http://www.amex.com/asp/indexshares.asp?symbol=EWJ






iShares MSCI Japan Index Fund
(Symbol: EWJ) Information as of
3/30/01
Objective
The iShares MSCI Japan Index Fund seeks to provide investment results that
correspond generally to the price and yield performance of publicly traded
securities in the aggregate in the Japanese market, as measured by the MSCI
Japan Index. There is no assurance that the performance of the MSCI Japan
Index can be fully matched.

Annual Performance at NAV
 (In percent; all distributions reinvested on the ex-date)
  Inception 1997 1998 1999 2000 2001
EWJ 3/18/96 -23.63% 3.53% 57.89% -28.57% -8.68%
MSCI Japan Index   23.67% 5.05% 61.53% -28.16% -8.44%


Distribution History
(Dividends and capital gains declared semi-annually)
  1997 1998 1999 2000  2001
Ordinary Income $ 0.00 $ 0.00 $ 0.05 $ 0.00 $ 0.00
Short Term Capital Gains $ 0.00 $ 0.00 $ 0.00 $ 0.03 $ 0.00
Long Term Capital Gains $ 0.01 $ 0.00 $ 0.11 $ 0.39 $ 0.00
Return of Capital $ 0.00 $ 0.01 $ 0.01 $ 0.03 $ 0.00
Totals $ 0.01 $ 0.01 $ 0.17 $ 0.45 $ 0.00



Fund Details
Expense Ratio: 0.84%
Ticker Symbol: EWJ
Trading Increment: $0.01
Min. Trade Size: 1 Share
Marginable: Yes
Short Selling Allowed: Yes, uptick exempt
Options Traded: No
Advisor: Barclays Global Fund Advisors
Administrator: PFPC Global Fund Advisors
Distributor: SEI Investments Distribution Co.
 Quick Facts      As of May 21, 2001
Net Assets: $654,179,240
Shares Outstanding: 58,201,000
Dividend Yield: 0%
52 Week High: $16.19
52 Week Low: $9.05






Top Ten Holdings  Economic Sectors
1. Toyota Motor Corp 7.07%
2. Nippon Telegraph & Telephone 4.40%
3. Sony Corp 3.38%
4. Mizuho Holding 2.59%
5. Bank of Tokyo-Mitsubishi 2.38%
6. Takeda Chemical Ind. 2.38%
7. Matsushita Electric Industrial 2.08%
8. Nomura Securities 2.06%
9. Honda Motor Company 2.01%
10. Canon Incorporated 1.79%
Total 30.14%
 1. Automobiles 10.43%
2. Banking 9.99%
3. Appliances & Household Durable 7.41%

4. Electronic Components, Instruments 6.56%
5. Health & Personal Care 6.04%
6. Financial Services 5.20%
7. Electrical & Electronics 5.20%
8. Telecommunications 4.40%
9. Transportation - Road & Rail 3.84%
10. Utilities - Electrical & Gas 3.81%
Total 62.88%


Performance Chart


Total Return Performance
 (in percent, all distributions reinvested on the ex-date)
2001 YTD -8.68%
3 yr. Cumulative
5 yr. Cumulative
Life Of Fund Cumulative -27.88%
 12 Month Trailing -35.21%
3 yr. Annualized 1.52%
5 yr. Annualized -7.32%
Life of Fund Annualized -6.26%


Additional Information

For complete information, including potential risks, on iShares, call
1-800-iShares (1-800-474-2737). Read a prospectus carefully before you
invest. iShares are subject to risks similar to those of stocks. Investment
returns may fluctuate and are subject to market volatility, so that an
investor's shares when redeemed or sold, may be worth more or less than
their original cost. Investments in foreign investments may incur greater
risks than domestic investments. In addition to the risks associated with
international investing, investments in emerging markets or concentrated
within a single country are subject to greater risk of loss and volatility.
Past performance is no guarantee of future results. iShares are distributed
be SEI Investments Distribution Co.

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, neither of which are affiliated with SEI. For
more complete information, including charges and expenses, request a
prospectus by calling 1-800-iShares (1-800-474-2737). Read it carefully
before you invest. iShares are available to U.S. investors only. Some
iShares may not yet be available, please consult your financial advisor. In
addition to the normal risks associated with equity investing, narrowly
focused investments and investments in smaller companies typically exhibit
higher volatility. International investments may involve risk of capital
loss from unfavorable fluctuations in currency values, from differences in
generally accepted accounting principles or from economic or political
instability in other nations. iShares are not sponsored, endorsed, sold or
promoted by Dow Jones & Company, Inc., Frank Russell Company, Morgan Stanley
Capital International or Standard & Poor's. Nor do these companies make any
representation regarding the advisability of investing in iShares. iShares
is a servicemark of Barclays Global Investors. TSE is a registered trademark
of The Toronto Stock Exchange. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners.
Not FDIC Insured. Have No Bank Guarantee. May Lose Value.




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