roebuck and Co. 6,139 199,026 Forest Laboratories Inc. "A"+ 1,721 197,377 Unicom Corp. 3,496 196,432 Immunex Corp.+ 4,461 194,053 Intuit Inc.+ 3,402 193,914 Avon Products Inc. 4,723 193,053 Stilwell Financial Inc.+ 4,434 192,879 Union Pacific Corp. 4,930 191,654 Raytheon Co. "B" 6,727 191,299 Public Service Enterprise Group Inc. 4,264 190,548 Sycamore Networks Inc.+ 1,756 189,648 Dover Corp. 4,038 189,534 Human Genome Sciences Inc.+ 1,085 187,841 Conexant Systems Inc.+ 4,483 187,726 Equity Office Properties Trust 6,019 186,965 Integrated Device Technology Inc.+ 2,061 186,520 PG&E Corp. 7,678 185,712 Nabisco Group Holdings Corp. "A" 6,504 185,364 Clorox Co. 4,679 185,113 Xcel Energy Inc. 6,716 184,690 Lincoln National Corp. 3,794 182,586 AXA Financial Inc. 3,577 182,203 Comerica Inc. 3,111 181,799 Biogen Inc.+ 2,942 179,462 LSI Logic Corp.+ 6,127 179,215 Inktomi Corp.+ 1,571 179,094 AON Corp. 4,479 175,801 USX-Marathon Group Inc. 6,191 175,670 Burlington Northern Santa Fe Corp. 8,041 173,384 Tribune Co. 3,937 171,752 McKesson HBOC Inc. 5,615 171,608 Unocal Corp. 4,841 171,553 Weyerhaeuser Co. 4,244 171,352 Gateway Inc.+ 3,649 170,591 Entergy Corp. 4,535 168,929 Metromedia Fiber Network Inc.+ 6,945 168,850 eBay Inc.+ 2,457 168,612 Delphi Automotive Systems Corp. 11,140 168,493 Masco Corp. 9,035 168,277 Sepracor Inc.+ 1,359 166,732 Apple Computer Inc.+ 6,455 166,216 Air Products & Chemicals Inc. 4,571 164,556 Aetna Inc. 2,803 162,749 Occidental Petroleum Corp. 7,343 160,169 Thermo Electron Corp.+ 6,137 159,562 Cendant Corp.+ 14,504 157,731 Burlington Resources Inc. 4,284 157,705 Deere & Co. 4,666 155,144 QLogic Corp.+ 1,761 154,968 Paine Webber Group Inc. 2,268 154,508 Campbell Soup Co. 5,877 152,067 Molex Inc. 2,782 151,445 KLA-Tencor Corp.+ 3,652 150,417 Concord EFS Inc.+ 4,233 150,338 AT&T Wireless Group+ 7,179 149,862 MetLife Inc.+ 5,693 149,085 USA Education Inc. 3,085 148,658 Constellation Energy Group Inc. 2,976 148,056 Fiserv Inc.+ 2,443 146,275 Starbucks Corp.+ 3,651 146,268 Advanced Micro Devices Inc.+ 6,148 145,246 Ralston Purina Co. 6,112 144,778 Nabors Industries Inc.+ 2,747 143,943 -------------------------------------------------------------------------------- iShares Schedules of Investments page 135 iShares Russell 1000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Consolidated Edison Inc. 4,216 $ 143,871 ALZA Corp.+ 1,659 143,503 Limited Inc. 6,474 142,833 Amazon.com Inc.+ 3,700 142,219 Franklin Resources Inc. 3,188 141,643 National Semiconductor Corp.+ 3,512 141,358 Marriott International Inc. 3,847 140,175 Jefferson-Pilot Corp. 2,051 139,212 MBIA Inc. 1,957 139,192 PPG Industries Inc. 3,464 137,478 Micromuse Inc.+ 684 137,441 Golden West Financial Corp. 2,547 136,583 Bear Stearns Companies Inc. 2,140 134,820 3Com Corp.+ 6,959 133,526 Noble Drilling Corp.+ 2,657 133,514 Becton Dickinson & Co. 5,031 133,007 TJX Companies Inc. 5,887 132,458 CP&L Energy Inc. 3,175 132,358 Jabil Circuit Inc.+ 2,302 130,638 NTL Inc.+ 2,817 130,462 Apache Corp. 2,204 130,312 New York Times Co. "A" 3,304 129,889 May Department Stores Co. 6,328 129,724 Staples Inc.+ 9,100 129,106 MGIC Investment Corp. 2,105 128,668 Northrop Grumman Corp. 1,389 126,225 Electronic Arts Inc.+ 2,556 126,202 Cadence Design Systems Inc.+ 4,897 125,792 Fort James Corp. 4,103 125,398 Edison International 6,480 125,145 Equity Residential Properties Trust 2,600 124,800 IVAX Corporation+ 2,710 124,660 Watson Pharmaceutical Inc.+ 1,920 124,560 Kerr-McGee Corp. 1,872 124,020 Cablevision Systems Corp.+ 1,866 123,739 Wrigley (William Jr.) Co. 1,641 122,870 IMS Health Inc. 5,915 122,736 FirstEnergy Corp. 4,555 122,700 Stryker Corp. 2,857 122,672 Robert Half International Inc.+ 3,532 122,516 Rambus Inc.+ 1,547 122,116 Newell Rubbermaid Inc. 5,312 121,180 Albertson's Inc. 5,767 121,107 Novellus Systems Inc.+ 2,590 120,597 Teradyne Inc.+ 3,445 120,575 Univision Communications Inc.+ 3,222 120,422 PP&L Resources Inc. 2,870 119,823 Summit Bancorp 3,469 119,681 Starwood Hotels & Resorts Worldwide Inc. 3,822 119,438 PeopleSoft Inc.+ 4,246 118,623 Wellpoint Health Networks Inc.+ 1,235 118,560 SCI Systems Inc.+ 2,881 118,121 Vignette Corp.+ 3,953 118,096 Praxair Inc. 3,136 117,208 United Parcel Service Inc. 2,077 117,091 Atmel Corp.+ 7,680 116,640 Lycos Inc.+ 1,696 116,626 Telephone & Data Systems Inc. 1,048 116,014 McLeodUSA Inc. "A"+ 8,095 115,860 PE Corp. (Celera Genomics Group)+ 1,161 115,665 Genzyme General Division+ 1,687 115,032 UNUMProvident Corp. 4,201 114,477 Ameren Corp. 2,729 114,277 Columbia Energy Group 1,593 113,103 Bed Bath & Beyond Inc.+ 4,612 112,490 CMGI Inc.+ 4,017 112,225 SunGard Data Systems Inc.+ 2,616 111,998 IDEC Pharmaceuticals Corp.+ 638 111,879 Software.com Inc.+ 616 111,766 Norfolk Southern Corp. 7,641 111,750 Textron Inc. 2,415 111,392 Tiffany & Co. 2,886 111,291 Biomet Inc. 3,179 111,265 Dun & Bradstreet Corp. 3,217 110,785 Loews Corp. 1,319 109,972 Broadwing Inc.+ 4,266 109,050 Archer-Daniels-Midland Co. 12,601 108,683 DTE Energy Co. 2,838 108,553 Federated Department Stores Inc.+ 4,138 108,105 Delta Air Lines Inc. 2,436 108,097 Synovus Financial Corp. 5,079 107,611 KeySpan Corp. 2,663 106,853 Cincinnati Financial Corp. 3,009 106,819 Devon Energy Corp. 1,767 106,285 Kellogg Co. 4,383 106,014 Extreme Networks Inc.+ 922 105,569 SouthTrust Corp. 3,344 105,127 Amerada Hess Corp. 1,569 105,025 ENSCO International Inc. 2,743 104,920 American Tower Corp.+ 2,768 104,319 Abgenix Inc.+ 1,286 103,925 Marshall & Ilsley Corp. 2,069 103,709 Cox Communications Inc. "A"+ 2,699 103,237 Ingersoll-Rand Co. 3,023 102,404 Hershey Foods Corp. 1,888 102,188 Cintas Corp. 2,343 102,067 PerkinElmer Inc. 977 101,974 -------------------------------------------------------------------------------- page 136 iShares iShares Russell 1000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Echostar Communications Corp.+ 1,933 $ 101,966 Charter One Financial Inc. 4,181 101,909 Transwitch Corp.+ 1,598 101,873 Health Management Associates Inc. "A"+ 4,834 100,608 Regions Financial Corp. 4,399 99,802 TMP Worldwide Inc.+ 1,237 99,579 Art Technology Group Inc.+ 1,049 99,393 Global Marine Inc.+ 3,190 98,491 Cinergy Corp. 2,978 98,460 Cypress Semiconductor Corp.+ 2,360 98,088 Florida Progress Corp. 1,848 97,828 Symbol Technologies Inc. 2,720 97,750 AMR Corp.+ 2,977 97,311 Gilead Sciences Inc.+ 883 96,854 Lexmark International Group Inc. "A"+ 2,571 96,412 BroadVision Inc.+ 3,762 96,166 Price (T. Rowe) Associates 2,042 95,846 CSX Corp. 4,356 95,015 Mattel Inc. 8,448 94,512 Cabletron Systems Inc.+ 3,201 94,029 Amsouth Bancorp 7,515 93,937 Circuit City Stores Inc. 4,082 93,886 Boston Scientific Corp.+ 5,683 93,414 Danaher Corp. 1,877 93,381 BMC Software Inc.+ 4,867 93,081 Protein Design Labs Inc.+ 772 93,026 Kinder Morgan Inc. 2,271 92,969 Weatherford International Inc.+ 2,158 92,794 Rockwell International Corp. 3,064 92,686 Ambac Financial Group Inc. 1,261 92,368 Chiron Corp.+ 2,019 90,855 Johnson Controls Inc. 1,705 90,685 BJ Services Co.+ 1,481 90,526 R&B Falcon Corporation+ 3,245 90,454 Avery Dennison Corp. 1,939 89,921 Newport Corp. 564 89,826 Tricon Global Restaurants Inc.+ 2,933 89,823 Union Carbide Corp. 2,379 89,807 Tosco Corp. 2,875 89,664 Eaton Corp. 1,446 89,110 Union Planters Corp. 2,692 89,004 SPX Corp.+ 626 88,853 Vertex Pharmaceuticals Inc.+ 1,042 88,049 Emulex Corp.+ 718 87,955 Zions Bancorp 1,704 87,144 Progressive Corporation 1,056 86,460 Foundry Networks Inc.+ 1,289 86,282 DST Systems Inc.+ 731 $ 85,892 Pinnacle West Capital Corp. 1,685 85,724 Edwards (A.G.) Inc. 1,636 85,583 Countrywide Credit Industries Inc. 2,254 85,088 St. Jude Medical Inc.+ 1,667 85,017 Dollar Tree Stores Inc.+ 2,093 84,897 Sempra Energy 4,073 84,769 Allegheny Energy Inc. 2,197 83,898 Fortune Brands Inc. 3,159 83,713 Finisar Corp.+ 1,723 83,350 Macromedia Inc.+ 1,031 83,318 King Pharmaceuticals Inc.+ 2,468 82,524 Medarex Inc.+ 699 82,001 EOG Resources Inc. 2,108 81,948 Smith International Inc.+ 1,002 81,726 Ecolab Inc. 2,246 80,996 National Commerce Bancorp 4,060 80,946 TRW Inc. 1,992 80,925 Infospace.com Inc.+ 2,652 80,223 Allegiance Telecom Inc.+ 2,151 80,125 Coca-Cola Enterprises Inc. 5,004 79,751 Georgia-Pacific Corp. 3,392 79,712 Old Kent Financial Corp. 2,732 79,057 GPU Inc. 2,413 78,272 M&T Bank Corp. 153 78,030 Park Place Entertainment Corp.+ 5,158 78,015 Microchip Technology Inc.+ 2,360 78,011 GlobeSpan Inc.+ 637 77,714 Micrel Inc.+ 1,155 77,385 Cooper Cameron Corp.+ 1,045 77,003 Hilton Hotels Corp. 6,609 76,417 DPL Inc. 2,568 76,398 Celgene Corp.+ 1,281 76,219 CenturyTel Inc. 2,789 76,000 Equifax Inc. 2,808 75,640 North Fork Bancorp 3,493 75,536 Sealed Air Corp.+ 1,663 75,251 UST Inc. 3,287 75,190 Parker Hannifin Corp. 2,227 75,161 Minimed Inc.+ 834 74,539 Goodrich (B.F.) Co. 1,901 74,495 Sabre Holdings Corp. 2,567 74,283 Vulcan Materials Co. 1,847 74,226 Readers Digest Association Inc. (The) "A" 2,093 73,909 Huntington Bancshares Inc. 5,017 73,687 Popular Inc. 2,710 73,339 Imclone Systems Inc.+ 621 72,696 Portal Software Inc.+ 1,810 72,400 TECO Energy Inc. 2,492 71,645 Citizen Communications Co.+ 5,325 71,555 -------------------------------------------------------------------------------- iShares Schedules of Investments page 137 iShares Russell 1000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ NCR Corp.+ 1,892 $ 71,541 RF Micro Devices Inc.+ 2,274 71,347 Knight Ridder Inc. 1,400 71,137 Ceridian Corp.+ 2,527 70,914 Torchmark Corp. 2,549 70,894 CIT Group Inc. (The) 4,043 70,752 WebMD Corp.+ 4,636 70,699 Unisys Corp.+ 6,252 70,335 Toys R Us Inc.+ 4,321 70,216 E*trade Group Inc.+ 4,267 70,139 Legg Mason Inc. 1,206 70,099 Montana Power Co. 2,100 70,088 Citrix Systems Inc.+ 3,479 69,797 NVIDIA Corp.+ 850 69,594 SAFECO Corp. 2,538 69,161 SanDisk Corp.+ 1,029 68,686 Estee Lauder Companies Inc. "A" 1,866 68,342 Andrx Group+ 731 68,257 Allmerica Financial Corp. 1,067 68,221 Block (H & R) Inc. 1,837 68,084 CDW Computer Centers Inc.+ 986 68,034 Cree Inc.+ 581 67,541 DoubleClick Inc.+ 2,102 67,264 Genuine Parts Co. 3,528 67,253 Spieker Properties Inc. 1,167 67,175 Mylan Laboratories Inc. 2,493 67,155 Harcourt General Inc. 1,127 66,493 R.J. Reynolds Tobacco Holdings Inc. 2,056 66,306 Fox Entertainment Group Inc.+ 2,492 66,038 Quest Diagnostics Inc.+ 572 65,637 Arrow Electronics Inc.+ 1,926 65,604 Novell Inc.+ 6,593 65,518 First Security Corp. 4,009 65,397 Phelps Dodge Corp. 1,566 65,381 Donaldson, Lufkin & Jenrette Inc. 731 65,379 Tektronix Inc. 843 64,753 Northeast Utilities 2,965 64,303 Nike Inc. "B" 1,604 64,260 Alteon Websystems Inc.+ 592 64,167 Dana Corp. 2,983 64,134 Harrah's Entertainment Inc.+ 2,331 64,102 Healthsouth Corp.+ 7,828 63,603 At Home Corp. "A"+ 4,496 63,506 LG&E Energy Corp. 2,579 63,024 AvalonBay Communities Inc. 1,316 62,757 Penney (J.C.) Company Inc. 5,305 62,665 Network Associates Inc.+ 2,769 62,649 American Power Conversion Corp.+ 3,265 $ 62,647 Knight Trading Group Inc.+ 1,736 62,496 American Standard Companies Inc.+ 1,397 62,079 Leggett & Platt Inc. 3,918 61,953 International Rectifier Corp.+ 1,222 61,787 Apartment Investment & Management Co. "A" 1,336 61,540 Dollar General Corp. 3,667 61,422 Polycom Inc.+ 916 61,343 Vitria Technology Inc.+ 1,313 61,219 Mallinckrodt Group Inc. 1,337 61,001 Duke-Weeks Realty Corp. 2,516 60,698 TCF Financial Corp. 1,605 60,388 Cooper Industries Inc. 1,700 59,925 Servicemaster Co. 6,056 59,803 Internet Capital Group LLC+ 3,422 59,671 Sapient Corp.+ 1,466 59,648 Sherwin-Williams Co. 2,779 59,401 COR Therapeutics Inc.+ 952 59,321 Apollo Group Inc.+ 1,487 59,294 Crown Castle International Corp.+ 1,907 59,236 Power-One Inc.+ 976 59,063 NiSource Inc. 2,419 58,963 CMS Energy Corp. 2,176 58,616 Murphy Oil Corp. 895 58,007 AutoZone Inc.+ 2,551 57,876 Kmart Corp.+ 9,639 57,834 SCANA Corp. 1,873 57,829 Amkor Technology Inc.+ 2,202 57,527 Rohm & Haas Co. "A" 1,972 57,311 Pepsi Bottling Group Inc. 1,902 57,179 Potomac Electric Power Co. 2,268 57,125 Newmont Mining Corp. 3,349 56,933 Black & Decker Corp. 1,663 56,854 Old Republic International Corp. 2,358 56,739 Willamette Industries Inc. 2,020 56,560 Advanced Fibre Communications Inc.+ 1,493 56,547 Eastman Chemical Co. 1,525 56,330 Goodyear Tire & Rubber Co. 3,120 56,160 VerticalNet Inc.+ 1,594 55,989 Semtech Corp.+ 1,296 55,890 Family Dollar Stores Inc. 2,902 55,863 Wind River Systems Inc.+ 1,161 55,655 Nabisco Holdings Corp. 1,021 54,879 Compuware Corp.+ 6,492 54,371 Young & Rubicam Inc. 1,095 54,203 Hancock (John) Financial Services Inc.+ 2,006 53,911 American Water Works Inc. 1,945 53,609 Diamond Offshore Drilling Inc. 1,305 53,505 Westvaco Corp. 2,000 53,375 Primedia Inc.+ 3,259 53,366 -------------------------------------------------------------------------------- page 138 iShares iShares Russell 1000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Sigma-Aldrich Corp. 1,615 $ 53,295 First Tennessee National Corp. 2,596 53,056 Parametric Technology Corp.+ 4,843 52,970 RealNetworks Inc.+ 1,330 52,868 Peregrine Systems Inc.+ 2,786 52,760 Time Warner Telecom Inc. "A"+ 1,091 52,709 SEI Investment Co. 744 52,638 ICN Pharmaceuticals Inc. 1,580 52,535 Greenpoint Financial Corp. 1,768 52,377 ITT Industries Inc. 1,612 52,289 Jones Apparel Group Inc.+ 1,967 52,125 Dow Jones & Co. Inc. 861 52,090 Whirlpool Corp. 1,335 51,898 PACCAR Inc. 1,400 51,888 Lam Research Corp.+ 2,475 51,820 Ocean Energy Inc.+ 3,342 51,592 Darden Restaurants Inc. 2,471 51,428 Banknorth Group Inc. 2,866 51,230 Brown-Forman Corp. "B" 930 50,917 Southdown Inc. 714 50,873 Tidewater Inc. 1,117 50,824 Energy East Corp. 2,246 50,816 Waddell & Reed Financial Inc. "A" 1,639 50,809 Niagara Mohawk Holdings Inc.+ 3,208 50,526 Dime Bancorp Inc. 2,342 50,499 Oxford Health Plans Inc.+ 1,634 50,220 Miller (Herman) Inc. 1,565 50,178 Sybron International Corp.+ 2,079 49,896 Avnet Inc. 1,754 49,770 Nucor Corp. 1,651 49,736 Conseco Inc. 6,510 49,639 Viad Corp. 1,864 49,513 Mercantile Bankshares Corp. 1,353 49,110 Symantec Corp.+ 1,115 49,060 Pall Corp. 2,459 49,026 Simon Property Group Inc. 2,085 48,867 Maytag Corp. 1,559 48,426 International Game Technology Inc.+ 1,435 48,252 Manpower Inc. 1,510 48,226 Utilicorp United Inc. 1,862 48,179 KEMET Corp.+ 1,742 48,123 Office Depot Inc.+ 6,130 47,891 Wisconsin Energy Corp. 2,396 47,770 Hispanic Broadcasting Corp.+ 1,710 47,666 DQE Inc. 1,187 47,628 Lattice Semiconductor Corp.+ 886 47,622 Bowater Inc. 1,025 47,598 Sunoco Inc. 1,760 47,410 CH Robinson Worldwide Inc. 841 47,398 Ashland Inc. 1,404 47,297 Grant Prideco Inc.+ 2,156 47,297 Critical Path Inc.+ 778 47,263 Macrovision Corp.+ 583 47,223 Rowan Companies Inc.+ 1,624 47,096 Radian Group Inc. 697 47,048 Republic Services Inc. "A"+ 3,582 47,014 BJ's Wholesale Club Inc.+ 1,375 46,922 Compass Bancshares Inc. 2,406 46,917 Safeguard Scientifics Inc.+ 2,350 46,853 Internap Network Services Corp.+ 1,446 46,724 Neuberger Berman Inc. 759 46,679 E.piphany Inc.+ 605 46,623 Energizer Holdings Inc.+ 1,900 46,550 TriQuint Semiconductor Inc.+ 1,274 46,421 Boston Properties Inc. 1,078 46,287 Alliant Energy Corp. 1,571 46,148 DeVry Inc.+ 1,224 46,053 MarchFirst Inc.+ 2,931 45,980 Synopsys Inc.+ 1,211 45,867 Vornado Realty Trust 1,231 45,701 Fluor Corp. 1,519 45,570 USA Networks Inc.+ 2,076 45,542 MGM Grand Inc. 1,181 45,099 Tech Data Corp.+ 1,053 45,016 Quantum DLT & Storage Group+ 2,985 44,962 MCN Energy Group Inc. 1,754 44,946 Homestore.com Inc.+ 961 44,927 Techne Corp.+ 401 44,912 VF Corp. 1,819 44,907 Commerce Bancshares Inc. 1,217 44,801 Coors (Adolph) Company "B" 709 44,800 NSTAR 1,113 44,798 Mead Corp. 1,914 44,740 UnitedGlobalCom Inc. "A"+ 1,488 44,640 Agile Software Corp.+ 495 44,519 Incyte Pharmaceuticals Inc.+ 1,082 44,497 Millipore Corp. 916 44,369 Questar Corp. 1,591 44,250 Donnelley (R.R.) & Sons Co. 1,801 44,237 ICOS Corp.+ 816 44,166 Akamai Technologies Inc.+ 836 43,903 Georgia-Pacific (Timber Group) 1,632 43,860 Ultramar Diamond Shamrock Corp. 1,725 43,772 National Fuel Gas Co. 779 43,673 Comdisco Inc. 2,281 43,482 Amphenol Corp. "A"+ 761 43,329 Host Marriott Corp. 3,849 43,301 ________________________________________________________________________________ iShares Schedules of Investments page 139 iShares Russell 1000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Bard (C.R.) Inc. 1,020 $ 43,095 Cabot Corp. 1,360 43,095 Aether Systems Inc.+ 408 43,044 Puget Sound Energy Inc. 1,695 43,011 Prologis Trust 1,806 42,893 Acxiom Corp.+ 1,348 42,799 Universal Health Services Inc. "B"+ 496 42,470 Expeditors International Washington Inc. 936 42,178 Bisys Group Inc.+ 544 42,058 Public Storage Inc. 1,756 42,034 Andrew Corp.+ 1,604 42,005 Sovereign Bancorp Inc. 4,532 41,921 Beckman Coulter Inc. 542 41,802 Liz Claiborne Inc. 1,085 41,772 UAL Corp. 993 41,706 Federated Investors Inc. "B" 1,684 41,679 Engelhard Corp. 2,548 41,405 Equitable Resources Inc. 653 41,384 CarrAmerica Realty Corp. 1,360 41,140 AutoNation Inc.+ 6,856 41,136 Noble Affiliates Inc. 1,108 41,135 Western Wireless Corp. "A"+ 1,151 41,004 Sybase Inc.+ 1,782 40,986 Shaw Industries Inc. 2,213 40,941 CacheFlow Inc.+ 285 40,755 McCormick & Co. Inc. 1,366 40,639 Super Value Inc. 2,675 40,292 Kimco Realty Corp. 952 40,222 Hillenbrand Industries Inc. 897 40,141 PMI Group Inc. (The) 592 40,108 Crescent Real Estate Equities Co. 1,793 40,006 Adaptec Inc.+ 1,987 39,740 Visteon Corp. 2,626 39,718 GATX Corporation 948 39,697 Autoliv Inc. 2,035 39,682 BancWest Corporation 2,040 39,653 Hasbro Inc. 3,464 39,620 Washington Post Company (The) "B" 75 39,591 Hanover Compressor Co.+ 1,199 39,492 First Virginia Banks Inc. 926 39,471 Trigon Healthcare Inc.+ 748 39,317 Internet Security Systems Inc.+ 523 39,290 Dallas Semiconductor Corp. 1,192 39,187 Powertel Inc.+ 515 39,172 Hibernia Corp. "A" 3,197 39,163 Silicon Storage Technology+ 1,440 39,150 Harris Corp. 1,375 39,102 Brinker International Inc.+ 1,297 39,072 Covad Communications Group Inc.+ 2,909 38,908 Grainger (W.W.) Inc. 1,478 38,890 Alkermes Inc.+ 1,006 38,857 Flowers Industries Inc. 1,989 38,785 Delhaize America Inc. "B" 2,314 38,759 Bausch & Lomb Inc. 989 38,509 Outback Steakhouse Inc.+ 1,405 38,111 iStar Financial Inc. 1,696 38,054 Stanley Works (The) 1,645 37,938 Erie Indemnity Co. "A" 1,289 37,864 US Airways Group Inc.+ 1,240 37,743 Diebold Inc. 1,415 37,586 Affymetrix Inc.+ 752 37,506 Liberty Property Trust 1,360 37,400 International Flavors & Fragrances Inc. 2,045 37,321 FirstMerit Corp. 1,626 37,296 Archstone Communities Trust 1,516 37,237 Phone.com Inc.+ 327 37,155 Valero Energy Corp. 1,055 37,123 Wendy's International Inc. 1,837 36,855 Quintiles Transnational Corp.+ 2,310 36,816 MONY Group Inc. 923 36,805 Belo (A.H.) Corp. 1,996 36,801 Virata Corp.+ 556 36,766 Lamar Advertising Co.+ 970 36,739 ChoicePoint Inc.+ 800 36,700 Gentex Corp.+ 1,468 36,700 Associated Bancorp 1,380 36,225 Temple-Inland Inc. 952 36,057 Allied Waste Industries Inc.+ 3,918 35,997 Helmerich & Payne Inc. 989 35,728 Sonoco Products Co. 1,978 35,728 Navistar International Corp.+ 1,191 35,656 Martin Marietta Materials Inc. 930 35,600 IPALCO Enterprises Inc. 1,554 35,548 Affiliated Computer Services Inc.+ 710 35,411 Catalina Marketing Corp.+ 939 35,330 Adelphia Communications Corp. "A"+ 1,281 35,308 True North Communications Inc. 983 35,142 Newfield Exploration Co.+ 748 34,922 Rouse Co. 1,397 34,838 L-3 Communications Holdings Inc.+ 610 34,465 Eastern Enterprises 540 34,459 National-Oilwell Inc.+ 1,100 34,375 Wilmington Trust Corp. 641 34,374 Pride International Inc.+ 1,296 34,344 NICOR Inc. 942 34,089 Post Properties Inc. 781 34,022 Dycom Industries Inc.+ 815 33,924 ________________________________________________________________________________ PAGE 140 iShares iShares Russell 1000 Index Fund Schedule Of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ------------------------------------------------------------------ Common Stocks (continued) ------------------------------------------------------------------ CheckFree Corp.+ 808 $ 33,848 AMB Property Corp. 1,377 33,823 FMC Corp.+ 498 33,397 Old National Bancorp 1,103 33,366 General Growth Properties Inc. 1,033 33,250 Marine Drilling Co. Inc.+ 1,160 33,132 Valley National Bancorp 1,206 32,939 Powerwave Technologies Inc.+ 866 32,881 Continental Airlines Inc. "B"+ 718 32,624 Kana Communications Inc.+ 1,464 32,574 Protective Life Corp. 1,088 32,504 Vishay Intertechnology Inc.+ 1,056 32,472 Mandalay Resort Group Inc.+ 1,262 32,339 Copper Mountain Networks Inc.+ 859 32,212 Fastenal Co. 557 32,097 Cephalon Inc.+ 661 32,058 Fairchild Semiconductor Corp. "A"+ 1,132 31,837 Whitman Corp. 2,741 31,693 RSA Security Inc.+ 734 31,654 webMethods Inc.+ 274 31,544 City National Corp. 816 31,518 Nordstrom Inc. 2,021 31,452 Transatlantic Holdings Inc. 340 31,450 Cytyc Corp.+ 729 31,438 Intimate Brands Inc. 1,676 31,320 Bemis Co. 972 31,225 CNET Networks Inc.+ 1,273 31,009 IBP Inc. 1,692 30,985 Golden State Bancorp Inc. 1,305 30,831 Dentsply International Inc. 878 30,675 First Health Group Corp.+ 950 30,637 Hercules Inc. 2,167 30,609 Williams-Sonoma Inc.+ 874 30,372 Consolidated Stores Corp.+ 2,245 30,307 Centura Banks Inc. 788 30,190 CSG Systems International Inc.+ 1,038 30,102 Brunswick Corp. 1,646 30,039 Reynolds & Reynolds Co. "A" 1,506 29,932 Hubbell Inc. "B" 1,178 29,524 Credence Systems Corp.+ 981 29,430 Express Scripts Inc. "A"+ 405 29,261 Deluxe Corp. 1,438 29,209 Litton Industries Inc.+ 652 29,136 Unitrin Inc. 918 29,089 Tekelec+ 881 28,963 Boise Cascade Corp. 1,088 28,900 Charter Communications Inc.+ 1,773 28,839 IMC Global Inc. 1,971 28,579 Pegasus Communications Corp.+ 591 28,553 Cognex Corp.+ 719 28,356 Smurfit-Stone Container Corp.+ 2,362 28,344 Saks Inc.+ 2,865 28,292 Scripps (E.W.) Company 521 28,134 Chris-Craft Industries Inc.+ 340 28,008 Homestake Mining Company 5,341 27,706 PSINET Inc.+ 2,875 27,672 Pacific Century Financial Corp. 1,602 27,434 Allegheny Technologies Inc. 1,511 27,387 Owens-Illinois Inc.+ 2,955 27,334 Crown Cork & Seal Co. Inc. 2,548 27,232 Autodesk Inc. 1,072 27,202 Iron Mountain Inc.+ 734 27,158 Hormel Foods Corp. 1,621 27,050 Electronics For Imaging Inc.+ 1,060 26,765 UnionBanCal Corporation 1,143 26,646 Tootsie Roll Industries Inc. 676 26,533 Winstar Communications Inc.+ 1,703 26,397 Red Hat Inc.+ 1,545 26,362 Steelcase Inc. 1,568 26,264 Mack-Cali Realty Corp. 924 26,045 Westwood One Inc.+ 1,203 25,789 Pentair Inc. 964 25,787 Six Flags Inc.+ 1,645 25,498 Florida East Coast Industries Inc. 618 25,338 Ameritrade Holding Corp. "A"+ 1,427 25,329 Terayon Communications Systems Inc.+ 745 25,283 Varco International Inc.+ 1,201 24,996 Jack Henry & Associates Inc. 573 24,854 Tyson Foods Inc. "A" 2,484 24,840 Winn-Dixie Stores Inc. 1,723 24,768 USX-U.S. Steel Group Inc. 1,620 24,604 Rite Aid Corp. 6,061 24,244 Valassis Communications Inc.+ 1,089 24,230 Liberate Technologies Inc.+ 833 24,105 Ross Stores Inc. 1,676 24,093 National Instruments Corp.+ 546 24,092 Crane Co. 1,052 24,064 Harmonic Inc.+ 994 23,856 Commscope Inc.+ 964 23,618 Quest Software Inc.+ 378 23,477 USG Corp. 931 23,333 Harte-Hanks Inc. 852 23,217 DMC Stratex Networks Inc.+ 1,432 23,001 Alpha Industries Inc.+ 673 22,924 Informix Corp.+ 5,515 22,749 Kopin Corp.+ 1,248 22,464 Plum Creek Timber Co. Inc. 1,001 22,335 -------------------------------------------------------------------------------- iShares Schedules of Investments page 141 iShares Russell 1000 Index Fund Schedule Of Investments (continued) September 30, 2000 (unaudited) Security Shares Value ------------------------------------------------------------------ Common Stocks (Continued) ------------------------------------------------------------------ Getty Images Inc.+ 717 $ 21,824 Patterson Dental Co.+ 960 21,600 Entrust Technologies Inc.+ 777 21,465 Digex Inc.+ 455 21,328 International Speedway Corp. "A" 544 21,216 AVX Corp. 807 21,032 Aspect Communications Corp.+ 1,016 20,955 Nextel Partners Inc. "A"+ 716 20,854 Heller Financial Inc. 728 20,793 Next Level Communications Inc.+ 311 20,565 NRG Energy Inc.+ 559 20,404 Ditech Communications Corp.+ 494 20,254 Keane Inc.+ 1,156 20,114 Thomas & Betts Corp. 1,153 20,105 PacifiCare Health Systems Inc. "A"+ 576 20,052 Efficient Networks Inc.+ 537 20,037 Intersil Holding Corp.+ 398 19,850 Spectrasite Holdings Inc.+ 1,062 19,713 Triton PCS Holdings Inc. "A"+ 704 19,360 United States Cellular Corp.+ 275 19,250 Lyondell Chemical Co. 1,597 18,865 NOVA Corporation+ 1,098 18,803 Sawtek Inc.+ 486 18,719 Ingram Micro Inc. "A"+ 1,352 18,590 Pinnacle Holdings Inc.+ 698 18,584 Global Telesystems Group Inc. 4,070 18,569 CNA Financial Corp.+ 481 18,398 Hudson City Bancorp Inc. 1,079 18,343 RCN Corp.+ 884 18,343 PanAmSat Corp.+ 570 18,204 Global Industries Ltd.+ 1,431 17,887 Nationwide Financial Services Inc. 476 17,791 ADTRAN Inc.+ 418 17,785 Keebler Foods Co. 408 17,136 Galileo International Inc. 1,088 16,864 St. Joe Company (The) 602 16,706 Titan Corp. (The)+ 1,009 16,649 Northwest Airlines Corp. "A"+ 673 16,531 NorthPoint Communications Group Inc.+ 1,851 16,428 Entercom Communications Corp.+ 547 16,376 Emmis Communications Corp.+ 655 16,211 TD Waterhouse Group Inc.+ 861 16,036 Wireless Facilities Inc.+ 269 15,518 Williams Communications Group Inc.+ 774 15,480 Quanta Services Inc.+ 561 15,428 Digital Lightware Inc.+ 209 15,179 American Financial Group Inc. 652 15,118 Priceline.com Inc.+ 1,245 14,784 Talbots Inc. (The) 223 14,774 American Management Systems Inc.+ 827 14,214 BHC Communications Inc. "A" 88 13,849 Avanex Corp.+ 124 13,353 Lafarge Corp. 609 13,246 ANTEC Corp.+ 449 13,245 Hertz Corp. 408 12,954 Weis Markets Inc. 326 12,938 S1 Corp.+ 1,078 12,869 EarthLink Inc.+ 1,408 12,848 Scient Corp.+ 606 12,688 Total System Services Inc. 748 12,576 Teletech Holdings Inc.+ 502 12,425 Reinsurance Group of America Inc. 358 12,262 Mastec Inc.+ 386 12,062 21st Century Insurance Group 711 12,043 Sonus Networks Inc.+ 95 12,006 Cox Radio Inc. "A"+ 647 11,282 Infonet Services Corp. "B"+ 1,059 11,186 Proxicom Inc.+ 572 11,154 Echelon Corp.+ 369 10,839 Hearst-Argyle Television Inc.+ 539 10,780 MSC Industrial Direct Co. Inc. "A"+ 706 10,767 Kansas City Southern Industries Inc. 1,238 10,755 TeleCorp PCS Inc.+ 562 10,678 Convergys Corp.+ 272 10,574 Pixar Inc.+ 315 10,119 Radio One Inc.+ 1,216 10,108 GO.com (Walt Disney)+ 950 10,094 Johns Manville Corp. 752 8,507 Webvan Group Inc.+ 3,641 8,420 7-Eleven Inc.+ 652 8,313 New Focus Inc.+ 104 8,223 Metro-Goldwyn-Mayer Inc.+ 328 7,872 Dobson Communications Corp. "A"+ 498 7,314 VA Linux Systems Inc.+ 155 7,169 Wesco Financial Corp. 28 7,028 Blockbuster Inc. 776 6,839 Ticketmaster Online-CitySearch Inc. "B"+ 403 6,826 ON Semiconductor Corp.+ 614 6,677 Engage Technologies Inc.+ 790 6,419 Plug Power Inc.+ 165 6,146 NaviSite Inc.+ 223 6,007 Liberty Digital Inc. "A"+ 296 5,994 ANC Rental Corp.+ 997 5,733 Turnstone Systems Inc.+ 120 5,565 Siliconix Inc.+ 116 5,474 Tanox Inc.+ 152 5,149 Focal Communications Corp.+ 299 4,616 -------------------------------------------------------------------------------- PAGE 142 iShares iShares Russell 1000 Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Shares or Security Principal Value ------------------------------------------------------------------ COMMON STOCKS (continued) ------------------------------------------------------------------ Inet Technologies Inc.+ 156 $ 4,563 West Teleservices Corp.+ 193 4,246 FreeMarkets Inc.+ 74 4,227 UTStarcom Inc.+ 195 4,083 USinternetworking Inc.+ 603 4,023 Tritel Inc.+ 213 3,049 Silicon Laboratories Inc.+ 65 2,665 AsiaInfo Holdings Inc.+ 100 1,894 ------------------------------------------------------------------ TOTAL COMMON STOCKS (Cost: $252,117,434) 262,519,593 ------------------------------------------------------------------ SHORT TERM INSTRUMENTS - 2.69% ------------------------------------------------------------------ Freddie Mac Discount Note 6.46%, 10/24/00++ $ 971,453 971,453 Goldman Sachs Financial Square Prime Obligation Fund++ 2,340,730 2,340,730 Providian Temp Cash Money Market Fund++ 1,193,295 1,193,295 Short Term Investment Company Liquid Assets Portfolio++ 2,553,684 2,553,684 ------------------------------------------------------------------ TOTAL SHORT TERM INSTRUMENTS (Cost: $7,059,162) 7,059,162 ------------------------------------------------------------------ REPURCHASE AGREEMENT - 0.04% ------------------------------------------------------------------ Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $116,557 and an effective yield of 6.25%. 116,496 116,496 ------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENT (Cost: $116,496) 116,496 ------------------------------------------------------------------ TOTAL INVESTMENTS IN SECURITIES - 102.62% (Cost: $259,293,092) 269,695,251 ------------------------------------------------------------------ Other Assets, Less Liabilities - (2.62%) (6,882,586) ------------------------------------------------------------------ NET ASSETS - 100.00% $262,812,665 ================================================================== + Non-income earning securities. ++ Represents investment of collateral received from securities lending transactions. See Note 5. See notes to financial statements. -------------------------------------------------------------------------------- iShares Schedules of Investments page 143 iShares Russell 1000 Growth Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS - 99.93% ----------------------------------------------------------------- General Electric Co. 82,500 $ 4,759,218 Cisco Systems Inc.+ 64,994 3,590,918 Pfizer Inc. 57,825 2,598,511 Intel Corp. 61,350 2,553,694 Microsoft Corp.+ 35,799 2,156,890 EMC Corporation+ 19,968 1,979,328 Sun Microsystems Inc.+ 14,508 1,693,809 Oracle Corp.+ 19,765 1,556,494 International Business Machines Corp. 11,892 1,337,850 America Online Inc.+ 21,140 1,136,275 Home Depot Inc. 21,205 1,125,190 Wal-Mart Stores Inc. 22,632 1,089,165 Lucent Technologies Inc. 30,567 934,204 Corning Inc. 2,689 798,633 Merck & Co. Inc. 10,515 782,710 Texas Instruments Inc. 15,715 741,552 Coca-Cola Co. 12,970 714,971 Lilly (Eli) and Company 8,688 704,814 Amgen Inc.+ 9,404 656,664 JDS Uniphase Corp.+ 6,822 645,958 Time Warner Inc. 8,112 634,764 Schering-Plough Corp. 13,443 625,100 Dell Computer Corp.+ 19,932 614,155 Medtronic Inc. 10,965 568,124 Pharmacia & Upjohn Inc. 9,392 565,281 Veritas Software Corp.+ 3,671 521,282 Bristol-Myers Squibb Co. 8,729 498,644 American Home Products Corp. 7,904 447,070 Applied Materials Inc.+ 7,407 439,328 QUALCOMM Inc.+ 6,090 433,913 Juniper Networks Inc.+ 1,874 410,289 Network Appliance Inc.+ 2,899 369,260 VeriSign Inc.+ 1,779 360,359 Viacom Inc. "B"+ 6,091 356,324 Schwab (Charles) Corp. 9,852 349,746 WorldCom Inc.+ 11,313 343,632 Siebel Systems Inc.+ 3,061 340,728 Broadcom Corp.+ 1,317 321,019 Ciena Corp.+ 2,578 316,611 PMC - Sierra Inc.+ 1,440 309,960 Walgreen Co. 8,041 305,055 Hewlett-Packard Co. 2,924 283,628 Automatic Data Processing Inc. 4,113 275,057 Palm Inc.+ 5,163 273,316 Enron Corp. 3,101 271,725 BEA Systems Inc.+ 3,479 270,927 Analog Devices Inc.+ 3,256 268,823 Motorola Inc. 8,697 245,690 Brocade Communications System Inc.+ 1,000 236,000 Voicestream Wireless Corp.+ 1,967 228,295 PE Corp. (Biosystems Group) 1,908 222,282 Xilinx Inc.+ 2,579 220,827 Nextel Communications Inc. "A"+ 4,647 217,247 SDL Inc.+ 693 213,444 Gillette Co. 6,903 213,130 Maxim Integrated Products Inc.+ 2,599 209,057 Yahoo! Inc.+ 2,292 208,572 Solectron Corp.+ 4,515 208,254 Ariba Inc.+ 1,440 206,302 Applied Micro Circuits Corp.+ 995 206,027 Agilent Technologies Inc.+ 4,158 203,482 Qwest Communications International Inc.+ 4,200 201,863 Micron Technology Inc.+ 4,365 200,790 Guidant Corp.+ 2,820 199,339 AES Corp.+ 2,815 192,827 Exodus Communications Inc.+ 3,825 188,859 Linear Technology Corp. 2,832 183,372 Hughes Electronics Corp.+ 4,722 175,564 Altera Corp.+ 3,662 174,860 MBNA Corp. 4,530 174,405 ADC Telecommunications Inc.+ 6,431 172,934 Adobe Systems Inc. 1,095 169,999 Sprint Corp. (PCS Group)+ 4,755 166,722 Providian Financial Corp. 1,305 165,735 i2 Technologies Inc.+ 871 162,931 Cardinal Health Inc. 1,840 162,265 Colgate-Palmolive Co. 3,416 161,235 Paychex Inc. 3,028 158,970 Comverse Technology Inc.+ 1,459 157,572 Kohls Corp.+ 2,731 157,545 Genentech Inc.+ 825 153,192 Redback Networks Inc.+ 931 152,626 Tellabs Inc.+ 3,148 150,317 MedImmune Inc.+ 1,920 148,320 Vitesse Semiconductor Corp.+ 1,634 145,324 Commerce One Inc.+ 1,724 135,334 Level 3 Communications Inc.+ 1,754 135,277 Harley-Davidson Inc. 2,785 133,332 Sanmina Corp.+ 1,354 126,768 Calpine Corp.+ 1,214 126,711 Rational Software Corp.+ 1,721 119,394 Mercury Interactive Corp.+ 730 114,428 Omnicom Group Inc. 1,543 112,543 Capital One Financial Corp. 1,587 111,189 -------------------------------------------------------------------------------- page 144 iShares iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- RadioShack Corp. 1,700 $ 109,863 Millennium Pharmaceuticals Inc.+ 749 109,401 Computer Associates International Inc. 4,228 106,493 Waters Corp.+ 1,168 103,952 Halliburton Co. 2,103 102,916 Gap Inc. 5,070 102,034 Allergan Inc. 1,195 100,903 Best Buy Co. Inc.+ 1,546 98,364 TIBCO Software Inc.+ 1,143 96,512 Dynegy Inc. 1,639 93,423 Scientific-Atlanta Inc. 1,467 93,338 Forest Laboratories Inc. "A"+ 799 91,635 Immunex Corp.+ 2,058 89,523 Sycamore Networks Inc.+ 811 87,588 Human Genome Sciences Inc.+ 505 87,428 Safeway Inc.+ 1,872 87,399 Integrated Device Technology Inc.+ 959 86,789 Inktomi Corp.+ 738 84,132 Electronic Data Systems Corp. 2,025 84,037 Kroger Co.+ 3,686 83,165 Biogen Inc.+ 1,361 83,021 LSI Logic Corp.+ 2,823 82,573 Conexant Systems Inc.+ 1,960 82,075 Bestfoods 1,128 82,062 Gateway Inc.+ 1,690 79,007 eBay Inc.+ 1,112 76,311 Lowe's Companies Inc. 1,683 75,525 Compaq Computer Corp. 2,733 75,376 Sysco Corp. 1,623 75,165 American Express Co. 1,233 74,905 Computer Sciences Corp.+ 991 73,582 QLogic Corp.+ 826 72,688 Concord EFS Inc.+ 1,952 69,327 Metromedia Fiber Network Inc.+ 2,748 66,811 Johnson & Johnson 704 66,132 KLA-Tencor Corp.+ 1,600 65,900 National Semiconductor Corp.+ 1,623 65,326 Amazon.com Inc.+ 1,690 64,959 Abbott Laboratories 1,353 64,352 NEXTLINK Communications Inc.+ 1,814 63,830 Micromuse Inc.+ 316 63,496 PepsiCo Inc. 1,379 63,434 Clear Channel Communications Inc.+ 1,108 62,602 Sara Lee Corp. 3,077 62,502 Starbucks Corp.+ 1,545 61,897 Intuit Inc.+ 1,068 60,876 Jabil Circuit Inc.+ 1,062 $ 60,269 ALZA Corp.+ 691 59,771 Sepracor Inc.+ 483 59,258 IVAX Corporation+ 1,256 57,776 IMS Health Inc. 2,775 57,581 Stryker Corp. 1,321 56,720 Seagate Technology Inc.+ 822 56,718 Robert Half International Inc.+ 1,634 56,679 Rambus Inc.+ 717 56,598 CVS Corp. 1,214 56,223 Novellus Systems Inc.+ 1,203 56,015 Teradyne Inc.+ 1,593 55,755 Univision Communications Inc.+ 1,489 55,651 Vignette Corp.+ 1,847 55,179 Lycos Inc.+ 783 53,843 Atmel Corp.+ 3,542 53,794 Interpublic Group of Companies Inc. 1,570 53,478 IDEC Pharmaceuticals Corp.+ 297 52,082 Bed Bath & Beyond Inc.+ 2,132 52,001 Molex Inc. 955 51,988 Software.com Inc.+ 285 51,710 Electronic Arts Inc.+ 1,039 51,301 McLeodUSA Inc. "A"+ 3,510 50,237 Stilwell Financial Inc.+ 1,151 50,069 CMGI Inc.+ 1,752 48,946 Extreme Networks Inc.+ 424 48,548 Abgenix Inc.+ 598 48,326 Echostar Communications Corp.+ 896 47,264 Cintas Corp. 1,083 47,178 Transwitch Corp.+ 739 47,111 Nabors Industries Inc.+ 899 47,108 Fiserv Inc.+ 782 46,822 TMP Worldwide Inc.+ 571 45,966 Art Technology Group Inc.+ 483 45,764 Symbol Technologies Inc. 1,259 45,245 Quaker Oats Co. 567 44,864 Lexmark International Group Inc. "A"+ 1,188 44,550 BroadVision Inc.+ 1,728 44,172 SCI Systems Inc.+ 1,077 44,157 PE Corp. (Celera Genomics Group)+ 439 43,735 Protein Design Labs Inc.+ 358 43,139 General Mills Inc. 1,215 43,132 BMC Software Inc.+ 2,248 42,993 Noble Drilling Corp.+ 820 41,205 Newport Corp. 256 40,772 Vertex Pharmaceuticals Inc.+ 482 40,729 Emulex Corp.+ 331 40,547 Anheuser-Busch Companies Inc. 958 40,535 -------------------------------------------------------------------------------- iShares Schedules of Investments page 145 iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Staples Inc.+ 2,836 $ 40,236 Foundry Networks Inc.+ 597 39,962 Infinity Broadcasting Corp.+ 1,210 39,930 3Com Corp.+ 2,081 39,929 Macromedia Inc.+ 483 39,032 Advanced Micro Devices Inc.+ 1,652 39,028 PeopleSoft Inc.+ 1,379 38,526 Cypress Semiconductor Corp.+ 925 38,445 Dollar Tree Stores Inc.+ 945 38,332 King Pharmaceuticals Inc.+ 1,141 38,152 Medarex Inc.+ 325 38,127 BJ Services Co.+ 618 37,775 Finisar Corp.+ 776 37,539 Infospace.com Inc.+ 1,228 37,147 Allegiance Telecom Inc.+ 993 36,989 Health Management Associates Inc. "A"+ 1,770 36,838 Anadarko Petroleum Corp. 552 36,686 Target Corporation 1,412 36,183 Micrel Inc.+ 536 35,912 Baker Hughes Inc. 961 35,677 Equifax Inc. 1,301 35,046 Microchip Technology Inc.+ 1,058 34,964 GlobeSpan Inc.+ 286 34,892 Minimed Inc.+ 388 34,678 Portal Software Inc.+ 839 33,560 Boston Scientific Corp.+ 2,038 33,500 Imclone Systems Inc.+ 286 33,480 Tiffany & Co. 868 33,472 RF Micro Devices Inc.+ 1,052 33,007 AT&T Wireless Group+ 1,579 32,962 Apache Corp. 551 32,578 Honeywell International Inc. 912 32,490 Citrix Systems Inc.+ 1,604 32,180 NVIDIA Corp.+ 392 32,095 Sealed Air Corp.+ 705 31,901 Campbell Soup Co. 1,231 31,852 CDW Computer Centers Inc.+ 454 31,326 Readers Digest Association Inc. (The) "A" 872 30,793 TJX Companies Inc. 1,367 30,758 DoubleClick Inc.+ 948 30,336 Cree Inc.+ 258 29,992 SanDisk Corp.+ 449 29,971 Andrx Group+ 318 29,693 Estee Lauder Companies Inc. "A" 810 29,666 Alteon Websystems Inc.+ 273 29,591 Circuit City Stores Inc. 1,275 29,325 Watson Pharmaceutical Inc.+ 451 $ 29,259 Celgene Corp.+ 478 28,441 Vitria Technology Inc.+ 610 28,441 Polycom Inc.+ 422 28,261 Cooper Cameron Corp.+ 378 27,854 Chiron Corp.+ 618 27,810 Sapient Corp.+ 679 27,627 Apollo Group Inc.+ 688 27,434 Knight Trading Group Inc.+ 760 27,360 COR Therapeutics Inc.+ 439 27,355 American Power Conversion Corp.+ 1,407 26,997 Smith International Inc.+ 329 26,834 Amkor Technology Inc.+ 1,023 26,726 Boeing Co. 418 26,334 Power-One Inc.+ 435 26,324 VerticalNet Inc.+ 746 26,203 Cablevision Systems Corp.+ 391 25,928 Semtech Corp.+ 600 25,875 Wind River Systems Inc.+ 538 25,790 R&B Falcon Corporation+ 918 25,589 Young & Rubicam Inc. 507 25,097 Dollar General Corp. 1,484 24,857 SEI Investment Co. 347 24,550 Time Warner Telecom Inc. "A"+ 507 24,494 American Tower Corp.+ 649 24,459 RealNetworks Inc.+ 615 24,446 Peregrine Systems Inc.+ 1,286 24,354 Fifth Third Bancorp 450 24,244 Waddell & Reed Financial Inc. "A" 775 24,025 Lam Research Corp.+ 1,143 23,932 E*trade Group Inc.+ 1,429 23,489 Cox Communications Inc. "A"+ 611 23,371 Advanced Fibre Communications Inc.+ 616 23,331 Oxford Health Plans Inc.+ 753 23,143 Miller (Herman) Inc. 717 22,989 E.piphany Inc.+ 297 22,888 Internap Network Services Corp.+ 706 22,813 International Rectifier Corp.+ 449 22,703 Symantec Corp.+ 514 22,616 Network Associates Inc.+ 975 22,059 Macrovision Corp.+ 269 21,789 TriQuint Semiconductor Inc.+ 589 21,462 Global Marine Inc.+ 693 21,396 DeVry Inc.+ 566 21,296 Genzyme General Division+ 312 21,274 EOG Resources Inc. 543 21,109 International Game Technology Inc.+ 615 20,679 Techne Corp.+ 184 20,608 -------------------------------------------------------------------------------- page 146 iShares iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Incyte Pharmaceuticals Inc.+ 499 $ 20,521 Agile Software Corp.+ 228 20,506 Millipore Corp. 423 20,489 Akamai Technologies Inc.+ 388 20,376 Amphenol Corp. "A"+ 355 20,213 ICOS Corp.+ 373 20,189 Aether Systems Inc.+ 191 20,150 Hispanic Broadcasting Corp.+ 720 20,070 Lattice Semiconductor Corp.+ 372 19,995 Federated Investors Inc. "B" 793 19,627 Parametric Technology Corp.+ 1,781 19,480 Homestore.com Inc.+ 415 19,401 KEMET Corp.+ 702 19,393 Family Dollar Stores Inc. 1,002 19,288 Western Wireless Corp. "A"+ 535 19,059 Cabletron Systems Inc.+ 625 18,359 Expeditors International Washington Inc. 405 18,250 Powertel Inc.+ 239 18,179 Internet Security Systems Inc.+ 241 18,105 Acxiom Corp.+ 570 18,097 Silicon Storage Technology+ 664 18,053 Alkermes Inc.+ 466 17,999 Costco Wholesale Corp.+ 513 17,923 Cendant Corp.+ 1,622 17,639 Kellogg Co. 721 17,439 Affymetrix Inc.+ 347 17,307 Phone.com Inc.+ 151 17,157 Quest Diagnostics Inc.+ 149 17,098 CH Robinson Worldwide Inc. 303 17,077 Catalina Marketing Corp.+ 450 16,931 Unisys Corp.+ 1,470 16,538 Sybron International Corp.+ 676 16,224 Price (T. Rowe) Associates 340 15,959 WebMD Corp.+ 1,045 15,936 Bisys Group Inc.+ 206 15,926 Apple Computer Inc.+ 618 15,913 Gentex Corp.+ 630 15,750 CheckFree Corp.+ 375 15,709 Alltel Corp. 301 15,708 Virata Corp.+ 237 15,672 Cadence Design Systems Inc.+ 610 15,669 Fastenal Co. 270 15,559 CacheFlow Inc.+ 108 15,444 Powerwave Technologies Inc.+ 402 15,263 Intimate Brands Inc. 810 15,137 Firstar Corp. 676 15,126 webMethods Inc.+ 131 $ 15,081 State Street Corp. 116 15,080 Kana Communications Inc.+ 676 15,041 Copper Mountain Networks Inc.+ 400 15,000 Fairchild Semiconductor Corp. "A"+ 524 14,738 Compuware Corp.+ 1,755 14,698 SunGard Data Systems Inc.+ 343 14,685 Cytyc Corp.+ 340 14,663 Coca-Cola Enterprises Inc. 914 14,567 ENSCO International Inc. 373 14,267 First Health Group Corp.+ 438 14,125 Credence Systems Corp.+ 468 14,040 CSG Systems International Inc.+ 479 13,891 USA Education Inc. 288 13,878 Tricon Global Restaurants Inc.+ 453 13,873 UST Inc. 600 13,725 ChoicePoint Inc.+ 299 13,717 Tekelec+ 406 13,347 Murphy Oil Corp. 205 13,287 Hanover Compressor Co.+ 402 13,241 Dycom Industries Inc.+ 318 13,237 At Home Corp. "A"+ 928 13,108 Cognex Corp.+ 332 13,093 Newfield Exploration Co.+ 280 13,073 Ameritrade Holding Corp. "A"+ 717 12,727 Rowan Companies Inc.+ 437 12,673 PSINET Inc.+ 1,315 12,657 Winstar Communications Inc.+ 790 12,245 Terayon Communications Systems Inc.+ 355 12,048 UnitedHealth Group Inc. 121 11,949 Dallas Semiconductor Corp. 361 11,868 Cephalon Inc.+ 244 11,834 Andrew Corp.+ 450 11,784 Jack Henry & Associates Inc. 267 11,581 Synopsys Inc.+ 298 11,287 DST Systems Inc.+ 95 11,162 Fox Entertainment Group Inc.+ 420 11,130 Harmonic Inc.+ 461 11,064 DMC Stratex Networks Inc.+ 687 11,035 Quest Software Inc.+ 177 10,993 Critical Path Inc.+ 180 10,935 Pepsi Bottling Group Inc. 363 10,913 Entrust Technologies Inc.+ 394 10,884 Williams-Sonoma Inc.+ 310 10,773 MarchFirst Inc.+ 678 10,636 Limited Inc. 482 10,634 Alpha Industries Inc.+ 312 10,627 Kopin Corp.+ 581 10,458 -------------------------------------------------------------------------------- iShares Schedules of Investments page 147 iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- National Instruments Corp.+ 236 $ 10,414 Valassis Communications Inc.+ 465 10,346 CNET Networks Inc.+ 420 10,231 Red Hat Inc.+ 597 10,186 Weatherford International Inc.+ 229 9,847 Digex Inc.+ 210 9,844 Primedia Inc.+ 599 9,809 AFLAC Inc. 153 9,802 Next Level Communications Inc.+ 146 9,654 RSA Security Inc.+ 222 9,574 Tidewater Inc. 210 9,555 McKesson HBOC Inc. 312 9,536 Marine Drilling Co. Inc.+ 330 9,426 Liberate Technologies Inc.+ 325 9,405 Efficient Networks Inc.+ 250 9,328 Intersil Holding Corp.+ 183 9,127 Commscope Inc.+ 371 9,089 Triton PCS Holdings Inc. "A"+ 327 8,993 Novell Inc.+ 884 8,785 Sawtek Inc.+ 225 8,666 Lamar Advertising Co.+ 224 8,484 Global Telesystems Group Inc. 1,855 8,463 Patterson Dental Co.+ 375 8,438 Dow Jones & Co. Inc. 139 8,409 Ceridian Corp.+ 298 8,363 Georgia-Pacific (Timber Group) 302 8,116 Aspect Communications Corp.+ 389 8,023 Universal Health Services Inc. "B"+ 93 7,963 Ditech Communications Corp.+ 193 7,913 Titan Corp. (The)+ 466 7,689 Devon Energy Corp. 124 7,459 Express Scripts Inc. "A"+ 102 7,369 Consolidated Stores Corp.+ 539 7,276 Digital Lightware Inc.+ 100 7,263 Synovus Financial Corp. 340 7,204 Electronics For Imaging Inc.+ 284 7,171 ADTRAN Inc.+ 168 7,148 Wireless Facilities Inc.+ 123 7,096 NOVA Corporation+ 401 6,867 Priceline.com Inc.+ 574 6,816 Iron Mountain Inc.+ 175 6,475 Gilead Sciences Inc.+ 59 6,472 Ecolab Inc. 177 6,383 Avanex Corp.+ 59 6,354 AutoNation Inc.+ 1,051 6,306 Quintiles Transnational Corp.+ 393 6,263 Biomet Inc. 177 $ 6,195 Williams Communications Group Inc.+ 302 6,040 Keane Inc.+ 347 6,038 US Airways Group Inc.+ 198 6,027 Jones Apparel Group Inc.+ 224 5,936 Scient Corp.+ 282 5,904 Teletech Holdings Inc.+ 235 5,816 Total System Services Inc. 345 5,800 Mastec Inc.+ 179 5,594 American Management Systems Inc.+ 325 5,586 Danaher Corp. 105 5,224 ANTEC Corp.+ 177 5,221 Proxicom Inc.+ 266 5,187 AVX Corp. 199 5,186 Tech Data Corp.+ 120 5,130 Sonus Networks Inc.+ 40 5,055 Affiliated Computer Services Inc.+ 100 4,988 Cox Radio Inc. "A"+ 285 4,970 Echelon Corp.+ 169 4,964 NCR Corp.+ 123 4,651 Infonet Services Corp. "B"+ 439 4,637 Getty Images Inc.+ 150 4,566 Pegasus Communications Corp.+ 93 4,493 Convergys Corp.+ 115 4,471 St. Jude Medical Inc.+ 87 4,437 GO.com (Walt Disney)+ 404 4,293 Viad Corp. 161 4,277 NRG Energy Inc.+ 117 4,271 Six Flags Inc.+ 272 4,216 Quanta Services Inc.+ 152 4,180 PerkinElmer Inc. 40 4,175 PacifiCare Health Systems Inc. "A"+ 115 4,003 Vishay Intertechnology Inc.+ 130 3,998 TD Waterhouse Group Inc.+ 205 3,818 Helmerich & Payne Inc. 101 3,649 Mylan Laboratories Inc. 135 3,637 Adaptec Inc.+ 181 3,620 Newmont Mining Corp. 210 3,570 UnitedGlobalCom Inc. "A"+ 119 3,570 L-3 Communications Holdings Inc.+ 63 3,560 Autodesk Inc. 136 3,451 Northwest Airlines Corp. "A"+ 139 3,414 Pixar Inc.+ 105 3,373 PanAmSat Corp.+ 105 3,353 VA Linux Systems Inc.+ 72 3,330 New Focus Inc.+ 42 3,321 Marriott International Inc. 91 3,316 United Parcel Service Inc. 57 3,213 -------------------------------------------------------------------------------- page 148 iShares iShares Russell 1000 Growth Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- United States Cellular Corp.+ 45 $ 3,150 BJ's Wholesale Club Inc.+ 90 3,071 International Speedway Corp. "A" 78 3,042 Diamond Offshore Drilling Inc. 72 2,952 Outback Steakhouse Inc.+ 105 2,848 Plug Power Inc.+ 76 2,831 Engage Technologies Inc.+ 348 2,828 EarthLink Inc.+ 304 2,774 ON Semiconductor Corp.+ 255 2,773 Liberty Digital Inc. "A"+ 136 2,754 Turnstone Systems Inc.+ 58 2,690 S1 Corp.+ 225 2,686 Emmis Communications Corp.+ 107 2,648 USA Networks Inc.+ 120 2,633 Kansas City Southern Industries Inc. 286 2,485 Harris Corp. 87 2,474 MSC Industrial Direct Co. Inc. "A"+ 160 2,440 Tanox Inc.+ 72 2,439 Cabot Corp. 75 2,377 NaviSite Inc.+ 87 2,344 TeleCorp PCS Inc.+ 123 2,337 Siliconix Inc.+ 49 2,312 Sabre Holdings Corp. 79 2,286 Office Depot Inc.+ 282 2,203 Inet Technologies Inc.+ 73 2,135 Avery Dennison Corp. 46 2,133 Republic Services Inc. "A"+ 162 2,126 Focal Communications Corp.+ 137 2,115 7-Eleven Inc.+ 165 2,104 Safeguard Scientifics Inc.+ 105 2,093 Talbots Inc. (The) 30 1,988 Grant Prideco Inc.+ 90 1,974 Nike Inc. "B" 48 1,923 Webvan Group Inc.+ 814 1,882 MGM Grand Inc. 45 1,718 Pride International Inc.+ 64 1,696 Block (H & R) Inc. 45 1,668 West Teleservices Corp.+ 74 1,628 USinternetworking Inc.+ 243 1,621 Dobson Communications Corp. "A"+ 108 1,586 Willamette Industries Inc. 56 1,568 Ticketmaster Online-CitySearch Inc. "B"+ 90 1,524 Global Industries Ltd.+ 120 1,500 Hearst-Argyle Television Inc.+ 75 1,500 NorthPoint Communications Group Inc.+ 165 1,464 Manpower Inc. 45 1,437 Shares or Security Principal Value ----------------------------------------------------------------- Homestake Mining Company 274 $ 1,421 Beckman Coulter Inc. 16 1,234 Silicon Laboratories Inc.+ 30 1,230 True North Communications Inc. 34 1,216 Ingram Micro Inc. "A"+ 87 1,196 Bausch & Lomb Inc. 27 1,051 ANC Rental Corp.+ 168 966 AsiaInfo Holdings Inc.+ 46 871 Comdisco Inc. 45 858 Tritel Inc.+ 59 844 Blockbuster Inc. 86 758 Harte-Hanks Inc. 26 708 Keebler Foods Co. 12 504 ----------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $61,147,331) 61,612,716 ----------------------------------------------------------------- SHORT TERM INSTRUMENTS - 2.45% ----------------------------------------------------------------- Freddie Mac Discount Note 6.46%, 10/24/00++ $ 207,421 207,421 Goldman Sachs Financial Square Prime Obligation Fund++ 350,161 350,161 Providian Temp Cash Money Market Fund++ 254,788 254,788 Short Term Investment Company Liquid Assets Portfolio++ 694,876 694,876 ----------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $1,507,246) 1,507,246 ----------------------------------------------------------------- REPURCHASE AGREEMENT - 0.06% ----------------------------------------------------------------- Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $36,633 and an effective yield of 6.25%. 36,614 36,614 ----------------------------------------------------------------- TOTAL REPURCHASE AGREEMENT (Cost: $36,614) 36,614 ----------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 102.44% (Cost: $62,691,191) 63,156,576 ----------------------------------------------------------------- Other Assets, Less Liabilities - (2.44%) (1,501,430) ----------------------------------------------------------------- NET ASSETS - 100.00% $61,655,146 ================================================================= + Non-income earning securities. ++ Represents investment of collateral received from securities lending transactions. See Note 5. See notes to financial statements. -------------------------------------------------------------------------------- iShares Schedules of Investments page 149 iShares Russell 1000 Value Index Fund Schedule of Investments September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS - 99.87% ----------------------------------------------------------------- Exxon Mobil Corp. 34,127 $ 3,041,567 Citigroup Inc. 44,064 2,382,210 American International Group Inc. 19,557 1,871,360 SBC Communications Inc. 33,324 1,666,200 Verizon Communications 26,650 1,290,859 Johnson & Johnson 12,866 1,208,600 AT&T Corp. 36,802 1,081,059 Morgan Stanley Dean Witter & Co. 11,161 1,020,534 Procter & Gamble Co. 13,014 871,938 Bank of America Corp. 16,091 842,766 Merck & Co. Inc. 11,294 840,697 Disney (Walt) Co. 20,431 781,486 Wells Fargo & Company 16,153 742,028 BellSouth Corp. 18,363 739,111 Fannie Mae 9,988 714,142 American Express Co. 11,734 712,840 Abbott Laboratories 13,744 653,699 Philip Morris Companies Inc. 22,070 649,686 Chase Manhattan Corp. 12,776 590,092 PepsiCo Inc. 12,691 583,786 Bristol-Myers Squibb Co. 9,917 566,509 Chevron Corp. 6,406 546,111 Boeing Co. 8,360 526,680 Merrill Lynch & Co. Inc. 7,822 516,252 International Business Machines Corp. 4,517 508,162 General Electric Co. 8,736 503,958 Hewlett-Packard Co. 5,028 487,716 WorldCom Inc.+ 15,999 485,970 Ford Motor Company+ 18,556 469,699 AT&T - Liberty Media Group "A"+ 25,289 455,202 Bank One Corp. 11,326 437,467 Bank of New York Co. Inc. 7,241 405,949 Du Pont (E.I.) de Nemours 9,479 392,786 McDonald's Corp. 12,948 390,868 Compaq Computer Corp. 13,749 379,197 Freddie Mac 6,794 367,301 Comcast Corp. "A"+ 8,772 359,104 Marsh & McLennan Companies Inc. 2,659 352,982 Minnesota Mining & Manufacturing Co. 3,867 352,380 FleetBoston Financial Corp. 8,845 344,955 Enron Corp. 3,917 343,227 General Motors Corp. "A" 5,256 341,640 Motorola Inc. 12,055 340,554 Anheuser-Busch Companies Inc. 7,848 332,069 Coca-Cola Co. 5,745 $ 316,693 First Union Corp. 9,657 310,835 Duke Energy Corp. 3,609 309,472 United Technologies Corp. 4,291 297,152 Kimberly-Clark Corp. 5,279 294,634 Texaco Inc. 5,397 283,343 Emerson Electric Co. 4,183 280,261 Associates First Capital Corp. 7,131 270,978 Qwest Communications International Inc.+ 5,473 263,046 Household International Inc. 4,627 262,004 Morgan (J.P.) & Co. Inc. 1,556 254,211 Allstate Corp. 7,182 249,574 American Home Products Corp. 4,329 244,859 Honeywell International Inc. 6,867 244,637 Viacom Inc. "B"+ 4,019 235,112 Baxter International Inc. 2,862 228,423 Mellon Financial Corp. 4,795 222,368 Alcoa Inc. 8,474 214,498 Washington Mutual Inc. 5,306 211,245 Southern Co. 6,356 206,173 Sprint Corp. (FON Group) 6,946 203,605 Clear Channel Communications Inc.+ 3,523 199,049 HCA - The Healthcare Company 5,270 195,649 Firstar Corp. 8,690 194,439 American General Corp. 2,485 193,830 Target Corporation 7,415 190,009 State Street Corp. 1,450 188,500 Goldman Sachs Group Inc. (The) 1,640 186,858 PNC Bank Corp. 2,838 184,470 Williams Companies Inc. 4,345 183,576 Northern Trust Corp. 2,043 181,572 Lehman Brothers Holdings Inc. 1,184 174,936 Fifth Third Bancorp 3,231 174,070 US Bancorp Inc. 7,316 166,439 Dow Chemical Co. 6,622 165,136 Conoco Inc. 6,116 164,750 CIGNA Corp. 1,538 160,567 Time Warner Inc. 2,049 160,334 Pharmacia & Upjohn Inc. 2,662 160,219 Hartford Financial Services Group Inc. 2,193 159,952 First Data Corp. 3,979 155,430 AFLAC Inc. 2,423 155,223 Alltel Corp. 2,752 143,620 UnitedHealth Group Inc. 1,453 143,484 Coastal Corp. 1,878 139,207 Gannett Co. Inc. 2,598 137,694 -------------------------------------------------------------------------------- page 150 iShares iShares Russell 1000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- International Paper Co. 4,774 $ 136,954 Chubb Corp. 1,712 135,462 Dominion Resources Inc. 2,330 135,286 Costco Wholesale Corp.+ 3,829 133,776 Illinois Tool Works Inc. 2,394 133,765 El Paso Energy Corp. 2,137 131,693 Phillips Petroleum Co. 2,096 131,524 National City Corp. 5,940 131,422 Heinz (H.J.) Co. 3,404 126,161 SunTrust Banks Inc. 2,518 125,428 FedEx Corp.+ 2,797 124,019 Eastman Kodak Co. 3,017 123,320 American Electric Power Inc. 3,143 122,970 McGraw-Hill Companies Inc. 1,910 121,404 Safeway Inc.+ 2,578 120,360 Lockheed Martin Corp. 3,648 120,238 Wal-Mart Stores Inc. 2,490 119,831 Southwest Airlines Co. 4,933 119,625 Anadarko Petroleum Corp. 1,784 118,565 BB&T Corp. 3,910 117,789 CVS Corp. 2,526 116,985 Automatic Data Processing Inc. 1,720 115,025 Caterpillar Inc. 3,406 114,952 FPL Group Inc. 1,738 114,273 Wachovia Corp. 2,006 113,715 Tenet Healthcare Corp. 3,089 112,362 Reliant Energy Inc. 2,376 110,484 Bestfoods 1,500 109,125 KeyCorp 4,268 108,034 Sara Lee Corp. 5,279 107,230 Waste Management Inc. 6,090 106,194 St. Paul Companies Inc. 2,132 105,134 ConAgra Inc. 5,216 104,646 Halliburton Co. 2,130 104,237 TXU Corporation 2,574 101,995 PECO Energy Co. 1,675 101,442 General Dynamics Corp. 1,604 100,751 Pitney Bowes Inc. 2,511 99,028 Xerox Corp. 6,554 98,720 Sears, Roebuck and Co. 3,021 97,941 Unicom Corp. 1,736 97,542 Kroger Co.+ 4,201 94,785 Avon Products Inc. 2,312 94,503 Raytheon Co. "B" 3,322 94,469 Public Service Enterprise Group Inc. 2,111 $ 94,335 Union Pacific Corp. 2,419 94,039 Seagate Technology Inc.+ 1,359 93,771 Colgate-Palmolive Co. 1,978 93,362 Dover Corp. 1,980 92,936 Equity Office Properties Trust 2,970 92,256 Gillette Co. 2,972 91,760 Xcel Energy Inc. 3,321 91,328 PG&E Corp. 3,761 90,969 Nabisco Group Holdings Corp. "A" 3,188 90,858 Clorox Co. 2,289 90,559 MBNA Corp. 2,351 90,513 Lincoln National Corp. 1,870 89,994 AXA Financial Inc. 1,757 89,497 Comerica Inc. 1,521 88,883 AON Corp. 2,199 86,311 USX-Marathon Group Inc. 3,034 86,090 Burlington Northern Santa Fe Corp. 3,971 85,625 Tribune Co. 1,960 85,505 Weyerhaeuser Co. 2,113 85,312 Unocal Corp. 2,373 84,093 Entergy Corp. 2,244 83,589 Masco Corp. 4,470 83,254 Delphi Automotive Systems Corp. 5,473 82,779 Air Products & Chemicals Inc. 2,241 80,676 Thermo Electron Corp.+ 3,073 79,898 Aetna Inc. 1,368 79,430 Occidental Petroleum Corp. 3,590 78,307 Paine Webber Group Inc. 1,146 78,071 Burlington Resources Inc. 2,094 77,085 Deere & Co. 2,286 76,009 McKesson HBOC Inc. 2,470 75,489 Level 3 Communications Inc.+ 969 74,734 Electronic Data Systems Corp. 1,786 74,119 MetLife Inc.+ 2,816 73,744 Constellation Energy Group Inc. 1,455 72,386 Ralston Purina Co. 3,055 72,365 Consolidated Edison Inc. 2,068 70,570 MBIA Inc. 992 70,556 Sysco Corp. 1,522 70,488 Lowe's Companies Inc. 1,558 69,915 Franklin Resources Inc. 1,562 69,400 Baker Hughes Inc. 1,869 69,387 Jefferson-Pilot Corp. 1,009 68,486 PPG Industries Inc. 1,696 67,310 Golden West Financial Corp. 1,252 67,139 -------------------------------------------------------------------------------- iShares Schedules of Investments page 151 iShares Russell 1000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Bear Stearns Companies Inc. 1,050 $ 66,150 Cardinal Health Inc. 744 65,612 Becton Dickinson & Co. 2,463 65,116 CP&L Energy Inc. 1,560 65,032 Marriott International Inc. 1,784 65,005 Apple Computer Inc.+ 2,512 64,684 NTL Inc.+ 1,384 64,096 May Department Stores Co. 3,124 64,042 Hughes Electronics Corp.+ 1,719 63,912 New York Times Co. "A" 1,620 63,686 MGIC Investment Corp. 1,033 63,142 Northrop Grumman Corp. 681 61,886 Equity Residential Properties Trust 1,286 61,728 Edison International 3,182 61,452 Fort James Corp. 2,004 61,247 Kerr-McGee Corp. 921 61,016 Wrigley (William Jr.) Co. 810 60,649 FirstEnergy Corp. 2,246 60,502 Starwood Hotels & Resorts Worldwide Inc. 1,912 59,750 Cendant Corp.+ 5,493 59,736 Newell Rubbermaid Inc. 2,598 59,267 Summit Bancorp 1,716 59,202 Albertson's Inc. 2,819 59,199 PP&L Resources Inc. 1,408 58,784 Wellpoint Health Networks Inc.+ 612 58,752 Limited Inc. 2,660 58,686 USA Education Inc. 1,214 58,500 Infinity Broadcasting Corp.+ 1,763 58,179 Praxair Inc. 1,539 57,520 Telephone & Data Systems Inc. 518 57,343 Columbia Energy Group 791 56,161 Ameren Corp. 1,340 56,113 UNUMProvident Corp. 2,050 55,863 General Mills Inc. 1,558 55,309 Norfolk Southern Corp. 3,762 55,019 Textron Inc. 1,186 54,704 Dun & Bradstreet Corp. 1,581 54,446 Federated Department Stores Inc.+ 2,066 53,974 Quaker Oats Co. 682 53,963 United Parcel Service Inc. 951 53,613 Loews Corp. 641 53,443 Broadwing Inc.+ 2,087 53,349 Archer-Daniels-Midland Co. 6,165 53,177 DTE Energy Co. 1,388 53,091 Delta Air Lines Inc. 1,191 $ 52,851 Cincinnati Financial Corp. 1,475 52,362 KeySpan Corp. 1,301 52,203 SouthTrust Corp. 1,646 51,746 Amerada Hess Corp. 770 51,542 Charter One Financial Inc. 2,090 50,945 Marshall & Ilsley Corp. 1,013 50,777 Hershey Foods Corp. 925 50,066 Ingersoll-Rand Co. 1,477 50,033 NEXTLINK Communications Inc.+ 1,404 49,403 Walgreen Co. 1,302 49,395 Regions Financial Corp. 2,155 48,892 Cinergy Corp. 1,455 48,106 Florida Progress Corp. 903 47,803 AMR Corp.+ 1,455 47,560 Biomet Inc. 1,346 47,110 Mattel Inc. 4,184 46,809 CSX Corp. 2,133 46,526 Amsouth Bancorp 3,681 46,012 Rockwell International Corp. 1,520 45,980 PerkinElmer Inc. 440 45,925 Kinder Morgan Inc. 1,118 45,768 Interpublic Group of Companies Inc. 1,342 45,712 Synovus Financial Corp. 2,138 45,299 Ambac Financial Group Inc. 617 45,195 Devon Energy Corp. 750 45,112 Cadence Design Systems Inc.+ 1,756 45,107 Johnson Controls Inc. 836 44,465 Union Carbide Corp. 1,166 44,017 Tosco Corp. 1,409 43,943 Union Planters Corp. 1,320 43,643 SPX Corp.+ 307 43,575 Eaton Corp. 706 43,507 Progressive Corporation 528 43,230 Zions Bancorp 836 42,754 Edwards (A.G.) Inc. 812 42,478 Pinnacle West Capital Corp. 832 42,328 Avery Dennison Corp. 901 41,784 Countrywide Credit Industries Inc. 1,102 41,600 Sempra Energy 1,998 41,583 Stilwell Financial Inc.+ 949 41,282 Allegheny Energy Inc. 1,077 41,128 Fortune Brands Inc. 1,542 40,863 Gilead Sciences Inc.+ 372 40,804 Campbell Soup Co. 1,565 40,494 National Commerce Bancorp 2,028 40,433 -------------------------------------------------------------------------------- page 152 iShares iShares Russell 1000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Danaher Corp. 812 $ 40,397 SunGard Data Systems Inc.+ 922 39,473 TRW Inc. 971 39,447 Park Place Entertainment Corp.+ 2,597 39,280 Georgia-Pacific Corp. 1,668 39,198 Old Kent Financial Corp. 1,341 38,805 AT&T Wireless Group+ 1,844 38,493 GPU Inc. 1,186 38,471 Hilton Hotels Corp. 3,259 37,682 Goodrich (B.F.) Co. 958 37,542 DPL Inc. 1,254 37,306 CenturyTel Inc. 1,365 37,196 St. Jude Medical Inc.+ 726 37,026 Parker Hannifin Corp. 1,097 37,024 North Fork Bancorp 1,694 36,633 ENSCO International Inc. 949 36,299 Vulcan Materials Co. 903 36,289 Huntington Bancshares Inc. 2,464 36,190 Computer Sciences Corp.+ 487 36,160 Knight Ridder Inc. 705 35,823 Popular Inc. 1,322 35,777 M&T Bank Corp. 70 35,700 TECO Energy Inc. 1,228 35,305 Weatherford International Inc.+ 813 34,959 Citizen Communications Co.+ 2,596 34,884 Torchmark Corp. 1,252 34,821 Legg Mason Inc. 599 34,817 Toys R Us Inc.+ 2,137 34,726 Montana Power Co. 1,032 34,443 CIT Group Inc. (The) 1,962 34,335 Genzyme General Division+ 503 34,298 SAFECO Corp. 1,250 34,063 Sabre Holdings Corp. 1,168 33,799 Allmerica Financial Corp. 526 33,631 Cablevision Systems Corp.+ 506 33,554 Kellogg Co. 1,383 33,451 TJX Companies Inc. 1,477 33,233 Ecolab Inc. 920 33,178 Spieker Properties Inc. 572 32,926 Genuine Parts Co. 1,720 32,788 R.J. Reynolds Tobacco Holdings Inc. 1,010 32,573 Harcourt General Inc. 546 32,214 Arrow Electronics Inc.+ 945 32,189 Phelps Dodge Corp. 769 32,106 First Security Corp. 1,959 $ 31,956 Tektronix Inc. 416 31,954 Block (H & R) Inc. 862 31,948 Dana Corp. 1,476 31,734 Donaldson, Lufkin & Jenrette Inc. 354 31,661 Harrah's Entertainment Inc.+ 1,150 31,625 Northeast Utilities 1,451 31,469 Healthsouth Corp.+ 3,848 31,265 Penney (J.C.) Company Inc. 2,624 30,996 LG&E Energy Corp. 1,258 30,742 AvalonBay Communities Inc. 641 30,568 American Standard Companies Inc.+ 683 30,351 Apartment Investment & Management Co. "A" 658 30,309 Leggett & Platt Inc. 1,915 30,281 Intuit Inc.+ 530 30,210 Mylan Laboratories Inc. 1,120 30,170 Apache Corp. 510 30,154 Price (T. Rowe) Associates 640 30,040 Mallinckrodt Group Inc. 658 30,021 NCR Corp.+ 793 29,985 Watson Pharmaceutical Inc.+ 462 29,972 Duke-Weeks Realty Corp. 1,233 29,746 TCF Financial Corp. 790 29,724 Servicemaster Co. 2,997 29,595 Tricon Global Restaurants Inc.+ 966 29,584 Cooper Industries Inc. 839 29,575 AutoZone Inc.+ 1,301 29,516 Internet Capital Group LLC+ 1,689 29,452 Potomac Electric Power Co. 1,162 29,268 Nike Inc. "B" 729 29,206 Crown Castle International Corp.+ 939 29,168 Sherwin-Williams Co. 1,361 29,091 Genentech Inc.+ 156 28,967 CMS Energy Corp. 1,075 28,958 DST Systems Inc.+ 246 28,905 NiSource Inc. 1,185 28,884 Advanced Micro Devices Inc.+ 1,216 28,728 Kmart Corp.+ 4,776 28,656 Black & Decker Corp. 833 28,478 SCANA Corp. 921 28,436 Rohm & Haas Co. "A" 968 28,133 Old Republic International Corp. 1,162 27,961 Eastman Chemical Co. 748 27,629 Cox Communications Inc. "A"+ 717 27,425 Goodyear Tire & Rubber Co. 1,521 27,378 Nabisco Holdings Corp. 504 27,090 -------------------------------------------------------------------------------- iShares Schedules of Investments page 153 iShares Russell 1000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Cabletron Systems Inc.+ 905 $ 26,584 Hancock (John) Financial Services Inc.+ 987 26,526 Westvaco Corp. 993 26,501 Willamette Industries Inc. 942 26,376 Sigma-Aldrich Corp. 794 26,202 American Water Works Inc. 949 26,157 First Tennessee National Corp. 1,273 26,017 Ceridian Corp.+ 923 25,902 Niagara Mohawk Holdings Inc.+ 1,643 25,877 Ocean Energy Inc.+ 1,676 25,873 Whirlpool Corp. 664 25,813 Global Marine Inc.+ 832 25,688 ICN Pharmaceuticals Inc. 772 25,669 ITT Industries Inc. 791 25,658 Dime Bancorp Inc. 1,188 25,616 Greenpoint Financial Corp. 860 25,478 PACCAR Inc. 684 25,351 Darden Restaurants Inc. 1,209 25,162 Conseco Inc. 3,298 25,147 Brown-Forman Corp. "B" 459 25,130 Nucor Corp. 833 25,094 Southdown Inc. 351 25,009 American Tower Corp.+ 662 24,949 Banknorth Group Inc. 1,390 24,846 Avnet Inc. 872 24,743 Energy East Corp. 1,082 24,480 Novell Inc.+ 2,448 24,327 Coca-Cola Enterprises Inc. 1,515 24,145 Pall Corp. 1,208 24,084 Mercantile Bankshares Corp. 661 23,992 Newmont Mining Corp. 1,411 23,987 DQE Inc. 596 23,914 Maytag Corp. 767 23,825 Simon Property Group Inc. 1,016 23,813 UST Inc. 1,034 23,653 Diamond Offshore Drilling Inc. 572 23,452 Utilicorp United Inc. 906 23,443 Bowater Inc. 504 23,404 Wisconsin Energy Corp. 1,169 23,307 3Com Corp.+ 1,213 23,274 Sunoco Inc. 860 23,166 MCN Energy Group Inc. 900 23,062 Ashland Inc. 684 23,042 Neuberger Berman Inc. 373 22,939 Compass Bancshares Inc. 1,169 $ 22,795 Energizer Holdings Inc.+ 927 22,711 Alliant Energy Corp. 770 22,619 Boston Properties Inc. 526 22,585 Radian Group Inc. 334 22,545 Fluor Corp. 746 22,380 Coors (Adolph) Company "B" 354 22,368 Fiserv Inc.+ 371 22,214 Vornado Realty Trust 598 22,201 VF Corp. 898 22,169 Office Depot Inc.+ 2,835 22,148 Grant Prideco Inc.+ 1,009 22,135 Quantum DLT & Storage Group+ 1,469 22,127 NSTAR 548 22,057 Mead Corp. 943 22,043 Noble Drilling Corp.+ 438 22,009 Manpower Inc. 686 21,909 Commerce Bancshares Inc. 595 21,903 Donnelley (R.R.) & Sons Co. 881 21,640 Sovereign Bancorp Inc. 2,329 21,543 Questar Corp. 774 21,527 Host Marriott Corp. 1,897 21,341 Ultramar Diamond Shamrock Corp. 840 21,315 Staples Inc.+ 1,494 21,196 Puget Sound Energy Inc. 834 21,163 USA Networks Inc.+ 964 21,148 National Fuel Gas Co. 377 21,136 Safeguard Scientifics Inc.+ 1,053 20,994 Dynegy Inc. 368 20,976 Prologis Trust 882 20,948 Shaw Industries Inc. 1,126 20,831 Republic Services Inc. "A"+ 1,580 20,738 Nabors Industries Inc.+ 395 20,698 Equitable Resources Inc. 326 20,660 Bard (C.R.) Inc. 487 20,576 Crescent Real Estate Equities Co. 922 20,572 Public Storage Inc. 859 20,562 Fox Entertainment Group Inc.+ 772 20,458 Noble Affiliates Inc. 550 20,419 UAL Corp. 485 20,370 Liz Claiborne Inc. 529 20,366 Hasbro Inc. 1,780 20,359 Engelhard Corp. 1,250 20,312 Sybase Inc.+ 877 20,171 CarrAmerica Realty Corp. 657 19,874 First Virginia Banks Inc. 466 19,863 -------------------------------------------------------------------------------- page 154 iShares iShares Russell 1000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Viad Corp. 746 $ 19,816 McCormick & Co. Inc. 664 19,754 Comdisco Inc. 1,035 19,730 Hillenbrand Industries Inc. 440 19,690 BJ's Wholesale Club Inc.+ 576 19,656 Visteon Corp. 1,296 19,602 Kimco Realty Corp. 463 19,562 Trigon Healthcare Inc.+ 371 19,501 Covad Communications Group Inc.+ 1,455 19,461 Cabot Corp. 614 19,456 Hibernia Corp. "A" 1,588 19,453 PMI Group Inc. (The) 287 19,444 MGM Grand Inc. 509 19,437 GATX Corporation 463 19,388 Autoliv Inc. 993 19,363 BancWest Corporation 992 19,282 Super Value Inc. 1,278 19,250 Jones Apparel Group Inc.+ 726 19,239 Brinker International Inc.+ 637 19,190 Molex Inc. 352 19,162 Grainger (W.W.) Inc. 725 19,077 Flowers Industries Inc. 971 18,934 Sepracor Inc.+ 154 18,894 Beckman Coulter Inc. 244 18,819 Tiffany & Co. 488 18,819 Delhaize America Inc. "B" 1,123 18,810 Stanley Works (The) 814 18,773 iStar Financial Inc. 834 18,713 Erie Indemnity Co. "A" 635 18,653 Valero Energy Corp. 529 18,614 Diebold Inc. 700 18,594 International Flavors & Fragrances Inc. 1,008 18,396 MONY Group Inc. 458 18,263 Adelphia Communications Corp. "A"+ 662 18,246 FirstMerit Corp. 794 18,212 Allied Waste Industries Inc.+ 1,974 18,136 Liberty Property Trust 658 18,095 Wendy's International Inc. 901 18,076 UnitedGlobalCom Inc. "A"+ 597 17,910 Navistar International Corp.+ 598 17,903 Archstone Communities Trust 728 17,882 Bausch & Lomb Inc. 459 17,872 Associated Bancorp 680 17,850 EOG Resources Inc. 459 17,844 PeopleSoft Inc.+ 637 $ 17,796 Old National Bancorp 588 17,787 Martin Marietta Materials Inc. 459 17,571 Temple-Inland Inc. 463 17,536 Unisys Corp.+ 1,556 17,505 Sonoco Products Co. 969 17,503 Belo (A.H.) Corp. 949 17,497 WebMD Corp.+ 1,143 17,431 IPALCO Enterprises Inc. 747 17,088 R&B Falcon Corporation+ 613 17,087 Rouse Co. 683 17,032 Tech Data Corp.+ 396 16,929 Mandalay Resort Group Inc.+ 658 16,861 Eastern Enterprises 264 16,846 Harris Corp. 590 16,778 At Home Corp. "A"+ 1,185 16,738 AMB Property Corp. 679 16,678 National-Oilwell Inc.+ 532 16,625 Wilmington Trust Corp. 310 16,624 NICOR Inc. 458 16,574 Pepsi Bottling Group Inc. 548 16,474 Post Properties Inc. 377 16,423 Washington Post Company (The) "B" 31 16,364 Adaptec Inc.+ 816 16,320 Whitman Corp. 1,410 16,303 General Growth Properties Inc. 506 16,287 Circuit City Stores Inc. 707 16,261 FMC Corp.+ 242 16,229 Hercules Inc. 1,148 16,216 Valley National Bancorp 593 16,196 Transatlantic Holdings Inc. 175 16,188 Dow Jones & Co. Inc. 267 16,153 Continental Airlines Inc. "B"+ 355 16,130 Solectron Corp.+ 348 16,052 Dentsply International Inc. 454 15,862 True North Communications Inc. 442 15,802 Nordstrom Inc. 1,012 15,749 Protective Life Corp. 524 15,655 Capital One Financial Corp. 223 15,624 Outback Steakhouse Inc.+ 574 15,570 Primedia Inc.+ 945 15,474 Bemis Co. 481 15,452 IBP Inc. 839 15,364 City National Corp. 395 15,257 Pride International Inc.+ 572 15,158 Tidewater Inc. 333 15,152 -------------------------------------------------------------------------------- iShares Schedules of Investments page 155 iShares Russell 1000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Golden State Bancorp Inc. 639 $ 15,096 Centura Banks Inc. 392 15,019 Saks Inc.+ 1,514 14,951 Chiron Corp.+ 331 14,895 Brunswick Corp. 811 14,801 Hubbell Inc. "B" 589 14,762 AES Corp.+ 215 14,727 Quest Diagnostics Inc.+ 128 14,688 Reynolds & Reynolds Co. "A" 728 14,469 Murphy Oil Corp. 222 14,388 Deluxe Corp. 704 14,300 Smurfit-Stone Container Corp.+ 1,180 14,160 Unitrin Inc. 444 14,069 IMC Global Inc. 969 14,050 Scripps (E.W.) Company 260 14,040 Boise Cascade Corp. 528 14,025 Litton Industries Inc.+ 312 13,943 Helmerich & Payne Inc. 376 13,583 Allegheny Technologies Inc. 745 13,503 Owens-Illinois Inc.+ 1,458 13,486 Crown Cork & Seal Co. Inc. 1,257 13,434 Charter Communications Inc.+ 818 13,305 Pacific Century Financial Corp. 773 13,238 Winn-Dixie Stores Inc. 918 13,196 AutoNation Inc.+ 2,199 13,194 Rite Aid Corp. 3,239 12,956 Tootsie Roll Industries Inc. 330 12,953 Georgia-Pacific (Timber Group) 481 12,927 UnionBanCal Corporation 554 12,915 Mack-Cali Realty Corp. 458 12,910 Hormel Foods Corp. 766 12,783 Westwood One Inc.+ 592 12,691 L-3 Communications Holdings Inc.+ 224 12,656 Homestake Mining Company 2,424 12,575 Florida East Coast Industries Inc. 306 12,546 Chris-Craft Industries Inc.+ 152 12,521 Pentair Inc. 466 12,465 Varco International Inc.+ 592 12,321 Steelcase Inc. 726 12,161 Tyson Foods Inc. "A" 1,215 12,150 Affiliated Computer Services Inc.+ 243 12,120 US Airways Group Inc.+ 396 12,053 USX-U.S. Steel Group Inc. 791 12,013 Compuware Corp.+ 1,423 11,918 Critical Path Inc.+ 196 $ 11,907 Metromedia Fiber Network Inc.+ 488 11,865 Quintiles Transnational Corp.+ 744 11,858 Health Management Associates Inc. "A"+ 569 11,842 Ross Stores Inc. 817 11,744 Crane Co. 510 11,666 Vishay Intertechnology Inc.+ 377 11,593 USG Corp. 459 11,504 Universal Health Services Inc. "B"+ 134 11,474 Informix Corp.+ 2,754 11,360 Smith International Inc.+ 136 11,093 MarchFirst Inc.+ 707 11,091 SCI Systems Inc.+ 267 10,947 Spectrasite Holdings Inc.+ 589 10,933 Plum Creek Timber Co. Inc. 486 10,844 Harte-Hanks Inc. 396 10,791 Synopsys Inc.+ 283 10,719 PE Corp. (Celera Genomics Group)+ 106 10,560 Nextel Partners Inc. "A"+ 351 10,223 Autodesk Inc. 402 10,201 CNA Financial Corp.+ 265 10,136 Heller Financial Inc. 354 10,111 Boston Scientific Corp.+ 614 10,093 Thomas & Betts Corp. 569 9,922 Rowan Companies Inc.+ 330 9,570 E*trade Group Inc.+ 574 9,435 Pegasus Communications Corp.+ 194 9,373 Pinnacle Holdings Inc.+ 348 9,265 Lamar Advertising Co.+ 240 9,090 Hudson City Bancorp Inc. 528 8,976 Lyondell Chemical Co. 751 8,871 RCN Corp.+ 421 8,736 Nationwide Financial Services Inc. 226 8,447 Cooper Cameron Corp.+ 110 8,106 Andrew Corp.+ 308 8,066 Cypress Semiconductor Corp.+ 194 8,063 Consolidated Stores Corp.+ 588 7,938 St. Joe Company (The) 286 7,937 Entercom Communications Corp.+ 265 7,933 Galileo International Inc. 510 7,905 Celgene Corp.+ 128 7,616 Keebler Foods Co. 180 7,560 Ingram Micro Inc. "A"+ 548 7,535 Six Flags Inc.+ 481 7,456 Global Industries Ltd.+ 591 7,387 Sybron International Corp.+ 305 7,320 -------------------------------------------------------------------------------- page 156 iShares iShares Russell 1000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Security Shares Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Family Dollar Stores Inc. 376 $ 7,238 American Financial Group Inc. 312 7,235 Weis Markets Inc. 179 7,104 NRG Energy Inc.+ 194 7,081 Network Associates Inc.+ 312 7,059 Calpine Corp.+ 67 6,993 International Speedway Corp. "A" 178 6,942 BHC Communications Inc. "A" 44 6,925 NorthPoint Communications Group Inc.+ 775 6,878 Electronic Arts Inc.+ 138 6,814 Reinsurance Group of America Inc. 198 6,782 Omnicom Group Inc. 92 6,710 Express Scripts Inc. "A"+ 92 6,647 Dallas Semiconductor Corp. 199 6,542 International Rectifier Corp.+ 129 6,523 Iron Mountain Inc.+ 176 6,512 Parametric Technology Corp.+ 586 6,409 Hertz Corp. 197 6,255 Marine Drilling Co. Inc.+ 219 6,255 Getty Images Inc.+ 195 5,935 ALZA Corp.+ 68 5,882 Lafarge Corp. 268 5,829 Talbots Inc. (The) 86 5,698 RSA Security Inc.+ 129 5,563 PanAmSat Corp.+ 172 5,493 PacifiCare Health Systems Inc. "A"+ 157 5,466 Starbucks Corp.+ 136 5,449 CNET Networks Inc.+ 221 5,383 21st Century Insurance Group 310 5,251 Electronics For Imaging Inc.+ 202 5,100 Hearst-Argyle Television Inc.+ 255 5,100 CH Robinson Worldwide Inc. 88 4,960 Radio One Inc.+ 595 4,946 Emmis Communications Corp.+ 197 4,876 AVX Corp. 178 4,639 Conexant Systems Inc.+ 109 4,564 United States Cellular Corp.+ 64 4,480 TD Waterhouse Group Inc.+ 240 4,470 Hanover Compressor Co.+ 134 4,414 Northwest Airlines Corp. "A"+ 177 4,348 Johns Manville Corp. 366 4,140 BJ Services Co.+ 67 4,095 7-Eleven Inc.+ 301 3,838 Sealed Air Corp.+ 84 3,801 KLA-Tencor Corp.+ 92 $ 3,789 Readers Digest Association Inc. (The) "A" 106 3,743 Bisys Group Inc.+ 47 3,634 Metro-Goldwyn-Mayer Inc.+ 150 3,600 Keane Inc.+ 199 3,463 McLeodUSA Inc. "A"+ 240 3,435 S1 Corp.+ 287 3,426 Dollar General Corp. 196 3,283 EarthLink Inc.+ 359 3,276 ChoicePoint Inc.+ 70 3,211 Advanced Fibre Communications Inc.+ 84 3,181 Newfield Exploration Co.+ 68 3,175 Williams-Sonoma Inc.+ 90 3,128 Expeditors International Washington Inc. 69 3,109 Cephalon Inc.+ 64 3,104 Quanta Services Inc.+ 111 3,053 CMGI Inc.+ 106 2,961 KEMET Corp.+ 106 2,928 TeleCorp PCS Inc.+ 150 2,850 MSC Industrial Direct Co. Inc. "A"+ 177 2,699 Liberate Technologies Inc.+ 92 2,662 Dycom Industries Inc.+ 62 2,581 CacheFlow Inc.+ 18 2,574 Wesco Financial Corp. 10 2,510 ANC Rental Corp.+ 433 2,490 Lattice Semiconductor Corp.+ 46 2,472 Blockbuster Inc. 270 2,379 Webvan Group Inc.+ 1,017 2,352 UTStarcom Inc.+ 109 2,282 Ticketmaster Online-CitySearch Inc. "B"+ 133 2,253 Red Hat Inc.+ 129 2,201 Gentex Corp.+ 87 2,175 Homestore.com Inc.+ 46 2,150 Commscope Inc.+ 85 2,082 American Power Conversion Corp.+ 108 2,072 Knight Trading Group Inc.+ 57 2,052 Patterson Dental Co.+ 90 2,025 ADTRAN Inc.+ 46 1,957 Kansas City Southern Industries Inc. 225 1,955 Hispanic Broadcasting Corp.+ 70 1,951 Dobson Communications Corp. "A"+ 130 1,909 SanDisk Corp.+ 28 1,869 Aspect Communications Corp.+ 87 1,794 Infonet Services Corp. "B"+ 169 1,785 Estee Lauder Companies Inc. "A" 47 1,721 Virata Corp.+ 26 1,719 -------------------------------------------------------------------------------- iShares Schedules of Investments page 157 iShares Russell 1000 Value Index Fund Schedule of Investments (continued) September 30, 2000 (Unaudited) Shares or Security Principal Value ----------------------------------------------------------------- COMMON STOCKS (continued) ----------------------------------------------------------------- Ditech Communications Corp.+ 41 $ 1,681 American Management Systems Inc.+ 92 1,581 International Game Technology Inc.+ 47 1,580 Miller (Herman) Inc. 48 1,539 Valassis Communications Inc.+ 69 1,535 Acxiom Corp.+ 47 1,492 NOVA Corporation+ 84 1,439 Williams Communications Group Inc.+ 70 1,400 Tritel Inc.+ 87 1,245 Pixar Inc.+ 38 1,221 FreeMarkets Inc.+ 18 1,028 GO.com (Walt Disney)+ 66 701 Convergys Corp.+ 14 544 Cox Radio Inc. "A"+ 22 384 ----------------------------------------------------------------- TOTAL COMMON STOCKS (Cost: $61,893,666) 63,699,003 ----------------------------------------------------------------- SHORT TERM INSTRUMENTS - 0.68% ----------------------------------------------------------------- Freddie Mac Discount Note 6.46%, 10/24/00++ $ 59,636 59,636 Goldman Sachs Financial Square Prime Obligation Fund++ 100,675 100,675 Providian Temp Cash Money Market Fund++ 73,254 73,254 Short Term Investment Company Liquid Assets Portfolio++ 199,785 199,785 ----------------------------------------------------------------- TOTAL SHORT TERM INSTRUMENTS (Cost: $433,350) 433,350 ----------------------------------------------------------------- REPURCHASE AGREEMENT - 0.04% ----------------------------------------------------------------- Investors Bank & Trust Tri Party Repurchase Agreement, dated 09/29/00, due 10/02/00, with a maturity value of $26,902 and an effective yield of 6.25%. 26,888 26,888 ----------------------------------------------------------------- TOTAL REPURCHASE AGREEMENT (Cost: $26,888) 26,888 ----------------------------------------------------------------- TOTAL INVESTMENTS IN SECURITIES - 100.59% (Cost: $62,353,904) 64,159,241 ----------------------------------------------------------------- Other Assets, Less Liabilities - (0.59%) (378,223) ----------------------------------------------------------------- NET ASSETS - 100.00% $63,781,018 ================================================================= + Non-income earning securities. ++ Represents investment of collateral received from securities lending transactions. See Note 5. See notes to financial statements. -------------------------------------------------------------------------------- page 158 iShares Statements of Assets and Liabilities September 30, 2000 (Unaudited)
iShares Russell ---------------------------------------------------------- 3000 3000 Growth 3000 Value 2000 Index Fund Index Fund Index Fund Index Fund ------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments at cost $ 65,071,010 $ 16,772,364 $ 17,413,571 $218,656,302 ---------------------------------------------------------- Investments in securities, at market value (Note 1) $ 64,871,126 $ 16,276,692 $ 18,393,320 $246,304,959 Receivables: Investment securities sold 2,840 - 2,690 309,753 Dividends and interest 38,809 5,851 27,308 289,672 ---------------------------------------------------------- Total Assets 64,912,775 16,282,543 18,423,318 246,904,384 ---------------------------------------------------------- LIABILITIES Payables: Investment securities purchased 1,192 - 17,017 410,304 Collateral for securities on loan (Note 5) 910,845 - - 12,699,777 Advisory fees (Note 2) 11,418 7,005 7,473 77,119 ---------------------------------------------------------- Total Liabilities 923,455 7,005 24,490 13,187,200 ---------------------------------------------------------- NET ASSETS $ 63,989,320 $ 16,275,538 $ 18,398,828 $233,717,184 ========================================================== Net assets consist of: Paid-in capital $ 64,138,008 $ 16,765,104 $ 17,392,136 $206,275,533 Undistributed net investment income 17,908 1,956 7,947 133,308 Undistributed net realized gain (loss) 33,288 4,150 18,996 (340,314) Net unrealized appreciation (depreciation) (199,884) (495,672) 979,749 27,648,657 ---------------------------------------------------------- NET ASSETS $ 63,989,320 $ 16,275,538 $ 18,398,828 $233,717,184 ========================================================== iShares outstanding 800,000 250,000 250,000 2,250,000 ========================================================== Net asset value per iShare $ 79.99 $ 65.10 $ 73.60 $ 103.87 ========================================================== -------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements. -------------------------------------------------------------------------------- iShares Financial Statements page 159 Statements of Assets and Liabilities (continued) September 30, 2000 (Unaudited)
iShares Russell ------------------------------------------------------------------------- 2000 Growth 2000 Value 1000 1000 Growth 1000 Value Index Fund Index Fund Index Fund Index Fund Index Fund --------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments at cost $ 44,827,647 $ 36,726,203 $259,293,092 $ 62,691,191 $ 62,353,904 ------------------------------------------------------------------------- Investments in securities, at market value (Note 1) $ 46,173,032 $ 38,364,735 $269,695,251 $ 63,156,576 $ 64,159,241 Receivables: Investment securities sold 1,870 44,947 - - - Dividends and interest 7,705 82,495 242,718 20,480 67,177 iShares sold 35,787 - - - - ------------------------------------------------------------------------- Total Assets 46,218,394 38,492,177 269,937,969 63,177,056 64,226,418 ------------------------------------------------------------------------- LIABILITIES Payables: Investment securities purchased 71,892 126,855 - - - Collateral for securities on loan (Note 5) 1,794,077 683,750 7,059,162 1,507,246 433,350 Advisory fees (Note 2) 11,709 15,467 66,142 14,664 12,050 ------------------------------------------------------------------------- Total Liabilities 1,877,678 826,072 7,125,304 1,521,910 445,400 ------------------------------------------------------------------------- NET ASSETS $ 44,340,716 $ 37,666,105 $262,812,665 $ 61,655,146 $ 63,781,018 ========================================================================= Net assets consist of: Paid-in capital $ 42,896,643 $ 35,933,824 $250,947,429 $ 61,083,337 $ 62,003,955 Undistributed net investment income 1,516 42,625 73,682 9,296 24,125 Undistributed net realized gain (loss) 97,172 51,124 1,389,395 97,128 (52,399) Net unrealized appreciation 1,345,385 1,638,532 10,402,159 465,385 1,805,337 ------------------------------------------------------------------------- NET ASSETS $ 44,340,716 $ 37,666,105 $262,812,665 $ 61,655,146 $ 63,781,018 ========================================================================= iShares outstanding 550,000 350,000 3,400,000 750,000 1,100,000 ========================================================================= Net asset value per iShare $ 80.62 $ 107.62 $ 77.30 $ 82.21 $ 57.98 ========================================================================= ---------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements. -------------------------------------------------------------------------------- page 160 iShares Statements of Operations For the period ended September 30, 2000 (Unaudited)
iShares Russell ------------------------------------------------------------------------ 3000 3000 Growth 3000 Value 2000 Index Fund* Index Fund** Index Fund** Index Fund* ------------------------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME Dividends $ 102,748 $ 11,280 $ 66,443 $ 1,187,786 Interest+ 680 120 172 37,680 ------------------------------------------------------------------------ Total investment income 103,428 11,400 66,615 1,225,466 ------------------------------------------------------------------------ EXPENSES (NOTE 2) Advisory fees 17,097 7,486 7,973 156,850 ------------------------------------------------------------------------ Total expenses 17,097 7,486 7,973 156,850 ------------------------------------------------------------------------ Net investment income 86,331 3,914 58,642 1,068,616 ------------------------------------------------------------------------ NET REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 33,288 4,150 18,996 (340,314) Net change in unrealized appreciation (depreciation) on investments (199,884) (495,672) 979,749 27,648,657 ------------------------------------------------------------------------ Net realized and unrealized gain (loss) (166,596) (491,522) 998,745 27,308,343 ------------------------------------------------------------------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (80,265) $(487,608) $1,057,387 $28,376,959 ======================================================================== ------------------------------------------------------------------------------------------------------------------ +Includes securities lending income of: $ 155 $ - $ - $ 35,350 ------------------------------------------------------------------------------------------------------------------
* For the period from May 22, 2000 (commencement of operations) to September 30, 2000. ** For the period from July 24, 2000 (commencement of operations) to September 30, 2000. See notes to financial statements. -------------------------------------------------------------------------------- iShares Financial Statements page 161 Statements of Operations (continued) For the period ended September 30, 2000 (Unaudited)
iShares Russell ------------------------------------------------------------------------- 2000 Growth 2000 Value 1000 1000 Growth 1000 Value Index Fund*** Index Fund*** Index Fund* Index Fund** Index Fund** --------------------------------------------------------------------------------------------------------- NET INVESTMENT INCOME Dividends $ 14,660 $ 197,691 $ 1,062,629 $ 62,968 $ 218,060 Interest+ 2,675 1,311 11,031 1,560 938 ------------------------------------------------------------------------- Total investment income 17,335 199,002 1,073,660 64,528 218,998 ------------------------------------------------------------------------- EXPENSES (NOTE 2) Advisory fees 12,272 16,210 144,398 28,537 22,271 ------------------------------------------------------------------------- Total expenses 12,272 16,210 144,398 28,537 22,271 ------------------------------------------------------------------------- Net investment income 5,063 182,792 929,262 35,991 196,727 ------------------------------------------------------------------------- NET REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 97,172 51,124 1,389,395 97,128 (52,399) Net change in unrealized appreciation on investments 1,345,385 1,638,532 10,402,159 465,385 1,805,337 ------------------------------------------------------------------------- Net realized and unrealized gain 1,442,557 1,689,656 11,791,554 562,513 1,752,938 ------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,447,620 $ 1,872,448 $ 12,720,816 $ 598,504 $ 1,949,665 ========================================================================= --------------------------------------------------------------------------------------------------------- +Includes securities lending income of: $ 2,158 $ 650 $ 3,235 $ 438 $ 87 ---------------------------------------------------------------------------------------------------------
* For the period from May 15, 2000 (commencement of operations) to September 30, 2000. ** For the period from May 22, 2000 (commencement of operations) to September 30, 2000. *** For the period from July 24, 2000 (commencement of operations) to September 30, 2000. See notes to financial statements. -------------------------------------------------------------------------------- page 162 iShares Statements of Changes in Net Assets For the period ended September 30, 2000 (Unaudited)
iShares Russell ---------------------------------------------------------- 3000 3000 Growth 3000 Value 2000 Index Fund* Index Fund** Index Fund** Index Fund* ---------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 86,331 $ 3,914 $ 58,642 $ 1,068,616 Net realized gain (loss) 33,288 4,150 18,996 (340,314) Net change in unrealized appreciation (depreciation) (199,884) (495,672) 979,749 27,648,657 ---------------------------------------------------------- Net increase (decrease) in net assets resulting from operations (80,265) (487,608) 1,057,387 28,376,959 ---------------------------------------------------------- Distributions to iShareholders: From net investment income (68,423) (1,958) (50,695) (935,308) ---------------------------------------------------------- Total distributions to iShareholders (68,423) (1,958) (50,695) (935,308) ---------------------------------------------------------- iShares Transactions: iShares sold 64,138,008 16,765,104 17,392,136 206,275,533 ---------------------------------------------------------- Net increase in net assets from iShares transactions 64,138,008 16,765,104 17,392,136 206,275,533 ---------------------------------------------------------- Increase in net assets 63,989,320 16,275,538 18,398,828 233,717,184 NET ASSETS: Beginning of period - - - - ---------------------------------------------------------- End of period $ 63,989,320 $ 16,275,538 $ 18,398,828 $233,717,184 ========================================================== Undistributed net investment income included in net assets at end of period $ 17,908 $ 1,956 $ 7,947 $ 133,308 ========================================================== iSHARES ISSUED AND REDEEMED: iShares sold 800,000 250,000 250,000 2,250,000 ---------------------------------------------------------- Net increase in iShares outstanding 800,000 250,000 250,000 2,250,000 ==========================================================
-------------------------------------------------------------------------------- * For the period from May 22, 2000 (commencement of operations) to September 30, 2000. ** For the period from July 24, 2000 (commencement of operations) to September 30, 2000. See notes to financial statements. -------------------------------------------------------------------------------- iShares Financial Statements page 163 Statements of Changes in Net Assets (continued) For the period ended September 30, 2000 (Unaudited)
iShares Russell ------------------------------------------------------------------------- 2000 Growth 2000 Value 1000 1000 Growth 1000 Value Index Fund*** Index Fund*** Index Fund* Index Fund** Index Fund** ------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Operations: Net investment income $ 5,063 $ 182,792 $ 929,262 $ 35,991 $ 196,727 Net realized gain (loss) 97,172 51,124 1,389,395 97,128 (52,399) Net change in unrealized appreciation 1,345,385 1,638,532 10,402,159 465,385 1,805,337 ------------------------------------------------------------------------- Net increase in net assets resulting from operations 1,447,620 1,872,448 12,720,816 598,504 1,949,665 ------------------------------------------------------------------------- Distributions to iShareholders: From net investment income (3,547) (140,167) (855,580) (26,695) (172,602) ------------------------------------------------------------------------- Total distributions to iShareholders (3,547) (140,167) (855,580) (26,695) (172,602) ------------------------------------------------------------------------- iShares Transactions: iShares sold 42,896,643 35,933,824 274,084,837 61,083,337 70,347,124 iShares redeemed - - (23,137,408) - (8,343,169) ------------------------------------------------------------------------- Net increase in net assets from iShares transactions 42,896,643 35,933,824 250,947,429 61,083,337 62,003,955 ------------------------------------------------------------------------- Increase in net assets 44,340,716 37,666,105 262,812,665 61,655,146 63,781,018 NET ASSETS: Beginning of period - - - - - ------------------------------------------------------------------------- End of period $ 44,340,716 $ 37,666,105 $262,812,665 $ 61,655,146 $ 63,781,018 ========================================================================= Undistributed net investment income included in net assets at end of period $ 1,516 $ 42,625 $ 73,682 $ 9,296 $ 24,125 ========================================================================= iSHARES ISSUED AND REDEEMED: iShares sold 550,000 350,000 3,700,000 750,000 1,250,000 iShares redeemed - - (300,000) - (150,000) ------------------------------------------------------------------------- Net increase in iShares outstanding 550,000 350,000 3,400,000 750,000 1,100,000 =========================================================================
------------------------------------------------------------------------------- * For the period from May 15, 2000 (commencement of operations) to September 30, 2000. ** For the period from May 22, 2000 (commencement of operations) to September 30, 2000. *** For the period from July 24, 2000 (commencement of operations) to September 30, 2000. See notes to financial statements. -------------------------------------------------------------------------------- page 164 iShares Financial Highlights (For a share outstanding throughout each period) For the period ended September 30, 2000 (Unaudited)
iShares Russell ---------------------------------------------------------------------------------- 3000 3000 Growth 3000 Value 2000 Index Fund* Index Fund** Index Fund** Index Fund* ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period $ 76.23 $ 68.63 $ 69.91 $ 94.33 ---------------------------------------------------------------------------------- Income from Investment Operations: Net investment income 0.23 0.02 0.23 0.48 Net realized and unrealized gain (loss) 3.74 (3.54) 3.66 9.48 ---------------------------------------------------------------------------------- Total from investment operations 3.97 (3.52) 3.89 9.96 ---------------------------------------------------------------------------------- LESS DISTRIBUTIONS FROM: Net investment income (0.21) (0.01) (0.20) (0.42) ---------------------------------------------------------------------------------- Total distributions (0.21) (0.01) (0.20) (0.42) ---------------------------------------------------------------------------------- Net Asset Value, end of period $ 79.99 $ 65.10 $ 73.60 $ 103.87 ================================================================================== Total return (not annualized) 5.20% (5.13)% 5.58% 10.55% ================================================================================== Ratios/Supplemental data: Net assets, end of period (000s) $63,989 $16,276 $18,399 $233,717 Ratio of expenses to average net assets+ 0.20% 0.25% 0.25% 0.20% Ratio of net investment income to average net assets+ 0.99% 0.13% 1.81% 1.35% Portfolio turnover rate++ 3% 1% 1% 51%
-------------------------------------------------------------------------------- * For the period from May 22, 2000 (commencement of operations) to September 30, 2000. ** For the period from July 24, 2000 (commencement of operations) to September 30, 2000. + Annualized for periods of less than one year. ++ Excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. See notes to financial statements. -------------------------------------------------------------------------------- iShares Financial Highlights page 165 Financial Highlights (continued) (For a share outstanding throughout each period) For the period ended september 30, 2000 (Unaudited)
iShares Russell ---------------------------------------------------------------------- 2000 Growth 2000 Value 1000 1000 Growth 1000 Value Index Fund*** Index Fund*** Index Fund* Index Fund** Index Fund** ---------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 81.36 $ 103.35 $ 76.78 $ 79.30 $ 56.10 ---------------------------------------------------------------------- Income from investment operations: Net investment income 0.01 0.52 0.27 0.07 0.28 Net realized and unrealized gain (loss) (0.74) 4.15 0.50 2.90 1.86 ---------------------------------------------------------------------- Total from investment operations (0.73) 4.67 0.77 2.97 2.14 ---------------------------------------------------------------------- Less distributions from: Net investment income (0.01) (0.40) (0.25) (0.06) (0.26) ---------------------------------------------------------------------- Total distributions (0.01) (0.40) (0.25) (0.06) (0.26) ---------------------------------------------------------------------- Net asset value, end of period $ 80.62 $ 107.62 $ 77.30 $ 82.21 $ 57.98 ====================================================================== Total return (not annualized) (0.90)% 4.52% 0.99% 3.74% 3.82% ====================================================================== Ratios/Supplemental data: Net assets, end of period (000s) $ 44,341 $ 37,666 $ 262,813 $ 61,655 $ 63,781 Ratio of expenses to average net assets+ 0.25% 0.25% 0.15% 0.20% 0.20% Ratio of net investment income to average net assets+ 0.10% 2.77% 0.96% 0.25% 1.74% Portfolio turnover rate++ 3% 3% 6% 18% 16%
-------------------------------------------------------------------------------- * For the period from May 15, 2000 (commencement of operations) to September 30, 2000. ** For the period from May 22, 2000 (commencement of operations) to September 30, 2000. *** For the period from July 24, 2000 (commencement of operations) to September 30, 2000. + Annualized for periods of less than one year. ++ Excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. See notes to financial statements. -------------------------------------------------------------------------------- page 166 iShares iShares Trust Notes to the Financial Statements (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES The iShares Trust (the "Trust") currently consists of 37 investment portfolios or funds. Each fund in 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 business trust pursuant to a Declaration of Trust dated December 16, 1999. The Trust currently offers the following funds:
iShares S&P Series iShares Dow Jones Series iShares Russell Series ------------------ ------------------------ ---------------------- . iShares S&P 500 Index Fund . iShares DOW JONES U.S. TOTAL . iShares Russell 3000 Index . iShares S&P 500/BARRA Growth Market Index Fund Fund Index Fund . iShares Dow Jones U.S. Basic . iShares Russell 3000 Growth . iShares S&P 500/BARRA Value Materials Sector Index Fund Index Fund Index Fund . iShares Dow Jones U.S. . iShares Russell 3000 Value . iShares S&P Midcap 400 Index Consumer Cyclical Sector Index Index Fund Fund Fund . iShares Russell 2000 Index . iShares S&P Midcap 400/BARRA . iShares Dow Jones U.s. Fund Growth Index Fund Consumer Non-cyclical Sector . iShares Russell 2000 Growth . iShares S&P Midcap 400/BARRA Index Fund Index Fund Value Index Fund . iShares Dow Jones U.S. Energy . iShares Russell 2000 Value . iShares S&P Smallcap 600 Index Sector Index Fund Index Fund Fund . iShares Dow Jones U.S. . iShares Russell 1000 Index . iShares S&P Smallcap 600/BARRA Financial Sector Index Fund Fund Growth Index Fund . iShares Dow Jones U.S. . iShares Russell 1000 Growth . iShares S&P Smallcap 600/BARRA Healthcare Sector Index Fund Index Fund Value Index Fund . iShares Dow Jones U.S. . iShares Russell 1000 Value . iShares S&P 100 Index Fund* Industrial Sector Index Fund Index Fund . iShares S&P GLOBAL 100 INDEX . iShares DOW JONES U.S. Fund** Technology Sector Index Fund . iShares S&P Europe 350 Index . iShares Dow Jones U.S. Fund Telecommunications Sector Index. . iShares S&P/TSE 60 Index Fund Fund . iShares Dow Jones U.S. Utilities Sector Index Fund . iShares Dow Jones U.S. Chemicals Index Fund . iShares Dow Jones U.S. Financial Services Index Fund . iShares Dow Jones U.S. Internet Index Fund . iShares Dow Jones U.S. REAL Estate Index Fund
* Public offering date on or about October 27, 2000. ** Public offering date on or about December 1, 2000. These financial statements relate to the iShares Russell Series of investment portfolios (each a "Fund", collectively the "Funds"). The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with generally accepted accounting principles for investment companies. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions. Actual results could differ from those estimates. -------------------------------------------------------------------------------- iShares Notes to Financials page 167 iShares Trust Notes to the Financial Statements (Unaudited) (Continued) SECURITY VALUATION Equity securities for which quotations are readily available are valued at the last sale price, or if no sale price, at the closing bid price in the principal market in which such securities are primarily traded. U.S. Government obligations are valued at the last reported bid price. Debt securities maturing in 60 days or less are valued at amortized cost, which approximates market value. Any securities, including restricted securities or other assets for which market quotations are not readily available, are valued at fair value as determined in good faith in accordance with policies approved by the Board of Trustees. SECURITY TRANSACTIONS AND INCOME RECOGNITION Security transactions are accounted for on trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on a daily accrual basis. Realized gains and losses on investment transactions are determined using the specific identification method. DISTRIBUTIONS TO SHAREHOLDERS Distributions to shareholders from net investment income are declared and distributed quarterly 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 realized capital gains for financial reporting purposes. 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 distribute annually substantially all of its income and any 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 taxes was required at September 30, 2000. FUTURES CONTRACTS The Funds may purchase stock index futures contracts to simulate full investment in the respective underlying index, to facilitate trading or to reduce transaction costs. A futures contract is an agreement between two parties to buy and sell a specified amount of a specific instrument or index at a specified future time and at a specific price. Each Fund will only enter into futures contracts that are traded on a U.S. or foreign exchange. Upon entering into a futures contract, the Funds are required to pledge to the broker an amount of cash or cash equivalents equal to the minimum "initial margin" requirements of the exchange on which the contract is traded. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the index underlying the futures contract. Such receipts or payments are known as "variation margin" and are recorded by the Funds as unrealized gains or losses. When the contract is closed, the Funds record a gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Pursuant to regulations and/or published positions of the Securities and Exchange Commission, the Funds are required to segregate cash, U.S. Government securities or high quality, liquid debt instruments in connection with long futures transactions in an amount generally equal to the entire futures contract amount. The primary risks associated with the use of futures contracts are that the changes in the value of the contracts may not correlate perfectly with changes in the market value of stocks held in the Fund, and the possibility of an illiquid market. As of September 30, 2000, there were no open long futures contracts outstanding. -------------------------------------------------------------------------------- page 168 iShares iShares Trust Notes to the Financial Statements (Unaudited) (Continued) 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 a loan by the Fund to the seller, 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. The repurchase agreements entered into on September 30, 2000 by the Funds were fully collateralized by U.S. Government obligations with a rate of 8.13%, a maturity date of 08/15/21 and an aggregate market value of $628,536. 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 Fund's assets. BGFA is a California corporation indirectly owned by Barclays Bank PLC. Under this 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 executions of portfolio transactions, distribution fees and extraordinary expenses. For its investment management services to each Fund, BGFA is entitled to a management fee based on the average daily net assets of each Fund as follows: ------------------------------------------ Management iShares Russell Index Fund Fee ------------------------------------------ Russell 3000 0.20% Russell 3000 Growth 0.25 Russell 3000 Value 0.25 Russell 2000 0.20 Russell 2000 Growth 0.25 Russell 2000 Value 0.25 Russell 1000 0.15 Russell 1000 Growth 0.20 Russell 1000 Value 0.20 ------------------------------------------ Investors Bank & Trust Company ("IBT") serves as Administrator, Custodian, Transfer Agent and Securities Lending Agent for the Funds. As compensation for its services, IBT receives certain out-of-pocket costs, transaction fees, and asset-based fees, which are accrued daily and paid monthly. These fees are Covered Expenses as defined above. SEI Investments Distribution Company serves as the Distributor of the shares of each Fund, pursuant to a Distribution Agreement with the Trust. The Distributor will deliver the Prospectus and Statement of Additional Information, if so requested, to persons purchasing Creation Unit Aggregations and will maintain records of both orders placed with it and confirmations of acceptance furnished by it. Certain of the officers of the Trust are also employees of IBT, the Administrator, Custodian, Transfer Agent and Securities Lending Agent for the Funds. -------------------------------------------------------------------------------- iShares Notes to Financials page 169 iShares Trust Notes to the Financial Statements (Unaudited) (Continued) 3. INVESTMENT PORTFOLIO TRANSACTIONS Purchases and sales of investments (excluding in-kind transactions and short-term securities) for the period ended September 30, 2000, were as follows: ------------------------------------------------------ iShares Russell Index Fund Purchases Sales ------------------------------------------------------ Russell 3000 $ 880,229 $ 877,169 Russell 3000 Growth 148,372 135,384 Russell 3000 Value 174,630 155,358 Russell 2000 117,946,747 117,767,593 Russell 2000 Growth 1,125,520 1,063,858 Russell 2000 Value 1,086,962 954,618 Russell 1000 16,998,821 16,812,472 Russell 1000 Growth 8,035,299 8,062,383 Russell 1000 Value 6,026,264 6,121,031 ------------------------------------------------------ In-kind transactions for the period ended September 30, 2000, were as follows: ------------------------------------------------------ In-kind In-kind iShares Russell Index Fund Purchases Sales ------------------------------------------------------ Russell 3000 $ 64,098,097 $ - Russell 3000 Growth 16,744,577 - Russell 3000 Value 17,364,345 - Russell 2000 205,901,735 - Russell 2000 Growth 42,830,000 - Russell 2000 Value 35,776,072 - Russell 1000 273,609,860 23,068,170 Russell 1000 Growth 61,077,287 - Russell 1000 Value 70,348,627 8,307,795 ------------------------------------------------------ At September 30, 2000, the aggregate unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
------------------------------------------------------------------------------------ Net Unrealized Tax Unrealized Unrealized Appreciation iShares Russell Index Fund Cost Appreciation Depreciation (Depreciation) ------------------------------------------------------------------------------------ Russell 3000 $ 65,071,010 $ 3,202,763 $ (3,402,647) $ (199,884) Russell 3000 Growth 16,772,364 1,300,645 (1,796,317) (495,672) Russell 3000 Value 17,413,571 1,633,545 (653,796) 979,749 Russell 2000 218,656,302 37,777,795 (10,129,138) 27,648,657 Russell 2000 Growth 44,827,647 4,290,583 (2,945,198) 1,345,385 Russell 2000 Value 36,726,203 3,594,110 (1,955,578) 1,638,532 Russell 1000 259,293,092 30,204,077 (19,801,918) 10,402,159 Russell 1000 Growth 62,691,191 4,902,406 (4,437,021) 465,385 Russell 1000 Value 62,353,904 3,765,835 (1,960,498) 1,805,337 ------------------------------------------------------------------------------------
-------------------------------------------------------------------------------- page 170 iShares iShares Trust Notes to the Financial Statements (Unaudited) (Continued) 4. iSHARES TRANSACTIONS At September 30, 2000, there were an unlimited number of no par value shares of beneficial interest ("iShares") authorized. iShares are issued and redeemed by each Fund only in large blocks of 50,000 iShares ("Creation Unit") or multiples thereof. Except when aggregated in Creation Units, iShares are not redeemable. The consideration for purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated portfolio of equity securities constituting a substantial replication, or a portfolio sampling representation, of the stocks involved in the relevant Fund's underlying index and an amount of cash. A purchase transaction fee and a redemption transaction fee are charged to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units of iShares. 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 collateral is maintained at a value equal to at least 100% of the current market value of the loaned securities. The risks to the Funds of securities lending are that the borrower may not provide additional collateral when required or return the securities when due. The market value of the securities on loan at September 30, 2000 and the value of the related collateral were as follows: ---------------------------------------------------- Value of Value of iShares Russell Index Fund Securities Collateral ---------------------------------------------------- Russell 3000 $ 880,441 $ 910,845 Russell 2000 12,065,786 12,699,777 Russell 2000 Growth 1,700,482 1,794,077 Russell 2000 Value 639,724 683,750 Russell 1000 6,844,438 7,059,162 Russell 1000 Growth 1,464,875 1,507,246 Russell 1000 Value 416,650 433,350 ---------------------------------------------------- -------------------------------------------------------------------------------- iShares Notes to Financials page 171 i Shares 45 Fremont Street www.ishares.com 1-800-iSHARES ------------------------- BARCLAYS GLOBAL INVESTORS San Francisco, CA 1-800-474-2737 94105 iShares are distributed by SEI Investments Distribution Co. Barclays Global Fund Advisors serves as an adviser to iShares and is a subsidiary of Barclays Global Investors, N.A., neither F-006-01 of which is affiliated with SEI. (C)2000 Barclays Global Investors. All iShares are not sponsored, rights reserved. iShares is a servicemark Not FDIC insured IBT serves as administrator, endorsed, sold or promoted of Barclays Global Investors, N.A. All Have no bank guarantee custodian, securities lending by Frank Russell Company. Nor other trademarks, servicemarks or May lose value agent and transfer agent for does this company make any registered trademarks are the property the iShares Russell Series. representation regarding the of their respective owners. advisability of investing in iShares.