<PAGE>
iShares Russell Series
SEMIANNUAL REPORT
September 30, 2000
i Shares The way you invest now.
-------------------------
BARCLAYS GLOBAL INVESTORS Only better.
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
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
</TABLE>
<PAGE>
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
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iShares Shareholder Letter page 1
<PAGE>
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
<PAGE>
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
<PAGE>
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.
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page 4 iShares
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
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September 30, 2000 (Unaudited)
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------------------------------------------------------------------
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
--------------------------------------------------------------------------------
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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
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September 30, 2000 (Unaudited)
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------------------------------------------------------------------
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
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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
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iShares Schedules of Investments page 89
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September 30, 2000 (Unaudited)
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------------------------------------------------------------------
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
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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
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September 30, 2000 (Unaudited)
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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
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September 30, 2000 (Unaudited)
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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
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iShares Schedules of Investments page 93
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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
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September 30, 2000 (Unaudited)
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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
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iShares Schedules of Investments page 95
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September 30, 2000 (Unaudited)
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------------------------------------------------------------------
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
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September 30, 2000 (Unaudited)
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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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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]
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
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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
--------------------------------------------------------------------------------
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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
<PAGE>
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
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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
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iShares Schedules of Investments page 127
<PAGE>
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
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page 128 iShares
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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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
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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
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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
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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
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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
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September 30, 2000 (Unaudited)
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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
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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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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
--------------------------------------------------------------------------------
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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.
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iShares Schedules of Investments page 149
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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
--------------------------------------------------------------------------------
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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
<PAGE>
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
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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
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iShares Schedules of Investments page 153
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iShares Russell 1000 Value Index Fund
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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
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September 30, 2000 (Unaudited)
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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
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
Statements of Assets and Liabilities
September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
iShares Russell
----------------------------------------------------------
3000 3000 Growth 3000 Value 2000
Index Fund Index Fund Index Fund Index Fund
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==========================================================
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
--------------------------------------------------------------------------------
iShares Financial Statements page 159
<PAGE>
Statements of Assets and Liabilities (continued)
September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
iShares Russell
-------------------------------------------------------------------------
2000 Growth 2000 Value 1000 1000 Growth 1000 Value
Index Fund Index Fund Index Fund Index Fund Index Fund
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
=========================================================================
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
--------------------------------------------------------------------------------
page 160 iShares
<PAGE>
Statements of Operations
For the period ended September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
iShares Russell
------------------------------------------------------------------------
3000 3000 Growth 3000 Value 2000
Index Fund* Index Fund** Index Fund** Index Fund*
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
------------------------------------------------------------------------------------------------------------------
</TABLE>
* 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
<PAGE>
Statements of Operations (continued)
For the period ended September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
iShares Russell
-------------------------------------------------------------------------
2000 Growth 2000 Value 1000 1000 Growth 1000 Value
Index Fund*** Index Fund*** Index Fund* Index Fund** Index Fund**
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
---------------------------------------------------------------------------------------------------------
</TABLE>
* 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
<PAGE>
Statements of Changes in Net Assets
For the period ended September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
iShares Russell
----------------------------------------------------------
3000 3000 Growth 3000 Value 2000
Index Fund* Index Fund** Index Fund** Index Fund*
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
==========================================================
</TABLE>
--------------------------------------------------------------------------------
* 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
<PAGE>
Statements of Changes in Net Assets (continued)
For the period ended September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
iShares Russell
-------------------------------------------------------------------------
2000 Growth 2000 Value 1000 1000 Growth 1000 Value
Index Fund*** Index Fund*** Index Fund* Index Fund** Index Fund**
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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
=========================================================================
</TABLE>
-------------------------------------------------------------------------------
* 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
<PAGE>
Financial Highlights
(For a share outstanding throughout each period)
For the period ended September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
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
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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%
</TABLE>
--------------------------------------------------------------------------------
* 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
<PAGE>
Financial Highlights (continued)
(For a share outstanding throughout each period)
For the period ended september 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
iShares Russell
----------------------------------------------------------------------
2000 Growth 2000 Value 1000 1000 Growth 1000 Value
Index Fund*** Index Fund*** Index Fund* Index Fund** Index Fund**
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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%
</TABLE>
--------------------------------------------------------------------------------
* 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
<PAGE>
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:
<TABLE>
<CAPTION>
iShares S&P Series iShares Dow Jones Series iShares Russell Series
------------------ ------------------------ ----------------------
<S> <C> <C>
. 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
</TABLE>
* 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
<PAGE>
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
<PAGE>
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
<PAGE>
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:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Net Unrealized
Tax Unrealized Unrealized Appreciation
iShares Russell Index Fund Cost Appreciation Depreciation (Depreciation)
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
page 170 iShares
<PAGE>
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
<PAGE>
<TABLE>
<S> <C> <C> <C>
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.
</TABLE>
