N-CSRS

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, 2014

Date of reporting period: April 30, 2014

Item 1. Reports to Stockholders.

APRIL 30, 2014

2014 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

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

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

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

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

^Ø   iShares Global High Yield Corporate Bond ETF  |  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 ETF	11
iShares Emerging Markets High Yield Bond ETF	17
iShares Emerging Markets Local Currency Bond ETF	24
iShares Global ex USD High Yield Corporate Bond ETF	27
iShares Global High Yield Corporate Bond ETF	39
Financial Statements	61
Financial Highlights	68
Notes to Financial Statements	73
Supplemental Information	84

Fund Performance Overview

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

Performance as of April 30, 2014

The iShares Emerging Markets Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the Morningstar^® Emerging Markets Corporate Bond Index^SM (the “Index”). 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, 2014, the total return for the Fund was 2.44%, net of fees, while the total return for the Index was 2.68%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(0.86)%		(2.45)%		(0.48)%		(0.86)%		(2.45)%		(0.48)%
Since Inception		4.41%		4.06%		4.90%		9.19%		8.45%		10.23%

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 (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Beginning Account Value (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,024.40	$	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.

BOND CREDIT QUALITY

As of 4/30/14

Moody’s Credit Rating Percentage of Total Investments*

Aa1	0.35	%
Aa2	0.37
Aa3	12.01
A1	7.24
A2	3.74
A3	6.67
Baa1	16.01
Baa2	14.01
Baa3	18.77
Ba1	2.41
Ba2	4.09
Ba3	2.80
B1	2.69
B2	0.96
Caa1	0.48
Caa2	0.18
Not Rated	7.22
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 4/30/14

Country Percentage of
Total  Investments*

Brazil	18.57	%
Mexico	11.59
Russia	9.87
South Korea	8.28
China	7.76
United Arab Emirates	4.79
Hong Kong	4.52
India	4.10
Venezuela	3.31
Chile	3.21
TOTAL	76.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

Performance as of April 30, 2014

The iShares Emerging Markets High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the Morningstar^® Emerging Markets High Yield Bond Index^SM (the “Index”). 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, 2014, the total return for the Fund was 3.48%, net of fees, while the total return for the Index was 3.75%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(1.12)%		(1.27)%		(0.62)%		(1.12)%		(1.27)%		(0.62)%
Since Inception		6.60%		6.90%		7.17%		14.19%		14.86%		15.45%

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 (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Beginning Account Value (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,034.80	$	3.28	$	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 4/30/14

Moody’s Credit Rating Percentage of
Total  Investments*

Baa2	0.21	%
Baa3	31.32
Ba1	15.73
Ba2	6.10
Ba3	7.01
B1	7.60
B2	2.03
B3	0.56
Caa1	12.33
Caa2	0.50
Caa3	3.29
Not Rated	13.32
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 4/30/14

Country Percentage of
Total  Investments*

Turkey	14.14	%
Venezuela	14.01
Indonesia	12.45
Russia	7.58
China	4.98
Hungary	4.48
Brazil	3.84
Mexico	3.50
Lebanon	3.05
Ukraine	2.86
TOTAL	70.89	%

* Excludes money market funds.

6 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

Performance as of April 30, 2014

The iShares Emerging Markets Local Currency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the Barclays Emerging Markets Broad Local Currency Bond Index (the “Index”). 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, 2014, the total return for the Fund was 0.33%, net of fees, while the total return for the Index was 0.68%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(4.30)%		(4.82)%		(3.78)%		(4.30)%		(4.82)%		(3.78)%
Since Inception		3.42%		3.64%		3.72%		8.90%		9.48%		9.70%

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 (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Beginning Account Value (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,003.30	$	2.98	$	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 4/30/14

Moody’s Credit Rating Percentage of
Total  Investments*

Aa3	21.68	%
A1	4.59
A2	3.43
A3	12.61
Baa1	13.72
Baa2	15.22
Baa3	15.69
Ba1	3.04
Ba3	0.61
Not Rated	9.41
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 4/30/14

Country Percentage of
Total  Investments*

South Korea	22.70	%
Brazil	14.39
Mexico	8.70
Turkey	4.61
South Africa	4.59
Russia	4.57
Thailand	4.55
Israel	4.54
Indonesia	4.43
Colombia	4.33
TOTAL	77.41	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

Performance as of April 30, 2014

The iShares Global ex USD High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx Global Developed Markets ex-US High Yield Index (the “Index”). 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, 2014, the total return for the Fund was 7.11%, net of fees, while the total return for the Index was 7.06%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		13.85%		13.99%		13.74%		13.85%		13.99%		13.74%
Since Inception		14.05%		14.34%		13.97%		31.40%		32.08%		31.17%

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 (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Beginning Account Value (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,071.10	$	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.

BOND CREDIT QUALITY

As of 4/30/14

Moody’s Credit Rating Percentage of Total Investments*

Ba1	25.93	%
Ba2	11.96
Ba3	16.04
B1	10.67
B2	12.14
B3	7.02
Caa1	5.18
Caa2	1.08
Caa3	0.15
Ca	0.52
C	0.13
Not Rated	9.18
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 4/30/14

Country Percentage of Total Investments*

Luxembourg	15.98	%
Italy	14.84
France	14.68
Germany	11.28
Netherlands	10.97
United Kingdom	10.72
Spain	6.06
Canada	3.60
Ireland	3.37
Portugal	2.98
TOTAL	94.48	%

* Excludes money market funds.

8 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

Performance as of April 30, 2014

The iShares Global High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx Global Developed Markets High Yield Index (the “Index”). 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, 2014, the total return for the Fund was 4.86%, net of fees, while the total return for the Index was 4.78%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		7.29%		6.98%		7.26%		7.29%		6.98%		7.26%
Since Inception		10.19%		10.25%		10.30%		22.32%		22.47%		22.56%

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 (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Beginning Account Value (11/1/13)		Ending Account Value (4/30/14)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,048.60	$	2.03	$	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.

BOND CREDIT QUALITY

As of 4/30/14

Moody’s Credit Rating Percentage of Total Investments*

Baa3	0.16	%
Ba1	12.52
Ba2	13.89
Ba3	20.56
B1	18.85
B2	9.33
B3	11.41
Caa1	7.40
Caa2	2.63
Caa3	0.12
Ca	0.26
Not Rated	2.87
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 4/30/14

Country Percentage of Total Investments*

United States	60.60	%
Luxembourg	7.95
Italy	4.83
United Kingdom	4.75
France	4.54
Germany	3.89
Netherlands	3.65
Canada	3.11
Spain	1.86
Ireland	1.53
TOTAL	96.71	%

* Excludes money market funds.

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, 2013 and held through April 30, 2014, 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 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 46.44%
ARGENTINA — 0.12%
YPF SA
8.88%, 12/19/18b	$	35	$	36,444
				36,444
BRAZIL — 9.73%
Banco Bradesco SA
5.90%, 01/16/21b		100		104,625
6.75%, 09/29/19b		150		169,500
Banco BTG Pactual SA
4.00%, 01/16/20b		200		187,500
Banco Votorantim SA
7.38%, 01/21/20b		100		108,625
Braskem Finance Ltd.
7.00%, 05/07/20b		100		111,500
CSN Resources SA
6.50%, 07/21/20b		100		102,250
Gerdau Trade Inc.
5.75%, 01/30/21b		100		105,250
GTL Trade Finance Inc.
7.25%, 10/20/17b		100		113,000
Itau Unibanco Holding SA
5.13%, 05/13/23b		200		199,200
5.75%, 01/22/21b		100		104,500
6.20%, 04/15/20b		100		108,250
JBS USA LLC/JBS USA Finance Inc.
7.25%, 06/01/21 (Call 06/01/15)b		86		92,773
Marfrig Overseas Ltd.
9.50%, 05/04/20 (Call 05/04/15)b		100		101,750
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35%, 06/30/21 (Call 06/30/20)b,c		182		191,117
Odebrecht Finance Ltd.
4.38%, 04/25/25b		200		183,250
Samarco Mineracao SA
4.13%, 11/01/22b		200		185,750
Telemar Norte Leste SA
5.50%, 10/23/20b		200		201,750
Vale Overseas Ltd.
4.38%, 01/11/22c		100		101,346
4.63%, 09/15/20c		75		79,112
5.63%, 09/15/19		75		83,850
6.88%, 11/21/36		50		55,362
6.88%, 11/10/39		100		110,645

Security	Principal (000s)		Value
8.25%, 01/17/34	$	50	$	61,950
Vale SA
5.63%, 09/11/42c		100		96,752
				2,959,607
CHILE — 1.32%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22 (Call 10/11/21)		37		37,383
Cencosud SA
5.50%, 01/20/21b		150		155,970
VTR Finance BV
6.88%, 01/15/24 (Call 01/15/19)		200		208,418
				401,771
CHINA — 3.64%
Agile Property Holdings Ltd.
8.88%, 04/28/17 (Call 05/30/14)b		100		102,875
Baidu Inc.
2.25%, 11/28/17c		200		201,585
China Overseas Finance II Ltd.
5.50%, 11/10/20b		100		104,269
Country Garden Holdings Co. Ltd.
11.13%, 02/23/18 (Call 02/23/15)b		200		216,500
Evergrande Real Estate Group Ltd.
8.75%, 10/30/18 (Call 10/30/16)b		200		182,750
Kaisa Group Holdings Ltd.
8.88%, 03/19/18 (Call 03/19/16)b		200		193,750
Shimao Property Holdings Ltd.
9.65%, 08/03/17 (Call 08/03/14)b		100		105,875
				1,107,604
COLOMBIA — 1.00%
Bancolombia SA
5.13%, 09/11/22		50		49,562
6.13%, 07/26/20		147		157,474
Pacific Rubiales Energy Corp.
5.13%, 03/28/23 (Call 03/28/18)b		100		96,625
				303,661
HONG KONG — 4.42%
Bank of China Hong Kong Ltd.
5.55%, 02/11/20b		200		215,804
Bank of East Asia Ltd.
6.13%, 07/16/20b		100		109,087
CITIC Pacific Ltd.
6.63%, 04/15/21b		100		107,375

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)		Value
Hongkong Land Finance (Cayman Island) Co. Ltd. (The)
4.50%, 10/07/25	$	100	$	100,639
Hutchison Whampoa International Ltd.
4.63%, 09/11/15b		100		104,975
5.75%, 09/11/19b		200		228,363
7.45%, 11/24/33b		100		136,321
7.63%, 04/09/19b		100		121,904
Li & Fung Ltd.
5.25%, 05/13/20b		100		107,034
Swire Pacific MTN Financing Ltd.
5.50%, 08/19/19b		100		111,237
				1,342,739
INDIA — 3.67%
Axis Bank Ltd.
4.75%, 05/02/16b		100		104,249
Bharti Airtel International Netherlands BV
5.13%, 03/11/23b		200		195,600
ICICI Bank Ltd.
5.00%, 01/15/16b		116		121,552
5.75%, 11/16/20b		100		106,883
6.38%, 04/30/22 (Call 04/30/17)b,d		100		100,500
Reliance Holdings USA Inc.
5.40%, 02/14/22b		250		261,306
Vedanta Resources PLC
9.50%, 07/18/18b		200		224,760
				1,114,850
ISRAEL — 0.16%
Teva Pharmaceutical Finance Co. BV
2.95%, 12/18/22		50		47,617
				47,617
JAMAICA — 1.01%
Digicel Group Ltd.
10.50%, 04/15/18 (Call 05/02/14)b		100		105,250
Digicel Ltd.
6.00%, 04/15/21 (Call 04/15/16)b		200		202,500
				307,750
KAZAKHSTAN — 0.35%
Halyk Savings Bank of Kazakhstan JSC
7.25%, 05/03/17b		100		105,475
				105,475

Security	Principal (000s)		Value
KUWAIT — 0.41%
Kuwait Projects Co.
9.38%, 07/15/20b	$	100	$	125,600
				125,600
LUXEMBOURG — 0.63%
Millicom International Cellular SA
4.75%, 05/22/20 (Call 05/22/17)		200		193,000
				193,000
MEXICO — 6.07%
America Movil SAB de CV
5.00%, 10/16/19		125		140,477
5.00%, 03/30/20		200		222,279
6.13%, 03/30/40		100		114,471
6.38%, 03/01/35c		150		175,035
Banco Santander Mexico SA
4.13%, 11/09/22b		150		149,250
BBVA Bancomer SA
7.25%, 04/22/20b		200		224,000
Cemex Finance LLC
9.38%, 10/12/22 (Call 10/12/17)b		200		230,500
Cemex SAB de CV
9.00%, 01/11/18 (Call 01/11/15)b		200		216,000
Coca-Cola FEMSA SAB de CV
3.88%, 11/26/23		150		152,122
Grupo Bimbo SAB de CV
4.50%, 01/25/22b		100		103,640
Grupo Televisa SAB de CV CPO
6.63%, 01/15/40		56		66,337
NII Capital Corp.
7.63%, 04/01/21 (Call 04/01/16)		100		29,750
8.88%, 12/15/19 (Call 12/15/14)c		50		23,625
				1,847,486
PERU — 0.99%
Banco de Credito del Peru
5.38%, 09/16/20b		100		106,625
Southern Copper Corp.
5.25%, 11/08/42		90		80,602
7.50%, 07/27/35		100		113,390
				300,617
RUSSIA — 4.37%
Alfa Bank OJSC via Alfa Bond Issuance PLC
7.88%, 09/25/17b		200		206,750

12 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)		Value
Evraz Group SA
9.50%, 04/24/18b	$	200	$	195,000
LUKOIL International Finance BV
6.66%, 06/07/22b		120		123,150
7.25%, 11/05/19b		100		106,375
Metalloinvest Finance Ltd.
5.63%, 04/17/20b		200		178,500
Mobile Telesystems OJSC via MTS International Funding Ltd.
8.63%, 06/22/20b		100		113,250
Severstal OAO via Steel Capital SA
6.70%, 10/25/17b		100		101,500
Vimpel Communications via VIP Finance Ireland Ltd. OJSC
9.13%, 04/30/18b		100		107,125
VimpelCom Holdings BV
7.50%, 03/01/22b		200		196,000
				1,327,650
SINGAPORE — 2.38%
DBS Bank Ltd.
3.63%, 09/21/22 (Call 09/21/17)b,d		200		204,709
Flextronics International Ltd.
4.63%, 02/15/20c		100		100,500
Noble Group Ltd.
6.75%, 01/29/20b		100		111,125
Oversea-Chinese Banking Corp. Ltd.
3.75%, 11/15/22 (Call 11/15/17)b,d		100		102,190
4.25%, 11/18/19 (Call 11/18/14)d		100		101,348
PSA International Pte Ltd.
3.88%, 02/11/21b		100		104,855
				724,727
SOUTH AFRICA — 1.07%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		50		48,453
5.38%, 04/15/20		50		50,172
Myriad International Holdings BV
6.38%, 07/28/17		100		110,625
Standard Bank PLC
8.13%, 12/02/19b		100		115,500
				324,750
SOUTH KOREA — 2.23%
Hana Bank
4.00%, 11/03/16b		200		212,104

Security	Principal (000s)		Value
Hyundai Capital America
2.13%, 10/02/17b	$	50	$	50,578
2.55%, 02/06/19		100		100,218
POSCO
4.25%, 10/28/20b		100		104,784
Shinhan Bank
4.38%, 09/15/15b		100		104,372
Woori Bank Co. Ltd.
6.21%, 05/02/37 (Call 05/02/17)b,d		100		106,000
				678,056
THAILAND — 1.07%
Bangkok Bank PCL
4.80%, 10/18/20b		100		105,202
PTTEP Canada International Finance Ltd.
5.69%, 04/05/21b		200		220,674
				325,876
TURKEY — 1.80%
Akbank TAS
6.50%, 03/09/18b		150		162,300
Turkiye Is Bankasi AS
3.88%, 11/07/17b		200		199,000
Yapi ve Kredi Bankasi AS
4.00%, 01/22/20b		200		185,717
				547,017
TOTAL CORPORATE BONDS & NOTES
(Cost: $14,356,462)				14,122,297
FOREIGN AGENCY OBLIGATIONSa — 51.32%
BRAZIL — 8.43%
Banco do Brasil SA
5.38%, 01/15/21b		100		101,750
5.88%, 01/19/23b		200		203,500
Banco Nacional de Desenvolvimento Economico e Social
5.50%, 07/12/20b		100		106,875
6.37%, 06/16/18b		100		110,750
6.50%, 06/10/19b		100		112,000
Caixa Economica Federal
2.38%, 11/06/17b		150		143,438
Centrais Eletricas Brasileiras SA
6.88%, 07/30/19b		200		216,250
Petrobras Global Finance BV
2.00%, 05/20/16		100		99,864

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)		Value
3.00%, 01/15/19c	$	100	$	96,835
4.38%, 05/20/23		100		93,436
5.63%, 05/20/43		100		87,922
6.25%, 03/17/24		50		52,520
Petrobras International Finance Co.
3.50%, 02/06/17		75		76,773
3.88%, 01/27/16		150		154,444
5.38%, 01/27/21		200		204,824
5.75%, 01/20/20		150		158,403
5.88%, 03/01/18c		100		108,048
6.75%, 01/27/41		150		152,965
6.88%, 01/20/40		75		77,614
7.88%, 03/15/19		100		115,949
8.38%, 12/10/18		75		88,200
				2,562,360
CHILE — 1.82%
Banco del Estado de Chile
4.13%, 10/07/20b		150		154,818
Corporacion Nacional del Cobre de Chile
4.25%, 07/17/42b		200		175,776
7.50%, 01/15/19b		100		120,385
Empresa Nacional del Petroleo
4.75%, 12/06/21b		100		103,029
				554,008
CHINA — 3.95%
CNOOC Finance 2012 Ltd.
5.00%, 05/02/42b		200		204,546
CNPC (HK) Overseas Capital Ltd.
4.50%, 04/28/21b		200		209,791
Export-Import Bank of China (The)
4.88%, 07/21/15b		100		104,406
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20b		100		104,415
Sinopec Capital 2013 Ltd.
3.13%, 04/24/23b		200		185,234
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23b		200		203,520
State Grid Overseas Investment 2013 Ltd.
3.13%, 05/22/23		200		188,018
				1,199,930

Security	Principal (000s)		Value
COLOMBIA — 0.74%
Ecopetrol SA
7.38%, 09/18/43	$	100	$	119,125
7.63%, 07/23/19		87		104,618
				223,743
INDIA — 0.34%
State Bank of India
4.50%, 07/27/15b		100		103,313
				103,313
INDONESIA — 2.03%
Majapahit Holding BV
7.75%, 01/20/20b		120		137,700
7.88%, 06/29/37b		100		110,875
PT Pertamina (Persero) Tbk
5.25%, 05/23/21b		200		200,750
5.63%, 05/20/43b		200		169,750
				619,075
ISRAEL — 0.73%
Israel Electric Corp. Ltd.
6.88%, 06/21/23b		200		221,000
				221,000
KAZAKHSTAN — 2.67%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22b		200		181,500
Kazakhstan Temir Zholy Finance BV
6.38%, 10/06/20		200		216,700
KazMunayGas National Co. JSC
4.40%, 04/30/23b		200		188,750
7.00%, 05/05/20b		200		224,750
				811,700
MALAYSIA — 1.16%
Penerbangan Malaysia Bhd
5.63%, 03/15/16b		100		108,006
Petroliam Nasional Bhd
7.63%, 10/15/26b		100		133,882
Petronas Capital Ltd.
5.25%, 08/12/19b		100		112,022
				353,910
MEXICO — 5.25%
Comision Federal de Electricidad
4.88%, 05/26/21b		200		209,750
Pemex Project Funding Master Trust
6.63%, 06/15/35		100		112,000

14 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)		Value
Petroleos Mexicanos
3.50%, 01/30/23	$	175	$	165,812
4.88%, 01/24/22		75		78,731
4.88%, 01/18/24c		150		155,213
5.50%, 01/21/21		150		164,250
5.50%, 06/27/44c		175		171,500
5.75%, 03/01/18		100		111,125
6.00%, 03/05/20		100		112,625
6.38%, 01/23/45		50		54,750
6.50%, 06/02/41		115		127,650
8.00%, 05/03/19		110		134,338
				1,597,744
PHILIPPINES — 0.42%
Power Sector Assets & Liabilities Management Corp.
7.39%, 12/02/24b		100		126,625
				126,625
QATAR — 2.94%
Nakilat Inc.
6.07%, 12/31/33b		100		105,500
Ooredoo International Finance Ltd.
5.00%, 10/19/25b		200		208,240
Qatari Diar Finance QSC
5.00%, 07/21/20b		100		111,500
QNB Finance Ltd.
2.13%, 02/14/18b		200		198,760
Ras Laffan Liquefied Natural Gas Co. Ltd. III
5.84%, 09/30/27		250		270,625
				894,625
RUSSIA — 5.28%
AK Transneft OJSC via TransCapitalInvest Ltd.
8.70%, 08/07/18b		100		115,000
Gazprom OAO via Gaz Capital SA
4.38%, 09/19/22		200		165,000
6.21%, 11/22/16b		100		103,875
7.29%, 08/16/37b		100		97,900
8.15%, 04/11/18b		100		110,250
9.25%, 04/23/19b		100		114,750
Rosneft Finance SA
7.25%, 02/02/20b		100		106,000

Security	Principal (000s)		Value
Russian Agricultural Bank OJSC via RSHB Capital SA
6.30%, 05/15/17b	$	100	$	98,750
Russian Railways OJSC via RZD Capital PLC
5.74%, 04/03/17b		100		103,000
Sberbank of Russia via SB Capital SA
6.13%, 02/07/22b		200		194,000
Vnesheconombank via VEB Finance PLC
6.90%, 07/09/20b		100		97,000
VTB Bank OJSC via VTB Capital SA
6.25%, 06/30/35b		100		100,750
6.55%, 10/13/20b		100		98,850
6.88%, 05/29/18b		100		100,000
				1,605,125
SOUTH AFRICA — 0.68%
Eskom Holdings Ltd.
5.75%, 01/26/21b		200		205,500
				205,500
SOUTH KOREA — 5.86%
Export-Import Bank of Korea (The)
4.00%, 01/29/21		100		105,007
4.13%, 09/09/15		100		104,384
4.38%, 09/15/21		200		214,379
5.13%, 06/29/20		100		111,726
Korea Development Bank (The)
3.25%, 03/09/16		100		103,843
3.88%, 05/04/17		200		212,428
Korea Electric Power Corp.
3.00%, 10/05/15b		100		102,708
Korea Finance Corp.
3.25%, 09/20/16		200		209,242
Korea Gas Corp.
4.25%, 11/02/20b		100		106,227
Korea Hydro & Nuclear Power Co. Ltd.
2.88%, 10/02/18		200		203,103
Korea National Oil Corp.
2.88%, 11/09/15b		200		205,402
National Agricultural Cooperative Federation
4.25%, 01/28/16b		100		104,928
				1,783,377

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)		Value
TRINIDAD AND TOBAGO — 0.42%
Petroleum Co. of Trinidad & Tobago Ltd.
9.75%, 08/14/19b	$	100	$	126,500
				126,500
TURKEY — 0.69%
Turkiye Vakiflar Bankasi Tao
5.75%, 04/24/17b		200		209,460
				209,460
UNITED ARAB EMIRATES — 4.68%
Abu Dhabi National Energy Co.
5.88%, 10/27/16b		100		110,750
6.25%, 09/16/19b		100		117,375
6.50%, 10/27/36b		100		119,000
ADCB Finance (Cayman) Ltd.
2.50%, 03/06/18		200		201,250
Dolphin Energy Ltd.
5.89%, 06/15/19b		145		160,277
DP World Ltd.
6.85%, 07/02/37b		100		108,750
Dubai Electricity & Water Authority
7.38%, 10/21/20b		100		120,750
International Petroleum Investment Co.
5.00%, 11/15/20b		250		275,625
MDC-GMTN BV
3.75%, 04/20/16b		200		210,700
				1,424,477
VENEZUELA — 3.23%
Petroleos de Venezuela SA
5.00%, 10/28/15		75		67,406
5.25%, 04/12/17b		150		120,750
5.38%, 04/12/27b		150		87,375
5.50%, 04/12/37b		50		27,800
6.00%, 11/15/26b		175		103,031
8.50%, 11/02/17b		320		288,000
9.00%, 11/17/21b		175		142,844
12.75%, 02/17/22b		150		145,500
				982,706
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $16,037,251)				15,605,178

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 5.29%
MONEY MARKET FUNDS — 5.29%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%e,f,g		1,120	$	1,119,893
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%e,f,g		86		86,257
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		402		401,856
				1,608,006
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,608,006)				1,608,006
TOTAL INVESTMENTS IN SECURITIES — 103.05%
(Cost: $32,001,719)				31,335,481
Other Assets, Less Liabilities — (3.05)%				(926,254	)
NET ASSETS — 100.00%			$	30,409,227

CPO  —  Certificates of Participation (Ordinary)

^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  All or a portion of this security represents a security on loan. See Note 1.

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

^e  Affiliated issuer. See Note 2.

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

^g  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.

16 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2014

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 26.45%
ARGENTINA — 0.17%
YPF SA
8.88%, 12/19/18b	$	300	$	312,375
				312,375
BRAZIL — 2.75%
Banco BTG Pactual SA
5.75%, 09/28/22b		500		474,800
CSN Resources SA
6.50%, 07/21/20b		600		613,500
Fibria Overseas Finance Ltd.
6.75%, 03/03/21 (Call 03/03/16)b		400		439,000
JBS Investments GmbH
7.75%, 10/28/20 (Call 10/28/17)b		400		425,500
JBS USA LLC/JBS USA Finance Inc.
7.25%, 06/01/21 (Call 06/01/15)b		450		485,437
8.25%, 02/01/20 (Call 02/01/15)b		800		875,600
Marfrig Holding Europe BV
8.38%, 05/09/18b		600		603,000
9.88%, 07/24/17 (Call 01/24/16)b		300		315,000
Marfrig Overseas Ltd.
9.50%, 05/04/20 (Call 05/04/15)b		400		407,000
Minerva Luxembourg SA
7.75%, 01/31/23 (Call 01/31/18)b		400		411,500
				5,050,337
CHILE — 0.34%
VTR Finance BV
6.88%, 01/15/24 (Call 01/15/19)b		600		625,255
				625,255
CHINA — 4.76%
Agile Property Holdings Ltd.
8.88%, 04/28/17 (Call 05/30/14)b		800		823,000
9.88%, 03/20/17b		200		209,750
China CITIC Bank International Ltd.
6.88%, 06/24/20b		300		324,630
CITIC Pacific Ltd.
6.38%, 04/10/20b		200		213,500
6.63%, 04/15/21b		700		751,625
6.80%, 01/17/23b		200		215,510
6.88%, 01/21/18b		800		868,000
Country Garden Holdings Co. Ltd.
7.25%, 04/04/21 (Call 10/04/17)b		200		185,000

Security	Principal (000s)		Value
7.50%, 01/10/23 (Call 01/10/18)b	$	500	$	457,500
11.13%, 02/23/18 (Call 02/23/15)b		600		649,500
11.25%, 04/22/17 (Call 05/30/14)b		100		105,625
Evergrande Real Estate Group Ltd.
8.75%, 10/30/18 (Call 10/30/16)b		900		822,375
Greentown China Holdings Ltd.
8.50%, 02/04/18 (Call 02/04/16)b		400		393,500
Kaisa Group Holdings Ltd.
10.25%, 01/08/20 (Call 01/08/17)b		600		588,000
KWG Property Holding Ltd.
8.98%, 01/14/19 (Call 01/14/17)b		200		191,773
Shimao Property Holdings Ltd.
6.63%, 01/14/20 (Call 01/14/17)b		600		574,500
8.13%, 01/22/21 (Call 01/22/18)b		200		200,240
9.65%, 08/03/17 (Call 08/03/14)b		200		211,750
SOHO China Ltd.
5.75%, 11/07/17 (Call 11/07/15)b		200		200,000
Trillion Chance Ltd.
8.50%, 01/10/19 (Call 01/10/17)b		600		585,000
Yancoal International Resources Development Co. Ltd.
5.73%, 05/16/22b		200		183,000
				8,753,778
COLOMBIA — 1.78%
Banco Davivienda SA
5.88%, 07/09/22b		200		200,250
Bancolombia SA
5.13%, 09/11/22		800		793,000
6.13%, 07/26/20		400		428,500
Pacific Rubiales Energy Corp.
5.13%, 03/28/23 (Call 03/28/18)b		600		579,750
5.38%, 01/26/19 (Call 01/26/17)b		500		513,750
7.25%, 12/12/21 (Call 12/12/16)b		700		764,750
				3,280,000
INDIA — 1.60%
ICICI Bank Ltd.
6.38%, 04/30/22 (Call 04/30/17)b,c		654		657,270
Vedanta Resources PLC
6.00%, 01/31/19b		800		797,000
6.75%, 06/07/16b		200		209,250
7.13%, 05/31/23b		200		199,250
8.25%, 06/07/21b		600		636,000
9.50%, 07/18/18b		400		449,520
				2,948,290

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2014

Security	Principal (000s)		Value
JAMAICA — 1.32%
Digicel Group Ltd.
8.25%, 09/30/20 (Call 09/30/16)b	$	900	$	958,500
10.50%, 04/15/18 (Call 05/02/14)b		300		315,750
Digicel Ltd.
6.00%, 04/15/21 (Call 04/15/16)b		1,000		1,012,500
8.25%, 09/01/17 (Call 05/30/14)b		130		134,881
				2,421,631
KAZAKHSTAN — 0.46%
BTA Bank JSC
5.50%, 12/21/22b		300		210,750
Halyk Savings Bank of Kazakhstan JSC
7.25%, 05/03/17b		400		421,900
7.25%, 01/28/21b		200		205,300
				837,950
LUXEMBOURG — 0.32%
Millicom International Cellular SA
4.75%, 05/22/20 (Call 05/22/17)b		400		386,000
6.63%, 10/15/21 (Call 10/15/17)b		200		208,500
				594,500
MACAU — 0.33%
MCE Finance Ltd.
5.00%, 02/15/21 (Call 02/15/16)b		600		598,500
				598,500
MEXICO — 3.42%
Banco Santander Mexico SA
5.95%, 01/30/24 (Call 01/30/19)b,c		600		623,250
BBVA Bancomer SA
7.25%, 04/22/20b		700		784,000
Cemex Espana SA (Luxembourg)
9.88%, 04/30/19 (Call 04/30/16)b		250		286,000
Cemex Finance LLC
9.38%, 10/12/22 (Call 10/12/17)b		1,100		1,267,750
Cemex SAB de CV
5.88%, 03/25/19 (Call 03/25/16)b		400		411,000
6.50%, 12/10/19 (Call 12/10/17)b		400		420,000
7.25%, 01/15/21 (Call 01/15/18)b		500		537,500
9.00%, 01/11/18 (Call 01/11/15)b		1,000		1,080,000
Mexichem SAB de CV
4.88%, 09/19/22b		400		403,500
NII Capital Corp.
7.63%, 04/01/21 (Call 04/01/16)		750		223,125

Security	Principal (000s)		Value
8.88%, 12/15/19 (Call 12/15/14)	$	200	$	94,500
10.00%, 08/15/16 (Call 06/02/14)		420		157,500
				6,288,125
RUSSIA — 6.88%
Alfa Bank OJSC via Alfa Bond Issuance PLC
7.50%, 09/26/19b		400		386,000
7.75%, 04/28/21b		500		490,000
7.88%, 09/25/17b		600		620,250
ALROSA Finance SA
7.75%, 11/03/20b		600		612,000
Credit Bank of Moscow
7.70%, 02/01/18b		200		182,500
Evraz Group SA
6.50%, 04/22/20b		800		652,000
8.25%, 11/10/15b		400		399,324
9.50%, 04/24/18b		600		585,000
Metalloinvest Finance Ltd.
5.63%, 04/17/20b		600		535,500
6.50%, 07/21/16b		400		398,000
MMC Norilsk Nickel OJSC via MMC Finance Ltd.
5.55%, 10/28/20b		400		386,000
Mobile Telesystems OJSC via MTS International Funding Ltd.
5.00%, 05/30/23b		400		356,000
8.63%, 06/22/20b		200		226,500
Nomos Bank OJSC via Nomos Capital PLC
7.25%, 04/25/18b		400		388,000
Novolipetsk Steel OJSC via Steel Funding Ltd.
4.45%, 02/19/18b		600		571,721
4.95%, 09/26/19b		200		186,000
Promsvyazbank OJSC via PSB Finance SA
10.20%, 11/06/19b		400		391,400
Russian Standard Bank
9.25%, 07/11/17b		100		97,250
Severstal OAO via Steel Capital SA
5.90%, 10/17/22b		200		179,750
6.70%, 10/25/17b		700		710,500
Sibur Securities Ltd.
3.91%, 01/31/18b		700		614,250

18 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2014

Security	Principal (000s)		Value
TMK OAO via TMK Capital SA
7.75%, 01/27/18b	$	500	$	478,125
Vimpel Communications via VIP Finance Ireland Ltd. OJSC
7.75%, 02/02/21b		600		601,500
9.13%, 04/30/18b		700		749,875
VimpelCom Holdings BV
5.20%, 02/13/19b		400		372,000
5.95%, 02/13/23b		500		447,500
6.25%, 03/01/17b		400		400,000
7.50%, 03/01/22b		650		637,000
				12,653,945
SINGAPORE — 0.51%
Flextronics International Ltd.
5.00%, 02/15/23		450		452,250
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 02/01/16)b		600		487,500
				939,750
SOUTH AFRICA — 0.62%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		500		484,524
5.38%, 04/15/20		300		301,033
Gold Fields Orogen Holding BVI Ltd.
4.88%, 10/07/20b		400		360,000
				1,145,557
SOUTH KOREA — 0.40%
Woori Bank Co. Ltd.
6.21%, 05/02/37 (Call 05/02/17)b,c		700		742,000
				742,000
TURKEY — 0.56%
Turkiye Is Bankasi AS
6.00%, 10/24/22b		500		485,500
Yapi ve Kredi Bankasi AS
5.50%, 12/06/22b		600		535,800
				1,021,300
UKRAINE — 0.23%
Metinvest BV
8.75%, 02/14/18b		500		431,335
				431,335
TOTAL CORPORATE BONDS & NOTES
(Cost: $50,264,002)				48,644,628

Security	Principal (000s)		Value
FOREIGN AGENCY OBLIGATIONSa — 13.12%
BRAZIL — 1.00%
Banco do Brasil SA
5.88%, 01/19/23b	$	400	$	407,000
Centrais Eletricas Brasileiras SA
5.75%, 10/27/21b		1,000		1,002,500
6.88%, 07/30/19b		400		432,500
				1,842,000
CHINA — 0.11%
Franshion Brilliant Ltd.
5.75%, 03/19/19b		200		199,370
				199,370
INDIA — 0.10%
IDBI Bank Ltd.
3.75%, 01/25/19b		200		194,512
				194,512
INDONESIA — 3.60%
Majapahit Holding BV
7.75%, 10/17/16b		800		900,000
7.75%, 01/20/20b		1,000		1,147,500
7.88%, 06/29/37b		200		221,750
PT Pertamina (Persero) Tbk
4.30%, 05/20/23b		1,900		1,726,625
5.25%, 05/23/21b		400		401,500
5.63%, 05/20/43b		1,500		1,273,125
6.00%, 05/03/42b		200		178,500
PT Perusahaan Gas Negara (Persero) Tbk
5.25%, 10/24/42b		700		571,375
5.50%, 11/22/21b		200		203,250
				6,623,625
ISRAEL — 0.94%
Israel Electric Corp. Ltd.
5.63%, 06/21/18b		900		951,750
6.88%, 06/21/23b		700		773,500
				1,725,250
RUSSIA — 0.52%
Gazprombank OAO via GPB Eurobond Finance PLC
7.50%, 12/28/23 (Call 12/28/18)b,c		200		186,000
VTB Bank OJSC via VTB Capital SA
6.95%, 10/17/22b		800		766,000
				952,000

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2014

Security	Principal (000s)		Value
SRI LANKA — 0.33%
Bank of Ceylon
5.33%, 04/16/18b	$	200	$	198,750
6.88%, 05/03/17b		400		418,000
				616,750
TURKEY — 0.55%
Export Credit Bank of Turkey
5.38%, 11/04/16b		400		420,000
5.88%, 04/24/19b		200		209,500
Turkiye Vakiflar Bankasi Tao
6.00%, 11/01/22b		400		376,400
				1,005,900
UKRAINE — 0.17%
Oschadbank via SSB #1 PLC
8.25%, 03/10/16b		400		314,000
				314,000
VENEZUELA — 5.80%
Petroleos de Venezuela SA
5.00%, 10/28/15		800		719,000
Series 2016
5.13%, 10/28/16		400		336,400
5.25%, 04/12/17b		1,700		1,368,500
5.38%, 04/12/27b		1,570		914,525
5.50%, 04/12/37b		820		455,920
6.00%, 11/15/26b		2,400		1,413,000
8.50%, 11/02/17b		3,200		2,880,000
9.00%, 11/17/21b		1,250		1,020,312
12.75%, 02/17/22b		1,600		1,552,000
				10,659,657
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $24,686,947)				24,133,064
FOREIGN GOVERNMENT OBLIGATIONSa — 58.08%
ARGENTINA — 2.19%
Argentina (Republic of)
2.50%, 12/31/38d		2,780		1,178,025
8.28%, 12/31/33		2,299		1,850,971
8.28%, 12/31/33		673		532,662
8.75%, 06/02/17		500		467,500
				4,029,158

Security	Principal (000s)		Value
BELARUS — 0.55%
Belarus (Republic of)
8.75%, 08/03/15b	$	500	$	502,090
8.95%, 01/26/18b		500		504,575
				1,006,665
COSTA RICA — 0.49%
Costa Rica (Republic of)
4.25%, 01/26/23b		600		550,500
4.38%, 04/30/25b		200		177,000
5.63%, 04/30/43b		200		169,500
				897,000
CROATIA — 2.74%
Croatia (Republic of)
5.50%, 04/04/23b		1,000		1,010,000
6.00%, 01/26/24b		800		833,000
6.25%, 04/27/17b		500		536,875
6.38%, 03/24/21b		900		967,500
6.63%, 07/14/20b		200		218,000
6.75%, 11/05/19b		1,350		1,479,938
				5,045,313
DOMINICAN REPUBLIC — 1.13%
Dominican Republic
5.88%, 04/18/24b		600		597,000
6.60%, 01/28/24b		200		206,500
7.50%, 05/06/21b		800		888,000
9.04%, 01/23/18b		350		383,416
				2,074,916
ECUADOR — 0.23%
Ecuador (Republic of)
9.38%, 12/15/15b		400		427,500
				427,500
EGYPT — 0.48%
Egypt (Arab Republic of)
5.75%, 04/29/20b		600		613,500
6.88%, 04/30/40b		300		276,000
				889,500
EL SALVADOR — 1.17%
El Salvador (Republic of)
5.88%, 01/30/25b		600		582,000
7.63%, 02/01/41b		450		464,625
7.65%, 06/15/35b		500		519,375
7.75%, 01/24/23b		120		133,800

20 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2014

Security	Principal (000s)		Value
8.25%, 04/10/32b	$	400	$	444,000
				2,143,800
GUATEMALA — 0.39%
Guatemala (Republic of)
4.88%, 02/13/28b		300		291,000
5.75%, 06/06/22b		400		431,500
				722,500
HUNGARY — 4.37%
Hungary (Republic of)
4.00%, 03/25/19		400		404,000
4.13%, 02/19/18		500		515,000
5.38%, 02/21/23		1,300		1,356,875
5.38%, 03/25/24		900		932,625
5.75%, 11/22/23		900		958,500
6.25%, 01/29/20		1,200		1,327,800
6.38%, 03/29/21		1,500		1,668,750
7.63%, 03/29/41		732		876,570
				8,040,120
INDONESIA — 8.56%
Indonesia (Republic of)
3.38%, 04/15/23b		900		815,625
3.75%, 04/25/22b		1,200		1,134,000
4.63%, 04/15/43b		1,300		1,090,375
4.88%, 05/05/21b		1,900		1,959,375
5.25%, 01/17/42b		800		732,000
5.88%, 03/13/20b		600		657,000
5.88%, 01/15/24b		1,000		1,082,500
6.75%, 01/15/44b		1,000		1,110,000
6.88%, 01/17/18b		1,000		1,137,500
7.50%, 01/15/16b		1,000		1,098,750
7.75%, 01/17/38b		1,400		1,695,750
8.50%, 10/12/35b		1,250		1,614,062
11.63%, 03/04/19b		1,200		1,617,000
				15,743,937
JAMAICA — 0.38%
Jamaica (Government of)
8.00%, 06/24/19		400		421,000
8.00%, 03/15/39		300		283,125
				704,125
LEBANON — 2.98%
Lebanon (Republic of)
4.75%, 11/02/16b		300		300,750

Security	Principal (000s)		Value
5.15%, 11/12/18b	$	650	$	651,300
6.00%, 05/20/19b		200		201,750
6.38%, 03/09/20		1,000		1,028,750
8.25%, 04/12/21b		1,300		1,462,500
8.50%, 08/06/15		250		266,125
8.50%, 01/19/16b		330		353,925
9.00%, 03/20/17		1,080		1,204,200
				5,469,300
MOROCCO — 0.62%
Morocco (Republic of)
4.25%, 12/11/22b		800		769,000
5.50%, 12/11/42b		400		374,000
				1,143,000
NIGERIA — 0.45%
Nigeria (Federal Republic of)
5.13%, 07/12/18b		400		408,000
6.38%, 07/12/23b		200		209,500
6.75%, 01/28/21b		200		216,500
				834,000
PAKISTAN — 0.39%
Pakistan (Islamic Republic of)
6.88%, 06/01/17b		400		404,000
7.13%, 03/31/16b		300		306,000
				710,000
ROMANIA — 1.81%
Romania (Republic of)
4.38%, 08/22/23b		700		708,750
4.88%, 01/22/24b		500		525,000
6.13%, 01/22/44b		400		438,500
6.75%, 02/07/22b		1,400		1,657,250
				3,329,500
SERBIA — 1.65%
Serbia (Republic of)
4.88%, 02/25/20b		1,000		991,250
5.25%, 11/21/17b		400		411,000
5.88%, 12/03/18b		500		525,000
7.25%, 09/28/21b		1,000		1,111,250
				3,038,500
SLOVENIA — 2.77%
Slovenia (Republic of)
4.13%, 02/18/19b		600		618,000
4.75%, 05/10/18b		600		635,250

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2014

Security	Principal (000s)		Value
5.25%, 02/18/24b	$	1,000	$	1,037,500
5.50%, 10/26/22b		1,400		1,491,000
5.85%, 05/10/23b		1,200		1,305,000
				5,086,750
SRI LANKA — 1.20%
Sri Lanka (Democratic Socialist Republic of)
5.88%, 07/25/22b		400		399,000
6.00%, 01/14/19b		400		416,000
6.25%, 10/04/20b		1,050		1,090,688
6.25%, 07/27/21b		299		307,970
				2,213,658
TURKEY — 12.71%
Turkey (Republic of)
3.25%, 03/23/23		1,000		901,500
4.88%, 04/16/43		700		632,051
5.13%, 03/25/22		642		667,038
5.63%, 03/30/21		1,150		1,236,250
5.75%, 03/22/24		1,200		1,284,000
6.00%, 01/14/41		1,600		1,655,200
6.25%, 09/26/22		1,400		1,556,100
6.63%, 02/17/45		600		669,000
6.75%, 04/03/18		1,250		1,401,875
6.75%, 05/30/40		1,000		1,130,000
6.88%, 03/17/36		1,420		1,624,480
7.00%, 09/26/16		1,100		1,215,280
7.00%, 03/11/19		800		914,000
7.00%, 06/05/20		800		921,000
7.25%, 03/05/38		610		728,950
7.38%, 02/05/25		1,920		2,278,080
7.50%, 07/14/17		1,000		1,136,250
7.50%, 11/07/19		750		878,625
8.00%, 02/14/34		863		1,105,330
11.88%, 01/15/30		860		1,436,200
				23,371,209
UKRAINE — 2.39%
Ukraine (Government of)
6.25%, 06/17/16b		800		677,000
6.58%, 11/21/16b		500		420,625
6.75%, 11/14/17b		100		84,250
6.88%, 09/23/15b		300		268,500
7.50%, 04/17/23b		700		585,340
7.75%, 09/23/20b		900		758,250

Security	Principal or Shares (000s)		Value
7.80%, 11/28/22b	$	1,200	$	1,006,500
7.95%, 02/23/21b		700		594,125
				4,394,590
VENEZUELA — 7.89%
Venezuela (Bolivarian Republic of)
5.75%, 02/26/16b		775		703,313
6.00%, 12/09/20b		780		562,575
7.00%, 12/01/18b		550		452,100
7.00%, 03/31/38b		650		437,125
7.65%, 04/21/25		850		629,000
7.75%, 10/13/19b		1,400		1,141,000
8.25%, 10/13/24b		1,350		1,039,500
9.00%, 05/07/23b		930		761,205
9.25%, 09/15/27		2,220		1,837,050
9.25%, 05/07/28b		1,050		834,750
9.38%, 01/13/34		810		643,950
11.75%, 10/21/26b		1,450		1,344,875
11.95%, 08/05/31b		2,220		2,053,500
12.75%, 08/23/22b		1,600		1,586,000
13.63%, 08/15/18		450		473,625
				14,499,568
VIETNAM — 0.54%
Vietnam (Socialist Republic of)
6.75%, 01/29/20b		600		676,500
6.88%, 01/15/16b		300		322,500
				999,000
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $110,310,948)				106,813,609
SHORT-TERM INVESTMENTS — 0.84%
MONEY MARKET FUNDS — 0.84%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		1,550		1,550,377
				1,550,377
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,550,377)				1,550,377

22 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2014

	Value
TOTAL INVESTMENTS IN SECURITIES — 98.49%
(Cost: $186,812,274)	$	181,141,678
Other Assets, Less Liabilities — 1.51%		2,771,135
NET ASSETS — 100.00%	$	183,912,813

^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  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  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2014

Security	Principal (000s)			Value
FOREIGN GOVERNMENT OBLIGATIONS — 97.30%
BRAZIL — 14.01%
Brazil (Federative Republic of)
0.00%, 07/01/14		BRL	42,698	$	18,784,136
0.00%, 10/01/14		BRL	6,100		2,610,604
0.00%, 01/01/15		BRL	24,955		10,392,483
0.00%, 01/01/16		BRL	15,200		5,622,900
0.00%, 04/01/16		BRL	35,000		12,558,472
0.00%, 01/01/17		BRL	14,296		4,685,339
8.50%, 01/05/24		BRL	500		213,651
10.00%, 01/01/15		BRL	4,398		1,953,035
10.00%, 01/01/18		BRL	19,339		8,085,721
10.00%, 01/01/21		BRL	35,368		14,180,706
10.00%, 01/01/23		BRL	3,765		1,473,669
10.25%, 01/10/28		BRL	1,420		671,894
12.50%, 01/05/16		BRL	1,400		656,793
12.50%, 01/05/22		BRL	1,633		843,918
					82,733,321
CHILE — 0.07%
Chile (Republic of)
5.50%, 08/05/20		CLP	237,000		428,844
					428,844
COLOMBIA — 4.21%
Colombia (Republic of)
6.00%, 04/28/28		COP	1,153,000		548,945
7.50%, 08/26/26		COP	13,009,800		6,945,967
7.75%, 04/14/21		COP	496,000		289,260
9.25%, 05/14/14		COP	20,852,000		10,814,786
9.85%, 06/28/27		COP	2,998,000		2,025,355
10.00%, 07/24/24		COP	4,150,000		2,709,297
11.25%, 10/24/18		COP	2,457,000		1,537,413
					24,871,023
CZECH REPUBLIC — 4.15%
Czech (Republic of)
3.80%, 04/11/15		CZK	91,940		4,800,292
4.00%, 04/11/17		CZK	50,400		2,804,191
4.20%, 12/04/36		CZK	50,930		2,989,478
4.60%, 08/18/18		CZK	113,700		6,676,807
5.70%, 05/25/24		CZK	76,240		5,191,722
6.95%, 01/26/16		CZK	36,000		2,029,525
					24,492,015

Security	Principal (000s)			Value
HUNGARY — 2.95%
Hungary (Republic of)
5.50%, 02/12/16		HUF	1,427,040	$	6,696,624
6.00%, 11/24/23		HUF	202,740		965,588
6.50%, 06/24/19		HUF	844,250		4,159,474
6.75%, 11/24/17		HUF	83,000		410,462
7.00%, 06/24/22		HUF	230,000		1,158,884
7.50%, 11/12/20		HUF	222,500		1,147,396
7.75%, 08/24/15		HUF	606,290		2,908,306
					17,446,734
INDONESIA — 4.31%
Indonesia (Republic of)
6.63%, 05/15/33		IDR	22,700,000		1,595,273
7.00%, 05/15/22		IDR	6,780,000		551,243
8.25%, 06/15/32		IDR	34,060,000		2,860,551
9.50%, 06/15/15		IDR	3,791,000		336,096
9.50%, 07/15/31		IDR	107,554,000		10,093,508
10.00%, 07/15/17		IDR	61,307,000		5,687,131
10.00%, 09/15/24		IDR	7,060,000		686,368
11.00%, 11/15/20		IDR	22,885,000		2,294,141
11.00%, 09/15/25		IDR	13,220,000		1,372,403
					25,476,714
ISRAEL — 4.41%
Israel (State of)
3.50%, 08/31/14		ILS	16,450		4,796,742
4.00%, 01/31/18		ILS	5,950		1,868,796
4.25%, 03/31/23		ILS	13,878		4,333,804
5.50%, 01/31/22		ILS	3,150		1,073,363
5.50%, 01/31/42		ILS	3,582		1,176,585
6.00%, 02/28/19		ILS	37,490		12,826,770
					26,076,060
MALAYSIA — 3.81%
Malaysia (Federation of)
3.49%, 03/31/20		MYR	6,899		2,072,932
3.73%, 06/15/28		MYR	1,800		512,935
3.84%, 08/12/15		MYR	19,123		5,911,060
4.13%, 04/15/32		MYR	7,400		2,155,529
4.39%, 04/15/26		MYR	3,660		1,132,678
5.73%, 07/30/19		MYR	31,870		10,697,994
					22,483,128
MEXICO — 8.47%
United Mexican States
6.25%, 06/16/16		MXN	45,346		3,617,342

24 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2014

Security	Principal (000s)			Value
6.50%, 06/10/21		MXN	59,936	$	4,776,654
7.00%, 06/19/14		MXN	29,069		2,230,576
7.25%, 12/15/16		MXN	155,218		12,723,225
7.50%, 06/03/27		MXN	32,737		2,712,129
7.75%, 12/14/17		MXN	48,350		4,057,444
7.75%, 11/13/42		MXN	48,701		3,915,719
8.00%, 12/07/23		MXN	81,383		7,031,673
8.50%, 11/18/38		MXN	29,330		2,554,116
10.00%, 12/05/24		MXN	64,800		6,381,203
					50,000,081
NIGERIA — 0.73%
Nigeria (Federal Republic of)
4.00%, 04/23/15		NGN	205,271		1,176,883
10.00%, 07/23/30		NGN	162,000		781,756
15.10%, 04/27/17		NGN	273,000		1,784,019
16.39%, 01/27/22		NGN	75,000		541,719
					4,284,377
PERU — 0.80%
Peru (Republic of)
6.85%, 02/12/42		PEN	1,300		456,355
8.20%, 08/12/26		PEN	10,437		4,295,552
					4,751,907
PHILIPPINES — 3.47%
Philippines (Republic of the)
4.00%, 12/06/22		PHP	68,000		1,496,381
4.95%, 01/15/21		PHP	49,000		1,137,618
5.00%, 08/18/18		PHP	85,070		2,017,789
6.25%, 01/14/36		PHP	57,000		1,304,172
7.00%, 01/27/16		PHP	216,246		5,195,968
8.00%, 07/19/31		PHP	154,300		4,627,235
8.13%, 12/16/35		PHP	159,860		4,693,844
					20,473,007
POLAND — 4.18%
Poland (Republic of)
0.00%, 07/25/15		PLN	7,145		2,284,710
0.00%, 01/25/16		PLN	8,455		2,660,035
3.75%, 04/25/18		PLN	15,000		5,033,773
4.00%, 10/25/23		PLN	9,500		3,130,320
4.75%, 10/25/16		PLN	10,657		3,666,088
5.25%, 10/25/20		PLN	4,000		1,437,730
5.75%, 09/23/22		PLN	16,124		5,990,414

Security	Principal (000s)			Value
5.75%, 04/25/29		PLN	1,250	$	472,288
					24,675,358
ROMANIA — 1.82%
Romania (Republic of)
5.75%, 01/27/16		RON	15,410		4,985,912
5.85%, 07/28/14		RON	6,120		1,923,265
5.85%, 04/26/23		RON	6,000		1,969,861
5.90%, 07/26/17		RON	5,100		1,677,488
6.75%, 06/11/17		RON	650		217,322
					10,773,848
RUSSIA — 4.45%
Russian Federation (The)
6.20%, 01/31/18		RUB	121,380		3,121,543
6.80%, 12/11/19		RUB	46,500		1,178,231
6.88%, 07/15/15		RUB	154,893		4,307,201
7.40%, 04/19/17		RUB	142,140		3,848,871
7.60%, 04/14/21		RUB	221,456		5,716,958
7.85%, 03/10/18a		RUB	15,000		404,403
8.10%, 11/26/14		RUB	50,000		1,406,514
8.15%, 02/03/27		RUB	184,740		4,758,755
12.00%, 08/20/14		RUB	54,600		1,555,065
					26,297,541
SOUTH AFRICA — 4.46%
South Africa (Republic of)
6.25%, 03/31/36		ZAR	43,064		3,013,251
6.50%, 02/28/41		ZAR	81,983		5,753,936
6.75%, 03/31/21		ZAR	53,460		4,708,687
8.25%, 09/15/17		ZAR	106,911		10,356,706
8.75%, 02/28/48		ZAR	5,800		524,967
10.50%, 12/21/26		ZAR	6,000		659,050
13.50%, 09/15/15		ZAR	13,100		1,350,061
					26,366,658
SOUTH KOREA — 22.09%
Korea (Republic of)
2.74%, 02/02/15		KRW	12,644,000		12,243,621
2.75%, 09/10/17		KRW	10,258,640		9,856,555
2.82%, 08/02/14		KRW	19,353,190		18,739,424
2.84%, 12/02/14		KRW	11,800,000		11,432,628
3.00%, 12/10/42		KRW	3,025,970		2,517,415
3.13%, 03/10/19		KRW	6,500,000		6,284,059
4.00%, 03/10/16		KRW	10,471,600		10,352,929
4.00%, 12/10/31		KRW	14,305,490		14,363,775
4.75%, 12/10/30		KRW	2,400,000		2,623,579

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2014

Security	Principal or Shares (000s)			Value
5.00%, 06/10/20		KRW	8,100,000	$	8,574,884
5.25%, 09/10/15		KRW	11,702,460		11,697,590
5.25%, 03/10/27		KRW	5,000,000		5,636,021
5.50%, 09/10/17		KRW	3,981,600		4,160,739
5.50%, 12/10/29		KRW	4,354,040		5,124,182
5.75%, 09/10/18		KRW	6,400,000		6,844,463
					130,451,864
THAILAND — 4.43%
Thailand (Kingdom of)
3.13%, 12/11/15		THB	320,206		10,040,675
3.58%, 12/17/27		THB	93,640		2,809,026
3.63%, 05/22/15		THB	39,763		1,248,504
3.78%, 06/25/32		THB	21,000		625,659
3.80%, 06/14/41		THB	30,000		862,917
3.88%, 06/13/19		THB	33,600		1,079,613
4.88%, 06/22/29		THB	24,000		819,708
5.67%, 03/13/28		THB	189,234		6,966,864
6.15%, 07/07/26		THB	45,029		1,706,023
					26,158,989
TURKEY — 4.48%
Turkey (Republic of)
6.30%, 02/14/18		TRY	15,360		6,644,828
7.50%, 09/24/14		TRY	5,607		2,621,605
8.50%, 09/14/22		TRY	6,772		3,065,534
8.80%, 09/27/23		TRY	7,020		3,228,855
9.00%, 01/27/16		TRY	23,119		10,918,625
					26,479,447
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $593,392,207)					574,720,916
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c			46		46,411
					46,411
TOTAL SHORT-TERM INVESTMENTS
(Cost: $46,411)					46,411

		Value
TOTAL INVESTMENTS IN SECURITIES — 97.31%
(Cost: $593,438,618)	$	574,767,327
Other Assets, Less Liabilities — 2.69%		15,926,037
NET ASSETS — 100.00%	$	590,693,364

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 Sol
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.

	Forward currency contracts as of April 30, 2014 were as follows:
Currency to be Delivered		Currency to be Received	Settlement Date	Counter- party		Unrealized Appreciation (Depreciation)
	EGP 36,000,000	USD   5,003,475	7/2/2014		DB	$	(38,728)
	EGP 36,000,000	USD   5,020,921	7/2/2014		BNP		(21,282)
	USD   6,788,475	EGP 48,300,000	7/2/2014		BNP		(23,520)
	USD   2,162,921	EGP 15,400,000	7/2/2014		BNP		(5,979)
	USD   1,121,233	EGP   8,000,000	7/2/2014		BNP		(744)
	USD        42,135	EGP      300,000	7/2/2014		BNP		(116)
		Net Unrealized Depreciation				$	(90,369)

Counterparties:

BNP  —  BNP Paribas

DB  —  Deutsche Bank AG

See notes to financial statements.

26 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
CORPORATE BONDS & NOTES — 95.55%
AUSTRIA — 0.36%
BAWAG PSK
8.13%, 10/30/23a		EUR	200	$	322,719
Wienerberger AG
4.00%, 04/17/20		EUR	200		292,354
					615,073
BELGIUM — 0.28%
Barry Callebaut Services NV
5.63%, 06/15/21a		EUR	100		158,247
6.00%, 07/13/17		EUR	200		312,694
					470,941
CANADA — 3.46%
Air Canada
7.63%, 10/01/19 (Call 10/01/16)b		CAD	150		146,931
Armtec Holdings Ltd.
8.88%, 09/22/17 (Call 05/30/14)		CAD	63		42,767
Athabasca Oil Corp.
7.50%, 11/19/17 (Call 11/19/14)a		CAD	100		92,715
7.50%, 11/19/17 (Call 11/19/14)b		CAD	150		139,414
Baytex Energy Corp.
6.63%, 07/19/22 (Call 07/19/17)		CAD	200		191,808
Bombardier Inc.
6.13%, 05/15/21a		EUR	500		765,537
Brookfield Office Properties Inc.
4.00%, 04/16/18		CAD	100		93,284
Canadian Energy Services & Technology Corp.
7.38%, 04/17/20 (Call 04/17/17)		CAD	100		96,360
Cascades Inc.
7.75%, 12/15/16 (Call 05/30/14)a		CAD	50		47,383
Centric Health Corp.
8.63%, 04/18/18 (Call 04/18/16)		CAD	80		64,149
Connacher Oil and Gas Ltd.
8.75%, 08/01/18 (Call 08/01/15)b		CAD	150		113,103
Corus Entertainment Inc.
4.25%, 02/11/20a		CAD	250		222,960

Security	Principal (000s)			Value
Crew Energy Inc.
8.38%, 10/21/20 (Call 10/21/16)a		CAD	50	$	47,496
Gateway Casinos & Entertainment Ltd.
8.50%, 11/26/20 (Call 11/26/16)b		CAD	100		92,031
GFL Environmental Corp.
7.50%, 06/18/18 (Call 06/18/15)a		CAD	450		427,468
Gibson Energy Inc.
7.00%, 07/15/20 (Call 07/15/16)b		CAD	100		98,638
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 07/25/17)b		CAD	325		314,650
Iron Mountain Canada Operations ULC
6.13%, 08/15/21 (Call 08/15/17)		CAD	100		94,310
Mattamy Group Corp.
6.88%, 11/15/20 (Call 11/15/15)b		CAD	100		92,715
Newalta Corp. Series 2
7.75%, 11/14/19 (Call 11/14/15)		CAD	50		49,438
Paramount Resources Ltd.
7.63%, 12/04/19 (Call 12/04/15)		CAD	300		287,886
8.25%, 12/13/17 (Call 05/30/14)		CAD	250		237,333
Perpetual Energy Inc.
8.75%, 03/15/18 (Call 03/15/15)a		CAD	50		45,105
Postmedia Network Inc.
8.25%, 08/16/17 (Call 08/16/15)b		CAD	136		127,527
Precision Drilling Corp.
6.50%, 03/15/19 (Call 03/15/15)		CAD	100		96,132
Quebecor Media Inc.
6.63%, 01/15/23b		CAD	400		374,504
7.38%, 01/15/21 (Call 01/15/16)		CAD	150		149,153
River Cree Enterprises LP
11.00%, 01/20/21 (Call 01/20/18)b		CAD	100		96,360
Russel Metals Inc.
6.00%, 04/19/22 (Call 04/19/17)		CAD	100		94,537
6.00%, 04/19/22 (Call 04/19/17)b		CAD	50		47,269

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Southern Pacific Resource Corp.
8.75%, 01/25/18 (Call 01/25/15)b		CAD	50	$	34,170
Tervita Corp.
9.00%, 11/15/18 (Call 11/15/15)b		CAD	125		114,470
Trident Exploration Corp.
8.25%, 04/13/18 (Call 04/13/15)		CAD	100		83,831
Trilogy Energy Corp.
7.25%, 12/13/19 (Call 12/13/15)b		CAD	150		144,198
Vermilion Energy Inc.
6.50%, 02/10/16 (Call 05/30/14)		CAD	100		94,082
Videotron Ltee
5.63%, 06/15/25 (Call 03/15/25)		CAD	175		158,982
6.88%, 07/15/21 (Call 06/15/16)		CAD	225		226,594
YPG Financing Inc.
9.25%, 11/30/18 (Call 05/30/14)b		CAD	285		274,866
					5,920,156
FINLAND — 0.98%
Nokia OYJ
6.75%, 02/04/19a		EUR	300		486,159
Stora Enso OYJ
5.00%, 03/19/18a		EUR	300		453,942
5.50%, 03/07/19a		EUR	300		463,832
UPM-Kymmene OYJ
6.63%, 01/23/17		GBP	150		275,729
					1,679,662
FRANCE — 14.09%
Alcatel-Lucent
8.50%, 01/15/16a		EUR	100		152,987
Banque PSA Finance SA
4.00%, 06/24/15a		EUR	400		569,208
4.25%, 02/25/16a		EUR	500		723,927
4.88%, 09/25/15a		EUR	300		434,248
Cegedim SA
6.75%, 04/01/20 (Call 04/01/16)a		EUR	200		291,709
Cerba European Lab
7.00%, 02/01/20 (Call 02/01/16)a		EUR	200		302,108

Security	Principal (000s)			Value
CGG SA
5.88%, 05/15/20 (Call 05/15/17)a		EUR	150	$	214,742
Ciments Francais SA
4.75%, 04/04/17a		EUR	300		444,978
CMA CGM SA
8.75%, 12/15/18 (Call 12/15/15)a		EUR	200		286,163
8.88%, 04/15/19 (Call 04/15/15)a		EUR	100		143,808
Crown European Holdings SA
7.13%, 08/15/18 (Call 08/15/14)a		EUR	100		145,331
Darty Financement SAS
5.88%, 03/01/21 (Call 03/01/17)a		EUR	100		143,733
Europcar Groupe SA
9.38%, 04/15/18 (Call 05/30/14)a		EUR	200		297,443
11.50%, 05/15/17a		EUR	200		320,418
Faurecia SA
8.75%, 06/15/19 (Call 06/15/15)a		EUR	100		157,505
9.38%, 12/15/16a		EUR	300		493,594
Groupama SA
7.88%, 10/27/39 (Call 10/27/19)c		EUR	400		609,388
La Financiere Atalian SAS
7.25%, 01/15/20 (Call 01/15/17)a		EUR	100		148,624
Labco SAS
8.50%, 01/15/18 (Call 05/30/14)a		EUR	325		480,505
Labeyrie Fine Foods SAS
5.63%, 03/15/21 (Call 03/15/17)a		EUR	150		213,723
Lafarge SA
4.25%, 03/23/16		EUR	350		510,930
4.75%, 03/23/20		EUR	200		310,934
4.75%, 09/30/20a		EUR	350		543,285
5.38%, 06/26/17a		EUR	550		846,488
5.88%, 07/09/19a		EUR	350		568,217
6.13%, 05/28/15		EUR	150		218,795
6.25%, 04/13/18a		EUR	200		314,539

28 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
6.63%, 11/29/18a		EUR	500	$	801,512
6.75%, 12/16/19a		EUR	300		489,071
8.88%, 11/24/16a		EUR	300		488,457
Loxam SAS
7.38%, 01/24/20 (Call 01/24/16)a		EUR	100		152,587
Medi-Partenaires SAS
7.00%, 05/15/20 (Call 05/15/16)a		EUR	200		291,882
Nexans SA
4.25%, 03/19/18		EUR	100		144,908
5.75%, 05/02/17		EUR	200		300,271
Novalis SAS
6.00%, 06/15/18 (Call 06/15/15)a		EUR	300		441,203
PagesJaunes Finance & Co.
8.88%, 06/01/18 (Call 06/01/14)a		EUR	200		277,199
Peugeot SA
5.00%, 10/28/16		EUR	400		588,607
5.63%, 06/29/15		EUR	50		72,379
5.63%, 07/11/17		EUR	300		450,594
6.50%, 01/18/19a		EUR	350		547,094
6.88%, 03/30/16a		EUR	200		301,066
7.38%, 03/06/18a		EUR	600		951,228
8.38%, 07/15/14a		EUR	150		210,686
Renault SA
3.13%, 03/05/21a		EUR	350		493,765
3.63%, 09/19/18a		EUR	350		514,358
4.63%, 05/25/16a		EUR	350		515,356
4.63%, 09/18/17a		EUR	400		602,912
5.63%, 06/30/15		EUR	500		726,777
5.63%, 03/22/17		EUR	250		383,398
Rexel SA
5.13%, 06/15/20 (Call 06/15/16)a		EUR	300		444,313
7.00%, 12/17/18 (Call 06/17/15)a		EUR	350		528,564
SMCP SAS
8.88%, 06/15/20 (Call 06/15/16)a		EUR	200		308,509
SPCM SA
5.50%, 06/15/20 (Call 06/15/16)a		EUR	200		299,855

Security	Principal (000s)			Value
Tereos Finance Groupe I
4.25%, 03/04/20 (Call 03/04/19)		EUR	300	$	422,246
Wendel SA
3.75%, 01/21/21a		EUR	200		288,582
4.38%, 08/09/17		EUR	300		447,509
4.88%, 09/21/15		EUR	250		363,056
4.88%, 05/26/16		EUR	300		443,691
5.88%, 09/17/19a		EUR	300		480,980
6.75%, 04/20/18		EUR	300		486,783
					24,146,728
GERMANY — 10.82%
Bayerische Landbank
5.75%, 10/23/17		EUR	400		618,156
Brenntag Finance BV
5.50%, 07/19/18a		EUR	200		314,125
CeramTec Group GmbH
8.25%, 08/15/21 (Call 08/15/16)a		EUR	200		304,181
Commerzbank AG
6.38%, 03/22/19		EUR	800		1,281,171
7.75%, 03/16/21		EUR	700		1,183,385
Deutsche Lufthansa AG
6.50%, 07/07/16		EUR	400		617,164
Deutsche Raststaetten Gruppe IV GmbH
6.75%, 12/30/20 (Call 12/30/16)a		EUR	200		300,535
FMC Finance VI SA
5.50%, 07/15/16a		EUR	100		151,349
Franz Haniel & Cie GmbH
5.88%, 02/01/17		EUR	150		233,044
FTE Verwaltungs GmbH
9.00%, 07/15/20 (Call 07/15/16)a		EUR	100		154,190
Gerresheimer AG
5.00%, 05/19/18a		EUR	175		272,431
Hapag-Lloyd AG
7.75%, 10/01/18 (Call 10/01/15)a		EUR	200		297,720
9.00%, 10/15/15 (Call 10/15/14)a		EUR	159		230,962
Heckler & Koch GmbH
9.50%, 05/15/18 (Call 05/30/14)a		EUR	200		292,701

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Heidelberger Druckmaschinen AG
9.25%, 04/15/18 (Call 05/30/14)a		EUR	150	$	218,936
Hornbach Baumarkt AG
3.88%, 02/15/20a		EUR	100		146,641
KM Germany Holdings GmbH
8.75%, 12/15/20 (Call 12/15/15)a		EUR	200		313,027
KP Germany Erste GmbH
11.63%, 07/15/17 (Call 01/15/15)a		EUR	100		158,048
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	200		308,557
Orion Engineered Carbons Bondco GmbH
10.00%, 06/15/18 (Call 06/15/14)a		EUR	90		134,919
Rheinmetall AG
4.00%, 09/22/17		EUR	250		378,008
SGL Carbon SE
4.88%, 01/15/21 (Call 01/15/17)a		EUR	100		142,835
Styrolution Group GmbH
7.63%, 05/15/16 (Call 05/30/14)a		EUR	225		321,411
Techem Energy Metering Service GmbH & Co. KG
6.13%, 10/01/19 (Call 10/01/15)a		EUR	200		302,129
7.88%, 10/01/20 (Call 10/01/16)a		EUR	200		311,816
ThyssenKrupp AG
3.13%, 10/25/19 (Call 07/25/19)a		EUR	700		985,362
4.00%, 08/27/18		EUR	700		1,020,569
4.38%, 03/18/15		EUR	200		284,553
4.38%, 02/28/17		EUR	700		1,027,364
ThyssenKrupp Finance Nederland BV
8.50%, 02/25/16		EUR	500		777,057
Trionista Holdco GmbH
5.00%, 04/30/20 (Call 04/30/16)a		EUR	200		290,031

Security	Principal (000s)			Value
Trionista TopCo GmbH
6.88%, 04/30/21 (Call 04/30/16)a		EUR	300	$	451,405
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.13%, 01/21/23 (Call 01/21/18)a		EUR	300		439,404
5.50%, 09/15/22 (Call 09/15/17)a		EUR	350		518,252
5.63%, 04/15/23 (Call 04/15/18)a		EUR	250		373,727
5.75%, 01/15/23 (Call 01/15/18)a		EUR	300		448,743
7.50%, 03/15/19 (Call 03/15/15)a		EUR	400		596,590
Unitymedia KabelBW GmbH
9.50%, 03/15/21 (Call 03/15/16)a		EUR	300		479,410
9.63%, 12/01/19 (Call 12/01/14)a		EUR	300		451,682
UPCB Finance II Ltd.
6.38%, 07/01/20 (Call 07/01/15)a		EUR	300		444,042
UPCB Finance Ltd.
7.63%, 01/15/20 (Call 01/15/15)a		EUR	450		666,604
WEPA Hygieneprodukte GmbH
6.50%, 05/15/20 (Call 05/15/16)a		EUR	200		304,604
					18,546,840
GREECE — 0.88%
Frigoglass Finance BV
8.25%, 05/15/18 (Call 05/15/15)a		EUR	100		147,252
OTE PLC
4.63%, 05/20/16		EUR	300		431,615
7.25%, 02/12/15a		EUR	250		360,156
7.88%, 02/07/18a		EUR	350		565,244
					1,504,267
IRELAND — 3.23%
AG Spring Finance Ltd.
7.50%, 06/01/18 (Call 06/01/15)a		EUR	200		287,016

30 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Allied Irish Banks PLC
2.75%, 04/16/19a		EUR	150	$	208,240
2.88%, 11/28/16a		EUR	200		282,483
5.63%, 11/12/14a		EUR	100		141,421
Ardagh Glass Finance PLC
7.13%, 06/15/17 (Call 06/15/14)a		EUR	250		351,132
Ardagh Packaging Finance PLC
7.38%, 10/15/17 (Call 10/15/14)a		EUR	400		584,763
9.25%, 10/15/20 (Call 10/15/15)a		EUR	200		307,828
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
7.38%, 10/15/17 (Call 10/15/14)a		EUR	200		292,382
Eircom Finance Ltd.
9.25%, 05/15/20 (Call 05/15/16)a		EUR	200		308,001
Governor & Co. of the Bank of Ireland (The)
2.75%, 06/05/16		EUR	250		353,306
3.25%, 01/15/19a		EUR	450		643,807
10.00%, 12/19/22a		EUR	100		175,861
Nara Cable Funding II Ltd.
8.50%, 03/01/20 (Call 03/01/16)a		EUR	250		414,890
Ono Finance II PLC
11.13%, 07/15/19 (Call 05/30/14)a		EUR	100		154,836
Rottapharm Ltd.
6.13%, 11/15/19 (Call 11/15/15)a		EUR	200		297,775
Smurfit Kappa Acquisitions
4.13%, 01/30/20a		EUR	200		293,955
7.75%, 11/15/19 (Call 11/15/14)a		EUR	300		444,042
					5,541,738
ITALY — 14.24%
Astaldi SpA
7.13%, 12/01/20 (Call 12/01/16)a		EUR	400		600,029

Security	Principal (000s)			Value
Banca Monte dei Paschi di Siena SpA
3.63%, 04/01/19a		EUR	600	$	848,551
4.88%, 05/31/16		EUR	150		208,830
5.00%, 04/21/20a		EUR	400		563,502
5.60%, 09/09/20		EUR	200		287,578
Series 1
7.25%, 07/10/15a		EUR	500		733,092
Banca Piccolo Credito Valtellinese Scarl
4.00%, 07/24/15a		EUR	200		282,884
Banca Popolare di Milano Scarl
4.00%, 01/22/16a		EUR	650		926,104
4.25%, 01/30/19a		EUR	300		436,946
7.13%, 03/01/21a		EUR	200		309,478
Banca Popolare di Vicenza
3.50%, 01/20/17a		EUR	300		421,889
5.00%, 10/25/18a		EUR	100		146,629
6.75%, 02/27/15a		EUR	150		215,339
Banco Popolare
3.50%, 03/14/19a		EUR	750		1,063,653
3.75%, 01/28/16a		EUR	800		1,142,725
5.47%, 11/12/16a		EUR	100		147,148
6.00%, 11/05/20a		EUR	600		893,840
Buzzi Unicem SpA
5.13%, 12/09/16a		EUR	200		298,715
6.25%, 09/28/18a		EUR	200		313,395
Cerved Group SpA
6.38%, 01/15/20 (Call 01/15/16)a		EUR	100		150,541
Enel SpA
5.00%, 01/15/75 (Call 01/15/20)a,c		EUR	600		869,366
6.50%, 01/10/74 (Call 01/10/19)a,c		EUR	600		916,162
Fiat Finance North America Inc.
5.63%, 06/12/17		EUR	450		670,681
GTECH SpA
8.25%, 03/31/66 (Call 03/31/16)a,c		EUR	350		527,149
Intesa Sanpaolo SpA
6.63%, 09/13/23a		EUR	375		620,569
Italcementi Finance SA
6.13%, 02/21/18a		EUR	300		467,128
6.63%, 03/19/20a,d		EUR	350		558,033

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
IVS F SpA
7.13%, 04/01/20 (Call 04/01/16)a		EUR	100	$	148,201
Manutencoop Facility Management SpA
8.50%, 08/01/20 (Call 08/01/16)a		EUR	200		308,001
Salini Costruttori SpA
6.13%, 08/01/18		EUR	200		303,847
Sisal Holding Istituto di Pagamento SpA
7.25%, 09/30/17 (Call 11/01/14)a		EUR	100		143,397
Snai SpA
7.63%, 06/15/18 (Call 12/15/15)a		EUR	300		445,363
TeamSystem Holding SpA
7.38%, 05/15/20		EUR	165		243,079
7.38%, 05/15/20 (Call 05/15/16)a		EUR	100		147,335
Telecom Italia SpA
4.00%, 01/21/20a		EUR	300		433,732
4.50%, 09/20/17a		EUR	550		817,833
4.50%, 01/25/21a		EUR	500		732,515
4.75%, 05/25/18a		EUR	150		224,804
4.88%, 09/25/20a		EUR	250		373,726
5.13%, 01/25/16a		EUR	150		220,449
5.25%, 02/10/22a		EUR	100		151,033
5.38%, 01/29/19		EUR	400		617,645
5.63%, 12/29/15		GBP	100		178,123
6.13%, 12/14/18		EUR	250		396,142
6.38%, 06/24/19		GBP	200		367,263
7.00%, 01/20/17a		EUR	200		312,985
8.25%, 03/21/16		EUR	150		233,041
UniCredit SpA
3.95%, 02/01/16		EUR	450		641,059
5.00%, 02/01/16		GBP	150		261,514
6.70%, 06/05/18		EUR	450		695,701
Unipol Gruppo Finanziario SpA
4.38%, 03/05/21a		EUR	270		391,336
5.00%, 01/11/17a		EUR	200		295,784
Veneto Banca SCPA
4.00%, 01/20/17a		EUR	300		422,437
4.25%, 01/18/16a		EUR	200		282,580
					24,408,881

Security	Principal (000s)			Value
JAPAN — 0.30%
SoftBank Corp.
4.63%, 04/15/20a		EUR	350	$	516,836
					516,836
JERSEY — 0.10%
Hastings Insurance Group Finance PLC
8.00%, 10/21/20 (Call 10/30/16)b		GBP	100		175,609
					175,609
LUXEMBOURG — 15.33%
Altice SA
7.25%, 05/15/22 (Call 05/15/17)a		EUR	100		144,358
ArcelorMittal SA
3.00%, 03/25/19a		EUR	400		558,363
5.75%, 03/29/18a		EUR	300		463,385
5.88%, 11/17/17a		EUR	550		849,729
10.63%, 06/03/16		EUR	550		897,678
Befesa Zinc SAU via Zinc Capital SA
8.88%, 05/15/18 (Call 05/30/14)a		EUR	100		148,083
Bormioli Rocco Holdings SA
10.00%, 08/01/18 (Call 08/01/14)a		EUR	100		149,941
Cabot Financial Luxembourg SA
10.38%, 10/01/19 (Call 10/01/15)b		GBP	100		191,228
Capsugel FinanceCo SCA
9.88%, 08/01/19 (Call 08/01/14)a		EUR	100		151,841
Clariant Finance Luxembourg SA
5.63%, 01/24/17		EUR	250		385,089
CNH Industrial Finance Europe SA
2.75%, 03/18/19a		EUR	500		693,941
6.25%, 03/09/18a		EUR	650		1,024,879
ConvaTec Healthcare E SA
7.38%, 12/15/17 (Call 05/30/14)a		EUR	150		219,572
10.88%, 12/15/18 (Call 12/15/14)a		EUR	100		152,984

32 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Elior Finance & Co. SCA
6.50%, 05/01/20 (Call 05/01/16)a		EUR	200	$	304,881
Fiat Finance & Trade SA
4.75%, 03/22/21a		EUR	350		505,262
6.38%, 04/01/16a		EUR	400		593,582
6.63%, 03/15/18a		EUR	550		851,255
6.75%, 10/14/19a		EUR	550		871,259
7.00%, 03/23/17a		EUR	400		618,364
7.38%, 07/09/18		EUR	200		318,976
7.75%, 10/17/16a		EUR	450		697,386
Findus Bondco SA
9.13%, 07/01/18 (Call 07/01/15)a		EUR	100		151,661
Finmeccanica Finance SA
4.50%, 01/19/21		EUR	500		725,165
8.00%, 12/16/19		GBP	250		494,031
FMC Finance VII SA
5.25%, 02/15/21a		EUR	200		314,081
FMC Finance VIII SA
5.25%, 07/31/19a		EUR	100		156,347
6.50%, 09/15/18a		EUR	250		409,067
Gategroup Finance Luxembourg SA
6.75%, 03/01/19 (Call 03/01/15)a		EUR	100		149,574
GCS Holdco Finance I SA
6.50%, 11/15/18 (Call 11/15/15)a		EUR	200		292,922
Geo Debt Finance SCA
7.50%, 08/01/18 (Call 02/01/15)a		EUR	200		294,482
Gestamp Funding Luxembourg SA
5.88%, 05/31/20 (Call 05/31/16)a		EUR	300		444,406
HeidelbergCement Finance Luxembourg SA
2.25%, 03/12/19a		EUR	350		479,711
3.25%, 10/21/20a		EUR	100		142,097
3.25%, 10/21/21a		EUR	300		419,604
4.00%, 03/08/16a		EUR	250		362,149
6.50%, 08/03/15a		EUR	150		221,209
6.75%, 12/15/15a		EUR	400		601,288
7.50%, 04/03/20		EUR	400		687,728
8.00%, 01/31/17a		EUR	500		805,221

Security	Principal (000s)			Value
8.50%, 10/31/19a		EUR	350	$	624,005
9.50%, 12/15/18a		EUR	200		359,844
Ineos Group Holdings SA
5.75%, 02/15/19 (Call 02/15/16)a		EUR	300		426,894
6.50%, 08/15/18 (Call 05/15/15)a		EUR	350		511,086
Intralot Finance Luxembourg SA
9.75%, 08/15/18 (Call 08/15/16)a		EUR	200		313,027
KION Finance SA
6.75%, 02/15/20 (Call 02/15/16)a		EUR	200		305,027
Magnolia BC SA
9.00%, 08/01/20 (Call 08/01/16)a		EUR	200		296,435
Ontex IV SA
7.50%, 04/15/18 (Call 05/30/14)a		EUR	100		144,437
Picard Bondco SA
9.00%, 10/01/18 (Call 10/01/14)a		EUR	100		148,281
S&B Minerals Finance SCA/S&B Industrial Minerals North America Inc.
9.25%, 08/15/20 (Call 08/15/16)a		EUR	100		157,179
Servus Luxembourg Holding SCA
7.75%, 06/15/18 (Call 06/15/15)a		EUR	200		299,287
Spie BondCo 3 SCA
11.00%, 08/15/19 (Call 08/15/15)a		EUR	200		316,161
Sunrise Communications International SA
7.00%, 12/31/17 (Call 05/30/14)a		EUR	200		292,571
Takko Luxembourg 2 SCA
9.88%, 04/15/19 (Call 04/15/16)a		EUR	200		258,601
Telenet Finance III Luxembourg SCA
6.63%, 02/15/21 (Call 02/15/16)a		EUR	200		298,806

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Telenet Finance Luxembourg SCA
6.38%, 11/15/20 (Call 11/15/15)a		EUR	200	$	297,299
Telenet Finance V Luxembourg SCA
6.25%, 08/15/22 (Call 08/15/17)a		EUR	200		301,228
6.75%, 08/15/24 (Call 08/15/18)a		EUR	200		305,748
Wind Acquisition Holdings Finance SA
7.00%, 04/23/21 (Call 04/23/17)a		EUR	950		1,361,744
7.38%, 02/15/18 (Call 05/30/14)a		EUR	800		1,171,209
Xefin Lux SCA
8.00%, 06/01/18 (Call 06/01/14)a		EUR	100		147,356
					26,279,004
NETHERLANDS — 10.53%
Carlson Wagonlit BV
7.50%, 06/15/19 (Call 06/15/15)a		EUR	100		150,527
Deutsche Annington Finance BV
4.63%, 04/08/74 (Call 04/08/19)a,c		EUR	400		554,980
EDP Finance BV
2.63%, 04/15/19		EUR	350		484,686
3.75%, 06/22/15		EUR	400		569,178
4.13%, 06/29/20		EUR	100		147,321
4.13%, 01/20/21a		EUR	250		367,852
4.63%, 06/13/16		EUR	200		294,461
4.75%, 09/26/16a		EUR	400		594,150
4.88%, 09/14/20		EUR	500		766,068
5.75%, 09/21/17a		EUR	500		774,717
5.88%, 02/01/16a		EUR	450		671,929
Fresenius Finance BV
2.38%, 02/01/19a		EUR	100		141,442
2.88%, 07/15/20a		EUR	450		640,550
3.00%, 02/01/21a		EUR	200		282,301
4.00%, 02/01/24a		EUR	200		288,097
4.25%, 04/15/19a		EUR	300		457,104
Goodyear Dunlop Tires Europe BV
6.75%, 04/15/19 (Call 04/15/15)a		EUR	100		148,823

Security	Principal (000s)			Value
Grupo Isolux Corsan Finance BV
6.63%, 04/15/21 (Call 04/15/17)a		EUR	350	$	488,083
HeidelbergCement Finance BV
5.63%, 01/04/18		EUR	300		466,504
Hertz Holdings Netherlands BV
4.38%, 01/15/19a		EUR	200		284,984
InterXion Holding NV
6.00%, 07/15/20a		EUR	300		443,973
Nokia Siemens Networks Finance BV
6.75%, 04/15/18 (Call 04/15/15)a		EUR	200		298,455
7.13%, 04/15/20 (Call 04/15/16)a		EUR	200		317,506
OI European Group BV
4.88%, 03/31/21a		EUR	200		297,704
6.75%, 09/15/20a		EUR	200		327,920
Phoenix PIB Dutch Finance BV
3.13%, 05/27/20a		EUR	100		136,547
PortAventura Entertainment Barcelona BV
7.25%, 12/01/20 (Call 12/01/16)a		EUR	200		291,938
Portugal Telecom International Finance BV
4.38%, 03/24/17		EUR	350		516,836
4.63%, 05/08/20a		EUR	500		739,221
5.00%, 11/04/19a		EUR	450		679,582
5.63%, 02/08/16a		EUR	300		445,290
5.88%, 04/17/18a		EUR	450		696,887
Refresco Gerber BV
7.38%, 05/15/18 (Call 05/30/14)a		EUR	200		293,412
Schaeffler Finance BV
4.25%, 05/15/18 (Call 05/15/15)a		EUR	300		432,853
6.75%, 07/01/17 (Call 07/01/14)a		EUR	200		292,909
7.75%, 02/15/17a		EUR	450		720,269
8.75%, 02/15/19 (Call 02/15/15)a		EUR	250		388,710
SNS BANK NV
6.25%, 10/26/20e,f		EUR	50		—

34 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Stork Technical Services Holdings BV
11.00%, 08/15/17 (Call 02/15/15)a		EUR	200	$	294,711
Univeg Holding BV
7.88%, 11/15/20 (Call 11/15/16)a		EUR	200		286,332
UPC Holding BV
6.38%, 09/15/22 (Call 09/15/17)a		EUR	300		445,623
6.75%, 03/15/23 (Call 03/15/18)a		EUR	200		300,548
8.38%, 08/15/20 (Call 08/15/15)a		EUR	300		455,849
Ziggo Bond Co. BV
8.00%, 05/15/18 (Call 05/30/14)a		EUR	250		372,635
					18,049,467
NORWAY — 0.08%
Norske Skogindustrier ASA
7.00%, 06/26/17a		EUR	150		141,782
					141,782
PORTUGAL — 2.44%
Banco Comercial Portugues SA
3.38%, 02/27/17a		EUR	300		423,497
Banco Espirito Santo SA
3.88%, 01/21/15		EUR	150		210,833
4.00%, 01/21/19a		EUR	400		573,031
4.75%, 01/15/18a		EUR	200		294,612
5.88%, 11/09/15a		EUR	400		585,723
7.13%, 11/28/23 (Call 11/28/18)a,c		EUR	400		594,483
Brisa Concessao Rodoviaria SA
3.88%, 04/01/21a		EUR	100		141,428
4.50%, 12/05/16		EUR	400		591,031
6.88%, 04/02/18a		EUR	200		316,653
Espirito Santo Financial Group SA
6.88%, 10/21/19		EUR	200		291,175
Portucel SA
5.38%, 05/15/20 (Call 05/15/16)a		EUR	100		150,445
					4,172,911

Security	Principal (000s)			Value
SPAIN — 5.82%
Abengoa Finance SAU
6.00%, 03/31/21a		EUR	300	$	422,745
8.88%, 02/05/18a		EUR	200		313,152
Abengoa SA
8.50%, 03/31/16		EUR	200		303,336
9.63%, 02/25/15a		EUR	200		293,602
Almirall SA
4.63%, 04/01/21		EUR	200		283,217
Banco de Sabadell SA
2.50%, 12/05/16		EUR	400		565,404
6.25%, 04/26/20		EUR	200		307,789
Bankia SA
3.50%, 01/17/19a		EUR	600		863,445
4.38%, 02/14/17		EUR	200		295,647
Bankinter SA
6.38%, 09/11/19		EUR	150		236,961
BPE Financiaciones SA
2.50%, 02/01/17		EUR	500		699,706
2.88%, 05/19/16		EUR	600		847,988
4.00%, 07/17/15a		EUR	200		285,056
CaixaBank SA
5.00%, 11/14/23 (Call 11/14/18)a,c		EUR	400		595,869
Campofrio Food Group SA
8.25%, 10/31/16 (Call 05/30/14)a		EUR	125		180,823
Cirsa Funding Luxembourg SA
8.75%, 05/15/18 (Call 05/30/14)a		EUR	350		505,723
Ence Energia y Celulosa SA
7.25%, 02/15/20 (Call 02/15/16)a		EUR	100		148,801
Inaer Aviation Finance Ltd.
9.50%, 08/01/17 (Call 08/01/14)a		EUR	200		294,995
Mapfre SA
5.13%, 11/16/15		EUR	200		294,553
5.92%, 07/24/37 (Call 07/24/17)c		EUR	200		294,718
Nara Cable Funding Ltd.
8.88%, 12/01/18 (Call 05/30/14)a		EUR	550		824,869

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
NH Hoteles SA
6.88%, 11/15/19 (Call 11/15/17)a		EUR	100	$	150,454
Obrascon Huarte Lain SA
4.75%, 03/15/22 (Call 03/15/18)a		EUR	250		350,017
7.63%, 03/15/20 (Call 03/15/16)a		EUR	200		310,864
8.75%, 03/15/18 (Call 03/15/15)a		EUR	200		304,694
					9,974,428
SWEDEN — 1.04%
Norcell Sweden Holding 2 AB
10.75%, 09/29/19 (Call 11/14/15)a		EUR	100		157,900
Perstorp Holding AB
9.00%, 05/15/17 (Call 05/15/15)a		EUR	100		151,625
SSAB AB
3.88%, 04/10/19a		EUR	200		278,752
Stena AB
6.13%, 02/01/17a		EUR	200		299,298
Unilabs Subholding AB
8.50%, 07/15/18 (Call 07/15/15)a		EUR	200		293,442
Verisure Holding AB
8.75%, 09/01/18 (Call 09/01/14)a		EUR	300		451,863
8.75%, 12/01/18 (Call 12/01/14)a		EUR	100		150,454
					1,783,334
SWITZERLAND — 0.35%
Sunrise Communications Holdings SA
8.50%, 12/31/18 (Call 12/31/14)a		EUR	400		598,999
					598,999
UNITED KINGDOM — 10.29%
AA Bond Co. Ltd.
9.50%, 07/31/43 (Call 01/31/16)a		GBP	400		759,848

Security	Principal (000s)			Value
Algeco Scotsman Global Finance PLC
9.00%, 10/15/18 (Call 10/15/15)a		EUR	100	$	150,327
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 03/31/16)a		GBP	300		580,017
Aston Martin Capital Ltd.
9.25%, 07/15/18 (Call 07/15/14)b		GBP	100		181,519
Bakkavor Finance (2) PLC
8.25%, 02/15/18 (Call 02/15/15)b		GBP	200		358,817
Boparan Finance PLC
9.75%, 04/30/18 (Call 05/30/14)a		EUR	250		372,358
9.88%, 04/30/18 (Call 05/30/14)b		GBP	200		363,477
British Airways PLC
8.75%, 08/23/16		GBP	175		332,784
Care UK
9.75%, 08/01/17 (Call 08/01/14)b		GBP	150		268,740
Co-Operative Bank PLC
2.38%, 10/23/15a		EUR	200		267,673
5.13%, 09/20/17		GBP	200		327,579
Co-Operative Group Ltd.
6.88%, 07/08/20a,d		GBP	100		169,699
EC Finance PLC
9.75%, 08/01/17 (Call 08/01/14)a		EUR	200		296,000
Eco-Bat Finance PLC
7.75%, 02/15/17 (Call 05/30/14)a		EUR	100		143,681
Elli Finance UK PLC
8.75%, 06/15/19 (Call 06/15/15)b		GBP	200		374,453
Gala Group Finance PLC
8.88%, 09/01/18 (Call 06/01/14)b		GBP	350		627,930
Infinis PLC
7.00%, 02/15/19 (Call 02/15/16)b		GBP	200		365,571

36 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
International Personal Finance PLC
5.75%, 04/07/21		EUR	150	$	210,842
Jaguar Land Rover Automotive PLC
5.00%, 02/15/22a		GBP	300		516,696
8.25%, 03/15/20 (Call 03/15/16)b		GBP	200		380,768
Kerling PLC
10.63%, 02/01/17 (Call 05/30/14)a		EUR	350		514,588
Matalan Finance PLC
8.88%, 04/29/16 (Call 05/30/14)b		GBP	100		173,076
NBG Finance PLC
4.38%, 04/30/19a		EUR	200		273,705
New Look Bondco I PLC
8.75%, 05/14/18 (Call 05/14/15)a		GBP	300		544,557
Odeon & UCI Finco PLC
9.00%, 08/01/18 (Call 08/01/14)b		GBP	300		534,177
Phones4u Finance PLC
9.50%, 04/01/18 (Call 05/30/14)b		GBP	200		352,907
Piraeus Group Finance PLC
5.00%, 03/27/17a		EUR	300		430,482
PPC Finance PLC
5.50%, 05/01/19		EUR	100		138,655
Premier Foods Finance PLC
6.50%, 03/15/21 (Call 03/15/17)b		GBP	150		259,615
Priory Group No. 3 PLC
7.00%, 02/15/18 (Call 05/30/14)b		GBP	325		578,962
R & R Ice Cream PLC
8.38%, 11/15/17 (Call 05/30/14)a		EUR	100		147,335
Rexam PLC
6.75%, 06/29/67 (Call 06/29/17)a,c		EUR	350		519,101
Royal Bank of Scotland Group PLC
3.63%, 03/25/24 (Call 03/25/19)a,c		EUR	500		689,345
4.63%, 09/22/21 (Call 09/22/16)c		EUR	550		774,518

Security	Principal (000s)			Value
Thomas Cook Finance PLC
7.75%, 06/15/20 (Call 06/15/16)a		EUR	300	$	461,222
Thomas Cook Group PLC
6.75%, 06/22/15		EUR	150		217,831
7.75%, 06/22/17		GBP	150		281,144
Towergate Finance PLC
10.50%, 02/15/19 (Call 02/15/15)b		GBP	100		176,453
Virgin Media Finance PLC
7.00%, 04/15/23 (Call 04/15/18)a		GBP	100		180,675
8.88%, 10/15/19 (Call 10/15/14)		GBP	100		180,070
Virgin Media Secured Finance PLC
5.50%, 01/15/21		GBP	300		525,561
5.50%, 01/15/25 (Call 01/15/19)a		GBP	100		168,855
6.00%, 04/15/21 (Call 04/15/17)a		GBP	600		1,063,787
6.00%, 04/15/21 (Call 04/15/17)b		GBP	100		177,298
6.25%, 03/28/29 (Call 01/15/21)a		GBP	200		343,620
Viridian Group
11.13%, 04/01/17 (Call 04/01/15)a		EUR	91		140,527
Vougeot Bidco PLC
7.88%, 07/15/20 (Call 07/15/16)b		GBP	100		184,052
7.88%, 07/15/20 (Call 07/15/16)a		GBP	100		184,082
William Hill PLC
7.13%, 11/11/16		GBP	200		373,170
					17,638,149
UNITED STATES — 0.93%
Allied Nevada Gold Corp.
8.75%, 06/01/19 (Call 06/01/16)b		CAD	175		122,785
Axalta Coating Systems U.S. Holdings Inc./Axalta Coating Systems Dutch Holding BV
5.75%, 02/01/21 (Call 02/01/16)a		EUR	100		148,934

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal or Shares (000s)			Value
Belden Inc.
5.50%, 04/15/23 (Call 04/15/18)a		EUR	200	$	285,352
Chesapeake Energy Corp.
6.25%, 01/15/17		EUR	200		304,764
Fresenius Medical Care US Finance II Inc.
8.75%, 07/15/15a		EUR	100		151,844
Huntsman International LLC
5.13%, 04/15/21		EUR	200		289,123
Iron Mountain Inc.
6.75%, 10/15/18 (Call 05/14/14)		EUR	100		139,889
Levi Strauss & Co.
7.75%, 05/15/18 (Call 05/30/14)		EUR	100		144,247
					1,586,938
TOTAL CORPORATE BONDS & NOTES
(Cost: $156,805,444)					163,751,743
FOREIGN AGENCY OBLIGATIONS — 0.43%
PORTUGAL — 0.43%
Caixa Geral de Depositos SA
5.63%, 12/04/15a		EUR	500		734,213
					734,213
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $714,290)					734,213
SHORT-TERM INVESTMENTS — 0.03%
MONEY MARKET FUNDS — 0.03%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%g,h			44		44,239
					44,239
TOTAL SHORT-TERM INVESTMENTS
(Cost: $44,239)					44,239

		Value
TOTAL INVESTMENTS IN SECURITIES — 96.01%
(Cost: $157,563,973)	$	164,530,195
Other Assets, Less Liabilities — 3.99%		6,845,489
NET ASSETS — 100.00%	$	171,375,684

CAD	—  Canadian Dollar
EUR	—  Euro
GBP	—  British Pound

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

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

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

^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  Issuer is in default of interest payments.

^g  Affiliated issuer. See Note 2.

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

See notes to financial statements.

38 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
CORPORATE BONDS & NOTES — 97.33%
AUSTRALIA — 0.52%
FMG Resources (August 2006) Pty Ltd.
6.88%, 02/01/18 (Call 06/02/14)a		USD	250	$	263,750
6.88%, 04/01/22 (Call 04/01/17)a,b		USD	100		107,250
8.25%, 11/01/19 (Call 11/01/15)a,b		USD	100		109,750
					480,750
BELGIUM — 0.17%
Barry Callebaut Services NV
5.63%, 06/15/21c		EUR	100		158,247
					158,247
CANADA — 3.04%
Air Canada
7.63%, 10/01/19 (Call 10/01/16)a		CAD	50		48,976
7.75%, 04/15/21a		USD	25		25,312
Armtec Holdings Ltd.
8.88%, 09/22/17 (Call 05/30/14)		CAD	6		4,073
Athabasca Oil Corp.
7.50%, 11/19/17 (Call 11/19/14)c		CAD	100		92,715
Baytex Energy Corp.
6.63%, 07/19/22 (Call 07/19/17)		CAD	50		47,952
Bombardier Inc.
6.00%, 10/15/22 (Call 04/15/17)a		USD	75		76,500
6.13%, 05/15/21c		EUR	100		153,107
6.13%, 01/15/23a,b		USD	100		102,000
7.75%, 03/15/20a,b		USD	150		171,000
Brookfield Residential Properties Inc.
6.13%, 07/01/22 (Call 07/01/17)a,b		USD	25		25,625
6.50%, 12/15/20 (Call 12/15/15)a		USD	100		105,500

Security	Principal (000s)			Value
Canadian Energy Services & Technology Corp.
7.38%, 04/17/20 (Call 04/17/17)		CAD	50	$	48,180
Centric Health Corp.
8.63%, 04/18/18 (Call 04/18/16)		CAD	20		16,037
Corus Entertainment Inc.
4.25%, 02/11/20c		CAD	50		44,592
First Quantum Minerals Ltd.
6.75%, 02/15/20 (Call 02/15/17)a		USD	85		86,062
7.00%, 02/15/21 (Call 02/15/18)a		USD	85		86,275
Gateway Casinos & Entertainment Ltd.
8.50%, 11/26/20 (Call 11/26/16)a		CAD	50		46,016
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 07/25/17)a		CAD	50		48,408
Kodiak Oil & Gas Corp.
8.13%, 12/01/19 (Call 12/01/15)		USD	50		55,407
Mattamy Group Corp.
6.88%, 11/15/20 (Call 11/15/15)a		CAD	50		46,357
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)a		USD	100		103,458
6.50%, 03/15/21 (Call 03/15/15)a		USD	100		105,235
7.00%, 03/31/24 (Call 09/30/18)a		USD	25		26,413
Newalta Corp. Series 2
7.75%, 11/14/19 (Call 11/14/15)		CAD	22		21,753
Novelis Inc.
8.75%, 12/15/20 (Call 12/15/15)		USD	150		167,249
Paramount Resources Ltd.
8.25%, 12/13/17 (Call 05/30/14)		CAD	50		47,466

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Precision Drilling Corp.
6.63%, 11/15/20 (Call 11/15/15)		USD	100	$	107,036
Quebecor Media Inc.
6.63%, 01/15/23a		CAD	50		46,813
7.38%, 01/15/21 (Call 01/15/16)		CAD	100		99,435
Russel Metals Inc.
6.00%, 04/19/22 (Call 04/19/17)a		CAD	50		47,269
Tervita Corp.
8.00%, 11/15/18 (Call 11/15/15)a		USD	100		101,750
9.00%, 11/15/18 (Call 11/15/15)a		CAD	25		22,894
Trident Exploration Corp.
8.25%, 04/13/18 (Call 04/13/15)		CAD	25		20,958
Videotron Ltd.
5.38%, 06/15/24 (Call 03/15/24)a		USD	50		50,250
Videotron Ltee
5.00%, 07/15/22		USD	100		100,625
5.63%, 06/15/25 (Call 03/15/25)		CAD	25		22,712
VPII Escrow Corp./Valeant Pharmaceuticals International Inc.
6.75%, 08/15/18 (Call 08/15/15)a		USD	150		162,750
7.50%, 07/15/21 (Call 07/15/16)a		USD	150		166,875
YPG Financing Inc.
9.25%, 11/30/18 (Call 05/30/14)a		CAD	58		55,567
					2,806,602
FINLAND — 0.53%
Nokia OYJ
5.38%, 05/15/19		USD	75		80,527
6.75%, 02/04/19c		EUR	100		162,053
Stora Enso OYJ
5.00%, 03/19/18c		EUR	100		151,314

Security	Principal (000s)			Value
UPM-Kymmene OYJ
6.63%, 01/23/17		GBP	50	$	91,910
					485,804
FRANCE — 4.42%
Alcatel-Lucent
8.50%, 01/15/16c		EUR	50		76,494
Banque PSA Finance SA
4.00%, 06/24/15c		EUR	200		284,604
BPCE SA
12.50%, 08/29/49 (Call 09/30/19)a,d		USD	100		134,000
CMA CGM SA
8.75%, 12/15/18 (Call 12/15/15)c		EUR	100		143,081
Credit Agricole SA
6.64%, 12/31/49 (Call 05/31/17)a,b,d		USD	100		105,250
Faurecia SA
9.38%, 12/15/16c		EUR	100		164,531
Groupama SA
7.88%, 10/27/39 (Call 10/27/19)d		EUR	50		76,174
La Financiere Atalian SAS
7.25%, 01/15/20 (Call 01/15/17)c		EUR	100		148,624
Lafarge SA
5.38%, 06/26/17c		EUR	200		307,814
6.63%, 11/29/18c		EUR	100		160,302
6.75%, 12/16/19c		EUR	100		163,024
8.88%, 11/24/16c		EUR	100		162,819
10.00%, 05/30/17c		GBP	50		100,899
Medi-Partenaires SAS
7.00%, 05/15/20 (Call 05/15/16)c		EUR	100		145,941
Nexans SA
5.75%, 05/02/17		EUR	50		75,068
Peugeot SA
5.00%, 10/28/16		EUR	100		147,152
5.63%, 06/29/15		EUR	75		108,569
5.63%, 07/11/17		EUR	50		75,099
6.88%, 03/30/16c		EUR	50		75,266
7.38%, 03/06/18c		EUR	100		158,538

40 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Renault SA
4.63%, 05/25/16c		EUR	100	$	147,245
4.63%, 09/18/17c		EUR	100		150,728
Rexel SA
5.13%, 06/15/20 (Call 06/15/16)c		EUR	100		148,104
6.13%, 12/15/19 (Call 12/15/15)a		USD	200		213,000
Societe Generale
5.92%, 12/31/49 (Call 04/05/17)a,d		USD	100		106,125
Tereos Finance Groupe I
4.25%, 03/04/20 (Call 03/04/19)		EUR	100		140,749
Wendel SA
4.38%, 08/09/17		EUR	150		223,754
4.88%, 05/26/16		EUR	100		147,897
					4,090,851
GERMANY — 3.79%
Commerzbank AG
7.75%, 03/16/21		EUR	200		338,110
8.13%, 09/19/23a		USD	200		234,260
Deutsche Lufthansa AG
6.50%, 07/07/16		EUR	100		154,291
Deutsche Raststaetten Gruppe IV GmbH
6.75%, 12/30/20 (Call 12/30/16)c		EUR	100		150,267
Franz Haniel & Cie GmbH
5.88%, 02/01/17		EUR	100		155,363
Hapag-Lloyd AG
9.00%, 10/15/15 (Call 10/15/14)c		EUR	79		115,481
Heidelberger Druckmaschinen AG
9.25%, 04/15/18 (Call 05/30/14)c		EUR	50		72,979
Hornbach Baumarkt AG
3.88%, 02/15/20c		EUR	50		73,321
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	50		77,139

Security	Principal (000s)			Value
Orion Engineered Carbons Bondco GmbH
10.00%, 06/15/18 (Call 06/15/14)c		EUR	90	$	134,919
Styrolution Group GmbH
7.63%, 05/15/16 (Call 05/30/14)c		EUR	100		142,849
Techem Energy Metering Service GmbH & Co. KG
6.13%, 10/01/19 (Call 10/01/15)c		EUR	100		151,064
ThyssenKrupp AG
4.00%, 08/27/18		EUR	75		109,347
4.38%, 02/28/17		EUR	100		146,766
ThyssenKrupp Finance Nederland BV
8.50%, 02/25/16		EUR	150		233,117
Trionista TopCo GmbH
6.88%, 04/30/21 (Call 04/30/16)c		EUR	100		150,468
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.50%, 09/15/22 (Call 09/15/17)c		EUR	100		148,072
5.75%, 01/15/23 (Call 01/15/18)c		EUR	100		149,581
7.50%, 03/15/19 (Call 03/15/15)c		EUR	100		149,148
UPCB Finance II Ltd.
6.38%, 07/01/20 (Call 07/01/15)c		EUR	100		148,014
UPCB Finance III Ltd.
6.63%, 07/01/20 (Call 07/01/15)a		USD	150		159,562
UPCB Finance Ltd.
7.63%, 01/15/20 (Call 01/15/15)c		EUR	100		148,134
UPCB Finance V Ltd.
7.25%, 11/15/21 (Call 11/15/16)a		USD	150		165,000
					3,507,252

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
GREECE — 0.39%
OTE PLC
4.63%, 05/20/16		EUR	150	$	215,808
7.25%, 02/12/15c		EUR	100		144,062
					359,870
IRELAND — 1.49%
Ardagh Glass Finance PLC
7.13%, 06/15/17 (Call 06/15/14)c		EUR	50		70,226
Ardagh Packaging Finance PLC
7.38%, 10/15/17 (Call 10/15/14)c		EUR	150		219,286
9.13%, 10/15/20 (Call 10/15/15)a		USD	200		222,500
Governor & Co. of the Bank of Ireland (The)
2.75%, 06/05/16		EUR	100		141,323
3.25%, 01/15/19c		EUR	100		143,068
Nara Cable Funding Ltd.
8.88%, 12/01/18 (Call 06/02/14)a		USD	200		215,500
Rottapharm Ltd.
6.13%, 11/15/19 (Call 11/15/15)c		EUR	100		148,888
Smurfit Kappa Acquisitions
4.13%, 01/30/20c		EUR	100		146,978
7.75%, 11/15/19 (Call 11/15/14)c		EUR	50		74,007
					1,381,776
ITALY — 4.70%
Astaldi SpA
7.13%, 12/01/20 (Call 12/01/16)c		EUR	100		150,007
Banca Monte dei Paschi di Siena SpA
3.63%, 04/01/19c		EUR	100		141,425
5.00%, 04/21/20c		EUR	100		140,875
Banca Popolare di Milano Scarl
7.13%, 03/01/21c		EUR	100		154,739
Banca Popolare di Vicenza
6.75%, 02/27/15c		EUR	100		143,559
Banco Popolare
3.50%, 03/14/19c		EUR	100		141,820

Security	Principal (000s)			Value
3.75%, 01/28/16c		EUR	200	$	285,681
5.47%, 11/12/16c		EUR	50		73,574
6.00%, 11/05/20c		EUR	50		74,487
Buzzi Unicem SpA
5.13%, 12/09/16c		EUR	50		74,679
Enel SpA
5.00%, 01/15/75 (Call 01/15/20)c,d		EUR	100		144,894
6.50%, 01/10/74 (Call 01/10/19)c,d		EUR	100		152,694
8.75%, 09/24/73 (Call 09/24/23)a,d		USD	200		230,000
Fiat Finance North America Inc.
5.63%, 06/12/17		EUR	100		149,040
GTECH SpA
8.25%, 03/31/66 (Call 03/31/16)c,d		EUR	50		75,307
Intesa Sanpaolo SpA
6.63%, 09/13/23c		EUR	108		178,724
Italcementi Finance SA
6.63%, 03/19/20c,e		EUR	50		79,719
Manutencoop Facility Management SpA
8.50%, 08/01/20 (Call 08/01/16)c		EUR	100		154,001
Snai SpA
7.63%, 06/15/18 (Call 12/15/15)c		EUR	100		148,454
Telecom Italia SpA
4.00%, 01/21/20c		EUR	100		144,578
4.50%, 01/25/21c		EUR	100		146,503
4.75%, 05/25/18c		EUR	100		149,870
4.88%, 09/25/20c		EUR	100		149,491
5.25%, 02/10/22c		EUR	100		151,033
5.38%, 01/29/19		EUR	100		154,411
6.38%, 06/24/19		GBP	100		183,632
UniCredit SpA
3.95%, 02/01/16		EUR	150		213,686
6.70%, 06/05/18		EUR	50		77,300
Unipol Gruppo Finanziario SpA
4.38%, 03/05/21c		EUR	100		144,939
Veneto Banca SCPA
4.00%, 07/31/15c		EUR	100		140,486
					4,349,608

42 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
JAPAN — 0.38%
SoftBank Corp.
4.50%, 04/15/20a		USD	200	$	200,760
4.63%, 04/15/20c		EUR	100		147,667
					348,427
LUXEMBOURG — 7.75%
Altice SA
7.25%, 05/15/22 (Call 05/15/17)c		EUR	100		144,358
ArcelorMittal SA
5.75%, 08/05/20		USD	100		105,879
5.88%, 11/17/17c		EUR	200		308,992
6.00%, 03/01/21b		USD	100		107,021
6.13%, 06/01/18b		USD	300		328,608
6.75%, 02/25/22		USD	50		55,381
10.35%, 06/01/19		USD	150		189,375
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II
5.63%, 12/15/16 (Call 12/15/15)a		USD	25		25,531
6.00%, 06/15/17 (Call 06/15/16)a		USD	50		51,500
CHC Helicopter SA
9.25%, 10/15/20 (Call 10/15/15)b		USD	90		96,426
CNH Industrial Finance Europe SA
6.25%, 03/09/18c		EUR	200		315,348
ConvaTec Healthcare E SA
7.38%, 12/15/17 (Call 05/30/14)c		EUR	100		146,381
Elior Finance & Co. SCA
6.50%, 05/01/20 (Call 05/01/16)c		EUR	100		152,441
Fiat Finance & Trade SA
4.75%, 03/22/21c		EUR	100		144,361
6.38%, 04/01/16c		EUR	100		148,395
6.63%, 03/15/18c		EUR	150		232,160
6.75%, 10/14/19c		EUR	100		158,411
7.75%, 10/17/16c		EUR	100		154,975
Finmeccanica Finance SA
4.50%, 01/19/21		EUR	100		145,033

Security	Principal (000s)			Value
FMC Finance VIII SA
5.25%, 07/31/19c		EUR	50	$	78,174
HeidelbergCement Finance Luxembourg SA
3.25%, 10/21/21c		EUR	150		209,802
8.00%, 01/31/17c		EUR	200		322,088
8.50%, 10/31/19c		EUR	100		178,287
Ineos Group Holdings SA
6.50%, 08/15/18 (Call 05/15/15)c		EUR	100		146,024
Intelsat (Luxembourg) SA
6.75%, 06/01/18 (Call 06/01/15)		USD	100		105,750
7.75%, 06/01/21 (Call 06/01/17)		USD	100		104,250
8.13%, 06/01/23 (Call 06/01/18)		USD	100		105,000
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)a		USD	145		141,738
6.63%, 12/15/22 (Call 12/15/17)a		USD	100		103,000
6.63%, 12/15/22 (Call 12/15/17)		USD	100		103,000
7.25%, 04/01/19 (Call 04/01/15)		USD	200		214,250
7.25%, 10/15/20 (Call 10/15/15)		USD	100		108,125
7.50%, 04/01/21 (Call 04/01/16)		USD	150		164,250
KION Finance SA
6.75%, 02/15/20 (Call 02/15/16)c		EUR	100		152,514
Millicom International Cellular SA
6.63%, 10/15/21 (Call 10/15/17)a		USD	200		209,000
Nielsen Co. Luxembourg Sarl (The)
5.50%, 10/01/21 (Call 10/01/16)a		USD	100		104,000
NII International Telecom SCA
7.88%, 08/15/19 (Call 02/15/17)a,b		USD	50		35,375
11.38%, 08/15/19 (Call 02/15/17)a		USD	100		72,875

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Ontex IV SA
7.50%, 04/15/18 (Call 05/30/14)c		EUR	100	$	144,437
Pacific Drilling SA
5.38%, 06/01/20 (Call 06/01/16)a		USD	100		96,330
Spie BondCo 3 SCA
11.00%, 08/15/19 (Call 08/15/15)c		EUR	100		158,080
Telecom Italia Capital SA
5.25%, 10/01/15b		USD	50		52,563
7.00%, 06/04/18b		USD	100		114,250
Telenet Finance V Luxembourg SCA
6.25%, 08/15/22 (Call 08/15/17)c		EUR	100		150,614
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
8.75%, 02/01/19 (Call 08/01/15)		USD	75		79,901
Wind Acquisition Holdings Finance SA
7.00%, 04/23/21 (Call 04/23/17)c		EUR	100		143,341
7.25%, 02/15/18 (Call 06/02/14)a		USD	200		210,500
7.38%, 02/15/18 (Call 05/30/14)c		EUR	100		146,401
7.38%, 04/23/21 (Call 04/23/17)a		USD	200		205,500
					7,169,995
MEXICO — 0.07%
NII Capital Corp.
7.63%, 04/01/21 (Call 04/01/16)		USD	100		29,750
8.88%, 12/15/19 (Call 12/15/14)b		USD	50		23,250
10.00%, 08/15/16 (Call 06/02/14)		USD	40		15,100
					68,100

Security	Principal (000s)			Value
NETHERLANDS — 3.56%
Deutsche Annington Finance BV
1.00%, 04/08/74 (Call 04/08/19)c,d		EUR	100	$	138,745
EDP Finance BV
3.25%, 03/16/15c		EUR	100		140,922
3.75%, 06/22/15		EUR	100		142,295
4.13%, 01/20/21c		EUR	100		147,141
4.75%, 09/26/16c		EUR	100		148,538
4.90%, 10/01/19a		USD	150		156,750
5.75%, 09/21/17c		EUR	150		232,415
Fresenius Finance BV
4.25%, 04/15/19c		EUR	100		152,368
Grupo Isolux Corsan Finance BV
6.63%, 04/15/21 (Call 04/15/17)c		EUR	100		139,452
Nokia Siemens Networks Finance BV
6.75%, 04/15/18 (Call 04/15/15)c		EUR	100		149,227
NXP BV/NXP Funding LLC
3.75%, 06/01/18a		USD	200		199,500
OI European Group BV
6.75%, 09/15/20c		EUR	100		163,960
Phoenix PIB Dutch Finance BV
3.13%, 05/27/20c		EUR	100		136,547
Portugal Telecom International Finance BV
4.38%, 03/24/17		EUR	50		73,834
4.63%, 05/08/20c		EUR	100		147,844
5.00%, 11/04/19c		EUR	100		151,018
Schaeffler Finance BV
4.75%, 05/15/21 (Call 05/15/16)a		USD	200		205,500
7.75%, 02/15/17c		EUR	100		160,060
Sensata Technologies BV
4.88%, 10/15/23a		USD	25		24,500
6.50%, 05/15/19 (Call 05/15/15)a		USD	100		106,750
UPC Holding BV
6.75%, 03/15/23 (Call 03/15/18)c		EUR	100		150,274
8.38%, 08/15/20 (Call 08/15/15)c		EUR	50		75,975

44 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Ziggo Bond Co. BV
8.00%, 05/15/18 (Call 05/30/14)c		EUR	100	$	149,054
					3,292,669
NORWAY — 0.05%
Norske Skogindustrier ASA
7.00%, 06/26/17c		EUR	50		47,260
					47,260
PORTUGAL — 0.40%
Banco Espirito Santo SA
5.88%, 11/09/15c		EUR	100		146,430
7.13%, 11/28/23 (Call 11/28/18)c,d		EUR	100		148,621
Brisa Concessao Rodoviaria SA
4.50%, 12/05/16		EUR	50		73,879
					368,930
SINGAPORE — 0.22%
Flextronics International Ltd.
4.63%, 02/15/20		USD	200		201,000
					201,000
SPAIN — 1.82%
Abengoa SA
8.50%, 03/31/16		EUR	50		75,834
9.63%, 02/25/15c		EUR	50		73,400
Banco de Sabadell SA
6.25%, 04/26/20		EUR	50		76,947
Bankia SA
4.38%, 02/14/17		EUR	100		147,824
Bankinter SA
6.38%, 09/11/19		EUR	100		157,974
BBVA International Preferred SAU
5.92%, 04/29/49 (Call 04/18/17)d		USD	50		51,000
BPE Financiaciones SA
2.88%, 05/19/16		EUR	100		141,331
4.00%, 07/17/15c		EUR	100		142,528
CaixaBank SA
5.00%, 11/14/23 (Call 11/14/18)c,d		EUR	100		148,967
Cirsa Funding Luxembourg SA
8.75%, 05/15/18 (Call 05/30/14)c		EUR	50		72,246

Security	Principal (000s)			Value
Inaer Aviation Finance Ltd.
9.50%, 08/01/17 (Call 08/01/14)c		EUR	50	$	73,749
Mapfre SA
5.13%, 11/16/15		EUR	100		147,277
5.92%, 07/24/37 (Call 07/24/17)d		EUR	50		73,680
Nara Cable Funding Ltd.
8.88%, 12/01/18 (Call 05/30/14)c		EUR	100		149,976
Obrascon Huarte Lain SA
7.38%, 04/28/15c		EUR	100		146,021
					1,678,754
SWEDEN — 0.16%
Verisure Holding AB
8.75%, 09/01/18 (Call 09/01/14)c		EUR	100		150,621
					150,621
SWITZERLAND — 0.16%
Sunrise Communications Holdings SA
8.50%, 12/31/18 (Call 12/31/14)c		EUR	100		149,750
					149,750
UNITED KINGDOM — 4.63%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 10/15/15)a,b		USD	200		216,000
9.00%, 10/15/18 (Call 10/15/15)c		EUR	100		150,327
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 03/31/16)c		GBP	100		193,339
Boparan Finance PLC
9.75%, 04/30/18 (Call 05/30/14)c		EUR	100		148,943
British Airways PLC
8.75%, 08/23/16		GBP	50		95,081
Co-Operative Bank PLC
5.13%, 09/20/17		GBP	50		81,895

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
EC Finance PLC
9.75%, 08/01/17 (Call 08/01/14)c		EUR	100	$	148,000
Eco-Bat Finance PLC
7.75%, 02/15/17 (Call 05/30/14)c		EUR	100		143,681
Ineos Finance PLC
7.50%, 05/01/20 (Call 05/01/15)a,b		USD	200		218,000
Infinis PLC
7.00%, 02/15/19 (Call 02/15/16)a		GBP	100		182,786
Jaguar Land Rover Automotive PLC
8.13%, 05/15/21 (Call 05/15/16)a		USD	150		170,321
8.25%, 03/15/20 (Call 03/15/16)c		GBP	100		190,624
Kerling PLC
10.63%, 02/01/17 (Call 05/30/14)c		EUR	50		73,513
Odeon & UCI Finco PLC
9.00%, 08/01/18 (Call 08/01/14)a		GBP	100		178,059
Phones4u Finance PLC
9.50%, 04/01/18 (Call 05/30/14)a		GBP	100		176,453
Priory Group No. 3 PLC
7.00%, 02/15/18 (Call 05/30/14)a		GBP	100		178,142
Rexam PLC
6.75%, 06/29/67 (Call 06/29/17)c,d		EUR	50		74,157
Royal Bank of Scotland Group PLC
1.00%, 03/25/24 (Call 03/25/19)c,d		EUR	100		137,869
4.63%, 09/22/21 (Call 09/22/16)d		EUR	100		140,821
6.00%, 12/19/23		USD	150		156,900
6.10%, 06/10/23		USD	75		79,493
6.13%, 12/15/22		USD	150		159,190
Thomas Cook Finance PLC
7.75%, 06/15/20 (Call 06/15/16)c		EUR	100		153,741

Security	Principal (000s)			Value
Virgin Media Finance PLC
8.38%, 10/15/19 (Call 10/15/14)		USD	100	$	106,587
Virgin Media Secured Finance PLC
5.38%, 04/15/21 (Call 04/15/17)a		USD	200		205,000
5.50%, 01/15/21c		GBP	100		175,187
5.50%, 01/15/25 (Call 01/15/19)		GBP	100		168,855
6.00%, 04/15/21 (Call 04/15/17)c		GBP	100		177,298
					4,280,262
UNITED STATES — 59.08%
Access Midstream Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		USD	100		101,053
6.13%, 07/15/22 (Call 01/15/17)		USD	50		53,936
Activision Blizzard Inc.
5.63%, 09/15/21 (Call 09/15/16)a		USD	125		132,969
6.13%, 09/15/23 (Call 09/15/18)a		USD	100		108,625
ADT Corp. (The)
2.25%, 07/15/17		USD	100		99,007
3.50%, 07/15/22		USD	75		66,106
4.13%, 04/15/19		USD	75		74,968
4.13%, 06/15/23b		USD	50		45,131
6.25%, 10/15/21a,b		USD	100		103,394
Advanced Micro Devices Inc.
6.75%, 03/01/19a		USD	25		25,813
7.50%, 08/15/22b		USD	50		52,125
8.13%, 12/15/17 (Call 06/02/14)		USD	7		7,315
AES Corp. (The)
7.38%, 07/01/21 (Call 06/01/21)		USD	100		114,121
Affinion Group Inc.
7.88%, 12/15/18 (Call 12/15/14)		USD	50		46,938
Aircastle Ltd.
5.13%, 03/15/21		USD	25		25,125

46 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
6.25%, 12/01/19		USD	50	$	53,875
6.75%, 04/15/17		USD	100		111,983
AK Steel Corp.
7.63%, 05/15/20 (Call 05/15/15)b		USD	40		40,150
Alcatel-Lucent USA Inc.
6.75%, 11/15/20 (Call 11/15/16)a,b		USD	200		210,000
Alere Inc.
7.25%, 07/01/18 (Call 12/15/15)		USD	50		54,750
8.63%, 10/01/18 (Call 10/01/14)		USD	50		53,250
Aleris International Inc.
7.88%, 11/01/20 (Call 11/01/15)		USD	50		50,500
Ally Financial Inc.
3.13%, 01/15/16		USD	100		102,494
3.50%, 07/18/16b		USD	150		154,875
3.50%, 01/27/19		USD	100		100,250
4.63%, 06/26/15		USD	100		103,729
4.75%, 09/10/18		USD	100		106,128
5.50%, 02/15/17b		USD	100		108,797
6.25%, 12/01/17		USD	100		111,889
8.00%, 03/15/20		USD	250		301,250
Alpha Natural Resources Inc.
6.00%, 06/01/19 (Call 06/02/14)		USD	100		75,750
9.75%, 04/15/18		USD	50		47,125
AMC Entertainment Inc.
9.75%, 12/01/20 (Call 12/01/15)		USD	100		114,960
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)		USD	100		99,680
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 03/15/16)		USD	50		53,000
6.63%, 10/15/22 (Call 10/15/17)		USD	50		54,188
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/20 (Call 05/20/16)		USD	100		108,491

Security	Principal (000s)			Value
7.00%, 05/20/22 (Call 05/20/17)b		USD	100	$	109,777
Amkor Technology Inc.
6.38%, 10/01/22 (Call 10/01/16)		USD	50		52,625
6.63%, 06/01/21 (Call 06/01/15)		USD	50		53,500
Antero Resources Finance Corp.
5.38%, 11/01/21 (Call 11/01/16)a		USD	100		102,004
6.00%, 12/01/20 (Call 12/01/15)		USD	50		53,375
APX Group Inc.
6.38%, 12/01/19 (Call 12/01/15)		USD	50		51,125
8.75%, 12/01/20 (Call 12/01/15)b		USD	100		102,250
ARAMARK Corp.
5.75%, 03/15/20 (Call 03/15/15)		USD	100		105,000
Arch Coal Inc.
7.00%, 06/15/19 (Call 06/15/15)		USD	150		115,500
7.25%, 06/15/21 (Call 06/15/16)b		USD	50		37,500
Ashland Inc.
3.88%, 04/15/18 (Call 03/15/18)		USD	100		102,664
4.75%, 08/15/22 (Call 05/15/22)		USD	50		49,304
Athlon Holdings LP/Athlon Finance Corp.
6.00%, 05/01/22 (Call 05/01/17)a		USD	25		25,281
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.
4.75%, 11/15/21 (Call 05/15/16)		USD	50		47,487
6.63%, 10/01/20 (Call 10/01/16)b		USD	100		106,028
Audatex North America Inc.
6.00%, 06/15/21 (Call 06/15/17)a		USD	125		134,062

SCHEDULES OF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Avaya Inc.
7.00%, 04/01/19 (Call 04/01/15)a,b		USD	100	$	99,500
10.50%, 03/01/21 (Call 03/01/17)a,b		USD	100		90,750
Aviation Capital Group Corp.
3.88%, 09/27/16a		USD	75		77,625
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
8.25%, 01/15/19 (Call 10/15/14)		USD	57		60,877
Axiall Corp.
4.88%, 05/15/23 (Call 05/15/18)a,b		USD	50		48,938
B/E Aerospace Inc.
5.25%, 04/01/22 (Call 04/01/17)		USD	150		155,062
6.88%, 10/01/20 (Call 10/01/15)		USD	100		109,000
Ball Corp.
4.00%, 11/15/23		USD	100		92,625
5.75%, 05/15/21 (Call 11/15/15)		USD	100		106,000
Belden Inc.
5.50%, 04/15/23 (Call 04/15/18)c		EUR	100		142,676
Berry Petroleum Co. LLC
6.38%, 09/15/22 (Call 03/15/17)		USD	100		103,193
Berry Plastics Corp.
9.50%, 05/15/18 (Call 06/02/14)		USD	100		105,350
Big Heart Pet Brands
7.63%, 02/15/19 (Call 06/02/14)		USD	69		71,846
Biomet Inc.
6.50%, 08/01/20 (Call 08/01/15)		USD	125		136,719
6.50%, 10/01/20 (Call 10/01/15)		USD	50		54,438
BMC Software Inc.
8.13%, 07/15/21 (Call 07/15/16)a		USD	100		104,750

Security	Principal (000s)			Value
Boyd Gaming Corp.
9.13%, 12/01/18 (Call 12/01/14)b		USD	25	$	26,821
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
7.88%, 04/15/22 (Call 01/15/17)		USD	50		53,978
Building Materials Corp. of America
6.75%, 05/01/21 (Call 05/01/16)a		USD	100		108,250
Cablevision Systems Corp.
7.75%, 04/15/18		USD	150		169,875
8.00%, 04/15/20		USD	75		86,625
Caesars Entertainment Operating Co. Inc.
8.50%, 02/15/20 (Call 02/15/16)		USD	75		64,875
9.00%, 02/15/20 (Call 02/15/16)		USD	300		261,000
10.00%, 12/15/18 (Call 06/02/14)b		USD	300		135,750
10.75%, 02/01/16 (Call 06/02/14)		USD	75		64,875
11.25%, 06/01/17 (Call 06/02/14)		USD	150		142,875
12.75%, 04/15/18 (Call 06/02/14)		USD	50		25,500
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties Finance Inc.
8.00%, 10/01/20 (Call 10/01/16)a		USD	100		104,125
11.00%, 10/01/21 (Call 10/01/16)a		USD	75		78,185
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance Inc.
9.38%, 05/01/22 (Call 05/01/17)a,b		USD	25		24,938
Calpine Corp.
5.88%, 01/15/24 (Call 11/01/18)a		USD	25		25,625

48 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
6.00%, 01/15/22 (Call 11/01/16)a		USD	25	$	26,429
7.50%, 02/15/21 (Call 11/01/15)a		USD	180		196,875
7.88%, 07/31/20 (Call 07/31/15)a		USD	89		97,566
7.88%, 01/15/23 (Call 01/15/17)a		USD	100		112,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 04/15/17)a		USD	50		49,938
Case New Holland Industrial Inc.
7.88%, 12/01/17b		USD	100		117,125
CBRE Services Inc.
5.00%, 03/15/23 (Call 03/15/18)		USD	50		50,375
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)		USD	100		97,500
5.25%, 09/30/22 (Call 09/30/17)		USD	100		100,250
5.75%, 09/01/23 (Call 03/01/18)		USD	75		75,469
5.75%, 01/15/24 (Call 07/15/18)		USD	50		50,375
6.50%, 04/30/21 (Call 04/30/15)b		USD	150		159,562
6.63%, 01/31/22 (Call 01/31/17)		USD	100		107,250
7.00%, 01/15/19 (Call 06/02/14)b		USD	100		105,750
7.38%, 06/01/20 (Call 12/01/15)b		USD	150		164,625
CDW LLC/CDW Finance Corp.
8.50%, 04/01/19 (Call 04/01/15)		USD	100		109,125
Celanese U.S. Holdings LLC
4.63%, 11/15/22		USD	100		100,991
6.63%, 10/15/18 (Call 10/15/14)		USD	100		105,162

Security	Principal (000s)			Value
CenturyLink Inc.
Series V
5.63%, 04/01/20c		USD	100	$	105,000
5.80%, 03/15/22		USD	100		102,375
6.00%, 04/01/17		USD	100		110,750
6.45%, 06/15/21		USD	150		161,250
Series W
6.75%, 12/01/23		USD	50		53,438
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 06/15/16)a		USD	125		121,563
6.38%, 09/15/20 (Call 09/15/15)a		USD	100		104,500
Ceridian Corp.
11.25%, 11/15/15 (Call 06/02/14)		USD	100		101,250
Ceridian HCM Holding Inc.
11.00%, 03/15/21 (Call 03/15/16)a		USD	50		57,750
Chaparral Energy Inc.
7.63%, 11/15/22 (Call 05/15/17)		USD	100		106,094
Chesapeake Energy Corp.
3.25%, 03/15/16 (Call 06/02/14)		USD	50		50,470
4.88%, 04/15/22 (Call 04/15/17)		USD	50		50,068
5.38%, 06/15/21 (Call 06/15/16)		USD	50		52,191
5.75%, 03/15/23b		USD	100		106,580
6.13%, 02/15/21		USD	100		109,216
6.25%, 01/15/17		EUR	50		76,191
6.63%, 08/15/20b		USD	200		224,330
Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance Inc.
6.63%, 11/15/19 (Call 11/15/15)		USD	50		52,014
Chrysler Group LLC/CG Co-Issuer Inc.
8.00%, 06/15/19 (Call 06/15/15)b		USD	200		218,500

SCHEDULES OF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
8.25%, 06/15/21 (Call 06/15/16)a		USD	250	$	280,625
CHS/Community Health Systems Inc.
5.13%, 08/15/18 (Call 08/15/15)		USD	150		156,937
5.13%, 08/01/21 (Call 02/01/17)a		USD	75		75,938
6.88%, 02/01/22 (Call 02/01/18)a		USD	225		232,875
7.13%, 07/15/20 (Call 07/15/16)		USD	100		107,250
8.00%, 11/15/19 (Call 11/15/15)		USD	100		109,375
Cincinnati Bell Inc.
8.38%, 10/15/20 (Call 10/15/15)		USD	81		88,898
Cinemark USA Inc.
5.13%, 12/15/22 (Call 12/15/17)		USD	50		50,162
CIT Group Inc.
3.88%, 02/19/19		USD	50		50,780
4.25%, 08/15/17		USD	150		157,500
5.00%, 05/15/17		USD	100		107,837
5.00%, 08/15/22		USD	100		102,500
5.25%, 03/15/18		USD	150		161,062
5.38%, 05/15/20		USD	75		79,959
5.50%, 02/15/19a		USD	150		161,926
6.63%, 04/01/18a		USD	100		111,500
Claire’s Stores Inc.
9.00%, 03/15/19 (Call 03/15/15)a		USD	100		104,000
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/16)		USD	100		101,750
5.25%, 08/01/20 (Call 08/01/16)		USD	100		102,500
Clear Channel Communications Inc.
9.00%, 12/15/19 (Call 07/15/15)		USD	125		133,281
9.00%, 03/01/21 (Call 03/01/16)		USD	150		159,375
11.25%, 03/01/21 (Call 03/01/16)		USD	75		84,563

Security	Principal (000s)			Value
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)		USD	200	$	213,000
Series B
7.63%, 03/15/20 (Call 03/15/15)b		USD	125		134,687
CNH Industrial Capital LLC
3.63%, 04/15/18		USD	100		101,875
3.88%, 11/01/15		USD	100		102,500
Commercial Metals Co.
7.35%, 08/15/18		USD	100		113,889
Concho Resources Inc.
5.50%, 10/01/22 (Call 10/01/17)b		USD	100		105,184
5.50%, 04/01/23 (Call 10/01/17)		USD	100		104,409
6.50%, 01/15/22 (Call 01/15/17)		USD	100		108,838
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 04/15/17)a		USD	100		102,753
8.00%, 04/01/17 (Call 05/15/14)		USD	150		156,330
8.25%, 04/01/20 (Call 04/01/15)		USD	100		108,682
Constellation Brands Inc.
6.00%, 05/01/22b		USD	150		166,687
7.25%, 05/15/17		USD	100		115,375
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)		USD	25		25,500
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.13%, 03/01/22 (Call 11/01/16)a		USD	75		78,388
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23		USD	100		96,000
Crown Castle International Corp.
4.88%, 04/15/22		USD	100		101,375
5.25%, 01/15/23		USD	100		102,750

50 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
CSC Holdings LLC
6.75%, 11/15/21b		USD	100	$	111,375
Dana Holding Corp.
5.38%, 09/15/21 (Call 09/15/16)b		USD	100		103,396
DaVita HealthCare Partners Inc.
5.75%, 08/15/22 (Call 08/15/17)		USD	50		52,875
6.38%, 11/01/18 (Call 06/02/14)		USD	100		105,125
6.63%, 11/01/20 (Call 11/01/14)		USD	100		107,000
DCP Midstream LLC
5.85%, 05/21/43 (Call 05/21/23)a,d		USD	100		94,000
Dell Inc.
5.88%, 06/15/19		USD	150		156,375
Denali Borrower LLC/Denali Finance Corp.
5.63%, 10/15/20 (Call 10/15/16)a		USD	125		128,438
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		USD	100		94,977
5.50%, 05/01/22 (Call 05/01/17)		USD	50		50,647
DISH DBS Corp.
4.25%, 04/01/18		USD	100		104,369
4.63%, 07/15/17		USD	100		106,500
5.00%, 03/15/23		USD	175		178,726
5.13%, 05/01/20		USD	100		104,996
5.88%, 07/15/22		USD	150		162,000
6.75%, 06/01/21		USD	150		169,500
7.13%, 02/01/16		USD	100		109,260
7.88%, 09/01/19		USD	150		178,132
DJO Finance LLC/DJO Finance Corp.
9.88%, 04/15/18 (Call 04/15/15)		USD	50		54,250
DPL Inc.
6.50%, 10/15/16 (Call 09/15/16)		USD	50		53,992
7.25%, 10/15/21 (Call 07/15/21)		USD	100		107,065

Security	Principal (000s)			Value
DR Horton Inc.
3.63%, 02/15/18 (Call 11/15/17)		USD	100	$	101,875
E*TRADE Financial Corp.
6.00%, 11/15/17 (Call 11/15/14)		USD	100		105,000
Eagle Spinco Inc.
4.63%, 02/15/21 (Call 02/15/18)a		USD	100		99,250
El Paso LLC
7.00%, 06/15/17		USD	100		112,494
Endo Health Solutions Inc.
7.00%, 07/15/19 (Call 07/15/15)		USD	100		107,500
Energy Future Intermediate Holding Co. LLC/EFIH Finance Inc.
6.88%, 08/15/17 (Call 02/15/15)a		USD	100		102,378
10.25%, 12/01/20 (Call 12/01/15)a		USD	250		265,625
12.25%, 03/01/22 (Call 03/01/17)a,b		USD	150		178,500
Energy Transfer Equity LP
5.88%, 01/15/24		USD	50		50,938
7.50%, 10/15/20		USD	100		115,100
Energy XXI Gulf Coast Inc.
7.50%, 12/15/21 (Call 12/15/16)a		USD	55		57,794
9.25%, 12/15/17 (Call 12/15/14)		USD	100		108,853
EP Energy LLC/EP Energy Finance Inc. Series WI
9.38%, 05/01/20 (Call 05/01/16)		USD	100		115,326
EP Energy LLC/Everest Acquisition Finance Inc. Series WI
6.88%, 05/01/19 (Call 05/01/15)		USD	100		107,350
Equinix Inc.
4.88%, 04/01/20 (Call 04/01/17)		USD	25		25,531
5.38%, 04/01/23 (Call 04/01/18)b		USD	100		101,875

SCHEDULES OF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
7.00%, 07/15/21 (Call 07/15/16)b		USD	100	$	111,625
EXCO Resources Inc.
8.50%, 04/15/22 (Call 04/15/17)		USD	25		25,550
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)		USD	50		50,625
Fifth Third Bancorp
5.10%, 12/31/49 (Call 06/30/23)d		USD	100		92,250
First Data Corp.
6.75%, 11/01/20 (Call 11/01/15)a		USD	150		160,159
7.38%, 06/15/19 (Call 06/15/15)a		USD	150		161,062
8.25%, 01/15/21 (Call 01/15/16)a,b		USD	250		269,073
8.88%, 08/15/20 (Call 08/15/15)a,b		USD	150		166,449
10.63%, 06/15/21 (Call 04/15/16)		USD	50		56,450
11.25%, 01/15/21 (Call 01/15/16)		USD	50		57,125
11.75%, 08/15/21 (Call 05/15/16)		USD	125		133,437
12.63%, 01/15/21 (Call 01/15/16)		USD	300		360,938
FirstEnergy Corp. Series B
4.25%, 03/15/23 (Call 12/15/22)		USD	50		49,179
Forest Laboratories Inc.
4.38%, 02/01/19a		USD	50		53,125
5.00%, 12/15/21 (Call 09/16/21)a		USD	75		80,156
Freescale Semiconductor Inc.
8.05%, 02/01/20 (Call 06/01/15)		USD	100		109,250
10.75%, 08/01/20 (Call 08/01/15)		USD	50		57,500
Fresenius Medical Care US Finance II Inc.
5.63%, 07/31/19a		USD	200		216,500

Security	Principal (000s)			Value
Fresenius Medical Care US Finance Inc.
5.75%, 02/15/21a		USD	100	$	107,750
Frontier Communications Corp.
7.13%, 01/15/23b		USD	100		103,500
7.63%, 04/15/24		USD	100		103,750
8.25%, 04/15/17b		USD	200		232,750
8.50%, 04/15/20b		USD	100		116,500
8.75%, 04/15/22		USD	50		57,000
Gannett Co. Inc.
5.13%, 10/15/19 (Call 10/15/16)a		USD	100		104,375
6.38%, 10/15/23 (Call 10/15/18)a		USD	100		105,999
General Motors Co.
3.50%, 10/02/18a		USD	75		76,594
General Motors Financial Co. Inc.
3.25%, 05/15/18		USD	100		101,000
4.25%, 05/15/23		USD	205		201,412
4.75%, 08/15/17		USD	100		106,784
GenOn Energy Inc.
9.50%, 10/15/18		USD	100		105,301
9.88%, 10/15/20 (Call 10/15/15)		USD	100		104,509
GLP Capital LP/GLP Financing II Inc.
4.88%, 11/01/20 (Call 08/01/20)a		USD	25		25,813
5.38%, 11/01/23 (Call 08/01/23)a,b		USD	100		103,000
Goodyear Tire & Rubber Co. (The)
6.50%, 03/01/21 (Call 03/01/16)		USD	100		107,750
8.25%, 08/15/20 (Call 08/15/15)		USD	100		110,625
H.J. Heinz Co.
4.25%, 10/15/20 (Call 04/15/15)a		USD	300		297,150
Halcon Resources Corp.
8.88%, 05/15/21 (Call 11/15/16)		USD	125		130,000
9.25%, 02/15/22 (Call 08/15/17)a,b		USD	100		104,362
9.75%, 07/15/20 (Call 07/15/16)		USD	50		53,375

52 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Hanesbrands Inc.
6.38%, 12/15/20 (Call 12/15/15)		USD	100	$	109,375
Harbinger Group Inc.
7.88%, 07/15/19 (Call 01/15/16)		USD	50		54,500
HCA Holdings Inc.
4.75%, 05/01/23		USD	100		98,250
5.00%, 03/15/24		USD	100		99,250
5.88%, 03/15/22		USD	100		107,250
6.25%, 02/15/21		USD	75		79,219
6.50%, 02/15/16b		USD	100		108,250
6.50%, 02/15/20		USD	400		446,000
7.25%, 09/15/20 (Call 03/15/15)		USD	100		108,000
7.50%, 02/15/22		USD	100		113,625
7.75%, 05/15/21 (Call 11/15/15)		USD	100		110,000
HCA Inc.
5.88%, 05/01/23		USD	100		101,875
HD Supply Inc.
7.50%, 07/15/20 (Call 10/15/16)b		USD	200		216,000
11.00%, 04/15/20 (Call 04/15/16)		USD	100		118,000
11.50%, 07/15/20 (Call 10/15/16)		USD	50		59,125
Hercules Offshore Inc.
8.75%, 07/15/21 (Call 07/15/17)a		USD	50		53,674
Hertz Corp. (The)
5.88%, 10/15/20 (Call 10/15/15)		USD	100		106,000
6.25%, 10/15/22 (Call 10/15/17)b		USD	100		107,000
6.75%, 04/15/19 (Call 04/15/15)		USD	150		160,885
Hexion U.S. Finance Corp.
6.63%, 04/15/20 (Call 04/15/15)		USD	125		130,000
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 11/15/15)b		USD	100		97,250

Security	Principal (000s)			Value
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.63%, 10/15/21 (Call 10/15/16)a,b		USD	100	$	104,250
Hologic Inc.
6.25%, 08/01/20 (Call 08/01/15)		USD	100		106,125
Hughes Satellite Systems Corp.
7.63%, 06/15/21b		USD	100		112,375
Huntington Ingalls Industries Inc.
7.13%, 03/15/21 (Call 03/15/16)		USD	50		55,125
Huntsman International LLC
8.63%, 03/15/21 (Call 09/15/15)b		USD	100		111,500
IAC/InterActiveCorp
4.75%, 12/15/22 (Call 12/15/17)		USD	50		49,313
4.88%, 11/30/18 (Call 11/30/14)		USD	25		26,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.88%, 02/01/22 (Call 08/01/17)a		USD	170		172,975
6.00%, 08/01/20 (Call 02/01/17)b		USD	50		53,031
IMS Health Inc.
6.00%, 11/01/20 (Call 11/01/15)a		USD	150		159,000
Infor US Inc.
9.38%, 04/01/19 (Call 04/01/15)		USD	100		112,250
International Lease Finance Corp.
3.88%, 04/15/18		USD	100		101,625
5.75%, 05/15/16		USD	100		107,315
5.88%, 04/01/19		USD	150		162,572
5.88%, 08/15/22		USD	100		105,375
8.25%, 12/15/20		USD	200		242,235
8.63%, 09/15/15		USD	100		109,523
8.75%, 03/15/17		USD	200		233,216
inVentiv Health Inc.
9.00%, 01/15/18 (Call 01/15/16)a		USD	75		79,594

SCHEDULES OF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
11.00%, 08/15/18 (Call 08/15/14)a,b		USD	25	$	23,375
Iron Mountain Inc.
5.75%, 08/15/24 (Call 08/15/17)		USD	75		73,971
6.00%, 08/15/23 (Call 08/15/18)		USD	100		106,534
7.75%, 10/01/19 (Call 10/01/15)		USD	100		110,037
Jaguar Holding Co.
9.50%, 12/01/19 (Call 12/01/14)a		USD	100		110,500
JC Penney Corp. Inc.
5.65%, 06/01/20b		USD	75		60,765
Kinder Morgan Finance Co. LLC
6.00%, 01/15/18a		USD	100		109,004
Kinder Morgan Inc.
5.00%, 02/15/21 (Call 01/15/21)a		USD	100		99,500
5.63%, 11/15/23 (Call 08/15/23)a		USD	100		99,750
Kinetic Concepts Inc./KCI USA Inc.
10.50%, 11/01/18 (Call 11/01/15)		USD	150		171,562
12.50%, 11/01/19 (Call 11/01/15)b		USD	50		58,250
L Brands Inc.
5.63%, 02/15/22		USD	100		104,500
6.63%, 04/01/21		USD	100		111,625
6.90%, 07/15/17		USD	100		113,750
7.00%, 05/01/20		USD	100		114,250
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)		USD	50		50,223
5.38%, 01/15/24 (Call 01/15/19)a		USD	25		25,787
Laredo Petroleum Inc.
9.50%, 02/15/19 (Call 02/15/15)		USD	100		110,290
Laureate Education Inc.
9.25%, 09/01/19 (Call 09/01/15)a		USD	100		105,500

Security	Principal (000s)			Value
Lear Corp.
4.75%, 01/15/23 (Call 01/15/18)a		USD	25	$	24,375
5.38%, 03/15/24 (Call 03/15/19)		USD	25		25,625
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)		USD	25		25,250
4.75%, 12/15/17 (Call 09/15/17)b		USD	100		105,750
Level 3 Financing Inc.
6.13%, 01/15/21 (Call 11/15/16)a		USD	100		104,625
8.13%, 07/01/19 (Call 07/01/15)b		USD	200		219,000
8.63%, 07/15/20 (Call 01/15/16)		USD	100		112,000
Levi Strauss & Co.
6.88%, 05/01/22 (Call 05/01/17)		USD	100		110,890
LifePoint Hospitals Inc.
5.50%, 12/01/21 (Call 12/01/16)a		USD	25		25,875
Linn Energy LLC/Linn Energy Finance Corp.
7.25%, 11/01/19 (Call 11/01/15)a,b		USD	200		206,136
7.75%, 02/01/21 (Call 09/15/15)		USD	100		107,193
8.63%, 04/15/20 (Call 04/15/15)		USD	100		108,115
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.50%, 07/15/23 (Call 04/15/23)		USD	100		97,999
6.75%, 11/01/20 (Call 11/01/15)		USD	150		162,656
Masco Corp.
6.13%, 10/03/16b		USD	150		165,375
McClatchy Co. (The)
9.00%, 12/15/22 (Call 12/15/17)		USD	100		114,770

54 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
MetroPCS Wireless Inc.
6.63%, 11/15/20 (Call 11/15/15)		USD	100	$	106,750
7.88%, 09/01/18 (Call 09/01/14)		USD	100		105,500
MGM Resorts International
5.25%, 03/31/20		USD	100		103,153
6.63%, 12/15/21		USD	175		191,550
6.75%, 10/01/20b		USD	100		110,265
7.50%, 06/01/16		USD	100		111,250
7.63%, 01/15/17		USD	100		113,422
8.63%, 02/01/19b		USD	150		178,318
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC
9.25%, 06/01/21 (Call 06/01/16)		USD	50		50,969
10.75%, 10/01/20 (Call 10/01/16)		USD	50		53,860
Momentive Performance Materials Inc.
9.00%, 01/15/21 (Call 01/15/16)b		USD	50		38,797
MPH Acquisition Holdings LLC
6.63%, 04/01/22 (Call 04/01/17)a		USD	50		52,000
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 07/01/21 (Call 01/01/17)b		USD	100		95,250
7.88%, 10/01/20 (Call 10/01/16)		USD	100		101,750
Navistar International Corp.
8.25%, 11/01/21 (Call 11/01/14)b		USD	100		102,125
NBTY Inc.
9.00%, 10/01/18 (Call 10/01/14)		USD	50		53,625
NCR Corp.
4.63%, 02/15/21 (Call 02/15/17)		USD	50		50,375
5.00%, 07/15/22 (Call 07/15/17)		USD	50		50,875
6.38%, 12/15/23 (Call 12/15/18)a,b		USD	50		53,250

Security	Principal (000s)			Value
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 10/15/16)a		USD	100	$	110,000
Newfield Exploration Co.
5.75%, 01/30/22		USD	100		106,712
6.88%, 02/01/20 (Call 02/01/15)		USD	100		106,494
NGPL PipeCo LLC
7.12%, 12/15/17a		USD	100		99,173
9.63%, 06/01/19 (Call 06/01/15)a,b		USD	100		107,901
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 10/01/16)		USD	50		50,371
7.75%, 10/15/18 (Call 10/15/14)		USD	75		79,796
NRG Energy Inc.
6.25%, 05/01/24 (Call 05/01/19)a		USD	175		175,182
6.63%, 03/15/23 (Call 09/15/17)		USD	100		104,483
7.63%, 01/15/18		USD	100		113,104
7.63%, 05/15/19 (Call 05/21/14)		USD	250		260,302
7.88%, 05/15/21 (Call 05/15/16)		USD	100		110,606
8.25%, 09/01/20 (Call 09/01/15)		USD	50		55,033
Nuance Communications Inc.
5.38%, 08/15/20 (Call 08/15/16)a		USD	100		100,500
NuStar Logistics LP
4.80%, 09/01/20		USD	50		49,585
Nuveen Investments Inc.
9.13%, 10/15/17 (Call 10/15/14)a		USD	50		54,750
9.50%, 10/15/20 (Call 10/15/16)a		USD	50		59,750
Oasis Petroleum Inc.
6.88%, 03/15/22 (Call 09/15/17)a		USD	100		108,000
7.25%, 02/01/19 (Call 02/01/15)		USD	100		107,000

SCHEDULES OF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Offshore Group Investments Ltd.
7.13%, 04/01/23 (Call 04/01/18)		USD	75	$	73,556
7.50%, 11/01/19 (Call 11/01/15)		USD	50		51,911
Peabody Energy Corp.
6.00%, 11/15/18		USD	150		159,334
6.25%, 11/15/21b		USD	100		101,734
6.50%, 09/15/20		USD	100		104,247
Penn Virginia Corp.
8.50%, 05/01/20 (Call 05/01/17)		USD	50		55,375
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. II
8.38%, 06/01/20 (Call 06/01/16)		USD	59		66,523
Petco Animal Supplies Inc.
9.25%, 12/01/18 (Call 06/02/14)a		USD	50		53,813
Pinnacle Entertainment Inc.
7.50%, 04/15/21 (Call 04/15/15)b		USD	100		108,375
PNK Finance Corp.
6.38%, 08/01/21 (Call 08/01/16)a		USD	115		120,489
Post Holdings Inc.
6.75%, 12/01/21 (Call 12/01/17)a		USD	100		104,500
7.38%, 02/15/22 (Call 02/15/17)		USD	50		53,625
QEP Resources Inc.
5.38%, 10/01/22 (Call 07/01/22)		USD	100		100,273
6.88%, 03/01/21		USD	50		55,430
QVC Inc.
3.13%, 04/01/19a		USD	50		50,293
4.85%, 04/01/24a		USD	25		25,441
5.13%, 07/02/22		USD	100		104,185
7.50%, 10/01/19 (Call 10/01/14)a		USD	100		106,000
Range Resources Corp.
5.00%, 08/15/22 (Call 02/15/17)		USD	100		102,744

Security	Principal (000s)			Value
5.75%, 06/01/21 (Call 06/01/16)		USD	100	$	106,761
Realogy Group LLC
7.88%, 02/15/19 (Call 02/15/15)a,b		USD	100		108,068
Regency Energy Partners LP/Regency Energy Finance Corp.
5.50%, 04/15/23 (Call 10/15/17)		USD	50		50,500
6.50%, 07/15/21 (Call 07/15/16)		USD	100		107,250
6.88%, 12/01/18 (Call 12/01/14)		USD	100		106,000
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 10/15/15)		USD	300		311,640
7.13%, 04/15/19 (Call 10/15/14)		USD	350		370,125
7.88%, 08/15/19 (Call 08/15/15)		USD	100		109,625
8.25%, 02/15/21 (Call 02/15/16)b		USD	100		108,125
9.00%, 04/15/19 (Call 10/15/14)		USD	100		106,875
9.88%, 08/15/19 (Call 08/15/15)		USD	250		278,125
Rite Aid Corp.
6.75%, 06/15/21 (Call 06/15/16)		USD	100		108,550
9.25%, 03/15/20 (Call 03/15/16)		USD	50		56,887
Rockies Express Pipeline LLC
5.63%, 04/15/20a		USD	75		74,871
6.85%, 07/15/18a		USD	50		52,619
Rockwood Specialties Group Inc.
4.63%, 10/15/20 (Call 10/15/15)		USD	100		102,750
Rosetta Resources Inc.
5.88%, 06/01/22 (Call 12/01/17)		USD	90		91,987
RR Donnelley & Sons Co.
6.00%, 04/01/24		USD	50		50,625
7.88%, 03/15/21b		USD	50		57,060

56 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
Sabine Pass Liquefaction LLC
5.63%, 02/01/21		USD	200	$	207,000
5.63%, 04/15/23		USD	100		100,979
6.25%, 03/15/22a		USD	100		104,643
Sabine Pass LNG LP
7.50%, 11/30/16		USD	100		110,702
Sabre GLBL Inc.
8.50%, 05/15/19 (Call 05/15/15)a		USD	100		110,529
Sally Holdings LLC/Sally Capital Inc.
6.88%, 11/15/19 (Call 11/15/15)		USD	150		164,062
Samson Investment Co.
10.75%, 02/15/20 (Call 02/15/16)a		USD	200		211,000
SandRidge Energy Inc.
7.50%, 03/15/21 (Call 03/15/16)		USD	100		106,385
7.50%, 02/15/23 (Call 08/15/17)		USD	50		52,875
8.13%, 10/15/22 (Call 04/15/17)		USD	100		108,516
SBA Communications Corp.
5.63%, 10/01/19 (Call 10/01/16)		USD	50		52,375
SBA Telecommunications Inc.
5.75%, 07/15/20 (Call 07/15/16)		USD	50		52,500
Sealed Air Corp.
8.13%, 09/15/19 (Call 09/15/15)a		USD	100		111,250
8.38%, 09/15/21 (Call 09/15/16)a		USD	100		115,000
Sears Holdings Corp.
6.63%, 10/15/18b		USD	100		92,250
Service Corp. International
5.38%, 01/15/22 (Call 07/15/17)		USD	50		51,375
ServiceMaster Co. (The)
7.00%, 08/15/20 (Call 08/15/15)		USD	50		52,625
8.00%, 02/15/20 (Call 02/15/15)		USD	50		53,828

Security	Principal (000s)			Value
SESI LLC
6.38%, 05/01/19 (Call 05/01/15)		USD	100	$	107,179
Sinclair Television Group Inc.
6.13%, 10/01/22 (Call 10/01/17)		USD	100		102,217
Sirius XM Radio Inc.
4.63%, 05/15/23 (Call 05/15/18)a		USD	100		92,250
5.75%, 08/01/21 (Call 08/01/16)a,b		USD	100		102,000
SLM Corp.
5.50%, 01/15/19		USD	200		211,365
5.50%, 01/25/23b		USD	100		97,959
6.00%, 01/25/17		USD	100		108,796
6.25%, 01/25/16		USD	150		161,641
7.25%, 01/25/22		USD	150		165,305
8.00%, 03/25/20		USD	200		230,527
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)a		USD	100		97,750
Smithfield Foods Inc.
5.25%, 08/01/18 (Call 08/01/15)a		USD	25		26,156
5.88%, 08/01/21 (Call 08/01/16)a		USD	50		52,500
6.63%, 08/15/22 (Call 08/15/17)		USD	100		109,000
Spectrum Brands Inc.
6.38%, 11/15/20 (Call 11/15/16)		USD	100		108,250
Springleaf Finance Corp.
Series I
5.40%, 12/01/15		USD	50		52,500
6.90%, 12/15/17		USD	250		273,750
7.75%, 10/01/21		USD	100		111,000
Sprint Communications Inc.
6.00%, 12/01/16		USD	150		164,062
6.00%, 11/15/22		USD	200		201,500
7.00%, 03/01/20a		USD	100		115,125
7.00%, 08/15/20		USD	50		54,250
8.38%, 08/15/17b		USD	150		175,875
9.00%, 11/15/18a		USD	250		304,062
9.13%, 03/01/17		USD	150		177,375

SCHEDULES OF INVESTMENTS 57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
11.50%, 11/15/21b		USD	100	$	134,000
Sprint Corp.
7.13%, 06/15/24a		USD	200		209,500
7.25%, 09/15/21a		USD	150		163,125
7.88%, 09/15/23a		USD	400		439,500
Standard Pacific Corp.
8.38%, 05/15/18		USD	100		118,000
Steel Dynamics Inc.
5.25%, 04/15/23 (Call 04/15/18)		USD	75		76,309
Suburban Propane Partners LP/Suburban Energy Finance Corp.
7.50%, 10/01/18 (Call 10/01/14)		USD	84		88,937
SunGard Data Systems Inc.
6.63%, 11/01/19 (Call 11/01/15)		USD	50		52,375
7.38%, 11/15/18 (Call 06/02/14)		USD	100		106,000
7.63%, 11/15/20 (Call 11/15/15)		USD	100		109,125
SUPERVALU Inc.
6.75%, 06/01/21 (Call 06/01/17)b		USD	50		50,906
8.00%, 05/01/16		USD	50		55,250
T-Mobile USA Inc.
6.25%, 04/01/21 (Call 04/01/17)		USD	100		106,625
6.46%, 04/28/19 (Call 04/28/15)b		USD	150		158,812
6.54%, 04/28/20 (Call 04/28/16)		USD	200		215,000
6.63%, 04/28/21 (Call 04/28/17)		USD	200		215,750
6.63%, 04/01/23 (Call 04/01/18)b		USD	200		214,500
6.73%, 04/28/22 (Call 04/28/17)		USD	150		161,625
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/15/18)a,b		USD	50		46,410

Security	Principal (000s)			Value
6.88%, 02/01/21 (Call 02/01/16)		USD	100	$	107,138
Taylor Morrison Communities Inc./Monarch Communities Inc.
5.25%, 04/15/21 (Call 04/15/16)a		USD	200		201,500
Tenet Healthcare Corp.
4.50%, 04/01/21		USD	200		193,500
5.00%, 03/01/19a		USD	25		25,031
6.00%, 10/01/20		USD	150		157,500
6.25%, 11/01/18		USD	100		109,500
8.00%, 08/01/20 (Call 08/01/15)		USD	50		54,438
8.13%, 04/01/22		USD	300		331,500
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		51,726
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
6.13%, 10/15/21 (Call 10/15/16)		USD	50		52,754
Toll Brothers Finance Corp.
5.88%, 02/15/22 (Call 11/15/21)		USD	100		107,500
Toys R Us Inc.
10.38%, 08/15/17 (Call 02/15/15)		USD	25		20,375
Toys R Us Property Co. II LLC
8.50%, 12/01/17 (Call 06/02/14)		USD	50		51,125
TransDigm Inc.
7.50%, 07/15/21 (Call 07/15/16)		USD	100		110,000
7.75%, 12/15/18 (Call 12/15/14)		USD	150		159,375
tw telecom holdings Inc.
5.38%, 10/01/22 (Call 10/01/17)		USD	100		101,500
UBS Preferred Funding Trust V Series 1
6.24%, 05/29/49 (Call 05/15/16)d		USD	75		79,594

58 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal (000s)			Value
United Airlines Inc.
6.75%, 09/15/15 (Call 06/02/14)a		USD	100	$	101,625
United Rentals (North America) Inc.
5.75%, 11/15/24 (Call 05/15/19)		USD	75		77,867
6.13%, 06/15/23 (Call 12/15/17)		USD	75		80,659
7.38%, 05/15/20 (Call 05/15/16)		USD	150		167,201
7.63%, 04/15/22 (Call 04/15/17)b		USD	100		112,854
8.38%, 09/15/20 (Call 09/15/15)b		USD	100		111,143
United States Steel Corp.
7.38%, 04/01/20b		USD	100		111,722
7.50%, 03/15/22 (Call 03/15/17)b		USD	100		110,258
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a,b		USD	100		101,965
6.75%, 09/15/22 (Call 09/15/17)a		USD	90		98,886
6.88%, 05/15/19 (Call 05/15/15)a		USD	150		160,207
8.50%, 05/15/21 (Call 11/15/15)a,b		USD	50		54,816
US Airways Group Inc.
6.13%, 06/01/18		USD	50		52,659
US Foods Inc.
8.50%, 06/30/19 (Call 06/30/14)		USD	100		107,750
USG Corp.
6.30%, 11/15/16		USD	100		108,250
Valeant Pharmaceuticals International Inc.
6.38%, 10/15/20 (Call 10/15/16)a		USD	200		214,500
6.75%, 08/15/21 (Call 02/15/16)a		USD	100		106,750
6.88%, 12/01/18 (Call 12/01/14)a		USD	200		210,750
7.00%, 10/01/20 (Call 10/01/15)a		USD	100		107,000

Security	Principal (000s)			Value
Verso Paper Holdings LLC/Verso Paper Inc.
11.75%, 01/15/19 (Call 01/15/15)		USD	30	$	32,345
Voya Financial Inc.
5.65%, 05/15/53 (Call 05/15/23)d		USD	50		49,825
Vulcan Materials Co.
7.50%, 06/15/21		USD	100		117,500
VWR Funding Inc.
7.25%, 09/15/17 (Call 09/15/14)		USD	50		53,438
Walter Energy Inc.
8.50%, 04/15/21 (Call 04/15/17)b		USD	25		14,929
9.88%, 12/15/20 (Call 12/15/16)b		USD	50		32,598
West Corp.
8.63%, 10/01/18 (Call 10/01/14)		USD	100		106,750
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)		USD	100		105,125
5.75%, 03/15/21 (Call 12/15/20)		USD	150		160,500
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 07/15/15)		USD	75		84,750
Windstream Corp.
7.50%, 04/01/23 (Call 04/01/16)b		USD	100		105,500
7.75%, 10/15/20 (Call 10/15/15)		USD	200		215,750
7.88%, 11/01/17		USD	100		115,125
WMG Acquisition Corp.
6.75%, 04/15/22 (Call 04/15/17)a		USD	50		50,250
WPX Energy Inc.
6.00%, 01/15/22 (Call 10/15/21)		USD	100		103,153

SCHEDULES OF INVESTMENTS 59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2014

Security	Principal or Shares (000s)			Value
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.38%, 03/15/22 (Call 03/15/17)b		USD	100	$	103,253
7.75%, 08/15/20 (Call 08/15/15)		USD	100		110,395
Zayo Group LLC/Zayo Capital Inc.
10.13%, 07/01/20 (Call 07/01/16)		USD	100		115,750
					54,637,711
TOTAL CORPORATE BONDS & NOTES
(Cost: $86,155,006)					90,014,239
FOREIGN AGENCY OBLIGATIONS — 0.16%
PORTUGAL — 0.16%
Caixa Geral de Depositos SA
5.63%, 12/04/15c		EUR	100		146,843
					146,843
TOTAL FOREIGN AGENCY OBLIGATIONS
(Cost: $135,163)					146,843
SHORT-TERM INVESTMENTS — 10.52%
MONEY MARKET FUNDS — 10.52%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.13%f,g,h			9,001		9,001,413
BlackRock Cash Funds: Prime, SL Agency Shares
0.11%f,g,h			693		693,313
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%f,g			33		33,183
					9,727,909
TOTAL SHORT-TERM INVESTMENTS
(Cost: $9,727,909)					9,727,909

	Value
TOTAL INVESTMENTS IN SECURITIES — 108.01%
(Cost: $96,018,078)	$	99,888,991
Other Assets, Less Liabilities — (8.01)%		(7,407,553	)
NET ASSETS — 100.00%	$	92,481,438

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 1.

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

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

^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 1.

See notes to financial statements.

60 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

April 30, 2014

	iShares Emerging Markets Corporate Bond ETF			iShares Emerging Markets High Yield Bond ETF			iShares Emerging Markets Local Currency Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	30,393,713		$	185,261,897		$	593,392,207
Affiliated (Note 2)		1,608,006			1,550,377			46,411
Total cost of investments	$	32,001,719		$	186,812,274		$	593,438,618
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	29,727,475		$	179,591,301		$	574,720,916
Affiliated (Note 2)		1,608,006			1,550,377			46,411
Total fair value of investments		31,335,481			181,141,678			574,767,327
Foreign currency, at valueb		—			—			12,345,680
Cash		20,900			124,815			141,257
Receivables:
Investment securities sold		280,353			578,316			10,209,683
Due from custodian (Note 4)		110,747			—			280,837
Interest		408,757			2,903,788			9,537,077
Total Assets		32,156,238			184,748,597			607,281,861
LIABILITIES
Payables:
Investment securities purchased		526,471			738,106			16,149,536
Collateral for securities on loan (Note 1)		1,206,150			—			—
Deferred foreign capital gains taxes (Note 1)		—			—			60,478
Investment advisory fees (Note 2)		14,390			97,678			288,114
Unrealized depreciation on forward currency contracts (Note 1)		—			—			90,369
Total Liabilities		1,747,011			835,784			16,588,497
NET ASSETS	$	30,409,227		$	183,912,813		$	590,693,364
Net assets consist of:
Paid-in capital	$	31,490,502		$	197,744,206		$	621,316,074
Undistributed net investment income		104,624			925,988			3,902,790
Accumulated net realized loss		(519,661	)		(9,086,785	)		(15,859,099	)
Net unrealized depreciation		(666,238	)		(5,670,596	)		(18,666,401	)
NET ASSETS	$	30,409,227		$	183,912,813		$	590,693,364
Shares outstandingc		600,000			3,600,000			11,800,000
Net asset value per share	$	50.68		$	51.09		$	50.06

^a  Securities on loan with values of $1,178,090, $  — and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $  —, $  — and $12,310,513, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 61

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

April 30, 2014

	iShares Global ex USD High Yield Corporate Bond ETF		iShares Global High Yield Corporate Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	157,519,734	$	86,290,169
Affiliated (Note 2)		44,239		9,727,909
Total cost of investments	$	157,563,973	$	96,018,078
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	164,485,956	$	90,161,082
Affiliated (Note 2)		44,239		9,727,909
Total fair value of investments		164,530,195		99,888,991
Foreign currency, at valueb		4,565,305		647,565
Cash		—		111,877
Receivables:
Investment securities sold		1,240,973		991,135
Interest		3,088,372		1,562,447
Capital shares sold		5,938,621		—
Total Assets		179,363,466		103,202,015
LIABILITIES
Payables:
Investment securities purchased		7,935,211		995,571
Collateral for securities on loan (Note 1)		—		9,694,726
Investment advisory fees (Note 2)		52,571		30,280
Total Liabilities		7,987,782		10,720,577
NET ASSETS	$	171,375,684	$	92,481,438
Net assets consist of:
Paid-in capital	$	163,389,261	$	87,934,759
Undistributed net investment income		278,008		277,243
Undistributed net realized gain		694,204		387,789
Net unrealized appreciation		7,014,211		3,881,647
NET ASSETS	$	171,375,684	$	92,481,438
Shares outstandingc		2,900,000		1,700,000
Net asset value per share	$	59.10	$	54.40

^a  Securities on loan with values of $  — and $9,464,666, respectively. See Note 1.

^b  Cost of foreign currency: $4,546,840 and $642,721, respectively.

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

See notes to financial statements.

62 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended April 30, 2014

	iShares Emerging Markets Corporate Bond ETF			iShares Emerging Markets High Yield Bond ETF			iShares Emerging Markets Local Currency Bond ETF
NET INVESTMENT INCOME
Interest — unaffiliateda	$	648,692		$	6,310,180		$	14,603,979
Interest — affiliated (Note 2)		15			141			61
Securities lending income — affiliated (Note 2)		365			—			—
		649,072			6,310,321			14,604,040
Less: Other foreign taxes (Note 1)		—			—			(248	)
Total investment income		649,072			6,310,321			14,603,792
EXPENSES
Investment advisory fees (Note 2)		84,181			604,019			1,747,821
Total expenses		84,181			604,019			1,747,821
Net investment income		564,891			5,706,302			12,855,971
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		(29,618	)		(1,122,885	)		(10,734,264	)
In-kind redemptions — unaffiliated		(308,025	)		(1,119,272	)		90,301
Foreign currency transactions		—			—			(594,650	)
Net realized loss		(337,643	)		(2,242,157	)		(11,238,613	)
Net change in unrealized appreciation/depreciation on:
Investmentsc		321,406			2,247,298			(2,072,546	)
Forward currency contracts		—			—			(90,369	)
Translation of assets and liabilities in foreign currencies		—			—			20,585
Net change in unrealized appreciation/depreciation		321,406			2,247,298			(2,142,330	)
Net realized and unrealized gain (loss)		(16,237	)		5,141			(13,380,943	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	548,654		$	5,711,443		$	(524,972	)

^a  Net of foreign withholding tax of $  —, $  — and $706,676, respectively.

^b  Net of foreign capital gains taxes of $  —, $  — and $7,669, respectively.

^c  Net of deferred foreign capital gains taxes of $  —, $  — and $58,706, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 63

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended April 30, 2014

	iShares Global ex USD High Yield Corporate Bond ETF			iShares Global High Yield Corporate Bond ETF
NET INVESTMENT INCOME
Interest — unaffiliated	$	2,375,153		$	2,544,185
Interest — affiliated (Note 2)		7			89
Securities lending income — affiliated (Note 2)		—			18,555
Total investment income		2,375,160			2,562,829
EXPENSES
Investment advisory fees (Note 2)		261,068			239,474
Total expenses		261,068			239,474
Less investment advisory fees waived (Note 2)		(71,200	)		(65,311	)
Net expenses		189,868			174,163
Net investment income		2,185,292			2,388,666
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		253,554			350,702
Foreign currency transactions		234,020			51,062
Net realized gain		487,574			401,764
Net change in unrealized appreciation/depreciation on:
Investments		3,937,511			1,416,667
Translation of assets and liabilities in foreign currencies		29,982			(2,888	)
Net change in unrealized appreciation/depreciation		3,967,493			1,413,779
Net realized and unrealized gain		4,455,067			1,815,543
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,640,359		$	4,204,209

See notes to financial statements.

64 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Emerging Markets Corporate Bond ETF						iShares Emerging Markets High Yield Bond ETF
	Six months ended April 30, 2014 (Unaudited)			Year ended October 31, 2013			Six months ended April 30, 2014 (Unaudited)			Year ended October 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	564,891		$	1,262,982		$	5,706,302		$	12,680,618
Net realized loss		(337,643	)		(618,461	)		(2,242,157	)		(8,733,079	)
Net change in unrealized appreciation/depreciation		321,406			(1,561,100	)		2,247,298			(7,436,270	)
Net increase (decrease) in net assets resulting from operations		548,654			(916,579	)		5,711,443			(3,488,731	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(567,141	)		(1,215,670	)		(5,791,942	)		(11,875,701	)
Total distributions to shareholders		(567,141	)		(1,215,670	)		(5,791,942	)		(11,875,701	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,050,610			21,155,693			—			93,145,288
Cost of shares redeemed		(9,960,684	)		(4,855,891	)		(19,610,613	)		(40,407,967	)
Net increase (decrease) in net assets from capital share transactions		(4,910,074	)		16,299,802			(19,610,613	)		52,737,321
INCREASE (DECREASE) IN NET ASSETS		(4,928,561	)		14,167,553			(19,691,112	)		37,372,889
NET ASSETS
Beginning of period		35,337,788			21,170,235			203,603,925			166,231,036
End of period	$	30,409,227		$	35,337,788		$	183,912,813		$	203,603,925
Undistributed net investment income included in net assets at end of period	$	104,624		$	106,874		$	925,988		$	1,011,628
SHARES ISSUED AND REDEEMED
Shares sold		100,000			400,000			—			1,700,000
Shares redeemed		(200,000	)		(100,000	)		(400,000	)		(800,000	)
Net increase (decrease) in shares outstanding		(100,000	)		300,000			(400,000	)		900,000

See notes to financial statements.

FINANCIAL STATEMENTS 65

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares Emerging Markets Local Currency Bond ETF						iShares Global ex USD High Yield Corporate Bond ETF
	Six months ended April 30, 2014 (Unaudited)			Year ended October 31, 2013			Six months ended April 30, 2014 (Unaudited)			Year ended October 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	12,855,971		$	22,189,749		$	2,185,292		$	2,293,814
Net realized gain (loss)		(11,238,613	)		(12,303,456	)		487,574			263,561
Net change in unrealized appreciation/depreciation		(2,142,330	)		(18,539,293	)		3,967,493			2,319,598
Net increase (decrease) in net assets resulting from operations		(524,972	)		(8,653,000	)		6,640,359			4,876,973
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(8,953,181	)		(14,179,444	)		(2,391,471	)		(1,957,170	)
Return of capital		—			(450,972	)		—			—
Total distributions to shareholders		(8,953,181	)		(14,630,416	)		(2,391,471	)		(1,957,170	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		10,063,634			473,342,721			115,973,791			22,229,000
Cost of shares redeemed		(48,233,688	)		(19,471,218	)		—			—
Net increase (decrease) in net assets from capital share transactions		(38,170,054	)		453,871,503			115,973,791			22,229,000
INCREASE (DECREASE) IN NET ASSETS		(47,648,207	)		430,588,087			120,222,679			25,148,803
NET ASSETS
Beginning of period		638,341,571			207,753,484			51,153,005			26,004,202
End of period	$	590,693,364		$	638,341,571		$	171,375,684		$	51,153,005
Undistributed net investment income included in net assets at end of period	$	3,902,790		$	—		$	278,008		$	484,187
SHARES ISSUED AND REDEEMED
Shares sold		200,000			9,000,000			2,000,000			400,000
Shares redeemed		(1,000,000	)		(400,000	)		—			—
Net increase (decrease) in shares outstanding		(800,000	)		8,600,000			2,000,000			400,000

See notes to financial statements.

66 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares Global High Yield Corporate Bond ETF
	Six months ended April 30, 2014 (Unaudited)			Year ended October 31, 2013
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,388,666		$	3,196,617
Net realized gain		401,764			82,124
Net change in unrealized appreciation/depreciation		1,413,779			1,697,021
Net increase in net assets resulting from operations		4,204,209			4,975,762
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,631,562	)		(2,923,699	)
Total distributions to shareholders		(2,631,562	)		(2,923,699	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		16,015,459			36,671,836
Net increase in net assets from capital share transactions		16,015,459			36,671,836
INCREASE IN NET ASSETS		17,588,106			38,723,899
NET ASSETS
Beginning of period		74,893,332			36,169,433
End of period	$	92,481,438		$	74,893,332
Undistributed net investment income included in net assets at end of period	$	277,243		$	520,139
SHARES ISSUED
Shares sold		300,000			700,000
Net increase in shares outstanding		300,000			700,000

See notes to financial statements.

FINANCIAL STATEMENTS 67

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Emerging Markets Corporate Bond ETF

	Six months ended Apr. 30, 2014 (Unaudited)			Year ended Oct. 31, 2013			Period from Apr. 17, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	50.48		$	52.93		$	50.00
Income from investment operations:
Net investment incomeb		1.00			1.92			1.07
Net realized and unrealized gain (loss)c		0.20			(2.49	)		2.76
Total from investment operations		1.20			(0.57	)		3.83
Less distributions from:
Net investment income		(1.00	)		(1.88	)		(0.90	)
Total distributions		(1.00	)		(1.88	)		(0.90	)
Net asset value, end of period	$	50.68		$	50.48		$	52.93
Total return		2.44	%d		(1.07	)%		7.75	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	30,409		$	35,338		$	21,170
Ratio of expenses to average net assetse		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assetse		4.03	%		3.74	%		3.87	%
Portfolio turnover ratef		11	%		33	%		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.

68 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Emerging Markets High Yield Bond  ETF

	Six months ended Apr. 30, 2014 (Unaudited)			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	50.90		$	53.62		$	50.02
Income from investment operations:
Net investment incomeb		1.51			2.97			1.60
Net realized and unrealized gain (loss)c		0.20			(2.91	)		3.40
Total from investment operations		1.71			0.06			5.00
Less distributions from:
Net investment income		(1.52	)		(2.78	)		(1.40	)
Total distributions		(1.52	)		(2.78	)		(1.40	)
Net asset value, end of period	$	51.09		$	50.90		$	53.62
Total return		3.48	%d		0.14	%		10.21	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	183,913		$	203,604		$	166,231
Ratio of expenses to average net assetse		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assetse		6.14	%		5.64	%		5.34	%
Portfolio turnover ratef		12	%		57	%		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.

FINANCIAL HIGHLIGHTS 69

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Emerging Markets Local Currency Bond  ETF

	Six months ended Apr. 30, 2014 (Unaudited)			Year ended Oct. 31, 2013			Year ended Oct. 31, 2012			Period from Oct. 18, 2011a to Oct. 31, 2011
Net asset value, beginning of period	$	50.66		$	51.94		$	51.13		$	49.85
Income from investment operations:
Net investment incomeb		1.07			2.07			2.31			0.02
Net realized and unrealized gain (loss)c		(0.93	)		(1.92	)		0.41			1.26
Total from investment operations		0.14			0.15			2.72			1.28
Less distributions from:
Net investment income		(0.74	)		(1.39	)		(0.81	)		—
Return of capital		—			(0.04	)		(1.10	)		—
Total distributions		(0.74	)		(1.43	)		(1.91	)		—
Net asset value, end of period	$	50.06		$	50.66		$	51.94		$	51.13
Total return		0.33	%d		0.28	%		5.48	%		2.57	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	590,693		$	638,342		$	207,753		$	30,681
Ratio of expenses to average net assetse		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assetse		4.41	%		4.04	%		4.57	%		1.21	%
Portfolio turnover ratef		30	%		41	%		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 includes 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, 2014, the years ended October 31, 2013 and October 30, 2012 were 26%, 39% and 61%, respectively. See Note 4.

See notes to financial statements.

70 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Global ex USD High Yield Corporate Bond  ETF

	Six months ended Apr. 30, 2014 (Unaudited)			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	56.84		$	52.01		$	50.14
Income from investment operations:
Net investment incomeb		1.32			3.15			1.94
Net realized and unrealized gainc		2.63			4.51			1.18
Total from investment operations		3.95			7.66			3.12
Less distributions from:
Net investment income		(1.69	)		(2.83	)		(1.25	)
Total distributions		(1.69	)		(2.83	)		(1.25	)
Net asset value, end of period	$	59.10		$	56.84		$	52.01
Total return		7.11	%d		15.20	%		6.49	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	171,376		$	51,153		$	26,004
Ratio of expenses to average net assetse		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feese		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assetse		4.60	%		5.85	%		6.92	%
Portfolio turnover ratef		8	%		33	%		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.

FINANCIAL HIGHLIGHTS 71

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares Global High Yield Corporate Bond  ETF

	Six months ended Apr. 30, 2014 (Unaudited)			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	53.50		$	51.67		$	50.00
Income from investment operations:
Net investment incomeb		1.46			3.05			1.82
Net realized and unrealized gainc		1.09			1.70			1.35
Total from investment operations		2.55			4.75			3.17
Less distributions from:
Net investment income		(1.65	)		(2.92	)		(1.50	)
Total distributions		(1.65	)		(2.92	)		(1.50	)
Net asset value, end of period	$	54.40		$	53.50		$	51.67
Total return		4.86	%d		9.50	%		6.53	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	92,481		$	74,893		$	36,169
Ratio of expenses to average net assetse		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feese		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assetse		5.49	%		5.82	%		6.28	%
Portfolio turnover ratef		11	%		20	%		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.

72 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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

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.

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 Funds invest in securities of non-U.S. issuers that trade in non-U.S. markets. This involves 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. These risks are heightened for investments in emerging market and frontier market countries.

The Funds invest a significant portion of their assets in fixed-income securities. Changes in market interest rates or economic conditions, including the decision in December 2013 by the Federal Reserve Bank (the “Fed”) to taper its quantitative easing policy, may affect the value and/or liquidity of such investments. International bond funds may be adversely impacted by lower levels of market liquidity if the Fed and other central banks become less accommodative by removing liquidity from the markets. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Given the environment of historically low interest rates, the Funds may be subject to a greater risk of price losses if interest rates rise from current levels.

The United States and the European Union have imposed economic sanctions on certain Russian individuals and corporate entities. The United States or the European Union could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities, impairing the ability of the iShares Emerging Markets Corporate Bond ETF, iShares Emerging Markets High Yield Bond ETF and iShares Emerging Markets Local Currency Bond ETF to buy, sell, receive or deliver those securities. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

NOTES TO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 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).

• Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

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 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.

74 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

• 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, 2014. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
Emerging Markets Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	14,122,297	$	—	$	14,122,297
Foreign Agency Obligations		—		15,605,178		—		15,605,178
Money Market Funds		1,608,006		—		—		1,608,006
	$	1,608,006	$	29,727,475	$	—	$	31,335,481
Emerging Markets High Yield Bond
Assets:
Corporate Bonds & Notes	$	—	$	48,644,628	$	—	$	48,644,628
Foreign Agency Obligations		—		24,133,064		—		24,133,064
Foreign Government Obligations		—		106,813,609		—		106,813,609
Money Market Funds		1,550,377		—		—		1,550,377
	$	1,550,377	$	179,591,301	$	—	$	181,141,678

NOTES TO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2			Level 3			Total
Emerging Markets Local Currency Bond
Assets:
Foreign Government Obligations	$	—	$	574,720,916		$	—		$	574,720,916
Money Market Funds		46,411		—			—			46,411
Liabilities:
Forward Currency Contractsa		—		(90,369	)		—			(90,369	)
	$	46,411	$	574,630,547		$	—		$	574,676,958
Global ex USD High Yield Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	163,751,743		$	0	b	$	163,751,743
Foreign Agency Obligations		—		734,213			—			734,213
Money Market Funds		44,239		—			—			44,239
	$	44,239	$	164,485,956		$	0	b	$	164,530,195
Global High Yield Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	90,014,239		$	—		$	90,014,239
Foreign Agency Obligations		—		146,843			—			146,843
Money Market Funds		9,727,909		—			—			9,727,909
	$	9,727,909	$	90,161,082		$	—		$	99,888,991

^a  Forward currency contracts are valued at the unrealized appreciation/depreciation on the contracts.

^b  Rounds to less than $1.

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.

76 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 or deferred as of April 30, 2014, 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.

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. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of April 30, 2014, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of April 30, 2014 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

NOTES TO FINANCIAL STATEMENTS 77

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of April 30, 2014:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Receiveda		Net Amount
Emerging Markets Corporate Bond	$	1,178,090	$	1,178,090	$	—
Global High Yield Corporate Bond		9,464,666		9,464,666		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by 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 ETF, iShares Global ex USD High Yield Corporate Bond ETF and iShares Global High Yield Corporate Bond ETF.

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

78 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

BFA has contractually agreed to waive a portion of its investment advisory fees for the iShares Global ex USD High Yield Corporate Bond ETF and the iShares Global High Yield Corporate Bond ETF through February 28, 2015 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”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Effective January 1, 2014, each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% until December 31, 2014 and 0.05% thereafter (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement effective January 1, 2014, (i) each Fund retains 75% of securities lending income and (ii) the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Prior to January 1, 2014, each Fund retained 65% of securities lending income and paid no collateral investment fees.

For the six months ended April 30, 2014, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
Emerging Markets Corporate Bond	$	156
Global High Yield Corporate Bond		8,641

In addition, commencing the business day following the date that the aggregate securities lending income generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 (or lesser amount as may be agreed to by the Funds and BTC) and pursuant to a securities lending agreement, (i) each Fund will receive for the remainder of that calendar year 80% of securities lending income and (ii) the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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.

NOTES TO FINANCIAL STATEMENTS 79

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2014 were as follows:

iShares ETF	Purchases		Sales
Emerging Markets Corporate Bond	$	2,962,986	$	2,953,853
Emerging Markets High Yield Bond		22,269,324		21,239,000
Emerging Markets Local Currency Bond		154,921,038		187,488,610
Global ex USD High Yield Corporate Bond		62,670,465		7,693,173
Global High Yield Corporate Bond		14,799,144		9,149,890

In-kind transactions (see Note 4) for the six months ended April 30, 2014 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Emerging Markets Corporate Bond	$	4,726,252	$	9,533,458
Emerging Markets High Yield Bond		—		18,938,985
Emerging Markets Local Currency Bond		4,989,421		8,442,261
Global ex USD High Yield Corporate Bond		58,095,155		—
Global High Yield Corporate Bond		10,225,099		—

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 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. 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.

80 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

As of October 31, 2013, the Funds’ fiscal year-end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Emerging Markets Corporate Bond	$	177,446
Emerging Markets High Yield Bond		6,533,856
Emerging Markets Local Currency Bond		2,413,710
Global High Yield Corporate Bond		13,975

As of April 30, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Emerging Markets Corporate Bond	$	32,006,291	$	254,581	$	(925,391	)	$	(670,810	)
Emerging Markets High Yield Bond		187,123,046		3,003,474		(8,984,842	)		(5,981,368	)
Emerging Markets Local Currency Bond		595,645,394		15,108,545		(35,986,612	)		(20,878,067	)
Global ex USD High Yield Corporate Bond		157,563,973		7,199,810		(233,588	)		6,966,222
Global High Yield Corporate Bond		96,018,078		4,457,780		(586,867	)		3,870,913

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2014, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

6. FORWARD CURRENCY CONTRACTS

Each Fund may enter into forward currency contracts for the purpose of hedging against the effects of foreign currencies on the value of such Fund’s assets that are denominated in a non-U.S. currency. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter (“OTC”) and not on an organized exchange. The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. The Fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the Fund failing to close out its position due to an illiquid market.

NOTES TO FINANCIAL STATEMENTS 81

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the value of forward currency contracts held by the iShares Emerging Markets Local Currency Bond ETF as of April 30, 2014 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Liabilities
Forward currency contracts:
Unrealized depreciation on forward currency contracts / Net assets consist of – net unrealized appreciation (depreciation)	$	(90,369	)

The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Emerging Markets Local Currency Bond ETF during the six months ended April 30, 2014 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Forward currency contracts:
Foreign currency transactions / Forward currency contracts	$	—	$	(90,369	)

The number of contracts and notional values of forward currency contracts as presented in the Fund’s schedule of investments is representative of such amounts held during the period.

The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds. In order to better define their contractual rights and to secure rights that will help the Funds to mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by the parties. Forward currency contracts held by the Funds generally do not require collateral. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

82 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to netting arrangements in the statements of assets and liabilities.

The following table presents the exposure of the open forward currency contracts that are subject to potential offset on the statements of assets and liabilities as of April 30, 2014:

	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset		Net Amount of Derivative Liabilities
iShares Emerging Markets Local Currency Bond ETF
Forward currency contracts	$	90,369	$	—	$	90,369

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 83

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 ETF	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 Bond	$	1.003899	$	—	$	—	$	1.003899		100	%		—	%		—	%		100	%
Emerging Markets High Yield Bond		1.524908		—		—		1.524908		100			—			—			100
Emerging Markets Local Currency Bond		0.191177		—		0.550847		0.742024		26			—			74			100
Global ex USD High Yield Corporate Bond		1.628254		—		0.065295		1.693549		96			—			4			100
Global High Yield Corporate Bond		1.628732		—		0.020393		1.649125		99			—			1			100

84 2014 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 85

Notes:

86 2014 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.

©2014 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.

iS-SAR-102-0414

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/ Manish Mehta
	Manish Mehta, President (Principal Executive Officer)
Date:	June 23, 2014

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/ Manish Mehta
	Manish Mehta, President (Principal Executive Officer)
Date:	June 23, 2014
By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	June 23, 2014

EX-99.CERT

N-CSRS Exhibit for Item 12(a)(2): SECTION 302 CERTIFICATIONS EX-99.CERT

I, Manish Mehta, certify that:

1. I have reviewed this report on Form N-CSRS for the following five series of iShares, Inc.: iShares Emerging Markets Corporate Bond ETF, iShares Emerging Markets High Yield Bond ETF, iShares Emerging Markets Local Currency Bond ETF, iShares Global ex USD High Yield Corporate Bond ETF and iShares Global High Yield Corporate Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 23, 2014	/s/ Manish Mehta	President (Principal Executive Officer)
	Manish Mehta [Signature]	[Title]

N-CSRS Exhibit for Item 12(a)(2): SECTION 302 CERTIFICATIONS EX-99.CERT

I, Jack Gee, certify that:

1. I have reviewed this report on Form N-CSRS for the following five series of iShares, Inc.: iShares Emerging Markets Corporate Bond ETF, iShares Emerging Markets High Yield Bond ETF, iShares Emerging Markets Local Currency Bond ETF, iShares Global ex USD High Yield Corporate Bond ETF and iShares Global High Yield Corporate Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: June 23, 2014	/s/ Jack Gee	Treasurer and Chief Financial Officer (Principal Financial Officer)
	Jack Gee [Signature]	[Title]

EX-99.906CERT

Ex.99.906 CERT

N-CSRS Exhibit for Item 12(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS

ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Manish Mehta, President (Principal Executive Officer), and Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares, Inc. (the “Registrant”), each certify that:

1. The Registrant’s periodic report on Form N-CSRS for the period ended April 30, 2014 (the “Form N-CSRS”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSRS fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 23, 2014	/s/ Manish Mehta	President (Principal Executive Officer)
	Manish Mehta [Signature]	[Title]

Date: June 23, 2014	/s/ Jack Gee	Treasurer and Chief Financial Officer (Principal Financial Officer)
	Jack Gee [Signature]	[Title]