UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

200 Clarendon Street, Boston, MA 02116

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

351 West Camden Street, Baltimore, MD 21201

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end:   October 31, 2013

Date of reporting period:   April 30, 2013

Item 1. Reports to Stockholders.

APRIL 30, 2013

2013 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø   iShares Emerging Markets Corporate Bond Fund  |  CEMB  |  BATS

^Ø   iShares Emerging Markets High Yield Bond Fund  |  EMHY  |  BATS

^Ø   iShares Emerging Markets Local Currency Bond Fund  |  LEMB  |  NYSE Arca

^Ø   iShares Global ex USD High Yield Corporate Bond Fund  |  HYXU  |  BATS

^Ø   iShares Global High Yield Corporate Bond Fund  |  GHYG  |  BATS

Table of Contents

Fund Performance Overviews	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares Emerging Markets Corporate Bond Fund	11
iShares Emerging Markets High Yield Bond Fund	18
iShares Emerging Markets Local Currency Bond Fund	23
iShares Global ex USD High Yield Corporate Bond Fund	26
iShares Global High Yield Corporate Bond Fund	32
Financial Statements	44
Financial Highlights	51
Notes to Financial Statements	56
Supplemental Information	64

Fund Performance Overview

iSHARES^® EMERGING MARKETS CORPORATE BOND FUND

Performance as of April 30, 2013

The iShares Emerging Markets Corporate Bond Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar^® Emerging Markets Corporate Bond Index^SM (the “Index”). The Index measures the performance of the U.S. dollar-denominated emerging market corporate bond market. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six month reporting period ended April 30, 2013, the total return for the Fund was 2.22%, net of fees, while the total return for the Index was 2.48%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		9.11%		9.88%		9.82%		9.11%		9.88%		9.82%
Since Inception		9.74%		10.74%		10.37%		10.14%		11.17%		10.77%

The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,022.20	$	3.01	$	1,000.00	$	1,021.80	$	3.01		0.60%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

PORTFOLIO ALLOCATION

As of 4/30/13

Sector/Investment Type Percentage of
Net Assets

Foreign Agency Obligations	50.46	%
Financial	18.80
Basic Materials	9.01
Communications	7.35
Energy	3.75
Industrial	3.38
Diversified	2.98
Consumer Non-Cyclical	1.58
Consumer Cyclical	0.30
Short-Term and Other Net Assets	2.39
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 4/30/13

Security Percentage of
Net Assets

Petrobras International Finance Co., 5.38%, 01/27/21 (Brazil)	1.11	%
America Movil SAB de CV, 3.13%, 07/16/22 (Mexico)	1.09
Petroleos de Venezuela SA, 8.50%, 11/02/17 (Venezuela)	0.93
Taqa Abu Dhabi National Energy Co., 4.75%, 09/15/14 (United Arab Emirates)	0.84
Petroleos Mexicanos, 5.50%, 01/21/21 (Mexico)	0.79
IPIC GMTN Ltd., 5.00%, 11/15/20 (United Arab Emirates)	0.77
Petrobras International Finance Co., 5.75%, 01/20/20 (Brazil)	0.76
Reliance Holdings USA Inc., 5.40%, 02/14/22 (India)	0.76
Majapahit Holding BV, 7.75%, 01/20/20 (Indonesia)	0.74
Petroleos Mexicanos, 6.50%, 06/02/41 (Mexico)	0.70
TOTAL	8.49	%

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® EMERGING MARKETS HIGH YIELD BOND FUND

Performance as of April 30, 2013

The iShares Emerging Markets High Yield Bond Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar^® Emerging Markets High Yield Bond Index^SM (the “Index”). The Index measures the performance of the below-investment-grade U.S. dollar-denominated emerging market sovereign and corporate high yield bond market. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six month reporting period ended April 30, 2013, the total return for the Fund was 4.79%, net of fees, while the total return for the Index was 4.96%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		13.71%		13.61%		14.41%		13.71%		13.61%		14.41%
Since Inception		14.31%		15.09%		14.96%		15.48%		16.34%		16.17%

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,047.90	$	3.30	$	1,000.00	$	1,021.60	$	3.26		0.65%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

BOND CREDIT QUALITY

As of 4/30/13

Moody’s Credit Rating Percentage of
Total  Investments*

Baa3	1.99	%
Ba1	40.81
Ba2	2.90
Ba3	7.87
B1	6.04
B2	14.21
B3	4.22
Caa1	2.94
Caa3	0.58
Not Rated	18.44
TOTAL	100.00	%

* Excludes money market funds.

TEN LARGEST FUND HOLDINGS

As of 4/30/13

Security Percentage of
Net Assets

Petroleos de Venezuela SA, 8.50%, 11/02/17 (Venezuela)	1.92	%
Turkey (Republic of), 7.38%, 02/05/25	1.72
Venezuela (Bolivarian Republic of), 11.95%, 08/05/31	1.57
Turkey (Republic of), 6.00%, 01/14/41	1.40
Turkey (Republic of), 6.88%, 03/17/36	1.38
Philippines (Republic of the), 7.75%, 01/14/31	1.35
Philippines (Republic of the), 6.38%, 10/23/34	1.35
Turkey (Republic of), 7.00%, 06/05/20	1.34
Turkey (Republic of), 6.25%, 09/26/22	1.34
Venezuela (Bolivarian Republic of), 9.25%, 09/15/27	1.30
TOTAL	14.67	%

6 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND FUND

Performance as of April 30, 2013

The iShares Emerging Markets Local Currency Bond Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays Emerging Markets Broad Local Currency Bond Index (the “Index”). The Index measures the performance of local currency-denominated sovereign bond markets of emerging market countries. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six month reporting period ended April 30, 2013, the total return for the Fund was 5.13%, net of fees, while the total return for the Index was 5.22%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		9.18%		8.96%		9.38%		9.18%		8.96%		9.38%
Since Inception		8.78%		9.56%		8.91%		13.79%		15.03%		14.00%

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,051.30	$	3.05	$	1,000.00	$	1,021.80	$	3.01		0.60%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

BOND CREDIT QUALITY

As of 4/30/13

Moody’s Credit Rating Percentage of
Total  Investments*

Aa3	20.94	%
A1	3.09
A2	3.83
A3	4.20
Baa1	22.08
Baa2	7.96
Baa3	4.85
Ba1	7.12
Caa1	0.05
Not Rated	25.88
TOTAL	100.00	%

* Excludes money market funds.

TEN LARGEST FUND HOLDINGS

As of 4/30/13

Security Percentage of
Net Assets

Brazil (Federative Republic of) 0.00%, 01/01/15	4.09	%
Korea (Republic of), 3.00%, 12/10/13	3.98
Korea (Republic of), 3.75%, 06/10/13	3.63
Korea (Republic of), 4.00%, 03/10/16	3.60
Brazil (Federative Republic of) 0.00%, 01/01/14	3.46
Turkey (Republic of), 9.00%, 01/27/16	3.33
Brazil (Federative Republic of), 9.76%, 01/01/21	3.12
Malaysia (Federation of), 5.73%, 07/30/19	2.82
United Mexican States, 7.25%, 12/15/16	2.82
Israel (State of), 6.00%, 02/28/19	2.80
TOTAL	33.65	%

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND FUND

Performance as of April 30, 2013

The iShares Global ex USD High Yield Corporate Bond Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Markit iBoxx Global Developed Markets ex-US High Yield Index (the “Index”). The Index is a rules-based index designed to provide a broad representation of the global ex-U.S. dollar high yield corporate bond market and consists of high yield corporate bonds denominated in euros, British pounds sterling and Canadian dollars. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six month reporting period ended April 30, 2013, the total return for the Fund was 8.38%, net of fees, while the total return for the Index was 8.35%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		16.11%		15.45%		15.12%		16.11%		15.45%		15.12%
Since Inception		14.24%		14.66%		14.18%		15.41%		15.87%		15.32%

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,083.80	$	2.07	$	1,000.00	$	1,022.80	$	2.01		0.40%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

PORTFOLIO ALLOCATION

As of 4/30/13

Sector/Investment Type Percentage of
Net Assets

Communications	18.94	%
Industrial	17.83
Financial	16.31
Consumer Cyclical	16.29
Consumer Non-Cyclical	8.42
Basic Materials	7.96
Utilities	4.52
Diversified	3.59
Energy	2.20
Foreign Agency Obligations	1.12
Short-Term and Other Net Assets	2.82
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 4/30/13

Security Percentage of
Net Assets

Lafarge SA, 5.38%, 06/26/17 (France)	1.81	%
HeidelbergCement Finance BV, 8.00%, 01/31/17 (Netherlands)	1.80
Fiat Finance & Trade SA, 6.38%, 04/01/16 (Luxembourg)	1.78
Renault SA, 5.63%, 06/30/15 (France)	1.61
Wind Acquisition Finance SA, 11.75%, 07/15/17 (Luxembourg)	1.29
Banco Espirito Santo SA, 5.63%, 06/05/14 (Portugal)	1.24
OTE PLC, 7.25%, 02/12/15 (Greece)	1.09
Nara Cable Funding Ltd., 8.88%, 12/01/18 (Spain)	0.97
Fiat Industrial Finance Europe SA, 5.25%, 03/11/15 (Luxembourg)	0.96
Mapfre SA, 5.13%, 11/16/15 (Spain)	0.96
TOTAL	13.51	%

8 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

Performance as of April 30, 2013

The iShares Global High Yield Corporate Bond Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Markit iBoxx Global Developed Markets High Yield Index (the “Index”). The Index is a rules-based index designed to provide a broad representation of the global high yield corporate bond market and consists of high yield corporate bonds denominated in U.S. dollars, euros, British pounds sterling and Canadian dollars. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six month reporting period ended April 30, 2013, the total return for the Fund was 7.02%, net of fees, while the total return for the Index was 7.02%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		13.31%		12.66%		13.40%		13.31%		12.66%		13.40%
Since Inception		12.95%		13.38%		13.22%		14.01%		14.48%		14.27%

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Beginning Account Value (11/1/12)		Ending Account Value (4/30/13)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,070.20	$	2.05	$	1,000.00	$	1,022.80	$	2.01		0.40%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

PORTFOLIO ALLOCATION

As of 4/30/13

Sector/Investment Type Percentage of
Net Assets

Communications	21.08	%
Consumer Non-Cyclical	13.53
Consumer Cyclical	13.19
Financial	11.49
Energy	11.32
Industrial	10.19
Basic Materials	7.40
Utilities	4.70
Technology	3.71
Diversified	0.86
Foreign Agency Obligations	0.35
Short-Term and Other Net Assets	2.18
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 4/30/13

Security Percentage of
Net Assets

HCA Inc., 6.50%, 02/15/20	0.78	%
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, 7.13%, 04/15/19	0.64
Lafarge SA, 5.38%, 06/26/17 (France)	0.61
Calpine Corp., 7.50%, 02/15/21	0.60
Fiat Finance & Trade SA, 6.38%, 04/01/16 (Luxembourg)	0.60
UPCB Finance V Ltd., 7.25%, 11/15/21 (Cayman Islands)	0.57
ArcelorMittal SA, 6.13%, 06/01/18 (Luxembourg)	0.56
Ally Financial Inc., 8.00%, 03/15/20	0.54
HeidelbergCement Finance BV, 8.00%, 01/31/17 (Netherlands)	0.53
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC, 5.75%, 10/15/20	0.53
TOTAL	5.96	%

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on November 1, 2012 and held through April 30, 2013, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

10 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 47.15%
BRAZIL — 11.19%
Banco Bradesco SA
5.90%, 01/16/21	$	200	$	219,300
6.75%, 09/29/19b		150		173,250
Banco BTG Pactual SA
4.00%, 01/16/20b		200		192,000
Banco Santander Brasil SA
4.50%, 04/06/15b		100		104,400
Banco Votorantim SA
7.38%, 01/21/20		100		114,750
Braskem Finance Ltd.
7.00%, 05/07/20		100		115,000
7.25%, 06/05/18		100		115,000
CSN Resources SA
6.50%, 07/21/20		100		107,000
Fibria Overseas Finance Ltd.
7.50%, 05/04/20 (Call 05/04/15)b		100		113,750
Gerdau Trade Inc.
5.75%, 01/30/21		100		107,700
GTL Trade Finance Inc.
7.25%, 10/20/17b		200		231,500
Itau Unibanco Holding SA
5.50%, 08/06/22b		200		212,400
5.75%, 01/22/21b		100		108,000
6.20%, 04/15/20b		200		222,000
JBS USA LLC
7.25%, 06/01/21 (Call 06/01/15)		86		91,160
8.25%, 02/01/20 (Call 02/01/15)		63		69,615
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35%, 06/30/21 (Call 06/30/20)b		97		107,559
Odebrecht Finance Ltd.
6.00%, 04/05/23		200		229,900
OGX Austria GmbH
8.50%, 06/01/18 (Call 06/01/15)		200		125,500
Telemar Norte Leste SA
5.50%, 10/23/20b		200		210,000
Vale Overseas Ltd.
4.38%, 01/11/22		200		210,476
4.63%, 09/15/20		175		190,108
5.63%, 09/15/19		75		86,339
6.88%, 11/21/36		169		200,675
6.88%, 11/10/39		100		119,831

Security	Principal (000s)		Value
8.25%, 01/17/34	$	50	$	66,623
Vale SA
5.63%, 09/11/42		85		88,797
Voto Votorantim Overseas Trading Co.
6.63%, 09/25/19b		200		234,000
				4,166,633
CHILE — 0.54%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22		37		38,398
Cencosud SA
5.50%, 01/20/21		150		162,777
				201,175
CHINA — 3.48%
Agile Property Holdings Ltd.
8.88%, 04/28/17 (Call 04/28/14)b		100		107,750
Baidu Inc.
2.25%, 11/28/17		200		202,890
China Overseas Finance II Ltd.
5.50%, 11/10/20b		200		228,592
Country Garden Holdings Co. Ltd.
7.50%, 01/10/23 (Call 01/10/18)		200		208,500
Evergrande Real Estate Group Ltd.
13.00%, 01/27/15		100		109,000
Industrial & Commercial Bank of China (Asia) Ltd.
5.13%, 11/30/20b		100		110,687
Longfor Properties Co. Ltd.
9.50%, 04/07/16 (Call 04/07/14)		200		218,750
Shimao Property Holdings Ltd.
9.65%, 08/03/17 (Call 08/03/14)b		100		110,118
				1,296,287
COLOMBIA — 1.11%
Bancolombia SA
5.13%, 09/11/22		50		51,075
6.13%, 07/26/20		147		160,965
Grupo Aval Ltd.
4.75%, 09/26/22		200		201,750
				413,790
HONG KONG — 4.39%
Bank of China Hong Kong Ltd.
5.55%, 02/11/20		200		226,775
Bank of East Asia Ltd.
6.13%, 07/16/20		100		116,723

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)		Value
CITIC Pacific Ltd.
6.63%, 04/15/21b	$	200	$	205,862
Hongkong Land Finance Co. Ltd.
4.50%, 10/07/25		100		105,813
Hutchison Whampoa Finance (CI) Ltd.
7.45%, 08/01/17b		100		122,672
Hutchison Whampoa International Ltd.
4.63%, 09/11/15b		100		107,540
5.75%, 09/11/19b		100		118,804
7.45%, 11/24/33b		100		143,539
7.63%, 04/09/19b		200		257,108
Li & Fung Ltd.
5.25%, 05/13/20b		100		110,469
Swire Pacific MTN Financing Ltd.
5.50%, 08/19/19		100		116,805
				1,632,110
INDIA — 3.14%
Axis Bank Ltd.
4.75%, 05/02/16b		100		105,242
Bharti Airtel International Netherlands BV
5.13%, 03/11/23		200		205,520
ICICI Bank Ltd.
5.00%, 01/15/16		116		123,958
5.75%, 11/16/20		200		222,919
Reliance Holdings USA Inc.
5.40%, 02/14/22		250		281,775
Vedanta Resources PLC
9.50%, 07/18/18		200		229,000
				1,168,414
ISRAEL — 0.41%
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22		150		153,093
				153,093
JAMAICA — 0.84%
Digicel Group Ltd.
10.50%, 04/15/18 (Call 04/15/14)		100		110,750
Digicel Ltd.
6.00%, 04/15/21		200		200,500
				311,250

Security	Principal (000s)		Value
KAZAKHSTAN — 0.29%
Halyk Savings Bank of Kazakhstan JSC
7.25%, 05/03/17b	$	100	$	108,000
				108,000
KUWAIT — 0.35%
Kuwait Projects Co.
9.38%, 07/15/20		100		128,510
				128,510
MEXICO — 6.26%
America Movil SAB de CV
3.13%, 07/16/22		400		407,051
5.00%, 10/16/19		125		143,530
5.00%, 03/30/20		100		115,119
5.75%, 01/15/15		60		64,907
6.13%, 03/30/40		100		124,983
6.38%, 03/01/35		100		126,340
BBVA Bancomer SA Texas Agency
4.50%, 03/10/16		158		168,270
7.25%, 04/22/20b		200		229,000
Cemex Espana SA (Luxembourg)
9.25%, 05/12/20 (Call 05/12/15)		170		187,000
9.88%, 04/30/19 (Call 04/30/16)		150		171,750
Cemex Finance LLC
9.50%, 12/14/16 (Call 12/14/13)		100		107,500
Cemex SAB de CV
9.00%, 01/11/18 (Call 01/11/15)		100		109,000
Grupo Bimbo SAB de CV
4.50%, 01/25/22		100		110,670
Grupo Televisa SAB de CV
6.63%, 01/15/40		56		72,276
NII Capital Corp.
7.63%, 04/01/21 (Call 04/01/16)		100		88,500
10.00%, 08/15/16 (Call 08/15/13)		100		103,000
				2,328,896
PERU — 1.01%
Banco de Credito del Peru
5.38%, 09/16/20		100		110,000
Southern Copper Corp.
5.25%, 11/08/42		90		86,707
6.75%, 04/16/40		48		55,616
7.50%, 07/27/35		100		124,460
				376,783

12 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)		Value
QATAR — 0.28%
CBQ Finance Ltd.
5.00%, 11/18/14b	$	100	$	105,500
				105,500
RUSSIA — 5.02%
Alfa Bank OJSC Via Alfa Bond Issuance PLC
7.88%, 09/25/17b		200		226,020
ALROSA Finance SA
8.88%, 11/17/14b		100		109,940
Evraz Group SA
8.25%, 11/10/15b		100		109,490
9.50%, 04/24/18b		100		112,550
LUKOIL International Finance BV
6.66%, 06/07/22b		120		142,650
7.25%, 11/05/19b		100		121,000
Severstal OAO Via Steel Capital SA
6.70%, 10/25/17b		100		107,625
TNK-BP Finance SA
6.63%, 03/20/17		119		135,660
7.25%, 02/02/20b		100		119,875
7.88%, 03/13/18b		100		120,500
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC
6.49%, 02/02/16b		200		215,000
9.13%, 04/30/18b		100		120,090
VimpelCom Holdings BV
7.50%, 03/01/22b		200		226,000
				1,866,400
SINGAPORE — 1.71%
DBS Bank Ltd.
2.35%, 02/28/17b		200		206,838
Noble Group Ltd.
6.75%, 01/29/20		100		111,250
Oversea-Chinese Banking Corp. Ltd.
3.75%, 11/15/22 (Call 11/15/17)c		100		105,987
4.25%, 11/18/19 (Call 11/18/14)c		100		104,048
PSA International Pte Ltd.
3.88%, 02/11/21b		100		109,902
				638,025
SOUTH AFRICA — 0.28%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		50		50,362
5.38%, 04/15/20		50		52,418
				102,780

Security	Principal (000s)		Value
SOUTH KOREA — 3.34%
GS Caltex Corp.
5.50%, 04/24/17	$	100	$	112,178
Hana Bank
4.00%, 11/03/16b		200		216,197
Hyundai Capital America
2.13%, 10/02/17		50		50,119
Hyundai Capital Services Inc.
6.00%, 05/05/15b		200		217,670
POSCO
4.25%, 10/28/20b		200		217,000
Shinhan Bank
4.38%, 09/15/15b		200		213,747
Woori Bank Co. Ltd.
4.75%, 01/20/16b		200		216,879
				1,243,790
THAILAND — 0.93%
Bangkok Bank PCL
4.80%, 10/18/20		100		111,842
PTTEP Canada International Finance Ltd.
5.69%, 04/05/21b		200		234,246
				346,088
TURKEY — 2.29%
Akbank TAS
5.00%, 10/24/22		200		213,000
Turkiye Garanti Bankasi AS
5.25%, 09/13/22		200		217,500
Turkiye Is Bankasi AS
3.88%, 11/07/17b		200		206,000
Turkiye Vakiflar Bankasi Tao
5.75%, 04/24/17b		200		217,000
				853,500
UKRAINE — 0.29%
Metinvest BV
10.25%, 05/20/15b		100		106,750
				106,750
TOTAL CORPORATE BONDS & NOTES
(Cost: $17,217,004)				17,547,774

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)		Value
FOREIGN AGENCY OBLIGATIONSa — 50.46%
BRAZIL — 7.06%
Banco do Brasil SA
5.38%, 01/15/21	$	200	$	213,000
5.88%, 01/19/23		200		218,500
Banco Nacional de Desenvolvimento Economico e Social
6.37%, 06/16/18b		100		117,500
6.50%, 06/10/19		100		119,750
Caixa Economica Federal
2.38%, 11/06/17b		150		146,475
Centrais Eletricas Brasileiras SA
6.88%, 07/30/19b		200		229,000
Petrobras International Finance Co.
3.50%, 02/06/17		75		78,144
3.88%, 01/27/16		200		210,042
5.38%, 01/27/21		375		414,100
5.75%, 01/20/20		250		282,187
5.88%, 03/01/18		100		113,752
6.75%, 01/27/41		125		148,253
6.88%, 01/20/40		75		89,555
7.88%, 03/15/19		200		248,695
				2,628,953
CHILE — 1.87%
Banco del Estado de Chile
4.13%, 10/07/20		150		161,937
Corporacion Nacional del Cobre de Chile
3.75%, 11/04/20b		100		106,913
4.25%, 07/17/42b		200		194,378
7.50%, 01/15/19b		100		127,086
Empresa Nacional del Petroleo
4.75%, 12/06/21		100		106,114
				696,428
CHINA — 3.51%
Amber Circle Funding Ltd.
3.25%, 12/04/22b		200		201,616
China Development Bank Corp.
5.00%, 10/15/15		100		109,373
CNOOC Finance 2012 Ltd.
5.00%, 05/02/42		200		222,291

Security	Principal (000s)		Value
CNPC HK Overseas Capital Ltd.
4.50%, 04/28/21	$	200	$	223,042
Export-Import Bank of China (The)
4.88%, 07/21/15b		100		108,217
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20b		200		219,719
Sinopec Group Overseas Development 2012 Ltd.
4.88%, 05/17/42		200		219,954
				1,304,212
COLOMBIA — 0.30%
Ecopetrol SA
7.63%, 07/23/19		87		110,925
				110,925
INDIA — 1.38%
Export-Import Bank of India (The)
4.00%, 01/14/23b		200		203,402
Indian Oil Corp. Ltd.
4.75%, 01/22/15b		100		104,384
State Bank of India
4.50%, 10/23/14b		200		207,327
				515,113
INDONESIA — 1.67%
Majapahit Holding BV
7.75%, 01/20/20b		220		274,450
7.88%, 06/29/37b		100		132,500
PT Pertamina (Persero) Tbk
6.00%, 05/03/42		200		215,080
				622,030
ISRAEL — 0.60%
Israel Electric Corp. Ltd.
6.70%, 02/10/17b		200		224,000
				224,000
KAZAKHSTAN — 1.97%
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42b		200		237,000
KazMunaiGaz Finance Sub BV
7.00%, 05/05/20b		200		241,000
KazMunaiGaz National Co.
9.13%, 07/02/18b		200		255,500
				733,500

14 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)		Value
MALAYSIA — 1.33%
Penerbangan Malaysia Bhd
5.63%, 03/15/16b	$	100	$	111,677
Petroliam Nasional Bhd
7.63%, 10/15/26b		100		146,325
Petronas Capital Ltd.
5.25%, 08/12/19b		200		235,846
				493,848
MEXICO — 4.65%
Comision Federal de Electricidad
4.88%, 05/26/21		200		227,500
Pemex Project Funding Master Trust
5.75%, 03/01/18		200		233,500
6.63%, 06/15/35		150		188,667
Petroleos Mexicanos
4.88%, 03/15/15		150		160,548
4.88%, 01/24/22		75		85,312
5.50%, 01/21/21		250		293,125
5.50%, 06/27/44		125		136,875
6.50%, 06/02/41		210		260,925
8.00%, 05/03/19		110		143,000
				1,729,452
PHILIPPINES — 0.68%
Power Sector Assets & Liabilities Management Corp.
6.88%, 11/02/16b		100		116,500
7.39%, 12/02/24		100		136,250
				252,750
QATAR — 2.95%
Nakilat Inc.
6.07%, 12/31/33		100		121,250
Qatari Diar Finance QSC
3.50%, 07/21/15b		100		105,120
5.00%, 07/21/20b		100		114,600
QNB Finance Ltd.
2.13%, 02/14/18b		200		197,900
Qtel International Finance Ltd.
5.00%, 10/19/25b		200		221,000
7.88%, 06/10/19b		100		130,625
Ras Laffan Liquefied Natural Gas Co. Ltd. II
5.30%, 09/30/20b		189		208,847
				1,099,342

Security	Principal (000s)		Value
RUSSIA — 5.43%
Gazprom OAO Via Gaz Capital SA
6.21%, 11/22/16b	$	100	$	112,310
7.29%, 08/16/37b		100		124,000
8.63%, 04/28/34b		50		69,375
9.25%, 04/23/19b		100		130,250
Gazprom OAO Vis Gaz Capital SA
8.15%, 04/11/18b		100		122,500
Gazprombank OJSC
6.25%, 12/15/14b		100		106,150
Russian Agricultural Bank OJSC Via RSHB Capital SA
6.30%, 05/15/17b		100		110,125
Russian Railways
5.74%, 04/03/17b		100		110,500
Sberbank of Russia Via SB Capital SA
5.40%, 03/24/17b		100		109,400
6.13%, 02/07/22b		200		228,250
Transneft OJSC Via TransCapitalInvest Ltd.
8.70%, 08/07/18b		100		127,625
Vnesheconombank Via VEB Finance PLC
5.45%, 11/22/17b		100		109,900
6.90%, 07/09/20b		100		118,600
VTB Bank OJSC
6.55%, 10/13/20b		100		111,625
6.88%, 05/29/18b		100		112,150
VTB Bank OJSC Via VTB Capital SA
6.25%, 06/30/35b		200		217,500
				2,020,260
SOUTH AFRICA — 1.17%
Eskom Holdings Ltd.
5.75%, 01/26/21b		200		223,500
Transnet SOC Ltd.
4.50%, 02/10/16b		200		211,966
				435,466
SOUTH KOREA — 4.77%
Export-Import Bank of Korea (The)
4.00%, 01/29/21		100		108,475
4.38%, 09/15/21		200		222,163
5.13%, 06/29/20		100		115,856
5.88%, 01/14/15		100		107,546

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)		Value
Korea Development Bank (The)
3.25%, 03/09/16	$	100	$	104,975
3.88%, 05/04/17		200		216,296
Korea Expressway Corp.
5.13%, 05/20/15b		50		53,629
Korea Finance Corp.
3.25%, 09/20/16		100		105,709
Korea Gas Corp.
4.25%, 11/02/20b		100		109,922
6.00%, 07/15/14		100		105,562
Korea Hydro & Nuclear Power Co. Ltd.
6.25%, 06/17/14b		200		210,734
Korea National Oil Corp.
2.88%, 11/09/15b		200		207,214
National Agricultural Cooperative Federation
4.25%, 01/28/16b		100		107,312
				1,775,393
THAILAND — 0.54%
PTT PCL
3.38%, 10/25/22		200		201,617
				201,617
TRINIDAD AND TOBAGO — 0.34%
Petroleum Co. of Trinidad & Tobago Ltd.
9.75%, 08/14/19b		100		128,000
				128,000
UKRAINE — 0.28%
Naftogaz of Ukraine
9.50%, 09/30/14		100		103,710
				103,710
UNITED ARAB EMIRATES — 6.28%
Abu Dhabi National Energy Co.
5.88%, 10/27/16b		100		113,650
6.25%, 09/16/19b		100		120,125
6.50%, 10/27/36b		100		127,000
ADCB Finance (Cayman) Ltd.
4.75%, 10/08/14b		100		104,750
Dolphin Energy Ltd.
5.89%, 06/15/19b		165		187,131
DP World Ltd.
6.85%, 07/02/37b		200		240,250

Security	Principal or Shares (000s)		Value
Dubai Electricity & Water Authority
7.38%, 10/21/20b	$	100	$	123,125
8.50%, 04/22/15b		100		112,250
IPIC GMTN Ltd.
5.00%, 11/15/20b		250		285,625
MDC-GMTN BV
3.75%, 04/20/16b		200		211,456
National Bank of Abu Dhabi PJSC
4.25%, 03/25/15b		200		210,976
Taqa Abu Dhabi National Energy Co.
4.75%, 09/15/14b		300		313,929
TDIC Finance Ltd.
6.50%, 07/02/14b		100		106,375
Waha Aerospace BV
3.93%, 07/28/20b		75		80,156
				2,336,798
VENEZUELA — 3.68%
Petroleos de Venezuela SA
4.90%, 10/28/14		200		192,800
5.00%, 10/28/15		100		92,250
5.25%, 04/12/17b		150		130,125
5.38%, 04/12/27b		150		105,000
5.50%, 04/12/37b		50		34,000
8.50%, 11/02/17		360		348,300
9.00%, 11/17/21		260		245,050
12.75%, 02/17/22		200		223,000
				1,370,525
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $18,439,575)				18,782,322
SHORT-TERM INVESTMENTS — 1.23%
MONEY MARKET FUNDS — 1.23%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.01%d,e		459		458,943
				458,943
TOTAL SHORT-TERM INVESTMENTS
(Cost: $458,943)				458,943

16 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND FUND

April 30, 2013

	Value
TOTAL INVESTMENTS IN SECURITIES — 98.84%
(Cost: $36,115,522)	$	36,789,039
Other Assets, Less Liabilities — 1.16%		432,596
NET ASSETS — 100.00%	$	37,221,635

^a  Investments are denominated in U.S. dollars.

^b This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^c Variable rate security. Rate shown is as of report date.

^d Affiliated issuer. See Note 2.

^e The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND FUND

April 30, 2013

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 26.70%
BRAZIL — 3.14%
Banco BTG Pactual SA
5.75%, 09/28/22b	$	700	$	690,760
ESAL GmbH
6.25%, 02/05/23 (Call 02/05/18)b		400		397,600
Fibria Overseas Finance Ltd.
6.75%, 03/03/21 (Call 03/03/16)		1,000		1,116,250
7.50%, 05/04/20 (Call 05/04/15)b		1,100		1,251,250
JBS USA LLC
7.25%, 06/01/21 (Call 06/01/15)		150		159,000
8.25%, 02/01/20 (Call 02/01/15)		1,180		1,303,900
Marfrig Holding Europe BV
8.38%, 05/09/18		400		356,000
9.88%, 07/24/17 (Call 01/24/16)		500		467,500
Minerva Luxembourg SA
7.75%, 01/31/23 (Call 01/31/18)b		400		427,080
OGX Austria GmbH
8.38%, 04/01/22 (Call 04/01/17)b		600		366,000
8.50%, 06/01/18 (Call 06/01/15)		2,500		1,568,750
				8,104,090
CHINA — 3.68%
Agile Property Holdings Ltd.
8.88%, 04/28/17 (Call 04/28/14)b		800		862,000
9.88%, 03/20/17b		200		228,000
Country Garden Holdings Co. Ltd.
7.50%, 01/10/23 (Call 01/10/18)		900		938,250
11.13%, 02/23/18 (Call 02/23/15)b		600		688,500
11.25%, 04/22/17 (Call 04/22/14)		700		782,250
Evergrande Real Estate Group Ltd.
13.00%, 01/27/15		1,450		1,580,500
Kaisa Group Holdings Ltd.
10.25%, 01/08/20b		600		659,712
13.50%, 04/28/15		174		185,971
Longfor Properties Co. Ltd.
6.75%, 01/29/23 (Call 01/29/18)b		400		405,040
9.50%, 04/07/16 (Call 04/07/14)		700		765,625
Shimao Property Holdings Ltd.
6.63%, 01/14/20 (Call 01/14/17)b		600		599,149
9.65%, 08/03/17 (Call 08/03/14)b		700		770,828
SOHO China Ltd.
5.75%, 11/07/17 (Call 11/07/15)b		1,000		1,010,040
				9,475,865

Security	Principal (000s)		Value
COLOMBIA — 1.16%
Banco Davivienda SA
5.88%, 07/09/22	$	600	$	633,000
Bancolombia SA
5.13%, 09/11/22		1,000		1,021,500
6.13%, 07/26/20		500		547,500
Pacific Rubiales Energy Corp.
7.25%, 12/12/21 (Call 12/12/16)		700		798,000
				3,000,000
HONG KONG — 1.02%
CITIC Pacific Ltd.
6.63%, 04/15/21b		1,500		1,543,965
6.88%, 01/21/18b		1,000		1,072,215
				2,616,180
INDIA — 1.80%
Bharti Airtel International Netherlands BV
5.13%, 03/11/23		1,300		1,335,880
ICICI Bank Ltd.
6.38%, 04/30/22 (Call 04/30/17)b,c		654		675,255
Vedanta Resources PLC
6.75%, 06/07/16b		800		836,960
8.25%, 06/07/21		600		654,000
9.50%, 07/18/18		1,000		1,145,000
				4,647,095
JAMAICA — 1.65%
Digicel Group Ltd.
8.25%, 09/30/20 (Call 09/30/16)		1,300		1,391,000
10.50%, 04/15/18 (Call 04/15/14)		800		886,000
Digicel Ltd.
6.00%, 04/15/21		1,000		1,002,500
8.25%, 09/01/17 (Call 09/01/13)		930		978,825
				4,258,325
KAZAKHSTAN — 0.58%
Halyk Savings Bank of Kazakhstan JSC
7.25%, 05/03/17b		400		432,000
7.25%, 01/28/21b		600		639,060
Zhaikmunai LP
7.13%, 11/13/19 (Call 11/13/16)		400		433,000
				1,504,060

18 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND FUND

April 30, 2013

Security	Principal (000s)		Value
MACAU — 0.31%
MCE Finance Ltd.
5.00%, 02/15/21 (Call 02/15/16)d	$	800	$	811,000
				811,000
MEXICO — 3.73%
Cemex Espana SA (Luxembourg)
9.25%, 05/12/20 (Call 05/12/15)		1,800		1,980,000
9.88%, 04/30/19 (Call 04/30/16)		1,150		1,316,750
Cemex Finance LLC
9.38%, 10/12/22 (Call 10/12/17)		1,100		1,262,250
9.50%, 12/14/16 (Call 12/14/13)		1,200		1,290,000
Cemex SAB de CV
9.00%, 01/11/18 (Call 01/11/15)		1,397		1,522,730
NII Capital Corp.
7.63%, 04/01/21 (Call 04/01/16)		950		840,750
8.88%, 12/15/19 (Call 12/15/14)		800		752,000
10.00%, 08/15/16 (Call 08/15/13)		620		638,600
				9,603,080
RUSSIA — 7.18%
Alfa Bank OJSC Via Alfa Bond Issuance PLC
7.75%, 04/28/21b		1,250		1,415,875
7.88%, 09/25/17b		1,400		1,582,140
ALROSA Finance SA
7.75%, 11/03/20b		1,000		1,162,400
Credit Bank of Moscow
7.70%, 02/01/18b		500		522,500
Evraz Group SA
8.25%, 11/10/15b		400		437,960
9.50%, 04/24/18b		1,700		1,913,350
Home Credit & Finance Bank LLC
9.38%, 04/24/20 (Call 04/24/18)b,c		500		542,500
Metalloinvest Finance Ltd.
6.50%, 07/21/16b		800		846,000
Promsvyazbank OJSC
10.20%, 11/06/19b		200		215,000
Russian Standard Bank
9.25%, 07/11/17b		900		976,680
Severstal OAO Via Steel Capital SA
6.70%, 10/25/17b		1,500		1,614,375
Sibur Securities Ltd.
3.91%, 01/31/18b		700		687,925

Security	Principal (000s)		Value
TMK OAO
7.75%, 01/27/18b	$	500	$	528,750
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC
7.75%, 02/02/21b		600		686,250
9.13%, 04/30/18b		2,000		2,401,800
VimpelCom Holdings BV
5.95%, 02/13/23b		900		913,500
6.25%, 03/01/17b		600		648,750
7.50%, 03/01/22b		1,250		1,412,500
				18,508,255
SINGAPORE — 0.26%
Flextronics International Ltd.
5.00%, 02/15/23d		650		663,000
				663,000
SOUTH AFRICA — 0.37%
Gold Fields Orogen Holding BVI Ltd.
4.88%, 10/07/20b		1,000		961,921
				961,921
SOUTH KOREA — 0.38%
Woori Bank Co. Ltd.
6.21%, 05/02/37 (Call 05/02/17)b,c		900		974,250
				974,250
TURKEY — 1.03%
Turkiye Is Bankasi AS
6.00%, 10/24/22b		1,100		1,201,750
Turkiye Vakiflar Bankasi Tao
6.00%, 11/01/22b		600		633,750
Yapi ve Kredi Bankasi AS
5.50%, 12/06/22b		800		827,000
				2,662,500
UKRAINE — 0.41%
Metinvest BV
8.75%, 02/14/18b		500		510,000
10.25%, 05/20/15b		500		533,750
				1,043,750
TOTAL CORPORATE BONDS & NOTES
(Cost: $68,041,521)				68,833,371

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND FUND

April 30, 2013

Security	Principal (000s)		Value
FOREIGN AGENCY OBLIGATIONSa — 9.57%
PHILIPPINES — 1.16%
Power Sector Assets & Liabilities Management Corp.
7.25%, 05/27/19b	$	860	$	1,085,750
7.39%, 12/02/24		1,400		1,907,500
				2,993,250
TURKEY — 0.51%
Export Credit Bank of Turkey
5.38%, 11/04/16b		1,000		1,085,000
5.88%, 04/24/19b		200		227,250
				1,312,250
UKRAINE — 0.56%
Naftogaz of Ukraine
9.50%, 09/30/14		1,000		1,037,100
Oschadbank
8.25%, 03/10/16		400		390,000
				1,427,100
VENEZUELA — 7.34%
Petroleos de Venezuela SA
4.90%, 10/28/14		2,200		2,120,800
5.00%, 10/28/15		2,150		1,983,375
5.25%, 04/12/17b		2,400		2,082,000
5.38%, 04/12/27b		2,320		1,624,000
5.50%, 04/12/37b		1,320		897,600
8.50%, 11/02/17		5,100		4,934,250
9.00%, 11/17/21		2,450		2,309,125
12.75%, 02/17/22		2,670		2,977,050
				18,928,200
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $24,159,665)				24,660,800
FOREIGN GOVERNMENT OBLIGATIONSa — 62.10%
ARGENTINA — 1.64%
Argentina (Republic of)
2.50%, 12/31/38e		4,740		1,576,050
8.28%, 12/31/33		3,460		2,029,180
8.75%, 06/02/17		790		620,150
				4,225,380
BELARUS — 0.66%
Belarus (Republic of)
8.75%, 08/03/15b		800		834,000

Security	Principal (000s)		Value
8.95%, 01/26/18b	$	800	$	868,000
				1,702,000
COSTA RICA — 0.47%
Costa Rica (Republic of)
4.25%, 01/26/23		1,200		1,218,000
				1,218,000
CROATIA — 2.29%
Croatia (Republic of)
6.25%, 04/27/17b		2,000		2,200,680
6.38%, 03/24/21b		1,300		1,469,000
6.63%, 07/14/20b		200		227,900
6.75%, 11/05/19b		1,750		2,000,845
				5,898,425
DOMINICAN REPUBLIC — 0.91%
Dominican Republic
7.50%, 05/06/21		1,400		1,607,900
9.04%, 01/23/18b		656		733,169
				2,341,069
ECUADOR — 0.24%
Ecuador (Republic of)
9.38%, 12/15/15b		600		630,000
				630,000
EGYPT — 0.49%
Egypt (Arab Republic of)
5.75%, 04/29/20b		1,100		1,017,500
6.88%, 04/30/40b		300		258,000
				1,275,500
EL SALVADOR — 1.54%
El Salvador (Republic of)
5.88%, 01/30/25		600		630,000
7.63%, 02/01/41		700		813,750
7.65%, 06/15/35b		985		1,145,063
7.75%, 01/24/23b		720		874,800
8.25%, 04/10/32b		400		500,000
				3,963,613
GUATEMALA — 0.46%
Guatemala (Republic of)
4.88%, 02/13/28		500		507,500
5.75%, 06/06/22		600		675,600
				1,183,100

20 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND FUND

April 30, 2013

Security	Principal (000s)		Value
HUNGARY — 3.99%
Hungary (Republic of)
4.13%, 02/19/18	$	500	$	505,000
4.75%, 02/03/15		1,395		1,433,362
5.38%, 02/21/23		2,000		2,061,960
6.25%, 01/29/20		1,700		1,889,125
6.38%, 03/29/21		2,800		3,132,640
7.63%, 03/29/41		1,082		1,269,998
				10,292,085
JAMAICA — 0.57%
Jamaica (Government of)
8.00%, 06/24/19		1,200		1,194,000
8.00%, 03/15/39		300		268,500
				1,462,500
LEBANON — 3.08%
Lebanon (Republic of)
4.75%, 11/02/16b		500		505,500
5.15%, 11/12/18b		1,750		1,741,250
6.00%, 05/20/19b		200		205,000
6.38%, 03/09/20		1,300		1,342,250
8.25%, 04/12/21b		1,100		1,248,500
8.50%, 08/06/15		250		273,562
8.50%, 01/19/16b		930		1,036,950
9.00%, 03/20/17		1,380		1,573,200
				7,926,212
MOROCCO — 0.56%
Morocco (Republic of)
4.25%, 12/11/22b		800		829,000
5.50%, 12/11/42b		600		624,000
				1,453,000
PAKISTAN — 0.40%
Pakistan (Islamic Republic of)
6.88%, 06/01/17b		800		748,000
7.13%, 03/31/16b		300		285,000
				1,033,000
PHILIPPINES — 9.23%
Philippines (Republic of the)
4.00%, 01/15/21		1,420		1,601,050
5.00%, 01/13/37		1,260		1,523,025
5.50%, 03/30/26		1,000		1,258,750
6.38%, 01/15/32		1,450		1,961,125
6.38%, 10/23/34		2,500		3,484,375

Security	Principal (000s)		Value
6.50%, 01/20/20	$	1,500	$	1,899,375
7.75%, 01/14/31		2,300		3,484,500
8.38%, 06/17/19		1,200		1,624,500
9.38%, 01/18/17		50		63,875
9.50%, 02/02/30		1,573		2,693,762
9.88%, 01/15/19		1,400		1,979,250
10.63%, 03/16/25		1,300		2,227,875
				23,801,462
ROMANIA — 1.49%
Romania (Republic of)
4.38%, 08/22/23b		1,100		1,138,445
6.75%, 02/07/22b		2,200		2,696,320
				3,834,765
SERBIA — 1.78%
Serbia (Republic of)
4.88%, 02/25/20b		1,000		1,030,000
5.25%, 11/21/17b		400		422,200
6.75%, 11/01/24 (Call 05/01/13)b,e		668		676,829
7.25%, 09/28/21b		2,100		2,451,750
				4,580,779
SRI LANKA — 1.20%
Sri Lanka (Democratic Socialist Republic of)
6.25%, 10/04/20		1,550		1,681,750
6.25%, 07/27/21		1,301		1,411,857
				3,093,607
TURKEY — 16.04%
Turkey (Republic of)
3.25%, 03/23/23		1,000		986,250
4.88%, 04/16/43		700		719,250
5.13%, 03/25/22		642		733,485
5.63%, 03/30/21		1,400		1,641,500
6.00%, 01/14/41		3,000		3,607,500
6.25%, 09/26/22		2,800		3,451,000
6.75%, 04/03/18		1,850		2,206,125
6.75%, 05/30/40		1,900		2,489,000
6.88%, 03/17/36		2,720		3,563,200
7.00%, 09/26/16		1,600		1,854,000
7.00%, 03/11/19		1,100		1,354,430
7.00%, 06/05/20		2,750		3,451,250
7.25%, 03/15/15		1,700		1,874,250
7.25%, 03/05/38		810		1,111,725

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND FUND

April 30, 2013

Security	Principal (000s)		Value
7.38%, 02/05/25		$3,320	$	4,432,200
7.50%, 07/14/17		2,320		2,798,500
7.50%, 11/07/19		750		956,250
8.00%, 02/14/34		1,563		2,274,165
11.88%, 01/15/30		960		1,828,320
				41,332,400
UKRAINE — 2.93%
Ukraine (Government of)
6.25%, 06/17/16b		1,200		1,173,000
6.58%, 11/21/16b		600		585,000
6.75%, 11/14/17b		1,100		1,083,500
7.75%, 09/23/20b		1,477		1,499,155
7.80%, 11/28/22b		1,800		1,793,070
7.95%, 02/23/21b		1,400		1,424,500
				7,558,225
VENEZUELA — 11.36%
Venezuela (Bolivarian Republic of)
5.75%, 02/26/16b		885		838,537
6.00%, 12/09/20b		680		571,200
7.00%, 12/01/18b		2,350		2,185,500
7.00%, 03/31/38b		250		198,750
7.65%, 04/21/25		1,650		1,429,725
7.75%, 10/13/19b		1,850		1,739,000
8.25%, 10/13/24b		2,150		1,938,225
8.50%, 10/08/14		990		1,009,800
9.00%, 05/07/23b		2,480		2,359,720
9.25%, 09/15/27		3,420		3,360,150
9.25%, 05/07/28b		2,700		2,582,550
9.38%, 01/13/34		1,010		971,115
11.75%, 10/21/26		2,500		2,728,750
11.95%, 08/05/31		3,670		4,042,505
12.75%, 08/23/22		2,400		2,739,600
13.63%, 08/15/18		500		575,000
				29,270,127
VIETNAM — 0.77%
Vietnam (Socialist Republic of)
6.75%, 01/29/20b		1,400		1,662,500
6.88%, 01/15/16b		300		332,250
				1,994,750
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $158,660,376)				160,069,999

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.46%
MONEY MARKET FUNDS — 0.46%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.01%f,g		1,177	$	1,177,187
				1,177,187
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,177,187)				1,177,187
TOTAL INVESTMENTS IN SECURITIES — 98.83%
(Cost: $252,038,749)				254,741,357
Other Assets, Less Liabilities — 1.17%				3,019,358
NET ASSETS — 100.00%			$	257,760,715

^a Investments are denominated in U.S. dollars.

^b  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^c  Variable rate security. Rate shown is as of report date.

^d  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^e  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^f  Affiliated issuer. See Note 2.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.

22 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND FUND

April 30, 2013

Security	Principal (000s)			Value
FOREIGN GOVERNMENT OBLIGATIONS — 96.73%
BRAZIL — 12.38%
Brazil (Federative Republic of)
0.00%, 01/01/14		BRL	47,063	$	22,332,708
0.00%, 04/01/14		BRL	16,243		7,559,495
0.00%, 01/01/15		BRL	60,386		26,384,348
0.00%, 01/01/17		BRL	3,500		1,277,046
8.50%, 01/05/24		BRL	500		278,695
9.76%, 01/01/21		BRL	39,086		20,162,334
10.00%, 01/01/23		BRL	1,352		691,991
12.50%, 01/05/16		BRL	2,069		1,223,602
					79,910,219
CHILE — 0.08%
Chile (Republic of)
5.50%, 08/05/20		CLP	237,000		531,956
					531,956
COLOMBIA — 4.12%
Colombia (Republic of)
7.50%, 08/26/26		COP	11,437,800		7,580,418
7.75%, 04/14/21		COP	496,000		339,725
9.25%, 05/14/14		COP	28,574,000		16,540,351
9.85%, 06/28/27		COP	2,418,000		2,054,706
12.00%, 10/22/15		COP	100,000		65,464
					26,580,664
CZECH REPUBLIC — 4.40%
Czech (Republic of)
2.75%, 03/31/14		CZK	12,760		667,379
2.80%, 09/16/13		CZK	143,910		7,426,797
4.20%, 12/04/36		CZK	27,000		1,681,017
4.60%, 08/18/18		CZK	184,170		11,187,749
5.70%, 05/25/24		CZK	104,180		7,415,506
					28,378,448
EGYPT — 1.57%
Egypt (Arab Republic of)
11.60%, 10/05/13		EGP	2,000		282,652
16.15%, 01/17/15		EGP	11,200		1,607,854
16.15%, 07/03/15		EGP	31,597		4,677,044
16.55%, 04/10/17		EGP	10,000		1,493,356
16.58%, 08/14/17		EGP	14,000		2,093,423
					10,154,329

Security	Principal (000s)			Value
HUNGARY — 3.26%
Hungary (Republic of)
5.50%, 02/12/14		HUF	479,000	$	2,125,144
5.50%, 02/12/16		HUF	2,517,100		11,357,768
6.00%, 11/24/23		HUF	306,200		1,413,857
6.50%, 06/24/19		HUF	471,850		2,228,243
7.00%, 06/24/22		HUF	230,000		1,127,322
7.50%, 11/12/20		HUF	76,500		382,910
7.75%, 08/24/15		HUF	516,680		2,438,062
					21,073,306
INDONESIA — 4.31%
Indonesia (Republic of)
6.63%, 05/15/33		IDR	6,000,000		631,165
9.50%, 06/15/15		IDR	3,096,000		350,452
9.50%, 07/15/31		IDR	126,811,000		17,415,595
10.00%, 07/15/17		IDR	68,963,000		8,469,344
10.00%, 09/15/24		IDR	3,168,000		437,000
11.00%, 09/15/25		IDR	3,420,000		502,027
					27,805,583
ISRAEL — 4.45%
Israel (State of)
3.50%, 09/30/13		ILS	22,951		6,453,176
4.25%, 03/31/23		ILS	9,724		2,876,118
4.50%, 01/30/15		ILS	1,000		292,592
5.50%, 01/31/42		ILS	3,582		1,078,686
6.00%, 02/28/19		ILS	54,708		18,056,522
					28,757,094
MALAYSIA — 4.39%
Malaysia (Federation of)
3.49%, 03/31/20		MYR	2,300		763,925
3.84%, 08/12/15		MYR	13,605		4,560,190
4.13%, 04/15/32		MYR	4,100		1,402,773
5.09%, 04/30/14		MYR	10,300		3,456,298
5.73%, 07/30/19		MYR	48,780		18,191,212
					28,374,398
MEXICO — 8.01%
United Mexican States
6.25%, 06/16/16		MXN	24,256		2,123,107
6.50%, 06/10/21		MXN	31,787		2,981,617
6.50%, 06/09/22		MXN	130,539		12,343,601
7.00%, 06/19/14		MXN	22,028		1,873,345
7.25%, 12/15/16		MXN	199,790		18,185,287

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND FUND

April 30, 2013

Security	Principal (000s)			Value
7.50%, 06/03/27		MXN	16,090	$	1,689,361
7.75%, 11/13/42		MXN	58,958		6,585,853
8.50%, 11/18/38		MXN	17,930		2,131,297
9.00%, 06/20/13		MXN	45,763		3,788,913
					51,702,381
NIGERIA — 0.51%
Nigeria (Federal Republic of)
4.00%, 04/23/15		NGN	596,000		3,268,570
					3,268,570
PERU — 0.78%
Peru (Republic of)
8.20%, 08/12/26		PEN	9,530		5,011,767
					5,011,767
PHILIPPINES — 4.11%
Philippines (Republic of the)
4.95%, 01/15/21		PHP	24,000		653,061
5.00%, 08/18/18		PHP	43,700		1,181,323
6.13%, 10/24/37		PHP	53,250		1,737,417
6.25%, 01/14/36		PHP	37,000		1,174,300
7.00%, 01/27/16		PHP	283,802		7,816,415
8.13%, 12/16/35		PHP	354,416		13,974,623
					26,537,139
POLAND — 4.48%
Poland (Republic of)
0.00%, 01/25/14		PLN	19,332		5,993,773
3.75%, 04/25/18		PLN	15,000		4,958,539
5.25%, 10/25/20		PLN	4,000		1,454,764
5.75%, 04/25/14		PLN	20,409		6,650,018
5.75%, 09/23/22		PLN	25,766		9,836,103
					28,893,197
ROMANIA — 1.15%
Romania (Republic of)
5.75%, 01/27/16		RON	16,000		4,983,809
5.85%, 07/28/14		RON	8,000		2,468,176
					7,451,985
RUSSIA — 4.40%
Russian Federation (The)
6.88%, 07/15/15		RUB	132,613		4,377,246
7.10%, 03/13/14		RUB	142,000		4,641,457
7.40%, 04/19/17		RUB	124,000		4,211,094
7.60%, 04/14/21		RUB	105,750		3,694,940
7.85%, 03/10/18a		RUB	155,000		5,403,537

Security	Principal (000s)			Value
8.15%, 02/03/27		RUB	166,840	$	6,097,035
					28,425,309
SOUTH AFRICA — 4.51%
South Africa (Republic of)
6.25%, 03/31/36		ZAR	25,112		2,397,891
6.50%, 02/28/41		ZAR	85,483		8,275,683
6.75%, 03/31/21		ZAR	9,900		1,150,540
8.25%, 09/15/17		ZAR	134,971		16,548,259
13.50%, 09/15/15		ZAR	5,900		776,254
					29,148,627
SOUTH KOREA — 20.97%
Korea (Republic of)
2.75%, 09/10/17		KRW	4,773,800		4,368,723
3.00%, 12/10/13		KRW	28,208,400		25,674,920
3.75%, 06/10/13		KRW	25,770,770		23,426,900
4.00%, 03/10/16		KRW	24,620,820		23,252,177
4.00%, 12/10/31		KRW	6,579,110		6,872,849
4.75%, 12/10/30		KRW	15,018,220		16,999,649
5.00%, 06/10/20		KRW	8,100,000		8,457,744
5.25%, 09/10/15		KRW	11,702,460		11,284,750
5.50%, 09/10/17		KRW	1,081,600		1,099,975
5.50%, 12/10/29		KRW	5,259,930		6,383,940
5.75%, 09/10/13		KRW	600,300		551,052
5.75%, 09/10/18		KRW	1,800,000		1,891,414
Korea Monetary Stabilization Bond
2.82%, 08/02/14		KRW	5,643,360		5,141,233
					135,405,326
THAILAND — 4.44%
Thailand (Kingdom of)
3.13%, 12/11/15		THB	381,656		13,093,076
3.58%, 12/17/27		THB	52,033		1,783,801
3.63%, 05/22/15		THB	52,879		1,829,938
5.67%, 03/13/28		THB	238,354		9,995,357
6.15%, 07/07/26		THB	45,029		1,947,462
					28,649,634
TURKEY — 4.41%
Turkey (Republic of)
6.30%, 02/14/18		TRY	3,700		2,107,934
7.50%, 09/24/14		TRY	5,355		3,079,174
8.50%, 09/14/22		TRY	2,084		1,343,860
9.00%, 03/05/14		TRY	750		431,570

24 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND FUND

April 30, 2013

Security	Principal or Shares (000s)			Value
9.00%, 01/27/16		TRY	35,419	$	21,496,941
					28,459,479
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $607,272,894)					624,519,411
SHORT-TERM INVESTMENTS — 0.21%
MONEY MARKET FUNDS — 0.21%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.01%b,c			1,350		1,350,129
					1,350,129
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,350,129)					1,350,129
TOTAL INVESTMENTS IN SECURITIES — 96.94%
(Cost: $608,623,023)					625,869,540
Other Assets, Less Liabilities — 3.06%					19,732,249
NET ASSETS —100.00%				$	645,601,789

BRL	—  Brazilian Real
CLP	—  Chilean Peso
COP	—  Colombian Peso
CZK	—  Czech Koruna
EGP	—  Egyptian Pound
HUF	—  Hungarian Forint
IDR	—  Indonesian Rupiah
ILS	—  Israeli Shekel
KRW	—  South Korean Won
MXN	—  Mexican Peso
MYR	—  Malaysian Ringgit
NGN	—  Nigerian Naira
PEN	—  Peru Nuevo
PHP	—  Philippine Peso
PLN	—  Polish Zloty
RON	—  Romanian Leu
RUB	—  New Russian Ruble
THB	—  Thai Baht
TRY	—  Turkish Lira
ZAR	—  South African Rand

^a  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^b  Affiliated issuer. See Note 2.

^c  The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
CORPORATE BONDS & NOTES — 96.06%
AUSTRALIA — 0.70%
Santos Finance Ltd.
8.25%, 09/22/70 (Call 09/22/17)a		EUR	200	$	303,559
					303,559
AUSTRIA — 0.31%
Telekom Austria AG
5.63%, 12/31/49 (Call 02/01/18)a,b		EUR	100		137,317
					137,317
CANADA — 4.42%
Air Canada
10.13%, 08/01/15 (Call 07/22/13)c		CAD	150		158,525
Armtec Holdings Ltd.
8.88%, 09/22/17 (Call 09/22/13)		CAD	13		10,376
Athabasca Oil Corp.
7.50%, 11/19/17 (Call 11/19/14)b		CAD	100		97,927
7.50%, 11/19/17 (Call 11/19/14)c		CAD	150		146,145
Bombardier Inc.
6.13%, 05/15/21b		EUR	200		285,836
Cascades Inc.
7.75%, 12/15/16 (Call 12/15/13)b		CAD	50		52,195
Connacher Oil and Gas Ltd.
8.75%, 08/01/18 (Call 08/01/15)c		CAD	100		62,519
Corus Entertainment Inc.
4.25%, 02/11/20b		CAD	100		97,927
Gateway Casinos & Entertainment Ltd.
8.88%, 11/15/17 (Call 11/15/13)c		CAD	100		106,997
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 07/25/17)c		CAD	25		26,097
Mattamy Group Corp.
6.88%, 11/15/20 (Call 11/15/15)c		CAD	50		49,212
Paramount Resources Ltd.
8.25%, 12/13/17 (Call 12/13/13)		CAD	150		153,965
Perpetual Energy Inc.
8.75%, 03/15/18 (Call 03/15/15)b		CAD	50		47,348
Postmedia Network Inc.
8.25%, 08/16/17 (Call 08/16/15)c		CAD	48		49,867
Quebecor Media Inc.
6.63%, 01/15/23c		CAD	100		104,141
7.38%, 01/15/21 (Call 01/15/16)		CAD	150		164,972

Security	Principal (000s)			Value
Tervita Corp.
9.00%, 11/15/18 (Call 11/15/15)c		CAD	25	$	25,867
Trident Exploration Corp.
8.25%, 04/13/18 (Call 04/13/15)		CAD	50		45,732
Vermilion Energy Inc.
6.50%, 02/10/16 (Call 02/10/14)		CAD	100		104,389
YPG Financing Inc.
9.25%, 11/30/18c		CAD	135		138,577
					1,928,614
FINLAND — 0.96%
Nokia OYJ
6.75%, 02/04/19		EUR	100		140,467
Stora Enso OYJ
5.00%, 03/19/18b		EUR	100		138,702
5.50%, 03/07/19b		EUR	100		140,981
					420,150
FRANCE — 14.94%
Alcatel-Lucent
6.38%, 04/07/14		EUR	100		137,482
8.50%, 01/15/16b		EUR	100		139,231
Cegedim SA
6.75%, 04/01/20 (Call 04/01/16)b		EUR	100		132,499
Cerba European Lab
7.00%, 02/01/20 (Call 02/01/16)b		EUR	100		134,982
Ciments Francais SA
4.75%, 04/04/17		EUR	100		138,037
CMA CGM SA
8.88%, 04/15/19 (Call 04/15/15)b		EUR	100		121,666
Crown European Holdings SA
7.13%, 08/15/18 (Call 08/15/14)b		EUR	100		143,253
Europcar Groupe SA
9.38%, 04/15/18b		EUR	100		128,929
Faurecia SA
9.38%, 12/15/16b		EUR	200		312,283
Financiere Atalian SA
7.25%, 01/15/20 (Call 01/15/17)b		EUR	100		137,155
Groupama SA
7.88%, 10/27/39 (Call 10/27/19)a		EUR	150		191,827
Labco SAS
8.50%, 01/15/18 (Call 01/15/14)b		EUR	125		176,377
Lafarge SA
4.25%, 03/23/16		EUR	150		210,036

26 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
5.38%, 06/26/17b		EUR	550	$	788,568
8.88%, 11/24/16		EUR	200		316,172
Medi-Partenaires SAS
7.00%, 05/15/20b		EUR	100		131,840
Nexans SA
5.75%, 05/02/17		EUR	100		141,731
PagesJaunes Finance & Co.
8.88%, 06/01/18 (Call 06/01/14)b		EUR	100		119,100
Peugeot SA
5.63%, 06/29/15		EUR	50		67,626
5.63%, 07/11/17		EUR	300		405,833
7.38%, 03/06/18b		EUR	200		276,099
8.38%, 07/15/14		EUR	150		208,353
Renault SA
4.63%, 09/18/17b		EUR	150		208,596
5.63%, 06/30/15		EUR	500		705,393
Rexel SA
5.13%, 06/15/20 (Call 06/15/16)b		EUR	100		140,739
Tereos Europe SA
6.38%, 04/15/14b		EUR	50		68,557
Tereos Finance Group I
4.25%, 03/04/20 (Call 03/04/19)		EUR	100		135,795
Wendel SA
4.38%, 08/09/17		EUR	150		207,498
4.88%, 11/04/14		EUR	50		69,023
4.88%, 09/21/15		EUR	100		139,994
4.88%, 05/26/16		EUR	100		140,506
6.75%, 04/20/18		EUR	100		151,212
					6,526,392
GERMANY — 11.79%
ATU Auto-Teile-Unger Handels GmbH & Co. KG
11.00%, 05/15/14b		EUR	100		127,116
Beverage Packaging Holdings (Luxembourg) II SA
9.50%, 06/15/17 (Call 07/22/13)b		EUR	150		204,682
Brenntag Finance BV
5.50%, 07/19/18b		EUR	100		151,771
Conti Gummi Finance BV
6.50%, 01/15/16b		EUR	150		207,648
Deutsche Lufthansa AG
6.50%, 07/07/16		EUR	100		151,454

Security	Principal (000s)			Value
Franz Haniel & Cie GmbH
6.25%, 02/08/18		EUR	100	$	151,420
7.13%, 02/01/17		EUR	150		229,187
Hapag-Lloyd AG
9.00%, 10/15/15 (Call 10/15/13)b		EUR	100		138,696
Heckler & Koch GmbH
9.50%, 05/15/18 (Call 05/15/14)b		EUR	100		123,188
Heidelberger Druckmaschinen AG
9.25%, 04/15/18 (Call 04/15/14)b		EUR	50		65,272
Kabel Deutschland Vertrieb und Service GmbH
6.50%, 06/29/18 (Call 06/30/14)b		EUR	200		282,448
Kinove German Bondco GmbH
10.00%, 06/15/18 (Call 06/15/14)b		EUR	90		134,558
KM Holdings
8.75%, 12/15/20b		EUR	100		144,932
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	100		150,271
Styrolution Group GmbH
7.63%, 05/15/16 (Call 05/15/13)b		EUR	125		173,898
Techem Energy Metering Service GmbH & Co. KG
7.88%, 10/01/20 (Call 10/01/16)b		EUR	100		143,181
ThyssenKrupp AG
4.00%, 08/27/18		EUR	200		271,949
4.38%, 03/18/15		EUR	100		138,023
4.38%, 02/28/17		EUR	250		347,772
ThyssenKrupp Finance Nederland BV
8.50%, 02/25/16		EUR	200		305,623
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.13%, 01/21/23 (Call 01/21/18)b		EUR	100		130,973
5.50%, 09/15/22 (Call 09/15/17)b		EUR	150		200,153
5.75%, 01/15/23 (Call 01/15/18)b		EUR	100		135,630
7.50%, 03/15/19 (Call 03/15/15)b		EUR	100		144,369
8.13%, 12/01/17 (Call 07/22/13)b		EUR	116		163,474
Unitymedia KabelBW GmbH
9.50%, 03/15/21 (Call 03/15/16)b		EUR	100		153,264
9.63%, 12/01/19 (Call 12/01/14)b		EUR	100		148,356
UPCB Finance Ltd.
7.63%, 01/15/20 (Call 01/15/15)b		EUR	150		215,559

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
UPCB Finance II Ltd.
6.38%, 07/01/20 (Call 07/01/15)b		EUR	150	$	212,691
					5,147,558
GREECE — 1.09%
OTE PLC
7.25%, 02/12/15b,d		EUR	350		474,822
					474,822
IRELAND — 3.23%
Allied Irish Banks PLC
5.63%, 11/12/14b		EUR	100		134,367
Ardagh Glass Finance PLC
7.13%, 06/15/17 (Call 06/15/13)b		EUR	150		202,964
Ardagh Packaging Finance PLC
7.38%, 10/15/17 (Call 10/15/14)b		EUR	250		357,544
9.25%, 10/15/20 (Call 10/15/15)b		EUR	100		145,094
Governor & Co. of the Bank of Ireland (The)
10.00%, 12/19/22b		EUR	100		146,782
Rottapharm Ltd.
6.13%, 11/15/19 (Call 11/15/15)b		EUR	100		135,580
Smurfit Kappa Acquisitions
7.75%, 11/15/19 (Call 11/15/14)b		EUR	200		290,312
					1,412,643
ITALY — 4.94%
Banca Monte dei Paschi di Siena SpA
4.88%, 05/31/16		EUR	150		178,973
5.00%, 04/21/20b		EUR	100		120,347
Banca Popolare di Milano Scarl
7.13%, 03/01/21b		EUR	100		135,762
Banca Popolare di Vicenza
6.75%, 02/27/15b		EUR	150		206,422
Banco Popolare
5.47%, 11/12/16		EUR	100		133,653
6.00%, 11/05/20b		EUR	250		330,970
Buzzi Unicem SpA
6.25%, 09/28/18b		EUR	100		144,617
Italcementi Finance SA
6.63%, 03/19/20d		EUR	150		212,048
Lottomatica Group SpA
8.25%, 03/31/66 (Call 03/31/16)a,b		EUR	150		215,059
Telecom Italia SpA
7.75%, 03/20/73 (Call 03/20/18)a		EUR	100		135,187

Security	Principal (000s)			Value
UniCredit SpA
6.70%, 06/05/18		EUR	100	$	139,750
Unipol Gruppo Finanziario SpA
5.00%, 01/11/17b		EUR	150		205,605
					2,158,393
LUXEMBOURG — 14.33%
ArcelorMittal SA
5.75%, 03/29/18b		EUR	100		142,800
5.88%, 11/17/17		EUR	200		284,990
Capsugel FinanceCo SCA
9.88%, 08/01/19 (Call 08/01/14)b		EUR	100		148,656
Clariant Finance Luxembourg SA
5.63%, 01/24/17		EUR	150		222,852
Codere Finance Luxembourg SA
8.25%, 06/15/15 (Call 06/15/13)b		EUR	100		105,013
ConvaTec Healthcare E SA
7.38%, 12/15/17 (Call 12/15/13)b		EUR	150		213,087
Fiat Finance & Trade SA
6.38%, 04/01/16b		EUR	550		778,852
6.88%, 02/13/15		EUR	150		211,334
7.75%, 10/17/16b		EUR	200		291,078
Fiat Industrial Finance Europe SA
5.25%, 03/11/15b		EUR	300		419,087
6.25%, 03/09/18b		EUR	150		225,105
FMC Finance VIII SA
6.50%, 09/15/18b		EUR	250		394,894
HeidelbergCement Finance Luxembourg SA
4.00%, 03/08/16b		EUR	250		346,772
Ineos Group Holdings SA
7.88%, 02/15/16 (Call 07/22/13)b		EUR	250		334,544
KION Finance SA
7.88%, 04/15/18 (Call 04/15/14)b		EUR	100		142,865
Numericable Finance & Co.
12.38%, 02/15/19 (Call 02/15/16)b		EUR	100		156,890
Ontex IV SA
7.50%, 04/15/18 (Call 04/15/14)b		EUR	100		141,069
Spie BondCo 3 SCA
11.00%, 08/15/19 (Call 08/15/15)b		EUR	100		148,685
Telenet Finance III Luxembourg SCA
6.63%, 02/15/21 (Call 02/15/16)b		EUR	100		140,039
Telenet Finance V Luxembourg SCA
6.25%, 08/15/22 (Call 08/15/17)b		EUR	100		136,042
6.75%, 08/15/24 (Call 08/15/18)b		EUR	100		139,860

28 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
Wind Acquisition Finance SA
7.38%, 02/15/18 (Call 11/15/13)b		EUR	200	$	278,604
11.75%, 07/15/17 (Call 07/15/13)b		EUR	400		564,605
Xefin Lux SCA
8.00%, 06/01/18 (Call 06/01/14)b		EUR	100		145,031
Zinc Capital SA
8.88%, 05/15/18 (Call 05/15/14)b		EUR	100		145,276
					6,258,030
NETHERLANDS — 12.45%
Conti-Gummi Finance BV
7.50%, 09/15/17 (Call 09/15/13)b		EUR	300		417,897
8.50%, 07/15/15 (Call 07/15/13)b		EUR	50		69,600
EDP Finance BV
5.75%, 09/21/17b		EUR	250		360,547
Fresenius Finance BV
2.88%, 07/15/20b		EUR	50		66,664
4.25%, 04/15/19b		EUR	150		216,066
GMAC International Finance BV
7.50%, 04/21/15b		EUR	250		358,786
Goodyear Dunlop Tires Europe BV
6.75%, 04/15/19 (Call 04/15/15)b		EUR	100		143,053
HeidelbergCement Finance BV
5.63%, 01/04/18		EUR	150		220,634
8.00%, 01/31/17b		EUR	500		785,712
Hertz Holdings Netherlands BV
8.50%, 07/31/15 (Call 07/31/13)b		EUR	100		139,759
Nokia Siemens Networks Finance BV
7.13%, 04/15/20 (Call 04/15/16)b		EUR	100		139,684
OI European Group BV
4.88%, 03/31/21b		EUR	100		139,091
6.75%, 09/15/20b		EUR	100		153,407
Phoenix PIB Finance BV
9.63%, 07/15/14b		EUR	125		179,220
Portugal Telecom International Finance BV
4.38%, 03/24/17		EUR	250		341,564
5.00%, 11/04/19		EUR	150		205,099
5.88%, 04/17/18b		EUR	140		199,050
Refresco Group BV
7.38%, 05/15/18 (Call 05/15/14)b		EUR	100		142,554
Schaeffler Finance BV
7.75%, 02/15/17b		EUR	250		376,832
SNS BANK NV
6.25%, 10/26/20e		EUR	50		—

Security	Principal (000s)			Value
UPC Holding BV
6.38%, 09/15/22 (Call 09/15/17)b		EUR	100	$	133,049
8.38%, 08/15/20 (Call 08/15/15)b		EUR	200		292,184
Ziggo Bond Co. BV
8.00%, 05/15/18 (Call 05/15/14)b		EUR	250		358,303
					5,438,755
NORWAY — 0.19%
Norske Skogindustrier ASA
7.00%, 06/26/17		EUR	100		83,900
					83,900
PORTUGAL — 6.36%
Banco Comercial Portugues SA
5.63%, 04/23/14		EUR	300		403,430
Banco Espirito Santo SA
3.88%, 01/21/15		EUR	150		197,963
4.75%, 01/15/18b		EUR	100		130,588
5.63%, 06/05/14		EUR	400		541,638
5.88%, 11/09/15b		EUR	100		136,837
Brisa Concessao Rodoviaria SA
4.50%, 12/05/16		EUR	100		133,336
6.88%, 04/02/18b		EUR	100		139,296
EDP Finance BV
3.25%, 03/16/15b		EUR	150		201,241
3.75%, 06/22/15		EUR	100		135,103
4.75%, 09/26/16		EUR	200		277,163
5.88%, 02/01/16b		EUR	250		354,658
Espirito Santo Financial Group SA
6.88%, 10/21/19		EUR	100		128,511
					2,779,764
SPAIN — 5.58%
Abengoa SA
9.63%, 02/25/15b		EUR	200		269,784
Banco de Sabadell SA
6.25%, 04/26/20		EUR	50		65,303
Bankia SA
4.38%, 02/14/17		EUR	100		123,798
Bankinter SA
6.38%, 09/11/19		EUR	50		66,318
BPE Financiaciones SA
4.00%, 07/17/15		EUR	200		267,132
Campofrio Food Group SA
8.25%, 10/31/16 (Call 10/31/13)b		EUR	125		174,894

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
Cirsa Funding Luxembourg SA
8.75%, 05/15/18 (Call 05/15/14)b		EUR	150	$	206,379
Inaer Aviation Finance Ltd.
9.50%, 08/01/17 (Call 08/01/13)b		EUR	100		133,117
Mapfre SA
5.13%, 11/16/15		EUR	300		418,078
Nara Cable Funding Ltd.
8.88%, 12/01/18 (Call 12/01/13)b		EUR	300		424,599
Obrascon Huarte Lain SA
7.38%, 04/28/15		EUR	100		142,882
8.75%, 03/15/18 (Call 03/15/15)		EUR	100		145,518
					2,437,802
SWEDEN — 0.51%
Verisure Holding AB
8.75%, 09/01/18 (Call 09/01/14)b		EUR	150		220,878
					220,878
SWITZERLAND — 0.65%
Sunrise Communications Holdings SA
8.50%, 12/31/18 (Call 12/31/14)b		EUR	200		285,836
					285,836
UNITED KINGDOM — 12.37%
Algeco Scotsman Global Finance PLC
9.00%, 10/15/18 (Call 10/15/15)b		EUR	100		137,841
Anglian Water Osprey Financing PLC
7.00%, 01/31/18		GBP	100		170,037
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 03/31/16)b		GBP	100		164,978
Aston Martin Capital Ltd.
9.25%, 07/15/18 (Call 07/15/14)c		GBP	100		162,255
Boparan Finance PLC
9.75%, 04/30/18 (Call 04/30/14)b		EUR	100		148,105
British Airways PLC
8.75%, 08/23/16		GBP	100		175,395
Co-Operative Group Ltd.
5.63%, 07/08/20d		GBP	100		163,237
EC Finance PLC
9.75%, 08/01/17 (Call 08/01/14)b		EUR	200		291,419
Gala Group Finance PLC
8.88%, 09/01/18 (Call 06/01/14)c		GBP	150		250,970
HBOS PLC
4.38%, 10/30/19 (Call 10/30/14)a		EUR	100		130,357
4.88%, 03/20/15		EUR	250		343,741

Security	Principal (000s)			Value
Heathrow Finance PLC
7.13%, 03/01/17		GBP	50	$	85,143
Ineos Finance PLC
9.25%, 05/15/15 (Call 05/15/13)b		EUR	150		207,223
Infinis PLC
7.00%, 02/15/19 (Call 02/15/16)c		GBP	100		158,364
Jaguar Land Rover Automotive PLC
8.13%, 05/15/18 (Call 05/15/14)c		GBP	125		214,005
8.25%, 03/15/20 (Call 03/15/16)c		GBP	100		176,068
Kerling PLC
10.63%, 02/01/17 (Call 02/01/14)b		EUR	150		204,849
Matalan Finance PLC
8.88%, 04/29/16 (Call 07/22/13)c		GBP	100		158,753
Odeon & UCI Finco PLC
9.00%, 08/01/18 (Call 08/01/14)c		GBP	100		168,147
OTE PLC
7.88%, 02/07/18b		EUR	150		210,532
Phones4u Finance PLC
9.50%, 04/01/18 (Call 04/01/14)c		GBP	100		163,033
Priory Group No. 3 PLC
7.00%, 02/15/18 (Call 02/15/14)c		GBP	125		207,682
R & R Ice Cream PLC
8.38%, 11/15/17 (Call 11/15/13)b		EUR	100		141,673
Rexam PLC
6.75%, 06/29/67 (Call 06/29/17)a,b		EUR	150		212,842
Royal Bank of Scotland Group PLC
4.63%, 09/22/21 (Call 09/22/16)a		EUR	150		187,905
Southern Water Greensands Financing PLC
8.50%, 04/15/19		GBP	100		170,037
Thomas Cook Group PLC
6.75%, 06/22/15		EUR	100		133,396
7.75%, 06/22/17		GBP	50		78,014
Virgin Media Finance PLC
5.13%, 02/15/22		GBP	100		157,152
Viridian Group
11.13%, 04/01/17b		EUR	100		142,717
William Hill PLC
7.13%, 11/11/16		GBP	50		87,547
					5,403,417

30 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal or Shares (000s)			Value
UNITED STATES — 1.24%
Allied Nevada Gold Corp.
8.75%, 06/01/19 (Call 06/01/16)c		CAD	75	$	68,972
Levi Strauss & Co.
7.75%, 05/15/18 (Call 05/15/14)		EUR	100		143,053
Lynnx I Corp.
6.00%, 04/15/21 (Call 04/15/17)c		GBP	100		163,422
Lynx II Corp.
7.00%, 04/15/23 (Call 04/15/18)b		GBP	100		164,051
					539,498
TOTAL CORPORATE BONDS & NOTES
(Cost: $40,181,885)					41,957,328
FOREIGN AGENCY OBLIGATIONS — 1.12%
DENMARK — 0.50%
DONG Energy A/S
7.75%, 06/01/49 (Call 06/01/21)a		EUR	150		216,982
					216,982
PORTUGAL — 0.62%
Caixa Geral de Depositos SA
5.13%, 02/19/14		EUR	100		134,094
5.63%, 12/04/15b		EUR	100		137,320
					271,414
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $491,459)					488,396
SHORT-TERM INVESTMENTS — 0.00%
MONEY MARKET FUNDS — 0.00%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.01%f,g			1		1,073
					1,073
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,073)					1,073

	Value
TOTAL INVESTMENTS IN SECURITIES — 97.18%
(Cost: $40,674,417)	$	42,446,797
Other Assets, Less Liabilities — 2.82%		1,228,840
NET ASSETS — 100.00%	$	43,675,637

CAD	—  Canadian Dollar
EUR	—  Euro
GBP	—  British Pound

^a  Variable rate security. Rate shown is as of report date.

^b  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^c  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^d  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^e  Security valued using Level 3 inputs in accordance with management’s fair valuation policy. See Note 1.

^f  Affiliated issuer. See Note 2.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
CORPORATE BONDS & NOTES — 97.47%
AUSTRALIA — 0.93%
FMG Resources (August 2006) Pty Ltd.
6.38%, 02/01/16 (Call 07/22/13)a,b		USD	100	$	103,518
6.88%, 02/01/18 (Call 02/01/14)a,b		USD	250		265,000
7.00%, 11/01/15 (Call 07/22/13)a,b		USD	100		104,500
Santos Finance Ltd.
8.25%, 09/22/70 (Call 09/22/17)c		EUR	50		75,890
					548,908
AUSTRIA — 0.23%
Telekom Austria AG
5.63%, 12/31/49 (Call 02/01/18)c,d		EUR	100		137,317
					137,317
CANADA — 3.04%
Air Canada
10.13%, 08/01/15 (Call 07/22/13)a		CAD	50		52,842
Armtec Holdings Ltd.
8.88%, 09/22/17 (Call 09/22/13)		CAD	6		4,789
Athabasca Oil Corp.
7.50%, 11/19/17 (Call 11/19/14)d		CAD	100		97,927
Bombardier Inc.
6.13%, 05/15/21d		EUR	100		142,918
6.13%, 01/15/23a		USD	100		108,250
7.75%, 03/15/20a		USD	150		176,062
Corus Entertainment Inc.
4.25%, 02/11/20d		CAD	50		48,963
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 07/25/17)a		CAD	50		52,195
Inmet Mining Corp.
8.75%, 06/01/20 (Call 06/01/16)a		USD	100		108,625
Kodiak Oil & Gas Corp.
8.13%, 12/01/19 (Call 12/01/15)		USD	50		56,845
Mattamy Group Corp.
6.88%, 11/15/20 (Call 11/15/15)a		CAD	50		49,212
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)a		USD	100		104,758
Novelis Inc.
8.75%, 12/15/20 (Call 12/15/15)		USD	150		169,597

Security	Principal (000s)			Value
Paramount Resources Ltd.
8.25%, 12/13/17 (Call 12/13/13)		CAD	50	$	51,322
Precision Drilling Corp.
6.63%, 11/15/20 (Call 11/15/15)		USD	100		107,514
Quebecor Media Inc.
7.38%, 01/15/21 (Call 01/15/16)		CAD	100		109,982
Telesat Canada/Telesat LLC
6.00%, 05/15/17 (Call 05/15/14)a		USD	50		53,077
Tervita Corp.
8.00%, 11/15/18 (Call 11/15/15)a		USD	100		104,250
9.00%, 11/15/18 (Call 11/15/15)a		CAD	25		25,867
Trident Exploration Corp.
8.25%, 04/13/18 (Call 04/13/15)		CAD	25		22,866
Videotron Ltee
5.00%, 07/15/22		USD	100		102,875
YPG Financing Inc.
9.25%, 11/30/18a		CAD	40		41,060
					1,791,796
CAYMAN ISLANDS — 1.44%
Offshore Group Investments Ltd.
7.13%, 04/01/23 (Call 04/01/18)a		USD	75		77,874
7.50%, 11/01/19 (Call 11/01/15)a		USD	50		53,778
Seagate HDD Cayman
7.00%, 11/01/21 (Call 05/01/16)		USD	100		109,690
7.75%, 12/15/18 (Call 12/15/14)		USD	100		110,227
UPCB Finance III Ltd.
6.63%, 07/01/20 (Call 07/01/15)a		USD	150		163,125
UPCB Finance V Ltd.
7.25%, 11/15/21 (Call 11/15/16)a		USD	300		334,500
					849,194
FINLAND — 0.47%
Nokia OYJ
6.75%, 02/04/19		EUR	100		140,467
Stora Enso OYJ
5.00%, 03/19/18d		EUR	100		138,702
					279,169
FRANCE — 3.61%
Alcatel-Lucent
8.50%, 01/15/16d		EUR	50		69,615
Credit Agricole SA
6.64%, 12/31/49 (Call 05/31/17)a,c		USD	100		95,250

32 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
Faurecia SA
9.38%, 12/15/16d		EUR	100	$	156,142
Groupama SA
7.88%, 10/27/39 (Call 10/27/19)c		EUR	50		63,942
Lafarge SA
4.25%, 03/23/16		EUR	50		70,012
5.38%, 06/26/17d		EUR	250		358,440
6.63%, 11/29/18		EUR	100		150,671
Medi-Partenaires SAS
7.00%, 05/15/20d		EUR	100		131,840
Nexans SA
5.75%, 05/02/17		EUR	50		70,865
Peugeot SA
5.63%, 06/29/15		EUR	75		101,439
5.63%, 07/11/17		EUR	50		67,639
7.38%, 03/06/18d		EUR	100		138,050
Renault SA
4.63%, 09/18/17d		EUR	50		69,532
5.63%, 06/30/15		EUR	150		211,618
Rexel SA
5.13%, 06/15/20 (Call 06/15/16)d		EUR	100		140,739
Societe Generale
5.92%, 12/31/49 (Call 04/05/17)a,c		USD	100		97,000
Wendel SA
4.38%, 08/09/17		EUR	100		138,332
					2,131,126
GERMANY — 3.50%
ATU Auto-Teile-Unger Handels GmbH & Co. KG
11.00%, 05/15/14d		EUR	100		127,116
Beverage Packaging Holdings (Luxembourg) II SA
9.50%, 06/15/17 (Call 07/22/13)d		EUR	100		136,454
Franz Haniel & Cie GmbH
7.13%, 02/01/17		EUR	100		152,792
Hapag-Lloyd AG
9.00%, 10/15/15 (Call 10/15/13)d		EUR	100		138,696
Heidelberger Druckmaschinen AG
9.25%, 04/15/18 (Call 04/15/14)d		EUR	50		65,272
Kabel Deutschland Vertrieb und Service GmbH
6.50%, 06/29/18 (Call 06/30/14)d		EUR	100		141,224

Security	Principal (000s)			Value
Kinove German Bondco GmbH
10.00%, 06/15/18 (Call 06/15/14)d		EUR	90	$	134,558
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	50		75,136
Styrolution Group GmbH
7.63%, 05/15/16 (Call 05/15/13)d		EUR	100		139,118
Techem Energy Metering Service GmbH & Co. KG
6.13%, 10/01/19 (Call 10/01/15)d		EUR	100		142,827
ThyssenKrupp AG
4.38%, 02/28/17		EUR	100		139,109
ThyssenKrupp Finance Nederland BV
8.50%, 02/25/16		EUR	75		114,608
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.50%, 09/15/22 (Call 09/15/17)d		EUR	100		133,435
5.75%, 01/15/23 (Call 01/15/18)d		EUR	100		135,630
7.50%, 03/15/19 (Call 03/15/15)d		EUR	100		144,369
UPCB Finance Ltd.
7.63%, 01/15/20 (Call 01/15/15)d		EUR	100		143,706
					2,064,050
GREECE — 0.34%
OTE PLC
4.63%, 05/20/16		EUR	50		64,217
7.25%, 02/12/15d,e		EUR	100		135,663
					199,880
IRELAND — 1.69%
Allied Irish Banks PLC
5.63%, 11/12/14d		EUR	100		134,367
Ardagh Packaging Finance PLC
7.38%, 10/15/17 (Call 10/15/14)d		EUR	150		214,527
9.13%, 10/15/20 (Call 10/15/15)a		USD	200		225,500
Nara Cable Funding Ltd.
8.88%, 12/01/18 (Call 12/01/13)a		USD	200		214,200
Rottapharm Ltd.
6.13%, 11/15/19 (Call 11/15/15)d		EUR	100		135,580
Smurfit Kappa Acquisitions
7.75%, 11/15/19 (Call 11/15/14)d		EUR	50		72,578
					996,752
ITALY — 1.60%
Banca Monte dei Paschi di Siena SpA
5.00%, 04/21/20d		EUR	100		120,347

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
Banca Popolare di Vicenza
6.75%, 02/27/15d		EUR	100	$	137,615
Banco Popolare
5.47%, 11/12/16		EUR	50		66,826
6.00%, 11/05/20d		EUR	50		66,194
Buzzi Unicem SpA
5.13%, 12/09/16d		EUR	50		70,201
Gruppo Editoriale L’Espresso SpA
5.13%, 10/27/14		EUR	50		67,956
Italcementi Finance SA
6.63%, 03/19/20e		EUR	50		70,683
Lottomatica Group SpA
8.25%, 03/31/66 (Call 03/31/16)c,d		EUR	50		71,686
UniCredit SpA
6.70%, 06/05/18		EUR	50		69,875
Unipol Gruppo Finanziario SpA
5.00%, 01/11/17d		EUR	50		68,535
Veneto Banca SCPA
4.00%, 07/31/15d		EUR	100		132,303
					942,221
LUXEMBOURG — 6.98%
ArcelorMittal SA
4.25%, 08/05/15		USD	150		155,855
5.88%, 11/17/17		EUR	100		142,495
6.00%, 03/01/21		USD	100		106,217
6.13%, 06/01/18		USD	300		328,090
10.35%, 06/01/19		USD	150		190,361
CHC Helicopter SA
9.25%, 10/15/20 (Call 10/15/15)		USD	100		107,000
Codere Finance Luxembourg SA
8.25%, 06/15/15 (Call 06/15/13)d		EUR	50		52,507
ConvaTec Healthcare E SA
7.38%, 12/15/17 (Call 12/15/13)d		EUR	100		142,058
Fiat Finance & Trade SA
6.38%, 04/01/16d		EUR	250		354,023
7.63%, 09/15/14		EUR	100		141,104
7.75%, 10/17/16d		EUR	100		145,539
Fiat Industrial Finance Europe SA
5.25%, 03/11/15d		EUR	100		139,695
FMC Finance VIII SA
5.25%, 07/31/19d		EUR	50		74,411

Security	Principal (000s)			Value
HeidelbergCement Finance Luxembourg SA
6.75%, 12/15/15d		EUR	100	$	147,661
8.50%, 10/31/19d		EUR	50		84,048
Ineos Group Holdings SA
7.88%, 02/15/16 (Call 07/22/13)d		EUR	50		66,909
8.50%, 02/15/16 (Call 05/15/13)a		USD	100		101,620
Intelsat (Luxembourg) SA
7.75%, 06/01/21 (Call 06/01/17)a		USD	100		105,750
11.25%, 02/04/17 (Call 06/12/13)		USD	110		117,150
Intelsat Jackson Holdings SA
6.63%, 12/15/22 (Call 12/15/17)a,b		USD	100		108,000
7.25%, 04/01/19 (Call 04/01/15)		USD	200		219,500
7.25%, 10/15/20 (Call 10/15/15)		USD	100		111,000
NII International Telecom Sarl
11.38%, 08/15/19 (Call 02/15/17)a		USD	50		57,750
Ontex IV SA
7.50%, 04/15/18 (Call 04/15/14)d		EUR	100		141,069
Spie BondCo 3 SCA
11.00%, 08/15/19 (Call 08/15/15)d		EUR	100		148,685
Telenet Finance V Luxembourg SCA
6.25%, 08/15/22 (Call 08/15/17)d		EUR	100		136,042
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
8.75%, 02/01/19 (Call 08/01/15)a		USD	75		75,094
Wind Acquisition Finance SA
7.25%, 02/15/18 (Call 11/15/13)a		USD	200		210,500
11.75%, 07/15/17 (Call 07/15/13)d		EUR	150		211,727
					4,121,860
MEXICO — 0.22%
NII Capital Corp.
7.63%, 04/01/21 (Call 04/01/16)		USD	100		88,500
10.00%, 08/15/16 (Call 08/15/13)		USD	40		41,200
					129,700
NETHERLANDS — 4.32%
Conti-Gummi Finance BV
7.50%, 09/15/17 (Call 09/15/13)d		EUR	100		139,299
EDP Finance BV
3.75%, 06/22/15		EUR	100		135,103
5.75%, 09/21/17d		EUR	150		216,328
Fresenius Finance BV
4.25%, 04/15/19d		EUR	100		144,044

34 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
GMAC International Finance BV
7.50%, 04/21/15d		EUR	50	$	71,757
HeidelbergCement Finance BV
8.00%, 01/31/17d		EUR	200		314,285
InterGen NV
9.00%, 06/30/17 (Call 07/15/13)a		USD	75		76,312
LyondellBasell Industries NV
6.00%, 11/15/21 (Call 08/17/21)		USD	200		242,680
Nokia Siemens Networks Finance BV
6.75%, 04/15/18 (Call 04/15/15)d		EUR	100		139,096
NXP BV/NXP Funding LLC
9.75%, 08/01/18 (Call 08/01/14)a		USD	100		113,332
OI European Group BV
6.75%, 09/15/20d		EUR	100		153,407
Portugal Telecom International Finance BV
4.38%, 03/24/17		EUR	50		68,313
5.00%, 11/04/19		EUR	100		136,732
Schaeffler Finance BV
4.75%, 05/15/21 (Call 05/15/16)a		USD	200		202,833
7.75%, 02/15/17d		EUR	100		150,733
Sensata Technologies BV
4.88%, 10/15/23a		USD	25		25,569
UPC Holding BV
8.38%, 08/15/20 (Call 08/15/15)d		EUR	50		73,046
Ziggo Bond Co. BV
8.00%, 05/15/18 (Call 05/15/14)d		EUR	100		143,321
					2,546,190
NORWAY — 0.07%
Norske Skogindustrier ASA
7.00%, 06/26/17		EUR	50		41,950
					41,950
PORTUGAL — 0.80%
Banco Comercial Portugues SA
5.63%, 04/23/14		EUR	100		134,477
Banco Espirito Santo SA
3.88%, 01/21/15		EUR	50		65,988
5.63%, 06/05/14		EUR	150		203,114
Brisa Concessao Rodoviaria SA
4.50%, 12/05/16		EUR	50		66,668
					470,247

Security	Principal (000s)			Value
SPAIN — 1.81%
Abengoa SA
9.63%, 02/25/15d		EUR	50	$	67,446
Bankia SA
4.38%, 02/14/17		EUR	100		123,798
BBVA International Preferred SAU
5.92%, 12/31/49 (Call 04/18/17)c		USD	50		46,813
BPE Financiaciones SA
4.00%, 07/17/15		EUR	100		133,566
Campofrio Food Group SA
8.25%, 10/31/16 (Call 10/31/13)d		EUR	100		139,915
Cirsa Funding Luxembourg SA
8.75%, 05/15/18 (Call 05/15/14)d		EUR	50		68,793
Inaer Aviation Finance Ltd.
9.50%, 08/01/17 (Call 08/01/13)d		EUR	50		66,559
Mapfre SA
5.13%, 11/16/15		EUR	100		139,359
Nara Cable Funding Ltd.
8.88%, 12/01/18 (Call 12/01/13)d		EUR	100		141,533
Obrascon Huarte Lain SA
7.38%, 04/28/15		EUR	100		142,882
					1,070,664
SWEDEN — 0.25%
Verisure Holding AB
8.75%, 09/01/18 (Call 09/01/14)d		EUR	100		147,252
					147,252
UNITED KINGDOM — 4.75%
Algeco Scotsman Global Finance PLC
9.00%, 10/15/18 (Call 10/15/15)d		EUR	100		137,841
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 03/31/16)d		GBP	100		164,978
British Airways PLC
8.75%, 08/23/16		GBP	50		87,697
CEVA Group PLC
8.38%, 12/01/17 (Call 12/01/13)a		USD	75		75,375
11.50%, 04/01/18 (Call 04/01/14)a		USD	100		63,500
Co-Operative Group Ltd.
5.63%, 07/08/20e		GBP	100		163,237
EC Finance PLC
9.75%, 08/01/17 (Call 08/01/14)d		EUR	100		145,710
HBOS PLC
4.88%, 03/20/15		EUR	100		137,497
6.75%, 05/21/18a		USD	100		111,150

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
Ineos Finance PLC
9.00%, 05/15/15 (Call 05/15/13)a		USD	100	$	104,709
9.25%, 05/15/15 (Call 05/15/13)d		EUR	50		69,074
Infinis PLC
7.00%, 02/15/19 (Call 02/15/16)a		GBP	100		158,364
Jaguar Land Rover Automotive PLC
8.13%, 05/15/21 (Call 05/15/16)a		USD	150		171,930
8.25%, 03/15/20 (Call 03/15/16)d		GBP	100		176,535
Kerling PLC
10.63%, 02/01/17 (Call 02/01/14)d		EUR	50		68,283
Phones4u Finance PLC
9.50%, 04/01/18 (Call 04/01/14)a		GBP	100		163,033
Priory Group No. 3 PLC
7.00%, 02/15/18 (Call 02/15/14)a		GBP	100		166,146
Rexam PLC
6.75%, 06/29/67 (Call 06/29/17)c,d		EUR	50		70,947
Royal Bank of Scotland Group PLC
4.63%, 09/22/21 (Call 09/22/16)c		EUR	100		125,270
5.05%, 01/08/15		USD	100		103,821
6.13%, 12/15/22		USD	150		161,283
Thomas Cook Group PLC
6.75%, 06/22/15		EUR	50		66,698
Virgin Media Finance PLC
8.38%, 10/15/19 (Call 10/15/14)		USD	100		112,503
					2,805,581
UNITED STATES — 61.42%
313 Group Inc.
6.38%, 12/01/19 (Call 12/01/15)a		USD	50		50,438
Access Midstream Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		USD	100		102,606
Advanced Micro Devices Inc.
7.50%, 08/15/22a		USD	50		47,900
8.13%, 12/15/17 (Call 12/15/13)b		USD	100		103,896
AES Corp. (The)
8.00%, 10/15/17		USD	250		298,452
Aircastle Ltd.
6.25%, 12/01/19		USD	50		55,625
Alere Inc.
7.25%, 07/01/18 (Call 12/15/15)a		USD	50		54,125
8.63%, 10/01/18 (Call 10/01/14)		USD	50		53,750
Aleris International Inc.
7.88%, 11/01/20 (Call 11/01/15)		USD	50		54,000

Security	Principal (000s)			Value
Ally Financial Inc.
4.63%, 06/26/15		USD	100	$	105,666
5.50%, 02/15/17		USD	100		109,419
6.25%, 12/01/17		USD	100		113,500
6.75%, 12/01/14		USD	100		107,500
8.00%, 03/15/20		USD	250		316,406
8.30%, 02/12/15		USD	100		110,876
Alpha Natural Resources Inc.
6.00%, 06/01/19 (Call 06/01/14)		USD	100		93,502
AMC Entertainment Inc.
9.75%, 12/01/20 (Call 12/01/15)		USD	100		116,162
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)b		USD	100		102,764
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 03/15/16)		USD	50		52,813
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/20 (Call 05/20/16)		USD	100		110,690
7.00%, 05/20/22 (Call 05/20/17)		USD	100		111,611
Ameristar Casinos Inc.
7.50%, 04/15/21 (Call 04/15/15)		USD	100		111,250
Antero Resources Finance Corp.
7.25%, 08/01/19 (Call 08/01/14)		USD	50		54,288
Arch Coal Inc.
7.00%, 06/15/19 (Call 06/15/15)b		USD	200		185,677
Ashland Inc.
4.75%, 08/15/22a		USD	50		52,365
Avaya Inc.
7.00%, 04/01/19 (Call 04/01/15)a		USD	50		47,500
10.50%, 03/01/21 (Call 03/01/17)a		USD	100		91,750
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
8.25%, 01/15/19 (Call 10/15/14)		USD	100		111,293
Axiall Corp.
4.88%, 05/15/23 (Call 05/15/18)a		USD	50		52,313
B/E Aerospace Inc.
6.88%, 10/01/20 (Call 10/01/15)		USD	100		112,250
Ball Corp.
5.75%, 05/15/21 (Call 11/15/15)		USD	100		109,000
Berry Plastics Corp.
9.50%, 05/15/18 (Call 05/15/14)		USD	100		111,150
Bill Barrett Corp.
7.00%, 10/15/22 (Call 10/15/17)		USD	100		106,963

36 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
Biomet Inc.
6.50%, 08/01/20 (Call 08/01/15)a		USD	50	$	54,125
6.50%, 10/01/20 (Call 10/01/15)a,b		USD	50		52,250
Boyd Gaming Corp.
9.13%, 12/01/18 (Call 12/01/14)		USD	25		27,748
Building Materials Corp. of America
6.75%, 05/01/21 (Call 05/01/16)a		USD	100		110,669
Cablevision Systems Corp.
7.75%, 04/15/18		USD	150		170,812
Caesars Entertainment Operating Co. Inc.
9.00%, 02/15/20 (Call 02/15/16)a			300		295,500
12.75%, 04/15/18 (Call 04/15/14)		USD	50		35,783
Calpine Corp.
7.50%, 02/15/21 (Call 11/01/15)a		USD	315		355,950
Case New Holland Inc.
7.88%, 12/01/17		USD	100		118,875
CBRE Services Inc.
5.00%, 03/15/23 (Call 03/15/18)		USD	50		51,190
CC Holdings GS V LLC
3.85%, 04/15/23a		USD	100		103,019
CCO Holdings LLC/CCO Holdings Capital Corp.
5.25%, 09/30/22 (Call 09/30/17)		USD	100		101,875
5.75%, 09/01/23a		USD	75		77,812
5.75%, 01/15/24 (Call 07/15/18)		USD	50		52,063
6.50%, 04/30/21 (Call 04/30/15)		USD	150		162,750
7.00%, 01/15/19 (Call 01/15/14)		USD	100		108,625
7.88%, 04/30/18 (Call 06/03/13)		USD	150		159,562
CDW LLC/CDW Finance Corp.
8.50%, 04/01/19 (Call 04/01/15)		USD	100		112,000
Celanese U.S. Holdings LLC
6.63%, 10/15/18 (Call 10/15/14)		USD	100		109,280
Cengage Learning Acquisitions Inc.
11.50%, 04/15/20 (Call 04/15/16)a,b		USD	50		39,250
12.00%, 06/30/19 (Call 06/30/15)a		USD	50		9,875
CenturyLink Inc.
Series V
5.63%, 04/01/20		USD	100		106,500
6.45%, 06/15/21		USD	150		166,125
Cequel Communications Holdings I LLC/Cequel Capital Corp.
6.38%, 09/15/20 (Call 09/15/15)a		USD	100		106,000

Security	Principal (000s)			Value
Ceridian Corp.
11.25%, 11/15/15 (Call 07/22/13)		USD	100	$	103,500
Chaparral Energy Inc.
7.63%, 11/15/22 (Call 04/15/17)		USD	100		109,708
Chesapeake Energy Corp.
3.25%, 03/15/16 (Call 03/15/14)		USD	50		50,713
5.75%, 03/15/23		USD	100		108,503
6.63%, 08/15/20b		USD	200		225,610
6.78%, 03/15/19 (Call 05/13/13)b		USD	100		104,166
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance Inc.
6.63%, 11/15/19 (Call 11/15/15)a,b		USD	50		51,184
Chrysler Group LLC/CG Co-Issuer Inc.
8.00%, 06/15/19 (Call 06/15/15)b		USD	200		225,032
Cincinnati Bell Inc.
8.38%, 10/15/20 (Call 10/15/15)b		USD	81		87,277
Cinemark USA Inc.
5.13%, 12/15/22 (Call 12/15/17)a		USD	50		51,621
CIT Group Inc.
4.25%, 08/15/17		USD	150		159,717
4.75%, 02/15/15a		USD	100		105,250
5.00%, 05/15/17		USD	100		109,250
5.25%, 03/15/18		USD	150		166,137
5.38%, 05/15/20b		USD	75		84,750
5.50%, 02/15/19a		USD	150		169,478
CityCenter Holdings LLC/CityCenter Finance Corp.
7.63%, 01/15/16 (Call 01/15/14)		USD	100		107,250
Claire’s Stores Inc.
9.00%, 03/15/19 (Call 03/15/15)a		USD	100		114,625
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/16)a,b		USD	100		104,750
5.25%, 08/01/20 (Call 08/01/16)		USD	100		105,750
Clear Channel Communications Inc.
9.00%, 12/15/19 (Call 07/15/15)a		USD	125		125,469
9.00%, 03/01/21 (Call 03/01/16)		USD	100		97,750
10.75%, 08/01/16 (Call 07/22/13)		USD	50		42,875
11.25%, 03/01/21 (Call 03/01/16)a		USD	25		26,632
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)a		USD	150		162,375

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
Series B
7.63%, 03/15/20 (Call 03/15/15)		USD	125	$	134,375
Clearwire Communications LLC/Clearwire Finance Inc.
12.00%, 12/01/15 (Call 07/22/13)a		USD	150		160,125
Commercial Metals Co.
7.35%, 08/15/18		USD	100		110,938
CommScope Inc.
8.25%, 01/15/19 (Call 01/15/15)a		USD	100		109,000
Community Health Systems Inc.
7.13%, 07/15/20 (Call 07/15/16)		USD	100		111,750
8.00%, 11/15/19 (Call 11/15/15)		USD	100		113,375
Concho Resources Inc.
6.50%, 01/15/22 (Call 01/15/17)		USD	100		110,697
CONSOL Energy Inc.
8.00%, 04/01/17 (Call 04/01/14)		USD	150		162,193
Constellation Brands Inc.
7.25%, 05/15/17		USD	100		116,625
Continental Resources Inc.
4.50%, 04/15/23 (Call 01/15/23)a		USD	25		26,509
5.00%, 09/15/22 (Call 03/15/17)b		USD	100		109,120
Cricket Communications Inc.
7.75%, 10/15/20 (Call 10/15/15)		USD	100		101,375
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23a		USD	100		100,998
Crown Castle International Corp.
5.25%, 01/15/23		USD	100		104,750
CSC Holdings LLC
6.75%, 11/15/21		USD	100		114,250
DaVita HealthCare Partners Inc.
5.75%, 08/15/22 (Call 08/15/17)		USD	50		53,375
6.38%, 11/01/18 (Call 11/01/13)		USD	100		106,750
Dean Foods Co.
7.00%, 06/01/16b		USD	100		113,375
Del Monte Corp.
7.63%, 02/15/19 (Call 02/15/14)		USD	100		106,250
Delphi Corp.
6.13%, 05/15/21 (Call 05/15/16)		USD	100		112,000
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		USD	100		100,878
8.25%, 02/15/20 (Call 02/15/15)		USD	100		112,886
DISH DBS Corp.
4.63%, 07/15/17		USD	100		101,704

Security	Principal (000s)			Value
5.88%, 07/15/22		USD	150	$	153,253
6.75%, 06/01/21		USD	150		162,058
7.75%, 05/31/15		USD	150		165,675
7.88%, 09/01/19		USD	150		170,984
DJO Finance LLC/DJO Finance Corp.
9.88%, 04/15/18 (Call 04/15/15)		USD	50		55,000
DPL Inc.
7.25%, 10/15/21 (Call 07/15/21)		USD	100		106,630
DR Horton Inc.
3.63%, 02/15/18 (Call 11/15/17)		USD	100		102,250
E*TRADE Financial Corp.
6.00%, 11/15/17 (Call 11/15/14)b		USD	100		106,000
Eagle Spinco Inc.
4.63%, 02/15/21 (Call 02/15/18)a		USD	100		105,125
El Paso Corp.
7.00%, 06/15/17		USD	100		114,749
Endo Health Solutions Inc.
7.00%, 07/15/19 (Call 07/15/15)		USD	100		109,500
Energy Future Intermediate Holding Co. LLC/EFIH Finance Inc.
10.00%, 12/01/20 (Call 12/01/15)a		USD	250		283,437
11.75%, 03/01/22 (Call 03/01/17)a,b		USD	100		114,375
Energy Transfer Equity LP
7.50%, 10/15/20		USD	150		175,500
Energy XXI Gulf Coast Inc.
9.25%, 12/15/17 (Call 12/15/14)		USD	100		112,735
EP Energy LLC/EP Energy Finance Inc.
9.38%, 05/01/20 (Call 05/01/16)		USD	100		116,410
EP Energy LLC/Everest Acquisition Finance Inc.
6.88%, 05/01/19 (Call 05/01/15)		USD	100		109,255
Equinix Inc.
4.88%, 04/01/20		USD	25		26,135
7.00%, 07/15/21 (Call 07/15/16)		USD	100		113,595
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)a		USD	50		51,382
First Data Corp.
7.38%, 06/15/19 (Call 06/15/15)a		USD	150		162,750
8.25%, 01/15/21 (Call 01/15/16)a		USD	100		106,448
8.88%, 08/15/20 (Call 08/15/15)a,b		USD	150		169,954
11.25%, 03/31/16 (Call 07/22/13)b		USD	150		152,625
11.25%, 01/15/21 (Call 01/15/16)a		USD	50		52,103

38 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
12.63%, 01/15/21 (Call 01/15/16)b		USD	200	$	217,268
Forest Oil Corp.
7.25%, 06/15/19 (Call 07/22/13)		USD	50		50,565
Freescale Semiconductor Inc.
9.25%, 04/15/18 (Call 04/15/14)a		USD	200		219,605
10.75%, 08/01/20 (Call 08/01/15)		USD	50		56,986
Fresenius Medical Care US Finance II Inc.
5.63%, 07/31/19a		USD	200		222,500
Frontier Communications Corp.
8.25%, 04/15/17		USD	200		234,500
8.50%, 04/15/20b		USD	100		115,250
8.75%, 04/15/22		USD	50		56,375
General Motors Financial Co. Inc.
4.75%, 08/15/17a		USD	100		105,375
GenOn Energy Inc.
9.50%, 10/15/18b		USD	100		118,788
9.88%, 10/15/20 (Call 10/15/15)		USD	100		115,295
Goodyear Tire & Rubber Co. (The)
6.50%, 03/01/21 (Call 03/01/16)		USD	100		104,750
8.25%, 08/15/20 (Call 08/15/15)		USD	100		111,750
Grifols Inc.
8.25%, 02/01/18 (Call 02/01/14)		USD	100		110,000
Halcon Resources Corp.
8.88%, 05/15/21 (Call 11/15/16)a		USD	75		80,001
9.75%, 07/15/20 (Call 07/15/16)a		USD	50		54,430
Hanesbrands Inc.
6.38%, 12/15/20 (Call 12/15/15)		USD	100		110,250
Harbinger Group Inc.
7.88%, 07/15/19 (Call 01/15/16)a		USD	50		53,500
Harrah’s Operating Co. Inc.
10.00%, 12/15/18 (Call 12/15/13)		USD	200		122,500
10.75%, 02/01/16 (Call 07/22/13)		USD	25		22,250
11.25%, 06/01/17 (Call 06/01/13)		USD	150		158,625
Hawk Acquisition Sub Inc.
4.25%, 10/15/20 (Call 04/15/15)a		USD	200		202,250
HCA Holdings Inc.
7.75%, 05/15/21 (Call 11/15/15)		USD	100		113,250
HCA Inc.
5.88%, 03/15/22		USD	100		111,375
5.88%, 05/01/23b		USD	100		109,000
6.50%, 02/15/16		USD	100		111,250
6.50%, 02/15/20		USD	400		462,500
7.50%, 02/15/22		USD	100		120,000

Security	Principal (000s)			Value
8.50%, 04/15/19 (Call 04/15/14)		USD	150	$	165,750
HD Supply Inc.
7.50%, 07/15/20 (Call 10/15/16)a		USD	50		54,125
10.50%, 01/15/21 (Call 01/15/16)		USD	25		26,219
11.00%, 04/15/20 (Call 04/15/16)		USD	100		122,500
11.50%, 07/15/20 (Call 10/15/16)		USD	50		59,750
Health Management Associates Inc.
7.38%, 01/15/20 (Call 01/15/16)		USD	100		110,875
Hertz Corp. (The)
6.75%, 04/15/19 (Call 04/15/15)		USD	150		166,236
Hexion U.S. Finance Corp.
6.63%, 04/15/20 (Call 04/15/15)a		USD	75		78,094
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 11/15/15)b		USD	100		103,762
Hughes Satellite Systems Corp.
7.63%, 06/15/21		USD	100		114,250
Huntington Ingalls Industries Inc.
7.13%, 03/15/21 (Call 03/15/16)		USD	50		55,455
Huntsman International LLC
8.63%, 03/15/21 (Call 09/15/15)		USD	100		114,750
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
7.75%, 01/15/16 (Call 07/08/13)		USD	100		104,250
8.00%, 01/15/18 (Call 01/15/14)		USD	100		107,500
IMS Health Inc.
6.00%, 11/01/20 (Call 11/01/15)a		USD	150		159,750
Infor US Inc.
9.38%, 04/01/19 (Call 04/01/15)		USD	100		113,928
International Lease Finance Corp.
4.88%, 04/01/15		USD	200		210,117
5.75%, 05/15/16		USD	100		109,108
5.88%, 08/15/22b		USD	100		110,750
8.25%, 12/15/20		USD	200		250,115
8.63%, 09/15/15		USD	100		114,247
8.75%, 03/15/17		USD	200		239,790
inVentiv Health Inc.
9.00%, 01/15/18 (Call 01/15/16)a		USD	25		26,500
11.00%, 08/15/18 (Call 08/15/14)a		USD	25		21,875
Iron Mountain Inc.
7.75%, 10/01/19 (Call 10/01/15)		USD	100		112,967
Jarden Corp.
7.50%, 05/01/17		USD	50		57,127

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
JC Penney Corp. Inc.
5.65%, 06/01/20b		USD	75	$	64,312
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18a		USD	100		110,593
Kinetic Concepts Inc. / KCI USA Inc.
10.50%, 11/01/18 (Call 11/01/15)		USD	100		112,500
12.50%, 11/01/19 (Call 11/01/15)b		USD	50		53,563
L Brands Inc.
6.63%, 04/01/21b		USD	100		115,250
6.90%, 07/15/17		USD	100		115,000
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)		USD	50		50,894
Laureate Education Inc.
9.25%, 09/01/19 (Call 09/01/15)a		USD	50		56,375
Lear Corp.
4.75%, 01/15/23 (Call 01/15/18)a		USD	25		25,010
Lennar Corp.
4.75%, 12/15/17 (Call 09/15/17)		USD	100		105,750
Level 3 Financing Inc.
8.13%, 07/01/19 (Call 07/01/15)		USD	200		221,000
Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/19 (Call 11/01/15)a		USD	200		208,174
8.63%, 04/15/20 (Call 04/15/15)		USD	100		111,875
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.50%, 07/15/23 (Call 04/15/23)		USD	100		104,453
6.75%, 11/01/20 (Call 11/01/15)		USD	150		165,750
Masco Corp.
6.13%, 10/03/16		USD	150		168,750
McClatchy Co. (The)
9.00%, 12/15/22 (Call 12/15/17)a		USD	100		110,424
MetroPCS Wireless Inc.
6.63%, 11/15/20 (Call 11/15/15)		USD	100		108,500
6.63%, 04/01/23 (Call 04/01/18)a		USD	200		215,000
7.88%, 09/01/18 (Call 09/01/14)		USD	100		110,125
MGM Resorts International
6.63%, 12/15/21		USD	175		189,851
7.50%, 06/01/16b		USD	100		112,524
8.63%, 02/01/19b		USD	150		177,747
Momentive Performance Materials Inc.
8.88%, 10/15/20 (Call 10/15/15)		USD	50		54,356
9.00%, 01/15/21 (Call 01/15/16)b		USD	75		64,500

Security	Principal (000s)			Value
Nationstar Mortgage LLC/Nationstar Capital Corp.
7.88%, 10/01/20 (Call 10/01/16)a		USD	100	$	112,250
NCR Corp.
5.00%, 07/15/22 (Call 07/15/17)a		USD	50		50,500
Newfield Exploration Co.
5.75%, 01/30/22		USD	100		109,893
6.88%, 02/01/20 (Call 02/01/15)		USD	100		108,740
NGPL PipeCo LLC
9.63%, 06/01/19 (Call 06/01/15)a		USD	100		110,032
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 10/01/16)a,b		USD	50		50,973
7.75%, 10/15/18 (Call 10/15/14)		USD	75		83,658
NRG Energy Inc.
7.63%, 05/15/19 (Call 05/15/14)		USD	250		271,132
7.88%, 05/15/21 (Call 05/15/16)		USD	100		113,126
8.25%, 09/01/20 (Call 09/01/15)		USD	50		56,925
Nuance Communications Inc.
5.38%, 08/15/20 (Call 08/15/16)a		USD	50		51,517
Nuveen Investments Inc.
9.13%, 10/15/17 (Call 10/15/14)a		USD	50		53,125
9.50%, 10/15/20 (Call 10/15/16)a		USD	50		53,750
Oasis Petroleum Inc.
7.25%, 02/01/19 (Call 02/01/15)		USD	100		108,659
Peabody Energy Corp.
6.00%, 11/15/18		USD	150		161,582
6.25%, 11/15/21b		USD	100		106,467
Penn Virginia Corp.
8.50%, 05/01/20 (Call 05/01/17)a		USD	50		50,500
Petco Animal Supplies Inc.
9.25%, 12/01/18 (Call 12/01/13)a		USD	50		55,250
Plains Exploration & Production Co.
6.13%, 06/15/19 (Call 06/15/16)		USD	150		166,314
6.63%, 05/01/21 (Call 05/01/16)		USD	100		111,697
6.88%, 02/15/23 (Call 02/15/18)		USD	100		113,971
Post Holdings Inc.
7.38%, 02/15/22 (Call 02/15/17)		USD	50		55,562
Puget Energy Inc.
6.50%, 12/15/20		USD	100		117,454
PVH Corp.
7.38%, 05/15/20 (Call 05/15/15)		USD	100		112,250

40 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
QEP Resources Inc.
5.38%, 10/01/22 (Call 07/01/22)		USD	100	$	106,497
Quicksilver Resources Inc.
8.25%, 08/01/15 (Call 07/22/13)		USD	100		102,190
QVC Inc.
5.13%, 07/02/22		USD	100		107,091
7.50%, 10/01/19 (Call 10/01/14)a		USD	100		110,500
R.R. Donnelley & Sons Co.
8.25%, 03/15/19		USD	100		111,500
Range Resources Corp.
5.00%, 08/15/22 (Call 02/15/17)		USD	100		106,872
RBS Global Inc./Rexnord LLC
8.50%, 05/01/18 (Call 05/01/14)		USD	100		109,429
Realogy Corp.
7.88%, 02/15/19 (Call 02/15/15)a		USD	100		111,537
Regency Energy Partners LP/Regency Energy Finance Corp.
5.50%, 04/15/23 (Call 10/15/17)		USD	50		54,869
6.88%, 12/01/18 (Call 12/01/14)		USD	100		109,484
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 10/15/15)		USD	300		313,875
7.13%, 04/15/19 (Call 10/15/14)		USD	350		377,125
9.00%, 04/15/19 (Call 10/15/14)		USD	100		108,000
9.88%, 08/15/19 (Call 08/15/15)		USD	150		168,000
Rite Aid Corp.
9.25%, 03/15/20 (Call 03/15/16)		USD	50		58,149
9.50%, 06/15/17 (Call 07/22/13)		USD	150		156,562
Rockies Express Pipeline LLC
5.63%, 04/15/20a		USD	75		70,431
6.85%, 07/15/18a		USD	50		51,444
Rockwood Specialties Group Inc.
4.63%, 10/15/20 (Call 10/15/15)		USD	100		105,500
Sabine Pass Liquefaction LLC
5.63%, 02/01/21a		USD	100		104,000
5.63%, 04/15/23a		USD	100		102,688
Sabine Pass LNG LP
7.50%, 11/30/16		USD	100		112,346
Sabre Inc.
8.50%, 05/15/19 (Call 05/15/15)a		USD	100		111,000
Sally Holdings LLC/Sally Capital Inc.
6.88%, 11/15/19 (Call 11/15/15)		USD	150		168,000
Samson Investment Co.
9.75%, 02/15/20 (Call 02/15/16)a		USD	150		158,716

Security	Principal (000s)			Value
SandRidge Energy Inc.
7.50%, 03/15/21 (Call 03/15/16)		USD	100	$	104,221
8.13%, 10/15/22 (Call 04/15/17)		USD	100		106,532
SBA Communications Corp.
5.63%, 10/01/19 (Call 10/01/16)a		USD	50		52,563
Sealed Air Corp.
8.13%, 09/15/19 (Call 09/15/15)a		USD	100		114,500
Sears Holdings Corp.
6.63%, 10/15/18b		USD	100		99,100
ServiceMaster Co.
8.00%, 02/15/20 (Call 02/15/15)		USD	50		53,805
SESI LLC
6.38%, 05/01/19 (Call 05/01/15)		USD	100		108,427
Sinclair Television Group
6.13%, 10/01/22 (Call 10/01/17)a		USD	100		105,745
Smithfield Foods Inc.
6.63%, 08/15/22 (Call 08/15/17)		USD	100		111,000
Spectrum Brands Escrow Corp.
6.38%, 11/15/20 (Call 11/15/16)a		USD	100		109,250
Springleaf Finance Corp.
Series I
5.40%, 12/01/15		USD	50		52,125
6.90%, 12/15/17		USD	150		156,000
Sprint Nextel Corp.
6.00%, 11/15/22b		USD	200		208,000
7.00%, 08/15/20		USD	50		54,625
8.38%, 08/15/17		USD	150		174,750
9.00%, 11/15/18a,b		USD	150		184,500
9.13%, 03/01/17		USD	150		177,000
11.50%, 11/15/21		USD	100		138,500
Standard Pacific Corp.
8.38%, 05/15/18		USD	100		118,000
Suburban Propane Partners LP/Suburban Energy Finance Corp.
7.50%, 10/01/18 (Call 10/01/14)		USD	84		91,343
SunGard Data Systems Inc.
6.63%, 11/01/19 (Call 11/01/15)a		USD	50		53,228
7.38%, 11/15/18 (Call 11/15/13)		USD	100		108,048
SUPERVALU Inc.
8.00%, 05/01/16		USD	50		54,750
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.88%, 02/01/21 (Call 02/01/16)		USD	100		110,938

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Principal (000s)			Value
Tenet Healthcare Corp.
4.50%, 04/01/21a		USD	100	$	102,500
6.25%, 11/01/18b		USD	100		112,250
8.88%, 07/01/19 (Call 07/01/14)		USD	150		168,562
Terex Corp.
6.00%, 05/15/21 (Call 11/15/16)b		USD	100		107,000
Tesoro Corp.
5.38%, 10/01/22 (Call 10/01/17)		USD	50		53,001
Texas Competitive Electric Holdings Co. LLC/TCEH Finance Inc.
11.50%, 10/01/20 (Call 04/01/16)a		USD	150		118,500
Toys R Us Inc.
10.38%, 08/15/17 (Call 02/15/15)		USD	25		27,063
Toys R Us Property Co. I LLC
10.75%, 07/15/17 (Call 07/15/13)		USD	100		106,875
TransDigm Inc.
7.75%, 12/15/18 (Call 12/15/14)		USD	150		165,967
U.S. Foodservice Inc.
8.50%, 06/30/19 (Call 06/30/14)a		USD	100		109,375
United Airlines Inc.
6.75%, 09/15/15 (Call 07/22/13)a		USD	100		104,625
United Rentals (North America) Inc.
7.38%, 05/15/20 (Call 05/15/16)		USD	150		169,797
7.63%, 04/15/22 (Call 04/15/17)		USD	100		114,736
8.38%, 09/15/20 (Call 09/15/15)b		USD	100		112,970
United States Steel Corp.
7.38%, 04/01/20		USD	100		105,564
7.63%, 05/15/20 (Call 05/15/15)b		USD	40		34,700
Univision Communications Inc.
6.75%, 09/15/22 (Call 09/15/17)a		USD	100		110,750
6.88%, 05/15/19 (Call 05/15/15)a		USD	150		163,439
8.50%, 05/15/21 (Call 11/15/15)a		USD	50		55,500
USG Corp.
6.30%, 11/15/16		USD	100		106,500
Valeant Pharmaceuticals International Inc.
6.38%, 10/15/20 (Call 10/15/16)a		USD	100		110,875
6.75%, 08/15/21 (Call 02/15/16)a		USD	100		110,500
6.88%, 12/01/18 (Call 12/01/14)a		USD	200		217,500
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II Inc.
8.00%, 02/01/18 (Call 02/01/14)b		USD	100		107,000
Vulcan Materials Co.
7.50%, 06/15/21		USD	100		118,000

Security	Principal (000s)			Value
VWR Funding Inc.
7.25%, 09/15/17 (Call 09/15/14)a		USD	50	$	53,375
West Corp.
8.63%, 10/01/18 (Call 10/01/14)		USD	100		110,284
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 07/15/15)a,b		USD	75		84,187
Windstream Corp.
7.50%, 04/01/23 (Call 04/01/16)		USD	100		108,750
7.75%, 10/15/20 (Call 10/15/15)b		USD	200		219,500
WMG Acquisition Corp.
11.50%, 10/01/18 (Call 10/01/14)		USD	100		118,709
WPX Energy Inc.
6.00%, 01/15/22 (Call 10/15/21)		USD	100		108,607
Wynn Las Vegas LLC
7.75%, 08/15/20 (Call 08/15/15)		USD	100		114,463
XM Satellite Radio Inc.
7.63%, 11/01/18 (Call 11/01/14)a		USD	150		165,000
Zayo Group LLC/Zayo Capital Inc.
10.13%, 07/01/20 (Call 07/01/16)		USD	100		117,750
					36,250,246
TOTAL CORPORATE BONDS & NOTES
(Cost: $55,092,251)					57,524,103
FOREIGN AGENCY OBLIGATIONS — 0.35%
DENMARK — 0.12%
DONG Energy A/S
7.75%, 06/01/49 (Call 06/01/21)c		EUR	50		72,327
					72,327
PORTUGAL — 0.23%
Caixa Geral de Depositos SA
5.63%, 12/04/15d		EUR	100		137,320
					137,320
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $211,502)					209,647

42 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND FUND

April 30, 2013

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 6.90%
MONEY MARKET FUNDS — 6.90%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.18%f,g,h		3,568	$	3,568,422
BlackRock Cash Funds: Prime, SL Agency Shares
0.16%f,g,h		388		387,576
BlackRock Cash Funds: Treasury, SL Agency Shares
0.01%f,g		117		117,318
				4,073,316
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,073,316)				4,073,316
TOTAL INVESTMENTS IN SECURITIES — 104.72%
(Cost: $59,377,069)				61,807,066
Other Assets, Less Liabilities — (4.72)%				(2,789,139	)
NET ASSETS — 100.00%			$	59,017,927

CAD	—  Canadian Dollar
EUR	—  Euro
GBP	—  British Pound
USD	—  United States Dollar

^a  This security may be resold to qualified institutional buyers under Rule 144A of the Securities Act of 1933.

^b  All or a portion of this security represents a security on loan. See Note 5.

^c  Variable rate security. Rate shown is as of report date.

^d  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^e  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^f Affiliated issuer. See Note 2.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 5.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 43

Statements of Assets and Liabilities (Unaudited) 

iSHARES^®, INC.

April 30, 2013

	iShares Emerging Markets Corporate Bond Fund		iShares Emerging Markets High Yield Bond Fund			iShares Emerging Markets Local Currency Bond Fund
ASSETS
Investments, at cost:
Unaffiliated	$	35,656,579	$	250,861,562		$	607,272,894
Affiliated (Note 2)		458,943		1,177,187			1,350,129
Total cost of investments	$	36,115,522	$	252,038,749		$	608,623,023
Investments in securities, at fair value (Note 1):
Unaffiliated	$	36,330,096	$	253,564,170		$	624,519,411
Affiliated (Note 2)		458,943		1,177,187			1,350,129
Total fair value of investments		36,789,039		254,741,357			625,869,540
Foreign currency, at valuea		—		—			5,548,215
Cash		241,606		77,628			111
Receivables:
Investment securities sold		364,768		8,670,241			15,994,010
Due from custodian (Note 4)		122,681		—			—
Interest		490,638		4,153,532			10,178,936
Total Assets		38,008,732		267,642,758			657,590,812
LIABILITIES
Payables:
Investment securities purchased		768,848		9,745,683			11,583,577
Deferred foreign capital gains taxes (Note 1)		—		—			98,042
Investment advisory fees (Note 2)		18,249		136,360			307,404
Total Liabilities		787,097		9,882,043			11,989,023
NET ASSETS	$	37,221,635	$	257,760,715		$	645,601,789
Net assets consist of:
Paid-in capital	$	36,374,099	$	254,213,775		$	629,824,591
Undistributed net investment income		113,279		1,196,251			2,515,945
Undistributed net realized gain (accumulated net realized loss)		60,740		(351,919	)		(3,906,469	)
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		673,517		2,702,608			17,167,722
NET ASSETS	$	37,221,635	$	257,760,715		$	645,601,789
Shares outstandingb		700,000		4,700,000			12,000,000
Net asset value per share	$	53.17	$	54.84		$	53.80

^a Cost of foreign currency: $  —, $  — and $5,548,195, respectively.

^b $0.001 par value, number of shares authorized: 500 million, 500 million and 500 million, respectively.

See notes to financial statements.

44 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

April 30, 2013

	iShares Global ex USD High Yield Corporate Bond Fund		iShares Global High Yield Corporate Bond Fund
ASSETS
Investments, at cost:
Unaffiliated	$	40,673,344	$	55,303,753
Affiliated (Note 2)		1,073		4,073,316
Total cost of investments	$	40,674,417	$	59,377,069
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	42,445,724	$	57,733,750
Affiliated (Note 2)		1,073		4,073,316
Total fair value of investments		42,446,797		61,807,066
Foreign currency, at valueb		637,696		339,952
Receivables:
Investment securities sold		176,246		387,363
Due from custodian (Note 4)		—		442,092
Interest		879,779		1,083,902
Total Assets		44,140,518		64,060,375
LIABILITIES
Payables:
Investment securities purchased		274,634		1,067,635
Collateral for securities on loan (Note 5)		—		3,955,998
Securities related to in-kind transactions (Note 4)		176,234		—
Investment advisory fees (Note 2)		14,013		18,815
Total Liabilities		464,881		5,042,448
NET ASSETS	$	43,675,637	$	59,017,927
Net assets consist of:
Paid-in capital	$	41,671,191	$	56,262,451
Undistributed net investment income		154,797		248,615
Undistributed net realized gain		62,935		72,653
Net unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		1,786,714		2,434,208
NET ASSETS	$	43,675,637	$	59,017,927
Shares outstandingc		800,000		1,100,000
Net asset value per share	$	54.59	$	53.65

^a Securities on loan with values of $  — and $3,878,898, respectively. See Note 5.

^b Cost of foreign currency: $628,066 and $337,352, respectively.

^c $0.001 par value, number of shares authorized: 500 million and 500 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited) 

iSHARES^®, INC.

Six months ended April 30, 2013

	iShares Emerging Markets Corporate Bond Fund		iShares Emerging Markets High Yield Bond Fund			iShares Emerging Markets Local Currency Bond Fund
NET INVESTMENT INCOME
Interest — unaffiliateda	$	609,189	$	6,813,518		$	10,475,049
Interest — affiliated (Note 2)		98		369			437
Total investment income		609,287		6,813,887			10,475,486
EXPENSES
Investment advisory fees (Note 2)		85,793		706,444			1,395,119
Total expenses		85,793		706,444			1,395,119
Net investment income		523,494		6,107,443			9,080,367
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		56,129		(328,339	)		(232,464	)
Foreign currency transactions		—		—			(3,346,670	)
Net realized gain (loss)		56,129		(328,339	)		(3,579,134	)
Net change in unrealized appreciation/depreciation on:
Investmentsc		100,061		3,184,232			15,129,149
Translation of assets and liabilities in foreign currencies		—		—			23,351
Net change in unrealized appreciation/depreciation		100,061		3,184,232			15,152,500
Net realized and unrealized gain		156,190		2,855,893			11,573,366
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	679,684	$	8,963,336		$	20,653,733

^a Net of foreign withholding tax of $  —, $  — and $678,156, respectively.

^b Net of foreign capital gains taxes of $  —, $  — and $653, respectively.

^c Net of deferred foreign capital gains taxes of $  —, $  — and $95,566, respectively.

See notes to financial statements.

46 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended April 30, 2013

	iShares Global ex USD High Yield Corporate Bond Fund			iShares Global High Yield Corporate Bond Fund
NET INVESTMENT INCOME
Interest — unaffiliated	$	1,106,744		$	1,366,597
Interest — affiliated (Note 2)		18			109
Securities lending income — affiliated (Note 2)		—			6,596
Total investment income		1,106,762			1,373,302
EXPENSES
Investment advisory fees (Note 2)		95,204			117,404
Total expenses		95,204			117,404
Less investment advisory fees waived (Note 2)		(25,965	)		(32,019	)
Net expenses		69,239			85,385
Net investment income		1,037,523			1,287,917
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		148,853			107,923
Foreign currency transactions		(10,823	)		1,477
Net realized gain		138,030			109,400
Net change in unrealized appreciation/depreciation on:
Investments		1,057,162			1,662,904
Translation of assets and liabilities in foreign currencies		2,432			457
Net change in unrealized appreciation/depreciation		1,059,594			1,663,361
Net realized and unrealized gain		1,197,624			1,772,761
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,235,147		$	3,060,678

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Emerging Markets Corporate Bond Fund						iShares Emerging Markets High Yield Bond Fund
	Six months ended April 30, 2013 (Unaudited)			Period from April 17, 2012a to October 31, 2012			Six months ended April 30, 2013 (Unaudited)			Period from April 3, 2012a to October 31, 2012
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	523,494		$	265,990		$	6,107,443		$	675,989
Net realized gain (loss)		56,129			4,611			(328,339	)		(23,580	)
Net change in unrealized appreciation/depreciation		100,061			573,456			3,184,232			(481,624	)
Net increase in net assets resulting from operations		679,684			844,057			8,963,336			170,785
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(469,777	)		(206,428	)		(5,117,903	)		(469,278	)
Total distributions to shareholders		(469,777	)		(206,428	)		(5,117,903	)		(469,278	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		15,841,493			20,532,606			87,684,246			166,529,529
Net increase in net assets from capital share transactions		15,841,493			20,532,606			87,684,246			166,529,529
INCREASE IN NET ASSETS		16,051,400			21,170,235			91,529,679			166,231,036
NET ASSETS
Beginning of period		21,170,235			—			166,231,036			—
End of period	$	37,221,635		$	21,170,235		$	257,760,715		$	166,231,036
Undistributed net investment income included in net assets at end of period	$	113,279		$	59,562		$	1,196,251		$	206,711
SHARES ISSUED
Shares sold		300,000			400,000			1,600,000			3,100,000
Net increase in shares outstanding		300,000			400,000			1,600,000			3,100,000

^a  Commencement of operations.

See notes to financial statements.

48 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares Emerging Markets Local Currency Bond Fund						iShares Global ex USD High Yield Corporate Bond Fund
	Six months ended April 30, 2013 (Unaudited)			Year ended October 31, 2012			Six months ended April 30, 2013 (Unaudited)			Period from April 3, 2012a to October 31, 2012
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	9,080,367		$	2,196,632		$	1,037,523		$	970,827
Net realized gain (loss)		(3,579,134	)		(1,881,704	)		138,030			(254,500	)
Net change in unrealized appreciation/depreciation		15,152,500			1,298,774			1,059,594			727,120
Net increase in net assets resulting from operations		20,653,733			1,613,702			2,235,147			1,443,447
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(6,564,422	)		(642,268	)		(1,048,433	)		(625,715	)
Return of capital		—			(867,033	)		—			—
Total distributions to shareholders		(6,564,422	)		(1,509,301	)		(1,048,433	)		(625,715	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		423,758,994			176,968,127			16,484,721			25,186,470
Net increase in net assets from capital share transactions		423,758,994			176,968,127			16,484,721			25,186,470
INCREASE IN NET ASSETS		437,848,305			177,072,528			17,671,435			26,004,202
NET ASSETS
Beginning of period		207,753,484			30,680,956			26,004,202			—
End of period	$	645,601,789		$	207,753,484		$	43,675,637		$	26,004,202
Undistributed net investment income included in net assets at end of period	$	2,515,945		$	—		$	154,797		$	165,707
SHARES ISSUED
Shares sold		8,000,000			3,400,000			300,000			500,000
Net increase in shares outstanding		8,000,000			3,400,000			300,000			500,000

^a Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares Global High Yield Corporate Bond Fund
	Six months ended April 30, 2013 (Unaudited)			Period from April 3, 2012a to October 31, 2012
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,287,917		$	1,030,285
Net realized gain (loss)		109,400			(30,820	)
Net change in unrealized appreciation/depreciation		1,663,361			770,847
Net increase in net assets resulting from operations		3,060,678			1,770,312
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,227,171	)		(848,343	)
Total distributions to shareholders		(1,227,171	)		(848,343	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		21,014,987			35,247,464
Net increase in net assets from capital share transactions		21,014,987			35,247,464
INCREASE IN NET ASSETS		22,848,494			36,169,433
NET ASSETS
Beginning of period		36,169,433			—
End of period	$	59,017,927		$	36,169,433
Undistributed net investment income included in net assets at end of period	$	248,615		$	187,869
SHARES ISSUED
Shares sold		400,000			700,000
Net increase in shares outstanding		400,000			700,000

^a Commencement of operations.

See notes to financial statements.

50 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Emerging Markets Corporate Bond Fund
	Six months ended Apr. 30, 2013 (Unaudited)			Period from Apr. 17, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	52.93		$	50.00
Income from investment operations:
Net investment incomeb		0.96			1.07
Net realized and unrealized gainc		0.19			2.76
Total from investment operations		1.15			3.83
Less distributions from:
Net investment income		(0.91	)		(0.90	)
Total distributions		(0.91	)		(0.90	)
Net asset value, end of period	$	53.17		$	52.93
Total return		2.22	%d		7.75	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	37,222		$	21,170
Ratio of expenses to average net assetse		0.60	%		0.60	%
Ratio of net investment income to average net assetse		3.66	%		3.87	%
Portfolio turnover ratef		17	%		29	%

^a Commencement of operations.

^b Based on average shares outstanding throughout each period.

^c The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^d Not annualized.

^e Annualized for periods of less than one year.

^f Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 51

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Emerging Markets High Yield Bond Fund
	Six months ended Apr. 30, 2013 (Unaudited)			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	53.62		$	50.02
Income from investment operations:
Net investment incomeb		1.52			1.60
Net realized and unrealized gainc		1.01			3.40
Total from investment operations		2.53			5.00
Less distributions from:
Net investment income		(1.31	)		(1.40	)
Total distributions		(1.31	)		(1.40	)
Net asset value, end of period	$	54.84		$	53.62
Total return		4.79	%d		10.21	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	257,761		$	166,231
Ratio of expenses to average net assetse		0.65	%		0.65	%
Ratio of net investment income to average net assetse		5.62	%		5.32	%
Portfolio turnover ratef		26	%		40	%

^a Commencement of operations.

^b Based on average shares outstanding throughout each period.

^c The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^d Not annualized.

^e Annualized for periods of less than one year.

^f Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

52 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® INC.

(For a share outstanding throughout each period)

iShares Emerging Markets Local Currency Bond Fund
	Six months ended Apr. 30, 2013 (Unaudited)			Year ended Oct. 31, 2012			Period from Oct. 18, 2011a to Oct. 31, 2011
Net asset value, beginning of period	$	51.94		$	51.13		$	49.85
Income from investment operations:
Net investment incomeb		1.02			2.31			0.02
Net realized and unrealized gainc		1.62			0.41			1.26
Total from investment operations		2.64			2.72			1.28
Less distributions from:
Net investment income		(0.78	)		(0.81	)		—
Return of capital		—			(1.10	)		—
Total distributions		(0.78	)		(1.91	)		—
Net asset value, end of period	$	53.80		$	51.94		$	51.13
Total return		5.13	%d		5.48	%		2.57	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	645,602		$	207,753		$	30,681
Ratio of expenses to average net assetse		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assetse		3.91	%		4.57	%		1.21	%
Portfolio turnover ratef		21	%		61	%		0	%

^a Commencement of operations.

^b Based on average shares outstanding throughout each period.

^c The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^d Not annualized.

^e Annualized for periods of less than one year.

^f Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended April 30, 2013 and the year ended October 31, 2012 were 30% and 61%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 53

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Global ex USD High Yield Corporate Bond Fund
	Six months ended Apr. 30, 2013 (Unaudited)			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	52.01		$	50.14
Income from investment operations:
Net investment incomeb		1.58			1.94
Net realized and unrealized gainc		2.69			1.18
Total from investment operations		4.27			3.12
Less distributions from:
Net investment income		(1.69	)		(1.25	)
Total distributions		(1.69	)		(1.25	)
Net asset value, end of period	$	54.59		$	52.01
Total return		8.38	%d		6.49	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	43,676		$	26,004
Ratio of expenses to average net assetse		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feese		0.55	%		0.55	%
Ratio of net investment income to average net assetse		5.99	%		6.92	%
Portfolio turnover ratef		19	%		18	%

^a Commencement of operations.

^b Based on average shares outstanding throughout each period.

^c The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^d Not annualized.

^e Annualized for periods of less than one year.

^f Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

54 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® INC.

(For a share outstanding throughout each period)

iShares Global High Yield Corporate Bond Fund
	Six months ended Apr. 30, 2013 (Unaudited)			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	51.67		$	50.00
Income from investment operations:
Net investment incomeb		1.57			1.82
Net realized and unrealized gainc		1.99			1.35
Total from investment operations		3.56			3.17
Less distributions from:
Net investment income		(1.58	)		(1.50	)
Total distributions		(1.58	)		(1.50	)
Net asset value, end of period	$	53.65		$	51.67
Total return		7.02	%d		6.53	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	59,018		$	36,169
Ratio of expenses to average net assetse		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feese		0.55	%		0.55	%
Ratio of net investment income to average net assetse		6.03	%		6.28	%
Portfolio turnover ratef		13	%		10	%

^a Commencement of operations.

^b Based on average shares outstanding throughout each period.

^c The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^d Not annualized.

^e Annualized for periods of less than one year.

^f Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 55

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company was incorporated under the laws of the State of Maryland on September 1, 1994 pursuant to amended and restated Articles of Incorporation.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares Bond Fund	Diversification Classification
Emerging Markets Corporate	Non-diversified
Emerging Markets High Yield	Non-diversified
Emerging Markets Local Currency	Non-diversified
Global ex USD High Yield Corporate	Non-diversified
Global High Yield Corporate	Non-diversified

Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers.

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve each Fund’s investment objective.

Each Fund may invest in securities of non-U.S. issuers that may trade in non-U.S. markets. This may involve certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Funds; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war.

Pursuant to the Company’s organizational documents, the Funds’ officers and directors are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

SECURITY VALUATION

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP

56 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company (the “Board”).

• Fixed income investments are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures.

• Open-end U.S. mutual funds are valued at that day’s published net asset value (NAV).

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or other default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

NOTES TO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

• Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of April 30, 2013. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares Bond Fund and Investment Type	Investments
	Level 1		Level 2		Level 3			Total
Emerging Markets Corporate
Assets:
Corporate Bonds & Notes	$	—	$	17,547,774	$	—		$	17,547,774
Foreign Agency Obligations		—		18,782,322		—			18,782,322
Money Market Funds		458,943		—		—			458,943
	$	458,943	$	36,330,096	$	—		$	36,789,039
Emerging Markets High Yield
Assets:
Corporate Bonds & Notes	$	—	$	68,833,371	$	—		$	68,833,371
Foreign Agency Obligations		—		24,660,800		—			24,660,800
Foreign Government Obligations		—		160,069,999		—			160,069,999
Money Market Funds		1,177,187		—		—			1,177,187
	$	1,177,187	$	253,564,170	$	—		$	254,741,357
Emerging Markets Local Currency
Assets:
Foreign Government Obligations	$	—	$	624,519,411	$	—		$	624,519,411
Money Market Funds		1,350,129		—		—			1,350,129
	$	1,350,129	$	624,519,411	$	—		$	625,869,540
Global ex USD High Yield Corporate
Assets:
Corporate Bonds & Notes	$	—	$	41,957,328	$	0	a	$	41,957,328
Foreign Agency Obligations		—		488,396		—			488,396
Money Market Funds		1,073		—		—			1,073
	$	1,073	$	42,445,724	$	0	a	$	42,446,797
Global High Yield Corporate
Assets:
Corporate Bonds & Notes	$	—	$	57,524,103	$	—		$	57,524,103
Foreign Agency Obligations		—		209,647		—			209,647
Money Market Funds		4,073,316		—		—			4,073,316
	$	4,073,316	$	57,733,750	$	—		$	61,807,066

^a  Rounds to less than $1.

58 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of April 30, 2013, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

FEDERAL INCOME TAXES

Each Fund is treated as an entity separate from the Company’s other funds 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 annually distribute substantially all of its ordinary income and any net capital 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 income taxes is required.

RECENT ACCOUNTING STANDARD

In December 2011, the Financial Accounting Standards Board issued guidance to enhance current disclosure requirements on offsetting of certain assets and liabilities and enable financial statement users to compare financial statements prepared under

NOTES TO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

U.S. GAAP and International Financial Reporting Standards (IFRS). The new disclosures are required for investments and derivative financial instruments subject to master netting agreements or similar agreements and require an entity to disclose both gross and net information about such investments and transactions eligible for offset in the statement of assets and liabilities. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar agreements. The guidance is effective for financial statements for fiscal years beginning after January 1, 2013, and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Advisor”), an affiliate of BFA, under which BFA pays the Sub-Advisor for services it provides to the iShares Emerging Markets Local Currency Bond Fund, iShares Global ex USD High Yield Corporate Bond Fund and iShares Global High Yield Corporate Bond Fund.

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee based on the average daily net assets of each Fund as follows:

iShares Bond Fund	Investment Advisory Fee
Emerging Markets Corporate		0.60	%
Emerging Markets High Yield		0.65
Emerging Markets Local Currency		0.60
Global ex USD High Yield Corporate		0.55
Global High Yield Corporate		0.55

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares Global ex USD High Yield Corporate Bond Fund and the iShares Global High Yield Corporate Bond Fund through December 31, 2014 in order to limit total annual operating expenses to 0.40% of average daily net assets.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”) to serve as securities lending agent for the Funds, subject to applicable conditions. BTC is an affiliate of BFA. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, and any fees or other payments to and from borrowers of securities. Each Fund retains 65% of securities lending income and pays a fee to BTC equal to 35% of such income. The Funds benefit from a borrower default indemnity provided by BlackRock. As securities lending agent, BTC bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. BTC is also responsible for fees and expenses incurred by each Fund as a result of the investment of cash collateral received for securities on loan in a money market fund managed by BFA or an affiliate.

60 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended April 30, 2013, BTC earned securities lending agent fees from the Funds as follows:

iShares Bond Fund	Securities Lending Agent Fees
Global High Yield Corporate	$	3,551

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statements of operations.

The PNC Financial Services Group, Inc. is the largest stockholder of BlackRock and is considered to be an affiliate of the Funds for 1940 Act purposes.

Certain directors and officers of the Company are also officers of BTC and/or BFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2013 were as follows:

iShares Bond Fund	Purchases		Sales
Emerging Markets Corporate	$	6,772,750	$	4,741,151
Emerging Markets High Yield		61,625,333		54,084,305
Emerging Markets Local Currency		443,563,499		79,592,241
Global ex USD High Yield Corporate		22,445,844		6,324,588
Global High Yield Corporate		9,531,855		5,510,403

In-kind transactions (see Note 4) for the six months ended April 30, 2013 were as follows:

iShares Bond Fund	In-kind Purchases
Emerging Markets Corporate	$	13,525,198
Emerging Markets High Yield		84,653,641
Emerging Markets Local Currency		4,018,111
Global High Yield Corporate		16,770,401

4. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at net asset value. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the statements of changes in net assets.

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities, which constitutes an optimized representation of the securities of that fund’s underlying index,

NOTES TO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

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 initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities plus the interest accrued on such securities, if any, for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current value of the securities on loan plus accrued interest, if any. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of securities lent. Any securities lending cash collateral may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BFA or its affiliates. Each Fund could suffer a loss if the value of an investment purchased with cash collateral falls below the value of the cash collateral received.

As of April 30, 2013, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA. The value of any securities on loan as of April 30, 2013 and the value of the related collateral are disclosed in the statements of assets and liabilities. Securities lending income, as disclosed in the statements of operations, represents the income earned from the investment of the cash collateral, net of fees and other payments to and from borrowers, and less the fees paid to BTC as securities lending agent.

6. INCOME TAX INFORMATION

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset values per share.

The tax character of current year distributions will be determined at the end of the current fiscal year.

62 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of October 31, 2012, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares Bond Fund	Non- Expiring
Emerging Markets Corporate	$	—
Emerging Markets High Yield		11,104
Emerging Markets Local Currency		123,087
Global ex USD High Yield Corporate		75,095
Global High Yield Corporate		36,747

As of April 30, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares Bond Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Emerging Markets Corporate	$	36,118,209	$	827,621	$	(156,791	)	$	670,830
Emerging Markets High Yield		252,051,225		5,391,081		(2,700,949	)		2,690,132
Emerging Markets Local Currency		608,827,271		29,927,160		(12,884,891	)		17,042,269
Global ex USD High Yield Corporate		40,674,417		2,047,511		(275,131	)		1,772,380
Global High Yield Corporate		59,377,069		2,627,964		(197,967	)		2,429,997

Management has reviewed the tax positions as of April 30, 2013, inclusive of the open tax return years, and has determined that no provision for income tax is required in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

NOTES TO FINANCIAL STATEMENTS 63

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on the tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report distributions for federal income tax purposes.

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares Bond Fund	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Emerging Markets Corporate	$	0.90377	$	—	$	0.00651	$	0.91028		99	%		—	%		1	%		100	%
Emerging Markets High Yield		1.30976		—		—		1.30976		100			—			—			100
Emerging Markets Local Currency		0.78288		—		—		0.78288		100			—			—			100
Global ex USD High Yield Corporate		1.67355		—		0.01884		1.69239		99			—			1			100
Global High Yield Corporate		1.57926		—		0.00378		1.58304		100			—			0	a		100

^a  Rounds to less than 1%.

64 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 65

Notes:

66 2013 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Markit Indices Limited or Morningstar, Inc., nor are they sponsored, endorsed or issued by Barclays Capital Inc. None of these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

A description of the policies that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Funds’ website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily and monthly basis on the Funds’ website.

©2013 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

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iS-SAR-102-0413

Item 2. Code of Ethics.

Not applicable to this semi-annual filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual filing.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable to this semi-annual filing.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable to the Registrant.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

By:	/s/ Michael Latham
	Michael Latham, President (Principal Executive Officer)
Date:	June 27, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Michael Latham
	Michael Latham, President (Principal Executive Officer)
Date:	June 27, 2013
By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	June 27, 2013