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

1 Iron Street, Boston, MA 02210

(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, 2015

Date of reporting period: April 30, 2015

Item 1. Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are attached.

APRIL 30, 2015

2015 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	25
iShares Global ex USD High Yield Corporate Bond ETF	29
iShares Global High Yield Corporate Bond ETF	44
Financial Statements	70
Financial Highlights	77
Notes to Financial Statements	82
Supplemental Information	92

Fund Performance Overview

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

Performance as of April 30, 2015

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, 2015, the total return for the Fund was 0.43%, net of fees, while the total return for the Index was 1.11%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		3.54%		4.39%		4.49%		3.54%		4.39%		4.49%
Since Inception		4.12%		4.17%		4.77%		13.06%		13.22%		15.19%

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 (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Beginning Account Value (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,004.30	$	2.78	$	1,000.00	$	1,022.00	$	2.81		0.56%

^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.

ALLOCATION BY CREDIT QUALITY

As of 4/30/15

Moody’s Credit Rating1	Percentage of Total Investments2
Aa		12.61	%
A		19.29
Baa		34.63
Ba		19.70
B		3.56
Caa		0.59
Not Rated		9.62
TOTAL		100.00	%

TEN LARGEST COUNTRIES³

As of 4/30/15

Country	Percentage of Total Investments2
Brazil		16.75	%
Mexico		12.43
China		10.20
Russia		9.73
South Korea		8.36
India		5.57
United Arab Emirates		4.21
Hong Kong		3.72
Chile		3.62
Turkey		3.24
TOTAL		77.83	%

¹  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

²  Excludes money market funds.

³  Based on country of risk.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

Performance as of April 30, 2015

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, 2015, the total return for the Fund was -0.46%, net of fees, while the total return for the Index was -0.35%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		2.19%		0.90%		2.64%		2.19%		0.90%		2.64%
Since Inception		5.15%		4.91%		5.67%		16.70%		15.90%		18.50%

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 (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Beginning Account Value (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	995.40	$	2.97	$	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.

ALLOCATION BY CREDIT QUALITY

As of 4/30/15

Moody’s Credit Rating1	Percentage of Total Investments2
Baa		27.45	%
Ba		40.75
B		12.23
Caa		6.99
Ca		1.16
Not Rated		11.42
TOTAL		100.00	%

TEN LARGEST COUNTRIES³

As of 4/30/15

Country	Percentage of Total Investments2
Russia		15.09	%
Turkey		12.09
Brazil		11.87
Indonesia		11.78
Venezuela		7.31
Hungary		4.03
China		3.65
Mexico		2.77
Lebanon		2.66
Argentina		2.65
TOTAL		73.90	%

¹  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

²  Excludes money market funds.

³  Based on country of risk.

6 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

Performance as of April 30, 2015

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, 2015, the total return for the Fund was -6.09%, net of fees, while the total return for the Index was -5.98%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(7.46)%		(7.94)%		(7.11)%		(7.46)%		(7.94)%		(7.11)%
Since Inception		0.22%		0.22%		0.53%		0.77%		0.80%		1.90%

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 (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Beginning Account Value (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	939.10	$	2.40	$	1,000.00	$	1,022.30	$	2.51		0.50%

^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.

ALLOCATION BY CREDIT QUALITY

As of 4/30/15

Moody’s Credit Rating1	Percentage of Total Investments2
Aa		22.15	%
A		27.42
Baa		42.28
Ba		7.89
Not Rated		0.26
TOTAL		100.00	%

TEN LARGEST COUNTRIES³

As of 4/30/15

Country	Percentage of Total Investments2
South Korea		22.03	%
Brazil		13.36
Mexico		9.34
Malaysia		4.70
Israel		4.66
Turkey		4.61
Thailand		4.57
South Africa		4.55
Indonesia		4.53
Poland		4.50
TOTAL		76.85	%

¹  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

²  Excludes money market funds.

³  Based on country of risk.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® GLOBAL EX USD HIGH YIELD CORPORATE BOND ETF

Performance as of April 30, 2015

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, 2015, the total return for the Fund was -7.01%, net of fees, while the total return for the Index was -7.02%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(15.09)%		(15.55)%		(15.13)%		(15.09)%		(15.55)%		(15.13)%
Since Inception		3.62%		3.61%		3.55%		11.57%		11.54%		11.32%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Beginning Account Value (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	929.90	$	1.91	$	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.

ALLOCATION BY CREDIT QUALITY

As of 4/30/15

Moody’s Credit Rating1	Percentage of Total Investments2
Ba		51.52	%
B		27.65
Caa		5.40
Not Rated		15.43
TOTAL		100.00	%

TEN LARGEST COUNTRIES³

As of 4/30/15

Country	Percentage of Total  Investments 2
Italy		21.99	%
United Kingdom		16.32
Germany		14.40
France		12.26
Spain		5.90
Luxembourg		5.08
United States		4.30
Canada		3.43
Ireland		3.26
Netherlands		2.44
TOTAL		89.38	%

¹  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

²  Excludes money market funds.

³  Based on country of risk.

8 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Performance Overview

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

Performance as of April 30, 2015

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, 2015, the total return for the Fund was -0.93%, net of fees, while the total return for the Index was -0.98%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(2.77)%		(1.75)%		(2.73)%		(2.77)%		(1.75)%		(2.73)%
Since Inception		5.79%		6.20%		5.88%		18.92%		20.33%		19.22%

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 (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Beginning Account Value (11/1/14)		Ending Account Value (4/30/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	990.70	$	1.97	$	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.

ALLOCATION BY CREDIT QUALITY

As of 4/30/15

Moody’s Credit Rating1	Percentage of Total Investments2
Baa		0.53	%
Ba		45.35
B		41.74
Caa		8.63
Ca		0.11
Not Rated		3.64
TOTAL		100.00	%

TEN LARGEST COUNTRIES³

As of 4/30/15

Country	Percentage of Total Investments2
United States		63.81	%
United Kingdom		6.88
Italy		6.50
Germany		4.26
France		4.07
Luxembourg		3.93
Canada		3.21
Spain		1.56
Netherlands		1.39
Ireland		0.91
TOTAL		96.52	%

¹  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low

    credit quality. Credit quality ratings are subject to change.

²  Excludes money market funds.

³  Based on country of risk.

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, 2014 and held through April 30, 2015, 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. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. 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 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 93.05%
ARGENTINA — 0.33%
YPF SA
8.75%, 04/04/24b	$	60	$	62,616
8.88%, 12/19/18b		35		36,969
				99,585
AUSTRIA — 0.69%
JBS Investments GmbH
7.25%, 04/03/24 (Call 04/03/19)b		200		208,600
				208,600
BERMUDA — 2.54%
CBQ Finance Ltd.
7.50%, 11/18/19b		200		239,240
Digicel Ltd.
6.00%, 04/15/21 (Call 04/15/16)b		200		194,142
Li & Fung Ltd.
5.25%, 05/13/20b		100		110,498
Ooredoo International Finance Ltd.
5.00%, 10/19/25b		200		222,400
				766,280
BRAZIL — 5.33%
Banco Bradesco SA/Cayman Islands
5.90%, 01/16/21b		100		107,250
6.75%, 09/29/19b		100		113,000
Banco BTG Pactual SA/Cayman Islands
4.00%, 01/16/20b		200		184,600
Banco do Brasil SA
5.88%, 01/19/23b		200		202,940
Banco Votorantim SA
7.38%, 01/21/20b		100		107,000
Caixa Economica Federal
2.38%, 11/06/17b		150		144,757
Centrais Eletricas Brasileiras SA
6.88%, 07/30/19b		100		97,970
Itau Unibanco Holding SA/Cayman Island
5.13%, 05/13/23b		200		203,400
6.20%, 04/15/20b		100		108,700
Samarco Mineracao SA
4.13%, 11/01/22b		200		186,000

Security	Principal (000s)		Value
Telemar Norte Leste SA
5.50%, 10/23/20b	$	100	$	88,750
Vale SA
5.63%, 09/11/42c		75		66,883
				1,611,250
BRITISH VIRGIN ISLANDS — 4.70%
CNOOC Finance 2012 Ltd.
5.00%, 05/02/42b		200		216,499
CNPC General Capital Ltd.
3.40%, 04/16/23b		200		201,144
Gerdau Trade Inc.
5.75%, 01/30/21b		100		104,250
GTL Trade Finance Inc.
5.89%, 04/29/24 (Call 01/29/24)b		150		151,875
Huarong Finance II Co. Ltd.
4.50%, 01/16/20b		200		208,793
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20b		100		107,724
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23b		200		214,950
State Grid Overseas Investment 2014 Ltd.
4.13%, 05/07/24b		200		215,905
				1,421,140
CANADA — 0.49%
Pacific Rubiales Energy Corp.
5.13%, 03/28/23 (Call 03/28/18)b		100		70,750
5.38%, 01/26/19 (Call 01/26/17)b		100		78,270
				149,020
CAYMAN ISLANDS — 13.32%
ADCB Finance Cayman Ltd.
2.50%, 03/06/18b		200		202,000
Agile Property Holdings Ltd.
8.88%, 04/28/17 (Call 06/01/15)b		100		101,948
Alibaba Group Holding Ltd.
3.13%, 11/28/21 (Call 09/28/21)b		200		199,992
3.60%, 11/28/24 (Call 08/28/24)b		200		199,102
Baidu Inc.
2.25%, 11/28/17		200		201,746
Braskem Finance Ltd.
5.75%, 04/15/21b,c		200		200,440

SCHEDULES OF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)		Value
Evergrande Real Estate Group Ltd.
8.75%, 10/30/18 (Call 10/30/16)b	$	200	$	184,500
Fibria Overseas Finance Ltd.
5.25%, 05/12/24		100		103,250
Hutchison Whampoa International 14 Ltd.
3.63%, 10/31/24b		200		203,445
Hutchison Whampoa International Ltd.
4.63%, 01/13/22b		200		219,956
7.63%, 04/09/19b		100		119,899
Marfrig Overseas Ltd.
9.50%, 05/04/20 (Call 06/01/15)b		100		97,750
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35%, 06/30/21 (Call 06/30/20)b		172		159,767
Petrobras Global Finance BV
5.38%, 01/27/21		200		191,960
5.75%, 01/20/20		100		99,750
6.13%, 10/06/16		100		102,690
6.88%, 01/20/40		75		70,561
7.88%, 03/15/19		100		108,551
Petrobras International Finance Co. SA
3.50%, 02/06/17		75		74,062
QNB Finance Ltd.
2.13%, 02/14/18b		200		201,016
Shimao Property Holdings Ltd.
6.63%, 01/14/20 (Call 01/14/17)b		200		203,000
Swire Pacific MTN Financing Ltd.
5.50%, 08/19/19b		100		112,529
Tencent Holdings Ltd.
3.38%, 05/02/19b		200		205,820
Vale Overseas Ltd.
4.38%, 01/11/22c		125		120,707
4.63%, 09/15/20c		75		76,808
6.25%, 01/23/17		50		53,236
6.88%, 11/21/36		100		100,950
6.88%, 11/10/39c		80		79,920
8.25%, 01/17/34		25		28,632
				4,023,987
CHILE — 3.51%
Banco del Estado de Chile
4.13%, 10/07/20b		150		159,137
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22 (Call 10/11/21)		37		39,056

Security	Principal (000s)		Value
Cencosud SA
5.50%, 01/20/21b	$	150	$	160,167
Corp. Nacional del Cobre de Chile
3.00%, 07/17/22b		200		197,239
4.25%, 07/17/42b		200		189,464
Empresa Nacional del Petroleo
4.75%, 12/06/21b		100		105,017
ENTEL Chile SA
4.88%, 10/30/24b		200		211,884
				1,061,964
CHINA — 1.38%
Bank of China Ltd.
5.00%, 11/13/24b		200		209,943
Bank of Communications Co. Ltd.
4.50%, 10/03/24 (Call 10/03/19)b,d		200		206,200
				416,143
COLOMBIA — 2.00%
Bancolombia SA
5.13%, 09/11/22		50		51,025
6.13%, 07/26/20c		75		80,362
Ecopetrol SA
5.88%, 09/18/23c		100		108,625
5.88%, 05/28/45		50		47,938
7.38%, 09/18/43		50		56,209
7.63%, 07/23/19		50		59,395
Grupo Aval Ltd.
4.75%, 09/26/22b		200		200,500
				604,054
HONG KONG — 1.46%
Bank of China Hong Kong Ltd.
5.55%, 02/11/20b		100		111,371
Bank of East Asia Ltd. (The)
6.38%, 05/04/22 (Call 05/04/17)b,d		200		213,320
CITIC Ltd.
6.63%, 04/15/21b		100		116,322
				441,013
INDIA — 3.14%
Axis Bank Ltd./Dubai
4.75%, 05/02/16b		100		102,794
Bharti Airtel International Netherlands BV
5.13%, 03/11/23b		200		216,700

12 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)		Value
Export-Import Bank of India
4.00%, 01/14/23b	$	200	$	204,605
ICICI Bank Ltd.
6.38%, 04/30/22 (Call 04/30/17)b,d		100		104,250
ICICI Bank Ltd./Hong Kong
5.75%, 11/16/20b		100		113,195
State Bank of India/London
3.62%, 04/17/19b		200		207,071
				948,615
INDONESIA — 1.30%
Pertamina Persero PT
4.30%, 05/20/23b		200		198,500
5.63%, 05/20/43b		200		193,260
				391,760
IRELAND — 2.28%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.70%, 08/07/18b		100		108,375
Alfa Bank OJSC Via Alfa Bond Issuance PLC
7.88%, 09/25/17b		100		103,250
Metalloinvest Finance Ltd.
5.63%, 04/17/20b		200		181,378
Mobile Telesystems OJSC via MTS International Funding Ltd.
8.63%, 06/22/20b		100		108,624
Vnesheconombank Via VEB Finance PLC
6.80%, 11/22/25b		100		92,500
6.90%, 07/09/20b		100		95,750
				689,877
ISLE OF MAN — 0.32%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		100		96,385
				96,385
ISRAEL — 0.78%
Israel Electric Corp. Ltd.
6.88%, 06/21/23b		200		236,190
				236,190
KAZAKHSTAN — 1.85%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22b		200		184,580

Security	Principal (000s)		Value
Kazkommertsbank JSC
5.50%, 12/21/22b	$	100	$	75,424
KazMunayGas National Co. JSC
4.40%, 04/30/23b		200		189,500
7.00%, 05/05/20b		100		108,900
				558,404
LUXEMBOURG — 6.83%
ALROSA Finance SA
7.75%, 11/03/20b		200		206,500
Consolidated Energy Finance SA
6.75%, 10/15/19 (Call 10/15/16)b		200		204,000
CSN Resources SA
6.50%, 07/21/20b		100		92,000
Evraz Group SA
9.50%, 04/24/18b		100		102,250
Gazprom OAO Via Gaz Capital SA
4.95%, 02/06/28b		200		174,429
7.29%, 08/16/37b		100		101,650
9.25%, 04/23/19b		100		110,950
Petrobras International Finance Co. SA
5.88%, 03/01/18		100		102,240
6.75%, 01/27/41		75		69,183
Puma International Financing SA
6.75%, 02/01/21 (Call 02/01/17)b		200		208,000
Rosneft Finance SA
7.25%, 02/02/20b		100		99,000
Russian Agricultural Bank OJSC Via RSHB Capital SA
6.30%, 05/15/17b		100		98,623
Sberbank of Russia Via SB Capital SA
6.13%, 02/07/22b		200		193,400
Severstal OAO Via Steel Capital SA
6.70%, 10/25/17b		100		102,625
VTB Bank OJSC Via VTB Capital SA
6.25%, 06/30/35b		100		100,230
6.55%, 10/13/20b		100		97,500
				2,062,580
MALAYSIA — 0.83%
Petroliam Nasional Bhd
7.63%, 10/15/26b		100		137,526
Petronas Capital Ltd.
5.25%, 08/12/19b		100		111,700
				249,226

SCHEDULES OF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)		Value
MEXICO — 9.57%
America Movil SAB de CV
5.00%, 10/16/19	$	125	$	140,012
5.00%, 03/30/20		100		112,600
6.13%, 03/30/40		100		122,430
6.38%, 03/01/35		100		123,076
Banco Santander Mexico SA
5.95%, 01/30/24 (Call 01/30/19)b,d		200		212,250
BBVA Bancomer SA/Texas
6.75%, 09/30/22b		150		170,437
Coca-Cola FEMSA SAB de CV
3.88%, 11/26/23		150		159,955
Comision Federal de Electricidad
4.88%, 01/15/24b		200		215,400
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43c		150		144,186
Grupo Bimbo SAB de CV
4.50%, 01/25/22b		100		107,000
Grupo Televisa SAB
6.63%, 01/15/40		56		67,945
Petroleos Mexicanos
3.50%, 07/18/18		100		103,125
3.50%, 01/30/23		75		72,469
4.88%, 01/24/22		75		79,313
4.88%, 01/18/24		40		42,192
5.50%, 01/21/21		225		246,937
5.50%, 06/27/44c		190		187,435
5.75%, 03/01/18		100		109,257
6.38%, 01/23/45		150		165,150
6.50%, 06/02/41		90		99,338
6.63%, 06/15/35		100		112,700
6.63%, 06/15/38		25		27,813
8.00%, 05/03/19		60		71,760
				2,892,780
MOROCCO — 0.71%
OCP SA
5.63%, 04/25/24b		200		213,540
				213,540
NETHERLANDS — 4.35%
LUKOIL International Finance BV
6.66%, 06/07/22b		120		123,420
7.25%, 11/05/19b		100		104,910

Security	Principal (000s)		Value
Majapahit Holding BV
7.75%, 01/20/20b	$	120	$	140,870
7.88%, 06/29/37b		125		159,531
Petrobras Global Finance BV
3.00%, 01/15/19		50		46,700
3.25%, 03/17/17		105		103,046
4.38%, 05/20/23		100		88,933
4.88%, 03/17/20		95		91,531
5.63%, 05/20/43		100		82,600
6.25%, 03/17/24c		50		49,680
6.25%, 03/17/24		75		74,520
7.25%, 03/17/44		50		49,113
VimpelCom Holdings BV
7.50%, 03/01/22b		200		198,000
				1,312,854
PERU — 0.72%
Banco de Credito del Peru/Panama
5.38%, 09/16/20b		100		111,000
BBVA Banco Continental SA
5.00%, 08/26/22b		100		107,250
				218,250
PHILIPPINES — 0.45%
Power Sector Assets & Liabilities Management Corp.
7.39%, 12/02/24b		100		134,750
				134,750
QATAR — 0.37%
Qatari Diar Finance QSC
5.00%, 07/21/20b		100		112,984
				112,984
RUSSIA — 1.17%
Gazprom OAO Via Gaz Capital SA
6.21%, 11/22/16b		100		102,346
Russian Railways via RZD Capital PLC
5.74%, 04/03/17b		100		100,075
VTB Bank OJSC Via VTB Capital SA
6.88%, 05/29/18b		150		150,375
				352,796
SINGAPORE — 2.41%
ABJA Investment Co. Pte Ltd.
4.85%, 01/31/20b		200		203,700
DBS Bank Ltd.
3.63%, 09/21/22 (Call 09/21/17)b,d		200		207,277

14 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)		Value
Flextronics International Ltd.
4.63%, 02/15/20	$	100	$	104,500
Oversea-Chinese Banking Corp. Ltd.
3.75%, 11/15/22 (Call 11/15/17)b,d		100		103,680
PSA International Pte Ltd.
3.88%, 02/11/21b		100		108,018
				727,175
SOUTH AFRICA — 0.66%
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b		200		199,200
				199,200
SOUTH KOREA — 5.54%
Hana Bank
3.50%, 10/25/17b		200		208,191
Korea Development Bank (The)
3.25%, 09/20/16		100		102,886
3.75%, 01/22/24		200		214,729
3.88%, 05/04/17		200		209,022
Korea East-West Power Co. Ltd.
2.63%, 11/27/18b		200		204,621
Korea Gas Corp.
4.25%, 11/02/20b		100		109,289
Korea Hydro & Nuclear Power Co. Ltd.
3.00%, 09/19/22b		200		204,154
Korea National Oil Corp.
2.75%, 01/23/19b		200		204,570
POSCO
4.25%, 10/28/20b		100		108,505
Woori Bank Co. Ltd.
6.21%, 05/02/37 (Call 05/02/17)b,d		100		106,674
				1,672,641
THAILAND — 1.02%
Bangkok Bank PCL/Hong Kong
4.80%, 10/18/20b		100		110,357
PTT PCL
3.38%, 10/25/22b		200		198,681
				309,038
TURKEY — 3.14%
Akbank TAS
5.00%, 10/24/22b		150		149,550
Turkiye Garanti Bankasi AS
5.25%, 09/13/22b		200		202,840

Security	Principal (000s)		Value
Turkiye Is Bankasi
3.88%, 11/07/17b	$	200	$	201,700
Turkiye Vakiflar Bankasi TAO
5.00%, 10/31/18b		200		203,212
Yapi ve Kredi Bankasi AS
4.00%, 01/22/20b		200		192,700
				950,002
UNITED ARAB EMIRATES — 2.48%
Abu Dhabi National Energy Co.
5.88%, 10/27/16b		100		106,700
6.50%, 10/27/36b		100		126,375
Dolphin Energy Ltd.
5.89%, 06/15/19b		67		73,881
DP World Ltd.
6.85%, 07/02/37b		100		112,476
Dubai Electricity & Water Authority
7.38%, 10/21/20b		100		122,575
Emirates NBD PJSC
4.63%, 03/28/17b		200		208,750
				750,757
UNITED KINGDOM — 1.06%
ICBC Standard Bank PLC
8.13%, 12/02/19b		100		114,150
Vedanta Resources PLC
9.50%, 07/18/18b		200		207,500
				321,650
UNITED STATES — 3.91%
Cemex Finance LLC
6.00%, 04/01/24 (Call 04/01/19)b		200		205,120
9.38%, 10/12/22 (Call 10/12/17)b		200		227,700
Hyundai Capital America
2.13%, 10/02/17b		50		50,431
2.55%, 02/06/19b		100		101,460
Reliance Holdings USA Inc.
5.40%, 02/14/22b		250		275,628
Southern Copper Corp.
5.88%, 04/23/45		100		98,330
6.75%, 04/16/40		100		108,000
7.50%, 07/27/35		100		114,850
				1,181,519

SCHEDULES OF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)		Value
VENEZUELA — 2.41%
Petroleos de Venezuela SA
Series 2016
5.13%, 10/28/16	$	70	$	51,450
5.25%, 04/12/17b		100		58,490
5.38%, 04/12/27b		135		54,999
5.50%, 04/12/37b		50		20,250
6.00%, 05/16/24b,c		250		105,625
6.00%, 11/15/26b		120		49,800
8.50%, 11/02/17b		245		189,507
9.00%, 11/17/21b		75		36,555
9.75%, 05/17/35b		150		73,185
12.75%, 02/17/22b		150		88,125
				727,986
TOTAL CORPORATE BONDS & NOTES
(Cost: $28,358,255)				28,113,995
FOREIGN GOVERNMENT OBLIGATIONSa — 4.08%
BRAZIL — 1.07%
Banco Nacional de Desenvolvimento Economico e Social
5.50%, 07/12/20b		100		105,625
6.37%, 06/16/18b		100		107,500
6.50%, 06/10/19b		100		109,250
				322,375
CAYMAN ISLANDS — 0.93%
International Petroleum Investment Co.
5.00%, 11/15/20b		250		281,563
				281,563
SOUTH KOREA — 2.08%
Export-Import Bank of Korea
2.88%, 01/21/25		200		199,308
4.00%, 01/11/17		200		208,914
4.38%, 09/15/21		200		221,541
				629,763
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $1,207,956)				1,233,701

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 5.10%
MONEY MARKET FUNDS — 5.10%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%e,f,g		955	$	955,183
BlackRock Cash Funds: Prime, SL Agency Shares
0.17%e,f,g		137		137,087
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		450		449,646
				1,541,916
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,541,916)				1,541,916
TOTAL INVESTMENTS IN SECURITIES — 102.23%
(Cost: $31,108,127)				30,889,612
Other Assets, Less Liabilities — (2.23)%				(675,011	)
NET ASSETS — 100.00%			$	30,214,601

^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 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 45.05%
ARGENTINA — 0.49%
YPF SA
8.75%, 04/04/24b	$	465	$	485,274
8.88%, 12/19/18b		300		316,875
				802,149
AUSTRIA — 0.40%
JBS Investments GmbH
7.25%, 04/03/24 (Call 04/03/19)b		200		208,600
7.75%, 10/28/20 (Call 10/28/17)b		400		433,600
				642,200
BARBADOS — 0.40%
Columbus International Inc.
7.38%, 03/30/21 (Call 03/30/18)b		600		653,250
				653,250
BERMUDA — 1.16%
Digicel Group Ltd.
7.13%, 04/01/22 (Call 04/01/17)b		400		378,750
8.25%, 09/30/20 (Call 09/30/16)b		700		721,980
Digicel Ltd.
6.00%, 04/15/21 (Call 04/15/16)b		600		582,426
6.75%, 03/01/23 (Call 03/01/18)b		200		197,100
				1,880,256
BRAZIL — 1.63%
Banco BTG Pactual SA/Cayman Islands
5.75%, 09/28/22b		300		274,500
Banco do Brasil SA
5.88%, 01/19/23b		200		202,940
Caixa Economica Federal
7.25%, 07/23/24 (Call 07/23/19)b,c		200		198,200
Centrais Eletricas Brasileiras SA
5.75%, 10/27/21b		800		744,000
6.88%, 07/30/19b		200		195,940
Oi SA
5.75%, 02/10/22b		600		502,500
Telemar Norte Leste SA
5.50%, 10/23/20b		600		532,500
				2,650,580

Security	Principal (000s)		Value
BRITISH VIRGIN ISLANDS — 0.46%
Gold Fields Orogen Holding BVI Ltd.
4.88%, 10/07/20b	$	400	$	361,000
Trillion Chance Ltd.
8.50%, 01/10/19 (Call 01/10/17)b		400		384,029
				745,029
CANADA — 0.69%
Pacific Rubiales Energy Corp.
5.13%, 03/28/23 (Call 03/28/18)b		300		212,250
5.38%, 01/26/19 (Call 01/26/17)b		500		391,350
5.63%, 01/19/25 (Call 01/19/20)b		500		350,000
7.25%, 12/12/21 (Call 12/12/16)b		200		158,000
				1,111,600
CAYMAN ISLANDS — 8.15%
Agile Property Holdings Ltd.
8.38%, 02/18/19 (Call 02/18/17)b		200		195,844
8.88%, 04/28/17 (Call 06/01/15)b		270		275,260
9.88%, 03/20/17b		200		208,000
Country Garden Holdings Co. Ltd.
7.25%, 04/04/21 (Call 10/04/17)b		200		206,500
7.50%, 01/10/23 (Call 01/10/18)b		500		511,250
7.88%, 05/27/19 (Call 05/27/17)b		200		213,250
Evergrande Real Estate Group Ltd.
8.75%, 10/30/18 (Call 10/30/16)b		500		461,250
12.00%, 02/17/20 (Call 02/17/18)b		400		400,200
Fibria Overseas Finance Ltd.
5.25%, 05/12/24		250		258,125
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 02/01/16)b		200		192,000
Greenland Hong Kong Holdings Ltd.
4.75%, 10/18/16b		600		607,500
Greentown China Holdings Ltd.
8.50%, 02/04/18 (Call 02/04/16)b		400		416,000
Kaisa Group Holdings Ltd.
10.25%, 01/08/20 (Call 01/08/17)b,e		200		112,000
KWG Property Holding Ltd.
8.98%, 01/14/19 (Call 01/14/17)b		200		199,000
Marfrig Overseas Ltd.
9.50%, 05/04/20 (Call 06/01/15)b		285		278,588
MCE Finance Ltd.
5.00%, 02/15/21 (Call 02/15/16)b		400		380,000
Odebrecht Drilling Norbe VIII/IX Ltd.
6.35%, 06/30/21 (Call 06/30/20)b		425		395,462

SCHEDULES OF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2015

Security	Principal (000s)		Value
Odebrecht Offshore Drilling Finance Ltd.
6.75%, 10/01/23 (Call 12/01/21)b	$	744	$	641,992
Petrobras Global Finance BV
5.38%, 01/27/21		2,600		2,495,480
5.75%, 01/20/20		700		698,250
7.88%, 03/15/19		1,450		1,573,989
Petrobras International Finance Co. SA
3.50%, 02/06/17		1,100		1,086,239
Shimao Property Holdings Ltd.
6.63%, 01/14/20 (Call 01/14/17)b		600		609,000
8.13%, 01/22/21 (Call 01/22/18)b		200		209,000
8.38%, 02/10/22 (Call 02/10/19)b		200		207,500
SOHO China Ltd.
5.75%, 11/07/17 (Call 11/07/15)b		200		206,500
Sunac China Holdings Ltd.
9.38%, 04/05/18 (Call 04/05/16)b		200		202,500
				13,240,679
COLOMBIA — 0.71%
Banco Davivienda SA
5.88%, 07/09/22b		200		206,500
Bancolombia SA
5.13%, 09/11/22		500		510,250
6.13%, 07/26/20		400		428,600
				1,145,350
HONG KONG — 0.32%
China CITIC Bank International Ltd.
6.88%, 06/24/20b		300		337,020
Yancoal International Resources Development Co. Ltd.
5.73%, 05/16/22b		200		182,886
				519,906
INDIA — 0.43%
ICICI Bank Ltd.
6.38%, 04/30/22 (Call 04/30/17)b,c		277		288,773
IDBI Bank Ltd.
3.75%, 01/25/19b		200		200,579
IDBI Bank Ltd./DIFC Dubai
4.38%, 03/26/18b		200		206,635
				695,987

Security	Principal (000s)		Value
INDONESIA — 2.89%
Pertamina Persero PT
4.30%, 05/20/23b	$	900	$	893,250
4.88%, 05/03/22b		200		207,030
5.25%, 05/23/21b		400		426,500
5.63%, 05/20/43b		600		579,780
6.00%, 05/03/42b		600		602,250
6.45%, 05/30/44b		400		427,000
6.50%, 05/27/41b		200		214,000
Perusahaan Gas Negara Persero Tbk PT
5.13%, 05/16/24b		600		628,014
Perusahaan Listrik Negara PT
5.25%, 10/24/42b		300		283,500
5.50%, 11/22/21b		400		434,000
				4,695,324
IRELAND — 2.53%
Alfa Bank OJSC Via Alfa Bond Issuance PLC
7.50%, 09/26/19b		400		385,000
7.75%, 04/28/21b		300		296,475
7.88%, 09/25/17b		400		413,000
Bank Otkritie Financial Corp OJSC via OFCB Capital PLC
7.25%, 04/25/18b		200		195,750
Credit Bank of Moscow Via CBOM Finance PLC
7.70%, 02/01/18b		200		196,064
Gazprombank OAO Via GPB Eurobond Finance PLC
7.50%, 12/28/23 (Call 12/28/18)b,c		200		175,500
Metalloinvest Finance Ltd.
5.63%, 04/17/20b		400		362,755
6.50%, 07/21/16b		200		200,000
MMC Norilsk Nickel OJSC via MMC Finance Ltd.
5.55%, 10/28/20b		200		196,512
Mobile Telesystems OJSC via MTS International Funding Ltd.
5.00%, 05/30/23b		200		179,100
8.63%, 06/22/20b		250		271,560

18 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2015

Security	Principal (000s)		Value
OJSC Novolipetsk Steel via Steel Funding Ltd.
4.45%, 02/19/18b	$	400	$	377,000
Sibur Securities Ltd.
3.91%, 01/31/18b		500		455,000
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC
7.75%, 02/02/21b		400		402,592
				4,106,308
ISLE OF MAN — 0.36%
AngloGold Ashanti Holdings PLC
5.13%, 08/01/22		300		289,154
5.38%, 04/15/20		300		301,930
				591,084
KAZAKHSTAN — 2.44%
Halyk Savings Bank of Kazakhstan JSC
7.25%, 05/03/17b		300		308,358
7.25%, 01/28/21b		200		204,300
Kazkommertsbank JSC
5.50%, 12/21/22b		300		226,272
KazMunaiGaz Finance Sub BV
9.13%, 07/02/18b		600		678,300
KazMunayGas National Co. JSC
4.88%, 05/07/25b		800		755,600
6.00%, 11/07/44b		800		732,000
6.38%, 04/09/21b		1,000		1,058,250
				3,963,080
LUXEMBOURG — 6.07%
ALROSA Finance SA
7.75%, 11/03/20b		400		413,000
Consolidated Energy Finance SA
6.75%, 10/15/19 (Call 10/15/16)b		400		408,000
CSN Resources SA
6.50%, 07/21/20b		500		460,000
Evraz Group SA
6.50%, 04/22/20b		600		540,000
7.40%, 04/24/17b		200		196,000
9.50%, 04/24/18b		300		306,750
Millicom International Cellular SA
4.75%, 05/22/20 (Call 05/22/17)b		200		197,000
6.00%, 03/15/25 (Call 03/15/20)b		200		202,500
6.63%, 10/15/21 (Call 10/15/17)b		400		425,500

Security	Principal (000s)		Value
Minerva Luxembourg SA
7.75%, 01/31/23 (Call 01/31/18)b	$	400	$	399,000
Petrobras International Finance Co. SA
5.88%, 03/01/18		1,140		1,165,536
6.75%, 01/27/41		1,650		1,522,026
Puma International Financing SA
6.75%, 02/01/21 (Call 02/01/17)b		400		416,000
Russian Agricultural Bank OJSC Via RSHB Capital SA
5.10%, 07/25/18b		800		749,000
6.30%, 05/15/17b		400		394,492
Sberbank of Russia Via SB Capital SA
5.13%, 10/29/22b		800		664,000
Severstal OAO Via Steel Capital SA
5.90%, 10/17/22b		200		187,780
6.70%, 10/25/17b		200		205,250
TMK OAO Via TMK Capital SA
6.75%, 04/03/20b		200		170,200
7.75%, 01/27/18b		300		285,600
VTB Bank OJSC Via VTB Capital SA
6.95%, 10/17/22b		600		549,948
				9,857,582
MEXICO — 2.11%
Axtel SAB de CV CPO
9.00%, 01/31/20 (Call 01/31/16)b,d		200		191,500
Banco Santander Mexico SA
5.95%, 01/30/24 (Call 01/30/19)b,c		600		636,750
BBVA Bancomer SA/Texas
7.25%, 04/22/20b		400		452,000
Cemex SAB de CV
5.70%, 01/11/25 (Call 01/11/20)b		600		601,320
5.88%, 03/25/19 (Call 03/25/16)b		200		206,400
6.50%, 12/10/19 (Call 12/10/17)b		400		429,000
7.25%, 01/15/21 (Call 01/15/18)b		300		324,750
9.50%, 06/15/18 (Call 06/15/16)b		200		222,000
Empresas ICA SAB de CV
8.88%, 05/29/24 (Call 05/29/19)b		200		174,500
8.90%, 02/04/21 (Call 02/04/16)b		200		184,440
				3,422,660

SCHEDULES OF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2015

Security	Principal (000s)		Value
NETHERLANDS — 4.22%
Majapahit Holding BV
7.75%, 10/17/16b	$	300	$	324,750
7.75%, 01/20/20b		500		586,960
7.88%, 06/29/37b		200		255,250
8.00%, 08/07/19b		200		234,260
Marfrig Holding Europe BV
6.88%, 06/24/19 (Call 06/24/17)b		400		356,000
8.38%, 05/09/18b		200		194,460
Metinvest BV
8.75%, 02/14/18b		300		177,000
Myriad International Holdings BV
6.00%, 07/18/20b		400		442,000
Petrobras Global Finance BV
4.38%, 05/20/23		1,000		889,330
6.25%, 03/17/24		1,800		1,788,480
6.88%, 01/20/40		200		188,162
7.25%, 03/17/44		100		98,225
VimpelCom Holdings BV
5.95%, 02/13/23b		500		455,000
7.50%, 03/01/22b		250		247,500
VTR Finance BV
6.88%, 01/15/24 (Call 01/15/19)b		600		620,820
				6,858,197
RUSSIA — 0.12%
Russian Railways via RZD Capital PLC
5.74%, 04/03/17b		200		200,150
				200,150
SINGAPORE — 0.61%
ABJA Investment Co. Pte Ltd.
4.85%, 01/31/20b		200		203,700
5.95%, 07/31/24b		400		414,423
Flextronics International Ltd.
5.00%, 02/15/23		350		372,750
				990,873
SOUTH AFRICA — 1.17%
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b		800		796,800
6.75%, 08/06/23b		600		621,048
7.13%, 02/11/25b		200		208,540
Myriad International Holdings BV
6.38%, 07/28/17b		250		269,688
				1,896,076

Security	Principal (000s)		Value
SOUTH KOREA — 0.33%
Woori Bank Co. Ltd.
6.21%, 05/02/37 (Call 05/02/17)b,c	$	500	$	533,370
				533,370
SRI LANKA — 0.38%
Bank of Ceylon
5.33%, 04/16/18b		200		199,000
6.88%, 05/03/17b		200		205,500
National Savings Bank
8.88%, 09/18/18b		200		217,000
				621,500
THAILAND — 0.13%
Krung Thai Bank PCL/Cayman Islands
5.20%, 12/26/24 (Call 12/26/19)b,c		200		208,273
				208,273
TURKEY — 0.79%
Finansbank AS/Turkey
6.25%, 04/30/19b		200		203,512
Turkiye Is Bankasi AS
6.00%, 10/24/22b		300		297,375
Turkiye Vakiflar Bankasi Tao
6.00%, 11/01/22b		200		197,080
6.88%, 02/03/25 (Call 02/03/20)b,c		200		198,000
Yapi ve Kredi Bankasi AS
5.50%, 12/06/22b		400		385,400
				1,281,367
UNITED KINGDOM — 0.91%
Vedanta Resources PLC
6.00%, 01/31/19b		400		377,000
6.75%, 06/07/16b		200		204,740
7.13%, 05/31/23b		200		184,500
8.25%, 06/07/21b		400		398,000
9.50%, 07/18/18b		300		311,250
				1,475,490
UNITED STATES — 1.28%
Cemex Finance LLC
6.00%, 04/01/24 (Call 04/01/19)b		400		410,240
9.38%, 10/12/22 (Call 10/12/17)b		500		569,250

20 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2015

Security	Principal (000s)		Value
JBS USA LLC/JBS USA Finance Inc.
5.88%, 07/15/24 (Call 07/15/19)b	$	200	$	204,000
7.25%, 06/01/21 (Call 06/01/15)b		450		474,750
8.25%, 02/01/20 (Call 06/01/15)b		400		425,000
				2,083,240
VENEZUELA — 3.87%
Petroleos de Venezuela SA
Series 2016
5.13%, 10/28/16		375		275,625
5.25%, 04/12/17b		1,025		599,523
5.38%, 04/12/27b		1,320		537,768
5.50%, 04/12/37b		320		129,600
6.00%, 05/16/24b		1,875		792,188
6.00%, 11/15/26b		1,575		653,625
8.50%, 11/02/17b		2,271		1,756,618
9.00%, 11/17/21b		885		431,349
9.75%, 05/17/35b		1,000		487,900
12.75%, 02/17/22b		1,050		616,875
				6,281,071
TOTAL CORPORATE BONDS & NOTES
(Cost: $76,440,702)				73,152,631
FOREIGN GOVERNMENT OBLIGATIONSa — 52.95%
ARGENTINA — 2.10%
Argentine Republic Government International Bond
2.50%, 12/31/38		1,914		1,105,335
8.28%, 12/31/33		1,437		1,462,238
8.28%, 12/31/33		498		494,737
8.75%, 06/02/17		362		352,950
				3,415,260
BELARUS — 0.17%
Republic of Belarus
8.95%, 01/26/18b		300		273,600
				273,600
COSTA RICA — 0.84%
Costa Rica Government International Bond
4.25%, 01/26/23b		400		380,000
4.38%, 04/30/25b		200		186,000
5.63%, 04/30/43b		200		176,000

Security	Principal (000s)		Value
7.00%, 04/04/44b	$	400	$	411,000
7.16%, 03/12/45b		200		207,500
				1,360,500
CROATIA — 2.24%
Croatia Government International Bond
5.50%, 04/04/23b		600		636,930
6.00%, 01/26/24b		800		875,360
6.25%, 04/27/17b		700		742,084
6.38%, 03/24/21b		400		441,000
6.63%, 07/14/20b		200		222,688
6.75%, 11/05/19b		650		724,282
				3,642,344
DOMINICAN REPUBLIC — 1.74%
Dominican Republic International Bond
5.50%, 01/27/25b		200		206,500
5.88%, 04/18/24b		500		530,000
6.60%, 01/28/24b		200		219,000
6.85%, 01/27/45b		500		522,500
7.45%, 04/30/44b		600		675,000
7.50%, 05/06/21b		600		675,000
				2,828,000
ECUADOR — 0.48%
Ecuador Government International Bond
7.95%, 06/20/24b		800		780,000
				780,000
EGYPT — 0.39%
Egypt Government International Bond
5.75%, 04/29/20b		400		425,840
6.88%, 04/30/40b		200		207,500
				633,340
EL SALVADOR — 1.12%
El Salvador Government International Bond
5.88%, 01/30/25b		300		298,125
6.38%, 01/18/27b		300		305,250
7.63%, 02/01/41b		300		311,250
7.65%, 06/15/35b		300		315,750
7.75%, 01/24/23b		320		359,200
8.25%, 04/10/32b		200		230,000
				1,819,575

SCHEDULES OF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2015

Security	Principal (000s)		Value
GUATEMALA — 0.33%
Guatemala Government Bond
4.88%, 02/13/28b	$	300	$	309,375
5.75%, 06/06/22b		200		220,000
				529,375
HUNGARY — 3.95%
Hungary Government International Bond
4.00%, 03/25/19		500		521,875
4.13%, 02/19/18		510		532,313
5.38%, 02/21/23		760		850,417
5.38%, 03/25/24		600		674,160
5.75%, 11/22/23		800		919,400
6.25%, 01/29/20		600		686,109
6.38%, 03/29/21		1,200		1,397,256
7.63%, 03/29/41		432		621,000
Magyar Export-Import Bank Zrt
4.00%, 01/30/20b		200		203,500
				6,406,030
INDONESIA — 7.79%
Indonesia Government International Bond
3.38%, 04/15/23b		570		557,887
3.75%, 04/25/22b		600		611,250
4.13%, 01/15/25b		400		407,500
4.63%, 04/15/43b		400		388,000
4.88%, 05/05/21b		1,100		1,199,000
5.13%, 01/15/45b		600		616,500
5.25%, 01/17/42b		800		830,000
5.38%, 10/17/23b		400		446,500
5.88%, 03/13/20b		800		906,000
5.88%, 01/15/24b		600		689,250
6.63%, 02/17/37b		600		728,250
6.75%, 01/15/44b		800		1,012,000
6.88%, 03/09/17b		400		438,500
6.88%, 01/17/18b		1,000		1,129,250
7.75%, 01/17/38b		800		1,091,000
8.50%, 10/12/35b		650		939,250
11.63%, 03/04/19b		500		666,250
				12,656,387

Security	Principal (000s)		Value
JAMAICA — 0.48%
Jamaica Government International Bond
7.63%, 07/09/25	$	200	$	223,000
8.00%, 06/24/19		300		332,060
8.00%, 03/15/39		200		217,000
				772,060
LEBANON — 2.61%
Lebanese Republic
6.65%, 02/26/30b		700		722,750
Lebanon Government International Bond
4.75%, 11/02/16b		300		301,230
5.15%, 11/12/18b		450		452,250
6.00%, 05/20/19b		300		307,875
6.15%, 06/19/20		400		412,580
6.38%, 03/09/20		600		627,450
8.25%, 04/12/21b		700		795,088
9.00%, 03/20/17		570		616,113
				4,235,336
MOROCCO — 0.51%
Morocco Government International Bond
4.25%, 12/11/22b		600		615,150
5.50%, 12/11/42b		200		214,460
				829,610
NIGERIA — 0.39%
Nigeria Government International Bond
5.13%, 07/12/18b		200		204,928
6.38%, 07/12/23b		200		210,400
6.75%, 01/28/21b		200		214,000
				629,328
PAKISTAN — 0.69%
Pakistan Government International Bond
6.88%, 06/01/17b		200		208,500
7.25%, 04/15/19b		400		421,766
8.25%, 04/15/24b		450		490,500
				1,120,766

22 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2015

Security	Principal (000s)		Value
RUSSIA – 8.83%
Russian Foreign Bond – Eurobond
3.25%, 04/04/17b	$	1,200	$	1,219,740
3.50%, 01/16/19b		400		391,800
4.50%, 04/04/22b		400		388,928
4.88%, 09/16/23b		1,200		1,176,000
5.00%, 04/29/20b		1,400		1,424,500
5.63%, 04/04/42b		1,200		1,157,712
5.88%, 09/16/43b		800		787,400
7.50%, 03/31/30b,d		4,813		5,629,326
11.00%, 07/24/18b		1,000		1,221,170
12.75%, 06/24/28b		600		948,000
				14,344,576
SERBIA — 1.25%
Republic of Serbia
4.88%, 02/25/20b		600		615,000
5.25%, 11/21/17b		400		413,164
5.88%, 12/03/18b		300		316,590
7.25%, 09/28/21b		600		691,074
				2,035,828
SRI LANKA — 1.11%
Sri Lanka Government International Bond
5.88%, 07/25/22b		400		406,800
6.00%, 01/14/19b		400		413,000
6.25%, 10/04/20b		650		672,750
6.25%, 07/27/21b		299		309,465
				1,802,015
TURKEY — 11.06%
Export Credit Bank of Turkey
5.00%, 09/23/21b		200		201,504
5.38%, 11/04/16b		200		207,556
Turkey Government International Bond
3.25%, 03/23/23		554		521,231
4.88%, 04/16/43		800		772,000
5.13%, 03/25/22		442		467,968
5.63%, 03/30/21		850		927,265
5.75%, 03/22/24		1,000		1,102,040
5.88%, 04/24/19b		200		211,350
6.00%, 01/14/41		1,200		1,332,600
6.25%, 09/26/22		1,000		1,130,000
6.63%, 02/17/45		600		726,000

Security	Principal (000s)		Value
6.75%, 04/03/18	$	850	$	939,250
6.75%, 05/30/40		875		1,060,937
6.88%, 03/17/36		820		998,186
7.00%, 09/26/16		500		537,500
7.00%, 03/11/19		800		904,240
7.00%, 06/05/20		950		1,094,305
7.25%, 03/05/38		410		522,545
7.38%, 02/05/25		1,320		1,621,950
7.50%, 07/14/17		600		663,120
7.50%, 11/07/19		250		290,725
8.00%, 02/14/34		563		758,755
11.88%, 01/15/30		554		964,461
				17,955,488
UKRAINE — 0.99%
Ukraine Government International Bond
6.25%, 06/17/16b		600		273,864
6.58%, 11/21/16b		400		185,000
6.75%, 11/14/17b		300		139,500
7.50%, 04/17/23b		400		189,360
7.75%, 09/23/20b		500		227,500
7.80%, 11/28/22b		800		364,416
7.95%, 02/23/21b		500		228,830
				1,608,470
UNITED KINGDOM — 0.08%
Ukreximbank Via Biz Finance PLC
8.75%, 01/22/18b		200		132,776
				132,776
VENEZUELA — 3.30%
Venezuela Government International Bond
6.00%, 12/09/20b		605		257,125
7.00%, 12/01/18b		200		99,000
7.00%, 03/31/38b		650		264,875
7.65%, 04/21/25		608		259,920
7.75%, 10/13/19b		1,050		485,625
8.25%, 10/13/24b		700		306,250
9.00%, 05/07/23b		795		361,725
9.25%, 09/15/27		1,370		671,300
9.25%, 05/07/28b		825		365,062
9.38%, 01/13/34		410		185,525
11.75%, 10/21/26b		1,150		583,625
11.95%, 08/05/31b		1,395		704,475

SCHEDULES OF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS HIGH YIELD BOND ETF

April 30, 2015

Security	Principal or Shares (000s)		Value
12.75%, 08/23/22b	$	1,050	$	574,875
13.63%, 08/15/18		300		230,700
				5,350,082
VIETNAM — 0.50%
Vietnam Government International Bond
4.80%, 11/19/24b		400		417,000
6.75%, 01/29/20b		350		395,062
				812,062
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $89,903,028)				85,972,808
SHORT-TERM INVESTMENTS — 0.29%
MONEY MARKET FUNDS — 0.29%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%f,g		472		471,724
				471,724
TOTAL SHORT-TERM INVESTMENTS
(Cost: $471,724)				471,724
TOTAL INVESTMENTS IN SECURITIES — 98.29%
(Cost: $166,815,454)				159,597,163
Other Assets, Less Liabilities — 1.71%				2,783,187
NET ASSETS — 100.00%			$	162,380,350

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  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  Issuer is in default of interest payments.

^f  Affiliated issuer. See Note 2.

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

See notes to financial statements.

24 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2015

Security	Principal (000s)			Value
FOREIGN GOVERNMENT OBLIGATIONS — 95.77%
BRAZIL — 12.80%
Brazil Letras do Tesouro Nacional
0.00%, 07/01/15		BRL	3,674	$	1,200,331
0.00%, 01/01/16		BRL	36,733		11,237,377
0.00%, 04/01/16		BRL	17,800		5,278,057
0.00%, 07/01/16		BRL	30,279		8,695,669
0.00%, 10/01/16		BRL	19,000		5,283,987
0.00%, 01/01/17		BRL	48,218		13,012,910
0.00%, 07/01/17		BRL	3,786		961,640
0.00%, 01/01/18		BRL	19,600		4,701,334
0.00%, 01/01/19		BRL	13,453		2,869,308
Brazil Notas do Tesouro Nacional Series F
10.00%, 01/01/18		BRL	28,054		8,743,965
10.00%, 01/01/19		BRL	2,138		655,823
10.00%, 01/01/21		BRL	15,516		4,623,728
10.00%, 01/01/23		BRL	20,882		6,078,803
10.00%, 01/01/25		BRL	20,850		5,937,572
Brazilian Government International Bond
8.50%, 01/05/24		BRL	500		169,220
10.25%, 01/10/28		BRL	1,420		527,934
12.50%, 01/05/16		BRL	1,400		469,149
12.50%, 01/05/22		BRL	1,633		652,046
					81,098,853
CHILE — 0.13%
Bonos del Banco Central de Chile en Pesos
6.00%, 02/01/21		CLP	35,000		62,743
Chile Government International Bond
5.50%, 08/05/20		CLP	416,000		728,575
					791,318
COLOMBIA — 4.26%
Colombia Government International Bond
7.75%, 04/14/21		COP	496,000		232,327
9.85%, 06/28/27		COP	2,998,000		1,637,896
Colombian TES
6.00%, 04/28/28		COP	3,545,000		1,317,273
7.00%, 09/11/19		COP	5,590,000		2,460,881

Security	Principal (000s)			Value
7.00%, 05/04/22		COP	4,322,000	$	1,862,625
7.25%, 06/15/16		COP	2,617,000		1,118,931
7.50%, 08/26/26		COP	7,725,800		3,333,255
7.75%, 09/18/30		COP	2,050,000		876,739
8.00%, 10/28/15		COP	16,026,000		6,780,942
10.00%, 07/24/24		COP	7,616,000		3,873,606
11.00%, 07/24/20		COP	2,443,000		1,254,210
11.25%, 10/24/18		COP	4,568,000		2,249,307
					26,997,992
CZECH REPUBLIC — 3.02%
Czech Republic Government Bond
0.85%, 03/17/18		CZK	35,030		1,463,414
1.50%, 10/29/19		CZK	13,470		584,349
3.75%, 09/12/20		CZK	41,490		2,020,248
3.85%, 09/29/21		CZK	38,940		1,953,272
4.00%, 04/11/17		CZK	42,590		1,872,327
4.20%, 12/04/36		CZK	50,460		3,079,530
4.60%, 08/18/18		CZK	66,550		3,123,356
4.70%, 09/12/22		CZK	22,760		1,227,431
5.70%, 05/25/24		CZK	37,010		2,230,868
6.95%, 01/26/16		CZK	37,290		1,599,417
					19,154,212
HUNGARY — 2.68%
Hungary Government Bond
4.00%, 04/25/18		HUF	284,340		1,101,638
5.50%, 02/12/16		HUF	763,480		2,904,027
5.50%, 12/20/18		HUF	211,430		863,658
5.50%, 06/24/25		HUF	299,780		1,289,808
6.00%, 11/24/23		HUF	441,220		1,941,404
6.50%, 06/24/19		HUF	701,550		2,966,187
6.75%, 11/24/17		HUF	222,000		919,838
7.00%, 06/24/22		HUF	701,800		3,183,164
7.50%, 11/12/20		HUF	396,400		1,794,514
					16,964,238
INDONESIA — 4.34%
Indonesia Treasury Bond
5.63%, 05/15/23		IDR	7,531,000		509,813
6.63%, 05/15/33		IDR	22,700,000		1,510,415
7.00%, 05/15/22		IDR	34,205,000		2,539,812
7.88%, 04/15/19		IDR	41,369,000		3,220,160
8.25%, 06/15/32		IDR	45,384,000		3,562,447
8.38%, 03/15/24		IDR	13,138,000		1,056,614

SCHEDULES OF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2015

Security	Principal (000s)			Value
8.38%, 09/15/26		IDR	6,000,000	$	479,074
8.38%, 03/15/34		IDR	5,000,000		398,264
9.50%, 06/15/15		IDR	3,791,000		293,190
9.50%, 07/15/31		IDR	74,295,000		6,462,361
10.00%, 07/15/17		IDR	21,137,000		1,711,392
10.00%, 09/15/24		IDR	17,060,000		1,506,939
10.00%, 02/15/28		IDR	6,552,000		583,046
10.50%, 07/15/38		IDR	4,860,000		459,001
11.00%, 11/15/20		IDR	15,732,000		1,393,883
11.00%, 09/15/25		IDR	19,220,000		1,814,131
					27,500,542
ISRAEL — 4.46%
Israel Government Bond – Fixed
2.25%, 05/31/19		ILS	4,169		1,152,671
4.00%, 01/31/18		ILS	11,175		3,186,766
4.25%, 03/31/23		ILS	16,251		5,119,458
5.00%, 01/31/20		ILS	6,909		2,145,175
5.50%, 02/28/17		ILS	8,658		2,461,871
5.50%, 01/31/22		ILS	3,150		1,047,477
5.50%, 01/31/42		ILS	5,562		2,246,275
6.00%, 02/28/19		ILS	23,891		7,474,015
6.25%, 10/30/26		ILS	3,650		1,385,103
Israel Government Bond – Shahar
6.50%, 01/31/16		ILS	7,620		2,068,339
					28,287,150
MALAYSIA — 4.50%
Malaysia Government Bond
3.49%, 03/31/20		MYR	6,899		1,923,100
3.50%, 05/31/27		MYR	3,546		943,217
3.73%, 06/15/28		MYR	1,800		489,697
3.84%, 08/12/15		MYR	32,809		9,232,396
4.01%, 09/15/17		MYR	7,348		2,096,516
4.05%, 09/30/21		MYR	3,374		961,839
4.13%, 04/15/32		MYR	7,400		2,077,423
4.39%, 04/15/26		MYR	8,565		2,489,658
4.50%, 04/15/30		MYR	3,300		973,285
5.73%, 07/30/19		MYR	17,350		5,274,468
Malaysia Government Investment Issue
4.17%, 04/30/21		MYR	7,098		2,027,599
					28,489,198

Security	Principal (000s)			Value
MEXICO — 8.94%
Mexican Bonos
5.00%, 06/15/17		MXN	23,466	$	1,555,134
6.25%, 06/16/16		MXN	38,193		2,556,644
6.50%, 06/10/21		MXN	89,936		6,114,350
7.25%, 12/15/16		MXN	99,770		6,838,107
7.50%, 06/03/27		MXN	75,449		5,461,999
7.75%, 12/14/17		MXN	48,350		3,399,967
7.75%, 05/29/31		MXN	27,758		2,063,368
7.75%, 11/13/42		MXN	37,092		2,785,368
8.00%, 12/17/15		MXN	35,000		2,347,793
8.00%, 06/11/20		MXN	10,320		751,005
8.00%, 12/07/23		MXN	69,446		5,156,559
8.50%, 12/13/18		MXN	76,843		5,584,142
8.50%, 11/18/38		MXN	27,030		2,178,440
10.00%, 12/05/24		MXN	83,277		7,021,347
10.00%, 11/20/36		MXN	30,767		2,836,433
					56,650,656
NIGERIA — 1.07%
Nigeria Government Bond
10.00%, 07/23/30		NGN	233,200		805,067
13.05%, 08/16/16		NGN	288,600		1,432,123
14.20%, 03/14/24		NGN	261,720		1,323,580
15.10%, 04/27/17		NGN	270,926		1,385,262
16.39%, 01/27/22		NGN	334,287		1,847,818
					6,793,850
PERU — 1.02%
Peru Government Bond
5.70%, 08/12/24		PEN	1,895		598,194
6.85%, 02/12/42		PEN	2,410		768,745
6.90%, 08/12/37		PEN	781		254,028
6.95%, 08/12/31		PEN	3,112		1,030,358
8.20%, 08/12/26		PEN	10,172		3,803,091
					6,454,416
PHILIPPINES — 4.28%
Philippine Government Bond
2.88%, 05/22/17		PHP	63,740		1,437,578
3.88%, 11/22/19		PHP	25,000		572,535
4.00%, 12/06/22		PHP	44,000		975,747
4.13%, 08/20/24		PHP	50,000		1,159,477
5.00%, 08/18/18		PHP	116,380		2,767,377
6.38%, 01/19/22		PHP	77,798		1,988,575
7.00%, 01/27/16		PHP	151,096		3,504,593

26 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2015

Security	Principal (000s)			Value
7.00%, 03/31/17		PHP	23,140	$	553,993
8.00%, 07/19/31		PHP	38,500		1,236,556
8.13%, 12/16/35		PHP	224,015		7,111,072
8.50%, 11/29/32		PHP	39,730		1,263,419
Philippine Government International Bond
4.95%, 01/15/21		PHP	126,000		3,036,111
6.25%, 01/14/36		PHP	57,000		1,500,842
					27,107,875
POLAND — 4.31%
Poland Government Bond
0.00%, 07/25/15		PLN	2,225		614,401
0.00%, 01/25/16		PLN	12,591		3,449,259
3.25%, 07/25/19		PLN	7,334		2,122,107
3.25%, 07/25/25		PLN	4,753		1,386,352
3.75%, 04/25/18		PLN	15,000		4,376,021
4.00%, 10/25/23		PLN	7,500		2,303,136
4.75%, 10/25/16		PLN	10,657		3,084,391
5.00%, 04/25/16		PLN	5,774		1,651,520
5.25%, 10/25/20		PLN	7,244		2,310,931
5.50%, 10/25/19		PLN	3,477		1,100,008
5.75%, 09/23/22		PLN	14,580		4,927,734
					27,325,860
ROMANIA — 1.91%
Romania Government Bond
4.75%, 06/24/19		RON	4,700		1,305,346
5.60%, 11/28/18		RON	3,680		1,045,014
5.75%, 01/27/16		RON	4,040		1,056,337
5.85%, 04/26/23		RON	9,570		2,880,092
5.90%, 07/26/17		RON	4,960		1,370,095
6.75%, 06/11/17		RON	10,400		2,906,602
Romanian Government International Bond
4.75%, 08/29/16		RON	5,820		1,538,008
					12,101,494
RUSSIA — 3.80%
Russian Federal Bond – OFZ
6.00%, 05/11/16		RUB	66,278		1,230,115
6.20%, 01/31/18		RUB	76,303		1,317,083
6.70%, 05/15/19		RUB	43,201		725,604
6.80%, 12/11/19		RUB	37,138		619,091
6.88%, 07/15/15		RUB	252,461		4,869,168
7.00%, 01/25/23		RUB	127,000		2,006,313

Security	Principal (000s)			Value
7.05%, 01/19/28		RUB	60,500	$	897,245
7.40%, 04/19/17		RUB	69,540		1,273,808
7.40%, 06/14/17		RUB	102,560		1,873,686
7.50%, 03/15/18		RUB	55,773		995,683
7.50%, 02/27/19		RUB	84,000		1,461,340
7.60%, 04/14/21		RUB	190,974		3,224,258
8.15%, 02/03/27		RUB	201,635		3,341,715
Russian Foreign Bond – Eurobond
7.85%, 03/10/18a		RUB	15,000		268,949
					24,104,058
SOUTH AFRICA — 4.36%
South Africa Government Bond
6.25%, 03/31/36		ZAR	62,209		4,050,610
6.50%, 02/28/41		ZAR	49,808		3,273,998
6.75%, 03/31/21		ZAR	45,260		3,642,408
7.25%, 01/15/20		ZAR	16,428		1,363,716
8.00%, 01/31/30		ZAR	25,760		2,083,440
8.25%, 09/15/17		ZAR	52,607		4,518,097
8.50%, 01/31/37		ZAR	14,680		1,216,426
8.75%, 02/28/48		ZAR	29,300		2,483,215
10.50%, 12/21/26		ZAR	47,274		4,706,385
13.50%, 09/15/15		ZAR	567		48,609
13.50%, 09/15/16		ZAR	2,667		243,079
					27,629,983
SOUTH KOREA — 21.10%
Korea Monetary Stabilization Bond
2.76%, 06/02/15		KRW	5,606,980		5,234,471
2.80%, 08/02/15		KRW	2,577,000		2,410,120
2.90%, 12/02/15		KRW	11,822,000		11,101,211
Korea Treasury Bond
2.75%, 09/10/17		KRW	16,615,260		15,830,065
3.00%, 12/10/42		KRW	5,425,970		5,361,132
3.13%, 03/10/19		KRW	6,500,000		6,324,706
3.50%, 03/10/17		KRW	8,612,000		8,282,703
3.50%, 03/10/24		KRW	3,862,430		3,920,655
3.75%, 06/10/22		KRW	3,000,000		3,077,015
3.75%, 12/10/33		KRW	3,325,410		3,613,002
4.00%, 03/10/16		KRW	7,159,600		6,806,629
4.00%, 12/10/31		KRW	9,510,250		10,520,093
4.25%, 06/10/21		KRW	2,815,000		2,937,841

SCHEDULES OF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS LOCAL CURRENCY BOND ETF

April 30, 2015

Security	Principal (000s)			Value
4.75%, 12/10/30		KRW	4,743,000	$	5,636,516
5.00%, 09/10/16		KRW	5,514,000		5,364,114
5.00%, 06/10/20		KRW	8,100,000		8,619,700
5.25%, 09/10/15		KRW	7,890,260		7,450,628
5.25%, 03/10/27		KRW	5,000,000		5,970,849
5.50%, 09/10/17		KRW	4,274,600		4,323,846
5.50%, 12/10/29		KRW	3,299,290		4,164,646
5.75%, 09/10/18		KRW	6,400,000		6,710,388
					133,660,330
THAILAND — 4.38%
Thailand Government Bond
3.13%, 12/11/15		THB	190,870		5,843,986
3.58%, 12/17/27		THB	162,108		5,353,818
3.63%, 05/22/15		THB	30,122		914,625
3.65%, 12/17/21		THB	30,650		1,007,838
3.78%, 06/25/32		THB	61,242		1,961,992
3.80%, 06/14/41		THB	30,000		957,516
3.85%, 12/12/25		THB	52,479		1,790,733
3.88%, 06/13/19		THB	37,770		1,233,354
4.13%, 11/18/16		THB	26,230		826,032
4.85%, 06/17/61		THB	14,000		504,803
4.88%, 06/22/29		THB	49,500		1,862,215
5.67%, 03/13/28		THB	99,420		3,938,648
6.15%, 07/07/26		THB	37,899		1,551,071
					27,746,631
TURKEY — 4.41%
Turkey Government Bond
0.00%, 07/15/15		TRY	1,198		438,788
6.30%, 02/14/18		TRY	7,776		2,680,026
8.30%, 10/07/15		TRY	3,200		1,187,223
8.50%, 07/10/19		TRY	12,410		4,495,184
8.50%, 09/14/22		TRY	10,372		3,736,696
8.80%, 09/27/23		TRY	6,874		2,507,906
9.00%, 01/27/16		TRY	20,010		7,416,410
9.00%, 07/24/24		TRY	4,123		1,533,516
10.50%, 01/15/20		TRY	10,095		3,969,848
					27,965,597
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $659,264,056)					606,824,253

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.01%
MONEY MARKET FUNDS — 0.01%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		57	$	57,188
				57,188
TOTAL SHORT-TERM INVESTMENTS
(Cost: $57,188)				57,188
TOTAL INVESTMENTS IN SECURITIES — 95.78%
(Cost: $659,321,244)				606,881,441
Other Assets, Less Liabilities — 4.22%				26,750,100
NET ASSETS — 100.00%			$	633,631,541

BRL	—  Brazilian Real
CLP	—  Chilean Peso
COP	—  Colombian Peso
CZK	—  Czech Koruna
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.

See notes to financial statements.

28 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
CORPORATE BONDS & NOTES — 97.39%
AUSTRALIA — 0.37%
Origin Energy Finance Ltd.
4.00%, 09/16/74 (Call 09/16/19)a,b		EUR	850	$	925,084
					925,084
AUSTRIA — 1.03%
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG
8.13%, 10/30/23a		EUR	300		412,642
Raiffeisen Bank International AG
4.50%, 02/21/25 (Call 02/21/20)a,b		EUR	400		373,143
6.00%, 10/16/23a		EUR	500		530,861
6.63%, 05/18/21		EUR	400		452,702
Raiffeisenlandesbank Niederoesterreich- Wien AG
5.88%, 11/27/23a		EUR	200		191,614
Sappi Papier Holding GmbH
3.38%, 04/01/22 (Call 04/01/18)a		EUR	225		246,136
Wienerberger AG
4.00%, 04/17/20		EUR	300		367,070
					2,574,168
BELGIUM — 0.35%
Barry Callebaut Services NV
5.63%, 06/15/21a		EUR	200		272,742
6.00%, 07/13/17		EUR	300		373,311
Ontex Group NV
4.75%, 11/15/21 (Call 11/15/17)a		EUR	200		241,479
					887,532
CANADA — 4.02%
Air Canada
7.63%, 10/01/19 (Call 10/01/16)c		CAD	250		221,362
Armtec Holdings Ltd.
8.88%, 09/22/17 (Call 06/01/15)d		CAD	63		5,721
Athabasca Oil Corp.
7.50%, 11/19/17 (Call 06/01/15)c		CAD	250		186,275
7.50%, 11/19/17 (Call 06/01/15)a		CAD	250		185,759

Security	Principal (000s)			Value
AutoCanada Inc.
5.63%, 05/25/21 (Call 05/25/17)		CAD	100	$	81,527
Baytex Energy Corp.
6.63%, 07/19/22 (Call 07/19/17)		CAD	250		208,462
Bombardier Inc.
6.13%, 05/15/21a		EUR	600		729,478
Brookfield Office Properties Inc.
4.00%, 04/16/18		CAD	100		84,727
4.30%, 01/17/17		CAD	100		84,727
Canadian Energy Services & Technology Corp.
7.38%, 04/17/20 (Call 04/17/17)		CAD	250		207,430
Cascades Inc.
5.50%, 07/15/21 (Call 07/15/17)c		CAD	200		165,944
Centric Health Corp.
8.63%, 04/18/18 (Call 04/18/16)		CAD	130		84,788
Corus Entertainment Inc.
4.25%, 02/11/20a		CAD	500		406,605
Crew Energy Inc.
8.38%, 10/21/20 (Call 10/21/16)a		CAD	150		123,220
DHX Media Ltd.
5.88%, 12/02/21 (Call 12/02/17)		CAD	125		102,941
Gateway Casinos & Entertainment Ltd.
8.50%, 11/26/20 (Call 11/26/16)c		CAD	150		123,839
GFL Environmental Inc.
7.50%, 06/18/18 (Call 06/18/15)a		CAD	199		163,472
Gibson Energy Inc.
5.38%, 07/15/22 (Call 07/15/17)c		CAD	125		103,973
5.38%, 07/15/22 (Call 07/15/17)a		CAD	250		210,010
7.00%, 07/15/20 (Call 07/15/16)c		CAD	100		87,926

SCHEDULES OF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 07/25/17)c		CAD	425	$	365,790
Iron Mountain Canada Operations ULC
6.13%, 08/15/21 (Call 08/15/17)		CAD	250		214,654
Mattamy Group Corp.
6.88%, 11/15/20 (Call 11/15/15)c		CAD	200		164,706
Newalta Corp.
Series 2
7.75%, 11/14/19 (Call 11/14/15)		CAD	50		43,189
Noralta Lodge Ltd.
7.50%, 09/24/19 (Call 09/24/16)a		CAD	100		72,652
NRL Energy Investments Ltd.
8.25%, 04/13/18 (Call 06/01/15)		CAD	100		62,745
Paramount Resources Ltd.
7.63%, 12/04/19 (Call 12/04/15)		CAD	400		339,319
8.25%, 12/13/17 (Call 06/01/15)		CAD	300		254,489
Parkland Fuel Corp.
5.50%, 05/28/21 (Call 05/28/17)		CAD	250		206,398
6.00%, 11/21/22 (Call 11/21/17)		CAD	150		128,173
Perpetual Energy Inc.
8.75%, 03/15/18 (Call 06/01/15)a		CAD	200		151,909
8.75%, 07/23/19 (Call 07/23/16)		CAD	100		73,891
Postmedia Network Inc.
8.25%, 08/16/17 (Call 08/16/15)c		CAD	128		108,253
Precision Drilling Corp.
6.50%, 03/15/19 (Call 06/01/15)		CAD	150		125,077
Quebecor Media Inc.
6.63%, 01/15/23c		CAD	550		481,321
7.38%, 01/15/21 (Call 01/15/16)		CAD	150		131,889

Security	Principal (000s)			Value
River Cree Enterprises LP
11.00%, 01/20/21 (Call 01/20/18)c		CAD	100	$	85,346
Russel Metals Inc.
6.00%, 04/19/22 (Call 04/19/17)c		CAD	50		42,518
6.00%, 04/19/22 (Call 04/19/17)		CAD	200		170,898
Sirius XM Canada Holdings Inc.
5.63%, 04/23/21 (Call 04/23/17)c		CAD	200		168,008
Southern Pacific Resource Corp.
8.75%, 01/25/18 (Call 06/01/15)c,d		CAD	50		1,858
Superior Plus LP
6.50%, 12/09/21 (Call 12/09/17)		CAD	200		171,723
Tervita Corp.
9.00%, 11/15/18 (Call 11/15/15)c		CAD	125		93,911
Trilogy Energy Corp.
7.25%, 12/13/19 (Call 12/13/15)c		CAD	250		200,206
Valeant Pharmaceuticals International Inc.
4.50%, 05/15/23 (Call 05/15/18)a		EUR	1,300		1,471,282
Vermilion Energy Inc.
6.50%, 02/10/16 (Call 06/01/15)		CAD	100		82,848
Videotron Ltd.
5.63%, 06/15/25 (Call 03/15/25)		CAD	375		319,236
6.88%, 07/15/21 (Call 06/15/16)		CAD	225		198,472
7.13%, 01/15/20 (Call 06/01/15)		CAD	200		171,103
Wajax Corp.
6.13%, 10/23/20 (Call 10/23/17)a		CAD	100		82,559
Yellow Pages Digital & Media Solutions Ltd.
9.25%, 11/30/18 (Call 06/01/15)c		CAD	374		323,162
					10,075,771

30 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
CAYMAN ISLANDS — 0.72%
Brakes Capital
7.13%, 12/15/18 (Call 12/15/15)c		GBP	100	$	156,364
7.13%, 12/15/18 (Call 12/15/15)a		GBP	300		469,093
UPCB Finance IV Ltd.
4.00%, 01/15/27 (Call 01/15/21)a		EUR	500		558,202
Viridian Group FundCo II Ltd.
7.50%, 03/01/20 (Call 09/01/17)a		EUR	550		631,710
					1,815,369
DENMARK — 0.27%
TDC A/S
3.50%, 02/26/49 (Call 02/26/21)a,b		EUR	600		670,985
					670,985
FINLAND — 0.79%
Nokia OYJ
6.75%, 02/04/19a		EUR	400		534,450
Stora Enso OYJ
5.00%, 03/19/18a		EUR	550		678,385
5.50%, 03/07/19a		EUR	350		447,776
UPM-Kymmene OYJ
6.63%, 01/23/17		GBP	200		331,487
					1,992,098
FRANCE — 12.47%
3AB Optique Developpement SAS
5.63%, 04/15/19 (Call 10/15/15)a		EUR	300		328,399
Areva SA
3.13%, 03/20/23 (Call 12/20/22)a		EUR	700		767,594
3.25%, 09/04/20a		EUR	500		567,369
3.50%, 03/22/21		EUR	600		681,828
3.88%, 09/23/16		EUR	500		578,698
4.38%, 11/06/19		EUR	800		958,529
4.63%, 10/05/17		EUR	700		834,831
4.88%, 09/23/24		EUR	800		967,636
Cegedim SA
6.75%, 04/01/20 (Call 04/01/16)a		EUR	300		363,491

Security	Principal (000s)			Value
Cerba European Lab SAS
7.00%, 02/01/20 (Call 02/01/16)a		EUR	350	$	417,685
CGG SA
5.88%, 05/15/20 (Call 05/15/17)a		EUR	350		376,505
Ciments Francais SA
4.75%, 04/04/17 a		EUR	350		417,464
CMA CGM SA
8.75%, 12/15/18 (Call 12/15/15)a		EUR	200		238,677
8.88%, 04/15/19 (Call 06/01/15)a		EUR	200		233,074
Crown European Holdings SA
3.38%, 05/15/25		EUR	175		195,361
4.00%, 07/15/22 (Call 04/15/22)a		EUR	500		598,093
Darty Financement SAS
5.88%, 03/01/21 (Call 03/01/17)a		EUR	200		236,809
Europcar Groupe SA
9.38%, 04/15/18 (Call 06/01/15)a		EUR	300		352,973
11.50%, 05/15/17a		EUR	350		443,177
Faurecia
Series APR
3.13%, 06/15/22 (Call 06/15/18)a		EUR	150		168,746
3.13%, 06/15/22 (Call 06/15/18)a		EUR	200		224,110
9.38%, 12/15/16a		EUR	400		506,489
Financiere Gaillon 8 SAS
7.00%, 09/30/19 (Call 03/31/16)a		EUR	300		346,250
Groupama SA
7.88%, 10/27/39 (Call 10/27/19)b		EUR	650		832,148
Holdikks SAS
6.75%, 07/15/21 (Call 07/15/17)a		EUR	300		329,021
Holding Medi-Partenaires SAS
7.00%, 05/15/20 (Call 05/15/16)a		EUR	400		474,553
HomeVi SAS
6.88%, 08/15/21 (Call 08/15/17)a		EUR	300		360,537

SCHEDULES OF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Italcementi Finance SA
6.13%, 02/21/18a		EUR	400	$	496,404
6.63%, 03/19/20a,e		EUR	750		987,905
La Financiere Atalian SAS
7.25%, 01/15/20 (Call 01/15/17)a		EUR	200		242,556
Labco SA
8.50%, 01/15/18 (Call 06/01/15)a		EUR	475		558,209
Labeyrie Fine Foods SAS
5.63%, 03/15/21 (Call 03/15/17)a		EUR	250		294,144
Lafarge SA
4.75%, 03/23/20		EUR	450		589,339
4.75%, 09/30/20a		EUR	600		795,675
5.38%, 06/26/17a		EUR	450		552,188
5.88%, 07/09/19a		EUR	400		534,919
6.25%, 04/13/18a		EUR	400		504,239
6.63%, 11/29/18a		EUR	950		1,232,185
6.75%, 12/16/19a		EUR	600		808,025
8.88%, 11/24/16a		EUR	600		753,010
Loxam SAS
4.88%, 07/23/21 (Call 07/23/17)a		EUR	300		349,612
7.00%, 07/23/22 (Call 07/23/17)a		EUR	250		288,542
7.38%, 01/24/20 (Call 01/24/16)a		EUR	250		301,148
Nexans SA
4.25%, 03/19/18		EUR	200		239,798
5.75%, 05/02/17		EUR	300		363,899
Novafives SAS
4.50%, 06/30/21 (Call 06/30/17)a		EUR	350		386,800
Novalis SAS
3.00%, 04/30/22 (Call 04/30/18)a		EUR	225		251,098
Numericable-SFR SAS
5.38%, 05/15/22 (Call 05/15/17)a		EUR	850		997,710
5.63%, 05/15/24 (Call 05/15/19)a		EUR	1,100		1,301,939
Paprec Holding
5.25%, 04/01/22 (Call 04/01/18)a		EUR	200		232,514

Security	Principal (000s)			Value
Peugeot SA
5.00%, 10/28/16		EUR	550	$	651,671
5.63%, 07/11/17		EUR	500		613,268
6.50%, 01/18/19a		EUR	600		784,538
7.38%, 03/06/18a		EUR	750		975,074
Rexel SA
5.13%, 06/15/20 (Call 06/15/16)a		EUR	600		719,393
SGD Group SAS
5.63%, 05/15/19 (Call 10/15/15)a		EUR	300		346,250
SMCP SAS
8.88%, 06/15/20 (Call 06/15/16)a		EUR	200		243,720
SPCM SA
2.88%, 06/15/23 (Call 06/15/18)a		EUR	250		281,538
Tereos Finance Groupe I
4.25%, 03/04/20 (Call 03/04/19)		EUR	400		448,862
THOM Europe SAS
7.38%, 07/15/19 (Call 07/15/16)a		EUR	300		352,553
					31,278,772
GERMANY — 8.39%
Bayerische Landbank
5.75%, 10/23/17		EUR	800		978,116
CeramTec Group GmbH
8.25%, 08/15/21 (Call 08/15/16)a		EUR	200		246,521
Commerzbank AG
6.38%, 03/22/19		EUR	1,100		1,433,478
7.75%, 03/16/21		EUR	1,200		1,697,361
Deutsche Lufthansa AG
1.13%, 09/12/19a		EUR	450		504,458
6.50%, 07/07/16		EUR	100		119,792
Deutsche Raststaetten Gruppe IV GmbH
6.75%, 12/30/20 (Call 12/30/16)a		EUR	400		489,680
Franz Haniel & Cie GmbH
5.88%, 02/01/17		EUR	250		303,697
FTE Verwaltungs GmbH
9.00%, 07/15/20 (Call 07/15/16)a		EUR	200		240,078

32 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Hapag-Lloyd AG
7.50%, 10/15/19 (Call 10/15/16)a		EUR	200	$	236,436
7.75%, 10/01/18 (Call 10/01/15)a		EUR	300		352,133
Heckler & Koch GmbH
9.50%, 05/15/18 (Call 06/01/15)a		EUR	300		248,762
Heidelberger Druckmaschinen AG
9.25%, 04/15/18 (Call 06/01/15)a		EUR	211		244,955
Hornbach Baumarkt AG
3.88%, 02/15/20a		EUR	250		306,009
HP Pelzer Holding GmbH
7.50%, 07/15/21 (Call 07/15/17)a		EUR	250		302,198
KraussMaffei Group GmbH
8.75%, 12/15/20 (Call 12/15/15)a		EUR	180		219,852
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	400		538,536
Pfleiderer GmbH
7.88%, 08/01/19 (Call 08/01/16)a		EUR	250		289,942
ProGroup AG
5.13%, 05/01/22 (Call 05/01/18)a		EUR	100		114,436
Rheinmetall AG
5.25%, 09/22/17		EUR	400		489,843
SGL Carbon SE
4.88%, 01/15/21 (Call 01/15/17)a		EUR	200		239,820
Techem Energy Metering Service GmbH & Co. KG
7.88%, 10/01/20 (Call 10/01/16)a		EUR	300		369,781
Techem GmbH
6.13%, 10/01/19 (Call 10/01/15)a		EUR	400		475,113
ThyssenKrupp AG
1.75%, 11/25/20 (Call 08/25/20)a		EUR	675		753,724

Security	Principal (000s)			Value
2.50%, 02/25/25a		EUR	550	$	613,534
3.13%, 10/25/19 (Call 07/25/19)a		EUR	1,000		1,182,715
4.00%, 08/27/18		EUR	1,350		1,632,175
4.38%, 02/28/17		EUR	1,100		1,304,703
Trionista Holdco GmbH
5.00%, 04/30/20 (Call 04/30/16)a		EUR	300		351,292
Trionista TopCo GmbH
6.88%, 04/30/21 (Call 04/30/16)a		EUR	400		484,078
TUI AG
4.50%, 10/01/19 (Call 10/01/16)a		EUR	250		295,545
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
3.50%, 01/15/27 (Call 01/15/21)a		EUR	300		334,064
4.00%, 01/15/25 (Call 01/15/20)a		EUR	800		921,092
5.13%, 01/21/23 (Call 01/21/18)a		EUR	270		322,607
5.50%, 09/15/22 (Call 09/15/17)a		EUR	540		651,992
5.63%, 04/15/23 (Call 04/15/18)a		EUR	360		437,687
5.75%, 01/15/23 (Call 01/15/18)a		EUR	360		437,687
Unitymedia KabelBW GmbH
3.75%, 01/15/27 (Call 01/15/21)a		EUR	600		653,841
WEPA Hygieneprodukte GmbH
6.50%, 05/15/20 (Call 05/15/16)a		EUR	200		241,759
					21,059,492
ICELAND — 0.04%
Arion Banki HF
3.13%, 03/12/18a		EUR	100		111,495
					111,495
IRELAND — 3.18%
Allied Irish Banks PLC
1.38%, 03/16/20a		EUR	400		444,993
2.75%, 04/16/19a		EUR	500		589,353
2.88%, 11/28/16a		EUR	350		403,684

SCHEDULES OF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Ardagh Packaging Finance PLC
9.25%, 10/15/20 (Call 10/15/15)a		EUR	300	$	359,310
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 01/15/22 (Call 06/30/17)a		EUR	1,000		1,144,362
Bank of Ireland
1.25%, 04/09/20a		EUR	600		666,239
2.00%, 05/08/17a		EUR	500		570,494
2.75%, 06/05/16		EUR	150		171,468
3.25%, 01/15/19a		EUR	550		660,015
4.25%, 06/11/24 (Call 06/11/19)a,b		EUR	650		752,029
10.00%, 12/19/22a		EUR	200		307,031
eircom Finance Ltd.
9.25%, 05/15/20 (Call 05/15/16)a		EUR	300		366,420
Smurfit Kappa Acquisitions
2.75%, 02/01/25a		EUR	250		287,841
3.25%, 06/01/21 (Call 03/10/21)a		EUR	500		596,693
4.13%, 01/30/20a		EUR	250		308,151
UT2 Funding PLC
5.32%, 06/30/16		EUR	300		342,888
					7,970,971
ITALY — 15.08%
Astaldi SpA
7.13%, 12/01/20 (Call 12/01/16)a		EUR	650		782,074
Autostrada Brescia Verona Vicenza Padova SpA
2.38%, 03/20/20a		EUR	450		503,541
Banca Monte dei Paschi di Siena SpA
3.63%, 04/01/19a		EUR	1,000		1,159,900
4.88%, 05/31/16		EUR	400		451,582
5.00%, 04/21/20a		EUR	400		460,546
5.60%, 09/09/20		EUR	400		472,872
Banca Popolare di Milano Scarl
4.25%, 01/30/19a		EUR	350		426,028
7.13%, 03/01/21a		EUR	500		657,200

Security	Principal (000s)			Value
Banca Popolare di Vicenza
2.75%, 03/20/20a		EUR	600	$	666,279
3.50%, 01/20/17a		EUR	500		569,199
5.00%, 10/25/18a		EUR	200		238,712
Banco Popolare SC
2.38%, 01/22/18a		EUR	700		798,033
3.50%, 03/14/19a		EUR	1,100		1,293,844
3.75%, 01/28/16a		EUR	500		570,864
6.00%, 11/05/20a		EUR	600		741,227
6.38%, 05/31/21a		EUR	300		379,715
Buzzi Unicem SpA
5.13%, 12/09/16a		EUR	200		237,698
6.25%, 09/28/18a		EUR	350		449,617
Cerved Group SpA
6.38%, 01/15/20 (Call 01/15/16)a		EUR	300		353,814
Cooperativa Muratori & Cementisti-CMC di Ravenna SC
7.50%, 08/01/21 (Call 08/01/17)a		EUR	250		260,528
Enel SpA
5.00%, 01/15/75 (Call 01/15/20)a,b		EUR	800		969,276
6.50%, 01/10/74 (Call 01/10/19)a,b		EUR	1,150		1,440,047
Iccrea Banca SpA
1.88%, 11/25/19a		EUR	350		401,972
Intesa Sanpaolo SpA
2.86%, 04/23/25a		EUR	500		551,150
3.93%, 09/15/26a		EUR	850		1,020,399
5.00%, 09/23/19a		EUR	900		1,133,578
5.15%, 07/16/20		EUR	800		1,028,811
6.63%, 05/08/18a		EUR	200		253,536
6.63%, 09/13/23a		EUR	1,250		1,763,045
IVS F SpA
7.13%, 04/01/20 (Call 04/01/16)a		EUR	200		235,315
Manutencoop Facility Management SpA
8.50%, 08/01/20 (Call 08/01/16)a		EUR	300		313,911
Mediobanca SpA
5.00%, 11/15/20		EUR	650		814,376

34 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Series 0000
5.75%, 04/18/23		EUR	400	$	528,028
Piaggio & C SpA
4.63%, 04/30/21 (Call 04/30/17)a		EUR	200		236,167
Rhino Bondco SpA
7.25%, 11/15/20 (Call 11/01/16)a		EUR	200		239,798
Salini Costruttori SpA
6.13%, 08/01/18		EUR	300		376,453
Sisal Group SpA
7.25%, 09/30/17 (Call 05/11/15)a		EUR	200		223,550
Snai SpA
7.63%, 06/15/18 (Call 12/15/15)a		EUR	300		352,133
TeamSystem Holding SpA
7.38%, 05/15/20 (Call 05/15/16)a		EUR	365		432,518
Telecom Italia SpA
3.25%, 01/16/23a		EUR	800		949,599
4.00%, 01/21/20a		EUR	275		338,847
4.50%, 09/20/17a		EUR	400		485,091
4.50%, 01/25/21a		EUR	250		317,470
4.75%, 05/25/18a		EUR	500		617,306
4.88%, 09/25/20a		EUR	200		257,598
5.25%, 02/10/22a		EUR	350		468,543
5.38%, 01/29/19a		EUR	700		891,992
6.13%, 12/14/18		EUR	450		585,168
6.38%, 06/24/19		GBP	400		681,755
7.00%, 01/20/17a		EUR	400		495,745
8.25%, 03/21/16		EUR	150		179,194
UniCredit SpA
5.75%, 09/26/17		EUR	900		1,111,766
5.75%, 10/28/25 (Call 10/28/20)a,b		EUR	900		1,124,573
6.13%, 04/19/21		EUR	600		778,961
6.70%, 06/05/18		EUR	650		830,327
6.95%, 10/31/22a		EUR	1,250		1,710,193
Unipol Gruppo Finanziario SpA
3.00%, 03/18/25a		EUR	850		935,990
4.38%, 03/05/21a		EUR	240		302,928

Security	Principal (000s)			Value
Veneto Banca SCPA
4.00%, 01/20/17a		EUR	450	$	514,231
4.00%, 05/20/19a		EUR	300		346,381
4.25%, 01/18/16a		EUR	100		113,306
					37,824,300
JAPAN — 0.27%
SoftBank Corp.
4.63%, 04/15/20a		EUR	550		679,473
					679,473
JERSEY — 1.29%
AA Bond Co. Ltd.
5.50%, 07/31/43 (Call 07/31/18)a		GBP	600		935,881
9.50%, 07/31/43 (Call 01/31/16)a		GBP	600		1,016,560
Aston Martin Capital Ltd.
9.25%, 07/15/18		GBP	100		157,517
9.25%, 07/15/18 (Call 06/01/15)a		GBP	200		315,034
Avis Budget Finance PLC
6.00%, 03/01/21 (Call 03/01/16)a		EUR	400		476,551
Hastings Insurance Group Finance PLC
8.00%, 10/21/20 (Call 10/30/16)c		GBP	100		164,816
8.00%, 10/21/20 (Call 10/30/16)a		GBP	100		164,816
					3,231,175
LUXEMBOURG — 16.79%
Aldesa Financial Services SA
7.25%, 04/01/21 (Call 04/01/17)a		EUR	150		152,115
Altice Financing SA
5.25%, 02/15/23 (Call 02/15/18)a		EUR	500		588,935
6.50%, 01/15/22 (Call 12/15/16)a		EUR	250		302,184
Altice Finco SA
9.00%, 06/15/23 (Call 06/15/18)a		EUR	200		259,127

SCHEDULES OF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Altice SA
6.25%, 02/15/25 (Call 02/15/20)a		EUR	750	$	842,513
7.25%, 05/15/22 (Call 05/15/17)a		EUR	1,750		2,029,596
ArcelorMittal
2.88%, 07/06/20a		EUR	400		448,890
3.00%, 03/25/19a		EUR	900		1,031,180
3.00%, 04/09/21a		EUR	200		224,354
3.13%, 01/14/22a		EUR	700		788,307
5.75%, 03/29/18a		EUR	400		497,166
5.88%, 11/17/17a		EUR	750		925,196
10.63%, 06/03/16		EUR	650		804,477
Auris Luxembourg II SA
8.00%, 01/15/23 (Call 01/15/18)a		EUR	200		243,720
Befesa Zinc SAU Via Zinc Capital SA
8.88%, 05/15/18 (Call 06/01/15)a		EUR	300		351,041
Bormioli Rocco Holdings SA
10.00%, 08/01/18 (Call 06/01/15)a		EUR	200		229,713
Cabot Financial Luxembourg SA
10.38%, 10/01/19 (Call 10/01/15)a		GBP	150		252,987
Cirsa Funding Luxembourg SA
5.88%, 05/15/23		EUR	325		358,261
8.75%, 05/15/18 (Call 06/01/15)a		EUR	600		689,138
Clariant Finance Luxembourg SA
5.63%, 01/24/17		EUR	400		486,443
CNH Industrial Finance Europe SA
2.75%, 03/18/19a		EUR	800		914,817
2.88%, 09/27/21a		EUR	550		629,861
6.25%, 03/09/18a		EUR	1,100		1,374,601
ConvaTec Healthcare E SA
7.38%, 12/15/17 (Call 06/01/15)a		EUR	150		174,806
10.88%, 12/15/18 (Call 06/01/15)a		EUR	250		296,946

Security	Principal (000s)			Value
Dufry Finance SCA
4.50%, 07/15/22 (Call 07/15/17)a		EUR	450	$	533,242
Fiat Chrysler Finance Europe
4.75%, 03/22/21a		EUR	650		799,870
4.75%, 07/15/22a		EUR	1,000		1,241,832
6.38%, 04/01/16a		EUR	400		468,061
6.63%, 03/15/18a		EUR	800		1,001,773
6.75%, 10/14/19a		EUR	700		915,701
7.00%, 03/23/17a		EUR	700		856,853
7.38%, 07/09/18		EUR	300		386,037
7.75%, 10/17/16a		EUR	600		729,492
Findus Bondco SA
9.13%, 07/01/18 (Call 07/01/15)a		EUR	200		236,436
Finmeccanica SA
8.00%, 12/16/19		GBP	350		641,132
Finmeccanica SpA
4.50%, 01/19/21		EUR	750		941,495
FMC Finance VI SA
5.50%, 07/15/16a		EUR	300		354,693
FMC Finance VII SA
5.25%, 02/15/21a		EUR	200		268,414
FMC Finance VIII SA
5.25%, 07/31/19a		EUR	250		324,959
6.50%, 09/15/18a		EUR	350		460,336
Galapagos Holding SA
7.00%, 06/15/22 (Call 06/15/17)a		EUR	100		106,452
Galapagos SA/Luxembourg
5.38%, 06/15/21 (Call 06/15/17)a		EUR	150		170,385
Gategroup Finance Luxembourg SA
6.75%, 03/01/19 (Call 06/01/15)a		EUR	200		235,315
GCS Holdco Finance I SA
6.50%, 11/15/18 (Call 11/15/15)a		EUR	350		409,841
Geo Debt Finance SCA
7.50%, 08/01/18 (Call 06/01/15)a		EUR	200		216,826

36 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Gestamp Funding Luxembourg SA
5.88%, 05/31/20 (Call 05/31/16)a		EUR	350	$	413,763
HeidelbergCement Finance Luxembourg SA
2.25%, 03/12/19a		EUR	450		526,046
3.25%, 10/21/20a		EUR	350		431,412
3.25%, 10/21/21a		EUR	400		500,886
5.63%, 01/04/18		EUR	500		625,762
7.50%, 04/03/20a		EUR	600		863,944
8.00%, 01/31/17a		EUR	850		1,069,710
8.50%, 10/31/19a		EUR	450		660,027
9.50%, 12/15/18a		EUR	400		579,181
INEOS Group Holdings SA
5.75%, 02/15/19 (Call 02/15/16)a		EUR	550		630,940
6.50%, 08/15/18 (Call 06/01/15)a		EUR	350		405,919
Intralot Capital Luxembourg SA
6.00%, 05/15/21 (Call 05/15/17)a		EUR	250		249,322
Intralot Finance Luxembourg SA
9.75%, 08/15/18 (Call 08/15/16)a		EUR	250		284,340
KION Finance SA
6.75%, 02/15/20 (Call 02/15/16)a		EUR	350		419,156
Magnolia BC SA
9.00%, 08/01/20 (Call 08/01/16)a		EUR	300		359,697
Matterhorn Telecom SA
3.88%, 05/01/22 (Call 05/01/18)a		EUR	250		276,300
PagesJaunes Finance & Co. SCA
8.88%, 06/01/18 (Call 05/11/15)a		EUR	200		226,911
Picard Bondco SA
7.75%, 02/01/20 (Call 08/01/16)a		EUR	350		427,098
Servus Luxembourg Holding SCA
7.75%, 06/15/18 (Call 06/15/15)a		EUR	163		189,727

Security	Principal (000s)			Value
SIG Combibloc Holdings SCA
7.75%, 02/15/23 (Call 02/15/18)a		EUR	550	$	659,444
Takko Luxembourg 2 SCA
9.88%, 04/15/19 (Call 04/15/16)a		EUR	300		161,359
Telenet Finance III Luxembourg SCA
6.63%, 02/15/21 (Call 02/15/16)a		EUR	300		356,698
Telenet Finance Luxembourg SCA
6.38%, 11/15/20 (Call 11/15/15)a		EUR	500		589,758
Telenet Finance V Luxembourg SCA
6.25%, 08/15/22 (Call 08/15/17)a		EUR	350		425,039
6.75%, 08/15/24 (Call 08/15/18)a		EUR	200		249,360
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
6.38%, 05/01/22 (Call 01/05/18)a		EUR	150		169,763
Wind Acquisition Finance SA
4.00%, 07/15/20 (Call 07/15/16)a		EUR	2,200		2,499,106
7.00%, 04/23/21 (Call 04/23/17)a		EUR	1,400		1,676,623
					42,122,810
NETHERLANDS — 6.61%
Atradius Finance BV
5.25%, 09/23/44 (Call 09/23/24)a,b		EUR	250		279,801
Carlson Wagonlit BV
7.50%, 06/15/19 (Call 06/15/15)a		EUR	300		357,448
Constellium NV
4.63%, 05/15/21 (Call 05/15/17)a		EUR	250		270,333
Fresenius Finance BV
2.38%, 02/01/19a		EUR	200		236,100
2.88%, 07/15/20a		EUR	350		425,137

SCHEDULES OF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
3.00%, 02/01/21a		EUR	450	$	549,126
4.00%, 02/01/24a		EUR	350		462,356
4.25%, 04/15/19a		EUR	500		628,208
Frigoglass Finance BV
8.25%, 05/15/18 (Call 06/01/15)a		EUR	200		206,181
General Motors Financial International BV
0.85%, 02/23/18a		EUR	500		556,353
1.88%, 10/15/19a		EUR	450		514,988
Goodyear Dunlop Tires Europe BV
6.75%, 04/15/19 (Call 06/01/15)a		EUR	200		232,021
Grupo Antolin Dutch BV
4.75%, 04/01/21 (Call 04/01/17)a		EUR	350		402,507
Grupo Isolux Corsan Finance BV
6.63%, 04/15/21 (Call 04/15/17)a		EUR	700		674,571
Hema Bondco I BV
6.25%, 06/15/19 (Call 06/15/16)a		EUR	300		301,708
Hertz Holdings Netherlands BV
4.38%, 01/15/19a		EUR	350		398,075
InterXion Holding NV
6.00%, 07/15/20 (Call 07/15/16)a		EUR	450		539,545
LGE HoldCo VI BV
7.13%, 05/15/24 (Call 05/15/19)a		EUR	600		758,052
Nyrstar Netherlands Holdings BV
8.50%, 09/15/19a		EUR	250		299,747
OI European Group BV
4.88%, 03/31/21a		EUR	200		248,202
6.75%, 09/15/20a		EUR	500		670,929
Phoenix PIB Dutch Finance BV
3.13%, 05/27/20a		EUR	200		234,643
3.63%, 07/30/21a		EUR	300		355,494
PortAventura Entertainment Barcelona BV
7.25%, 12/01/20 (Call 12/01/16)a		EUR	200		236,436

Security	Principal (000s)			Value
Refresco Gerber NV
7.38%, 05/15/18 (Call 06/01/15)a		EUR	350	$	407,880
Samvardhana Motherson Automotive Systems Group BV
4.13%, 07/15/21 (Call 07/15/17)a		EUR	400		459,426
Schaeffler Finance BV
2.50%, 05/15/20 (Call 05/15/17)a		EUR	100		112,669
2.75%, 05/15/19 (Call 05/15/16)a		EUR	350		396,605
3.25%, 05/15/19 (Call 05/15/16)a		EUR	450		514,332
3.25%, 05/15/25 (Call 05/15/20)a		EUR	500		566,079
3.50%, 05/15/22 (Call 05/15/17)a		EUR	500		577,083
4.25%, 05/15/18 (Call 06/01/15)a		EUR	450		516,274
Selecta Group BV
6.50%, 06/15/20 (Call 12/15/16)a		EUR	300		340,367
SNS BANK NV
6.25%, 10/26/20		EUR	50		—
Stork Technical Services Holdings BV
11.00%, 08/15/17 (Call 06/01/15)a		EUR	200		218,507
Univeg Holding BV
7.88%, 11/15/20 (Call 11/15/16)a		EUR	250		296,245
UPC Holding BV
6.38%, 09/15/22 (Call 09/15/17)a		EUR	500		602,296
6.75%, 03/15/23 (Call 03/15/18)a		EUR	400		491,921
Ziggo Bond Finance BV
4.63%, 01/15/25 (Call 01/15/20)a		EUR	400		460,546
Ziggo Secured Finance BV
3.75%, 01/15/25 (Call 01/15/20)a		EUR	700		794,190
					16,592,381

38 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
NORWAY — 0.65%
Lock AS
7.00%, 08/15/21 (Call 08/15/17)a		EUR	500	$	607,898
Lock Lower Holding AS
9.50%, 08/15/22 (Call 08/15/18)a		EUR	200		247,642
Norske Skog AS
11.75%, 12/15/19 (Call 02/15/17)a		EUR	200		235,316
Norske Skog Holding AS
8.00%, 02/24/21 (Call 02/24/18)a		EUR	92		70,555
Silk Bidco AS
7.50%, 02/01/22 (Call 02/01/18)a		EUR	400		469,510
					1,630,921
PORTUGAL — 1.08%
Banco Comercial Portugues SA
3.38%, 02/27/17a		EUR	400		456,871
Novo Banco SA
2.63%, 05/08/17a		EUR	600		656,608
4.00%, 01/21/19a		EUR	700		784,461
4.75%, 01/15/18a		EUR	400		455,313
Portucel SA
5.38%, 05/15/20 (Call 05/15/16)a		EUR	300		359,696
					2,712,949
SPAIN — 4.44%
Abengoa Finance SAU
6.00%, 03/31/21a		EUR	500		523,857
7.00%, 04/15/20a		EUR	200		216,938
8.88%, 02/05/18a		EUR	450		529,485
Abengoa Greenfield SA
5.50%, 10/01/19a		EUR	250		256,340
Almirall SA
4.63%, 04/01/21 (Call 04/01/17)a		EUR	300		354,626
Banco de Sabadell SA
2.50%, 12/05/16		EUR	600		692,231
6.25%, 04/26/20		EUR	350		452,982
Bankia SA
3.50%, 01/17/19a		EUR	900		1,088,818

Security	Principal (000s)			Value
4.00%, 05/22/24 (Call 05/22/19)a,b		EUR	900	$	1,005,974
4.38%, 02/14/17		EUR	400		476,401
Bankinter SA
6.38%, 09/11/19		EUR	250		327,822
BPE Financiaciones SA
2.00%, 02/03/20a		EUR	600		672,619
2.50%, 02/01/17		EUR	500		573,031
2.88%, 05/19/16		EUR	600		685,003
CaixaBank SA
5.00%, 11/14/23 (Call 11/14/18)a,b		EUR	600		723,877
Campofrio Food Group SA
3.38%, 03/15/22 (Call 03/15/18)a		EUR	400		456,064
Ence Energia y Celulosa SA
7.25%, 02/15/20 (Call 02/15/16)a		EUR	200		241,479
Mapfre SA
5.92%, 07/24/37 (Call 07/24/17)b		EUR	650		782,984
NH Hotel Group SA
6.88%, 11/15/19 (Call 11/15/17)a		EUR	150		184,891
Obrascon Huarte Lain SA
4.75%, 03/15/22 (Call 03/15/18)a		EUR	350		374,054
5.50%, 03/15/23 (Call 03/15/18)a		EUR	200		216,826
7.63%, 03/15/20 (Call 03/15/16)a		EUR	250		297,296
					11,133,598
SWEDEN — 1.61%
Ovako AB
6.50%, 06/01/19 (Call 06/01/16)a		EUR	250		280,138
Perstorp Holding AB
9.00%, 05/15/17 (Call 06/01/15)a		EUR	200		236,279
SSAB AB
3.88%, 04/10/19a		EUR	350		402,011
Stena AB
6.13%, 02/01/17a		EUR	300		354,870

SCHEDULES OF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Unilabs Subholding AB
8.50%, 07/15/18 (Call 07/15/15)a		EUR	350	$	409,841
Verisure Holding AB
8.75%, 09/01/18 (Call 06/01/15)a		EUR	350		415,724
8.75%, 12/01/18 (Call 06/01/15)a		EUR	300		358,016
Volvo Treasury AB
4.20%, 06/10/75 (Call 06/10/20)a,b		EUR	850		979,899
4.85%, 03/10/78 (Call 03/10/23)a,b		EUR	500		591,762
					4,028,540
UNITED KINGDOM — 15.93%
Algeco Scotsman Global Finance PLC
9.00%, 10/15/18 (Call 10/15/15)a		EUR	200		220,188
Alpha Credit Group PLC
3.38%, 06/17/17a		EUR	400		303,748
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 03/31/16)a		GBP	500		854,817
Bakkavor Finance 2 PLC
8.25%, 02/15/18 (Call 06/01/15)c		GBP	58		92,411
8.25%, 02/15/18 (Call 06/01/15)a		GBP	116		184,822
Boparan Finance PLC
4.38%, 07/15/21 (Call 07/15/17)a		EUR	250		256,326
5.25%, 07/15/19 (Call 07/15/16)a		GBP	250		354,413
5.50%, 07/15/21 (Call 07/15/17)a		GBP	300		406,854
British Airways PLC
8.75%, 08/23/16		GBP	250		415,014
Co-Operative Bank PLC/United Kingdom
5.13%, 09/20/17		GBP	350		525,761
EC Finance PLC
5.13%, 07/15/21 (Call 01/15/17)a		EUR	344		405,564

Security	Principal (000s)			Value
Eco-Bat Finance PLC
7.75%, 02/15/17 (Call 06/01/15)a		EUR	300	$	336,165
Elli Finance UK PLC
8.75%, 06/15/19 (Call 06/15/15)c		GBP	200		311,192
8.75%, 06/15/19 (Call 06/15/15)a		GBP	100		155,596
Equiniti Newco 2 PLC
7.13%, 12/15/18 (Call 06/15/15)a		GBP	200		300,435
ERB Hellas PLC
4.25%, 06/26/18a		EUR	450		311,994
Gala Electric Casinos PLC
11.50%, 06/01/19 (Call 06/01/15)a		GBP	200		318,491
Gala Group Finance PLC
8.88%, 09/01/18 (Call 06/01/15)c		GBP	90		144,531
8.88%, 09/01/18 (Call 06/01/15)a		GBP	180		289,063
House of Fraser Funding PLC
8.88%, 08/15/18 (Call 06/01/15)a		GBP	200		325,023
Iceland Bondco PLC
6.25%, 07/15/21 (Call 07/15/17)a		GBP	350		465,251
Infinis PLC
7.00%, 02/15/19 (Call 02/15/16)c		GBP	200		325,791
International Game Technology PLC
1.00%, 02/02/18a		EUR	400		499,091
1.00%, 03/05/20a		EUR	400		469,038
4.13%, 02/15/20 (Call 11/15/19)a		EUR	500		567,278
4.75%, 02/15/23 (Call 08/15/22)a		EUR	750		852,178
International Personal Finance PLC
5.75%, 04/07/21a		EUR	250		283,101
Series APR
5.75%, 04/07/21a		EUR	125		140,769

40 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Iron Mountain Europe PLC
6.13%, 09/15/22 (Call 09/15/17)a		GBP	400	$	647,033
Jaguar Land Rover Automotive PLC
3.88%, 03/01/23a		GBP	400		608,553
5.00%, 02/15/22a		GBP	300		492,720
Jerrold Finco PLC
9.75%, 09/15/18		GBP	250		419,725
Kerling PLC
10.63%, 02/01/17 (Call 06/01/15)a		EUR	600		689,979
Keystone Financing PLC
9.50%, 10/15/19 (Call 10/15/16)a		GBP	200		325,791
Lowell Group Financing PLC
10.75%, 04/01/19 (Call 05/11/15)a		GBP	200		331,938
Matalan Finance PLC
6.88%, 06/01/19 (Call 05/30/16)c		GBP	200		311,960
6.88%, 06/01/19 (Call 05/30/16)a		GBP	100		155,980
Merlin Entertainments PLC
2.75%, 03/15/22 (Call 12/15/21)a		EUR	400		445,979
Moy Park Bondco PLC
6.25%, 05/29/21 (Call 05/29/17)a		GBP	250		376,504
NBG Finance PLC
4.38%, 04/30/19a		EUR	600		416,845
New Look Bondco I PLC
8.75%, 05/14/18 (Call 05/14/15)a		GBP	400		643,161
Odeon & UCI Finco PLC
9.00%, 08/01/18 (Call 05/11/15)a		GBP	200		313,497
9.00%, 08/01/18 (Call 05/11/15)c		GBP	100		156,748
OTE PLC
3.50%, 07/09/20a		EUR	650		659,163
4.63%, 05/20/16		EUR	600		668,968
7.88%, 02/07/18a		EUR	550		635,562

Security	Principal (000s)			Value
Piraeus Group Finance PLC
5.00%, 03/27/17a		EUR	400	$	307,031
PPC Finance PLC
5.50%, 05/01/19 (Call 05/01/16)a		EUR	400		318,236
Premier Foods Finance PLC
6.50%, 03/15/21 (Call 03/15/17)c		GBP	150		218,134
6.50%, 03/15/21 (Call 03/15/17)a		GBP	100		145,423
Priory Group No. 3 PLC
7.00%, 02/15/18 (Call 06/01/15)c		GBP	199		317,380
R&R Ice Cream PLC
5.50%, 05/15/20 (Call 05/15/16)a		GBP	250		394,791
Rexam PLC
6.75%, 06/29/67 (Call 06/29/17)a,b		EUR	700		810,897
Royal Bank of Scotland Group PLC
3.63%, 03/25/24 (Call 03/25/19)a,b		EUR	900		1,050,146
Royal Bank of Scotland PLC (The)
4.35%, 01/23/17		EUR	650		765,768
4.63%, 09/22/21 (Call 09/22/16)b		EUR	800		925,574
6.93%, 04/09/18		EUR	1,650		2,117,544
10.50%, 03/16/22 (Call 03/16/17)a,b		EUR	500		651,320
Stonegate Pub Co. Financing PLC
5.75%, 04/15/19 (Call 04/15/16)c		GBP	100		155,212
5.75%, 04/15/19 (Call 04/15/16)a		GBP	100		155,212
TA MFG. Ltd.
3.63%, 04/15/23 (Call 04/15/18)a		EUR	100		111,950
Tesco Corporate Treasury Services PLC
1.38%, 07/01/19a		EUR	1,000		1,089,286
2.13%, 11/12/20 (Call 09/01/20)a		EUR	400		446,427
2.50%, 07/01/24a		EUR	650		715,247

SCHEDULES OF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Tesco PLC
3.38%, 11/02/18a		EUR	700	$	826,298
6.13%, 02/24/22		GBP	750		1,288,315
Thomas Cook Finance PLC
6.75%, 06/15/21 (Call 01/15/18)a		EUR	400		478,475
7.75%, 06/15/20 (Call 06/15/16)a		EUR	400		481,836
Thomas Cook Group PLC
7.75%, 06/22/17		GBP	250		412,041
Titan Global Finance PLC
4.25%, 07/10/19a		EUR	225		236,996
Towergate Finance PLC
10.50%, 02/15/19a,d		GBP	100		3,073
Travis Perkins PLC
4.38%, 09/15/21a		GBP	200		319,374
Twinkle Pizza PLC
6.63%, 08/01/21 (Call 08/01/17)a		GBP	450		731,301
Virgin Media Finance PLC
4.50%, 01/15/25 (Call 01/15/20)a		EUR	350		400,036
6.38%, 10/15/24 (Call 10/15/19)a		GBP	300		491,557
7.00%, 04/15/23 (Call 04/15/18)a		GBP	100		165,585
Virgin Media Secured Finance PLC
4.88%, 01/15/27 (Call 01/15/21)a		GBP	300		456,309
5.13%, 01/15/25 (Call 01/15/20)a		GBP	400		630,067
5.50%, 01/15/21		GBP	500		831,766
5.50%, 01/15/25 (Call 01/15/19)a		GBP	405		637,943
6.00%, 04/15/21 (Call 04/15/17)a		GBP	810		1,310,118
6.25%, 03/28/29 (Call 01/15/21)a		GBP	300		490,992
Vougeot Bidco PLC
7.88%, 07/15/20 (Call 07/15/16)a		GBP	200		329,264
William Hill PLC
7.13%, 11/11/16		GBP	200		328,111
					39,960,046

Security	Principal (000s)			Value
UNITED STATES — 2.01%
Allied Nevada Gold Corp.
8.75%, 06/01/19 (Call 06/01/16)c		CAD	275	$	56,782
Axalta Coating Systems U.S. Holdings Inc./Axalta Coating Systems Dutch Holding BV
5.75%, 02/01/21 (Call 02/01/16)a		EUR	200		238,139
Belden Inc.
5.50%, 04/15/23 (Call 04/15/18)a		EUR	400		479,595
Celanese U.S. Holdings LLC
3.25%, 10/15/19		EUR	200		233,915
Chesapeake Energy Corp.
6.25%, 01/15/17		EUR	300		358,015
Fiat Finance North America Inc.
5.63%, 06/12/17		EUR	550		660,895
Huntsman International LLC
4.25%, 04/01/25 (Call 01/01/25)a		EUR	200		221,309
5.13%, 04/15/21		EUR	400		476,234
IMS Health Inc.
4.13%, 04/01/23 (Call 04/01/18)a		EUR	250		280,838
Infor U.S. Inc.
5.75%, 05/15/22 (Call 05/15/18)a		EUR	200		228,592
Iron Mountain Inc.
6.75%, 10/15/18 (Call 05/14/15)		EUR	100		112,167
Jarden Corp.
3.75%, 10/01/21a		EUR	200		238,957
PSPC Escrow Corp.
6.00%, 02/01/23 (Call 02/01/18)a		EUR	300		349,611
VWR Funding Inc.
4.63%, 04/15/22 (Call 04/15/18)a		EUR	300		331,122
ZF North America Capital Inc.
2.25%, 04/26/19a		EUR	300		337,426
2.75%, 04/27/23a		EUR	400		443,738
					5,047,335
TOTAL CORPORATE BONDS & NOTES
(Cost: $265,152,335)					244,325,265

42 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL ex USD HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%f,g		123	$	122,747
				122,747
TOTAL SHORT-TERM INVESTMENTS
(Cost: $122,747)				122,747
TOTAL INVESTMENTS IN SECURITIES — 97.44%
(Cost: $265,275,082)				244,448,012
Other Assets, Less Liabilities — 2.56%				6,430,949
NET ASSETS — 100.00%			$	250,878,961

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

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

^d  Issuer is in default of interest payments.

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

^f  Affiliated issuer. See Note 2.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 43

Schedule of Investments (Unaudited)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
CORPORATE BONDS & NOTES — 96.30%
AUSTRALIA — 0.41%
FMG Resources August 2006 Pty Ltd.
6.88%, 02/01/18 (Call 06/01/15)a,b		USD	67	$	68,500
6.88%, 04/01/22 (Call 04/01/17)a,b		USD	100		77,000
8.25%, 11/01/19 (Call 11/01/15)a,b		USD	100		88,000
9.75%, 03/01/22 (Call 03/01/18)a		USD	25		25,875
Origin Energy Finance Ltd.
4.00%, 09/16/74 (Call 09/16/19)c,d		EUR	100		108,833
					368,208
AUSTRIA — 0.10%
Raiffeisen Bank International AG
4.50%, 02/21/25 (Call 02/21/20)c,d		EUR	100		93,286
					93,286
BELGIUM — 0.15%
Barry Callebaut Services NV
5.63%, 06/15/21c		EUR	100		136,371
					136,371
BERMUDA — 0.21%
Aircastle Ltd.
5.13%, 03/15/21b		USD	25		26,250
5.50%, 02/15/22b		USD	50		53,500
6.25%, 12/01/19		USD	50		55,312
6.75%, 04/15/17		USD	50		53,813
					188,875
CANADA — 4.30%
1011778 BC ULC/New Red Finance Inc.
6.00%, 04/01/22 (Call 10/01/17)a,b		USD	175		181,344
Air Canada
6.75%, 10/01/19 (Call 10/01/16)a		USD	50		53,438
7.63%, 10/01/19 (Call 10/01/16)a		CAD	50		44,272
7.75%, 04/15/21 a		USD	25		26,875

Security	Principal (000s)			Value
Armtec Holdings Ltd.
8.88%, 09/22/17 (Call 06/01/15)e		CAD	6	$	545
Athabasca Oil Corp.
7.50%, 11/19/17 (Call 06/01/15)c		CAD	50		37,152
Baytex Energy Corp.
6.63%, 07/19/22 (Call 07/19/17)		CAD	50		41,693
Bombardier Inc.
4.75%, 04/15/19a		USD	100		100,375
5.75%, 03/15/22a		USD	50		47,250
6.00%, 10/15/22 (Call 04/15/17)a,b		USD	75		71,399
6.13%, 05/15/21c		EUR	100		121,580
6.13%, 01/15/23a,b		USD	100		95,000
7.50%, 03/15/25 (Call 03/15/20)a		USD	150		148,500
7.75%, 03/15/20a,b		USD	50		53,120
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 12/15/15)a		USD	100		104,250
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 07/01/17)a,b		USD	25		25,688
Canadian Energy Services & Technology Corp.
7.38%, 04/17/20 (Call 04/17/17)		CAD	50		41,486
Cascades Inc.
5.50%, 07/15/21 (Call 07/15/17)a		CAD	25		20,743
Centric Health Corp.
8.63%, 04/18/18 (Call 04/18/16)		CAD	20		13,044
Corus Entertainment Inc.
4.25%, 02/11/20c		CAD	50		40,660
Gateway Casinos & Entertainment Ltd.
8.50%, 11/26/20 (Call 11/26/16)a		CAD	25		20,640
Great Canadian Gaming Corp.
6.63%, 07/25/22 (Call 07/25/17)a		CAD	50		43,034

44 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Harvest Operations Corp.
6.88%, 10/01/17		USD	40	$	37,098
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 10/01/17)a		USD	100		84,500
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/01/17)a		USD	75		78,750
7.88%, 11/01/22 (Call 11/01/18)a,b		USD	25		26,500
Mattamy Group Corp.
6.88%, 11/15/20 (Call 11/15/15)a		CAD	50		41,176
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)a		USD	100		97,500
6.50%, 03/15/21 (Call 06/01/15)a		USD	50		49,625
7.00%, 03/31/24 (Call 09/30/18)a		USD	75		74,250
Newalta Corp. Series 2
7.75%, 11/14/19 (Call 11/14/15)		CAD	22		19,003
NOVA Chemicals Corp.
5.00%, 05/01/25 (Call 01/31/25)a		USD	50		52,688
Novelis Inc.
8.38%, 12/15/17 (Call 06/01/15)		USD	100		104,000
8.75%, 12/15/20 (Call 12/15/15)		USD	150		160,500
NRL Energy Investments Ltd.
8.25%, 04/13/18 (Call 06/01/15)		CAD	25		15,686
Paramount Resources Ltd.
7.63%, 12/04/19 (Call 12/04/15)		CAD	50		42,415
8.25%, 12/13/17 (Call 06/01/15)		CAD	50		42,415
Postmedia Network Inc.
8.25%, 08/16/17 (Call 08/16/15)a		CAD	21		18,042

Security	Principal (000s)			Value
Precision Drilling Corp.
6.63%, 11/15/20 (Call 11/15/15)		USD	100	$	100,750
Quebecor Media Inc.
5.75%, 01/15/23		USD	50		51,750
6.63%, 01/15/23a		CAD	50		43,756
7.38%, 01/15/21 (Call 01/15/16)		CAD	50		43,963
Russel Metals Inc.
6.00%, 04/19/22 (Call 04/19/17)a		CAD	50		42,518
Superior Plus LP
6.50%, 12/09/21 (Call 12/09/17)		CAD	25		21,465
Tervita Corp.
8.00%, 11/15/18 (Call 11/15/15)a		USD	50		46,500
9.00%, 11/15/18 (Call 11/15/15)a		CAD	25		18,782
Ultra Petroleum Corp.
6.13%, 10/01/24 (Call 10/01/19)a		USD	100		88,000
Valeant Pharmaceuticals International Inc.
4.50%, 05/15/23 (Call 05/15/18)c		EUR	125		141,469
5.38%, 03/15/20 (Call 03/15/17)a		USD	200		205,125
5.50%, 03/01/23 (Call 03/01/18)a		USD	50		50,688
5.88%, 05/15/23 (Call 05/15/18)a		USD	75		76,969
6.13%, 04/15/25 (Call 04/15/20)a		USD	245		251,431
7.50%, 07/15/21 (Call 07/15/16)a		USD	150		162,563
Videotron Ltd.
5.00%, 07/15/22		USD	100		103,000
5.38%, 06/15/24 (Call 03/15/24)a		USD	50		52,000
5.63%, 06/15/25 (Call 03/15/25)		CAD	25		21,282
Whiting Canadian Holding Co. ULC
8.13%, 12/01/19 (Call 12/01/15)		USD	50		53,125

SCHEDULES OF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Yellow Pages Digital & Media Solutions Ltd.
9.25%, 11/30/18 (Call 06/01/15)a		CAD	45	$	39,105
					3,890,477
CAYMAN ISLANDS — 0.64%
Brakes Capital
7.13%, 12/15/18 (Call 12/15/15)c		GBP	100		156,364
Offshore Group Investment Ltd.
7.13%, 04/01/23 (Call 04/01/18)		USD	75		47,956
7.50%, 11/01/19 (Call 11/01/15)		USD	100		65,736
UPCB Finance II Ltd.
6.38%, 07/01/20 (Call 05/05/15)c		EUR	25		29,134
UPCB Finance V Ltd.
7.25%, 11/15/21 (Call 11/15/16)a		USD	150		163,125
Viridian Group FundCo II Ltd.
7.50%, 03/01/20 (Call 09/01/17)c		EUR	100		114,856
					577,171
DENMARK — 0.12%
TDC A/S
3.50%, 02/26/49 (Call 02/26/21)c,d		EUR	100		111,831
					111,831
FINLAND — 0.37%
Nokia OYJ
5.38%, 05/15/19b		USD	75		81,375
6.75%, 02/04/19c		EUR	100		133,612
Stora Enso OYJ
5.00%, 03/19/18c		EUR	100		123,343
					338,330
FRANCE — 3.83%
Areva SA
3.25%, 09/04/20c		EUR	100		113,474
3.50%, 03/22/21		EUR	100		113,638
4.88%, 09/23/24		EUR	100		120,954
CGG SA
5.88%, 05/15/20 (Call 05/15/17)c		EUR	100		107,573

Security	Principal (000s)			Value
CMA CGM SA
8.75%, 12/15/18 (Call 12/15/15)c		EUR	100	$	119,338
Credit Agricole SA
6.64%, 05/29/49 (Call 05/31/17)a,b,d		USD	100		106,125
8.38%, 10/29/49 (Call 10/13/19)a,d		USD	100		117,750
Crown European Holdings SA
4.00%, 07/15/22 (Call 04/15/22)c		EUR	100		119,619
Faurecia
9.38%, 12/15/16c		EUR	100		126,622
Groupama SA
7.88%, 10/27/39 (Call 10/27/19)d		EUR	50		64,011
Holding Medi-Partenaires SAS
7.00%, 05/15/20 (Call 05/15/16)c		EUR	100		118,638
Italcementi Finance SA
6.63%, 03/19/20 c,f		EUR	100		131,721
Labco SA
8.50%, 01/15/18 (Call 06/01/15)c		EUR	100		117,518
Lafarge SA
4.75%, 09/30/20c		EUR	100		132,612
6.50%, 07/15/16		USD	50		52,625
6.63%, 11/29/18c		EUR	100		129,704
6.75%, 12/16/19c		EUR	100		134,671
Loxam SAS
4.88%, 07/23/21 (Call 07/23/17)c		EUR	100		116,537
Nexans SA
5.75%, 05/02/17		EUR	50		60,650
Numericable-SFR SAS
4.88%, 05/15/19 (Call 05/15/16)a		USD	200		202,000
5.38%, 05/15/22 (Call 05/15/17)c		EUR	100		117,378
5.63%, 05/15/24 (Call 05/15/19)c		EUR	100		118,358
6.00%, 05/15/22 (Call 05/15/17)a,b		USD	200		204,500

46 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Peugeot SA
6.50%, 01/18/19c		EUR	100	$	130,756
7.38%, 03/06/18c		EUR	100		130,010
Rexel SA
5.13%, 06/15/20 (Call 06/15/16)c		EUR	100		119,899
SGD Group SAS
5.63%, 05/15/19 (Call 10/15/15)c		EUR	100		115,417
Societe Generale SA
5.92%, 12/31/49 (Call 04/05/17)a,d		USD	100		104,250
THOM Europe SAS
7.38%, 07/15/19 (Call 07/15/16)c		EUR	100		117,518
					3,463,866
GERMANY — 2.35%
Bayerische Landbank
5.75%, 10/23/17		EUR	100		122,265
Commerzbank AG
7.75%, 03/16/21		EUR	200		282,893
Deutsche Raststaetten Gruppe IV GmbH
6.75%, 12/30/20 (Call 12/30/16)c		EUR	100		122,420
Hapag-Lloyd AG
7.75%, 10/01/18 (Call 10/01/15)c		EUR	100		117,378
Heidelberger Druckmaschinen AG
9.25%, 04/15/18 (Call 06/01/15)c		EUR	42		48,991
Hornbach Baumarkt AG
3.88%, 02/15/20c		EUR	50		61,202
Norddeutsche Landesbank Girozentrale
6.00%, 06/29/20		EUR	50		67,317
Techem GmbH
6.13%, 10/01/19 (Call 10/01/15)c		EUR	100		118,778
ThyssenKrupp AG
1.75%, 11/25/20 (Call 08/25/20)c		EUR	75		83,747
2.50%, 02/25/25c		EUR	100		111,552
4.00%, 08/27/18		EUR	175		211,578
4.38%, 02/28/17		EUR	100		118,609

Security	Principal (000s)			Value
Trionista TopCo GmbH
6.88%, 04/30/21 (Call 04/30/16)c		EUR	100	$	121,019
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
4.00%, 01/15/25 (Call 01/15/20)c		EUR	100		115,137
5.50%, 09/15/22 (Call 09/15/17)c		EUR	90		108,665
Unitymedia KabelBW GmbH
3.75%, 01/15/27 (Call 01/15/21)c		EUR	100		108,974
6.13%, 01/15/25 (Call 01/15/20)a		USD	200		209,000
					2,129,525
IRELAND — 1.22%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
3.75%, 05/15/19a		USD	150		151,875
4.50%, 05/15/21a		USD	150		157,500
Allied Irish Banks PLC
2.75%, 04/16/19c		EUR	100		117,871
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 01/15/22 (Call 06/30/17)c		EUR	100		114,436
6.25%, 01/31/19 (Call 01/31/16)a		USD	200		203,500
Bank of Ireland
3.25%, 01/15/19c		EUR	100		120,003
4.25%, 06/11/24 (Call 06/11/19)c,d		EUR	100		115,697
Smurfit Kappa Acquisitions
4.13%, 01/30/20c		EUR	100		123,260
					1,104,142
ITALY — 4.06%
Astaldi SpA
7.13%, 12/01/20 (Call 12/01/16)c		EUR	100		120,319
Banca Monte dei Paschi di Siena SpA
3.63%, 04/01/19c		EUR	100		115,990
5.00%, 04/21/20c		EUR	100		115,137
Banca Popolare di Milano Scarl
7.13%, 03/01/21c		EUR	100		131,440

SCHEDULES OF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Banco Popolare SC
2.38%, 01/22/18c		EUR	100	$	114,005
3.50%, 03/14/19c		EUR	100		117,622
3.75%, 01/28/16c		EUR	100		114,173
6.00%, 11/05/20c		EUR	50		61,769
Buzzi Unicem SpA
5.13%, 12/09/16c		EUR	50		59,425
Enel SpA
5.00%, 01/15/75 (Call 01/15/20)c,d		EUR	100		121,159
6.50%, 01/10/74 (Call 01/10/19)c,d		EUR	100		125,221
Intesa Sanpaolo SpA
5.00%, 09/23/19c		EUR	100		125,953
6.63%, 09/13/23c		EUR	250		352,609
Mediobanca SpA Series 0000
5.75%, 04/18/23		EUR	100		132,007
TeamSystem Holding SpA
7.38%, 05/15/20 (Call 05/15/16)c		EUR	100		118,498
Telecom Italia SpA
4.00%, 01/21/20c		EUR	100		123,217
4.50%, 01/25/21c		EUR	100		126,988
4.75%, 05/25/18c		EUR	100		123,461
5.30%, 05/30/24a		USD	200		210,000
5.38%, 01/29/19c		EUR	100		127,428
6.13%, 12/14/18		EUR	100		130,037
6.38%, 06/24/19		GBP	50		85,219
7.00%, 01/20/17c		EUR	100		123,936
UniCredit SpA
5.75%, 10/28/25 (Call 10/28/20)c,d		EUR	100		124,953
6.70%, 06/05/18		EUR	50		63,871
6.95%, 10/31/22c		EUR	200		273,631
Unipol Gruppo Finanziario SpA
3.00%, 03/18/25c		EUR	115		126,634
Veneto Banca SCPA
4.00%, 01/20/17c		EUR	100		114,274
					3,678,976
JAPAN — 0.36%
SoftBank Corp.
4.50%, 04/15/20a		USD	200		205,500
4.63%, 04/15/20c		EUR	100		123,541
					329,041

Security	Principal (000s)			Value
JERSEY — 0.17%
AA Bond Co. Ltd.
5.50%, 07/31/43 (Call 07/31/18)c		GBP	100	$	155,980
					155,980
LIBERIA — 0.06%
Royal Caribbean Cruises Ltd.
5.25%, 11/15/22		USD	50		53,586
					53,586
LUXEMBOURG — 7.68%
Altice Financing SA
5.25%, 02/15/23 (Call 02/15/18)c		EUR	100		117,787
6.50%, 01/15/22 (Call 12/15/16)a		USD	200		204,750
Altice SA
6.25%, 02/15/25 (Call 02/15/20)c		EUR	100		112,335
7.25%, 05/15/22 (Call 05/15/17)c		EUR	100		115,977
7.63%, 02/15/25 (Call 02/15/20)a		USD	200		201,500
7.75%, 05/15/22 (Call 05/15/17)a		USD	225		227,531
ArcelorMittal
2.88%, 07/06/20c		EUR	100		112,222
5.25%, 02/25/17		USD	150		156,000
5.75%, 08/05/20		USD	100		105,000
5.88%, 11/17/17c		EUR	200		246,719
6.13%, 06/01/18		USD	100		106,750
6.25%, 03/01/21		USD	100		105,000
7.00%, 02/25/22b		USD	100		109,000
10.60%, 06/01/19		USD	100		120,250
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer Inc.
5.63%, 12/15/16 (Call 12/15/15)a		USD	25		25,188
6.00%, 06/15/17 (Call 06/15/16)a		USD	50		50,875
CHC Helicopter SA
9.25%, 10/15/20 (Call 10/15/15)b		USD	90		78,750

48 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Cirsa Funding Luxembourg SA
8.75%, 05/15/18 (Call 06/01/15)c		EUR	50	$	57,428
CNH Industrial Finance Europe SA
2.75%, 03/18/19c		EUR	100		114,352
2.88%, 09/27/21c		EUR	100		114,520
Dufry Finance SCA
4.50%, 07/15/22 (Call 07/15/17)c		EUR	100		118,498
Fiat Chrysler Finance Europe
4.75%, 03/22/21c		EUR	100		123,057
4.75%, 07/15/22c		EUR	100		124,183
6.63%, 03/15/18c		EUR	150		187,832
6.75%, 10/14/19c		EUR	100		130,814
7.00%, 03/23/17c		EUR	100		122,408
Finmeccanica SpA
4.50%, 01/19/21		EUR	100		125,533
FMC Finance VIII SA
5.25%, 07/31/19c		EUR	50		64,992
GCS Holdco Finance I SA
6.50%, 11/15/18 (Call 11/15/15)c		EUR	100		117,097
Gestamp Funding Luxembourg SA
5.88%, 05/31/20 (Call 05/31/16)c		EUR	100		118,218
HeidelbergCement Finance Luxembourg SA
3.25%, 10/21/21c		EUR	150		187,832
8.50%, 10/31/19c		EUR	100		146,673
INEOS Group Holdings SA
6.50%, 08/15/18 (Call 06/01/15)c		EUR	100		115,977
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)		USD	145		138,837
6.63%, 12/15/22 (Call 12/15/17)		USD	100		98,750
7.25%, 04/01/19 (Call 06/01/15)		USD	100		103,750
7.25%, 10/15/20 (Call 10/15/15)		USD	100		103,137
7.50%, 04/01/21 (Call 04/01/16)		USD	100		103,875

Security	Principal (000s)			Value
Intelsat Luxembourg SA
6.75%, 06/01/18 (Call 06/01/15)b		USD	50	$	50,219
7.75%, 06/01/21 (Call 06/01/17)b		USD	150		138,375
8.13%, 06/01/23 (Call 06/01/18)b		USD	100		91,531
Intralot Finance Luxembourg SA
9.75%, 08/15/18 (Call 08/15/16)c		EUR	100		113,736
KION Finance SA
6.75%, 02/15/20 (Call 02/15/16)c		EUR	100		119,759
Mallinckrodt International Finance SA
4.75%, 04/15/23		USD	50		47,875
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 04/15/17)a		USD	50		50,813
5.50%, 04/15/25 (Call 04/15/20)a		USD	50		51,250
5.75%, 08/01/22 (Call 08/01/17)a,b		USD	50		51,875
Millicom International Cellular SA
6.63%, 10/15/21 (Call 10/15/17)a,b		USD	200		211,500
Nielsen Co. Luxembourg Sarl (The)
5.50%, 10/01/21 (Call 10/01/16)a,b		USD	50		51,438
Pacific Drilling SA
5.38%, 06/01/20 (Call 06/01/16)a		USD	100		85,248
Telecom Italia Capital SA
7.00%, 06/04/18			100		111,500
Telenet Finance V Luxembourg SCA
6.25%, 08/15/22 (Call 08/15/17)c		EUR	100		121,440
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
8.75%, 02/01/19 (Call 05/13/15)b		USD	118		125,375
Wind Acquisition Finance SA
4.00%, 07/15/20 (Call 07/15/16)c		EUR	250		283,989

SCHEDULES OF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
7.00%, 04/23/21 (Call 04/23/17)c		EUR	100	$	119,759
7.38%, 04/23/21 (Call 04/23/17)a		USD	400		409,000
					6,948,079
MARSHALL ISLAND — 0.05%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 01/15/17)a		USD	50		46,000
					46,000
NETHERLANDS — 2.38%
Fiat Chrysler Automobiles NV
5.25%, 04/15/23a		USD	200		201,710
Fresenius Finance BV
4.00%, 02/01/24c		EUR	100		132,102
General Motors Financial International BV
0.85%, 02/23/18c		EUR	100		111,271
Grupo Isolux Corsan Finance BV
6.63%, 04/15/21 (Call 04/15/17)c		EUR	100		96,367
Hertz Holdings Netherlands BV
4.38%, 01/15/19c		EUR	100		113,736
LGE HoldCo VI BV
7.13%, 05/15/24 (Call 05/15/19)c		EUR	100		126,342
NXP BV/NXP Funding LLC
3.75%, 06/01/18a		USD	200		205,250
OI European Group BV
6.75%, 09/15/20c		EUR	100		134,186
Phoenix PIB Dutch Finance BV
3.13%, 05/27/20c		EUR	100		117,321
Samvardhana Motherson Automotive Systems Group BV
4.13%, 07/15/21 (Call 07/15/17)c		EUR	100		114,856
Schaeffler Finance BV
3.25%, 05/15/19 (Call 05/15/16)c		EUR	100		114,296
4.75%, 05/15/21 (Call 05/15/16)a		USD	200		204,500
Selecta Group BV
6.50%, 06/15/20 (Call 12/15/16)c		EUR	100		113,456

Security	Principal (000s)			Value
Sensata Technologies BV
4.88%, 10/15/23a		USD	25	$	26,000
5.00%, 10/01/25a		USD	50		51,500
5.63%, 11/01/24a,b		USD	50		53,750
UPC Holding BV
6.75%, 03/15/23 (Call 03/15/18)c		EUR	100		122,980
Ziggo Secured Finance BV
3.75%, 01/15/25 (Call 01/15/20)c		EUR	100		113,456
					2,153,079
NORWAY — 0.16%
Lock AS
7.00%, 08/15/21 (Call 08/15/17)c		EUR	100		121,580
Norske Skog Holding AS
8.00%, 02/24/21 (Call 02/24/18)c		EUR	31		23,774
					145,354
PORTUGAL — 0.25%
Novo Banco SA
2.63%, 05/08/17c		EUR	100		109,435
5.88%, 11/09/15c		EUR	100		112,559
					221,994
SINGAPORE — 0.12%
Flextronics International Ltd.
4.63%, 02/15/20		USD	100		104,000
					104,000
SPAIN — 1.20%
Abengoa Finance SAU
8.88%, 11/01/17a,b		USD	150		156,000
Abengoa Greenfield SA
5.50%, 10/01/19c		EUR	100		102,536
Banco de Sabadell SA
6.25%, 04/26/20		EUR	50		64,712
Bankia SA
4.00%, 05/22/24 (Call 05/22/19)c,d		EUR	100		111,775
4.38%, 02/14/17		EUR	100		119,100
Bankinter SA
6.38%, 09/11/19		EUR	50		65,564

50 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
BBVA International Preferred SAU
5.92%, 04/29/49 (Call 04/18/17)d		USD	50	$	51,625
BPE Financiaciones SA
2.88%, 05/19/16		EUR	100		114,167
CaixaBank SA
5.00%, 11/14/23 (Call 11/14/18)c,d		EUR	100		120,646
Mapfre SA
5.92%, 07/24/37 (Call 07/24/17)d		EUR	50		60,230
Obrascon Huarte Lain SA
7.63%, 03/15/20 (Call 03/15/16)c		EUR	100		118,918
					1,085,273
SWEDEN — 0.26%
Verisure Holding AB
8.75%, 09/01/18 (Call 06/01/15)c		EUR	100		118,778
Volvo Treasury AB
4.20%, 06/10/75 (Call 06/10/20)c,d		EUR	100		115,282
					234,060
UNITED KINGDOM — 6.19%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 10/15/15)a,b		USD	200		194,500
Arqiva Broadcast Finance PLC
9.50%, 03/31/20 (Call 03/31/16)c		GBP	100		170,964
Boparan Finance PLC
4.38%, 07/15/21 (Call 07/15/17)c		EUR	100		102,530
British Airways PLC
8.75%, 08/23/16		GBP	50		83,003
Co-Operative Bank PLC/United Kingdom
5.13%, 09/20/17		GBP	50		75,109
EC Finance PLC
5.13%, 07/15/21 (Call 01/15/17)c		EUR	100		117,896
Eco-Bat Finance PLC
7.75%, 02/15/17 (Call 06/01/15)c		EUR	100		112,055

Security	Principal (000s)			Value
ERB Hellas PLC
4.25%, 06/26/18c		EUR	100	$	69,332
Gala Group Finance PLC
8.88%, 09/01/18 (Call 06/01/15)c		GBP	90		144,531
Ineos Finance PLC
7.50%, 05/01/20 (Call 05/06/15)a		USD	200		211,200
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/15/17)a,b		USD	100		100,500
International Game Technology PLC
4.75%, 02/15/23 (Call 08/15/22)c		EUR	100		113,624
6.25%, 02/15/22 (Call 08/15/21)a,b		USD	250		246,250
Iron Mountain Europe PLC
6.13%, 09/15/22 (Call 09/15/17)c		GBP	100		161,758
Jaguar Land Rover Automotive PLC
3.88%, 03/01/23c		GBP	100		152,138
Kerling PLC
10.63%, 02/01/17 (Call 06/01/15)c		EUR	50		57,498
Matalan Finance PLC
6.88%, 06/01/19 (Call 05/30/16)a		GBP	100		155,980
Odeon & UCI Finco PLC
9.00%, 08/01/18 (Call 05/11/15)c		GBP	100		156,749
OTE PLC
3.50%, 07/09/20 c		EUR	100		101,410
Piraeus Group Finance PLC
5.00%, 03/27/17c		EUR	100		76,758
PPC Finance PLC
5.50%, 05/01/19 (Call 05/01/16)c		EUR	100		79,559
Priory Group No. 3 PLC
7.00%, 02/15/18 (Call 06/01/15)a		GBP	61		97,655
Rexam PLC
6.75%, 06/29/67 (Call 06/29/17)c,d		EUR	50		57,921

SCHEDULES OF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Royal Bank of Scotland Group PLC
3.63%, 03/25/24 (Call 03/25/19)c,d		EUR	100	$	116,683
5.13%, 05/28/24		USD	200		206,410
6.00%, 12/19/23		USD	100		109,813
6.10%, 06/10/23		USD	75		82,550
6.13%, 12/15/22		USD	200		223,051
Royal Bank of Scotland PLC (The)
4.35%, 01/23/17		EUR	100		117,810
4.63%, 09/22/21 (Call 09/22/16)d		EUR	100		115,697
6.93%, 04/09/18		EUR	100		128,336
Tesco Corporate Treasury Services PLC
1.38%, 07/01/19c		EUR	100		108,929
2.50%, 07/01/24c		EUR	100		110,038
Tesco PLC
6.13%, 02/24/22		GBP	100		171,775
Thomas Cook Finance PLC
7.75%, 06/15/20 (Call 06/15/16)c		EUR	100		120,459
Tullow Oil PLC
6.00%, 11/01/20 (Call 11/01/16)a		USD	200		184,000
Twinkle Pizza PLC
6.63%, 08/01/21 (Call 08/01/17)c		GBP	100		162,511
Virgin Media Finance PLC
4.50%, 01/15/25 (Call 01/15/20)c		EUR	100		114,296
Virgin Media Secured Finance PLC
5.13%, 01/15/25 (Call 01/15/20)c		GBP	100		157,517
5.25%, 01/15/26 (Call 01/15/20)a		USD	200		199,000
5.38%, 04/15/21 (Call 04/15/17)a		USD	180		188,550
5.50%, 01/15/25 (Call 01/15/19)c		GBP	90		141,765
					5,598,110
UNITED STATES — 59.66%
Activision Blizzard Inc.
5.63%, 09/15/21 (Call 09/15/16)a		USD	125		133,437

Security	Principal (000s)			Value
6.13%, 09/15/23 (Call 09/15/18)a		USD	50	$	55,125
ADT Corp. (The)
2.25%, 07/15/17		USD	50		49,813
3.50%, 07/15/22		USD	75		70,687
4.13%, 04/15/19b		USD	25		25,490
4.13%, 06/15/23b		USD	50		47,750
6.25%, 10/15/21b		USD	100		107,852
Advanced Micro Devices Inc.
6.75%, 03/01/19		USD	50		43,500
7.00%, 07/01/24 (Call 07/01/19)		USD	25		19,313
7.50%, 08/15/22		USD	50		40,875
7.75%, 08/01/20 (Call 08/01/15)b		USD	50		40,750
AECOM
5.75%, 10/15/22 (Call 10/15/17)a		USD	25		25,813
5.88%, 10/15/24 (Call 07/15/24)a		USD	100		104,000
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)b		USD	100		97,937
7.38%, 07/01/21 (Call 06/01/21)		USD	100		112,250
Affinion Group Inc.
7.88%, 12/15/18 (Call 06/01/15)b		USD	50		31,250
AK Steel Corp.
7.63%, 05/15/20 (Call 06/01/15)b		USD	40		34,400
7.63%, 10/01/21 (Call 10/01/17)		USD	50		40,750
Albertsons Holdings LLC/Saturn Acquisition Merger Sub Inc.
7.75%, 10/15/22 (Call 10/15/17)a,b		USD	75		81,375
Alcatel-Lucent USA Inc.
6.75%, 11/15/20 (Call 11/15/16)a		USD	200		215,750
Alcoa Inc.
5.13%, 10/01/24 (Call 07/01/24)		USD	100		107,000
5.40%, 04/15/21 (Call 01/15/21)		USD	125		136,562

52 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
6.15%, 08/15/20		USD	100	$	113,000
6.75%, 07/15/18		USD	50		56,500
Alere Inc.
7.25%, 07/01/18 (Call 12/15/15)		USD	50		53,063
8.63%, 10/01/18 (Call 06/01/15)		USD	50		51,813
Aleris International Inc.
7.63%, 02/15/18 (Call 06/01/15)		USD	50		51,625
7.88%, 11/01/20 (Call 11/01/15)		USD	50		51,750
Allegheny Technologies Inc.
6.38%, 08/15/23 (Call 05/15/23)		USD	100		105,665
Ally Financial Inc.
3.50%, 07/18/16		USD	150		151,969
3.50%, 01/27/19		USD	100		99,750
3.75%, 11/18/19		USD	100		99,750
4.13%, 03/30/20		USD	50		50,250
4.13%, 02/13/22		USD	50		49,125
4.75%, 09/10/18		USD	100		104,000
5.13%, 09/30/24		USD	75		77,625
5.50%, 02/15/17		USD	100		104,625
6.25%, 12/01/17		USD	100		107,250
7.50%, 09/15/20		USD	100		116,750
8.00%, 03/15/20		USD	100		118,750
Alpha Natural Resources Inc.
6.25%, 06/01/21 (Call 06/01/16)		USD	75		14,438
7.50%, 08/01/20 (Call 08/01/16)a,b		USD	50		18,375
9.75%, 04/15/18		USD	50		17,000
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)		USD	100		101,750
American Airlines Group Inc.
5.50%, 10/01/19a		USD	100		103,250
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 03/15/16)b		USD	50		52,625
6.63%, 10/15/22 (Call 10/15/17)		USD	50		53,375

Security	Principal (000s)			Value
American Energy-Permian Basin LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 01/31/17)a		USD	100	$	73,750
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/20 (Call 05/20/16)		USD	50		52,875
7.00%, 05/20/22 (Call 05/20/17)		USD	100		107,750
Amkor Technology Inc.
6.38%, 10/01/22 (Call 10/01/16)b		USD	50		51,375
6.63%, 06/01/21 (Call 06/01/15)		USD	25		25,750
Amsurg Corp.
5.63%, 07/15/22 (Call 07/15/17)		USD	100		101,625
Antero Resources Corp.
5.13%, 12/01/22 (Call 06/01/17)		USD	50		50,000
5.38%, 11/01/21 (Call 11/01/16)		USD	100		100,736
5.63%, 06/01/23 (Call 06/01/18)a		USD	50		51,125
6.00%, 12/01/20 (Call 12/01/15)		USD	50		51,125
APX Group Inc.
6.38%, 12/01/19 (Call 12/01/15)		USD	50		49,750
8.75%, 12/01/20 (Call 12/01/15)b		USD	75		69,187
Aramark Services Inc.
5.75%, 03/15/20 (Call 06/01/15)		USD	100		104,564
ARC Properties Operating Partnership LP
4.60%, 02/06/24 (Call 11/06/23)		USD	50		49,063
Arch Coal Inc.
7.25%, 06/15/21 (Call 06/15/16)		USD	150		32,250
Argos Merger Sub Inc.
7.13%, 03/15/23 (Call 03/15/18)a		USD	85		89,037

SCHEDULES OF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Ashland Inc.
3.88%, 04/15/18 (Call 03/15/18)		USD	50	$	51,688
4.75%, 08/15/22 (Call 05/15/22)b		USD	100		102,750
Ashtead Capital Inc.
5.63%, 10/01/24 (Call 10/01/19)a		USD	200		210,000
Audatex North America Inc.
6.00%, 06/15/21 (Call 06/15/17)a		USD	125		129,375
6.13%, 11/01/23 (Call 11/01/18)a		USD	40		41,800
Avaya Inc.
7.00%, 04/01/19 (Call 06/01/15)a		USD	50		49,875
10.50%, 03/01/21 (Call 03/01/17)a,b		USD	100		87,500
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 06/01/17)a		USD	25		25,313
Avon Products Inc.
5.75%, 03/15/23		USD	50		45,397
Axiall Corp.
4.88%, 05/15/23 (Call 05/15/18)b		USD	50		50,375
Ball Corp.
4.00%, 11/15/23		USD	75		73,219
5.00%, 03/15/22b		USD	50		52,125
Belden Inc.
5.50%, 04/15/23 (Call 04/15/18)c		EUR	100		119,899
Berry Petroleum Co. LLC
6.38%, 09/15/22 (Call 03/15/17)		USD	50		41,125
Berry Plastics Corp.
5.50%, 05/15/22 (Call 05/15/17)		USD	50		51,750
Best Buy Co. Inc.
5.50%, 03/15/21 (Call 12/15/20)		USD	50		53,000
Biomet Inc.
6.50%, 08/01/20 (Call 08/01/15)		USD	125		132,187

Security	Principal (000s)			Value
BlueLine Rental Finance Corp.
7.00%, 02/01/19 (Call 02/01/16)a		USD	50	$	51,500
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 07/15/16)a		USD	125		115,000
Boyd Gaming Corp.
9.13%, 12/01/18 (Call 06/01/15)		USD	25		26,125
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
7.88%, 04/15/22 (Call 01/15/17)		USD	75		61,060
Building Materials Corp. of America
5.38%, 11/15/24 (Call 11/15/19)a		USD	75		76,875
6.75%, 05/01/21 (Call 05/01/16)a		USD	100		106,250
Cablevision Systems Corp.
5.88%, 09/15/22		USD	50		52,688
7.75%, 04/15/18		USD	50		56,000
8.00%, 04/15/20		USD	75		86,062
8.63%, 09/15/17		USD	50		56,375
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties
8.00%, 10/01/20 (Call 10/01/16)		USD	50		50,000
11.00%, 10/01/21 (Call 10/01/16)b		USD	100		89,250
California Resources Corp.
5.50%, 09/15/21 (Call 06/15/21)b		USD	200		189,000
6.00%, 11/15/24 b		USD	175		164,937
Calpine Corp.
5.38%, 01/15/23 (Call 10/15/18)b		USD	200		202,250
5.75%, 01/15/25 (Call 10/15/19)b		USD	100		100,500
5.88%, 01/15/24 (Call 11/01/18)a		USD	25		26,750
6.00%, 01/15/22 (Call 11/01/16)a		USD	25		26,563
7.88%, 01/15/23 (Call 01/15/17)a		USD	100		110,250

54 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 04/15/17)a		USD	75	$	74,437
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)		USD	80		81,584
Case New Holland Industrial Inc.
7.88%, 12/01/17		USD	100		110,750
CBRE Services Inc.
5.00%, 03/15/23 (Call 03/15/18)		USD	50		52,000
5.25%, 03/15/25 (Call 12/15/24)		USD	50		54,000
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)		USD	100		99,000
5.13%, 05/01/23 (Call 05/01/18)a		USD	50		49,500
5.25%, 09/30/22 (Call 09/30/17)		USD	100		99,500
5.38%, 05/01/25 (Call 05/01/20)a		USD	50		49,125
5.75%, 09/01/23 (Call 03/01/18)		USD	50		50,750
5.75%, 01/15/24 (Call 07/15/18)b		USD	100		101,250
5.88%, 05/01/27 (Call 05/01/21)a		USD	50		49,250
6.50%, 04/30/21 (Call 06/01/15)b		USD	150		156,750
6.63%, 01/31/22 (Call 01/31/17)		USD	50		53,313
7.00%, 01/15/19 (Call 06/01/15)		USD	100		103,875
7.38%, 06/01/20 (Call 12/01/15)		USD	50		53,000
CDW LLC/CDW Finance Corp.
5.50%, 12/01/24 (Call 06/01/24)		USD	50		53,188
6.00%, 08/15/22 (Call 08/15/17)		USD	50		54,000

Security	Principal (000s)			Value
CenturyLink Inc.
Series V
5.63%, 04/01/20		USD	100	$	105,250
5.63%, 04/01/25 (Call 01/01/25)a		USD	50		49,750
5.80%, 03/15/22		USD	100		103,750
6.00%, 04/01/17		USD	100		106,750
6.45%, 06/15/21		USD	100		107,750
Series W
6.75%, 12/01/23b		USD	50		54,250
Cenveo Corp.
6.00%, 08/01/19 (Call 02/01/19)a		USD	50		46,500
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 06/15/16)a		USD	75		75,562
6.38%, 09/15/20 (Call 09/15/15)a		USD	100		105,500
Chaparral Energy Inc.
7.63%, 11/15/22 (Call 05/15/17)		USD	75		59,063
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 04/15/17)		USD	100		92,750
5.38%, 06/15/21 (Call 06/15/16)b		USD	50		48,220
5.75%, 03/15/23b		USD	100		98,250
6.13%, 02/15/21		USD	100		100,875
6.25%, 01/15/17		EUR	50		59,669
6.50%, 08/15/17		USD	50		53,136
6.63%, 08/15/20b		USD	100		103,298
7.25%, 12/15/18		USD	100		107,000
CHS/Community Health Systems Inc.
5.13%, 08/15/18 (Call 08/15/15)		USD	100		103,000
5.13%, 08/01/21 (Call 02/01/17)		USD	75		77,719
6.88%, 02/01/22 (Call 02/01/18)(b)		USD	225		239,625
7.13%, 07/15/20 (Call 07/15/16)		USD	100		106,875
8.00%, 11/15/19 (Call 11/15/15)		USD	150		159,562

SCHEDULES OF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Cimarex Energy Co.
4.38%, 06/01/24 (Call 03/01/24)		USD	100	$	101,354
Cincinnati Bell Inc.
8.38%, 10/15/20 (Call 10/15/15)		USD	81		86,062
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)		USD	50		50,375
5.13%, 12/15/22 (Call 12/15/17)		USD	50		51,685
CIT Group Inc.
3.88%, 02/19/19		USD	100		99,375
4.25%, 08/15/17		USD	100		101,875
5.00%, 05/15/17b		USD	100		103,500
5.00%, 08/15/22		USD	100		102,812
5.00%, 08/01/23b		USD	50		51,469
5.25%, 03/15/18		USD	150		155,812
5.38%, 05/15/20		USD	75		79,125
5.50%, 02/15/19a,b		USD	100		104,530
6.63%, 04/01/18a		USD	100		107,250
Citgo Holding Inc.
10.75%, 02/15/20a		USD	100		105,750
Claire’s Stores Inc.
8.88%, 03/15/19 (Call 06/01/15)b		USD	25		12,875
9.00%, 03/15/19 (Call 06/01/15)a		USD	100		89,250
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/16)		USD	50		51,125
5.25%, 08/01/20 (Call 08/01/16)		USD	50		51,500
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)			200		210,750
Series B
7.63%, 03/15/20 (Call 06/01/15)b		USD	175		183,750
Cliffs Natural Resources Inc.
5.95%, 01/15/18b		USD	50		40,750
7.75%, 03/31/20 (Call 03/31/17)a,b		USD	82		59,040

Security	Principal (000s)			Value
8.25%, 03/31/20 (Call 03/31/18)a		USD	50	$	48,938
CNH Industrial Capital LLC
3.25%, 02/01/17		USD	100		100,000
3.63%, 04/15/18		USD	100		100,500
Commercial Metals Co.
7.35%, 08/15/18b		USD	100		108,500
CommScope Inc.
5.00%, 06/15/21 (Call 06/15/17)a		USD	75		74,812
5.50%, 06/15/24 (Call 06/15/19)a		USD	50		50,250
Communications Sales & Leasing Inc.
6.00%, 04/15/23 (Call 04/15/18)a		USD	25		25,125
8.25%, 10/15/23 (Call 04/15/19)a		USD	75		76,875
Comstock Resources Inc.
10.00%, 03/15/20 (Call 03/15/16)a		USD	50		49,000
Concho Resources Inc.
5.50%, 10/01/22 (Call 10/01/17)		USD	50		51,200
5.50%, 04/01/23 (Call 10/01/17)b		USD	100		101,875
6.50%, 01/15/22 (Call 01/15/17)		USD	100		105,436
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 04/15/17)		USD	150		138,000
8.00%, 04/01/23 (Call 04/01/18)a		USD	25		25,375
Constellation Brands Inc.
4.25%, 05/01/23		USD	50		51,625
4.75%, 11/15/24		USD	50		53,188
6.00%, 05/01/22b		USD	100		114,375
7.25%, 05/15/17		USD	100		110,250
Cott Beverages Inc.
6.75%, 01/01/20 (Call 01/01/17)a		USD	100		104,130
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)		USD	75		77,437

56 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.13%, 03/01/22 (Call 11/01/16)		USD	75	$	76,969
6.25%, 04/01/23 (Call 04/01/18)a,b		USD	50		51,625
Crimson Merger Sub Inc.
6.63%, 05/15/22 (Call 05/15/17)a,b		USD	100		88,625
Crown Americas LLC/Crown Americas Capital Corp. III
6.25%, 02/01/21 (Call 02/01/16)		USD	50		52,750
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23		USD	50		50,500
Crown Castle International Corp.
4.88%, 04/15/22		USD	50		51,875
5.25%, 01/15/23		USD	150		158,625
CSC Holdings LLC
5.25%, 06/01/24a		USD	50		51,938
6.75%, 11/15/21		USD	100		112,750
8.63%, 02/15/19		USD	50		58,031
Dana Holding Corp.
5.38%, 09/15/21 (Call 09/15/16)		USD	50		51,875
5.50%, 12/15/24 (Call 12/15/19)		USD	50		51,375
DaVita HealthCare Partners Inc.
5.00%, 05/01/25 (Call 05/01/20)		USD	45		45,056
5.13%, 07/15/24 (Call 07/15/19)b		USD	125		127,969
5.75%, 08/15/22 (Call 08/15/17)		USD	50		53,125
DCP Midstream LLC
5.85%, 05/21/43 (Call 05/21/23)a,d		USD	50		38,000
Dell Inc.
5.65%, 04/15/18		USD	50		53,813
5.88%, 06/15/19		USD	50		54,438
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		USD	100		89,983
5.50%, 05/01/22 (Call 05/01/17)		USD	100		95,250

Security	Principal (000s)			Value
DISH DBS Corp.
4.25%, 04/01/18		USD	100	$	101,500
4.63%, 07/15/17		USD	100		103,000
5.00%, 03/15/23		USD	125		118,750
5.13%, 05/01/20		USD	100		101,000
5.88%, 07/15/22b		USD	150		151,125
5.88%, 11/15/24		USD	100		98,250
6.75%, 06/01/21		USD	150		159,187
7.88%, 09/01/19		USD	100		112,500
DJO Finance LLC/DJO Finance Corp.
9.88%, 04/15/18 (Call 05/16/15)		USD	50		52,500
DPL Inc.
6.50%, 10/15/16 (Call 09/15/16)		USD	27		28,350
7.25%, 10/15/21 (Call 07/15/21)		USD	100		108,007
DR Horton Inc.
3.63%, 02/15/18 (Call 11/15/17)		USD	100		102,500
4.00%, 02/15/20		USD	50		50,688
Dynegy Inc.
6.75%, 11/01/19 (Call 05/01/17)a		USD	150		157,125
7.38%, 11/01/22 (Call 11/01/18)a		USD	100		106,500
7.63%, 11/01/24 (Call 11/01/19)a		USD	150		161,250
E*TRADE Financial Corp.
5.38%, 11/15/22 (Call 11/15/17)		USD	30		31,800
Eagle Spinco Inc.
4.63%, 02/15/21 (Call 02/15/18)		USD	50		50,625
Endo Finance LLC
5.75%, 01/15/22 (Call 01/15/17)a		USD	75		76,031
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 07/15/17)a		USD	25		24,750
Endo Finance LLC/Endo Ltd./Endo Finco Inc.
6.00%, 02/01/25 (Call 02/01/20)a		USD	200		205,500

SCHEDULES OF INVESTMENTS 57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Energy Transfer Equity LP
5.88%, 01/15/24 (Call 10/15/23)		USD	75	$	79,125
7.50%, 10/15/20		USD	100		112,750
Energy XXI Gulf Coast Inc.
6.88%, 03/15/24 (Call 03/15/19)a,b		USD	25		9,813
7.50%, 12/15/21 (Call 12/15/16)		USD	55		22,688
9.25%, 12/15/17 (Call 06/01/15)b		USD	100		74,437
11.00%, 03/15/20 (Call 09/15/17)a		USD	100		95,625
EP Energy LLC/Everest Acquisition Finance Inc.
6.88%, 05/01/19 (Call 06/01/15)		USD	50		51,629
9.38%, 05/01/20 (Call 05/01/16)		USD	150		160,718
Equinix Inc.
4.88%, 04/01/20 (Call 04/01/17)		USD	25		25,844
5.38%, 01/01/22 (Call 01/01/18)		USD	80		83,200
5.38%, 04/01/23 (Call 04/01/18)		USD	50		51,750
5.75%, 01/01/25 (Call 01/01/20)		USD	50		52,375
Evolution Escrow Issuer LLC
7.50%, 03/15/22 (Call 03/15/18)a,b		USD	50		50,625
EXCO Resources Inc.
8.50%, 04/15/22 (Call 04/15/17)		USD	75		44,624
Family Tree Escrow LLC
5.25%, 03/01/20 (Call 03/01/17)a		USD	50		52,375
5.75%, 03/01/23 (Call 03/01/18)a		USD	235		247,044
FCA U.S. LLC/CG Co-Issuer Inc.
8.00%, 06/15/19 (Call 05/14/15)		USD	200		209,250
8.25%, 06/15/21 (Call 06/15/16)		USD	250		276,250

Security	Principal (000s)			Value
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)		USD	50	$	52,125
6.75%, 06/01/19 (Call 06/01/15)		USD	50		51,813
Ferrellgas LP/Ferrellgas Finance Corp.
6.75%, 01/15/22 (Call 11/15/16)b		USD	75		76,969
Fiat Finance North America Inc.
5.63%, 06/12/17		EUR	100		120,163
Fifth Third Bancorp
5.10%, 12/29/49 (Call 06/30/23)d		USD	50		47,500
First Data Corp.
6.75%, 11/01/20 (Call 11/01/15)a		USD	197		210,297
8.25%, 01/15/21 (Call 01/15/16)a		USD	150		159,796
8.88%, 08/15/20 (Call 08/15/15)a		USD	50		52,938
10.63%, 06/15/21 (Call 04/15/16)		USD	33		37,455
11.25%, 01/15/21 (Call 01/15/16)		USD	33		37,249
11.75%, 08/15/21 (Call 05/15/16)		USD	131		150,978
12.63%, 01/15/21 (Call 01/15/16)		USD	250		294,687
FirstEnergy Corp.
Series A
2.75%, 03/15/18 (Call 02/15/18)		USD	100		101,997
Series B
4.25%, 03/15/23 (Call 12/15/22)		USD	50		51,901
FirstEnergy Transmission LLC
4.35%, 01/15/25 (Call 10/15/24)a		USD	50		52,703
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (Call 05/01/16)a		USD	100		99,500
Freescale Semiconductor Inc.
5.00%, 05/15/21 (Call 05/15/16)a		USD	50		52,563

58 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
6.00%, 01/15/22 (Call 11/15/16)a		USD	100	$	108,250
10.75%, 08/01/20 (Call 08/01/15)		USD	43		46,333
Fresenius Medical Care U.S. Finance II Inc.
4.75%, 10/15/24 (Call 07/17/24)a		USD	50		52,250
5.63%, 07/31/19 a,b		USD	100		109,250
Fresenius Medical Care U.S. Finance Inc.
5.75%, 02/15/21a		USD	100		109,500
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)		USD	50		49,500
6.88%, 01/15/25 (Call 10/15/24)		USD	50		48,313
7.13%, 01/15/23		USD	100		100,000
7.63%, 04/15/24		USD	50		51,000
8.25%, 04/15/17b		USD	100		110,000
8.50%, 04/15/20		USD	100		110,875
8.75%, 04/15/22		USD	50		54,875
Gannett Co. Inc.
5.13%, 10/15/19 (Call 10/15/16)		USD	50		52,500
6.38%, 10/15/23 (Call 10/15/18)		USD	100		108,250
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 07/15/17)a		USD	75		69,937
General Motors Co.
3.50%, 10/02/18		USD	75		77,062
4.00%, 04/01/25		USD	50		50,345
General Motors Financial Co. Inc.
2.75%, 05/15/16		USD	100		101,360
3.15%, 01/15/20 (Call 12/15/19)		USD	100		100,623
3.25%, 05/15/18		USD	100		102,310
4.00%, 01/15/25 (Call 10/15/24)		USD	75		75,439
4.25%, 05/15/23b		USD	105		108,831
4.38%, 09/25/21		USD	100		105,490
4.75%, 08/15/17		USD	250		264,097
GenOn Energy Inc.
9.50%, 10/15/18		USD	100		103,750

Security	Principal (000s)			Value
9.88%, 10/15/20 (Call 10/15/15)		USD	50	$	51,375
Genworth Holdings Inc.
4.80%, 02/15/24		USD	100		86,411
7.63%, 09/24/21		USD	150		160,044
GLP Capital LP/GLP Financing II Inc.
4.88%, 11/01/20 (Call 08/01/20)		USD	25		25,625
5.38%, 11/01/23 (Call 08/01/23)		USD	100		104,000
Goodyear Tire & Rubber Co. (The)
6.50%, 03/01/21 (Call 03/01/16)		USD	100		106,000
7.00%, 05/15/22 (Call 05/15/17)		USD	50		54,625
8.25%, 08/15/20 (Call 08/15/15)		USD	100		105,625
Halcon Resources Corp.
8.88%, 05/15/21 (Call 11/15/16)b		USD	125		98,125
9.25%, 02/15/22 (Call 08/15/17)		USD	50		38,500
9.75%, 07/15/20 (Call 07/15/16)b		USD	50		41,125
Hanesbrands Inc.
6.38%, 12/15/20 (Call 12/15/15)		USD	50		52,875
Harland Clarke Holdings Corp.
9.25%, 03/01/21 (Call 03/01/17)a		USD	50		48,690
HCA Holdings Inc.
6.25%, 02/15/21		USD	75		82,500
HCA Inc.
3.75%, 03/15/19b		USD	150		153,937
4.25%, 10/15/19		USD	100		104,250
4.75%, 05/01/23		USD	100		105,812
5.00%, 03/15/24		USD	150		159,375
5.25%, 04/15/25		USD	100		108,625
5.38%, 02/01/25		USD	75		79,031
5.88%, 03/15/22		USD	100		111,750
5.88%, 05/01/23b		USD	100		108,250
6.50%, 02/15/20		USD	200		228,500
7.50%, 02/15/22		USD	150		175,125

SCHEDULES OF INVESTMENTS 59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)a		USD	100	$	104,500
7.50%, 07/15/20 (Call 10/15/16)		USD	150		160,875
11.00%, 04/15/20 (Call 04/15/16)		USD	50		56,625
11.50%, 07/15/20 (Call 10/15/16)		USD	50		58,375
HealthSouth Corp.
5.75%, 11/01/24 (Call 11/01/17)		USD	100		105,125
Hercules Offshore Inc.
8.75%, 07/15/21 (Call 07/15/17)a		USD	50		15,908
Hertz Corp. (The)
5.88%, 10/15/20 (Call 10/15/15)		USD	100		101,500
6.25%, 10/15/22 (Call 10/15/17)b		USD	50		51,625
6.75%, 04/15/19 (Call 06/01/15)		USD	150		155,250
Hexion Inc.
6.63%, 04/15/20 (Call 06/01/15)		USD	125		116,875
8.88%, 02/01/18 (Call 06/01/15)		USD	50		44,563
9.00%, 11/15/20 (Call 11/15/15)		USD	50		36,000
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)a,b		USD	50		48,500
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.63%, 10/15/21 (Call 10/15/16)		USD	100		105,500
HJ Heinz Co.
4.88%, 02/15/25 (Call 02/15/20)a		USD	150		163,800
HJ Heinz Finance Co.
4.25%, 10/15/20 (Call 06/01/15)		USD	250		256,125
Hologic Inc.
6.25%, 08/01/20 (Call 08/01/15)		USD	50		52,031

Security	Principal (000s)			Value
HRG Group Inc.
7.75%, 01/15/22 (Call 01/15/17)		USD	50	$	50,438
7.88%, 07/15/19 (Call 01/15/16)		USD	50		53,000
HUB International Ltd.
7.88%, 10/01/21 (Call 10/01/16)a,b		USD	75		77,062
Hughes Satellite Systems Corp.
6.50%, 06/15/19		USD	100		109,750
7.63%, 06/15/21		USD	75		83,814
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)a		USD	50		51,875
7.13%, 03/15/21 (Call 03/15/16)		USD	50		53,625
Huntsman International LLC
5.13%, 04/15/21		EUR	100		119,058
5.13%, 11/15/22 (Call 08/15/22)a		USD	50		50,750
8.63%, 03/15/21 (Call 09/15/15)		USD	20		21,200
IAC/InterActiveCorp
4.75%, 12/15/22 (Call 12/15/17)		USD	50		50,000
4.88%, 11/30/18 (Call 06/01/15)		USD	25		25,875
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
3.50%, 03/15/17 (Call 02/15/17)		USD	100		100,500
4.88%, 03/15/19 (Call 07/15/16)		USD	100		102,000
5.88%, 02/01/22 (Call 08/01/17)		USD	120		124,350
6.00%, 08/01/20 (Call 02/01/17)		USD	50		52,687
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 07/15/15)b		USD	125		123,281
9.00%, 03/01/21 (Call 03/01/16)		USD	125		119,375
9.00%, 09/15/22 (Call 09/15/17)		USD	50		47,750

60 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
10.00%, 01/15/18 (Call 07/15/16)b		USD	50	$	43,500
10.63%, 03/15/23 (Call 03/15/18)a		USD	50		50,875
11.25%, 03/01/21 (Call 03/01/16)		USD	75		76,875
Infor U.S. Inc.
6.50%, 05/15/22 (Call 05/15/18)a		USD	115		118,019
International Lease Finance Corp.
3.88%, 04/15/18		USD	100		102,500
5.88%, 04/01/19		USD	50		54,542
5.88%, 08/15/22		USD	100		112,750
6.25%, 05/15/19		USD	100		110,616
8.25%, 12/15/20		USD	100		122,815
8.75%, 03/15/17b		USD	150		166,460
inVentiv Health Inc.
9.00%, 01/15/18 (Call 01/15/16)a		USD	75		78,562
Iron Mountain Inc.
5.75%, 08/15/24 (Call 08/15/17)		USD	75		77,906
6.00%, 08/15/23 (Call 08/15/18)		USD	50		53,500
iStar Financial Inc.
4.00%, 11/01/17 (Call 08/01/17)		USD	100		99,000
Jaguar Holding Co. II/Jaguar Merger Sub Inc.
9.50%, 12/01/19 (Call 06/01/15)a		USD	50		53,750
JC Penney Corp. Inc.
5.65%, 06/01/20b		USD	75		66,187
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 04/15/17)a		USD	200		190,563
KB Home
7.00%, 12/15/21 (Call 09/15/21)		USD	50		52,375
Kindred Healthcare Inc.
8.00%, 01/15/20a		USD	50		54,188
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 04/15/17)		USD	50		51,500

Security	Principal (000s)			Value
8.75%, 01/15/23 (Call 01/15/18)a		USD	50	$	55,687
Kinetic Concepts Inc./KCI USA Inc.
10.50%, 11/01/18 (Call 11/01/15)		USD	150		161,625
12.50%, 11/01/19 (Call 11/01/15)		USD	50		54,625
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)a,b		USD	75		75,844
L Brands Inc.
5.63%, 02/15/22		USD	100		108,750
6.90%, 07/15/17		USD	100		109,500
7.00%, 05/01/20		USD	100		114,500
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)		USD	50		51,250
5.38%, 01/15/24 (Call 01/15/19)		USD	75		78,375
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 01/15/17)		USD	25		25,063
Laureate Education Inc.
10.00%, 09/01/19 (Call 09/01/15)a,b		USD	100		97,750
Lear Corp.
4.75%, 01/15/23 (Call 01/15/18)		USD	25		25,313
5.25%, 01/15/25 (Call 01/15/20)		USD	50		51,125
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)		USD	25		25,750
4.50%, 11/15/19 (Call 08/15/19)		USD	50		51,313
4.75%, 11/15/22 (Call 08/15/22)		USD	50		50,563
4.75%, 05/30/25 (Call 02/28/25)		USD	25		24,844
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)		USD	50		50,875

SCHEDULES OF INVESTMENTS 61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Level 3 Financing Inc.
5.38%, 08/15/22 (Call 08/15/17)		USD	75	$	76,594
5.63%, 02/01/23 (Call 02/01/18)a		USD	50		51,125
6.13%, 01/15/21 (Call 11/15/16)		USD	50		52,938
8.63%, 07/15/20 (Call 01/15/16)		USD	100		108,750
Levi Strauss & Co.
6.88%, 05/01/22 (Call 05/01/17)		USD	50		54,562
LifePoint Hospitals Inc.
5.50%, 12/01/21 (Call 12/01/16)		USD	75		78,656
6.63%, 10/01/20 (Call 10/01/15)		USD	50		52,375
Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/19 (Call 11/01/15)		USD	125		105,312
6.50%, 05/15/19 (Call 06/01/15)		USD	100		87,000
6.50%, 09/15/21 (Call 09/15/17)b		USD	50		40,500
7.75%, 02/01/21 (Call 09/15/15)		USD	50		42,650
8.63%, 04/15/20 (Call 06/01/15)		USD	100		90,750
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.50%, 07/15/23 (Call 04/15/23)		USD	100		100,750
4.88%, 12/01/24 (Call 09/01/24)		USD	50		51,938
6.75%, 11/01/20 (Call 11/01/15)b		USD	150		157,500
Masco Corp.
6.13%, 10/03/16		USD	150		158,250
McClatchy Co. (The)
9.00%, 12/15/22 (Call 12/15/17)b		USD	50		48,563

Security	Principal (000s)			Value
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance
9.75%, 04/01/21 (Call 04/01/16)		USD	50	$	55,625
Memorial Production Partners LP/Memorial Production Finance Corp.
6.88%, 08/01/22 (Call 08/01/17)a		USD	75		70,312
MGM Resorts International
5.25%, 03/31/20b		USD	25		25,625
6.00%, 03/15/23b		USD	100		103,125
6.63%, 12/15/21		USD	175		187,031
6.75%, 10/01/20		USD	100		107,250
7.50%, 06/01/16		USD	100		104,750
7.63%, 01/15/17		USD	100		107,500
Michaels Stores Inc.
5.88%, 12/15/20 (Call 12/15/16)a,b		USD	50		51,750
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)a		USD	50		50,125
5.50%, 02/01/25 (Call 08/01/19)a		USD	90		90,225
5.88%, 02/15/22 (Call 02/15/17)		USD	50		52,500
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC
9.25%, 06/01/21 (Call 06/01/16)b		USD	50		26,500
10.75%, 10/01/20 (Call 10/01/16)		USD	50		27,750
MPH Acquisition Holdings LLC
6.63%, 04/01/22 (Call 04/01/17)a		USD	100		105,500
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)a,b		USD	100		101,750
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 07/01/21 (Call 01/01/17)		USD	100		97,500

62 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Navient Corp.
5.50%, 01/15/19		USD	100	$	101,500
5.50%, 01/25/23b		USD	100		96,250
5.88%, 03/25/21		USD	25		24,875
5.88%, 10/25/24b		USD	25		23,625
6.00%, 01/25/17		USD	100		104,750
6.13%, 03/25/24		USD	50		48,563
7.25%, 01/25/22		USD	75		79,875
8.00%, 03/25/20		USD	150		167,250
8.45%, 06/15/18		USD	200		223,250
Navistar International Corp.
8.25%, 11/01/21 (Call 06/01/15)b		USD	100		99,250
NBTY Inc.
9.00%, 10/01/18 (Call 06/01/15)		USD	50		52,063
NCR Corp.
4.63%, 02/15/21 (Call 02/15/17)		USD	50		49,500
5.00%, 07/15/22 (Call 07/15/17)		USD	50		49,625
6.38%, 12/15/23 (Call 12/15/18)		USD	75		78,937
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 10/15/16)a		USD	100		107,500
Netflix Inc.
5.50%, 02/15/22a		USD	150		157,875
5.88%, 02/15/25a		USD	50		53,125
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)		USD	50		51,750
5.63%, 07/01/24		USD	75		79,687
5.75%, 01/30/22		USD	50		53,000
NGL Energy Partners LP/NGL Energy Finance Corp.
5.13%, 07/15/19 (Call 06/15/19)		USD	100		98,750
NGPL PipeCo LLC
7.12%, 12/15/17a,b		USD	100		101,750
9.63%, 06/01/19 (Call 06/01/15)a,b		USD	50		51,500

Security	Principal (000s)			Value
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 10/01/16)b		USD	50	$	50,875
5.00%, 04/15/22 (Call 04/15/17)a		USD	175		175,875
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)		USD	100		104,500
6.25%, 05/01/24 (Call 05/01/19)		USD	75		76,875
6.63%, 03/15/23 (Call 09/15/17)		USD	50		52,625
7.63%, 01/15/18		USD	100		111,000
7.88%, 05/15/21 (Call 05/15/16)		USD	100		107,271
8.25%, 09/01/20 (Call 09/01/15)		USD	50		52,750
Nuance Communications Inc.
5.38%, 08/15/20 (Call 08/15/16)a,b		USD	100		100,750
NuStar Logistics LP
4.80%, 09/01/20		USD	50		49,375
Oasis Petroleum Inc.
6.88%, 03/15/22 (Call 09/15/17)b		USD	125		127,344
7.25%, 02/01/19 (Call 06/01/15)b		USD	50		51,250
OneMain Financial Holdings Inc.
6.75%, 12/15/19 (Call 12/15/16)a		USD	100		105,750
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)		USD	50		47,732
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 02/15/17)		USD	25		26,250
5.88%, 03/15/25 (Call 09/15/19)b		USD	100		106,750
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22a		USD	50		51,375

SCHEDULES OF INVESTMENTS 63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Party City Holdings Inc.
8.88%, 08/01/20 (Call 08/01/15)b		USD	50	$	54,063
Peabody Energy Corp.
6.00%, 11/15/18		USD	125		97,500
6.25%, 11/15/21		USD	100		59,500
6.50%, 09/15/20		USD	50		31,375
10.00%, 03/15/22 (Call 03/15/18)a,b		USD	35		29,750
Penn Virginia Corp.
8.50%, 05/01/20 (Call 05/01/17)b		USD	50		48,500
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.
8.38%, 06/01/20 (Call 06/01/16)		USD	49		53,716
Petco Animal Supplies Inc.
9.25%, 12/01/18 (Call 06/01/15)a		USD	50		52,500
Pinnacle Entertainment Inc.
6.38%, 08/01/21 (Call 08/01/16)		USD	65		69,062
7.50%, 04/15/21 (Call 06/01/15)		USD	100		106,000
Platform Specialty Products Corp.
6.50%, 02/01/22 (Call 02/01/18)a		USD	100		104,500
Post Holdings Inc.
6.00%, 12/15/22 (Call 06/15/18)a,b		USD	50		48,750
6.75%, 12/01/21 (Call 12/01/17)a		USD	50		50,700
7.38%, 02/15/22 (Call 02/15/17)		USD	125		129,687
PPL Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)		USD	100		93,796
QEP Resources Inc.
5.38%, 10/01/22 (Call 07/01/22)		USD	100		101,000
6.88%, 03/01/21		USD	50		53,500

Security	Principal (000s)			Value
QVC Inc.
3.13%, 04/01/19		USD	50	$	50,116
4.38%, 03/15/23		USD	50		50,090
4.85%, 04/01/24		USD	75		77,237
5.13%, 07/02/22		USD	50		52,539
Range Resources Corp.
5.00%, 08/15/22 (Call 02/15/17)		USD	100		101,769
5.75%, 06/01/21 (Call 06/01/16)		USD	100		104,131
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19a		USD	50		50,625
Regal Entertainment Group
5.75%, 03/15/22 (Call 03/15/17)		USD	50		51,375
Regency Energy Partners LP/Regency Energy Finance Corp.
5.00%, 10/01/22 (Call 07/01/22)		USD	25		26,875
5.50%, 04/15/23 (Call 10/15/17)		USD	50		53,250
5.88%, 03/01/22 (Call 12/01/21)		USD	100		111,750
6.50%, 07/15/21 (Call 07/15/16)		USD	100		106,250
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 10/15/15)b		USD	250		261,250
6.88%, 02/15/21 (Call 02/15/16)		USD	100		105,562
7.88%, 08/15/19 (Call 08/15/15)		USD	100		105,250
8.25%, 02/15/21 (Call 02/15/16)		USD	100		106,011
9.88%, 08/15/19 (Call 08/15/15)		USD	150		160,312
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/18)a		USD	100		103,875
6.75%, 06/15/21 (Call 06/15/16)		USD	100		106,250

64 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
9.25%, 03/15/20 (Call 03/15/16)		USD	50	$	55,312
RJS Power Holdings LLC
5.13%, 07/15/19 (Call 07/15/16)a,b		USD	75		74,142
Rockies Express Pipeline LLC
5.63%, 04/15/20a		USD	75		79,125
6.85%, 07/15/18a		USD	50		54,125
Rosetta Resources Inc.
5.63%, 05/01/21 (Call 05/01/17)		USD	50		50,188
5.88%, 06/01/22 (Call 12/01/17)		USD	50		50,063
5.88%, 06/01/24 (Call 06/01/19)		USD	50		49,875
RR Donnelley & Sons Co.
6.00%, 04/01/24		USD	50		51,875
7.88%, 03/15/21b		USD	50		57,500
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)		USD	200		205,500
5.63%, 04/15/23 (Call 01/15/23)		USD	100		101,500
5.63%, 03/01/25 (Call 12/01/24)a		USD	100		101,375
5.75%, 05/15/24 (Call 02/15/24)		USD	200		202,000
6.25%, 03/15/22 (Call 12/15/21)		USD	100		105,250
Sabine Pass LNG LP
7.50%, 11/30/16		USD	100		106,838
Sally Holdings LLC/Sally Capital Inc.
6.88%, 11/15/19 (Call 11/15/15)		USD	100		105,625
Samson Investment Co.
9.75%, 02/15/20 (Call 02/15/16)		USD	175		21,656
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)b		USD	150		146,807
SandRidge Energy Inc.
7.50%, 03/15/21 (Call 03/15/16)		USD	100		68,750

Security	Principal (000s)			Value
7.50%, 02/15/23 (Call 08/15/17)		USD	50	$	33,000
8.13%, 10/15/22 (Call 04/15/17)		USD	75		51,281
SBA Communications Corp.
4.88%, 07/15/22 (Call 07/15/17)a,b		USD	75		73,875
5.63%, 10/01/19 (Call 10/01/16)		USD	50		52,438
SBA Telecommunications Inc.
5.75%, 07/15/20 (Call 07/15/16)		USD	50		52,250
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)a,b		USD	75		78,187
10.00%, 12/01/22 (Call 12/01/18)a		USD	175		162,750
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)a		USD	50		51,500
5.13%, 12/01/24 (Call 09/01/24)a		USD	75		77,812
8.38%, 09/15/21 (Call 09/15/16)a,b		USD	50		56,375
Sears Holdings Corp.
6.63%, 10/15/18b		USD	100		96,000
Service Corp. International/U.S.
5.38%, 05/15/24 (Call 05/15/19)		USD	50		53,125
ServiceMaster Co. LLC (The)
7.00%, 08/15/20 (Call 08/15/15)		USD	50		53,125
Seventy Seven Energy Inc.
6.50%, 07/15/22 (Call 07/15/17)		USD	50		28,177
Seventy Seven Operating LLC
6.63%, 11/15/19 (Call 11/15/15)		USD	50		40,000
Sinclair Television Group Inc.
5.63%, 08/01/24 (Call 08/01/19)a		USD	50		50,875
6.13%, 10/01/22 (Call 10/01/17)		USD	50		52,688

SCHEDULES OF INVESTMENTS 65

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Sirius XM Radio Inc.
4.63%, 05/15/23 (Call 05/15/18)a		USD	50	$	48,188
5.75%, 08/01/21 (Call 08/01/16)a,b		USD	100		103,500
6.00%, 07/15/24 (Call 07/15/19)a		USD	125		130,156
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)		USD	100		98,000
6.13%, 11/15/22 (Call 11/15/18)a		USD	25		26,363
Smithfield Foods Inc.
5.25%, 08/01/18 (Call 08/01/15)a		USD	25		25,563
6.63%, 08/15/22 (Call 08/15/17)		USD	100		108,000
Spectrum Brands Inc.
6.38%, 11/15/20 (Call 11/15/16)		USD	100		106,000
Springleaf Finance Corp.
5.25%, 12/15/19		USD	50		50,375
6.90%, 12/15/17		USD	150		160,650
7.75%, 10/01/21		USD	50		55,125
Sprint Communications Inc.
6.00%, 12/01/16		USD	150		156,000
6.00%, 11/15/22		USD	150		141,000
7.00%, 03/01/20a		USD	100		110,669
7.00%, 08/15/20b		USD	150		152,457
8.38%, 08/15/17b		USD	100		109,125
9.00%, 11/15/18a		USD	250		285,000
9.13%, 03/01/17		USD	100		109,375
11.50%, 11/15/21		USD	100		121,250
Sprint Corp.
7.13%, 06/15/24		USD	200		191,750
7.25%, 09/15/21		USD	150		150,187
7.63%, 02/15/25 (Call 11/15/24)		USD	50		49,063
7.88%, 09/15/23		USD	300		300,375
Standard Pacific Corp.
8.38%, 05/15/18		USD	100		114,875
Steel Dynamics Inc.
5.13%, 10/01/21 (Call 10/01/17)a		USD	50		51,125

Security	Principal (000s)			Value
5.25%, 04/15/23 (Call 04/15/18)		USD	75	$	77,062
5.50%, 10/01/24 (Call 10/01/19)a		USD	25		25,875
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)		USD	25		25,875
SunGard Data Systems Inc.
6.63%, 11/01/19 (Call 11/01/15)		USD	50		52,125
7.38%, 11/15/18 (Call 06/01/15)		USD	100		104,000
7.63%, 11/15/20 (Call 11/15/15)		USD	50		52,938
SUPERVALU Inc.
6.75%, 06/01/21 (Call 06/01/17)		USD	50		51,500
T-Mobile USA Inc.
6.00%, 03/01/23 (Call 09/01/18)		USD	100		101,875
6.13%, 01/15/22 (Call 01/15/18)		USD	100		103,000
6.25%, 04/01/21 (Call 04/01/17)		USD	100		104,575
6.38%, 03/01/25 (Call 09/01/19)		USD	150		153,937
6.46%, 04/28/19 (Call 05/11/15)		USD	150		155,062
6.50%, 01/15/24 (Call 01/15/19)		USD	50		52,125
6.54%, 04/28/20 (Call 04/28/16)		USD	100		105,750
6.63%, 11/15/20 (Call 11/15/15)		USD	50		52,313
6.63%, 04/28/21 (Call 04/28/17)		USD	100		105,375
6.63%, 04/01/23 (Call 04/01/18)		USD	150		156,656
6.73%, 04/28/22 (Call 04/28/17)		USD	100		105,000
6.84%, 04/28/23 (Call 04/28/18)b		USD	50		52,750

66 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 11/15/16)a		USD	100	$	100,375
4.25%, 11/15/23 (Call 05/15/18)		USD	50		49,000
5.00%, 01/15/18 (Call 10/15/17)a		USD	50		51,625
6.88%, 02/01/21 (Call 02/01/16)		USD	100		105,500
Taylor Morrison Communities Inc./Monarch Communities Inc.
5.25%, 04/15/21 (Call 04/15/16)a		USD	50		50,250
Tenet Healthcare Corp.
4.50%, 04/01/21		USD	100		99,375
5.00%, 03/01/19a		USD	75		74,625
5.50%, 03/01/19a		USD	25		25,406
6.00%, 10/01/20		USD	150		159,937
6.25%, 11/01/18		USD	100		108,551
8.00%, 08/01/20 (Call 08/01/15)		USD	50		52,375
8.13%, 04/01/22b		USD	250		272,812
Terex Corp.
6.00%, 05/15/21 (Call 11/15/16)		USD	75		76,489
Tesoro Corp.
5.38%, 10/01/22 (Call 10/01/17)		USD	50		52,516
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.88%, 10/01/20 (Call 10/01/16)		USD	50		52,375
6.13%, 10/15/21 (Call 10/15/16)		USD	50		52,625
6.25%, 10/15/22 (Call 10/15/18)a		USD	100		106,125
Toll Brothers Finance Corp.
5.88%, 02/15/22 (Call 11/15/21)		USD	100		110,250
Toys R Us Inc.
10.38%, 08/15/17 (Call 06/01/15)b		USD	25		22,000
Toys R Us Property Co. II LLC
8.50%, 12/01/17 (Call 06/01/15)		USD	50		50,875

Security	Principal (000s)			Value
TransDigm Inc.
6.00%, 07/15/22 (Call 07/15/17)		USD	50	$	50,500
6.50%, 07/15/24 (Call 07/15/19)		USD	125		127,187
7.50%, 07/15/21 (Call 07/15/16)		USD	100		107,750
Tronox Finance LLC
6.38%, 08/15/20 (Call 08/15/15)		USD	50		48,875
U.S. Airways Group Inc.
6.13%, 06/01/18		USD	50		52,500
U.S. Steel Corp.
7.00%, 02/01/18		USD	50		53,125
7.38%, 04/01/20		USD	50		52,250
7.50%, 03/15/22 (Call 03/15/17)b		USD	50		51,375
United Rentals North America Inc.
5.75%, 11/15/24 (Call 05/15/19)		USD	75		77,156
6.13%, 06/15/23 (Call 12/15/17)		USD	75		78,937
7.38%, 05/15/20 (Call 05/15/16)		USD	150		161,812
7.63%, 04/15/22 (Call 04/15/17)		USD	100		110,375
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a		USD	150		151,875
5.13%, 02/15/25 (Call 02/15/20)a		USD	25		25,188
6.75%, 09/15/22 (Call 09/15/17)a		USD	90		96,862
8.50%, 05/15/21 (Call 11/15/15)a		USD	50		53,563
USG Corp.
6.30%, 11/15/16		USD	100		105,125
Valeant Pharmaceuticals International Inc.
6.38%, 10/15/20 (Call 10/15/16)a		USD	200		211,250
6.75%, 08/15/21 (Call 02/15/16)a		USD	100		104,500
7.00%, 10/01/20 (Call 10/01/15)a		USD	50		52,563
7.25%, 07/15/22 (Call 07/15/16)a		USD	50		53,250

SCHEDULES OF INVESTMENTS 67

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

Security	Principal (000s)			Value
VeriSign Inc.
5.25%, 04/01/25 (Call 01/01/25)a		USD	50	$	51,625
Verso Paper Holdings LLC/Verso Paper Inc.
11.75%, 01/15/19 (Call 06/01/15)		USD	30		26,214
Voya Financial Inc.
5.65%, 05/15/53 (Call 05/15/23)d		USD	50		52,150
Vulcan Materials Co.
4.50%, 04/01/25 (Call 01/01/25)		USD	100		101,500
7.50%, 06/15/21		USD	50		59,518
West Corp.
5.38%, 07/15/22 (Call 07/15/17)a,b		USD	100		97,000
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)		USD	100		99,750
5.75%, 03/15/21 (Call 12/15/20)		USD	100		102,010
6.25%, 04/01/23 (Call 01/01/23)a		USD	50		51,845
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 07/15/15)		USD	75		80,625
Windstream Corp.
7.50%, 06/01/22 (Call 06/01/17)b		USD	50		47,750
7.50%, 04/01/23 (Call 04/01/16)		USD	100		95,250
7.75%, 10/15/20 (Call 10/15/15)b		USD	50		51,438
7.75%, 10/01/21 (Call 10/01/16)		USD	50		49,375
7.88%, 11/01/17		USD	100		107,750
WMG Acquisition Corp.
6.75%, 04/15/22 (Call 04/15/17)a		USD	75		71,062
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		USD	25		23,188

Security	Principal or Shares (000s)			Value
6.00%, 01/15/22 (Call 10/15/21)		USD	100	$	98,750
WR Grace & Co.-Conn
5.13%, 10/01/21a		USD	50		52,188
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		USD	50		47,000
5.50%, 03/01/25a		USD	150		150,750
Zayo Group LLC/Zayo Capital Inc.
6.00%, 04/01/23 (Call 04/01/18)a		USD	95		95,599
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)a		USD	100		107,750
ZF North America Capital Inc.
2.75%, 04/27/23 c		EUR	200		221,869
					54,000,223
TOTAL CORPORATE BONDS & NOTES
(Cost: $89,749,729)					87,155,837
SHORT-TERM INVESTMENTS — 14.17%
MONEY MARKET FUNDS — 14.17%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.17%g,h,i			10,580		10,580,275
BlackRock Cash Funds: Prime, SL Agency Shares
0.17%g,h,i			1,518		1,518,475
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%g,h			729		728,951
					12,827,701
TOTAL SHORT-TERM INVESTMENTS
(Cost: $12,827,701)					12,827,701

68 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® GLOBAL HIGH YIELD CORPORATE BOND ETF

April 30, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 110.47%
(Cost: $102,577,430)	$	99,983,538
Other Assets, Less Liabilities — (10.47)%		(9,476,250	)
NET ASSETS — 100.00%	$	90,507,288

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  Issuer is in default of interest payments.

^f  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.

^g  Affiliated issuer. See Note 2.

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 69

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

April 30, 2015

	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	$	29,566,211		$	166,343,730		$	659,264,056
Affiliated (Note 2)		1,541,916			471,724			57,188
Total cost of investments	$	31,108,127		$	166,815,454		$	659,321,244
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	29,347,696		$	159,125,439		$	606,824,253
Affiliated (Note 2)		1,541,916			471,724			57,188
Total fair value of investments		30,889,612			159,597,163			606,881,441
Foreign currency, at valueb		—			—			21,638,445
Cash		17,463			83,825			—
Receivables:
Investment securities sold		117,435			5,837,643			8,897,082
Due from custodian (Note 4)		—			—			970,096
Interest		394,026			2,471,989			9,879,227
Total Assets		31,418,536			167,990,620			648,266,291
LIABILITIES
Payables:
Investment securities purchased		99,065			5,535,937			14,164,280
Collateral for securities on loan (Note 1)		1,092,270			—			—
Deferred foreign capital gains taxes (Note 1)		246			4,151			221,988
Investment advisory fees (Note 2)		12,354			70,182			248,482
Total Liabilities		1,203,935			5,610,270			14,634,750
NET ASSETS	$	30,214,601		$	162,380,350		$	633,631,541
Net assets consist of:
Paid-in capital	$	30,939,241		$	183,999,339		$	720,682,038
Undistributed net investment income		101,539			702,588			6,149,833
Accumulated net realized loss		(607,418	)		(15,099,135	)		(40,956,928	)
Net unrealized depreciation		(218,761	)		(7,222,442	)		(52,243,402	)
NET ASSETS	$	30,214,601		$	162,380,350		$	633,631,541
Shares outstandingc		600,000			3,300,000			14,000,000
Net asset value per share	$	50.36		$	49.21		$	45.26

^a  Securities on loan with values of $1,069,033, $  — and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $  —, $  — and $21,130,396, respectively.

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

See notes to financial statements.

70 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

April 30, 2015

	iShares Global ex USD High Yield Corporate Bond ETF			iShares Global High Yield Corporate Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	265,152,335		$	89,749,729
Affiliated (Note 2)		122,747			12,827,701
Total cost of investments	$	265,275,082		$	102,577,430
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	244,325,265		$	87,155,837
Affiliated (Note 2)		122,747			12,827,701
Total fair value of investments		244,448,012			99,983,538
Foreign currency, at valueb		6,668,325			1,064,478
Cash		—			255,846
Receivables:
Investment securities sold		4,622,911			989,286
Interest		4,058,626			1,430,345
Total Assets		259,797,874			103,723,493
LIABILITIES
Payables:
Investment securities purchased		8,840,569			1,087,242
Collateral for securities on loan (Note 1)		—			12,098,750
Investment advisory fees (Note 2)		78,344			30,213
Total Liabilities		8,918,913			13,216,205
NET ASSETS	$	250,878,961		$	90,507,288
Net assets consist of:
Paid-in capital	$	279,140,231		$	94,395,605
Undistributed net investment income		353,859			477,151
Accumulated net realized loss		(7,819,503	)		(1,793,836	)
Net unrealized depreciation		(20,795,626	)		(2,571,632	)
NET ASSETS	$	250,878,961		$	90,507,288
Shares outstandingc		5,200,000			1,800,000
Net asset value per share	$	48.25		$	50.28

^a  Securities on loan with values of $  — and $11,652,857, respectively. See Note 1.

^b  Cost of foreign currency: $6,583,101 and $1,036,815, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 71

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended April 30, 2015

	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	$	627,719		$	6,186,664		$	13,865,679
Interest — affiliated (Note 2)		17			38			41
Securities lending income — affiliated — net (Note 2)		889			—			—
Total investment income		628,625			6,186,702			13,865,720
EXPENSES
Investment advisory fees (Note 2)		72,070			547,414			1,541,142
Total expenses		72,070			547,414			1,541,142
Less investment advisory fees waived (Note 2)		—			—			(177,866	)
Net expenses		72,070			547,414			1,363,276
Net investment income		556,555			5,639,288			12,502,444
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		(46,473	)		(4,489,037	)		(31,121,437	)
In-kind redemptions — unaffiliated		(298,590	)		(2,095,115	)		(869,168	)
Foreign currency transactions		—			—			(2,554,526	)
Net realized loss		(345,063	)		(6,584,152	)		(34,545,131	)
Net change in unrealized appreciation/depreciation on:
Investmentsc		64,553			(1,621,939	)		(13,390,580	)
Translation of assets and liabilities in foreign currencies		—			—			951,593
Net change in unrealized appreciation/depreciation		64,553			(1,621,939	)		(12,438,987	)
Net realized and unrealized loss		(280,510	)		(8,206,091	)		(46,984,118	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	276,045		$	(2,566,803	)	$	(34,481,674	)

^a  Net of foreign withholding tax of $  —, $  — and $509,154, respectively.

^b  Net of foreign capital gains taxes of $  —, $  — and $42,097, respectively.

^c  Net of deferred foreign capital gains taxes of $246, $4,151 and $222,101, respectively.

See notes to financial statements.

72 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended April 30, 2015

	iShares Global ex USD High Yield Corporate Bond ETF			iShares Global High Yield Corporate Bond ETF
NET INVESTMENT INCOME
Interest — unaffiliated	$	4,326,045		$	2,563,484
Interest — affiliated (Note 2)		12			35
Securities lending income — affiliated — net (Note 2)		—			26,141
Total investment income		4,326,057			2,589,660
EXPENSES
Investment advisory fees (Note 2)		565,569			255,195
Total expenses		565,569			255,195
Less investment advisory fees waived (Note 2)		(154,246	)		(69,599	)
Net expenses		411,323			185,596
Net investment income		3,914,734			2,404,064
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,001,668	)		(1,007,552	)
In-kind redemptions — unaffiliated		(927,539	)		(613,539	)
Foreign currency transactions		(764,066	)		(161,065	)
Net realized loss		(7,693,273	)		(1,782,156	)
Net change in unrealized appreciation/depreciation on:
Investments		(10,326,294	)		(1,951,675	)
Translation of assets and liabilities in foreign currencies		203,635			54,788
Net change in unrealized appreciation/depreciation		(10,122,659	)		(1,896,887	)
Net realized and unrealized loss		(17,815,932	)		(3,679,043	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,901,198	)	$	(1,274,979	)

See notes to financial statements.

FINANCIAL STATEMENTS 73

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, 2015 (Unaudited)			Year ended October 31, 2014			Six months ended April 30, 2015 (Unaudited)			Year ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	556,555		$	1,023,917		$	5,639,288		$	11,257,973
Net realized loss		(345,063	)		(469,536	)		(6,584,152	)		(2,999,444	)
Net change in unrealized appreciation/depreciation		64,553			704,330			(1,621,939	)		2,317,391
Net increase (decrease) in net assets resulting from operations		276,045			1,258,711			(2,566,803	)		10,575,920
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(530,792	)		(1,055,015	)		(5,922,676	)		(11,283,625	)
Total distributions to shareholders		(530,792	)		(1,055,015	)		(5,922,676	)		(11,283,625	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		9,804,438			10,244,305			10,106,668			20,746,273
Cost of shares redeemed		(4,926,214	)		(20,194,665	)		(38,241,930	)		(24,637,402	)
Net increase (decrease) in net assets from capital share transactions		4,878,224			(9,950,360	)		(28,135,262	)		(3,891,129	)
INCREASE (DECREASE) IN NET ASSETS		4,623,477			(9,746,664	)		(36,624,741	)		(4,598,834	)
NET ASSETS
Beginning of period		25,591,124			35,337,788			199,005,091			203,603,925
End of period	$	30,214,601		$	25,591,124		$	162,380,350		$	199,005,091
Undistributed net investment income included in net assets at end of period	$	101,539		$	75,776		$	702,588		$	985,976
SHARES ISSUED AND REDEEMED
Shares sold		200,000			200,000			200,000			400,000
Shares redeemed		(100,000	)		(400,000	)		(800,000	)		(500,000	)
Net increase (decrease) in shares outstanding		100,000			(200,000	)		(600,000	)		(100,000	)

See notes to financial statements.

74 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

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, 2015 (Unaudited)			Year ended October 31, 2014			Six months ended April 30, 2015 (Unaudited)			Year ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	12,502,444		$	27,019,142		$	3,914,734		$	5,595,737
Net realized gain (loss)		(34,545,131	)		(13,178,352	)		(7,693,273	)		153,527
Net change in unrealized appreciation/depreciation		(12,438,987	)		(23,280,344	)		(10,122,659	)		(13,719,685	)
Net decrease in net assets resulting from operations		(34,481,674	)		(9,439,554	)		(13,901,198	)		(7,970,421	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(6,352,611	)		(15,780,076	)		(3,789,561	)		(5,709,258	)
From net realized gain		—			—			(91,364	)		—
Return of capital		—			(318,883	)		—			—
Total distributions to shareholders		(6,352,611	)		(16,098,959	)		(3,880,925	)		(5,709,258	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		189,826,841			20,287,350			151,285,242			161,257,088
Cost of shares redeemed		(100,217,735	)		(48,233,688	)		(25,451,152	)		(55,903,420	)
Net increase (decrease) in net assets from capital share transactions		89,609,106			(27,946,338	)		125,834,090			105,353,668
INCREASE (DECREASE) IN NET ASSETS		48,774,821			(53,484,851	)		108,051,967			91,673,989
NET ASSETS
Beginning of period		584,856,720			638,341,571			142,826,994			51,153,005
End of period	$	633,631,541		$	584,856,720		$	250,878,961		$	142,826,994
Undistributed net investment income included in net assets at end of period	$	6,149,833		$	—		$	353,859		$	228,686
SHARES ISSUED AND REDEEMED
Shares sold		4,200,000			400,000			3,000,000			2,800,000
Shares redeemed		(2,200,000	)		(1,000,000	)		(500,000	)		(1,000,000	)
Net increase (decrease) in shares outstanding		2,000,000			(600,000	)		2,500,000			1,800,000

See notes to financial statements.

FINANCIAL STATEMENTS 75

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares Global High Yield Corporate Bond ETF
	Six months ended April 30, 2015 (Unaudited)			Year ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,404,064		$	4,983,353
Net realized gain (loss)		(1,782,156	)		212,659
Net change in unrealized appreciation/depreciation		(1,896,887	)		(3,142,613	)
Net increase (decrease) in net assets resulting from operations		(1,274,979	)		2,053,399
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,305,855	)		(5,236,812	)
Total distributions to shareholders		(2,305,855	)		(5,236,812	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		10,094,905			37,550,657
Cost of shares redeemed		(20,009,132	)		(5,258,227	)
Net increase (decrease) in net assets from capital share transactions		(9,914,227	)		32,292,430
INCREASE (DECREASE) IN NET ASSETS		(13,495,061	)		29,109,017
NET ASSETS
Beginning of period		104,002,349			74,893,332
End of period	$	90,507,288		$	104,002,349
Undistributed net investment income included in net assets at end of period	$	477,151		$	378,942
SHARES ISSUED AND REDEEMED
Shares sold		200,000			700,000
Shares redeemed		(400,000	)		(100,000	)
Net increase (decrease) in shares outstanding		(200,000	)		600,000

See notes to financial statements.

76 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets Corporate Bond ETF
	Six months ended Apr. 30, 2015 (Unaudited)			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Period from Apr. 17, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	51.18		$	50.48		$	52.93		$	50.00
Income from investment operations:
Net investment incomeb		1.07			2.01			1.92			1.07
Net realized and unrealized gain (loss)c		(0.86	)		0.75			(2.49	)		2.76
Total from investment operations		0.21			2.76			(0.57	)		3.83
Less distributions from:
Net investment income		(1.03	)		(2.06	)		(1.88	)		(0.90	)
Total distributions		(1.03	)		(2.06	)		(1.88	)		(0.90	)
Net asset value, end of period	$	50.36		$	51.18		$	50.48		$	52.93
Total return		0.43	%d		5.61	%		(1.07	)%		7.75	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	30,215		$	25,591		$	35,338		$	21,170
Ratio of expenses to average net assetse		0.56	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income to average net assetse		4.35	%		3.99	%		3.74	%		3.87	%
Portfolio turnover ratef		5	%		20	%		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.

FINANCIAL HIGHLIGHTS 77

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets High Yield Bond ETF
	Six months ended Apr. 30, 2015 (Unaudited)			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	51.03		$	50.90		$	53.62		$	50.02
Income from investment operations:
Net investment incomeb		1.48			2.93			2.97			1.60
Net realized and unrealized gain (loss)c		(1.76	)		0.15			(2.91	)		3.40
Total from investment operations		(0.28	)		3.08			0.06			5.00
Less distributions from:
Net investment income		(1.54	)		(2.95	)		(2.78	)		(1.40	)
Total distributions		(1.54	)		(2.95	)		(2.78	)		(1.40	)
Net asset value, end of period	$	49.21		$	51.03		$	50.90		$	53.62
Total return		(0.46	)%d		6.24	%		0.14	%		10.21	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	162,380		$	199,005		$	203,604		$	166,231
Ratio of expenses to average net assetse		0.60	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assetse		6.21	%		5.78	%		5.64	%		5.34	%
Portfolio turnover ratef		25	%		24	%		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.

78 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets Local Currency Bond ETF
	Six months ended Apr. 30, 2015 (Unaudited)			Year ended Oct. 31, 2014			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	$	48.74		$	50.66		$	51.94		$	51.13		$	49.85
Income from investment operations:
Net investment incomeb		1.04			2.26			2.07			2.31			0.02
Net realized and unrealized gain (loss)c		(3.99	)		(2.84	)		(1.92	)		0.41			1.26
Total from investment operations		(2.95	)		(0.58	)		0.15			2.72			1.28
Less distributions from:
Net investment income		(0.53	)		(1.31	)		(1.39	)		(0.81	)		—
Return of capital		—			(0.03	)		(0.04	)		(1.10	)		—
Total distributions		(0.53	)		(1.34	)		(1.43	)		(1.91	)		—
Net asset value, end of period	$	45.26		$	48.74		$	50.66		$	51.94		$	51.13
Total return		(6.09	)%d		(1.14	)%		0.28	%		5.48	%		2.57	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	633,632		$	584,857		$	638,342		$	207,753		$	30,681
Ratio of expenses to average net assetse		0.50	%		0.59	%		0.60	%		0.60	%		0.60	%
Ratio of expenses to average net assets prior to waived feese		0.57	%		0.60	%		n/a			n/a			n/a
Ratio of net investment income to average net assetse		4.59	%		4.56	%		4.04	%		4.57	%		1.21	%
Portfolio turnover ratef		27	%		43	%		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 include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended April 30, 2015, the years ended October 31, 2014, October 31, 2013 and October 30, 2012 were 20%, 36%, 39% and 61%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 79

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, 2015 (Unaudited)			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	52.90		$	56.84		$	52.01		$	50.14
Income from investment operations:
Net investment incomeb		0.92			2.43			3.15			1.94
Net realized and unrealized gain (loss)c		(4.61	)		(3.55	)		4.51			1.18
Total from investment operations		(3.69	)		(1.12	)		7.66			3.12
Less distributions from:
Net investment income		(0.94	)		(2.82	)		(2.83	)		(1.25	)
Net realized gain		(0.02	)		—			—			—
Total distributions		(0.96	)		(2.82	)		(2.83	)		(1.25	)
Net asset value, end of period	$	48.25		$	52.90		$	56.84		$	52.01
Total return		(7.01	)%d		(2.20	)%		15.20	%		6.49	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	250,879		$	142,827		$	51,153		$	26,004
Ratio of expenses to average net assetse		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feese		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assetse		3.81	%		4.25	%		5.85	%		6.92	%
Portfolio turnover ratef		16	%		25	%		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.

80 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Global High Yield Corporate Bond ETF
	Six months ended Apr. 30, 2015 (Unaudited)			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Period from Apr. 3, 2012a to Oct. 31, 2012
Net asset value, beginning of period	$	52.00		$	53.50		$	51.67		$	50.00
Income from investment operations:
Net investment incomeb		1.29			2.84			3.05			1.82
Net realized and unrealized gain (loss)c		(1.78	)		(1.28	)		1.70			1.35
Total from investment operations		(0.49	)		1.56			4.75			3.17
Less distributions from:
Net investment income		(1.23	)		(3.06	)		(2.92	)		(1.50	)
Total distributions		(1.23	)		(3.06	)		(2.92	)		(1.50	)
Net asset value, end of period	$	50.28		$	52.00		$	53.50		$	51.67
Total return		(0.93	)%d		2.91	%		9.50	%		6.53	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	90,507		$	104,002		$	74,893		$	36,169
Ratio of expenses to average net assetse		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets prior to waived feese		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assetse		5.18	%		5.31	%		5.82	%		6.28	%
Portfolio turnover ratef		13	%		21	%		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.

FINANCIAL HIGHLIGHTS 81

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 Articles of Incorporation as subsequently amended and restated.

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.

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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

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”).

82 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV 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.

NOTES TO FINANCIAL STATEMENTS 83

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of April 30, 2015. 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	$	—	$	28,113,995	$	—		$	28,113,995
Foreign Government Obligations		—		1,233,701		—			1,233,701
Money Market Funds		1,541,916		—		—			1,541,916
	$	1,541,916	$	29,347,696	$	—		$	30,889,612
Emerging Markets High Yield Bond
Assets:
Corporate Bonds & Notes	$	—	$	73,152,631	$	—		$	73,152,631
Foreign Government Obligations		—		85,972,808		—			85,972,808
Money Market Funds		471,724		—		—			471,724
	$	471,724	$	159,125,439	$	—		$	159,597,163
Emerging Markets Local Currency Bond
Assets:
Foreign Government Obligations	$	—	$	606,824,253	$	—		$	606,824,253
Money Market Funds		57,188		—		—			57,188
	$	57,188	$	606,824,253	$	—		$	606,881,441
Global ex USD High Yield Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	244,325,265	$	0	a	$	244,325,265
Money Market Funds		122,747		—		—			122,747
	$	122,747	$	244,325,265	$	0	a	$	244,448,012
Global High Yield Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	87,155,837	$	—		$	87,155,837
Money Market Funds		12,827,701		—		—			12,827,701
	$	12,827,701	$	87,155,837	$	—		$	99,983,538

^a  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.

84 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

FOREIGN CURRENCY TRANSLATION

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

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2015, 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.

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, 2015, 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, 2015 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 85

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, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
Emerging Markets Corporate Bond	$	1,069,033	$	1,069,033	$	—
Global High Yield Corporate Bond		11,652,857		11,652,857		—

^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.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating impact, if any, of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, 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.

86 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Effective March 2, 2015, for its investment advisory services to each of the following Funds, 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		0.50	%
Emerging Markets High Yield Bond		0.50

Prior to March 2, 2015, for its investment advisory services to the iShares Emerging Markets Corporate Bond ETF and iShares Emerging Markets High Yield Bond ETF, BFA was entitled to an annual investment advisory fee of 0.60% and 0.65%, respectively, based on the average daily net assets of each Fund.

Effective March 2, 2015, for its investment advisory services to the iShares Emerging Markets Local Currency Bond ETF, BFA is entitled to an annual investment advisory fee of 0.50% based on the average daily net assets of the Fund. Prior to March 2, 2015, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.60% based on the average daily net assets of the Fund. For the six months ended April 30, 2015, BFA has voluntarily waived a portion of its investment advisory fees for the Fund in the amount of $177,866.

For its investment advisory services to each of the iShares Global ex USD High Yield Corporate Bond and iShares Global High Yield Corporate Bond ETFs, BFA is entitled to an annual investment advisory fee of 0.55% based on the average daily net assets of each Fund. The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expense. BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through February 29, 2016 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. 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% (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 the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees 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 the calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and 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, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in the calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of the

NOTES TO FINANCIAL STATEMENTS 87

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

calendar year 2014, 80% of securities lending income and the amount retained was never less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended April 30, 2015, 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	$	340
Global High Yield Corporate Bond		9,125

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.

Cross trades for the six months ended April 30, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2015 were as follows:

iShares ETF	Purchases		Sales
Emerging Markets Corporate Bond	$	5,730,623	$	1,178,872
Emerging Markets High Yield Bond		45,436,389		45,438,469
Emerging Markets Local Currency Bond		214,545,817		141,134,653
Global ex USD High Yield Corporate Bond		157,373,991		32,964,754
Global High Yield Corporate Bond		16,162,914		12,244,186

In-kind transactions (see Note 4) for the six months ended April 30, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Emerging Markets Corporate Bond	$	4,672,968	$	4,666,607
Emerging Markets High Yield Bond		9,761,720		36,924,773
Emerging Markets Local Currency Bond		24,129,586		24,519,913
Global ex USD High Yield Corporate Bond		22,699,693		23,367,752
Global High Yield Corporate Bond		4,739,601		18,928,625

88 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 NAV. 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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. MARKET AND CREDIT RISK

In the normal course of business, each Fund’s investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. The significant types of financial risks each Fund is exposed to include market risk and credit risk. Each Fund’s prospectus provides details of these and other types of risk.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss each Fund may suffer through holding market positions in the face of market movements. Each Fund is exposed to market risk by virtue of its investment in fixed income instruments. The fair value of securities held by the Funds may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.

A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Each Fund invests a substantial amount of its assets 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 Fund; less publicly available

NOTES TO FINANCIAL STATEMENTS 89

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 issuers from countries with less developed markets.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares Emerging Markets Corporate Bond ETF, iShares Emerging Markets High Yield Bond ETF and iShares Emerging Markets Local Currency Bond ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies 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. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

Each Fund invests a substantial amount of its assets in fixed-income securities. Changes in market interest rates or economic conditions, including the decision in December 2013 by the Federal Reserve Bank to taper its quantitative easing policy, may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, each Fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of each Fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

Each Fund invests a substantial portion of its assets in high yield securities that are rated below investment-grade (including those bonds rated lower than “BBB- “ by Standard & Poor’s Ratings Services and Fitch or “Baa3” by Moody’s), or are unrated which may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

90 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

6. INCOME TAX INFORMATION

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.

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 NAV per share.

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

As of October 31, 2014, the Funds’ fiscal year-end, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Emerging Markets Corporate Bond	$	262,109
Emerging Markets High Yield Bond		8,103,223
Emerging Markets Local Currency Bond		5,235,569
Global High Yield Corporate Bond		11,224

As of April 30, 2015, 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	$	31,108,373	$	514,178	$	(732,939	)	$	(218,761	)
Emerging Markets High Yield Bond		167,482,597		5,427,781		(13,313,215	)		(7,885,434	)
Emerging Markets Local Currency Bond		660,497,472		11,045,569		(64,661,600	)		(53,616,031	)
Global ex USD High Yield Corporate Bond		265,401,311		1,139,833		(22,093,132	)		(20,953,299	)
Global High Yield Corporate Bond		102,577,886		1,348,207		(3,942,555	)		(2,594,348	)

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2015, 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.

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 91

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements 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	$	1.012114	$	—	$	0.013405	$	1.025519		99	%		—	%		1	%		100	%
Emerging Markets High Yield Bond		1.513028		—		0.028590		1.541618		98			—			2			100
Emerging Markets Local Currency Bond		—		—		0.526886		0.526886		—			—			100			100
Global ex USD High Yield Corporate Bond		0.285384		0.025379		0.652911		0.963674		29			3			68			100
Global High Yield Corporate Bond		1.056981		—		0.168977		1.225958		86			—			14			100

92 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes:

NOTES 93

Notes:

94 2015 iSHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

For more information visit www.iShares.com or call 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 basis on the Funds’ website.

©2015 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-102-0415

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 26, 2015

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 26, 2015

By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: June 26, 2015